Document:

EX-4.2

 Exhibit 4.2 

EXECUTION VERSION 
 FIRST
SUPPLEMENTAL INDENTURE 
 by and among 

RENAISSANCERE FINANCE INC., 

as Issuer, 
 RENAISSANCERE
HOLDINGS LTD., 
 as Guarantor, 

and 
 DEUTSCHE BANK TRUST
COMPANY AMERICAS, 
 as Trustee 
  

 
 Dated as of
March 24, 2015 
  
  

$300,000,000 

RenaissanceRe Finance Inc. 

3.700% Senior Notes due 2025 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE I. DEFINITIONS
	  	 	2	  
	 Section 1.1.
	  	 Definitions
	  	 	2	  
		
	 ARTICLE II. GENERAL TERMS AND CONDITIONS OF THE SENIOR NOTES
	  	 	2	  
	 Section 2.1.
	  	 Title
	  	 	3	  
	 Section 2.2.
	  	 Principal Amount
	  	 	3	  
	 Section 2.3.
	  	 Payment of Principal and Interest
	  	 	3	  
	 Section 2.4.
	  	 Optional Redemption
	  	 	4	  
	 Section 2.5.
	  	 Redemption for Changes in Withholding Taxes
	  	 	5	  
	 Section 2.6.
	  	 Additional Covenants
	  	 	6	  
	 Section 2.7.
	  	 Form, Currency and Denominations
	  	 	7	  
	 Section 2.8.
	  	 Global Securities
	  	 	7	  
	 Section 2.9.
	  	 Ranking
	  	 	7	  
	 Section 2.10.
	  	 Events of Default
	  	 	7	  
	 Section 2.11.
	  	 Miscellaneous
	  	 	8	  
		
	 ARTICLE III. MISCELLANEOUS PROVISIONS
	  	 	8	  
	 Section 3.1.
	  	 Ratification and Incorporation of Original Indenture
	  	 	8	  
	 Section 3.2.
	  	 Counterparts
	  	 	8	  
	 Section 3.3.
	  	 Governing Law; Waiver of Jury Trial
	  	 	8	  
	 Section 3.4.
	  	 Headings
	  	 	9	  
			
	 EXHIBIT A
	  	 Form of Senior Note
	  			

 FIRST SUPPLEMENTAL INDENTURE 

This First Supplemental Indenture, dated as of March 24, 2015 (this “Supplemental Indenture”), to the Senior Indenture,
dated as of March 24, 2015 (the “Original Indenture”), by and among RENAISSANCERE FINANCE INC., a corporation duly organized and existing under the laws of the State of Delaware (the “Company”), as issuer,
having its principal executive office located at 3128 Highwoods Boulevard, Suite 230, Raleigh, NC 27604, RENAISSANCERE HOLDINGS LTD., a company duly organized and existing under the laws of Bermuda (the “Guarantor”), having its
principal executive office located at Renaissance House, 12 Crow Lane, Pembroke HM 19, Hamilton, Bermuda, and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation, not in its individual capacity but solely as trustee (the
“Trustee”), having its corporate trust office located at 60 Wall Street, 16th Floor, MS NYC 60-1630, New York, New York 10005, is effective upon the execution hereof by the
parties hereto. 
 RECITALS 

WHEREAS, the Company has heretofore executed and delivered to the Trustee the Original Indenture providing for the issuance from time to time
of its senior unsecured debentures, notes or other evidences of indebtedness (the “Securities”), unlimited as to principal amount; 

WHEREAS, the Guarantor has heretofore executed and delivered to the Trustee the Original Indenture providing for the issuance of the Guaranty
and indemnity provided for therein and in the Senior Debt Securities Guarantee Agreement, dated as even date herewith (the “Guarantee Agreement”) in respect of the Securities; 

WHEREAS, the Original Indenture is incorporated herein by this reference; 

WHEREAS, Section 3.1 of the Original Indenture provides that, with respect to any series of Securities to be authenticated and delivered
under the Original Indenture, the terms of such series of Securities shall be established by (i) a Board Resolution and Officers’ Certificate or (ii) one or more indentures supplemental to the Original Indenture; 

WHEREAS, the Company desires to create, under the Original Indenture, a new series of Securities to be known as its 3.700% Senior Notes due
2025 (the “Senior Notes”), the form and substance of such notes and the terms, provisions and conditions thereof to be set forth as provided in the Original Indenture and this Supplemental Indenture; 

WHEREAS, all conditions necessary to authorize the execution and delivery of this Supplemental Indenture and to make it a valid and binding
agreement of the Company and the Guarantor, respectively, in accordance with its terms, have been done or performed; and 
 WHEREAS, the
Original Indenture, as supplemented by this Supplemental Indenture, is herein called the “Indenture”. 

 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration,
the receipt of which is hereby acknowledged, the Company, the Guarantor and the Trustee mutually covenant and agree as follows: 
 ARTICLE I.

 DEFINITIONS 

Section 1.1. Definitions. 

The following defined terms used herein shall have the meanings specified below. Capitalized terms used herein without definition shall have
the respective meanings assigned to such terms in the Original Indenture. 
 “Consolidated Net Worth” in
respect of any Person means the total of the amounts shown on the balance sheet of such Person and its consolidated Subsidiaries, determined on a consolidated basis in accordance with GAAP, as of the end of the most recent fiscal quarter of such
Person ending at least 45 days prior to the taking of any action for the purpose of which the determination is being made, as (i) the par or stated value of all outstanding Capital Stock of such Person plus (ii) paid-in capital or capital
surplus relating to such Capital Stock plus (iii) any retained earnings or earned surplus, less any accumulated deficit. 

“Designated Subsidiary” means any present or future consolidated Subsidiary of the Guarantor, (i) the
Consolidated Net Worth of which constitutes at least 10% of the Consolidated Net Worth of the Guarantor and (ii) in which the Guarantor holds, directly or indirectly, equity interests entitled to more than 50% of the profits thereof.

“Interest Payment Date” means, with respect to the Senior Notes only, April 1 and October 1 of each
year. 
 “Regular Record Date” means, with respect to the Senior Notes only, the close of business on
March 15 or September 15, as the case may be, immediately preceding each Interest Payment Date. 
 “Taxing
Jurisdiction” means Bermuda or such other jurisdiction in which the Guarantor (or any of its successors under the Guarantee Agreement) may be organized or any political subdivision or taxing authority thereof or therein. 

ARTICLE II. 
 GENERAL TERMS AND
CONDITIONS OF THE SENIOR NOTES 
 There is hereby established a new series of Securities under the Original Indenture with the following
terms: 
 Section 2.1. Title. 

The title of the series is “3.700% Senior Notes due 2025”. 

  
 -2- 

 Section 2.2. Principal Amount. 

There are to be issued by the Company, and authenticated and delivered by the Trustee on the date hereof $300,000,000 aggregate principal
amount of Senior Notes, and such principal amount of Senior Notes may be increased from time to time pursuant to Section 3.1 of the Original Indenture. All Senior Notes need not be issued on the same date and such series may be reopened at any
time, without the consent of any Holder, for issuances of additional Senior Notes, unlimited in principal amount, upon delivery by the Company to the Trustee of either a Board Resolution and Officers’ Certificate or an indenture supplemental to
the Indenture, setting forth the original issuance date of such additional Senior Notes. The terms of any such additional Senior Notes will be identical to the terms of the Senior Notes initially issued, authenticated and delivered on the date
hereof, except as to issue price, issue date and the date from which interest shall accrue and except that such additional Senior Notes may not be fungible for U.S. tax purposes with such initially issued Senior Notes. Any such additional Senior
Notes will, together with the previously issued Senior Notes, constitute a single series of Securities under the Indenture. 

Section 2.3. Payment of Principal and Interest. 

(a) The principal of the Senior Notes shall be due on April 1, 2025, subject to the provisions of the Original Indenture relating to
acceleration of maturity. The Senior Notes will bear interest from March 24, 2015, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, at a rate of 3.700% per annum, payable semi-annually in
arrears on April 1 and October 1 of each year, commencing on October 1, 2015, and at Maturity. The Company will pay interest to the Persons in whose names the Senior Notes are registered on the Regular Record Date for such Interest
Payment Date. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 
 (b) If any Interest Payment Date falls on
a day that is not a Business Day at the applicable Place of Payment, the interest payment will be postponed to the next day that is a Business Day at such Place of Payment, and no interest on such payment will accrue for the period from and after
such Interest Payment Date. If the maturity date of the Senior Notes falls on a day that is not a Business Day at the applicable Place of Payment, the payment of interest and principal may be made on the next succeeding Business Day at such Place of
Payment, and no interest on such payment will accrue for the period from and after the maturity date. Interest payments for the Senior Notes will include accrued interest from and including the date of issue or from and including the last date in
respect of which interest has been paid, as the case may be, to, but excluding, the Interest Payment Date or the date of maturity, as the case may be. 

(c) Payment of the principal and interest due at maturity of the Senior Notes shall be made upon surrender of the Senior Notes at the
Corporate Trust Office of the Trustee. The principal of and interest on the Senior Notes shall be paid in Dollars. Payments of principal of or interest on the Senior Notes will be made, subject to such surrender where applicable, at the option of
the Company, (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (ii) by wire transfer to an account maintained by the payee with a bank located in the United States.

  
 -3- 

 Section 2.4. Optional Redemption. 

