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Pembroke, Bermuda-based Validus Holdings Ltd. reported second quarter net income of $153.4 million, up five-fold from net income of $30.7 million in the same period last year as the company benefitted from increased underwriting income and a lower combined ratio.
Second quarter 2014 results also benefitted from having no “notable losses,” compared with the year-ago period which saw $77.6 million of losses from one “notable loss event,” European floods, Validus said in its statement.
Second quarter 2013 results were also marred by a $141.3 million net unrealized loss on investments.
Net written premiums for the three months ended June 30 were $605.1 million, up 4.2% from the year-ago period.
Underwriting income jumped 24.2% to $146.1 million, and second quarter combined ratio improved to 68.6% from 78.5% during second quarter 2013.
Net investment income was off 18.8% to $21.3 million
“Strong underwriting and good diversification between insurance and reinsurance continued to drive our results as Validus posted an overall combined ratio of 68.6%,” said Ed Noonan, Validus chairman, in the statement.
For the six months ended June 30, net income rose 24.3% to $315.8 million while net written premiums declined 5.1% to $1.42 billion.
The company’s combined ratio for the six-months ended June 30 improved to 68.5% from 69.7% in the year-ago period. Six-month net investment income slid 16.1% to $44.6 million.
Validus Holdings Ltd.’s net income for the third quarter this year dropped 11.5% compared with the same quarter a year ago to $183.4 million, the Pembroke, Bermuda-based insurer and reinsurer reported.