Validus Holdings, Ltd. (“Validus” or the “Company”) (NYSE: VR)
today reported net income available to Validus common shareholders
of $89.8 million, or $1.11 per diluted common share, for the three
months ended September 30, 2016, compared to $66.7 million, or
$0.78 per diluted common share, for the three months ended
September 30, 2015. Net income available to Validus common
shareholders was $351.6 million, or $4.24 per diluted common share,
for the nine months ended September 30, 2016, compared to
$305.9 million, or $3.52 per diluted common share, for the nine
months ended September 30, 2015.
Net operating income available to Validus common shareholders
was $82.6 million, or $1.02 per diluted common share, for the three
months ended September 30, 2016, compared to $65.8 million, or
$0.77 per diluted common share, for the three months ended
September 30, 2015. Net operating income available to Validus
common shareholders was $254.9 million, or $3.07 per diluted common
share, for the nine months ended September 30, 2016, compared
to $304.4 million, or $3.50 per diluted common share, for the nine
months ended September 30, 2015.
The annualized return on average equity was 9.7% for the three
months ended September 30, 2016, compared to 7.3% for the
three months ended September 30, 2015. The annualized return
on average equity was 12.7% for the nine months ended
September 30, 2016, compared to 11.2% for the nine months
ended September 30, 2015.
The annualized net operating return on average equity was 8.9%
for the three months ended September 30, 2016, compared to
7.2% for the three months ended September 30, 2015. The
annualized net operating return on average equity was 9.2% for the
nine months ended September 30, 2016, compared to 11.1% for
the nine months ended September 30, 2015.
Book value per diluted common share at September 30, 2016
was $45.16, reflecting quarterly growth of 2.5%, inclusive of
common dividends.
Commenting on the financial results for the three months ended
September 30, 2016, Validus' Chairman and CEO Ed Noonan
stated:
"Validus delivered favorable results for the third quarter of
2016, with a combined ratio of 82.4% and strong investment returns
driving book value growth of 2.5% inclusive of common
dividends. Given current market conditions we continue to
reduce exposure in areas under the most competitive pressure -
notably marine and energy and certain property classes - while
continuing to expand our profile in U.S. insurance and the
management of third party capital."
Income available to Validus common shareholders by segment for
the three months ended September 30, 2016 and
September 30, 2015 was as follows:
Income available to Validus common
shareholders for the three months ended
September 30, 2016 September 30, 2015
(Expressed in millions of U.S. dollars, except per share
information) Validus Re - Underwriting income (a) (c) $ 67.1
$ 56.6 Talbot - Underwriting income (a) (c) 7.3 21.1 Western World
- Underwriting loss (a) (c) (2.7 ) — Validus' share of AlphaCat
income 11.2 7.5 Validus' share of PaCRe, Ltd.
—
(8.0 ) Validus' share of AlphaCat income,
net (a) 11.2 (0.5 )
Total segmental income
82.9 77.2 Net investment income (b) 41.1 30.0
Corporate operating expenses (40.7 ) (39.3 ) Eliminations and other
(0.7 ) (2.1 )
Net operating income available to Validus common
shareholders (c) $ 82.6 $
65.8 Net operating income per diluted share
available to Validus common shareholders (c) $
1.02 $ 0.77 Net income
available to Validus common shareholders (c) $
89.8 $ 66.7 Net income per
diluted share available to Validus common shareholders $
1.11 $ 0.78
(a) Underwriting income and Validus' share of AlphaCat income are
non-GAAP measures. (b) Net investment income relates to our
managed investment portfolio. Total net investment income,
inclusive of AlphaCat's non-managed portfolio is $43.5 million and
$31.6 million for the three months ended September 30, 2016 and
2015, respectively. (c) A reconciliation of net operating
income available to Validus common shareholders and underwriting
income to net income available to Validus common shareholders, the
most directly comparable GAAP measure, is presented at the end of
this release.
This earnings release should be read in conjunction with the
Company's September 30, 2016 investor financial supplement
that has been posted to the Investors section of the Company's
website located at www.validusholdings.com.
Third Quarter 2016
Results
Highlights for the third quarter are as follows:
- Gross premiums written for the three
months ended September 30, 2016 were $372.4 million compared
to $402.5 million for the three months ended September 30,
2015, a decrease of $30.1 million, or 7.5%. The decrease was
primarily driven by decreases in the Validus Re, Talbot and
AlphaCat segments, partially offset by an increase in the Western
World segment.
- The loss ratio for the three months
ended September 30, 2016 was 45.8%; which included $52.9
million of favorable loss reserve development on prior accident
years, benefiting the loss ratio by 9.4 percentage points compared
to a loss ratio for the three months ended September 30, 2015
of 46.1% which included $93.7 million of favorable loss reserve
development on prior accident years, benefiting the loss ratio by
16.9 percentage points. The loss ratio for the three months ended
September 30, 2016 included net non-notable losses of $21.6
million or 3.8 percentage points of the loss ratio. The non-notable
losses were primarily from a single non-notable loss event
described in further detail in the "Notable and Non-notable losses"
section below. The loss ratio for the three months ended
September 30, 2015 included net notable losses of $49.0
million, or 8.8 percentage points of the loss ratio and net
non-notable losses of $22.2 million, or 4.0 percentage points of
the loss ratio. The favorable development of $52.9 million for the
three months ended September 30, 2016 was primarily due to
favorable development on non-event reserves of $32.6 million and
favorable development on event specific reserves of $20.3 million,
primarily related to the 2015 Chilean earthquake and Tianjin port
explosion loss events.
- The combined ratio for the three months
ended September 30, 2016 was 82.4%, compared to a combined
ratio of 84.3% for the three months ended September 30, 2015,
a decrease of 1.9 percentage points.
- Net investment income for the three
months ended September 30, 2016 was $41.1 million compared to
$30.0 million for the three months ended September 30, 2015,
an increase of $11.1 million, or 36.9%. The increase was primarily
due to strong performance on the Company's portfolio of structured
securities, including $9.5 million of returns generated from a
single fixed income fund.
- Net operating income available to
Validus common shareholders for the three months ended
September 30, 2016 was $82.6 million compared to $65.8 million
for the three months ended September 30, 2015, an increase of
$16.8 million, or 25.6%.
- Net income available to Validus common
shareholders for the three months ended September 30, 2016 was
$89.8 million compared to $66.7 million for the three months ended
September 30, 2015, an increase of $23.2 million, or
34.8%.
