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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

Stocks in this article: VR

AlphaCat Segment Results

Managed gross premiums written from our non-consolidated affiliates, AlphaCat Re 2011 and AlphaCat Re 2012, for the three months ended September 30, 2012 were $9.3 million compared to $18.8 million for the three months ended September 30, 2011, a decrease of $9.6 million or 50.8%.

Gross premiums written from our consolidated entities for the three months ended September 30, 2012 were $2.9 million compared to $0.1 million for the three months ended September 30, 2011, an increase of $2.8 million.

Net premiums earned for the three months ended September 30, 2012 were $5.5 million compared to $27.7 million for the three months ended September 30, 2011, a decrease of $22.2 million or 80.1%.

The combined ratio for the three months ended September 30, 2012 was 49.2% compared to 19.9% for the three months ended September 30, 2011, an increase of 29.3 percentage points.

The loss ratio for the three months ended September 30, 2012 and 2011 was 0.0%.

Managed gross premiums written from our non-consolidated affiliates, AlphaCat Re 2011 and AlphaCat Re 2012, for the nine months ended September 30, 2012 were $126.5 million compared to $61.4 million for the nine months ended September 30, 2011, an increase of $65.1 million or 106.1%.

Gross premiums written from our consolidated entities for the nine months ended September 30, 2012 were $21.6 million compared to $15.7 million for the nine months ended September 30, 2011, an increase of $6.0 million or 38.0%.

Net premiums earned for the nine months ended September 30, 2012 were $11.8 million compared to $39.5 million for the nine months ended September 30, 2011, a decrease of $27.7 million or 70.2%.

The combined ratio for the nine months ended September 30, 2012 was 58.6% compared to 22.3% for the nine months ended September 30, 2011, an increase of 36.3 percentage points.

The loss ratio for the nine months ended September 30, 2012 and 2011 was 0.0%.

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