RenaissanceRe (RNR) Tops Q3 EPS by 27c, Revenues Beat

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RenaissanceRe (RNR) Announces Acquisition of Tokio Millennium Re in $1.5B Deal

October 30, 2018 5:03 PM EDT

RenaissanceRe Holdings Ltd. (NYSE: RNR) announced today that it has entered into a definitive agreement with Tokio Marine Holdings, Inc. (Tokio Marine) pursuant to which an affiliate of RenaissanceRe will acquire Tokio Marines reinsurance platform, which includes Tokio Millennium Re AG and Tokio Millennium Re (UK) Limited (collectively, TMR). Under the terms of the transaction, Tokio Marine will receive 1.02x the tangible book value of TMR delivered to RenaissanceRe at closing. If closing tangible book value is unchanged from June 30, 2018, Tokio Marine would receive approximately $1.5 billion in total consideration, consisting of cash and RenaissanceRe common... More