Exhibit 21
VALIDUS HOLDINGS, LTD. SUBSIDIARIES | % | JURISDICTION | ||||
| Validus Holdings, Ltd. | Bermuda | |||||
| Validus Reinsurance, Ltd. | Bermuda | |||||
| Validus Amalgamation Subsidiary Ltd. | Bermuda | |||||
| IPCRe Limited | Bermuda | |||||
| IPCRe Europe Limited | Ireland | |||||
| IPC Underwriting Services Ltd. | Bermuda | |||||
| Validus Re Chile S.A. | 99 | % | Chile | |||
| Underwriting Risk Services S.A. | 99 | % | Chile | |||
| Validus Research Inc. | Ontario | |||||
| Validus Specialty, Inc. | Delaware | |||||
| Validus Reaseguros, Inc. | Florida | |||||
| Validus Services, Inc. | Delaware | |||||
| Underwriting Risk Services, Inc. | Delaware | |||||
| Validus America, Inc. | Delaware | |||||
| Validus Ventures Ltd. | Bermuda | |||||
| Validus Managers Ltd. | Bermuda | |||||
| AlphaCat High Return Fund Ltd. | Bermuda | |||||
| AlphaCat Fund Ltd. | Bermuda | |||||
| AlphaCat Reinsurance Ltd. | Bermuda | |||||
| AlphaCat Master Fund Ltd. | Bermuda | |||||
| Talbot Holdings Ltd. | Bermuda | |||||
| Talbot 2002 Underwriting Capital Ltd. | UK | |||||
| Talbot Insurance (Bermuda) Ltd. | Bermuda | |||||
| Talbot Underwriting Holdings Ltd. | UK | |||||
| Talbot Underwriting Ltd. | UK | |||||
| Talbot Risk Services Pte Ltd. | Singapore | |||||
| Underwriting Risk Services (Middle East) Ltd. | 50 | % | Dubai | |||
| Talbot Underwriting Services Ltd. | UK | |||||
| Underwriting Risk Services Ltd. | UK | |||||
| Underwriting Risk Services Italia SRL | Italy | |||||
F-63