{"id":818781,"date":"2025-02-26T18:20:08","date_gmt":"2025-02-26T23:20:08","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/renaissancere-holdings-ltd-announces-pricing-of-300-million-senior-notes-offering-by-joint-venture-davincire-holdings-ltd\/"},"modified":"2025-02-26T18:20:08","modified_gmt":"2025-02-26T23:20:08","slug":"renaissancere-holdings-ltd-announces-pricing-of-300-million-senior-notes-offering-by-joint-venture-davincire-holdings-ltd","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/renaissancere-holdings-ltd-announces-pricing-of-300-million-senior-notes-offering-by-joint-venture-davincire-holdings-ltd\/","title":{"rendered":"RenaissanceRe Holdings Ltd. Announces Pricing of $300 Million Senior Notes Offering by Joint Venture, DaVinciRe Holdings Ltd."},"content":{"rendered":"<p>        <!--body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p><b><i>RenaissanceRe Holdings Ltd. Announces Pricing of $300 Million Senior Notes Offering by Joint Venture, DaVinciRe Holdings Ltd.<\/i><\/b><\/p>\n<p>PEMBROKE, Bermuda&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nRenaissanceRe Holdings Ltd. (NYSE:RNR) (\u201cRenaissanceRe\u201d or the \u201cCompany\u201d) announced today that its joint venture, DaVinciRe Holdings Ltd. (\u201cDaVinci\u201d), has agreed to sell in a private debt offering $300 million aggregate principal amount of 5.950% Senior Notes due 2035. The offering is expected to close on or about March 5, 2025, subject to the satisfaction of customary closing conditions.<\/p>\n<p>\nDaVinci intends to use the net proceeds from the offering for general corporate purposes, including the repayment of the $150 million outstanding principal amount of DaVinci\u2019s 4.750% Senior Notes due 2025. We and DaVinci expect the senior notes to be rated Baa1 by Moody\u2019s Investors Service and A- by Standard &amp; Poor\u2019s.<\/p>\n<p>\nThe notes will not be registered under the Securities Act of 1933, as amended (the \u201cSecurities Act\u201d), or the securities law of any state and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the Securities Act and applicable state securities laws. The notes were offered and will be sold in a private placement to qualified institutional buyers in the United States pursuant to Rule 144A under the Securities Act, and to non-U.S. persons in transactions outside the United States pursuant to Regulation S under the Securities Act. RenaissanceRe owns a noncontrolling economic interest in its joint venture DaVinci. Because RenaissanceRe controls a majority of DaVinci\u2019s issued voting shares, the consolidated financial statements of DaVinci are included in the consolidated financial statements of RenaissanceRe. However, RenaissanceRe does not guarantee or provide credit support for DaVinci and RenaissanceRe\u2019s financial exposure to DaVinci is limited to its investment in DaVinci\u2019s shares and counterparty credit risk arising from reinsurance transactions.<\/p>\n<p>\nThis press release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.<\/p>\n<p><b>About RenaissanceRe<\/b><\/p>\n<p>\nRenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance that specializes in matching desirable risk with efficient capital. The Company provides property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, RenaissanceRe has offices in Bermuda, Australia, Canada, Ireland, Singapore, Switzerland, the United Kingdom and the United States.<\/p>\n<p><b>About DaVinci<\/b><\/p>\n<p>\nDaVinci, a joint venture of RenaissanceRe, is the holding company of DaVinci Reinsurance Ltd. (\u201cDaVinci Reinsurance\u201d), which primarily underwrites property catastrophe reinsurance, as well as certain short-tail casualty and specialty lines of business, in all instances as companion lines alongside certain subsidiaries of RenaissanceRe. Both DaVinci and DaVinci Reinsurance are managed by Renaissance Underwriting Managers, Ltd. (\u201cRUM\u201d), an indirect wholly owned subsidiary of the Company and part of the Capital Partners unit of RenaissanceRe.