Validus Reports 2013 Q3 Net Income: $183.4M
Bermuda-based Validus Holdings, Ltd. reported net income available to Validus of $183.4 million, or $1.77 per diluted common share for the three months ended September 30, 2013, compared to $207.3 million, or $2.11 per diluted common share, for the three months ended September 30, 2012.
Net income available to Validus for the nine months ended September 30, 2013 was $437.3 million, or $3.99 per diluted common share compared to $499.2 million, or $4.88 per diluted common share, for the nine months ended September 30, 2012.
Net operating income available to Validus for the three months ended September 30, 2013 was $155.2 million, or $1.50 per diluted common share, compared to $170.6 million, or $1.74 per diluted common share, for the three months ended September 30, 2012.
Net operating income available to Validus for the nine months ended September 30, 2013 was $482.3 million, or $4.41 per diluted common share, compared to $434.6 million, or $4.25 per diluted common share, for the nine months ended September 30, 2012.
Validus’ Chairman and CEO Ed Noonan stated, “Validus’ size, scale and diversification across short tail classes of reinsurance and insurance continues to benefit our shareholders as evidenced by our strong results for the quarter.
“All three of Validus’ operating segments – Validus Re, Talbot and AlphaCat – performed well which led to an overall 68.6%combined ratio and $166.8 million of underwriting income. Annualized return on average equity was 19.8%and diluted book value per share inclusive of dividends increased 5.2%.”
