RenaissanceRe Holdings Ltd has given shareholders of Platinum Underwriters Holdings Ltd until 5pm on February 26 to choose the mix of stock and cash they want to receive as a result of the combination of the two Bermuda reinsurers.

A special meeting of Platinum shareholders will be held on Friday next week — the day after RenRe’s deadline — in order to gain their approval for the takeover.

Platinum shareholders can choose from three options:

• 0.2960 RenaissanceRe common shares and $35.96 (the “Standard Election Consideration”).

• $66, subject to proration.

• 0.6504 RenaissanceRe common shares, subject to proration.

Platinum shareholders who do not make a valid election by the deadline will be deemed to have chosen the Standard Election Consideration.

All regulatory approvals have been given and RenRe expects the deal to close on March 2.