Bermuda-based reinsurance company Validus Holdings Ltd. has announced the completion of its acquisition of Talbot Holdings Ltd. all required regulatory approvals were granted.

Validus bought Talbot from a group of institutional investors, as well as Talbot employees and management.

Validus will use Talbot as its principal unit in the direct insurance market and primary point of access to the Lloyd's market, it said in a statement.

The business will continue to trade in the Lloyd's of London market through both Syndicate 1183 and Underwriting Risk Services Ltd (URSL).

Validus also announced that it has raised $200 million through a private sale of Junior Subordinated Deferrable Interest Debentures.

Talbot has a capacity of $325 million ($655.4 million) for the 2007 year of account.