RenaissanceRe Holdings Ltd. agreed to buy Platinum Underwriters Holdings Ltd. for about $1.9 billion, combining Bermuda-based reinsurers to gain scale as established firms fend off competition from hedge fund investors.

The deal values Platinum at $76 a share, 24 percent more than its closing price on Nov. 21,RenaissanceRe said in a statement today. The buyer will pay 7.5 million of its shares and about $1.16 billion in cash, according to the statement.

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