Validus 10-Q 7 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 05, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	VALIDUS HOLDINGS LTD
Entity Central Index Key	1,348,259
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		82,755,657

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - Equity Component [Domain] - USD ($) $ in Thousands	Jun. 30, 2015		Dec. 31, 2014
Assets
Fixed maturities, at fair value (amortized cost: 2015—$5,462,612; 2014—$5,534,494)	$ 5,459,304		$ 5,532,731
Short-term investments, at fair value (amortized cost: 2015—$1,337,914; 2014—$1,051,222)	1,338,051	[1]	1,051,074	[2]
Other investments, at fair value (cost: 2015—$901,581; 2014—$879,176)	893,707		813,011
Cash and cash equivalents	433,710		577,240
Restricted cash	140,019		173,003
Total investments and cash	8,264,791		8,147,059
Investments in affiliates	374,121		261,483
Premiums receivable	1,276,020		707,647
Deferred acquisition costs	253,225		161,295
Prepaid reinsurance premiums	161,516		81,983
Securities lending collateral	7,021		470
Loss reserves recoverable	376,665		377,466
Paid losses recoverable	40,198		38,078
Income taxes recoverable	13,787		0
Deferred tax asset	23,079		23,821
Receivable for investments sold	29,131		18,318
Intangible assets	124,092		126,924
Goodwill	196,758		195,897
Accrued investment income	23,894		24,865
Other assets	260,998		164,633
Total assets	11,425,296		10,329,939
Liabilities
Reserve for losses and loss expenses	3,187,177		3,234,394
Unearned premiums	1,519,491		990,564
Reinsurance balances payable	95,705		127,128
Securities lending payable	7,487		936
Deferred tax liability	8,063		5,541
Payable for investments purchased	105,871		68,574
Accounts payable and accrued expenses	167,776		318,245
Notes payable to operating affiliates	1,381,313		671,465
Senior notes payable	247,360		247,306
Debentures payable	538,032		539,277
Total liabilities	$ 7,258,275		$ 6,203,430
Commitments and contingent liabilities
Redeemable noncontrolling interest	$ 0		$ 79,956
Shareholders' equity
Common shares, 571,428,571 authorized, par value $0.175 (Issued: 2015—158,379,505; 2014—155,554,224; Outstanding: 2015—83,295,795; 2014—83,869,845)	27,716		27,222
Treasury shares (2015—75,083,710; 2014—71,684,379)	(13,140)		(12,545)
Additional paid-in-capital	1,097,527		1,207,493
Accumulated other comprehensive loss	(9,066)		(8,556)
Retained earnings	2,553,894		2,374,344
Total shareholders' equity available to Validus	3,656,931		3,587,958
Noncontrolling interest	510,090		458,595
Total shareholders' equity	4,167,021		4,046,553
Total liabilities, noncontrolling interests and shareholders’ equity	$ 11,425,296		$ 10,329,939
[1]	Included in the short-term investments balance are assets managed in support of AlphaCat's fully collateralized reinsurance transactions.
[2]	Included in the short-term investments balance are assets managed in support of AlphaCat's fully collateralized reinsurance transactions. Also, included in the short-term investments balance are investments held by one AlphaCat ILS fund which was consolidated by the Company through May 31, 2015, but in which the Company had an equity interest of less than 100%. The remaining interests are held by third party investors and included in the Consolidated Balance Sheets as redeemable noncontrolling interest.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015		Dec. 31, 2014
Assets
Fixed maturities, at amortized cost or cost	$ 5,462,612		$ 5,534,494
Short-term investments, at amortized cost or cost	1,337,914	[1]	1,051,222	[2]
Other investments, at amortized cost or cost	$ 901,581		$ 879,176
Shareholders' equity
Common shares, shares authorized	571,428,571		571,428,571
Common shares, par value	$ 0.175		$ 0.175
Common shares, shares issued	158,379,505		155,554,224
Common shares, shares outstanding	83,295,795		83,869,845
Treasury stock, common shares	75,083,710		71,684,379
[1]	Included in the short-term investments balance are assets managed in support of AlphaCat's fully collateralized reinsurance transactions.
[2]	Included in the short-term investments balance are assets managed in support of AlphaCat's fully collateralized reinsurance transactions. Also, included in the short-term investments balance are investments held by one AlphaCat ILS fund which was consolidated by the Company through May 31, 2015, but in which the Company had an equity interest of less than 100%. The remaining interests are held by third party investors and included in the Consolidated Balance Sheets as redeemable noncontrolling interest.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues
Gross premiums written		$ 726,968	$ 655,674	$ 1,846,466	$ 1,667,665
Reinsurance premiums ceded		(54,896)	(50,565)	(245,736)	(245,473)
Net premiums written		672,072	605,109	1,600,730	1,422,192
Change in unearned premiums		(98,490)	(139,106)	(449,394)	(473,232)
Net premiums earned		573,582	466,003	1,151,336	948,960
Net investment income		33,608	21,286	64,629	44,648
Net realized gains on investments		2,244	7,858	6,413	11,598
Change in net unrealized (losses) gains on investments	[1]	(17,530)	45,427	54,674	101,120
Income from investment affiliate		284	779	3,060	6,127
Other insurance related income and other income		2,540	5,235	7,372	19,065
Foreign exchange (losses) gains		(3,236)	3,158	(6,787)	(3,320)
Total revenues		591,492	549,746	1,280,697	1,128,198
Expenses
Losses and loss expenses		266,146	158,745	507,075	321,416
Policy acquisition costs		104,425	78,953	203,061	164,602
General and administrative expenses		82,963	73,842	167,991	148,287
Share compensation expenses		9,242	8,341	18,296	15,488
Finance expenses		17,735	16,126	37,587	32,026
Transaction expenses		0	3,252	0	3,252
Total expenses		480,511	339,259	934,010	685,071
Income before taxes, income from operating affiliates and (income) attributable to operating affiliate investors		110,981	210,487	346,687	443,127
Tax expense		(2,549)	(1,391)	(5,114)	(1,351)
Income from operating affiliates		4,104	4,892	6,557	9,819
(Income) attributable to operating affiliate investors		(30,879)	(25,316)	(54,085)	(57,026)
Net income		81,657	188,672	294,045	394,569
Net (income) attributable to noncontrolling interest		(17,644)	(35,305)	(56,621)	(78,814)
Net income available to Validus		64,013	153,367	237,424	315,755
Other comprehensive income (loss)
Change in foreign currency translation adjustments		2,763	2,615	(256)	3,077
Change in minimum pension liability, net of tax		422	0	157	0
Change in fair value of cash flow hedge		390	0	(411)	0
Other comprehensive income (loss)		3,575	2,615	(510)	3,077
Comprehensive income available to Validus		$ 67,588	$ 155,982	$ 236,914	$ 318,832
Weighted average number of common shares and common share equivalents outstanding
Basic		84,003,549	90,952,523	83,627,396	92,202,261
Diluted		87,313,154	95,276,836	87,448,142	96,538,178
Basic earnings per share available to common shareholders		$ 0.75	$ 1.67	$ 2.81	$ 3.39
Earnings per diluted share available to common shareholders		0.73	1.61	2.72	3.27
Cash dividends declared per share		$ 0.32	$ 0.3	$ 0.64	$ 0.6
[1]	Includes the change in net unrealized (losses) gains on investments held by PaCRe in which the Company has an equity interest of 10%. The remaining 90% interest is held by third party investors and is included in the Consolidated Statements of Comprehensive Income as net loss (income) attributable to noncontrolling interest.

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common shares	Treasury shares	Additional paid-in capital	Accumulated other comprehensive loss	Retained earnings
Balance - Beginning of period at Dec. 31, 2013		$ 27,036	$ (10,228)	$ 1,677,894	$ (617)	$ 2,010,009
Common shares issued, net		125		(4,510)
Repurchase of common shares			(939)	(196,400)
Share compensation expenses				15,488
Other comprehensive (loss) income	$ 3,077				3,077
Dividends						(59,584)
Net income	394,569					394,569
Net (income) attributable to noncontrolling interest	(78,814)					(78,814)
Balance - End of period at Jun. 30, 2014	3,777,106	27,161	(11,167)	1,492,472	2,460	2,266,180
Noncontrolling interest at Jun. 30, 2014	575,347
Total shareholders' equity at Jun. 30, 2014	4,352,453
Balance - Beginning of period at Dec. 31, 2014	3,587,958	27,222	(12,545)	1,207,493	(8,556)	2,374,344
Common shares issued, net		494		14,366
Repurchase of common shares			(595)	(142,628)
Share compensation expenses				18,296
Other comprehensive (loss) income	(510)				(510)
Dividends						(57,874)
Net income	294,045					294,045
Net (income) attributable to noncontrolling interest	(56,621)					(56,621)
Balance - End of period at Jun. 30, 2015	3,656,931	$ 27,716	$ (13,140)	$ 1,097,527	$ (9,066)	$ 2,553,894
Noncontrolling interest at Jun. 30, 2015	510,090
Total shareholders' equity at Jun. 30, 2015	$ 4,167,021

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014
Cash flows provided by (used in) operating activities
Net income		$ 294,045	$ 394,569
Adjustments to reconcile net income to cash provided by (used in) operating activities:
Share compensation expenses		18,296	15,488
Loss (gain) on deconsolidation/sale of subsidiary		1,777	(2,081)
Amortization of discount on senior notes		54	54
Income from investment affiliate		(3,060)	(6,127)
Net realized gains on investments		(6,413)	(11,598)
Change in net unrealized gains on investments	[1]	(54,674)	(101,120)
Amortization of intangible assets		2,832	2,080
Income from operating affiliates		(6,557)	(9,819)
Foreign exchange losses (gains) included in net income		7,729	(11,629)
Amortization of premium on fixed maturities		12,395	8,116
Change in:
Premiums receivable		(567,553)	(514,339)
Deferred acquisition costs		(91,930)	(76,373)
Prepaid reinsurance premiums		(79,533)	(75,040)
Loss reserves recoverable		644	32,983
Paid losses recoverable		(2,253)	20,322
Income taxes recoverable		(13,931)	0
Deferred tax asset		908	0
Accrued investment income		984	864
Other assets		(37,684)	31,388
Reserve for losses and loss expenses		(46,973)	(172,189)
Unearned premiums		528,927	548,272
Reinsurance balances payable		(31,619)	5,979
Deferred tax liability		2,329	1,539
Accounts payable and accrued expenses		(157,581)	(63,896)
Net cash (used in) provided by operating activities		(228,841)	17,443
Cash flows provided by (used in) investing activities
Proceeds on sales of investments		2,237,966	1,956,442
Proceeds on maturities of investments		186,594	384,259
Purchases of fixed maturities		(2,337,990)	(1,906,212)
Purchases of short-term investments, net		(375,299)	(99,677)
Purchases of other investments, net		(21,970)	(54,716)
(Increase) decrease in securities lending collateral		(6,551)	2,071
Redemption from operating affiliates		27,264	57,025
Decrease in restricted cash		32,984	15,371
Proceeds on sale of subsidiary, net of cash		0	16,459
Net cash (used in) provided by investing activities		(290,517)	371,022
Cash flows provided by (used in) financing activities
Proceeds on issuance of notes payable to operating affiliates		1,155,284	320,454
Repayments on notes payable to operating affiliates		(621,444)	(364,877)
Issuance (redemption) of common shares, net		14,860	(4,385)
Purchases of common shares under share repurchase program		(143,223)	(197,339)
Dividends paid		(58,740)	(61,036)
Increase (decrease) in securities lending payable		6,551	(2,071)
Third party investment in redeemable noncontrolling interest		55,700	57,000
Third party redemption of redeemable noncontrolling interest		(19,395)	(10,496)
Net cash provided by (used in) financing activities		389,593	(262,750)
Effect of foreign currency rate changes on cash and cash equivalents		(13,765)	13,097
Net (decrease) increase in cash		(143,530)	138,812
Cash and cash equivalents - beginning of period		577,240	734,148
Cash and cash equivalents - end of period		433,710	872,960
Taxes paid during the period		14,192	597
Interest paid during the period		27,248	27,224
Operating affiliates
Adjustments to reconcile net income to cash provided by (used in) operating activities:
Income from operating affiliates		(6,557)	(9,819)
Cash flows provided by (used in) investing activities
Investments in affiliates		(10,400)	0
Investment affiliate
Adjustments to reconcile net income to cash provided by (used in) operating activities:
Income from investment affiliate		(3,060)	(6,127)
Cash flows provided by (used in) investing activities
Investments in affiliates		$ (23,115)	$ 0
[1]	Includes the change in net unrealized (losses) gains on investments held by PaCRe in which the Company has an equity interest of 10%. The remaining 90% interest is held by third party investors and is included in the Consolidated Statements of Comprehensive Income as net loss (income) attributable to noncontrolling interest.

Basis of preparation and consol

Basis of preparation and consolidation	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation and consolidation	Basis of preparation and consolidation These unaudited Consolidated Financial Statements (the "Consolidated Financial Statements") include Validus Holdings, Ltd. and its wholly and majority owned subsidiaries (together the "Company") and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 in Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In addition, the year-end balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. This Quarterly Report on Form 10-Q should be read in conjunction with the financial statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014 , as filed with the U.S. Securities and Exchange Commission (the "SEC"). In the opinion of management, these Consolidated Financial Statements reflect all adjustments (including normal recurring adjustments) considered necessary for a fair presentation of the Company's financial position and results of operations as at the end of and for the periods presented. The Consolidated Statement of Cash Flows for the six months ended June 30, 2014 includes a revision to increase net cash provided by investing activities by $28,748 . There are no changes to the sub-totals of net cash used in operating activities, financing activities or the effect of foreign currency rate changes on cash and cash equivalents. This revision resulted in an increase in net cash of $28,748 for the six months ended June 30, 2014 . The effect of this revision does not impact any per-share amounts or other components of equity or net assets in the statement of financial position in the prior period presented. The Company does not believe this revision is material to the prior period. The Company has revised these prior period amounts to provide comparability with current period cash flows. All significant intercompany accounts and transactions have been eliminated. The results of operations for any interim period are not necessarily indicative of the results for a full year. The preparation of these financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. While management believes that the amounts included in the Consolidated Financial Statements reflect its best estimates and assumptions, actual results could differ materially from those estimates. The Company’s principal estimates include: • reserve for losses and loss expenses; • premium estimates for business written on a line slip or proportional basis; • the valuation of goodwill and intangible assets; • reinsurance recoverable balances including the provision for uncollectible amounts; and • investment valuation of financial assets. The term “ASC” used in these notes refers to Accounting Standard Codification issued by the U.S. Financial Accounting Standards Board (“FASB”).

Recent accounting pronouncement

Recent accounting pronouncements	6 Months Ended
	Jun. 30, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent accounting pronouncements	Recent accounting pronouncements Recently Issued Accounting Standards Not Yet Adopted In May 2014, the FASB issued Accounting Standard Update 2014-09, “Revenue from Contracts with Customers” (ASU 2014-09). The guidance in this Update affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards (for example, insurance contracts or lease contracts). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The original effective date for the amendments in this Update was for interim and annual reporting periods beginning after December 15, 2016; however, on July 9, 2015, the FASB delayed the effective date by one year. As such, the new effective date is for interim and annual reporting periods beginning after December 15, 2017. The FASB also decided to allow entities to choose to adopt the standard as of the original effective date. Earlier adoption is not permitted. The Company is currently evaluating the impact of this guidance on the Company’s Consolidated Financial Statements. In February 2015, the FASB issued Accounting Standard Update 2015-02, “Consolidation (Topic 810) Amendments to the Consolidation Analysis” (ASU 2015-02). The amendments in this Update modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities. The amendment also eliminates the presumption that a general partner should consolidate a limited partnership and affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. The amendment also provides a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. The amendments in this Update are effective for interim and annual periods beginning after December 15, 2015. Early adoption is permitted. The Company is currently evaluating the impact of this guidance and it may have a material impact on the Company’s Consolidated Financial Statements. In April 2015, the FASB issued Accounting Standard Update 2015-03, “Interest - Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs” (ASU 2015-03). The amendments in this Update simplify the presentation of debt issuance costs and require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this Update. The amendments in this Update are effective for interim and annual periods beginning after December 15, 2015. Early adoption is permitted. The Company has evaluated the impact of this guidance and it will not have a material impact on the Company's Consolidated Financial Statements. In May 2015, the FASB issued Accounting Standard Update 2015-07, "Fair Value Measurement (Topic 820) - Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)" (ASU 2015-07). The amendments in this Update remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The amendments in this Update are effective for interim and annual periods beginning after December 15, 2015. Earlier application is permitted. The Company has evaluated the impact of this guidance and it will not have a material impact on the Company's Consolidated Financial Statements. In May 2015, the FASB issued Accounting Standard Update 2015-09, “Financial Services - Insurance (Topic 944) - Disclosures about Short-Duration Contracts” (ASU 2015-09). The amendments in this Update enhance annual disclosures relating to reserves for losses and loss expenses by requiring the following: (1) net incurred and paid claims development information by accident year; (2) a reconciliation of incurred and paid claims development information to the aggregate carrying amount of the reserve for losses and loss expenses; (3) for each accident year presented, total IBNR plus expected development on case reserves included in the reserve for losses and loss expenses, accompanied by a description of reserving methodologies and any changes thereto; (4) for each accident year presented, quantitative information about claim frequency (unless impracticable) accompanied by a qualitative description of methodologies used for determining claim frequency information and any changes thereto; and (5) the average annual percentage payout of incurred claims by age for the same number of accident years presented. The amendments in this Update are effective for annual periods beginning after December 15, 2015 and interim periods beginning after December 15, 2016. Early application is permitted. The Company has evaluated the impact of this guidance and it will not have a material impact on the Company's Consolidated Financial Statements.

Investments

Investments	6 Months Ended
	Jun. 30, 2015
Investments [Abstract]
Investments	Investments (a) Fixed maturity, short-term and other investments The Company's investments in fixed maturities, short-term investments and other investments are classified as trading and carried at fair value, with related changes in net unrealized gains or losses included in earnings. The amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments as at June 30, 2015 were as follows: Amortized Cost (or Cost) Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value U.S. government and government agency $ 817,410 $ 2,473 $ (1,130 ) $ 818,753 Non-U.S. government and government agency 221,592 1,542 (695 ) 222,439 U.S. states, municipalities and political subdivisions 323,553 1,425 (1,118 ) 323,860 Agency residential mortgage-backed securities 504,922 7,627 (2,012 ) 510,537 Non-agency residential mortgage-backed securities 30,812 411 (499 ) 30,724 U.S. corporate 1,463,488 2,965 (7,845 ) 1,458,608 Non-U.S. corporate 495,182 2,430 (2,584 ) 495,028 Bank loans 487,355 1,168 (5,230 ) 483,293 Catastrophe bonds 153,769 182 (3,249 ) 150,702 Asset-backed securities 643,864 2,469 (828 ) 645,505 Commercial mortgage-backed securities 320,665 984 (1,794 ) 319,855 Total fixed maturities 5,462,612 23,676 (26,984 ) 5,459,304 Total short-term investments (a) 1,337,914 137 — 1,338,051 Other investments Fund of hedge funds 2,570 84 (921 ) 1,733 Hedge funds (b) 599,709 108,870 (126,158 ) 582,421 Private equity investments 49,309 7,576 (1,300 ) 55,585 Investment funds 243,794 604 — 244,398 Mutual funds 6,199 3,371 — 9,570 Total other investments 901,581 120,505 (128,379 ) 893,707 Total investments including assets managed on behalf of operating affiliates, catastrophe bonds and noncontrolling interest $ 7,702,107 $ 144,318 $ (155,363 ) $ 7,691,062 Assets managed on behalf of operating affiliates (a) (1,008,445 ) — — (1,008,445 ) Catastrophe bonds (153,769 ) (182 ) 3,249 (150,702 ) Noncontrolling interest (b) (527,850 ) (91,716 ) 113,542 (506,024 ) Total investments, excluding assets managed on behalf of operating affiliates, catastrophe bonds and noncontrolling interest $ 6,012,043 $ 52,420 $ (38,572 ) $ 6,025,891 (a) Included in the short-term investments balance are assets managed in support of AlphaCat's fully collateralized reinsurance transactions. (b) Included in the hedge funds balance are investments held by PaCRe in which the Company has an equity interest of 10% . The remaining 90% interest is held by third party investors and included in the Consolidated Balance Sheets as noncontrolling interest. The amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments as at December 31, 2014 were as follows: Amortized Cost (or Cost) Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value U.S. government and government agency $ 759,232 $ 1,755 $ (901 ) $ 760,086 Non-U.S. government and government agency 279,493 1,215 (1,980 ) 278,728 U.S. states, municipalities and political subdivisions 448,668 1,780 (825 ) 449,623 Agency residential mortgage-backed securities 520,685 9,697 (1,151 ) 529,231 Non-agency residential mortgage-backed securities 37,954 369 (516 ) 37,807 U.S. corporate 1,500,963 3,960 (5,217 ) 1,499,706 Non-U.S. corporate 564,386 2,765 (3,989 ) 563,162 Bank loans 457,537 200 (8,733 ) 449,004 Catastrophe bonds 75,822 768 (926 ) 75,664 Asset-backed securities 647,422 1,250 (1,190 ) 647,482 Commercial mortgage-backed securities 242,332 598 (692 ) 242,238 Total fixed maturities 5,534,494 24,357 (26,120 ) 5,532,731 Total short-term investments (a) 1,051,222 13 (161 ) 1,051,074 Other investments Fund of hedge funds 2,570 125 (920 ) 1,775 Preferred stock 6,535 — (201 ) 6,334 Hedge funds (b) 570,371 60,792 (134,203 ) 496,960 Private equity investments 48,995 4,987 (611 ) 53,371 Investment funds 244,506 437 (111 ) 244,832 Mutual funds 6,199 3,540 — 9,739 Total other investments 879,176 69,881 (136,046 ) 813,011 Total investments including assets managed on behalf of operating affiliates, catastrophe bonds and noncontrolling interest $ 7,464,892 $ 94,251 $ (162,327 ) $ 7,396,816 Assets managed on behalf of operating affiliates (a) (696,924 ) — — (696,924 ) Catastrophe bonds (75,822 ) (768 ) 926 (75,664 ) Noncontrolling interest (b) (502,830 ) (48,446 ) 120,782 (430,494 ) Total investments, excluding assets managed on behalf of operating affiliates, catastrophe bonds and noncontrolling interest $ 6,189,316 $ 45,037 $ (40,619 ) $ 6,193,734 (a) Included in the short-term investments balance are assets managed in support of AlphaCat's fully collateralized reinsurance transactions. Also, included in the short-term investments balance are investments held by one AlphaCat ILS fund which was consolidated by the Company through May 31, 2015, but in which the Company had an equity interest of less than 100%. The remaining interests are held by third party investors and included in the Consolidated Balance Sheets as redeemable noncontrolling interest. (b) Included in the hedge funds balance are investments held by PaCRe in which the Company has an equity interest of 10% . The remaining 90% interest is held by third party investors and included in the Consolidated Balance Sheets as noncontrolling interest. The following table sets forth certain information regarding the investment ratings of the Company’s fixed maturities portfolio as at June 30, 2015 and December 31, 2014 . June 30, 2015 December 31, 2014 Estimated Fair Value % of Total Estimated Fair Value % of Total AAA $ 2,420,994 44.3 % $ 2,494,239 45.1 % AA 541,469 9.9 % 848,226 15.4 % A 1,097,340 20.1 % 1,086,091 19.6 % BBB 663,198 12.1 % 505,208 9.1 % Total investment-grade fixed maturities 4,723,001 86.4 % 4,933,764 89.2 % BB 289,471 5.3 % 362,972 6.6 % B 247,369 4.6 % 145,240 2.6 % CCC 3,737 0.1 % 12,733 0.2 % CC 3,190 0.1 % 3,926 0.1 % C — 0.0 % 1,344 0.0 % D/NR 192,536 3.5 % 72,752 1.3 % Total non-investment grade fixed maturities 736,303 13.6 % 598,967 10.8 % Total fixed maturities $ 5,459,304 100.0 % $ 5,532,731 100.0 % The amortized cost and estimated fair value amounts for fixed maturities held at June 30, 2015 and December 31, 2014 are shown below by contractual maturity. Actual maturity may differ from contractual maturity because certain borrowers may have the right to call or prepay certain obligations with or without call or prepayment penalties. June 30, 2015 December 31, 2014 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due in one year or less $ 278,555 $ 279,860 $ 312,843 $ 313,248 Due after one year through five years 2,980,225 2,978,036 3,163,225 3,159,200 Due after five years through ten years 541,425 535,074 497,175 491,870 Due after ten years 162,144 159,713 112,858 111,655 3,962,349 3,952,683 4,086,101 4,075,973 Asset-backed and mortgage-backed securities 1,500,263 1,506,621 1,448,393 1,456,758 Total fixed maturities $ 5,462,612 $ 5,459,304 $ 5,534,494 $ 5,532,731 (b) Net investment income Net investment income was derived from the following sources: Three Months Ended Six Months Ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Fixed maturities and short-term investments $ 31,163 $ 22,207 $ 60,402 $ 45,504 Other investments 4,014 — 7,202 — Restricted cash and cash and cash equivalents 451 996 886 2,953 Securities lending income 6 2 9 4 Total gross investment income 35,634 23,205 68,499 48,461 Investment expenses (2,026 ) (1,919 ) (3,870 ) (3,813 ) Total net investment income $ 33,608 $ 21,286 $ 64,629 $ 44,648 Net investment income from other investments includes distributed and undistributed net income from certain investment funds. (c) Net realized gains and change in net unrealized (losses) gains on investments The following represents an analysis of net realized gains and the change in net unrealized (losses) gains on investments: Three Months Ended Six Months Ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Fixed maturities, short-term and other investments Gross realized gains $ 6,269 $ 9,813 $ 12,578 $ 15,109 Gross realized (losses) (4,025 ) (1,955 ) (6,165 ) (3,511 ) Net realized gains on investments 2,244 7,858 6,413 11,598 Change in net unrealized (losses) gains on investments (a) (17,530 ) 45,427 54,674 101,120 Total net realized and change in net unrealized (losses) gains on investments including assets managed on behalf of operating affiliates, catastrophe bonds and noncontrolling interest (15,286 ) 53,285 61,087 112,718 Assets managed on behalf of operating affiliates — — — — Catastrophe bonds 573 1,184 2,909 1,988 Noncontrolling interest (a) (15,431 ) (33,207 ) (50,511 ) (75,209 ) Total net realized and change in net unrealized (losses) gains on investments excluding assets managed on behalf of operating affiliates, catastrophe bonds and noncontrolling interest $ (30,144 ) $ 21,262 $ 13,485 $ 39,497 (a) Includes the change in net unrealized (losses) gains on investments held by PaCRe in which the Company has an equity interest of 10% . The remaining 90% interest is held by third party investors and is included in the Consolidated Statements of Comprehensive Income as net loss (income) attributable to noncontrolling interest. (d) Pledged investments The following tables outline investments and cash pledged as collateral under the Company's credit facilities. For further details on the credit facilities, please refer to Note 12 : “ Debt and financing arrangements .” June 30, 2015 Description Commitment Issued and Outstanding Investments and cash pledged as collateral $400,000 syndicated unsecured letter of credit facility $ 400,000 $ — $ — $525,000 syndicated secured letter of credit facility 525,000 260,137 391,146 $30,000 secured bi-lateral letter of credit facility 30,000 11,139 47,355 Talbot FAL facility 25,000 25,000 31,233 AlphaCat Re secured letter of credit facility 30,000 30,000 30,116 IPC bi-lateral facility 25,000 11,027 — $230,000 Flagstone bi-lateral facility 230,000 204,833 377,215 Total $ 1,265,000 $ 542,136 $ 877,065 December 31, 2014 Description Commitment Issued and Outstanding Investments and cash pledged as collateral $400,000 syndicated unsecured letter of credit facility $ 400,000 $ — $ — $525,000 syndicated secured letter of credit facility 525,000 276,455 395,750 $200,000 secured bi-lateral letter of credit facility 200,000 15,649 35,645 Talbot FAL facility 25,000 25,000 31,048 PaCRe senior secured letter of credit facility 10,000 294 — AlphaCat Re secured letter of credit facility 30,000 30,000 30,078 IPC bi-lateral facility 40,000 15,897 99,437 $375,000 Flagstone bi-lateral facility 375,000 198,389 430,782 Total $ 1,605,000 $ 561,684 $ 1,022,740 In addition, $3,445,986 of cash and cash equivalents, restricted cash, short-term investments and fixed maturities were pledged during the normal course of business as at June 30, 2015 ( December 31, 2014 : $3,150,295 ). Of those, $3,398,876 were held in trust ( December 31, 2014 : $3,122,074 ). Pledged assets are generally for the benefit of the Company's cedants and policyholders, to support AlphaCat's fully collateralized reinsurance transactions and to facilitate the accreditation of Talbot as an alien insurer/reinsurer by certain regulators.

Fair value measurements

Fair value measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair value measurements	Fair value measurements (a) Classification within the fair value hierarchy Fair value is defined as the price to sell an asset or transfer a liability in an orderly transaction between market participants. Under U.S. GAAP, a company must determine the appropriate level in the fair value hierarchy for each fair value measurement. The fair value hierarchy prioritizes the inputs, which refer broadly to assumptions market participants would use in pricing an asset or liability, into three levels. It gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The level in the fair value hierarchy within which a fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are described below: Level 1 - Fair values are measured based on unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access. Level 2 - Fair values are measured based on quoted prices in active markets for similar assets or liabilities, quoted prices for identical assets or liabilities in inactive markets, or for which significant inputs are observable (e.g., interest rates, yield curves, prepayment speeds, default rates, loss severities, etc.) or can be corroborated by observable market data. Level 3 - Fair values are measured based on inputs that are unobservable and significant to the overall fair value measurement. The unobservable inputs reflect the Company's own judgments about assumptions where there is little, if any, market activity for that asset or liability that market participants might use. The availability of observable inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors including, for example, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the instrument. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires significantly more judgment. Accordingly, the degree of judgment exercised by management in determining fair value is greatest for instruments categorized in Level 3. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This may lead the Company to change the selection of our valuation technique (for example, from market to cash flow approach) or to use multiple valuation techniques to estimate the fair value of a financial instrument. These circumstances could cause an instrument to be reclassified between levels within the fair value hierarchy. There have been no material changes in the Company's valuation techniques during the period, or periods, represented by these Consolidated Financial Statements. The following methods and assumptions were used in estimating the fair value of each class of financial instrument recorded in the Consolidated Balance Sheets. At June 30, 2015 , the Company’s investments were allocated between Levels 1, 2 and 3 as follows: Level 1 Level 2 Level 3 Total U.S. government and government agency $ — $ 818,753 $ — $ 818,753 Non-U.S. government and government agency — 222,439 — 222,439 U.S. states, municipalities and political subdivisions — 323,860 — 323,860 Agency residential mortgage-backed securities — 510,537 — 510,537 Non-agency residential mortgage-backed securities — 30,724 — 30,724 U.S. corporate — 1,458,608 — 1,458,608 Non-U.S. corporate — 495,028 — 495,028 Bank loans — 361,858 121,435 483,293 Catastrophe bonds — 149,702 1,000 150,702 Asset-backed securities — 645,505 — 645,505 Commercial mortgage-backed securities — 319,855 — 319,855 Total fixed maturities — 5,336,869 122,435 5,459,304 Total short-term investments (a) 1,317,526 16,978 3,547 1,338,051 Other investments Fund of hedge funds — — 1,733 1,733 Hedge funds (b) — — 582,421 582,421 Private equity investments — — 55,585 55,585 Investment funds — 78,470 165,928 244,398 Mutual funds — 9,570 — 9,570 Total other investments — 88,040 805,667 893,707 Total investments including assets managed on behalf of operating affiliates, catastrophe bonds and noncontrolling interest $ 1,317,526 $ 5,441,887 $ 931,649 $ 7,691,062 Assets managed on behalf of operating affiliates (a) (1,008,445 ) — — (1,008,445 ) Catastrophe bonds — (149,702 ) (1,000 ) (150,702 ) Noncontrolling interest (b) — — (506,024 ) (506,024 ) Total investments, excluding assets managed on behalf of operating affiliates, catastrophe bonds and noncontrolling interest $ 309,081 $ 5,292,185 $ 424,625 $ 6,025,891 (a) Included in the short-term investments balance are assets managed in support of AlphaCat's fully collateralized reinsurance transactions. (b) Included in the hedge funds balance are investments held by PaCRe in which the Company has an equity interest of 10% . The remaining 90% interest is held by third party investors and included in the Consolidated Balance Sheets as noncontrolling interest. At December 31, 2014 , the Company’s investments were allocated between Levels 1, 2 and 3 as follows: Level 1 Level 2 Level 3 Total U.S. government and government agency $ — $ 760,086 $ — $ 760,086 Non-U.S. government and government agency — 278,728 — 278,728 U.S. states, municipalities and political subdivisions — 449,623 — 449,623 Agency residential mortgage-backed securities — 529,231 — 529,231 Non-agency residential mortgage-backed securities — 37,807 — 37,807 U.S. corporate — 1,499,706 — 1,499,706 Non-U.S. corporate — 563,162 — 563,162 Bank loans — 416,256 32,748 449,004 Catastrophe bonds — 70,664 5,000 75,664 Asset-backed securities — 647,482 — 647,482 Commercial mortgage-backed securities — 242,238 — 242,238 Total fixed maturities — 5,494,983 37,748 5,532,731 Total short-term investments (a) 942,716 108,358 — 1,051,074 Other investments Fund of hedge funds — — 1,775 1,775 Preferred stock — 6,334 — 6,334 Hedge funds (b) — — 496,960 496,960 Private equity investments — — 53,371 53,371 Investment fund — 140,045 104,787 244,832 Mutual funds — 9,739 — 9,739 Total other investments — 156,118 656,893 813,011 Total investments including assets managed on behalf of operating affiliates, catastrophe bonds and noncontrolling interest $ 942,716 $ 5,759,459 $ 694,641 $ 7,396,816 Assets managed on behalf of operating affiliates (a) (696,924 ) — — (696,924 ) Catastrophe bonds — (70,664 ) (5,000 ) (75,664 ) Noncontrolling interest (b) — — (430,494 ) (430,494 ) Total investments, excluding assets managed on behalf of operating affiliates, catastrophe bonds and noncontrolling interest $ 245,792 $ 5,688,795 $ 259,147 $ 6,193,734 (a) Included in the short-term investments balance are assets managed in support of AlphaCat's fully collateralized reinsurance transactions. Also, included in the short-term investments balance are investments held by one AlphaCat ILS fund which was consolidated by the Company through May 31, 2015, but in which the Company had an equity interest of less than 100%. The remaining interests are held by third party investors and included in the Consolidated Balance Sheets as redeemable noncontrolling interest. (b) Included in the hedge funds balance are investments held by PaCRe in which the Company has an equity interest of 10% . The remaining 90% interest is held by third party investors and included in the Consolidated Balance Sheets as noncontrolling interest. At June 30, 2015 , Level 3 investments excluding the catastrophe bonds and noncontrolling interests totaled $424,625 (December 31, 2014 : $259,147 ), representing 7.0% (December 31, 2014 : 4.2% ) of total investments, excluding assets managed on behalf of operating affiliates, catastrophe bonds and noncontrolling interests, measured at fair value on a recurring basis. (b) Level 1 assets measured at fair value Short term investments Short term investments categorized as Level 1 consist primarily of highly liquid securities, all with maturities less than one year from the date of purchase. The fair value of the Company's portfolio of short term investments are generally determined using amortized cost which approximates fair value. The Company has determined that certain of its short-term investments, held in highly liquid money market-type funds, should be included in Level 1 as their fair values are based on quoted market prices in active markets. (c) Level 2 assets measured at fair value Fixed maturity investments Fixed maturity investments included in Level 2 include U.S. government and government agency, non-U.S. government and government agency, U.S. states, municipalities and political subdivisions, agency residential mortgage-backed securities, non-agency residential mortgage-backed securities, U.S. corporate, non-U.S. corporate, bank loans, catastrophe bonds, asset-backed securities and commercial mortgage-backed securities. In general, valuation of the Company's fixed maturity investment portfolios is provided by pricing services, such as index providers and pricing vendors, as well as broker quotations. The pricing vendors provide valuations for a high volume of liquid securities that are actively traded. For securities that do not trade on an exchange, the pricing services generally utilize market data and other observable inputs in matrix pricing models to determine month end prices. Prices are generally verified using third party data. Securities which are priced by an index provider are generally included in the index. In general, broker-dealers value securities through their trading desks based on observable inputs. The methodologies include mapping securities based on trade data, bids or offers, observed spreads, and performance on newly issued securities. Broker-dealers also determine valuations by observing secondary trading of similar securities. Prices obtained from broker quotations are considered non-binding, however they are based on observable inputs and by observing secondary trading of similar securities obtained from active, non-distressed markets. The Company considers these Level 2 inputs as they are corroborated with other market observable inputs. The techniques generally used to determine the fair value of the Company's fixed maturity investments are detailed below by asset class. U.S. government and government agency U.S. government and government agency securities consist primarily of debt securities issued by the U.S. Treasury and mortgage pass-through agencies such as the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the Government National Mortgage Association. Fixed maturity investments included in U.S. government and government agency securities are primarily priced by pricing services. When evaluating these securities, the pricing services gather information from market sources and integrate other observations from markets and sector news. Evaluations are updated by obtaining broker dealer quotes and other market information including actual trade volumes, when available. The fair value of each security is individually computed using analytical models which incorporate option adjusted spreads and other daily interest rate data. Non-U.S. government and government agency Non-U.S. government and government agency securities consist of debt securities issued by non-U.S. governments and their agencies along with supranational organizations (also known as sovereign debt securities). Securities held in these sectors are primarily priced by pricing services who employ proprietary discounted cash flow models to value the securities. Key quantitative inputs for these models are daily observed benchmark curves for treasury, swap and high issuance credits. The pricing services then apply a credit spread for each security which is developed by in-depth and real time market analysis. For securities in which trade volume is low, the pricing services utilize data from more frequently traded securities with similar attributes. These models may also be supplemented by daily market and credit research for international markets. U.S. states, municipalities and political subdivisions The Company's U.S. states, municipalities and political subdivisions portfolio contains debt securities issued by U.S. domiciled state and municipal entities. These securities are generally priced by independent pricing services using the techniques described for U.S. government and government agency securities described above. Agency residential mortgage-backed securities The Company's agency residential mortgage-backed investments are primarily priced by pricing services using a mortgage pool specific model which utilizes daily inputs from the active to be announced ("TBA") market which is very liquid, as well as the U.S. treasury market. The model also utilizes additional information, such as the weighted average maturity, weighted average coupon and other available pool level data which is provided by the sponsoring agency. Valuations are also corroborated with daily active market quotes. Non-agency residential mortgage-backed securities The Company's non-agency mortgage-backed investments include non-agency prime residential mortgage-backed fixed maturity investments. The Company has no fixed maturity investments classified as sub-prime held in its fixed maturity investments portfolio. Securities held in these sectors are primarily priced by pricing services using an option adjusted spread model or other relevant models, which principally utilize inputs including benchmark yields, available trade information or broker quotes, and issuer spreads. The pricing services also review collateral prepayment speeds, loss severity and delinquencies among other collateral performance indicators for the securities valuation, when applicable. U.S. corporate Corporate debt securities consist primarily of investment-grade debt of a wide variety of U.S. corporate issuers and industries. The Company's corporate fixed maturity investments are primarily priced by pricing services. When evaluating these securities, the pricing services gather information from market sources regarding the issuer of the security and obtain credit data, as well as other observations, from markets and sector news. Evaluations are updated by obtaining broker dealer quotes and other market information including actual trade volumes, when available. The pricing services also consider the specific terms and conditions of the securities, including any specific features which may influence risk. In certain instances, securities are individually evaluated using a spread which is added to the U.S. treasury curve or a security specific swap curve as appropriate. Non-U.S. corporate Non-U.S. corporate debt securities consist primarily of investment-grade debt of a wide variety of non-U.S. corporate issuers and industries. The Company's non-U.S. corporate fixed maturity investments are primarily priced by pricing services. When evaluating these securities, the pricing services gather information from market sources regarding the issuer of the security and obtain credit data, as well as other observations, from markets and sector news. Evaluations are updated by obtaining broker dealer quotes and other market information including actual trade volumes, when available. The pricing services also consider the specific terms and conditions of the securities, including any specific features which may influence risk. Bank loans The Company's bank loan investments consist primarily of below-investment-grade debt of a wide variety of corporate issuers and industries. The Company's bank loans are primarily priced by pricing services. When evaluating these securities, the pricing services gather information from market sources regarding the issuer of the security and obtain credit data, as well as other observations, from markets and sector news. Evaluations are updated by obtaining broker dealer quotes and other market information including actual trade volumes, when available. The pricing services also consider the specific terms and conditions of the securities, including any specific features which may influence risk. Catastrophe bonds Catastrophe bonds are based on broker or underwriter bid indications. To the extent that these indications are based on significant unobservable inputs, the relevant bonds will be classified as a Level 3 asset. Asset-backed securities Asset backed securities include mostly investment-grade debt securities backed by pools of loans with a variety of underlying collateral, including automobile loan receivables, student loans, credit card receivables, and collateralized loan obligations originated by a variety of financial institutions. Securities held in these sectors are primarily priced by pricing services. The pricing services apply dealer quotes and other available trade information such as bids and offers, prepayment speeds which may be adjusted for the underlying collateral or current price data, the U.S. treasury curve and swap curve as well as cash settlement. The pricing services determine the expected cash flows for each security held in this sector using historical prepayment and default projections for the underlying collateral and current market data. In addition, a spread is applied to the relevant benchmark and used to discount the cash flows noted above to determine the fair value of the securities held in this sector. Commercial mortgage-backed securities Commercial mortgage backed securities are investment-grade debt primarily priced by pricing services. The pricing services apply dealer quotes and other available trade information such as bids and offers, prepayment speeds which may be adjusted for the underlying collateral or current price data, the U.S. treasury curve and swap curve as well as cash settlement. The pricing services determine the expected cash flows for each security held in this sector using historical prepayment and default projections for the underlying collateral and current market data. In addition, a spread is applied to the relevant benchmark and used to discount the cash flows noted above to determine the fair value of the securities held in this sector. Short term investments Short term investments consist primarily of highly liquid securities, all with maturities of less than one year from the date of purchase. The fair value of the Company's portfolio of short term investments is generally determined using amortized cost which approximates fair value. The Company has determined that, other than highly liquid money market-type funds, the majority of the remaining securities are classified within Level 2 because these securities are typically not actively traded due to their approaching maturity and, as such, their amortized cost approximates fair value. To the extent that these valuations are based on significant unobservable inputs, the relevant short term investments will be classified as a Level 3 asset. Preferred stock The Company's preferred stock portfolio contains preferred term securities typically sold by non-public financial services companies, through a collateralized debt obligation product and are classified as Level 2 assets. The fair value of these investments is determined based on quoted market prices in active markets. Investment funds Investment funds classified as Level 2 assets includes one pooled investment which is invested in fixed income securities with high credit ratings. The investment fund is only open to Lloyd’s Trust Fund participants. The fair value of units in the investment fund is based on the net asset value of the fund as reported by Lloyd’s Treasury & Investment Management. Also included within investment funds is the Company's share of a portfolio of Lloyd's overseas deposits, which is also classified as a Level 2 asset. The underlying deposits are managed centrally by Lloyd's and invested according to local regulatory requirements. The composition of the portfolio varies and the deposits are made across the market. The fair value of the deposits is based on the portfolio level reporting that is provided by Lloyd's. Mutual funds Mutual funds consist of two investment funds which are invested in various quoted investments. The fair value of units in the mutual funds is based on the net asset value of the fund as reported by the fund manager. (d) Level 3 assets measured at fair value Level 3 includes financial instruments that are valued using market approach and income approach valuation techniques. These models incorporate both observable and unobservable inputs. The Company's hedge funds, a fund of hedge funds, private equity investments, certain bank loans, an investment fund and certain catastrophe bonds are the only financial instruments in this category as at June 30, 2015 . For each respective hedge fund investment, the Company obtains and reviews the valuation methodology used by the fund administrators and investment managers to ensure that the hedge fund investments are following fair value principles consistent with U.S. GAAP in determining the net asset value (“NAV”). Within the hedge fund industry, there is a general lack of transparency necessary to facilitate a detailed independent assessment of the values placed on the securities underlying the NAV provided by the fund manager or fund administrator. To address this, on a quarterly basis, we perform a number of monitoring procedures designed to assist us in the assessment of the quality of the information provided by managers and administrators. These procedures include, but are not limited to, regular review and discussion of each fund's performance with its manager and regular evaluation of fund performance against applicable benchmarks. Bank loans Included in the bank loans portfolio is a collection of loan participations held through an intermediary. These investments are classified as Level 3 assets. A third party pricing service provides monthly valuation reports for each loan and participation using a combination of quotations from loan pricing services, leveraged loan indices or market price quotes obtained directly from the intermediary. Fund of hedge funds The fund of hedge funds includes a side pocket. While a redemption request has been submitted, the timing of receipt of proceeds on the side pocket is unknown. The fund's administrator provides a monthly reported NAV with a one month delay in its valuation which was used as a basis for fair value measurement in the Company's June 30, 2015 Consolidated Balance Sheet. The fund manager has provided an estimate of the fund NAV at June 30, 2015 based on the estimated performance provided from the underlying funds. To determine the reasonableness of the estimated NAV, the Company compares the one month delayed fund administrator's NAV to the fund manager's estimated NAV that incorporates relevant valuation sources on a timely basis. Material variances are recorded in the current reporting period while immaterial variances are recorded in the following reporting period. As this valuation technique incorporates both observable and significant unobservable inputs, the fund of hedge funds is classified as a Level 3 asset. Hedge funds The hedge funds were valued at $582,421 at June 30, 2015 (December 31, 2014 : $496,960 ). The hedge funds consist of investments in five Paulson & Co. managed funds (the "Paulson hedge funds") and one hedge fund assumed in the acquisition of Flagstone Reinsurance Holdings, S.A. (the "Flagstone Acquisition") (the "Flagstone hedge fund"). The Paulson hedge funds' administrator provides monthly reported NAVs with a one month delay in its valuation which was used as a partial basis for fair value measurement in the Company's June 30, 2015 Consolidated Balance Sheet. The fund manager provides an estimate of the NAV as at June 30, 2015 based on estimated performance. The Company adjusts fair value to the fund manager's estimated NAV that incorporates relevant valuation sources on a timely basis. To determine the reasonableness of the estimated NAV, the Company assesses the variance between the fund manager's estimated NAV and the fund administrator's NAV. Material variances are recorded in the current reporting period while immaterial variances are recorded in the following reporting period. Historically, the Company's valuation estimates have not materially differed from the subsequent NAVs. The Flagstone hedge fund's administrator provides quarterly NAVs with a three -month delay in valuation which was used as a basis for fair value measurement in the Company's June 30, 2015 Consolidated Balance Sheet. As these valuation techniques incorporate both observable and significant unobservable inputs, both the Paulson hedge funds and the Flagstone hedge fund are classified as Level 3 assets. The Paulson hedge funds are subject to quarterly liquidity. Private equity investments The private equity funds provide quarterly or semi-annual partnership capital statements with a three or six month delay which are used as a basis for valuation in the Company's June 30, 2015 Consolidated Balance Sheet. These private equity investments vary in investment strategies and are not actively traded in any open markets. As this valuation technique can incorporate significant unobservable inputs, the private equity investments are classified as Level 3 assets. Investment funds Investment funds classified as Level 3 assets consists of one structured securities fund that invests across asset backed securities, residential mortgage backed securities and commercial mortgage backed securities. The fair value of units in the investment fund is based on the NAV of the fund as reported by the independent fund administrator. The fund's administrator provides a monthly reported NAV with a one -month delay in its valuation which was used as a basis for fair value measurement in the Company's June 30, 2015 Consolidated Balance Sheet. As this valuation technique incorporates both observable and significant unobservable inputs, the investment fund investment is classified as a Level 3 asset. The following table presents a reconciliation of the beginning and ending balances for all investments measured at fair value on a recurring basis using Level 3 inputs during the three and six months ended June 30, 2015 and 2014 : Three Months Ended Six Months Ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Level 3 investments - Beginning of period $ 867,656 $ 629,321 $ 694,641 $ 576,871 Purchases 53,810 100,000 199,599 100,000 Sales (5,436 ) (21,744 ) (13,038 ) (25,333 ) Settlements (4,203 ) (1,500 ) (8,198 ) (1,500 ) Net realized gains (losses) — 5,634 (11 ) 5,644 Change in net unrealized gains 19,822 34,685 58,656 84,011 Transfers into Level 3 — — — 6,703 Level 3 investments - End of period $ 931,649 $ 746,396 $ 931,649 $ 746,396 Catastrophe Bonds (1,000 ) — (1,000 ) — Noncontrolling interest (a) (506,024 ) (546,790 ) (506,024 ) (546,790 ) Level 3 investments - End of period excluding catastrophe bonds and noncontrolling interest $ 424,625 $ 199,606 $ 424,625 $ 199,606 (a) Includes Level 3 investments held by PaCRe in which the Company has an equity interest of 10% . The remaining 90% interest is held by third party investors and included in the Consolidated Balance Sheets as noncontrolling interest. There have not been any transfers into or out of Level 3 during the three months ended June 30, 2015 and 2014 or the six months ended June 30, 2015 . During the six months ended June 30, 2014 there was a transfer of investments from Level 2 into Level 3 of the fair value hierarchy. This transfer was due to a reassessment of the extent of unobservable inputs used in establishing the fair value of certain catastrophe bonds.

