UNITED STATES SECURITIES
AND EXCHANGE COMMISSION
FORM 10 - Q
[ x ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended: June 30, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ____________________ to __________________
Commission file number: 34-0-26512
RENAISSANCERE HOLDINGS LTD.
---------------------------
(Exact name of registrant as specified in its charter)
BERMUDA 98-013-8020
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
SOFIA HOUSE, 48 CHURCH STREET
HAMILTON, BERMUDA HM 12
(Address of principal executive offices) (Zip Code)
(441) 295-4513
(Registrant's telephone number, including area code)
NOT APPLICABLE
(Former name, former address and former fiscal year,
if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing requirements for
the past 90 days. Yes_X_ No___
The number of outstanding shares of RenaissanceRe Holding Ltd.'s common shares,
par value US $1.00 per share, as of June 30, 1996 was 25,609,668.
Total number of pages in this report (including exhibits): 15
RenaissanceRe Holdings Ltd.
INDEX TO FORM 10-Q
PART I -- Financial Information
ITEM 1 -- Financial Statements
Consolidated Balance Sheets as of June 30, 1996 3
(unaudited) and December 31, 1995
Unaudited Consolidated Statements of Operations for 4
the Three Months and Six Months
Ended June 30, 1996 and 1995.
Unaudited Consolidated Statements of Cash Flows 5
for the Six Months Ended June 30, 1996 and 1995
Notes to Unaudited Consolidated Financial Statements 6
ITEM II -- Management's Discussion and Analysis of 7
Results of Operations and Financial Condition
PART II -- Other Information 10
ITEM 1 -- Legal Proceedings
ITEM 2 -- Changes in Securities
ITEM 3 -- Defaults Upon Senior Securities
ITEM 4 -- Submission of Matters to a Vote of Security Holders
ITEM 5 -- Other Information
ITEM 6 -- Exhibits and Reports on Form 8-K
Signature - RenaissanceRe Holdings Ltd. 14
Exhibit 27 - Financial Data Schedule
2
RENAISSANCERE HOLDINGS LTD. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(United States Dollars)
(in thousands, except per share amounts)
AS OF
-----------------------
DECEMBER
JUNE 30, 1996 31, 1995
------------- ---------
ASSETS (Unaudited)
Investments available for sale, at fair value.......... $582,185 $523,848
(Amortized cost $585,886 and $521,149, at June 30,
1996 and December 31, 1995, respectively)
Short-term investments................................. -- 4,988
Cash and cash equivalents.............................. 103,230 139,163
Premiums receivable.................................... 118,247 62,773
Accrued investment income.............................. 14,840 14,851
Deferred acquisition costs............................. 11,062 6,163
Other assets........................................... 4,408 5,274
-------- --------
TOTAL ASSETS.......................................... $833,972 $757,060
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Reserve for claims and claim adjustment expenses....... $ 95,940 $100,445
Reserve for unearned premiums.......................... 108,126 60,444
Bank loan.............................................. 50,000 100,000
Other.................................................. 18,172 9,835
-------- --------
TOTAL LIABILITIES..................................... 272,238 270,724
-------- --------
MINORITY INTERESTS..................................... 15,153 --
-------- --------
TOTAL LIABILITIES AND MINORITY INTERESTS.............. 287,391 270,724
-------- --------
SHAREHOLDERS' EQUITY
Common Shares.......................................... 25,610 25,605
Additional paid-in capital............................. 173,809 174,370
Loans to officers and employees........................ (3,736) (2,728)
Net unrealized appreciation (depreciation) on invest-
ments................................................. (3,701) 2,699
Retained earnings...................................... 354,599 286,390
-------- --------
TOTAL SHAREHOLDERS' EQUITY............................ 546,581 486,366
-------- --------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY............ $833,972 $757,060
======== ========
BOOK VALUE PER COMMON SHARE............................ $ 21.34 $ 18.99
======== ========
COMMON SHARES OUTSTANDING.............................. 25,610 25,605
3
RENAISSANCERE HOLDINGS LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(United States Dollars)
(in thousands, except per share amounts)
(Unaudited)
QUARTERS ENDED YEAR-TO-DATE
--------------------------- ---------------------------
JUNE 30, 1996 JUNE 30, 1995 JUNE 30, 1996 JUNE 30, 1995
------------- ------------- ------------- -------------
REVENUE
Gross Premiums Written. $39,018 $40,035 $179,566 $196,210
