Validus Holdings, Ltd., announced today that it has raised $150 million through a private sale of Junior Subordinated Deferrable Interest Debentures as part of a pooled transaction.
"The issuance of hybrid securities is a very cost-competitive source of long-term capital for Validus," Ed Noonan, chairman and chief executive of the Bermuda-based carrier, said in a statement. The carrier started business with $1 billion in capital.
Validus was one of the so-called "Class of '05" start-ups formed in the aftermath of last year's record storm losses.
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