Validus scrapes a profit despite 110% combined ratioSoon-to-be AIG-owned Validus eked out a fourth quarter profit that was well below the expectations of analysts as California wildfire losses took their toll on the bottom line.
Sold Ascot, bought Validus: the renaissance of reinsurance?18 months ago AIG sold the well regarded Lloyd’s carrier Ascot for approximately 1.6 times book. Today it’s buying Validus and its Lloyd’s platform Talbot for around the same multiple. Why the strategic U-turn?
AIG purchases Validus for $5.56bn cashAIG has struck a deal to acquire Ed Noonan’s Validus for $68 per share in a $5.56bn all-cash transaction, the company announced today (22 January).
Bermudian (re)insurance shares leap following AIG-Validus dealShares in Bermudian (re)insurers have surged in early trading today as investors seek exposure to a further round of consolidation on the island following AIG’s announcement of its mammoth $5.56bn acquisition of Validus.
Validus to remain independent after $5.6bn AIG acquisitionValidus will not be integrated wholesale into AIG after the US insurance giant’s bumper $5.56bn acquisition of the Bermudian carrier completes, AIG CEO Brian Duperreault has revealed.
Validus shares surge 45% after $5.6bn AIG dealShares in Validus have rocketed by 44.5 percent to as high as $67.51 as markets opened in New York as investors digest today’s news of AIG’s $68 per share offer to buy the Bermudian (re)insurer.
Noonan to walk away from Validus with $82.4mnValidus chairman and CEO Ed Noonan (pic) is set to walk away from the firm with $82.4mn in his pocket following AIG’s blockbuster deal to buy the Bermudian carrier.
Catlin joins Aquiline Capital PartnersInsurance entrepreneur Stephen Catlin (above) has joined the New York-headquartered Aquiline Capital Partners to advise the private equity firm on potential new investments, Reinsurance can reveal.
ILS fund AlphaCat raises $714mnAssets under management (AuM) at Validus Holdings’ ILS fund manager AlphaCat have climbed to a new record of $3.4bn after raising $714.2mn from investors after the 2017 H2 losses.
Florida braced for IrmageddeonWith a cruel sense of timing, Florida is bracing itself for a hit from one of the biggest hurricanes in history just as the global reinsurance industry converges on Monte Carlo for the annual Rendez-Vous.