Terms

Series

5.750% Series F Preference Shares

Liquidation Preference

$25.00

Coupon Rate

5.75%

Rate Type

Fixed

Annual Dividend

$1.44

Payment Frequency

Quarterly

Cumulative

No

Perpetual

Yes

Convertible

No

Callable

Yes

First Call Date

June 30, 2023

First Call Price

$25.00

Capital Stack Ranking

Junior To: Existing And Future Indebtedness Including Junior Subordinated Debentures, Liabilities Of Subsidiaries Including Policyholders' Obligations; Pari Passu With: 6.08% Series C Preference Shares, 5.375% Series E Preference Shares; Senior To: Common Shares

Regulatory (Basel III) Call

Yes

Tax Classification

Qualified Dividend

Qualifies for QDI

Yes

Qualifies for DRD

No

Depositary Share Fraction

0.001

Shares Offered

10,000,000

Prospectus Summary

RenaissanceRe Holdings Ltd., a Bermuda-based global reinsurance holding company, is offering 10,000,000 Depositary Shares (NYSE: RNRPRF), each representing a 1/1,000th interest in a share of its 5.750% Series F Preference Shares, with a liquidation preference of $25 per Depositary Share and an annual dividend of $1.4375 per Depositary Share paid quarterly. The first optional redemption date is June 30, 2023, at $25.00 per Depositary Share. These preference shares are non-cumulative, meaning that if the Board of Directors does not declare a dividend in any quarter, that dividend is permanently lost and does not accrue for the benefit of holders. The Series F Preference Shares sit senior to RenaissanceRe's common shares and on parity with the 6.08% Series C and 5.375% Series E Preference Shares, but are junior to all existing and future debt obligations of the holding company, including junior subordinated debentures. Critically, this is a holding company issuance: the preference shares are also contractually subordinated to all liabilities of RenaissanceRe's operating subsidiaries, including policyholder obligations, creating meaningful structural subordination. The security includes a regulatory capital call provision — within 90 days of a 'capital redemption trigger date' (i.e., a determination that the shares no longer qualify under the BMA's Enhanced Capital Requirement), the issuer may redeem at $25, though redemptions before June 30, 2028 require BMA approval or capital replacement, limiting near-term regulatory-event call risk. At the $25.00 offering price, the Series F Preference Shares yield 5.75% annually, with quarterly payments of approximately $0.3594 per Depositary Share on March 1, June 1, September 1, and December 1, commencing September 1, 2018. The issuer believes dividends will qualify as 'qualified dividend income' (QDI) for U.S. individual investors, subject to the preferential 15%/20% long-term capital gains tax rate, contingent on NYSE listing; corporate holders may also be eligible for the dividends-received deduction (DRD), though this is not explicitly confirmed. Because the shares are non-cumulative, any skipped dividend is gone permanently; additionally, since RenaissanceRe is a pure holding company reliant on subsidiary dividends — which may be restricted by regulatory capital requirements — dividend payments carry meaningful operational dependency risk.

Summarized from the SEC prospectus filing.

Distribution History

Ranking vs. Other Preferreds

Dividend Stopper Provisions

Dividend Stopper Description

If dividends on the preference shares are in arrears for six full quarterly periods, holders gain the right to elect two directors to the board; common share dividends are effectively subordinated to preference share dividends, and undeclared dividends do not accumulate given the non-cumulative structure.

Other Preferreds from Renaissancere Holdings Ltd

Div Score Breakdown

Reinvesty's multi-factor safety analysis for this preferred, composite score: 68 (Strong)