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Validus Holdings, Ltd. Establishes Validus Reaseguros, Inc. to Service Latin America & Caribbean
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| Copyright: | Business Wire | | Source: | Business Wire | | Wordcount: | 696 |
Business Editors/Insurance Writers
HAMILTON, Bermuda--(BUSINESS WIRE)--May 6, 2008--Validus Holdings, Ltd. (“Validus”) (NYSE: VR) has formed a company, Validus Reaseguros, Inc., which will act as an approved Lloyd’s coverholder for Syndicate 1183.
Based in Miami, the company will specifically target the Latin American and Caribbean markets. As an approved Lloyd’s coverholder Validus Reaseguros will receive its underwriting capacity from Syndicate 1183 which is managed by Talbot Underwriting, Ltd. Validus Reaseguros will underwrite business on both a Facultative and Treaty basis across a range of lines.
Validus Reaseguros is led by Chief Executive Officer J. Andrew Downey. Mr. Downey has worked in the region for over eleven years, most recently as Senior Vice President & Underwriting Manager for the Latin American & Caribbean Division of Transatlantic Re, a post he had held since 2002. He was the General Manager of the Transatlantic Re operation in Argentina from 1999 to 2002.
Mr. Downey is currently supported by a team including Rafael Saer (Chief Operating Officer), Jorge Beltran (Treaty Manager), Mario Montero (Facultative Manager) and Luis Sonville (Miscellaneous Lines Manager). The current team has over 50 years of underwriting experience and is expected to continue to add staff to meet client needs.
Validus Holdings, Ltd.
Validus Holdings, Ltd. is a provider of reinsurance and insurance, conducting its operations worldwide through two wholly-owned subsidiaries, Validus Reinsurance, Ltd. (“Validus Re”) and Talbot Holdings Ltd. (“Talbot”). Validus Re is a Bermuda based reinsurer focused on short-tail lines of reinsurance. Talbot is the Bermuda parent of the specialty insurance group primarily operating within the Lloyd’s insurance market through Syndicate 1183.
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The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein or elsewhere, including the Risk Factors included in our Annual Report on form 10-K. Any forward-looking statements made in this report are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, us or our business or operations. We undertake no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
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