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DEBT AND CREDIT FACILITIES
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
DEBT AND CREDIT FACILITIES DEBT AND CREDIT FACILITIES
At September 30, 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.
The agreements governing the Company’s debt obligations and credit facilities contain certain customary representations, warranties and covenants. At September 30, 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 September 30, 2025At December 31, 2024
Fair Value
Carrying Value
Fair Value
Carrying Value
5.950% Senior Notes due 2035 (DaVinci) (1)
$308,643 $296,890 $— $— 
5.800% Senior Notes due 2035
524,145 493,601 — — 
5.750% Senior Notes due 2033
788,295 742,772 755,693 742,068 
3.600% Senior Notes due 2029
391,456 396,737 376,816 396,051 
3.450% Senior Notes due 2027
296,769 299,135 290,070 298,765 
3.700% Senior Notes due 2025 (2)
— — 299,550 299,908 
4.750% Senior Notes due 2025 (DaVinci) (1) (3)
— — 149,363 149,897 
Total senior notes2,309,308 2,229,135 1,871,492 1,886,689 
Medici Revolving Credit Facility (4)
— — — — 
Total debt$2,309,308 $2,229,135 $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.
(3)The 4.750% Senior Notes due 2025 (DaVinci) were repaid in full at maturity on May 1, 2025.
(4)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. If amounts are drawn under the Medici revolving credit facility, they are included in debt on the Company’s consolidated balance sheets.
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 were 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 were used 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.
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.
DaVinci Senior Notes
On May 4, 2015, DaVinci issued $150.0 million principal amount of its 4.750% Senior Notes due May 1, 2025, with interest on the notes payable on May 1 and November 1, commencing with November 1, 2015 (the “DaVinci Senior Notes”). On May 1, 2025, DaVinci repaid in full at maturity the aggregate principal amount of $150.0 million, plus applicable accrued interest of the 4.750% DaVinci Senior Notes.
Credit Facilities
The outstanding amounts issued or drawn under each of the Company’s significant credit facilities are set forth below:
At September 30, 2025
Issued or Drawn
Revolving Credit Facility (1)
$— 
Medici Revolving Credit Facility (1) (2)
— 
Bilateral Letter of Credit Facilities
Secured
200,730 
Unsecured
297,268 
$497,998 
(1)At September 30, 2025, no amounts were issued or drawn under these facilities.
(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. If amounts are drawn under the Medici revolving credit facility, they are included in debt on the Company’s consolidated balance sheets.
Uncommitted, Secured Standby Letter of Credit Facility with Wells Fargo
RenaissanceRe and certain of its subsidiaries and affiliates, including Renaissance Reinsurance Ltd. (“Renaissance Reinsurance”), DaVinci Reinsurance Ltd. (“DaVinci Reinsurance”), Renaissance Reinsurance U.S. Inc. (“Renaissance Reinsurance U.S.”), RenaissanceRe Specialty U.S. Ltd. (“RenaissanceRe Specialty U.S.”) and RenaissanceRe Europe AG (“RREAG”) were party to an Amended and Restated Standby Letter of Credit Agreement, dated as of June 21, 2019, as amended (the “Wells Fargo Standby Letter of Credit Facility”) with Wells Fargo Bank, National Association, which provided for a secured, uncommitted facility under which letters of credit may be issued from time to time for the respective accounts of the subsidiaries. On April 23, 2025, RenaissanceRe terminated the Wells Fargo Standby Letter of Credit Facility.