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RenRe to build reserves with securities offering

Bermudian reinsurer RenaissanceRe (RenRe) has filed another shelf registration statement with the Sec...

Bermudian reinsurer RenaissanceRe (RenRe) has filed another shelf registration statement with the Securities and Exchange Commission (SEC) to offer up to $500m of securities.
The company previously filed a shelf registration statement in September 2001 to sell up to $400m of securities.
Martin Merritt, vice-president of finance at RenRe, said that the proceeds from the sale of securities will be kept in reserve, so that the company can "move quickly when an opportunity arises". He explained that an opportunity could be anything from an acquisition to setting up a new line of business.
Once the SEC approves the new shelf registration statement, expected to be in one to two weeks, RenRe will be able to sell debt securities, common and preferred shares, warrants, share purchase contracts, trust preferred securities or a combination of the above. Combined with the remaining availability under the previous statement, it will be able to offer up to $564m.
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