Validus faces $30m California Wildfires bill

Bermuda-based Validus expects the net impact from the October 2017 California Wildfires to be $30.0 million.

This estimate is based on Validus’ current evaluation of impacted contracts and information provided by customers and intermediaries.

Furthermore, the company stated that based on the text of the current US House and Senate tax reform bills, it does not expect the potential changes to US tax law to have a material impact on the company’s results of operations.

In new legislation, currently being negotiated the US government is planning to cut the corporate tax rate to 20 percent from the current 35 percent.

Validus is the holding company for reinsurance and insurance operating companies and investment advisors including Validus Re, Talbot Holdings, Western Western World and AlphaCat.

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