Validus Holdings Ltd posted a net loss of almost $175 million during the 2011 first quarter as its bottom line was significantly impacted by catastrophes across the world.The re/insurer reported a net loss of $172.4 million or $1.78 per share for the three months ended March 31, 2011 compared to a net loss of $118.4 million or 95 cents per share for the same period last year.It also recorded a net operating loss for the first quarter of $165.4 million or $1.71 per share versus $136.4 million, or $1.09 per share, for 2010. Net of $22.7 million of reinstatement premiums, the effect of these events on net income was $271.1 million.This compared to a $323.9 million loss from the three months ended March 31, 2010, representing 70.8 percentage points of loss ratio. Net of reinstatement premiums of $17 million, the impact on net income was $306.9 million.The company incurred losses of $293.8 million from catastrophes during the quarter, representing 68.4 percentage points of the loss ratio, excluding reserve for potential development on 2011 notable loss events.Ed Noonan, chairman and CEO of Validus, said: “Our financial results were materially affected by the numerous worldwide catastrophe losses occurring in the first quarter of 2011.“Our diluted book value per share of $31.32 at March 31, 2011 declined by 4.3 percent after adjusting for the 25 cents per common share dividend paid in the quarter.“The significant elevated worldwide loss activity since the beginning of 2010, in conjunction with changes to certain commercial vendors’ catastrophe models, is resulting in improved pricing and demand for catastrophe reinsurance. Given our strong balance sheet, Validus remains in an excellent position to provide substantial capacity to our reinsurance clients.”Gross premiums written for the three months ended March 31, 2011 were $849.9 million compared to $870.9 million for the same time last year representing a decrease of $21 million or 2.4 percent.Net premiums earned dropped $28.2 million, or 6.2 percent, to $429.5 million from $457.7 million in 2010.Validus’ combined ratio was 143 percent, including $26.5 million of favourable prior year loss reserve development, benefiting the loss ratio by 6.2 percentage points.The net operating loss for the three months ended March 31, 2011 was $165.4 million compared to $136.4 million for the three months ended March 31, 2010 a widening of $29 million or 21.3 percent reflecting decreased underwriting and investment income.The company’s annualised return on average equity was 20.2 percent and annualised operating return on average equity was 19.4 percent.