RenaissanceRe Completes Platinum Acquisition
[Updated] Bermuda-based RenaissanceRe Holdings Ltd. today [March 2] announced that it has completed its acquisition of Platinum Underwriters Holdings Ltd.
Kevin J. O’Donnell, President and Chief Executive Officer of RenaissanceRe, commented: “The combination of RenaissanceRe 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.”
The completion of the acquisition follows the receipt of all necessary regulatory approvals and approval of the transaction by Platinum shareholders, which was obtained at a special general meeting of Platinum shareholders held on February 27, 2015. Effective as of market close today, Platinum shares will cease trading on the New York Stock Exchange.
Update 11.53am: A statement from Platinum said, “Platinum Underwriters Holdings, Ltd. announced today that the acquisition of the Company by RenaissanceRe Holdings Ltd. has been completed and Platinum is now a wholly owned subsidiary of RenaissanceRe. The acquisition was originally announced on November 24, 2014.
“The completion of the acquisition follows the receipt of all necessary regulatory approvals and approval of the transaction by Platinum shareholders, which was obtained at a special general meeting of Platinum shareholders held on February 27, 2015. Effective as of market close today, Platinum shares will cease trading on the New York Stock Exchange.”
