RenRe completes acquisition of Platinum

Bermuda-based RenaissanceRe has completed its $1.9 billion acquisition of fellow Bermudian Platinum Underwriters.

On February 27, the shareholders of Platinum Underwriters approved all the proposals related to the company’s pending acquisition.

Kevin O’Donnell, president and chief executive officer of RenRe, said: “The combination of RenRe and Platinum marks an important milestone for our company, benefiting our expanded client base by providing additional products and underwriting expertise, two strong underwriting platforms in the United States, and increased scope and market presence.

“We expect the transaction to be accretive to book value per share and earnings per share, as well as increase the long-term value of our business for shareholders. With the acquisition successfully completed, we are a stronger, broader-reaching RenaissanceRe, offering more underwriting, product and capital solutions to both existing clients and new clients.”