VALIDUS HOLDINGS LTD (VR, Financial) filed Quarterly Report for the period ended 2009-06-30.
Validus Holdings Ltd. through its principal operating subsidiary Validus Reinsurance Ltd. is a global provider of short-tail lines of reinsurance including property catastrophe property pro-rata and property per risk marine and energy and other specialty lines. Validus was formed in December following the significant natural catastrophes of 2005 with an experienced management team and an unencumbered capital base of approximately billion. VALIDUS HOLDINGS LTD has a market cap of $1.85 billion; its shares were traded at around $24.29 with a P/E ratio of 12.2 and P/S ratio of 1.4. The dividend yield of VALIDUS HOLDINGS LTD stocks is 3.2%.
For the six months ended June 30, 2009, the property lines include $55.0 million related to current year losses and $8.0 million of favorable development relating to prior accident years. During the six months ended June 30, 2009, Validus Res property lines incurred $11.7 million, or 5.0 percentage points of the property lines loss ratio, attributable to windstorm Klaus and $5.0 million of loss expense, or 2.1 percentage points of the property lines loss ratio, attributable to Australian wildfires. The favorable development is primarily attributable to the reclassification of losses from onshore energy exposures during the 2007 California wildfires to the marine line and a reduced loss estimate for the June 2008 Midwest flood event. During the six months ended June 30, 2008, Validus Res property lines incurred $10.2 million of losses attributable to certain U.S. storm and flood loss events which represent 4.4 percentage points of the property lines loss ratio. In addition, Item 2 of the Companys Quarterly Report on Form 10-Q for the three months ended March 31, 2008 discloses $30.2 million of Validus Res property lines losses attributable to separately identified losses, which, for the six months ended June 30, 2008, represented 14.1 percentage points of the loss ratio. Validus Re property line loss ratios, excluding prior year development and loss events identified above, for the six months ended June 30, 2009 and 2008 were 16.5% and 17.4%, respectively.
Talbot. Talbot losses and loss expenses for the six months ended June 30, 2009 were $160.0 million compared to $154.5 million for the six months ended June 30, 2008, an increase of $5.5 million, or 3.5%. The loss ratio was 51.8% and 52.7% for the six months ended June 30, 2009 and 2008, respectively. During the six months ended June 30, 2009, Talbot incurred $8.3 million of loss expense attributable to a commercial flight loss, which represents 2.7 percentage points of the segment loss ratio. During the six months ended June 30, 2009, $176.5 million of losses and loss expenses related to current year losses and $16.5 million related to favorable development primarily on the property lines of business. In addition, Item 2 of the Companys Quarterly Report on Form 10-Q for the three months ended March 31, 2008 discloses $11.3 million of losses attributable to separately identified losses, which, for the six
For the six months ended June 30, 2009, the property lines include $28.1 million related to current year losses and $16.3 million of favorable loss development relating to prior accident years. This favorable development is primarily attributable to lower then expected claims development together with $1.2 million and $2.3 million of favorable development relating to Hurricane Ike and Hurricane Katrina, respectively. Item 2 of the Companys Quarterly Report on Form 10-Q for the three months ended March 31, 2008 discloses $11.3 million of losses attributable to separately identified losses, which, for the six months ended June 30, 2008, represented 19.5 percentage points of Talbots property lines loss ratio. Talbot property line loss ratio, excluding prior year development for the six months ended June 30, 2009 and 2008 were 45.8% and 48.3%, respectively.
For the six months ended June 30, 2009, the specialty lines include $69.5 million relating to current year losses and $3.6 million due to adverse development on prior accident years. During the six months ended June 30, 2009, Talbots specialty lines incurred $8.3 million of losses, or 7.1 percentage points of the specialty lines loss ratio, attributable to a commercial flight loss. Talbot specialty lines loss ratios, excluding prior year development and the loss events identified above, for the six months ended June 30, 2009 and 2008 were 52.2% and 50.6%, respectively.
General and administrative expenses for the six months ended June 30, 2009 were $79.3 million compared to $71.0 million for the six months ended June 30, 2008, an increase of $8.3 million or 11.6%. The increase was primarily a result of increased Validus Re expenses partially offset by decreases in the Corporate segment.
Read the The complete ReportVR is in the portfolios of Richard Perry of Perry Capital.
Validus Holdings Ltd. through its principal operating subsidiary Validus Reinsurance Ltd. is a global provider of short-tail lines of reinsurance including property catastrophe property pro-rata and property per risk marine and energy and other specialty lines. Validus was formed in December following the significant natural catastrophes of 2005 with an experienced management team and an unencumbered capital base of approximately billion. VALIDUS HOLDINGS LTD has a market cap of $1.85 billion; its shares were traded at around $24.29 with a P/E ratio of 12.2 and P/S ratio of 1.4. The dividend yield of VALIDUS HOLDINGS LTD stocks is 3.2%.
