2011 'second worst year on record' for Validus

FRIDAY, FEB. 3: Validus Holdings, Ltd. reported net income available to Validus of $27.3 million for the fourth quarter of 2011, compared to $102.7 million for the fourth quarter of 2010.

Net income available to Validus for 2011 was $21.3 million compared to $402.6 million for 2010.

Ed Noonan, Validus’ chairman and CEO said: “Insured losses arising from natural catastrophes and man-made disasters were approximately $108 billion in 2011. This was the second worst year on record after 2005, the year of our formation.

“Despite these significant market losses, Validus was profitable in 2011, which continues our company’s record of profitability in each year of our operations despite heavy insured loss activity and financial market turbulence over the period.

“Since formation, our company has grown diluted book value per share plus accumulated dividends at an annual compounded rate of 13.3 per cent. I am satisfied with this outcome which is the result of world class underwriting, risk, financial and operational management throughout our global businesses.”

During the January 2012 renewal season, the Validus Re segment underwrote $581.6 million in gross premiums written, an increase of 10.7 per cent from the prior year period.