RenaissanceRe lining up massive capital raise

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A whopping 5.5 million of RenaissanceRe Holdings Ltd’s common shares are up for grabs in an underwritten public offering.

The global (re)insurance provider – which has offices in Bermuda, Australia, Ireland, Singapore, Switzerland, the UK, and the US – has commenced the offering, with Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC acting as joint book-running managers and representatives of the underwriters for the massive equity issue.

In its announcement, RenaissanceRe also said: “State Farm Mutual Automobile Insurance Company, which currently owns approximately 4.4% of RenaissanceRe’s total common shares outstanding, has entered into an investment agreement to

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Stocks, euro rise on massive EU stimulus plan

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LONDON/TOKYO (Reuters) – World shares surged on Wednesday as reports of a European Union rescue fund helped offset concerns about unrest in Hong Kong over Beijing’s proposed national security laws.

FILE PHOTO: A man wearing a protective face mask walks past the London Stock Exchange Group building in the City of London financial district, London, Britain, March 9, 2020. REUTERS/Toby Melville

The European Commission proposed a package worth in total 1.85 trillion euros for the EU’s next long-term budget and a recovery fund for economies hammered by the coronavirus pandemic.

News of the plan helped underpin a broad market rally

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EasyJet admits massive data breach via cyber-attack

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EasyJet has revealed that the personal information of 9 million customers was accessed in what the low-cost airline is describing as a “highly sophisticated” cyber-attack.

EasyJet admits data breach via cyber-attack

The company announced that email addresses and travel details were accessed and it would contact the customers affected.

Of the 9 million people affected, 2,208 had credit card details stolen, easyJet told the stock market. No passport details were uncovered.

Those customers whose credit card details were taken have been contacted, while everyone else affected will be contacted by 26 May.

EasyJet did not immediately give details of how

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Massive rally marks ‘frustration’ phase of the recovery: Tony Dwyer

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It may be premature to turn bullish.

Despite Monday’s massive rally, Canaccord Genuity’s Tony Dwyer finds stocks haven’t broken out of the ‘”frustration” stage of the recovery.

He breaks down the post-market crash environment into three phases: Panic, relief and frustration.

“Once you crash, you go into a panic phase,” the firm’s chief market strategist told CNBC’s “Trading Nation” on Monday. “You get this incredible decline, this panic. The market gets so historically oversold that it sets itself up for a counter trend rally, a relief rally.”

The March 23 market low sparked the 2020 relief rally, according to Dwyer.

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