Validus News

AIG Completes $5.5 Billion Acquisition of Validus

American International Group Inc. said it has completed its acquisition of Bermuda reinsurer and specialist insurer Validus Holdings. The $5.56 billion all-cash transaction was first announced in January, about eight months after Brian Duperreault took over at AIG as president …

Validus Specialty Expands Commercial D&O Portfolio; Zurich’s McAdams Named Sr. U/W

Validus Specialty Underwriting Services Inc. announced the expansion of its product portfolio with an admitted, private company commercial directors and officers (D&O) policy. With broad coverage, the new form provides management liability protection for private company business leaders, Validus Specialty …

AIG to Buy Bermuda Reinsurer Validus for $5.6B in Cash, Reversing Retrenchment

Eight months after Chief Executive Officer Brian Duperreault took over and began to undo his predecessor’s retrenchment strategy, the company announced a $5.56 billion, all-cash deal to purchase Bermuda reinsurer Validus Holdings Ltd., its largest standalone acquisition in 17 years. …

Validus Names Driscoll, Bilsby & Zeng to Lead New Reportable Divisions

Validus Holdings Ltd. has announced three senior leadership appointments as a result of a structural change for the company that creates three, new reportable divisions: Reinsurance, Insurance and Asset Management. Kean Driscoll was named global head of Reinsurance, in addition …

Hedge Funds Invest in Reinsurance Stocks on Expected Rate Hikes in 2018

Hedge funds bought reinsurance stocks in the third quarter after prices tumbled on widespread losses after multiple hurricanes in North America, filings showed on Wednesday. Hurricanes in the United States and the Caribbean in August and September are expected to …

Reinsurers Welcome Rate Stabilization: S&P-PwC Bermuda Reinsurance Forum

North American reinsurers may soon see some rate stabilization after a prolonged period of declining premium rates, as they deal with a supply-demand imbalance that has weighed on returns, according to executives at the 2016 Bermuda Reinsurance Conference co-hosted by …

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 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 …

Swiss Re Estimates Its Tianjin Port Explosion Losses Will Hit $250 Million

Swiss Re AG, the world’s second-largest reinsurer, posted a 13 percent increase in third-quarter profit after allowing for $250 million in losses from the chemical warehouse explosions in the Chinese city of Tianjin in mid- August. Net income climbed $1.4 …