- Annualized return on average equity was
9.7% and annualized net operating return on average equity was 8.9%
for the three months ended September 30, 2016 compared to 7.3%
and 7.2%, respectively, for the three months ended
September 30, 2015.
Notable and Non-Notable
Losses
The Company defines a notable loss event as an event whereby
consolidated net losses and loss expenses aggregate to a threshold
greater than or equal to $30.0 million. The Company defines a
non-notable loss event as an event whereby consolidated net losses
and loss expenses aggregate to a threshold greater than or equal to
$15.0 million but less than $30.0 million.
During the three months ended September 30, 2016, the
Company incurred losses and loss expenses from a third quarter
non-notable loss event as follows:
Three Months Ended September 30, 2016
SpaceX Non-Notable Loss Event (Dollars in thousands)
Validus Re Talbot Total
Validus' Share of Net Losses and Loss Expenses $
10,349 $ 9,894 $ 20,243 Less:
Reinstatement Premiums, net (2,159 ) 919 (1,240 )
Net
Loss Attributable to Validus $ 8,190
$ 10,813 $ 19,003
The September 1 st SpaceX rocket explosion at Cape Canaveral,
Florida resulted in estimated losses and loss expenses of $20.2
million, or 3.6 percentage points of the loss ratio. Net of
reinstatement premiums of $1.2 million, the net loss attributable
to the Company from this event was $19.0 million.
During the three months ended September 30, 2015, the
Company incurred $49.0 million of losses and loss expenses from
notable loss events, or 8.8 percentage points of the loss ratio,
primarily relating to the port explosion in Tianjin, China. Net of
$3.9 million of reinstatement premiums, the effect of these events
on the Company's underwriting income was a reduction of $45.1
million. Losses and loss expenses from a single non-notable loss
event, the 2015 Chilean earthquake, were $22.2 million, or 4.0
percentage points of the loss ratio during the three months ended
September 30, 2015. Net of $2.2 million of reinstatement
premiums, the effect of this event on the Company's underwriting
income was a reduction of $20.0 million.
The Company's loss ratio, excluding the impact of notable and
non-notable loss events and the change in prior accident years, for
the three months ended September 30, 2016 and 2015 was 51.2%
and 50.2%, respectively.
Validus Re Segment
Highlights for the third quarter include the following:
- Gross premiums written for the three
months ended September 30, 2016 were $94.7 million compared to
$103.3 million for the three months ended September 30, 2015,
a decrease of $8.6 million, or 8.3%. Gross premiums written for the
three months ended September 30, 2016 included $53.8 million
of property premiums, $(4.5) million of marine premiums and $45.5
million of specialty premiums, compared to $65.4 million of
property premiums, $13.4 million of marine premiums and $24.5
million of specialty premiums for the three months ended
September 30, 2015. The decrease in the property lines of
$11.6 million was primarily driven by a decrease in incepting
business of $5.3 million, along with adjustments to existing
business of $6.3 million, primarily in the catastrophe and per risk
excess of loss classes. The decrease in the marine lines of $17.9
million was primarily due to the timing of renewals of certain
proportional programs which incepted during the third quarter of
2015, as well as adjustments to existing business. Partially
offsetting the decreases was an increase in the specialty lines of
$21.0 million, primarily as a result of increased casualty business
written during the period of $7.5 million and continued growth in
the composite lines of $4.0 million, along with timing differences
on the renewal of certain contracts and decreased premium
adjustments year on year.
- The loss ratio for the three months
ended September 30, 2016 was 43.1%, which included $33.0
million of favorable loss reserve development on prior accident
years, benefiting the loss ratio by 14.5 percentage points compared
to a loss ratio for the three months ended September 30, 2015 of
50.3% which included $50.5 million of favorable loss reserve
development on prior accident years, benefiting the loss ratio by
21.0 percentage points. The loss ratio for the three months ended
September 30, 2016 included net non-notable losses totaling
$10.4 million, or 4.5 percentage points of the loss ratio. The loss
ratio for the three months ended September 30, 2015 included
net notable losses of $37.0 million, or 15.4 percentage points of
the loss ratio and net non-notable losses of $17.5 million, or 7.3
percentage points of the loss ratio. The favorable development of
$33.0 million on prior accident years for the three months ended
September 30, 2016 was primarily due to favorable development
on non-event reserves of $14.5 million and favorable development on
event specific reserves of $18.5 million, the largest contributors
being the 2015 Chilean earthquake and Tianjin port explosion loss
events.
- The combined ratio for the three months
ended September 30, 2016 was 70.7% compared to 77.6% for the
three months ended September 30, 2015, a decrease of 6.9
percentage points.
- Underwriting income for the three
months ended September 30, 2016 was $67.1 million compared to
$56.6 million for the three months ended September 30, 2015,
an increase of $10.4 million, or 18.4%.
Talbot Segment
Highlights for the third quarter include the following:
- Gross premiums written for the three
months ended September 30, 2016 were $189.7 million compared
to $226.0 million for the three months ended September 30,
2015, a decrease of $36.4 million, or 16.1%. Gross premiums written
for the three months ended September 30, 2016 included $64.3
million of property premiums, $48.1 million of marine premiums and
$77.3 million of specialty premiums compared to $72.7 million of
property premiums, $66.8 million of marine premiums and $86.5
million of specialty premiums for the three months ended
September 30, 2015. The decrease in the property and marine
lines of $8.4 million and $18.7 million, respectively, were
primarily driven by foreign exchange and reductions in our
participation and non-renewals on various programs due to the
current rate environment, notably in the downstream and upstream
energy classes. The decrease in gross premiums written in the
specialty lines of $9.2 million was primarily due to the timing of
renewals of political risk contracts.
- The loss ratio for the three months
ended September 30, 2016 was 55.2%, which included $18.7
million of favorable loss reserve development on prior accident
years, benefiting the loss ratio by 9.4 percentage points compared
to a loss ratio for the three months ended September 30, 2015 of
45.8% which included $36.0 million of favorable loss reserve
development on prior accident years, benefiting the loss ratio by
17.4 percentage points. The loss ratio for the three months ended
September 30, 2016 included net non-notable losses totaling
$11.3 million, or 5.7 percentage points of the loss ratio. The loss
ratio for the three months ended September 30, 2015 included
net notable losses of $12.0 million, or 5.8 percentage points of
the loss ratio and net non-notable losses totaling $4.7 million, or
2.3 percentage points of the loss ratio. The favorable development
of $18.7 million on prior accident years for the three months ended
September 30, 2016 is primarily due to favorable development
on non-event reserves of $16.9 million and favorable development on
event specific reserves of $1.8 million.
