AIG Completes Sale of Validus Re to RenaissanceRe
American International Group, Inc. (NYSE: AIG) announced that is has successfully completed the previously announced sale of Validus Re to RenaissanceRe. AIG received total consideration of $3.3 billion in cash, including a pre-closing dividend, and approximately $275 million in RenaissanceRe common shares.
As disclosed in May 2023, AIG will retain Talbot Underwriting and Western World, which the company purchased as part of its acquisition of Validus Holdings, Ltd. in 2018.
Evercore Group L.L.C. and J.P. Morgan Securities LLC acted as financial advisors, and Wachtell, Lipton, Rosen & Katz and Debevoise & Plimpton LLP acted as legal counsel for AIG.
RenaissanceRe Schedules Fourth Quarter and Year-End 2022 Financial Results Conference Call
RenaissanceRe Holdings Ltd. (NYSE: RNR) (the “Company” or “RenaissanceRe”) will conduct an investment community conference call on Wednesday, February 1, 2023, at 11:00 a.m. ET to discuss its financial results for the fourth quarter and year-end 2022, as well as the Company’s outlook. RenaissanceRe will release its results following the close of market on Tuesday, January 31, 2023. A live webcast of the conference call will be available through the Investors section of RenaissanceRe’s website at www.renre.com. An archive of the call will be available from approximately 1:00 p.m. ET on February 1, 2023, through midnight ET on February 8, 2023.
Tokio Marine to sell 3.9% RenRe stake
Bermudian reinsurance firm RenaissanceRe (RenRe) has announced that Tokio Marine plans to sell its 3.9% stake in the company, worth about $334 million.
The stake will be offloaded via an underwritten public secondary offering of 1,739,071 common shares by Tokio Marine & Nichido Fire Insurance Co., Ltd.
These shares formed part of the purchase price when RenRe acquired Tokio Millenium Re back in March 2019.
The $1.5 billion consideration for this deal consisted of $1.22 billion in cash and $250 million of RenRe common shares.
Tokio Marine will receive all of the net proceeds from the share offering, which is expected to close on January 9, 2020, subject to customary closing conditions.
Additionally, RenRe disclosed that Morgan Stanley & Co. LLC is acting as the sole underwriter for the offering.