On October 30, 2018, Renaissance Re Holdings Ltd (RenaissanceRe) (NYSE:RNR) announced that it has entered into a stock purchase agreement with Tokio Marine Holdings, Inc. (Tokio Marine) in order to acquire Tokio Marine's reinsurance platform, which includes Tokio Millennium Re AG and Tokio Millennium Re (UK) Limited (collectively TMR) for USD 1.5 bn subject to unchanged closing tangible book value. Completion of the transaction is expected to take place during the first half of 2019 and is subject to the satisfaction of customary conditions and regulatory as well as antitrust approvals.
RenaissanceRe, through its subsidiaries, provides property casualty and specialty reinsurance and certain insurance solutions. RenaissanceRe has offices in Bermuda, Ireland, Singapore, Switzerland, the United Kingdom and the United States and employs approximately 380 people worldwide with consolidated gross premiums written in 2017 of USD 2.7 bn.
Tokio Marine is a multi-national insurance company employing approximately 36,000 people in 38 countries.
Homburger acts as Swiss counsel to RenaissanceRe. The Homburger team is led by partner Heinz Schärer (Corporate | M&A, Insurance) and includes partner Hansjürg Appenzeller (Corporate | M&A, Banking and Finance, Insurance), associates Kevin M. Hubacher (Corporate | M&A, Insurance) and Daniel Kuhn (Corporate | M&A) as well as junior associates Luca Baltensperger and Isabel Guth (both Corporate | M&A).
Willkie Farr & Gallagher LLP acts as US counsel to RenaissanceRe.