Document:

EX-4.7

 Exhibit 4.7 

FORM OF JUNIOR SUBORDINATED INDENTURE 

RENAISSANCERE FINANCE INC., Issuer 

and 
 RENAISSANCERE
HOLDINGS LTD., Guarantor 
 to 

[                 ], Trustee 

INDENTURE 
 Dated as of
[                ] 
 Junior Subordinated Debt
Securities 

 Form of Junior Subordinated Indenture - RenRe Finance 

Reconciliation and tie between 

Trust Indenture Act of 1939 (the “Trust Indenture Act”) 

and Indenture 
  

					
	 Trust Indenture

Act Section
	  	Indenture Section	 
	 §§ 310(a)(1)
	  	 	6.7	 
	 (a)(2)
	  	 	6.7	 
	 (b)
	  	 	6.8	 
	 §§ 312(a)
	  	 	7.1	 
	 (b)
	  	 	7.2	 
	 (c)
	  	 	7.2	 
	 §§ 313(a)
	  	 	7.3	 
	 (b)(2)
	  	 	7.3	 
	 (c)
	  	 	7.3	 
	 (d)
	  	 	7.3	 
	 §§ 314(a)
	  	 	7.4, 10.7	 
	 (c)(1)
	  	 	1.2	 
	 (c)(2)
	  	 	1.2	 
	 (e)
	  	 	1.2	 
	 (f)
	  	 	1.2	 
	 §§ 316(a) (last sentence)
	  	 	1.1	 
	 (a)(1)(A)
	  	 	5.2, 5.12	 
	 (a)(1)(B)
	  	 	5.13	 
	 (b)
	  	 	5.8	 
	 §§ 317(a)(1)
	  	 	5.3	 
	 (a)(2)
	  	 	5.4	 
	 (b)
	  	 	10.3	 
	 §§ 318(a)
	  	 	1.8	 

  
 Note: This
reconciliation and tie shall not, for any purpose, be deemed to be part of the Indenture. 

  
 - 2 - 

 Form of Junior Subordinated Indenture - RenRe Finance 

TABLE OF CONTENTS 
  

							
	 ARTICLE 1 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	  	 	2	 
			
	 Section 1.1
	 	Definitions	  	 	2	 
	 Section 1.2
	 	Compliance Certificates and Opinions	  	 	9	 
	 Section 1.3
	 	Form of Documents Delivered to Trustee	  	 	9	 
	 Section 1.4
	 	Acts of Holders	  	 	10	 
	 Section 1.5
	 	Notices, etc.	  	 	10	 
	 Section 1.6
	 	Notice to Holders of Securities; Waiver	  	 	10	 
	 Section 1.7
	 	Language of Notices	  	 	11	 
	 Section 1.8
	 	Conflict with Trust Indenture Act	  	 	11	 
	 Section 1.9
	 	Effect of Headings and Table of Contents	  	 	11	 
	 Section 1.10
	 	Successors and Assigns	  	 	11	 
	 Section 1.11
	 	Separability Clause	  	 	11	 
	 Section 1.12
	 	SHolders of Preferred Securities as Third Party Beneficiaries	  	 	11	 
	 Section 1.13
	 	Benefits of Indenture	  	 	11	 
	 Section 1.14
	 	Governing Law	  	 	11	 
	 Section 1.15
	 	Business Days	  	 	12	 
	 Section 1.16
	 	Counterparts	  	 	12	 
	 Section 1.17
	 	Judgment Currency	  	 	12	 
	 Section 1.18
	 	No Security Interest Created	  	 	12	 
	 Section 1.19
	 	Limitation on Individual Liability	  	 	12	 
	 Section 1.20
	 	Submission to Jurisdiction	  	 	13	 
		
	 ARTICLE 2 SECURITIES FORMS
	  	 	13	 
			
	 Section 2.1
	 	Forms Generally	  	 	13	 
	 Section 2.2
	 	Form of Trustee’s Certificate of Authentication	  	 	13	 
	 Section 2.3
	 	Securities in Global Form	  	 	13	 
		
	 ARTICLE 3 THE SECURITIES
	  	 	14	 
			
	 Section 3.1
	 	Amount Unlimited; Issuable in Series	  	 	14	 
	 Section 3.2
	 	Currency; Denominations	  	 	16	 
	 Section 3.3
	 	Execution, Authentication, Delivery and Dating	  	 	16	 
	 Section 3.4
	 	Temporary Securities	  	 	17	 
	 Section 3.5
	 	Registration, Transfer and Exchange	  	 	17	 
	 Section 3.6
	 	Mutilated, Destroyed, Lost and Stolen Securities	  	 	19	 
	 Section 3.7
	 	Payment of Interest and Certain Additional Amounts; Rights to Interest and Certain Additional Amounts Preserved	  	 	19	 
	 Section 3.8
	 	Persons Deemed Owners	  	 	20	 
	 Section 3.9
	 	Cancellation	  	 	21	 
	 Section 3.10
	 	Computation of Interest	  	 	21	 
	 Section 3.11
	 	Extension of Interest Payment Period	  	 	21	 
	 Section 3.12
	 	Right of Set-Off	  	 	21	 
	 Section 3.13
	 	Agreed Tax Treatment	  	 	22	 
	 Section 3.14
	 	Extension of Stated Maturity; Adjustment of Stated Maturity Upon an Exchange	  	 	22	 
	 Section 3.15
	 	CUSIP Numbers	  	 	22	 
		
	 ARTICLE 4 SATISFACTION AND DISCHARGE OF INDENTURE
	  	 	22	 
			
	 Section 4.1
	 	Satisfaction and Discharge	  	 	22	 
	 Section 4.2
	 	Defeasance and Covenant Defeasance	  	 	23	 
	 Section 4.3
	 	Application of Trust Money	  	 	25	 

  
 ii 

							
	 ARTICLE 5 REMEDIES
	  	 	25	 
			
	 Section 5.1
	 	Events of Default	  	 	25	 
	 Section 5.2
	 	Acceleration of Maturity; Rescission and Annulment	  	 	26	 
	 Section 5.3
	 	Collection of Indebtedness and Suits for Enforcement by Trustee	  	 	27	 
	 Section 5.4
	 	Trustee May File Proofs of Claim	  	 	28	 
	 Section 5.5
	 	Trustee May Enforce Claims without Possession of Securities	  	 	28	 
	 Section 5.6
	 	Application of Money Collected	  	 	28	 
	 Section 5.7
	 	Limitations on Suits	  	 	29	 
	 Section 5.8
	 	Unconditional Right of Holders to Receive Principal and any Premium, Interest and Additional Amounts	  	 	29	 
	 Section 5.9
	 	Restoration of Rights and Remedies	  	 	29	 
	 Section 5.10
	 	Rights and Remedies Cumulative	  	 	29	 
	 Section 5.11
	 	Delay or Omission Not Waiver	  	 	30	 
	 Section 5.12
	 	Control by Holders of Securities	  	 	30	 
	 Section 5.13
	 	Waiver of Past Defaults	  	 	30	 
	 Section 5.14
	 	Waiver of Usury, Stay or Extension Laws	  	 	30	 
	 Section 5.15
	 	Undertaking for Costs	  	 	30	 
		
	 ARTICLE 6 THE TRUSTEE
	  	 	31	 
			
	 Section 6.1
	 	Certain Rights of Trustee	  	 	31	 
	 Section 6.2
	 	Notice of Defaults	  	 	32	 
	 Section 6.3
	 	Not Responsible for Recitals or Issuance of Securities	  	 	32	 
	 Section 6.4
	 	May Hold Securities	  	 	32	 
	 Section 6.5
	 	Money Held in Trust	  	 	32	 
	 Section 6.6
	 	Compensation and Reimbursement	  	 	32	 
	 Section 6.7
	 	Corporate Trustee Required; Eligibility	  	 	33	 
	 Section 6.8
	 	Resignation and Removal; Appointment of Successor	  	 	33	 
	 Section 6.9
	 	Acceptance of Appointment by Successor	  	 	34	 
	 Section 6.10
	 	Merger, Conversion, Consolidation or Succession to Business	  	 	35	 
	 Section 6.11
	 	Appointment of Authenticating Agent	  	 	35	 
		
	 ARTICLE 7 HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY
	  	 	36	 
			
	 Section 7.1
	 	Company to Furnish Trustee Names and Addresses of Holders	  	 	36	 
	 Section 7.2
	 	Preservation of Information; Communications to Holders	  	 	36	 
	 Section 7.3
	 	Reports by Trustee	  	 	36	 
	 Section 7.4
	 	Reports by Company	  	 	36	 
		
	 ARTICLE 8 CONSOLIDATION, AMALGAMATIONS, MERGER AND SALES
	  	 	37	 
			
	 Section 8.1
	 	Company May Consolidate, Etc., Only on Certain Terms	  	 	37	 
	 Section 8.2
	 	Successor Person Substituted for Company	  	 	37	 
	 Section 8.3
	 	Guarantor May Consolidate, Etc., Only on Certain Terms	  	 	37	 
	 Section 8.4
	 	Successor Person Substituted for Guarantor	  	 	38	 
		
	 ARTICLE 9 SUPPLEMENTAL INDENTURES
	  	 	38	 
			
	 Section 9.1
	 	Supplemental Indentures without Consent of Holders	  	 	38	 
	 Section 9.2
	 	Supplemental Indentures with Consent of Holders	  	 	39	 
	 Section 9.3
	 	Execution of Supplemental Indentures	  	 	40	 
	 Section 9.4
	 	Effect of Supplemental Indentures	  	 	40	 
	 Section 9.5
	 	Reference in Securities to Supplemental Indentures	  	 	40	 

  
 iii 

							
	 Section 9.6
	 	Conformity with Trust Indenture Act	  	 	40	 
	 Section 9.7
	 	Effect on Senior Indebtedness	  	 	40	 
	 Section 9.8
	 	Notice of Supplemental Indenture	  	 	41	 
		
	 ARTICLE 10 COVENANTS
	  	 	41	 
			
	 Section 10.1
	 	Payment of Principal, any Premium, Interest and Additional Amounts	  	 	41	 
	 Section 10.2
	 	Maintenance of Office or Agency	  	 	41	 
	 Section 10.3
	 	Money for Securities Payments to Be Held in Trust	  	 	41	 
	 Section 10.4
	 	Additional Amounts	  	 	42	 
	 Section 10.5
	 	Corporate Existence	  	 	43	 
	 Section 10.6
	 	Waiver of Certain Covenants	  	 	43	 
	 Section 10.7
	 	Company and Guarantor’s Statement as to Compliance; Notice of Certain Defaults	  	 	43	 
	 Section 10.8
	 	[RESERVED]	  	 	43	 
	 Section 10.9
	 	Additional Sums	  	 	43	 
	 Section 10.10
	 	Prohibition Against Dividends, etc.	  	 	44	 
	 Section 10.11
	 	Payment of Expenses of Each RenaissanceRe Trust	  	 	44	 
	 Section 10.12
	 	Ownership of Common Securities	  	 	44	 
	 Section 10.13
	 	Calculation of Original Issue Discount	  	 	44	 
		
	 ARTICLE 11 REDEMPTION OF SECURITIES
	  	 	45	 
			
	 Section 11.1
	 	Applicability of Article	  	 	45	 
	 Section 11.2
	 	Election to Redeem; Notice to Trustee	  	 	45	 
	 Section 11.3
	 	Selection by Trustee of Securities to be Redeemed	  	 	45	 
	 Section 11.4
	 	Notice of Redemption	  	 	45	 
	 Section 11.5
	 	Deposit of Redemption Price	  	 	46	 
	 Section 11.6
	 	Securities Payable on Redemption Date	  	 	46	 
	 Section 11.7
	 	Securities Redeemed in Part	  	 	46	 
	 Section 11.8
	 	Right of Redemption of Securities Issued to a RenaissanceRe Trust	  	 	47	 
		
	 ARTICLE 12 SINKING FUNDS
	  	 	47	 
			
	 Section 12.1
	 	Applicability of Article	  	 	47	 
	 Section 12.2
	 	Satisfaction of Sinking Fund Payments with Securities	  	 	47	 
	 Section 12.3
	 	Redemption of Securities for Sinking Fund	  	 	47	 
		
	 ARTICLE 13 REPAYMENT AT THE OPTION OF HOLDERS
	  	 	48	 
			
	 Section 13.1
	 	Applicability of Article	  	 	48	 
		
	 ARTICLE 14 SECURITIES IN FOREIGN CURRENCIES
	  	 	48	 
			
	 Section 14.1
	 	Applicability of Article	  	 	48	 
		
	 ARTICLE 15 SUBORDINATION OF SECURITIES
	  	 	48	 
			
	 Section 15.1
	 	Agreement to Subordinate	  	 	48	 
	 Section 15.2
	 	Default on Senior Indebtedness	  	 	48	 
	 Section 15.3
	 	Liquidation; Dissolution; Bankruptcy	  	 	49	 
	 Section 15.4
	 	Subrogation	  	 	49	 
	 Section 15.5
	 	Trustee to Effectuate Subordination	  	 	50	 
	 Section 15.6
	 	Notice by the Company	  	 	50	 
	 Section 15.7
	 	Rights of the Trustee; Holders of Senior Indebtedness	  	 	51	 
	 Section 15.8
	 	Subordination May Not Be Impaired	  	 	51	 
	 Section 15.9
	 	Application by Trustee of Assets Deposited with It	  	 	51	 

  
 iv 

							
	 ARTICLE 16 GUARANTEE AND INDEMNITY
	  	 	52	 
			
	 Section 16.1
	 	The Guarantee	  	 	52	 
	 Section 16.2
	 	Subordination of Guarantee	  	 	52	 

  
 v 

 INDENTURE, dated as of
[                 ] (the “Indenture”), among RENAISSANCERE FINANCE INC., a corporation duly organized and existing under the laws of the State of
Delaware (hereinafter called the “Company”), having its principal executive office located at c/o RenRe North America Holdings Inc., 3200 Atlantic Avenue, Suite 114, Raleigh, North Carolina 27604, RENAISSANCERE HOLDINGS LTD., a
company duly organized and existing under the laws of Bermuda (hereinafter called the “Guarantor”), having its principal executive office located at Renaissance House, 12 Crow Lane, Pembroke HM 19, Bermuda and
[                ], [                ] (hereinafter called the
“Trustee”), having its Corporate Trust Office located at [                ]. 

RECITALS 
 The Company has duly authorized
the execution and delivery of this Indenture to provide for the issuance from time to time of its subordinated unsecured debentures, notes or other evidences of indebtedness (hereinafter called the “Securities”), including, without
limitation, Securities issued to evidence loans made to the Company of the proceeds from the issuance from time to time by one or more RenaissanceRe Trusts (as defined herein) of preferred beneficial interests in the assets of such Trusts (the
“Preferred Securities”) and common beneficial interests in the assets of such Trusts (the “Common Securities” and, collectively with the Preferred Securities, the “Trust Securities”), unlimited as
to principal amount, to bear such rates of interest, to mature at such time or times, to be issued in one or more series and to have such other provisions as shall be fixed as hereinafter provided. 

The Company has duly authorized the execution and delivery of this Indenture. All things necessary to make this Indenture a valid agreement of the Company, in
accordance with its terms, have been done. 
 For value received, the Guarantor has duly authorized the execution and delivery of this Indenture to provide
for the issuance of the Guarantee and the indemnity provided for herein. All things necessary to make this Indenture a valid agreement of the Guarantor, in accordance with its terms, have been done. 

This Indenture is subject to the provisions of the Trust Indenture Act of 1939, as amended, and the rules and regulations of the Securities and Exchange
Commission promulgated thereunder that are required to be part of this Indenture and, to the extent applicable, shall be governed by such provisions. 

  
 1 

 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

For and in consideration of the premises and the purchase of the Securities by the Holders (as herein defined) thereof, it is mutually covenanted and agreed,
for the equal and proportionate benefit of all Holders of the Securities or of any series thereof, as follows: 
 ARTICLE 1 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 

Section 1.1 Definitions.  
 Except as
otherwise expressly provided in or pursuant to this Indenture or unless the context otherwise requires, for all purposes of this Indenture: 
 (1) the
terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the singular; 
 (2) all other terms
used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein; 

(3) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles in
the United States of America and, except as otherwise herein expressly provided, the terms “generally accepted accounting principles” or “GAAP” with respect to any computation required or permitted hereunder shall mean
such accounting principles as are generally accepted in the United States of America at the date or time of such computation; 
 (4) the words
“herein,” “hereof,” “hereto” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision; and 

(5) the word “or” is always used inclusively (for example, the phrase “A or B” means “A or B or both,” not “either A or
B but not both”). 
 Certain terms used principally in certain Articles hereof are defined in those Articles. 

“Act,” when used with respect to any Holders, has the meaning specified in Section 1.4. 

“Additional Amounts” means any additional amounts which are required hereby or by any Security, under circumstances specified herein or
therein, to be paid by the Company or the Guarantor in respect of certain taxes, assessments or other governmental charges imposed on Holders specified therein and which are owing to such Holders. 

“Additional Interest” means the interest, if any, that shall accrue on any interest on the Securities of any series the payment of which has
not been made on the applicable Interest Payment Date and which shall accrue at the rate per annum specified or determined as specified in such Security. 

“Additional Sums” has the meaning specified in Section 10.9. 

“Additional Taxes” means the sum of any additional taxes, duties and other governmental charges to which a RenaissanceRe Trust has become
subject from time to time as a result of a Tax Event. 
 “Affiliate” of any specified Person means any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with such specified Person; provided, however, that an Affiliate of the Company or the Guarantor shall not be deemed to include any RenaissanceRe Trust to which Securities and
the Guarantee in respect thereof have been issued. For the purposes of this definition, “control,” when used with respect to any specified Person, means the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have the meanings correlative to the foregoing. 

“Authenticating Agent” means any Person authorized by the Trustee pursuant to Section 6.11 to act on behalf of the Trustee to
authenticate Securities of one or more series. 
 “Authorized Newspaper” means a newspaper, in an official language of the place of
publication or in the English language, customarily published on each day that is a Business Day in the place of publication, whether or not published on days that are not Business Days in the place of publication, and of general circulation in each
place in connection with which the term is used or in the financial community of each such place. Where successive publications are required to be made in Authorized Newspapers, the successive publications may be made in the same or in different
newspapers in the same city meeting the foregoing requirements and in each case on any day that is a Business Day in the place of publication. 

  
 2 

 “Authorized Officer” means, when used with respect to the Company, the Chairman of the
Board of Directors, a Vice Chairman, the President, the Vice President, the Chief Executive Officer, the Chief Financial Officer, the Treasurer, an Assistant Treasurer, the Chief Investment Officer, the Chief Accounting Officer, the General Counsel,
the Secretary or an Assistant Secretary, of the Company. 
 “Board Resolution” means a copy of one or more resolutions, certified by the
Secretary or an Assistant Secretary of the Company or the Guarantor, as applicable, to have been duly adopted by the Board of Directors or the Guarantor’s Board of Directors, as the case may be, and to be in full force and effect on the date of
such certification, delivered to the Trustee. 
 “Business Day,” with respect to any Place of Payment or other location, means, unless
otherwise specified with respect to any Securities pursuant to Section 3.1, any day other than a Saturday, Sunday or other day on which banking institutions in such Place of Payment or other location are authorized or obligated by law,
regulation or executive order to close. 
 “Capital Stock” of any Person means any and all shares, interests, rights to purchase, warrants,
options, participations or other equivalents of or interests in (however designated) equity of such Person, including Preferred Stock, but excluding any debt securities convertible into such equity. 

“Capitalized Lease Obligation” means an obligation under a lease that is required to be capitalized for financial reporting purposes in
accordance with generally accepted accounting principles, and the amount of Indebtedness represented by such obligation shall be the capitalized amount of such obligation determined in accordance with such principles. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Securities Exchange Act of
1934, as amended, or, if at any time after the execution of this Indenture such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time. 

“Common Securities” has the meaning specified in the first recital of this Indenture. 

“Common Stock” in respect of any Corporation means Capital Stock of any class or classes (however designated) which has no preference as to
the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Corporation, and which is not subject to redemption by such Corporation. 

“Company” means the Person named as the “Company” in the first paragraph of this instrument until a successor Person shall have
become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person, and any other obligor upon the Securities. 

“Company Request” and “Company Order” mean, respectively, a written request or order, as the case may be, signed in the name
of the Company by an Authorized Officer, and delivered to the Trustee. 
 “Conversion Event” means the cessation of use of (i) a
Foreign Currency both by the government of the country or the confederation which issued such Foreign Currency and for the settlement of transactions by a central bank or other public institutions of or within the international banking community or
(ii) any currency unit or composite currency for the purposes for which it was established. 
 “Corporate Trust Office” means the
principal corporate trust office of the Trustee at which at any particular time its corporate trust business shall be administered, which office at the date of original execution of this Indenture is located at
[         ], Attention: [         ] or at any other time at such other address as the Trustee may designate from time to time by notice to the parties hereto or at the
principal corporate trust office of any successor trustee as to which such successor trustee may notify the parties hereto in writing. 

“Corporation” includes corporations, limited liability companies, incorporated associations, companies and business trusts. 

“Currency,” with respect to any payment, deposit or other transfer in respect of the principal of or any premium or interest on or any
Additional Amounts with respect to any Security, means Dollars or the Foreign Currency, as the case may be, in which such payment, deposit or other transfer is required to be made by or pursuant to the terms hereof or such Security and, with respect
to any other payment, deposit or transfer pursuant to or contemplated by the terms hereof or such Security, means Dollars. 

  
 3 

 “CUSIP number” means the alphanumeric designation assigned to a Security by
Standard & Poor’s Ratings Service, CUSIP Service Bureau. “Defaulted Interest” has the meaning specified in Section 3.7. 

“Direct Action” has the meaning specified in Section 5.8. 

“Distributions,” with respect to any ReniassanceRe Trust, has the meaning specified in the applicable Trust Agreement of such RenaissanceRe
Trust. 
 “Dollars” or “$” means a dollar or other equivalent unit of legal tender for payment of public or private debts
in the United States of America. 
 “Event of Default” has the meaning specified in Section 5.1. 

“Extension Period” has the meaning specified in Section 3.11. 

“Foreign Currency” means any currency, currency unit or composite currency, including, without limitation, the euro, issued by the government
of one or more countries other than the United States of America or by any recognized confederation or association of such governments. 

“Government Obligations” means securities which are (i) direct obligations of the United States of America or the other government or
governments or confederation or association of governments which issued the Foreign Currency in which the principal of or any premium or interest on such Security or any Additional Amounts in respect thereof shall be payable, in each case where the
payment or payments thereunder are supported by the full faith and credit of such government or governments or confederation or association of governments or (ii) obligations of a Person controlled or supervised by and acting as an agency or
instrumentality of the United States of America or such other government or governments or confederation or association of governments, in each case where the timely payment or payments thereunder are unconditionally guaranteed as a full faith and
credit obligation by the United States of America or such other government or governments or confederation or association of governments, and which, in the case of (i) or (ii), are not callable or redeemable at the option of the issuer or
issuers thereof, and shall also include a depository receipt issued by a bank or trust company as custodian with respect to any such Government Obligation or a specific payment of interest on or principal of or other amount with respect to any such
Government Obligation held by such custodian for the account of the holder of a depository receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such
depository receipt from any amount received by the custodian in respect of the Government Obligation or the specific payment of interest on or principal of or other amount with respect to the Government Obligation evidenced by such depository
receipt. 
 “ Guarantee” means the unconditional guarantee of payment of the principal of, any premium or interest (including Additional
Interest, if any) on, and any Additional Amounts and Additional Sums with respect to the Securities by the Guarantor, as more fully set forth in Article 16. 

“Guarantor” means the Person named as the “Guarantor” in the first paragraph of this instrument until a successor person shall have
become such pursuant to the applicable provisions of this Indenture, and thereafter “Guarantor” shall mean each successor Person. 

“Guarantor’s Board of Directors” means the board of directors of the Guarantor or any committee of that board duly authorized to act
generally or in any particular respect for the Guarantor hereunder. 
 “Guarantor’s Officer’s Certificate” means a certificate
signed by the Chairman of the Guarantor’s Board of Directors, a Vice Chairman, the President, the Chief Financial Officer, the Chief Investment Officer, the Chief Accounting Officer, the General Counsel or the Secretary of the Guarantor, that
complies with the requirements of Section 314(e) of the Trustee Indenture Act and is delivered to the Trustee. 
 “Guarantor Request”
means a written request signed in the name of the Guarantor by the Chairman of the Guarantor’s Board of Directors, a Vice Chairman, the President, the Chief Financial Officer, the Chief Investment Officer, the Chief Accounting Officer, the
General Counsel or the Secretary of the Guarantor, and delivered to the Trustee. 
 “Holder,” in the case of any Registered Security, means
the Person in whose name such Security is registered in the Security Register. 

  
 4 

 “Indebtedness” means, with respect to any Person, (i) the principal of and any premium
and interest on (a) indebtedness of such Person for money borrowed and (b) indebtedness evidenced by notes, debentures, bonds or other similar instruments for the payment of which such Person is responsible or liable; (ii) all
Capitalized Lease Obligations of such Person; (iii) all obligations of such Person issued or assumed as the deferred purchase price of property, all conditional sale obligations and all obligations under any title retention agreement (but
excluding trade accounts payable arising in the ordinary course of business); (iv) all obligations of such Person for the reimbursement of any obligor on any letter of credit, banker’s acceptance or similar credit transaction (other than
obligations with respect to letters of credit securing obligations (other than obligations described in (i) through (iii) above) entered into in the ordinary course of business of such Person to the extent such letters of credit are not
drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later than the third Business Day following receipt by such Person of a demand for reimbursement following payment on the letter of credit); (v) all obligations of
the type referred to in clauses (i) through (iv) of other Persons and all dividends of other Persons for the payment of which, in either case, such Person is responsible or liable as obligor, guarantor or otherwise, the amount thereof
being deemed to be the lesser of the stated recourse, if limited, and the amount of the obligation or dividends of the other Person; (vi) all obligations of the type referred to in clauses (i) through (v) of other Persons secured by
any Lien on any property or asset of such Person (whether or not such obligation is assumed by such Person), the amount of such obligation being deemed to be the lesser of the value of such property or assets or the amount of the obligation so
secured; and (vii) any amendments, modifications, refundings, renewals or extensions of any indebtedness or obligation described as Indebtedness in clauses (i) through (vi) above. 

“Indenture” means this instrument as it may from time to time be supplemented or amended by one or more indentures supplemental hereto
entered into pursuant to the applicable provisions hereof and, with respect to any Security, by the terms and provisions of such Security established pursuant to Section 3.1 (as such terms and provisions may be amended pursuant to the
applicable provisions hereof). 
 “Independent Public Accountants” means accountants or a firm of accountants that, with respect to the
Company, the Guarantor and any other obligor under the Securities, are independent public accountants within the meaning of the Securities Act of 1933, as amended, and the rules and regulations promulgated by the Commission thereunder, who may be
the independent public accountants regularly retained by the Company or the Guarantor or who may be other independent public accountants. Such accountants or firm shall be entitled to rely upon any Opinion of Counsel as to the interpretation of any
legal matters relating to this Indenture or certificates required to be provided hereunder. 
 “Indexed Security” means a Security the
terms of which provide that the principal amount thereof payable at Stated Maturity or upon acceleration pursuant to Section 5.2 may be more or less than the principal face amount thereof at original issuance. 

