RenRe to Acquire Tokio Millennium for $1.5 Billion

November 1, 2018

Cleary Gottlieb is representing BofA Merrill Lynch as financial advisor to the board of directors of RenaissanceRe Holdings Ltd. (RenRe) in the company’s acquisition of Tokio Millennium Re AG and Tokio Millennium Re (UK) Ltd. (collectively, TMR) from Tokio Marine Holdings Inc. (Tokio Marine).

Under the terms of the agreement, Tokio Marine will receive an amount of cash and RenRe shares equal to 1.02 times the closing tangible book value of TMR. If the tangible book value of TMR is unchanged from June 30, 2018, Tokio Marine will receive approximately $1.5 billion in total consideration.

The transaction is anticipated to close in the first half of 2019, subject to customary closing conditions.

RenRe and TMR are reinsurance companies.