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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%)

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.
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.
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.
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.

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BHP

BHP Group

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BHP

BHP Group

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AAPL

Apple

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ACN

Accenture

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BIDU

Baidu

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IQ

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MRUS

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SRPT

Sarepta

$120.16

-4.81 (-3.85%)

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ET

Energy Transfer LP

$13.77

0.3 (2.23%)

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AAPL

Apple

$210.32

3.88 (1.88%)

, SNE

Sony

$55.71

-0.01 (-0.02%)

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SNE

Sony

$55.71

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NFLX

Netflix

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DIS

Disney

$135.33

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T

AT&T

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CBS

CBS

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LGIH

LGI Homes

$78.56

3.36 (4.47%)

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AMZN

Amazon.com

$1,816.29

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WMT

Walmart

$113.76

0.77 (0.68%)

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X

U.S. Steel

$12.42

1.13 (10.01%)

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SRPT

Sarepta

$120.16

-4.81 (-3.85%)

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  • 19

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SRPT

Sarepta

$120.16

-4.81 (-3.85%)

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BSX

Boston Scientific

$42.74

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AMZN

Amazon.com

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FB

Facebook

$186.22

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MPW

Medical Properties Trust

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  • 19

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WMT

Walmart

$113.76

0.77 (0.68%)

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MAXR

Maxar Technologies

$6.49

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RCI

Rogers Communications

$51.30

0.21 (0.41%)

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IQ

iQIYI

$18.10

1.02 (5.97%)

17:05
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  • 19

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