Validus Posts “Strong Financial Results”
Bermuda reinsurer Validus Holdings, Ltd. has reported net income available to Validus of $56.5 million, or $0.54 per diluted common share for the three months ended September 30, 2011, compared to $238.5 million, or $2.08 per diluted common share, for the three months ended September 30, 2010.
Net (loss) attributable to Validus for the nine months ended September 30, 2011 was ($6.0) million, or ($0.12) per diluted common share compared with net income available to Validus of $299.9 million, or $2.42 per diluted common share for the nine months ended September 30, 2010.
Net operating income available to Validus for the three months ended September 30, 2011 was $112.6 million, or $1.09 per diluted common share, compared with $173.0 million, or $1.51 per diluted common share, for the three months ended September 30, 2010.
Net operating income available to Validus for the nine months ended September 30, 2011 was $29.0 million, or $0.23 per diluted common share, compared with $166.4 million, or $1.34 per diluted common share, for the nine months ended September 30, 2010.
In relation to the third quarter 2011 results, Ed Noonan, Chairman and CEO of Validus commented: “Validus continues to deliver strong financial results, with annualized net operating return on average
equity in the third quarter of 2011 of 13.1%. Each of our operating segments produced robust underwriting profits, with Validus Re recording a 68.0% segment combined ratio and Talbot recording an 83.3% segment combined ratio.
“We close the quarter with our balance sheet in excellent position to provide significant capacity to our clients as we look forward to the upcoming January 1 reinsurance renewal season.”
Validus Holdings, Ltd. is a provider of reinsurance and insurance, conducting its operations worldwide through two wholly-owned subsidiaries, Validus Reinsurance, Ltd. and Talbot Holdings Ltd.
Validus Re is a Bermuda based reinsurer focused on short-tail lines of reinsurance. Talbot is the Bermuda parent of the specialty insurance group primarily operating within the Lloyd’s insurance market through Syndicate 1183.
