AIG completes acquisition of Validus
American International Group Inc has completed its acquisition of Bermudian-based Validus Holdings Ltd.
The deal was first announced in January and has now close following receipt of regulatory approvals and approval of Validus shareholders.
Brian Duperreault, president and chief executive officer of AIG, said: “We are very pleased to welcome Validus to AIG. Validus’s experienced team and complementary businesses will help us deliver sustainable, profitable growth as we continue to build value for our shareholders.”
In a statement, AIG said Validus adds “attractive and diversified franchises” with reinsurance platform Validus Re, an insurance-linked securities asset manager AlphaCat, Lloyd’s syndicate Talbot, together with Western World, a specialist in US small commercial excess and surplus underwriting, and Crop Risk Services, which provides access to the North American crop insurance market.
Peter Zaffino, AIG’s CEO, General Insurance, said: “We look forward to working with the Validus team on the expanded capabilities and value we can deliver to our clients and broker partners. The Validus businesses will be immediately accretive to our performance in General Insurance now that they are officially part of AIG.”
Validus was among the Bermuda “Class of 2005” reinsurance start-ups that followed in the wake of the major insured losses from hurricanes Katrina, Rita, and Wilma that year.