Validus sidecar reports $50mn loss
The AlphaCat sidecars contributed $12.1mn to Validus' second
quarter profits while the Bermudian reinsurer took a $5mn quarterly
loss from the new PaCRe start-up, according to its strong Q2
results.
PaCRe posted a $50.4mn loss during the quarter as a result of
unrealised investment losses. Validus took a $5mn share of this
loss with the majority shareholder, hedge fund Paulson & Co,
picking up the rest of the loss burden.
Its underwriting result came to a $0.4mn loss as start-up...
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