Validus Posts 2013 Q2 Net Income Of $30.7M
Bermuda-based Validus Holdings, Ltd. reported net income available to Validus of $30.7 million, or $0.28 per diluted common share for the three months ended June 30, 2013, compared to $167.6 million, or $1.62 per diluted common share, for the three months ended June 30, 2012. Net income available to Validus for the six months ended June 30, 2013 was $254.0 million, or $2.21 per diluted common share compared to $291.9 million, or $2.80 per diluted common share, for the six months ended June 30, 2012.
Net operating income available to Validus for the three months ended June 30, 2013 was $111.4 million, or $1.03 per diluted common share, compared to $171.2 million, or $1.65 per diluted common share, for the three months ended June 30, 2012. Net operating income available to Validus for the six months ended June 30, 2013 was $327.1 million, or $2.90 per diluted common share, compared to $264.1 million, or $2.53 per diluted common share, for the six months ended June 30, 2012.
Commenting on the financial results for the quarter ended June 30, 2013, Validus’ Chairman and CEO Ed Noonan stated, “I am pleased to announce another very good quarter for Validus with diluted net operating income of $1.03 per share and an annualized net operating return on average equity of 11.9%. All three of our segments – Validus Re, AlphaCat and Talbot – performed strongly, with particularly notable numbers posted by Talbot, which had record second quarter net operating income of 56.6 million.”
