The statutory capital and surplus in certain of our most significant regulatory jurisdictions as at December 31, 2015 and 2014 was as follows:



	Bermuda (a)				United States (b)				Switzerland (c)
	As at December 31,				As at December 31,				As at December 31,
	2015		2014		2015		2014		2015		2014
Required statutory capital and surplus	$	459,760	$	995,864	$	80,047	$	95,963	$	259,000	$	205,563
Actual statutory capital and surplus	3,492,233		3,543,590		421,047		452,089		759,054		779,001

(a)

The Company's Bermuda based insurance subsidiaries are required to maintain minimum statutory capital and surplus equal to the greater of a minimum solvency margin ("MSM") and the Enhanced Capital Requirement ("ECR") where applicable. The ECR is equal to the higher of each insurer's MSM or the Bermuda Solvency Capital Requirement ("BSCR") model or approved internal capital model. The BSCR for the relevant insurers for the year ended December 31, 2015 will not be filed with the BMA until April 2016. As a result, the required statutory capital and surplus as at December 31, 2015, as set out above, is based on the MSM of all relevant insurers, whereas the required statutory capital and surplus as at December 31, 2014 is based on the MSM and ECR where applicable for all relevant insurers. Required statutory capital and surplus includes Validus Reinsurance, Ltd., IPCRe Limited, AlphaCat Reinsurance Ltd., Mont Fort Re Ltd, and Talbot Insurance (Bermuda), Ltd. Actual statutory capital and surplus includes Validus Reinsurance, Ltd., AlphaCat Reinsurance Ltd., and Talbot Insurance (Bermuda), Ltd., as Validus Reinsurance, Ltd. is the parent company of the other two Bermuda based insurance subsidiaries. Talbot Insurance (Bermuda), Ltd. is only included in the required and actual statutory capital and surplus calculations as at December 31, 2014 as it was no longer a Bermuda based insurer as at December 31, 2015. Actual statutory capital and surplus includes capital held in support of FAL which is not available for distribution to the Company. Refer to Note 23, "Commitments and Contingencies," for further details.


(b)	Required statutory capital and surplus is based on the Risk-Based Capital ("RBC") requirements and includes Western World Insurance Company, Tudor Insurance Company and Stratford Insurance Company. Actual statutory capital and surplus includes Western World Insurance Company. Western World Insurance Company is the parent Company of the other two U.S. based insurance subsidiaries.


(c)	Required statutory capital and surplus is based on the Target Capital ("TC") requirements calculated under the Swiss Solvency Test ("SST"). Required and actual statutory capital and surplus includes Validus Reinsurance (Switzerland) Ltd. and its Bermuda branch.

During 2016, the Company's Bermuda regulated subsidiaries have the ability to distribute up to $1,030,751 of unrestricted net assets as dividend payments and/or return of capital to Validus Holdings, Ltd. (2015: $718,431) without prior regulatory approval. During the year ended December 31, 2015, dividends and distributions to Validus Holdings, Ltd. from its subsidiaries, net of amounts reinvested in subsidiaries, were $465,000 (2014: $773,966).

Statutory net income for the years ended December 31, 2015, 2014 and 2013 was as follows:



	Bermuda (a)						United States (b)						Switzerland (c)
	Years Ended December 31,						Years Ended December 31,						Years Ended December 31,
	2015		2014		2013		2015		2014		2013		2015		2014		2013
Statutory net income (loss)	$	329,260	$	511,652	$	687,837	$	32,255	$	105,210	$	—	$	19,916	$	44,939	$	(17,655	)


(a)	Statutory net income includes Validus Reinsurance, Ltd., IPCRe Limited, AlphaCat Reinsurance Ltd., Mont Fort Re Ltd. and Talbot Insurance (Bermuda), Ltd. The results of Talbot Insurance (Bermuda), Ltd. were included through September 30, 2015.


(b)	Statutory net income includes Western World Insurance Company, Tudor Insurance Company and Stratford Insurance Company. The results of Western World have been included in the Company's consolidated results from the October 2, 2014 date of acquisition.


(c)	Statutory net income (loss) includes Validus Reinsurance (Switzerland) Ltd. and its Bermuda branch.