RenaissanceRe Completes Acquisition of Platinum Underwriters
PEMBROKE,
Kevin J. O’Donnell, President and Chief Executive Officer of
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
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: the occurrence of
any event, change or other circumstances that could give rise to the
termination of the merger agreement; the inability to obtain Platinum’s
shareholder approval or 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; uncertainties in the companies’
reserving processes; the lowering or loss of any of the financial
strength, claims paying or enterprise wide risk management ratings of
either company or their respective subsidiaries or joint ventures; 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; a contention by the
Source:
Investors:
RenaissanceRe Holdings Ltd.
Rohan Pai, 441-295-4513
Director
– Corporate Finance
or
Media:
Kekst and Company
Peter
Hill or Dawn Dover, 212-521-4800