RenaissanceRe Holdings expects to close its $1.9 billion cash-stock acquisition of Platinum Underwritings Holdings on March 2, assuming an upcoming shareholder vote goes its way.
The Bermuda-based reinsurer said the deal must first be approved by Platinum’s shareholders. They’ll meet and vote on Feb. 27. If the vote goes in favor of the merger, then expect matters to be finalized the morning of March 2.
Everything else appears to be in place. RenRe disclosed that it has also received all required regulatory approvals for the deal first announced in late November.
The M&A deal will create a $4 billion company with a much bigger footprint in the U.S. casualty and specialty reinsurance markets, RenRe CEO Kevin O’Donnell and other executives said during a November conference call outlining the deal.
As well, the acquisition will give RenRe more of a chance to put its expertise in managing third-party capital to work on a portion of Platinum Re’s book of business, O’Donnell said at the time.
Source: RenaissanceRe
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