Validus predicts third quarter cat losses of $379mn

Validus expects to report $378.9mn in losses stemming from
third-quarter catastrophes, including the impact on premiums earned
and losses attributable to AlphaCat.
Excluding the net effect on earned premiums, its share of net
losses and related expenses came to $412.7mn, Validus said late
yesterday.
An aggregate loss at that level would contract the company's
H1 average shareholder's equity by 8.8 percent, the second
highest erosion among companies that have pre-announced loss
estimates, an anal