PRESS RELEASE
Published on December 16, 1996
EXHIBIT 99.1
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RENAISSANCERE HOLDINGS LTD. ANNOUNCES $100 MILLION
COMMON SHARE REPURCHASE
PEMBROKE, Bermuda--December 16, 1996-- RenaissanceRe Holdings Ltd. (NYSE: RNR)
today announced a plan to return $100 million of capital to its shareholders
through two Common Share repurchases. First, on December 13, 1996, the Company
repurchased an aggregate of 2,085,361 common shares at a price of $34.50 per
share, for an aggregate price of $71.94 million, in private transactions with
its founding institutional investors. Second, as soon as practicable, the
Company intends to commence a tender offer to purchase an aggregate of 813,190
Common Shares at a price of $34.50 per share, for an aggregate price of $28.06
million, from public shareholders (the "Tender Offer"). The Tender Offer will
be made only upon the terms and subject to the conditions set forth in the
Company's definitive tender offer materials. After giving effect to the
repurchase and completion of the Tender Offer by public shareholders, the
percentage ownership interests of the founding institutional investors will be
substantially the same as before the transactions.
In approving the Common Share repurchases, the Company's Board of Directors
noted the Company's excellent year to date operating performance and its
continuing creation of shareholder value. The Common Share repurchases are an
integral component of the Company's continuing capital management program and
will be accretive to 1997 earnings per share. After giving effect to the Common
Shares repurchases, the Company's equity has grown in 1996, and is expected to
be sufficient to support the Company's 1997 business activities.
RenaissanceRe Holdings Ltd., through its subsidiaries Renaissance Reinsurance
Ltd. and Glencoe Insurance Ltd., is a global provider of insurance and
reinsurance. The Company's principal product is property catastrophe
reinsurance.
CONTACT: Keith S. Hynes John D. Nichols, Jr.
Senior Vice President Assistant Vice President
and Chief Financial and Treasurer
Officer (441) 295-4513
(441) 295-4513
or
Michael Seely
Investors Access Corp.
(212) 692-9060
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