Debt	6 Months Ended
Jun. 30, 2021
Debt [Abstract]
Debt	10. Debt Credit Facility On June 21, 2021, we entered into an amended and restated credit agreement with a syndicate of banks, which amended and restated our existing credit facility agreement, dated as of July 31, 2019. The amended credit facility, which is unsecured, allows for the issuance of letters of credit (“LOCs”) and borrowing of up to $2.5 billion and has a commitment termination date of June 19, 2026. The LOCs under the credit facility are used primarily to satisfy reserve credit requirements of (i) our domestic insurance companies for which reserve credit is provided by our affiliated reinsurance companies and (ii) certain ceding companies of our legacy reinsurance business. The amended credit facility agreement contains: Customary terms and conditions, including covenants restricting our ability to incur liens, merge or consolidate with another entity where we are not the surviving entity and dispose of all or substantially all of our assets; Financial covenants including maintenance of a minimum consolidated net worth equal to the sum of $10.0 billion plus 50% of the aggregate net proceeds of equity issuances received by us in accordance with the terms of the agreement; and a debt-to-capital ratio as defined in accordance with the agreement not to exceed 0.35 to 1.00; A cap on secured non-operating indebtedness and non-operating indebtedness of our subsidiaries equal to 7.5% of total capitalization, as defined in accordance with the agreement; and Customary events of default, subject to certain materiality thresholds and grace periods for certain of those events of default. Upon an event of default, the amended credit facility agreement provides that, among other things, the commitments may be terminated and the loans then outstanding may be declared due and payable. As of June 30, 2021, we were in compliance with all such covenants.

Debt

6 Months Ended

Jun. 30, 2021

10. Debt

Credit Facility

On June 21, 2021, we entered into an amended and restated credit agreement with a syndicate of banks, which amended and restated our existing credit facility agreement, dated as of July 31, 2019. The amended credit facility, which is unsecured, allows for the issuance of letters of credit (“LOCs”) and borrowing of up to $2.5 billion and has a commitment termination date of June 19, 2026. The LOCs under the credit facility are used primarily to satisfy reserve credit requirements of (i) our domestic insurance companies for which reserve credit is provided by our affiliated reinsurance companies and (ii) certain ceding companies of our legacy reinsurance business.

The amended credit facility agreement contains:

Customary terms and conditions, including covenants restricting our ability to incur liens, merge or consolidate with another entity where we are not the surviving entity and dispose of all or substantially all of our assets;

Financial covenants including maintenance of a minimum consolidated net worth equal to the sum of $10.0 billion plus 50% of the aggregate net proceeds of equity issuances received by us in accordance with the terms of the agreement; and a debt-to-capital ratio as defined in accordance with the agreement not to exceed 0.35 to 1.00;

A cap on secured non-operating indebtedness and non-operating indebtedness of our subsidiaries equal to 7.5% of total capitalization, as defined in accordance with the agreement; and

Customary events of default, subject to certain materiality thresholds and grace periods for certain of those events of default.

Upon an event of default, the amended credit facility agreement provides that, among other things, the commitments may be terminated and the loans then outstanding may be declared due and payable. As of June 30, 2021, we were in compliance with all such covenants.