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Fri, February 27, 2009Thu, February 26, 2009Wed, February 25, 2009Tue, February 24, 2009Mon, February 23, 2009Sun, February 22, 2009Fri, February 20, 2009Thu, February 19, 2009Wed, February 18, 2009Validus Holdings Creates Global Technical Lines Team
Published in Business and Finance on Tuesday, February 24th 2009 at 6:02 GMT, Last Modified on 2009-02-24 06:04:35 by Market Wire
HAMILTON, Bermuda--([ BUSINESS WIRE ])--Validus Holdings, Ltd. ("Validus") (NYSE:VR) announced today that it is expanding its Global Technical Lines Division in the United States, United Kingdom and Asia through the appointment of specialist underwriters in each region. The appointments follow Validus' formation of New York based Validus Underwriting Risk Services Inc. ("VURS") in December 2008, under the leadership of David Hawksby. The Global Technical Lines Division will be underwriting on behalf of Talbot Underwriting Ltd through its Lloyd's Syndicate 1183.
George Reeth, Deputy Chairman and President of Validus, commented: "We are pleased to welcome these talented underwriters to the Group – all of whom we have known and respected for many years. With their extensive industry experience, knowledge, and broad client relationships, the addition of these individuals immediately enhances our comprehensive global product offerings in short-tail lines of insurance and reinsurance. Importantly, we also further strengthen our platform as we look to expand our global distribution channels and new business opportunities, which are critical elements of the Group's strategic development plan."
The new specialist underwriters who form part of the Global Technical Lines Division include:
- Kudret Oztap, who has joined VURS as Senior Vice President responsible for underwriting in the United States. Mr. Oztap has significant operations and energy underwriting experience gained through senior positions at AIG and ACE. He has also held positions at Alexander & Alexander and CIGNA Worldwide. Mr. Oztap will be based in New York.
- Stephen Sykes and Stephen Tresadern, who have been appointed Senior Vice Presidents of Underwriting Risk Services Ltd., Global Technical Lines Division. Mr. Sykes is a former Vice President, Oil and Petrochemical, Energy Division at AIG UK Ltd. and Senior Underwriter, Energy Division at Gerling Insurance Services. Mr. Tresadern is a former Corporate Manager, Energy at AIG UK Ltd. He has also held underwriting positions at Hannover Re, Wellington Underwriting Agencies and AE Grant Underwriting Agencies. Mr. Sykes and Mr. Tresadern will be based in London.
- Ash Khan, who joins as Executive Vice President Global Technical Lines Division of Talbot Risk Services Pte, Ltd in Singapore. Mr. Khan is a former President, Global Marine & Energy, Pacific Rim at AIG, where he oversaw underwriting in Southeast Asia, China, the Far East and Australasia.
The team will be supported by two engineers based in London, Philip Walker and Andy Goddard. Mr. Walker has forty years of engineering and risk management experience, most recently with AIG UK Ltd. and CIGNA Services (UK). Mr. Goddard previously held risk management and engineering positions at AIG UK Ltd. and ExxonMobil Chemical Limited. Additional personnel will be added to the team in each location as needed.
David Hawksby, Chief Executive Officer of VURS, said: ‘‘I look forward to leading a truly Global Technical Lines team. Together we will work to ensure that the Group develops its accounts on a worldwide basis, combining greater scale with continued underwriting integrity throughout the group."
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 ].
About Talbot Holdings Ltd
Talbot Holdings Ltd was established in November 2001 through a management buyout led by Michael Carpenter and Rupert Atkin. It was acquired by Bermuda-based Validus Holdings, Ltd. (NYSE: VR) in July 2007.
Syndicate 1183 focuses on underwriting a number of specialty risks, with particularly strong franchises in marine and energy lines, war, construction, terrorism and political risks, direct property, financial institutions, contingency, accident & health, bloodstock & livestock and treaty underwriting. Syndicate 1183 has capacity of £325 million for the 2008 year of account. The group also owns Underwriting Risk Services Ltd, a specialist worldwide multi-line underwriting agency. [ www.talbotuw.com ]
About Underwriting Risk Services Ltd
Underwriting Risk Services Ltd (URSL) is a wholly owned subsidiary of Talbot Holdings Ltd. Talbot in turn was acquired by Bermuda-based Validus Holdings, Ltd. (NYSE:VR) in July 2007.
Established in November 2001, URSL is a specialist worldwide multi-line underwriting agency. In 2007 URSL underwrote in excess of £40m of premium, on behalf of some of the highest rated Lloyd's syndicates and insurance companies across Europe. Underwriting Risk Services Ltd is authorised and regulated by the Financial Services Authority.
About Talbot Risk Services Pte Ltd
Talbot Risk Services Pte Ltd (Talbot Asia) is wholly owned by Talbot Underwriting Ltd whose Syndicate 1183 underwrites at Lloyd's.
Established in November 2007, Talbot Asia is part of an international specialty insurance group, with a focus on developing and servicing the group's growing Asian client base from the Lloyd's Asia platform based in Singapore. Talbot Risk Services Pte Ltd., is licensed by the Monetary Authority of Singapore.
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, volatility in the credit and capital markets, 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.
