Document:

Exhibit

EXHIBIT 10.8
SECONDMENT LETTER
Mr. Ian Branagan

April 11, 2013
Dear Ian,
Secondment to the UK
This letter sets out the terms of your secondment to RenaissanceRe Syndicate Management (“RSM”) from RenaissanceRe Holdings Ltd. (the “Company’), a company incorporated in Bermuda.
Except insofar as they are varied below, your terms and conditions of employment (as set out in your contract of employment with the Company, (‘‘your previous terms”) will remain in force.  If there is any inconsistency between the terms of this letter and your previous terms whilst you are on secondment to RSM, the terms of this letter will prevail.
During the secondment, the following variations to your previous terms and additional provisions will apply.  They will cease to have effect immediately once your secondment ends, at which point your employment will again be governed by your previous terms.  You remain an employee of the Company during the secondment but, for the duration of your secondment, you will work for and on behalf of RSM.
		
	1
	COMMENCEMENT

Subject to the further terms set out in this letter, the secondment commences on May 1st, 2013 and is expected to be for a two year period.
		
	2
	DUTIES

		
	2.1
	While on secondment, you will continue to occupy the role of Chief Risk Officer of the RenaissanceRe group of companies (“the Group”) and you will be required to travel substantially and devote the whole of your time, attention and skill to the duties of your role as Chief Risk Officer.  In particular, it is expected that you will spend around half your time in Bermuda.

		
	2.2
	You should observe the normal working hours of work operated at RSM.

		
	2.3
	You must comply with the Company’s Compliance Manual, while working in the United Kingdom and any other rules and regulations specifically notified to you as being applicable to you during your secondment to RSM.  You should also observe 

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RenRe’s operating guidelines concerning the activities of employees on secondment to UK, which can be obtained from Andy Hauer or Mike Regan.
		
	2.4
	For the avoidance of doubt, during your secondment:

		
	2.4.1
	You will oversee the global risk operations of the Group;

		
	2.4.2
	Your appraisals and pay reviews will be conducted by the Company in the usual manner;

		
	2.4.3
	You will work for and on behalf of RSM;

		
	2.4.4
	You will continue to act as a Director of Renaissance Reinsurance of Europe; and

		
	2.4.5
	You will act under the instructions of RSM but, in accordance with the service agreement between RSM and the Company, you will report to Jeff Kelly, CFO of the Company.

		
	3
	COMPENSATION, EXPENSES & BENEFITS

		
	3.1
	Salary and Bonus

		
	(a)  
	Your annual base salary during your secondment will be GBP290,300 and will be paid to you by RSM on behalf of the Company in equal monthly instalments on the normal RSM payroll cycle of each month.

		
	(b)  
	You will have a bonus target of 110%% of your secondment base salary.  Your Long Term Incentive award target will be 218% of secondment base salary.  The actual level of any award is, in each case, at the absolute discretion of the Company.  Any bonus or long term incentive award is subject to the relevant provisions of your previous terms and would be made pursuant to and in accordance with the rules of any applicable plan as in force from time to time.

		
	3.2
	Expenses

RSM will reimburse you for all reasonable out-of-pocket expenses specifically or generally authorised by the Company or RSM and wholly, properly and necessarily incurred by you on the business of RSM (including any work carried out for or on behalf of the Company).  You must provide such evidence of expenses as RSM may reasonably require.
		
	3.3
	Benefits

Save in respect of the specific benefits listed below, all other contractual benefits will continue in accordance with your previous terms.  Where such benefits are linked to salary, it will be your secondment salary which will apply during the secondment.  

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We will coordinate coverage with BF&M, our current Bermuda employee benefits provider during the secondment.
		
	3.3.6
	Benefits Insurance

You may choose to participate in the RSM employee benefit insurance plans with effect from 1st May 2013 or, where your participation in such plans is subject to eligibility checks, at a later date as determined by the scheme provider.  Until the inception of your participation in RSM employee benefit insurance plans (should you choose to participate in the same) you will be eligible to continue to participate in the Bermuda life, medical, dental, vision and disability plans and private medical insurance plan if you choose to do so.
		
	3.3.7
	Housing Benefit

During the secondment, RSM will provide you with a housing allowance of GBP3,226 per calendar month.
		
