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Validus savours a good start with premiums of $220m.
(From Lloyds List)
Byline: James Brewer
A NEW reinsurance company backed by former Marsh chairman Jeffrey Greenberg has reported a strong start to its operations.
Mr Greenberg's private equity firm Aquiline Capital Partners is founding investor and sponsor of Validus Re, one of several competing start-ups set up in Bermuda.He and other investors including funds managed by Goldman Sachs Capital Partners, Vestar Capital Partners, New Mountain Capital and Merrill Lynch Global Private Equity raised more than $1bn of capital for the venture.
Unusually for the sector, Validus has been quick off the mark with an update for its January renewal season.Edward Noonan, chairman and chief executive, said: 'Both submissions and bindings exceeded our expectations.
'To date, Validus has bound business representing gross written premiums of $220m in our targeted property, marine and energy, and specialty lines.'
He said that the capital raised for ...
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