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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Validus Holdings, Ltd. (delisted) | NYSE:VR | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 67.99 | 0.00 | 01:00:00 |
BERMUDA | 98-0501001 |
(State or other jurisdiction of | (I.R.S. Employer |
incorporation or organization) | Identification No.) |
Item 2.02 | Results of Operations and Financial Condition. |
Item 9.01. | Financial Statements and Exhibits. |
(d) | Exhibits. The following exhibits are filed herewith: |
Exhibit No. | Description | ||||
99.1 | Press Release dated October 29, 2015 announcing the earnings of Validus Holdings, Ltd. for the three and nine months ended September 30, 2015. |
VALIDUS HOLDINGS, LTD. (Registrant) | ||||
By: | /s/ Jeffrey D. Sangster | |||
Name: | Jeffrey D. Sangster | |||
Title: | Executive Vice President and Chief Financial Officer |
Net Income Available to Validus | Net Operating Income Available to Validus | ||||||
(Expressed in millions of U.S. dollars, except per share information) | |||||||
Validus Re | $ | 63.9 | $ | 72.2 | |||
Talbot | 24.2 | 26.4 | |||||
PaCRe, Ltd. | (8.0 | ) | — | ||||
Other AlphaCat Companies | 7.5 | 5.2 | |||||
AlphaCat subtotal (a) | (0.5 | ) | 5.2 | ||||
Western World | 10.3 | 3.2 | |||||
Corporate & Eliminations | (31.2 | ) | (33.4 | ) | |||
Total | $ | 66.7 | $ | 73.6 | |||
Net earnings per diluted common share available to Validus | $ | 0.78 | |||||
Net operating earnings per diluted common share available to Validus | $ | 0.86 | |||||
(a) Validus’ share (net of intercompany eliminations) of AlphaCat Net Income and Net Operating Income Available to Validus is $(2.2) million and $5.7 million, respectively. |
• | Gross premiums written for the three months ended September 30, 2015 were $401.7 million compared to $359.0 million for the three months ended September 30, 2014, an increase of $42.7 million, or 11.9%. The increase was primarily due to the contribution from Western World and an increase in AlphaCat gross written premium. This increase was offset by decreases at both Validus Re and Talbot. |
• | Net premiums earned for the three months ended September 30, 2015 were $555.5 million compared to $494.7 million for the three months ended September 30, 2014, an increase of $60.8 million, or 12.3%. |
• | Underwriting income for the three months ended September 30, 2015 was $86.1 million compared to $92.1 million for the three months ended September 30, 2014, a decrease of $6.0 million, or 6.5%. |
• | Combined ratio for the three months ended September 30, 2015 was 84.5% which included $91.5 million of favorable loss reserve development on prior accident years, benefiting the loss ratio by 16.5 percentage points compared to a combined ratio for the three months ended September 30, 2014 of 81.4% which included $55.6 million of favorable loss reserve development on prior accident years, benefiting the loss ratio by 11.2 percentage points. The favorable development of $91.5 million for the three months ended September 30, 2015 is primarily from non-event reserves in the amount of $60.8 million. Favorable development on prior years from event specific reserves was $30.7 million. |
• | Net operating income available to Validus for the three months ended September 30, 2015 was $73.6 million compared to $84.9 million for the three months ended September 30, 2014, a decrease of $11.3 million, or 13.3%. |
• | Net income available to Validus for the three months ended September 30, 2015 was $66.7 million compared to $39.7 million for the three months ended September 30, 2014, an increase of $27.0 million, or 68.0%. |
• | Annualized return on average equity of 7.3% and annualized net operating return on average equity of 8.1% for the three months ended September 30, 2015 compared to 4.2% and 9.1%, respectively, for the three months ended September 30, 2014. |
Three Months Ended September 30, 2015 | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Third Quarter 2015 Notable Loss Event (a) | Validus Re | Talbot | Total | ||||||||||||||||||||||
Description | Net Losses and Loss Expenses | % of NPE (b) | Net Losses and Loss Expenses | % of NPE (b) | Net Losses and Loss Expenses | % of NPE (b) | |||||||||||||||||||
Tianjin | Loss and loss expenses | $ | 35,806 | 35,418,000 | 14.9 | % | $ | 11,983 | 5.8 | % | $ | 47,789 | 8.6 | % | |||||||||||
Reinstatement premiums | (3,136 | ) | (760 | ) | (3,896 | ) | |||||||||||||||||||
Net loss | $ | 32,670 | 13.6 | % | $ | 11,223 | 5.4 | % | $ | 43,893 | 7.9 | % |
(a) | The notable loss event amounts were based on management's estimates following a review of the Company's potential exposure and discussions with certain clients and brokers. Given the magnitude of this event, and other uncertainties inherent in loss estimation, meaningful uncertainty remains regarding losses from this event and the Company's actual ultimate net losses from this event may vary materially from this estimate. Only those segments that incurred a loss on this event are shown above. |
(b) | NPE = net premiums earned. % of NPE for each segment is calculated using the respective segment NPE. |
• | Gross premiums written for the nine months ended September 30, 2015 were $2,248.1 million compared to $2,026.6 million for the nine months ended September 30, 2014, an increase of $221.5 million, or 10.9%. |
• | Net premiums earned for the nine months ended September 30, 2015 were $1,706.8 million compared to $1,443.7 million for the nine months ended September 30, 2014, an increase of $263.1 million, or 18.2%. |
• | Underwriting income for the nine months ended September 30, 2015 was $341.0 million compared to $391.3 million for the nine months ended September 30, 2014, a decrease of $50.2 million, or 12.8%. |
• | Combined ratio for the nine months ended September 30, 2015 was 80.0% which included $245.8 million of favorable loss reserve development on prior accident years, benefiting the loss ratio by 14.4 percentage points compared to a combined ratio for the nine months ended September 30, 2014 of 72.9% which included $167.6 million of favorable loss reserve development on prior accident years, benefiting the loss ratio by 11.6 percentage points. |
