Bermuda-based Validus Reinsurance has launched.
The company has raised an initial $1bn in equity capital and has received a rating of A- (excellent) from AM Best.
Validus said Edward Noonan will serve as chairman and chief executive of the company. Noonan was previously acting chief executive of United America Indemnity and president and chief executive of American Reinsurance Company.
Former chairman and chief executive of Willis Re North America, George Reeth, has been appointed as president.
Noonan said: "Validus Re has an exceptionally strong balance sheet. Our financial strength, combined with our rating from AM Best, provides us with a platform to provide meaningful capacity to the global market."