Investments in affiliates

Investments in affiliates	6 Months Ended
	Jun. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Investments in affiliates	Investments in affiliates The following table presents the Company's investments in affiliates as at June 30, 2015 and December 31, 2014 : June 30, 2015 December 31, 2014 Investment affiliates $ 89,681 $ 63,506 Operating affiliates 284,440 197,977 Investments in affiliates $ 374,121 $ 261,483 (a) Investment affiliate Aquiline Financial Services Fund II L.P. On December 20, 2011, the Company entered into an Assignment and Assumption Agreement (the "Agreement") with Aquiline Capital Partners LLC, a Delaware limited liability company (the "Assignor") and Aquiline Capital Partners II GP (Offshore) Ltd., a Cayman Islands company limited by shares (the "Aquiline II General Partner") pursuant to which the Company has assumed 100% of the Assignor's interest in Aquiline Financial Services Fund II L.P. (the "Aquiline II Partnership") representing a total capital commitment of $50,000 (the "Aquiline II Commitment"), as a limited partner in the Partnership (the "Transferred Interest"). The Transferred Interest is governed by the terms of an Amended and Restated Exempted Limited Partnership Agreement of the Fund dated January 9, 2013 (the "Aquiline II Limited Partnership Agreement"). On October 2, 2014, the Company assumed an additional investment in the Aquiline II Partnership as part of the Western World acquisition representing a total capital commitment of $10,000 . This interest is also governed by the terms of the Aquiline II Limited Partnership Agreement. The Partnership provides a quarterly capital account statement, with a three month delay in its valuation, which was used as the basis for calculating the Company's share of partnership income for the period. Aquiline Financial Services Fund III L.P. On November 7, 2014, the Company, entered into a Subscription Agreement (the "Subscription Agreement") with Aquiline Capital Partners III GP (Offshore) Ltd., a Cayman Islands company limited by shares (the "Aquiline III General Partner") pursuant to which the Company committed and agreed to purchase limited partnership or other comparable limited liability equity interests (the "Limited Partnership Interests") in Aquiline Financial Services Fund III L.P., a Cayman Islands exempted limited partnership (the "Aquiline III Partnership"), and/or one or more Alternative Investment Vehicles and Intermediate Entities (together with the Aquiline III Partnership, the "Fund" or the "Entities") with a capital commitment (the "Aquiline III Commitment") in an amount equal to $100,000 , as a limited partner in the Aquiline III Partnership. The Limited Partnership Interests are governed by the terms of an Amended and Restated Exempted Limited Partnership Agreement dated as of November 7, 2014 (the “Aquiline III Limited Partnership Agreement”). The Partnership provides a quarterly capital account statement, with a three month delay in its valuation, which was used as the basis for calculating the Company's share of partnership income for the period. The following table presents a reconciliation of the beginning and ending investment in the Company's investment affiliates balance for the three and six months ended June 30, 2015 and 2014 : Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Investment affiliates, beginning of period $ 85,982 $ 39,848 $ 63,506 $ 34,500 Capital contributions 3,415 — 23,115 — Income from investment affiliate 284 779 3,060 6,127 Investment affiliates, end of period $ 89,681 $ 40,627 $ 89,681 $ 40,627 The following table presents the Company's investment in the Partnerships as at June 30, 2015 : Investment in investment affiliate Investment at cost Voting ownership % Equity Ownership Carrying Value Aquiline Financial Services Fund II L.P. $ 59,978 — % 8.1 % $ 75,543 Aquiline Financial Services Fund III L.P. $ 14,138 — % 13.7 % $ 14,138 Total $ 74,116 $ 89,681 The following table presents the Company's investment in the Partnership as at December 31, 2014 : Investment in investment affiliate Investment at cost Voting ownership % Equity Ownership Carrying Value Aquiline Financial Services Fund II L.P. $ 51,001 — % 8.1 % $ 63,506 (b) Operating affiliates AlphaCat Re 2011 Ltd. On May 25, 2011, the Company joined with other investors in capitalizing AlphaCat Re 2011 Ltd. ("AlphaCat Re 2011"), a special purpose reinsurer formed for the purpose of writing collateralized reinsurance and retrocessional reinsurance. AlphaCat Re 2011 was a market facing entity and the Company's investment in AlphaCat Re 2011 has been treated as an equity method investment. AlphaCat Re 2011 is now considered "off-risk" as the risk periods for all reinsurance contracts written have expired. As a result, partial returns of investment have been made to the investors of AlphaCat Re 2011.The Company's portion of the returns made during the three and six months ended June 30, 2015 and 2014 are included in the tables below. AlphaCat Re 2012 Ltd. On May 29, 2012, the Company joined with other investors in capitalizing AlphaCat Re 2012 Ltd. ("AlphaCat Re 2012"), a special purpose reinsurer formed for the purpose of writing collateralized reinsurance with a particular focus on windstorm risks for Florida domiciled insurance companies. AlphaCat Re 2012 was a market facing entity and the Company's investment in AlphaCat Re 2012 has been treated as an equity method investment. AlphaCat Re 2012 is now considered "off-risk" as the risk periods for all reinsurance contracts written have expired. As a result, partial returns of investment have been made to the investors of AlphaCat Re 2012.The Company's portion of the returns made during the three and six months ended June 30, 2015 and 2014 are included in the tables below. AlphaCat 2013, Ltd. On December 17, 2012, the Company joined with other investors in capitalizing AlphaCat 2013, Ltd. ("AlphaCat 2013"), an entity formed for the purpose of investing in collateralized reinsurance and retrocession on a worldwide basis. AlphaCat 2013 deployed its capital through transactions entered into by AlphaCat Reinsurance Ltd. (“AlphaCat Re”) and the Company's investment in AlphaCat 2013 has been treated as an equity method investment. AlphaCat 2013 is now considered "off-risk" as the risk periods for all risk-linked instruments have expired. As a result, partial returns of investment have been made to the investors of AlphaCat 2013. The Company's portion of the returns made during the three and six months ended June 30, 2015 and 2014 are included in the tables below. AlphaCat 2014, Ltd. On December 20, 2013, the Company joined with other investors in capitalizing AlphaCat 2014, Ltd. (“AlphaCat 2014”), an entity formed for the purpose of investing in collateralized reinsurance and retrocessional contracts for the January 1, 2014 renewal season. AlphaCat 2014 deploys its capital through transactions entered into by AlphaCat Re and the Company's investment in AlphaCat 2014 has been treated as an equity method investment. AlphaCat 2014 is now considered "off-risk" as the risk periods for all risk-linked instruments have expired. As a result, partial returns of investment have been made to the investors of AlphaCat 2014. The Company's portion of the returns made during the three and six months ended June 30, 2015 and 2014 are included in the table below. AlphaCat 2015, Ltd. On December 29, 2014, the Company joined with other investors in capitalizing AlphaCat 2015, Ltd. ("AlphaCat 2015"), an entity formed for the purpose of investing in collateralized reinsurance and retrocessional contracts for the January 1, 2015 renewal season. AlphaCat 2015 deploys its capital through transactions entered into by AlphaCat Re and the Company's investment in AlphaCat 2015 has been treated as an equity method investment. AlphaCat ILS funds The AlphaCat ILS funds invest in instruments with returns linked to property catastrophe reinsurance, retrocession and insurance linked securities ("ILS") contracts. AlphaCat ILS funds primarily deploy their capital through the AlphaCat Master Fund Ltd. (the "AlphaCat Master Fund") and AlphaCat Re. All of the funds are variable interest entities and are accounted for as equity method investments because the Company holds an equity interest of less than 50% and has significant influence. Two of these funds had been consolidated by the Company as the primary beneficiary from formation through to December 31, 2013 and May 31, 2015, respectively. However, on January 1, 2014 and June 1, 2015 the funds received $35,000 and $40,000 in additional third party subscriptions, respectively, resulting in a reduction of the Company’s equity interest below 50% . Therefore, these funds were deconsolidated and accounted for as an equity method investments from January 1, 2014 and June 1, 2015, respectively, since the Company retained significant influence. The fair value of the retained interest, based on the fair value of the underlying instruments in AlphaCat Master Fund and AlphaCat Re, amounted to $113,455 and $96,770 as at January 1, 2014 and June 1, 2015, respectively. The deconsolidations resulted in a gain of $1,372 and a loss of $1,777 which is included in the Consolidated Statements of Comprehensive Income as other insurance related income for the six months ended June 30, 2014 and the three and six months ended June 30, 2015, respectively. The Company's maximum exposure to any of the funds is the amount of capital invested at any given time. AlphaCat Master Fund Ltd. and AlphaCat Reinsurance Ltd. The Company utilizes AlphaCat Master Fund and AlphaCat Re for the purpose of investing in capital market products and writing collateralized reinsurance, respectively, on behalf of certain entities within the AlphaCat operating segment. AlphaCat Master Fund and AlphaCat Re are market facing entities which enter into transactions on behalf of AlphaCat 2015 and the AlphaCat ILS funds. The Company owns all of the voting equity interest in AlphaCat Master Fund and AlphaCat Re and, as a result, their financial statements are included in the Consolidated Financial Statements of the Company. BetaCat ILS funds The BetaCat ILS funds invest exclusively in catastrophe bonds (principal-at-risk variable rate notes and other event-linked securities, being referred to collectively as “Cat Bonds”) focused on property and casualty risk issued under Rule 144A of the Securities Act of 1933, following a passive buy-and-hold investment strategy. One of the funds is a variable interest entity and is consolidated by the Company as the primary beneficiary. The remaining fund is consolidated by the Company as it owns all of the voting equity interest. The Company's maximum exposure to either of the funds is the amount of capital invested at any given time. As at June 30, 2015 , no third party subscriptions had been received. The following tables present a reconciliation of the beginning and ending investment in operating affiliates for the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, 2015 AlphaCat Re 2011 AlphaCat Re 2012 AlphaCat 2013 AlphaCat 2014 AlphaCat 2015 AlphaCat ILS funds Total As at March 31, 2015 $ 4,596 $ 710 $ 1,054 $ 3,835 $ 26,916 $ 140,239 $ 177,350 Purchase of shares — — — — 2,400 6,930 9,330 Return of investment — — — (3,114 ) — — (3,114 ) Fair value of retained interest on deconsolidation of AlphaCat ILS fund — — — — — 96,770 96,770 Income (loss) from operating affiliates 5 (3 ) (11 ) 2 1,282 2,829 4,104 As at June 30, 2015 $ 4,601 $ 707 $ 1,043 $ 723 $ 30,598 $ 246,768 $ 284,440 Three Months Ended June 30, 2014 AlphaCat Re 2011 AlphaCat Re 2012 AlphaCat 2013 AlphaCat 2014 AlphaCat ILS funds Total As at March 31, 2014 $ 4,177 $ 1,277 $ 15,678 $ 23,593 $ 137,034 $ 181,759 Return of investment — — (13,659 ) — — (13,659 ) (Loss) income from operating affiliates (5 ) 927 561 1,421 1,988 4,892 As at June 30, 2014 $ 4,172 $ 2,204 $ 2,580 $ 25,014 $ 139,022 $ 172,992 Six Months Ended June 30, 2015 AlphaCat Re 2011 AlphaCat Re 2012 AlphaCat 2013 AlphaCat 2014 AlphaCat 2015 AlphaCat ILS funds Total As at December 31, 2014 $ 4,606 $ 735 $ 1,068 $ 28,085 $ 25,600 $ 137,883 $ 197,977 Purchase of shares — — — — 2,400 8,000 10,400 Return of investment — — — (27,264 ) — — (27,264 ) Fair value of retained interest on deconsolidation of AlphaCat ILS fund — — — — — 96,770 96,770 (Loss) income from operating affiliates (5 ) (28 ) (25 ) (98 ) 2,598 4,115 6,557 As at June 30, 2015 $ 4,601 $ 707 $ 1,043 $ 723 $ 30,598 $ 246,768 $ 284,440 Six Months Ended June 30, 2014 AlphaCat Re 2011 AlphaCat Re 2012 AlphaCat 2013 AlphaCat 2014 AlphaCat ILS funds Total As at December 31, 2013 $ 9,809 $ 1,313 $ 51,744 $ 21,982 $ 21,895 $ 106,743 Return of investment (5,825 ) — (51,200 ) — — (57,025 ) Fair value of retained interest on deconsolidation of AlphaCat ILS fund — — — — 113,455 113,455 Income from operating affiliates 188 891 2,036 3,032 3,672 9,819 As at June 30, 2014 $ 4,172 $ 2,204 $ 2,580 $ 25,014 $ 139,022 $ 172,992 The following table presents the Company's investments in AlphaCat Re 2011, AlphaCat Re 2012, AlphaCat 2013, AlphaCat 2014, AlphaCat 2015 and the AlphaCat ILS funds in the Consolidated Financial Statements as at June 30, 2015 : Investment in operating affiliates Cost Voting ownership % Equity ownership % Carrying value AlphaCat Re 2011 $ 4,601 43.7 % 22.3 % $ 4,601 AlphaCat Re 2012 707 49.0 % 37.9 % 707 AlphaCat 2013 1,043 40.9 % 19.7 % 1,043 AlphaCat 2014 723 42.3 % 19.6 % 723 AlphaCat 2015 28,000 40.0 % 20.0 % 30,598 AlphaCat ILS funds 237,861 n/a (a) 246,768 Total $ 272,935 $ 284,440 (a) Equity ownership in the funds was 7.6% , 20.2% , 9.1% and 44.6% , respectively as at June 30, 2015 . The following table presents the Company's investments in AlphaCat Re 2011, AlphaCat Re 2012, AlphaCat 2013, AlphaCat 2014, AlphaCat 2015 and the AlphaCat ILS funds in the Consolidated Financial Statements as at December 31, 2014 : Investment in operating affiliates Cost Voting ownership % Equity ownership % Carrying value AlphaCat Re 2011 $ 4,606 43.7 % 22.3 % $ 4,606 AlphaCat Re 2012 735 49.0 % 37.9 % 735 AlphaCat 2013 1,068 40.9 % 19.7 % 1,068 AlphaCat 2014 22,000 42.3 % 19.6 % 28,085 AlphaCat 2015 25,600 40.0 % 20.0 % 25,600 AlphaCat ILS funds 133,091 n/a (a) 137,883 Total $ 187,100 $ 197,977 (a) Equity ownership in the funds was 7.9% , 39.7% and 9.1% , respectively as at December 31, 2014 . (c) Notes payable and (income) attributable to operating affiliates Notes are issued during the course of a year by AlphaCat Master Fund and AlphaCat Re to AlphaCat 2014, AlphaCat 2015 and the AlphaCat ILS funds (collectively the "feeder funds") in order to fund the purchase of capital market products and to write collateralized reinsurance on their behalf. The underlying capital market products and collateralized reinsurance typically have at least a twelve month duration; however, they do not have a stated maturity date. Since repayment is dependent on the settlement of the underlying transactions, the notes are subsequently redeemed as the underlying transactions are settled. The Company’s investments in the feeder funds, together with investments made by third parties, are provided as consideration for these notes to AlphaCat Master Fund and AlphaCat Re, which are consolidated in the Company’s Consolidated Financial Statements. The effective economic interest in AlphaCat Master Fund and AlphaCat Re that results from these transactions is represented on the Consolidated Balance Sheet as notes payable to operating affiliates. The subsequent income or loss generated by the relevant capital market products or collateralized reinsurance is transferred to the operating affiliates as (income) loss attributable to operating affiliate investors in the Company’s Consolidated Statements of Comprehensive Income. The notes do not have any principal amount, since the final amount payable is dependent on the income or loss. To the extent that the (income) loss attributable to operating affiliate investors has not been returned to investors, it is included in accounts payable and accrued expenses in the Consolidated Balance Sheets. The following tables present a reconciliation of the beginning and ending notes payable to operating affiliates for the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, 2015 AlphaCat 2014 AlphaCat 2015 AlphaCat ILS funds Total As at March 31, 2015 $ 8,181 $ 137,294 $ 774,209 $ 919,684 Notes payable to operating affiliates recognized on deconsolidation of AlphaCat ILS fund — — 179,316 179,316 Issuance of notes payable to operating affiliates — 8,327 525,093 533,420 Redemption of notes payable to operating affiliates (8,181 ) — (247,380 ) (255,561 ) Foreign exchange loss — 364 4,090 4,454 As at June 30, 2015 $ — $ 145,985 $ 1,235,328 $ 1,381,313 Three Months Ended June 30, 2014 AlphaCat 2013 AlphaCat 2014 AlphaCat ILS funds Total As at March 31, 2014 $ 48,163 $ 149,816 $ 363,394 $ 561,373 Issuance of notes payable to operating affiliates — 8,207 249,094 257,301 Redemption of notes payable to operating affiliates (48,163 ) — (148,800 ) (196,963 ) Foreign exchange (gain) loss — (31 ) 1,270 1,239 As at June 30, 2014 $ — $ 157,992 $ 464,958 $ 622,950 Six Months Ended June 30, 2015 AlphaCat 2014 AlphaCat 2015 AlphaCat ILS funds Total As at December 31, 2014 $ 157,384 $ — $ 514,081 $ 671,465 Notes payable to operating affiliates recognized on deconsolidation of AlphaCat ILS fund — — 179,316 179,316 Issuance of notes payable to operating affiliates — 145,867 1,009,417 1,155,284 Redemption of notes payable to operating affiliates (157,074 ) — (464,370 ) (621,444 ) Foreign exchange (gain) loss (310 ) 118 (3,116 ) (3,308 ) As at June 30, 2015 $ — $ 145,985 $ 1,235,328 $ 1,381,313 Six Months Ended June 30, 2014 AlphaCat 2013 AlphaCat 2014 AlphaCat ILS funds Total As at December 31, 2013 $ 223,809 $ — $ 215,463 $ 439,272 Notes payable to operating affiliates recognized on deconsolidation of AlphaCat ILS fund — — 178,837 178,837 Issuance of notes payable to operating affiliates — 157,914 433,831 591,745 Redemption of notes payable to operating affiliates (223,512 ) — (364,566 ) (588,078 ) Foreign exchange (gain) loss (297 ) 78 1,393 1,174 As at June 30, 2014 $ — $ 157,992 $ 464,958 $ 622,950 The portion of notes payable to operating affiliates that were due to the Company, as an investor in the affiliates, and third party investors as at June 30, 2015 amounted to $261,459 and $1,119,854 , respectively (December 31, 2014 : $148,264 and $523,201 ). The following table presents the (income) attributable to operating affiliate investors for the three and six months ended June 30, 2015 and 2014 : Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, AlphaCat 2013 $ (1 ) $ (3,644 ) $ — $ (14,120 ) AlphaCat 2014 (99 ) (10,892 ) (255 ) (21,681 ) AlphaCat 2015 (9,811 ) — (18,584 ) — AlphaCat ILS funds (20,968 ) (10,780 ) (35,246 ) (21,225 ) (Income) attributable to operating affiliate investors $ (30,879 ) $ (25,316 ) $ (54,085 ) $ (57,026 ) The portion of income attributable to operating affiliate investors that was due to the Company, as an investor in the affiliates, and third party investors for the three months ended June 30, 2015 amounted to $4,964 and $25,915 , respectively ( 2014 : $5,087 and $20,229 ). The portion of income attributable to operating affiliate investors was due to the Company, as an investor in the affiliates, and third party investors for the six months ended June 30, 2015 amounted to $8,408 and $45,677 , respectively ( 2014: $11,559 and $45,467 ).

Noncontrolling interest

Noncontrolling interest	6 Months Ended
	Jun. 30, 2015
Noncontrolling Interest [Abstract]
Noncontrolling interest	Noncontrolling interest On April 2, 2012, the Company joined with other investors in capitalizing PaCRe Ltd. ("PaCRe"), a Class 4 Bermuda reinsurer formed for the purpose of writing high excess property catastrophe reinsurance. The Company has an equity interest of 10% and the remaining 90% interest is held by third party investors. The Company has a majority voting equity interest in PaCRe and as a result, the financial statements of PaCRe are included in the Consolidated Financial Statements of the Company. The portion of PaCRe’s earnings attributable to third party investors is recorded in the Consolidated Statements of Comprehensive Income as net (income) attributable to noncontrolling interest. PaCRe's shareholder rights do not include redemption features within the control of the third party shareholders. The third party equity is recorded in the Company’s Consolidated Balance Sheets as noncontrolling interest. The AlphaCat ILS funds have rights that enable shareholders, subject to certain limitations, to redeem their shares. The third party equity is therefore recorded in the Company’s Consolidated Balance Sheets as redeemable noncontrolling interest. When and if a redemption notice is received, the fair value of the redemption is reclassified to a liability. On June 1, 2015, the one remaining consolidated AlphaCat ILS fund was deconsolidated and accounted for as an equity method investment. Therefore, the portion of earnings attributable to third party investors from that fund is recorded in the Consolidated Statements of Comprehensive Income as net (income) attributable to noncontrolling interest through May 31, 2015. The following tables present a reconciliation of the beginning and ending balances of redeemable noncontrolling interest and noncontrolling interest for the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, 2015 Redeemable noncontrolling interest Noncontrolling interest Total As at March 31, 2015 $ 98,777 $ 494,451 $ 593,228 Issuance of shares 40,000 — 40,000 Income attributable to noncontrolling interest 2,005 15,639 17,644 Adjustment to noncontrolling interest as a result of deconsolidation (121,387 ) — (121,387 ) Redemption of shares (19,395 ) — (19,395 ) As at June 30, 2015 $ — $ 510,090 $ 510,090 Three Months Ended June 30, 2014 Redeemable noncontrolling interest Noncontrolling interest Total As at March 31, 2014 $ 8,390 $ 540,934 $ 549,324 Issuance of shares 57,000 — 57,000 Income attributable to noncontrolling interest 892 34,413 35,305 As at June 30, 2014 $ 66,282 $ 575,347 $ 641,629 Six Months Ended June 30, 2015 Redeemable noncontrolling interest Noncontrolling interest Total As at December 31, 2014 $ 79,956 $ 458,595 $ 538,551 Issuance of shares 55,700 — 55,700 Income attributable to noncontrolling interest 5,126 51,495 56,621 Adjustment to noncontrolling interest as a result of deconsolidation (121,387 ) — (121,387 ) Redemption of shares (19,395 ) — (19,395 ) As at June 30, 2015 $ — $ 510,090 $ 510,090 Six Months Ended June 30, 2014 Redeemable noncontrolling interest Noncontrolling interest Total As at December 31, 2013 $ 86,512 $ 497,657 $ 584,169 Issuance of shares 57,000 — 57,000 Income attributable to noncontrolling interest 1,124 77,690 78,814 Adjustment to noncontrolling interest as a result of deconsolidation (78,354 ) — (78,354 ) As at June 30, 2014 $ 66,282 $ 575,347 $ 641,629

Derivative instruments

Derivative instruments	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative instruments	Derivative instruments The Company enters into derivative instruments for risk management purposes, specifically to hedge unmatched foreign currency exposures and interest rate exposures. As at June 30, 2015 , the Company held foreign currency forward contracts to mitigate the risk of fluctuations in the U.S. dollar against a number of foreign currencies. As at June 30, 2015 , the Company held two interest rate swaps to fix the payment of interest on the Company's 2006 and 2007 Junior Subordinated Deferrable Debentures, as well as three interest rate swaps and one cross-currency interest rate swap to fix the payment of interest and mitigate the foreign exchange rate impact on Flagstone's 2006 and 2007 Junior Subordinated Deferrable Debentures. As at June 30, 2015 , the Company held one foreign currency forward contract to mitigate the risk of fluctuations in the U.S. dollar against the Euro that was not designated as a hedging instrument. The following table summarizes information on the classification and amount of the fair value of derivatives not designated as hedging instruments on the Consolidated Balance Sheets at June 30, 2015 and December 31, 2014 : As at June 30, 2015 As at December 31, 2014 Derivatives not designated as hedging instruments: Net Notional Exposure Asset Derivative at Fair Value (a) Liability Derivative at Fair Value (a) Net Notional Exposure Asset Derivative at Fair Value (a) Liability Derivative at Fair Value (a) Foreign currency forward contracts $ 22,039 $ — $ 1,064 $ 26,755 $ 1,685 $ — (a) Asset and liability derivatives are classified within other assets and accounts payable and accrued expenses respectively on the Consolidated Balance Sheets. The net impact on earnings during the three and six months ended June 30, 2015 , recognized in income within other income, relating to the foreign currency forward contract that was not designated as a hedging instrument was $(128) and $(127) , respectively ( 2014 : $nil and $nil ). The following table summarizes information on the classification and amount of the fair value of derivatives designated as hedging instruments on the Consolidated Balance Sheets at June 30, 2015 and December 31, 2014 : As at June 30, 2015 As at December 31, 2014 Derivatives designated as hedging instruments: Net Notional Exposure Asset Derivative at Fair Value (a) Liability Derivative at Fair Value (a) Net Notional Exposure Asset Derivative at Fair Value (a) Liability Derivative at Fair Value (a) Foreign currency forward contracts $ 198,775 $ 1,966 $ 9,550 $ 189,026 $ 401 $ 3,136 Interest rate swap contracts $ 552,263 $ 21 $ 1,522 $ 552,263 $ 25 $ 1,169 (a) Asset and liability derivatives are classified within other assets and accounts payable and accrued expenses, respectively on the Consolidated Balance Sheets. (a) Classification within the fair value hierarchy As described in Note 4 : " Fair value measurements " under U.S. GAAP, a company must determine the appropriate level in the fair value hierarchy for each fair value measurement. The assumptions used within the valuation of the Company's derivative instruments are observable in the marketplace, can be derived from observable data or are supported by observable levels at which other similar transactions are executed in the marketplace. Accordingly, these derivatives were classified within Level 2 of the fair value hierarchy. (b) Derivative instruments designated as a fair value hedge The Company designates its foreign currency derivative instruments as fair value hedges and formally and contemporaneously documents all relationships between the derivative instruments and hedged items and links the derivative instruments to specific assets and liabilities. The Company assesses the effectiveness of the hedges, both at inception and on an on-going basis and determines whether the hedges are highly effective in offsetting changes in fair value of the linked hedged items. The following table provides the total impact on earnings, recognized in income within foreign exchange gains (losses), relating to the derivative instruments formally designated as fair value hedges along with the impact of the related hedged items for the three and six months ended June 30, 2015 and 2014 : Three Months Ended Six Months Ended Foreign currency forward contracts June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Amount of (loss) gain recognized in income on derivative $ (7,677 ) $ 1,535 $ (17,790 ) $ 4,838 Amount of gain (loss) on hedged item recognized in income attributable to risk being hedged $ 7,677 $ (1,535 ) $ 17,790 $ (4,838 ) Amount of gain (loss) recognized in income on derivative (ineffective portion) $ — $ — $ — (c) Derivative instruments designated as a cash flow hedge The Company designates its interest rate derivative instruments as cash flow hedges and formally and contemporaneously documents all relationships between the hedging instruments and hedged items and links the derivative instruments to specific assets and liabilities. The Company assesses the effectiveness of the hedges, both at inception and on an on-going basis and determines whether the hedges are highly effective in offsetting changes in fair value of the linked hedged items. The Company currently applies the long haul method when assessing the hedge's effectiveness. The following table provides the total impact on other comprehensive income (loss) and earnings relating to the derivative instruments formally designated as cash flow hedges along with the impact of the related hedged items for the three and six months ended June 30, 2015 and 2014 : Three Months Ended Six Months Ended Interest rate swap contracts June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Amount of effective portion recognized in other comprehensive income $ 2,846 $ 3,252 $ 6,886 $ 6,460 Amount of effective portion subsequently reclassified to earnings $ (3,236 ) $ (3,252 ) $ (6,475 ) $ (6,460 ) Amount of ineffective portion excluded from effectiveness testing $ 390 $ — $ (411 ) $ — The above balances relate to interest payments and have therefore been classified as finance expenses in the Consolidated Statements of Comprehensive Income. (d) Balance sheet offsetting There was no balance sheet offsetting activity as at June 30, 2015 or December 31, 2014 . The Company currently provides cash collateral as security for interest rate swap contracts. The Company does not provide cash collateral or financial instruments as security for foreign currency forward contracts. Our derivative instruments are generally traded under International Swaps and Derivatives Association master netting agreements, which establish terms that apply to all transactions. On a periodic basis, the amounts receivable from or payable to the counterparties are settled in cash. The Company has not elected to settle multiple transactions with an individual counterparty on a net basis.

Reserve for losses and loss exp

Reserve for losses and loss expenses	6 Months Ended
	Jun. 30, 2015
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]
Reserve for losses and loss expenses	Reserve for losses and loss expenses Reserves for losses and loss expenses are based in part upon the estimation of case reserves from broker, insured and ceding company reported data. The Company also uses statistical and actuarial methods to estimate ultimate expected losses and loss expenses, from which incurred but not reported losses can be calculated. The period of time from the occurrence of a loss to the reporting of a loss to the Company and to the settlement of the Company's liability may be several months or years. During this period, additional facts and trends may be revealed. As these factors become apparent, reserves will be adjusted, sometimes requiring an increase or decrease in the overall reserves of the Company, and at other times requiring a reallocation of incurred but not reported reserves to specific case reserves. These estimates are reviewed and adjusted regularly, and such adjustments, if any, are reflected in earnings in the period in which they become known. While management believes that it has made a reasonable estimate of ultimate losses, there can be no assurances that ultimate losses and loss expenses will not exceed this estimate. The following table represents an analysis of paid and unpaid losses and loss expenses incurred and a reconciliation of the beginning and ending unpaid losses and loss expenses for the three and six months ended June 30, 2015 and 2014 : Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Reserve for losses and loss expenses, beginning of period $ 3,199,362 $ 2,925,059 $ 3,234,394 $ 3,030,399 Losses and loss expenses recoverable (375,882 ) (348,407 ) (377,466 ) (370,154 ) Net reserves for losses and loss expenses, beginning of period 2,823,480 2,576,652 2,856,928 2,660,245 Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in: Current year 336,864 231,401 661,352 433,487 Prior years (70,718 ) (72,656 ) (154,277 ) (112,071 ) Total incurred losses and loss expenses 266,146 158,745 507,075 321,416 Less net losses and loss expenses paid in respect of losses occurring in: Current year (28,965 ) (16,741 ) (42,065 ) (24,708 ) Prior years (256,990 ) (199,236 ) (492,993 ) (449,351 ) Total net paid losses (285,955 ) (215,977 ) (535,058 ) (474,059 ) Foreign exchange loss (gain) 6,841 9,153 (18,433 ) 20,971 Net reserve for losses and loss expenses, end of period 2,810,512 2,528,573 2,810,512 2,528,573 Losses and loss expenses recoverable 376,665 338,734 376,665 338,734 Reserve for losses and loss expenses, end of period $ 3,187,177 $ 2,867,307 $ 3,187,177 $ 2,867,307 During the three months ended June 30, 2015 , the Company experienced $70,718 of prior period favorable development compared to $72,656 of prior period favorable development for the three months ended June 30, 2014 . Prior period favorable development for the Validus Re segment was $30,879 for the three months ended June 30, 2015 compared to $26,668 for the three months ended June 30, 2014 . The favorable development for the three months ended June 30, 2015 was primarily due to lower claims emergence on attritional losses. Prior period favorable development for the Talbot segment was $35,586 for the three months ended June 30, 2015 compared to $42,240 for the three months ended June 30, 2014 . The favorable development for the three months ended June 30, 2015 was primarily due to favorable development on attritional losses. During the six months ended June 30, 2015 , the Company experienced $154,277 of prior period favorable development compared to $112,071 of prior period favorable development for the six months ended June 30, 2014 . Prior period favorable development for the Validus Re segment was $55,575 for the six months ended June 30, 2015 compared to $36,696 for the six months ended June 30, 2014 . The favorable development for the six months ended June 30, 2015 was primarily due to lower claims emergence on attritional losses. Prior period favorable development for the Talbot segment was $87,273 for the six months ended June 30, 2015 compared to $63,767 for the six months ended June 30, 2014 . The favorable development for the six months ended June 30, 2015 was primarily due to favorable development on attritional losses. Incurred losses and loss expenses comprise: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Gross losses and loss expenses $ 303,771 $ 182,780 $ 568,567 $ 364,755 Reinsurance recoverable (37,625 ) (24,035 ) (61,492 ) (43,339 ) Net incurred losses and loss expenses $ 266,146 $ 158,745 $ 507,075 $ 321,416

Reinsurance

Reinsurance	6 Months Ended
	Jun. 30, 2015
Reinsurance Disclosures [Abstract]
Reinsurance	Reinsurance The Company enters into reinsurance and retrocession agreements in order to mitigate its accumulation of loss, reduce its liability on individual risks, enable it to underwrite policies with higher limits and increase its aggregate capacity. The cession of insurance and reinsurance does not legally discharge the Company from its primary liability for the full amount of the policies, and the Company is required to pay the loss and bear collection risk if the reinsurer fails to meet its obligations under the reinsurance or retrocession agreement. Amounts recoverable from reinsurers are estimated in a manner consistent with the underlying liabilities. Credit risk The Company evaluates the financial condition of its reinsurers and monitors concentration of credit risk arising from its exposure to individual reinsurers. The reinsurance program is generally placed with reinsurers whose rating, at the time of placement, was A- or better as rated by Standard & Poor's or the equivalent with other rating agencies. Exposure to a single reinsurer is also controlled with restrictions dependent on rating. At June 30, 2015 , 98.5% ( December 31, 2014 : 98.0% ) of reinsurance recoverables (which includes loss reserves recoverable and recoverables on paid losses and $244,756 of total IBNR recoverable ( December 31, 2014 : $231,129 )) were fully collateralized or from reinsurers rated A- or better. Reinsurance recoverables by reinsurer as at June 30, 2015 and December 31, 2014 are as follows: June 30, 2015 December 31, 2014 Reinsurance Recoverable % of Total Reinsurance Recoverable % of Total Top 10 reinsurers $ 340,154 81.6 % $ 312,205 75.1 % Other reinsurers’ balances > $1 million 67,525 16.2 % 94,247 22.7 % Other reinsurers’ balances < $1 million 9,184 2.2 % 9,092 2.2 % Total $ 416,863 100.0 % $ 415,544 100.0 % June 30, 2015 Top 10 Reinsurers Rating Reinsurance Recoverable % of Total Swiss Re AA- $ 77,525 18.6 % Lloyd's Syndicates A+ 76,778 18.4 % Everest Re A+ 51,255 12.3 % Hannover Re AA- 43,188 10.4 % Fully Collateralized NR 31,328 7.5 % Munich Re AA- 20,463 4.9 % Transatlantic Re A+ 13,117 3.1 % Hamilton Re A- 9,630 2.3 % XL Re A+ 9,056 2.2 % Helvetia A 7,814 1.9 % Total $ 340,154 81.6 % NR: Not rated December 31, 2014 Top 10 Reinsurers Rating Reinsurance Recoverable % of Total Swiss Re AA- $ 70,848 17.0 % Lloyd's Syndicates A+ 62,318 15.0 % Everest Re A+ 51,425 12.4 % Hannover Re AA- 40,927 9.8 % Fully Collateralized NR 23,315 5.6 % Munich Re AA- 19,384 4.7 % Transatlantic Re A+ 12,418 3.0 % XL Re A+ 11,114 2.7 % Berkshire Hathaway Homestate AA+ 10,372 2.5 % Merrimack Mutual Fire Insurance A+ 10,084 2.4 % Total $ 312,205 75.1 % NR: Not rated At June 30, 2015 and December 31, 2014 , the provision for uncollectible reinsurance relating to reinsurance recoverables was $4,840 and $4,755 , respectively. To estimate the provision for uncollectible reinsurance, the reinsurance recoverable is first allocated to applicable reinsurers. This determination is based on a process rather than an estimate, although an element of judgment is applied, especially in relation to ceded IBNR. The Company then uses default factors to determine the portion of a reinsurer’s balance deemed to be uncollectible. Default factors require considerable judgment and are determined in part using the current rating, or rating equivalent, of each reinsurer as well as other key considerations and assumptions.

Share capital

Share capital	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
Share capital	Share capital (a) Authorized and issued The Company’s authorized share capital is 571,428,571 common shares with a par value of $0.175 per share. The holders of common shares are entitled to receive dividends. Holders of common shares are allocated one vote per share , provided that, if the controlled shares of any shareholder or group of related shareholders constitute more than 9.09 percent of the outstanding common shares of the Company, their voting power will be reduced to 9.09 percent. The Company may from time to time repurchase its securities, including common shares, Junior Subordinated Deferrable Debentures and Senior Notes. On February 3, 2015, the Board of Directors of the Company approved an increase in the Company's common share purchase authorization to $750,000 . This amount is in addition to the $2,274,401 of common shares repurchased by the Company through February 3, 2015 under its previously authorized share repurchase programs. The Company has repurchased 73,444,835 common shares for an aggregate purchase price of $2,374,524 from the inception of its share repurchase program to June 30, 2015 . The Company had $649,877 remaining under its authorized share repurchase program as of June 30, 2015 . The Company expects the purchases under its share repurchase program to be made from time to time in the open market or in privately negotiated transactions. The timing, form and amount of the share repurchases under the program will depend on a variety of factors, including market conditions, the Company’s capital position relative to internal and rating agency targets, legal requirements and other factors. The repurchase program may be modified, extended or terminated by the Board of Directors at any time. The following table is a summary of the common shares issued and outstanding: Common Shares Common shares issued, December 31, 2014 155,554,224 Restricted share awards vested, net of shares withheld 609,654 Restricted share units vested, net of shares withheld 13,260 Options exercised 728,489 Warrants exercised 1,461,715 Direct issuance of common stock 639 Performance share awards vested, net of shares withheld 11,524 Common shares issued, June 30, 2015 158,379,505 Treasury shares, June 30, 2015 (75,083,710 ) Common shares outstanding, June 30, 2015 83,295,795 Common Shares Common shares issued, December 31, 2013 154,488,497 Restricted share awards vested, net of shares withheld 585,535 Restricted share units vested, net of shares withheld 10,265 Options exercised 95,019 Direct issuance of common stock 713 Performance share awards vested, net of shares withheld 25,767 Common shares issued, June 30, 2014 155,205,796 Treasury shares, June 30, 2014 (63,810,857 ) Common shares outstanding, June 30, 2014 91,394,939 (b) Warrants During the six months ended June 30, 2015 , 1,796,793 warrants were exercised, which resulted in the issuance of 1,461,715 common shares. During the six months ended June 30, 2014 , no warrants were exercised. Holders of the outstanding warrants are entitled to exercise the warrants in whole or in part at any time until the expiration date. The total outstanding warrants at June 30, 2015 were 3,377,320 ( December 31, 2014 : 5,174,114 ). No further warrants are anticipated to be issued. (c) Dividends On May 7, 2015 , the Company announced a quarterly cash dividend of $0.32 ( 2014 : $0.30 ) per common share and $0.32 per common share equivalent for which each outstanding warrant is exercisable. This dividend was paid on June 30, 2015 to holders of record on June 15, 2015 . On February 3, 2015 , the Company announced a quarterly cash dividend of $0.32 ( 2014 : $0.30 ) per common share and $0.32 per common share equivalent for which each outstanding warrant is exercisable. This dividend was paid on March 31, 2015 to holders of record on March 13, 2015 .

Stock plans

Stock plans	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock plans	Stock plans (a) Long Term Incentive Plan and Short Term Incentive Plan The Company’s Amended and Restated 2005 Long Term Incentive Plan (“LTIP”) provides for grants to employees of options, stock appreciation rights (“SARs”), restricted shares, restricted share units, performance shares, dividend equivalents or other share-based awards. In addition, the Company may issue restricted share awards or restricted share units in connection with awards issued under its annual Short Term Incentive Plan (“STIP”). The total number of shares reserved for issuance under the LTIP and STIP are 14,976,896 shares of which 2,024,427 shares remain available for issuance at June 30, 2015 . The LTIP and STIP are administered by the Compensation Committee of the Board of Directors. No SARs have been granted to date. Grant prices are established at the fair market value of the Company’s common shares at the date of grant. i. Options Options may be exercised for voting common shares upon vesting. Options have a life of 10 years and vest either pro rata or at the end of the required service period from the date of grant. Fair value of the option awards at the date of grant is determined using the Black-Scholes option-pricing model. Expected volatility is based on stock price volatility of comparable publicly-traded companies. The Company used the simplified method consistent with U.S. GAAP authoritative guidance on stock compensation expenses to estimate expected lives for options granted during the period as historical exercise data was not available and the options met the requirement as set out in the guidance. The Company has not granted any stock options since September 4, 2009. There were no share compensation expenses in respect of options recognized for the three and six months ended June 30, 2015 and 2014 . Activity with respect to options for the six months ended June 30, 2015 was as follows: Options Weighted Average Grant Date Fair Value Weighted Average Grant Date Exercise Price Options outstanding, December 31, 2014 1,160,057 $ 7.12 $ 17.74 Options exercised (1,040,680 ) 7.26 16.86 Options outstanding, June 30, 2015 119,377 $ 5.94 $ 25.46 Activity with respect to options for the six months ended June 30, 2014 was as follows: Options Weighted Average Grant Date Fair Value Weighted Average Grant Date Exercise Price Options outstanding, December 31, 2013 1,572,713 $ 6.66 $ 18.88 Options exercised (95,019 ) 4.41 24.99 Options outstanding, June 30, 2014 1,477,694 $ 6.81 $ 18.48 At June 30, 2015 and December 31, 2014 , there were no unrecognized share compensation expenses in respect of options. ii. Restricted share awards Restricted shares granted under the LTIP and STIP vest either pro rata or at the end of the required service period and contain certain restrictions during the vesting period, relating to, among other things, forfeiture in the event of termination of employment and transferability. The Company recognized share compensation expenses during the three and six months ended June 30, 2015 of $8,653 ( 2014 : $7,920 ) and $17,132 ( 2014 : $14,921 ), respectively. The expenses represent the proportionate accrual of the fair value of each grant based on the remaining vesting period. Activity with respect to unvested restricted share awards for the six months ended June 30, 2015 was as follows: Restricted Share Awards Weighted Average Grant Date Fair Value Restricted share awards outstanding, December 31, 2014 2,858,711 $ 35.81 Restricted share awards granted 670,432 43.55 Restricted share awards vested (781,704 ) 34.42 Restricted share awards forfeited (51,818 ) 38.04 Restricted share awards outstanding, June 30, 2015 2,695,621 $ 38.09 Activity with respect to unvested restricted share awards for the six months ended June 30, 2014 was as follows: Restricted Share Awards Weighted Average Grant Date Fair Value Restricted share awards outstanding, December 31, 2013 2,684,745 $ 33.74 Restricted share awards granted 920,496 37.32 Restricted share awards vested (753,071 ) 31.61 Restricted share awards forfeited (24,632 ) 34.53 Restricted share awards outstanding, June 30, 2014 2,827,538 $ 35.46 At June 30, 2015 , there were $84,397 ( December 31, 2014 : $74,670 ) of total unrecognized share compensation expenses in respect of restricted share awards that are expected to be recognized over a weighted-average period of 2.8 years ( December 31, 2014 : 2.7 years ). iii. Restricted share units Restricted share units under the LTIP and STIP vest either ratably or at the end of the required service period and contain certain restrictions during the vesting period, relating to, among other things, forfeiture in the event of termination of employment and transferability. The Company recognized share compensation expenses during the three and six months ended June 30, 2015 of $279 ( 2014 : $167 ) and $541 ( 2014 : $333 ), respectively. The expenses represent the proportionate accrual of the fair value of each grant based on the remaining vesting period. Activity with respect to unvested restricted share units for the six months ended June 30, 2015 was as follows: Restricted Share Units Weighted Average Grant Date Fair Value Restricted share units outstanding, December 31, 2014 103,484 $ 36.54 Restricted share units granted 28,057 42.91 Restricted share units vested (19,455 ) 34.58 Restricted share units issued in lieu of cash dividends 1,517 36.53 Restricted share units forfeited (892 ) 35.42 Restricted share units outstanding, June 30, 2015 112,711 $ 38.47 Activity with respect to unvested restricted share units for the six months ended June 30, 2014 was as follows: Restricted Share Units Weighted Average Grant Date Fair Value Restricted share units outstanding, December 31, 2013 66,518 $ 33.74 Restricted share units granted 8,132 37.33 Restricted share units vested (18,325 ) 30.71 Restricted share units issued in lieu of cash dividends 1,029 33.74 Restricted share units outstanding, June 30, 2014 57,354 $ 35.22 At June 30, 2015 , there were $3,380 ( December 31, 2014 : $2,774 ) of total unrecognized share compensation expenses in respect of restricted share units that are expected to be recognized over a weighted-average period of 3.0 years ( December 31, 2014 : 3.1 years ). iv. Performance share awards The performance share awards contain a performance based component. The performance component relates to the compounded growth in the Dividend Adjusted Diluted Book Value per Share (“DBVPS”) over a three -year period relative to the Company's peer group. For performance share awards granted during the period, the grant date Diluted Book Value per Share is based on the DBVPS at the end of the most recent financial reporting year. The Dividend Adjusted Performance Period End DBVPS will be the DBVPS three years after the grant date DBVPS. The fair value estimate earns over the requisite attribution period and the estimate will be reassessed at the end of each performance period which will reflect any adjustments in the consolidated statements of comprehensive income in the period in which they are determined. The Company recognized share compensation expenses during the three and six months ended June 30, 2015 of $310 ( 2014 : $254 ) and $623 ( 2014 : $234 ), respectively. Activity with respect to unvested performance share awards for the six months ended June 30, 2015 was as follows: Performance Share Awards Weighted Average Grant Date Fair Value Performance share awards outstanding, December 31, 2014 106,369 $ 36.03 Performance share awards granted 81,569 45.03 Performance share awards vested (15,344 ) 31.38 Performance share awards outstanding, June 30, 2015 172,594 $ 40.70 Activity with respect to unvested performance share awards for the six months ended June 30, 2014 was as follows: Performance Share Awards Weighted Average Grant Date Fair Value Performance share awards outstanding, December 31, 2013 101,820 $ 33.56 Performance share awards granted 52,639 37.33 Performance share awards vested (32,746 ) 32.62 Performance share awards conversion adjustment (15,344 ) $ 31.38 Performance share awards outstanding, June 30, 2014 106,369 $ 36.03 At June 30, 2015 , there were $5,108 ( December 31, 2014 : $2,232 ) of total unrecognized share compensation expenses in respect of performance share awards that are expected to be recognized over a weighted-average period of 2.5 years ( December 31, 2014 : 2.1 years ). (b) Total share compensation expenses The breakdown of share compensation expenses by award type for the periods indicated was as follows: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Restricted share awards $ 8,653 $ 7,920 17,132 14,921 Restricted share units 279 167 541 333 Performance share awards 310 254 623 234 Total $ 9,242 $ 8,341 $ 18,296 $ 15,488