	3.3.8
	Pension

During the secondment you may join the RSM pension scheme if you wish.
Any benefits provided to you as a result of your status as an employee on secondment are provided on an entirely discretionary basis, at the discretion of the Company.  They may be varied or withdrawn at any time during the secondment.  In any event, they will continue only for as long as you remain on secondment from the Company to RSM and will cease with immediate effect on the termination of your secondment for whatever reason, including if you become a local UK employee of RSM.
		
	3.4
	Taxes

RSM, as applicable, will make such withholdings and deductions for tax and social security as may be required by law, from any payments made and benefits provided to you under your previous terms, the terms of this letter and/or otherwise in relation to your employment and secondment (‘your remuneration’).
You will be responsible for all income taxes and social charges which are payable in respect of your remuneration and any such liabilities are paid promptly and as required by law.
For the period of your secondment RSM will provide income tax preparation services at a cost of up to GBP3,225 per annum in respect of your UK tax matters during the secondment, in order to ensure that RSM’s and the Company’s tax reporting requirements are fully met.  You are expected to provide tax information to the tax accountants on timely basis.

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	4
	HOLIDAY

Your annual leave entitlement while on secondment will be 30 working days per holiday year (1 January to 31 December), accruing on a monthly basis for each complete month of service on secondment, in addition to such bank and other public holidays as may be designated as additional holiday entitlement from time to time.
		
	5
	LOCATION

Your base during this secondment will be the RSM London office.  However, you may be required to travel, within Europe, back to Bermuda and otherwise substantially overseas, for the Company’s business purposes.  For purposes of clarification, neither your relocation to London or any other of RSM’s offices within the United Kingdom, nor your relocation back to Bermuda after the termination of your secondment shall constitute “Good Reason” under your previous terms.
		
	6
	TERMINATION

		
	6.1
	Termination of Secondment

		
	6.1.1
	Your secondment may be terminated for whatever reason at any time, and in doing so, we will endeavour to give you reasonable advance notice of such termination.

		
	6.1.2
	Your secondment will terminate immediately if your employment ceases at any time for whatever reason.

		
	6.2
	Termination of employment

		
	6.2.1
	The provisions related to the termination of your employment as set out in your previous terms continue to apply.

		
	6.2.2
	For the avoidance of doubt, please note that, for the purposes of your previous terms, ‘Cause’ includes any act or omission in relation to RSM which, if committed in relation of the Company, would constitute cause.

		
	6.2.3
	If and once notice of termination has been given by or to you (including where you have resigned without giving proper notice and we refuse to accept termination occurring before the expiry of the proper notice period), you may be suspended from the performance of duties and/or excluded from any premises of the Company, RSM and/or any other RenaissanceRe company.  Salary and other contractual benefits will continue to be paid or provided despite such suspension and/or exclusion.  Eligibility for any bonus or long¬term incentive award will cease.  During any such period of suspension and/or exclusion, you must continue to comply with all your obligations as an employee and must not, without our prior written consent, undertake any duties or hold yourself out to any third party as an employee of any 

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RenaissanceRe company or contact (either directly or indirectly) any clients, customers, suppliers, investors, officers or employees of any RenaissanceRe company.  During this period access to RenaissanceRe’s computer, e-mail, telephone, voicemail and/or other communication systems and/or databases may be limited or withdrawn.  In the event of your suspension and/or exclusion under this paragraph, you may be required:
(a)      to undertake (either at home or at an alternative location as required) such alternative duties to the normal duties as may be stipulated; and/or
(b)      to return all property in your possession or control belonging to any RenRe company.
		
	7
	GOVERNING LAW

This letter shall be interpreted and construed in accordance with the laws of Bermuda (without giving effect to the choice of law principles thereof).
Please sign, date and return to me by April 30, 2013 the attached copy of this letter to indicate your acceptance of the secondment and your agreement to the terms and conditions of this letter.
Yours sincerely

For and on behalf of Renaissance Holdings Ltd.

