Insurance and reinsurance firm Validus Holdings posted operating earnings of $73.6 million in the third quarter of the year, the company announced yesterday.

Validus’ net operating income was 86 cents per share, beating the 78 cents per share expectation of analysts tracked by Yahoo Finance. Operating earnings were $11.3 million down on the $84.9 million, or 90 cents per share, recorded for the same period last year.

The report said the firm had taken a $47.8 million hit as a result of the Tianjin disaster, while the Chile earthquake bill amounted to $22.2 million.

Net income for the quarter was $66.7 million, compared to $39.7 million in the July-through-September period last year.

Ed Noonan, the company’s chairman and chief executive officer, said: “Validus delivered a 1.9 per cent growth in book value per diluted share inclusive of dividends during the quarter, a meaningful accomplishment given the significant investment market volatility and loss activity including the Tianjin, China, industrial explosion and earthquakes.

“Validus continues to benefit from our core principles of strong underwriting and analytical discipline and a rock solid balance sheet, foundations that serve us well as we continue our evolution as a global provider of insurance and reinsurance.”

Gross premiums written for the third quarter amounted to $401.7 million, compared to $359 million for the same quarter last year — an increase of $42.7 million, or 11.9 per cent.

The company report on the quarter said the increase was largely attributable to its Western World arm and an increase in gross written premium from its AlphaCat subsidiary.

It added: “This increase was offset by decreases at both Validus Re and Talbot.”

Underwriting income for the three months to the end of September was $86.1 million, a decrease of $6 million on the $92.1 million recorded in quarter three last year.

The report said the firm had also taken a $47.8 million hit as a result of the Tianjin disaster, while the Chile earthquake bill amounted to $22.2 million.