Validus
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Additional disclosure following the RenRe acquisition reveals results for both carriers for the nine months to 30 September last year.
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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.
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The Bermudian’s global property CUO and European chief says it is ready to expand if conditions remain favourable.
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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?
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Morgan Stanley and Golman Sachs exercised in full their right to buy 945,000 shares in the company.
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The carrier intends to use the cash raised as part of its consideration for Validus.
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The deal is the third scale-up buyout for the firm, highlighting the ongoing value of scale in the reinsurance segment.
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The deal is not predicted to have a long-term impact on RenRe’s financial leverage, AM Best said.
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The takeover will push it up two places to rank as the fifth-largest writer of P&C reinsurance by gross premium.
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The Bermudian reinsurer launched a public offering of 6,300,000 common shares and anticipates raising around $1.15bn to finance the transaction.
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This came as parent AIG said it had around $6bn of reinsurance limit available for 2023.
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Brooks had been in his post for almost two years and joined AlphaCat in 2011.
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Sven Wehmeyer, who will remain as CEO of Validus’s Zurich-domiciled reinsurance arm, replaced Steve Bardill as head of international on 1 June.
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The diversification benefits and complementary capabilities Validus affords AIG, along with the parent’s move to split its life and P&C operations, factored into the upgrade.
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His arrival comes in the wake of a series of departures from Validus Re’s specialty reinsurance team.
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Tom Gregory, Cameron Maffit, Mark Robinson and Patrick Reardon have now started in their new roles.
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Regional per occurrence deals were also down compared to last year, but Validus lifted its retro cover by $75mn.
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The carrier will take a smaller line than initial backers PartnerRe and Swiss Re.
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Ex-Ariel CFO Angus Ayliffe becomes the latest member to join the team, which Jeff Clements will lead.
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Sources said AIG is offering some staff guaranteed bonuses and stay packages.
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Manders had been with the company since its launch in 2005
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Chris Schaper is to step in as CEO of the unit, as Jeff Clements and Chris Silvester depart.
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The move is likely to be interpreted as succession planning for current CEO Cloutier.
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The ILS market faces a test to recover position as it loses market share to traditional players.
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The Bermudian reinsurer intends to file for local authorisation on or after 8 April.
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Nephila, RenRe and Validus go on the record with this publication on the forthcoming 1 June renewals.
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Settle in for The Insurance Insider’s 12 days of Insurancemas.
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Stephen McGill will lead the platform’s underwriting.
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Validus is also expected to take a $60mn net loss from the Californian events.
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The 2018 conference season has finally come to a close in North America, with the Property Casualty Insurers Association of America’s event in Miami last week bringing the curtain down on this year’s major industry gatherings.
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The fate of staff affected remains unclear as the Lloyd's carrier follows in the footsteps of Beazley and CNA Hardy.
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The reinstatement of US sanctions ends Validus’ Iranian marine cover.
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Corina Monaghan succeeds Jared Kotler, who joined The Hartford in September.
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Transaction numbers fall 21 percent even as the overall value of deals rises to $42bn.
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The former Validus executive takes over from Demian Smith following parent Enstar’s decision to end a sale process for the company.
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The agency also affirmed Validus’ financial strength rating of A (Excellent).
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Holding an asset because you think someone else will ultimately buy it from you at a higher price is called a “greater fool” thesis.
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Validus, Nephila and Everest lead reinsurers providing Irma payouts to Citizens.
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The spate of Bermudian deals pointed to the quality of the carriers, Duperreault said.
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Reinsurers will keep trying to build scale but dealmaking won’t solve difficulties.
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Post-merger departures begin from Validus holding company as AIG takes over.
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CFO Jeff Sangster (pictured) and COO Michael Moore are among the planned departures.
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The (re)insurer acquired by AIG last week posted a $32.9mn loss for the quarter.
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Completion of the first major deal under CEO Duperreault hands the buyer businesses including Validus Re, ILS manager AlphaCat and Lloyd’s platform Talbot.
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The executive was also head of international business development.
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Bob Eells will be COO of Validus Specialty, Western World and Crop Risk Services.
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Our analysis looked at the total compensation received by named executive officers.
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