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Segment information (Details)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2016
USD ($)
Sep. 30, 2016
USD ($)
Jun. 30, 2016
USD ($)
Mar. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Sep. 30, 2015
USD ($)
Jun. 30, 2015
USD ($)
Mar. 31, 2015
USD ($)
Dec. 31, 2016
USD ($)
segments
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Segment Reporting Information [Line Items]                      
Number of operating segments | segments                 4    
Underwriting income                      
Gross premiums written $ 339,454 $ 372,418 $ 764,042 $ 1,172,791 $ 309,605 $ 402,509 $ 726,168 $ 1,119,224 $ 2,648,705 $ 2,557,506 $ 2,358,865
Reinsurance premiums ceded (40,635) (45,006) (36,229) (167,835) (33,128) (48,810) (55,418) (191,325) (289,705) (328,681) (313,208)
Net premiums written 298,819 327,412 727,813 1,004,956 276,477 353,699 670,750 927,899 2,359,000 2,228,825 2,045,657
Change in unearned premiums 241,580 236,363 (154,090) (433,688) 266,823 201,312 (98,062) (352,009) (109,835) 18,064 (52,602)
Net premiums earned 540,399 563,775 573,723 571,268 543,300 555,011 572,688 575,890 2,249,165 2,246,889 1,993,055
Other insurance related income (loss)                 2,961 6,113 3,472
Segmental revenues                 2,252,126 2,253,002 1,996,527
Underwriting deductions                      
Losses and loss expenses 275,126 258,394 307,130 224,447 214,748 256,010 266,146 240,929 1,065,097 977,833 765,015
Policy acquisition costs 120,889 113,434 107,966 107,193 102,285 105,039 104,323 98,411 449,482 410,058 339,467
General and administrative expenses 77,955 82,443 89,688 86,208 98,563 96,886 84,025 84,235 336,294 363,709 329,362
Share compensation expenses 10,442 10,501 10,727 11,237 10,062 9,983 9,242 9,054 42,907 38,341 33,073
Total segmental deductions                 1,893,780 1,789,941 1,466,917
Segmental income                 358,346 463,061 529,610
Other items [1]                 1,829 (120,616) (66,757)
Dividends on preferred shares (2,203) (2,252) 0 0 0 0 0 0 (4,455) 0 0
Net investment income 38,153 43,514 39,257 29,461 31,612 31,572 33,611 31,029 150,385 127,824 100,086
(Income) attributable to AlphaCat investors (7,080) (5,564) (6,114) (4,600) (974) (1,438) 0 0 (23,358) (2,412) 0
Net (income) attributable to noncontrolling interests (27,200) (37,439) (21,193) (37,531) (25,996) (26,229) (22,561) (18,178) (123,363) (92,964) (74,880)
Finance expenses 14,630 14,521 14,166 15,203 16,581 18,512 18,682 20,967 58,520 74,742 68,324
Tax benefit (expense) 21,147 (1,830) (1,706) 2,118 756 (2,018) (2,549) (2,565) 19,729 (6,376) (155)
Net realized gains on investments 9,220 4,397 2,724 (584) (2,928) (1,187) 2,244 4,169 15,757 2,298 14,917
Change in net unrealized gains (losses) on managed investments (a) (67,460) 5,459 31,428 47,444 (34,862) 3,916 (34,676) 33,227 16,871 (32,395) (2,842)
(Loss) income from investment affiliates 2,166 453 (589) (4,113) (1,261) 2,482 284 2,776 (2,083) 4,281 8,411
Foreign exchange gains (901) (766) 6,286 6,245 797 (2,592) (2,671) (4,265) 10,864 (8,731) (12,181)
Transaction expenses                 0 0 (8,096) [2]
Net income available to Validus common shareholders $ 7,767 $ 89,844 $ 94,963 $ 166,810 $ 69,042 $ 66,650 $ 65,790 $ 173,411 359,384 374,893 479,963
Operating Segments | Validus Re                      
Underwriting income                      
Gross premiums written                 1,111,054 1,126,759 1,118,532
Reinsurance premiums ceded                 (111,564) (149,088) (163,678)
Net premiums written                 999,490 977,671 954,854
Change in unearned premiums                 (55,545) 12,542 (37,570)
Net premiums earned                 943,945 990,213 917,284
Other insurance related income (loss)                 (55) 3,575 3,159
Segmental revenues                 943,890 993,788 920,443
Underwriting deductions                      
Losses and loss expenses                 411,488 457,976 307,290
Policy acquisition costs                 181,040 166,387 141,670
General and administrative expenses                 72,770 78,428 74,739
Share compensation expenses                 11,034 10,350 9,739
Total segmental deductions                 676,332 713,141 533,438
Segmental income                 267,558 280,647 387,005
Validus share of segmental income                 $ 267,558 $ 280,647 $ 387,005
Selected ratios:                      
Ratio of net to gross premiums written                 90.00% 86.80% 85.40%
Losses and loss expenses ratio                 43.60% 46.20% 33.50%
Policy acquisition costs ratio                 19.20% 16.80% 15.50%
General and administrative expenses ratio [3]                 8.80% 9.00% 9.20%
Expense ratio                 28.00% 25.80% 24.70%
Combined ratio                 71.60% 72.00% 58.20%
Operating Segments | Talbot                      
Underwriting income                      
Gross premiums written                 $ 970,702 $ 1,018,835 $ 1,101,770
Reinsurance premiums ceded                 (175,729) (198,896) (192,211)
Net premiums written                 794,973 819,939 909,559
Change in unearned premiums                 (13,057) 18,152 (29,785)
