Validus 10-K 22 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Feb. 18, 2016	Jun. 30, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	VALIDUS HOLDINGS LTD
Entity Central Index Key	1,348,259
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
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		82,003,974
Entity Public Float			$ 2,827.5

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Assets
Fixed maturities trading, at fair value (amortized cost: 2015—$5,556,900; 2014—$5,546,994)	$ 5,510,331	$ 5,545,231
Short-term investments trading, at fair value (amortized cost: 2015—$1,941,615; 2014—$1,501,360)	1,941,635	1,501,212
Other investments, at fair value (cost: 2015—$315,963; 2014—$320,476)	336,856	334,685
Cash and cash equivalents	723,109	550,401	$ 729,333	$ 1,110,566
Restricted cash	73,270	173,003
Total investments and cash	8,585,201	8,104,532
Investments in affiliates, equity method (cost: 2015—$70,186; 2014—$107,501)	88,065	114,450
Premiums receivable	658,682	706,467	695,277
Deferred acquisition costs	181,002	161,022
Prepaid reinsurance premiums	77,992	82,947
Securities lending collateral	4,863	470
Loss reserves recoverable	350,586	377,466	370,154	439,967
Paid losses recoverable	23,071	38,078
Income taxes receivable	16,228	0
Deferred tax asset	21,661	23,821
Receivable for investments sold	39,766	18,318
Intangible assets	121,258	126,924
Goodwill	196,758	195,897	20,393
Accrued investment income	23,897	24,865
Other assets	126,782	137,307
Total assets	10,515,812	10,112,564
Liabilities
Reserve for losses and loss expenses	2,996,567	3,243,147	3,047,933	$ 3,553,604
Unearned premiums	966,210	989,229
Reinsurance balances payable	75,380	129,071
Securities lending payable	5,329	936
Deferred tax liability	3,847	5,541
Payable for investments purchased	77,475	68,574
Accounts payable and accrued expenses	627,331	395,178
Variable Interest Entity, Consolidated, Carrying Amount, Notes Payable	75,493	0
Senior notes payable	245,161	244,960
Debentures payable	537,668	539,277
Total liabilities	$ 5,610,461	$ 5,615,913
Commitments and contingent liabilities
Redeemable noncontrolling interest	$ 1,111,714	$ 617,791
Shareholders' equity
Common shares, 571,428,571 authorized, par value $0.175 (Issued: 2015—160,570,772; 2014—155,554,224; Outstanding: 2015—82,900,617; 2014—83,869,845)	28,100	27,222
Treasury shares (2015—77,670,155; 2014—71,684,379)	(13,592)	(12,545)
Additional paid-in-capital	1,002,980	1,207,493
Accumulated other comprehensive loss	(12,569)	(8,556)
Retained earnings	2,634,056	2,372,972
Total shareholders' equity available to Validus	3,638,975	3,586,586	3,704,094
Noncontrolling interest	154,662	292,274	375,026
Total shareholders' equity	3,793,637	3,878,860	$ 4,079,120
Total liabilities, noncontrolling interests and shareholders’ equity	$ 10,515,812	$ 10,112,564

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Assets
Fixed maturities, at amortized cost	$ 5,556,900	$ 5,546,994
Short-term investments, at amortized cost	1,941,615	1,501,360
Other investments, at amortized cost	315,963	320,476
Investments in and advance to affiliates, subsidiaries, associates, and joint ventures, at cost	$ 70,186	$ 107,501
Shareholders' equity
Common shares, shares authorized	571,428,571	571,428,571
Common shares, par value	$ 0.175	$ 0.175
Common shares, shares issued	160,570,772	155,554,224
Common shares, shares outstanding	82,900,617	83,869,845
Treasury stock, common shares	77,670,155	71,684,379

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015		Dec. 31, 2014		Dec. 31, 2013
Revenues
Gross premiums written	$ 309,605	$ 402,509	$ 726,168	$ 1,119,224	$ 336,643	$ 357,711	$ 653,745	$ 1,010,766	$ 2,557,506		$ 2,358,865	[1]	$ 2,388,446
Reinsurance premiums ceded	(33,128)	(48,810)	(55,418)	(191,325)	(33,623)	(30,137)	(54,014)	(195,434)	(328,681)		(313,208)		(375,800)
Net premiums written	276,477	353,699	670,750	927,899	303,020	327,574	599,731	815,332	2,228,825		2,045,657		2,012,646
Change in unearned premiums	266,823	201,312	(98,062)	(352,009)	253,621	164,997	(136,290)	(334,930)	18,064		(52,602)		86,149
Net premiums earned	543,300	555,011	572,688	575,890	556,641	492,571	463,441	480,402	2,246,889		1,993,055		2,098,795
Net investment income	31,612	31,572	33,611	31,029	30,169	25,265	21,286	23,366	127,824		100,086		96,089
Net realized gains (losses) on investments	(2,928)	(1,187)	2,244	4,169	6,902	2,042	2,233	3,740	2,298		14,917		(764)
Change in net unrealized losses on investments	(34,862)	3,916	(34,676)	33,227	(2,040)	(23,982)	14,156	9,024	(32,395)		(2,842)		(52,419)
Income from investment affiliate	(1,261)	2,482	284	2,776	530	1,754	779	5,348	4,281		8,411		4,790
Other insurance related income and other loss									5,111		1,229		(6,607)
Foreign exchange (losses) gains	797	(2,592)	(2,671)	(4,265)	3,674	(12,281)	3,156	(6,730)	(8,731)		(12,181)		3,949
Total revenues									2,345,277		2,102,675		2,143,833
Expenses
Losses and loss expenses	214,748	256,010	266,146	240,929	223,723	224,125	155,646	161,521	977,833	[2]	765,015	[2]	776,796	[2]
Policy acquisition costs	102,285	105,039	104,323	98,411	89,307	86,157	78,644	85,359	410,058		339,467		360,403
General and administrative expenses	98,563	96,886	84,025	84,235	99,173	82,556	74,403	73,230	363,709		329,362		316,008
Share compensation expenses	10,062	9,983	9,242	9,054	8,821	8,764	8,341	7,147	38,341		33,073		27,630
Finance expenses	16,581	18,512	18,682	20,967	17,605	16,273	17,086	17,360	74,742		68,324		68,007
Transaction expenses					4,695	149	3,252	0	0		8,096	[3]	0
Total expenses									1,864,683		1,543,337		1,548,844
Income before taxes, (loss) income from operating affiliate and (income) attributable to AlphaCat investors									480,594		559,338		594,989
Tax expense	756	(2,018)	(2,549)	(2,565)	243	953	(1,391)	40	(6,376)		(155)		(383)
(Loss) income from operating affiliate	(1,708)	(7,963)	1,738	3,984	(7,077)	(5,895)	3,824	4,808	(3,949)		(4,340)		542
(Income) attributable to AlphaCat investors	(974)	(1,438)	0	0					(2,412)		0		0
Net income	95,038	92,879	88,351	191,589	146,492	55,342	171,216	181,793	467,857		554,843		595,148
Net (income) attributable to noncontrolling interest	(25,996)	(26,229)	(22,561)	(18,178)	(20,584)	(15,670)	(17,849)	(20,777)	(92,964)		(74,880)		(62,482)
Net income available to Validus	$ 69,042	$ 66,650	$ 65,790	$ 173,411	$ 125,908	$ 39,672	$ 153,367	$ 161,016	374,893		479,963		532,666
Other comprehensive loss
Change in foreign currency translation adjustments									(3,716)		(7,501)		(1,954)
Change in minimum pension liability, net of tax									544		(210)		0
Change in fair value of cash flow hedge									(841)		(228)		0
Other comprehensive loss									(4,013)		(7,939)		(1,954)
Comprehensive income available to Validus									$ 370,880		$ 472,024		$ 530,712
Weighted average number of common shares and common share equivalents outstanding
Basic (shares)	82,538,834	82,635,316	84,003,549	83,251,243	86,421,127	90,593,329	90,952,523	93,451,999	83,107,236		90,354,745		102,202,274
Diluted (shares)	85,181,258	85,629,494	87,313,154	87,583,129	90,948,156	91,939,610	95,276,836	97,799,519	86,426,760		94,690,271		103,970,289
Basic earnings per share available to common shareholders	$ 0.84	$ 0.79	$ 0.77	$ 2.07	$ 1.44	$ 0.42	$ 1.67	$ 1.71	$ 4.47		$ 5.24		$ 5.02
Earnings per diluted share available to common shareholders	$ 0.81	$ 0.78	$ 0.75	$ 1.98	$ 1.38	$ 0.41	$ 1.61	$ 1.65	4.34		5.07		4.94
Cash dividends declared per share									$ 1.28		$ 1.2		$ 3.2
[1]	The results of Western World have been included in the Company's consolidated results from the October 2, 2014 date of acquisition.
[2]	Upon closing the acquisition of Western World, an adjustment of $15,586 was made to increase net reserves to reflect fair value. This adjustment was fully amortized to income through a reduction in losses and loss expenses of $10,979 and $4,607 during the years ended December 31, 2015 and 2014, respectively.
[3]	The transaction expenses relate to costs incurred in connection with the acquisition of Western World, which was completed on October 2, 2014. Transaction expenses are primarily comprised of legal, financial advisory and audit related services.

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common shares	Treasury shares	Additional paid-in capital	Accumulated other comprehensive loss	Retained earnings
Total shareholders' equity					$ (2,953)
Balance - Beginning of period at Dec. 31, 2012		$ 26,722	$ (7,836)	$ 2,160,478	(2,953)	$ 1,844,416
Common shares issued, net		314		898
Repurchase of common shares			(2,392)	(511,112)
Share compensation expenses				27,630
Dividends						(362,783)
Net income	$ 595,148					595,148
Net (income) attributable to noncontrolling interest	(62,482)					(62,482)
Amounts reclassified to retained earnings					4,290	(4,290)
Other comprehensive loss	(1,954)				(1,954)
Balance - End of period at Dec. 31, 2013	3,704,094	27,036	(10,228)	1,677,894	(617)	2,010,009
Noncontrolling interest	375,026
Total shareholders' equity	4,079,120				(617)
Common shares issued, net		186		5,161
Repurchase of common shares			(2,317)	(508,635)
Share compensation expenses				33,073
Dividends						(117,000)
Net income	554,843					554,843
Net (income) attributable to noncontrolling interest	(74,880)					(74,880)
Amounts reclassified to retained earnings					0	0
Other comprehensive loss	(7,939)				(7,939)
Balance - End of period at Dec. 31, 2014	3,586,586	27,222	(12,545)	1,207,493	(8,556)	2,372,972
Noncontrolling interest	292,274
Total shareholders' equity	3,878,860				(8,556)
Common shares issued, net		878		16,529
Repurchase of common shares			(1,047)	(259,383)
Share compensation expenses				38,341
Dividends						(113,809)
Net income	467,857					467,857
Net (income) attributable to noncontrolling interest	(92,964)					(92,964)
Amounts reclassified to retained earnings					0	0
Other comprehensive loss	(4,013)				(4,013)
Balance - End of period at Dec. 31, 2015	3,638,975	$ 28,100	$ (13,592)	$ 1,002,980	(12,569)	$ 2,634,056
Noncontrolling interest	154,662
Total shareholders' equity	$ 3,793,637				$ (12,569)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows provided by (used in) operating activities
Net income	$ 467,857	$ 554,843	$ 595,148
Adjustments to reconcile net income to cash provided by (used in) operating activities:
Share compensation expenses	38,341	33,073	27,630
(Gain) loss on sale of subsidiary	0	(709)	3,237
Amortization of discount on senior notes	108	108	108
Income from investment affiliate	(4,281)	(8,411)	(4,790)
Net realized (gains) losses on investments	(2,298)	(14,917)	764
Change in net unrealized losses on investments	32,395	2,842	52,419
Amortization of intangible assets	5,666	4,538	4,162
Loss (income) from operating affiliates	3,949	4,340	(542)
Foreign exchange losses included in net income	18,907	23,591	1,912
Amortization of premium on fixed maturities investments	23,075	19,107	19,093
Change in:
Premiums receivable	44,154	22,034	139,539
Deferred acquisition costs	(19,980)	(27,131)	14,255
Prepaid reinsurance premiums	4,955	34,443	(4,695)
Loss reserves recoverable	24,659	81,824	69,910
Paid losses recoverable	15,111	43,580	(33,807)
Income taxes recoverable	(16,477)	0	0
Deferred tax asset	1,979	0	0
Accrued investment income	878	2,417	2,499
Other assets	10,023	31,264	(75,623)
Reserve for losses and loss expenses	(231,345)	(404,280)	(491,380)
Unearned premiums	(23,019)	18,161	(81,454)
Reinsurance balances payable	(52,785)	(32,262)	(1,580)
Deferred tax liability	(1,820)	(45,380)	(1,008)
Accounts payable and accrued expenses	(5,546)	(2,914)	(431)
Net cash provided by operating activities	334,506	340,161	235,366
Cash flows provided by (used in) investing activities
Proceeds on sales of fixed maturity investments	3,842,408	4,756,555	4,370,548
Proceeds on maturities of investments	332,410	554,619	490,459
Purchases of fixed maturities	(4,225,031)	(4,391,814)	(5,392,728)
(Purchases) sales of short-term investments, net	(436,690)	(329,301)	934,759
(Purchases) sales of other investments, net	(5,988)	(143,597)	26,508
(Increase) decrease in securities lending collateral	(4,393)	2,922	(3,167)
Redemption from operating affiliates	46,603	0	0
Decrease (increase) in restricted cash	99,733	27,489	(172,962)
Proceeds on sale of subsidiary, net of cash	0	16,459	21,388
Purchase of subsidiary, net of cash acquired	0	(643,545)	0
Net cash (used in) provided by investing activities	(370,834)	(162,681)	253,813
Cash flows provided by (used in) financing activities
Net proceeds on issuance of notes payable to AlphaCat investors	75,493	0	0
Issuance of common shares, net	17,407	5,347	1,211
Purchases of common shares under share repurchase program	(260,430)	(510,952)	(513,504)
Dividends paid	(112,991)	(117,043)	(360,071)
Increase (decrease) in securities lending payable	4,393	(2,922)	3,167
Third party investment in redeemable noncontrolling interest	499,200	300,200	142,190
Third party redemption of redeemable noncontrolling interest	(86,934)	(13,192)	0
Third party investment in noncontrolling interest	9,600	117,243	136,619
Third party distributions of noncontrolling interest	(168,733)	(237,183)	(289,260)
Third party subscriptions received on AlphaCat Funds and Sidecars	249,636	127,400	15,600
Net cash provided by (used in) financing activities	226,641	(331,102)	(864,048)
Effect of foreign currency rate changes on cash and cash equivalents	(17,605)	(25,310)	(6,364)
Net increase (decrease) in cash	172,708	(178,932)	(381,233)
Cash and cash equivalents - beginning of year	550,401	729,333	1,110,566
Cash and cash equivalents - end of year	723,109	550,401	729,333
Taxes paid during the year	16,050	42,689	5,407
Interest paid during the year	55,047	54,526	52,191
Operating Affiliates
Cash flows provided by (used in) investing activities
Investments in affiliates	0	0	(6,500)
Investment Affiliates
Adjustments to reconcile net income to cash provided by (used in) operating activities:
Income from investment affiliate	(4,281)	(8,411)
Cash flows provided by (used in) investing activities
Investments in affiliates	$ (19,886)	$ (12,468)	$ (14,492)

Nature of the business

Nature of the business	12 Months Ended
	Dec. 31, 2015
Nature Of Business [Abstract]
Nature of the business	Nature of the business Validus Holdings, Ltd. (together with its wholly and majority owned subsidiaries, the “Company”) was incorporated under the laws of Bermuda on October 19, 2005. The Company provides reinsurance coverage, insurance coverage and insurance linked securities management through four distinct global operating segments, Validus Re, Talbot, Western World, and AlphaCat. Validus Re is a Bermuda-based reinsurance segment focused on treaty reinsurance. Talbot is a specialty insurance segment, primarily operating within the Lloyd's insurance market through Syndicate 1183. Western World is a U.S. based specialty excess and surplus lines insurance segment operating within the U.S. commercial market. AlphaCat is a Bermuda-based investment adviser, managing capital for third parties and the Company in insurance linked securities and other investments in the property catastrophe reinsurance space. On October 9, 2013, the Company completed the sale of its wholly-owned Cyprus-domiciled subsidiary, Flagstone Alliance Insurance and Reinsurance plc for net cash proceeds of $21,400 . On October 2, 2014, the Company acquired all of the outstanding shares of Western World Insurance Group Inc. ("Western World"), a U.S. based specialty excess and surplus lines insurance company. The results of operations for Western World are consolidated from the date of acquisition. Refer to Note 5 , " Business combinations ," for further information.

Basis of preparation and consol

Basis of preparation and consolidation	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of preparation and consolidation	Basis of preparation and consolidation These Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company consolidates in these Consolidated Financial Statements the results of operations and financial position of all voting interest entities ("VOE") in which the Company has a controlling financial interest and all variable interest entities ("VIE") in which the Company is considered to be the primary beneficiary. The consolidation assessment, including the determination as to whether an entity qualifies as a VIE or VOE, depends on the facts and circumstances surrounding each entity. During the fourth quarter of 2015, the Company early adopted Accounting Standards Update 2015-02, “Consolidation (Topic 810) Amendments to the Consolidation Analysis” issued by the United States Financial Accounting Standards Board (“FASB”), which changed the method in which the Company determines whether entities are consolidated by the Company. The adoption of this amended accounting guidance has been implemented utilizing a full retrospective application for all periods presented in the Company's Consolidated Financial Statements. The amended guidance includes changes in the identification of the primary beneficiary of investment companies considered to be VIEs. These changes resulted in the Company concluding that it is considered to be the primary beneficiary of the AlphaCat sidecars, the AlphaCat ILS funds and the BetaCat ILS funds and therefore the Company is required to consolidate these entities. The adoption of the amended guidance also resulted in the Company concluding that it was no longer required to consolidate PaCRe Ltd. ("PaCRe") due to the change in the VIE definition of "kick-out" rights under the amended guidance. The cumulative effect of these changes on the Company's retained earnings was a gain of $405 . All significant intercompany accounts and transactions have been eliminated. The following tables present the impact of the application of the amended accounting guidance on the Company's results as at and for the year ended December 31, 2014: As at December 31, 2014 As previously reported Adjustment for adoption of new consolidation guidance Revised Total assets $ 10,311,621 $ (199,057 ) $ 10,112,564 Total liabilities 6,185,112 (569,199 ) 5,615,913 Redeemable noncontrolling interest 79,956 537,835 617,791 Total shareholders' equity available to Validus 3,587,958 (1,372 ) 3,586,586 Noncontrolling interest 458,595 (166,321 ) 292,274 Total shareholders' equity 4,046,553 (167,693 ) 3,878,860 Total liabilities, noncontrolling interests, and shareholders' equity 10,311,621 (199,057 ) 10,112,564 For the Year Ended December 31, 2014 As previously reported Adjustment for adoption of new consolidation guidance Revised Total revenues $ 2,085,122 $ 17,553 $ 2,102,675 Total expenses 1,547,420 (4,083 ) 1,543,337 Net income 445,871 108,972 554,843 Net loss (income) attributable to noncontrolling interest 35,464 (110,344 ) (74,880 ) Net income available to Validus 481,335 (1,372 ) 479,963 Comprehensive income available to Validus 473,396 (1,372 ) 472,024 Basic earnings per share available to common shareholders $ 5.26 $ (0.02 ) $ 5.24 Earnings per diluted share available to common shareholders $ 5.08 $ (0.01 ) $ 5.07 For the Year Ended December 31, 2014 As previously reported Adjustment for adoption of new consolidation guidance Revised Net cash provided by operating activities $ 241,781 $ 98,380 $ 340,161 Net cash provided by (used in) investing activities 121,582 (284,263 ) (162,681 ) Net cash used in financing activities (489,507 ) 158,405 (331,102 ) Effect of foreign currency rate changes on cash and cash equivalents (30,764 ) 5,454 (25,310 ) Net decrease in cash (156,908 ) (22,024 ) (178,932 ) Cash and cash equivalents - beginning of year 734,148 (4,815 ) 729,333 Cash and cash equivalents - end of year 577,240 (26,839 ) 550,401 The following tables present the impact of the application of the amended accounting guidance on the Company's results for the year ended December 31, 2013: For the Year Ended December 31, 2013 As previously reported Adjustment for adoption of new consolidation guidance Revised Total revenues $ 2,158,532 $ (14,699 ) $ 2,143,833 Total expenses 1,561,314 (12,470 ) 1,548,844 Net income 542,361 52,787 595,148 Net (income) loss attributable to noncontrolling interest (9,695 ) (52,787 ) (62,482 ) Net income available to Validus 532,666 — 532,666 Comprehensive income available to Validus 530,712 — 530,712 Basic earnings per share available to common shareholders $ 5.02 $ — $ 5.02 Earnings per diluted share available to common shareholders $ 4.94 $ — $ 4.94 For the Year Ended December 31, 2013 As previously reported Adjustment for adoption of new consolidation guidance Revised Net cash provided by operating activities $ 265,274 $ (29,908 ) $ 235,366 Net cash (used in) provided by investing activities (321,436 ) 575,249 253,813 Net cash used in financing activities (264,048 ) (600,000 ) (864,048 ) Effect of foreign currency rate changes on cash and cash equivalents (6,364 ) — (6,364 ) Net decrease in cash (326,574 ) (54,659 ) (381,233 ) Cash and cash equivalents - beginning of year 1,060,722 49,844 1,110,566 Cash and cash equivalents - end of year 734,148 (4,815 ) 729,333 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 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 FASB.

Significant accounting policies

Significant accounting policies	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Significant accounting policies	Significant accounting policies The following is a summary of significant accounting policies adopted by the Company. (a) Premiums Insurance premiums written are recorded in accordance with the terms of underlying policies. Reinsurance premiums written are recorded at the inception of the policy and are estimated based on information received from brokers, ceding companies and reinsureds, and any subsequent differences arising on such estimates will be recorded in the periods in which they are determined. Premiums written are earned on a pro-rated basis over the term of the policy. For contracts and policies written on a losses occurring basis, the risk period is generally the same as the contract or policy terms. For contracts written on a policies attaching basis, the risk period is based on the terms of the underlying contracts and policies and is generally assumed to be 24 months . The portion of the premiums written applicable to the unexpired terms of the underlying contracts and policies in force is recorded as unearned premiums. Reinstatement premiums are recorded at the time a loss event occurs and coverage limits for the remaining life of the contract are reinstated under predefined contract terms. The accrual of reinstatement premiums is based on our estimate of losses and loss expenses, which reflects management’s judgment, as described in Note 3 (c), “ Reserve for losses and loss expenses, ” below. (b) Policy acquisition costs Policy acquisition costs are costs that vary with, and are directly related to, the successful production of new and renewal business, and consist principally of commissions and brokerage expenses. Acquisition costs are shown net of commissions earned on reinsurance ceded. These costs are deferred and amortized over the periods in which the related premiums are earned. Deferred acquisition costs are limited to their estimated realizable value based on the related unearned premiums and anticipated claims expenses. The realizable value of the Company’s deferred acquisition costs is determined without consideration of investment income. Policy acquisition costs also include profit commissions. Profit commissions are recognized on a basis consistent with our estimate of losses and loss expenses. (c) Reserve for losses and loss expenses The reserve for losses and loss expenses includes reserves for unpaid reported losses and for losses incurred but not reported (“IBNR”). The reserve for unpaid reported losses and loss expenses is established by management based on reports from brokers, ceding companies and insureds and represents the estimated ultimate cost of events or conditions that have been reported to, or specifically identified by, the Company. The reserve for incurred but not reported losses and loss expenses is established by management based on actuarially determined estimates of ultimate losses and loss expenses. Inherent in the estimate of ultimate losses and loss expenses are expected trends in claim severity and frequency and other factors which may vary significantly as claims are settled. Accordingly, ultimate losses and loss expenses may differ materially from the amounts recorded in the Consolidated Financial Statements. These estimates are reviewed regularly and, as experience develops and new information becomes known, the reserves are adjusted as necessary. Such adjustments, if any, will be recorded in earnings in the period in which they become known. Prior period development arises from changes to these estimates recognized in the current year that relate to reserves for losses and loss expenses established in previous calendar years. (d) Reinsurance In the normal course of business, the Company seeks to reduce the potential amount of loss arising from claims events by reinsuring certain levels of risk assumed in various areas of exposure with other insurers or reinsurers. The accounting for reinsurance ceded depends on the method of reinsurance. If the policy is on a “losses occurring” basis, reinsurance premiums ceded are expensed (and any commissions thereon are earned) on a pro-rata basis over the period the reinsurance coverage is provided. If the policy is a “risks attaching” policy, reinsurance premiums ceded are expensed (and any commissions thereon are earned) in line with the earning of the gross premiums to which the risk attaching policy relates. Prepaid reinsurance premiums represent the portion of premiums ceded applicable to the unexpired term of policies in force. Mandatory reinstatement premiums ceded are recorded at the time the loss event occurs. Reinsurance recoverables are based on contracts in force at the time of the underlying loss event. The method for determining the reinsurance recoverable on unpaid losses and loss expenses involves the actuarial estimates of unpaid losses and loss expenses as well as a determination of the Company’s ability to cede unpaid losses and loss expenses under its reinsurance treaties. The use of different assumptions could have a material effect on the provision for uncollectible reinsurance. To the extent the creditworthiness of the Company’s reinsurers was to deteriorate due to adverse events affecting the reinsurance industry, such as a large number of major catastrophes, actual uncollectible amounts could be significantly greater than the Company’s provision. Amounts recoverable from reinsurers are estimated in a manner consistent with the underlying liabilities. (e) Investments The Company classifies its fixed maturity and short-term investments as trading and accounts for its other investments in accordance with U.S. GAAP guidance for "Financial Instruments." As such, all investments are carried at fair value with interest and dividend income and realized and unrealized gains and losses included in net income for the year. All investment transactions are recorded on a first-in-first-out basis and realized gains and losses on the sale of investments are determined on the basis of amortized cost. Interest on fixed maturity securities is recorded in net investment income when earned and is adjusted for any amortization of premium or accretion of discount. For mortgage-backed securities, and any other holdings for which there is a prepayment risk, prepayment assumptions are evaluated and revised as necessary. Any adjustments required due to the resultant change in effective yields and maturities are recognized retrospectively. Prepayment fees or call premiums that are only payable to the Company when a security is called prior to its maturity, are earned when received and reflected in net investment income. Short-term investments primarily comprise of investments with a remaining maturity of less than one year at time of purchase and money market funds held at the Company’s investment managers. Certain short-term investments relate to funds held in trust in support of collateralized reinsurance transactions. Restricted cash primarily relates to funds held in trust for support of collateralized reinsurance transactions. The fair value of other investments is generally recorded on the basis of the net asset valuation criteria established by the managers of the investments, normally based upon the governing documents of such investments. In addition, due to a lag in reporting, some of the fund managers, fund administrators, or both, are unable to provide final fund valuations as of the Company’s reporting date. In these circumstances, the Company estimates the fair value of these funds by starting with the prior month’s or prior quarter's fund valuation, adjusting these valuations for capital calls, redemptions or distributions and the impact of changes in foreign currency exchange rates, and then estimating the return for the current period. In circumstances in which the Company estimates the return for the current period, it uses all credible information available. This includes utilizing preliminary estimates reported by its fund managers, obtaining the valuation of underlying portfolio investments where such underlying investments are publicly traded and therefore have a readily observable price, using information that is available to the Company with respect to the underlying investments, reviewing various indices for similar investments or asset classes, as well as estimating returns based on the results of similar types of investments for which the Company has reported results, or other valuation methods, as necessary. Actual final fund valuations may differ, perhaps materially so, from the Company’s estimates and these differences are recorded in the period they become known as a change in estimate. (f) Fair value of financial instruments Fair value is defined as the price received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date reflecting the highest and best use valuation concepts. The guidance for “Fair Value Measurement and Disclosure ” provides a framework for measuring fair value by creating a hierarchy of fair value measurements that distinguishes market data between observable independent market inputs and unobservable market assumptions by the reporting entity. The guidance further expands disclosures about such fair value measurements. The guidance applies broadly to most existing accounting pronouncements that require or permit fair value measurements (including both financial and non-financial assets and liabilities) but does not require any new fair value measurements. The Company has adopted all authoritative guidance in effect as of the balance sheet date regarding certain market conditions that allow for fair value measurements that incorporate unobservable inputs where active market transaction based measurements are unavailable. (g) Derivative instruments Fair Value Hedges The Company uses derivative instruments in the form of foreign currency forward exchange contracts to manage foreign currency risk. A foreign currency forward exchange contract involves an obligation to purchase or sell a specified amount of a specified currency at a future date at a price set at the time of the contract. Foreign currency forward exchange contracts will not eliminate fluctuations in the value of our assets and liabilities denominated in foreign currencies but rather allow the Company to establish a rate of exchange for a future point in time. The foreign currency forward exchange contracts are recorded as derivatives at fair value as either assets or liabilities, depending on their rights or obligations, with changes in fair value recorded as a net foreign exchange gain or loss in the Company’s Statements of Comprehensive Income. To qualify for hedge accounting treatment, a derivative must be highly effective in mitigating the designated changes in value or cash flow of the hedged item. The Company formally documents all relationships between designated hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions. The documentation process includes linking derivatives to specific assets or liabilities on the balance sheet. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. The Company assesses the effectiveness of its designated hedges on an individual currency basis. If the ratio obtained with this method is within the range of 80% to 125% , the Company considers the hedge effective. The Company discontinues hedge accounting prospectively when it is determined that the derivative is no longer highly effective in offsetting changes in the fair value or cash flows of a hedged item; the derivative is de-designated as a hedging instrument; or the derivative expires or is sold, terminated or exercised. To the extent that the Company discontinues hedge accounting, because, based on management’s assessment, the derivative no longer qualifies as an effective hedge, the derivative will continue to be carried in the Consolidated Balance Sheets at its fair value, with changes in its fair value recognized in current period net income through foreign exchange gains (losses). Cash Flow Hedges The Company uses derivative instruments in the form of interest rate swaps to manage the interest rate exposure associated with certain assets and liabilities. These derivatives are recorded at fair value. Changes in the fair value of a derivative that is designated and qualifies as a cash flow hedge are recorded in other comprehensive income (“OCI”) and are reclassified into earnings when the variability of the cash flow of the hedged item impacts earnings. Gains and losses on derivative contracts that are reclassified from OCI to current period earnings are included in the line item in the Consolidated Statements of Comprehensive Income in which the cash flows of the hedged item are recorded. Any hedge ineffectiveness is recorded immediately in current period earnings. To qualify for hedge accounting treatment, a derivative must be highly effective in mitigating the designated changes in value or cash flow of the hedged item. The Company formally documents all relationships between designated hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions. The documentation process includes linking derivatives to specific assets or liabilities on the balance sheet. The Company also formally assesses, both at the hedge's inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. The Company assesses the effectiveness of its designated hedges on an individual contract basis. The Company currently applies the long haul method when assessing the hedge's effectiveness. The Company discontinues hedge accounting prospectively when it is determined that the derivative is no longer highly effective in offsetting changes in the fair value or cash flows of a hedged item; the derivative is de-designated as a hedging instrument; or the derivative expires or is sold, terminated or exercised. When hedge accounting is discontinued because the Company becomes aware that it is not probable that the forecasted transaction will occur, the derivative continues to be carried on the balance sheet at its fair value, and gains and losses that were accumulated in OCI are recognized immediately in earnings. (h) Cash and cash equivalents The Company considers time deposits and money market funds with an original maturity of one month or less as equivalent to cash. (i) Foreign exchange The U.S. dollar is the functional currency of the Company and the majority of its subsidiaries. For these companies, monetary assets and liabilities denominated in foreign currencies are revalued at the exchange rates in effect at the balance sheet date and revenues and expenses denominated in foreign currencies are translated at the prevailing exchange rate on the transaction date with the resulting foreign exchange gains and losses included in earnings. Non-monetary assets and liabilities denominated in foreign currencies are revalued at the exchange rate in effect at the time of the underlying transaction. Assets and liabilities of subsidiaries whose functional currency is not the U.S. dollar are translated at prevailing year end exchange rates. Revenue and expenses of such foreign operations are translated at average exchange rates during the year. The net effect of translation differences between functional and reporting currencies in foreign operations, net of applicable deferred income taxes, is included in accumulated other comprehensive income (“AOCI”). (j) Stock plans The Company accounts for its stock plans in accordance with the U.S. GAAP fair value recognition provisions for “Stock Compensation.” Accordingly, the Company recognizes the compensation expense for stock option grants, restricted share grants and performance share awards based on the fair value of the award on the date of grant over the requisite service period. (k) Warrants The Company has accounted for certain warrant contracts issued to our sponsoring investors in conjunction with the capitalization of the Company, and which may be settled by the Company using either the physical settlement or net-share settlement methods, in accordance with U.S. GAAP guidance for “Derivatives and Hedging, Contracts in Entity’s Own Equity. ” Accordingly, the fair value of these warrants has been recorded in equity as an addition to additional paid-in capital. (l) Earnings per share Basic earnings per common share is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding. Earnings per diluted common share are based on the weighted average number of common shares and share equivalents excluding any anti-dilutive effects of warrants, options and other awards under stock plans. (m) Income taxes and uncertain tax provisions Deferred tax assets and liabilities are recorded in accordance with U.S. GAAP “Income Taxes” guidance. Consistent with this guidance, the Company records deferred income taxes which reflect the tax effect of the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their respective tax bases. The Company and its Bermuda domiciled subsidiaries are not subject to any income, withholding or capital gains taxes under current Bermuda law. The Company has operating subsidiaries in various other jurisdictions around the world, including but not limited to the U.K., U.S., Switzerland, Luxembourg and Canada that are subject to relevant taxes in those jurisdictions. The Company recognizes the tax benefits of uncertain tax positions only where the position is more likely than not to be sustained upon audit by tax authorities. The Company would recognize accruals for any interest and penalties related to uncertain tax positions in income tax expenses. (n) Goodwill and other intangible assets The Company accounts for goodwill and other intangible assets recognized in business combinations in accordance with ASC Topic 805 “Business Combinations.” A purchase price paid that is in excess of the fair value of the net assets acquired (“goodwill”) arising from a business combination is recorded as an asset, and is not amortized. Where the fair value of the net assets acquired exceeds the consideration paid (“negative goodwill”), the acquirer will record a gain as a result of the bargain purchase, to be recognized through the consolidated statements of comprehensive income at the close of the transaction. Intangible assets with a finite life are amortized over the estimated useful life of the asset. Intangible assets with an indefinite useful life are not amortized. Refer to Note 6 , “ Goodwill and other intangible assets ,” for further information. Goodwill and intangible assets are assessed for impairment on an annual basis or more frequently if events or changes in circumstances indicate that it is more likely than not that an impairment exists. Such events or circumstances may include an economic downturn in a geographic market or change in the assessment of future operations. In performing this assessment, the Company may first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test described in ASC Topic 350 “Intangibles—Goodwill and Other.” Similarly, the Company may first assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test described in ASC Topic 350 “ Intangibles - Goodwill and Other - General Intangibles Other than Goodwill. ” The factors assessed in making this determination included the overall insurance industry outlook, business strategy, premium rates, earnings sustainability, market capitalization and the regulatory and political environment. If goodwill or an intangible asset is impaired, it is written down to its fair value with a corresponding expense reflected in the Consolidated Statements of Comprehensive Income. (o) Investments in affiliates Investments in which the Company has significant influence over the operating and financial policies of the investee are accounted for under the equity method of accounting. Under this method, the Company records its proportionate share of income or loss from such investments in its results for the period. (p) Variable interest entities The Company determines whether it has relationships with entities defined as VIEs in accordance with ASC Topic 810 “ Consolidation. ” A VIE is consolidated by the variable interest holder that is determined to be the primary beneficiary. An entity in which the Company holds a variable interest is a VIE if any of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) as a group, the holders of equity investment at risk lack either the direct or indirect ability through voting rights or similar rights to make decisions about an entity's activities that most significantly impact the entity’s economic performance or the obligation to absorb the expected losses or right to receive the expected residual returns, or (c) the voting rights of some investors are disproportionate to their obligation to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both and substantially all of the entity's activities either involve or are conducted on behalf of an investor with disproportionately few voting rights. The primary beneficiary is defined as the variable interest holder that is determined to have the controlling financial interest as a result of having both (a) the power to direct the activities of a VIE that most significantly impact the economic performance of the VIE and (b) the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. At inception of the VIE, as well as following an event that requires reassessment, the Company determines whether it is the primary beneficiary based on the facts and circumstances surrounding each entity. Refer to Notes 2 and 9 , “ Basis of Preparation and Consolidation, ” and “ Variable interest entities, ” for further details. (q) Noncontrolling interests The Company accounts for its noncontrolling interests in accordance with ASC Topic 810 “ Consolidation .” Redeemable noncontrolling interests are presented as a mezzanine item, between liabilities and shareholders' equity, in the Company's Consolidated Balance Sheet and the non-redeemable noncontrolling interests are presented within shareholders' equity in the Company's Consolidated Balance Sheets and Consolidated Statements of Shareholders' Equity. The net (income) loss attributable to noncontrolling interest is presented separately in the Company's Consolidated Statements of Comprehensive Income. Refer to Note 11 , “ Noncontrolling interest, ” for further details.

Recent accounting pronouncement

Recent accounting pronouncements	12 Months Ended
	Dec. 31, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent accounting pronouncements	Recent accounting pronouncements (a) Adoption of New Accounting Standards Consolidation (Topic 810) Amendments to the Consolidation Analysis 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 VIEs or VOEs. 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, with early adoption permitted. During the fourth quarter of 2015, the Company early adopted and implemented this guidance utilizing the full retrospective approach for all periods presented in the Company's Consolidated Financial Statements. Refer to Note 2 , “ Basis of preparation and consolidation,” for further information. Interest - Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs 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 reporting periods beginning after December 15, 2015, with early adoption permitted. During the fourth quarter of 2015, the Company early adopted and implemented this guidance utilizing the full retrospective approach for all periods presented in the Company's Consolidated Financial Statements. Adoption of this guidance resulted in the reclassification of debt issuance costs against the carrying amount of the Company's senior notes payable for the years ended December 31, 2015 and 2014 of $2,252 and $2,346 , respectively. Fair Value Measurement (Topic 820) - Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) 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, with early adoption permitted. During the fourth quarter of 2015, the Company early adopted and implemented this guidance utilizing the full retrospective approach for all periods presented in the Company's Consolidated Financial Statements. Refer to Note 8 , “ Fair value measurements ,” for further information. Adoption of this guidance did not have a material impact on the Company’s Consolidated Financial Statements. (b) Recently Issued Accounting Standards Not Yet Adopted In May 2014, the FASB issued Accounting Standard Update 2014-09, “ Revenue from Contracts with Customers (Topic 606)” (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 annual reporting periods beginning after December 15, 2016; however, in August 2015, the FASB delayed the effective date by one year through the issuance of Accounting Standards Update 2015-14, “ Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date” (ASU 2015-14). As such, the new effective date is for interim and annual reporting periods beginning after December 15, 2017. Entities may adopt the standard as of the original effective date, however, earlier adoption is not permitted. The Company is currently evaluating the impact of this guidance 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 reporting periods beginning after December 15, 2015 and interim reporting periods thereafter. 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; however, it will require significant additional disclosures. In September 2015, the FASB issued Accounting Standard Update 2015-16, “ Business Combinations (Topic 805) - Simplifying the Accounting for Measurement-Period Adjustments ” (ASU 2015-16). The amendments in this Update simplify the accounting for adjustments made to provisional amounts recognized in a business combination by eliminating the requirement to retrospectively account for those adjustments. The amendments in this Update are effective for interim and annual reporting periods beginning after December 15, 2015. The Company has evaluated the impact of this guidance and it will not have a material impact on the Company's Consolidated Financial Statements as at December 31, 2015. In January 2016, the FASB issued Accounting Standard Update 2016-01, “ Financial Instruments-Overall (Subtopic 825-10) - Recognition and measurement of financial assets and financial liabilities ” (ASU 2016-01). The amendments in this Update address certain aspects of recognition, measurement and disclosure of financial instruments. The amendments in this Update are effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is not permitted. The Company is currently evaluating the impact of this guidance on the Company’s Consolidated Financial Statements.

Business combination

Business combination	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Business combination	Business combination Western World Insurance Group, Inc. acquisition On October 2, 2014, Validus Specialty, Inc., a wholly owned subsidiary of the Company, acquired all of the issued and outstanding capital stock of Western World for an aggregate purchase price of $692,305 in cash. The Western World acquisition was undertaken to enhance the Company's access to the specialty U.S. commercial insurance market. Additional factors that added to the value of Western World included its State Licenses, Brand Name, Distribution Network and Technology. These factors resulted in a market value greater than the value of net tangible and intangible assets which resulted in the recognition of goodwill. This goodwill is reflective of the strategic benefits that a U.S. based insurer can provide to the Company. For reporting purposes, the results of Western World’s operations have been included in the Consolidated Financial Statements as a separate segment from the acquisition date. The estimates of fair values for tangible and intangible assets acquired and liabilities assumed were determined by management based on various market and income analyses. Significant judgment was required to arrive at these estimates of fair value and changes to assumptions used could have led to materially different results. The fair value of net assets acquired, including pro forma GAAP adjustments, are summarized as follows: Total purchase price $ 692,305 Assets acquired Cash and cash equivalents $ 48,760 Investments 1,126,185 Receivables 37,848 Other assets 19,418 Tangible assets acquired 1,232,211 Intangible asset - State licenses $ 12,325 Intangible asset - Brand name 5,756 Intangible asset - Distribution network 4,651 Intangible asset - Technology 2,323 Intangible assets acquired $ 25,055 Liabilities acquired Net loss reserves and paid losses recoverable $ 523,315 Unearned premiums, net of expenses 135,686 Other liabilities 81,464 Liabilities acquired 740,465 Excess purchase price (goodwill) as at December 31, 2014 $ 175,504 Measurement period adjustments (a) $ 861 Excess purchase price (goodwill) as at December 31, 2015 $ 176,365 (a) During the year ended December 31, 2015, measurement period adjustments of $861 were made to certain other assets, net of taxes. For details on the intangible assets acquired, refer to Note 6 , “ Goodwill and other intangible assets. ” The Company also incurred transaction expenses related to the Western World acquisition. Transaction expenses included legal, financial advisory and audit related services. Supplemental Pro Forma Information Operating results of Western World have been included in the Consolidated Financial Statements from the October 2, 2014 acquisition date. The following selected unaudited pro forma financial information has been provided to present a summary of the combined results of the Company and Western World, assuming the transaction had been effected on January 1, 2013. The unaudited pro forma data is for informational purposes only and does not necessarily represent results that would have occurred if the transaction had taken place on the basis assumed above. Years ended December 31, 2014 2013 (Dollars in thousands) (unaudited) (unaudited) Net premiums earned $ 2,216,349 $ 2,325,407 Net operating income $ 481,179 $ 645,696 Net income $ 448,071 $ 561,832 The following selected audited information has been provided to present a summary of the results of Western World that have been included in the Consolidated Financial Statements for the year ended December 31, 2014. From Acquisition Date to (Dollars in thousands) December 31, 2014 Net premiums written $ 58,807 Total revenue 78,325 Total expenses (66,882 ) Net income $ 11,443

Goodwill and other intangible a

Goodwill and other intangible assets	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and other intangible assets	Goodwill and other intangible assets Following the acquisition of Western World on October 2, 2014, the Company recorded intangible assets for State Licenses, Brand Name, Distribution Network and Technology (including certain amortization thereon) and goodwill. Brand Name and Distribution Network were estimated to have finite useful economic lives of 10 years on acquisition and are being amortized on a straight line basis over such period. Technology was estimated to have a finite useful economic life of 5 years on acquisition and is being amortized on a straight line basis over such period. Indefinite-lived intangible assets recognized in conjunction with the acquisition consist of State Licenses that provide a legal right to transact insurance business in those jurisdictions indefinitely. Following the acquisition of Talbot Holdings Ltd. on July 2, 2007, the Company recorded intangible assets for Syndicate Capacity, Trademark and Distribution Network (including certain amortization thereon) and goodwill. Syndicate Capacity represents Talbot’s authorized premium income limit to write insurance business in the Lloyd’s market. Talbot has owned 100% of Syndicate 1183’s capacity since 2002 and there are no third party tenure rights. The capacity is renewed annually at no cost to Talbot, but may be freely purchased or sold, subject to Lloyd’s approval. The ability to write insurance business under the syndicate capacity is indefinite with the premium income limit being set yearly by Talbot, subject to Lloyd’s approval. Trademark and Distribution Network were estimated to have finite useful economic lives of 10 years on acquisition and are being amortized on a straight line basis over such periods. Syndicate Capacity and goodwill are estimated to have indefinite useful lives. Goodwill includes amounts related to the value of the workforce. The following table shows an analysis of goodwill by segment: Talbot Western World Total Goodwill at December 31, 2013 $ 20,393 $ — $ 20,393 Acquired during the year — 175,504 175,504 Goodwill at December 31, 2014 $ 20,393 $ 175,504 $ 195,897 Measurement period adjustments — 861 861 Goodwill at December 31, 2015 $ 20,393 $ 176,365 $ 196,758 There was no accumulated impairment loss at any of the dates indicated. During the year ended December 31, 2015, measurement period adjustments of $861 were made to certain other assets, net of taxes. The gross carrying value and accumulated amortization of intangible assets by type at December 31, 2015 and 2014 are as follows: As at December 31, 2015 As at December 31, 2014 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Finite-lived intangible assets Trade name and customer relationships $ 18,189 $ (12,187 ) $ 18,189 $ (10,971 ) Distribution network 39,831 (30,485 ) 39,831 (26,500 ) Technology 2,323 (581 ) 2,323 (116 ) Total $ 60,343 $ (43,253 ) $ 60,343 $ (37,587 ) Indefinite-lived intangible assets Syndicate capacity $ 91,843 n/a $ 91,843 n/a State licenses 12,325 n/a 12,325 n/a Total $ 104,168 $ 104,168 Amortization expense was $5,666 , $4,538 , and $4,162 for the years ended December 31, 2015 , 2014 and 2013 , respectively. The estimated remaining amortization expense for the finite-lived intangible assets is as follows: Total Remaining Amortization Expense 2016 $ 5,667 2017 3,586 2018 1,505 2019 1,389 2020 and thereafter 4,943 $ 17,090 As described in Note 3 (n), “ Goodwill and other intangible assets, ” the Company performed a qualitative assessment and it was determined that goodwill and intangible assets were not impaired. The factors assessed in making this determination included the overall insurance industry outlook, business strategy, premium rates, earnings sustainability, market capitalization and the regulatory and political environment.

Investments

Investments	12 Months Ended
	Dec. 31, 2015
Investments [Abstract]
Investments	Investments During the fourth quarter of 2015, the Company enhanced disclosures around the allocation of invested assets and the related returns between managed and non-managed investments. Non-managed investments represent assets held in support of consolidated AlphaCat VIEs, refer to Note 9 , "Variable interest entities," for further details. As such, prior period disclosures have been revised to conform to current period presentation. The amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments as at December 31, 2015 were as follows: Amortized Cost or Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Managed investments U.S. government and government agency $ 940,428 $ 333 $ (3,559 ) $ 937,202 Non-U.S. government and government agency 241,549 257 (3,838 ) 237,968 U.S. states, municipalities and political subdivisions 299,929 2,322 (962 ) 301,289 Agency residential mortgage-backed securities 606,676 6,361 (2,455 ) 610,582 Non-agency residential mortgage-backed securities 27,025 310 (415 ) 26,920 U.S. corporate 1,503,614 1,594 (15,257 ) 1,489,951 Non-U.S. corporate 453,178 797 (7,405 ) 446,570 Bank loans 592,981 275 (17,045 ) 576,211 Asset-backed securities 440,363 344 (3,583 ) 437,124 Commercial mortgage-backed securities 263,310 131 (3,306 ) 260,135 Total fixed maturities 5,369,053 12,724 (57,825 ) 5,323,952 Short-term investments 237,349 20 — 237,369 Other investments Fund of hedge funds 1,457 — (40 ) 1,417 Hedge funds 14,018 6,962 — 20,980 Private equity investments 53,489 12,751 (2,469 ) 63,771 Investment funds 188,121 600 — 188,721 Overseas deposits 54,484 — — 54,484 Mutual funds 4,394 3,089 — 7,483 Total other investments 315,963 23,402 (2,509 ) 336,856 Total managed investments $ 5,922,365 $ 36,146 $ (60,334 ) $ 5,898,177 Non-managed investments Catastrophe bonds $ 187,847 $ 635 $ (2,103 ) $ 186,379 Short-term investments 1,704,266 — — 1,704,266 Total non-managed investments 1,892,113 635 (2,103 ) 1,890,645 Total investments $ 7,814,478 $ 36,781 $ (62,437 ) $ 7,788,822 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 Gross Unrealized Gains Gross Unrealized Losses Estimated Managed investments 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 Asset-backed securities 647,422 1,250 (1,190 ) 647,482 Commercial mortgage-backed securities 242,332 598 (692 ) 242,238 Total fixed maturities 5,458,672 23,589 (25,194 ) 5,457,067 Short-term investments 318,440 13 (161 ) 318,292 Other investments Fund of hedge funds 2,570 125 (920 ) 1,775 Preferred stock 6,535 — (201 ) 6,334 Hedge funds 11,671 6,963 — 18,634 Private equity investments 48,995 4,987 (611 ) 53,371 Investment funds 177,898 437 (111 ) 178,224 Overseas deposits 66,608 — — 66,608 Mutual funds 6,199 3,540 — 9,739 Total other investments 320,476 16,052 (1,843 ) 334,685 Total managed investments $ 6,097,588 $ 39,654 $ (27,198 ) $ 6,110,044 Non-managed investments Catastrophe bonds $ 88,322 $ 768 $ (926 ) $ 88,164 Short-term investments 1,182,920 — — 1,182,920 Total non-managed investments 1,271,242 768 (926 ) 1,271,084 Total investments $ 7,368,830 $ 40,422 $ (28,124 ) $ 7,381,128 (a) Fixed maturity investments The following table sets forth certain information regarding the investment ratings of the Company’s fixed maturities portfolio as at December 31, 2015 and 2014 . As at December 31, 2015 As at December 31, 2014 Estimated Fair Value % of Total Estimated Fair Value % of Total Managed fixed maturities AAA $ 2,367,642 43.0 % $ 2,494,239 45.0 % AA 569,386 10.3 % 848,226 15.3 % A 1,031,326 18.7 % 1,086,091 19.6 % BBB 691,538 12.6 % 505,208 9.1 % Total investment grade managed fixed maturities 4,659,892 84.6 % 4,933,764 89.0 % BB 235,724 4.3 % 338,108 6.1 % B 179,069 3.2 % 113,863 2.0 % CCC 5,706 0.1 % 12,733 0.2 % CC 1,015 0.0 % 3,926 0.1 % C — 0.0 % 1,344 0.0 % NR 242,546 4.4 % 53,329 1.0 % Total non-investment grade managed fixed maturities 664,060 12.0 % 523,303 9.4 % Total managed fixed maturities $ 5,323,952 96.6 % $ 5,457,067 98.4 % Non-managed catastrophe bonds BBB $ 1,911 0.0 % $ — 0.0 % BB 70,962 1.3 % 24,864 0.4 % B 30,698 0.6 % 31,377 0.6 % NR 82,808 1.5 % 31,923 0.6 % Total non-investment grade non-managed catastrophe bonds 184,468 3.4 % 88,164 1.6 % Total non-managed fixed maturities 186,379 3.4 % 88,164 1.6 % Total fixed maturities $ 5,510,331 100.0 % $ 5,545,231 100.0 % The amortized cost and estimated fair value amounts for fixed maturity securities held at December 31, 2015 and 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. As at December 31, 2015 As at December 31, 2014 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Managed investments Due in one year or less $ 367,132 $ 366,019 $ 312,843 $ 313,248 Due after one year through five years 2,965,920 2,936,053 3,088,653 3,084,790 Due after five years through ten years 548,183 539,083 495,925 490,616 Due after ten years 150,444 148,036 112,858 111,655 4,031,679 3,989,191 4,010,279 4,000,309 Asset-backed and mortgage-backed securities 1,337,374 1,334,761 1,448,393 1,456,758 Total managed fixed maturities $ 5,369,053 $ 5,323,952 $ 5,458,672 $ 5,457,067 Non-managed catastrophe bonds Due in one year or less $ 7,504 $ 7,544 $ — $ — Due after one year through five years 165,093 163,575 87,072 86,910 Due after five years through ten years 15,250 15,260 1,250 1,254 Due after ten years — — — — Total non-managed fixed maturities 187,847 186,379 88,322 88,164 Total fixed maturities $ 5,556,900 $ 5,510,331 $ 5,546,994 $ 5,545,231 (b) Other investments The following tables set forth certain information regarding the Company's other investment portfolio as at December 31, 2015 and 2014: Other investments Estimated Fair Value as at December 31, 2015 Investments with redemption restrictions Investments without redemption restrictions Redemption frequency (a) Redemption notice period (a) Fund of hedge funds $ 1,417 $ 1,417 $ — Hedge funds 20,980 20,980 — Private equity investments 63,771 63,771 — Investment funds 188,721 167,910 20,811 Daily 2 days Overseas deposits 54,484 54,484 — Mutual funds 7,483 — 7,483 Daily Daily Total other investments $ 336,856 $ 308,562 $ 28,294 (a) The redemption frequency and notice periods only apply to investments without redemption restrictions. Other investments Estimated Fair value as at December 31, 2014 Investments with redemption restrictions Investments without redemption restrictions Redemption frequency (a) Redemption notice period (a) Fund of hedge funds $ 1,775 $ 1,775 $ — Preferred stock 6,334 — 6,334 Daily n/a Hedge funds 18,634 18,634 — Private equity investments 53,371 53,371 — Investment funds 178,224 104,787 73,437 Daily 1-2 days Overseas deposits 66,608 66,608 — Mutual funds 9,739 — 9,739 Daily Daily Total other investments $ 334,685 $ 245,175 $ 89,510 (a) The redemption frequency and notice periods only apply to investments without redemption restrictions. Other investments include alternative investments in various funds and pooled investment schemes. These alternative investments employ various investment strategies primarily involving, but not limited to, investments in collateralized obligations, fixed income securities, private equities, distressed debt and equity securities. Certain securities included in other investments are subject to redemption restrictions and are unable to be redeemed from the funds. Distributions from these funds will be received as the underlying investments of the funds are liquidated. Currently, it is not known to the Company when these underlying assets will be sold by their investment managers; however, it is estimated that the majority of the underlying assets of the investments would liquidate over 5 to 10 years from inception of the funds. In addition, one of the investment funds with a fair value of 167,910 (December 31, 2014: $104,787 ), has a lock-up period of 4 years as at December 31, 2015 and may also impose a redemption gate. A lock-up period refers to the initial amount of time an investor is contractually required to remain invested before having the ability to redeem. Typically, the imposition of a gate delays a portion of the requested redemption, with the remaining portion settled in cash shortly after the redemption date. Furthermore, the underlying investments held in the overseas deposit funds are liquid and will generally trade freely in an open market. However, the Company's ability to withdraw from the overseas deposit funds is restricted by an annual and quarterly, funding and release process for Lloyd's market participants. The Company's maximum exposure to any of these alternative investments is limited to the invested amounts and any remaining capital commitments. Refer to Note 23 , "Commitments and contingencies," for further details. As at December 31, 2015, the Company does not have any plans to sell any of the other investments listed above. (c) Net investment income Net investment income was derived from the following sources: Years Ended December 31, 2015 2014 2013 Managed investments Fixed maturities and short-term investments $ 113,627 $ 93,044 $ 95,386 Other investments 13,307 5,111 — Cash and cash equivalents 1,911 5,106 4,678 Securities lending income 16 11 6 Total gross investment income 128,861 103,272 100,070 Investment expenses (7,695 ) (7,472 ) (7,863 ) Total managed net investment income $ 121,166 $ 95,800 $ 92,207 Non managed investments Fixed maturities and short-term investments $ 6,528 $ 4,204 $ 3,847 Restricted cash, cash and cash equivalents 130 82 35 Total non-managed net investment income 6,658 4,286 3,882 Total net investment income $ 127,824 $ 100,086 $ 96,089 Net investment income from other investments includes distributed and undistributed net income from certain investment funds. (d) Net realized gains (losses) and change in net unrealized losses on investments The following represents an analysis of net realized gains (losses) and the change in net unrealized losses on investments: Years Ended December 31, 2015 2014 2013 Managed fixed maturities, short-term and other investments Gross realized gains $ 15,678 $ 20,201 $ 27,318 Gross realized (losses) (13,980 ) (8,041 ) (28,144 ) Net realized gains (losses) on investments 1,698 12,160 (826 ) Change in net unrealized losses on investments (32,007 ) (1,030 ) (54,588 ) Total net realized and change in net unrealized (losses) gains on managed investments $ (30,309 ) $ 11,130 $ (55,414 ) Non-managed fixed maturities, short-term and other investments Gross realized gains $ 600 $ 2,757 $ 62 Gross realized (losses) — — — Net realized gains on investments 600 2,757 62 Change in net unrealized (losses) gains on investments (388 ) (1,812 ) 2,169 Total net realized and change in net unrealized gains on non-managed investments 212 945 2,231 Total net realized and change in net unrealized (losses) gains on total investments $ (30,097 ) $ 12,075 $ (53,183 ) (e) 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, refer to Note 20 , “ Debt and financing arrangements ”: As at December 31, 2015 Description Commitment Issued and Outstanding Investments and cash pledged as collateral $85,000 syndicated unsecured letter of credit facility $ 85,000 $ — $ — $300,000 syndicated secured letter of credit facility 300,000 235,540 370,909 $24,000 secured bi-lateral letter of credit facility 24,000 10,543 47,607 AlphaCat Re secured letter of credit facility 30,000 30,000 30,153 IPC bi-lateral facility 25,000 9,241 — $236,000 Flagstone bi-lateral facility 236,000 193,764 377,866 Total $ 700,000 $ 479,088 $ 826,535 As at 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 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 $ 1,595,000 $ 561,390 $ 1,022,740 In addition, $4,056,788 of cash and cash equivalents, restricted cash, short-term investments and fixed maturities were pledged during the normal course of business as at December 31, 2015 (December 31, 2014 : $3,150,295 ). Of those, $4,007,215 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 Validus Reinsurance, Ltd., Validus Reinsurance (Switzerland) Ltd. ("Validus Re Swiss") and Talbot as an alien insurer/reinsurer by certain regulators. In December 2014, Validus Reinsurance, Ltd. established a Multi-Beneficiary Reinsurance Trust ("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 a result, cedants domiciled in that state will receive automatic credit in their regulatory filings for the reinsurance provided prospectively by the Company. As of December 31, 2015, Validus Reinsurance, Ltd. was approved as a trusteed reinsurer in 48 states as well as Puerto Rico and the District of Columbia. In addition, Validus Re Swiss established a MBRT in December 2015 and was approved as a trusteed reinsurer in the State of New Jersey as at December 31, 2015 . (f) Securities lending The Company participates in a securities lending program whereby certain securities from its portfolio are loaned to third parties for short periods of time through a lending agent. The Company retains all economic interest in the securities it lends and receives a fee from the borrower for the temporary use of the securities. Collateral in the form of cash, government securities and letters of credit is required at a rate of 102% of the market value of the loaned securities and is held by a third party.

Fair value measurements

Fair value measurements	12 Months Ended
	Dec. 31, 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. During the fourth quarter of 2015, the Company early adopted and implemented ASU 2015-07, “Fair Value Measurement (Topic 820) - Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).” As such, the investments measured at fair value using the net asset value ( “ NAV ” ) per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. Refer to Note 4 , “Recent accounting policies, adoption of new accounting standards,” for further details. At December 31, 2015 , the Company’s investments were allocated between Levels 1, 2 and 3 as follows: Level 1 Level 2 Level 3 Fair value based on NAV practical expedient Total Managed investments U.S. government and government agency $ — $ 937,202 $ — $ — $ 937,202 Non-U.S. government and government agency — 237,968 — — 237,968 U.S. states, municipalities and political subdivisions — 301,289 — — 301,289 Agency residential mortgage-backed securities — 610,582 — — 610,582 Non-agency residential mortgage-backed securities — 26,920 — — 26,920 U.S. corporate — 1,489,951 — — 1,489,951 Non-U.S. corporate — 446,570 — — 446,570 Bank loans — 343,874 232,337 — 576,211 Asset-backed securities — 437,124 — — 437,124 Commercial mortgage-backed securities — 260,135 — — 260,135 Total fixed maturities — 5,091,615 232,337 — 5,323,952 Short-term investments 222,678 14,691 — — 237,369 Other investments Fund of hedge funds — — — 1,417 1,417 Hedge funds — — — 20,980 20,980 Private equity investments — — — 63,771 63,771 Investment funds — 20,811 — 167,910 188,721 Overseas deposits — — — 54,484 54,484 Mutual funds — 7,483 — — 7,483 Total other investments — 28,294 — 308,562 336,856 Total managed investments $ 222,678 $ 5,134,600 $ 232,337 $ 308,562 $ 5,898,177 Non-managed investments Catastrophe bonds $ — $ 172,879 $ 13,500 $ — $ 186,379 Short-term investments 1,704,266 — — — 1,704,266 Total non-managed investments 1,704,266 172,879 13,500 — 1,890,645 Total investments $ 1,926,944 $ 5,307,479 $ 245,837 $ 308,562 $ 7,788,822 At December 31, 2014 , the Company’s investments were allocated between Levels 1, 2 and 3 as follows: Level 1 Level 2 Level 3 Fair value based on NAV practical expedient Total Managed investments 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 Asset-backed securities — 647,482 — — 647,482 Commercial mortgage-backed securities — 242,238 — — 242,238 Total fixed maturities — 5,424,319 32,748 — 5,457,067 Short-term investments 209,934 108,358 — — 318,292 Other investments Fund of hedge funds — — — 1,775 1,775 Preferred stock — 6,334 — — 6,334 Hedge funds — — — 18,634 18,634 Private equity investments — — — 53,371 53,371 Investment funds — 73,437 — 104,787 178,224 Overseas deposits — — — 66,608 66,608 Mutual funds — 9,739 — — 9,739 Total other investments — 89,510 — 245,175 334,685 Total managed investments $ 209,934 $ 5,622,187 $ 32,748 $ 245,175 $ 6,110,044 Non-managed investments Catastrophe bonds $ — $ 70,664 $ 17,500 $ — $ 88,164 Short-term investments 1,182,920 — — — 1,182,920 Total non-managed investments $ 1,182,920 $ 70,664 $ 17,500 $ — $ 1,271,084 Total investments $ 1,392,854 $ 5,692,851 $ 50,248 $ 245,175 $ 7,381,128 At December 31, 2015 , managed Level 3 investments totaled $232,337 (December 31, 2014 : $32,748 ), representing 3.9% (December 31, 2014 : 0.5% ) of total managed investments. (b) Valuation techniques 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. Fixed maturity investments In general, valuation of the Company's fixed maturity investment portfolio 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. As the significant inputs used to price these securities are observable, the fair value of these investments are classified as Level 2. 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. As the significant inputs used to price these securities are observable, the fair value of these investments are classified as Level 2. 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. As the significant inputs used to price these securities are observable, the fair value of these investments are classified as Level 2. 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. As the significant inputs used to price these securities are observable, the fair value of these investments are classified as Level 2. 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. As the significant inputs used to price these securities are observable, the fair value of these investments are classified as Level 2. 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. As the significant inputs used to price these securities are observable, the fair value of these investments are classified as Level 2. 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. As the significant inputs used to price these securities are observable, the fair value of these investments are classified as Level 2. 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. As the significant inputs used to price these securities are observable, the fair value of these investments are classified as Level 2. Also, included in the bank loan portfolio is a collection of loan participations held through an intermediary. 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. Significant unobservable inputs used to price these securities include credit spreads and default rates; therefore, the fair value of these investments are classified as Level 3. Catastrophe bonds Catastrophe bonds are priced based on broker or underwriter bid indications. As the significant inputs used to price these securities are observable, the fair value of these investments are classified as Level 2. To the extent that these indications are based on significant unobservable inputs, the fair value of the relevant bonds will be classified as a Level 3. 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. As the significant inputs used to price these securities are observable, the fair value of these investments are classified as Level 2. 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. As the significant inputs used to price these securities are observable, the fair value of these investments are classified as Level 2. 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 portfolio is generally determined using amortized cost which approximates fair value. As the highly liquid money market-type funds are actively traded, the fair value of these investments are classified as Level 1. To the extent that the remaining securities are not actively traded due to their approaching maturity, the fair value of these investments are classified as Level 2. 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 three month delay in its valuation. The fund manager has provided an estimate of the fund NAV at year end based on the estimated performance provided from the underlying funds. To determine the reasonableness of the estimated NAV, the Company compares the 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. The fair value of these investments are measured using the NAV practical expedient and therefore have not been categorized within the fair value hierarchy. Preferred stock The Company's preferred stock portfolio contains preferred term securities typically sold by nonpublic financial services companies through a collateralized debt obligation product. The fair value of these investments is determined based on quoted market prices in active markets. As the significant inputs used to price these securities are observable, the fair value of these investments are classified as Level 2. Hedge funds The hedge funds consist of one investment assumed in the acquisition of Flagstone Reinsurance Holdings, S.A. ("Flagstone") (the "Flagstone hedge fund"). The Flagstone hedge fund's administrator provides quarterly NAVs with a three month delay in valuation. The fair value of this investment is measured using the NAV practical expedient and therefore has not been categorized within the fair value hierarchy. 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. These private equity investments vary in investment strategies and are not actively traded in any open markets. The fair value of these investments are measured using the NAV practical expedient and therefore have not been categorized within the fair value hierarchy. Investment funds Investment funds consist of one pooled investment and one structured securities fund. The pooled investment is invested in fixed income securities with high credit ratings and is only open to Lloyd’s Trust Fund participants. The fair value of units in the investment fund is based on the NAV of the fund as reported by Lloyd’s Treasury & Investment Management. As the fund NAV is published, the fair value of this investment is classified as Level 2. The structured securities fund invests across asset backed, residential mortgage backed 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. The fair value of these investments are measured using the NAV practical expedient and therefore have not been categorized within the fair value hierarchy. Overseas deposits The Company's share of a portfolio of Lloyd's overseas 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. The fair value of these investments are measured using the NAV practical expedient and therefore have not been categorized within the fair value hierarchy. 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 are based on the NAV of the funds as reported by the fund manager. As the NAVs for each fund are published, the fair value of these investments are classified as Level 2. (c) Level 3 Investments 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 years ended December 31, 2015 and 2014 : As at December 31, 2015 Bank Loans Catastrophe Bonds Total Level 3 investments—Beginning of year $ 32,748 $ 17,500 $ 50,248 Purchases 230,070 — 230,070 Sales (1,036 ) (3,989 ) (5,025 ) Settlements (27,429 ) — (27,429 ) Net realized losses — (11 ) (11 ) Change in net unrealized losses (2,016 ) — (2,016 ) Level 3 investments—End of year $ 232,337 $ 13,500 $ 245,837 As at December 31, 2014 Bank Loans Catastrophe Bonds Total Level 3 investments—Beginning of year $ — $ — $ — Purchases 32,986 12,500 45,486 Settlements — (1,500 ) (1,500 ) Change in net unrealized losses (238 ) (203 ) (441 ) Transfers into Level 3 — 6,703 6,703 Level 3 investments—End of year $ 32,748 $ 17,500 $ 50,248 There have not been any transfers into or out of Level 3 during the year ended December 31, 2015 . During the year ended December 31, 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. (d) Financial Instruments Not Carried at Fair Value U.S. GAAP guidance in relation to the fair value of financial instruments is also applicable to disclosures of financial instruments not carried at fair value, except for certain financial instruments, including insurance contracts and investments in affiliates. The carrying values of cash and cash equivalents (including restricted amounts), accrued investment income, other assets, net payable for investments purchased and accounts payable and accrued expenses approximated their fair values at December 31, 2015 , due to their respective short maturities. As these financial instruments are not actively traded, their respective fair values are classified within Level 2.

