RenRe closes $1.5bn Tokio Millennium Re acquisition; AM Best removes reinsurer from 'under review'
Bermuda-based RenaissanceRe Holdings (RenRe) has completed the acquisition of Tokio Millennium Re (TMR) following the receipt of all necessary regulatory approvals.
The reinsurer announced in October 2018 that it is acquiring its competitor TMR for approximately $1.5 billion from its parent company Tokio Marine Holdings.
Kevin O’Donnell, president and chief executive officer of RenaissanceRe, 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 maximising shareholder value.”
Meanwhile, rating agency AM Best has removed under review with developing implications and affirmed the Financial Strength Rating (FSR) of A+ (Superior) of RenaissanceRe Holdings and its main subsidiaries.
It said the ratings reflect the group’s balance sheet strength, which AM Best categorises as strongest, as well as its adequate operating performance, favourable business profile and very strong enterprise risk management (ERM).
Additionally, AM Best believes the ratings of RenaissanceRe also reflect its superior level of risk-adjusted capitalisation, the strength and depth of its management team and the ability of the company to deliver strong, long-term profitability over the course of the market cycle.
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