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DEBT AND CREDIT FACILITIES
 6 Months Ended
Jun. 30, 2024
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, 2023, except as described below or otherwise disclosed.
The agreements governing the Company’s debt obligations and credit facilities contain certain customary representations, warranties and covenants. At June 30, 2024, the Company believes that it was in compliance with its debt covenants.
Debt Obligations
A summary of the Company’s debt obligations on its consolidated balance sheets is set forth below:
June 30, 2024December 31, 2023
Fair Value
Carrying Value
Fair Value
Carrying Value
5.750% Senior Notes due 2033
$758,100 $741,594 $758,783 $741,124 
3.600% Senior Notes due 2029
369,524 395,592 371,276 395,137 
3.450% Senior Notes due 2027
284,553 298,517 283,350 298,270 
3.700% Senior Notes due 2025
295,221 299,722 293,154 299,537 
4.750% Senior Notes due 2025 (DaVinci) (1)
148,526 149,742 147,489 149,587 
Total senior notes1,855,924 1,885,167 1,854,052 1,883,655 
Medici Revolving Credit Facility (2)
75,000 75,000 75,000 75,000 
Total debt$1,930,924 $1,960,167 $1,929,052 $1,958,655 
(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 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.
Credit Facilities
The outstanding amounts issued or drawn under each of the Company’s significant credit facilities is set forth below:
At June 30, 2024
Issued or Drawn
Revolving Credit Facility (1)
$— 
Medici Revolving Credit Facility (2)
75,000 
Bilateral Letter of Credit Facilities
Secured
496,466 
Unsecured
681,834 
Funds at Lloyd’s Letter of Credit Facility
225,000 
$1,478,300 
(1)At June 30, 2024, 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. 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. The drawn amount of the Medici revolving credit facility is included on the Company’s consolidated balance sheets under debt.