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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

Net premiums earned for the three months ended September 30, 2012 were $242.3 million compared to $240.2 million for the three months ended September 30, 2011, an increase of $2.1 million, or 0.9%.

The combined ratio for the three months ended September 30, 2012 was 51.0% compared to 74.5% for the three months ended September 30, 2011, a decrease of 23.5 percentage points.

The loss ratio for the three months ended September 30, 2012 was 27.6% compared to 53.6% for the three months ended September 30, 2011, a decrease of 26.0 percentage points. For the three months ended September 30, 2012, Validus Re incurred $35.5 million of losses attributable to notable loss events which represented 14.7 percentage points of the loss ratio. The loss ratio for the three months ended September 30, 2012 included favorable loss reserve development on prior accident years of $23.8 million, benefiting the loss ratio by 9.8 percentage points.

Gross premiums written for the nine months ended September 30, 2012 were $1,052.7 million compared to $1,058.6 million for the nine months ended September 30, 2011, a decrease of $5.9 million, or 0.6%. Gross premiums written for the nine months ended September 30, 2012 included $716.7 million of property premiums, $248.8 million of marine premiums and $87.1 million of specialty premiums compared to $752.9 million of property premiums, $222.7 million of marine premiums and $83.1 million of specialty premiums for the nine months ended September 30, 2011.

Net premiums earned for the nine months ended September 30, 2012 were $738.0 million compared to $713.4 million for the nine months ended September 30, 2011, an increase of $24.6 million, or 3.4%.

The combined ratio for the nine months ended September 30, 2012 was 55.9% compared to 96.6% for the nine months ended September 30, 2011, a decrease of 40.7 percentage points.

The loss ratio for the nine months ended September 30, 2012 was 33.1% compared to 74.8% for the nine months ended September 30, 2011, a decrease of 41.7 percentage points. For the nine months ended September 30, 2012, Validus Re incurred $120.2 million of losses attributable to notable loss events, which represented 16.3 percentage points of the loss ratio. The loss ratio for the nine months ended September 30, 2012 included favorable loss reserve development on prior accident years of $52.8 million, benefiting the loss ratio by 7.2 percentage points.

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