Segment information (Tables)

12 Months Ended

Dec. 31, 2015

Segment Reporting [Abstract]

Results of operating segments and corporate segment

The following tables summarize the results of our operating segments and "Corporate and Investments":

	Years Ended December 31,
Validus Re Segment Information	2015			2014			2013
Underwriting income
Gross premiums written	$	1,126,759		$	1,118,532		$	1,226,690
Reinsurance premiums ceded	(149,088		)	(163,678		)	(210,432		)
Net premiums written	977,671			954,854			1,016,258
Change in unearned premiums	12,542			(37,570		)	117,679
Net premiums earned	990,213			917,284			1,133,937
Other insurance related income	3,575			3,159			19,222
Underwriting revenues	993,788			920,443			1,153,159
Underwriting deductions
Losses and loss expenses	457,976			307,290			430,026
Policy acquisition costs	166,387			141,670			180,779
General and administrative expenses	78,428			74,739			91,260
Share compensation expenses	10,350			9,739			7,668
Total underwriting deductions	713,141			533,438			709,733
Underwriting income	$	280,647		$	387,005		$	443,426
Selected ratios:
Net premiums written / Gross premiums written	86.8		%	85.4		%	82.8		%
Losses and loss expenses	46.2		%	33.5		%	37.9		%
Policy acquisition costs	16.8		%	15.5		%	16.0		%
General and administrative expenses (a)	9.0		%	9.2		%	8.7		%
Expense ratio	25.8		%	24.7		%	24.7		%
Combined ratio	72.0		%	58.2		%	62.6		%

(a) The general and administrative expense ratio includes share compensation expenses.

	Years Ended December 31,
Talbot Segment Information	2015			2014			2013
Underwriting income
Gross premiums written	$	1,018,835		$	1,101,770		$	1,091,890
Reinsurance premiums ceded	(198,896		)	(192,211		)	(226,111		)
Net premiums written	819,939			909,559			865,779
Change in unearned premiums	18,152			(29,785		)	(35,085		)
Net premiums earned	838,091			879,774			830,694
Other insurance related income	851			1,095			1,819
Underwriting revenues	838,942			880,869			832,513
Underwriting deductions
Losses and loss expenses	347,322			423,394			346,337
Policy acquisition costs	187,535			187,162			170,738
General and administrative expenses	155,306			150,828			136,458
Share compensation expenses	12,373			11,346			9,613
Total underwriting deductions	702,536			772,730			663,146
Underwriting income	$	136,406		$	108,139		$	169,367
Selected ratios:
Net premiums written / Gross premiums written	80.5		%	82.6		%	79.3		%
Losses and loss expenses	41.4		%	48.1		%	41.7		%
Policy acquisition costs	22.4		%	21.3		%	20.5		%
General and administrative expenses (a)	20.0		%	18.4		%	17.6		%
Expense ratio	42.4		%	39.7		%	38.1		%
Combined ratio	83.8		%	87.8		%	79.8		%

(a) The general and administrative expense ratio includes share compensation expenses.

	Years Ended December 31,
Western World Segment Information	2015			2014 (b)
Underwriting income
Gross premiums written	$	278,504		$	65,235
Reinsurance premiums ceded	(18,877		)	(6,428		)
Net premiums written	259,627			58,807
Change in unearned premiums	(977		)	14,189
Net premiums earned	258,650			72,996
Other insurance related income	1,044			264
Underwriting revenues	259,694			73,260
Underwriting deductions
Losses and loss expenses	171,878			51,035
Policy acquisition costs	41,408			3,169
General and administrative expenses	38,715			11,121
Share compensation expenses	2,083			135
Total underwriting deductions	254,084			65,460
Underwriting income	$	5,610		$	7,800
Selected ratios:
Net premiums written / Gross premiums written	93.2		%	90.1		%
Losses and loss expenses	66.4		%	69.9		%
Policy acquisition costs	16.0		%	4.4		%
General and administrative expenses (a)	15.8		%	15.4		%
Expense ratio	31.8		%	19.8		%
Combined ratio	98.2		%	89.7		%

(a) The general and administrative expense ratio includes share compensation expenses.

(b) The results of Western World have been included in the Company's consolidated results from the October 2, 2014 date of acquisition.

	Years Ended December 31,
AlphaCat Segment Information (a)	2015			2014			2013
Revenue - management fees
Third party	$	19,661		$	18,667		$	16,629
Related party	5,309			7,467			9,693
Total revenue	24,970			26,134			26,322
Expenses
General and administrative expenses	12,115			10,134			8,401
Share compensation expenses	580			501			468
Finance expenses	9,312			3,417			3,497
Foreign exchange (gains) losses	(16		)	(20		)	2
Total expenses	21,991			14,032			12,368
Income before investments from AlphaCat Funds and Sidecars	2,979			12,102			13,954
Investment income (loss) from AlphaCat Funds and Sidecars (b)
AlphaCat Re & Master Fund	—			(1,377		)	1,022
AlphaCat Sidecars	5,504			10,525			12,396
AlphaCat ILS Funds - Lower Risk (c)	7,491			7,974			7,848
AlphaCat ILS Funds - Higher Risk (c)	8,428			8,754			10,758
BetaCat ILS Funds	1,702			(51		)	—
PaCRe	(3,949		)	(4,340		)	542
Total investment income from AlphaCat Funds and Sidecars	19,176			21,485			32,566
Validus' share of AlphaCat income	$	22,155		$	33,587		$	46,520
Supplemental information:
Gross premiums written
AlphaCat Sidecars	$	45,755		$	50,023		$	69,626
AlphaCat ILS Funds - Lower Risk (c)	91,363			52,264			43,111
AlphaCat ILS Funds - Higher Risk (c)	34,228			24,498			18,397
AlphaCat Direct (d)	4,780			—			—
Total	$	176,126		$	126,785		$	131,134

(a) The results of AlphaCat are presented on an asset manager basis, which is non-GAAP. A reconciliation of segmental income to net income available to Validus is included in the tables below.

(b) The investment income from the AlphaCat funds and sidecars is based on equity accounting.

(c) Lower risk AlphaCat ILS funds have a maximum permitted portfolio expected loss of less than 7%, whereas higher risk AlphaCat ILS funds have a maximum permitted portfolio expected loss of greater than 7%. Expected loss represents the average annual loss over the set of simulation scenarios divided by the total limit.

(d) AlphaCat Direct includes direct investments from third party investors in AlphaCat Re.

	Years Ended December 31,
Corporate and Investment Information	2015			2014			2013
Investment income
Net investment income (a)	$	121,166		$	95,800		$	92,207
Operating expenses
General and administrative expenses	(75,724		)	(80,210		)	(77,843		)
Share compensation expenses	(12,955		)	(11,352		)	(9,881		)
Finance expenses (a)	(61,071		)	(60,309		)	(58,443		)
Tax expenses	(6,376		)	(155		)	(383		)
Total operating expenses	(156,126		)	(152,026		)	(146,550		)
Other items
Net realized gains (losses) on investments (a)	1,698			12,160			(826		)
Change in net unrealized losses on investments (a)	(32,007		)	(1,030		)	(54,588		)
Income from investment affiliate	4,281			8,411			4,790
Foreign exchange (losses) gains (a)	(8,172		)	(10,700		)	3,324
Other loss	(1,002		)	(2,243		)	(10,777		)
Transaction expenses (b)	—			(8,096		)	—
Total other items	(35,202		)	(1,498		)	(58,077		)
Total Corporate and Investment information	$	(70,162	)	$	(57,724	)	$	(112,420	)

(a) These items exclude the components which are included in Validus' share of AlphaCat and amounts which are consolidated from VIEs.

(b) 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.

The following tables reconcile the results of our operating segments and "Corporate & Investments" to the Consolidated results of the Company for the years indicated:

	Year Ended December 31, 2015
	Validus Re Segment			Talbot Segment			Western World Segment			AlphaCat & Consolidated Variable Interest Entities			Corporate & Investments			Eliminations			Total
Underwriting income
Gross premiums written	$	1,126,759		$	1,018,835		$	278,504		$	176,126					$	(42,718	)	$	2,557,506
Reinsurance premiums ceded	(149,088		)	(198,896		)	(18,877		)	(4,538		)				42,718			(328,681		)
Net premiums written	977,671			819,939			259,627			171,588						—			2,228,825
Change in unearned premiums	12,542			18,152			(977		)	(11,653		)				—			18,064
Net premiums earned	990,213			838,091			258,650			159,935						—			2,246,889
Other insurance related income	3,575			851			1,044			25,524						(24,881		)	6,113
Underwriting revenues	993,788			838,942			259,694			185,459						(24,881		)	2,253,002
Underwriting deductions
Losses and loss expenses	457,976			347,322			171,878			657						—			977,833
Policy acquisition costs	166,387			187,535			41,408			16,327						(1,599		)	410,058
General and administrative expenses	78,428			155,306			38,715			39,055			75,724			(23,519		)	363,709
Share compensation expenses	10,350			12,373			2,083			580			12,955			—			38,341
Total underwriting deductions	713,141			702,536			254,084			56,619			88,679			(25,118		)	1,789,941
Underwriting income (loss)	$	280,647		$	136,406		$	5,610		$	128,840		$	(88,679	)	$	237		$	463,061
Other items (a)										(17,967		)	(102,649		)				(120,616		)
Net investment income										6,658			121,166						127,824
(Income) attributable to AlphaCat investors										(2,412		)	—						(2,412		)
Net (income) attributable to noncontrolling interest										(92,964		)	—						(92,964		)
Segmental income	280,647			136,406			5,610			22,155			(70,162		)	237
Net income available to Validus																			$	374,893

(a) Other items includes finance expenses, tax expenses, foreign exchange gains (losses), net realized and change in net unrealized gains (losses) on investments, income from investment and operating affiliates and other income (loss).

