December 26, 2014 2:38 AM ET


Company Overview of Talbot Holdings Ltd.

Company Overview

Talbot Holdings Ltd., through its subsidiaries, operates as a specialty insurance group providing insurance underwriting services. The company writes a portfolio of short-tail business, with a marine bias. The company focuses on underwriting specialty risks including marine and energy lines; war; terrorism and political risks; direct property; financial institutions; contingency; and treaty. The company was incorporated in 2001 and is based in Hamilton, Bermuda. As of June 1, 2007, Talbot Holdings Ltd. operates as a subsidiary of Validus Holdings, Ltd.

Clarendon House

2 Church Street

Hamilton,  HM 11


Founded in 2001

Key Executives for Talbot Holdings Ltd.

Chairman and Chief Executive Officer
Age: 64
Chief Financial Officer
Chief Operating Officer
Age: 50
Compliance Officer
Director of Underwriting
Compensation as of Fiscal Year 2014.

Talbot Holdings Ltd. Key Developments

Talbot Holdings Ltd. Enters into Letter of Credit Facility with Lloyds Bank plc

On November 19, 2013, Validus Holdings Ltd., as Guarantor, and its wholly-owned subsidiary, Talbot Holdings Ltd., as Borrower, entered into an Amendment and Restatement Agreement relating to its $25 million Funds-at-Lloyd's Standby Letter of Credit Facility which amends the Facility to support underwriting capacity provided to Talbot 2002 Underwriting Ltd. through Syndicate 1183 at Lloyd's of London for the 2014, 2015 and prior underwriting years of account. The Restated Facility was provided and arranged by Lloyds Bank plc and ING Bank N.V., London Branch. The Restated Facility provides for the issuance of up to $25 million of secured letters of credit to be issued for the benefit of Lloyd's of London. The existing $25 million secured letter of credit will be extended to provide for an extended termination date covering the 2014, 2015 and prior underwriting years of account under the Restated Facility. The Restated Facility contains affirmative covenants that include, among other things, the requirement that Validus Holdings and its subsidiaries initially maintain a minimum level of consolidated net worth of at least $3,225,727, and commencing with the fiscal quarter ending September 30, 2013, to be increased quarterly by an amount equal to 50% of consolidated net income for such quarter plus 50% of the aggregate increases in consolidated shareholder's equity interests by reason of issuance and sale of Validus Holdings' common equity interests including upon any conversion of Validus Holdings' debt securities into equity interests during such quarter and the requirement that Validus Holdings and its subsidiaries maintain at all times a consolidated total debt to consolidated total capitalization ratio not greater than 0.35:1.00. The Restated Facility defines net worth to include preferred and preference securities and hybrid" securities. The Restated Facility also requires that Talbot Holdings maintain at least $300 million of its own Funds at Lloyd's, and to obtain a letter of comfort from Lloyd's of London confirming that Lloyd's of London will take into account a requested order of drawdown to drawdown Talbot Holdings' own Funds at Lloyd's ahead of letters of credit issued under the Facility.

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