Terms

Series

4.20% Series G Preference Shares

Liquidation Preference

$25.00

Coupon Rate

4.2%

Rate Type

Fixed

Annual Dividend

$1.05

Payment Frequency

Quarterly

Cumulative

No

Perpetual

Yes

Convertible

No

Callable

Yes

First Call Date

July 15, 2026

First Call Price

$25.00

Capital Stack Ranking

Junior To: All Existing And Future Indebtedness Including Junior Subordinated Debentures, Liabilities Of Operating Subsidiaries Including Policyholders' Obligations; Pari Passu With: 5.375% Series E Preference Shares, 5.750% Series F 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

20,000,000

Prospectus Summary

RenaissanceRe Holdings Ltd., a Bermuda-based global reinsurer, is offering 20,000,000 Depositary Shares (NYSE: RNRPRG), each representing a 1/1,000th interest in a share of its 4.20% Series G Preference Shares. The liquidation preference is $25.00 per Depositary Share, and the fixed annual dividend is $1.05 per Depositary Share ($0.2625 quarterly), paid on March 1, June 1, September 1, and December 1, commencing September 1, 2021. The shares are callable at par on or after July 15, 2026. Critically, dividends are non-cumulative — if the Board does not declare a dividend, it is permanently lost and does not accrue for future payment. The Series G Preference Shares rank senior to RenaissanceRe's common shares and pari passu with its existing Series E (5.375%) and Series F (5.750%) preference shares with respect to dividends and liquidation. They are junior to all existing and future debt obligations, including junior subordinated debentures. As a holding company issuer with no direct operations, the Series G is also structurally subordinated to the liabilities of RenaissanceRe's operating subsidiaries, including all policyholders' obligations. A regulatory capital call is embedded: within 90 days of a 'capital redemption trigger date' (loss of qualifying BMA Tier 1 capital treatment), the issuer may redeem at $25.00 per Depositary Share. Additionally, redemption is generally prohibited if it would breach the BMA's Enhanced Capital Requirement unless equivalent replacement capital is provided. At the $25.00 offering price, the effective yield is 4.20% per annum. The issuer believes dividends will qualify as 'qualified dividend income' (QDI), subject to the preferential 15%/20% federal tax rate for eligible U.S. individual holders, contingent on NYSE listing. Dividends on the underlying preference shares are not expected to qualify for the corporate dividends-received deduction (DRD) given RenaissanceRe's Bermuda domicile. Payments are made quarterly; no explicit record-date window is described in the prospectus. Because dividends are non-cumulative, a missed payment cannot be recovered, and the dividend stopper mechanism (board election rights after six quarters in arrears) provides limited practical protection against dividend interruption.

Summarized from the SEC prospectus filing.

Distribution History

Ranking vs. Other Preferreds

Dividend Stopper Provisions

Dividend Stopper Description

As a non-cumulative security, dividends are not required to accumulate if not declared; however, if dividends are in arrears for six consecutive quarters, preference shareholders (together with parity series) gain voting rights to elect two directors. No explicit common dividend block is described in the provided text, but the preference shares rank senior to common shares for dividend payments.

Other Preferreds from Renaissancere Holdings Ltd

Div Score Breakdown

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