RenRe’s Currie prepares to sell up to 150,000 of his shares
RenaissanceRe Holdings Ltd said last night that chief executive officer Neill Currie has adopted a pre-arranged stock trading plan to sell up to 150,000 of his RenRe shares to diversify his portfolio and to facilitate personal income tax planning.
The plan is in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934 and RenRe policies, the company said.
Rule 10b5-1 permits corporate officers and directors to adopt written, pre-arranged stock trading plans when they do not have material, non-public information, through which they can sell stock over an extended period of time and avoid concerns about whether they had material, non-public information when they sold their stock.
In accordance with 10b5-1 rules, the seller will have no discretion over the sale of shares under the plan. Mr Currie will still have a significant ongoing stake in the company, even if he sells all 150,000 shares possible - valued at $9.93 million by yesterday's closing share price of $66.21 - under the plan.
The transactions under the plan would commence no earlier than 90 days from the date of its establishment.