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Less than one year after its unsuccessful pursuit of Transatlantic Holdings, Validus Holdings says it has 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,” Validus Chairman & CEO Ed Noonan says 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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