HAMILTON, Bermuda, March 2, 2015 /PRNewswire/ -- Platinum
Underwriters Holdings, Ltd. (NYSE: PTP) ("Platinum" or the
"Company") announced today that the acquisition of the Company by
RenaissanceRe Holdings Ltd. (NYSE: RNR) ("RenaissanceRe") 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.
About Platinum
Platinum Underwriters Holdings, Ltd., now a wholly owned subsidiary
of RenaissanceRe, is a leading provider of property, casualty and
finite risk reinsurance coverages, through reinsurance brokers, to
a diverse clientele on a worldwide basis. Platinum operates
through its principal subsidiaries in Bermuda and the United States. For
further information, please visit Platinum's website at
www.platinumre.com.
About RenaissanceRe
RenaissanceRe Holdings Ltd. is a global provider of reinsurance and
insurance. The Company's business consists of three reportable
segments: (1) Catastrophe Reinsurance, which includes catastrophe
reinsurance and certain property catastrophe joint ventures managed
by the Company's ventures unit; (2) Specialty Reinsurance, which
includes specialty reinsurance and certain specialty joint ventures
managed by the Company's ventures unit; and (3) Lloyd's, which
includes reinsurance and insurance business written through
RenaissanceRe Syndicate 1458.
Cautionary Statement Regarding Forward-Looking Statements:
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934.
Forward-looking statements are based on Platinum's current plans or
expectations that are inherently subject to significant business,
economic and competitive uncertainties and contingencies.
These uncertainties and contingencies can affect actual results and
could cause actual results to differ materially from those
expressed in any forward-looking statements made by, or on behalf
of, Platinum. In particular, statements using words such as
"may," "should," "estimate," "expect," "anticipate," "intend,"
"believe," "predict," "potential," or words of similar import
generally involve forward-looking statements. The inclusion
of forward-looking statements in this press release should not be
considered as a representation by Platinum or any other person that
Platinum's or RenaissanceRe's current plans or expectations will be
achieved. Numerous factors could cause actual results to
differ materially from those in such forward-looking statements,
including, but not limited to: the occurrence of any event, change
or other circumstances that could give rise to the termination of
the merger agreement; the failure to satisfy other conditions to
completion of the merger, including receipt of regulatory
approvals; risks that the proposed transaction disrupts each
company's current plans and operations; the ability to retain key
personnel; the ability to recognize the benefits of the merger; the
amount of the costs, fees, expenses and charges related to the
merger; the frequency and severity of catastrophic and other
events; the effectiveness of the companies' loss limitation methods
and pricing models; uncertainties in the companies' reserving
processes; the companies' ability to maintain their respective A.M.
Best and S&P financial strength ratings; risks associated with
appropriately modeling, pricing for, and contractually addressing
new or potential factors in loss emergence; risks that the
companies might be bound to policyholder obligations beyond
their underwriting intent; risks due to the companies'
reliance on a small and decreasing number of reinsurance brokers
and other distribution services; risks relating to operating in a
highly competitive environment; risks relating to deteriorating
market conditions; the risk that the companies' customers may fail
to make premium payments due to them; the risk of failures of the
companies' reinsurers, brokers or other counterparties to honor
their obligations to the companies; the effect on the companies'
respective businesses of potential changes in the regulatory system
under which they operate; the effects that the imposition of U.S.
corporate income tax would have on Platinum Underwriters Holdings,
Ltd., RenaissanceRe Holdings Ltd. and their respective non-U.S.
subsidiaries; other risks relating to potential adverse tax
developments; risks relating to adverse legislative developments;
risks associated with the companies' investment portfolios; losses
that the companies could face from terrorism, political unrest and
war; changes in economic conditions or inflation; and other factors
affecting future results disclosed in Platinum's and
RenaissanceRe's filings with the U.S. Securities and Exchange
Commission (the "SEC"), including but not limited to those
discussed under Item 1A, "Risk Factors", in Platinum's Annual
Report on Form 10-K for the year ended December 31, 2014 and RenaissanceRe's Annual
Report on Form 10-K for the year ended December 31, 2014 and under "Risk Factors" in
RenaissanceRe's registration statement on Form S-4 filed with the
SEC on December 19, 2014.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/renaissancere-completes-acquisition-of-platinum-300043614.html
SOURCE Platinum Underwriters Holdings, Ltd.