Validus reports record results
Validus Holdings reported record years for Talbot Underwriting and Validus Reinsurance with $1.1 billion and $1.2 billion of gross premiums written, respectively. Group-wide gross premiums written totalled $2,401.7 million with a combined ratio of 71.2 percent, down from 86.8 percent last year.
Validus’ chairman and CEO Ed Noonan said: “2013 was the eighth full year of operations for Validus and I am extremely proud of our growth from an ambitious startup company to a global leader in the short tail classes of reinsurance and insurance. We have strong and sustainable businesses in all three of our core operating units: Validus Re, Talbot and AlphaCat, each supported by excellent financial resources and run by talented business leaders.”
The company reported a net income of $532.7 million for 2013, an increase of 30.4 percent.