• | Net operating income available to Validus for the nine months ended September 30, 2015 was $304.8 million compared to $357.4 million for the nine months ended September 30, 2014, a decrease of $52.6 million, or 14.7%. |
• | Net income available to Validus for the nine months ended September 30, 2015 was $304.1 million compared to $355.4 million for the nine months ended September 30, 2014, a decrease of $51.4 million, or 14.4%. |
• | Annualized return on average equity of 11.1% and annualized net operating return on average equity of 11.2% for the nine months ended September 30, 2015 compared to 12.8% and 12.9%, respectively, for the nine months ended September 30, 2014. |
• | Gross premiums written for the three months ended September 30, 2015 were $102.9 million compared to $114.4 million for the three months ended September 30, 2014, a decrease of $11.5 million, or 10.0%. Gross premiums written for the three months ended September 30, 2015 included $65.0 million of property premiums, $13.4 million of marine premiums and $24.5 million of specialty premiums, compared to $70.1 million of property premiums, $23.0 million of marine premiums and $21.3 million of specialty premiums for the three months ended September 30, 2014. The decrease in the property lines of $5.1 million was primarily driven by adjustments to premiums on existing business. The decrease in the marine lines of $9.6 million was primarily driven by reduced proportional business due to timing of the renewal of a significant program which was made in the first quarter of 2015 versus the third quarter of 2014. |
• | Net premiums earned for the three months ended September 30, 2015 were $240.7 million compared to $226.7 million for the three months ended September 30, 2014, an increase of $14.0 million, or 6.2%. |
• | The combined ratio for the three months ended September 30, 2015 was 77.6% compared to 70.3% for the three months ended September 30, 2014, an increase of 7.3 percentage points. |
• | The loss ratio for the three months ended September 30, 2015 was 50.3% compared to 45.0% for the three months ended September 30, 2014, an increase of 5.3 percentage points. The loss ratio for the three months ended September 30, 2015 included favorable loss reserve development on prior accident years of $50.5 million, benefiting the loss ratio by 21.0 percentage points. Favorable development on prior years from non-event reserves was $25.3 million. Favorable development on prior years from event specific reserves was $25.2 million, including $12.0 million on Superstorm Sandy, $5.6 million on Hurricane Ike and $5.0 million on the 2010 Chilean earthquake. The loss ratio for the three months ended September 30, 2014 included favorable loss reserve development on prior accident years of $20.1 million, benefiting the loss ratio by 8.9 percentage points. |
• | General and administrative expenses for the three months ended September 30, 2015 were $20.0 million compared to $18.5 million for the three months ended September 30, 2014, an increase of $1.4 million, or 7.8%. |
• | Net operating income available to Validus Re for the three months ended September 30, 2015 was $72.2 million compared to $86.0 million, for the three months ended September 30, 2014, a decrease of $13.8 million, or 16.0%. |
• | Net income available to Validus Re for the three months ended September 30, 2015 was $63.9 million compared to $54.0 million, for the three months ended September 30, 2014, an increase of $9.9 million, or 18.3%. |
• | Gross premiums written for the nine months ended September 30, 2015 were $1,111.0 million compared to $1,081.8 million for the nine months ended September 30, 2014, an increase of $29.2 million, or 2.7%. Gross premiums written for the nine months ended September 30, 2015 included $530.5 million of property premiums, $153.4 million of marine premiums and $427.2 million of specialty premiums, compared to $598.6 million of property premiums, $175.7 million of marine premiums and $307.5 million of specialty premiums for the nine months ended September 30, 2014. |
• | Net premiums earned for the nine months ended September 30, 2015 were $758.3 million compared to $686.8 million for the nine months ended September 30, 2014, an increase of $71.5 million, or 10.4%. |
• | The combined ratio for the nine months ended September 30, 2015 was 72.8% compared to 60.5% for the nine months ended September 30, 2014, an increase of 12.3 percentage points. |
• | The loss ratio for the nine months ended September 30, 2015 was 47.1% compared to 36.1% for the nine months ended September 30, 2014, an increase of 11.0 percentage points. The loss ratio for the nine months ended September 30, 2015 included favorable loss reserve development on prior accident years of $106.1 million, benefiting the loss ratio by 14.0 percentage points. The loss ratio for the nine months ended September 30, 2014 included favorable loss reserve development on prior accident years of $56.8 million, benefiting the loss ratio by 8.3 percentage points. |
• | General and administrative expenses for the nine months ended September 30, 2015 were $58.3 million compared to $53.8 million for the nine months ended September 30, 2014, an increase of $4.5 million, or 8.4%. |
• | Net operating income available to Validus Re for the nine months ended September 30, 2015 was $254.9 million compared to $318.8 million, for the nine months ended September 30, 2014, a decrease of $63.9 million, or 20.0%. |
• | Net income available to Validus Re for the nine months ended September 30, 2015 was $250.8 million compared to $319.5 million, for the nine months ended September 30, 2014, a decrease of $68.7 million, or 21.5%. |
• | Gross premiums written for the three months ended September 30, 2015 were $226.0 million compared to $245.7 million for the three months ended September 30, 2014, a decrease of $19.7 million, or 8.0%. Gross premiums written for the three months ended September 30, 2015 included $72.7 million of property premiums, $66.8 million of marine premiums and $86.5 million of specialty premiums compared to $67.0 million of property premiums, $90.8 million of marine premiums and $87.8 million of specialty premiums for the three months ended September 30, 2014. The decrease in the marine lines of $24.0 million was driven by decreases in a number of classes, but primarily the upstream energy and cargo lines due to ongoing market conditions and economic factors which have reduced new business and renewals. |
