RenaissanceRe Holdings Ltd has priced a $300 million offering of senior notes with a ten-year duration.

The notes will be sold by the Bermudian reinsurer’s subsidiary RenaissanceRe Finance, and will pay investors a yield of 3.45 per cent. Due in 2027, the notes are guaranteed by RenaissanceRe.

The company expects to close the offering on or about June 29, subject to closing conditions.

RenaissanceRe said it intended to use the net proceeds from the offering for general corporate purposes.

“We expect the senior notes to be rated A3 by Moody’s Investors Service and A by Standard & Poor’s,” RenRe added.

The announcement comes days after another Bermudian insurer, XL Group, priced a €500 million offering at 3.25 per cent.