“interest”, with respect to any Original Issue Discount Security which by its terms bears interest only after Maturity, means interest
payable after Maturity and, when used with respect to a Security which provides for the payment of Additional Amounts pursuant to Section 10.4, includes such Additional Amounts. 

“Interest Payment Date,” with respect to any Security, means the Stated Maturity of an installment of interest on such Security. 

“Investment Company Event” means, in respect of a RenaissanceRe Trust, the receipt by such RenaissanceRe Trust of an Opinion of Counsel,
rendered by an independent law firm experienced in such matters, to the effect that, as a result of the occurrence of a change in law or regulation or a written change in interpretation or application of law or regulation by any legislative body,
court, governmental agency or regulatory authority (a “Change in 1940 Act Law”), there is more than an insubstantial risk that such RenaissanceRe Trust is or will be considered an investment company or a company controlled by an
investment company that is required to be registered under the 1940 Act, which Change in 1940 Act Law becomes effective on or after the date of original issuance of the Preferred Securities of such RenaissanceRe Trust. 

“Judgment Currency” has the meaning specified in Section 1.17. 

“Junior Subordinated Debt Securities Guarantee Agreement” means the Junior Subordinated Debt Securities Guarantee Agreement attached hereto
as Exhibit A. 
 “Lien” means any mortgage, pledge, lien, security interest or other encumbrance. 

“Maturity”, with respect to any Security, means the date on which the principal of such Security or an installment of principal becomes due
and payable as provided in or pursuant to this Indenture or the related Series Authorization, whether at the Stated Maturity or by declaration of acceleration, notice of redemption or repurchase, notice of option to elect repayment or otherwise, and
includes any Redemption Date and the date of any required repurchase or repayment. 
 “New York Banking Day” has the meaning specified in
Section 1.16. 
 “1940 Act” means the Investment Company Act of 1940, as amended. 

  
 5 

 “Office” or “Agency,” with respect to any Securities, means an office or
agency of the Company maintained or designated as a Place of Payment for such Securities pursuant to Section 10.2 or any other office or agency of the Company maintained or designated for such Securities pursuant to Section 10.2 or, to the
extent designated or required by Section 10.2 in lieu of such office or agency, the Corporate Trust Office of the Trustee. 
 “Officers’
Certificate” means a certificate signed by two Authorized Officers, at least one of which is a principal executive, principal financial or principal accounting officer, that complies with the requirements of Section 314(e) of the Trust
Indenture Act and is delivered to the Trustee. 
 “Opinion of Counsel” means a written opinion of counsel, who may be an employee of or
counsel for the Company, the Guarantor or other counsel who shall be reasonably acceptable to the Trustee, that, if required by the Trust Indenture Act, complies with the requirements of Section 314(e) of the Trust Indenture Act. 

“Original Issue Discount Security” means a Security issued pursuant to this Indenture or the related Series Authorization which provides for
declaration of an amount less than the principal face amount thereof to be due and payable upon acceleration pursuant to Section 5.2. 

“Outstanding,” when used with respect to any Securities, means, as of the date of determination, all such Securities theretofore
authenticated and delivered under this Indenture, except: 
  

	 	(a)	 any such Security theretofore cancelled by the Trustee or the Security Registrar or delivered to the Trustee or
the Security Registrar for cancellation; 

  

	 	(b)	 any such Security for whose payment at the Maturity thereof money in the necessary amount has been theretofore
deposited pursuant hereto (other than pursuant to Section 4.2) with the Trustee or any Paying Agent (other than the Company or the Guarantor) in trust or set aside and segregated in trust by the Company or the Guarantor (if the Company shall
act as its own, or authorize the Guarantor to act as, Paying Agent) for the Holders of such Securities, provided that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision
therefor satisfactory to the Trustee has been made; 

  

	 	(c)	 any such Security with respect to which the Company or the Guarantor has effected defeasance pursuant to the
terms hereof, except to the extent provided in Section 4.2; 

  

	 	(d)	 any such Security which has been paid pursuant to Section 3.6 or in exchange for or in lieu of which other
Securities have been authenticated and delivered pursuant to this Indenture, unless there shall have been presented to the Trustee proof satisfactory to it that such Security is held by a protected purchaser in whose hands such Security is a valid
obligation of the Company; and 

  

	 	(e)	 any such Security converted or exchanged as contemplated by this Indenture into securities of the Company or
another issuer, if the terms of such Security provide for such conversion or exchange pursuant to Section 3.1; 

 provided, however,
that in determining whether the Holders of the requisite principal amount of Outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, (i) the principal amount of any Indexed Security
that may be counted in making such determination and that shall be deemed Outstanding for such purposes shall be equal to the principal amount of such Indexed Security at original issuance, unless otherwise provided in or pursuant to this Indenture
or the related Series Authorization, and (ii) the principal amount of a Security denominated in a Foreign Currency shall be the Dollar equivalent, determined on the date of original issuance of such Security, of the principal amount (or, in the
case of an Original Issue Discount Security, the Dollar equivalent on the date of original issuance of such Security of the then current principal amount) of such Security, unless otherwise provided in or pursuant to this Indenture or the related
Series Authorization, and (iii) Securities owned by the Company, the Guarantor or any other obligor upon the Securities or any Affiliate of the Company, the Guarantor or such other obligor, shall be disregarded and deemed not to be Outstanding,
except that, in determining whether the Trustee shall be protected in making any such determination or relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Securities which a Responsible Officer of the
Trustee actually knows to be so owned shall be so disregarded. Securities so owned which shall have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee (A) the pledgee’s
right so to act with respect to such Securities and (B) that the pledgee is not the Company, the Guarantor or any other obligor upon the Securities or an Affiliate of the Company, the Guarantor or such other obligor. 

“Paying Agent” means any Person authorized by the Company to pay the principal of, or any premium or interest on, or any Additional Amounts
with respect to, any Security on behalf of the Company. 
 “Person” means any individual, Corporation, partnership, joint venture,
joint-stock company, limited liability company, trust, unincorporated organization or government or any agency or political subdivision thereof. 

  
 6 

 “Place of Payment,” with respect to any Security, means the place or places where the
principal of, or any premium or interest on, or any Additional Amounts with respect to such Security are payable as provided in or pursuant to this Indenture or the related Series Authorization. 

“Preferred Securities” has the meaning specified in the first recital of this Indenture. 

“Preferred Securities Guarantee” means the guarantee by RenaissanceRe Holdings Ltd., in its capacity as guarantor with respect to the
Preferred Securities of a RenaissanceRe Trust, of distributions on such Preferred Securities to the extent provided in the Preferred Securities Guarantee Agreement. 

“Preferred Securities Guarantee Agreement” means the Guarantee Agreement with respect to the Preferred Securities of a RenaissanceRe Trust,
substantially in such form as may be specified as contemplated by Section 3.1 with respect to the Securities of any series, in each case as amended from time to time. 

“Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the same Indebtedness as that
evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 3.6 in exchange for or in lieu of a lost, destroyed, mutilated or stolen Security shall be deemed to
evidence the same Indebtedness as the lost, destroyed, mutilated or stolen Security. 
 “Preferred Stock” in respect of any Corporation
means Capital Stock of any class or classes (however designated) which is preferred as to the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Corporation, over shares of
Capital Stock of any other class of such Corporation. 
 “principal” means, as of any date of determination with respect to the Securities
of any series, (i) in the case of an Original Issue Discount Security or an Indexed Security, the amount due and payable with respect to principal upon an acceleration thereof pursuant to Section 5.2 at such time and (ii) in all other
cases, par or the stated face amount of the related Security. 
 “Property Trustee,” with respect to any ReniassanceRe Trust, means the
entity acting in the capacity of Property Trustee pursuant to the related Trust Agreement. 
 “Redemption Date,” with respect to any
Security or portion thereof to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture or the related Series Authorization. 

“Redemption Price,” with respect to any Security or portion thereof to be redeemed, means the price at which it is to be redeemed as
determined by or pursuant to this Indenture or the related Series Authorization, exclusive of accrued interest and any Additional Amounts with respect to accrued interest. 

“Registered Security” means any Security established pursuant to Section 2.1 which is registered in a Security Register. 

“Regular Record Date” for the interest payable on any Registered Security on any Interest Payment Date therefor means the date, if any,
specified in or pursuant to this Indenture or the related Series Authorization as the “Regular Record Date”. 
 “RenaissanceRe
Trusts” means, collectively, RenaissanceRe Capital Trust II, a statutory business trust formed under the laws of the State of Delaware, and any other similar trust which may be created to issue Trust Securities and to use the proceeds from
the sale thereof to purchase Securities issued under this Indenture. 
 “Required Currency” has the meaning specified in Section 1.17.

 “Responsible Officer” means any officer within the Corporate Trust Office of the Trustee, including any vice president, any assistant
vice president, director, managing director, associate, or any trust officer or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also means, with respect to a
particular corporate trust matter, any other officer to whom such matter is referred because of his or her knowledge of and familiarity with the particular subject. 

“Security” or “Securities” means any note or notes, bond or bonds, debenture or debentures, or any other evidences of
Indebtedness, as the case may be, authenticated and delivered under this Indenture; provided, however, that, if at any time there is more than one Person acting as Trustee under this Indenture, “Securities,” with respect to any such
Person, shall mean Securities authenticated and delivered under this Indenture, exclusive, however, of Securities of any series as to which such Person is not Trustee. 

  
 7 

 “Security Register” and “Security Registrar” have the respective meanings
specified in Section 3.5. 
 “Senior Indebtedness,” means, with respect to the Securities of any particular series, all Indebtedness
of the Company outstanding at any time, except (a) the Securities of such series, (b) Indebtedness as to which, by the terms of the instrument creating or evidencing the same, it is provided that such Indebtedness is subordinated to or
pari passu with the Securities of such series or any other Indebtedness ranking pari passu therewith, (c) interest accruing after the filing of a petition initiating any proceeding relating to the Company referred to in Sections 5.1(6) and
5.1(7) unless such interest is an allowed claim enforceable against the Company in a proceeding under the applicable bankruptcy, insolvency, reorganization or other similar law, (d) trade accounts payable, (e) any liability for income,
franchise, real estate or other taxes owed or owing, and (f) any Indebtedness, including all other debt securities and guarantees in respect of those debt securities, initially issued to (x) any RenaissanceRe Trust or (y) any trust,
partnership or other entity affiliated with the Company which is a financing vehicle of the Company or any Affiliate of the Company in connection with the issuance by such entity of Preferred Securities or other securities which are similar to
Preferred Securities that are guaranteed by the Company pursuant to an instrument that ranks pari passu with or junior in right of payment to the Preferred Securities Guarantees. 

“Series Authorization” means, with respect to any series or class of Securities, (i) a Board Resolution and Officers’ Certificate
or (ii) one or more indentures supplemental hereto, establishing such series or class of Securities and setting forth the terms thereof, including, in either case, a form of note or notes representing such Securities. 

“Special Event” means an Investment Company Event or a Tax Event. 

“Special Record Date” for the payment of any Defaulted Interest on any Registered Security means a date fixed by the Company pursuant to
Section 3.7. 
 “Stated Maturity,” with respect to any Security or any installment of principal thereof or interest thereon or any
Additional Amounts with respect thereto, means the date established by or pursuant to this Indenture or the related Series Authorization as the fixed date on which the principal of such Security or such installment of principal or interest is, or
such Additional Amounts are, due and payable. 
 “Subsidiary” means, in respect of any Person, any Corporation, limited or general
partnership or other business entity of which at the time of determination more than 50% of the voting power of the shares of its Capital Stock or other interests (including partnership interests) entitled (without regard to the occurrence of any
contingency) to vote in the election of directors, managers or trustees thereof is owned or controlled, directly or indirectly, by (i) such Person, (ii) such Person and one or more Subsidiaries of such Person or (iii) one or more
Subsidiaries of such Person. 
 “Tax Event” means, in respect of a RenaissanceRe Trust, the receipt by such RenaissanceRe Trust or the
Company of an Opinion of Counsel, rendered by an independent law firm experienced in such matters, to the effect that, as a result of any amendment to, or change (including any announced prospective change) in, the laws (or any regulations
thereunder) of the United States or any political subdivision or taxing authority thereof or therein, or as a result of any official administrative pronouncement or judicial decision interpreting or applying such laws or regulations, which amendment
or change is effective or which pronouncement or decision is announced on or after the date of original issuance of the Preferred Securities of such RenaissanceRe Trust, there is more than an insubstantial risk that (i) such RenaissanceRe Trust
is, or will be within 90 days of the date of such Opinion of Counsel, subject to United States Federal income tax with respect to income received or accrued on the corresponding series of Securities, (ii) interest payable by the Company on the
corresponding series of Securities is not, or within 90 days of the date of such Opinion of Counsel will not be, deductible by the Company, in whole or in part, for United States Federal income tax purposes or (iii) such RenaissanceRe Trust is,
or will be within 90 days of the date of such Opinion of Counsel, subject to more than a de minimis amount of other taxes, duties or other governmental charges. 

“Trust Agreement” means the Trust Agreement substantially in the form attached hereto as Annex A, as amended by an Amended and Restated Trust
Agreement substantially in such form as may be specified as contemplated by Section 3.1 with respect to the Securities of any series, in each case as amended from time to time. 

“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended, and any reference herein to the Trust Indenture Act or a particular
provision thereof shall mean such Act or provision, as the case may be, as amended or replaced from time to time or as supplemented from time to time by rules or regulations adopted by the Commission under or in furtherance of the purposes of such
Act or provision, as the case may be. 
 “Trust Securities,” with respect to any RenaissanceRe Trust, means, collectively, the Common
Securities and Preferred Securities issued by such RenaissanceRe Trust. 

  
 8 

 “Trustee” means the Person named as the “Trustee” in the first paragraph of this
instrument until a successor Trustee shall have become such with respect to one or more series of Securities pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean each Person who is then a Trustee
hereunder; provided, however, that if at any time there is more than one such Person, “Trustee” shall mean each such Person and as used with respect to the Securities of any series shall mean the Trustee with respect to the Securities of
such series. 
 “United States,” except as otherwise provided in or pursuant to this Indenture or any Series Authorization, means the
United States of America (including the states thereof and the District of Columbia), its territories and possessions and other areas subject to its jurisdiction. 

“United States Alien,” except as otherwise provided in or pursuant to this Indenture or any Series Authorization, means any Person who, for
United States Federal income tax purposes, is a foreign corporation, a non-resident alien individual, a non-resident alien fiduciary of a foreign estate or trust, or a
foreign partnership one or more of the members of which is, for United States Federal income tax purposes, a foreign corporation, a non-resident alien individual or a
non-resident alien fiduciary of a foreign estate or trust. 
 “U.S. Depository” or
“Depository” means, with respect to any Security issuable or issued in the form of one or more global Securities, the Person designated as U.S. Depository or Depository by the Company in or pursuant to this Indenture or the related
Series Authorization, which Person must be, to the extent required by applicable law or regulation, a clearing agency registered under the Securities Exchange Act of 1934, as amended, and, if so provided with respect to any Security, any successor
to such Person. If at any time there is more than one such Person, “U.S. Depository” or “Depository” shall mean, with respect to any Securities, the qualifying entity which has been appointed with respect to such Securities. 

“Vice President,” when used with respect to the Company, means any vice president, whether or not designated by a number or a word or words
added before or after the title “Vice President.” 
 Section 1.2 Compliance Certificates and Opinions.  

Except as otherwise expressly provided in this Indenture, upon any application or request by the Company to the Trustee to take any action under any provision
of this Indenture, the Company shall furnish to the Trustee an Officers’ Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel
stating that, in the opinion of such counsel, all such conditions precedent, if any, have been complied with, except that in the case of any such application or request as to which the furnishing of such documents or any of them is specifically
required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished. 

Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include: 

(a) a statement that the individual signing such certificate or opinion has read such condition or covenant and the definitions herein relating thereto; 

(b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate
or opinion are based; 
 (c) a statement that, in the opinion of such individual, he has made such examination or investigation as is necessary to
enable him to express an informed opinion as to whether or not such condition or covenant has been complied with; and 
 (d) a statement as to whether,
in the opinion of such individual, such condition or covenant has been complied with. 
 Section 1.3 Form of Documents Delivered to Trustee.
 
 In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all
such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other
such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
 Any certificate or
opinion of an officer of the Company or the Guarantor may be based, insofar as it relates to legal matters, upon an Opinion of Counsel, provided that such officer, after reasonable inquiry, has no reason to believe and does not believe that the
Opinion of Counsel with respect to the matters upon which his certificate or opinion is based is erroneous. 
 Any such Opinion of Counsel may be based,
insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Company or the Guarantor stating that the information with respect to such factual matters is in the possession of the
Company or the Guarantor, as the case may be, provided that such counsel, after reasonable inquiry, has no reason to believe and does not believe that the certificate or opinion or representations with respect to such matters are erroneous. 

  
 9 

 Where any Person is required to make, give or execute two or more applications, requests, consents,
certificates, statements, opinions or other instruments under this Indenture or any Security, they may, but need not, be consolidated and form one instrument. 

Section 1.4 Acts of Holders.  
 (1) Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by or pursuant to this Indenture to be given or taken by Holders or by holders of Preferred Securities may be embodied in and evidenced by one or more
instruments of substantially similar tenor signed by such Holders or holders of Preferred Securities, as applicable, in person or by an agent duly appointed in writing. Except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments are received by a Responsible Officer of the Trustee and, where it is hereby expressly required, by the Company or the Guarantor. Such instrument or instruments (and the action embodied therein and
evidenced thereby) are herein sometimes referred to as the “Act” of the Holders or holders of Preferred Securities signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such
agent shall be sufficient for any purpose of this Indenture and (subject to Section 315 of the Trust Indenture Act) conclusive in favor of the Trustee, the Company, the Guarantor and any agent of the Trustee, the Company or the Guarantor, if
made in the manner provided in this Section. 
 (2) The fact and date of the execution by any Person of any such instrument or writing referred to in this
Section 1.4 may be proved in any reasonable manner; and the Trustee may in any instance require further proof, including written proof, with respect to any of the matters referred to in this Section. 

(3) The ownership, principal amount and serial numbers of Registered Securities held by any Person, and the date of the commencement and the date of the
termination of holding the same, shall be proved by the Security Register. 
 (4) If the Company shall solicit from the Holders of any Registered Securities
any request, demand, authorization, direction, notice, consent, waiver or other Act, the Company may at its option (but is not obligated to), by Board Resolution fix in advance a record date for the determination of Holders of Registered Securities
entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given before or after
such record date, but only the Holders of Registered Securities of record at the close of business on such record date shall be deemed to be Holders for the purpose of determining whether Holders of the requisite proportion of Outstanding Securities
have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the Outstanding Securities shall be computed as of such record date; provided that no such
authorization, agreement or consent by the Holders of Registered Securities shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six months after the record date. 

(5) Any request, demand, authorization, direction, notice, consent, waiver or other Act by the Holder of any Security shall bind every future Holder of
the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done or suffered to be done by the Trustee, any Security Registrar, any Paying
Agent or the Company in reliance thereon, whether or not notation of such Act is made upon such Security. 
 Section 1.5 Notices, etc. 

 Any request, demand, authorization, direction, notice, consent, waiver or other Act of Holders or other document provided or permitted by this Indenture
to be made upon, given or furnished to, or filed with, 
 (1) the Trustee by any Holder or the Company shall be sufficient for every purpose hereunder
if made, given, furnished or filed in writing to or with the Trustee at its Corporate Trust Office, or 
 (2) the Company or the Guarantor by the
Trustee or any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to the Company or the Guarantor addressed to the attention of its Treasurer,
with a copy to the attention of its General Counsel, at the address of its principal office specified in the first paragraph of this instrument or at any other address previously furnished in writing to the Trustee by the Company or the Guarantor.

 Section 1.6 Notice to Holders of Securities; Waiver.  

Except as otherwise expressly provided in or pursuant to this Indenture or the related Series Authorization, where this Indenture provides for notice to
Holders of Securities of any event, such notice shall be sufficiently given to Holders of Registered Securities if in writing and mailed, first-class postage prepaid, to each Holder of a Registered Security affected by such event, at his address as
it appears in the Security Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. 

  
 10 

 In any case where notice to Holders of Registered Securities is given by mail, neither the failure to mail
such notice, nor any defect in any notice so mailed, to any particular Holder of a Registered Security shall affect the sufficiency of such notice with respect to other Holders of Registered Securities given as provided herein. Any notice which is
mailed in the manner herein provided shall be conclusively presumed to have been duly given or provided. In case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by
mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. 

Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or
after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders of Securities shall be filed in writing with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in
reliance upon such waiver. 
 Section 1.7 Language of Notices.  

Any request, demand, authorization, direction, notice, consent, election or waiver required or permitted under this Indenture shall be in the English language,
except that, if the Company or the Guarantor, as the case may be, so elects, any published notice may be in an official language of the country of publication. 

Section 1.8 Conflict with Trust Indenture Act.  

If any provision hereof limits, qualifies or conflicts with any duties under any required provision of the Trust Indenture Act imposed hereon by
Section 318(c) thereof, such required provision shall control. 
 Section 1.9 Effect of Headings and Table of Contents.  

The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 

Section 1.10 Successors and Assigns.  
 All
covenants and agreements in this Indenture by the Company or the Guarantor shall bind their respective successors and assigns, whether so expressed or not. 

Section 1.11 Separability Clause.  
 In case
any provision in this Indenture, any Security shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 1.12 Holders of Preferred Securities as Third Party Beneficiaries.  

The Company and the Guarantor hereby acknowledge that, to the extent specifically set forth herein, the holders of the Preferred Securities of a RenaissanceRe
Trust shall expressly be third party beneficiaries of this Indenture. The Company and the Guarantor further acknowledges that, if an Event of Default has occurred and is continuing and is attributable to the failure of the Company and/or the
Guarantor to pay the principal of or premium, if any, or interest on or Additional Amounts with respect to the Securities of the series held by such RenaissanceRe Trust, any holder of the Preferred Securities of such RenaissanceRe Trust may
institute a Direct Action against the Company and/or the Guarantor. 
 Section 1.13 Benefits of Indenture.  

Except as other expressly provided herein with respect to holders of Preferred Securities, nothing in this Indenture, any Security, express or implied, shall
give to any Person, other than the parties hereto and the holders of Senior Indebtedness, any Security Registrar, any Paying Agent, any Authenticating Agent and their successors hereunder and the Holders of Securities, any benefit or any legal or
equitable right, remedy or claim under this Indenture. 
 Section 1.14 Governing Law.  

This Indenture, the Securities shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made or
instruments entered into and, in each case, performed in said state. 

  
 11 

 Section 1.15 Business Days.  

Unless otherwise specified in or pursuant to this Indenture or the related Series Authorization, in any case where any Interest Payment Date, Stated Maturity
or Maturity of any Security, or the last date on which a Holder has the right to convert or exchange Securities of a series that are convertible or exchangeable, shall not be a Business Day at any Place of Payment, then (notwithstanding any other
provision of this Indenture, any Security other than a provision in any Security that specifically states that such provision shall apply in lieu hereof) payment need not be made at such Place of Payment on such date, and such Securities need not be
converted or exchanged on such date, but such payment may be made, and such Securities may be converted or exchanged, on the next succeeding day that is a Business Day at such Place of Payment with the same force and effect as if made on the
Interest Payment Date or at the Stated Maturity or Maturity or on such last day for conversion or exchange, as the case may be, and no interest shall accrue on the amount payable on such date or at such time for the period from and after such
Interest Payment Date, Stated Maturity, Maturity or last day for conversion or exchange, as the case may be, to such next succeeding Business Day, provided, however, if such next succeeding Business Day is in the next succeeding calendar year, such
payment may be made, and such Securities may be converted or exchanged, on the immediately preceding Business Day with the same force and effect as if made on such Interest Payment Date or at such Stated Maturity or Maturity or on such last day for
conversion or exchange, as the case may be. 
 Section 1.16 Counterparts.  

This Indenture may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument.

 Section 1.17 Judgment Currency.  
 The
Company agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of, or premium or
interest, if any, or Additional Amounts on the Securities of any series (the “Required Currency”) into a currency in which a judgment will be rendered (the “Judgment Currency”), the rate of exchange used shall be
the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the requisite amount of the Required Currency with the Judgment Currency on the New York Banking Day preceding the day on which a final
unappealable judgment is given and (b) its obligations under this Indenture to make payments in the Required Currency (i) shall not be discharged or satisfied by any tender, or any recovery pursuant to any judgment (whether or not entered
in accordance with clause (a)), in any currency other than the Required Currency, except to the extent that such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable
in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount
of the Required Currency so expressed to be payable and (iii) shall not be affected by judgment being obtained for any other sum due under this Indenture. For purposes of the foregoing, “New York Banking Day” means any day
except a Saturday, Sunday or a legal holiday in The City of New York or a day on which banking institutions in The City of New York are authorized or obligated by law, regulation or executive order to be closed. 

Section 1.18 No Security Interest Created.  

Subject to the provisions of Section 6.6, nothing in this Indenture or in any Securities, express or implied, shall be construed to constitute a security
interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect in any jurisdiction where property of the Company or its Subsidiaries is or may be located. 

Section 1.19 Limitation on Individual Liability.  

No recourse under or upon any obligation, covenant or agreement contained in this Indenture or in any Security, or for any claim based thereon or otherwise in
respect thereof, shall be had against any incorporator, shareholder (except in a shareholder’s corporate capacity as Guarantor), manager, officer or director, as such, past, present or future, of the Company, either directly or through the
Company, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that this Indenture and the obligations issued hereunder are solely corporate
obligations, and that no such personal liability whatever shall attach to, or is or shall be incurred by, the incorporators, shareholders, managers, officers or directors, as such, of the Company, or any of them, because of the creation of the
indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any Security or implied therefrom; and that any and all such personal liability of every name and nature, either at
common law or in equity or by constitution or statute, of, and any and all such rights and claims against, every such incorporator, shareholder, manager, officer or director, as such, because of the creation of the indebtedness hereby authorized, or
under or by reason of the obligations, covenants or agreements contained in this Indenture or in any Security or implied therefrom, are hereby expressly waived and released as a condition of, and as a consideration for, the execution of this
Indenture and the issuance of such Security. 

  
 12 

 Section 1.20 Submission to Jurisdiction.  

