Bermudian reinsurer Validus has reported that its net income has fallen by 94.7 percent from $402.6 million in 2010 to just $21.3 million in 2011.
However the company’s chairman and chief executive, Ed Noonan, said that the fact Validus had remained profitable at all, despite absorbing heavy catastrophe losses throughout the year, was an indication of the company’s strength.
“Despite these significant market losses, Validus was profitable in 2011 which continues our company’s record of profitability in each year of our operations despite heavy insured loss activity and financial market turbulence over the period,” he says.
“Since formation, our company has grown diluted book value per share plus accumulated dividends at an annual compounded rate of 13.3 percent. I am satisfied with this outcome which is the result of world class underwriting, risk, financial and operational management throughout our global businesses.”
Validus, losses, Bermuda