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Validus Holdings, Ltd. Enters Technical Lines Property Through the Formation of Validus Underwriting Risk Services Inc.

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  Published in Business and Finance on Monday, December 22nd 2008 at 6:57 GMT, Last Modified on 2008-12-22 06:58:47 by Market Wire
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HAMILTON, Bermuda--([ BUSINESS WIRE ])--Validus Holdings, Ltd. (NYSE:VR) announced today that it is expanding its business into Technical Lines Property insurance through the creation of Validus Underwriting Risk Services Inc. ("VURS"), a managing general agency based in New York. David Hawksby has been appointed Chief Executive Officer of VURS and will be joined by a team of specialist underwriters and engineers who intend to underwrite on behalf of Validus' London-based subsidiary Talbot Underwriting Ltd. through its Lloyd's Syndicate 1183 and other insurance companies, subject to the approval of Lloyd's and the Financial Services Authority.

David Hawksby joins Validus from American International Group, where he was President of theGlobal Energy Property Division responsible for handling all Technical Lines business. During a 31 year insurance career, he has held a series of increasingly senior roles and is widely recognized as one of the most experienced underwriters in the Technical Lines sector.

Commenting on his new appointment, David Hawksby said: ‘‘I look forward to joining Validus to develop the onshore Technical Lines account on a worldwide basis by introducing greater scale to certain product lines written in the Group."

George Reeth, Deputy Chairman and President of Validus Holdings, Ltd., commented: "We are pleased to welcome David Hawksby and his team to the Validus group. Their extensive industry experience, knowledge, and client relationships are an important addition to our comprehensive global products in short tail lines of insurance and reinsurance. This new venture demonstrates Validus' commitment to expanding global distribution channels and our ability to develop new business opportunities."

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 (NYSE: VR) Validus Holdings, Ltd., visit our website at [ www.validusre.bm ]

Cautionary Note Regarding 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. This 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. 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 our risk management and loss limitation methods; 4) cyclicality of demand and pricing in the insurance and reinsurance markets; 5) our limited operating history; 6) our ability to successfully implement our business strategy during "soft" as well as "hard" markets; 7) adequacy of our 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) our 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, interest rates and foreign currency exchange rates); 14) the integration of Talbot or other businesses we may acquire or new business ventures we may start; 15) the effect on our investment portfolio of changing financial market conditions including inflation, interest rates, liquidity and other factors; 16) acts of terrorism or outbreak of war; and 17) availability of reinsurance and retrocessional coverage.

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 or 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 U.S. Securities and Exchange Commission, as well as management's response to any of the aforementioned factors. Any forward-looking statements made in this 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.