Bermuda-based Validus Holdings, Ltd. has completed its acquisition of Flagstone Reinsurance Holdings, S.A.
Ed Noonan, Validus’ Chairman and Chief Executive Officer, stated, “The acquisition of Flagstone solidifies our position as one of the largest catastrophe reinsurance underwriters in the world, with a $4 billion shareholder’s equity base.
“Our ability to combine deep research and analytical skills with responsive underwriting through our traditional reinsurance, sidecars and top layer facility continues to differentiate us with clients and brokers. The addition of the Flagstone portfolio gives us the ability to meaningfully expand our business.
“We are underway integrating the Flagstone portfolio and will be well-situated to serve our brokers and clients on a combined basis for the January 1 renewal season.”
Pursuant to the merger agreement with Flagstone, former shareholders of Flagstone will receive $2.00 in cash and 0.1935 Validus voting common shares for each Flagstone share. Effective as of prior to the opening of trading today, Flagstone shares have ceased trading.
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