Furbert welcomes formation of PaCRe
Business Development Minister Wayne Furbert has welcomed the formation of PaCRe, formed by Bermuda reinsurer Validus Holdings in conjunction with American hedge fund manager John Paulson.
As reported by The Royal Gazette nearly two weeks ago, PaCRe will be funded by $500 million of contributed capital, which the new company will start to deploy for the June 1, 2012 renewal season. Mr Paulsons New York-based company, Paulson & Co, will manage PaCRes assets, while Validus will carry out the underwriting.
Mr Furbert added that PaCRe was one of eight Class 4 insurers to have incorporated on the Island in the past five years, despite the economic challenges during that time. The formations represented an aggregate of more than $8 billion in fresh capital for the Bermuda insurance industry, according to a Government statement released yesterday.
The Government of Bermuda is pleased to have learned of the announcement by Validus Holdings, Ltd of the capitalisation of a new Bermuda Class 4 reinsurer, PaCRe. This is yet another example of the confidence that the insurance industry has shown in Bermuda. Their investment continues to make Bermuda the jurisdiction of choice.
The Government is determined to ensure that Bermuda is welcoming to international business, and that Bermuda is open to and open for business.
PaCRes formation represented a strong vote of confidence in Bermuda as a leading financial jurisdiction, Mr Furbert added.
Mr Furbert is one of two Cabinet Ministers, along with Premier Paula Cox, to be registered for the Risk and Insurance Management Societys (RIMS) annual conference, which starts today in Philadelphia.
Ed Noonan, chairman and CEO of Validus Holdings, said: Bermudas combination of strong regulatory oversight, receptivity to new companies and pre-eminence as the knowledge centre for global catastrophe risk has been critical to our success as a company and our ability to continue to grow and attract new investment capital to our business.
Validus is proud of its excellent Bermudian employee base, and continues to see a bright future for international business on the Island.
Cuts totalling $6.4 million agreed
Dismay over church event with ‘ex-gays’
Car crashes outside Devonshire Church
Boat sinks near Cavello Bay
Help Whiskers recover from dog mauling
Anger over street lighting outages
Debt beast is a very dangerous foe
Man, 27, arrested after pub row
Unions: talks bear fruit
Boardroom with a view
Chelsea Amber nominated for Juno Award
The incredible shrinking Bermuda economy
Government to examine spending options
Take Our Poll
- Which of the following best describes your opinion on how Senior Civil Servant job positions should be granted?
- Senior civil servants should be appointed on a temporary contract renewable basis.
- Senior civil servants should continue to be appointed on a permanent basis
- Don't Know
- Total Votes: 2155
- Poll Archive