Validus reports Q1 net profits of $162.4 million

Bermuda-primarily based Validus Holdings, Ltd. said internet income to be had to Validus for the 3 months ended March 31, 2014 of $162.four million, or $1.sixty six according to diluted common percentage, in comparison to $223.2 million, or $1.ninety in keeping with diluted not unusual percentage, for the 3 months ended March 31, 2013.

internet operating income available to Validus for the three months ended March 31, 2014 turned into $146.1 million, or $1.forty nine in keeping with diluted not unusual percentage, as compared to $215.6 million, or $1.eighty three according to diluted commonplace percentage, for the 3 months ended March 31, 2013.

The document additionally cited the subsequent financial highlights for the period:

– Gross premiums written for the 3 months ended March 31, 2014 have been $1.012 billion compared to $1.1048 billion in Q1 2013, a decrease of $ninety two.8 million, or 8.4 percent.-

– internet premiums earned for the three months ended March 31, 2014 have been $483.zero million in comparison to $531.1 million in Q1 2013, a decrease of $48.1 million, or nine.1 percent.

– Underwriting earnings for the 3 months ended March 31, 2014 become $153.zero million compared to $210.1 million for the first sector of 2013, a lower of $fifty seven.zero million, or 27.1 percentage.

– combined ratio for the three months ended March 31, 2014 of 68.3 percentage which covered $39.four million of favorable loss reserve development on earlier accident years, benefiting the loss ratio via 8.2 percent points as compared to a mixed ratio for the 3 months ended March 31, 2013 of 60.5 percent which covered $65.eight million of favorable loss reserve development on prior twist of fate years, benefiting the loss ratio via 12.four percentage factors.

– internet working profits to be had to Validus for the three months ended March 31, 2014 became $146.1 million compared to $215.6 million in Q1 2013, a decrease of $sixty nine.5 million, or 32.2 percentage.

– internet profits available to Validus for the three months ended March 31, 2014 was $162.four million in comparison to $223.2 million in Q1 2013 million, a lower of $60.nine million, or 27.3 percent.

– Annualized go back on average fairness of 17.7 percent and annualized net operating return on common fairness of 15.9 percentage.

Chairman and CEO Ed Noonan commented: “Validus introduced very stable results for the primary quarter of 2014. The organisation had $162.4 million in internet profits, 4.6 percentage boom in ebook price consistent with diluted percentage together with dividends and a 17.7 percent annualized go back on common fairness.

“while there is absolutely opposition within the (re)coverage enterprise, Validus’ size, scale and our willingness to share analytical insights with our customers allows us to preserve a desired role inside the marketplace.”