Commitments and Contingencies Letters of credit As of June 30, 2014 , the Company had entered into the following letter of credit facilities, which automatically renew annually unless terminated by either party in accordance with the required notice period: Facility Renewal date Notice period (Unused Facility Portion) ($ in thousands) BNP Paribas $ 100,000 February 15, 2015 60 days prior to termination date Citibank (1) 150,000 January 23, 2015 90 days prior to termination date J.P. Morgan 50,000 August 22, 2015 60 days prior to termination date $ 300,000 (1) Effective July 9, 2014, we increased our Citibank facility from $150 million to $250 million . All other terms of the facility remained the same. As of June 30, 2014 , $ 128.0 million ( December 31, 2013 - $ 127.3 million ) of letters of credit, representing 42.7% ( December 31, 2013   42.4% ) of the total available facilities, had been drawn upon. Under the facilities, the Company provides collateral that may consist of equity securities, repurchase agreements and cash and cash equivalents. As of June 30, 2014 , cash and cash equivalents with a fair value of $ 128.4 million ( December 31, 2013 - $ 100.6 million ) were pledged as security against the letters of credit issued. These amounts are included in restricted cash and cash equivalents in the condensed consolidated balance sheets. Each of the facilities contain customary events of default and restrictive covenants, including but not limited to, limitations on liens on collateral, transactions with affiliates, mergers and sales of assets, as well as solvency and maintenance of certain minimum pledged equity requirements, A.M. Best Company rating of  A-  or higher, and restricts issuance of any debt without the consent of the letter of credit provider. Additionally, if an event of default exists, as defined in the letter of credit facilities, the Company will be prohibited from paying dividends. The Company was in compliance with all of the covenants as of June 30, 2014 . Investments Loan and other parti