Bermuda-based Validus Holdings, Ltd. announced the capitalization of P伪CRe, Ltd., a new Class 4 reinsurer. “P伪CRe has been formed to combine the attractive returns available from underwriting top layer reinsurance programs with a long term approach to asset management,” said the announcement.
It also explained that “P伪CRe is funded with $500 million of contributed capital and is rated “A-” (Excellent) by A.M. Best Co. Validus Underwriting Services, Ltd. will underwrite business for P伪CRe for which it will be paid a profit commission based on the company’s underwriting results. ”
The new venture will commence deploying capacity for the June 1, 2012 renewal season. Validus said it has invested $50.0 million, or 10 percent, in P伪CRe’s common equity.
“P伪CRe’s investment portfolio will be managed under a long term investment management agreement by Paulson & Co. Inc.” which has “approximately $24 billion in assets under management and has offices in New York, London and Hong Kong,” the bulletin concluded.
Source: Validus Holdings, Ltd.
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