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Segment information (Summary of results of operating and other segments) (Details)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2016
USD ($)
Jun. 30, 2015
USD ($)
Jun. 30, 2016
USD ($)
segments
Jun. 30, 2015
USD ($)
Segment Reporting Information [Line Items]        
Number of operating segments | segments     4  
Underwriting 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
Other insurance related income (loss) 745 708 1,481 1,648
Segmental revenues 574,468 573,396 1,146,472 1,150,226
Underwriting deductions        
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
Total underwriting deductions 515,511 463,736 944,596 896,365
Segmental income 58,957 109,660 201,876 253,861
Other items [2] 24,056 (54,920) 60,617 (38,561)
Dividends on preferred shares 0 0 0 0
Net investment income 39,257 33,611 68,718 64,640
(Income) attributable to AlphaCat investors (6,114) 0 (10,714) 0
Net (income) attributable to noncontrolling interest (21,193) (22,561) (58,724) (40,739)
Finance expenses 14,166 18,682 29,369 39,649
Tax (benefit) expense 1,706 2,549 (412) 5,114
Net realized gains on investments 2,724 2,244 2,140 6,413
Change in net unrealized gains (losses) on investments (a) 31,428 (34,676) 78,872 (1,449)
(Loss) income from investment affiliate (589) 284 (4,702) 3,060
Foreign exchange gains (losses) (6,286) 2,671 (12,531) 6,936
Net income available to Validus 94,963 65,790 261,773 239,201
Selected ratios:        
Net income available to Validus common shareholders 94,963 65,790 261,773 239,201
Corporate and investment        
Underwriting deductions        
General and administrative expenses 17,872 17,092 34,055 32,698
Share compensation expenses 4,007 3,178 8,099 6,071
Total underwriting deductions 21,879 20,270 42,154 38,769
Segmental income (21,879) (20,270) (42,154) (38,769)
Other items [2] 22,998 (53,076) 59,405 (32,808)
Dividends on preferred shares 0 0 0 0
Net investment income [3] 36,849 31,854 64,772 61,290
Finance expenses [3] 13,979 15,144 28,320 30,480
Tax (benefit) expense 1,706 2,549 (412) 5,114
Total expenses 37,564 37,963 70,062 74,363
Validus share of segmental income 37,968 (41,492) 82,023 (10,287)
Net realized gains on investments [3] 2,520 2,104 1,434 6,284
Change in net unrealized gains (losses) on investments (a) [3] 30,052 (33,926) 77,130 743
(Loss) income from investment affiliate (589) 284 (4,702) 3,060
Foreign exchange gains (losses) [3] (6,621) 3,237 (12,695) 6,693
Other income 79 (608) 756 (608)
Total other items 38,683 (35,383) 87,313 2,786
Operating Segments | Validus Re        
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
Segmental 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
Segmental income 51,922 76,576 150,231 152,670
Validus share of segmental income $ 51,922 $ 76,576 $ 150,231 $ 152,670
Selected ratios:        
Net premiums written / Gross premiums written 98.90% 93.50% 90.20% 86.80%
Losses and loss expenses 53.50% 46.60% 43.80% 45.70%
Policy acquisition costs 17.20% 16.60% 17.30% 16.60%
General and administrative expenses [4] 8.40% 8.00% 8.30% 8.40%
Expense ratio 25.60% 24.60% 25.60% 25.00%
Combined ratio 79.10% 71.20% 69.40% 70.70%
Operating Segments | Talbot Segment        
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 (loss) 279 40 290 94
Segmental 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
Segmental income 6,574 23,270 26,876 79,230
Validus share of segmental income $ 6,574 $ 23,270 $ 26,876 $ 79,230
Selected ratios:        
Net premiums written / Gross premiums written 90.80% 87.30% 79.60% 77.20%
Losses and loss expenses 54.20% 46.70% 51.30% 40.70%
Policy acquisition costs 21.60% 23.20% 21.50% 22.60%
General and administrative expenses [4] 21.10% 18.80% 20.70% 18.20%
Expense ratio 42.70% 42.00% 42.20% 40.80%
Combined ratio 96.90% 88.70% 93.50% 81.50%
Operating Segments | Western World        
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 (loss) 189 276 477 539
Segmental 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
Segmental income (5,794) (411) (10,509) 1,834
Validus share of segmental income $ (5,794) $ (411) $ (10,509) $ 1,834
Selected ratios:        
Net premiums written / Gross premiums written 94.20% 93.20% 93.90% 93.60%
Losses and loss expenses 67.40% 71.80% 66.00% 73.10%
Policy acquisition costs 23.50% 14.80% 23.30% 10.50%
