Validus Reports On Q3

by Stewart Douglas

Story link: Validus Reports On Q3

Holdings group Validus has today unveiled its results for the third quarter to the end of September, reporting an increase in earnings net of expenditure to $137 million over the period, despite external market circumstances which have seen many firms lose out over the period.

The move sees the company take a step up in its earnings per share ration, graduation to $1.90 from $1.20 for the same period in 2006, reflecting the consistently improving capital return for investors in light of the group’s continued growth within its core interests.

Revenues were also up on the period as the group continued to reap the benefits of strong investment income, growing from $114 million to $264 million – an increase of over 100% on last year’s third quarter.

The recent acquisition of Talbot Holdings led to a charge for contractual termination with an advisor as to an IPO move and the consolidation of both company results for the period, accounting largely for a perceived strong growth in the figures as compared to the same period last year.

Additionally it was liable to a legal bill of just under $3 million as a result of the acquisition and certain anti-dilution regulations.

Whilst the company will still continue to operate as distinct entities, and deliver financial results on the same basis, the group accounts submitted will take account of the aggregate performance of the company over a given period in order to present an accurate reflection of the group’s position.

Speaking today on the figures a spokesperson from Validus said they were delighted with the results, and were committed to providing shareholders with long term value through strengthening return on capital rations over the coming twelve months.