• | Net premiums earned for the three months ended September 30, 2015 were $206.1 million compared to $232.8 million for the three months ended September 30, 2014, a decrease of $26.7 million, or 11.5%. |
• | The combined ratio for the three months ended September 30, 2015 was 90.0% compared to 88.9% for the three months ended September 30, 2014, an increase of 1.1 percentage points. |
• | The loss ratio for the three months ended September 30, 2015 was 45.8% compared to 50.8% for the three months ended September 30, 2014, a decrease of 5.0 percentage points. The loss ratio for the three months ended September 30, 2015 included favorable loss reserve development on prior accident years of $36.0 million, benefiting the loss ratio by 17.4 percentage points. The favorable development on prior years is primarily from non-event reserves in the amount of $30.4 million. Favorable development on prior years from event specific reserves was $5.5 million. The loss ratio for the three months ended September 30, 2014 included favorable loss reserve development on prior accident years of $35.4 million, benefiting the loss ratio by 15.2 percentage points. |
• | General and administrative expenses for the three months ended September 30, 2015 were $43.3 million compared to $37.7 million for the three months ended September 30, 2014, an increase of $5.6 million, or 14.8%. |
• | Net operating income available to Talbot for the three months ended September 30, 2015 was $26.4 million compared to $31.5 million, for the three months ended September 30, 2014, a decrease of $5.1 million, or 16.2%. |
• | Net income available to Talbot for the three months ended September 30, 2015 was $24.2 million compared to $21.7 million, for the three months ended September 30, 2014, an increase of $2.5 million, or 11.6%. |
• | Gross premiums written for the nine months ended September 30, 2015 were $789.1 million compared to $854.3 million for the nine months ended September 30, 2014, a decrease of $65.2 million, or 7.6%. Gross premiums written for the nine months ended September 30, 2015 included $253.2 million of property premiums, $266.9 million of marine premiums and $269.1 million of specialty premiums compared to $261.1 million of property premiums, $319.8 million of marine premiums and $273.4 million of specialty premiums for the nine months ended September 30, 2014. |
• | Net premiums earned for the nine months ended September 30, 2015 were $634.2 million compared to $658.6 million for the nine months ended September 30, 2014, a decrease of $24.4 million, or 3.7%. |
• | The combined ratio for the nine months ended September 30, 2015 was 84.3% compared to 84.8% for the nine months ended September 30, 2014, a decrease of 0.5 percentage points. |
• | The loss ratio for the nine months ended September 30, 2015 was 42.4% compared to 46.3% for the nine months ended September 30, 2014, a decrease of 3.9 percentage points. The loss ratio for the nine months ended September 30, 2015 included favorable loss reserve development on prior accident years of $123.2 million, benefiting the loss ratio by 19.4 |
• | General and administrative expenses for the nine months ended September 30, 2015 were $115.3 million compared to $107.0 million for the nine months ended September 30, 2014, an increase of $8.3 million, or 7.8%. |
• | Net operating income available to Talbot for the nine months ended September 30, 2015 was $115.0 million compared to $113.7 million for the nine months ended September 30, 2014, an increase of $1.3 million, or 1.1%. |
• | Net income available to Talbot for the nine months ended September 30, 2015 was $112.4 million compared to $110.5 million, for the nine months ended September 30, 2014, an increase of $1.8 million, or 1.6%. |
• | AlphaCat's assets under management were $2,238.6 million as at October 1, 2015, compared to $2,079.3 million as at July 1, 2015. Third party assets under management were $1,877.4 million as at October 1, 2015, compared to $1,724.3 million as at July 1, 2015. During the three months ended September 30, 2015, a total of $165.7 million of capital was raised, of which $163.8 million was raised from third parties. |
• | Management fees earned from third parties were $5.8 million for the three months ended September 30, 2015, compared to $4.1 million for the three months ended September 30, 2014, an increase of $1.6 million. Increased third party assets under management drove the increase in third party management fees between periods. |
• | The AlphaCat sidecars and ILS funds contributed $6.5 million of income for the three months ended September 30, 2015, compared to $3.7 million for the three months ended September 30, 2014, an increase of $2.9 million. |
• | Total expenses for the three months ended September 30, 2015 were $6.6 million, compared to $3.9 million for the three months ended September 30, 2014, an increase of $2.7 million. Included within the expenses for the three months ended September 30, 2015 was $2.3 million of finance expenses relating to the raising of third party capital. |
• | Validus' share of AlphaCat net operating income for the three months ended September 30, 2015 was $5.7 million, compared to $3.9 million for the three months ended September 30, 2014, an increase of $1.9 million. |
• | Validus' share of PaCRe's net realized and unrealized investment losses for the three months ended September 30, 2015 was $8.0 million, compared to $5.8 million for the three months ended September 30, 2014, an increase of $2.1 million. |
• | Validus' share of AlphaCat's net loss for the three months ended September 30, 2015 was $2.2 million, compared to $2.0 million for the three months ended September 30, 2014, an increase of $0.2 million. |
• | Management fees earned from third parties for the nine months ended September 30, 2015 were $14.6 million, compared to $14.2 million for the nine months ended September 30, 2014, an increase of $0.4 million. |
