RenaissanceRe Completes Acquisition of Tokio Millennium Re
March 22 2019 - 12:19PM
Business Wire
RenaissanceRe Holdings Ltd. (NYSE:RNR) (“RenaissanceRe”) today
announced that it has concluded its acquisition of Tokio Millennium
Re (“TMR”). The acquisition was originally announced on October 30,
2018 and the completion follows the receipt of all necessary
regulatory approvals.
Kevin J. O’Donnell, President and Chief Executive Officer of
RenaissanceRe, said: “The acquisition of TMR accelerates our
strategy and enhances RenaissanceRe’s global reinsurance
leadership, product offerings and access to attractive risk. The
bespoke structure of this transaction also strengthens our
long-standing relationship with Tokio Marine Group. Our entire team
is excited about the expanded opportunities that the TMR platform
will bring to deliver the best underwriting solutions in the
business while maximizing shareholder value.”
About RenaissanceRe
RenaissanceRe is a global provider of reinsurance and insurance
that specializes in matching well-structured risks with efficient
sources of capital. The Company provides property, casualty and
specialty reinsurance and certain insurance solutions to customers,
principally through intermediaries. Established in 1993, the
Company has offices in Bermuda, Australia,
Ireland, Singapore, Switzerland, the United
Kingdom and the United States.
Cautionary Statement Regarding Forward-Looking
Statements
Any forward-looking statements made in this Press Release
reflect RenaissanceRe’s current views with respect to future events
and financial performance and are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These statements are subject to numerous factors that could cause
actual results to differ materially from those set forth in or
implied by such forward-looking statements, including the
following: risks that the Tokio Millennium Re transaction disrupts
or distracts from current plans and operations; the ability to
recognize the benefits of the Tokio Millennium Re transaction; the
amount of the costs, fees, expenses and charges related to the
Tokio Millennium Re transaction; the frequency and severity of
catastrophic and other events that the Company covers; the
effectiveness of the Company’s claims and claim expense reserving
process; the Company’s ability to maintain its financial strength
ratings; the effect of climate change on the Company’s business;
collection on claimed retrocessional coverage, and new
retrocessional reinsurance being available on acceptable terms and
providing the coverage that we intended to obtain; the effects of
U.S. tax reform legislation and possible future tax reform
legislation and regulations, including changes to the tax treatment
of the Company’s shareholders or investors in the Company’s joint
ventures or other entities the Company manages; the effect of
emerging claims and coverage issues; continued soft reinsurance
underwriting market conditions; the Company’s reliance on a small
and decreasing number of reinsurance brokers and other distribution
services for the preponderance of its revenue; the Company’s
exposure to credit loss from counterparties in the normal course of
business; the effect of continued challenging economic conditions
throughout the world; a contention by the Internal Revenue
Service that Renaissance Reinsurance Ltd., or any of the
Company’s other Bermuda subsidiaries, is subject to
taxation in the U.S.; the success of any of the Company’s strategic
investments or acquisitions, including the Company’s ability to
manage its operations as its product and geographical diversity
increases; the Company’s ability to retain key senior officers and
to attract or retain the executives and employees necessary to
manage its business; the performance of the Company’s investment
portfolio; losses that the Company could face from terrorism,
political unrest or war; the effect of cybersecurity risks,
including technology breaches or failure on the Company’s business;
the Company’s ability to successfully implement its business
strategies and initiatives; the Company’s ability to determine the
impairments taken on investments; the effects of inflation; the
ability of the Company’s ceding companies and delegated authority
counterparties to accurately assess the risks they underwrite; the
effect of operational risks, including system or human failures;
the Company’s ability to effectively manage capital on behalf of
investors in joint ventures or other entities it manages; foreign
currency exchange rate fluctuations; the Company’s ability to raise
capital if necessary; the Company’s ability to comply with
covenants in its debt agreements; changes to the regulatory systems
under which the Company operates, including as a result of
increased global regulation of the insurance and reinsurance
industries; changes in Bermuda laws and regulations and
the political environment in Bermuda; the Company’s dependence
on the ability of its operating subsidiaries to declare and pay
dividends; aspects of the Company’s corporate structure that may
discourage third-party takeovers or other transactions; the
cyclical nature of the reinsurance and insurance industries;
adverse legislative developments that reduce the size of the
private markets the Company serves or impede their future growth;
consolidation of competitors, customers and insurance and
reinsurance brokers; the effect on the Company’s business of the
highly competitive nature of its industry, including the effect of
new entrants to, competing products for and consolidation in the
(re)insurance industry; other political, regulatory or industry
initiatives adversely impacting the Company; the Company’s ability
to comply with applicable sanctions and foreign corrupt practices
laws; increasing barriers to free trade and the free flow of
capital; international restrictions on the writing of reinsurance
by foreign companies and government intervention in the natural
catastrophe market; the effect of Organisation for Economic
Co-operation and Development or European
Union (“EU”) measures to increase the Company’s taxes and
reporting requirements; the effect of the vote by
the U.K. to leave the EU; changes in regulatory regimes
and accounting rules that may impact financial results irrespective
of business operations; the Company’s need to make many estimates
and judgments in the preparation of its financial statements; and
other factors affecting future results disclosed in RenaissanceRe’s
filings with the Securities and Exchange Commission, including
its Annual Reports on Form 10-K and Quarterly Reports on Form
10-Q.
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version on businesswire.com: https://www.businesswire.com/news/home/20190322005347/en/
Investor Contact:RenaissanceRe Holdings Ltd.Keith McCueSenior
Vice President, Finance & Investor Relations441-239-4830Media
Contacts:RenaissanceRe Holdings Ltd.Keil GuntherVice President,
Marketing & Communications441-239-4932Kekst CNCDawn Dover,
212-521-4800
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