- The combined ratio for the three months
ended September 30, 2016 was 96.4% compared to 90.0% for the
three months ended September 30, 2015, an increase of 6.4
percentage points.
- Underwriting income for the three
months ended September 30, 2016 was $7.3 million compared to
$21.1 million for the three months ended September 30, 2015, a
decrease of $13.8 million, or 65.4%.
Western World Segment
Highlights for the third quarter include the following:
- Gross premiums written for the three
months ended September 30, 2016 were $85.3 million compared to
$70.9 million for the three months ended September 30, 2015,
an increase of $14.4 million, or 20.3%. Gross premiums written for
the three months ended September 30, 2016 included $23.8
million of property premiums and $61.5 million of liability
premiums, compared to $13.9 million of property premiums and $57.0
million of liability premiums for the three months ended
September 30, 2015. The increase in gross premiums written in
the property lines of $9.9 million was primarily due to additional
business written in the commercial package property, program flood
and brokerage property classes of $4.0 million, $2.9 million, and
$2.6 million, respectively, as a result of the continued build out
of the underwriting platform in short tail lines. The increase in
gross premiums written in the liability lines of $4.5 million was
driven primarily by increases in the commercial package liability
and other liability classes of $8.6 million and was partially
offset by decreases as a result of the discontinuation of
underperforming programs and brokerage general liability
lines.
- The loss ratio for the three months
ended September 30, 2016 was 64.6%, which included $0.9
million of favorable loss reserve development on prior accident
years, benefiting the loss ratio by 1.2 percentage points compared
to a loss ratio for the three months ended September 30, 2015 of
63.8% which included $5.1 million of favorable loss reserve
development on prior accident years, benefiting the loss ratio by
7.9 percentage points. Losses and loss expenses for the three
months ended September 30, 2016 included $3.0 million, or 4.3
percentage points of the loss ratio, of property losses on
U.S.-based weather events including flood. Of the 2015 incurred
losses, $2.5 million, or 3.9 percentage points of the loss ratio,
arose from the amortization of the risk premium adjustment
accounted for at the time of the acquisition of Western World.
- The combined ratio for the three months
ended September 30, 2016 was 104.1% compared to 100.4% for the
three months ended September 30, 2015, an increase of 3.7
percentage points. The increase was primarily as a result of the
policy acquisition costs ratio during the three months ended
September 30, 2015 benefiting from a 4.6 percentage point
reduction due to the amortization of the fair value adjustment
accounted for at the time of the acquisition of Western World.
- Underwriting loss for the three months
ended September 30, 2016 was $2.7 million compared to $nil for
the three months ended September 30, 2015.
AlphaCat Segment
Highlights for the third quarter include the following:
- AlphaCat's assets under management were
$2,615.1 million as at October 1, 2016, compared to $2,510.5
million as at July 1, 2016. Third party assets under
management were $2,292.6 million as at October 1, 2016,
compared to $2,186.9 million as at July 1, 2016.
- Revenues earned for the three months
ended September 30, 2016 were $8.4 million, of which $7.0
million were earned from third parties, compared to $7.5 million
for the three months ended September 30, 2015, of which $5.8
million were earned from third parties. The increase in revenues
earned from third parties of $1.3 million was primarily due to an
increase in the capital base of the AlphaCat ILS Funds.
- Total expenses for the three months
ended September 30, 2016 were $3.3 million, compared to $6.6
million for the three months ended September 30, 2015, a
decrease of $3.3 million, or 50.3%. The decrease was primarily due
to reduced placement fees incurred in relation to raising new
capital during the three months ended September 30, 2016.
- Income available to Validus common
shareholders before investment income from AlphaCat Funds and
Sidecars for the three months ended September 30, 2016 was
$5.1 million, compared to $0.9 million for the three months ended
September 30, 2015, an increase of $4.2 million.
- Investment income available to Validus
common shareholders from AlphaCat Funds and Sidecars for the three
months ended September 30, 2016 was $6.0 million, compared to
$6.5 million for the three months ended September 30, 2015, a
decrease of $0.5 million or 7.7%.
- Validus' share of AlphaCat income for
the three months ended September 30, 2016 was $11.2 million,
compared to $7.5 million for the three months ended
September 30, 2015, an increase of $3.7 million, or
49.4%.
Investments
Highlights of our managed portfolio for the third quarter
include the following:
- Net investment income for the three
months ended September 30, 2016 was $41.1 million compared to
$30.0 million for the three months ended September 30, 2015,
an increase of $11.1 million, or 36.9%. The increase was primarily
due to strong performance on the Company's portfolio of structured
securities, including $9.5 million of returns generated from a
single fixed income fund. Annualized effective yield for the three
months ended September 30, 2016 was 2.58%, compared to 1.91%
for the three months ended September 30, 2015, an increase of
67 basis points.
- Net realized gains on managed
investments for the three months ended September 30, 2016 were $4.1
million compared to losses of $1.2 million for the three months
ended September 30, 2015, a favorable movement of $5.3 million. The
increase in net realized gains primarily resulted from the sale of
managed fixed maturities.
- The change in net unrealized gains on
managed investments for the three months ended September 30, 2016
was $4.7 million compared to $1.8 million for the three months
ended September 30, 2015, a favorable movement of $2.9 million, or
163.6%.
Corporate Operating
Expenses
Highlights for the third quarter include the following:
- General and administrative expenses for
the three months ended September 30, 2016 were $18.2 million
compared to $18.8 million for the three months ended
September 30, 2015, a decrease of $0.6 million or 3.1%.
- Share compensation expenses for the
three months ended September 30, 2016 were $4.0 million
compared to $3.4 million for the three months ended
September 30, 2015, an increase of $0.7 million or 19.7%.
- Finance expenses, excluding the
Company's share of AlphaCat finance expenses from consolidated
variable interest entities, for the three months ended September
30, 2016 were $14.3 million compared to $15.1 million for the three
months ended September 30, 2015, a decrease of $0.8 million or
5.5%.
