To operate underwriting general reinsurance business
Validus Holdings has revealed that its wholly-owned subsidiary Validus Reinsurance has been granted the approval by the Monetary Authority of Singapore to operate a branch reinsurer underwriting general reinsurance business in Singapore.
The company said that the branch will be headed by Marc Haushofer, who joined in September 2008 and has led the company’s Asia-Pacific reinsurance representative office in Singapore.
Conan Ward, CEO of Validus Re, said: “We are very excited to take this next important step in the development of our Asia-Pacific business. The representative office that we established earlier this year has had great success under Marc’s leadership in building our presence in the region. Our ability to provide direct underwriting services in Singapore will allow us to further grow our Asia-Pacific business and provide enhanced services to existing clients in the region.”
Validus Re is registered by the Accounting and Corporate Regulatory Authority (ACRA) as a foreign company in Singapore as Validus Reinsurance (Singapore Branch) (Incorporated in Bermuda). The company’s Singapore branch is licensed to provide reinsurance domestically and internationally.