The Company agrees that any judicial proceedings instituted in relation to any matter arising under this Indenture, the Securities may be brought in any United
States Federal or New York State court sitting in the Borough of Manhattan, The City of New York, New York to the extent that such court has subject matter jurisdiction over the controversy and, by execution and delivery of this Indenture, the
Company hereby irrevocably accepts, generally and unconditionally, the jurisdiction of the aforesaid courts, acknowledges their competence and irrevocably agrees to be bound by any judgment rendered in such proceeding. The Company also irrevocably
and unconditionally waives for the benefit of the Trustee and the Holders of the Securities any immunity from jurisdiction and any immunity from legal process (whether through service or notice, attachment prior to judgment, attachment in the aid of
execution, execution or otherwise) in respect of this Indenture. Nothing herein shall limit the right of the Trustee or any Holder to institute proceedings against the Company in the courts of any other jurisdiction or jurisdictions. 

ARTICLE 2 
 SECURITIES FORMS 

Section 2.1 Forms Generally.  
 Each
Registered Security and temporary or permanent global Security issued pursuant to this Indenture shall be in the form established by or pursuant to the related Series Authorization, shall have such appropriate insertions, omissions, substitutions
and other variations as are required or permitted by or pursuant to this Indenture or the related Series Authorization or any indenture supplemental hereto and may have such letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may, consistently herewith, be determined by the officers executing such Security as evidenced by their execution of such Security. 

Unless otherwise provided in or pursuant to the related Series Authorization, the Securities shall be issuable in registered form without coupons and shall
not be issuable upon the exercise of warrants. 
 Definitive Securities shall be printed, lithographed or engraved or produced by any combination of these
methods on a steel engraved border or steel engraved borders or may be produced in any other manner, all as determined by the officers of the Company executing such Securities, as evidenced by their execution of such Securities. 

Section 2.2 Form of Trustee’s Certificate of Authentication.  

Subject to Section 6.11, the Trustee’s certificate of authentication shall be in substantially the following form: This is one of the Securities of
the series designated therein referred to in the within-mentioned Indenture. 
  

			
	[                             ], as Trustee
		
	By	 	  

		 	Authorized Officer

 Section 2.3 Securities in Global Form.  

Unless otherwise provided in or pursuant to the related Series Authorization, the Securities of a series shall not be issuable in temporary or permanent global
form. If Securities of a series shall be issuable in global form, any such Security may provide that it or any number of such Securities shall represent the aggregate amount of all Outstanding Securities of such series (or such lesser amount as is
permitted by the terms thereof) from time to time endorsed thereon and may also provide that the aggregate amount of Outstanding Securities represented thereby may from time to time be increased or reduced to reflect exchanges. Any endorsement of
any Security in global form to reflect the amount, or any increase or decrease in the amount, or changes in the rights of Holders, of Outstanding Securities represented thereby shall be made in such manner and by such Person or Persons as shall be
specified therein or in the Company Order to be delivered pursuant to Section 3.3 or Section 3.4 with respect thereto. Subject to the provisions of Section 3.3 and, if applicable, Section 3.4, the Trustee shall deliver and
redeliver, in each case at the Company’s expense, any Security in permanent global form in the manner and upon written instructions given by the Person or Persons specified therein or in the applicable Company Order. If a Company Order pursuant
to Section 3.3 or Section 3.4 has been, or simultaneously is, delivered, any instructions by the Company with respect to a Security in global form shall be in writing and, with respect to matters set forth in this Section 2.3, need
not be accompanied by or contained in an Officers’ Certificate and need not be accompanied by an Opinion of Counsel. 

  
 13 

 Notwithstanding the provisions of Section 3.7, unless otherwise specified in or pursuant to the related
Series Authorization, payment of principal of, any premium and interest on, and any Additional Amounts in respect of, any Security in temporary or permanent global form shall be made to the Person or Persons specified therein. 

Notwithstanding the provisions of Section 3.8 and except as provided in the preceding paragraph, the Company, the Trustee and any agent of the Company or
the Trustee shall treat as the Holder of such principal amount of Outstanding Securities represented by a global Security (i) in the case of a global Security in registered form, the Holder of such global Security in registered form, or
(ii) in the case of a global Security, the Person or Persons specified pursuant to Section 3.1. 
 ARTICLE 3 

THE SECURITIES 
 Section 3.1 Amount
Unlimited; Issuable in Series.  
 The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is
unlimited. The Securities may be issued in one or more series. The Securities of each series shall be subordinated in right of payment to all Senior Indebtedness with respect to such series as provided in Article 15. 

With respect to any Securities to be authenticated and delivered hereunder, there shall be established in the related Series Authorization the following: 

(1) the title of such Securities and the series in which such Securities shall be included; 

(2) any limit upon the aggregate principal amount of the Securities of such title or the Securities of such series which may be authenticated and
delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of such series pursuant to Section 3.3, Section 3.5, Section 3.6,
Section 9.5 or Section 11.7, upon repayment in part of any Registered Security of such series pursuant to Article 13, upon surrender in part of any Registered Security for conversion into, or exchange for, other securities of the Company
or another issuer pursuant to its terms, or pursuant to or as contemplated by the terms of such Securities); 
 (3) if such Securities are to be
issuable as Registered Securities; 
 (4) if any of such Securities are to be issuable in global form, when any of such Securities are to be issuable in
global form and (i) whether such Securities are to be issued in temporary or permanent global form or both, (ii) whether beneficial owners of interests in any such global Security may exchange such interests for definitive Securities of
the same series and of like tenor and of any authorized form and denomination, and the circumstances under which any such exchanges may occur, if other than in the manner specified in Section 3.5, and (iii) the name of the Depository or
the U.S. Depository, as the case may be, with respect to any such global Security; 
 (5) the date or dates, or the method or methods, if any, by which such
date or dates shall be determined, on which the principal of such Securities is payable; 
 (6) the rate or rates at which such Securities shall bear
interest, if any, or the method or methods, if any, by which such rate or rates are to be determined, the rate or rates and the extent to which Additional Interest, if any, shall be payable in respect of such Securities, the date or dates, if any,
from which such interest shall accrue or the method or methods, if any, by which such date or dates are to be determined, the Interest Payment Dates, if any, on which such interest shall be payable on a cash basis and the Regular Record Date, if
any, for the interest payable on Registered Securities on any Interest Payment Date, the right, pursuant to Section 3.11 hereof or as otherwise set forth therein, of the Company to defer or extend an interest payment period and the duration of
any such Extension Period, including the maximum consecutive period during which interest payment periods may be extended, whether and under what circumstances Additional Amounts on such Securities or any of them shall be payable, the notice, if
any, to Holders regarding the determination of interest on a floating rate Security and the manner of giving such notice, and the basis upon which interest shall be calculated if other than that of a 360-day
year of twelve 30-day months; 
 (7) if in addition to or other than the Borough of Manhattan, The City of New
York, the place or places where the principal of, any premium and interest on or any Additional Amounts with respect to such Securities shall be payable, any of such Securities that are Registered Securities may be surrendered for registration of
transfer or exchange, any of such Securities may be surrendered for conversion or exchange and notices or demands to or upon the Company or the Guarantor in respect of such Securities and this Indenture may be served, the extent to which, or the
manner in which, any interest payment or Additional Amounts on a global Security on an Interest Payment Date, will be paid and the manner in which any principal of or premium, if any, on any global Security will be paid; 

  
 14 

 (8) whether any of such Securities are to be redeemable at the option of the Company and, if so, the
date or dates on which, the period or periods within which, the price or prices at which and the other terms and conditions upon which such Securities may be redeemed, in whole or in part, at the option of the Company; 

(9) whether the Company is obligated to redeem or purchase any of such Securities pursuant to any sinking fund or analogous provision or at the option of
any Holder thereof and, if so, the date or dates on which, the period or periods within which, the price or prices at which and the other terms and conditions upon which such Securities shall be redeemed or purchased, in whole or in part, pursuant
to such obligation, and any provisions for the remarketing of such Securities so redeemed or purchased; 
 (10) the denominations in which any of such
Securities that are Registered Securities shall be issuable if other than denominations of $2,000 or multiples of $1,000 and any integral multiple thereof; 

(11) whether the Securities of the series will be convertible into or exchangeable for other securities of the Company or another issuer, and, if so, the
terms and conditions upon which such Securities will be so convertible or exchangeable, and any deletions from or modifications or additions to this Indenture to permit or to facilitate the issuance of such convertible or exchangeable Securities or
the administration thereof; 
 (12) if other than the principal face amount thereof, the portion of the par or stated face amount of any of such
Securities that shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 5.2 or the method by which such portion is to be determined or, in the case of Indexed Securities, the portion of the principal face
amount that shall be payable upon Stated Maturity or the method by which such portion is to be determined; 
 (13) if other than Dollars, the Foreign
Currency in which payment of the principal of, any premium or interest on or any Additional Amounts with respect to any of such Securities shall be payable; 

(14) if the principal of, any premium or interest on or any Additional Amounts with respect to any of such Securities are to be payable, at the election
of the Company or a Holder thereof or otherwise, in Dollars or in a Foreign Currency other than that in which such Securities are stated to be payable, the date or dates on which, the period or periods within which, and the other terms and
conditions upon which, such election may be made, and the time and manner of determining the exchange rate between the Currency in which such Securities are stated to be payable and the Currency in which such Securities or any of them are to be paid
pursuant to such election, and any deletions from or modifications of or additions to the terms of this Indenture to provide for or to facilitate the issuance of Securities denominated or payable, at the election of the Company or a Holder thereof
or otherwise, in a Foreign Currency; 
 (15) whether the amount of payments of principal of, any premium or interest on or any Additional Amounts with
respect to such Securities may be determined with reference to an index, formula or other method or methods (which index, formula or method or methods may be based, without limitation, on one or more Currencies, commodities, equity securities,
equity indices or other indices), and, if so, the terms and conditions upon which and the manner in which such amounts shall be determined and paid or payable; 

(16) the relative degree, if any, to which Securities of such series and the Guarantee in respect thereof shall be senior to or be subordinated to other
series of Securities and the Guarantee in respect thereof or other Indebtedness of the Company in right of payment, whether such other series of Securities or other Indebtedness is outstanding or not; 

(17) any deletions from, modifications of or additions to the Events of Default or covenants of the Company or the Guarantor with respect to any of such
Securities, whether or not such Events of Default or covenants are consistent with the Events of Default or covenants set forth herein; 
 (18) whether
either or both of Section 4.2(2) relating to defeasance or Section 4.2(3) relating to covenant defeasance shall not be applicable to the Securities of such series, whether any covenants in addition to those specified in Section 4.2(3)
relating to the Securities of such series shall be subject to covenant defeasance, and any deletions from, or modifications or additions to, the provisions of Article 4 in respect of the Securities of such series; 

(19) the respective forms of the Trust Agreement (if different from the form attached hereto as Annex A), Amended and Restated Trust Agreement, Preferred
Securities Guarantee Agreement and Junior Subordinated Debt Securities Guarantee Agreement; 
 (20) whether any of such Securities are to be issuable upon
the exercise of warrants, and the time, manner and place for such Securities to be authenticated and delivered; 
 (21) if any of such Securities are to
be issuable in global form and are to be issuable in definitive form (whether upon original issue or upon exchange of a temporary Security) only upon receipt of certain certificates or other documents or satisfaction of other conditions, then the
form and terms of such certificates, documents or conditions; 
 (22) if there is more than one Trustee, the identity of the Trustee and, if not the
Trustee, the identity of each Security Registrar, Paying Agent or Authenticating Agent with respect to such Securities; 

  
 15 

 (23) the obligation, if any, of the Company to permit the conversion of the Securities of that series
into Capital Stock of the Company or the Guarantor, and the terms and conditions upon which such conversion shall be effected (including, without limitation, the initial conversion price or rate, the conversion period, any adjustment of the
applicable conversion price, any requirements relative to hedging arrangements and reservation of shares for purposes of conversion and any other provision in addition to or in lieu of those set forth in this Indenture or any indenture supplemental
hereto relative to such obligation); and 
 (24) any other terms of such Securities and any other deletions from or modifications or additions to this
Indenture in respect of such Securities. 
 All Securities of any one series shall be substantially identical except as to Currency of payments due
thereunder, denomination and the rate of interest thereon, or method of determining the rate of interest, if any, Maturity, and the date from which interest, if any, shall accrue and except as may otherwise be provided by the Company in or pursuant
to the Board Resolution and set forth in the Officers’ Certificate or in any indenture or indentures supplemental hereto pertaining to such series of Securities. The terms of the Securities of any series may provide, without limitation, that
the Securities shall be authenticated and delivered by the Trustee on original issue from time to time upon written order of persons designated in the Officers’ Certificate or supplemental indenture and that such persons are authorized to
determine, consistent with such Officers’ Certificate or any applicable supplemental indenture, such terms and conditions of the Securities of such series as are specified in such Officers’ Certificate or supplemental indenture. All
Securities of any one series need not be issued at the same time and, unless otherwise so provided, a series may be reopened for issuances of additional Securities of such series or to establish additional terms of such series of Securities. 

If any of the terms of the Securities of any series shall be established by action taken by or pursuant to a Board Resolution, the Board Resolution shall be
delivered to the Trustee at or prior to the delivery of the Officers’ Certificate setting forth the terms of such series. 
 Section 3.2
Currency; Denominations.  
 Unless otherwise provided in or pursuant to this Indenture or the related Series Authorization, the principal of,
any premium and interest on and any Additional Amounts with respect to the Securities shall be payable in Dollars. Unless otherwise provided in or pursuant to this Indenture or the related Series Authorization, Registered Securities denominated in
Dollars shall be issuable in registered form without coupons in denominations of $2,000 and any integral multiple of $1,000. Securities not denominated in Dollars shall be issuable in such denominations as are established with respect to such
Securities in or pursuant to this Indenture or the related Series Authorization. 
 Section 3.3 Execution, Authentication, Delivery and
Dating.  
 Securities shall be executed on behalf of the Company by an Authorized Officer and attested by a different Authorized Officer. The
signature of any of these officers on the Securities appertaining thereto may be manual or facsimile. 
 Securities bearing the manual or facsimile
signatures of individuals who were at any time the proper officers of the Company shall bind the Company and the Guarantor, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and
delivery of such Securities or did not hold such offices at the date of original issuance of such Securities. 
 At any time and from time to time after the
execution and delivery of this Indenture, the Company may deliver Securities, executed by the Company, to the Trustee for authentication and, provided that the Board Resolution and Officers’ Certificate or supplemental indenture or indentures
with respect to such Securities referred to in Section 3.1 and a Company Order for the authentication and delivery of such Securities have been delivered to the Trustee, the Trustee in accordance with the Company Order and subject to the
provisions hereof and of such Securities shall authenticate and deliver such Securities. In authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be
entitled to receive, and (subject to Sections 315(a) through 315(d) of the Trust Indenture Act) shall be fully protected in, and may conclusively rely upon, 

(1) an Opinion or Opinions of Counsel to the effect that: 

(a) the form or forms and terms of such Securities have been established in conformity with the provisions of this Indenture; 

(b) all conditions precedent to the authentication and delivery of such Securities have been complied with and that such Securities, when completed by
appropriate insertions, executed and attested by duly authorized officers of the Company, delivered by duly authorized officers of the Company to the Trustee for authentication pursuant to this Indenture, and authenticated and delivered by the
Trustee and issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their terms,
except as enforcement thereof may be subject to or limited by bankruptcy, insolvency, reorganization, moratorium, arrangement, fraudulent conveyance, fraudulent transfer or other similar laws relating to or affecting creditors’ rights
generally, and subject to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law) and will entitle the Holders thereof to the benefits of this Indenture, including the Guarantee; such Opinion of
Counsel need express no opinion as to the availability of equitable remedies; 

  
 16 

 (c) all laws and requirements in respect of the execution and delivery by the Company of such
Securities have been complied with; and 
 (d) this Indenture has been qualified under the Trust Indenture Act; and 

(2) an Officers’ Certificate and a Guarantor’s Officers’ Certificate, in each case stating that all conditions precedent to the execution,
authentication and delivery of such Securities have been complied with and that, to the best knowledge of the Persons executing such certificate, no event which is, or after notice or lapse of time would become, an Event of Default with respect to
any of the Securities shall have occurred and be continuing. 
 If all the Securities of any series are not to be issued at one time, it shall not be
necessary to deliver an Opinion of Counsel, an Officers’ Certificate and a Guarantor’s Officers’ Certificate at the time of issuance of each Security, but such opinion and certificate, with appropriate modifications, shall be
delivered at or before the time of issuance of the first Security of such series. After any such first delivery, any separate written request by an Authorized Officer of the Company or any person designated in writing by an Authorized Officer that
the Trustee authenticate and deliver Securities of such series for original issue will be deemed to be a certification by the Company and the Guarantor that all conditions precedent provided for in this Indenture relating to authentication and
delivery of such Securities continue to have been complied with. 
 The Trustee shall not be required to authenticate or to cause an Authenticating Agent to
authenticate any Securities, nor will it be liable for its refusal to authenticate or cause an Authenticating Agent to authenticate any Securities, if the issue of such Securities will affect the Trustee’s own rights, duties or immunities under
the Securities and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee or if the Trustee, being advised by counsel, determines that such action may not lawfully be taken. 

Each Registered Security shall be dated the date of its authentication. 

No Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Security a
certificate of authentication substantially in the form provided for in Section 2.2 or Section 6.11 executed by or on behalf of the Trustee or by the Authenticating Agent by the manual signature of one of its authorized officers. Such
certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder. 

Section 3.4 Temporary Securities.  
 Pending
the preparation of definitive Securities, the Company may execute and deliver to the Trustee and, upon Company Order, the Trustee shall authenticate and deliver, in the manner provided in Section 3.3, temporary Securities in lieu thereof which
are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued, in registered form or, if authorized in or pursuant
to this Indenture or the related Series Authorization, with such appropriate insertions, omissions, substitutions and other variations as the officers of the Company executing such Securities may determine, as conclusively evidenced by their
execution of such Securities. Such temporary Securities may be in global form. 
 Except in the case of temporary Securities in global form, which shall be
exchanged in accordance with the provisions thereof, if temporary Securities are issued, the Company shall cause definitive Securities to be prepared without unreasonable delay. After the preparation of definitive Securities of the same series and
containing terms and provisions that are identical to those of any temporary Securities, such temporary Securities shall be exchangeable for such definitive Securities upon surrender of such temporary Securities at an Office or Agency for such
Securities, without charge to any Holder thereof. Upon surrender for cancellation of any one or more temporary Securities, the Company shall execute and the Trustee upon Company Order shall authenticate and deliver in exchange therefor a like
principal amount of definitive Securities of authorized denominations of the same series and containing identical terms and provisions. Unless otherwise provided in or pursuant to this Indenture or the related Series Authorization with respect to a
temporary global Security, until so exchanged the temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of such series. 

Section 3.5 Registration, Transfer and Exchange.  

With respect to the Registered Securities of each series, if any, the Company shall cause to be kept a register (each such register being herein sometimes
referred to as the “Security Register”) at an Office or Agency for such series in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of the Registered Securities of such
series and of 

  
 17 

 
transfers of the Registered Securities of such series. Such Office or Agency shall be the “Security Registrar” for that series of Securities. Unless otherwise specified in or pursuant
to this Indenture or the related Series Authorization, the Trustee shall be the initial Security Registrar for each series of Securities. The Company shall have the right to remove and replace from time to time the Security Registrar for any series
of Securities; provided that no such removal or replacement shall be effective until a successor Security Registrar with respect to such series of Securities shall have been appointed by the Company and shall have accepted such appointment by the
Company. In the event that the Trustee shall not be or shall cease to be Security Registrar with respect to a series of Securities, it shall have the right to examine the Security Register for such series at all reasonable times. There shall be only
one Security Register for each series of Securities. 
 Upon surrender for registration of transfer of any Registered Security of any series at any Office
or Agency for such series, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Registered Securities of the same series denominated as authorized in or
pursuant to this Indenture or the related Series Authorization, of a like aggregate principal amount bearing a number not contemporaneously outstanding and containing identical terms and provisions. 

At the option of the Holder, Registered Securities of any series may be exchanged for other Registered Securities of the same series containing identical
terms and provisions, in any authorized denominations, and of a like aggregate principal amount, upon surrender of the Securities to be exchanged at any Office or Agency for such series. Whenever any Registered Securities are so surrendered for
exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Registered Securities which the Holder making the exchange is entitled to receive. 

Whenever any Securities are surrendered for exchange as contemplated by the immediately preceding two paragraphs, the Company shall execute, and the Trustee
shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive. 
 Notwithstanding the foregoing, except as
otherwise provided in or pursuant to this Indenture or the related Series Authorization, any global Security shall be exchangeable for definitive Securities only if (i) the Depository is at any time unwilling, unable or ineligible to continue
as depository and a successor depository is not appointed by the Company within 90 days of the date the Company is so informed in writing, (ii) the Company executes and delivers to the Trustee a Company Order to the effect that such global
Security shall be so exchangeable, or (iii) an Event of Default has occurred and is continuing with respect to the Securities. If the beneficial owners of interests in a global Security are entitled to exchange such interests for definitive
Securities as the result of an event described in clause (i), (ii) or (iii) of the preceding sentence, then without unnecessary delay but in any event not later than the earliest date on which such interests may be so exchanged, the
Company shall deliver to the Trustee definitive Securities in such form and denominations as are required by or pursuant to this Indenture or the related Series Authorization, and of the same series, containing identical terms and in aggregate
principal amount equal to the principal amount of such global Security, executed by the Company. On or after the earliest date on which such interests may be so exchanged, such global Security shall be surrendered from time to time by the U.S.
Depository or such other Depository as shall be specified in the Company Order with respect thereto, and in accordance with instructions given to the Trustee and the U.S. Depository or such other Depository, as the case may be (which instructions
shall be in writing but need not be contained in or accompanied by an Officers’ Certificate or be accompanied by an Opinion of Counsel), as shall be specified in the Company Order with respect thereto to the Trustee, as the Company’s agent
for such purpose, to be exchanged, in whole or in part, for definitive Securities as described above without charge. The Trustee shall authenticate and make available for delivery, in exchange for each portion of such surrendered global Security, a
like aggregate principal amount of definitive Securities of the same series of authorized denominations and of like tenor as the portion of such global Security to be exchanged, which shall be in the form of Registered Securities; provided, however,
that no such exchanges may occur during a period beginning at the opening of business 15 days before any selection of Securities of the same series to be redeemed and ending on the relevant Redemption Date. Promptly following any such exchange in
part, such global Security shall be returned by the Trustee to such Depository or the U.S. Depository, as the case may be, or such other Depository or U.S. Depository referred to above in accordance with the instructions of the Company referred to
above. If a Registered Security is issued in exchange for any portion of a global Security after the close of business at the Office or Agency for such Security where such exchange occurs on or after (i) any Regular Record Date for such
Security and before the opening of business at such Office or Agency on the next succeeding Interest Payment Date, or (ii) any Special Record Date for such Security and before the opening of business at such Office or Agency on the related
proposed date for payment of interest or Defaulted Interest, as the case may be, interest shall not be payable on such Interest Payment Date or proposed date for payment, as the case may be, in respect of such Registered Security, but shall be
payable on such Interest Payment Date or proposed date for payment, as the case may be, only to the Person to whom interest in respect of such portion of such global Security shall be payable in accordance with the provisions of this Indenture. 

All Securities issued upon any registration of transfer or exchange of Securities shall be the valid obligations of the Company and the Guarantor,
respectively, evidencing the same debt and entitling the Holders thereof to the same benefits under this Indenture as the Securities surrendered upon such registration of transfer or exchange. 

  
 18 

 Every Registered Security presented or surrendered for registration of transfer or for exchange or
redemption shall (if so required by the Company or the Security Registrar for such Security) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar for such Security
duly executed by the Holder thereof or his attorney duly authorized in writing. 
 No service charge shall be made for any registration of transfer or
exchange, or redemption of Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge and any other expenses (including fees and expenses of the Trustee) that may be imposed in connection with
any registration of transfer or exchange of Securities, other than exchanges pursuant to Section 3.4, Section 9.5 or Section 11.7 not involving any transfer. 

Except as otherwise provided in or pursuant to this Indenture or the related Series Authorization, the Company shall not be required (i) to issue,
register the transfer of or exchange any Securities during a period beginning at the opening of business 15 days before the day of mailing of a notice of redemption of Securities of like tenor and the same series under Section 11.4 and ending
at the close of business on the day of such mailing, or (ii) to register the transfer of or exchange any Registered Security selected for redemption in whole or in part, except in the case of any Security to be redeemed in part, the portion
thereof not to be redeemed, or (iii) to issue, register the transfer of or exchange any Security which, in accordance with its terms, has been surrendered for repayment at the option of the Holder, except the portion, if any, of such Security
not to be so repaid. 
 Section 3.6 Mutilated, Destroyed, Lost and Stolen Securities.  

If any mutilated Security is surrendered to the Trustee, subject to the provisions of this Section 3.6, the Company shall execute and the Trustee shall
authenticate and deliver in exchange therefor a new Security of the same series containing identical terms and of like principal amount and bearing a number not contemporaneously outstanding. 

If there be delivered to the Company, the Guarantor and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security,
and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of actual notice to the Company, the Guarantor or the Trustee that such Security has been
acquired by a protected purchaser, the Company shall execute and, upon the Company’s request the Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Security, a new Security of the
same series containing identical terms and of like principal amount and bearing a number not contemporaneously outstanding. 
 Notwithstanding the foregoing
provisions of this Section 3.6, in case any mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security. 

Upon the issuance of any new Security under this Section 3.6, the Company may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee and the fees and expenses of the Trustee’s counsel) connected therewith. 

Every new Security, issued pursuant to this Section 3.6 in lieu of any destroyed, lost or stolen Security, shall constitute a separate obligation of both
the Company and the Guarantor, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all of the benefits of this Indenture equally and proportionately with any and all other
Securities of such series duly issued hereunder. 
 The provisions of this Section 3.6, as amended or supplemented pursuant to this Indenture with
respect to particular Securities or generally, shall be exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 

Section 3.7 Payment of Interest and Certain Additional Amounts; Rights to Interest and Certain Additional Amounts Preserved.  

Unless otherwise provided in or pursuant to this Indenture or the related Series Authorization, any interest on and any Additional Amounts with respect to any
Registered Security which shall be payable, and are punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name such Security (or one or more Predecessor Securities) is registered as of the close of
business on the Regular Record Date for such interest. 

