Noonan hails ‘solid’ Validus Q2 2017 results

28-07-2017

Validus’ chairman and CEO Ed Noonan has praised the company’s second quarter 2017 results as being ‘solid’.

The Bermuda-based company said that net income for the second quarter of 2017 came to $101.1 million, an increase on the $95 million it made in the second quarter of 2016.

“I’m very pleased to report another very solid quarter for Validus,” said Noonan. “Despite soft trading conditions across the global market and elevated industry event frequency we were able to deliver an 82.5 percent combined ratio in the quarter and grew our book value per diluted share including dividends by 2.1 percent. We continue to position the Company well to weather the soft market while building the foundation to benefit from better market conditions down the road.”

Gross premiums written for the three months ended June 30, 2017 were $792.9 million compared to $764.0 million for the three months ended June 30, 2016, an increase of $28.9 million, or 3.8 percent. The increase was primarily driven by an increase in the Western World, Validus Re and AlphaCat segments and was partially offset by a decrease in the Talbot segment.

Reinsurance premiums ceded for the three months ended June 30, 2017 were $56.2 million compared to $36.2 million for the three months ended June 30, 2016, an increase of $20.0 million or 55.2 percent. The increase was primarily driven by an increase in the Western World and Validus Re segments.

The combined ratio for the three months ended June 30, 2017 and 2016 was 82.5 percent and 89.9 percent, respectively, a decrease of 7.4 percentage points.

Managed net investment income from Validus’ managed investment portfolio for the three months ended June 30, 2017 was $38.1 million compared to $36.8 million for the three months ended June 30, 2016, an increase of $1.2 million, or 3.3 percent.

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Validus Holdings, Ed Noonan, Second quarter 2017 results, Insurance, Reinsurance, Bermuda

Bermuda Re