Bermuda-based reinsurer RenaissanceRe Holdings Ltd. (RenRe) has completed its previously announced acquisition of Tokio Millennium Re, following the receipt of all necessary regulatory approvals.
The $1.5 billion deal, which sees RenRe acquire Japanese holding company Tokio Marine’s reinsurance units, was announced in October of last year.
Commenting on the completion of the deal, RenRe’s President and Chief Executive Officer (CEO), Kevin O’Donnell 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.”
This acquisition provides RenRe with an expanded platform, which provides the firm with synergies and a broader footprint in global reinsurance markets.
At the same time, the deal provides RenRe with enhanced access to risk from a key Japanese trading partner and a key investor, that also provides the firm with efficient access to risk.