Reinsurance News


Validus Re CEO, Kean Driscoll joins AIG CUO office

6th June 2019

Insurer and reinsurer AIG has appointed Validus Re Chief Executive Officer (CEO), Kean Driscoll, Global Chief Underwriting Officer (CUO) for Property and Agriculture, General Insurance. At the same time, Alexander Baugh has been named Global CUO for Casualty and Financial Lines, General Insurance. Both appointments are effective immediately, and in these ... Read the full article

Talbot founder Rupert Atkin steps down as Non-Exec Chairman

8th May 2019

David Batchelor has been appointed Non-Executive Chairman of Talbot Group, the Lloyd's of London re/insurer acquired by AIG through its acquisition of Validus Holdings in 2018. The appointment is effective after the receipt of regulatory and Lloyd's approval. Batchelor, formerly of broker Marsh, replaces Talbot founder Rupert Atkin, who steps down ... Read the full article

Validus eyes expansion into Canadian reinsurance market

13th March 2019

Validus Reinsurance Ltd., the Bermuda-based reinsurer whose parent company was acquired by AIG for $5.56 billion last year, intends to open a new branch in Canada, according to notices given in the Canada Gazette. The company plans to file an application with a federal regulator, the Office of the Superintendent of ... Read the full article

AIG completes Validus acquisition

18th July 2018

American International Group, Inc. (AIG) has announced the closing of its $5.56 billion acquisition of Validus Holdings, Ltd. following the receipt of regulatory approvals and approval of Validus shareholders. The deal was first announced on January 22nd, 2018, and sees AIG gain some attractive and diversified franchises, including reinsurer Validus Re, insurance-linked ... Read the full article

Validus launches new Fintech package policy

2nd March 2018

Validus Specialty Underwriting Services, Inc. has announced the launch of a new comprehensive package policy aimed at private U.S Fintech companies. The policy is designed to address Fintech’s complex risk management needs, which Validus claims have thus far been inadequately served by unsuitable policy forms. Cathy Cossu, Validus Specialty’s Senior Vice President ... Read the full article

Validus Specialty expands cyber offering with new standalone solution

8th February 2018

Validus Specialty, the cyber and technology insurance unit of Validus Specialty Underwriting Services, Inc., has released a new cyber solution that focuses on privacy and network protection. Further expanding its cyber insurance offering, Validus Specialty has launched a new standalone cyber insurance solution designed to meet the challenges faced by U.S. ... Read the full article

AIG seeks more strategic acquisitions, to offset Validus profits against deferred tax: Report

24th January 2018

Insurer American International Group (AIG) has not finished looking for other potential acquisitions, following the announcement of its $5.56 billion acquisition of Validus, according to a report. The FT spoke with AIG CEO Brian Duperreault who told the newspaper that he would continue to look at opportunities. "To ... Read the full article

Analysts’ commentary suggests AIG / Validus deal is positive, overall

23rd January 2018

Insurance and reinsurance market analysts' comments on AIG's proposed $5.56 billion takeover of Validus Holdings underlines a positive stance on the transaction, with AIG making fundamental changes to its commercial P&C segment and maintaining confidence in previous reserve comments. Following the announcement, AIG management held an investor call, during which ... Read the full article

Potential for AIG to expand in new business segments after Validus takeover

22nd January 2018

AIG management has discussed the firm's proposed takeover of Validus Holdings during a recent investor call surrounding the deal, underlining the potential for growth in new business segments supported by Validus' experienced leadership. Following the announcement of a proposed $5.56 billion acquisition of Validus by AIG, the latter's Chief Executive ... Read the full article

AIG to acquire Validus Holdings for $5.56 billion

22nd January 2018

It's been announced that American International Group, Inc. (AIG) will acquire all the outstanding common shares of Validus Holdings, Ltd. for an aggregate transaction value of $5.56 billion, in cash. The deal represents progress in AIG's profitable growth strategy, enhancing the firm's general insurance capabilities, while adding a robust reinsurance underwriter ... Read the full article

Validus reveals leadership roles to reflect new reportable segments

8th December 2017

Validus Holdings, Ltd. has revealed a number of new leadership roles in new reportable segments, as it looks to enhance the development and execution of its international strategy. In addition to his roles as President of Validus Holdings, Ltd. and Chief Executive Officer (CEO) of Validus Reinsurance, Ltd., Kean Driscoll has ... Read the full article

Validus reveals $30m California wildfire loss, says tax reforms won’t hurt it

8th December 2017

Validus Holdings, the Bermudian insurance and reinsurance group has revealed an initial estimated net loss from the October California Wildfires of $30 million. Validus said that it's estimate is based on an evaluation of loss affected contracts, as well as information provided by customers and intermediaries. However the company noted that there ... Read the full article

Retro market to drive top-down rate changes at 1/1, says Validus execs

1st November 2017

The re/insurance industry's heavy reliance on retrocessional capacity will drive a top-down market change for rates across affected business lines, with traditional reinsurers and primary players pushing for rate increases as retro pricing jumps sharply at January renewals, according to Validus Holdings' executives. "As we have described to you in the ... Read the full article

Validus records $412.7m net loss following Q3 catastrophe events

10th October 2017

Validus Holdings, the Bermuda based specialist insurance and reinsurance firm, has revealed an estimate of its losses from third-quarter 2017 catastrophe events, putting its losses at $412.7 million net, or $378.9 million net of impact on premiums earned. The $378.9 million figure is net of reinsurance, retrocessional recoveries, non-controlling interest and ... Read the full article

Validus renews $240 million Talbot-led binding authority for political risk

7th September 2017

Validus Specialty Underwriting has announced the renewal of its Political Risk Insurance (PRI) binding authority which is 100% underwritten by underwriters at Lloyd’s and led by Talbot Underwriting, Syndicate 1183. The binding authority was launched in 2016 in anticipation of further growth, Validus said its capacity has since increased from $125 million ... Read the full article