Validus reports falling profits in Q3
Validus Holdings, Ltd. has reported net income of $56.5m, equating to $0.54 per diluted common share, in the third quarter of 2011.
This is less than a quarter of the $238.5m ($2.08 per diluted common share) the firm made in the corresponding period last year, and around half the $109.9m ($1.05 per diluted common share) it made in the preceding quarter (Q2 2011).
In the first nine months of the year Validus incurred a net loss of $6m, equating to a loss per diluted common share of $0.12.
In the corresponding period last year the firm made net income of $299.9m, $2.42 per diluted common share.
Quarterly net operating income was $112.6m ($1.09 per diluted common share,), up from $81.8m in Q2 2011 but significantly less than the $173m in Q3 2010.
Net operating income in the first nine months of the year was $29m, compared to $166.4m in 9M 2010.
Chairman and Chief Executive Officer Ed Noonan said that the firm continued to deliver strong results, citing the annualized net operating return on average equity in Q3 of 13.1%.
Category: Financials, Insurance News
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