RenaissanceRe Announces Receipt of All Regulatory Approvals for Acquisition of Tokio Millennium Re
13 March 2019 - 7:14AM
Business Wire
RenaissanceRe Holdings Ltd. (NYSE:RNR) today announced that it
has received all regulatory approvals required in connection with
its previously announced acquisition of Tokio Millennium Re AG
and Tokio Millennium Re (UK) Limited (collectively, “TMR”).
RenaissanceRe had announced on October 30, 2018 that it had entered
into a definitive agreement with Tokio Marine Holdings, Inc.
(“Tokio Marine”) to acquire Tokio Marine’s reinsurance platform,
TMR.
The parties anticipate closing the transaction as soon as
possible, subject to the satisfaction of customary closing
conditions.
About RenaissanceRe
RenaissanceRe is a global provider of reinsurance and insurance
that specializes in matching well-structured risks with efficient
sources of capital. The Company provides property, casualty and
specialty reinsurance and certain insurance solutions to customers,
principally through intermediaries. Established in 1993, the
Company has offices
in Bermuda, Ireland, Singapore, Switzerland,
the United Kingdom and the United States.
Cautionary Statement Regarding Forward-Looking
Statements
Any forward-looking statements made in this Press Release
reflect RenaissanceRe’s current views with respect to future events
and financial performance and are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These statements are subject to numerous factors that could cause
actual results to differ materially from those set forth in or
implied by such forward-looking statements, including the
following: the failure to satisfy conditions to completion of the
proposed Tokio Millennium Re transaction; risks that the proposed
Tokio Millennium Re transaction disrupts or distracts from current
plans and operations; the ability to recognize the benefits of the
proposed Tokio Millennium Re transaction; the amount of the costs,
fees, expenses and charges related to the proposed Tokio Millennium
Re transaction; the frequency and severity of catastrophic and
other events that the Company covers; the effectiveness of the
Company’s claims and claim expense reserving process; the Company’s
ability to maintain its financial strength ratings; the effect of
climate change on the Company’s business; collection on claimed
retrocessional coverage, and new retrocessional reinsurance being
available on acceptable terms and providing the coverage that we
intended to obtain; the effects of U.S. tax reform legislation and
possible future tax reform legislation and regulations, including
changes to the tax treatment of the Company’s shareholders or
investors in the Company’s joint ventures or other entities the
Company manages; the effect of emerging claims and coverage issues;
continued soft reinsurance underwriting market conditions; the
Company’s reliance on a small and decreasing number of reinsurance
brokers and other distribution services for the preponderance of
its revenue; the Company’s exposure to credit loss from
counterparties in the normal course of business; the effect of
continued challenging economic conditions throughout the world; a
contention by the Internal Revenue
Service that Renaissance Reinsurance Ltd., or any of the
Company’s other Bermuda subsidiaries, is subject to
taxation in the U.S.; the success of any of the Company’s strategic
investments or acquisitions, including the Company’s ability to
manage its operations as its product and geographical diversity
increases; the Company’s ability to retain key senior officers and
to attract or retain the executives and employees necessary to
manage its business; the performance of the Company’s investment
portfolio; losses that the Company could face from terrorism,
political unrest or war; the effect of cybersecurity risks,
including technology breaches or failure on the Company’s business;
the Company’s ability to successfully implement its business
strategies and initiatives; the Company’s ability to determine the
impairments taken on investments; the effects of inflation; the
ability of the Company’s ceding companies and delegated authority
counterparties to accurately assess the risks they underwrite; the
effect of operational risks, including system or human failures;
the Company’s ability to effectively manage capital on behalf of
investors in joint ventures or other entities it manages; foreign
currency exchange rate fluctuations; the Company’s ability to raise
capital if necessary; the Company’s ability to comply with
covenants in its debt agreements; changes to the regulatory systems
under which the Company operates, including as a result of
increased global regulation of the insurance and reinsurance
industries; changes in Bermuda laws and regulations and
the political environment in Bermuda; the Company’s dependence
on the ability of its operating subsidiaries to declare and pay
dividends; aspects of the Company’s corporate structure that may
discourage third-party takeovers or other transactions; the
cyclical nature of the reinsurance and insurance industries;
adverse legislative developments that reduce the size of the
private markets the Company serves or impede their future growth;
consolidation of competitors, customers and insurance and
reinsurance brokers; the effect on the Company’s business of the
highly competitive nature of its industry, including the effect of
new entrants to, competing products for and consolidation in the
(re)insurance industry; other political, regulatory or industry
initiatives adversely impacting the Company; the Company’s ability
to comply with applicable sanctions and foreign corrupt practices
laws; increasing barriers to free trade and the free flow of
capital; international restrictions on the writing of reinsurance
by foreign companies and government intervention in the natural
catastrophe market; the effect of Organisation for Economic
Co-operation and Development or European
Union (“EU”) measures to increase the Company’s taxes and
reporting requirements; the effect of the vote by
the U.K. to leave the EU; changes in regulatory regimes
and accounting rules that may impact financial results irrespective
of business operations; the Company’s need to make many estimates
and judgments in the preparation of its financial statements; and
other factors affecting future results disclosed in RenaissanceRe’s
filings with the Securities and Exchange Commission, including
its Annual Reports on Form 10-K and Quarterly Reports on Form
10-Q.
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version on businesswire.com: https://www.businesswire.com/news/home/20190312005890/en/
Investors:RenaissanceRe Holdings Ltd.Keith McCueSenior Vice
President, Finance & Investor Relations441-239-4830
Media:RenaissanceRe Holdings Ltd.Keil GuntherVice President,
Marketing & Communications441-239-4932
Kekst CNCDawn Dover, 212-521-4800
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