Investments at fair value as at December 31, 2013, 2012 and 2011 includes revisions of $121,706, $131,127 and $101,321, respectively, from cash and cash equivalents to conform to current period presentation.
Net operating income available to Validus for the year ended December 31, 2014 was $486.5 million, or $5.14 per diluted common share compared to $589.4 million or $5.48 per diluted common share for the year ended December 31, 2013.
Fourth Quarter 2014 Summarized Results of Operations - Validus Re Segment
The notable loss event for the year ended December 31, 2013 was the European Floods.
The acquisition cost ratios for the year ended December 31, 2014 and 2013 were comparable.
Other insurance related income for the year ended December 31, 2014 and 2013 was comparable.
Underwriting income for the three months ended December 31, 2014 was $7.2 million compared to $27.1 million for the three months ended December 31, 2013, a decrease of $19.9 million.
The increase in the combined ratio for the year ended December 31, 2014 of 8.0 percentage points compared to the year ended December 31, 2013 was due to the movement in the underlying ratios as discussed above.
Corporate general and administrative expenses for the year ended December 31, 2014, net of eliminations related to the operating segments, were $73.5 million compared to $68.8 million for the year ended December 31, 2013, an increase of $4.7 million or 6.9%. General and administrative expenses have increased primarily due to an increase in the performance bonus accrual and headcount, from 169 employees at December 31, 2013 to 173 employees at December 31, 2014. Also, contributing to the increase was an increase in information technology expenses during the current year. Corporate general and administrative expenses are comprised of executive and board expenses, internal and external audit expenses and other costs relating to the Company as a whole.
amount estimated for a specific contract will be accurate, or that all contracts with exposure to a specific notable loss event will be identified in a timely manner. Potential losses in excess of the estimated ultimate loss assigned to a contract on the basis of a specific review, or loss amounts from contracts not specifically included in the detailed review may be reserved for in the reserve for potential development on notable loss events. Any reserve for potential development on notable loss events (or “RDE”) is included as part of the Company's overall reserve as defined and disclosed in the Critical Accounting Policies and Estimates section.
Closing Reserve for the period equals Closing Estimate for the period less cumulative Paid Losses (Recovery).
Notable loss event for the year ended December 31, 2013 was the European floods.
The following table details the Company's capital position as at December 31, 2014, 2013 and 2012.
longer reserving history exists and expected losses and loss ratios consider, among other things, rate increases and changes in terms and conditions that have been observed in the market. For reinsurance business, expected losses and loss ratios are typically developed using vendor and proprietary computer models. The information used in these models is collected by underwriters and actuaries during the initial pricing of the business.
For further details on the valuation of the Company's remaining investment portfolio refer to Note 8, "Fair Value Measurements" to the Consolidated Financial Statements in Part II, Item 8.