RenaissanceRe
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Before Florence and Michael, rate reductions had looked set to resume.
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Other businesses with reinsurance exposure like TMK, Tokio Marine HCC and Safety National remain core.
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Meanwhile, Fitch affirmed the reinsurer’s financial strength rating at A+ with a stable outlook.
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More than 4,000 new claims were filed to the insurer in the third quarter. -
Why would a patient Japanese owner spend 18 years building a diversified reinsurer from scratch then discard it for a bargain price?
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Acquirer will also substantially shrink the portfolio and use third-party capital to support the book.
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The $1.5bn takeover agreement diminishes the chances RenRe itself will become a bid target.
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RenRe said the deal was additive to its existing platform and will be financially accretive for shareholders.
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The TMR deal will act as an effective poison pill to any would-be acquirer.
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The deal makes RenRe the fourth-largest Bermuda reinsurer and gives it significant clout as a fronting provider for ILS managers.
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The Bermuda-based reinsurer’s high net investment income offset its loss on underwriting.
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The reinsurer turns buyer rather than seller after facing pressure from an activist investor to consider a sale.
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