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4-Traders Homepage  >  Equities  >  Nyse  >  Validus Holdings, Ltd.    VR   BMG9319H1025

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Validus Holdings, Ltd. : Announces Capital Management Actions

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02/06/2013 | 11:45pm CET

Special Dividend in the Amount of $2.00 Per Share

Quarterly Dividend Increased by 20% to $0.30 from $0.25 Per Share

Increase in Common Share Repurchase Authorization to $500.0 Million

Validus Holdings, Ltd. ("Validus" or the "Company") (NYSE:VR) announced today that its Board of Directors has authorized the following capital management actions:

  • A special dividend in the amount of $2.00 per common share and common share equivalent for which each outstanding warrant is exercisable. The special dividend is payable in cash on February 26, 2013 to shareholders and warrant holders of record as of February 19, 2013.
  • An increase in the Validus regular quarterly dividend to $0.30 from $0.25 per common share and common share equivalent for which each outstanding warrant is exercisable. The Board also approved the payment of the regular quarterly dividend which is payable on March 29, 2013 to shareholders and warrant holders of record as of March 15, 2013.
  • An increase in the Validus common share repurchase authorization to $500.0 million.

The Company expects the repurchases to be made from time to time in the open market or in privately negotiated transactions. The timing, form and amount of the share repurchases under the program will depend on a variety of factors, including market conditions, the Company's capital position relative to internal and rating agency targets, legal requirements and other factors. The repurchase program may be modified, extended or terminated by the Board at any time.

About Validus Holdings, Ltd.

Validus Holdings, Ltd. is a provider of reinsurance, insurance, and insurance linked securities management operating through three primary segments, Validus Reinsurance, Ltd., Talbot Holdings Ltd. and AlphaCat Managers, Ltd. Validus Reinsurance, Ltd. ("Validus Re") is a Bermuda based reinsurer focused on short tail lines of reinsurance. Talbot Holdings Ltd. ("Talbot") is the Bermuda parent of the specialty insurance group primarily operating within the Lloyd's insurance market through Syndicate 1183. AlphaCat Managers, Ltd. ("AlphaCat") is a Bermuda based investment adviser, managing third-party capital in insurance linked securities and other investments in the property catastrophe reinsurance space.

Cautionary Note Regarding Forward-Looking Statements

This press release may include forward-looking statements, both with respect to us and our 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," "could" 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. 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 aforementioned factors.

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 on file with the Securities and Exchange Commission. 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. Validus undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

Validus Holdings, Ltd.
Jon Levenson, +1-441-278-9000 (Investors)
Executive Vice President
or
Brunswick Group
Greg Faje or Beau Allen, +1-212-333-3810 (Media)


© Business Wire 2013
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Financials ($)
Sales 2017 2 430 M
EBIT 2017 390 M
Net income 2017 343 M
Debt 2017 -
Yield 2017 2,67%
P/E ratio 2017 13,26
P/E ratio 2018 12,59
Capi. / Sales 2017 1,89x
Capi. / Sales 2018 1,74x
Capitalization 4 596 M
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Mean consensus HOLD
Number of Analysts 9
Average target price 59,6 $
Spread / Average Target 5,9%
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Managers
NameTitle
Edward Joseph Noonan Chairman & Chief Executive Officer
Michael Richard Moore Group Chief Operating Officer & Executive VP
Jeffrey D. Sangster Chief Financial Officer & Executive Vice President
Matthew J. Grayson Independent Director
Jean-Marie Nessi Independent Director
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