WESTERN WORLD AND ALPHACAT BOOST VALIDUS PREMIUMS IN Q1

Validus Holdings beat analysts’ forecasts reporting net operating income of $117.4m for the first three months of the year, down 14% on the same period last year. The Bermuda-based group increased gross written premiums 4.8% to $1.17bn, driven by growth at its US insurer Western World and fund manager AlphaCat. Income from its operating units was down 14% to $122.7m on the back of lower underwriting income at Lloyd’s insurer Talbot and an underwriting loss at Western World. This was offset by a a strong performance at Validus Re. The combined ratio for the period was 75.1%. Despite investment market headwinds, Validus Holdings reported investment income of $27.9m, down only 5% on the same period last year. The group reported operating income per share of $1.39 compared to consensus forecasts of $1.25.