<\/p>\n<p><b>Cautionary Statement Regarding Forward-Looking Statements<\/b><\/p>\n<p>\nAny forward-looking statements made in this Press Release reflect RenaissanceRe\u2019s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We and DaVinci may also make forward-looking statements with respect to our business and industry, such as those relating to our strategy and management objectives, plans and expectations regarding our response and ability to adapt to changing economic conditions, market standing and product volumes, estimates of the impact and insured losses from loss events, competition in our industry, industry capital, and government initiatives and regulatory matters affecting the reinsurance industries, among other things. These statements are subject to numerous factors that could cause actual results to differ materially from those addressed by such forward-looking statements, including those disclosed in RenaissanceRe\u2019s filings with the U.S. Securities and Exchange Commission, including its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and the following: DaVinci\u2019s strategy of relying exclusively on RUM to provide all underwriting, administrative, management and client service functions to DaVinci and DaVinci Reinsurance, including the risk that RUM is adversely affected by events affective RenaissanceRe and the risk that the management contracts pursuant to which RUM provides these services are terminated; DaVinci\u2019s exposure to natural and non-natural catastrophic events and circumstances and the variance they may cause in the Company\u2019s financial results; the effect of climate change on DaVinci\u2019s business, including the trend towards increasingly frequent and severe climate events; the effectiveness of the Company\u2019s claims and claim expense reserving process; the effect of emerging claims and coverage issues; the performance of DaVinci\u2019s investment portfolio and financial market volatility; the effects of inflation; DaVinci\u2019s exposure to ceding companies and delegated authority counterparties and the risks they underwrite; DaVinci\u2019s ability to maintain its financial strength ratings; DaVinci\u2019s reliance on a small number of brokers; the highly competitive nature of DaVinci\u2019s industry; the historically cyclical nature of the (re)insurance industries; collection on claimed retrocessional coverage, and new retrocessional reinsurance being available; a contention by the Internal Revenue Service that DaVinci or DaVinci Reinsurance is subject to U.S. taxation; potential adverse tax developments, including potential changes to the taxation of inter company or related party transactions, or potential changes to the tax treatment of capital partners in DaVinci or DaVinci Reinsurance; the potential loss of the services of any one of the Company\u2019s key senior officers and the risk that DaVinci fails to attract or retain the key executives necessary to manage its business; DaVinci\u2019s ability to successfully implement the Company\u2019s business, strategies and initiatives; that DaVinci\u2019s exposure to risk may potentially differ from the Company\u2019s exposure to risk, which may cause DaVinci\u2019s returns to differ from the Company\u2019s returns for similar lines of business; that DaVinci may have conflicts of interest with RenaissanceRe and RUM; DaVinci\u2019s exposure to credit loss from counterparties; the effect of foreign currency fluctuations; DaVinci\u2019s need to make many estimates and judgments in the preparation of its financial statements; large non-recurring contracts and reinstatement premiums may increase the volatility of DaVinci\u2019s financial results; DaVinci\u2019s exposure to risks associated with DaVinci\u2019s management of capital on behalf of investors; the risk of litigation and arbitration; changes to the accounting rules and regulatory systems applicable to the Company\u2019s business, including changes in Bermuda and U.S. laws or regulations; the effect of current or future macroeconomic or geopolitical events or trends, including the ongoing conflicts between Russia and Ukraine, and in the Middle East; the effect of governmental and societal responses to climate change which could affect DaVinci\u2019s profitability; other political, regulatory or industry initiatives adversely impacting DaVinci; the impact of cybersecurity risks, including technology breaches or failure; DaVinci\u2019s ability to comply with covenants in its debt agreements; the effect of adverse economic factors, including changes in the prevailing interest rates; the effects of new or possible future tax actions or reform legislation and regulations in the jurisdictions in which DaVinci operates; DaVinci\u2019s ability to determine any impairments taken on its investments; DaVinci\u2019s ability to raise capital on acceptable terms; DaVinci\u2019s ability to comply with applicable sanctions and foreign corrupt practices laws; DaVinci\u2019s dependence on capital distributions from DaVinci Reinsurance; and other factors affecting future results disclosed in RenaissanceRe\u2019s filings with the SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20250226470203r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20250226470203\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20250226470203\/en\/<\/a><\/span><\/p>\n<p>\nInvestor Contact:<br \/>\n<br \/>RenaissanceRe Holdings Ltd.