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RenaissanceRe subsidiary buys stake in Texas-based Woodlands Financial Group

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RenaissanceRe subsidiary buys stake in Texas-based Woodlands Financial Group

RenaissanceRe Ventures Ltd. bought a minority interest in The Woodlands, Texas-based property and casualty agency The Woodlands Financial Group's capital stock, Insurance Journal reported.

Terms of the deal were not disclosed. The Woodlands Financial Group will use the capital infusion to fuel national growth, according to the report.

Michael Doak, president of RenaissanceRe Ventures, joined the P&C agency's board.

Bermuda-based RenaissanceRe Ventures is a subsidiary of RenaissanceRe Holdings Ltd.