S&P: RenaissanceRe preferreds BBB+

Standard & Poor's said it assigned its BBB+ preferred stock rating to RenaissanceRe Holdings Ltd.'s $275 million series E 5.375% noncumulative perpetual preferred shares (the size of the issuance would increase by $41.25 million if the underwriters exercise the overallotment option).

RenaissanceRe will use the net proceeds from the issuance to redeem all of its outstanding 6.6% $150 million series D preferred shares and will use the additional net proceeds to redeem part of its 6.08% $250 million series C preferred shares.

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