This post was originally published on this site
https://i-invdn-com.investing.com/news/LYNXNPEB730KB_M.jpg
AIG will deliver $2.1 billion in unlevered shareholder’s equity to RenaissanceRe at closing, with any excess retained by AIG. The total consideration is approximately $2.985B, consisting of $2.735B in cash and $250 million in RenaissanceRe common shares.
The cash portion will be funded through available funds and proceeds from equity and debt issuance. AIG’s shares will be valued at the lower of the public offer price or the closing price on May 22, 2023. The transaction is expected to close in Q4/23.
AIG will retain 95% of the development on net reserves at closing and plans to make significant investments in RenaissanceRe’s Capital Partners business after the transaction is finalized.
