Platinum CEO to depart following acquisition

Michael Price, the chief executive officer (CEO) of Platinum Underwriters, is set to step down following the acquisition of Platinum by RenaissanceRe.

Fellow Bermudian RenaissanceRe is set to acquire Platinum for $1.9 billion. The agreement has been unanimously approved by both companies' boards of directors and the transaction is expected to close in the first half of 2015.

In a conference call, Kevin O’Donnell, the CEO of RenRe, confirmed that Price will not be joining the combined entity.

On the acquisition he said: “At a high level, we believe the transaction enhances our client and broker relationships by increasing our product offering and accelerating growth of our onshore US footprint.”