======= ======= ======== ========
Net premiums written... $32,682 $39,959 $171,397 $195,475
Decrease (increase) in
unearned premiums.... 29,333 30,364 (47,683) (58,566)
------- ------- -------- --------
Net premiums earns..... 62,015 70,323 123,714 136,909
Net investment income.. 10,256 7,418 20,314 14,432
Net foreign exchange
gains (losses)........ (558) 2,020 (652) 3,448
Net realized gains
(losses) on
investments........... (1,514) (40) (2,131) 526
------- ------- -------- --------
TOTAL REVENUES......... 70,199 79,721 141,245 155,315
------- ------- -------- --------
EXPENSES
Claims and claim
adjustment expenses
incurred.............. 19,336 25,408 39,317 46,271
Acquisition expenses... 6,090 7,066 12,412 13,775
Operating expenses..... 3,837 2,789 7,138 4,883
Corporate expenses..... 446 739 1,133 4,614
Interest expense....... 1,209 1,594 2,793 2,672
------- ------- -------- --------
TOTAL EXPENSES......... 30,918 37,596 62,793 72,215
------- ------- -------- --------
Net Income before tax
and minority interest.. 39,281 42,125 78,452 83,100
Income tax expense...... -- -- -- --
------- ------- ------- -------
Net Income.............. 39,281 42,125 78,452 83,100
Net Income allocable to
Series B Preference
Shares................ -- 595 -- 2,536
------- ------- -------- --------
Net Income available to
Common Shareholders.... $39,281 $41,530 $ 78,452 $ 80,564
======= ======= ======== ========
NET INCOME PER COMMON
SHARE.................. $ 1.51 $ 1.83 $ 3.01 $ 3.54
======= ======= ======== ========
Weighted average Common
Shares and common
share equivalents
outstanding............... 26,076 22,750 26,081 22,750
Claims and claim adjust-
ment expense ratio..... 31.2% 36.2% 31.8% 33.8%
Expense ratio........... 16.0% 14.1% 15.8% 13.6%
------- ------- -------- --------
Combined ratio.......... 47.2% 50.3% 47.6% 47.4%
4
RENAISSANCERE HOLDINGS LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(United States Dollars in thousands)
(Unaudited)
YEAR-TO-DATE
---------------------------
JUNE 30, 1996 JUNE 30, 1995
------------- -------------
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income $ 78,452 $ 83,100
ADJUSTMENTS TO RECONCILE NET INCOME TO CASH PRO-
VIDED BY OPERATING ACTIVITIES
Amortization and depreciation.................... 78 238
Realized investment (gains) losses............... 2,131 (526)
Change in:
Reserve for unearned premiums................... 47,683 57,831
Reinsurance balances receivable................. (48,955) (56,564)
Reserve for claims and claim adjustment ex-
penses......................................... (4,505) 26,316
Deferred acquisition costs...................... (4,899) (6,173)
Other........................................... 2,952 6,222
-------- --------
CASH PROVIDED BY OPERATING ACTIVITIES......... 72,937 110,444
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of investments................ 141,246 176,300
Purchase of investments available for sale....... (203,127) (283,958)
Proceeds from sale of minority interest in Glen-
coe............................................. 15,265 --
Net purchases of short-term investments.......... -- (16,140)
Purchase of furniture and equipment.............. (447) (81)
-------- --------
CASH APPLIED TO INVESTING ACTIVITIES.......... (47,063) (123,879)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from exercise of stock options.......... -- 100
Proceeds from bank loan.......................... -- 60,000
Repayment of bank loan........................... (50,000) --
Redemption of Series B Preference Shares......... -- (57,874)
Loans to employees............................... (1,007) (2,555)
Dividends paid................................... (10,243) --
Organizational expenses.......................... -- --
Other............................................ (557) --
-------- --------
CASH APPLIED TO FINANCING ACTIVITIES.......... (61,807) (329)
-------- --------
NET DECREASE IN CASH AND CASH EQUIVALENTS....... (35,933) (13,764)
CASH AND CASH EQUIVALENTS, BALANCE AT BEGINNING
OF PERIOD...................................... 139,163 153,049
-------- --------
CASH AND CASH EQUIVALENTS, BALANCE AT END OF
PERIOD......................................... $103,230 $139,285
======== ========
5
RenaissanceRe Holdings Ltd. and Subsidiaries
Notes to Consolidated Financial Statements
(Expressed in United States Dollars)
(unaudited)
1. The consolidated financial statements have been prepared on the basis of
United States generally accepted accounting principles ("GAAP") and include the
accounts of RenaissanceRe Holdings Ltd. and its subsidiaries, Renaissance
Reinsurance Ltd. ("Renaissance Reinsurance") and Glencoe Insurance Ltd.
