Board of Directors Approves Share Repurchase Program up to an
Aggregate of $500 million
PEMBROKE, Bermuda--(BUSINESS WIRE)--Feb. 19, 2016--
The Board of Directors of RenaissanceRe Holdings Ltd. (NYSE:RNR) today
voted to increase the Company's quarterly dividend to $0.31 per common
share, from $0.30 per common share.
The Company has increased its dividend during each of the twenty one
years since its initial public offering. The dividend is payable on
March 31, 2016 to shareholders of record on March 15, 2016.
In addition, the Board of Directors approved an increase in
RenaissanceRe's share repurchase program, bringing the total current
authorization to $500 million. This authorization includes the remaining
amounts available under prior authorizations. Under this program,
RenaissanceRe may repurchase shares of its common stock in the open
market based on, among other things, its ongoing capital requirements
and expected cash flows, and the market price of its common shares. The
repurchase program does not have an established expiration date.
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.
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Source: RenaissanceRe Holdings Ltd.
RenaissanceRe Holdings Ltd.
Rohan Pai, 441-295-4513
– Corporate Finance
Kekst and Company
Hill or Dawn Dover, 212-521-4800