Segment information (Tables)

6 Months Ended

Jun. 30, 2016

Segment Reporting [Abstract]

Summary of results of operating segments and Corporate

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

	Three Months Ended June 30,						Six Months Ended June 30,
Validus Re Segment Information	2016			2015			2016			2015
Underwriting revenues
Gross premiums written	$	285,810		$	297,420		$	977,478		$	1,009,113
Reinsurance premiums ceded	(3,196		)	(19,378		)	(95,691		)	(133,155		)
Net premiums written	282,614			278,042			881,787			875,958
Change in unearned premiums	(35,492		)	(13,492		)	(390,834		)	(358,320		)
Net premiums earned	247,122			264,550			490,953			517,638
Other insurance related income (loss)	150			434			(165		)	749
Total underwriting revenues	247,272			264,984			490,788			518,387
Underwriting deductions
Losses and loss expenses	132,139			123,405			215,007			236,533
Policy acquisition costs	42,564			43,826			84,823			85,920
General and administrative expenses	17,872			18,781			35,051			38,290
Share compensation expenses	2,775			2,396			5,676			4,974
Total underwriting deductions	195,350			188,408			340,557			365,717
Underwriting income	$	51,922		$	76,576		$	150,231		$	152,670
Selected ratios:
Net premiums written / Gross premiums written	98.9		%	93.5		%	90.2		%	86.8		%
Losses and loss expenses	53.5		%	46.6		%	43.8		%	45.7		%
Policy acquisition costs	17.2		%	16.6		%	17.3		%	16.6		%
General and administrative expenses (a)	8.4		%	8.0		%	8.3		%	8.4		%
Expense ratio	25.6		%	24.6		%	25.6		%	25.0		%
Combined ratio	79.1		%	71.2		%	69.4		%	70.7		%

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

	Three Months Ended June 30,						Six Months Ended June 30,
Talbot Segment Information	2016			2015			2016			2015
Underwriting revenues
Gross premiums written	$	296,067		$	293,046		$	562,384		$	563,123
Reinsurance premiums ceded	(27,161		)	(37,246		)	(114,619		)	(128,321		)
Net premiums written	268,906			255,800			447,765			434,802
Change in unearned premiums	(67,357		)	(50,362		)	(39,424		)	(6,775		)
Net premiums earned	201,549			205,438			408,341			428,027
Other insurance related income	279			40			290			94
Total underwriting revenues	201,828			205,478			408,631			428,121
Underwriting deductions
Losses and loss expenses	109,310			95,970			209,411			174,098
Policy acquisition costs	43,613			47,659			87,956			96,763
General and administrative expenses	39,061			35,555			77,596			72,049
Share compensation expenses	3,270			3,024			6,792			5,981
Total underwriting deductions	195,254			182,208			381,755			348,891
Underwriting income	$	6,574		$	23,270		$	26,876		$	79,230
Selected ratios:
Net premiums written / Gross premiums written	90.8		%	87.3		%	79.6		%	77.2		%
Losses and loss expenses	54.2		%	46.7		%	51.3		%	40.7		%
Policy acquisition costs	21.6		%	23.2		%	21.5		%	22.6		%
General and administrative expenses (a)	21.1		%	18.8		%	20.7		%	18.2		%
Expense ratio	42.7		%	42.0		%	42.2		%	40.8		%
Combined ratio	96.9		%	88.7		%	93.5		%	81.5		%

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

	Three Months Ended June 30,						Six Months Ended June 30,
Western World Segment Information	2016			2015			2016			2015
Underwriting revenues
Gross premiums written	$	86,971		$	79,554		$	150,930		$	136,501
Reinsurance premiums ceded	(5,006		)	(5,441		)	(9,145		)	(8,674		)
Net premiums written	81,965			74,113			141,785			127,827
Change in unearned premiums	(16,309		)	(8,995		)	(14,630		)	5,173
Net premiums earned	65,656			65,118			127,155			133,000
Other insurance related income	189			276			477			539
Total underwriting revenues	65,845			65,394			127,632			133,539
Underwriting deductions
Losses and loss expenses	44,229			46,771			83,875			97,288
Policy acquisition costs	15,410			9,617			29,610			13,896
General and administrative expenses	11,458			8,923			23,533			19,550
Share compensation expenses	542			494			1,123			971
Total underwriting deductions	71,639			65,805			138,141			131,705
Underwriting (loss) income	$	(5,794	)	$	(411	)	$	(10,509	)	$	1,834
Selected ratios:
Net premiums written / Gross premiums written	94.2		%	93.2		%	93.9		%	93.6		%
Losses and loss expenses	67.4		%	71.8		%	66.0		%	73.1		%
Policy acquisition costs	23.5		%	14.8		%	23.3		%	10.5		%
General and administrative expenses (a)	18.2		%	14.5		%	19.3		%	15.4		%
Expense ratio	41.7		%	29.3		%	42.6		%	25.9		%
Combined ratio	109.1		%	101.1		%	108.6		%	99.0		%

