Validus beats 1Q profit forecasts

PEMBROKE, Bermuda (AP) _ Validus Holdings Ltd. (VR) on Thursday reported first-quarter net income of $173.4 million.

The Pembroke, Bermuda-based company said it had profit of $1.98 per share. Earnings, adjusted for non-recurring gains, were $1.52 per share.

The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.33 per share.

The provider of reinsurance and insurance services posted revenue of $613.6 million in the period.

Validus shares have climbed nearly 1 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $41.83, a rise of 13 percent in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on VR at http://www.zacks.com/ap/VR

Keywords: Validus Holdings, Earnings Report