Bermuda-based insurance and reinsurance firm Validus has reported profits of $481.3 million for last year — down from $532.7 million the year before.

Validus chairman and CEO Ed Noonan said: “During 2014, Validus delivered an impressive 13.2 per cent operating return on average equity and 12.8 per cent growth in book value per diluted share inclusive of dividends.

“We also completed an important strategic objective by acquiring Western World Insurance Group, a leading specialty lines insurance company.

“The addition of Western World provides Validus with a top notch underwriting and distribution platform in the United States, the world’s largest insurance market, to complement our Bermuda, London and other global operations.”

The figures are the first to include the new acquisition, which Validus took over last October.

The figures reveal that gross premiums written by Validus for 2014 were down from $2,401 million the year before to around $2,363 million — a fall of $37.8 million (1.6 per cent).

Net premiums earned last year were down $99.6 million, or 4.7 per cent, to just over $2,002 million.

The firm’s underwriting income was down $78 million, or 12.9 per cent, to $526.9 million, compared to nearly $605 million in 2013.

The operating return on average equity of 13.2 per cent for 2014 was also down — from 15.5 per cent the year before.