<SEC-DOCUMENT>0001193125-20-158866.txt : 20200603
<SEC-HEADER>0001193125-20-158866.hdr.sgml : 20200603
<ACCEPTANCE-DATETIME>20200602200732
ACCESSION NUMBER:		0001193125-20-158866
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200603
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:		20938653

	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>d938151dfwp.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 No. 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="g938151g0602120452652.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>RenaissanceRe Announces Pricing of 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 the pricing of an underwritten public offering of 5,500,000 of its common shares at a price to the public of $166.00 per share, before underwriting discounts and commissions. The offering is expected to
close on June&nbsp;5, 2020, subject to customary closing conditions. </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 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&nbsp;SEC. You may obtain these documents without charge from the&nbsp;SEC&nbsp;at&nbsp;www.sec.gov. 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: 1 <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">866-471-2526</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>
</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"><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 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:8pt">
<TD VALIGN="bottom"><B>INVESTOR CONTACT:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>MEDIA 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"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Vice President, Head of Global Marketing&nbsp;&amp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Client Communication</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></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">RenaissanceRe Holdings Ltd.</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">(441) <FONT STYLE="white-space:nowrap">239-4932</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></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="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></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>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g938151g0602120452652.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g938151g0602120452652.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  X 3H# 2(  A$! Q$!_\0
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F*O)TUW,XX>"JO5V['J*J%4*H  & !VI:**Y#M"BBB@ HHHH _]D!

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