Validus starts bid war for Transatlantic
BERMUDIAN re/insurer Validus Holdings said Tuesday that it has offered to acquire Transatlantic Holdings in a $3.5bn cash and stock deal that values the New York-based reinsurer at a 12.1% premium to the value attributed to the company last month, when Transatlantic agreed to a $3.2bn stock-swap merger with Swiss-based, US-listed re/insurer Allied World Assurance Co Holdings.