RenaissanceRe Holdings, Ltd. (NYSE:RNR) has announced that its subsidiary, RenRe North America Holdings, Inc. has agreed to a public offering of $250 million aggregate principal amount of 5.750% Senior Notes due 2020. RenaissanceRe Holdings guarantees the notes. The offering is expected to close on March 17, 2010. It is subject to customary closing conditions. Net proceeds from the offering will be used for general corporate purposes. Moody’s Investors Service has rated the senior notes A3, and Standard & Poor has rated the notes as an A.
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RenaissanceRe Holdings Ltd. (RenaissanceRe) is a provider of reinsurance and insurance coverages and related services. The Company’s principal products include property catastrophe reinsurance, which it writes through its operating subsidiary Renaissance Reinsurance Ltd. (Renaissance Reinsurance) and joint ventures, principally DaVinci Reinsurance Ltd. (DaVinci) and Top Layer Reinsurance Ltd. (Top Layer Re); specialty reinsurance risks written through Renaissance Reinsurance and DaVinci, and primary insurance and quota share reinsurance, which it writes through the operating subsidiaries of the RenRe Insurance Holdings Ltd. (RenRe Insurance). It operates in two segments, Reinsurance and Individual Risk. During the year ended December 31, 2009, the Reinsurance and Individual Risk segments accounted for approximately 69.3% and 30.7%, respectively, of the Company’s total consolidated gross premiums written.
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