An executive involved in a planned Bermuda reinsurance operation, that would include former Marsh brokerage Chief Executive Jeffrey Greenberg, said yesterday he could not discuss any activity until after funding arrangements are completed.
Matt Grayson, managing director of the Aquiline Capital Partners L.L.P. investment vehicle, cited SEC quiet period restraints on any comment that would affect the price of an offering.
Aquiline, backed by Venturion Capital in New York, according to previously published news reports is seeking to raise $1 billion with a private placement. It will sponsor a Bermuda catastrophe reinsurer to be named Validus Holdings, Ltd. with Ed Noonan, formerly of American Re, as its chairman and chief executive officer.
Planners of the new reinsurer are said to be targeting a Dec.1 startup.
According to the company Web site, Venturion Capital was founded in January 1998 to make private equity investments in companies involved in or supporting the financial services industry.
Venturion's principal investment vehicle, the Venturion Financial Services Fund, L.P., the site said, is a financial services private equity fund capitalized principally by major global financial services companies and sophisticated pension funds and family offices.
The Fund's purpose is to execute investment opportunities identified by the Venturion management team. Managing directors are Mr. Grayson, Geoffrey Kalish and Bruce MacFarlane. As of June 2004, the Fund is invested in six portfolio companies, always acting as lead investor and significant shareholder.
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