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Validus Q4 net income decreases

Validus reported a net income of $37m in Q4 08 compared to $139m in Q4 07

Bermuda-based reinsurance company Validus Holdings has reported a net income of $37 million or $0.47 per diluted common share in the fourth quarter of 2008, compared to $139 million or $1.77 per diluted common share in the fourth quarter of 2007.

The net operating income for the fourth quarter of 2008 was $50.9 million or $0.65 per diluted share, compared to $131.5 million or $1.68 per diluted common share in the same period of 2007. Net premiums earned were $316 million, compared to $318 million in the fourth quarter of 2007.

For the full year 2008, the company has reported a net income of $53.1 million or $0.61 per diluted share, compared to $403 million or $5.95 per diluted common share in 2007. Net operating income for the full year 2008 was $175.1 million or $2.22 per diluted common share, compared to $388.2 million or $5.73 per diluted common share in 2007.

Ed Noonan, CEO of Validus, said: 2008 was an extraordinary test of our enterprise risk management and we are very pleased with our success in such troubled times. We absorbed the worst financial markets in recent memory, as well as one of the most costly natural disasters in history and still generated $98.4 million of underwriting income and $53.1 million in net income for our shareholders.