Validus Announces Third Quarter 2012 Net Operating Income Of $170.6 Million, Diluted Book Value Growth Of 14.7% Year To Date Inclusive Of Dividends

Validus Holdings, Ltd. (“Validus” or the “Company”) (NYSE: VR) today reported net income available to Validus of $207.3 million, or $2.11 per diluted common share for the three months ended September 30, 2012, compared to $56.5 million, or $0.54 per diluted common share, for the three months ended September 30, 2011. Net income available to Validus for the nine months ended September 30, 2012 was $499.2 million, or $4.88 per diluted common share compared to net (loss) attributable to Validus of $(6.0) million, or $(0.12) per diluted common share for the nine months ended September 30, 2011.

Net operating income available to Validus for the three months ended September 30, 2012 was $170.6 million, or $1.74 per diluted common share, compared to $112.6 million, or $1.09 per diluted common share, for the three months ended September 30, 2011. Net operating income available to Validus for the nine months ended September 30, 2012 was $434.6 million, or $4.25 per diluted common share, compared to $29.0 million, or $0.23 per diluted common share, for the nine months ended September 30, 2011.

Net operating income (loss), a non-GAAP financial measure, is defined as net income (loss) excluding net realized and unrealized gains (losses) on investments, foreign exchange gains (losses) and non-recurring items. Net operating income (loss) available (attributable) to Validus is defined as net operating income (loss) as defined above, but excluding income (loss) available (attributable) to noncontrolling interest. Reconciliations of these measures to net income (loss) and net income (loss) available (attributable) to Validus, the most directly comparable GAAP measures, are presented at the end of this release.

Net income available to Validus, net operating income available to Validus and diluted earnings per share by Validus entity for the three months ended September 30, 2012 were as follows:

					Net Income Available to Validus				Diluted Earnings Per Share Available to Validus				Net Operating Income Available to Validus				Diluted Operating Earnings Per Share Available to Validus
					(Expressed in millions of U.S. dollars, except per share information)
Validus Re				$	164.7							$	139.0
PaCRe					6.3								0.1
Other AlphaCat Companies & Other					18.0								17.2
Validus Re consolidated					189.0								156.3
Talbot					52.1								44.1
Corporate & Eliminations					(33.8	)							(29.8	)
Total				$	207.3			$	2.11			$	170.6			$	1.74

Commenting on the financial results for the three months ended September 30, 2012, Ed Noonan, Validus' Chairman and Chief Executive Officer stated: “I am pleased to report third quarter net operating income for Validus in the amount of $170.6 million which equates to an annualized operating return on average equity of 19.2%. These results and growth in diluted book value per share of 6.1% inclusive of dividends for the quarter and 14.7% year to date reflect a light quarter for natural catastrophes, Validus' rock solid balance sheet and the excellent portfolio of short tail risks which we have been able to assemble due to Validus' size, scale and expertise in both its Bermuda and London operations.”

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