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Shareholders' Equity
6 Months Ended
Jun. 30, 2018
Stockholders' Equity Note [Abstract]  
Shareholders' Equity
SHAREHOLDERS’ EQUITY
Dividends
The Board of Directors of RenaissanceRe declared a dividend of $0.33 per common share to common shareholders of record on March 15, 2018 and June 15, 2018, respectively, and RenaissanceRe paid the dividend to common shareholders on March 29, 2018 and June 29, 2018, respectively.
The Board of Directors approved the payment of quarterly dividends on the Series C 6.08% Preference Shares and Series E 5.375% Preference Shares to preference shareholders of record in the amounts and on the quarterly record dates and dividend payment dates set forth in the prospectus supplement and Certificate of Designation for the applicable series of preference shares, unless and until further action is taken by the Board of Directors. The dividend payment dates for the preference shares will be the first day of March, June, September and December of each year (or if this date is not a business day, on the business day immediately following this date). The record dates for the preference share dividends are one day prior to the dividend payment dates. The amount of the dividend on the Series C 6.08% Preference Shares is an amount per share equal to 6.08% of the liquidation preference per annum (the equivalent to $1.52 per share per annum, or $0.38 per share per quarter). The amount of the dividend on the Series E 5.375% Preference Shares is an amount per share equal to 5.375% of the liquidation preference per annum (the equivalent to $1.34375 per share per annum, or $0.3359375 per share per quarter).
During the six months ended June 30, 2018, the Company paid $11.2 million in preference share dividends (2017 - $11.2 million) and $26.5 million in common share dividends (2017 - $25.9 million).
Preference Shares
In June 2018, the Company issued 10,000 shares of its 5.750% Series F Preference Shares, $1.00 par value and liquidation preference $25,000 per share (equivalent to 10,000,000 Depositary Shares, each of which represents a 1/1,000th interest in a 5.750% Series F Preference Share).
The 5.750% Series F Preference Shares have no stated maturity date and may be redeemed at a redemption price of $25,000 per share (equivalent to $25.00 per Depositary Share), plus declared and unpaid dividends, at RenaissanceRe’s option on or after June 30, 2023, provided that no redemption may occur prior to June 30, 2028 unless certain redemption requirements are met. In certain circumstances, such as a change in tax law or a capital disqualification event, the Company may redeem the 5.750% Series F Preference Shares prior to June 30, 2023. In addition, the Company may redeem the 5.750% Series F Preference Shares prior to June 30, 2023 at a redemption price of $26,000 per share (equivalent to $26.00 per Depositary Share), plus accrued and unpaid dividends, in certain circumstances where the 5.750% Series F Preference Shares are entitled to vote on an amalgamation, consolidation, merger or other similar corporate transaction, or change in Bermuda law.
Dividends on the 5.750% Series F Preference Shares are payable on a non-cumulative basis, only when, as and if declared by the Board of Directors, at an annual rate of 5.750% of the liquidation preference per annum (the equivalent to $1,437.50 per 5.750% Series F Preference Share per annum, or $359.375 per 5.750% Series F Preference Share per quarter, or $1.4375 per Depositary Share per annum, or $0.359375 per Depositary Share per quarter). Unless certain dividend payments are made on the 5.750% Series F Preference Shares, RenaissanceRe will be restricted from paying any dividends on and repurchasing its common shares.
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 November 10, 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 six months ended June 30, 2018, the Company’s did not repurchase any of its common shares. At June 30, 2018, $500.0 million remained available for repurchase under the share repurchase program.