3 June 2020News

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.




More on this story

News
5 February 2020   RenaissanceRe Holdings has agreed to sell its UK operation, which is currently in runoff, to AXA Liabilities Managers (AXA LM).
Operations
10 July 2020   Aditya Dutt, the senior vice president of RenaissanceRe Holdings’ Ventures business, will leave the re/insurer to pursue a new opportunity.

More on this story

News
5 February 2020   RenaissanceRe Holdings has agreed to sell its UK operation, which is currently in runoff, to AXA Liabilities Managers (AXA LM).
Operations
10 July 2020   Aditya Dutt, the senior vice president of RenaissanceRe Holdings’ Ventures business, will leave the re/insurer to pursue a new opportunity.