Tue. Jul 16th, 2024

Brussels, 31 August 2023

The European Commission has approved, under the EU Merger Regulation, the acquisition of sole control of the treaty reinsurance business of American International Group, Inc. (‘AIG’), of the US, by RenaissanceRe Holdings Ltd. (‘RenRe’), of Bermuda.

AIG ‘s treaty reinsurance business includes: (i) Validus Reinsurance, Ltd., a global reinsurance group focused on treaty reinsurance; (ii)  AlphaCat Managers, Ltd., an investment adviser for a series of insurance-linked securities funds and vehicles, as well as providing reinsurance among other services; and (iii) Talbot Underwriting Ltd, a specialty reinsurance and insurance group. RenRe is a global provider of reinsurance and insurance, specialising in property, casualty and specialty reinsurance, as well as certain insurance solutions.

The Commission concluded that the proposed acquisition would raise no competition concerns, given the limited horizontal overlaps and vertical relationships resulting from the proposed transaction. The transaction was examined under the simplified merger review procedure.

More information is available on the Commission’s competition website, in the public case register under the case number M.11207.

Source – EU Commission

 

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