Validus $118mn in the red as cats bite

Bermudian (re)insurer Validus Holdings reported a first quarter net loss of $118mn, contrasting with income of $94.9mn in Q1 2009, after sustaining a $306.9mn hit from the damaging natural catastrophes that punctuated the quarter - the Chilean earthquake, Windstorm Xynthia and Australian hailstorms.

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