Validus Holdings, Ltd. Provides Initial Estimate of Net Losses from October 2017 California Wildfires & Comments on U.S. Hous...
December 07 2017 - 6:22PM
Business Wire
Validus Holdings, Ltd. (“Validus” or the “Company”) (NYSE: VR)
today provided an initial estimate of Validus’ net losses from the
October 2017 California Wildfires and commented on the current U.S.
House and Senate tax reform bills.
Validus expects the net impact from the October 2017 California
Wildfires to be $30.0 million. This estimate is based on Validus’
current evaluation of impacted contracts and information provided
by customers and intermediaries. Validus’ actual loss from this
event may vary materially from this estimate due to uncertainties
inherent in this preliminary information.
The Company also announced today that, based on the text of the
current U.S. House and Senate tax reform bills, it does not expect
the potential changes to U.S. tax law to have a material impact on
the Company’s results of operations.
About Validus Holdings,
Ltd.
Validus is a holding company for reinsurance and insurance
operating companies and investment advisors including Validus
Reinsurance, Ltd. (“Validus Re”), Talbot Holdings Ltd. (“Talbot”),
Western World Insurance Group, Inc. (“Western World”) and AlphaCat
Managers, Ltd. (“AlphaCat”).
Validus Re is a global reinsurance group focused primarily on
treaty reinsurance. Talbot is a specialty (re)insurance group
primarily operating within the Lloyd's insurance market through
Syndicate 1183. Western World is a U.S. specialty lines insurance
group focused on excess and surplus lines. AlphaCat is a Bermuda
based investment advisor managing capital for third parties and
Validus in insurance linked securities and other property
catastrophe and specialty reinsurance investments.
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, and the Company may make related oral, forward-looking
statements on or following the date hereof. Statements that include
the words "expect", "intend", "plan", "believe", "project",
"anticipate", “estimate”, “preliminary”, "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) the preliminary nature of reports and estimates of
loss to date in connection with the October 2017 California
Wildfires; 2) unpredictability and severity of catastrophic events;
3) rating agency actions; 4) adequacy of Validus' risk management
and loss limitation methods; 5) cyclicality of demand and pricing
in the insurance and reinsurance markets; 6) statutory or
regulatory developments including as to whether any form of U.S.
tax reform will become law and, if so, what provisions may be
included in the final U.S. tax reform bill, reinsurance and other
regulatory matters; 7) Validus' ability to implement its business
strategy during "soft" as well as "hard" markets; 8) adequacy of
Validus' loss reserves; 9) continued availability of capital and
financing; 10) retention of key personnel; 11) competition; 12)
potential loss of business from one or more major insurance or
reinsurance brokers; 13) 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; 14) general
economic and market conditions (including inflation, volatility in
the credit and capital markets, interest rates and foreign currency
exchange rates); 15) the integration of businesses Validus may
acquire or new business ventures Validus may start; 16) the effect
on Validus' investment portfolios of changing financial market
conditions including inflation, interest rates, liquidity and other
factors; 17) acts of terrorism or outbreak of war; and 18)
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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171207006315/en/
Investors:Validus Holdings,
Ltd.Investor.Relations@ValidusHoldings.com+1-441-278-9000orMedia:Brunswick
GroupMustafa Riffat / Charlotte Connerton+1-212-333-3810
Validus Holdings, Ltd. (delisted) (NYSE:VR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Validus Holdings, Ltd. (delisted) (NYSE:VR)
Historical Stock Chart
From Apr 2023 to Apr 2024