RenaissanceRe: $750M Senior Notes Offering

June 1, 2023

RenaissanceRe Holdings announced today that it has agreed to sell in an underwritten public offering $750 million aggregate principal amount of 5.750% Senior Notes due 2033.

“The Company expects to close the offering on or about June 5, 2023, subject to the satisfaction of customary closing conditions,” a spokesperson said.

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

“The senior notes are expected to be rated A3 by Moody’s Investors Service, BBB+ by Standard & Poor’s, and A- by Fitch Ratings. Morgan Stanley, Barclays, HSBC, Wells Fargo Securities, and BofA Securities served as joint book-running managers.”

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