Insurer RenaissanceRe to buy AIG unit Validus Re in near $3 bln deal
Abstract：RenaissanceRe is one of the world's largest and most successful re-insurers of natural and human-made catastrophes. Insurer RenaissanceRe Holdings Ltd RNR.N said on Monday it would buy AIG's AIG.N treaty reinsurance business, which includes Validus Reinsurance Ltd and its consolidated subsidiaries, in a deal valued at nearly $3 billion.
RenaissanceRe is one of the world's largest and most successful re-insurers of natural and human-made catastrophes. Insurer RenaissanceRe Holdings Ltd RNR.N said on Monday it would buy AIG's AIG.N treaty reinsurance business, which includes Validus Reinsurance Ltd and its consolidated subsidiaries, in a deal valued at nearly $3 billion.
The deal terms include about $2.74 billion in cash and $250 million of RenaissanceRe common shares, the companies said in their statements.
Shares of AIG were up marginally in extended trading. The stock is down nearly 15% so far this year.
The insurance sector continues to see dealmaking activities as companies take advantage of defensive business models that do better in times of economic uncertainty.
The cash consideration is expected to be funded through RenaissanceRe available funds and proceeds from the issuance of common equity and debt. The companies expect the deal to close in the fourth quarter of 2023.
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