RenRe may repurchase common stock up to $500 million
RenaissanceRe Holdings Ltd. announced this afternoon an increase in authorisation to $500 million in its share repurchase programme, and a quarterly dividend of $0.28 per common share on its common stock.
A press release stated the dividend is payable on September 30 to shareholders of record on September 13.
It also stated that the increase in RenaissanceRe's share repurchase programme brings the total current authorisation to $500 million, and includes the remaining amounts available under prior authorisations.
It reported that under this programme, RenaissanceRe may repurchase shares of its common stock in the open market based on, among other things, its ongoing capital requirements and expected cash flows, and the market price of its common shares. The repurchase programme does not have an established expiration date.