RenRe Announces 3-for-1 Stock Split
Bermuda’s RenaissanceRe Holdings Ltd. announced that its Board of Directors has approved a three-for-one split of the Company’s common stock in the form of a stock dividend to be paid on May 30, 2002 to shareholders of record on May 16, 2002.
RenRe has been one of the world’s most successful reinsurers, routinely posting a return on equity in the 15 to 20 percent range. Its share price has risen from around $60 following Sept. 11, to which the company had only a minimal exposure of around $50 million, to a recent high of over $122 as share. It’s currently trading at around $115 per share.
It recently posted gains of over 100 percent for the first quarter in both premium and net income (See IJ Website April 23). Its Board also declared a regular quarterly cash dividend of $0.425 per common share on a pre-split basis ($0.142 per common share on a post-split basis), also payable on May 30, 2002 to shareholders of record on May 16, 2002.
Editor’s (rueful) comment:
Why didn’t I buy some shares?
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