Jeff Greenberg Launches Reinsurer
|Bermuda firm backed by former Marsh chief executive
|Validus Reinsurance Ltd.–a Bermuda-based startup backed by aninvestment group headed by former Marsh and McLennan CompaniesChief Executive Officer Jeffrey Greenberg–announced its formallaunch last week with $1 billion in capital.
|Validus Re noted it had received a rating of A-minus (Excellent)from A.M. Best and is approved by the Bermuda Monetary Authority asa Class 4 reinsurer.
|The company was formed to capitalize on favorable marketconditions following large catastrophe losses, the reinsurernoted.
|Validus Re said it has experienced underwriters, modelers andactuaries to handle each business class.
|The company said its investment strategy will be conservativeand designed to emphasize the preservation of invested assets andto provide liquidity for the prompt payment of claims.
|The chairman and CEO of Validus is Edward Noonan, previouslyacting CEO of United America Indemnity and president and CEO ofAmerican Reinsurance Company. George Reeth, former chairman and CEOof Willis Re North America, has been appointed as president ofValidus.
|Validus Re is a wholly-owned subsidiary of Validus Holdings Ltd,incorporated in Bermuda. Aquiline Capital Partners LLC('Aquiline'), a specialist financial services investment firm, isthe founder and lead investor in Validus Holdings, Ltd.
|Aquiline's investment team is led by Mr. Greenberg, who hasjoined the board of directors. Mr. Greenberg was forced out as CEOat MMC in October 2004 after the company's Marsh brokerage arm wasinvolved in a scandal over bid-rigging.
|Other investors represented on the Aquiline board includeGoldman Sachs, Merrill Lynch Global Private Equity, Vestar CapitalPartners and New Mountain Capital.
|Validus Re said it will conduct its operations and be managedand controlled from Bermuda.
|Infographic, with Jeff's mug:
|Flag: New Kid On The Block
|Head: What Will Validus Re Write?
|Jeff Greenberg, former CEO of MMC, heads an investment team thatlaunched Validus Re in Bermuda. The company's underwriting strategyfocuses on “creating a balanced, diversified portfolio oflow-frequency, high-severity property and specialty business” inseveral categories:
|o Property per risk
|o Property-catastrophe
|o Property proportional
|o Workers' compensation catastrophe
|o Marine and energy
|o Aerospace
|o Marine and aviation war
|o Terrorism
|o Retrocessional coverage
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