RenaissanceRe extends letter-of-credit facility through end of 2018

By Wendy Van Sickle

Columbus, Ohio, Jan. 5 – RenaissanceRe Holdings Ltd. extended its secured letter-of-credit facility with Citibank Europe plc to extend its maturity by one year to Dec. 31, 2018, according to an 8-K filing with the Securities and Exchange Commission.

The extension was made via a Dec. 31 amendment to the letter-of-credit facility, which is originally dated Sept. 17, 2010.

The facility provides for up to $300 million of letters of credit to the company’s subsidiaries Renaissance Reinsurance Ltd., DaVinci Reinsurance Ltd., ReinassanceRe Specialty U.S. Ltd., Renaissance Reinsurance of Europe and Renaissance Reinsurance U.S. Inc., with a $50 million sublimit for Renaissance Reinsurance U.S. and a $25 million sublimit for ReinassanceRe Specialty U.S.

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

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