: RenaissanceRe to buy AIG’s Validus Re for $2.985 billion


RenaissanceRe Holdings Ltd. RNR, -4.94% said late Monday it has agreed to buy American International Group Inc.’s AIG, +0.20% treaty reinsurance business, which includes Validus Reinsurance Ltd. and subsidiaries as well as managed funds, among other assets, for $2.985 billion. That includes $2.735 billion of cash and $250 million of RenaissanceRe shares. The deal is expected to close in the fourth quarter of 2023, subject to customary closing conditions, the reinsurer said. “This acquisition advances our strategy as a leading global property and casualty reinsurer, providing additional scale, and increasing our importance to customers,” Chief Executive Kevin O’Donnell said in a statement. Shares of RenaissanceRe were flat in the extended session Monday after ending the regular session down 4.9%. AIG shares edged 0.3% higher in aftermarket after a 0.2% gain in the regular session. Separately, RenaissanceRe said it will offer 6.3 million shares in connection with the deal.

This article was originally published by Marketwatch.com. Read the original article here.

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