Validus reports $eight.7 million in fourth quarter losses
Bermuda-based re/insurer Validus Holdings has reported a web lack of US$8.7 million for the fourth quarter of 2017.
This brings its 2017 web loss to US$63.5 million, in comparison with an working revenue of US$359.four million in 2016. The insurer’s mixed ratio in 2017 was 122.6%, an enormous leap from the 84.2% posted in 2016. The losses had been attributed to excessive ranges of pure disaster losses, significantly as a result of devastating North American hurricane season.
However, on a extra optimistic be aware, its gross written premiums rose 11.four% year-on-year to US$2.95 billion. It additionally reported a strong renewal season in January 2018, with its reinsurance and asset administration segments registering US$921.2 million in gross written premiums, a 41.6% improve from 2017’s renewals.
The insurer additionally expressed optimism at its upcoming acquisition by international big AIG.
“We continue to position the company well, utilizing both traditional retro and the Validus-sponsored Tailwind Re catastrophe bond to improve the risk return characteristics of our portfolio,” mentioned Validus chairman and CEO Edward Noonan.
“Through portfolio optimization we were able to take advantage of rate increases while reducing our peak US hurricane PML’s, which are down 65% since their height in 2013. Looking ahead, we are very excited to become part of the AIG Group at closing and are looking forward to being able to continue to serve our clients and brokers in new and exciting ways.”
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