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ACCEPTANCE
I acknowledge receipt of the offer of secondment on the terms set out in this letter.  
By signing this Acceptance:
		
	a.
	I hereby accept the offer of secondment on those terms and agree to abide by them;

		
	b.
	I consent to the Company monitoring and recording any use that I make of the Company’s electronic communications systems and other technical resources for the purpose of ensuring that the Company’s rules are being complied with and for legitimate business purposes;

		
	c.
	I consent to the processing of my personal information for business purposes, including personnel management, compliance and financial management, both by the Company and by any party to whom data is disclosed, such as other RenRe group companies, third party providers of services to the RenRe group, business partners and regulatory bodies.  This includes transfers of personal data, including sensitive personal data such as health, ethnic origin or criminal proceedings, from UK to the Company and other RenaissanceRe companies in Bermuda;

		
	d.
	I agree that I am a managing executive falling within Regulation 20 of the Working Time Regulations 1998 but in any event consent to work more than 48 hours per week on average should my duties so require; and

		
	e.
	I have read and understood the Code of Ethics and Conduct of RenaissanceRe Holdings Ltd. and its subsidiaries and controlled affiliates (the “Code”).  I understand the Code and I agree that I will comply with the Code throughout my employment, including during the period of my secondment, and will seek to comply in each and every respect with the laws, rules, and regulations applicable to the Company.

		
	Signed
	/s/ Ian Branagan    

Ian Branagan
		
	Dated
	31/4/2013    

6Exhibit

Execution Version

EXHIBIT 10.9

SECOND AMENDMENT TO LETTER OF CREDIT REIMBURSEMENT AGREEMENT

This Second Amendment to Letter of Credit Reimbursement Agreement, dated as of May 20, 2016 (this “Amendment”), amends the Letter of Credit Reimbursement Agreement, dated as of November 23, 2015 (the “Agreement”), among Renaissance Reinsurance Ltd. (the “Borrower”), various lenders party thereto, Bank of Montreal, as Documentation Agent, Citibank Europe plc, as Collateral Agent, and ING Bank N.V., London Branch, as Letter of Credit Agent.  Capitalized terms used herein and not otherwise defined shall have the respective meanings ascribed thereto in the Agreement.

1.  Amendment to the Credit Agreement.  As of the Second Amendment Effective Date (defined below), Section 2.1(a) of the Agreement is amended in its entirety to read as follows:

(a)    (i) On the Effective Date, each Lender, upon the terms and conditions set forth in this Agreement, issued, at the request and for the account of the Borrower, such Lender’s Applicable Percentage of (x) a Letter of Credit denominated in Dollars with a stated amount of $360,000,000 and (y) a Letter of Credit denominated in Pounds with a stated amount of £85,000,000 to support the obligations of the Corporate Member with respect to the Supported Syndicate and (ii) each Lender agrees to amend (i) the Letter of Credit described in clause (i)(x) above from a stated amount of $360,000,000 to a stated amount of $380,000,000 and (ii) the Letter of Credit described in clause (i)(y) above from a stated amount of £85,000,000 to a stated amount of £90,000,000.

2.  Representations and Warranties. The Borrower represents and warrants to the Agents and the Lenders that:

(a)Authorization.  The Borrower has the requisite power and authority to execute and deliver this Amendment and to perform and observe the terms and conditions stated herein and therein, and the Borrower has taken all necessary corporate or other action to authorize its execution, delivery and performance of this Amendment.

(b)No Conflict.  The Borrower’s execution, delivery and performance of this Amendment do not and will not: (i) violate or contravene its Organizational Documents; (ii) violate or contravene any order, writ, law, treaty, rule, regulation or determination of any Governmental Authority, in each case applicable to or binding upon it or any of its property; or (iii) result in the breach of any provision of, or in the imposition of any lien or encumbrance (except for liens or encumbrances created under the Credit Documents) under, or constitute a default or event of default under, any agreement or arrangement to which it is a party or by which it or any of its property is bound.

(c)Governmental Approvals.  No authorization, approval or consent of, or notice to or filing with, any Governmental Authority is required to be made by the Borrower in connection 

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with the execution and delivery by the Borrower of this Amendment or the issuance by the Lenders of any Letter of Credit, or amendment thereto, or other Obligations for the account of the Borrower pursuant to the Agreement, except for those which have been duly obtained, taken, given or made and are in full force and effect.

(d)Enforceability.  This Amendment has been duly executed and delivered by the Borrower and is the legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, except as affected by (i) applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and other similar laws relating to or affecting the enforcement of creditors’ rights generally and/or (ii) general principles of equity (regardless of whether such enforcement is considered in a proceeding at law or in equity).

