RenaissanceRe Agrees to Sell U.S.-Based Weather and Energy Unit to Munich Re
PEMBROKE, Bermuda -- September 3, 2013
RenaissanceRe Holdings Ltd. (NYSE:RNR), (“the Company”) announced today that
it has entered into an agreement with Munich Re to sell its U.S.-based weather
and weather-related energy risk management unit, RenRe Energy Advisors Ltd.
Kevin O’Donnell, CEO of RenaissanceRe Holdings Ltd., said: “Our decision to
sell this unit reflects our commitment to a focused strategy of expanding our
underwriting platforms in Bermuda, London, the U.S. and Asia.”
Mr. O’Donnell added: “Munich Re has been working with REAL for over three
years as a risk capacity provider, and we are pleased to consummate this
transaction with a valued long-term trading partner.”
Neither the sale of nor the results from the unit are material to
The transaction is expected to close in the fourth quarter of 2013, and is
subject to regulatory approvals and customary closing conditions.
RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance.
The Company's business consists of two reportable segments: (i) Reinsurance,
which includes catastrophe reinsurance, specialty reinsurance and certain
property catastrophe and specialty joint ventures managed by the Company's
ventures unit, and (ii) Lloyd's, which includes reinsurance and insurance
business written through Syndicate 1458.
Disclaimer: Cautionary Statement under “Safe Harbor” Provisions of the Private
Securities Litigation Reform Act of 1995: Statements made in this news release
contain information about the Company's future business prospects. These
statements may be considered "forward-looking." These statements are subject
to risks and uncertainties that could cause actual results to differ
materially from those set forth in or implied by such forward-looking
statements. For further information regarding cautionary statements and
factors affecting future results, please refer to RenaissanceRe Holdings
Ltd.’s filings with theSecurities and Exchange Commission, including its
Annual Report on Form 10-K for the year endedDecember 31, 2012and Quarterly
Reports on Form 10-Q for the quarters endedMarch 31, 2013 and June 30, 2013.
RenaissanceRe Holdings Ltd.
Rohan Pai, 441-295-4513
Kekst and Company
Peter Hill or Dawn Dover, 212-521-4800
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