Bermuda-based Validus Holdings, Ltd. announced that its wholly owned subsidiary Validus Reinsurance, Ltd. has entered into a collateralized quota share retrocessional reinsurance agreement with respect to certain lines of marine and offshore energy reinsurance contracts for the 2008 underwriting year.
“The agreement provides that the retrocessionaire will maintain funds in a trust equal to its potential liabilities under the ceded business,” said the bulletin.
Validus also announced that the collateralized quota share retrocessional reinsurance agreement with Petrel Re Limited will not be extended beyond the 2007 underwriting year.
Validus Holdings, Ltd. is a provider of reinsurance and insurance, conducting its operations worldwide through two wholly-owned subsidiaries, Validus Re and Talbot Holdings Ltd. Validus Re is a Bermuda based reinsurer focused on short-tail lines of reinsurance. Talbot is the Bermuda parent of the specialty insurance group primarily operating within the Lloyd’ s insurance market through Syndicate 1183.
Source: Validus Re – www.validusre.bm
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