Bermuda-based RenaissanceRe Holdings has obtained all regulatory approvals to acquire Platinum Underwriters Holdings for $1.9bn.
Announced at the end of November 2014, the deal is now subject to approval by the shareholders of Platinum at its previously announced shareholder meeting, which will take place on 27 February.
RenaissanceRe will complete the acquisition in early March, if the transaction is approved by Platinum’s shareholders.
As part of the deal, RenaissanceRe will pay $76 per common share in stock and cash to shareholders of Platinum, or approximately $1.9bn.
At the time of announcing acquisition, RenaissanceRe Holdings president and CEO Kevin J. O’Donnell said: "It is a well-run company and its integration with RenaissanceRe will benefit our combined companies’ clients through an expanded product offering and broker relationships."
Platinum Underwriters provides property, casualty and finite risk reinsurance services through reinsurance brokers for a diverse clientele across the globe.
The company operates through its principal subsidiaries in Bermuda and the US.
RenaissanceRe provides reinsurance services, including catastrophe reinsurance and specialty reinsurance, as well as Lloyd’s, including reinsurance and insurance business written through RenaissanceRe Syndicate 1458.
Image: Platinum Underwriters provides property, casualty and finite risk reinsurance services. Photo: courtesy of renjith krishnan/ FreeDigitalPhotos.net.