Validus Announce Dividend, New Board Member
Validus Holdings has declared a quarterly dividend of $0.30 per common share and $0.30 per common share equivalent for which each outstanding warrant is exercisable. The dividend is payable on June 28, 2013 to shareholders and warrant holders of record on June 14, 2013.
The Bermuda-based company also announced that Dr. Therese “Terri” Vaughan, former Chief Executive Officer of the National Association of Insurance Commissioners has been appointed to the Company’s Board of Directors, effective immediately. The appointment will expand Validus’ Board to twelve members.
“We are pleased to welcome Terri to the Validus Board,” said Ed Noonan, Validus’ Chairman and Chief Executive Officer. “Terri brings significant experience in insurance and financial regulation and deep industry knowledge to the position. I am confident that she will be an asset to our Board and management team.”
Dr. Vaughan added, “I am delighted to join Validus’ Board and look forward to working closely with the other directors and Validus’ talented management team to build on the Company’s success as it continues to grow the business.”
Dr. Vaughan served as Chief Executive Officer of the National Association of Insurance Commissioners from 2009 to 2012 where she oversaw operations and navigated the company through a significant period of financial regulatory reform. Previously, Dr. Vaughan served as the Iowa Insurance Commissioner and is a past NAIC President.
She has also held academic positions, including the Robb B. Kelley Distinguished Professor of Insurance and Actuarial Science at Drake University, and co-authored two college textbooks on insurance. Dr. Vaughan earned a Ph.D. in risk and insurance at the University of Pennsylvania and a B.B.A. in insurance and economics at the University of Iowa.
She is a CPCU, an Associate of the Society of Actuaries, an Associate of the Casualty Actuarial Society, and a member of the American Academy of Actuaries. She also serves on the Board of Verisk Analytics (NASDAQ: VRSK), a provider of risk-assessment services and decision analytics.
