Rating agency Moody's has affirmed the A1 insurance financial strength (IFS) rating of RenaissanceRe following its agreement with American International Group (AIG) to acquire its treaty reinsurance business, including Validus Reinsurance, AlphaCat Managers and its managed funds, and the renewal rights to Talbot syndicate's assumed treaty reinsurance business. The rating outlook for RenaissanceRe is stable. RenaissanceRe has agreed to acquire Validus Re for some $3 billion in cash. The company plans to fund the acquisition with a combination of equity, including $250 million of common shares issued to AIG, debt as well as cash on hand. The parties expect to complete the transaction in the fourth quarter of 2023, pending regulatory approvals and other customary closing conditions.