RenaissanceRe Shares Get Debt Rating
A.M. Best Co. has assigned a debt rating of “bbb” to the $275 million 5.375 per cent Series E non-cumulative redeemable preferred shares of RenaissanceRe Holdings Ltd. The assigned outlook is stable.
The proceeds from the issuance are expected to be used by RenaissanceRe to repurchase the outstanding Series D preferred securities and a portion of the Series C preferred securities. Financial leverage and coverage measures remain within A.M. Best’s guidelines for the assigned rating.
Founded in Bermuda in 1993, RenaissanceRe is now one of the world’s largest reinsurers of natural and man-made catastrophes.
