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Validus Announces Second Quarter Net Operating Income Available To Validus Of $1.03 Per Diluted Share

Validus Holdings, Ltd. (“Validus” or the “Company”) (NYSE: VR) today reported net income available to Validus of $30.7 million, or $0.28 per diluted common share for the three months ended June 30, 2013, compared to $167.6 million, or $1.62 per diluted common share, for the three months ended June 30, 2012. Net income available to Validus for the six months ended June 30, 2013 was $254.0 million, or $2.21 per diluted common share compared to $291.9 million, or $2.80 per diluted common share, for the six months ended June 30, 2012.

Net operating income available to Validus for the three months ended June 30, 2013 was $111.4 million, or $1.03 per diluted common share, compared to $171.2 million, or $1.65 per diluted common share, for the three months ended June 30, 2012. Net operating income available to Validus for the six months ended June 30, 2013 was $327.1 million, or $2.90 per diluted common share, compared to $264.1 million, or $2.53 per diluted common share, for the six months ended June 30, 2012.

Commenting on the financial results for the quarter ended June 30, 2013, Validus' Chairman and CEO Ed Noonan stated:

“I am pleased to announce another very good quarter for Validus with diluted net operating income of $1.03 per share and an annualized net operating return on average equity of 11.9%. All three of our segments - Validus Re, AlphaCat and Talbot - performed strongly, with particularly notable numbers posted by Talbot, which had record second quarter net operating income of 56.6 million."

Net income available to Validus, diluted earnings per share available to Validus, net operating income available to Validus, and diluted operating earnings per share available to Validus by entity for the three months ended June 30, 2013 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 $ 14.4 $ 73.6
PaCRe, Ltd. (6.9 ) 0.2
Other AlphaCat Companies 12.2 11.6
Talbot 41.9 56.6
Corporate & Eliminations   (30.9 )   (30.6 )  
Total $ 30.7   $ 0.28   $ 111.4   $ 1.03

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), income (loss) from investment affiliates and non-recurring items. Net operating income (loss) available (attributable) to Validus is defined as net operating income (loss) as defined above, but excludes 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.

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