Brief: RenaissanceRe Advances Strategy With $2.985 Bln Acquisition Of Validus Re

RenaissanceRe Holdings

22/05/2023 21:48

May 22 (Reuters) - Renaissancere Holdings Ltd  RNR.N :
    * RENAISSANCERE HOLDINGS LTD. ADVANCES STRATEGY WITH $2.985
BILLION ACQUISITION OF VALIDUS RE
    * RENAISSANCERE HOLDINGS LTD - ENTERED INTO A DEFINITIVE
AGREEMENT
WITH AMERICAN INTERNATIONAL GROUP, INC.
    * RENAISSANCERE HOLDINGS LTD - WILL PAY ABOUT $2.985 BILLION
IN
TOTAL CONSIDERATION, INCLUDING $2.735 BILLION OF CASH & $250
MILLION OF RENAISSANCERE COMMON SHARES
    * RENAISSANCERE HOLDINGS- CASH CONSIDERATION EXPECTED TO BE
FUNDED
THROUGH CO'S AVAILABLE FUNDS AND PROCEEDS FROM ISSUANCE OF
COMMON EQUITY AND DEBT
    * RENAISSANCERE HOLDINGS LTD - AS PART OF TRANSACTION, AIG
WILL
RETAIN 95% OF DEVELOPMENT ON NET RESERVES AT CLOSING
    * RENAISSANCERE HOLDINGS LTD - FOLLOWING CLOSING OF DEAL,
AIG
EXPECTS TO MAKE SUBSTANTIAL INVESTMENTS IN RENAISSANCERE'S
CAPITAL PARTNERS BUSINESS
    * RENAISSANCERE HOLDINGS LTD - TRANSACTION IS EXPECTED TO
CLOSE IN
Q4 OF 2023

Source text for Eikon:  ID:nBwbQncfGa 
Further company coverage:  RNR.N 

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