Validus records net loss of more than $250 millionReprints
Bermuda-based insurer and reinsurer Validus Holdings Ltd. recorded a net loss of $250.4 million in the third quarter, driven by catastrophe losses, The Royal Gazette reported. Net catastrophe losses across Validus' insurance and reinsurance businesses and alternative capital arm, Alphacat Opportunities Ltd., amounted to more than $400 million. Operating loss for the quarter totaled $254.5 million. "Despite significant natural catastrophes we close the quarter with a very strong balance sheet," said Ed Noonan, chairman of Validus.