(a) The Senior Notes will be redeemable, at the option of the Company, at any time as a whole or from time to time in part, on not less than
30 nor more than 60 days’ prior notice to the Holders of the Senior Notes, on any date prior to their maturity. 
 The Redemption Price
for any redemption of Senior Notes before January 1, 2025 shall be equal to the greater of (i) 100% of the principal amount of the Senior Notes to be redeemed and (ii) the Discounted Present Value of the Senior Notes to be redeemed,
plus in each case accrued and unpaid interest on the principal amount of such Senior Notes to, but excluding, the Redemption Date. 
 The
Redemption Price for any redemption of Senior Notes on or after January 1, 2025 shall be equal to 100% of the principal amount of the Senior Notes to be redeemed, plus accrued and unpaid interest on such principal amount of such Senior Notes
to, but excluding, the Redemption Date. 
 Installments of interest on the Senior Notes 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 Senior Notes registered as such at the close of business on the Regular Record Date therefor. 

As used herein: 

“Discounted Present Value” of any Senior Note subject to optional redemption shall be equal to the sum of the present values
of the remaining scheduled payments of principal and interest (excluding interest accrued to the Redemption Date) on such Senior Note discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months) at the applicable Treasury Rate plus 30 basis points. 
 “Treasury Rate” means, with respect to any redemption date,
(i) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15 (519)” or any successor publication which is published
weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the
maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the remaining term of the Senior Notes to be redeemed (the “Remaining Life”), yields for the two published maturities
most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Rate will be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month) or (ii) if such release (or any
successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per year equal to the semi-annual equivalent yield-to-maturity of the Comparable Treasury Issue, calculated using a price
for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Treasury Rate will be calculated on the third Business Day preceding the Redemption Date. 

  
 -4- 

 “Comparable Treasury Issue” means the United States Treasury security selected
by an Independent Investment Banker as having a maturity comparable to the Remaining Life. 
 “Comparable Treasury Price”
means (i) the average of four Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (ii) if the Independent Investment Banker obtains fewer than four
such Reference Treasury Dealer Quotations, the average of all such quotations. 
 “Independent Investment Banker” means
Morgan Stanley & Co. LLC or Barclays Capital Inc. and their respective successors or, if either of the foregoing is unwilling or unable to select the Comparable Treasury Issue, an independent investment banking institution of national
standing appointed by the Company. 
 “Reference Treasury Dealer” means each of (i) Morgan Stanley & Co. LLC
and Barclays Capital Inc. and their respective successors; provided, however, that if either of the foregoing shall cease to be a primary U.S. Government securities dealer in The City of New York (a “Primary Treasury Dealer”), the
Company will substitute another Primary Treasury Dealer and (ii) any two other Primary Treasury Dealers selected by the Independent Investment Banker after consultation with the Company. 

“Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer and any Redemption Date, the
average, as determined by an Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker at 5:00
p.m., New York City time, on the third Business Day preceding such Redemption Date. 
 (b) If less than all of the Senior Notes are to be
redeemed, the Senior Notes to be redeemed shall be selected by lot by The Depository Trust Company, in the case of Senior Notes represented by a global Security, or by the Trustee by a method the Trustee deems to be fair and appropriate (including,
without limitation, by lot or on a pro rata basis), in the case of Senior Notes that are not represented by a global Security. 

Section 2.5. Redemption for Changes in Withholding Taxes. 

The Senior Notes will be redeemable, at the option of the Company, at any time as a whole but not in part, on not less than 30 nor more than
60 days’ prior notice to the Holders of the Senior Notes, on any date prior to their maturity, at 100% of the principal amount thereof, plus accrued and unpaid interest to, but excluding, the Redemption Date, in the event that the Guarantor has
become or would become obligated to pay, on the next date on which any amount would be payable with respect to the Senior Notes, any Additional Amounts as a result of: (i) a change in or an amendment to the laws (including any regulations
promulgated thereunder) of a Taxing Jurisdiction, which change or amendment is announced after March 24, 2015; or (ii) any change in or amendment to any official position regarding the application or interpretation of such laws or
regulations, which change or amendment is announced after March 24, 2015, and, in each case, the Guarantor cannot avoid such obligation by taking reasonable measures available 

  
 -5- 

 
to it. Installments of interest on the Senior Notes 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 Senior Notes registered as such at the close of business on the Regular Record Date therefor. 
 Before the Company
publishes or mails any notice of redemption of the Notes, it will deliver to the Trustee an Officers’ Certificate to the effect that the Guarantor cannot avoid its obligation to pay Additional Amounts by taking reasonable measures available to
it and an Opinion of Counsel stating that the Guarantor would be obligated to pay Additional Amounts as a result of a change in tax laws or regulations or the application or interpretation of such laws or regulations. 

Section 2.6. Additional Covenants. 

In addition to the covenants set forth in Article 10 of the Original Indenture, each of the following covenants shall be added to Article 10
with respect to the Senior Notes: 
 (a) Limitation on Liens on Stock of Designated Subsidiaries. So long as any Senior Notes are
Outstanding, neither the Company nor the Guarantor will, nor will it permit any of its Subsidiaries to, create, assume, incur, guarantee or otherwise permit to exist any Indebtedness secured by any Lien upon any shares of Capital Stock of any
Designated Subsidiary (whether such shares of stock are now owned or hereafter acquired) without effectively providing concurrently that the Senior Notes (and, if the Company and the Guarantor so elect, any other Indebtedness of the Company or the
Guarantor that is not subordinate to the Senior Notes and the Guarantee, respectively, and with respect to which the governing instruments require, or pursuant to which the Company or the Guarantor, as applicable, is otherwise obligated, to provide
such security) shall be secured equally and ratably with such Indebtedness for at least the time period such other Indebtedness is so secured. 

(b) Limitation on Disposition of Stock of Designated Subsidiaries. So long as any Senior Notes are Outstanding and except in a
transaction otherwise governed by the Indenture, neither the Company nor the Guarantor will issue, sell, assign, transfer or otherwise dispose of any shares of, securities convertible into, or warrants, rights or options to subscribe for or purchase
shares of, Capital Stock (other than Preferred Stock having no voting rights of any kind) of any Designated Subsidiary, nor will the Company or the Guarantor permit any Designated Subsidiary to issue (other than to the Guarantor, the Company or
another Designated Subsidiary) any shares (other than the director’s qualifying shares) of, or securities convertible into, or warrants, rights or options to subscribe for or purchase shares of, Capital Stock (other than Preferred Stock having
no voting rights of any kind) of any Designated Subsidiary, if, after giving effect to any such transaction and the issuance of the maximum number of shares issuable upon the conversion or exercise of all such convertible securities, warrants,
rights or options, the Company or the Guarantor, as the case may be, would own, directly or indirectly, less than 80% of the shares of Capital Stock of such Designated Subsidiary (other than Preferred Stock having no voting rights of any kind);
provided, however, that (i) any issuance, sale, assignment, transfer or other disposition permitted by the Company or the Guarantor may only be made for at least a fair market value consideration as determined by the Board of Directors or the
Guarantor’s Board of Directors, as the case may be, pursuant to a Board Resolution or Guarantor’s Board 

  
 -6- 

 
Resolution, as the case may be, adopted in good faith and (ii) the foregoing shall not prohibit any such issuance or disposition of securities if required by any law or any regulation or
order of any governmental or insurance regulatory authority. Notwithstanding the foregoing, (i) the Company or the Guarantor, as the case may be, may merge or consolidate any Designated Subsidiary into or with another direct or indirect
Subsidiary of the Guarantor the shares of Capital Stock of which the Guarantor owns at least 80% and (ii) the Company or the Guarantor, as the case may be, may, subject to the provisions of Article 8 of the Original Indenture sell, assign,
transfer or otherwise dispose of the entire Capital Stock of any Designated Subsidiary at one time for at least a fair market value consideration as determined by the Board of Directors or the Guarantor’s Board of Directors, as the case may be,
pursuant to a Board Resolution or Guarantor’s Board Resolution, as the case may be, adopted in good faith. 
 Section 2.7.
Form, Currency and Denominations. 
 The Senior Notes shall be issued in fully registered form, without coupons, in denominations of
$2,000 and integral multiples of $1,000 in excess thereof. The Senior Notes will be issued in substantially the form set forth in Exhibit A hereto. The Depositary with respect to the Senior Notes shall be The Depository Trust Company. 

Section 2.8. Global Securities. 

(a) The Senior Notes will be issued in the form of one or more global Securities registered in the nominee name of the Depositary, which shall
be Cede & Co. Except under the circumstances set forth in Section 3.5 of the Original Indenture, the global Securities will not be exchangeable for, and will not otherwise be issuable as, Senior Notes in definitive form. Owners of
beneficial interests in such a global Security will not be considered the registered owners or Holders of Senior Notes for any purpose. 

(b) No global Security representing a Senior Note shall be exchangeable, except for another global Security of like denomination and tenor to
be registered in the name of the Depositary or its nominee or to a successor Depositary or its nominee. Payment of principal of, any premium or interest on, and any Additional Amounts in respect of, any Senior Note in global form shall be made to
the registered Holder thereof. 
 Section 2.9. Ranking. 

The Senior Notes will represent the Company’s direct, unsecured obligations and will rank equally with all of the Company’s other
unsubordinated senior indebtedness. The Guarantee will represent the Guarantor’s direct, unsecured senior obligation and will rank equally with all similar guarantee agreements issued by the Guarantor as direct, unsecured senior obligations.

  
 -7- 

 Section 2.10. Events of Default. 

Pursuant to Section 3.1(18) of the Original Indenture, clause (4) of Section 5.1 of the Original Indenture is hereby amended
with respect to the Senior Notes by deleting the text thereof in its entirety and inserting in its place the following: 

“(4) default in the performance of the provisions of Section 7.4(1) and continuance of such default for a period of 90
days after there has been given, by registered or certified mail, (i) to the Company by the Trustee or (ii) to the Company and the Trustee 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; or”. 

Section 2.11. Miscellaneous. 

