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Validus first quarter net earnings drop 27.2% to $162.4M

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Pembroke, Bermuda-based Validus Holdings, Ltd. saw a steep decline in first quarter net income as earnings dropped 27.2% to $162.4 million, the company said.

For the three months ended March 31, net written premiums decreased 10.9% to $817.1 million as investment income also dipped, 8.9% to $23.4 million.

The insurer and reinsurer’s first quarter combined ratio was 68.3% compared with 60.5% in the year-ago quarter. This year’s first quarter combined ratio included $39.4 million of favorable loss reserve development on prior accident years, benefiting the loss ratio by 8.2 percentage points.

The year-ago combined ratio of 60.5% included $65.8 million of favorable loss reserve development on prior accident years, benefiting the loss ratio by 12.4 percentage points, the company said in its statement.

“Validus delivered very solid results for the first quarter of 2014,” Validus chairman and CEO Ed Noonan said in the statement.

“While there is clearly competition in the reinsurance industry, Validus’ size, scale and our willingness to share analytical insights with our customers allows us to maintain a preferred position in the marketplace,” Mr. Noonan added.