PEMBROKE, Bermuda--(BUSINESS WIRE)--Validus Holdings, Ltd. (“Validus” or the “Company”) (NYSE:VR) announced today that AlphaCat Managers, Ltd. (“AlphaCat”) has secured $564 million of new subscriptions and commitments for deployment during 2015. The newly raised capital consists of $409 million for the AlphaCat ILS Funds and $155 million for AlphaCat 2015, Ltd. (“AlphaCat 2015”), a special purpose vehicle formed for the purpose of investing in collateralized reinsurance and retrocessional contracts written by AlphaCat Reinsurance Ltd. Third party subscriptions and commitments represented 95% and 82% of the total funds raised in respect of the AlphaCat ILS Funds and AlphaCat 2015, respectively. AlphaCat has fully deployed the funding called at January 1, 2015, representing 75% of the new AlphaCat ILS funding and 92% of AlphaCat 2015 funding. The remainder will be called and deployed throughout 2015.
Lixin Zeng, the Chief Executive Officer of AlphaCat commented: “We are pleased with the strong level of investor support for the AlphaCat business and continued success in growing assets under management. The increased size of AlphaCat reflects well on the strength of Validus’ underwriting platform, the skill of our analytical team and the infrastructure we have developed to manage third party capital.”
AlphaCat will underwrite business for the AlphaCat ILS Funds and AlphaCat 2015, for which it is paid management and performance fees in accordance with the terms of the individual vehicle.
About Validus Holdings, Ltd.
Validus Holdings, Ltd. is a holding company for reinsurance and insurance operating companies and investment advisors including Validus Reinsurance, Ltd. (“Validus Re”), Talbot Holdings Ltd. (“Talbot”), Western World Insurance Group, Inc. (“Western World”) and AlphaCat Managers, Ltd. (“AlphaCat”).
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. Western World is a U.S. specialty lines insurance company focused on excess and surplus lines. AlphaCat is a Bermuda based investment adviser managing capital for third parties and the Group in insurance linked securities and other property catastrophe reinsurance investments.