Validus

Additional disclosure following the RenRe acquisition reveals results for both carriers for the nine months to 30 September last year.

The deal was announced in late May, with RenRe taking over AIG’s treaty business, including AlphaCat Managers, and all renewal rights to Talbot’s reinsurance treaty unit.

The Bermudian’s global property CUO and European chief says it is ready to expand if conditions remain favourable.

RenaissanceRe has said it hopes to retain as much as 90% of the Validus Re portfolio, but where are the highest areas of overlap by cedant?

Morgan Stanley and Golman Sachs exercised in full their right to buy 945,000 shares in the company.

The carrier intends to use the cash raised as part of its consideration for Validus.

The deal is the third scale-up buyout for the firm, highlighting the ongoing value of scale in the reinsurance segment.

The deal is not predicted to have a long-term impact on RenRe’s financial leverage, AM Best said.

The takeover will push it up two places to rank as the fifth-largest writer of P&C reinsurance by gross premium.

The Bermudian reinsurer launched a public offering of 6,300,000 common shares and anticipates raising around $1.15bn to finance the transaction.

This came as parent AIG said it had around $6bn of reinsurance limit available for 2023.

Brooks had been in his post for almost two years and joined AlphaCat in 2011.