Net premiums earned                 781,916 838,091 879,774
Other insurance related income (loss)                 455 851 1,095
Segmental revenues                 782,371 838,942 880,869
Underwriting deductions                      
Losses and loss expenses                 424,946 347,322 423,394
Policy acquisition costs                 177,127 187,535 187,162
General and administrative expenses                 134,479 155,306 150,828
Share compensation expenses                 13,078 12,373 11,346
Total segmental deductions                 749,630 702,536 772,730
Segmental income                 32,741 136,406 108,139
Validus share of segmental income                 $ 32,741 $ 136,406 $ 108,139
Selected ratios:                      
Ratio of net to gross premiums written                 81.90% 80.50% 82.60%
Losses and loss expenses ratio                 54.30% 41.40% 48.10%
Policy acquisition costs ratio                 22.70% 22.40% 21.30%
General and administrative expenses ratio [3]                 18.90% 20.00% 18.40%
Expense ratio                 41.60% 42.40% 39.70%
Combined ratio                 95.90% 83.80% 87.80%
Operating Segments | AlphaCat                      
Underwriting income                      
Gross premiums written [4]                 $ 270,402 $ 176,126 $ 126,785
Third party management fees [4]                 18,771 19,661 18,667
Related party management fees [4]                 3,329 5,309 7,467
Segmental revenues [4]                 22,100 24,970 26,134
Underwriting deductions                      
General and administrative expenses [4]                 10,233 12,115 10,134
Share compensation expenses [4]                 249 580 501
Total segmental deductions [4]                 11,538 21,991 14,032
Segmental income [4]                 10,562 2,979 12,102
Net investment income [4],[5]                 20,579 19,176 21,485
Finance expenses [4]                 947 9,312 3,417
Tax benefit (expense)                 (90) 0 0
Foreign exchange gains [4]                 (19) 16 20
Operating Segments | AlphaCat | AlphaCat Re & Master Fund                      
Underwriting deductions                      
Net investment income [4],[5]                 0 0 (1,377)
Operating Segments | AlphaCat | AlphaCat Sidecars                      
Underwriting income                      
Gross premiums written [4]                 (341) 45,755 50,023
Underwriting deductions                      
Net investment income [4],[5]                 607 5,504 10,525
Operating Segments | AlphaCat | AlphaCat ILS Funds - Lower Risk                      
Underwriting income                      
Gross premiums written [4],[6]                 112,222 91,363 52,264
Underwriting deductions                      
Net investment income [4],[5],[6]                 8,901 7,491 7,974
Operating Segments | AlphaCat | AlphaCat ILS Funds - Higher Risk                      
Underwriting income                      
Gross premiums written [4],[6]                 140,022 34,228 24,498
Underwriting deductions                      
Net investment income [4],[5],[6]                 7,471 8,428 8,754
Operating Segments | AlphaCat | BetaCat ILS Funds                      
Underwriting deductions                      
Net investment income [4],[5]                 3,623 1,702 (51)
Operating Segments | AlphaCat | PaCRe                      
Underwriting deductions                      
Net investment income [4],[5]                 (23) (3,949) (4,340)
Operating Segments | AlphaCat | AlphaCat Direct                      
Underwriting income                      
Gross premiums written [4]                 18,499 4,780 0
Operating Segments | AlphaCat & Consolidated Variable Interest Entities                      
Underwriting income                      
Gross premiums written                 270,402 176,126 126,785
Reinsurance premiums ceded                 (6,451) (4,538) (4,348)
Net premiums written                 263,951 171,588 122,437
Change in unearned premiums                 (13,879) (11,653) 564
Net premiums earned                 250,072 159,935 123,001
Other insurance related income (loss)                 22,386 25,524 25,750
Segmental revenues                 272,458 185,459 148,751
Underwriting deductions                      
Losses and loss expenses                 44,851 657 (16,704)
Policy acquisition costs                 26,905 16,327 11,584
General and administrative expenses                 34,333 39,055 36,298
Share compensation expenses                 249 580 501
Total segmental deductions                 106,338 56,619 31,679
Segmental income                 166,120 128,840 117,072
Other items [1]                 2,478 (17,967) (12,891)
Dividends on preferred shares                   0  
Net investment income                 9,264 6,658 4,286
(Income) attributable to AlphaCat investors                 (23,358) (2,412)  
Net (income) attributable to noncontrolling interests                 (123,363) (92,964) 74,880
Validus share of segmental income [4]                 31,141 22,155 33,587
Operating Segments | Western World Insurance Group, Inc                      
