Bermudian reinsurer Validus Holdings Ltd said yesterday that its top executive had sold 273,000 shares of the company on the open market.

Ed Noonan, chairman and chief executive officer of Validus, sold the stock to satisfy outstanding tax-related obligations due as a result of the exercise of expiring options and warrants during the 2015 tax year, Validus said last night.

Mr Noonan said: “Since the founding of the company, I have not sold a single share of Validus stock and it would be my strong preference not to. I have done so now solely for liquidity purposes in order to pay tax obligations.”

The company’s shares closed yesterday on the Nasdaq Stock Exchange at $55.10. At this level, Mr Noonan’s sold stock would be worth more than $15 million.