HAMILTON, Bermuda—Validus Holdings Ltd. reported net income of $731.6 million for the first nine months of this year, up sharply from $16.1 million in net income for the comparable period last year.

The Bermuda-based reinsurer on Thursday reported $1.16 billion in net premiums written for the nine-month period ending with September, a 10.9% increase. It posted a 70.9% combined ratio vs. 93.1% for the same period in 2008.

For the quarter, Validus said it had $499.2 million in net income, compared with a $126.3 million loss for the comparable quarter last year.

In a statement, Chairman and Chief Executive Officer Ed Noonan said Validus completed its $1.77 billion merger with IPC Holdings Ltd. in September. Earlier this year, Validus won a bidding battle for IPC with Bermuda-based reinsurer Max Capital Group Ltd.

“Looking toward 2010, we approach the January renewal season with $4.3 billion of capital and the ability and intent to support our clients with our expanded resources,” Mr. Noonan said.