  
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 Unless otherwise provided in or pursuant to this Indenture or the related Series Authorization, any interest
on and any Additional Amounts with respect to any Registered Security which shall be payable, but shall not be punctually paid or duly provided for, on any Interest Payment Date for such Registered Security (herein called “Defaulted
Interest”) shall forthwith cease to be payable to the Holder thereof on the relevant Regular Record Date by virtue of having been such Holder; and such Defaulted Interest may be paid by the Company, at its election in each case, as provided
in Clause (1) or (2) below: 
 (1) The Company may elect to make payment of any Defaulted Interest to the Person in whose name such Registered
Security (or a Predecessor Security thereof) shall be registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed by the Company in the following manner. The Company shall notify the
Trustee in writing of the amount of Defaulted Interest proposed to be paid on such Registered Security, the Special Record Date therefor and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount
of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment, such money when so deposited to
be held in trust in a segregated trust account pursuant to express written instructions of the Company for the benefit of the Person entitled to such Defaulted Interest as in this Clause provided. The Special Record Date for the payment of such
Defaulted Interest shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after notification to the Trustee of the proposed payment. The Trustee shall, in the name and at the
expense of the Company, cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to the Holder of such Registered Security (or a Predecessor Security thereof) at
his address as it appears in the Security Register not less than 10 days prior to such Special Record Date. The Trustee shall, in the name and at the expense of the Company, cause a similar notice to be published at least once in an Authorized
Newspaper of general circulation in the Borough of Manhattan, The City of New York, but such publication shall not be a condition precedent to the establishment of such Special Record Date. Notice of the proposed payment of such Defaulted Interest
and the Special Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Person in whose name such Registered Security (or a Predecessor Security thereof) shall be registered at the close of business on such
Special Record Date and shall no longer be payable pursuant to the following clause (2). 
 (2) The Company may make payment of any Defaulted Interest in any
other lawful manner not inconsistent with the requirements of any securities exchange on which such Security may be listed, and upon such notice as may be required by such exchange, if, after written notice given by the Company to the Trustee of the
proposed payment pursuant to this Clause, such payment shall be deemed practicable by the Trustee. 
 Unless otherwise provided in or pursuant to this
Indenture or the related Series Authorization of any particular series pursuant to the provisions of this Indenture, at the option of the Company, interest on Registered Securities that bear interest may be paid by mailing a check to the address of
the Person entitled thereto as such address shall appear in the Security Register or by wire transfer to an account maintained by the payee with a bank located in the United States. 

Subject to the foregoing provisions of this Section and Section 3.5, each Security delivered under this Indenture upon registration of transfer of or in
exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security. 

Unless otherwise provided in or pursuant to this Indenture or the related Series Authorization of any particular series pursuant to the provisions of this
Indenture, in the case of any Registered Security of any series that is convertible into or exchangeable for other securities of the Company or another issuer, which Registered Security is converted or exchanged after any Regular Record Date and on
or prior to the next succeeding Interest Payment Date (other than any Registered Security with respect to which the Stated Maturity is prior to such Interest Payment Date), interest with respect to which the Stated Maturity is on such Interest
Payment Date shall be payable on such Interest Payment Date notwithstanding such conversion or exchange, and such interest (whether or not punctually paid or duly provided for) shall be paid to the Person in whose name that Registered Security (or
one or more predecessor Registered Securities) is registered at the close of business on such Regular Record Date. Except as otherwise expressly provided in the immediately preceding sentence, in the case of any Registered Security which is
converted or exchanged, interest with respect to which the Stated Maturity is after the date of conversion or exchange of such Registered Security shall not be payable. 

Section 3.8 Persons Deemed Owners.  
 Prior to
due presentment of a Registered Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name such Registered Security is registered in the Security Register as the
owner of such Registered Security for the purpose of receiving payment of principal of, any premium and (subject to Section 3.5 and Section 3.7) interest on and any Additional Amounts with respect to such Registered Security and for all
other purposes whatsoever, whether or not any payment with respect to such Registered Security shall be overdue, and none of the Company, the Trustee or any agent of the Company or the Trustee shall be affected by notice to the contrary. 

  
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 No Holder of any beneficial interest in any global Security held on its behalf by a Depository shall have
any rights under this Indenture with respect to such global Security, and such Depository may be treated by the Company, the Trustee, and any agent of the Company or the Trustee as the owner of such global Security for all purposes whatsoever. None
of the Company, the Trustee, any Paying Agent or the Security Registrar will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a global Security or for
maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 
 Section 3.9 Cancellation.  

All Securities surrendered for payment, redemption, registration of transfer, exchange or conversion or for credit against any sinking fund payment shall, if
surrendered to any Person other than the Trustee, be delivered to the Trustee, and any such Securities, as well as Securities surrendered directly to the Trustee for any such purpose (together with written instructions to cancel the same), shall be
cancelled promptly by the Trustee. The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever (together with
written instructions to cancel the same), and all Securities so delivered shall be cancelled promptly by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section, except as
expressly permitted by or pursuant to this Indenture or the related Series Authorization. All cancelled Securities held by the Trustee shall be destroyed by the Trustee, unless by a Company Order the Company directs their return to it. 

Section 3.10 Computation of Interest.  

Except as otherwise provided in or pursuant to this Indenture or the related Series Authorization, interest on the Securities shall be computed on the basis of
a 360-day year of twelve 30-day months. 
 Section 3.11 Extension of
Interest Payment Period.  
 If specified as contemplated by Section 3.1 with respect to the Securities of a particular series and subject to
the terms, conditions and covenants, if any, so specified, the Company shall have the right, at any time and from time to time during the term of such series, to defer the payment of interest on such Securities for such period or periods as may be
specified as contemplated by Section 3.1 (each, an “Extension Period”), during which Extension Periods the Company shall have the right to make partial payments of interest on any Interest Payment Date. No Extension Period
shall end on a day other than an Interest Payment Date. At the end of any such Extension Period, the Company shall pay all interest then accrued and unpaid on the Securities (together with Additional Interest thereon, if any, at the rate specified
for the Securities of such series to the extent permitted by applicable law). Prior to the termination of any such Extension Period, the Company may further extend the interest payment period, provided that no Extension Period shall exceed the
period or periods specified in such Securities or extend beyond the Stated Maturity of the principal of such Securities. Upon termination of any Extension Period and upon the payment of all accrued and unpaid interest and any Additional Interest
then due on any Interest Payment Date, the Company may elect to begin a new Extension Period, subject to the above requirements. No interest shall be due and payable during an Extension Period, except at the end thereof. 

The Company shall give the Holders of the Securities of such series and the Trustee written notice of its election to begin any such Extension Period at least
one Business Day prior to the Interest Payment Date or, with respect to the Securities of a series issued to a RenaissanceRe Trust, prior to the earlier of (i) the date the Distributions on the Preferred Securities of such RenaissanceRe Trust
are payable or (ii) the date the trustees of such RenaissanceRe Trust are required to give notice to any securities exchange or other applicable self-regulatory organization or to holders of such Preferred Securities of the record date or the
date such Distributions are payable, but in any event not less than one Business Day prior to such record date. 
 The Trustee shall promptly give notice of
the Company’s election to begin any such Extension Period to the Holders of the outstanding Securities of such series. 
 Section 3.12 Right of
Set-Off.  
 With respect to the Securities of a series issued to a RenaissanceRe Trust, notwithstanding
anything to the contrary in this Indenture, (i) the Company shall have the right to set-off any payment it is otherwise required to make thereunder in respect of any such Security to the extent the
Company has theretofore made, or is concurrently on the date of such payment making, a payment under or under Section 5.8 hereof, and (ii) the Guarantor shall have the right to set-off any payment it
is otherwise required to make thereunder in respect of any such Security to the extent the Guarantor has theretofore made, or is concurrently on the date of such payment making, a payment under the Preferred Securities Guarantee relating to such
Security or under Section 5.8 hereof, as applicable. 

  
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 Section 3.13 Agreed Tax Treatment.  

Each Security issued hereunder shall provide that the Company and by its acceptance of a Security or a beneficial interest therein, the Holder of, and any
Person that acquires a beneficial interest in, such Security agree that for United States Federal, state and local tax purposes it is intended that such Security constitute indebtedness. 

Section 3.14 Extension of Stated Maturity; Adjustment of Stated Maturity Upon an Exchange.  

If specified as contemplated by Section 3.1 with respect to the Securities of a particular series, the Company shall have the right to (a) change the
Stated Maturity of the principal of the Securities of such series upon the liquidation of the applicable RenaissanceRe Trust and the exchange of such Securities for the Preferred Securities of such RenaissanceRe Trust, or (b) extend the Stated
Maturity of the principal of the Securities of such series; provided that, at the time any election to extend such Stated Maturity is made and at the time of such extension, (i) the Company is not in bankruptcy, otherwise insolvent or in
liquidation, (ii) the Company is not in default in the payment of any interest or principal or Additional Amounts on the Securities of such series and no deferred interest payments thereon have accrued, (iii) the applicable RenaissanceRe
Trust is not in arrears on payments of Distributions on its Preferred Securities and no deferred Distributions thereon have accumulated, (iv) the Securities of such series are rated not less than BBB- by
Standard & Poor’s Ratings Services or Baa3 by Moody’s Investors Service, Inc. or the equivalent by any other nationally recognized statistical rating organization and (v) the extended Stated Maturity is no later than the 49th
anniversary of the initial issuance of the Preferred Securities of the applicable RenaissanceRe Trust; provided, further, that, if the Company exercises its right to liquidate the applicable RenaissanceRe Trust and exchange the Securities of such
series for the Preferred Securities of such RenaissanceRe Trust as specified in clause (a) above, any changed Stated Maturity of the principal of the Securities of such series shall be no earlier than the date that is five years after the
initial issue date of the Preferred Securities and no later than the date 30 years (plus an extended term of up to an additional 19 years if the above-referenced conditions are satisfied) after the initial issue date of the Preferred Securities of
the applicable RenaissanceRe Trust. 
 Section 3.15 CUSIP Numbers.  

The Company in issuing the Securities may use “CUSIP,” “CINS” and “ISIN” numbers (if then generally in use), and the Trustee
shall use CUSIP, CINS or ISIN numbers, as the case may be, in notices of redemption or exchange as a convenience to Holders and no representation shall be made as to the correctness of such numbers either as printed on the Securities or as contained
in any notice of redemption or exchange. 
 ARTICLE 4 

SATISFACTION AND DISCHARGE OF INDENTURE 

Section 4.1 Satisfaction and Discharge.  

Upon the direction of the Company by a Company Order, this Indenture shall cease to be of further effect with respect to any series of Securities specified in
such Company Order, and the Trustee, on receipt of a Company Order, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture as to such series, when 

 

	(1)	 either 

(a) all Securities of such series theretofore authenticated and delivered (other than (i) Securities of such series which have been destroyed, lost or
stolen and which have been replaced or paid as provided in Section 3.6, (ii) Securities of such series for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the
Company, or discharged from such trust, as provided in Section 10.3) have been delivered to the Trustee for cancellation; or 
 (b) all Securities of
such series 
  

	(i)	 have become due and payable, 

(ii) will become due and payable at their Stated Maturity within one year, or 

(iii) if redeemable at the option of the Company or pursuant to the operation of a sinking fund, are to be called for redemption within one year under
arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, 
 and the
Company, in the case of (i), (ii) or (iii) above, has deposited or caused to be deposited with the Trustee as trust funds in trust for such purpose, money in the Currency in which such Securities are payable in an amount sufficient to pay
and discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, including the principal of, any premium and interest (including any Additional Interest) on, and any Additional Amounts with respect
to such Securities (based upon applicable law as in effect on the date of such deposit), to the date of such deposit (in the case of Securities which have become due and payable) or to the Maturity thereof, as the case may be; 

  
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 (2) the Company has paid or caused to be paid all other sums payable hereunder by the Company with
respect to the Outstanding Securities of such series; and 
 (3) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion
of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture as to such series have been complied with. 

In the event there are Securities of two or more series hereunder, the Trustee shall be required to execute an instrument acknowledging satisfaction and
discharge of this Indenture only if requested to do so with respect to Securities of such series as to which it is Trustee and if the other conditions thereto are met. 

Notwithstanding the satisfaction and discharge of this Indenture with respect to any series of Securities, the obligations of the Company to the Trustee under
Section 6.6 and, if money shall have been deposited with the Trustee pursuant to subclause (b) of clause (1) of this Section, the obligations of the Company and the Trustee with respect to the Securities of such series under
Section 3.5, Section 3.6, Section 4.3, Section 10.2, and Section 10.3, with respect to the payment of Additional Amounts, if any, with respect to such Securities as contemplated by Section 10.4(but only to the extent
that the Additional Amounts payable with respect to such Securities exceed the amount deposited in respect of such Additional Amounts pursuant to Section 4.1(1)(b)), and with respect to any rights to convert or exchange such Securities into
securities of the Company or another issuer shall survive. 
 Section 4.2 Defeasance and Covenant Defeasance.  

(1) Unless pursuant to Section 3.1, either or both of (i) defeasance of the Securities of or within a series under clause (2) of this
Section 4.2 shall not be applicable with respect to the Securities of such series or (ii) covenant defeasance of the Securities of or within a series under clause (3) of this Section 4.2 shall not be applicable with respect to
the Securities of such series, then such provisions, together with the other provisions of this Section 4.2 (with such modifications thereto as may be specified pursuant to Section 3.1 with respect to any Securities), shall be applicable
to such Securities, and the Company may at its option by Board Resolution, at any time, with respect to such Securities, elect to have Section 4.2(2) or Section 4.2(3) be applied to such Outstanding Securities upon compliance with the
conditions set forth below in this Section 4.2. 
 (2) Upon the Company’s exercise of the above option applicable to this Section 4.2(2) with
respect to any Securities of or within a series, each of the Company and the Guarantor shall be deemed to have been discharged from their obligations with respect to such Outstanding Securities and under the Guarantee in respect thereof,
respectively, on the date the conditions set forth in clause (4) of this Section 4.2 are satisfied (hereinafter, “defeasance”). For this purpose, such defeasance means that the Company or the Guarantor, as applicable, shall be
deemed to have paid and discharged the entire Indebtedness represented by such Outstanding Securities, and under the Guarantee in respect thereof, which shall thereafter be deemed to be “Outstanding” only for the purposes of clause
(5) of this Section 4.2 and the other Sections of this Indenture referred to in clauses (i) and (ii) below, and to have satisfied all of its other obligations under such Securities, and under the Guarantee in respect thereof, and
this Indenture insofar as such Securities, and the Guarantee in respect thereof, are concerned (and the Trustee, at the expense of the Company and the Guarantor, shall execute proper instruments acknowledging the same), except for the following
which shall survive until otherwise terminated or discharged hereunder: (i) the rights of Holders of such Outstanding Securities to receive, solely from the trust fund described in clause (4) of this Section 4.2 and as more fully set
forth in such clause, payments in respect of the principal of (and premium, if any) and interest (including any Additional Interest), if any, on, and Additional Amounts, if any, with respect to, such Securities when such payments are due, and any
rights of such Holder to convert or exchange such Securities into or for other securities of the Company or another issuer, (ii) the obligations of the Company, the Guarantor and the Trustee with respect to such Securities under Sections 3.5,
3.6, 10.2 and 10.3 and with respect to the payment of Additional Amounts, if any, on such Securities as contemplated by Section 10.4 (but only to the extent that the Additional Amounts payable with respect to such Securities exceed the amount
deposited in respect of such Additional Amounts pursuant to Section 4.2(4)(a) below), and with respect to any rights of such Holder to convert or exchange such Securities into or for other securities of the Company or another issuer,
(iii) the rights, powers, trusts, duties and immunities of the Trustee hereunder including, without limitation, the compensation, reimbursement and indemnities provided in Section 6.6 herein and (iv) this Section 4.2. The Company
may exercise its option under this Section 4.2(2) notwithstanding the prior exercise of its option under clause (3) of this Section 4.2 with respect to such Securities. 

(3) Upon the Company’s exercise of the option to have this Section 4.2(3) apply with respect to any Securities of or within a series, the Company and
the Guarantor shall be released from their respective obligations under any covenant applicable to such Securities specified pursuant to Section 3.1(20), including any obligation to redeem or repurchase such securities at the option of the
Holder thereof, with respect to such Outstanding Securities, and the Guarantee in respect thereof, on and after the date the conditions set forth in clause (4) of this Section 4.2 are satisfied (hereinafter, “covenant
defeasance”), and such Securities shall thereafter be deemed to be not “Outstanding” for the purposes of any direction, waiver, consent or declaration or Act of Holders (and the consequences of any

  
 23 

 
thereof) in connection with any such covenant or obligation, but shall continue to be deemed “Outstanding” for all other purposes hereunder. For this purpose, such covenant defeasance
means that, with respect to such Outstanding Securities, the Company and the Guarantor may omit to comply with, and shall have no liability in respect of, any term, condition or limitation set forth in any such Section or such other covenant or
obligation, whether directly or indirectly, by reason of any reference elsewhere herein to any such Section or such other covenant or obligation or by reason of reference in any such Section or such other covenant or obligation to any other
provision herein or in any other document and such omission to comply shall not constitute a default or an Event of Default under Section 5.1 but, except as specified above, the remainder of this Indenture and such Securities and the Guarantee
in respect thereof shall be unaffected thereby. 
 (4) The following shall be the conditions to application of clause (2) or (3) of this
Section 4.2 to any Outstanding Securities of or within a series and the Guarantee in respect thereof: 
 (a) The Company or the Guarantor shall
irrevocably have deposited or caused to be deposited with the Trustee (or another trustee satisfying the requirements of Section 6.7 who shall agree to comply with the provisions of this Section 4.2 applicable to it) as trust funds in
trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities, (1) an amount in Dollars or in such Foreign Currency in which such Securities
are then specified as payable at Stated Maturity, or (2) Government Obligations applicable to such Securities (determined on the basis of the Currency in which such Securities are then specified as payable at Stated Maturity) which through the
scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment with respect to such Securities, money in an amount, or (3) a combination
thereof, in any case, in an amount, sufficient, without consideration of any reinvestment of such principal and interest, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof
delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee (or other qualifying trustee) to pay and discharge, (y) the principal of (and premium, if any) and interest (including any Additional Interest), if any,
on, and any Additional Amounts with respect to such Securities (based upon applicable law as in effect on the date of such deposit), such Outstanding Securities at the Stated Maturity or Redemption Date of such principal or installment of principal
or premium or interest and (z) any mandatory sinking fund payments or analogous payments applicable to such Outstanding Securities on the days on which such payments are due and payable in accordance with the terms of this Indenture and of such
Securities, and, if applicable, shall have made irrevocable arrangements satisfactory to the Trustee for the redemption of any Securities to be redeemed at the option of the Company in connection with such deposit. 

(b) No Event of Default or event which with notice or lapse of time or both would become an Event of Default with respect to such Securities shall have
occurred and be continuing on the date of such deposit (after giving effect thereto) and, with respect to defeasance only, no event described in Section 5.1(6) or (7) shall have occurred at any time during the period ending on the 91st day
after the date of such deposit (it being understood that this condition shall not be deemed satisfied until the expiration of such period). 
 (c) Such
defeasance or covenant defeasance shall not result in a breach or violation of, or constitute a default under, any material agreement or instrument (other than this Indenture) to which the Company is a party or by which it is bound. 

(d) In the case of an election under clause (2) of this Section 4.2, with respect to Registered Securities for which the Place of Payment is within
the United States, the Company or the Guarantor shall have delivered to the Trustee an Opinion of Counsel stating that (i) the Company or the Guarantor, as the case may be, has received from the Internal Revenue Service a letter ruling, or
there has been published by the Internal Revenue Service a Revenue Ruling, or (ii) since the date of execution of this Indenture, there has been a change in the applicable Federal income tax law, in either case to the effect that, and based
thereon such opinion shall confirm that, the Holders of such Outstanding Securities will not recognize income, gain or loss for Federal income tax purposes as a result of such defeasance and will be subject to Federal income tax on the same amounts,
in the same manner and at the same times as would have been the case if such defeasance had not occurred. 
 (e) In the case of an election under clause
(3) of this Section 4.2 with respect to Registered Securities for which the Place of Payment is within the United States, the Company or the Guarantor shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders
of such Outstanding Securities will not recognize income, gain or loss for Federal income tax purposes as a result of such covenant defeasance and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as
would have been the case if such covenant defeasance had not occurred. 
 (f) With respect to defeasance only, the Company or the Guarantor shall have
delivered to the Trustee an Opinion of Counsel to the effect that, after the 91st day after the date of deposit, all money and Government Obligations (or other property as may be provided pursuant to Section 3.1) (including the proceeds
thereof) deposited or caused to be deposited with the Trustee (or other qualifying trustee) pursuant to this clause (4) to be held in trust will not be subject to recapture or avoidance as a preference in any case or proceeding (whether
voluntary or involuntary) in respect of the Company or the Guarantor under any Federal or State bankruptcy, insolvency, reorganization or other similar law, or any decree or order for relief in respect of the Company or the Guarantor issued in
connection therewith (for which purpose such Opinion of Counsel may assume that no Holder is an “insider”). 

  
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 (g) With respect to defeasance only, the Company and the Guarantor shall have delivered to the Trustee an
Officers’ Certificate and a Guarantor’s Officers’ Certificate as to solvency and the absence of any intent of preferring the Holders over any other creditors of the Company. 

(h) The Company and the Guarantor shall have delivered to the Trustee an Officers’ Certificate, a Guarantor’s Officers’ Certificate and an
Opinion of Counsel, each stating that all conditions precedent to the defeasance or covenant defeasance under clause (2) or (3) of this Section 4.2 (as the case may be) have been complied with. 

(i) Notwithstanding any other provisions of this Section 4.2(4), such defeasance or covenant defeasance shall be effected in compliance with any
additional or substitute terms, conditions or limitations which may be imposed on the Company or the Guarantor in connection therewith pursuant to Section 3.1. 

(5) Unless otherwise specified in or pursuant to this Indenture or any Series Authorization, if, after a deposit referred to in Section 4.2(4)(a) has been
made, (a) the Holder of a Security in respect of which such deposit was made is entitled to, and does, elect pursuant to Section 3.1 or the terms of such Security to receive payment in a Currency other than that in which the deposit
pursuant to Section 4.2(4)(a) has been made in respect of such Security, or (b) a Conversion Event occurs in respect of the Foreign Currency in which the deposit pursuant to Section 4.2(4)(a) has been made, the indebtedness
represented by such Security shall be deemed to have been, and will be, fully discharged and satisfied through the payment of the principal of (and premium, if any), and interest (including any Additional Interest), if any, on, and Additional
Amounts, if any, with respect to, such Security as the same becomes due out of the proceeds yielded by converting (from time to time as specified below in the case of any such election) the amount or other property deposited in respect of such
Security into the Currency in which such Security becomes payable as a result of such election or Conversion Event based on (x) in the case of payments made pursuant to clause (a) above, the applicable market exchange rate for such
Currency in effect on the second Business Day prior to each payment date, or (y) with respect to a Conversion Event, the applicable market exchange rate for such Foreign Currency in effect (as nearly as feasible) at the time of the Conversion
Event. 
 The Company and the Guarantor (without duplication) shall pay and indemnify the Trustee (or other qualifying trustee, collectively for purposes of
this Section 4.2(5) and Section 4.3, the “Trustee”) against any tax, fee or other charge, imposed on or assessed against the Government Obligations deposited pursuant to this Section 4.2 or the principal or interest
received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of such Outstanding Securities. 

Anything in this Section 4.2 to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company Request, or
the Guarantor upon a Guarantor Request, as the case may be, any money or Government Obligations (or other property and any proceeds therefrom) held by it as provided in clause (4) of this Section 4.2 which, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect a defeasance or covenant defeasance,
as applicable, in accordance with this Section 4.2. 
 Section 4.3 Application of Trust Money.  

Subject to the provisions of the last paragraph of Section 10.3, all money and Government Obligations (or other property as may be provided pursuant to
Section 3.1) (including the proceeds thereof) deposited with the Trustee pursuant to Sections 4.1 or 4.2 in respect of any Outstanding Securities of any series shall be held in trust and applied by the Trustee, in accordance with the provisions
of such Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent or the Guarantor acting as Paying Agent) as the Trustee may determine, to the Holders of such
Securities of all sums due and to become due thereon in respect of principal (and premium, if any) and interest (including any Additional Interest) and Additional Amounts, if any; but such money and Government Obligations need not be segregated from
other funds except to the extent required by law. 
 ARTICLE 5 

REMEDIES 
 Section 5.1 Events of
Default.  
 “Event of Default,” wherever used herein with respect to Securities of any series, means any one of the following events
(whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or
governmental body), unless such event is specifically deleted or modified in or pursuant to the related Series Authorization: 

  
 25 

 (1) default in the payment of any interest on any Security of such series, including any Additional
Interest in respect thereof, or any Additional Amounts payable with respect thereto, when such interest becomes or such Additional Amounts become due and payable, and continuance of such default for a period of 90 days (subject to any deferral of
any due date in the case of an Extension Period); or 
 (2) default in the payment of the principal of or any premium on any Security of such series, or any
Additional Amounts payable with respect thereto, when such principal or premium becomes or such Additional Amounts become due and payable at their Maturity; or 

(3) default in the deposit of any sinking fund payment when and as due by the terms of a Security of such series; or 

(4) default in the performance, or breach, of any other covenant or warranty of the Company or the Guarantor in this Indenture or the Securities (other
than a covenant or warranty a default in the performance or the breach of which is elsewhere in this Section specifically dealt with or which has been expressly included in this Indenture solely for the benefit of a series of Securities other than
such series), and continuance of such default or breach for a period of 90 days after there has been given, by registered or certified mail, (i) to the Company, or the Guarantor, as the case may be, by the Trustee or (ii) to the Company
and the Trustee, or the Guarantor and the Trustee, as the case may be, by the Holders of at least 25% in principal amount of the Outstanding Securities of such series or, if that series of Securities is held by a RenaissanceRe Trust, the holders of
at least 25% in liquidation amount of the then-outstanding Preferred Securities of such RenaissanceRe Trust, a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of
Default” hereunder; or 
 (5) the Junior Subordinated Debt Securities Guarantee Agreement ceases to be in full force and effect (except as
contemplated by the terms thereof) or the Guarantor or a Person acting by or on behalf of the Guarantor denies or disaffirms the Guarantor’s obligations under this Indenture or the Junior Subordinated Debt Securities Guarantee Agreement and
such default continues for a period of 10 days after notice has been given by registered or certified mail, (i) to the Company or the Guarantor, as the case may be, by the Trustee or (ii) to the Company and the Trustee or the Guarantor and
the Trustee, as the case may be, by the Holders of at least 25% in principal amount of the Outstanding Securities of such series, a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a
“Notice of Default” hereunder 
 (6) the entry by a court having competent jurisdiction of: 

(a) a decree or order for relief in respect of the Company or the Guarantor in an involuntary proceeding under any applicable bankruptcy, insolvency,
reorganization (other than a reorganization under a foreign law that does not relate to insolvency) or other similar law and such decree or order shall remain unstayed and in effect for a period of 90 consecutive days; or 

(b) a decree or order adjudging the Company or the Guarantor to be insolvent, or approving a petition seeking reorganization (other than a reorganization under
a foreign law that does not relate to insolvency), arrangement, adjustment or composition of the Company or the Guarantor and such decree or order shall remain unstayed and in effect for a period of 90 consecutive days; or 

(c) a final and non-appealable order appointing a custodian, receiver, liquidator, assignee, trustee or other
similar official of the Company or the Guarantor or of any substantial part of the property of the Company or the Guarantor, or ordering the winding up or liquidation of the affairs of the Company or the Guarantor; or 

(7) the commencement by the Company or the Guarantor of a voluntary proceeding under any applicable bankruptcy, insolvency, reorganization (other than a
reorganization under a foreign law that does not relate to insolvency) or other similar law or of a voluntary proceeding seeking to be adjudicated insolvent or the consent by the Company or the Guarantor to the entry of a decree or order for relief
in an involuntary proceeding under any applicable bankruptcy, insolvency, reorganization or other similar law or to the commencement of any insolvency proceedings against it, or the filing by the Company or the Guarantor of a petition or answer or
consent seeking reorganization, arrangement, adjustment or composition of the Company or the Guarantor or relief under any applicable law, or the consent by the Company or the Guarantor to the filing of such petition or to the appointment of or
taking possession by a custodian, receiver, liquidator, assignee, trustee or similar official of the Company or the Guarantor or any substantial part of the property of the Company or the Guarantor or the making by the Company or the Guarantor of an
assignment for the benefit of creditors, or the taking of corporate action by the Company or the Guarantor in furtherance of any such action; or of such series. 

