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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

LYB

LyondellBasell

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0.32 (0.36%)

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KHC

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-6154.99 (-2.00%)

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VLKAY

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DPLO

Diplomat Pharmacy

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-4.85 (-36.03%)

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VLKAY

Volkswagen

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$NSD

NASDAQ Market Internals

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VLKAY

Volkswagen

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$NYE

NYSE Market Internals

$0.00

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VLKAY

Volkswagen

$0.00

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NVDA

Nvidia

$159.64

3.88 (2.49%)

, UTX

United Technologies

$127.13

0.8 (0.63%)

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NVDA

Nvidia

$159.64

3.88 (2.49%)

UTX

United Technologies

$127.13

0.8 (0.63%)

WAB

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$72.63

-0.96 (-1.30%)

STM

STMicroelectronics

$16.78

0.23 (1.39%)

BIIB

Biogen

$324.57

3.58 (1.12%)

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KHC

Kraft Heinz

$35.20

-12.99 (-26.96%)

, AVGO

Broadcom

$275.12

-5.69 (-2.03%)

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KHC

Kraft Heinz

$35.20

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AVGO

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STMP

Stamps.com

$86.79

-111.29 (-56.18%)

JWN

Nordstrom

$43.71

-0.76 (-1.71%)

ROKU

Roku

$57.72

6.25 (12.14%)

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C

Citi

$64.32

0.01 (0.02%)

, INTC

Intel

$52.53

1.13 (2.20%)

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C

Citi

$64.32

0.01 (0.02%)

INTC

Intel

$52.53

1.13 (2.20%)

PLNT

Planet Fitness

$60.48

2.22 (3.81%)

DBX

Dropbox

$23.65

-1.93 (-7.55%)

ATNI

ATN International

$61.25

1.75 (2.94%)

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KO

Coca-Cola

$45.86

0.01 (0.02%)

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USO

United States Oil Fund

$12.01

0.14 (1.18%)

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PCG

PG&E

$19.73

0.33 (1.70%)

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Breaking Hot Stocks news story on PG&E 

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AMRN

Amarin

$17.73

0.31 (1.78%)

, NVS

Novartis

$90.51

(0.00%)

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AMRN

Amarin

$17.73

0.31 (1.78%)

NVS

Novartis

$90.51

(0.00%)

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INNT

Innovate Biopharmaceuticals

$1.99

-0.09 (-4.33%)

10:02
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PCG

PG&E

$19.52

0.12 (0.62%)

10:01
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PBI

Pitney Bowes

$7.65

0.63 (8.97%)

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LTN

Union Acquisition Corp

$7.33

(0.00%)

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  • 27

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ASPN

Aspen Aerogels

$3.25

-0.35 (-9.72%)

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DPLO

Diplomat Pharmacy

$8.66

-4.8 (-35.66%)

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SWM

Schweitzer-Mauduit

$39.98

5.29 (15.25%)

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  • 22

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BYD

Boyd Gaming

$30.95

2.67 (9.44%)

10:00
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W

Wayfair

$149.00

31.86 (27.20%)

10:00
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Wayfair rises 27.1% »

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