XML 57 R63.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Segment information (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
Dec. 31, 2010
Underwriting income          
Gross premiums written $ 605,387 $ 516,861 $ 1,455,283 $ 1,387,795  
Reinsurance premiums ceded (132,346) (67,726) (242,166) (158,465)  
Net premiums written 473,041 449,135 1,213,117 1,229,330  
Change in unearned premiums (47,401) (11,191) (357,944) (333,692)  
Net premiums earned 425,640 437,944 855,173 895,638  
Underwriting deductions          
Losses and loss expenses 207,307 194,894 683,505 673,425  
Policy acquisition costs 78,230 74,126 155,526 150,302  
General and administrative expenses 60,841 52,379 109,318 105,948  
Share compensation expenses 7,628 6,846 19,677 13,422  
Total underwriting deductions 354,006 328,245 968,026 943,097  
Underwriting income (loss) 71,634 109,699 (112,853) (47,459)  
Net investment income 26,494 34,809 56,469 69,108  
Other income 595 2,697 2,201 3,585  
Finance expenses (16,361) (13,218) (30,362) (28,369)  
Operating income (loss) before taxes 82,362 133,987 (84,545) (3,135)  
Tax benefit (expense) 29 (4,187) 1,488 (3,490)  
Net operating income (loss) 82,391 129,800 (83,057) (6,625)  
Net realized gains on investments 11,552 12,441 17,931 23,839  
Net unrealized gains on investments 18,526 41,640 5,698 57,053  
Foreign exchange (losses) gains (1,991) (4,099) (2,458) (12,863)  
Net income (loss) 110,478 179,782 (61,886) 61,404  
Net income attributable to noncontrolling interest (594)   (594)    
Net income (loss) available (attributable) to Validus 109,884 179,782 (62,480) 61,404  
Selected ratios:          
Net premiums written / Gross premiums written 78.10% 86.90% 83.40% 88.60%  
Losses and loss expenses 48.70% 44.50% 79.90% 75.20%  
Policy acquisition costs 18.40% 16.90% 18.20% 16.80%  
General and administrative expenses 16.10% 13.50% 15.10% 13.30%  
Expense ratio 34.50% 30.40% 33.30% 30.10%  
Combined ratio 83.20% 74.90% 113.20% 105.30%  
Total assets 8,259,788 7,614,623 8,259,788 7,614,623 7,060,878
Validus Re [Member]
         
Underwriting income          
Gross premiums written 341,651 284,328 952,889 924,623  
Reinsurance premiums ceded (98,218) (41,175) (145,023) (54,285)  
Net premiums written 243,433 243,153 807,866 870,338  
Change in unearned premiums (10,755) 18,888 (322,879) (324,376)  
Net premiums earned 232,678 262,041 484,987 545,962  
Underwriting deductions          
Losses and loss expenses 94,035 123,793 404,579 472,713  
Policy acquisition costs 35,769 37,979 75,835 81,482  
General and administrative expenses 15,458 10,983 26,115 27,295  
Share compensation expenses 1,823 1,749 4,928 3,378  
Total underwriting deductions 147,085 174,504 511,457 584,868  
Underwriting income (loss) 85,593 87,537 (26,470) (38,906)  
Net investment income 22,389 29,914 48,040 59,159  
Other income 854 1,477 2,287 2,555  
Finance expenses (4,502) (1,107) (6,215) (2,400)  
Operating income (loss) before taxes 104,334 117,821 17,642 20,408  
Tax benefit (expense) (4) (94) (6) (185)  
Net operating income (loss) 104,330 117,727 17,636 20,223  
Net realized gains on investments 9,552 10,363 13,471 20,142  
Net unrealized gains on investments 14,557 35,697 6,042 47,892  
Foreign exchange (losses) gains (5,337) (843) (9,697) (5,982)  
Net income (loss) 123,102 162,944 27,452 82,275  
Net income attributable to noncontrolling interest (594)   (594)    
Net income (loss) available (attributable) to Validus 122,508 162,944 26,858 82,275  
Selected ratios:          
Net premiums written / Gross premiums written 71.30% 85.50% 84.80% 94.10%  
Losses and loss expenses 40.40% 47.20% 83.40% 86.60%  
Policy acquisition costs 15.40% 14.50% 15.60% 14.90%  
General and administrative expenses 7.40% 4.90% 6.40% 5.60%  
Expense ratio 22.80% 19.40% 22.00% 20.50%  
Combined ratio 63.20% 66.60% 105.40% 107.10%  
Total assets 5,411,663 5,057,693 5,411,663 5,057,693  
Talbot [Member]
         
