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RenRe completes Tokio Millennium Re takeover

Done deal: RenaissanceRe has completed the takeover of Tokio Millennium Re (File photograph)

Bermudian reinsurer RenaissanceRe Holdings Ltd has completed its acquisition of Tokio Millennium Re.

The $1.5 billion cash-and-shares deal was first announced last October and the completion follows the receipt of all necessary regulatory approvals.

Kevin O’Donnell, chief executive officer of RenaissanceRe, said: “The acquisition of TMR accelerates our strategy and enhances RenaissanceRe’s global reinsurance leadership, product offerings and access to attractive risk.

“The bespoke structure of this transaction also strengthens our longstanding relationship with Tokio Marine Group.

“Our entire team is excited about the expanded opportunities that the TMR platform will bring to deliver the best underwriting solutions in the business while maximising shareholder value.”

TMR was the reinsurance platform of Japanese company, Tokio Marine Holdings, Inc and had a branch office in Bermuda, a headquarters in Switzerland, and operations in the UK, US and Australia.

The company was originally established by Tokio Marine Group in Bermuda in 2000.

About 70 people worked in TMR’s Bermuda office and RenRe said in January that it had “extended offers of full-time employment or meaningful transitional roles to just over two thirds of the organisation” on the island.

RenRe also held off from filling some vacancies since the takeover deal was agreed to maximise the number of jobs available.