RENAISSANCERE HOLDINGS LTD FILES (8-K) Disclosing Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits - Insurance News | InsuranceNewsNet

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November 3, 2021 Newswires
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RENAISSANCERE HOLDINGS LTD FILES (8-K) Disclosing Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits

Edgar Glimpses

Item 1.01 Entry into a Material Definitive Agreement.

Effective as of November 3, 2021, Renaissance Reinsurance Ltd. ("Renaissance
Reinsurance") entered into the Second Amendment to Amended and Restated Letter
of Credit Reimbursement Agreement (the "Amendment"), by and among Renaissance
Reinsurance, as borrower, ING Bank N.V., London Branch ("ING"), as agent (the
"Agent") and as a lender, Bank of Montreal, London Branch, as a lender ("BMO"),
and Citibank Europe plc, as a lender ("CEP," and, together with BMO and ING, the
"Lenders"), amending the Amended and Restated Letter of Credit Reimbursement
Agreement, dated as of November 7, 2019 (as previously amended by the First
Amendment to Amended and Restated Letter of Credit Reimbursement Agreement dated
as of October 30, 2020 and as further amended, restated, supplemented or
otherwise modified, the "Reimbursement Agreement"), evidencing a secured letter
of credit facility (the "Facility") providing for the issuance by the Lenders of
a letter of credit (the "Letter of Credit") for the account of Renaissance
Reinsurance to support business written by Renaissance Reinsurance's Lloyd's
syndicate, Syndicate 1458.

Pursuant to the Amendment, the stated amount of the Letter of Credit was
increased from $225 million to $275 million, and the term of the Facility was
extended until the date that is four years from the date of notice from ING to
the beneficiary of the Letters of Credit, which notice is required to be given
not later than December 31, 2021, unless such date is extended with the consent
of all the Lenders. Notice was previously required to be given not later than
December 31, 2020.

Certain Lenders and their affiliates have performed commercial banking,
investment banking and advisory services for Renaissance Reinsurance and/or its
affiliates from time to time for which they have received customary fees and
reimbursement of expenses. The Lenders and the Agent may from time to time
engage in transactions with and perform services for Renaissance Reinsurance and
its affiliates in the ordinary course of their business for which they may
receive customary fees and reimbursement of expenses.

The descriptions of the Amendment and Facility contained herein are qualified in
their entirety by reference to the Amendment, a copy of which is attached hereto
as Exhibit 10.1 and is incorporated herein by reference, and the Reimbursement
Agreement, a copy of which was previously filed.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of the Registrant.

The disclosure set forth in Item 1.01 above is hereby incorporated by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.


Exhibit #               Description
10.1                      Second Amendment to Amended and Restated Letter of Credit
                        Reimbursement Agreement, dated November 3, 2021, by and among
                        Renaissance Reinsurance Ltd., as borrower, ING Bank N.V., London Branch,
                        as agent and as a lender, Bank of Montreal, London Branch, as a lender,
                        and Citibank Europe plc, as a lender.
101                     Pursuant to Rule 406 of Regulation S-T, the cover page information is
                        formatted in Inline XBRL.
104                     Cover Page Interactive Data File (embedded within the Inline XBRL
                        document and included in Exhibit 101).



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