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Segment information (Summary of results of operating and other segments) (Details)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
USD ($)
Sep. 30, 2015
USD ($)
Sep. 30, 2016
USD ($)
segments
Sep. 30, 2015
USD ($)
Segment Reporting Information [Line Items]        
Number of operating segments | segments     4  
Underwriting revenues        
Gross premiums written $ 372,418 $ 402,509 $ 2,309,251 $ 2,247,901
Reinsurance premiums ceded (45,006) (48,810) (249,070) (295,553)
Net premiums written 327,412 353,699 2,060,181 1,952,348
Change in unearned premiums 236,363 201,312 (351,415) (248,759)
Net premiums earned 563,775 555,011 1,708,766 1,703,589
Other insurance related income (loss) 919 3,496 2,400 5,144
Segmental revenues 564,694 558,507 1,711,166 1,708,733
Underwriting deductions        
Losses and loss expenses [1] 258,394 256,010 789,971 763,085
Policy acquisition costs 113,434 105,039 328,593 307,773
General and administrative expenses 82,443 96,886 258,339 265,146
Share compensation expenses 10,501 9,983 32,465 28,279
Total underwriting deductions 464,772 467,918 1,409,368 1,364,283
Segmental income 99,922 90,589 301,798 344,450
Other items [2] (8,337) (27,844) 52,280 (66,405)
Dividends on preferred shares (2,252) 0 (2,252) 0
Net investment income 43,514 31,572 112,232 96,212
(Income) attributable to AlphaCat investors (5,564) (1,438) (16,278) (1,438)
Net (income) attributable to noncontrolling interest (37,439) (26,229) (96,163) (66,968)
Finance expenses 14,521 18,512 43,890 58,161
Tax (benefit) expense 1,830 2,018 1,418 7,132
Net realized gains on investments 4,397 (1,187) 6,537 5,226
Change in net unrealized gains on investments (a) 5,459 3,916 84,331 2,467
Income (loss) from investment affiliate 453 2,482 (4,249) 5,542
Foreign exchange gains (losses) 766 2,592 (11,765) 9,528
Net income available to Validus 92,096 66,650 353,869 305,851
Selected ratios:        
Net income available to Validus common shareholders 89,844 66,650 351,617 305,851
Corporate and investment        
Underwriting deductions        
General and administrative expenses 18,221 18,804 52,276 51,502
Share compensation expenses 4,048 3,383 12,147 9,454
Total underwriting deductions 22,269 22,187 64,423 60,956
Segmental income (22,269) (22,187) (64,423) (60,956)
Other items [2] (9,558) (18,448) 49,847 (51,256)
Dividends on preferred shares (2,252) 0 (2,252) 0
Net investment income [3] 41,071 29,991 105,843 91,281
Finance expenses [3] 14,317 15,143 42,637 45,623
Tax (benefit) expense 1,830 2,018 1,418 7,132
Total expenses 40,668 39,348 110,730 113,711
Validus share of segmental income 6,992 (10,644) 89,015 (20,931)
Net realized gains on investments [3] 4,080 (1,233) 5,514 5,051
Change in net unrealized gains on investments (a) [3] 4,652 1,765 81,782 2,508
Income (loss) from investment affiliate 453 2,482 (4,249) 5,542
Foreign exchange gains (losses) [3] 1,067 2,331 (11,628) 9,024
Other income (1,529) (1,970) (773) (2,578)
Total other items 6,589 (1,287) 93,902 1,499
Operating Segments | Validus Re        
Underwriting revenues        
Gross premiums written 94,741 103,297 1,072,219 1,112,410
Reinsurance premiums ceded (15,967) (15,846) (111,658) (149,001)
Net premiums written 78,774 87,451 960,561 963,409
Change in unearned premiums 149,705 153,210 (241,129) (205,110)
Net premiums earned 228,479 240,661 719,432 758,299
Other insurance related income (loss) 58 2,569 (107) 3,318
Segmental revenues 228,537 243,230 719,325 761,617
Underwriting deductions        
Losses and loss expenses 98,425 120,958 313,432 357,491
