Bermuda-based reinsurer Validus Holdings Ltd. has named its chief financial officer Joseph (Jeff) Consolino as president of the company, effective November 15, 2010.

Mr. Consolino replaces George Reeth, who recently announced his intention to step down as president.

Mr. Consolino will continue to serve as Validus CFO, a position he has held since 2006.

Validus chief executive officer Ed Noonan said: "Jeff has been an outstanding leader and valued partner in guiding Validus' successful growth and development over the past five years.

"In particular, Jeff played important leadership roles in the formation of the company, our acquisition of Talbot Holdings in 2007, which provided us with access to the Lloyd's insurance market, and IPC Holdings in 2009, which established Validus as a leading Bermuda carrier in the worldwide short-tail reinsurance market.

"We thank George for his leadership and dedication to Validus since the Company's formation in 2005, our broad success would not have been possible were it not for George, and we wish him well in his future endeavours."

• Validus Reinsurance Ltd. has been affirmed the financial strength rating (FSR) of A- (excellent) and issuer credit rating (ICR) of "a-" by AM Best.

Additionally, Best has affirmed the ICR of "bbb-" of Validus Holdings Ltd.

The ratings agency has also affirmed the debt ratings of "bbb-" on $250 million 8.875 percent senior unsecured notes, due in January 2040 and the indicative ratings for securities available under the shelf registration of "bbb-" on senior debt, "bb+" on subordinated debt and "bb" on the preferred stock of Validus Holdings. The outlook on these ratings has been revised to positive from stable.

Best said that the ratings reflected Validus' solid risk-adjusted capitalisation, favourable operating performance since inception, experienced management team and prudent operating strategies. Further supporting the ratings is the support of the parent company, Validus Holdings, which provides financial flexibility as a publicly traded company. The ratings also contemplate the increased scale and capital efficiency achieved for Validus through the acquisition of IPC Holdings Ltd. and its subsidiaries, which was completed in 2009.