RenaissanceRE Holdings Prices New Perpetual Preferred–Update

Bob-in-DE informs us that the OTC has been changed to RNRRP instead of RNRRV.

Reinsurer RenaissanceRE (RNR) has price a new issue of non-cumulative preferred stock.

The issue has priced at 4.20%–is non-cumulative and perpetual. Optional redemption is available to the company starting 7/15/2026.

The company will use the proceeds to call the 5.375% preferred–RNR-E issue which has been redeemable for 3 years.

This issue is investment grade with a Baa2 rating from Moody’s and BBB from Standard and Poor’s.

The issue trades today under OTC grey market ticker RNRRV.

The pricing term sheet is here

The prospectus is here.

7 thoughts on “RenaissanceRE Holdings Prices New Perpetual Preferred–Update”

  1. I called Schwab on RNRRP – they entered RNRRP into their system. This preferred can now be purchased via Schwab.

    1. I am looking at that yield right now and I cannot make myself pull the trigger. I know for a fact I can find something slightly better then that with an IG rating… Perhaps I won’t get such a long first call date but that is about the only thing going for it…

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