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RNR

RenaissanceRe

$128.47

3.16 (2.52%)

17:05
10/30/18
10/30
17:05
10/30/18
17:05

RenaissanceRe to acquire Tokio Millennium Re for $1.5B

RenaissanceRe Holdings announced that it has entered into a definitive agreement with Tokio Marine Holdings pursuant to which an affiliate of RenaissanceRe will acquire Tokio Marine's reinsurance platform, which includes Tokio Millennium Re AG and Tokio Millennium Re (UK) Limited. Under the terms of the transaction, Tokio Marine will receive 1.02x the tangible book value of TMR delivered to RenaissanceRe at closing. If closing tangible book value is unchanged from June 30, Tokio Marine would receive approximately $1.5B in total consideration, consisting of cash and RenaissanceRe common shares. RenaissanceRe expects that upon closing the transaction will be immediately accretive to book value per share, tangible book value per share, operating earnings per share and operating return on equity. The agreement has been unanimously approved by the boards of both companies. The transaction is expected to close in the first half of 2019 and is subject to customary closing conditions and regulatory approvals. No shareholder approval is required. Under the terms of the agreement, if closing tangible book value is unchanged from June 30, 2018, the transaction consideration would consist of approximately $1.22B of cash and $250M of RenaissanceRe common shares. The cash consideration will be funded through RenaissanceRe available funds and a potential pre-closing dividend from TMR, subject to regulatory approval.

  • 14

    Nov

RNR RenaissanceRe
$128.47

3.16 (2.52%)

01/09/18
WELS
01/09/18
NO CHANGE
Target $125
WELS
Market Perform
RenaissanceRe price target lowered to $125 from $140 at Wells Fargo
Wells Fargo analyst Elyse Greenspan lowered her price target for RenaissanceRe to $125 from $140 to reflect Q4 cats, principally from the California wildfires, and 2018/2019 estimates for tax reform. The analyst reiterates a Market Perform rating on the shares.
06/18/18
GSCO
06/18/18
INITIATION
Target $131
GSCO
Neutral
RenaissanceRe initiated with a Neutral at Goldman Sachs
Goldman Sachs started RenaissanceRe with a Neutral rating and $131 price target.
06/18/18
GSCO
06/18/18
INITIATION
Target $131
GSCO
Neutral
RenaissanceRe initiated with a Neutral at Goldman Sachs
Goldman Sachs analyst Yaron Knar initiated RenaissanceRe with a Neutral and $131 price target saying he has concerns regarding the company's investment portfolio this late in the credit cycle and expects industry property casualty returns to continue to erode.
08/28/18
BUCK
08/28/18
NO CHANGE
BUCK
Buckingham sees RenaissanceRe, Axis Capital trading up on Aspen deal news
Buckingham analyst Amit Kumar called the multiple Apollo Global (APO) agreed to pay to acquire Aspen Insurance (AHL) "a tad underwhelming compared to other recent deals," which he attributes to Aspen's hand being forced by the fast approaching peak hurricane season and investor skepticism on its standalone future. Given the drawn out process, he sees a lower likelihood of a competing bidder emerging, Kumar tells investors, adding that he expects both RenaissanceRe (RNR) and Axis Capital (AXS) to trade up on the deal news.

TODAY'S FREE FLY STORIES

FTV

Fortive

$74.86

-0.35 (-0.47%)

13:45
11/12/18
11/12
13:45
11/12/18
13:45
Conference/Events
Fortive has a conference call hosted by JPMorgan »

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  • 12

    Nov

CMCSA

Comcast

$37.98

-0.36 (-0.94%)

, CMCSK

Comcast

$0.00

(0.00%)

13:43
11/12/18
11/12
13:43
11/12/18
13:43
Periodicals
Comcast tells CNBC American Cable Association antitrust charge 'without merit' »

After President Trump…

CMCSA

Comcast

$37.98

-0.36 (-0.94%)

