S&P ends watch on Validus

S&P said it affirmed its A+ ratings on Validus Holdings Ltd. and its subsidiaries Validus Reinsurance Ltd. (VRB) and Validus Reinsurance (Switzerland) Ltd. and removed them from CreditWatch with negative implications where they were placed on May 24.

The outlook is stable.

“These rating actions follow the closing of RenaissanceRe's acquisition of Validus. We view VRB and VRS as core subsidiaries of RenaissanceRe. They will continue to support RenaissanceRe's largest clients and operate in the same target markets. On a pro forma basis, they constitute about 25% of the new group's consolidated 2022 gross premiums written. The transaction expands RenaissanceRe's access to more than $3 billion of premiums, of which it expects to keep about $2.7 billion, with possible upside,” S&P said in a press release.

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