Firms being offloaded embrace Validus Reinsurance and Talbot Underwriting
The European Fee (EC) has accredited the sale of American Worldwide Group’s (AIG) treaty reinsurance enterprise to RenaissanceRe Holdings (RenRe).
In an replace, the regulatory physique stated: “The Fee concluded that the proposed acquisition would elevate no competitors issues, given the restricted horizontal overlaps and vertical relationships ensuing from the proposed transaction.”
In keeping with the EC, whose approval was offered beneath the merger regulation of the European Union, the AIG-RenRe deal was examined utilizing the simplified merger evaluate process.
The regulator assesses mergers and acquisitions to stop market concentrations that considerably impede efficient competitors within the European Financial Space or any substantial a part of it.
First introduced in Could, the $3 billion swoop spans Validus Reinsurance and its consolidated subsidiaries, AlphaCat Managers and its managed funds, and all renewal rights to the treaty reinsurance enterprise of Talbot Underwriting. RenRe is buying sole management of the abovementioned companies.
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