Policy acquisition costs 42,837 42,989 127,660 128,909
General and administrative expenses 17,528 19,964 52,579 58,254
Share compensation expenses 2,695 2,691 8,371 7,665
Total underwriting deductions 161,485 186,602 502,042 552,319
Segmental income 67,052 56,628 217,283 209,298
Validus share of segmental income $ 67,052 $ 56,628 $ 217,283 $ 209,298
Selected ratios:        
Net premiums written / Gross premiums written 83.10% 84.70% 89.60% 86.60%
Losses and loss expenses 43.10% 50.30% 43.60% 47.10%
Policy acquisition costs 18.70% 17.90% 17.70% 17.00%
General and administrative expenses [4] 8.90% 9.40% 8.50% 8.70%
Expense ratio 27.60% 27.30% 26.20% 25.70%
Combined ratio 70.70% 77.60% 69.80% 72.80%
Operating Segments | Talbot Segment        
Underwriting revenues        
Gross premiums written $ 189,674 $ 226,025 $ 752,058 $ 789,148
Reinsurance premiums ceded (22,877) (35,823) (137,496) (164,144)
Net premiums written 166,797 190,202 614,562 625,004
Change in unearned premiums 32,258 15,942 (7,166) 9,167
Net premiums earned 199,055 206,144 607,396 634,171
Other insurance related income (loss) 99 470 389 564
Segmental revenues 199,154 206,614 607,785 634,735
Underwriting deductions        
Losses and loss expenses 109,860 94,414 319,271 268,512
Policy acquisition costs 46,488 44,575 134,444 141,338
General and administrative expenses 32,333 43,292 109,929 115,341
Share compensation expenses 3,163 3,214 9,955 9,195
Total underwriting deductions 191,844 185,495 573,599 534,386
Segmental income 7,310 21,119 34,186 100,349
Validus share of segmental income $ 7,310 $ 21,119 $ 34,186 $ 100,349
Selected ratios:        
Net premiums written / Gross premiums written 87.90% 84.20% 81.70% 79.20%
Losses and loss expenses 55.20% 45.80% 52.60% 42.40%
Policy acquisition costs 23.40% 21.60% 22.10% 22.30%
General and administrative expenses [4] 17.80% 22.60% 19.70% 19.60%
Expense ratio 41.20% 44.20% 41.80% 41.90%
Combined ratio 96.40% 90.00% 94.40% 84.30%
Operating Segments | Western World        
Underwriting revenues        
Gross premiums written $ 85,260 $ 70,871 $ 236,190 $ 207,372
Reinsurance premiums ceded (6,202) (4,716) (15,347) (13,390)
Net premiums written 79,058 66,155 220,843 193,982
Change in unearned premiums (8,260) (2,225) (22,890) 2,948
Net premiums earned 70,798 63,930 197,953 196,930
Other insurance related income (loss) 219 248 696 787
Segmental revenues 71,017 64,178 198,649 197,717
Underwriting deductions        
Losses and loss expenses 45,748 40,810 129,623 138,098
Policy acquisition costs 17,094 13,214 46,704 27,110
General and administrative expenses 10,171 9,587 33,704 29,137
Share compensation expenses 702 554 1,825 1,525
Total underwriting deductions 73,715 64,165 211,856 195,870
Segmental income (2,698) 13 (13,207) 1,847
Validus share of segmental income $ (2,698) $ 13 $ (13,207) $ 1,847
Selected ratios:        
Net premiums written / Gross premiums written 92.70% 93.30% 93.50% 93.50%
Losses and loss expenses 64.60% 63.80% 65.50% 70.10%
Policy acquisition costs 24.10% 20.70% 23.60% 13.80%
General and administrative expenses [4] 15.40% 15.90% 17.90% 15.60%
Expense ratio 39.50% 36.60% 41.50% 29.40%
Combined ratio 104.10% 100.40% 107.00% 99.50%
Operating Segments | AlphaCat        
Underwriting revenues        
Gross premiums written [5] $ 4,413 $ 9,891 $ 270,666 $ 174,491
Third party management fees [5] 7,025 5,762 14,843 14,622
Related party management fees [5] 1,373 1,738 2,592 4,058
Segmental revenues [5] 8,398 7,500 17,435 18,680
Underwriting deductions        
General and administrative expenses [5] 3,324 4,124 7,557 8,883
Share compensation expenses [5] (107) 141 167 440
