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Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Revenues                      
Gross premiums written $ 309,605 $ 402,509 $ 726,168 $ 1,119,224 $ 336,643 $ 357,711 $ 653,745 $ 1,010,766 $ 2,557,506 $ 2,358,865 [1] $ 2,388,446
Reinsurance premiums ceded (33,128) (48,810) (55,418) (191,325) (33,623) (30,137) (54,014) (195,434) (328,681) (313,208) (375,800)
Net premiums written 276,477 353,699 670,750 927,899 303,020 327,574 599,731 815,332 2,228,825 2,045,657 2,012,646
Change in unearned premiums 266,823 201,312 (98,062) (352,009) 253,621 164,997 (136,290) (334,930) 18,064 (52,602) 86,149
Net premiums earned 543,300 555,011 572,688 575,890 556,641 492,571 463,441 480,402 2,246,889 1,993,055 2,098,795
Net investment income 31,612 31,572 33,611 31,029 30,169 25,265 21,286 23,366 127,824 100,086 96,089
Net realized gains (losses) on investments (2,928) (1,187) 2,244 4,169 6,902 2,042 2,233 3,740 2,298 14,917 (764)
Change in net unrealized losses on investments (34,862) 3,916 (34,676) 33,227 (2,040) (23,982) 14,156 9,024 (32,395) (2,842) (52,419)
Income from investment affiliate (1,261) 2,482 284 2,776 530 1,754 779 5,348 4,281 8,411 4,790
Other insurance related income and other loss                 5,111 1,229 (6,607)
Foreign exchange (losses) gains 797 (2,592) (2,671) (4,265) 3,674 (12,281) 3,156 (6,730) (8,731) (12,181) 3,949
Total revenues                 2,345,277 2,102,675 2,143,833
Expenses                      
Losses and loss expenses 214,748 256,010 266,146 240,929 223,723 224,125 155,646 161,521 977,833 [2] 765,015 [2] 776,796 [2]
Policy acquisition costs 102,285 105,039 104,323 98,411 89,307 86,157 78,644 85,359 410,058 339,467 360,403
General and administrative expenses 98,563 96,886 84,025 84,235 99,173 82,556 74,403 73,230 363,709 329,362 316,008
Share compensation expenses 10,062 9,983 9,242 9,054 8,821 8,764 8,341 7,147 38,341 33,073 27,630
Finance expenses 16,581 18,512 18,682 20,967 17,605 16,273 17,086 17,360 74,742 68,324 68,007
Transaction expenses         4,695 149 3,252 0 0 8,096 [3] 0
Total expenses                 1,864,683 1,543,337 1,548,844
Income before taxes, (loss) income from operating affiliate and (income) attributable to AlphaCat investors                 480,594 559,338 594,989
Tax expense 756 (2,018) (2,549) (2,565) 243 953 (1,391) 40 (6,376) (155) (383)
(Loss) income from operating affiliate (1,708) (7,963) 1,738 3,984 (7,077) (5,895) 3,824 4,808 (3,949) (4,340) 542
(Income) attributable to AlphaCat investors (974) (1,438) 0 0         (2,412) 0 0
Net income 95,038 92,879 88,351 191,589 146,492 55,342 171,216 181,793 467,857 554,843 595,148
Net (income) attributable to noncontrolling interest (25,996) (26,229) (22,561) (18,178) (20,584) (15,670) (17,849) (20,777) (92,964) (74,880) (62,482)
Net income available to Validus $ 69,042 $ 66,650 $ 65,790 $ 173,411 $ 125,908 $ 39,672 $ 153,367 $ 161,016 374,893 479,963 532,666
Other comprehensive loss                      
Change in foreign currency translation adjustments                 (3,716) (7,501) (1,954)
Change in minimum pension liability, net of tax                 544 (210) 0
Change in fair value of cash flow hedge                 (841) (228) 0
Other comprehensive loss                 (4,013) (7,939) (1,954)
Comprehensive income available to Validus                 $ 370,880 $ 472,024 $ 530,712
Weighted average number of common shares and common share equivalents outstanding                      
Basic (shares) 82,538,834 82,635,316 84,003,549 83,251,243 86,421,127 90,593,329 90,952,523 93,451,999 83,107,236 90,354,745 102,202,274
Diluted (shares) 85,181,258 85,629,494 87,313,154 87,583,129 90,948,156 91,939,610 95,276,836 97,799,519 86,426,760 94,690,271 103,970,289
Basic earnings per share available to common shareholders $ 0.84 $ 0.79 $ 0.77 $ 2.07 $ 1.44 $ 0.42 $ 1.67 $ 1.71 $ 4.47 $ 5.24 $ 5.02
Earnings per diluted share available to common shareholders $ 0.81 $ 0.78 $ 0.75 $ 1.98 $ 1.38 $ 0.41 $ 1.61 $ 1.65 4.34 5.07 4.94
Cash dividends declared per share                 $ 1.28 $ 1.2 $ 3.2
[1] The results of Western World have been included in the Company's consolidated results from the October 2, 2014 date of acquisition.
[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 fully amortized to income through a reduction in losses and loss expenses of $10,979 and $4,607 during the years ended December 31, 2015 and 2014, respectively.
[3] The transaction expenses relate to costs incurred in connection with the acquisition of Western World, which was completed on October 2, 2014. Transaction expenses are primarily comprised of legal, financial advisory and audit related services.