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Validus reorganizes, names segment leaders

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Validus Holdings Ltd. on Friday named executives to head each of three new business segments for the company, effective immediately.

“These leadership appointments reflect an organizational change that results in three new reportable segments for the company: reinsurance, insurance and asset management,” the Pembroke, Bermuda insurer and reinsurer said in a statement.

Kean Driscoll has been named global head of reinsurance in addition to his roles as president of Validus Holdings Ltd. and CEO of Validus Reinsurance Ltd.; Peter Bilsby is now global head of insurance, in addition to his role as CEO of the Talbot Group; and Lixin Zeng is global head of asset management business, in addition to his role as CEO of AlphaCat Managers Ltd., according to the statement.

In a Dec. 8 filing with the U.S Securities and Exchange Commission, Validus reiterated the disclosure in its third-quarter report that the changes were “a result of the evolution of the company’s operations, the global nature of the industry and synergies obtained through the acquisition and integration” of Talbot Holdings Ltd., Western World Insurance Group Inc. and Crop Risk Services.

The SEC filing goes on to say: “The Reinsurance segment operates globally and is primarily focused on treaty reinsurance. The Insurance segment focuses on specialty insurance within both the Lloyd’s insurance market and the U.S. commercial insurance market. The Asset Management segment reports the results of the Company’s Bermuda-based investment adviser, managing capital for third parties and Validus through insurance-linked securities and other property catastrophe and specialty reinsurance investments.”

Validus added in the filing that it has also changed its primary lines of business from property, marine and specialty to property, specialty-short-Tail and specialty-other.

Validus also named Bob Livingston to be chairman of Western World in addition to his role as CEO of the company; and Jonathan Ritz to be president of Western World in addition to his role as CEO of Validus Specialty, according to the Monday statement.

“Bob and Jonathan have been integral to the success of our U.S. insurance business. I am looking forward to their continued leadership as we strengthen our existing business and pursue growth and new opportunities in the U.S. market,” Mr. Bilsby said in the statement.