RenaissanceRe completes acquisition of Tokio Millennium Re

27 March 2019 — Cosmin CONCEATU
RenaissanceRe Holdings Ltd. announced on March 22 that it has concluded the acquisition of Tokio Millennium Re ("TMR"). The acquisition was initially announced 30 October 2018 and the completion follows the receipt of all necessary regulatory approvals.

Under the October terms of the transaction, Tokio Marine should receive 1.02x the tangible book value of TMR delivered to RenaissanceRe at closing. If closing tangible book value is unchanged from 30 June 2018, Tokio Marine will receive approximately USD 1.5 billion in total consideration, consisting of USD 1.22 billion cash and USD 250 million RenaissanceRe common shares.

"The acquisition of TMR accelerates our strategy and enhances RenaissanceRe's global reinsurance leadership, product offerings and access to attractive risk. The bespoke structure of this transaction also strengthens our long-standing relationship with Tokio Marine Group. Our entire team is excited about the expanded opportunities that the TMR platform will bring to deliver the best underwriting solutions in the business while maximizing shareholder value," said Kevin J. O'DONNELL, President and CEO of RenaissanceRe.

Source: renre.com

1382 views
Share |