Bermuda-domiciled reinsurance and insurance provider RenaissanceRe Holdings Ltd. (NYSE: RNR) has agreed to acquire the treaty reinsurance business of New York-based finance and insurance corporation, American International Group, Inc. (AIG), including Validus Reinsurance Ltd. and its consolidated subsidiaries, AlphaCat Managers Ltd. and its managed funds, and all renewal rights to the Assumed Reinsurance Treaty Unit of Talbot, for USD 2.985bn, the company said.
AIG has committed to deliver at closing USD 2.1bn in unlevered shareholder's equity to RenaissanceRe with any excess to be retained by AIG. RenaissanceRe will pay approximately USD 2.985bn in total consideration, including USD 2.735 bn of cash and USD 250m of RenaissanceRe common shares.
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