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The deal includes Validus Reinsurance Ltd and its consolidated subsidiaries, AlphaCat Managers Ltd, and all renewal rights to the Assumed Reinsurance Treaty Unit of Talbot

The company said it intends to use net proceeds from the offering to make capital contributions to its insurance and reinsurance operating subsidiaries

The result for the Bermudian-based (re)insurer is a staggering increase year-over-year

The ratings reflect its balance sheet strength, adequate operating performance, neutral business profile and appropriate enterprise risk management

Insurance industry veterans Christine Dandridge and Matthew J Adams take the number of directors up to 11

The upgraded companies are Talcott's connecticut-based companies

The industry veteran is to succeed Nikolaus von Bomhard in the post effective January 1

KBRA noted that the Covid-19 pandemic and other events have led to increased awareness for the financial guaranty product

The transaction is subject to regulatory approvals and other conditions of closing

First transaction reinsures longevity and asset risks associated with UK pension liabilities of a leading UK-regulated insurer