Ed Noonan News

Enstar Boosts Capital of StarStone U.S. by $610M with Noonan, Consolino as Execs

Enstar Group Ltd. announced it has increased the capitalization of its specialty property/casualty insurance subsidiary StarStone U.S. Holdings Inc., by $630 million. Three private equity investors have committed $610 million in new equity capital which, together with the rollover of …

Validus Names Driscoll as President; Keeps Role as Validus Re’s CEO

Bermuda-based Validus Holdings Ltd. announced that Kean Driscoll has been named president of the group, effective immediately. Driscoll will continue to serve as chief executive officer of Validus Reinsurance Ltd., a position he has held since 2012. Driscoll was a …

Bermuda’s Validus Reports 2015 Net Income of $374.9M, vs. $480M in 2014

Bermuda-based Validus Holdings Ltd. reported net income available to Validus of $69.0 million, or $0.81 per diluted common share, for the three months ended Dec. 31, 2015, compared to $125.9 million, or $1.38 per diluted common share, for the same …

Paulson’s PaCRe Shuts Down After Investment Slump, Bermuda Tax Uncertainties

Billionaire John Paulson’s New York hedge fund firm has shut an operation in Bermuda that had been targeted by a Democratic lawmaker as a tax shelter. Paulson’s venture, a reinsurer named PaCRe Ltd., has stopped writing new coverage, and its …

Validus Announces Senior Executive Appointments at Talbot Underwriting

Validus Holdings announced a series of senior management appointments at Talbot Underwriting Ltd., its wholly owned subsidiary. Rupert Atkin will retire as chief executive officer of Talbot on Feb. 29, 2016. Peter Bilsby, currently managing director of Talbot, will succeed …

Validus Reports $22 Million Hike in 3rd Quarter Net Income to $66.7 Million

Validus Holdings Ltd. reported net income of $66.7 million, or $0.78 per diluted common share, for the third quarter ended Sept. 30, 2015, compared to $39.7 million, or $0.41 per diluted common share, for the same period last year. For …

Validus Group Appoints Zhou as China Representative

Validus Holdings Ltd. has appointed Ellie Zhou as underwriting manager for Greater China to support the Validus Groups’ existing Chinese customers and expand the firm’s business in the region. China is one of the world’s largest and fastest-growing insurance markets …

Validus Estimates Losses of $64 Million from China Port Explosion & Chile Quake

Validus Holdings Ltd. estimates it lost just under $64 million from the Port of Tianjin explosion and recent earthquake in Chile, a number that matches its Q2 net income. Breaking down this figure, the Bermuda-based insurance and reinsurance holding company …

Validus Reports $173.4M Q1 Net Income, Up From $162.4M in Q1 2014

Bermuda-based Validus Holdings Ltd. reported net income available to Validus of $173.4 million, or $1.98 per diluted common share, for the three months ended March 31, 2015, compared to $162.4 million, or $1.66 per diluted common share, for the three …

XL’s McGavick Says Defectors May Find More Turmoil at New Jobs

XL Group plc Chief Executive Officer Mike McGavick said employees who are worried about disruption from his company’s planned purchase of Catlin Group Ltd. should think twice about jumping ship. Other reinsurance deals, including last month’s agreement by AXIS Capital …