Validus misses as underwriting profits slide

Validus profit fell 36.8 percent in the first quarter as the
Bermudian reported net operating income of $76.8mn.
The $0.95 per share result fell well short of the consensus view
of $1.19 per share based on nine Wall Street analysts surveyed by
MarketWatch.com.
Gross written premium increased by 1.5 percent to $1.19bn for
the quarter however net premiums earned edged just 0.7 percentage
point higher and underwriting profit dropped 40 percent.
The group reported a combined ratio that climbed 8.1..