Validus Holdings Ltd’s net income slipped $70 million for the second quarter as losses for the US tornadoes came in within its pre-announced range.The re/insurer, which earlier this month put in a $3.5 billion bid for Transatlantic Holdings, reported profits of $109.9 million or $1.05 per share for the three months ended June 30, 2011 compared to $179.8 million or $1.44 per share for the three months ended June 30, 2010.But it made a net loss for the six months ended June 30, 2011 of $62.5 million, or 68 cents per share compared to a net income available to Validus of $61.4 million or 46 cents per share for the six months ended June 30, 2010.Net operating income for the three months ended June 30, 2011 was $81.8 million or 78 cents per share versus $129.8 million or $1.04 per share, for the three months ended June 30, 2010.The net operating loss for the six months ended June 30, 2011 was $83.7 million, or 89 cents per share compared with $6.6 million, or eight cents per share for the six months ended June 30, 2010.Ed Noonan, chairman and CEO of Validus, said: “I am pleased with our financial results during the quarter, for which Validus reported net income of $109.9 million. Growth in diluted book value per share plus accumulated dividends was 2.7 percent in the quarter.“The US tornado losses were within our pre-announced range and we had no adverse impact from first quarter loss events on our second quarter results. I am even more pleased with the steps we have taken to further grow our business.“Our balance sheet re“Our balance sheet remains strong after the significant worldwide catastrophe events of the last twelve months and we had ample capacity to grow at the June and July renewal dates to meet our clients’ reinsurance needs. In an endorsement of our analytical capabilities and underwriting acumen, AlphaCat Re 2011 commenced operations in the second quarter with $184.3 million in capital, including $134.3 million from third party investors. As a consequence, our gross premiums written in the quarter increased by 17.1 percent over the prior year with the increase largely attributable to catastrophe excess of loss products.“We also have taken steps to manage the risk inherent in the Atlantic hurricane season, and have bound in the quarter a significant reinsurance program which attaches at a 12.5 year return period and which we think would position us to grow even further in the aftermath of a significant landfalling US hurricane.”