Validus Holdings, Ltd. conducts its operations worldwide through two wholly owned subsidiaries, Validus Reinsurance, Ltd. (Validus Re) and Talbot Holdings Ltd. (Talbot). The Company, through its subsidiaries, provides reinsurance coverage in the property, marine and specialty lines markets. Validus Re focuses on first-party risks, which are property risks and other reinsurance lines. The Company underwrites property catastrophe reinsurance, property per risk reinsurance and property pro rata reinsurance. Talbot writes primarily short-tail lines of business but, as a complement to Validus Re, focuses mostly on insurance, as opposed to reinsurance, risks and on specialty lines. In September 2009, the Company completed the acquisition of IPC Holdings, Ltd.