Debt and financing arrangements

Debt and financing arrangements	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Debt and financing arrangements	Debt and financing arrangements (a) Financing structure The financing structure at June 30, 2015 was: Commitment Issued and outstanding (a) Drawn 2006 Junior Subordinated Deferrable Debentures $ 150,000 $ 150,000 $ 150,000 2007 Junior Subordinated Deferrable Debentures 200,000 139,800 139,800 Flagstone 2006 Junior Subordinated Deferrable Debentures 134,482 134,482 134,482 Flagstone 2007 Junior Subordinated Deferrable Debentures 113,750 113,750 113,750 Total debentures payable 598,232 538,032 538,032 2010 Senior Notes due 2040 250,000 250,000 247,360 Total debentures and senior notes payable 848,232 788,032 785,392 $400,000 syndicated unsecured letter of credit facility 400,000 — — $525,000 syndicated secured letter of credit facility 525,000 260,137 — $30,000 secured bi-lateral letter of credit facility 30,000 11,139 — Talbot FAL facility 25,000 25,000 — AlphaCat Re secured letter of credit facility 30,000 30,000 — IPC bi-lateral facility 25,000 11,027 — $230,000 Flagstone bi-lateral facility 230,000 204,833 — Total credit and other facilities 1,265,000 542,136 — Total debt and financing arrangements $ 2,113,232 $ 1,330,168 $ 785,392 The financing structure at December 31, 2014 was: Commitment Issued and outstanding (a) Drawn 2006 Junior Subordinated Deferrable Debentures $ 150,000 $ 150,000 $ 150,000 2007 Junior Subordinated Deferrable Debentures 200,000 139,800 139,800 Flagstone 2006 Junior Subordinated Deferrable Debentures 135,727 135,727 135,727 Flagstone 2007 Junior Subordinated Deferrable Debentures 113,750 113,750 113,750 Total debentures payable 599,477 539,277 539,277 2010 Senior Notes due 2040 250,000 250,000 247,306 Total debentures and senior notes payable 849,477 789,277 786,583 $400,000 syndicated unsecured letter of credit facility 400,000 — — $525,000 syndicated secured letter of credit facility 525,000 276,455 — $200,000 secured bi-lateral letter of credit facility 200,000 15,649 — Talbot FAL facility 25,000 25,000 — PaCRe senior secured letter of credit facility 10,000 294 — AlphaCat Re secured letter of credit facility 30,000 30,000 — IPC bi-lateral facility 40,000 15,897 — $375,000 Flagstone bi-lateral facility 375,000 198,389 — Total credit and other facilities 1,605,000 561,684 — Total debt and financing arrangements $ 2,454,477 $ 1,350,961 $ 786,583 (a) Indicates utilization of commitment amount, not necessarily drawn borrowings. (b) Senior notes and junior subordinated deferrable debentures The following table summarizes the key terms of the Company's senior notes and junior subordinated deferrable debentures as at the issuance date for each placement. Description Issuance date Commitment Maturity date Fixed/Spread Interest payments due 2006 Junior Subordinated Deferrable Debentures June 15, 2006 $ 150,000 June 15, 2036 9.069 % (a) Quarterly Flagstone 2006 Junior Subordinated Deferrable Debentures August 23, 2006 $ 134,482 September 15, 2036 3.540 % (b) Quarterly 2007 Junior Subordinated Deferrable Debentures June 21, 2007 $ 200,000 June 15, 2037 8.480 % (a) Quarterly Flagstone 2007 Junior Subordinated Deferrable Debentures June 8, 2007 $ 88,750 July 30, 2037 3.000 % (b) Quarterly Flagstone 2007 Junior Subordinated Deferrable Debentures September 20, 2007 $ 25,000 September 15, 2037 3.100 % (b) Quarterly 2010 Senior Notes due 2040 January 26, 2010 $ 250,000 January 26, 2040 8.875 % (a) Semi-annually in arrears (a) Fixed interest rate. (b) Variable interest rate is the three-month LIBOR, reset quarterly, plus spread as noted in the table. The following table summarizes the key terms of the Company's senior notes and junior subordinated deferrable debentures as at June 30, 2015 : Description Issuance date Commitment Maturity date Fixed/Spread Interest payments due 2006 Junior Subordinated Deferrable Debentures June 15, 2006 $ 150,000 June 15, 2036 5.831 % (b) Quarterly Flagstone 2006 Junior Subordinated Deferrable Debentures August 23, 2006 $ 134,482 September 15, 2036 6.463 % (b) Quarterly 2007 Junior Subordinated Deferrable Debentures June 21, 2007 $ 200,000 June 15, 2037 5.180 % (b) Quarterly Flagstone 2007 Junior Subordinated Deferrable Debentures June 8, 2007 $ 88,750 July 30, 2037 5.900 % (b) Quarterly Flagstone 2007 Junior Subordinated Deferrable Debentures September 20, 2007 $ 25,000 September 15, 2037 5.983 % (b) Quarterly 2010 Senior Notes due 2040 January 26, 2010 $ 250,000 January 26, 2040 8.875 % (a) Semi-annually in arrears (a) Fixed interest rate. (b) Interest rate has been fixed as a result of interest rate swap contracts entered into by the Company. Senior Notes The Senior Notes due 2040 (the “2010 Senior Notes”) were part of a registered public offering. The 2010 Senior Notes mature on January 26, 2040. The Company may redeem the notes, in whole at any time, or in part from time to time, at the Company's option on not less than 30 nor more than 60 days’ notice, at a make-whole redemption price as described in “Description of the Notes - Optional Redemption” in the 2010 Senior Notes prospectus supplement. In addition, the Company may redeem the notes, in whole, but not in part, at any time upon the occurrence of certain tax events as described in “Description of the Notes - Redemption for Tax Purposes” in the prospectus supplement. Debt issuance costs were deferred as an asset and are amortized over the life of the 2010 Senior Notes. There were no redemptions made during the three and six months ended June 30, 2015 and 2014 . The 2010 Senior Notes are unsecured and unsubordinated obligations of the Company and rank equally in right of payment with all of the Company’s existing and future unsecured and unsubordinated indebtedness. The 2010 Senior Notes will be effectively junior to all of the Company’s future secured debt, to the extent of the value of the collateral securing such debt, and will rank senior to all our existing and future subordinated debt. The 2010 Senior Notes are structurally subordinated to all obligations of the Company’s subsidiaries. Future payments of principal of $250,000 on the 2010 Senior Notes are all expected to be after 2020. Junior subordinated deferrable debentures The Company participated in private placements of junior subordinated deferrable interest debentures due 2036 and 2037 (respectively, the “2006 Junior Subordinated Deferrable Debentures” and “2007 Junior Subordinated Deferrable Debentures”). Debt issuance costs for the 2006 and 2007 Junior Subordinated Deferrable Debentures were deferred as an asset and were amortized to income over the five year optional redemption periods. They are redeemable at the Company's option at par. There were no redemptions made during the three and six months ended June 30, 2015 and 2014 . As part of the acquisition of Flagstone, the Company assumed junior subordinated deferrable debentures due 2036 and 2037 (respectively, the “Flagstone 2006 Junior Subordinated Deferrable Debentures” and “Flagstone 2007 Junior Subordinated Deferrable Debentures”). These debentures are redeemable quarterly at par. There were no redemptions made during the three and six months ended June 30, 2015 and 2014 . Future payments of principal of $538,032 on the debentures discussed above are all expected to be after 2020. (c) Credit facilities i. $400,000 syndicated unsecured letter of credit facility and $525,000 syndicated secured letter of credit facility On March 9, 2012 , the Company entered into a $400,000 four -year unsecured credit facility with various counter parties as co-documentation agents and the lenders party thereto, which provides for letter of credit and revolving credit availability for the Company (the “Four Year Unsecured Facility”) (the full $400,000 of which is available for letters of credit and/or revolving loans). The Four Year Unsecured Facility was provided by a syndicate of commercial banks. Letters of credit under the Four Year Unsecured Facility are available to support obligations in connection with the insurance business of the Company and its subsidiaries. Loans under the Four Year Unsecured Facility are available for the general corporate and working capital purposes of the Company. The Company may request that existing lenders under the Four Year Unsecured Facility or prospective additional lenders agree to make available additional commitments from time to time so long as the aggregate commitments under the Four Year Unsecured Facility do not exceed $500,000 . Also on March 9, 2012 , the Company entered into a $525,000 four -year secured credit facility, with the same parties, which provides for letter of credit availability for the Company (the “Four Year Secured Facility” and together with the Four Year Unsecured Facility, the “Credit Facilities”). The Four Year Secured Facility was also provided by a syndicate of commercial banks. Letters of credit under the Four Year Secured Facility will be available to support obligations in connection with the insurance business of the Company. The Company may request that existing lenders under the Four Year Secured Facility or prospective additional lenders agree to make available additional commitments from time to time so long as the aggregate commitments under the Four Year Secured Facility do not exceed $700,000 . The obligations of the Company under the Four Year Secured Facility are secured by cash and securities deposited into cash collateral accounts from time to time with The Bank of New York Mellon. As of June 30, 2015 , there were $260,137 in outstanding letters of credit under the Four Year Secured Facility (December 31, 2014 : $276,455 ) and $nil (December 31, 2014 : $nil ) outstanding under the Four Year Unsecured Facility. The Credit Facilities contain covenants that include, among other things (i) the requirement that the Company initially maintain a minimum level of consolidated net worth of at least $2,600,000 and, commencing with the end of the fiscal quarter ending March 31, 2012 , to be increased quarterly by an amount equal to 50.0% of the Company’s consolidated net income (if positive) for such quarter plus 50.0% of the aggregate increases in the consolidated shareholders’ equity of the Company during such fiscal quarter by reason of the issuance and sale of common equity interests of the Company, including upon any conversion of debt securities of the Company into such equity interests, (ii) the requirement that the Company maintain at all times a consolidated total debt to consolidated total capital ratio not greater than 0.35:1.00 , and (iii) the requirement that Validus Reinsurance, Ltd. and any other material insurance subsidiaries maintain a financial strength rating by A.M. Best of not less than “B++” (Fair). In addition, the Credit Facilities contain customary negative covenants applicable to the Company, including limitations on the ability to pay dividends and other payments in respect of equity interests at any time that the Company is otherwise in default with respect to certain provisions under the respective Credit Facilities, limitations on the ability to incur liens, sell assets, merge or consolidate with others, enter into transactions with affiliates, and limitations on the ability of its subsidiaries to incur indebtedness. The Credit Facilities also contain customary affirmative covenants, representations and warranties and events of default for credit facilities of its type. As of June 30, 2015 , and throughout the reporting periods presented, the Company was in compliance with all covenants and restrictions under the Credit Facilities. ii. $25,000 Talbot FAL facility On November 19, 2013, Validus Holdings, Ltd. (“Validus Holdings”), as Guarantor, and its wholly-owned subsidiary, Talbot Holdings Ltd. (“Talbot Holdings”), as Borrower, entered into an Amendment and Restatement Agreement relating to its $25,000 Funds-at-Lloyd’s Standby Letter of Credit Facility (the “Facility”) which amends the Facility to support underwriting capacity provided to Talbot 2002 Underwriting Ltd through Syndicate 1183 at Lloyd’s of London for the 2015 and prior underwriting years of account (the “Restated Facility”). The Restated Facility was provided and arranged by Lloyds Bank plc and ING Bank N.V., London Branch. The Restated Facility provides for the issuance of up to $25,000 (denominated in US Dollars or Pound Sterling) of secured letters of credit to be issued for the benefit of Lloyd’s of London. The existing $25,000 secured letter of credit will be extended to provide for an extended termination date covering the 2015 , 2016 and prior underwriting years of account under the Restated Facility. The Restated Facility contains affirmative covenants that include, among other things, (i) the requirement that Validus Holdings and its subsidiaries initially maintain a minimum level of consolidated net worth of at least $3,225,727 , and commencing with the fiscal quarter ending September 30, 2013 , to be increased quarterly by an amount equal to 50% of our consolidated net income (if positive) for such quarter plus 50% of the aggregate increases in our consolidated shareholder’s equity interests by reason of issuance and sale of Validus Holdings’ common equity interests including upon any conversion of Validus Holdings’ debt securities into equity interests during such quarter and (ii) the requirement that Validus Holdings and its subsidiaries maintain at all times a consolidated total debt to consolidated total capitalization ratio not greater than 0.35:1.00 . The Restated Facility defines net worth to include preferred and preference securities and “hybrid” securities (which includes Validus Holdings’ and its Flagstone subsidiaries’ Junior Subordinated Deferrable Debentures). The Restated Facility also requires that Talbot Holdings maintain at least $300,000 of its own Funds at Lloyd’s, and to obtain a letter of comfort from Lloyd’s of London confirming that Lloyd’s of London will take into account a requested order of drawdown to drawdown Talbot Holdings’ own Funds at Lloyd’s ahead of letters of credit issued under the Facility. The Restated Facility also contains restrictions on Validus Holdings’ ability to pay dividends and other payments in respect of equity interests at any time that it is otherwise in default under the Facility (with certain exceptions for dividends in respect of preferred securities and hybrid securities, which are only limited during the continuance of certain specified defaults), incur debt at its subsidiaries level, transact with affiliates, incur liens, sell assets and merge or consolidate with others and other restrictions customary for transactions of this type, in each case subject to agreed exceptions. Secured letter of credit availability under the Restated Facility is subject to a borrowing base limitation comprised of (a) the aggregate amount of cash and eligible securities owned by Validus Reinsurance, Ltd. and placed in a collateral account subject to a customary account control agreement in favor of the lenders and agents under the Restated Facility multiplied by (b) an agreed upon advance rate applicable for each category of cash and eligible securities. Obligations in respect of secured letters of credit under the Restated Facility are secured by a first-priority security interest on the cash and eligible securities comprising the borrowing base in favor of the trustee under the Restated Facility. The Restated Facility contains representations and warranties customary for facilities of this type. The Restated Facility also contains customary events of default including without limitation, with agreed grace periods and thresholds, failure to make payments due under the Restated Facility, material inaccuracy of representations and warranties, breach of covenants, cross defaults to material indebtedness, bankruptcy defaults, judgments defaults, and failure to maintain certain material insurance licenses. As of June 30, 2015 , the Company had $25,000 (December 31, 2014 : $25,000 ) in outstanding letters of credit under the Talbot FAL facility. As of June 30, 2015 , and throughout the reporting periods presented, the Company was in compliance with all covenants and restrictions under the Talbot FAL facility. iii. $25,000 IPC bi-lateral facility The Company assumed an existing evergreen letter of credit facility through the acquisition of IPC Holdings, Ltd. (the "IPC bi-lateral facility"). As of June 30, 2015 , there were $11,027 outstanding letters of credit issued under the IPC bi-lateral facility (December 31, 2014 : $15,897 ). As of June 30, 2015 , and throughout the reporting periods presented, the Company was in compliance with all covenants and restrictions under the IPC bi-lateral facility. iv. $30,000 secured bi-lateral letter of credit facility The Company is party to an evergreen secured bi-lateral letter of credit facility with Citibank Europe plc (the “Secured bi-lateral letter of credit facility”). As of June 30, 2015 , $11,139 (December 31, 2014 : $15,649 ) of letters of credit were outstanding under the Secured bi-lateral letter of credit facility. The Secured bi-lateral letter of credit facility has no fixed termination date and as of June 30, 2015 , and throughout the reporting periods presented, the Company is in compliance with all terms and covenants thereof. During the period ended March 31, 2015 the size of the facility was decreased to $30,000 from $200,000 . v. $10,000 PaCRe senior secured letter of credit facility On May 11, 2012, PaCRe and its subsidiary, PaCRe Investments, Ltd. entered into a secured evergreen credit and letter of credit facility with JPMorgan Chase Bank, N.A. This facility provides for revolving borrowings by PaCRe and for letters of credit issued by PaCRe to be used to support its reinsurance obligations. This facility was terminated on May 29, 2015 ; therefore, as of June 30, 2015 , $nil (December 31, 2014 : $294 ) letters of credit were outstanding under this facility. As of the termination date, and throughout the reporting periods presented, PaCRe was in compliance with all covenants and restrictions thereof. vi. $30,000 AlphaCat Re secured letter of credit facility In 2013, AlphaCat Re entered into a secured evergreen letter of credit facility with Comerica Bank. This facility provided for letters of credit issued by AlphaCat Re to be used to support its reinsurance obligations in the aggregate amount of $24,800 . During the period ended March 31, 2014 the size of the facility was increased to $30,000 from $24,800 . As of June 30, 2015 , $30,000 (December 31, 2014 : $30,000 ) of letters of credit were outstanding under this facility. As of June 30, 2015 , and throughout the reporting periods presented, AlphaCat Re was in compliance with all covenants and restrictions thereof. vii. $230,000 Flagstone bi-lateral facility As part of the Flagstone Acquisition, the Company assumed an evergreen Letters of Credit Master Agreement between Citibank Europe Plc and Flagstone Reassurance Suisse, S.A. (the “Flagstone Bi-Lateral Facility”). At June 30, 2015 , the Flagstone Bi-Lateral Facility had $204,833 (December 31, 2014 : $198,389 ) letters of credit issued and outstanding. As of June 30, 2015 , and throughout the reporting periods presented, the Company was in compliance with all covenants and restrictions under the Flagstone Bi-Lateral Facility. During the period ended March 31, 2015 the size of the facility was decreased to $230,000 from $375,000 . (d) Finance expenses Finance expenses consist of interest on the junior subordinated deferrable debentures and senior notes, the amortization of debt offering costs, credit facilities fees, bank charges, AlphaCat financing fees and Talbot FAL costs as follows: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2006 Junior Subordinated Deferrable Debentures $ 2,211 $ 2,211 $ 4,398 $ 4,398 2007 Junior Subordinated Deferrable Debentures 1,835 1,835 3,644 3,644 Flagstone 2006 Junior Subordinated Deferrable Debentures 2,243 2,244 4,461 4,467 Flagstone 2007 Junior Subordinated Deferrable Debentures 1,770 1,778 3,528 3,528 2010 Senior Notes due 2040 5,597 5,597 11,194 11,194 Credit facilities 1,193 1,371 2,900 2,930 Bank charges 163 102 261 215 AlphaCat ILS fund fees (a) 2,680 969 7,108 1,646 Talbot FAL Facility 43 19 93 4 Total finance expenses $ 17,735 $ 16,126 $ 37,587 $ 32,026 (a) Includes finance expenses incurred by AlphaCat Managers, Ltd. in relation to fund raising for the AlphaCat ILS funds, AlphaCat 2015, AlphaCat 2014 and AlphaCat 2013.

Accumulated other comprehensive

Accumulated other comprehensive loss	6 Months Ended
	Jun. 30, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive loss	Accumulated other comprehensive loss The changes in accumulated other comprehensive loss, by component for the three and six months ended June 30, 2015 and 2014 is as follows: Three Months Ended June 30, 2015 Foreign currency items Decrease in minimum pension liability Losses on cash flow hedge Total Balance beginning of period, net of tax $ (11,137 ) $ (475 ) $ (1,029 ) $ (12,641 ) Net current period other comprehensive income, net of tax 2,763 422 390 3,575 Balance end of period, net of tax $ (8,374 ) $ (53 ) $ (639 ) $ (9,066 ) Three Months Ended June 30, 2014 Foreign currency items Total Balance beginning of period, net of tax $ (155 ) $ (155 ) Net current period other comprehensive income, net of tax 2,615 2,615 Balance end of period, net of tax $ 2,460 $ 2,460 Six Months Ended June 30, 2015 Foreign currency items Decrease in minimum pension liability Losses on cash flow hedge Total Balance beginning of period, net of tax $ (8,118 ) $ (210 ) $ (228 ) $ (8,556 ) Net current period other comprehensive (loss) income, net of tax (256 ) 157 (411 ) (510 ) Balance end of period, net of tax $ (8,374 ) $ (53 ) $ (639 ) $ (9,066 ) Six Months Ended June 30, 2014 Foreign currency items Total Balance beginning of period, net of tax $ (617 ) $ (617 ) Net current period other comprehensive income, net of tax 3,077 3,077 Balance end of period, net of tax $ 2,460 $ 2,460

Commitments and contingencies

Commitments and contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies (a) Concentrations of credit risk The Company attempts to limit its credit exposure by purchasing high quality fixed income investments to maintain a minimum weighted-average portfolio credit rating of A+ . In addition, the portfolio limits the amount of “risk assets,” such as non-investment grade debt and equity securities, to a maximum of 35% of shareholders’ equity. The Company also limits its exposure to any single issuer to 3.5% or less of total cash and investments, excluding government and agency securities, depending on the credit rating of the issuer. With the exception of the Company's non-investment grade bank loan portfolio, which represents 7.3% of total managed cash and investments as at June 30, 2015 , and certain capital securities issued by investment grade corporations, the minimum credit rating of any security purchased is Baa3/BBB- . Managed cash and investments consist of total cash and investments less assets managed on behalf of operating affiliates, catastrophe bonds and noncontrolling interests. In total, investments in below investment grade securities are limited to no more than 10% of the Company's managed cash and investment portfolio. As at June 30, 2015 , 9.1% of the Company's total managed cash and investment portfolio was below investment grade. The Company did not have an aggregate exposure to any single issuer of more than 0.7% of managed cash and investments, other than with respect to government and agency securities as at June 30, 2015 . (b) Funds at Lloyd's The amounts provided under the Talbot FAL Facility would become a liability of the Company in the event of Syndicate 1183 declaring a loss at a level which would call on this arrangement. Talbot operates in Lloyd’s through a corporate member, Talbot 2002 Underwriting Capital Ltd (“T02”), which is the sole participant in Syndicate 1183. Lloyd’s sets T02’s required capital annually based on Syndicate 1183’s business plan, rating environment and reserving environment together with input arising from Lloyd’s discussions with, inter alia, regulatory and rating agencies. Such capital, called Funds at Lloyd’s (“FAL”), comprises: cash, investments and undrawn letters of credit provided by various banks. The amounts of cash, investments and letters of credit provided for each year of account as follows: 2015 Underwriting Year 2014 Underwriting Year Talbot FAL facility $ 25,000 $ 25,000 Group funds 570,100 450,000 Total $ 595,100 $ 475,000 The amounts which are provided as FAL are not available for distribution to the Company for the payment of dividends. Talbot’s corporate member may also be required to maintain funds under the control of Lloyd’s in excess of its capital requirement and such funds also may not be available for distribution to the Company for the payment of dividends. See Note 3 (d) for investments pledged as collateral. (c) Lloyd's Central Fund Whenever a member of Lloyd's is unable to pay its debts to policyholders, such debts may be payable by the Lloyd's Central Fund. If Lloyd's determines that the Central Fund needs to be increased, it has the power to assess premium levies on current Lloyd's members up to 3% of a member's underwriting capacity in any one year. The Company does not believe that any assessment is likely in the foreseeable future and has not provided any allowance for such an assessment. However, based on the Company's 2015 estimated premium income at Lloyd's of £625,000 , at the June 30, 2015 exchange rate of £1 equals $1.57 and assuming the maximum 3% assessment, the Company would be assessed approximately $29,438 . (d) Investment in affiliate commitments As discussed in Note 5 " Investments in affiliates ," on December 20, 2011 the Company entered into an Assignment and Assumption Agreement with Aquiline Capital Partners LLC, pursuant to which it assumed total capital commitments of $50,000 . This interest is governed by the terms of an Amended and Restated Exempted Limited Partnership Agreement dated as of January 9, 2013. The Company’s remaining commitment at June 30, 2015 was $142 ( December 31, 2014 : $7,500 ). On October 2, 2014, the Company assumed an additional investment in Aquiline Capital Partners II GP (Offshore) Ltd. as part of the Western World acquisition representing a total capital commitment of $10,000 . This interest is governed by the terms of an Amended and Restated Exempted Limited Partnership Agreement dated as of January 9, 2013. The Company's remaining capital commitment at June 30, 2015 was $nil ( December 31, 2014 : $1,499 ). On November 7, 2014, the Company entered into a Subscription Agreement with Aquiline Capital Partners III GP (Offshore) Ltd., pursuant to which it assumed total capital commitments of $100,000 in respect of Limited Partnership Interests in Aquiline Financial Services Fund III L.P. (the "Fund"). The Limited Partnership Interests are governed by the terms of the Aquiline III Limited Partnership Agreement dated November 7, 2014. The Company’s remaining commitment at June 30, 2015 was $85,862 ( December 31, 2014 : $100,000 ). On December 29, 2014, the Company entered into an agreement with AlphaCat 2015 pursuant to which it assumed total capital commitments of $28,000 . The Company’s remaining commitment at June 30, 2015 was $nil ( December 31, 2014 : $2,400 ). On December 29, 2014, the Company entered into an agreement with an AlphaCat ILS fund pursuant to which it assumed total capital commitments of $20,000 . The Company’s remaining commitment at June 30, 2015 was $nil ( December 31, 2014 : $8,000 ). (e) Fixed maturity commitment As at June 30, 2015 , the Company had an outstanding commitment to participate in certain revolving loan facilities through participation agreements with an established loan originator. The undrawn amount under the revolver facility participations as at June 30, 2015 was $20,272 ( December 31, 2014 : $7,539 ). (f) Other investment commitments At June 30, 2015 , the Company had capital commitments in other investments of $153,000 ( December 31, 2014 : $153,000 ). The Company's remaining commitment to these investments at June 30, 2015 was $78,732 ( December 31, 2014 : $83,712 ). (g) Multi-Beneficiary Reinsurance Trust ("MBRT") In December 2014, the Company established an MBRT to collateralize its (re)insurance liabilities associated with and for the benefit of U.S. domiciled cedants, and was approved as a trusteed reinsurer in the State of New Jersey. As at June 30, 2015 , the Company was approved in a total of 41 jurisdictions. As a result, cedants domiciled in those jurisdictions will receive automatic credit in their regulatory filings for reinsurance provided by the Company. (h) Income tax examinations The Company has open examinations by the U.K. HM Revenue and Customs for the tax years 2011 to 2013 and the Company believes that these examinations will be concluded within the next 12 months.

Related party transactions

Related party transactions	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Related party transactions	Related party transactions The transactions listed below are classified as related party transactions as principals and/or directors of each counter party are members of the Company's board of directors. Aquiline Capital Partners, LLC and its related companies ("Aquiline"), which hold warrants to purchase 2,756,088 shares, and have two employees on the Company's Board of Directors who do not receive compensation from the Company, are shareholders of Group Ark Insurance Holdings Ltd. ("Group Ark"). Christopher E. Watson, a director of the Company, serves as a director of Group Ark. Pursuant to reinsurance agreements with a subsidiary of Group Ark, the Company recognized gross premiums written during the three and six months ended June 30, 2015 of $526 ( 2014 : $1,694 ) and $2,396 ( 2014 : $3,067 ), respectively with $1,945 included in premiums receivable at June 30, 2015 ( December 31, 2014 : $335 ). The Company also recognized reinsurance premiums ceded during the three and six months ended June 30, 2015 of $(28) ( 2014 : $nil ) and $1 ( 2014 : $nil ) and had reinsurance balances payable of $4 at June 30, 2015 ( December 31, 2014 : $4 ). The Company recorded $1,089 of loss reserves recoverable at June 30, 2015 ( December 31, 2014 : $1,063 ). Earned premium adjustments of $534 ( 2014 : $642 ) and $1,317 ( 2014 : $2,083 ) were recorded during the three and six months ended June 30, 2015 . On November 24, 2009, the Company entered into an Investment Management Agreement with Conning, Inc. ("Conning") to manage a portion of the Company's investment portfolio. Aquiline acquired Conning on June 16, 2009. Jeffrey W. Greenberg, a director of the Company, serves as a director of Conning Holdings Corp., the parent company of Conning. Investment management fees earned by Conning for the three and six months ended June 30, 2015 were $120 ( 2014 : $170 ) and $405 ( 2014 : $226 ) respectively, with $482 included in accounts payable and accrued expenses at June 30, 2015 ( December 31, 2014 : $515 ). On December 20, 2011, the Company entered into an Assignment and Assumption Agreement (the "Agreement") with Aquiline Capital Partners LLC, a Delaware limited liability company (the "Assignor") and Aquiline Capital Partners II GP (Offshore) Ltd., a Cayman Islands company limited by shares (the "General Partner") pursuant to which the Company has assumed 100% of the Assignor's interest in Aquiline Financial Services Fund II L.P. (the "Aquiline II Partnership") representing a total capital commitment of $50,000 (the "Aquiline II Commitment"), as a limited partner in the Partnership (the "Transferred Interest"). On October 2, 2014, the Company assumed an additional investment in the Aquiline II Partnership as part of the Western World acquisition representing a total capital commitment of $10,000 . Messrs. Greenberg and Watson, directors of the Company, serve as managing principal and senior principal, respectively, of Aquiline Capital Partners LLC. For the three and six months ended June 30, 2015 , the Company incurred $489 ( 2014 : $nil ) and $937 ( 2014 : $nil ) in partnership fees and made capital contributions of $3,415 ( 2014 : $nil ) and $8,977 ( 2014 : $nil ), with $ nil included in accounts payable and accrued expenses at June 30, 2015 ( December 31, 2014 : $nil ). On November 7, 2014, the Company, entered into a Subscription Agreement (the "Subscription Agreement") with Aquiline Capital Partners III GP (Offshore) Ltd., a Cayman Islands company limited by shares (the "Aquiline III General Partner") pursuant to which the Company is committing and agreeing to purchase limited partnership or other comparable limited liability equity interests (the "Limited Partnership Interests") in Aquiline Financial Services Fund III L.P., a Cayman Islands exempted limited partnership (the "Aquiline III Partnership"), and/or one or more Alternative Investment Vehicles and Intermediate Entities (together with the Aquiline III Partnership, the "Fund" or the "Entities") with a capital commitment (the "Aquiline III Commitment") in an amount equal to $100,000 , as a limited partner in the Aquiline Financial Services III Partnership. For the three months ended June 30, 2015 , the Company incurred no partnership fees and made no capital contributions. For the six months ended June 30, 2015 , the Company incurred partnership fees of $nil and made capital contributions of $14,138 , with $nil included in accounts payable and accrued expenses at June 30, 2015 ( December 31, 2014 : $nil ). Certain shareholders of the Company and their affiliates, as well as employers of entities associated with directors or officers have purchased insurance and/or reinsurance from the Company in the ordinary course of business. The Company believes these transactions were settled for arm's length consideration.

Earnings per share

Earnings per share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings per share	Earnings per share The following table sets forth the computation of basic and earnings per diluted share for the three and six months ended June 30, 2015 and 2014 : Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Basic earnings per share Net income $ 81,657 $ 188,672 $ 294,045 $ 394,569 Income attributable to noncontrolling interest (17,644 ) (35,305 ) (56,621 ) (78,814 ) Net income available to Validus 64,013 153,367 237,424 315,755 Less: Dividends and distributions declared on outstanding warrants (1,081 ) (1,552 ) (2,486 ) (3,104 ) Income available to common shareholders $ 62,932 $ 151,815 $ 234,938 $ 312,651 Weighted average number of common shares outstanding 84,003,549 90,952,523 83,627,396 92,202,261 Basic earnings per share available to common shareholders $ 0.75 $ 1.67 $ 2.81 $ 3.39 Earnings per diluted share Net income $ 81,657 $ 188,672 $ 294,045 $ 394,569 Income attributable to noncontrolling interest (17,644 ) (35,305 ) (56,621 ) (78,814 ) Net income available to Validus 64,013 153,367 237,424 315,755 Less: Dividends and distributions declared on outstanding warrants — — — — Income available to common shareholders $ 64,013 $ 153,367 $ 237,424 $ 315,755 Weighted average number of common shares outstanding 84,003,549 90,952,523 83,627,396 92,202,261 Share equivalents: Warrants 2,073,231 2,729,226 2,409,149 2,722,618 Stock options 50,160 745,800 261,792 748,085 Unvested restricted shares 1,186,214 849,287 1,149,805 865,214 Weighted average number of diluted common shares outstanding 87,313,154 95,276,836 87,448,142 96,538,178 Earnings per diluted share available to common shareholders $ 0.73 $ 1.61 $ 2.72 $ 3.27 Share equivalents that would result in the issuance of 630,174 common shares ( 2014 : 689,169 ) were outstanding for the six months ended June 30, 2015 , but were not included in the computation of earnings per diluted share because the effect would be antidilutive.

Segment information

Segment information	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Segment information	Segment information The Company conducts its operations worldwide through four operating segments, which have been determined under U.S. GAAP segment reporting to be Validus Re, AlphaCat, Talbot and Western World. The Company’s operating segments are strategic business units that offer different products and services. They are managed and have capital allocated separately because each segment requires different strategies. Validus Re Segment The Validus Re segment is focused on short-tail lines of reinsurance. The primary lines in which the segment conducts business are property, marine and specialty which includes agriculture, aerospace and aviation, financial lines of business, nuclear, terrorism, life, accident & health, workers’ compensation, crisis management, contingency, motor, technical lines, composite and trade credit. AlphaCat Segment The AlphaCat segment manages strategic relationships that leverage the Company’s underwriting and investment expertise and earns management, performance and underwriting fees primarily from the Company’s operating affiliates, AlphaCat Re 2011, AlphaCat Re 2012, AlphaCat 2013, AlphaCat 2014 and AlphaCat 2015, as well as PaCRe, the AlphaCat ILS funds and the BetaCat ILS funds. Talbot Segment The Talbot segment focuses on a wide range of marine and energy, war, political violence, commercial property, financial lines, contingency, accident & health and aviation classes of business on an insurance or facultative reinsurance basis and principally property, aerospace and marine classes of business on a treaty reinsurance basis. Western World Segment The Western World segment is focused on providing commercial insurance products on a surplus lines and specialty admitted basis. Western World specializes in underwriting classes of business that are not easily placed in the standard insurance market due to their complexity, high hazard, or unusual nature; including general liability, property and professional liability classes of business. Corporate and eliminations The Company has a corporate function ("Corporate"), which includes the activities of the parent company, and which carries out certain functions for the group. Corporate includes ‘non-core’ underwriting expenses, predominantly general and administrative and stock compensation expenses. Corporate also denotes the activities of certain key executives such as the Chief Executive Officer and Chief Financial Officer. For internal reporting purposes, corporate is reflected separately, however corporate is not considered an operating segment under these circumstances. Other reconciling items include, but are not limited to, the elimination of inter segment revenues and expenses and unusual items that are not allocated to segments. The following tables summarize the results of our operating segments and "Corporate": Three Months Ended June 30, 2015 Validus Re Segment AlphaCat Segment Talbot Segment Western World Segment Corporate & Eliminations Total Underwriting income Gross premiums written $ 296,895 $ 64,117 $ 293,046 $ 79,554 $ (6,644 ) $ 726,968 Reinsurance premiums ceded (18,853 ) — (37,246 ) (5,441 ) 6,644 (54,896 ) Net premiums written 278,042 64,117 255,800 74,113 — 672,072 Change in unearned premiums (13,492 ) (25,641 ) (50,362 ) (8,995 ) — (98,490 ) Net premiums earned 264,550 38,476 205,438 65,118 — 573,582 Underwriting deductions Losses and loss expenses 123,405 — 95,970 46,771 — 266,146 Policy acquisition costs 43,826 3,844 47,659 9,617 (521 ) 104,425 General and administrative expenses 18,781 3,526 35,555 8,923 16,178 82,963 Share compensation expenses 2,396 150 3,024 494 3,178 9,242 Total underwriting deductions 188,408 7,520 182,208 65,805 18,835 462,776 Underwriting income (loss) $ 76,142 $ 30,956 $ 23,230 $ (687 ) $ (18,835 ) $ 110,806 Net investment income 20,080 1,754 6,406 5,723 (355 ) 33,608 Other insurance related income (loss) 434 3,755 40 276 (1,357 ) 3,148 Finance expenses (3,573 ) (2,591 ) (87 ) — (11,484 ) (17,735 ) Operating income (loss) before taxes, income from operating affiliates and (income) attributable to operating affiliate investors 93,083 33,874 29,589 5,312 (32,031 ) 129,827 Tax (expense) benefit (2,745 ) — (2,262 ) 3,734 (1,276 ) (2,549 ) Income from operating affiliates — 4,104 — — — 4,104 (Income) attributable to operating affiliate investors — (30,879 ) — — — (30,879 ) Net operating income (loss) $ 90,338 $ 7,099 $ 27,327 $ 9,046 $ (33,307 ) $ 100,503 Net realized gains on investments 420 140 1,070 614 — 2,244 Change in net unrealized (losses) gains on investments (13,360 ) 16,396 (9,011 ) (11,204 ) (351 ) (17,530 ) Income (loss) from investment affiliate 429 — — (145 ) — 284 Foreign exchange (losses) gains (1,106 ) 1 (782 ) — (1,349 ) (3,236 ) Other loss (608 ) — — — — (608 ) Net income (loss) $ 76,113 $ 23,636 $ 18,604 $ (1,689 ) $ (35,007 ) $ 81,657 Net (income) attributable to noncontrolling interest — (17,644 ) — — — (17,644 ) Net income (loss) available (attributable) to Validus $ 76,113 $ 5,992 $ 18,604 $ (1,689 ) $ (35,007 ) $ 64,013 Selected ratios (a): Net premiums written / Gross premiums written 93.6 % 100.0 % 87.3 % 93.2 % 92.4 % Losses and loss expenses 46.6 % 0.0 % 46.7 % 71.8 % 46.4 % Policy acquisition costs 16.6 % 10.0 % 23.2 % 14.8 % 18.2 % General and administrative expenses (b) 8.0 % 9.5 % 18.8 % 14.5 % 16.1 % Expense ratio 24.6 % 19.5 % 42.0 % 29.3 % 34.3 % Combined ratio 71.2 % 19.5 % 88.7 % 101.1 % 80.7 % Total assets $ 4,654,428 $ 2,279,493 $ 2,936,589 $ 1,490,254 $ 64,532 $ 11,425,296 (a) Ratios are based on net premiums earned. (b) The general and administrative expenses ratio includes share compensation expenses. Three Months Ended June 30, 2014 Validus Re Segment (c) AlphaCat Segment Talbot Segment Corporate & Eliminations (c) Total Underwriting income Gross premiums written $ 301,273 $ 43,790 $ 317,944 $ (7,333 ) $ 655,674 Reinsurance premiums ceded (21,522 ) — (36,376 ) 7,333 (50,565 ) Net premiums written 279,751 43,790 281,568 — 605,109 Change in unearned premiums (58,023 ) (11,330 ) (69,753 ) — (139,106 ) Net premiums earned 221,728 32,460 211,815 — 466,003 Underwriting deductions Losses and loss expenses 77,688 (3,033 ) 84,090 — 158,745 Policy acquisition costs 31,125 3,056 45,593 (821 ) 78,953 General and administrative expenses 17,040 3,780 34,173 18,849 73,842 Share compensation expenses 2,336 161 2,862 2,982 8,341 Total underwriting deductions 128,189 3,964 166,718 21,010 319,881 Underwriting income (loss) $ 93,539 $ 28,496 $ 45,097 $ (21,010 ) $ 146,122 Net investment income 16,265 829 4,671 (479 ) 21,286 Other insurance related income (loss) 545 6,005 258 (1,997 ) 4,811 Finance expenses (3,670 ) (971 ) (68 ) (11,417 ) (16,126 ) Operating income (loss) before taxes, income from operating affiliates and (income) attributable to operating affiliate investors 106,679 34,359 49,958 (34,903 ) 156,093 Tax (expense) benefit (460 ) — (1,364 ) 433 (1,391 ) Income from operating affiliates — 4,892 — — 4,892 (Income) attributable to operating affiliate investors — (25,316 ) — — (25,316 ) Net operating income (loss) $ 106,219 $ 13,935 $ 48,594 $ (34,470 ) $ 134,278 Net realized gains on investments 1,324 6,442 92 — 7,858 Change in net unrealized gains on investments 12,661 30,087 2,679 — 45,427 Income from investment affiliate 779 — — — 779 Foreign exchange gains (losses) 2,848 (191 ) 1,367 (866 ) 3,158 Other income 424 — — — 424 Transaction expenses — — — (3,252 ) (3,252 ) Net income (loss) $ 124,255 $ 50,273 $ 52,732 $ (38,588 ) $ 188,672 Net (income) attributable to noncontrolling interest — (35,305 ) — — (35,305 ) Net income (loss) available (attributable) to Validus $ 124,255 $ 14,968 $ 52,732 $ (38,588 ) $ 153,367 Selected ratios (a): Net premiums written / Gross premiums written 92.9 % 100.0 % 88.6 % 92.3 % Losses and loss expenses 35.0 % (9.3 )% 39.7 % 34.1 % Policy acquisition costs 14.1 % 9.4 % 21.5 % 16.9 % General and administrative expenses (b) 8.7 % 12.1 % 17.5 % 17.6 % Expense ratio 22.8 % 21.5 % 39.0 % 34.5 % Combined ratio 57.8 % 12.2 % 78.7 % 68.6 % Total assets $ 5,674,201 $ 1,651,256 $ 3,004,163 $ 156,690 $ 10,486,310 (a) Ratios are based on net premiums earned. (b) The general and administrative expense ratio includes share compensation expenses. (c) Beginning in the first quarter of 2015, certain intercompany reinsurance transactions were presented on a net basis for segmental reporting purposes. As a result, gross premiums written and reinsurance premiums ceded for the Validus Re segment and Corporate & Eliminations were reduced by $9,013 for the three months ended June 30, 2014 for comparative purposes. There was no impact to total gross premiums written and reinsurance premiums ceded on a consolidated basis. Six Months Ended June 30, 2015 Validus Re Segment AlphaCat Segment Talbot Segment Western World Segment Corporate & Eliminations Total Underwriting income Gross premiums written $ 1,008,107 $ 166,681 $ 563,123 $ 136,501 $ (27,946 ) $ 1,846,466 Reinsurance premiums ceded (132,149 ) (4,538 ) (128,321 ) (8,674 ) 27,946 (245,736 ) Net premiums written 875,958 162,143 434,802 127,827 — 1,600,730 Change in unearned premiums (358,320 ) (89,472 ) (6,775 ) 5,173 — (449,394 ) Net premiums earned 517,638 72,671 428,027 133,000 — 1,151,336 Underwriting deductions Losses and loss expenses 236,533 (844 ) 174,098 97,288 — 507,075 Policy acquisition costs 85,920 7,504 96,763 13,896 (1,022 ) 203,061 General and administrative expenses 38,290 7,528 72,049 19,550 30,574 167,991 Share compensation expenses 4,974 299 5,981 971 6,071 18,296 Total underwriting deductions 365,717 14,487 348,891 131,705 35,623 896,423 Underwriting income (loss) $ 151,921 $ 58,184 $ 79,136 $ 1,295 $ (35,623 ) $ 254,913 Net investment income 38,332 3,339 12,711 11,026 (779 ) 64,629 Other insurance related income (loss) 749 9,526 94 539 (2,928 ) 7,980 Finance expenses (7,444 ) (7,107 ) (174 ) — (22,862 ) (37,587 ) Operating income (loss) before taxes, income from operating affiliates and (income) attributable to operating affiliate investors 183,558 63,942 91,767 12,860 (62,192 ) 289,935 Tax (expense) benefit (865 ) — (3,145 ) 11 (1,115 ) (5,114 ) Income from operating affiliates — 6,557 — — — 6,557 (Income) attributable to operating affiliate investors — (54,085 ) — — — (54,085 ) Net operating income (loss) $ 182,693 $ 16,414 $ 88,622 $ 12,871 $ (63,307 ) $ 237,293 Net realized gains on investments 2,229 129 1,941 2,114 — 6,413 Change in net unrealized gains (losses) on investments 6,333 53,931 (1,100 ) (4,066 ) (424 ) 54,674 Income from investment affiliate 2,362 — — 698 — 3,060 Foreign exchange (losses) gains (6,130 ) (94 ) (1,267 ) — 704 (6,787 ) Other loss (608 ) — — — — (608 ) Net income (loss) $ 186,879 $ 70,380 $ 88,196 $ 11,617 $ (63,027 ) $ 294,045 Net (income) attributable to noncontrolling interest — (56,621 ) — — — (56,621 ) Net income (loss) available (attributable) to Validus $ 186,879 $ 13,759 $ 88,196 $ 11,617 $ (63,027 ) $ 237,424 Selected ratios (a): Net premiums written / Gross premiums written 86.9 % 97.3 % 77.2 % 93.6 % 86.7 % Losses and loss expenses 45.7 % (1.2 )% 40.7 % 73.1 % 44.0 % Policy acquisition costs 16.6 % 10.3 % 22.6 % 10.5 % 17.7 % General and administrative expenses (b) 8.4 % 10.8 % 18.2 % 15.4 % 16.2 % Expense ratio 25.0 % 21.1 % 40.8 % 25.9 % 33.9 % Combined ratio 70.7 % 19.9 % 81.5 % 99.0 % 77.9 % Total assets $ 4,654,428 $ 2,279,493 $ 2,936,589 $ 1,490,254 $ 64,532 $ 11,425,296 (a) Ratios are based on net premiums earned. (b) The general and administrative expenses ratio includes share compensation expenses. Six Months Ended June 30, 2014 Validus Re Segment (c) AlphaCat Segment Talbot Segment Corporate & Eliminations (c) Total Underwriting income Gross premiums written $ 967,436 $ 128,137 $ 608,639 $ (36,547 ) $ 1,667,665 Reinsurance premiums ceded (151,339 ) (3,700 ) (126,981 ) 36,547 (245,473 ) Net premiums written 816,097 124,437 481,658 — 1,422,192 Change in unearned premiums (355,983 ) (61,294 ) (55,955 ) — (473,232 ) Net premiums earned 460,114 63,143 425,703 — 948,960 Underwriting deductions Losses and loss expenses 145,843 (10,893 ) 186,466 — 321,416 Policy acquisition costs 70,370 6,036 90,521 (2,325 ) 164,602 General and administrative expenses 35,235 7,908 69,322 35,822 148,287 Share compensation expenses 4,544 151 5,444 5,349 15,488 Total underwriting deductions 255,992 3,202 351,753 38,846 649,793 Underwriting income (loss) $ 204,122 $ 59,941 $ 73,950 $ (38,846 ) $ 299,167 Net investment income 34,540 1,709 9,357 (958 ) 44,648 Other insurance related income (loss) 1,522 15,502 275 (4,451 ) 12,848 Finance expenses (7,509 ) (1,654 ) (94 ) (22,769 ) (32,026 ) Operating income (loss) before taxes, income from operating affiliates and (income) attributable to operating affiliate investors 232,675 75,498 83,488 (67,024 ) 324,637 Tax benefit (expense) 118 — (1,234 ) (235 ) (1,351 ) Income from operating affiliates — 9,819 — — 9,819 (Income) attributable to operating affiliate investors — (57,026 ) — — (57,026 ) Net operating income (loss) $ 232,793 $ 28,291 $ 82,254 $ (67,259 ) $ 276,079 Net realized gains on investments 3,770 7,667 161 — 11,598 Change in net unrealized gains on investments 19,905 75,959 5,256 — 101,120 Income from investment affiliate 6,127 — — — 6,127 Foreign exchange (losses) gains (3,328 ) (153 ) 1,217 (1,056 ) (3,320 ) Other income 6,217 — — — 6,217 Transaction expenses — — — (3,252 ) (3,252 ) Net income (loss) $ 265,484 $ 111,764 $ 88,888 $ (71,567 ) $ 394,569 Net (income) attributable to noncontrolling interest — (78,814 ) — — (78,814 ) Net income (loss) available (attributable) to Validus $ 265,484 $ 32,950 $ 88,888 $ (71,567 ) $ 315,755 Selected ratios (a): Net premiums written / Gross premiums written 84.4 % 97.1 % 79.1 % 85.3 % Losses and loss expenses 31.7 % (17.3 )% 43.8 % 33.9 % Policy acquisition costs 15.3 % 9.6 % 21.2 % 17.3 % General and administrative expenses (b) 8.6 % 12.8 % 17.6 % 17.3 % Expense ratio 23.9 % 22.4 % 38.8 % 34.6 % Combined ratio 55.6 % 5.1 % 82.6 % 68.5 % Total assets $ 5,674,201 $ 1,651,256 $ 3,004,163 $ 156,690 $ 10,486,310 (a) Ratios are based on net premiums earned. (b) The general and administrative expense ratio includes share compensation expenses. (c) Beginning in the first quarter of 2015, certain intercompany reinsurance transactions were presented on a net basis for segmental reporting purposes. As a result, gross premiums written and reinsurance premiums ceded for the Validus Re segment and Corporate & Eliminations were reduced by $21,836 for the six months ended June 30, 2014 for comparative purposes. There was no impact to total gross premiums written and reinsurance premiums ceded on a consolidated basis. The Company’s exposures are generally diversified across geographic zones. The following tables set forth the gross premiums written allocated to the territory of coverage exposure for the periods indicated: Three Months Ended June 30, 2015 Gross Premiums Written Validus Re AlphaCat Talbot Western World Eliminations Total % United States $ 170,842 $ 25,010 $ 40,036 $ 79,554 $ (627 ) $ 314,815 43.3 % Worldwide excluding United States (a) 12,405 2,124 30,231 — (15 ) 44,745 6.2 % Australia and New Zealand 1,654 624 1,173 — 14 3,465 0.5 % Europe 16,370 1,073 10,584 — (171 ) 27,856 3.8 % Latin America and Caribbean 6,437 — 28,693 — (2,672 ) 32,458 4.5 % Japan 37,807 1,671 2,843 — (52 ) 42,269 5.8 % Canada 611 294 2,299 — (62 ) 3,142 0.4 % Rest of the world (b) 3,268 — 24,982 — (537 ) 27,713 3.8 % Sub-total, non United States 78,552 5,786 100,805 — (3,495 ) 181,648 25.0 % Worldwide including United States (a) 38,292 32,571 32,704 — (2,499 ) 101,068 13.9 % Other location non-specific (c) 9,209 750 119,501 — (23 ) 129,437 17.8 % Total $ 296,895 $ 64,117 $ 293,046 $ 79,554 $ (6,644 ) $ 726,968 100.0 % Three Months Ended June 30, 2014 Gross Premiums Written Validus Re (d) AlphaCat Talbot Eliminations (d) Total % United States $ 173,899 $ 20,256 $ 42,151 $ (597 ) $ 235,709 36.0 % Worldwide excluding United States (a) 6,826 (266 ) 38,434 (57 ) 44,937 6.8 % Australia and New Zealand 6,525 — 1,423 104 8,052 1.2 % Europe 10,845 1,392 7,498 523 20,258 3.1 % Latin America and Caribbean 6,234 — 30,132 (4,279 ) 32,087 4.9 % Japan 38,654 586 1,592 3 40,835 6.2 % Canada 448 (1 ) 2,750 (64 ) 3,133 0.5 % Rest of the world (b) 3,884 — 25,153 (503 ) 28,534 4.4 % Sub-total, non United States 73,416 1,711 106,982 (4,273 ) 177,836 27.1 % Worldwide including United States (a) 36,435 21,823 28,883 1,484 88,625 13.5 % Other location non-specific (c) 17,523 — 139,928 (3,947 ) 153,504 23.4 % Total $ 301,273 $ 43,790 $ 317,944 $ (7,333 ) $ 655,674 100.0 % Six Months Ended June 30, 2015 Gross Premiums Written Validus Re AlphaCat Talbot Western World Eliminations Total % United States $ 509,661 $ 38,585 $ 68,094 $ 136,501 $ (2,121 ) $ 750,720 40.7 % Worldwide excluding United States (a) 47,399 7,957 65,173 — (1,044 ) 119,485 6.5 % Australia and New Zealand 11,522 624 3,049 — (141 ) 15,054 0.8 % Europe 40,876 2,841 23,798 — (1,015 ) 66,500 3.6 % Latin America and Caribbean 15,315 — 51,385 — (6,196 ) 60,504 3.3 % Japan 39,191 1,671 3,597 — (65 ) 44,394 2.4 % Canada 2,798 488 3,997 — (140 ) 7,143 0.4 % Rest of the world (b) 21,994 — 47,988 — (2,856 ) 67,126 3.6 % Sub-total, non United States 179,095 13,581 198,987 — (11,457 ) 380,206 20.6 % Worldwide including United States (a) 123,348 110,465 54,498 — (14,353 ) 273,958 14.8 % Other location non-specific (c) 196,003 4,050 241,544 — (15 ) 441,582 23.9 % Total $ 1,008,107 $ 166,681 $ 563,123 $ 136,501 $ (27,946 ) $ 1,846,466 100.0 % Six Months Ended June 30, 2014 Gross Premiums Written Validus Re (d) AlphaCat Talbot Eliminations (d) Total % United States $ 416,931 $ 28,954 $ 68,462 $ (2,917 ) $ 511,430 30.8 % Worldwide excluding United States (a) 65,349 7,412 75,616 (1,084 ) 147,293 8.7 % Australia and New Zealand 19,385 1,019 4,303 (222 ) 24,485 1.5 % Europe 46,723 2,693 26,289 (1,244 ) 74,461 4.5 % Latin America and Caribbean 20,571 — 61,371 (14,948 ) 66,994 4.0 % Japan 38,821 586 2,130 (58 ) 41,479 2.5 % Canada 2,995 215 5,895 (236 ) 8,869 0.5 % Rest of the world (b) 22,679 — 43,557 (2,890 ) 63,346 3.8 % Sub-total, non United States 216,523 11,925 219,161 (20,682 ) 426,927 25.5 % Worldwide including United States (a) 138,719 87,258 52,536 (9,934 ) 268,579 16.1 % Other location non-specific (c) 195,263 — 268,480 (3,014 ) 460,729 27.6 % Total $ 967,436 $ 128,137 $ 608,639 $ (36,547 ) $ 1,667,665 100.0 % (a) Represents risks in two or more geographic zones. (b) Represents risks in one geographic zone. (c) The Other locations non-specific category refers to business for which an analysis of exposure by geographic zone is not applicable, such as marine and aerospace risks, since these exposures can span multiple geographic areas and, in some instances, are not fixed locations. (d) During the first quarter of 2015, certain intercompany reinsurance transactions were presented on a net basis for segmental reporting purposes. As a result, gross premiums written for the Validus Re segment and Corporate & Eliminations were reduced by $9,013 and $21,836 for the three and six months ended June 30, 2014 , respectively, for comparative purposes. There was no impact to total gross premiums written on a consolidated basis.

