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

Rhea-AI Summary

RenaissanceRe Holdings Ltd. (NYSE: RNR) declared a quarterly dividend of $0.36 per common share, payable on June 30, 2021, to shareholders of record on June 15, 2021. Additionally, the company renewed its share repurchase program, increasing the authorization to $500.0 million. This program allows repurchase through open market purchases, subject to market conditions and capital requirements. RenaissanceRe specializes in reinsurance and insurance solutions, operating globally since 1993.

Positive

• Declaration of a quarterly dividend of $0.36 enhances shareholder value.
• Renewal of the share repurchase program, increasing authorization to $500.0 million, indicates strong management confidence.
• Potential for share repurchase may increase earnings per share (EPS) and support stock price.

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 June 30, 2021, to shareholders of record on June 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210507005635/en/

FAQ

What is the dividend amount declared by RenaissanceRe (RNR)?

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

When will the dividend be paid to shareholders of RenaissanceRe (RNR)?

The dividend will be payable on June 30, 2021, to shareholders of record on June 15, 2021.

What is the total amount authorized for the share repurchase program of RenaissanceRe (RNR)?

The total authorization for the share repurchase program is $500.0 million.

What does the share repurchase program of RenaissanceRe (RNR) entail?

The program allows for repurchases through open market purchases and privately negotiated transactions.

How might the share repurchase impact RenaissanceRe’s stock price?

The share repurchase may support the stock price by reducing the number of shares outstanding and potentially increasing EPS.