RenaissanceRe decreases LoC facility amount to $225 million

By Wendy Van Sickle

Columbus, Ohio, Nov. 3 – Renaissance Reinsurance Ltd. entered into an amendment to its letter-of-credit reimbursement agreement, dated as of Nov. 23, 2015, according to an 8-K filing with the Securities and Exchange Commission.

The amended and restated reimbursement agreement is effective Oct. 30.

The new reimbursement agreement decreases the letter of credit to $225 million from $290 million.

The facility terminates four years from the date of notice from agent ING Bank NV, London Branch to the beneficiary of the letters of credit issued under the facility, which notice is required to be given not later than Dec. 31.

RenaissanceRe is a Hamilton, Bermuda-based reinsurance company.

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