RenaissanceRe Holdings said it plans to close its $1.5 billion purchase of Tokio Millennium Re “as soon as possible,” now that all of the necessary regulatory approvals are in place.
In October, Bermuda-based RenaissanceRe announced it would acquire Tokio Marine’s reinsurance platform, which includes Tokio Millennium Re AG and Tokio Millennium Re (UK).
Kevin O’Donnell, RenRe’s president and CEO, said at the time of the deal announcement that the purchase helps the company continue a strategy of being an independent reinsurer.
RenRe disclosed on March 12 that all necessary regulatory approvals were in place to enable a deal closing “as soon as possible, subject to the satisfaction of customary closing conditions.”
Source: Renaissance Re