Bermudian reinsurer RenaissanceRe has concluded the deal to acquire its rival Tokio Millennium Re (TMR).
As per the terms of the deal, which was originally signed in October last year, RenaissanceRe agreed to buy Tokio Millennium Re in a cash-stock deal worth about $1.5bn.
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The deal, which includes underwriting entities based in Bermuda, London and Zurich, received necessary regulatory approvals recently.
RenaissanceRe president and CEO Kevin J. O’Donnell said: “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.”
The deal has been structured as cash payment of around $1.22bn and $250m worth of RenaissanceRe common shares.
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By GlobalDataTokio Millennium has presence in Australia, Bermuda , Singapore, Ireland, Switzerland, United States and the UK.
While entering into the deal in October, Tokio Marine and RenaissanceRe also agreed to sign a business cooperation agreement to improve their business relationship.