Variable interest entities

Variable interest entities	12 Months Ended
	Dec. 31, 2015
Variable Interest Entities Disclosure [Abstract]
Variable interest entities	Variable interest entities The Company consolidates all VOEs in which it has a controlling financial interest and all VIEs in which it is considered to be the primary beneficiary. The Company’s VIEs primarily include entities related to the AlphaCat segment. (a) Consolidated VIEs AlphaCat sidecars Beginning on May 25, 2011 , the Company joined with other investors in capitalizing a series of sidecars for the purpose of investing in collateralized reinsurance and retrocessional contracts. Certain of these sidecars deployed their capital through transactions entered into by AlphaCat Reinsurance Ltd. (“AlphaCat Re”). Each of these entities return capital once the risk period expires and all losses have been paid out. The AlphaCat sidecars are VIEs and are consolidated by the Company as the primary beneficiary. The Company's maximum exposure to any of the sidecars is the amount of capital invested at any given time and any remaining capital commitments. Refer to Note 23 , "Commitments and contingencies," for further details. AlphaCat ILS funds Beginning on December 17, 2012 , The Company joined with other investors in capitalizing the AlphaCat ILS funds for the purpose of investing in instruments with returns linked to property catastrophe reinsurance, retrocession and insurance linked securities (“ILS”) contracts. The AlphaCat ILS funds have varying risk profiles and are categorized by the expected loss of the fund. Expected loss represents the average annual loss over the set of simulation scenarios divided by the total limit. Lower risk ILS funds are defined as having a maximum permitted portfolio expected loss of less than 7% , whereas higher risk ILS funds have a maximum permitted portfolio expected loss of greater than 7% . The AlphaCat ILS funds primarily deploy their capital through transactions entered into by AlphaCat Re and AlphaCat Master Fund Ltd. (“AlphaCat Master Fund”). The AlphaCat ILS funds are VIEs and are consolidated by the Company as the primary beneficiary. The Company's maximum exposure to any of the funds is the amount of capital invested at any given time and any remaining capital commitments. Refer to Note 23 , "Commitments and contingencies," for further details. AlphaCat Re and AlphaCat Master Fund The Company utilizes AlphaCat Re and AlphaCat Master Fund (collectively the “master funds”), both market facing entities, for the purpose of writing collateralized reinsurance and investing in capital markets products, respectively, on behalf of certain entities within the AlphaCat segment and direct third party investors. AlphaCat Re enters into transactions on behalf of the AlphaCat sidecars and ILS funds (collectively the “feeder funds”) and direct third party investors, whereas AlphaCat Master Fund only enters into transactions on behalf of certain AlphaCat ILS funds. All of the risks and rewards of the underlying transactions are allocated to the feeder funds and direct third party investors using notes payable to AlphaCat investors. The master funds are VIEs and are consolidated by the Company as the primary beneficiary. As such, any notes issued to the feeder funds are eliminated on consolidation and only notes issued to direct third party investors remain on the Consolidated Balance Sheets. Notes are issued during the course of a year by AlphaCat Re to third party investors in order to write collateralized reinsurance on their behalf. The underlying collateralized reinsurance contracts typically have a twelve month duration; however, the notes 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 investments made by third parties on a direct basis are provided as consideration for these notes to AlphaCat Re, which are consolidated in the Company’s Consolidated Financial Statements. The effective economic interest in AlphaCat Re that results from these transactions is represented on the Consolidated Balance Sheets as notes payable to AlphaCat investors. The subsequent income or loss generated by the collateralized reinsurance is transferred to third party investors as (income) attributable to AlphaCat 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 of the underlying transactions. To the extent that the (income) loss attributable to AlphaCat 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 AlphaCat investors for the year ended December 31, 2015 : Year Ended December 31, 2015 Notes payable to AlphaCat investors, beginning of year $ — Issuance of notes payable to AlphaCat investors 75,770 Foreign exchange losses (277 ) Notes payable to AlphaCat investors, end of year $ 75,493 The income attributable to AlphaCat investors for the year ended December 31, 2015 was $2,412 . 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, as amended, following a passive buy-and-hold investment strategy. One of the funds is a VIE and is consolidated by the Company as the primary beneficiary. The remaining funds are VOEs and are consolidated by the Company as it owns all of the voting equity interests. The Company's maximum exposure to any of the funds is the amount of capital invested at any given time. The following table presents the total assets and total liabilities of the Company’s consolidated VIEs, excluding intercompany eliminations, as at December 31, 2015 and 2014 : As at December 31, 2015 As at December 31, 2014 Total Assets Total Liabilities Total Assets Total Liabilities AlphaCat sidecars $ 206,581 $ 14,804 $ 389,910 $ 37,542 AlphaCat ILS funds - Lower Risk (a) $ 1,268,070 $ 143,371 $ 856,980 $ 161,406 AlphaCat ILS funds - Higher Risk (a) $ 522,867 $ 300,122 $ 173,646 $ 18,371 AlphaCat Re and AlphaCat Master Fund $ 1,615,779 $ 1,615,609 $ 946,723 $ 946,553 BetaCat ILS funds $ 64,221 $ 2,472 $ 16,189 $ 278 (a) Lower risk AlphaCat ILS funds have a maximum permitted portfolio expected loss of less than 7%, whereas higher risk AlphaCat ILS funds have a maximum permitted portfolio expected loss of greater than 7%. Expected loss represents the average annual loss over the set of simulation scenarios divided by the total limit. Assets of consolidated VIEs can only be used to settle obligations and liabilities of the consolidated VIEs and do not have recourse to the general credit of the Company. Investments of these entities are presented separately in Note 7 , “ Investments, ” as non-managed investments. (b) Non-Consolidated VIEs The Company invests in private equity and other investment vehicles as part of the Company's investment portfolio. The activities of these VIEs are generally limited to holding investments and the Company's involvement in these entities is passive in nature. The Company's maximum exposure to the VIEs is the amount of capital invested at any given time, and the Company does not have the power to direct the activities which most significantly impact the VIEs economic performance. The Company is therefore not the primary beneficiary of these VIEs.

Investments in affiliates

Investments in affiliates	12 Months Ended
	Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Investment in affiliates	Investments in affiliates The following table presents the Company's investments in affiliates as at December 31, 2015 and 2014 : Years Ended December 31, 2015 2014 Investment affiliate $ 87,673 $ 63,506 Operating affiliate 392 50,944 Investments in affiliates $ 88,065 $ 114,450 (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 is a VIE and the Company is not the primary beneficiary. Therefore, the Company's investment in the fund has been treated as an equity method investment. 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. In accordance with the terms of the Agreement, no limited partner has the right to withdraw from the partnership or to withdraw any part of its capital account without prior consent from the general partner. The Company's maximum exposure to the fund is limited to the amount invested and any remaining capital commitment. Refer to Note 23 , "Commitments and contingencies," for further details. 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 is a VIE and the Company is not the primary beneficiary. Therefore, the Company's investment in the fund has been treated as an equity method investment. 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. In accordance with the terms of the Agreement, no limited partner has the right to withdraw from the partnership or to withdraw any part of its capital account without prior consent from the general partner. The Company's maximum exposure to the fund is limited to the amount invested and any remaining capital commitment. Refer to Note 23 , "Commitments and contingencies," for further details. The following table presents a reconciliation of the beginning and ending investment in the Company's investment affiliate balance for the years ended December 31, 2015 and 2014 : Years Ended December 31, 2015 2014 Investment affiliate, beginning of year $ 63,506 $ 34,500 Addition due to Western World acquisition — 8,127 Net capital contributions 19,886 12,468 Income from investment affiliate 4,281 8,411 Investment affiliate, end of year $ 87,673 $ 63,506 The following table presents the Company’s investment in the Partnerships as at December 31, 2015 : Investment at cost Voting ownership % Equity ownership % Carrying value Aquiline Financial Services Fund II L.P. $ 55,904 — % 8.1 % $ 73,880 Aquiline Financial Services Fund III L.P. $ 13,890 — % 13.7 % $ 13,793 Total $ 69,794 $ 87,673 The following table presents the Company’s investment in the Partnership as at December 31, 2014 : Investment at cost Voting ownership % Equity ownership % Carrying value Aquiline Financial Services Fund II L.P. $ 51,001 — % 8.1 % $ 63,506 (b) Operating affiliate PaCRe, Ltd. On April 2, 2012 , the Company joined with other investors in capitalizing PaCRe, a Class 4 Bermuda reinsurer formed for the purpose of writing high excess property catastrophe reinsurance. However, during the fourth quarter of 2015, PaCRe's Class 4 license was surrendered and the company was considered off-risk effective January 1, 2016. The Company's investment in PaCRe has been treated as an equity method investment. The Company's maximum exposure to the fund is the amount of capital invested at any given time. The following table presents a reconciliation of the beginning and ending investment in the Company's operating affiliate balance for the years ended December 31, 2015 and 2014 : Years Ended December 31, 2015 2014 Operating affiliate, beginning of year $ 50,944 $ 55,284 Return of investment (46,603 ) — Loss from operating affiliate (3,949 ) (4,340 ) Operating affiliate, end of year $ 392 $ 50,944 The following table presents the Company’s investment in PaCRe as at December 31, 2015 : Investment at cost Voting ownership % Equity ownership % Carrying value Investment in PaCRe $ 392 100.0 % 10.0 % $ 392 The following table presents the Company’s investment in PaCRe as at December 31, 2014 : Investment at cost Voting ownership % Equity ownership % Carrying value Investment in PaCRe $ 56,500 100.0 % 10.0 % $ 50,944

Noncontrolling interest

Noncontrolling interest	12 Months Ended
	Dec. 31, 2015
Noncontrolling Interest [Abstract]
Noncontrolling interest	Noncontrolling interest Investors in 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. The AlphaCat sidecars have no shareholder redemption rights. Therefore, the third party equity is recorded in the Company's Consolidated Balance Sheets as noncontrolling interest. The following tables present a reconciliation of the beginning and ending balances of redeemable noncontrolling interest and noncontrolling interest for the years ended December 31, 2015 and 2014 : Year Ended December 31, 2015 Redeemable noncontrolling interest Noncontrolling interest Total Balance, beginning of year $ 617,791 $ 292,274 $ 910,065 Issuance of shares 499,199 9,600 508,799 Income attributable to noncontrolling interest 71,419 21,545 92,964 Redemption of shares (65,895 ) — (65,895 ) Redemptions payable (10,800 ) — (10,800 ) Distributions — (168,757 ) (168,757 ) Balance, end of year $ 1,111,714 $ 154,662 $ 1,266,376 Year Ended December 31, 2014 Redeemable noncontrolling interest Noncontrolling interest Total Balance, beginning of year $ 300,936 $ 375,026 $ 675,962 Issuance of shares 300,202 117,244 417,446 Income attributable to noncontrolling interest 37,692 37,188 74,880 Redemption of shares — — — Redemptions payable (21,039 ) — (21,039 ) Distributions — (237,184 ) (237,184 ) Balance, end of year $ 617,791 $ 292,274 $ 910,065

Derivative instruments

Derivative instruments	12 Months Ended
	Dec. 31, 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 December 31, 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. In addition, 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 December 31, 2015 , none of the Company's foreign currency forward contracts were designated as hedging instruments for accounting purposes. Whereas, all but one of the Company's foreign currency forward contracts were designated as hedging instruments for accounting purposes as at December 31, 2014 . The following table summarizes information on the classification and amount of the fair value of derivatives not designated as hedging instruments for accounting purposes on the Consolidated Balance Sheets at December 31, 2015 and December 31, 2014 : As at December 31, 2015 As at December 31, 2014 Derivatives not designated as hedging instruments: Notional Exposure Asset Derivative at Fair Value (a) Liability Derivative at Fair Value (a) Notional Exposure Asset Derivative at Fair Value (a) Liability Derivative at Fair Value (a) Foreign currency forward contracts $ 255,840 $ 2,601 $ 3,211 $ 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, recognized in income within foreign exchange gains (losses) and other income (loss), relating to the foreign currency forward contracts that were not designated as hedging instruments during the year ended December 31, 2015 was $(610) and $139 , respectively ( 2014 : $nil and $(133) , respectively). The following table summarizes information on the classification and amount of the fair value of derivatives designated as hedging instruments for accounting purposes on the Consolidated Balance Sheets at December 31, 2015 and December 31, 2014 : As at December 31, 2015 As at December 31, 2014 Derivatives designated as hedging instruments: Notional Exposure Asset Derivative at Fair Value (a) Liability Derivative at Fair Value (a) Notional Exposure Asset Derivative at Fair Value (a) Liability Derivative at Fair Value (a) Foreign currency forward contracts $ — $ — $ — $ 210,333 $ 408 $ 2,813 Interest rate swap contracts $ 552,263 $ 21 $ 1,942 $ 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 8 , " 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 certain foreign currency derivative instruments as fair value hedges for accounting purposes 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 these 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 for accounting purposes along with the impact of the related hedged items for the years ended December 31, 2015 , 2014 and 2013 : Years Ended December 31, Foreign currency forward contracts 2015 2014 2013 Amount of loss recognized in income on derivative $ (12,279 ) $ (9,651 ) $ (728 ) Amount of gain on hedged item recognized in income attributable to risk being hedged $ 12,279 $ 9,651 $ 728 Amount of gain 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 for accounting purposes 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 years ended December 31, 2015 , 2014 and 2013 : Years Ended December 31, Interest rate swap contracts 2015 2014 2013 Amount of effective portion recognized in other comprehensive income $ 13,740 $ 13,302 $ 11,107 Amount of effective portion subsequently reclassified to earnings $ (12,899 ) $ (13,074 ) $ (11,107 ) Amount of ineffective portion excluded from effectiveness testing $ (841 ) $ (228 ) $ — 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 December 31, 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.

Premiums receivable

Premiums receivable	12 Months Ended
	Dec. 31, 2015
Premiums Receivable Disclosure [Abstract]
Premiums receivable	Premiums receivable Premiums receivable are composed of premiums in the course of collection, net of commissions and brokerage, and premiums accrued but unbilled, net of commissions and brokerage. It is common practice in the insurance and reinsurance industry for premiums to be paid on an installment basis, therefore significant amounts will be considered unbilled and will not become due until a future date, which is typically no later than expiration of the underlying coverage period. The following is a breakdown of the components of premiums receivable at December 31, 2015 and 2014 : Premiums in course of collection Premiums accrued but unbilled Total Balance as at December 31, 2014 $ 84,901 $ 621,566 $ 706,467 Change during 2015 10,251 (58,036 ) (47,785 ) Balance as at December 31, 2015 $ 95,152 $ 563,530 $ 658,682 Premiums in course of collection Premiums accrued but unbilled Total Balance as at December 31, 2013 $ 73,594 $ 621,683 $ 695,277 Change during 2014 11,307 (117 ) 11,190 Balance as at December 31, 2014 $ 84,901 $ 621,566 $ 706,467

Reserve for losses and loss exp

Reserve for losses and loss expenses	12 Months Ended
	Dec. 31, 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 years ended December 31, 2015 , 2014 and 2013 : Years Ended December 31, 2015 2014 2013 Reserve for losses and loss expenses, beginning of year $ 3,243,147 $ 3,047,933 $ 3,553,604 Losses and loss expenses recoverable (377,466 ) (370,154 ) (439,967 ) Net reserves for losses and loss expenses, beginning of year 2,865,681 2,677,779 3,113,637 Net reserves acquired (disposed) — 525,091 (36,519 ) Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in: Current year 1,283,970 1,024,256 999,380 Prior years (a) (306,137 ) (259,241 ) (222,584 ) Total incurred losses and loss expenses (a) 977,833 765,015 776,796 Less net losses and loss expenses paid in respect of losses occurring in: Current year (326,167 ) (245,084 ) (244,682 ) Prior years (841,672 ) (818,569 ) (918,070 ) Total net paid losses (1,167,839 ) (1,063,653 ) (1,162,752 ) Foreign exchange gain (29,694 ) (38,551 ) (13,383 ) Net reserve for losses and loss expenses, end of year 2,645,981 2,865,681 2,677,779 Losses and loss expenses recoverable 350,586 377,466 370,154 Reserve for losses and loss expenses, end of year $ 2,996,567 $ 3,243,147 $ 3,047,933 Incurred losses and loss expenses comprise: Years Ended December 31, 2015 2014 2013 Gross losses and loss expenses (a) $ 1,083,695 $ 826,826 $ 907,850 Reinsurance recoverable (105,862 ) (61,811 ) (131,054 ) Net incurred losses and loss expenses (a) $ 977,833 $ 765,015 $ 776,796 (a) Upon closing the acquisition of Western World, an adjustment of $15,586 was made to increase net reserves to reflect fair value. This adjustment was fully amortized to income through a reduction in losses and loss expenses of $10,979 and $4,607 during the years ended December 31, 2015 and 2014, respectively. The December 31, 2015 and 2014 gross reserves balances comprise reserves for reported claims of $1,278,697 and $1,500,733 , respectively, and reserves for claims incurred but not reported of $1,717,870 and $1,742,414 , respectively. The net favorable development on prior years by segment and line of business is as follows: Year Ended December 31, 2015 Property Marine Specialty Liability Total Validus Re $ (70,343 ) $ (39,460 ) $ (18,813 ) $ — $ (128,616 ) Talbot (52,393 ) (63,920 ) (30,044 ) — (146,357 ) Western World (a) (6,045 ) — — (16,922 ) (22,967 ) AlphaCat (8,197 ) — — — (8,197 ) Net favorable development (a) $ (136,978 ) $ (103,380 ) $ (48,857 ) $ (16,922 ) $ (306,137 ) The Validus Re segment experienced favorable development on prior years primarily due to favorable development on event specific reserves and attritional losses, which included favorable development on agricultural loss estimates. The Talbot segment experienced favorable development on prior years primarily due to favorable development on attritional losses and certain events, including the Thailand floods, which was a 2011 notable loss event. The Western World segment experienced favorable development on prior years primarily due to the amortization of the fair value adjustment made at the acquisition date as well as favorable development on attritional losses. Year Ended December 31, 2014 Property Marine Specialty Liability Total (a) Validus Re $ (76,064 ) $ (6,830 ) $ (4,706 ) $ — $ (87,600 ) Talbot (53,779 ) (31,397 ) (55,990 ) — (141,166 ) Western World (a) 1,023 — — (12,263 ) (11,240 ) AlphaCat (19,235 ) — — — (19,235 ) Net favorable development (a) $ (148,055 ) $ (38,227 ) $ (60,696 ) $ (12,263 ) $ (259,241 ) (a) Upon closing the acquisition of Western World, an adjustment of $15,586 was made to increase net reserves to reflect fair value. This adjustment was fully amortized to income through a reduction in losses and loss expenses of $10,979 and $4,607 during the years ended December 31, 2015 and 2014, respectively. The Validus Re segment experienced favorable development on prior years primarily due to favorable development on the Gryphon Alpha mooring failure and attritional losses, partially offset by adverse development on Costa Concordia and an increase in the loss estimate on agriculture losses. The Talbot segment experienced favorable development on prior years primarily due to a combination of favorable development on attritional losses and notable loss events, primarily the Tohoku earthquake, which was a 2011 notable loss event. The Western World segment experienced favorable development on prior years primarily due to the amortization of the fair value adjustment made at the acquisition date as well as favorable development on attritional losses. The AlphaCat segment experienced favorable development on prior years primarily due to the partial release of a 2013 aggregate excess of loss contract. Year Ended December 31, 2013 Property Marine Specialty Total Validus Re $ (81,610 ) $ 26,705 $ (4,353 ) $ (59,258 ) Talbot (45,692 ) (46,092 ) (54,406 ) (146,190 ) AlphaCat (17,136 ) — — (17,136 ) Net favorable development $ (144,438 ) $ (19,387 ) $ (58,759 ) $ (222,584 ) The Validus Re property and specialty lines experienced favorable development primarily due to lower claims emergence on attritional losses, although the property lines experienced unfavorable development due to increased estimate of ultimate losses on the New Zealand earthquakes of 2010 and 2011, both notable loss events. The Validus Re marine lines experienced unfavorable development primarily due to an increased estimate of ultimate losses on Costa Concordia. Talbot experienced favorable development across all lines, primarily due to lower than expected claims development on attritional losses. The AlphaCat segment experienced favorable development on prior years primarily due to favorable development on Superstorm Sandy, a 2012 notable loss event, and attritional losses.

Accounts payable and accrued ex

Accounts payable and accrued expenses	12 Months Ended
	Dec. 31, 2015
Accounts Payable and Accrued Liabilities [Abstract]
Accounts payable and accrued expenses	Accounts payable and accrued expenses The following are the components of accounts payable and accrued expenses: Years Ended December 31, 2015 2014 Accrued interest on debt $ 10,771 $ 12,224 Subscriptions received in advance on AlphaCat ILS funds and sidecars 412,036 162,400 Redemptions made on AlphaCat ILS funds 10,800 21,039 Accrued income attributable to AlphaCat investors 2,412 — Income tax payable 8,856 2,369 Accrued pension liability 15,722 16,493 Trade and compensation payables 166,734 180,653 Total accounts payable and accrued expenses $ 627,331 $ 395,178

Reinsurance

Reinsurance	12 Months Ended
	Dec. 31, 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. (a) Effects of reinsurance on premiums written and earned The effects of reinsurance on premiums written and earned for the years ended December 31, 2015 , 2014 and 2013 are as follows: Year Ended December 31, 2015 Validus Re Talbot Western World AlphaCat Eliminations Total Written Earned Written Earned Written Earned Written Earned Written Earned Written Earned Direct $ — $ — $ 560,251 $ 570,669 $ 278,504 $ 281,570 $ — $ — $ — $ — $ 838,755 $ 852,239 Assumed 1,126,759 1,141,184 458,584 467,268 — 17 176,126 164,544 (42,718 ) (45,115 ) 1,718,751 1,727,898 Ceded (149,088 ) (150,971 ) (198,896 ) (199,846 ) (18,877 ) (22,937 ) (4,538 ) (4,609 ) 42,718 45,115 (328,681 ) (333,248 ) Total $ 977,671 $ 990,213 $ 819,939 $ 838,091 $ 259,627 $ 258,650 $ 171,588 $ 159,935 $ — $ — $ 2,228,825 $ 2,246,889 Year Ended December 31, 2014 Validus Re Talbot Western World AlphaCat Eliminations Total Written Earned Written Earned Written Earned Written Earned Written Earned Written Earned Direct $ — $ — $ 617,793 $ 576,136 $ 65,235 $ 80,838 $ — $ — $ — $ — $ 683,028 $ 656,974 Assumed 1,118,532 1,109,659 483,977 508,634 — — 126,785 126,534 (53,457 ) (60,912 ) 1,675,837 1,683,915 Ceded (163,678 ) (192,375 ) (192,211 ) (204,996 ) (6,428 ) (7,842 ) (4,348 ) (3,533 ) 53,457 60,912 (313,208 ) (347,834 ) Total $ 954,854 $ 917,284 $ 909,559 $ 879,774 $ 58,807 $ 72,996 $ 122,437 $ 123,001 $ — $ — $ 2,045,657 $ 1,993,055 Year Ended December 31, 2013 Validus Re Talbot AlphaCat Eliminations Total Written Earned Written Earned Written Earned Written Earned Written Earned Direct $ — $ — $ 544,722 $ 519,045 $ — $ — $ — $ — $ 544,722 $ 519,045 Assumed 1,226,690 1,360,735 547,168 532,069 131,134 134,688 (61,268 ) (62,508 ) 1,843,724 1,964,984 Ceded (210,432 ) (226,798 ) (226,111 ) (220,420 ) (525 ) (524 ) 61,268 62,508 (375,800 ) (385,234 ) Total $ 1,016,258 $ 1,133,937 $ 865,779 $ 830,694 $ 130,609 $ 134,164 $ — $ — $ 2,012,646 $ 2,098,795 (b) 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 December 31, 2015 , 98.7% ( December 31, 2014 : 98.0% ) of reinsurance recoverables (which includes loss reserves recoverable and recoverables on paid losses and $214,863 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 December 31, 2015 and December 31, 2014 are as follows: As at December 31, 2015 As at December 31, 2014 Reinsurance Recoverable % of Total Reinsurance Recoverable % of Total Top 10 reinsurers $ 303,108 81.1 % $ 312,205 75.1 % Other reinsurers’ balances > $1 million 61,222 16.4 % 94,247 22.7 % Other reinsurers’ balances < $1 million 9,327 2.5 % 9,092 2.2 % Total $ 373,657 100.0 % $ 415,544 100.0 % As at December 31, 2015 Top 10 Reinsurers Rating Reinsurance Recoverable % of Total Swiss Re AA- $ 83,048 22.2 % Lloyd's Syndicates A+ 66,356 17.8 % Hannover Re AA- 43,765 11.7 % Everest Re A+ 43,060 11.5 % Munich Re AA- 18,707 5.0 % Transatlantic Re A+ 11,923 3.2 % Hamilton Re A- 10,898 2.9 % National Indemnity Company AA+ 10,293 2.8 % XL Re A+ 8,728 2.3 % Toa Re A+ 6,330 1.7 % Total $ 303,108 81.1 % As at 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 December 31, 2015 and December 31, 2014 , the provision for uncollectible reinsurance relating to reinsurance recoverables was $4,997 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	12 Months Ended
	Dec. 31, 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 repurchase authorization to $750,000 . This amount was 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 approximately 76,031,280 common shares for an aggregate purchase price of $2,491,731 from the inception of its share repurchase program to December 31, 2015 . The Company had $532,670 remaining under its authorized share repurchase program as of December 31, 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 614,945 Restricted share units vested, net of shares withheld 13,260 Options exercised 782,465 Warrants exercised 3,593,715 Direct issuance of common stock 639 Performance shares vested, net of shares withheld 11,524 Common shares issued, December 31, 2015 160,570,772 Treasury shares, December 31, 2015 (77,670,155 ) Common shares outstanding, December 31, 2015 82,900,617 Common Shares Common shares issued, December 31, 2013 154,488,497 Restricted share awards vested, net of shares withheld 615,659 Restricted share units vested, net of shares withheld 10,265 Options exercised 412,656 Direct issuance of common stock 1,380 Performance shares vested, net of shares withheld 25,767 Common shares issued, December 31, 2014 155,554,224 Treasury shares, December 31, 2014 (71,684,379 ) Common shares outstanding, December 31, 2014 83,869,845 Common Shares Common shares issued, December 31, 2012 152,698,191 Restricted share awards vested, net of shares withheld 796,838 Restricted share units vested, net of shares withheld 14,381 Options exercised 351,509 Warrants exercised 591,480 Direct issuance of common stock 1,266 Performance shares vested, net of shares withheld 31,897 Deferred share units vested, net of shares withheld 2,935 Common shares issued, December 31, 2013 154,488,497 Treasury shares, December 31, 2013 (58,444,185 ) Common shares outstanding, December 31, 2013 96,044,312 (b) Warrants The Company had no outstanding warrants at December 31, 2015 ( 2014 : 5,174,114 ). Each warrant provided the holder with the option to purchase a common share at a specified exercise price. All outstanding warrants expired on December 12, 2015 and no further warrants are anticipated to be issued. The warrants were settled using either the physical settlement or net-share settlement methods. The warrants have been classified as equity instruments, in accordance with U.S. GAAP guidance for “Derivatives and Hedging, Contracts in Entity’s own Equity.” The warrants were measured at fair value and recorded in additional paid-in capital. The fair value of each warrant issued was estimated on the date of grant using the Black-Scholes option-pricing model. The volatility assumption used, of approximately 30.0% , was derived from the historical volatility of the share price of a range of publicly-traded Bermuda reinsurance companies of a similar business nature to the Company. No allowance was made for any potential illiquidity associated with the private trading of the Company’s shares. The other assumptions in the warrant-pricing model were as follows: July 24, 2007 Issuance February 3, 2006 Issuance December 15, 2005 Issuance Warrants issued 256,409 8,593 8,446,727 Average strike price $ 20.00 $ 17.50 $ 17.50 Volatility 30.0 % 30.0 % 30.0 % Risk-free rate 4.5 % 4.5 % 4.5 % Expected dividend yield 0.0 % 0.0 % 0.0 % Expected term (years) 8 10 10 Calculated fair value per warrant $ 11.28 $ 8.89 $ 8.89 During the year ended December 31, 2015 , 5,154,077 warrants were exercised, while 20,037 warrants expired without being exercised. During the year ended December 31, 2014 , no warrants were exercised. (c) Deferred share units Under the terms of the Company’s Director Stock Compensation Plan, non-management directors may elect to receive their director retainer fees in deferred share units rather than cash. The number of share units distributed in case of election under the plan is equal to the amount of the annual retainer fee otherwise payable to the director on such payment date divided by 100% of the fair market value of a share on such payment date. Additional deferred share units are issued in lieu of dividends that accrue on these deferred share units. There were no outstanding deferred share units at December 31, 2015 ( 2014 : nil ). (d) Dividends The Company announced four quarterly cash dividends of $0.32 per common share and $0.32 per common share equivalent for which each outstanding warrant was exercisable, during the year ended December 31, 2015 ( 2014 : $0.30 ). These dividends were paid on March 31, 2015 , June 30, 2015 , September 30, 2015 and December 31, 2015 to holders of record on March 13, 2015 , June 15, 2015 , September 15, 2015 and December 15, 2015 , respectively.

Retirement and pension plans

Retirement and pension plans	12 Months Ended
	Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]
Retirement and pension plans	Retirement and pension plans (a) Defined benefit plans Senior executives and retired selected key employees of Western World participate in non-qualified, unfunded, defined benefit plans. Benefits for these plans are based on final average earnings, social security benefits earned at retirement date and years of service. The assumptions used to determine net periodic pension expense for the years ended December 31, 2015 and 2014 are as follows: Years Ended December 31, 2015 2014 Discount rate 2.75 % 3.00 % Increase in compensation levels rate 5.00 % 5.00 % The assumptions used to determine benefit obligations as at December 31, 2015 and 2014 are as follows: As at December 31, 2015 2014 Discount rate 4.00 % 2.75 % Increase in compensation levels rate 5.00 % 5.00 % The following tables present a reconciliation of the beginning and ending funded status and the net amounts recognized for the defined benefit plans for the years ended December 31, 2015 and 2014 : Years Ended December 31, 2015 2014 (a) Change in benefit obligation: Projected benefit obligation at beginning of year (a) $ 16,493 $ 20,885 Service cost 1,024 295 Interest cost 434 145 Actuarial (gains) losses (46 ) 1 Benefit payments (98 ) (24 ) Settlements (2,085 ) (4,809 ) Projected benefit obligation at end of year $ 15,722 $ 16,493 Change in plan assets: Fair value of plan assets at beginning of year (a) $ — $ — Employer contributions 2,186 6,495 Benefit payments (98 ) (24 ) Settlements (2,088 ) (6,471 ) Fair value of plan assets at end of year — — Funded status at end of year $ (15,722 ) $ (16,493 ) Net amount recognized in accounts payable and accrued expenses $ (15,722 ) $ (16,493 ) Amounts recognized in accumulated other comprehensive loss (income) consist of: Net (gain) loss $ (517 ) $ 322 Prior service credit 4 2 Net amount recognized $ (513 ) $ 324 As at December 31, 2015 As at December 31, 2014 Projected benefit obligation $ 15,722 $ 16,493 Accumulated benefit obligation $ 13,308 $ 11,971 Fair value of plan assets $ — $ — (a) The results of Western World have been included in the Company's consolidated results from the October 2, 2014 date of acquisition. The components of net periodic pension expense for the years ended December 31, 2015 and 2014 are as follows: Years Ended December 31, 2015 2014 (a) Service cost $ 1,024 $ 295 Interest cost 434 145 Amortization of prior service cost (2 ) (2 ) Amortization of net loss 312 80 Net periodic benefit cost 1,768 518 Settlement loss 484 1,322 Net periodic pension expense $ 2,252 $ 1,840 Other changes in plan assets and benefit obligations recognized in other comprehensive (loss) income are as follows for the years ended December 31, 2015 and 2014 : Years Ended December 31, 2015 2014 (a) Net (gain) loss $ (43 ) $ 1,961 Amortization of loss (312 ) (317 ) Amortization of prior service cost 2 2 Settlement loss (484 ) (1,322 ) Total recognized in other comprehensive (loss) income $ (837 ) $ 324 Total recognized in net pension expense and other comprehensive (loss) income (before tax effects) $ 1,415 $ 2,164 (a) The results of Western World have been included in the Company's consolidated results from the October 2, 2014 date of acquisition. The estimated amount of net loss and prior service cost expected to be amortized from accumulated other comprehensive (loss) income into net periodic pension expense over the next fiscal year is $2 . The employer benefit payments/settlements for the year ended December 31, 2015 were $2,183 ( December 31, 2014 : $4,833 ). As at December 31, 2015 , the projected benefits are as follows: 2016 $ 919 2017 8,061 2018 92 2019 89 2020 2,631 2021-2025 8,413 Total benefit payments required $ 20,205 (b) Other pension plans The Company provides pension benefits to eligible employees through various plans which are managed externally and sponsored by the Company. The Company’s contributions are expensed as incurred. The Company’s expenses for its defined contribution retirement plans for the years ended December 31, 2015 , 2014 and 2013 were $13,684 , $ 10,606 and $ 7,621 , respectively.

Stock plans

Stock plans	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock plans	Stock plans (a) Long 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. The total number of shares reserved for issuance under the LTIP are 2,753,292 shares of which 1,971,922 shares are remaining. The LTIP is 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 option awards since September 4, 2009. These stock option awards were fully amortized during the year ended December 31, 2012. A modification event was triggered as a result of a $2.00 per share special dividend declared and paid in 2013 (the "Special Dividend"). In accordance with the terms of the LTIP under which the options were issued, an adjustment was required to protect the holders of such stock options from changes in the value of the stock options following the declaration of the 2013 Special Dividend. The modification of the options included a decrease in the exercise price of each stock option and an increase in the number of shares underlying each stock option. The fair value of the options before and after the modification was unchanged. Activity with respect to options for the year ended December 31, 2015 was as follows: Options Weighted Average Grant Date Fair Value Weighted Average Grant Date Exercise Price Total Intrinsic Value (a) Company Proceeds Received Options outstanding and exercisable, December 31, 2014 1,160,057 $ 7.12 $ 17.74 Options exercised (1,094,656 ) 7.09 17.60 $ 26,367 $ 6,277 Options outstanding and exercisable, December 31, 2015 65,401 $ 7.74 $ 20.17 Activity with respect to options for the year ended December 31, 2014 was as follows: Options Weighted Average Grant Date Fair Value Weighted Average Grant Date Exercise Price Total Intrinsic Value (a) Company Proceeds Received Options outstanding and exercisable, December 31, 2013 1,572,713 $ 6.66 $ 18.88 Options exercised (412,656 ) 5.36 22.07 $ 7,459 $ 9,107 Options outstanding and exercisable, December 31, 2014 1,160,057 $ 7.12 $ 17.74 Activity with respect to options for the year ended December 31, 2013 was as follows: Options Weighted Average Grant Date Fair Value Weighted Average Grant Date Exercise Price Total Intrinsic Value (a) Company Proceeds Received Options outstanding and exercisable, December 31, 2012 1,823,947 $ 6.52 $ 20.69 Options regranted (modified) 1,833,414 6.76 19.02 Options exercised (351,509 ) 5.94 22.91 $ 4,963 $ 8,052 Options cancelled (modified) (1,733,139 ) 6.76 20.12 Options outstanding and exercisable, December 31, 2013 1,572,713 $ 6.66 $ 18.88 (a) The total intrinsic value in the tables above represent the amount by which the market price of the Company's common stock is greater than the option strike price multiplied by the number of options exercised during the year. There were no unamortized share compensation expenses in respect of options since December 31, 2012. The aggregate intrinsic value of the options outstanding and exercisable at December 31, 2015 was $1,740 . ii. Restricted share awards Restricted shares granted under the LTIP 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. Share compensation expenses of $35,386 were recorded for the year ended December 31, 2015 ( 2014 : $31,335 ; 2013 : $27,750 ). 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 year ended December 31, 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 724,357 43.67 Restricted share awards vested (788,758 ) 34.41 Restricted share awards forfeited (54,864 ) 38.14 Restricted share awards outstanding, December 31, 2015 2,739,446 $ 38.25 Activity with respect to unvested restricted share awards for the year ended December 31, 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 1,051,348 37.81 Restricted share awards vested (797,446 ) 31.44 Restricted share awards forfeited (79,936 ) 36.09 Restricted share awards outstanding, December 31, 2014 2,858,711 $ 35.81 Activity with respect to unvested restricted share awards for the year ended December 31, 2013 was as follows: Restricted Share Awards Weighted Average Grant Date Fair Value Restricted share awards outstanding, December 31, 2012 2,170,547 $ 29.24 Restricted share awards granted 1,594,672 36.07 Restricted share awards vested (969,562 ) 28.12 Restricted share awards forfeited (110,912 ) 28.34 Restricted share awards outstanding, December 31, 2013 2,684,745 $ 33.74 At December 31, 2015 , there were $69,143 ( 2014 : $74,670 ; 2013 : $69,219 ) of total unrecognized share compensation expenses in respect of restricted share awards that are expected to be recognized over a weighted-average period of 2.4 years ( 2014 : 2.7 years; 2013 : 3.2 years). iii. Restricted share units Restricted share units under the LTIP 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. Share compensation expenses of $1,160 were recorded for the year ended December 31, 2015 ( 2014 : $876 ; 2013 : $585 ). 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 year ended December 31, 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 3,143 37.53 Restricted share units forfeited (892 ) 35.42 Restricted share units outstanding, December 31, 2015 114,337 $ 38.47 Activity with respect to unvested restricted share units for the year ended December 31, 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 53,025 38.10 Restricted share units vested (18,325 ) 30.71 Restricted share units issued in lieu of cash dividends 2,266 35.00 Restricted share units outstanding, December 31, 2014 103,484 $ 36.54 Activity with respect to unvested restricted share units for the year ended December 31, 2013 was as follows: Restricted Share Units Weighted Average Grant Date Fair Value Restricted share units outstanding, December 31, 2012 47,238 $ 29.61 Restricted share units granted 36,635 36.11 Restricted share units vested (21,814 ) 28.17 Restricted share units issued in lieu of cash dividends 4,459 30.70 Restricted share units outstanding, December 31, 2013 66,518 $ 33.74 At December 31, 2015 , there were $2,790 ( 2014 : $2,774 ; 2013 : $1,678 ) of total unrecognized share compensation expenses in respect of restricted share units that are expected to be recognized over a weighted-average period of 2.6 years ( 2014 : 3.1 years; 2013 : 3.4 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 Book Value per Diluted Share (“DBVPS”) over a three year period. For performance share awards granted during the period, the grant date is based on the DBVPS at the end of the most recent financial reporting year. The 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. Share compensation expenses of $1,795 were recorded for the year ended December 31, 2015 ( 2014 : $862 ; 2013 : $(705) ). The share compensation expenses represent the proportionate accrual of the fair value of each grant based on the remaining vesting period. The negative expense is due to a reversal of expenses on unvested performance share awards based on a review of current and projected performance criteria. Activity with respect to unvested performance share awards for the year ended December 31, 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, December 31, 2015 172,594 $ 40.70 Activity with respect to unvested performance share awards for the year ended December 31, 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, December 31, 2014 106,369 $ 36.03 Activity with respect to unvested performance share awards for the year ended December 31, 2013 was as follows: Performance Share Awards Weighted Average Grant Date Fair Value Performance share awards outstanding, December 31, 2012 220,845 $ 31.81 Performance share awards granted 38,386 36.11 Performance share awards vested (39,094 ) 28.70 Performance share awards forfeited (18,701 ) 31.05 Performance share awards conversion adjustment (99,616 ) $ 33.05 Performance share awards outstanding, December 31, 2013 101,820 $ 33.56 At December 31, 2015 , there were $4,011 ( 2014 : $2,232 ; 2013 : $1,642 ) of total unrecognized share compensation expenses in respect of performance share awards that are expected to be recognized over a weighted-average period of 2.1 years ( 2014 : 2.1 years ; 2013 : 2.0 years). (b) Total share compensation expenses The breakdown of share compensation expenses by award type was as follows: Years Ended December 31, 2015 2014 2013 Restricted share awards $ 35,386 $ 31,335 $ 27,750 Restricted share units 1,160 876 585 Performance share awards 1,795 862 (705 ) Total $ 38,341 $ 33,073 $ 27,630 In addition, the Company recorded $1,729 of associated tax benefits for the year ended December 31, 2015 ( 2014 : $1,610 ; 2013 : $1,423 ). The Company also recognized $4,419 of net windfall taxes at December 31, 2015 in relation to share vestings and option exercises from inception to date, of which $906 was recorded for the year ended December 31, 2015 .

Debt and financing arrangements

Debt and financing arrangements	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Debt and financing arrangements	Debt and financing arrangements (a) Financing structure The financing structure at December 31, 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 134,118 134,118 134,118 Flagstone 2007 Junior Subordinated Deferrable Debentures 113,750 113,750 113,750 Total debentures payable 597,868 537,668 537,668 2010 Senior Notes due 2040 250,000 250,000 245,161 Total debentures and senior notes payable 847,868 787,668 782,829 $85,000 syndicated unsecured letter of credit facility 85,000 — — $300,000 syndicated secured letter of credit facility 300,000 235,540 — $24,000 secured bi-lateral letter of credit facility 24,000 10,543 — AlphaCat Re secured letter of credit facility 30,000 30,000 — IPC bi-lateral facility 25,000 9,241 — $236,000 Flagstone bi-lateral facility 236,000 193,764 — Total credit and other facilities 700,000 479,088 — Total debt and financing arrangements $ 1,547,868 $ 1,266,756 $ 782,829 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 250,000 250,000 244,960 Total debentures and senior notes payable 849,477 789,277 784,237 $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 — 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 1,595,000 561,390 — Total debt and financing arrangements $ 2,444,477 $ 1,350,667 $ 784,237 (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: Description Issuance date Commitment Maturity date Interest Rate as at Interest payments due Issuance Date December 31, 2015 2006 Junior Subordinated Deferrable Debentures June 15, 2006 $ 150,000 June 15, 2036 9.069 % (a) 5.831 % (e) Quarterly Flagstone 2006 Junior Subordinated Deferrable Debentures August 23, 2006 $ 134,118 September 15, 2036 3.540 % (b) 6.463 % (e) Quarterly 2007 Junior Subordinated Deferrable Debentures June 21, 2007 $ 200,000 June 15, 2037 8.480 % (c) 5.180 % (e) Quarterly Flagstone 2007 Junior Subordinated Deferrable Debentures June 8, 2007 $ 88,750 July 30, 2037 3.000 % (b) 5.900 % (e) Quarterly Flagstone 2007 Junior Subordinated Deferrable Debentures September 20, 2007 $ 25,000 September 15, 2037 3.100 % (b) 5.983 % (e) Quarterly 2010 Senior Notes due 2040 January 26, 2010 $ 250,000 January 26, 2040 8.875 % (d) 8.875 % (d) Semi-annually in arrears (a) Fixed interest rate for 5 years , floating interest rate of three-month LIBOR plus 3.550% thereafter, reset quarterly. (b) Floating interest rate of three-month LIBOR plus amount stated, reset quarterly. (c) Fixed interest rate for 5 years , floating interest rate of three-month LIBOR plus 2.950% thereafter, reset quarterly. (d) Fixed interest rate. (e) Fixed interest rate 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 are amortized to income over the life of the 2010 Senior Notes and are presented on a net basis within the senior notes payable balance in the Company's Consolidated Balance Sheets. There were no redemptions made during the years ended December 31, 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 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 years ended December 31, 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 years ended December 31, 2015 and 2014 . Future payments of principal of $537,668 on the debentures discussed above are all expected to be after 2020. (c) Credit facilities i. $85,000 syndicated unsecured letter of credit facility and $300,000 syndicated secured letter of credit facility On December 9, 2015 , the Company entered into a $85,000 five -year unsecured credit facility with various counterparties as co-documentation agents and the lenders party thereto, which provides for letter of credit and revolving credit availability for the Company (the “Five Year Unsecured Facility”) (the full $85,000 of which is available for letters of credit and/or revolving loans). The Five Year Unsecured Facility was provided by a syndicate of commercial banks. Letters of credit under the Five Year Unsecured Facility are available to support obligations in connection with the reinsurance business of the Company and its subsidiaries. Loans under the Five 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 Five 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 $150,000 . Also on December 9, 2015 , the Company entered into a $300,000 five -year secured credit facility, with the same parties, which provides for letter of credit availability for the Company (the “Five Year Secured Facility” and together with the Five Year Unsecured Facility, the “Credit Facilities”). The Five Year Secured Facility was also provided by a syndicate of commercial banks. Letters of credit under the Five Year Secured Facility will be available to support obligations in connection with the reinsurance business of the Company. The Company may request that existing lenders under the Five 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 Five Year Secured Facility do not exceed $400,000 . The obligations of the Company under the Five 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 December 31, 2015 , there were $235,540 in outstanding letters of credit under the Five Year Secured Facility and $nil outstanding under the Five 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 June 30, 2015 , to be increased quarterly by an amount equal to 25.0% 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 December 31, 2015 , the Company was in compliance with all covenants and restrictions under the Credit Facilities. On December 9, 2015 , upon entering into the Credit Facilities, the Company terminated its $400,000 four -year unsecured credit facility, dated March 9, 2012 and its $525,000 four -year secured credit facility, also dated March 9, 2012. No early termination penalties were incurred. The Company was in compliance with all covenants and restrictions thereof through the termination date. ii. Talbot FAL facility On November 30, 2015 , the Company terminated its Funds-at-Lloyd’s Standby Letter of Credit Facility (the “Talbot FAL Facility”) provided and arranged by Lloyds Bank plc and INGBank N.V., London Branch. As of December 31, 2014 , the Company had $25,000 in outstanding letters of credit under the Talbot FAL facility. The Company was in compliance with all covenants and restrictions thereof through the termination date. 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 December 31, 2015 , there were $9,241 outstanding letters of credit issued under the IPC bi-lateral facility (December 31, 2014 : $15,897 ). As of December 31, 2015 , and throughout the reporting periods presented, the Company was in compliance with all covenants and restrictions under the IPC bi-lateral facility. iv. $24,000 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 December 31, 2015 , $10,543 (December 31, 2014 : $15,649 ) of letters of credit were outstanding under the Secured bi-lateral letter of credit facility. During the year the size of the facility was decreased to $24,000 from $200,000 . The Secured bi-lateral letter of credit facility has no fixed termination date and as of December 31, 2015 , and throughout the reporting periods presented, the Company is in compliance with all terms and covenants thereof. v. $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. As of December 31, 2015 , $30,000 (December 31, 2014 : $30,000 ) of letters of credit were outstanding under this facility. As of December 31, 2015 , and throughout the reporting periods presented, AlphaCat Re was in compliance with all covenants and restrictions thereof. vi. $236,000 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”). During 2015, the size of the facility was decreased to $236,000 from $375,000 . As of December 31, 2015 , the Flagstone Bi-Lateral Facility had $193,764 (December 31, 2014 : $198,389 ) letters of credit issued and outstanding. As of December 31, 2015 , and throughout the reporting periods presented, the Company was in compliance with all covenants and restrictions under the Flagstone Bi-Lateral Facility. (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 facility costs as follows: Years Ended December 31, 2015 2014 2013 2006 Junior Subordinated Deferrable Debentures $ 8,868 $ 8,868 $ 8,868 2007 Junior Subordinated Deferrable Debentures 7,341 7,341 7,341 Flagstone 2006 Junior Subordinated Deferrable Debentures 8,989 9,001 8,259 Flagstone 2007 Junior Subordinated Deferrable Debentures 7,123 7,129 6,222 2010 Senior Notes due 2040 22,388 22,388 22,388 Credit facilities 6,006 5,516 6,544 Bank charges, Talbot FAL facility and other charges 4,592 4,536 4,813 AlphaCat fees (a) 9,435 3,545 3,572 Total finance expenses $ 74,742 $ 68,324 $ 68,007 (a) Includes finance expenses incurred by AlphaCat Managers Ltd. in relation to fund raising for the AlphaCat sidecars, the AlphaCat ILS funds and AlphaCat direct.

Income taxes

Income taxes	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income taxes	Income taxes The Company provides for income taxes based upon amounts reported in the financial statements and the provisions of currently enacted tax laws. The Company is registered in Bermuda and is subject to Bermuda law with respect to taxation. Under current Bermuda law, the Company is not taxed on any Bermuda income or capital gains and has received an undertaking from the Bermuda Minister of Finance that, in the event of any Bermuda income or capital gains taxes being imposed, the Company will be exempt from such taxes until March 31, 2035. The Company has subsidiaries and branches with operations in several jurisdictions outside Bermuda, including but not limited to the United Kingdom (U.K.), the United States (U.S.), Switzerland and Canada that are subject to relevant taxes in those jurisdictions. Within Note 26 , "Segment information," of these Consolidated Financial Statements, gross premiums written are allocated to the territory of coverage exposure and therefore do not correlate to pre-tax income generated in any of the territories identified. The Company’s income (loss) before income tax for the years ended December 31, 2015 , 2014 and 2013 was generated in the following jurisdictions: Years Ended December 31, 2015 2014 2013 Income before tax—Bermuda $ 470,454 $ 518,476 $ 599,354 Income before tax—United Kingdom 13,621 10,824 4,668 Loss before tax—United States (4,176 ) (11,752 ) (464 ) Income (loss) before tax—Switzerland 2,276 9,941 (225 ) Income before tax—Canada 493 2,773 57 Income before tax—Other (2,074 ) 29,076 (8,401 ) Income before tax—Total $ 480,594 $ 559,338 $ 594,989 Income tax expense is comprised of current and deferred tax. Income tax expense (benefit) is as follows: Years Ended December 31, 2015 2014 2013 Current income tax expense U.S. $ 739 $ 21,257 $ — Non-U.S. 6,028 26,179 1,781 Total current income tax expense $ 6,767 $ 47,436 $ 1,781 Deferred income tax (benefit) expense U.S. $ 1,360 $ (24,998 ) $ 880 Non-U.S. (1,751 ) (22,283 ) (2,278 ) Total deferred income tax benefit $ (391 ) $ (47,281 ) $ (1,398 ) Total income tax expense (benefit) U.S. $ 2,099 $ (3,741 ) $ 880 Non-U.S. 4,277 3,896 (497 ) Total income tax expense $ 6,376 $ 155 $ 383 The table below is a reconciliation of the actual income tax expense for the years ended December 31, 2015 , 2014 and 2013 to the amount computed by applying the effective tax rate of 0% under Bermuda law to income before taxes: Years Ended December 31, 2015 2014 2013 Expected tax expense at Bermuda statutory rate of 0% $ — $ — $ — Foreign tax rate differential 6,462 7,993 (2,399 ) Change in valuation allowance 9,830 (7,284 ) 4,967 Tax exempt income and expenses not deductible 393 (6,055 ) (263 ) Share compensation tax windfall 825 3,513 — Impact of enacted changes in tax rates 69 250 (407 ) Prior years tax adjustments (12,272 ) 666 (461 ) Other 1,069 1,072 (1,054 ) Actual income tax expense $ 6,376 $ 155 $ 383 Deferred tax assets and liabilities primarily represent the tax effect of temporary differences between the carrying value of assets and liabilities for financial statement purposes and such values as measured by tax laws and regulations in countries in which the operations are taxable. Deferred tax assets may also represent the tax effect of tax loss carryforwards. In assessing whether a deferred tax asset can be recovered and assessing the need for valuation allowance, the Company considers all positive and negative evidence to determine whether it is more likely than not that the tax benefit of part or all of a deferred tax asset will be realized. The Company's framework for assessing the recoverability of deferred tax assets primarily considers the sustainability of recent taxable income, the expected occurrence of future taxable income, the changes in deferred tax liabilities and available tax planning strategies. The reliance on the positive and negative evidence is commensurate with the extent to which they can be objectively verified. Significant components of the Company’s deferred tax assets and liabilities at December 31, 2015 and 2014 were as follows: As at December 31, 2015 2014 Deferred tax asset Tax losses carried forward $ 167,929 $ 158,789 Deferred compensation 7,504 5,527 Deferred interest expense 2,047 2,210 Tax credits carried forward 2,761 4,016 Discounting of loss reserves 11,882 13,721 Risk premium reserve — 3,842 Unearned premiums reserve 4,291 8,505 Pension 5,503 5,864 Other 4,111 3,813 Deferred tax asset, gross of valuation allowance 206,028 206,287 Valuation allowance 167,929 158,099 Net deferred tax asset $ 38,099 $ 48,188 Deferred tax liability Lloyd's underwriting (loss) profit taxable in future periods $ (47 ) $ 636 Deferred acquisition costs 1,989 3,348 Intangibles 8,111 8,638 Unrealized appreciation on investments 7,073 9,101 Properties and fixed assets 2,044 4,993 Other 1,115 3,192 Deferred tax liability 20,285 29,908 Net deferred tax asset (liability) $ 17,814 $ 18,280 The Company has undistributed earnings in several foreign subsidiaries. If such earnings were to be distributed, as dividends or otherwise, they may be subject to income and withholding taxes. As a general rule, the Company intends to only distribute earnings that can be distributed in a tax free manner and indefinitely reinvest any other earnings. Determination of the amount of unrecognized deferred tax liability related to these earnings is not practicable due to different possible methods for repatriating earnings. At December 31, 2015 , the Company had net operating and capital loss carry forwards inclusive of cumulative currency translation adjustments as follows: Tax Jurisdiction Losses carried forward Tax effect Expiration United Kingdom $ 32 $ 6 None United States $ 17,378 $ 6,082 2029-2035 Switzerland $ 225,795 $ 47,417 2018-2020 Luxembourg $ 386,883 $ 112,196 None Singapore $ 21,148 $ 2,115 None Other $ 366 $ 113 None The valuation allowance as at December 31, 2015 of $167,929 ( 2014 : $158,099 ) relates to tax loss carry forwards of subsidiaries primarily in Luxembourg, Switzerland, Singapore and the United States. The Company believes it is necessary to establish a full valuation allowance against the tax assets related to such losses after review of all available positive and negative evidence, including uncertainty regarding the ability of the concerned operations to generate future taxable income to utilize the loss carryforwards and realize the deferred tax assets. The reliance on the positive and negative evidence is commensurate with the extent to which they can be objectively verified. If the Company's positive evidence continue to develop favorably in the foreseeable future, it is possible that a portion of the valuation allowance will be reversed. There was no significant change in the position taken as at December 31, 2015 or 2014 . At December 31, 2015 and 2014 , the Company had no accrued liabilities for tax, interest and penalties relating to uncertain tax positions. Interest and penalties related to uncertain tax positions would be recognized in income tax expense. At December 31, 2014 , the Company had open examinations of certain subsidiaries by the U.K. HM Revenue and Customs and the New York State Department of Taxation and Finance. These examinations were closed with no material adjustments. At December 31, 2015 , the Company had an open examination of certain U.S. subsidiaries by the U.S. Internal Revenue Service for the tax year 2012. In January 2016, the IRS completed this examination with no adjustment. The Company has open tax years that are potentially subject to examinations by local tax authorities in the following major tax jurisdictions: the United Kingdom, 2014 and 2015; the United States, 2012 to 2015; Switzerland, 2011 to 2015; and Canada, 2011 to 2015.

Accumulated other comprehensive

Accumulated other comprehensive loss	12 Months Ended
	Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Abstract]
Accumulated other comprehensive loss	Accumulated other comprehensive loss The changes in accumulated other comprehensive loss, by component for the years ended December 31, 2015 , 2014 and 2013 is as follows: Foreign currency translation adjustment Minimum pension liability Cash flow hedge Total Balance, net of tax December 31, 2012 $ (2,953 ) $ — $ — $ (2,953 ) Amounts reclassified to retained earnings 4,290 — — 4,290 Net current period other comprehensive income, net of tax (1,954 ) — — (1,954 ) Balance, net of tax December 31, 2013 $ (617 ) $ — $ — $ (617 ) Net current period other comprehensive loss, net of tax (7,501 ) (210 ) (228 ) (7,939 ) Balance, net of tax December 31, 2014 $ (8,118 ) $ (210 ) $ (228 ) $ (8,556 ) Net current period other comprehensive loss, net of tax (3,716 ) 544 (841 ) (4,013 ) Balance, net of tax December 31, 2015 $ (11,834 ) $ 334 $ (1,069 ) $ (12,569 )

Commitments and contingencies

Commitments and contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies (a) Concentrations of credit risk The Company underwrites a significant amount of its reinsurance business through three particular brokers as set out below. There is credit risk associated with payments of insurance and reinsurance balances to the Company if these brokers are unable to fulfill their contractual obligations. These companies are large, well established, and there are no indications they are financially distressed. There were no other brokers or parties insured or reinsured that accounted for more than 10% of gross premiums written for the periods mentioned. The following table shows the percentage of gross premiums written by broker for the years ended December 31, 2015 , 2014 and 2013 : Year Ended December 31, 2015 2014 2013 Marsh & McLennan 28.2 % 28.5 % 21.4 % Aon Benfield Group Ltd. 15.5 % 20.0 % 29.4 % Willis Group Holdings Ltd. 14.3 % 18.0 % 19.2 % (b) Employment agreements The Company has entered into employment agreements with certain individuals that provide for executive benefits and severance payments under certain circumstances. (c) Operating leases The Company leases office space and office equipment under operating leases. Total rent expense with respect to these operating leases for the year ended December 31, 2015 was approximately $10,143 ( 2014 : $10,540 , 2013 : $10,214 ). Future minimum lease commitments are as follows: Total future minimum lease payments 2016 $ 11,391 2017 11,077 2018 10,730 2019 10,483 2020 9,654 2021 and thereafter 37,343 Total $ 90,678 (d) Funds at Lloyd’s 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 and investments. The Company provided FAL in the amount of $617,000 for the 2016 underwriting year ( 2015 underwriting year: $595,100 ). 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 7 (d) for investments pledged as collateral. (e) 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 2016 estimated premium income at Lloyd’s of £600,000 , at December 31, 2015 exchange rate of £1 equals $1.48 and assuming the maximum 3% assessment, the Company would be assessed approximately $26,640 . (f) Investment affiliate commitments As discussed in Note 10 , " 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 . The Company’s remaining commitment at December 31, 2015 was $3,413 ( 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 . The Company's remaining capital commitment at December 31, 2015 was $683 ( 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 Company’s remaining commitment at December 31, 2015 was $86,110 ( December 31, 2014 : $100,000 ). (g) AlphaCat commitments On December 29, 2014, the Company entered into an agreement with an AlphaCat sidecar pursuant to which it assumed total capital commitments of $28,000 . The Company’s remaining commitment at December 31, 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 . On December 29, 2015, the Company assumed an additional capital commitment of $20,000 . The Company’s remaining commitment at December 31, 2015 was $10,000 ( December 31, 2014 : $8,000 ). On December 30, 2015, the Company entered into an agreement with another AlphaCat ILS fund pursuant to which it assumed total capital commitments of $25,000 . The Company’s remaining commitment at December 31, 2015 was $9,536 . (h) Fixed maturity commitments At December 31, 2015 , the Company had an outstanding commitment to participate in certain secured loan facilities through participation agreements with an established loan originator. The undrawn amount under the revolver facility participations as at December 31, 2015 was $34,888 ( December 31, 2014 : $7,539 ). (i) Other investment commitments At December 31, 2015 , the Company had capital commitments in private equity investments of $263,000 ( December 31, 2014 : $153,000 ). The Company's remaining commitment to these investments at December 31, 2015 was $185,548 ( December 31, 2014 : $83,712 ). (j) Structured settlement s As at December 31, 2015 , the Company is contingently liable for the present value of amounts not yet due under annuities purchased by Western World where the claimant is the payee for the amount of $3,108 ( December 31, 2014 : $3,412 ).

Related party transactions

Related party transactions	12 Months Ended
	Dec. 31, 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 own 1,523,978 shares in the Company, have two employees on the Company's Board of Directors who do not receive compensation from the Company, and 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 year ended December 31, 2015 of $2,718 ( 2014 : $2,073 , 2013 : $2,899 ) respectively, with $82 included in premiums receivable at December 31, 2015 ( December 31, 2014 : $335 ). The Company also recognized reinsurance premiums ceded during the year ended December 31, 2015 of $24 ( 2014 : $126 , 2013 : $90 ) and had reinsurance balances payable of $4 at December 31, 2015 ( December 31, 2014 : $4 ). The Company recorded $790 of loss reserves recoverable at December 31, 2015 ( December 31, 2014 : $1,063 ). Earned premium adjustments of $2,833 were recorded during the year ended December 31, 2015 ( 2014 : $1,982 , 2013 : $2,911 ). 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, served as a director of Conning Holdings Corp., the parent company of Conning. During the third quarter of 2015, Aquiline disposed of its investment in Conning. Therefore, effective September 30, 2015, Conning was no longer a related party. Investment management fees earned by Conning for the year ended December 31, 2015 were $841 ( 2014 : $1,125 , 2013 : $500 ), with $515 included in accounts payable and accrued expenses at December 31, 2014 . 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 year ended December 31, 2015 , the Company incurred $1,519 in partnership fees ( 2014 : $410 , 2013 : $1,236 ) and made net capital contributions of $6,093 ( 2014 : $12,468 , 2013 : $14,492 ), with $ nil included in accounts payable and accrued expenses at December 31, 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 year ended December 31, 2015 , the Company incurred no partnership fees ( 2014 : $nil ) and made net capital contributions of $13,793 ( December 31, 2014 : $nil ), with $nil included in accounts payable and accrued expenses at December 31, 2015 ( December 31, 2014 : $nil ). On November 24, 2015, Western World, a subsidiary of the Company, entered into a Stock Purchase Agreement (the “Agreement”) with WRM America Indemnity Holding Company, LLC (the “Seller”), a company owned in part by Aquiline Financial Services Fund LP and Aquiline Financial Services Fund (Offshore) LP (collectively, “Aquiline”), pursuant to which Western World will purchase all of the issued and outstanding shares of capital stock of WRM America Indemnity Company, Inc. ("WRMAI"), a New York stock property and casualty insurance company. Under the terms of the Agreement, Western World has agreed to pay an amount equal to the sum of: (i) the amount of policyholder surplus of WRMAI as of the Closing Date, as shown on the Closing Balance Sheet, and (ii) $3,750 . The Agreement includes customary indemnities and conditions to closing including the approval by The New York Department of Financial Services of the acquisition of control of WRMAI by Western World. 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	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Earnings per share	Earnings per share The following table sets forth the computation of basic earnings per share and earnings per diluted share available to common shareholders for the years ended December 31, 2015 , 2014 and 2013 : Years Ended December 31, 2015 2014 2013 Basic earnings per share Net income $ 467,857 $ 554,843 $ 595,148 (Income) attributable to noncontrolling interest (92,964 ) (74,880 ) (62,482 ) Net income available to Validus $ 374,893 $ 479,963 $ 532,666 Less: Dividends and distributions declared on outstanding warrants (3,566 ) (6,208 ) (19,214 ) Income available to common shareholders $ 371,327 $ 473,755 $ 513,452 Weighted average number of common shares outstanding 83,107,236 90,354,745 102,202,274 Basic earnings per share available to common shareholders $ 4.47 $ 5.24 $ 5.02 Earnings per diluted share Net income $ 467,857 $ 554,843 $ 595,148 (Income) attributable to noncontrolling interest (92,964 ) (74,880 ) (62,482 ) Net income available to Validus $ 374,893 $ 479,963 $ 532,666 Less: Dividends and distributions declared on outstanding warrants — — (19,214 ) Income available to common shareholders $ 374,893 $ 479,963 $ 513,452 Weighted average number of common shares outstanding 83,107,236 90,354,745 102,202,274 Share equivalents: Warrants 2,090,248 2,789,032 — Stock options 151,867 745,561 1,026,543 Unvested restricted shares 1,077,409 800,933 741,472 Weighted average number of diluted common shares outstanding 86,426,760 94,690,271 103,970,289 Earnings per diluted share available to common shareholders $ 4.34 $ 5.07 $ 4.94 Share equivalents that would result in the issuance of common shares of 167,417 , 199,740 and 366,821 were outstanding for the years ended December 31, 2015 , 2014 and 2013 , respectively but were not included in the computation of earnings per diluted share because the effect would be antidilutive.