(8) any other or substitute Event of Default provided in or pursuant to this Indenture or the related Series Authorization with respect to Securities 

Section 5.2 Acceleration of Maturity; Rescission and Annulment.  

If an Event of Default with respect to Securities of any series at the time Outstanding (other than an Event of Default specified in clause (6) or
(7) of Section 5.1) occurs and is continuing, then the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of such series may declare the principal of all the Securities of such series, be due and
payable immediately, by a notice in writing to the Company (and to the Trustee if given by the Holders), and upon any such declaration such principal, together with accrued interest (including Additional Interest) thereon, shall become immediately
due and payable; provided that, in the case of Securities of a series issued to a RenaissanceRe Trust, if, upon an Event of Default, the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of such series
fail to declare the principal of all the Securities of 

  
 26 

 
such series, to be immediately due and payable, the holders of at least 25% in liquidation amount of the Preferred Securities of such RenaissanceRe Trust then outstanding shall have such right by
a notice in writing to the Company, the Trustee and the Property Trustee; and upon any such declaration such principal or such lesser amount and all accrued and unpaid interest (including any Additional Interest) thereon shall become immediately due
and payable, provided that the payment of principal and interest and all other amounts due with respect to such Securities shall remain subordinated to the extent provided in Article 15. 

If an Event of Default specified in clause (6) or (7) of Section 5.1 occurs, all unpaid principal of and accrued interest (including any
Additional Interest) on the Outstanding Securities of that series shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder of any Security of that series. 

At any time after a declaration of acceleration with respect to the Securities of any series has been made and before a judgment or decree for payment of the
money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of not less than a majority in principal amount of the Outstanding Securities of such series (subject to, in the case of any series of Securities held as
assets of a RenaissanceRe Trust, such consent of the holders of the Preferred Securities and the Common Securities of such RenaissanceRe Trust as may be required under the Trust Agreement of such RenaissanceRe Trust), by written notice to the
Company or the Guarantor, as the case may be, and the Trustee, may rescind and annul such declaration and its consequences if 
 (1) the Company or the
Guarantor has paid or deposited with the Trustee a sum of money sufficient to pay 
 (a) all overdue installments of any interest (including any
Additional Interest) on and Additional Amounts with respect to all Securities of such series, 
 (b) the principal of and any premium on any Securities
of such series which have become due otherwise than by such declaration of acceleration and interest thereon and any Additional Amounts with respect thereto at the rate or rates borne by or provided for in such Securities, 

(c) to the extent that payment of such interest or Additional Amounts is lawful, interest upon overdue installments of any interest and Additional Amounts
at the rate or rates borne by or provided for in such Securities, and 
 (d) all sums paid or advanced by the Trustee hereunder and the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and all other amounts due the Trustee under Section 6.6; and 

(2) all Events of Default with respect to Securities of such series, other than the non-payment of the principal
of, any premium and interest on, and any Additional Amounts with respect to Securities of such series which shall have become due solely by such declaration of acceleration, shall have been cured or waived as provided in Section 5.13. 

In the case of Securities of a series issued to a RenaissanceRe Trust, should the Holders of such Securities fail to rescind and annul such declaration and
its consequences, the holders of a majority in liquidation amount of the Preferred Securities of such RenaissanceRe Trust then outstanding shall have such right by written notice to the Company, the Trustee and the Property Trustee, subject to
satisfaction of the conditions set forth in clauses (1) and (2) above of this Section 5.2. 
 No such rescission shall affect any subsequent
default or impair any right consequent thereon. 
 Section 5.3 Collection of Indebtedness and Suits for Enforcement by Trustee.  

The Company covenants that if 
 (1) default is made in the payment
of any installment of interest (including any Additional Interest) on or any Additional Amounts with respect to any Security when such interest or Additional Amounts shall have become due and payable and such default continues for a period of 30
days, or 
 (2) default is made in the payment of the principal of or any premium on any Security or any Additional Amounts with respect thereto at
their Maturity, the Company shall, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders of such Securities, the whole amount of money then due and payable with respect to such Securities, with interest (including any
Additional Interest) upon the overdue principal, any premium and (to the extent that payment of such interest shall be legally enforceable and, if the Securities are held by a RenaissanceRe Trust, without duplication of any other amounts paid to
such RenaissanceRe Trust in respect thereof) upon any overdue installments of interest and Additional Amounts at the rate or rates borne by or provided for in such Securities, and, in addition thereto, such further amount of money as shall be
sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and all other amounts due to the Trustee under Section 6.6. 

  
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 If the Company and the Guarantor fail to pay the money the Company is required to pay the Trustee pursuant
to the preceding paragraph forthwith upon the demand of the Trustee, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the money so due and unpaid, and may prosecute such
proceeding to judgment or final decree, and may enforce the same against the Company or the Guarantor or both the Company and the Guarantor or any other obligor upon such Securities and collect the monies adjudged or decreed to be payable in the
manner provided by law out of the property of the Company or the Guarantor or both the Company and the Guarantor or any other obligor upon such Securities, wherever situated. 

If an Event of Default with respect to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its
rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or
agreement in this Indenture or such Securities or in aid of the exercise of any power granted herein or therein, or to enforce any other proper remedy. 

Section 5.4 Trustee May File Proofs of Claim.  

In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial
proceeding relative to the Company and/or the Guarantor or any other obligor upon the Securities of any series or the property of the Company and/or the Guarantor or such other obligor or their creditors, the Trustee (irrespective of whether the
principal of the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company and/or the Guarantor for the payment of any overdue
principal, premium, interest (including any Additional Interest) or Additional Amounts) shall be entitled and empowered, to the extent permitted by applicable law by intervention in such proceeding or otherwise, 

(1) to file and prove a claim for the whole amount, or such lesser amount as may be provided for in the Securities of any applicable series, of the
principal and any premium, interest (including any Additional Interest) and Additional Amounts owing and unpaid in respect of the Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of
the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents or counsel) and of the Holders of Securities allowed in such judicial proceeding, and 

(2) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver,
assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder of Securities to make such payments to the Trustee and, in the event that the Trustee shall consent to the
making of such payments directly to the Holders of Securities, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and any other amounts due the
Trustee under Section 6.6. 
 Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf
of any Holder of a Security, any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder of a Security in
any such proceeding. 
 Section 5.5 Trustee May Enforce Claims without Possession of Securities.  

All rights of action and claims under this Indenture or any of the Securities may be prosecuted and enforced by the Trustee without the possession of any of
the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery or judgment, after provision for the
payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, shall be for the ratable benefit of each and every Holder of the Securities in respect of which such judgment has been recovered.

 Section 5.6 Application of Money Collected.  

Any money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of
the distribution of such money on account of principal, or any premium, interest (including any Additional Interest) or Additional Amounts, upon presentation of the Securities, and the notation thereon of the payment if only partially paid and upon
surrender thereof if fully paid: 
 FIRST: To the payment of all amounts due the Trustee and any predecessor Trustee under Section 6.6; 

SECOND: To the payment of the amounts then due and unpaid upon the Securities for principal and any premium, interest and Additional Amounts in respect of
which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the aggregate amounts due and payable on such Securities for principal and any premium, interest (including any
Additional Interest) and Additional Amounts, respectively; 

  
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 THIRD: The balance, if any, to the Person or Persons entitled thereto. 

Section 5.7 Limitations on Suits.  
 No Holder
of any Security of any series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless 

(1) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of such series; 

(2) the Holders of not less than 25% in principal amount of the Outstanding Securities of such series shall have made written request to the Trustee to
institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 
 (3) such Holder or Holders have offered to the
Trustee such indemnity as is reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request; 
 (4)
the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and 
 (5) no
direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the Outstanding Securities of such series; it being
understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture or any Security to affect, disturb or prejudice the rights of any other such
Holders or Holders of Securities of any other series, or to obtain or to seek to obtain priority or preference over any other Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable
benefit of all such Holders. 
 Section 5.8 Unconditional Right of Holders to Receive Principal and any Premium, Interest and Additional
Amounts.  
 Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and
unconditional, to receive payment of the principal of, any premium and (subject to Sections 3.5, 3.7 and 3.11) interest (including any Additional Interest) on, and any Additional Amounts with respect to such Security on the respective Stated
Maturity or Maturities therefor specified in such Security or (or, in the case of redemption, on the Redemption Date or, in the case of repayment at the option of such Holder if provided with respect to such Security, on the date such repayment is
due) and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder. In the case of Securities of a series issued to a RenaissanceRe Trust, any holder of Preferred Securities
issued by such RenaissanceRe Trust shall have the right, upon the occurrence of an Event of Default described in Sections 5.1(1) or 5.1(2) hereof, to institute directly a proceeding against the Company and/or the Guarantor for enforcement of payment
to such holder of principal of, and any premium and (subject to Sections 3.5, 3.7 and 3.11) interest (including any Additional Interest) on, and Additional Amounts with respect to, such Securities having a principal amount equal to the liquidation
amount of such Preferred Securities held by such holder (a “Direct Action”). 
 Notwithstanding any payments made to a holder of Preferred
Securities by the Company and/or the Guarantor in connection with a Direct Action, the Company and the Guarantor shall remain obligated to pay the principal of and premium, if any, or interest on and Additional Amounts, if any, with respect to the
related Securities, and the Company and/or the Guarantor, as the case may be, shall be subrogated to the rights of the holder of such Preferred Securities with respect to payments on the Preferred Securities to the extent of any payments made by the
Company and/or the Guarantor, as the case may be, to such holder in any Direct Action. 
 Section 5.9 Restoration of Rights and Remedies.
 
 If the Trustee or any Holder of a Security has, or the holders of Preferred Securities have, instituted any proceeding to enforce any right or remedy
under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee, to such Holder or to the holders of such Preferred Securities, then and in every such case the Company, the
Guarantor, the Trustee and each such Holder or the holders of such Preferred Securities shall, subject to any determination in such proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and
remedies of the Trustee and each such Holder or the holders of such Preferred Securities shall continue as though no such proceeding had been instituted. 

Section 5.10 Rights and Remedies Cumulative.  

Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of
Section 3.6, no right or remedy herein conferred upon or reserved to the Trustee, to each and every Holder of a Security or to the holders of Preferred Securities is intended to be exclusive of any other right or remedy, and every right and
remedy, to the extent permitted by law, shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder,
or otherwise, shall not, to the extent permitted by law, prevent the concurrent assertion or employment of any other appropriate right or remedy. 

  
 29 

 Section 5.11 Delay or Omission Not Waiver.  

No delay or omission of the Trustee or of any Holder of any Security or of the holders of Preferred Securities to exercise any right or remedy accruing upon
any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to any Holder of a Security or to the
holders of Preferred Securities may be exercised from time to time, and as often as may be deemed expedient, by the Trustee, by such Holder or by such holders of Preferred Securities, as the case may be. 

Section 5.12 Control by Holders of Securities.  

The Holders of a majority in principal amount of the Outstanding Securities of any series shall have the right to direct the time, method and place of
conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the Securities of such series, provided that 

(1) such direction shall not be in conflict with any rule of law or with this Indenture or with the Securities of such series, 

(2) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction, and 

(3) such direction is not unduly prejudicial to the rights of the other Holders of Securities of such series not joining in such action. 

Section 5.13 Waiver of Past Defaults.  
 The
Holders of not less than a majority in principal amount of the Outstanding Securities of any series on behalf of the Holders of all the Securities of such series and, in the case of any Securities issued to a RenaissanceRe Trust, the holders of not
less than a majority in liquidation amount of the Preferred Securities issued by such RenaissanceRe Trust then outstanding, may waive any past default hereunder with respect to such series and its consequences, except a default 

(1) in the payment of the principal of, any premium or interest (including any Additional Interest) on, or any Additional Amounts with respect to, any
Security of such series, or 
 (2) in respect of a covenant or provision hereof which under Article 9 cannot be modified or amended without the consent
of the Holder of each Outstanding Security of such series affected. 
 Upon any such waiver, such default shall cease to exist, and any Event of Default
arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 

Section 5.14 Waiver of Usury, Stay or Extension Laws.  

The Company and the Guarantor each covenants that (to the extent that it may lawfully do so) it will not at any time insist upon, or plead, or in any manner
whatsoever claim or take the benefit or advantage of, any usury, stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture or, in the case of the Guarantor, of
the Junior Subordinated Debt Securities Guarantee Agreement; and the Company and the Guarantor each expressly waives (to the extent that it may lawfully do so) all benefit or advantage of any such law and covenants that it will not hinder, delay or
impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

Section 5.15 Undertaking for Costs.  
 All
parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or
in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of any undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs,
including reasonable attorneys’ fees, against any party litigant in such suit having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section 5.15 shall not apply to
any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of Outstanding Securities of any series or, if a series of Securities is held by a
RenaissanceRe Trust, the holders of more than 10% in liquidation amount of the Preferred Securities of that RenaissanceRe Trust then outstanding, or to any suit instituted by any Holder or any holder of Preferred Securities for the enforcement of
the payment of the principal of (or premium, if any) or interest (including any Additional Interest), if any, on or Additional Amounts, if any, with respect to any Security on or after the respective Stated Maturities expressed in such Security (or,
in the case of redemption, on or after the Redemption Date, and, in the case of repayment or repurchase, on or after the date for repayment or repurchase) or for the enforcement of the right, if any, to convert or exchange any Security into other
securities in accordance with its terms. 

  
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 ARTICLE 6 

THE TRUSTEE 
 Section 6.1 Certain Rights
of Trustee.  
 Subject to Sections 315(a) through 315(d) of the Trust Indenture Act: 

(1) the Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture, note or other paper or document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties; 

(2) any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or a Company Order, as the case may be
(in each case, other than delivery of any Security, to the Trustee for authentication and delivery pursuant to Section 3.3 which shall be sufficiently evidenced as provided therein), and any resolution of the Board of Directors may be
sufficiently evidenced by a Board Resolution; 
 (3) whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter
be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence shall be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officers’ Certificate;

 (4) the Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel shall be full and complete authorization
and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 
 (5) the Trustee shall be under
no obligation to exercise any of the rights or powers vested in it by or pursuant to this Indenture or the related Series Authorization at the request or direction of any of the Holders of Securities of any series pursuant to this Indenture, unless
such Holders shall have offered to the Trustee such security or indemnity as is reasonably satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction; 

(6) the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document, but the Trustee, in its discretion, may but shall not be obligated to make such further inquiry or investigation into such facts or matters as
it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine, during business hours and upon reasonable notice, the books, records and premises of the Company, personally or by
agent or attorney; 
 (7) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through
agents, attorneys, custodians or nominees and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent, attorney, custodian or nominee appointed with due care by it hereunder; 

(8) the Trustee shall not be liable for any action taken or error of judgment made in good faith by a Responsible Officer or Responsible Officers of the
Trustee, unless it shall be proved that the Trustee was negligent, acted in bad faith or engaged in willful misconduct; 
 (9) the Authenticating Agent,
Paying Agent, and Security Registrar shall have the same protections as the Trustee set forth hereunder; 
 (10) the Trustee shall not be liable with
respect to any action taken, suffered or omitted to be taken by it in good faith in accordance with an Act of the Holders hereunder, and, to the extent not so provided herein, with respect to any act requiring the Trustee to exercise its own
discretion, relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture or any Securities, unless it shall be proved
that, in connection with any such action taken, suffered or omitted or any such act, the Trustee was negligent, acted in bad faith or engaged in willful misconduct; 

(11) the Trustee is not responsible to see that the Company or any other Person is maintaining any insurance required by the Indenture; 

(12) the Trustee shall not be responsible for the recording, rerecording, filing of UCC Statements or UCC Continuation Statements; 

(13) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions
expressed therein, upon any certificates or opinions furnished to the Trustee which conform to the requirements of the Indenture; 
 (14) except during
the continuance of an Event of Default, the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the Trustee;

  
 31 

 (15) except as expressly required by the terms of this Indenture, none of the provisions of this
Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any liability, financial or otherwise, in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers if it shall have
reasonable grounds for believing that repayment of such funds or indemnity satisfactory to it against such risk or liability is not assured to it; and 

(16) in case an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture,
and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of his own affairs. 

Section 6.2 Notice of Defaults.  
 Within 90
days after the occurrence of any default hereunder with respect to the Securities of any series, the Trustee shall transmit by mail to all Holders of Securities of such series entitled to receive reports pursuant to Section 7.3(3), notice of
such default hereunder actually known to a Responsible Officer of the Trustee, unless such default shall have been cured or waived; provided, however, that, except in the case of a default in the payment of the principal of (or premium, if any), or
interest (including any Additional Interest), if any, on, or Additional Amounts or any sinking fund or purchase fund installment with respect to, any Security of such series, the Trustee shall be protected in withholding such notice if and so long
as the Trustee in good faith determines that the withholding of such notice is in the best interest of the Holders of Securities of such series; and provided, further, that in the case of any default of the character specified in Section 5.1(4)
with respect to Securities of such series, no such notice to Holders shall be given until at least 60 days after the occurrence thereof. For the purpose of this Section, the term “default” means any event which is, or after notice
or lapse of time or both would become, an Event of Default with respect to Securities of such series. 
 Section 6.3 Not Responsible for Recitals or
Issuance of Securities.  
 The recitals contained herein and in the Securities, except the Trustee’s certificate of authentication, shall be
taken as the statements of the Company and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the
Securities, except that the Trustee represents that it is duly authorized to execute and deliver this Indenture, authenticate the Securities and perform its obligations hereunder and that the statements made by it in a Statement of Eligibility on
Form T-1 supplied to the Company are true and accurate, subject to the qualifications set forth therein. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the
Company of the Securities or the proceeds thereof. 
 Section 6.4 May Hold Securities.  

The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other Person that may be an agent of the Trustee, the Guarantor or the
Company, in its individual or any other capacity, may become the owner or pledgee of Securities and, subject to Sections 310(b) and 311 of the Trust Indenture Act, may otherwise deal with the Company or the Guarantor with the same rights it would
have if it were not the Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other Person. 
 Section 6.5 Money Held in
Trust.  
 Except as provided in Section 4.3 and Section 10.3, money held by the Trustee in trust hereunder need not be segregated from
other funds except to the extent required by law and shall be held uninvested. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed to in writing with the Company. 

Section 6.6 Compensation and Reimbursement.  

The Company agrees: 
 (1) to pay to the Trustee from time to time
reasonable compensation for all services rendered by the Trustee hereunder as agreed in writing between the Company and the Trustee (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an
express trust); 
 (2) except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses,
disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture or arising out of or in connection with the acceptance or administration of the trust or trusts hereunder (including the reasonable
compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to the Trustee’s negligence or bad faith; and 

(3) to indemnify the Trustee and its agents, officers, directors and employees for, and to hold them harmless against, any loss, liability or expense incurred,
arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the costs and expenses of defending themselves against any claim or liability in connection with the exercise or performance of any of
their powers or duties hereunder, except to the extent that any such loss, liability or expense was due to the Trustee’s negligence or bad faith. 

  
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 As security for the performance of the obligations of the Company under this Section, the Trustee shall have
a lien prior to the Securities of any series upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of, and premium or interest (including any Additional Interest) on or any
Additional Amounts with respect to Securities. 
 To the extent permitted by law, any compensation or expense incurred by the Trustee after a default
specified in or pursuant to Section 5.1 is intended to constitute an expense of administration under any then applicable bankruptcy or insolvency law. “Trustee” for purposes of this Section 6.6 shall include any
predecessor Trustee but the negligence or bad faith of any Trustee shall not affect the rights of any other Trustee under this Section 6.6. 
 The
provisions of this Section 6.6 shall survive the satisfaction and discharge of this Indenture or the earlier resignation or removal of the Trustee and shall apply with equal force and effect to the Trustee in its capacity as Authenticating
Agent, Paying Agent or Security Registrar. 
 Section 6.7 Corporate Trustee Required; Eligibility.  

There shall at all times be a Trustee hereunder that is a Corporation organized and doing business under the laws of the United States of America, any state
thereof or the District of Columbia, that is eligible under Section 310(a)(1) of the Trust Indenture Act to act as trustee under an indenture qualified under the Trust Indenture Act and that has a combined capital and surplus (computed in
accordance with Section 310(a)(2) of the Trust Indenture Act) of at least $50,000,000, and that is subject to supervision or examination by Federal or state authority. If at any time the Trustee shall cease to be eligible in accordance with the
provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 
 Section 6.8
Resignation and Removal; Appointment of Successor.  
 (1) No resignation or removal of the Trustee and no appointment of a successor Trustee
pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee pursuant to Section 6.9. 
 (2) The Trustee
may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company and the Guarantor. If the instrument of acceptance by a successor Trustee required by Section 6.9 shall not have been
delivered to the Trustee within 45 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to such series. 

(3) The Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal amount of the
Outstanding Securities of such series, delivered to the Trustee, the Company and the Guarantor. 
  

	(4)	 If at any time: 

(a) the Trustee shall fail to comply with the obligations imposed upon it under Section 310(b) of the Trust Indenture Act with respect to Securities of
any series after written request therefor by the Company or any Holder of a Security of such series who has been a bona fide Holder of a Security of such series for at least six months, or 

(b) the Trustee shall cease to be eligible under Section 6.7 and shall fail to resign after written request therefor by the Company or any such
Holder, or 
 (c) the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its
property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, (i) the Company, by or pursuant
to a Board Resolution, may remove the Trustee with respect to all Securities or the Securities of such series, or (ii) subject to Section 315(e) of the Trust Indenture Act, any Holder of a Security who has been a bona fide Holder of a
Security of such series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Securities of such series and the
appointment of a successor Trustee or Trustees. 
 (5) If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in
the office of Trustee for any cause, with respect to the Securities of one or more series, the Company, by or pursuant to a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Securities of such series (it
being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular series) and
shall comply with the applicable requirements of Section 6.9. If, within one year after such resignation, removal or incapacity, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall be
appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series 

  
 33 

 
delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of
Section 6.9, become the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities of any series shall have
been so appointed by the Company or the Holders of Securities and accepted appointment in the manner required by Section 6.9, any Holder of a Security who has been a bona fide Holder of a Security of such series for at least six months may, on
behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 

(6) The Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and each appointment of a
successor Trustee with respect to the Securities of any series by mailing written notice of such event by first-class mail, postage prepaid, to the Holders of Registered Securities, if any, of such series as their names and addresses appear in the
Security Register. Each notice shall include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office. 

(7) In no event shall any retiring Trustee be liable for the acts or omissions of any successor Trustee hereunder. 

Section 6.9 Acceptance of Appointment by Successor.  

(1) Upon the appointment hereunder of any successor Trustee with respect to all Securities, such successor Trustee so appointed shall execute, acknowledge and
deliver to the Company, the Guarantor and the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act,
deed or conveyance, shall become vested with all the rights, powers, trusts and duties 
 hereunder of the retiring Trustee; but, on the written request of
the Company or such successor Trustee, such retiring Trustee, upon payment of its charges, shall execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and, subject to
Section 10.3, shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder, subject nevertheless to its claim, if any, provided for in Section 6.6. 

(2) Upon the appointment hereunder of any successor Trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring
Trustee and such successor Trustee shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (1) shall contain such provisions as shall be necessary or desirable to
transfer and confirm to, and to vest in, such successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates,
(2) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect
to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be necessary to
provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees
co-trustees of the same trust, that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee and that no
Trustee shall be responsible for any notice given to, or received by, or any act or failure to act on the part of any other Trustee hereunder, and, upon the execution and delivery of such supplemental indenture, the resignation or removal of the
retiring Trustee shall become effective to the extent provided therein, such retiring Trustee shall have no further responsibility for the exercise of rights and powers or for the performance of the duties and obligations vested in the Trustee under
this Indenture with respect to the Securities of that or those series to which the appointment of such successor Trustee relates other than as hereinafter expressly set forth, and such successor Trustee, without any further act, deed or conveyance,
shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates; but, on written request of the Company, the
Guarantor or such successor Trustee, such retiring Trustee, upon payment of its charges with respect to the Securities of that or those series to which the appointment of such successor Trustee relates and subject to Section 10.3 shall duly
assign, transfer and deliver to such successor Trustee, to the extent contemplated by such supplemental indenture, the property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the
appointment of such successor Trustee relates, subject to its claim, if any, provided for in Section 6.6. 
 (3) Upon request of any Person appointed
hereunder as a successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (1) or (2) of
this Section, as the case may be. 
 (4) No Person shall accept its appointment hereunder as a successor Trustee unless at the time of such acceptance such
successor Person shall be qualified and eligible under this Article. 

  
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 Section 6.10 Merger, Conversion, Consolidation or Succession to Business.  

Any Corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any Corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, shall be the successor of the Trustee hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Securities
shall have been authenticated but not delivered by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the
same effect as if such successor Trustee had itself authenticated such Securities. 
 Section 6.11 Appointment of Authenticating Agent. 

 The Trustee may appoint one or more Authenticating Agents acceptable to the Company with respect to one or more series of Securities which shall be
authorized to act on behalf of the Trustee to authenticate Securities of that or those series issued upon original issue, exchange, registration of transfer, partial redemption or partial repayment or pursuant to Section 3.6, and Securities so
authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of
Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on
behalf of the Trustee by an Authenticating Agent. 
 Each Authenticating Agent must be acceptable to the Company and, except as provided in or pursuant to
this Indenture or the related Series Authorization, shall at all times be a Corporation that would be permitted by the Trust Indenture Act to act as trustee under an indenture qualified under the Trust Indenture Act, is authorized under applicable
law and by its charter to act as an Authenticating Agent and has a combined capital and surplus (computed in accordance with Section 310(a)(2) of the Trust Indenture Act) of at least $50,000,000. If at any time an Authenticating Agent shall
cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect specified in this Section. 

Any Corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any Corporation resulting from any
merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any Corporation succeeding to all or substantially all of the corporate agency or corporate trust business of an Authenticating Agent, shall be the successor
of such Authenticating Agent hereunder, provided such Corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating Agent. 

