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American International Group Inc. has completed its $5.56 billion acquisition of reinsurer Validus Holdings Ltd., AIG said Wednesday.
In addition to a Bermuda-based reinsurance unit, the deal, which was first announced in January, will give AIG a substantial Lloyd’s of London presence with Talbot Underwriting Ltd. and asset management expertise via AlphaCat Managers Ltd., as well as added excess and surplus lines and crop insurance units.
Validus, which was launched in 2005 after Hurricane Katrina, reported gross premiums written of $2.95 billion in 2017, up 11.4% from 2016.
“Validus’ experienced team and complementary businesses will help us deliver sustainable, profitable growth as we continue to build value for our shareholders,” Brian Duperreault, president and CEO of AIG, said in the statement.
After the deal was announced, AIG said most of Validus’ senior management would join AIG, but Chairman and CEO Edward Noonan is expected to leave after a transition period.
(Reuters) — American International Group Inc. reported a 21 percent decline in first-quarter profit on Wednesday, due to higher catastrophe and bad weather claims, as well as weaker investment income.