Validus Reports Q4 Net Loss Of $8.7 Million
Bermuda-based Validus Holdings – which recently announced they will be acquired by AIG – reported a net [loss] attributable to Validus common shareholders of $[8.7] million, or $[0.11] per diluted common share, for the three months ended December 31, 2017, compared to net income f $7.8 million, or $0.10 per diluted common share, for the three months ended December 31, 2016.
Net [loss] attributable to Validus common shareholders was $[63.5] million, or $[0.80] per diluted common share, for the year ended December 31, 2017, compared to net income available to Validus common shareholders of $359.4 million, or $4.36 per diluted common share, for the year ended December 31, 2016.
Commenting on the results for the three months ended December 31, 2017, Validus’ Chairman and CEO Ed Noonan stated, “We continue to position the Company well, utilizing both traditional retro and the Validus-sponsored Tailwind Re catastrophe bond to improve the risk return characteristics of our portfolio.
“Through portfolio optimization we were able to take advantage of rate increases while reducing our peak U.S. hurricane PML’s, which are down 65% since their height in 2013. Looking ahead, we are very excited to become part of the AIG Group at closing and are looking forward to being able to continue to serve our clients and brokers in new and exciting ways.”
