RenaissanceRe completed the acquisition of Validus Re from American International Group for $3bn.

RenaissanceRe, a provider of reinsurance, insurance and other related business services, completed the acquisition of Validus Re, a reinsurance business, from American International Group, a finance and insurance corporation, for $3bn. “We are delighted to complete the Validus Re acquisition today. We are bringing together two of the best reinsurance underwriters and look forward to the risk expertise and scale that our combined company will bring to our customers. This transaction accelerates our strategy, expands our ability to match efficient capital to desirable risk, and positively impacts each of our three drivers of profit – underwriting, fee, and investment income. We are pleased to extend our partnership with AIG and have strong conviction that this transaction will create both immediate and long-term value for our shareholders," Kevin J. O’Donnell, RenaissanceRe President and CEO.