Validus will become the largest writer of property catastrophe reinsurance business in Bermuda if it completes the agreed purchase of its smaller rival Flagstone Re.
On a pro-forma basis the combined (re)insurer would have a $1.194bn property cat book including managed premium - marginally larger than short-tail rival Renaissance Re's $1.177bn book, according to a presentation made to shareholders.
"This is a strategic acquisition that strengthens our position in our core compete of catastrophe reinsurance," CEO Ed Noonan told analysts...
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