AIG has completed its $US5.56 billion ($7.5 billion) acquisition of Bermuda-based (re)insurer Validus Holdings.
Validus was established in 2005 and has a diversified business portfolio that includes Lloyd’s syndicate Talbot, which has an Australian operation based in Sydney.
“We are very pleased to welcome Validus to AIG,” CEO Brian Duperreault said.
“Validus’ experienced team and complementary businesses will help us deliver sustainable, profitable growth as we continue to build value for our shareholders.”
Talbot Underwriting’s UK-based CEO Peter Bilsby says the new ownership means access to deeper resources, wider geographic reach and new opportunities for sourcing risks.
“We will continue to offer both insurance and reinsurance in the London market and via our network of local offices across the globe,” he said in a note to brokers and clients.
“Our processes remain to ensure client information is not shared between these separate segments.
“AIG’s vision for Talbot builds on our track record of responsive, solutions-driven approaches to our business.”