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.
Ed Noonan, chairman and chief executive officer said the company was pleased with the earnings and it benefited greatly from its acquisition of Talbot.
“In a quarter which saw individual risk losses of over $5 billion in the global market and continued turmoil in the credit markets, reporting solid net income of $66.5 million and maintaining a conservative balance sheet is a significant achievement for our company,” he said.
Talbot Holdings Inc. was acquired in July of last year.
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