Validus Holdings, Ltd.(NYSE: VR) announced today that its wholly-owned subsidiary Validus Reinsurance, Ltd. ("Validus Re") has been granted approval by the Monetary Authority of Singapore to operate a branch reinsurer underwriting general reinsurance business in Singapore.
The branch will be headed by Marc Haushofer, who joined Validus in September 2008 and has led Validus' Asia-Pacific reinsurance representative office in Singapore.
Conan Ward, Chief Executive Officer of Validus Re, stated, "We are very excited to take this next important step in the development of our Asia-Pacific business. The representative office that we established earlier this year has had great success under Marc's leadership in building our presence in the region. Our ability to provide direct underwriting services in Singapore will allow us to further grow our Asia-Pacific business and provide enhanced services to existing clients in the region."
Validus Re is registered by the Accounting and Corporate Regulatory Authority (ACRA) as a foreign company in Singapore as Validus Reinsurance, Ltd. (Singapore Branch) (Incorporated in Bermuda). Validus Re's Singapore branch is licensed to provide reinsurance domestically and internationally. The office is located at 1 Finlayson Green #18-02, Singapore 049246. Inquiries can be made to Marc Haushofer at +65-6595-4150 or marc.haushofer@validusre.com.
About Validus Holdings, Ltd.
Validus Holdings, Ltd. is a provider of reinsurance and insurance, conducting its operations worldwide through two wholly-owned subsidiaries, Validus Reinsurance, Ltd. ("Validus Re") and Talbot Holdings Ltd. ("Talbot"). Validus Re is a Bermuda based reinsurer focused on short-tail lines of reinsurance. Talbot is the Bermuda parent of the specialty insurance group primarily operating within the Lloyd's insurance market through Syndicate 1183. For more information about Validus Holdings, Ltd. please visit www.validusholdings.com.
Cautionary Note Regarding Forward-Looking Statements
This news release may include forward-looking statements, both with respect to us and our industry, that reflect our current views with respect to future events and financial performance. Statements that include the words "expect," "intend," "plan," "believe," "project," "anticipate," "will," "may" and similar statements of a future or forward-looking nature identify forward-looking statements. All forward-looking statements address matters that involve risks and uncertainties. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, additionally, you should not place undue reliance on any such statements. We believe that these factors include, but are not limited to, the following: 1) unpredictability and severity of catastrophic events; 2) rating agency actions; 3) adequacy of Validus' risk management and loss limitation methods; 4) cyclicality of demand and pricing in the insurance and reinsurance markets; 5) Validus' limited operating history; 6) Validus' ability to implement its business strategy during "soft" as well as "hard" markets; 7) adequacy of Validus' loss reserves; 8) continued availability of capital and financing; 9) retention of key personnel; 10) competition; 11) potential loss of business from one or more major insurance or reinsurance brokers; 12) Validus' ability to implement, successfully and on a timely basis, complex infrastructure, distribution capabilities, systems, procedures and internal controls, and to develop accurate actuarial data to support the business and regulatory and reporting requirements; 13) general economic and market conditions (including inflation, volatility in the credit and capital markets, interest rates and foreign currency exchange rates); 14) the integration of Talbot, IPC and other businesses Validus may acquire or new business ventures Validus may start; 15) the effect on Validus' investment portfolios of changing financial market conditions including inflation, interest rates, liquidity and other factors; 16) acts of terrorism or outbreak of war; 17) availability of reinsurance and retrocessional coverage; and 18) failure to realize the anticipated benefits of the amalgamation with IPC, including as a result of failure or delay in integrating the businesses of Validus and IPC, as well as management's response to any of the aforementioned factors.
The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein and elsewhere, including the Risk Factors included in our most recent reports on Form 10-K and Form 10-Q and other documents on file with the Securities and Exchange Commission. Any forward-looking statements made in this news release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, us or our business or operations. We undertake no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
Contacts:
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Validus Holdings, Ltd.
Jon Levenson, +1-441-278-9000
Senior
Vice President
or
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or
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