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RNR > SEC Filings for RNR > Form 8-K on 4-Oct-2013All Recent SEC Filings




Entry into a Material Definitive Agreement, Creation of a Direct Finan

Item 1.01. Entry into a Material Definitive Agreement.

Effective October 1, 2013, (i) Renaissance Reinsurance of Europe ("ROE") and RenaissanceRe Specialty U.S. Ltd. ("RRS") became parties to the existing secured letter of credit facility (the "Facility") provided pursuant to the facility letter, dated September 17, 2010 and amended July 14, 2011 (the "Original Facility Letter"), among Citibank Europe plc ("CEP"), Renaissance Reinsurance Ltd. ("RRL"), DaVinci Reinsurance Ltd. ("DaVinci") and RenaissanceRe Specialty Risks Ltd. (formerly Glencoe Insurance Ltd.) ("RSR") (each of RSR, ROE, RRS, RRL, and DaVinci, a "Company" and, collectively, the "Companies") and (ii) CEP and the Companies entered into an amendment (the "Amendment") to the Original Facility Letter to extend the termination date of the Facility from December 31, 2013 to December 31, 2014 (as so amended, the "Facility 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 $300 million, subject to a sublimit of $50 million for letters of credit issued for the account of RRS. The Facility is evidenced by the Facility Letter and five 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.

The description of the Facility contained herein is qualified in its entirety by reference to the Original Facility Letter and the Master Agreement, copies of which were attached as Exhibits 10.1 and 10.2, respectively, to the Current Report on Form 8-K, dated September 23, 2010, previously filed with Securities and Exchange Commission by RenaissanceRe Holdings Ltd. and to the Amendment, a copy of which is attached hereto as Exhibit 10.1, all of which agreements are incorporated herein by reference.

CEP and RRL are also parties to the Insurance Letters of Credit - Master Agreement, dated as of April 29, 2009, and certain ancillary agreements, which collectively provide and secure an uncommitted letter of credit facility that is used to support business written by RenaissanceRe Holdings Ltd.'s Lloyd's syndicate, Syndicate 1458.

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.

(c) Exhibits.

The following exhibit is filed as part of this report:

Exhibit #                   Description

10.1      Amendment to Facility Letter, dated October 1,
          2013, by and among Citibank Europe plc,
          Renaissance Reinsurance Ltd., DaVinci
          Reinsurance Ltd., RenaissanceRe Specialty Risks
          Ltd., Renaissance Reinsurance of Europe and
          RenaissanceRe Specialty U.S. Ltd.

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