Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands		3 Months Ended			9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014		Sep. 30, 2015	Sep. 30, 2014
Revenues
Gross premiums written		$ 401,681	$ 358,974		$ 2,248,147	$ 2,026,639
Reinsurance premiums ceded		(48,425)	(30,137)		(294,161)	(275,610)
Net premiums written		353,256	328,837		1,953,986	1,751,029
Change in unearned premiums		202,203	165,859		(247,191)	(307,373)
Net premiums earned		555,459	494,696		1,706,795	1,443,656
Net investment income		31,524	25,261		96,153	69,909
Net realized (losses) gains on investments		(41,906)	4,595		(35,493)	16,193
Change in net unrealized (losses) gains on investments	[1]	(34,908)	(84,974)		19,766	16,146
Income from investment affiliate		2,482	1,754		5,542	7,881
Other insurance related income and other (loss)		8,187	(4,080)		15,559	14,985
Foreign exchange losses		(2,274)	(11,441)		(9,061)	(14,761)
Total revenues		518,564	425,811		1,799,261	1,554,009
Expenses
Losses and loss expenses	[2]	258,258	224,125		765,333	545,541
Policy acquisition costs		105,091	86,404		308,152	251,006
General and administrative expenses		95,999	83,319		263,990	231,606
Share compensation expenses		9,983	8,764		28,279	24,252
Finance expenses		17,498	15,354		55,085	47,380
Transaction expenses		0	149	[3]	0	3,401	[4]
Total expenses		486,829	418,115		1,420,839	1,103,186
Income before taxes, income from operating affiliates and (income) attributable to AlphaCat investors		31,735	7,696		378,422	450,823
Tax (expense) benefit		(2,018)	953		(7,132)	(398)
Income from operating affiliates		5,526	3,761		12,083	13,580
(Income) attributable to AlphaCat investors		(40,256)	(25,807)		(94,341)	(82,833)
Net (loss) income		(5,013)	(13,397)		289,032	381,172
Net loss (income) attributable to noncontrolling interest		71,663	53,069		15,042	(25,745)
Net income available to Validus		66,650	39,672		304,074	355,427
Other comprehensive loss
Change in foreign currency translation adjustments		(1,850)	(5,198)		(2,106)	(2,121)
Change in minimum pension liability, net of tax		(28)	0		129	0
Change in fair value of cash flow hedge		75	0		(336)	0
Other comprehensive loss		(1,803)	(5,198)		(2,313)	(2,121)
Comprehensive income available to Validus		$ 64,847	$ 34,474		$ 301,761	$ 353,306
Weighted average number of common shares and common share equivalents outstanding
Basic		82,635,316	90,593,329		83,296,703	91,665,950
Diluted		85,629,494	91,939,610		86,841,927	95,937,641
Basic earnings per share available to common shareholders		$ 0.79	$ 0.42		$ 3.61	$ 3.83
Earnings per diluted share available to common shareholders		0.78	0.41		3.50	3.70
Cash dividends declared per share		$ 0.32	$ 0.3000		$ 0.96	$ 0.90

[1] Includes the net realized (losses) gains and change in net unrealized (losses) gains on investments held by PaCRe in which the Company has an equity interest of 10%. The remaining 90% interest is held by third party investors and is included in the Consolidated Statements of Comprehensive Income as net loss (income) attributable to noncontrolling interest.

[2] Upon closing the acquisition of Western World, an adjustment of $15,586 was made to increase net reserves to reflect fair value. This adjustment was amortized to income through a reduction in losses and loss expenses of $2,524 and $8,639 during the three and nine months ended September 30, 2015, respectively. The remaining fair value adjustment of $2,340 will be amortized during the remainder of 2015.

[3] The transaction expenses relate to costs incurred in connection with the acquisition of Western World, which was completed on October 2, 2014. Western World results have not been included in the Company's consolidated results for the three months ended September 30, 2014. Transaction expenses are primarily comprised of legal, financial advisory and audit related services.

[4] The transaction expenses relate to costs incurred in connection with the acquisition of Western World, which was completed on October 2, 2014. Western World results have not been included in the Company's consolidated results for the nine months ended September 30, 2014. Transaction expenses are primarily comprised of legal, financial advisory and audit related services.