Hamilton, Bermuda-based insurer and reinsurer Validus Holdings Limited reported net income increased 17 percent thanks to its acquisition of Talbot.

The company reported first quarter net income rose $10 million to $66.5 million, translating into earnings per share of 85-cents. Revenues increased 148 percent, or $197 million to $330 million.

The company's gross written premium rose 38 percent, or $144 million, to $522 million. Its combined ratio stood at 82.4.

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