PEMBROKE, Bermuda--(BUSINESS WIRE)--Apr. 28, 2015--
RenaissanceRe Holdings Ltd. (NYSE:RNR) announced today that its joint
venture, DaVinciRe Holdings Ltd., has agreed to sell in a private debt
offering $150 million aggregate principal amount of 4.750% Senior Notes
due 2025. The offering is expected to close on or about May 4, 2015,
subject to customary closing conditions.
DaVinciRe Holdings Ltd. intends to use the net proceeds from the
offering to repay a $100 million loan from RenaissanceRe Holdings Ltd.,
and to repurchase its shares or to otherwise retain the net proceeds for
general corporate purposes. We expect the senior notes to be rated Baa2
by Moody’s Investors Service and A by Standard & Poor’s.
The notes will not be registered under the Securities Act of 1933 or the
securities law of any state and may not be offered or sold in the United
States absent registration or an applicable exemption from the
registration requirements under the Securities Act and applicable state
securities laws. The notes were offered and will be sold in a private
placement to qualified institutional buyers in the United
States pursuant to Rule 144A under the Securities Act of 1933, as
amended (the "Securities Act"), and to non-U.S. persons in transactions
outside the United States pursuant to Regulation S under the Securities
This press release does not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of these
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
RenaissanceRe Holdings Ltd. is a global provider of reinsurance and
insurance. The Company’s business consists of three reportable segments:
(1) Catastrophe Reinsurance, which includes catastrophe reinsurance and
certain property catastrophe joint ventures managed by the Company’s
ventures unit; (2) Specialty Reinsurance, which includes specialty
reinsurance and certain specialty joint ventures managed by the
Company’s ventures unit; and (3) Lloyd’s, which includes reinsurance and
insurance business written through RenaissanceRe Syndicate 1458.
DaVinciRe Holdings Ltd., a joint venture of RenaissanceRe Holdings Ltd.,
is the holding company of DaVinci Reinsurance Ltd. which writes
principally property catastrophe reinsurance. Both DaVinciRe Holdings
Ltd. and DaVinci Reinsurance Ltd. are managed by Renaissance
Underwriting Managers, Ltd., a part of the ventures unit of
RenaissanceRe Holdings Ltd.
Cautionary Statement under "Safe Harbor” Provisions of the Private
Securities Litigation Reform Act of 1995: This news release contains
certain forward-looking statements that are subject to known and unknown
risks and uncertainties that could cause actual results to differ
materially from those expressed or implied by such statements. Such
risks and uncertainties include, but are not limited to, the anticipated
use of the proceeds of the offering, and may also relate to risks and
uncertainties about the future business prospects of RenaissanceRe
Holdings Ltd., DaVinciRe Holdings Ltd. and DaVinci Reinsurance Ltd.
These statements may be considered "forward-looking." Actual results may
differ materially from those set forth in or implied by such
forward-looking statements. RenaissanceRe Holdings Ltd. does not
undertake any obligation to update any forward-looking statements to
reflect events or circumstances occurring after the date of this news
release. For further information regarding cautionary statements and
factors affecting future results, please refer to RenaissanceRe Holdings
Ltd.’s filings with the Securities and Exchange Commission, including
its Annual Report on Form 10-K for the year ended December 31, 2014.
Source: RenaissanceRe Holdings Ltd.
RenaissanceRe Holdings Ltd.
Rohan Pai, 441-295-4513
– Corporate Finance
Kekst and Company
Hill or Dawn Dover, 212-521-4800