Bermuda-based reinsurer Validus Holdings reported a record first-quarter profit of $124.2 million, despite “meaningful catastrophe losses” related to the Costa Concordia event and US tornado incidences.The company’s net income, which broke down to $1.18 per diluted common share for the three months ended March 31, 2012, compared to a net loss of $172.4 million, or $1.78 per diluted common share, for the same period last year.Operating income per share were $. 88, modestly beating the $. 77 estimate of analysts’ polled by YahooFinance.Validus reported a combined ratio of 84.6 percent which included $30.4 million of favourable prior accident year loss reserve development, benefiting the loss ratio by 6.7 percentage points.Ed Noonan, Validus’ chairman and CEO stated: “I am pleased to report nearly $125 million in net income and annualised growth in diluted book value per share of 15.1 percent despite meaningful catastrophe losses in connection with the Costa Concordia sinking and severe tornado activity in the U.S. heartland.“The net effect of the Costa Concordia loss, after the impact of reinstatement premiums was $63.1 million, which was within our pre-announced range of $50 million to $65 million. The total effect of notable losses after reinstatement premiums was $84.5 million in the first quarter of 2012, as compared to $271.1 million for the first quarter of 2011.Mr Noonan added that the company is looking for additional capital management opportunities.“Validus continues to expand and leverage our core capabilities as evidenced by the announcement of the capitalization of PaCRe, Ltd. and continued development of AlphaCat. We have also received interest in, and are considering opportunities to, raise additional capital for one or more of our AlphaCat funds or managed accounts. These additional facilities allow Validus to better serve our customers, intermediaries and ultimately our shareholders through the growth of our business.“With the January 1 and April 1 renewals behind us, we have plenty of capacity available for opportunities through the remainder of the year. Our balance sheet is strong and we continue to generate excess capital. We expect to become more active in capital management for the balance of 2012, while maintaining our capital in excess of our rating agency targets and stated risk appetites.”The company’s gross premiums written for the first quarter were $837.3 million, down 1.5 percent compared to the same period last year.Net investment income for the quarter was $27.8 million, a decrease of 7.4 percent compared to the quarter a year prior.Validus ended the quarter with diluted book value per share of $33.25 compared to $32.28 at December 31, 2011.