("Glencoe") (collectively, the "Company"). In the opinion of management, these
financial statements reflect all the normal recurring adjustments necessary for
a fair presentation of the Company's financial position at June 30, 1996 and
December 31, 1995, its results for the three month and six month periods ended
June 30, 1996 and 1995 and cash flows for the six months ended June 30, 1996 and
1995. These consolidated financial statements should be read in conjunction
with the 1995 audited consolidated financial statements and related notes
thereto.
2. Earnings per share are calculated by dividing net income available to
common shareholders by weighted average common shares and common share
equivalents outstanding.
For the quarter ended June 30, 1996, the Company had 26,076,000 weighted
average common shares outstanding consisting of 25,608,000 weighted average
common shares and 468,000 weighted average common share equivalents issuable
pursuant to stock option plans. For the quarter ended June 30, 1995, the Company
had 22,750,000 weighted average common shares outstanding consisting of
22,500,000 weighted average common shares and 250,000 weighted average common
share equivalents issuable pursuant to stock option plans.
For the six months ended June 30, 1996, the Company had 26,081,000 weighted
average common shares outstanding consisting of 25,607,000 weighted average
common shares and 474,000 weighted average common share equivalents issuable
pursuant to stock option plans. For the six months ended June 30, 1995, the
Company had 22,750,000 weighted average common shares outstanding consisting of
22,500,000 weighted average common shares and 250,000 weighted average common
share equivalents issuable pursuant to stock option plans.
3. During the quarter ended June 30, 1996, the Board of Directors of the
Company declared, and the Company paid, a dividend of $0.20 per share to
shareholders of record as of May 16, 1996.
4. In early January 1996, the Company capitalized a new subsidiary, Glencoe,
with $50 million of initial capital, to participate in certain attractive
insurance markets utilizing the modeling, underwriting, customer service, and
capital management approaches that Renaissance Reinsurance has successfully
employed. Glencoe is not expected to contribute significantly to the Company's
results of operations in 1996.
6
During the second quarter of 1996, two strategic investors became
shareholders of Glencoe. Underwriters Reinsurance Company of Woodland Hills,
California, purchased 20 percent of Glencoe. Dames and Moore Ventures, a
subsidiary of Dames and Moore, Inc., a leading engineering and consulting firm,
purchased 9.9 percent of Glencoe. RenaissanceRe Holdings Ltd. retained a 70.1
percent interest in Glencoe. The results of Glencoe are consolidated and the
resulting minority interests are eliminated in the consolidated income
statements and the consolidated balance sheets.
5. In February 1996, the Company completed a secondary offering of 3 million
common shares at $28.00 per share. The Company's initial institutional
investors each sold 14% of their holdings, which doubled the public float of the
Company's shares. The secondary offering did not have any impact on shares
outstanding because all shares were sold by existing shareholders.
6. Interest paid was $2.9 million for the six months ended June 30, 1996 and
$2.0 million for the same period in the previous year.
7
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
For the quarter ended June 30, 1996 compared to the quarter ended June 30, 1995
For the quarter ended June 30, 1996, net income available to common shareholders
was $39.3 million, compared to $41.5 million reported for the same quarter in
1995. Operating earnings (excluding realized gains and losses on investments)
were $40.8 million for the second quarter of 1996, compared to $41.6 for the
same period in 1995. Earnings per common share for the quarter ended June 30,
1996 decreased 17 percent to $1.51 compared to $1.83 for the same period in
1995. This decrease was primarily because of a 15 percent increase in the
number of weighted average common shares outstanding in the second quarter of
1996 compared to the same period in 1995 as a result of the Company's initial
public offering of 3.1 million common shares in July 1995 (the "IPO").
