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DEBT AND CREDIT FACILITIES
9 Months Ended
Sep. 30, 2023
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, 2022, 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, 2023, 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:
September 30, 2023December 31, 2022
Fair valueCarrying valueFair valueCarrying value
5.750% Senior Notes due 2033
$707,633 $740,887 $— $— 
3.600% Senior Notes due 2029
351,760 394,906 362,644 394,221 
3.450% Senior Notes due 2027
276,381 298,146 280,506 297,775 
3.700% Senior Notes due 2025
290,454 299,444 290,874 299,168 
4.750% Senior Notes due 2025 (DaVinci) (1)
145,592 149,510 146,625 149,278 
Total senior notes1,771,820 1,882,893 1,080,649 1,140,442 
Medici Revolving Credit Facility (2)
— — 30,000 30,000 
Total debt$1,771,820 $1,882,893 $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.
5.750% Senior Notes due 2033
On June 5, 2023, the Company issued $750.0 million of its 5.750% Senior Notes due June 5, 2033. The Company received net proceeds of approximately $741.0 million from the offering of senior notes after deducting the underwriting discounts and estimated offering expenses payable by the Company. The Company used the net proceeds from this offering to fund a portion of the cash consideration for the Validus Acquisition, which closed on November 1, 2023, to pay related costs and expenses, and for general corporate purposes. See “Note 15. Acquisition of Validus” for additional information regarding the Validus Acquisition.
Credit Facilities
The outstanding amounts issued or drawn under each of the Company’s significant credit facilities is set forth below:
At September 30, 2023Issued or drawn
Revolving Credit Facility (1)
$— 
Medici Revolving Credit Facility (2)
— 
Bilateral Letter of Credit Facilities
Secured
393,940 
Unsecured
475,387 
Funds at Lloyd’s Letter of Credit Facility
275,000 
$1,144,327 
(1)At September 30, 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 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. At September 30, 2023, no amounts were issued or drawn under this facility.

Uncommitted, Secured Standby Letter of Credit Facility with Wells Fargo
On February 22, 2023, RenaissanceRe and certain of its subsidiaries and affiliates, including Renaissance Reinsurance, DaVinci Reinsurance, Renaissance Reinsurance U.S., RenaissanceRe Specialty U.S. and RREAG, entered into an amendment to its letter of credit facility with Wells Fargo Bank, National Association. The Amendment provides for, among other things, the option to request the issuance of up to $150.0 million of secured letters of credit in the aggregate, the removal of an unused option to request unsecured letters of credit, and certain other modifications to the provisions that require collateral to be pledged in favor of Wells Fargo to secure the applicants’ reimbursement obligations, including changes to the methodology for calculation of collateral values.