RenaissanceRe Holdings Ltd:Completes the acquisition of Platinum Underwriters Holdings Ltd.Platinum is now a wholly owned subsidiary of RenaissanceRe.Acquisition was originally announced on Nov. 24, 2014.
Axis Capital Holdings Ltd and PartnerRe:Announces that they have signed a definitive amalgamation agreement to create one of the preeminent specialty insurance and reinsurance companies, with gross premiums written in excess of $10 billion, total capital of more than $14 billion.Says the merger of equals has been unanimously approved by the boards of directors of both companies.Says upon completion of the transaction, shareholders of PartnerRe and AXIS Capital will own about 51.6 percent and 48.4 percent of the combined company, respectively.Says upon completion of the transaction, shareholders of PartnerRe and AXIS Capital will own about 51.6 percent and 48.4 percent of the combined company, respectively.Says PartnerRe chairman, Jean-Paul L. Montupet will be non-executive chairman of the combined company.Says Axis Capital CEO Albert A. Benchimol will serve as CEO of the combined company and current AXIS Capital chairman, Michael A. Butt will continue to serve on the Board as Chairman Emeritus.Says Costas Miranthis will step down as CEO of PartnerRe and as a member of the PartnerRe Board, effective today and current PartnerRe Director David Zwiener will assume the position of interim CEO of PartnerRe until the completion of the transaction.Says the company headquarters will be located in Bermuda, and it will have a strategic presence on five continents in 39 distinct geographic locations worldwide.Says the transaction is expected to close in the second half of 2015.
Munich Re Group AG:Says to invest in U.S. wind farm.Acquires stake in a 288.6-megawatt wind farm in the U.S.Acquisition, in the double-figure euro millions, is Munich Re's first infrastructure investment in North America.
Platinum Underwriters Holdings Ltd:Says proposed acquisition of Platinum Underwriters Holdings, Ltd. by RenaissanceRe Holdings Ltd.Says examination is focusing on possible breaches of fiduciary duty and other violations of law by Board of PTP for agreeing to sell company to RenaissanceRe.
Platinum Underwriters Holdings announces entry into definitive merger agreement with RenaissanceRe Holdings Ltd
Platinum Underwriters Holdings Ltd:Enters into a definitive merger agreement with RenaissanceRe Holdings Ltd under which RenaissanceRe will acquire Platinum.Under the terms, the common shareholders of Platinum will receive cash and RenaissanceRe common shares with an approximate value of $76 per share, or about $1.9 bln in the aggregate.Aggregate consideration for the transaction will consist of 7.5 mln RenaissanceRe common shares, currently valued at $0.76 bln, and $1.16 bln of cash.Goldman, Sachs & Co. is acting as financial advisor to Platinum in connection with the transaction and Sullivan & Cromwell LLP is acting as legal counsel.
Reinsurance Group of America Inc:Says execution of agreements under which RGA will acquire all of stock of Aurora National Life Assurance Company (Aurora), wholly owned life insurance subsidiary of Swiss Re.Transaction is expected to close in early 2015 subject to customary regulatory approvals.Sidley Austin LLP acted as legal advisor to RGA in transaction.