Bermuda-based reinsurance specialist Validus Holdings has agreed to acquire all of the outstanding shares of insurance provider Talbot Holdings.
The sale is conditional on regulatory approvals from the UK Financial Services Authority, the Corporation of Lloyd’s and the Bermuda Monetary Authority.
According to Forbes, Validus filed for the IPO on January 16, 2007.
Bermuda-based Talbot operates in the Lloyd’s insurance market. This transaction follows speculation that Bermudan reinsurers are targeting rivals in the Lloyd’s market for potential acquisitions to compensate the drop in premium income as a result of recent legislation in Florida, reported Forbes.