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Validus Announces First Quarter Net Income Of $162.4 Million

Validus Holdings, Ltd. (“Validus” or the “Company”) (NYSE:VR) today reported net income available to Validus for the three months ended March 31, 2014 of $162.4 million, or $1.66 per diluted common share, compared to $223.2 million, or $1.90 per diluted common share, for the three months ended March 31, 2013.

Net operating income available to Validus for the three months ended March 31, 2014 was $146.1 million, or $1.49 per diluted common share, compared to $215.6 million, or $1.83 per diluted common share, for the three months ended March 31, 2013.

Commenting on the financial results for the three months ended March 31, 2014, Validus' Chairman and CEO Ed Noonan stated:

“Validus delivered very solid results for the first quarter of 2014. The Company had $162.4 million in net income, 4.6% growth in book value per diluted share inclusive of dividends and a 17.7% annualized return on average equity. While there is clearly competition in the (re)insurance industry, Validus' size, scale and our willingness to share analytical insights with our customers allows us to maintain a preferred position in the marketplace."

Net income and operating income available to Validus, earnings and operating earnings per diluted share available to Validus, by segment for the three months ended March 31, 2014 were as follows:
 

Net Income Available to
 

Net Operating Income

Validus
 

Available to Validus

(Expressed in millions of U.S. dollars,except per share information)
Validus Re $ 146.4 $ 132.9
Talbot 36.2 33.7
PaCRe, Ltd.

  4.8

  0.1
Other AlphaCat Companies

13.1

12.7
AlphaCat subtotal 17.9 12.8
Corporate & Eliminations (38.1 ) (33.3 )
Total $ 162.4   $ 146.1  
Earnings per diluted share available to Validus $ 1.66
Operating earnings per diluted share available to Validus $ 1.49
 

Net operating income (loss), a non-GAAP financial measure, is defined as net income (loss) excluding net realized and change in unrealized gains (losses) on investments, income (loss) from investment affiliate, foreign exchange gains (losses) and non-recurring items. Net operating income (loss) available (attributable) to Validus is defined as 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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