The Company is not obligated to redeem or purchase any Senior Notes pursuant to any sinking fund or analogous provision. The Senior Notes will
not be convertible into shares of Common Stock of the Company and/or exchangeable for other securities. The amount of payments of principal with respect to the Senior Notes shall not be determined with reference to an index, formula or other method
or methods. No Senior Notes are issuable upon the exercise of warrants. Each of Section 4.2(2) of the Original Indenture relating to defeasance and Section 4.2(3) of the Original Indenture relating to covenant defeasance shall apply to the
Senior Notes, and the covenants subject to Section 4.2(3) and Section 10.6 of the Original Indenture shall include the covenants set forth in, and made applicable to the Senior Notes by, Section 2.6 of this Supplemental Indenture.
Additional Amounts will be payable by the Company on the Senior Notes to the extent provided in Section 10.4 of the Original Indenture. 

ARTICLE III. 
 MISCELLANEOUS
PROVISIONS 
 Section 3.1. Ratification and Incorporation of Original Indenture. 

As supplemented hereby, the Original Indenture is in all respects ratified and confirmed, and the Original Indenture as supplemented by this
Supplemental Indenture shall be read, taken and construed as one and the same instrument. 
 Section 3.2. Counterparts. 

This Supplemental 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. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto
and may be used in lieu of this Supplemental Indenture and signature pages for all purposes. 
 Section 3.3. Governing Law; Waiver
of Jury Trial. 
 This Supplemental Indenture shall be governed by and construed in accordance with the laws of the State of New York
applicable to agreements made and performed in said state. 
 EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

  
 -8- 

 Section 3.4. Headings. 

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

Section 3.5. Trustee’s Disclaimer. 

The Trustee accepts the amendments of the Indenture effected by this Supplemental Indenture on the terms and conditions set forth in the
Indenture, including the terms and provisions defining and limiting the liabilities and responsibilities of the Trustee. Without limiting the generality of the foregoing, the Trustee shall not be responsible in any manner whatsoever for or with
respect to any of the recitals or statements contained herein, all of which recitals or statements are made solely by the Company, or for or with respect to (i) the validity or sufficiency of this Supplemental Indenture or any of the terms or
provisions hereof, (ii) the proper authorization hereof by the Company by action or otherwise, (iii) the due execution hereof by the Company or (iv) the consequences of any amendment herein provided for, and the Trustee makes no
representation with respect to any such matters. Notwithstanding the foregoing, the Trustee acknowledges and agrees that it has properly authorized and duly executed this Supplemental Indenture and nothing contained in this Section 3.5
shall be deemed to limit such authorization and execution, nor shall this Section 3.5 be interpreted to in any way limit the Trustee’s authentication of the Senior Notes. 

[The remainder of this page is intentionally left blank.] 

  
 -9- 

 IN WITNESS WHEREOF, each of the Company and the Guarantor has executed this Supplemental
Indenture by the signature of its authorized officers, and the Trustee has caused this Supplemental Indenture to be executed in its corporate name by its authorized officers, each as of the date above written. 

 

									
	RENAISSANCERE FINANCE INC., as Issuer						
				
	By:		 /s/ Jeffrey D. Kelley

Name: Jeffrey D. Kelly
 Title:  Executive Vice President
and Chief
             Financial Officer
				 Witnessed by:

/s/ Adrian Beasley
 Name: Adrian
Beasley
 Title:  Corporate Counsel

				
	 RENAISSANCERE HOLDINGS LTD.,

as Guarantor
						
				
	By:		 /s/ Jeffrey D. Kelley

Name: Jeffrey D. Kelly
 Title:   Executive Vice
President, Chief Operating
            Officer and Financial Officer
				 Witnessed by:

/s/ Adrian Beasley
 Name: Adrian
Beasley
 Title:  Corporate Counsel

  
 [Signature Page to
First Supplemental Indenture] 

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Trustee
		
	By:		Deutsch Bank National Trust Company
		
	By:		Wanda Camacho
			Name: Wanda Camacho
			Title: Vice President
		
	By:		/s/ Robert S. Peschler
			Name: Robert S. Peschler
			Title: Vice President

  
 [Signature Page to
First Supplemental Indenture] 

 EXHIBIT A 

[Legend to be removed if the Senior Note is not represented by a global note] [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO RENAISSANCERE FINANCE INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND SUCH PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN. 

UNLESS AND UNTIL THIS CERTIFICATE IS EXCHANGED IN WHOLE OR IN PART FOR SENIOR NOTES IN CERTIFICATED FORM, THIS CERTIFICATE MAY NOT BE
TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE THEREOF OR BY A NOMINEE THEREOF TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR OF DTC OR A NOMINEE OF SUCH SUCCESSOR.] 

RENAISSANCERE FINANCE INC. 
 3.700%
SENIOR NOTE DUE 2025 
  

			
	No.    		CUSIP No.: 75972YAA9
		
	Principal Amount:		$300,000,000
		
	Regular Record Date:		March 15 or September 15, as the case may be, immediately preceding each Interest Payment Date
		
	Original Issue Date:		[                    ]
		
	Maturity Date:		April 1, 2025
		
	Interest Payment Dates:		April 1 and October 1
		
	Interest Rate:		3.700% per annum
		
	Authorized Denomination:		$2,000, or any integral multiple of $1,000 in excess thereof

 RenaissanceRe Finance Inc., a corporation duly organized and existing under the laws of the State of Delaware
(the “Company”, which term includes any successor company under the Indenture referred to below), for value received, hereby promises to pay to CEDE & CO., or 

 
registered assigns, the principal sum of
[                            ] DOLLARS
($[                        ]) on the Maturity Date shown above, and to pay interest thereon from March 24, 2015, or
from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on each Interest Payment Date as specified above (including the Maturity Date), commencing on October 1, 2015, at the rate
of 3.700% per annum until the principal hereof is paid or duly provided for. 
 The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date (including the Maturity Date) will, as provided in the Indenture, be paid to the Person in whose name this Senior Note is registered at the close of business on the Regular Record Date as specified above
next preceding each Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Senior Note
is registered at the close of business on a Special Record Date for the payment of such defaulted interest established by notice given by or on behalf of the Company to the Holders of Senior Notes not less than 10 days prior to such Special Record
Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange, if any, on which the Senior Notes shall be listed, and upon such notice as may be required by any such exchange, all as more
fully provided in the Indenture. 
 Payments of interest on this Senior Note will include interest accrued to but excluding the respective
Interest Payment Dates. Interest payments for this Senior Note shall be computed and paid on the basis of a 360-day year of twelve 30-day months. In the event that any date on which interest is payable on this Senior Note is not a Business Day, then
payment of the interest payable on such date will be made on the next succeeding day that is a Business Day, with the same force and effect as if made on the date the payment was originally payable. A “Business Day” shall mean any
day other than a Saturday or a Sunday or a day on which banking institutions in New York City are authorized or required by law or executive order to remain closed. 

Payment of the principal of and interest due on the Maturity Date of this Senior Note shall be made upon surrender of this Senior Note at the
Corporate Trust Office of the Trustee. The principal of and interest on this Senior Note shall be paid in Dollars. Payments of interest will be made, subject to such surrender where applicable, at the option of the Company, (i) by check mailed
to the address of the Person entitled thereto at such address as shall appear in the Security Register or (ii) by wire transfer to an account maintained by the payee with a bank located in the United States. 

This security is one of a duly authorized issue of debt securities of the Company (herein called the “Securities”), fully and
unconditionally guaranteed as to payments of principal, premium, if any, and interest by RenaissanceRe Holdings Ltd., a company duly organized and existing under the laws of Bermuda, as guarantor (the “Guarantor,” which term
includes any successor guarantor under the Indenture), all issued or to be issued under and pursuant to the Senior Indenture, dated as of March 24, 2015, as supplemented (the “Indenture”), among the Company, the Guarantor, and
Deutsche Bank Trust Company Americas, a New York banking corporation, not in its individual capacity but solely as trustee (the “Trustee,” which term includes any successor trustee under the Indenture). Reference is hereby made to
the Indenture 

  
 2 

 
and all indentures supplemental thereto relating to this security (including, without limitation, the First Supplemental Indenture, dated as of March 24, 2015, among the Company, the
Guarantor and the Trustee) for a statement of the respective rights, limitation of rights, duties and immunities thereunder of the Company, the Guarantor, the Trustee and the Holders of the Securities issued thereunder and of the terms upon which
said Securities are, and are to be, authenticated and delivered. The Securities may be issued in one or more series, which different series may be issued in various aggregate principal amounts, may mature at different times, may bear interest at
different rates and may otherwise vary as provided in the Indenture or any indenture supplemental thereto. This security is one of a series designated on the face as 3.700% Senior Notes due 2025 (the “Senior Notes”), initially
limited in aggregate principal amount to $300,000,000, subject to increase as provided in Section 2.2 of the First Supplemental Indenture. Capitalized terms used herein for which no definition is provided herein shall have the respective
meanings ascribed thereto in the Indenture. 
 The Senior Notes are senior unsecured obligations of the Company. The Company’s
obligation to pay the principal of, premium, if any, and interest on and Additional Amounts, if any, in respect of the Senior Notes is unconditionally guaranteed on a senior unsecured basis by the Guarantor pursuant to Article 15 of the Indenture.

 While this Senior Note is represented by one or more global notes registered in the name of DTC or its nominee, the Company will cause
payments of principal of, premium, if any, and interest on this Senior Note to be made to DTC or its nominee, as the case may be, by wire transfer to the extent, in the funds and in the manner required by agreements with, or regulations or
procedures prescribed from time to time by, DTC or its nominee, and otherwise in accordance with such agreements, regulations and procedures. 

The Senior Notes will not have a sinking fund. 

