Shareholders' Equity

6 Months Ended

Jun. 30, 2016

Stockholders' Equity Note [Abstract]

Shareholders' Equity

SHAREHOLDERS’ EQUITY

Dividends

The Board of Directors of RenaissanceRe declared a dividend of $0.31 per common share to common shareholders of record on March 15, 2016 and June 15, 2016, respectively, and RenaissanceRe paid a dividend of $0.31 per common share to common shareholders on March 31, 2016 and June 30, 2016, respectively. During the six months ended June 30, 2016, the Company declared and paid $11.2 million in preference share dividends (2015 - $11.2 million) and $26.2 million in common share dividends (2015 - $27.5 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 May 16, 2016, RenaissanceRe’s Board of Directors approved a renewal of its authorized share repurchase program for an aggregate amount of $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 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 endedJune 30, 2016, the Company repurchased an aggregate of 2.4 million shares in open market transactions at an aggregate cost of $272.3 million, and at an average share price of $112.50. At June 30, 2016, $397.1 million remained available for repurchase under the share repurchase program. See “Note 14. Subsequent Events” and “Part II, Item 2. Unregistered Sales of Equity Securities and Use of Proceeds” for additional information related to the Company’s share repurchase program.