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RenRe sets offering price

RenaissanceRe will use proceeds from the offering to fund purchase of portions of AIG, whose Bermuda offices are in part pictured here on Richmond Road (Photograph by David Fox)

Bermudian-based RenaissanceRe Holdings Ltd has announced the pricing of an underwritten public offering of 6.3 million of its common shares at $192 per share, before underwriting discounts and commissions.

The offering is expected to close on Friday, subject to customary closing conditions.

The company said it intends to use the net proceeds from this offering to fund a portion of the cash consideration for the announced acquisition of certain subsidiaries of American International Group Inc, including Validus Holdings Ltd, Validus Specialty LLC and Validus Reinsurance Ltd, to pay related costs and expenses, and for general corporate purposes.

Morgan Stanley is acting as lead active book runner and Goldman Sachs & Co LLC is acting as active book runner in the offering.

The underwriters will have the option to purchase up to an aggregate of 945,000 additional common shares from the company.

If all shares on offer are purchased, the offering will raise a shade over $1.39 billion.

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Published May 24, 2023 at 2:28 pm (Updated May 24, 2023 at 10:59 pm)

RenRe sets offering price

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