CMCSK

Comcast

$0.00

(0.00%)

03/08/13
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CRON

Cronos Group

$8.19

-0.37 (-4.32%)

13:40
11/12/18
11/12
13:40
11/12/18
13:40
Options
Cronos puts active as shares fall ahead of earnings »

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  • 13

    Nov

CMCSA

Comcast

$37.97

-0.37 (-0.97%)

13:40
11/12/18
11/12
13:40
11/12/18
13:40
Hot Stocks
American Cable Association asks DOJ for investigation of Comcast-NBCU »

The American Cable…

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GPS

Gap

$27.45

-0.03 (-0.11%)

13:35
11/12/18
11/12
13:35
11/12/18
13:35
Options
Gap put volume heavy and directionally bearish »

Bearish flow noted in Gap…

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    Nov

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    Mar

FOXA

21st Century Fox

$48.16

0.02 (0.04%)

, FOX

21st Century Fox

$47.72

(0.00%)

13:32
11/12/18
11/12
13:32
11/12/18
13:32
Periodicals
Yankees plan to buy back YES Network from Fox, NY Post says »

The New York Yankees will…

FOXA

21st Century Fox

$48.16

0.02 (0.04%)

FOX

21st Century Fox

$47.72

(0.00%)

DIS

Disney

$116.91

-1.05 (-0.89%)

03/08/13
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03/06/13
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  • 14

    Nov

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    Nov

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    Nov

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    Dec

LLNW

Limelight Networks

$3.54

-0.16 (-4.32%)

, CMCSA

Comcast

$37.93

-0.41 (-1.07%)

13:32
11/12/18
11/12
13:32
11/12/18
13:32
Hot Stocks
Limelight Networks adds NBCUniversal, CBS execs to board »

Limelight Networks (LLNW)…

LLNW

Limelight Networks

$3.54

-0.16 (-4.32%)

CMCSA

Comcast

$37.93

-0.41 (-1.07%)

CMCSK

Comcast

$0.00

(0.00%)

CBS

CBS

$57.40

-0.14 (-0.24%)

03/08/13
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03/06/13
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PIR

Pier 1 Imports

$1.59

-0.06 (-3.64%)

13:27
11/12/18
11/12
13:27
11/12/18
13:27
Downgrade
Pier 1 Imports rating change  »

Pier 1 Imports downgraded…

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13:25
11/12/18
11/12
13:25
11/12/18
13:25
Conference/Events
Cowen integrated oil analyst to hold an analyst/industry conference call »

Integrated Oil, Refining…

SPY

SPDR S&P 500 ETF Trust

$273.42

-4.5 (-1.62%)

, SPX

S&P 500

$0.00

(0.00%)

13:23
11/12/18
11/12
13:23
11/12/18
13:23
General news
Trump 'hopes' Saudi Arabia, OPEC will not cut oil production »

President Donald Trump…

SPY

SPDR S&P 500 ETF Trust

$273.42

-4.5 (-1.62%)

SPX

S&P 500

$0.00

(0.00%)

03/08/13
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03/08/13
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FB

Facebook

$141.20

-3.75 (-2.59%)

13:20
11/12/18
11/12
13:20
11/12/18
13:20
Hot Stocks
Facebook experiencing service issues »

Visiting Facebook.com…

03/08/13
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03/06/13
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  • 28

    Nov

F

Ford

$9.53

0.15 (1.60%)

13:20
11/12/18
11/12
13:20
11/12/18
13:20
Options
Ford calls active as shares advance »

Ford calls active as…

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  • 14

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    Dec

$NSD

NASDAQ Market Internals

$0.00

(0.00%)

13:17
11/12/18
11/12
13:17
11/12/18
13:17
Technical Analysis
NASDAQ market internals summary »

Volume is above average…

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CMCSA

Comcast

$38.13

-0.21 (-0.55%)

