Reinsurance firm Validus reported profits of $94.6 million for the first quarter of the year.

The figure, equal to $1.17 per common share, was $72.2 million down on the $166.8 million recorded for the same period last year, equivalent to $1.98 per share.

Gross premiums written for the quarter amounted to $1.19 billion compared to $1.17 billion for the first quarter of 2016.

Ed Noonan, CEO of Validus, said: “This was another good quarter for the Validus Group,

“We had $94.6 million in net income and an annualised return on average equity of 10.2 per cent in the quarter.

“Our combined ratio of 83.2 per cent reflects our continued commitment to underwriting profits and most importantly we grew our book value per diluted common share, including dividends, by 2.9 per cent during the quarter.”

The $18.1 million increase in gross premiums written was put down an increase in the western world segment of Validus Group’s business, offset by decreases in Validus Re and Talbot segments.

The company report said: “The decrease in the Validus Re segment was driven by a decline in agriculture premiums of $76.3 million due to lower crop premiums available for insurers as result of recent mergers and acquisitions in the primary insurance space, including the company announced acquisition of Crop Risk Services.”

The decrease, however, was offset by an increase in agricultural premiums of $84.3 million in the western world segment, which resulted from a new quota share arrangement between CRS and Validus Re Switzerland.

Managed net investment income for the quarter was up $8.3 million at $36.2 million, compared to $27.9 for the same quarter in 2016.

The report said: “The increase was primarily driven by returns on the company’s portfolio of structured securities, of which $3.9 million was generated from a single fixed income fund during the three months ended March, 31, 2017, compared to a loss of $2.4 million from the same fund during the three months ended March 31, 2016, compared to a loss of $2.4 million from the same fund during the three months ended March 31, 2016.”