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Validus receives regulatory approval for Flagstone acquisition

Reinsurance and insurance provider Validus Holdings has received all regulatory approvals needed to complete Flagstone Reinsurance acquisition.

The approval follows a previously agreed deal between Validus and Flagstone, which was signed on August 2012.

As per the acquisition pact, Flagstone shareholders will receive 0.1935 Validus voting common shares and $2.00 in cash for each Flagstone share.

Subject to the satisfaction of customary conditions, Validus will complete the acquisition before opening of trading on the New York Stock Exchange on 30 November 2012.

The acquisition is expected to strengthen Validus’ property catastrophe reinsurance and short-tail specialty reinsurance platform.

Global reinsurance company, Flagstone employs a focused and technical approach to the property catastrophe, property, and specialty reinsurance businesses.