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Validus Makes Management Changes; Posts Higher Third-Quarter Net

Source: A.M. Best

Posted on 29 Oct 2012 by Neilson

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Validus GroupA light quarter for natural catastrophes helped to boost the third-quarter net income of Validus Holdings Ltd., which also announced management changes.

Third-quarter net income rose to $207.3 million from $56.5 million for the same period a year ago. Total managed gross premiums written, which include gross premiums written from non-consolidated affiliates AlphaCat Re 2011 Ltd. and AlphaCat Re 2012 Ltd., rose 2.1% to $399.5 million.

Gross premiums written fell 0.2% to $390.2 million. The combined ratio for the quarter was 69.9.

The company said Jeff Sangster will succeed John Consolino as executive vice president and chief financial officer, effective Feb. 16, 2013. Consolino is resigning to take a post with another financial services company, Validus said. Consolino will be nominated for appointment to the company’s board on Oct. 31.

Sangster, who joined Validus shortly after its formation in 2006, currently serves as executive vice president and group chief accounting officer.

Also, John Hendrickson, who has served as a director of Validus since it was formed in 2005, will join the company effective Feb. 16, 2013 in the newly-created position of director of strategy, risk management and corporate development.

In August, Validus Holdings Ltd. said it would become the largest property catastrophe reinsurer in Bermuda following its proposed $623.2 million acquisition of Flagstone Reinsurance Holdings.