Segment information

Segment information	12 Months Ended
	Dec. 31, 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, Talbot, Western World and AlphaCat. 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. During the fourth quarter of 2015, the Company made certain changes in its presentation of segment information. The changes were made to present the results of Validus Re, Talbot and Western World on an underwriting income basis and the results of AlphaCat on an asset manager basis. Investment results, foreign exchange, other income (loss), finance expenses and income taxes are now presented on a consolidated basis, reflecting how the Company operationally manages these areas. The Company's assets primarily comprise cash and investments which are managed on a consolidated basis; accordingly, the Company's assets have not been presented on a segmental basis. The presentation changes have not had an effect on the reportable income or loss to any of the operating segments and all prior period disclosures have been revised to conform to current period presentation. Underwriting income and the AlphaCat asset manager view are non-GAAP financial measures. A reconciliation of segmental income to net income available to Validus is included in the tables below. Validus Re Segment The Validus Re segment is focused on treaty 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, technical lines, composite, trade credit and casualty. Talbot Segment The Talbot segment focuses on a wide range of marine and energy, political lines, 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. AlphaCat Segment The AlphaCat segment leverages the Company’s underwriting and analytical expertise and earns management and performance fees from the Company and other third party investors primarily through the AlphaCat ILS funds and sidecars. Corporate and Investment information The Company has a corporate function ("Corporate"), which includes the activities of the parent company, and which carries out certain functions for the group, including investment management. Corporate includes investment income on a managed basis and other non-segment expenses, predominantly general and administrative, stock compensation and finance 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 certain inter segment revenues and expenses and other items that are not allocated to the operating segments. The following tables summarize the results of our operating segments and "Corporate and Investments": Years Ended December 31, Validus Re Segment Information 2015 2014 2013 Underwriting income Gross premiums written $ 1,126,759 $ 1,118,532 $ 1,226,690 Reinsurance premiums ceded (149,088 ) (163,678 ) (210,432 ) Net premiums written 977,671 954,854 1,016,258 Change in unearned premiums 12,542 (37,570 ) 117,679 Net premiums earned 990,213 917,284 1,133,937 Other insurance related income 3,575 3,159 19,222 Underwriting revenues 993,788 920,443 1,153,159 Underwriting deductions Losses and loss expenses 457,976 307,290 430,026 Policy acquisition costs 166,387 141,670 180,779 General and administrative expenses 78,428 74,739 91,260 Share compensation expenses 10,350 9,739 7,668 Total underwriting deductions 713,141 533,438 709,733 Underwriting income $ 280,647 $ 387,005 $ 443,426 Selected ratios: Net premiums written / Gross premiums written 86.8 % 85.4 % 82.8 % Losses and loss expenses 46.2 % 33.5 % 37.9 % Policy acquisition costs 16.8 % 15.5 % 16.0 % General and administrative expenses (a) 9.0 % 9.2 % 8.7 % Expense ratio 25.8 % 24.7 % 24.7 % Combined ratio 72.0 % 58.2 % 62.6 % (a) The general and administrative expense ratio includes share compensation expenses. Years Ended December 31, Talbot Segment Information 2015 2014 2013 Underwriting income Gross premiums written $ 1,018,835 $ 1,101,770 $ 1,091,890 Reinsurance premiums ceded (198,896 ) (192,211 ) (226,111 ) Net premiums written 819,939 909,559 865,779 Change in unearned premiums 18,152 (29,785 ) (35,085 ) Net premiums earned 838,091 879,774 830,694 Other insurance related income 851 1,095 1,819 Underwriting revenues 838,942 880,869 832,513 Underwriting deductions Losses and loss expenses 347,322 423,394 346,337 Policy acquisition costs 187,535 187,162 170,738 General and administrative expenses 155,306 150,828 136,458 Share compensation expenses 12,373 11,346 9,613 Total underwriting deductions 702,536 772,730 663,146 Underwriting income $ 136,406 $ 108,139 $ 169,367 Selected ratios: Net premiums written / Gross premiums written 80.5 % 82.6 % 79.3 % Losses and loss expenses 41.4 % 48.1 % 41.7 % Policy acquisition costs 22.4 % 21.3 % 20.5 % General and administrative expenses (a) 20.0 % 18.4 % 17.6 % Expense ratio 42.4 % 39.7 % 38.1 % Combined ratio 83.8 % 87.8 % 79.8 % (a) The general and administrative expense ratio includes share compensation expenses. Years Ended December 31, Western World Segment Information 2015 2014 (b) Underwriting income Gross premiums written $ 278,504 $ 65,235 Reinsurance premiums ceded (18,877 ) (6,428 ) Net premiums written 259,627 58,807 Change in unearned premiums (977 ) 14,189 Net premiums earned 258,650 72,996 Other insurance related income 1,044 264 Underwriting revenues 259,694 73,260 Underwriting deductions Losses and loss expenses 171,878 51,035 Policy acquisition costs 41,408 3,169 General and administrative expenses 38,715 11,121 Share compensation expenses 2,083 135 Total underwriting deductions 254,084 65,460 Underwriting income $ 5,610 $ 7,800 Selected ratios: Net premiums written / Gross premiums written 93.2 % 90.1 % Losses and loss expenses 66.4 % 69.9 % Policy acquisition costs 16.0 % 4.4 % General and administrative expenses (a) 15.8 % 15.4 % Expense ratio 31.8 % 19.8 % Combined ratio 98.2 % 89.7 % (a) The general and administrative expense ratio includes share compensation expenses. (b) The results of Western World have been included in the Company's consolidated results from the October 2, 2014 date of acquisition. Years Ended December 31, AlphaCat Segment Information (a) 2015 2014 2013 Revenue - management fees Third party $ 19,661 $ 18,667 $ 16,629 Related party 5,309 7,467 9,693 Total revenue 24,970 26,134 26,322 Expenses General and administrative expenses 12,115 10,134 8,401 Share compensation expenses 580 501 468 Finance expenses 9,312 3,417 3,497 Foreign exchange (gains) losses (16 ) (20 ) 2 Total expenses 21,991 14,032 12,368 Income before investments from AlphaCat Funds and Sidecars 2,979 12,102 13,954 Investment income (loss) from AlphaCat Funds and Sidecars (b) AlphaCat Re & Master Fund — (1,377 ) 1,022 AlphaCat Sidecars 5,504 10,525 12,396 AlphaCat ILS Funds - Lower Risk (c) 7,491 7,974 7,848 AlphaCat ILS Funds - Higher Risk (c) 8,428 8,754 10,758 BetaCat ILS Funds 1,702 (51 ) — PaCRe (3,949 ) (4,340 ) 542 Total investment income from AlphaCat Funds and Sidecars 19,176 21,485 32,566 Validus' share of AlphaCat income $ 22,155 $ 33,587 $ 46,520 Supplemental information: Gross premiums written AlphaCat Sidecars $ 45,755 $ 50,023 $ 69,626 AlphaCat ILS Funds - Lower Risk (c) 91,363 52,264 43,111 AlphaCat ILS Funds - Higher Risk (c) 34,228 24,498 18,397 AlphaCat Direct (d) 4,780 — — Total $ 176,126 $ 126,785 $ 131,134 (a) The results of AlphaCat are presented on an asset manager basis, which is non-GAAP. A reconciliation of segmental income to net income available to Validus is included in the tables below. (b) The investment income from the AlphaCat funds and sidecars is based on equity accounting. (c) Lower risk AlphaCat ILS funds have a maximum permitted portfolio expected loss of less than 7%, whereas higher risk AlphaCat ILS funds have a maximum permitted portfolio expected loss of greater than 7%. Expected loss represents the average annual loss over the set of simulation scenarios divided by the total limit. (d) AlphaCat Direct includes direct investments from third party investors in AlphaCat Re. Years Ended December 31, Corporate and Investment Information 2015 2014 2013 Investment income Net investment income (a) $ 121,166 $ 95,800 $ 92,207 Operating expenses General and administrative expenses (75,724 ) (80,210 ) (77,843 ) Share compensation expenses (12,955 ) (11,352 ) (9,881 ) Finance expenses (a) (61,071 ) (60,309 ) (58,443 ) Tax expenses (6,376 ) (155 ) (383 ) Total operating expenses (156,126 ) (152,026 ) (146,550 ) Other items Net realized gains (losses) on investments (a) 1,698 12,160 (826 ) Change in net unrealized losses on investments (a) (32,007 ) (1,030 ) (54,588 ) Income from investment affiliate 4,281 8,411 4,790 Foreign exchange (losses) gains (a) (8,172 ) (10,700 ) 3,324 Other loss (1,002 ) (2,243 ) (10,777 ) Transaction expenses (b) — (8,096 ) — Total other items (35,202 ) (1,498 ) (58,077 ) Total Corporate and Investment information $ (70,162 ) $ (57,724 ) $ (112,420 ) (a) These items exclude the components which are included in Validus' share of AlphaCat and amounts which are consolidated from VIEs. (b) The transaction expenses relate to costs incurred in connection with the acquisition of Western World, which was completed on October 2, 2014. Transaction expenses are primarily comprised of legal, financial advisory and audit related services. The following tables reconcile the results of our operating segments and "Corporate & Investments" to the Consolidated results of the Company for the years indicated: Year Ended December 31, 2015 Validus Re Segment Talbot Segment Western World Segment AlphaCat & Consolidated Variable Interest Entities Corporate & Investments Eliminations Total Underwriting income Gross premiums written $ 1,126,759 $ 1,018,835 $ 278,504 $ 176,126 $ (42,718 ) $ 2,557,506 Reinsurance premiums ceded (149,088 ) (198,896 ) (18,877 ) (4,538 ) 42,718 (328,681 ) Net premiums written 977,671 819,939 259,627 171,588 — 2,228,825 Change in unearned premiums 12,542 18,152 (977 ) (11,653 ) — 18,064 Net premiums earned 990,213 838,091 258,650 159,935 — 2,246,889 Other insurance related income 3,575 851 1,044 25,524 (24,881 ) 6,113 Underwriting revenues 993,788 838,942 259,694 185,459 (24,881 ) 2,253,002 Underwriting deductions Losses and loss expenses 457,976 347,322 171,878 657 — 977,833 Policy acquisition costs 166,387 187,535 41,408 16,327 (1,599 ) 410,058 General and administrative expenses 78,428 155,306 38,715 39,055 75,724 (23,519 ) 363,709 Share compensation expenses 10,350 12,373 2,083 580 12,955 — 38,341 Total underwriting deductions 713,141 702,536 254,084 56,619 88,679 (25,118 ) 1,789,941 Underwriting income (loss) $ 280,647 $ 136,406 $ 5,610 $ 128,840 $ (88,679 ) $ 237 $ 463,061 Other items (a) (17,967 ) (102,649 ) (120,616 ) Net investment income 6,658 121,166 127,824 (Income) attributable to AlphaCat investors (2,412 ) — (2,412 ) Net (income) attributable to noncontrolling interest (92,964 ) — (92,964 ) Segmental income 280,647 136,406 5,610 22,155 (70,162 ) 237 Net income available to Validus $ 374,893 (a) Other items includes finance expenses, tax expenses, foreign exchange gains (losses), net realized and change in net unrealized gains (losses) on investments, income from investment and operating affiliates and other income (loss). Year Ended December 31, 2014 Validus Re Segment Talbot Segment Western World Segment (c) AlphaCat & Consolidated Variable Interest Entities Corporate & Investments Eliminations Total Underwriting income Gross premiums written $ 1,118,532 $ 1,101,770 $ 65,235 $ 126,785 $ (53,457 ) $ 2,358,865 Reinsurance premiums ceded (163,678 ) (192,211 ) (6,428 ) (4,348 ) 53,457 (313,208 ) Net premiums written 954,854 909,559 58,807 122,437 — 2,045,657 Change in unearned premiums (37,570 ) (29,785 ) 14,189 564 — (52,602 ) Net premiums earned 917,284 879,774 72,996 123,001 — 1,993,055 Other insurance related income 3,159 1,095 264 25,750 (26,796 ) 3,472 Underwriting revenues 920,443 880,869 73,260 148,751 (26,796 ) 1,996,527 Underwriting deductions Losses and loss expenses 307,290 423,394 51,035 (16,704 ) — 765,015 Policy acquisition costs 141,670 187,162 3,169 11,584 (4,118 ) 339,467 General and administrative expenses 74,739 150,828 11,121 36,298 80,210 (23,834 ) 329,362 Share compensation expenses 9,739 11,346 135 501 11,352 — 33,073 Total underwriting deductions 533,438 772,730 65,460 31,679 91,562 (27,952 ) 1,466,917 Underwriting income (loss) $ 387,005 $ 108,139 $ 7,800 $ 117,072 $ (91,562 ) $ 1,156 $ 529,610 Other items (a) (12,891 ) (53,866 ) (66,757 ) Net investment income 4,286 95,800 100,086 Net (income) attributable to noncontrolling interest (74,880 ) — (74,880 ) Transaction expenses (b) — (8,096 ) (8,096 ) Segmental income 387,005 108,139 7,800 33,587 (57,724 ) 1,156 Net income available to Validus $ 479,963 (a) Other items includes finance expenses, tax expenses, foreign exchange gains (losses), net realized and change in net unrealized gains (losses) on investments, income from investment and operating affiliates and other income (loss). (b) The transaction expenses relate to costs incurred in connection with the acquisition of Western World, which was completed on October 2, 2014. Transaction expenses are primarily comprised of legal, financial advisory and audit related services. (c) The results of Western World have been included in the Company's consolidated results from the October 2, 2014 date of acquisition. Year Ended December 31, 2013 Validus Re Segment Talbot Segment AlphaCat & Consolidated Variable Interest Entities Corporate & Investments Eliminations Total Underwriting income Gross premiums written $ 1,226,690 $ 1,091,890 $ 131,134 $ (61,268 ) $ 2,388,446 Reinsurance premiums ceded (210,432 ) (226,111 ) (525 ) 61,268 (375,800 ) Net premiums written 1,016,258 865,779 130,609 — 2,012,646 Change in unearned premiums 117,679 (35,085 ) 3,555 — 86,149 Net premiums earned 1,133,937 830,694 134,164 — 2,098,795 Other insurance related income 19,222 1,819 26,424 (43,295 ) 4,170 Underwriting revenues 1,153,159 832,513 160,588 (43,295 ) 2,102,965 Underwriting deductions Losses and loss expenses 430,026 346,337 433 — 776,796 Policy acquisition costs 180,779 170,738 13,946 (5,060 ) 360,403 General and administrative expenses 91,260 136,458 34,455 77,843 (24,008 ) 316,008 Share compensation expenses 7,668 9,613 468 9,881 — 27,630 Total underwriting deductions 709,733 663,146 49,302 87,724 (29,068 ) 1,480,837 Underwriting income (loss) $ 443,426 $ 169,367 $ 111,286 $ (87,724 ) $ (14,227 ) $ 622,128 Other items (a) (6,166 ) (116,903 ) (123,069 ) Net investment income 3,882 92,207 96,089 Net (income) attributable to noncontrolling interest (62,482 ) — (62,482 ) Segmental income 443,426 169,367 46,520 (112,420 ) (14,227 ) Net income available to Validus $ 532,666 (a) Other items includes finance expenses, tax expenses, foreign exchange gains (losses), net realized and change in net unrealized gains (losses) on investments, income from investment and operating affiliates and other income (loss). The following table sets forth the gross premiums written by line of business for the years indicated: Gross Premiums Written Years Ended December 31, 2015 2014 (a) 2013 Property $ 1,077,700 $ 1,050,109 $ 1,152,027 Marine 471,857 576,478 570,008 Specialty 782,463 677,026 666,411 Liability 225,486 55,252 — $ 2,557,506 $ 2,358,865 $ 2,388,446 (a) The results of Western World have been included in the Company's consolidated results from the October 2, 2014 date of acquisition. 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 years indicated: Gross Premiums Written Year Ended December 31, 2015 Validus Re Talbot Western World AlphaCat Eliminations Total % United States $ 530,541 $ 106,679 $ 278,504 $ 41,134 $ (2,547 ) $ 954,311 37.4 % Worldwide excluding United States (a) 52,860 127,540 — 8,107 (1,186 ) 187,321 7.3 % Australia and New Zealand 12,190 8,974 — 624 (244 ) 21,544 0.8 % Europe 48,240 38,657 — 2,504 (1,135 ) 88,266 3.5 % Latin America and Caribbean 46,258 103,318 — 38 (15,481 ) 134,133 5.2 % Japan 38,885 5,171 — 1,671 (109 ) 45,618 1.8 % Canada 3,129 6,666 — 458 (231 ) 10,022 0.4 % Rest of the world (b) 21,498 103,237 — — (3,660 ) 121,075 4.7 % Sub-total, non United States 223,060 393,563 — 13,402 (22,046 ) 607,979 23.7 % Worldwide including United States (a) 139,419 100,523 — 116,523 (18,120 ) 338,345 13.2 % Other locations non-specific (c) 233,739 418,070 — 5,067 (5 ) 656,871 25.7 % Total $ 1,126,759 $ 1,018,835 $ 278,504 $ 176,126 $ (42,718 ) $ 2,557,506 100.0 % Gross Premiums Written Year Ended December 31, 2014 Validus Re Talbot Western World (d) AlphaCat Eliminations Total % United States $ 437,124 $ 108,458 $ 65,235 $ 26,067 $ (3,664 ) $ 633,220 26.8 % Worldwide excluding United States (a) 76,370 139,570 — 6,727 (1,575 ) 221,092 9.4 % Australia and New Zealand 20,617 9,736 — 1,019 (360 ) 31,012 1.3 % Europe 57,223 45,615 — 2,305 (1,292 ) 103,851 4.4 % Latin America and Caribbean 56,102 116,281 — — (26,007 ) 146,376 6.2 % Japan 42,813 4,116 — 608 (111 ) 47,426 2.0 % Canada 3,793 10,194 — 214 (337 ) 13,864 0.6 % Rest of the world (b) 25,272 93,012 — — (3,805 ) 114,479 4.9 % Sub-total, non United States 282,190 418,524 — 10,873 (33,487 ) 678,100 28.8 % Worldwide including United States (a) 175,098 96,187 — 89,845 (16,196 ) 344,934 14.6 % Other locations non-specific (c) 224,120 478,601 — — (110 ) 702,611 29.8 % Total $ 1,118,532 $ 1,101,770 $ 65,235 $ 126,785 $ (53,457 ) $ 2,358,865 100.0 % Gross Premiums Written Year Ended December 31, 2013 Validus Re Talbot AlphaCat Eliminations Total % United States $ 520,604 $ 93,357 $ 32,377 $ (1,336 ) $ 645,002 27.0 % Worldwide excluding United States (a) 62,285 142,294 13,884 (127 ) 218,336 9.2 % Australia and New Zealand 22,318 11,097 2,183 (43 ) 35,555 1.5 % Europe 64,538 51,667 1,446 (123 ) 117,528 4.9 % Latin America and Caribbean 53,359 155,798 — (55,105 ) 154,052 6.4 % Japan 42,079 5,971 653 (3 ) 48,700 2.0 % Canada 2,964 10,768 818 (93 ) 14,457 0.6 % Rest of the world (b) 24,841 92,652 — (505 ) 116,988 4.9 % Sub-total, non United States 272,384 470,247 18,984 (55,999 ) 705,616 29.5 % Worldwide including United States (a) 173,272 80,538 79,857 (2,573 ) 331,094 13.9 % Other locations non-specific (c) 260,430 447,748 (84 ) (1,360 ) 706,734 29.6 % Total $ 1,226,690 $ 1,091,890 $ 131,134 $ (61,268 ) $ 2,388,446 100.0 % (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) The results of Western World have been included in the Company's consolidated results from the October 2, 2014 date of acquisition.

Statutory and regulatory requir

Statutory and regulatory requirements	12 Months Ended
	Dec. 31, 2015
Statutory and regulatory requirements [Abstract]
Statutory and regulatory requirements	Statutory and regulatory requirements Validus Holdings, Ltd. has operations which are subject to laws and regulations in the jurisdictions in which they operate, the most significant of which are Bermuda, the United Kingdom, the United States and Switzerland. As a holding company, Validus Holdings, Ltd.’s principal sources of income are dividends or other sources of permitted distributions from its subsidiaries. These funds provide the cash flow required for dividend payments to the Company’s shareholders. The holding company has no material restrictions on its ability to make distributions to shareholders however, the ability of our (re)insurance subsidiaries to make distributions is limited by the applicable laws and regulations of the various countries in which we operate. The Company’s subsidiaries are required to maintain certain measures of solvency and liquidity which provide restrictions on declaring dividends and distributions. The statutory capital and surplus in certain of our most significant regulatory jurisdictions as at December 31, 2015 and 2014 was as follows: Bermuda (a) United States (b) Switzerland (c) As at December 31, As at December 31, As at December 31, 2015 2014 2015 2014 2015 2014 Required statutory capital and surplus $ 459,760 $ 995,864 $ 80,047 $ 95,963 $ 259,000 $ 205,563 Actual statutory capital and surplus 3,492,233 3,543,590 421,047 452,089 759,054 779,001 (a) The Company's Bermuda based insurance subsidiaries are required to maintain minimum statutory capital and surplus equal to the greater of a minimum solvency margin ("MSM") and the Enhanced Capital Requirement ("ECR") where applicable. The ECR is equal to the higher of each insurer's MSM or the Bermuda Solvency Capital Requirement ("BSCR") model or approved internal capital model. The BSCR for the relevant insurers for the year ended December 31, 2015 will not be filed with the BMA until April 2016 . As a result, the required statutory capital and surplus as at December 31, 2015 , as set out above, is based on the MSM of all relevant insurers, whereas the required statutory capital and surplus as at December 31, 2014 is based on the MSM and ECR where applicable for all relevant insurers. Required statutory capital and surplus includes Validus Reinsurance, Ltd., IPCRe Limited, AlphaCat Reinsurance Ltd., Mont Fort Re Ltd, and Talbot Insurance (Bermuda), Ltd. Actual statutory capital and surplus includes Validus Reinsurance, Ltd., AlphaCat Reinsurance Ltd., and Talbot Insurance (Bermuda), Ltd., as Validus Reinsurance, Ltd. is the parent company of the other two Bermuda based insurance subsidiaries. Talbot Insurance (Bermuda), Ltd. is only included in the required and actual statutory capital and surplus calculations as at December 31, 2014 as it was no longer a Bermuda based insurer as at December 31, 2015. Actual statutory capital and surplus includes capital held in support of FAL which is not available for distribution to the Company. Refer to Note 23 , "Commitments and Contingencies," for further details. (b) Required statutory capital and surplus is based on the Risk-Based Capital ("RBC") requirements and includes Western World Insurance Company, Tudor Insurance Company and Stratford Insurance Company. Actual statutory capital and surplus includes Western World Insurance Company. Western World Insurance Company is the parent Company of the other two U.S. based insurance subsidiaries. (c) Required statutory capital and surplus is based on the Target Capital ("TC") requirements calculated under the Swiss Solvency Test ("SST"). Required and actual statutory capital and surplus includes Validus Reinsurance (Switzerland) Ltd. and its Bermuda branch. During 2016 , the Company's Bermuda regulated subsidiaries have the ability to distribute up to $1,030,751 of unrestricted net assets as dividend payments and/or return of capital to Validus Holdings, Ltd. ( 2015 : $718,431 ) without prior regulatory approval. During the year ended December 31, 2015 , dividends and distributions to Validus Holdings, Ltd. from its subsidiaries, net of amounts reinvested in subsidiaries, were $465,000 ( 2014 : $773,966 ). Statutory net income for the years ended December 31, 2015 , 2014 and 2013 was as follows: Bermuda (a) United States (b) Switzerland (c) Years Ended December 31, Years Ended December 31, Years Ended December 31, 2015 2014 2013 2015 2014 2013 2015 2014 2013 Statutory net income (loss) $ 329,260 $ 511,652 $ 687,837 $ 32,255 $ 105,210 $ — $ 19,916 $ 44,939 $ (17,655 ) (a) Statutory net income includes Validus Reinsurance, Ltd., IPCRe Limited, AlphaCat Reinsurance Ltd., Mont Fort Re Ltd. and Talbot Insurance (Bermuda), Ltd. The results of Talbot Insurance (Bermuda), Ltd. were included through September 30, 2015. (b) Statutory net income includes Western World Insurance Company, Tudor Insurance Company and Stratford Insurance Company. The results of Western World have been included in the Company's consolidated results from the October 2, 2014 date of acquisition. (c) Statutory net income (loss) includes Validus Reinsurance (Switzerland) Ltd. and its Bermuda branch. (a) Bermuda The Company has five Bermuda based insurance subsidiaries: Validus Reinsurance, Ltd., a Class 4 insurer; Validus Reinsurance (Switzerland) Ltd (Bermuda Branch), a Class 4 insurer; IPCRe Limited ("IPCRe") (formerly known as Validus Re Americas, Ltd.), a Class 3A insurer; AlphaCat Reinsurance Ltd., a Class 3 insurer; and Mont Fort Re Ltd., a Class 3 insurer. Each of these Bermuda insurance subsidiaries is registered under the Insurance Act. The Company also has two Bermuda based subsidiaries which are licensed as Special Purpose Insurers (“SPIs”) under the Insurance Act, AlphaCat Re 2011, Ltd. and AlphaCat Re 2012, Ltd. At December 31, 2015 and 2014 , the actual statutory capital and surplus of the Bermuda based insurance subsidiaries exceeded the relevant regulatory requirements. The ability of certain of these insurance subsidiaries to pay dividends to us is limited under Bermuda law and regulations. The Insurance Act provides that each of the Class 3A and 4 Bermuda subsidiaries may not declare or pay, in any financial year, dividends of more than 25% of its total statutory capital and surplus (as shown on its statutory balance sheet in relation to the previous financial year) unless it files with the BMA at least seven days prior to the payment, an affidavit signed by at least two directors and such insurance subsidiary's principal representative, stating that in their opinion such subsidiary will continue to satisfy the required margins following declaration of those dividends, however, there is no additional requirement for BMA approval. In addition, before reducing its total statutory capital by 15% or more (as set out in its previous year's statutory financial statements) each of the Class 3A and Class 4 Bermuda insurance subsidiaries must make application to the BMA for permission to do so; such application shall consist of an affidavit signed by at least two directors and such insurance subsidiary's principal representative stating that in their opinion the proposed reduction in capital will not cause such subsidiaries to fail to meet its relevant margins, and such other information as the BMA may require. The Insurance Act permits each of the Class 3 insurers to declare or pay any dividends during any financial year so long as it does not cause the insurance subsidiary to fail to meet its relevant margins subject to the restrictions set out herein and other than in respect of IPCRe. Class 3 insurers, before reducing by 15% or more of its total statutory capital, as set out in its previous year's financial statements, shall apply to the BMA for its approval and shall provide such information as the BMA may require. The Company's primary restrictions on net assets of insurance subsidiaries consist of regulatory requirements placed upon the regulated insurance subsidiaries to hold minimum amounts of total statutory capital and surplus and other than the restriction on IPCRe noted above, there were no other material restrictions on net assets in place as of December 31, 2015 . The Company's principal operating subsidiary in Bermuda, Validus Reinsurance, Ltd., maintains a branch office in Singapore. As the branch office is not considered a separate entity for regulatory purposes, the required and actual statutory capital and surplus amount includes amounts, as set out above, related to the applicable branch office. The branch office is subject to additional minimum capital or asset requirements in their country of domicile. At December 31, 2015 and 2014 , the actual capital and assets for the branch exceeded the relevant local regulatory requirements. (b) United Kingdom As disclosed in Note 23 (d), “ Commitments and contingencies, ” Syndicate 1183 and Talbot 2002 Underwriting Capital Ltd (“T02”) are subject to regulation by the Council of Lloyd’s. Syndicate 1183 and T02 are also subject to regulation by the U.K. Financial Conduct Authority (“FCA”) and Prudential Regulation Authority (“PRA”) under the Financial Services and Market Act 2000. T02 is a corporate member of Lloyd’s. As a corporate member of Lloyd’s, T02 is bound by the rules of the Society of Lloyd’s, which are prescribed by Bye-laws and Requirements made by the Council of Lloyd’s under powers conferred by the Lloyd’s Act 1982. These rules (among other matters) prescribe T02’s membership subscription, the level of its contribution to the Lloyd’s central fund and the assets it must deposit with Lloyd’s in support of its underwriting. The Council of Lloyd’s has broad power to sanction breaches of its rules, including the power to restrict or prohibit a member’s participation on Lloyd’s syndicates. The capital required to support a Syndicate’s underwriting capacity, or FAL, is assessed annually and is determined by Lloyd’s in accordance with the rules of the Society of Lloyd’s. The capital to support the underwriting of Syndicate 1183 is provided by the Company's Bermuda based insurance subsidiaries in the form of cash and investments held at Lloyd’s. The amount provided as FAL is not available for distribution to the Company for the payment of dividends. Each year, during the second quarter, the corporate member applies to Lloyd’s to release accumulated funds, whether syndicate profits, interest on FAL or other which are in excess of the agreed FAL amount. At December 31, 2015 and 2014 , the actual capital and assets exceeded the relevant local regulatory requirements. The release for the year ended December 31, 2014 enabled a dividend payment to the Company of $65,000 during the year ended December 31, 2015 ( 2014 : $100,000 ). For further details on FAL refer to Note 23 , "Commitments and contingencies," to the Consolidated Financial Statements. (c) United States The Company has three U.S. based insurance subsidiaries domiciled in New Hampshire: Western World Insurance Company, Tudor Insurance Company and Stratford Insurance Company. New Hampshire insurance laws limit the amount of dividends Western World may pay to the Company in a 12-month period without the approval of the New Hampshire State Insurance Department (Insurance Department). These limitations are based on the lesser of: a maximum of 10.0% of prior year end statutory surplus as determined under statutory accounting practices or the net income, not including realized capital gains, for the 12-month period ending December 31, next preceding, but shall not include pro rata distributions of any class of the insurer's own securities. In determining whether a dividend or distribution is extraordinary, an insurer may carry forward net income from the previous two calendar years that has not already been paid out as dividends. This carry-forward shall be computed by taking the net income from the second and third preceding calendar years, not including realized capital gains, less dividends paid in the second and immediate preceding calendar years. During 2016 , the maximum dividend that may be paid to the Company by Western World without obtaining prior approval is $15,066 ( 2015 : $45,209 ). During the year ended December 31, 2015 , Western World received approval from the Insurance Department to pay total dividends to the Company of $80,300 ( 2014 : $nil ). The Company’s U.S. based insurance company subsidiaries are required to file financial statements prepared in accordance with accounting practices prescribed or permitted by the Insurance Department to which the insurance company subsidiaries are subject (statutory basis). Such accounting practices vary in certain respects from GAAP. The Company’s U.S. based insurance company subsidiaries are subject to certain Risk-Based Capital ("RBC") requirements as specified by the National Association of Insurance Commissioners. Under those requirements, the minimum amount of capital and surplus required to be maintained by a property/casualty insurance company is based on various risk factors. At December 31, 2015 and 2014 , the Company’s U.S. based insurance company subsidiaries met the RBC requirements. State insurance laws and regulations prescribe accounting practices for determining statutory net income and equity for insurance companies. In addition, state regulators may permit statutory accounting practices that differ from such prescribed practices. The Company’s insurance company subsidiaries did not use such permitted practices. (d) Switzerland Validus Reinsurance (Switzerland) Ltd ("Validus Re Swiss"), is a société anonyme headquartered in Zurich, Switzerland as of February 1, 2014. The conduct of reinsurance business by a company headquartered in Switzerland requires a license granted by the Swiss Financial Market Supervisory Authority ("FINMA"). Validus Re Swiss maintains a branch office in Bermuda, Validus Reinsurance (Switzerland) Ltd. (Bermuda Branch), a Class 4 insurer. Validus Re Swiss is funded by equity in the form of paid in capital by shares and in share premium. Under Swiss corporate law as modified by insurance supervisory law, a non-life insurance company is obliged to contribute to statutory legal reserves a minimum of 20% of any annual profit up to 50% of statutory capital, being paid in share capital. Validus Re Swiss has been substantially funded by share premium. Share premium can be distributed to shareholders without being subject to withholding tax. However, the distribution of any special dividend to shareholders remains subject to the approval of FINMA which has regard to the maintenance of solvency and the interests of reinsureds and creditors. At December 31, 2015 and 2014 , the actual capital and assets exceeded the relevant local regulatory requirements. Validus Reinsurance (Switzerland) Ltd. (Bermuda Branch) is exempt from filing an Annual Statutory Financial Return and Annual Capital and Solvency Return but is subject to the minimum required statutory capital and surplus requirements for Class 4 insurers and the Swiss Solvency Test. At December 31, 2015 and 2014 , the branch was in compliance with all relevant regulatory requirements.

Condensed consolidating financi

Condensed consolidating financial information	12 Months Ended
	Dec. 31, 2015
Condensed Consolidating Financial Information [Abstract]
Condensed financial information	Condensed consolidating financial information The following tables present condensed consolidating balance sheets as at December 31, 2015 and December 31, 2014 , condensed consolidating statements of comprehensive income for the years ended December 31, 2015 , 2014 , and 2013 and condensed consolidating statements of cash flows for the years ended December 31, 2015 , 2014 , and 2013 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. For purposes of the supplemental consolidating presentation, investments in subsidiaries are accounted for under the equity method and reflected in the Condensed Consolidating Balance Sheets and Condensed Consolidating Statements of Comprehensive Income as investment in subsidiaries on an equity basis and equity in net earnings (losses) of subsidiaries, respectively. 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 December 31, 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 trading, at fair value $ 28,403 $ — $ 5,542,128 $ (60,200 ) $ 5,510,331 Short-term investments trading, at fair value — — 1,941,635 — 1,941,635 Other investments, at fair value — — 412,720 (75,864 ) 336,856 Cash and cash equivalents 25,306 122 697,681 — 723,109 Restricted cash — — 73,270 — 73,270 Total investments and cash 53,709 122 8,667,434 (136,064 ) 8,585,201 Investment in affiliates, equity method — — 88,065 — 88,065 Investment in subsidiaries on an equity basis 4,198,809 684,913 — (4,883,722 ) — Premiums receivable — — 658,682 — 658,682 Deferred acquisition costs — — 181,002 — 181,002 Prepaid reinsurance premiums — — 77,992 — 77,992 Securities lending collateral — — 4,863 — 4,863 Loss reserves recoverable — — 350,586 — 350,586 Paid losses recoverable — — 23,071 — 23,071 Income taxes recoverable — — 16,228 — 16,228 Deferred tax asset — — 21,661 — 21,661 Receivable for investments sold — — 39,766 — 39,766 Intangible assets — — 121,258 — 121,258 Goodwill — — 196,758 — 196,758 Accrued investment income 49 — 23,848 — 23,897 Intercompany receivable 10,389 10,847 — (21,236 ) — Other assets 813 — 125,969 — 126,782 Total assets $ 4,263,769 $ 695,882 $ 10,597,183 $ (5,041,022 ) $ 10,515,812 Liabilities Reserve for losses and loss expenses $ — $ — $ 2,996,567 $ — $ 2,996,567 Unearned premiums — — 966,210 — 966,210 Reinsurance balances payable — — 75,380 — 75,380 Securities lending payable — — 5,329 — 5,329 Deferred tax liability — 449 3,398 — 3,847 Payable for investments purchased — — 77,475 — 77,475 Accounts payable and accrued expenses 29,633 34 597,664 — 627,331 Intercompany payable — — 21,236 (21,236 ) — Notes payable to AlphaCat investors — — 75,493 — 75,493 Senior notes payable 245,161 — — — 245,161 Debentures payable 350,000 — 247,868 (60,200 ) 537,668 Total liabilities $ 624,794 $ 483 $ 5,066,620 $ (81,436 ) $ 5,610,461 Redeemable noncontrolling interest — — 1,111,714 — 1,111,714 Total shareholders' equity available to Validus 3,638,975 695,399 4,264,187 (4,959,586 ) 3,638,975 Noncontrolling interest — — 154,662 — 154,662 Total liabilities, noncontrolling interests and shareholders' equity $ 4,263,769 $ 695,882 $ 10,597,183 $ (5,041,022 ) $ 10,515,812 (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 trading, at fair value $ — $ — $ 5,605,431 $ (60,200 ) $ 5,545,231 Short-term investments trading, at fair value — — 1,501,212 — 1,501,212 Other investments, at fair value — — 402,797 (68,112 ) 334,685 Cash and cash equivalents 29,798 81 520,522 — 550,401 Restricted cash — — 173,003 — 173,003 Total investments and cash 29,798 81 8,202,965 (128,312 ) 8,104,532 Investment in affiliates, equity method — — 114,450 — 114,450 Investment in subsidiaries on an equity basis 4,139,398 665,641 — (4,805,039 ) — Premiums receivable — — 706,467 — 706,467 Deferred acquisition costs — — 161,022 — 161,022 Prepaid reinsurance premiums — — 82,947 — 82,947 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 893 — 136,414 — 137,307 Total assets $ 4,211,167 $ 665,722 $ 10,210,124 $ (4,974,449 ) $ 10,112,564 Liabilities Reserve for losses and loss expenses $ — $ — $ 3,243,147 $ — $ 3,243,147 Unearned premiums — — 989,229 — 989,229 Reinsurance balances payable — — 129,071 — 129,071 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 96 365,461 — 395,178 Intercompany payable — 20 41,078 (41,098 ) — Senior notes payable 244,960 — — — 244,960 Debentures payable 350,000 — 249,477 (60,200 ) 539,277 Total liabilities $ 624,581 $ 116 $ 5,092,514 $ (101,298 ) $ 5,615,913 Redeemable noncontrolling interest — — 617,791 — 617,791 Total shareholders' equity available to Validus 3,586,586 665,606 4,207,545 (4,873,151 ) 3,586,586 Noncontrolling interest — — 292,274 — 292,274 Total liabilities, noncontrolling interests and shareholders' equity $ 4,211,167 $ 665,722 $ 10,210,124 $ (4,974,449 ) $ 10,112,564 (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 Year Ended December 31, 2015 Validus Holdings, Ltd. (Parent Guarantor) Validus Holdings (UK) plc (Subsidiary Issuer) Other Consolidating Adjustments (b) Validus Holdings, Ltd. Revenues Net premiums earned $ — $ — $ 2,246,889 $ — $ 2,246,889 Net investment income 317 5 131,581 (4,079 ) 127,824 Net realized gains on investments — — 2,298 — 2,298 Change in net unrealized losses on investments (395 ) — (24,248 ) (7,752 ) (32,395 ) Income from investment affiliate — — 4,281 — 4,281 Other insurance related income and other loss — — 70,175 (65,064 ) 5,111 Foreign exchange gains (losses) 715 — (9,446 ) — (8,731 ) Total revenues $ 637 $ 5 $ 2,421,530 $ (76,895 ) $ 2,345,277 Expenses Losses and loss expenses — — 977,833 — 977,833 Policy acquisition costs — — 410,058 — 410,058 General and administrative expenses 74,015 36 354,722 (65,064 ) 363,709 Share compensation expenses 7,261 — 31,080 — 38,341 Finance expenses 47,722 — 29,001 (1,981 ) 74,742 Total expenses $ 128,998 $ 36 $ 1,802,694 $ (67,045 ) $ 1,864,683 (Loss) income before taxes, loss from operating affiliate, (income) attributable to AlphaCat investors and equity in net earnings of subsidiaries (128,361 ) (31 ) 618,836 (9,850 ) 480,594 Tax expense — (449 ) (5,927 ) — (6,376 ) Loss from operating affiliate — — (3,949 ) — (3,949 ) (Income) attributable to AlphaCat investors — — (2,412 ) — (2,412 ) Equity in net earnings of subsidiaries 503,254 24,077 — (527,331 ) — Net income $ 374,893 $ 23,597 $ 606,548 $ (537,181 ) $ 467,857 Net (income) attributable to noncontrolling interest — — (92,964 ) — (92,964 ) Net income available to Validus $ 374,893 $ 23,597 $ 513,584 $ (537,181 ) $ 374,893 Other comprehensive loss (4,013 ) — (3,172 ) 3,172 (4,013 ) Comprehensive income available to Validus $ 370,880 $ 23,597 $ 510,412 $ (534,009 ) $ 370,880 (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 Year Ended December 31, 2014 Validus Holdings, Ltd. (Parent Guarantor) Validus Holdings (UK) plc (Subsidiary Issuer) Other Consolidating Adjustments (b) Validus Holdings, Ltd. Revenues Net premiums earned $ — $ — $ 1,993,055 $ — $ 1,993,055 Net investment income 14 — 103,982 (3,910 ) 100,086 Net realized gains on investments — — 14,917 — 14,917 Change in net unrealized losses on investments — — (760 ) (2,082 ) (2,842 ) Income from investment affiliate — — 8,411 — 8,411 Other insurance related income and other loss — — 68,396 (67,167 ) 1,229 Foreign exchange gains (losses) 648 1 (12,830 ) — (12,181 ) Total revenues $ 662 $ 1 $ 2,175,171 $ (73,159 ) $ 2,102,675 Expenses Losses and loss expenses — — 765,015 — 765,015 Policy acquisition costs — — 339,467 — 339,467 General and administrative expenses 86,108 117 310,304 (67,167 ) 329,362 Share compensation expenses 6,424 — 26,649 — 33,073 Finance expenses 47,689 — 22,579 (1,944 ) 68,324 Transaction expenses — — 8,096 — 8,096 Total expenses $ 140,221 $ 117 $ 1,472,110 $ (69,111 ) $ 1,543,337 (Loss) income before taxes, loss from operating affiliate and equity in net earnings of subsidiaries (139,559 ) (116 ) 703,061 (4,048 ) 559,338 Tax expense — — (155 ) — (155 ) Loss from operating affiliate — — (4,340 ) — (4,340 ) Equity in net earnings of subsidiaries 619,522 10,843 — (630,365 ) — Net income $ 479,963 $ 10,727 $ 698,566 $ (634,413 ) $ 554,843 Net (income) attributable to noncontrolling interest — — (74,880 ) — (74,880 ) Net income available to Validus $ 479,963 $ 10,727 $ 623,686 $ (634,413 ) $ 479,963 Other comprehensive loss (7,939 ) — (7,711 ) 7,711 (7,939 ) Comprehensive income available to Validus $ 472,024 $ 10,727 $ 615,975 $ (626,702 ) $ 472,024 (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 Year Ended December 31, 2013 Validus Holdings, Ltd. (Parent Guarantor) Validus Holdings (UK) plc (Subsidiary Issuer) Other Consolidating Adjustments (b) Validus Holdings, Ltd. Revenues Net premiums earned $ — $ — $ 2,098,795 $ — $ 2,098,795 Net investment income 14 — 103,289 (7,214 ) 96,089 Net realized losses on investments — — (764 ) — (764 ) Change in net unrealized losses on investments — — (43,537 ) (8,882 ) (52,419 ) Income from investment affiliate — — 4,790 — 4,790 Other insurance related income and other loss 36 — 60,475 (67,118 ) (6,607 ) Foreign exchange (losses) gains (382 ) — 4,331 — 3,949 Total revenues $ (332 ) $ — $ 2,227,379 $ (83,214 ) $ 2,143,833 Expenses Losses and loss expenses — — 776,796 — 776,796 Policy acquisition costs — — 360,403 — 360,403 General and administrative expenses 84,143 — 298,983 (67,118 ) 316,008 Share compensation expenses 6,329 — 21,301 — 27,630 Finance expenses 45,868 — 24,108 (1,969 ) 68,007 Total expenses $ 136,340 $ — $ 1,481,591 $ (69,087 ) $ 1,548,844 (Loss) income before taxes, income from operating affiliate, (income) attributable to AlphaCat investors and equity in net earnings (losses) of subsidiaries (136,672 ) — 745,788 (14,127 ) 594,989 Tax expense — — (383 ) — (383 ) Income from operating affiliates — — 542 — 542 Equity in net earnings (losses) of subsidiaries 669,338 (5,938 ) — (663,400 ) — Net income (loss) $ 532,666 $ (5,938 ) $ 745,947 $ (677,527 ) $ 595,148 Net (income) attributable to noncontrolling interest — (62,482 ) — (62,482 ) Net income (loss) available (attributable) to Validus $ 532,666 $ (5,938 ) $ 683,465 $ (677,527 ) $ 532,666 Other comprehensive loss (1,954 ) — (1,954 ) 1,954 (1,954 ) Comprehensive income (loss) available (attributable) to Validus $ 530,712 $ (5,938 ) $ 681,511 $ (675,573 ) $ 530,712 (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 Year Ended December 31, 2015 Validus Holdings, Ltd. (Parent Guarantor) Validus Holdings (UK) plc (Subsidiary Issuer) Other Consolidating Adjustments (b) Validus Holdings, Ltd. Net cash provided by operating activities $ 536,125 $ 20,236 $ 423,845 $ (645,700 ) $ 334,506 Cash flows provided by (used in) investing activities Proceeds on sales of fixed maturity investments — — 3,842,408 — 3,842,408 Proceeds on maturities of fixed maturity investments — — 332,410 — 332,410 Purchases of fixed maturity investments (28,903 ) — (4,196,128 ) — (4,225,031 ) Purchases of short-term investments, net — — (436,690 ) — (436,690 ) Purchases of other investments, net — — (5,988 ) — (5,988 ) Increase in securities lending collateral — — (4,393 ) — (4,393 ) Redemption from operating affiliate — — 46,603 — 46,603 Investment in investment affiliate, net — — (19,886 ) — (19,886 ) Decrease in restricted cash — — 99,733 — 99,733 Investment in subsidiaries (555,700 ) (20,195 ) — 575,895 — Return of capital from subsidiaries 400,000 — — (400,000 ) — Net cash used in investing activities (184,603 ) (20,195 ) (341,931 ) 175,895 (370,834 ) Cash flows provided by (used in) financing activities Net proceeds on issuance of notes payable to AlphaCat investors — — 75,493 — 75,493 Issuance of common shares, net 17,407 — — — 17,407 Purchases of common shares under share repurchase program (260,430 ) — — — (260,430 ) Dividends paid (112,991 ) — (645,700 ) 645,700 (112,991 ) Increase in securities lending payable — — 4,393 — 4,393 Third party investment in redeemable noncontrolling interest — — 499,200 — 499,200 Third party redemption of redeemable noncontrolling interest — — (86,934 ) — (86,934 ) Third party investment in noncontrolling interest — — 9,600 — 9,600 Third party redemption of noncontrolling interest — — (168,733 ) — (168,733 ) Third party subscriptions received on AlphaCat Funds and Sidecars — — 249,636 — 249,636 Capital contribution from parent — — 575,895 (575,895 ) — Return of capital to parent — — (400,000 ) 400,000 — Net cash (used in) provided by financing activities (356,014 ) — 112,850 469,805 226,641 Effect of foreign currency rate changes on cash and cash equivalents — — (17,605 ) — (17,605 ) Net (decrease) increase in cash (4,492 ) 41 177,159 — 172,708 Cash and cash equivalents, beginning of year 29,798 81 520,522 — 550,401 Cash and cash equivalents, end of year $ 25,306 $ 122 $ 697,681 $ — $ 723,109 (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 Year Ended December 31, 2014 Validus Holdings, Ltd. (Parent Guarantor) Validus Holdings (UK) plc (Subsidiary Issuer) Other Consolidating Adjustments (b) Validus Holdings, Ltd. Net cash (used in) provided by operating activities $ (41,905 ) $ 81 $ 481,985 $ (100,000 ) $ 340,161 Cash flows provided by (used in) investing activities Proceeds on sales of fixed maturity investments — — 4,756,555 — 4,756,555 Proceeds on maturities of fixed maturity investments — — 554,619 — 554,619 Purchases of fixed maturity investments — — (4,391,814 ) — (4,391,814 ) Purchases of short-term investments, net — — (329,301 ) — (329,301 ) Purchases of other investments, net — — (143,597 ) — (143,597 ) Decrease in securities lending collateral — — 2,922 — 2,922 Investment in investment affiliate, net — — (12,468 ) — (12,468 ) Decrease in restricted cash — — 27,489 — 27,489 Proceeds on sale of subsidiary, net of cash — — 16,459 — 16,459 Purchase of subsidiary, net of cash acquired — — (643,545 ) — (643,545 ) Investment in subsidiaries — (240,000 ) (240,000 ) 480,000 — Return of capital from subsidiaries 673,966 — — (673,966 ) — Net cash provided by (used in) investing activities 673,966 (240,000 ) (402,681 ) (193,966 ) (162,681 ) Cash flows provided by (used in) financing activities Issuance of common shares, net 5,347 — — — 5,347 Purchases of common shares under share repurchase program (510,952 ) — — — (510,952 ) Dividends paid (117,043 ) — (100,000 ) 100,000 (117,043 ) Decrease in securities lending payable — — (2,922 ) — (2,922 ) Third party investment in redeemable noncontrolling interest — — 300,200 — 300,200 Third party redemption of redeemable noncontrolling interest — — (13,192 ) — (13,192 ) Third party investment in noncontrolling interest — — 117,243 — 117,243 Third party redemption of noncontrolling interest — — (237,183 ) — (237,183 ) Third party subscriptions received on AlphaCat Funds and Sidecars — — 127,400 — 127,400 Capital contribution from parent — 240,000 240,000 (480,000 ) — Return of capital to parent — — (673,966 ) 673,966 — Net cash (used in) provided by financing activities (622,648 ) 240,000 (242,420 ) 293,966 (331,102 ) Effect of foreign currency rate changes on cash and cash equivalents — — (25,310 ) — (25,310 ) Net increase (decrease) in cash 9,413 81 (188,426 ) — (178,932 ) Cash and cash equivalents, beginning of year 20,385 — 708,948 — 729,333 Cash and cash equivalents, end of year $ 29,798 $ 81 $ 520,522 $ — $ 550,401 (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 Year Ended December 31, 2013 Validus Holdings, Ltd. (Parent Guarantor) Validus Holdings (UK) plc (Subsidiary Issuer) Other Consolidating Adjustments (b) Validus Holdings, Ltd. Net cash provided by operating activities $ 855,029 $ — $ 371,283 $ (990,946 ) $ 235,366 Cash flows provided by (used in) investing activities Proceeds on sales of fixed maturity investments — — 4,370,548 — 4,370,548 Proceeds on maturities of fixed maturity investments — — 490,459 — 490,459 Purchases of fixed maturity investments — — (5,392,728 ) — (5,392,728 ) Sales of short-term investments, net — — 934,759 — 934,759 Sales of other investments, net — — 26,508 — 26,508 Increase in securities lending collateral — — (3,167 ) — (3,167 ) Investment in operating affiliate — — (6,500 ) — (6,500 ) Investment in investment affiliate, net — — (14,492 ) — (14,492 ) Increase in restricted cash — — (172,962 ) — (172,962 ) Proceeds on sale of subsidiary, net of cash — — 21,388 — 21,388 Return of capital from subsidiaries 18,054 — — (18,054 ) — Net cash provided by investing activities 18,054 — 253,813 (18,054 ) 253,813 Cash flows provided by (used in) financing activities Issuance of common shares, net 1,211 — — — 1,211 Purchases of common shares under share repurchase program (513,504 ) — — — (513,504 ) Dividends paid (360,071 ) — (990,946 ) 990,946 (360,071 ) Increase in securities lending payable — — 3,167 — 3,167 Third party investment in redeemable noncontrolling interest — — 142,190 — 142,190 Third party investment in noncontrolling interest — — 136,619 — 136,619 Third party redemption of noncontrolling interest — — (289,260 ) — (289,260 ) Third party subscriptions received on AlphaCat Funds and Sidecars — — 15,600 — 15,600 Return of capital to parent — — (18,054 ) 18,054 — Net cash used in financing activities (872,364 ) — (1,000,684 ) 1,009,000 (864,048 ) Effect of foreign currency rate changes on cash and cash equivalents — — (6,364 ) — (6,364 ) Net increase (decrease) in cash 719 — (381,952 ) — (381,233 ) Cash and cash equivalents, beginning of year 19,666 — 1,090,900 — 1,110,566 Cash and cash equivalents, end of year $ 20,385 $ — $ 708,948 $ — $ 729,333 (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	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent events	Subsequent events (a) Quarterly dividend On February 2, 2016 , the Company announced a quarterly cash dividend of $0.35 per common share, payable on March 31, 2016 to holders of record as of March 15, 2016 .

Condensed unaudited quarterly f

Condensed unaudited quarterly financial information	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Condensed unaudited quarterly financial information	Condensed unaudited quarterly financial data Quarters Ended December 31, 2015 September 30, 2015 June 30, March 31, (unaudited) (unaudited) (unaudited) (unaudited) Underwriting income Gross premiums written $ 309,605 $ 402,509 $ 726,168 $ 1,119,224 Reinsurance premiums ceded (33,128 ) (48,810 ) (55,418 ) (191,325 ) Net premiums written 276,477 353,699 670,750 927,899 Change in unearned premiums 266,823 201,312 (98,062 ) (352,009 ) Net premiums earned 543,300 555,011 572,688 575,890 Other insurance related income 969 3,496 708 940 Underwriting revenues 544,269 558,507 573,396 576,830 Underwriting deductions Losses and loss expenses 214,748 256,010 266,146 240,929 Policy acquisition costs 102,285 105,039 104,323 98,411 General and administrative expenses 98,563 96,886 84,025 84,235 Share compensation expenses 10,062 9,983 9,242 9,054 Total underwriting deductions 425,658 467,918 463,736 432,629 Underwriting income $ 118,611 $ 90,589 $ 109,660 $ 144,201 Net investment income 31,612 31,572 33,611 31,029 Finance expenses (16,581 ) (18,512 ) (18,682 ) (20,967 ) Operating income before taxes, income (loss) from operating affiliates and (income) loss attributable to AlphaCat investors $ 133,642 $ 103,649 $ 124,589 $ 154,263 Tax benefit (expense) 756 (2,018 ) (2,549 ) (2,565 ) (Loss) income from operating affiliates (1,708 ) (7,963 ) 1,738 3,984 (Income) attributable to AlphaCat investors (974 ) (1,438 ) — — Net operating income $ 131,716 $ 92,230 $ 123,778 $ 155,682 Net realized (losses) gains on investments (2,928 ) (1,187 ) 2,244 4,169 Net unrealized (losses) gains on investments (34,862 ) 3,916 (34,676 ) 33,227 (Loss) income from investment affiliate (1,261 ) 2,482 284 2,776 Foreign exchange gains (losses) 797 (2,592 ) (2,671 ) (4,265 ) Other income (loss) 1,576 (1,970 ) (608 ) — Net income $ 95,038 $ 92,879 $ 88,351 $ 191,589 Net (income) attributable to noncontrolling interest (25,996 ) (26,229 ) (22,561 ) (18,178 ) Net income available to Validus $ 69,042 $ 66,650 $ 65,790 $ 173,411 Earnings per share Weighted average number of common shares and common share equivalents outstanding: Basic 82,538,834 82,635,316 84,003,549 83,251,243 Diluted 85,181,258 85,629,494 87,313,154 87,583,129 Basic earnings per share available to common shareholders $ 0.84 $ 0.79 $ 0.77 $ 2.07 Earnings per diluted share available to common shareholders $ 0.81 $ 0.78 $ 0.75 $ 1.98 Selected ratios: Losses and loss expenses 39.5 % 46.1 % 46.5 % 41.8 % Expense ratio 38.8 % 38.2 % 34.5 % 33.3 % Combined ratio 78.3 % 84.3 % 81.0 % 75.1 % Quarters Ended December 31, September 30, June 30, March 31, (unaudited) (unaudited) (unaudited) (unaudited) Underwriting income Gross premiums written $ 336,643 $ 357,711 $ 653,745 $ 1,010,766 Reinsurance premiums ceded (33,623 ) (30,137 ) (54,014 ) (195,434 ) Net premiums written 303,020 327,574 599,731 815,332 Change in unearned premiums 253,621 164,997 (136,290 ) (334,930 ) Net premiums earned 556,641 492,571 463,441 480,402 Other insurance related income 1,544 629 680 619 Underwriting revenues 558,185 493,200 464,121 481,021 Underwriting deductions Losses and loss expenses 223,723 224,125 155,646 161,521 Policy acquisition costs 89,307 86,157 78,644 85,359 General and administrative expenses 99,173 82,556 74,403 73,230 Share compensation expenses 8,821 8,764 8,341 7,147 Total underwriting deductions 421,024 401,602 317,034 327,257 Underwriting income $ 137,161 $ 91,598 $ 147,087 $ 153,764 Net investment income 30,169 25,265 21,286 23,366 Finance expenses (17,605 ) (16,273 ) (17,086 ) (17,360 ) Operating income before taxes and income (loss) from operating affiliates $ 149,725 $ 100,590 $ 151,287 $ 159,770 Tax benefit (expense) 243 953 (1,391 ) 40 (Loss) income from operating affiliates (7,077 ) (5,895 ) 3,824 4,808 Net operating income $ 142,891 $ 95,648 $ 153,720 $ 164,618 Net realized gains on investments 6,902 2,042 2,233 3,740 Net unrealized (losses) gains on investments (2,040 ) (23,982 ) 14,156 9,024 Income from investment affiliate 530 1,754 779 5,348 Foreign exchange gains (losses) 3,674 (12,281 ) 3,156 (6,730 ) Other (loss) income (770 ) (7,690 ) 424 5,793 Transaction expenses (4,695 ) (149 ) (3,252 ) — Net income $ 146,492 $ 55,342 $ 171,216 $ 181,793 Net (income) attributable to noncontrolling interest (20,584 ) (15,670 ) (17,849 ) (20,777 ) Net income available to Validus $ 125,908 $ 39,672 $ 153,367 $ 161,016 Earnings per share Weighted average number of common shares and common share equivalents outstanding Basic 86,421,127 90,593,329 90,952,523 93,451,999 Diluted 90,948,156 91,939,610 95,276,836 97,799,519 Basic earnings per share available to common shareholders $ 1.44 $ 0.42 $ 1.67 $ 1.71 Earnings per diluted share available to common shareholders $ 1.38 $ 0.41 $ 1.61 $ 1.65 Selected Ratios: Losses and loss expenses 40.2 % 45.5 % 33.6 % 33.6 % Expense ratio 35.4 % 36.0 % 34.8 % 34.5 % Combined ratio 75.6 % 81.5 % 68.4 % 68.1 %

Schedule I - Summary of investm

Schedule I - Summary of investments	12 Months Ended
	Dec. 31, 2015
Summary of Investments, Other than Investments in Related Parties [Abstract]
Summary of Investments Other than Investments in Related Parties	SCHEDULE I VALIDUS HOLDINGS, LTD. SUMMARY OF INVESTMENTS OTHER THAN INVESTMENTS IN RELATED PARTIES At December 31, 2015 (Expressed in thousands of U.S. dollars) Amortized Fair Amount U.S. government and government agency $ 940,428 $ 937,202 $ 937,202 Non-U.S. government and government agency 241,549 237,968 237,968 U.S. states, municipalities and political subdivisions 299,929 301,289 301,289 Agency residential mortgage-backed securities 606,676 610,582 610,582 Non-agency residential mortgage-backed securities 27,025 26,920 26,920 U.S. corporate 1,503,614 1,489,951 1,489,951 Non-U.S. corporate 453,178 446,570 446,570 Bank loans 592,981 576,211 576,211 Catastrophe bonds 187,847 186,379 186,379 Asset-backed securities 440,363 437,124 437,124 Commercial mortgage-backed securities 263,310 260,135 260,135 Total fixed maturities 5,556,900 5,510,331 5,510,331 Total short-term investments 1,941,615 1,941,635 1,941,635 Total other investments 315,963 336,856 336,856 Total $ 7,814,478 $ 7,788,822 $ 7,788,822

Schedule II - Condensed financi

Schedule II - Condensed financial information of registrant	12 Months Ended
	Dec. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Condensed Financial Information of Registrant	SCHEDULE II VALIDUS HOLDINGS, LTD. CONDENSED FINANCIAL INFORMATION OF REGISTRANT BALANCE SHEETS As at December 31, 2015 and 2014 (Expressed in thousands of U.S. dollars, except share and per share information) As at December 31, 2015 As at December 31, 2014 ASSETS Fixed maturities trading, at fair value $ 28,403 $ — Cash and cash equivalents 25,306 29,798 Investment in subsidiaries on an equity basis 4,198,809 4,139,398 Balances due from subsidiaries 10,389 41,078 Accrued investment income 49 — Other assets 813 893 Total assets $ 4,263,769 $ 4,211,167 LIABILITIES Accounts payable and accrued expenses $ 29,633 $ 29,621 Senior notes payable 245,161 244,960 Debentures payable 350,000 350,000 Total liabilities $ 624,794 $ 624,581 Commitments and contingent liabilities SHAREHOLDERS’ EQUITY Common shares, 571,428,571 authorized, par value $0.175 (Issued: 2015—160,570,772; 2014—155,554,224; Outstanding: 2015—82,900,617; 2014—83,869,845) $ 28,100 $ 27,222 Treasury shares (2015—77,670,155; 2014—71,684,379) (13,592 ) (12,545 ) Additional paid-in capital 1,002,980 1,207,493 Accumulated other comprehensive loss (12,569 ) (8,556 ) Retained earnings 2,634,056 2,372,972 Total shareholders’ equity $ 3,638,975 $ 3,586,586 Total liabilities and shareholders’ equity $ 4,263,769 $ 4,211,167 VALIDUS HOLDINGS, LTD. CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Continued) STATEMENTS OF OPERATIONS For the years ended December 31, 2015 , 2014 and 2013 (Expressed in thousands of U.S. dollars) Years Ended December 31, 2015 2014 2013 Revenues Net investment income $ 317 $ 14 $ 14 Change in net unrealized losses on investments (395 ) — — Other income — — 36 Foreign exchange gains (losses) 715 648 (382 ) Total revenues 637 662 (332 ) Expenses General and administrative expenses 74,015 86,108 84,143 Share compensation expenses 7,261 6,424 6,329 Finance expenses 47,722 47,689 45,868 Total expenses 128,998 140,221 136,340 Loss before equity in net earnings of subsidiaries (128,361 ) (139,559 ) (136,672 ) Equity in net earnings of subsidiaries 503,254 619,522 669,338 Net income $ 374,893 $ 479,963 $ 532,666 Other comprehensive (loss) income Change in foreign currency translation adjustments $ (3,716 ) $ (7,501 ) $ (1,954 ) Change in minimum pension liability, net of tax 544 (210 ) — Change in fair value of cash flow hedge (841 ) (228 ) — Other comprehensive loss (4,013 ) (7,939 ) (1,954 ) Comprehensive income $ 370,880 $ 472,024 $ 530,712 VALIDUS HOLDINGS, LTD. CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Continued) STATEMENTS OF CASH FLOWS For the years ended December 31, 2015 , 2014 and 2013 (Expressed in thousands of U.S. dollars) Years Ended December 31, 2015 2014 2013 Cash flows provided by (used in) operating activities Net income $ 374,893 $ 479,963 $ 532,666 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in net earnings of subsidiaries (503,254 ) (619,522 ) (669,338 ) Dividends received from subsidiaries 620,700 100,000 990,946 Amortization of discount on senior notes 108 108 108 Share compensation expenses 7,261 6,424 6,329 Change in net unrealized losses on investments 395 — — Amortization of premium on fixed maturity investments 105 — — Change in: Other assets 173 528 865 Accrued investment income (49 ) — — Balances due from subsidiaries 30,689 (12,030 ) 4,329 Accounts payable and accrued expenses 5,104 2,624 (10,876 ) Net cash provided by (used in) operating activities 536,125 (41,905 ) 855,029 Cash flows provided by (used in) investing activities Purchases of fixed maturity investments (28,903 ) — — Investment in subsidiaries (555,700 ) — — Return of capital from subsidiaries 400,000 673,966 18,054 Net cash (used in) provided by investing activities (184,603 ) 673,966 18,054 Cash flows provided by (used in) financing activities Issuance of common shares, net 17,407 5,347 1,211 Purchases of common shares under repurchase program (260,430 ) (510,952 ) (513,504 ) Dividends paid (112,991 ) (117,043 ) (360,071 ) Net cash used in financing activities (356,014 ) (622,648 ) (872,364 ) Net (decrease) increase in cash (4,492 ) 9,413 719 Cash and cash equivalents—beginning of year 29,798 20,385 19,666 Cash and cash equivalents—end of year $ 25,306 $ 29,798 $ 20,385

