NEW YORK (Bloomberg) – Bermuda-based Validus Holdings Ltd., the reinsurer started with the backing of former Marsh & McLennan Cos. CEO Jeffrey Greenberg, rose in New York trading after third-quarter profit exceeded expectations.

Validus climbed $1.02, or 4 percent, to $26.27 in New York Stock Exchange composite trading. Excluding investment gains and one-time items, the company earned $1.78 a share, exceeding the $1.20 average estimate.

The company has gained about 19 percent since its initial share sale.