Platinum CEO to depart

The chief executive officer (CEO) of Bermuda-based Platinum Underwriters, Michael Price, is set to leave the company.

This follows the news that 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.”