Schedule III - Supplementary in

Schedule III - Supplementary insurance information	12 Months Ended
	Dec. 31, 2015
Supplementary Insurance Information [Abstract]
Supplementary Insurance Information	SCHEDULE III VALIDUS HOLDINGS, LTD. SUPPLEMENTARY INSURANCE INFORMATION As at and for the years ended December 31, 2015 , 2014 and 2013 (Expressed in thousands of U.S. dollars) As at and for the year ended December 31, 2015 Deferred Acquisition Costs Reserve for Losses and Loss Expenses Unearned Premiums Net Premiums Earned Net Investment Income Losses and Loss Expenses Amortization of Deferred Acquisition Costs Other Operating Expenses Net Premiums Written Validus Re $ 60,459 $ 1,146,869 $ 294,509 $ 990,213 $ 74,912 $ 457,976 $ 166,387 $ 88,778 $ 977,671 Talbot 92,095 1,302,635 533,558 838,091 26,414 347,322 187,535 167,679 819,939 Western World 28,622 600,331 130,101 258,650 21,509 171,878 41,408 40,798 259,627 AlphaCat 2,526 11,013 24,643 159,935 6,658 657 16,327 39,635 171,588 Corporate & Eliminations (2,700 ) (64,281 ) (16,601 ) — (1,669 ) — (1,599 ) 65,160 — Total $ 181,002 $ 2,996,567 $ 966,210 $ 2,246,889 $ 127,824 $ 977,833 $ 410,058 $ 402,050 $ 2,228,825 As at and for the year ended December 31, 2014 Deferred Acquisition Costs Reserve for Losses and Loss Expenses Unearned Premiums Net Premiums Earned Net Investment Income Losses and Loss Expenses Amortization of Deferred Acquisition Costs Other Operating Expenses Net Premiums Written Validus Re $ 59,091 $ 1,333,878 $ 305,138 $ 917,284 $ 72,633 $ 307,290 $ 141,670 $ 84,478 $ 954,854 Talbot 95,246 1,352,056 552,660 879,774 20,575 423,394 187,162 162,174 909,559 Western World 9,566 613,551 133,185 72,996 4,523 51,035 3,169 11,256 58,807 AlphaCat 1,281 15,278 13,060 123,001 4,286 (16,704 ) 11,584 36,799 122,437 Corporate & Eliminations (4,162 ) (71,616 ) (14,814 ) — (1,931 ) — (4,118 ) 67,728 — Total $ 161,022 $ 3,243,147 $ 989,229 $ 1,993,055 $ 100,086 $ 765,015 $ 339,467 $ 362,435 $ 2,045,657 As at and for the year ended December 31, 2013 Deferred Acquisition Costs Reserve for Losses and Loss Expenses Unearned Premiums Net Premiums Earned Net Investment Income Losses and Loss Expenses Amortization of Deferred Acquisition Costs Other Operating Expenses Net Premiums Written Validus Re $ 52,835 $ 1,723,465 $ 296,115 $ 1,133,937 $ 76,102 $ 430,026 $ 180,779 $ 98,928 $ 1,016,258 Talbot 88,656 1,362,574 535,659 830,694 18,061 346,337 170,738 146,071 865,779 AlphaCat 1,377 35,146 12,810 134,164 3,882 433 13,946 34,923 130,609 Corporate & Eliminations (8,977 ) (73,252 ) (22,304 ) — (1,956 ) — (5,060 ) 63,716 — Total $ 133,891 $ 3,047,933 $ 822,280 $ 2,098,795 $ 96,089 $ 776,796 $ 360,403 $ 343,638 $ 2,012,646

Schedule IV - Reinsurance

Schedule IV - Reinsurance	12 Months Ended
	Dec. 31, 2015
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract]
Reinsurance	SCHEDULE IV VALIDUS HOLDINGS, LTD. REINSURANCE For the years ended December 31, 2015 , 2014 and 2013 (Expressed in thousands of U.S. dollars) Direct gross Ceded to Assumed Net amount Percentage Year Ended December 31, 2015 $ 838,755 $ 328,681 $ 1,718,751 $ 2,228,825 77 % Year Ended December 31, 2014 683,028 313,208 1,675,837 2,045,657 82 % Year Ended December 31, 2013 544,722 375,800 1,843,724 2,012,646 92 %

Schedule VI - Supplemental info

Schedule VI - Supplemental information for property-casualty underwriters	12 Months Ended
	Dec. 31, 2015
Supplemental Information for Property, Casualty Insurance Underwriters [Abstract]
Schedule of Supplemental Information Concerning Property/Casualty Insurance Operations	SCHEDULE VI VALIDUS HOLDINGS, LTD. SUPPLEMENTAL INFORMATION CONCERNING PROPERTY/CASUALTY INSURANCE OPERATIONS As at and for the years ended December 31, 2015 , 2014 and 2013 (Expressed in thousands of U.S. dollars) Affiliation with registrant Deferred acquisition costs Reserves for losses and loss expenses Reserves for unearned premiums Net earned premiums Net investment income Losses and loss expenses incurred related to Net paid losses and loss expenses Amortization of deferred acquisition costs Net premiums written Current year Prior year Consolidated Subsidiaries 2015 $ 181,002 $ 2,996,567 $ 966,210 $ 2,246,889 $ 127,824 $ 1,283,970 $ (306,137 ) $ 1,167,839 $ 410,058 $ 2,228,825 2014 161,022 3,243,147 989,229 1,993,055 100,086 1,024,256 (259,241 ) 1,063,653 339,467 2,045,657 2013 133,891 3,047,933 822,280 2,098,795 96,089 999,380 (222,584 ) 1,162,752 360,403 2,012,646

Significant accounting polici42

Significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Basis of preparation	These Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company consolidates in these Consolidated Financial Statements the results of operations and financial position of all voting interest entities ("VOE") in which the Company has a controlling financial interest and all variable interest entities ("VIE") in which the Company is considered to be the primary beneficiary. The consolidation assessment, including the determination as to whether an entity qualifies as a VIE or VOE, depends on the facts and circumstances surrounding each entity.
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 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 FASB.
Premiums	Insurance premiums written are recorded in accordance with the terms of underlying policies. Reinsurance premiums written are recorded at the inception of the policy and are estimated based on information received from brokers, ceding companies and reinsureds, and any subsequent differences arising on such estimates will be recorded in the periods in which they are determined. Premiums written are earned on a pro-rated basis over the term of the policy. For contracts and policies written on a losses occurring basis, the risk period is generally the same as the contract or policy terms. For contracts written on a policies attaching basis, the risk period is based on the terms of the underlying contracts and policies and is generally assumed to be 24 months . The portion of the premiums written applicable to the unexpired terms of the underlying contracts and policies in force is recorded as unearned premiums. Reinstatement premiums are recorded at the time a loss event occurs and coverage limits for the remaining life of the contract are reinstated under predefined contract terms. The accrual of reinstatement premiums is based on our estimate of losses and loss expenses, which reflects management’s judgment, as described in Note 3 (c), “ Reserve for losses and loss expenses, ” below.
Policy acquisition costs	Policy acquisition costs are costs that vary with, and are directly related to, the successful production of new and renewal business, and consist principally of commissions and brokerage expenses. Acquisition costs are shown net of commissions earned on reinsurance ceded. These costs are deferred and amortized over the periods in which the related premiums are earned. Deferred acquisition costs are limited to their estimated realizable value based on the related unearned premiums and anticipated claims expenses. The realizable value of the Company’s deferred acquisition costs is determined without consideration of investment income. Policy acquisition costs also include profit commissions. Profit commissions are recognized on a basis consistent with our estimate of losses and loss expenses.
Reserves for losses and loss expenses	The reserve for losses and loss expenses includes reserves for unpaid reported losses and for losses incurred but not reported (“IBNR”). The reserve for unpaid reported losses and loss expenses is established by management based on reports from brokers, ceding companies and insureds and represents the estimated ultimate cost of events or conditions that have been reported to, or specifically identified by, the Company. The reserve for incurred but not reported losses and loss expenses is established by management based on actuarially determined estimates of ultimate losses and loss expenses. Inherent in the estimate of ultimate losses and loss expenses are expected trends in claim severity and frequency and other factors which may vary significantly as claims are settled. Accordingly, ultimate losses and loss expenses may differ materially from the amounts recorded in the Consolidated Financial Statements. These estimates are reviewed regularly and, as experience develops and new information becomes known, the reserves are adjusted as necessary. Such adjustments, if any, will be recorded in earnings in the period in which they become known. Prior period development arises from changes to these estimates recognized in the current year that relate to reserves for losses and loss expenses established in previous calendar years.
Reinsurance	In the normal course of business, the Company seeks to reduce the potential amount of loss arising from claims events by reinsuring certain levels of risk assumed in various areas of exposure with other insurers or reinsurers. The accounting for reinsurance ceded depends on the method of reinsurance. If the policy is on a “losses occurring” basis, reinsurance premiums ceded are expensed (and any commissions thereon are earned) on a pro-rata basis over the period the reinsurance coverage is provided. If the policy is a “risks attaching” policy, reinsurance premiums ceded are expensed (and any commissions thereon are earned) in line with the earning of the gross premiums to which the risk attaching policy relates. Prepaid reinsurance premiums represent the portion of premiums ceded applicable to the unexpired term of policies in force. Mandatory reinstatement premiums ceded are recorded at the time the loss event occurs. Reinsurance recoverables are based on contracts in force at the time of the underlying loss event. The method for determining the reinsurance recoverable on unpaid losses and loss expenses involves the actuarial estimates of unpaid losses and loss expenses as well as a determination of the Company’s ability to cede unpaid losses and loss expenses under its reinsurance treaties. The use of different assumptions could have a material effect on the provision for uncollectible reinsurance. To the extent the creditworthiness of the Company’s reinsurers was to deteriorate due to adverse events affecting the reinsurance industry, such as a large number of major catastrophes, actual uncollectible amounts could be significantly greater than the Company’s provision. Amounts recoverable from reinsurers are estimated in a manner consistent with the underlying liabilities.
Investments	The Company classifies its fixed maturity and short-term investments as trading and accounts for its other investments in accordance with U.S. GAAP guidance for "Financial Instruments." As such, all investments are carried at fair value with interest and dividend income and realized and unrealized gains and losses included in net income for the year. All investment transactions are recorded on a first-in-first-out basis and realized gains and losses on the sale of investments are determined on the basis of amortized cost. Interest on fixed maturity securities is recorded in net investment income when earned and is adjusted for any amortization of premium or accretion of discount. For mortgage-backed securities, and any other holdings for which there is a prepayment risk, prepayment assumptions are evaluated and revised as necessary. Any adjustments required due to the resultant change in effective yields and maturities are recognized retrospectively. Prepayment fees or call premiums that are only payable to the Company when a security is called prior to its maturity, are earned when received and reflected in net investment income. Short-term investments primarily comprise of investments with a remaining maturity of less than one year at time of purchase and money market funds held at the Company’s investment managers. Certain short-term investments relate to funds held in trust in support of collateralized reinsurance transactions. Restricted cash primarily relates to funds held in trust for support of collateralized reinsurance transactions.
Other investments	The fair value of other investments is generally recorded on the basis of the net asset valuation criteria established by the managers of the investments, normally based upon the governing documents of such investments. In addition, due to a lag in reporting, some of the fund managers, fund administrators, or both, are unable to provide final fund valuations as of the Company’s reporting date. In these circumstances, the Company estimates the fair value of these funds by starting with the prior month’s or prior quarter's fund valuation, adjusting these valuations for capital calls, redemptions or distributions and the impact of changes in foreign currency exchange rates, and then estimating the return for the current period. In circumstances in which the Company estimates the return for the current period, it uses all credible information available. This includes utilizing preliminary estimates reported by its fund managers, obtaining the valuation of underlying portfolio investments where such underlying investments are publicly traded and therefore have a readily observable price, using information that is available to the Company with respect to the underlying investments, reviewing various indices for similar investments or asset classes, as well as estimating returns based on the results of similar types of investments for which the Company has reported results, or other valuation methods, as necessary. Actual final fund valuations may differ, perhaps materially so, from the Company’s estimates and these differences are recorded in the period they become known as a change in estimate.
Fair value of financial instruments	Fair value is defined as the price received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date reflecting the highest and best use valuation concepts. The guidance for “Fair Value Measurement and Disclosure ” provides a framework for measuring fair value by creating a hierarchy of fair value measurements that distinguishes market data between observable independent market inputs and unobservable market assumptions by the reporting entity. The guidance further expands disclosures about such fair value measurements. The guidance applies broadly to most existing accounting pronouncements that require or permit fair value measurements (including both financial and non-financial assets and liabilities) but does not require any new fair value measurements. The Company has adopted all authoritative guidance in effect as of the balance sheet date regarding certain market conditions that allow for fair value measurements that incorporate unobservable inputs where active market transaction based measurements are unavailable.
Derivative instruments	Fair Value Hedges The Company uses derivative instruments in the form of foreign currency forward exchange contracts to manage foreign currency risk. A foreign currency forward exchange contract involves an obligation to purchase or sell a specified amount of a specified currency at a future date at a price set at the time of the contract. Foreign currency forward exchange contracts will not eliminate fluctuations in the value of our assets and liabilities denominated in foreign currencies but rather allow the Company to establish a rate of exchange for a future point in time. The foreign currency forward exchange contracts are recorded as derivatives at fair value as either assets or liabilities, depending on their rights or obligations, with changes in fair value recorded as a net foreign exchange gain or loss in the Company’s Statements of Comprehensive Income. To qualify for hedge accounting treatment, a derivative must be highly effective in mitigating the designated changes in value or cash flow of the hedged item. The Company formally documents all relationships between designated hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions. The documentation process includes linking derivatives to specific assets or liabilities on the balance sheet. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. The Company assesses the effectiveness of its designated hedges on an individual currency basis. If the ratio obtained with this method is within the range of 80% to 125% , the Company considers the hedge effective. The Company discontinues hedge accounting prospectively when it is determined that the derivative is no longer highly effective in offsetting changes in the fair value or cash flows of a hedged item; the derivative is de-designated as a hedging instrument; or the derivative expires or is sold, terminated or exercised. To the extent that the Company discontinues hedge accounting, because, based on management’s assessment, the derivative no longer qualifies as an effective hedge, the derivative will continue to be carried in the Consolidated Balance Sheets at its fair value, with changes in its fair value recognized in current period net income through foreign exchange gains (losses). Cash Flow Hedges The Company uses derivative instruments in the form of interest rate swaps to manage the interest rate exposure associated with certain assets and liabilities. These derivatives are recorded at fair value. Changes in the fair value of a derivative that is designated and qualifies as a cash flow hedge are recorded in other comprehensive income (“OCI”) and are reclassified into earnings when the variability of the cash flow of the hedged item impacts earnings. Gains and losses on derivative contracts that are reclassified from OCI to current period earnings are included in the line item in the Consolidated Statements of Comprehensive Income in which the cash flows of the hedged item are recorded. Any hedge ineffectiveness is recorded immediately in current period earnings. To qualify for hedge accounting treatment, a derivative must be highly effective in mitigating the designated changes in value or cash flow of the hedged item. The Company formally documents all relationships between designated hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions. The documentation process includes linking derivatives to specific assets or liabilities on the balance sheet. The Company also formally assesses, both at the hedge's inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. The Company assesses the effectiveness of its designated hedges on an individual contract basis. The Company currently applies the long haul method when assessing the hedge's effectiveness. The Company discontinues hedge accounting prospectively when it is determined that the derivative is no longer highly effective in offsetting changes in the fair value or cash flows of a hedged item; the derivative is de-designated as a hedging instrument; or the derivative expires or is sold, terminated or exercised. When hedge accounting is discontinued because the Company becomes aware that it is not probable that the forecasted transaction will occur, the derivative continues to be carried on the balance sheet at its fair value, and gains and losses that were accumulated in OCI are recognized immediately in earnings.
Cash and cash equivalents	The Company considers time deposits and money market funds with an original maturity of one month or less as equivalent to cash.
Foreign exchange	The U.S. dollar is the functional currency of the Company and the majority of its subsidiaries. For these companies, monetary assets and liabilities denominated in foreign currencies are revalued at the exchange rates in effect at the balance sheet date and revenues and expenses denominated in foreign currencies are translated at the prevailing exchange rate on the transaction date with the resulting foreign exchange gains and losses included in earnings. Non-monetary assets and liabilities denominated in foreign currencies are revalued at the exchange rate in effect at the time of the underlying transaction. Assets and liabilities of subsidiaries whose functional currency is not the U.S. dollar are translated at prevailing year end exchange rates. Revenue and expenses of such foreign operations are translated at average exchange rates during the year. The net effect of translation differences between functional and reporting currencies in foreign operations, net of applicable deferred income taxes, is included in accumulated other comprehensive income (“AOCI”).
Stock plans	The Company accounts for its stock plans in accordance with the U.S. GAAP fair value recognition provisions for “Stock Compensation.” Accordingly, the Company recognizes the compensation expense for stock option grants, restricted share grants and performance share awards based on the fair value of the award on the date of grant over the requisite service period.
Warrants	The Company has accounted for certain warrant contracts issued to our sponsoring investors in conjunction with the capitalization of the Company, and which may be settled by the Company using either the physical settlement or net-share settlement methods, in accordance with U.S. GAAP guidance for “Derivatives and Hedging, Contracts in Entity’s Own Equity. ” Accordingly, the fair value of these warrants has been recorded in equity as an addition to additional paid-in capital.
Earnings per share	Basic earnings per common share is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding. Earnings per diluted common share are based on the weighted average number of common shares and share equivalents excluding any anti-dilutive effects of warrants, options and other awards under stock plans.
Income taxes and uncertain tax provisions	Deferred tax assets and liabilities are recorded in accordance with U.S. GAAP “Income Taxes” guidance. Consistent with this guidance, the Company records deferred income taxes which reflect the tax effect of the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their respective tax bases. The Company and its Bermuda domiciled subsidiaries are not subject to any income, withholding or capital gains taxes under current Bermuda law. The Company has operating subsidiaries in various other jurisdictions around the world, including but not limited to the U.K., U.S., Switzerland, Luxembourg and Canada that are subject to relevant taxes in those jurisdictions. The Company recognizes the tax benefits of uncertain tax positions only where the position is more likely than not to be sustained upon audit by tax authorities. The Company would recognize accruals for any interest and penalties related to uncertain tax positions in income tax expenses.
Goodwill and intangible assets	The Company accounts for goodwill and other intangible assets recognized in business combinations in accordance with ASC Topic 805 “Business Combinations.” A purchase price paid that is in excess of the fair value of the net assets acquired (“goodwill”) arising from a business combination is recorded as an asset, and is not amortized. Where the fair value of the net assets acquired exceeds the consideration paid (“negative goodwill”), the acquirer will record a gain as a result of the bargain purchase, to be recognized through the consolidated statements of comprehensive income at the close of the transaction. Intangible assets with a finite life are amortized over the estimated useful life of the asset. Intangible assets with an indefinite useful life are not amortized. Refer to Note 6 , “ Goodwill and other intangible assets ,” for further information. Goodwill and intangible assets are assessed for impairment on an annual basis or more frequently if events or changes in circumstances indicate that it is more likely than not that an impairment exists. Such events or circumstances may include an economic downturn in a geographic market or change in the assessment of future operations. In performing this assessment, the Company may first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test described in ASC Topic 350 “Intangibles—Goodwill and Other.” Similarly, the Company may first assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test described in ASC Topic 350 “ Intangibles - Goodwill and Other - General Intangibles Other than Goodwill. ” The factors assessed in making this determination included the overall insurance industry outlook, business strategy, premium rates, earnings sustainability, market capitalization and the regulatory and political environment. If goodwill or an intangible asset is impaired, it is written down to its fair value with a corresponding expense reflected in the Consolidated Statements of Comprehensive Income.
Investments in affiliates	Investments in which the Company has significant influence over the operating and financial policies of the investee are accounted for under the equity method of accounting. Under this method, the Company records its proportionate share of income or loss from such investments in its results for the period.
Variable interest entities	The Company determines whether it has relationships with entities defined as VIEs in accordance with ASC Topic 810 “ Consolidation. ” A VIE is consolidated by the variable interest holder that is determined to be the primary beneficiary. An entity in which the Company holds a variable interest is a VIE if any of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) as a group, the holders of equity investment at risk lack either the direct or indirect ability through voting rights or similar rights to make decisions about an entity's activities that most significantly impact the entity’s economic performance or the obligation to absorb the expected losses or right to receive the expected residual returns, or (c) the voting rights of some investors are disproportionate to their obligation to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both and substantially all of the entity's activities either involve or are conducted on behalf of an investor with disproportionately few voting rights. The primary beneficiary is defined as the variable interest holder that is determined to have the controlling financial interest as a result of having both (a) the power to direct the activities of a VIE that most significantly impact the economic performance of the VIE and (b) the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. At inception of the VIE, as well as following an event that requires reassessment, the Company determines whether it is the primary beneficiary based on the facts and circumstances surrounding each entity.
Noncontrolling interest	The Company accounts for its noncontrolling interests in accordance with ASC Topic 810 “ Consolidation .” Redeemable noncontrolling interests are presented as a mezzanine item, between liabilities and shareholders' equity, in the Company's Consolidated Balance Sheet and the non-redeemable noncontrolling interests are presented within shareholders' equity in the Company's Consolidated Balance Sheets and Consolidated Statements of Shareholders' Equity. The net (income) loss attributable to noncontrolling interest is presented separately in the Company's Consolidated Statements of Comprehensive Income.
Consolidating voting interest entities and variable interest entities	The Company consolidates all VOEs in which it has a controlling financial interest and all VIEs in which it is considered to be the primary beneficiary.

Basis of preparation and cons43

Basis of preparation and consolidation (Tables)	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Impact of application of new accounting guidance	The following tables present the impact of the application of the amended accounting guidance on the Company's results as at and for the year ended December 31, 2014: As at December 31, 2014 As previously reported Adjustment for adoption of new consolidation guidance Revised Total assets $ 10,311,621 $ (199,057 ) $ 10,112,564 Total liabilities 6,185,112 (569,199 ) 5,615,913 Redeemable noncontrolling interest 79,956 537,835 617,791 Total shareholders' equity available to Validus 3,587,958 (1,372 ) 3,586,586 Noncontrolling interest 458,595 (166,321 ) 292,274 Total shareholders' equity 4,046,553 (167,693 ) 3,878,860 Total liabilities, noncontrolling interests, and shareholders' equity 10,311,621 (199,057 ) 10,112,564 For the Year Ended December 31, 2014 As previously reported Adjustment for adoption of new consolidation guidance Revised Total revenues $ 2,085,122 $ 17,553 $ 2,102,675 Total expenses 1,547,420 (4,083 ) 1,543,337 Net income 445,871 108,972 554,843 Net loss (income) attributable to noncontrolling interest 35,464 (110,344 ) (74,880 ) Net income available to Validus 481,335 (1,372 ) 479,963 Comprehensive income available to Validus 473,396 (1,372 ) 472,024 Basic earnings per share available to common shareholders $ 5.26 $ (0.02 ) $ 5.24 Earnings per diluted share available to common shareholders $ 5.08 $ (0.01 ) $ 5.07 For the Year Ended December 31, 2014 As previously reported Adjustment for adoption of new consolidation guidance Revised Net cash provided by operating activities $ 241,781 $ 98,380 $ 340,161 Net cash provided by (used in) investing activities 121,582 (284,263 ) (162,681 ) Net cash used in financing activities (489,507 ) 158,405 (331,102 ) Effect of foreign currency rate changes on cash and cash equivalents (30,764 ) 5,454 (25,310 ) Net decrease in cash (156,908 ) (22,024 ) (178,932 ) Cash and cash equivalents - beginning of year 734,148 (4,815 ) 729,333 Cash and cash equivalents - end of year 577,240 (26,839 ) 550,401 The following tables present the impact of the application of the amended accounting guidance on the Company's results for the year ended December 31, 2013: For the Year Ended December 31, 2013 As previously reported Adjustment for adoption of new consolidation guidance Revised Total revenues $ 2,158,532 $ (14,699 ) $ 2,143,833 Total expenses 1,561,314 (12,470 ) 1,548,844 Net income 542,361 52,787 595,148 Net (income) loss attributable to noncontrolling interest (9,695 ) (52,787 ) (62,482 ) Net income available to Validus 532,666 — 532,666 Comprehensive income available to Validus 530,712 — 530,712 Basic earnings per share available to common shareholders $ 5.02 $ — $ 5.02 Earnings per diluted share available to common shareholders $ 4.94 $ — $ 4.94 For the Year Ended December 31, 2013 As previously reported Adjustment for adoption of new consolidation guidance Revised Net cash provided by operating activities $ 265,274 $ (29,908 ) $ 235,366 Net cash (used in) provided by investing activities (321,436 ) 575,249 253,813 Net cash used in financing activities (264,048 ) (600,000 ) (864,048 ) Effect of foreign currency rate changes on cash and cash equivalents (6,364 ) — (6,364 ) Net decrease in cash (326,574 ) (54,659 ) (381,233 ) Cash and cash equivalents - beginning of year 1,060,722 49,844 1,110,566 Cash and cash equivalents - end of year 734,148 (4,815 ) 729,333

Business combination (Tables)

Business combination (Tables)	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Composition of purchase price and fair value of net assets acquired	The fair value of net assets acquired, including pro forma GAAP adjustments, are summarized as follows: Total purchase price $ 692,305 Assets acquired Cash and cash equivalents $ 48,760 Investments 1,126,185 Receivables 37,848 Other assets 19,418 Tangible assets acquired 1,232,211 Intangible asset - State licenses $ 12,325 Intangible asset - Brand name 5,756 Intangible asset - Distribution network 4,651 Intangible asset - Technology 2,323 Intangible assets acquired $ 25,055 Liabilities acquired Net loss reserves and paid losses recoverable $ 523,315 Unearned premiums, net of expenses 135,686 Other liabilities 81,464 Liabilities acquired 740,465 Excess purchase price (goodwill) as at December 31, 2014 $ 175,504 Measurement period adjustments (a) $ 861 Excess purchase price (goodwill) as at December 31, 2015 $ 176,365 (a) During the year ended December 31, 2015, measurement period adjustments of $861 were made to certain other assets, net of taxes.
Pro forma information	The unaudited pro forma data is for informational purposes only and does not necessarily represent results that would have occurred if the transaction had taken place on the basis assumed above. Years ended December 31, 2014 2013 (Dollars in thousands) (unaudited) (unaudited) Net premiums earned $ 2,216,349 $ 2,325,407 Net operating income $ 481,179 $ 645,696 Net income $ 448,071 $ 561,832
Summary of results of acquired company since acquisition	The following selected audited information has been provided to present a summary of the results of Western World that have been included in the Consolidated Financial Statements for the year ended December 31, 2014. From Acquisition Date to (Dollars in thousands) December 31, 2014 Net premiums written $ 58,807 Total revenue 78,325 Total expenses (66,882 ) Net income $ 11,443

Goodwill and other intangible45

Goodwill and other intangible assets (Tables)	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Analysis of goodwill by segment	The following table shows an analysis of goodwill by segment: Talbot Western World Total Goodwill at December 31, 2013 $ 20,393 $ — $ 20,393 Acquired during the year — 175,504 175,504 Goodwill at December 31, 2014 $ 20,393 $ 175,504 $ 195,897 Measurement period adjustments — 861 861 Goodwill at December 31, 2015 $ 20,393 $ 176,365 $ 196,758
Analysis of carrying value and accumulated amortization of intangible assets by type	The gross carrying value and accumulated amortization of intangible assets by type at December 31, 2015 and 2014 are as follows: As at December 31, 2015 As at December 31, 2014 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Finite-lived intangible assets Trade name and customer relationships $ 18,189 $ (12,187 ) $ 18,189 $ (10,971 ) Distribution network 39,831 (30,485 ) 39,831 (26,500 ) Technology 2,323 (581 ) 2,323 (116 ) Total $ 60,343 $ (43,253 ) $ 60,343 $ (37,587 ) Indefinite-lived intangible assets Syndicate capacity $ 91,843 n/a $ 91,843 n/a State licenses 12,325 n/a 12,325 n/a Total $ 104,168 $ 104,168
Estimated remaining amortization expense	The estimated remaining amortization expense for the finite-lived intangible assets is as follows: Total Remaining Amortization Expense 2016 $ 5,667 2017 3,586 2018 1,505 2019 1,389 2020 and thereafter 4,943 $ 17,090

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2015 were as follows: Amortized Cost or Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Managed investments U.S. government and government agency $ 940,428 $ 333 $ (3,559 ) $ 937,202 Non-U.S. government and government agency 241,549 257 (3,838 ) 237,968 U.S. states, municipalities and political subdivisions 299,929 2,322 (962 ) 301,289 Agency residential mortgage-backed securities 606,676 6,361 (2,455 ) 610,582 Non-agency residential mortgage-backed securities 27,025 310 (415 ) 26,920 U.S. corporate 1,503,614 1,594 (15,257 ) 1,489,951 Non-U.S. corporate 453,178 797 (7,405 ) 446,570 Bank loans 592,981 275 (17,045 ) 576,211 Asset-backed securities 440,363 344 (3,583 ) 437,124 Commercial mortgage-backed securities 263,310 131 (3,306 ) 260,135 Total fixed maturities 5,369,053 12,724 (57,825 ) 5,323,952 Short-term investments 237,349 20 — 237,369 Other investments Fund of hedge funds 1,457 — (40 ) 1,417 Hedge funds 14,018 6,962 — 20,980 Private equity investments 53,489 12,751 (2,469 ) 63,771 Investment funds 188,121 600 — 188,721 Overseas deposits 54,484 — — 54,484 Mutual funds 4,394 3,089 — 7,483 Total other investments 315,963 23,402 (2,509 ) 336,856 Total managed investments $ 5,922,365 $ 36,146 $ (60,334 ) $ 5,898,177 Non-managed investments Catastrophe bonds $ 187,847 $ 635 $ (2,103 ) $ 186,379 Short-term investments 1,704,266 — — 1,704,266 Total non-managed investments 1,892,113 635 (2,103 ) 1,890,645 Total investments $ 7,814,478 $ 36,781 $ (62,437 ) $ 7,788,822 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 Gross Unrealized Gains Gross Unrealized Losses Estimated Managed investments 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 Asset-backed securities 647,422 1,250 (1,190 ) 647,482 Commercial mortgage-backed securities 242,332 598 (692 ) 242,238 Total fixed maturities 5,458,672 23,589 (25,194 ) 5,457,067 Short-term investments 318,440 13 (161 ) 318,292 Other investments Fund of hedge funds 2,570 125 (920 ) 1,775 Preferred stock 6,535 — (201 ) 6,334 Hedge funds 11,671 6,963 — 18,634 Private equity investments 48,995 4,987 (611 ) 53,371 Investment funds 177,898 437 (111 ) 178,224 Overseas deposits 66,608 — — 66,608 Mutual funds 6,199 3,540 — 9,739 Total other investments 320,476 16,052 (1,843 ) 334,685 Total managed investments $ 6,097,588 $ 39,654 $ (27,198 ) $ 6,110,044 Non-managed investments Catastrophe bonds $ 88,322 $ 768 $ (926 ) $ 88,164 Short-term investments 1,182,920 — — 1,182,920 Total non-managed investments 1,271,242 768 (926 ) 1,271,084 Total investments $ 7,368,830 $ 40,422 $ (28,124 ) $ 7,381,128
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 December 31, 2015 and 2014 . As at December 31, 2015 As at December 31, 2014 Estimated Fair Value % of Total Estimated Fair Value % of Total Managed fixed maturities AAA $ 2,367,642 43.0 % $ 2,494,239 45.0 % AA 569,386 10.3 % 848,226 15.3 % A 1,031,326 18.7 % 1,086,091 19.6 % BBB 691,538 12.6 % 505,208 9.1 % Total investment grade managed fixed maturities 4,659,892 84.6 % 4,933,764 89.0 % BB 235,724 4.3 % 338,108 6.1 % B 179,069 3.2 % 113,863 2.0 % CCC 5,706 0.1 % 12,733 0.2 % CC 1,015 0.0 % 3,926 0.1 % C — 0.0 % 1,344 0.0 % NR 242,546 4.4 % 53,329 1.0 % Total non-investment grade managed fixed maturities 664,060 12.0 % 523,303 9.4 % Total managed fixed maturities $ 5,323,952 96.6 % $ 5,457,067 98.4 % Non-managed catastrophe bonds BBB $ 1,911 0.0 % $ — 0.0 % BB 70,962 1.3 % 24,864 0.4 % B 30,698 0.6 % 31,377 0.6 % NR 82,808 1.5 % 31,923 0.6 % Total non-investment grade non-managed catastrophe bonds 184,468 3.4 % 88,164 1.6 % Total non-managed fixed maturities 186,379 3.4 % 88,164 1.6 % Total fixed maturities $ 5,510,331 100.0 % $ 5,545,231 100.0 %
Fixed maturities investments by contractual maturity	The amortized cost and estimated fair value amounts for fixed maturity securities held at December 31, 2015 and 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. As at December 31, 2015 As at December 31, 2014 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Managed investments Due in one year or less $ 367,132 $ 366,019 $ 312,843 $ 313,248 Due after one year through five years 2,965,920 2,936,053 3,088,653 3,084,790 Due after five years through ten years 548,183 539,083 495,925 490,616 Due after ten years 150,444 148,036 112,858 111,655 4,031,679 3,989,191 4,010,279 4,000,309 Asset-backed and mortgage-backed securities 1,337,374 1,334,761 1,448,393 1,456,758 Total managed fixed maturities $ 5,369,053 $ 5,323,952 $ 5,458,672 $ 5,457,067 Non-managed catastrophe bonds Due in one year or less $ 7,504 $ 7,544 $ — $ — Due after one year through five years 165,093 163,575 87,072 86,910 Due after five years through ten years 15,250 15,260 1,250 1,254 Due after ten years — — — — Total non-managed fixed maturities 187,847 186,379 88,322 88,164 Total fixed maturities $ 5,556,900 $ 5,510,331 $ 5,546,994 $ 5,545,231
Other investments	The following tables set forth certain information regarding the Company's other investment portfolio as at December 31, 2015 and 2014: Other investments Estimated Fair Value as at December 31, 2015 Investments with redemption restrictions Investments without redemption restrictions Redemption frequency (a) Redemption notice period (a) Fund of hedge funds $ 1,417 $ 1,417 $ — Hedge funds 20,980 20,980 — Private equity investments 63,771 63,771 — Investment funds 188,721 167,910 20,811 Daily 2 days Overseas deposits 54,484 54,484 — Mutual funds 7,483 — 7,483 Daily Daily Total other investments $ 336,856 $ 308,562 $ 28,294 (a) The redemption frequency and notice periods only apply to investments without redemption restrictions. Other investments Estimated Fair value as at December 31, 2014 Investments with redemption restrictions Investments without redemption restrictions Redemption frequency (a) Redemption notice period (a) Fund of hedge funds $ 1,775 $ 1,775 $ — Preferred stock 6,334 — 6,334 Daily n/a Hedge funds 18,634 18,634 — Private equity investments 53,371 53,371 — Investment funds 178,224 104,787 73,437 Daily 1-2 days Overseas deposits 66,608 66,608 — Mutual funds 9,739 — 9,739 Daily Daily Total other investments $ 334,685 $ 245,175 $ 89,510 (a) The redemption frequency and notice periods only apply to investments without redemption restrictions.
Net investment income	Net investment income was derived from the following sources: Years Ended December 31, 2015 2014 2013 Managed investments Fixed maturities and short-term investments $ 113,627 $ 93,044 $ 95,386 Other investments 13,307 5,111 — Cash and cash equivalents 1,911 5,106 4,678 Securities lending income 16 11 6 Total gross investment income 128,861 103,272 100,070 Investment expenses (7,695 ) (7,472 ) (7,863 ) Total managed net investment income $ 121,166 $ 95,800 $ 92,207 Non managed investments Fixed maturities and short-term investments $ 6,528 $ 4,204 $ 3,847 Restricted cash, cash and cash equivalents 130 82 35 Total non-managed net investment income 6,658 4,286 3,882 Total net investment income $ 127,824 $ 100,086 $ 96,089
Analysis of net realized gains (losses) and the change in net unrealized (losses) gains on investments	The following represents an analysis of net realized gains (losses) and the change in net unrealized losses on investments: Years Ended December 31, 2015 2014 2013 Managed fixed maturities, short-term and other investments Gross realized gains $ 15,678 $ 20,201 $ 27,318 Gross realized (losses) (13,980 ) (8,041 ) (28,144 ) Net realized gains (losses) on investments 1,698 12,160 (826 ) Change in net unrealized losses on investments (32,007 ) (1,030 ) (54,588 ) Total net realized and change in net unrealized (losses) gains on managed investments $ (30,309 ) $ 11,130 $ (55,414 ) Non-managed fixed maturities, short-term and other investments Gross realized gains $ 600 $ 2,757 $ 62 Gross realized (losses) — — — Net realized gains on investments 600 2,757 62 Change in net unrealized (losses) gains on investments (388 ) (1,812 ) 2,169 Total net realized and change in net unrealized gains on non-managed investments 212 945 2,231 Total net realized and change in net unrealized (losses) gains on total investments $ (30,097 ) $ 12,075 $ (53,183 )
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, refer to Note 20 , “ Debt and financing arrangements ”: As at December 31, 2015 Description Commitment Issued and Outstanding Investments and cash pledged as collateral $85,000 syndicated unsecured letter of credit facility $ 85,000 $ — $ — $300,000 syndicated secured letter of credit facility 300,000 235,540 370,909 $24,000 secured bi-lateral letter of credit facility 24,000 10,543 47,607 AlphaCat Re secured letter of credit facility 30,000 30,000 30,153 IPC bi-lateral facility 25,000 9,241 — $236,000 Flagstone bi-lateral facility 236,000 193,764 377,866 Total $ 700,000 $ 479,088 $ 826,535 As at 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 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 $ 1,595,000 $ 561,390 $ 1,022,740

Fair value measurements (Tables

Fair value measurements (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair value hierarchy - allocation of investments	At December 31, 2015 , the Company’s investments were allocated between Levels 1, 2 and 3 as follows: Level 1 Level 2 Level 3 Fair value based on NAV practical expedient Total Managed investments U.S. government and government agency $ — $ 937,202 $ — $ — $ 937,202 Non-U.S. government and government agency — 237,968 — — 237,968 U.S. states, municipalities and political subdivisions — 301,289 — — 301,289 Agency residential mortgage-backed securities — 610,582 — — 610,582 Non-agency residential mortgage-backed securities — 26,920 — — 26,920 U.S. corporate — 1,489,951 — — 1,489,951 Non-U.S. corporate — 446,570 — — 446,570 Bank loans — 343,874 232,337 — 576,211 Asset-backed securities — 437,124 — — 437,124 Commercial mortgage-backed securities — 260,135 — — 260,135 Total fixed maturities — 5,091,615 232,337 — 5,323,952 Short-term investments 222,678 14,691 — — 237,369 Other investments Fund of hedge funds — — — 1,417 1,417 Hedge funds — — — 20,980 20,980 Private equity investments — — — 63,771 63,771 Investment funds — 20,811 — 167,910 188,721 Overseas deposits — — — 54,484 54,484 Mutual funds — 7,483 — — 7,483 Total other investments — 28,294 — 308,562 336,856 Total managed investments $ 222,678 $ 5,134,600 $ 232,337 $ 308,562 $ 5,898,177 Non-managed investments Catastrophe bonds $ — $ 172,879 $ 13,500 $ — $ 186,379 Short-term investments 1,704,266 — — — 1,704,266 Total non-managed investments 1,704,266 172,879 13,500 — 1,890,645 Total investments $ 1,926,944 $ 5,307,479 $ 245,837 $ 308,562 $ 7,788,822 At December 31, 2014 , the Company’s investments were allocated between Levels 1, 2 and 3 as follows: Level 1 Level 2 Level 3 Fair value based on NAV practical expedient Total Managed investments 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 Asset-backed securities — 647,482 — — 647,482 Commercial mortgage-backed securities — 242,238 — — 242,238 Total fixed maturities — 5,424,319 32,748 — 5,457,067 Short-term investments 209,934 108,358 — — 318,292 Other investments Fund of hedge funds — — — 1,775 1,775 Preferred stock — 6,334 — — 6,334 Hedge funds — — — 18,634 18,634 Private equity investments — — — 53,371 53,371 Investment funds — 73,437 — 104,787 178,224 Overseas deposits — — — 66,608 66,608 Mutual funds — 9,739 — — 9,739 Total other investments — 89,510 — 245,175 334,685 Total managed investments $ 209,934 $ 5,622,187 $ 32,748 $ 245,175 $ 6,110,044 Non-managed investments Catastrophe bonds $ — $ 70,664 $ 17,500 $ — $ 88,164 Short-term investments 1,182,920 — — — 1,182,920 Total non-managed investments $ 1,182,920 $ 70,664 $ 17,500 $ — $ 1,271,084 Total investments $ 1,392,854 $ 5,692,851 $ 50,248 $ 245,175 $ 7,381,128
Reconciliation of investments measured at fair value on a recurring basis using Level 3 inputs	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 years ended December 31, 2015 and 2014 : As at December 31, 2015 Bank Loans Catastrophe Bonds Total Level 3 investments—Beginning of year $ 32,748 $ 17,500 $ 50,248 Purchases 230,070 — 230,070 Sales (1,036 ) (3,989 ) (5,025 ) Settlements (27,429 ) — (27,429 ) Net realized losses — (11 ) (11 ) Change in net unrealized losses (2,016 ) — (2,016 ) Level 3 investments—End of year $ 232,337 $ 13,500 $ 245,837 As at December 31, 2014 Bank Loans Catastrophe Bonds Total Level 3 investments—Beginning of year $ — $ — $ — Purchases 32,986 12,500 45,486 Settlements — (1,500 ) (1,500 ) Change in net unrealized losses (238 ) (203 ) (441 ) Transfers into Level 3 — 6,703 6,703 Level 3 investments—End of year $ 32,748 $ 17,500 $ 50,248

Variable interest entities (Tab

Variable interest entities (Tables)	12 Months Ended
	Dec. 31, 2015
Variable Interest Entities Disclosure [Abstract]
Summary of notes payable to AlphaCat entities	The following tables present a reconciliation of the beginning and ending notes payable to AlphaCat investors for the year ended December 31, 2015 : Year Ended December 31, 2015 Notes payable to AlphaCat investors, beginning of year $ — Issuance of notes payable to AlphaCat investors 75,770 Foreign exchange losses (277 ) Notes payable to AlphaCat investors, end of year $ 75,493
Total assets and liabilities of the Company's consolidated VIEs	The following table presents the total assets and total liabilities of the Company’s consolidated VIEs, excluding intercompany eliminations, as at December 31, 2015 and 2014 : As at December 31, 2015 As at December 31, 2014 Total Assets Total Liabilities Total Assets Total Liabilities AlphaCat sidecars $ 206,581 $ 14,804 $ 389,910 $ 37,542 AlphaCat ILS funds - Lower Risk (a) $ 1,268,070 $ 143,371 $ 856,980 $ 161,406 AlphaCat ILS funds - Higher Risk (a) $ 522,867 $ 300,122 $ 173,646 $ 18,371 AlphaCat Re and AlphaCat Master Fund $ 1,615,779 $ 1,615,609 $ 946,723 $ 946,553 BetaCat ILS funds $ 64,221 $ 2,472 $ 16,189 $ 278 (a) Lower risk AlphaCat ILS funds have a maximum permitted portfolio expected loss of less than 7%, whereas higher risk AlphaCat ILS funds have a maximum permitted portfolio expected loss of greater than 7%. Expected loss represents the average annual loss over the set of simulation scenarios divided by the total limit.

Investments in affiliates (Tabl

Investments in affiliates (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2015 and 2014 : Years Ended December 31, 2015 2014 Investment affiliate $ 87,673 $ 63,506 Operating affiliate 392 50,944 Investments in affiliates $ 88,065 $ 114,450
Investment Affiliates
Schedule of Equity Method Investments [Line Items]
Schedule of equity method investments	The following table presents the Company’s investment in the Partnerships as at December 31, 2015 : Investment at cost Voting ownership % Equity ownership % Carrying value Aquiline Financial Services Fund II L.P. $ 55,904 — % 8.1 % $ 73,880 Aquiline Financial Services Fund III L.P. $ 13,890 — % 13.7 % $ 13,793 Total $ 69,794 $ 87,673 The following table presents the Company’s investment in the Partnership as at December 31, 2014 : Investment at cost Voting ownership % Equity ownership % Carrying value Aquiline Financial Services Fund II L.P. $ 51,001 — % 8.1 % $ 63,506
Reconciliation of beginning and ending investment in affiliate balances	The following table presents a reconciliation of the beginning and ending investment in the Company's investment affiliate balance for the years ended December 31, 2015 and 2014 : Years Ended December 31, 2015 2014 Investment affiliate, beginning of year $ 63,506 $ 34,500 Addition due to Western World acquisition — 8,127 Net capital contributions 19,886 12,468 Income from investment affiliate 4,281 8,411 Investment affiliate, end of year $ 87,673 $ 63,506
Operating Affiliates
Schedule of Equity Method Investments [Line Items]
Schedule of equity method investments	The following table presents the Company’s investment in PaCRe as at December 31, 2015 : Investment at cost Voting ownership % Equity ownership % Carrying value Investment in PaCRe $ 392 100.0 % 10.0 % $ 392 The following table presents the Company’s investment in PaCRe as at December 31, 2014 : Investment at cost Voting ownership % Equity ownership % Carrying value Investment in PaCRe $ 56,500 100.0 % 10.0 % $ 50,944
Reconciliation of beginning and ending investment in affiliate balances	The following table presents a reconciliation of the beginning and ending investment in the Company's operating affiliate balance for the years ended December 31, 2015 and 2014 : Years Ended December 31, 2015 2014 Operating affiliate, beginning of year $ 50,944 $ 55,284 Return of investment (46,603 ) — Loss from operating affiliate (3,949 ) (4,340 ) Operating affiliate, end of year $ 392 $ 50,944

Noncontrolling interest (Tables

Noncontrolling interest (Tables)	12 Months Ended
	Dec. 31, 2015
Noncontrolling Interest [Abstract]
Reconciliation of beginning and ending balances of noncontrolling interest and redeemable noncontrolling interest	The following tables present a reconciliation of the beginning and ending balances of redeemable noncontrolling interest and noncontrolling interest for the years ended December 31, 2015 and 2014 : Year Ended December 31, 2015 Redeemable noncontrolling interest Noncontrolling interest Total Balance, beginning of year $ 617,791 $ 292,274 $ 910,065 Issuance of shares 499,199 9,600 508,799 Income attributable to noncontrolling interest 71,419 21,545 92,964 Redemption of shares (65,895 ) — (65,895 ) Redemptions payable (10,800 ) — (10,800 ) Distributions — (168,757 ) (168,757 ) Balance, end of year $ 1,111,714 $ 154,662 $ 1,266,376 Year Ended December 31, 2014 Redeemable noncontrolling interest Noncontrolling interest Total Balance, beginning of year $ 300,936 $ 375,026 $ 675,962 Issuance of shares 300,202 117,244 417,446 Income attributable to noncontrolling interest 37,692 37,188 74,880 Redemption of shares — — — Redemptions payable (21,039 ) — (21,039 ) Distributions — (237,184 ) (237,184 ) Balance, end of year $ 617,791 $ 292,274 $ 910,065

Derivative instruments (Tables)

Derivative instruments (Tables)	12 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
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 for accounting purposes on the Consolidated Balance Sheets at December 31, 2015 and December 31, 2014 : As at December 31, 2015 As at December 31, 2014 Derivatives not designated as hedging instruments: Notional Exposure Asset Derivative at Fair Value (a) Liability Derivative at Fair Value (a) Notional Exposure Asset Derivative at Fair Value (a) Liability Derivative at Fair Value (a) Foreign currency forward contracts $ 255,840 $ 2,601 $ 3,211 $ 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, recognized in income within foreign exchange gains (losses) and other income (loss), relating to the foreign currency forward contracts that were not designated as hedging instruments during the year ended December 31, 2015 was $(610) and $139 , respectively ( 2014 : $nil and $(133) , respectively). The following table summarizes information on the classification and amount of the fair value of derivatives designated as hedging instruments for accounting purposes on the Consolidated Balance Sheets at December 31, 2015 and December 31, 2014 : As at December 31, 2015 As at December 31, 2014 Derivatives designated as hedging instruments: Notional Exposure Asset Derivative at Fair Value (a) Liability Derivative at Fair Value (a) Notional Exposure Asset Derivative at Fair Value (a) Liability Derivative at Fair Value (a) Foreign currency forward contracts $ — $ — $ — $ 210,333 $ 408 $ 2,813 Interest rate swap contracts $ 552,263 $ 21 $ 1,942 $ 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.
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 for accounting purposes along with the impact of the related hedged items for the years ended December 31, 2015 , 2014 and 2013 : Years Ended December 31, Foreign currency forward contracts 2015 2014 2013 Amount of loss recognized in income on derivative $ (12,279 ) $ (9,651 ) $ (728 ) Amount of gain on hedged item recognized in income attributable to risk being hedged $ 12,279 $ 9,651 $ 728 Amount of gain recognized in income on derivative (ineffective portion) $ — $ — $ —
Location and amount of gains and losses related to derivative instruments reported on in the comprehensive income and earnings	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 years ended December 31, 2015 , 2014 and 2013 : Years Ended December 31, Interest rate swap contracts 2015 2014 2013 Amount of effective portion recognized in other comprehensive income $ 13,740 $ 13,302 $ 11,107 Amount of effective portion subsequently reclassified to earnings $ (12,899 ) $ (13,074 ) $ (11,107 ) Amount of ineffective portion excluded from effectiveness testing $ (841 ) $ (228 ) $ —

Premiums receivable (Tables)

Premiums receivable (Tables)	12 Months Ended
	Dec. 31, 2015
Premiums Receivable Disclosure [Abstract]
Components of premiums receivable	The following is a breakdown of the components of premiums receivable at December 31, 2015 and 2014 : Premiums in course of collection Premiums accrued but unbilled Total Balance as at December 31, 2014 $ 84,901 $ 621,566 $ 706,467 Change during 2015 10,251 (58,036 ) (47,785 ) Balance as at December 31, 2015 $ 95,152 $ 563,530 $ 658,682 Premiums in course of collection Premiums accrued but unbilled Total Balance as at December 31, 2013 $ 73,594 $ 621,683 $ 695,277 Change during 2014 11,307 (117 ) 11,190 Balance as at December 31, 2014 $ 84,901 $ 621,566 $ 706,467

Reserve for losses and loss e53

Reserve for losses and loss expenses (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2015 , 2014 and 2013 : Years Ended December 31, 2015 2014 2013 Reserve for losses and loss expenses, beginning of year $ 3,243,147 $ 3,047,933 $ 3,553,604 Losses and loss expenses recoverable (377,466 ) (370,154 ) (439,967 ) Net reserves for losses and loss expenses, beginning of year 2,865,681 2,677,779 3,113,637 Net reserves acquired (disposed) — 525,091 (36,519 ) Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in: Current year 1,283,970 1,024,256 999,380 Prior years (a) (306,137 ) (259,241 ) (222,584 ) Total incurred losses and loss expenses (a) 977,833 765,015 776,796 Less net losses and loss expenses paid in respect of losses occurring in: Current year (326,167 ) (245,084 ) (244,682 ) Prior years (841,672 ) (818,569 ) (918,070 ) Total net paid losses (1,167,839 ) (1,063,653 ) (1,162,752 ) Foreign exchange gain (29,694 ) (38,551 ) (13,383 ) Net reserve for losses and loss expenses, end of year 2,645,981 2,865,681 2,677,779 Losses and loss expenses recoverable 350,586 377,466 370,154 Reserve for losses and loss expenses, end of year $ 2,996,567 $ 3,243,147 $ 3,047,933 Incurred losses and loss expenses comprise: Years Ended December 31, 2015 2014 2013 Gross losses and loss expenses (a) $ 1,083,695 $ 826,826 $ 907,850 Reinsurance recoverable (105,862 ) (61,811 ) (131,054 ) Net incurred losses and loss expenses (a) $ 977,833 $ 765,015 $ 776,796 (a) Upon closing the acquisition of Western World, an adjustment of $15,586 was made to increase net reserves to reflect fair value. This adjustment was fully amortized to income through a reduction in losses and loss expenses of $10,979 and $4,607 during the years ended December 31, 2015 and 2014, respectively
Prior year development by segment and line of business	The net favorable development on prior years by segment and line of business is as follows: Year Ended December 31, 2015 Property Marine Specialty Liability Total Validus Re $ (70,343 ) $ (39,460 ) $ (18,813 ) $ — $ (128,616 ) Talbot (52,393 ) (63,920 ) (30,044 ) — (146,357 ) Western World (a) (6,045 ) — — (16,922 ) (22,967 ) AlphaCat (8,197 ) — — — (8,197 ) Net favorable development (a) $ (136,978 ) $ (103,380 ) $ (48,857 ) $ (16,922 ) $ (306,137 ) The Validus Re segment experienced favorable development on prior years primarily due to favorable development on event specific reserves and attritional losses, which included favorable development on agricultural loss estimates. The Talbot segment experienced favorable development on prior years primarily due to favorable development on attritional losses and certain events, including the Thailand floods, which was a 2011 notable loss event. The Western World segment experienced favorable development on prior years primarily due to the amortization of the fair value adjustment made at the acquisition date as well as favorable development on attritional losses. Year Ended December 31, 2014 Property Marine Specialty Liability Total (a) Validus Re $ (76,064 ) $ (6,830 ) $ (4,706 ) $ — $ (87,600 ) Talbot (53,779 ) (31,397 ) (55,990 ) — (141,166 ) Western World (a) 1,023 — — (12,263 ) (11,240 ) AlphaCat (19,235 ) — — — (19,235 ) Net favorable development (a) $ (148,055 ) $ (38,227 ) $ (60,696 ) $ (12,263 ) $ (259,241 ) (a) Upon closing the acquisition of Western World, an adjustment of $15,586 was made to increase net reserves to reflect fair value. This adjustment was fully amortized to income through a reduction in losses and loss expenses of $10,979 and $4,607 during the years ended December 31, 2015 and 2014, respectively. The Validus Re segment experienced favorable development on prior years primarily due to favorable development on the Gryphon Alpha mooring failure and attritional losses, partially offset by adverse development on Costa Concordia and an increase in the loss estimate on agriculture losses. The Talbot segment experienced favorable development on prior years primarily due to a combination of favorable development on attritional losses and notable loss events, primarily the Tohoku earthquake, which was a 2011 notable loss event. The Western World segment experienced favorable development on prior years primarily due to the amortization of the fair value adjustment made at the acquisition date as well as favorable development on attritional losses. The AlphaCat segment experienced favorable development on prior years primarily due to the partial release of a 2013 aggregate excess of loss contract. Year Ended December 31, 2013 Property Marine Specialty Total Validus Re $ (81,610 ) $ 26,705 $ (4,353 ) $ (59,258 ) Talbot (45,692 ) (46,092 ) (54,406 ) (146,190 ) AlphaCat (17,136 ) — — (17,136 ) Net favorable development $ (144,438 ) $ (19,387 ) $ (58,759 ) $ (222,584 ) The Validus Re property and specialty lines experienced favorable development primarily due to lower claims emergence on attritional losses, although the property lines experienced unfavorable development due to increased estimate of ultimate losses on the New Zealand earthquakes of 2010 and 2011, both notable loss events. The Validus Re marine lines experienced unfavorable development primarily due to an increased estimate of ultimate losses on Costa Concordia. Talbot experienced favorable development across all lines, primarily due to lower than expected claims development on attritional losses. The AlphaCat segment experienced favorable development on prior years primarily due to favorable development on Superstorm Sandy, a 2012 notable loss event, and attritional losses.

