RenaissanceRe Holdings Ltd. Announces Quarterly Dividend and Renewal of Share Repurchase Program

Rhea-AI Summary

RenaissanceRe Holdings (NYSE: RNR) has declared a quarterly dividend of $0.39 per common share, payable on June 28, 2024, to shareholders of record by June 14, 2024. The Board also renewed the company's share repurchase program, authorizing up to $500 million for repurchases. This includes remaining amounts from prior authorizations. The repurchase program will end when the full amount is repurchased, unless terminated earlier. Repurchases may occur via open market purchases or private transactions, influenced by market price and capital requirements.

Positive

• Quarterly dividend of $0.39 per common share reaffirms the company's commitment to returning value to shareholders.
• Renewed share repurchase program with authorization up to $500 million, indicating strong financial health and confidence in stock value.
• Flexibility in repurchase methods, including open market and privately negotiated transactions, allows for strategic buybacks.
• Dividend payable date and record date provide clarity to shareholders about timelines.

Negative

• Repurchase program is contingent on market price and capital requirements, introducing uncertainty regarding the extent and timing of buybacks.
• No specific timeline for the completion of the share repurchase program, which may lead to prolonged uncertainty.

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 June 28, 2024, to shareholders of record on June 14, 2024.

In addition, the Board of Directors approved a renewal of RenaissanceRe’s authorized share repurchase program, bringing the total current authorization up to $500.0 million, which includes the remaining amounts under prior authorizations. 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/20240513698706/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 the dividend amount announced by RenaissanceRe Holdings for June 2024?

RenaissanceRe Holdings announced a quarterly dividend of $0.39 per common share, payable on June 28, 2024.

When is the record date for RenaissanceRe Holdings 's dividend?

The record date for the dividend is June 14, 2024.

How much has RenaissanceRe Holdings authorized for its share repurchase program?

RenaissanceRe Holdings has authorized up to $500 million for its share repurchase program.

When will RenaissanceRe Holdings 's share repurchase program expire?

The share repurchase program will expire when the full value of $500 million is repurchased, unless terminated earlier by the Board of Directors.

How will RenaissanceRe Holdings execute its share repurchases?

RenaissanceRe Holdings may repurchase shares through open market purchases and privately negotiated transactions.