The Senior Notes will be redeemable, at the option of the Company, at any time as a whole or from time to time in part, on not less than 30
nor more than 60 days’ prior notice to the Holders of the Senior Notes, on any date prior to their maturity. The Redemption Price for any redemption of Senior Notes before January 1, 2025 shall be equal to the greater of (i) 100% of
the principal amount of the Senior Notes to be redeemed and (ii) the Discounted Present Value of the Senior Notes to be redeemed, plus in each case accrued and unpaid interest on the principal amount of such Senior Notes to, but excluding, the
Redemption Date. The Redemption Price for any redemption of Senior Notes on or after January 1, 2025 shall be equal to 100% of the principal amount of the Senior Notes to be redeemed, plus accrued and unpaid interest on such principal amount of
such Senior Notes to, but excluding, the Redemption Date. Installments of interest on the Senior Notes 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 Senior Notes registered as such at the close of business on the Regular Record Date therefor. 
 As used herein: 

“Discounted Present Value” of any Senior Note subject to optional redemption shall be equal to the sum of the present values
of the remaining scheduled payments of principal and interest (excluding interest accrued to the Redemption Date) on such Senior Note discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months) at the applicable Treasury Rate plus 30 basis points. 

  
 3 

 “Treasury Rate” means, with respect to any redemption date, (i) the yield,
under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15 (519)” or any successor publication which is published weekly by the Board of
Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the
Comparable Treasury Issue (if no maturity is within three months before or after the remaining term of the Senior Notes to be redeemed (the “Remaining Life”), yields for the two published maturities most closely corresponding to the
Comparable Treasury Issue will be determined and the Treasury Rate will be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month) or (ii) if such release (or any successor release) is not
published during the week preceding the calculation date or does not contain such yields, the rate per year equal to the semi-annual equivalent yield-to-maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury
Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Treasury Rate will be calculated on the third Business Day preceding the Redemption Date. 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a
maturity comparable to the Remaining Life. 
 “Comparable Treasury Price” means (i) the average of four Reference
Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (ii) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations,
the average of all such quotations. 
 “Independent Investment Banker” means Morgan Stanley & Co. LLC or Barclays
Capital Inc. and their respective successors or, if either of the foregoing is unwilling or unable to select the Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Company. 

“Reference Treasury Dealer” means each of (i) Morgan Stanley & Co. LLC and Barclays Capital Inc. and their
respective successors; provided, however, that if either of the foregoing shall cease to be a primary U.S. Government securities dealer in The City of New York (a “Primary Treasury Dealer”), the Company will substitute another
Primary Treasury Dealer and (ii) any two other Primary Treasury Dealers selected by the Independent Investment Banker after consultation with the Company. 

“Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer and any Redemption Date, the
average, as determined by an Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker at 5:00
p.m., New York City time, on the third Business Day preceding such Redemption Date. 

  
 4 

 If less than all of the Senior Notes are to be redeemed as provided above, the Senior Notes to be
redeemed shall be selected by lot by DTC, in the case of Senior Notes represented by a global note, or by the Trustee by a method the Trustee deems to be fair and appropriate (including, without limitation, by lot or on a pro rata basis), in the
case of Senior Notes that are not represented by a global note. 
 The Senior Notes will be redeemable, at the option of the Company, at any
time as a whole but not in part, on not less than 30 nor more than 60 days’ prior notice to the Holders of the Senior Notes, on any date prior to their maturity, at 100% of the principal amount thereof, plus accrued and unpaid interest to, but
excluding, the Redemption Date, in the event that the Guarantor has become or would become obligated to pay, on the next date on which any amount would be payable with respect to the Senior Notes, any Additional Amounts as a result of: (i) a
change in or an amendment to the laws (including any regulations promulgated thereunder) of a Taxing Jurisdiction, which change or amendment is announced after March 24, 2015; or (ii) any change in or amendment to any official position
regarding the application or interpretation of such laws or regulations, which change or amendment is announced after March 24, 2015, and, in each case, the Guarantor cannot avoid such obligation by taking reasonable measures available to it.
Installments of interest on the Senior Notes 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 Senior Notes registered as such at the close of
business on the Regular Record Date therefor. 
 The Indenture also contains provisions for defeasance at any time of the entire
indebtedness of the Senior Notes and the Guarantee of the Guarantor with respect thereto or of certain restrictive covenants of the Company and the Guarantor with respect to the Senior Notes, in each case, upon compliance with certain conditions set
forth in the Indenture. 
 If an Event of Default with respect to the Senior Notes shall occur and be continuing, the principal of the
Senior Notes may be declared due and payable in the manner, with the effect and subject to the conditions provided in the Indenture. 
 The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the respective rights and obligations of the Company and the Guarantor and the rights of the Holders of the Securities of each series
issued under the Indenture at any time by the Company, the Guarantor and the Trustee with the consent of the Holders of not less than a majority in aggregate principal amount of the Securities of each series at the time Outstanding affected thereby.
The Indenture also contains provisions permitting the Holders of not less than a majority in principal amount of the Senior Notes at the time Outstanding, on behalf of the Holders of all Senior Notes, to waive compliance by the Company or the
Guarantor, as applicable, with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Senior Note shall be conclusive and binding upon such Holder
and upon all future Holders of this Senior Note and of any Senior Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Senior Note. 

  
 5 

 No reference herein to the Indenture and no provision of this Senior Note or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on and Additional Amounts, if any, in respect of this Senior Note at the times, place and rate, and in
the coin or currency, herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer
of this Senior Note is registrable in the Security Register, upon surrender of this Senior Note for registration of transfer at the office or agency of the Company for such purpose, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Company and the Security Registrar and duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Senior Notes, of authorized denominations and of like tenor and
for the same aggregate principal amount, will be issued to the designated transferee or transferees. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover
any tax or other governmental charge or certain other expenses payable in connection therewith. 
 Prior to due presentment of this Senior
Note for registration of transfer, the Company, the Guarantor, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Senior Note is registered as the owner hereof for all purposes, whether or not this Senior
Note be overdue, and neither the Company, the Guarantor, the Trustee nor any such agent shall be affected by notice to the contrary. 
 The
Senior Notes are issuable only in registered form without coupons in denominations of $2,000 and any integral multiple of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Senior Notes are
exchangeable for a like aggregate principal amount of Senior Notes of a different authorized denomination, as requested by the Holder surrendering the same upon surrender of the Senior Note or Notes to be exchanged at the office or agency of the
Company. 
 This Senior Note shall be governed by, and construed in accordance with, the laws of the State of New York applicable to
agreements made and performed in said state. 
 Unless the certificate of authentication hereon has been executed by the Trustee by manual
signature, this Senior Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 6 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed by its authorized
representatives as of the date set forth below. 
 Dated: 
  

			
	RENAISSANCERE FINANCE INC.
		
	By:		 
			Name:
			Title:

  

			
	Attest:		 
			Name:
			Title:

  
 [Signature Page to
RenaissanceRe Finance Inc. 3.700% Senior Note Due 2025] 

 CERTIFICATE OF AUTHENTICATION 

This is one of the 3.700% Senior Notes due 2025 referred to in the within-mentioned Indenture. 

Dated: 
  

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Trustee
		
	By:		 
			Authorized SignatoryEX-4.3

 Exhibit 4.3 

SENIOR DEBT SECURITIES GUARANTEE AGREEMENT 

between 
 RENAISSANCERE
HOLDINGS LTD., 
 as Guarantor, 

and 
 DEUTSCHE BANK TRUST
COMPANY AMERICAS, 
 as Guarantee Trustee 

dated as of 
 March 24,
2015 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	1	  
	 SECTION 1.1
	  	 Definitions
	  	 	1	  
		
	 ARTICLE II TRUST INDENTURE ACT
	  	 	3	  
	 SECTION 2.1
	  	 Trust Indenture Act: Application
	  	 	3	  
	 SECTION 2.2
	  	 List of Holders
	  	 	3	  
	 SECTION 2.3
	  	 Reports by the Guarantee Trustee
	  	 	3	  
	 SECTION 2.4
	  	 Evidence of Compliance with Conditions Precedent
	  	 	4	  
	 SECTION 2.5
	  	 Events of Default; Waiver
	  	 	4	  
	 SECTION 2.6
	  	 Event of Default; Notice
	  	 	4	  
	 SECTION 2.7
	  	 Conflicting Interests
	  	 	4	  
		
	 ARTICLE III POWERS, DUTIES AND RIGHTS OF GUARANTEE TRUSTEE
	  	 	5	  
	 SECTION 3.1
	  	 Powers and Duties of the Guarantee Trustee
	  	 	5	  
	 SECTION 3.2
	  	 Certain Rights of the Guarantee Trustee
	  	 	6	  
	 SECTION 3.3
	  	 Indemnity
	  	 	8	  
		
	 ARTICLE IV GUARANTEE TRUSTEE
	  	 	8	  
	 SECTION 4.1
	  	 Guarantee Trustee; Eligibility
	  	 	8	  
	 SECTION 4.2
	  	 Appointment, Removal and Resignation of Guarantee Trustees
	  	 	8	  
		
	 ARTICLE V GUARANTEE
	  	 	9	  
	 SECTION 5.1
	  	 Guarantee
	  	 	9	  
	 SECTION 5.2
	  	 Waiver of Notice and Demand
	  	 	9	  
	 SECTION 5.3
	  	 Obligations Not Affected
	  	 	9	  
	 SECTION 5.4
	  	 Rights of Holders
	  	 	10	  
	 SECTION 5.5
	  	 Guarantee of Payment and Reinstatement
	  	 	10	  
	 SECTION 5.6
	  	 Subrogation
	  	 	11	  
	 SECTION 5.7
	  	 Independent Obligations
	  	 	11	  
	 SECTION 5.8
	  	 Net Payments
	  	 	11	  
		
	 ARTICLE VI RANKING
	  	 	12	  
	 SECTION 6.1
	  	 Ranking
	  	 	12	  
	 SECTION 6.2
	  	 Pari Passu Guarantees
	  	 	12	  
		