Operating earnings per common share (excluding realized gains and losses on
investments) were $1.56 for the second quarter of 1996, compared to $1.83 for
the same period in 1995.
Gross premiums written for the second quarter of 1996 declined 3 percent to
$39.0 million from the $40.0 million reported for the same quarter of 1995. The
decline in gross premiums written was primarily related to the competitive
market for property catastrophe reinsurance, which was partially offset by
higher reinstatement premiums in the first quarter of 1996 compared to the first
quarter of 1995. The gross premium written decrease of 3 percent was the
result of a 20 percent decrease due to certain clients not renewing coverage, a
decrease in pricing and coverage of renewed business of 15 percent, which was
partially offset by increased premiums related to new business of 17 percent and
an increase of 15 percent caused by an increase in reinstatement premiums
booked. Reinstatement premiums for the second quarter of 1996 were $4.1
million. Reinsurance ceded premiums written were $6.3 million for the second
quarter of 1996, resulting in net premiums written for the 1996 second quarter
of $32.7 million compared to $40.0 million for the same period in 1995. Net
premiums earned for the second quarter of 1996 were $62.0 million, compared to
$70.3 million for the same quarter of 1995.
The table below sets forth the Company's combined ratio and components thereof
for the quarters ended June 30, 1996 and 1995:
Quarters Ended June 30,
-------------------------
1996 1995
------------ -----------
Claims and claim adjustment expense ratio.. 31.2% 36.2%
Expense ratio.............................. 16.0% 14.1%
---- ----
Combined Ratio............................. 47.2% 50.3%
---- ----
8
Claims and claim adjustment expenses incurred for the quarter ended June 30,
1996 were $19.3 million or 31.2 percent of net premiums earned and included the
provision of $7.0 million for claims incurred by regional midwestern clients
related to the severe wind and hail storms during the second quarter of 1996.
In comparison, claims and claim adjustment expenses for the quarter ended June
30, 1995 were $25.4 million or 36.2 percent of net premiums earned.
Acquisition costs were $6.1 million for the quarter ended June 30, 1996 compared
to $7.1 million for the same period in 1995. These costs were 9.8 percent and
10.0 percent of net premiums earned for the quarters ended June 30, 1996 and
1995, respectively.
Net investment income (excluding net realized investment gains and losses) was
$10.3 million for the quarter ended June 30, 1996 compared to $7.4 million for
the same period in 1995. The increase was due to the increase in the Company's
average invested assets to $691.1 million during the second quarter of 1996
compared to $531.6 million for the same period in the prior year. The increase
in invested assets over the prior year amount was the result of cash flow
provided by operating activities, and the net proceeds of the IPO, partially
offset by a reduction in borrowings under the Company's revolving credit
facility with a syndicate of commercial banks (the "Revolving Credit Facility")
and the Company's retirement of its Series B 15% Cumulative Redeemable Voting
Preference Shares (the "Series B Preference Shares") in April 1995. Net
realized losses on investments were $1.5 million for the quarter ended June 30,
1996.
For the six months ended June 30, 1996 compared to the six months ended June
30, 1995
For the six months ended June 30, 1996, net income available to common
shareholders was $78.5 million, compared to $80.6 million reported for the same
period in 1995. Operating earnings (excluding realized gains and losses on
investments) were $80.6 million for the first six months of 1996, compared to
$80.0 million for the same period in 1995. Earnings per common share for the six
months ended June 30, 1996 decreased 15 percent to $3.01 compared to $3.54 for
the same period in 1995. This decrease was because of a 15 percent increase in
the number of weighted average common shares outstanding during the first six
months of 1996 compared to the same period in 1995, as a result of the IPO.
Operating earnings per common share (excluding realized gains and losses on
investments) were $3.09 for the first six months of 1996, compared to $3.52 for
the same period in 1995.
