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RenaissanceRe Holdings Ltd.
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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Posted In: NewsAsset Sales
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