StockSelector.com
  Research, Select, & Monitor Friday, February 23, 2018 10:52:07 PM ET  
Trade Ideas The Market Industries Stocks Portfolio

 
Ticker Lookup
Validus Holdings Ltd$67.50($.02)(.03%)

  Quote | Ranking | Chart | Valuations | Sentiment | Industry | News | Earnings | Analysts | More...

Your Target?

 Validus Reports Fourth Quarter and Full Year 2017 Financial Results
   Thursday, February 01, 2018 4:16:00 PM ET

Validus Holdings, Ltd. ("Validus" or the "Company") (VR ) today reported a net (loss) attributable to Validus common shareholders of $(8.7) million, or $(0.11) per diluted common share, for the three months ended December 31, 2017, compared to net income available to Validus common shareholders of $7.8 million, or $0.10 per diluted common share, for the three months ended December 31, 2016. Net (loss) attributable to Validus common shareholders was $(63.5) million, or $(0.80) per diluted common share, for the year ended December 31, 2017, compared to net income available to Validus common shareholders of $359.4 million, or $4.36 per diluted common share, for the year ended December 31, 2016.



Net operating income available to Validus common shareholders was $4.2 million, or $0.05 per diluted common share, for the three months ended December 31, 2017, compared to $58.5 million, or $0.73 per diluted common share, for the three months ended December 31, 2016. Net operating (loss) attributable to Validus common shareholders was $(85.0) million, or $(1.07) per diluted common share, for the year ended December 31, 2017, compared to net operating income available to Validus common shareholders of $320.9 million, or $3.90 per diluted common share, for the year ended December 31, 2016.

Book value per common share at December 31, 2017 was $44.06, compared to $44.51 at September 30, 2017. Book value per diluted common share at December 31, 2017 was $42.71, compared to $43.13 at September 30, 2017, reflecting a quarterly decrease of (0.1)%, inclusive of common dividends.

Commenting on the results for the three months ended December 31, 2017, Validus’ Chairman and CEO Ed Noonan stated:

"We continue to position the Company well, utilizing both traditional retro and the Validus-sponsored Tailwind Re catastrophe bond to improve the risk return characteristics of our portfolio. Through portfolio optimization we were able to take advantage of rate increases while reducing our peak U.S. hurricane PML’s, which are down 65% since their height in 2013. Looking ahead, we are very excited to become part of the AIG Group at closing and are looking forward to being able to continue to serve our clients and brokers in new and exciting ways."

(Loss) income (attributable) available to Validus common shareholders by segment for the three months ended December 31, 2017 and December 31, 2016 was as follows:

                                                                       
                                                                                                                                                            Three Months Ended December 31,
                                                                                                                                 ------------------------------------------------------------------------------------
(Expressed in millions of U.S. dollars,                                                                                                        2017                             2016
except per share information)
-----------------------------------------------------------------                                                                -----------------------------                        ----------------------------
Reinsurance segment - Underwriting income                                                                                           $  30.7                                              $ 61.3
Insurance segment - Underwriting (loss)                                                                                               (36.8 )                                             (19.1 )
Asset Management segment - (Loss) income                                                                                               (1.1 )                                               6.3  
                                                                                                                                 -------------------------------                      ------------------------------
Total segmental (loss) income                                                                                                          (7.2 )                                              48.5
Total managed investment return (a)                                                                                                    30.3                                               (20.5 )
Corporate expenses                                                                                                                    (30.9 )                                             (19.3 )
Other items                                                                                                                            (0.9 )                                              (0.9 )
                                                                                                                                 -------------------------------                      ------------------------------
Net (loss) income (attributable) available to Validus common                                                                        $  (8.7 )                                            $  7.8  
shareholders
                                                                                                                                 ---- ----- --------------------                      ---- ---- --------------------
Net (loss) income per diluted share (attributable) available to                                                                     $ (0.11 )                                            $ 0.10  
Validus common shareholders
                                                                                                                                 ---- ----- --------------------                      ---- ---- --------------------
Net operating income available to Validus common shareholders (b)                                                                   $   4.2                           $ 58.5  
                                                                                                                                 ---- ----- --------------------                      ---- ---- --------------------
Net operating income per diluted share available to Validus                                                                         $  0.05                           $ 0.73  
common shareholders(b)
                                                                                                                                 ---- ----- --------------------                      ---- ---- --------------------
(a)   Total managed investment return includes returns generated on
                         managed assets governed by the Company’s investment policy statement
                         ("IPS") and excludes returns on non-managed assets held in support
                         of consolidated AlphaCat variable interest entities which are not
                         governed by the Company’s IPS.
(b)                      Net operating income available to Validus common shareholders is
                         presented after tax and is considered a non-GAAP financial measure.
                         A reconciliation of net (loss) income (attributable) available to
                         Validus common shareholders, the most comparable GAAP measure, to
                         net operating income available to Validus common shareholders is
                         presented at the end of this release.
                          

January 2018 Reinsurance Renewals - Reinsurance and Asset Management segments

During the January 2018 renewal season, the Reinsurance and Asset Management segments underwrote $921.2 million in gross premiums written, an increase of 41.6% from the January 2017 renewal period. This renewal data does not include: (i) the Insurance segment’s operations as the business is distributed relatively evenly throughout the year; or (ii) the Reinsurance and Asset Management segment’s agricultural premiums.

The following table presents the Reinsurance and Asset Management segments’ January 2018 and 2017 reinsurance renewals by Catastrophe XOL, Per Risk XOL and Proportional premiums:

                            
                                                                                                                                                            Reinsurance and Asset Management segment’s combined premium
                                                                                      ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(Dollars in thousands)                                                                          Catastrophe XOL                      Per Risk XOL                        Proportional                           Total
----------------------                                                                -----------------------------------                     ---------------------------------                     ----------------------------------                     ---------------------------------
2018                                                                                      $ 545,536                                              $ 65,740                                              $ 309,923                                             $ 921,199
2017                                                                                      $ 380,870                           $ 66,016                           $ 203,548                          $ 650,434  
                                                                                      ----- ------- --------------------                      ---- ------ --------------------                      ---- ------- --------------------                      --- ------- --------------------
Increase (decrease)                                                                            43.2 %                                                (0.4                   )%                              52.3 %                                                41.6 %
                                                                                                                                                                                                                                                                        

The following table presents the Reinsurance and Asset Management segments’ January 2018 and 2017 reinsurance renewals by line of business:

                            
                                                                                                                                                                                                              Reinsurance segment premium
                                                                                      ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                              Property                                                       Specialty -                              Specialty -                                  Total
                                                                                                                                                                                                                Short-tail                                                     Other
                                                                                      ----------------------------------------------------------------------------------
(Dollars in thousands)                                                                               U.S.                            International
----------------------                                                                ----------------------------------                     ----------------------------------                     -------------------------------                        -----------------------------------------                        ---------------------------------
2018                                                                                     $ 147,152                                              $ 119,588                                              $ 262,444                                                 $        117,616                                                $ 646,800
2017                                                                                     $ 107,364                           $ 103,298                           $ 231,149                              $         45,383                             $ 487,194  
                                                                                      ---- ------- --------------------                      ---- ------- --------------------                      ---- ------- --------------------                      ------- -------------- --------------------                      ------ ------- --------------------
Increase                                                                                      37.1 %                                                 15.8 %                                                 13.5 %                                                          159.2 %                                                   32.8 %
                                                                                                                                                                                                                                                                                                                             
                                                                                                                                                                                                           Asset Management segment premium
                                                                                      ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                              Property                                                                          Specialty -                                                 Specialty -                                                     Total
                                                                                                                                                                                                                Short-tail                                                     Other
                                                                                      ----------------------------------------------------------------------------------                            -------------------------------                        -----------------------------------------
(Dollars in thousands)                                                                               U.S.                                               International
----------------------                                                                ----------------------------------                     ----------------------------------                     -------------------------------                        -----------------------------------------                        ---------------------------------
2018                                                                                     $ 242,684                                              $  27,467                                              $   4,248                                                 $ --                                                $ 274,399
2017                                                                                     $ 136,574                           $  21,538                           $   5,128                              $ --                             $ 163,240  
                                                                                      ---- ------- --------------------                      ---- ------- --------------------                      ---- ------- --------------------                      ------- -------------- --------------------                      ------ ------- --------------------
Increase (decrease)                                                                           77.7 %                                                 27.5 %                                                (17.2 )%                                                -- %                                                   68.1 %
                                                                                                                                                                                                                                                                                                                             
                                                                                                                                                                                Reinsurance and Asset Management segments’ combined premium
                                                                                      ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                              Property                                                                          Specialty -                                                 Specialty -                                                     Total
                                                                                                                                                                                                                Short-tail                                                     Other
                                                                                      ----------------------------------------------------------------------------------                            -------------------------------                        -----------------------------------------
(Dollars in thousands)                                                                               U.S.                                               International
----------------------                                                                ----------------------------------                     ----------------------------------                     -------------------------------                        -----------------------------------------                        ---------------------------------
2018                                                                                     $ 389,836                                              $ 147,055                                              $ 266,692                                                 $        117,616                                                $ 921,199
2017                                                                                     $ 243,938                           $ 124,836                           $ 236,277                              $         45,383                             $ 650,434  
                                                                                      ---- ------- --------------------                      ---- ------- --------------------                      ---- ------- --------------------                      ------- -------------- --------------------                      ------ ------- --------------------
Increase                                                                                      59.8 %                                                 17.8 %                                                 12.9 %                                                          159.2 %                                                   41.6 %
                                                                                                                                                                                                                                                                                                                                            

During the January 2018 renewal season, the Reinsurance segment underwrote $646.8 million in gross premiums written (excluding agriculture premiums), an increase of $159.6 million, or 32.8% from the 2017 renewal season. The increase was primarily driven by:

-- An increase in the specialty - other lines of $72.2 million, or 159.2% as a result of the continued build out of the Company’s casualty portfolio and the timing of renewals; and

-- An increase in U.S. property renewals of $39.8 million, or 37.1% driven by rate increases and significant premium growth on a few lines where the Company participated with large gross positions and managed its net exposure through strategic retrocession purchases.

The Asset Management segment underwrote $274.4 million in gross premiums written during the January 2018 renewal season, an increase of $111.2 million, or 68.1% from the 2017 renewal season. The increase was primarily driven by significant rate increases in the retrocession component of the portfolio and an increase in assets under management.

This earnings release should be read in conjunction with the Company’s fourth quarter 2017 investor financial supplement that has been posted to the Investors section of the Company’s website located at www.validusholdings.com.

Fourth Quarter 2017 Results

Highlights for the fourth quarter 2017 were as follows:

-- Gross premiums written for the three months ended December 31, 2017 were $443.3 million compared to $339.5 million for the three months ended December 31, 2016, an increase of $103.9 million, or 30.6%. The increase was primarily driven by an increase in the Insurance segment.

-- Reinsurance premiums ceded for the three months ended December 31, 2017 were $96.4 million compared to $40.6 million for the three months ended December 31, 2016, an increase of $55.8 million, or 137.3%. The increase was primarily driven by an increase in the Reinsurance and Insurance segments.

-- Net premiums earned for the three months ended December 31, 2017 were $651.5 million compared to $540.4 million for the three months ended December 31, 2016, an increase of $111.1 million, or 20.6%. The increase was primarily driven by an increase in the Insurance and Reinsurance segments.

-- Loss ratio for the three months ended December 31, 2017 and 2016 was 73.7% and 50.9%, respectively, and included the following: -- Notable losses of $120.8 million, or 18.5 percentage points of the loss ratio during the three months ended December 31, 2017 compared to $52.3 million, or 9.7 percentage points of the loss ratio during the three months ended December 31, 2016. Notable losses during the three months ended December 31, 2017 included $78.0 million, or 12.0 percentage points of the loss ratio, of losses attributable to AlphaCat investors and noncontrolling interests, compared to $15.3 million, or 2.8 percentage points of the loss ratio during the three months ended December 31, 2016;

-- Non-notable losses of $9.7 million, or 1.5 percentage points of the loss ratio during the three months ended December 31, 2017 compared to $0.3 million during the three months ended December 31, 2016;

-- Favorable loss reserve development on prior accident years of $42.9 million during the three months ended December 31, 2017, which benefited the loss ratio by 6.6 percentage points compared to favorable development of $46.8 million during the three months ended December 31, 2016, which benefited the loss ratio by 8.7 percentage points. The favorable development of $42.9 million during the three months ended December 31, 2017 was primarily driven by favorable development on attritional losses; and

-- Attritional losses of $392.3 million, or 60.3 percentage points of the loss ratio during the three months ended December 31, 2017 compared to $269.3 million, or 49.8 percentage points of the loss ratio during the three months ended December 31, 2016. The increase was primarily driven by the addition of Crop Risk Services, Inc. ("CRS") and a higher frequency of mid-size losses which did not meet the non-notable loss threshold.

-- Combined ratio for the three months ended December 31, 2017 and 2016 was 109.7% and 89.6%, respectively, an increase of 20.1 percentage points.

-- Total managed investment return from our managed investment portfolio for the three months ended December 31, 2017 was $30.3 million compared to $(20.5) million for the three months ended December 31, 2016, an increase of $50.7 million, or 247.8%.

-- Annualized return on average equity for the three months ended December 31, 2017 of (1.0)%, compared to 0.8% for the three months ended December 31, 2016.

-- Annualized net operating return on average equity for the three months ended December 31, 2017 of 0.5%, compared to 6.3% for the three months ended December 31, 2016.

Notable and Non-notable Losses

The Company defines a notable loss event as an event whereby consolidated net losses and loss expenses aggregate to a threshold greater than or equal to $30.0 million. The Company defines a non-notable loss event as an event whereby consolidated net losses and loss expenses aggregate to a threshold greater than or equal to $15.0 million but less than $30.0 million.

Notable Loss Events

During the three months ended December 31, 2017, the Company incurred losses and loss expenses from fourth quarter 2017 notable loss events as described below:

                                                                               
                                                                                                                                                                                                                          Northern California Wildfires
                                                                                                                                         ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(Dollars in thousands)                                                                                                                                Reinsurance                   Insurance               Asset Management                             Total
                                                                                                                                                        segment                                         segment                                        segment
-------------------------------------------------------------------------                                                                ----------------------------------                        --------------                       ----------------------------------                        ----------------------------------
Net losses and loss expenses                                                                                                                   $   4,762                                                 $  10,250                            $  72,742                                                 $  87,754
Less: Net losses and loss expenses attributable to AlphaCat third                                                                         --                         --                              (67,592 )                                                 (67,592 )
party investors and noncontrolling interests
                                                                                                                                         --------------  --------------------                      --------------                       --------------  --------------------                      --------------  --------------------
Validus’ share of net losses and loss expenses                                                                          4,762                                                    10,250                                5,150                                                    20,162
Less: Net impact on premiums earned (a)                                                                                                           (8,024 )                                          --                       --                                 (8,024 )
                                                                                                                                         ------------------------------------                      ----------------                     ------------------------------------                      ------------------------------------
Net loss attributable to Validus                                                                                                               $  (3,262 )                                               $  10,250                            $   5,150                              $  12,138  
                                                                                                                                         ======= ======= ====================                      ======= =======                      ======= ======= ====================                      ======= ======= ====================
                                                                                                                                                                                                                                                                                                   
                                                                                                                                                                                                                          Southern California Wildfires
                                                                                                                                         ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(Dollars in thousands)                                                                                                                                Reinsurance                                      Insurance                                  Asset Management                                                Total
                                                                                                                                                        segment                                         segment                                        segment
-------------------------------------------------------------------------                                                                ----------------------------------                        --------------                       ----------------------------------                        ----------------------------------
Net losses and loss expenses                                                                                                                   $  19,108                                                 $   4,387                            $  15,000                                                 $  38,495
Less: Net losses and loss expenses attributable to AlphaCat third                                                                         --                         --                              (13,837 )                                                 (13,837 )
party investors and noncontrolling interests
                                                                                                                                         --------------  --------------------                      --------------                       --------------  --------------------                      --------------  --------------------
Validus’ share of net losses and loss expenses                                                                         19,108                                                     4,387                                1,163                                                    24,658
Less: Net impact on premiums earned (a)                                                                                                   --                         --                       --                         --  
                                                                                                                                         ------------------------------------                      ----------------                     ------------------------------------                      ------------------------------------
Net loss attributable to Validus                                                                                                               $  19,108                              $   4,387                            $   1,163                              $  24,658  
                                                                                                                                         ======= ======= ====================                      ======= =======                      ======= ======= ====================                      ======= ======= ====================
                                                                                                                                                                                                                                                                                                   
                                                                                                                                                                                                                            Total Notable Loss Events
                                                                                                                                         ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(Dollars in thousands)                                                                                                                                Reinsurance                                      Insurance                                  Asset Management                                                Total
                                                                                                                                                        segment                                         segment                                        segment
-------------------------------------------------------------------------                                                                ----------------------------------                        --------------                       ----------------------------------                        ----------------------------------
Net losses and loss expenses                                                                                                                   $  23,870                                                 $  14,637                            $  87,742                                                 $ 126,249
Less: Net losses and loss expenses attributable to AlphaCat third                                                                         --                         --                              (81,429 )                                                 (81,429 )
party investors and noncontrolling interests
                                                                                                                                         --------------  --------------------                      --------------                       --------------  --------------------                      --------------  --------------------
Validus’ share of net losses and loss expenses                                                                         23,870                                                    14,637                                6,313                                                    44,820
Less: Net impact on premiums earned (a)                                                                                                           (8,024 )                                          --                       --                                 (8,024 )
                                                                                                                                         ------------------------------------                      ----------------                     ------------------------------------                      ------------------------------------
Net loss attributable to Validus                                                                                                               $  15,846                              $  14,637                            $   6,313                              $  36,796  
                                                                                                                                         ======= ======= ====================                      ======= =======                      ======= ======= ====================                      ======= ======= ====================
(a)   Net impact on premiums earned includes reinstatement premiums
                         assumed and the net impact of accelerating unearned premiums assumed
                         and ceded.
                          

Partially offsetting the losses and loss expenses noted above was net favorable development on third quarter 2017 notable loss events of $5.4 million, which benefited the loss ratio by 0.9 percentage points. During the three months ended December 31, 2016, the Company incurred losses and loss expenses from notable loss events of $52.3 million, or 9.7 percentage points of the loss ratio. Net of losses attributable to AlphaCat investors and noncontrolling interests of $15.3 million and reinstatement premiums of $0.7 million, the net loss attributable to the Company was $36.3 million.

Non-notable Loss Events

There were no non-notable loss events occurring during the three months ended December 31, 2017. However, as a result of loss events occurring in the fourth quarter, the Company reallocated retrocession recoveries between all 2017 loss events. As such, the Company increased its net loss estimate on the third quarter 2017 Mexico City Earthquake which caused this event to exceed the $15.0 million threshold and become a non-notable loss event. Net losses and loss expenses incurred from the Mexico City Earthquake non-notable loss event were $9.7 million, or 1.5 percentage points of the loss ratio during the three months ended December 31, 2017 and $13.5 million, or 1.9 percentage points of the loss ratio during the three months ended September 30, 2017.

Reinsurance Segment

Highlights for the fourth quarter 2017 were as follows:

-- Gross premiums written for the three months ended December 31, 2017 were $52.0 million compared to $41.8 million for the three months ended December 31, 2016, an increase of $10.1 million, or 24.3% and included the following: -- Property premiums of $18.1 million during the three months ended December 31, 2017, compared to $8.5 million during the three months ended December 31, 2016, an increase of $9.6 million, or 113.8%, primarily driven by premium adjustments on existing business;

-- Specialty - short-tail premiums of $13.0 million during the three months ended December 31, 2017, compared to $(8.8) million during the three months ended December 31, 2016, an increase of $21.8 million, or 248.3%. The increase was primarily driven by favorable premium adjustments on Agriculture business; and

-- Specialty - other premiums of $20.8 million during the three months ended December 31, 2017, compared to $42.1 million during the three months ended December 31, 2016, a decrease of $21.3 million, or 50.5%. The decrease was primarily driven by the timing of renewals in the casualty class of business.

-- Reinsurance premiums ceded for the three months ended December 31, 2017 were $40.7 million compared to $7.8 million for the three months ended December 31, 2016, an increase of $32.9 million. The increase was primarily driven by an increase in the property lines of $33.5 million as a result of new retrocession cover purchased from Tailwind Re.

-- Net premiums earned for the three months ended December 31, 2017 were $250.6 million compared to $234.2 million for the three months ended December 31, 2016, an increase of $16.4 million, or 7.0%. The increase was primarily driven by ongoing growth in the specialty - other lines of business over the last two years.

-- Loss ratio for the three months ended December 31, 2017 and 2016 was 54.2% and 39.9%, respectively, and included the following: -- Notable losses of $14.7 million, or 5.9 percentage points of the loss ratio during the three months ended December 31, 2017, compared to $18.6 million, or 7.9 percentage points of the loss ratio during the three months ended December 31, 2016. Notable losses during the during the three months ended December 31, 2017 included losses from fourth quarter 2017 notable loss events of $23.9 million, or 9.5 percentage points of the loss ratio, partially offset by favorable development on third quarter 2017 notable loss events of $9.2 million or 3.6 percentage points of the loss ratio;

-- Non-notable losses of $9.4 million, or 3.7 percentage points of the loss ratio during the three months ended December 31, 2017, compared to $nil during the three months ended December 31, 2016. The non-notable losses incurred during the three months ended December 31, 2017 related to adverse development on the third quarter 2017 Mexico City Earthquake loss event due to reallocation of retrocession recoveries;

-- Favorable loss reserve development on prior accident years of $21.2 million during the three months ended December 31, 2017, which benefited the loss ratio by 8.5 percentage points compared to favorable development of $34.9 million during the three months ended December 31, 2016, which benefited the loss ratio by 14.9 percentage points. The favorable development of $21.2 million during the three months ended December 31, 2017 was primarily driven by favorable development on attritional losses; and

-- Attritional losses of $132.9 million, or 53.1 percentage points of the loss ratio during the three months ended December 31, 2017 compared to $109.8 million, or 46.9 percentage points of the loss ratio during the three months ended December 31, 2016. The increase was primarily due to a single mid-size loss which did not meet the non-notable loss threshold.

-- General and administrative expenses for the three months ended December 31, 2017 were $23.6 million compared to $21.2 million for the three months ended December 31, 2016, an increase of $2.4 million or 11.1%. The increase in general and administrative expenses was primarily driven by a higher allocation of costs to the segment during the three months ended December 31, 2017.

-- Combined ratio for the three months ended December 31, 2017 and 2016 was 87.8% and 73.8%, respectively, an increase of 14.0 percentage points.

-- Underwriting income for the three months ended December 31, 2017 was $30.7 million compared to $61.3 million for the three months ended December 31, 2016, a decrease of $30.5 million or 49.8%.

Insurance Segment

Highlights for the fourth quarter 2017 were as follows:

-- Gross premiums written for the three months ended December 31, 2017 were $377.0 million compared to $297.9 million for the three months ended December 31, 2016, an increase of $79.1 million, or 26.6% and included the following: -- Property premiums of $105.0 million during the three months ended December 31, 2017, compared to $96.2 million during the three months ended December 31, 2016, an increase of $8.8 million, or 9.1%. The increase was primarily driven by the continued build out of product offerings in the U.S. short-tail property lines;

-- Specialty - short-tail premiums of $155.2 million during the three months ended December 31, 2017, compared to $86.6 million during the three months ended December 31, 2016, an increase of $68.7 million, or 79.3%. The increase was primarily driven by new agriculture business written through CRS; and

-- Specialty - other premiums of $116.8 million during the three months ended December 31, 2017, compared to $115.1 million during the three months ended December 31, 2016, an increase of $1.7 million, or 1.4%.

-- Reinsurance premiums ceded for the three months ended December 31, 2017 were $56.4 million compared to $32.9 million for the three months ended December 31, 2016, an increase of $23.5 million, or 71.6%, primarily driven by increases in the property and specialty - short-tail lines of $12.9 million and $8.6 million, respectively. The increase in the property lines was primarily driven by the growth in gross premiums written as noted above and new reinsurance cover purchased from Tailwind Re. The increase in the specialty - short-tail lines was due to an increase in ceded agriculture premiums relating to new business written through CRS.

-- Net premiums earned for the three months ended December 31, 2017 were $333.0 million compared to $240.1 million for the three months ended December 31, 2016, an increase of $92.9 million, or 38.7%. The increase was primarily driven by an increase the specialty - short-tail lines of $85.7 million due to agriculture net premiums earned relating to new business written through CRS.

-- Loss ratio for the three months ended December 31, 2017 and 2016 was 73.5% and 68.5%, respectively, and included the following: -- Notable losses of $20.9 million, or 6.3 percentage points of the loss ratio during the three months ended December 31, 2017 compared to $17.7 million, or 7.4 percentage points of the loss ratio during the three months ended December 31, 2016. Notable losses during the during the three months ended December 31, 2017 included losses from fourth quarter 2017 notable loss events of $14.6 million, or 4.4 percentage points of the loss ratio, and losses from third quarter 2017 notable loss events of $6.3 million, or 1.9 percentage points of the loss ratio;

-- Non-notable losses of $(2.3) million, which benefited the loss ratio by 0.7 percentage points during the three months ended December 31, 2017 compared to $0.2 million during the three months ended December 31, 2016. The reduction in non-notable losses incurred during the three months ended December 31, 2017 related to favorable development on the third quarter 2017 Mexico City Earthquake loss event;

-- Favorable loss reserve development on prior accident years of $19.7 million during the three months ended December 31, 2017, which benefited the loss ratio by 5.9 percentage points compared to favorable development of $10.8 million during the three months ended December 31, 2016, which benefited the loss ratio by 4.5 percentage points. The favorable development of $19.7 million during the three months ended December 31, 2017 was primarily driven by favorable development on attritional losses; and

-- Attritional losses of $246.0 million, or 73.8 percentage points of the loss ratio during the three months ended December 31, 2017 compared to $157.3 million, or 65.5 percentage points of the loss ratio during the three months ended December 31, 2016. The increase was primarily driven by the addition of CRS and a higher frequency of mid-size losses which did not meet the non-notable loss threshold.

-- Policy acquisition cost ratio for the three months ended December 31, 2017 was 18.1% compared to 24.3% for the three months ended December 31, 2016, a decrease of 6.2 percentage points. The decrease was primarily driven by new agriculture business written during the three months ended December 31, 2017 which carries lower acquisition costs.

-- General and administrative expenses for the three months ended December 31, 2017 were $64.9 million compared to $33.1 million for the three months ended December 31, 2016, an increase of $31.9 million or 96.4%. General and administrative expenses for the three months ended December 31, 2017 included $11.8 million of CRS expenses, of which $1.8 million related to the amortization of intangible assets acquired. The remaining increase in general and administrative expenses was primarily driven by a higher allocation of costs to the segment during the three months ended December 31, 2017 and a reduction in the performance bonus accrual during the three months ended December 31, 2016.

-- Combined ratio for the three months ended December 31, 2017 and 2016 was 112.2% and 108.1%, respectively, an increase of 4.1 percentage points.

-- Underwriting (loss) for the three months ended December 31, 2017 was $(36.8) million compared to $(19.1) million for the three months ended December 31, 2016, an increase of $17.6 million or 92.1%.

Asset Management Segment

Highlights for the fourth quarter 2017 were as follows:

-- Assets under management were $3.4 billion as at January 1, 2018, compared to $2.9 billion as at October 1, 2017, of which third party assets under management were $3.2 billion as at January 1, 2018, compared to $2.7 billion as at October 1, 2017. During the three months ended January 1, 2018, a total of $1,045.3 million of capital was raised, of which $1,029.1 million was raised from third parties. During the three months ended January 1, 2018, $402.4 million was returned to investors, of which $401.4 million was returned to third party investors.

-- Fee revenues earned for the three months ended December 31, 2017 were $5.5 million compared to $4.7 million during the three months ended December 31, 2016, an increase of $0.8 million or 17.4%. Third party fee revenues earned during the three months ended December 31, 2017 were $5.1 million compared to $3.9 million during the three months ended December 31, 2016, an increase of $1.1 million or 28.8%. The increase in third party fee revenues was primarily driven by an increase in management fees as a result of an increase in assets under management over the last twelve months.

-- Total expenses for the three months ended December 31, 2017 were $2.6 million compared to $2.9 million during the three months ended December 31, 2016, a decrease of $0.3 million, or 10.1%.

-- Validus’ share of investment (loss) from AlphaCat Funds and Sidecars for the three months ended December 31, 2017 was $(4.0) million compared to income of $4.5 million during the three months ended December 31, 2016, a decrease of $8.5 million. The decrease was driven by the fourth quarter 2017 notable loss events.

-- Asset Management segment (loss) for the three months ended December 31, 2017 was $(1.1) million compared to income of $6.3 million during the three months ended December 31, 2016, a decrease of $7.4 million.

Managed investments

Highlights for the fourth quarter 2017 were as follows:

-- Managed net investment income for the three months ended December 31, 2017 was $41.6 million compared to $35.9 million for the three months ended December 31, 2016, an increase of $5.7 million, or 16.0%. The increase was primarily driven by increased returns on the Company’s portfolio of managed fixed maturities and other investments.

-- Annualized effective yield on managed investments for the three months ended December 31, 2017 was 2.44%, compared to 2.25% for the three months ended December 31, 2016, an increase of 19 basis points.

-- Net realized gains on managed investments for the three months ended December 31, 2017 were $7.2 million compared to $9.2 million for the three months ended December 31, 2016.

-- Change in net unrealized (losses) on managed investments for the three months ended December 31, 2017 was $(24.9) million compared to $(67.7) million for the three months ended December 31, 2016. Changes in unrealized (losses) on managed investments during the three months ended December 31, 2017 were primarily driven by the impact of interest rate increases on the Company’s managed fixed maturity portfolio.

-- Income from investment affiliates for the three months ended December 31, 2017 was $6.3 million compared to $2.2 million for the three months ended December 31, 2016, an increase of $4.2 million, or 192.9%. The income from investment affiliates represents equity earnings on investments in funds managed by Aquiline Capital Partners LLC.

Corporate expenses and other items

Highlights for the fourth quarter 2017 were as follows:

-- General and administrative expenses for the three months ended December 31, 2017 were $5.6 million compared to $20.0 million for the three months ended December 31, 2016, a decrease of $14.4 million, or 72.1%. The decrease was primarily driven by a lower bonus accrual and a higher allocation of costs to reporting segments during the three months ended December 31, 2017.

-- Share compensation expenses for the three months ended December 31, 2017 were $4.1 million compared to $3.9 million for the three months ended December 31, 2016, an increase of $0.3 million, or 7.5%.

-- Finance expenses for the three months ended December 31, 2017 were $15.7 million compared to $14.5 million for the three months ended December 31, 2016, an increase of $1.2 million, or 8.2%. The increase was primarily driven by interest expenses relating to short-term borrowings which were repaid in full during the three months ended December 31, 2017.

-- Dividends paid on preferred shares for the three months ended December 31, 2017 were $5.8 million compared to $2.2 million for the three months ended December 31, 2016, an increase of $3.6 million, or 164.5% due to $250.0 million of new preferred shares issued during the second quarter of 2017.

-- Tax (benefit) for the three months ended December 31, 2017 was $(0.4) million compared to $(21.2) million for the three months ended December 31, 2016. The tax benefit during the three months ended December 31, 2017 mainly related to operating losses in the Insurance segment and was partially offset by the re-measurement of net deferred taxes following U.S. Tax Reform. The tax benefit during the three months ended December 31, 2016 related to a partial release of a valuation allowance which had been applied against a deferred tax asset related to net operating losses acquired as part of the Company’s acquisition of Flagstone. The release was due to the Company believing it is more-likely-than-not that it will have sufficient future taxable income to realize a portion of that deferred tax asset over three years beginning in 2017 and in accordance with U.S. GAAP, the Company was required to record a tax benefit of $18.4 million during the fourth quarter of 2016.

-- Foreign exchange (losses) for the three months ended December 31, 2017 were $(0.8) million compared to $(0.9) million for the three months ended December 31, 2016.

Shareholders’ Equity and Capitalization

As at December 31, 2017, total shareholders’ equity was $3.9 billion including $16.7 million of noncontrolling interests and $400.0 million of preferred shares. Shareholders’ equity available to Validus common shareholders was $3.5 billion as at December 31, 2017. Total capitalization available to Validus at December 31, 2017 was $4.7 billion, including $539.2 million of junior subordinated deferrable debentures and $245.6 million of senior notes. Total capitalization at December 31, 2017 was $5.7 billion, including $1.0 billion of redeemable noncontrolling interests and $16.7 million of noncontrolling interests related to AlphaCat.

Book value per common share was $44.06 at December 31, 2017 based on 79,319,550 common shares outstanding, compared to $44.51 at September 30, 2017 based on 79,457,253 common shares outstanding. Book value per diluted common share was $42.71 at December 31, 2017 based on 81,823,409 diluted common shares outstanding, compared to $43.13 at September 30, 2017 based on 82,001,606 diluted common shares outstanding, a decrease of 0.1%, inclusive of dividends for the three months ended December 31, 2017. Book value per diluted common share is a non-GAAP financial measure. A reconciliation of book value per common share, the most comparable GAAP measure, to book value per diluted common share is presented at the end of this release.

Share Repurchases

The Company repurchased 175,308 common shares during the three months ended December 31, 2017. A summary of the common share repurchases made to date under the Company’s previously announced share repurchase programs is as follows:

                                                                                                       Total shares repurchased under publicly announced repurchase
                                                                                                                                                                                           program
                                                                                                                          -------------------------------------------------------------------------------------------------------------------------------
(Dollars in thousands, except share and per share amounts)                                                                 Total number of       Aggregate       Average Price per        Approximate
                                                                                                                               shares                               Purchase                               Share (a)                             dollar value of
                                                                                                                             repurchased                            Price (a)                                                                        shares
                                                                                                                                                                                                                                                    that may
                                                                                                                                                                                                                                                yet be purchased
                                                                                                                                                                                                                                                    under the
                                                                                                                                                                                                                                                     Program
----------------------------------------------------------                                                                ---------------                      ----------------                       ----------------                       --------------------
Cumulative inception-to-date to December 31, 2016                                                                              80,508,849                            $ 2,704,406                             $    33.59                               $    319,995
                                                                                                                                                                                                                                              
Cumulative for the nine months ended September 30, 2017                                                                           351,812                                 18,343                             $    52.14                               $    301,652
                                                                                                                                                                                                                                              
October 1 - 31, 2017                                                                                                       --                         --                         --                               $    301,652
November 1 - 30, 2017                                                                                                      --                         --                         --                               $    301,652
December 1 - 31, 2017                                                                                                             175,308                                  8,226                             $    46.92                               $    293,426
                                                                                                                          ---------------                      ------------------
Cumulative for the three months ended December 31, 2017                                                                           175,308                                  8,226                             $    46.92
                                                                                                                          ---------------                      ------------------
Cumulative for the year ended December 31, 2017                                                                                   527,120                                 26,569                             $    50.40
                                                                                                                          ---------------                      ------------------
Cumulative inception-to-date to December 31, 2017                                                                              81,035,969                            $ 2,730,975                             $    33.70                               $    293,426
                                                                                                                          ===============                      ======= =========
                                                                                                                                                                                                                                              
Repurchases made subsequent to year-end:
January 1 - 31, 2018                                                                                                       --                         --                         --                               $    293,426
(a)   Share transactions are on a trade date basis through January 31,
                         2018 and are inclusive of commissions. Average share price is
                         rounded to two decimal places.
                          

Year to Date 2017 Results

Highlights for the year to date 2017 were as follows:

-- Gross premiums written for the year ended December 31, 2017 were $2,950.9 million compared to $2,648.7 million for the year ended December 31, 2016, an increase of $302.2 million, or 11.4%.

-- Reinsurance premiums ceded for the year ended December 31, 2017 were $469.6 million compared to $289.7 million for the year ended December 31, 2016, an increase of $179.9 million, or 62.1%.

-- Net premiums earned for the year ended December 31, 2017 were $2,581.1 million compared to $2,249.2 million for the year ended December 31, 2016, an increase of $331.9 million, or 14.8%.

-- Loss ratio for the year ended December 31, 2017 and 2016 was 89.1% and 47.4%, respectively, and included the following: -- Notable losses of $1,046.9 million, or 40.6 percentage points of the loss ratio during the year ended December 31, 2017 compared to $90.2 million, or 4.0 percentage points of the loss ratio during the year ended December 31, 2016. Notable losses during the year ended December 31, 2017 included $603.4 million, or 23.4 percentage points of the loss ratio, of losses attributable to AlphaCat investors and noncontrolling interests, compared to $21.7 million, or 1.0 percentage point of the loss ratio during the year ended December 31, 2016;

-- Non-notable losses of $50.6 million, or 2.0 percentage points of the loss ratio during the year ended December 31, 2017 compared to $70.2 million, or 3.1 percentage points of the loss ratio during the year ended December 31, 2016;

-- Favorable loss reserve development on prior accident years of $222.5 million during the year ended December 31, 2017, which benefited the loss ratio by 8.6 percentage points compared to favorable development of $216.2 million during the year ended December 31, 2016, which benefited the loss ratio by 9.6 percentage points; and

-- Attritional losses of $1,425.2 million or 55.1 percentage points of the loss ratio during the year ended December 31, 2017 compared to $1,120.8 million, or 49.9 percentage points of the loss ratio during the year ended December 31, 2016.

-- Combined ratio for the year ended December 31, 2017 and 2016 was 122.6% and 84.2%, respectively, an increase of 38.4 percentage points.

-- Total managed investment return from our managed investment portfolio for the year ended December 31, 2017 was $188.8 million compared to $168.4 million for the year ended December 31, 2016, an increase of $20.4 million, or 12.1%.

-- Annualized return on average equity for the year ended December 31, 2017 of (1.7)%, compared to 9.7% for the year ended December 31, 2016.

-- Annualized net operating return on average equity for the year ended December 31, 2017 of (2.3)%, compared to 8.7% for the year ended December 31, 2016.

About Validus Holdings, Ltd.

Validus Holdings, Ltd. is a leading global provider of reinsurance, insurance, and asset management services, delivering its premier solutions through four diversified yet complementary operating companies: Validus Reinsurance, Ltd., a global reinsurance group focused primarily on treaty reinsurance; Talbot Underwriting Ltd., a specialty (re)insurance group operating within the Lloyd’s market through Syndicate 1183; Western World Insurance Group, Inc., a U.S. specialty lines organization; and AlphaCat Managers, Ltd., a Bermuda-based investment advisor managing capital for third parties and Validus through insurance-linked securities and other property catastrophe and specialty reinsurance investments.

Research and analytics are at the core of Validus’ operations and provide its team of expert practitioners with the knowledge and insight required to effectively model and interpret risk - an approach that consistently benefits clients and ensures their needs are met. Validus maintains a worldwide presence with more than 1,000 employees in 19 offices across all major regions and is listed on the New York Stock Exchange under the ticker symbol VR.

More information about the Validus group of companies can be found at validusholdings.com.

                                                                                                                                             
Validus Holdings, Ltd.
Consolidated Balance Sheets
As at December 31, 2017 and 2016
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(Expressed in thousands of U.S. dollars, except share and per
share information)
                                                                                                                                                                                                                                      
                                                                                                                                                                                                                           
                                                                                                                                                                            December 31,                                               December 31,
                                                                                                                                                                                2017                                                       2016
                                                                                                                                                               -----------------------------------                        ------------------------------------
Assets
Fixed maturity investments trading, at fair value (amortized cost:                                                                                                 $  5,858,348                                                $  5,543,030
2017--$5,876,261; 2016--$5,584,599)
Short-term investments trading, at fair value (amortized cost:                                                                                                        3,381,757                                                   2,796,170
2017--$3,381,714; 2016--$2,796,358)
Other investments, at fair value (cost: 2017--$330,416; 2016--$380,130)                                                                         355,218                                                     405,712
Investments in investment affiliates, equity method (cost:                                                                                                              100,137                                                     100,431
2017--$61,944; 2016--$84,840)
Cash and cash equivalents                                                                                                                                               754,990                                                     419,976
Restricted cash                                                                                                                                                         394,663                                   70,956  
                                                                                                                                                               -------------------------------------                      --------------------------------------
  Total investments and cash                                                                                                                                         10,845,113                                                   9,336,275
Premiums receivable                                                                                                                                                     939,487                                                     725,390
Deferred acquisition costs                                                                                                                                              213,816                                                     209,227
Prepaid reinsurance premiums                                                                                                                                            132,938                                                      77,996
Securities lending collateral                                                                                                                                             2,717                                                       9,779
Loss reserves recoverable                                                                                                                                             1,233,997                                                     430,421
Paid losses recoverable                                                                                                                                                  46,873                                                      35,247
Income taxes recoverable                                                                                                                                                  9,044                                                       4,870
Deferred tax asset                                                                                                                                                       52,467                                                      43,529
Receivable for investments sold                                                                                                                                          12,182                                                       3,901
Intangible assets                                                                                                                                                       171,411                                                     115,592
Goodwill                                                                                                                                                                229,573                                                     196,758
Accrued investment income                                                                                                                                                29,096                                                      26,488
Other assets                                                                                                                                                            508,165                                  134,282  
                                                                                                                                                               -------------------------------------                      --------------------------------------
Total assets                                                                                                                                                       $ 14,426,879                             $ 11,349,755  
                                                                                                                                                               ===== ========== ====================                      ====== ========== ====================
                                                                                                                                                                                                                           
Liabilities
Reserve for losses and loss expenses                                                                                                                               $  4,831,390                                                $  2,995,195
Unearned premiums                                                                                                                                                     1,147,186                                                   1,076,049
Reinsurance balances payable                                                                                                                                            331,645                                                      54,781
Securities lending payable                                                                                                                                                2,717                                                      10,245
Deferred tax liability                                                                                                                                                    4,600                                                       3,331
Payable for investments purchased                                                                                                                                        74,496                                                      29,447
Accounts payable and accrued expenses                                                                                                                                 1,225,875                                                     587,648
Notes payable to AlphaCat investors                                                                                                                                   1,108,364                                                     278,202
Senior notes payable                                                                                                                                                    245,564                                                     245,362
Debentures payable                                                                                                                                                      539,158                                  537,226  
                                                                                                                                                               -------------------------------------                      --------------------------------------
Total liabilities                                                                                                                                                     9,510,995                                5,817,486  
                                                                                                                                                               -------------------------------------                      --------------------------------------
Commitments and contingent liabilities
Redeemable noncontrolling interests                                                                                                                                   1,004,094                                                   1,528,001
Shareholders’ equity
Preferred shares (Issued and Outstanding: 2017--16,000; 2016--6,000)                                                                            400,000                                                     150,000
Common shares (Issued: 2017--161,994,491; 2016--161,279,976;                                                                                     28,349                                                      28,224
Outstanding: 2017--79,319,550; 2016--79,132,252)
Treasury shares (2017--82,674,941; 2016--82,147,724)                                                                                            (14,468 )                                                   (14,376 )
Additional paid-in capital                                                                                                                                              814,641                                                     821,023
Accumulated other comprehensive loss                                                                                                                                    (22,192 )                                                   (23,216 )
Retained earnings                                                                                                                                                     2,688,742                                2,876,636  
                                                                                                                                                               -------------------------------------                      --------------------------------------
Total shareholders’ equity available to Validus                                                                                            3,895,072                                                   3,838,291
Noncontrolling interests                                                                                                                                                 16,718                                  165,977  
                                                                                                                                                               -------------------------------------                      --------------------------------------
Total shareholders’ equity                                                                                                                 3,911,790                                4,004,268  
                                                                                                                                                               -------------------------------------                      --------------------------------------
Total liabilities, noncontrolling interests and shareholders’                                                                           $ 14,426,879                             $ 11,349,755  
equity
                                                                                                                                                               ===== ========== ====================                      ====== ========== ====================
                                                                                                                                                                                                                                             
                                                                                                                                                                      
Validus Holdings, Ltd.
Consolidated Statements of (Loss) Income
For the three months and years ended
December 31, 2017 and 2016
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(Expressed in thousands of U.S. dollars, except share and per
share information)
 
                                                                                                                                                                                                                                                    
                                                                                                                                                               Three Months Ended December 31,                                                                                          Years Ended December 31,
                                                                                                                               -----------------------------------------------------------------------------------------------                     ---------------------------------------------------------------------------------------------------
                                                                                                                                               2017                                   2016                                                       2017                                     2016
                                                                                                                               -------------------------------------                     -------------------------------------                     ---------------------------------------                     ---------------------------------------
Revenues
Gross premiums written                                                                                                               $ 443,323                                                 $ 339,454                                                 $ 2,950,938                                                 $ 2,648,705
Reinsurance premiums ceded                                                                                                             (96,445 )                                                 (40,635 )                                                  (469,633 )                                                  (289,705 )
                                                                                                                               ------------------------------------                      ------------------------------------                      --------------------------------------                      --------------------------------------
Net premiums written                                                                                                                   346,878                                                   298,819                                                   2,481,305                                                   2,359,000
Change in unearned premiums                                                                                                            304,599                                241,580                                   99,783                                 (109,835 )
                                                                                                                               ------------------------------------                      ------------------------------------                      --------------------------------------                      --------------------------------------
Net premiums earned                                                                                                                    651,477                                                   540,399                                                   2,581,088                                                   2,249,165
Net investment income                                                                                                                   48,960                                                    38,153                                                     177,873                                                     150,385
Net realized gains on investments                                                                                                        5,607                                                     9,220                                                       7,623                                                      15,757
Change in net unrealized (losses) gains on investments                                                                                 (21,257 )                                                 (67,460 )                                                     3,215                                                      16,871
Income (loss) from investment affiliates                                                                                                 6,345                                                     2,166                                                      22,010                                                      (2,083 )
Other insurance related income and other income (loss)                                                                                   6,939                                                       568                                                      13,179                                                       2,195
Foreign exchange (losses) gains                                                                                                           (283 )                                                    (901 )                                                    (7,447 )                                                    10,864  
                                                                                                                               ------------------------------------                      ------------------------------------                      --------------------------------------                      --------------------------------------
Total revenues                                                                                                                         697,788                                522,145                                2,797,541                                2,443,154  
                                                                                                                               ------------------------------------                      ------------------------------------                      --------------------------------------                      --------------------------------------
Expenses
Losses and loss expenses                                                                                                               479,842                                                   275,126                                                   2,300,178                                                   1,065,097
Policy acquisition costs                                                                                                               127,067                                                   120,889                                                     471,553                                                     449,482
General and administrative expenses                                                                                                     97,522                                                    77,955                                                     352,137                                                     336,294
Share compensation expenses                                                                                                             10,031                                                    10,442                                                      40,111                                                      42,907
Finance expenses                                                                                                                        15,871                                                    14,630                                                      58,546                                                      58,520
Transaction expenses                                                                                                            --                         --                                    4,427                           --  
                                                                                                                               ------------------------------------                      ------------------------------------                      --------------------------------------                      --------------------------------------
Total expenses                                                                                                                         730,333                                499,042                                3,226,952                                1,952,300  
                                                                                                                               ------------------------------------                      ------------------------------------                      --------------------------------------                      --------------------------------------
(Loss) income before taxes, (loss) from operating affiliate and                                                                        (32,545 )                                                  23,103                                                    (429,411 )                                                   490,854
(income) loss attributable to AlphaCat investors
Tax benefit                                                                                                                                412                                                    21,147                                                       7,580                                                      19,729
Loss from operating affiliate                                                                                                   --                                            --                                              --                                                         (23 )
(Income) loss attributable to AlphaCat investors                                                                                       (37,868 )                                                  (7,080 )                                                    16,929                                  (23,358 )
                                                                                                                               ------------------------------------                      ------------------------------------                      --------------------------------------                      --------------------------------------
Net (loss) income                                                                                                                      (70,001 )                                                  37,170                                                    (404,902 )                                                   487,202
Net loss (income) attributable to noncontrolling interests                                                                              67,136                                (27,200 )                                                   357,280                                 (123,363 )
                                                                                                                               ------------------------------------                      ------------------------------------                      --------------------------------------                      --------------------------------------
Net (loss) income (attributable) available to Validus                                                                                   (2,865 )                                                   9,970                                                     (47,622 )                                                   363,839
Dividends on preferred shares                                                                                                           (5,828 )                                                  (2,203 )                                                   (15,861 )                                                    (4,455 )
                                                                                                                               ------------------------------------                      ------------------------------------                      --------------------------------------                      --------------------------------------
Net (loss) income (attributable) available to Validus common                                                                         $  (8,693 )                                               $   7,767                              $   (63,483 )                                               $   359,384  
shareholders
                                                                                                                               ======= ======= ====================                      ======= ======= ====================                      ======= ========= ====================                      ======= ========= ====================
                                                                                                                                                                                                                                                                                                                
