Notes Payable and Debt and Financing Arrangements (Tables)

9 Months Ended

Sep. 30, 2015

As of September 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)	September 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		297,847		300,000		297,344
5.75% Senior Notes due 2021	400,000		397,415		400,000		397,092
6.375% Senior Notes due 2024	350,000		349,002		350,000		348,920
4.45% Subordinated Notes due 2025	500,000		492,318		—		—
6.25% Senior Notes due 2027	325,000		323,179		325,000		323,062
Variable Rate Note, face amount €7m, due 2035	7,823		7,336		—		—
Variable Rate Note, face amount $27m, due 2036	27,000		25,280		—		—
Variable Rate Note, face amount $31m, due 2036	31,300		29,305		—		—
Variable Rate Note, face amount $10m, due 2036	9,800		9,175		—		—
Variable Rate Note, face amount €11m, due 2036	12,294		11,528		—		—
5.25% Senior Notes due 2043	300,000		296,261		300,000		296,162
5.5% Subordinated Notes due 2045	500,000		488,271		—		—
Total debt carrying value	$	2,763,217	$	2,726,917	$	1,675,000	$	1,662,580

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(1)

Excluded from the table are revolving credit facilities of $1.5 billion and $1.6 billion as of September 30, 2015 and December 31, 2014, respectively. As of September 30, 2015 and December 31, 2014, $455.9 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/Outstanding" data represent September 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 September 30, 2015 and December 31, 2014 were as follows:



Letter of Credit Summary: (U.S. dollars in thousands except percentages)	September 30, 2015 (1)			December 31, 2014 (1)
Revolving credit facilities (2) (3)	$	1,039,100		$	968,900
Available letter of credit facilities - commitments (4)	$	4,850,000		$	3,575,000
Available letter of credit facilities - in use	$	2,538,499		$	1,790,561
Collateralized by certain assets of the Company’s investment portfolio	49.9		%	66.2		%

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

(2)

As of September 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 September 30, 2015, $63.0 million of revolving credit was available to draw under these facilities.

(3)

The credit agreements with Citicorp USA, Inc. currently provide for the issuance of letters of credit and revolving credit loans up to an aggregate amount of $345.0 million, compared to $575.0 million available under the credit agreements with Citicorp USA, Inc. as of December 31, 2014. As of September 30, 2015, $345.0 million of letters of credit were issued under these agreements, and therefore no amounts are included in this line as available to draw under these facilities. The Company also has the option to increase the maximum amount of the letters of credit and revolving credit loans available under its credit agreements with Citicorp USA, Inc. 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.