(e)Representations and Warranties.  On the date hereof, each representation and warranty set forth in Section 7 of the Agreement, as amended by this Amendment, is true and correct in all material respects on and as of the date hereof with the same effect as if made on and as of the date hereof (except to the extent any such representation or warranty is expressly stated to have been made as of a specific date, in which case such representation or warranty was true and correct as of such date).

(f)No Default.  No Event of Default or Unmatured Event of Default exists or will exist after giving effect to this Amendment or the issuance of any new Letters of Credit or amendments to existing Letters of Credit.

3.  Effectiveness. This Amendment shall become effective on the date (the “Second Amendment Effective Date”) when the Documentation Agent has received each of the following, in form and substance satisfactory to the Documentation Agent:

(a)counterparts of this Amendment signed by the Borrower and each other party hereto; 

(b)certified copies of resolutions of the Governing Body of the Borrower authorizing or ratifying the execution, delivery and performance by the Borrower of this Amendment;

(c)certified copies of all documents evidencing any necessary corporate (or other similar) action, and any material third-party consents and governmental approvals (if any) required for the execution, delivery and performance by the Borrower of this Amendment;

(d)confirmation that there have been no changes to the articles or certificate of formation (or similar charter document) and the bylaws or operating agreement (or similar governing documents) of the Borrower since the Effective Date;

(e)opinions letters of (i) Conyers Dill & Pearman, (ii) Willkie Farr & Gallagher LLP and (iii) the Borrower’s general counsel, in each case, addressed to the Lenders and the Agents; and

(f)such other documents as any Agent or any Lender may reasonably request.

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4.    Miscellaneous.  

(a)On and after the date hereof, as used in the Agreement, “hereinafter,” “hereto,” “hereof” and words of like import and all references in the Agreement, the other Credit Documents and the respective exhibits and schedules thereto shall, unless the context otherwise requires, be deemed to be references to the Agreement as amended hereby and as further amended from time to time.

(b)Except as expressly amended hereby, the parties hereto agree that the Agreement is ratified and confirmed, as amended hereby, and shall remain in full force and effect in accordance with its terms and that all provisions of this Amendment are the legally binding and enforceable agreements of the parties hereto and their permitted successors and assigns. 

(c)This Amendment and any claim, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of or relating to this Amendment and the transactions contemplated hereby shall be governed by, and construed in accordance with, the law of the State of New York.

(d)The provisions of Sections 12.15 and 12.16 of the Agreement regarding, among other things, jurisdiction, service of process and waiver of trial by jury, shall apply to this Amendment as if the same were set out in full herein in this place.

(e)This Amendment may be executed in any number of counterparts and by the different parties hereto on separate counterparts and each such counterpart shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Amendment.  Delivery of a counterpart hereof, or a signature page hereto, by facsimile or in a .pdf or similar file shall be effective as delivery of a manually executed original counterpart thereof.

(f)Section captions used in this Amendment are for convenience only and shall not affect the construction of this Amendment.

[Signature Page Follows]

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IN WITNESS WHEREOF, the parties hereto have executed and delivered this Amendment as of the date first above written.

RENAISSANCE REINSURANCE LTD. 
 
 
By: /s/ Mark A. Wilcox                                                 
Name:  Mark A Wilcox                                                 
Title: Senior Vice President, Corporate Controller         & Chief Accounting Officer                                          

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BANK OF MONTREAL, as Documentation Agent 

 
By: /s/ Joan Murphy                                                       
Name: Joan Murphy                                                     
Title: Director                                                                   

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BANK OF MONTREAL, LONDON BRANCH, as a Lender 

 
By: /s/ Andy McClinton                                                   
Name: Andy McClinton                                                   
Title: MD                                                                         

By: /s/ Jeffrey Couch                                                       
Name: Jeffrey Couch                                                       
Title: Head of Inv. Banking                                             

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CITIBANK EUROPE PLC., as Collateral Agent and a Lender 
 
 
By: /s/ Peadar Mac Canna                                                
Name: Peadar Mac Canna                                                
Title: Managing Director                                                 

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ING BANK N.V., LONDON BRANCH., as Letter of Credit Agent and a Lender 
 
 
By: /s/ N. J. Marchant                                                      
Name: N. J. Marchant                                                      
Title: Director                                                                   

 
By: /s/ M. E. R. Sharman                                                                     By:    
Name: M. E. R. Sharman                                                   
Title: Managing Director                                                  

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