Validus subsidiary raises $404m for ILS
Bermuda reinsurer Validus Holdings Ltd last night announced that its investment advisory subsidiary AlphaCat Managers Ltd has raised $404.4 million of third party capital for investment in collateralised reinsurance and insurance-linked securities (ILS).
AlphaCat 2013 Ltd is a special purpose vehicle formed to invest in collateralised property catastrophe reinsurance and retrocession on a worldwide basis.
AlphaCat 2013 is capitalised at $230 million, with outside investors contributing $185 million or 80.4 percent of the funding and the balance being provided by Validus.
Validus also announced that $219.4 million of third party subscriptions were received in its ILS funds. The AlphaCat ILS funds invest in instruments with returns linked to property catastrophe reinsurance, retrocession and ILS contracts.
Ed Noonan, chairman and chief executive officer of Validus, commented: AlphaCat 2013 and the third party investment in the AlphaCat ILS funds reflect the continued importance of Validus franchise in the global property catastrophe reinsurance market.
We are pleased with the significant level of investor support which reflects on the scale of Validus operations, the skill of our underwriting team and the AlphaCat infrastructure we have developed to manage third party capital.
Missing rugby tourist sought by police
Shelly Bay bus shelter damaged in crash
Man critical after Front Street fight
Man with home-made gun jailed
Fire on Hinsons Island not an emergency
Ruthless Hood destory Social Club
CTO assists with cybersecurity strategy
Duffy and Butterfield take top awards
Devonshire blaze quelled by firefighters
Police name man found dead in Warwick
Tributes to former teacher and rugby player
To err is human, to forgive is divine
MPs vote to postpone municipal elections
Take Our Poll