	 ARTICLE VII TERMINATION
	  	 	13	  
	 SECTION 7.1
	  	 Termination
	  	 	13	  
		
	 ARTICLE VIII MISCELLANEOUS
	  	 	13	  
	 SECTION 8.1
	  	 Successors and Assigns
	  	 	13	  
	 SECTION 8.2
	  	 Amendments
	  	 	13	  
	 SECTION 8.3
	  	 Notices
	  	 	13	  
	 SECTION 8.4
	  	 Benefit
	  	 	15	  
	 SECTION 8.5
	  	 Governing Law; Waiver of Jury Trial
	  	 	15	  

  
 (i) 

							
	 SECTION 8.6
		 Interpretation
		 	15	  
	 SECTION 8.7
		 Submission to Jurisdiction
		 	16	  
	 SECTION 8.8
		 Judgment Currency
		 	16	  
	 SECTION 8.9
		 Counterparts
		 	17	  
	 SECTION 8.10
		 Guarantee Trustee’s Disclaimer
		 	17	  

  
 (ii) 

 SENIOR DEBT SECURITIES GUARANTEE AGREEMENT 

This SENIOR DEBT SECURITIES GUARANTEE AGREEMENT (this “Guarantee Agreement” or this “Guarantee”), dated as
of March 24, 2015, is executed and delivered by RENAISSANCERE HOLDINGS LTD., a Bermuda company (“RenaissanceRe” or the “Guarantor”), having its principal executive offices at Renaissance House, 12 Crow Lane,
Pembroke HM 19, Bermuda, and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation (“Deutsche Bank”), not in its individual capacity but solely as the Guarantee trustee (the “Guarantee Trustee”),
having its Corporate Trust Office located at 60 Wall Street, 16th Floor, MS NYC 60-1630, New York, New York 10005, for the benefit of the Holders (as defined herein) from time to time of the
Senior Notes (as defined herein) issued by RenaissanceRe Finance Inc., a Delaware corporation (the “Issuer”). 
 WHEREAS,
pursuant to the Senior Indenture, dated as of March 24, 2015 (the “Original Indenture”), as supplemented by the First Supplemental Indenture, dated as of March 24, 2015 (together with the Original Indenture, the
“Indenture”), each among the Issuer, the Guarantor and Deutsche Bank, as trustee thereunder (in such capacity, the “Trustee”), the Issuer is issuing $300,000,000 aggregate principal amount of its unsecured senior
debt securities (the “Senior Notes”). 
 WHEREAS, as incentive for the Holders (as defined in the Indenture) of the Senior
Notes to purchase such Senior Notes, the Guarantor desires irrevocably and unconditionally, to guarantee the obligations of the Issuer under the Indenture. 

NOW, THEREFORE, in consideration of the purchase by the Holders of the Senior Notes, which purchase the Guarantor hereby agrees shall benefit
the Guarantor, the Guarantor executes and delivers this Guarantee Agreement for the benefit of such Holders. 
 ARTICLE I 

DEFINITIONS 
 SECTION 1.1 Definitions 

As used in this Guarantee Agreement, the terms set forth below shall, unless the context otherwise requires, have the following meanings.
Capitalized terms used herein without definition shall have the respective meanings assigned to such terms in the Indenture as in effect on the date hereof. 

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

“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 Guarantor shall not be deemed to include the Issuer. For the purpose 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 meanings correlative to the foregoing. 

  
 1 

 “Authorized Officer” means, when used with respect to any Person, the Chair of
the Board of Directors, a Vice Chair of the Board of Directors, the President, the Chief Operating Officer, the Chief Financial Officer, an Executive Vice President, a Senior Vice President, a Vice President, the Treasurer, an Assistant Treasurer,
the Chief Investment Officer, the Chief Accounting Officer, the General Counsel, the Secretary or an Assistant Secretary, of such Person. 

“Event of Default” means a default by the Guarantor on any of its payment or other obligations under this Guarantee
Agreement; provided, however, that, except with respect to a payment default, the Guarantor shall have received notice of default and shall not have cured such default within 90 days after receipt of such notice. 

“Guarantee Trustee” means Deutsche Bank Trust Company Americas, not in its individual capacity but solely as Guarantee
Trustee, until a Successor Guarantee Trustee has been appointed and has accepted such appointment pursuant to the terms of this Guarantee Agreement and thereafter means each such Successor Guarantee Trustee. 

“Indenture” has the meaning set forth in the preamble hereto. 

“List of Holders” has the meaning specified in Section 2.2(a). 

“Officers’ Certificate” means, with respect to any Person, a certificate signed by two Authorized Officers, at least one
of which is a principal executive, principal financial or principal accounting officer, and is delivered to the Guarantee Trustee. Any Officers’ Certificate delivered with respect to compliance with a condition or covenant provided for in this
Guarantee shall include: 
 (a) a statement that each officer signing the Officers’ Certificate has read the covenant or condition and
the definitions relating thereto; 
 (b) a brief statement of the nature and scope of the examination or investigation undertaken by such
officer in rendering the Officers’ Certificate; 
 (c) a statement that such officer has made such examination or investigation as, in
such officer’s opinion, is necessary to enable such officer to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(d) a statement as to whether, in the opinion of such officer, such condition or covenant has been complied with. 

“Person” means a legal person, including any individual, corporation, estate, partnership, joint venture, association, joint
stock company, limited liability company, trust, unincorporated association or government or any agency or political subdivision thereof, or any other entity of whatever nature. 

  
 2 

 “Responsible Officer” means, with respect to the Guarantee Trustee, any vice
president, any assistant vice president, director, managing director, associate or any trust officer or any other officer of the Guarantee 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, in each case who shall have responsibility for the
administration of the Senior Indenture and the Notes. 
 “Senior Notes” has the meaning set forth in the preamble hereto.

 “Successor Guarantee Trustee” means a successor Guarantee Trustee possessing the qualifications to act as Guarantee
Trustee under Section 4.1. 
 ARTICLE II 

TRUST INDENTURE ACT 
 SECTION 2.1 Trust
Indenture Act: Application 
 (a) This Guarantee Agreement is subject to the provisions of the Trust Indenture Act that are required to
be part of this Guarantee Agreement and shall, to the extent applicable, be governed by such provisions. 
 (b) If and to the extent that
any provision of this Guarantee Agreement limits, qualifies or conflicts with the duties imposed by Sections 310 to 317, inclusive, of the Trust Indenture Act, such imposed duties shall control. 

SECTION 2.2 List of Holders 
 (a) Within
30 days after the receipt by the Guarantor of a request in writing from the Guarantee Trustee, the Guarantor shall furnish or cause to be furnished to the Guarantee Trustee a list, in such form as the Guarantee Trustee may reasonably require, of the
names and addresses of the Holders of the Senior Notes (“List of Holders”), such List of Holders to be as of a date not more than 15 days prior to the time such List of Holders is furnished, in each case to the extent such
information is in the possession or control of (or can reasonably be obtained by) the Guarantor and is not identical to a previously supplied list of such Holders or has not otherwise been received by the Guarantee Trustee in its capacity as such.
The Guarantee Trustee may destroy any List of Holders previously given to it on receipt of a new List of Holders. 
 (b) The Guarantee
Trustee shall comply with its obligations under Section 311(a), Section 311(b) and Section 312(b) of the Trust Indenture Act. 
 SECTION 2.3
Reports by the Guarantee Trustee 
 Within 60 days after September 15 of each year commencing with September 15, 2015, the
Guarantee Trustee shall provide to the Holders of the Senior Notes such reports as are required by Section 313 of the Trust Indenture Act, if any, in the form and in the manner provided by Section 313 of the Trust Indenture Act. The
Guarantee Trustee shall also comply with the requirements of Section 313(d) of the Trust Indenture Act. 

  
 3 

 SECTION 2.4 Evidence of Compliance with Conditions Precedent 

The Guarantor shall provide to the Guarantee Trustee such evidence of compliance with such conditions precedent, if any, provided for in this
Guarantee Agreement that relate to any of the matters set forth in Section 314(c) of the Trust Indenture Act. Any certificate or opinion required to be given by an officer pursuant to Section 314(c)(1) may be given in the form of a
Guarantor’s Officers’ Certificate. 
 SECTION 2.5 Events of Default; Waiver 

The Holders of not less than a majority of the outstanding principal amount of the Senior Notes may, on behalf of all Holders of the Senior
Notes, waive any past default affecting the Senior Notes and its consequences, except a default (i) in the payment of the principal of, any premium or interest on, or any Additional Amounts with respect to, the Senior Notes or any Coupons
appertaining thereto or (ii) in respect of a covenant or provision of the Indenture which under Article 9 of the Indenture cannot be modified or amended without the consent of all Holders of the Senior Notes. Upon such waiver, any 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 Guarantee Agreement, but no such waiver shall extend to any subsequent or other default or impair any right consequent
thereon. 
 SECTION 2.6 Event of Default; Notice 

(a) The Guarantee Trustee shall, within 90 days after the occurrence of an Event of Default affecting the Senior Notes known to the Guarantee
Trustee, transmit by mail, first class postage prepaid, to the Holders of the Senior Notes, notices of all such Events of Default, unless such defaults have been cured or waived before the giving of such notice, provided, however, that except in the
case of a default in the payment by the Guarantor of any amount due under this Guarantee Agreement, the Guarantee Trustee shall be protected in withholding such notice if and so long as the Guarantee Trustee in good faith determines that the
withholding of such notice is in the interests of the Holders of the Senior Notes. 
 (b) The Guarantee Trustee shall not be deemed to have
knowledge of any Event of Default unless a Responsible Officer of the Guarantee Trustee shall have actual knowledge, or shall have received written notice, of such Event of Default. 

