AlphaCat and Terra Brasis Announce Catastrophe Bond Transaction
February 06 2017 - 4:16PM
Business Wire
AlphaCat Managers Ltd. (“AlphaCat”), a wholly owned subsidiary
of Validus Holdings, Ltd. (“Validus”) and Terra Brasis Resseguros
S.A. (“Terra Brasis Re”) today announced the successful completion
of a $5 million private catastrophe bond transaction. The bond
issue, named Alpha Terra Validus I, represents a unique offering of
Latin American reinsurance risk on an indemnity basis and is the
first cat bond sponsored by a Brazilian company.
Lixin Zeng, the CEO of AlphaCat, commented, “We are pleased to
have partnered with Terra Brasis Re in bringing this innovative
transaction to market and look forward to working together in the
future.”
Rodrigo Botti, the Director of Terra Brasis Re, commented, “The
partnership with AlphaCat will significantly contribute to the
development of the Latin American insurance and reinsurance
markets, as it brings capital markets based solutions to the
region’s exposures.”
Alpha Terra Validus I was issued through a segregated account of
White Rock Insurance (SAC) Ltd., which is managed by Aon Insurance
Managers (Bermuda) Ltd. The notes were admitted to the Bermuda
Stock Exchange as of February 6, 2017 and will remain listed there
until maturity.
About AlphaCat Managers Ltd.
AlphaCat Managers Ltd. (“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.
About Validus Holdings, Ltd.
Validus Holdings, Ltd. ("Validus") is a holding company for
reinsurance and insurance operating companies and investment
advisors including Validus Reinsurance, Ltd. (“Validus Re”), Talbot
Underwriting Ltd. (“Talbot”), Western World Insurance Group, Inc.
(“Western World”) and AlphaCat Managers, Ltd. (“AlphaCat”).
Validus Re is a Bermuda based reinsurer focused on treaty
reinsurance. Talbot is a 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 Validus
in insurance linked securities and other property catastrophe and
specialty reinsurance investments.
About Terra Brasis Resseguros S.A.
Terra Brasis Resseguros S.A. (“Terra Brasis”) is a Brazilian
based reinsurer, operating across business lines in both treaty and
facultative reinsurance. The company is dedicated exclusively to
the Latin American region.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170206006029/en/
Investors:Validus Holdings, Ltd. or AlphaCat Managers,
Ltd.Investor.Relations@ValidusHoldings.comInvestor.Relations@acmanagers.com+1-441-278-9000orMedia:Brunswick
GroupCharlotte Connerton / Mustafa Riffat+1-212-333-3810
Validus Holdings, Ltd. (delisted) (NYSE:VR)
Historical Stock Chart
From Aug 2024 to Sep 2024
Validus Holdings, Ltd. (delisted) (NYSE:VR)
Historical Stock Chart
From Sep 2023 to Sep 2024