AIG to buy Reinsurer Validus for $5.6B
Thursday, 01 25 2018, Category: Insurance and Reinsurance, Country: United States
Eight months after Chief Executive Officer Brian Duperreault took over and began to undo his predecessor’s retrenchment strategy, the company announced a $5.56 billion, all-cash deal to purchase Bermuda reinsurer Validus Holdings Ltd., its largest standalone acquisition in 17 years.
In the nine years before Duperreault became CEO, AIG sold assets totaling roughly $100 billion to help repay a government bailout and restructure operations. The Validus takeover gives Duperreault’s firm a reinsurer, a crop-insurance business and a Lloyd’s of London operation.
Source: Insurance Journal