RenaissanceRe announced the terms of the $1.5 billion deal Wednesday. (Photo: Shutterstock)
RenaissanceRe announced Wednesday it will acquire Tokio Marine's reinsurance platform, which includes Tokio Millennium Re AG and Tokio Millennium Re (UK) Limited (collectively, "TMR").
RenaissanceRe announced the terms of the deal, in which Tokio Marine will receive 1.02 times the tangible book value of TMR delivered to RenaissanceRe at closing.
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