Condensed consolidating financi

Condensed consolidating financial information	6 Months Ended
	Jun. 30, 2015
Condensed Consolidating Financial Information [Abstract]
Condensed consolidating financial information	Condensed consolidating financial information The following tables present condensed consolidating balance sheets as at June 30, 2015 and December 31, 2014 , condensed consolidating statements of comprehensive income for the three and six months ended June 30, 2015 and 2014 , and condensed consolidating statements of cash flows for the six months ended June 30, 2015 and 2014 , for Validus Holdings, Ltd. (the “Parent Guarantor”), Validus Holdings (UK) plc (the “Subsidiary Issuer”) and the non-guarantor subsidiaries of Validus Holdings, Ltd. The Subsidiary Issuer is a 100%-owned subsidiary of the Parent Guarantor. Investments in subsidiaries are accounted for under the equity method for purposes of the supplemental consolidating presentation and earnings of subsidiaries are reflected in the investment accounts and earnings. The Subsidiary Issuer is only allowed to issue senior notes that are fully and unconditionally guaranteed by the Parent Guarantor. Condensed Consolidating Balance Sheet As at June 30, 2015 Validus Holdings, Ltd. (Parent Guarantor) Validus Holdings (UK) plc (Subsidiary Issuer) Other Validus Holdings, Ltd. Subsidiaries (Non-guarantor Subsidiaries) (a) Consolidating Adjustments (b) Validus Holdings, Ltd. Consolidated Assets Fixed maturities, at fair value $ 28,436 $ — $ 5,491,068 $ (60,200 ) $ 5,459,304 Short-term investments, at fair value — — 1,338,051 — 1,338,051 Other investments, at fair value — — 965,801 (72,094 ) 893,707 Cash and cash equivalents 4,597 20 429,093 — 433,710 Restricted cash 5,599 — 134,420 — 140,019 Total investments and cash 38,632 20 8,358,433 (132,294 ) 8,264,791 Investment in affiliates — — 374,121 — 374,121 Investment in subsidiaries on an equity basis 4,232,326 680,642 — (4,912,968 ) — Premiums receivable — — 1,276,020 — 1,276,020 Deferred acquisition costs — — 253,225 — 253,225 Prepaid reinsurance premiums — — 161,516 — 161,516 Securities lending collateral — — 7,021 — 7,021 Loss reserves recoverable — — 376,665 — 376,665 Paid losses recoverable — — 40,198 — 40,198 Income taxes recoverable — — 13,787 — 13,787 Deferred tax asset — — 23,079 — 23,079 Receivable for investments sold — — 29,131 — 29,131 Intangible assets — — 124,092 — 124,092 Goodwill — — 196,758 — 196,758 Accrued investment income 48 — 23,846 — 23,894 Intercompany receivable 2,159 — — (2,159 ) — Other assets 2,512 — 258,486 — 260,998 Total assets $ 4,275,677 $ 680,662 $ 11,516,378 $ (5,047,421 ) $ 11,425,296 Liabilities Reserve for losses and loss expenses $ — $ — $ 3,187,177 $ — $ 3,187,177 Unearned premiums — — 1,519,491 — 1,519,491 Reinsurance balances payable — — 95,705 — 95,705 Securities lending payable — — 7,487 — 7,487 Deferred tax liability — — 8,063 — 8,063 Payable for investments purchased — — 105,871 — 105,871 Accounts payable and accrued expenses 21,386 — 146,390 — 167,776 Intercompany payable — 59 2,100 (2,159 ) — Notes payable to operating affiliates — — 1,381,313 — 1,381,313 Senior notes payable 247,360 — — — 247,360 Debentures payable 350,000 — 248,232 (60,200 ) 538,032 Total liabilities $ 618,746 $ 59 $ 6,701,829 $ (62,359 ) $ 7,258,275 Redeemable noncontrolling interest — — — — — Total shareholders' equity available to Validus 3,656,931 680,603 4,304,459 (4,985,062 ) 3,656,931 Noncontrolling interest — — 510,090 — 510,090 Total liabilities, noncontrolling interests and shareholders' equity $ 4,275,677 $ 680,662 $ 11,516,378 $ (5,047,421 ) $ 11,425,296 (a) Amounts include an aggregation of the non-guarantor subsidiaries and include consolidating adjustments between these subsidiaries. (b) Amounts include consolidating adjustments between the Parent Guarantor, the Subsidiary Issuer and the non-guarantor subsidiaries. Condensed Consolidating Balance Sheet As at December 31, 2014 Validus Holdings, Ltd. (Parent Guarantor) Validus Holdings (UK) plc (Subsidiary Issuer) Other Validus Holdings, Ltd. Subsidiaries (Non-guarantor Subsidiaries) (a) Consolidating Adjustments (b) Validus Holdings, Ltd. Consolidated Assets Fixed maturities, at fair value $ — $ — $ 5,592,931 $ (60,200 ) $ 5,532,731 Short-term investments, at fair value — — 1,051,074 — $ 1,051,074 Other investments, at fair value — — 881,123 (68,112 ) $ 813,011 Cash and cash equivalents 29,798 81 547,361 — $ 577,240 Restricted cash — — 173,003 — 173,003 Total investments and cash 29,798 81 8,245,492 (128,312 ) 8,147,059 Investment in affiliates — — 261,483 — 261,483 Investment in subsidiaries on an equity basis 4,140,770 656,738 — (4,797,508 ) — Premiums receivable — — 707,647 — 707,647 Deferred acquisition costs — — 161,295 — 161,295 Prepaid reinsurance premiums — — 81,983 — 81,983 Securities lending collateral — — 470 — 470 Loss reserves recoverable — — 377,466 — 377,466 Paid losses recoverable — — 38,078 — 38,078 Deferred tax asset — — 23,821 — 23,821 Receivable for investments sold — — 18,318 — 18,318 Intangible assets — — 126,924 — 126,924 Goodwill — — 195,897 — 195,897 Accrued investment income — — 24,865 — 24,865 Intercompany receivable 41,078 — 20 (41,098 ) — Other assets 3,239 — 161,394 — 164,633 Total assets $ 4,214,885 $ 656,819 $ 10,425,153 $ (4,966,918 ) $ 10,329,939 Liabilities Reserve for losses and loss expenses $ — $ — $ 3,234,394 $ — $ 3,234,394 Unearned premiums — — 990,564 — 990,564 Reinsurance balances payable — — 127,128 — 127,128 Securities lending payable — — 936 — 936 Deferred tax liability — — 5,541 — 5,541 Payable for investments purchased — — 68,574 — 68,574 Accounts payable and accrued expenses 29,621 96 288,528 — 318,245 Intercompany payable — 20 41,078 (41,098 ) — Notes payable to operating affiliates — — 671,465 — 671,465 Senior notes payable 247,306 — — — 247,306 Debentures payable 350,000 — 249,477 (60,200 ) 539,277 Total liabilities $ 626,927 $ 116 $ 5,677,685 $ (101,298 ) $ 6,203,430 Redeemable noncontrolling interest — — 79,956 — 79,956 Total shareholders' equity available to Validus 3,587,958 656,703 4,208,917 (4,865,620 ) 3,587,958 Noncontrolling interest — — 458,595 — 458,595 Total liabilities, noncontrolling interests and shareholders' equity $ 4,214,885 $ 656,819 $ 10,425,153 $ (4,966,918 ) $ 10,329,939 (a) Amounts include an aggregation of the non-guarantor subsidiaries and include consolidating adjustments between these subsidiaries. (b) Amounts include consolidating adjustments between the Parent Guarantor, the Subsidiary Issuer and the non-guarantor subsidiaries. Condensed Consolidating Statement of Comprehensive Income For the Three Months Ended June 30, 2015 Validus Holdings, Ltd. (Parent Guarantor) Validus Holdings (UK) plc (Subsidiary Issuer) Other Consolidating Adjustments (b) Validus Holdings, Ltd. Revenues Net premiums earned $ — $ — $ 573,582 $ — $ 573,582 Net investment income 87 — 34,536 (1,015 ) 33,608 Net realized gains on investments — — 2,244 — 2,244 Change in net unrealized losses on investments (351 ) — (14,082 ) (3,097 ) (17,530 ) Income from investment affiliate — — 284 — 284 Other insurance related income and other income — — 19,486 (16,946 ) 2,540 Foreign exchange losses (747 ) (1 ) (2,488 ) — (3,236 ) Total revenues $ (1,011 ) $ (1 ) $ 613,562 $ (21,058 ) $ 591,492 Expenses Losses and loss expenses — — 266,146 — 266,146 Policy acquisition costs — — 104,425 — 104,425 General and administrative expenses 18,864 — 81,043 (16,944 ) 82,963 Share compensation expenses 1,897 — 7,345 — 9,242 Finance expenses 11,914 — 6,311 (490 ) 17,735 Total expenses $ 32,675 $ — $ 465,270 $ (17,434 ) $ 480,511 (Loss) income before taxes, income from operating affiliates, (income) attributable to operating affiliate investors and equity in net earnings of subsidiaries (33,686 ) (1 ) 148,292 (3,624 ) 110,981 Tax expense — — (2,549 ) — (2,549 ) Income from operating affiliates — — 4,104 — 4,104 (Income) attributable to operating affiliate investors — — (30,879 ) — (30,879 ) Equity in net earnings of subsidiaries 97,699 1,914 — (99,613 ) — Net income $ 64,013 $ 1,913 $ 118,968 $ (103,237 ) $ 81,657 Net (income) attributable to noncontrolling interest — — (17,644 ) — (17,644 ) Net income available to Validus $ 64,013 $ 1,913 $ 101,324 $ (103,237 ) $ 64,013 Other comprehensive income 3,575 — 3,185 (3,185 ) 3,575 Comprehensive income available to Validus $ 67,588 $ 1,913 $ 104,509 $ (106,422 ) $ 67,588 (a) Amounts include an aggregation of the non-guarantor subsidiaries and include consolidating adjustments between these subsidiaries. (b) Amounts include consolidating adjustments between the Parent Guarantor, the Subsidiary Issuer and the non-guarantor subsidiaries. Condensed Consolidating Statement of Comprehensive Income For the Three Months Ended June 30, 2014 Validus Holdings, Ltd. (Parent Guarantor) Validus Holdings (UK) plc (Subsidiary Issuer) Other Consolidating Adjustments (b) Validus Holdings, Ltd. Revenues Net premiums earned $ — $ — $ 466,003 $ — $ 466,003 Net investment income 4 — 22,258 (976 ) 21,286 Net realized gains on investments — — 7,858 — 7,858 Change in net unrealized gains on investments — — 46,295 (868 ) 45,427 Income from investment affiliate — — 779 — 779 Other insurance related income and other income — — 21,677 (16,442 ) 5,235 Foreign exchange (losses) gains (545 ) — 3,703 — 3,158 Total revenues $ (541 ) $ — $ 568,573 $ (18,286 ) $ 549,746 Expenses Losses and loss expenses — — 158,745 — 158,745 Policy acquisition costs — — 78,953 — 78,953 General and administrative expenses 23,515 — 66,769 (16,442 ) 73,842 Share compensation expenses 1,811 — 6,530 — 8,341 Finance expenses 11,895 — 4,716 (485 ) 16,126 Transaction expenses — — 3,252 — 3,252 Total expenses $ 37,221 $ — $ 318,965 $ (16,927 ) $ 339,259 (Loss) income before taxes, income from operating affiliates, (income) attributable to operating affiliate investors and equity in net earnings (losses) of subsidiaries (37,762 ) — 249,608 (1,359 ) 210,487 Tax expense — — (1,391 ) — (1,391 ) Income from operating affiliates — — 4,892 — 4,892 (Income) attributable to operating affiliate investors — — (25,316 ) — (25,316 ) Equity in net earnings (losses) of subsidiaries 191,129 (918 ) — (190,211 ) — Net income (loss) $ 153,367 $ (918 ) $ 227,793 $ (191,570 ) $ 188,672 Net (income) attributable to noncontrolling interest — — (35,305 ) — (35,305 ) Net income (loss) available (attributable) to Validus $ 153,367 $ (918 ) $ 192,488 $ (191,570 ) $ 153,367 Other comprehensive income 2,615 — 2,615 (2,615 ) 2,615 Comprehensive income (loss) available (attributable) to Validus $ 155,982 $ (918 ) $ 195,103 $ (194,185 ) $ 155,982 (a) Amounts include an aggregation of the non-guarantor subsidiaries and include consolidating adjustments between these subsidiaries. (b) Amounts include consolidating adjustments between the Parent Guarantor, the Subsidiary Issuer and the non-guarantor subsidiaries. Condensed Consolidating Statement of Comprehensive Income For the Six Months Ended June 30, 2015 Validus Holdings, Ltd. (Parent Guarantor) Validus Holdings (UK) plc (Subsidiary Issuer) Other Consolidating Adjustments (b) Validus Holdings, Ltd. Revenues Net premiums earned $ — $ — $ 1,151,336 $ — $ 1,151,336 Net investment income 144 — 66,505 (2,020 ) 64,629 Net realized gains on investments — — 6,413 — 6,413 Change in net unrealized (losses) gains on investments (424 ) — 59,080 (3,982 ) 54,674 Income from investment affiliate — — 3,060 — 3,060 Other insurance related income and other income — — 39,109 (31,737 ) 7,372 Foreign exchange losses (237 ) (1 ) (6,549 ) — (6,787 ) Total revenues $ (517 ) $ (1 ) $ 1,318,954 $ (37,739 ) $ 1,280,697 Expenses Losses and loss expenses — — 507,075 — 507,075 Policy acquisition costs — — 203,061 — 203,061 General and administrative expenses 36,407 2 163,319 (31,737 ) 167,991 Share compensation expenses 3,551 — 14,745 — 18,296 Finance expenses 23,772 — 14,786 (971 ) 37,587 Total expenses $ 63,730 $ 2 $ 902,986 $ (32,708 ) $ 934,010 (Loss) income before taxes, income from operating affiliates, (income) attributable to operating affiliate investors and equity in net earnings of subsidiaries (64,247 ) (3 ) 415,968 (5,031 ) 346,687 Tax expense — — (5,114 ) — (5,114 ) Income from operating affiliates — — 6,557 — 6,557 (Income) attributable to operating affiliate investors — — (54,085 ) — (54,085 ) Equity in net earnings of subsidiaries 301,671 22,109 — (323,780 ) — Net income $ 237,424 $ 22,106 $ 363,326 $ (328,811 ) $ 294,045 Net (income) attributable to noncontrolling interest — — (56,621 ) — (56,621 ) Net income available to Validus $ 237,424 $ 22,106 $ 306,705 $ (328,811 ) $ 237,424 Other comprehensive loss (510 ) — (99 ) 99 (510 ) Comprehensive income available to Validus $ 236,914 $ 22,106 $ 306,606 $ (328,712 ) $ 236,914 (a) Amounts include an aggregation of the non-guarantor subsidiaries and include consolidating adjustments between these subsidiaries. (b) Amounts include consolidating adjustments between the Parent Guarantor, the Subsidiary Issuer and the non-guarantor subsidiaries. Condensed Consolidating Statement of Comprehensive Income For the Six Months Ended June 30, 2014 Validus Holdings, Ltd. (Parent Guarantor) Validus Holdings (UK) plc (Subsidiary Issuer) Other Consolidating Adjustments (b) Validus Holdings, Ltd. Revenues Net premiums earned $ — $ — $ 948,960 $ — $ 948,960 Net investment income 7 — 46,589 (1,948 ) 44,648 Net realized gains on investments — — 11,598 — 11,598 Change in net unrealized gains on investments — — 97,760 3,360 101,120 Income from investment affiliate — — 6,127 — 6,127 Other insurance related income and other income — — 53,469 (34,404 ) 19,065 Foreign exchange losses (713 ) — (2,607 ) — (3,320 ) Total revenues $ (706 ) $ — $ 1,161,896 $ (32,992 ) $ 1,128,198 Expenses Losses and loss expenses — — 321,416 — 321,416 Policy acquisition costs — — 164,602 — 164,602 General and administrative expenses 44,078 21 138,592 (34,404 ) 148,287 Share compensation expenses 3,119 — 12,369 — 15,488 Finance expenses 23,718 — 9,273 (965 ) 32,026 Transaction expenses — — 3,252 — 3,252 Total expenses $ 70,915 $ 21 $ 649,504 $ (35,369 ) $ 685,071 (Loss) income before taxes, income from operating affiliates, (income) attributable to operating affiliate investors and equity in net earnings (losses) of subsidiaries (71,621 ) (21 ) 512,392 2,377 443,127 Tax expense — — (1,351 ) — (1,351 ) Income from operating affiliates — — 9,819 — 9,819 (Income) attributable to operating affiliate investors — — (57,026 ) — (57,026 ) Equity in net earnings (losses) of subsidiaries 387,376 (1,666 ) — (385,710 ) — Net income (loss) $ 315,755 $ (1,687 ) $ 463,834 $ (383,333 ) $ 394,569 Net (income) attributable to noncontrolling interest — — (78,814 ) — (78,814 ) Net income (loss) available (attributable) to Validus $ 315,755 $ (1,687 ) $ 385,020 $ (383,333 ) $ 315,755 Other comprehensive income 3,077 — 3,077 (3,077 ) 3,077 Comprehensive income (loss) available (attributable) to Validus $ 318,832 $ (1,687 ) $ 388,097 $ (386,410 ) $ 318,832 (a) Amounts include an aggregation of the non-guarantor subsidiaries and include consolidating adjustments between these subsidiaries. (b) Amounts include consolidating adjustments between the Parent Guarantor, the Subsidiary Issuer and the non-guarantor subsidiaries. Condensed Consolidating Statement of Cash Flows For The Six Months Ended June 30, 2015 Validus Holdings, Ltd. (Parent Guarantor) Validus Holdings (UK) plc (Subsidiary Issuer) Other Consolidating Adjustments (b) Validus Holdings, Ltd. Net cash provided by (used in) operating activities $ 55,556 $ (61 ) $ (199,336 ) $ (85,000 ) $ (228,841 ) Cash flows provided by (used in) investing activities Proceeds on sales of investments — — 2,237,966 — 2,237,966 Proceeds on maturities of investments — — 186,594 — 186,594 Purchases of fixed maturities (28,055 ) — (2,309,935 ) — (2,337,990 ) Purchases of short-term investments, net — — (375,299 ) — (375,299 ) Purchases of other investments, net — — (21,970 ) — (21,970 ) Increase in securities lending collateral — — (6,551 ) — (6,551 ) Investment in operating affiliates — — (10,400 ) — (10,400 ) Redemption from operating affiliates — — 27,264 — 27,264 Investment in investment affiliates — — (23,115 ) — (23,115 ) (Increase) decrease in restricted cash (5,599 ) — 38,583 — 32,984 Return of capital from subsidiaries 140,000 — — (140,000 ) — Net cash provided by (used in) investing activities 106,346 — (256,863 ) (140,000 ) (290,517 ) Cash flows provided by (used in) financing activities Proceeds on issuance of notes payable to operating affiliates — — 1,155,284 — 1,155,284 Repayments on notes payable to operating affiliates — — (621,444 ) — (621,444 ) Issuance of common shares, net 14,860 — — — 14,860 Purchases of common shares under share repurchase program (143,223 ) — — — (143,223 ) Dividends paid (58,740 ) — (85,000 ) 85,000 (58,740 ) Increase in securities lending payable — — 6,551 — 6,551 Third party investment in redeemable noncontrolling interest — — 55,700 — 55,700 Third party redemption in redeemable noncontrolling interest — — (19,395 ) — (19,395 ) Return of capital to parent — — (140,000 ) 140,000 — Net cash (used in) provided by financing activities (187,103 ) — 351,696 225,000 389,593 Effect of foreign currency rate changes on cash and cash equivalents — — (13,765 ) — (13,765 ) Net decrease in cash (25,201 ) (61 ) (118,268 ) — (143,530 ) Cash and cash equivalents, beginning of period 29,798 81 547,361 — 577,240 Cash and cash equivalents, end of period $ 4,597 $ 20 $ 429,093 $ — $ 433,710 (a) Amounts include an aggregation of the non-guarantor subsidiaries and include consolidating adjustments between these subsidiaries. (b) Amounts include consolidating adjustments between the Parent Guarantor, the Subsidiary Issuer and the non-guarantor subsidiaries. Condensed Consolidating Statement of Cash Flows For The Six Months Ended June 30, 2014 Validus Holdings, Ltd. (Parent Guarantor) Validus Holdings (UK) plc (Subsidiary Issuer) Other Consolidating Adjustments (b) Validus Holdings, Ltd. Net cash provided by (used in) operating activities $ 365,372 $ — $ (247,929 ) $ (100,000 ) $ 17,443 Cash flows provided by (used in) investing activities Proceeds on sales of investments — — 1,956,442 — 1,956,442 Proceeds on maturities of investments — — 384,259 — 384,259 Purchases of fixed maturities — — (1,906,212 ) — (1,906,212 ) Purchases of short-term investments, net — — (99,677 ) — (99,677 ) Purchases of other investments, net — — (54,716 ) — (54,716 ) Decrease in securities lending collateral — — 2,071 — 2,071 Redemption from operating affiliates — — 57,025 — 57,025 Investment in investment affiliates — — — — — Decrease in restricted cash — — 15,371 — 15,371 Proceeds on sale of subsidiary, net of cash — — 16,459 — 16,459 Net cash provided by investing activities — — 371,022 — 371,022 Cash flows provided by (used in) financing activities Proceeds on issuance of notes payable to operating affiliates — — 320,454 — 320,454 Repayments on notes payable to operating affiliates — — (364,877 ) — (364,877 ) Redemption of common shares, net (4,385 ) — — — (4,385 ) Purchases of common shares under share repurchase program (197,339 ) — — — (197,339 ) Dividends paid (61,036 ) — (100,000 ) 100,000 (61,036 ) Decrease in securities lending payable — — (2,071 ) — (2,071 ) Third party investment in redeemable noncontrolling interest — — 57,000 — 57,000 Third party redemption in redeemable noncontrolling interest — — (10,496 ) (10,496 ) Net cash (used in) provided by financing activities (262,760 ) — (99,990 ) 100,000 (262,750 ) Effect of foreign currency rate changes on cash and cash equivalents — — 13,097 — 13,097 Net increase in cash 102,612 — 36,200 — 138,812 Cash and cash equivalents, beginning of period 20,385 — 713,763 — 734,148 Cash and cash equivalents, end of period $ 122,997 $ — $ 749,963 $ — $ 872,960 (a) Amounts include an aggregation of the non-guarantor subsidiaries and include consolidating adjustments between these subsidiaries. (b) Amounts include consolidating adjustments between the Parent Guarantor, the Subsidiary Issuer and the non-guarantor subsidiaries.

Subsequent events

Subsequent events	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent events	Subsequent events Quarterly Dividend On August 5, 2015 , the Company announced a quarterly cash dividend of $0.32 per each common share and $0.32 per common share equivalent for which each outstanding warrant is exercisable, payable on September 30, 2015 to holders of record on September 15, 2015 .

Significant accounting policies

Significant accounting policies (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of preparation	These unaudited Consolidated Financial Statements (the "Consolidated Financial Statements") include Validus Holdings, Ltd. and its wholly and majority owned subsidiaries (together the "Company") and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 in Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In addition, the year-end balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. This Quarterly Report on Form 10-Q should be read in conjunction with the financial statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014 , as filed with the U.S. Securities and Exchange Commission (the "SEC"). In the opinion of management, these Consolidated Financial Statements reflect all adjustments (including normal recurring adjustments) considered necessary for a fair presentation of the Company's financial position and results of operations as at the end of and for the periods presented.
Use of estimates	The preparation of these financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. While management believes that the amounts included in the Consolidated Financial Statements reflect its best estimates and assumptions, actual results could differ materially from those estimates. The Company’s principal estimates include: • reserve for losses and loss expenses; • premium estimates for business written on a line slip or proportional basis; • the valuation of goodwill and intangible assets; • reinsurance recoverable balances including the provision for uncollectible amounts; and • investment valuation of financial assets.
Reserves for losses and loss expenses	Reserves for losses and loss expenses are based in part upon the estimation of case reserves from broker, insured and ceding company reported data. The Company also uses statistical and actuarial methods to estimate ultimate expected losses and loss expenses, from which incurred but not reported losses can be calculated. The period of time from the occurrence of a loss to the reporting of a loss to the Company and to the settlement of the Company's liability may be several months or years. During this period, additional facts and trends may be revealed. As these factors become apparent, reserves will be adjusted, sometimes requiring an increase or decrease in the overall reserves of the Company, and at other times requiring a reallocation of incurred but not reported reserves to specific case reserves. These estimates are reviewed and adjusted regularly, and such adjustments, if any, are reflected in earnings in the period in which they become known. While management believes that it has made a reasonable estimate of ultimate losses, there can be no assurances that ultimate losses and loss expenses will not exceed this estimate.
Reinsurance	To estimate the provision for uncollectible reinsurance, the reinsurance recoverable is first allocated to applicable reinsurers. This determination is based on a process rather than an estimate, although an element of judgment is applied, especially in relation to ceded IBNR. The Company then uses default factors to determine the portion of a reinsurer’s balance deemed to be uncollectible. Default factors require considerable judgment and are determined in part using the current rating, or rating equivalent, of each reinsurer as well as other key considerations and assumptions.

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2015
Investments [Abstract]
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments	The amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments as at June 30, 2015 were as follows: Amortized Cost (or Cost) Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value U.S. government and government agency $ 817,410 $ 2,473 $ (1,130 ) $ 818,753 Non-U.S. government and government agency 221,592 1,542 (695 ) 222,439 U.S. states, municipalities and political subdivisions 323,553 1,425 (1,118 ) 323,860 Agency residential mortgage-backed securities 504,922 7,627 (2,012 ) 510,537 Non-agency residential mortgage-backed securities 30,812 411 (499 ) 30,724 U.S. corporate 1,463,488 2,965 (7,845 ) 1,458,608 Non-U.S. corporate 495,182 2,430 (2,584 ) 495,028 Bank loans 487,355 1,168 (5,230 ) 483,293 Catastrophe bonds 153,769 182 (3,249 ) 150,702 Asset-backed securities 643,864 2,469 (828 ) 645,505 Commercial mortgage-backed securities 320,665 984 (1,794 ) 319,855 Total fixed maturities 5,462,612 23,676 (26,984 ) 5,459,304 Total short-term investments (a) 1,337,914 137 — 1,338,051 Other investments Fund of hedge funds 2,570 84 (921 ) 1,733 Hedge funds (b) 599,709 108,870 (126,158 ) 582,421 Private equity investments 49,309 7,576 (1,300 ) 55,585 Investment funds 243,794 604 — 244,398 Mutual funds 6,199 3,371 — 9,570 Total other investments 901,581 120,505 (128,379 ) 893,707 Total investments including assets managed on behalf of operating affiliates, catastrophe bonds and noncontrolling interest $ 7,702,107 $ 144,318 $ (155,363 ) $ 7,691,062 Assets managed on behalf of operating affiliates (a) (1,008,445 ) — — (1,008,445 ) Catastrophe bonds (153,769 ) (182 ) 3,249 (150,702 ) Noncontrolling interest (b) (527,850 ) (91,716 ) 113,542 (506,024 ) Total investments, excluding assets managed on behalf of operating affiliates, catastrophe bonds and noncontrolling interest $ 6,012,043 $ 52,420 $ (38,572 ) $ 6,025,891 (a) Included in the short-term investments balance are assets managed in support of AlphaCat's fully collateralized reinsurance transactions. (b) Included in the hedge funds balance are investments held by PaCRe in which the Company has an equity interest of 10% . The remaining 90% interest is held by third party investors and included in the Consolidated Balance Sheets as noncontrolling interest. The amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments as at December 31, 2014 were as follows: Amortized Cost (or Cost) Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value U.S. government and government agency $ 759,232 $ 1,755 $ (901 ) $ 760,086 Non-U.S. government and government agency 279,493 1,215 (1,980 ) 278,728 U.S. states, municipalities and political subdivisions 448,668 1,780 (825 ) 449,623 Agency residential mortgage-backed securities 520,685 9,697 (1,151 ) 529,231 Non-agency residential mortgage-backed securities 37,954 369 (516 ) 37,807 U.S. corporate 1,500,963 3,960 (5,217 ) 1,499,706 Non-U.S. corporate 564,386 2,765 (3,989 ) 563,162 Bank loans 457,537 200 (8,733 ) 449,004 Catastrophe bonds 75,822 768 (926 ) 75,664 Asset-backed securities 647,422 1,250 (1,190 ) 647,482 Commercial mortgage-backed securities 242,332 598 (692 ) 242,238 Total fixed maturities 5,534,494 24,357 (26,120 ) 5,532,731 Total short-term investments (a) 1,051,222 13 (161 ) 1,051,074 Other investments Fund of hedge funds 2,570 125 (920 ) 1,775 Preferred stock 6,535 — (201 ) 6,334 Hedge funds (b) 570,371 60,792 (134,203 ) 496,960 Private equity investments 48,995 4,987 (611 ) 53,371 Investment funds 244,506 437 (111 ) 244,832 Mutual funds 6,199 3,540 — 9,739 Total other investments 879,176 69,881 (136,046 ) 813,011 Total investments including assets managed on behalf of operating affiliates, catastrophe bonds and noncontrolling interest $ 7,464,892 $ 94,251 $ (162,327 ) $ 7,396,816 Assets managed on behalf of operating affiliates (a) (696,924 ) — — (696,924 ) Catastrophe bonds (75,822 ) (768 ) 926 (75,664 ) Noncontrolling interest (b) (502,830 ) (48,446 ) 120,782 (430,494 ) Total investments, excluding assets managed on behalf of operating affiliates, catastrophe bonds and noncontrolling interest $ 6,189,316 $ 45,037 $ (40,619 ) $ 6,193,734 (a) Included in the short-term investments balance are assets managed in support of AlphaCat's fully collateralized reinsurance transactions. Also, included in the short-term investments balance are investments held by one AlphaCat ILS fund which was consolidated by the Company through May 31, 2015, but in which the Company had an equity interest of less than 100%. The remaining interests are held by third party investors and included in the Consolidated Balance Sheets as redeemable noncontrolling interest. (b) Included in the hedge funds balance are investments held by PaCRe in which the Company has an equity interest of 10% . The remaining 90% interest is held by third party investors and included in the Consolidated Balance Sheets as noncontrolling interest.
Investment ratings on fixed maturities	The following table sets forth certain information regarding the investment ratings of the Company’s fixed maturities portfolio as at June 30, 2015 and December 31, 2014 . June 30, 2015 December 31, 2014 Estimated Fair Value % of Total Estimated Fair Value % of Total AAA $ 2,420,994 44.3 % $ 2,494,239 45.1 % AA 541,469 9.9 % 848,226 15.4 % A 1,097,340 20.1 % 1,086,091 19.6 % BBB 663,198 12.1 % 505,208 9.1 % Total investment-grade fixed maturities 4,723,001 86.4 % 4,933,764 89.2 % BB 289,471 5.3 % 362,972 6.6 % B 247,369 4.6 % 145,240 2.6 % CCC 3,737 0.1 % 12,733 0.2 % CC 3,190 0.1 % 3,926 0.1 % C — 0.0 % 1,344 0.0 % D/NR 192,536 3.5 % 72,752 1.3 % Total non-investment grade fixed maturities 736,303 13.6 % 598,967 10.8 % Total fixed maturities $ 5,459,304 100.0 % $ 5,532,731 100.0 %
Fixed maturities investments by contractual maturity	The amortized cost and estimated fair value amounts for fixed maturities held at June 30, 2015 and December 31, 2014 are shown below by contractual maturity. Actual maturity may differ from contractual maturity because certain borrowers may have the right to call or prepay certain obligations with or without call or prepayment penalties. June 30, 2015 December 31, 2014 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due in one year or less $ 278,555 $ 279,860 $ 312,843 $ 313,248 Due after one year through five years 2,980,225 2,978,036 3,163,225 3,159,200 Due after five years through ten years 541,425 535,074 497,175 491,870 Due after ten years 162,144 159,713 112,858 111,655 3,962,349 3,952,683 4,086,101 4,075,973 Asset-backed and mortgage-backed securities 1,500,263 1,506,621 1,448,393 1,456,758 Total fixed maturities $ 5,462,612 $ 5,459,304 $ 5,534,494 $ 5,532,731
Net investment income	Net investment income was derived from the following sources: Three Months Ended Six Months Ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Fixed maturities and short-term investments $ 31,163 $ 22,207 $ 60,402 $ 45,504 Other investments 4,014 — 7,202 — Restricted cash and cash and cash equivalents 451 996 886 2,953 Securities lending income 6 2 9 4 Total gross investment income 35,634 23,205 68,499 48,461 Investment expenses (2,026 ) (1,919 ) (3,870 ) (3,813 ) Total net investment income $ 33,608 $ 21,286 $ 64,629 $ 44,648
Analysis of net realized gains and the change in net unrealized gains on investments	The following represents an analysis of net realized gains and the change in net unrealized (losses) gains on investments: Three Months Ended Six Months Ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Fixed maturities, short-term and other investments Gross realized gains $ 6,269 $ 9,813 $ 12,578 $ 15,109 Gross realized (losses) (4,025 ) (1,955 ) (6,165 ) (3,511 ) Net realized gains on investments 2,244 7,858 6,413 11,598 Change in net unrealized (losses) gains on investments (a) (17,530 ) 45,427 54,674 101,120 Total net realized and change in net unrealized (losses) gains on investments including assets managed on behalf of operating affiliates, catastrophe bonds and noncontrolling interest (15,286 ) 53,285 61,087 112,718 Assets managed on behalf of operating affiliates — — — — Catastrophe bonds 573 1,184 2,909 1,988 Noncontrolling interest (a) (15,431 ) (33,207 ) (50,511 ) (75,209 ) Total net realized and change in net unrealized (losses) gains on investments excluding assets managed on behalf of operating affiliates, catastrophe bonds and noncontrolling interest $ (30,144 ) $ 21,262 $ 13,485 $ 39,497 (a) Includes the change in net unrealized (losses) gains on investments held by PaCRe in which the Company has an equity interest of 10% . The remaining 90% interest is held by third party investors and is included in the Consolidated Statements of Comprehensive Income as net loss (income) attributable to noncontrolling interest.
Investments pledged as collateral under credit facilities	The following tables outline investments and cash pledged as collateral under the Company's credit facilities. For further details on the credit facilities, please refer to Note 12 : “ Debt and financing arrangements .” June 30, 2015 Description Commitment Issued and Outstanding Investments and cash pledged as collateral $400,000 syndicated unsecured letter of credit facility $ 400,000 $ — $ — $525,000 syndicated secured letter of credit facility 525,000 260,137 391,146 $30,000 secured bi-lateral letter of credit facility 30,000 11,139 47,355 Talbot FAL facility 25,000 25,000 31,233 AlphaCat Re secured letter of credit facility 30,000 30,000 30,116 IPC bi-lateral facility 25,000 11,027 — $230,000 Flagstone bi-lateral facility 230,000 204,833 377,215 Total $ 1,265,000 $ 542,136 $ 877,065 December 31, 2014 Description Commitment Issued and Outstanding Investments and cash pledged as collateral $400,000 syndicated unsecured letter of credit facility $ 400,000 $ — $ — $525,000 syndicated secured letter of credit facility 525,000 276,455 395,750 $200,000 secured bi-lateral letter of credit facility 200,000 15,649 35,645 Talbot FAL facility 25,000 25,000 31,048 PaCRe senior secured letter of credit facility 10,000 294 — AlphaCat Re secured letter of credit facility 30,000 30,000 30,078 IPC bi-lateral facility 40,000 15,897 99,437 $375,000 Flagstone bi-lateral facility 375,000 198,389 430,782 Total $ 1,605,000 $ 561,684 $ 1,022,740

Fair value measurements (Tables

Fair value measurements (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair value hierarchy - allocation of investments	At June 30, 2015 , the Company’s investments were allocated between Levels 1, 2 and 3 as follows: Level 1 Level 2 Level 3 Total U.S. government and government agency $ — $ 818,753 $ — $ 818,753 Non-U.S. government and government agency — 222,439 — 222,439 U.S. states, municipalities and political subdivisions — 323,860 — 323,860 Agency residential mortgage-backed securities — 510,537 — 510,537 Non-agency residential mortgage-backed securities — 30,724 — 30,724 U.S. corporate — 1,458,608 — 1,458,608 Non-U.S. corporate — 495,028 — 495,028 Bank loans — 361,858 121,435 483,293 Catastrophe bonds — 149,702 1,000 150,702 Asset-backed securities — 645,505 — 645,505 Commercial mortgage-backed securities — 319,855 — 319,855 Total fixed maturities — 5,336,869 122,435 5,459,304 Total short-term investments (a) 1,317,526 16,978 3,547 1,338,051 Other investments Fund of hedge funds — — 1,733 1,733 Hedge funds (b) — — 582,421 582,421 Private equity investments — — 55,585 55,585 Investment funds — 78,470 165,928 244,398 Mutual funds — 9,570 — 9,570 Total other investments — 88,040 805,667 893,707 Total investments including assets managed on behalf of operating affiliates, catastrophe bonds and noncontrolling interest $ 1,317,526 $ 5,441,887 $ 931,649 $ 7,691,062 Assets managed on behalf of operating affiliates (a) (1,008,445 ) — — (1,008,445 ) Catastrophe bonds — (149,702 ) (1,000 ) (150,702 ) Noncontrolling interest (b) — — (506,024 ) (506,024 ) Total investments, excluding assets managed on behalf of operating affiliates, catastrophe bonds and noncontrolling interest $ 309,081 $ 5,292,185 $ 424,625 $ 6,025,891 (a) Included in the short-term investments balance are assets managed in support of AlphaCat's fully collateralized reinsurance transactions. (b) Included in the hedge funds balance are investments held by PaCRe in which the Company has an equity interest of 10% . The remaining 90% interest is held by third party investors and included in the Consolidated Balance Sheets as noncontrolling interest. At December 31, 2014 , the Company’s investments were allocated between Levels 1, 2 and 3 as follows: Level 1 Level 2 Level 3 Total U.S. government and government agency $ — $ 760,086 $ — $ 760,086 Non-U.S. government and government agency — 278,728 — 278,728 U.S. states, municipalities and political subdivisions — 449,623 — 449,623 Agency residential mortgage-backed securities — 529,231 — 529,231 Non-agency residential mortgage-backed securities — 37,807 — 37,807 U.S. corporate — 1,499,706 — 1,499,706 Non-U.S. corporate — 563,162 — 563,162 Bank loans — 416,256 32,748 449,004 Catastrophe bonds — 70,664 5,000 75,664 Asset-backed securities — 647,482 — 647,482 Commercial mortgage-backed securities — 242,238 — 242,238 Total fixed maturities — 5,494,983 37,748 5,532,731 Total short-term investments (a) 942,716 108,358 — 1,051,074 Other investments Fund of hedge funds — — 1,775 1,775 Preferred stock — 6,334 — 6,334 Hedge funds (b) — — 496,960 496,960 Private equity investments — — 53,371 53,371 Investment fund — 140,045 104,787 244,832 Mutual funds — 9,739 — 9,739 Total other investments — 156,118 656,893 813,011 Total investments including assets managed on behalf of operating affiliates, catastrophe bonds and noncontrolling interest $ 942,716 $ 5,759,459 $ 694,641 $ 7,396,816 Assets managed on behalf of operating affiliates (a) (696,924 ) — — (696,924 ) Catastrophe bonds — (70,664 ) (5,000 ) (75,664 ) Noncontrolling interest (b) — — (430,494 ) (430,494 ) Total investments, excluding assets managed on behalf of operating affiliates, catastrophe bonds and noncontrolling interest $ 245,792 $ 5,688,795 $ 259,147 $ 6,193,734 (a) Included in the short-term investments balance are assets managed in support of AlphaCat's fully collateralized reinsurance transactions. Also, included in the short-term investments balance are investments held by one AlphaCat ILS fund which was consolidated by the Company through May 31, 2015, but in which the Company had an equity interest of less than 100%. The remaining interests are held by third party investors and included in the Consolidated Balance Sheets as redeemable noncontrolling interest. (b) Included in the hedge funds balance are investments held by PaCRe in which the Company has an equity interest of 10% . The remaining 90% interest is held by third party investors and included in the Consolidated Balance Sheets as noncontrolling interest.
Reconciliation of beginning and ending balances for all Level 3 investments measured at fair value on recurring basis	The following table presents a reconciliation of the beginning and ending balances for all investments measured at fair value on a recurring basis using Level 3 inputs during the three and six months ended June 30, 2015 and 2014 : Three Months Ended Six Months Ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Level 3 investments - Beginning of period $ 867,656 $ 629,321 $ 694,641 $ 576,871 Purchases 53,810 100,000 199,599 100,000 Sales (5,436 ) (21,744 ) (13,038 ) (25,333 ) Settlements (4,203 ) (1,500 ) (8,198 ) (1,500 ) Net realized gains (losses) — 5,634 (11 ) 5,644 Change in net unrealized gains 19,822 34,685 58,656 84,011 Transfers into Level 3 — — — 6,703 Level 3 investments - End of period $ 931,649 $ 746,396 $ 931,649 $ 746,396 Catastrophe Bonds (1,000 ) — (1,000 ) — Noncontrolling interest (a) (506,024 ) (546,790 ) (506,024 ) (546,790 ) Level 3 investments - End of period excluding catastrophe bonds and noncontrolling interest $ 424,625 $ 199,606 $ 424,625 $ 199,606 (a) Includes Level 3 investments held by PaCRe in which the Company has an equity interest of 10% . The remaining 90% interest is held by third party investors and included in the Consolidated Balance Sheets as noncontrolling interest.

Investments in affiliates (Tabl

Investments in affiliates (Tables)	6 Months Ended
	Jun. 30, 2015
Schedule of Equity Method Investments [Line Items]
Schedule of equity method investments	The following table presents the Company's investments in affiliates as at June 30, 2015 and December 31, 2014 : June 30, 2015 December 31, 2014 Investment affiliates $ 89,681 $ 63,506 Operating affiliates 284,440 197,977 Investments in affiliates $ 374,121 $ 261,483
Summary of notes payable to operating affiliates	The following tables present a reconciliation of the beginning and ending notes payable to operating affiliates for the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, 2015 AlphaCat 2014 AlphaCat 2015 AlphaCat ILS funds Total As at March 31, 2015 $ 8,181 $ 137,294 $ 774,209 $ 919,684 Notes payable to operating affiliates recognized on deconsolidation of AlphaCat ILS fund — — 179,316 179,316 Issuance of notes payable to operating affiliates — 8,327 525,093 533,420 Redemption of notes payable to operating affiliates (8,181 ) — (247,380 ) (255,561 ) Foreign exchange loss — 364 4,090 4,454 As at June 30, 2015 $ — $ 145,985 $ 1,235,328 $ 1,381,313 Three Months Ended June 30, 2014 AlphaCat 2013 AlphaCat 2014 AlphaCat ILS funds Total As at March 31, 2014 $ 48,163 $ 149,816 $ 363,394 $ 561,373 Issuance of notes payable to operating affiliates — 8,207 249,094 257,301 Redemption of notes payable to operating affiliates (48,163 ) — (148,800 ) (196,963 ) Foreign exchange (gain) loss — (31 ) 1,270 1,239 As at June 30, 2014 $ — $ 157,992 $ 464,958 $ 622,950 Six Months Ended June 30, 2015 AlphaCat 2014 AlphaCat 2015 AlphaCat ILS funds Total As at December 31, 2014 $ 157,384 $ — $ 514,081 $ 671,465 Notes payable to operating affiliates recognized on deconsolidation of AlphaCat ILS fund — — 179,316 179,316 Issuance of notes payable to operating affiliates — 145,867 1,009,417 1,155,284 Redemption of notes payable to operating affiliates (157,074 ) — (464,370 ) (621,444 ) Foreign exchange (gain) loss (310 ) 118 (3,116 ) (3,308 ) As at June 30, 2015 $ — $ 145,985 $ 1,235,328 $ 1,381,313 Six Months Ended June 30, 2014 AlphaCat 2013 AlphaCat 2014 AlphaCat ILS funds Total As at December 31, 2013 $ 223,809 $ — $ 215,463 $ 439,272 Notes payable to operating affiliates recognized on deconsolidation of AlphaCat ILS fund — — 178,837 178,837 Issuance of notes payable to operating affiliates — 157,914 433,831 591,745 Redemption of notes payable to operating affiliates (223,512 ) — (364,566 ) (588,078 ) Foreign exchange (gain) loss (297 ) 78 1,393 1,174 As at June 30, 2014 $ — $ 157,992 $ 464,958 $ 622,950
Schedule of (income) attributable to operating affiliate investors	The following table presents the (income) attributable to operating affiliate investors for the three and six months ended June 30, 2015 and 2014 : Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, AlphaCat 2013 $ (1 ) $ (3,644 ) $ — $ (14,120 ) AlphaCat 2014 (99 ) (10,892 ) (255 ) (21,681 ) AlphaCat 2015 (9,811 ) — (18,584 ) — AlphaCat ILS funds (20,968 ) (10,780 ) (35,246 ) (21,225 ) (Income) attributable to operating affiliate investors $ (30,879 ) $ (25,316 ) $ (54,085 ) $ (57,026 )
Investment affiliate
Schedule of Equity Method Investments [Line Items]
Reconciliation of the beginning and ending non-consolidated affiliate balance	The following table presents a reconciliation of the beginning and ending investment in the Company's investment affiliates balance for the three and six months ended June 30, 2015 and 2014 : Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Investment affiliates, beginning of period $ 85,982 $ 39,848 $ 63,506 $ 34,500 Capital contributions 3,415 — 23,115 — Income from investment affiliate 284 779 3,060 6,127 Investment affiliates, end of period $ 89,681 $ 40,627 $ 89,681 $ 40,627
Schedule of equity method investments	The following table presents the Company's investment in the Partnerships as at June 30, 2015 : Investment in investment affiliate Investment at cost Voting ownership % Equity Ownership Carrying Value Aquiline Financial Services Fund II L.P. $ 59,978 — % 8.1 % $ 75,543 Aquiline Financial Services Fund III L.P. $ 14,138 — % 13.7 % $ 14,138 Total $ 74,116 $ 89,681 The following table presents the Company's investment in the Partnership as at December 31, 2014 : Investment in investment affiliate Investment at cost Voting ownership % Equity Ownership Carrying Value Aquiline Financial Services Fund II L.P. $ 51,001 — % 8.1 % $ 63,506
Operating affiliates
Schedule of Equity Method Investments [Line Items]
Reconciliation of the beginning and ending non-consolidated affiliate balance	The following tables present a reconciliation of the beginning and ending investment in operating affiliates for the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, 2015 AlphaCat Re 2011 AlphaCat Re 2012 AlphaCat 2013 AlphaCat 2014 AlphaCat 2015 AlphaCat ILS funds Total As at March 31, 2015 $ 4,596 $ 710 $ 1,054 $ 3,835 $ 26,916 $ 140,239 $ 177,350 Purchase of shares — — — — 2,400 6,930 9,330 Return of investment — — — (3,114 ) — — (3,114 ) Fair value of retained interest on deconsolidation of AlphaCat ILS fund — — — — — 96,770 96,770 Income (loss) from operating affiliates 5 (3 ) (11 ) 2 1,282 2,829 4,104 As at June 30, 2015 $ 4,601 $ 707 $ 1,043 $ 723 $ 30,598 $ 246,768 $ 284,440 Three Months Ended June 30, 2014 AlphaCat Re 2011 AlphaCat Re 2012 AlphaCat 2013 AlphaCat 2014 AlphaCat ILS funds Total As at March 31, 2014 $ 4,177 $ 1,277 $ 15,678 $ 23,593 $ 137,034 $ 181,759 Return of investment — — (13,659 ) — — (13,659 ) (Loss) income from operating affiliates (5 ) 927 561 1,421 1,988 4,892 As at June 30, 2014 $ 4,172 $ 2,204 $ 2,580 $ 25,014 $ 139,022 $ 172,992 Six Months Ended June 30, 2015 AlphaCat Re 2011 AlphaCat Re 2012 AlphaCat 2013 AlphaCat 2014 AlphaCat 2015 AlphaCat ILS funds Total As at December 31, 2014 $ 4,606 $ 735 $ 1,068 $ 28,085 $ 25,600 $ 137,883 $ 197,977 Purchase of shares — — — — 2,400 8,000 10,400 Return of investment — — — (27,264 ) — — (27,264 ) Fair value of retained interest on deconsolidation of AlphaCat ILS fund — — — — — 96,770 96,770 (Loss) income from operating affiliates (5 ) (28 ) (25 ) (98 ) 2,598 4,115 6,557 As at June 30, 2015 $ 4,601 $ 707 $ 1,043 $ 723 $ 30,598 $ 246,768 $ 284,440 Six Months Ended June 30, 2014 AlphaCat Re 2011 AlphaCat Re 2012 AlphaCat 2013 AlphaCat 2014 AlphaCat ILS funds Total As at December 31, 2013 $ 9,809 $ 1,313 $ 51,744 $ 21,982 $ 21,895 $ 106,743 Return of investment (5,825 ) — (51,200 ) — — (57,025 ) Fair value of retained interest on deconsolidation of AlphaCat ILS fund — — — — 113,455 113,455 Income from operating affiliates 188 891 2,036 3,032 3,672 9,819 As at June 30, 2014 $ 4,172 $ 2,204 $ 2,580 $ 25,014 $ 139,022 $ 172,992
Schedule of equity method investments	The following table presents the Company's investments in AlphaCat Re 2011, AlphaCat Re 2012, AlphaCat 2013, AlphaCat 2014, AlphaCat 2015 and the AlphaCat ILS funds in the Consolidated Financial Statements as at June 30, 2015 : Investment in operating affiliates Cost Voting ownership % Equity ownership % Carrying value AlphaCat Re 2011 $ 4,601 43.7 % 22.3 % $ 4,601 AlphaCat Re 2012 707 49.0 % 37.9 % 707 AlphaCat 2013 1,043 40.9 % 19.7 % 1,043 AlphaCat 2014 723 42.3 % 19.6 % 723 AlphaCat 2015 28,000 40.0 % 20.0 % 30,598 AlphaCat ILS funds 237,861 n/a (a) 246,768 Total $ 272,935 $ 284,440 (a) Equity ownership in the funds was 7.6% , 20.2% , 9.1% and 44.6% , respectively as at June 30, 2015 . The following table presents the Company's investments in AlphaCat Re 2011, AlphaCat Re 2012, AlphaCat 2013, AlphaCat 2014, AlphaCat 2015 and the AlphaCat ILS funds in the Consolidated Financial Statements as at December 31, 2014 : Investment in operating affiliates Cost Voting ownership % Equity ownership % Carrying value AlphaCat Re 2011 $ 4,606 43.7 % 22.3 % $ 4,606 AlphaCat Re 2012 735 49.0 % 37.9 % 735 AlphaCat 2013 1,068 40.9 % 19.7 % 1,068 AlphaCat 2014 22,000 42.3 % 19.6 % 28,085 AlphaCat 2015 25,600 40.0 % 20.0 % 25,600 AlphaCat ILS funds 133,091 n/a (a) 137,883 Total $ 187,100 $ 197,977 (a) Equity ownership in the funds was 7.9% , 39.7% and 9.1% , respectively as at December 31, 2014 .

