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RNR > SEC Filings for RNR > Form 8-K on 31-Mar-2014All Recent SEC Filings




Other Events

Item 8.01. Other Events.

RenaissanceRe Holdings Ltd. ("RenaissanceRe") and its affiliates, Renaissance Reinsurance Ltd., Renaissance Reinsurance of Europe, RenaissanceRe Specialty Risks Ltd. (formerly 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. After giving effect to a reduction in commitments in March 2013, the Reimbursement Agreement previously provided for commitments from the Banks in an aggregate amount of $250 million. The commitments under the Reimbursement Agreement expire on May 17, 2015.

Effective as of March 31, 2014, RenaissanceRe further reduced the commitments under the Reimbursement Agreement from $250 million to $180 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 $70 million reduction, the commitments of the Banks under the Reimbursement Agreement may, from time to time and subject to the satisfaction of certain conditions, be increased by up to $350 million, such that the total commitments may be increased up to an aggregate amount not to exceed $530 million.

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