RenaissanceRe Holdings Ltd’s acquisition of fellow Bermuda reinsurer Platinum Underwriters Holdings Ltd has moved a big step closer.

RenRe has cleared all regulatory hurdles necessary to complete the deal, the company announced.

Meanwhile, Platinum has announced a $10 special dividend payment in connection with the deal to its shareholders, who will vote on the merger on February 27.

RenRe said that if Platinum shareholders vote in favour, the deal is expected to close on March 2.

Platinum said the special dividend, which will only apply if shareholders approve the takeover, will be paid on the day the deal closes.

Platinum shares fell 0.2 per cent to $76.57 in New York trading on Friday, while RenRe shares fell 0.6 per cent to $103.82.