Bermuda-based Validus Holdings reported net income for the quarter ended December 31, 2008 of $37.0 million, or $0.47 per diluted common share, compared with net income of $139.0 million, or $1.77 per diluted common share, for the quarter ended December 31, 2007.
Net income for the year ended December 31, 2008 was $53.1 million, or $0.61 per diluted share, compared with $403.0 million, or $5.95 per diluted common share, for the corresponding period in 2007.
Net operating income, which excludes capital gains/losses, for the fourth quarter of 2008 was $50.9 million, or $0.65 per diluted share, compared with net operating income of $131.5 million, or $1.68 per diluted common share, for the quarter ended December 31, 2007.
Net operating income for the year ended December 31, 2008 was $175.1 million, or $2.22 per diluted common share, compared with $388.2 million, or $5.73 per diluted common share, for the year ended December 31, 2007. “Operating results of Talbot have been included in the consolidated financial statements from the acquisition date of July 2, 2007,” said the announcement.
Commenting on fourth quarter and full year 2008 results and 2009 business conditions, Validus’ CEO Ed Noonan stated: “2008 was an extraordinary test of our enterprise risk management and we are very pleased with our success in such troubled times. We absorbed the worst financial markets in recent memory, as well as one of the most costly natural disasters in history, and still generated $98.4 million of underwriting income and $53.1 million in net income for our shareholders.
“Our ability to protect our capital has positioned us to benefit strongly from the improving pricing environment we see in our core short-tail lines of business. We continue to expand our business platform and see strong growth opportunities arising from dislocation among competitors.
“Having grown our gross premium by 26 percent at January 1 in our Validus Re segment, due to rate increases coupled with modest exposure growth, we expect to see rates continue to increase over the balance of 2009.”
The full report, additional information and access to the earnings conference call held today, may be obtained on the Company’s web site at: www.validusre.bm.
A replay of the call will be available through March 02, 2009 by dialing 1-877-344-7529 and entering the passcode 426285#.
Source: Validus Re
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