- Dividends paid on preferred shares for
the three months ended September 30, 2016 were $2.3 million
compared to $nil for the three months ended September 30,
2015.
- Tax expenses for the three months ended
September 30, 2016 were $1.8 million compared to $2.0 million
for the three months ended September 30, 2015, a decrease of $0.2
million or 9.3%.
Year to Date 2016
Results
Highlights for the year to date include the following:
- Gross premiums written for the nine
months ended September 30, 2016 were $2,309.3 million compared
to $2,247.9 million for the nine months ended September 30,
2015, an increase of $61.4 million, or 2.7%.
- The loss ratio for the nine months
ended September 30, 2016 was 46.2% which included $169.4
million of favorable loss reserve development on prior accident
years, benefiting the loss ratio by 9.9 percentage points compared
to a loss ratio for the nine months ended September 30, 2015
of 44.8% which included $248.0 million of favorable loss reserve
development on prior accident years, benefiting the loss ratio by
14.6 percentage points. The loss ratio for the nine months ended
September 30, 2016 included net notable losses of $37.9
million, or 2.2 percentage points of the loss ratio and net
non-notable losses totaling $69.9 million, or 4.1 percentage points
of the loss ratio. The loss ratio for the nine months ended
September 30, 2015 included net notable losses of $97.1
million, or 5.7 percentage points of the loss ratio and net
non-notable losses of $22.2 million, or 1.3 percentage points of
the loss ratio. The favorable development of $169.4 million for the
nine months ended September 30, 2016 was primarily due to
favorable development on non-event reserves of $160.4 million and
favorable development on event reserves of $9.0 million.
- The combined ratio for the nine months
ended September 30, 2016 was 82.5% compared to 80.1% for the
nine months ended September 30, 2015, an increase of 2.4
percentage points.
- Net operating income available to
Validus common shareholders for the nine months ended
September 30, 2016 was $254.9 million compared to $304.4
million for the nine months ended September 30, 2015, a
decrease of $49.5 million, or 16.3%.
- Net income available to Validus common
shareholders for the nine months ended September 30, 2016 was
$351.6 million compared to $305.9 million for the nine months ended
September 30, 2015, an increase of $45.8 million, or
15.0%.
- Annualized return on average equity was
12.7% and annualized net operating return on average equity was
9.2% for the nine months ended September 30, 2016 compared to
11.2% and 11.1%, respectively, for the nine months ended
September 30, 2015.
Shareholders' Equity and
Capitalization
As at September 30, 2016, total shareholders' equity was
$4.1 billion including $223.0 million of noncontrolling interest
and $150.0 million of preferred shares issued on June 13, 2016.
Shareholders' equity available to Validus common shareholders was
$3.7 billion as at September 30, 2016. Book value per diluted
common share was $45.16 at September 30, 2016 based on
82,341,307 diluted common shares, compared to $44.41 at
June 30, 2016 based on 83,700,593 diluted common shares, an
increase of 2.5%, inclusive of dividends for the three months ended
September 30, 2016. Book value per diluted common share is a
non-GAAP financial measure. A reconciliation of this measure to
book value per common share is presented at the end of this
release.
Total capitalization available to Validus at September 30,
2016 was $4.7 billion, including $538.2 million of junior
subordinated deferrable debentures and $245.3 million of senior
notes. Total capitalization at September 30, 2016 was $6.4
billion, including $1.6 billion of redeemable noncontrolling
interest and $223.0 million of noncontrolling interest related to
AlphaCat.
Share Repurchases
The Company repurchased 1,349,690 shares during the three months
ended September 30, 2016. The share repurchases made during
the three months ended September 30, 2016 resulted in a
dilutive impact to book value per diluted common share of $0.07 for
the quarter. A summary of the share repurchases made to date
under the Company’s previously announced share repurchase programs
is as follows:
Share Repurchase Activity(Expressed
in thousands of U.S. dollars except for share and per share
information)
As at June 30, 2016
Quarter ended Effect of share
repurchases: (cumulative) July August
September September 30, 2016 Aggregate purchase price
(a) $ 2,620,814 $ 18,438 $ 20,599 $ 27,895 $ 66,932 Shares
repurchased 78,841,758 382,648 411,738 555,304 1,349,690 Average
price (a) $ 33.24 $ 48.18 $ 50.03 $ 50.23 $ 49.59
Share Repurchase Activity
(Expressed in thousands of U.S. dollars
except for share and per share information)
Effect of share repurchases: As at September 30, 2016
As at October 26, 2016 Cumulative to Date
Effect Aggregate purchase price (a) $ 2,687,746 $ 4,029 $
2,691,775 Shares repurchased 80,191,448 81,174 80,272,622 Average
price (a) $ 33.52 $ 49.63 $ 33.53 (a) Share
transactions are on a trade date basis through October 26, 2016 and
are inclusive of commissions. Average share price is rounded to two
decimal places.
Conference Call
The Company will host a conference call for analysts and
investors on October 28, 2016 at 10:00 AM (Eastern) to discuss
the third quarter 2016 financial results and related matters. The
conference call may be accessed by dialing 1-844-309-6712
(toll-free U.S.) or 1-484-747-6926 (international) and entering the
passcode 7188 6983. Those who intend to participate in the
conference call should register at least ten minutes in advance to
ensure access to the call. A telephone replay of the conference
call will be available through November 11, 2016, by dialing
1-855-859-2056 (toll-free U.S.) or 1-404-537-3406 (international)
and entering the passcode 7188 6983.
This conference call will also be available through a live audio
webcast accessible through the Investor Relations section of the
Company's website located at www.validusholdings.com. A replay of the webcast
will be available at the Investor Relations section of the
Company's website through November 11, 2016. In addition, a
financial supplement relating to the Company's financial results
for the three and nine months ended September 30, 2016 is
available in the Investor Relations section of the Company's
website.
About Validus Holdings,
Ltd.
Validus Holdings, Ltd. ("Validus") is a holding company for
reinsurance and insurance operating companies and investment
advisors including Validus Reinsurance, Ltd. (“Validus Re”), Talbot
Underwriting Ltd. (“Talbot”), Western World Insurance Group, Inc.
(“Western World”) and AlphaCat Managers, Ltd. (“AlphaCat”).
Validus Re is a Bermuda based reinsurer focused on treaty
reinsurance. Talbot is a specialty insurance group primarily
operating within the Lloyd's insurance market through Syndicate
1183. Western World is a U.S. specialty lines insurance
company focused on excess and surplus lines. AlphaCat is a Bermuda
based investment adviser managing capital for third parties and
Validus in insurance linked securities and other property
catastrophe and specialty reinsurance investments.
