RenRe completes insurance business sale to QBE – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

Log In

Reset Password

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.

RenRe CEO Neill Currie

You must be Registered or to post comment or to vote.

Published March 07, 2011 at 1:00 am (Updated March 07, 2011 at 8:19 am)

RenRe completes insurance business sale to QBE

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon