VALIDUS HOLDINGS LTD - FORM 8-K - EX-99.2 - ANALYSIS OF LOSS RATIOS BY SEGMENT - January 26, 2015

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Validus Holdings, Ltd.
Analysis of Loss Ratios by Segment
 
 
 
 
 
 
29 Richmond Road
 
 
Pembroke, HM 08 Bermuda
 
 
Telephone: (441) 278-9000
 
 
Facsimile: (441) 278-9009
 
 
Website: www.validusholdings.com
 
 
Mailing address: Suite 1790 48 Par-la-Ville Road
 
 
Hamilton, HM 11 Bermuda





Validus Holdings, Ltd.
Analysis of Loss Ratios by Segment
(Expressed in thousands of U.S. Dollars, except share and per share information)
 
Three Months Ended
 
 
September 30,
2014
 
June 30,
2014
 
March 31,
2014
 
December 31,
2013
 
September 30,
2013
 
June 30,
2013
 
March 31,
2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Validus Re Segment
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current period - excluding items below
47.0
 %

40.9
 %

32.8
 %

42.9
 %

39.1
 %

38.4
 %
 
33.7
 %
 
Current period - notable loss events
0.0
 %
 
0.0
 %
 
0.0
 %
 
0.0
 %
 
(5.3
)%
 
22.9
 %
 
0.0
 %
 
Current period - non-notable loss events
6.9
 %
 
6.1
 %
 
0.0
 %
 
0.0
 %
 
0.0
 %
 
0.0
 %
 
0.0
 %
 
Change in prior accident years
(8.9
)%
 
(12.0
)%
 
(4.2
)%
 
1.3
 %
 
(11.2
)%
 
(1.0
)%
 
(9.5
)%
 
Net loss ratio
45.0
 %
 
35.0
 %
 
28.6
 %
 
44.2
 %
 
22.6
 %
 
60.3
 %
 
24.2
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AlphaCat Segment
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current period - excluding items below
10.6
 %
 
2.2
 %
 
0.0
 %
 
2.1
 %
 
42.0
 %
 
1.0
 %
 
0.0
 %
 
Current period - notable loss events
0.0
 %
 
0.0
 %
 
0.0
 %
 
(0.4
)%
 
0.0
 %
 
2.8
 %
 
0.0
 %
 
Current period - non-notable loss events
0.0
 %
 
0.0
 %
 
0.0
 %
 
0.0
 %
 
0.0
 %
 
0.0
 %
 
0.0
 %
 
Change in prior accident years
0.0
 %
 
(11.5
)%
 
(25.6
)%
 
0.0
 %
 
0.0
 %
 
0.0
 %
 
0.0
 %
 
Net loss ratio
10.6
 %
 
(9.3
)%
 
(25.6
)%
 
1.7
 %
 
42.0
 %
 
3.8
 %
 
0.0
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Talbot Segment
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current period - excluding items below
60.6
 %
 
57.3
 %
 
57.9
 %
 
65.4
 %
 
61.6
 %
 
53.7
 %
 
54.1
 %
 
Current period - notable loss events
0.0
 %
 
0.0
 %
 
0.0
 %
 
(0.9
)%
 
(0.1
)%
 
3.2
 %
 
0.0
 %
 
Current period - non-notable loss events
5.4
 %
 
2.3
 %
 
0.0
 %
 
0.0
 %
 
0.0
 %
 
0.0
 %
 
0.0
 %
 
Change in prior accident years
(15.2
)%
 
(19.9
)%
 
(10.0
)%
 
(18.1
)%
 
(15.7
)%
 
(18.3
)%
 
(18.5
)%
 
Net loss ratio
50.8
 %
 
39.7
 %
 
47.9
 %
 
46.4
 %
 
45.8
 %
 
38.6
 %
 
35.6
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current period - excluding items below
50.8
 %
 
45.7
 %
 
41.9
 %
 
49.1
 %
 
48.5
 %
 
41.7
 %
 
39.7
 %
 
Current period - notable loss events
0.0
 %
 
0.0
 %
 
0.0
 %
 
(0.4
)%
 
(2.8
)%
 
14.2
 %
 
0.0
 %
 
Current period - non-notable loss events
5.7
 %
 
4.0
 %
 
0.0
 %
 
0.0
 %
 
0.0
 %
 
0.0
 %
 
0.0
 %
 
Change in prior accident years
(11.2
)%
 
(15.6
)%
 
(8.2
)%
 
(6.8
)%
 
(12.2
)%
 
(7.5
)%
 
(12.4
)%
 
Net loss ratio
45.3
 %
 
34.1
 %
 
33.7
 %
 
41.9
 %
 
33.5
 %
 
48.4
 %
 
27.3
 %
 

Notes:
For disclosure purposes, only those loss events which aggregate to over $30 million on a  consolidated basis (“notable loss events”) are disclosed separately in the Company’s analysis of loss ratios and also included in the reserve for notable loss events and reserve for development on notable loss events table in the Company’s Annual Report on Form 10-K.  In addition, only those loss events which aggregate to over $15 million but less than $30 million on a consolidated basis (“non-notable loss events”) are incorporated into the Company’s analysis of loss ratios.



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