Validus Holdings, Ltd.
Consolidated Balance Sheets
As at September
30, 2016 and December 31, 2015
(Expressed in thousands of U.S. dollars,
except share and per share information)
September 30, 2016 December 31,
2015 (unaudited) Assets Fixed maturities
trading, at fair value (amortized cost: 2016—$5,547,838;
2015—$5,556,900) $ 5,576,341 $ 5,510,331 Short-term investments
trading, at fair value (amortized cost: 2016—$2,481,573;
2015—$1,941,615) 2,481,406 1,941,635 Other investments, at fair
value (cost: 2016—$371,668; 2015—$315,963) 394,695 336,856 Cash and
cash equivalents 443,992 723,109 Restricted cash 113,048
73,270 Total investments, cash and cash equivalents
9,009,482 8,585,201 Investments in affiliates, equity method (cost:
2016—$86,305; 2015—$70,186) 99,731 88,065 Premiums receivable
939,127 658,682 Deferred acquisition costs 249,922 181,002 Prepaid
reinsurance premiums 119,805 77,992 Securities lending collateral
10,629 4,863 Loss reserves recoverable 444,609 350,586 Paid losses
recoverable 36,069 23,071 Income taxes recoverable 6,879 16,228
Deferred tax asset 26,015 21,661 Receivable for investments sold
21,854 39,766 Intangible assets 117,010 121,258 Goodwill 196,758
196,758 Accrued investment income 24,906 23,897 Other assets
183,357 126,782
Total assets $ 11,486,153
$ 10,515,812
Liabilities Reserve for
losses and loss expenses $ 3,035,987 $ 2,996,567 Unearned premiums
1,359,438 966,210 Reinsurance balances payable 76,429 75,380
Securities lending payable 11,095 5,329 Deferred tax liability
3,278 3,847 Payable for investments purchased 49,435 77,475
Accounts payable and accrued expenses 144,086 627,331 Notes payable
to AlphaCat investors 372,730 75,493 Senior notes payable 245,311
245,161 Debentures payable 538,168 537,668
Total
liabilities $ 5,835,957 $ 5,610,461
Commitments and contingent liabilities Redeemable
noncontrolling interest 1,559,580 1,111,714
Shareholders’ equity Preferred shares (Issued and
Outstanding: 2016—6,000; 2015—nil) $ 150,000 $ — Common shares
(Issued: 2016—161,273,353; 2015—160,570,772; Outstanding:
2016—79,443,030; 2015—82,900,617) 28,223 28,100 Treasury shares
(2016—81,830,323; 2015—77,670,155) (14,320 ) (13,592 ) Additional
paid-in capital 827,256 1,002,980 Accumulated other comprehensive
loss (21,092 ) (12,569 ) Retained earnings 2,897,553
2,634,056
Total shareholders’ equity available to
Validus 3,867,620 3,638,975 Noncontrolling interest 222,996
154,662
Total shareholders’ equity $ 4,090,616
$ 3,793,637
Total liabilities,
noncontrolling interests and shareholders’ equity $ 11,486,153
$ 10,515,812
Validus Holdings, Ltd.
Non-GAAP Financial Measures
Consolidated Statements of Operations -
Underwriting Income Format
For the three and
nine months ended September 30, 2016 and 2015
(Expressed in thousands of U.S. dollars,
except share and per share information)
Three Months Ended September 30, Nine Months Ended
September 30, (Dollars in thousands) 2016
2015 2016 2015 Underwriting
revenues Gross premiums written $ 372,418 $ 402,509 $ 2,309,251
$ 2,247,901 Reinsurance premiums ceded (45,006 ) (48,810 ) (249,070
) (295,553 ) Net premiums written 327,412 353,699 2,060,181
1,952,348 Change in unearned premiums 236,363 201,312
(351,415 ) (248,759 )
Net premiums earned 563,775
555,011 1,708,766 1,703,589 Other insurance
related income 919 3,496 2,400 5,144
Total underwriting revenues 564,694 558,507
1,711,166 1,708,733
Underwriting
deductions Losses and loss expenses 258,394 256,010 789,971
763,085 Policy acquisition costs 113,434 105,039 328,593 307,773
General and administrative expenses 82,443 96,886 258,339 265,146
Share compensation expenses 10,501 9,983 32,465
28,279
Total underwriting deductions 464,772
467,918 1,409,368 1,364,283
Underwriting income $ 99,922 $
90,589 $ 301,798 $ 344,450
Net investment income 43,514 31,572 112,232 96,212 Finance
expenses (14,521 ) (18,512 ) (43,890 ) (58,161 ) Dividends on
preferred shares (2,252 ) — (2,252 ) — Tax expense (1,830 ) (2,018
) (1,418 ) (7,132 ) Loss from operating affiliates — (7,963 ) (23 )
(2,241 ) (Income) attributable to AlphaCat investors (5,564 )
(1,438 ) (16,278 ) (1,438 ) Net operating (income) attributable to
noncontrolling interest (36,672 ) (26,467 ) (95,294 ) (67,336 )
Net operating income available to Validus common
shareholders $ 82,597 $ 65,763
$ 254,875 $ 304,354 Net realized
gains (losses) on investments 4,397 (1,187 ) 6,537 5,226 Change in
net unrealized gains on investments 5,459 3,916 84,331 2,467 Income
(loss) from investment affiliate 453 2,482 (4,249 ) 5,542 Foreign
exchange (losses) gains (766 ) (2,592 ) 11,765 (9,528 ) Other loss
(1,529 ) (1,970 ) (773 ) (2,578 ) Net (income) loss attributable to
noncontrolling interest (767 ) 238 (869 ) 368
Net
income available to Validus common shareholders $
89,844 $ 66,650 $
351,617 $ 305,851
Selected ratios: Ratio of net to gross premiums written 87.9
% 87.9 % 89.2 % 86.9 % Losses and loss expenses ratio 45.8 %
46.1 % 46.2 % 44.8 % Policy acquisition costs ratio 20.1 %
18.9 % 19.2 % 18.1 % General and administrative expenses ratio (a)
16.5 % 19.3 % 17.1 % 17.2 % Expense ratio 36.6 % 38.2 % 36.3 % 35.3
%
Combined ratio 82.4 % 84.3 % 82.5 % 80.1 %
(a) The general and administrative expense ratio includes
share compensation expenses.