Accounts payable and accrued 54

Accounts payable and accrued expenses (Tables)	12 Months Ended
	Dec. 31, 2015
Accounts Payable and Accrued Liabilities [Abstract]
Components of accounts payable and accrued expenses	The following are the components of accounts payable and accrued expenses: Years Ended December 31, 2015 2014 Accrued interest on debt $ 10,771 $ 12,224 Subscriptions received in advance on AlphaCat ILS funds and sidecars 412,036 162,400 Redemptions made on AlphaCat ILS funds 10,800 21,039 Accrued income attributable to AlphaCat investors 2,412 — Income tax payable 8,856 2,369 Accrued pension liability 15,722 16,493 Trade and compensation payables 166,734 180,653 Total accounts payable and accrued expenses $ 627,331 $ 395,178

Reinsurance (Tables)

Reinsurance (Tables)	12 Months Ended
	Dec. 31, 2015
Reinsurance Disclosures [Abstract]
Effects of reinsurance on premiums written and earned	The effects of reinsurance on premiums written and earned for the years ended December 31, 2015 , 2014 and 2013 are as follows: Year Ended December 31, 2015 Validus Re Talbot Western World AlphaCat Eliminations Total Written Earned Written Earned Written Earned Written Earned Written Earned Written Earned Direct $ — $ — $ 560,251 $ 570,669 $ 278,504 $ 281,570 $ — $ — $ — $ — $ 838,755 $ 852,239 Assumed 1,126,759 1,141,184 458,584 467,268 — 17 176,126 164,544 (42,718 ) (45,115 ) 1,718,751 1,727,898 Ceded (149,088 ) (150,971 ) (198,896 ) (199,846 ) (18,877 ) (22,937 ) (4,538 ) (4,609 ) 42,718 45,115 (328,681 ) (333,248 ) Total $ 977,671 $ 990,213 $ 819,939 $ 838,091 $ 259,627 $ 258,650 $ 171,588 $ 159,935 $ — $ — $ 2,228,825 $ 2,246,889 Year Ended December 31, 2014 Validus Re Talbot Western World AlphaCat Eliminations Total Written Earned Written Earned Written Earned Written Earned Written Earned Written Earned Direct $ — $ — $ 617,793 $ 576,136 $ 65,235 $ 80,838 $ — $ — $ — $ — $ 683,028 $ 656,974 Assumed 1,118,532 1,109,659 483,977 508,634 — — 126,785 126,534 (53,457 ) (60,912 ) 1,675,837 1,683,915 Ceded (163,678 ) (192,375 ) (192,211 ) (204,996 ) (6,428 ) (7,842 ) (4,348 ) (3,533 ) 53,457 60,912 (313,208 ) (347,834 ) Total $ 954,854 $ 917,284 $ 909,559 $ 879,774 $ 58,807 $ 72,996 $ 122,437 $ 123,001 $ — $ — $ 2,045,657 $ 1,993,055 Year Ended December 31, 2013 Validus Re Talbot AlphaCat Eliminations Total Written Earned Written Earned Written Earned Written Earned Written Earned Direct $ — $ — $ 544,722 $ 519,045 $ — $ — $ — $ — $ 544,722 $ 519,045 Assumed 1,226,690 1,360,735 547,168 532,069 131,134 134,688 (61,268 ) (62,508 ) 1,843,724 1,964,984 Ceded (210,432 ) (226,798 ) (226,111 ) (220,420 ) (525 ) (524 ) 61,268 62,508 (375,800 ) (385,234 ) Total $ 1,016,258 $ 1,133,937 $ 865,779 $ 830,694 $ 130,609 $ 134,164 $ — $ — $ 2,012,646 $ 2,098,795
Reinsurance recoverables by reinsurer	Reinsurance recoverables by reinsurer as at December 31, 2015 and December 31, 2014 are as follows: As at December 31, 2015 As at December 31, 2014 Reinsurance Recoverable % of Total Reinsurance Recoverable % of Total Top 10 reinsurers $ 303,108 81.1 % $ 312,205 75.1 % Other reinsurers’ balances > $1 million 61,222 16.4 % 94,247 22.7 % Other reinsurers’ balances < $1 million 9,327 2.5 % 9,092 2.2 % Total $ 373,657 100.0 % $ 415,544 100.0 % As at December 31, 2015 Top 10 Reinsurers Rating Reinsurance Recoverable % of Total Swiss Re AA- $ 83,048 22.2 % Lloyd's Syndicates A+ 66,356 17.8 % Hannover Re AA- 43,765 11.7 % Everest Re A+ 43,060 11.5 % Munich Re AA- 18,707 5.0 % Transatlantic Re A+ 11,923 3.2 % Hamilton Re A- 10,898 2.9 % National Indemnity Company AA+ 10,293 2.8 % XL Re A+ 8,728 2.3 % Toa Re A+ 6,330 1.7 % Total $ 303,108 81.1 % As at 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)	12 Months Ended
	Dec. 31, 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 614,945 Restricted share units vested, net of shares withheld 13,260 Options exercised 782,465 Warrants exercised 3,593,715 Direct issuance of common stock 639 Performance shares vested, net of shares withheld 11,524 Common shares issued, December 31, 2015 160,570,772 Treasury shares, December 31, 2015 (77,670,155 ) Common shares outstanding, December 31, 2015 82,900,617 Common Shares Common shares issued, December 31, 2013 154,488,497 Restricted share awards vested, net of shares withheld 615,659 Restricted share units vested, net of shares withheld 10,265 Options exercised 412,656 Direct issuance of common stock 1,380 Performance shares vested, net of shares withheld 25,767 Common shares issued, December 31, 2014 155,554,224 Treasury shares, December 31, 2014 (71,684,379 ) Common shares outstanding, December 31, 2014 83,869,845 Common Shares Common shares issued, December 31, 2012 152,698,191 Restricted share awards vested, net of shares withheld 796,838 Restricted share units vested, net of shares withheld 14,381 Options exercised 351,509 Warrants exercised 591,480 Direct issuance of common stock 1,266 Performance shares vested, net of shares withheld 31,897 Deferred share units vested, net of shares withheld 2,935 Common shares issued, December 31, 2013 154,488,497 Treasury shares, December 31, 2013 (58,444,185 ) Common shares outstanding, December 31, 2013 96,044,312
Assumptions used in warrant-pricing model	The other assumptions in the warrant-pricing model were as follows: July 24, 2007 Issuance February 3, 2006 Issuance December 15, 2005 Issuance Warrants issued 256,409 8,593 8,446,727 Average strike price $ 20.00 $ 17.50 $ 17.50 Volatility 30.0 % 30.0 % 30.0 % Risk-free rate 4.5 % 4.5 % 4.5 % Expected dividend yield 0.0 % 0.0 % 0.0 % Expected term (years) 8 10 10 Calculated fair value per warrant $ 11.28 $ 8.89 $ 8.89

Retirement and pension plans (T

Retirement and pension plans (Tables)	12 Months Ended
	Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]
Summary of assumptions used to determine net periodic pension expense and benefit obligations	The assumptions used to determine net periodic pension expense for the years ended December 31, 2015 and 2014 are as follows: Years Ended December 31, 2015 2014 Discount rate 2.75 % 3.00 % Increase in compensation levels rate 5.00 % 5.00 % The assumptions used to determine benefit obligations as at December 31, 2015 and 2014 are as follows: As at December 31, 2015 2014 Discount rate 4.00 % 2.75 % Increase in compensation levels rate 5.00 % 5.00 %
Analysis of the funded status and amounts recognized for defined benefit plans	The following tables present a reconciliation of the beginning and ending funded status and the net amounts recognized for the defined benefit plans for the years ended December 31, 2015 and 2014 : Years Ended December 31, 2015 2014 (a) Change in benefit obligation: Projected benefit obligation at beginning of year (a) $ 16,493 $ 20,885 Service cost 1,024 295 Interest cost 434 145 Actuarial (gains) losses (46 ) 1 Benefit payments (98 ) (24 ) Settlements (2,085 ) (4,809 ) Projected benefit obligation at end of year $ 15,722 $ 16,493 Change in plan assets: Fair value of plan assets at beginning of year (a) $ — $ — Employer contributions 2,186 6,495 Benefit payments (98 ) (24 ) Settlements (2,088 ) (6,471 ) Fair value of plan assets at end of year — — Funded status at end of year $ (15,722 ) $ (16,493 ) Net amount recognized in accounts payable and accrued expenses $ (15,722 ) $ (16,493 ) Amounts recognized in accumulated other comprehensive loss (income) consist of: Net (gain) loss $ (517 ) $ 322 Prior service credit 4 2 Net amount recognized $ (513 ) $ 324 As at December 31, 2015 As at December 31, 2014 Projected benefit obligation $ 15,722 $ 16,493 Accumulated benefit obligation $ 13,308 $ 11,971 Fair value of plan assets $ — $ — (a) The results of Western World have been included in the Company's consolidated results from the October 2, 2014 date of acquisition.
Components of net periodic pension expense	The components of net periodic pension expense for the years ended December 31, 2015 and 2014 are as follows: Years Ended December 31, 2015 2014 (a) Service cost $ 1,024 $ 295 Interest cost 434 145 Amortization of prior service cost (2 ) (2 ) Amortization of net loss 312 80 Net periodic benefit cost 1,768 518 Settlement loss 484 1,322 Net periodic pension expense $ 2,252 $ 1,840
Summary of other changes in plan assets and benefit obligations recognized in other comprehensive income	Other changes in plan assets and benefit obligations recognized in other comprehensive (loss) income are as follows for the years ended December 31, 2015 and 2014 : Years Ended December 31, 2015 2014 (a) Net (gain) loss $ (43 ) $ 1,961 Amortization of loss (312 ) (317 ) Amortization of prior service cost 2 2 Settlement loss (484 ) (1,322 ) Total recognized in other comprehensive (loss) income $ (837 ) $ 324 Total recognized in net pension expense and other comprehensive (loss) income (before tax effects) $ 1,415 $ 2,164 (a) The results of Western World have been included in the Company's consolidated results from the October 2, 2014 date of acquisition.
Summary of expected benefit payments	As at December 31, 2015 , the projected benefits are as follows: 2016 $ 919 2017 8,061 2018 92 2019 89 2020 2,631 2021-2025 8,413 Total benefit payments required $ 20,205

Stock plans (Tables)

Stock plans (Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Options, activity during the period	Activity with respect to options for the year ended December 31, 2015 was as follows: Options Weighted Average Grant Date Fair Value Weighted Average Grant Date Exercise Price Total Intrinsic Value (a) Company Proceeds Received Options outstanding and exercisable, December 31, 2014 1,160,057 $ 7.12 $ 17.74 Options exercised (1,094,656 ) 7.09 17.60 $ 26,367 $ 6,277 Options outstanding and exercisable, December 31, 2015 65,401 $ 7.74 $ 20.17 Activity with respect to options for the year ended December 31, 2014 was as follows: Options Weighted Average Grant Date Fair Value Weighted Average Grant Date Exercise Price Total Intrinsic Value (a) Company Proceeds Received Options outstanding and exercisable, December 31, 2013 1,572,713 $ 6.66 $ 18.88 Options exercised (412,656 ) 5.36 22.07 $ 7,459 $ 9,107 Options outstanding and exercisable, December 31, 2014 1,160,057 $ 7.12 $ 17.74 Activity with respect to options for the year ended December 31, 2013 was as follows: Options Weighted Average Grant Date Fair Value Weighted Average Grant Date Exercise Price Total Intrinsic Value (a) Company Proceeds Received Options outstanding and exercisable, December 31, 2012 1,823,947 $ 6.52 $ 20.69 Options regranted (modified) 1,833,414 6.76 19.02 Options exercised (351,509 ) 5.94 22.91 $ 4,963 $ 8,052 Options cancelled (modified) (1,733,139 ) 6.76 20.12 Options outstanding and exercisable, December 31, 2013 1,572,713 $ 6.66 $ 18.88 (a) The total intrinsic value in the tables above represent the amount by which the market price of the Company's common stock is greater than the option strike price multiplied by the number of options exercised during the year.
Restricted share awards, activity during the period	Activity with respect to unvested restricted share awards for the year ended December 31, 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 724,357 43.67 Restricted share awards vested (788,758 ) 34.41 Restricted share awards forfeited (54,864 ) 38.14 Restricted share awards outstanding, December 31, 2015 2,739,446 $ 38.25 Activity with respect to unvested restricted share awards for the year ended December 31, 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 1,051,348 37.81 Restricted share awards vested (797,446 ) 31.44 Restricted share awards forfeited (79,936 ) 36.09 Restricted share awards outstanding, December 31, 2014 2,858,711 $ 35.81 Activity with respect to unvested restricted share awards for the year ended December 31, 2013 was as follows: Restricted Share Awards Weighted Average Grant Date Fair Value Restricted share awards outstanding, December 31, 2012 2,170,547 $ 29.24 Restricted share awards granted 1,594,672 36.07 Restricted share awards vested (969,562 ) 28.12 Restricted share awards forfeited (110,912 ) 28.34 Restricted share awards outstanding, December 31, 2013 2,684,745 $ 33.74
Restricted share unit awards, activity during the period	Activity with respect to unvested restricted share units for the year ended December 31, 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 3,143 37.53 Restricted share units forfeited (892 ) 35.42 Restricted share units outstanding, December 31, 2015 114,337 $ 38.47 Activity with respect to unvested restricted share units for the year ended December 31, 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 53,025 38.10 Restricted share units vested (18,325 ) 30.71 Restricted share units issued in lieu of cash dividends 2,266 35.00 Restricted share units outstanding, December 31, 2014 103,484 $ 36.54 Activity with respect to unvested restricted share units for the year ended December 31, 2013 was as follows: Restricted Share Units Weighted Average Grant Date Fair Value Restricted share units outstanding, December 31, 2012 47,238 $ 29.61 Restricted share units granted 36,635 36.11 Restricted share units vested (21,814 ) 28.17 Restricted share units issued in lieu of cash dividends 4,459 30.70 Restricted share units outstanding, December 31, 2013 66,518 $ 33.74
Performance share awards, activity during the period	Activity with respect to unvested performance share awards for the year ended December 31, 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, December 31, 2015 172,594 $ 40.70 Activity with respect to unvested performance share awards for the year ended December 31, 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, December 31, 2014 106,369 $ 36.03 Activity with respect to unvested performance share awards for the year ended December 31, 2013 was as follows: Performance Share Awards Weighted Average Grant Date Fair Value Performance share awards outstanding, December 31, 2012 220,845 $ 31.81 Performance share awards granted 38,386 36.11 Performance share awards vested (39,094 ) 28.70 Performance share awards forfeited (18,701 ) 31.05 Performance share awards conversion adjustment (99,616 ) $ 33.05 Performance share awards outstanding, December 31, 2013 101,820 $ 33.56
Total share compensation expenses	The breakdown of share compensation expenses by award type was as follows: Years Ended December 31, 2015 2014 2013 Restricted share awards $ 35,386 $ 31,335 $ 27,750 Restricted share units 1,160 876 585 Performance share awards 1,795 862 (705 ) Total $ 38,341 $ 33,073 $ 27,630

Debt and financing arrangemen59

Debt and financing arrangements (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Schedule of financing structure	The financing structure at December 31, 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 134,118 134,118 134,118 Flagstone 2007 Junior Subordinated Deferrable Debentures 113,750 113,750 113,750 Total debentures payable 597,868 537,668 537,668 2010 Senior Notes due 2040 250,000 250,000 245,161 Total debentures and senior notes payable 847,868 787,668 782,829 $85,000 syndicated unsecured letter of credit facility 85,000 — — $300,000 syndicated secured letter of credit facility 300,000 235,540 — $24,000 secured bi-lateral letter of credit facility 24,000 10,543 — AlphaCat Re secured letter of credit facility 30,000 30,000 — IPC bi-lateral facility 25,000 9,241 — $236,000 Flagstone bi-lateral facility 236,000 193,764 — Total credit and other facilities 700,000 479,088 — Total debt and financing arrangements $ 1,547,868 $ 1,266,756 $ 782,829 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 250,000 250,000 244,960 Total debentures and senior notes payable 849,477 789,277 784,237 $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 — 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 1,595,000 561,390 — Total debt and financing arrangements $ 2,444,477 $ 1,350,667 $ 784,237 (a) Indicates utilization of commitment amount, not necessarily drawn borrowings.
Summary of key terms of debt instruments	The following table summarizes the key terms of the Company's senior notes and junior subordinated deferrable debentures: Description Issuance date Commitment Maturity date Interest Rate as at Interest payments due Issuance Date December 31, 2015 2006 Junior Subordinated Deferrable Debentures June 15, 2006 $ 150,000 June 15, 2036 9.069 % (a) 5.831 % (e) Quarterly Flagstone 2006 Junior Subordinated Deferrable Debentures August 23, 2006 $ 134,118 September 15, 2036 3.540 % (b) 6.463 % (e) Quarterly 2007 Junior Subordinated Deferrable Debentures June 21, 2007 $ 200,000 June 15, 2037 8.480 % (c) 5.180 % (e) Quarterly Flagstone 2007 Junior Subordinated Deferrable Debentures June 8, 2007 $ 88,750 July 30, 2037 3.000 % (b) 5.900 % (e) Quarterly Flagstone 2007 Junior Subordinated Deferrable Debentures September 20, 2007 $ 25,000 September 15, 2037 3.100 % (b) 5.983 % (e) Quarterly 2010 Senior Notes due 2040 January 26, 2010 $ 250,000 January 26, 2040 8.875 % (d) 8.875 % (d) Semi-annually in arrears (a) Fixed interest rate for 5 years , floating interest rate of three-month LIBOR plus 3.550% thereafter, reset quarterly. (b) Floating interest rate of three-month LIBOR plus amount stated, reset quarterly. (c) Fixed interest rate for 5 years , floating interest rate of three-month LIBOR plus 2.950% thereafter, reset quarterly. (d) Fixed interest rate. (e) Fixed interest rate as a result of interest rate swap contracts entered into by the Company.
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 facility costs as follows: Years Ended December 31, 2015 2014 2013 2006 Junior Subordinated Deferrable Debentures $ 8,868 $ 8,868 $ 8,868 2007 Junior Subordinated Deferrable Debentures 7,341 7,341 7,341 Flagstone 2006 Junior Subordinated Deferrable Debentures 8,989 9,001 8,259 Flagstone 2007 Junior Subordinated Deferrable Debentures 7,123 7,129 6,222 2010 Senior Notes due 2040 22,388 22,388 22,388 Credit facilities 6,006 5,516 6,544 Bank charges, Talbot FAL facility and other charges 4,592 4,536 4,813 AlphaCat fees (a) 9,435 3,545 3,572 Total finance expenses $ 74,742 $ 68,324 $ 68,007 (a) Includes finance expenses incurred by AlphaCat Managers Ltd. in relation to fund raising for the AlphaCat sidecars, the AlphaCat ILS funds and AlphaCat direct.

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income before tax by jurisdiction	The Company’s income (loss) before income tax for the years ended December 31, 2015 , 2014 and 2013 was generated in the following jurisdictions: Years Ended December 31, 2015 2014 2013 Income before tax—Bermuda $ 470,454 $ 518,476 $ 599,354 Income before tax—United Kingdom 13,621 10,824 4,668 Loss before tax—United States (4,176 ) (11,752 ) (464 ) Income (loss) before tax—Switzerland 2,276 9,941 (225 ) Income before tax—Canada 493 2,773 57 Income before tax—Other (2,074 ) 29,076 (8,401 ) Income before tax—Total $ 480,594 $ 559,338 $ 594,989
Components of income tax expense	Income tax expense is comprised of current and deferred tax. Income tax expense (benefit) is as follows: Years Ended December 31, 2015 2014 2013 Current income tax expense U.S. $ 739 $ 21,257 $ — Non-U.S. 6,028 26,179 1,781 Total current income tax expense $ 6,767 $ 47,436 $ 1,781 Deferred income tax (benefit) expense U.S. $ 1,360 $ (24,998 ) $ 880 Non-U.S. (1,751 ) (22,283 ) (2,278 ) Total deferred income tax benefit $ (391 ) $ (47,281 ) $ (1,398 ) Total income tax expense (benefit) U.S. $ 2,099 $ (3,741 ) $ 880 Non-U.S. 4,277 3,896 (497 ) Total income tax expense $ 6,376 $ 155 $ 383
Effective tax rate reconciliation	The table below is a reconciliation of the actual income tax expense for the years ended December 31, 2015 , 2014 and 2013 to the amount computed by applying the effective tax rate of 0% under Bermuda law to income before taxes: Years Ended December 31, 2015 2014 2013 Expected tax expense at Bermuda statutory rate of 0% $ — $ — $ — Foreign tax rate differential 6,462 7,993 (2,399 ) Change in valuation allowance 9,830 (7,284 ) 4,967 Tax exempt income and expenses not deductible 393 (6,055 ) (263 ) Share compensation tax windfall 825 3,513 — Impact of enacted changes in tax rates 69 250 (407 ) Prior years tax adjustments (12,272 ) 666 (461 ) Other 1,069 1,072 (1,054 ) Actual income tax expense $ 6,376 $ 155 $ 383
Components of deferred tax assets and liabilities	Significant components of the Company’s deferred tax assets and liabilities at December 31, 2015 and 2014 were as follows: As at December 31, 2015 2014 Deferred tax asset Tax losses carried forward $ 167,929 $ 158,789 Deferred compensation 7,504 5,527 Deferred interest expense 2,047 2,210 Tax credits carried forward 2,761 4,016 Discounting of loss reserves 11,882 13,721 Risk premium reserve — 3,842 Unearned premiums reserve 4,291 8,505 Pension 5,503 5,864 Other 4,111 3,813 Deferred tax asset, gross of valuation allowance 206,028 206,287 Valuation allowance 167,929 158,099 Net deferred tax asset $ 38,099 $ 48,188 Deferred tax liability Lloyd's underwriting (loss) profit taxable in future periods $ (47 ) $ 636 Deferred acquisition costs 1,989 3,348 Intangibles 8,111 8,638 Unrealized appreciation on investments 7,073 9,101 Properties and fixed assets 2,044 4,993 Other 1,115 3,192 Deferred tax liability 20,285 29,908 Net deferred tax asset (liability) $ 17,814 $ 18,280
Net operating loss and capital loss carryforwards	At December 31, 2015 , the Company had net operating and capital loss carry forwards inclusive of cumulative currency translation adjustments as follows: Tax Jurisdiction Losses carried forward Tax effect Expiration United Kingdom $ 32 $ 6 None United States $ 17,378 $ 6,082 2029-2035 Switzerland $ 225,795 $ 47,417 2018-2020 Luxembourg $ 386,883 $ 112,196 None Singapore $ 21,148 $ 2,115 None Other $ 366 $ 113 None

Accumulated other comprehensi61

Accumulated other comprehensive loss (Tables)	12 Months Ended
	Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Abstract]
Schedule of changes in AOCI	The changes in accumulated other comprehensive loss, by component for the years ended December 31, 2015 , 2014 and 2013 is as follows: Foreign currency translation adjustment Minimum pension liability Cash flow hedge Total Balance, net of tax December 31, 2012 $ (2,953 ) $ — $ — $ (2,953 ) Amounts reclassified to retained earnings 4,290 — — 4,290 Net current period other comprehensive income, net of tax (1,954 ) — — (1,954 ) Balance, net of tax December 31, 2013 $ (617 ) $ — $ — $ (617 ) Net current period other comprehensive loss, net of tax (7,501 ) (210 ) (228 ) (7,939 ) Balance, net of tax December 31, 2014 $ (8,118 ) $ (210 ) $ (228 ) $ (8,556 ) Net current period other comprehensive loss, net of tax (3,716 ) 544 (841 ) (4,013 ) Balance, net of tax December 31, 2015 $ (11,834 ) $ 334 $ (1,069 ) $ (12,569 )

Commitments and contingencies (

Commitments and contingencies (Tables)	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Percentage of gross premiums written by broker	The following table shows the percentage of gross premiums written by broker for the years ended December 31, 2015 , 2014 and 2013 : Year Ended December 31, 2015 2014 2013 Marsh & McLennan 28.2 % 28.5 % 21.4 % Aon Benfield Group Ltd. 15.5 % 20.0 % 29.4 % Willis Group Holdings Ltd. 14.3 % 18.0 % 19.2 %
Future minimum lease commitments	Future minimum lease commitments are as follows: Total future minimum lease payments 2016 $ 11,391 2017 11,077 2018 10,730 2019 10,483 2020 9,654 2021 and thereafter 37,343 Total $ 90,678

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Computation of basic and diluted earnings per share	The following table sets forth the computation of basic earnings per share and earnings per diluted share available to common shareholders for the years ended December 31, 2015 , 2014 and 2013 : Years Ended December 31, 2015 2014 2013 Basic earnings per share Net income $ 467,857 $ 554,843 $ 595,148 (Income) attributable to noncontrolling interest (92,964 ) (74,880 ) (62,482 ) Net income available to Validus $ 374,893 $ 479,963 $ 532,666 Less: Dividends and distributions declared on outstanding warrants (3,566 ) (6,208 ) (19,214 ) Income available to common shareholders $ 371,327 $ 473,755 $ 513,452 Weighted average number of common shares outstanding 83,107,236 90,354,745 102,202,274 Basic earnings per share available to common shareholders $ 4.47 $ 5.24 $ 5.02 Earnings per diluted share Net income $ 467,857 $ 554,843 $ 595,148 (Income) attributable to noncontrolling interest (92,964 ) (74,880 ) (62,482 ) Net income available to Validus $ 374,893 $ 479,963 $ 532,666 Less: Dividends and distributions declared on outstanding warrants — — (19,214 ) Income available to common shareholders $ 374,893 $ 479,963 $ 513,452 Weighted average number of common shares outstanding 83,107,236 90,354,745 102,202,274 Share equivalents: Warrants 2,090,248 2,789,032 — Stock options 151,867 745,561 1,026,543 Unvested restricted shares 1,077,409 800,933 741,472 Weighted average number of diluted common shares outstanding 86,426,760 94,690,271 103,970,289 Earnings per diluted share available to common shareholders $ 4.34 $ 5.07 $ 4.94

Segment information (Tables)

Segment information (Tables)	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Results of operating segments and corporate segment	The following tables summarize the results of our operating segments and "Corporate and Investments": Years Ended December 31, Validus Re Segment Information 2015 2014 2013 Underwriting income Gross premiums written $ 1,126,759 $ 1,118,532 $ 1,226,690 Reinsurance premiums ceded (149,088 ) (163,678 ) (210,432 ) Net premiums written 977,671 954,854 1,016,258 Change in unearned premiums 12,542 (37,570 ) 117,679 Net premiums earned 990,213 917,284 1,133,937 Other insurance related income 3,575 3,159 19,222 Underwriting revenues 993,788 920,443 1,153,159 Underwriting deductions Losses and loss expenses 457,976 307,290 430,026 Policy acquisition costs 166,387 141,670 180,779 General and administrative expenses 78,428 74,739 91,260 Share compensation expenses 10,350 9,739 7,668 Total underwriting deductions 713,141 533,438 709,733 Underwriting income $ 280,647 $ 387,005 $ 443,426 Selected ratios: Net premiums written / Gross premiums written 86.8 % 85.4 % 82.8 % Losses and loss expenses 46.2 % 33.5 % 37.9 % Policy acquisition costs 16.8 % 15.5 % 16.0 % General and administrative expenses (a) 9.0 % 9.2 % 8.7 % Expense ratio 25.8 % 24.7 % 24.7 % Combined ratio 72.0 % 58.2 % 62.6 % (a) The general and administrative expense ratio includes share compensation expenses. Years Ended December 31, Talbot Segment Information 2015 2014 2013 Underwriting income Gross premiums written $ 1,018,835 $ 1,101,770 $ 1,091,890 Reinsurance premiums ceded (198,896 ) (192,211 ) (226,111 ) Net premiums written 819,939 909,559 865,779 Change in unearned premiums 18,152 (29,785 ) (35,085 ) Net premiums earned 838,091 879,774 830,694 Other insurance related income 851 1,095 1,819 Underwriting revenues 838,942 880,869 832,513 Underwriting deductions Losses and loss expenses 347,322 423,394 346,337 Policy acquisition costs 187,535 187,162 170,738 General and administrative expenses 155,306 150,828 136,458 Share compensation expenses 12,373 11,346 9,613 Total underwriting deductions 702,536 772,730 663,146 Underwriting income $ 136,406 $ 108,139 $ 169,367 Selected ratios: Net premiums written / Gross premiums written 80.5 % 82.6 % 79.3 % Losses and loss expenses 41.4 % 48.1 % 41.7 % Policy acquisition costs 22.4 % 21.3 % 20.5 % General and administrative expenses (a) 20.0 % 18.4 % 17.6 % Expense ratio 42.4 % 39.7 % 38.1 % Combined ratio 83.8 % 87.8 % 79.8 % (a) The general and administrative expense ratio includes share compensation expenses. Years Ended December 31, Western World Segment Information 2015 2014 (b) Underwriting income Gross premiums written $ 278,504 $ 65,235 Reinsurance premiums ceded (18,877 ) (6,428 ) Net premiums written 259,627 58,807 Change in unearned premiums (977 ) 14,189 Net premiums earned 258,650 72,996 Other insurance related income 1,044 264 Underwriting revenues 259,694 73,260 Underwriting deductions Losses and loss expenses 171,878 51,035 Policy acquisition costs 41,408 3,169 General and administrative expenses 38,715 11,121 Share compensation expenses 2,083 135 Total underwriting deductions 254,084 65,460 Underwriting income $ 5,610 $ 7,800 Selected ratios: Net premiums written / Gross premiums written 93.2 % 90.1 % Losses and loss expenses 66.4 % 69.9 % Policy acquisition costs 16.0 % 4.4 % General and administrative expenses (a) 15.8 % 15.4 % Expense ratio 31.8 % 19.8 % Combined ratio 98.2 % 89.7 % (a) The general and administrative expense ratio includes share compensation expenses. (b) The results of Western World have been included in the Company's consolidated results from the October 2, 2014 date of acquisition. Years Ended December 31, AlphaCat Segment Information (a) 2015 2014 2013 Revenue - management fees Third party $ 19,661 $ 18,667 $ 16,629 Related party 5,309 7,467 9,693 Total revenue 24,970 26,134 26,322 Expenses General and administrative expenses 12,115 10,134 8,401 Share compensation expenses 580 501 468 Finance expenses 9,312 3,417 3,497 Foreign exchange (gains) losses (16 ) (20 ) 2 Total expenses 21,991 14,032 12,368 Income before investments from AlphaCat Funds and Sidecars 2,979 12,102 13,954 Investment income (loss) from AlphaCat Funds and Sidecars (b) AlphaCat Re & Master Fund — (1,377 ) 1,022 AlphaCat Sidecars 5,504 10,525 12,396 AlphaCat ILS Funds - Lower Risk (c) 7,491 7,974 7,848 AlphaCat ILS Funds - Higher Risk (c) 8,428 8,754 10,758 BetaCat ILS Funds 1,702 (51 ) — PaCRe (3,949 ) (4,340 ) 542 Total investment income from AlphaCat Funds and Sidecars 19,176 21,485 32,566 Validus' share of AlphaCat income $ 22,155 $ 33,587 $ 46,520 Supplemental information: Gross premiums written AlphaCat Sidecars $ 45,755 $ 50,023 $ 69,626 AlphaCat ILS Funds - Lower Risk (c) 91,363 52,264 43,111 AlphaCat ILS Funds - Higher Risk (c) 34,228 24,498 18,397 AlphaCat Direct (d) 4,780 — — Total $ 176,126 $ 126,785 $ 131,134 (a) The results of AlphaCat are presented on an asset manager basis, which is non-GAAP. A reconciliation of segmental income to net income available to Validus is included in the tables below. (b) The investment income from the AlphaCat funds and sidecars is based on equity accounting. (c) Lower risk AlphaCat ILS funds have a maximum permitted portfolio expected loss of less than 7%, whereas higher risk AlphaCat ILS funds have a maximum permitted portfolio expected loss of greater than 7%. Expected loss represents the average annual loss over the set of simulation scenarios divided by the total limit. (d) AlphaCat Direct includes direct investments from third party investors in AlphaCat Re. Years Ended December 31, Corporate and Investment Information 2015 2014 2013 Investment income Net investment income (a) $ 121,166 $ 95,800 $ 92,207 Operating expenses General and administrative expenses (75,724 ) (80,210 ) (77,843 ) Share compensation expenses (12,955 ) (11,352 ) (9,881 ) Finance expenses (a) (61,071 ) (60,309 ) (58,443 ) Tax expenses (6,376 ) (155 ) (383 ) Total operating expenses (156,126 ) (152,026 ) (146,550 ) Other items Net realized gains (losses) on investments (a) 1,698 12,160 (826 ) Change in net unrealized losses on investments (a) (32,007 ) (1,030 ) (54,588 ) Income from investment affiliate 4,281 8,411 4,790 Foreign exchange (losses) gains (a) (8,172 ) (10,700 ) 3,324 Other loss (1,002 ) (2,243 ) (10,777 ) Transaction expenses (b) — (8,096 ) — Total other items (35,202 ) (1,498 ) (58,077 ) Total Corporate and Investment information $ (70,162 ) $ (57,724 ) $ (112,420 ) (a) These items exclude the components which are included in Validus' share of AlphaCat and amounts which are consolidated from VIEs. (b) The transaction expenses relate to costs incurred in connection with the acquisition of Western World, which was completed on October 2, 2014. Transaction expenses are primarily comprised of legal, financial advisory and audit related services. The following tables reconcile the results of our operating segments and "Corporate & Investments" to the Consolidated results of the Company for the years indicated: Year Ended December 31, 2015 Validus Re Segment Talbot Segment Western World Segment AlphaCat & Consolidated Variable Interest Entities Corporate & Investments Eliminations Total Underwriting income Gross premiums written $ 1,126,759 $ 1,018,835 $ 278,504 $ 176,126 $ (42,718 ) $ 2,557,506 Reinsurance premiums ceded (149,088 ) (198,896 ) (18,877 ) (4,538 ) 42,718 (328,681 ) Net premiums written 977,671 819,939 259,627 171,588 — 2,228,825 Change in unearned premiums 12,542 18,152 (977 ) (11,653 ) — 18,064 Net premiums earned 990,213 838,091 258,650 159,935 — 2,246,889 Other insurance related income 3,575 851 1,044 25,524 (24,881 ) 6,113 Underwriting revenues 993,788 838,942 259,694 185,459 (24,881 ) 2,253,002 Underwriting deductions Losses and loss expenses 457,976 347,322 171,878 657 — 977,833 Policy acquisition costs 166,387 187,535 41,408 16,327 (1,599 ) 410,058 General and administrative expenses 78,428 155,306 38,715 39,055 75,724 (23,519 ) 363,709 Share compensation expenses 10,350 12,373 2,083 580 12,955 — 38,341 Total underwriting deductions 713,141 702,536 254,084 56,619 88,679 (25,118 ) 1,789,941 Underwriting income (loss) $ 280,647 $ 136,406 $ 5,610 $ 128,840 $ (88,679 ) $ 237 $ 463,061 Other items (a) (17,967 ) (102,649 ) (120,616 ) Net investment income 6,658 121,166 127,824 (Income) attributable to AlphaCat investors (2,412 ) — (2,412 ) Net (income) attributable to noncontrolling interest (92,964 ) — (92,964 ) Segmental income 280,647 136,406 5,610 22,155 (70,162 ) 237 Net income available to Validus $ 374,893 (a) Other items includes finance expenses, tax expenses, foreign exchange gains (losses), net realized and change in net unrealized gains (losses) on investments, income from investment and operating affiliates and other income (loss). Year Ended December 31, 2014 Validus Re Segment Talbot Segment Western World Segment (c) AlphaCat & Consolidated Variable Interest Entities Corporate & Investments Eliminations Total Underwriting income Gross premiums written $ 1,118,532 $ 1,101,770 $ 65,235 $ 126,785 $ (53,457 ) $ 2,358,865 Reinsurance premiums ceded (163,678 ) (192,211 ) (6,428 ) (4,348 ) 53,457 (313,208 ) Net premiums written 954,854 909,559 58,807 122,437 — 2,045,657 Change in unearned premiums (37,570 ) (29,785 ) 14,189 564 — (52,602 ) Net premiums earned 917,284 879,774 72,996 123,001 — 1,993,055 Other insurance related income 3,159 1,095 264 25,750 (26,796 ) 3,472 Underwriting revenues 920,443 880,869 73,260 148,751 (26,796 ) 1,996,527 Underwriting deductions Losses and loss expenses 307,290 423,394 51,035 (16,704 ) — 765,015 Policy acquisition costs 141,670 187,162 3,169 11,584 (4,118 ) 339,467 General and administrative expenses 74,739 150,828 11,121 36,298 80,210 (23,834 ) 329,362 Share compensation expenses 9,739 11,346 135 501 11,352 — 33,073 Total underwriting deductions 533,438 772,730 65,460 31,679 91,562 (27,952 ) 1,466,917 Underwriting income (loss) $ 387,005 $ 108,139 $ 7,800 $ 117,072 $ (91,562 ) $ 1,156 $ 529,610 Other items (a) (12,891 ) (53,866 ) (66,757 ) Net investment income 4,286 95,800 100,086 Net (income) attributable to noncontrolling interest (74,880 ) — (74,880 ) Transaction expenses (b) — (8,096 ) (8,096 ) Segmental income 387,005 108,139 7,800 33,587 (57,724 ) 1,156 Net income available to Validus $ 479,963 (a) Other items includes finance expenses, tax expenses, foreign exchange gains (losses), net realized and change in net unrealized gains (losses) on investments, income from investment and operating affiliates and other income (loss). (b) The transaction expenses relate to costs incurred in connection with the acquisition of Western World, which was completed on October 2, 2014. Transaction expenses are primarily comprised of legal, financial advisory and audit related services. (c) The results of Western World have been included in the Company's consolidated results from the October 2, 2014 date of acquisition. Year Ended December 31, 2013 Validus Re Segment Talbot Segment AlphaCat & Consolidated Variable Interest Entities Corporate & Investments Eliminations Total Underwriting income Gross premiums written $ 1,226,690 $ 1,091,890 $ 131,134 $ (61,268 ) $ 2,388,446 Reinsurance premiums ceded (210,432 ) (226,111 ) (525 ) 61,268 (375,800 ) Net premiums written 1,016,258 865,779 130,609 — 2,012,646 Change in unearned premiums 117,679 (35,085 ) 3,555 — 86,149 Net premiums earned 1,133,937 830,694 134,164 — 2,098,795 Other insurance related income 19,222 1,819 26,424 (43,295 ) 4,170 Underwriting revenues 1,153,159 832,513 160,588 (43,295 ) 2,102,965 Underwriting deductions Losses and loss expenses 430,026 346,337 433 — 776,796 Policy acquisition costs 180,779 170,738 13,946 (5,060 ) 360,403 General and administrative expenses 91,260 136,458 34,455 77,843 (24,008 ) 316,008 Share compensation expenses 7,668 9,613 468 9,881 — 27,630 Total underwriting deductions 709,733 663,146 49,302 87,724 (29,068 ) 1,480,837 Underwriting income (loss) $ 443,426 $ 169,367 $ 111,286 $ (87,724 ) $ (14,227 ) $ 622,128 Other items (a) (6,166 ) (116,903 ) (123,069 ) Net investment income 3,882 92,207 96,089 Net (income) attributable to noncontrolling interest (62,482 ) — (62,482 ) Segmental income 443,426 169,367 46,520 (112,420 ) (14,227 ) Net income available to Validus $ 532,666 (a) Other items includes finance expenses, tax expenses, foreign exchange gains (losses), net realized and change in net unrealized gains (losses) on investments, income from investment and operating affiliates and other income (loss).
Gross premiums written by line of business	The following table sets forth the gross premiums written by line of business for the years indicated: Gross Premiums Written Years Ended December 31, 2015 2014 (a) 2013 Property $ 1,077,700 $ 1,050,109 $ 1,152,027 Marine 471,857 576,478 570,008 Specialty 782,463 677,026 666,411 Liability 225,486 55,252 — $ 2,557,506 $ 2,358,865 $ 2,388,446 (a) The results of Western World have been included in the Company's consolidated results from the October 2, 2014 date of acquisition.
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 years indicated: Gross Premiums Written Year Ended December 31, 2015 Validus Re Talbot Western World AlphaCat Eliminations Total % United States $ 530,541 $ 106,679 $ 278,504 $ 41,134 $ (2,547 ) $ 954,311 37.4 % Worldwide excluding United States (a) 52,860 127,540 — 8,107 (1,186 ) 187,321 7.3 % Australia and New Zealand 12,190 8,974 — 624 (244 ) 21,544 0.8 % Europe 48,240 38,657 — 2,504 (1,135 ) 88,266 3.5 % Latin America and Caribbean 46,258 103,318 — 38 (15,481 ) 134,133 5.2 % Japan 38,885 5,171 — 1,671 (109 ) 45,618 1.8 % Canada 3,129 6,666 — 458 (231 ) 10,022 0.4 % Rest of the world (b) 21,498 103,237 — — (3,660 ) 121,075 4.7 % Sub-total, non United States 223,060 393,563 — 13,402 (22,046 ) 607,979 23.7 % Worldwide including United States (a) 139,419 100,523 — 116,523 (18,120 ) 338,345 13.2 % Other locations non-specific (c) 233,739 418,070 — 5,067 (5 ) 656,871 25.7 % Total $ 1,126,759 $ 1,018,835 $ 278,504 $ 176,126 $ (42,718 ) $ 2,557,506 100.0 % Gross Premiums Written Year Ended December 31, 2014 Validus Re Talbot Western World (d) AlphaCat Eliminations Total % United States $ 437,124 $ 108,458 $ 65,235 $ 26,067 $ (3,664 ) $ 633,220 26.8 % Worldwide excluding United States (a) 76,370 139,570 — 6,727 (1,575 ) 221,092 9.4 % Australia and New Zealand 20,617 9,736 — 1,019 (360 ) 31,012 1.3 % Europe 57,223 45,615 — 2,305 (1,292 ) 103,851 4.4 % Latin America and Caribbean 56,102 116,281 — — (26,007 ) 146,376 6.2 % Japan 42,813 4,116 — 608 (111 ) 47,426 2.0 % Canada 3,793 10,194 — 214 (337 ) 13,864 0.6 % Rest of the world (b) 25,272 93,012 — — (3,805 ) 114,479 4.9 % Sub-total, non United States 282,190 418,524 — 10,873 (33,487 ) 678,100 28.8 % Worldwide including United States (a) 175,098 96,187 — 89,845 (16,196 ) 344,934 14.6 % Other locations non-specific (c) 224,120 478,601 — — (110 ) 702,611 29.8 % Total $ 1,118,532 $ 1,101,770 $ 65,235 $ 126,785 $ (53,457 ) $ 2,358,865 100.0 % Gross Premiums Written Year Ended December 31, 2013 Validus Re Talbot AlphaCat Eliminations Total % United States $ 520,604 $ 93,357 $ 32,377 $ (1,336 ) $ 645,002 27.0 % Worldwide excluding United States (a) 62,285 142,294 13,884 (127 ) 218,336 9.2 % Australia and New Zealand 22,318 11,097 2,183 (43 ) 35,555 1.5 % Europe 64,538 51,667 1,446 (123 ) 117,528 4.9 % Latin America and Caribbean 53,359 155,798 — (55,105 ) 154,052 6.4 % Japan 42,079 5,971 653 (3 ) 48,700 2.0 % Canada 2,964 10,768 818 (93 ) 14,457 0.6 % Rest of the world (b) 24,841 92,652 — (505 ) 116,988 4.9 % Sub-total, non United States 272,384 470,247 18,984 (55,999 ) 705,616 29.5 % Worldwide including United States (a) 173,272 80,538 79,857 (2,573 ) 331,094 13.9 % Other locations non-specific (c) 260,430 447,748 (84 ) (1,360 ) 706,734 29.6 % Total $ 1,226,690 $ 1,091,890 $ 131,134 $ (61,268 ) $ 2,388,446 100.0 % (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) The results of Western World have been included in the Company's consolidated results from the October 2, 2014 date of acquisition.

Statutory and regulatory requ65

Statutory and regulatory requirements (Tables)	12 Months Ended
	Dec. 31, 2015
Statutory and regulatory requirements [Abstract]
Statutory amounts based on regulatory requirements	The statutory capital and surplus in certain of our most significant regulatory jurisdictions as at December 31, 2015 and 2014 was as follows: Bermuda (a) United States (b) Switzerland (c) As at December 31, As at December 31, As at December 31, 2015 2014 2015 2014 2015 2014 Required statutory capital and surplus $ 459,760 $ 995,864 $ 80,047 $ 95,963 $ 259,000 $ 205,563 Actual statutory capital and surplus 3,492,233 3,543,590 421,047 452,089 759,054 779,001 (a) The Company's Bermuda based insurance subsidiaries are required to maintain minimum statutory capital and surplus equal to the greater of a minimum solvency margin ("MSM") and the Enhanced Capital Requirement ("ECR") where applicable. The ECR is equal to the higher of each insurer's MSM or the Bermuda Solvency Capital Requirement ("BSCR") model or approved internal capital model. The BSCR for the relevant insurers for the year ended December 31, 2015 will not be filed with the BMA until April 2016 . As a result, the required statutory capital and surplus as at December 31, 2015 , as set out above, is based on the MSM of all relevant insurers, whereas the required statutory capital and surplus as at December 31, 2014 is based on the MSM and ECR where applicable for all relevant insurers. Required statutory capital and surplus includes Validus Reinsurance, Ltd., IPCRe Limited, AlphaCat Reinsurance Ltd., Mont Fort Re Ltd, and Talbot Insurance (Bermuda), Ltd. Actual statutory capital and surplus includes Validus Reinsurance, Ltd., AlphaCat Reinsurance Ltd., and Talbot Insurance (Bermuda), Ltd., as Validus Reinsurance, Ltd. is the parent company of the other two Bermuda based insurance subsidiaries. Talbot Insurance (Bermuda), Ltd. is only included in the required and actual statutory capital and surplus calculations as at December 31, 2014 as it was no longer a Bermuda based insurer as at December 31, 2015. Actual statutory capital and surplus includes capital held in support of FAL which is not available for distribution to the Company. Refer to Note 23 , "Commitments and Contingencies," for further details. (b) Required statutory capital and surplus is based on the Risk-Based Capital ("RBC") requirements and includes Western World Insurance Company, Tudor Insurance Company and Stratford Insurance Company. Actual statutory capital and surplus includes Western World Insurance Company. Western World Insurance Company is the parent Company of the other two U.S. based insurance subsidiaries. (c) Required statutory capital and surplus is based on the Target Capital ("TC") requirements calculated under the Swiss Solvency Test ("SST"). Required and actual statutory capital and surplus includes Validus Reinsurance (Switzerland) Ltd. and its Bermuda branch. During 2016 , the Company's Bermuda regulated subsidiaries have the ability to distribute up to $1,030,751 of unrestricted net assets as dividend payments and/or return of capital to Validus Holdings, Ltd. ( 2015 : $718,431 ) without prior regulatory approval. During the year ended December 31, 2015 , dividends and distributions to Validus Holdings, Ltd. from its subsidiaries, net of amounts reinvested in subsidiaries, were $465,000 ( 2014 : $773,966 ). Statutory net income for the years ended December 31, 2015 , 2014 and 2013 was as follows: Bermuda (a) United States (b) Switzerland (c) Years Ended December 31, Years Ended December 31, Years Ended December 31, 2015 2014 2013 2015 2014 2013 2015 2014 2013 Statutory net income (loss) $ 329,260 $ 511,652 $ 687,837 $ 32,255 $ 105,210 $ — $ 19,916 $ 44,939 $ (17,655 ) (a) Statutory net income includes Validus Reinsurance, Ltd., IPCRe Limited, AlphaCat Reinsurance Ltd., Mont Fort Re Ltd. and Talbot Insurance (Bermuda), Ltd. The results of Talbot Insurance (Bermuda), Ltd. were included through September 30, 2015. (b) Statutory net income includes Western World Insurance Company, Tudor Insurance Company and Stratford Insurance Company. The results of Western World have been included in the Company's consolidated results from the October 2, 2014 date of acquisition. (c) Statutory net income (loss) includes Validus Reinsurance (Switzerland) Ltd. and its Bermuda branch.

Condensed consolidating finan66

Condensed consolidating financial information (Tables)	12 Months Ended
	Dec. 31, 2015
Condensed Consolidating Financial Information [Abstract]
Condensed consolidating balance sheet	Condensed Consolidating Balance Sheet as at December 31, 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 trading, at fair value $ 28,403 $ — $ 5,542,128 $ (60,200 ) $ 5,510,331 Short-term investments trading, at fair value — — 1,941,635 — 1,941,635 Other investments, at fair value — — 412,720 (75,864 ) 336,856 Cash and cash equivalents 25,306 122 697,681 — 723,109 Restricted cash — — 73,270 — 73,270 Total investments and cash 53,709 122 8,667,434 (136,064 ) 8,585,201 Investment in affiliates, equity method — — 88,065 — 88,065 Investment in subsidiaries on an equity basis 4,198,809 684,913 — (4,883,722 ) — Premiums receivable — — 658,682 — 658,682 Deferred acquisition costs — — 181,002 — 181,002 Prepaid reinsurance premiums — — 77,992 — 77,992 Securities lending collateral — — 4,863 — 4,863 Loss reserves recoverable — — 350,586 — 350,586 Paid losses recoverable — — 23,071 — 23,071 Income taxes recoverable — — 16,228 — 16,228 Deferred tax asset — — 21,661 — 21,661 Receivable for investments sold — — 39,766 — 39,766 Intangible assets — — 121,258 — 121,258 Goodwill — — 196,758 — 196,758 Accrued investment income 49 — 23,848 — 23,897 Intercompany receivable 10,389 10,847 — (21,236 ) — Other assets 813 — 125,969 — 126,782 Total assets $ 4,263,769 $ 695,882 $ 10,597,183 $ (5,041,022 ) $ 10,515,812 Liabilities Reserve for losses and loss expenses $ — $ — $ 2,996,567 $ — $ 2,996,567 Unearned premiums — — 966,210 — 966,210 Reinsurance balances payable — — 75,380 — 75,380 Securities lending payable — — 5,329 — 5,329 Deferred tax liability — 449 3,398 — 3,847 Payable for investments purchased — — 77,475 — 77,475 Accounts payable and accrued expenses 29,633 34 597,664 — 627,331 Intercompany payable — — 21,236 (21,236 ) — Notes payable to AlphaCat investors — — 75,493 — 75,493 Senior notes payable 245,161 — — — 245,161 Debentures payable 350,000 — 247,868 (60,200 ) 537,668 Total liabilities $ 624,794 $ 483 $ 5,066,620 $ (81,436 ) $ 5,610,461 Redeemable noncontrolling interest — — 1,111,714 — 1,111,714 Total shareholders' equity available to Validus 3,638,975 695,399 4,264,187 (4,959,586 ) 3,638,975 Noncontrolling interest — — 154,662 — 154,662 Total liabilities, noncontrolling interests and shareholders' equity $ 4,263,769 $ 695,882 $ 10,597,183 $ (5,041,022 ) $ 10,515,812 (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 trading, at fair value $ — $ — $ 5,605,431 $ (60,200 ) $ 5,545,231 Short-term investments trading, at fair value — — 1,501,212 — 1,501,212 Other investments, at fair value — — 402,797 (68,112 ) 334,685 Cash and cash equivalents 29,798 81 520,522 — 550,401 Restricted cash — — 173,003 — 173,003 Total investments and cash 29,798 81 8,202,965 (128,312 ) 8,104,532 Investment in affiliates, equity method — — 114,450 — 114,450 Investment in subsidiaries on an equity basis 4,139,398 665,641 — (4,805,039 ) — Premiums receivable — — 706,467 — 706,467 Deferred acquisition costs — — 161,022 — 161,022 Prepaid reinsurance premiums — — 82,947 — 82,947 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 893 — 136,414 — 137,307 Total assets $ 4,211,167 $ 665,722 $ 10,210,124 $ (4,974,449 ) $ 10,112,564 Liabilities Reserve for losses and loss expenses $ — $ — $ 3,243,147 $ — $ 3,243,147 Unearned premiums — — 989,229 — 989,229 Reinsurance balances payable — — 129,071 — 129,071 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 96 365,461 — 395,178 Intercompany payable — 20 41,078 (41,098 ) — Senior notes payable 244,960 — — — 244,960 Debentures payable 350,000 — 249,477 (60,200 ) 539,277 Total liabilities $ 624,581 $ 116 $ 5,092,514 $ (101,298 ) $ 5,615,913 Redeemable noncontrolling interest — — 617,791 — 617,791 Total shareholders' equity available to Validus 3,586,586 665,606 4,207,545 (4,873,151 ) 3,586,586 Noncontrolling interest — — 292,274 — 292,274 Total liabilities, noncontrolling interests and shareholders' equity $ 4,211,167 $ 665,722 $ 10,210,124 $ (4,974,449 ) $ 10,112,564 (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 Year Ended December 31, 2015 Validus Holdings, Ltd. (Parent Guarantor) Validus Holdings (UK) plc (Subsidiary Issuer) Other Consolidating Adjustments (b) Validus Holdings, Ltd. Revenues Net premiums earned $ — $ — $ 2,246,889 $ — $ 2,246,889 Net investment income 317 5 131,581 (4,079 ) 127,824 Net realized gains on investments — — 2,298 — 2,298 Change in net unrealized losses on investments (395 ) — (24,248 ) (7,752 ) (32,395 ) Income from investment affiliate — — 4,281 — 4,281 Other insurance related income and other loss — — 70,175 (65,064 ) 5,111 Foreign exchange gains (losses) 715 — (9,446 ) — (8,731 ) Total revenues $ 637 $ 5 $ 2,421,530 $ (76,895 ) $ 2,345,277 Expenses Losses and loss expenses — — 977,833 — 977,833 Policy acquisition costs — — 410,058 — 410,058 General and administrative expenses 74,015 36 354,722 (65,064 ) 363,709 Share compensation expenses 7,261 — 31,080 — 38,341 Finance expenses 47,722 — 29,001 (1,981 ) 74,742 Total expenses $ 128,998 $ 36 $ 1,802,694 $ (67,045 ) $ 1,864,683 (Loss) income before taxes, loss from operating affiliate, (income) attributable to AlphaCat investors and equity in net earnings of subsidiaries (128,361 ) (31 ) 618,836 (9,850 ) 480,594 Tax expense — (449 ) (5,927 ) — (6,376 ) Loss from operating affiliate — — (3,949 ) — (3,949 ) (Income) attributable to AlphaCat investors — — (2,412 ) — (2,412 ) Equity in net earnings of subsidiaries 503,254 24,077 — (527,331 ) — Net income $ 374,893 $ 23,597 $ 606,548 $ (537,181 ) $ 467,857 Net (income) attributable to noncontrolling interest — — (92,964 ) — (92,964 ) Net income available to Validus $ 374,893 $ 23,597 $ 513,584 $ (537,181 ) $ 374,893 Other comprehensive loss (4,013 ) — (3,172 ) 3,172 (4,013 ) Comprehensive income available to Validus $ 370,880 $ 23,597 $ 510,412 $ (534,009 ) $ 370,880 (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 Year Ended December 31, 2014 Validus Holdings, Ltd. (Parent Guarantor) Validus Holdings (UK) plc (Subsidiary Issuer) Other Consolidating Adjustments (b) Validus Holdings, Ltd. Revenues Net premiums earned $ — $ — $ 1,993,055 $ — $ 1,993,055 Net investment income 14 — 103,982 (3,910 ) 100,086 Net realized gains on investments — — 14,917 — 14,917 Change in net unrealized losses on investments — — (760 ) (2,082 ) (2,842 ) Income from investment affiliate — — 8,411 — 8,411 Other insurance related income and other loss — — 68,396 (67,167 ) 1,229 Foreign exchange gains (losses) 648 1 (12,830 ) — (12,181 ) Total revenues $ 662 $ 1 $ 2,175,171 $ (73,159 ) $ 2,102,675 Expenses Losses and loss expenses — — 765,015 — 765,015 Policy acquisition costs — — 339,467 — 339,467 General and administrative expenses 86,108 117 310,304 (67,167 ) 329,362 Share compensation expenses 6,424 — 26,649 — 33,073 Finance expenses 47,689 — 22,579 (1,944 ) 68,324 Transaction expenses — — 8,096 — 8,096 Total expenses $ 140,221 $ 117 $ 1,472,110 $ (69,111 ) $ 1,543,337 (Loss) income before taxes, loss from operating affiliate and equity in net earnings of subsidiaries (139,559 ) (116 ) 703,061 (4,048 ) 559,338 Tax expense — — (155 ) — (155 ) Loss from operating affiliate — — (4,340 ) — (4,340 ) Equity in net earnings of subsidiaries 619,522 10,843 — (630,365 ) — Net income $ 479,963 $ 10,727 $ 698,566 $ (634,413 ) $ 554,843 Net (income) attributable to noncontrolling interest — — (74,880 ) — (74,880 ) Net income available to Validus $ 479,963 $ 10,727 $ 623,686 $ (634,413 ) $ 479,963 Other comprehensive loss (7,939 ) — (7,711 ) 7,711 (7,939 ) Comprehensive income available to Validus $ 472,024 $ 10,727 $ 615,975 $ (626,702 ) $ 472,024 (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 Year Ended December 31, 2013 Validus Holdings, Ltd. (Parent Guarantor) Validus Holdings (UK) plc (Subsidiary Issuer) Other Consolidating Adjustments (b) Validus Holdings, Ltd. Revenues Net premiums earned $ — $ — $ 2,098,795 $ — $ 2,098,795 Net investment income 14 — 103,289 (7,214 ) 96,089 Net realized losses on investments — — (764 ) — (764 ) Change in net unrealized losses on investments — — (43,537 ) (8,882 ) (52,419 ) Income from investment affiliate — — 4,790 — 4,790 Other insurance related income and other loss 36 — 60,475 (67,118 ) (6,607 ) Foreign exchange (losses) gains (382 ) — 4,331 — 3,949 Total revenues $ (332 ) $ — $ 2,227,379 $ (83,214 ) $ 2,143,833 Expenses Losses and loss expenses — — 776,796 — 776,796 Policy acquisition costs — — 360,403 — 360,403 General and administrative expenses 84,143 — 298,983 (67,118 ) 316,008 Share compensation expenses 6,329 — 21,301 — 27,630 Finance expenses 45,868 — 24,108 (1,969 ) 68,007 Total expenses $ 136,340 $ — $ 1,481,591 $ (69,087 ) $ 1,548,844 (Loss) income before taxes, income from operating affiliate, (income) attributable to AlphaCat investors and equity in net earnings (losses) of subsidiaries (136,672 ) — 745,788 (14,127 ) 594,989 Tax expense — — (383 ) — (383 ) Income from operating affiliates — — 542 — 542 Equity in net earnings (losses) of subsidiaries 669,338 (5,938 ) — (663,400 ) — Net income (loss) $ 532,666 $ (5,938 ) $ 745,947 $ (677,527 ) $ 595,148 Net (income) attributable to noncontrolling interest — (62,482 ) — (62,482 ) Net income (loss) available (attributable) to Validus $ 532,666 $ (5,938 ) $ 683,465 $ (677,527 ) $ 532,666 Other comprehensive loss (1,954 ) — (1,954 ) 1,954 (1,954 ) Comprehensive income (loss) available (attributable) to Validus $ 530,712 $ (5,938 ) $ 681,511 $ (675,573 ) $ 530,712 (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 Year Ended December 31, 2015 Validus Holdings, Ltd. (Parent Guarantor) Validus Holdings (UK) plc (Subsidiary Issuer) Other Consolidating Adjustments (b) Validus Holdings, Ltd. Net cash provided by operating activities $ 536,125 $ 20,236 $ 423,845 $ (645,700 ) $ 334,506 Cash flows provided by (used in) investing activities Proceeds on sales of fixed maturity investments — — 3,842,408 — 3,842,408 Proceeds on maturities of fixed maturity investments — — 332,410 — 332,410 Purchases of fixed maturity investments (28,903 ) — (4,196,128 ) — (4,225,031 ) Purchases of short-term investments, net — — (436,690 ) — (436,690 ) Purchases of other investments, net — — (5,988 ) — (5,988 ) Increase in securities lending collateral — — (4,393 ) — (4,393 ) Redemption from operating affiliate — — 46,603 — 46,603 Investment in investment affiliate, net — — (19,886 ) — (19,886 ) Decrease in restricted cash — — 99,733 — 99,733 Investment in subsidiaries (555,700 ) (20,195 ) — 575,895 — Return of capital from subsidiaries 400,000 — — (400,000 ) — Net cash used in investing activities (184,603 ) (20,195 ) (341,931 ) 175,895 (370,834 ) Cash flows provided by (used in) financing activities Net proceeds on issuance of notes payable to AlphaCat investors — — 75,493 — 75,493 Issuance of common shares, net 17,407 — — — 17,407 Purchases of common shares under share repurchase program (260,430 ) — — — (260,430 ) Dividends paid (112,991 ) — (645,700 ) 645,700 (112,991 ) Increase in securities lending payable — — 4,393 — 4,393 Third party investment in redeemable noncontrolling interest — — 499,200 — 499,200 Third party redemption of redeemable noncontrolling interest — — (86,934 ) — (86,934 ) Third party investment in noncontrolling interest — — 9,600 — 9,600 Third party redemption of noncontrolling interest — — (168,733 ) — (168,733 ) Third party subscriptions received on AlphaCat Funds and Sidecars — — 249,636 — 249,636 Capital contribution from parent — — 575,895 (575,895 ) — Return of capital to parent — — (400,000 ) 400,000 — Net cash (used in) provided by financing activities (356,014 ) — 112,850 469,805 226,641 Effect of foreign currency rate changes on cash and cash equivalents — — (17,605 ) — (17,605 ) Net (decrease) increase in cash (4,492 ) 41 177,159 — 172,708 Cash and cash equivalents, beginning of year 29,798 81 520,522 — 550,401 Cash and cash equivalents, end of year $ 25,306 $ 122 $ 697,681 $ — $ 723,109 (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 Year Ended December 31, 2014 Validus Holdings, Ltd. (Parent Guarantor) Validus Holdings (UK) plc (Subsidiary Issuer) Other Consolidating Adjustments (b) Validus Holdings, Ltd. Net cash (used in) provided by operating activities $ (41,905 ) $ 81 $ 481,985 $ (100,000 ) $ 340,161 Cash flows provided by (used in) investing activities Proceeds on sales of fixed maturity investments — — 4,756,555 — 4,756,555 Proceeds on maturities of fixed maturity investments — — 554,619 — 554,619 Purchases of fixed maturity investments — — (4,391,814 ) — (4,391,814 ) Purchases of short-term investments, net — — (329,301 ) — (329,301 ) Purchases of other investments, net — — (143,597 ) — (143,597 ) Decrease in securities lending collateral — — 2,922 — 2,922 Investment in investment affiliate, net — — (12,468 ) — (12,468 ) Decrease in restricted cash — — 27,489 — 27,489 Proceeds on sale of subsidiary, net of cash — — 16,459 — 16,459 Purchase of subsidiary, net of cash acquired — — (643,545 ) — (643,545 ) Investment in subsidiaries — (240,000 ) (240,000 ) 480,000 — Return of capital from subsidiaries 673,966 — — (673,966 ) — Net cash provided by (used in) investing activities 673,966 (240,000 ) (402,681 ) (193,966 ) (162,681 ) Cash flows provided by (used in) financing activities Issuance of common shares, net 5,347 — — — 5,347 Purchases of common shares under share repurchase program (510,952 ) — — — (510,952 ) Dividends paid (117,043 ) — (100,000 ) 100,000 (117,043 ) Decrease in securities lending payable — — (2,922 ) — (2,922 ) Third party investment in redeemable noncontrolling interest — — 300,200 — 300,200 Third party redemption of redeemable noncontrolling interest — — (13,192 ) — (13,192 ) Third party investment in noncontrolling interest — — 117,243 — 117,243 Third party redemption of noncontrolling interest — — (237,183 ) — (237,183 ) Third party subscriptions received on AlphaCat Funds and Sidecars — — 127,400 — 127,400 Capital contribution from parent — 240,000 240,000 (480,000 ) — Return of capital to parent — — (673,966 ) 673,966 — Net cash (used in) provided by financing activities (622,648 ) 240,000 (242,420 ) 293,966 (331,102 ) Effect of foreign currency rate changes on cash and cash equivalents — — (25,310 ) — (25,310 ) Net increase (decrease) in cash 9,413 81 (188,426 ) — (178,932 ) Cash and cash equivalents, beginning of year 20,385 — 708,948 — 729,333 Cash and cash equivalents, end of year $ 29,798 $ 81 $ 520,522 $ — $ 550,401 (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 Year Ended December 31, 2013 Validus Holdings, Ltd. (Parent Guarantor) Validus Holdings (UK) plc (Subsidiary Issuer) Other Consolidating Adjustments (b) Validus Holdings, Ltd. Net cash provided by operating activities $ 855,029 $ — $ 371,283 $ (990,946 ) $ 235,366 Cash flows provided by (used in) investing activities Proceeds on sales of fixed maturity investments — — 4,370,548 — 4,370,548 Proceeds on maturities of fixed maturity investments — — 490,459 — 490,459 Purchases of fixed maturity investments — — (5,392,728 ) — (5,392,728 ) Sales of short-term investments, net — — 934,759 — 934,759 Sales of other investments, net — — 26,508 — 26,508 Increase in securities lending collateral — — (3,167 ) — (3,167 ) Investment in operating affiliate — — (6,500 ) — (6,500 ) Investment in investment affiliate, net — — (14,492 ) — (14,492 ) Increase in restricted cash — — (172,962 ) — (172,962 ) Proceeds on sale of subsidiary, net of cash — — 21,388 — 21,388 Return of capital from subsidiaries 18,054 — — (18,054 ) — Net cash provided by investing activities 18,054 — 253,813 (18,054 ) 253,813 Cash flows provided by (used in) financing activities Issuance of common shares, net 1,211 — — — 1,211 Purchases of common shares under share repurchase program (513,504 ) — — — (513,504 ) Dividends paid (360,071 ) — (990,946 ) 990,946 (360,071 ) Increase in securities lending payable — — 3,167 — 3,167 Third party investment in redeemable noncontrolling interest — — 142,190 — 142,190 Third party investment in noncontrolling interest — — 136,619 — 136,619 Third party redemption of noncontrolling interest — — (289,260 ) — (289,260 ) Third party subscriptions received on AlphaCat Funds and Sidecars — — 15,600 — 15,600 Return of capital to parent — — (18,054 ) 18,054 — Net cash used in financing activities (872,364 ) — (1,000,684 ) 1,009,000 (864,048 ) Effect of foreign currency rate changes on cash and cash equivalents — — (6,364 ) — (6,364 ) Net increase (decrease) in cash 719 — (381,952 ) — (381,233 ) Cash and cash equivalents, beginning of year 19,666 — 1,090,900 — 1,110,566 Cash and cash equivalents, end of year $ 20,385 $ — $ 708,948 $ — $ 729,333 (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 unaudited quarterly67

Condensed unaudited quarterly financial information (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Schedule Of Condensed Quarterly Financial Information [Table Text Block]	Quarters Ended December 31, 2015 September 30, 2015 June 30, March 31, (unaudited) (unaudited) (unaudited) (unaudited) Underwriting income Gross premiums written $ 309,605 $ 402,509 $ 726,168 $ 1,119,224 Reinsurance premiums ceded (33,128 ) (48,810 ) (55,418 ) (191,325 ) Net premiums written 276,477 353,699 670,750 927,899 Change in unearned premiums 266,823 201,312 (98,062 ) (352,009 ) Net premiums earned 543,300 555,011 572,688 575,890 Other insurance related income 969 3,496 708 940 Underwriting revenues 544,269 558,507 573,396 576,830 Underwriting deductions Losses and loss expenses 214,748 256,010 266,146 240,929 Policy acquisition costs 102,285 105,039 104,323 98,411 General and administrative expenses 98,563 96,886 84,025 84,235 Share compensation expenses 10,062 9,983 9,242 9,054 Total underwriting deductions 425,658 467,918 463,736 432,629 Underwriting income $ 118,611 $ 90,589 $ 109,660 $ 144,201 Net investment income 31,612 31,572 33,611 31,029 Finance expenses (16,581 ) (18,512 ) (18,682 ) (20,967 ) Operating income before taxes, income (loss) from operating affiliates and (income) loss attributable to AlphaCat investors $ 133,642 $ 103,649 $ 124,589 $ 154,263 Tax benefit (expense) 756 (2,018 ) (2,549 ) (2,565 ) (Loss) income from operating affiliates (1,708 ) (7,963 ) 1,738 3,984 (Income) attributable to AlphaCat investors (974 ) (1,438 ) — — Net operating income $ 131,716 $ 92,230 $ 123,778 $ 155,682 Net realized (losses) gains on investments (2,928 ) (1,187 ) 2,244 4,169 Net unrealized (losses) gains on investments (34,862 ) 3,916 (34,676 ) 33,227 (Loss) income from investment affiliate (1,261 ) 2,482 284 2,776 Foreign exchange gains (losses) 797 (2,592 ) (2,671 ) (4,265 ) Other income (loss) 1,576 (1,970 ) (608 ) — Net income $ 95,038 $ 92,879 $ 88,351 $ 191,589 Net (income) attributable to noncontrolling interest (25,996 ) (26,229 ) (22,561 ) (18,178 ) Net income available to Validus $ 69,042 $ 66,650 $ 65,790 $ 173,411 Earnings per share Weighted average number of common shares and common share equivalents outstanding: Basic 82,538,834 82,635,316 84,003,549 83,251,243 Diluted 85,181,258 85,629,494 87,313,154 87,583,129 Basic earnings per share available to common shareholders $ 0.84 $ 0.79 $ 0.77 $ 2.07 Earnings per diluted share available to common shareholders $ 0.81 $ 0.78 $ 0.75 $ 1.98 Selected ratios: Losses and loss expenses 39.5 % 46.1 % 46.5 % 41.8 % Expense ratio 38.8 % 38.2 % 34.5 % 33.3 % Combined ratio 78.3 % 84.3 % 81.0 % 75.1 % Quarters Ended December 31, September 30, June 30, March 31, (unaudited) (unaudited) (unaudited) (unaudited) Underwriting income Gross premiums written $ 336,643 $ 357,711 $ 653,745 $ 1,010,766 Reinsurance premiums ceded (33,623 ) (30,137 ) (54,014 ) (195,434 ) Net premiums written 303,020 327,574 599,731 815,332 Change in unearned premiums 253,621 164,997 (136,290 ) (334,930 ) Net premiums earned 556,641 492,571 463,441 480,402 Other insurance related income 1,544 629 680 619 Underwriting revenues 558,185 493,200 464,121 481,021 Underwriting deductions Losses and loss expenses 223,723 224,125 155,646 161,521 Policy acquisition costs 89,307 86,157 78,644 85,359 General and administrative expenses 99,173 82,556 74,403 73,230 Share compensation expenses 8,821 8,764 8,341 7,147 Total underwriting deductions 421,024 401,602 317,034 327,257 Underwriting income $ 137,161 $ 91,598 $ 147,087 $ 153,764 Net investment income 30,169 25,265 21,286 23,366 Finance expenses (17,605 ) (16,273 ) (17,086 ) (17,360 ) Operating income before taxes and income (loss) from operating affiliates $ 149,725 $ 100,590 $ 151,287 $ 159,770 Tax benefit (expense) 243 953 (1,391 ) 40 (Loss) income from operating affiliates (7,077 ) (5,895 ) 3,824 4,808 Net operating income $ 142,891 $ 95,648 $ 153,720 $ 164,618 Net realized gains on investments 6,902 2,042 2,233 3,740 Net unrealized (losses) gains on investments (2,040 ) (23,982 ) 14,156 9,024 Income from investment affiliate 530 1,754 779 5,348 Foreign exchange gains (losses) 3,674 (12,281 ) 3,156 (6,730 ) Other (loss) income (770 ) (7,690 ) 424 5,793 Transaction expenses (4,695 ) (149 ) (3,252 ) — Net income $ 146,492 $ 55,342 $ 171,216 $ 181,793 Net (income) attributable to noncontrolling interest (20,584 ) (15,670 ) (17,849 ) (20,777 ) Net income available to Validus $ 125,908 $ 39,672 $ 153,367 $ 161,016 Earnings per share Weighted average number of common shares and common share equivalents outstanding Basic 86,421,127 90,593,329 90,952,523 93,451,999 Diluted 90,948,156 91,939,610 95,276,836 97,799,519 Basic earnings per share available to common shareholders $ 1.44 $ 0.42 $ 1.67 $ 1.71 Earnings per diluted share available to common shareholders $ 1.38 $ 0.41 $ 1.61 $ 1.65 Selected Ratios: Losses and loss expenses 40.2 % 45.5 % 33.6 % 33.6 % Expense ratio 35.4 % 36.0 % 34.8 % 34.5 % Combined ratio 75.6 % 81.5 % 68.4 % 68.1 %

Nature of the business (Details

Nature of the business (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Oct. 31, 2013USD ($)	Dec. 31, 2015segments
Nature Of Business [Line Items]
Number of operating segments | segments		4
Flagstone Alliance Insurance and Reinsurance Plc [Member]
Nature Of Business [Line Items]
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | $	$ 21,400

