Validus returns to the black in Q1

by Richard Kilner

Story link: Validus returns to the black in Q1

Validus Holdings, Ltd. has reported its financial results for Q1 2012, including net income of $124.2 million, or $1.18 per diluted common share.

This marks a return to the black from the Q1 2011 net loss of $172.4m ($1.78 per diluted common share) that the firm incurred previously.

Quarterly net operating income was $92.9m, or $0.88 per diluted common share, and is substantially improved on the net operating loss of $165.4m that the firm suffered in the corresponding period last year.

Chairman and Chief Executive Officer Ed Noonan said that he was pleased to report the improved net income as well as annualised growth in diluted book value per share of 15.1%, achieved despite the Costa Concordia incident and significant tornado activity in the US.

Noonan sounded an optimistic note regarding the future, and said that the firm would become more active in capital management for the rest of 2012.