Noonan explains decision to sell Validus shares

Edward Noonan, the chairman and chief executive of Validus Holdings, has sold 273,000 shares of the company's common stock in open market – but has stressed that he did not want to sell the shares.

He said he was forced to make the transactions for the purpose of satisfying outstanding tax related obligations due as a result of the exercise of expiring options and warrants during the 2015 tax year.

“Since the founding of the company, I have not sold a single share of Validus stock and it would be my strong preference not to. I have done so now solely for liquidity purposes in order to pay tax obligations,” he said.