A.M. Best: Validus Ratings Remain Unchanged
A.M. Best has commented that the ratings of Bermuda-based Validus Holdings, Ltd. and its operating subsidiaries remain unchanged following Validus’ recent announcement that it has signed a definitive agreement to acquire Western World Insurance Group, Inc. for $690 million in cash.
The ratings agency said, “Validus has a solid track record of successfully integrating acquired companies into its overall operations. Additionally, the size of the transaction is digestible from an operational and financial perspective.
“From a strategic standpoint, Western World will allow Validus to enhance and expand its business profile by providing a U.S. specialty commercial insurance distribution platform. The transaction is anticipated to close in the third quarter of 2014, subject to regulatory approvals and other customary closing conditions.”
