RenaissanceRe Holdings Ltd. (RenRe) revealed the pricing of its underwritten public offering of 6,300,000 common shares, set at a price of $192.00 per share, before underwriting discounts and commissions.
The net proceeds from this offering will be allocated to cover a portion of the cash consideration for the Validus Acquisition, along with associated costs and expenses.
Additionally, the funds raised will be utilised for general corporate purposes.
The offering is expected to close on May 26, 2023, subject to customary closing conditions.
Leading the underwriting process, Morgan Stanley is acting as the lead active bookrunner, while Goldman Sachs & Co. LLC is acting as an active bookrunner.
As part of the offering, the underwriters will have the option to purchase up to an additional 945,000 common shares from RenRe.
The reinsurer will raise $1.39 billion from this transaction.
RenRe is aiming to become a top-5 global property and casualty reinsurer with the acquisition of Validus and all its subsidiaries from global player AIG for around $3 billion.
