RenaissanceRe Responds to Shareholder Letter
October 02 2018 - 1:46PM
Business Wire
RenaissanceRe Holdings Ltd. (NYSE: RNR) today issued the
following statement in response to a letter addressed to
RenaissanceRe, publicly released by TimesSquare Capital Management,
LLC (“TimesSquare”) today, in which TimesSquare requested that
RenaissanceRe’s Board of Directors commence a review of strategic
alternatives.
RenaissanceRe welcomes open and constructive communications with
all shareholders and values their input. In this regard, members of
our senior management team have held numerous meetings with
TimesSquare over the past few years. In particular, both our
Chairman of the Board and our Chief Executive Officer have
separately met with TimesSquare in recent months. We have
considered fully TimesSquare’s views and have shared them with our
Board. Our Board understands, and is committed to, its fiduciary
duties to act in the best interests of all shareholders. Our Board
and management team continuously focus on enhancing shareholder
value through execution of the Company’s strategic plan. We will
maintain an open and active dialogue with all of our shareholders
as we continue to work to enhance shareholder value.
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, 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; 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;
continued 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 effect 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
industry; 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; 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/20181002005945/en/
Investors:RenaissanceRe Holdings Ltd.Keith McCue,
441-239-4830Senior Vice President, Finance & Investor
RelationsorMedia:RenaissanceRe Holdings Ltd.Keil Gunther,
441-239-4932Vice President, Marketing & CommunicationsorKekst
and CompanyPeter Hill or Dawn Dover, 212-521-4800
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