XML 157 R140.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed unaudited quarterly financial information (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Revenues                      
Gross premiums written $ 443,323 $ 523,856 $ 792,902 $ 1,190,857 $ 339,454 $ 372,418 $ 764,042 $ 1,172,791 $ 2,950,938 $ 2,648,705 $ 2,557,506
Reinsurance premiums ceded (96,445) (116,860) (56,222) (200,106) (40,635) (45,006) (36,229) (167,835) (469,633) (289,705) (328,681)
Net premiums written 346,878 406,996 736,680 990,751 298,819 327,412 727,813 1,004,956 2,481,305 2,359,000 2,228,825
Change in unearned premiums 304,599 316,212 (105,653) (415,375) 241,580 236,363 (154,090) (433,688) 99,783 (109,835) 18,064
Net premiums earned 651,477 723,208 631,027 575,376 540,399 563,775 573,723 571,268 2,581,088 2,249,165 2,246,889
Net investment income 48,960 44,458 44,241 40,214 38,153 43,514 39,257 29,461 177,873 150,385 127,824
Net realized gains on investments 5,607 906 2,274 (1,164) 9,220 4,397 2,724 (584) 7,623 15,757 2,298
Change in net unrealized gains (losses) on managed investments (21,257) (5,197) 16,321 13,348 (67,460) 5,459 31,428 47,444 3,215 16,871 (32,395)
Income (loss) from investment affiliates 6,345 1,011 9,466 5,188 2,166 453 (589) (4,113) 22,010 (2,083) 4,281
Other insurance related income and other income 6,939 3,571 1,339 1,330 568 (610) 824 1,413 13,179 2,195 5,111
Foreign exchange (losses) gains (283) (1,404) (7,329) 1,569 (901) (766) 6,286 6,245 (7,447) 10,864 (8,731)
Total Revenues 697,788 766,553 697,339 635,861 522,145 616,222 653,653 651,134 2,797,541 2,443,154 2,345,277
Expenses                      
Losses and loss expenses 479,842 1,254,602 296,149 269,585 275,126 258,394 307,130 224,447 2,300,178 1,065,097 977,833
Policy acquisition costs 127,067 115,590 117,268 111,628 120,889 113,434 107,966 107,193 471,553 449,482 410,058
General and administrative expenses 97,522 70,342 96,349 87,924 77,955 82,443 89,688 86,208 352,137 336,294 363,709
Share compensation expenses 10,031 9,443 11,146 9,491 10,442 10,501 10,727 11,237 40,111 42,907 38,341
Finance expenses 15,871 14,523 14,209 13,943 14,630 14,521 14,166 15,203 58,546 58,520 74,742
Transaction expenses 0 0 4,427 0         4,427 0 0
Total expenses 730,333 1,464,500 539,548 492,571 499,042 479,293 529,677 444,288 3,226,952 1,952,300 1,864,683
Income before taxes, loss from operating affiliate and (income) attributable to AlphaCat investors (32,545) (697,947) 157,791 143,290 23,103 136,929 123,976 206,846 (429,411) 490,854 480,594
Tax benefit (expense) 412 2,632 987 3,549 21,147 (1,830) (1,706) 2,118 7,580 19,729 (6,376)
(Loss) income from operating affiliates         0 0 0 (23) 0 (23) (3,949)
Loss (income) attributable to AlphaCat investors (37,868) 74,130 (11,830) (7,503) (7,080) (5,564) (6,114) (4,600) 16,929 (23,358) (2,412)
Net income (loss) (70,001) (621,185) 146,948 139,336 37,170 129,535 116,156 204,341 (404,902) 487,202 467,857
Net loss (income) attributable to noncontrolling interests 67,136 376,366 (43,650) (42,572) (27,200) (37,439) (21,193) (37,531) 357,280 (123,363) (92,964)
Net income available to Validus (2,865) (244,819) 103,298 96,764 9,970 92,096 94,963 166,810 (47,622) 363,839 374,893
Dividends on preferred shares (5,828) (5,627) (2,203) (2,203) (2,203) (2,252) 0 0 (15,861) (4,455) 0
Net income available to Validus common shareholders $ (8,693) $ (250,446) $ 101,095 $ 94,561 $ 7,767 $ 89,844 $ 94,963 $ 166,810 $ (63,483) $ 359,384 $ 374,893
Earnings per share                      
Basic (loss) earnings per share (attributable) available to Validus common shareholders $ (0.11) $ (3.17) $ 1.28 $ 1.19 $ 0.10 $ 1.12 $ 1.16 $ 2.01 $ (0.80) $ 4.43 $ 4.47
(Loss) earnings per diluted share (attributable) available to Validus common shareholders (0.11) (3.17) 1.25 1.17 0.10 1.11 1.14 1.98 (0.80) 4.36 4.34
Cash dividends declared per share $ 0.38 $ 0.38 $ 0.38 $ 0.38 $ 0.35 $ 0.35 $ 0.35 $ 0.35 $ 1.52 $ 1.40 $ 1.28