• | The AlphaCat sidecars and ILS funds contributed $17.2 million of income for the nine months ended September 30, 2015, compared to $18.5 million for the nine months ended September 30, 2014, a decrease of $1.3 million. |
• | Total expenses for the nine months ended September 30, 2015 were $18.6 million, compared to $10.0 million for the nine months ended September 30, 2014, an increase of $8.6 million. Included within the expenses for the nine months ended September 30, 2015 was $9.2 million of finance expenses relating to the raising of third party capital. |
• | PaCRe contributed $0.1 million of net operating income for the nine months ended September 30, 2015, compared to $0.2 million for the nine months ended September 30, 2014, a decrease of $0.1 million. |
• | For the nine months ended September 30, 2015, there was an accounting loss of $1.8 million on the deconsolidation of one of the ILS funds compared to an accounting gain on another of the ILS funds of $1.4 million for the nine months ended September 30, 2014. |
• | Validus' share of AlphaCat net operating income for the nine months ended September 30, 2015 was $11.6 million, compared to $24.2 million for the nine months ended September 30, 2014, a decrease of $12.7 million. |
• | Validus' share of PaCRe's net realized and unrealized investment losses for the nine months ended September 30, 2015 were $2.3 million, compared to a gain of $2.5 million for the nine months ended September 30, 2014, a decrease of $4.9 million. |
• | Validus' share of AlphaCat net income for the nine months ended September 30, 2015 was $9.2 million, compared to $26.8 million for the nine months ended September 30, 2014, a decrease of $17.5 million. |
• | Gross premiums written for the three months ended September 30, 2015 were $70.9 million, which included $13.9 million of property premiums and $57.0 million of liability premiums. |
• | Net premiums earned for the three months ended September 30, 2015 were $63.9 million. |
• | The combined ratio for the three months ended September 30, 2015 was 100.4%. |
• | The loss ratio for the three months ended September 30, 2015 was 63.8%, which included favorable loss reserve development on prior accident years of $5.1 million, benefiting the loss ratio by 7.9 percentage points. Of this, $2.5 million or 3.9 percentage points arose from the amortization of the risk premium adjustment accounted for at the time of the acquisition of Western World. |
• | Policy acquisition costs for the three months ended September 30, 2015 were $13.2 million or 20.7% of net premiums earned. Amortization of the fair value adjustment accounted for at the time of the acquisition favorably impacted policy acquisition costs by approximately $3.0 million or 4.7 percentage points. |
• | General and administrative expenses for the three months ended September 30, 2015 were $9.6 million, or 15.9% of net premiums earned. |
• | Net operating income available to Western World for the three months ended September 30, 2015 was $3.2 million. |
• | Net income available to Western World for the three months ended September 30, 2015 was $10.3 million. |
• | Gross premiums written for the nine months ended September 30, 2015 were $207.4 million, which included $39.1 million of property premiums and $168.2 million of liability premiums. |
• | Net premiums earned for the nine months ended September 30, 2015 were $196.9 million. |
• | The combined ratio for the nine months ended September 30, 2015 was 99.5%. |
• | The loss ratio for the nine months ended September 30, 2015 was 70.1%, which included favorable loss reserve development on prior accident years of $15.6 million, benefiting the loss ratio by 8.0 percentage points. Of this, $8.6 million or 4.4 percentage points arose from the amortization of the risk premium adjustment accounted for at the time of the acquisition of Western World. |
• | Policy acquisition costs for the nine months ended September 30, 2015 were $27.1 million or 13.8% of net premiums earned. Amortization of the fair value adjustment accounted for at the time of the acquisition favorably impacted policy acquisition costs by approximately $20.0 million or 10.2 percentage points. |
• | General and administrative expenses for the nine months ended September 30, 2015 were $29.1 million, or 15.6% of net premiums earned. |
• | Net operating income available to Western World for the nine months ended September 30, 2015 was $16.1 million. |
• | Net income available to Western World for the nine months ended September 30, 2015 was $22.0 million. |
• | General and administrative expenses for the three months ended September 30, 2015, net of operating segment eliminations, were $18.5 million compared to $19.4 million for the three months ended September 30, 2014, a decrease of $0.9 million or 4.6%. |
• | Share compensation expenses for the three months ended September 30, 2015 were $3.4 million compared to $3.0 million for the three months ended September 30, 2014, an increase of $0.4 million or 12.3%. |
• | General and administrative expenses for the nine months ended September 30, 2015, net of operating segment eliminations, were $49.1 million compared to $55.2 million for the nine months ended September 30, 2014, a decrease of $6.1 million, or 11.1%. |
• | Share compensation expenses for the nine months ended September 30, 2015 were $9.5 million compared to $8.4 million for the nine months ended September 30, 2014, an increase of $1.1 million, or 13.1%. |
• | Net investment income for the three months ended September 30, 2015 was $31.5 million compared to $25.3 million for the three months ended September 30, 2014, an increase of $6.3 million, or 24.8%. |
• | Net realized losses on investments for the three months ended September 30, 2015 were $41.9 million compared to a gain of $4.6 million for the three months ended September 30, 2014, a decrease of $46.5 million. The net realized losses for the three months ended September 30, 2015, included $40.7 million in realized losses relating to PaCRe. The amount of PaCRe's realized losses attributable to noncontrolling interest was $36.6 million for the three months ended September 30, 2015, leaving a net loss to the Company of $4.1 million. The net realized gains on investments for the three months ended September 30, 2014 was driven by $2.6 million in realized gains relating to PaCRe. The amount of PaCRe's realized gains attributable to noncontrolling interest was $2.3 million for the three months ended September 30, 2014, leaving a net gain to the Company of $0.3 million. |
