Validus Holdings, Ltd. ("Validus" or the "Company") (NYSE:VR) announced
today that its Board of Directors has authorized the following capital
A special dividend in the amount of $2.00 per common share and common
share equivalent for which each outstanding warrant is exercisable.
The special dividend is payable in cash on February 26, 2013 to
shareholders and warrant holders of record as of February 19, 2013.
An increase in the Validus regular quarterly dividend to $0.30 from
$0.25 per common share and common share equivalent for which each
outstanding warrant is exercisable. The Board also approved the
payment of the regular quarterly dividend which is payable on March
29, 2013 to shareholders and warrant holders of record as of March 15,
An increase in the Validus common share repurchase authorization to
The Company expects the repurchases to be made from time to time in the
open market or in privately negotiated transactions. The timing, form
and amount of the share repurchases under the program will depend on a
variety of factors, including market conditions, the Company's capital
position relative to internal and rating agency targets, legal
requirements and other factors. The repurchase program may be modified,
extended or terminated by the Board at any time.
About Validus Holdings, Ltd.
Validus Holdings, Ltd. is a provider of reinsurance, insurance, and
insurance linked securities management operating through three primary
segments, Validus Reinsurance, Ltd., Talbot Holdings Ltd. and AlphaCat
Managers, Ltd. Validus Reinsurance, Ltd. ("Validus Re") is a Bermuda
based reinsurer focused on short tail lines of reinsurance. Talbot
Holdings Ltd. ("Talbot") is the Bermuda parent of the specialty
insurance group primarily operating within the Lloyd's insurance market
through Syndicate 1183. AlphaCat Managers, Ltd. ("AlphaCat") is a
Bermuda based investment adviser, managing third-party capital in
insurance linked securities and other investments in the property
catastrophe reinsurance space.
Cautionary Note Regarding Forward-Looking
This press release may include forward-looking statements, both with
respect to us and our industry, that reflect our current views with
respect to future events and financial performance. Statements that
include the words "expect," "intend," "plan," "believe," "project,"
"anticipate," "will," "may," "could" and similar statements of a future
or forward-looking nature identify forward-looking statements. All
forward-looking statements address matters that involve risks and
uncertainties. Accordingly, there are or will be important factors that
could cause actual results to differ materially from those indicated in
such statements and, therefore, you should not place undue reliance on
any such statements. We believe that these factors include, but are not
limited to, the following: 1) unpredictability and severity of
catastrophic events; 2) rating agency actions; 3) adequacy of Validus'
risk management and loss limitation methods; 4) cyclicality of demand
and pricing in the insurance and reinsurance markets; 5) statutory or
regulatory developments including tax policy, reinsurance and other
regulatory matters; 6) Validus' ability to implement its business
strategy during "soft" as well as "hard" markets; 7) adequacy of
Validus' loss reserves; 8) continued availability of capital and
financing; 9) retention of key personnel; 10) competition; 11) potential
loss of business from one or more major insurance or reinsurance
brokers; 12) Validus' ability to implement, successfully and on a timely
basis, complex infrastructure, distribution capabilities, systems,
procedures and internal controls, and to develop accurate actuarial data
to support the business and regulatory and reporting requirements; 13)
general economic and market conditions (including inflation, volatility
in the credit and capital markets, interest rates and foreign currency
exchange rates); 14) the integration of businesses Validus may acquire
or new business ventures Validus may start; 15) the effect on Validus'
investment portfolios of changing financial market conditions including
inflation, interest rates, liquidity and other factors; 16) acts of
terrorism or outbreak of war; and 17) availability of reinsurance and
retrocessional coverage, as well as management's response to any of the
The foregoing review of important factors should not be construed as
exhaustive and should be read in conjunction with the other cautionary
statements that are included herein and elsewhere, including the risk
factors included in Validus' most recent reports on Form 10-K and Form
10-Q and other documents on file with the Securities and Exchange
Commission. Any forward-looking statements made in this press release
are qualified by these cautionary statements, and there can be no
assurance that the actual results or developments anticipated by Validus
will be realized or, even if substantially realized, that they will have
the expected consequences to, or effects on, Validus or its business or
operations. Validus undertakes no obligation to update publicly or
revise any forward-looking statement, whether as a result of new
information, future developments or otherwise.
Validus Holdings, Ltd.
Jon Levenson, +1-441-278-9000 (Investors)
Greg Faje or Beau
Allen, +1-212-333-3810 (Media)