RenaissanceRe subsidiary reduces letter of credit to $180 million

By Marisa Wong

Morgantown, W.Va., May 26 – RenaissanceRe Holdings Ltd. subsidiary Renaissance Reinsurance Ltd. entered into a fourth amendment to its secured letter-of-credit facility with Bank of Montreal, Citibank Europe plc and ING Bank NV, London Branch, according to an 8-K filing with the Securities and Exchange Commission.

The two existing letters of credit were denominated in dollars and pounds, with stated amounts of $380 million and £90 million, respectively. The amendment reduced the $380 million letter of credit to $180 million and cancelled the £90 million letter of credit.

Under the amendment, the company may request that the $180 million letter of credit be increased or issue a new letter of credit denominated in pounds, with the aggregate amount of all increases or issuances capped at $75 million or the equivalent.

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

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