Validus Holdings has reported revenues of $1.94bn for the fourth quarter of 2009, an increase of 51.5% compared to $1.28bn for the same period last year.
The company’s net premiums earned were $427.9m for the fourth quarter of 2009, an increase of $111.9m, or 35.4% compared to $316m for the same quarter a year ago. Gross premiums written were up by 33.1% to $255.3m from $191.7m for the fourth quarter last year.
The company has posted an operating income of $176.9m for the quarter, an increase of 247.5% compared to an operating income of $50.9m for the same period last year.
For the fourth quarter ended December 31, 2009, the company posted a net income $165.8m, or $1.23 per share, an increase of 347.8% compared to $37m or $0.47 per share for the same period last year.
For the full year 2009, the company’s gross premiums written were $1.62bn, an increase of 19% compared to $1.36bn in 2008. Net premiums earned were $1.45bn up 15.4% from $1.26bn last year. Operating income was $533.3m, net income for the year was $897.4m, or $9.24 per share, compared to $53.1m, or $0.61 per share last year.
Ed Noonan, chairman and chief executive officer of Validus, said: “We completed the IPC amalgamation on September 4, 2009. As a consequence of this acquisition and of strong underlying financial results in our Validus Re and Talbot segments, we closed the quarter with total shareholders’ equity of $4.03bn, total assets of $7.02bn and total investments and cash of $5.78bn.
“Diluted book value per share rose to $29.68 at December 31, 2009, which when combined with our $0.20 quarterly dividend resulted in an increase in diluted book value per share plus dividends of 4.4% in the quarter. Total value creation for our shareholders in 2009 as measured by growth in diluted book value per share plus accumulated dividends for the year was 28.2%.”