Validus Inactive 10-Q6 May 162016 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2016	May. 04, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	VALIDUS HOLDINGS LTD
Entity Central Index Key	1,348,259
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
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		81,541,202

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets
Fixed maturities trading, at fair value (amortized cost: 2016—$5,478,317; 2015—$5,556,900)	$ 5,481,304	$ 5,510,331
Short-term investments trading, at fair value (amortized cost: 2016—$2,107,714; 2015—$1,941,615)	2,108,199	1,941,635
Other investments, at fair value (cost: 2016—$323,196; 2015—$315,963)	344,151	336,856
Cash and cash equivalents	569,774	723,109
Restricted cash	108,395	73,270
Total investments and cash	8,611,823	8,585,201
Investments in affiliates, equity method (cost: 2016—$70,761; 2015—$70,186)	84,504	88,065
Premiums receivable	1,176,684	658,682
Deferred acquisition costs	262,675	181,002
Prepaid reinsurance premiums	181,255	77,992
Securities lending collateral	9,721	4,863
Loss reserves recoverable	370,689	350,586
Paid losses recoverable	25,001	23,071
Income taxes recoverable	7,146	16,228
Deferred tax asset	27,771	21,661
Receivable for investments sold	16,278	39,766
Intangible assets	119,842	121,258
Goodwill	196,758	196,758
Accrued investment income	22,298	23,897
Other assets	92,076	126,782
Total assets	11,204,521	10,515,812
Liabilities
Reserve for losses and loss expenses	2,980,300	2,996,567
Unearned premiums	1,503,161	966,210
Reinsurance balances payable	96,685	75,380
Securities lending payable	10,187	5,329
Deferred tax liability	3,618	3,847
Payable for investments purchased	76,116	77,475
Accounts payable and accrued expenses	136,712	627,331
Notes payable to AlphaCat investors	323,510	75,493
Senior notes payable	245,211	245,161
Debentures payable	538,335	537,668
Total liabilities	$ 5,913,835	$ 5,610,461
Commitments and contingent liabilities
Redeemable noncontrolling interest	$ 1,409,037	$ 1,111,714
Shareholders' equity
Common shares, 571,428,571 authorized, par value $0.175 (Issued: 2016—160,582,277; 2015—160,570,772; Outstanding: 2016—81,555,486; 2015—82,900,617)	28,102	28,100
Treasury shares (2016—79,026,791; 2015—77,670,155)	(13,830)	(13,592)
Additional paid-in capital	954,485	1,002,980
Accumulated other comprehensive loss	(15,438)	(12,569)
Retained earnings	2,771,107	2,634,056
Total shareholders' equity available to Validus	3,724,426	3,638,975
Noncontrolling interest	157,223	154,662
Total shareholders' equity	3,881,649	3,793,637
Total liabilities, noncontrolling interests and shareholders’ equity	$ 11,204,521	$ 10,515,812

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets
Fixed maturities, at amortized cost or cost	$ 5,478,317	$ 5,556,900
Short-term investments, at amortized cost or cost	2,107,714	1,941,615
Other investments, at amortized cost or cost	323,196	315,963
Investments in and advance to affiliates, subsidiaries, associates, and joint ventures, at cost	$ 70,761	$ 70,186
Shareholders' equity
Common shares, shares authorized	571,428,571	571,428,571
Common shares, par value	$ 0.175	$ 0.175
Common shares, shares issued	160,582,277	160,570,772
Common shares, shares outstanding	81,555,486	82,900,617
Treasury stock, common shares	79,026,791	77,670,155

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Revenues
Gross premiums written		$ 1,172,791	$ 1,119,224
Reinsurance premiums ceded		(167,835)	(191,325)
Net premiums written		1,004,956	927,899
Change in unearned premiums		(433,688)	(352,009)
Net premiums earned		571,268	575,890
Net investment income		29,461	31,029
Net realized (losses) gains on investments		(584)	4,169
Change in net unrealized gains on investments		47,444	33,227
(Loss) income from investment affiliate		(4,113)	2,776
Other Income Loss		1,413	940
Foreign exchange gains (losses)		6,245	(4,265)
Total revenues		651,134	643,766
Expenses
Losses and loss expenses	[1]	224,447	240,929
Policy acquisition costs		107,193	98,411
General and administrative expenses		86,208	84,235
Share compensation expenses		11,237	9,054
Finance expenses		15,203	20,967
Total expenses		444,288	453,596
Income before taxes, income from operating affiliates and (income) attributable to AlphaCat investors		206,846	190,170
Tax benefit (expense)		2,118	(2,565)
(Loss) income from operating affiliates		(23)	3,984
(Income) attributable to AlphaCat investors		(4,600)	0
Net income		204,341	191,589
Net (income) attributable to noncontrolling interest		(37,531)	(18,178)
Net income available to Validus		166,810	173,411
Other comprehensive loss
Change in foreign currency translation adjustments		(2,028)	(3,019)
Change in minimum pension liability, net of tax		(83)	(265)
Change in fair value of cash flow hedge		(758)	(801)
Other comprehensive loss		(2,869)	(4,085)
Comprehensive income available to Validus		$ 163,941	$ 169,326
Weighted average number of common shares and common share equivalents outstanding
Basic		82,821,261	83,251,243
Diluted		84,198,315	87,583,129
Basic earnings per share available to common shareholders		$ 2.01	$ 2.07
Earnings per diluted share available to common shareholders		1.98	1.98
Cash dividends declared per share		$ 0.35	$ 0.32

[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 amortized to income through a reduction in losses and loss expenses of $3,223 during the three months ended March 31, 2015, benefiting the loss ratio by 4.7 percentage points. The remaining fair value adjustment of $7,756 was fully amortized during 2015.

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common shares	Treasury shares	Additional paid-in capital	Accumulated other comprehensive loss	Retained earnings
Balance - Beginning of period at Dec. 31, 2014		$ 27,222	$ (12,545)	$ 1,207,493	$ (8,556)	$ 2,372,972
Common shares issued, net		209		3,796
Repurchase of common shares			(250)	(57,858)
Share compensation expenses				9,054
Dividends						(29,126)
Other comprehensive loss	$ (4,085)				(4,085)
Net income	191,589					191,589
Net (income) attributable to noncontrolling interest	(18,178)					(18,178)
Balance - End of period at Mar. 31, 2015	3,681,737	27,431	(12,795)	1,162,485	(12,641)	2,517,257
Noncontrolling interest at Mar. 31, 2015	151,583
Total shareholders' equity at Mar. 31, 2015	3,833,320
Balance - Beginning of period at Dec. 31, 2015	3,638,975	28,100	(13,592)	1,002,980	(12,569)	2,634,056
Common shares issued, net		2		398
Repurchase of common shares			(238)	(60,130)
Share compensation expenses				11,237
Dividends						(29,759)
Other comprehensive loss	(2,869)				(2,869)
Net income	204,341					204,341
Net (income) attributable to noncontrolling interest	(37,531)					(37,531)
Balance - End of period at Mar. 31, 2016	3,724,426	$ 28,102	$ (13,830)	$ 954,485	$ (15,438)	$ 2,771,107
Noncontrolling interest at Mar. 31, 2016	157,223
Total shareholders' equity at Mar. 31, 2016	$ 3,881,649

