Credit Suisse analyst Ryan Tunis notes that AIG (AIG) announced that it is acquiring Validus (VR) for $68 per share all cash. As a positive, the analyst says the deal shows that AIG has no intention of sitting on capital and that the company feels comfortable that it has on balance sheet capital to deploy following Q3 hurricanes and in front of a Q4 reserve review. Tunis initial expectation is that the deal could add 30c-40c to AIG EPS in 2019. He does not think this is the last M&A event for AIG over the next several quarters, but this deal has AIG going deeper into P&C. The analyst reiterates an Outperform rating and $73 price target on the AIG shares.