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. 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.Reinsurers such as RenaissanceRe and Platinum help insurance companies cover the cost of major damage claims, such as for hurricanes or earthquakes, in exchange for part of the premiums their customers pay.
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 102917.
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 184041.
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