Selected ratios:
Ratio of net to gross premiums written                                                                                                    78.2 %                                                    88.0 %                                                      84.1 %                                                      89.1 %
                                                                                                                                                                                                                                                                                                                
Losses and loss expense ratio                                                                                                             73.7 %                                                    50.9 %                                                      89.1 %                                                      47.4 %
                                                                                                                                                                                                                                                                                                                
Policy acquisition cost ratio                                                                                                             19.5 %                                                    22.4 %                                                      18.3 %                                                      20.0 %
General and administrative expense ratio                                                                                                  16.5 %                                                    16.3 %                                                      15.2 %                                                      16.8 %
                                                                                                                               ------------------------------------                      ------------------------------------                      --------------------------------------                      --------------------------------------
Expense ratio                                                                                                                             36.0 %                                                    38.7 %                                                      33.5 %                                                      36.8 %
                                                                                                                               ------------------------------------                      ------------------------------------                      --------------------------------------                      --------------------------------------
Combined ratio                                                                                                                           109.7 %                                                    89.6 %                                                     122.6 %                                                      84.2 %
                                                                                                                               ====================================                      ====================================                      ======================================                      ======================================
                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                    
Validus Holdings, Ltd.
Segment Information
For the three months and years ended
December 31, 2017 and 2016
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(Expressed in thousands of U.S. dollars, except share and per
share information)
                                                                                                                                                                                                                                      
                                                                                                                                                                                                                  
Reinsurance Segment                                                                                                             Three Months Ended December 31,                                                                                    Years Ended December 31,
                                                                                                   -----------------------------------------------------------------------------------------                     ---------------------------------------------------------------------------------------------
                                                                                                                  2017                                2016                                                    2017                                  2016
                                                                                                   ----------------------------------                     ----------------------------------                     ------------------------------------                     ------------------------------------
Underwriting revenues
Gross premiums written                                                                                $  51,960                                              $  41,813                                              $ 1,195,207                                              $ 1,184,912
Reinsurance premiums ceded                                                                              (40,716 )                                               (7,773 )                                               (209,289 )                                               (121,331 )
                                                                                                   ---------------------------------                      ---------------------------------                      -----------------------------------                      -----------------------------------
Net premiums written                                                                                     11,244                                                 34,040                                                  985,918                                                1,063,581
Change in unearned premiums                                                                             239,320                             200,129                                37,086                               (67,432 )
                                                                                                   ---------------------------------                      ---------------------------------                      -----------------------------------                      -----------------------------------
Net premiums earned                                                                                     250,564                                                234,169                                                1,023,004                                                  996,149
Other insurance related income                                                                               15                                   9                                    67                                    25  
                                                                                                   ---------------------------------                      ---------------------------------                      -----------------------------------                      -----------------------------------
Total underwriting revenues                                                                             250,579                             234,178                             1,023,071                               996,174  
                                                                                                   ---------------------------------                      ---------------------------------                      -----------------------------------                      -----------------------------------
Underwriting deductions
Losses and loss expenses                                                                                135,804                                                 93,503                                                  692,719                                                  415,505
Policy acquisition costs                                                                                 58,107                                                 55,352                                                  199,430                                                  189,797
General and administrative expenses                                                                      23,604                                                 21,248                                                   80,177                                                   85,000
Share compensation expenses                                                                               2,331                               2,811                                10,762                                11,668  
                                                                                                   ---------------------------------                      ---------------------------------                      -----------------------------------                      -----------------------------------
Total underwriting deductions                                                                           219,846                             172,914                               983,088                               701,970  
                                                                                                   ---------------------------------                      ---------------------------------                      -----------------------------------                      -----------------------------------
Underwriting income                                                                                   $  30,733                           $  61,264                           $    39,983                           $   294,204  
                                                                                                   ==== ======= ====================                      ==== ======= ====================                      ==== ========= ====================                      ==== ========= ====================
                                                                                                                                                                                                                  
                                                                                                                                                                                                                  
Insurance Segment                                                                                                               Three Months Ended December 31,                                                                                    Years Ended December 31,
                                                                                                   -----------------------------------------------------------------------------------------                     ---------------------------------------------------------------------------------------------
                                                                                                                  2017                                                   2016                                                    2017                                                     2016
                                                                                                   ----------------------------------                     ----------------------------------                     ------------------------------------                     ------------------------------------
Underwriting revenues
Gross premiums written                                                                                $ 377,014                                              $ 297,905                                              $ 1,453,133                                              $ 1,194,137
Reinsurance premiums ceded                                                                              (56,378 )                                              (32,862 )                                               (261,055 )                                               (162,669 )
                                                                                                   ---------------------------------                      ---------------------------------                      -----------------------------------                      -----------------------------------
Net premiums written                                                                                    320,636                                                265,043                                                1,192,078                                                1,031,468
Change in unearned premiums                                                                              12,393                             (24,900 )                                                 64,007                               (28,524 )
                                                                                                   ---------------------------------                      ---------------------------------                      -----------------------------------                      -----------------------------------
Net premiums earned                                                                                     333,029                                                240,143                                                1,256,085                                                1,002,944
Other insurance related income                                                                            3,957                                 284                                 7,035                                 1,367  
                                                                                                   ---------------------------------                      ---------------------------------                      -----------------------------------                      -----------------------------------
Total underwriting revenues                                                                             336,986                             240,427                             1,263,120                             1,004,311  
                                                                                                   ---------------------------------                      ---------------------------------                      -----------------------------------                      -----------------------------------
Underwriting deductions
Losses and loss expenses                                                                                244,908                                                164,417                                                  934,199                                                  604,741
Policy acquisition costs                                                                                 60,403                                                 58,394                                                  241,186                                                  232,780
General and administrative expenses                                                                      64,945                                                 33,069                                                  207,186                                                  165,529
Share compensation expenses                                                                               3,512                               3,693                                12,774                                14,987  
                                                                                                   ---------------------------------                      ---------------------------------                      -----------------------------------                      -----------------------------------
Total underwriting deductions                                                                           373,768                             259,573                             1,395,345                             1,018,037  
                                                                                                   ---------------------------------                      ---------------------------------                      -----------------------------------                      -----------------------------------
Underwriting (loss)                                                                                   $ (36,782 )                                            $ (19,146 )                                            $  (132,225 )                                            $   (13,726 )
                                                                                                   ==== ======= ====================                      ==== ======= ====================                      ==== ========= ====================                      ==== ========= ====================
                                                                                                                                                                                                                                                                                          
                                                                                                                                                
Validus Holdings, Ltd.
Segment Information
For the three months and years ended
December 31, 2017 and 2016
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(Expressed in thousands of U.S. dollars, except share and per
share information)
                                                                                                                                                                                                                                      
                                                                                                                                                                                                                              
Asset Management Segment                                                                                                                            Three Months Ended December 31,                                                                           Years Ended December 31,
                                                                                                                              --------------------------------------------------------------------------                     ------------------------------------------------------------------------------------------
                                                                                                                                              2017                         2016                                           2017                                 2016
                                                                                                                              -------------------------------------                     ----------------                     -------------------------------------                     --------------------------------
Fee revenues
Third party                                                                                                                         $   5,061                                                 $   3,928                            $  20,349                                             $ 18,771
Related party                                                                                                                             418                                    737                                2,150                             3,329  
                                                                                                                              ------------------------------------                      ----------------                     ------------------------------------                      -------------------------------
Total fee revenues                                                                                                                      5,479                                  4,665                               22,499                            22,100  
                                                                                                                              ------------------------------------                      ----------------                     ------------------------------------                      -------------------------------
Expenses
General and administrative expenses                                                                                                     2,582                                                     2,676                               12,904                                               10,233
Share compensation expenses                                                                                                                41                                                        82                                  389                                                  249
Finance expenses                                                                                                                           30                                                        33                                  137                                                  947
Tax (benefit) expense                                                                                                                     (61 )                                                      90                                    8                                                   90
Foreign exchange losses                                                                                                        --                                      2                                    7                                19  
                                                                                                                              ------------------------------------                      ----------------                     ------------------------------------                      -------------------------------
Total expenses                                                                                                                          2,592                                  2,883                               13,445                            11,538  
                                                                                                                              ------------------------------------                      ----------------                     ------------------------------------                      -------------------------------
Income before investment (loss) income from AlphaCat Funds and                                                                          2,887                                  1,782                                9,054                            10,562  
Sidecars
                                                                                                                              --------------  --------------------                      --------------                       --------------  --------------------                      ---------  --------------------
Investment (loss) income from AlphaCat Funds and Sidecars
(a)
AlphaCat Sidecars                                                                                                                          11                                                        14                                   79                                                  607
AlphaCat ILS Funds - Lower Risk (b)                                                                                                       961                                                     1,998                               (3,102 )                                              8,901
AlphaCat ILS Funds - Higher Risk (b)                                                                                                   (5,813 )                                                   1,864                              (22,662 )                                              7,471
BetaCat ILS Funds                                                                                                                         827                                                       644                                  536                                                3,623
PaCRe                                                                                                                          --                         --                       --                               (23 )
                                                                                                                              ------------------------------------                      ----------------                     ------------------------------------                      -------------------------------
Validus’ share of investment (loss) income from AlphaCat Funds                                                                         (4,014 )                                                   4,520                              (25,149 )                                             20,579  
and Sidecars
                                                                                                                              --------------  --------------------                      --------------                       --------------  --------------------                      ---------  --------------------
Asset Management segment (loss) income                                                                                              $  (1,127 )                                               $   6,302                            $ (16,095 )                                           $ 31,141  
                                                                                                                              ======= ======= ====================                      ======= =======                      ======= ======= ====================                      === ====== ====================
(a)   The investment income (loss) from AlphaCat funds and sidecars is
                         based on equity accounting.
(b)                      Lower risk AlphaCat ILS funds have a maximum permitted portfolio
                         expected loss of less than 7%, whereas higher risk AlphaCat ILS
                         funds have a maximum permitted portfolio expected loss of greater
                         than 7%. Expected loss represents the average annual loss over the
                         set of simulation scenarios divided by the total limit.
Corporate and Investments                                                                                  Three Months Ended December 31,                                                                   Years Ended December 31,
                                                                                                                                                       -----------------------------------------------------------------------------------------------                     -------------------------------------------------------------------------------------------
                                                                                                                                                                       2017                                   2016                                                    2017                                 2016
                                                                                                                                                       -------------------------------------                     -------------------------------------                     ---------------------------------                     -------------------------------------
Managed investments
Managed net investment income (a)                                                                                                                            $  41,609                                                 $  35,875                                             $ 152,955                                                 $ 141,718
Net realized gains on managed investments (a)                                                                                                                    7,157                                                     9,166                                                 7,437                                                    14,680
Change in net unrealized (losses) gains on managed investments (a)                                                                                             (24,861 )                                                 (67,676 )                                               6,371                                                    14,106
Income (loss) from investment affiliates                                                                                                                         6,345                                  2,166                             22,010                                 (2,083 )
                                                                                                                                                       ------------------------------------                      ------------------------------------                      --------------------------------                      ------------------------------------
Total managed investment return                                                                                                                              $  30,250                              $ (20,469 )                                           $ 188,773                              $ 168,421  
                                                                                                                                                       ------- ------- --------------------                      ------- ------- --------------------                      --- ------- --------------------                      ------- ------- --------------------
Corporate expenses
General and administrative expenses                                                                                                                          $   5,582                                                 $  19,973                                             $  48,598                                                 $  72,249
Share compensation expenses                                                                                                                                      4,147                                                     3,856                                                16,186                                                    16,003
Finance expenses (a)                                                                                                                                            15,732                                                    14,546                                                58,194                                                    57,183
Dividends on preferred shares                                                                                                                                    5,828                                                     2,203                                                15,861                                                     4,455
Tax (benefit) (a)                                                                                                                                                 (351 )                                                 (21,237 )                                              (7,588 )                                                 (19,819 )
                                                                                                                                                       ------------------------------------                      ------------------------------------                      --------------------------------                      ------------------------------------
Total Corporate expenses                                                                                                                                     $  30,938                              $  19,341                          $ 131,251                              $ 130,071  
                                                                                                                                                       ------- ------- --------------------                      ------- ------- --------------------                      --- ------- --------------------                      ------- ------- --------------------
Other items
Foreign exchange (losses) gains (a)                                                                                                                               (829 )                                                    (850 )                                              (8,544 )                                                  10,778
Other income (loss)                                                                                                                                     --                                                         7                                                   303                                                      (766 )
Transaction expenses                                                                                                                                    --                         --                             (4,427 )                                          --  
                                                                                                                                                       ------------------------------------                      ------------------------------------                      --------------------------------                      ------------------------------------
Total other items                                                                                                                                            $    (829 )                                               $    (843 )                                           $ (12,668 )                                               $  10,012  
                                                                                                                                                       ------- ------- --------------------                      ------- ------- --------------------                      --- ------- --------------------                      ------- ------- --------------------
Total Corporate and Investments                                                                                                                              $  (1,517 )                                               $ (40,653 )                                           $  44,854                              $  48,362  
                                                                                                                                                       ======= ======= ====================                      ======= ======= ====================                      === ======= ====================                      ======= ======= ====================
(a)   These items exclude the components which are included in the Asset
                         Management segment income (loss) and amounts which are consolidated
                         from variable interest entities.
                          
                                                                                                                                                                                                                                                                                                                                                    
Validus Holdings, Ltd.
Segment Information
For the three months ended December 31,
2017 and 2016
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(Expressed in thousands of U.S. dollars, except share and per share
information)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                                                                                  Three Months Ended December 31, 2017
                                                                                                                            ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                         Reinsurance                             Insurance                                                             Asset                                                                      Corporate &                                                                  Eliminations                                                                   Total
                                                                                                                                           Segment                                                   Segment                                                           Management                                                                    Investments
                                                                                                                                                                                                                                                                       Segment and
                                                                                                                                                                                                                                                                      Consolidated
                                                                                                                                                                                                                                                                          VIEs
                                                                                                                            ----------------------------------                        ----------------------------------                        ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------                        -----------------------------------------------
Underwriting revenues
Gross premiums written                                                                                                            $  51,960                                                 $ 377,014                                                              $         14,998                                                              $ --                                                              $           (649 )                                         $ 443,323
Reinsurance premiums ceded                                                                                                          (40,716 )                                                 (56,378 )                        --                          --                                     649                          (96,445 )
                                                                                                                            --------------  --------------------                      --------------  --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- ------- --------------------
Net premiums written                                                                                                                 11,244                                                   320,636                                                                        14,998                                                                --                                                                --                                                                346,878
Change in unearned premiums                                                                                                         239,320                                 12,393                                  52,886                          --                          --                          304,599  
                                                                                                                            ------------------------------------                      ------------------------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- ------- --------------------
Net premiums earned                                                                                                                 250,564                                                   333,029                                                                        67,884                                                                --                                                                --                                                                651,477
Other insurance related income                                                                                                           15                                  3,957                                   6,778                          --                                  (3,811 )                          6,939  
                                                                                                                            --------------  --------------------                      --------------  --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- ------- --------------------
Total underwriting revenues                                                                                                         250,579                                336,986                                  74,662                          --                                  (3,811 )                        658,416  
                                                                                                                            --------------  --------------------                      --------------  --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- ------- --------------------
Underwriting deductions
Losses and loss expenses                                                                                                            135,804                                                   244,908                                                                        99,130                                                                --                                                                --                                                                479,842
Policy acquisition costs                                                                                                             58,107                                                    60,403                                                                         8,557                                                                --                                                                --                                                                127,067
General and administrative expenses                                                                                                  23,604                                                    64,945                                                                         7,202                                                                         5,582                                                                        (3,811 )                                            97,522
Share compensation expenses                                                                                                           2,331                                  3,512                                      41                                   4,147                          --                           10,031  
                                                                                                                            ------------------------------------                      ------------------------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- ------- --------------------
Total underwriting deductions                                                                                                       219,846                                373,768                                 114,930                                   9,729                                  (3,811 )                        714,462  
                                                                                                                            --------------  --------------------                      --------------  --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- ------- --------------------
Underwriting income (loss)                                                                                                        $  30,733                              $ (36,782 )                                         $        (40,268 )                                                            $         (9,729 )                                         $ --                                           $ (56,046 )
                                                                                                                            ------- ------- --------------------                      ------- ------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- ------- --------------------
Net investment return (a)                                                                                                    --                                            --                                                                         9,405                                                                        30,250                                                                --                                              39,655
Other items (b)                                                                                                              --                                            --                                                                           468                                                                       (22,038 )                        --                                                                (21,570 )
(Income) attributable to AlphaCat investors                                                                                  --                                            --                                                                       (37,868 )                                                              --                                                                --                                                                (37,868 )
Net loss attributable to noncontrolling interests                                                                            --                         --                                  67,136                          --                          --                           67,136  
                                                                                                                            ------------------------------------                      ------------------------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- ------- --------------------
Net income (loss) available (attributable) to Validus common                                                                      $  30,733                              $ (36,782 )                                         $         (1,127 )                                                            $         (1,517 )                                         $ --                                           $  (8,693 )
shareholders
                                                                                                                            ======= ======= ====================                      ======= ======= ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                                                              Three Months Ended December 31, 2016                                                                                                                                                                         
                                                                                                                            ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                     --------------------------------------------------
                                                                                                                                         Reinsurance                                                Insurance                                                             Asset                                                                      Corporate &                                                                  Eliminations                                                                   Total
                                                                                                                                           Segment                                                   Segment                                                           Management                                                                    Investments
                                                                                                                                                                                                                                                                       Segment and
                                                                                                                                                                                                                                                                      Consolidated
                                                                                                                                                                                                                                                                          VIEs
                                                                                                                            ----------------------------------                        ----------------------------------                        ------------------------------------------------------                        ------------------------------------------------------                        ------------------------------------------------------                        -----------------------------------------------
Underwriting revenues
Gross premiums written                                                                                                            $  41,813                                                 $ 297,905                                                              $           (264 )                                                            $ --                                                              $ --                                                              $ 339,454
Reinsurance premiums ceded                                                                                                           (7,773 )                                                 (32,862 )                                           --                          --                          --                          (40,635 )
                                                                                                                            ------------------------------------                      ------------------------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- ------- --------------------
Net premiums written                                                                                                                 34,040                                                   265,043                                                                          (264 )                                                              --                                                                --                                                                298,819
Change in unearned premiums                                                                                                         200,129                                (24,900 )                                                   66,351                          --                          --                          241,580  
                                                                                                                            ------------------------------------                      ------------------------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- ------- --------------------
Net premiums earned                                                                                                                 234,169                                                   240,143                                                                        66,087                                                                --                                                                --                                             540,399
Other insurance related income                                                                                                            9                                    284                                   4,664                          --                                  (4,396 )                                               561  
                                                                                                                            ------------------------------------                      ------------------------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- ------- --------------------
Total underwriting revenues                                                                                                         234,178                                240,427                                  70,751                          --                                  (4,396 )                                           540,960  
                                                                                                                            ------------------------------------                      ------------------------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- ------- --------------------
Underwriting deductions
Losses and loss expenses                                                                                                             93,503                                                   164,417                                                                        17,206                                                                --                                                                --                                                                275,126
Policy acquisition costs                                                                                                             55,352                                                    58,394                                                                         7,143                                                                --                                                                --                                                                120,889
General and administrative expenses                                                                                                  21,248                                                    33,069                                                                         8,061                                                                        19,973                                                                        (4,396 )                                                               77,955
Share compensation expenses                                                                                                           2,811                                  3,693                                      82                                   3,856                          --                           10,442  
                                                                                                                            ------------------------------------                      ------------------------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- ------- --------------------
Total underwriting deductions                                                                                                       172,914                                259,573                                  32,492                                  23,829                                  (4,396 )                                           484,412  
                                                                                                                            ------------------------------------                      ------------------------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- ------- --------------------
Underwriting income (loss)                                                                                                        $  61,264                              $ (19,146 )                                                            $         38,259                                           $        (23,829 )                                                            $ --                                           $  56,548  
                                                                                                                            ------- ------- --------------------                      ------- ------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- ------- --------------------
Net investment return (a)                                                                                                    --                                            --                                                                         2,548                                                                       (20,469 )                                                              --                                                                (17,921 )
Other items (b)                                                                                                              --                                            --                                                                          (225 )                                                                       3,645                                                                --                                                                  3,420
(Income) attributable to AlphaCat investors                                                                                  --                                            --                                                                        (7,080 )                                                              --                                                                --                                                                 (7,080 )
Net (income) attributable to noncontrolling interests                                                                        --                         --                                 (27,200 )                                           --                          --                          (27,200 )
                                                                                                                            ------------------------------------                      ------------------------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- -------------- --------------------                      -------------------- ------- --------------------
Net income (loss) available (attributable) to Validus common                                                                      $  61,264                              $ (19,146 )                                                            $          6,302                                           $        (40,653 )                                                            $ --                                           $   7,767  
shareholders
                                                                                                                            ======= ======= ====================                      ======= ======= ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ============== ====================                      ==================== ======= ====================
(a)   Net investment return includes net investment income, net realized
                         and change in net unrealized gains (losses) on investments and
                         income (loss) from investment affiliates.
(b)                      Other items includes finance expenses, transaction expenses,
                         dividends on preferred shares, tax benefit (expense), foreign
                         exchange gains (losses), income (loss) from operating affiliate and
                         other income (loss).
                          
                                                                  
Validus Holdings, Ltd.
Segment Information
For the years ended December 31, 2017 and
2016
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(Expressed in thousands of U.S. dollars, except share and per
share information)
                                                                                                                                                                                                                                      
