Validus buys Talbot

HAMILTON, Bermuda— Validus Holdings Ltd. will acquire Bermuda-based Talbot Holdings Ltd., the company announced.

Hamilton, Bermuda-based reinsurer Validus said it would buy all outstanding shares in Talbot. The deal is subject to regulatory approval from the U.K. Financial Services Authority, the Corporation of Lloyd's of London and the Bermuda Monetary Authority.

Talbot Holdings operates Lloyd's of London syndicate 1183 and London-based specialty insurer Underwriting Risk Services Ltd.

Validus was formed in December 2005 and writes property catastrophe and other short-tail lines of reinsurance.