Noonan: “Strong Result In The Current Market”
Bermuda-based Validus Holdings, Ltd. reported net income available to Validus of $64.0 million, or $0.73 per diluted common share, for the three months ended June 30, 2015, compared to $153.4 million, or $1.61 per diluted common share, for the three months ended June 30, 2014.
Net income available to Validus was $237.4 million, or $2.72 per diluted common share, for the six months ended June 30, 2015, compared to $315.8 million, or $3.27 per diluted common share, for the six months ended June 30, 2014.
Net operating income available to Validus was $98.3 million, or $1.13 per diluted common share, for the three months ended June 30, 2015, compared to $132.2 million, or $1.39 per diluted common share, for the three months ended June 30, 2014.
Net operating income available to Validus was $231.2 million, or $2.64 per diluted common share, for the six months ended June 30, 2015, compared to $272.5 million, or $2.82 per diluted common share, for the six months ended June 30, 2014.
Book value per diluted common share at June 30, 2015 was $41.43, reflecting quarterly growth of 1.2% inclusive of dividends.
Commenting on the financial results for the three months ended June 30, 2015, Validus’ Chairman and CEO Ed Noonan stated, “During a quarter with meaningful loss activity in our core classes of business, Validus delivered a 10.7% annualized operating return on average equity, a strong result in the current market.
“Our diversified business model with a focus on short tail lines continues to provide a strong platform for a thoughtful expansion into new classes of business and markets. The foundation of our success is our world class staff and an outstanding set of proprietary analytical tools that benefit both our own results and those of our clients.
“Above all, we remain committed to underwriting profitability and will continue to adjust our portfolio to maximize results in the current market conditions.”
