RenaissanceRe’s $1.5 Billion Acquisition Of Tokio Millennium Re AG And Tokio Millennium Re (UK)

Niederer Kraft Frey advised Tokio Marine Holdings, Inc. as Swiss counsel on the sale of its reinsurance subsidiaries.

Bermuda-based RenaissanceRe Holdings has agreed to pay about $1.5 billion to acquire Tokio Marine’s reinsurance platform (TMR), which includes Tokio Millennium Re AG and Tokio Millennium Re (UK).

In connection with the transaction, Tokio Marine has agreed to provide RenaissanceRe a $500 million adverse development cover that will protect TMR’s stated reserves at closing, including unearned premium reserves. In addition, Tokio Marine and RenaissanceRe will enter a business cooperation agreement, which will enhance their business relationship and facilitate cooperation on a portion of the international reinsurance purchases of Tokio Marine and its affiliates.

The transaction was originally announced on October 30, 2018 and the completion follows the receipt of all necessary regulatory approvals.

BofA Merrill Lynch is acting as financial advisor to RenaissanceRe in connection with the transaction and Willkie Farr & Gallagher LLP as legal counsel.

Wachtell, Lipton, Rosen & Katz is acting as legal counsel to RenaissanceRe’s Board of Directors in connection with the transaction.

The NKF team was led by Corporate/M&A partner Philipp Haas (picture), working with associates Shu Bernet-Zhang, Nicole Gütling and Julia Tolstova, all Corporate/M&A. Technology partner Clara-Ann Gordon advised on the data protection matters. Partner Christina Rinne and counsel Elga Reana Tozzi advised on the tax matters.

Involved fees earner: Shu Bernet-Zhang – Niederer Kraft & Frey Ltd; Clara-Ann Gordon – Niederer Kraft & Frey Ltd; Nicole Gütling – Niederer Kraft & Frey Ltd; Philipp Haas – Niederer Kraft & Frey Ltd; Christina Rinne – Niederer Kraft & Frey Ltd; Julia Tolstova – Niederer Kraft & Frey Ltd; Elga Reana Tozzi – Niederer Kraft & Frey Ltd;

Law Firms: Niederer Kraft & Frey Ltd;

Clients: Tokio Marine Holdings, Inc.;