An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee, the Company and the Guarantor. The Trustee may at any time
terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent
shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company and the Guarantor and shall mail written notice of such appointment
by first-class mail, postage prepaid, to all Holders of Registered Securities, if any, of the series with respect to which such Authenticating Agent shall serve, as their names and addresses appear in the Security Register. Any successor
Authenticating Agent, upon acceptance of its appointment hereunder, shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor
Authenticating Agent shall be appointed unless eligible under the provisions of this Section. 
 The Company agrees to pay each Authenticating Agent from
time to time reasonable compensation for its services under this Section. If the Trustee makes such payments, it shall be entitled to be reimbursed for such payments, subject to the provisions of Section 6.6. 

The provisions of Sections 3.8, 6.3 and 6.4 shall be applicable to each Authenticating Agent. 

If an Authenticating Agent is appointed with respect to one or more series of Securities pursuant to this Section, the Securities of such series may have
endorsed thereon, in addition to or in lieu of the Trustee’s certificate of authentication, an alternate certificate of authentication in substantially the following form: 

This is one of the Securities of the series designated herein referred to in the within-mentioned Indenture. 

 

			
	[                     ], as Authenticating
	Agent
		
	By	 	  

		 	Authorized Officer

  
 35 

 If all of the Securities of any series may not be originally issued at one time, and if the Trustee does not
have an office capable of authenticating Securities upon original issuance located in a Place of Payment where the Company wishes to have Securities of such series authenticated upon original issuance, the Trustee, if so requested in writing (which
writing need not be accompanied by or contained in an Officers’ Certificate by the Company), shall appoint in accordance with this Section an Authenticating Agent having an office in a Place of Payment designated by the Company with respect to
such series of Securities. 
 ARTICLE 7 

HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY 

Section 7.1 Company to Furnish Trustee Names and Addresses of Holders.  

In accordance with Section 312(a) of the Trust Indenture Act, the Company shall furnish or cause to be furnished to the Trustee 

(1) semi-annually with respect to Securities of each series not later than May 1 and November 1 of the year or upon such other dates as are set
forth in or pursuant to the Board Resolution or indenture supplemental hereto authorizing such series, a list, in each case in such form as the Trustee may reasonably require, of the names and addresses of Holders as of the applicable date, and 

(2) at such other times as the Trustee may request in writing, within 30 days after the receipt by the Company or the Guarantor of any such request, a
list of similar form and content as of a date not more than 15 days prior to the time such list is furnished, 
 provided, however, that so long as the
Trustee is the Security Registrar no such list shall be required to be furnished. 
 Section 7.2 Preservation of Information; Communications to
Holders.  
 The Trustee shall comply with the obligations imposed upon it pursuant to Section 312 of the Trust Indenture Act. 

Every Holder of Securities, by receiving and holding the same, agrees with the Company and the Trustee that none of the Company, the Trustee, any Paying Agent
or any Security Registrar shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders of Securities in accordance with Section 312(c) of the Trust Indenture Act, regardless of the
source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under Section 312(b) of the Trust Indenture Act. 

Section 7.3 Reports by Trustee.  
 (1) Within
60 days after September 15 of each year commencing with the first September 15 following the first issuance of Securities pursuant to Section 3.1, if required by Section 313(a) of the Trust Indenture Act, the Trustee shall
transmit, pursuant to Section 313(c) of the Trust Indenture Act, a brief report dated as of such September 15 with respect to any of the events specified in said Section 313(a) which may have occurred since the later of the
immediately preceding September 15 and the date of this Indenture. 
 (2) The Trustee shall transmit the reports required by Section 313(a) of the
Trust Indenture Act at the times specified therein. 
 (3) Reports pursuant to this Section shall be transmitted in the manner and to the Persons required by
Sections 313(c) and 313(d) of the Trust Indenture Act. 
 Section 7.4 Reports by Company.  

The Company, pursuant to Section 314(a) of the Trust Indenture Act, shall: 

(1) file with the Trustee, within 15 days after the Guarantor files the same with the Commission, copies of the annual reports and of the information,
documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Guarantor may be required to file with the Commission pursuant to Section 13
or Section 15(d) of the Securities Exchange Act of 1934, as amended; or, if the Guarantor is not required to file information, documents or reports pursuant to either of said Sections, then the Company shall file with the Trustee and the
Guarantor shall file with the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports which may be required pursuant to
Section 13 of the Securities Exchange Act of 1934, as amended, in respect of a security listed and registered on a national securities exchange as may be prescribed from time to time in such rules and regulations; 

(2) file with the Trustee and the Guarantor shall file with the Commission, in accordance with rules and regulations prescribed from time to time by the
Commission, such additional information, documents and reports with respect to compliance by the Company and the Guarantor, with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; and

  
 36 

 (3) transmit within 30 days after the filing thereof with the Trustee, in the manner and to the extent
provided in Section 313(c) of the Trust Indenture Act, such summaries of any information, documents and reports required to be filed by the Guarantor pursuant to paragraph (1) of this Section or by the Company pursuant to paragraph
(2) of this Section as may be required by rules and regulations prescribed from time to time by the Commission. 
 ARTICLE 8 

CONSOLIDATION, AMALGAMATIONS, MERGER AND SALES 

Section 8.1 Company May Consolidate, Etc., Only on Certain Terms.  

The Company shall not consolidate or amalgamate with or merge into any other Person (other than a Subsidiary of the Guarantor), or convey, transfer or lease
its properties and assets as an entirety or substantially as an entirety to any other Person (other than a Subsidiary of the Guarantor), and the Company shall not permit any other Person (other than a Subsidiary of the Guarantor) to consolidate or
amalgamate with or merge into the Company or convey, transfer or lease its properties and assets as an entirety or substantially as an entirety to the Company; unless: 

(1) in case the Company shall consolidate or amalgamate with or merge into another Person or convey, transfer or lease its properties and assets as an
entirety or substantially as an entirety to any Person, the Person formed by such consolidation or amalgamation or into which the Company is merged or the Person which acquires by conveyance or transfer, or which leases, the properties and assets of
the Company as an entirety or substantially as an entirety shall be a Corporation organized and existing under the laws of the United States of America, any state thereof or the District of Columbia, Bermuda, the Cayman Islands, or any other country
which is on the date of this Indenture a member of the Organization for Economic Co-operation and Development or the European Union, and shall expressly assume, by an indenture (or indentures, if at such time
there is more than one Trustee) supplemental hereto, executed by the successor Person and delivered to the Trustee the due and punctual payment of the principal of, any premium and interest (including any Additional Interest) on and any Additional
Amounts with respect to all the Securities and the performance of every obligation in this Indenture and the Outstanding Securities on the part of the Company to be performed or observed and shall provide for conversion or exchange rights in
accordance with the provisions of the Securities of any series that are convertible or exchangeable into Common Stock or other securities; 
 (2) immediately
after giving effect to such transaction, no Event of Default or event which, after notice or lapse of time, or both, would become an Event of Default, shall have occurred and be continuing; 

(3) in the case of the Securities of a series issued to a RenaissanceRe Trust, such transaction is permitted under the related Trust Agreement and does
not give rise to any breach or violation of such Trust Agreement; and 
 (4) either the Company or the successor Person shall have delivered to the
Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental
indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction have been complied with. 

Section 8.2 Successor Person Substituted for Company.  

Upon any consolidation or amalgamation by the Company with or merger of the Company into any other Person or any conveyance, transfer or lease of the
properties and assets of the Company substantially as an entirety to any Person in accordance with Section 8.1, the successor Person formed by such consolidation or amalgamation or into which the Company is merged or to which such conveyance,
transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein; and thereafter,
except in the case of a lease, the predecessor Person shall be released from all obligations and covenants under this Indenture, the Securities. 

Section 8.3 Guarantor May Consolidate, Etc., Only on Certain Terms.  

The Guarantor shall not consolidate or amalgamate with or merge into any other Person (whether or not affiliated with the Guarantor), or convey, transfer or
lease its properties and assets as an entirety or substantially as an entirety to any other Person (whether or not affiliated with the Guarantor), and the Guarantor shall not permit any other Person (whether or not affiliated with the Guarantor) to
consolidate or amalgamate with or merge into the Guarantor or convey, transfer or lease its properties and assets as an entirety or substantially as an entirety to the Guarantor; unless: 

  
 37 

 (1) in case the Guarantor shall consolidate or amalgamate with or merge into another Person or convey,
transfer or lease its properties and assets as an entirety or substantially as an entirety to any Person, the Person formed by such consolidation or amalgamation or into which the Guarantor is merged or the Person which acquires by conveyance or
transfer, or which leases, the properties and assets of the Guarantor as an entirety or substantially as an entirety shall be a Corporation organized and existing under the laws of the United States of America, any state thereof or the District of
Columbia, Bermuda, the Cayman Islands, or any other country which is on the date of this Indenture a member of the Organization for Economic Co-operation and Development or the European Union, and shall
expressly assume, by an indenture (or indentures, if at such time there is more than one Trustee) supplemental hereto, executed by the successor Person and the Company and delivered to the Trustee the due and punctual payment of the principal of,
any premium and interest (including any Additional Interest) on and any Additional Amounts and Additional Sums with respect to all the Securities and the performance of every obligation in this Indenture and the Outstanding Securities on the part of
the Guarantor to be performed or observed and shall provide for conversion or exchange rights in accordance with the provisions of the Securities of any series that are convertible or exchangeable into Common Stock or other securities of the
Guarantor; 
 (2) immediately after giving effect to such transaction, no Event of Default with respect to the Guarantor, or event which, after notice
or lapse of time, or both, would become an Event of Default with respect to the Guarantor, shall have occurred and be continuing; 
 (3) in the case of
the Securities of a series issued to a RenaissanceRe Trust, such transaction is permitted under the related Preferred Securities Guarantee Agreement and does not give rise to any breach or violation of such Preferred Securities Guarantee Agreement;
and 
 (4) either the Guarantor or the successor Person shall have delivered to the Trustee a Guarantor’s Officer’s Certificate and an Opinion
of Counsel, each stating that such consolidation, merger, conveyance, transfer or lease and, if a supplemental 
 indenture is required in connection with
such transaction, such supplemental indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction have been complied with. 

Section 8.4 Successor Person Substituted for Guarantor.  

Upon any consolidation or amalgamation by the Guarantor with or merger of the Guarantor into any other Person or any conveyance, transfer or lease of the
properties and assets of the Guarantor substantially as an entirety to any Person in accordance with Section 8.3, the successor Person formed by such consolidation or amalgamation or into which the Guarantor is merged or to which such
conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Guarantor under this Indenture with the same effect as if such successor Person had been named as the Guarantor herein;
and thereafter, except in the case of a lease, the predecessor Person shall be released from all obligations and covenants under this Indenture, the Securities and the Junior Subordinated Debt Securities Guarantee Agreement. 

ARTICLE 9 
 SUPPLEMENTAL
INDENTURES 
 Section 9.1 Supplemental Indentures without Consent of Holders.  

Without the consent of any Holders of Securities, the Company (when authorized by or pursuant to a Board Resolution), the Guarantor (when authorized by or
pursuant to a Board Resolution by the Guarantor’s Board of Directors) and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, for any of the following purposes: 

(1) to evidence the succession of another Person to the Company or the Guarantor or both the Company and the Guarantor, and the assumption by any such
successor of the covenants of the Company and the Guarantor, as applicable, contained herein and in the Securities; or 
 (2) to add to the covenants of
the Company or the Guarantor or both the Company and the Guarantor for the benefit of the Holders of all or any series of Securities (as shall be specified in such supplemental indenture or indentures) or to surrender any right or power herein
conferred upon the Company or the Guarantor or both the Company and the Guarantor; or 
 (3) to establish the forms or terms of Securities of any series as
permitted by Sections 2.1 and 3.1; or 
 (4) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to
the Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements
of Section 6.9; or 
 (5) to cure any ambiguity or to correct or supplement any provision herein which may be defective or inconsistent with any
other provision herein, or to make any other provisions with respect to matters or questions arising under this Indenture which shall not adversely affect the interests of the Holders of Securities of any series then Outstanding or, in the case of
Securities of a series issued to a RenaissanceRe Trust and for so long as any of the Preferred Securities issued by such RenaissanceRe Trust shall remain outstanding, the holders of such Preferred Securities, in any material respect; or 

  
 38 

 (6) to add to, delete from or revise the conditions, limitations and restrictions on the authorized
amount, terms or purposes of issue, authentication and delivery of Securities, as herein set forth; or 
 (7) to add any additional Events of Default
with respect to all or any series of Securities (as shall be specified in such supplemental indenture); or 
 (8) to supplement any of the provisions of
this Indenture to such extent as shall be necessary to permit or facilitate the defeasance and discharge of any series of Securities pursuant to Article 4, provided that any such action shall not adversely affect the interests of any Holder of an
Outstanding Security of such series or any other Outstanding Security or, in the case of Securities of a series issued to a RenaissanceRe Trust and for so long as any of the Preferred Securities issued by such RenaissanceRe Trust shall remain
outstanding, the holders of such Preferred Securities, in any material respect; or 
 (9) to secure the Securities; or 

(10) to make provisions with respect to conversion or exchange rights of Holders of Securities of any series; or 

(11) to make any amendments or modifications to any of the provisions contained herein or in any supplemental indenture that do not materially adversely
affect the interests of the Holders of any Securities then Outstanding; provided that any amendment or modification that conforms this Indenture or any supplemental indenture, as applied to a series of Securities, to the terms described in the
prospectus (including any prospectus supplement) pursuant to which such Securities were initially sold shall be deemed not to adversely affect the interests of Holders; or 

(12) to provide for any additional guarantees with respect to the Securities of all or any series; or 

(13) to provide for the addition of one or more co-obligors with respect to the Securities of all or any series.

 Section 9.2 Supplemental Indentures with Consent of Holders.  

With the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of each series affected by such supplemental
indenture (and, in the case of any series of Securities held as assets of a RenaissanceRe Trust, such consent of holders of the Preferred Securities and the Common Securities of such RenaissanceRe Trust as may be required under the Trust Agreement
of such RenaissanceRe Trust), by Act of said Holders delivered to the Company and the Trustee, the Company (when authorized by or pursuant to a Company’s Board Resolution), the Guarantor (when authorized by or pursuant to a Board Resolution of
the Guarantor’s Board of Directors) and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of
modifying in any manner the rights of the Holders of Securities of such series under this Indenture or of the Securities of such series; provided, however, that no such supplemental indenture, without the consent of the Holder of each Outstanding
Security affected thereby, shall 
 (1) change the Stated Maturity of the principal of, or any premium or installment of interest (including any
Additional Interest) on or any Additional Amounts with respect to, any Security, or reduce the principal amount thereof (or modify the calculation of such principal amount) or the rate (or modify the calculation of such rate) of interest (including
any Additional Interest) thereon or any Additional Amounts with respect thereto, or any premium payable upon the redemption thereof or otherwise, or change the obligation of the Company to pay Additional Amounts pursuant to the terms hereof (except
as contemplated by Section 8.1(1) and permitted by Section 9.1(1)), or change the redemption provisions or adversely affect the right of repayment at the option of any Holder as contemplated by Article 13, or change the Place of Payment,
Currency in which the principal of, any premium or interest (including any Additional Interest) on, or any Additional Amounts with respect to any Security is payable, or impair the right to institute suit for the enforcement of any such payment on
or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date or, in the case of repayment at the option of the Holder, on or after the date for repayment), or 

(2) reduce the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any such
supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture, or 

(3) modify any of the provisions of this Indenture relating to the subordination of the Securities in respect thereof in a manner adverse to Holders of
Securities, or 
 (4) modify any of the provisions of this Section, Section 5.13 or Section 10.6, except to increase any such percentage or to
provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby, or 

  
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 (5) make any change that adversely affects the right to convert or exchange any Security into or for other
securities (whether or not issued by the Company), cash or property in accordance with its terms, 
 provided that, in the case of the Securities of a
series issued to a RenaissanceRe Trust, so long as any of the Preferred Securities of such RenaissanceRe Trust remain outstanding, no such amendment shall be made that adversely affects the holders of such Preferred Securities, and no termination of
this Indenture shall occur, and no waiver of any Event of Default or compliance with any covenant under this Indenture shall be effective in respect of such Preferred Securities, without the prior consent of the holders of at least a majority of the
liquidation amount of such Preferred Securities then outstanding unless and until the principal of, any premium or, subject to Section 3.7, interest (including any Additional Interest) on, and any Additional Amounts with respect to, the
Securities of such series have been paid in full; and provided further that in the case of the Securities of a series issued to a RenaissanceRe Trust, so long as any of the Preferred Securities of such RenaissanceRe Trust remain outstanding, no
amendment shall be made to Section 5.8 of this Indenture without the prior consent of the holder of each Preferred Security then outstanding unless and until the principal of, any premium or, subject to Section 3.7, interest (including any
Additional Interest) on, and any Additional Amounts with respect to, the Securities of such series have been paid in full. 
 A supplemental indenture which
changes or eliminates any covenant or other provision of this Indenture which shall have been included expressly and solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of
such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series. 

It shall not be necessary for any Act of Holders of Securities or holders of Preferred Securities under this Section to approve the particular form of any
proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
 Section 9.3 Execution of
Supplemental Indentures.  
 As a condition to executing, or accepting the additional trusts created by, any supplemental indenture permitted by
this Article or the modifications thereby of the trust created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 315 of the Trust Indenture Act) shall be fully protected in relying upon, an Opinion of Counsel
stating that the execution of such supplemental indenture is authorized or permitted by this Indenture and an Officers’ Certificate stating that all conditions precedent to the execution of such supplemental indenture have been fulfilled. The
Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 

Section 9.4 Effect of Supplemental Indentures.  

Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture
shall form a part of this Indenture for all purposes; and every Holder of a Security theretofore or thereafter authenticated and delivered hereunder and every holder of a Preferred Security shall be bound thereby. 

Section 9.5 Reference in Securities to Supplemental Indentures.  

Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by
the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee and
the Company, to any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series. 

Section 9.6 Conformity with Trust Indenture Act.  

Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act as then in effect. 

Section 9.7 Effect on Senior Indebtedness.  

No supplemental indenture shall directly or indirectly modify or eliminate the provisions of Article 15 or Article 16, as the case may be, in any manner which
might terminate or impair the subordination of the Securities of any series to Indebtedness of the Company which constitutes Senior Indebtedness with respect to such series without the prior written consent of the holders of such Senior
Indebtedness. 

  
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 Section 9.8 Notice of Supplemental Indenture.  

Promptly after the execution by the Company, the Guarantor and the Trustee of any supplemental indenture pursuant to Section 9.2, the Company shall
transmit to the Holders of Outstanding Securities of any series affected thereby a notice setting forth the substance of such supplemental indenture. 

ARTICLE 10 
 COVENANTS 

Section 10.1 Payment of Principal, any Premium, Interest and Additional Amounts.  

The Company covenants and agrees for the benefit of the Holders of the Securities of each series that it will duly and punctually pay the principal of, any
premium and interest (including any Additional Interest) on and any Additional Amounts with respect to the Securities of such series in accordance with the terms thereof, and this Indenture. 

Section 10.2 Maintenance of Office or Agency.  

The Company shall maintain in each Place of Payment for any series of Securities an Office or Agency where Securities of such series may be presented or
surrendered for payment, where Securities of such series may be surrendered for registration of transfer or exchange, where Securities of such series that are convertible or exchangeable may be surrendered for conversion or exchange, and where
notices and demands to or upon the Company in respect of the Securities of such series relating thereto and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of
such Office or Agency. If at any time the Company shall fail to maintain any such required Office or Agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at
the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands. 

The Company may also from time to time designate one or more other Offices or Agencies where the Securities of one or more series may be presented or
surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an Office or Agency in each
Place of Payment for Securities of any series for such purposes. The Company shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other Office or Agency. Unless otherwise
provided in or pursuant to this Indenture or the related Series Authorization, the Company hereby designates as the Place of Payment for each series of Securities the Borough of Manhattan, The City of New York, and initially appoints the Corporate
Trust Office of the Trustee as the Office or Agency of the Company in the Borough of Manhattan, The City of New York for such purpose. The Company may subsequently appoint a different Office or Agency in the Borough of Manhattan, The City of New
York for the Securities of any series. 
 Unless otherwise specified with respect to any Securities pursuant to Section 3.1, if and so long as the
Securities of any series (i) are denominated in a Foreign Currency or (ii) may be payable in a Foreign Currency, or so long as it is required under any other provision of this Indenture, then the Company will maintain with respect to each
such series of Securities, or as so required, at least one exchange rate agent. 
 Section 10.3 Money for Securities Payments to Be Held in
Trust.  
 If the Company shall at any time act as its own Paying Agent, or if the Guarantor shall act as Paying Agent, with respect to any series
of Securities, it shall, on or before each due date of the principal of, any premium or interest (including any Additional Interest) on or Additional Amounts with respect to any of the Securities of such series, segregate and hold in trust for the
benefit of the Persons entitled thereto a sum in the currency or currencies, currency unit or units or composite currency or currencies in which the Securities of such series are payable (except as otherwise specified pursuant to Section 3.1
for the Securities of such series) sufficient to pay the principal or any premium, interest (including any Additional Interest) or Additional Amounts so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein
provided, and shall promptly notify the Trustee in writing of its action or failure so to act. 
 Whenever the Company shall have one or more Paying Agents
for any series of Securities, it shall, on or prior to each due date of the principal of, any premium or interest (including any Additional Interest) on or any Additional Amounts with respect to any Securities of such series, deposit with any Paying
Agent a sum (in the currency or currencies, currency unit or units or composite currency or currencies described in the preceding paragraph) sufficient to pay the principal and any premium, interest (including any Additional Interest) or Additional
Amounts so becoming due, such sum to be held in trust for the benefit of the Persons entitled thereto, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee in writing of its action or failure so to act. 

  
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 The Company shall cause each Paying Agent for any series of Securities other than the Trustee to execute and
deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent shall: 

(1) hold all sums held by it for the payment of the principal of, any premium or interest (including any Additional Interest) on or any Additional Amounts
with respect to Securities of such series in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as provided in or pursuant to this Indenture or the related Series
Authorization; 
 (2) give the Trustee notice of any default by the Company (or any other obligor upon the Securities of such series) in the making of
any payment of principal of, any premium or interest (including any Additional Interest) on or any Additional Amounts with respect to the Securities of such series; and 

(3) at any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in
trust by such Paying Agent. 
 The Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other
purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same terms as those upon which such sums were held by the
Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such sums. 

Except as otherwise provided herein or pursuant hereto, any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for
the payment of the principal of, any premium or interest (including any Additional Interest) on or any Additional Amounts with respect to any Security of any series and remaining unclaimed for two years after such principal or any such premium or
interest or any such Additional Amounts shall have become due and payable shall be paid to the Company on Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security shall thereafter, as an
unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided,
however, that the Trustee or such Paying Agent, before being required to make any such repayment, at the expense of the Company may cause to be published once, in an Authorized Newspaper in each Place of Payment for such series or to be mailed to
Holders of Registered Securities of such series, or both, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication or mailing nor shall it be later than
two years after such principal and/or any premium or interest or Additional Amounts shall have become due and payable, any unclaimed balance of such money then remaining will be repaid to the Company. 

Section 10.4 Additional Amounts.  
 If any
Securities of a series provide for the payment of Additional Amounts, the Company agrees to pay to the Holder of any such Security Additional Amounts as provided in or pursuant to this Indenture or such Securities. Whenever in this Indenture there
is mentioned, in any context, the payment of the principal of or any premium or interest on, or in respect of, any Security of any series or the net proceeds received on the sale or exchange of any Security of any series, such mention shall be
deemed to include mention of the payment of Additional Amounts provided by the terms of such series established hereby or pursuant hereto to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof
pursuant to such terms, and express mention of the payment of Additional Amounts (if applicable) in any provision hereof shall not be construed as excluding Additional Amounts in those provisions hereof where such express mention is not made. 

Except as otherwise provided in or pursuant to this Indenture or the related Series Authorization, if the Securities of a series provide for the payment of
Additional Amounts, at least 10 days prior to the first Interest Payment Date with respect to such series of Securities (or if the Securities of such series shall not bear interest prior to Maturity, the first day on which a payment of principal is
made), and at least 10 days prior to each date of payment of principal or interest if there has been any change with respect to the matters set forth in the below-mentioned Officers’ Certificate, the Company shall furnish to the Trustee and the
principal Paying Agent or Paying Agents, if other than the Trustee, an Officers’ Certificate instructing the Trustee and such Paying Agent or Paying Agents whether such payment of principal of and premium, if any, or interest on the Securities
of such series shall be made to Holders of Securities of such series who are United States Aliens without withholding for or on account of any tax, assessment or other governmental charge described in the Securities of such series. If any such
withholding shall be required, then such Officers’ Certificate shall specify by country the amount, if any, required to be withheld on such payments to such Holders of Securities, and the Company agrees to pay to the Trustee or such Paying
Agent the Additional Amounts required by the terms of such Securities. The Company covenants to indemnify the Trustee and any Paying Agent for, and to hold them harmless against, any loss, liability or expense reasonably incurred without negligence
or bad faith on their part arising out of or in connection with actions taken or omitted by any of them in reliance on any Officers’ Certificate furnished pursuant to this Section 10.4. 

  
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 Section 10.5 Corporate Existence.  

Subject to Article 8, each of the Company and the Guarantor shall do or cause to be done all things necessary to preserve and keep in full force and effect its
corporate existence and rights (charter and statutory) and franchises; provided, however, that the foregoing shall not obligate the Company or the Guarantor to preserve any such right or franchise if the Company or the Guarantor shall determine that
the preservation thereof is no longer desirable in the conduct of its business and that the loss thereof is not disadvantageous in any material respect to any Holder. 

Section 10.6 Waiver of Certain Covenants.  

The Company and the Guarantor may omit in any particular instance to comply with any term, provision or condition set forth in Section 10.5 with respect
to the Securities of any series if before the time for such compliance the Holders of at least a majority in principal amount of the Outstanding Securities of such series, by Act of such Holders, either shall waive such compliance in such instance
or generally shall have waived compliance with such term, provision or condition, but no such waiver shall extend to or affect such term, provision or condition except to the extent so expressly waived, and, until such waiver shall become effective,
the obligations of the Company and the Guarantor and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect. 

Section 10.7 Company and Guarantor’s Statement as to Compliance; Notice of Certain Defaults.  

(1) The Company and the Guarantor shall deliver to the Trustee, within 120 days after the end of each fiscal year, a written statement (which need not be
contained in or accompanied by an Officers’ Certificate or Guarantor’s Officers’ Certificate) signed by the principal executive officer, the principal financial officer or the principal accounting officer of the Company or the
Guarantor, as the case may be, stating that 
 (a) a review of the activities of the Company or the Guarantor, as the case may be, during such year and
of its performance under this Indenture has been made under his or her supervision, and 
 (b) to the best of his or her knowledge, based on such
review, (i) the Company or the Guarantor, as the case may be, has complied with all the conditions and covenants imposed on it under this Indenture throughout such year (without regard to any period of grace or requirement of notice provided
under this Indenture), or, if there has been a default in the fulfillment of any such condition or covenant, specifying each such default known to him or her and the nature and status thereof, and (ii) no event has occurred and is continuing
which is, or after notice or lapse of time or both would become, an Event of Default, or, if such an event has occurred and is continuing, specifying each such event known to him and the nature and status thereof. 

