31 January 2014 Insurance

Validus posts record profits

Driven by a year of low catastrophe losses Validus Holdings grew its gross written premiums by 10.8 percent in 2013 and its net income by 30 percent, delivering the company a record profit for the year.

Its gross written premiums increased to $2.4 billion in 2013 compared with $2.16 billion the year before while its net income for the year grew to $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.

The company posted a very impressive combined ratio of 71.2 percent compared with 86.8 percent in 2012.

Ed Noonan, chairman and CEO of Validus, said he was pleased with the company’s performance. “2013 was the eighth full year of operations for Validus and I am extremely proud of our growth from an ambitious start-up 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,” he said.

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