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Debt and Credit Facilities (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

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, 2022												December 31, 2021
						Fair Value						Carrying Value						Fair Value						Carrying Value
			3.600% Senior Notes due 2029			$	401,352					$	393,534					$	432,316					$	393,305
			3.450% Senior Notes due 2027			303,372						297,404						321,204						297,281
			3.700% Senior Notes due 2025			303,948						298,889						318,852						298,798
			4.750% Senior Notes due 2025 (DaVinciRe) (1)			149,568						149,045						166,071						148,969
			Total senior notes			1,158,240						1,138,872						1,238,443						1,138,353
			Medici Revolving Credit Facility (2)			30,000						30,000						30,000						30,000
			Total debt			$	1,188,240					$	1,168,872					$	1,268,443					$	1,168,353

(1)RenaissanceRe owns a noncontrolling economic interest in its joint venture DaVinciRe. Because RenaissanceRe controls a majority of DaVinciRe’s issued voting shares, 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)RenaissanceRe owns a noncontrolling economic interest in Medici. Because RenaissanceRe controls all of Medici’s issued voting shares, the financial statements of Medici are included in RenaissanceRe’s consolidated financial statements. Subsequent to March 31, 2022, Medici repaid in full the aggregate principal amount drawn under the Medici Revolving Credit Facility.

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, 2022			Issued or Drawn
			Revolving Credit Facility (1)			$	—
			Medici Revolving Credit Facility (2)			30,000
			Bilateral Letter of Credit Facilities
			Secured			403,522
			Unsecured			456,307
			Funds at Lloyd’s Letter of Credit Facility			275,000
						$	1,164,829

(1)At March 31, 2022, no amounts were issued or drawn under this facility.

(2)RenaissanceRe owns a noncontrolling economic interest in Medici. Because RenaissanceRe controls all of Medici’s issued voting shares, the financial statements of Medici are included in RenaissanceRe’s consolidated financial statements. The drawn amount of the Medici Revolving Credit Facility is included on the Company’s consolidated balance sheets under debt. Subsequent to March 31, 2022, Medici repaid in full the aggregate principal amount drawn under the Medici Revolving Credit Facility.

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- Definition

Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

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- Definition

Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19(b),22(b))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

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