(2) The Company shall deliver to the Trustee, within five days after the occurrence thereof, written notice of any Event of Default. 

(3) The Trustee shall have no duty to monitor the Company’s compliance with the covenants contained in this Article 10 other than as specifically set
forth in this Section 10.7. 
 Section 10.8 [RESERVED]  

Section 10.9 Additional Sums.  
 In the case of
Securities of a series issued to a RenaissanceRe Trust, except as otherwise specified as contemplated by Section 3.1, in the event that (a) such RenaissanceRe Trust is the Holder of all of the Outstanding Securities of such series,
(b) a Tax Event in respect of such RenaissanceRe Trust shall have occurred and be continuing and (c) the Company shall not have (i) redeemed the Securities of such series pursuant to Section 11.8 or (ii) terminated such
RenaissanceRe Trust pursuant to Section 9.2(b) of the related Trust Agreement, the Company shall pay to such RenaissanceRe Trust (and its permitted successors or assigns under the related Trust Agreement), for so long as such RenaissanceRe
Trust (or its permitted successor or assignee) is the registered holder of any Securities of such series, such additional amounts as may be necessary in order that the amount of Distributions then due and payable by such RenaissanceRe Trust on the
related Preferred Securities and Common Securities that at any time remain outstanding in accordance with the terms thereof shall not be reduced as a result of any Additional Taxes (the “Additional Sums”). Whenever in this Indenture
there is mentioned, in any context, the payment of the principal of or any premium or interest on, or in respect of, any Security of any series or the net proceeds received on the sale or exchange of any Security of any series, such mention shall be
deemed to include mention of the payment of Additional Sums provided by the terms of such series established hereby or pursuant hereto to the extent that, in such context, Additional Sums are, were or would be payable in respect thereof pursuant to
such terms, and express mention of the payment of Additional Sums (if applicable) in any provision hereof shall not be construed as excluding Additional Sums in those provisions hereof where such express mention is not made, provided, however, that
the extension of an interest payment period pursuant to Section 3.11 or the terms of the applicable Securities shall not extend the payment of any Additional Sums that may be due and payable during such interest payment period. 

  
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 Section 10.10 Prohibition Against Dividends, etc.  

Except as otherwise specified as contemplated by Section 3.1, the Company and the Guarantor each covenant and agree with each Holder of Securities of a
series issued to a RenaissanceRe Trust that it will not, and will not permit any of its Subsidiaries to, (a) declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any of
its outstanding capital stock or (b) make any payment of principal of, interest or premium, if any, on or repay, repurchase or redeem any debt security of the Company or the Guarantor, as the case may be, that ranks equal to or junior in
interest to the Securities of such series or the Guarantee in respect thereof, as the case may be, or make any guarantee payments with respect to any guarantee by the Company or the Guarantor, as the case may be, of the debt securities of any
Subsidiary of the Company or the Guarantor, as the case may be, if such guarantee ranks equal to or junior in interest to the Securities of such series or the Guarantee in respect thereof, as the case may be (other than (i) dividends or
distributions in shares of, or options, warrants, rights to subscribe for or purchase shares of, common shares of the Guarantor, (ii) any declaration of a dividend in connection with the implementation of a stockholder’s rights plan of the
Guarantor, or the issuance of stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto, (iii) the purchase of fractional shares resulting from a reclassification of the Guarantor’s
capital stock, (iv) the exchange or conversion of any class or series of the Guarantor’s (or any subsidiary’s) capital stock for another class or series of the Guarantor’s (or any subsidiary’s) capital stock or of any class
or series of the Guarantor’s (or any subsidiary’s) indebtedness pursuant to the terms of the capital stock or indebtedness as originally issued, (v) the purchase of fractional interests in shares of the Guarantor’s capital stock
pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged; and (vi) repurchases, redemptions or other acquisitions of shares of capital stock of the Guarantor or any subsidiary under
any employment agreement or benefit plan for the benefit of the Guarantor’s directors, officers, or employees, or any dividend reinvestment or director, officer or employee stock purchase plan of the Guarantor) if at such time (1) there
shall have occurred any event of which the Company has actual knowledge that (A) with the giving of notice or the lapse of time or both, would constitute an Event of Default hereunder and (B) in respect of which the Company shall not have
taken reasonable steps to cure, (2) the Guarantor shall be in default with respect to its payment of any obligations under the related Preferred Securities Guarantee or (3) the Company shall have given notice of its election to begin an
Extension Period as provided herein with respect to the Securities of such series and shall not have rescinded such notice, or such Extension Period, or any extension thereof, shall be continuing. 

Section 10.11 Payment of Expenses of Each RenaissanceRe Trust.  

The Company and the Guarantor, each jointly and severally, covenant for the benefit of the Holders of each series of Securities to pay or cause to be paid all
of the obligations, costs and expenses of each RenaissanceRe Trust (other than payments in respect of Trust Securities) in accordance with the provisions of its Trust Agreement and to pay the taxes of such RenaissanceRe Trust in accordance with the
provisions of its Trust Agreement in order to permit such RenaissanceRe Trust to make distributions on and redemptions of its Preferred Securities in accordance with such Trust Agreement. 

Section 10.12 Ownership of Common Securities.  

The Company covenants, as to each series of Securities issued to a RenaissanceRe Trust in connection with the issuance of Preferred Securities and Common
Securities by that RenaissanceRe Trust, (a) to maintain directly or indirectly 100% ownership of the Common Securities of such RenaissanceRe Trust; provided, however, that any permitted successor of the Company hereunder may succeed to the
Company’s ownership of such Common Securities, (b) not to voluntarily dissolve, wind-up or liquidate such RenaissanceRe Trust, except in connection with (i) a distribution of the Securities of
such series to the holders of Preferred Securities and Common Securities in liquidation of such RenaissanceRe Trust, (ii) the redemption of all of the Preferred Securities and Common Securities of such RenaissanceRe Trust or (iii) certain
mergers, consolidations or amalgamations, each as permitted by the Trust Agreement of such RenaissanceRe Trust and (c) to use its reasonable efforts, consistent with the terms and provisions of the related Trust Agreement, to cause such
RenaissanceRe Trust to remain classified as a grantor trust and not an association taxable as a corporation for United States federal income tax purposes. 

Section 10.13 Calculation of Original Issue Discount.  

The Company shall file with the Trustee promptly at the end of each calendar year (i) a written notice specifying the amount of original issue discount
(including daily rates and accrual periods) accrued on any Outstanding Original Issue Discount Securities as of the end of such year and (ii) such other specific information relating to such original issue discount as may then be relevant under
the Code, as amended from time to time. 

  
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 ARTICLE 11 

REDEMPTION OF SECURITIES 
 Section 11.1
Applicability of Article.  
 Redemption of Securities of any series as permitted or required by the terms of such Securities shall be made in
accordance with the terms of such Securities and (except as otherwise provided herein or pursuant hereto) this Article. 
 Section 11.2 Election to
Redeem; Notice to Trustee.  
 The election of the Company to redeem any Securities shall be evidenced by or pursuant to a Board Resolution. In
case of any redemption at the election of the Company of (a) less than all of the Securities of any series or (b) all of the Securities of any series, with the same issue date, interest rate or formula, Stated Maturity and other terms, the
Company shall, at least 45 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee in writing of such Redemption Date and of the principal amount of Securities of such
series to be redeemed. If the Securities of a series are held by a RenaissanceRe Trust, the Company shall also deliver a copy of such notice to the Property Trustee of such RenaissanceRe Trust. 

Section 11.3 Selection by Trustee of Securities to be Redeemed.  

If less than all of the Securities of any series with the same issue date, interest rate or formula, Stated Maturity and other terms are to be redeemed, the
particular Securities to be redeemed shall be selected not more than 45 days prior to the Redemption Date by the Trustee from the Outstanding Securities of such series not previously called for redemption, by such method as the Trustee shall deem
fair and appropriate (including, without limitation, by lot or on a pro rata basis) and which may provide for the selection for redemption of portions of the principal amount of Registered Securities of such series; provided, however, that no such
partial redemption shall reduce the portion of the principal amount of a Registered Security of such series not redeemed to less than the minimum denomination for a Security of such series established herein or pursuant hereto. 

The Trustee shall promptly notify the Company and the Security Registrar (if other than itself) in writing of the Securities selected for redemption and, in
the case of any Securities selected for partial redemption, the principal amount thereof to be redeemed. 
 For all purposes of this Indenture, unless the
context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal of such Securities which has been or is to be
redeemed. 
 Unless otherwise specified in or pursuant to this Indenture or the related Series Authorization of any series, if any Security selected for
partial redemption is converted into or exchanged for other securities in part before termination of the conversion or exchange right with respect to the portion of the Security so selected, the converted portion of such Security shall be deemed (so
far as may be) to be the portion selected for redemption. Securities which have been converted or exchanged during a selection of Securities to be redeemed shall be treated by the Trustee as Outstanding for the purpose of such selection. 

Section 11.4 Notice of Redemption.  
 Notice
of redemption shall be given in the manner provided in Section 1.6, not less than 30 nor more than 60 days prior to the Redemption Date, unless a shorter period is specified in the Securities to be redeemed, to the Holders of Securities to be
redeemed. Failure to give notice by mailing in the manner herein provided to the Holder of any Registered Securities designated for redemption as a whole or in part, or any defect in the notice to any such Holder, shall not affect the validity of
the proceedings for the redemption of any other Securities or portion thereof. 
 Any notice that is mailed to the Holder of any Registered Securities in
the manner herein provided shall be conclusively presumed to have been duly given, whether or not such Holder receives the notice. 
 All notices of
redemption shall state: 
 (1) the Redemption Date, and if such Redemption Date is conditional, a description of the event upon which it is conditioned, 

(2) the Redemption Price, 
 (3) if less than all
Outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial redemption, the principal amount) of the particular Security or Securities to be redeemed, 

(4) in case any Security is to be redeemed in part only, the notice which relates to such Security shall state that on and after the Redemption Date, upon
surrender of such Security, the Holder of such Security will receive, without charge, a new Security or Securities of authorized denominations for the principal amount thereof remaining unredeemed, 

(5) that, on the Redemption Date, the Redemption Price shall become due and payable upon each such Security or portion thereof to be redeemed, in the case
of a Registered Security, together with any accrued interest and Additional Amounts pertaining thereto, and that unless the Company shall default in the payment of the Redemption Price and other amounts then due, interest thereon, if applicable,
shall cease to accrue on and after said date, 

  
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 (6) the place or places where such Securities, maturing on or after the Redemption Date, are to be
surrendered for payment of the Redemption Price and any accrued interest and Additional Amounts pertaining thereto, 
 (7) that the redemption is for a
sinking fund, if such is the case, 
 (8) in the case of Securities of any series that are convertible into Common Stock of the Company or exchangeable
for other securities, the conversion or exchange price or rate, the date or dates on which the right to convert or exchange the principal of the Securities of such series to be redeemed will commence or terminate and the place or places where such
Securities may be surrendered for conversion or exchange, and 
 (9) the CUSIP number or the Euroclear or the Clearstream reference numbers of such
Securities, if any (or any other numbers used by a Depository to identify such Securities). 
 A notice of redemption published as contemplated by
Section 1.6 need not identify particular Registered Securities to be redeemed. 
 Notice of redemption of Securities shall be given by the Company or,
at the Company’s request, by the Trustee in the name and at the expense of the Company. 
 Section 11.5 Deposit of Redemption Price.
 
 On or prior to any Redemption Date, the Company shall deposit, with respect to the Securities of any series called for redemption, with the Trustee
or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 10.3) an amount of money in the applicable Currency sufficient to pay the Redemption Price of, and (except if the
Redemption Date shall be an Interest Payment Date, unless otherwise specified pursuant to Section 3.1 or in the Securities of such series) any accrued interest (including any Additional Interest) on and Additional Amounts with respect thereto,
all such Securities or portions thereof which are to be redeemed on that date. 
 Section 11.6 Securities Payable on Redemption Date. 

 Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall, become due and payable on the Redemption Date, at the
Redemption Price therein specified, and from and after such date (unless the Company shall default in the payment of the Redemption Price and any accrued interest or Additional Amounts) such Securities shall cease to bear interest. Upon surrender of
any such Security for redemption in accordance with said notice maturing after the Redemption Date, such Security shall be paid by the Company at the Redemption Price, together with any accrued interest and Additional Amounts to the Redemption Date;
provided, however, that, except as otherwise specified in or pursuant to the related Series Authorization, installments of interest on Registered Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders
of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the Regular Record Dates therefor according to their terms and the provisions of Section 3.7 and installments of interest on Registered
Securities for which the Redemption Date is after a Regular Record Date and on or before the following Interest Payment Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close
of business on the Regular Record Dates therefor according to their terms and the provisions of Section 3.7. 
 If any Security called for redemption
shall not be so paid upon surrender thereof for redemption, the principal and any premium, until paid, shall bear interest from the Redemption Date at the rate prescribed therefor in the Security. 

Section 11.7 Securities Redeemed in Part.  

Any Registered Security which is to be redeemed only in part shall be surrendered at any Office or Agency for such Security (with, if the Company or the
Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing) and the Company shall execute and the
Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Registered Security or Securities of the same series, containing identical terms and provisions, of any authorized denomination as requested by such
Holder in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered. If a Security in global form is so surrendered, the Company shall execute, and the Trustee shall authenticate
and deliver to the U.S. Depository or other Depository for such Security in global form as shall be specified in the Company Order with respect thereto to the Trustee, without service charge, a new Security in global form in a denomination equal to
and in exchange for the unredeemed portion of the principal of the Security in global form so surrendered. 

  
 46 

 Section 11.8 Right of Redemption of Securities Issued to a RenaissanceRe Trust.  

In the case of the Securities of a series issued to a RenaissanceRe Trust, except as otherwise specified as contemplated by Section 3.1, if a Special
Event in respect of such RenaissanceRe Trust shall occur and be continuing, the Company may, at its option, redeem the Securities of such series within 90 days of the occurrence of such Special Event, in whole but not in part, subject to the
provisions of this Section 11.8 and the other provisions of this Article 11. Unless otherwise specified in or pursuant to this Indenture or the Securities of such series, the redemption price for any Security so redeemed pursuant to this
Section 11.8 shall be equal to 100% of the principal amount of such Securities then Outstanding plus accrued and unpaid interest, including any Additional Interest, to the date fixed for redemption. 

ARTICLE 12 
 SINKING FUNDS 

Section 12.1 Applicability of Article.  
 The
provisions of this Article shall be applicable to any sinking fund for the retirement of Securities of a series, except as otherwise permitted or required in or pursuant to this Indenture or any Security of such series issued pursuant to this
Indenture or the related Series Authorization. 
 The minimum amount of any sinking fund payment provided for by the terms of Securities of any series is
herein referred to as a “mandatory sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of such series is herein referred to as an “optional sinking fund
payment”. If provided for by the terms of Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 12.2. Each sinking fund payment shall be applied to the redemption of
Securities of any series as provided for by the terms of Securities of such series and this Indenture. 
 Section 12.2 Satisfaction of Sinking Fund
Payments with Securities.  
 The Company may, in satisfaction of all or any part of any sinking fund payment with respect to the Securities of
any series to be made pursuant to the terms of such Securities (1) deliver Outstanding Securities of such series (other than any of such Securities previously called for redemption or any of such Securities in respect of which cash shall have
been released to the Company) and (2) apply as a credit Securities of such series which have been redeemed either at the election of the Company pursuant to the terms of such series of Securities or through the application of permitted optional
sinking fund payments pursuant to the terms of such Securities, provided that such series of Securities have not been previously so credited. 
 Such
Securities shall be received and credited for such purpose by the Trustee at the Redemption Price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced
accordingly. If, as a result of the delivery or credit of Securities of any series in lieu of cash payments pursuant to this Section 12.2, the principal amount of Securities of such series to be redeemed in order to satisfy the remaining
sinking fund payment shall be less than $100,000, the Trustee need not call Securities of such series for redemption, except upon Company Request, and such cash payment shall be held by the Trustee or a Paying Agent and applied to the next
succeeding sinking fund payment, provided, however, that the Trustee or such Paying Agent shall at the written request of the Company from time to time pay over and deliver to the Company any cash payment so being held by the Trustee or such Paying
Agent upon delivery by the Company to the Trustee of Securities of that series purchased by the Company having an unpaid principal amount equal to the cash payment requested to be released to the Company. 

Section 12.3 Redemption of Securities for Sinking Fund.  

Not less than 75 days prior to each sinking fund payment date for any series of Securities, the Company shall deliver to the Trustee an Officers’
Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that series pursuant to the terms of that series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any,
which is to be satisfied by delivering and crediting of Securities of that series pursuant to Section 12.2, and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and will also deliver to the
Trustee any Securities to be so credited and not theretofore delivered. If such Officers’ Certificate shall specify an optional amount to be added in cash to the next ensuing mandatory sinking fund payment, the Company shall thereupon be
obligated to pay the amount therein specified. Not less than 60 days before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 11.3
and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 11.4. Such notice having been duly given, the redemption of such Securities shall be made upon the terms
and in the manner stated in Sections 11.6 and 11.7. 

  
 47 

 ARTICLE 13 

REPAYMENT AT THE OPTION OF HOLDERS 

Section 13.1 Applicability of Article.  

Securities of any series which are repayable at the option of the Holders thereof before their Stated Maturity shall be repaid in accordance with the terms of
the Securities of such series. The repayment of any principal amount of Securities pursuant to such option of the Holder to require repayment of Securities before their Stated Maturity, for purposes of Section 3.9, shall not operate as a
payment, redemption or satisfaction of the Indebtedness represented by such Securities unless and until the Company, at its option, shall deliver or surrender the same to the Trustee with a written directive that such Securities be cancelled.
Notwithstanding anything to the contrary contained in this Section 13.1, in connection with any repayment of Securities, the Company may arrange for the purchase of any Securities by an agreement with one or more investment bankers or other
purchasers to purchase such Securities by paying to the Holders of such Securities on or before the close of business on the repayment date an amount not less than the repayment price payable by the Company on repayment of such Securities, and the
obligation of the Company to pay the repayment price of such Securities shall be satisfied and discharged to the extent such payment is so paid by such purchasers. 

ARTICLE 14 
 SECURITIES IN FOREIGN
CURRENCIES 
 Section 14.1 Applicability of Article.  

Whenever this Indenture provides for (i) any action by, or the determination of any of the rights of, Holders of Securities of any series in which not all
of such Securities are denominated in the same Currency, or (ii) any distribution to Holders of Securities, in the absence of any provision to the contrary in the form of Security of any particular series or pursuant to this Indenture or the
related Series Authorization, any amount in respect of any Security denominated in a Currency other than Dollars shall be treated for any such action or distribution as that amount of Dollars that could be obtained for such amount on such reasonable
basis of exchange and as of the record date with respect to Registered Securities of such series (if any) for such action, determination of rights or distribution (or, if there shall be no applicable record date, such other date reasonably proximate
to the date of such action, determination of rights or distribution) as the Company may specify in a written notice to the Trustee. 

ARTICLE 15 
 SUBORDINATION OF
SECURITIES 
 Section 15.1 Agreement to Subordinate.  

The Company covenants and agrees, and each Holder of Securities issued hereunder and under any indenture supplemental hereto or pursuant to a Board Resolution
and Officers’ Certificate (“Additional Provisions”) by such Holder’s acceptance thereof likewise covenants and agrees, that all Securities shall be issued subject to the provisions of this Article 15; and each Holder of a
Security, whether upon original issue or upon transfer or assignment thereof, accepts and agrees to be bound by such provisions. 
 The payment by the
Company of the principal of, any premium and interest (including any Additional Interest) on and any Additional Amounts with respect to all Securities of each series issued hereunder and under any Additional Provisions shall, to the extent and in
the manner hereinafter set forth and subject to the provisions of the related Series Authorization, be subordinate in right of payment to the prior payment in full of all Indebtedness of the Company which constitutes Senior Indebtedness, whether
outstanding at the date of this Indenture or thereafter incurred. 
 No provision of this Article 15 shall prevent the occurrence of any default or Event of
Default hereunder. 
 Section 15.2 Default on Senior Indebtedness.  

In the event and during the continuation of any default by the Company in the payment of principal, premium, interest or any other amount due on any Senior
Indebtedness with respect to the Securities of any series, or in the event that the maturity of any Senior Indebtedness with respect to the Securities of any series has been accelerated because of a default, then, in either case, no payment shall be
made by the Company with respect to the principal (including redemption and sinking fund payments) of, any premium or interest (including any Additional Interest) on, or any Additional Amounts with respect to, the Securities of such series or to
acquire such Securities (other than pursuant to the conversion of such Securities). 

  
 48 

 In the event that, notwithstanding the foregoing, any payment shall be received by the Trustee when such
payment is prohibited by the preceding paragraph of this Section 15.2, such payment shall be held in trust for the benefit of, and shall be paid over or delivered to, the holders of such Senior Indebtedness or their respective representatives,
or to the trustee or trustees under any indenture pursuant to which any of such Senior Indebtedness may have been issued, as their respective interests may appear, but only to the extent that the holders of such Senior Indebtedness (or their
representative or representatives or a trustee) notify the Trustee in writing within 90 days of such payment of the amounts then due and owing on such Senior Indebtedness and only the amounts specified in such notice to the Trustee shall be paid to
the holders of such Senior Indebtedness. 
 Section 15.3 Liquidation; Dissolution; Bankruptcy.  

Upon any payment by the Company or distribution of assets of the Company of any kind or character, whether in cash, property or securities, to creditors upon
any total or partial liquidation, dissolution, winding-up, reorganization, assignment for the benefit of creditors or marshaling of assets of the Company, whether voluntary or involuntary, or in bankruptcy,
insolvency, receivership or other similar proceedings relating to the Company or its assets, all amounts due upon all Senior Indebtedness with respect to the Securities of any series shall first be paid in full, or payment thereof provided for in
money in accordance with its terms, before any payment is made by the Company on account of the principal of, premium or interest (including any Additional Interest) on, or Additional Amounts with respect to, the Securities of such series; and in
any such case, any payment by the Company, or distribution of assets of the Company of any kind or character, whether in cash, property or securities, to which the Holders or the Trustee (on behalf of Holders with respect to the principal of,
premium or interest on or Additional Amounts with respect to, the Securities of such Series) would be entitled to receive from the Company, except for the provisions of this Article 15, shall be paid by the Company or by any receiver, trustee in
bankruptcy, liquidating trustee, agent or other Person making such payment or distribution, or by the Holders or by the Trustee under this Indenture if received by them or it, directly to the holders of such Senior Indebtedness (pro rata to such
holders having equal seniority on the basis of the respective amounts of such Senior Indebtedness held by such holders, as calculated by the Company) or their representative or representatives, or to the trustee or trustees under any indenture
pursuant to which any instruments evidencing such Senior Indebtedness may have been issued, as their respective interests may appear, to the extent necessary to pay such Senior Indebtedness in full, in money or money’s worth, after giving
effect to any concurrent payment or distribution to or for the holders of such Senior Indebtedness, before any payment or distribution is made to the Holders of the Securities of such series or to the Trustee. 

In the event that, notwithstanding the foregoing, any payment or distribution of assets of the Company of any kind or character, whether in cash, property or
securities, prohibited by the foregoing shall be received by the Trustee before all such Senior Indebtedness is paid in full, or provision is made for such payment in money in accordance with its terms, such payment or distribution shall be held in
trust for the benefit of and shall be paid over or delivered to the holders of such Senior Indebtedness or their representative or representatives, or to the trustee or trustees under any indenture pursuant to which any instruments evidencing such
Senior Indebtedness may have been issued, as their respective interests may appear, as calculated by the Company, for application to the payment of all such Senior Indebtedness remaining unpaid to the extent necessary to pay such Senior Indebtedness
in full in money in accordance with its terms, after giving effect to any concurrent payment or distribution to or for the benefit of the holders of such Senior Indebtedness. 

For purposes of this Article 15, the words “cash, property or securities” shall not be deemed to include shares of stock of the Company as
reorganized or readjusted, or securities of the Company or any other corporation provided for by a plan of reorganization or readjustment, the payment of which is subordinated at least to the extent provided in this Article 15 with respect to the
Securities of the relevant series to the payment of all Senior Indebtedness with respect to the Securities of such series that may at the time be outstanding, provided that (i) such Senior Indebtedness is assumed by the new corporation, if any,
resulting from any such reorganization or readjustment, and (ii) the rights of the holders of such Senior Indebtedness are not, without the consent of such holders, altered by such reorganization or readjustment. The consolidation or
amalgamation of the Company with, or the merger of the Company into, another Person or the liquidation or dissolution of the Company following the conveyance, transfer or lease of its property as an entirety, or substantially as an entirety, to
another Person upon the terms and conditions provided for in Article 8 of this Indenture shall not be deemed a dissolution, winding-up, liquidation or reorganization for the purposes of this Section 15.3
if such other Person shall, as a part of such consolidation, amalgamation, merger, conveyance or transfer, comply with the conditions stated in Article 8 of this Indenture. 

Section 15.4 Subrogation.  
 Subject to the
payment in full of all Senior Indebtedness with respect to the Securities of any series, the rights of the Holders of the Securities of such series shall be subrogated to the rights of the holders of such Senior Indebtedness to receive payments or
distributions of cash, property or securities of the Company applicable to such Senior Indebtedness until the principal of, any premium and interest (including any Additional Interest) on, and any Additional Amounts with respect to, the Securities
of such series shall be paid in full; and, for the purposes of such subrogation, no payments or distributions to the holders of such Senior Indebtedness of any 

  
 49 

 
cash, property or securities to which the Holders or the Trustee would be entitled except for the provisions of this Article 15, and no payment over pursuant to the provisions of this Article 15
to or for the benefit of the holders of such Senior Indebtedness by Holders of the Securities of such series or the Trustee, shall, as between the Company, its creditors other than holders of such Senior Indebtedness, and the Holders of the
Securities of such series, be deemed to be a payment by the Company to or on account of such Senior Indebtedness. It is understood that the provisions of this Article 15 are and are intended solely for the purposes of defining the relative rights of
the Holders of the Securities of each series, on the one hand, and the holders of the Senior Indebtedness with respect to the Securities of such series on the other hand. 

