AIG to Offload Reinsurance Business for $3 Billion to Free Up Capital [BNN Bloomberg (Canada)]
RenaissanceRe Holdings Ltd. (RNR)
Last renaissancere holdings ltd. earnings: 2/4 05:23 pm
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Source: BNN Bloomberg
deal worth roughly $3 billion as Chief Executive Officer Peter Zaffino continues his effort to streamline the New York-based firm. RenaissanceRe will pay $2.74 billion in cash and $250 million of common shares for AIG's Validus Re unit as well as the AlphaCat and the Talbot Treaty reinsurance business, AIG said Monday in a statement. The insurer said the transaction will free up $400 million in capital. AIG will hold onto Talbot Underwriting Ltd. as well as Western World. Earlier this month, it sold Crop Risk Services, which it acquired as part of its original deal for Validus in 2018. “Today's announcement represents another key milestone for AIG and is strategically significant for both AIG and Validus Re,” Zaffino said in the statement. “For AIG, it further simplifies our business model and reduces volatility in our portfolio, while generating significant cash liquidity and capital efficiencies that enable us to accelerate our capital management strategy.” RenaissanceRe sai
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News
- Why RenaissanceRe (RNR) is Poised to Beat Earnings Estimates Again [Yahoo! Finance]Yahoo! Finance
- Can High Medical Costs Affect UnitedHealth's (UNH) Q1 Earnings? [Yahoo! Finance]Yahoo! Finance
- RenaissanceRe Holdings Ltd. (NYSE: RNR) had its price target raised by analysts at Evercore ISI from $213.00 to $216.00. They now have an "underperform" rating on the stock.MarketBeat
- RenaissanceRe Holdings Ltd. (NYSE: RNR) had its price target raised by analysts at JPMorgan Chase & Co. from $204.00 to $237.00. They now have a "neutral" rating on the stock.MarketBeat
- RenaissanceRe Schedules First Quarter 2024 Financial Results Conference Call [Yahoo! Finance]Yahoo! Finance
RNR
Earnings
- 1/30/24 - Beat
RNR
Sec Filings
- 3/26/24 - Form ARS
- 3/26/24 - Form DEFA14A
- 3/26/24 - Form DEF
- RNR's page on the SEC website