Aig to sell validus re to renaissancere

New york--(business wire)--american international group (nyse: aig) today announced that it has entered into a definitive agreement to sell validus re, including alphacat and the talbot treaty reinsurance business, to renaissancere holdings ltd. (nyse: rnr) (“renaissancere”) for $2.985 billion, consisting of $2.735 billion in cash and $250 million in renaissancere common shares. in addition, aig will receive all capital in excess of $2.1 billion of shareholders' equity of validus re and achieve.
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