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Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenues        
Gross premiums written $ 847,206 $ 792,902 $ 2,679,662 $ 1,983,759
Reinsurance premiums ceded (107,567) (56,222) (483,861) (256,328)
Net premiums written 739,639 736,680 2,195,801 1,727,431
Change in unearned premiums (3,032) (105,653) (840,252) (521,028)
Net premiums earned 736,607 631,027 1,355,549 1,206,403
Net investment income 57,560 44,241 109,632 84,455
Net realized (losses) gains on investments (7,394) 2,274 (5,194) 1,110
Change in net unrealized (losses) gains on investments (10,730) 16,321 (68,111) 29,669
Income from investment affiliates 2,178 9,466 15,246 14,654
Other insurance related (loss) income and other (loss) income (16,116) 1,339 9,424 2,669
Foreign exchange losses (526) (7,329) (1) (5,760)
Total revenues 761,579 697,339 1,416,545 1,333,200
Expenses        
Losses and loss expenses 476,610 296,149 798,155 565,734
Policy acquisition costs 118,781 117,268 235,237 228,896
General and administrative expenses 120,862 96,349 235,588 184,273
Share compensation expenses 16,040 11,146 25,769 20,637
Finance expenses 14,310 14,209 28,573 28,152
Transaction expenses 3,837 4,427 11,593 4,427
Total expenses 750,440 539,548 1,334,915 1,032,119
Income before taxes and (income) attributable to AlphaCat investors 11,139 157,791 81,630 301,081
Tax benefit 7,151 987 13,984 4,536
(Income) attributable to AlphaCat investors (29,849) (11,830) (40,711) (19,333)
Net (loss) income (11,559) 146,948 54,903 286,284
Net (income) attributable to noncontrolling interests (35,511) (43,650) (100,223) (86,222)
Net (loss) income (attributable) available to Validus (47,070) 103,298 (45,320) 200,062
Dividends on preferred shares (5,828) (2,203) (11,656) (4,406)
Net (loss) income (attributable) available to Validus common shareholders (52,898) 101,095 (56,976) 195,656
Comprehensive (loss) income        
Net (loss) income (11,559) 146,948 54,903 286,284
Other comprehensive income (loss), net of tax:        
Change in foreign currency translation adjustments (2,737) 1,489 (900) 2,086
Change in minimum pension liability 342 1,184 304 1,252
Change in fair value of cash flow hedges 3,035 (144) 31,798 (46)
Other comprehensive income, net of tax 640 2,529 31,202 3,292
Comprehensive (income) attributable to noncontrolling interests (35,511) (43,650) (100,223) (86,222)
Comprehensive (loss) income (attributable) available to Validus $ (46,430) $ 105,827 $ (14,118) $ 203,354
(Loss) earnings per common share        
Basic (loss) earnings per share (attributable) available to Validus common shareholders $ (0.66) $ 1.28 $ (0.72) $ 2.47
(Loss) earnings per diluted share (attributable) available to Validus common shareholders (0.66) 1.25 (0.72) 2.42
Cash dividends declared per common share $ 0.38 $ 0.38 $ 0.76 $ 0.76
Weighted average number of common shares and common share equivalents outstanding:        
Basic (in shares) 79,650,474 79,270,561 79,488,081 79,202,116
Diluted (in shares) 79,650,474 80,872,451 79,488,081 80,861,998