Basis of preparation and cons69

Basis of preparation and consolidation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Balance sheet
Assets	$ 10,515,812				$ 10,112,564				$ 10,515,812	$ 10,112,564
Liabilities	5,610,461				5,615,913				5,610,461	5,615,913
Redeemable noncontrolling interest	1,111,714				617,791				1,111,714	617,791
Total shareholders' equity available to Validus	3,638,975				3,586,586				3,638,975	3,586,586	$ 3,704,094
Noncontrolling interest	154,662				292,274				154,662	292,274	375,026
Total shareholders' equity	3,793,637				3,878,860				3,793,637	3,878,860	4,079,120
Total liabilities, noncontrolling interests and shareholders’ equity	10,515,812				10,112,564				10,515,812	10,112,564
Statement of comprehensive income
Total revenues									2,345,277	2,102,675	2,143,833
Total expenses									1,864,683	1,543,337	1,548,844
Net income	95,038	$ 92,879	$ 88,351	$ 191,589	146,492	$ 55,342	$ 171,216	$ 181,793	467,857	554,843	595,148
Net (income) attributable to noncontrolling interest	(25,996)	(26,229)	(22,561)	(18,178)	(20,584)	(15,670)	(17,849)	(20,777)	(92,964)	(74,880)	(62,482)
Net income available to Validus	$ 69,042	$ 66,650	$ 65,790	$ 173,411	$ 125,908	$ 39,672	$ 153,367	$ 161,016	374,893	479,963	532,666
Comprehensive income available to Validus									$ 370,880	$ 472,024	$ 530,712
Basic earnings per share available to common shareholders	$ 0.84	$ 0.79	$ 0.77	$ 2.07	$ 1.44	$ 0.42	$ 1.67	$ 1.71	$ 4.47	$ 5.24	$ 5.02
Earnings per diluted share available to common shareholders	$ 0.81	$ 0.78	$ 0.75	$ 1.98	$ 1.38	$ 0.41	$ 1.61	$ 1.65	$ 4.34	$ 5.07	$ 4.94
Statement of cash flows
Net cash provided by operating activities									$ 334,506	$ 340,161	$ 235,366
Net cash (used in) provided by investing activities									(370,834)	(162,681)	253,813
Net cash provided by (used in) financing activities									226,641	(331,102)	(864,048)
Effect of foreign currency rate changes on cash and cash equivalents									(17,605)	(25,310)	(6,364)
Net increase (decrease) in cash									172,708	(178,932)	(381,233)
Cash and cash equivalents - beginning of year				$ 550,401				$ 729,333	550,401	729,333	1,110,566
Cash and cash equivalents - end of year	$ 723,109				$ 550,401				723,109	550,401	729,333
Adjustments for New Accounting Principle, Early Adoption
New Accounting Pronouncement, Early Adoption [Line Items]
Cumulative effect of change on retained earnings	$ 405								405
Adjustments for New Accounting Principle, Early Adoption | As previously reported
Balance sheet
Assets					10,311,621					10,311,621
Liabilities					6,185,112					6,185,112
Redeemable noncontrolling interest					79,956					79,956
Total shareholders' equity available to Validus					3,587,958					3,587,958
Noncontrolling interest					458,595					458,595
Total shareholders' equity					4,046,553					4,046,553
Total liabilities, noncontrolling interests and shareholders’ equity					10,311,621					10,311,621
Statement of comprehensive income
Total revenues										2,085,122	2,158,532
Total expenses										1,547,420	1,561,314
Net income										445,871	542,361
Net (income) attributable to noncontrolling interest										35,464	(9,695)
Net income available to Validus										481,335	532,666
Comprehensive income available to Validus										$ 473,396	$ 530,712
Basic earnings per share available to common shareholders										$ 5.26	$ 5.02
Earnings per diluted share available to common shareholders										$ 5.08	$ 4.94
Statement of cash flows
Net cash provided by operating activities										$ 241,781	$ 265,274
Net cash (used in) provided by investing activities										121,582	(321,436)
Net cash provided by (used in) financing activities										(489,507)	(264,048)
Effect of foreign currency rate changes on cash and cash equivalents										(30,764)	(6,364)
Net increase (decrease) in cash										(156,908)	(326,574)
Cash and cash equivalents - beginning of year				577,240				734,148	577,240	734,148	1,060,722
Cash and cash equivalents - end of year					577,240					577,240	734,148
Adjustments for New Accounting Principle, Early Adoption | Adjustment for adoption of new consolidation guidance
Balance sheet
Assets					(199,057)					(199,057)
Liabilities					(569,199)					(569,199)
Redeemable noncontrolling interest					537,835					537,835
Total shareholders' equity available to Validus					(1,372)					(1,372)
Noncontrolling interest					(166,321)					(166,321)
Total shareholders' equity					(167,693)					(167,693)
Total liabilities, noncontrolling interests and shareholders’ equity					(199,057)					(199,057)
Statement of comprehensive income
Total revenues										17,553	(14,699)
Total expenses										(4,083)	(12,470)
Net income										108,972	52,787
Net (income) attributable to noncontrolling interest										(110,344)	(52,787)
Net income available to Validus										(1,372)	0
Comprehensive income available to Validus										$ (1,372)	$ 0
Basic earnings per share available to common shareholders										$ (0.02)	$ 0
Earnings per diluted share available to common shareholders										$ (0.01)	$ 0
Statement of cash flows
Net cash provided by operating activities										$ 98,380	$ (29,908)
Net cash (used in) provided by investing activities										(284,263)	575,249
Net cash provided by (used in) financing activities										158,405	(600,000)
Effect of foreign currency rate changes on cash and cash equivalents										5,454	0
Net increase (decrease) in cash										(22,024)	(54,659)
Cash and cash equivalents - beginning of year				$ (26,839)				$ (4,815)	$ (26,839)	(4,815)	49,844
Cash and cash equivalents - end of year					$ (26,839)					$ (26,839)	$ (4,815)

Significant accounting polici70

Significant accounting policies (Details)	12 Months Ended
	Dec. 31, 2015
Premiums
Significant Accounting Policies [Line Items]
Assumed risk period, in months	24 months
Derivative | Maximum
Significant Accounting Policies [Line Items]
Hedge effectiveness criteria, percent	125.00%
Derivative | Minimum
Significant Accounting Policies [Line Items]
Hedge effectiveness criteria, percent	80.00%
Cash and cash equivalents
Significant Accounting Policies [Line Items]
Time period for recognition, as shown	1 month

Recent accounting pronounceme71

Recent accounting pronouncements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Senior Notes Payable | New Accounting Pronouncement, Early Adoption, Effect
New Accounting Pronouncement, Early Adoption [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	$ 2,252	$ 2,346

Business combination (Acquisiti

Business combination (Acquisition details) (Details) - USD ($) $ in Thousands	Oct. 02, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Liabilities acquired
Goodwill		$ 196,758	$ 195,897	$ 20,393
Western World Insurance Group, Inc
Total allocable purchase price
Total allocable purchase price	$ 692,305
Tangible assets acquired
Cash and cash equivalents	48,760
Investments	1,126,185
Receivables	37,848
Other assets	19,418
Tangible assets acquired	1,232,211
Intangible assets acquired
Intangible assets acquired	25,055
Liabilities acquired
Net loss reserves and paid losses recoverable	523,315
Unearned premiums, net of expenses	135,686
Other liabilities	81,464
Liabilities acquired	740,465
Goodwill		176,365	$ 175,504
Measurement period adjustments to assets		$ 861
Western World Insurance Group, Inc | Brand names
Intangible assets acquired
Intangible asset - finite-lived	5,756
Western World Insurance Group, Inc | Distribution network
Intangible assets acquired
Intangible asset - finite-lived	4,651
Western World Insurance Group, Inc | Technology
Intangible assets acquired
Intangible asset - finite-lived	2,323
Western World Insurance Group, Inc | State licenses
Intangible assets acquired
Intangible asset - indefinite-lived	$ 12,325

Business combination (Pro forma

Business combination (Pro forma information) (Details) - Western World Insurance Group, Inc - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Business Acquisition [Line Items]
Net premiums earned	$ 2,216,349	$ 2,325,407
Net operating income	481,179	645,696
Net income	$ 448,071	$ 561,832

Business combination (Results s

Business combination (Results since acquisition) (Details) - Western World Insurance Group, Inc $ in Thousands	3 Months Ended
	Dec. 31, 2014USD ($)
Business Acquisition [Line Items]
Net premiums written	$ 58,807
Total revenue	78,325
Total expenses	(66,882)
Net income	$ 11,443

Goodwill and other intangible75

Goodwill and other intangible assets (Analysis of goodwill) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Goodwill [Line Items]
Goodwill, beginning of year	$ 195,897	$ 20,393
Acquired during the year		175,504
Measurement period adjustments	861
Goodwill, end of year	196,758	195,897
Talbot
Goodwill [Line Items]
Goodwill, beginning of year	20,393	20,393
Acquired during the year		0
Measurement period adjustments	0
Goodwill, end of year	20,393	20,393
Western World Insurance Group, Inc
Goodwill [Line Items]
Goodwill, beginning of year	175,504	0
Acquired during the year		175,504
Measurement period adjustments	861
Goodwill, end of year	$ 176,365	$ 175,504

Goodwill and other intangible76

Goodwill and other intangible assets (Analysis of carrying value and accumulated amortization of intangible assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Goodwill And Other Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	$ 60,343	$ 60,343
Finite-lived intangible assets, accumulated amortization	(43,253)	(37,587)
Indefinite-lived intangible assets, gross carrying amount	104,168	104,168
Trade name and customer relationships
Goodwill And Other Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	18,189	18,189
Finite-lived intangible assets, accumulated amortization	(12,187)	(10,971)
Distribution network
Goodwill And Other Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	39,831	39,831
Finite-lived intangible assets, accumulated amortization	(30,485)	(26,500)
Technology
Goodwill And Other Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	2,323	2,323
Finite-lived intangible assets, accumulated amortization	(581)	(116)
Syndicate capacity
Goodwill And Other Intangible Assets [Line Items]
Indefinite-lived intangible assets, gross carrying amount	91,843	91,843
State licenses
Goodwill And Other Intangible Assets [Line Items]
Indefinite-lived intangible assets, gross carrying amount	$ 12,325	$ 12,325

Goodwill and other intangible77

Goodwill and other intangible assets (Remaining amortization expense) (Details) $ in Thousands	Dec. 31, 2015USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2,016	$ 5,667
2,017	3,586
2,018	1,505
2,019	1,389
2020 and thereafter	4,943
Intangible assets with a finite life, net	$ 17,090

Goodwill and other intangible78

Goodwill and other intangible assets (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Business Acquisition [Line Items]
Amortization of intangible assets	$ 5,666	$ 4,538	$ 4,162
Talbot
Business Acquisition [Line Items]
Percentage ownership of syndicated capacity	100.00%
Distribution network | Western World Insurance Group, Inc
Business Acquisition [Line Items]
Useful lives of acquired intangible assets	10 years
Distribution network | Talbot
Business Acquisition [Line Items]
Useful lives of acquired intangible assets	10 years
Brand names | Western World Insurance Group, Inc
Business Acquisition [Line Items]
Useful lives of acquired intangible assets	10 years
Technology | Western World Insurance Group, Inc
Business Acquisition [Line Items]
Useful lives of acquired intangible assets	5 years
Trademark | Talbot
Business Acquisition [Line Items]
Useful lives of acquired intangible assets	10 years

Investments (Gross unrealized g

Investments (Gross unrealized gains and losses on fixed maturities) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Amortized cost, gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost	$ 5,556,900	$ 5,546,994
Short-term investments, at amortized cost	1,941,615	1,501,360
Other investments, at amortized cost	315,963	320,476
Total investments, amortized cost	7,814,478	7,368,830
Total investments, gross unrealized gains	36,781	40,422
Total investments, gross unrealized losses	(62,437)	(28,124)
Fixed maturities, at fair value	5,510,331	5,545,231
Short-term investments, at fair value	1,941,635	1,501,212
Other investments, at fair value	336,856	334,685
Total investments, at fair value	7,788,822	7,381,128
Managed investments
Amortized cost, gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost	5,369,053	5,458,672
Short-term investments, at amortized cost	237,349	318,440
Other investments, at amortized cost	315,963	320,476
Total investments, amortized cost	5,922,365	6,097,588
Fixed maturities, gross unrealized gains	12,724	23,589
Short term investments, gross unrealized gains	20	13
Other investments, gross unrealized gains	23,402	16,052
Total investments, gross unrealized gains	36,146	39,654
Fixed maturities, gross unrealized losses	(57,825)	(25,194)
Short term investments, gross unrealized losses	0	(161)
Other investments, gross unrealized losses	(2,509)	(1,843)
Total investments, gross unrealized losses	(60,334)	(27,198)
Fixed maturities, at fair value	5,323,952	5,457,067
Short-term investments, at fair value	237,369	318,292
Other investments, at fair value	336,856	334,685
Total investments, at fair value	5,898,177	6,110,044
Managed investments | U.S. government and government agency
Amortized cost, gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost	940,428	759,232
Fixed maturities, gross unrealized gains	333	1,755
Fixed maturities, gross unrealized losses	(3,559)	(901)
Fixed maturities, at fair value	937,202	760,086
Managed investments | Non-U.S. government and government agency
Amortized cost, gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost	241,549	279,493
Fixed maturities, gross unrealized gains	257	1,215
Fixed maturities, gross unrealized losses	(3,838)	(1,980)
Fixed maturities, at fair value	237,968	278,728
Managed investments | U.S. states, municipalities and political subdivisions
Amortized cost, gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost	299,929	448,668
Fixed maturities, gross unrealized gains	2,322	1,780
Fixed maturities, gross unrealized losses	(962)	(825)
Fixed maturities, at fair value	301,289	449,623
Managed investments | Agency residential mortgage-backed securities
Amortized cost, gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost	606,676	520,685
Fixed maturities, gross unrealized gains	6,361	9,697
Fixed maturities, gross unrealized losses	(2,455)	(1,151)
Fixed maturities, at fair value	610,582	529,231
Managed investments | Non-agency residential mortgage-backed securities
Amortized cost, gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost	27,025	37,954
Fixed maturities, gross unrealized gains	310	369
Fixed maturities, gross unrealized losses	(415)	(516)
Fixed maturities, at fair value	26,920	37,807
Managed investments | U.S. corporate
Amortized cost, gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost	1,503,614	1,500,963
Fixed maturities, gross unrealized gains	1,594	3,960
Fixed maturities, gross unrealized losses	(15,257)	(5,217)
Fixed maturities, at fair value	1,489,951	1,499,706
Managed investments | Non-U.S. corporate
Amortized cost, gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost	453,178	564,386
Fixed maturities, gross unrealized gains	797	2,765
Fixed maturities, gross unrealized losses	(7,405)	(3,989)
Fixed maturities, at fair value	446,570	563,162
Managed investments | Bank loans
Amortized cost, gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost	592,981	457,537
Fixed maturities, gross unrealized gains	275	200
Fixed maturities, gross unrealized losses	(17,045)	(8,733)
Fixed maturities, at fair value	576,211	449,004
Managed investments | Asset-backed securities
Amortized cost, gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost	440,363	647,422
Fixed maturities, gross unrealized gains	344	1,250
Fixed maturities, gross unrealized losses	(3,583)	(1,190)
Fixed maturities, at fair value	437,124	647,482
Managed investments | Commercial mortgage backed securities
Amortized cost, gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost	263,310	242,332
Fixed maturities, gross unrealized gains	131	598
Fixed maturities, gross unrealized losses	(3,306)	(692)
Fixed maturities, at fair value	260,135	242,238
Managed investments | Fund of hedge funds
Amortized cost, gross unrealized gains and (losses) and estimated fair value of investments
Other investments, at amortized cost	1,457	2,570
Other investments, gross unrealized gains	0	125
Other investments, gross unrealized losses	(40)	(920)
Other investments, at fair value	1,417	1,775
Managed investments | Preferred stock
Amortized cost, gross unrealized gains and (losses) and estimated fair value of investments
Other investments, at amortized cost		6,535
Other investments, gross unrealized gains		0
Other investments, gross unrealized losses		(201)
Other investments, at fair value		6,334
Managed investments | Hedge funds
Amortized cost, gross unrealized gains and (losses) and estimated fair value of investments
Other investments, at amortized cost	14,018	11,671
Other investments, gross unrealized gains	6,962	6,963
Other investments, gross unrealized losses	0	0
Other investments, at fair value	20,980	18,634
Managed investments | Private equity investments
Amortized cost, gross unrealized gains and (losses) and estimated fair value of investments
Other investments, at amortized cost	53,489	48,995
Other investments, gross unrealized gains	12,751	4,987
Other investments, gross unrealized losses	(2,469)	(611)
Other investments, at fair value	63,771	53,371
Managed investments | Investment funds
Amortized cost, gross unrealized gains and (losses) and estimated fair value of investments
Other investments, at amortized cost	188,121	177,898
Other investments, gross unrealized gains	600	437
Other investments, gross unrealized losses	0	(111)
Other investments, at fair value	188,721	178,224
Managed investments | Overseas deposits
Amortized cost, gross unrealized gains and (losses) and estimated fair value of investments
Other investments, at amortized cost	54,484	66,608
Other investments, gross unrealized gains	0	0
Other investments, gross unrealized losses	0	0
Other investments, at fair value	54,484	66,608
Managed investments | Mutual funds
Amortized cost, gross unrealized gains and (losses) and estimated fair value of investments
Other investments, at amortized cost	4,394	6,199
Other investments, gross unrealized gains	3,089	3,540
Other investments, gross unrealized losses	0	0
Other investments, at fair value	7,483	9,739
Non-managed investments
Amortized cost, gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost	187,847	88,322
Short-term investments, at amortized cost	1,704,266	1,182,920
Total investments, amortized cost	1,892,113	1,271,242
Short term investments, gross unrealized gains	0	0
Total investments, gross unrealized gains	635	768
Short term investments, gross unrealized losses	0	0
Total investments, gross unrealized losses	(2,103)	(926)
Fixed maturities, at fair value	186,379	88,164
Short-term investments, at fair value	1,704,266	1,182,920
Total investments, at fair value	1,890,645	1,271,084
Non-managed investments | Catastrophe bonds
Amortized cost, gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost	187,847	88,322
Fixed maturities, gross unrealized gains	635	768
Fixed maturities, gross unrealized losses	(2,103)	(926)
Fixed maturities, at fair value	$ 186,379	$ 88,164

Investments (Fixed maturities b

Investments (Fixed maturities by investment rating) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Fixed Maturities
Estimated fair value	$ 5,510,331	$ 5,545,231
Percentage of total	100.00%	100.00%
Managed investments
Fixed Maturities
Estimated fair value	$ 5,323,952	$ 5,457,067
Percentage of total	96.60%	98.40%
Managed investments | Investment Grade
Fixed Maturities
Estimated fair value	$ 4,659,892	$ 4,933,764
Percentage of total	84.60%	89.00%
Managed investments | Investment Grade | AAA [Member]
Fixed Maturities
Estimated fair value	$ 2,367,642	$ 2,494,239
Percentage of total	43.00%	45.00%
Managed investments | Investment Grade | AA [Member]
Fixed Maturities
Estimated fair value	$ 569,386	$ 848,226
Percentage of total	10.30%	15.30%
Managed investments | Investment Grade | A [Member]
Fixed Maturities
Estimated fair value	$ 1,031,326	$ 1,086,091
Percentage of total	18.70%	19.60%
Managed investments | Investment Grade | BBB [Member]
Fixed Maturities
Estimated fair value	$ 691,538	$ 505,208
Percentage of total	12.60%	9.10%
Managed investments | Non-Investment Grade
Fixed Maturities
Estimated fair value	$ 664,060	$ 523,303
Percentage of total	12.00%	9.40%
Managed investments | Non-Investment Grade | BB [Member]
Fixed Maturities
Estimated fair value	$ 235,724	$ 338,108
Percentage of total	4.30%	6.10%
Managed investments | Non-Investment Grade | B [Member]
Fixed Maturities
Estimated fair value	$ 179,069	$ 113,863
Percentage of total	3.20%	2.00%
Managed investments | Non-Investment Grade | CCC [Member]
Fixed Maturities
Estimated fair value	$ 5,706	$ 12,733
Percentage of total	0.10%	0.20%
Managed investments | Non-Investment Grade | CC [Member]
Fixed Maturities
Estimated fair value	$ 1,015	$ 3,926
Percentage of total	0.00%	0.10%
Managed investments | Non-Investment Grade | C [Member]
Fixed Maturities
Estimated fair value	$ 0	$ 1,344
Percentage of total	0.00%	0.00%
Managed investments | Non-Investment Grade | NR [Member]
Fixed Maturities
Estimated fair value	$ 242,546	$ 53,329
Percentage of total	4.40%	1.00%
Non-managed investments
Fixed Maturities
Estimated fair value	$ 186,379	$ 88,164
Percentage of total	3.40%	1.60%
Non-managed investments | Investment Grade | BBB [Member]
Fixed Maturities
Estimated fair value	$ 1,911	$ 0
Percentage of total	0.00%	0.00%
Non-managed investments | Non-Investment Grade
Fixed Maturities
Estimated fair value	$ 184,468	$ 88,164
Percentage of total	3.40%	1.60%
Non-managed investments | Non-Investment Grade | BB [Member]
Fixed Maturities
Estimated fair value	$ 70,962	$ 24,864
Percentage of total	1.30%	0.40%
Non-managed investments | Non-Investment Grade | B [Member]
Fixed Maturities
Estimated fair value	$ 30,698	$ 31,377
Percentage of total	0.60%	0.60%
Non-managed investments | Non-Investment Grade | NR [Member]
Fixed Maturities
Estimated fair value	$ 82,808	$ 31,923
Percentage of total	1.50%	0.60%

Investments (Maturity profile o

Investments (Maturity profile of fixed maturity investments) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Maturity profile
Amortized cost	$ 5,556,900	$ 5,546,994
Estimated fair value	5,510,331	5,545,231
Managed investments
Maturity profile
Amortized cost	5,369,053	5,458,672
Estimated fair value	5,323,952	5,457,067
Managed investments | Fixed maturities trading securities allocated to contractual maturity [Member]
Maturity profile
Amortized cost	4,031,679	4,010,279
Estimated fair value	3,989,191	4,000,309
Managed investments | Due in one year or less [Member] | Fixed maturities trading securities allocated to contractual maturity [Member]
Maturity profile
Amortized cost	367,132	312,843
Estimated fair value	366,019	313,248
Managed investments | Due after one year through five years [Member] | Fixed maturities trading securities allocated to contractual maturity [Member]
Maturity profile
Amortized cost	2,965,920	3,088,653
Estimated fair value	2,936,053	3,084,790
Managed investments | Due after five years through ten years [Member] | Fixed maturities trading securities allocated to contractual maturity [Member]
Maturity profile
Amortized cost	548,183	495,925
Estimated fair value	539,083	490,616
Managed investments | Due after ten years [Member] | Fixed maturities trading securities allocated to contractual maturity [Member]
Maturity profile
Amortized cost	150,444	112,858
Estimated fair value	148,036	111,655
Managed investments | Asset backed and mortgaged backed securities [Member] | No single maturity date [Member]
Maturity profile
Amortized cost	1,337,374	1,448,393
Estimated fair value	1,334,761	1,456,758
Non-managed investments
Maturity profile
Amortized cost	187,847	88,322
Estimated fair value	186,379	88,164
Non-managed investments | Due in one year or less [Member] | Fixed maturities trading securities allocated to contractual maturity [Member]
Maturity profile
Amortized cost	7,504	0
Estimated fair value	7,544	0
Non-managed investments | Due after one year through five years [Member] | Fixed maturities trading securities allocated to contractual maturity [Member]
Maturity profile
Amortized cost	165,093	87,072
Estimated fair value	163,575	86,910
Non-managed investments | Due after five years through ten years [Member] | Fixed maturities trading securities allocated to contractual maturity [Member]
Maturity profile
Amortized cost	15,250	1,250
Estimated fair value	15,260	1,254
Non-managed investments | Due after ten years [Member] | Fixed maturities trading securities allocated to contractual maturity [Member]
Maturity profile
Amortized cost	0	0
Estimated fair value	$ 0	$ 0

Investments (Other investments)

Investments (Other investments) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other investments		$ 336,856	$ 334,685
Managed investments
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other investments		336,856	334,685
Managed investments | Fund of hedge funds
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other investments		1,417	1,775
Managed investments | Preferred stock
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other investments			6,334
Managed investments | Hedge funds
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other investments		20,980	18,634
Managed investments | Private equity investments
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other investments		63,771	53,371
Managed investments | Investment funds
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other investments		188,721	178,224
Managed investments | Overseas deposits
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other investments		54,484	66,608
Managed investments | Mutual funds
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other investments		7,483	9,739
Recurring | Managed investments
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other investments		336,856	334,685
Recurring | Managed investments | Fund of hedge funds
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other investments		1,417	1,775
Recurring | Managed investments | Preferred stock
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other investments			6,334
Recurring | Managed investments | Hedge funds
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other investments		20,980	18,634
Recurring | Managed investments | Private equity investments
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other investments		63,771	53,371
Recurring | Managed investments | Investment funds
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other investments		188,721	178,224
Recurring | Managed investments | Overseas deposits
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other investments		54,484	66,608
Recurring | Managed investments | Mutual funds
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other investments		7,483	9,739
Subject to redemption restriction | Recurring | Managed investments
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other investments		308,562	245,175
Subject to redemption restriction | Recurring | Managed investments | Fund of hedge funds
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other investments		1,417	1,775
Subject to redemption restriction | Recurring | Managed investments | Preferred stock
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other investments			0
Subject to redemption restriction | Recurring | Managed investments | Hedge funds
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other investments		20,980	18,634
Subject to redemption restriction | Recurring | Managed investments | Private equity investments
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other investments		63,771	53,371
Subject to redemption restriction | Recurring | Managed investments | Investment funds
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other investments		$ 167,910	104,787
Estimated remaining restriction period		4 years
Subject to redemption restriction | Recurring | Managed investments | Overseas deposits
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other investments		$ 54,484	66,608
Subject to redemption restriction | Recurring | Managed investments | Mutual funds
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other investments		0	0
Not subject to redemption restriction | Recurring | Managed investments
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other investments		28,294	89,510
Not subject to redemption restriction | Recurring | Managed investments | Fund of hedge funds
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other investments		0	0
Not subject to redemption restriction | Recurring | Managed investments | Preferred stock
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other investments			$ 6,334
Redemption frequency	[1]		Daily
Not subject to redemption restriction | Recurring | Managed investments | Hedge funds
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other investments		0	$ 0
Not subject to redemption restriction | Recurring | Managed investments | Private equity investments
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other investments		0	0
Not subject to redemption restriction | Recurring | Managed investments | Investment funds
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other investments		$ 20,811	$ 73,437
Redemption frequency	[1]	Daily	Daily
Redemption notice period		2 days
Not subject to redemption restriction | Recurring | Managed investments | Overseas deposits
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other investments		$ 0	$ 0
Not subject to redemption restriction | Recurring | Managed investments | Mutual funds
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other investments		$ 7,483	$ 9,739
Redemption frequency	[1]	Daily	Daily
Minimum | Subject to redemption restriction | Recurring | Managed investments
Schedule of Trading Securities and Other Trading Assets [Line Items]
Estimated remaining restriction period		5 years
Minimum | Not subject to redemption restriction | Recurring | Managed investments | Investment funds
Schedule of Trading Securities and Other Trading Assets [Line Items]
Redemption notice period			1 day
Maximum | Subject to redemption restriction | Recurring | Managed investments
Schedule of Trading Securities and Other Trading Assets [Line Items]
Estimated remaining restriction period		10 years
Maximum | Not subject to redemption restriction | Recurring | Managed investments | Investment funds
Schedule of Trading Securities and Other Trading Assets [Line Items]
Redemption notice period			2 days
[1]	The redemption frequency and notice periods only apply to investments without redemption restrictions.

Investments (Components of net

Investments (Components of net investment income) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net investment income
Net investment income	$ 31,612	$ 31,572	$ 33,611	$ 31,029	$ 30,169	$ 25,265	$ 21,286	$ 23,366	$ 127,824	$ 100,086	$ 96,089
Managed investments
Net investment income
Total gross investment income									128,861	103,272	100,070
Investment expenses									(7,695)	(7,472)	(7,863)
Net investment income									121,166	95,800	92,207
Managed investments | Fixed Maturities And Short Term Investments [Member]
Net investment income
Total gross investment income									113,627	93,044	95,386
Managed investments | Other investments [Member]
Net investment income
Total gross investment income									13,307	5,111	0
Managed investments | Cash and cash equivalents
Net investment income
Total gross investment income									1,911	5,106	4,678
Managed investments | Securities lending income
Net investment income
Total gross investment income									16	11	6
Non-managed investments
Net investment income
Net investment income									6,658	4,286	3,882
Non-managed investments | Fixed Maturities And Short Term Investments [Member]
Net investment income
Total gross investment income									6,528	4,204	3,847
Non-managed investments | Restricted cash and cash and cash equivalents
Net investment income
Total gross investment income									$ 130	$ 82	$ 35

Investments (Realized and unrea

Investments (Realized and unrealized gains) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fixed maturities, short-term and other investments and cash equivalents
Net realized gains on investments	$ (2,928)	$ (1,187)	$ 2,244	$ 4,169	$ 6,902	$ 2,042	$ 2,233	$ 3,740	$ 2,298	$ 14,917	$ (764)
Change in net unrealized losses on investments (a)	$ (34,862)	$ 3,916	$ (34,676)	$ 33,227	$ (2,040)	$ (23,982)	$ 14,156	$ 9,024	(32,395)	(2,842)	(52,419)
Total net realized gains and change in net unrealized gains (losses) gains on investments									(30,097)	12,075	(53,183)
Managed investments
Fixed maturities, short-term and other investments and cash equivalents
Gross realized gains									15,678	20,201	27,318
Gross realized (losses)									(13,980)	(8,041)	(28,144)
Net realized gains on investments									1,698	12,160	(826)
Change in net unrealized losses on investments (a)									(32,007)	(1,030)	(54,588)
Total net realized gains and change in net unrealized gains (losses) gains on investments									(30,309)	11,130	(55,414)
Non-managed investments
Fixed maturities, short-term and other investments and cash equivalents
Gross realized gains									600	2,757	62
Gross realized (losses)									0	0	0
Net realized gains on investments									600	2,757	62
Change in net unrealized losses on investments (a)									(388)	(1,812)	2,169
Total net realized gains and change in net unrealized gains (losses) gains on investments									$ 212	$ 945	$ 2,231

Investments (Pledged investment

Investments (Pledged investments) (Details) - USD ($) $ in Thousands		Dec. 31, 2015	Dec. 31, 2014
Financial Instruments Owned and Pledged as Collateral [Line Items]
Credit facility, commitment		$ 700,000	$ 1,595,000
Letters of credit issued and outstanding	[1]	479,088	561,390
Investments pledged as collateral		826,535	1,022,740
Syndicated unsecured letter of credit facility
Financial Instruments Owned and Pledged as Collateral [Line Items]
Credit facility, commitment		85,000	400,000
Letters of credit issued and outstanding		0	0
Investments pledged as collateral		0	0
Four-year syndicated secured credit facility [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Credit facility, commitment		300,000	525,000
Letters of credit issued and outstanding		235,540	276,455	[1]
Investments pledged as collateral		370,909	395,750
Secured bi-lateral letter of credit facility
Financial Instruments Owned and Pledged as Collateral [Line Items]
Credit facility, commitment		24,000	200,000
Letters of credit issued and outstanding	[1]	10,543	15,649
Investments pledged as collateral		47,607	35,645
Talbot FAL Facility
Financial Instruments Owned and Pledged as Collateral [Line Items]
Credit facility, commitment			25,000
Letters of credit issued and outstanding	[1]		25,000
Investments pledged as collateral			31,048
AlphaCat Re secured letter of credit facility
Financial Instruments Owned and Pledged as Collateral [Line Items]
Credit facility, commitment		30,000	30,000
Letters of credit issued and outstanding	[1]	30,000	30,000
Investments pledged as collateral		30,153	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]	9,241	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		236,000	375,000
Letters of credit issued and outstanding	[1]	193,764	198,389
Investments pledged as collateral		$ 377,866	$ 430,782
[1]	Indicates utilization of commitment amount, not necessarily drawn borrowings

Investments (Narrative) (Detail

Investments (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)funds	Dec. 31, 2014USD ($)
Schedule of Trading Securities and Other Trading Assets [Line Items]
Securities lending - Percent of market value required in collateral	102.00%
Cash, cash equivalents and investments pledged as collateral	$ 4,056,788	$ 3,150,295
Investments held in trust	$ 4,007,215	$ 3,122,074
Subject to redemption restriction
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other Investments Number Of Funds | funds	1

Fair value measurements (Detail

Fair value measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	$ 5,510,331	$ 5,545,231
Short-term investments	1,941,635	1,501,212
Other investments	336,856	334,685
Total investments	7,788,822	7,381,128
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	7,788,822	7,381,128
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	1,926,944	1,392,854
Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	5,307,479	5,692,851
Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	245,837	50,248
Fair value based on NAV practical expedient | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	308,562	245,175
Managed investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	5,323,952	5,457,067
Short-term investments	237,369	318,292
Other investments	336,856	334,685
Total investments	5,898,177	6,110,044
Managed investments | U.S. government and government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	937,202	760,086
Managed investments | Non-U.S. government and government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	237,968	278,728
Managed investments | 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	301,289	449,623
Managed investments | Agency residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	610,582	529,231
Managed investments | Non-agency residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	26,920	37,807
Managed investments | U.S. corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	1,489,951	1,499,706
Managed investments | Non-U.S. corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	446,570	563,162
Managed investments | Bank loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	576,211	449,004
Managed investments | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	437,124	647,482
Managed investments | Commercial mortgage backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	260,135	242,238
Managed investments | Fund of hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	1,417	1,775
Managed investments | Preferred stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments		6,334
Managed investments | Hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	20,980	18,634
Managed investments | Private equity investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	63,771	53,371
Managed investments | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	188,721	178,224
Managed investments | Overseas deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	54,484	66,608
Managed investments | Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	7,483	9,739
Managed investments | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	5,323,952	5,457,067
Short-term investments	237,369	318,292
Other investments	336,856	334,685
Total investments	5,898,177	6,110,044
Managed investments | 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	937,202	760,086
Managed investments | Recurring | Non-U.S. government and government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	237,968	278,728
Managed investments | 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	301,289	449,623
Managed investments | Recurring | Agency residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	610,582	529,231
Managed investments | 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	26,920	37,807
Managed investments | Recurring | U.S. corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	1,489,951	1,499,706
Managed investments | Recurring | Non-U.S. corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	446,570	563,162
Managed investments | Recurring | Bank loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	576,211	449,004
Managed investments | Recurring | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	437,124	647,482
Managed investments | Recurring | Commercial mortgage backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	260,135	242,238
Managed investments | Recurring | Fund of hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	1,417	1,775
Managed investments | Recurring | Preferred stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments		6,334
Managed investments | Recurring | Hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	20,980	18,634
Managed investments | Recurring | Private equity investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	63,771	53,371
Managed investments | Recurring | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	188,721	178,224
Managed investments | Recurring | Overseas deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	54,484	66,608
Managed investments | Recurring | Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	7,483	9,739
Managed investments | 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	222,678	209,934
Other investments	0	0
Total investments	222,678	209,934
Managed investments | 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
Managed investments | Recurring | Level 1 | Non-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
Managed investments | 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
Managed investments | 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
Managed investments | 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
Managed investments | 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
Managed investments | 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
Managed investments | 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
Managed investments | 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
Managed investments | 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
Managed investments | Recurring | Level 1 | Fund of hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	0	0
Managed investments | Recurring | Level 1 | Preferred stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments		0
Managed investments | Recurring | Level 1 | Hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	0	0
Managed investments | Recurring | Level 1 | Private equity investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	0	0
Managed investments | Recurring | Level 1 | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	0	0
Managed investments | Recurring | Level 1 | Overseas deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	0	0
Managed investments | Recurring | Level 1 | Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	0	0
Managed investments | Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	5,091,615	5,424,319
Short-term investments	14,691	108,358
Other investments	28,294	89,510
Total investments	5,134,600	5,622,187
Managed investments | 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	937,202	760,086
Managed investments | Recurring | Level 2 | Non-U.S. government and government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	237,968	278,728
Managed investments | 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	301,289	449,623
Managed investments | 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	610,582	529,231
Managed investments | 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	26,920	37,807
Managed investments | Recurring | Level 2 | U.S. corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	1,489,951	1,499,706
Managed investments | 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	446,570	563,162
Managed investments | Recurring | Level 2 | Bank loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	343,874	416,256
Managed investments | Recurring | Level 2 | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	437,124	647,482
Managed investments | 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	260,135	242,238
Managed investments | Recurring | Level 2 | Fund of hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	0	0
Managed investments | Recurring | Level 2 | Preferred stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments		6,334
Managed investments | Recurring | Level 2 | Hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	0	0
Managed investments | Recurring | Level 2 | Private equity investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	0	0
Managed investments | Recurring | Level 2 | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	20,811	73,437
Managed investments | Recurring | Level 2 | Overseas deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	0	0
Managed investments | Recurring | Level 2 | Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	7,483	9,739
Managed investments | Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	232,337	32,748
Short-term investments	0	0
Other investments	0	0
Total investments	232,337	32,748
Managed investments | 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
Managed investments | Recurring | Level 3 | Non-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
Managed investments | 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
Managed investments | 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
Managed investments | 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
Managed investments | 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
Managed investments | 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
Managed investments | Recurring | Level 3 | Bank loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	232,337	32,748
Managed investments | 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
Managed investments | 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
Managed investments | Recurring | Level 3 | Fund of hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	0	0
Managed investments | Recurring | Level 3 | Preferred stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments		0
Managed investments | Recurring | Level 3 | Hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	0	0
Managed investments | Recurring | Level 3 | Private equity investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	0	0
Managed investments | Recurring | Level 3 | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	0	0
Managed investments | Recurring | Level 3 | Overseas deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	0	0
Managed investments | Recurring | Level 3 | Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	0	0
Managed investments | Fair value based on NAV practical expedient | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	0	0
Short-term investments	0	0
Other investments	308,562	245,175
Total investments	308,562	245,175
Managed investments | Fair value based on NAV practical expedient | 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	0	0
Managed investments | Fair value based on NAV practical expedient | Recurring | Non-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
Managed investments | Fair value based on NAV practical expedient | 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	0	0
Managed investments | Fair value based on NAV practical expedient | Recurring | 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
Managed investments | Fair value based on NAV practical expedient | 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	0	0
Managed investments | Fair value based on NAV practical expedient | Recurring | U.S. corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	0	0
Managed investments | Fair value based on NAV practical expedient | Recurring | Non-U.S. corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	0	0
Managed investments | Fair value based on NAV practical expedient | Recurring | Bank loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	0	0
Managed investments | Fair value based on NAV practical expedient | Recurring | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	0	0
Managed investments | Fair value based on NAV practical expedient | Recurring | Commercial mortgage backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	0	0
Managed investments | Fair value based on NAV practical expedient | Recurring | Fund of hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	1,417	1,775
Managed investments | Fair value based on NAV practical expedient | Recurring | Preferred stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments		0
Managed investments | Fair value based on NAV practical expedient | Recurring | Hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	20,980	18,634
Managed investments | Fair value based on NAV practical expedient | Recurring | Private equity investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	63,771	53,371
Managed investments | Fair value based on NAV practical expedient | Recurring | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	167,910	104,787
Managed investments | Fair value based on NAV practical expedient | Recurring | Overseas deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	54,484	66,608
Managed investments | Fair value based on NAV practical expedient | Recurring | Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments	0	0
Non-managed investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	186,379	88,164
Short-term investments	1,704,266	1,182,920
Total investments	1,890,645	1,271,084
Non-managed investments | Catastrophe bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	186,379	88,164
Non-managed investments | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	1,704,266	1,182,920
Total investments	1,890,645	1,271,084
Non-managed investments | Recurring | Catastrophe bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	186,379	88,164
Non-managed investments | Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	1,704,266	1,182,920
Total investments	1,704,266	1,182,920
Non-managed investments | 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
Non-managed investments | Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Total investments	172,879	70,664
Non-managed investments | Recurring | Level 2 | Catastrophe bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	172,879	70,664
Non-managed investments | Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Total investments	13,500	17,500
Non-managed investments | Recurring | Level 3 | Catastrophe bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	13,500	17,500
Non-managed investments | Fair value based on NAV practical expedient | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Total investments	0	0
Non-managed investments | Fair value based on NAV practical expedient | Recurring | Catastrophe bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	$ 0	$ 0

Fair value measurements (Level

Fair value measurements (Level 3 rollforward) (Details) - Recurring - Level 3 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Level 3, beginning of year	$ 50,248	$ 0
Purchases	230,070	45,486
Sales	(5,025)
Settlements	(27,429)	(1,500)
Net realized losses	(11)
Change in net unrealized losses	(2,016)	(441)
Transfers into Level 3 during the year		6,703
Level 3, end of year	245,837	50,248
Bank Loan Portfolio
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Level 3, beginning of year	32,748	0
Purchases	230,070	32,986
Sales	(1,036)
Settlements	(27,429)	0
Net realized losses	0
Change in net unrealized losses	(2,016)	(238)
Transfers into Level 3 during the year		0
Level 3, end of year	232,337	32,748
Catastrophe bonds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Level 3, beginning of year	17,500	0
Purchases	0	12,500
Sales	(3,989)
Settlements	0	(1,500)
Net realized losses	(11)
Change in net unrealized losses	0	(203)
Transfers into Level 3 during the year		6,703
Level 3, end of year	$ 13,500	$ 17,500

Fair value measurements (Narrat

Fair value measurements (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)funds	Dec. 31, 2014USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	$ 7,788,822	$ 7,381,128
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	7,788,822	7,381,128
Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	$ 245,837	50,248
Mutual funds | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of funds | funds	2
Hedge funds | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of funds | funds	1
Investment time lag reporting	3 months
Investment funds | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment time lag reporting	1 month
Pooled investment | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of funds | funds	1
Structured securities fund | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of funds | funds	1
Hedge fund side pocket | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment time lag reporting	3 months
Minimum | Private equity investments | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment time lag reporting	3 months
Maximum | Private equity investments | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment time lag reporting	6 months
Managed investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	$ 5,898,177	6,110,044
Managed investments | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	$ 5,898,177	$ 6,110,044
Ratio of Level 3 investments to total investments (percent)	3.90%	0.50%
Managed investments | Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	$ 232,337	$ 32,748

Variable interest entities (Not

Variable interest entities (Notes Payable to AlphaCat Investors) (Details) - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Variable Interest Entity [Line Items]
Notes payable to AlphaCat investors, beginning of year				$ 0	$ 0
Income attributable to AlphaCat investors	$ 974	$ 1,438	$ 0	0	2,412	$ 0	$ 0
Notes payable to AlphaCat investors, end of year	75,493				75,493	0
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Notes payable to AlphaCat investors, beginning of year				$ 0	0
Issuance of notes payable to AlphaCat investors					75,770
Foreign exchange losses					(277)
Notes payable to AlphaCat investors, end of year	$ 75,493				$ 75,493	$ 0
AlphaCat ILS Funds | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Risk Profile Percentage					7.00%

Variable interest entities (Ass

Variable interest entities (Assets and Liabilities of Consolidated VIEs) (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2015USD ($)subsidiaries	Dec. 31, 2014USD ($)
Variable Interest Entity [Line Items]
Variable Funding Notes, Typical Minimum Duration		12 months
AlphaCat Sidecars | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Total assets		$ 206,581	$ 389,910
Total liabilities		14,804	37,542
AlphaCat ILS Funds - Lower Risk (a) | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Total assets	[1]	1,268,070	856,980
Total liabilities	[1]	143,371	161,406
AlphaCat ILS Funds - Higher Risk (a) | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Total assets	[1]	522,867	173,646
Total liabilities	[1]	300,122	18,371
AlphaCat Re & Master Fund | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Total assets		1,615,779	946,723
Total liabilities		$ 1,615,609	946,553
BetaCat ILS Funds | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Number of Consolidated Funds | subsidiaries		1
Total assets		$ 64,221	16,189
Total liabilities		$ 2,472	$ 278
[1]	Lower risk AlphaCat ILS funds have a maximum permitted portfolio expected loss of less than 7%, whereas higher risk AlphaCat ILS funds have a maximum permitted portfolio expected loss of greater than 7%. Expected loss represents the average annual loss over the set of simulation scenarios divided by the total limit.

Investments in affiliates (Summ

Investments in affiliates (Summary of investments in affiliates) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Investments in affiliates	$ 88,065	$ 114,450
Investment Affiliates
Schedule of Equity Method Investments [Line Items]
Investments in affiliates	87,673	63,506
Operating Affiliates
Schedule of Equity Method Investments [Line Items]
Investments in affiliates	$ 392	$ 50,944

Investments in affiliates (Inve

Investments in affiliates (Investment affiliate) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Income from investment affiliate	$ (1,261)	$ 2,482	$ 284	$ 2,776	$ 530	$ 1,754	$ 779	$ 5,348	$ 4,281	$ 8,411	$ 4,790
Balance, end of period	87,673								87,673
Investment in Aquiline - other details
Carrying value	87,673								87,673			$ 87,673
Investment Affiliates
Schedule of Equity Method Investments [Line Items]
Balance, beginning of period				63,506				34,500	63,506	34,500
Addition due to Western World acquisition									0	8,127
Net capital contributions									19,886	12,468
Income from investment affiliate									4,281	8,411
Balance, end of period	87,673				63,506				87,673	63,506	34,500
Investment in Aquiline - other details
Investment at cost												69,794
Carrying value	87,673			63,506	63,506			$ 34,500	63,506	34,500	$ 34,500	87,673	$ 63,506
Investment Affiliates | Aquiline Financial Services Fund II LP
Schedule of Equity Method Investments [Line Items]
Balance, beginning of period				63,506					63,506
Balance, end of period	73,880				63,506				73,880	63,506
Investment in Aquiline - other details
Investment at cost												$ 55,904	$ 51,001
Voting ownership %												0.00%	0.00%
Equity ownership %												8.10%	8.10%
Carrying value	73,880			$ 63,506	$ 63,506				63,506	$ 63,506		$ 73,880	$ 63,506
Investment Affiliates | Aquiline Financial Services Fund III LP
Schedule of Equity Method Investments [Line Items]
Balance, end of period	13,793								13,793
Investment in Aquiline - other details
Investment at cost												$ 13,890
Voting ownership %												0.00%
Equity ownership %												13.70%
Carrying value	$ 13,793								$ 13,793			$ 13,793

Investments in affiliates (Oper

Investments in affiliates (Operating affiliate) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Equity Method Investments [Line Items]
(Loss) income from operating affiliate	$ (1,708)	$ (7,963)	$ 1,738	$ 3,984	$ (7,077)	$ (5,895)	$ 3,824	$ 4,808	$ (3,949)	$ (4,340)	$ 542
Balance, end of period	87,673								87,673
Operating Affiliates | PacRe
Schedule of Equity Method Investments [Line Items]
Balance, beginning of period				$ 50,944				$ 55,284	50,944	55,284
Return of investment									(46,603)	0
(Loss) income from operating affiliate									(3,949)	(4,340)
Balance, end of period	392				50,944				392	50,944	$ 55,284
Investment at cost	$ 392				$ 56,500				$ 392	$ 56,500
Voting ownership %	100.00%				100.00%				100.00%	100.00%
Equity ownership %	10.00%				10.00%				10.00%	10.00%

Investments in affiliates (Narr

Investments in affiliates (Narrative) (Details) - USD ($) $ in Thousands	Nov. 07, 2014	Oct. 02, 2014	Dec. 20, 2011	Dec. 31, 2015
Aquiline Financial Services Fund II LP
Schedule of Equity Method Investments [Line Items]
Percentage of interest assumed				100.00%
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]
Capital commitment	$ 100,000
Investment time lag reporting				3 months

Noncontrolling interest (Detail

Noncontrolling interest (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Noncontrolling Interest [Line Items]
Total, beginning of period				$ 910,065				$ 675,962	$ 910,065	$ 675,962
Issuance of shares									508,799	417,446
Income attributable to noncontrolling interest	$ 25,996	$ 26,229	$ 22,561	18,178	$ 20,584	$ 15,670	$ 17,849	20,777	92,964	74,880	$ 62,482
Redemption of shares									(65,895)	0
Redemptions payable									(10,800)	(21,039)
Distributions									(168,757)	(237,184)
Total, end of period	1,266,376				910,065				1,266,376	910,065	675,962
Redeemable Noncontrolling Interest
Noncontrolling Interest [Line Items]
Total, beginning of period				617,791				300,936	617,791	300,936
Issuance of shares									499,199	300,202
Income attributable to noncontrolling interest									71,419	37,692
Redemption of shares									(65,895)	0
Redemptions payable									(10,800)	(21,039)
Distributions									0	0
Total, end of period	1,111,714				617,791				1,111,714	617,791	300,936
Noncontrolling Interest
Noncontrolling Interest [Line Items]
Total, beginning of period				$ 292,274				$ 375,026	292,274	375,026
Issuance of shares									9,600	117,244
Income attributable to noncontrolling interest									21,545	37,188
Distributions									(168,757)	(237,184)
Total, end of period	$ 154,662				$ 292,274				$ 154,662	$ 292,274	$ 375,026

Derivative instruments (Amount

Derivative instruments (Amount and balance sheet location) (Details) $ in Thousands		Dec. 31, 2015USD ($)derivatives	Dec. 31, 2014USD ($)derivatives
Not designated as hedging instruments
Summary of amount of derivatives designated as hedging instruments
Derivative, Number of Instruments Held | derivatives			1
Not designated as hedging instruments | Foreign currency forward contracts
Summary of amount of derivatives designated as hedging instruments
Notional amount		$ 255,840	$ 26,755
Not designated as hedging instruments | Foreign currency forward contracts | Other assets
Summary of amount of derivatives designated as hedging instruments
Fair value, derivative assets	[1]	2,601	1,685
Not designated as hedging instruments | Foreign currency forward contracts | Accounts payable and accrued expenses
Summary of amount of derivatives designated as hedging instruments
Fair value, derivative liabilities	[1]	3,211	0
Designated as hedging instruments | Foreign currency forward contracts
Summary of amount of derivatives designated as hedging instruments
Notional amount		0	210,333
Designated as hedging instruments | Foreign currency forward contracts | Other assets
Summary of amount of derivatives designated as hedging instruments
Fair value, derivative assets	[2]	0	408
Designated as hedging instruments | Foreign currency forward contracts | Accounts payable and accrued expenses
Summary of amount of derivatives designated as hedging instruments
Fair value, derivative liabilities	[2]	0	2,813
Designated as hedging instruments | Interest rate swap contracts
Summary of amount of derivatives designated as hedging instruments
Notional amount		552,263	552,263
Designated as hedging instruments | Interest rate swap contracts | Other assets
Summary of amount of derivatives designated as hedging instruments
Fair value, derivative assets	[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
Fair value, derivative liabilities	[2]	$ 1,942	$ 1,169
Junior Subordinated Deferrable Debentures [Member] | Interest rate swap contracts
Summary of amount of derivatives designated as hedging instruments
Derivative, Number of Instruments Held | derivatives		2
Flagstone Junior Subordinated Deferrable Debentures [Member] | Interest rate swap contracts
Summary of amount of derivatives designated as hedging instruments
Derivative, Number of Instruments Held | derivatives		3
Flagstone Junior Subordinated Deferrable Debentures [Member] | Cross-currency interest rate swap
Summary of amount of derivatives designated as hedging instruments
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, recognized in income within foreign exchange gains (losses) and other income (loss), relating to the foreign currency forward contracts that were not designated as hedging instruments during the year ended December 31, 2015 was $(610) and $139, respectively (2014: $nil and $(133), respectively).
[2]	Asset and liability derivatives are classified within other assets and accounts payable and accrued expenses, respectively, on the Consolidated Balance Sheets.

Derivative instruments (Amoun98

Derivative instruments (Amount included in statement of operations) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Not designated as hedging instruments | Foreign exchange gain (loss)
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ (610)	$ 0
Not designated as hedging instruments | Other Income [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	139	(133)
Designated as hedging instruments | Fair value hedge | Foreign currency forward contracts | Foreign exchange gain (loss)
Derivatives designated as fair value hedges and related hedged item
Amount of gain (loss) recognized in income on derivative	(12,279)	(9,651)	$ (728)
Amount of gain (loss) on hedged item recognized in income attributable to risk being hedged	12,279	9,651	728
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	(841)	(228)	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	13,740	13,302	11,107
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	$ (12,899)	$ (13,074)	$ (11,107)

Premiums receivable (Details)

Premiums receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Premiums Receivable Reconciliation [Line Items]
Balance at beginning of period	$ 706,467	$ 695,277
Change in premiums receivable during period	(47,785)	11,190
Balance at end of period	658,682	706,467
Premiums in course of collection
Premiums Receivable Reconciliation [Line Items]
Balance at beginning of period	84,901	73,594
Change in premiums receivable during period	10,251	11,307
Balance at end of period	95,152	84,901
Premiums accrued but unbilled
Premiums Receivable Reconciliation [Line Items]
Balance at beginning of period	621,566	621,683
Change in premiums receivable during period	(58,036)	(117)
Balance at end of period	$ 563,530	$ 621,566

Reserve for losses and loss 100

Reserve for losses and loss expenses (Analysis of paid and unpaid losses and reconciliation of beginning and ending unpaid losses and loss expenses) (Details) - USD ($) $ in Thousands		3 Months Ended								12 Months Ended
		Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015		Dec. 31, 2014		Dec. 31, 2013
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Reserve for losses and loss expenses, beginning of year					$ 3,243,147				$ 3,047,933	$ 3,243,147		$ 3,047,933		$ 3,553,604
Losses and loss expenses recoverable, beginning of year					(377,466)				(370,154)	(377,466)		(370,154)		(439,967)
Net reserve for losses and loss expenses, beginning of year					2,865,681				2,677,779	2,865,681		2,677,779		3,113,637
Net reserves acquired (disposed)										0		525,091		(36,519)
Increase (decrease) in net losses and loss expenses incurred in respect of losses occurring in:
Current year										1,283,970		1,024,256		999,380
Prior years	[1]									(306,137)		(259,241)		(222,584)
Total incurred losses and loss expenses	[1]									977,833		765,015		776,796
Less net losses and loss expenses paid in respect of losses occurring in:
Current year										(326,167)		(245,084)		(244,682)
Prior years										(841,672)		(818,569)		(918,070)
Total net paid losses										(1,167,839)		(1,063,653)		(1,162,752)
Foreign exchange gain										(29,694)		(38,551)		(13,383)
Net reserve for losses and loss expenses, end of year		$ 2,645,981				$ 2,865,681				2,645,981		2,865,681		2,677,779
Losses and loss expenses recoverable, end of year		350,586				377,466				350,586		377,466		370,154
Reserve for losses and loss expenses, end of year		2,996,567				3,243,147				2,996,567		3,243,147		3,047,933
Incurred losses and loss adjustment expenses comprise:
Gross losses and loss adjustment expenses	[1]									1,083,695		826,826		907,850
Reinsurance recoverable										(105,862)		(61,811)		(131,054)
Net incurred losses and loss expenses		214,748	$ 256,010	$ 266,146	$ 240,929	223,723	$ 224,125	$ 155,646	$ 161,521	977,833	[1]	765,015	[1]	$ 776,796	[1]
Liability for unpaid losses and loss expenses by type
Reserves, reported claims		1,278,697				1,500,733				1,278,697		1,500,733
Reserves, incurred but not reported claims		$ 1,717,870				$ 1,742,414				$ 1,717,870		$ 1,742,414
[1]	Upon closing the acquisition of Western World, an adjustment of $15,586 was made to increase net reserves to reflect fair value. This adjustment was fully amortized to income through a reduction in losses and loss expenses of $10,979 and $4,607 during the years ended December 31, 2015 and 2014, respectively.

Reserve for losses and loss 101

Reserve for losses and loss expenses (Prior year development) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015		Dec. 31, 2014		Dec. 31, 2013
Liability for Claims and Claims Adjustment Expense [Line Items]
Net favorable development on prior years	[1]	$ (306,137)		$ (259,241)		$ (222,584)
Property
Liability for Claims and Claims Adjustment Expense [Line Items]
Net favorable development on prior years		(136,978)	[1]	(148,055)	[1]	(144,438)
Marine
Liability for Claims and Claims Adjustment Expense [Line Items]
Net favorable development on prior years		(103,380)	[1]	(38,227)	[1]	(19,387)
Specialty
Liability for Claims and Claims Adjustment Expense [Line Items]
Net favorable development on prior years		(48,857)	[1]	(60,696)	[1]	(58,759)
Liability
Liability for Claims and Claims Adjustment Expense [Line Items]
Net favorable development on prior years	[1]	(16,922)		(12,263)
Validus Re
Liability for Claims and Claims Adjustment Expense [Line Items]
Net favorable development on prior years		(128,616)		(87,600)	[1]	(59,258)
Validus Re | Property
Liability for Claims and Claims Adjustment Expense [Line Items]
Net favorable development on prior years		(70,343)		(76,064)		(81,610)
Validus Re | Marine
Liability for Claims and Claims Adjustment Expense [Line Items]
Net favorable development on prior years		(39,460)		(6,830)		26,705
Validus Re | Specialty
Liability for Claims and Claims Adjustment Expense [Line Items]
Net favorable development on prior years		(18,813)		(4,706)		(4,353)
Validus Re | Liability
Liability for Claims and Claims Adjustment Expense [Line Items]
Net favorable development on prior years		0		0
Talbot
Liability for Claims and Claims Adjustment Expense [Line Items]
Net favorable development on prior years		(146,357)		(141,166)	[1]	(146,190)
Talbot | Property
Liability for Claims and Claims Adjustment Expense [Line Items]
Net favorable development on prior years		(52,393)		(53,779)		(45,692)
Talbot | Marine
Liability for Claims and Claims Adjustment Expense [Line Items]
Net favorable development on prior years		(63,920)		(31,397)		(46,092)
Talbot | Specialty
Liability for Claims and Claims Adjustment Expense [Line Items]
Net favorable development on prior years		(30,044)		(55,990)		(54,406)
Talbot | Liability
Liability for Claims and Claims Adjustment Expense [Line Items]
Net favorable development on prior years		0		0
Western World Insurance Group, Inc
Liability for Claims and Claims Adjustment Expense [Line Items]
Net favorable development on prior years	[1]	(22,967)		(11,240)
Western World Insurance Group, Inc | Property
Liability for Claims and Claims Adjustment Expense [Line Items]
Net favorable development on prior years	[1]	(6,045)		1,023
Western World Insurance Group, Inc | Marine
Liability for Claims and Claims Adjustment Expense [Line Items]
Net favorable development on prior years	[1]	0		0
Western World Insurance Group, Inc | Specialty
Liability for Claims and Claims Adjustment Expense [Line Items]
Net favorable development on prior years	[1]	0		0
Western World Insurance Group, Inc | Liability
Liability for Claims and Claims Adjustment Expense [Line Items]
Net favorable development on prior years	[1]	(16,922)		(12,263)
AlphaCat
Liability for Claims and Claims Adjustment Expense [Line Items]
Net favorable development on prior years		(8,197)		(19,235)	[1]	(17,136)
AlphaCat | Property
Liability for Claims and Claims Adjustment Expense [Line Items]
Net favorable development on prior years		(8,197)		(19,235)		(17,136)
AlphaCat | Marine
Liability for Claims and Claims Adjustment Expense [Line Items]
Net favorable development on prior years		0		0		0
AlphaCat | Specialty
Liability for Claims and Claims Adjustment Expense [Line Items]
Net favorable development on prior years		0		0		$ 0
AlphaCat | Liability
Liability for Claims and Claims Adjustment Expense [Line Items]
Net favorable development on prior years		$ 0		$ 0
[1]	Upon closing the acquisition of Western World, an adjustment of $15,586 was made to increase net reserves to reflect fair value. This adjustment was fully amortized to income through a reduction in losses and loss expenses of $10,979 and $4,607 during the years ended December 31, 2015 and 2014, respectively.

Reserve for losses and loss 102

Reserve for losses and loss expenses (Narrative) (Details) - Western World Insurance Group, Inc - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Liability for Claims and Claims Adjustment Expense [Line Items]
Fair value adjustment to net reserves		$ 15,586
Amortized to income during the period	$ 10,979	$ 4,607

Accounts payable and accrued103

Accounts payable and accrued expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Accounts Payable and Accrued Liabilities [Abstract]
Accrued interest on debt	$ 10,771	$ 12,224
Subscriptions received in advance on AlphaCat ILS funds and sidecars	412,036	162,400
Redemptions made on AlphaCat ILS funds	10,800	21,039
Accrued income attributable to AlphaCat investors	2,412	0
Income tax payable	8,856	2,369
Accrued pension liability	15,722	16,493
Trade and compensation payables	166,734	180,653
Total	$ 627,331	$ 395,178

Reinsurance (Effect on premiums

Reinsurance (Effect on premiums written and earned) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014		Dec. 31, 2013
Written:
Direct									$ 838,755	$ 683,028		$ 544,722
Assumed									1,718,751	1,675,837		1,843,724
Ceded	$ (33,128)	$ (48,810)	$ (55,418)	$ (191,325)	$ (33,623)	$ (30,137)	$ (54,014)	$ (195,434)	(328,681)	(313,208)		(375,800)
Net premiums written	276,477	353,699	670,750	927,899	303,020	327,574	599,731	815,332	2,228,825	2,045,657		2,012,646
Earned:
Direct									852,239	656,974		519,045
Assumed									1,727,898	1,683,915		1,964,984
Ceded									(333,248)	(347,834)		(385,234)
Net premiums earned	$ 543,300	$ 555,011	$ 572,688	$ 575,890	$ 556,641	$ 492,571	$ 463,441	$ 480,402	2,246,889	1,993,055		2,098,795
Eliminations
Written:
Direct									0	0		0
Assumed									(42,718)	(53,457)		(61,268)
Ceded									42,718	53,457		61,268
Net premiums written									0	0		0
Earned:
Direct									0	0		0
Assumed									(45,115)	(60,912)		(62,508)
Ceded									45,115	60,912		62,508
Net premiums earned									0	0		0
Operating Segments | Validus Re
Written:
Direct									0	0		0
Assumed									1,126,759	1,118,532		1,226,690
Ceded									(149,088)	(163,678)		(210,432)
Net premiums written									977,671	954,854		1,016,258
Earned:
Direct									0	0		0
Assumed									1,141,184	1,109,659		1,360,735
Ceded									(150,971)	(192,375)		(226,798)
Net premiums earned									990,213	917,284		1,133,937
Operating Segments | Talbot
Written:
Direct									560,251	617,793		544,722
Assumed									458,584	483,977		547,168
Ceded									(198,896)	(192,211)		(226,111)
Net premiums written									819,939	909,559		865,779
Earned:
Direct									570,669	576,136		519,045
Assumed									467,268	508,634		532,069
Ceded									(199,846)	(204,996)		(220,420)
Net premiums earned									838,091	879,774		830,694
Operating Segments | Western World Insurance Group, Inc
Written:
Direct									278,504	65,235
Assumed									0	0
Ceded									(18,877)	(6,428)	[1]
Net premiums written									259,627	58,807	[1]
Earned:
Direct									281,570	80,838
Assumed									17	0
Ceded									(22,937)	(7,842)
Net premiums earned									258,650	72,996	[1]
Operating Segments | AlphaCat & Consolidated Variable Interest Entities
Written:
Direct									0	0		0
Assumed									176,126	126,785		131,134
Ceded									(4,538)	(4,348)		(525)
Net premiums written									171,588	122,437		130,609
Earned:
Direct									0	0		0
Assumed									164,544	126,534		134,688
Ceded									(4,609)	(3,533)		(524)
Net premiums earned									$ 159,935	$ 123,001		$ 134,164
[1]	The results of Western World have been included in the Company's consolidated results from the October 2, 2014 date of acquisition.

