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Debt and Credit Facilities (Tables)

12 Months Ended

Dec. 31, 2023

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:

						December 31, 2023												December 31, 2022
						Fair Value						Carrying Value						Fair Value						Carrying Value
			5.750% Senior Notes due 2033			$	758,783					$	741,124					$	—					$	—
			3.600% Senior Notes due 2029			371,276						395,137						362,644						394,221
			3.450% Senior Notes due 2027			283,350						298,270						280,506						297,775
			3.700% Senior Notes due 2025			293,154						299,537						290,874						299,168
			4.750% Senior Notes due 2025 (DaVinci) (1)			147,489						149,587						146,625						149,278
			Total senior notes			1,854,052						1,883,655						1,080,649						1,140,442
			Medici Revolving Credit Facility (2)			75,000						75,000						30,000						30,000
			Total debt			$	1,929,052					$	1,958,655					$	1,110,649					$	1,170,442

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

Subsequent to December 31, 2023, Medici repaid in full the aggregate principal amount drawn under the Medici Revolving Credit Facility.

Schedule of Aggregate Amount of Maturities Related to the Company's Debt Obligations

The following table sets forth the scheduled maturity of the Company’s aggregate amount of its debt obligation reflected on its consolidated balance sheet at December 31, 2023:

			2024			$	75,000
			2025			450,000
			2026			—
			2027			300,000
			2028			—
			After 2028			1,150,000
			Unamortized fair value adjustments			—
			Unamortized discount and debt issuance expenses			(16,345)
						$	1,958,655

Schedule of Credit Facilities

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

			At December 31, 2023			Issued or Drawn
			Revolving Credit Facility (1)			$	—
			Medici Revolving Credit Facility (2)			75,000
			Bilateral Letter of Credit Facilities
			Secured			571,625
			Unsecured			709,740
			Funds at Lloyd’s Letter of Credit Facility			225,000
						$	1,581,365

(1)At December 31, 2023, 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 outstanding voting rights, 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 December 31, 2023, Medici repaid in full the aggregate principal amount drawn under the Medici Revolving Credit Facility.

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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

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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19(b),22(b))
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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
-Topic 470
-Publisher FASB
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