RenRe prices share offering
RenaissanceRe Holdings has priced an underwritten public offering of 5.5 million common shares, for $166.00 per share, before underwriting discounts and commissions.
The offering is expected to close on June 5, 2020, subject to customary closing conditions.
RenRe will use the proceeds for general corporate purposes, including potentially expanding existing business lines and entering new ones, forming new joint ventures or acquiring books of business from other companies.
State Farm Mutual Automobile Insurance Company, which currently owns approximately 4.4 percent of RenRe’s total common shares outstanding, has entered into an investment agreement to purchase approximately $75 million worth of shares in a private placement, subject to customary conditions.
Morgan Stanley and Goldman Sachs are acting as joint book-running managers and representatives of the underwriters for the offering. The underwriters have the option to purchase up to an aggregate of 825,000 additional common shares from RenRe.
