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RNR > SEC Filings for RNR > Form 8-K on 29-Mar-2013All Recent SEC Filings

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Other Events

Item 8.01. Other Events.

RenaissanceRe Holdings Ltd. ("RenaissanceRe") and its affiliates, Renaissance Reinsurance Ltd., Renaissance Reinsurance of Europe, Glencoe Insurance Ltd. and DaVinci Reinsurance Ltd. (such affiliates, collectively, the "Account Parties"), entered into a Fourth Amended and Restated Reimbursement Agreement, dated as of May 17, 2012 (as amended, the "Reimbursement Agreement"), with various banks and financial institutions parties thereto (collectively, the "Banks"), Wells Fargo Bank, National Association, as issuing bank, collateral agent and administrative agent for the Banks, and certain other agents. The Reimbursement Agreement previously provided for commitments from the Banks in an aggregate amount of $450 million and serves as RenaissanceRe's principal secured letter of credit facility. The commitments under the Reimbursement Agreement expire on May 17, 2015.

Effective as of March 28, 2013, RenaissanceRe reduced the commitments under the Reimbursement Agreement from $450 million to $250 million. The reduction was implemented in connection with a reassessment by RenaissanceRe of the future collateral needs of the Account Parties, taking into account, among other things, its and their access to alternative sources of credit enhancement. Prior to the expiration date set forth above and after giving effect to the $200 million reduction, the commitments of the Banks under the Reimbursement Agreement may be increased from time to time up to an aggregate amount not to exceed $600 million, subject to the satisfaction of certain conditions.

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