General and administrative expenses [4] 18.20% 14.50% 19.30% 15.40%
Expense ratio 41.70% 29.30% 42.60% 25.90%
Combined ratio 109.10% 101.10% 108.60% 99.00%
Operating Segments | AlphaCat        
Underwriting revenues        
Gross premiums written [5] $ 98,905 $ 62,795 $ 266,253 $ 164,600
Third party management fees [5] 3,091 4,323 7,818 8,860
Related party management fees [5] 328 1,134 1,219 2,320
Segmental revenues [5] 3,419 5,457 9,037 11,180
Underwriting deductions        
General and administrative expenses [5] 2,751 2,330 4,233 4,759
Share compensation expenses [5] 133 150 274 299
Total underwriting deductions [5] 2,963 5,029 5,402 12,022
Segmental income [5] 456 428 3,635 (842)
Net investment income [5],[6] 4,421 7,341 10,028 16,378
Finance expenses [5] 75 2,534 883 6,962
Foreign exchange gains (losses) [5] 4 15 12 2
Operating Segments | AlphaCat | AlphaCat sidecars        
Underwriting revenues        
Gross premiums written [5] (14) 3,241 (66) 43,347
Underwriting deductions        
Net investment income [5],[6] 541 1,273 665 2,441
Operating Segments | AlphaCat | AlphaCat ILS funds - Lower Risk (a)        
Underwriting revenues        
Gross premiums written [5],[7] 50,234 45,687 110,192 88,435
Underwriting deductions        
Net investment income [5],[6],[7] 2,075 1,894 4,582 3,180
Operating Segments | AlphaCat | AlphaCat ILS funds - Higher Risk (a)        
Underwriting revenues        
Gross premiums written [5],[7] 42,010 13,867 138,330 32,818
Underwriting deductions        
Net investment income [5],[6],[7] 692 2,376 3,128 4,801
Operating Segments | AlphaCat | BetaCat ILS funds        
Underwriting deductions        
Net investment income [5],[6] 1,113 60 1,676 234
Operating Segments | AlphaCat | PaCRe funds        
Underwriting deductions        
Net investment income [5],[6] 0 1,738 (23) 5,722
Operating Segments | AlphaCat | AlphaCat direct        
Underwriting revenues        
Gross premiums written [5],[8] 6,675 0 17,797 0
Operating Segments | AlphaCat And Consolidated Variable Interest Entities        
Underwriting revenues        
Gross premiums written 98,905 62,795 266,253 164,600
Reinsurance premiums ceded (4,577) 0 (4,821) (4,538)
Net premiums written 94,328 62,795 261,432 160,062
Change in unearned premiums (34,932) (25,213) (142,890) (90,149)
Net premiums earned 59,396 37,582 118,542 69,913
Other insurance related income (loss) 3,401 5,532 9,066 11,456
Segmental revenues 62,797 43,114 127,608 81,369
Underwriting deductions        
Losses and loss expenses 21,452 0 23,284 (844)
Policy acquisition costs 6,530 3,742 12,687 7,177
General and administrative expenses 6,561 8,805 14,017 16,059
Share compensation expenses 133 150 274 299
Total underwriting deductions 34,676 12,697 50,262 22,691
Segmental income 28,121 30,417 77,346 58,678
Other items [2] 1,058 (1,844) 1,212 (5,753)
Net investment income 3,005 1,757 4,543 3,350
(Income) attributable to AlphaCat investors (6,114) 0 (10,714)  
Net (income) attributable to noncontrolling interest (21,193) (22,561) (58,724) (40,739)
Validus share of segmental income [5] 4,877 7,769 13,663 15,536
Eliminations        
Underwriting revenues        
Gross premiums written (3,711) (6,647) (20,212) (27,945)
Reinsurance premiums ceded 3,711 6,647 20,212 27,945
Other insurance related income (loss) (3,274) (5,574) (8,187) (11,190)
Segmental revenues (3,274) (5,574) (8,187) (11,190)
Underwriting deductions        
Policy acquisition costs (151) (521) 83 (1,022)
General and administrative expenses (3,136) (5,131) (8,356) (10,386)
Total underwriting deductions (3,287) (5,652) (8,273) (11,408)
Segmental income 13 78 86 218
Net investment income (597)   (597)  
Validus share of segmental income $ (584) $ 78 $ (511) $ 218
[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.
[2] 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).
[3] These items exclude the components which are included in Validus' share of AlphaCat and amounts which are consolidated from VIEs.
[4] The general and administrative expense ratio includes share compensation expenses.
[5] 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.
[6] The investment income from the AlphaCat funds and sidecars is based on equity accounting.
[7] 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.
[8] AlphaCat Direct includes direct investments from third party investors in AlphaCat Re.