RenaissanceRe announced it will issue a quarterly dividend of 27 cents per share on its common stock.The dividend will be payable September 28, 2012 to shareholders of record on September 14, 2012.Ten days ago, the Bermuda-based reinsurer reported a net income of $142.3 million for the second quarter, driven by low catastrophe activity.The company reported earnings per share were $2.14 missing analysts’ expectations of $2.48 per share.The company also announced a share repurchase programme, bringing the total current authorisation to $500 million. Under the programme, RenRe may repurchase shares of its common stock in the open market based on its ongoing capital requirements and the market price of its shares. The repurchase programme does not have an established expiration date.