RenRe gives Platinum shareholders deadline

Bermuda-based Renaissance Re has given shareholders of Platinum Underwriters until 5pm on February 26, 2015 to make decisions on the mix of shares and cash they wish to receive.

The transaction remains subject to approval by the shareholders of Platinum at its shareholder meeting on February 27, 2015.

If the transaction is approved by Platinum’s shareholders, the parties expect the transaction to close on the morning of Monday, March 2, 2015.

Platinum shareholders can receive (i) the standard election consideration of 0.296 RenRe common shares and $35.96, (ii) $66.00, subject to proration, or (iii) 0.6504 RenaissanceRe common shares, subject to proration.