Underwriting income          
Gross premiums written 276,886 253,710 539,943 524,251  
Reinsurance premiums ceded (47,278) (47,728) (134,692) (165,259)  
Net premiums written 229,608 205,982 405,251 358,992  
Change in unearned premiums (36,646) (30,079) (35,065) (9,316)  
Net premiums earned 192,962 175,903 370,186 349,676  
Underwriting deductions          
Losses and loss expenses 113,272 71,101 278,926 200,712  
Policy acquisition costs 42,307 38,647 79,523 73,592  
General and administrative expenses 34,718 24,960 63,440 50,508  
Share compensation expenses 2,026 1,468 4,745 3,027  
Total underwriting deductions 192,323 136,176 426,634 327,839  
Underwriting income (loss) 639 39,727 (56,448) 21,837  
Net investment income 6,372 7,251 12,962 14,571  
Other income 1,967 3,084 4,984 5,059  
Finance expenses   105 (63) (3,140)  
Operating income (loss) before taxes 8,978 50,167 (38,565) 38,327  
Tax benefit (expense) (208) (4,094) 1,585 (3,299)  
Net operating income (loss) 8,770 46,073 (36,980) 35,028  
Net realized gains on investments 2,000 2,078 4,460 3,697  
Net unrealized gains on investments 3,969 5,943 (344) 9,161  
Foreign exchange (losses) gains 3,410 (3,243) 7,311 (6,842)  
Net income (loss) 18,149 50,851 (25,553) 41,044  
Net income (loss) available (attributable) to Validus 18,149 50,851 (25,553) 41,044  
Selected ratios:          
Net premiums written / Gross premiums written 82.90% 81.20% 75.10% 68.50%  
Losses and loss expenses 58.70% 40.40% 75.30% 57.40%  
Policy acquisition costs 21.90% 22.00% 21.50% 21.00%  
General and administrative expenses 19.00% 15.00% 18.40% 15.30%  
Expense ratio 40.90% 37.00% 39.90% 36.30%  
Combined ratio 99.60% 77.40% 115.20% 93.70%  
Total assets 2,759,850 2,507,586 2,759,850 2,507,586  
Corporate & Eliminations [Member]
         
Underwriting income          
Gross premiums written (13,150) (21,177) (37,549) (61,079)  
Reinsurance premiums ceded 13,150 21,177 37,549 61,079  
Underwriting deductions          
Policy acquisition costs 154 (2,500) 168 (4,772)  
General and administrative expenses 10,665 16,436 19,763 28,145  
Share compensation expenses 3,779 3,629 10,004 7,017  
Total underwriting deductions 14,598 17,565 29,935 30,390  
Underwriting income (loss) (14,598) (17,565) (29,935) (30,390)  
Net investment income (2,267) (2,356) (4,533) (4,622)  
Other income (2,226) (1,864) (5,070) (4,029)  
Finance expenses (11,859) (12,216) (24,084) (22,829)  
Operating income (loss) before taxes (30,950) (34,001) (63,622) (61,870)  
Tax benefit (expense) 241 1 (91) (6)  
Net operating income (loss) (30,709) (34,000) (63,713) (61,876)  
Foreign exchange (losses) gains (64) (13) (72) (39)  
Net income (loss) (30,773) (34,013) (63,785) (61,915)  
Net income (loss) available (attributable) to Validus (30,773) (34,013) (63,785) (61,915)  
Selected ratios:          
Total assets $ 88,275 $ 49,344 $ 88,275 $ 49,344