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows provided by (used in) operating activities
Net income	$ 204,341	$ 191,589
Adjustments to reconcile net income to cash provided by (used in) operating activities:
Share compensation expenses	11,237	9,054
Amortization of discount on senior notes	27	27
Loss (income) from investment affiliate	4,113	(2,776)
Net realized losses (gains) on investments	584	(4,169)
Change in net unrealized gains on investments	(47,444)	(33,227)
Amortization of intangible assets	1,416	1,416
Loss (income) from operating affiliates	23	(3,984)
Foreign exchange (gains) losses included in net income	(6,457)	8,788
Amortization of premium on fixed maturities	4,538	6,747
Change in:
Premiums receivable	(519,713)	(410,504)
Deferred acquisition costs	(81,673)	(79,673)
Prepaid reinsurance premiums	(103,263)	(110,219)
Loss reserves recoverable	(20,966)	(205)
Paid losses recoverable	(1,807)	10,976
Income taxes recoverable	9,115	(10,759)
Deferred tax asset	(6,262)	(7,132)
Accrued investment income	1,550	1,558
Other assets	11,794	10,979
Reserve for losses and loss expenses	(10,740)	(22,930)
Unearned premiums	536,951	462,228
Reinsurance balances payable	21,658	(25,163)
Deferred tax liability	(242)	7,585
Accounts payable and accrued expenses	(42,826)	(102,490)
Net cash used in operating activities	(34,046)	(102,284)
Cash flows provided by (used in) investing activities
Proceeds on sales of fixed maturity investments	734,892	1,190,559
Proceeds on maturities of fixed maturity investments	79,925	93,732
Purchases of fixed maturity investments	(726,233)	(1,163,707)
(Purchases) sales of short-term investments, net	(166,362)	115,912
Purchases of other investments, net	(3,690)	(7,646)
Increase in securities lending collateral	(4,858)	(4,867)
Increase in restricted cash	(35,125)	(13,420)
Net cash (used in) provided by investing activities	(122,026)	190,863
Cash flows provided by (used in) financing activities
Net proceeds on issuance of notes payable to AlphaCat investors	247,400	0
Issuance of common shares, net	400	4,005
Purchases of common shares under share repurchase program	(60,368)	(58,108)
Dividends paid	(28,637)	(28,217)
Increase in securities lending payable	4,858	4,867
Third party investment in redeemable noncontrolling interest	268,750	203,400
Third party redemption of redeemable noncontrolling interest	(10,800)	(21,038)
Third party investment in noncontrolling interest	112,325	0
Third party distributions of noncontrolling interest	(118,722)	(145,416)
Third party subscriptions deployed on AlphaCat Funds and Sidecars	(412,036)	(112,400)
Net cash provided by (used in) financing activities	3,170	(152,907)
Effect of foreign currency rate changes on cash and cash equivalents	(433)	(11,724)
Net decrease in cash	(153,335)	(76,052)
Cash and cash equivalents - beginning of period	723,109	550,401
Cash and cash equivalents - end of period	569,774	474,349
Taxes paid during the period	2,117	7,187
Interest paid during the period	19,303	19,188
Investment affiliate
Adjustments to reconcile net income to cash provided by (used in) operating activities:
Loss (income) from investment affiliate	4,113	(2,776)
Cash flows provided by (used in) investing activities
Investment in investment affiliates	$ (575)	$ (19,700)

