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

Rhea-AI Summary

The Board of Directors of RenaissanceRe Holdings Ltd. (NYSE: RNR) declared a quarterly dividend of $0.36 per common share, payable on September 30, 2021 to shareholders recorded by September 15, 2021.

Additionally, they renewed the authorized share repurchase program, raising the total authorization to $500 million, which will remain effective until the full amount is repurchased. Share repurchases will depend on market price and capital needs.

Positive

• Quarterly dividend of $0.36 enhances shareholder returns.
• Renewed share repurchase program of $500 million supports EPS growth and stock price stabilization.

Negative

• None.

The Board of Directors of RenaissanceRe Holdings Ltd. (NYSE: RNR) (“RenaissanceRe” or the “Company”) announced today a quarterly dividend of $0.36 per common share on its common shares. The dividend is payable on September 30, 2021, to shareholders of record on September 15, 2021.

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 well-structured risks with efficient sources of capital. The Company provides property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, the Company has offices in Bermuda, Australia, 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 and prospectus supplement dated July 7, 2021.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210728006014/en/

FAQ

What is the amount of RenaissanceRe's quarterly dividend?

RenaissanceRe has declared a quarterly dividend of $0.36 per common share.

When is the RenaissanceRe dividend payable?

The dividend is payable on September 30, 2021, to shareholders of record on September 15, 2021.

What is the total amount authorized for RenaissanceRe's share repurchase program?

The total authorization for the share repurchase program has been increased to $500 million.

What will determine RenaissanceRe's share repurchases?

Share repurchases will depend on the market price of the shares and the Company's capital requirements.