Tags: RenaissanceRe | Platinum | insurance | merger

RenaissanceRe to Buy Platinum Underwriters for $1.9 Billion

Monday, 24 Nov 2014 07:31 AM

RenaissanceRe Holdings Ltd., a Bermuda-based reinsurer, agreed to acquire Platinum Underwriters Holdings Ltd. for about $1.9 billion.

Platinum shareholders will get $76 a share in cash and stock, 24 percent more than Platinum’s closing price on Nov. 21, Pembroke, Bermuda-based RenaissanceRe said in a statement Monday.

RenaissanceRe’s senior management team will remain in place and the combined company will keep RenaissanceRe’s name and headquarters, according to the statement. The deal is scheduled to close on the first half of 2015, subject to the approval of Platinum shareholders.

Platinum’s “integration with RenaissanceRe will benefit our combined companies’ clients through an expanded product offering and broker relationships,” RenaissanceRe President and Chief Executive Officer Kevin J. O’Donnell said in the statement. “It will also accelerate the growth of our U.S. specialty and casualty reinsurance platform and as a result, create enhanced value for our shareholders.”

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RenaissanceRe Holdings agreed to acquire Platinum Underwriters Holdings for about $1.9 billion. Platinum shareholders will get $76 a share in cash and stock, 24 percent more than Platinum's closing price on Nov. 21.
RenaissanceRe, Platinum, insurance, merger
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2014-31-24
Monday, 24 Nov 2014 07:31 AM
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