Basis of preparation and consol

Basis of preparation and consolidation	3 Months Ended
Basis of preparation and consolidation	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation and consolidation	Basis of preparation and consolidation These unaudited Consolidated Financial Statements (the "Consolidated Financial Statements") have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 in Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In addition, the year-end balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. This Quarterly Report on Form 10-Q should be read in conjunction with the financial statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015, as filed with the U.S. Securities and Exchange Commission (the "SEC"). 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 was 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 through the three months ended March 31, 2015 was a loss of $1,372 . The following tables present the impact of the application of the amended accounting guidance on the Company's results for the three months ended March 31, 2015 : Three Months Ended March 31, 2015 As previously reported Adjustment for adoption of new consolidation guidance Revised Total revenues $ 689,205 $ (45,439 ) $ 643,766 Total expenses 453,499 97 453,596 Net income 212,388 (20,799 ) 191,589 Net (income) attributable to noncontrolling interest (38,977 ) 20,799 (18,178 ) Net income available to Validus 173,411 — 173,411 Comprehensive income available to Validus 169,326 — 169,326 Basic earnings per share available to common shareholders $ 2.07 $ — $ 2.07 Earnings per diluted share available to common shareholders $ 1.98 $ — $ 1.98 Three Months Ended March 31, 2015 As previously reported Adjustment for adoption of new consolidation guidance Revised Net cash used in operating activities $ (228,541 ) $ 126,257 $ (102,284 ) Net cash (used in) provided by investing activities (56,718 ) 247,581 190,863 Net cash provided by (used in) financing activities 194,228 (347,135 ) (152,907 ) Effect of foreign currency rate changes on cash and cash equivalents (15,080 ) 3,356 (11,724 ) Net decrease in cash (106,111 ) 30,059 (76,052 ) Cash and cash equivalents - beginning of period 577,240 (26,839 ) 550,401 Cash and cash equivalents - end of period 471,129 3,220 474,349 In the opinion of management, these Consolidated Financial Statements reflect all adjustments (including normal recurring adjustments) considered necessary for a fair statement of the Company's financial position and results of operations as at the end of and for the periods presented. All significant intercompany accounts and transactions have been eliminated. The results of operations for any interim period are not necessarily indicative of the results for a full year. The preparation of these financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. While management believes that the amounts included in the Consolidated Financial Statements reflect its best estimates and assumptions, actual results could differ materially from those estimates. The Company’s principal estimates include: • reserve for losses and loss expenses; • premium estimates for business written on a line slip or proportional basis; • the valuation of goodwill and intangible assets; • reinsurance recoverable balances including the provision for uncollectible amounts; and • investment valuation of financial assets. The term “ASC” used in these notes refers to Accounting Standard Codification issued by the FASB.

