Exhibit 21
| VALIDUS HOLDINGS, LTD. SUBSIDIARIES | % | JURISDICTION | ||
| Validus Holdings, Ltd. | Bermuda | |||
| Underwriting Risk Services (Bermuda) Ltd. | Bermuda | |||
| Validus Reinsurance, Ltd. | Bermuda | |||
| Validus Amalgamation Subsidiary Ltd. | Bermuda | |||
| IPCRe Limited | Bermuda | |||
| Validus Re Europe Limited | Ireland | |||
| IPC Underwriting Services Ltd. | Bermuda | |||
| Validus Re Chile S.A. | 99% | Chile | ||
| Underwriting Risk Services S.A. | 99% | Chile | ||
| Validus Specialty, Inc. | Delaware | |||
| Validus Reaseguros, Inc. | Florida | |||
| Validus Services, Inc. | Delaware | |||
| Underwriting Risk Services, Inc. | Delaware | |||
| Validus Research, Inc. | Ontario | |||
| 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 |
| VALIDUS HOLDINGS, LTD. SUBSIDIARIES | % | JURISDICTION | ||
| 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 |