Validus Reinsurance

Complaint regarding a tax refund claim in Validus Reinsurance, Ltd., of Bermuda v. USA at the U. S. District Court for the District of Columbia.

At least eleven new insurers have incorporated in Bermuda over the last two months, bringing with them capital that is likely to top $10 billion once financing has been completed. If Jan. 1 policy rates are as high as many expect them to be, these firms will have not so much a license to offer insurance as one to print money. All have set themselves capital-raising targets from $500 million to $1.5 billion, with $1 billion being the most popular target figure.