Validus Reinsurance Ltd.==a Bermuda-based startup reinsurer backed by an investment group headed by former Marsh and McLennan Companies Chief Executive Officer Jeffrey Greenberg==announced its formal launch today with $1 billion in capital.
Validus Re said it has received a rating of A-minus (Excellent) from A.M. Best and is approved by the Bermuda Monetary Authority as a Class 4 reinsurer.
The company said it was formed in response to favorable market conditions that have followed large catastrophe losses for property-casualty insurers in 2004 and 2005.
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