Validus increases Florida exposures by 30-35%
Bolstered by its $180mn sidecar AlphaCat Re 2011, Validus took advantage of firming property cat rates to increase its Florida exposures by 30-35 percent.
The Bermudian reinsurer's growth was thought to be the most noticeable change among reinsurers at the pivotal 1 June Florida renewals season, which is worth an estimated $2.5bn to the reinsurance industry (excluding the state cat fund).
UBS analyst Brian Meredith noted the sharp growth in a sector note after the renewals.
"While rates were up,...
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