RenaissanceRe units extend letter-of-credit facility through 2017

By Wendy Van Sickle

Columbus, Ohio, Dec. 31 – Several RenaissanceRe Holdings Ltd. subsidiaries extended their secured letter-of-credit facility with Citibank Europe plc by two years to Dec. 31, 2017, according to an 8-K filed with the Securities and Exchange Commission.

Renaissance Reinsurance Ltd., DaVinci Reinsurance Ltd., RenaissanceRe Specialty Risks Ltd., ReinassanceRe Specialty U.S. Ltd., Renaissance Reinsurance of Europe, Platinum Underwriters Bermuda, Ltd. and Renaissance Reinsurance U.S. Inc. are borrowers under the facility.

The facility provides for letters of credit to be issued to the borrowers in multiple currencies up to $300 million, with a sublimit of $60 million for letters of credit issued for RenaissanceRe Specialty Risks and a combined sublimit of $25 million for letters of credit issued for Platinum Underwriters Bermuda and Renaissance Reinsurance U.S.

RenaissanceRe Holdings Ltd. is a reinsurance company based in Pembroke, Bermuda.

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