	Year Ended December 31, 2014
	Validus Re Segment			Talbot Segment			Western World Segment (c)			AlphaCat & Consolidated Variable Interest Entities			Corporate & Investments			Eliminations			Total
Underwriting income
Gross premiums written	$	1,118,532		$	1,101,770		$	65,235		$	126,785					$	(53,457	)	$	2,358,865
Reinsurance premiums ceded	(163,678		)	(192,211		)	(6,428		)	(4,348		)				53,457			(313,208		)
Net premiums written	954,854			909,559			58,807			122,437						—			2,045,657
Change in unearned premiums	(37,570		)	(29,785		)	14,189			564						—			(52,602		)
Net premiums earned	917,284			879,774			72,996			123,001						—			1,993,055
Other insurance related income	3,159			1,095			264			25,750						(26,796		)	3,472
Underwriting revenues	920,443			880,869			73,260			148,751						(26,796		)	1,996,527
Underwriting deductions
Losses and loss expenses	307,290			423,394			51,035			(16,704		)				—			765,015
Policy acquisition costs	141,670			187,162			3,169			11,584						(4,118		)	339,467
General and administrative expenses	74,739			150,828			11,121			36,298			80,210			(23,834		)	329,362
Share compensation expenses	9,739			11,346			135			501			11,352			—			33,073
Total underwriting deductions	533,438			772,730			65,460			31,679			91,562			(27,952		)	1,466,917
Underwriting income (loss)	$	387,005		$	108,139		$	7,800		$	117,072		$	(91,562	)	$	1,156		$	529,610
Other items (a)										(12,891		)	(53,866		)				(66,757		)
Net investment income										4,286			95,800						100,086
Net (income) attributable to noncontrolling interest										(74,880		)	—						(74,880		)
Transaction expenses (b)										—			(8,096		)				(8,096		)
Segmental income	387,005			108,139			7,800			33,587			(57,724		)	1,156
Net income available to Validus																			$	479,963

(a) Other items includes finance expenses, tax expenses, foreign exchange gains (losses), net realized and change in net unrealized gains (losses) on investments, income from investment and operating affiliates and other income (loss).

(b) 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.

(c) The results of Western World have been included in the Company's consolidated results from the October 2, 2014 date of acquisition.

	Year Ended December 31, 2013
	Validus Re Segment			Talbot Segment			AlphaCat & Consolidated Variable Interest Entities			Corporate & Investments			Eliminations			Total
Underwriting income
Gross premiums written	$	1,226,690		$	1,091,890		$	131,134					$	(61,268	)	$	2,388,446
Reinsurance premiums ceded	(210,432		)	(226,111		)	(525		)				61,268			(375,800		)
Net premiums written	1,016,258			865,779			130,609						—			2,012,646
Change in unearned premiums	117,679			(35,085		)	3,555						—			86,149
Net premiums earned	1,133,937			830,694			134,164						—			2,098,795
Other insurance related income	19,222			1,819			26,424						(43,295		)	4,170
Underwriting revenues	1,153,159			832,513			160,588						(43,295		)	2,102,965
Underwriting deductions
Losses and loss expenses	430,026			346,337			433						—			776,796
Policy acquisition costs	180,779			170,738			13,946						(5,060		)	360,403
General and administrative expenses	91,260			136,458			34,455			77,843			(24,008		)	316,008
Share compensation expenses	7,668			9,613			468			9,881			—			27,630
Total underwriting deductions	709,733			663,146			49,302			87,724			(29,068		)	1,480,837
Underwriting income (loss)	$	443,426		$	169,367		$	111,286		$	(87,724	)	$	(14,227	)	$	622,128
Other items (a)							(6,166		)	(116,903		)				(123,069		)
Net investment income							3,882			92,207						96,089
Net (income) attributable to noncontrolling interest							(62,482		)	—						(62,482		)
Segmental income	443,426			169,367			46,520			(112,420		)	(14,227		)
Net income available to Validus																$	532,666

(a) Other items includes finance expenses, tax expenses, foreign exchange gains (losses), net realized and change in net unrealized gains (losses) on investments, income from investment and operating affiliates and other income (loss).

Gross premiums written by line of business

The following table sets forth the gross premiums written by line of business for the years indicated:

	Gross Premiums Written
	Years Ended December 31,
	2015		2014 (a)		2013
Property	$	1,077,700	$	1,050,109	$	1,152,027
Marine	471,857		576,478		570,008
Specialty	782,463		677,026		666,411
Liability	225,486		55,252		—
	$	2,557,506	$	2,358,865	$	2,388,446

(a) The results of Western World have been included in the Company's consolidated results from the October 2, 2014 date of acquisition.

