Validus Holdings, Ltd. (“Validus” or the “Company”) (NYSE:VR) today reported net income available to Validus for the year ended December 31, 2013 of $532.7 million, or $4.94 per diluted common share, compared to $408.4 million, or $3.99 per diluted common share, for the year ended December 31, 2012.
Net operating income available to Validus for the year ended December 31, 2013 was $578.7 million, or $5.38 per diluted common share, compared to $333.8 million, or $3.26 per diluted common share, for the year ended December 31, 2012.
Commenting on the financial results for the year ended December 31, 2013, Validus' Chairman and CEO Ed Noonan stated:
“In 2013 Validus reported record full year gross premiums written of $2.4 billion and record full year net operating income of $578.7 million resulting in a 15.2% net operating return on average equity. 2013 was the eighth full year of operations for Validus and I am extremely proud of our growth from an ambitious startup company to a global leader in the short tail classes of reinsurance and insurance. We have strong and sustainable businesses in all three of our core operating units: Validus Re, Talbot and AlphaCat, each supported by excellent financial resources and run by talented business leaders.Each of these businesses had significant success in 2013:
- Talbot Underwriting, Ltd. reported record gross premiums written of $1.1 billion and record net operating income of $186.5 million as it continued to build on its track record of success in the Lloyd's market.
- Validus Reinsurance, Ltd. reported record gross premiums written of $1.2 billion and net operating income of $498.2 million, a reflection of its leadership position in the short tail reinsurance market.
- AlphaCat Managers wrote $147.0 million of gross premium and launched a fourth sidecar, AlphaCat 2014, Ltd. which was fully deployed with $204.0 million of available limit at January 1, 2014."