A.M. Best Assigns Rating to RenaissanceRe Holdings Ltd.'s Series E Preferred Shares
A.M. Best Assigns Rating to RenaissanceRe Holdings Ltd.'s Series E Preferred Shares
OLDWICK, N.J.--(BUSINESS WIRE)-- A.M. Best Co. has assigned a debt rating of "bbb" to the $275 million 5.375% Series E non-cumulative redeemable preferred shares of RenaissanceRe Holdings Ltd. (RenRe) (Bermuda) (NYS: RNR) . The assigned outlook is stable.
The proceeds from the issuance are expected to be used by RenRe to repurchase the outstanding Series D preferred securities and a portion of the Series C preferred securities. Financial leverage and coverage measures remain within A.M. Best's guidelines for the assigned rating.
The methodology used in determining these ratings is Best's Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best's rating process and contains the different rating criteria employed in the rating process. Best's Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visitwww.ambest.com.
Copyright © 2013 by A.M. Best Company, Inc.ALL RIGHTS RESERVED.
A.M. Best Co.
Greg Reisner
Managing Senior Financial Analyst
(908) 439-2200, ext. 5224
greg.reisner@ambest.com
or
Peter Dickey
Assistant Vice President
(908) 439-2200, ext. 5053
peter.dickey@ambest.com
or
Rachelle Morrow
Senior Manager, Public Relations
(908) 439-2200, ext. 5378
rachelle.morrow@ambest.com
or
Jim Peavy
Assistant Vice President, Public Relations
(908) 439-2200, ext. 5644
james.peavy@ambest.com
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