Highlight of Business Operations:
Validus Re. Validus Re losses and loss expenses for the six months ended June 30, 2009 were $96.6 million compared to $107.6 million for the six months ended June 30, 2008, a decrease of $11.0 million or 10.2%. Validus Re net paid losses for the six months ended June 30, 2009 were $123.0 million compared to $41.3 million for the six months ended June 30, 2008, an increase of $81.7 million or 197.8% primarily as a result of losses paid on Hurricane Ike. The loss ratio, defined as losses and loss expenses divided by net premiums earned, was 28.6% and 35.0% for the six months ended June 30, 2009 and 2008, respectively. During the six months ended June 30, 2009, Validus Re incurred $11.7 million and $5.0 million of losses attributable to windstorm Klaus and Australian wildfires, respectively, which represent 3.4 and 1.5 percentage points of the segment loss ratio, respectively. During the six months ended June 30, 2008, Validus Re incurred $10.2 million of losses attributable to certain U.S. storm and flood loss events which represent 3.3 percentage points of the segment loss ratio. In addition, Item 2 of the Companys Quarterly Report on Form 10-Q for the three months ended March 31, 2008 discloses $30.2 million ofFor the six months ended June 30, 2009, the property lines include $55.0 million related to current year losses and $8.0 million of favorable development relating to prior accident years. During the six months ended June 30, 2009, Validus Res property lines incurred $11.7 million, or 5.0 percentage points of the property lines loss ratio, attributable to windstorm Klaus and $5.0 million of loss expense, or 2.1 percentage points of the property lines loss ratio, attributable to Australian wildfires. The favorable development is primarily attributable to the reclassification of losses from onshore energy exposures during the 2007 California wildfires to the marine line and a reduced loss estimate for the June 2008 Midwest flood event. During the six months ended June 30, 2008, Validus Res property lines incurred $10.2 million of losses attributable to certain U.S. storm and flood loss events which represent 4.4 percentage points of the property lines loss ratio. In addition, Item 2 of the Companys Quarterly Report on Form 10-Q for the three months ended March 31, 2008 discloses $30.2 million of Validus Res property lines losses attributable to separately identified losses, which, for the six months ended June 30, 2008, represented 14.1 percentage points of the loss ratio. Validus Re property line loss ratios, excluding prior year development and loss events identified above, for the six months ended June 30, 2009 and 2008 were 16.5% and 17.4%, respectively.
Talbot. Talbot losses and loss expenses for the six months ended June 30, 2009 were $160.0 million compared to $154.5 million for the six months ended June 30, 2008, an increase of $5.5 million, or 3.5%. The loss ratio was 51.8% and 52.7% for the six months ended June 30, 2009 and 2008, respectively. During the six months ended June 30, 2009, Talbot incurred $8.3 million of loss expense attributable to a commercial flight loss, which represents 2.7 percentage points of the segment loss ratio. During the six months ended June 30, 2009, $176.5 million of losses and loss expenses related to current year losses and $16.5 million related to favorable development primarily on the property lines of business. In addition, Item 2 of the Companys Quarterly Report on Form 10-Q for the three months ended March 31, 2008 discloses $11.3 million of losses attributable to separately identified losses, which, for the six
For the six months ended June 30, 2009, the property lines include $28.1 million related to current year losses and $16.3 million of favorable loss development relating to prior accident years. This favorable development is primarily attributable to lower then expected claims development together with $1.2 million and $2.3 million of favorable development relating to Hurricane Ike and Hurricane Katrina, respectively. Item 2 of the Companys Quarterly Report on Form 10-Q for the three months ended March 31, 2008 discloses $11.3 million of losses attributable to separately identified losses, which, for the six months ended June 30, 2008, represented 19.5 percentage points of Talbots property lines loss ratio. Talbot property line loss ratio, excluding prior year development for the six months ended June 30, 2009 and 2008 were 45.8% and 48.3%, respectively.
For the six months ended June 30, 2009, the specialty lines include $69.5 million relating to current year losses and $3.6 million due to adverse development on prior accident years. During the six months ended June 30, 2009, Talbots specialty lines incurred $8.3 million of losses, or 7.1 percentage points of the specialty lines loss ratio, attributable to a commercial flight loss. Talbot specialty lines loss ratios, excluding prior year development and the loss events identified above, for the six months ended June 30, 2009 and 2008 were 52.2% and 50.6%, respectively.
General and administrative expenses for the six months ended June 30, 2009 were $79.3 million compared to $71.0 million for the six months ended June 30, 2008, an increase of $8.3 million or 11.6%. The increase was primarily a result of increased Validus Re expenses partially offset by decreases in the Corporate segment.
Read the The complete ReportVR is in the portfolios of Richard Perry of Perry Capital.
