RenaissanceRe Holdings Ltd. Announces Quarterly Dividend and Renewal of Share Repurchase Program
RenaissanceRe Holdings (NYSE: RNR) has announced two significant decisions by its Board of Directors. Firstly, the company declared a quarterly dividend of $0.39 per common share, payable on September 30, 2024, to shareholders of record on September 13, 2024. Secondly, the Board approved a renewal of RenaissanceRe's share repurchase program, increasing the total current authorization to $500.0 million. This authorization includes remaining amounts from previous authorizations.
The repurchase program will continue until the full value of authorized shares is repurchased or until terminated by the Board. RenaissanceRe may repurchase shares through open market purchases and privately negotiated transactions. The decision to repurchase shares will be based on factors such as market price and the company's capital requirements.
RenaissanceRe Holdings (NYSE: RNR) ha annunciato due decisioni significative da parte del suo Consiglio di Amministrazione. In primo luogo, la società ha dichiarato un dividendo trimestrale di $0,39 per azione ordinaria, che sarà pagato il 30 settembre 2024 agli azionisti registrati il 13 settembre 2024. In secondo luogo, il Consiglio ha approvato un rinnovo del programma di riacquisto delle azioni di RenaissanceRe, aumentando l'autorizzazione totale attuale a $500,0 milioni. Questa autorizzazione include gli importi residui dalle precedenti autorizzazioni.
Il programma di riacquisto continuerà fino a quando non sarà stato riacquistato l'intero valore delle azioni autorizzate o fino a che non venga terminato dal Consiglio. RenaissanceRe potrà riacquistare azioni tramite acquisti sul mercato aperto e transazioni private. La decisione di riacquistare azioni si baserà su fattori come il prezzo di mercato e le esigenze di capitale della società.
RenaissanceRe Holdings (NYSE: RNR) ha anunciado dos decisiones significativas por parte de su Junta Directiva. En primer lugar, la compañía declaró un dividendo trimestral de $0,39 por acción ordinaria, que se pagará el 30 de septiembre de 2024 a los accionistas registrados el 13 de septiembre de 2024. En segundo lugar, la Junta aprobó un renovación del programa de recompra de acciones de RenaissanceRe, aumentando la autorización total actual a $500,0 millones. Esta autorización incluye los montos restantes de autorizaciones anteriores.
El programa de recompra continuará hasta que se vuelva a adquirir el valor total de las acciones autorizadas o hasta que sea terminado por la Junta. RenaissanceRe puede recomprar acciones a través de compras en el mercado abierto y transacciones negociadas en privado. La decisión de recomprar acciones se basará en factores como el precio de mercado y los requerimientos de capital de la compañía.
RenaissanceRe Holdings (NYSE: RNR)는 이사회에서 두 가지 중요한 결정을 발표했습니다. 첫째, 회사는 보통주 1주당 $0.39의 분기 배당금을 선언했으며, 이는 2024년 9월 30일에 2024년 9월 13일 기준 주주에게 지급될 예정입니다. 둘째, 이사회는 RenaissanceRe의 자사주 매입 프로그램의 갱신을 승인하여 현재의 총 승인 금액을 $500.0 백만으로 증가시켰습니다. 이 승인 금액은 이전 승인에서 남은 금액을 포함합니다.
자사주 매입 프로그램은 승인된 주식의 전체 가치를 매입하거나 이사회에 의해 종료될 때까지 계속됩니다. RenaissanceRe는 공개 시장 매입 및 비공식 거래를 통해 주식을 재매입할 수 있습니다. 주식 재매입 결정은 시장 가격 및 회사의 자본 요구 사항과 같은 요소를 기반으로 합니다.
RenaissanceRe Holdings (NYSE: RNR) a annoncé deux décisions importantes par son Conseil d'administration. Premièrement, la société a déclaré un dividende trimestriel de 0,39 $ par action ordinaire, payable le 30 septembre 2024 aux actionnaires inscrits le 13 septembre 2024. Deuxièmement, le Conseil a approuvé un renouvellement du programme de rachat d'actions de RenaissanceRe, augmentant l'autorisation totale actuelle à 500,0 millions de dollars. Cette autorisation inclut les montants restants des autorisations précédentes.