SECTION 2.7 Conflicting Interests 
 The
Indenture shall be deemed to be specifically described in this Guarantee Agreement for the purposes of clause (i) of the first proviso contained in Section 310(b) of the Trust Indenture Act. 

  
 4 

 ARTICLE III 

POWERS, DUTIES AND RIGHTS OF GUARANTEE TRUSTEE 

SECTION 3.1 Powers and Duties of the Guarantee Trustee 

(a) This Guarantee Agreement shall be held by the Guarantee Trustee for the benefit of the Holders of the Senior Notes, and the Guarantee
Trustee shall not transfer this Guarantee Agreement to any Person except a Holder of a Senior Note exercising his or her rights pursuant to Section 5.4(iv) or to a Successor Guarantee Trustee on acceptance by such Successor Guarantee Trustee of
its appointment to act as Successor Guarantee Trustee. The right, title and interest of the Guarantee Trustee shall automatically vest in any Successor Guarantee Trustee, upon acceptance by such Successor Guarantee Trustee of its appointment
hereunder, and such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered pursuant to the appointment of such Successor Guarantee Trustee. 

(b) If an Event of Default hereunder or under the Indenture affecting the Senior Notes has occurred and is continuing, the Guarantee Trustee
shall enforce this Guarantee Agreement for the benefit of the Holders of the Senior Notes. 
 (c) The Guarantee Trustee, before the
occurrence of any Event of Default hereunder or under the Indenture affecting the Senior Notes and after the curing or waiver of all such Events of Default that may have occurred, shall undertake to perform only such duties as are specifically set
forth in this Guarantee Agreement, and no implied covenants shall be read into this Guarantee Agreement against the Guarantee Trustee. In case an Event of Default has occurred hereunder or under the Indenture (that has not been cured or waived
pursuant to Section 2.5), the Guarantee Trustee shall exercise such of the rights and powers vested in it by this Guarantee Agreement, and use the same degree of care and skill in its exercise thereof, as a prudent person would exercise or use
under the circumstances in the conduct of his or her own affairs. 
 (d) No provision of this Guarantee shall be construed to relieve the
Guarantee Trustee from liability for its own negligent action, its negligent failure to act or its own bad faith or willful misconduct, except that: 

(i) prior to the occurrence of any Event of Default hereunder or under the Indenture affecting the Senior Notes and after the
curing or waiving of any such Events of Default that may have occurred: 
 (A) the duties and obligations of the Guarantee
Trustee shall be determined solely by the express provisions of this Guarantee Agreement, and the Guarantee Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Guarantee
Agreement, and 
 (B) in the absence of bad faith on the part of the Guarantee Trustee, the Guarantee 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 Guarantee Trustee and conforming to the requirements of this Guarantee Agreement; but in
the case of any such certificates or opinions that by 

  
 5 

 
any provision hereof are specifically required to be furnished to the Guarantee Trustee, the Guarantee Trustee shall be under a duty to examine the same to determine whether or not they conform
to the requirements of this Guarantee Agreement; 
 (ii) the Guarantee Trustee shall not be liable for any error of judgment
made in good faith by a Responsible Officer of the Guarantee Trustee, unless it shall be proved that the Guarantee Trustee was negligent in ascertaining the pertinent facts upon which such judgment was made or engaged in willful misconduct; 

(iii) the Guarantee Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in
accordance with the direction of the Holders of not less than a majority of the outstanding principal amount of the Senior Notes relating to the time, method and place of conducting any proceeding for any remedy available to the Guarantee Trustee,
or exercising any trust or power conferred upon the Guarantee Trustee under this Guarantee Agreement; and 
 (iv) no
provision of this Guarantee shall require the Guarantee Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers, if the
Guarantee Trustee shall have reasonable grounds for believing that the repayment of such funds or liability is not reasonably assured to it under the terms of this Guarantee Agreement or adequate indemnity against such risk or liability is not
reasonably assured to it. 
 SECTION 3.2 Certain Rights of the Guarantee Trustee 

(a) Subject to the provisions of Section 3.1: 

(i) The Guarantee Trustee may conclusively rely upon, 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, Senior Note, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed,
sent or presented by the proper party or parties. 
 (ii) Any direction or act of the Guarantor contemplated by this
Guarantee Agreement shall be sufficiently evidenced by an Officers’ Certificate unless otherwise prescribed herein. 

(iii) Whenever, in the administration of this Guarantee Agreement, the Guarantee Trustee shall deem it desirable that a matter
be proved or established before taking, suffering or omitting any action hereunder, the Guarantee Trustee (unless other evidence is herein specifically prescribed) may, in the absence of bad faith on its part, request and rely upon an Officers’
Certificate or an Opinion of Counsel which, upon receipt of such request, shall be promptly delivered by the Guarantor. 

(iv) The Guarantee Trustee may consult with competent legal counsel, and the written advice or opinion of such counsel with
respect to legal matters shall be full and complete authorization and protection in respect of any action taken, suffered or omitted 

  
 6 

 
to be taken by it hereunder in good faith and in accordance with such advice or opinion. Such counsel may be counsel to the Guarantor or any of its Affiliates and may include any of its
employees. The Guarantee Trustee shall have the right at any time to seek, and shall be fully protected in relying on, instructions concerning the administration of this Guarantee Agreement from any court of competent jurisdiction. 

(v) The Guarantee Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Guarantee
Agreement at the request or direction of any Holder of a Senior Note, unless such Holder shall have provided to the Guarantee Trustee such security and indemnity reasonably satisfactory to the Guarantee Trustee, against the costs, expenses
(including reasonable attorneys’ fees and expenses) and liabilities that might be incurred by it in complying with such request or direction, including such reasonable advances as may be requested by the Guarantee Trustee. 

(vi) The Guarantee 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, Senior Note, note, other evidence of indebtedness or other paper or document, but the Guarantee Trustee, in its discretion, may make such further
inquiry or investigation into such facts or matters as it may see fit. 
 (vii) The Guarantee 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 Guarantee Trustee shall not be responsible for any misconduct or negligence on the part of any such agent,
attorney, custodian or nominee appointed with due care by it hereunder. 
 (viii) Any action taken by the Guarantee Trustee
or its agents hereunder shall bind the Holders of the Senior Notes, and the signature of the Guarantee Trustee or its agents alone shall be sufficient and effective to perform any such action. No third party shall be required to inquire as to the
authority of the Guarantee Trustee to so act or as to its compliance with any of the terms and provisions of this Guarantee Agreement, both of which shall be conclusively evidenced by the Guarantee Trustee’s or its agent’s taking such
action. 
 (ix) Whenever in the administration of this Guarantee Agreement the Guarantee Trustee shall deem it desirable to
receive instructions with respect to enforcing any remedy or right or taking any other action hereunder, the Guarantee Trustee (A) may request instructions from the Holders of not less than a majority of the outstanding principal amount of the
Senior Notes, (B) may refrain from enforcing such remedy or right or taking such other action until such instructions are received, and (C) shall be fully protected in acting in accordance with such instructions. 

(b) No provision of this Guarantee Agreement shall be deemed to impose any duty or obligation on the Guarantee Trustee to perform any act or
acts or exercise any right, power, duty or obligation conferred or imposed on it in any jurisdiction in which it shall be illegal, or in which the Guarantee Trustee shall be unqualified or incompetent in accordance with applicable law, to perform
any such act or acts or to exercise any such right, power, duty or obligation. No permissive power or authority available to the Guarantee Trustee shall be construed to be a duty to act in accordance with such power and authority. 

  
 7 

 (c) The Guarantee Trustee shall be afforded all of the rights, powers, immunities and indemnities
afforded to the Trustee as set forth in the Indenture as if such rights, powers, immunities and indemnities were specifically set forth herein, mutatis mandatis. 

SECTION 3.3 Indemnity 
 The Guarantor
agrees to indemnify the Guarantee Trustee and its officers, directors, employees and agents for, and to hold them harmless against, any loss, liability or expense incurred without negligence, bad faith or willful misconduct on the part of the
Guarantee Trustee, arising out of or in connection with the acceptance or administration of this Guarantee Agreement, including the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance
of any of its powers or duties hereunder and including the reasonable fees and expenses of its counsel. 
 The provisions of this
Section 3.3 shall survive the termination of this Guarantee Agreement or the resignation or removal of the Guarantee Trustee. 
 ARTICLE
IV 
 GUARANTEE TRUSTEE 
 SECTION 4.1
Guarantee Trustee; Eligibility 
 (a) There shall at all times be a Guarantee Trustee which shall: 

(i) not be an Affiliate of the Guarantor or the Issuer; and 

(ii) be a Person that is eligible pursuant to the Trust Indenture Act to act as such and has a combined capital of at least
50 million U.S. dollars ($50,000,000), and shall be a corporation meeting the requirements of Section 310(a) of the Trust Indenture Act. If such corporation publishes reports of condition at least annually, pursuant to law or to the
requirements of the supervising or examining authority, then, for the purposes of this Section 4.1(a)(ii), the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. 
 (b) If at any time the Guarantee Trustee shall cease to be eligible to so act under
Section 4.1(a), the Guarantee Trustee shall immediately resign in the manner and with the effect set out in Section 4.2(c). 
 (c)
If the Guarantee Trustee has or shall acquire any “conflicting interest” within the meaning of Section 310(b) of the Trust Indenture Act, the Guarantee Trustee and Guarantor shall in all respects comply with the provisions of
Section 310(b) of the Trust Indenture Act. 

  
 8 

 SECTION 4.2 Appointment, Removal and Resignation of Guarantee Trustees 

(a) Subject to Section 4.2(b), the Guarantee Trustee may be appointed or removed without cause at any time by the Guarantor. 

