RenaissanceRe Raises More than $1 Billion in Public Offering of Common Shares and Concurrent Private Placement

June 9, 2020

Willkie client RenaissanceRe Holdings Ltd. completed a registered public offering of 6,325,000 common shares.

On June 5, Willkie client RenaissanceRe Holdings Ltd. completed a registered public offering of 6,325,000 common shares (inclusive of the underwriters’ over-allotment option) and a concurrent private placement of 451,807 common shares, for total aggregate proceeds of approximately $1,095,546,015, after underwriting discounts and expenses.

Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC acted as joint book-running managers and representatives of the underwriters for the public offering. Pursuant to a June 2 investment agreement, State Farm Mutual Automobile Insurance Company purchased 451,807 common shares from the Company in the concurrent private placement exempt from the registration requirements of the U.S. Securities Act of 1933, as amended, at a per share price equal to the per share public offering price of $166.00 per share.

RenaissanceRe is a global provider of reinsurance and insurance, providing property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. RenaissanceRe aspires to be the world’s best underwriter by matching well-structured risks with efficient sources of capital and its mission is to produce superior returns for its shareholders over the long term.

The deal was handled by partner Sean Ewen and associates Marisa Weisbaum and Andrew Kim.