Carey Olsen acts for RenaissanceRe Holdings Ltd on its $3 billion acquisition of AIG's Validus Reinsurance Ltd
June, 2023 - Bermuda, Bermuda
AIG's treaty reinsurance business includes Validus Reinsurance Ltd. and its consolidated subsidiaries, AlphaCat Managers Ltd and its managed funds, and all renewal rights to the Assumed Reinsurance Treaty Unit of Talbot.
A multi-practice Carey Olsen team advised on all Bermuda law elements of the acquisition, from the share purchase to the raising of capital to fund a portion of the cash consideration though a public offering of 6.3 million common shares and a public offering of $750 million aggregate principal amount of 5.750% senior notes, as well as the Bermuda regulatory approvals. The agreement has been approved by RenaissanceRe’s Board of Directors and is expected to close in the fourth quarter of 2023, subject to customary closing conditions and regulatory approvals.
The Carey Olsen team involved in the transaction was led by corporate partner Gavin Woods and counsel Michelle Falcucci, together with employment partners Michael Hanson and Jay Webster, supported by employment senior associate Bradley Houlston, and corporate associates George McCallum and Michelle Meyer.
Carey Olsen worked alongside Sidley Austin LLP who advised RenaissanceRe Holdings Ltd. Debevoise & Plimpton LLP advised the underwriters with respect to the securities offerings. Wachtell, Lipton, Rosen & Katz advised AIG on the sale of Validus Re.
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