A leading industry association executive has hailed RenaissanceRe Holdings’ purchase of Validus Re and its subsidiaries as a “landmark acquisition”.

The deal with American International Group, which closed last week, makes RenRe the fifth-largest property and casualty reinsurer in the world, the Association of Bermuda Insurers and Reinsurers said of its member company.

John Huff, the president and chief executive of Abir, said: “This is truly a landmark acquisition, both for RenaissanceRe and for Bermuda.

“The combination of two Bermuda-born companies to create a top-five, diversified global reinsurer speaks volumes about the Bermuda market’s growth, evolution and continuing relevance.

“Abir congratulates RenaissanceRe on this significant milestone.”

Mr Huff added: “Coming in a year when both RenaissanceRe and Abir are celebrating their 30th anniversaries, this deal presents compelling evidence that Bermuda remains the best place in the world from which to run a global (re)insurance company.

“Bermuda’s internationally recognised regulator, world-leading talent base and culture of innovation drive the market’s leadership in finding solutions to large and complex risks such as climate change and cyber.

“In these times of uncertainty and rapid change, Bermuda has never been more valuable to the world.”