RenaissanceRe Holdings Ltd. Announces Quarterly Dividend and Increase of Share Repurchase Authorization to $750 million

Rhea-AI Summary

RenaissanceRe Holdings (NYSE: RNR) has announced two significant shareholder-focused initiatives. The company declared a quarterly dividend of $0.39 per common share, payable on December 31, 2024, to shareholders of record on December 13, 2024. Additionally, the Board approved an expanded share repurchase program, increasing the total authorization to $750.0 million, representing a 50% increase from the previous $500.0 million authorization. The repurchase program will be executed through open market purchases and private transactions, with timing based on market conditions and capital requirements.

Positive

• 50% increase in share repurchase authorization to $750 million
• Maintained quarterly dividend of $0.39 per share
• Flexible repurchase execution through multiple channels

Negative

• None.

Insights

Financial Analyst

This substantial increase in share repurchase authorization to $750 million from $500 million, representing a 50% boost, signals strong confidence in RenaissanceRe's financial position and commitment to returning capital to shareholders. The program's flexibility in execution timing and method provides strategic advantages in capital management. Combined with the steady quarterly dividend of $0.39 per share, this demonstrates a balanced approach to shareholder returns.

The expanded buyback capacity could provide significant support for the stock price, particularly during market volatility. With a market cap of approximately $14 billion, the authorization represents about 5.4% of RNR's current market value, a meaningful portion that could help offset potential selling pressure and enhance earnings per share through share count reduction.

PEMBROKE, Bermuda--(BUSINESS WIRE)-- The Board of Directors of RenaissanceRe Holdings Ltd. (NYSE: RNR) (“RenaissanceRe” or the “Company”) announced today a quarterly dividend of $0.39 per common share on its common shares. The dividend is payable on December 31, 2024, to shareholders of record on December 13, 2024.

In addition, the Board of Directors approved a renewal of RenaissanceRe’s authorized share repurchase program, increasing the total current authorization to $750.0 million, which includes the remaining amounts under prior authorizations. This represents a 50.0% increase from RenaissanceRe’s previous share repurchase authorization of $500.0 million. The program will expire when the Company has repurchased the full value of the shares authorized, unless terminated earlier by the Board of Directors. Pursuant to the program, RenaissanceRe may repurchase shares through open market purchases and privately negotiated transactions, and the decision to repurchase common shares will depend on, among other things, the market price of the common shares and the Company’s capital requirements.

About RenaissanceRe

RenaissanceRe is a global provider of reinsurance and insurance that specializes in matching desirable risk with efficient capital. The Company provides property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, RenaissanceRe has offices in Bermuda, Australia, Canada, Ireland, Singapore, Switzerland, the United Kingdom and the United States.

Cautionary Statement Regarding Forward-Looking Statements

Any forward-looking statements made in this Press Release, including any statements regarding any future results of operations and financial positions, business strategy, plan and any objectives for future operations, reflect RenaissanceRe’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are subject to numerous factors that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements, including the factors affecting future results disclosed in RenaissanceRe’s filings with the SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241106208967/en/

Investor Contact:

RenaissanceRe Holdings Ltd.

Keith McCue

Senior Vice President, Finance & Investor Relations

441-239-4830

Media Contacts:

RenaissanceRe Holdings Ltd.

Hayden Kenny

Senior Vice President, Investor Relations & Communications

441-239-4946

Kekst CNC

Nicholas Capuano

917-842-7859

Source: RenaissanceRe Holdings Ltd.

FAQ

What is RenaissanceRe's new share repurchase authorization amount?

RenaissanceRe (RNR) increased its share repurchase authorization to $750.0 million, representing a 50% increase from the previous $500.0 million authorization.

When will RenaissanceRe (RNR) pay its next quarterly dividend?

RenaissanceRe will pay a quarterly dividend of $0.39 per common share on December 31, 2024, to shareholders of record on December 13, 2024.

How will RenaissanceRe (RNR) execute its share repurchase program?

RenaissanceRe will execute its share repurchase program through open market purchases and privately negotiated transactions, with timing based on market price and capital requirements.

What is the expiration date of RNR's share repurchase program?

The program will expire when RenaissanceRe has repurchased the full value of the authorized $750.0 million, unless terminated earlier by the Board of Directors.