Noonan hints at PacRe changes after further losses

Validus CEO Ed Noonan has suggested that the carrier is
rethinking its strategy for its hedge fund reinsurance vehicle
following another set of losses last quarter.
PacRe, the joint venture with Paulson & Co, posted a total
third quarter loss of $79.6mn on $40.7mn of realised losses and
$38.8mn of unrealised losses. The vehicle also recorded a negative
top line, erasing $443,000 of previous gross written premium.
Responding to an analyst's question on whether the carrier
would seek to run...