Fitch rates RenaissanceRe preferreds BBB

Fitch Ratings said it assigned a BBB rating to RenaissanceRe Holdings Ltd.'s new $275 million issue of 5.375% series E preference shares.

Fitch also said it affirmed RenaissanceRe's issuer default rating at A, $250 million 6.08% series C preferred stock rating at BBB and $150 million 6.6% series D preferred stock at BBB.

The agency also said it affirmed RenRe North America Holdings, Inc.'s $250 million 5.75% senior notes due 2020 at A-.

The outlook is stable.

The proceeds will be used to redeem all of the outstanding 6.6% series D preference shares and any additional net proceeds used to redeem in whole or in part, the 6.08% series C preference shares, Fitch said.

The ratings reflect the company's continued strong leadership position in the property catastrophe reinsurance market, its reasonable operating and financial leverage and overall high-quality and liquid portfolio of fixed-income and short-term investments, the agency said.

The ratings also consider the competitive property catastrophe market-rate environment, volatile underwriting results and potential volatility from the company's alternative investments. Fitch said.

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