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

	Three Months Ended June 30,					Six Months Ended June 30,
AlphaCat Segment Information (a)	2016			2015		2016			2015
Revenues
Third party	$	3,091		$	4,323	$	7,818		$	8,860
Related party	328			1,134		1,219			2,320
Total revenues	3,419			5,457		9,037			11,180
Expenses
General and administrative expenses	2,751			2,330		4,233			4,759
Share compensation expenses	133			150		274			299
Finance expenses	75			2,534		883			6,962
Foreign exchange losses	4			15		12			2
Total expenses	2,963			5,029		5,402			12,022
Income (loss) before investments from AlphaCat Funds and Sidecars	456			428		3,635			(842		)
Investment income (loss) from AlphaCat Funds and Sidecars (b)
AlphaCat Sidecars	541			1,273		665			2,441
AlphaCat ILS Funds - Lower Risk (c)	2,075			1,894		4,582			3,180
AlphaCat ILS Funds - Higher Risk (c)	692			2,376		3,128			4,801
BetaCat ILS Funds	1,113			60		1,676			234
PaCRe	—			1,738		(23		)	5,722
Total investment income from AlphaCat Funds and Sidecars	4,421			7,341		10,028			16,378
Validus' share of AlphaCat income	$	4,877		$	7,769	$	13,663		$	15,536
Supplemental information:
Gross premiums written
AlphaCat Sidecars	$	(14	)	$	3,241	$	(66	)	$	43,347
AlphaCat ILS Funds - Lower Risk (c)	50,234			45,687		110,192			88,435
AlphaCat ILS Funds - Higher Risk (c)	42,010			13,867		138,330			32,818
AlphaCat Direct (d)	6,675			—		17,797			—
Total gross premiums written	$	98,905		$	62,795	$	266,253		$	164,600

(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.

	Three Months Ended June 30,						Six Months Ended June 30,
Corporate and Investment Information	2016			2015			2016			2015
Investment income
Net investment income (a)	$	36,849		$	31,854		$	64,772		$	61,290
Operating expenses
General and administrative expenses	17,872			17,092			34,055			32,698
Share compensation expenses	4,007			3,178			8,099			6,071
Finance expenses (a)	13,979			15,144			28,320			30,480
Dividends on preferred shares	—			—			—			—
Tax expense (benefit)	1,706			2,549			(412		)	5,114
Total operating expenses	37,564			37,963			70,062			74,363
Other items
Net realized gains on investments (a)	2,520			2,104			1,434			6,284
Change in net unrealized gains (losses) on investments (a)	30,052			(33,926		)	77,130			743
(Loss) income from investment affiliate	(589		)	284			(4,702		)	3,060
Foreign exchange gains (losses) (a)	6,621			(3,237		)	12,695			(6,693		)
Other income (loss)	79			(608		)	756			(608		)
Total other items	38,683			(35,383		)	87,313			2,786
Total Corporate and Investment Information	$	37,968		$	(41,492	)	$	82,023		$	(10,287	)

