In spite of the fact that two Bermuda players are engaged in a heated battle over a global-casualty reinsurer, the intensity of the contest in no way suggests that the casualty market is hardening, according to one of the potential acquirers.
“We are absolutely not calling for a turn in the casualty-reinsurance market,” says Ed Noonan, CEO of Bermuda-based Validus Holdings, which is battling to acquire Transatlantic Holdings.
Validus put in a rival $3.5 billion bid for the New York-based reinsurer in mid-July, one month after Transatlantic jointly announced a $3.2 billion merger deal with Allied World Assurance Co. Holdings, a specialty insurer which launched in Bermuda in 2002 and redomiciled to Switzerland in 2010.
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