Noncontrolling interest (Tables

Noncontrolling interest (Tables)	6 Months Ended
	Jun. 30, 2015
Noncontrolling Interest [Abstract]
Noncontrolling interest	The following tables present a reconciliation of the beginning and ending balances of redeemable noncontrolling interest and noncontrolling interest for the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, 2015 Redeemable noncontrolling interest Noncontrolling interest Total As at March 31, 2015 $ 98,777 $ 494,451 $ 593,228 Issuance of shares 40,000 — 40,000 Income attributable to noncontrolling interest 2,005 15,639 17,644 Adjustment to noncontrolling interest as a result of deconsolidation (121,387 ) — (121,387 ) Redemption of shares (19,395 ) — (19,395 ) As at June 30, 2015 $ — $ 510,090 $ 510,090 Three Months Ended June 30, 2014 Redeemable noncontrolling interest Noncontrolling interest Total As at March 31, 2014 $ 8,390 $ 540,934 $ 549,324 Issuance of shares 57,000 — 57,000 Income attributable to noncontrolling interest 892 34,413 35,305 As at June 30, 2014 $ 66,282 $ 575,347 $ 641,629 Six Months Ended June 30, 2015 Redeemable noncontrolling interest Noncontrolling interest Total As at December 31, 2014 $ 79,956 $ 458,595 $ 538,551 Issuance of shares 55,700 — 55,700 Income attributable to noncontrolling interest 5,126 51,495 56,621 Adjustment to noncontrolling interest as a result of deconsolidation (121,387 ) — (121,387 ) Redemption of shares (19,395 ) — (19,395 ) As at June 30, 2015 $ — $ 510,090 $ 510,090 Six Months Ended June 30, 2014 Redeemable noncontrolling interest Noncontrolling interest Total As at December 31, 2013 $ 86,512 $ 497,657 $ 584,169 Issuance of shares 57,000 — 57,000 Income attributable to noncontrolling interest 1,124 77,690 78,814 Adjustment to noncontrolling interest as a result of deconsolidation (78,354 ) — (78,354 ) As at June 30, 2014 $ 66,282 $ 575,347 $ 641,629

Derivative instruments (Tables)

Derivative instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Not designated as hedging instruments
Derivative [Line Items]
Location and fair value amount of derivative instruments reported on the balance sheet	The following table summarizes information on the classification and amount of the fair value of derivatives not designated as hedging instruments on the Consolidated Balance Sheets at June 30, 2015 and December 31, 2014 : As at June 30, 2015 As at December 31, 2014 Derivatives not designated as hedging instruments: Net Notional Exposure Asset Derivative at Fair Value (a) Liability Derivative at Fair Value (a) Net Notional Exposure Asset Derivative at Fair Value (a) Liability Derivative at Fair Value (a) Foreign currency forward contracts $ 22,039 $ — $ 1,064 $ 26,755 $ 1,685 $ — (a) Asset and liability derivatives are classified within other assets and accounts payable and accrued expenses respectively on the Consolidated Balance Sheets. The net impact on earnings during the three and six months ended June 30, 2015 , recognized in income within other income, relating to the foreign currency forward contract that was not designated as a hedging instrument was $(128) and $(127) , respectively ( 2014 : $nil and $nil ).
Designated as hedging instruments
Derivative [Line Items]
Location and fair value amount of derivative instruments reported on the balance sheet	The following table summarizes information on the classification and amount of the fair value of derivatives designated as hedging instruments on the Consolidated Balance Sheets at June 30, 2015 and December 31, 2014 : As at June 30, 2015 As at December 31, 2014 Derivatives designated as hedging instruments: Net Notional Exposure Asset Derivative at Fair Value (a) Liability Derivative at Fair Value (a) Net Notional Exposure Asset Derivative at Fair Value (a) Liability Derivative at Fair Value (a) Foreign currency forward contracts $ 198,775 $ 1,966 $ 9,550 $ 189,026 $ 401 $ 3,136 Interest rate swap contracts $ 552,263 $ 21 $ 1,522 $ 552,263 $ 25 $ 1,169 (a) Asset and liability derivatives are classified within other assets and accounts payable and accrued expenses, respectively on the Consolidated Balance Sheets.
Designated as hedging instruments | Fair value hedge
Derivative [Line Items]
Location and amount of gains and losses related to derivative instruments reported on in the income statement	The following table provides the total impact on earnings, recognized in income within foreign exchange gains (losses), relating to the derivative instruments formally designated as fair value hedges along with the impact of the related hedged items for the three and six months ended June 30, 2015 and 2014 : Three Months Ended Six Months Ended Foreign currency forward contracts June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Amount of (loss) gain recognized in income on derivative $ (7,677 ) $ 1,535 $ (17,790 ) $ 4,838 Amount of gain (loss) on hedged item recognized in income attributable to risk being hedged $ 7,677 $ (1,535 ) $ 17,790 $ (4,838 ) Amount of gain (loss) recognized in income on derivative (ineffective portion) $ — $ — $ —
Designated as hedging instruments | Cash flow hedge
Derivative [Line Items]
Location and amount of gains and losses related to derivative instruments reported on in the income statement	The following table provides the total impact on other comprehensive income (loss) and earnings relating to the derivative instruments formally designated as cash flow hedges along with the impact of the related hedged items for the three and six months ended June 30, 2015 and 2014 : Three Months Ended Six Months Ended Interest rate swap contracts June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Amount of effective portion recognized in other comprehensive income $ 2,846 $ 3,252 $ 6,886 $ 6,460 Amount of effective portion subsequently reclassified to earnings $ (3,236 ) $ (3,252 ) $ (6,475 ) $ (6,460 ) Amount of ineffective portion excluded from effectiveness testing $ 390 $ — $ (411 ) $ —

Reserve for losses and loss e32

Reserve for losses and loss expenses (Tables)	6 Months Ended
	Jun. 30, 2015
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]
Reserve for losses and loss expenses	The following table represents an analysis of paid and unpaid losses and loss expenses incurred and a reconciliation of the beginning and ending unpaid losses and loss expenses for the three and six months ended June 30, 2015 and 2014 : Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Reserve for losses and loss expenses, beginning of period $ 3,199,362 $ 2,925,059 $ 3,234,394 $ 3,030,399 Losses and loss expenses recoverable (375,882 ) (348,407 ) (377,466 ) (370,154 ) Net reserves for losses and loss expenses, beginning of period 2,823,480 2,576,652 2,856,928 2,660,245 Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in: Current year 336,864 231,401 661,352 433,487 Prior years (70,718 ) (72,656 ) (154,277 ) (112,071 ) Total incurred losses and loss expenses 266,146 158,745 507,075 321,416 Less net losses and loss expenses paid in respect of losses occurring in: Current year (28,965 ) (16,741 ) (42,065 ) (24,708 ) Prior years (256,990 ) (199,236 ) (492,993 ) (449,351 ) Total net paid losses (285,955 ) (215,977 ) (535,058 ) (474,059 ) Foreign exchange loss (gain) 6,841 9,153 (18,433 ) 20,971 Net reserve for losses and loss expenses, end of period 2,810,512 2,528,573 2,810,512 2,528,573 Losses and loss expenses recoverable 376,665 338,734 376,665 338,734 Reserve for losses and loss expenses, end of period $ 3,187,177 $ 2,867,307 $ 3,187,177 $ 2,867,307 During the three months ended June 30, 2015 , the Company experienced $70,718 of prior period favorable development compared to $72,656 of prior period favorable development for the three months ended June 30, 2014 . Prior period favorable development for the Validus Re segment was $30,879 for the three months ended June 30, 2015 compared to $26,668 for the three months ended June 30, 2014 . The favorable development for the three months ended June 30, 2015 was primarily due to lower claims emergence on attritional losses. Prior period favorable development for the Talbot segment was $35,586 for the three months ended June 30, 2015 compared to $42,240 for the three months ended June 30, 2014 . The favorable development for the three months ended June 30, 2015 was primarily due to favorable development on attritional losses. During the six months ended June 30, 2015 , the Company experienced $154,277 of prior period favorable development compared to $112,071 of prior period favorable development for the six months ended June 30, 2014 . Prior period favorable development for the Validus Re segment was $55,575 for the six months ended June 30, 2015 compared to $36,696 for the six months ended June 30, 2014 . The favorable development for the six months ended June 30, 2015 was primarily due to lower claims emergence on attritional losses. Prior period favorable development for the Talbot segment was $87,273 for the six months ended June 30, 2015 compared to $63,767 for the six months ended June 30, 2014 . The favorable development for the six months ended June 30, 2015 was primarily due to favorable development on attritional losses. Incurred losses and loss expenses comprise: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Gross losses and loss expenses $ 303,771 $ 182,780 $ 568,567 $ 364,755 Reinsurance recoverable (37,625 ) (24,035 ) (61,492 ) (43,339 ) Net incurred losses and loss expenses $ 266,146 $ 158,745 $ 507,075 $ 321,416

Reinsurance (Tables)

Reinsurance (Tables)	6 Months Ended
	Jun. 30, 2015
Reinsurance Disclosures [Abstract]
Reinsurance recoverables by reinsurer	Reinsurance recoverables by reinsurer as at June 30, 2015 and December 31, 2014 are as follows: June 30, 2015 December 31, 2014 Reinsurance Recoverable % of Total Reinsurance Recoverable % of Total Top 10 reinsurers $ 340,154 81.6 % $ 312,205 75.1 % Other reinsurers’ balances > $1 million 67,525 16.2 % 94,247 22.7 % Other reinsurers’ balances < $1 million 9,184 2.2 % 9,092 2.2 % Total $ 416,863 100.0 % $ 415,544 100.0 % June 30, 2015 Top 10 Reinsurers Rating Reinsurance Recoverable % of Total Swiss Re AA- $ 77,525 18.6 % Lloyd's Syndicates A+ 76,778 18.4 % Everest Re A+ 51,255 12.3 % Hannover Re AA- 43,188 10.4 % Fully Collateralized NR 31,328 7.5 % Munich Re AA- 20,463 4.9 % Transatlantic Re A+ 13,117 3.1 % Hamilton Re A- 9,630 2.3 % XL Re A+ 9,056 2.2 % Helvetia A 7,814 1.9 % Total $ 340,154 81.6 % NR: Not rated December 31, 2014 Top 10 Reinsurers Rating Reinsurance Recoverable % of Total Swiss Re AA- $ 70,848 17.0 % Lloyd's Syndicates A+ 62,318 15.0 % Everest Re A+ 51,425 12.4 % Hannover Re AA- 40,927 9.8 % Fully Collateralized NR 23,315 5.6 % Munich Re AA- 19,384 4.7 % Transatlantic Re A+ 12,418 3.0 % XL Re A+ 11,114 2.7 % Berkshire Hathaway Homestate AA+ 10,372 2.5 % Merrimack Mutual Fire Insurance A+ 10,084 2.4 % Total $ 312,205 75.1 % NR: Not rated

Share capital (Tables)

Share capital (Tables)	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
Summary of common shares issued and outstanding	The following table is a summary of the common shares issued and outstanding: Common Shares Common shares issued, December 31, 2014 155,554,224 Restricted share awards vested, net of shares withheld 609,654 Restricted share units vested, net of shares withheld 13,260 Options exercised 728,489 Warrants exercised 1,461,715 Direct issuance of common stock 639 Performance share awards vested, net of shares withheld 11,524 Common shares issued, June 30, 2015 158,379,505 Treasury shares, June 30, 2015 (75,083,710 ) Common shares outstanding, June 30, 2015 83,295,795 Common Shares Common shares issued, December 31, 2013 154,488,497 Restricted share awards vested, net of shares withheld 585,535 Restricted share units vested, net of shares withheld 10,265 Options exercised 95,019 Direct issuance of common stock 713 Performance share awards vested, net of shares withheld 25,767 Common shares issued, June 30, 2014 155,205,796 Treasury shares, June 30, 2014 (63,810,857 ) Common shares outstanding, June 30, 2014 91,394,939

Stock plans (Tables)

Stock plans (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Options, activity during the period	Activity with respect to options for the six months ended June 30, 2015 was as follows: Options Weighted Average Grant Date Fair Value Weighted Average Grant Date Exercise Price Options outstanding, December 31, 2014 1,160,057 $ 7.12 $ 17.74 Options exercised (1,040,680 ) 7.26 16.86 Options outstanding, June 30, 2015 119,377 $ 5.94 $ 25.46 Activity with respect to options for the six months ended June 30, 2014 was as follows: Options Weighted Average Grant Date Fair Value Weighted Average Grant Date Exercise Price Options outstanding, December 31, 2013 1,572,713 $ 6.66 $ 18.88 Options exercised (95,019 ) 4.41 24.99 Options outstanding, June 30, 2014 1,477,694 $ 6.81 $ 18.48
Restricted shares awards, activity during the period	Activity with respect to unvested restricted share awards for the six months ended June 30, 2015 was as follows: Restricted Share Awards Weighted Average Grant Date Fair Value Restricted share awards outstanding, December 31, 2014 2,858,711 $ 35.81 Restricted share awards granted 670,432 43.55 Restricted share awards vested (781,704 ) 34.42 Restricted share awards forfeited (51,818 ) 38.04 Restricted share awards outstanding, June 30, 2015 2,695,621 $ 38.09 Activity with respect to unvested restricted share awards for the six months ended June 30, 2014 was as follows: Restricted Share Awards Weighted Average Grant Date Fair Value Restricted share awards outstanding, December 31, 2013 2,684,745 $ 33.74 Restricted share awards granted 920,496 37.32 Restricted share awards vested (753,071 ) 31.61 Restricted share awards forfeited (24,632 ) 34.53 Restricted share awards outstanding, June 30, 2014 2,827,538 $ 35.46
Restricted share units, activity during the period	Activity with respect to unvested restricted share units for the six months ended June 30, 2015 was as follows: Restricted Share Units Weighted Average Grant Date Fair Value Restricted share units outstanding, December 31, 2014 103,484 $ 36.54 Restricted share units granted 28,057 42.91 Restricted share units vested (19,455 ) 34.58 Restricted share units issued in lieu of cash dividends 1,517 36.53 Restricted share units forfeited (892 ) 35.42 Restricted share units outstanding, June 30, 2015 112,711 $ 38.47 Activity with respect to unvested restricted share units for the six months ended June 30, 2014 was as follows: Restricted Share Units Weighted Average Grant Date Fair Value Restricted share units outstanding, December 31, 2013 66,518 $ 33.74 Restricted share units granted 8,132 37.33 Restricted share units vested (18,325 ) 30.71 Restricted share units issued in lieu of cash dividends 1,029 33.74 Restricted share units outstanding, June 30, 2014 57,354 $ 35.22
Performance share awards, activity during the period	Activity with respect to unvested performance share awards for the six months ended June 30, 2015 was as follows: Performance Share Awards Weighted Average Grant Date Fair Value Performance share awards outstanding, December 31, 2014 106,369 $ 36.03 Performance share awards granted 81,569 45.03 Performance share awards vested (15,344 ) 31.38 Performance share awards outstanding, June 30, 2015 172,594 $ 40.70 Activity with respect to unvested performance share awards for the six months ended June 30, 2014 was as follows: Performance Share Awards Weighted Average Grant Date Fair Value Performance share awards outstanding, December 31, 2013 101,820 $ 33.56 Performance share awards granted 52,639 37.33 Performance share awards vested (32,746 ) 32.62 Performance share awards conversion adjustment (15,344 ) $ 31.38 Performance share awards outstanding, June 30, 2014 106,369 $ 36.03
Total share compensation expenses	The breakdown of share compensation expenses by award type for the periods indicated was as follows: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Restricted share awards $ 8,653 $ 7,920 17,132 14,921 Restricted share units 279 167 541 333 Performance share awards 310 254 623 234 Total $ 9,242 $ 8,341 $ 18,296 $ 15,488

Debt and financing arrangemen36

Debt and financing arrangements (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Schedule of financing structure	The financing structure at June 30, 2015 was: Commitment Issued and outstanding (a) Drawn 2006 Junior Subordinated Deferrable Debentures $ 150,000 $ 150,000 $ 150,000 2007 Junior Subordinated Deferrable Debentures 200,000 139,800 139,800 Flagstone 2006 Junior Subordinated Deferrable Debentures 134,482 134,482 134,482 Flagstone 2007 Junior Subordinated Deferrable Debentures 113,750 113,750 113,750 Total debentures payable 598,232 538,032 538,032 2010 Senior Notes due 2040 250,000 250,000 247,360 Total debentures and senior notes payable 848,232 788,032 785,392 $400,000 syndicated unsecured letter of credit facility 400,000 — — $525,000 syndicated secured letter of credit facility 525,000 260,137 — $30,000 secured bi-lateral letter of credit facility 30,000 11,139 — Talbot FAL facility 25,000 25,000 — AlphaCat Re secured letter of credit facility 30,000 30,000 — IPC bi-lateral facility 25,000 11,027 — $230,000 Flagstone bi-lateral facility 230,000 204,833 — Total credit and other facilities 1,265,000 542,136 — Total debt and financing arrangements $ 2,113,232 $ 1,330,168 $ 785,392 The financing structure at December 31, 2014 was: Commitment Issued and outstanding (a) Drawn 2006 Junior Subordinated Deferrable Debentures $ 150,000 $ 150,000 $ 150,000 2007 Junior Subordinated Deferrable Debentures 200,000 139,800 139,800 Flagstone 2006 Junior Subordinated Deferrable Debentures 135,727 135,727 135,727 Flagstone 2007 Junior Subordinated Deferrable Debentures 113,750 113,750 113,750 Total debentures payable 599,477 539,277 539,277 2010 Senior Notes due 2040 250,000 250,000 247,306 Total debentures and senior notes payable 849,477 789,277 786,583 $400,000 syndicated unsecured letter of credit facility 400,000 — — $525,000 syndicated secured letter of credit facility 525,000 276,455 — $200,000 secured bi-lateral letter of credit facility 200,000 15,649 — Talbot FAL facility 25,000 25,000 — PaCRe senior secured letter of credit facility 10,000 294 — AlphaCat Re secured letter of credit facility 30,000 30,000 — IPC bi-lateral facility 40,000 15,897 — $375,000 Flagstone bi-lateral facility 375,000 198,389 — Total credit and other facilities 1,605,000 561,684 — Total debt and financing arrangements $ 2,454,477 $ 1,350,961 $ 786,583 (a) Indicates utilization of commitment amount, not necessarily drawn borrowings.
Debt Instruments [Line Items]
Components of finance expenses	Finance expenses consist of interest on the junior subordinated deferrable debentures and senior notes, the amortization of debt offering costs, credit facilities fees, bank charges, AlphaCat financing fees and Talbot FAL costs as follows: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2006 Junior Subordinated Deferrable Debentures $ 2,211 $ 2,211 $ 4,398 $ 4,398 2007 Junior Subordinated Deferrable Debentures 1,835 1,835 3,644 3,644 Flagstone 2006 Junior Subordinated Deferrable Debentures 2,243 2,244 4,461 4,467 Flagstone 2007 Junior Subordinated Deferrable Debentures 1,770 1,778 3,528 3,528 2010 Senior Notes due 2040 5,597 5,597 11,194 11,194 Credit facilities 1,193 1,371 2,900 2,930 Bank charges 163 102 261 215 AlphaCat ILS fund fees (a) 2,680 969 7,108 1,646 Talbot FAL Facility 43 19 93 4 Total finance expenses $ 17,735 $ 16,126 $ 37,587 $ 32,026 (a) Includes finance expenses incurred by AlphaCat Managers, Ltd. in relation to fund raising for the AlphaCat ILS funds, AlphaCat 2015, AlphaCat 2014 and AlphaCat 2013.
At Issuance
Debt Instruments [Line Items]
Summary of key terms of senior notes and junior subordinated deferrable debentures	The following table summarizes the key terms of the Company's senior notes and junior subordinated deferrable debentures as at the issuance date for each placement. Description Issuance date Commitment Maturity date Fixed/Spread Interest payments due 2006 Junior Subordinated Deferrable Debentures June 15, 2006 $ 150,000 June 15, 2036 9.069 % (a) Quarterly Flagstone 2006 Junior Subordinated Deferrable Debentures August 23, 2006 $ 134,482 September 15, 2036 3.540 % (b) Quarterly 2007 Junior Subordinated Deferrable Debentures June 21, 2007 $ 200,000 June 15, 2037 8.480 % (a) Quarterly Flagstone 2007 Junior Subordinated Deferrable Debentures June 8, 2007 $ 88,750 July 30, 2037 3.000 % (b) Quarterly Flagstone 2007 Junior Subordinated Deferrable Debentures September 20, 2007 $ 25,000 September 15, 2037 3.100 % (b) Quarterly 2010 Senior Notes due 2040 January 26, 2010 $ 250,000 January 26, 2040 8.875 % (a) Semi-annually in arrears (a) Fixed interest rate. (b) Variable interest rate is the three-month LIBOR, reset quarterly, plus spread as noted in the table.
Outstanding
Debt Instruments [Line Items]
Summary of key terms of senior notes and junior subordinated deferrable debentures	The following table summarizes the key terms of the Company's senior notes and junior subordinated deferrable debentures as at June 30, 2015 : Description Issuance date Commitment Maturity date Fixed/Spread Interest payments due 2006 Junior Subordinated Deferrable Debentures June 15, 2006 $ 150,000 June 15, 2036 5.831 % (b) Quarterly Flagstone 2006 Junior Subordinated Deferrable Debentures August 23, 2006 $ 134,482 September 15, 2036 6.463 % (b) Quarterly 2007 Junior Subordinated Deferrable Debentures June 21, 2007 $ 200,000 June 15, 2037 5.180 % (b) Quarterly Flagstone 2007 Junior Subordinated Deferrable Debentures June 8, 2007 $ 88,750 July 30, 2037 5.900 % (b) Quarterly Flagstone 2007 Junior Subordinated Deferrable Debentures September 20, 2007 $ 25,000 September 15, 2037 5.983 % (b) Quarterly 2010 Senior Notes due 2040 January 26, 2010 $ 250,000 January 26, 2040 8.875 % (a) Semi-annually in arrears (a) Fixed interest rate. (b) Interest rate has been fixed as a result of interest rate swap contracts entered into by the Company.

Accumulated other comprehensi37

Accumulated other comprehensive loss (Tables)	6 Months Ended
	Jun. 30, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of changes in accumulated other comprehensive loss	The changes in accumulated other comprehensive loss, by component for the three and six months ended June 30, 2015 and 2014 is as follows: Three Months Ended June 30, 2015 Foreign currency items Decrease in minimum pension liability Losses on cash flow hedge Total Balance beginning of period, net of tax $ (11,137 ) $ (475 ) $ (1,029 ) $ (12,641 ) Net current period other comprehensive income, net of tax 2,763 422 390 3,575 Balance end of period, net of tax $ (8,374 ) $ (53 ) $ (639 ) $ (9,066 ) Three Months Ended June 30, 2014 Foreign currency items Total Balance beginning of period, net of tax $ (155 ) $ (155 ) Net current period other comprehensive income, net of tax 2,615 2,615 Balance end of period, net of tax $ 2,460 $ 2,460 Six Months Ended June 30, 2015 Foreign currency items Decrease in minimum pension liability Losses on cash flow hedge Total Balance beginning of period, net of tax $ (8,118 ) $ (210 ) $ (228 ) $ (8,556 ) Net current period other comprehensive (loss) income, net of tax (256 ) 157 (411 ) (510 ) Balance end of period, net of tax $ (8,374 ) $ (53 ) $ (639 ) $ (9,066 ) Six Months Ended June 30, 2014 Foreign currency items Total Balance beginning of period, net of tax $ (617 ) $ (617 ) Net current period other comprehensive income, net of tax 3,077 3,077 Balance end of period, net of tax $ 2,460 $ 2,460

Commitments and contingencies (

Commitments and contingencies (Tables)	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Components of required capital	The amounts of cash, investments and letters of credit provided for each year of account as follows: 2015 Underwriting Year 2014 Underwriting Year Talbot FAL facility $ 25,000 $ 25,000 Group funds 570,100 450,000 Total $ 595,100 $ 475,000

Earnings per share (Tables)

Earnings per share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Computation of basic and diluted earnings per share	The following table sets forth the computation of basic and earnings per diluted share for the three and six months ended June 30, 2015 and 2014 : Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Basic earnings per share Net income $ 81,657 $ 188,672 $ 294,045 $ 394,569 Income attributable to noncontrolling interest (17,644 ) (35,305 ) (56,621 ) (78,814 ) Net income available to Validus 64,013 153,367 237,424 315,755 Less: Dividends and distributions declared on outstanding warrants (1,081 ) (1,552 ) (2,486 ) (3,104 ) Income available to common shareholders $ 62,932 $ 151,815 $ 234,938 $ 312,651 Weighted average number of common shares outstanding 84,003,549 90,952,523 83,627,396 92,202,261 Basic earnings per share available to common shareholders $ 0.75 $ 1.67 $ 2.81 $ 3.39 Earnings per diluted share Net income $ 81,657 $ 188,672 $ 294,045 $ 394,569 Income attributable to noncontrolling interest (17,644 ) (35,305 ) (56,621 ) (78,814 ) Net income available to Validus 64,013 153,367 237,424 315,755 Less: Dividends and distributions declared on outstanding warrants — — — — Income available to common shareholders $ 64,013 $ 153,367 $ 237,424 $ 315,755 Weighted average number of common shares outstanding 84,003,549 90,952,523 83,627,396 92,202,261 Share equivalents: Warrants 2,073,231 2,729,226 2,409,149 2,722,618 Stock options 50,160 745,800 261,792 748,085 Unvested restricted shares 1,186,214 849,287 1,149,805 865,214 Weighted average number of diluted common shares outstanding 87,313,154 95,276,836 87,448,142 96,538,178 Earnings per diluted share available to common shareholders $ 0.73 $ 1.61 $ 2.72 $ 3.27

Segment information (Tables)

Segment information (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Summary of results of operating segments and Corporate	The following tables summarize the results of our operating segments and "Corporate": Three Months Ended June 30, 2015 Validus Re Segment AlphaCat Segment Talbot Segment Western World Segment Corporate & Eliminations Total Underwriting income Gross premiums written $ 296,895 $ 64,117 $ 293,046 $ 79,554 $ (6,644 ) $ 726,968 Reinsurance premiums ceded (18,853 ) — (37,246 ) (5,441 ) 6,644 (54,896 ) Net premiums written 278,042 64,117 255,800 74,113 — 672,072 Change in unearned premiums (13,492 ) (25,641 ) (50,362 ) (8,995 ) — (98,490 ) Net premiums earned 264,550 38,476 205,438 65,118 — 573,582 Underwriting deductions Losses and loss expenses 123,405 — 95,970 46,771 — 266,146 Policy acquisition costs 43,826 3,844 47,659 9,617 (521 ) 104,425 General and administrative expenses 18,781 3,526 35,555 8,923 16,178 82,963 Share compensation expenses 2,396 150 3,024 494 3,178 9,242 Total underwriting deductions 188,408 7,520 182,208 65,805 18,835 462,776 Underwriting income (loss) $ 76,142 $ 30,956 $ 23,230 $ (687 ) $ (18,835 ) $ 110,806 Net investment income 20,080 1,754 6,406 5,723 (355 ) 33,608 Other insurance related income (loss) 434 3,755 40 276 (1,357 ) 3,148 Finance expenses (3,573 ) (2,591 ) (87 ) — (11,484 ) (17,735 ) Operating income (loss) before taxes, income from operating affiliates and (income) attributable to operating affiliate investors 93,083 33,874 29,589 5,312 (32,031 ) 129,827 Tax (expense) benefit (2,745 ) — (2,262 ) 3,734 (1,276 ) (2,549 ) Income from operating affiliates — 4,104 — — — 4,104 (Income) attributable to operating affiliate investors — (30,879 ) — — — (30,879 ) Net operating income (loss) $ 90,338 $ 7,099 $ 27,327 $ 9,046 $ (33,307 ) $ 100,503 Net realized gains on investments 420 140 1,070 614 — 2,244 Change in net unrealized (losses) gains on investments (13,360 ) 16,396 (9,011 ) (11,204 ) (351 ) (17,530 ) Income (loss) from investment affiliate 429 — — (145 ) — 284 Foreign exchange (losses) gains (1,106 ) 1 (782 ) — (1,349 ) (3,236 ) Other loss (608 ) — — — — (608 ) Net income (loss) $ 76,113 $ 23,636 $ 18,604 $ (1,689 ) $ (35,007 ) $ 81,657 Net (income) attributable to noncontrolling interest — (17,644 ) — — — (17,644 ) Net income (loss) available (attributable) to Validus $ 76,113 $ 5,992 $ 18,604 $ (1,689 ) $ (35,007 ) $ 64,013 Selected ratios (a): Net premiums written / Gross premiums written 93.6 % 100.0 % 87.3 % 93.2 % 92.4 % Losses and loss expenses 46.6 % 0.0 % 46.7 % 71.8 % 46.4 % Policy acquisition costs 16.6 % 10.0 % 23.2 % 14.8 % 18.2 % General and administrative expenses (b) 8.0 % 9.5 % 18.8 % 14.5 % 16.1 % Expense ratio 24.6 % 19.5 % 42.0 % 29.3 % 34.3 % Combined ratio 71.2 % 19.5 % 88.7 % 101.1 % 80.7 % Total assets $ 4,654,428 $ 2,279,493 $ 2,936,589 $ 1,490,254 $ 64,532 $ 11,425,296 (a) Ratios are based on net premiums earned. (b) The general and administrative expenses ratio includes share compensation expenses. Three Months Ended June 30, 2014 Validus Re Segment (c) AlphaCat Segment Talbot Segment Corporate & Eliminations (c) Total Underwriting income Gross premiums written $ 301,273 $ 43,790 $ 317,944 $ (7,333 ) $ 655,674 Reinsurance premiums ceded (21,522 ) — (36,376 ) 7,333 (50,565 ) Net premiums written 279,751 43,790 281,568 — 605,109 Change in unearned premiums (58,023 ) (11,330 ) (69,753 ) — (139,106 ) Net premiums earned 221,728 32,460 211,815 — 466,003 Underwriting deductions Losses and loss expenses 77,688 (3,033 ) 84,090 — 158,745 Policy acquisition costs 31,125 3,056 45,593 (821 ) 78,953 General and administrative expenses 17,040 3,780 34,173 18,849 73,842 Share compensation expenses 2,336 161 2,862 2,982 8,341 Total underwriting deductions 128,189 3,964 166,718 21,010 319,881 Underwriting income (loss) $ 93,539 $ 28,496 $ 45,097 $ (21,010 ) $ 146,122 Net investment income 16,265 829 4,671 (479 ) 21,286 Other insurance related income (loss) 545 6,005 258 (1,997 ) 4,811 Finance expenses (3,670 ) (971 ) (68 ) (11,417 ) (16,126 ) Operating income (loss) before taxes, income from operating affiliates and (income) attributable to operating affiliate investors 106,679 34,359 49,958 (34,903 ) 156,093 Tax (expense) benefit (460 ) — (1,364 ) 433 (1,391 ) Income from operating affiliates — 4,892 — — 4,892 (Income) attributable to operating affiliate investors — (25,316 ) — — (25,316 ) Net operating income (loss) $ 106,219 $ 13,935 $ 48,594 $ (34,470 ) $ 134,278 Net realized gains on investments 1,324 6,442 92 — 7,858 Change in net unrealized gains on investments 12,661 30,087 2,679 — 45,427 Income from investment affiliate 779 — — — 779 Foreign exchange gains (losses) 2,848 (191 ) 1,367 (866 ) 3,158 Other income 424 — — — 424 Transaction expenses — — — (3,252 ) (3,252 ) Net income (loss) $ 124,255 $ 50,273 $ 52,732 $ (38,588 ) $ 188,672 Net (income) attributable to noncontrolling interest — (35,305 ) — — (35,305 ) Net income (loss) available (attributable) to Validus $ 124,255 $ 14,968 $ 52,732 $ (38,588 ) $ 153,367 Selected ratios (a): Net premiums written / Gross premiums written 92.9 % 100.0 % 88.6 % 92.3 % Losses and loss expenses 35.0 % (9.3 )% 39.7 % 34.1 % Policy acquisition costs 14.1 % 9.4 % 21.5 % 16.9 % General and administrative expenses (b) 8.7 % 12.1 % 17.5 % 17.6 % Expense ratio 22.8 % 21.5 % 39.0 % 34.5 % Combined ratio 57.8 % 12.2 % 78.7 % 68.6 % Total assets $ 5,674,201 $ 1,651,256 $ 3,004,163 $ 156,690 $ 10,486,310 (a) Ratios are based on net premiums earned. (b) The general and administrative expense ratio includes share compensation expenses. (c) Beginning in the first quarter of 2015, certain intercompany reinsurance transactions were presented on a net basis for segmental reporting purposes. As a result, gross premiums written and reinsurance premiums ceded for the Validus Re segment and Corporate & Eliminations were reduced by $9,013 for the three months ended June 30, 2014 for comparative purposes. There was no impact to total gross premiums written and reinsurance premiums ceded on a consolidated basis. Six Months Ended June 30, 2015 Validus Re Segment AlphaCat Segment Talbot Segment Western World Segment Corporate & Eliminations Total Underwriting income Gross premiums written $ 1,008,107 $ 166,681 $ 563,123 $ 136,501 $ (27,946 ) $ 1,846,466 Reinsurance premiums ceded (132,149 ) (4,538 ) (128,321 ) (8,674 ) 27,946 (245,736 ) Net premiums written 875,958 162,143 434,802 127,827 — 1,600,730 Change in unearned premiums (358,320 ) (89,472 ) (6,775 ) 5,173 — (449,394 ) Net premiums earned 517,638 72,671 428,027 133,000 — 1,151,336 Underwriting deductions Losses and loss expenses 236,533 (844 ) 174,098 97,288 — 507,075 Policy acquisition costs 85,920 7,504 96,763 13,896 (1,022 ) 203,061 General and administrative expenses 38,290 7,528 72,049 19,550 30,574 167,991 Share compensation expenses 4,974 299 5,981 971 6,071 18,296 Total underwriting deductions 365,717 14,487 348,891 131,705 35,623 896,423 Underwriting income (loss) $ 151,921 $ 58,184 $ 79,136 $ 1,295 $ (35,623 ) $ 254,913 Net investment income 38,332 3,339 12,711 11,026 (779 ) 64,629 Other insurance related income (loss) 749 9,526 94 539 (2,928 ) 7,980 Finance expenses (7,444 ) (7,107 ) (174 ) — (22,862 ) (37,587 ) Operating income (loss) before taxes, income from operating affiliates and (income) attributable to operating affiliate investors 183,558 63,942 91,767 12,860 (62,192 ) 289,935 Tax (expense) benefit (865 ) — (3,145 ) 11 (1,115 ) (5,114 ) Income from operating affiliates — 6,557 — — — 6,557 (Income) attributable to operating affiliate investors — (54,085 ) — — — (54,085 ) Net operating income (loss) $ 182,693 $ 16,414 $ 88,622 $ 12,871 $ (63,307 ) $ 237,293 Net realized gains on investments 2,229 129 1,941 2,114 — 6,413 Change in net unrealized gains (losses) on investments 6,333 53,931 (1,100 ) (4,066 ) (424 ) 54,674 Income from investment affiliate 2,362 — — 698 — 3,060 Foreign exchange (losses) gains (6,130 ) (94 ) (1,267 ) — 704 (6,787 ) Other loss (608 ) — — — — (608 ) Net income (loss) $ 186,879 $ 70,380 $ 88,196 $ 11,617 $ (63,027 ) $ 294,045 Net (income) attributable to noncontrolling interest — (56,621 ) — — — (56,621 ) Net income (loss) available (attributable) to Validus $ 186,879 $ 13,759 $ 88,196 $ 11,617 $ (63,027 ) $ 237,424 Selected ratios (a): Net premiums written / Gross premiums written 86.9 % 97.3 % 77.2 % 93.6 % 86.7 % Losses and loss expenses 45.7 % (1.2 )% 40.7 % 73.1 % 44.0 % Policy acquisition costs 16.6 % 10.3 % 22.6 % 10.5 % 17.7 % General and administrative expenses (b) 8.4 % 10.8 % 18.2 % 15.4 % 16.2 % Expense ratio 25.0 % 21.1 % 40.8 % 25.9 % 33.9 % Combined ratio 70.7 % 19.9 % 81.5 % 99.0 % 77.9 % Total assets $ 4,654,428 $ 2,279,493 $ 2,936,589 $ 1,490,254 $ 64,532 $ 11,425,296 (a) Ratios are based on net premiums earned. (b) The general and administrative expenses ratio includes share compensation expenses. Six Months Ended June 30, 2014 Validus Re Segment (c) AlphaCat Segment Talbot Segment Corporate & Eliminations (c) Total Underwriting income Gross premiums written $ 967,436 $ 128,137 $ 608,639 $ (36,547 ) $ 1,667,665 Reinsurance premiums ceded (151,339 ) (3,700 ) (126,981 ) 36,547 (245,473 ) Net premiums written 816,097 124,437 481,658 — 1,422,192 Change in unearned premiums (355,983 ) (61,294 ) (55,955 ) — (473,232 ) Net premiums earned 460,114 63,143 425,703 — 948,960 Underwriting deductions Losses and loss expenses 145,843 (10,893 ) 186,466 — 321,416 Policy acquisition costs 70,370 6,036 90,521 (2,325 ) 164,602 General and administrative expenses 35,235 7,908 69,322 35,822 148,287 Share compensation expenses 4,544 151 5,444 5,349 15,488 Total underwriting deductions 255,992 3,202 351,753 38,846 649,793 Underwriting income (loss) $ 204,122 $ 59,941 $ 73,950 $ (38,846 ) $ 299,167 Net investment income 34,540 1,709 9,357 (958 ) 44,648 Other insurance related income (loss) 1,522 15,502 275 (4,451 ) 12,848 Finance expenses (7,509 ) (1,654 ) (94 ) (22,769 ) (32,026 ) Operating income (loss) before taxes, income from operating affiliates and (income) attributable to operating affiliate investors 232,675 75,498 83,488 (67,024 ) 324,637 Tax benefit (expense) 118 — (1,234 ) (235 ) (1,351 ) Income from operating affiliates — 9,819 — — 9,819 (Income) attributable to operating affiliate investors — (57,026 ) — — (57,026 ) Net operating income (loss) $ 232,793 $ 28,291 $ 82,254 $ (67,259 ) $ 276,079 Net realized gains on investments 3,770 7,667 161 — 11,598 Change in net unrealized gains on investments 19,905 75,959 5,256 — 101,120 Income from investment affiliate 6,127 — — — 6,127 Foreign exchange (losses) gains (3,328 ) (153 ) 1,217 (1,056 ) (3,320 ) Other income 6,217 — — — 6,217 Transaction expenses — — — (3,252 ) (3,252 ) Net income (loss) $ 265,484 $ 111,764 $ 88,888 $ (71,567 ) $ 394,569 Net (income) attributable to noncontrolling interest — (78,814 ) — — (78,814 ) Net income (loss) available (attributable) to Validus $ 265,484 $ 32,950 $ 88,888 $ (71,567 ) $ 315,755 Selected ratios (a): Net premiums written / Gross premiums written 84.4 % 97.1 % 79.1 % 85.3 % Losses and loss expenses 31.7 % (17.3 )% 43.8 % 33.9 % Policy acquisition costs 15.3 % 9.6 % 21.2 % 17.3 % General and administrative expenses (b) 8.6 % 12.8 % 17.6 % 17.3 % Expense ratio 23.9 % 22.4 % 38.8 % 34.6 % Combined ratio 55.6 % 5.1 % 82.6 % 68.5 % Total assets $ 5,674,201 $ 1,651,256 $ 3,004,163 $ 156,690 $ 10,486,310 (a) Ratios are based on net premiums earned. (b) The general and administrative expense ratio includes share compensation expenses. (c) Beginning in the first quarter of 2015, certain intercompany reinsurance transactions were presented on a net basis for segmental reporting purposes. As a result, gross premiums written and reinsurance premiums ceded for the Validus Re segment and Corporate & Eliminations were reduced by $21,836 for the six months ended June 30, 2014 for comparative purposes. There was no impact to total gross premiums written and reinsurance premiums ceded on a consolidated basis.
Gross premiums written allocated to the territory of coverage exposure	The following tables set forth the gross premiums written allocated to the territory of coverage exposure for the periods indicated: Three Months Ended June 30, 2015 Gross Premiums Written Validus Re AlphaCat Talbot Western World Eliminations Total % United States $ 170,842 $ 25,010 $ 40,036 $ 79,554 $ (627 ) $ 314,815 43.3 % Worldwide excluding United States (a) 12,405 2,124 30,231 — (15 ) 44,745 6.2 % Australia and New Zealand 1,654 624 1,173 — 14 3,465 0.5 % Europe 16,370 1,073 10,584 — (171 ) 27,856 3.8 % Latin America and Caribbean 6,437 — 28,693 — (2,672 ) 32,458 4.5 % Japan 37,807 1,671 2,843 — (52 ) 42,269 5.8 % Canada 611 294 2,299 — (62 ) 3,142 0.4 % Rest of the world (b) 3,268 — 24,982 — (537 ) 27,713 3.8 % Sub-total, non United States 78,552 5,786 100,805 — (3,495 ) 181,648 25.0 % Worldwide including United States (a) 38,292 32,571 32,704 — (2,499 ) 101,068 13.9 % Other location non-specific (c) 9,209 750 119,501 — (23 ) 129,437 17.8 % Total $ 296,895 $ 64,117 $ 293,046 $ 79,554 $ (6,644 ) $ 726,968 100.0 % Three Months Ended June 30, 2014 Gross Premiums Written Validus Re (d) AlphaCat Talbot Eliminations (d) Total % United States $ 173,899 $ 20,256 $ 42,151 $ (597 ) $ 235,709 36.0 % Worldwide excluding United States (a) 6,826 (266 ) 38,434 (57 ) 44,937 6.8 % Australia and New Zealand 6,525 — 1,423 104 8,052 1.2 % Europe 10,845 1,392 7,498 523 20,258 3.1 % Latin America and Caribbean 6,234 — 30,132 (4,279 ) 32,087 4.9 % Japan 38,654 586 1,592 3 40,835 6.2 % Canada 448 (1 ) 2,750 (64 ) 3,133 0.5 % Rest of the world (b) 3,884 — 25,153 (503 ) 28,534 4.4 % Sub-total, non United States 73,416 1,711 106,982 (4,273 ) 177,836 27.1 % Worldwide including United States (a) 36,435 21,823 28,883 1,484 88,625 13.5 % Other location non-specific (c) 17,523 — 139,928 (3,947 ) 153,504 23.4 % Total $ 301,273 $ 43,790 $ 317,944 $ (7,333 ) $ 655,674 100.0 % Six Months Ended June 30, 2015 Gross Premiums Written Validus Re AlphaCat Talbot Western World Eliminations Total % United States $ 509,661 $ 38,585 $ 68,094 $ 136,501 $ (2,121 ) $ 750,720 40.7 % Worldwide excluding United States (a) 47,399 7,957 65,173 — (1,044 ) 119,485 6.5 % Australia and New Zealand 11,522 624 3,049 — (141 ) 15,054 0.8 % Europe 40,876 2,841 23,798 — (1,015 ) 66,500 3.6 % Latin America and Caribbean 15,315 — 51,385 — (6,196 ) 60,504 3.3 % Japan 39,191 1,671 3,597 — (65 ) 44,394 2.4 % Canada 2,798 488 3,997 — (140 ) 7,143 0.4 % Rest of the world (b) 21,994 — 47,988 — (2,856 ) 67,126 3.6 % Sub-total, non United States 179,095 13,581 198,987 — (11,457 ) 380,206 20.6 % Worldwide including United States (a) 123,348 110,465 54,498 — (14,353 ) 273,958 14.8 % Other location non-specific (c) 196,003 4,050 241,544 — (15 ) 441,582 23.9 % Total $ 1,008,107 $ 166,681 $ 563,123 $ 136,501 $ (27,946 ) $ 1,846,466 100.0 % Six Months Ended June 30, 2014 Gross Premiums Written Validus Re (d) AlphaCat Talbot Eliminations (d) Total % United States $ 416,931 $ 28,954 $ 68,462 $ (2,917 ) $ 511,430 30.8 % Worldwide excluding United States (a) 65,349 7,412 75,616 (1,084 ) 147,293 8.7 % Australia and New Zealand 19,385 1,019 4,303 (222 ) 24,485 1.5 % Europe 46,723 2,693 26,289 (1,244 ) 74,461 4.5 % Latin America and Caribbean 20,571 — 61,371 (14,948 ) 66,994 4.0 % Japan 38,821 586 2,130 (58 ) 41,479 2.5 % Canada 2,995 215 5,895 (236 ) 8,869 0.5 % Rest of the world (b) 22,679 — 43,557 (2,890 ) 63,346 3.8 % Sub-total, non United States 216,523 11,925 219,161 (20,682 ) 426,927 25.5 % Worldwide including United States (a) 138,719 87,258 52,536 (9,934 ) 268,579 16.1 % Other location non-specific (c) 195,263 — 268,480 (3,014 ) 460,729 27.6 % Total $ 967,436 $ 128,137 $ 608,639 $ (36,547 ) $ 1,667,665 100.0 % (a) Represents risks in two or more geographic zones. (b) Represents risks in one geographic zone. (c) The Other locations non-specific category refers to business for which an analysis of exposure by geographic zone is not applicable, such as marine and aerospace risks, since these exposures can span multiple geographic areas and, in some instances, are not fixed locations. (d) During the first quarter of 2015, certain intercompany reinsurance transactions were presented on a net basis for segmental reporting purposes. As a result, gross premiums written for the Validus Re segment and Corporate & Eliminations were reduced by $9,013 and $21,836 for the three and six months ended June 30, 2014 , respectively, for comparative purposes. There was no impact to total gross premiums written on a consolidated basis.