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

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

	Three Months Ended June 30, 2016
	Validus Re Segment			Talbot Segment			Western World Segment			AlphaCat & Consolidated Variable Interest Entities			Corporate & Investments			Eliminations			Total
Underwriting revenues
Gross premiums written	$	285,810		$	296,067		$	86,971		$	98,905					$	(3,711	)	$	764,042
Reinsurance premiums ceded	(3,196		)	(27,161		)	(5,006		)	(4,577		)				3,711			(36,229		)
Net premiums written	282,614			268,906			81,965			94,328						—			727,813
Change in unearned premiums	(35,492		)	(67,357		)	(16,309		)	(34,932		)				—			(154,090		)
Net premiums earned	247,122			201,549			65,656			59,396						—			573,723
Other insurance related income (loss)	150			279			189			3,401						(3,274		)	745
Total underwriting revenues	247,272			201,828			65,845			62,797						(3,274		)	574,468
Underwriting deductions
Losses and loss expenses	132,139			109,310			44,229			21,452						—			307,130
Policy acquisition costs	42,564			43,613			15,410			6,530						(151		)	107,966
General and administrative expenses	17,872			39,061			11,458			6,561			17,872			(3,136		)	89,688
Share compensation expenses	2,775			3,270			542			133			4,007			—			10,727
Total underwriting deductions	195,350			195,254			71,639			34,676			21,879			(3,287		)	515,511
Underwriting income (loss)	$	51,922		$	6,574		$	(5,794	)	$	28,121		$	(21,879	)	$	13		$	58,957
Other items (a)										1,058			22,998						24,056
Dividends on preferred shares													—						—
Net investment income										3,005			36,849			(597		)	39,257
(Income) attributable to AlphaCat investors										(6,114		)	—						(6,114		)
Net (income) attributable to noncontrolling interest										(21,193		)	—						(21,193		)
Segmental income (loss)	$	51,922		$	6,574		$	(5,794	)	$	4,877		$	37,968		$	(584	)
Net income available to Validus common shareholders																			$	94,963

(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).

	Three Months Ended June 30, 2015
	Validus Re Segment			Talbot Segment			Western World Segment			AlphaCat & Consolidated Variable Interest Entities			Corporate & Investments			Eliminations			Total
Underwriting revenues
Gross premiums written	$	297,420		$	293,046		$	79,554		$	62,795					$	(6,647	)	$	726,168
Reinsurance premiums ceded	(19,378		)	(37,246		)	(5,441		)	—						6,647			(55,418		)
Net premiums written	278,042			255,800			74,113			62,795						—			670,750
Change in unearned premiums	(13,492		)	(50,362		)	(8,995		)	(25,213		)				—			(98,062		)
Net premiums earned	264,550			205,438			65,118			37,582						—			572,688
Other insurance related income (loss)	434			40			276			5,532						(5,574		)	708
Total underwriting revenues	264,984			205,478			65,394			43,114						(5,574		)	573,396
Underwriting deductions
Losses and loss expenses	123,405			95,970			46,771			—						—			266,146
Policy acquisition costs	43,826			47,659			9,617			3,742						(521		)	104,323
General and administrative expenses	18,781			35,555			8,923			8,805			17,092			(5,131		)	84,025
Share compensation expenses	2,396			3,024			494			150			3,178			—			9,242
Total underwriting deductions	188,408			182,208			65,805			12,697			20,270			(5,652		)	463,736
Underwriting income (loss)	$	76,576		$	23,270		$	(411	)	$	30,417		$	(20,270	)	$	78		$	109,660
Other items (a)										(1,844		)	(53,076		)				(54,920		)
Dividends on preferred shares													—						—
Net investment income										1,757			31,854						33,611
(Income) attributable to AlphaCat investors										—			—						—
Net (income) attributable to noncontrolling interest										(22,561		)	—						(22,561		)
Segmental income (loss)	$	76,576		$	23,270		$	(411	)	$	7,769		$	(41,492	)	$	78
Net income available to Validus common shareholders																			$	65,790

(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).

