Validus’ Record Q2 Net Operating Income $171.2M
Bermuda based Validus Holdings, Ltd. reported on Thursday [July 26], net income available to Validus of $167.6 million, or $1.62 per diluted common share for the three months ended June 30, 2012, compared to $109.9 million, or $1.05 per diluted common share, for the three months ended June 30, 2011.
Net income available to Validus for the six months ended June 30, 2012 was $291.9 million, or $2.80 per diluted common share compared to net (loss) attributable to Validus of $(62.5) million, or $(0.68) per diluted common share for the six months ended June 30, 2011.
Net operating income available to Validus for the three months ended June 30, 2012 was $171.2 million, or $1.65 per diluted common share, compared to $81.8 million, or $0.78 per diluted common share, for the three months ended June 30, 2011.
Commenting on the financial results for the three months ended June 30, 2012, Ed Noonan, Validus’ Chairman and Chief Executive Officer stated, “I am pleased to report record second quarter net operating income for Validus in the amount of $171.2 million which equates to an annualized operating return on average equity of 19.5%.
“These results and growth in diluted book value per share of 4.3% inclusive of dividends reflect the strength of the Validus franchise in our core short tail classes of reinsurance and insurance and our active capital management. All three of our segments – Validus Re, Talbot and AlphaCat – are firing on all cylinders.
“The current quarter results are also the first to include details of both PaCRe and AlphaCat Re 2012, two new ventures sponsored by Validus and other investors which were announced earlier this year.
“We are gratified by the reception to both AlphaCat Re 2012 and PaCRe from clients and intermediaries who have welcomed the deployment of additional managed property catastrophe capacity accessible through Validus.”