Reinsurance (Reinsurance recove

Reinsurance (Reinsurance recoverables by reinsurer) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Reinsurance (Textuals) [Abstract]
Incurred but not reported recoverable	$ 214,863	$ 231,129
Reinsurance Recoverables, Allowance	4,997	4,755
Reinsurance Recoverable [Member]
Reinsurance recoverables by reinsurer
Reinsurance recoverable	$ 373,657	$ 415,544
Percentage of total reinsurance recoverable	100.00%	100.00%
Reinsurance Recoverable [Member] | A Minus Or Better Rating [Member]
Reinsurance recoverables by reinsurer
Percentage of total reinsurance recoverable	98.70%	98.00%
Reinsurance Recoverable [Member] | Top 10 reinsurers [Member]
Reinsurance recoverables by reinsurer
Reinsurance recoverable	$ 303,108	$ 312,205
Percentage of total reinsurance recoverable	81.10%	75.10%
Reinsurance Recoverable [Member] | Top 10 reinsurers [Member] | Swiss Re [Member] | AA- [Member]
Reinsurance recoverables by reinsurer
Reinsurance recoverable	$ 83,048	$ 70,848
Percentage of total reinsurance recoverable	22.20%	17.00%
Reinsurance Recoverable [Member] | Top 10 reinsurers [Member] | Lloyds Syndicates [Member] | A (plus) [Member]
Reinsurance recoverables by reinsurer
Reinsurance recoverable	$ 66,356	$ 62,318
Percentage of total reinsurance recoverable	17.80%	15.00%
Reinsurance Recoverable [Member] | Top 10 reinsurers [Member] | Hannover Re [Member] | AA- [Member]
Reinsurance recoverables by reinsurer
Reinsurance recoverable	$ 43,765	$ 40,927
Percentage of total reinsurance recoverable	11.70%	9.80%
Reinsurance Recoverable [Member] | Top 10 reinsurers [Member] | Everest Re [Member] | A (plus) [Member]
Reinsurance recoverables by reinsurer
Reinsurance recoverable	$ 43,060	$ 51,425
Percentage of total reinsurance recoverable	11.50%	12.40%
Reinsurance Recoverable [Member] | Top 10 reinsurers [Member] | Fully Collateralized [Member] | NR [Member]
Reinsurance recoverables by reinsurer
Reinsurance recoverable		$ 23,315
Percentage of total reinsurance recoverable		5.60%
Reinsurance Recoverable [Member] | Top 10 reinsurers [Member] | Munich Re [Member] | AA- [Member]
Reinsurance recoverables by reinsurer
Reinsurance recoverable	$ 18,707	$ 19,384
Percentage of total reinsurance recoverable	5.00%	4.70%
Reinsurance Recoverable [Member] | Top 10 reinsurers [Member] | Transatlantic Re [Member] | A (plus) [Member]
Reinsurance recoverables by reinsurer
Reinsurance recoverable	$ 11,923	$ 12,418
Percentage of total reinsurance recoverable	3.20%	3.00%
Reinsurance Recoverable [Member] | Top 10 reinsurers [Member] | Hamilton Re [Member] | A- Rating [Member]
Reinsurance recoverables by reinsurer
Reinsurance recoverable	$ 10,898
Percentage of total reinsurance recoverable	2.90%
Reinsurance Recoverable [Member] | Top 10 reinsurers [Member] | National Indemnity Company [Member] | AA (plus) [Member]
Reinsurance recoverables by reinsurer
Reinsurance recoverable	$ 10,293
Percentage of total reinsurance recoverable	2.80%
Reinsurance Recoverable [Member] | Top 10 reinsurers [Member] | XL Re [Member] | A (plus) [Member]
Reinsurance recoverables by reinsurer
Reinsurance recoverable	$ 8,728	$ 11,114
Percentage of total reinsurance recoverable	2.30%	2.70%
Reinsurance Recoverable [Member] | Top 10 reinsurers [Member] | Toa Re [Member] | A (plus) [Member]
Reinsurance recoverables by reinsurer
Reinsurance recoverable	$ 6,330
Percentage of total reinsurance recoverable	1.70%
Reinsurance Recoverable [Member] | Top 10 reinsurers [Member] | Berkshire Hathaway Homestate [Member] | AA (plus) [Member]
Reinsurance recoverables by reinsurer
Reinsurance recoverable		$ 10,372
Percentage of total reinsurance recoverable		2.50%
Reinsurance Recoverable [Member] | Top 10 reinsurers [Member] | Merrimack Mutual Fire Insurance [Member] | A (plus) [Member]
Reinsurance recoverables by reinsurer
Reinsurance recoverable		$ 10,084
Percentage of total reinsurance recoverable		2.40%
Reinsurance Recoverable [Member] | Other Reinsurers Balances Greater Than One Million Dollars [Member]
Reinsurance recoverables by reinsurer
Reinsurance recoverable	$ 61,222	$ 94,247
Percentage of total reinsurance recoverable	16.40%	22.70%
Reinsurance Recoverable [Member] | Other Reinsurers Balances Less Than One Million Dollars [Member]
Reinsurance recoverables by reinsurer
Reinsurance recoverable	$ 9,327	$ 9,092
Percentage of total reinsurance recoverable	2.50%	2.20%

Share capital (Summary of commo

Share capital (Summary of common shares issued and outstanding) (Details) - shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Summary of common shares issued and outstanding
Common shares issued, beginning balance	155,554,224	154,488,497	152,698,191
Options exercised	782,465	412,656	351,509
Warrants exercised	3,593,715		591,480
Direct issuance of common stock	639	1,380	1,266
Common shares issued, ending balance	160,570,772	155,554,224	154,488,497
Treasury shares, ending balance	(77,670,155)	(71,684,379)	(58,444,185)
Common shares outstanding, ending balance	82,900,617	83,869,845	96,044,312
Restricted Stock [Member]
Summary of common shares issued and outstanding
Vested, net of shares withheld	614,945	615,659	796,838
Restricted share units [Member]
Summary of common shares issued and outstanding
Vested, net of shares withheld	13,260	10,265	14,381
Performance Shares [Member]
Summary of common shares issued and outstanding
Vested, net of shares withheld	11,524	25,767	31,897
Deferred share units [Member]
Summary of common shares issued and outstanding
Vested, net of shares withheld			2,935

Share capital (Information on w

Share capital (Information on warrants) (Details)	12 Months Ended
	Dec. 31, 2015$ / sharesshares
Warrant [Member]
Class of Warrant or Right [Line Items]
Number of warrants exercised during period | shares	5,154,077
Warrant valuation assumptions:
Warrants Expired During the Period | shares	20,037
Volatility	30.00%
July 24, 2007 Issuance
Warrant valuation assumptions:
Warrants issued | shares	256,409
Average strike price	$ 20
Volatility	30.00%
Risk-free rate	4.50%
Expected dividend yield	0.00%
Expected term (years)	8 years
Calculated fair value per warrant	$ 11.28
February 3, 2006 Issuance
Warrant valuation assumptions:
Warrants issued | shares	8,593
Average strike price	$ 17.50
Volatility	30.00%
Risk-free rate	4.50%
Expected dividend yield	0.00%
Expected term (years)	10 years
Calculated fair value per warrant	$ 8.89
December 15, 2005 Issuance
Warrant valuation assumptions:
Warrants issued | shares	8,446,727
Average strike price	$ 17.50
Volatility	30.00%
Risk-free rate	4.50%
Expected dividend yield	0.00%
Expected term (years)	10 years
Calculated fair value per warrant	$ 8.89

Share capital (Narrative) (Deta

Share capital (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 03, 2015	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Common Stock Issued and Outstanding [Line Items]
Common Stock, Shares Authorized		571,428,571				571,428,571	571,428,571	571,428,571
Common shares, par value		$ 0.175				$ 0.175	$ 0.175	$ 0.175
Common Stock, Voting Rights							one vote per share
Maximum Percent Of Outstanding Common Shares Controlled Contingent Under Voting Rights							9.09%
Stock repurchase program, authorized amount	$ 750,000
Share repurchase program cumulative aggregrate purchase value	$ 2,274,401						$ 2,491,731
Share repurchase program, cumulative shares repurchased							76,031,280
Stock Repurchase Program, Remaining Authorized Repurchase Amount		$ 532,670					$ 532,670
Class of Warrant or Right, Outstanding		0				5,174,114	0	5,174,114
Warrants exercised							3,593,715		591,480
Percent Of Fair Market Value Per Share On Date Of Payment Of Deferred Share Units							100.00%
Share Based Compensation Non Employee Directors Stock Compensation Plan Deferred Share Units Outstanding		0				0	0	0
Cash dividends declared per share							$ 1.28	$ 1.2	$ 3.2
Deferred share units [Member]
Schedule of Common Stock Issued and Outstanding [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Net Of Shares Withheld For Taxes									2,935
Common shares
Schedule of Common Stock Issued and Outstanding [Line Items]
Cash dividends declared per share		$ 0.32	$ 0.32	$ 0.32	$ 0.32	$ 0.30
Common share equivalents
Schedule of Common Stock Issued and Outstanding [Line Items]
Cash dividends declared per share		$ 0.32	$ 0.32	$ 0.32	$ 0.32

Retirement and pension plans (S

Retirement and pension plans (Summary of assumptions used in calculations) (Details) - Defined benefit plans	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Assumptions used to determine net periodic pension expense:
Discount rate	2.75%	3.00%
Increase in compensation levels rate	5.00%	5.00%
Assumptions used to determine benefit obligations:
Discount rate	4.00%	2.75%
Increase in compensation levels rate	5.00%	5.00%

Retirement and pension plans (C

Retirement and pension plans (Change in projected benefit obligation, plan assets, and funded status of plan) (Details) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
		Dec. 31, 2014		Dec. 31, 2015
Amounts recognized in the balance sheet:
Net amount recognized in accounts payable and accrued expenses		$ (16,493)		$ (15,722)
Defined benefit plans
Change in benefit obligation:
Projected benefit obligation, beginning of period	[1]	20,885		16,493
Service cost		295	[1]	1,024
Interest cost		145	[1]	434
Actuarial (gains) losses		1	[1]	(46)
Benefit payments		(24)	[1]	(98)
Settlements		(4,809)	[1]	(2,085)
Projected benefit obligation, end of period		16,493	[1]	15,722
Change in plan assets:
Fair value of plan assets, beginning of period	[1]	0		0
Employer contributions		6,495	[1]	2,186
Benefit payments		(24)	[1]	(98)
Settlements		(6,471)	[1]	(2,088)
Fair value of plan assets, end of period		0	[1]	0
Funded status, end of period		(16,493)	[1]	(15,722)
Amounts recognized in the balance sheet:
Net amount recognized in accounts payable and accrued expenses		(16,493)	[1]	(15,722)
Amounts recognized in accumulated other comprehensive loss (income) consist of:
Net loss (gain)		322	[1]	(517)
Prior service credit		2	[1]	4
Net amount recognized		324	[1]	(513)
Summary of projected benefit obligation, accumulated benefit obligation and fair value of plan assets:
Projected benefit obligation		16,493		15,722
Accumulated benefit obligation		11,971		13,308
Fair value of plan assets		$ 0		$ 0
[1]	The results of Western World have been included in the Company's consolidated results from the October 2, 2014 date of acquisition.

Retirement and pension plans111

Retirement and pension plans (Components of net periodic pension expense) (Details) - Defined benefit plans - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2014		Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 295	[1]	$ 1,024
Interest cost	145	[1]	434
Amortization of prior service cost	(2)		(2)
Amortization of net loss	80		312
Net periodic benefit cost	518		1,768
Settlement loss	1,322		484
Net periodic pension expense	$ 1,840		$ 2,252
[1]	The results of Western World have been included in the Company's consolidated results from the October 2, 2014 date of acquisition.

Retirement and pension plans (O

Retirement and pension plans (Other changes recognized in other comprehensive income) (Details) - Defined benefit plans - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
Net (gain) loss	$ (43)	$ 1,961
Amortization of loss	(312)	(317)
Amortization of prior service cost	2	2
Settlement loss	(484)	(1,322)
Total recognized in other comprehensive (loss) income	(837)	324
Total recognized in net pension expense and other comprehensive (loss) income (before tax effects)	1,415	$ 2,164
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year	$ 2

Retirement and pension plans (E

Retirement and pension plans (Estimated future benefit payments, fiscal year maturity) (Details) - Defined benefit plans - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
2,016	$ 919
2,017	8,061
2,018	92
2,019	89
2,020	2,631
2021-2025	8,413
Total benefit payments required	20,205
Employer benefit payments/settlements for current year	$ 2,183	$ 4,833

Retirement and pension plans (D

Retirement and pension plans (Defined contribution plans) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Defined contribution plan
Defined contribution retirement plan expense	$ 13,684	$ 10,606	$ 7,621

Stock plans (Options activity)

Stock plans (Options activity) (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Options Activities
Options outstanding, beginning balance (in shares)		1,160,057	1,572,713	1,823,947
Options regranted (modified)				1,833,414
Options exercised during period (in shares)		(1,094,656)	(412,656)	(351,509)
Options cancelled (modified)				(1,733,139)
Options outstanding, ending balance (in shares)		65,401	1,160,057	1,572,713
Options exercisable		65,401	1,160,057	1,572,713
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, beginning balance (in dollars per share)		$ 7.12	$ 6.66	$ 6.52
Weighted average grant date fair value, options regranted (modified) (in dollars per share)				6.76
Weighted average grant date fair value, options exercised (in dollars per share)		7.09	5.36	5.94
Weighted average grant date fair value, options cancelled (modified) (in dollars per share)				6.76
Weighted average grant date fair value, ending balance (in dollars per share)		7.74	7.12	6.66
Weighted average grant date fair value, options exercisable (in dollars per share)		7.74	7.12	6.66
Weighted Average Grant Date Exercise Price
Weighted average grant date exercise price, beginning balance (in dollars per share)		17.74	18.88	20.69
Weighted average grant date exercise price, options regranted (modified) (in dollars per share)				19.02
Weighted average grant date exercise price, options exercised (in dollars per share)		17.60	22.07	22.91
Weighted average grant date exercise price, options cancelled (modified) (in dollars per share)				20.12
Weighted average grant date exercise price, ending balance (in dollars per share)		20.17	17.74	18.88
Weighted average grant date fair value, exercise price (in dollars per share)		$ 20.17	$ 17.74	$ 18.88
Total intrinsic value	[1]	$ 26,367	$ 7,459	$ 4,963
Company proceeds received		$ 6,277	$ 9,107	$ 8,052
[1]	The total intrinsic value in the tables above represent the amount by which the market price of the Company's common stock is greater than the option strike price multiplied by the number of options exercised during the year.

Stock plans (Other awards activ

Stock plans (Other awards activity) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Restricted Stock [Member]
Activities
Beginning balance	2,858,711	2,684,745	2,170,547
Granted	724,357	1,051,348	1,594,672
Vested	(788,758)	(797,446)	(969,562)
Forfeited	(54,864)	(79,936)	(110,912)
Ending balance	2,739,446	2,858,711	2,684,745
Share Based Payment Award Other Than Options Nonvested Weighted Average Grant Date Fair Value [Abstract]
Weighted average grant date fair value, beginning balance	$ 35.81	$ 33.74	$ 29.24
Weighted average grant date fair value, granted	43.67	37.81	36.07
Weighted average grant date fair value, vested	34.41	31.44	28.12
Weighted average grant date fair value, forfeited	38.14	36.09	28.34
Weighted average grant date fair value, ending balance	$ 38.25	$ 35.81	$ 33.74
Restricted share units [Member]
Activities
Beginning balance	103,484	66,518	47,238
Granted	28,057	53,025	36,635
Vested	(19,455)	(18,325)	(21,814)
Issued in lieu of cash dividends	3,143	2,266	4,459
Forfeited	(892)
Ending balance	114,337	103,484	66,518
Share Based Payment Award Other Than Options Nonvested Weighted Average Grant Date Fair Value [Abstract]
Weighted average grant date fair value, beginning balance	$ 36.54	$ 33.74	$ 29.61
Weighted average grant date fair value, granted	42.91	38.10	36.11
Weighted average grant date fair value, vested	34.58	30.71	28.17
Weighted average grant date fair value, issued in lieu of cash dividends	37.53	35	30.70
Weighted average grant date fair value, forfeited	35.42
Weighted average grant date fair value, ending balance	$ 38.47	$ 36.54	$ 33.74
Performance Shares [Member]
Activities
Beginning balance	106,369	101,820	220,845
Granted	81,569	52,639	38,386
Vested	(15,344)	(32,746)	(39,094)
Forfeited			(18,701)
Conversion adjustment		(15,344)	(99,616)
Ending balance	172,594	106,369	101,820
Share Based Payment Award Other Than Options Nonvested Weighted Average Grant Date Fair Value [Abstract]
Weighted average grant date fair value, beginning balance	$ 36.03	$ 33.56	$ 31.81
Weighted average grant date fair value, granted	45.03	37.33	36.11
Weighted average grant date fair value, vested	31.38	32.62	28.70
Weighted average grant date fair value, forfeited			31.05
Weighted average grant date fair value, conversion adjustment		31.38	33.05
Weighted average grant date fair value, ending balance	$ 40.70	$ 36.03	$ 33.56

Stock plans (Components of shar

Stock plans (Components of share compensation expenses) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Total share compensation expenses
Share compensation expenses	$ 10,062	$ 9,983	$ 9,242	$ 9,054	$ 8,821	$ 8,764	$ 8,341	$ 7,147	$ 38,341	$ 33,073	$ 27,630
Restricted share awards [Member]
Total share compensation expenses
Share compensation expenses									35,386	31,335	27,750
Restricted share units [Member]
Total share compensation expenses
Share compensation expenses									1,160	876	585
Performance Shares [Member]
Total share compensation expenses
Share compensation expenses									$ 1,795	$ 862	$ (705)

Stock plans (Narrative) (Detail

Stock plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Stock plans (other details)
Number of shares reserved for issuance under the LTIP and STIP	2,753,292								2,753,292
Remaining number of shares reserved for issuance	1,971,922								1,971,922
Share compensation expenses	$ 10,062	$ 9,983	$ 9,242	$ 9,054	$ 8,821	$ 8,764	$ 8,341	$ 7,147	$ 38,341	$ 33,073	$ 27,630
Intrinsic value of options outstanding	1,740								1,740
Intrinsic value of options exercisable	1,740								1,740
Tax benefit from share compensation expenses									1,729	1,610	1,423
Cumulative Windfall Taxes On Exercise Of Stock Options	4,419								4,419
Net windfall taxes on vestings and exercises of stock options during the period									$ 906
Options [Member]
Stock plans (other details)
Life of options									10 years
Restricted share awards [Member]
Stock plans (other details)
Share compensation expenses									$ 35,386	31,335	27,750
Unrecognized share compensation expenses	69,143				74,670				$ 69,143	$ 74,670	$ 69,219
Weighted average period of recognizing share based compensation expenses									2 years 4 months 24 days	2 years 8 months 12 days	3 years 2 months 12 days
Restricted share units [Member]
Stock plans (other details)
Share compensation expenses									$ 1,160	$ 876	$ 585
Unrecognized share compensation expenses	2,790				2,774				$ 2,790	$ 2,774	$ 1,678
Weighted average period of recognizing share based compensation expenses									2 years 7 months	3 years 1 month 6 days	3 years 4 months 24 days
Performance Shares [Member]
Stock plans (other details)
Share compensation expenses									$ 1,795	$ 862	$ (705)
Unrecognized share compensation expenses	$ 4,011				$ 2,232				$ 4,011	$ 2,232	$ 1,642
Weighted average period of recognizing share based compensation expenses									2 years 1 month 6 days	2 years 1 month 6 days	2 years 4 days
Performance Share Awards Performance Period									3 years
Special dividend declared and paid [Member]
Stock plans (other details)
Common Stock, Dividends, Per Share, Cash Paid											$ 2

Debt and financing arrangeme119

Debt and financing arrangements (Schedule of finance structure) (Details) - USD ($) $ in Thousands		Dec. 31, 2015	Dec. 31, 2014
Schedule of financing structure and finance expenses
Debt instrument, commitment		$ 847,868	$ 849,477
Debt instrument, issued and outstanding		787,668	789,277
Debt instrument, drawn		782,829	784,237
Credit facility, commitment		700,000	1,595,000
Letters of credit issued and outstanding	[1]	479,088	561,390
Debt instrument and line of credit facility amount committed, total		1,547,868	2,444,477
Debt instrument and line of credit facility outstanding, total	[1]	1,266,756	1,350,667
Five Year Unsecured Credit Facility [Member]
Schedule of financing structure and finance expenses
Credit facility, commitment		85,000
Letters of credit issued and outstanding	[1]	0
Five Year Secured Credit Facility [Member]
Schedule of financing structure and finance expenses
Credit facility, commitment		300,000
Letters of credit issued and outstanding	[1]	235,540
Four-year unsecured credit facility [Member]
Schedule of financing structure and finance expenses
Credit facility, commitment			400,000
Letters of credit issued and outstanding	[1]		0
Four-year syndicated secured credit facility [Member]
Schedule of financing structure and finance expenses
Credit facility, commitment		300,000	525,000
Letters of credit issued and outstanding		235,540	276,455	[1]
$24,000 secured bi-lateral letter of credit facility
Schedule of financing structure and finance expenses
Credit facility, commitment		24,000	200,000
Letters of credit issued and outstanding	[1]	10,543	15,649
Talbot FAL Facility
Schedule of financing structure and finance expenses
Credit facility, commitment			25,000
Letters of credit issued and outstanding	[1]		25,000
AlphaCat Re secured letter of credit facility
Schedule of financing structure and finance expenses
Credit facility, commitment		30,000	30,000
Letters of credit issued and outstanding	[1]	30,000	30,000
IPC bi-lateral facility
Schedule of financing structure and finance expenses
Credit facility, commitment		25,000	40,000
Letters of credit issued and outstanding	[1]	9,241	15,897
$236,000 Flagstone bi-lateral facility
Schedule of financing structure and finance expenses
Credit facility, commitment		236,000	375,000
Letters of credit issued and outstanding	[1]	193,764	198,389
2010 Senior Notes due 2040 [Member]
Schedule of financing structure and finance expenses
Debt instrument, commitment		250,000	250,000
Debt instrument, issued and outstanding	[1]	250,000	250,000
Debt instrument, drawn		245,161	244,960
Junior Subordinated Deferrable Debentures[Member]
Schedule of financing structure and finance expenses
Debt instrument, commitment		597,868	599,477
Debt instrument, issued and outstanding	[1]	537,668	539,277
Debt instrument, drawn		537,668	539,277
2006 Junior Subordinated Deferrable Debentures [Member]
Schedule of financing structure and finance expenses
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 [Member]
Schedule of financing structure and finance expenses
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 Interest Notes [Member]
Schedule of financing structure and finance expenses
Debt instrument, commitment		134,118	135,727
Debt instrument, issued and outstanding	[1]	134,118	135,727
Debt instrument, drawn		134,118	135,727
Flagstone 2007 Junior Subordinated Deferrable Interest Notes [Member]
Schedule of financing structure and finance expenses
Debt instrument, commitment		113,750	113,750
Debt instrument, issued and outstanding	[1]	113,750	113,750
Debt instrument, drawn		$ 113,750	$ 113,750
[1]	Indicates utilization of commitment amount, not necessarily drawn borrowings

Debt and financing arrangeme120

Debt and financing arrangements (Summary of notes and debentures) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 847,868	$ 849,477
2006 Junior Subordinated Deferrable Debentures [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		150,000	150,000
Flagstone 2006 Junior Subordinated Deferrable Interest Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		134,118	135,727
2007 Junior Subordinated Deferrable Debentures [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		200,000	200,000
2010 Senior Notes due 2040 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 250,000	$ 250,000
Debt Information At Issuance [Member] | 2006 Junior Subordinated Deferrable Debentures [Member]
Debt Instrument [Line Items]
Debt Instrument, Issuance Date		Jun. 15, 2006
Debt Instrument, Face Amount		$ 150,000
Debt Instrument, Maturity Date		Jun. 15, 2036
Interest Rate Term		5 years
Debt Instrument, Interest Rate, Stated Percentage	[1]	9.069%
Debt Instrument, Frequency of Periodic Payment		Quarterly
Debt Information At Issuance [Member] | 2006 Junior Subordinated Deferrable Debentures [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	[1]	3.55%
Debt Information At Issuance [Member] | Flagstone 2006 Junior Subordinated Deferrable Interest Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Issuance Date		Aug. 23, 2006
Debt Instrument, Face Amount		$ 134,118
Debt Instrument, Maturity Date		Sep. 15, 2036
Debt Instrument, Frequency of Periodic Payment		Quarterly
Debt Information At Issuance [Member] | Flagstone 2006 Junior Subordinated Deferrable Interest Notes [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	[2]	3.54%
Debt Information At Issuance [Member] | 2007 Junior Subordinated Deferrable Debentures [Member]
Debt Instrument [Line Items]
Debt Instrument, Issuance Date		Jun. 21, 2007
Debt Instrument, Face Amount		$ 200,000
Debt Instrument, Maturity Date		Jun. 15, 2037
Interest Rate Term		5 years
Debt Instrument, Interest Rate, Stated Percentage	[3]	8.48%
Debt Instrument, Frequency of Periodic Payment		Quarterly
Debt Information At Issuance [Member] | 2007 Junior Subordinated Deferrable Debentures [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	[1]	2.95%
Debt Information At Issuance [Member] | Flagstone 2007 Due July 30 2037 [Member]
Debt Instrument [Line Items]
Debt Instrument, Issuance Date		Jun. 8, 2007
Debt Instrument, Face Amount		$ 88,750
Debt Instrument, Maturity Date		Jul. 30, 2037
Debt Instrument, Frequency of Periodic Payment		Quarterly
Debt Information At Issuance [Member] | Flagstone 2007 Due July 30 2037 [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	[2]	3.00%
Debt Information At Issuance [Member] | Flagstone 2007 Debt Due September 15 2037 [Member]
Debt Instrument [Line Items]
Debt Instrument, Issuance Date		Sep. 20, 2007
Debt Instrument, Face Amount		$ 25,000
Debt Instrument, Maturity Date		Sep. 15, 2037
Debt Instrument, Frequency of Periodic Payment		Quarterly
Debt Information At Issuance [Member] | Flagstone 2007 Debt Due September 15 2037 [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	[2]	3.10%
Debt Information At Issuance [Member] | 2010 Senior Notes due 2040 [Member]
Debt Instrument [Line Items]
Debt Instrument, Issuance Date		Jan. 26, 2010
Debt Instrument, Face Amount		$ 250,000
Debt Instrument, Maturity Date		Jan. 26, 2040
Debt Instrument, Interest Rate, Stated Percentage	[4]	8.875%
Debt Instrument, Frequency of Periodic Payment		Semi-annually in arrears
Debt Outstanding [Member] | 2006 Junior Subordinated Deferrable Debentures [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage	[5]	5.831%
Debt Outstanding [Member] | Flagstone 2006 Junior Subordinated Deferrable Interest Notes [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage	[5]	6.463%
Debt Outstanding [Member] | 2007 Junior Subordinated Deferrable Debentures [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage	[5]	5.18%
Debt Outstanding [Member] | Flagstone 2007 Due July 30 2037 [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage	[5]	5.90%
Debt Outstanding [Member] | Flagstone 2007 Debt Due September 15 2037 [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage	[5]	5.983%
Debt Outstanding [Member] | 2010 Senior Notes due 2040 [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	[4]	8.875%
[1]	Fixed interest rate for 5 years, floating interest rate of three-month LIBOR plus 3.550% thereafter, reset quarterly.
[2]	Floating interest rate of three-month LIBOR plus amount stated, reset quarterly.
[3]	Fixed interest rate for 5 years, floating interest rate of three-month LIBOR plus 2.950% thereafter, reset quarterly.
[4]	Fixed interest rate.
[5]	Fixed interest rate as a result of interest rate swap contracts entered into by the Company.

Debt and financing arrangeme121

Debt and financing arrangements (Components of finance expenses) (Details) - USD ($) $ in Thousands		3 Months Ended								12 Months Ended
		Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Components of financial expenses
Finance expenses		$ 16,581	$ 18,512	$ 18,682	$ 20,967	$ 17,605	$ 16,273	$ 17,086	$ 17,360	$ 74,742	$ 68,324	$ 68,007
Credit Facilities [Member]
Components of financial expenses
Finance expenses										6,006	5,516	6,544
Bank charges, Talbot FAL facility and other charges
Components of financial expenses
Finance expenses										4,592	4,536	4,813
AlphaCat Fees [Member]
Components of financial expenses
Finance expenses	[1]									9,435	3,545	3,572
2006 Junior Subordinated Deferrable Debentures [Member]
Components of financial expenses
Finance expenses										8,868	8,868	8,868
2007 Junior Subordinated Deferrable Debentures [Member]
Components of financial expenses
Finance expenses										7,341	7,341	7,341
Flagstone 2006 Junior Subordinated Deferrable Interest Notes [Member]
Components of financial expenses
Finance expenses										8,989	9,001	8,259
Flagstone 2007 Junior Subordinated Deferrable Interest Notes [Member]
Components of financial expenses
Finance expenses										7,123	7,129	6,222
2010 Senior Notes due 2040 [Member]
Components of financial expenses
Finance expenses										$ 22,388	$ 22,388	$ 22,388
[1]	Includes finance expenses incurred by AlphaCat Managers Ltd. in relation to fund raising for the AlphaCat sidecars, the AlphaCat ILS funds and AlphaCat direct.

Debt and financing arrangeme122

Debt and financing arrangements (Narrative) (Details) - USD ($) $ in Thousands		Dec. 09, 2015	Dec. 31, 2015	Dec. 31, 2014
Debt and financing arrangements [Line Items]
Future repayments of debt			$ 787,668	$ 789,277
Credit Facilities
Credit facility, commitment			700,000	1,595,000
Letters of credit issued and outstanding	[1]		479,088	561,390
Debentures payable			$ 537,668	539,277
Five Year Unsecured Credit Facility [Member]
Credit Facilities
Letter of credit facility period			5 years
Line of credit facility initiation date			Dec. 9, 2015
Credit facility, commitment			$ 85,000
Letters of credit issued and outstanding	[1]		0
Aggregate commitments, maximum			$ 150,000
Five Year Credit Facilities [Member]
Credit Facilities
Percent of consolidated net income quarterly increase under covenant			25.00%
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 consolidated net worth			$ 2,600,000
Talbot FAL Facility
Credit Facilities
Credit facility, commitment				25,000
Letters of credit issued and outstanding	[1]			25,000
IPC bi-lateral facility
Credit Facilities
Credit facility, commitment			25,000	40,000
Letters of credit issued and outstanding	[1]		9,241	15,897
$24,000 secured bi-lateral letter of credit facility
Credit Facilities
Credit facility, commitment			24,000	200,000
Letters of credit issued and outstanding	[1]		10,543	15,649
AlphaCat Re secured letter of credit facility
Credit Facilities
Credit facility, commitment			30,000	30,000
Letters of credit issued and outstanding	[1]		30,000	30,000
$236,000 Flagstone bi-lateral facility
Credit Facilities
Credit facility, commitment			236,000	375,000
Letters of credit issued and outstanding	[1]		$ 193,764	198,389
Five Year Secured Credit Facility [Member]
Credit Facilities
Letter of credit facility period			5 years
Line of credit facility initiation date			Dec. 9, 2015
Credit facility, commitment			$ 300,000
Letters of credit issued and outstanding	[1]		235,540
Aggregate commitments, maximum			400,000
Four Year Unsecured Credit Facility [Member]
Credit Facilities
Credit facility, commitment				400,000
Letters of credit issued and outstanding	[1]			0
Four Year Unsecured Credit Facility [Member] | Terminated Facility [Member]
Credit Facilities
Letter of credit facility period		4 years
Line Of Credit Facility, Terminated Capacity		$ 400,000
Four Year Secured Credit Facility [Member]
Credit Facilities
Credit facility, commitment			300,000	525,000
Letters of credit issued and outstanding			235,540	276,455	[1]
Four Year Secured Credit Facility [Member] | Terminated Facility [Member]
Credit Facilities
Letter of credit facility period		4 years
Line Of Credit Facility, Terminated Capacity		$ 525,000
2010 Senior Notes due 2040 [Member]
Debt and financing arrangements [Line Items]
Future repayments of debt	[1]		250,000	250,000
Credit Facilities
Debentures payable			250,000
Junior Subordinated Deferrable Debentures[Member]
Debt and financing arrangements [Line Items]
Future repayments of debt	[1]		537,668	$ 539,277
Credit Facilities
Debentures payable			$ 537,668
Debt Instrument Redemption Period Duration			5 years
Minimum | 2010 Senior Notes due 2040 [Member]
Debt and financing arrangements [Line Items]
Debt Instrument Redemption Required Notice Period			30 days
Maximum | 2010 Senior Notes due 2040 [Member]
Debt and financing arrangements [Line Items]
Debt Instrument Redemption Required Notice Period			60 days
[1]	Indicates utilization of commitment amount, not necessarily drawn borrowings

Income taxes (Components of tax

Income taxes (Components of tax expense) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosures [Line Items]
Net income before taxes, income from operating affiliates and (income) attributable to operating affiliate investors									$ 480,594	$ 559,338	$ 594,989
Components of income tax expense:
U.S.									739	21,257	0
Non-U.S.									6,028	26,179	1,781
Total current income tax expense									6,767	47,436	1,781
U.S.									1,360	(24,998)	880
Non-U.S.									(1,751)	(22,283)	(2,278)
Total deferred income tax benefit									(391)	(47,281)	(1,398)
U.S.									2,099	(3,741)	880
Non-U.S.									4,277	3,896	(497)
Total income tax expense	$ (756)	$ 2,018	$ 2,549	$ 2,565	$ (243)	$ (953)	$ 1,391	$ (40)	6,376	155	383
Bermuda
Income Tax Disclosures [Line Items]
Net income before taxes, income from operating affiliates and (income) attributable to operating affiliate investors									470,454	518,476	599,354
United Kingdom
Income Tax Disclosures [Line Items]
Net income before taxes, income from operating affiliates and (income) attributable to operating affiliate investors									13,621	10,824	4,668
United States
Income Tax Disclosures [Line Items]
Net income before taxes, income from operating affiliates and (income) attributable to operating affiliate investors									(4,176)	(11,752)	(464)
Switzerland
Income Tax Disclosures [Line Items]
Net income before taxes, income from operating affiliates and (income) attributable to operating affiliate investors									2,276	9,941	(225)
Canada
Income Tax Disclosures [Line Items]
Net income before taxes, income from operating affiliates and (income) attributable to operating affiliate investors									493	2,773	57
Other tax jurisdictions
Income Tax Disclosures [Line Items]
Net income before taxes, income from operating affiliates and (income) attributable to operating affiliate investors									$ (2,074)	$ 29,076	$ (8,401)

Income taxes (Reconciliation of

Income taxes (Reconciliation of effective tax rate) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Bermuda tax rate									0.00%	0.00%	0.00%
Tax charge by jurisdiction
Expected tax expense at Bermuda statutory rate of 0%									$ 0	$ 0	$ 0
Foreign tax rate differential									6,462	7,993	(2,399)
Change in valuation allowance									9,830	(7,284)	4,967
Tax exempt income and expenses not deductible									393	(6,055)	(263)
Share compensation tax windfall									825	3,513	0
Impact of enacted changes in tax rates									69	250	(407)
Prior years tax adjustments									(12,272)	666	(461)
Actual income tax expense									1,069	1,072	(1,054)
Total income tax expense	$ (756)	$ 2,018	$ 2,549	$ 2,565	$ (243)	$ (953)	$ 1,391	$ (40)	$ 6,376	$ 155	$ 383

Income taxes (Components of net

Income taxes (Components of net deferred tax liability) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Deferred tax asset
Tax losses carried forward	$ 167,929	$ 158,789
Deferred compensation	7,504	5,527
Deferred Tax Assets, Tax Deferred Expense, Other	2,047	2,210
Tax credits carried forward	2,761	4,016
Discounting of loss reserves	11,882	13,721
Risk premium reserve	0	3,842
Unearned premiums reserve	4,291	8,505
Pension	5,503	5,864
Other	4,111	3,813
Deferred tax asset, gross of valuation allowance	206,028	206,287
Valuation allowance	167,929	158,099
Net deferred tax asset	38,099	48,188
Deferred tax liability
Underwriting profit taxable in future periods	(47)	636
Deferred acquisition costs	1,989	3,348
Intangibles	8,111	8,638
Unrealized appreciation on investments	7,073	9,101
Properties and fixed assets	2,044	4,993
Other	1,115	3,192
Deferred tax liability	20,285	29,908
Net deferred tax asset (liability)	$ 17,814	$ 18,280

Income taxes (Loss carryforward

Income taxes (Loss carryforwards) (Details) $ in Thousands	Dec. 31, 2015USD ($)
United Kingdom
Operating and Capital Loss Carryforwards [Line Items]
Loss Carryforwards	$ 32
Loss Carryforwards, Tax Effect	6
United States
Operating and Capital Loss Carryforwards [Line Items]
Loss Carryforwards	17,378
Loss Carryforwards, Tax Effect	6,082
Switzerland
Operating and Capital Loss Carryforwards [Line Items]
Loss Carryforwards	225,795
Loss Carryforwards, Tax Effect	47,417
Luxembourg
Operating and Capital Loss Carryforwards [Line Items]
Loss Carryforwards	386,883
Loss Carryforwards, Tax Effect	112,196
Singapore
Operating and Capital Loss Carryforwards [Line Items]
Loss Carryforwards	21,148
Loss Carryforwards, Tax Effect	2,115
Other
Operating and Capital Loss Carryforwards [Line Items]
Loss Carryforwards	366
Loss Carryforwards, Tax Effect	$ 113

Accumulated other comprehens127

Accumulated other comprehensive loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accumulated Other Comprehensive Loss [Line Items]
Balance, net of tax, at beginning of year	$ 3,878,860	$ 4,079,120
Balance, net of tax, at end of year	3,793,637	3,878,860	$ 4,079,120
Accumulated other comprehensive loss
Accumulated Other Comprehensive Loss [Line Items]
Balance, net of tax, at beginning of year	(8,556)	(617)	(2,953)
Amounts reclassified to retained earnings	0	0	4,290
Net current period other comprehensive income (loss), net of tax	(4,013)	(7,939)	(1,954)
Balance, net of tax, at end of year	(12,569)	(8,556)	(617)
Foreign currency translation adjustment
Accumulated Other Comprehensive Loss [Line Items]
Balance, net of tax, at beginning of year	(8,118)	(617)	(2,953)
Amounts reclassified to retained earnings			4,290
Net current period other comprehensive income (loss), net of tax	(3,716)	(7,501)	(1,954)
Balance, net of tax, at end of year	(11,834)	(8,118)	(617)
Minimum pension liability
Accumulated Other Comprehensive Loss [Line Items]
Balance, net of tax, at beginning of year	(210)	0	0
Amounts reclassified to retained earnings			0
Net current period other comprehensive income (loss), net of tax	544	(210)	0
Balance, net of tax, at end of year	334	(210)	0
Cash flow hedge
Accumulated Other Comprehensive Loss [Line Items]
Balance, net of tax, at beginning of year	(228)	0	0
Amounts reclassified to retained earnings			0
Net current period other comprehensive income (loss), net of tax	(841)	(228)	0
Balance, net of tax, at end of year	$ (1,069)	$ (228)	$ 0

Commitments and contingencie128

Commitments and contingencies (Significant brokers) (Details) - Customer Concentration Risk - Gross Premiums Written	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Marsh & McLennan
Concentration Risk [Line Items]
Concentration Risk, Percentage	28.20%	28.50%	21.40%
Aon Benfield Group Ltd
Concentration Risk [Line Items]
Concentration Risk, Percentage	15.50%	20.00%	29.40%
Willis Group Holdings Ltd
Concentration Risk [Line Items]
Concentration Risk, Percentage	14.30%	18.00%	19.20%

Commitments and contingencie129

Commitments and contingencies (Future minimum lease payments) (Details) - Office Space And Office Equipment - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Future minimum lease commitments are as follows:
2,016	$ 11,391
2,017	11,077
2,018	10,730
2,019	10,483
2,020	9,654
2021 and thereafter	37,343
Total	90,678
Total rent expense with respect to operating leases:
Rent expense	$ 10,143	$ 10,540	$ 10,214

Commitments and contingencie130

Commitments and contingencies (Lloyd's syndicate) (Details) - 12 months ended Dec. 31, 2015 - Lloyd's Syndicate 1183 £ in Thousands, $ in Thousands	USD ($)	GBP (£)
Funds at Lloyd's and Lloyd's Central Fund
Maximum premium levies assessable, percent	3.00%	3.00%
Estimated underwriting capacity | £		£ 600,000
Exchange rate	£1 equals $1.48	£1 equals $1.48
Maximum premium levies assessable, amount	$ 26,640
2016 underwriting year
Components Of Required Capital [Abstract]
Required capital	617,000
2015 underwriting year
Components Of Required Capital [Abstract]
Required capital	$ 595,100

Commitments and contingencie131

Commitments and contingencies (Investment commitments) (Details) - USD ($) $ in Thousands	Dec. 30, 2015	Dec. 29, 2014	Nov. 07, 2014	Oct. 02, 2014	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
Aquiline Capital Partners II GP Offshore Ltd
Related Party Transaction [Line Items]
Capital commitment					$ 50,000
Remaining commitment					3,413		$ 7,500
Fixed maturities commitment
Related Party Transaction [Line Items]
Other commitment					34,888		7,539
Investment commitment
Related Party Transaction [Line Items]
Contractual obligation					263,000		153,000
Other commitment					185,548		83,712
Aquiline Financial Services Fund III LP
Related Party Transaction [Line Items]
Capital commitment			$ 100,000
Remaining commitment					86,110		100,000
AlphaCat sidecar
Related Party Transaction [Line Items]
Capital commitment		$ 28,000
Remaining commitment					0		2,400
AlphaCat Fund A
Related Party Transaction [Line Items]
Capital commitment	$ 20,000	$ 20,000
Remaining commitment						$ 10,000	8,000
AlphaCat Fund B
Related Party Transaction [Line Items]
Capital commitment	$ 25,000
Remaining commitment					9,536
Western World Insurance Group, Inc | Aquiline Capital Partners II GP Offshore Ltd
Related Party Transaction [Line Items]
Capital commitment				$ 10,000
Remaining commitment					$ 683		$ 1,499

Commitments and contingencie132

Commitments and contingencies (Other details) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Western World Insurance Group, Inc
Loss Contingencies [Line Items]
Loss Contingency, Estimate of Possible Loss	$ 3,108	$ 3,412

Related party transactions (Det

Related party transactions (Details) $ in Thousands	Nov. 07, 2014USD ($)	Oct. 02, 2014USD ($)	Dec. 20, 2011USD ($)	Dec. 31, 2015USD ($)Employeeshares	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Nov. 24, 2015USD ($)
Aquiline Capital Partners LLC [Member]
Related Party Transaction [Line Items]
Shares owned by related party | shares				1,523,978
Related Parties Number Of Employees | Employee				2
Group Ark Insurance Holdings Ltd
Related Party Transaction [Line Items]
Gross premiums written				$ 2,718	$ 2,073	$ 2,899
Premiums receivable				82	335
Reinsurance premiums ceded				24	126	90
Related Party Transaction Reinsurance Balances Payable				4	4
Related Party Transaction Loss Reserves Recoverable				790	1,063
Earned premium adjustments				2,833	1,982	2,911
Conning Inc
Related Party Transaction [Line Items]
Accounts payable and accrued expenses					515
Investment management fees				841	1,125	500
Aquiline Capital Partners II GP Offshore Ltd
Related Party Transaction [Line Items]
Accounts payable and accrued expenses				$ 0	0
Percentage of interest assumed				100.00%
Capital commitment				$ 50,000
Partnership fees incurred				1,519	410	1,236
Capital contributions				$ 6,093	12,468	$ 14,492
Aquiline Financial Services Fund II LP
Related Party Transaction [Line Items]
Percentage of interest assumed				100.00%
Capital commitment		$ 10,000	$ 50,000
Aquiline Financial Services Fund III LP
Related Party Transaction [Line Items]
Accounts payable and accrued expenses				$ 0	0
Capital commitment	$ 100,000
Partnership fees incurred				0	0
Capital contributions				$ 13,793	$ 0
Western World Insurance Group, Inc | Aquiline Capital Partners II GP Offshore Ltd
Related Party Transaction [Line Items]
Capital commitment		$ 10,000
WRM America Indemnity Company Inc | Western World Insurance Group, Inc
Related Party Transaction [Line Items]
Contractual obligation							$ 3,750

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Basic earnings per share
Net income	$ 95,038	$ 92,879	$ 88,351	$ 191,589	$ 146,492	$ 55,342	$ 171,216	$ 181,793	$ 467,857	$ 554,843	$ 595,148
Net (income) attributable to noncontrolling interest	(25,996)	(26,229)	(22,561)	(18,178)	(20,584)	(15,670)	(17,849)	(20,777)	(92,964)	(74,880)	(62,482)
Net income available to Validus	$ 69,042	$ 66,650	$ 65,790	$ 173,411	$ 125,908	$ 39,672	$ 153,367	$ 161,016	374,893	479,963	532,666
Less: Dividends and distributions declared on outstanding warrants									(3,566)	(6,208)	(19,214)
Income available to common shareholders									$ 371,327	$ 473,755	$ 513,452
Weighted average number of common shares outstanding	82,538,834	82,635,316	84,003,549	83,251,243	86,421,127	90,593,329	90,952,523	93,451,999	83,107,236	90,354,745	102,202,274
Basic earnings per share available to common shareholders	$ 0.84	$ 0.79	$ 0.77	$ 2.07	$ 1.44	$ 0.42	$ 1.67	$ 1.71	$ 4.47	$ 5.24	$ 5.02
Diluted earnings per share
Net income	$ 95,038	$ 92,879	$ 88,351	$ 191,589	$ 146,492	$ 55,342	$ 171,216	$ 181,793	$ 467,857	$ 554,843	$ 595,148
Net (income) attributable to noncontrolling interest	(25,996)	(26,229)	(22,561)	(18,178)	(20,584)	(15,670)	(17,849)	(20,777)	(92,964)	(74,880)	(62,482)
Net income available to Validus	$ 69,042	$ 66,650	$ 65,790	$ 173,411	$ 125,908	$ 39,672	$ 153,367	$ 161,016	374,893	479,963	532,666
Less: Dividends and distributions declared on outstanding warrants									0	0	(19,214)
Income (loss) available (attributable) to common shareholders									$ 374,893	$ 479,963	$ 513,452
Weighted average number of common shares outstanding	82,538,834	82,635,316	84,003,549	83,251,243	86,421,127	90,593,329	90,952,523	93,451,999	83,107,236	90,354,745	102,202,274
Weighted average number of common shares outstanding, diluted	85,181,258	85,629,494	87,313,154	87,583,129	90,948,156	91,939,610	95,276,836	97,799,519	86,426,760	94,690,271	103,970,289
Earnings per diluted share available to common shareholders	$ 0.81	$ 0.78	$ 0.75	$ 1.98	$ 1.38	$ 0.41	$ 1.61	$ 1.65	$ 4.34	$ 5.07	$ 4.94
Earnings per share (Textuals) [Abstract]
Anti-dilutive securities excluded from the calculation of diluted earnings per share									167,417	199,740	366,821
Warrants [Member]
Diluted earnings per share
Weighted average number diluted shares outstanding adjustment									2,090,248	2,789,032	0
Options [Member]
Diluted earnings per share
Weighted average number diluted shares outstanding adjustment									151,867	745,561	1,026,543
Unvested restricted shares [Member]
Diluted earnings per share
Weighted average number diluted shares outstanding adjustment									1,077,409	800,933	741,472

Segment information (Details)

Segment information (Details) $ in Thousands		3 Months Ended								12 Months Ended
		Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2015USD ($)segments		Dec. 31, 2014USD ($)		Dec. 31, 2013USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | segments										4
Underwriting income
Gross premiums written		$ 309,605	$ 402,509	$ 726,168	$ 1,119,224	$ 336,643	$ 357,711	$ 653,745	$ 1,010,766	$ 2,557,506		$ 2,358,865	[1]	$ 2,388,446
Reinsurance premiums ceded		(33,128)	(48,810)	(55,418)	(191,325)	(33,623)	(30,137)	(54,014)	(195,434)	(328,681)		(313,208)		(375,800)
Net premiums written		276,477	353,699	670,750	927,899	303,020	327,574	599,731	815,332	2,228,825		2,045,657		2,012,646
Change in unearned premiums		266,823	201,312	(98,062)	(352,009)	253,621	164,997	(136,290)	(334,930)	18,064		(52,602)		86,149
Net premiums earned		543,300	555,011	572,688	575,890	556,641	492,571	463,441	480,402	2,246,889		1,993,055		2,098,795
Other insurance related income		969	3,496	708	940	1,544	629	680	619	6,113		3,472		4,170
Segmental revenues		544,269	558,507	573,396	576,830	558,185	493,200	464,121	481,021	2,253,002		1,996,527		2,102,965
Underwriting deductions
Losses and loss expenses		214,748	256,010	266,146	240,929	223,723	224,125	155,646	161,521	977,833	[2]	765,015	[2]	776,796	[2]
Policy acquisition costs		102,285	105,039	104,323	98,411	89,307	86,157	78,644	85,359	410,058		339,467		360,403
General and administrative expenses		98,563	96,886	84,025	84,235	99,173	82,556	74,403	73,230	363,709		329,362		316,008
Share compensation expenses		10,062	9,983	9,242	9,054	8,821	8,764	8,341	7,147	38,341		33,073		27,630
Total segmental deductions		425,658	467,918	463,736	432,629	421,024	401,602	317,034	327,257	1,789,941		1,466,917		1,480,837
Segmental income		118,611	90,589	109,660	144,201	137,161	91,598	147,087	153,764	463,061		529,610		622,128
Other items	[3]									(120,616)		(66,757)		(123,069)
Net investment income		31,612	31,572	33,611	31,029	30,169	25,265	21,286	23,366	127,824		100,086		96,089
(Income) attributable to AlphaCat investors		(974)	(1,438)	0	0					(2,412)		0		0
Net (income) attributable to noncontrolling interest		(25,996)	(26,229)	(22,561)	(18,178)	(20,584)	(15,670)	(17,849)	(20,777)	(92,964)		(74,880)		(62,482)
Finance expenses		16,581	18,512	18,682	20,967	17,605	16,273	17,086	17,360	74,742		68,324		68,007
Tax benefit (expense)		756	(2,018)	(2,549)	(2,565)	243	953	(1,391)	40	(6,376)		(155)		(383)
Validus share of segmental income		131,716	92,230	123,778	155,682	142,891	95,648	153,720	164,618			33,587
Net realized gains on investments		(2,928)	(1,187)	2,244	4,169	6,902	2,042	2,233	3,740	2,298		14,917		(764)
Change in net unrealized losses on investments (a)		(34,862)	3,916	(34,676)	33,227	(2,040)	(23,982)	14,156	9,024	(32,395)		(2,842)		(52,419)
Income from investment affiliate		(1,261)	2,482	284	2,776	530	1,754	779	5,348	4,281		8,411		4,790
Foreign exchange gains (losses)		797	(2,592)	(2,671)	(4,265)	3,674	(12,281)	3,156	(6,730)	(8,731)		(12,181)		3,949
Other income (loss)		1,576	(1,970)	(608)	0	(770)	(7,690)	424	5,793
Transaction expenses						(4,695)	(149)	(3,252)	0	0		(8,096)	[4]	0
Net income available to Validus		$ 69,042	$ 66,650	$ 65,790	$ 173,411	$ 125,908	$ 39,672	$ 153,367	$ 161,016	374,893		479,963		532,666
Selected ratios:
Losses and loss expenses		39.50%	46.10%	46.50%	41.80%	40.20%	45.50%	33.60%	33.60%
Expense ratio		38.80%	38.20%	34.50%	33.30%	35.40%	36.00%	34.80%	34.50%
Combined ratio		78.30%	84.30%	81.00%	75.10%	75.60%	81.50%	68.40%	68.10%
Operating Segments | Validus Re
Underwriting income
Gross premiums written										1,126,759		1,118,532		1,226,690
Reinsurance premiums ceded										(149,088)		(163,678)		(210,432)
Net premiums written										977,671		954,854		1,016,258
Change in unearned premiums										12,542		(37,570)		117,679
Net premiums earned										990,213		917,284		1,133,937
Other insurance related income										3,575		3,159		19,222
Segmental revenues										993,788		920,443		1,153,159
Underwriting deductions
Losses and loss expenses										457,976		307,290		430,026
Policy acquisition costs										166,387		141,670		180,779
General and administrative expenses										78,428		74,739		91,260
Share compensation expenses										10,350		9,739		7,668
Total segmental deductions										713,141		533,438		709,733
Segmental income										280,647		387,005		443,426
Validus share of segmental income										$ 280,647		$ 387,005		$ 443,426
Selected ratios:
Net premiums written / Gross premiums written										86.80%		85.40%		82.80%
Losses and loss expenses										46.20%		33.50%		37.90%
Policy acquisition costs										16.80%		15.50%		16.00%
General and administrative expenses	[5]									9.00%		9.20%		8.70%
Expense ratio										25.80%		24.70%		24.70%
Combined ratio										72.00%		58.20%		62.60%
Operating Segments | Talbot
Underwriting income
Gross premiums written										$ 1,018,835		$ 1,101,770		$ 1,091,890
Reinsurance premiums ceded										(198,896)		(192,211)		(226,111)
Net premiums written										819,939		909,559		865,779
Change in unearned premiums										18,152		(29,785)		(35,085)
Net premiums earned										838,091		879,774		830,694
Other insurance related income										851		1,095		1,819
Segmental revenues										838,942		880,869		832,513
Underwriting deductions
Losses and loss expenses										347,322		423,394		346,337
Policy acquisition costs										187,535		187,162		170,738
General and administrative expenses										155,306		150,828		136,458
Share compensation expenses										12,373		11,346		9,613
Total segmental deductions										702,536		772,730		663,146
Segmental income										136,406		108,139		169,367
Validus share of segmental income										$ 136,406		$ 108,139		$ 169,367
Selected ratios:
Net premiums written / Gross premiums written										80.50%		82.60%		79.30%
Losses and loss expenses										41.40%		48.10%		41.70%
Policy acquisition costs										22.40%		21.30%		20.50%
General and administrative expenses	[5]									20.00%		18.40%		17.60%
Expense ratio										42.40%		39.70%		38.10%
Combined ratio										83.80%		87.80%		79.80%
Operating Segments | AlphaCat
Underwriting income
Gross premiums written	[6]									$ 176,126		$ 126,785		$ 131,134
Third party management fees	[6]									19,661		18,667		16,629
Related party management fees	[6]									5,309		7,467		9,693
Segmental revenues	[6]									24,970		26,134		26,322
Underwriting deductions
General and administrative expenses	[6]									12,115		10,134		8,401
Share compensation expenses	[6]									580		501		468
Total segmental deductions	[6]									21,991		14,032		12,368
Segmental income	[6]									2,979		12,102		13,954
Net investment income	[6],[7]									19,176		21,485		32,566
Finance expenses	[6]									9,312		3,417		3,497
Foreign exchange gains (losses)	[6]									16		20		(2)
Operating Segments | AlphaCat | AlphaCat Re & Master Fund
Underwriting deductions
Net investment income	[6],[7]									0		(1,377)		1,022
Operating Segments | AlphaCat | AlphaCat Sidecars
Underwriting income
Gross premiums written	[6]									45,755		50,023		69,626
Underwriting deductions
Net investment income	[6],[7]									5,504		10,525		12,396
Operating Segments | AlphaCat | AlphaCat ILS Funds - Lower Risk (c)
Underwriting income
Gross premiums written	[6],[8]									91,363		52,264		43,111
Underwriting deductions
Net investment income	[6],[7],[8]									7,491		7,974		7,848
Operating Segments | AlphaCat | AlphaCat ILS Funds - Higher Risk (c)
Underwriting income
Gross premiums written	[6],[8]									34,228		24,498		18,397
Underwriting deductions
Net investment income	[6],[7],[8]									8,428		8,754		10,758
Operating Segments | AlphaCat | BetaCat ILS Funds
Underwriting deductions
Net investment income	[6],[7]									1,702		(51)		0
Operating Segments | AlphaCat | PaCRe
Underwriting deductions
Net investment income	[6],[7]									(3,949)		(4,340)		542
Operating Segments | AlphaCat | AlphaCat Direct (d)
Underwriting income
Gross premiums written	[6],[9]									4,780		0		0
Operating Segments | AlphaCat & Consolidated Variable Interest Entities
Underwriting income
Gross premiums written										176,126		126,785		131,134
Reinsurance premiums ceded										(4,538)		(4,348)		(525)
Net premiums written										171,588		122,437		130,609
Change in unearned premiums										(11,653)		564		3,555
Net premiums earned										159,935		123,001		134,164
Other insurance related income										25,524		25,750		26,424
Segmental revenues										185,459		148,751		160,588
Underwriting deductions
Losses and loss expenses										657		(16,704)		433
Policy acquisition costs										16,327		11,584		13,946
General and administrative expenses										39,055		36,298		34,455
Share compensation expenses										580		501		468
Total segmental deductions										56,619		31,679		49,302
Segmental income										128,840		117,072		111,286
Other items	[3]									(17,967)		(12,891)		(6,166)
Net investment income										6,658		4,286		3,882
(Income) attributable to AlphaCat investors										(2,412)
Net (income) attributable to noncontrolling interest										(92,964)		(74,880)		(62,482)
Validus share of segmental income	[6]									22,155		33,587		46,520
Transaction expenses	[4]											0
Operating Segments | Western World Insurance Group, Inc
Underwriting income
Gross premiums written										278,504		65,235	[1]
Reinsurance premiums ceded										(18,877)		(6,428)	[1]
Net premiums written										259,627		58,807	[1]
Change in unearned premiums										(977)		14,189	[1]
Net premiums earned										258,650		72,996	[1]
Other insurance related income										1,044		264	[1]
Segmental revenues										259,694		73,260	[1]
Underwriting deductions
Losses and loss expenses										171,878		51,035	[1]
Policy acquisition costs										41,408		3,169	[1]
General and administrative expenses										38,715		11,121	[1]
Share compensation expenses										2,083		135	[1]
Total segmental deductions										254,084		65,460	[1]
Segmental income										5,610		7,800	[1]
Validus share of segmental income										$ 5,610		$ 7,800
Selected ratios:
Net premiums written / Gross premiums written										93.20%		90.10%	[1]
Losses and loss expenses										66.40%		69.90%	[1]
Policy acquisition costs										16.00%		4.40%	[1]
General and administrative expenses	[5]									15.80%		15.40%	[1]
Expense ratio										31.80%		19.80%	[1]
Combined ratio										98.20%		89.70%	[1]
Corporate and Investment
Underwriting deductions
General and administrative expenses										$ 75,724		$ 80,210		77,843
Share compensation expenses										12,955		11,352		9,881
Total segmental deductions										88,679		91,562		87,724
Segmental income										(88,679)		(91,562)		(87,724)
Other items	[3]									(102,649)		(53,866)		(116,903)
Net investment income	[10]									121,166		95,800		92,207
(Income) attributable to AlphaCat investors										0
Net (income) attributable to noncontrolling interest										0				0
Finance expenses	[10]									61,071		60,309		58,443
Tax benefit (expense)										(6,376)		(155)		(383)
Total expenses										156,126		152,026		146,550
Validus share of segmental income										(70,162)		(57,724)		(112,420)
Net realized gains on investments	[10]									1,698		12,160		(826)
Change in net unrealized losses on investments (a)	[10]									(32,007)		(1,030)		(54,588)
Income from investment affiliate										4,281		8,411		4,790
Foreign exchange gains (losses)	[10]									(8,172)		(10,700)		3,324
Other income (loss)										(1,002)		(2,243)		(10,777)
Transaction expenses	[11]									0		(8,096)	[4]	0
Total other items										(35,202)		(1,498)		(58,077)
Eliminations
Underwriting income
Gross premiums written										(42,718)		(53,457)		(61,268)
Reinsurance premiums ceded										42,718		53,457		61,268
Net premiums written										0		0		0
Change in unearned premiums										0		0		0
Net premiums earned										0		0		0
Other insurance related income										(24,881)		(26,796)		(43,295)
Segmental revenues										(24,881)		(26,796)		(43,295)
Underwriting deductions
Losses and loss expenses										0		0		0
Policy acquisition costs										(1,599)		(4,118)		(5,060)
General and administrative expenses										(23,519)		(23,834)		(24,008)
Share compensation expenses										0		0		0
Total segmental deductions										(25,118)		(27,952)		(29,068)
Segmental income										237		1,156		(14,227)
Validus share of segmental income										$ 237		$ 1,156		$ (14,227)
[1]	The results of Western World have been included in the Company's consolidated results from the October 2, 2014 date of acquisition.
[2]	Upon closing the acquisition of Western World, an adjustment of $15,586 was made to increase net reserves to reflect fair value. This adjustment was fully amortized to income through a reduction in losses and loss expenses of $10,979 and $4,607 during the years ended December 31, 2015 and 2014, respectively.
[3]	Other items includes finance expenses, tax expenses, foreign exchange gains (losses), net realized and change in net unrealized gains (losses) on investments, income from investment and operating affiliates and other income (loss).
[4]	The transaction expenses relate to costs incurred in connection with the acquisition of Western World, which was completed on October 2, 2014. Transaction expenses are primarily comprised of legal, financial advisory and audit related services.
[5]	The general and administrative expense ratio includes share compensation expenses.
[6]	The results of AlphaCat are presented on an asset manager basis, which is non-GAAP. A reconciliation of segmental income to net income available to Validus is included in the tables below.
[7]	The investment income from the AlphaCat funds and sidecars is based on equity accounting.
[8]	Lower risk AlphaCat ILS funds have a maximum permitted portfolio expected loss of less than 7%, whereas higher risk AlphaCat ILS funds have a maximum permitted portfolio expected loss of greater than 7%. Expected loss represents the average annual loss over the set of simulation scenarios divided by the total limit.
[9]	AlphaCat Direct includes direct investments from third party investors in AlphaCat Re. Years Ended December 31,Corporate and Investment Information 2015 2014 2013Investment income Net investment income (a) $121,166 $95,800 $92,207 Operating expenses General and administrative expenses (75,724) (80,210) (77,843)Share compensation expenses (12,955) (11,352) (9,881)Finance expenses (a) (61,071) (60,309) (58,443)Tax expenses (6,376) (155) (383)Total operating expenses (156,126) (152,026) (146,550) Other items Net realized gains (losses) on investments (a) 1,698 12,160 (826)Change in net unrealized losses on investments (a) (32,007) (1,030) (54,588)Income from investment affiliate 4,281 8,411 4,790Foreign exchange (losses) gains (a) (8,172) (10,700) 3,324Other loss (1,002) (2,243) (10,777)Transaction expenses (b) — (8,096) —Total other items (35,202) (1,498) (58,077) Total Corporate and Investment information $(70,162) $(57,724) $(112,420)
[10]	These items exclude the components which are included in Validus' share of AlphaCat and amounts which are consolidated from
[11]	The transaction expenses relate to costs incurred in connection with the acquisition of Western World, which was completed on October 2, 2014. Transaction expenses are primarily comprised of legal, financial advisory and audit related services.

Segment information (Gross writ

Segment information (Gross written premiums by line of business) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	[1]	Dec. 31, 2013
Revenue from External Customer [Line Items]
Gross premiums written	$ 309,605	$ 402,509	$ 726,168	$ 1,119,224	$ 336,643	$ 357,711	$ 653,745	$ 1,010,766	$ 2,557,506	$ 2,358,865		$ 2,388,446
Property
Revenue from External Customer [Line Items]
Gross premiums written									1,077,700	1,050,109		1,152,027
Marine
Revenue from External Customer [Line Items]
Gross premiums written									471,857	576,478		570,008
Specialty
Revenue from External Customer [Line Items]
Gross premiums written									782,463	677,026		666,411
Liability
Revenue from External Customer [Line Items]
Gross premiums written									$ 225,486	$ 55,252		$ 0
[1]	The results of Western World have been included in the Company's consolidated results from the October 2, 2014 date of acquisition.

Segment information (Segment ge

Segment information (Segment geographic) (Details) - USD ($) $ in Thousands		3 Months Ended								12 Months Ended
		Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015		Dec. 31, 2014		Dec. 31, 2013
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		$ 309,605	$ 402,509	$ 726,168	$ 1,119,224	$ 336,643	$ 357,711	$ 653,745	$ 1,010,766	$ 2,557,506		$ 2,358,865	[1]	$ 2,388,446
Percent of gross premiums written										100.00%		100.00%		100.00%
United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written										$ 954,311		$ 633,220		$ 645,002
Percent of gross premiums written										37.40%		26.80%		27.00%
Worldwide excluding United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written										$ 187,321	[2]	$ 221,092		$ 218,336	[2]
Percent of gross premiums written	[2]									7.30%		9.40%		9.20%
Australia and New Zealand
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written										$ 21,544		$ 31,012		$ 35,555
Percent of gross premiums written										0.80%		1.30%		1.50%
Europe
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written										$ 88,266		$ 103,851		$ 117,528
Percent of gross premiums written										3.50%		4.40%		4.90%
Latin America and Caribbean
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written										$ 134,133		$ 146,376		$ 154,052
Percent of gross premiums written										5.20%		6.20%		6.40%
Japan
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written										$ 45,618		$ 47,426		$ 48,700
Percent of gross premiums written										1.80%		2.00%		2.00%
Canada
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written										$ 10,022		$ 13,864		$ 14,457
Percent of gross premiums written										0.40%		0.60%		0.60%
Rest of world
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[3]									$ 121,075		$ 114,479		$ 116,988
Percent of gross premiums written	[3]									4.70%		4.90%		4.90%
Sub-total, non United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written										$ 607,979		$ 678,100		$ 705,616
Percent of gross premiums written										23.70%		28.80%		29.50%
Worldwide including United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[2]									$ 338,345		$ 344,934		$ 331,094
Percent of gross premiums written	[2]									13.20%		14.60%		13.90%
Other location non-specific
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[4]									$ 656,871		$ 702,611		$ 706,734
Percent of gross premiums written	[4]									25.70%		29.80%		29.60%
Operating Segments | Validus Re
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written										$ 1,126,759		$ 1,118,532		$ 1,226,690
Operating Segments | Validus Re | United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written										530,541		437,124		520,604
Operating Segments | Validus Re | Worldwide excluding United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[2]									52,860		76,370		62,285
Operating Segments | Validus Re | Australia and New Zealand
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written										12,190		20,617		22,318
Operating Segments | Validus Re | Europe
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written										48,240		57,223		64,538
Operating Segments | Validus Re | Latin America and Caribbean
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written										46,258		56,102		53,359
Operating Segments | Validus Re | Japan
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written										38,885		42,813		42,079
Operating Segments | Validus Re | Canada
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written										3,129		3,793		2,964
Operating Segments | Validus Re | Rest of world
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[3]									21,498		25,272		24,841
Operating Segments | Validus Re | Sub-total, non United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written										223,060		282,190		272,384
Operating Segments | Validus Re | Worldwide including United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[2]									139,419		175,098		173,272
Operating Segments | Validus Re | Other location non-specific
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[4]									233,739		224,120		260,430
Operating Segments | AlphaCat
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[5]									176,126		126,785		131,134
Operating Segments | AlphaCat | United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written										41,134		26,067		32,377
Operating Segments | AlphaCat | Worldwide excluding United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[2]									8,107		6,727		13,884
Operating Segments | AlphaCat | Australia and New Zealand
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written										624		1,019		2,183
Operating Segments | AlphaCat | Europe
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written										2,504		2,305		1,446
Operating Segments | AlphaCat | Latin America and Caribbean
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written										38		0		0
Operating Segments | AlphaCat | Japan
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written										1,671		608		653
Operating Segments | AlphaCat | Canada
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written										458		214		818
Operating Segments | AlphaCat | Rest of world
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[3]									0		0		0
Operating Segments | AlphaCat | Sub-total, non United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written										13,402		10,873		18,984
Operating Segments | AlphaCat | Worldwide including United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[2]									116,523		89,845		79,857
Operating Segments | AlphaCat | Other location non-specific
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[4]									5,067		0		(84)
Operating Segments | Talbot
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written										1,018,835		1,101,770		1,091,890
Operating Segments | Talbot | United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written										106,679		108,458		93,357
Operating Segments | Talbot | Worldwide excluding United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[2]									127,540		139,570		142,294
Operating Segments | Talbot | Australia and New Zealand
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written										8,974		9,736		11,097
Operating Segments | Talbot | Europe
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written										38,657		45,615		51,667
Operating Segments | Talbot | Latin America and Caribbean
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written										103,318		116,281		155,798
Operating Segments | Talbot | Japan
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written										5,171		4,116		5,971
Operating Segments | Talbot | Canada
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written										6,666		10,194		10,768
Operating Segments | Talbot | Rest of world
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[3]									103,237		93,012		92,652
Operating Segments | Talbot | Sub-total, non United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written										393,563		418,524		470,247
Operating Segments | Talbot | Worldwide including United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[2]									100,523		96,187		80,538
Operating Segments | Talbot | Other location non-specific
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[4]									418,070		478,601		447,748
Operating Segments | Western World Insurance Group, Inc
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written										278,504		65,235	[1]
Operating Segments | Western World Insurance Group, Inc | United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written										278,504		65,235
Operating Segments | Western World Insurance Group, Inc | Worldwide excluding United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[2]									0		0
Operating Segments | Western World Insurance Group, Inc | Australia and New Zealand
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written										0		0
Operating Segments | Western World Insurance Group, Inc | Europe
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written										0		0
Operating Segments | Western World Insurance Group, Inc | Latin America and Caribbean
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written										0		0
Operating Segments | Western World Insurance Group, Inc | Japan
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written										0		0
Operating Segments | Western World Insurance Group, Inc | Canada
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written										0		0
Operating Segments | Western World Insurance Group, Inc | Rest of world
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[3]									0		0
Operating Segments | Western World Insurance Group, Inc | Sub-total, non United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written										0		0
Operating Segments | Western World Insurance Group, Inc | Worldwide including United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[2]									0		0
Operating Segments | Western World Insurance Group, Inc | Other location non-specific
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[4]									0		0
Eliminations
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written										(42,718)		(53,457)		(61,268)
Eliminations | United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written										(2,547)		(3,664)		(1,336)
Eliminations | Worldwide excluding United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[2]									(1,186)		(1,575)		(127)
Eliminations | Australia and New Zealand
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written										(244)		(360)		(43)
Eliminations | Europe
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written										(1,135)		(1,292)		(123)
Eliminations | Latin America and Caribbean
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written										(15,481)		(26,007)		(55,105)
Eliminations | Japan
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written										(109)		(111)		(3)
Eliminations | Canada
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written										(231)		(337)		(93)
Eliminations | Rest of world
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[3]									(3,660)		(3,805)		(505)
Eliminations | Sub-total, non United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written										(22,046)		(33,487)		(55,999)
Eliminations | Worldwide including United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[2]									(18,120)		(16,196)		(2,573)
Eliminations | Other location non-specific
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[4]									$ (5)		$ (110)		$ (1,360)
[1]	The results of Western World have been included in the Company's consolidated results from the October 2, 2014 date of acquisition.
[2]	Represents risks in two or more geographic zones
[3]	Represents risks in one geographic zone
[4]	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
[5]	The results of AlphaCat are presented on an asset manager basis, which is non-GAAP. A reconciliation of segmental income to net income available to Validus is included in the tables below.

