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.
Bed shortage hits cricket legend’s surgery
Oracle make their mark despite mishap
Maternity ward used to tackle bed crisis
War nurse Beatrice Osborn dies, aged 100
Following her destiny
Violence is depriving children of fathers
Families must care for elderly relatives
Family’s gift to community
Willowbank Hotel set to reopen in May
We’ve got it covered!
Tabling of $1m report in doubt
Cannonier under fire over Moresby House $3m
New business aims to help dementia sufferers
Hospital experiencing bed ‘crisis’
Take Our Poll