RenaissanceRe gets green light for $1.5bn Tokio Millennium Re acquisition

Bermuda-based RenaissanceRe Holdings (RenRe) has received all regulatory approvals required in connection with its acquisition of Tokio Millennium Re and Tokio Millennium Re (UK).

The reinsurer announced in October 2018 that it is acquiring its competitor Tokio Millennium Re (TMR) for approximately $1.5 billion from its parent company Tokio Marine Holdings.The purchase consists of approximately $1.22 billion of cash and $250 million of RenaissanceRe common shares.

RenRe said both parties anticipate closing the transaction as soon as possible, subject to the satisfaction of customary closing conditions.

The deal has already been been unanimously approved by the boards of directors of both companies, and does not require shareholder approval.

RenRe chief executive Kevin O’Donnell had previously said that the transcation will increase scale and broaden its reach globally, while TMR CEO Stephan Ruoff believes the acquisition will opens new opportunities for the company into a much larger global reinsurance organisation.

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

More of today's news

Bermuda leaders rally to get domicile removed from EU tax blacklist

Top P&C leader leaves PartnerRe amid restructuring

Aon seeks to 'revolutionise underwriting' using artificial intelligence

Brexit deal vote prompts ABI to call for delay

Marijuana insurance offers opportunities for the brave, report shows

Online MGA launches for SME cyber risk

Aon appoints chief commercial officer for new ventures group

Download our whitepaper: 'Why Automation & AI Matters For Commercial Lines'