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(From Reinsurance)
New Bermudian reinsurer Validus Re has announced that it has bound business representing gross written premiums of $220m after only operating a month.
Validus Re, which is a part of the new class of 2005 that rapidly came into being in the aftermath of the catastrophic 2005 hurricane season, started writing business on 12 December 2005, concentrating on property, marine, energy and specialty lines. The company was backed by GBP1bn of capital, and has an AM Best rating of A- (excellent).
Edward Noonan, the chairman and chief executive of Validus Re, stated: "We ...