RenRe acquisition approved by Platinum shareholders

Bermuda-based RenaissanceRe’s acquisition of fellow Bermudian Platinum Underwriters has been approved by Platinum’s shareholders.

The transaction is expected to close on March 2, 2015 and Platinum will pay a special dividend of $10 per Platinum common share to shareholders of record as of close of business today.

"I'd like to thank our shareholders for their support of this transaction, which we believe will deliver them significant value as well as benefit our clients and brokers," said Michael Price, president and chief executive officer of Platinum.