Validus Putting IPC Underwriters, Management Out The Door

NU Online News Service, Oct. 20, 4:00 p.m. EDT

Validus Holdings, after a bitter takeover battle to acquire fellow Bermuda reinsurer IPCRe Holdings last month, is cleaning house at the company.

A company spokesman said 16 of IPC's 30 staff members will leave the company at the end of year including senior management and all underwriters.

The spokesman, Jonathan Doorley, said all 30 on the staff will be kept on until Dec. 31 "giving them a chance to earn a year end bonus."

He said 13 of 14 IPC staff being retained are Bermuda residents.

Validus management, according to Mr. Doorley, feels it can service the business involved with its existing staff. He said the company plans to work with brokers to see how they can grow their business with new approaches to transactions.

Validus acquired IPC for $1.6 billion after an extended battle in which IPC management rejected several overtures and sought other bidders.