Employment Agreements The Board of Directors has authorized the execution of employment agreements between the Company and certain officers. These agreements provide for, among other things, severance payments under certain circumstances, as well as accelerated vesting of options and certain restricted stock grants, upon a change in control, as defined in the employment agreements and the Company’s stock incentive plan. Letters of Credit and Other Commitments At December 31, 2021, the Company’s banks have issued secured and unsecured letters of credit totaling $1.1 billion in favor of certain ceding companies. In connection with the Company’s Top Layer Re joint venture, Renaissance Reinsurance has committed $37.5 million of collateral to support a letter of credit and is obligated to make a mandatory capital contribution of up to $50.0 million in the event that a loss reduces Top Layer Re’s capital and surplus below a specified level. Refer to “Note 9. Debt and Credit Facilities” for additional information related to the Company’s debt and credit facilities. Investment Commitments The Company has committed capital to direct private equity investments, fund investments, term loans and investments in other ventures of $2.7 billion, of which $1.3 billion has been contributed at December 31, 2021. The Company’s remaining commitments to these investments at December 31, 2021 totaled $1.4 billion. These commitments do not have a defined contractual commitment date. Indemnifications and Warranties In the ordinary course of its business, the Company may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that lead to the execution of these provisions against the Company. Based on past experience, management currently believes that the likelihood of such an event is remote. Leases The Company’s operating leases primarily relate to office space for its global underwriting platforms principally in Bermuda, Australia, Ireland, Singapore, Switzerland, the U.K. and the U.S. These leases expire at various dates through 2031 with a weighted average lease term of 4.7 years. Included in other assets and other liabilities at December 31, 2021 is a right-to-use asset of $22.9 million and a lease liability of $23.1 million, respectively, associated with the Company’s operating leases and reflected as a result of the Company’s adoption of FASB ASC Topic Leases ( 2020 - $29.8 million and $29.9 million, respectively). During 2021, the Company recorded an operating lease expense of $8.4 million included in operating expenses ( 2020 - $9.8 million). The Company’s financing leases primarily relate to office space in Bermuda with an initial lease term of 20 years, ending in 2028, and a bargain renewal option for an additional 30 years. Included in other assets and other liabilities at December 31, 2021 is a right-to-use asset of $28.0 million and a lease liability of $22.5 million, respectively, associated with the Company’s finance leases (2020 - $18.0 million and $22.9 million, respectively). During 2021, the Company recorded interest expense of $2.3 million associated with its finance leases (2020 - $2.3 million) included in other income and amortization of its finance leases right-to- use asset of $0.5 million included in operating expenses (2020 - $0.5 million). F-90