Total underwriting deductions [5] 3,253 6,551 8,655 18,573
Segmental income [5] 5,145 949 8,780 107
Net investment income [5],[6] 6,031 (1,430) 16,059 14,948
Finance expenses [5] 31 2,297 914 9,259
Foreign exchange gains (losses) [5] 5 (11) 17 (9)
Operating Segments | AlphaCat | AlphaCat sidecars        
Underwriting revenues        
Gross premiums written [5] (112) 2,079 (178) 45,426
Underwriting deductions        
Net investment income [5],[6] (72) 1,445 593 3,886
Operating Segments | AlphaCat | AlphaCat ILS funds - Lower Risk (a)        
Underwriting revenues        
Gross premiums written [5],[7] 2,049 1,653 112,241 90,088
Underwriting deductions        
Net investment income [5],[6],[7] 2,321 2,274 6,903 5,454
Operating Segments | AlphaCat | AlphaCat ILS funds - Higher Risk (a)        
Underwriting revenues        
Gross premiums written [5],[7] 1,797 1,374 140,127 34,192
Underwriting deductions        
Net investment income [5],[6],[7] 2,479 1,807 5,607 6,608
Operating Segments | AlphaCat | BetaCat ILS funds        
Underwriting deductions        
Net investment income [5],[6] 1,303 1,007 2,979 1,241
Operating Segments | AlphaCat | PaCRe funds        
Underwriting deductions        
Net investment income [5],[6] 0 (7,963) (23) (2,241)
Operating Segments | AlphaCat | AlphaCat direct        
Underwriting revenues        
Gross premiums written [5],[8] 679 4,785 18,476 4,785
Operating Segments | AlphaCat And Consolidated Variable Interest Entities        
Underwriting revenues        
Gross premiums written 4,413 9,891 270,666 174,491
Reinsurance premiums ceded (1,630) 0 (6,451) (4,538)
Net premiums written 2,783 9,891 264,215 169,953
Change in unearned premiums 62,660 34,385 (80,230) (55,764)
Net premiums earned 65,443 44,276 183,985 114,189
Other insurance related income (loss) 8,656 7,719 17,722 19,175
Segmental revenues 74,099 51,995 201,707 133,364
Underwriting deductions        
Losses and loss expenses 4,361 (172) 27,645 (1,016)
Policy acquisition costs 7,075 4,606 19,762 11,783
General and administrative expenses 12,255 12,419 26,272 28,478
Share compensation expenses (107) 141 167 440
Total underwriting deductions 23,584 16,994 73,846 39,685
Segmental income 50,515 35,001 127,861 93,679
Other items [2] 1,221 (9,396) 2,433 (15,149)
Net investment income 2,443 1,581 6,986 4,931
(Income) attributable to AlphaCat investors (5,564) (1,438) (16,278) (1,438)
Net (income) attributable to noncontrolling interest (37,439) (26,229) (96,163) (66,968)
Validus share of segmental income [5] 11,176 (481) 24,839 15,055
Eliminations        
Underwriting revenues        
Gross premiums written (1,670) (7,575) (21,882) (35,520)
Reinsurance premiums ceded 1,670 7,575 21,882 35,520
Other insurance related income (loss) (8,113) (7,510) (16,300) (18,700)
Segmental revenues (8,113) (7,510) (16,300) (18,700)
Underwriting deductions        
Policy acquisition costs (60) (345) 23 (1,367)
General and administrative expenses (8,065) (7,180) (16,421) (17,566)
Total underwriting deductions (8,125) (7,525) (16,398) (18,933)
Segmental income 12 15 98 233
Net investment income 0   (597)  
Validus share of segmental income $ 12 $ 15 $ (499) $ 233
[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 $2,524 and $8,639, respectively, during the three and nine months ended September 30, 2015, benefiting the loss ratio by 3.9 and 4.4 percentage points, respectively. The remaining fair value adjustment of $2,340 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 Validus' share of AlphaCat segment income to segmental income is presented
[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.