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VALIDUS REPORTS THIRD QUARTER 2017 FINANCIAL RESULTS
Pembroke, Bermuda, October 26, 2017 - Validus Holdings, Ltd. (“Validus” or the “Company”) (NYSE: VR) today reported a net (loss) attributable to Validus common shareholders of $(250.4) million, or $(3.17) per diluted common share, for the three months ended September 30, 2017, compared to net income available to Validus common shareholders of $89.8 million, or $1.11 per diluted common share, for the three months ended September 30, 2016.
Net operating (loss) attributable to Validus common shareholders was $(254.5) million, or $(3.22) per diluted common share, for the three months ended September 30, 2017, compared to net operating income available to Validus common shareholders of $83.0 million, or $1.02 per diluted common share, for the three months ended September 30, 2016.
Book value per common share at September 30, 2017 was $44.51, compared to $47.93 at June 30, 2017. Book value per diluted common share at September 30, 2017 was $43.13, compared to $46.45 at June 30, 2017, reflecting a quarterly decrease of (6.3)%, inclusive of common dividends.
Commenting on the results for the three months ended September 30, 2017, Validus’ Chairman and CEO Ed Noonan stated:
“We incurred a $254.5 million operating loss in the quarter which is equal to $3.22 per diluted share, or a 6.3% decline in diluted book value per share inclusive of dividends. While results of operations were negative, I am gratified with this outcome which is the result of world class underwriting, risk, financial and operational management throughout our global businesses. Despite significant natural catastrophes we close the quarter with a very strong balance sheet and a belief that the quarter’s results across the industry have enhanced our competitive position.”
(Loss) income (attributable) available to Validus common shareholders by segment for the three months ended September 30, 2017 and September 30, 2016 was as follows:
 
Three Months Ended September 30,
(Expressed in millions of U.S. dollars, except per share information)
2017
 
2016
Validus Re - Underwriting (loss) income
$
(140.8
)
 
$
67.1

Talbot - Underwriting (loss) income
(65.0
)
 
7.3

Western World - Underwriting (loss)
(24.8
)
 
(2.7
)
Validus’ share of AlphaCat (loss) income
(27.6
)
 
11.2

Total segmental (loss) income
(258.2
)
 
82.9

Total managed investment return (a)
39.9

 
50.3

Corporate expenses
(31.0
)
 
(40.7
)
Other items and eliminations
(1.1
)
 
(2.7
)
Net (loss) income (attributable) available to Validus common shareholders
$
(250.4
)
 
$
89.8

Net (loss) income per diluted share (attributable) available to Validus common shareholders
$
(3.17
)
 
$
1.11

Net operating (loss) income (attributable) available to Validus common shareholders (b)
$
(254.5
)
 
$
83.0

Net operating (loss) income per diluted share (attributable) available to Validus common shareholders(b)
$
(3.22
)
 
$
1.02

(a)
Total managed investment return includes returns generated on managed assets governed by the Company’s investment policy statement (“IPS”) and excludes returns on non-managed assets held in support of consolidated AlphaCat variable interest entities which are not governed by the Company’s IPS.
(b)
Net operating (loss) income (attributable) available to Validus common shareholders is presented after tax and is considered a non-GAAP financial measure. A reconciliation of net (loss) income (attributable) available to Validus common shareholders, the most comparable GAAP measure, to net operating (loss) income (attributable) available to Validus common shareholders is presented at the end of this release.


Validus Holdings, Ltd. 29 Richmond Road, Pembroke, Bermuda HM08
Tel: +1-441.278.9000 Fax: +1-441.278.9090
www.validusholdings.com

The following information was filed by Validus Holdings Ltd (VR) on Thursday, October 26, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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