Three Bermuda insurers reported higher first-quarter earnings as combined ratios improved thanks in part to lower catastrophe losses.
But lighter catastrophe losses did not tell the entire story. Ed Noonan, chairman and CEO of Pembroke, Bermuda-based Validus Holdings, Ltd. said in a conference call that non-catastrophe business also performed well for his company.
Validus reported 2013 Q1 net income available to the company of $223.2 million, compared to $124.2 million in 2012's first quarter.
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