Bermuda’s Validus Reports 2015 Net Income of $374.9M, vs. $480M in 2014

January 29, 2016

Bermuda-based Validus Holdings Ltd. reported net income available to Validus of $69.0 million, or $0.81 per diluted common share, for the three months ended Dec. 31, 2015, compared to $125.9 million, or $1.38 per diluted common share, for the same quarter in 2014.

For the year ended Dec. 31, 2015, net income was $374.9 million, or $4.34 per diluted common share, compared to $480.0 million, or $5.07 per diluted common share, for the full year in 2014.

Net operating income was $105.4 million, or $1.24 per diluted common share, for the fourth quarter of 2015, compared to $121.9 million, or $1.34 per diluted common share, for the same period in 2014. For the full year, net operating income was $409.7 million, or $4.74 per diluted common share, compared to $480.8 million, or $5.08 per diluted common share, for 2014. .

Commenting on the financial results for the full year ended Dec. 31, 2015, Validus’ Chairman and CEO Ed Noonan stated:

“For the full year 2015, Validus earned $409.7 million in net operating income and generated an 11.3 percent net operating return on average equity. These strong results, despite competitive pressures, reflect the diversification of Validus’ business as we have shifted our mix to 46 percent insurance and 54 percent reinsurance during 2015.”

In its earnings statement, Validus announced that its unit, AlphaCat, which manages third party assets, has returned $470.3 million to PaCRe investors after the reinsurance vehicle set up by John Paulson’s hedge fund firm was wound down in the fourth quarter. “…[T]his entity was off risk as of Jan. 1, 2016,” said Validus.

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