Validus Holdings, a Bermuda-based re/insurance holding company, has reported a dip in its net income for the first quarter of the year to $166.8 million, compared with $173.4 million in the first quarter of last year.
Net operating income was also down to $117.4 million in the quarter, compared with $136.9 million in Q1 2015.
Gross written premiums (GWP) for the first quarter of the year were up slightly to $1.2 billion, compared with $1.1 billion in the first quarter of 2015. Validus said this boost was primarily due to increases at Western World and AlphaCat, and was partially offset by decreases at Validus Re and Talbot. Validus Re posted a fall in GWP to $691.7 million for the quarter, compared with $711.7 million for the first quarter of 2015 - a decrease of $20 million, or 2.8 percent.
Validus’ overall combined ratio for the three months ended March 31, 2016 and 2015 stayed stable at 75.1 percent.
Net investment income for the first quarter of 2016 was down slightly to $27.9 million, compared with $29.4 million for the three months ended March 31, 2015, a decrease of $1.5 million, or 5.1 percent.
Ed Noonan, chairman and chief executive officer, Validus, said: "I’m very pleased to report Validus’ strong results for the quarter which were driven by excellent underwriting and investment results.
“Despite competitive conditions in the insurance and reinsurance markets combined with capital markets volatility, Validus generated an 18.1 percent annualised return on average equity. We continue to build upon existing strengths in our Bermuda and London platforms while positioning our US operations for long term success."
Validus Holdings, Insurance, Reinsurance, First Quarter 2016 Results, Ed Noonan, Bermuda