<br \/>\n<br \/>Keith McCue<br \/>\n<br \/>Senior Vice President, Finance &amp; Investor Relations<br \/>\n<br \/>441-239-4830<\/p>\n<p>\nMedia Contacts:<br \/>\n<br \/>RenaissanceRe Holdings Ltd.<br \/>\n<br \/>Hayden Kenny<br \/>\n<br \/>Senior Vice President, Investor Relations &amp; Communications<br \/>\n<br \/>441-239-4946<\/p>\n<p>\nKekst CNC<br \/>\n<br \/>Nicholas Capuano<br \/>\n<br \/>917-842-7859<\/p>\n<p><b>KEYWORDS:<\/b> Bermuda Caribbean<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Professional Services Insurance Finance<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20250226470203\/en\/663463\/3\/RenaissanceRe_medium.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>RenaissanceRe Holdings Ltd. Announces Pricing of $300 Million Senior Notes Offering by Joint Venture, DaVinciRe Holdings Ltd. PEMBROKE, Bermuda&#8211;(BUSINESS WIRE)&#8211; RenaissanceRe Holdings Ltd. (NYSE:RNR) (\u201cRenaissanceRe\u201d or the \u201cCompany\u201d) announced today that its joint venture, DaVinciRe Holdings Ltd. (\u201cDaVinci\u201d), has agreed to sell in a private debt offering $300 million aggregate principal amount of 5.950% Senior Notes due 2035. The offering is expected to close on or about March 5, 2025, subject to the satisfaction of customary closing conditions. DaVinci intends to use the net proceeds from the offering for general corporate purposes, including the repayment of the $150 million outstanding principal amount of DaVinci\u2019s 4.750% Senior Notes due 2025. We and DaVinci expect the senior notes to be rated Baa1 &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/renaissancere-holdings-ltd-announces-pricing-of-300-million-senior-notes-offering-by-joint-venture-davincire-holdings-ltd\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;RenaissanceRe Holdings Ltd. Announces Pricing of $300 Million Senior Notes Offering by Joint Venture, DaVinciRe Holdings Ltd.&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-818781","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>RenaissanceRe Holdings Ltd. Announces Pricing of $300 Million Senior Notes Offering by Joint Venture, DaVinciRe Holdings Ltd. - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/renaissancere-holdings-ltd-announces-pricing-of-300-million-senior-notes-offering-by-joint-venture-davincire-holdings-ltd\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RenaissanceRe Holdings Ltd. Announces Pricing of $300 Million Senior Notes Offering by Joint Venture, DaVinciRe Holdings Ltd. - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"RenaissanceRe Holdings Ltd. Announces Pricing of $300 Million Senior Notes Offering by Joint Venture, DaVinciRe Holdings Ltd. PEMBROKE, Bermuda&#8211;(BUSINESS WIRE)&#8211; RenaissanceRe Holdings Ltd. (NYSE:RNR) (\u201cRenaissanceRe\u201d or the \u201cCompany\u201d) announced today that its joint venture, DaVinciRe Holdings Ltd. (\u201cDaVinci\u201d), has agreed to sell in a private debt offering $300 million aggregate principal amount of 5.950% Senior Notes due 2035. The offering is expected to close on or about March 5, 2025, subject to the satisfaction of customary closing conditions. DaVinci intends to use the net proceeds from the offering for general corporate purposes, including the repayment of the $150 million outstanding principal amount of DaVinci\u2019s 4.750% Senior Notes due 2025. We and DaVinci expect the senior notes to be rated Baa1 &hellip; Continue reading &quot;RenaissanceRe Holdings Ltd. 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(NYSE:RNR) (\u201cRenaissanceRe\u201d or the \u201cCompany\u201d) announced today that its joint venture, DaVinciRe Holdings Ltd. (\u201cDaVinci\u201d), has agreed to sell in a private debt offering $300 million aggregate principal amount of 5.950% Senior Notes due 2035. The offering is expected to close on or about March 5, 2025, subject to the satisfaction of customary closing conditions. DaVinci intends to use the net proceeds from the offering for general corporate purposes, including the repayment of the $150 million outstanding principal amount of DaVinci\u2019s 4.750% Senior Notes due 2025. We and DaVinci expect the senior notes to be rated Baa1 &hellip; Continue reading \"RenaissanceRe Holdings Ltd. 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