Validus Holdings, Ltd.
Segment Information
For the three and
nine months ended September 30, 2016 and 2015
(Expressed in thousands of U.S. dollars,
except share and per share information)
Validus Re Segment Three Months Ended September
30, Nine Months Ended September 30, 2016
2015 2016 2015 Underwriting
revenues Gross premiums written $ 94,741 $ 103,297 $ 1,072,219
$ 1,112,410 Reinsurance premiums ceded (15,967 ) (15,846 ) (111,658
) (149,001 ) Net premiums written 78,774 87,451 960,561 963,409
Change in unearned premiums 149,705 153,210 (241,129
) (205,110 )
Net premiums earned 228,479 240,661
719,432 758,299 Other insurance related income
(loss) 58 2,569 (107 ) 3,318
Total
underwriting revenues 228,537 243,230 719,325
761,617
Underwriting deductions Losses
and loss expenses 98,425 120,958 313,432 357,491 Policy acquisition
costs 42,837 42,989 127,660 128,909 General and administrative
expenses 17,528 19,964 52,579 58,254 Share compensation expenses
2,695 2,691 8,371 7,665
Total
underwriting deductions 161,485 186,602 502,042
552,319
Underwriting
income $ 67,052 $ 56,628
$ 217,283 $ 209,298
Talbot Segment
Three Months Ended September 30, Nine Months Ended
September 30, 2016 2015 2016
2015 Underwriting revenues Gross premiums written $
189,674 $ 226,025 $ 752,058 $ 789,148 Reinsurance premiums ceded
(22,877 ) (35,823 ) (137,496 ) (164,144 ) Net premiums written
166,797 190,202 614,562 625,004 Change in unearned premiums 32,258
15,942 (7,166 ) 9,167
Net premiums
earned 199,055 206,144 607,396 634,171
Other insurance related income 99 470 389
564
Total underwriting revenues 199,154
206,614 607,785 634,735
Underwriting
deductions Losses and loss expenses 109,860 94,414 319,271
268,512 Policy acquisition costs 46,488 44,575 134,444 141,338
General and administrative expenses 32,333 43,292 109,929 115,341
Share compensation expenses 3,163 3,214 9,955
9,195
Total underwriting deductions 191,844
185,495 573,599 534,386
Underwriting income $ 7,310
$ 21,119 $ 34,186
$ 100,349
Western World Segment Three Months Ended September
30, Nine Months Ended September 30, 2016
2015 2016 2015 Underwriting
revenues Gross premiums written $ 85,260 $ 70,871 $ 236,190 $
207,372 Reinsurance premiums ceded (6,202 ) (4,716 ) (15,347 )
(13,390 ) Net premiums written 79,058 66,155 220,843 193,982 Change
in unearned premiums (8,260 ) (2,225 ) (22,890 ) 2,948
Net premiums earned 70,798 63,930 197,953
196,930 Other insurance related income 219 248
696 787
Total underwriting revenues
71,017 64,178 198,649 197,717
Underwriting deductions Losses and loss expenses 45,748
40,810 129,623 138,098 Policy acquisition costs 17,094 13,214
46,704 27,110 General and administrative expenses 10,171 9,587
33,704 29,137 Share compensation expenses 702 554
1,825 1,525
Total underwriting deductions
73,715 64,165 211,856 195,870
Underwriting (loss) income $
(2,698 ) $ 13 $
(13,207 ) $ 1,847
Validus Holdings, Ltd.
Segment Information
For the three and
nine months ended September 30, 2016 and 2015
(Expressed in thousands of U.S. dollars,
except share and per share information)
AlphaCat Segment Three Months Ended September
30, Nine Months Ended September 30, 2016
2015 2016 2015 Revenues Third
party $ 7,025 $ 5,762 $ 14,843 $ 14,622 Related party 1,373
1,738 2,592 4,058
Total revenues 8,398
7,500 17,435 18,680
Expenses General and administrative expenses 3,324 4,124
7,557 8,883 Share compensation expenses (107 ) 141 167 440 Finance
expenses 31 2,297 914 9,259 Foreign exchange gains (losses) 5
(11 ) 17 (9 )
Total expenses 3,253 6,551 8,655
18,573
Income before investments
from AlphaCat Funds and Sidecars 5,145 949 8,780
107
Investment income (loss) from AlphaCat
Funds and Sidecars (a) AlphaCat Sidecars (72 ) 1,445 593
3,886 AlphaCat ILS Funds - Lower Risk (b) 2,321 2,274 6,903 5,454
AlphaCat ILS Funds - Higher Risk (b) 2,479 1,807 5,607 6,608
BetaCat ILS Funds 1,303 1,007 2,979 1,241 PaCRe — (7,963 )
(23 ) (2,241 )
Total investment income (loss) from AlphaCat
Funds and Sidecars 6,031 (1,430 ) 16,059 14,948
Validus' share of AlphaCat
income (loss) $ 11,176 $
(481 ) $ 24,839 $
15,055 (a) The investment income from
the AlphaCat funds and sidecars is based on equity accounting.
(b) Lower risk AlphaCat ILS funds have a maximum permitted
portfolio expected loss of less than 7%, whereas higher risk
AlphaCat ILS funds have a maximum permitted portfolio expected loss
of greater than 7%. Expected loss represents the average annual
loss over the set of simulation scenarios divided by the total
limit.
Corporate and
Investments Three Months Ended September 30, Nine
Months Ended September 30, 2016 2015
2016 2015 Investment income Net
investment income (a) $ 41,071 $ 29,991 $ 105,843 $ 91,281
Operating expenses General and administrative expenses
18,221 18,804 52,276 51,502 Share compensation expenses 4,048 3,383
12,147 9,454 Finance expenses (a) 14,317 15,143 42,637 45,623
Dividends on preferred shares 2,252 — 2,252
—
Tax expense 1,830 2,018 1,418 7,132
Total operating expenses 40,668 39,348 110,730
113,711
Other items Net realized gains
(losses) on investments (a) 4,080 (1,233 ) 5,514 5,051 Change in
net unrealized gains on investments (a) 4,652 1,765 81,782 2,508
Income (loss) from investment affiliate 453 2,482 (4,249 ) 5,542
Foreign exchange (losses) gains (a) (1,067 ) (2,331 ) 11,628 (9,024
) Other loss (1,529 ) (1,970 ) (773 ) (2,578 )
Total other
items 6,589 (1,287 ) 93,902 1,499
Total Corporate and Investments
$ 6,992 $ (10,644 )
$ 89,015 $ (20,931 )
(a) These items exclude the components which are
included in Validus' share of AlphaCat and amounts which are
consolidated from variable interest entities.
