Bermuda-based Validus Holdings, Ltd. has completed its acquisition of Talbot Holdings Ltd. from a group of institutional investors and Talbot employees and management, following receipt of all required regulatory approvals (See IJ web site May 16).
“Talbot will be Validus Holdings, Ltd.’s principal operation in the direct insurance market and primary point of access to the London Market,” said the announcement. “The business will continue to trade in the Lloyd’s market through both Syndicate 1183 and Underwriting Risk Services Ltd. (URSL).”
Validus also announced that it has raised $200 million through a private sale of Junior Subordinated Deferrable Interest Debentures. They carry a fixed rate of interest equal to 8.48 percent per annum through June 15, 2012, and thereafter a floating rate of interest equal to 3-month LIBOR plus 295 basis points, reset quarterly. The Deferrable Interest Debentures mature on June 15, 2037, and may be called at par by Validus at any time after June 15, 2012. The Deferrable Interest Debentures will not be and have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States, or in other countries that require registration.
Topics Mergers & Acquisitions
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