<SEC-DOCUMENT>0001193125-20-157910.txt : 20200602
<SEC-HEADER>0001193125-20-157910.hdr.sgml : 20200602
<ACCEPTANCE-DATETIME>20200602073556
ACCESSION NUMBER:		0001193125-20-157910
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200602
DATE AS OF CHANGE:		20200602

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RENAISSANCERE HOLDINGS LTD
		CENTRAL INDEX KEY:			0000913144
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				980138020
		STATE OF INCORPORATION:			D0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-231720
		FILM NUMBER:		20935600

	BUSINESS ADDRESS:	
		STREET 1:		RENAISSANCE HOUSE
		STREET 2:		12 CROW LANE
		CITY:			PEMBROKE
		STATE:			D0
		ZIP:			HM19
		BUSINESS PHONE:		4412954513

	MAIL ADDRESS:	
		STREET 1:		RENAISSANCE HOUSE
		STREET 2:		12 CROW LANE
		CITY:			PEMBROKE
		STATE:			D0
		ZIP:			HM19

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RENAISSANCERE HOLDINGS LTD
		CENTRAL INDEX KEY:			0000913144
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		IRS NUMBER:				980138020
		STATE OF INCORPORATION:			D0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		RENAISSANCE HOUSE
		STREET 2:		12 CROW LANE
		CITY:			PEMBROKE
		STATE:			D0
		ZIP:			HM19
		BUSINESS PHONE:		4412954513

