By Michael Loney

Feb 27 - Bermudian reinsurer RenaissanceRe has announced that its joint venture DaVinciRe Holdings has agreed to sell a private debt offering of $300 million aggregate principal amount of 5.95% senior notes due 2035.

The offering is expected to close on March 5, subject to the satisfaction of customary closing conditions.

DaVinci intends to use the net proceeds from the offering for general corporate purposes, including the repayment of the $150 million outstanding principal amount of its 4.75% senior notes due 2025.

“We and DaVinci expect the senior notes to be rated Baa1 by Moody’s Investors Service and A-minus by Standard & Poor’s,” New York-listed RenRe said.

RenRe said in its Q4 results last month that it raised third-party capital of $857.4 million in 2024, $300 million of which was through DaVinciRe.

It also had return of third-party capital in 2024 of $1.4bn, including $396.9mn of distributions from DaVinci, Vermeer, Medici and Top Layer.

RenRe also reported that from 1 January 2025 it had raised third-party capital of $237.8mn in DaVinciRe, Medici and Fontana and returned third-party capital of $99.0mn in DaVinciRe and Fontana.

Following these transactions, the company’s ownership in DaVinciRe was 24.3 percent.

RenRe on February 25 closed an offering of $500 million aggregate principal amount of its 5.80% senior notes due 2035, with Barclays Capital, Citigroup Global Markets, Morgan Stanley, RBC Capital Markets and Wells Fargo Securities acting as underwriters.