RenaissanceRe Announces Redemption of 5.375% Series E Choice Shares
5 min readPEMBROKE, Bermuda, July 12, 2021–(Small business WIRE)–RenaissanceRe Holdings Ltd. (NYSE:RNR) (the “Firm” or “RenaissanceRe”) introduced these days that it has resolved to connect with all 11,000,000 of its superb 5.375% Collection E Choice Shares (NYSE: RNRPRE CUSIP: G7498P 119) (the “Series E Desire Shares”) for mandatory redemption on August 11, 2021. The redemption price tag will be $25.00 for every Sequence E Preference Share, moreover accrued and unpaid dividends to August 10, 2021. The Organization will use a part of the proceeds of its beforehand introduced giving of depositary shares, each representing a 1/1,000th desire in a 4.20% Collection G Desire Share, which shut July 12, 2021, to redeem the Collection E Preference Shares.
All of the superb Collection E Choice Shares will be termed for redemption. On and following the redemption date, the Collection E Choice Shares so redeemed will no longer be deemed to be superb, dividends on these kinds of Sequence E Preference Shares will cease to accrue, and all rights of the holders of these types of Sequence E Preference Shares will stop, besides for the ideal to obtain the redemption price tag, without interest thereon, upon surrender of this sort of Series E Preference Shares.
The see of redemption has been mailed to registered holders of the Collection E Desire Shares right now. Requests for extra copies of the notice of redemption and the linked resources really should be directed to the redemption agent, Computershare Believe in Business, N.A., at 150 Royall Street, Canton, MA 02021.
About RenaissanceRe
RenaissanceRe is a world-wide company of reinsurance and insurance that specializes in matching nicely-structured threats with effective resources of money. The Firm presents residence, casualty and specialty reinsurance and specified insurance remedies to clients, principally via intermediaries. Recognized in 1993, the Company has offices in Bermuda, Australia, Ireland, Singapore, Switzerland, the United Kingdom and the United States.
Cautionary Assertion With regards to Ahead-Searching Statements
Any forward-on the lookout statements designed in this Push Release mirror RenaissanceRe’s latest views with respect to potential situations and money overall performance and are manufactured pursuant to the safe and sound harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are subject to various factors that could result in precise success to vary materially from those people established forth in or implied by these types of forward-seeking statements, which include the next: the uncertainty of the continuing and future effect of the COVID-19 pandemic, like measures taken in reaction thereto and the influence of legislative, regulatory and judicial influences on the Company’s money effectiveness and the Company’s potential to conduct its company the frequency and severity of catastrophic and other occasions the Organization covers the performance of the Company’s claims and claim expenditure reserving procedure the influence of local climate modify on the Company’s business enterprise, which include the development towards more and more regular and serious weather gatherings the Company’s ability to maintain its economical energy scores the result of emerging claims and coverage issues assortment on claimed retrocessional protection, and new retrocessional reinsurance being out there on acceptable phrases and delivering the protection that the Organization intended to obtain the remarkably competitive mother nature of the Company’s market, resulting in consolidation of competitors, shoppers and insurance policies and reinsurance brokers, and the Company’s reliance on a tiny and decreasing number of brokers for the preponderance of its earnings the Company’s publicity to credit rating decline from counterparties in the typical class of small business the result of ongoing hard financial problems through the world the functionality of the Company’s investment portfolio and financial current market volatility a rivalry by the U.S. Inner Profits Services that Renaissance Reinsurance Ltd. or any of the Company’s other Bermuda subsidiaries is matter to taxation in the U.S. the outcomes of U.S. tax reform legislation, Organisation for Economic Co-procedure and Enhancement or European Union (“EU”) actions and attainable future tax reform legislation and rules, which includes changes to the tax treatment of the Company’s shareholders or buyers in its joint ventures or other entities the Business manages the impact of cybersecurity hazards, including technologies breaches or failure, on the Company’s small business the Company’s means to efficiently carry out its organization procedures and initiatives, and the accomplishment of any of the Company’s strategic investments or acquisitions, including its means to control its functions as its product and geographical diversity improves the Company’s capability to keep its essential senior officers and to draw in or retain the executives and personnel necessary to regulate its organization the Company’s potential to efficiently manage cash on behalf of investors in joint ventures or other entities it manages foreign currency exchange rate fluctuations smooth reinsurance underwriting market place ailments improvements in the process for pinpointing the London Inter-bank Provided Charge (“LIBOR”) and the alternative of LIBOR losses the Corporation could facial area from terrorism, political unrest or war the Company’s capacity to establish any impairments taken on its investments the outcomes of inflation the skill of the Company’s ceding firms and delegated authority counterparties to precisely assess the dangers they underwrite the impact of operational challenges, such as technique or human failures the Company’s capacity to increase capital if necessary the Company’s means to comply with covenants in its financial debt agreements modifications to the accounting policies and regulatory devices relevant to the Company’s business enterprise, which include modifications in Bermuda legislation or rules or as a consequence of increased international regulation of the insurance policy and reinsurance industries the Company’s dependence on the skill of its running subsidiaries to declare and pay dividends aspects of the Company’s corporate structure that may well discourage 3rd-celebration takeovers and other transactions difficulties investors may possibly have in serving approach or implementing judgments against the Organization in the U.S. the cyclical nature of the reinsurance and coverage industries adverse legislative developments that lessen the measurement of the private marketplaces the Enterprise serves or impede their long term development and other political, regulatory or marketplace initiatives adversely impacting the Company the Company’s capability to comply with applicable sanctions and foreign corrupt procedures guidelines worldwide restrictions on the composing of reinsurance by foreign providers and authorities intervention in the normal catastrophe sector the Company’s require to make a lot of estimates and judgments in the planning of its fiscal statements the effect of the exit by the United Kingdom from the EU and other elements influencing future final results disclosed in RenaissanceRe’s filings with the Securities and Exchange Commission, which includes its Yearly Reviews on Kind 10-K, Quarterly Experiences on Kind 10-Q and prospectus supplement dated July 7, 2021.
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Contacts
Investor Make contact with:
RenaissanceRe Holdings Ltd.
Keith McCue
Senior Vice President, Finance & Investor Relations
441-239-4830
Media Contacts:
RenaissanceRe Holdings Ltd.
Keil Gunther
Senior Vice President, Head of World Marketing and advertising & Consumer Communication
441-239-4932
Kekst CNC
Dawn Dover
212-521-4800
