PEMBROKE, Bermuda--(BUSINESS WIRE)--Jan. 6, 2020--
RenaissanceRe Holdings Ltd. (NYSE: RNR) (the “Company” or
“RenaissanceRe”) announced today an underwritten public secondary
offering of 1,739,071 common shares by Tokio Marine & Nichido Fire
Insurance Co., Ltd. (the “Selling Shareholder”). The Selling Shareholder
will receive all of the net proceeds from this offering. No shares are
being sold by the Company.
Morgan Stanley & Co. LLC is acting as the sole underwriter for the
offering. The underwriter may offer the shares from time to time in one
or more transactions on the New York Stock Exchange, in the
over-the-counter market, through negotiated transactions or otherwise at
market prices prevailing at the time of sale, at prices relating to
prevailing market prices or at negotiated prices.
The shares are being offered pursuant to an effective shelf registration
statement that has been filed with the Securities and Exchange
Commission (the “SEC”). 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 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
jurisdiction. Any offer, or solicitation to buy, if at all, will be made
solely by means of a prospectus and related prospectus supplement filed
with the SEC. You may obtain these documents without charge from
the SEC at www.sec.gov.
Alternatively, you may request copies of these materials from Morgan
Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, New York
10014, Attention: Prospectus Department.
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, Australia, 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: risks related to
the completion of the secondary public offering; 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 effect of climate change on the Company’s business,
including the trend towards increasingly frequent and severe climate
events; the Company’s ability to maintain its financial strength
ratings; the effect of emerging claims and coverage issues; collection
on claimed retrocessional coverage, and new retrocessional reinsurance
being available on acceptable terms and providing the coverage that we
intended to obtain; 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; soft reinsurance
underwriting market conditions; the performance of the Company’s
investment portfolio; 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 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 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 Company’s ability to effectively manage capital on behalf
of investors in joint ventures or other entities it manages; foreign
currency exchange rate fluctuations; changes in the method for
determining LIBOR and the potential replacement of LIBOR; losses 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
any impairments taken on investments; the effects 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 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
industries; 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
and other transactions; difficulties investors may have in servicing
process or enforcing judgments against the Company in the U.S.; 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; the
Company’s ability to comply with applicable sanctions and foreign
corrupt practices laws; 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; risks that the
ongoing integration of the TMR Group Entities disrupts or distracts from
current plans and operations; the Company’s ability to recognize the
benefits of the acquisition of the TMR Group Entities; 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/20200106005982/en/
Source: RenaissanceRe Holdings Ltd.
INVESTOR CONTACT:
Keith McCue
Senior Vice President,
Finance & Investor Relations
RenaissanceRe Holdings Ltd.
(441)
239-4830
MEDIA CONTACT:
Keil Gunther
Vice President, Marketing &
Communications
RenaissanceRe Holdings Ltd.
(441) 239-4932
or
Kekst
CNC
Dawn Dover
(212) 521-4800