Validus: Q3 Net Operating Income Of $170.6M

October 26, 2012

Bermuda-based Validus Holdings, Ltd. reported on Thursday [Oct 25] a net income available to Validus of $207.3 million, or $2.11 per diluted common share for the three months ended September 30, 2012, compared to $56.5 million, or $0.54 per diluted common share, for the three months ended September 30, 2011.

Net income available to Validus for the nine months ended September 30, 2012 was $499.2 million, or $4.88 per diluted common share compared to net (loss) attributable to Validus of $(6.0) million, or $(0.12) per diluted common share for the nine months ended September 30, 2011.

Net operating income available to Validus for the three months ended September 30, 2012 was $170.6 million, or $1.74 per diluted common share, compared to $112.6 million, or $1.09 per diluted common share, for the three months ended September 30, 2011.

Net operating income available to Validus for the nine months ended September 30, 2012 was $434.6 million, or $4.25 per diluted common share, compared to $29.0 million, or $0.23 per diluted common share, for the nine months ended September 30, 2011.

Commenting on the financial results for the three months ended September 30, 2012, Ed Noonan, Validus’ Chairman and Chief Executive Officer stated: “I am pleased to report third quarter net operating income for Validus in the amount of $170.6 million which equates to an annualized operating return on average equity of 19.2%.

“These results and growth in diluted book value per share of 6.1% inclusive of dividends for the quarter and 14.7% year to date reflect a light quarter for natural catastrophes, Validus’ rock solid balance sheet and the excellent portfolio of short tail risks which we have been able to assemble due to Validus’ size, scale and expertise in both its Bermuda and London operations.”

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