Validus reports strong Q3 and 9M results

Validus Holdings, Ltd. has reported its financial results for the third quarter of 2012, including net income of $207.3m, equating to net income of $2.11 per diluted common share.

This is almost fourfold the $56.5m net income ($0.54 per diluted common share) the firm achieved in the corresponding period last year, and is also a significant improvement on the $167.6m ($1.62 per diluted common share) it made in Q2 2012.

In the first nine months of the year Validus reported a net income of $499.2m, or $4.88 per diluted common share, a huge improvement on 9M 2011, when the firm incurred a net loss of $6m, equating to a loss per diluted common share of $0.12.

Chairman and Chief Executive Officer Ed Noonan said that he was pleased to be able to report a Q3 net operating income of $170.6m, adding that the firm enjoyed a rock solid balance sheet.

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Category: Financials, Insurance News