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Validus completes Talbot buy-out


HAMILTON, Bermuda— Bermuda-based reinsurance company Validus Holdings, Ltd. has announced the completion of its acquisition of Talbot Holdings Ltd. from a group of institutional investors and Talbot employees and management, following receipt of all required regulatory approvals.

Talbot will be Validus Holdings, Ltd.'s principal operation in the direct insurance market and primary point of access to the London Market, it said in a statement yesterday.

The business will continue to trade in the Lloyd's of London market through both Syndicate 1183 and Underwriting Risk Services Ltd (URSL).

Validus also announced that it has raised $200 million through a private sale of Junior Subordinated Deferrable Interest Debentures.

Talbot has a capacity of £325 million ($655.4 million) for the 2007 year of account.