RenaissanceRe (RNR) Prices $750M Notes Offering

RenaissanceRe Holdings Ltd. (NYSE: RNR) announced today that it has agreed to sell in an underwritten public offering $750 million aggregate principal amount of 5.750% Senior Notes due 2033. The Company expects to close the offering on or about June 5, 2023, subject to the satisfaction of customary closing conditions.

The Company intends to use the net proceeds from this offering to fund a portion of the cash consideration for the previously announced acquisition of certain subsidiaries of American International Group, Inc., including Validus Holdings, Ltd., Validus Specialty, LLC and Validus Reinsurance Ltd. (the “Validus Acquisition”), to pay related costs and expenses, and for general corporate purposes.

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.

The notes are being offered pursuant to an effective shelf registration statement that has been filed with the Securities and Exchange Commission (the “SEC”). This press release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offer, or solicitation to buy, if at all, will be made solely by means of a prospectus and related prospectus supplement filed with the SEC. You may obtain these documents without charge from the SEC at www.sec.gov. Alternatively, you may request copies of these materials from the joint book-running managers by contacting Morgan Stanley & Co. LLC toll-free at 1-866-718-1649; Barclays Capital Inc. toll-free at 1-888-603-5847; HSBC Securities (USA) Inc. toll-free at 1-866-811-8049; Wells Fargo Securities, LLC toll-free at 1-800-645-3751; and BofA Securities, Inc. toll-free at 1-800-294-1322.

You May Also Be Interested In

• Greenland Mines updates Skaergaard resource estimate under SEC standard
• Tennessee awards TRISO-X $11M grant for Oak Ridge nuclear fuel campus
• NSA shareholders approve Public Storage acquisition, closing set for July 22