Validus Announces Net Income For 2013

Bermuda-based Validus Holdings, Ltd. reported net income available to Validus for the year ended December 31, 2013 of $532.7 million, or $4.94 per diluted common share, compared to $408.4 million, or $3.99 per diluted common share, for the year ended December 31, 2012.

Net operating income available to V alidus for the year ended December 31, 2013 was $578.7 million, or $5.38 per diluted common share, compared to $333.8 million, or $3.26 per diluted common share, for the year ended December 31, 2012.

Commenting on the financial results for the year ended December 31, 2013, Validus’ Chairman and CEO Ed Noonan stated, “In 2013 Validus reported record full year gross premiums written of $2.4 billion and record full year net operating income of $578.7million resulting in a 15.2%net operating return on average equity.

“2013 was the eighth full year of operations for Validus and I am extremely proud of our growth from an ambitious startup company to a global leader in the short tail classes of reinsurance and insurance. We have strong and sustainable businesses in all three of our core operating units: Validus Re, Talbot and AlphaCat, each supported by excellent financial resources and run by talented business leaders.”

Each of these businesses had significant success in 2013:

• Talbot Underwriting, Ltd. reported record gross premiums written of $1.1 billion and record net operating income of $186.5 million as it continued to build on its track record of success in the Lloyd’s market.
• Validus Reinsurance, Ltd. reported record gross premiums written of $1.2 billion and net operating income of $498.2 million, a reflection of its leadership position in the short tail reinsurance market.
• AlphaCat Managers wrote $147.0 million of gross premium and launched a fourth sidecar, AlphaCat 2014, Ltd. which was fully deployed with $204.0 million of available limit at January 1, 2014.”

#BermudaBusiness #ValidusHoldingsLtd

Category: All, Business