RENAISSANCERE HOLDINGS LTD (RNR): M&A transaction — RenaissanceRe closes acquisition of Validus Re for ~$2.985B in cash and stock

RENAISSANCERE HOLDINGS LTD

Total consideration ~$2.985B: $2.735B cash plus 1,322,541 shares valued at $189.03 each ($250M).
Acquired assets include Validus Reinsurance Ltd., AlphaCat Managers, and Talbot renewal rights from AIG.
Registration rights: AIG cannot transfer shares for 6 months; then up to 50% until 12 months after closing.
AIG's beneficial ownership capped at 9.9% of RenaissanceRe's outstanding common stock.
CEO O'Donnell says deal accelerates strategy, expands risk expertise, and creates shareholder value.

item 1.01 item 2.01 item 3.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

RENAISSANCERE HOLDINGS LTD completed an acquisition involving American International Group, Inc. for $2.735 billion and 1,322,541 common shares valued at approximately $250.0 million (closed 2023-11-01).

Action: acquisition
Counterparty: American International Group, Inc.
Consideration: $2.735 billion and 1,322,541 common shares valued at approximately $250.0 million
Closing: 2023-11-01

Exact text from the filing

the “Purchase Agreement”). Pursuant to the terms of the Purchase Agreement, at the closing of the Acquisition, the Company paid to AIG an amount in cash equal to approximately $2.735 billion and issued to AIG 1,322,541 of the Company’s common shares, par value $1.00 per share, which were valued at approximately $250.0 million based on a stock price of $189.03 per

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

RENAISSANCERE HOLDINGS LTD entered into Registration Rights Agreement with American International Group, Inc. (effective 2023-11-01).

Action: entry
Counterparty: American International Group, Inc.
Effective: 2023-11-01

Exact text from the filing

On November 1, 2023, RenaissanceRe Holdings Ltd. (the “Company”) entered into a registration rights agreement (the “Registration Rights Agreement”) with American International Group, Inc., a Delaware corporation and NYSE-listed company (together with its affiliates and subsidiaries, “AIG”) in connection with the Acquisition

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RENAISSANCERE HOLDINGS LTD filing history →

Source: SEC EDGAR

accession 0001193125-23-268293

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