Attached files
| file | filename |
|---|---|
| 8-K - 8-K - VALIDUS HOLDINGS LTD | a8-kcoverpage.htm |
Exhibit 99.1 | |||||||||||||||
 | Validus Holdings, Ltd. | ||||||||||||||
Revised AlphaCat Supplementary Schedule - March 31, 2013 | |||||||||||||||
29 Richmond Road | |||||||||||||||
Pembroke, HM08 Bermuda | |||||||||||||||
Telephone: (441) 278-9000 | |||||||||||||||
Facsimile: (441) 278-9090 | |||||||||||||||
Website: www.validusholdings.com | |||||||||||||||
Mailing address: Suite 1790 48 Par-la-Ville Road | |||||||||||||||
Hamilton, HM11 Bermuda | |||||||||||||||
Validus Holdings, Ltd. | |||||||||||||||||||||||||||||||||||||||
AlphaCat Income Statements - Three months ended | |||||||||||||||||||||||||||||||||||||||
(Expressed in thousands of U.S. Dollars, except share and per share information) | |||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||||||||||||||||||||||||
AlphaCat Managers (a) | AlphaCat Re & Master Fund (a) | AlphaCat Re 2011 & 2012 (b) | AlphaCat ILS Funds & AlphaCat 2013 (c) (b) | PaCRe, Ltd. (d) | AlphaCat on Fully Consolidated Basis | AlphaCat Eliminations / Reclassifications | Validus Share of AlphaCat Segment | AlphaCat Segment Eliminations / Reclassifications | AlphaCat Segment | ||||||||||||||||||||||||||||||
Underwriting income | |||||||||||||||||||||||||||||||||||||||
Investment income from cat bonds | — | $ | 1,249 | — | — | — | $ | 1,249 | — | $ | 1,249 | $ | (1,249 | ) | — | ||||||||||||||||||||||||
Gross premiums written | — | 93,221 | (508 | ) | — | 3,295 | 96,008 | 508 | 96,516 | — | 96,516 | ||||||||||||||||||||||||||||
Reinsurance premiums ceded | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Net premiums written | — | 94,470 | (508 | ) | — | 3,295 | 97,257 | 508 | 97,765 | (1,249 | ) | 96,516 | |||||||||||||||||||||||||||
Change in unearned premiums | — | (68,342 | ) | 7,622 | — | (557 | ) | (61,277 | ) | (7,622 | ) | (68,899 | ) | — | (68,899 | ) | |||||||||||||||||||||||
Net premiums earned | — | 26,128 | 7,114 | — | 2,738 | 35,980 | (7,114 | ) | 28,866 | (1,249 | ) | 27,617 | |||||||||||||||||||||||||||
Underwriting deductions | |||||||||||||||||||||||||||||||||||||||
Losses and loss expenses | — | — | (3,462 | ) | — | — | (3,462 | ) | 3,462 | — | — | — | |||||||||||||||||||||||||||
Policy acquisition costs | — | 2,362 | 1,057 | — | 276 | 3,695 | (1,057 | ) | 2,638 | — | 2,638 | ||||||||||||||||||||||||||||
General and administrative expenses | 2,081 | 32 | 170 | 526 | 645 | 3,454 | (575 | ) | 2,879 | 1,158 | 4,037 | ||||||||||||||||||||||||||||
Management fees expense | — | — | 1,904 | 2,244 | — | 4,148 | (4,148 | ) | — | — | — | ||||||||||||||||||||||||||||
Share compensation expenses | 77 | — | — | — | — | 77 | — | 77 | — | 77 | |||||||||||||||||||||||||||||
Total underwriting deductions | 2,158 | 2,394 | (331 | ) | 2,770 | 921 | 7,912 | (2,318 | ) | 5,594 | 1,158 | 6,752 | |||||||||||||||||||||||||||
Underwriting (loss) income | $ | (2,158 | ) | $ | 23,734 | $ | 7,445 | $ | (2,770 | ) | $ | 1,817 | $ | 28,068 | $ | (4,796 | ) | $ | 23,272 | $ | (2,407 | ) | $ | 20,865 | |||||||||||||||
Net investment income (excluding cat bonds) | — | 8 | 4 | 6 | — | 18 | (6 | ) | 12 | 869 | 881 | ||||||||||||||||||||||||||||
Variable funding note interest | — | (16,640 | ) | — | 15,527 | — | (1,113 | ) | (10,079 | ) | (11,192 | ) | 11,192 | — | |||||||||||||||||||||||||
Fee income | 6,600 | 33 | — | — | — | 6,633 | (2,323 | ) | 4,310 | 2,323 | 6,633 | ||||||||||||||||||||||||||||