                                                                                                                             
                                                                                                                                                                                                                                                                                         Year Ended December 31, 2017
                                                                                                                            ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                          Reinsurance                               Insurance                                Asset                                  Corporate &                                  Eliminations                                  Total
                                                                                                                                            Segment                                                     Segment                                                 Management                                                   Investments
                                                                                                                                                                                                                                                                Segment and
                                                                                                                                                                                                                                                               Consolidated
                                                                                                                                                                                                                                                                   VIEs
                                                                                                                            ------------------------------------                        ------------------------------------                        --------------------------------                        -----------------------------------------                        -----------------------------------------                        ---------------------------------
Underwriting revenues
Gross premiums written                                                                                                            $ 1,195,207                                                 $ 1,453,133                                              $  312,819                                                 $ --                                                 $        (10,221 )                                            $ 2,950,938
Reinsurance premiums ceded                                                                                                           (209,289 )                                                  (261,055 )                                                (9,510 )                                                 --                                        10,221                              (469,633 )
                                                                                                                            --------------------------------------                      --------------------------------------                      ----------------------------------                      -------------------------------------------                      -------------------------------------------                      -----------------------------------
Net premiums written                                                                                                                  985,918                                                   1,192,078                                                 303,309                                                   --                                                   --                                                2,481,305
Change in unearned premiums                                                                                                            37,086                                   64,007                               (1,310 )                                                 --                                --                                99,783  
                                                                                                                            --------------------------------------                      --------------------------------------                      ----------------------------------                      -------------------------------------------                      -------------------------------------------                      -----------------------------------
Net premiums earned                                                                                                                 1,023,004                                                   1,256,085                                                 301,999                                                   --                                                   --                                                2,581,088
Other insurance related income                                                                                                             67                                    7,035                               23,896                                --                                       (18,122 )                                                 12,876  
                                                                                                                            --------------------------------------                      --------------------------------------                      ----------------------------------                      -------------------------------------------                      -------------------------------------------                      -----------------------------------
Total underwriting revenues                                                                                                         1,023,071                                1,263,120                              325,895                                --                                       (18,122 )                                              2,593,964  
                                                                                                                            --------------------------------------                      --------------------------------------                      ----------------------------------                      -------------------------------------------                      -------------------------------------------                      -----------------------------------
Underwriting deductions
Losses and loss expenses                                                                                                              692,719                                                     934,199                                                 673,260                                                   --                                                   --                                                2,300,178
Policy acquisition costs                                                                                                              199,430                                                     241,186                                                  30,937                                                   --                                                   --                                                  471,553
General and administrative expenses                                                                                                    80,177                                                     207,186                                                  34,298                                                           48,598                                                          (18,122 )                                                352,137
Share compensation expenses                                                                                                            10,762                                   12,774                                  389                                        16,186                                --                                40,111  
                                                                                                                            --------------------------------------                      --------------------------------------                      ----------------------------------                      -------------------------------------------                      -------------------------------------------                      -----------------------------------
Total underwriting deductions                                                                                                         983,088                                1,395,345                              738,884                                        64,784                                       (18,122 )                                              3,163,979  
                                                                                                                            --------------------------------------                      --------------------------------------                      ----------------------------------                      -------------------------------------------                      -------------------------------------------                      -----------------------------------
Underwriting income (loss)                                                                                                        $    39,983                              $  (132,225 )                                            $ (412,989 )                                               $        (64,784 )                                               $ --                           $  (570,015 )
                                                                                                                            ------- --------- --------------------                      ------- --------- --------------------                      ---- -------- --------------------                      ------- -------------- --------------------                      ------- -------------- --------------------                      ---- --------- --------------------
Net investment return (a)                                                                                                      --                                              --                                                  21,948                                                          188,773                                                   --                                                  210,721
Other items (b)                                                                                                                --                                              --                                                     737                                                          (79,135 )                                                 --                                                  (78,398 )
Loss attributable to AlphaCat investors                                                                                        --                                              --                                                  16,929                                                   --                                                   --                                                   16,929
Net loss attributable to noncontrolling interests                                                                              --                           --                              357,280                                --                                --                               357,280  
                                                                                                                            --------------------------------------                      --------------------------------------                      ----------------------------------                      -------------------------------------------                      -------------------------------------------                      -----------------------------------
Net income (loss) available (attributable) to Validus common                                                                      $    39,983                              $  (132,225 )                                            $  (16,095 )                                               $         44,854                              $ --                           $   (63,483 )
shareholders
                                                                                                                            ======= ========= ====================                      ======= ========= ====================                      ==== ======== ====================                      ======= ============== ====================                      ======= ============== ====================                      ==== ========= ====================
                                                                                                                             
                                                                                                                             
                                                                                                                                                                                                                                                                                         Year Ended December 31, 2016
                                                                                                                            ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                          Reinsurance                                                  Insurance                                                   Asset                                                     Corporate &                                                     Eliminations                                                     Total
                                                                                                                                            Segment                                                     Segment                                                 Management                                                   Investments
                                                                                                                                                                                                                                                                Segment and
                                                                                                                                                                                                                                                               Consolidated
                                                                                                                                                                                                                                                                   VIEs
                                                                                                                            ------------------------------------                        ------------------------------------                        --------------------------------                        -----------------------------------------                        -----------------------------------------                        ---------------------------------
Underwriting revenues
Gross premiums written                                                                                                            $ 1,184,912                                                 $ 1,194,137                                              $  270,402                                                 $ --                                                 $           (746 )                                            $ 2,648,705
Reinsurance premiums ceded                                                                                                           (121,331 )                                                  (162,669 )                                                (6,451 )                                                 --                                           746                              (289,705 )
                                                                                                                            --------------------------------------                      --------------------------------------                      ----------------------------------                      -------------------------------------------                      -------------------------------------------                      -----------------------------------
Net premiums written                                                                                                                1,063,581                                                   1,031,468                                                 263,951                                                   --                                                   --                                                2,359,000
Change in unearned premiums                                                                                                           (67,432 )                                                   (28,524 )                                               (13,879 )                                                 --                                --                              (109,835 )
                                                                                                                            --------------------------------------                      --------------------------------------                      ----------------------------------                      -------------------------------------------                      -------------------------------------------                      -----------------------------------
Net premiums earned                                                                                                                   996,149                                                   1,002,944                                                 250,072                                                   --                                                   --                                                2,249,165
Other insurance related income                                                                                                             25                                    1,367                               22,386                                --                                       (20,817 )                                                  2,961  
                                                                                                                            --------------------------------------                      --------------------------------------                      ----------------------------------                      -------------------------------------------                      -------------------------------------------                      -----------------------------------
Total underwriting revenues                                                                                                           996,174                                1,004,311                              272,458                                --                                       (20,817 )                                              2,252,126  
                                                                                                                            --------------------------------------                      --------------------------------------                      ----------------------------------                      -------------------------------------------                      -------------------------------------------                      -----------------------------------
Underwriting deductions
Losses and loss expenses                                                                                                              415,505                                                     604,741                                                  44,851                                                   --                                                   --                                                1,065,097
Policy acquisition costs                                                                                                              189,797                                                     232,780                                                  26,905                                                   --                                                   --                                                  449,482
General and administrative expenses                                                                                                    85,000                                                     165,529                                                  34,333                                                           72,249                                                          (20,817 )                                                336,294
Share compensation expenses                                                                                                            11,668                                   14,987                                  249                                        16,003                                --                                42,907  
                                                                                                                            --------------------------------------                      --------------------------------------                      ----------------------------------                      -------------------------------------------                      -------------------------------------------                      -----------------------------------
Total underwriting deductions                                                                                                         701,970                                1,018,037                              106,338                                        88,252                                       (20,817 )                                              1,893,780  
                                                                                                                            --------------------------------------                      --------------------------------------                      ----------------------------------                      -------------------------------------------                      -------------------------------------------                      -----------------------------------
Underwriting income (loss)                                                                                                        $   294,204                              $   (13,726 )                                            $  166,120                              $        (88,252 )                                               $ --                           $   358,346  
                                                                                                                            ------- --------- --------------------                      ------- --------- --------------------                      ---- -------- --------------------                      ------- -------------- --------------------                      ------- -------------- --------------------                      ---- --------- --------------------
Net investment return (a)                                                                                                      --                                              --                                                  13,106                                                          168,421                                                             (597 )                                                180,930
Other items (b)                                                                                                                --                                              --                                                  (1,364 )                                                        (31,807 )                                                 --                                                  (33,171 )
(Income) attributable to AlphaCat investors                                                                                    --                                              --                                                 (23,358 )                                                 --                                                   --                                                  (23,358 )
Net (income) attributable to noncontrolling interests                                                                          --                           --                             (123,363 )                                                 --                                --                              (123,363 )
                                                                                                                            --------------------------------------                      --------------------------------------                      ----------------------------------                      -------------------------------------------                      -------------------------------------------                      -----------------------------------
Net income (loss) available (attributable) to Validus common                                                                      $   294,204                              $   (13,726 )                                            $   31,141                              $         48,362                              $           (597 )                                            $   359,384  
shareholders
                                                                                                                            ======= ========= ====================                      ======= ========= ====================                      ==== ======== ====================                      ======= ============== ====================                      ======= ============== ====================                      ==== ========= ====================
(a)   Net investment return includes net investment income, net realized
                         and change in net unrealized gains (losses) on investments and
                         income (loss) from investment affiliates.
(b)                      Other items includes finance expenses, transaction expenses,
                         dividends on preferred shares, tax benefit (expense), foreign
                         exchange gains (losses), income (loss) from operating affiliate and
                         other income (loss).
                          

Non-GAAP Financial Measures

In presenting the Company’s results, management has included and discussed certain non-GAAP financial measures. The Company believes that these non-GAAP measures, which may be defined and calculated differently by other companies, better explain and enhance the understanding of the Company’s results of operations. However, these measures should not be viewed as a substitute for those determined in accordance with U.S. GAAP.

In addition to presenting book value per common share determined in accordance with U.S. GAAP, the Company believes that the following non-GAAP book value financial measures are key financial indicators for evaluating performance and measuring overall growth: book value per diluted common share, book value per diluted common share plus accumulated dividends and tangible book value per diluted common share. A reconciliation of book value per common share, a GAAP financial measure, to the non-GAAP book value financial measures has been included below.

In addition to presenting net (loss) income (attributable) available to Validus common shareholders determined in accordance with U.S. GAAP, the Company believes that showing net operating income (loss) available (attributable) to Validus common shareholders, a non-GAAP financial measure, provides investors with a valuable measure of profitability and enables investors, analysts, rating agencies and other users of its financial information to more easily analyze the Company’s results in a manner similar to how management analyzes the Company’s underlying business performance.

Net operating income (loss) available (attributable) to Validus common shareholders, a non-GAAP financial measure, is calculated by the addition or subtraction of certain Consolidated Statement of (Loss) Income line items from net (loss) income (attributable) available to Validus common shareholders, the most directly comparable GAAP financial measure, and measures the performance of the Company’s operations without the influence of gains or losses on investments and foreign currencies and other items as noted in the reconciliation below. The Company excludes these items from its calculation of net operating income (loss) available (attributable) to Validus common shareholders because the amount of these gains and losses is heavily influenced by, and fluctuates in part, according to availability of investment market opportunities and other factors. The Company believes these amounts are largely independent of its core underwriting activities and including them distorts the analysis of trends in its operations. The Company believes the reporting of net operating income (loss) available (attributable) to Validus common shareholders enhances the understanding of results by highlighting the underlying profitability of the Company’s core (re)insurance operations. This profitability is influenced significantly by earned premium growth, adequacy of the Company’s pricing, as well as loss frequency and severity. Over time it is also influenced by the Company’s underwriting discipline, which seeks to manage exposure to loss through favorable risk selection and diversification, its management of claims, its use of reinsurance and its ability to manage its expense ratio, which it accomplishes through its management of acquisition costs and other underwriting expenses.

Return on average equity, a GAAP financial measure, and net operating return on average equity, a non-GAAP financial measure, represents the returns generated on common shareholders’ equity during the year and are presented below.

                                                                        
Validus Holdings, Ltd.
Non-GAAP Financial Measures Reconciliation
Book Value per Common Share, Book Value per Diluted Common Share
and Tangible Book Value per Diluted Common Share
As at December 31, 2017 and 2016
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(Expressed in thousands of U.S. dollars, except share and per
share information)
                                                                                                                                                                                                                                    
                                                                                                                                   
                                                                                                                                                                                     December 31, 2017
                                                                                                                                  ----------------------------------------------------------------------------------------------------------------------
                                                                                                                                               Equity Amount                Common Shares          Per Share
                                                                                                                                                                                                                                        Amount (a)
                                                                                                                                  ------------------------------------                        --------------                      --------------------
Book value per common share (b)                                                                                                         $ 3,495,072                                               79,319,550                               $      44.06
Non-GAAP Adjustments:
  Assumed exercise of outstanding stock options (c)(d)                                                                               --                                           --
  Unvested restricted shares                                                                                                         --                             2,503,859
                                                                                                                                  --------------------------------------                      --------------
Book value per diluted common share (e)                                                                                                   3,495,072                                               81,823,409                               $      42.71
  Goodwill                                                                                                                                 (229,573 )                                         --
  Intangible assets                                                                                                                        (171,411 )                                         --
                                                                                                                                  --------------------------------------                      --------------
Tangible book value per diluted common share (e)                                                                                        $ 3,094,088                                               81,823,409                               $      37.81
                                                                                                                                                                                                                                   
Book value per diluted common share (e)                                                                                                                                                                                                    $      42.71
  Accumulated dividends                                                                                                                                                                                                                           13.08
                                                                                                                                                                                                                                  ----------------------
Book value per diluted common share plus accumulated dividends (e)                                                                                                                                                                         $      55.79
                                                                                                                                   
