Validus Holdings, Ltd. provides reinsurance coverage, insurance coverage, and insurance linked securities (ILS) management. Segments The company conducts its operations worldwide through four segments: Validus Re, Talbot, Western World (Western World Insurance Group, Inc.), and AlphaCat. Validus Re segment This segment operates as a Bermuda-based provider of treaty reinsurance products on a global basis. Validus Re concentrates on first-party property and other reinsurance risks commonly referred to as short-tail in nature due to the brief period between the occurrence and payment of a claim. Validus Re operates primarily through two reinsurance companies, such as Validus Reinsurance, Ltd. and Validus Reinsurance (Switzerland) Ltd. (Validus Re Swiss). Validus Reinsurance, Ltd. is registered as a Class 4 insurer under The Insurance Act 1978 of Bermuda, amendments thereto and related regulations (the ‘Insurance Act’). Validus Re Swiss is based in Zurich, Switzerland. Through this local presence, the company is in a position to follow and respond to the changing needs of the various European and Bermuda insurance markets. Validus Re Swiss is licensed by the Swiss Financial Market Supervisory Authority in Switzerland. Validus Re Swiss is also licensed as a permit company in Bermuda under the Companies Act and is registered in Bermuda as a Class 4 insurer under the Insurance Act, operating through its Bermuda branch, which complements the company’s Swiss-based underwriters with a separate Bermuda underwriting platform. Property Validus Re underwrites property catastrophe reinsurance, property per risk reinsurance, and property pro rata reinsurance. Property Catastrophe: Property catastrophe reinsurance provides reinsurance for insurance companies’ exposures to an accumulation of property and related losses from separate policies, typically relating to natural disasters or other catastrophic events. Property catastrophe reinsurance is generally written on an excess of loss basis, which provides coverage to insurance companies when aggregate claims and claim expenses from a single occurrence for a covered peril exceed a certain amount specified in a particular contract. Under these contracts, the company provides protection to an insurer for a portion of the total losses in excess of a specified loss amount, normally up to a maximum amount per loss and/or an aggregate amount across multiple losses, as specified in the contract. Property catastrophe reinsurance contracts are typically ‘all risk’ in nature, providing protection against losses from earthquakes and hurricanes, as well as other natural and man-made catastrophes, such as floods, tornadoes, fires and storms. Property Per Risk: Property per risk reinsurance provides reinsurance for insurance companies’ excess retention on individual property and related risks, such as buildings. Per risk reinsurance protects insurance companies on their primary insurance risks on a ‘single risk’ basis. Property Pro Rata: Property pro rata contracts require that the reinsurer share the premiums, as well as the losses and loss expenses in an agreed proportion with the cedant. Marine Validus Re underwrites reinsurance on marine risks covering damage to or losses of marine vessels and cargo, third-party liability for marine accidents and physical loss and liability from principally offshore energy properties. Validus Re underwrites marine on an excess of loss basis and on a pro rata basis. Specialty Validus Re underwrites other lines of business depending on an evaluation of pricing and market conditions, which include aerospace and aviation, agriculture, financial, terrorism, life, accident and health, nuclear, workers’ compensation, crisis management, contingency, casualty, technical, composite and trade credit lines. The company intends to underwrite specialty lines with limited exposure correlation with its property, marine, and energy portfolios. With the exception of the aerospace and aviation, agriculture, financial and trade credit lines of business, which have a portion of its gross premiums written volume on a proportional basis, the co
validus holdings ltd
(VR:New York Consolidated)
29 Richmond Road
Pembroke, HM 08
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