Bermuda-based (re)insurer Validus made a profit of $109.9m in the second quarter of 2011, compared with a profit of $179.8m.
However, the positive result failed to offset the company’s first-quarter loss of $172.4m loss, resulting in a first-half 2011 loss of $62.5m.
Validus’s first-half 2001 combined ratio was 113.2%,up from 105.3% in H1 2010. The company’s second-quarter combined ratio came in at 83.2%, up from 74.9% in the same period last year.
“The US tornado losses were within our pre-announced range and we had no adverse impact from first quarter loss
events on our second quarter results,” Validus chief executive Ed Noonan said in a statement.
First half gross written premiums increased 5% to $1.46bn from $1.39bn. Second quarter gross written premiums were up 17.1% to $605.4m from $516.9m.
Noonan attribued the Q2 premium growt hin part to the launch of Validus’s new sidecar, AlphaCat Re 2011, which started writing in the quarter.
Validus is battling fellow (re)insurer Allied World Assurance to take over US reinsurance group Transatlantic Holdings.