PEMBROKE, Bermuda--(BUSINESS WIRE)--Mar. 28, 2019--
RenaissanceRe Holdings Ltd. (NYSE:RNR) (“RenaissanceRe” or the
“Company”) announced today that it has agreed to sell in an underwritten
public offering $400 million aggregate principal amount of 3.600% Senior
Notes due 2029. The Company expects to close the offering on or about
April 2, 2019, subject to customary closing conditions.
The senior notes have been rated A3 by Moody’s Investors Service and A-
by Standard & Poor’s. Citigroup Global Markets Inc., Merrill Lynch,
Pierce Fenner & Smith Incorporated, Morgan Stanley & Co. LLC, and Wells
Fargo Securities, LLC served as joint book-running managers.
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 Citigroup Global Markets Inc. toll
free at 1-800-831-9146; Merrill Lynch, Pierce, Fenner & Smith
Incorporated toll free at 1-800-294-1322; Morgan Stanley & Co. LLC toll
free at 1-866-718-1649; and Wells Fargo Securities, LLC toll free at
1-800-645-3751.
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: 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; risks that the Tokio Millennium Re transaction disrupts or
distracts from current plans and operations; the ability to recognize
the benefits of the Tokio Millennium Re transaction; the amount of the
costs, fees, expenses and charges related to the Tokio Millennium Re
transaction; 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; 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 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 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
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
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; 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; 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/20190328005941/en/
Source: RenaissanceRe Holdings Ltd.
Investor Contact:
RenaissanceRe Holdings Ltd.
Keith
McCue
Senior Vice President, Finance & Investor Relations
441-239-4830
Media Contacts:
RenaissanceRe Holdings Ltd.
Keil Gunther
Vice
President, Marketing & Communications
441-239-4932
Kekst CNC
Dawn Dover, 212-521-4800