RENAISSANCERE HOLDINGS LTD
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 7, 2024
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UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Our 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. Our Board of Directors has authorized a share repurchase program, which was renewed in an aggregate amount of up to $500.0 million on July 31, 2024 and increased to an aggregate amount of up to $750 million on November 6, 2024. Unless terminated earlier by our Board of Directors, the program will expire when we have repurchased the full value of the shares authorized.
The table below details the repurchases that were made during the third quarter of 2024, and includes other shares purchased, which represents common shares surrendered by employees in respect of withholding tax obligations on the vesting of restricted stock.
| Total shares purchased · Other shares purchased · Shares purchased under publicly announced repurchase program · Maximum dollar amount still available under repurchase program | |||||||
|---|---|---|---|---|---|---|---|
| Sharespurchased · Averageprice pershare · Sharespurchased · Averageprice pershare · Sharespurchased · Averageprice pershare | |||||||
| (in thousands) | |||||||
| Beginning dollar amount available to be repurchased | $416,246 | ||||||
| July 1 - 31, 2024 (1) | 376,633 | $221.15 | — | $— | 376,633 | $221.15 | $500,000 |
| August 1 - 31, 2024 | 101,461 | $232.02 | 313 | $233.23 | 101,148 | $232.02 | 476,532 |
| September 1 - 30, 2024 | — | $— | — | $— | — | $— | $476,532 |
| Total | 478,094 | $223.46 | 313 | $233.23 | 477,781 | $223.45 | $476,532 |
(1)On July 31, 2024, our Board of Directors approved a renewal of our authorized share repurchase program to an aggregate amount of up to $500.0 million.
During the three months ended September 30, 2024, we repurchased 477.8 thousand common shares pursuant to our publicly announced share repurchase program at an aggregate cost of $106.8 million and an average price of $223.45 per common share. At September 30, 2024, $476.5 million remained available for repurchase under the share repurchase program. In the future, we may authorize additional purchase activities under the currently authorized share repurchase program, increase the amount authorized under the share repurchase program, or adopt additional trading plans. Our decision to repurchase common shares will depend on, among other matters, the market price of the common shares and our capital requirements.
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