RenaissanceRe Announces Secondary Public Offering of Common Shares by Tokio Marine & Nichido Fire Insurance Co., Ltd.
January 06 2020 - 4:48PM
Business Wire
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200106005982/en/
INVESTOR CONTACT:Keith McCueSenior Vice President,
Finance & Investor RelationsRenaissanceRe Holdings Ltd.(441)
239-4830
MEDIA CONTACT:Keil GuntherVice President, Marketing &
CommunicationsRenaissanceRe Holdings Ltd.(441) 239-4932orKekst
CNCDawn Dover(212) 521-4800
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