RenaissanceRe has increased its dividend for the 22nd consecutive year.

The Bermudian reinsurer announced that its board had decided to raise the quarterly payout to 32 cents per share from 31 cents.

The next dividend will be paid on March 31 to shareholders of record as of March 15.

RenRe’s board also approved an increase in the company’s share repurchase programme, bringing the total current authorisation to $500 million.