	Six Months Ended June 30, 2016
	Validus Re Segment			Talbot Segment			Western World Segment			AlphaCat & Consolidated Variable Interest Entities			Corporate & Investments			Eliminations			Total
Underwriting revenues
Gross premiums written	$	977,478		$	562,384		$	150,930		$	266,253					$	(20,212	)	$	1,936,833
Reinsurance premiums ceded	(95,691		)	(114,619		)	(9,145		)	(4,821		)				20,212			(204,064		)
Net premiums written	881,787			447,765			141,785			261,432						—			1,732,769
Change in unearned premiums	(390,834		)	(39,424		)	(14,630		)	(142,890		)				—			(587,778		)
Net premiums earned	490,953			408,341			127,155			118,542						—			1,144,991
Other insurance related (loss) income	(165		)	290			477			9,066						(8,187		)	1,481
Total underwriting revenues	490,788			408,631			127,632			127,608						(8,187		)	1,146,472
Underwriting deductions
Losses and loss expenses	215,007			209,411			83,875			23,284						—			531,577
Policy acquisition costs	84,823			87,956			29,610			12,687						83			215,159
General and administrative expenses	35,051			77,596			23,533			14,017			34,055			(8,356		)	175,896
Share compensation expenses	5,676			6,792			1,123			274			8,099			—			21,964
Total underwriting deductions	340,557			381,755			138,141			50,262			42,154			(8,273		)	944,596
Underwriting income (loss)	$	150,231		$	26,876		$	(10,509	)	$	77,346		$	(42,154	)	$	86		$	201,876
Other items (a)										1,212			59,405						60,617
Dividends on preferred shares													—						—
Net investment income										4,543			64,772			(597		)	68,718
(Income) attributable to AlphaCat investors										(10,714		)	—						(10,714		)
Net (income) attributable to noncontrolling interest										(58,724		)	—						(58,724		)
Segmental income (loss)	$	150,231		$	26,876		$	(10,509	)	$	13,663		$	82,023		$	(511	)
Net income available to Validus common shareholders																			$	261,773

(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).

	Six Months Ended June 30, 2015
	Validus Re Segment			Talbot Segment			Western World Segment			AlphaCat & Consolidated Variable Interest Entities			Corporate & Investments			Eliminations			Total
Underwriting revenues
Gross premiums written	$	1,009,113		$	563,123		$	136,501		$	164,600					$	(27,945	)	$	1,845,392
Reinsurance premiums ceded	(133,155		)	(128,321		)	(8,674		)	(4,538		)				27,945			(246,743		)
Net premiums written	875,958			434,802			127,827			160,062						—			1,598,649
Change in unearned premiums	(358,320		)	(6,775		)	5,173			(90,149		)				—			(450,071		)
Net premiums earned	517,638			428,027			133,000			69,913						—			1,148,578
Other insurance related income (loss)	749			94			539			11,456						(11,190		)	1,648
Total underwriting revenues	518,387			428,121			133,539			81,369						(11,190		)	1,150,226
Underwriting deductions
Losses and loss expenses	236,533			174,098			97,288			(844		)				—			507,075
Policy acquisition costs	85,920			96,763			13,896			7,177						(1,022		)	202,734
General and administrative expenses	38,290			72,049			19,550			16,059			32,698			(10,386		)	168,260
Share compensation expenses	4,974			5,981			971			299			6,071			—			18,296
Total underwriting deductions	365,717			348,891			131,705			22,691			38,769			(11,408		)	896,365
Underwriting income (loss)	$	152,670		$	79,230		$	1,834		$	58,678		$	(38,769	)	$	218		$	253,861
Other items (a)										(5,753		)	(32,808		)				(38,561		)
Dividends on preferred shares													—						—
Net investment income										3,350			61,290						64,640
(Income) attributable to AlphaCat investors										—			—						—
Net (income) attributable to noncontrolling interest										(40,739		)	—						(40,739		)
Segmental income (loss)	$	152,670		$	79,230		$	1,834		$	15,536		$	(10,287	)	$	218
Net income available to Validus																			$	239,201

(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 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 periods indicated:

	Gross Premiums Written
	Three Months Ended June 30, 2016
	Validus Re		Talbot		Western World		AlphaCat			Eliminations			Total		%
United States	$	129,087	$	39,135	$	86,971	$	37,338		$	(417	)	$	292,114	38.2	%
Worldwide excluding United States (a)	16,975		30,028		—		6,496			(136		)	53,363		7.0	%
Australia and New Zealand	1,926		2,063		—		867			21			4,877		0.6	%
Europe	3,267		6,855		—		(145		)	216			10,193		1.3	%
Latin America and Caribbean	5,992		27,597		—		—			(2,511		)	31,078		4.1	%
Japan	39,053		3,965		—		1,721			(7		)	44,732		5.9	%
Canada	1,821		2,470		—		223			(36		)	4,478		0.6	%
Rest of the world (b)	3,259		29,806		—		—			(457		)	32,608		4.3	%
Sub-total, non United States	72,293		102,784		—		9,162			(2,910		)	181,329		23.8	%
Worldwide including United States (a)	35,561		34,198		—		52,394			(380		)	121,773		15.9	%
Other locations non-specific (c)	48,869		119,950		—		11			(4		)	168,826		22.1	%
Total	$	285,810	$	296,067	$	86,971	$	98,905		$	(3,711	)	$	764,042	100.0	%

