Less than one year after its unsuccessful pursuit of Transatlantic Holdings, Validus Holdings says it reached an agreement to buy Flagstone Reinsurance Holdings for about $623 million in cash and stock.
The purchase, expected to close in the fourth quarter, will allow the Bermuda-based specialty insurer to "further build upon our market-leading position in catastrophe risk," says Ed Noonan, Validus chairman and chief executive officer, in a statement.
The Validus brand, as well as its headquarters and executive management, will be used for the combined company.
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