• If an insured loss event results in claims associated with a number of the Company’s operating subsidiaries, the Company considers each operating subsidiary to have a reported claim. The following table details the Company’s cumulative number of reported claims for its excess of loss reinsurance contracts allocated by segment: At December 31, 2021 Cumulative Number of Reported Claims Accident Year Property Casualty and Specialty 2012 922 2,559 2013 812 3,030 2014 762 3,914 2015 783 4,419 2016 1,206 5,164 2017 2,596 4,753 2018 2,516 3,921 2019 1,704 3,392 2020 2,298 1,777 2021 1,203 725 Assumed Reinsurance Contracts Classified As Deposit Contracts Net claims and claim expenses incurred were reduced by $0.2 million during 2021 ( 2020 – $0.4 million, 2019 – $ Nil) related to income earned on assumed reinsurance contracts that were classified as deposit contracts with underwriting risk only. Other income was increased by $Nil during 2021 ( 2020 – $1.0 million, 2019 – $1.3 million) related to premiums and losses incurred on assumed reinsurance contracts that were classified as deposit contracts with timing risk only. Deposit liabilities of $4.2 million are included in reinsurance balances payable at December 31, 2021 ( 2020 – $7.5 million). At December 31, 2021 and 2020, there were no deposit assets in other assets associated with these contracts. NOTE 9. DEBT AND CREDIT FACILITIES Debt Obligations A summary of the Company’s debt obligations on its consolidated balance sheets is set forth below: December 31, 2021 December 31, 2020 Fair Value Carrying Value Fair Value Carrying Value 3.600% Senior Notes due 2029 $ 432,316 $ 393,305 $ 453,932 $ 392,391 3.450% Senior Notes due 2027 321,204 297,281 329,661 296,787 3.700% Senior Notes due 2025 318,852 298,798 315,273 298,428 4.750% Senior Notes due 2025 (DaVinciRe) (1) 166,071 148,969 162,203 148,659 Total senior notes 1,238,443 1,138,353 1,261,069 1,136,265 Medici Revolving Credit Facility (2) 30,000 30,000 — — Total debt $ 1,268,443 $ 1,168,353 $ 1,261,069 $ 1,136,265 (1) RenaissanceRe owns a noncontrolling economic interest in its joint venture DaVinciRe. Because RenaissanceRe controls a majority of DaVinciRe’s outstanding voting rights, the consolidated financial statements of DaVinciRe are included in the consolidated financial statements of RenaissanceRe. However , RenaissanceRe does not guarantee or provide credit support for DaVinciRe and RenaissanceRe’s financial exposure to DaVinciRe is limited to its investment in DaVinciRe’s shares and counterparty credit risk arising from reinsurance transactions. (2) RenaissanceRe owns a noncontrolling economic interest in Medici. Because RenaissanceRe controls all of Medici’s outstanding voting rights, the financial statements of Medici are included in RenaissanceRe’s consolidated financial statements. F-55