Validus Holdings, Ltd.
Non-GAAP Financial Measures
Reconciliation
Book Value per Common Share, Book Value
per Diluted Common Share and Book Value per Diluted Common Share
plus Accumulated Dividends
As at September
30, 2016 and December 31, 2015
(Expressed in thousands of U.S. dollars,
except share and per share information)
September 30, 2016 (Dollars in thousands, except
share and per share amounts)
Equity Amount
Shares
Exercise Price (a)
Book Value Per
Share
Book value per common share Total shareholders' equity
available to Validus common shareholders (b) $ 3,717,620 79,443,030
$ 46.80
Tangible book value per common share $ 42.85
Book value per diluted common share Total
shareholders' equity available to Validus common shareholders (b)
3,717,620 79,443,030 Assumed exercise of outstanding stock options
(c) 689 30,050 $ 22.93 Unvested restricted shares —
2,868,227
Book value per diluted common share $
3,718,309 82,341,307 $ 45.16 Adjustment for
accumulated dividends 11.21
Book value per diluted common share
plus accumulated dividends $ 56.37
Tangible book
value per diluted common share $ 41.35
December 31, 2015 (Dollars in thousands, except
share and per share amounts)
Equity Amount
Shares
Exercise Price (a)
Book Value Per
Share
Book value per common share Total shareholders' equity
available to Validus common shareholders (b) $ 3,638,975 82,900,617
$ 43.90
Tangible book value per common share $ 40.06
Book value per diluted common share Total
shareholders' equity available to Validus common shareholders (b)
3,638,975 82,900,617 Assumed exercise of outstanding stock options
(c) 1,319 65,401 $ 20.17 Unvested restricted shares —
3,026,376
Book value per diluted common share $
3,640,294 85,992,394 $ 42.33 Adjustment for
accumulated dividends 10.16
Book value per diluted common share
plus accumulated dividends $ 52.49
Tangible book
value per diluted common share $ 38.63 (a)
Weighted average exercise price for those stock options that have
an exercise price lower than book value per share. (b) Total
shareholders' equity available to Validus common shareholders
excludes the liquidation value of the preferred shares of $150.0
million. (c) Using the "as-if-converted" method, assuming
all proceeds received upon exercise of stock options will be
retained by the Company and the resulting common shares from
exercise remain outstanding.
Validus
Holdings, Ltd.
Non-GAAP Financial Measures
Reconciliation
Underwriting Income, Net Operating Income
available to Validus Common Shareholders, Net Operating Income per
share available to Validus Common Shareholders and Annualized Net
Operating Return on Average Equity
For the three and
nine months ended September 30, 2016 and 2015
(Expressed in thousands of U.S. dollars,
except share and per share information)
Three Months Ended September 30, Nine Months Ended
September 30, 2016 2015 2016
2015 Net income available to Validus common
shareholders $ 89,844 $ 66,650 $ 351,617 $ 305,851 Adjustments
for: Net realized (gains) losses on investments (4,397 ) 1,187
(6,537 ) (5,226 ) Change in net unrealized gains on investments
(5,459 ) (3,916 ) (84,331 ) (2,467 ) (Loss) income from investment
affiliate (453 ) (2,482 ) 4,249 (5,542 ) Foreign exchange losses
(gains) 766 2,592 (11,765 ) 9,528 Other loss 1,529 1,970 773 2,578
Net income (loss) attributable to noncontrolling interest 767
(238 ) 869 (368 )
Net operating income available
to Validus common shareholders $ 82,597 $ 65,763 $ 254,875 $
304,354 Net investment income (43,514 ) (31,572 ) (112,232 )
(96,212 ) Finance expenses 14,521 18,512 43,890 58,161 Dividends on
preferred shares 2,252 — 2,252 — Tax expense 1,830 2,018 1,418
7,132 Loss from operating affiliates — 7,963 23 2,241 Income
attributable to AlphaCat investors 5,564 1,438 16,278 1,438 Net
operating income attributable to noncontrolling interest 36,672
26,467 95,294 67,336
Underwriting
income $ 99,922 $ 90,589 $ 301,798 $
344,450
Net operating income available to Validus
common shareholders 82,597 65,763 254,875 304,354 Less:
Dividends on outstanding warrants — (1,080 ) — (3,566
)
Net operating income allocated to Validus, adjusted $
82,597 $ 64,683 $ 254,875 $ 300,788
Net income per share available to Validus common
shareholders - diluted $ 1.11 $ 0.78 $ 4.24 $ 3.52 Adjustments
for: Net realized (gains) losses on investments (0.05 ) 0.01 (0.08
) (0.06 ) Change in net unrealized gains on investments (0.07 )
(0.05 ) (1.02 ) (0.03 ) (Loss) income from investment affiliate
(0.01 ) (0.03 ) 0.05 (0.06 ) Foreign exchange losses (gains) 0.01
0.03 (0.14 ) 0.11 Other loss 0.02 0.03 0.01 0.02 Net income (loss)
attributable to noncontrolling interest 0.01 — 0.01
—
Net operating income per share available to
Validus common shareholders - diluted $ 1.02 $ 0.77
$ 3.07 $ 3.50
Weighted average
number of common shares and common share equivalents 81,244,556
85,629,494 82,938,624 86,841,927
Average shareholders'
equity available to Validus common shareholders $ 3,716,938 $
3,651,151 $ 3,699,319 $ 3,642,656
Annualized net return
on average equity 9.7 % 7.3 % 12.7 % 11.2 %
Annualized net
operating return on average equity 8.9 % 7.2 % 9.2 % 11.1 %
Cautionary Note Regarding Forward-Looking Statements
This press release may include forward-looking statements, both
with respect to the Company and its industry, that reflect our
current views with respect to future events and financial
performance. Statements that include the words "expect", "intend",
"plan", "believe", "project", "anticipate", "will", "may" and
similar statements of a future or forward-looking nature identify
forward-looking statements. All forward-looking statements address
matters that involve risks and uncertainties, many of which are
beyond the Company's control. Accordingly, there are or will be
important factors that could cause actual results to differ
materially from those indicated in such statements and, therefore,
you should not place undue reliance on any such statements. We
believe that these factors include, but are not limited to, the
following: 1) unpredictability and severity of catastrophic events;
2) rating agency actions; 3) adequacy of Validus' risk management
and loss limitation methods; 4) cyclicality of demand and pricing
in the insurance and reinsurance markets; 5) statutory or
regulatory developments including tax policy, reinsurance and other
regulatory matters; 6) Validus' ability to implement its business
strategy during "soft" as well as "hard" markets; 7) adequacy of
Validus' loss reserves; 8) continued availability of capital and
financing; 9) retention of key personnel; 10) competition; 11)
potential loss of business from one or more major insurance or
reinsurance brokers; 12) Validus' ability to implement,
successfully and on a timely basis, complex infrastructure,
distribution capabilities, systems, procedures and internal
controls, and to develop accurate actuarial data to support the
business and regulatory and reporting requirements; 13) general
economic and market conditions (including inflation, volatility in
the credit and capital markets, interest rates and foreign currency
exchange rates); 14) the integration of businesses Validus may
acquire or new business ventures Validus may start; 15) the effect
on Validus' investment portfolios of changing financial market
conditions including inflation, interest rates, liquidity and other
factors; 16) acts of terrorism or outbreak of war; and 17)
availability of reinsurance and retrocessional coverage, as well as
management's response to any of the aforementioned factors.
