Flagstone deal would make Validus largest Bermudian property cat writer
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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