Hamilton, Bermuda-based insurer and reinsurer Validus HoldingsLimited reported net income increased 17 percent thanks to itsacquisition of Talbot.
|The company reported first quarter net income rose $10 millionto $66.5 million, translating into earnings per share of 85-cents.Revenues increased 148 percent, or $197 million to $330million.
|The company's gross written premium rose 38 percent, or $144million, to $522 million. Its combined ratio stood at 82.4.
|Ed Noonan, chairman and chief executive officer said the companywas pleased with the earnings and it benefited greatly from itsacquisition of Talbot.
|“In a quarter which saw individual risk losses of over $5billion in the global market and continued turmoil in the creditmarkets, reporting solid net income of $66.5 million andmaintaining a conservative balance sheet is a significantachievement for our company,” he said.
|Talbot Holdings Inc. was acquired in July of last year.
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