Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues
Gross premiums written		$ 764,042	$ 726,168	$ 1,936,833	$ 1,845,392
Reinsurance premiums ceded		(36,229)	(55,418)	(204,064)	(246,743)
Net premiums written		727,813	670,750	1,732,769	1,598,649
Change in unearned premiums		(154,090)	(98,062)	(587,778)	(450,071)
Net premiums earned		573,723	572,688	1,144,991	1,148,578
Net investment income		39,257	33,611	68,718	64,640
Net realized gains on investments		2,724	2,244	2,140	6,413
Change in net unrealized gains (losses) on investments		31,428	(34,676)	78,872	(1,449)
(Loss) income from investment affiliate		(589)	284	(4,702)	3,060
Other insurance related income and other income		824	100	2,237	1,040
Foreign exchange gains (losses)		6,286	(2,671)	12,531	(6,936)
Total revenues		653,653	571,580	1,304,787	1,215,346
Expenses
Losses and loss expenses	[1]	307,130	266,146	531,577	507,075
Policy acquisition costs		107,966	104,323	215,159	202,734
General and administrative expenses		89,688	84,025	175,896	168,260
Share compensation expenses		10,727	9,242	21,964	18,296
Finance expenses		14,166	18,682	29,369	39,649
Total expenses		529,677	482,418	973,965	936,014
Income before taxes, income from operating affiliates and (income) attributable to AlphaCat investors		123,976	89,162	330,822	279,332
Tax (expense) benefit		(1,706)	(2,549)	412	(5,114)
Income (loss) from operating affiliates		0	1,738	(23)	5,722
(Income) attributable to AlphaCat investors		(6,114)	0	(10,714)	0
Net income		116,156	88,351	320,497	279,940
Net (income) attributable to noncontrolling interest		(21,193)	(22,561)	(58,724)	(40,739)
Net income available to Validus		94,963	65,790	261,773	239,201
Dividends on preferred shares		0	0	0	0
Net income available to Validus common shareholders		94,963	65,790	261,773	239,201
Comprehensive income
Net income		116,156	88,351	320,497	279,940
Other comprehensive (loss) income
Change in foreign currency translation adjustments		(3,287)	2,763	(5,315)	(256)
Change in minimum pension liability, net of tax		479	422	396	157
Change in fair value of cash flow hedge		64	390	(694)	(411)
Other comprehensive (loss) income		(2,744)	3,575	(5,613)	(510)
Comprehensive (income) attributable to noncontrolling interest		(21,193)	(22,561)	(58,724)	(40,739)
Comprehensive income available to Validus		$ 92,219	$ 69,365	$ 256,160	$ 238,691
Weighted average number of common shares and common share equivalents outstanding
Basic		81,950,833	84,003,549	82,386,047	83,627,396
Diluted		83,373,003	87,313,154	83,785,659	87,448,142
Basic earnings per share available to common shareholders		$ 1.16	$ 0.77	$ 3.18	$ 2.83
Earnings per diluted share available to Validus common shareholders		1.14	0.75	3.12	2.74
Cash dividends declared per share		$ 0.35	$ 0.32	$ 0.7	$ 0.64

[1] 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 $2,892 and $6,115, respectively, during the three and six months ended June 30, 2015, benefiting the loss ratio by 4.4 and 4.6 percentage points, respectively. The remaining fair value adjustment of $4,864 was fully amortized during 2015.