RenaissanceRe Holdings Ltd. announced it has concluded its acquisition of Tokio Marine Holdings’ reinsurance platform for $1.5 billion in cash and RenaissanceRe common shares.
The acquisition of Tokio Millennium Re AG and Tokio Millennium Re (UK) Ltd. (collectively known as TMR). was originally announced on Oct. 30, 2018. The completion of the deal follows the receipt of all necessary regulatory approvals.
“The acquisition of TMR accelerates our strategy and enhances RenaissanceRe’s global reinsurance leadership, product offerings and access to attractive risk,” said Kevin J. O’Donnell, president and chief executive officer of RenaissanceRe.
“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,” he added.
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