Gross premiums written for the first six months of 1996 declined 8 percent to
$179.6 million from the $196.2 million reported for the same period of 1995. The
decline in gross premiums written was primarily related to the competitive
market for property catastrophe reinsurance and the booking of a multi-year
policy in the first quarter of 1995 that will not renew until 1997, partially
offset by higher reinstatement premiums in the first six months of 1996 compared
to the same period in 1995. The gross premiums written decrease of 8
9
percent was the result of an 11 percent decrease due to certain clients not
renewing coverage, a decrease in pricing and coverage of renewed business of 5
percent and a decrease of 3 percent related to a multi-year policy that will not
renew until 1997, which was partially offset by an increase of 2 percent in
reinstatement premiums booked and increased premiums related to new business of
9 percent. Reinsurance ceded premiums written were $8.2 million for the first
six months of 1996 compared to $0.7 million for the same period of 1995,
resulting in net premiums written of $171.4 million for the six months ended
June 30, 1996 compared to net premiums written of $195.5 million for the same
period in the prior year. Net premiums earned for the first six months of 1996
were $123.7 million, compared to $136.9 million for the same period of 1995.
The table below sets forth the Company's combined ratio and components thereof
for the six months ended June 30, 1996 and 1995:
Six Months Ended June 30,
---------------------------
1996 1995
------------- ------------
Claims and claim adjustment expense ratio.. 31.8% 33.8%
Expense ratio.............................. 15.8% 13.6%
---- ----
Combined Ratio............................. 47.6% 47.4%
---- ----
Claims and claim adjustment expenses incurred for the six months ended June 30,
1996 were $39.3 million or 31.8 percent of net premiums earned and included the
provision of $7.0 million for claims incurred by regional midwestern clients
related to the severe wind and hail storms during the second quarter of 1996 as
well as the provision of $7.0 million for losses related to the Northeast USA
winter storms in the first quarter of 1996. In comparison, claims and claim
adjustment expenses for the six months ended June 30, 1995 were $46.3 million or
33.8 percent of net premiums earned.
Acquisition costs were $12.4 million for the six months ended June 30, 1996
compared to $13.8 million for the same period in 1995. These costs were
consistent at approximately 10 percent of net premiums earned for the six months
ended June 30, 1996 and 1995.
Net investment income (excluding net realized investment gains and losses) was
$20.3 million for the six months ended June 30, 1996 compared to $14.4 million
for the same period in 1995. The increase was due to the increase in the
Company's average invested assets to $676.7 million during the first six months
of 1996 compared to $497.8 million for the same period in the prior year. The
increase in invested assets over the prior year amount was the result of cash
flow provided by operating activities, and the net proceeds of the IPO partially
offset by a reduction in borrowings under the Revolving Credit Facility and the
retirement of the Series B Preference Shares in April 1995. Net realized losses
on investments were $2.1 million for the six months ended June 30, 1996,
compared to net realized gains on investments of $0.5 million for the same
period in 1995.
10
LIQUIDITY AND CAPITAL RESOURCES
In July 1995, the Company completed the IPO of its common shares, raising
approximately $55 million. The net proceeds from the IPO were used to reduce
the Company's outstanding borrowings under its Revolving Credit Facility and for
general corporate purposes.
In January 1996, the Company amended and restated the Revolving Credit Facility,
increasing the aggregate borrowing limit thereunder to $150.0 million from
$120.0 million. The full amount of the Revolving Credit Facility is available
until February 1, 1999, with two optional one year extensions, if requested by
the Company and approved by the lenders.
On February 28, 1996, the Company completed a secondary offering of 3 million
common shares at $28.00 per share. The Company's initial institutional
investors each sold 14 percent of their holdings, which doubled the public float
of the Company's shares. The secondary offering did not have any impact on
shares outstanding because all shares were sold by existing shareholders.
At June 30, 1996, total assets were $834.0 million compared to $757.1 million at
December 31, 1995, an increase of approximately 10 percent. The increase in
total assets during the first six months of 1996 was due primarily to cash flows
provided by operating activities partially offset by reduced borrowings under
the Company's Revolving Credit Facility. During the quarters ended June 30,
1996 and March 31, 1996, the Company reduced its borrowings under the Revolving
Credit Facility by $30 million and $20 million, respectively. At June 30,
1996, the Company had $100 million of unused borrowing capacity under its
Revolving Credit Facility.
The Company's investment portfolio had a fair value of $685.4 million at June
30, 1996 and consisted of debt securities with fixed maturities with a fair
value of $582.2 million and cash and cash equivalents with a fair value of
$103.2 million. At June 30, 1996, the investment portfolio had an average
rating of AA+ as measured by Standard & Poor's Ratings Group, an average
duration of 1.5 years and an average yield to maturity of 6.3 percent before
investment expenses. The Company's investment in cash and cash equivalents
included $23.4 million of investments in non - U.S. currencies, representing
approximately 3 percent of invested assets. The remaining 97 percent of the
Company's invested assets are invested in U.S. Dollar denominated investments.
