Debt and Credit Facilities (Tables)

3 Months Ended

Mar. 31, 2019

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

A summary of the Company’s debt obligations on its consolidated balance sheets is set forth below:




	March 31, 2019				December 31, 2018
	Fair Value		Carrying Value		Fair Value		Carrying Value
3.450% Senior Notes due 2027	294,450		295,920		283,680		295,797
3.700% Senior Notes due 2025	297,801		297,779		292,557		297,688
5.750% Senior Notes due 2020	256,055		249,683		255,938		249,602
4.750% Senior Notes due 2025 (DaVinciRe) (1)	145,671		148,117		142,539		148,040
Total senior notes	993,977		991,499		974,714		991,127
RenaissanceRe Revolving Credit Facility (2)	200,000		200,000		—		—
Total debt	$	1,193,977	$	1,191,499	$	974,714	$	991,127

(1) RenaissanceRe owns a noncontrolling economic interest in its joint venture DaVinciRe. Because RenaissanceRe controls a majority of DaVinciRe’s outstanding voting rights, the consolidated financial statements of DaVinciRe are included in the consolidated financial statements of RenaissanceRe. However, RenaissanceRe does not guarantee or provide credit support for DaVinciRe and RenaissanceRe’s financial exposure to DaVinciRe is limited to its investment in DaVinciRe’s shares and counterparty credit risk arising from reinsurance transactions.

(2)

The drawn amount of the Company’s revolving credit facility is included on the Company’s consolidated balance sheets under debt and is also included in the table below as part of the Company’s significant credit facilities. The amount was drawn in connection with the TMR Stock Purchase. See “Note 3. Acquisition of Tokio Millennium Re” for additional information related to the TMR Stock Purchase.

Schedule of Line of Credit Facilities

The outstanding amounts issued or drawn under each of the Company’s significant credit facilities is set forth below:




At March 31, 2019	Issued or Drawn
RenaissanceRe Revolving Credit Facility (1)	$	200,000
Uncommitted Standby Letter of Credit Facility with Wells Fargo	32,009
Secured Letter of Credit Facility with Citibank Europe	238,956
Renaissance Reinsurance FAL Facility	255,000
Mizuho Letters of Credit (2)	385,975
Mitsubishi Letters of Credit (2)	205,956
Credit Suisse Letter of Credit Facility	75,097
Uncommitted, Unsecured Letter of Credit Facility with Citibank Europe (3)	—
Total credit facilities in U.S. dollars	$	1,392,993

Specialty Risks FAL Facility (3)	£	—
Total credit facilities in pound sterling	£	—

(1)

The drawn amount of the Company’s revolving credit facility is included on the Company’s consolidated balance sheet under debt and is also included in the table above as part of the Company’s significant credit facilities. The amount was drawn as a result of the acquisition of the TMR Group Entities. See “Note 3. Acquisition of Tokio Millennium Re” for additional information related to the acquisition of the TMR Group Entities.


(2)	These letters of credit were transferred to the Company in connection with the acquisition of the TMR Group Entities. See below under “TMR Group Entities Letters of Credit” for additional information and “Note 3. Acquisition of Tokio Millennium Re” for additional information related to the acquisition of the TMR Group Entities.

(3)

At March 31, 2019, no amounts were issued or drawn under these facilities.