PEMBROKE, Bermuda--(BUSINESS WIRE)--Jun. 26, 2017--
RenaissanceRe Holdings Ltd. (NYSE:RNR) (“RenaissanceRe” or the
“Company”) announced today that its subsidiary, RenaissanceRe Finance
Inc., has agreed to sell in an underwritten public offering $300 million
aggregate principal amount of 3.450% Senior Notes due 2027. The notes
are guaranteed by RenaissanceRe. The Company expects to close the
offering on or about June 29, 2017, subject to the satisfaction of
customary closing conditions.
RenaissanceRe intends to use the net proceeds from the offering for
general corporate purposes. We expect the senior notes to be rated A3 by
Moody’s Investors Service and A by Standard & Poor’s.
Barclays Capital Inc. and Wells Fargo Securities, LLC served as joint
book-running managers; Citigroup Global Markets Inc. and Merrill Lynch,
Pierce, Fenner & Smith Incorporated served as joint lead managers; and
BMO Capital Markets Corp., HSBC Securities (USA) Inc. and Morgan Stanley
& Co. LLC served as senior co-managers for the offering.
The notes 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 the joint
book-running managers by contacting Barclays Capital Inc. at
1-888-603-5847 or Wells Fargo Securities, LLC at 1-800-645-3751.
RenaissanceRe is a global provider of reinsurance and insurance. The
Company’s business consists of two reportable segments: (1) Property,
which is comprised of catastrophe reinsurance, including certain
property catastrophe joint ventures managed by the Company’s ventures
unit, and other property reinsurance and insurance and (2) Casualty and
Specialty, which is comprised of casualty and specialty reinsurance and
insurance and certain specialty joint ventures managed by the Company’s
ventures unit. Established in 1993, the Company has offices in Bermuda,
Ireland, Singapore, 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; the
effect of emerging claims and coverage issues; 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; continued soft reinsurance underwriting
market conditions; a contention by the Internal Revenue Service that any
of the Company’s other Bermuda subsidiaries, is subject to U.S.
taxation; the performance of the Company’s investment portfolio; the
Company’s ability to successfully implement its business strategies and
initiatives; 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 determine the impairments taken on
investments; the availability of retrocessional reinsurance on
acceptable terms; the effect of inflation; the adequacy of the Company’s
ceding companies’ ability to 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; uncertainties related to the vote in the
United Kingdom to leave the European Union; 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; challenges to the claim of exemption
from insurance regulation of RenaissanceRe and its subsidiaries and
increased global regulation of the insurance and reinsurance industry;
losses that the Company could face from terrorism, political unrest or
war; the Company’s dependence on the ability of its operating
subsidiaries to declare and pay dividends; 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 effect of cybersecurity risks, including
technology breaches or failure on the Company’s business; 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; regulatory or legislative changes adversely impacting the
Company; 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;
consolidation of customers or insurance and reinsurance brokers; adverse
tax developments, including potential changes to the taxation of
inter-company or related party transactions, or changes to the tax
treatment of investors in RenaissanceRe or joint ventures or other
entities the Company manages; changes in regulatory regimes and/or
accounting rules, including the European Union directive concerning
capital adequacy, risk management and regulatory reporting for insurers;
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 SEC,
including its Annual Reports on Form 10-K and Quarterly Reports on Form
10-Q.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170626006193/en/
Source: RenaissanceRe Holdings Ltd.
Investors:
RenaissanceRe Holdings Ltd.
Aditya Dutt,
441-239-4778
Senior Vice President, Treasurer
or
Media:
RenaissanceRe
Holdings Ltd.
Elizabeth Tillman, 212-238-9224
Director –
Communications
or
Kekst and Company
Peter Hill or Dawn
Dover, 212-521-4800