kevin-o-donnell
Kevin O’Donnell, RenRe CEO
1 June 2023News

RenRe to sell $750m in senior notes

RenaissanceRe is to sell $750 million worth of 10 year senior notes which will be used to fund part of its purchase of American International Group subsidiary Validus.

The company said the notes carry a coupon of 5.75% and will close on June 5.

The senior notes are expected to be rated A3 by Moody’s Investors Service, BBB+ by Standard & Poor’s, and A- by Fitch Ratings. Morgan Stanley, Barclays, HSBC, Wells Fargo Securities, and BofA Securities served as joint book-running managers.

RenaissanceRe announced last month it was buying Validus Holdings and its subsidiaries, including AlphaCat Managers and the Talbot Treaty reinsurance business, for $2.99 billion, consisting of $2.74 billion in cash and $250 million in RenaissanceRe common shares.

AIG also expects to make significant investments in RenaissanceRe’s DaVinci Reinsurance and Fontana Reinsurance managed funds through AIG’s investment portfolio.




More on this story

News
30 May 2023   AIG ratings unaffected by $3bn sale to RenaissanceRe.
ILS
25 May 2023   It will likely remove cat capacity and any Class of 2023 is absent.

More on this story

News
30 May 2023   AIG ratings unaffected by $3bn sale to RenaissanceRe.
ILS
25 May 2023   It will likely remove cat capacity and any Class of 2023 is absent.