RenaissanceRe’s USD 1.5 billion acquisition of Tokio Millennium Re AG and Tokio Millennium Re (UK) Limited

Niederer Kraft Frey advises Tokio Marine Holdings, Inc. as Swiss counsel on the sale of its reinsurance subsidiaries Tokio Millennium Re AG and Tokio Millennium Re (UK) Limited for the total consideration of approximately USD 1.5 billion.

Tokio Marine is a holding entity of Tokio Marine Group, a global insurance group operating extensively in the non-life and life insurance business, and financial and general business. Tokio Marine is listed on Tokyo Stock Exchange.

RenaissanceRe expects that upon closing the transaction will be immediately accretive to book value per share, tangible book value per share, operating earnings per share and operating return on equity.

The transaction is expected to close in the first half of 2019 and is subject to customary closing condition and regulatory approvals. In connection with the transaction, the parties have entered into an adverse development agreement and will enter into a business cooperation agreement to enhance their business relationship.

The NKF team is 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 advises on the data protection matters. Counsels Christina Rinne and Elga Reana Tozzi advise on the tax matters.

 

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

Law Firms: Niederer Kraft & Frey Ltd;

Clients: Tokio Marine Holdings, Inc.;