| Six Months Ended June 30, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2012 | Year Ended December 31, 2011 | Year Ended December 31, 2010 | Year Ended December 31, 2009 | |||||||||||||
| Earnings | ||||||||||||||||||
| Pre-tax income available to Validus | 317,106 | 533,049 | 410,939 | 22,153 | 405,690 | 893,648 | ||||||||||||
| Distributed earnings from investment and operating affiliates | 11,216 | 17,662 | — | — | — | — | ||||||||||||
| (Income) loss from investment affiliate | (6,127 | ) | (4,790 | ) | 964 | — | — | — | ||||||||||
| (Income) from operating affiliates | (9,819 | ) | (14,289 | ) | (12,580 | ) | — | — | — | |||||||||
| Earnings before fixed charges | 312,376 | 531,632 | 399,323 | 22,153 | 405,690 | 893,648 | ||||||||||||
| Estimated interest component of rent expense (a) | 1,776 | 3,405 | 2,557 | 1,917 | 1,770 | 1,436 | ||||||||||||
| 2006 Junior Subordinated Deferrable Debentures | 4,398 | 8,868 | 6,964 | 9,768 | 14,354 | 14,354 | ||||||||||||
| 2007 Junior Subordinated Deferrable Debentures | 3,644 | 7,341 | 8,922 | 12,115 | 12,114 | 12,732 | ||||||||||||
| Flagstone 2006 Junior Subordinated Deferrable Debentures | 4,467 | 8,259 | 459 | — | — | — | ||||||||||||
| Flagstone 2007 Junior Subordinated Deferrable Debentures | 3,528 | 6,222 | 327 | — | — | — | ||||||||||||
| 2010 Senior Notes due 2040 | 11,194 | 22,388 | 22,388 | 22,388 | 20,770 | — | ||||||||||||
| Other finance expenses (b) | 4,795 | 11,099 | 14,797 | 10,546 | 8,632 | 17,044 | ||||||||||||
| Fixed charges | 33,802 | 67,582 | 56,414 | 56,734 | 57,640 | 45,566 | ||||||||||||
| Earnings available for fixed charges | 346,178 | 599,214 | 455,737 | 78,887 | 463,330 | 939,214 | ||||||||||||
| Ratio of earnings to fixed charges | 10.24 | 8.87 | 8.08 | 1.39 | 8.04 | 20.61 | ||||||||||||
| Earnings | ||||||||||||||||||
| Pre-tax income available to Validus | 317,106 | 533,049 | 410,939 | 22,153 | 405,690 | 893,648 | ||||||||||||
| Distributed earnings from investment and operating affiliates | 11,216 | 17,662 | — | — | — | — | ||||||||||||
| (Income) loss from investment affiliate | (6,127 | ) | (4,790 | ) | 964 | — | — | — | ||||||||||
| (Income) from operating affiliates | (9,819 | ) | (14,289 | ) | (12,580 | ) | — | — | — | |||||||||
| Earnings before fixed charges | 312,376 | 531,632 | 399,323 | 22,153 | 405,690 | 893,648 | ||||||||||||
| Estimated interest component of rent expense (a) | 1,776 | 3,405 | 2,557 | 1,917 | 1,770 | 1,436 | ||||||||||||
| 2006 Junior Subordinated Deferrable Debentures | 4,398 | 8,868 | 6,964 | 9,768 | 14,354 | 14,354 | ||||||||||||
| 2007 Junior Subordinated Deferrable Debentures | 3,644 | 7,341 | 8,922 | 12,115 | 12,114 | 12,732 | ||||||||||||
| Flagstone 2006 Junior Subordinated Deferrable Debentures | 4,467 | 8,259 | 459 | — | — | — | ||||||||||||
| Flagstone 2007 Junior Subordinated Deferrable Debentures | 3,528 | 6,222 | 327 | — | — | — | ||||||||||||
| 2010 Senior Notes due 2040 | 11,194 | 22,388 | 22,388 | 22,388 | 20,770 | — | ||||||||||||
| Fixed charges excluding other finance expenses (b) | 29,007 | 56,483 | 41,617 | 46,188 | 49,008 | 28,522 | ||||||||||||
| Earnings available for fixed charges | 341,383 | 588,115 | 440,940 | 68,341 | 454,698 | 922,170 | ||||||||||||
| Ratio of earnings to fixed charges excluding other finance expenses (b) | 11.77 | 10.41 | 10.60 | 1.48 | 9.28 | 32.33 | ||||||||||||
| (a) 33.3% represents a reasonable approximation of the interest factor. Variable rather than fixed costs. | ||||||||||||||||||
| (b) Other finance expenses consist of fees relating to credit facilities, bank charges, AlphaCat financing fees and the Talbot FAL Facility. The ratio of earnings to fixed charges excluding other finance expenses demonstrates the degree to which the ratio changes if other finance expenses are treated as variable rather than fixed costs. | ||||||||||||||||||