Statutory and regulatory req138

Statutory and regulatory requirements (Statutory capital and surplus and statutory net income) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Bermuda
Statutory Accounting Practices [Line Items]
Required statutory capital and surplus	[1]	$ 459,760	$ 995,864
Actual statutory capital and surplus	[1]	3,492,233	3,543,590
Statutory net income (loss)	[2]	329,260	511,652	$ 687,837
United States
Statutory Accounting Practices [Line Items]
Required statutory capital and surplus	[3]	80,047	95,963
Actual statutory capital and surplus	[3]	421,047	452,089
Statutory net income (loss)	[4]	32,255	105,210	0
Switzerland
Statutory Accounting Practices [Line Items]
Required statutory capital and surplus	[5]	259,000	205,563
Actual statutory capital and surplus	[5]	759,054	779,001
Statutory net income (loss)	[6]	$ 19,916	$ 44,939	$ (17,655)
[1]	The Company's Bermuda based insurance subsidiaries are required to maintain minimum statutory capital and surplus equal to the greater of a minimum solvency margin ("MSM") and the Enhanced Capital Requirement ("ECR") where applicable. The ECR is equal to the higher of each insurer's MSM or the Bermuda Solvency Capital Requirement ("BSCR") model or approved internal capital model. The BSCR for the relevant insurers for the year ended December 31, 2015 will not be filed with the BMA until April 2016. As a result, the required statutory capital and surplus as at December 31, 2015, as set out above, is based on the MSM of all relevant insurers, whereas the required statutory capital and surplus as at December 31, 2014 is based on the MSM and ECR where applicable for all relevant insurers. Required statutory capital and surplus includes Validus Reinsurance, Ltd., IPCRe Limited, AlphaCat Reinsurance Ltd., Mont Fort Re Ltd, and Talbot Insurance (Bermuda), Ltd. Actual statutory capital and surplus includes Validus Reinsurance, Ltd., AlphaCat Reinsurance Ltd., and Talbot Insurance (Bermuda), Ltd., as Validus Reinsurance, Ltd. is the parent company of the other two Bermuda based insurance subsidiaries. Talbot Insurance (Bermuda), Ltd. is only included in the required and actual statutory capital and surplus calculations as at December 31, 2014 as it was no longer a Bermuda based insurer as at December 31, 2015. Actual statutory capital and surplus includes capital held in support of FAL which is not available for distribution to the Company. Refer to Note 23, "Commitments and Contingencies," for further details.
[2]	Statutory net income includes Validus Reinsurance, Ltd., IPCRe Limited, AlphaCat Reinsurance Ltd., Mont Fort Re Ltd. and Talbot Insurance (Bermuda), Ltd. The results of Talbot Insurance (Bermuda), Ltd. were included through September 30, 2015.
[3]	Required statutory capital and surplus is based on the Risk-Based Capital ("RBC") requirements and includes Western World Insurance Company, Tudor Insurance Company and Stratford Insurance Company. Actual statutory capital and surplus includes Western World Insurance Company. Western World Insurance Company is the parent Company of the other two U.S. based insurance subsidiaries.
[4]	Statutory net income includes Western World Insurance Company, Tudor Insurance Company and Stratford Insurance Company. The results of Western World have been included in the Company's consolidated results from the October 2, 2014 date of acquisition.
[5]	Required statutory capital and surplus is based on the Target Capital ("TC") requirements calculated under the Swiss Solvency Test ("SST"). Required and actual statutory capital and surplus includes Validus Reinsurance (Switzerland) Ltd.
[6]	Statutory net income (loss) includes Validus Reinsurance (Switzerland) Ltd. and its Bermuda branch.

Statutory and regulatory req139

Statutory and regulatory requirements (Narrative) (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2015USD ($)subsidiariesdirector	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Statutory Accounting Practices [Line Items]
Unrestricted net assets available for dividend payments or return of capital		$ 1,030,751	$ 718,431
Actual dividends received from subsidiaries		465,000	773,966
Bermuda
Statutory Accounting Practices [Line Items]
Actual statutory capital and surplus	[1]	3,492,233	3,543,590
Statutory net income (loss)	[2]	$ 329,260	511,652	$ 687,837
Number of wholly owned subsidiaries | subsidiaries		5
Percentage Of Total Statutory Capital And Surplus Limit		25.00%
Payment Of Dividends Notification Period Required		7 days
Number Of Directors Required For Affidavit | director		2
Percentage Of Total Statutory Capital Limit		15.00%
United Kingdom
Statutory Accounting Practices [Line Items]
Cash Dividends Payable to Parent Company by Consolidated Subsidiaries		$ 65,000	100,000
United States
Statutory Accounting Practices [Line Items]
Actual statutory capital and surplus	[3]	421,047	452,089
Statutory net income (loss)	[4]	$ 32,255	105,210	0
Number of wholly owned subsidiaries | subsidiaries		3
Switzerland
Statutory Accounting Practices [Line Items]
Actual statutory capital and surplus	[5]	$ 759,054	779,001
Statutory net income (loss)	[6]	$ 19,916	44,939	$ (17,655)
Maximum Permitted Dividends Percentage Annual Profit		20.00%
Maximum Permitted Dividends Percentage Statutory Capital		50.00%
Western World Insurance Group, Inc | United States
Statutory Accounting Practices [Line Items]
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval		$ 15,066	45,209
Statutory Accounting Practices, Dividends Paid with Approval of Regulatory Agency		$ 80,300	$ 0
Maximum Permitted Dividends Percentage Statutory Capital		10.00%
Special Purpose Insurer | Bermuda
Statutory Accounting Practices [Line Items]
Number of wholly owned subsidiaries | subsidiaries		2
[1]	The Company's Bermuda based insurance subsidiaries are required to maintain minimum statutory capital and surplus equal to the greater of a minimum solvency margin ("MSM") and the Enhanced Capital Requirement ("ECR") where applicable. The ECR is equal to the higher of each insurer's MSM or the Bermuda Solvency Capital Requirement ("BSCR") model or approved internal capital model. The BSCR for the relevant insurers for the year ended December 31, 2015 will not be filed with the BMA until April 2016. As a result, the required statutory capital and surplus as at December 31, 2015, as set out above, is based on the MSM of all relevant insurers, whereas the required statutory capital and surplus as at December 31, 2014 is based on the MSM and ECR where applicable for all relevant insurers. Required statutory capital and surplus includes Validus Reinsurance, Ltd., IPCRe Limited, AlphaCat Reinsurance Ltd., Mont Fort Re Ltd, and Talbot Insurance (Bermuda), Ltd. Actual statutory capital and surplus includes Validus Reinsurance, Ltd., AlphaCat Reinsurance Ltd., and Talbot Insurance (Bermuda), Ltd., as Validus Reinsurance, Ltd. is the parent company of the other two Bermuda based insurance subsidiaries. Talbot Insurance (Bermuda), Ltd. is only included in the required and actual statutory capital and surplus calculations as at December 31, 2014 as it was no longer a Bermuda based insurer as at December 31, 2015. Actual statutory capital and surplus includes capital held in support of FAL which is not available for distribution to the Company. Refer to Note 23, "Commitments and Contingencies," for further details.
[2]	Statutory net income includes Validus Reinsurance, Ltd., IPCRe Limited, AlphaCat Reinsurance Ltd., Mont Fort Re Ltd. and Talbot Insurance (Bermuda), Ltd. The results of Talbot Insurance (Bermuda), Ltd. were included through September 30, 2015.
[3]	Required statutory capital and surplus is based on the Risk-Based Capital ("RBC") requirements and includes Western World Insurance Company, Tudor Insurance Company and Stratford Insurance Company. Actual statutory capital and surplus includes Western World Insurance Company. Western World Insurance Company is the parent Company of the other two U.S. based insurance subsidiaries.
[4]	Statutory net income includes Western World Insurance Company, Tudor Insurance Company and Stratford Insurance Company. The results of Western World have been included in the Company's consolidated results from the October 2, 2014 date of acquisition.
[5]	Required statutory capital and surplus is based on the Target Capital ("TC") requirements calculated under the Swiss Solvency Test ("SST"). Required and actual statutory capital and surplus includes Validus Reinsurance (Switzerland) Ltd.
[6]	Statutory net income (loss) includes Validus Reinsurance (Switzerland) Ltd. and its Bermuda branch.

Condensed consolidating fina140

Condensed consolidating financial information - Condensed consolidating balance sheet (Details) - USD ($) $ in Thousands		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Assets
Fixed maturities, at fair value		$ 5,510,331	$ 5,545,231
Short-term investments, at fair value		1,941,635	1,501,212
Other investments, at fair value		336,856	334,685
Cash and cash equivalents		723,109	550,401	$ 729,333	$ 1,110,566
Restricted cash		73,270	173,003
Total investments and cash		8,585,201	8,104,532
Investments in affiliates		88,065	114,450
Investment in subsidiaries on an equity basis		0	0
Premiums receivable		658,682	706,467	695,277
Deferred acquisition costs		181,002	161,022
Prepaid reinsurance premiums		77,992	82,947
Securities lending collateral		4,863	470
Loss reserves recoverable		350,586	377,466	370,154	439,967
Paid losses recoverable		23,071	38,078
Income taxes receivable		16,228	0
Deferred tax asset		21,661	23,821
Receivable for investments sold		39,766	18,318
Intangible assets		121,258	126,924
Goodwill		196,758	195,897	20,393
Accrued investment income		23,897	24,865
Intercompany receivable		0	0
Other assets		126,782	137,307
Total assets		10,515,812	10,112,564
Liabilities
Reserve for losses and loss expenses		2,996,567	3,243,147	3,047,933	3,553,604
Unearned premiums		966,210	989,229
Reinsurance balances payable		75,380	129,071
Securities lending payable		5,329	936
Deferred tax liability		3,847	5,541
Payable for investments purchased		77,475	68,574
Accounts payable and accrued expenses		627,331	395,178
Intercompany payable		0	0
Notes payable to AlphaCat investors		75,493
Senior notes payable		245,161	244,960
Debentures payable		537,668	539,277
Total liabilities		5,610,461	5,615,913
Redeemable noncontrolling interest		1,111,714	617,791
Total shareholders' equity available to Validus		3,638,975	3,586,586	3,704,094
Noncontrolling interest		154,662	292,274	375,026
Total liabilities, noncontrolling interests and shareholders’ equity		10,515,812	10,112,564
Consolidation Adjustments
Assets
Fixed maturities, at fair value	[1]	(60,200)	(60,200)
Short-term investments, at fair value	[1]	0	0
Other investments, at fair value	[1]	(75,864)	(68,112)
Cash and cash equivalents	[1]	0	0	0	0
Restricted cash	[1]	0	0
Total investments and cash	[1]	(136,064)	(128,312)
Investments in affiliates	[1]	0	0
Investment in subsidiaries on an equity basis	[1]	(4,883,722)	(4,805,039)
Premiums receivable	[1]	0	0
Deferred acquisition costs	[1]	0	0
Prepaid reinsurance premiums	[1]	0	0
Securities lending collateral	[1]	0	0
Loss reserves recoverable	[1]	0	0
Paid losses recoverable	[1]	0	0
Income taxes receivable	[1]	0
Deferred tax asset	[1]	0	0
Receivable for investments sold	[1]	0	0
Intangible assets	[1]	0	0
Goodwill	[1]	0	0
Accrued investment income	[1]	0	0
Intercompany receivable	[1]	(21,236)	(41,098)
Other assets	[1]	0	0
Total assets	[1]	(5,041,022)	(4,974,449)
Liabilities
Reserve for losses and loss expenses	[1]	0	0
Unearned premiums	[1]	0	0
Reinsurance balances payable	[1]	0	0
Securities lending payable	[1]	0	0
Deferred tax liability	[1]	0	0
Payable for investments purchased	[1]	0	0
Accounts payable and accrued expenses	[1]	0	0
Intercompany payable	[1]	(21,236)	(41,098)
Notes payable to AlphaCat investors	[1]	0
Senior notes payable	[1]	0	0
Debentures payable	[1]	(60,200)	(60,200)
Total liabilities	[1]	(81,436)	(101,298)
Redeemable noncontrolling interest	[1]	0	0
Total shareholders' equity available to Validus	[1]	(4,959,586)	(4,873,151)
Noncontrolling interest	[1]	0	0
Total liabilities, noncontrolling interests and shareholders’ equity	[1]	(5,041,022)	(4,974,449)
Validus Holdings, Ltd. (Parent Guarantor)
Assets
Fixed maturities, at fair value		28,403	0
Short-term investments, at fair value		0	0
Other investments, at fair value		0	0
Cash and cash equivalents		25,306	29,798	20,385	19,666
Restricted cash		0	0
Total investments and cash		53,709	29,798
Investments in affiliates		0	0
Investment in subsidiaries on an equity basis		4,198,809	4,139,398
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 receivable		0
Deferred tax asset		0	0
Receivable for investments sold		0	0
Intangible assets		0	0
Goodwill		0	0
Accrued investment income		49	0
Intercompany receivable		10,389	41,078
Other assets		813	893
Total assets		4,263,769	4,211,167
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		29,633	29,621
Intercompany payable		0	0
Notes payable to AlphaCat investors		0
Senior notes payable		245,161	244,960
Debentures payable		350,000	350,000
Total liabilities		624,794	624,581
Redeemable noncontrolling interest		0	0
Total shareholders' equity available to Validus		3,638,975	3,586,586
Noncontrolling interest		0	0
Total liabilities, noncontrolling interests and shareholders’ equity		4,263,769	4,211,167
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		122	81	0	0
Restricted cash		0	0
Total investments and cash		122	81
Investments in affiliates		0	0
Investment in subsidiaries on an equity basis		684,913	665,641
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 receivable		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		10,847	0
Other assets		0	0
Total assets		695,882	665,722
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		449	0
Payable for investments purchased		0	0
Accounts payable and accrued expenses		34	96
Intercompany payable		0	20
Notes payable to AlphaCat investors		0
Senior notes payable		0	0
Debentures payable		0	0
Total liabilities		483	116
Redeemable noncontrolling interest		0	0
Total shareholders' equity available to Validus		695,399	665,606
Noncontrolling interest		0	0
Total liabilities, noncontrolling interests and shareholders’ equity		695,882	665,722
Other Validus Holdings, Ltd. Subsidiaries (Non-guarantor Subsidiaries)
Assets
Fixed maturities, at fair value	[2]	5,542,128	5,605,431
Short-term investments, at fair value	[2]	1,941,635	1,501,212
Other investments, at fair value	[2]	412,720	402,797
Cash and cash equivalents	[2]	697,681	520,522	$ 708,948	$ 1,090,900
Restricted cash	[2]	73,270	173,003
Total investments and cash	[2]	8,667,434	8,202,965
Investments in affiliates	[2]	88,065	114,450
Investment in subsidiaries on an equity basis	[2]	0	0
Premiums receivable	[2]	658,682	706,467
Deferred acquisition costs	[2]	181,002	161,022
Prepaid reinsurance premiums	[2]	77,992	82,947
Securities lending collateral	[2]	4,863	470
Loss reserves recoverable	[2]	350,586	377,466
Paid losses recoverable	[2]	23,071	38,078
Income taxes receivable	[2]	16,228
Deferred tax asset	[2]	21,661	23,821
Receivable for investments sold	[2]	39,766	18,318
Intangible assets	[2]	121,258	126,924
Goodwill	[2]	196,758	195,897
Accrued investment income	[2]	23,848	24,865
Intercompany receivable	[2]	0	20
Other assets	[2]	125,969	136,414
Total assets	[2]	10,597,183	10,210,124
Liabilities
Reserve for losses and loss expenses	[2]	2,996,567	3,243,147
Unearned premiums	[2]	966,210	989,229
Reinsurance balances payable	[2]	75,380	129,071
Securities lending payable	[2]	5,329	936
Deferred tax liability	[2]	3,398	5,541
Payable for investments purchased	[2]	77,475	68,574
Accounts payable and accrued expenses	[2]	597,664	365,461
Intercompany payable	[2]	21,236	41,078
Notes payable to AlphaCat investors	[2]	75,493
Senior notes payable	[2]	0	0
Debentures payable	[2]	247,868	249,477
Total liabilities	[2]	5,066,620	5,092,514
Redeemable noncontrolling interest	[2]	1,111,714	617,791
Total shareholders' equity available to Validus	[2]	4,264,187	4,207,545
Noncontrolling interest	[2]	154,662	292,274
Total liabilities, noncontrolling interests and shareholders’ equity	[2]	$ 10,597,183	$ 10,210,124
[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.

Condensed consolidating fina141

Condensed consolidating financial information - Condensed consolidating statement of comprehensive income (Details) - USD ($) $ in Thousands		3 Months Ended								12 Months Ended
		Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015		Dec. 31, 2014		Dec. 31, 2013
Condensed Statement of Income Captions [Line Items]
Net premiums earned		$ 543,300	$ 555,011	$ 572,688	$ 575,890	$ 556,641	$ 492,571	$ 463,441	$ 480,402	$ 2,246,889		$ 1,993,055		$ 2,098,795
Net investment income		31,612	31,572	33,611	31,029	30,169	25,265	21,286	23,366	127,824		100,086		96,089
Net realized gains (losses) on investments		(2,928)	(1,187)	2,244	4,169	6,902	2,042	2,233	3,740	2,298		14,917		(764)
Change in net unrealized losses on investments (a)		(34,862)	3,916	(34,676)	33,227	(2,040)	(23,982)	14,156	9,024	(32,395)		(2,842)		(52,419)
Income from investment affiliate		(1,261)	2,482	284	2,776	530	1,754	779	5,348	4,281		8,411		4,790
Other insurance related income and other loss										5,111		1,229		(6,607)
Foreign exchange gains (losses)		797	(2,592)	(2,671)	(4,265)	3,674	(12,281)	3,156	(6,730)	(8,731)		(12,181)		3,949
Total revenues										2,345,277		2,102,675		2,143,833
Losses and loss expenses		214,748	256,010	266,146	240,929	223,723	224,125	155,646	161,521	977,833	[1]	765,015	[1]	776,796	[1]
Policy acquisition costs		102,285	105,039	104,323	98,411	89,307	86,157	78,644	85,359	410,058		339,467		360,403
General and administrative expenses		98,563	96,886	84,025	84,235	99,173	82,556	74,403	73,230	363,709		329,362		316,008
Share compensation expenses		10,062	9,983	9,242	9,054	8,821	8,764	8,341	7,147	38,341		33,073		27,630
Finance expenses		16,581	18,512	18,682	20,967	17,605	16,273	17,086	17,360	74,742		68,324		68,007
Transaction expenses						4,695	149	3,252	0	0		8,096	[2]	0
Total expenses										1,864,683		1,543,337		1,548,844
(Loss) income before taxes, (income) from operating affiliates, (income) attributable to AlphaCat investors and equity in net earnings (losses) of subsidiaries										480,594		559,338		594,989
Tax expense		756	(2,018)	(2,549)	(2,565)	243	953	(1,391)	40	(6,376)		(155)		(383)
(Loss) income from operating affiliate		(1,708)	(7,963)	1,738	3,984	(7,077)	(5,895)	3,824	4,808	(3,949)		(4,340)		542
(Income) attributable to AlphaCat investors		(974)	(1,438)	0	0					(2,412)		0		0
Equity in net earnings of subsidiaries										0		0		0
Net income		95,038	92,879	88,351	191,589	146,492	55,342	171,216	181,793	467,857		554,843		595,148
Net (income) attributable to noncontrolling interest		(25,996)	(26,229)	(22,561)	(18,178)	(20,584)	(15,670)	(17,849)	(20,777)	(92,964)		(74,880)		(62,482)
Net income available to Validus		$ 69,042	$ 66,650	$ 65,790	$ 173,411	$ 125,908	$ 39,672	$ 153,367	$ 161,016	374,893		479,963		532,666
Other comprehensive loss										(4,013)		(7,939)		(1,954)
Comprehensive income (loss) available (attributable) to Validus										370,880		472,024		530,712
Consolidation Adjustments
Condensed Statement of Income Captions [Line Items]
Net premiums earned	[3]									0		0		0
Net investment income	[3]									(4,079)		(3,910)		(7,214)
Net realized gains (losses) on investments	[3]									0		0		0
Change in net unrealized losses on investments (a)	[3]									(7,752)		(2,082)		(8,882)
Income from investment affiliate	[3]									0		0		0
Other insurance related income and other loss	[3]									(65,064)		(67,167)		(67,118)
Foreign exchange gains (losses)	[3]									0		0		0
Total revenues	[3]									(76,895)		(73,159)		(83,214)
Losses and loss expenses	[3]									0		0		0
Policy acquisition costs	[3]									0		0		0
General and administrative expenses	[3]									(65,064)		(67,167)		(67,118)
Share compensation expenses	[3]									0		0		0
Finance expenses	[3]									(1,981)		(1,944)		(1,969)
Transaction expenses	[3]											0
Total expenses	[3]									(67,045)		(69,111)		(69,087)
(Loss) income before taxes, (income) from operating affiliates, (income) attributable to AlphaCat investors and equity in net earnings (losses) of subsidiaries	[3]									(9,850)		(4,048)		(14,127)
Tax expense	[3]									0		0		0
(Loss) income from operating affiliate	[3]									0		0		0
(Income) attributable to AlphaCat investors	[3]									0
Equity in net earnings of subsidiaries	[3]									(527,331)		(630,365)		(663,400)
Net income	[3]									(537,181)		(634,413)		(677,527)
Net (income) attributable to noncontrolling interest	[3]									0		0		0
Net income available to Validus	[3]									(537,181)		(634,413)		(677,527)
Other comprehensive loss	[3]									3,172		7,711		1,954
Comprehensive income (loss) available (attributable) to Validus	[3]									(534,009)		(626,702)		(675,573)
Validus Holdings, Ltd. (Parent Guarantor)
Condensed Statement of Income Captions [Line Items]
Net premiums earned										0		0		0
Net investment income										317		14		14
Net realized gains (losses) on investments										0		0		0
Change in net unrealized losses on investments (a)										(395)		0		0
Income from investment affiliate										0		0		0
Other insurance related income and other loss										0		0		36
Foreign exchange gains (losses)										715		648		(382)
Total revenues										637		662		(332)
Losses and loss expenses										0		0		0
Policy acquisition costs										0		0		0
General and administrative expenses										74,015		86,108		84,143
Share compensation expenses										7,261		6,424		6,329
Finance expenses										47,722		47,689		45,868
Transaction expenses												0
Total expenses										128,998		140,221		136,340
(Loss) income before taxes, (income) from operating affiliates, (income) attributable to AlphaCat investors and equity in net earnings (losses) of subsidiaries										(128,361)		(139,559)		(136,672)
Tax expense										0		0		0
(Loss) income from operating affiliate										0		0		0
(Income) attributable to AlphaCat investors										0
Equity in net earnings of subsidiaries										503,254		619,522		669,338
Net income										374,893		479,963		$ 532,666
Net (income) attributable to noncontrolling interest										0		0
Net income available to Validus										374,893		479,963		$ 532,666
Other comprehensive loss										(4,013)		(7,939)		(1,954)
Comprehensive income (loss) available (attributable) to Validus										370,880		472,024		530,712
Validus Holdings (UK) plc (Subsidiary Issuer)
Condensed Statement of Income Captions [Line Items]
Net premiums earned										0		0		0
Net investment income										5		0		0
Net realized gains (losses) on investments										0		0		0
Change in net unrealized losses on investments (a)										0		0		0
Income from investment affiliate										0		0		0
Other insurance related income and other loss										0		0		0
Foreign exchange gains (losses)										0		1		0
Total revenues										5		1		0
Losses and loss expenses										0		0		0
Policy acquisition costs										0		0		0
General and administrative expenses										36		117		0
Share compensation expenses										0		0		0
Finance expenses										0		0		0
Transaction expenses												0
Total expenses										36		117		0
(Loss) income before taxes, (income) from operating affiliates, (income) attributable to AlphaCat investors and equity in net earnings (losses) of subsidiaries										(31)		(116)		0
Tax expense										(449)		0		0
(Loss) income from operating affiliate										0		0		0
(Income) attributable to AlphaCat investors										0
Equity in net earnings of subsidiaries										24,077		10,843		(5,938)
Net income										23,597		10,727		(5,938)
Net (income) attributable to noncontrolling interest										0		0		0
Net income available to Validus										23,597		10,727		(5,938)
Other comprehensive loss										0		0		0
Comprehensive income (loss) available (attributable) to Validus										23,597		10,727		(5,938)
Other Validus Holdings, Ltd. Subsidiaries (Non-guarantor Subsidiaries)
Condensed Statement of Income Captions [Line Items]
Net premiums earned	[4]									2,246,889		1,993,055		2,098,795
Net investment income	[4]									131,581		103,982		103,289
Net realized gains (losses) on investments	[4]									2,298		14,917		(764)
Change in net unrealized losses on investments (a)	[4]									(24,248)		(760)		(43,537)
Income from investment affiliate	[4]									4,281		8,411		4,790
Other insurance related income and other loss	[4]									70,175		68,396		60,475
Foreign exchange gains (losses)	[4]									(9,446)		(12,830)		4,331
Total revenues	[4]									2,421,530		2,175,171		2,227,379
Losses and loss expenses	[4]									977,833		765,015		776,796
Policy acquisition costs	[4]									410,058		339,467		360,403
General and administrative expenses	[4]									354,722		310,304		298,983
Share compensation expenses	[4]									31,080		26,649		21,301
Finance expenses	[4]									29,001		22,579		24,108
Transaction expenses	[4]											8,096
Total expenses	[4]									1,802,694		1,472,110		1,481,591
(Loss) income before taxes, (income) from operating affiliates, (income) attributable to AlphaCat investors and equity in net earnings (losses) of subsidiaries	[4]									618,836		703,061		745,788
Tax expense	[4]									(5,927)		(155)		(383)
(Loss) income from operating affiliate	[4]									(3,949)		(4,340)		542
(Income) attributable to AlphaCat investors	[4]									(2,412)
Equity in net earnings of subsidiaries	[4]									0		0		0
Net income	[4]									606,548		698,566		745,947
Net (income) attributable to noncontrolling interest	[4]									(92,964)		(74,880)		(62,482)
Net income available to Validus	[4]									513,584		623,686		683,465
Other comprehensive loss	[4]									(3,172)		(7,711)		(1,954)
Comprehensive income (loss) available (attributable) to Validus	[4]									$ 510,412		$ 615,975		$ 681,511
[1]	Upon closing the acquisition of Western World, an adjustment of $15,586 was made to increase net reserves to reflect fair value. This adjustment was fully amortized to income through a reduction in losses and loss expenses of $10,979 and $4,607 during the years ended December 31, 2015 and 2014, respectively.
[2]	The transaction expenses relate to costs incurred in connection with the acquisition of Western World, which was completed on October 2, 2014. Transaction expenses are primarily comprised of legal, financial advisory and audit related services.
[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 fina142

Condensed consolidating financial information - Condensed consolidating statement of cash flow (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities		$ 334,506	$ 340,161	$ 235,366
Proceeds on sales of fixed maturity investments		3,842,408	4,756,555	4,370,548
Proceeds on maturities of investments		332,410	554,619	490,459
Purchases of fixed maturities		(4,225,031)	(4,391,814)	(5,392,728)
(Purchases) sales of short-term investments, net		(436,690)	(329,301)	934,759
(Purchases) sales of other investments, net		(5,988)	(143,597)	26,508
(Increase) decrease in securities lending collateral		(4,393)	2,922	(3,167)
Redemption from operating affiliates		46,603	0	0
Decrease (increase) in restricted cash		99,733	27,489	(172,962)
Proceeds on sale of subsidiary, net of cash		0	16,459	21,388
Purchase of subsidiary, net of cash acquired		0	(643,545)	0
Investment in subsidiaries		0	0
Return of capital from subsidiaries		0	0	0
Net cash (used in) provided by investing activities		(370,834)	(162,681)	253,813
Net proceeds on issuance of notes payable to AlphaCat investors		75,493	0	0
Issuance of common shares, net		17,407	5,347	1,211
Purchases of common shares under share repurchase program		(260,430)	(510,952)	(513,504)
Dividends paid		(112,991)	(117,043)	(360,071)
Increase (decrease) in securities lending payable		4,393	(2,922)	3,167
Third party investment in redeemable noncontrolling interest		499,200	300,200	142,190
Third party redemption of redeemable noncontrolling interest		(86,934)	(13,192)	0
Third party investment in noncontrolling interest		9,600	117,243	136,619
Third party distributions of noncontrolling interest		(168,733)	(237,183)	(289,260)
Third party subscriptions received on AlphaCat Funds and Sidecars		249,636	127,400	15,600
Capital contribution from parent		0	0
Return of capital from subsidiaries		0	0	0
Net cash provided by (used in) financing activities		226,641	(331,102)	(864,048)
Effect of foreign currency rate changes on cash and cash equivalents		(17,605)	(25,310)	(6,364)
Net increase in cash		172,708	(178,932)	(381,233)
Cash and cash equivalents - beginning of year		550,401	729,333	1,110,566
Cash and cash equivalents - end of year		723,109	550,401	729,333
Consolidation Adjustments
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	[1]	(645,700)	(100,000)	(990,946)
Proceeds on sales of fixed maturity investments	[1]	0	0	0
Proceeds on maturities of investments	[1]	0	0	0
Purchases of fixed maturities	[1]	0	0	0
(Purchases) sales of short-term investments, net	[1]	0	0	0
(Purchases) sales of other investments, net	[1]	0	0	0
(Increase) decrease in securities lending collateral	[1]	0	0	0
Redemption from operating affiliates	[1]	0
Decrease (increase) in restricted cash	[1]	0	0	0
Proceeds on sale of subsidiary, net of cash	[1]		0	0
Purchase of subsidiary, net of cash acquired	[1]		0
Investment in subsidiaries	[1]	575,895	480,000
Return of capital from subsidiaries	[1]	(400,000)	(673,966)	(18,054)
Net cash (used in) provided by investing activities	[1]	175,895	(193,966)	(18,054)
Net proceeds on issuance of notes payable to AlphaCat investors	[1]	0
Issuance of common shares, net	[1]	0	0	0
Purchases of common shares under share repurchase program	[1]	0	0	0
Dividends paid	[1]	645,700	100,000	990,946
Increase (decrease) in securities lending payable	[1]	0	0	0
Third party investment in redeemable noncontrolling interest	[1]	0	0	0
Third party redemption of redeemable noncontrolling interest	[1]	0	0
Third party investment in noncontrolling interest	[1]	0	0	0
Third party distributions of noncontrolling interest	[1]	0	0	0
Third party subscriptions received on AlphaCat Funds and Sidecars	[1]	0	0
Capital contribution from parent	[1]	(575,895)	(480,000)
Return of capital from subsidiaries	[1]	400,000	673,966	18,054
Net cash provided by (used in) financing activities	[1]	469,805	293,966	1,009,000
Effect of foreign currency rate changes on cash and cash equivalents	[1]	0	0	0
Net increase in cash	[1]	0	0	0
Cash and cash equivalents - beginning of year	[1]	0	0	0
Cash and cash equivalents - end of year	[1]	0	0	0
Validus Holdings, Ltd. (Parent Guarantor)
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities		536,125	(41,905)	855,029
Proceeds on sales of fixed maturity investments		0	0	0
Proceeds on maturities of investments		0	0	0
Purchases of fixed maturities		(28,903)	0	0
(Purchases) sales of short-term investments, net		0	0	0
(Purchases) sales of other investments, net		0	0	0
(Increase) decrease in securities lending collateral		0	0	0
Redemption from operating affiliates		0
Decrease (increase) in restricted cash		0	0	0
Proceeds on sale of subsidiary, net of cash			0	0
Purchase of subsidiary, net of cash acquired			0
Investment in subsidiaries		(555,700)	0
Return of capital from subsidiaries		400,000	673,966	18,054
Net cash (used in) provided by investing activities		(184,603)	673,966	18,054
Net proceeds on issuance of notes payable to AlphaCat investors		0
Issuance of common shares, net		17,407	5,347	1,211
Purchases of common shares under share repurchase program		(260,430)	(510,952)	(513,504)
Dividends paid		(112,991)	(117,043)	(360,071)
Increase (decrease) in securities lending payable		0	0	0
Third party investment in redeemable noncontrolling interest		0	0	0
Third party redemption of redeemable noncontrolling interest		0	0
Third party investment in noncontrolling interest		0	0	0
Third party distributions of noncontrolling interest		0	0	0
Third party subscriptions received on AlphaCat Funds and Sidecars		0	0	0
Capital contribution from parent		0	0
Return of capital from subsidiaries		0	0	0
Net cash provided by (used in) financing activities		(356,014)	(622,648)	(872,364)
Effect of foreign currency rate changes on cash and cash equivalents		0	0	0
Net increase in cash		(4,492)	9,413	719
Cash and cash equivalents - beginning of year		29,798	20,385	19,666
Cash and cash equivalents - end of year		25,306	29,798	20,385
Validus Holdings (UK) plc (Subsidiary Issuer)
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities		20,236	81	0
Proceeds on sales of fixed maturity investments		0	0	0
Proceeds on maturities of investments		0	0	0
Purchases of fixed maturities		0	0	0
(Purchases) sales of short-term investments, net		0	0	0
(Purchases) sales of other investments, net		0	0	0
(Increase) decrease in securities lending collateral		0	0	0
Redemption from operating affiliates		0
Decrease (increase) in restricted cash		0	0	0
Proceeds on sale of subsidiary, net of cash			0	0
Purchase of subsidiary, net of cash acquired			0
Investment in subsidiaries		(20,195)	(240,000)
Return of capital from subsidiaries		0	0	0
Net cash (used in) provided by investing activities		(20,195)	(240,000)	0
Net proceeds on issuance of notes payable to AlphaCat investors		0
Issuance of common shares, net		0	0	0
Purchases of common shares under share repurchase program		0	0	0
Dividends paid		0	0	0
Increase (decrease) in securities lending payable		0	0	0
Third party investment in redeemable noncontrolling interest		0	0	0
Third party redemption of redeemable noncontrolling interest		0	0
Third party investment in noncontrolling interest		0	0	0
Third party distributions of noncontrolling interest		0	0	0
Third party subscriptions received on AlphaCat Funds and Sidecars		0	0	0
Capital contribution from parent		0	240,000
Return of capital from subsidiaries		0	0	0
Net cash provided by (used in) financing activities		0	240,000	0
Effect of foreign currency rate changes on cash and cash equivalents		0	0	0
Net increase in cash		41	81	0
Cash and cash equivalents - beginning of year		81	0	0
Cash and cash equivalents - end of year		122	81	0
Other Validus Holdings, Ltd. Subsidiaries (Non-guarantor Subsidiaries)
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by operating activities	[2]	423,845	481,985	371,283
Proceeds on sales of fixed maturity investments	[2]	3,842,408	4,756,555	4,370,548
Proceeds on maturities of investments	[2]	332,410	554,619	490,459
Purchases of fixed maturities	[2]	(4,196,128)	(4,391,814)	(5,392,728)
(Purchases) sales of short-term investments, net	[2]	(436,690)	(329,301)	934,759
(Purchases) sales of other investments, net	[2]	(5,988)	(143,597)	26,508
(Increase) decrease in securities lending collateral	[2]	(4,393)	2,922	(3,167)
Redemption from operating affiliates	[2]	46,603
Decrease (increase) in restricted cash	[2]	99,733	27,489	(172,962)
Proceeds on sale of subsidiary, net of cash	[2]		16,459	21,388
Purchase of subsidiary, net of cash acquired	[2]		(643,545)
Investment in subsidiaries	[2]	0	(240,000)
Return of capital from subsidiaries	[2]	0	0	0
Net cash (used in) provided by investing activities	[2]	(341,931)	(402,681)	253,813
Net proceeds on issuance of notes payable to AlphaCat investors	[2]	75,493
Issuance of common shares, net	[2]	0	0	0
Purchases of common shares under share repurchase program	[2]	0	0	0
Dividends paid	[2]	(645,700)	(100,000)	(990,946)
Increase (decrease) in securities lending payable	[2]	4,393	(2,922)	3,167
Third party investment in redeemable noncontrolling interest	[2]	499,200	300,200	142,190
Third party redemption of redeemable noncontrolling interest	[2]	(86,934)	(13,192)
Third party investment in noncontrolling interest	[2]	9,600	117,243	136,619
Third party distributions of noncontrolling interest	[2]	(168,733)	(237,183)	(289,260)
Third party subscriptions received on AlphaCat Funds and Sidecars	[2]	249,636	127,400	15,600
Capital contribution from parent	[2]	575,895	240,000
Return of capital from subsidiaries	[2]	(400,000)	(673,966)	(18,054)
Net cash provided by (used in) financing activities	[2]	112,850	(242,420)	(1,000,684)
Effect of foreign currency rate changes on cash and cash equivalents	[2]	(17,605)	(25,310)	(6,364)
Net increase in cash	[2]	177,159	(188,426)	(381,952)
Cash and cash equivalents - beginning of year	[2]	520,522	708,948	1,090,900
Cash and cash equivalents - end of year	[2]	697,681	520,522	708,948
Operating Affiliates
Condensed Cash Flow Statements, Captions [Line Items]
Investments in affiliates		0	0	(6,500)
Operating Affiliates | Consolidation Adjustments
Condensed Cash Flow Statements, Captions [Line Items]
Investments in affiliates	[1]			0
Operating Affiliates | Validus Holdings, Ltd. (Parent Guarantor)
Condensed Cash Flow Statements, Captions [Line Items]
Investments in affiliates				0
Operating Affiliates | Validus Holdings (UK) plc (Subsidiary Issuer)
Condensed Cash Flow Statements, Captions [Line Items]
Investments in affiliates				0
Operating Affiliates | Other Validus Holdings, Ltd. Subsidiaries (Non-guarantor Subsidiaries)
Condensed Cash Flow Statements, Captions [Line Items]
Investments in affiliates	[2]			(6,500)
Investment Affiliates
Condensed Cash Flow Statements, Captions [Line Items]
Investments in affiliates		(19,886)	(12,468)	(14,492)
Investment Affiliates | Consolidation Adjustments
Condensed Cash Flow Statements, Captions [Line Items]
Investments in affiliates	[1]	0	0	0
Investment Affiliates | Validus Holdings, Ltd. (Parent Guarantor)
Condensed Cash Flow Statements, Captions [Line Items]
Investments in affiliates		0	0	0
Investment Affiliates | Validus Holdings (UK) plc (Subsidiary Issuer)
Condensed Cash Flow Statements, Captions [Line Items]
Investments in affiliates		0	0	0
Investment Affiliates | Other Validus Holdings, Ltd. Subsidiaries (Non-guarantor Subsidiaries)
Condensed Cash Flow Statements, Captions [Line Items]
Investments in affiliates	[2]	$ (19,886)	$ (12,468)	$ (14,492)
[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	Feb. 02, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Subsequent events (Textuals) [Abstract]
Cash dividends declared per share							$ 1.28	$ 1.2	$ 3.2
Common shares
Subsequent events (Textuals) [Abstract]
Cash dividends declared per share		$ 0.32	$ 0.32	$ 0.32	$ 0.32	$ 0.30
Subsequent event | Common shares
Subsequent events (Textuals) [Abstract]
Cash dividends declared per share	$ 0.35

Condensed unaudited quarterl144

Condensed unaudited quarterly financial information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015		Dec. 31, 2014		Dec. 31, 2013
Underwriting income
Gross premiums written	$ 309,605	$ 402,509	$ 726,168	$ 1,119,224	$ 336,643	$ 357,711	$ 653,745	$ 1,010,766	$ 2,557,506		$ 2,358,865	[1]	$ 2,388,446
Reinsurance premiums ceded	(33,128)	(48,810)	(55,418)	(191,325)	(33,623)	(30,137)	(54,014)	(195,434)	(328,681)		(313,208)		(375,800)
Net premiums written	276,477	353,699	670,750	927,899	303,020	327,574	599,731	815,332	2,228,825		2,045,657		2,012,646
Change in unearned premiums	266,823	201,312	(98,062)	(352,009)	253,621	164,997	(136,290)	(334,930)	18,064		(52,602)		86,149
Net premiums earned	543,300	555,011	572,688	575,890	556,641	492,571	463,441	480,402	2,246,889		1,993,055		2,098,795
Other insurance related income	969	3,496	708	940	1,544	629	680	619	6,113		3,472		4,170
Underwriting revenues	544,269	558,507	573,396	576,830	558,185	493,200	464,121	481,021	2,253,002		1,996,527		2,102,965
Underwriting deductions
Losses and loss expenses	214,748	256,010	266,146	240,929	223,723	224,125	155,646	161,521	977,833	[2]	765,015	[2]	776,796	[2]
Policy acquisition costs	102,285	105,039	104,323	98,411	89,307	86,157	78,644	85,359	410,058		339,467		360,403
General and administrative expenses	98,563	96,886	84,025	84,235	99,173	82,556	74,403	73,230	363,709		329,362		316,008
Share compensation expenses	10,062	9,983	9,242	9,054	8,821	8,764	8,341	7,147	38,341		33,073		27,630
Total underwriting deductions	425,658	467,918	463,736	432,629	421,024	401,602	317,034	327,257	1,789,941		1,466,917		1,480,837
Underwriting income (loss)	118,611	90,589	109,660	144,201	137,161	91,598	147,087	153,764	463,061		529,610		622,128
Net investment income	31,612	31,572	33,611	31,029	30,169	25,265	21,286	23,366	127,824		100,086		96,089
Finance expenses	(16,581)	(18,512)	(18,682)	(20,967)	(17,605)	(16,273)	(17,086)	(17,360)	(74,742)		(68,324)		(68,007)
Operating income before taxes, income (loss) from operating affiliates and (income) loss attributable to AlphaCat investors	133,642	103,649	124,589	154,263	149,725	100,590	151,287	159,770
Tax benefit (expense)	756	(2,018)	(2,549)	(2,565)	243	953	(1,391)	40	(6,376)		(155)		(383)
(Loss) income from operating affiliates	(1,708)	(7,963)	1,738	3,984	(7,077)	(5,895)	3,824	4,808	(3,949)		(4,340)		542
(Income) attributable to AlphaCat investors	(974)	(1,438)	0	0					(2,412)		0		0
Net operating income (loss)	131,716	92,230	123,778	155,682	142,891	95,648	153,720	164,618			33,587
Net realized gains on investments	(2,928)	(1,187)	2,244	4,169	6,902	2,042	2,233	3,740	2,298		14,917		(764)
Change in net unrealized losses on investments (a)	(34,862)	3,916	(34,676)	33,227	(2,040)	(23,982)	14,156	9,024	(32,395)		(2,842)		(52,419)
Income from investment affiliate	(1,261)	2,482	284	2,776	530	1,754	779	5,348	4,281		8,411		4,790
Foreign exchange (losses) gains	797	(2,592)	(2,671)	(4,265)	3,674	(12,281)	3,156	(6,730)	(8,731)		(12,181)		3,949
Other income (loss)	1,576	(1,970)	(608)	0	(770)	(7,690)	424	5,793
Transaction expenses					(4,695)	(149)	(3,252)	0	0		(8,096)	[3]	0
Net income (loss)	95,038	92,879	88,351	191,589	146,492	55,342	171,216	181,793	467,857		554,843		595,148
Net (income) attributable to noncontrolling interest	(25,996)	(26,229)	(22,561)	(18,178)	(20,584)	(15,670)	(17,849)	(20,777)	(92,964)		(74,880)		(62,482)
Net income available to Validus	$ 69,042	$ 66,650	$ 65,790	$ 173,411	$ 125,908	$ 39,672	$ 153,367	$ 161,016	$ 374,893		$ 479,963		$ 532,666
Earnings per share
Basic (shares)	82,538,834	82,635,316	84,003,549	83,251,243	86,421,127	90,593,329	90,952,523	93,451,999	83,107,236		90,354,745		102,202,274
Diluted (shares)	85,181,258	85,629,494	87,313,154	87,583,129	90,948,156	91,939,610	95,276,836	97,799,519	86,426,760		94,690,271		103,970,289
Basic earnings per share available to common shareholders	$ 0.84	$ 0.79	$ 0.77	$ 2.07	$ 1.44	$ 0.42	$ 1.67	$ 1.71	$ 4.47		$ 5.24		$ 5.02
Earnings per diluted share available to common shareholders	$ 0.81	$ 0.78	$ 0.75	$ 1.98	$ 1.38	$ 0.41	$ 1.61	$ 1.65	$ 4.34		$ 5.07		$ 4.94
Selected ratios:
Losses and loss expenses	39.50%	46.10%	46.50%	41.80%	40.20%	45.50%	33.60%	33.60%
Expense ratio	38.80%	38.20%	34.50%	33.30%	35.40%	36.00%	34.80%	34.50%
Combined ratio	78.30%	84.30%	81.00%	75.10%	75.60%	81.50%	68.40%	68.10%
[1]	The results of Western World have been included in the Company's consolidated results from the October 2, 2014 date of acquisition.
[2]	Upon closing the acquisition of Western World, an adjustment of $15,586 was made to increase net reserves to reflect fair value. This adjustment was fully amortized to income through a reduction in losses and loss expenses of $10,979 and $4,607 during the years ended December 31, 2015 and 2014, respectively.
[3]	The transaction expenses relate to costs incurred in connection with the acquisition of Western World, which was completed on October 2, 2014. Transaction expenses are primarily comprised of legal, financial advisory and audit related services.

Schedule I - Summary of inve145

Schedule I - Summary of investments (Details) $ in Thousands	Dec. 31, 2015USD ($)
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized cost	$ 7,814,478
Fair value	7,788,822
Amount at which shown on the Balance Sheet	7,788,822
Total fixed maturities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized cost	5,556,900
Fair value	5,510,331
Amount at which shown on the Balance Sheet	5,510,331
U.S. government and government agency
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized cost	940,428
Fair value	937,202
Amount at which shown on the Balance Sheet	937,202
Non-U.S. government and government agency
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized cost	241,549
Fair value	237,968
Amount at which shown on the Balance Sheet	237,968
U.S. states, municipalities and political subdivisions
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized cost	299,929
Fair value	301,289
Amount at which shown on the Balance Sheet	301,289
Agency residential mortgage-backed securities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized cost	606,676
Fair value	610,582
Amount at which shown on the Balance Sheet	610,582
Non-agency residential mortgage-backed securities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized cost	27,025
Fair value	26,920
Amount at which shown on the Balance Sheet	26,920
U.S. corporate
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized cost	1,503,614
Fair value	1,489,951
Amount at which shown on the Balance Sheet	1,489,951
Non-U.S. corporate
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized cost	453,178
Fair value	446,570
Amount at which shown on the Balance Sheet	446,570
Bank loans
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized cost	592,981
Fair value	576,211
Amount at which shown on the Balance Sheet	576,211
Catastrophe bonds
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized cost	187,847
Fair value	186,379
Amount at which shown on the Balance Sheet	186,379
Asset-backed securities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized cost	440,363
Fair value	437,124
Amount at which shown on the Balance Sheet	437,124
Commercial mortgage backed securities
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized cost	263,310
Fair value	260,135
Amount at which shown on the Balance Sheet	260,135
Total short-term investments
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized cost	1,941,615
Fair value	1,941,635
Amount at which shown on the Balance Sheet	1,941,635
Total other investments
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
Amortized cost	315,963
Fair value	336,856
Amount at which shown on the Balance Sheet	$ 336,856

Schedule II - Condensed fina146

Schedule II - Condensed financial information of registrant (Balance Sheet) (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
ASSETS
Fixed maturities, at fair value	$ 5,510,331	$ 5,545,231
Cash and cash equivalents	723,109	550,401	$ 729,333	$ 1,110,566
Investment in subsidiaries on an equity basis	0	0
Balances due from subsidiaries	0	0
Accrued investment income	23,897	24,865
Other assets	126,782	137,307
Total assets	10,515,812	10,112,564
LIABILITIES
Accounts payable and accrued expenses	627,331	395,178
Senior notes payable	245,161	244,960
Debentures payable	537,668	539,277
Total liabilities	$ 5,610,461	$ 5,615,913
Commitments and contingent liabilities
SHAREHOLDERS’ EQUITY
Common shares, 571,428,571 authorized, par value $0.175 (Issued: 2015—160,570,772; 2014—155,554,224; Outstanding: 2015—82,900,617; 2014—83,869,845)	$ 28,100	$ 27,222
Treasury shares (2015—77,670,155; 2014—71,684,379)	(13,592)	(12,545)
Additional paid-in capital	1,002,980	1,207,493
Accumulated other comprehensive loss	(12,569)	(8,556)
Retained earnings	2,634,056	2,372,972
Total shareholders' equity	3,793,637	3,878,860	$ 4,079,120
Total liabilities and shareholders’ equity	$ 10,515,812	$ 10,112,564
Condensed Financial Information Balance Sheet Parenthetical Data [Abstract]
Common Stock, Shares Authorized	571,428,571	571,428,571
Common shares, par value	$ 0.175	$ 0.175
Common Stock, Shares, Issued	160,570,772	155,554,224	154,488,497	152,698,191
Common Stock, Shares, Outstanding	82,900,617	83,869,845	96,044,312
Treasury Stock, Shares	77,670,155	71,684,379
Parent Company
ASSETS
Fixed maturities, at fair value	$ 28,403	$ 0
Cash and cash equivalents	25,306	29,798	$ 20,385	$ 19,666
Investment in subsidiaries on an equity basis	4,198,809	4,139,398
Balances due from subsidiaries	10,389	41,078
Accrued investment income	49	0
Other assets	813	893
Total assets	4,263,769	4,211,167
LIABILITIES
Accounts payable and accrued expenses	29,633	29,621
Senior notes payable	245,161	244,960
Debentures payable	350,000	350,000
Total liabilities	$ 624,794	$ 624,581
Commitments and contingent liabilities
SHAREHOLDERS’ EQUITY
Common shares, 571,428,571 authorized, par value $0.175 (Issued: 2015—160,570,772; 2014—155,554,224; Outstanding: 2015—82,900,617; 2014—83,869,845)	$ 28,100	$ 27,222
Treasury shares (2015—77,670,155; 2014—71,684,379)	(13,592)	(12,545)
Additional paid-in capital	1,002,980	1,207,493
Accumulated other comprehensive loss	(12,569)	(8,556)
Retained earnings	2,634,056	2,372,972
Total shareholders' equity	3,638,975	3,586,586
Total liabilities and shareholders’ equity	$ 4,263,769	$ 4,211,167

Schedule II - Condensed fina147

Schedule II - Condensed financial information of registrant (Income Statement) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues
Net investment income	$ 31,612	$ 31,572	$ 33,611	$ 31,029	$ 30,169	$ 25,265	$ 21,286	$ 23,366	$ 127,824	$ 100,086	$ 96,089
Change in net unrealized losses on investments (a)	(34,862)	3,916	(34,676)	33,227	(2,040)	(23,982)	14,156	9,024	(32,395)	(2,842)	(52,419)
Foreign exchange gains (losses)	797	(2,592)	(2,671)	(4,265)	3,674	(12,281)	3,156	(6,730)	(8,731)	(12,181)	3,949
Total revenues									2,345,277	2,102,675	2,143,833
Expenses
General and administrative expenses	98,563	96,886	84,025	84,235	99,173	82,556	74,403	73,230	363,709	329,362	316,008
Share compensation expenses	10,062	9,983	9,242	9,054	8,821	8,764	8,341	7,147	38,341	33,073	27,630
Finance expenses	16,581	18,512	18,682	20,967	17,605	16,273	17,086	17,360	74,742	68,324	68,007
Equity in net earnings of subsidiaries									0	0	0
Net income available to Validus	$ 69,042	$ 66,650	$ 65,790	$ 173,411	$ 125,908	$ 39,672	$ 153,367	$ 161,016	374,893	479,963	532,666
Change in foreign currency translation adjustments									(3,716)	(7,501)	(1,954)
Change in minimum pension liability, net of tax									544	(210)	0
Change in fair value of cash flow hedge									(841)	(228)	0
Other comprehensive loss									(4,013)	(7,939)	(1,954)
Comprehensive income (loss) available (attributable) to Validus									370,880	472,024	530,712
Parent Company
Revenues
Net investment income									317	14	14
Change in net unrealized losses on investments (a)									(395)	0	0
Other income									0	0	36
Foreign exchange gains (losses)									715	648	(382)
Total revenues									637	662	(332)
Expenses
General and administrative expenses									74,015	86,108	84,143
Share compensation expenses									7,261	6,424	6,329
Finance expenses									47,722	47,689	45,868
Total expenses									128,998	140,221	136,340
(Loss) before equity in net earnings of subsidiaries									(128,361)	(139,559)	(136,672)
Equity in net earnings of subsidiaries									503,254	619,522	669,338
Net income available to Validus									374,893	479,963	532,666
Change in foreign currency translation adjustments									(3,716)	(7,501)	(1,954)
Change in minimum pension liability, net of tax									544	(210)	0
Change in fair value of cash flow hedge									(841)	(228)	0
Other comprehensive loss									(4,013)	(7,939)	(1,954)
Comprehensive income (loss) available (attributable) to Validus									$ 370,880	$ 472,024	$ 530,712

Schedule II - Condensed fina148

Schedule II - Condensed financial information of registrant (Cash flow) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows provided by (used in) operating activities
Net income available to Validus	$ 69,042	$ 66,650	$ 65,790	$ 173,411	$ 125,908	$ 39,672	$ 153,367	$ 161,016	$ 374,893	$ 479,963	$ 532,666
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in net earnings of subsidiary									0	0	0
Dividends received from subsidiaries									465,000	773,966
Amortization of discount on senior notes									108	108	108
Trading Securities, Change in Unrealized Holding Gain (Loss)	34,862	$ (3,916)	$ 34,676	(33,227)	2,040	$ 23,982	$ (14,156)	(9,024)	32,395	2,842	52,419
Accretion (Amortization) of Discounts and Premiums, Investments									23,075	19,107	19,093
Change in:
Other assets									10,023	31,264	(75,623)
Increase (Decrease) in Accrued Investment Income Receivable									878	2,417	2,499
Accounts payable and accrued expenses									(5,546)	(2,914)	(431)
Net cash provided by operating activities									334,506	340,161	235,366
Cash flows (used in) investing activities
Purchases of fixed maturities									(4,225,031)	(4,391,814)	(5,392,728)
Return of capital from subsidiaries									0	0	0
Net cash (used in) investing activities									(370,834)	(162,681)	253,813
Cash flows provided by (used in) financing activities
Issuance of common shares, net									17,407	5,347	1,211
Purchases of common shares under repurchase program									(260,430)	(510,952)	(513,504)
Dividends paid									(112,991)	(117,043)	(360,071)
Net cash provided by (used in) financing activities									226,641	(331,102)	(864,048)
Net increase in cash									172,708	(178,932)	(381,233)
Cash and cash equivalents - beginning of year				550,401				729,333	550,401	729,333	1,110,566
Cash and cash equivalents - end of year	723,109				550,401				723,109	550,401	729,333
Parent Company
Cash flows provided by (used in) operating activities
Net income available to Validus									374,893	479,963	532,666
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in net earnings of subsidiary									(503,254)	(619,522)	(669,338)
Dividends received from subsidiaries									620,700	100,000	990,946
Amortization of discount on senior notes									108	108	108
Share compensation expenses									7,261	6,424	6,329
Trading Securities, Change in Unrealized Holding Gain (Loss)									395	0	0
Accretion (Amortization) of Discounts and Premiums, Investments									105	0	0
Change in:
Other assets									173	528	865
Increase (Decrease) in Accrued Investment Income Receivable									(49)	0	0
Balances due from subsidiaries									30,689	(12,030)	4,329
Accounts payable and accrued expenses									5,104	2,624	(10,876)
Net cash provided by operating activities									536,125	(41,905)	855,029
Cash flows (used in) investing activities
Purchases of fixed maturities									(28,903)	0	0
Investment in subsidiaries									(555,700)	0	0
Return of capital from subsidiaries									400,000	673,966	18,054
Net cash (used in) investing activities									(184,603)	673,966	18,054
Cash flows provided by (used in) financing activities
Issuance of common shares, net									17,407	5,347	1,211
Purchases of common shares under repurchase program									(260,430)	(510,952)	(513,504)
Dividends paid									(112,991)	(117,043)	(360,071)
Net cash provided by (used in) financing activities									(356,014)	(622,648)	(872,364)
Net increase in cash									(4,492)	9,413	719
Cash and cash equivalents - beginning of year				$ 29,798				$ 20,385	29,798	20,385	19,666
Cash and cash equivalents - end of year	$ 25,306				$ 29,798				$ 25,306	$ 29,798	$ 20,385

Schedule III - Supplementary149

Schedule III - Supplementary insurance information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Supplementary Insurance Information, by Segment [Line Items]
Deferred acquisition costs	$ 181,002	$ 161,022	$ 133,891
Reserve for losses and loss expenses	2,996,567	3,243,147	3,047,933
Unearned premiums	966,210	989,229	822,280
Net premiums earned	2,246,889	1,993,055	2,098,795
Net investment income	127,824	100,086	96,089
Losses and loss expenses	977,833	765,015	776,796
Amortization of deferred acquisition costs	410,058	339,467	360,403
Other operating expenses	402,050	362,435	343,638
Net premiums written	2,228,825	2,045,657	2,012,646
Validus Re
Supplementary Insurance Information, by Segment [Line Items]
Deferred acquisition costs	60,459	59,091	52,835
Reserve for losses and loss expenses	1,146,869	1,333,878	1,723,465
Unearned premiums	294,509	305,138	296,115
Net premiums earned	990,213	917,284	1,133,937
Net investment income	74,912	72,633	76,102
Losses and loss expenses	457,976	307,290	430,026
Amortization of deferred acquisition costs	166,387	141,670	180,779
Other operating expenses	88,778	84,478	98,928
Net premiums written	977,671	954,854	1,016,258
AlphaCat
Supplementary Insurance Information, by Segment [Line Items]
Deferred acquisition costs	2,526	1,281	1,377
Reserve for losses and loss expenses	11,013	15,278	35,146
Unearned premiums	24,643	13,060	12,810
Net premiums earned	159,935	123,001	134,164
Net investment income	6,658	4,286	3,882
Losses and loss expenses	657	(16,704)	433
Amortization of deferred acquisition costs	16,327	11,584	13,946
Other operating expenses	39,635	36,799	34,923
Net premiums written	171,588	122,437	130,609
Talbot
Supplementary Insurance Information, by Segment [Line Items]
Deferred acquisition costs	92,095	95,246	88,656
Reserve for losses and loss expenses	1,302,635	1,352,056	1,362,574
Unearned premiums	533,558	552,660	535,659
Net premiums earned	838,091	879,774	830,694
Net investment income	26,414	20,575	18,061
Losses and loss expenses	347,322	423,394	346,337
Amortization of deferred acquisition costs	187,535	187,162	170,738
Other operating expenses	167,679	162,174	146,071
Net premiums written	819,939	909,559	865,779
Western World
Supplementary Insurance Information, by Segment [Line Items]
Deferred acquisition costs	28,622	9,566
Reserve for losses and loss expenses	600,331	613,551
Unearned premiums	130,101	133,185
Net premiums earned	258,650	72,996
Net investment income	21,509	4,523
Losses and loss expenses	171,878	51,035
Amortization of deferred acquisition costs	41,408	3,169
Other operating expenses	40,798	11,256
Net premiums written	259,627	58,807
Corporate & Eliminations
Supplementary Insurance Information, by Segment [Line Items]
Deferred acquisition costs	(2,700)	(4,162)	(8,977)
Reserve for losses and loss expenses	(64,281)	(71,616)	(73,252)
Unearned premiums	(16,601)	(14,814)	(22,304)
Net premiums earned	0	0	0
Net investment income	(1,669)	(1,931)	(1,956)
Losses and loss expenses	0	0	0
Amortization of deferred acquisition costs	(1,599)	(4,118)	(5,060)
Other operating expenses	65,160	67,728	63,716
Net premiums written	$ 0	$ 0	$ 0

Schedule IV - Reinsurance (Deta

Schedule IV - Reinsurance (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract]
Direct gross									$ 838,755	$ 683,028	$ 544,722
Ceded to other companies	$ 33,128	$ 48,810	$ 55,418	$ 191,325	$ 33,623	$ 30,137	$ 54,014	$ 195,434	328,681	313,208	375,800
Assumed from other companies									1,718,751	1,675,837	1,843,724
Net amount	$ 276,477	$ 353,699	$ 670,750	$ 927,899	$ 303,020	$ 327,574	$ 599,731	$ 815,332	$ 2,228,825	$ 2,045,657	$ 2,012,646
Percentage of amount assumed to net									77.00%	82.00%	92.00%

Schedule VI - Supplemental i151

Schedule VI - Supplemental information for property-casualty underwriters (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Supplemental Information for Property, Casualty Insurance Underwriters [Line Items]
Losses and loss expenses incurred related to current year		$ 1,283,970	$ 1,024,256	$ 999,380
Losses and loss expenses incurred related to prior year	[1]	(306,137)	(259,241)	(222,584)
Property and casualty insurance company subsidiaries
Supplemental Information for Property, Casualty Insurance Underwriters [Line Items]
Deferred acquisition costs		181,002	161,022	133,891
Reserves for losses and loss expenses		2,996,567	3,243,147	3,047,933
Reserves for unearned premiums		966,210	989,229	822,280
Net earned premiums		2,246,889	1,993,055	2,098,795
Net investment income		127,824	100,086	96,089
Losses and loss expenses incurred related to current year		1,283,970	1,024,256	999,380
Losses and loss expenses incurred related to prior year		(306,137)	(259,241)	(222,584)
Net paid losses and loss expenses		1,167,839	1,063,653	1,162,752
Amortization of deferred acquisition costs		410,058	339,467	360,403
Net premiums written		$ 2,228,825	$ 2,045,657	$ 2,012,646
[1]	Upon closing the acquisition of Western World, an adjustment of $15,586 was made to increase net reserves to reflect fair value. This adjustment was fully amortized to income through a reduction in losses and loss expenses of $10,979 and $4,607 during the years ended December 31, 2015 and 2014, respectively.