Nothing contained in this Article 15 or elsewhere in this Indenture, any Additional Provisions or in the Securities of any series is intended to or shall
impair, as between the Company, its creditors other than the holders of Senior Indebtedness with respect to the Securities of such series, and the Holders of the Securities of such series, the obligation of the Company, which is absolute and
unconditional, to pay to the Holders of the Securities of such series the principal of, any premium and interest (including any Additional Interest) on, and any Additional Amounts with respect to, the Securities of such series as and when the same
shall become due and payable in accordance with their terms, or is intended to or shall affect the relative rights of the Holders of the Securities of such series and creditors of the Company, other than the holders of such Senior Indebtedness, nor
shall anything herein or therein prevent the Trustee or the Holder of any Security of such series from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this Article
15 of the holders of such Senior Indebtedness in respect of cash, property or securities of the Company, as the case may be, received upon the exercise of any such remedy. 

Upon any payment or distribution of assets of the Company referred to in this Article 15, the Trustee, subject to the provisions of Article 6 of this
Indenture, and the Holders shall be entitled to conclusively rely upon any order or decree made by any court of competent jurisdiction in which such dissolution, winding-up, liquidation or reorganization
proceedings are pending, or a certificate of the receiver, trustee in bankruptcy, liquidation trustee, agent or other Person making such payment or distribution, delivered to the Trustee or to the Holders of the Securities of any series, for the
purposes of ascertaining the Persons entitled to participate in such distribution, the holders of Senior Indebtedness with respect to the Securities of such series and other indebtedness of the Company, as the case may be, the amount thereof or
payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article 15. 
 Section 15.5
Trustee to Effectuate Subordination.  
 Each Holder of Securities by such Holder’s acceptance thereof authorizes and directs the Trustee
on such Holder’s behalf to take such action as may be necessary or appropriate to effectuate the subordination provided in this Article 15 and appoints the Trustee such Holder’s attorney-in-fact for any and all such purposes. 
 Section 15.6 Notice by the Company.  

The Company shall give prompt written notice to a Responsible Officer of the Trustee of any fact known to the Company that would prohibit the making of any
payment of monies to or by the Trustee in respect of the Securities of any series pursuant to the provisions of this Article 15. Notwithstanding the provisions of this Article 15 or any other provision of this Indenture or any Additional Provisions,
the Trustee shall not be charged with knowledge of the existence of any facts that would prohibit the making of any payment of monies to or by the Trustee in respect of the Securities of any series pursuant to the provisions of this Article 15,
unless and until a Responsible Officer of the Trustee shall have received written notice thereof from the Company or a holder or holders of Senior Indebtedness with respect to the Securities of such series or from any trustee therefor; and before
the receipt of any such written notice, the Trustee, subject to the provisions of Article 6 of this Indenture, shall be entitled in all respects to assume that no such facts exist; provided, however, that if the Trustee shall not have received the
notice provided for in this Section 15.6 at least two Business Days prior to the date upon which by the terms hereof any money may become payable for any purpose (including, without limitation, the payment of the principal of, any premium or
interest (including any Additional Interest) on, or any Additional Amounts with respect to, any Security of such series), then, anything herein contained to the contrary notwithstanding, the Trustee shall have full power and authority to receive
such money and to apply the same to the purposes for which they were received, and shall not be affected by any notice to the contrary that may be received by it within two Business Days prior to such date. 

The Trustee, subject to the provisions of Article 6 of this Indenture, shall be entitled to conclusively rely on the delivery to it of a written notice by a
Person representing himself to be a holder of Senior Indebtedness with respect to the Securities of any series (or a trustee on behalf of such holder), to establish that such notice has been given by a holder of such Senior Indebtedness or a trustee
on behalf of any such holder or holders. In the event that the Trustee determines in good faith that further evidence is required with respect to the right of any Person as a holder of such Senior Indebtedness to participate in any payment or
distribution pursuant to this Article 15, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of such Senior Indebtedness held by such Person, the extent to which such Person is
entitled to participate in such payment or distribution and any other facts pertinent to the rights of such Person under this Article 15, and, if such evidence is not furnished, the Trustee may defer any payment to such Person pending judicial
determination as to the right of such Person to receive such payment. 

  
 50 

 Upon any payment or distribution of assets of the Company referred to in this Article 15, the Trustee and
the Holders shall be entitled to conclusively rely upon any order or decree entered by any court of competent jurisdiction in which such insolvency, bankruptcy, receivership, liquidation, reorganization, dissolution,
winding-up or similar case or proceeding is pending, or a certificate of the trustee in bankruptcy, liquidating trustee, custodian, receiver, assignee for the benefit of creditors, agent or other Person making
such payment or distribution, delivered to the Trustee or to the Holders of the Securities of any series, for the purpose of ascertaining the Persons entitled to participate in such payment or distribution, the holders of Senior Indebtedness with
respect to the Securities of such series and other indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article 15. 

Section 15.7 Rights of the Trustee; Holders of Senior Indebtedness.  

The Trustee in its individual capacity shall be entitled to all the rights set forth in this Article 15 in respect of any Senior Indebtedness with respect to
the Securities of any series at any time held by it, to the same extent as any other holder of such Senior Indebtedness, and nothing in this Indenture or any Additional Provisions shall deprive the Trustee of any of its rights as such holder. 

With respect to the holders of Senior Indebtedness with respect to the Securities of any series, the Trustee undertakes to perform or to observe only such of
its covenants and obligations as are specifically set forth in this Article 15, and no implied covenants or obligations with respect to the holders of such Senior Indebtedness shall be read into this Indenture or any Additional Provisions against
the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of such Senior Indebtedness and, subject to the provisions of Article 6 of this Indenture, the Trustee shall not be liable to any holder of such Senior
Indebtedness if it shall pay over or deliver to Holders of the Securities of such series, the Company or any other Person money or assets to which any holder of such Senior Indebtedness shall be entitled by virtue of this Article 15 or otherwise.

 Nothing in this Article 15 shall apply to claims of, or payments to, the Trustee under or pursuant to Section 6.6. 

Section 15.8 Subordination May Not Be Impaired.  

No right of any present or future holder of any Senior Indebtedness to enforce subordination as herein provided shall at any time in any way be prejudiced or
impaired by any act or failure to act on the part of the Company, or by any act or failure to act, in good faith, by any such holder, or by any noncompliance by the Company with the terms, provisions and covenants of this Indenture, regardless of
any knowledge thereof that any such holder may have or otherwise be charged with. 
 Without in any way limiting the generality of the foregoing paragraph,
the holders of Senior Indebtedness with respect to the Securities of any series may, at any time and from time to time, without the consent of or notice to the Trustee or the Holders of Securities of such series, without incurring responsibility to
such Holders and without impairing or releasing the subordination provided in this Article 15 or the obligations hereunder of the Holders of the Securities of such series to the holders of such Senior Indebtedness, do any one or more of the
following: (i) change the manner, place or terms of payment or extend the time of payment of, or renew or alter, such Senior Indebtedness, or otherwise amend or supplement in any manner such Senior Indebtedness or any instrument evidencing the
same or any agreement under which such Senior Indebtedness is outstanding; (ii) sell, exchange, release or otherwise deal with any property pledged, mortgaged or otherwise securing such Senior Indebtedness; (iii) release any Person liable
in any manner for the collection of such Senior Indebtedness; and (iv) exercise or refrain from exercising any rights against the Company and any other Person. 

Section 15.9 Application by Trustee of Assets Deposited with It.  

Amounts deposited in trust with the Trustee pursuant to and in accordance with this Indenture, including without limitation pursuant to Article 4 hereof, shall
be for the sole benefit of the Holders of the Securities and, to the extent allocated for the payment of Securities, shall not be subject to the subordination provisions of this Article 15. Otherwise, any deposit of assets with the Trustee or any
Paying Agent (whether or not in trust) for the payment of any Securities shall be subject to the provisions of Sections 15.1, 15.2, and 15.3; provided that, if prior to two Business Days preceding the date on which by the terms of this Indenture any
such assets may become distributable for any purpose (including, without limitation, the payment of any amount due on any Security) the Trustee or such Paying Agent shall not have received with respect to such assets the written notice provided for
in Section 15.6, then the Trustee or such Paying Agent shall have full power and authority to receive such assets and to apply the same to the purpose for which they were received, and shall not be affected by any notice to the contrary which
may be received by it on or after such date. 

  
 51 

 ARTICLE 16 

GUARANTEE AND INDEMNITY 
 Section 16.1
The Guarantee.  
 The Guarantor hereby unconditionally guarantees to each Holder of a Security authenticated and delivered by the Trustee all
obligations of the Company under this Indenture in accordance with the terms of the Junior Subordinated Debt Securities Guarantee Agreement applicable thereto. 

Section 16.2 Subordination of Guarantee.  

Each Holder of Securities issued hereunder agrees that the payment by the Guarantor pursuant to the Guarantee with respect to all Securities of each series
issued hereunder, shall be subordinate in right of payment to the extent and in the manner set forth in Sections 6.2 and 6.3 of the Junior Subordinated Debt Securities Guarantee Agreement. 

[The remainder of this page is intentionally blank] 

  
 52 

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of the day and year
first above written. 
  

							
	RENAISSANCERE FINANCE INC., as Issuer	  	                	  	

							
				
	By:	 	  
	  	                	  	Witnessed by:
	Name:	 		  		  	
	Title:	 		  	                	  	  

Name:

							
			
	RENAISSANCERE HOLDINGS LTD., as Guarantor	  	                	  	

							
				
	By:	 	  
	  	                	  	Witnessed by:
	Name:	 		  		  	
	Title:	 		  		  	  

Name:

							
			
	[                ], as Trustee	  	                	  	

							
				
	By:	 	  
	  	                	  	Witnessed by:
	Name:	 		  		  	
	Title:	 		  		  	  
 Name:Exhibit

Exhibit 10.1

Legacy Reserves 2019 Key Employee Incentive Plan
1.Effective Date, Term, and Purpose. This 2019 Key Employee Incentive Plan (the “Plan”) of Legacy Reserves Services, LLC (“Employer,” together with Employer’s parents, subsidiaries and/or affiliates, the “Company”) is effective on the date (the “Effective Date”) of the Plan’s approval by the Board of Directors of Legacy Reserves, Inc. (the “Board”).  The Plan provides each Participant (as defined in Section 2 below) with the opportunity to receive a series of cash payments (each, an “Incentive Award”) upon the achievement of specified goals in connection with certain performance conditions of the Company pursuant to the terms and conditions set forth herein.  The Incentive Awards are intended to ensure the continued, collective efforts of the participating key employees and to incentivize the Participants to work towards outcomes that are aligned with those of relevant Company stakeholders during the Company’s restructuring efforts.  The Plan shall remain in effect until the payment of all Incentive Awards that become payable hereunder, subject to the conditions and terms of the Plan.

2.Participants Covered.  The participants in the Plan (each a “Participant”) shall be those key employees of the Company who are designated for participation in the Plan by the Board (or the Committee, as defined in Section 7 below), as initially set forth on Exhibit A.

3.Definitions.

		
	a.
	“Cause,” with respect to a given Participant, shall have the meaning set forth in such Participant’s employment agreement in effect as of the Effective Date (whether or not such employment agreement remains in effect at the time of Participant’s termination), except that if the Participant’s employment agreement is superseded by a subsequent or amended employment agreement that includes a definition of “Cause,” then “Cause” shall have the meaning set forth in such subsequent or amended employment agreement.

		
	b.
	“Code” means the Internal Revenue Code of 1986, as amended from time to time.

		
	c.
	“Committee” shall have the meaning specified in Section 7.

		
	d.
	“Development Capital” means capital expended to expand the Company’s operations, as recorded in accordance with the Company’s usual accounting practices, as such figures may be adjusted for M&A activity at the discretion of the Company, as approved by the Board (or the Committee).

		
	e.
	“EBITDA,” for purposes of this Plan, means the Company’s Adjusted EBITDA as determined on a basis consistent with that reported in the Company’s 10-Q before (i) expenses incurred for professional services firms engaged or paid by the Company pursuant to its restructuring activities (including but not limited to Alvarez & Marsal, Sidley Austin, Perella Weinberg Partners, and Tudor Pickering Holt) and (ii) any payments to employees pursuant to (A) this Plan, (B) the Employer’s Key Employee Retention Plan, or (C) the Retention Agreements entered into with certain executives in or about May 2019; as such figures may be adjusted for M&A activity at the discretion of the Company, as approved by the Board (or the Committee).

		
	f.
	“Incentive Awards” shall have the meaning specified in Section 1. 

		
	g.
	“Incentive Components” shall have the meaning specified in Section 4(a).

		
	h.
	“LOE” means the Company’s lease operating expenses, as recorded in accordance with the Company’s usual accounting practices, as such figures may be adjusted for M&A activity at the discretion of the Company, as approved by the Board (or the Committee).

		
	i.
	“Participant” means each person identified on Exhibit A hereto. 

		
	j.
	“Performance Period” means each of: (i) January 1, 2019 through March 31, 2019 (the “First Performance Period”); (ii) April 1, 2019 through June 30, 2019 (the “Second Performance Period”); (iii) July 1, 2019 through September 30, 2019 (the “Third Performance Period”); and (iv) October 1, 2019 through December 31, 2019 (the “Fourth Performance Period”).

		
	k.
	“Production” means the amount of oil, natural gas, and natural gas liquids produced by the Company, expressed in MBoe (thousand barrels of oil equivalent), as such figures may be adjusted for M&A activity at the discretion of the Company, as approved by the Board (or the Committee).

		
	l.
	“Terminating Performance Period” shall have the meaning specified in Section 5. 

		
	m.
	“Target Incentive Award” shall have the meaning specified in Section 4(b).

		
	n.
	“Total and Permanent Disability” shall have the meaning specified in Section 5.

		
	o.
	“True-Up Level” shall have the meaning specified in Section 4(c)(iii).

4.Incentive Award Payments and Conditions.  The Plan offers each Participant the opportunity to earn Incentive Awards at quarterly intervals based upon performance relative to four components as set forth below, with the payment for the Fourth Performance Period subject to an annual “true-up” adjustment based on cumulative performance over the entirety of 2019, subject to the conditions and forfeiture terms set forth herein.  

		
	a.
	Types of Incentive Awards.  Participants are eligible to receive Incentive Awards based upon the Company’s performance relative to four separate components: (i) EBITDA; (ii) LOE; (iii) Production; and (iv) Development Capital (collectively, the “Incentive Components”).  Each of the Incentive Components provides opportunities for Participants to receive Incentive Awards at quarterly intervals for performance relative to specific pre-established goals for the EBITDA, LOE, Production, and Development Capital components (subject to the adjustment of such goals for M&A activity at the discretion of the Company, as approved by the Board (or the Committee)).  The goals, including, threshold, target and stretch goals, for EBITDA, LOE, Production, and Development Capital with respect to each Performance Period are set forth in Exhibit B.

		
	b.
	Target Amount of Incentive Awards.  The Plan establishes a “Target Incentive Award” for each Participant, representing the designated payout if the Company’s performance is at the targeted goals.  The Target Incentive Award is divided into four equal target amounts corresponding to each of the Incentive Components:  EBITDA, LOE, Production, and 

Development Capital.  On an annual basis, each target with respect to the four Incentive Components shall equal one-quarter (1/4 or 25%) of the total Target Incentive Award set forth next to each Participant’s name in Exhibit A.  The Target Incentive Award, and its subsidiary target amounts with respect to each Incentive Component, shall be divided equally to arrive at equal quarterly amounts for each of the four Performance Periods.

		
	c.
	Payout of Incentive Awards.  

		
	i.
	Payouts Generally.  Participants are eligible to receive varying payout levels of Incentive Awards with respect to each Incentive Component (ranging from 50% to 200% of the quarterly target with respect to each Incentive Component) for each of the Performance Periods, determined by reference to the Company’s performance relative to the goals set forth in Exhibit B with respect to each Incentive Component; provided, however, that if the threshold goal is not reached with respect to a particular Incentive Component for a particular Performance Period, then no Incentive Award shall be payable with respect to such Incentive Component for such Performance Period, subject only to the “true-up” adjustment set forth in Section 4(c)(iii).  

		
	ii.
	Quarterly Payouts for Each Performance Period.  Each quarterly Incentive Award payout (the “Incentive Payout Amount”) shall be calculated by comparing the Company’s performance with respect to each Incentive Component against the threshold, target and stretch goals set forth in Exhibit B, utilizing straight-line interpolation between the Company’s actual performance and the level of Incentive Award payout designated for the Company’s performance relative to its pre-established goals to calculate the percentage of the quarterly Target Incentive Award achieved with respect to each Incentive Component.  As soon as practicable after the end of each Performance Period, the Committee shall compare the Company’s actual performance during the Performance Period against the goals set forth in Exhibit B with respect to each Incentive Component to determine an Incentive Payout Amount with respect to each Incentive Component for the relevant Performance Period.  For the avoidance of doubt, performance at the threshold goal equates to payout at 50% of the targeted amount, performance at the target goal equates to payout at 100% of the targeted amount, and performance at the stretch goal equates to payout at the maximum payout level of 200% of the targeted amount.  

		
	iii.
	True-Up Adjustment.  Notwithstanding the foregoing, with respect to the Fourth Performance Period, the Committee shall adjust the Incentive Payout Amount, either increasing or decreasing the amount, to account for the Company’s actual performance during 2019 against the annual goals set forth in Exhibit C with respect to each Incentive Component, to ensure that the total of the payments made to the Participants under this Plan is consistent with the Company’s annual performance.  Specifically, the Committee shall compare the Company’s 2019 performance with respect to a given Incentive Component against the threshold, target and maximum goals set forth in Exhibit C, utilizing straight-line interpolation between the Company’s actual performance and the level of Incentive Award payout designated for the Company’s performance relative to its pre-established goals to calculate the payout percentage achieved on an annual basis with respect to each Incentive Component.  Such percentage shall then be applied to the cumulative targeted amount for all Performance Periods with respect to such Incentive Component to arrive at a “True-

Up Level” for each Incentive Component.  With respect to each Incentive Component, the Company shall subtract (x) the sum of all Incentive Payout Amounts actually paid to the Participant (or, with respect to the Fourth Performance Period, the amount proposed to be paid according to the calculations set forth in Section 4(c)(i)-(ii)) with respect to such Incentive Component for the current and all prior Performance Periods from (y) the True-Up Level, and the difference, whether positive or negative, shall be applied to the Incentive Payout Amount for the Fourth Performance Period.  For the avoidance of doubt, if the application of this adjustment would result in a negative Incentive Payout Amount for the Fourth Performance Period, the Incentive Payout Amount for the Fourth Performance Period shall be zero ($0.00) and the Participant will not be required to return any prior payments.

		
	iv.
	Timing of Payouts.  If payable, the Incentive Award for each Performance Period, calculated as set forth above, will be paid by the Employer within sixty (60) days after the conclusion of the relevant Performance Period.

5.Termination of Employment.  In the event that a Participant’s employment with the Company is terminated by the Company without Cause, or due to the Participant’s death or “Total and Permanent Disability” (within the meaning of Section 409A of the Code and the regulations thereunder), at any time prior to the end of a Performance Period (the specific performance period during which termination occurs is referred to herein as the “Terminating Performance Period”), the Employer shall, subject to the conditions stated herein, pay to the Participant a pro-rated portion of the Incentive Awards with respect to each Incentive Component for the Terminating Performance Period, as further set forth herein.  In order to receive any such payment following the Participant’s termination of employment without Cause or due to the Participant’s death or Total and Permanent Disability, the Participant (or, if the Participant has died, his or her executor, administrator or other legal representative) must first execute a general release and waiver agreement in favor of the Company within the timeframe designated by the Company (which shall not be less than twenty-one days after the Company presented such release), the Participant must not revoke such release within the time period provided for revocation, and the Participant must remain in compliance with, and not breach, such release agreement or any post-employment obligations Participant owes to the Company, including, without limitation, any non-competition, non-solicitation, or confidentiality obligations contained in any written agreement between the Participant and the Company.  In such event, the Participant will receive payment of each Incentive Award as soon as practicable following the later of the expiration of the aforementioned revocation period and the date by which the calculation of such Incentive Award becomes determinable; provided, however, that such payment will be made no later than sixty (60) days following the conclusion of the relevant Performance Period.  The amount(s) to be paid to such Participant shall be equal to (i) any such Incentive Awards that would have been earned under the Plan had the Participant been employed through the end of the Terminating Performance Period, divided by (ii) the number of days from the start of the Terminating Performance Period through the end of the Terminating Performance Period, multiplied by (iii) the number of days from the start of the Terminating Performance Period through the end of Participant’s active period of employment with the Company.  For the avoidance of doubt, if a Participant’s employment with the Company is terminated prior to the end of a Terminating Performance Period other than by the Company without Cause and not due to the Participant’s death or Total and Permanent Disability (including without limitation if the Participant voluntarily terminates his or her employment with the Company or if a Participant is terminated by the Company with Cause), or if the Participant violates any release agreement or any post-employment obligations Participant owes to the Company, including, without limitation, any non-competition, non-solicitation, or confidentiality obligations contained in any written agreement between the Participant and the Company, then such Participant shall automatically and permanently forfeit all rights under the Plan and shall not be eligible for any further payments.

6.Tax Consequences and Section 409A.  In connection with participation in the Plan and the receipt of any Incentive Awards, the Participant shall be solely responsible for all federal, state, and local tax liabilities including, without limitation, income taxes, any additional taxes imposed under the Code, any excise taxes (including those imposed on golden parachute payments under Section 4999 of the Code), and the employee portion of employment taxes, except as may otherwise be provided in any written employment agreement between the Participant and the Company.  Employer and the Company make no warranty concerning the tax treatment of any payment of Incentive Awards; each Participant should consult his or her tax advisor regarding the appropriate tax treatment of Incentive Awards.  Each Incentive Award payment due under this Plan is intended to be exempt from Section 409A of the Code as a “short-term deferral,” within the meaning of Treasury Regulation 1.409A-1(a)(4), and shall be considered to be a separate payment for purposes of Section 409A.  The Committee shall interpret and administer the Plan accordingly, and shall have complete discretion to make any determination and to take any determination that avoids any violation of Section 409A.  However, Employer and the Company make no representations concerning Section 409A or any related or other federal, state or local tax law.

7.Miscellaneous.

		
	a.
	Administration.  Employer, acting through the Board or a Compensation Committee appointed by the Board (in either case, the “Committee”), shall administer the Plan, shall in such capacity be responsible for the general administration and management of the Plan, and shall have all powers and duties necessary to fulfill its responsibilities, including the discretion to determine all questions relating to the eligibility of employees to collect Incentive Awards, and the calculation and payment of all such Incentive Awards.  The Committee shall accordingly have the discretion to interpret or construe ambiguous, unclear, or implied (but omitted) terms in any fashion the Committee deems to be appropriate in its sole and absolute discretion, to revise any form associated with this Plan in any manner that the Committee determines to be appropriate, and to make any findings of fact needed in the administration of the Plan.  The validity of any such interpretation, construction, decision, or finding of fact shall not be given de novo review if challenged in court, by arbitration, or in any other forum, and shall instead be upheld unless clearly arbitrary or capricious.  The Committee’s prior exercise of discretionary authority shall not obligate it to exercise its authority in a like fashion thereafter.  Unless arbitrary and capricious, all actions taken and all determinations made by the Committee shall be final and binding on all persons claiming any interest in or under the Plan.

		
	b.
	Manner of Payment and Tax Withholding. Any amounts payable under this Plan shall be paid to Participants in the same manner as they receive regular payroll (or by mail to the last known address of any Participant whose employment has terminated).  The Employer will deduct from any Incentive Award payment all required withholdings for state, federal, and local employment, income, payroll, or other taxes.

		
	c.
	No Guarantee of Employment or Other Benefits. Except for Participants subject to a written employment agreement which states otherwise, employment with Employer is on an “at will” basis.  This means that the employment relationship may be terminated at any time by either the Participant or Employer for any reason not expressly prohibited by law.  Any representation to the contrary is invalid and unenforceable and should not be relied upon, unless set forth in a written contract of employment, signed on behalf of Employer by an authorized officer.  Participation in this Plan and the receipt of benefits under this Plan shall not automatically be deemed employment for purposes of any other employee benefit plan including, without 

limitation, participation in (i) any other benefit plan such as medical, dental, disability or other welfare benefit plan, (ii) any retirement or 401(k) plan, or (iii) any other type of benefit.  Nothing in this Plan shall be deemed to alter or affect any terms and conditions of any Participant’s written employment agreement with the Employer.

		
	d.
	Governing Law.  This Plan shall be governed by and construed and enforced in accordance with the laws of the State of Texas, without reference to conflict of law principles which would require application of the law of another jurisdiction (except to the minimum extent that the law of the State of Texas specifically and mandatorily requires otherwise).

		
	e.
	Notices.  All notices, requests, demands and other communications required or permitted to be given under this Plan shall be in writing and shall be deemed given (i) when personally delivered to the recipient (provided a written acknowledgement of receipt is obtained), (ii) one (1) business day after being sent by a nationally recognized overnight courier (provided that a written acknowledgement of receipt is obtained by the overnight courier) or (iii) four (4) business days after mailing by certified or registered mail, postage prepaid, return receipt requested, to the party concerned at the address indicated below (or such other address as the recipient shall specify by ten days’ advance written notice given in accordance with this Section 7(e)):

To the Employer:
Legacy Reserves Services LLC
Attn: Bert Ferrara
303 W Wall St, Suite 1800
Midland, TX 79701
With a copy to:
Sidley Austin LLP
Attn: George J. Vlahakos
1000 Louisiana Street, Suite 6000
Houston, TX  77002
To the Participant:
The last address shown in the Company’s employment records.
		
	f.
	Successors and Assigns.  Employer shall be entitled to assign this Plan to its affiliates and shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of Employer to assume and agree to perform this Agreement in the same manner and to the same extent that the Employer would have been required to perform it if no such succession had taken place; provided, however, such assignment or assumption shall not relieve the Employer of its obligations under the 

Plan.  No rights or benefits under this Plan may be assigned by any Participant without Employer’s (or its assignee’s) prior written consent.

		
	g.
	Anti-alienation Clause.  No payment under the Plan may be anticipated, assigned (either at law or in equity), alienated, or subject to attachment, garnishment, levy, execution or other legal or equitable process whether pursuant to a “qualified domestic relations order” as defined in Section 414(p) of the Code or otherwise.

		
	h.
	Amendment and Termination.  Employer, through the Board or the Committee, may amend this Plan at any time and from time to time, and may terminate this Plan at any time; provided that any amendment or termination that adversely and materially affects a Participant will be subject to the Participant’s written consent thereto.

		
	i.
	Indemnification of Administrator.  Employer agrees to indemnify and to defend to the fullest extent permitted by law any employee of the Company serving on the Board or on the Committee against all liabilities, damages, costs and expenses (including attorneys’ fees and amounts paid in settlement of any claims approved by Employer) occasioned by any act or omission to act in connection with the Plan if such act or omission is taken in good faith, is consistent with the direction and authority of their respective position as well as the duties imputed under this Plan, and is neither criminal nor willful misconduct.

IN WITNESS WHEREOF, the Plan has been adopted as of the Effective Date.
LEGACY RESERVES SERVICES LLC

By: ___________________________________________
Name: ________________________________________
Title: ______________________

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