• | The change in net unrealized losses on investments for the three months ended September 30, 2015 was $34.9 million compared to $85.0 million for the three months ended September 30, 2014, a decrease of $50.1 million, or 58.9%. The change in net unrealized losses on investments for the three months ended September 30, 2015 included $38.8 million in unrealized losses relating to PaCRe. The amount of PaCRe's net unrealized losses attributable to noncontrolling interest was $34.9 million for the three months ended September 30, 2015, leaving a net loss to the Company of $3.9 million. The change in net unrealized losses on investments for the three months ended September 30, 2014 was driven by $61.0 million in unrealized losses relating to PaCRe. The amount of PaCRe's net unrealized losses attributable to noncontrolling interest was $54.9 million for the three months ended September 30, 2014, leaving a net loss to the Company of $6.1 million. |
• | Net investment income for the nine months ended September 30, 2015 was $96.2 million compared to $69.9 million for the nine months ended September 30, 2014, an increase of $26.2 million, or 37.5%. |
• | Net realized losses on investments for the nine months ended September 30, 2015 were $35.5 million compared to a gain of $16.2 million for the nine months ended September 30, 2014, a decrease of $51.7 million. The net realized losses for the nine months ended September 30, 2015, included $40.7 million in realized losses relating to PaCRe. The amount of PaCRe's realized losses attributable to noncontrolling interest was $36.6 million for the nine months ended September 30, 2015, leaving a net loss to the Company of $4.1 million. The net realized gains on investments for the nine months ended September 30, 2014 was driven by $8.2 million in realized gains relating to PaCRe. The amount of PaCRe's realized gains attributable to noncontrolling interest was $7.4 million for the nine months ended September 30, 2014, leaving a net gain to the Company of $0.8 million. |
• | The change in net unrealized gains on investments for the nine months ended September 30, 2015 was $19.8 million compared to $16.1 million for the nine months ended September 30, 2014, an increase of $3.6 million, or 22.4%. The change in net unrealized gains on investments for the nine months ended September 30, 2015 was driven by $17.3 million in unrealized gains relating to PaCRe. The amount of PaCRe's net unrealized gains attributable to noncontrolling interest was $15.6 million for the nine months ended September 30, 2015, leaving a net gain to the Company of $1.7 million. The change in net unrealized gains on investments for the nine months ended September 30, 2014 was driven by $16.9 million in unrealized gains relating to PaCRe. The amount of PaCRe's net unrealized gains attributable to noncontrolling interest was $15.3 million for the nine months ended September 30, 2014, leaving a net loss to the Company of $1.7 million. |
Share Repurchase Activity (Expressed in thousands of U.S. dollars except for share and per share information) | ||||||||||||||||||||
As at June 30, 2015 | Quarter ended | |||||||||||||||||||
Effect of share repurchases: | (cumulative) | July | August | September | September 30, 2015 | |||||||||||||||
Aggregate purchase price (a) | $ | 2,374,524 | $ | 22,741 | $ | 15,328 | $ | 22,625 | $ | 60,694 | ||||||||||
Shares repurchased | 73,444,835 | 503,600 | 340,771 | 508,569 | 1,352,940 | |||||||||||||||
Average price (a) | $ | 32.33 | $ | 45.16 | $ | 44.98 | $ | 44.49 | $ | 44.86 |
Share Repurchase Activity (Expressed in thousands of U.S. dollars except for share and per share information) | ||||||||||||
Effect of share repurchases: | As at September 30, 2015 | As at October 28, 2015 | Cumulative to Date Effect | |||||||||
Aggregate purchase price (a) | $ | 2,435,218 | $ | — | $ | 2,435,218 | ||||||
Shares repurchased | 74,797,775 | — | 74,797,775 | |||||||||
Average price (a) | $ | 32.56 | $ | — | $ | 32.56 |
Investors: | Media: |
Validus Holdings, Ltd. | Brunswick Group |
Investor.Relations@validusholdings.com | Radina Russell / Josh Gerth |
+1-441-278-9000 | +1-212-333-3810 |
September 30, 2015 | December 31, 2014 | ||||||
Assets | |||||||
Fixed maturities, at fair value (amortized cost: 2015—$5,581,846; 2014—$5,534,494) | $ | 5,578,856 | $ | 5,532,731 | |||
Short-term investments, at fair value (amortized cost: 2015—$1,661,705; 2014—$1,051,222) | 1,661,687 | 1,051,074 | |||||
Other investments, at fair value (cost: 2015—$864,651; 2014—$879,176) | 817,374 | 813,011 | |||||
Cash and cash equivalents | 408,485 | 577,240 | |||||
Restricted cash | 74,002 | 173,003 | |||||
Total investments and cash | 8,540,404 | 8,147,059 | |||||
Investments in affiliates | 347,962 | 261,483 | |||||
Premiums receivable | 1,062,654 | 707,647 | |||||
Deferred acquisition costs | 225,065 | 161,295 | |||||
Prepaid reinsurance premiums | 125,547 | 81,983 | |||||
Securities lending collateral | 6,461 | 470 | |||||
Loss reserves recoverable | 385,212 | 377,466 | |||||
Paid losses recoverable | 21,681 | 38,078 | |||||
Income taxes recoverable | 15,870 | — | |||||
Deferred tax asset | 22,352 | 23,821 | |||||
Receivable for investments sold | 15,055 | 18,318 | |||||
Intangible assets | 122,676 | 126,924 | |||||
Goodwill | 196,758 | 195,897 | |||||
Accrued investment income | 23,755 | 24,865 | |||||
Other assets | 124,511 | 164,633 | |||||
Total assets | $ | 11,235,963 | $ | 10,329,939 | |||
Liabilities | |||||||
Reserve for losses and loss expenses | $ | 3,169,334 | $ | 3,234,394 | |||
Unearned premiums | 1,281,319 | 990,564 | |||||
Reinsurance balances payable | 90,838 | 127,128 | |||||
Securities lending payable | 6,927 | 936 | |||||
Deferred tax liability | 8,921 | 5,541 | |||||
Payable for investments purchased | 118,164 | 68,574 | |||||
Accounts payable and accrued expenses | 248,834 | 318,245 | |||||
Notes payable to AlphaCat investors | 1,443,198 | 671,465 | |||||
Senior notes payable | 247,387 | 247,306 | |||||
