RenaissanceRe Holdings to buy Spectrum Partners

Bermuda-based reinsurer RenaissanceRe Holdings Inc. said today that it will buy Spectrum Partners Ltd. to help it operate better in London and meet increased demand. Spectrum's main operating subsidiary is Spectrum Syndicate Management Ltd., which is the managing agent for RenaissanceRe Syndicate 1458. Spectrum Syndicate Management is based in London. Financial terms of the deal were not disclosed, but RenaissanceRe did say that if the acquisition closes Spectrum Chief Executive Richard Murphy will receive 105,689 of its shares and Chief Operating Officer Kim Fox will receive 42,275 of its shares with the understanding that they will continue to work for Spectrum. Murphy will continue to run Spectrum once the transaction is complete and the rest of the company's management team will stay on as well, RenaissanceRe said.