(b) The Guarantee Trustee shall not be removed in accordance with Section 4.2(a) until a Successor Guarantee Trustee has been appointed
and has accepted such appointment by written instrument executed by such Successor Guarantee Trustee and delivered to the Guarantor. 
 (c)
The Guarantee Trustee appointed to office shall hold office until a Successor Guarantee Trustee shall have been appointed or until its removal or resignation. The Guarantee Trustee may resign from office (without need for prior or subsequent
accounting) by an instrument in writing executed by the Guarantee Trustee and delivered to the Guarantor, which resignation shall not take effect until a Successor Guarantee Trustee has been appointed and has accepted such appointment by instrument
in writing executed by such Successor Guarantee Trustee and delivered to the Guarantor and the resigning Guarantee Trustee. 
 (d) If no
Successor Guarantee Trustee shall have been appointed and accepted appointment as provided in this Section 4.2 within 30 days after delivery to the Guarantor of an instrument of resignation, the resigning Guarantee Trustee may, at the expense
of the Company, petition any court of competent jurisdiction for appointment of a Successor Guarantee Trustee. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Guarantee Trustee. 

ARTICLE V 
 GUARANTEE 

SECTION 5.1 Guarantee 
 The Guarantor
hereby irrevocably and unconditionally guarantees to each Holder the due and punctual payment of the principal of, any premium and interest on, and any Additional Amounts with respect to any Senior Note held by such Holder, when and as the same
shall become due and payable, whether at maturity, by acceleration, redemption, repayment or otherwise, in accordance with the terms of such Senior Note and of the Indenture. The Guarantor further agrees that, as between the Guarantor, on the one
hand, and the Holders of the Senior Notes and the Guarantee Trustee, on the other hand, the maturity of the Senior Notes guaranteed hereby may be accelerated as provided in Article 5 of the Indenture for the purposes of this Guarantee,
notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Senior Notes guaranteed hereby. 
 SECTION 5.2
Waiver of Notice and Demand 
 The Guarantor hereby waives notice of acceptance of this Guarantee Agreement and of any liability to
which it applies or may apply, presentment, demand for payment, any right to require a proceeding first against the Guarantee Trustee, the Issuer or any other Person before proceeding against the Guarantor, protest, notice of nonpayment, notice of
dishonor, notice of redemption and all other notices and demands. 

  
 9 

 SECTION 5.3 Obligations Not Affected 

The obligations, covenants, agreements and duties of the Guarantor under this Guarantee shall be as if it were a principal debtor, and not
merely a surety, and shall in no way be affected or impaired by reason of the happening from time to time of any of the following: 
 (a) the
release or waiver, by operation of law or otherwise, of the performance or observance by the Issuer of any express or implied agreement, covenant, term or condition relating to the Senior Notes to be performed or observed by the Issuer; 

(b) any failure, omission, delay or lack of diligence on the part of or on behalf of the Holders of the Senior Notes to enforce, assert or
exercise any right, privilege, power or remedy conferred on such Holders pursuant to the terms of the Senior Notes, or any action on the part of the Issuer granting indulgence or extension of any kind; 

(c) the voluntary or involuntary liquidation, dissolution, sale of any collateral, receivership, insolvency, bankruptcy, assignment for the
benefit of creditors, reorganization, arrangement, composition or readjustment of debt of, or other similar proceedings affecting, the Issuer or any of the assets of the Issuer; 

(d) any invalidity or unenforceability of, or defect or deficiency in, the Senior Notes; or 

(e) any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a guarantor, it being the
intent of this Section 5.3 that the obligations of the Guarantor hereunder shall be absolute and unconditional under any and all circumstances. 

There shall be no obligation of the Holders of the Senior Notes to give notice to, or obtain the consent of, the Guarantor with respect to the
happening of any of the foregoing. 
 SECTION 5.4 Rights of Holders 

The Guarantor expressly acknowledges that: (i) this Guarantee Agreement will be deposited with the Guarantee Trustee to be held for the
benefit of the Holders of the Senior Notes; (ii) the Guarantee Trustee has the right to enforce this Guarantee Agreement on behalf of the Holders of the Senior Notes; (iii) the Holders of not less than a majority of the outstanding
principal amount of the Senior Notes have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Guarantee Trustee in respect of this Guarantee Agreement or to direct the exercise of any trust or
power conferred upon the Guarantee Trustee under this Guarantee Agreement; and (iv) any Holder of a Senior Note may, to the extent permitted by law, institute a legal proceeding directly against the Guarantor to enforce its rights under this
Guarantee Agreement, without first instituting a legal proceeding against the Guarantee Trustee, the Issuer or any other Person. The Guarantor waives any right or remedy to require that any action on this Guarantee Agreement be brought first against
the Issuer or any other Person or entity before proceeding directly against the Guarantor. 
 SECTION 5.5 Guarantee of Payment and Reinstatement 

This Guarantee creates a guarantee of payment and not of collection. This Guarantee Agreement will not be discharged except by payment in full
of all amounts (without duplication 

  
 10 

 
of amounts theretofore paid by the Issuer) owed under the Senior Notes. This Guarantee shall continue to be effective or be reinstated, as the case may be, if at any time payment on any Senior
Note, in whole or in part, is rescinded or must otherwise be restored to the Issuer or the Guarantor upon the bankruptcy, liquidation or reorganization of the Issuer or otherwise. 

SECTION 5.6 Subrogation 
 The Guarantor
shall be subrogated to all rights, if any, of the Holders of the Senior Notes against the Issuer in respect of any amounts paid to such Holders by the Guarantor under this Guarantee Agreement; provided, however, that the Guarantor shall not (except
to the extent required by mandatory provisions of applicable law) be entitled to enforce or exercise any right that it may acquire by way of subrogation or any indemnity, reimbursement or other agreement, in all cases as a result of payment under
this Guarantee Agreement, if, at the time of any such payment, any amounts are due and unpaid under this Guarantee Agreement. If any amount shall be paid to the Guarantor in violation of the preceding sentence, the Guarantor agrees to hold such
amount in trust for the Holders of the Senior Notes and to pay over such amount to such Holders. 
 SECTION 5.7 Independent Obligations 

The Guarantor acknowledges that its obligations hereunder are independent of the obligations of the Issuer with respect to the Senior Notes,
and that the Guarantor shall be liable as principal and as debtor hereunder to make all payments with respect to the Senior Notes pursuant to the terms of this Guarantee Agreement notwithstanding the occurrence of any event referred to in
subsections (a) through (e), inclusive, of Section 5.3 hereof. 
 SECTION 5.8 Net Payments 

All payments required to be made hereunder shall be made by the Guarantor without withholding or deduction at source for, or on account of, any
present or future taxes, fees, duties, assessments or governmental charges of whatever nature imposed or levied by or on behalf of Bermuda or such other jurisdiction in which the Guarantor (or any of its successors under the Guarantee Agreement) may
be organized (each, a “taxing jurisdiction”) or any political subdivision or taxing authority thereof or therein, unless such taxes, fees, duties, assessments or governmental charges are required to be withheld or deducted by
(i) the laws (or any regulations or ruling promulgated thereunder) of a taxing jurisdiction or any political subdivision or taxing authority thereof or therein or (ii) an official position regarding the application, administration,
interpretation or enforcement of any such laws, regulations or rulings (including, without limitation, a holding by a court of competent jurisdiction or by a taxing authority in a taxing jurisdiction or any political subdivision thereof). If a
withholding or deduction at source is required, the Guarantor shall, subject to certain limitations and exceptions set forth below, pay to the Holder of any Senior Note such Additional Amounts as may be necessary so that every guarantee payment made
to such Holder, after such withholding or deduction, shall not be less than the amount provided for in the Indenture and this Guarantee Agreement to be then due and payable; provided, however, that the Guarantor shall not be required to make payment
of such Additional Amounts for or on account of: 
 (1) any tax, fee, duty, assessment or governmental charge of whatever nature which would
not have been imposed but for the fact that such Holder: (A) was a resident, domiciliary or national of, or engaged in business or maintained a permanent establishment or was physically 

  
 11 

 
present in, the relevant taxing jurisdiction or any political subdivision thereof or otherwise had some connection with the relevant taxing jurisdiction other than by reason of the mere ownership
of, or receipt of payment under, such Senior Note; (B) presented such Senior Note for payment in the relevant taxing jurisdiction or any political subdivision thereof, unless such Senior Note could not have been presented for payment elsewhere;
or (C) presented such Senior Note more than thirty (30) days after the date on which the payment in respect of such Senior Note first became due and payable or provided for, whichever is later, except to the extent that the Holder would
have been entitled to such Additional Amounts if it had presented such Senior Note for payment on any day within such period of thirty (30) days; 

(2) any estate, inheritance, gift, sale, transfer, personal property or similar tax, assessment or other governmental charge; 

(3) any tax, assessment or other governmental charge that is imposed or withheld by reason of the failure by the Holder or the beneficial owner
of such Senior Note to comply with any reasonable request by the Issuer addressed to the Holder within 90 days of such request (A) to provide information concerning the nationality, residence or identity of the Holder or such beneficial owner
or (B) to make any declaration or other similar claim or satisfy any information or reporting requirement, which, in the case of (A) or (B), is required or imposed by statute, treaty, regulation or administrative practice of the relevant
taxing jurisdiction or any political subdivision thereof as a precondition to exemption from all or part of such tax, assessment or other governmental charge; or 

(4) any combination of items (1), (2) and (3); 

nor shall Additional Amounts be paid with respect to any guarantee payment to any Holder of a Senior Note who is a fiduciary or partnership or other than the
sole beneficial owner of the related Senior Note, but only to the extent such payment would be required by the laws of the relevant taxing jurisdiction (or any political subdivision or relevant taxing authority thereof or therein) to be included in
the income for tax purposes of a beneficiary or partner or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner who would not have been entitled to such Additional Amounts had it been the Holder of such Senior
Note. 
 ARTICLE VI 
 RANKING

 SECTION 6.1 Ranking 
 This Guarantee
Agreement will constitute an unsecured obligation of the Guarantor and will rank senior to the Guarantor’s common shares. 
 SECTION 6.2 Pari Passu
Guarantees 
 This Guarantee Agreement shall rank pari passu with any similar guarantee agreements issued by the Guarantor as a direct,
unsecured senior obligation on behalf of holders of senior securities issued by any entity affiliated with the Guarantor. 