Debentures payable | 538,054 | 539,277 | |||||
Total liabilities | 7,152,976 | 6,203,430 | |||||
Commitments and contingent liabilities | |||||||
Redeemable noncontrolling interest | — | 79,956 | |||||
Shareholders' equity | |||||||
Common shares, 571,428,571 authorized, par value $0.175 (Issued: 2015—158,434,541; 2014—155,554,224; Outstanding: 2015—81,997,891; 2014—83,869,845) | 27,726 | 27,222 | |||||
Treasury shares (2015—76,436,650; 2014—71,684,379) | (13,376 | ) | (12,545 | ) | |||
Additional paid-in-capital | 1,048,917 | 1,207,493 | |||||
Accumulated other comprehensive (loss) | (10,869 | ) | (8,556 | ) | |||
Retained earnings | 2,592,162 | 2,374,344 | |||||
Total shareholders' equity available to Validus | 3,644,560 | 3,587,958 | |||||
Noncontrolling interest | 438,427 | 458,595 | |||||
Total shareholders' equity | 4,082,987 | 4,046,553 | |||||
Total liabilities, noncontrolling interests and shareholders' equity | $ | 11,235,963 | $ | 10,329,939 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Underwriting income | ||||||||||||||||
Gross premiums written | $ | 401,681 | $ | 358,974 | $ | 2,248,147 | $ | 2,026,639 | ||||||||
Reinsurance premiums ceded | (48,425 | ) | (30,137 | ) | (294,161 | ) | (275,610 | ) | ||||||||
Net premiums written | 353,256 | 328,837 | 1,953,986 | 1,751,029 | ||||||||||||
Change in unearned premiums | 202,203 | 165,859 | (247,191 | ) | (307,373 | ) | ||||||||||
Net premiums earned | 555,459 | 494,696 | 1,706,795 | 1,443,656 | ||||||||||||
Underwriting deductions | ||||||||||||||||
Losses and loss expenses | 258,258 | 224,125 | 765,333 | 545,541 | ||||||||||||
Policy acquisition costs | 105,091 | 86,404 | 308,152 | 251,006 | ||||||||||||
General and administrative expenses | 95,999 | 83,319 | 263,990 | 231,606 | ||||||||||||
Share compensation expenses | 9,983 | 8,764 | 28,279 | 24,252 | ||||||||||||
Total underwriting deductions | 469,331 | 402,612 | 1,365,754 | 1,052,405 | ||||||||||||
Underwriting income | $ | 86,128 | $ | 92,084 | $ | 341,041 | $ | 391,251 | ||||||||
Net investment income | 31,524 | 25,261 | 96,153 | 69,909 | ||||||||||||
Other insurance related income | 10,157 | 3,610 | 18,137 | 16,458 | ||||||||||||
Finance expenses | (17,498 | ) | (15,354 | ) | (55,085 | ) | (47,380 | ) | ||||||||
Operating income before taxes, income from operating affiliates and (income) attributable to AlphaCat investors | $ | 110,311 | $ | 105,601 | $ | 400,246 | $ | 430,238 | ||||||||
Tax (expense) benefit | (2,018 | ) | 953 | (7,132 | ) | (398 | ) | |||||||||
Income from operating affiliates | 5,526 | 3,761 | 12,083 | 13,580 | ||||||||||||
(Income) attributable to AlphaCat investors | (40,256 | ) | (25,807 | ) | (94,341 | ) | (82,833 | ) | ||||||||
Net operating income | $ | 73,563 | $ | 84,508 | $ | 310,856 | $ | 360,587 | ||||||||
Net realized (losses) gains on investments | (41,906 | ) | 4,595 | (35,493 | ) | 16,193 | ||||||||||
Change in net unrealized (losses) gains on investments | (34,908 | ) | (84,974 | ) | 19,766 | 16,146 | ||||||||||
Income from investment affiliate | 2,482 | 1,754 | 5,542 | 7,881 | ||||||||||||
Foreign exchange (losses) | (2,274 | ) | (11,441 | ) | (9,061 | ) | (14,761 | ) | ||||||||
Other (loss) | (1,970 | ) | (7,690 | ) | (2,578 | ) | (1,473 | ) | ||||||||
Transaction expenses (a) | — | (149 | ) | — | (3,401 | ) | ||||||||||
Net income | $ | (5,013 | ) | $ | (13,397 | ) | $ | 289,032 | $ | 381,172 | ||||||
Net loss (income) attributable to noncontrolling interest | 71,663 | 53,069 | 15,042 | (25,745 | ) | |||||||||||
Net income available to Validus | $ | 66,650 | $ | 39,672 | $ | 304,074 | $ | 355,427 | ||||||||
Selected ratios: | ||||||||||||||||
Net premiums written / Gross premiums written | 87.9 | % | 91.6 | % | 86.9 | % | 86.4 | % | ||||||||
Losses and loss expenses | 46.5 | % | 45.3 | % | 44.8 | % | 37.8 | % | ||||||||
Policy acquisition costs | 18.9 | % | 17.5 | % | 18.1 | % | 17.4 | % | ||||||||
General and administrative expenses (b) | 19.1 | % | 18.6 | % | 17.1 | % | 17.7 | % | ||||||||
Expense ratio | 38.0 | % | 36.1 | % | 35.2 | % | 35.1 | % | ||||||||
Combined ratio | 84.5 | % | 81.4 | % | 80.0 | % | 72.9 | % |
Three Months Ended September 30, 2015 | Three Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||
Validus Re | AlphaCat | Talbot | Western World | Corporate and Eliminations | Total | Validus Re (b) | AlphaCat | Talbot | Corporate and Eliminations (b) | Total | ||||||||||||||||||||||
Underwriting income | ||||||||||||||||||||||||||||||||
Gross premiums written | 102,913 | 9,448 | 226,025 | 70,871 | (7,576 | ) | 401,681 | 114,380 | 6,936 | 245,685 | (8,027 | ) | 358,974 | |||||||||||||||||||
Reinsurance premiums ceded | (15,462 | ) | — | (35,823 | ) | (4,716 | ) | 7,576 | (48,425 | ) | (10,382 | ) | (648 | ) | (27,134 | ) | 8,027 | (30,137 | ) | |||||||||||||
Net premiums written | 87,451 | 9,448 | 190,202 | 66,155 | — | 353,256 | 103,998 | 6,288 | 218,551 | — | 328,837 | |||||||||||||||||||||
Change in unearned premiums | 153,210 | 35,276 | 15,942 | (2,225 | ) | — | 202,203 | 122,712 | 28,850 | 14,297 | — | 165,859 | ||||||||||||||||||||
Net premiums earned | 240,661 | 44,724 | 206,144 | 63,930 | — | 555,459 | 226,710 | 35,138 | 232,848 | — | 494,696 | |||||||||||||||||||||
Underwriting deductions | ||||||||||||||||||||||||||||||||
Losses and loss expenses | 120,958 | 2,076 | 94,414 | 40,810 | — | 258,258 | 102,005 | 3,738 | 118,382 | — | 224,125 | |||||||||||||||||||||
Policy acquisition costs | 42,989 | 4,658 | 44,575 | 13,214 | (345 | ) | 105,091 | 36,177 | 3,378 | 47,862 | (1,013 | ) | 86,404 | |||||||||||||||||||
General and administrative expenses | 19,964 | 4,674 | 43,292 | 9,587 | 18,482 | 95,999 | 18,522 | 7,719 | 37,709 | 19,369 | 83,319 | |||||||||||||||||||||
Share compensation expenses | 2,691 | 141 | 3,214 | 554 | 3,383 | 9,983 | 2,582 | 179 | 2,990 | 3,013 | 8,764 | |||||||||||||||||||||
Total underwriting deductions | 186,602 | 11,549 | 185,495 | 64,165 | 21,520 | 469,331 | 159,286 | 15,014 | 206,943 | 21,369 | 402,612 | |||||||||||||||||||||
Underwriting income (loss) | 54,059 | 33,175 | 20,649 | (235 | ) | (21,520 | ) | 86,128 | 67,424 | 20,124 | 25,905 | (21,369 | ) | 92,084 | ||||||||||||||||||
