Validus reports 2017 net loss
Validus Holdings has reported a net loss of $8.7 million, for the three months ended December 31, 2017, down on the profit of $7.8 million it made for the same period of 2016.
The quarter’s loss added to the overall year-to-end loss that the company reported, saying that it made a loss of $63.5 million over 2017. In 2016 the company reported a profit of $359.4 million.
Net operating income was $4.2 million for the fourth quarter of 2017, compared to the $58.5 million it made over the same period of 2016. Validus reported a net operating loss of $85.0 million for the year ended December 31, 2017, compared to net operating income of $320.9 million for the year ended December 31, 2016.
“We continue to position the Company well, utilising both traditional retro and the Validus-sponsored Tailwind Re catastrophe bond to improve the risk return characteristics of our portfolio,” said Ed Noonan, chairman and chief executive officer.
“Through portfolio optimisation we were able to take advantage of rate increases while reducing our peak US hurricane PML’s, which are down 65 percent 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.”
Validus added that during the January 2018 renewal season, the reinsurance and asset management segments underwrote $921.2 million in gross premiums written, an increase of 41.6 percent from the January 2017 renewal period. This renewal data does not include the insurance segment’s operations as the business is distributed relatively evenly throughout the year or the reinsurance and asset management segment's agricultural premiums.
In January Validus was bought up by AIG for $5.56 billion.
