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VALIDUS REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
Pembroke, Bermuda, May 1, 2018 - Validus Holdings, Ltd. (“Validus” or the “Company”) (NYSE: VR) today reported a net (loss) attributable to Validus common shareholders of $(4.1) million, or $(0.05) per diluted common share, for the three months ended March 31, 2018, compared to net income available to Validus common shareholders of $94.6 million, or $1.17 per diluted common share, for the three months ended March 31, 2017.
Net operating income available to Validus common shareholders was $42.6 million, or $0.53 per diluted common share, for the three months ended March 31, 2018, compared to $76.8 million, or $0.95 per diluted common share, for the three months ended March 31, 2017.
As previously announced on January 22, 2018, the Company entered into a definitive agreement and plan of merger (the “Merger”) with American International Group, Inc. (“AIG”). The Merger is expected to close in mid-2018, subject to regulatory approvals and other customary closing conditions. During the three months ended March 31, 2018, the Company incurred transaction expenses of $7.8 million in relation to the Merger.
Book value per common share at March 31, 2018 was $44.14, compared to $44.06 at December 31, 2017. Book value per diluted common share at March 31, 2018 was $42.79, compared to $42.71 at December 31, 2017, reflecting a quarterly increase of 1.1%, inclusive of common dividends.
(Loss) income (attributable) available to Validus common shareholders by segment for the three months ended March 31, 2018 and March 31, 2017 was as follows:
 
Three Months Ended March 31,
(Expressed in millions of U.S. dollars, except per share information)
2018
 
2017
Reinsurance segment - Underwriting income
$
41.4

 
$
84.6

Insurance segment - Underwriting (loss)
(12.8
)
 
(16.4
)
Asset Management segment income
7.3

 
6.1

Total segmental income
35.9

 
74.3

Total managed investment return (a)
(2.8
)
 
52.8

Corporate expenses
(29.4
)
 
(33.9
)
Other items
(7.8
)
 
1.4

Net (loss) income (attributable) available to Validus common shareholders
$
(4.1
)
 
$
94.6

Net (loss) income per diluted share (attributable) available to Validus common shareholders
$
(0.05
)
 
$
1.17

Net operating income available to Validus common shareholders (b)
$
42.6

 
$
76.8

Net operating income per diluted share available to Validus common shareholders(b)
$
0.53

 
$
0.95

(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 income 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 income 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 Tuesday, May 1, 2018 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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