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RenaissanceRe Holdings Ltd. | 6.08% Series C Preference Shares (RNR.PRC)

Prospectus exerpt:  We are selling 10,000,000 of our preference shares, par value $1.00 per share.

Upon liquidation, dissolution or winding up, the holders of the preference shares will be entitled to receive from our assets legally available for distribution to shareholders a liquidation preference of $25 per share, plus accrued and unpaid dividends, if any, to the date fixed for distribution. Dividends on the preference shares will be cumulative from the date of original issuance and will be payable when, as and if declared by our Board of Directors, quarterly in arrears on the first day of March, June, September, and December of each year, commencing June 1, 2004. Dividends on the preference shares will be payable, when, as and if declared by our Board of Directors, in an amount per share equal to 6.08% of the liquidation preference per annum (equivalent to $1.52 per share).

On and after March 23, 2009, we may redeem the preference shares, in whole or in part, at any time at a redemption price of $25 per share, plus accrued and unpaid dividends to the date of redemption, without interest. We may not redeem the preference shares before March 23, 2009, except that we may redeem the preference shares before that date at a redemption price of $26 per share, plus accrued and unpaid dividends to the date of redemption, without interest, if we submit a proposal to our common shareholders concerning an amalgamation or submit any proposal for any other matter that requires, as a result of a change in Bermuda law, the approval of the holders of the preference shares, whether voting as a separate series or together with any other series of preference shares as a single class. The preference shares have no stated maturity and will not be subject to any sinking fund or mandatory redemption and will not be convertible into any of our other securities.

Full Prospectus PDF », RNR Page »

Series:C
Redeemable?:Yes
Call Date:3/23/2009 (Now Trading Post Call Date)
Perpetual?:Yes
Cumulative?:Yes
Shares Offered:10,000,000
Liquidation Preference:$25
Recent Market Price:$25.42
Premium to Liquidation Preference:
(More Preferreds Trading at a Premium »)
$0.42 (1.68%)
Annualized Dividend:1.52
Recent Ex-Date:8/27/2014
Current Yield:5.98%
Original Coupon:6.080%
Pay Period:Quarterly
Pay Dates:1-Mar, 1-Jun, 1-Sep, 1-Dec
RenaissanceRe Holdings is a holding company. Co. is a global provider of reinsurance and insurance coverages and related services. Co.'s business consists of three reportable segments: Catastrophe Reinsurance, which includes catastrophe reinsurance and certain property catastrophe joint ventures managed by its ventures unit; Specialty Reinsurance, which includes specialty reinsurance and certain specialty joint ventures managed by its ventures unit; and Lloyd's, which includes reinsurance and insurance business written through its Lloyd's syndicate, RenaissanceRe Syndicate 1458. In addition, Co.'s Other category includes the remnants of its Bermuda-based insurance operations.

Preferreds: RNR.PRC, RNR.PRD, RNR.PRE


Open the RNR Information Page »
Name:  RenaissanceRe Holdings Ltd.
Website:  www.renre.com
Sector:  Insurance Brokers
Number of ETFs Holding RNR:  62 (see which ones)
Total Market Value Held by ETFs:  $441,583,192
Total Market Capitalization:  $4,085,000,000
% of Market Cap. Held by ETFs:  10.81%

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