Validus Holdings Ltd. has priced an underwritten public offering of 10 million depositary shares, each representing a 0.001 interest in a share of its series B 5.800% noncumulative preference shares.

The shares have a par value of 17.5 cents and $25,000 liquidation preference, equivalent to $25 per depositary share for a total offering size of $250 million.

The offering is expected to close June 20.

Validus Holdings plans to use the net proceeds from the offering for general corporate purposes.

Merrill Lynch Pierce Fenner & Smith Inc. and Morgan Stanley & Co. LLC are acting as joint book-running managers for the offering.