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RenaissanceRe raises letter of credit to $350 million, extends one year
Chicago, Dec. 22 – RenaissanceRe Holdings Ltd. amended its existing secured letter of credit facility on Dec. 21 with Citibank Europe plc, according to an 8-K filed with the Securities and Exchange Commission.
The amendment lifts the aggregate amounts of the letters of credit to $350 million from $300 million.
The termination date was also pushed out to Dec. 31, 2023 from Dec. 31, 2022.
There is a sublimit of $25 million for letters of credit issued for the account of Renaissance Reinsurance U.S. Inc.
RenaissanceRe is a Pembroke, Bermuda-based property catastrophe reinsurer.
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