	Gross Premiums Written
	Three Months Ended June 30, 2015
	Validus Re		Talbot		Western World		AlphaCat		Eliminations			Total		%
United States	$	171,006	$	40,036	$	79,554	$	23,800	$	(428	)	$	313,968	43.3	%
Worldwide excluding United States (a)	12,322		30,231		—		2,173		69			44,795		6.2	%
Australia and New Zealand	1,643		1,173		—		624		25			3,465		0.5	%
Europe	16,282		10,584		—		1,073		(84		)	27,855		3.8	%
Latin America and Caribbean	7,684		28,693		—		—		(3,919		)	32,458		4.5	%
Japan	37,800		2,843		—		1,671		(45		)	42,269		5.8	%
Canada	597		2,299		—		294		(48		)	3,142		0.4	%
Rest of the world (b)	3,026		24,982		—		—		(294		)	27,714		3.8	%
Sub-total, non United States	79,354		100,805		—		5,835		(4,296		)	181,698		25.0	%
Worldwide including United States (a)	37,967		32,704		—		32,410		(2,021		)	101,060		13.9	%
Other locations non-specific (c)	9,093		119,501		—		750		98			129,442		17.8	%
Total	$	297,420	$	293,046	$	79,554	$	62,795	$	(6,647	)	$	726,168	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 since these exposures can span multiple geographic areas and, in some instances, are not fixed locations.

	Gross Premiums Written
	Six Months Ended June 30, 2016
	Validus Re		Talbot		Western World		AlphaCat		Eliminations			Total		%
United States	$	424,481	$	65,245	$	150,930	$	62,729	$	(1,555	)	$	701,830	36.2	%
Worldwide excluding United States (a)	47,239		65,532		—		22,507		(611		)	134,667		7.0	%
Australia and New Zealand	6,849		4,375		—		4,949		(113		)	16,060		0.8	%
Europe	25,734		20,716		—		3,306		(708		)	49,048		2.5	%
Latin America and Caribbean	19,574		51,404		—		—		(5,537		)	65,441		3.4	%
Japan	39,925		4,582		—		3,221		(31		)	47,697		2.5	%
Canada	3,497		3,562		—		223		(87		)	7,195		0.4	%
Rest of the world (b)	19,947		57,290		—		—		(2,342		)	74,895		3.9	%
Sub-total, non United States	162,765		207,461		—		34,206		(9,429		)	395,003		20.5	%
Worldwide including United States (a)	147,338		62,652		—		167,767		(9,214		)	368,543		19.0	%
Other locations non-specific (c)	242,894		227,026		—		1,551		(14		)	471,457		24.3	%
Total	$	977,478	$	562,384	$	150,930	$	266,253	$	(20,212	)	$	1,936,833	100.0	%

	Gross Premiums Written
	Six Months Ended June 30, 2015
	Validus Re		Talbot		Western World		AlphaCat		Eliminations			Total		%
United States	$	510,020	$	68,094	$	136,501	$	36,945	$	(1,882	)	$	749,678	40.7	%
Worldwide excluding United States (a)	47,288		65,173		—		8,006		(933		)	119,534		6.5	%
Australia and New Zealand	11,507		3,049		—		624		(126		)	15,054		0.8	%
Europe	41,017		23,798		—		2,512		(904		)	66,423		3.6	%
Latin America and Caribbean	16,932		51,385		—		—		(7,813		)	60,504		3.3	%
Japan	39,184		3,597		—		1,671		(58		)	44,394		2.4	%
Canada	2,782		3,997		—		488		(124		)	7,143		0.4	%
Rest of the world (b)	21,680		47,988		—		—		(2,542		)	67,126		3.6	%
Sub-total, non United States	180,390		198,987		—		13,301		(12,500		)	380,178		20.6	%
Worldwide including United States (a)	122,811		54,498		—		110,304		(13,659		)	273,954		14.8	%
Other locations non-specific (c)	195,892		241,544		—		4,050		96			441,582		23.9	%
Total	$	1,009,113	$	563,123	$	136,501	$	164,600	$	(27,945	)	$	1,845,392	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 since these exposures can span multiple geographic areas and, in some instances, are not fixed locations.