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Validus Holdings Ltd (VR) SEC Filing 10-Q Quarterly report for the period ending Saturday, June 30, 2018

Validus Holdings Ltd

CIK: 1348259 Ticker: VR
valigrpsmallcropa01a20.jpg

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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Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets (Parenthetical)
Consolidated Balance Sheets (Unaudited)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Income And Comprehensive Income (Unaudited)
Consolidated Statements Of Shareholders' Equity (Unaudited)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Details)
Accumulated Other Comprehensive Loss (Tables)
Basis Of Preparation And Consolidation
Business Combinations
Business Combinations (Narrative) (Details)
Commitments And Contingencies
Commitments And Contingencies (Lloyd's Syndicate) (Details)
Commitments And Contingencies (Other Commitments) (Details)
Commitments And Contingencies (Tables)
Debt And Financing Arrangements
Debt And Financing Arrangements (Components Of Finance Expenses) (Details)
Debt And Financing Arrangements (Credit Facilities Outstanding) (Details)
Debt And Financing Arrangements (Summary Of Key Terms Of Senior Notes And Debentures) (Details)
Debt And Financing Arrangements (Summary Of Outstanding Debentures And Senior Notes Payable) (Details)
Debt And Financing Arrangements (Tables)
Derivative Instruments
Derivative Instruments (Amount And Balance Sheet Location) (Details)
Derivative Instruments (Amount Included In Statement Of Operations) (Details)
Derivative Instruments (Tables)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Value Measurements
Fair Value Measurements (Fair Value Hierarchy) (Details)
Fair Value Measurements (Level 3 Rollforward) (Details)
Fair Value Measurements (Narrative) (Details)
Fair Value Measurements (Tables)
Investments
Investments (Amortized Cost Or Cost And Fair Value Of Investments) (Details)
Investments (Components Of Net Investment Income) (Details)
Investments (Fixed Maturities By Investment Rating) (Details)
Investments (Investment Affiliate Details) (Details)
Investments (Investment Affiliate Rollforward) (Details)
Investments (Maturity Profile Of Fixed Maturity Investments) (Details)
Investments (Narrative) (Details)
Investments (Other Investments) (Details)
Investments (Realized And Unrealized Gains) (Details)
Investments (Tables)
Noncontrolling Interest
Noncontrolling Interest (Details)
Noncontrolling Interest (Tables)
Recent Accounting Pronouncements
Reinsurance
Reinsurance (Ceded Credit Risk) (Details)
Reinsurance (Components Of Reinsurance) (Details)
Reinsurance (Tables)
Related Party Transactions
Related Party Transactions (Details)
Reserve For Losses And Loss Expenses
Reserve For Losses And Loss Expenses (Components Of Reserves For Losses And Loss Expenses) (Details)
Reserve For Losses And Loss Expenses (Prior Year Development) (Details)
Reserve For Losses And Loss Expenses (Reserve Rollforward) (Details)
Reserve For Losses And Loss Expenses (Tables)
Segment Information
Segment Information (Gross Premiums Written By Geographic Location And Segment) (Details)
Segment Information (Segment Consolidation) (Details)
Segment Information (Segment Reporting By Segment - Asset Management Activities (Details)
Segment Information (Segment Reporting By Segment - Corporate And Investments) (Details)
Segment Information (Segment Reporting By Segment - Underwriting Activities) (Details)
Segment Information (Tables)
Share Capital
Share Capital (Common Stock) (Details)
Share Capital (Dividends) (Details)
Share Capital (Preferred Stock) (Details)
Share Capital (Tables)
Significant Accounting Policies (Policies)
Stock Plans
Stock Plans (Components Of Share Compensation Expenses) (Details)
Stock Plans (Narrative) (Details)
Stock Plans (Options Activity) (Details)
Stock Plans (Other Awards Activity) (Details)
Stock Plans (Tables)
Subsequent Events
Subsequent Events (Details)
Variable Interest Entities
Variable Interest Entities (Assets And Liabilities Of Consolidated Vies) (Details)
Variable Interest Entities (Narrative) (Details)
Variable Interest Entities (Notes Payable To Alphacat Investors) (Details)
Variable Interest Entities (Tables)

Material Contracts, Statements, Certifications & more

Validus Holdings Ltd provided additional information to their SEC Filing as exhibits

Ticker: VR
CIK: 1348259
Form Type: 10-Q Quarterly Report
Accession Number: 0001348259-18-000035
Submitted to the SEC: Fri Jul 27 2018 1:31:08 PM EST
Accepted by the SEC: Fri Jul 27 2018
Period: Saturday, June 30, 2018
Industry: Fire Marine And Casualty Insurance

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