RenaissanceRe Holdings Ltd. (NYSE:RNR), (“the Company”) announced today
that it has entered into an agreement with Munich Re to sell its
U.S.-based weather and weather-related energy risk management unit,
RenRe Energy Advisors Ltd. (“REAL”).
Kevin O’Donnell, CEO of RenaissanceRe Holdings Ltd., said: “Our decision
to sell this unit reflects our commitment to a focused strategy of
expanding our underwriting platforms in Bermuda, London, the U.S. and
Asia.”
Mr. O’Donnell added: “Munich Re has been working with REAL for over
three years as a risk capacity provider, and we are pleased to
consummate this transaction with a valued long-term trading partner.”
Neither the sale of nor the results from the unit are material to
RenaissanceRe.
The transaction is expected to close in the fourth quarter of 2013, and
is subject to regulatory approvals and customary closing conditions.
RenaissanceRe Holdings Ltd. is a global provider of reinsurance and
insurance. The Company's business consists of two reportable segments:
(i) Reinsurance, which includes catastrophe reinsurance, specialty
reinsurance and certain property catastrophe and specialty joint
ventures managed by the Company's ventures unit, and (ii) Lloyd's, which
includes reinsurance and insurance business written through Syndicate
1458.
Disclaimer: Cautionary Statement under
“Safe Harbor” Provisions of the Private Securities Litigation Reform Act
of 1995: Statements made in this news release contain information about
the Company's future business prospects. These statements may be
considered "forward-looking." These statements are subject to risks and
uncertainties that could cause actual results to differ materially from
those set forth in or implied by such forward-looking statements. For
further information regarding cautionary statements and factors
affecting future results, please refer to RenaissanceRe Holdings Ltd.’s
filings with the Securities and Exchange Commission, including its
Annual Report on Form 10-K for the year ended December 31, 2012 and
Quarterly Reports on Form 10-Q for the quarters ended March 31, 2013 and
June 30, 2013.
Copyright Business Wire 2013