RenaissanceRe approves share repurchase program of up to $500 million
The board of directors at Renaissance Re Holdings Ltd. has announced it will approve an increase in the company’s share repurchase program, bringing the total current authorization to $500 million.
This authorization includes the remaining amounts available under prior authorizations. Under this program, RenaissanceRe may repurchase shares of its common stock in the open market based on, among other things, its ongoing capital requirements and expected cash flows, and the market price of its common shares.
The repurchase program does not have an established expiration date.
In addition, the directing board has announced a quarterly dividend of $0.29 per common share. The dividend is payable on June 30th, 2014 to shareholders of record on June 13th, 2014.