VALIDUS HOLDINGS LTD (VR, Financial) filed Quarterly Report for the period ended 2010-03-31.
Validus Holdings Ltd has a market cap of $3.07 billion; its shares were traded at around $23.75 with a P/E ratio of 4.4 and P/S ratio of 1.6. The dividend yield of Validus Holdings Ltd stocks is 3.7%.VR is in the portfolios of David Einhorn of Greenlight Capital Inc, Chuck Royce of Royce& Associates, Richard Pzena of Pzena Investment Management LLC, Jim Simons of Renaissance Technologies LLC.
Diluted book value per common share is considered by management to be an appropriate measure of our returns to common shareholders, as we believe growth in our book value on a diluted basis ultimately translates into growth of our stock price. Diluted book value per common share decreased by $1.02, or 3.4%, from $29.68 at December 31, 2009 to $28.66 at March 31, 2010. The decrease was substantially due to the large event losses incurred during the three months ended March 31, 2010, and by the dividend of $0.22 per share and per share equivalent paid in the period. Diluted book value per common share is a Non-GAAP financial measure. The most comparable U.S. GAAP financial measure is book value per common share. Diluted book value per common share is calculated based on total shareholders equity plus the assumed proceeds from the exercise of outstanding options and warrants, divided by the sum of common shares, unvested restricted shares, options and warrants outstanding (assuming their exercise). A reconciliation of diluted book value per common share to book value per common share is presented below in the section entitled Non-GAAP Financial Measures.
Cash dividends per common share are an integral part of the value created for shareholders. The Company declared quarterly cash dividends of $0.22 per common share in the first quarter of 2010. On May 5, 2010 the Company announced a quarterly cash dividend of $0.22 per each common share and $0.22 per common share equivalent for which each outstanding warrant is then exercisable, payable on June 30, 2010 to holders of record on June 15, 2010.
(losses) and gain on bargain purchase, net of expenses. The Company believes the reporting of underwriting income enhances the understanding of our results by highlighting the underlying profitability of the Companys core insurance and reinsurance operations. Underwriting (loss) income for the three months ended March 31, 2010 and 2009 was ($157.2) million and $80.0 million, respectively. Underwriting income is a Non-GAAP financial measure as described in detail and reconciled in the section below entitled Underwriting Income.
Net (loss) for the three months ended March 31, 2010 was ($118.4) million compared to net income of $94.9 million for the three months ended March 31, 2009, a decrease of $213.3 million or 224.7%. The primary factors driving the decrease in net income were:
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Validus Holdings Ltd has a market cap of $3.07 billion; its shares were traded at around $23.75 with a P/E ratio of 4.4 and P/S ratio of 1.6. The dividend yield of Validus Holdings Ltd stocks is 3.7%.VR is in the portfolios of David Einhorn of Greenlight Capital Inc, Chuck Royce of Royce& Associates, Richard Pzena of Pzena Investment Management LLC, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
The decrease in annualized return on average equity was driven primarily by losses incurred of $293.1 million, $12.6 million and $18.2 million for the Chilean earthquake, windstorm Xynthia and the Melbourne hailstorm, respectively. Net income for the three months ended March 31, 2010 decreased by $213.3 million, or 224.7% compared to the three months ended March 31, 2009, due primarily to the large event losses incurred for the three months ended March 31, 2010.Diluted book value per common share is considered by management to be an appropriate measure of our returns to common shareholders, as we believe growth in our book value on a diluted basis ultimately translates into growth of our stock price. Diluted book value per common share decreased by $1.02, or 3.4%, from $29.68 at December 31, 2009 to $28.66 at March 31, 2010. The decrease was substantially due to the large event losses incurred during the three months ended March 31, 2010, and by the dividend of $0.22 per share and per share equivalent paid in the period. Diluted book value per common share is a Non-GAAP financial measure. The most comparable U.S. GAAP financial measure is book value per common share. Diluted book value per common share is calculated based on total shareholders equity plus the assumed proceeds from the exercise of outstanding options and warrants, divided by the sum of common shares, unvested restricted shares, options and warrants outstanding (assuming their exercise). A reconciliation of diluted book value per common share to book value per common share is presented below in the section entitled Non-GAAP Financial Measures.
Cash dividends per common share are an integral part of the value created for shareholders. The Company declared quarterly cash dividends of $0.22 per common share in the first quarter of 2010. On May 5, 2010 the Company announced a quarterly cash dividend of $0.22 per each common share and $0.22 per common share equivalent for which each outstanding warrant is then exercisable, payable on June 30, 2010 to holders of record on June 15, 2010.
(losses) and gain on bargain purchase, net of expenses. The Company believes the reporting of underwriting income enhances the understanding of our results by highlighting the underlying profitability of the Companys core insurance and reinsurance operations. Underwriting (loss) income for the three months ended March 31, 2010 and 2009 was ($157.2) million and $80.0 million, respectively. Underwriting income is a Non-GAAP financial measure as described in detail and reconciled in the section below entitled Underwriting Income.
Net (loss) for the three months ended March 31, 2010 was ($118.4) million compared to net income of $94.9 million for the three months ended March 31, 2009, a decrease of $213.3 million or 224.7%. The primary factors driving the decrease in net income were:
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