Validus completes Western World acquisition

Bermuda-based Validus Holdings has completed the acquisition of specialty lines insurance company Western World Insurance Group.

Under the terms of the transaction, Western World’s owners received $690 million in cash in exchange for 100 percent of the outstanding stock of Western World. Western World will continue to operate as a standalone business led by current management.

Ed Noonan, Validus’ chairman and chief executive officer (CEO), said: “The acquisition of Western World is another important step in building our global specialty insurance business. Western World is an excellent company which complements our market leading short-tail operations in Bermuda and London, and holds tremendous potential for expansion of products and capabilities in the world’s largest insurance market.

“Our teams are working to ensure a seamless integration which maximizes our collective market opportunities. As a leading global insurance and reinsurance company, we are delighted to be expanding our presence in the US market.”

Tom Mulligan, Western World’s CEO, added: “The Western World team is very proud of the franchise we have built and is excited about our future as a key contributor to Validus. We look forward to working with Validus to provide additional products and capacity to our agents and customers.”