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Debt and Credit Facilities

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Debt and Credit Facilities

DEBT AND CREDIT FACILITIES

There have been no material changes to the Company’s debt obligations and credit facilities as described in its Form 10-K for the year ended December 31, 2019, except as described below.

Debt Obligations

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

						September 30, 2020												December 31, 2019
						Fair Value						Carrying Value						Fair Value						Carrying Value
			3.600% Senior Notes due 2029			$	451,056					$	392,161					$	424,920					$	391,475
			3.450% Senior Notes due 2027			329,331						296,662						314,070						296,292
			3.700% Senior Notes due 2025			316,536						298,335						318,567						298,057
			5.75% Senior Notes due 2020			—						—						251,030						249,931
			4.750% Senior Notes due 2025 (DaVinciRe) (1)			164,481						148,582						160,031						148,350
			Total debt			$	1,261,404					$	1,135,740					$	1,468,618					$	1,384,105

(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.

5.75% Senior Notes due 2020 of RenRe North America Holdings Inc. and RenaissanceRe Finance

On March 15, 2020, the Company repaid in full at maturity the aggregate principal amount of $250.0 million, plus applicable accrued interest, of the 5.75% Senior Notes due 2020 of RenRe North America Holdings Inc. and RenaissanceRe Finance.

Credit Facilities

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

			At September 30, 2020			Issued or Drawn
			Revolving Credit Facility (1)			$	—
			Bilateral Letter of Credit Facilities
			Secured			330,356
			Unsecured			346,459
			Funds at Lloyd’s Letter of Credit Facility			290,000
						$	966,815

(1)     At September 30, 2020, no amounts were issued or drawn under this facility.

Uncommitted, Secured Standby Letter of Credit Facility with Wells Fargo

Effective June 11, 2020, RenaissanceRe and certain of its subsidiaries and affiliates, including Renaissance Reinsurance, DaVinci, Renaissance Reinsurance U.S. and RenaissanceRe Europe entered into an amendment to its letter of credit facility with Wells Fargo Bank, National Association. Pursuant to the amendment, the maximum amount of unsecured letters of credit that the applicants may request (outstanding on such request date) was increased from $25.0 million to $100.0 million. All other terms of the facility remained the same.

Unsecured Letter of Credit Facility with Credit Suisse

Effective June 26, 2020, RenaissanceRe Europe and RenaissanceRe entered into an amendment to its letter of credit facility with Credit Suisse (Switzerland) Ltd. Pursuant to the amendment, the maximum committed amount of the unsecured letter of credit facility was increased from $125.0 million to $200.0 million. All other terms of the facility remained the same.

TMR Letters of Credit

During the quarter ended March 31, 2020, the following letters of credit and facilities that were transferred to the Company in connection with the acquisition of TMR were terminated: (a) certain letters of credit for the account of RenaissanceRe Europe issued by Mizuho Bank, Ltd. pursuant to a Letter of Credit and Reimbursement Agreement, dated as of May 14, 2012, as amended, (b) certain letters of credit for the account of RenaissanceRe Europe issued by The Bank of Tokyo-Mitsubishi UFJ Ltd., Düsseldorf Branch pursuant to a Committed Revolving Standby Letter of Credit Agreement, dated as of September 29, 2017, and (c) certain letters of credit for the account of RenaissanceRe UK issued by The Bank of Tokyo-Mitsubishi UFJ, Ltd. pursuant to a Facility Letter, dated as of December 21, 2006. The parties had previously agreed that no new letters of credit would be issued under these facilities.

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- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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