Recent accounting pronouncement

Recent accounting pronouncements	3 Months Ended
Recent accounting pronouncements	Mar. 31, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent accounting pronouncements	Recent accounting pronouncements (a) Adoption of New Accounting Standards Compensation - Stock Compensation (Topic 718) - Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period In June 2014, the FASB issued Accounting Standard Update No. 2014-12, “Compensation - Stock Compensation (Topic 718) - Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period” (ASU 2014-12). The amendments in this Update apply to all reporting entities that grant their employees share-based payments in which the terms of the award provide that a performance target that affects vesting could be achieved after the requisite service period. That is the case when an employee is eligible to retire or otherwise terminate employment before the end of the period in which a performance target (for example, an initial public offering or a profitability target) could be achieved and still be eligible to vest in the award if and when the performance target is achieved. The amendments in this Update became effective for the Company on January 1, 2016. Adoption of this guidance did not have a material impact on the Company’s Consolidated Financial Statements. Consolidation (Topic 810) - Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity In August 2014, the FASB issued Accounting Standard Update 2014-13, “Consolidation (Topic 810) - Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity” (ASU 2014-13). The fair value of the financial assets of a collateralized financing entity, as determined under GAAP, may differ from the fair value of its financial liabilities even when the financial liabilities have recourse only to the financial assets. The amendments in this Update provide an alternative to Topic 820 for measuring the financial assets and the financial liabilities of a consolidated collateralized financing entity to eliminate that difference. The amendments in this Update became effective for the Company on January 1, 2016. Adoption of this guidance did not have a material impact on the Company’s Consolidated Financial Statements. Presentation of Financial Statements - Going Concern - Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In August 2014, the FASB issued Accounting Standard Update 2014-15, “Presentation of Financial Statements - Going Concern - Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (ASU 2014-15). The amendments in this Update require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. The amendments in this Update became effective for the Company on January 1, 2016. Adoption of this guidance did not have a material impact on the Company’s Consolidated Financial Statements. Financial Services - Insurance (Topic 944) - Disclosures about Short-Duration Contracts 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 became effective for the Company on January 1, 2016, and as such, the disclosures will first be presented in the Company's Annual Report on Form 10-K for the year ending December 31, 2016. Business Combinations (Topic 805) - Simplifying the Accounting for Measurement-Period Adjustments 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 became effective for the Company on January 1, 2016. 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. In March and April 2016, the FASB issued Accounting Standard Update 2016-08, “ Revenue from Contracts with Customers (Topic 606) - Principal versus Agent Considerations (Reporting Revenue Gross versus Net) ” (ASU 2016-08) and Accounting Standard Update 2016-10, “ Revenue from Contracts with Customers (Topic 606) - Identifying Performance Obligations and Licensing” (ASU 2016-10) . The amendments in these Updates clarify the implementation guidance within ASU 2014-09 on principal versus agent considerations and the aspects of identifying performance obligations, respectively, while retaining the related principals in those areas. The original effective date for the amendments in ASU 2014-09 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 February 2016, the FASB issued Accounting Standard Update 2016-02, “ Leases (Topic 842) ” (ASU 2016-02). The amendments in this Update increase the transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and requiring the disclosure of key information about leasing arrangements. The amendments in this Update are effective for interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on the Company’s Consolidated Financial Statements. In March 2016, the FASB issued Accounting Standard Update 2016-05, “ Derivatives and Hedging (Topic 815) - Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships ” (ASU 2016-05). The amendments in this Update clarify that a change in the counterparty to a derivative contract, in and of itself, does not require the dedesignation of a hedging relationship. However, an entity will still need to evaluate whether it is probable that the counterparty will perform under the contract as part of its ongoing effectiveness assessment for hedge accounting. Therefore, a novation of a derivative to a counterparty with a sufficiently high credit risk could still result in the dedesignation of the hedging relationship. The amendments in this Update are effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is permitted. The Company has evaluated the impact of this guidance and it will not have a material impact on the Company’s Consolidated Financial Statements. In March 2016, the FASB issued Accounting Standard Update 2016-07, “ Investments-Equity Method and Joint Ventures (Topic 323) - Simplifying the Transition to the Equity Method of Accounting ” (ASU 2016-07). The amendments in this Update eliminate the requirement to retroactively adopt the equity method of accounting when an investment becomes qualified for the equity method of accounting as a result of an increase in the level of ownership interest or degree of influence. The amendments in this Update are effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on the Company’s Consolidated Financial Statements. In March 2016, the FASB issued Accounting Standard Update 2016-09, “ Compensation-Stock Compensation (Topic 718) - Improvements to Employee Share-Based Payment Accounting ” (ASU 2016-09). The amendments in this Update simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. The amendments in this Update are effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on the Company’s Consolidated Financial Statements.