Condensed consolidating finan41

Condensed consolidating financial information (Tables)	6 Months Ended
	Jun. 30, 2015
Condensed Consolidating Financial Information [Abstract]
Condensed consolidating balance sheet	Condensed Consolidating Balance Sheet As at June 30, 2015 Validus Holdings, Ltd. (Parent Guarantor) Validus Holdings (UK) plc (Subsidiary Issuer) Other Validus Holdings, Ltd. Subsidiaries (Non-guarantor Subsidiaries) (a) Consolidating Adjustments (b) Validus Holdings, Ltd. Consolidated Assets Fixed maturities, at fair value $ 28,436 $ — $ 5,491,068 $ (60,200 ) $ 5,459,304 Short-term investments, at fair value — — 1,338,051 — 1,338,051 Other investments, at fair value — — 965,801 (72,094 ) 893,707 Cash and cash equivalents 4,597 20 429,093 — 433,710 Restricted cash 5,599 — 134,420 — 140,019 Total investments and cash 38,632 20 8,358,433 (132,294 ) 8,264,791 Investment in affiliates — — 374,121 — 374,121 Investment in subsidiaries on an equity basis 4,232,326 680,642 — (4,912,968 ) — Premiums receivable — — 1,276,020 — 1,276,020 Deferred acquisition costs — — 253,225 — 253,225 Prepaid reinsurance premiums — — 161,516 — 161,516 Securities lending collateral — — 7,021 — 7,021 Loss reserves recoverable — — 376,665 — 376,665 Paid losses recoverable — — 40,198 — 40,198 Income taxes recoverable — — 13,787 — 13,787 Deferred tax asset — — 23,079 — 23,079 Receivable for investments sold — — 29,131 — 29,131 Intangible assets — — 124,092 — 124,092 Goodwill — — 196,758 — 196,758 Accrued investment income 48 — 23,846 — 23,894 Intercompany receivable 2,159 — — (2,159 ) — Other assets 2,512 — 258,486 — 260,998 Total assets $ 4,275,677 $ 680,662 $ 11,516,378 $ (5,047,421 ) $ 11,425,296 Liabilities Reserve for losses and loss expenses $ — $ — $ 3,187,177 $ — $ 3,187,177 Unearned premiums — — 1,519,491 — 1,519,491 Reinsurance balances payable — — 95,705 — 95,705 Securities lending payable — — 7,487 — 7,487 Deferred tax liability — — 8,063 — 8,063 Payable for investments purchased — — 105,871 — 105,871 Accounts payable and accrued expenses 21,386 — 146,390 — 167,776 Intercompany payable — 59 2,100 (2,159 ) — Notes payable to operating affiliates — — 1,381,313 — 1,381,313 Senior notes payable 247,360 — — — 247,360 Debentures payable 350,000 — 248,232 (60,200 ) 538,032 Total liabilities $ 618,746 $ 59 $ 6,701,829 $ (62,359 ) $ 7,258,275 Redeemable noncontrolling interest — — — — — Total shareholders' equity available to Validus 3,656,931 680,603 4,304,459 (4,985,062 ) 3,656,931 Noncontrolling interest — — 510,090 — 510,090 Total liabilities, noncontrolling interests and shareholders' equity $ 4,275,677 $ 680,662 $ 11,516,378 $ (5,047,421 ) $ 11,425,296 (a) Amounts include an aggregation of the non-guarantor subsidiaries and include consolidating adjustments between these subsidiaries. (b) Amounts include consolidating adjustments between the Parent Guarantor, the Subsidiary Issuer and the non-guarantor subsidiaries. Condensed Consolidating Balance Sheet As at December 31, 2014 Validus Holdings, Ltd. (Parent Guarantor) Validus Holdings (UK) plc (Subsidiary Issuer) Other Validus Holdings, Ltd. Subsidiaries (Non-guarantor Subsidiaries) (a) Consolidating Adjustments (b) Validus Holdings, Ltd. Consolidated Assets Fixed maturities, at fair value $ — $ — $ 5,592,931 $ (60,200 ) $ 5,532,731 Short-term investments, at fair value — — 1,051,074 — $ 1,051,074 Other investments, at fair value — — 881,123 (68,112 ) $ 813,011 Cash and cash equivalents 29,798 81 547,361 — $ 577,240 Restricted cash — — 173,003 — 173,003 Total investments and cash 29,798 81 8,245,492 (128,312 ) 8,147,059 Investment in affiliates — — 261,483 — 261,483 Investment in subsidiaries on an equity basis 4,140,770 656,738 — (4,797,508 ) — Premiums receivable — — 707,647 — 707,647 Deferred acquisition costs — — 161,295 — 161,295 Prepaid reinsurance premiums — — 81,983 — 81,983 Securities lending collateral — — 470 — 470 Loss reserves recoverable — — 377,466 — 377,466 Paid losses recoverable — — 38,078 — 38,078 Deferred tax asset — — 23,821 — 23,821 Receivable for investments sold — — 18,318 — 18,318 Intangible assets — — 126,924 — 126,924 Goodwill — — 195,897 — 195,897 Accrued investment income — — 24,865 — 24,865 Intercompany receivable 41,078 — 20 (41,098 ) — Other assets 3,239 — 161,394 — 164,633 Total assets $ 4,214,885 $ 656,819 $ 10,425,153 $ (4,966,918 ) $ 10,329,939 Liabilities Reserve for losses and loss expenses $ — $ — $ 3,234,394 $ — $ 3,234,394 Unearned premiums — — 990,564 — 990,564 Reinsurance balances payable — — 127,128 — 127,128 Securities lending payable — — 936 — 936 Deferred tax liability — — 5,541 — 5,541 Payable for investments purchased — — 68,574 — 68,574 Accounts payable and accrued expenses 29,621 96 288,528 — 318,245 Intercompany payable — 20 41,078 (41,098 ) — Notes payable to operating affiliates — — 671,465 — 671,465 Senior notes payable 247,306 — — — 247,306 Debentures payable 350,000 — 249,477 (60,200 ) 539,277 Total liabilities $ 626,927 $ 116 $ 5,677,685 $ (101,298 ) $ 6,203,430 Redeemable noncontrolling interest — — 79,956 — 79,956 Total shareholders' equity available to Validus 3,587,958 656,703 4,208,917 (4,865,620 ) 3,587,958 Noncontrolling interest — — 458,595 — 458,595 Total liabilities, noncontrolling interests and shareholders' equity $ 4,214,885 $ 656,819 $ 10,425,153 $ (4,966,918 ) $ 10,329,939 (a) Amounts include an aggregation of the non-guarantor subsidiaries and include consolidating adjustments between these subsidiaries. (b) Amounts include consolidating adjustments between the Parent Guarantor, the Subsidiary Issuer and the non-guarantor subsidiaries.
Condensed consolidating statement of comprehensive income	Condensed Consolidating Statement of Comprehensive Income For the Three Months Ended June 30, 2015 Validus Holdings, Ltd. (Parent Guarantor) Validus Holdings (UK) plc (Subsidiary Issuer) Other Consolidating Adjustments (b) Validus Holdings, Ltd. Revenues Net premiums earned $ — $ — $ 573,582 $ — $ 573,582 Net investment income 87 — 34,536 (1,015 ) 33,608 Net realized gains on investments — — 2,244 — 2,244 Change in net unrealized losses on investments (351 ) — (14,082 ) (3,097 ) (17,530 ) Income from investment affiliate — — 284 — 284 Other insurance related income and other income — — 19,486 (16,946 ) 2,540 Foreign exchange losses (747 ) (1 ) (2,488 ) — (3,236 ) Total revenues $ (1,011 ) $ (1 ) $ 613,562 $ (21,058 ) $ 591,492 Expenses Losses and loss expenses — — 266,146 — 266,146 Policy acquisition costs — — 104,425 — 104,425 General and administrative expenses 18,864 — 81,043 (16,944 ) 82,963 Share compensation expenses 1,897 — 7,345 — 9,242 Finance expenses 11,914 — 6,311 (490 ) 17,735 Total expenses $ 32,675 $ — $ 465,270 $ (17,434 ) $ 480,511 (Loss) income before taxes, income from operating affiliates, (income) attributable to operating affiliate investors and equity in net earnings of subsidiaries (33,686 ) (1 ) 148,292 (3,624 ) 110,981 Tax expense — — (2,549 ) — (2,549 ) Income from operating affiliates — — 4,104 — 4,104 (Income) attributable to operating affiliate investors — — (30,879 ) — (30,879 ) Equity in net earnings of subsidiaries 97,699 1,914 — (99,613 ) — Net income $ 64,013 $ 1,913 $ 118,968 $ (103,237 ) $ 81,657 Net (income) attributable to noncontrolling interest — — (17,644 ) — (17,644 ) Net income available to Validus $ 64,013 $ 1,913 $ 101,324 $ (103,237 ) $ 64,013 Other comprehensive income 3,575 — 3,185 (3,185 ) 3,575 Comprehensive income available to Validus $ 67,588 $ 1,913 $ 104,509 $ (106,422 ) $ 67,588 (a) Amounts include an aggregation of the non-guarantor subsidiaries and include consolidating adjustments between these subsidiaries. (b) Amounts include consolidating adjustments between the Parent Guarantor, the Subsidiary Issuer and the non-guarantor subsidiaries. Condensed Consolidating Statement of Comprehensive Income For the Three Months Ended June 30, 2014 Validus Holdings, Ltd. (Parent Guarantor) Validus Holdings (UK) plc (Subsidiary Issuer) Other Consolidating Adjustments (b) Validus Holdings, Ltd. Revenues Net premiums earned $ — $ — $ 466,003 $ — $ 466,003 Net investment income 4 — 22,258 (976 ) 21,286 Net realized gains on investments — — 7,858 — 7,858 Change in net unrealized gains on investments — — 46,295 (868 ) 45,427 Income from investment affiliate — — 779 — 779 Other insurance related income and other income — — 21,677 (16,442 ) 5,235 Foreign exchange (losses) gains (545 ) — 3,703 — 3,158 Total revenues $ (541 ) $ — $ 568,573 $ (18,286 ) $ 549,746 Expenses Losses and loss expenses — — 158,745 — 158,745 Policy acquisition costs — — 78,953 — 78,953 General and administrative expenses 23,515 — 66,769 (16,442 ) 73,842 Share compensation expenses 1,811 — 6,530 — 8,341 Finance expenses 11,895 — 4,716 (485 ) 16,126 Transaction expenses — — 3,252 — 3,252 Total expenses $ 37,221 $ — $ 318,965 $ (16,927 ) $ 339,259 (Loss) income before taxes, income from operating affiliates, (income) attributable to operating affiliate investors and equity in net earnings (losses) of subsidiaries (37,762 ) — 249,608 (1,359 ) 210,487 Tax expense — — (1,391 ) — (1,391 ) Income from operating affiliates — — 4,892 — 4,892 (Income) attributable to operating affiliate investors — — (25,316 ) — (25,316 ) Equity in net earnings (losses) of subsidiaries 191,129 (918 ) — (190,211 ) — Net income (loss) $ 153,367 $ (918 ) $ 227,793 $ (191,570 ) $ 188,672 Net (income) attributable to noncontrolling interest — — (35,305 ) — (35,305 ) Net income (loss) available (attributable) to Validus $ 153,367 $ (918 ) $ 192,488 $ (191,570 ) $ 153,367 Other comprehensive income 2,615 — 2,615 (2,615 ) 2,615 Comprehensive income (loss) available (attributable) to Validus $ 155,982 $ (918 ) $ 195,103 $ (194,185 ) $ 155,982 (a) Amounts include an aggregation of the non-guarantor subsidiaries and include consolidating adjustments between these subsidiaries. (b) Amounts include consolidating adjustments between the Parent Guarantor, the Subsidiary Issuer and the non-guarantor subsidiaries. Condensed Consolidating Statement of Comprehensive Income For the Six Months Ended June 30, 2015 Validus Holdings, Ltd. (Parent Guarantor) Validus Holdings (UK) plc (Subsidiary Issuer) Other Consolidating Adjustments (b) Validus Holdings, Ltd. Revenues Net premiums earned $ — $ — $ 1,151,336 $ — $ 1,151,336 Net investment income 144 — 66,505 (2,020 ) 64,629 Net realized gains on investments — — 6,413 — 6,413 Change in net unrealized (losses) gains on investments (424 ) — 59,080 (3,982 ) 54,674 Income from investment affiliate — — 3,060 — 3,060 Other insurance related income and other income — — 39,109 (31,737 ) 7,372 Foreign exchange losses (237 ) (1 ) (6,549 ) — (6,787 ) Total revenues $ (517 ) $ (1 ) $ 1,318,954 $ (37,739 ) $ 1,280,697 Expenses Losses and loss expenses — — 507,075 — 507,075 Policy acquisition costs — — 203,061 — 203,061 General and administrative expenses 36,407 2 163,319 (31,737 ) 167,991 Share compensation expenses 3,551 — 14,745 — 18,296 Finance expenses 23,772 — 14,786 (971 ) 37,587 Total expenses $ 63,730 $ 2 $ 902,986 $ (32,708 ) $ 934,010 (Loss) income before taxes, income from operating affiliates, (income) attributable to operating affiliate investors and equity in net earnings of subsidiaries (64,247 ) (3 ) 415,968 (5,031 ) 346,687 Tax expense — — (5,114 ) — (5,114 ) Income from operating affiliates — — 6,557 — 6,557 (Income) attributable to operating affiliate investors — — (54,085 ) — (54,085 ) Equity in net earnings of subsidiaries 301,671 22,109 — (323,780 ) — Net income $ 237,424 $ 22,106 $ 363,326 $ (328,811 ) $ 294,045 Net (income) attributable to noncontrolling interest — — (56,621 ) — (56,621 ) Net income available to Validus $ 237,424 $ 22,106 $ 306,705 $ (328,811 ) $ 237,424 Other comprehensive loss (510 ) — (99 ) 99 (510 ) Comprehensive income available to Validus $ 236,914 $ 22,106 $ 306,606 $ (328,712 ) $ 236,914 (a) Amounts include an aggregation of the non-guarantor subsidiaries and include consolidating adjustments between these subsidiaries. (b) Amounts include consolidating adjustments between the Parent Guarantor, the Subsidiary Issuer and the non-guarantor subsidiaries. Condensed Consolidating Statement of Comprehensive Income For the Six Months Ended June 30, 2014 Validus Holdings, Ltd. (Parent Guarantor) Validus Holdings (UK) plc (Subsidiary Issuer) Other Consolidating Adjustments (b) Validus Holdings, Ltd. Revenues Net premiums earned $ — $ — $ 948,960 $ — $ 948,960 Net investment income 7 — 46,589 (1,948 ) 44,648 Net realized gains on investments — — 11,598 — 11,598 Change in net unrealized gains on investments — — 97,760 3,360 101,120 Income from investment affiliate — — 6,127 — 6,127 Other insurance related income and other income — — 53,469 (34,404 ) 19,065 Foreign exchange losses (713 ) — (2,607 ) — (3,320 ) Total revenues $ (706 ) $ — $ 1,161,896 $ (32,992 ) $ 1,128,198 Expenses Losses and loss expenses — — 321,416 — 321,416 Policy acquisition costs — — 164,602 — 164,602 General and administrative expenses 44,078 21 138,592 (34,404 ) 148,287 Share compensation expenses 3,119 — 12,369 — 15,488 Finance expenses 23,718 — 9,273 (965 ) 32,026 Transaction expenses — — 3,252 — 3,252 Total expenses $ 70,915 $ 21 $ 649,504 $ (35,369 ) $ 685,071 (Loss) income before taxes, income from operating affiliates, (income) attributable to operating affiliate investors and equity in net earnings (losses) of subsidiaries (71,621 ) (21 ) 512,392 2,377 443,127 Tax expense — — (1,351 ) — (1,351 ) Income from operating affiliates — — 9,819 — 9,819 (Income) attributable to operating affiliate investors — — (57,026 ) — (57,026 ) Equity in net earnings (losses) of subsidiaries 387,376 (1,666 ) — (385,710 ) — Net income (loss) $ 315,755 $ (1,687 ) $ 463,834 $ (383,333 ) $ 394,569 Net (income) attributable to noncontrolling interest — — (78,814 ) — (78,814 ) Net income (loss) available (attributable) to Validus $ 315,755 $ (1,687 ) $ 385,020 $ (383,333 ) $ 315,755 Other comprehensive income 3,077 — 3,077 (3,077 ) 3,077 Comprehensive income (loss) available (attributable) to Validus $ 318,832 $ (1,687 ) $ 388,097 $ (386,410 ) $ 318,832 (a) Amounts include an aggregation of the non-guarantor subsidiaries and include consolidating adjustments between these subsidiaries. (b) Amounts include consolidating adjustments between the Parent Guarantor, the Subsidiary Issuer and the non-guarantor subsidiaries.
Condensed consolidating statement of cash flows	Condensed Consolidating Statement of Cash Flows For The Six Months Ended June 30, 2015 Validus Holdings, Ltd. (Parent Guarantor) Validus Holdings (UK) plc (Subsidiary Issuer) Other Consolidating Adjustments (b) Validus Holdings, Ltd. Net cash provided by (used in) operating activities $ 55,556 $ (61 ) $ (199,336 ) $ (85,000 ) $ (228,841 ) Cash flows provided by (used in) investing activities Proceeds on sales of investments — — 2,237,966 — 2,237,966 Proceeds on maturities of investments — — 186,594 — 186,594 Purchases of fixed maturities (28,055 ) — (2,309,935 ) — (2,337,990 ) Purchases of short-term investments, net — — (375,299 ) — (375,299 ) Purchases of other investments, net — — (21,970 ) — (21,970 ) Increase in securities lending collateral — — (6,551 ) — (6,551 ) Investment in operating affiliates — — (10,400 ) — (10,400 ) Redemption from operating affiliates — — 27,264 — 27,264 Investment in investment affiliates — — (23,115 ) — (23,115 ) (Increase) decrease in restricted cash (5,599 ) — 38,583 — 32,984 Return of capital from subsidiaries 140,000 — — (140,000 ) — Net cash provided by (used in) investing activities 106,346 — (256,863 ) (140,000 ) (290,517 ) Cash flows provided by (used in) financing activities Proceeds on issuance of notes payable to operating affiliates — — 1,155,284 — 1,155,284 Repayments on notes payable to operating affiliates — — (621,444 ) — (621,444 ) Issuance of common shares, net 14,860 — — — 14,860 Purchases of common shares under share repurchase program (143,223 ) — — — (143,223 ) Dividends paid (58,740 ) — (85,000 ) 85,000 (58,740 ) Increase in securities lending payable — — 6,551 — 6,551 Third party investment in redeemable noncontrolling interest — — 55,700 — 55,700 Third party redemption in redeemable noncontrolling interest — — (19,395 ) — (19,395 ) Return of capital to parent — — (140,000 ) 140,000 — Net cash (used in) provided by financing activities (187,103 ) — 351,696 225,000 389,593 Effect of foreign currency rate changes on cash and cash equivalents — — (13,765 ) — (13,765 ) Net decrease in cash (25,201 ) (61 ) (118,268 ) — (143,530 ) Cash and cash equivalents, beginning of period 29,798 81 547,361 — 577,240 Cash and cash equivalents, end of period $ 4,597 $ 20 $ 429,093 $ — $ 433,710 (a) Amounts include an aggregation of the non-guarantor subsidiaries and include consolidating adjustments between these subsidiaries. (b) Amounts include consolidating adjustments between the Parent Guarantor, the Subsidiary Issuer and the non-guarantor subsidiaries. Condensed Consolidating Statement of Cash Flows For The Six Months Ended June 30, 2014 Validus Holdings, Ltd. (Parent Guarantor) Validus Holdings (UK) plc (Subsidiary Issuer) Other Consolidating Adjustments (b) Validus Holdings, Ltd. Net cash provided by (used in) operating activities $ 365,372 $ — $ (247,929 ) $ (100,000 ) $ 17,443 Cash flows provided by (used in) investing activities Proceeds on sales of investments — — 1,956,442 — 1,956,442 Proceeds on maturities of investments — — 384,259 — 384,259 Purchases of fixed maturities — — (1,906,212 ) — (1,906,212 ) Purchases of short-term investments, net — — (99,677 ) — (99,677 ) Purchases of other investments, net — — (54,716 ) — (54,716 ) Decrease in securities lending collateral — — 2,071 — 2,071 Redemption from operating affiliates — — 57,025 — 57,025 Investment in investment affiliates — — — — — Decrease in restricted cash — — 15,371 — 15,371 Proceeds on sale of subsidiary, net of cash — — 16,459 — 16,459 Net cash provided by investing activities — — 371,022 — 371,022 Cash flows provided by (used in) financing activities Proceeds on issuance of notes payable to operating affiliates — — 320,454 — 320,454 Repayments on notes payable to operating affiliates — — (364,877 ) — (364,877 ) Redemption of common shares, net (4,385 ) — — — (4,385 ) Purchases of common shares under share repurchase program (197,339 ) — — — (197,339 ) Dividends paid (61,036 ) — (100,000 ) 100,000 (61,036 ) Decrease in securities lending payable — — (2,071 ) — (2,071 ) Third party investment in redeemable noncontrolling interest — — 57,000 — 57,000 Third party redemption in redeemable noncontrolling interest — — (10,496 ) (10,496 ) Net cash (used in) provided by financing activities (262,760 ) — (99,990 ) 100,000 (262,750 ) Effect of foreign currency rate changes on cash and cash equivalents — — 13,097 — 13,097 Net increase in cash 102,612 — 36,200 — 138,812 Cash and cash equivalents, beginning of period 20,385 — 713,763 — 734,148 Cash and cash equivalents, end of period $ 122,997 $ — $ 749,963 $ — $ 872,960 (a) Amounts include an aggregation of the non-guarantor subsidiaries and include consolidating adjustments between these subsidiaries. (b) Amounts include consolidating adjustments between the Parent Guarantor, the Subsidiary Issuer and the non-guarantor subsidiaries.

Basis of preparation and cons42

Basis of preparation and consolidation (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2014USD ($)
Increase in net cash provided by investing activities
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Reclassification adjustment	$ 28,748
Net increase in cash
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Reclassification adjustment	$ 28,748

Investments (Gross unrealized g

Investments (Gross unrealized gains and losses on fixed maturities) (Details) - USD ($) $ in Thousands		Jun. 30, 2015		Dec. 31, 2014
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost or cost		$ 5,462,612		$ 5,534,494
Short-term investments, at amortized cost or cost		1,337,914	[1]	1,051,222	[2]
Other investments, at amortized cost or cost		901,581		879,176
Total investments including assets managed on behalf of operating affiliates, catastrophe bonds and noncontrolling interest, amortized cost or cost		7,702,107		7,464,892
Catastrophe bonds, amortized cost or cost		(153,769)		(75,822)
Noncontrolling interest, amortized cost or cost	[3]	(527,850)		(502,830)
Total investments, excluding assets managed on behalf of operating affiliates, catastrophe bonds and noncontrolling interest, amortized cost or cost		6,012,043		6,189,316
Fixed maturities, gross unrealized gains		23,676		24,357
Short term investments, gross unrealized gains		137	[1]	13	[2]
Other investments, gross unrealized gains		120,505		69,881
Gross unrealized gains		144,318		94,251
Catastrophe bonds, gross unrealized gains		(182)		(768)
Noncontrolling interest share of unrealized gains other investments	[3]	(91,716)		(48,446)
Total investments, excluding assets managed on behalf of operating affiliates, catastrophe bonds and noncontrolling interest, unrealized gains		52,420		45,037
Fixed maturities, gross unrealized losses		(26,984)		(26,120)
Short term investments, gross unrealized losses		0	[1]	(161)	[2]
Other investments, gross unrealized losses		(128,379)		(136,046)
Gross unrealized losses		(155,363)		(162,327)
Catastrophe bonds, gross unrealized losses		3,249		926
Noncontrolling interest share of unrealized losses	[3]	113,542		120,782
Total investments, excluding assets managed on behalf of operating affiliates, catastrophe bonds and noncontrolling interest, unrealized losses		(38,572)		(40,619)
Total fixed maturities		5,459,304		5,532,731
Short-term investments		1,338,051	[1]	1,051,074	[2]
Total other investments		893,707		813,011
Total investments, including assets managed on behalf of operating affiliates, catastrophe bonds and noncontrolling interest		7,691,062		7,396,816
Assets managed on behalf of operating affiliates		(1,008,445)	[1]	(696,924)	[2]
Total catastrophe bonds		(150,702)		(75,664)
Noncontrolling interest	[3]	(506,024)		(430,494)
Total investments, excluding assets managed on behalf of operating affiliates, catastrophe bonds and noncontrolling interest		6,025,891		6,193,734
U.S. government and government agency
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost or cost		817,410		759,232
Fixed maturities, gross unrealized gains		2,473		1,755
Fixed maturities, gross unrealized losses		(1,130)		(901)
Total fixed maturities		818,753		760,086
Non-U.S. government and government agency
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost or cost		221,592		279,493
Fixed maturities, gross unrealized gains		1,542		1,215
Fixed maturities, gross unrealized losses		(695)		(1,980)
Total fixed maturities		222,439		278,728
U.S. states, municipalities and political subdivisions
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost or cost		323,553		448,668
Fixed maturities, gross unrealized gains		1,425		1,780
Fixed maturities, gross unrealized losses		(1,118)		(825)
Total fixed maturities		323,860		449,623
Agency residential mortgage-backed securities
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost or cost		504,922		520,685
Fixed maturities, gross unrealized gains		7,627		9,697
Fixed maturities, gross unrealized losses		(2,012)		(1,151)
Total fixed maturities		510,537		529,231
Non-agency residential mortgage-backed securities
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost or cost		30,812		37,954
Fixed maturities, gross unrealized gains		411		369
Fixed maturities, gross unrealized losses		(499)		(516)
Total fixed maturities		30,724		37,807
U.S. corporate
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost or cost		1,463,488		1,500,963
Fixed maturities, gross unrealized gains		2,965		3,960
Fixed maturities, gross unrealized losses		(7,845)		(5,217)
Total fixed maturities		1,458,608		1,499,706
Non-U.S. corporate
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost or cost		495,182		564,386
Fixed maturities, gross unrealized gains		2,430		2,765
Fixed maturities, gross unrealized losses		(2,584)		(3,989)
Total fixed maturities		495,028		563,162
Bank loans
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost or cost		487,355		457,537
Fixed maturities, gross unrealized gains		1,168		200
Fixed maturities, gross unrealized losses		(5,230)		(8,733)
Total fixed maturities		483,293		449,004
Catastrophe bonds
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost or cost		153,769		75,822
Fixed maturities, gross unrealized gains		182		768
Fixed maturities, gross unrealized losses		(3,249)		(926)
Total fixed maturities		150,702		75,664
Asset-backed securities
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost or cost		643,864		647,422
Fixed maturities, gross unrealized gains		2,469		1,250
Fixed maturities, gross unrealized losses		(828)		(1,190)
Total fixed maturities		645,505		647,482
Commercial mortgage-backed securities
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost or cost		320,665		242,332
Fixed maturities, gross unrealized gains		984		598
Fixed maturities, gross unrealized losses		(1,794)		(692)
Total fixed maturities		319,855		242,238
Fund of hedge funds
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Other investments, at amortized cost or cost		2,570		2,570
Other investments, gross unrealized gains		84		125
Other investments, gross unrealized losses		(921)		(920)
Total other investments		1,733		1,775
Preferred stock
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Other investments, at amortized cost or cost				6,535
Other investments, gross unrealized gains				0
Other investments, gross unrealized losses				(201)
Total other investments				6,334
Hedge funds
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Other investments, at amortized cost or cost	[3]	599,709		570,371
Other investments, gross unrealized gains	[3]	108,870		60,792
Other investments, gross unrealized losses	[3]	(126,158)		(134,203)
Total other investments	[3]	582,421		496,960
Private equity investments
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Other investments, at amortized cost or cost		49,309		48,995
Other investments, gross unrealized gains		7,576		4,987
Other investments, gross unrealized losses		(1,300)		(611)
Total other investments		55,585		53,371
Investment funds
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Other investments, at amortized cost or cost		243,794		244,506
Other investments, gross unrealized gains		604		437
Other investments, gross unrealized losses		0		(111)
Total other investments		244,398		244,832
Mutual funds
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Other investments, at amortized cost or cost		6,199		6,199
Other investments, gross unrealized gains		3,371		3,540
Other investments, gross unrealized losses		0		0
Total other investments		$ 9,570		$ 9,739
[1]	Included in the short-term investments balance are assets managed in support of AlphaCat's fully collateralized reinsurance transactions.
[2]	Included in the short-term investments balance are assets managed in support of AlphaCat's fully collateralized reinsurance transactions. Also, included in the short-term investments balance are investments held by one AlphaCat ILS fund which was consolidated by the Company through May 31, 2015, but in which the Company had an equity interest of less than 100%. The remaining interests are held by third party investors and included in the Consolidated Balance Sheets as redeemable noncontrolling interest.
[3]	Included in the hedge funds balance are investments held by PaCRe in which the Company has an equity interest of 10%. The remaining 90% interest is held by third party investors and included in the Consolidated Balance Sheets as noncontrolling interest.

Investments (Fixed maturities b

Investments (Fixed maturities by investment rating) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fixed Maturities
Estimated fair value	$ 5,459,304	$ 5,532,731
Percentage of total	100.00%	100.00%
Total investment grade fixed maturities
Fixed Maturities
Estimated fair value	$ 4,723,001	$ 4,933,764
Percentage of total	86.40%	89.20%
Total investment grade fixed maturities | AAA
Fixed Maturities
Estimated fair value	$ 2,420,994	$ 2,494,239
Percentage of total	44.30%	45.10%
Total investment grade fixed maturities | AA
Fixed Maturities
Estimated fair value	$ 541,469	$ 848,226
Percentage of total	9.90%	15.40%
Total investment grade fixed maturities | A
Fixed Maturities
Estimated fair value	$ 1,097,340	$ 1,086,091
Percentage of total	20.10%	19.60%
Total investment grade fixed maturities | BBB
Fixed Maturities
Estimated fair value	$ 663,198	$ 505,208
Percentage of total	12.10%	9.10%
Total non-investment grade fixed maturities
Fixed Maturities
Estimated fair value	$ 736,303	$ 598,967
Percentage of total	13.60%	10.80%
Total non-investment grade fixed maturities | BB
Fixed Maturities
Estimated fair value	$ 289,471	$ 362,972
Percentage of total	5.30%	6.60%
Total non-investment grade fixed maturities | B
Fixed Maturities
Estimated fair value	$ 247,369	$ 145,240
Percentage of total	4.60%	2.60%
Total non-investment grade fixed maturities | CCC
Fixed Maturities
Estimated fair value	$ 3,737	$ 12,733
Percentage of total	0.10%	0.20%
Total non-investment grade fixed maturities | CC
Fixed Maturities
Estimated fair value	$ 3,190	$ 3,926
Percentage of total	0.10%	0.10%
Total non-investment grade fixed maturities | C
Fixed Maturities
Estimated fair value	$ 0	$ 1,344
Percentage of total	0.00%	0.00%
Total non-investment grade fixed maturities | D/NR Rating
Fixed Maturities
Estimated fair value	$ 192,536	$ 72,752
Percentage of total	3.50%	1.30%

Investments (Maturity profile o

Investments (Maturity profile of fixed maturity investments) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Maturity profile
Amortized cost or cost	$ 5,462,612	$ 5,534,494
Estimated fair value	5,459,304	5,532,731
Fixed maturities trading securities allocated to contractual maturity
Maturity profile
Amortized cost or cost	3,962,349	4,086,101
Estimated fair value	3,952,683	4,075,973
Due in one year or less | Fixed maturities trading securities allocated to contractual maturity
Maturity profile
Amortized cost or cost	278,555	312,843
Estimated fair value	279,860	313,248
Due after one year through five years | Fixed maturities trading securities allocated to contractual maturity
Maturity profile
Amortized cost or cost	2,980,225	3,163,225
Estimated fair value	2,978,036	3,159,200
Due after five years through ten years | Fixed maturities trading securities allocated to contractual maturity
Maturity profile
Amortized cost or cost	541,425	497,175
Estimated fair value	535,074	491,870
Due after ten years | Fixed maturities trading securities allocated to contractual maturity
Maturity profile
Amortized cost or cost	162,144	112,858
Estimated fair value	159,713	111,655
Asset backed and mortgaged backed securities | No single maturity date
Maturity profile
Amortized cost or cost	1,500,263	1,448,393
Estimated fair value	$ 1,506,621	$ 1,456,758

Investments (Components of net

Investments (Components of net investment income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net investment income
Total gross investment income	$ 35,634	$ 23,205	$ 68,499	$ 48,461
Investment expenses	(2,026)	(1,919)	(3,870)	(3,813)
Net investment income	33,608	21,286	64,629	44,648
Fixed maturities and short term investments
Net investment income
Total gross investment income	31,163	22,207	60,402	45,504
Other investments
Net investment income
Total gross investment income	4,014	0	7,202	0
Restricted cash and cash and cash equivalents
Net investment income
Total gross investment income	451	996	886	2,953
Securities lending income
Net investment income
Total gross investment income	$ 6	$ 2	$ 9	$ 4

Investments (Realized and unrea

Investments (Realized and unrealized gains) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Fixed maturities, short-term and other investments and cash equivalents
Gross realized gains		$ 6,269	$ 9,813	$ 12,578	$ 15,109
TradingSecuritiesRealizedLoss		4,025	1,955	6,165	3,511
Net realized gains (losses) on investments		2,244	7,858	6,413	11,598
Change in net unrealized (losses) gains on investments	[1]	(17,530)	45,427	54,674	101,120
Total net realized gains (losses) and change in net unrealized (losses) gains on investments including noncontrolling interest		(15,286)	53,285	61,087	112,718
Assets managed on behalf of operating affiliates		0	0	0	0
Catastrophe bonds		573	1,184	2,909	1,988
Noncontrolling interest	[1]	(15,431)	(33,207)	(50,511)	(75,209)
Total net realized and change in net unrealized (losses) gains on investments excluding assets managed on behalf of operating affiliates, catastrophe bonds and noncontrolling interest		$ (30,144)	$ 21,262	$ 13,485	$ 39,497
[1]	Includes the change in net unrealized (losses) gains on investments held by PaCRe in which the Company has an equity interest of 10%. The remaining 90% interest is held by third party investors and is included in the Consolidated Statements of Comprehensive Income as net loss (income) attributable to noncontrolling interest.

Investments (Investments pledge

Investments (Investments pledged as collateral) (Details) - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Financial Instruments Owned and Pledged as Collateral [Line Items]
Credit facility, commitment		$ 1,265,000	$ 1,605,000
Letters of credit issued and outstanding	[1]	542,136	561,684
Investments pledged as collateral		877,065	1,022,740
$400,000 syndicated unsecured letter of credit facility
Financial Instruments Owned and Pledged as Collateral [Line Items]
Credit facility, commitment		400,000	400,000
Letters of credit issued and outstanding		0	0
Investments pledged as collateral		0	0
$525,000 syndicated secured letter of credit facility
Financial Instruments Owned and Pledged as Collateral [Line Items]
Credit facility, commitment		525,000	525,000
Letters of credit issued and outstanding	[1]	260,137	276,455
Investments pledged as collateral		391,146	395,750
Secured bi-lateral letter of credit facility
Financial Instruments Owned and Pledged as Collateral [Line Items]
Credit facility, commitment		30,000	200,000
Letters of credit issued and outstanding	[1]	11,139	15,649
Investments pledged as collateral		47,355	35,645
Talbot FAL Facility
Financial Instruments Owned and Pledged as Collateral [Line Items]
Credit facility, commitment		25,000	25,000
Letters of credit issued and outstanding	[1]	25,000	25,000
Investments pledged as collateral		31,233	31,048
PaCRe senior secured letter of credit facility
Financial Instruments Owned and Pledged as Collateral [Line Items]
Credit facility, commitment			10,000
Letters of credit issued and outstanding	[1]	0	294
Investments pledged as collateral			0
AlphaCat Re secured letter of credit facility
Financial Instruments Owned and Pledged as Collateral [Line Items]
Credit facility, commitment		30,000	30,000	$ 24,800
Letters of credit issued and outstanding	[1]	30,000	30,000
Investments pledged as collateral		30,116	30,078
IPC bi-lateral facility
Financial Instruments Owned and Pledged as Collateral [Line Items]
Credit facility, commitment		25,000	40,000
Letters of credit issued and outstanding	[1]	11,027	15,897
Investments pledged as collateral		0	99,437
Flagstone bi-lateral facility
Financial Instruments Owned and Pledged as Collateral [Line Items]
Credit facility, commitment		230,000	375,000
Letters of credit issued and outstanding	[1]	204,833	198,389
Investments pledged as collateral		$ 377,215	$ 430,782
[1]	Indicates utilization of commitment amount, not necessarily drawn borrowings.

Investments (Narrative) (Detail

Investments (Narrative) (Details) $ in Thousands	Jun. 30, 2015USD ($)funds	Dec. 31, 2014USD ($)
Schedule of Trading Securities and Other Trading Assets [Line Items]
Cash, cash equivalents and investments pledged as collateral | $	$ 3,445,986	$ 3,150,295
Investments held in trust | $	$ 3,398,876	$ 3,122,074
AlphaCat ILS Funds
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Investments Number Of Funds	1
PaCRe funds
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Investments Number Of Funds	5
Noncontrolling Interest, Ownership Percentage by Parent	10.00%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	90.00%

Fair value measurements (Fair v

Fair value measurements (Fair value hierarchy) (Details) - USD ($) $ in Thousands		Jun. 30, 2015		Dec. 31, 2014		Jun. 30, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		$ 5,459,304		$ 5,532,731
Short-term investments, at fair value		1,338,051	[1]	1,051,074	[2]
Other investments, at fair value		893,707		813,011
Total investments including assets managed on behalf of operating affiliates, catastrophe bonds and noncontrolling interest		7,691,062		7,396,816
Assets managed on behalf of operating affiliates		(1,008,445)	[1]	(696,924)	[2]
Catastrophe bonds		(150,702)		(75,664)
Noncontrolling interest	[3]	(506,024)		(430,494)
Total investments, excluding assets managed on behalf of operating affiliates, catastrophe bonds and noncontrolling interest		6,025,891		6,193,734
U.S. government and government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		818,753		760,086
Non-US government and government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		222,439		278,728
U.S. states, municipalities and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		323,860		449,623
Agency residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		510,537		529,231
Non-Agency residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		30,724		37,807
U.S. corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		1,458,608		1,499,706
Non-U.S. corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		495,028		563,162
Bank loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		483,293		449,004
Catastrophe bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		150,702		75,664
Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		645,505		647,482
Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		319,855		242,238
Fund of hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		1,733		1,775
Preferred stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value				6,334
Hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	[3]	582,421		496,960
Private equity investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		55,585		53,371
Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		244,398		244,832
Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		9,570		9,739
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		5,459,304		5,532,731
Short-term investments, at fair value		1,338,051	[1]	1,051,074	[2]
Other investments, at fair value		893,707		813,011
Total investments including assets managed on behalf of operating affiliates, catastrophe bonds and noncontrolling interest		7,691,062		7,396,816
Assets managed on behalf of operating affiliates		(1,008,445)	[1]	(696,924)	[2]
Catastrophe bonds		(150,702)		(75,664)
Noncontrolling interest	[3]	(506,024)		(430,494)
Total investments, excluding assets managed on behalf of operating affiliates, catastrophe bonds and noncontrolling interest		6,025,891		6,193,734
Recurring | U.S. government and government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		818,753		760,086
Recurring | Non-US government and government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		222,439		278,728
Recurring | U.S. states, municipalities and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		323,860		449,623
Recurring | Agency residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		510,537		529,231
Recurring | Non-Agency residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		30,724		37,807
Recurring | U.S. corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		1,458,608		1,499,706
Recurring | Non-U.S. corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		495,028		563,162
Recurring | Bank loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		483,293		449,004
Recurring | Catastrophe bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		150,702		75,664
Recurring | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		645,505		647,482
Recurring | Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		319,855		242,238
Recurring | Fund of hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		1,733		1,775
Recurring | Preferred stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value				6,334
Recurring | Hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		582,421		496,960	[3]
Recurring | Private equity investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		55,585		53,371
Recurring | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		244,398		244,832
Recurring | Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		9,570		9,739
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		0		0
Short-term investments, at fair value		1,317,526	[1]	942,716	[2]
Other investments, at fair value		0		0
Total investments including assets managed on behalf of operating affiliates, catastrophe bonds and noncontrolling interest		1,317,526		942,716
Assets managed on behalf of operating affiliates		(1,008,445)	[1]	(696,924)	[2]
Catastrophe bonds		0		0
Noncontrolling interest	[3]	0		0
Total investments, excluding assets managed on behalf of operating affiliates, catastrophe bonds and noncontrolling interest		309,081		245,792
Recurring | Level 1 | U.S. government and government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		0		0
Recurring | Level 1 | Non-US government and government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		0		0
Recurring | Level 1 | U.S. states, municipalities and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		0		0
Recurring | Level 1 | Agency residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		0		0
Recurring | Level 1 | Non-Agency residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		0		0
Recurring | Level 1 | U.S. corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		0		0
Recurring | Level 1 | Non-U.S. corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		0		0
Recurring | Level 1 | Bank loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		0		0
Recurring | Level 1 | Catastrophe bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		0		0
Recurring | Level 1 | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		0		0
Recurring | Level 1 | Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		0		0
Recurring | Level 1 | Fund of hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		0		0
Recurring | Level 1 | Preferred stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value				0
Recurring | Level 1 | Hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		0		0	[3]
Recurring | Level 1 | Private equity investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		0		0
Recurring | Level 1 | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		0		0
Recurring | Level 1 | Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		0		0
Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		5,336,869		5,494,983
Short-term investments, at fair value		16,978	[1]	108,358	[2]
Other investments, at fair value		88,040		156,118
Total investments including assets managed on behalf of operating affiliates, catastrophe bonds and noncontrolling interest		5,441,887		5,759,459
Assets managed on behalf of operating affiliates		0	[1]	0	[2]
Catastrophe bonds		(149,702)		(70,664)
Noncontrolling interest	[3]	0		0
Total investments, excluding assets managed on behalf of operating affiliates, catastrophe bonds and noncontrolling interest		5,292,185		5,688,795
Recurring | Level 2 | U.S. government and government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		818,753		760,086
Recurring | Level 2 | Non-US government and government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		222,439		278,728
Recurring | Level 2 | U.S. states, municipalities and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		323,860		449,623
Recurring | Level 2 | Agency residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		510,537		529,231
Recurring | Level 2 | Non-Agency residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		30,724		37,807
Recurring | Level 2 | U.S. corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		1,458,608		1,499,706
Recurring | Level 2 | Non-U.S. corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		495,028		563,162
Recurring | Level 2 | Bank loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		361,858		416,256
Recurring | Level 2 | Catastrophe bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		149,702		70,664
Recurring | Level 2 | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		645,505		647,482
Recurring | Level 2 | Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		319,855		242,238
Recurring | Level 2 | Fund of hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		0		0
Recurring | Level 2 | Preferred stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value				6,334
Recurring | Level 2 | Hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		0		0	[3]
Recurring | Level 2 | Private equity investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		0		0
Recurring | Level 2 | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		78,470		140,045
Recurring | Level 2 | Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		9,570		9,739
Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		122,435		37,748
Short-term investments, at fair value		3,547	[1]	0	[2]
Other investments, at fair value		805,667		656,893
Total investments including assets managed on behalf of operating affiliates, catastrophe bonds and noncontrolling interest		931,649		694,641
Assets managed on behalf of operating affiliates		0	[1]	0	[2]
Catastrophe bonds		(1,000)		(5,000)		$ 0
Noncontrolling interest		(506,024)	[3],[4]	(430,494)	[3]	$ (546,790)	[4]
Total investments, excluding assets managed on behalf of operating affiliates, catastrophe bonds and noncontrolling interest		424,625		259,147
Recurring | Level 3 | U.S. government and government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		0		0
Recurring | Level 3 | Non-US government and government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		0		0
Recurring | Level 3 | U.S. states, municipalities and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		0		0
Recurring | Level 3 | Agency residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		0		0
Recurring | Level 3 | Non-Agency residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		0		0
Recurring | Level 3 | U.S. corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		0		0
Recurring | Level 3 | Non-U.S. corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		0		0
Recurring | Level 3 | Bank loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		121,435		32,748
Recurring | Level 3 | Catastrophe bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		1,000		5,000
Recurring | Level 3 | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		0		0
Recurring | Level 3 | Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value		0		0
Recurring | Level 3 | Fund of hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		1,733		1,775
Recurring | Level 3 | Preferred stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value				0
Recurring | Level 3 | Hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		582,421		496,960	[3]
Recurring | Level 3 | Private equity investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		55,585		53,371
Recurring | Level 3 | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		165,928		104,787
Recurring | Level 3 | Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value		$ 0		$ 0
[1]	Included in the short-term investments balance are assets managed in support of AlphaCat's fully collateralized reinsurance transactions.
[2]	Included in the short-term investments balance are assets managed in support of AlphaCat's fully collateralized reinsurance transactions. Also, included in the short-term investments balance are investments held by one AlphaCat ILS fund which was consolidated by the Company through May 31, 2015, but in which the Company had an equity interest of less than 100%. The remaining interests are held by third party investors and included in the Consolidated Balance Sheets as redeemable noncontrolling interest.
[3]	Included in the hedge funds balance are investments held by PaCRe in which the Company has an equity interest of 10%. The remaining 90% interest is held by third party investors and included in the Consolidated Balance Sheets as noncontrolling interest.
[4]	Includes Level 3 investments held by PaCRe in which the Company has an equity interest of 10%. The remaining 90% interest is held by third party investors and included in the Consolidated Balance Sheets as noncontrolling interest.

Fair value measurements (Level

Fair value measurements (Level 3 rollforward) (Details) - USD ($) $ in Thousands		3 Months Ended				6 Months Ended
		Jun. 30, 2015		Jun. 30, 2014		Jun. 30, 2015		Jun. 30, 2014		Dec. 31, 2014
Reconciliation of beginning and ending balances for all investments measured at fair value on recurring basis
Catastrophe bonds		$ (150,702)				$ (150,702)				$ (75,664)
Noncontrolling interest	[1]	(506,024)				(506,024)				(430,494)
Recurring
Reconciliation of beginning and ending balances for all investments measured at fair value on recurring basis
Catastrophe bonds		(150,702)				(150,702)				(75,664)
Noncontrolling interest	[1]	(506,024)				(506,024)				(430,494)
Level 3 | Recurring
Reconciliation of beginning and ending balances for all investments measured at fair value on recurring basis
Level 3 investments - beginning of period		867,656		$ 629,321		694,641		$ 576,871
Purchases		53,810		100,000		199,599		100,000
Sales		(5,436)		(21,744)		(13,038)		(25,333)
Settlements		(4,203)		(1,500)		(8,198)		(1,500)
Realized gains		0		5,634		(11)		5,644
Unrealized losses		19,822		34,685		58,656		84,011
Transfers		0		0		0		6,703
Level 3 investments - end of period		931,649		746,396		931,649		746,396
Catastrophe bonds		(1,000)		0		(1,000)		0		(5,000)
Noncontrolling interest		(506,024)	[1],[2]	(546,790)	[2]	(506,024)	[1],[2]	(546,790)	[2]	$ (430,494)	[1]
Level 3 investments - end of period excluding catastrophe bonds and noncontrolling interest		$ 424,625		$ 199,606		$ 424,625		$ 199,606
[1]	Included in the hedge funds balance are investments held by PaCRe in which the Company has an equity interest of 10%. The remaining 90% interest is held by third party investors and included in the Consolidated Balance Sheets as noncontrolling interest.
[2]	Includes Level 3 investments held by PaCRe in which the Company has an equity interest of 10%. The remaining 90% interest is held by third party investors and included in the Consolidated Balance Sheets as noncontrolling interest.

Fair value measurements (Narrat

Fair value measurements (Narrative) (Details) $ in Thousands		6 Months Ended
		Jun. 30, 2015USD ($)funds	Dec. 31, 2014USD ($)
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments, excluding assets managed on behalf of operating affiliates, catastrophe bonds and noncontrolling interest		$ 6,025,891	$ 6,193,734
Other investments, at fair value		$ 893,707	813,011
AlphaCat ILS Funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other Investments Number Of Funds | funds		1
Mutual funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value		$ 9,570	9,739
Hedge fund side pocket
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Investment Time Lag Reporting		1 month
Hedge funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value	[1]	$ 582,421	496,960
Investments assumed in Flagstone acquisition
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other Investments Number Of Funds | funds		1
PaCRe funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent		10.00%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners		90.00%
Other Investments Number Of Funds | funds		5
Investment funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value		$ 244,398	244,832
Private equity investments
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value		$ 55,585	53,371
Minimum | Hedge funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Investment Time Lag Reporting		1 month
Minimum | Private equity investments
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Investment Time Lag Reporting		3 months
Maximum | Hedge funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Investment Time Lag Reporting		3 months
Maximum | Private equity investments
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Investment Time Lag Reporting		6 months
Level 2 | Mutual funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other Investments Number Of Funds | funds		2
Level 2 | Investment funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other Investments Number Of Funds | funds		1
Level 3 | Investment funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Investment Time Lag Reporting		1 month
Other Investments Number Of Funds | funds		1
Recurring
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments, excluding assets managed on behalf of operating affiliates, catastrophe bonds and noncontrolling interest		$ 6,025,891	6,193,734
Other investments, at fair value		893,707	813,011
Recurring | Mutual funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value		9,570	9,739
Recurring | Hedge funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value		582,421	496,960	[1]
Recurring | Investment funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value		244,398	244,832
Recurring | Private equity investments
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value		55,585	53,371
Recurring | Level 2
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments, excluding assets managed on behalf of operating affiliates, catastrophe bonds and noncontrolling interest		5,292,185	5,688,795
Other investments, at fair value		88,040	156,118
Recurring | Level 2 | Mutual funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value		9,570	9,739
Recurring | Level 2 | Hedge funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value		0	0	[1]
Recurring | Level 2 | Investment funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value		78,470	140,045
Recurring | Level 2 | Private equity investments
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value		0	0
Recurring | Level 3
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Total investments, excluding assets managed on behalf of operating affiliates, catastrophe bonds and noncontrolling interest		$ 424,625	$ 259,147
Percentage Of Fair Value Assets Measured On Recurring Basis		7.00%	4.20%
Other investments, at fair value		$ 805,667	$ 656,893
Recurring | Level 3 | Mutual funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value		0	0
Recurring | Level 3 | Hedge funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value		582,421	496,960	[1]
Recurring | Level 3 | Investment funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value		165,928	104,787
Recurring | Level 3 | Private equity investments
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value		$ 55,585	$ 53,371
[1]	Included in the hedge funds balance are investments held by PaCRe in which the Company has an equity interest of 10%. The remaining 90% interest is held by third party investors and included in the Consolidated Balance Sheets as noncontrolling interest.

Investments in affiliates (Summ

Investments in affiliates (Summary of investments in affiliates) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Investments in affiliates	$ 374,121	$ 261,483
Investment affiliate
Schedule of Equity Method Investments [Line Items]
Investments in affiliates	89,681	63,506
Operating affiliates
Schedule of Equity Method Investments [Line Items]
Investments in affiliates	$ 284,440	$ 197,977

Investments in affiliates (Inve

Investments in affiliates (Investment affiliate rollforward) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Schedule of Equity Method Investments [Line Items]
Income from investment affiliate	$ 284	$ 779	$ 3,060	$ 6,127
Investment affiliate
Schedule of Equity Method Investments [Line Items]
Balance, beginning of period	85,982	39,848	63,506	34,500
Capital contributions	3,415	0	23,115	0
Income from investment affiliate	284	779	3,060	6,127
Balance, end of period	$ 89,681	$ 40,627	$ 89,681	$ 40,627

Investments in affiliates (In55

Investments in affiliates (Investment affiliate details) (Details) - Investment affiliate - USD ($) $ in Thousands	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013
Schedule of Equity Method Investments [Line Items]
Investment at cost	$ 74,116
Carrying value	89,681	$ 85,982	$ 63,506	$ 40,627	$ 39,848	$ 34,500
Aquiline Financial Services Fund II LP
Schedule of Equity Method Investments [Line Items]
Investment at cost	$ 59,978		$ 51,001
Voting ownership %	0.00%		0.00%
Equity ownership %	8.10%		8.10%
Carrying value	$ 75,543		$ 63,506
Aquiline Financial Services Fund III LP
Schedule of Equity Method Investments [Line Items]
Investment at cost	$ 14,138
Voting ownership %	0.00%
Equity ownership %	13.70%
Carrying value	$ 14,138

Investments in affiliates (Oper

Investments in affiliates (Operating affiliates rollforward) (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2015		Jun. 30, 2014	Jun. 30, 2015		Jun. 30, 2014
Activity in non-consolidated affiliate balances for the period:
Income from operating affiliates	$ 4,104		$ 4,892	$ 6,557		$ 9,819
Operating affiliates
Activity in non-consolidated affiliate balances for the period:
Balance, beginning of period	177,350		181,759	197,977		106,743
Purchase of shares	9,330			10,400
Return of investment	(3,114)		(13,659)	(27,264)		(57,025)
Fair value of retained interest on deconsolidation of AlphaCat ILS fund	96,770			96,770		113,455
Income from operating affiliates	4,104		4,892	6,557		9,819
Balance, end of period	284,440		172,992	284,440		172,992
Operating affiliates | AlphaCat Re 2011
Activity in non-consolidated affiliate balances for the period:
Balance, beginning of period	4,596		4,177	4,606		9,809
Purchase of shares	0			0
Return of investment	0		0	0		(5,825)
Income from operating affiliates	5		(5)	(5)		188
Balance, end of period	4,601		4,172	4,601		4,172
Operating affiliates | AlphaCat Re 2012
Activity in non-consolidated affiliate balances for the period:
Balance, beginning of period	710		1,277	735		1,313
Purchase of shares	0			0
Return of investment	0		0	0		0
Income from operating affiliates	(3)		927	(28)		891
Balance, end of period	707		2,204	707		2,204
Operating affiliates | AlphaCat 2013
Activity in non-consolidated affiliate balances for the period:
Balance, beginning of period	1,054		15,678	1,068		51,744
Purchase of shares	0			0
Return of investment	0		(13,659)	0		(51,200)
Income from operating affiliates	(11)		561	(25)		2,036
Balance, end of period	1,043		2,580	1,043		2,580
Operating affiliates | AlphaCat 2014
Activity in non-consolidated affiliate balances for the period:
Balance, beginning of period	3,835		23,593	28,085		21,982
Purchase of shares	0			0
Return of investment	(3,114)		0	(27,264)		0
Income from operating affiliates	2		1,421	(98)		3,032
Balance, end of period	723		25,014	723		25,014
Operating affiliates | AlphaCat 2015
Activity in non-consolidated affiliate balances for the period:
Balance, beginning of period	26,916			25,600
Purchase of shares	2,400			2,400
Return of investment	0			0
Income from operating affiliates	1,282			2,598
Balance, end of period	30,598			30,598
Operating affiliates | AlphaCat ILS Funds
Activity in non-consolidated affiliate balances for the period:
Balance, beginning of period	140,239		137,034	137,883	[1]	21,895
Purchase of shares	6,930			8,000
Return of investment	0		0	0		0
Fair value of retained interest on deconsolidation of AlphaCat ILS fund	96,770			96,770		113,455
Income from operating affiliates	2,829		1,988	4,115		3,672
Balance, end of period	$ 246,768	[2]	$ 139,022	$ 246,768	[2]	$ 139,022
[1]	Equity ownership in the funds was 7.9%, 39.7% and 9.1%, respectively as at December 31, 2014
[2]	Equity ownership in the funds was 7.6%, 20.2%, 9.1% and 44.6%, respectively as at June 30, 2015.

