7 January 2020Insurance

Tokio Marine to sell stake in RenaissanceRe

Tokio Marine & Nichido Fire Insurance Co is selling its entire stake in Bermudian reinsurance firm RenaissanceRe.

RenaissanceRe has announced an underwritten public secondary offering of 1,739,071 common shares by Tokio Marine. The 3.9 percent stake in the company is worth around $334 million.

Tokio Marine will receive all of the net proceeds from this offering.

Morgan Stanley & Co. LLC is acting as the sole underwriter for the offering.

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