Underwriting income                      
Gross premiums written                 323,220 278,504 65,235 [7]
Reinsurance premiums ceded                 (22,634) (18,877) (6,428) [7]
Net premiums written                 300,586 259,627 58,807 [7]
Change in unearned premiums                 (27,354) (977) 14,189 [7]
Net premiums earned                 273,232 258,650 72,996 [7]
Other insurance related income (loss)                 912 1,044 264 [7]
Segmental revenues                 274,144 259,694 73,260 [7]
Underwriting deductions                      
Losses and loss expenses                 183,812 171,878 51,035 [7]
Policy acquisition costs                 64,442 41,408 3,169 [7]
General and administrative expenses                 43,280 38,715 11,121 [7]
Share compensation expenses                 2,543 2,083 135 [7]
Total segmental deductions                 294,077 254,084 65,460 [7]
Segmental income                 (19,933) 5,610 7,800 [7]
Validus share of segmental income                 $ (19,933) $ 5,610 $ 7,800
Selected ratios:                      
Ratio of net to gross premiums written                 93.00% 93.20% 90.10% [7]
Losses and loss expenses ratio                 67.30% 66.40% 69.90% [7]
Policy acquisition costs ratio                 23.50% 16.00% 4.40% [7]
General and administrative expenses ratio [3]                 16.80% 15.80% 15.40% [7]
Expense ratio                 40.30% 31.80% 19.80% [7]
Combined ratio                 107.60% 98.20% 89.70% [7]
Operating Segments | Corporate and Investment                      
Underwriting deductions                      
General and administrative expenses                 $ 72,249 $ 75,724 $ 80,210
Share compensation expenses                 16,003 12,955 11,352
Total segmental deductions                 88,252 88,679 91,562
Segmental income                 (88,252) (88,679) (91,562)
Other items [1]                 (649) (102,649) (53,866)
Dividends on preferred shares                 (4,455) 0 0
Net investment income [8]                 141,718 121,166 95,800
(Income) attributable to AlphaCat investors                 0    
Net (income) attributable to noncontrolling interests                 0   0
Finance expenses [8]                 57,183 61,071 60,309
Tax benefit (expense) [8]                 19,819 (6,376) (155)
Total expenses                 130,071 156,126 152,026
Validus share of segmental income                 48,362 (70,162) (57,724)
Net realized gains on investments [8]                 14,680 1,698 12,160
Change in net unrealized gains (losses) on managed investments (a) [8]                 14,106 (32,007) (1,030)
(Loss) income from investment affiliates                 (2,083) 4,281 8,411
Foreign exchange gains [8]                 10,778 (8,172) (10,700)
Other income (loss)                 (766) (1,002) (2,243)
Transaction expenses [9]                 0 0 (8,096) [2]
Total other items                 36,715 (35,202) (1,498)
Eliminations                      
Underwriting income                      
Gross premiums written                 (26,673) (42,718) (53,457)
Reinsurance premiums ceded                 26,673 42,718 53,457
Net premiums written                 0 0 0
Change in unearned premiums                 0 0 0
Net premiums earned                 0 0 0
Other insurance related income (loss)                 (20,737) (24,881) (26,796)
Segmental revenues                 (20,737) (24,881) (26,796)
Underwriting deductions                      
Losses and loss expenses                 0 0 0
Policy acquisition costs                 (32) (1,599) (4,118)
General and administrative expenses                 (20,817) (23,519) (23,834)
Share compensation expenses                 0 0 0
Total segmental deductions                 (20,849) (25,118) (27,952)
Segmental income                 112 237 1,156
Net investment income                 (597)    
Validus share of segmental income                 $ (485) $ 237 $ 1,156
[1] Other items includes finance expenses, tax (benefit) expense, 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).
[2] The transaction expenses relate to costs incurred in connection with the acquisition of Western World, which was completed on October 2, 2014. Transaction expenses are primarily comprised of legal, financial advisory and audit related services.
[3] The general and administrative expense ratio includes share compensation expenses.
[4] 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 in the tables below.
[5] The investment income from the AlphaCat funds and sidecars is based on equity accounting.
[6] AlphaCat Direct includes direct investments from third party investors in AlphaCat Re.
[7] The results of Western World have been included in the Company’s consolidated results from the October 2, 2014 date of acquisition.
[8] These items exclude the components which are included in Validus’ share of AlphaCat and amounts which are consolidated from VIEs.
[9] The transaction expenses relate to costs incurred in connection with the acquisition of Western World, which was completed on October 2, 2014. Transaction expenses are primarily comprised of legal, financial advisory and audit related services.