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Validus Holdings, Ltd.
VR 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.
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