Validus Holdings Ltd. has formed a coverholder company that will target Latin American and Caribbean markets.

The company, Validus Reaseguros, Inc., will act as an approved Lloyd's coverholder for Syndicate 1183.

As an approved Lloyd's coverholder Validus Reaseguros will receive its underwriting capacity from Syndicate 1183 which is managed by Talbot Underwriting, Ltd.

It will underwrite business on both a facultative and treaty basis across a range of lines and is led by chief executive officer Andrew Downey.

Mr. Downey has worked in the region for more than 11 years, most recently as senior vice-president and underwriting manager for the Latin American and Caribbean Division of Transatlantic Re, a post he held since 2002.

Mr. Downey is currently supported by a team including chief operating officer Rafael Saer, treaty manager Jorge Beltran, facultative manager Mario Montero and Luis Sonville. The current team has over 50 years of underwriting experience and is expected to continue to add staff to meet client needs.