Investments

Investments	3 Months Ended
Investments	Mar. 31, 2016
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. Managed investments represent assets governed by the Company’s investment policy statement (“IPS”), whereas non-managed investments represent assets held in support of consolidated AlphaCat VIEs which are not governed by the Company’s IPS. Refer to Note 5 , " Variable interest entities ," for further details. As such, prior period disclosures have been revised to conform to current period presentation. 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 period. The amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments as at March 31, 2016 were as follows: Amortized Cost (or Cost) Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Managed investments U.S. government and government agency $ 906,310 $ 4,440 $ (431 ) $ 910,319 Non-U.S. government and government agency 222,269 1,501 (1,685 ) 222,085 U.S. states, municipalities and political subdivisions 288,407 5,728 (513 ) 293,622 Agency residential mortgage-backed securities 652,955 11,484 (500 ) 663,939 Non-agency residential mortgage-backed securities 25,613 256 (519 ) 25,350 U.S. corporate 1,501,939 12,311 (7,631 ) 1,506,619 Non-U.S. corporate 397,593 2,031 (4,568 ) 395,056 Bank loans 620,570 560 (17,703 ) 603,427 Asset-backed securities 410,075 1,029 (4,277 ) 406,827 Commercial mortgage-backed securities 274,971 2,805 (835 ) 276,941 Total fixed maturities 5,300,702 42,145 (38,662 ) 5,304,185 Short-term investments 194,801 485 — 195,286 Other investments Fund of hedge funds 1,457 — (498 ) 959 Hedge funds 12,463 6,494 — 18,957 Private equity investments 54,154 13,420 (2,553 ) 65,021 Investment funds 190,125 678 — 190,803 Overseas deposits 60,601 — — 60,601 Mutual funds 4,396 3,414 — 7,810 Total other investments 323,196 24,006 (3,051 ) 344,151 Total managed investments $ 5,818,699 $ 66,636 $ (41,713 ) $ 5,843,622 Non-managed investments Catastrophe bonds $ 177,615 $ 1,175 $ (1,671 ) $ 177,119 Short-term investments 1,912,913 — — 1,912,913 Total non-managed investments 2,090,528 1,175 (1,671 ) 2,090,032 Total investments $ 7,909,227 $ 67,811 $ (43,384 ) $ 7,933,654 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 (a) Fixed maturity investments The following table sets forth certain information regarding the investment ratings of the Company’s fixed maturities portfolio as at March 31, 2016 and December 31, 2015 . March 31, 2016 December 31, 2015 Estimated Fair Value % of Total Estimated Fair Value % of Total Managed fixed maturities AAA $ 2,395,715 43.7 % $ 2,367,642 43.0 % AA 487,808 8.9 % 569,386 10.3 % A 1,057,329 19.3 % 1,031,326 18.7 % BBB 689,739 12.6 % 691,538 12.6 % Total investment grade managed fixed maturities 4,630,591 84.5 % 4,659,892 84.6 % BB 226,370 4.1 % 235,724 4.3 % B 185,033 3.4 % 179,069 3.2 % CCC 8,628 0.2 % 5,706 0.1 % CC 1,004 0.0 % 1,015 0.0 % NR 252,559 4.6 % 242,546 4.4 % Total non-investment grade managed fixed maturities 673,594 12.3 % 664,060 12.0 % Total managed fixed maturities $ 5,304,185 96.8 % $ 5,323,952 96.6 % Non-managed catastrophe bonds BBB $ 2,045 0.0 % $ 1,911 0.0 % Total investment grade non-managed catastrophe bonds 2,045 0.0 % 1,911 0.0 % BB 62,990 1.1 % 70,962 1.3 % B 6,133 0.1 % 30,698 0.6 % NR 105,951 2.0 % 82,808 1.5 % Total non-investment grade non-managed catastrophe bonds 175,074 3.2 % 184,468 3.4 % Total non-managed fixed maturities 177,119 3.2 % 186,379 3.4 % Total fixed maturities $ 5,481,304 100.0 % $ 5,510,331 100.0 % The amortized cost and estimated fair value amounts for fixed maturities held at March 31, 2016 and December 31, 2015 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. March 31, 2016 December 31, 2015 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Managed investments Due in one year or less $ 320,078 $ 319,683 $ 367,132 $ 366,019 Due after one year through five years 2,952,228 2,950,820 2,965,920 2,936,053 Due after five years through ten years 528,963 528,871 548,183 539,083 Due after ten years 135,819 131,754 150,444 148,036 3,937,088 3,931,128 4,031,679 3,989,191 Asset-backed and mortgage-backed securities 1,363,614 1,373,057 1,337,374 1,334,761 Total managed fixed maturities $ 5,300,702 $ 5,304,185 $ 5,369,053 $ 5,323,952 Non-managed catastrophe bonds Due in one year or less $ 30,772 $ 31,239 $ 7,504 $ 7,544 Due after one year through five years 145,803 144,838 165,093 163,575 Due after five years through ten years 1,040 1,042 15,250 15,260 Total non-managed fixed maturities 177,615 177,119 187,847 186,379 Total fixed maturities $ 5,478,317 $ 5,481,304 $ 5,556,900 $ 5,510,331 (b) Other investments The following tables set forth certain information regarding the Company's other investment portfolio as at March 31, 2016 and December 31, 2015 : Other investments Estimated Fair Value as at March 31, 2016 Investments with redemption restrictions Investments without redemption restrictions Redemption frequency (a) Redemption notice period (a) Fund of hedge funds $ 959 $ 959 $ — Hedge funds 18,957 18,957 — Private equity investments 65,021 65,021 — Investment funds 190,803 168,593 22,210 Daily 2 days Overseas deposits 60,601 60,601 — Mutual funds 7,810 — 7,810 Daily Daily Total other investments $ 344,151 $ 314,131 $ 30,020 (a) The redemption frequency and notice periods only apply to investments without redemption restrictions. 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 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 $165,602 ( December 31, 2015 : $167,910 ), has a lock-up period of 3 years as at March 31, 2016 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 amount invested and any remaining capital commitments. Refer to Note 15 , " Commitments and contingencies ," for further details. As at March 31, 2016 , 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: Three Months Ended March 31, 2016 2015 Managed investments Fixed maturities and short-term investments $ 28,017 $ 27,673 Other investments 872 3,188 Cash and cash equivalents 865 416 Securities lending income 5 3 Total gross investment income 29,759 31,280 Investment expenses (1,836 ) (1,844 ) Total managed net investment income $ 27,923 $ 29,436 Non managed investments Fixed maturities and short-term investments $ 1,295 $ 1,574 Restricted cash, cash and cash equivalents 243 19 Total non-managed net investment income 1,538 1,593 Total net investment income $ 29,461 $ 31,029 Managed net investment income from other investments includes distributed and undistributed net income from certain investment funds. (d) Net realized (losses) gains and change in net unrealized gains on investments The following represents an analysis of net realized (losses) gains and the change in net unrealized gains on investments: Three Months Ended March 31, 2016 2015 Managed fixed maturities, short-term and other investments Gross realized gains $ 3,217 $ 6,309 Gross realized (losses) (4,303 ) (2,129 ) Net realized (losses) gains on investments (1,086 ) 4,180 Change in net unrealized gains on investments 47,078 34,669 Total net realized and change in net unrealized gains on managed investments $ 45,992 $ 38,849 Non-managed fixed maturities, short-term and other investments Gross realized gains $ 511 $ — Gross realized (losses) (9 ) (11 ) Net realized gains (losses) on investments 502 (11 ) Change in net unrealized gains (losses) on investments 366 (1,442 ) Total net realized and change in net unrealized gains (losses) on non-managed investments 868 (1,453 ) Total net realized and change in net unrealized gains on total investments $ 46,860 $ 37,396 (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, please refer to Note 13 , “ Debt and financing arrangements .” March 31, 2016 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 300,000 105,756 149,634 $24,000 secured bi-lateral letter of credit facility 24,000 11,564 48,016 AlphaCat Re secured letter of credit facility 30,000 30,000 30,172 IPC bi-lateral facility 25,000 5,483 — $236,000 Flagstone bi-lateral facility 236,000 197,419 324,384 Total $ 700,000 $ 350,222 $ 552,206 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 In addition, $4,636,802 of cash and cash equivalents, restricted cash, short-term investments and fixed maturities were pledged during the normal course of business as at March 31, 2016 ( December 31, 2015 : $4,056,788 ). Of those, $4,531,282 were held in trust ( December 31, 2015 : $4,007,215 ). 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. During 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 March 31, 2016 , 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 March 31, 2016 .

