Validus Holdings announced that it has joined with other investors in capitalizing AlphaCat Re 2012.
According to a release, AlphaCat 2012 is a new special purpose reinsurer formed for the purpose of writing collateralized reinsurance with a particular focus on windstorm risks for Florida domiciled insurance companies.
AlphaCat 2012 has been funded with $70.0 million of equity capital.
Ed Noonan, Chairman and Chief Executive Officer of Validus commented: "AlphaCat 2012 reflects the continued expansion of Validus' franchise in the important property catastrophe reinsurance market. We are very pleased to be able to provide additional capacity to our customers, and with the level of support for AlphaCat 2012 provided by investors and intermediaries."
Validus Underwriting Services will underwrite business for AlphaCat 2012, for which it will be paid a commission for originating the business and a profit commission based on underwriting results.
Validus Holdings is a provider of reinsurance and insurance.
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