RenaissanceRe Holdings Ltd. Advances Strategy with $2.985 Billion Acquisition of Validus Re
Accelerates Growth in a Favorable Reinsurance Market
Enhances Three Drivers of Profit – Underwriting, Fee and Investment Income
Creates Top 5 Global Property and Casualty Reinsurer
PEMBROKE,
AIG has committed to deliver at closing
The agreement has been approved by RenaissanceRe’s Board of Directors. The transaction is expected to close in the fourth quarter of 2023 and is subject to customary closing conditions and regulatory approvals. No shareholder approval is required.
As part of the transaction, AIG will retain 95% of the development on net reserves at closing. In addition, following the closing of the transaction, AIG expects to make substantial investments in RenaissanceRe’s
Kevin O’Donnell, President and Chief Executive Officer of
Conference Call Information
Cautionary Statement Regarding Forward-Looking Statements
Any forward-looking statements made in this Press Release, including statements about our expectations, forecasts, projections and estimates regarding the impact of the transactions described herein, 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. We may also make forward-looking statements with respect to our business and industry, such as those relating to our strategy and management objectives, plans and expectations regarding our response and ability to adapt to changing economic conditions, market standing and product volumes, and insured losses from loss events, among other things. These statements are subject to numerous factors that could cause actual results to differ materially from those addressed by such forward-looking statements, including those disclosed in RenaissanceRe’s filings with the
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Investor Contact:
Senior Vice President, Finance Investor Relations
441-239-4830
Media Contacts:
Vice President, Investor Relations
441-239-4946
Kekst CNC
917-842-7859
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