Shareholders' Equity

3 Months Ended

Mar. 31, 2017

Stockholders' Equity Note [Abstract]

Shareholders' Equity

SHAREHOLDERS’ EQUITY

Dividends

The Board of Directors of RenaissanceRe declared a dividend of $0.32 per common share to common shareholders of record on March 15, 2017 and RenaissanceRe paid a dividend of $0.32 per common share to common shareholders on March 31, 2017. During the three months ended March 31, 2017, the Company declared and paid $5.6 million in preference share dividends (2016 - $5.6 million) and $13.0 million in common share dividends (2016 - $13.3 million).

Share Repurchases

The Company’s share repurchase program may be effected from time to time, depending on market conditions and other factors, through open market purchases and privately negotiated transactions. On February 22, 2017, RenaissanceRe’s Board of Directors approved a renewal of its authorized share repurchase program for an aggregate amount of up to $500.0 million. Unless terminated earlier by RenaissanceRe’s Board of Directors, the program will expire when the Company has repurchased the full value of the common shares authorized. The Company’s decision to repurchase common shares will depend on, among other matters, the market price of the common shares and the capital requirements of the Company. During the three months endedMarch 31, 2017, the Company repurchased an aggregate of 550 thousand common shares in open market transactions at an aggregate cost of $80.0 million and an average price of $145.36 per common share. At March 31, 2017, $460.0 million remained available for repurchase under the share repurchase program.

See “Note 15. Subsequent Events” for additional information related to share repurchases subsequent to March 31, 2017.