A.M. Best Assigns Rating to RenRe North America Holdings Inc. Senior Notes

A.M. Best Co. has assigned a debt rating of “a-” to the recently issued $250 million fixed rate 5.75% senior unsecured notes due 2020 issued by RenRe North America Holdings Inc. (Wilmington, DE). These notes are fully and unconditionally guaranteed by RenaissanceRe Holdings Ltd. (RenRe) (Hamilton, Bermuda) (NYSE: RNR). The rating outlook is stable.

As a result of the debt issuance, RenRe’s unadjusted financial leverage is projected to be in the low to mid 20% range. The company’s fixed charge coverage is expected to remain strong and fully supportive of the additional debt service requirements. RenRe intends to use the proceeds of the senior note issuance for general corporate purposes. A.M. Best anticipates that RenRe will use the proceeds in a judicious manner as part of its overall capital management program.

The debt rating reflects RenRe’s outstanding risk management techniques and strong capitalization. Furthermore, RenRe continues to maintain its superior market reputation as a leader in state-of-the-art property catastrophe modeling and risk optimization.

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The principal methodologies used in determining these ratings, including any additional methodologies and factors that may have been considered, can be found at www.ambest.com/ratings/methodology.

Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.