November 25, 2014
Willkie represents RenaissanceRe in merger to accelerate growth in U.S. specialty and casualty reinsurance business.
On November 24, long-time Willkie client RenaissanceRe Holdings Ltd. announced it has entered into a definitive merger agreement with Platinum Underwriters Holdings, Ltd. under which RenaissanceRe will acquire Platinum. Under the terms of the deal, the common shareholders of Platinum will receive $76.00 per common share in stock and cash, or approximately $1.9 billion. The transaction is being undertaken to expand RenaissanceRe’s market presence, product offerings and client relationships, and is expected to close in the first half of 2015. RenaissanceRe Holdings Ltd. is one of the world’s largest reinsurers of natural and man-made catastrophes.
Serving as lead counsel to RenaissanceRe Holdings Ltd. in the acquisition, the Willkie deal team was led by partners Robert Stebbins and Rajab Abbassi, and included associates Eleanor Tai, Evan Goodman, and law clerk James Rosenthal. The firm’s industry-leading insurance practice has served as RenaissanceRe’s regular outside counsel since the company’s formation in 1993.