Validus profits quadruple despite pressures

Bermuda-based Validus Holdings enjoyed a big jump in its net profits in the second quarter of 2014 despite competitive pressures in the market and higher than expected loss events.

Its net income hit $153.4 million for the quarter, a 400 percent increase compared with $30.7 million for the three months ended June 30, 2013.

Over the six months ended June 30, 2014, net income was $315.8 million, compared with $254 million for the six months ended June 30, 2013.

The re/insurer reported gross premiums written (GPW) for the three months ended June 30, 2014 of $655.7 million compared to $702.3 million for the three months ended June 30, 2013, a decrease of $46.6 million, or 6.6 percent.