	MAIL ADDRESS:	
		STREET 1:		RENAISSANCE HOUSE
		STREET 2:		12 CROW LANE
		CITY:			PEMBROKE
		STATE:			D0
		ZIP:			HM19
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>d937855dfwp.htm
<DESCRIPTION>FWP
<TEXT>
<HTML><HEAD>
<TITLE>FWP</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Issuer Free Writing Prospectus dated June 2, 2020 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Filed Pursuant to Rule 433 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Relating to Preliminary Prospectus Supplement dated June 2, 2020 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>To Prospectus dated June 2, 2020 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Registration&nbsp;No.&nbsp;333-231720 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g937855g0601175847938.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>RenaissanceRe Announces Public Offering of 5,500,000 Common Shares </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Pembroke, Bermuda, June</B><B></B><B>&nbsp;2, 2020</B> &#150; RenaissanceRe Holdings Ltd. (NYSE: RNR) (the &#147;Company&#148; or
&#147;RenaissanceRe&#148;) announced today that it has commenced an underwritten public offering of 5,500,000 of its common shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company intends
to use the net proceeds from this offering for general corporate purposes, which may include expanding existing business lines, entering new business lines, forming new joint ventures, or acquiring books of business from other companies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">State Farm Mutual Automobile Insurance Company (&#147;State Farm&#148;), which currently owns approximately 4.4% of RenaissanceRe&#146;s total common shares
outstanding, has entered into an investment agreement to purchase, subject to the consummation of the underwritten public offering and other customary conditions, approximately $75&nbsp;million of the Company&#146;s common shares at the public
offering price per share in a concurrent private placement exempt from the registration requirements of the U.S. Securities Act of 1933, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Morgan Stanley&nbsp;&amp; Co. LLC and Goldman Sachs&nbsp;&amp; Co. LLC are acting as joint book-running managers and representatives of the underwriters for
the offering. The underwriters will have the option to purchase up to an aggregate of 825,000 additional common shares from the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The shares are
being offered pursuant to an effective shelf registration statement that has been filed with the&nbsp;Securities and Exchange Commission&nbsp;(the &#147;SEC&#148;). This press release does not constitute an offer to sell or a solicitation of an
offer to buy nor shall there be any sale of 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. Any
offer, or solicitation to buy, if at all, will be made solely by means of a prospectus and related prospectus supplement filed with the SEC. You may obtain these documents without charge from the&nbsp;SEC&nbsp;at&nbsp;<U>www.sec.gov</U>.
Alternatively, you may request copies of these materials from Morgan Stanley&nbsp;&amp; Co. LLC, 180 Varick Street, 2nd Floor, New York, New York 10014, Attention: Prospectus Department, or from Goldman Sachs&nbsp;&amp; Co. LLC, Attention:
Prospectus Department, 200 West Street, New York, New York 10282, telephone: <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-866-471-2526</FONT></FONT></FONT> or by emailing <FONT
STYLE="white-space:nowrap">prospectus-ny@ny.email.gs.com.</FONT> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About RenaissanceRe </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">RenaissanceRe is a global provider of reinsurance and insurance that specializes in matching well-structured risks with efficient sources of capital. The
Company provides property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, the Company has offices in Bermuda, Australia, Ireland, Singapore, Switzerland, the
United Kingdom and the United States. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Cautionary Statement Regarding Forward-Looking Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Any forward-looking statements made in this Press Release reflect RenaissanceRe&#146;s 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. These statements are subject to numerous factors that could cause actual results to differ materially from those set forth in or implied by
such forward-looking statements, including the following: the uncertainty of the continuing impact of the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic and measures taken in response thereto; the effect of legislative, regulatory,
judicial or social influences related to the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic on the Company&#146;s financial performance, including the emergence of unexpected or <FONT STYLE="white-space:nowrap">un-modeled</FONT> insurance
or reinsurance losses, and the Company&#146;s ability to conduct its business; the impact and potential future impacts of the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic on the value of the Company&#146;s investments and its access to
capital in the future or the pricing or terms of available financing; the effect that measures taken to mitigate the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic have on the Company&#146;s operations and those of its counterparties; the
frequency and severity of catastrophic and other events the Company covers; the effectiveness of the Company&#146;s claims and claim expense reserving process; the effect of climate change on the Company&#146;s business, including the trend towards
increasingly frequent and severe climate events; the Company&#146;s ability to maintain its financial strength ratings; the effect of emerging claims and coverage issues; collection on claimed retrocessional coverage, and new retrocessional
reinsurance being available on acceptable terms and providing the coverage that the Company intended to obtain; the Company&#146;s reliance on a small and decreasing number of reinsurance brokers and other distribution services for the preponderance
of its revenue; the Company&#146;s exposure to credit loss from counterparties in the normal course of business; the effect of continued challenging economic conditions throughout the world; the performance of the Company&#146;s investment
portfolio; a contention by the U.S. Internal Revenue Service that Renaissance Reinsurance Ltd., or any of the Company&#146;s other Bermuda subsidiaries, is subject to taxation in the U.S.; the effects of U.S. tax reform legislation and possible
future tax reform legislation and regulations, including changes to the tax treatment of the Company&#146;s shareholders or investors in its joint ventures or other entities it manages; the effect of cybersecurity risks, including technology
breaches or failure, on the Company&#146;s business; the success of any of the Company&#146;s strategic </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
investments or acquisitions, including its ability to manage its operations as its product and geographical diversity increases; the Company&#146;s ability to retain its key senior officers and
to attract or retain the executives and employees necessary to manage its business; the Company&#146;s ability to effectively manage capital on behalf of investors in joint ventures or other entities it manages; foreign currency exchange rate
fluctuations; soft reinsurance underwriting market conditions; changes in the method for determining the London Inter-bank Offered Rate and the potential replacement of LIBOR; losses the Company could face from terrorism, political unrest or war;
the Company&#146;s ability to successfully implement its business strategies and initiatives; the Company&#146;s ability to determine any impairments taken on its investments; the effects of inflation; the ability of the Company&#146;s ceding
companies and delegated authority counterparties to accurately assess the risks they underwrite; the effect of operational risks, including system or human failures; the Company&#146;s ability to raise capital if necessary; the Company&#146;s
ability to comply with covenants in its debt agreements; changes to the regulatory systems under which the Company operates, including as a result of increased global regulation of the insurance and reinsurance industries; changes in Bermuda laws
and regulations and the political environment in Bermuda; the Company&#146;s dependence on the ability of its operating subsidiaries to declare and pay dividends; aspects of the Company&#146;s corporate structure that may discourage third-party
takeovers and other transactions; difficulties investors may have in servicing process or enforcing judgments against the Company in the U.S.; the cyclical nature of the reinsurance and insurance industries; adverse legislative developments that
reduce the size of the private markets the Company serves or impede their future growth; consolidation of competitors, customers and insurance and reinsurance brokers; the effect on the Company&#146;s business of the highly competitive nature of its
industry, including the effect of new entrants to, competing products for and consolidation in the (re)insurance industry; other political, regulatory or industry initiatives adversely impacting the Company; the Company&#146;s ability to comply with
applicable sanctions and foreign corrupt practices laws; increasing barriers to free trade and the free flow of capital; international restrictions on the writing of reinsurance by foreign companies and government intervention in the natural
catastrophe market; the effect of Organisation for Economic <FONT STYLE="white-space:nowrap">Co-operation</FONT> and Development or European Union measures to increase the Company&#146;s taxes and reporting requirements; changes in regulatory
regimes and accounting rules that may impact financial results irrespective of business operations; the Company&#146;s need to make many estimates and judgments in the preparation of its financial statements; the effect of the exit by the United
Kingdom from the EU; and other factors affecting future results disclosed in RenaissanceRe&#146;s filings with the SEC, including its Annual Reports on Form <FONT STYLE="white-space:nowrap">10-K</FONT> and Quarterly Reports on Form <FONT
STYLE="white-space:nowrap">10-Q.</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><B>INVESTOR CONTACT:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>MEDIA&nbsp;CONTACT:</B></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Keith McCue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Keil Gunther</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Senior Vice President, Finance&nbsp;&amp; Investor Relations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Vice&nbsp;President,&nbsp;Head&nbsp;of&nbsp;Global&nbsp;Marketing&nbsp;&amp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">RenaissanceRe Holdings Ltd.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Client Communication</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(441) <FONT STYLE="white-space:nowrap">239-4830</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">RenaissanceRe Holdings Ltd.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">(441) <FONT STYLE="white-space:nowrap">239-4932</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">or</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Kekst CNC</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Dawn Dover</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">(212) <FONT STYLE="white-space:nowrap">521-4800</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;2&nbsp;- </P>

</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g937855g0601175847938.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g937855g0601175847938.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  X 3D# 2(  A$! Q$!_\0
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MTO+8_@2,']:\0\!ZI+X5\<BUN"5CD<VTP/UX/YUZO\,8)H/ MD)@07+.H/\
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20]%I:**Y3M"BBB@ HHHH __9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