The portfolio does not contain any direct investments in real estate, mortgage
loans or other securities.
11
PART II -- OTHER INFORMATION
Item 1 -- Legal Proceedings
None.
Item 2 -- Changes in Securities
None
Item 3 -- Defaults Upon Senior Securities
None
Item 4 -- Submission of Matters to a Vote of Security Holders
(a) The Registrant's 1996 Annual General Meeting of Shareholders (the
"Annual General Meeting") was held on May 6, 1996.
(b) Proxies were solicited by the Registrant's management pursuant to
Regulation 14A under the Securities Exchange Act of 1934; there was no
solicitation in opposition to management's nominees for director as
listed in the proxy statement; and all of such nominees were elected
for a one-year term.
(c) The following matters were voted upon at the Annual General Meeting
with the voting results as indicated:
1. Proposal to consider, and if thought fit, approve the establishment of
the number of directors serving on the Company's Board of Directors at
nine, election of the individuals set forth below to the Board to
serve until the 1997 annual general meeting of shareholders of the
Company, or until their successors are duly elected, and approval of
the Board's ability to fill the two vacancies on the Board thereby
created without further shareholder action.
Nominee Votes For Votes Against
---------------- ---------- -------------
[S] [C] [C]
Arthur S. Bahr 24,405,806 -
Edmund B. Greene 24,405,056 750
Gerald L. Igou 24,404,756 1,050
Kewsong Lee 24,405,056 750
John M. Lummis 24,405,506 300
Howard H. Newman 24,405,526 550
James N. Stanard 24,405,206 600
There were no votes withheld in connection with this first proposal.
12
2. Proposal to consider, and if thought fit, approve an amendment to the
RenaissanceRe Holdings Ltd. Amended and Restated 1993 Stock Incentive
Plan providing for the payment of cash dividend equivalents to
participants holding certain options granted thereunder.
Votes For Votes Against Abstain
--------- ------------- -------
23,823,970 551,436 120,700
3. Proposal to consider, and if thought fit, approve the RenaissanceRe
Holdings Ltd. Non-Employee Director Stock Plan which provides for
annual grants of options and common shares to directors who are not
employees of the Company or certain of the Company's shareholders, or
any of their respective affiliates.
Votes For Votes Against Abstain
--------- ------------- -------
23,824,595 91,841 30,670
4. Proposal to consider, and if thought fit, approve the Company's
payment of certain expenses of the offering of 3,000,000 common shares
by certain existing shareholders of the Company, provision of certain
indemnification and contribution undertakings to the underwriters of
such offering and the execution of a registration rights agreement
with certain shareholders of the Company.
Votes For Votes Against Abstain
--------- ------------- -------
23,319,916 80,171 41,550
5. Proposal to appoint Ernst & Young to serve as independent auditors of
the Company for the 1996 fiscal year, and the referral to the Board of
Directors of the Company of the determination of the auditors'
remuneration.
Votes For Votes Against Abstain
--------- ------------- -------
24,397,619 1,787 6,400
There were no broker non-votes in connection with any of the proposals
listed above.
Item 5 -- Other Information
None
13
Item 6 -- Exhibits and Reports on Form 8-K
a. Exhibits:
Exhibit 27 -- Financial Data Schedule
b. Current Reports on Form 8-K:
The Registrant did not file any reports on Form 8-K during the
period beginning April 1, 1996 and ending June 30, 1996.
14
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the registrant has duly caused this report to be signed by the undersigned
thereunto duly authorized.
RENAISSANCERE HOLDINGS LTD.
Date: July 30, 1996
By: /s/ Keith S. Hynes
----------------------------
Keith S. Hynes
Senior Vice President and
Chief Financial Officer
15
7
1,000
6-MOS
DEC-31-1995
JUN-30-1996
582,185
0
0
0
0
0
582,185
103,230
0
11,062
833,972
95,940
108,126
0
0
50,000
0
0
25,610
520,971
833,972
123,714
20,314
(2,131)
(652)
39,317
12,412
7,138
78,452
0
78,452
0
0
0
78,452
3.01
0
0
0
0
0
0
0
0
