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Validus Holdings says second-quarter net income dropped 81.7 percent to $30.7 million.

Validus Holdings says second-quarter net income dropped 81.7 percent to $30.7 million.

Validus Holdings Ltd. named Therese M. Vaughan, the former CEO of the National Association of Insurance Commissioner, to its board earlier this week.

Validus Holdings Ltd. named Therese M. Vaughan, the former CEO of the National Association of Insurance Commissioner, to its board earlier this week.

Three Bermuda insurers reported higher first-quarter earnings as combined ratios improved thanks in part to lower catastrophe losses.

Three Bermuda insurers reported higher first-quarter earnings as combined ratios improved thanks in part to lower catastrophe losses.

Validus Holdings reports a fourth-quarter net loss of $90.7 million on losses tied to Superstorm Sandywhich affected its two biggest classes of business.

Catastrophe modelers have spent a lot of time analyzing the Northeast for windstorm risk, but Superstorm Sandy revealed numerous failings in the programs, resulting in significant losses for some insurers, says Fitch Ratings.