RenRe Ups Dividend 27%
The Board of Directors of Bermuda’s RenaissanceRe Holdings Ltd. voted to increase the Company’s quarterly dividend to $0.19 per common share on its common stock, from $0.15 per common share.
The dividend is payable on March 15, 2004 to shareholders of record on March 9, 2004.
RenRe, which specializes in property reinsurance, is one of the world’s most successful reinsurers. It has increased its dividend during each of the nine years since its initial public offering. The company’s return on equity (ROE) has averaged more than 20 percent.
CEO James N. Stanard commented: “We are pleased to announce a 27 percent dividend increase. The increase reflects the strong growth in our earnings base over the past several years and also demonstrates our confidence in the future.”
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