Validus Holdings, Ltd. (“Validus” or the “Company”) (NYSE: VR) announced today that Romel Salam has been promoted to Executive Vice President and Group Chief Risk Officer, effective April 2, 2013.
Mr. Salam has nearly 25 years of industry experience, most recently serving as the Chief Actuary and Chief Risk Officer of Validus Reinsurance, Ltd. (“Validus Re”). Prior to joining Validus Re in 2010, Mr. Salam was a Senior Vice President at Transatlantic Reinsurance where he spent 20 years in positions of increasing responsibility. Mr. Salam is a Fellow of the Casualty Actuarial Society and Member of the American Academy of Actuaries.
Mr. Salam will report to John Hendrickson, Validus’ Director of Strategy, Risk Management and Corporate Development. Mr. Hendrickson commented on the appointment: "I am very pleased that Romel has accepted the position of Validus Group Chief Risk Officer. His skill set, experience and drive will lead Validus' continued progress on critical enterprise risk management initiatives including capital modeling and exposure management. This internal appointment also further demonstrates Validus’ significant management depth."
Mr. Salam replaces outgoing Chief Risk Officer Stuart Mercer, one of the original founders of Validus, who will support the Group’s ongoing strategic initiatives.
Mr. Salam's appointment is subject to the approval of the Bermuda Department of Immigration.
About Validus Holdings, Ltd.
Validus Holdings, Ltd. is a provider of reinsurance, insurance, and insurance linked securities management operating through three primary segments, Validus Reinsurance, Ltd., Talbot Holdings Ltd. and AlphaCat Managers, Ltd. Validus Reinsurance, Ltd. (“Validus Re”) is a Bermuda based reinsurer focused on short tail lines of reinsurance. Talbot Holdings Ltd. (“Talbot”) is the Bermuda parent of the specialty insurance group primarily operating within the Lloyd's insurance market through Syndicate 1183. AlphaCat Managers, Ltd. (“AlphaCat”) is a Bermuda based investment adviser, managing third-party capital in insurance linked securities and other investments in the property catastrophe reinsurance space.