RenaissanceRe transfers letters of credit to new secured facility

By Marisa Wong

Madison, Wis., Dec. 31 – RenaissanceRe Holdings Ltd. entered into a standby letter of credit agreement with Wells Fargo Bank, NA on Dec. 23, according to an 8-K filing with the Securities and Exchange Commission.

The credit agreement provides for a secured, uncommitted facility that replaces the company’s fourth amended and restated reimbursement agreement dated May 17, 2012, which was terminated upon effectiveness of the new credit agreement.

All letters of credit that were issued and outstanding under the terminated facility were transferred over to the standby letter-of-credit agreement.

Wells Fargo is also a party to the company’s credit agreement dated May 17, 2012 that provided an unsecured $250 million revolving loan commitment, the filing noted.

The reinsurer is based in Pembroke, Bermuda.

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