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RenRe makes $250m preference-share offering

Raising capital: RenaissanceRe announced a $250 million preference-share offering

RenaissanceRe Holdings Ltd is to raise $250 million in an underwritten preference-share offering.

The Bermudian reinsurer said the net proceeds of the offering of ten million depositary shares representing the 5.75 per cent Series F preference shares will be used for general corporate purposes.

RenaissanceRe currently expects to consummate the sale to the underwriters on June 18, 2018, subject to customary closing conditions.

The company intends to have the shares listed on the New York Stock Exchange under the symbol “RNRPRF”.

BofA Merrill Lynch, Morgan Stanley, UBS Securities and Wells Fargo Securities are serving as joint book-running managers for the offering.