Validus reports quarterly profits
Validus Holdings, Ltd. has reported its financial results for the second quarter of 2011, including net income of $109.9m, equating to $1.05 per diluted common share.
This is significantly less than the $179.8m ($1.44 per diluted common share) the firm made during the corresponding period last year.
In the first six months of 2011 Validus incurred a net loss of $62.5m ($0.68 per diluted common share), almost a mirror image of the 2010 H1 net income of $61.4m ($0.46 per diluted common share).
Quarterly net operating income came to $81.8m ($0.78 per diluted common share), around two-thirds that of the same time last year ($129.8m).
The firm made a biannual net operating loss of $83.7m ($0.89 per diluted common share), comparing unfavourably with the first half of 2010 when Validus reported a net operating loss of $6.6m ($0.08 per diluted common share).
Chairman and Chief Executive Officer Ed Noonan expressed pleasure at the firm’s quarterly results.
Category: Financials, Insurance News
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