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Validus Holdings Ready to Fight for Flagstone Deal, Noonan Says

Aug. 30 (Bloomberg) -- Validus Holdings Ltd., the reinsurer that failed in a bid to purchase Transatlantic Holdings Inc. last year, said it will fight to close a deal announced today to buy Flagstone Reinsurance Holdings SA.

“We never mind rolling up our sleeves and fighting for something that we think is good for Validus,” Ed Noonan, chief executive officer of the Bermuda-based firm, said on a conference call with analysts. “We don’t anticipate it, but we never shy away from it.”

The deal includes a $24.2 million breakup fee, Validus President Jeff Consolino said on the call.

To contact the reporter on this story: Zachary Tracer in New York at ztracer1@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net

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