RenRe completes insurance business sale to QBE
RenaissanceRe Holdings Ltd. has completed the approximately $275 million sale of its US-based admitted insurance operations to QBE Holdings, Inc.
The Bermuda reinsurer said late on Friday that the deal, which was announced last November, had been completed.
RenRe CEO Neill Currie said: “I am pleased to report the closing of the sale of our US-based admitted insurance operations. I am particularly pleased that our clients were served seamlessly throughout this process and that we are delivering a high-calibre operation and team to QBE.
“With the successful consummation of this transaction, RenaissanceRe is repositioned to be more nimble and sharply focused. We will continue to participate selectively in the US insurance market through our Lloyd's syndicate, RenaissanceRe Syndicate 1458, on a non-admitted basis as opportunities arise.”
Mr Currie said in November that it was the “right time to exit” because of the relatively small scale of its insurance business in the US in an industry that was moving towards consolidation in certain lines.