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The carrier intends to use the cash raised as part of its consideration for Validus. -
Founded in 1997, Socius provides management, professional and cyber liability and P&C insurance.
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Sources said the Pennsylvania insurer is receiving advice from its controlling shareholder, private equity firm Fox Paine, in the process.
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The US retailer’s acquisition of the UK MGA and broking group will be mutually beneficial, according to executives.
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The deal is not predicted to have a long-term impact on RenRe’s financial leverage, AM Best said.
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The takeover will push it up two places to rank as the fifth-largest writer of P&C reinsurance by gross premium.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The Bermudian reinsurer launched a public offering of 6,300,000 common shares and anticipates raising around $1.15bn to finance the transaction.
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The transaction is expected to close in the fourth quarter, subject to regulatory approvals. Financial details were not disclosed.
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The deal represents RenRe’s third Bermuda consolidation deal following Platinum and TMR.
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Inside P&C’s news team runs you through the key M&A deals from the past week.
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Inside P&C’s news team runs you through the key highlights of the week.
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