RenaissanceRe to acquire Validus Re from AIG for $2.985 billion

RENAISSANCERE HOLDINGS LTD

Total consideration $2.985B: $2.735B cash plus $250M common shares; AIG retains 95% of reserve development.
Expected close Q4 2023; subject to regulatory approvals and other customary conditions; no shareholder vote required.
AIG commits to deliver $2.1B in unlevered shareholder equity at closing; any excess retained by AIG.
RenaissanceRe secures $1.55B bridge financing from Morgan Stanley; no financing condition or termination fees.
Acquisition includes Validus Re, AlphaCat Managers, and Talbot Treaty renewal rights.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

RENAISSANCERE HOLDINGS LTD entered into Stock Purchase Agreement with American International Group, Inc. valued at approximately $2.985 billion (effective 2023-05-22).

Action: entry
Agreement: equity purchase
Counterparty: American International Group, Inc.
Value: approximately $2.985 billion
Effective: 2023-05-22

Exact text from the filing

On May 22, 2023, RenaissanceRe Holdings Ltd. (“RenaissanceRe” or the “Company”) entered into a Stock Purchase Agreement (the “Stock Purchase Agreement”) with American International Group, Inc.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

RENAISSANCERE HOLDINGS LTD entered into Bridge Commitment Letter with Morgan Stanley Senior Funding, Inc. valued at up to $1.55 billion (effective 2023-05-22).

Action: entry
Agreement: credit facility
Counterparty: Morgan Stanley Senior Funding, Inc.
Value: up to $1.55 billion
Effective: 2023-05-22

Exact text from the filing

On May 22, 2023, RenaissanceRe entered into a commitment letter (the “Bridge Commitment Letter”) with Morgan Stanley Senior Funding, Inc.

View on SEC.gov

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RENAISSANCERE HOLDINGS LTD filing history →

Source: SEC EDGAR

accession 0001193125-23-150539

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