PEMBROKE, Bermuda--(BUSINESS WIRE)--Oct. 2, 2018--
RenaissanceRe Holdings Ltd. (NYSE: RNR) today issued the following
statement in response to a letter addressed to RenaissanceRe, publicly
released by TimesSquare Capital Management, LLC (“TimesSquare”) today,
in which TimesSquare requested that RenaissanceRe’s Board of Directors
commence a review of strategic alternatives.
RenaissanceRe welcomes open and constructive communications with all
shareholders and values their input. In this regard, members of our
senior management team have held numerous meetings with TimesSquare over
the past few years. In particular, both our Chairman of the Board and
our Chief Executive Officer have separately met with TimesSquare in
recent months. We have considered fully TimesSquare’s views and have
shared them with our Board. Our Board understands, and is committed to,
its fiduciary duties to act in the best interests of all shareholders.
Our Board and management team continuously focus on enhancing
shareholder value through execution of the Company’s strategic plan. We
will maintain an open and active dialogue with all of our shareholders
as we continue to work to enhance shareholder value.
About RenaissanceRe
RenaissanceRe is a global provider of reinsurance and insurance that
specializes in matching well-structured risks with efficient sources of
capital. The Company provides property, casualty and specialty
reinsurance and certain insurance solutions to customers, principally
through intermediaries. Established in 1993, the Company has offices in
Bermuda, Ireland, Singapore, Switzerland, the United Kingdom, and the
United States.
Cautionary Statement Regarding Forward-Looking Statements
Any forward-looking statements made in this Press Release reflect
RenaissanceRe’s current views with respect to future events and
financial performance and are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These statements are subject to numerous factors that could cause actual
results to differ materially from those set forth in or implied by such
forward-looking statements, including the following: the frequency and
severity of catastrophic and other events that the Company covers; the
effectiveness of the Company’s claims and claim expense reserving
process; the Company’s ability to maintain its financial strength
ratings; the effect of climate change on the Company’s business;
collection on claimed retrocessional coverage, and new retrocessional
reinsurance being available on acceptable terms and providing the
coverage that we intended to obtain; the effects of U.S. tax reform
legislation and possible future tax reform legislation and regulations,
including changes to the tax treatment of the Company’s shareholders or
investors in the Company’s joint ventures or other entities the Company
manages; the effect of emerging claims and coverage issues; continued
soft reinsurance underwriting market conditions; the Company’s reliance
on a small and decreasing number of reinsurance brokers and other
distribution services for the preponderance of its revenue; the
Company’s exposure to credit loss from counterparties in the normal
course of business; the effect of continued challenging economic
conditions throughout the world; a contention by the Internal Revenue
Service that Renaissance Reinsurance Ltd., or any of the Company’s other
Bermuda subsidiaries, is subject to taxation in the U.S.; the success of
any of the Company’s strategic investments or acquisitions, including
the Company’s ability to manage its operations as its product and
geographical diversity increases; the Company’s ability to retain key
senior officers and to attract or retain the executives and employees
necessary to manage its business; the performance of the Company’s
investment portfolio; losses that the Company could face from terrorism,
political unrest or war; the effect of cybersecurity risks, including
technology breaches or failure on the Company’s business; the Company’s
ability to successfully implement its business strategies and
initiatives; the Company’s ability to determine the impairments taken on
investments; the effect of inflation; the ability of the Company’s
ceding companies and delegated authority counterparties to accurately
assess the risks they underwrite; the effect of operational risks,
including system or human failures; the Company’s ability to effectively
manage capital on behalf of investors in joint ventures or other
entities it manages; foreign currency exchange rate fluctuations; the
Company’s ability to raise capital if necessary; the Company’s ability
to comply with covenants in its debt agreements; changes to the
regulatory systems under which the Company operates, including as a
result of increased global regulation of the insurance and reinsurance
industry; changes in Bermuda laws and regulations and the political
environment in Bermuda; the Company’s dependence on the ability of its
operating subsidiaries to declare and pay dividends; aspects of the
Company’s corporate structure that may discourage third-party takeovers
or other transactions; the cyclical nature of the reinsurance and
insurance industries; adverse legislative developments that reduce the
size of the private markets the Company serves or impede their future
growth; consolidation of competitors, customers and insurance and
reinsurance brokers; the effect on the Company’s business of the highly
competitive nature of its industry, including the effect of new entrants
to, competing products for and consolidation in the (re)insurance
industry; other political, regulatory or industry initiatives adversely
impacting the Company; increasing barriers to free trade and the free
flow of capital; international restrictions on the writing of
reinsurance by foreign companies and government intervention in the
natural catastrophe market; the effect of Organisation for Economic
Co-operation and Development or European Union (“EU”) measures to
increase the Company’s taxes and reporting requirements; the effect of
the vote by the U.K. to leave the EU; changes in regulatory regimes and
accounting rules that may impact financial results irrespective of
business operations; the Company’s need to make many estimates and
judgments in the preparation of its financial statements; and other
factors affecting future results disclosed in RenaissanceRe’s filings
with the Securities and Exchange Commission, including its Annual
Reports on Form 10-K and Quarterly Reports on Form 10-Q.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181002005945/en/
Source: RenaissanceRe Holdings Ltd.
Investors:
RenaissanceRe Holdings Ltd.
Keith McCue,
441-239-4830
Senior Vice President, Finance & Investor Relations
or
Media:
RenaissanceRe
Holdings Ltd.
Keil Gunther, 441-239-4932
Vice President,
Marketing & Communications
or
Kekst and Company
Peter
Hill or Dawn Dover, 212-521-4800