Other income | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Finance expenses | — | — | (360 | ) | (996 | ) | (73 | ) | (1,429 | ) | 1,296 | (133 | ) | (11,192 | ) | (11,325 | ) | ||||||||||||||||||||||
Operating income (loss) before taxes | 4,442 | 7,135 | 7,089 | 11,767 | 1,744 | 32,177 | (15,908 | ) | 16,269 | 785 | 17,054 | ||||||||||||||||||||||||||||
Income from operating affiliates | — | — | — | — | — | — | 3,523 | 3,523 | — | 3,523 | |||||||||||||||||||||||||||||
Tax benefit (expense) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Net operating income (loss) | $ | 4,442 | $ | 7,135 | $ | 7,089 | $ | 11,767 | $ | 1,744 | $ | 32,177 | $ | (12,385 | ) | $ | 19,792 | $ | 785 | $ | 20,577 | ||||||||||||||||||
Net realized gains on investments | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Net unrealized (losses) gains on investments (excluding cat bonds) | — | — | — | — | (5,168 | ) | (5,168 | ) | — | (5,168 | ) | 380 | (4,788 | ) | |||||||||||||||||||||||||
Income from investment affiliate | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Foreign exchange gains (losses) | 1 | (640 | ) | (249 | ) | (1,108 | ) | (60 | ) | (2,056 | ) | 869 | (1,187 | ) | — | (1,187 | ) | ||||||||||||||||||||||
Net income (loss) | $ | 4,443 | $ | 6,495 | $ | 6,840 | $ | 10,659 | $ | (3,484 | ) | $ | 24,953 | $ | (11,516 | ) | $ | 13,437 | $ | 1,165 | $ | 14,602 | |||||||||||||||||
Net loss attributable to noncontrolling interest | — | — | — | — | — | — | 2,549 | 2,549 | — | 2,549 | |||||||||||||||||||||||||||||
Net income (loss) available (attributable) to Validus | 4,443 | 6,495 | 6,840 | 10,659 | (3,484 | ) | 24,953 | (8,967 | ) | 15,986 | 1,165 | 17,151 | |||||||||||||||||||||||||||
Selected ratios: | |||||||||||||||||||||||||||||||||||||||
Net premiums written / Gross premiums written plus investment income from cat bonds | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||||||||||||||||||||
Losses and loss expenses | —% | (48.7 | )% | —% | —% | —% | |||||||||||||||||||||||||||||||||
Policy acquisition costs | 9.0 | % | 14.9 | % | 10.1 | % | 9.1 | % | 9.6 | % | |||||||||||||||||||||||||||||
General and administrative expenses (e) | 0.1 | % | 29.2 | % | 23.6 | % | 10.2 | % | 14.9 | % | |||||||||||||||||||||||||||||
Expense ratio | 9.1 | % | 44.1 | % | 33.7 | % | 19.3 | % | 24.5 | % | |||||||||||||||||||||||||||||
Combined ratio | 9.1 | % | (4.6 | )% | 33.7 | % | 19.3 | % | 24.5 | % | |||||||||||||||||||||||||||||
(a) AlphaCat Managers, Ltd., AlphaCat Reinsurance, Ltd. and AlphaCat Master Fund, Ltd. are 100% wholly owned by the Company.
(b) AlphaCat Re 2011, Ltd., AlphaCat Re 2012, Ltd. and AlphaCat 2013, Ltd. are included as equity method investments in the consolidated financial statements of the Company.
(c) The AlphaCat ILS funds are variable interest entities. Two of the funds are consolidated by the Company as Validus Re is deemed to be the primary beneficiary. The portion of these Funds' earnings attributable to third party investors is recorded in the consolidated statements of comprehensive income as 'net income attributable to noncontrolling interest'. The third fund is not consolidated by the Company as Validus Re is not deemed to be the primary beneficiary.
(d) The results of PaCRe, Ltd. ("PaCRe") are included in the consolidated financial statements of the Company. The portion of PaCRe's earnings attributable to third party investors are recorded in the consolidated statements of comprehensive income as 'net income attributable to noncontrolling interest'.
(e) The General and administrative expenses ratio includes share compensation expenses and management fees expense.