RenaissanceRe unit obtains $360 million, £85 million letters of credit

By Marisa Wong

Morgantown, W.Va., Nov. 25 – Renaissance Reinsurance Ltd. entered into a facility on Nov. 23 providing for two letters of credit denominated in dollars and pounds, with stated amounts of $360 million and £85 million, respectively, according to an 8-K filing with the Securities and Exchange Commission.

The letters of credit will be used to support business written by Renaissance Re’s Lloyd’s syndicate, Syndicate 1458.

ING Bank NV, London Branch is letter-of-credit agent and a lender, Citibank Europe plc is collateral agent and a lender, and Bank of Montreal is documentation agent and a lender.

The facility terminates four years from the date of notice from ING to the beneficiary of the letters of credit issued under the facility. This notice is required to be given by Dec. 31.

Effective as of Nov. 24, the facility replaces the company’s existing letter-of-credit facility established to support Syndicate 1458 by Renaissance Re with Citigroup Europe on April 29, 2009.

Renaissance Reinsurance is a subsidiary of RenaissanceRe Holdings Ltd., a reinsurance company based in Pembroke, Bermuda.

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