Validus Holdings CEO explains reasons for share sale

Validus Holdings has announced that chairman and CEO Edward Noonan has reluctantly sold 273,000 shares of the company's common stock in open market transactions.

The company said that Noonan had sold the shares in order to satisfy outstanding tax related obligations due as a result of the exercise of expiring options and warrants during the 2015 tax year.

Commenting on the sale, Noonan stated, "Since the founding of the Company, I have not sold a single share of Validus stock and it would be my strong preference not to. I have done so now solely for liquidity purposes in order to pay tax obligations."

Validus Holdings is a holding company for reinsurance and insurance operating companies and investment advisors including Validus Re, Talbot Underwriting, Western World Insurance Group, and AlphaCat Managers.