Validus: Q2 2014 Net Income Of $153.4 Million

July 25, 2014

Bermuda-based Validus Holdings, Ltd. today reported net income available to Validus of $153.4 million, or $1.61 per diluted common share, for the three months ended June 30, 2014, compared to $30.7 million, or $0.28 per diluted common share, for the three months ended June 30, 2013.

Net income available to Validus was $315.8 million, or $3.27 per diluted common share, for the six months ended June 30, 2014, compared to $254.0 million, or $2.21 per diluted common share, for the six months ended June 30, 2013.

Net operating income available to Validus was $132.6 million, or $1.39 per diluted common share, for the three months ended June 30, 2014, compared to $111.4 million, or $1.03 per diluted common share, for the three months ended June 30, 2013.

Net operating income available to Validus was $278.7 million, or $2.89 per diluted common share, for the six months ended June 30, 2014, compared to $327.1 million, or $2.90 per diluted common share, for the six months ended June 30, 2013.

Book value per diluted common share stands at $38.55, reflecting quarterly growth of 3.4% inclusive of dividends.

Validus’ Chairman and CEO Ed Noonan stated, “Validus reported another solid quarter delivering $153.4 million of net income and a 16.5% annualized return on average equity.

“Strong underwriting and good diversification between insurance and reinsurance continued to drive our results as Validus posted an overall combined ratio of 68.6%. Despite competitive pressures in the marketplace and more loss activity than the market may have appreciated, all three of our segments – Validus Re, Talbot and AlphaCat – performed well.

“Earlier in the quarter Validus announced an important strategic development, an agreement to acquire Western World Insurance Group. Western World is a leader in the U.S. excess and surplus lines market and adds a key pillar to our existing global platform for the distribution of short tail insurance and reinsurance.”

Read More About

Category: All, Business

.