RenaissanceRe Completes Sale to QBE
Bermuda-based RenaissanceRe Holdings Ltd. has completed the sale of its U.S.-based admitted insurance operations to QBE Holdings, Inc.
Mr. Neill A. Currie, CEO of RenaissanceRe Holdings Ltd., said: “I am pleased to report the closing of the sale of our U.S.-based admitted insurance operations. I am particularly pleased that our clients were served seamlessly throughout this process and that we are delivering a high-caliber operation and team to QBE. With the successful consummation of this transaction, RenaissanceRe is repositioned to be more nimble and sharply focused. We will continue to participate selectively in the U.S. insurance market through our Lloyd’s syndicate, RenaissanceRe Syndicate 1458, on a non-admitted basis as opportunities arise.”
QBE Insurance Group Ltd., one of Australia’s largest insurers, previously agreed to buy the U.S. insurance business for about $275 million.
