Platinum Underwriters Holdings (PTP) announced Monday morning that it agreed to be acquired by RenaissanceRe Holdings Ltd. (RNR) for $76 per share, or approximately $1.9 billion.
Platinum Underwriters Holdings gapped open dramatically higher this morning and is now up 11.54 at $72.81 on the highest volume of the year. The stock has leaped to a new high for the year.
RenaissanceRe Holdings has been steadily declining since the open and is now down 4.32 at $97.14 on above average volume. The stock has dropped to over a 1-month low.
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Business News
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.