RenaissanceRe Holdings Ltd. Announces Pricing of $400 Million Senior Note Offering
March 28 2019 - 4:42PM
Business Wire
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20190328005941/en/
Investor Contact:RenaissanceRe Holdings Ltd.Keith
McCueSenior Vice President, Finance & Investor
Relations441-239-4830
Media Contacts:RenaissanceRe Holdings Ltd.Keil
GuntherVice President, Marketing &
Communications441-239-4932
Kekst CNCDawn Dover, 212-521-4800
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