Notes Payable and Debt and Financing Arrangements (Tables)

6 Months Ended

Jun. 30, 2015

As of June 30, 2015, the Company's financing structure, which includes senior and subordinated notes, and bank and loan facilities available from a variety of sources, including commercial banks, is as follows:



(U.S. dollars in thousands)	June 30, 2015				December 31, 2014
	Commitment/ Debt (1)		In Use/ Outstanding (2)		Commitment/ Debt (1)		In Use/ Outstanding (2)
Debt:
2.30% Senior Notes due 2018	300,000		297,679		300,000		297,344
5.75% Senior Notes due 2021	400,000		397,307		400,000		397,092
6.375% Senior Notes due 2024	350,000		348,975		350,000		348,920
4.45% Subordinated Notes due 2025	500,000		492,292		—		—
6.25% Senior Notes due 2027	325,000		323,140		325,000		323,062
Variable Rate Note, face amount €7m, due 2035	7,794		7,301		—		—
Variable Rate Note, face amount $27m, due 2036	27,000		25,259		—		—
Variable Rate Note, face amount $31m, due 2036	31,300		29,281		—		—
Variable Rate Note, face amount $10m, due 2036	9,800		9,168		—		—
Variable Rate Note, face amount €11m, due 2036	12,248		11,473		—		—
5.25% Senior Notes due 2043	300,000		296,228		300,000		296,162
5.5% Subordinated Notes due 2045	500,000		488,352		—		—
Total debt carrying value	$	2,763,142	$	2,726,455	$	1,675,000	$	1,662,580

_______________

(1)

Excluded from the table are revolving credit facilities of $1.7 billion and $1.6 billion as of June 30, 2015 and December 31, 2014, respectively. As of June 30, 2015 and December 31, 2014, $667.9 million and $606.1 million, respectively, were utilized under these facilities to issue letters of credit, leaving $1.0 billion and $968.9 million, respectively, available for use under the revolving credit facilities.

(2) "In Use" and "Outstanding" data represent June 30, 2015 and December 31, 2014 accreted values.

Letter of Credit Summary

The Company’s letter of credit facilities and revolving credit facilities as of June 30, 2015 and December 31, 2014 were as follows:



Letter of Credit Summary: (U.S. dollars in thousands except percentages)	June 30, 2015 (1)			December 31, 2014 (1)
Revolving credit facilities (2) (3)	$	1,032,100		$	968,900
Available letter of credit facilities - commitments (4)	$	4,855,000		$	3,575,000
Available letter of credit facilities - in use	$	2,585,348		$	1,790,561
Collateralized by certain assets of the Company’s investment portfolio	50.2		%	66.2		%

____________


(1)	As of June 30, 2015 and December 31, 2014, there were eighteen and eight available letter of credit facilities, respectively.

(2)

As of June 30, 2015 and December 31, 2014, $976.1 million and $968.9 million, respectively, of revolving credit was available under the Company's syndicated unsecured credit agreement, which currently provides for up to $1 billion of revolving credit loans. The Company has the option to increase the size of the facilities under the syndicated secured and unsecured credit agreements by an additional $500 million across both facilities. Two bilateral facilities assumed as a result of the Catlin Acquisition with commitments totaling $150.0 million also provide for revolving credit loans. As of June 30, 2015, $56.0 million of revolving credit was available to draw under these facilities.

(3)

The credit agreements initially entered into with Citicorp USA, Inc. in May through November 2013 (the "Citi Agreements") provide for issuance of letters of credit and revolving credit loans up to an aggregate amount of $550.0 million, compared to $575.0 million as of December 31, 2014. As of June 30, 2015, $550.0 million of letters of credit were issued under these agreements, and therefore no amounts are included in this line as available to draw under this facility. The Company also has the option to increase the maximum amount of the letters of credit and revolving credit loans available under the Citi Agreements with the lender's and issuing lender's consent.


(4)	The available letter of credit facilities include approximately $1 billion that is also included in the "revolving credit facilities" line in this table.