In dueling press releases both Allied World Assurance and Validus Holdings reaffirmed their respective positions in their competing efforts to acquire the outstanding shares of Transatlantic Holdings, Inc. Bermuda-based Validus noted that it had “delivered to the Board of Directors …
Standard & Poor’s Ratings Services has said that its “ratings on Validus Holdings Ltd. (BBB/Stable/–) remain unchanged following the insurance company’s unsolicited offer to combine with Transatlantic Holdings Inc. (BBB+/Watch Pos/–) in response to the definitive merger agreement between Transatlantic …
A.M. Best Co. has commented that the financial strength rating of ‘A-‘ (Excellent) and issuer credit rating (ICR) of “a-” of Bermuda-based Validus Reinsurance Ltd., as well as the ICR of “bbb-” and the indicative ratings of “bbb-“, “bb+” and …
Validus Holdings Ltd offered to buy reinsurer Transatlantic Holdings Inc for about $3.5 billion in cash and stock, trumping Allied World Assurance Co Holdings’ all-stock offer. Validus offered 1.5564 in shares and a special dividend of $8 in cash for …
Bermuda-based Validus Holdings has joined with other investors in capitalizing and launching AlphaCat Re 2011, Ltd., which it describes as a “new special purpose ‘sidecar’ reinsurer formed for the purpose of writing collateralized reinsurance and retrocessional reinsurance.” Vaidus said “AlphaCat …
Bermuda-based Validus Holdings, Ltd. Has issued a comment on worldwide loss activity occurring in the first quarter of 2011, including the February 22 New Zealand earthquake. The 6.3 magnitude earthquake which struck the South Island of New Zealand near Christchurch …
As has been the case with many of its peers, Bermuda-based Validus Holdings didn’t escape the loss events of 2010 unscathed, as both fourth quarter and full year earnings results were battered. Validus reported net income of $102.7 million, or …
