[January 08, 2015] |
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Validus Holdings, Ltd. Announces Fund Raising by AlphaCat Managers, Ltd.
Validus Holdings, Ltd. ("Validus" or the "Company") (NYSE:VR) announced
today that AlphaCat Managers, Ltd. ("AlphaCat") has secured $564 million
of new subscriptions and commitments for deployment during 2015. The
newly raised capital consists of $409 million for the AlphaCat ILS Funds
and $155 million for AlphaCat 2015, Ltd. ("AlphaCat 2015"), a special
purpose vehicle formed for the purpose of investing in collateralized
reinsurance and retrocessional contracts written by AlphaCat Reinsurance
Ltd. Third party subscriptions and commitments represented 95% and 82%
of the total funds raised in respect of the AlphaCat ILS Funds and
AlphaCat 2015, respectively. AlphaCat has fully deployed the funding
called at January 1, 2015, representing 75% of the new AlphaCat ILS
funding and 92% of AlphaCat 2015 funding. The remainder will be called
anddeployed throughout 2015.
Lixin Zeng, the Chief Executive Officer of AlphaCat commented: "We are
pleased with the strong level of investor support for the AlphaCat
business and continued success in growing assets under management. The
increased size of AlphaCat reflects well on the strength of Validus'
underwriting platform, the skill of our analytical team and the
infrastructure we have developed to manage third party capital."
AlphaCat will underwrite business for the AlphaCat ILS Funds and
AlphaCat 2015, for which it is paid management and performance fees in
accordance with the terms of the individual vehicle.
About Validus Holdings, Ltd.
Validus Holdings, Ltd. is a holding company for reinsurance and
insurance operating companies and investment advisors including Validus
Reinsurance, Ltd. ("Validus Re"), Talbot Holdings Ltd. ("Talbot"),
Western World Insurance Group, Inc. ("Western World") and AlphaCat
Managers, Ltd. ("AlphaCat").
Validus Re is a Bermuda based reinsurer focused on short tail lines of
reinsurance. Talbot is the Bermuda parent of the specialty insurance
group primarily operating within the Lloyd's insurance market through
Syndicate 1183. Western World is a U.S. specialty lines insurance
company focused on excess and surplus lines. AlphaCat is a Bermuda based
investment adviser managing capital for third parties and the Group in
insurance linked securities and other property catastrophe reinsurance
investments.
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