Validus Reinsurance has written $220m at renewals in its targeted property, marine and energy, and specialty lines.
Validus announced the preliminary results for Validus Reinsurance, its wholly owned subsidiary, through the 1 January renewal season.
Edward Noonan, the chairman and CEO of Validus, said: “We are very gratified with the reception that Validus Re has received from both intermediaries and reinsurance buyers during the January renewal season. Both submissions and bindings exceeded our expectations. To date, Validus Re has bound business representing gross written premiums of $220m in our targeted property, marine and energy, and specialty lines.
“Validus Re commenced operations on 12 December 2005 with a broad team of highly regarded underwriters, actuaries and catastrophe modellers, backed by over $1bn of capital and an AM Best rating of A- (excellent), allowing us to be responsive to the significant market need for capacity following the events of 2004-05.
“Having developed a business model based on conservative assumptions regarding rate increase, we were pleased with the pricing environment. Additionally, we are encouraged by the broader market acceptance of the absolute total insured value approach to risk and capital utilisation that is the core premise of our exposure management strategy.
“We are committed to building a long-term franchise in the global reinsurance market and are grateful to have attracted a high quality investor base that shares this commitment. I am excited by the opportunity to work with our institutional sponsors in growing Validus and believe that the company will continue to benefit from a very knowledgeable group of investors and a board of directors that is experienced in the reinsurance industry.”