                                                                                                                                   
                                                                                                                                                                                     December 31, 2016
                                                                                                                                  ----------------------------------------------------------------------------------------------------------------------
                                                                                                                                               Equity Amount                                   Common Shares                             Per Share
                                                                                                                                                                                                                                        Amount (a)
                                                                                                                                  ------------------------------------                        --------------                      --------------------
Book value per common share (b)                                                                                                         $ 3,688,291                                               79,132,252                               $      46.61
Non-GAAP Adjustments:
  Assumed exercise of outstanding stock options (c)(d)                                                                                          614                                                   26,136
  Unvested restricted shares                                                                                                         --                             2,868,610
                                                                                                                                  --------------------------------------                      --------------
Book value per diluted common share (e)                                                                                                   3,688,905                                               82,026,998                               $      44.97
  Goodwill                                                                                                                                 (196,758 )                                         --
  Intangible assets                                                                                                                        (115,592 )                                         --
                                                                                                                                  --------------------------------------                      --------------
Tangible book value per diluted common share (e)                                                                                        $ 3,376,555                                               82,026,998                               $      41.16
                                                                                                                                                                                                                                   
Book value per diluted common share (e)                                                                                                                                                                                                    $      44.97
  Accumulated dividends                                                                                                                                                                                                                           11.56
                                                                                                                                                                                                                                  ----------------------
Book value per diluted common share plus accumulated dividends (e)                                                                                                                                                                         $      56.53
(a)   Per share amounts are calculated by dividing the equity amount by
                         the common shares.
(b)                      The equity amount used in the calculation of book value per common
                         share represents total shareholders’ equity available to Validus
                         excluding the liquidation value of the preferred shares.
(c)                      Using the "as-if-converted" method, assuming all proceeds received
                         upon exercise of stock options will be retained by the Company and
                         the resulting common shares from exercise remain outstanding.
(d)                      At December 31, 2017, the weighted average exercise price for those
                         stock options that had an exercise price lower than book value per
                         share was $nil (December 31, 2016: $23.48).
(e)                      Non-GAAP financial measure.
                          
                                                                                                                                                                          
Validus Holdings, Ltd.
Non-GAAP Financial Measures Reconciliation
Net Operating Income (Loss) available (attributable) to Validus
Common Shareholders, Net Operating Income (Loss) per Diluted Share
available (attributable) to Validus Common Shareholders and
Annualized Net Operating Return on Average Equity
For the three months and years ended
December 31, 2017 and 2016
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(Expressed in thousands of U.S. dollars, except share and per
share information)
                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                        
                                                                                                                                                                 Three Months Ended December 31,                                                                                            Years Ended December 31,
                                                                                                                               ---------------------------------------------------------------------------------------------------                     ---------------------------------------------------------------------------------------------------
                                                                                                                                                2017                                     2016                                                        2017                                     2016
                                                                                                                               ---------------------------------------                     ---------------------------------------                     ---------------------------------------                     ---------------------------------------
Net (loss) income (attributable) available to Validus common                                                                         $    (8,693 )                                               $     7,767                                                 $   (63,483 )                                               $   359,384
shareholders
Non-GAAP Adjustments:
  Net realized (gains) on investments                                                                                                     (5,607 )                                                    (9,220 )                                                    (7,623 )                                                   (15,757 )
  Change in net unrealized losses (gains) on investments                                                                                  21,257                                                      67,460                                                      (3,215 )                                                   (16,871 )
  (Income) loss from investment affiliates                                                                                                (6,345 )                                                    (2,166 )                                                   (22,010 )                                                     2,083
  Foreign exchange losses (gains)                                                                                                            283                                                         901                                                       7,447                                                     (10,864 )
  Other (income) loss                                                                                                             --                                                          (7 )                                                      (303 )                                                       766
  Transaction expenses                                                                                                            --                                              --                                                       4,427                                              --
  Net income (loss) attributable to noncontrolling interests                                                                               4,597                                                        (412 )                                                      (767 )                                                       457
  Tax (benefit) expense (a)                                                                                                               (1,339 )                                                    (5,863 )                                                       521                                    1,687  
                                                                                                                               --------------------------------------                      --------------------------------------                      --------------------------------------                      --------------------------------------
Net operating income (loss) available (attributable) to Validus                                                                      $     4,153                              $    58,460                              $   (85,006 )                                               $   320,885  
common shareholders (b)
                                                                                                                               ======= ========= ====================                      ======= ========= ====================                      ======= ========= ====================                      ======= ========= ====================
                                                                                                                                                                                                                                                                                                                    
Weighted average number of diluted common shares outstanding                                                                          78,966,938                                                  80,621,967                                                  79,091,376                                                  82,359,460
                                                                                                                                                                                                                                                                                                                    
(Loss) earnings per diluted share (attributable) available to                                                                        $     (0.11 )                                               $      0.10                                                 $     (0.80 )                                               $      4.36
Validus common shareholders
Non-GAAP Adjustments:
  Net realized (gains) on investments                                                                                                      (0.07 )                                                     (0.11 )                                                     (0.10 )                                                     (0.19 )
  Change in net unrealized losses (gains) on investments                                                                                    0.27                                                        0.84                                                       (0.04 )                                                     (0.20 )
  (Income) loss from investment affiliates                                                                                                 (0.08 )                                                     (0.03 )                                                     (0.28 )                                                      0.03
  Foreign exchange losses (gains)                                                                                                 --                                                        0.01                                                        0.09                                                       (0.14 )
  Other (income) loss                                                                                                             --                                              --                                              --                                                        0.01
  Transaction expenses                                                                                                            --                                              --                                                        0.06                                              --
  Net income (loss) attributable to noncontrolling interests                                                                                0.06                                                       (0.01 )                                                     (0.01 )                                                      0.01
  Tax (benefit) expense (a)                                                                                                                (0.02 )                                                     (0.07 )                                                      0.01                                     0.02  
                                                                                                                               --------------------------------------                      --------------------------------------                      --------------------------------------                      --------------------------------------
Net operating income (loss) per diluted share available                                                                              $      0.05                              $      0.73                              $     (1.07 )                                               $      3.90  
(attributable) to
Validus common shareholders (b)
                                                                                                                               ------- --------- --------------------                      ------- --------- --------------------                      ------- --------- --------------------                      ------- --------- --------------------
                                                                                                                                                                                                                                                                                                                    
Average shareholders’ equity available to Validus common                                                                             $ 3,515,680                                                 $ 3,702,956                                                 $ 3,658,591                                                 $ 3,697,114
shareholders (c)
                                                                                                                                                                                                                                                                                                                    
Annualized return on average equity                                                                                                         (1.0 %)                                                      0.8 %                                                      (1.7 %)                                                      9.7 %
                                                                                                                               --------------------------------------                      --------------------------------------                      --------------------------------------                      --------------------------------------
Annualized net operating return on average equity (b)                                                                                        0.5 %                                                       6.3 %                                                      (2.3 %)                                                      8.7 %
                                                                                                                               --------------------------------------                      --------------------------------------                      --------------------------------------                      --------------------------------------
(a)   Represents the tax expense or benefit associated with the specific
                         country to which the pre-tax adjustment relates to. The tax impact
                         is estimated by applying the statutory rates of applicable
                         jurisdictions, after consideration of other relevant factors
                         including the ability to utilize tax losses carried forward.
(b)                      Non-GAAP financial measure.
(c)                      Average shareholders’ equity for the three months ended is the
                         average of the beginning and ending quarter end shareholders’ equity
                         balances, excluding the liquidation value of the preferred shares.
                          

Cautionary Note Regarding Forward-Looking Statements

Certain statements herein may include projections, goals, assumptions and statements that may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and Validus may make related oral, forward-looking statements on or following the date hereof. These projections, goals, assumptions and statements are not historical facts but instead represent only Validus’ belief regarding future events, many of which, by their nature, are inherently uncertain and outside Validus’ control. These projections, goals, assumptions and statements include statements preceded by, followed by or including words such as "will," "believe," "anticipate," "expect," "intend," "plan," "focused on achieving," "view," "target," "goal," or "estimate." Accordingly, there are or will be important factors that could cause Validus’ actual results and financial condition to differ, possibly materially, from the results and financial condition indicated in these projections, goals, assumptions and statements.

We believe that these factors include, but are not limited to, the following: 1) unpredictability and severity of catastrophic events; 2) rating agency actions; 3) adequacy of Validus’ risk management and loss limitation methods; 4) cyclicality of demand and pricing in the insurance and reinsurance markets; 5) statutory or regulatory developments including tax policy, reinsurance and other regulatory matters; 6) Validus’ ability to implement its business strategy during "soft" as well as "hard" markets; 7) adequacy of Validus’ loss reserves; 8) continued availability of capital and financing; 9) retention of key personnel; 10) competition; 11) potential loss of business from one or more major insurance or reinsurance brokers; 12) Validus’ ability to implement, successfully and on a timely basis, complex infrastructure, distribution capabilities, systems, procedures and internal controls, and to develop accurate actuarial data to support the business and regulatory and reporting requirements; 13) general economic and market conditions (including inflation, volatility in the credit and capital markets, interest rates and foreign currency exchange rates); 14) the integration of businesses Validus may acquire or new business ventures Validus may start; 15) the effect on Validus’ investment portfolios of changing financial market conditions including inflation, interest rates, liquidity and other factors; 16) acts of terrorism or outbreak of war; 17) availability of reinsurance and retrocessional coverage; 18) the inability to complete the proposed transaction with AIG (the "proposed transaction") because, among other reasons, conditions to the closing of the proposed transaction may not be satisfied or waived; 19) uncertainty as to the timing of completion of the proposed transaction; 20) the inability to complete the proposed transaction due to the failure to obtain Validus shareholder approval for the proposed transaction or the failure to satisfy other conditions to completion of the proposed transaction, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the transaction; 21) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; 22) risks related to disruption of management’s attention from Validus’ ongoing business operations due to the proposed transaction; 23) the effect of the announcement of the proposed transaction on Validus’ relationships with its clients, operating results and business generally; and 24) the outcome of any legal proceedings to the extent initiated against Validus or others following the announcement of the proposed transaction, as well as Validus’ management’s response to any of the aforementioned factors.

The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein and elsewhere, including the risk factors included in Validus’ most recent reports on Form 10-K and Form 10-Q and other documents of Validus on file with or furnished to the Securities and Exchange Commission ("SEC"). Any forward-looking statements made in this material are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by Validus will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, Validus or its business or operations. Except as required by law, Validus undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

Additional Information and Where to Find It

In connection with the proposed transaction, Validus will file with the SEC a proxy statement on Schedule 14A and may file or furnish other documents with the SEC regarding the proposed transaction. This material is not a substitute for the proxy statement or any other document which Validus may file with the SEC. INVESTORS IN AND SECURITY HOLDERS OF VALIDUS ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR FURNISHED OR WILL BE FILED OR WILL BE FURNISHED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain free copies of the proxy statement (when available) and other documents filed with or furnished to the SEC by Validus through the web site maintained by the SEC at www.sec.gov or by contacting the investor relations department of Validus.

Participants in the Solicitation

Validus and its directors and executive officers may be deemed to be participants in the solicitation of proxies from Validus’ shareholders in connection with the proposed transaction. Information regarding Validus’ directors and executive officers, including a description of their direct interests, by security holdings or otherwise, is contained in Validus’ annual proxy statement filed with the SEC on March 16, 2017. A more complete description will be available in the proxy statement on Schedule 14A. You may obtain free copies of these documents as described in the preceding paragraph filed, with or furnished to the SEC. All such documents, when filed or furnished, are available free of charge at the SEC’s website (www.sec.gov) or by directing a request to the investor relations department of Validus.

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20180201006495r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20180201006495/en/

SOURCE: Validus Holdings, Ltd.

Investors: 
Validus Holdings, Ltd. 
Investor.Relations@validusholdings.com 
+1-441-278-9000 
or 
Media: 
Brunswick Group 
Mustafa Riffat / Charlotte Connerton 
+1-212-333-3810


Register |  Password |  Feedback |  Copyright |  Usage Agreement |  Privacy Policy |  Advertising |  About Us |  Contact Us |  FAQ 

Past performance is not indicative of future results

StockSelector.com, the StockSelector.com logo, and News Selects are trademarks of StockSelector.com.
Copyright © 1998 - 2018 StockSelector.com. All rights reserved.