Le programme de rachat continuera jusqu'à ce que la valeur totale des actions autorisées ait été rachetée ou jusqu'à ce qu'il soit annulé par le Conseil. RenaissanceRe peut racheter des actions par le biais d'achats sur le marché libre et de transactions négociées en privé. La décision de racheter des actions sera basée sur des facteurs tels que le prix du marché et les besoins en capital de la société.
RenaissanceRe Holdings (NYSE: RNR) hat zwei bedeutende Entscheidungen des Vorstands bekannt gegeben. Erstens hat das Unternehmen eine quartalsweise Dividende von $0,39 pro Stammaktie erklärt, die am 30. September 2024 an Aktionäre ausgezahlt wird, die am 13. September 2024 im Aktienregister stehen. Zweitens hat der Vorstand die Erneuerung des Aktienrückkaufprogramms von RenaissanceRe genehmigt und die gesamte aktuelle Genehmigung auf $500,0 Millionen erhöht. Diese Genehmigung umfasst die verbleibenden Beträge aus vorherigen Genehmigungen.
Das Rückkaufprogramm wird fortgesetzt, bis der gesamte Wert der genehmigten Aktien zurückgekauft wurde oder bis es vom Vorstand eingestellt wird. RenaissanceRe kann Aktien durch Käufe am offenen Markt und privat ausgehandelte Transaktionen zurückkaufen. Die Entscheidung, Aktien zurückzukaufen, wird auf Faktoren wie den Marktpreis und die Kapitalanforderungen des Unternehmens basieren.
- Quarterly dividend of $0.39 per common share announced
- Share repurchase program renewed with $500.0 million authorization
- Flexibility in share repurchase methods (open market and private negotiations)
- None.
Insights
RenaissanceRe's announcement of a
The dividend yield, based on the current share price, remains relatively modest compared to industry peers, suggesting a conservative payout strategy. This approach allows RenaissanceRe to retain capital for potential growth opportunities or to bolster its financial position in the face of insurance market volatility.
The renewed share repurchase authorization is a strategic move that provides several benefits:
- Enhances earnings per share by reducing the number of outstanding shares
- Offers a tax-efficient way to return capital to shareholders
- Provides a tool to manage the company's capital structure
- Signals management's confidence in the company's financial health and future prospects
However, investors should note that the actual execution of share repurchases will depend on market conditions and the company's capital requirements. The flexible nature of this program allows management to adapt to changing market dynamics and business needs.
Overall, this announcement reflects a prudent capital management strategy, balancing shareholder returns with financial stability and growth potential. It's a positive signal for long-term investors, though the immediate market impact may be
RenaissanceRe's dividend and share repurchase announcement comes at an interesting time in the reinsurance market cycle. The industry is currently experiencing hardening market conditions, with increasing premium rates and tightening terms and conditions. This environment typically favors well-capitalized reinsurers like RenaissanceRe.
The company's decision to maintain its dividend while simultaneously authorizing a substantial share repurchase program suggests a confident outlook on its underwriting opportunities and capital position. In the current market, this could indicate:
- Expectation of strong underwriting results in the near term
- Sufficient capital to take advantage of market opportunities without compromising shareholder returns
- A strategic positioning to attract and retain investors in a competitive financial landscape
However, it's important to consider the potential risks. The reinsurance industry faces challenges from climate change-related events and evolving risk landscapes. RenaissanceRe's capital management strategy must balance rewarding shareholders with maintaining a robust capital buffer to absorb potential large losses.
The
Overall, this announcement positions RenaissanceRe as a financially stable player in the reinsurance market, potentially enhancing its competitive edge in attracting clients and investors alike.
PEMBROKE,
In addition, the Board of Directors approved a renewal of RenaissanceRe’s authorized share repurchase program, bringing the total current authorization up to
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
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.
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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
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