3 February 2017News

Validus claims 2016 performance ‘strong’ despite Q4 income fall

Bermuda-based Validus Holdings reported a net income attributable to shareholders of $359.4 million for the 2016 full year compared to $374.9 million in 2015.

In the fourth quarter of 2016, net income available to shareholders dropped to $7.8 million from $69.0 million in the three months ended December 31, 2015.

Chairman and CEO Ed Noonan said: "Validus had another strong year in 2016. Despite the global insurance market growing more competitive, we were able to deliver an 84.2 percent combined ratio and grow our book value per diluted share (including dividends) by 9.5 percent. We continue to position the company well to weather the soft market while building the foundation to capitalise on better market conditions down the road."

The company operates reinsurance and insurance firms and investment advisors including Validus Re, Talbot Underwriting, Western World Insurance Group and AlphaCat Managers.

Total losses of Hurricane Matthew were $39.1 million, with Validus Re taking up the bulk of it with $13.6 million.

During the January 2017 renewal season, the Validus Re and AlphaCat segments underwrote $628.9 million in gross premiums written, an increase of 3.0 percent from the January 2016 renewal period.




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7 February 2017   AlphaCat, a Validus Holdings subsidiary and Brazilian reinsurer Terra Brasis Re have successfully completed a $5 million private catastrophe bond transaction called Alpha Terra Validus I.
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More on this story

ILS
7 February 2017   AlphaCat, a Validus Holdings subsidiary and Brazilian reinsurer Terra Brasis Re have successfully completed a $5 million private catastrophe bond transaction called Alpha Terra Validus I.
News
10 February 2017   Validus subsidiary Talbot Underwriting has introduced three enhanced Lloyd’s led terror facilities in the Singapore, Latin American and Dubai markets.
News
23 February 2017   A new team of US-based cyber underwriters has joined Validus Specialty, a subsidiary of Bermuda-based Validus Holdings.