Validus Announces Q1 Net Income Of $173.4M
Bermuda-based Validus Holdings, Ltd. reported net income available to Validus of $173.4 million, or $1.98 per diluted common share, for the three months ended March 31, 2015, compared to $162.4 million, or $1.66 per diluted common share, for the three months ended March 31, 2014.
Net operating income available to Validus was $132.8 million, or $1.52 per diluted common share, for the three months ended March 31, 2015, compared to $140.3 million, or $1.43 per diluted common share, for the three months ended March 31, 2014.
Book value per diluted common share stands at $41.27, reflecting quarterly growth of 4.9% inclusive of dividends.
Commenting on the financial results for the three months ended March 31, 2015, Validus’ Chairman and CEO Ed Noonan stated, “I am very pleased with the company’s strong performance during the first quarter of 2015. Validus earned $173.4 million in net income, equal to a 19.1% annualized return on average equity, and had 4.9% growth in book value per diluted common share inclusive of dividends.
“As an underwriting company first and foremost, I applaud our underwriters for having the discipline to reduce exposure where the pricing was insufficient for the risk. Validus’ goal is to remain a preferred partner for our customers and intermediaries over the long haul, and that starts with maintaining the integrity of our underwriting. In challenging market conditions, that’s what disciplined underwriting companies do.”