Gross premiums written allocated to the territory of coverage exposure

The following tables set forth the gross premiums written allocated to the territory of coverage exposure for the years indicated:

	Gross Premiums Written
	Year Ended December 31, 2015
	Validus Re		Talbot		Western World		AlphaCat		Eliminations			Total		%
United States	$	530,541	$	106,679	$	278,504	$	41,134	$	(2,547	)	$	954,311	37.4	%
Worldwide excluding United States (a)	52,860		127,540		—		8,107		(1,186		)	187,321		7.3	%
Australia and New Zealand	12,190		8,974		—		624		(244		)	21,544		0.8	%
Europe	48,240		38,657		—		2,504		(1,135		)	88,266		3.5	%
Latin America and Caribbean	46,258		103,318		—		38		(15,481		)	134,133		5.2	%
Japan	38,885		5,171		—		1,671		(109		)	45,618		1.8	%
Canada	3,129		6,666		—		458		(231		)	10,022		0.4	%
Rest of the world (b)	21,498		103,237		—		—		(3,660		)	121,075		4.7	%
Sub-total, non United States	223,060		393,563		—		13,402		(22,046		)	607,979		23.7	%
Worldwide including United States (a)	139,419		100,523		—		116,523		(18,120		)	338,345		13.2	%
Other locations non-specific (c)	233,739		418,070		—		5,067		(5		)	656,871		25.7	%
Total	$	1,126,759	$	1,018,835	$	278,504	$	176,126	$	(42,718	)	$	2,557,506	100.0	%

	Gross Premiums Written
	Year Ended December 31, 2014
	Validus Re		Talbot		Western World (d)		AlphaCat		Eliminations			Total		%
United States	$	437,124	$	108,458	$	65,235	$	26,067	$	(3,664	)	$	633,220	26.8	%
Worldwide excluding United States (a)	76,370		139,570		—		6,727		(1,575		)	221,092		9.4	%
Australia and New Zealand	20,617		9,736		—		1,019		(360		)	31,012		1.3	%
Europe	57,223		45,615		—		2,305		(1,292		)	103,851		4.4	%
Latin America and Caribbean	56,102		116,281		—		—		(26,007		)	146,376		6.2	%
Japan	42,813		4,116		—		608		(111		)	47,426		2.0	%
Canada	3,793		10,194		—		214		(337		)	13,864		0.6	%
Rest of the world (b)	25,272		93,012		—		—		(3,805		)	114,479		4.9	%
Sub-total, non United States	282,190		418,524		—		10,873		(33,487		)	678,100		28.8	%
Worldwide including United States (a)	175,098		96,187		—		89,845		(16,196		)	344,934		14.6	%
Other locations non-specific (c)	224,120		478,601		—		—		(110		)	702,611		29.8	%
Total	$	1,118,532	$	1,101,770	$	65,235	$	126,785	$	(53,457	)	$	2,358,865	100.0	%

	Gross Premiums Written
	Year Ended December 31, 2013
	Validus Re		Talbot		AlphaCat			Eliminations			Total		%
United States	$	520,604	$	93,357	$	32,377		$	(1,336	)	$	645,002	27.0	%
Worldwide excluding United States (a)	62,285		142,294		13,884			(127		)	218,336		9.2	%
Australia and New Zealand	22,318		11,097		2,183			(43		)	35,555		1.5	%
Europe	64,538		51,667		1,446			(123		)	117,528		4.9	%
Latin America and Caribbean	53,359		155,798		—			(55,105		)	154,052		6.4	%
Japan	42,079		5,971		653			(3		)	48,700		2.0	%
Canada	2,964		10,768		818			(93		)	14,457		0.6	%
Rest of the world (b)	24,841		92,652		—			(505		)	116,988		4.9	%
Sub-total, non United States	272,384		470,247		18,984			(55,999		)	705,616		29.5	%
Worldwide including United States (a)	173,272		80,538		79,857			(2,573		)	331,094		13.9	%
Other locations non-specific (c)	260,430		447,748		(84		)	(1,360		)	706,734		29.6	%
Total	$	1,226,690	$	1,091,890	$	131,134		$	(61,268	)	$	2,388,446	100.0	%

(a) Represents risks in two or more geographic zones.

(b) Represents risks in one geographic zone.

(c) The Other locations non-specific category refers to business for which an analysis of exposure by geographic zone is not applicable, such as marine and aerospace risks, since these exposures can span multiple geographic areas and, in some instances, are not fixed locations.

(d) The results of Western World have been included in the Company's consolidated results from the October 2, 2014 date of acquisition.