Business: RenaissanceRe Holdings Ltd., 5.75% Depositary Shares, each representing 1/1000th interest in a share of Series F Preference Shares, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 6/30/2023 at $25 per depositary share plus declared and unpaid dividends, and with no stated maturity. Non-Cumulative distributions of 5.75% per annum ($1.4375 per annum or $0.359375 per quarter) will be paid quarterly on 3/1, 6/1, 9/1 & 12/1 to holders of record on the record date which will be one day prior to the payment date as long as all of the preference shares remain in book-entry form. If all of the preference shares are not in book-entry form, the record date will be 15 days prior to the payment date. (NOTE: the ex-dividend date is one business day prior to the record date). The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. The Company may redeem the depositary shares at any time following the occurrence of a tax event or within 90 days following the occurrence of a capital redemption trigger date at a redemption price of $25,00 per depositary share plus declared and unpaid dividends (see prospectus for further information). Dividends paid by these preferred shares are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) but, since they are issued by a foreign company, are NOT eligible for the dividends received deduction for corporate holders (see page S-58 of the prospectus for further information). This security was rated as Baa2 by Moody’s and BBB by S&P at the date of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.