The Board of Directors of RenaissanceRe Holdings Ltd. (NYSE:RNR) today voted to increase the Company's quarterly dividend to $0.29 per common share, from $0.28 per common share.
The Company has increased its dividend during each of the nineteen years since its initial public offering. The dividend is payable on March 31, 2014 to shareholders of record on March 14, 2014.
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 common shares 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 three reportable segments: (1) Catastrophe Reinsurance, which includes catastrophe reinsurance and certain property catastrophe joint ventures managed by the Company’s ventures unit; (2) Specialty Reinsurance, which includes specialty reinsurance and certain specialty joint ventures managed by the Company’s ventures unit; and (3) Lloyd’s, which includes reinsurance and insurance business written through RenaissanceRe Syndicate 1458.