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Debt and Credit Facilities (Tables)
3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
A summary of the Company’s debt obligations on its consolidated balance sheets is set forth below:
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2020
 
December 31, 2019
 
 
 
Fair Value
 
Carrying Value
 
Fair Value
 
Carrying Value
 
 
3.600% Senior Notes due 2029
$
421,260

 
$
391,703

 
$
424,920

 
$
391,475

 
 
3.450% Senior Notes due 2027
317,685

 
296,415

 
314,070

 
296,292

 
 
3.700% Senior Notes due 2025
316,560

 
298,150

 
318,567

 
298,057

 
 
5.750% Senior Notes due 2020

 

 
251,030

 
249,931

 
 
4.750% Senior Notes due 2025 (DaVinciRe) (1)
145,842

 
148,427

 
160,031

 
148,350

 
 
Total debt
$
1,201,347

 
$
1,134,695

 
$
1,468,618

 
$
1,384,105

 
 
 
 
 
 
 
 
 
 
 
(1)     RenaissanceRe owns a noncontrolling economic interest in its joint venture DaVinciRe. Because RenaissanceRe controls a majority of DaVinciRe’s outstanding voting rights, the consolidated financial statements of DaVinciRe are included in the consolidated financial statements of RenaissanceRe. However, RenaissanceRe does not guarantee or provide credit support for DaVinciRe and RenaissanceRe’s financial exposure to DaVinciRe is limited to its investment in DaVinciRe’s shares and counterparty credit risk arising from reinsurance transactions.
Schedule of Line of Credit Facilities
The outstanding amounts issued or drawn under each of the Company’s significant credit facilities is set forth below:
 
 
 
 
 
At March 31, 2020
Issued or Drawn
 
 
Revolving Credit Facility (1)
$

 
 
Bilateral Letter of Credit Facilities
 
 
 
Secured
324,147

 
 
Unsecured
373,951

 
 
Funds at Lloyd’s Letter of Credit Facility
290,000

 
 
TMR Letters of Credit (2)
75

 
 
 
$
988,173

 
 
 
 
 
(1)
At March 31, 2020, no amounts were issued or drawn under this facility.
(2)
These letters of credit were transferred to the Company in connection with the acquisition of TMR and were terminated during the quarter ended March 31, 2020, except for certain immaterial amounts. Refer to “Note 3. Acquisition of Tokio Millennium Re” in the Company’s “Notes to the Consolidated Financial Statements” included in the Company’s Form 10-K for the year ended December 31, 2019 for additional information related to the acquisition of TMR.