Investments in affiliates (Op57

Investments in affiliates (Operating affiliates details) (Details) - Operating affiliates - USD ($) $ in Thousands	Jun. 30, 2015		Mar. 31, 2015	Dec. 31, 2014		Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013
Investment:
Investment at cost	$ 272,935			$ 187,100
Carrying value	284,440		$ 177,350	197,977		$ 172,992	$ 181,759	$ 106,743
AlphaCat Re 2011
Investment:
Investment at cost	$ 4,601			$ 4,606
Voting ownership %	43.70%			43.70%
Equity ownership %	22.30%			22.30%
Carrying value	$ 4,601		4,596	$ 4,606		4,172	4,177	9,809
AlphaCat Re 2012
Investment:
Investment at cost	$ 707			$ 735
Voting ownership %	49.00%			49.00%
Equity ownership %	37.90%			37.90%
Carrying value	$ 707		710	$ 735		2,204	1,277	1,313
AlphaCat 2,013
Investment:
Investment at cost	$ 1,043			$ 1,068
Voting ownership %	40.90%			40.90%
Equity ownership %	19.70%			19.70%
Carrying value	$ 1,043		1,054	$ 1,068		2,580	15,678	51,744
AlphaCat 2,014
Investment:
Investment at cost	$ 723			$ 22,000
Voting ownership %	42.30%			42.30%
Equity ownership %	19.60%			19.60%
Carrying value	$ 723		3,835	$ 28,085		25,014	23,593	21,982
AlphaCat 2,015
Investment:
Investment at cost	$ 28,000			$ 25,600
Voting ownership %	40.00%			40.00%
Equity ownership %	20.00%			20.00%
Carrying value	$ 30,598		26,916	$ 25,600
AlphaCat ILS Funds
Investment:
Investment at cost	237,861	[1]		133,091	[2]
Carrying value	$ 246,768	[1]	$ 140,239	$ 137,883	[2]	$ 139,022	$ 137,034	$ 21,895
[1]	Equity ownership in the funds was 7.6%, 20.2%, 9.1% and 44.6%, respectively as at June 30, 2015.
[2]	Equity ownership in the funds was 7.9%, 39.7% and 9.1%, respectively as at December 31, 2014

Investments in affiliates (Note

Investments in affiliates (Notes payable to operating affiliates) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Schedule of Equity Method Investments [Line Items]
Notes payable to operating affiliates, beginning of period			$ 671,465
Notes payable to operating affiliates, end of period	$ 1,381,313		1,381,313
Variable interest entity, not primary beneficiary
Schedule of Equity Method Investments [Line Items]
Notes payable to operating affiliates, beginning of period	919,684	$ 561,373	671,465	$ 439,272
Notes payable to operating affiliates recognized on deconsolidation of AlphaCat ILS fund	179,316		179,316	178,837
Issuance of notes payable to operating affiliates	533,420	257,301	1,155,284	591,745
Redemption of notes payable to operating affiliates	(255,561)	(196,963)	(621,444)	(588,078)
Foreign exchange (gain) loss	4,454	1,239	(3,308)	1,174
Notes payable to operating affiliates, end of period	1,381,313	622,950	1,381,313	622,950
Variable interest entity, not primary beneficiary | AlphaCat 2013
Schedule of Equity Method Investments [Line Items]
Notes payable to operating affiliates, beginning of period		48,163		223,809
Issuance of notes payable to operating affiliates		0		0
Redemption of notes payable to operating affiliates		(48,163)		(223,512)
Foreign exchange (gain) loss		0		(297)
Notes payable to operating affiliates, end of period		0		0
Variable interest entity, not primary beneficiary | AlphaCat 2014
Schedule of Equity Method Investments [Line Items]
Notes payable to operating affiliates, beginning of period	8,181	149,816	157,384	0
Notes payable to operating affiliates recognized on deconsolidation of AlphaCat ILS fund	0		0
Issuance of notes payable to operating affiliates	0	8,207	0	157,914
Redemption of notes payable to operating affiliates	(8,181)	0	(157,074)	0
Foreign exchange (gain) loss	0	(31)	(310)	78
Notes payable to operating affiliates, end of period	0	157,992	0	157,992
Variable interest entity, not primary beneficiary | AlphaCat 2015
Schedule of Equity Method Investments [Line Items]
Notes payable to operating affiliates, beginning of period	137,294		0
Notes payable to operating affiliates recognized on deconsolidation of AlphaCat ILS fund	0		0
Issuance of notes payable to operating affiliates	8,327		145,867
Redemption of notes payable to operating affiliates	0		0
Foreign exchange (gain) loss	364		118
Notes payable to operating affiliates, end of period	145,985		145,985
Variable interest entity, not primary beneficiary | AlphaCat ILS Funds
Schedule of Equity Method Investments [Line Items]
Notes payable to operating affiliates, beginning of period	774,209	363,394	514,081	215,463
Notes payable to operating affiliates recognized on deconsolidation of AlphaCat ILS fund	179,316		179,316	178,837
Issuance of notes payable to operating affiliates	525,093	249,094	1,009,417	433,831
Redemption of notes payable to operating affiliates	(247,380)	(148,800)	(464,370)	(364,566)
Foreign exchange (gain) loss	4,090	1,270	(3,116)	1,393
Notes payable to operating affiliates, end of period	$ 1,235,328	$ 464,958	$ 1,235,328	$ 464,958

Investments in affiliates (Inco

Investments in affiliates (Income attributable to operating affiliates) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Schedule of Equity Method Investments [Line Items]
(Income) attributable to operating affiliate investors	$ (30,879)	$ (25,316)	$ (54,085)	$ (57,026)
Variable interest entity, not primary beneficiary | AlphaCat 2013
Schedule of Equity Method Investments [Line Items]
(Income) attributable to operating affiliate investors	(1)	(3,644)	0	(14,120)
Variable interest entity, not primary beneficiary | AlphaCat 2014
Schedule of Equity Method Investments [Line Items]
(Income) attributable to operating affiliate investors	(99)	(10,892)	(255)	(21,681)
Variable interest entity, not primary beneficiary | AlphaCat 2015
Schedule of Equity Method Investments [Line Items]
(Income) attributable to operating affiliate investors	(9,811)	0	(18,584)	0
Variable interest entity, not primary beneficiary | AlphaCat ILS Funds
Schedule of Equity Method Investments [Line Items]
(Income) attributable to operating affiliate investors	$ (20,968)	$ (10,780)	$ (35,246)	$ (21,225)

Investments in affiliates (Narr

Investments in affiliates (Narrative) (Details) $ in Thousands	Dec. 29, 2014USD ($)	Nov. 07, 2014USD ($)	Oct. 02, 2014USD ($)	Dec. 20, 2011USD ($)	Jun. 30, 2015USD ($)funds	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)funds	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)funds
Schedule of Equity Method Investments [Line Items]
Variable Funding Notes, Typical Minimum Duration							12 months
Aquiline Financial Services Fund II LP
Schedule of Equity Method Investments [Line Items]
Percentage of Assignor's interest assumed				100.00%
Total capital commitment			$ 10,000	$ 50,000
Investment Time Lag Reporting							3 months
Aquiline Financial Services Fund III LP
Schedule of Equity Method Investments [Line Items]
Total capital commitment		$ 100,000
Investment Time Lag Reporting							3 months
AlphaCat ILS Funds
Schedule of Equity Method Investments [Line Items]
Total capital commitment	$ 20,000
Operating affiliates
Schedule of Equity Method Investments [Line Items]
Fair value of retained interest on deconsolidation of AlphaCat ILS fund					$ 96,770		$ 96,770	$ 113,455
Notes Payable Of Operating Affiliates Portion Due to Company					261,459		261,459		$ 148,264
Income Attributable To Operating Affiliates Portion Due to Company					4,964	$ 5,087	8,408	11,559
Operating affiliates | AlphaCat ILS Funds
Schedule of Equity Method Investments [Line Items]
Fair value of retained interest on deconsolidation of AlphaCat ILS fund					96,770		96,770	113,455
Deconsolidation, Gain (Loss), Amount							(1,777)	1,372
As investor in third party economic interests
Schedule of Equity Method Investments [Line Items]
Notes Payable Of Operating Affiliates Portion Due to Company					1,119,854		1,119,854		$ 523,201
Income Attributable To Operating Affiliates Portion Due to Company					25,915	$ 20,229	45,677	$ 45,467
Variable Interest Entity, Primary Beneficiary [Member] | AlphaCat ILS Funds
Schedule of Equity Method Investments [Line Items]
Number of Consolidated Funds | funds										2
Third party subscriptions					$ 40,000		$ 40,000			$ 35,000
Variable Interest Entity, Primary Beneficiary [Member] | BetaCat ILS Funds
Schedule of Equity Method Investments [Line Items]
Number of Consolidated Funds | funds					1		1
Variable Interest Entity, Primary Beneficiary [Member] | Operating affiliates | Fund A
Schedule of Equity Method Investments [Line Items]
Equity ownership %					7.60%		7.60%		7.90%
Variable Interest Entity, Primary Beneficiary [Member] | Operating affiliates | Fund B
Schedule of Equity Method Investments [Line Items]
Equity ownership %					20.20%		20.20%		39.70%
Variable Interest Entity, Primary Beneficiary [Member] | Operating affiliates | Fund C
Schedule of Equity Method Investments [Line Items]
Equity ownership %					9.10%		9.10%		9.10%
Variable Interest Entity, Primary Beneficiary [Member] | Operating affiliates | Fund D
Schedule of Equity Method Investments [Line Items]
Equity ownership %					44.60%		44.60%

Noncontrolling interest (Detail

Noncontrolling interest (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)funds	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)funds	Jun. 30, 2014USD ($)
Redeemable noncontrolling interest and noncontrolling interest, rollforward:
Redeemable noncontrolling interest and noncontrolling interest, beginning of period	$ 593,228	$ 549,324	$ 538,551	$ 584,169
Issuance of shares	40,000	57,000	55,700	57,000
Income (loss) attributable to noncontrolling interest	17,644	35,305	56,621	78,814
Adjustment to noncontrolling interest as a result of deconsolidation	(121,387)		(121,387)	(78,354)
Redemption of shares	(19,395)		(19,395)
Redeemable noncontrolling interest and noncontrolling interest, end of period	$ 510,090	641,629	$ 510,090	641,629
PaCRe funds
Noncontrolling Interest [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	10.00%		10.00%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	90.00%		90.00%
Other Investments Number Of Funds | funds	5		5
AlphaCat ILS Funds
Noncontrolling Interest [Line Items]
Other Investments Number Of Funds | funds	1		1
Redeemable noncontrolling interest
Redeemable noncontrolling interest and noncontrolling interest, rollforward:
Redeemable noncontrolling interest and noncontrolling interest, beginning of period	$ 98,777	8,390	$ 79,956	86,512
Issuance of shares	40,000	57,000	55,700	57,000
Income (loss) attributable to noncontrolling interest	2,005	892	5,126	1,124
Adjustment to noncontrolling interest as a result of deconsolidation	(121,387)		(121,387)	(78,354)
Redemption of shares	(19,395)		(19,395)
Redeemable noncontrolling interest and noncontrolling interest, end of period	0	66,282	0	66,282
Noncontrolling interest
Redeemable noncontrolling interest and noncontrolling interest, rollforward:
Redeemable noncontrolling interest and noncontrolling interest, beginning of period	494,451	540,934	458,595	497,657
Issuance of shares	0	0	0	0
Income (loss) attributable to noncontrolling interest	15,639	34,413	51,495	77,690
Adjustment to noncontrolling interest as a result of deconsolidation	0		0	0
Redemption of shares	0		0
Redeemable noncontrolling interest and noncontrolling interest, end of period	$ 510,090	$ 575,347	$ 510,090	$ 575,347

Derivative instruments (Amount

Derivative instruments (Amount and balance sheet location) (Details) $ in Thousands		Jun. 30, 2015USD ($)derivatives	Dec. 31, 2014USD ($)
Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Derivative, Number of Instruments Held | derivatives		1
Not designated as hedging instruments | Foreign exchange contracts
Summary of amount of derivatives designated as hedging instruments
Net Notional Exposure		$ 22,039	$ 26,755
Not designated as hedging instruments | Foreign exchange contracts | Other assets
Summary of amount of derivatives designated as hedging instruments
Asset Derivative at Fair Value	[1]	0	1,685
Not designated as hedging instruments | Foreign exchange contracts | Accounts payable and accrued expenses
Summary of amount of derivatives designated as hedging instruments
Liability Derivative at Fair Value	[1]	1,064	0
Designated as hedging instruments | Foreign exchange contracts
Summary of amount of derivatives designated as hedging instruments
Net Notional Exposure		198,775	189,026
Designated as hedging instruments | Foreign exchange contracts | Other assets
Summary of amount of derivatives designated as hedging instruments
Asset Derivative at Fair Value	[2]	1,966	401
Designated as hedging instruments | Foreign exchange contracts | Accounts payable and accrued expenses
Summary of amount of derivatives designated as hedging instruments
Liability Derivative at Fair Value	[2]	9,550	3,136
Designated as hedging instruments | Interest rate swap contracts
Summary of amount of derivatives designated as hedging instruments
Net Notional Exposure		552,263	552,263
Designated as hedging instruments | Interest rate swap contracts | Other assets
Summary of amount of derivatives designated as hedging instruments
Asset Derivative at Fair Value	[2]	21	25
Designated as hedging instruments | Interest rate swap contracts | Accounts payable and accrued expenses
Summary of amount of derivatives designated as hedging instruments
Liability Derivative at Fair Value	[2]	$ 1,522	$ 1,169
Junior Subordinated Deferrable Debentures | Interest rate swap contracts
Derivatives, Fair Value [Line Items]
Derivative, Number of Instruments Held | derivatives		2
Flagstone Junior Subordinated Deferrable Debentures | Interest rate swap contracts
Derivatives, Fair Value [Line Items]
Derivative, Number of Instruments Held | derivatives		3
Flagstone Junior Subordinated Deferrable Debentures | Cross-currency interest rate swap
Derivatives, Fair Value [Line Items]
Derivative, Number of Instruments Held | derivatives		1
[1]	Asset and liability derivatives are classified within other assets and accounts payable and accrued expenses respectively on the Consolidated Balance Sheets. The net impact on earnings during the three and six months ended June 30, 2015, recognized in income within other income, relating to the foreign currency forward contract that was not designated as a hedging instrument was $(128) and $(127), respectively (2014: $nil and $nil).
[2]	Asset and liability derivatives are classified within other assets and accounts payable and accrued expenses, respectively on the Consolidated Balance Sheets.

Derivative instruments (Amoun63

Derivative instruments (Amount included in statement of operations) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Not designated as hedging instruments | Foreign exchange contracts | Other Income [Member]
Derivatives designated as fair value hedges and related hedged item
Amount of gain (loss) recognized in income on derivative	$ (128)	$ 0	$ (127)	$ 0
Designated as hedging instruments | Fair value hedge | Foreign exchange contracts | Foreign exchange gains (losses)
Derivatives designated as fair value hedges and related hedged item
Amount of gain (loss) recognized in income on derivative	(7,677)	1,535	(17,790)	4,838
Amount of (loss) gain on hedged item recognized in income attributable to risk being hedged	7,677	(1,535)	$ 17,790	(4,838)
Amount of gain (loss) recognized in income on derivative (ineffective portion)	0	0		0
Designated as hedging instruments | Cash flow hedge | Interest rate swap contracts
Derivative instruments designated as a cash flow hedge
Amount of ineffective portion excluded from effectiveness testing	390	0	$ (411)	0
Designated as hedging instruments | Cash flow hedge | Interest rate swap contracts | Other comprehensive income
Derivative instruments designated as a cash flow hedge
Amount of effective portion recognized in other comprehensive income	2,846	3,252	6,886	6,460
Designated as hedging instruments | Cash flow hedge | Interest rate swap contracts | Finance expenses
Derivative instruments designated as a cash flow hedge
Amount of effective portion subsequently reclassified to earnings	$ (3,236)	$ (3,252)	$ (6,475)	$ (6,460)

Reserve for losses and loss e64

Reserve for losses and loss expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Reserve for paid losses and unpaid loss expenses
Reserve for losses and loss expenses, beginning of period	$ 3,199,362	$ 2,925,059	$ 3,234,394	$ 3,030,399
Losses and loss expenses recoverable, beginning of period	(375,882)	(348,407)	(377,466)	(370,154)
Net reserves for losses and loss expenses, beginning of period	2,823,480	2,576,652	2,856,928	2,660,245
Increase (decrease) in net losses and loss expenses incurred in respect of losses occurring in:
Current year	336,864	231,401	661,352	433,487
Prior years	(70,718)	(72,656)	(154,277)	(112,071)
Total incurred losses and loss expenses	266,146	158,745	507,075	321,416
Less net losses and loss expenses paid in respect of losses occurring in:
Current year	(28,965)	(16,741)	(42,065)	(24,708)
Prior years	(256,990)	(199,236)	(492,993)	(449,351)
Total net paid losses	(285,955)	(215,977)	(535,058)	(474,059)
Foreign exchange loss (gain)	6,841	9,153	(18,433)	20,971
Net reserve for losses and loss expenses, end of period	2,810,512	2,528,573	2,810,512	2,528,573
Losses and loss expenses recoverable, end of period	376,665	338,734	376,665	338,734
Reserve for losses and loss expenses, end of period	3,187,177	2,867,307	3,187,177	2,867,307
Components of incurred losses and loss expenses
Gross losses and loss expenses	303,771	182,780	568,567	364,755
Reinsurance recoverable	(37,625)	(24,035)	(61,492)	(43,339)
Net incurred losses and loss expenses	$ 266,146	$ 158,745	$ 507,075	$ 321,416

Reserve for losses and loss e65

Reserve for losses and loss expenses - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Prior Year Claims and Claims Adjustment Expense	$ (70,718)	$ (72,656)	$ (154,277)	$ (112,071)
Validus Re Segment
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Prior Year Claims and Claims Adjustment Expense	(30,879)	(26,668)	(55,575)	(36,696)
Talbot Segment
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Prior Year Claims and Claims Adjustment Expense	$ (35,586)	$ (42,240)	$ (87,273)	$ (63,767)

Reinsurance (Details)

Reinsurance (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 416,863	$ 415,544
Percentage of reinsurance recoverables	100.00%	100.00%
Reinsurance (Textuals) [Abstract]
Incurred but not reported recoverable	$ 244,756	$ 231,129
Provision for uncollectible reinsurance relating to losses recoverable	$ 4,840	$ 4,755
A- or better
Ceded Credit Risk [Line Items]
Percentage of reinsurance recoverables	98.50%	98.00%
Top 10 reinsurers
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 340,154	$ 312,205
Percentage of reinsurance recoverables	81.60%	75.10%
Top 10 reinsurers | Swiss Re | AA-
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 77,525	$ 70,848
Percentage of reinsurance recoverables	18.60%	17.00%
Top 10 reinsurers | Lloyds Syndicates | A plus
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 76,778	$ 62,318
Percentage of reinsurance recoverables	18.40%	15.00%
Top 10 reinsurers | Everest Re | A plus
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 51,255	$ 51,425
Percentage of reinsurance recoverables	12.30%	12.40%
Top 10 reinsurers | Hannover Re | AA-
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 43,188	$ 40,927
Percentage of reinsurance recoverables	10.40%	9.80%
Top 10 reinsurers | Fully Collateralized | NR
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 31,328	$ 23,315
Percentage of reinsurance recoverables	7.50%	5.60%
Top 10 reinsurers | Munich Re | AA-
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 20,463	$ 19,384
Percentage of reinsurance recoverables	4.90%	4.70%
Top 10 reinsurers | Transatlantic Re | A plus
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 13,117	$ 12,418
Percentage of reinsurance recoverables	3.10%	3.00%
Top 10 reinsurers | Hamilton Re | A-
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 9,630
Percentage of reinsurance recoverables	2.30%
Top 10 reinsurers | XL Re | A plus
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 9,056	$ 11,114
Percentage of reinsurance recoverables	2.20%	2.70%
Top 10 reinsurers | Helvetia | A
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 7,814
Percentage of reinsurance recoverables	1.90%
Top 10 reinsurers | Berkshire Hathaway Homestate | AA plus
Ceded Credit Risk [Line Items]
Reinsurance recoverable		$ 10,372
Percentage of reinsurance recoverables		2.50%
Top 10 reinsurers | Merrimack Mutual Fire Insurance | A plus
Ceded Credit Risk [Line Items]
Reinsurance recoverable		$ 10,084
Percentage of reinsurance recoverables		2.40%
Other reinsurers' balances greater than $1 million
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 67,525	$ 94,247
Percentage of reinsurance recoverables	16.20%	22.70%
Other reinsurers' balances less than $1 million
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 9,184	$ 9,092
Percentage of reinsurance recoverables	2.20%	2.20%

Share capital (Details)

Share capital (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 03, 2015	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Share Capital (Narrative)
Common shares, shares authorized		571,428,571				571,428,571		571,428,571
Common shares, par value		$ 0.175				$ 0.175		$ 0.175
Common stock voting rights						one vote per share
Restriction on percentage of voting power						9.09%
Share repurchases
Common share repurchase authorization	$ 750,000
Share repurchase program, cumulative shares repurchased						73,444,835
Shares repurchased, cumulative	$ 2,274,401					$ 2,374,524
Remaining share repurchase authorization amount		$ 649,877				$ 649,877
Cash dividends declared per share		$ 0.32		$ 0.3		$ 0.64	$ 0.6
Summary of common shares issued and outstanding
Common shares issued, beginning balance			155,554,224		154,488,497	155,554,224	154,488,497
Options exercised (in shares)						728,489	95,019
Direct issuance of common stock (in shares)						639	713
Common shares issued, ending balance		158,379,505		155,205,796		158,379,505	155,205,796
Treasury shares, ending balance		(75,083,710)		(63,810,857)		(75,083,710)	(63,810,857)
Common shares outstanding, ending balance		83,295,795		91,394,939		83,295,795	91,394,939
Common shares
Share repurchases
Cash dividends declared per share			$ 0.32		$ 0.30	$ 0.32	$ 0.30
Summary of common shares issued and outstanding
Warrants exercised (in shares)						1,461,715
Common share equivalents
Share repurchases
Cash dividends declared per share			$ 0.32			$ 0.32
Warrants
Share repurchases
Number of warrants exercised during period						1,796,793	0
Number of outstanding warrants		3,377,320				3,377,320		5,174,114
Restricted share awards
Summary of common shares issued and outstanding
Vested, net of shares withheld						609,654	585,535
Restricted share units
Summary of common shares issued and outstanding
Vested, net of shares withheld						13,260	10,265
Performance shares
Summary of common shares issued and outstanding
Vested, net of shares withheld						11,524	25,767

Stock plans (Options activity)

Stock plans (Options activity) (Details) - $ / shares	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Options activities:
Options outstanding, beginning balance (in shares)	1,160,057	1,572,713
Options exercised during period (in shares)	(1,040,680)	(95,019)
Options outstanding, ending balance (in shares)	119,377	1,477,694
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, beginning balance (in dollars per share)	$ 7.12	$ 6.66
Weighted average grant date fair value, options exercised (in dollars per share)	7.26	4.41
Weighted average grant date fair value, ending balance (in dollars per share)	5.94	6.81
Weighted Average Grant Date Exercise Price
Weighted average grant date exercise price, beginning balance (in dollars per share)	17.74	18.88
Weighted average grant date exercise price, options exercised (in dollars per share)	16.86	24.99
Weighted average grant date exercise price, ending balance (in dollars per share)	$ 25.46	$ 18.48

Stock plans (Other awards activ

Stock plans (Other awards activity) (Details) - $ / shares	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Restricted share awards
Activities
Beginning balance (in shares)	2,858,711	2,684,745
Granted (in shares)	670,432	920,496
Vested (in shares)	(781,704)	(753,071)
Forfeited (in shares)	(51,818)	(24,632)
Ending balance (in shares)	2,695,621	2,827,538
Weighted average grant date fair value
Weighted average grant date fair value, beginning balance (in dollars per share)	$ 35.81	$ 33.74
Weighted average grant date fair value, granted (in dollars per share)	43.55	37.32
Weighted average grant date fair value, vested (in dollars per share)	34.42	31.61
Weighted average grant date fair value, forfeited (in dollars per share)	38.04	34.53
Weighted average grant date fair value, ending balance (in dollars per share)	$ 38.09	$ 35.46
Restricted share units
Activities
Beginning balance (in shares)	103,484	66,518
Granted (in shares)	28,057	8,132
Vested (in shares)	(19,455)	(18,325)
Issued in lieu of cash dividends (in shares)	1,517	1,029
Forfeited (in shares)	(892)
Ending balance (in shares)	112,711	57,354
Weighted average grant date fair value
Weighted average grant date fair value, beginning balance (in dollars per share)	$ 36.54	$ 33.74
Weighted average grant date fair value, granted (in dollars per share)	42.91	37.33
Weighted average grant date fair value, vested (in dollars per share)	34.58	30.71
Weighted average grant date fair value, issued in lieu of cash dividends (in dollars per share)	36.53	33.74
Weighted average grant date fair value, forfeited (in dollars per share)	35.42
Weighted average grant date fair value, ending balance (in dollars per share)	$ 38.47	$ 35.22
Performance shares
Activities
Beginning balance (in shares)	106,369	101,820
Granted (in shares)	81,569	52,639
Vested (in shares)	(15,344)	(32,746)
Conversion adjustment (in shares)		(15,344)
Ending balance (in shares)	172,594	106,369
Weighted average grant date fair value
Weighted average grant date fair value, beginning balance (in dollars per share)	$ 36.03	$ 33.56
Weighted average grant date fair value, granted (in dollars per share)	45.03	37.33
Weighted average grant date fair value, vested (in dollars per share)	31.38	32.62
Weighted average grant date fair value, conversion adjustment (in dollars per share)		31.38
Weighted average grant date fair value, ending balance (in dollars per share)	$ 40.70	$ 36.03

Stock plans (Components of shar

Stock plans (Components of share compensation expenses) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Total share compensation expenses
Share compensation expenses	$ 9,242	$ 8,341	$ 18,296	$ 15,488
Restricted share awards
Total share compensation expenses
Share compensation expenses	8,653	7,920	17,132	14,921
Restricted share units
Total share compensation expenses
Share compensation expenses	279	167	541	333
Performance shares
Total share compensation expenses
Share compensation expenses	$ 310	$ 254	$ 623	$ 234

Stock plans (Narrative) (Detail

Stock plans (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Stock plans (other details)
Number of shares reserved for issuance under the LTIP and STIP	14,976,896		14,976,896
Remaining number of shares reserved for issuance	2,024,427		2,024,427
Share compensation expenses	$ 9,242	$ 8,341	$ 18,296	$ 15,488
Options
Stock plans (other details)
Life of options			10 years
Share compensation expenses	0		$ 0	0
Unrecognized share compensation expenses	0		0		$ 0
Restricted share awards
Stock plans (other details)
Share compensation expenses	8,653	7,920	17,132	14,921
Unrecognized share compensation expenses	84,397		$ 84,397		$ 74,670
Weighted average period of recognizing share based compensation expenses			2 years 9 months 21 days		2 years 8 months 12 days
Restricted share units
Stock plans (other details)
Share compensation expenses	279	167	$ 541	333
Unrecognized share compensation expenses	3,380		$ 3,380		$ 2,774
Weighted average period of recognizing share based compensation expenses			3 years 14 days		3 years 1 month 6 days
Performance shares
Stock plans (other details)
Share compensation expenses	310	$ 254	$ 623	$ 234
Unrecognized share compensation expenses	$ 5,108		$ 5,108		$ 2,232
Weighted average period of recognizing share based compensation expenses			2 years 6 months 10 days		2 years 1 month 6 days
Performance share awards performance period			3 years

Debt and financing arrangemen72

Debt and financing arrangements (Schedule of finance structure) (Details) - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Debt Instruments [Line Items]
Debt instrument, commitment		$ 848,232	$ 849,477
Debt instrument, issued and outstanding	[1]	788,032	789,277
Debt instrument, drawn		785,392	786,583
Credit facility, commitment		1,265,000	1,605,000
Credit facility, issued and outstanding	[1]	542,136	561,684
Total debt and financing arrangements, commitment		2,113,232	2,454,477
Total debt and financing arrangements, issued and outstanding	[1]	1,330,168	1,350,961
$400,000 syndicated unsecured letter of credit facility
Debt Instruments [Line Items]
Credit facility, commitment		400,000	400,000
Credit facility, issued and outstanding	[1]	0	0
$525,000 syndicated secured letter of credit facility
Debt Instruments [Line Items]
Credit facility, commitment		525,000	525,000
Credit facility, issued and outstanding	[1]	260,137	276,455
Secured bi-lateral letter of credit facility
Debt Instruments [Line Items]
Credit facility, commitment		30,000	200,000
Credit facility, issued and outstanding	[1]	11,139	15,649
Talbot FAL facility
Debt Instruments [Line Items]
Credit facility, commitment		25,000	25,000
Credit facility, issued and outstanding	[1]	25,000	25,000
PaCRe senior secured letter of credit facility
Debt Instruments [Line Items]
Credit facility, commitment			10,000
Credit facility, issued and outstanding	[1]	0	294
AlphaCat Re secured letter of credit facility
Debt Instruments [Line Items]
Credit facility, commitment		30,000	30,000	$ 24,800
Credit facility, issued and outstanding	[1]	30,000	30,000
IPC bi-lateral facility
Debt Instruments [Line Items]
Credit facility, commitment		25,000	40,000
Credit facility, issued and outstanding	[1]	11,027	15,897
Flagstone bi-lateral facility
Debt Instruments [Line Items]
Credit facility, commitment		230,000	375,000
Credit facility, issued and outstanding	[1]	204,833	198,389
Total debentures payable
Debt Instruments [Line Items]
Debt instrument, commitment		598,232	599,477
Debt instrument, issued and outstanding	[1]	538,032	539,277
Debt instrument, drawn		538,032	539,277
2006 Junior Subordinated Deferrable Debentures
Debt Instruments [Line Items]
Debt instrument, commitment		150,000	150,000
Debt instrument, issued and outstanding	[1]	150,000	150,000
Debt instrument, drawn		150,000	150,000
2007 Junior Subordinated Deferrable Debentures
Debt Instruments [Line Items]
Debt instrument, commitment		200,000	200,000
Debt instrument, issued and outstanding	[1]	139,800	139,800
Debt instrument, drawn		139,800	139,800
Flagstone 2006 Junior Subordinated Deferrable Debentures
Debt Instruments [Line Items]
Debt instrument, commitment		134,482	135,727
Debt instrument, issued and outstanding	[1]	134,482	135,727
Debt instrument, drawn		134,482	135,727
Flagstone 2007 Junior Subordinated Deferrable Debentures
Debt Instruments [Line Items]
Debt instrument, commitment		113,750	113,750
Debt instrument, issued and outstanding	[1]	113,750	113,750
Debt instrument, drawn		113,750	113,750
2010 Senior Notes Due 2040
Debt Instruments [Line Items]
Debt instrument, commitment		250,000	250,000
Debt instrument, issued and outstanding	[1]	250,000	250,000
Debt instrument, drawn		$ 247,360	$ 247,306
[1]	Indicates utilization of commitment amount, not necessarily drawn borrowings.

Debt and financing arrangemen73

Debt and financing arrangements (Summary of notes and debentures) (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2015	Dec. 31, 2014
Debt Instruments [Line Items]
Commitment		$ 848,232	$ 849,477
2006 Junior Subordinated Deferrable Debentures
Debt Instruments [Line Items]
Commitment		150,000	150,000
Flagstone 2006 Junior Subordinated Deferrable Interest Notes
Debt Instruments [Line Items]
Commitment		134,482	135,727
2007 Junior Subordinated Deferrable Debentures
Debt Instruments [Line Items]
Commitment		200,000	200,000
2010 Senior Notes Due 2040
Debt Instruments [Line Items]
Commitment		$ 250,000	$ 250,000
At Issuance | 2006 Junior Subordinated Deferrable Debentures
Debt Instruments [Line Items]
Issuance date		Jun. 15, 2006
Commitment		$ 150,000
Maturity date		Jun. 15, 2036
Fixed interest rate (in percent)	[1]	9.069%
Interest payments due		Quarterly
At Issuance | Flagstone 2006 Junior Subordinated Deferrable Interest Notes
Debt Instruments [Line Items]
Issuance date		Aug. 23, 2006
Commitment		$ 134,482
Maturity date		Sep. 15, 2036
Interest payments due		Quarterly
At Issuance | Flagstone 2006 Junior Subordinated Deferrable Interest Notes | Three month LIBOR
Debt Instruments [Line Items]
Spread on variable rate (in percent)	[2]	3.54%
At Issuance | 2007 Junior Subordinated Deferrable Debentures
Debt Instruments [Line Items]
Issuance date		Jun. 21, 2007
Commitment		$ 200,000
Maturity date		Jun. 15, 2037
Fixed interest rate (in percent)	[1]	8.48%
Interest payments due		Quarterly
At Issuance | Flagstone 2007 Due July 30 2037
Debt Instruments [Line Items]
Issuance date		Jun. 8, 2007
Commitment		$ 88,750
Maturity date		Jul. 30, 2037
Interest payments due		Quarterly
At Issuance | Flagstone 2007 Due July 30 2037 | Three month LIBOR
Debt Instruments [Line Items]
Spread on variable rate (in percent)	[2]	3.00%
At Issuance | Flagstone 2007 Debt Due September 15 2037
Debt Instruments [Line Items]
Issuance date		Sep. 20, 2007
Commitment		$ 25,000
Maturity date		Sep. 15, 2037
Interest payments due		Quarterly
At Issuance | Flagstone 2007 Debt Due September 15 2037 | Three month LIBOR
Debt Instruments [Line Items]
Spread on variable rate (in percent)	[2]	3.10%
At Issuance | 2010 Senior Notes Due 2040
Debt Instruments [Line Items]
Issuance date		Jan. 26, 2010
Commitment		$ 250,000
Maturity date		Jan. 26, 2040
Fixed interest rate (in percent)	[1]	8.875%
Interest payments due		Semi-annually in arrears
Outstanding | 2006 Junior Subordinated Deferrable Debentures
Debt Instruments [Line Items]
Issuance date		Jun. 15, 2006
Commitment		$ 150,000
Maturity date		Jun. 15, 2036
Effective percentage	[3]	5.831%
Interest payments due		Quarterly
Outstanding | Flagstone 2006 Junior Subordinated Deferrable Interest Notes
Debt Instruments [Line Items]
Issuance date		Aug. 23, 2006
Commitment		$ 134,482
Maturity date		Sep. 15, 2036
Effective percentage	[3]	6.463%
Interest payments due		Quarterly
Outstanding | 2007 Junior Subordinated Deferrable Debentures
Debt Instruments [Line Items]
Issuance date		Jun. 21, 2007
Commitment		$ 200,000
Maturity date		Jun. 15, 2037
Effective percentage	[3]	5.18%
Interest payments due		Quarterly
Outstanding | Flagstone 2007 Due July 30 2037
Debt Instruments [Line Items]
Issuance date		Jun. 8, 2007
Commitment		$ 88,750
Maturity date		Jul. 30, 2037
Effective percentage	[3]	5.90%
Interest payments due		Quarterly
Outstanding | Flagstone 2007 Debt Due September 15 2037
Debt Instruments [Line Items]
Issuance date		Sep. 20, 2007
Commitment		$ 25,000
Maturity date		Sep. 15, 2037
Effective percentage	[3]	5.983%
Interest payments due		Quarterly
Outstanding | 2010 Senior Notes Due 2040
Debt Instruments [Line Items]
Issuance date		Jan. 26, 2010
Commitment		$ 250,000
Maturity date		Jan. 26, 2040
Fixed interest rate (in percent)	[1]	8.875%
Interest payments due		Semi-annually in arrears
[1]	Fixed interest rate.
[2]	Variable interest rate is the three-month LIBOR, reset quarterly, plus spread as noted in the table.
[3]	Interest rate has been fixed as a result of interest rate swap contracts entered into by the Company.

Debt and financing arrangemen74

Debt and financing arrangements (Components of finance expenses) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Debt Instruments [Line Items]
Finance expenses		$ 17,735	$ 16,126	$ 37,587	$ 32,026
Credit facilities
Debt Instruments [Line Items]
Finance expenses		1,193	1,371	2,900	2,930
Bank charges
Debt Instruments [Line Items]
Finance expenses		163	102	261	215
AlphaCat ILS fund fees
Debt Instruments [Line Items]
Finance expenses	[1]	2,680	969	7,108	1,646
Talbot FAL facility
Debt Instruments [Line Items]
Finance expenses		43	19	93	4
2006 Junior Subordinated Deferrable Debentures
Debt Instruments [Line Items]
Finance expenses		2,211	2,211	4,398	4,398
2007 Junior Subordinated Deferrable Debentures
Debt Instruments [Line Items]
Finance expenses		1,835	1,835	3,644	3,644
Flagstone 2006 Junior Subordinated Deferrable Debentures
Debt Instruments [Line Items]
Finance expenses		2,243	2,244	4,461	4,467
Flagstone 2007 Junior Subordinated Deferrable Debentures
Debt Instruments [Line Items]
Finance expenses		1,770	1,778	3,528	3,528
2010 Senior Notes Due 2040
Debt Instruments [Line Items]
Finance expenses		$ 5,597	$ 5,597	$ 11,194	$ 11,194
[1]	Includes finance expenses incurred by AlphaCat Managers, Ltd. in relation to fund raising for the AlphaCat ILS funds, AlphaCat 2015, AlphaCat 2014 and AlphaCat 2013.

Debt and financing arrangemen75

Debt and financing arrangements (Narrative) (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Senior Notes and Junior Debentures
Long-term Debt		$ 538,032	$ 539,277
Credit Facilities
Credit facility, commitment		1,265,000	1,605,000
Credit facility, issued and outstanding	[1]	542,136	561,684
Credit Facilities
Credit Facilities
Minimum level of consolidated net worth		$ 2,600,000
Percent of consolidated net income quarterly increase under covenant		50.00%
Percent of any net proceeds from issuance of common shares		50.00%
Ratio consolidated total debt to net worth under covenant		0.35:1.00
Four-year syndicated unsecured credit facility
Credit Facilities
Credit facility, commitment		$ 400,000	400,000
Line of credit facility initiation date		Mar. 9, 2012
Letter of credit facility period		4 years
Aggregate commitments, maximum		$ 500,000
Credit facility, issued and outstanding	[1]	0	0
Four-year syndicated secured credit facility
Credit Facilities
Credit facility, commitment		$ 525,000	525,000
Line of credit facility initiation date		Mar. 9, 2012
Letter of credit facility period		4 years
Aggregate commitments, maximum		$ 700,000
Credit facility, issued and outstanding	[1]	260,137	276,455
Talbot FAL Facility
Credit Facilities
Credit facility, commitment		25,000	25,000
Credit facility, issued and outstanding	[1]	25,000	25,000
Minimum level of consolidated net worth		$ 3,225,727
Percent of consolidated net income quarterly increase under covenant		50.00%
Percent of any net proceeds from issuance of common shares		50.00%
Ratio consolidated total debt to net worth under covenant		0.35:1.00
Minimum Level of Funds at Lloyds		$ 300,000
IPC bi-lateral facility
Credit Facilities
Credit facility, commitment		25,000	40,000
Credit facility, issued and outstanding	[1]	11,027	15,897
Secured bi-lateral letter of credit facility
Credit Facilities
Credit facility, commitment		30,000	200,000
Credit facility, issued and outstanding	[1]	11,139	15,649
PaCRe senior secured letter of credit facility
Credit Facilities
Credit facility, commitment			10,000
Credit facility, issued and outstanding	[1]	0	294
AlphaCat Re secured letter of credit facility
Credit Facilities
Credit facility, commitment		30,000	30,000	$ 24,800
Credit facility, issued and outstanding	[1]	30,000	30,000
Flagstone bi-lateral facility
Credit Facilities
Credit facility, commitment		230,000	375,000
Credit facility, issued and outstanding	[1]	204,833	$ 198,389
2010 Senior Notes Due 2040
Senior Notes and Junior Debentures
Long-term Debt		$ 250,000
2010 Senior Notes Due 2040 | Maximum
Senior Notes and Junior Debentures
Debt Instrument Redemption Required Notice Period		60 days
2010 Senior Notes Due 2040 | Minimum
Senior Notes and Junior Debentures
Debt Instrument Redemption Required Notice Period		30 days
Junior subordinated deeferrable debentures
Senior Notes and Junior Debentures
Long-term Debt		$ 538,032
Debt Instrument Redemption Period Duration		5 years
[1]	Indicates utilization of commitment amount, not necessarily drawn borrowings.

Accumulated other comprehensi76

Accumulated other comprehensive loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	$ (12,641)	$ (155)	$ (8,556)	$ (617)
Net current period other comprehensive (loss) income, net of tax	3,575	2,615		3,077
Balance, end of period	(9,066)	2,460	(9,066)	2,460
Foreign currency items
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	(11,137)	(155)	(8,118)	(617)
Net current period other comprehensive (loss) income, net of tax	2,763	2,615	(256)	3,077
Balance, end of period	(8,374)	$ 2,460	(8,374)	$ 2,460
Decrease in minimum pension liability
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	(475)		(210)
Net current period other comprehensive (loss) income, net of tax	422		157
Balance, end of period	(53)		(53)
Losses on cash flow hedge
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	(1,029)		(228)
Net current period other comprehensive (loss) income, net of tax	390		(411)
Balance, end of period	$ (639)		$ (639)

Commitments and contingencies77

Commitments and contingencies (Investment portfolio) (Details) - Jun. 30, 2015 - Concentrations of credit risk	Total
Concentrations Of Credit Risk [Abstract]
Percent of investment portfolio with a credit rating below the minimum required credit rating of Baa3/BBB-	9.10%
Investment portfolio excluding government and agency securities
Concentrations Of Credit Risk [Abstract]
Maximum aggregate exposure to single issuer, allowed	3.50%
Aggregate exposure to single issuer, actual	0.70%
Bank loan portfolio
Concentrations Of Credit Risk [Abstract]
Total investment portfolio, fair value	7.30%
Investment portfolio excluding bank loans
Concentrations Of Credit Risk [Abstract]
Maximum exposure to risk assets, allowed	35.00%
Holding in aggregate market value permitted with written pre-authorization	10.00%

Commitments and contingencies78

Commitments and contingencies (Lloyd's syndicate) (Details) £ in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2015GBP (£)	Dec. 31, 2014USD ($)
Components Of Required Capital [Abstract]
Talbot FAL facility	$ 1,265,000		$ 1,605,000
Lloyd's Syndicate 1183
Funds at Lloyd's and Lloyd's Central Fund
Maximum premium levies assessable, percent	3.00%	3.00%
Estimated underwriting capacity | £		£ 625,000
Exchange rate	£1 equals $1.57	£1 equals $1.57
Maximum premium levies assessable, amount	$ 29,438
2015 Underwriting year | Lloyd's Syndicate 1183
Components Of Required Capital [Abstract]
Talbot FAL facility	25,000
Group funds	570,100
Total	595,100
2014 Underwriting year | Lloyd's Syndicate 1183
Components Of Required Capital [Abstract]
Talbot FAL facility	25,000
Group funds	450,000
Total	$ 475,000

Commitments and contingencies79

Commitments and contingencies (Aquiline commitment) (Details) - USD ($) $ in Thousands	Dec. 29, 2014	Nov. 07, 2014	Oct. 02, 2014	Jun. 30, 2015	Dec. 31, 2014
Aquiline Capital Partners II GP Offshore Ltd
Related Party Transaction [Line Items]
Total capital commitment				$ 50,000
Remaining capital commitment				142	$ 7,500
Western World | Aquiline Capital Partners II GP Offshore Ltd
Related Party Transaction [Line Items]
Total capital commitment			$ 10,000
Remaining capital commitment				0	1,499
Aquiline Financial Services Fund III LP
Related Party Transaction [Line Items]
Total capital commitment		$ 100,000
Remaining capital commitment				85,862	100,000
AlphaCat 2,015
Related Party Transaction [Line Items]
Total capital commitment	$ 28,000
Remaining capital commitment				0	2,400
AlphaCat ILS Funds
Related Party Transaction [Line Items]
Total capital commitment	$ 20,000
Remaining capital commitment				$ 0	$ 8,000

Commitments and contingencies80

Commitments and contingencies (Other investment commitments) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fixed maturity commitment
Other Commitments [Line Items]
Remaining commitment	$ 20,272	$ 7,539
Investment commitment
Other Commitments [Line Items]
Capital commitment	153,000	153,000
Remaining commitment	$ 78,732	$ 83,712

Commitments and contingencies M

Commitments and contingencies Multi-Beneficiary Reinsurance Trust ("MBRT") (Details)	Jun. 30, 2015jurisdiction
Number of approved jurisdictions [Line Items]
Number of approved jurisdictions	41

Related party transactions (Det

Related party transactions (Details) $ in Thousands	Nov. 07, 2014USD ($)	Oct. 02, 2014USD ($)	Dec. 20, 2011USD ($)	Jun. 30, 2015USD ($)shares	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)Employeeshares	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Aquiline Capital Partners LLC
Related Party Transaction [Line Items]
Warrants to purchase shares | shares				2,756,088		2,756,088
Related parties number of employees | Employee						2
Group Ark Insurance Holdings Ltd
Related Party Transaction [Line Items]
Gross premiums written				$ 526	$ 1,694	$ 2,396	$ 3,067
Premiums receivable				1,945		1,945		$ 335
Reinsurance premiums ceded				(28)	0	1	0
Reinsurance balances payable				4		4		4
Loss reserves recoverable				1,089		1,089		1,063
Earned premium adjustments				534	642	1,317	2,083
Conning Inc
Related Party Transaction [Line Items]
Investment management fees				120	170	405	226
Accounts payable and accrued expenses				482		482		515
Aquiline Capital Partners II GP Offshore Ltd
Related Party Transaction [Line Items]
Accounts payable and accrued expenses				0		$ 0		0
Percentage of Assignor's interest assumed						100.00%
Total capital commitment						$ 50,000
Partnership fees incurred				489	0	937	0
Capital contributions				3,415	0	8,977
Aquiline Financial Services Fund II LP
Related Party Transaction [Line Items]
Percentage of Assignor's interest assumed			100.00%
Total capital commitment		$ 10,000	$ 50,000
Aquiline Financial Services Fund III LP
Related Party Transaction [Line Items]
Accounts payable and accrued expenses				0		0		$ 0
Total capital commitment	$ 100,000
Partnership fees incurred				0	0	0	0
Capital contributions				$ 0	$ 0	$ 14,138	$ 0

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Basic earnings per share
Net income	$ 81,657	$ 188,672	$ 294,045	$ 394,569
Income attributable to noncontrolling interest	(17,644)	(35,305)	(56,621)	(78,814)
Net income available to Validus	64,013	153,367	237,424	315,755
Less: Dividends and distributions declared on outstanding warrants	(1,081)	(1,552)	(2,486)	(3,104)
Income available to common shareholders	$ 62,932	$ 151,815	$ 234,938	$ 312,651
Weighted average number of common shares outstanding	84,003,549	90,952,523	83,627,396	92,202,261
Basic earnings per share available to common shareholders	$ 0.75	$ 1.67	$ 2.81	$ 3.39
Earnings per diluted share
Net income	$ 81,657	$ 188,672	$ 294,045	$ 394,569
Income attributable to noncontrolling interest	(17,644)	(35,305)	(56,621)	(78,814)
Net income available to Validus	64,013	153,367	237,424	315,755
less: Dividends and distributions declared on outstanding warrants	0		0	0
Income available to common shareholders	$ 64,013	$ 153,367	$ 237,424	$ 315,755
Weighted average number of common shares outstanding	84,003,549	90,952,523	83,627,396	92,202,261
Weighted average number of diluted common shares outstanding	87,313,154	95,276,836	87,448,142	96,538,178
Earnings per diluted share available to common shareholders	$ 0.73	$ 1.61	$ 2.72	$ 3.27
Other details:
Anti-dilutive securities excluded from the calculation of diluted earnings per share			630,174	689,169
Warrants
Earnings per diluted share
Weighted average number of diluted common shares outstanding, aggregate	2,073,231	2,729,226	2,409,149	2,722,618
Stock options
Earnings per diluted share
Weighted average number of diluted common shares outstanding, aggregate	50,160	745,800	261,792	748,085
Unvested restricted shares
Earnings per diluted share
Weighted average number of diluted common shares outstanding, aggregate	1,186,214	849,287	1,149,805	865,214

Segment information (Details)

