PEMBROKE, Bermuda--(BUSINESS WIRE)--May. 28, 2013--
RenaissanceRe Holdings Ltd. (NYSE:RNR) announced today that it has
decided to call the remaining 6,000,000 of its outstanding 6.60% Series
D Preference Shares (NYSE: RNRPRD; CUSIP: G7498P 40 8) and 5,000,000 of
its outstanding 6.08% Series C Preference Shares (NYSE: RNRPRC; CUSIP:
G7498P 30 9) for mandatory redemption on June 27, 2013. The redemption
price will be $25 per Series D Preference Share and Series C Preference
Share, plus accrued and unpaid dividends to June 27, 2013.
The Depository Trust Company (DTC), the securities’ holder of record,
will determine by random lottery how the partial redemption of the
Series C Preference Shares will be allocated, in accordance with DTC’s
rules and procedures. All of the outstanding Series D Preference Shares
will be called for redemption. On and after the redemption date, the
Series C Preference Shares and Series D Preference Shares so redeemed
will no longer be deemed to be outstanding, dividends on such Series C
Preference Shares and Series D Preference Shares will cease to accrue,
and all rights of the holders of such Series C Preference Shares and
Series D Preference Shares will cease, except for the right to receive
the redemption price, without interest thereon, upon surrender of such
Series C Preference Shares or Series D Preference Shares, as applicable.
As of today there are 6,000,000 of the Series D Preference Shares
outstanding, all of which are being called for redemption, and
10,000,000 Series C Preference Shares outstanding, of which 5,000,000
are being called for redemption. The notice of redemption has been
mailed to registered holders of the Series C Preference Shares and
Series D Preference Shares today. Requests for additional copies of the
notice of redemption and the related materials should be directed to the
redemption agent, Computershare Trust Company, N.A., at 250 Royall
Street, Canton, MA 02021.
RenaissanceRe Holdings Ltd. is a global provider of reinsurance and
insurance. The Company's business consists of two reportable segments:
(i) Reinsurance, which includes catastrophe reinsurance, specialty
reinsurance and certain property catastrophe and specialty joint
ventures managed by the Company's ventures unit, and (ii) Lloyd's, which
includes reinsurance and insurance business written through Syndicate
1458.
Cautionary Statement under “Safe Harbor” Provisions of the Private
Securities Litigation Reform Act of 1995: Statements made in this news
release contain information about the Company’s future business plans.
These statements may be considered “forward-looking.” These statements
are subject to risks and uncertainties that could cause actual results
to differ materially from those set forth in or implied by such
forward-looking statements. 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, 2012 and Quarterly Report on Form 10-Q for the quarter
ended March 31, 2013.
Source: RenaissanceRe Holdings Ltd.
Investors:
RenaissanceRe Holdings Ltd.
Rohan Pai, 441-295-4513
Director
of Investor Relations
or
Media:
Kekst and Company
Peter
Hill or Dawn Dover, 212-521-4800