Conyers advised RenaissanceRe Holdings Ltd. (NYSE: RNR) (the “Company” or “RenaissanceRe”) on Bermuda law matters in connection with its underwritten public offering of 5,500,000 of its common shares at a price to the public of $166.00 per share, before underwriting discounts and commissions. The offering closed on June 5, 2020, subject to customary closing conditions.
State Farm Mutual Automobile Insurance Company (“State Farm”), which at the time of the offering owned approximately 4.4% of RenaissanceRe’s total common shares outstanding, entered into an investment agreement to purchase, subject to the consummation of the underwritten public offering and other customary conditions, approximately $75 million of the Company’s common shares at the public offering price per share in a concurrent private placement exempt from the registration requirements of the U.S. Securities Act of 1933, as amended.
Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC acted as joint book-running managers and representatives of the underwriters for the offering. The underwriters had the option to purchase up to an aggregate of 825,000 additional common shares from the Company.
The shares were offered pursuant to an effective shelf registration statement that has been filed with the Securities and Exchange Commission (the “SEC”).
Conyers Directors Jennifer Panchaud and Chiara Nannini advised on this matter, working alongside Wilkie Farr & Gallagher LLP.