RenaissanceRe Holdings Ltd has announced an underwritten public secondary offering of more than 1.7 million of its common shares by Tokio Marine & Nichido Fire Insurance Co.

The selling shareholder will receive all of the net proceeds from this offering. No shares are being sold by RenRe.

The shares would be valued at about $333.9 million, based on the Bermudian reinsurer’s closing share price of $192.01 on Monday.

RenRe acquired Tokio Millennium Re in a $1.5 billion cash-and-shares deal from the Japanese-based Tokio Marine Group in March last year.

Morgan Stanley & Co LLC is acting as the sole underwriter for the offering. The underwriter may offer the shares from time to time in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices relating to prevailing market prices or at negotiated prices.

The shares are being offered pursuant to an effective shelf registration statement that has been filed with the Securities and Exchange Commission.