Validus Holdings Announces Capitalization of PαCRe

Validus Holdings, Ltd.

announced today the capitalization of PαCRe. PαCRe has been formed to combine the attractive returns available from underwriting top layer reinsurance programs with a long term approach to asset management. PαCRe is funded with $500.0 million of contributed capital and is rated "A-" (Excellent) by A.M. Best Co. Validus Underwriting Services, Ltd. will underwrite business for PαCRe for which it will be paid a profit commission based on the company's underwriting results. PαCRe will commence deploying capacity for the June 1, 2012 renewal season. Validus has invested $50.0 million in PαCRe's common equity. PαCRe's investment portfolio will be managed under a long term investment management agreement by Paulson & Co. Inc. Paulson & Co. has approximately US$24 billion in assets under management and has offices in New York, London and Hong Kong.