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Bermuda-based RenaissanceRe Holdings Ltd. has acquired Switzerland-based Tokio Millennium Re A.G. for $1.5 billion, The Royal Gazette reported. Tokio Millennium Re has a branch office in Bermuda and operations in the United Kingdom, United States and Australia. Kevin O'Donnell, chief executive of RenaissanceRe, said that the acquisition will help the reinsurer increase its product offerings and provide access to new risks.