Validus’ SPI, AlphaCat has fully deployed its $160 million of collateralised reinsurance and retrocessional capacity at the January renewals.
The special purpose insurer is funded predominantly by third party capital, which accounts for 86.25 percent of the $160 million put to work, with the balance an alignment of interest from Validus.
Commenting on the success of AlphaCat, Ed Noonan, chairman and CEO of Validus said: “AlphaCat 2014 reflects the continued importance of Validus’ franchise in the global property catastrophe reinsurance market. We are pleased with the significant level of investor support which reflects on the scale of Validus’ operations, the skill of our underwriting team and the AlphaCat infrastructure we have developed to manage third party capital.”
AlphaCat helps to deliver management fees to the Validus group that complement traditional underwriting income, while for investors they can expect to benefit from the superior risk selection and underwriting expertise of the Validus-AlphaCat team.
AlphaCat, Validus, SPI, sidecar, convergence
