RenaissanceRe Holdings has issued a statement in response to a letter from a major institutional shareholder to its board of directors calling for a rethink of its strategy.
The letter was publicly released by TimesSquare Capital Management. In it TimesSquare requested that RenaissanceRe’s Board of Directors commence a review of strategic alternatives, up to and including a potential sale of the company.
According to the statement: “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.”
RenRe, TimesSquare Capital Management, letter, board, directors, strategic review, possible sale