AlphaCat discontinues sidecar

Validus chairman and CEO Ed Noonan said subsidiary
AlphaCat's decision to return $146.5mn of capital to sidecar
investors during the first quarter simply reflected the manager
shifting capital into a different format.
In a first quarter earnings call, Noonan described the changes
as a case of "form over substance", according to a
Seeking Alpha transcript.
He explained that AlphaCat had moved those risks into a fund
format rather than an annual sidecar, to reflect investors'
preference.
"So what