  
 12 

 ARTICLE VII 

TERMINATION 
 SECTION 7.1 Termination 

Subject to reinstatement as provided in Section 5.5 hereof, this Guarantee Agreement shall terminate and be of no further force and effect
upon payment in full of all amounts (without duplication of amounts theretofore paid by the Issuer) owed under the Senior Notes. 
 ARTICLE
VIII 
 MISCELLANEOUS 
 SECTION 8.1
Successors and Assigns 
 All guarantees and agreements contained in this Guarantee Agreement shall bind the successors, assigns,
receivers, trustees and representatives of the Guarantor and shall inure to the benefit of the Holders of the Senior Notes then outstanding. Except in connection with a consolidation, merger or sale involving the Guarantor that is permitted under
Article 8 of the Indenture and pursuant to which the assignee agrees in writing to perform the Guarantor’s obligations hereunder, the Guarantor shall not assign its obligations hereunder. 

SECTION 8.2 Amendments 
 Except with
respect to any changes that do not adversely affect the rights of Holders of the Senior Notes in any material respect (in which case no consent of such Holders will be required) and any changes to Sections 5.1 and 6.1 hereof, which may only be
amended in writing with the prior approval of each such Holder, this Guarantee Agreement may only be amended in writing by the parties hereto with the prior approval of the Holders of not less than a majority of the outstanding principal amount of
the Senior Notes. 
 SECTION 8.3 Notices 

Any notice, request or other communication required or permitted to be given hereunder shall be in writing, duly signed by the party giving
such notice, and shall be delivered, telecopied or mailed by first class mail, as follows: 
 (a) If given to the Guarantee Trustee, at the
Guarantee Trustee’s mailing address set forth below (or such other address as the Guarantee Trustee may give notice of to the Guarantor and the Holders of the Senior Notes): 

Deutsche Bank Trust Company Americas 

60 Wall Street, 16th Floor 

MS NYC 60-1630 
 New York, New
York 10005 

  
 13 

 Attention: Institutional Cash and Securities Services 

with a copy to: 
 Deutsche Bank
National Trust Company 
 Trust & Securities Services 

100 Plaza One, 6th Floor 

MS JCY03-0699 
 Jersey City, New
Jersey 07311 
 Attention: Corporate Team / RenaissanceRe Finance Inc. 

(b) If given to the Guarantor, at the Guarantor’s mailing address set forth below (or such other address as the Guarantor may give notice
of to the Holders of the Senior Notes and the Guarantee Trustee): 
 RenaissanceRe Holdings Ltd. 

Renaissance House 
 12 Crow Lane

 Pembroke HM 19 
 Bermuda 

Attention: General Counsel 
 with
a copy to: 
 Willkie Farr & Gallagher LLP 

787 Seventh Avenue 
 New York, New
York 10019 
 Attention: Leslie M. Mazza, Esq. 

(c) If given to the Issuer, at the Issuer’s mailing address set forth below (or such other address as the Issuer may give notice to the
Holders of the Senior Notes and the Guarantee Trustee): 
 RenaissanceRe Finance Inc. 

3128 Highwoods Boulevard, Suite 230 

Raleigh, NC 27604 
 Attention:
General Counsel 
 with a copy to: 

Willkie Farr & Gallagher LLP 

787 Seventh Avenue 
 New York, New
York 10019 
 Attention: Leslie M. Mazza, Esq. 

(d) If given to any Holder of a Senior Note, at the address set forth on the books and records of the Issuer. 

  
 14 

 All such notices shall be deemed to have been given when received in person, telecopied with
receipt confirmed, or mailed by first class mail, postage prepaid except that if a notice or other document is refused delivery or cannot be delivered because of a changed address of which no notice was given, such notice or other document shall be
deemed to have been delivered on the date of such refusal or inability to deliver. 
 SECTION 8.4 Benefit 

This Guarantee is solely for the benefit of the Holders of the Senior Notes and is not separately transferable from the Senior Notes. 

SECTION 8.5 Governing Law; Waiver of Jury Trial 

THIS GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO
AGREEMENTS MADE AND PERFORMED IN THAT STATE. 
 EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTEE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

SECTION 8.6 Interpretation 
 In this
Guarantee, unless the context otherwise requires: 
 (a) capitalized terms used in this Guarantee Agreement, but not defined in the preamble
hereto have the respective meanings assigned to them in Section 1.1 or in the Indenture, as the case may be; 
 (b) a term defined
anywhere in this Guarantee Agreement has the same meaning throughout; 
 (c) all references to “this Guarantee”, “the
Guarantee Agreement” or “this Guarantee Agreement” are to this Guarantee Agreement as modified, supplemented or amended from time to time; 

(d) all references in this Guarantee Agreement to Articles and Sections are to Articles and Sections of this Guarantee Agreement, unless
otherwise specified; 
 (e) a term defined in the Trust Indenture Act has the same meaning when used in this Guarantee Agreement, unless
otherwise defined in this Guarantee Agreement or unless the context otherwise requires; 
 (f) a reference to the singular includes the
plural and vice versa; and 
 (g) the masculine, feminine, or neuter genders used herein shall include the masculine, feminine and neuter
genders. 

  
 15 

 SECTION 8.7 Submission to Jurisdiction 

The Guarantor agrees that any judicial proceedings instituted in relation to any matter arising under this Guarantee Agreement 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
Guarantee Agreement, the Guarantor 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
Guarantor also irrevocably and unconditionally waives for the benefit of the Guarantee Trustee and the Holders of the Senior Notes 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 Guarantee Agreement. The Guarantor hereby irrevocably designates and appoints, for the benefit of the Guarantee Trustee and the Holders of the Senior
Notes for the term of this Guarantee Agreement, RenaissanceRe Finance Inc., 3128 Highwoods Boulevard, Suite 230, Raleigh, NC 27604, as its agent to receive on its behalf service of all process (with a copy of all such service of process to be
delivered to Willkie Farr & Gallagher LLP, 787 Seventh Avenue, New York, New York 10019, Attention: Leslie M. Mazza, Esq.) brought against it with respect to any such proceeding in any such court in The City of New York, such service being
hereby acknowledged by the Guarantor to be effective and binding service on it in every respect whether or not the Guarantor shall then be doing or shall have at any time done business in New York. Such appointment shall be irrevocable so long as
any of the Senior Notes or the obligations of the Guarantor hereunder remain outstanding, or until the appointment of a successor located in New York or North Carolina by the Guarantor and such successor’s acceptance of such appointment. Upon
such acceptance, the Guarantor shall notify the Guarantee Trustee in writing of the name and address of such successor. The Guarantor further agrees for the benefit of the Guarantee Trustee and the Holders of the Senior Notes to take any and all
action, including the execution and filing of any and all such documents and instruments, as may be necessary to continue such designation and appointment of said RenaissanceRe Finance Inc. in full force and effect so long as any of the Senior Notes
or the obligations of the Guarantor hereunder shall be outstanding. The Guarantee Trustee shall not be obligated and shall have no responsibility with respect to any failure by the Guarantor to take any such action. Nothing herein shall affect the
right to serve process in any other manner permitted by any law or limit the right of the Guarantee Trustee or any Holder of a Senior Note to institute proceedings against the Guarantor in the courts of any other jurisdiction or jurisdictions. 

SECTION 8.8 Judgment Currency 
 The
Guarantor 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 any guarantee payment (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 Guarantee
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 Guarantee Agreement to make payments in the Required Currency (i) shall not be discharged or satisfied by any tender, or any 

  
 16 

 
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 Guarantee Agreement. 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 8.9 Counterparts 

This Guarantee Agreement 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. The exchange of copies of this Guarantee Agreement and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Guarantee Agreement as to the parties hereto and may be
used in lieu of this Guarantee Agreement and signature pages for all purposes. 
 SECTION 8.10 Guarantee Trustee’s Disclaimer 

For the avoidance of doubt, in addition to any rights, privileges, protections, immunities, benefits and indemnities provided to it under this
Guarantee, the Guarantee Trustee is also entitled to the rights, privileges, protections, immunities, benefits and indemnities provided to it in its capacity as Trustee under the Indenture. 

[THE REST OF THIS PAGE LEFT INTENTIONALLY BLANK] 

  
 17 

 THIS GUARANTEE AGREEMENT is executed as of the day and year first above written. 

 

					
	RENAISSANCERE HOLDINGS LTD.,
			as Guarantor
		
	By:		/s/ Jeffrey D. Kelly
			Name:		 Jeffrey D. Kelly

	 		Title:		 Executive Vice President, Chief
Operating Officer and Chief Financial
Officer

  
 [Signature Page to
Senior Debt Securities Guarantee] 

 
					
	DEUTSCHE BANK TRUST COMPANY AMERICAS,
			not in its individual capacity but solely as Guarantee Trustee
		
	 		By: Deutsche Bank National Trust Company
		
	By:		/s/ Wanda Camacho
			Name:		 Wanda Camacho

	 		Title:		 Vice President

		
	By:		/s/ Robert S. Peschler
			Name:		 Robert S. Peschler

	 		Title:		 Vice President

  
 [Signature Page to
Senior Debt Securities Guarantee]

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