Validus reports combined ratio of 201% for Q3, loss of $250m
Bermuda-based Validus Holdings said on Oct. 26 that it reported a net loss attributable to shareholders of $250.4 million for the three months ended September 30, 2017.
This compares to a net income of $89.8 million for the same period in 2016.
The results included notable losses of $926.2 million in the third quarter compared to $1.0 million during the same period a year ago.
The loss ratio for the period was 173.5 percent compared to 45.8 percent in the same period of 2017.
The combined ratio for the third quarter was 200.5 percent compared to 82.4 percent in the same period a year ago.
Excluding the AlphaCat segment, which includes results attributable to AlphaCat’s third-party investors and noncontrolling interests, the combined ratio for the three months ended September 30, 2017, was 138.8 percent.
“While results of operations were negative, I am gratified with this outcome which is the result of world-class underwriting, risk, financial and operational management throughout our global businesses,” CEO Ed Noonan commented.
“Despite significant natural catastrophes we close the quarter with a very strong balance sheet and a belief that the quarter’s results across the industry have enhanced our competitive position.”
Gross premiums written for the three months ended Sept. 30, 2017, were up 40.7 percent year on year at $523.9 million in the third quarter. Growth was primarily driven by increases in the Western World, Validus Re and AlphaCat segments.
Reinsurance premiums ceded for the three months ended Sept. 30, 2017, were up 159.7 percent year on year at $116.9 million in the third quarter. The increase was primarily driven by a rise in the Western World, Validus Re and Talbot segments.
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