Segment information (Details) - USD ($) $ in Thousands		3 Months Ended			6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014		Jun. 30, 2015	Jun. 30, 2014		Dec. 31, 2014
Underwriting income
Gross premiums written		$ 726,968	$ 655,674		$ 1,846,466	$ 1,667,665
Reinsurance premiums ceded		(54,896)	(50,565)		(245,736)	(245,473)
Net premiums written		672,072	605,109		1,600,730	1,422,192
Change in unearned premiums		(98,490)	(139,106)		(449,394)	(473,232)
Net premiums earned		573,582	466,003		1,151,336	948,960
Underwriting deductions
Losses and loss expenses		266,146	158,745		507,075	321,416
Policy acquisition costs		104,425	78,953		203,061	164,602
General and administrative expenses		82,963	73,842		167,991	148,287
Share compensation expenses		9,242	8,341		18,296	15,488
Total underwriting deductions		462,776	319,881		896,423	649,793
Underwriting income (loss)		110,806	146,122		254,913	299,167
Net investment income		33,608	21,286		64,629	44,648
Other insurance related income (loss)		3,148	4,811		7,980	12,848
Finance expenses		(17,735)	(16,126)		(37,587)	(32,026)
Operating income (loss) before taxes, income from operating affiliates and (income) attributable to operating affiliate investors		129,827	156,093		289,935	324,637
Tax expense		(2,549)	(1,391)		(5,114)	(1,351)
Income (loss) from operating affiliates		4,104	4,892		6,557	9,819
(Income) attributable to operating affiliate investors		(30,879)	(25,316)		(54,085)	(57,026)
Net operating income (loss)		100,503	134,278		237,293	276,079
Net realized gains on investments		2,244	7,858		6,413	11,598
Change in net unrealized gains on investments	[1]	(17,530)	45,427		54,674	101,120
Income from investment affiliate		284	779		3,060	6,127
Foreign exchange gains (losses)		(3,236)	3,158		(6,787)	(3,320)
Other income (loss)		(608)	424		(608)	6,217
Transaction expenses		0	(3,252)		0	(3,252)
Net income		81,657	188,672		294,045	394,569
Net (income) attributable to noncontrolling interest		(17,644)	(35,305)		(56,621)	(78,814)
Net income (loss) available (attributable) to Validus		$ 64,013	$ 153,367		$ 237,424	$ 315,755
Selected ratios:
Net premiums written / Gross premiums written	[2]	92.40%	92.30%		86.70%	85.30%
Losses and loss expenses	[2]	46.40%	34.10%		44.00%	33.90%
Policy acquisition costs	[2]	18.20%	16.90%		17.70%	17.30%
General and administrative expenses	[2],[3]	16.10%	17.60%		16.20%	17.30%
Expense ratio	[2]	34.30%	34.50%		33.90%	34.60%
Combined ratio	[2]	80.70%	68.60%		77.90%	68.50%
Total assets		$ 11,425,296	$ 10,486,310		$ 11,425,296	$ 10,486,310		$ 10,329,939
Operating Segments | Validus Re Segment
Underwriting income
Gross premiums written		296,895	301,273	[4],[5]	1,008,107	967,436	[4],[6]
Reinsurance premiums ceded		(18,853)	(21,522)	[5]	(132,149)	(151,339)	[6]
Net premiums written		278,042	279,751	[5]	875,958	816,097	[6]
Change in unearned premiums		(13,492)	(58,023)	[5]	(358,320)	(355,983)	[6]
Net premiums earned		264,550	221,728	[5]	517,638	460,114	[6]
Underwriting deductions
Losses and loss expenses		123,405	77,688	[5]	236,533	145,843	[6]
Policy acquisition costs		43,826	31,125	[5]	85,920	70,370	[6]
General and administrative expenses		18,781	17,040	[5]	38,290	35,235	[6]
Share compensation expenses		2,396	2,336	[5]	4,974	4,544	[6]
Total underwriting deductions		188,408	128,189	[5]	365,717	255,992	[6]
Underwriting income (loss)		76,142	93,539	[5]	151,921	204,122	[6]
Net investment income		20,080	16,265	[5]	38,332	34,540	[6]
Other insurance related income (loss)		434	545	[5]	749	1,522	[6]
Finance expenses		(3,573)	(3,670)	[5]	(7,444)	(7,509)	[6]
Operating income (loss) before taxes, income from operating affiliates and (income) attributable to operating affiliate investors		93,083	106,679	[5]	183,558	232,675	[6]
Tax expense		(2,745)	(460)	[5]	(865)	118	[6]
Income (loss) from operating affiliates		0	0	[5]	0	0	[6]
(Income) attributable to operating affiliate investors		0	0	[5]	0	0	[6]
Net operating income (loss)		90,338	106,219	[5]	182,693	232,793	[6]
Net realized gains on investments		420	1,324	[5]	2,229	3,770	[6]
Change in net unrealized gains on investments		(13,360)	12,661	[5]	6,333	19,905	[6]
Income from investment affiliate		429	779	[5]	2,362	6,127	[6]
Foreign exchange gains (losses)		(1,106)	2,848	[5]	(6,130)	(3,328)	[6]
Other income (loss)		(608)	424	[5]	(608)	6,217	[6]
Transaction expenses						0
Net income		76,113	124,255	[5]	186,879	265,484	[6]
Net (income) attributable to noncontrolling interest		0	0	[5]	0	0	[6]
Net income (loss) available (attributable) to Validus		$ 76,113	$ 124,255	[5]	$ 186,879	$ 265,484	[6]
Selected ratios:
Net premiums written / Gross premiums written	[2]	93.60%	92.90%	[5]	86.90%	84.40%	[6]
Losses and loss expenses	[2]	46.60%	35.00%	[5]	45.70%	31.70%	[6]
Policy acquisition costs	[2]	16.60%	14.10%	[5]	16.60%	15.30%	[6]
General and administrative expenses	[2],[3]	8.00%	8.70%	[5]	8.40%	8.60%	[6]
Expense ratio	[2]	24.60%	22.80%	[5]	25.00%	23.90%	[6]
Combined ratio	[2]	71.20%	57.80%	[5]	70.70%	55.60%	[6]
Total assets		$ 4,654,428	$ 5,674,201	[5]	$ 4,654,428	$ 5,674,201	[5]
Operating Segments | AlphaCat Segment
Underwriting income
Gross premiums written		64,117	43,790		166,681	128,137
Reinsurance premiums ceded		0	0		(4,538)	(3,700)
Net premiums written		64,117	43,790		162,143	124,437
Change in unearned premiums		(25,641)	(11,330)		(89,472)	(61,294)
Net premiums earned		38,476	32,460		72,671	63,143
Underwriting deductions
Losses and loss expenses		0	(3,033)		(844)	(10,893)
Policy acquisition costs		3,844	3,056		7,504	6,036
General and administrative expenses		3,526	3,780		7,528	7,908
Share compensation expenses		150	161		299	151
Total underwriting deductions		7,520	3,964		14,487	3,202
Underwriting income (loss)		30,956	28,496		58,184	59,941
Net investment income		1,754	829		3,339	1,709
Other insurance related income (loss)		3,755	6,005		9,526	15,502
Finance expenses		(2,591)	(971)		(7,107)	(1,654)
Operating income (loss) before taxes, income from operating affiliates and (income) attributable to operating affiliate investors		33,874	34,359		63,942	75,498
Tax expense		0	0		0	0
Income (loss) from operating affiliates		4,104	4,892		6,557	9,819
(Income) attributable to operating affiliate investors		(30,879)	(25,316)		(54,085)	(57,026)
Net operating income (loss)		7,099	13,935		16,414	28,291
Net realized gains on investments		140	6,442		129	7,667
Change in net unrealized gains on investments		16,396	30,087		53,931	75,959
Income from investment affiliate		0	0		0	0
Foreign exchange gains (losses)		1	(191)		(94)	(153)
Other income (loss)		0	0		0	0
Transaction expenses						0
Net income		23,636	50,273		70,380	111,764
Net (income) attributable to noncontrolling interest		(17,644)	(35,305)		(56,621)	(78,814)
Net income (loss) available (attributable) to Validus		$ 5,992	$ 14,968		$ 13,759	$ 32,950
Selected ratios:
Net premiums written / Gross premiums written	[2]	100.00%	100.00%		97.30%	97.10%
Losses and loss expenses	[2]	0.00%	(9.30%)		(1.20%)	(17.30%)
Policy acquisition costs	[2]	10.00%	9.40%		10.30%	9.60%
General and administrative expenses	[2],[3]	9.50%	12.10%		10.80%	12.80%
Expense ratio	[2]	19.50%	21.50%		21.10%	22.40%
Combined ratio	[2]	19.50%	12.20%		19.90%	5.10%
Total assets		$ 2,279,493	$ 1,651,256		$ 2,279,493	$ 1,651,256
Operating Segments | Talbot Segment
Underwriting income
Gross premiums written		293,046	317,944		563,123	608,639
Reinsurance premiums ceded		(37,246)	(36,376)		(128,321)	(126,981)
Net premiums written		255,800	281,568		434,802	481,658
Change in unearned premiums		(50,362)	(69,753)		(6,775)	(55,955)
Net premiums earned		205,438	211,815		428,027	425,703
Underwriting deductions
Losses and loss expenses		95,970	84,090		174,098	186,466
Policy acquisition costs		47,659	45,593		96,763	90,521
General and administrative expenses		35,555	34,173		72,049	69,322
Share compensation expenses		3,024	2,862		5,981	5,444
Total underwriting deductions		182,208	166,718		348,891	351,753
Underwriting income (loss)		23,230	45,097		79,136	73,950
Net investment income		6,406	4,671		12,711	9,357
Other insurance related income (loss)		40	258		94	275
Finance expenses		(87)	(68)		(174)	(94)
Operating income (loss) before taxes, income from operating affiliates and (income) attributable to operating affiliate investors		29,589	49,958		91,767	83,488
Tax expense		(2,262)	(1,364)		(3,145)	(1,234)
Income (loss) from operating affiliates		0	0		0	0
(Income) attributable to operating affiliate investors		0	0		0	0
Net operating income (loss)		27,327	48,594		88,622	82,254
Net realized gains on investments		1,070	92		1,941	161
Change in net unrealized gains on investments		(9,011)	2,679		(1,100)	5,256
Income from investment affiliate		0	0		0	0
Foreign exchange gains (losses)		(782)	1,367		(1,267)	1,217
Other income (loss)		0	0		0
Net income		18,604	52,732		88,196	88,888
Net (income) attributable to noncontrolling interest		0			0	0
Net income (loss) available (attributable) to Validus		$ 18,604	$ 52,732		$ 88,196	$ 88,888
Selected ratios:
Net premiums written / Gross premiums written	[2]	87.30%	88.60%		77.20%	79.10%
Losses and loss expenses	[2]	46.70%	39.70%		40.70%	43.80%
Policy acquisition costs	[2]	23.20%	21.50%		22.60%	21.20%
General and administrative expenses	[2],[3]	18.80%	17.50%		18.20%	17.60%
Expense ratio	[2]	42.00%	39.00%		40.80%	38.80%
Combined ratio	[2]	88.70%	78.70%		81.50%	82.60%
Total assets		$ 2,936,589	$ 3,004,163		$ 2,936,589	$ 3,004,163
Operating Segments | Western World
Underwriting income
Gross premiums written		79,554			136,501
Reinsurance premiums ceded		(5,441)			(8,674)
Net premiums written		74,113			127,827
Change in unearned premiums		(8,995)			5,173
Net premiums earned		65,118			133,000
Underwriting deductions
Losses and loss expenses		46,771			97,288
Policy acquisition costs		9,617			13,896
General and administrative expenses		8,923			19,550
Share compensation expenses		494			971
Total underwriting deductions		65,805			131,705
Underwriting income (loss)		(687)			1,295
Net investment income		5,723			11,026
Other insurance related income (loss)		276			539
Finance expenses		0			0
Operating income (loss) before taxes, income from operating affiliates and (income) attributable to operating affiliate investors		5,312			12,860
Tax expense		3,734			11
Income (loss) from operating affiliates		0			0
(Income) attributable to operating affiliate investors		0			0
Net operating income (loss)		9,046			12,871
Net realized gains on investments		614			2,114
Change in net unrealized gains on investments		(11,204)			(4,066)
Income from investment affiliate		(145)			698
Foreign exchange gains (losses)		0			0
Other income (loss)		0			0
Net income		(1,689)			11,617
Net (income) attributable to noncontrolling interest		0			0
Net income (loss) available (attributable) to Validus		$ (1,689)			$ 11,617
Selected ratios:
Net premiums written / Gross premiums written	[2]	93.20%			93.60%
Losses and loss expenses	[2]	71.80%			73.10%
Policy acquisition costs	[2]	14.80%			10.50%
General and administrative expenses	[2],[3]	14.50%			15.40%
Expense ratio	[2]	29.30%			25.90%
Combined ratio	[2]	101.10%			99.00%
Total assets		$ 1,490,254			$ 1,490,254
Corporate And Eliminations
Underwriting income
Gross premiums written		(6,644)	(7,333)	[4],[5]	(27,946)	(36,547)	[4],[6]
Reinsurance premiums ceded		6,644	7,333	[5]	27,946	36,547	[6]
Net premiums written		0	0	[5]	0	0	[6]
Change in unearned premiums		0	0	[5]	0	0	[6]
Net premiums earned		0	0	[5]	0	0	[6]
Underwriting deductions
Losses and loss expenses		0	0	[5]	0	0	[6]
Policy acquisition costs		(521)	(821)	[5]	(1,022)	(2,325)	[6]
General and administrative expenses		16,178	18,849	[5]	30,574	35,822	[6]
Share compensation expenses		3,178	2,982	[5]	6,071	5,349	[6]
Total underwriting deductions		18,835	21,010	[5]	35,623	38,846	[6]
Underwriting income (loss)		(18,835)	(21,010)	[5]	(35,623)	(38,846)	[6]
Net investment income		(355)	(479)	[5]	(779)	(958)	[6]
Other insurance related income (loss)		(1,357)	(1,997)	[5]	(2,928)	(4,451)	[6]
Finance expenses		(11,484)	(11,417)	[5]	(22,862)	(22,769)	[6]
Operating income (loss) before taxes, income from operating affiliates and (income) attributable to operating affiliate investors		(32,031)	(34,903)	[5]	(62,192)	(67,024)	[6]
Tax expense		(1,276)	433	[5]	(1,115)	(235)	[6]
Income (loss) from operating affiliates		0	0	[5]	0	0	[6]
(Income) attributable to operating affiliate investors		0	0	[5]	0	0	[6]
Net operating income (loss)		(33,307)	(34,470)	[5]	(63,307)	(67,259)	[6]
Net realized gains on investments		0	0	[5]	0	0	[6]
Change in net unrealized gains on investments		(351)	0	[5]	(424)	0	[6]
Income from investment affiliate		0	0	[5]	0	0	[6]
Foreign exchange gains (losses)		(1,349)	(866)	[5]	704	(1,056)	[6]
Other income (loss)		0	0	[5]	0	0	[6]
Transaction expenses			(3,252)	[5]		(3,252)
Net income		(35,007)	(38,588)	[5]	(63,027)	(71,567)	[6]
Net (income) attributable to noncontrolling interest		0	0	[5]	0	0	[6]
Net income (loss) available (attributable) to Validus		(35,007)	(38,588)	[5]	(63,027)	(71,567)	[6]
Selected ratios:
Total assets		$ 64,532	$ 156,690	[5]	$ 64,532	$ 156,690	[5]
[1]	Includes the change in net unrealized (losses) gains on investments held by PaCRe in which the Company has an equity interest of 10%. The remaining 90% interest is held by third party investors and is included in the Consolidated Statements of Comprehensive Income as net loss (income) attributable to noncontrolling interest.
[2]	Ratios are based on net premiums earned.
[3]	The general and administrative expenses ratio includes share compensation expenses.
[4]	During the first quarter of 2015, certain intercompany reinsurance transactions were presented on a net basis for segmental reporting purposes. As a result, gross premiums written for the Validus Re segment and Corporate & Eliminations were reduced by $9,013 and $21,836 for the three and six months ended June 30, 2014, respectively, for comparative purposes. There was no impact to total gross premiums written on a consolidated basis.
[5]	the first quarter of 2015, certain intercompany reinsurance transactions were presented on a net basis for segmental reporting purposes. As a result, gross premiums written and reinsurance premiums ceded for the Validus Re segment and Corporate & Eliminations were reduced by $9,013 for the three months ended June 30, 2014 for comparative purposes. There was no impact to total gross premiums written and reinsurance premiums ceded on a consolidated basis.
[6]	the first quarter of 2015, certain intercompany reinsurance transactions were presented on a net basis for segmental reporting purposes. As a result, gross premiums written and reinsurance premiums ceded for the Validus Re segment and Corporate & Eliminations were reduced by $21,836 for the six months ended June 30, 2014 for comparative purposes. There was no impact to total gross premiums written and reinsurance premiums ceded on a consolidated basis.

Segment information (Segment ge

Segment information (Segment geographic) (Details) - USD ($) $ in Thousands		3 Months Ended			6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014		Jun. 30, 2015	Jun. 30, 2014
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		$ 726,968	$ 655,674		$ 1,846,466	$ 1,667,665
Percent of gross premiums written		100.00%	100.00%		100.00%	100.00%
United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		$ 314,815	$ 235,709		$ 750,720	$ 511,430
Percent of gross premiums written		43.30%	36.00%		40.70%	30.80%
Worldwide excluding United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	$ 44,745	$ 44,937		$ 119,485	$ 147,293
Percent of gross premiums written	[1]	6.20%	6.80%		6.50%	8.70%
Australia and New Zealand
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		$ 3,465	$ 8,052		$ 15,054	$ 24,485
Percent of gross premiums written		0.50%	1.20%		0.80%	1.50%
Europe
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		$ 27,856	$ 20,258		$ 66,500	$ 74,461
Percent of gross premiums written		3.80%	3.10%		3.60%	4.50%
Latin America and Caribbean
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		$ 32,458	$ 32,087		$ 60,504	$ 66,994
Percent of gross premiums written		4.50%	4.90%		3.30%	4.00%
Japan
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		$ 42,269	$ 40,835		$ 44,394	$ 41,479
Percent of gross premiums written		5.80%	6.20%		2.40%	2.50%
Canada
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		$ 3,142	$ 3,133		$ 7,143	$ 8,869
Percent of gross premiums written		0.40%	0.50%		0.40%	0.50%
Rest of the world
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[2]	$ 27,713	$ 28,534		$ 67,126	$ 63,346
Percent of gross premiums written	[2]	3.80%	4.40%		3.60%	3.80%
Sub-total, non United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		$ 181,648	$ 177,836		$ 380,206	$ 426,927
Percent of gross premiums written		25.00%	27.10%		20.60%	25.50%
Worldwide including United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	$ 101,068	$ 88,625		$ 273,958	$ 268,579
Percent of gross premiums written	[1]	13.90%	13.50%		14.80%	16.10%
Other location non-specific
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[3]	$ 129,437	$ 153,504		$ 441,582	$ 460,729
Percent of gross premiums written	[3]	17.80%	23.40%		23.90%	27.60%
Operating Segments | Validus Re Segment
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		$ 296,895	$ 301,273	[4],[5]	$ 1,008,107	$ 967,436	[4],[6]
Operating Segments | Validus Re Segment | United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		170,842	173,899	[4]	509,661	416,931	[4]
Operating Segments | Validus Re Segment | Worldwide excluding United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	12,405	6,826	[4]	47,399	65,349	[4]
Operating Segments | Validus Re Segment | Australia and New Zealand
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		1,654	6,525	[4]	11,522	19,385	[4]
Operating Segments | Validus Re Segment | Europe
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		16,370	10,845	[4]	40,876	46,723	[4]
Operating Segments | Validus Re Segment | Latin America and Caribbean
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		6,437	6,234	[4]	15,315	20,571	[4]
Operating Segments | Validus Re Segment | Japan
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		37,807	38,654	[4]	39,191	38,821	[4]
Operating Segments | Validus Re Segment | Canada
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		611	448	[4]	2,798	2,995	[4]
Operating Segments | Validus Re Segment | Rest of the world
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[2]	3,268	3,884	[4]	21,994	22,679	[4]
Operating Segments | Validus Re Segment | Sub-total, non United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		78,552	73,416	[4]	179,095	216,523	[4]
Operating Segments | Validus Re Segment | Worldwide including United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	38,292	36,435	[4]	123,348	138,719	[4]
Operating Segments | Validus Re Segment | Other location non-specific
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[3]	9,209	17,523	[4]	196,003	195,263	[4]
Operating Segments | AlphaCat Segment
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		64,117	43,790		166,681	128,137
Operating Segments | AlphaCat Segment | United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		25,010	20,256		38,585	28,954
Operating Segments | AlphaCat Segment | Worldwide excluding United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	2,124	(266)		7,957	7,412
Operating Segments | AlphaCat Segment | Australia and New Zealand
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		624	0		624	1,019
Operating Segments | AlphaCat Segment | Europe
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		1,073	1,392		2,841	2,693
Operating Segments | AlphaCat Segment | Latin America and Caribbean
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		0	0		0	0
Operating Segments | AlphaCat Segment | Japan
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		1,671	586		1,671	586
Operating Segments | AlphaCat Segment | Canada
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		294	(1)		488	215
Operating Segments | AlphaCat Segment | Rest of the world
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[2]	0	0		0	0
Operating Segments | AlphaCat Segment | Sub-total, non United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		5,786	1,711		13,581	11,925
Operating Segments | AlphaCat Segment | Worldwide including United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	32,571	21,823		110,465	87,258
Operating Segments | AlphaCat Segment | Other location non-specific
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[3]	750	0		4,050	0
Operating Segments | Talbot Segment
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		293,046	317,944		563,123	608,639
Operating Segments | Talbot Segment | United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		40,036	42,151		68,094	68,462
Operating Segments | Talbot Segment | Worldwide excluding United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	30,231	38,434		65,173	75,616
Operating Segments | Talbot Segment | Australia and New Zealand
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		1,173	1,423		3,049	4,303
Operating Segments | Talbot Segment | Europe
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		10,584	7,498		23,798	26,289
Operating Segments | Talbot Segment | Latin America and Caribbean
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		28,693	30,132		51,385	61,371
Operating Segments | Talbot Segment | Japan
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		2,843	1,592		3,597	2,130
Operating Segments | Talbot Segment | Canada
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		2,299	2,750		3,997	5,895
Operating Segments | Talbot Segment | Rest of the world
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[2]	24,982	25,153		47,988	43,557
Operating Segments | Talbot Segment | Sub-total, non United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		100,805	106,982		198,987	219,161
Operating Segments | Talbot Segment | Worldwide including United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	32,704	28,883		54,498	52,536
Operating Segments | Talbot Segment | Other location non-specific
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[3]	119,501	139,928		241,544	268,480
Operating Segments | Western World
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		79,554			136,501
Operating Segments | Western World | United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		79,554			136,501
Operating Segments | Western World | Worldwide excluding United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	0			0
Operating Segments | Western World | Australia and New Zealand
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		0			0
Operating Segments | Western World | Europe
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		0			0
Operating Segments | Western World | Latin America and Caribbean
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		0			0
Operating Segments | Western World | Japan
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		0			0
Operating Segments | Western World | Canada
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		0			0
Operating Segments | Western World | Rest of the world
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[2]	0			0
Operating Segments | Western World | Sub-total, non United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		0			0
Operating Segments | Western World | Worldwide including United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	0			0
Operating Segments | Western World | Other location non-specific
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[3]	0			0
Corporate And Eliminations
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		(6,644)	(7,333)	[4],[5]	(27,946)	(36,547)	[4],[6]
Corporate And Eliminations | United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		(627)	(597)	[4]	(2,121)	(2,917)	[4]
Corporate And Eliminations | Worldwide excluding United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	(15)	(57)	[4]	(1,044)	(1,084)	[4]
Corporate And Eliminations | Australia and New Zealand
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		14	104	[4]	(141)	(222)	[4]
Corporate And Eliminations | Europe
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		(171)	523	[4]	(1,015)	(1,244)	[4]
Corporate And Eliminations | Latin America and Caribbean
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		(2,672)	(4,279)	[4]	(6,196)	(14,948)	[4]
Corporate And Eliminations | Japan
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		(52)	3	[4]	(65)	(58)	[4]
Corporate And Eliminations | Canada
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		(62)	(64)	[4]	(140)	(236)	[4]
Corporate And Eliminations | Rest of the world
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[2]	(537)	(503)	[4]	(2,856)	(2,890)	[4]
Corporate And Eliminations | Sub-total, non United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		(3,495)	(4,273)	[4]	(11,457)	(20,682)	[4]
Corporate And Eliminations | Worldwide including United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	(2,499)	1,484	[4]	(14,353)	(9,934)	[4]
Corporate And Eliminations | Other location non-specific
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[3]	$ (23)	$ (3,947)	[4]	$ (15)	$ (3,014)	[4]
[1]	Represents risks in two or more geographic zones.
[2]	Represents risks in one geographic zone.
[3]	The Other locations non-specific category refers to business for which an analysis of exposure by geographic zone is not applicable, such as marine and aerospace risks, since these exposures can span multiple geographic areas and, in some instances, are not fixed locations.
[4]	During the first quarter of 2015, certain intercompany reinsurance transactions were presented on a net basis for segmental reporting purposes. As a result, gross premiums written for the Validus Re segment and Corporate & Eliminations were reduced by $9,013 and $21,836 for the three and six months ended June 30, 2014, respectively, for comparative purposes. There was no impact to total gross premiums written on a consolidated basis.
[5]	the first quarter of 2015, certain intercompany reinsurance transactions were presented on a net basis for segmental reporting purposes. As a result, gross premiums written and reinsurance premiums ceded for the Validus Re segment and Corporate & Eliminations were reduced by $9,013 for the three months ended June 30, 2014 for comparative purposes. There was no impact to total gross premiums written and reinsurance premiums ceded on a consolidated basis.
[6]	the first quarter of 2015, certain intercompany reinsurance transactions were presented on a net basis for segmental reporting purposes. As a result, gross premiums written and reinsurance premiums ceded for the Validus Re segment and Corporate & Eliminations were reduced by $21,836 for the six months ended June 30, 2014 for comparative purposes. There was no impact to total gross premiums written and reinsurance premiums ceded on a consolidated basis.

Segment information (Narrative)

Segment information (Narrative) (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2014USD ($)	Jun. 30, 2015segments	Jun. 30, 2014USD ($)
Segment Reporting [Abstract]
Number of operating segments		4
Reduction to gross premiums written
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Reclassification adjustment | $	$ (9,013)		$ (21,836)

Condensed consolidating finan87

Condensed consolidating financial information - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands		Jun. 30, 2015		Mar. 31, 2015	Dec. 31, 2014		Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013
Assets
Fixed maturities, at fair value		$ 5,459,304			$ 5,532,731
Short-term investments, at fair value		1,338,051	[1]		1,051,074	[2]
Other investments, at fair value		893,707			813,011
Cash and cash equivalents		433,710			577,240		$ 872,960		$ 734,148
Restricted cash		140,019			173,003
Total investments and cash		8,264,791			8,147,059
Investments in affiliates		374,121			261,483
Investment in subsidiaries on an equity basis		0			0
Premiums receivable		1,276,020			707,647
Deferred acquisition costs		253,225			161,295
Prepaid reinsurance premiums		161,516			81,983
Securities lending collateral		7,021			470
Loss reserves recoverable		376,665		$ 375,882	377,466		338,734	$ 348,407	370,154
Paid losses recoverable		40,198			38,078
Income taxes recoverable		13,787			0
Deferred tax asset		23,079			23,821
Receivable for investments sold		29,131			18,318
Intangible assets		124,092			126,924
Goodwill		196,758			195,897
Accrued investment income		23,894			24,865
Intercompany receivable		0			0
Other assets		260,998			164,633
Total assets		11,425,296			10,329,939		10,486,310
Liabilities
Reserve for losses and loss expenses		3,187,177		$ 3,199,362	3,234,394		2,867,307	$ 2,925,059	$ 3,030,399
Unearned premiums		1,519,491			990,564
Reinsurance balances payable		95,705			127,128
Securities lending payable		7,487			936
Deferred tax liability		8,063			5,541
Payable for investments purchased		105,871			68,574
Accounts payable and accrued expenses		167,776			318,245
Intercompany payable		0			0
Notes payable to operating affiliates		1,381,313			671,465
Senior notes payable		247,360			247,306
Debentures payable		538,032			539,277
Total liabilities		7,258,275			6,203,430
Redeemable noncontrolling interest		0			79,956
Total shareholders' equity available to Validus		3,656,931			3,587,958		3,777,106
Noncontrolling interest		510,090			458,595		$ 575,347
Total liabilities, noncontrolling interests and shareholders’ equity		11,425,296			10,329,939
Consolidation Adjustments
Assets
Fixed maturities, at fair value	[3]	(60,200)			(60,200)
Short-term investments, at fair value	[3]	0			0
Other investments, at fair value	[3]	(72,094)			(68,112)
Cash and cash equivalents	[3]	0			0
Restricted cash	[3]	0			0
Total investments and cash	[3]	(132,294)			(128,312)
Investments in affiliates	[3]	0			0
Investment in subsidiaries on an equity basis	[3]	(4,912,968)			(4,797,508)
Premiums receivable	[3]	0			0
Deferred acquisition costs	[3]	0			0
Prepaid reinsurance premiums	[3]	0			0
Securities lending collateral	[3]	0			0
Loss reserves recoverable	[3]	0			0
Paid losses recoverable	[3]	0			0
Income taxes recoverable	[3]	0
Deferred tax asset	[3]	0			0
Receivable for investments sold	[3]	0			0
Intangible assets	[3]	0			0
Goodwill	[3]	0			0
Accrued investment income	[3]	0			0
Intercompany receivable	[3]	(2,159)			(41,098)
Other assets	[3]	0			0
Total assets	[3]	(5,047,421)			(4,966,918)
Liabilities
Reserve for losses and loss expenses	[3]	0			0
Unearned premiums	[3]	0			0
Reinsurance balances payable	[3]	0			0
Securities lending payable	[3]	0			0
Deferred tax liability	[3]	0			0
Payable for investments purchased	[3]	0			0
Accounts payable and accrued expenses	[3]	0			0
Intercompany payable	[3]	(2,159)			(41,098)
Notes payable to operating affiliates	[3]	0			0
Senior notes payable	[3]	0			0
Debentures payable	[3]	(60,200)			(60,200)
Total liabilities	[3]	(62,359)			(101,298)
Redeemable noncontrolling interest	[3]	0			0
Total shareholders' equity available to Validus	[3]	(4,985,062)			(4,865,620)
Noncontrolling interest	[3]	0			0
Total liabilities, noncontrolling interests and shareholders’ equity	[3]	(5,047,421)			(4,966,918)
Validus Holdings, Ltd. (Parent Guarantor)
Assets
Fixed maturities, at fair value		28,436			0
Short-term investments, at fair value		0			0
Other investments, at fair value		0			0
Cash and cash equivalents		4,597			29,798
Restricted cash		5,599			0
Total investments and cash		38,632			29,798
Investments in affiliates		0			0
Investment in subsidiaries on an equity basis		4,232,326			4,140,770
Premiums receivable		0			0
Deferred acquisition costs		0			0
Prepaid reinsurance premiums		0			0
Securities lending collateral		0			0
Loss reserves recoverable		0			0
Paid losses recoverable		0			0
Income taxes recoverable		0
Deferred tax asset		0			0
Receivable for investments sold		0			0
Intangible assets		0			0
Goodwill		0			0
Accrued investment income		48			0
Intercompany receivable		2,159			41,078
Other assets		2,512			3,239
Total assets		4,275,677			4,214,885
Liabilities
Reserve for losses and loss expenses		0			0
Unearned premiums		0			0
Reinsurance balances payable		0			0
Securities lending payable		0			0
Deferred tax liability		0			0
Payable for investments purchased		0			0
Accounts payable and accrued expenses		21,386			29,621
Intercompany payable		0			0
Notes payable to operating affiliates		0			0
Senior notes payable		247,360			247,306
Debentures payable		350,000			350,000
Total liabilities		618,746			626,927
Redeemable noncontrolling interest		0			0
Total shareholders' equity available to Validus		3,656,931			3,587,958
Noncontrolling interest		0			0
Total liabilities, noncontrolling interests and shareholders’ equity		4,275,677			4,214,885
Validus Holdings (UK) plc (Subsidiary Issuer)
Assets
Fixed maturities, at fair value		0			0
Short-term investments, at fair value		0			0
Other investments, at fair value		0			0
Cash and cash equivalents		20			81
Restricted cash		0			0
Total investments and cash		20			81
Investments in affiliates		0			0
Investment in subsidiaries on an equity basis		680,642			656,738
Premiums receivable		0			0
Deferred acquisition costs		0			0
Prepaid reinsurance premiums		0			0
Securities lending collateral		0			0
Loss reserves recoverable		0			0
Paid losses recoverable		0			0
Income taxes recoverable		0
Deferred tax asset		0			0
Receivable for investments sold		0			0
Intangible assets		0			0
Goodwill		0			0
Accrued investment income		0			0
Intercompany receivable		0			0
Other assets		0			0
Total assets		680,662			656,819
Liabilities
Reserve for losses and loss expenses		0			0
Unearned premiums		0			0
Reinsurance balances payable		0			0
Securities lending payable		0			0
Deferred tax liability		0			0
Payable for investments purchased		0			0
Accounts payable and accrued expenses		0			96
Intercompany payable		59			20
Notes payable to operating affiliates		0			0
Senior notes payable		0			0
Debentures payable		0			0
Total liabilities		59			116
Redeemable noncontrolling interest		0			0
Total shareholders' equity available to Validus		680,603			656,703
Noncontrolling interest		0			0
Total liabilities, noncontrolling interests and shareholders’ equity		680,662			656,819
Other Validus Holdings, Ltd. Subsidiaries (Non-guarantor Subsidiaries)
Assets
Fixed maturities, at fair value	[4]	5,491,068			5,592,931
Short-term investments, at fair value	[4]	1,338,051			1,051,074
Other investments, at fair value	[4]	965,801			881,123
Cash and cash equivalents	[4]	429,093			547,361
Restricted cash	[4]	134,420			173,003
Total investments and cash	[4]	8,358,433			8,245,492
Investments in affiliates	[4]	374,121			261,483
Investment in subsidiaries on an equity basis	[4]	0			0
Premiums receivable	[4]	1,276,020			707,647
Deferred acquisition costs	[4]	253,225			161,295
Prepaid reinsurance premiums	[4]	161,516			81,983
Securities lending collateral	[4]	7,021			470
Loss reserves recoverable	[4]	376,665			377,466
Paid losses recoverable	[4]	40,198			38,078
Income taxes recoverable	[4]	13,787
Deferred tax asset	[4]	23,079			23,821
Receivable for investments sold	[4]	29,131			18,318
Intangible assets	[4]	124,092			126,924
Goodwill	[4]	196,758			195,897
Accrued investment income	[4]	23,846			24,865
Intercompany receivable	[4]	0			20
Other assets	[4]	258,486			161,394
Total assets	[4]	11,516,378			10,425,153
Liabilities
Reserve for losses and loss expenses	[4]	3,187,177			3,234,394
Unearned premiums	[4]	1,519,491			990,564
Reinsurance balances payable	[4]	95,705			127,128
Securities lending payable	[4]	7,487			936
Deferred tax liability	[4]	8,063			5,541
Payable for investments purchased	[4]	105,871			68,574
Accounts payable and accrued expenses	[4]	146,390			288,528
Intercompany payable	[4]	2,100			41,078
Notes payable to operating affiliates	[4]	1,381,313			671,465
Senior notes payable	[4]	0			0
Debentures payable	[4]	248,232			249,477
Total liabilities	[4]	6,701,829			5,677,685
Redeemable noncontrolling interest	[4]	0			79,956
Total shareholders' equity available to Validus	[4]	4,304,459			4,208,917
Noncontrolling interest	[4]	510,090			458,595
Total liabilities, noncontrolling interests and shareholders’ equity	[4]	$ 11,516,378			$ 10,425,153
[1]	Included in the short-term investments balance are assets managed in support of AlphaCat's fully collateralized reinsurance transactions.
[2]	Included in the short-term investments balance are assets managed in support of AlphaCat's fully collateralized reinsurance transactions. Also, included in the short-term investments balance are investments held by one AlphaCat ILS fund which was consolidated by the Company through May 31, 2015, but in which the Company had an equity interest of less than 100%. The remaining interests are held by third party investors and included in the Consolidated Balance Sheets as redeemable noncontrolling interest.
[3]	Amounts include consolidating adjustments between the Parent Guarantor, the Subsidiary Issuer and the non-guarantor subsidiaries.
[4]	Amounts include an aggregation of the non-guarantor subsidiaries and include consolidating adjustments between these subsidiaries.

Condensed consolidating finan88

Condensed consolidating financial information - Condensed Consolidating Statement of Comprehensive Income (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues
Net premiums earned		$ 573,582	$ 466,003	$ 1,151,336	$ 948,960
Net investment income		33,608	21,286	64,629	44,648
Net realized gains on investments		2,244	7,858	6,413	11,598
Change in net unrealized (losses) gains on investments	[1]	(17,530)	45,427	54,674	101,120
Income from investment affiliate		284	779	3,060	6,127
Other insurance related income and other income		2,540	5,235	7,372	19,065
Foreign exchange gains (losses)		(3,236)	3,158	(6,787)	(3,320)
Total revenues		591,492	549,746	1,280,697	1,128,198
Expenses
Losses and loss expenses		266,146	158,745	507,075	321,416
Policy acquisition costs		104,425	78,953	203,061	164,602
General and administrative expenses		82,963	73,842	167,991	148,287
Share compensation expenses		9,242	8,341	18,296	15,488
Finance expenses		17,735	16,126	37,587	32,026
Transaction expenses		0	3,252	0	3,252
Total expenses		480,511	339,259	934,010	685,071
(Loss) income before taxes, income from operating affiliates, (income) attributable to operating affiliate investors and equity in net earnings of subsidiaries		110,981	210,487	346,687	443,127
Tax expense		(2,549)	(1,391)	(5,114)	(1,351)
Income from operating affiliates		4,104	4,892	6,557	9,819
(Income) attributable to operating affiliate investors		(30,879)	(25,316)	(54,085)	(57,026)
Equity in net earnings of subsidiaries		0	0	0	0
Net income		81,657	188,672	294,045	394,569
Net (income) attributable to noncontrolling interest		(17,644)	(35,305)	(56,621)	(78,814)
Net income available to Validus		64,013	153,367	237,424	315,755
Other comprehensive (loss)		3,575	2,615	(510)	3,077
Comprehensive income available to Validus		67,588	155,982	236,914	318,832
Consolidation Adjustments
Revenues
Net premiums earned	[2]	0	0	0	0
Net investment income	[2]	(1,015)	(976)	(2,020)	(1,948)
Net realized gains on investments	[2]	0	0	0	0
Change in net unrealized (losses) gains on investments	[2]	(3,097)	(868)	(3,982)	3,360
Income from investment affiliate	[2]	0	0	0	0
Other insurance related income and other income	[2]	(16,946)	(16,442)	(31,737)	(34,404)
Foreign exchange gains (losses)	[2]	0	0	0	0
Total revenues	[2]	(21,058)	(18,286)	(37,739)	(32,992)
Expenses
Losses and loss expenses	[2]	0	0	0	0
Policy acquisition costs	[2]	0	0	0	0
General and administrative expenses	[2]	(16,944)	(16,442)	(31,737)	(34,404)
Share compensation expenses	[2]	0	0	0	0
Finance expenses	[2]	(490)	(485)	(971)	(965)
Transaction expenses	[2]		0		0
Total expenses	[2]	(17,434)	(16,927)	(32,708)	(35,369)
(Loss) income before taxes, income from operating affiliates, (income) attributable to operating affiliate investors and equity in net earnings of subsidiaries	[2]	(3,624)	(1,359)	(5,031)	2,377
Tax expense	[2]	0	0	0	0
Income from operating affiliates	[2]	0	0	0	0
(Income) attributable to operating affiliate investors	[2]	0	0	0	0
Equity in net earnings of subsidiaries	[2]	(99,613)	(190,211)	(323,780)	(385,710)
Net income	[2]	(103,237)	(191,570)	(328,811)	(383,333)
Net (income) attributable to noncontrolling interest	[2]	0	0	0	0
Net income available to Validus	[2]	(103,237)	(191,570)	(328,811)	(383,333)
Other comprehensive (loss)	[2]	(3,185)	(2,615)	99	(3,077)
Comprehensive income available to Validus	[2]	(106,422)	(194,185)	(328,712)	(386,410)
Validus Holdings, Ltd. (Parent Guarantor)
Revenues
Net premiums earned		0	0	0	0
Net investment income		87	4	144	7
Net realized gains on investments		0	0	0	0
Change in net unrealized (losses) gains on investments		(351)	0	(424)	0
Income from investment affiliate		0	0	0	0
Other insurance related income and other income		0	0	0	0
Foreign exchange gains (losses)		(747)	(545)	(237)	(713)
Total revenues		(1,011)	(541)	(517)	(706)
Expenses
Losses and loss expenses		0	0	0	0
Policy acquisition costs		0	0	0	0
General and administrative expenses		18,864	23,515	36,407	44,078
Share compensation expenses		1,897	1,811	3,551	3,119
Finance expenses		11,914	11,895	23,772	23,718
Transaction expenses			0		0
Total expenses		32,675	37,221	63,730	70,915
(Loss) income before taxes, income from operating affiliates, (income) attributable to operating affiliate investors and equity in net earnings of subsidiaries		(33,686)	(37,762)	(64,247)	(71,621)
Tax expense		0	0	0	0
Income from operating affiliates		0	0	0	0
(Income) attributable to operating affiliate investors		0	0	0	0
Equity in net earnings of subsidiaries		97,699	191,129	301,671	387,376
Net income		64,013	153,367	237,424	315,755
Net (income) attributable to noncontrolling interest		0	0	0	0
Net income available to Validus		64,013	153,367	237,424	315,755
Other comprehensive (loss)		3,575	2,615	(510)	3,077
Comprehensive income available to Validus		67,588	155,982	236,914	318,832
Validus Holdings (UK) plc (Subsidiary Issuer)
Revenues
Net premiums earned		0	0	0	0
Net investment income		0	0	0	0
Net realized gains on investments		0	0	0	0
Change in net unrealized (losses) gains on investments		0	0	0	0
Income from investment affiliate		0	0	0	0
Other insurance related income and other income		0	0	0	0
Foreign exchange gains (losses)		(1)	0	(1)	0
Total revenues		(1)	0	(1)	0
Expenses
Losses and loss expenses		0	0	0	0
Policy acquisition costs		0	0	0	0
General and administrative expenses		0	0	2	21
Share compensation expenses		0	0	0	0
Finance expenses		0	0	0	0
Transaction expenses			0		0
Total expenses		0	0	2	21
(Loss) income before taxes, income from operating affiliates, (income) attributable to operating affiliate investors and equity in net earnings of subsidiaries		(1)	0	(3)	(21)
Tax expense		0	0	0	0
Income from operating affiliates		0	0	0	0
(Income) attributable to operating affiliate investors		0	0	0	0
Equity in net earnings of subsidiaries		1,914	(918)	22,109	(1,666)
Net income		1,913	(918)	22,106	(1,687)
Net (income) attributable to noncontrolling interest		0	0	0	0
Net income available to Validus		1,913	(918)	22,106	(1,687)
Other comprehensive (loss)		0	0	0	0
Comprehensive income available to Validus		1,913	(918)	22,106	(1,687)
Other Validus Holdings, Ltd. Subsidiaries (Non-guarantor Subsidiaries)
Revenues
Net premiums earned	[3]	573,582	466,003	1,151,336	948,960
Net investment income	[3]	34,536	22,258	66,505	46,589
Net realized gains on investments	[3]	2,244	7,858	6,413	11,598
Change in net unrealized (losses) gains on investments	[3]	(14,082)	46,295	59,080	97,760
Income from investment affiliate	[3]	284	779	3,060	6,127
Other insurance related income and other income	[3]	19,486	21,677	39,109	53,469
Foreign exchange gains (losses)	[3]	(2,488)	3,703	(6,549)	(2,607)
Total revenues	[3]	613,562	568,573	1,318,954	1,161,896
Expenses
Losses and loss expenses	[3]	266,146	158,745	507,075	321,416
Policy acquisition costs	[3]	104,425	78,953	203,061	164,602
General and administrative expenses	[3]	81,043	66,769	163,319	138,592
Share compensation expenses	[3]	7,345	6,530	14,745	12,369
Finance expenses	[3]	6,311	4,716	14,786	9,273
Transaction expenses	[3]		3,252		3,252
Total expenses	[3]	465,270	318,965	902,986	649,504
(Loss) income before taxes, income from operating affiliates, (income) attributable to operating affiliate investors and equity in net earnings of subsidiaries	[3]	148,292	249,608	415,968	512,392
Tax expense	[3]	(2,549)	(1,391)	(5,114)	(1,351)
Income from operating affiliates	[3]	4,104	4,892	6,557	9,819
(Income) attributable to operating affiliate investors	[3]	(30,879)	(25,316)	(54,085)	(57,026)
Equity in net earnings of subsidiaries	[3]	0	0	0	0
Net income	[3]	118,968	227,793	363,326	463,834
Net (income) attributable to noncontrolling interest	[3]	(17,644)	(35,305)	(56,621)	(78,814)
Net income available to Validus	[3]	101,324	192,488	306,705	385,020
Other comprehensive (loss)	[3]	3,185	2,615	(99)	3,077
Comprehensive income available to Validus	[3]	$ 104,509	$ 195,103	$ 306,606	$ 388,097
[1]	Includes the change in net unrealized (losses) gains on investments held by PaCRe in which the Company has an equity interest of 10%. The remaining 90% interest is held by third party investors and is included in the Consolidated Statements of Comprehensive Income as net loss (income) attributable to noncontrolling interest.
[2]	Amounts include consolidating adjustments between the Parent Guarantor, the Subsidiary Issuer and the non-guarantor subsidiaries.
[3]	Amounts include an aggregation of the non-guarantor subsidiaries and include consolidating adjustments between these subsidiaries.

Condensed consolidating finan89

Condensed consolidating financial information - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities		$ (228,841)	$ 17,443
Cash flows provided by (used in) investing activities
Proceeds on sales of investments		2,237,966	1,956,442
Proceeds on maturities of investments		186,594	384,259
Purchases of fixed maturities		(2,337,990)	(1,906,212)
Purchases of short-term investments, net		(375,299)	(99,677)
Purchases of other investments, net		(21,970)	(54,716)
(Increase) decrease in securities lending collateral		(6,551)	2,071
Redemption from operating affiliates		27,264	57,025
(Increase) decrease in restricted cash		32,984	15,371
Proceeds on sale of subsidiary, net of cash		0	16,459
Return of capital from subsidiaries		0
Net cash provided by (used in) investing activities		(290,517)	371,022
Cash flows provided by (used in) financing activities
Proceeds on issuance of notes payable to operating affiliates		1,155,284	320,454
Repayments on notes payable to operating affiliates		(621,444)	(364,877)
Issuance (redemption) of common shares, net		14,860	(4,385)
Purchases of common shares under share repurchase program		(143,223)	(197,339)
Dividends paid		(58,740)	(61,036)
Increase (decrease) in securities lending payable		6,551	(2,071)
Third party investment in redeemable noncontrolling interest		55,700	57,000
Third party redemption of redeemable noncontrolling interest		(19,395)	(10,496)
Return of capital to parent		0
Net cash provided by (used in) financing activities		389,593	(262,750)
Effect of foreign currency rate changes on cash and cash equivalents		(13,765)	13,097
Net (decrease) increase in cash		(143,530)	138,812
Cash and cash equivalents, beginning of year		577,240	734,148
Cash and cash equivalents, end of year		433,710	872,960
Operating affiliates
Cash flows provided by (used in) investing activities
Investments in affiliates		(10,400)	0
Investment affiliate
Cash flows provided by (used in) investing activities
Investments in affiliates		(23,115)	0
Consolidation Adjustments
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	[1]	(85,000)	(100,000)
Cash flows provided by (used in) investing activities
Proceeds on sales of investments	[1]	0	0
Proceeds on maturities of investments	[1]	0	0
Purchases of fixed maturities	[1]	0	0
Purchases of short-term investments, net	[1]	0	0
Purchases of other investments, net	[1]	0	0
(Increase) decrease in securities lending collateral	[1]	0	0
Redemption from operating affiliates	[1]	0	0
(Increase) decrease in restricted cash	[1]	0	0
Proceeds on sale of subsidiary, net of cash	[1]		0
Return of capital from subsidiaries	[1]	(140,000)
Net cash provided by (used in) investing activities	[1]	(140,000)	0
Cash flows provided by (used in) financing activities
Proceeds on issuance of notes payable to operating affiliates	[1]	0	0
Repayments on notes payable to operating affiliates	[1]	0	0
Issuance (redemption) of common shares, net	[1]	0	0
Purchases of common shares under share repurchase program	[1]	0	0
Dividends paid	[1]	85,000	100,000
Increase (decrease) in securities lending payable	[1]	0	0
Third party investment in redeemable noncontrolling interest	[1]	0	$ 0
Third party redemption of redeemable noncontrolling interest	[1]	0
Return of capital to parent	[1]	140,000
Net cash provided by (used in) financing activities	[1]	225,000	$ 100,000
Effect of foreign currency rate changes on cash and cash equivalents	[1]	0	0
Net (decrease) increase in cash	[1]	0	0
Cash and cash equivalents, beginning of year	[1]	0	0
Cash and cash equivalents, end of year	[1]	0	0
Consolidation Adjustments | Operating affiliates
Cash flows provided by (used in) investing activities
Investments in affiliates	[1]	0
Consolidation Adjustments | Investment affiliate
Cash flows provided by (used in) investing activities
Investments in affiliates	[1]	0
Validus Holdings, Ltd. (Parent Guarantor)
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities		55,556	365,372
Cash flows provided by (used in) investing activities
Proceeds on sales of investments		0	0
Proceeds on maturities of investments		0	0
Purchases of fixed maturities		(28,055)	0
Purchases of short-term investments, net		0	0
Purchases of other investments, net		0	0
(Increase) decrease in securities lending collateral		0	0
Redemption from operating affiliates		0	0
(Increase) decrease in restricted cash		(5,599)	0
Proceeds on sale of subsidiary, net of cash			0
Return of capital from subsidiaries		140,000
Net cash provided by (used in) investing activities		106,346	0
Cash flows provided by (used in) financing activities
Proceeds on issuance of notes payable to operating affiliates		0	0
Repayments on notes payable to operating affiliates		0	0
Issuance (redemption) of common shares, net		14,860	(4,385)
Purchases of common shares under share repurchase program		(143,223)	(197,339)
Dividends paid		(58,740)	(61,036)
Increase (decrease) in securities lending payable		0	0
Third party investment in redeemable noncontrolling interest		0	0
Third party redemption of redeemable noncontrolling interest		0	0
Return of capital to parent		0
Net cash provided by (used in) financing activities		(187,103)	(262,760)
Effect of foreign currency rate changes on cash and cash equivalents		0	0
Net (decrease) increase in cash		(25,201)	102,612
Cash and cash equivalents, beginning of year		29,798	20,385
Cash and cash equivalents, end of year		4,597	122,997
Validus Holdings, Ltd. (Parent Guarantor) | Operating affiliates
Cash flows provided by (used in) investing activities
Investments in affiliates		0
Validus Holdings, Ltd. (Parent Guarantor) | Investment affiliate
Cash flows provided by (used in) investing activities
Investments in affiliates		0
Validus Holdings (UK) plc (Subsidiary Issuer)
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities		(61)	0
Cash flows provided by (used in) investing activities
Proceeds on sales of investments		0	0
Proceeds on maturities of investments		0	0
Purchases of fixed maturities		0	0
Purchases of short-term investments, net		0	0
Purchases of other investments, net		0	0
(Increase) decrease in securities lending collateral		0	0
Redemption from operating affiliates		0	0
(Increase) decrease in restricted cash		0	0
Proceeds on sale of subsidiary, net of cash			0
Return of capital from subsidiaries		0
Net cash provided by (used in) investing activities		0	0
Cash flows provided by (used in) financing activities
Proceeds on issuance of notes payable to operating affiliates		0	0
Repayments on notes payable to operating affiliates		0	0
Issuance (redemption) of common shares, net		0	0
Purchases of common shares under share repurchase program		0	0
Dividends paid		0	0
Increase (decrease) in securities lending payable		0	0
Third party investment in redeemable noncontrolling interest		0	0
Third party redemption of redeemable noncontrolling interest		0	0
Return of capital to parent		0
Net cash provided by (used in) financing activities		0	0
Effect of foreign currency rate changes on cash and cash equivalents		0	0
Net (decrease) increase in cash		(61)	0
Cash and cash equivalents, beginning of year		81	0
Cash and cash equivalents, end of year		20	0
Validus Holdings (UK) plc (Subsidiary Issuer) | Operating affiliates
Cash flows provided by (used in) investing activities
Investments in affiliates		0
Validus Holdings (UK) plc (Subsidiary Issuer) | Investment affiliate
Cash flows provided by (used in) investing activities
Investments in affiliates		0
Other Validus Holdings, Ltd. Subsidiaries (Non-guarantor Subsidiaries)
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	[2]	(199,336)	(247,929)
Cash flows provided by (used in) investing activities
Proceeds on sales of investments	[2]	2,237,966	1,956,442
Proceeds on maturities of investments	[2]	186,594	384,259
Purchases of fixed maturities	[2]	(2,309,935)	(1,906,212)
Purchases of short-term investments, net	[2]	(375,299)	(99,677)
Purchases of other investments, net	[2]	(21,970)	(54,716)
(Increase) decrease in securities lending collateral	[2]	(6,551)	2,071
Redemption from operating affiliates	[2]	27,264	57,025
(Increase) decrease in restricted cash	[2]	38,583	15,371
Proceeds on sale of subsidiary, net of cash	[2]		16,459
Return of capital from subsidiaries	[2]	0
Net cash provided by (used in) investing activities	[2]	(256,863)	371,022
Cash flows provided by (used in) financing activities
Proceeds on issuance of notes payable to operating affiliates	[2]	1,155,284	320,454
Repayments on notes payable to operating affiliates	[2]	(621,444)	(364,877)
Issuance (redemption) of common shares, net	[2]	0	0
Purchases of common shares under share repurchase program	[2]	0	0
Dividends paid	[2]	(85,000)	(100,000)
Increase (decrease) in securities lending payable	[2]	6,551	(2,071)
Third party investment in redeemable noncontrolling interest	[2]	55,700	57,000
Third party redemption of redeemable noncontrolling interest	[2]	(19,395)	(10,496)
Return of capital to parent	[2]	(140,000)
Net cash provided by (used in) financing activities	[2]	351,696	(99,990)
Effect of foreign currency rate changes on cash and cash equivalents	[2]	(13,765)	13,097
Net (decrease) increase in cash	[2]	(118,268)	36,200
Cash and cash equivalents, beginning of year	[2]	547,361	713,763
Cash and cash equivalents, end of year	[2]	429,093	$ 749,963
Other Validus Holdings, Ltd. Subsidiaries (Non-guarantor Subsidiaries) | Operating affiliates
Cash flows provided by (used in) investing activities
Investments in affiliates	[2]	(10,400)
Other Validus Holdings, Ltd. Subsidiaries (Non-guarantor Subsidiaries) | Investment affiliate
Cash flows provided by (used in) investing activities
Investments in affiliates	[2]	$ (23,115)
[1]	Amounts include consolidating adjustments between the Parent Guarantor, the Subsidiary Issuer and the non-guarantor subsidiaries.
[2]	Amounts include an aggregation of the non-guarantor subsidiaries and include consolidating adjustments between these subsidiaries.

Subsequent events (Details)

Subsequent events (Details) - $ / shares	Aug. 05, 2015	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2015	Jun. 30, 2014
Subsequent Event [Line Items]
Cash dividends declared per share		$ 0.32		$ 0.3		$ 0.64	$ 0.6
Common shares
Subsequent Event [Line Items]
Cash dividends declared per share			$ 0.32		$ 0.30	0.32	$ 0.30
Common share equivalents
Subsequent Event [Line Items]
Cash dividends declared per share			$ 0.32			$ 0.32
Subsequent Event | Common shares
Subsequent Event [Line Items]
Cash dividends declared per share	$ 0.32
Subsequent Event | Common share equivalents
Subsequent Event [Line Items]
Cash dividends declared per share	$ 0.32