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
Item 1.01 Entry into a Material Definitive Agreement.
Effective
Reinsurance Ltd.
Specialty U.S. Ltd.
("ROE"),
("RREAG") (each of RRL, DaVinci, RRS, ROE, RRUS and RREAG a "Company" and,
collectively, the "Companies") entered into a deed of amendment (the
"Amendment") to the existing secured letter of credit facility (the "Facility")
provided pursuant to the facility letter, by and among CEP and the Companies,
dated
2011
termination date of the Facility from
to increase the aggregate amount of the letters of credit issued by CEP under
the Facility from
Letter").
The Facility provides a commitment from CEP to issue letters of credit for the
account of one or more of the Companies and their respective subsidiaries in
multiple currencies and in an aggregate amount of up to
a sublimit of
The Facility is evidenced by the Facility Letter and six separate Master
Agreements between CEP and each of the Companies, as well as certain ancillary
agreements, the terms of which are substantially similar for each Company.
Under the Facility, each of the Companies is severally obligated to pledge to
CEP at all times during the term of the Facility certain securities with a
collateral value (as determined as therein provided) that equals or exceeds 100%
of the aggregate amount of its then-outstanding letters of credit. In the case
of an event of default under the Facility with respect to a Company, CEP may
exercise certain remedies with respect to such Company, including terminating
its commitment to such Company under the Facility and taking certain actions
with respect to the collateral pledged by such Company (including the sale
thereof). In the Facility Letter, each Company makes, as to itself,
representations and warranties that are customary for facilities of this type
and severally agrees that it will comply with certain informational and other
undertakings, including those regarding the delivery of quarterly and annual
financial statements.
CEP and its affiliates have performed commercial banking, investment banking and
advisory services for the Companies and their affiliates from time to time for
which they have received customary fees and reimbursement of expenses. CEP and
its affiliates may from time to time engage in transactions with and perform
services for the Companies and their affiliates in the ordinary course of their
business for which they may receive customary fees and reimbursement of
expenses.
The description 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 Original
Facility Letter and other amendments comprising the Facility Letter, copies of
which were previously filed with
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.
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Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. Exhibit# Description 10.1 Deed of Amendment to Facility Letter, datedDecember 21, 2021 , by and amongCitibank Europe plc ,Renaissance Reinsurance Ltd. ,DaVinci Reinsurance Ltd. ,Renaissance Reinsurance of Europe Unlimited Company ,RenaissanceRe Specialty U.S. Ltd. ,Renaissance Reinsurance U.S. Inc. andRenaissanceRe Europe AG . 101 Pursuant to Rule 406 of Regulation S-T, the cover page information in formatted in Inline XBRL 104 Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101) - 3 -
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