Bermuda’s RenaissanceRe Holdings Ltd. announced that the Company has filed a shelf registration with the Securities and Exchange Commission for the proposed offering of up to $500 million of securities.
“Under this shelf registration statement, the Company will have the flexibility to sell debt securities, common and preferred shares, warrants and share purchase contracts and units, as well as trust preferred securities or a combination of the above,” said the announcement. Coupled with an existing filing which covers $64 million in unsold securities RenRe will be able to offer up to $564 million of securities.
If and when the securities are placed it will further increase capacity in Bermuda, which has already welcomed over $10 billion in new capital largely as the result of Sept.11. RenRe increased its capitalization by $652 million between September and December last year, including a $275 million investment along with State Farm to set up DaVinci Re.
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