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DEBT AND CREDIT FACILITIES | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
DEBT AND CREDIT FACILITIES | DEBT AND CREDIT FACILITIES At March 31, 2025, there were 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, 2024, except as described below or otherwise disclosed. Refer to Note 15. “Subsequent Events” for additional information related to the Company’s debt obligations and credit facilities subsequent to March 31, 2025. The agreements governing the Company’s debt obligations and credit facilities contain certain customary representations, warranties and covenants. At March 31, 2025, 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:
|  | At March 31, 2025 |  | At December 31, 2024 |
|  | Fair Value |  | Carrying Value |  | Fair Value |  | Carrying Value |
| 5.950% Senior Notes due 2035 (DaVinci) (1) | $ | 293,652 |  |  | $ | 297,593 |  |  | $ | — |  |  | $ | — |  |
| 5.800% Senior Notes due 2035 | 497,925 |  |  | 493,704 |  |  | — |  |  | — |  |
| 5.750% Senior Notes due 2033 | 748,148 |  |  | 742,300 |  |  | 755,693 |  |  | 742,068 |  |
| 3.600% Senior Notes due 2029 | 381,672 |  |  | 396,279 |  |  | 376,816 |  |  | 396,051 |  |
| 3.450% Senior Notes due 2027 | 293,037 |  |  | 298,888 |  |  | 290,070 |  |  | 298,765 |  |
| 3.700% Senior Notes due 2025 (2) | 299,904 |  |  | 300,000 |  |  | 299,550 |  |  | 299,908 |  |
| 4.750% Senior Notes due 2025 (DaVinci) (1) | 149,951 |  |  | 149,974 |  |  | 149,363 |  |  | 149,897 |  |
| Total senior notes | 2,664,289 |  |  | 2,678,738 |  |  | 1,871,492 |  |  | 1,886,689 |  |
| Medici Revolving Credit Facility (3) | 75,000 |  |  | 75,000 |  |  | — |  |  | — |  |
| Total debt | $ | 2,739,289 |  |  | $ | 2,753,738 |  |  | $ | 1,871,492 |  |  | $ | 1,886,689 |  |
(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)The 3.700% Senior Notes due 2025 were repaid in full at maturity on April 1, 2025. Refer to Note 15. “Subsequent Events” for additional information. (3)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. 5.950% Senior Notes due 2035 of DaVinci On March 5, 2025, DaVinciRe Holdings Ltd. (“DaVinci”) issued $300.0 million principal amount of its 5.950% Senior Notes due April 15, 2035, with interest on the notes payable on April 15 and October 15, commencing with October 15, 2025 (the “2035 DaVinci Senior Notes”). The 2035 DaVinci Senior Notes, which are senior obligations, may be redeemed prior to maturity, subject to the payment of a “make-whole” premium if the notes are redeemed before January 15, 2035. The 2035 DaVinci Senior Notes contain various covenants including restrictions as to the disposition of, and the placing of liens on, the stock of designated subsidiaries, limitations on mergers, amalgamations and consolidations, limitations on third-party investor redemptions, a leverage covenant and a covenant to maintain certain ratings. The net proceeds from this offering are intended to be used to repay, in full, the $150.0 million outstanding principal amount of DaVinci’s 4.750% Senior Notes due 2025 at maturity on May 1, 2025, and the remainder of the net proceeds for general corporate purposes. 5.800% Senior Notes due 2035 On February 25, 2025, the Company issued $500.0 million of its 5.800% Senior Notes due April 1, 2035, with interest on the notes payable on April 1 and October 1 of each year, commencing on October 1, 2025. The notes are redeemable at the applicable redemption price, subject to the terms described in the indenture for the notes. However, the notes (i) may not be redeemed at any time prior to February 25, 2028 without approval of the Bermuda Monetary Authority (the “BMA”) and (ii) may not be redeemed or repaid at any time if enhanced capital requirements, as established by the BMA, would be breached immediately before or after giving effect to the redemption or repayment of such notes, unless, in each case, RenaissanceRe replaces the capital represented by the notes to be redeemed or repaid with capital having equal or better capital treatment as the notes under applicable BMA rules. The notes contain various covenants including limitations on mergers and consolidations, and restrictions as to the disposition of, and the placing of liens on, the stock of designated subsidiaries. The Company received net proceeds of approximately $493.5 million from the offering of senior notes after deducting the underwriting discounts and estimated offering expenses payable by the Company. The Company intends to use the net proceeds from this offering for general corporate purposes, which may include the redemption, repayment or refinancing of certain indebtedness. 3.700% Senior Notes due 2025 of RenaissanceRe Finance On March 24, 2015, RenaissanceRe Finance issued $300.0 million principal amount of its 3.700% Senior Notes due April 1, 2025, with interest on the notes payable on April 1 and October 1 of each year. The notes were fully and unconditionally guaranteed by RenaissanceRe. On April 1, 2025, RenaissanceRe Finance repaid in full at maturity the aggregate principal amount of $300.0 million, plus applicable accrued interest, of the 3.700% Senior Notes due 2025. Refer to Note 15. “Subsequent Events.” Credit Facilities The outstanding amounts issued or drawn under each of the Company’s significant credit facilities are set forth below:
| At March 31, 2025 | Issued or Drawn |
| Revolving Credit Facility (1) | $ | — |  |
| Medici Revolving Credit Facility (2) | 75,000 |  |
| Bilateral Letter of Credit Facilities |  |
| Secured | 216,171 |  |
| Unsecured | 306,316 |  |
|  | $ | 597,487 |  |
(1)At March 31, 2025, 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 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.

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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://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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