The foregoing review of important factors should not be
construed as exhaustive and should be read in conjunction with the
other cautionary statements that are included herein and elsewhere,
including the risk factors included in Validus' most recent reports
on Form 10-K and Form 10-Q and other documents of the Company on
file with or furnished to the U.S. Securities and Exchange
Commission (“SEC”). Any forward-looking statements made in this
press release are qualified by these cautionary statements, and
there can be no assurance that the actual results or developments
anticipated by Validus will be realized or, even if substantially
realized, that they will have the expected consequences to, or
effects on, Validus or its business or operations. Except as
required by law, the Company undertakes no obligation to update
publicly or revise any forward-looking statement, whether as a
result of new information, future developments or otherwise.
Non-GAAP Financial Measures
In presenting the Company's results, management has included and
discussed certain schedules containing net operating income (loss),
net operating income (loss) available (attributable) to Validus
common shareholders, net operating income (loss) per share,
underwriting income (loss), annualized net operating return on
average equity, book value per diluted common share and book value
per diluted common share plus accumulated dividends that are not
calculated under standards or rules that comprise U.S. GAAP. Such
measures are referred to as non-GAAP. Non-GAAP measures may be
defined or calculated differently by other companies. These
measures should not be viewed as a substitute for those determined
in accordance with U.S. GAAP. A reconciliation of underwriting
income and net operating income (loss) available (attributable) to
Validus common shareholders to net income (loss) available
(attributable) to Validus common shareholders, the most comparable
U.S. GAAP financial measure, is presented in the section above
entitled “Underwriting Income, Net Operating Income available to
Validus common shareholders, Net Operating Income per share
available to Validus common shareholders and Annualized Net
Operating Return on Average Equity”. A reconciliation of
underwriting income and operating income to net income, the most
comparable U.S. GAAP financial measure, is presented in the
“Consolidated Statements of Operations” above.
The AlphaCat segment information is presented as an asset
manager view and therefore is considered non-GAAP.
Underwriting income indicates the performance of the Company's
core underwriting segments, excluding revenues and expenses such as
net investment income (loss), finance expenses, net realized and
change in unrealized gains (losses) on investments, foreign
exchange gains (losses), other income (loss) and transaction
expenses. The Company believes the reporting of underwriting income
enhances the understanding of our results by highlighting the
underlying profitability of the Company's core insurance and
reinsurance business. Underwriting profitability is influenced
significantly by earned premium growth, adequacy of the Company's
pricing and loss frequency and severity.
Underwriting profitability over time is also influenced by the
Company's underwriting discipline, which seeks to manage exposure
to loss through favorable risk selection and diversification, its
management of claims, its use of reinsurance and its ability to
manage its expense ratio, which it accomplishes through its
management of acquisition costs and other underwriting expenses.
The Company believes that underwriting income provides investors
with a valuable measure of profitability derived from underwriting
activities.
Net operating income (loss), a non-GAAP financial measure, is
defined as net income (loss) excluding net realized and change in
net unrealized gains (losses) on investments, income (loss) from
investment affiliate, foreign exchange gains (losses), other income
(loss) and non-recurring items. Net operating income (loss)
available (attributable) to Validus common shareholders is defined
as above, but excludes operating income (loss) available
(attributable) to noncontrolling interest and dividends on
preferred shares. Reconciliations of these measures to net income
(loss) and net income (loss) available (attributable) to Validus
common shareholders, the most directly comparable GAAP measures,
are presented at the end of this release.
Annualized net operating return on average equity is presented
in the section above entitled “Underwriting Income, Net Operating
Income available to Validus common shareholders, Net Operating
Income per share available to Validus common shareholders and
Annualized Net Operating Return on Average Equity.” A
reconciliation of book value per diluted common share and book
value per diluted common share plus accumulated dividends to book
value per common share, the most comparable U.S. GAAP financial
measure, is presented in the section above entitled “Book Value per
Common Share, Book Value per Diluted Common Share and Book Value
per Diluted Common Share plus Accumulated Dividends.” Net operating
income (loss) is calculated based on net income (loss) excluding
net realized gains (losses) on investments, change in net
unrealized gains (losses) on investments, foreign exchange gains
(losses), other income (loss), income (loss) from investment
affiliates and non-recurring items. Realized gains (losses) from
the sale of investments are driven by the timing of the disposition
of investments, not by our operating performance. Gains (losses)
arising from translation of non-US$ denominated balances are
unrelated to our underlying business. Net operating income (loss)
available (attributable) to Validus common shareholders is defined
as net operating income (loss) as defined above, but excluding
operating income (loss) available (attributable) to noncontrolling
interest and dividends on preferred shares.
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Investors:Validus Holdings,
Ltd.Investor.Relations@validusholdings.com+1-441-278-9000orMedia:Brunswick
GroupLaura Pietruszki / Mustafa Riffat+1-212-333-3810
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