RenaissanceRe Holdings Ltd., the Bermuda-based reinsurer, is selling $250 million of debt due in 2020.

The 10-year notes will pay 5.75 percent and are guaranteed by the company, RenRe said in a statement on Friday.

The company expects to close the offering on or about March 17, 2010, subject to customary closing conditions.

RenRe, which last week said it expects "material" claims from the Chile earthquake but still expects to make a first-quarter profit, intends to use the net proceeds from the offering for general corporate purposes.

The senior notes have been rated A3 by Moody's Investors Service and A by Standard & Poor's.

Banc of America Securities LLC and Citigroup Global Markets Inc. served as joint book-runners; Wells Fargo Securities, LLC served as joint lead manager; Barclays Capital Inc. and HSBC Securities (USA) Inc. served as co-managers for the offering.

RenRe filed a prospectus on Thursday with the US Securities and Exchange Commission to sell notes due in 2015.