RenaissanceRe Holdings Ltd said it would purchase fellow Bermuda-based reinsurer Platinum Underwriters Holdings Ltd for about $1.9 billion to boost its U.S. specialty and casualty reinsurance business.Platinum shareholders will get the equivalent of $76 per share in stock and cash, representing a 24 percent premium to Platinum's closing price of $61.27 on Friday.Platinum shares were trading at $72.50 before the bell, while Renaissance shares were unchanged at $101.46.RenaissanceRe will issue 7.5 million common shares, valued at about $761 million, and $1.16 billion in cash.
Platinum Underwriters Holdings, Ltd. (Platinum Holdings) is a holding company. Shares of PTP traded higher by 0.02% or $0.01/share to $61.27. In the past year, the shares have traded as low as $55.03 and as high as $66.57. On average, 133978 shares of PTP exchange hands on a given day and today's volume is recorded at 101917.
RenaissanceRe Holdings Ltd. (RenaissanceRe) is a global provider of reinsurance and insurance coverages and related services. Shares of RNR traded higher by 0.03% or $0.03/share to $101.46. In the past year, the shares have traded as low as $89.64 and as high as $108.99. On average, 307426 shares of RNR exchange hands on a given day and today's volume is recorded at 183841.
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