RenaissanceRe Executives Adopt Rule 10b5-1 Plans.PEMBROKE, Bermuda -- RenaissanceRe Holdings Ltd. (NYSE NYSE See: New York Stock Exchange :RNR RNR Rock 'N Roll RNR Royal Naval Reserve RNR Ribonucleotide Reductase RNR Receive Not Ready (ITU-T; ISDN) RNR Research News Reporter RNR Rest and Relaxation RNR Registry of Nursing Research RNR Rest and Recreation ) announced today that three of its senior executives have adopted prearranged trading Prearranged trading Possibly fraudulent practice whereby commodities dealers carry out risk-free trades at predetermined prices to acquire tax advantages. plans in accordance with guidelines specified by Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, and the Company's policies with respect to insider sales. The executives are William I. Riker, President; John D. Nichols, Executive Vice President and President of RenaissanceRe Ventures Ltd. and Renaissance Underwriting Managers Ltd.; and Kevin J. O'Donnell, President of Renaissance Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. Ltd. Rule 10b5-1 plans permit individuals who are not in possession of material nonpublic information Nonpublic information Information about a company that is not known by the general public, which will have a definite impact on the stock price when released. See: Insider trading. to establish prearranged pre·ar·range tr.v. pre·ar·ranged, pre·ar·rang·ing, pre·ar·rang·es To arrange in advance. pre plans to buy or sell company stock over a set period of time. These pre-planned trades are executed at a later date without further action by the individual and facilitate asset diversification and tax and estate planning Estate Planning The overall planning of a person's wealth, including the preparation of a will and the planning of taxes after the individual's death. Notes: Contrary to popular belief, estate planning involves much more than preparing a will, and it is not only for the over time. Under their respective plans, Messrs. Riker, Nichols, and O'Donnell, and their respective family entities, may sell up to approximately 150,000, 70,000 and 58,000 shares, respectively, subject to market conditions and the terms of their respective plans. If all the planned sales of shares under these plans are completed, Messrs. Riker, Nichols, and O'Donnell, their families and family trusts would continue to beneficially own approximately 1,050,000, 485,000 and 325,000 shares, respectively. Because stock sales under the plans are dependent on criteria established under the plan, it is not possible to predict how many shares, if any, will actually be sold under the plan or the timing of any such sales. Consummated transactions under these plans will be disclosed publicly through Form 4 filings with the Securities and Exchange Commission. RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance. Our business consists of two segments: (1) Reinsurance, which includes catastrophe reinsurance, specialty reinsurance and certain joint ventures and other investments managed by our subsidiary RenaissanceRe Ventures Ltd., and (2) Individual Risk business, which includes primary insurance and quota share reinsurance. |
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