Net investment income | 18,362 | 1,533 | 6,457 | 5,634 | (462 | ) | 31,524 | 20,270 | 837 | 4,965 | (811 | ) | 25,261 | |||||||||||||||||||
Other insurance related income (loss) | 2,569 | 7,522 | 470 | 248 | (652 | ) | 10,157 | 863 | 5,980 | 109 | (3,342 | ) | 3,610 | |||||||||||||||||||
Finance expenses | (3,624 | ) | (2,355 | ) | (57 | ) | — | (11,462 | ) | (17,498 | ) | (3,622 | ) | (385 | ) | 162 | (11,509 | ) | (15,354 | ) | ||||||||||||
Operating income (loss) before taxes, income from operating affiliates and (income) attributable to AlphaCat investors | 71,366 | 39,875 | 27,519 | 5,647 | (34,096 | ) | 110,311 | 84,935 | 26,556 | 31,141 | (37,031 | ) | 105,601 | |||||||||||||||||||
Tax benefit (expense) | 851 | — | (1,141 | ) | (2,431 | ) | 703 | (2,018 | ) | 1,058 | — | 332 | (437 | ) | 953 | |||||||||||||||||
Income from operating affiliates | — | 5,526 | — | — | — | 5,526 | — | 3,761 | — | — | 3,761 | |||||||||||||||||||||
(Income) attributable to AlphaCat investors | — | (40,256 | ) | — | — | — | (40,256 | ) | — | (25,807 | ) | — | — | (25,807 | ) | |||||||||||||||||
Net operating income (loss) (a) | 72,217 | 5,145 | 26,378 | 3,216 | (33,393 | ) | 73,563 | 85,993 | 4,510 | 31,473 | (37,468 | ) | 84,508 | |||||||||||||||||||
Net operating loss attributable to noncontrolling interest | — | 63 | — | — | — | 63 | — | 438 | — | — | 438 | |||||||||||||||||||||
Net operating income (loss) available (attributable) to Validus | 72,217 | 5,208 | 26,378 | 3,216 | (33,393 | ) | 73,626 | 85,993 | 4,948 | 31,473 | (37,468 | ) | 84,946 | |||||||||||||||||||
Net income (loss) available (attributable) to Validus | 63,879 | (481 | ) | 24,158 | 10,342 | (31,248 | ) | 66,650 | 54,018 | (162 | ) | 21,653 | (35,837 | ) | 39,672 |
Nine Months Ended September 30, 2015 | Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||
Validus Re | AlphaCat | Talbot | Western World | Corporate and Eliminations | Total | Validus Re (b) | AlphaCat | Talbot | Corporate and Eliminations (b) | Total | ||||||||||||||||||||||
Underwriting income | ||||||||||||||||||||||||||||||||
Gross premiums written | 1,111,020 | 176,129 | 789,148 | 207,372 | (35,522 | ) | 2,248,147 | 1,081,816 | 135,073 | 854,324 | (44,574 | ) | 2,026,639 | |||||||||||||||||||
Reinsurance premiums ceded | (147,611 | ) | (4,538 | ) | (164,144 | ) | (13,390 | ) | 35,522 | (294,161 | ) | (161,721 | ) | (4,348 | ) | (154,115 | ) | 44,574 | (275,610 | ) | ||||||||||||
Net premiums written | 963,409 | 171,591 | 625,004 | 193,982 | — | 1,953,986 | 920,095 | 130,725 | 700,209 | — | 1,751,029 | |||||||||||||||||||||
Change in unearned premiums | (205,110 | ) | (54,196 | ) | 9,167 | 2,948 | — | (247,191 | ) | (233,271 | ) | (32,444 | ) | (41,658 | ) | — | (307,373 | ) | ||||||||||||||
Net premiums earned | 758,299 | 117,395 | 634,171 | 196,930 | — | 1,706,795 | 686,824 | 98,281 | 658,551 | — | 1,443,656 | |||||||||||||||||||||
Underwriting deductions | ||||||||||||||||||||||||||||||||
Losses and loss expenses | 357,491 | 1,232 | 268,512 | 138,098 | — | 765,333 | 247,848 | (7,155 | ) | 304,848 | — | 545,541 | ||||||||||||||||||||
Policy acquisition costs | 128,909 | 12,162 | 141,338 | 27,110 | (1,367 | ) | 308,152 | 106,547 | 9,414 | 138,383 | (3,338 | ) | 251,006 | |||||||||||||||||||
General and administrative expenses | 58,254 | 12,202 | 115,341 | 29,137 | 49,056 | 263,990 | 53,757 | 15,627 | 107,031 | 55,191 | 231,606 | |||||||||||||||||||||
Share compensation expenses | 7,665 | 440 | 9,195 | 1,525 | 9,454 | 28,279 | 7,126 | 330 | 8,434 | 8,362 | 24,252 | |||||||||||||||||||||
Total underwriting deductions | 552,319 | 26,036 | 534,386 | 195,870 | 57,143 | 1,365,754 | 415,278 | 18,216 | 558,696 | 60,215 | 1,052,405 | |||||||||||||||||||||
Underwriting income (loss) | 205,980 | 91,359 | 99,785 | 1,060 | (57,143 | ) | 341,041 | 271,546 | 80,065 | 99,855 | (60,215 | ) | 391,251 | |||||||||||||||||||
Net investment income | 56,694 | 4,872 | 19,168 | 16,660 | (1,241 | ) | 96,153 | 54,810 | 2,546 | 14,322 | (1,769 | ) | 69,909 | |||||||||||||||||||
Other insurance related income (loss) | 3,318 | 17,048 | 564 | 787 | (3,580 | ) | 18,137 | 2,385 | 21,482 | 384 | (7,793 | ) | 16,458 | |||||||||||||||||||
Finance expenses | (11,068 | ) | (9,462 | ) | (231 | ) | — | (34,324 | ) | (55,085 | ) | (11,131 | ) | (2,039 | ) | 68 | (34,278 | ) | (47,380 | ) | ||||||||||||
Operating income (loss) before taxes, income from operating affiliates and (income) attributable to AlphaCat investors | 254,924 | 103,817 | 119,286 | 18,507 | (96,288 | ) | 400,246 | 317,610 | 102,054 | 114,629 | (104,055 | ) | 430,238 | |||||||||||||||||||
Tax (expense) benefit | (14 | ) | — | (4,286 | ) | (2,420 | ) | (412 | ) | (7,132 | ) | 1,176 | — | (902 | ) | (672 | ) | (398 | ) | |||||||||||||
Income from operating affiliates | — | 12,083 | — | — | — | 12,083 | — | 13,580 | — | — | 13,580 | |||||||||||||||||||||
(Income) attributable to AlphaCat investors | — | (94,341 | ) | — | — | — | (94,341 | ) | — | (82,833 | ) | — | — | (82,833 | ) | |||||||||||||||||
Net operating income (loss) (a) | 254,910 | 21,559 | 115,000 | 16,087 | (96,700 | ) | 310,856 | 318,786 | 32,801 | 113,727 | (104,727 | ) | 360,587 | |||||||||||||||||||
Net operating (income) attributable to noncontrolling interest | — | (6,047 | ) | — | — | — | (6,047 | ) | — | (3,160 | ) | — | — | (3,160 | ) | |||||||||||||||||
Net operating income (loss) available (attributable) to Validus | 254,910 | 15,512 | 115,000 | 16,087 | (96,700 | ) | 304,809 | 318,786 | 29,641 | 113,727 | (104,727 | ) | 357,427 | |||||||||||||||||||
Net income (loss) available (attributable) to Validus | 250,758 | 13,278 | 112,354 | 21,959 | (94,275 | ) | 304,074 | 319,502 | 32,788 | 110,541 | (107,404 | ) | 355,427 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||
Revenue - management fees | ||||||||||||
Third party | 5,762 | 4,129 | 14,622 | 14,196 | ||||||||
Related party | 1,738 | 1,828 | 4,058 | 6,028 | ||||||||
Total revenue | 7,500 | 5,957 | 18,680 | 20,224 | ||||||||
Expenses | ||||||||||||
General and administrative expenses | 4,124 | 3,426 | 8,883 | 7,875 | ||||||||
Share compensation expenses | 141 | 179 | 440 | 330 | ||||||||
Finance expenses | 2,297 | 302 | 9,259 | 1,800 | ||||||||
Foreign exchange (gains) | (11 | ) | (16 | ) | (9 | ) | (9 | ) | ||||
