XML 21 R4.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Revenues      
Gross premiums written $ 2,950,938 $ 2,648,705 $ 2,557,506
Reinsurance premiums ceded (469,633) (289,705) (328,681)
Net premiums written 2,481,305 2,359,000 2,228,825
Change in unearned premiums 99,783 (109,835) 18,064
Net premiums earned 2,581,088 2,249,165 2,246,889
Net investment income 177,873 150,385 127,824
Net realized gains on investments 7,623 15,757 2,298
Change in net unrealized gains (losses) on investments 3,215 16,871 (32,395)
Income (loss) from investment affiliates 22,010 (2,083) 4,281
Other insurance related income and other income 13,179 2,195 5,111
Foreign exchange (losses) gains (7,447) 10,864 (8,731)
Total Revenues 2,797,541 2,443,154 2,345,277
Expenses      
Losses and loss expenses 2,300,178 1,065,097 977,833
Policy acquisition costs 471,553 449,482 410,058
General and administrative expenses 352,137 336,294 363,709
Share compensation expenses 40,111 42,907 38,341
Finance expenses 58,546 58,520 74,742
Transaction expenses 4,427 0 0
Total expenses 3,226,952 1,952,300 1,864,683
(Loss) income before taxes, (loss) from operating affiliate and loss (income) attributable to AlphaCat investors (429,411) 490,854 480,594
Tax benefit (expense) 7,580 19,729 (6,376)
(Loss) from operating affiliate 0 (23) (3,949)
Loss (income) attributable to AlphaCat investors 16,929 (23,358) (2,412)
Net (loss) income (404,902) 487,202 467,857
Net loss (income) attributable to noncontrolling interests 357,280 (123,363) (92,964)
Net (loss) income (attributable) available to Validus (47,622) 363,839 374,893
Dividends on preferred shares (15,861) (4,455) 0
Net (loss) income (attributable) available to Validus common shareholders (63,483) 359,384 374,893
Comprehensive (loss) income:      
Net (loss) income (404,902) 487,202 467,857
Change in foreign currency translation adjustments 4,057 (10,440) (3,716)
Change in minimum pension liability 2,869 (484) 544
Change in fair value of cash flow hedges (6,352) 277 (841)
Other comprehensive income (loss), net of tax 574 (10,647) (4,013)
Comprehensive loss (income) attributable to noncontrolling interests (357,280) 123,363 92,964
Comprehensive (loss) income (attributable) available to Validus $ (47,048) $ 353,192 $ 370,880
(Loss) earnings per common share      
Basic (loss) earnings per share (attributable) available to Validus common shareholders $ (0.80) $ 4.43 $ 4.47
(Loss) earnings per diluted share (attributable) available to Validus common shareholders (0.80) 4.36 4.34
Cash dividends declared per share $ 1.52 $ 1.40 $ 1.28
Weighted average number of common shares and common share equivalents outstanding      
Basic (shares) 79,091,376 81,041,974 83,107,236
Diluted (shares) 79,091,376 82,359,460 86,426,760