Validus issues its first catastrophe bond
Bermuda-based Validus has issued its first catastrophe bond. Listed on the Bermuda Stock Exchange (BSX) the bond will be issued via Tailwind Re, a newly created special purpose insurer.
The BSX confirmed the admission of Tailwind Re on December 27, 2017.
The $400 million four-year bond covers named storms and earthquakes in the US, Canada, Puerto Rico and US Virgin Islands.
The transaction will provide retrocession and reinsurance to Validus Holdings subsidiaries, including Validus Re, Talbot Underwriting and its Western World syndicate at Lloyd’s of London, and others.