Validus Reports Q3 Net Loss Of $250.4 Million
Bermuda-based Validus Holdings, Ltd. reported a net [loss] attributable to Validus common shareholders of $[250.4] million, or $[3.17] per diluted common share, for the three months ended September 30, 2017, compared to net income available to Validus common shareholders of $89.8 million, or $1.11 per diluted common share, for the three months ended September 30, 2016.
Net operating [loss] attributable to Validus common shareholders was $[254.5] million, or $[3.22] per diluted common share, for the three months ended September 30, 2017, compared to net operating income available to Validus common shareholders of $83.0 million, or $1.02 per diluted common share, for the three months ended September 30, 2016.
Book value per common share at September 30, 2017 was $44.51, compared to $47.93 at June 30, 2017. Book value per diluted common share at September 30, 2017 was $43.13, compared to $46.45 at June 30, 2017, reflecting a quarterly decrease of [6.3]%, inclusive of common dividends.
Commenting on the results for the three months ended September 30, 2017, Validus’ Chairman and CEO Ed Noonan stated: “We incurred a $254.5 million operating loss in the quarter which is equal to $3.22 per diluted share, or a 6.3% decline in diluted book value per share inclusive of dividends.
“While results of operations were negative, I am gratified with this outcome which is the result of world class underwriting, risk, financial and operational management throughout our global businesses. Despite significant natural catastrophes we close the quarter with a very strong balance sheet and a belief that the quarter’s results across the industry have enhanced our competitive position.”
