AM Best has assigned a bbb debt rating to $250m 6.08%...
AM Best has assigned a bbb debt rating to $250m 6.08% perpetual preferred stock recently issued by Bermuda-based RenaissanceRe. It also affirmed all existing debt ratings for the company.
The ratings agency said the financial strength ratings of RenaisanceRe’s operating subsidiaries were unaffected by the ratings action.
The outlook for all RenaissanceRe ratings remains stable, said AM Best.
It said the security was redeemable by RenaissanceRe five years after issuance. The net proceeds from the preferred stock will be used for general business purposes.
