RenaissanceRe to Sell Weather, Energy Unit to Munich Re
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.
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