Validus Forms Latin American Sub

Bermuda-based Validus Holdings, Ltd. has formed a company, Validus Reaseguros, Inc., which will act as an approved Lloyd’s coverholder for its Syndicate 1183.

Based in Miami, the company will specifically target the Latin American and Caribbean markets. “As an approved Lloyd’s coverholder Validus Reaseguros will receive its underwriting capacity from Syndicate 1183 which is managed by Talbot Underwriting, Ltd.,” said the announcement. “Validus Reaseguros will underwrite business on both a Facultative and Treaty basis across a range of lines.”

J. Andrew Downey has been named as CEO of Validus Reaseguros. He has worked in the region for over eleven years, most recently as Senior Vice President & Underwriting Manager for the Latin American & Caribbean Division of Transatlantic Re, a post he had held since 2002. He was the General Manager of the Transatlantic Re operation in Argentina from 1999 to 2002.

“Downey is currently supported by a team including Rafael Saer (Chief Operating Officer), Jorge Beltran (Treaty Manager), Mario Montero (Facultative Manager) and Luis Sonville (Miscellaneous Lines Manager),” the bulletin added. “The current team has over 50 years of underwriting experience and is expected to continue to add staff to meet client needs.”

Source: Validus Holdings, Ltd. – www.validusre.bm.