Feb 09, 2017
Validus Holdings, Ltd. Announces Quarterly Preferred Share Dividend and 8.6 % Increase in Quarterly Common Share Dividend
PEMBROKE, Bermuda--(BUSINESS WIRE)--Feb. 9, 2017--
Validus Holdings, Ltd. (“Validus” or the “Company”) (NYSE: VR) announced
today that its Board of Directors has increased its quarterly cash
dividend to $0.38 per common share from $0.35, an increase of $0.03 or
8.6%. The common share dividend is payable on March 31, 2017 to
shareholders of record on March 15, 2017.
In addition, the Board of Directors has declared a cash dividend on the
Company’s Series A 5.875% Preferred Shares of $0.3671875 per depositary
share. The Series A Preferred Share dividend is payable on March 15,
2017 to shareholders of record on March 1, 2017.
About Validus Holdings, Ltd.
Validus Holdings, Ltd. (“Validus”) is a holding company for reinsurance
and insurance operating companies and investment advisors including
Validus Reinsurance, Ltd. (“Validus Re”), Talbot Underwriting Ltd.
(“Talbot”), Western World Insurance Group, Inc. (“Western World”) and
AlphaCat Managers, Ltd. (“AlphaCat”).
Validus Re is a Bermuda based reinsurer focused on treaty reinsurance.
Talbot is a specialty insurance group primarily operating within the
Lloyd's insurance market through Syndicate 1183. Western World is a U.S.
specialty lines insurance company focused on excess and surplus lines.
AlphaCat is a Bermuda based investment adviser managing capital for
third parties and Validus in insurance linked securities and other
property catastrophe and specialty reinsurance investments.
Cautionary Note Regarding Forward-Looking
This press release may include forward-looking statements, both with
respect to the Company and its industry, that reflect our current views
with respect to future events and financial performance. Statements that
include the words "expect", "intend", "plan", "believe", "project",
"anticipate", "will", "may" and similar statements of a future or
forward-looking nature identify forward-looking statements. All
forward-looking statements address matters that involve risks and
uncertainties, many of which are beyond the Company's control.
Accordingly, there are or will be important factors that could cause
actual results to differ materially from those indicated in such
statements and, therefore, you should not place undue reliance on any
such 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; and 17) availability of reinsurance and
retrocessional coverage, as well as management's response to any of the
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 the Company on file with or furnished to the
U.S. Securities and Exchange Commission (“SEC”). Any forward-looking
statements made in this press release 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, the Company undertakes no obligation to update publicly
or revise any forward-looking statement, whether as a result of new
information, future developments or otherwise.
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Source: Validus Holdings, Ltd.
Validus Holdings, Ltd.
Mustafa Riffat / Charlotte Connerton