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.
Head of police dispels fist bump claims
Report is critical of Port Royal overruns
Mother hopes inquest will provide answers
Smith to launch ‘Bermuda Amazon’ website
Honeymooner admits threatening flight staff
Drug mule is jailed
Woman charged with having proceeds of crime
Bean in firing line
‘Irrational’ comments attacked
Floating lanterns lead to false alarms
Public sex offenders list on agenda
Missing boat shows up
Man fined for swearing at police
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