Validus registers Q1 losses of $172mn
Bermudian short-tail specialist Validus fell to a loss of $172mn in the first three months of the year as $271mn of catastrophe losses took their toll.
Nevertheless, in absolute terms Validus suffered higher cat losses in Q1 2010 when an outsize $294mn loss took its major loss aggregate to $324mn.
The (re)insurer's cat bill is equivalent to 7.8 percent of its $3.5bn year-end shareholder equity.
The losses, which inflated the combined ratio to 143 percent, were divided between the Japanese...
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