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| Validus Holdings, Ltd. |
| Analysis of Loss Ratios by Segment |
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| | | 29 Richmond Road |
| | | Pembroke, HM 08 Bermuda |
| | | Telephone: (441) 278-9000 |
| | | Facsimile: (441) 278-9009 |
| | | Website: www.validusholdings.com |
| | | Mailing address: Suite 1790 48 Par-la-Ville Road |
| | | Hamilton, HM 11 Bermuda |
Validus Holdings, Ltd.
Analysis of Loss Ratios by Segment
(Expressed in thousands of U.S. Dollars, except share and per share information) |
| | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | |
| | September 30,
2014 | | June 30,
2014 | | March 31,
2014 | | December 31,
2013 | | September 30,
2013 | | June 30, 2013 | | March 31, 2013 | |
| | | | | | | | | | | | | | | |
| Validus Re Segment | | | | | | | | | | | | | | |
| Current period - excluding items below | 47.0 | % |
| 40.9 | % |
| 32.8 | % |
| 42.9 | % |
| 39.1 | % |
| 38.4 | % | | 33.7 | % | |
| Current period - notable loss events | 0.0 | % | | 0.0 | % | | 0.0 | % | | 0.0 | % | | (5.3 | )% | | 22.9 | % | | 0.0 | % | |
| Current period - non-notable loss events | 6.9 | % | | 6.1 | % | | 0.0 | % | | 0.0 | % | | 0.0 | % | | 0.0 | % | | 0.0 | % | |
| Change in prior accident years | (8.9 | )% | | (12.0 | )% | | (4.2 | )% | | 1.3 | % | | (11.2 | )% | | (1.0 | )% | | (9.5 | )% | |
| Net loss ratio | 45.0 | % | | 35.0 | % | | 28.6 | % | | 44.2 | % | | 22.6 | % | | 60.3 | % | | 24.2 | % | |
| | | | | | | | | | | | | | | |
| AlphaCat Segment | | | | | | | | | | | | | | |
| Current period - excluding items below | 10.6 | % | | 2.2 | % | | 0.0 | % | | 2.1 | % | | 42.0 | % | | 1.0 | % | | 0.0 | % | |
| Current period - notable loss events | 0.0 | % | | 0.0 | % | | 0.0 | % | | (0.4 | )% | | 0.0 | % | | 2.8 | % | | 0.0 | % | |
| Current period - non-notable loss events | 0.0 | % | | 0.0 | % | | 0.0 | % | | 0.0 | % | | 0.0 | % | | 0.0 | % | | 0.0 | % | |
| Change in prior accident years | 0.0 | % | | (11.5 | )% | | (25.6 | )% | | 0.0 | % | | 0.0 | % | | 0.0 | % | | 0.0 | % | |
| Net loss ratio | 10.6 | % | | (9.3 | )% | | (25.6 | )% | | 1.7 | % | | 42.0 | % | | 3.8 | % | | 0.0 | % | |
| | | | | | | | | | | | | | | |
| Talbot Segment | | | | | | | | | | | | | | |
| Current period - excluding items below | 60.6 | % | | 57.3 | % | | 57.9 | % | | 65.4 | % | | 61.6 | % | | 53.7 | % | | 54.1 | % | |
| Current period - notable loss events | 0.0 | % | | 0.0 | % | | 0.0 | % | | (0.9 | )% | | (0.1 | )% | | 3.2 | % | | 0.0 | % | |
| Current period - non-notable loss events | 5.4 | % | | 2.3 | % | | 0.0 | % | | 0.0 | % | | 0.0 | % | | 0.0 | % | | 0.0 | % | |
| Change in prior accident years | (15.2 | )% | | (19.9 | )% | | (10.0 | )% | | (18.1 | )% | | (15.7 | )% | | (18.3 | )% | | (18.5 | )% | |
| Net loss ratio | 50.8 | % | | 39.7 | % | | 47.9 | % | | 46.4 | % | | 45.8 | % | | 38.6 | % | | 35.6 | % | |
| | | | | | | | | | | | | | | |
| Consolidated | | | | | | | | | | | | | | |
| Current period - excluding items below | 50.8 | % | | 45.7 | % | | 41.9 | % | | 49.1 | % | | 48.5 | % | | 41.7 | % | | 39.7 | % | |
| Current period - notable loss events | 0.0 | % | | 0.0 | % | | 0.0 | % | | (0.4 | )% | | (2.8 | )% | | 14.2 | % | | 0.0 | % | |
| Current period - non-notable loss events | 5.7 | % | | 4.0 | % | | 0.0 | % | | 0.0 | % | | 0.0 | % | | 0.0 | % | | 0.0 | % | |
| Change in prior accident years | (11.2 | )% | | (15.6 | )% | | (8.2 | )% | | (6.8 | )% | | (12.2 | )% | | (7.5 | )% | | (12.4 | )% | |
| Net loss ratio | 45.3 | % | | 34.1 | % | | 33.7 | % | | 41.9 | % | | 33.5 | % | | 48.4 | % | | 27.3 | % | |
Notes:
For disclosure purposes, only those loss events which aggregate to over $30 million on a consolidated basis (“notable loss events”) are disclosed separately in the Company’s analysis of loss ratios and also included in the reserve for notable loss events and reserve for development on notable loss events table in the Company’s Annual Report on Form 10-K. In addition, only those loss events which aggregate to over $15 million but less than $30 million on a consolidated basis (“non-notable loss events”) are incorporated into the Company’s analysis of loss ratios.
