PEMBROKE, Bermuda--(BUSINESS WIRE)--Mar. 22, 2019--
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190322005347/en/
Source: RenaissanceRe Holdings Ltd.
Investor Contact:
RenaissanceRe Holdings Ltd.
Keith McCue
Senior
Vice President, Finance & Investor Relations
441-239-4830
Media
Contacts:
RenaissanceRe Holdings Ltd.
Keil Gunther
Vice
President, Marketing & Communications
441-239-4932
Kekst
CNC
Dawn Dover, 212-521-4800