The Board of Directors of RenaissanceRe Holdings Ltd. (NYSE: RNR) today voted to increase the Company's quarterly dividend to $0.28 per common share on its common stock, from $0.27 per common share.
The Company has increased its dividend during each of the eighteen years since its initial public offering. The dividend is payable on March 28, 2013 to shareholders of record on March 15, 2013.
In addition, the Board of Directors approved an increase in RenaissanceRe's stock repurchase program, bringing the total current authorization to $500 million. This authorization includes the remainder amounts available under prior authorizations. Under this program, RenaissanceRe may repurchase shares of its common stock in the open market or in privately negotiated transactions based on, among other things, its ongoing capital requirements and expected cash flows, and the market price of its common shares. The repurchase program does not have an established expiration date.
RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance. The Company's business consists of two reportable segments: (i) Reinsurance, which includes catastrophe reinsurance, specialty reinsurance and certain property catastrophe and specialty joint ventures managed by the Company's ventures unit, and (ii) Lloyd's, which includes reinsurance and insurance business written through Syndicate 1458.