13:16
11/12/18
11/12
13:16
11/12/18
13:16
Hot Stocks
Trump quotes FBN's Gasparino on cable association's 'big problems' with Comcast »

President Donald Trump…

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$NYE

NYSE Market Internals

$0.00

(0.00%)

13:16
11/12/18
11/12
13:16
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13:16
Technical Analysis
NYSE market internals summary »

Volume is average for…

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PEP

PepsiCo

$117.77

0.25 (0.21%)

13:15
11/12/18
11/12
13:15
11/12/18
13:15
Options
PepsiCo put volume heavy and directionally bearish »

Bearish flow noted in…

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  • 13

    Dec

  • 15

    Feb

DISCA

Discovery

$32.83

-0.15 (-0.45%)

13:08
11/12/18
11/12
13:08
11/12/18
13:08
Recommendations
Discovery analyst commentary  »

Discovery acquisition…

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XBI

SPDR S&P BIOTECH

$77.95

-2.82 (-3.49%)

13:00
11/12/18
11/12
13:00
11/12/18
13:00
Options
Put spreads in SPDR S&P Biotech Fund as bearish positions are adjusted »

Put spreads in SPDR…

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SNAP

Snap

$6.68

-0.12 (-1.76%)

12:59
11/12/18
11/12
12:59
11/12/18
12:59
Periodicals
Snap's VP of Content, Nick Bell, leaving today, Cheddar reports »

Snap's Vice…

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  • 26

    Nov

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LITE

Lumentum

$39.50

-16.45 (-29.40%)

, AAPL

Apple

$195.96

-8.35 (-4.09%)

12:57
11/12/18
11/12
12:57
11/12/18
12:57
Recommendations
Lumentum, Apple analyst commentary  »

Craig-Hallum cuts…

LITE

Lumentum

$39.50

-16.45 (-29.40%)

AAPL

Apple

$195.96

-8.35 (-4.09%)

03/08/13
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  • 12

    Nov

HD

Home Depot

$183.19

-2.85 (-1.53%)

, TSN

Tyson Foods

$61.79

-0.3 (-0.48%)

12:52
11/12/18
11/12
12:52
11/12/18
12:52
Earnings
Notable companies reporting before tomorrow's open »

Notable companies…

HD

Home Depot

$183.19

-2.85 (-1.53%)

TSN

Tyson Foods

$61.79

-0.3 (-0.48%)

AAP

Advance Auto Parts

$168.30

-2.88 (-1.68%)

ARMK

Aramark

$35.10

-0.49 (-1.38%)

03/08/13
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03/06/13
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  • 13

    Nov

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    Nov

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    Nov

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    Nov

  • 03

    Mar

DF

Dean Foods

$6.10

0.12 (2.01%)

12:50
11/12/18
11/12
12:50
11/12/18
12:50
Options
Dean Foods draws call buying after volatility in shares last week »

Dean Foods draws call…

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  • 13

    Nov

AGR

Avangrid

$49.35

0.43 (0.88%)

, UNH

UnitedHealth

$273.75

-2.93 (-1.06%)

12:45
11/12/18
11/12
12:45
11/12/18
12:45
Hot Stocks
Avangrid names Peter Church chief HR officer »

Avangrid (AGR) announced…

AGR

Avangrid

$49.35

0.43 (0.88%)

UNH

UnitedHealth

$273.75

-2.93 (-1.06%)

03/08/13
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  • 12

    Nov

  • 12

    Nov

RIG

Transocean

$10.17

-0.36 (-3.42%)

12:40
11/12/18
11/12
12:40
11/12/18
12:40
Options
Transocean puts active as shares slip »

Transocean puts active as…

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BX

Blackstone

$33.40

-0.59 (-1.74%)

12:35
11/12/18
11/12
12:35
11/12/18
12:35
Options
Blackstone put volume heavy and directionally bearish »

Bearish flow noted in…

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