Validus Q4 2011 Net Income: $27.3M
Bermuda-based Validus Holdings, Ltd. reported net income available to Validus of $27.3 million, or $0.25 per diluted common share for the three months ended December 31, 2011, compared to $102.7 million, or $0.92 per diluted common share, for the three months ended December 31, 2010.
Net income available to Validus for the year ended December 31, 2011 was $21.3 million, or $0.14 per diluted common share compared to $402.6 million, or $3.34 per diluted common share for the year ended December 31, 2010.
Net operating income available to Validus for the three months ended December 31, 2011 was $23.4 million, or $0.21 per diluted common share, compared with $156.4 million, or $1.40 per diluted common share, for the three months ended December 31, 2010. Net operating income available to Validus for the year ended December 31, 2011 was $52.3 million, or $0.44 per diluted common share, compared with $322.8 million, or $2.68 per diluted common share, for the year ended December 31, 2010.
Ed Noonan, Validus’ Chairman and Chief Executive Officer stated: “Insured losses arising from natural catastrophes and man-made disasters were approximately $108 billion in 2011. This was the second worst year on record after 2005, the year of our formation.
“Despite these significant market losses, Validus was profitable in 2011 which continues our Company’s record of profitability in each year of our operations despite heavy insured loss activity and financial market turbulence over the period.
“Since formation, our Company has grown diluted book value per share plus accumulated dividends at an annual compounded rate of 13.3%. I am satisfied with this outcome which is the result of world class underwriting, risk, financial and operational management throughout our global businesses.”