Total expenses | 6,551 | 3,891 | 18,573 | 9,996 | ||||||||
Income before investments in operating affiliates | 949 | 2,066 | 107 | 10,228 | ||||||||
Investment income (loss) in operating affiliates (a) | ||||||||||||
AlphaCat Re & Master Fund | — | — | — | (1,377 | ) | |||||||
AlphaCat 2011, 2012, 2013, 2014, & 2015 | 1,445 | 1,360 | 3,886 | 7,507 | ||||||||
AlphaCat ILS Funds | 4,081 | 2,307 | 12,062 | 12,321 | ||||||||
BetaCat ILS Funds | 1,007 | — | 1,241 | — | ||||||||
PaCRe (b) | (7,963 | ) | (5,895 | ) | (2,241 | ) | 2,737 | |||||
Total investment (loss) income in operating affiliates | (1,430 | ) | (2,228 | ) | 14,948 | 21,188 | ||||||
(Loss) gain on deconsolidation of ILS Fund (c) | — | — | (1,777 | ) | 1,372 | |||||||
Net (loss) income | (481 | ) | (162 | ) | 13,278 | 32,788 | ||||||
Validus' share of net (loss) income reconciliation | ||||||||||||
Third party management fees | 5,762 | 4,129 | 14,622 | 14,196 | ||||||||
Income from Sidecars and ILS Funds | 6,533 | 3,667 | 17,189 | 18,451 | ||||||||
Total expenses | (6,551 | ) | (3,891 | ) | (18,573 | ) | (9,996 | ) | ||||
PaCRe contribution to operating income | (8 | ) | (49 | ) | 105 | 226 | ||||||
(Loss) gain on deconsolidation of ILS Fund (c) | — | — | (1,777 | ) | 1,372 | |||||||
Validus' share of AlphaCat net operating income | 5,736 | 3,856 | 11,566 | 24,249 | ||||||||
PaCRe realized and change in net unrealized (losses) gains | (7,954 | ) | (5,844 | ) | (2,342 | ) | 2,513 | |||||
PaCRe foreign exchange (losses) | (1 | ) | (3 | ) | (4 | ) | (2 | ) | ||||
Validus' share of AlphaCat net (loss) income | (2,219 | ) | (1,991 | ) | 9,220 | 26,760 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | September 30, | September 30, | ||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Net income available to Validus | $ | 66,650 | $ | 39,672 | $ | 304,074 | $ | 355,427 | |||||||
Adjustments for: | |||||||||||||||
Net realized losses (gains) on investments | 41,906 | (4,595 | ) | 35,493 | (16,193 | ) | |||||||||
Change in net unrealized losses (gains) on investments | 34,908 | 84,974 | (19,766 | ) | (16,146 | ) | |||||||||
(Income) from investment affiliate | (2,482 | ) | (1,754 | ) | (5,542 | ) | (7,881 | ) | |||||||
Foreign exchange losses | 2,274 | 11,441 | 9,061 | 14,761 | |||||||||||
Other loss | 1,970 | 7,690 | 2,578 | 1,473 | |||||||||||
Transaction expenses (a) | — | 149 | — | 3,401 | |||||||||||
Net (loss) income attributable to noncontrolling interest | (71,600 | ) | (52,631 | ) | (21,089 | ) | 22,585 | ||||||||
Net operating income available to Validus | 73,626 | 84,946 | 304,809 | 357,427 | |||||||||||
Less: Dividends and distributions declared on outstanding warrants | (1,080 | ) | (1,552 | ) | (3,566 | ) | (4,656 | ) | |||||||
Net operating income available to Validus, adjusted | $ | 72,546 | $ | 83,394 | $ | 301,243 | $ | 352,771 | |||||||
Net income per share available to Validus - diluted | $ | 0.78 | $ | 0.41 | $ | 3.50 | $ | 3.70 | |||||||
Adjustments for: | |||||||||||||||
Net realized losses (gains) on investments | 0.49 | (0.04 | ) | 0.41 | (0.17 | ) | |||||||||
Change in net unrealized losses (gains) on investments | 0.41 | 0.90 | (0.23 | ) | (0.17 | ) | |||||||||
(Income) from investment affiliate | (0.03 | ) | (0.02 | ) | (0.06 | ) | (0.08 | ) | |||||||
Foreign exchange losses | 0.03 | 0.12 | 0.10 | 0.15 | |||||||||||
Other loss | 0.02 | 0.08 | 0.03 | 0.02 | |||||||||||
Transaction expenses (a) | — | — | — | 0.04 | |||||||||||
Net (loss) income attributable to noncontrolling interest | (0.84 | ) | (0.55 | ) | (0.24 | ) | 0.24 | ||||||||
Net operating income per share available to Validus - diluted | $ | 0.86 | $ | 0.90 | $ | 3.51 | $ | 3.73 | |||||||
Weighted average number of common shares and common share equivalents | 85,629,494 | 94,736,572 | 86,841,927 | 95,937,641 | |||||||||||
Average shareholders' equity available to Validus | $ | 3,650,746 | $ | 3,739,758 | $ | 3,643,140 | $ | 3,708,169 | |||||||
Annualized net operating return on average equity | 8.1 | % | 9.1 | % | 11.2 | % | 12.9 | % |
As at September 30, 2015 | ||||||||||||||||
Equity Amount | Shares | Exercise Price (a) | Book Value Per Share | |||||||||||||
Book value per common share | ||||||||||||||||
Total shareholders' equity available to Validus | $ | 3,644,560 | 81,997,891 | $ | 44.45 | |||||||||||
Tangible book value per common share | 40.55 | |||||||||||||||
Book value per diluted common share | ||||||||||||||||
Total shareholders' equity available to Validus | 3,644,560 | 81,997,891 | ||||||||||||||
Assumed exercise of outstanding warrants (b) | 59,506 | 3,377,320 | $ | 17.62 | ||||||||||||
Assumed exercise of outstanding stock options (b) | 1,319 | 65,401 | $ | 20.17 | ||||||||||||
Unvested restricted shares | — | 3,014,830 | ||||||||||||||
Book value per diluted common share | $ | 3,705,385 | 88,455,442 | $ | 41.89 | |||||||||||
Adjustment for accumulated dividends | 9.84 | |||||||||||||||
Book value per diluted common share plus accumulated dividends | $ | 51.73 | ||||||||||||||
Tangible book value per diluted common share | 38.28 | |||||||||||||||
As at December 31, 2014 | ||||||||||||||||
Equity Amount | Shares | Exercise Price | Book Value Per Share | |||||||||||||
Book value per common share | ||||||||||||||||
Total shareholders' equity available to Validus | $ | 3,587,958 | 83,869,845 | $ | 42.78 | |||||||||||
Tangible book value per common share | 38.93 | |||||||||||||||
Book value per diluted common share | ||||||||||||||||
Total shareholders' equity available to Validus | 3,587,958 | 83,869,845 | ||||||||||||||
Assumed exercise of outstanding warrants (b) | 90,950 | 5,174,114 | $ | 17.58 | ||||||||||||
Assumed exercise of outstanding stock options (b) | 20,581 | 1,160,057 | $ | 17.74 | ||||||||||||
Unvested restricted shares | — | 3,068,564 | ||||||||||||||
Book value per diluted common share | $ | 3,699,489 | 93,272,580 | $ | 39.66 | |||||||||||
Adjustment for accumulated dividends | 8.88 | |||||||||||||||
Book value per diluted common share plus accumulated dividends | $ | 48.54 | ||||||||||||||
Tangible book value per diluted common share | 36.20 |
1 Year Validus Holdings, Ltd. (delisted) Chart |
1 Month Validus Holdings, Ltd. (delisted) Chart |
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