Fair value measurements

Fair value measurements	3 Months Ended
Fair value measurements	Mar. 31, 2016
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. At March 31, 2016 , 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 $ — $ 910,319 $ — $ — $ 910,319 Non-U.S. government and government agency — 222,085 — — 222,085 U.S. states, municipalities and political subdivisions — 293,622 — — 293,622 Agency residential mortgage-backed securities — 663,939 — — 663,939 Non-agency residential mortgage-backed securities — 25,350 — — 25,350 U.S. corporate — 1,506,619 — — 1,506,619 Non-U.S. corporate — 395,056 — — 395,056 Bank loans — 348,416 255,011 — 603,427 Asset-backed securities — 406,827 — — 406,827 Commercial mortgage-backed securities — 276,941 — — 276,941 Total fixed maturities — 5,049,174 255,011 — 5,304,185 Short-term investments 176,840 18,446 — — 195,286 Other investments Fund of hedge funds — — — 959 959 Hedge funds — — — 18,957 18,957 Private equity investments — — — 65,021 65,021 Investment funds — 22,210 — 168,593 190,803 Overseas deposits — — — 60,601 60,601 Mutual funds — 7,810 — — 7,810 Total other investments — 30,020 — 314,131 344,151 Total managed investments $ 176,840 $ 5,097,640 $ 255,011 $ 314,131 $ 5,843,622 Non-managed investments Catastrophe bonds $ — $ 140,014 $ 37,105 $ — $ 177,119 Short-term investments 1,912,913 — — — 1,912,913 Total non-managed investments 1,912,913 140,014 37,105 — 2,090,032 Total investments $ 2,089,753 $ 5,237,654 $ 292,116 $ 314,131 $ 7,933,654 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 March 31, 2016 , managed Level 3 investments totaled $255,011 (December 31, 2015 : $232,337 ), representing 4.4% (December 31, 2015 : 3.9% ) 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 each period 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. 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, one structured securities fund and a mezzanine debt 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, whereas the mezzanine debt fund invests in a portfolio of mezzanine securities which generally take the form of private debt securities with equity participation in connection with buyouts, recapitalizations and refinancings. The fair value of units in each fund is based on the NAV of the respective fund as reported by the independent fund administrator. The NAV for each fund is reported on a one or three month delay by the fund's administrator. 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 periods ended March 31, 2016 and 2015 : Three Months Ended March 31, 2016 Bank Loans Catastrophe Bonds Total Level 3 investments—beginning of period $ 232,337 $ 13,500 $ 245,837 Purchases 42,103 23,272 65,375 Sales (2,389 ) — (2,389 ) Settlements (16,249 ) (125 ) (16,374 ) Change in net unrealized (losses) gains (791 ) 458 (333 ) Level 3 investments—end of period $ 255,011 $ 37,105 $ 292,116 Three Months Ended March 31, 2015 Bank Loans Catastrophe Bonds Total Level 3 investments—beginning of period $ 32,748 $ 17,500 $ 50,248 Purchases 58,175 — 58,175 Sales — (1,989 ) (1,989 ) Settlements (3,995 ) — (3,995 ) Net realized losses — (11 ) (11 ) Change in net unrealized losses (395 ) — (395 ) Level 3 investments—end of period $ 86,533 $ 15,500 $ 102,033 There have not been any transfers into or out of Level 3 during the three months ended March 31, 2016 or 2015, respectively.

Variable interest entities

Variable interest entities	3 Months Ended
Variable interest entities	Mar. 31, 2016
Variable Interest Entities Disclosure [Abstract]
Variable Interest Entity Disclosure [Text Block]	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. AlphaCat ILS funds The AlphaCat ILS funds received third party subscriptions beginning on December 17, 2012 . The Company and other investors invest in 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 15 , " 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 variable funding notes. The master funds are VIEs and are consolidated by the Company as the primary beneficiary. Notes Payable to AlphaCat Investors The master funds issue variable funding notes to the feeder funds, and direct to third party investors, in order to write collateralized reinsurance and invest in capital markets products on their behalf. The Company’s investments in the feeder funds, together with investments made by third parties in the feeder funds and on a direct basis, are provided as consideration for the notes to the master funds. The duration of the underlying collateralized reinsurance contracts and capital market products is typically twelve months; however, the variable funding notes do not have a stated maturity date or principal amount since repayment is dependent on the settlement and income or loss of the underlying transactions. Therefore, the notes are subsequently redeemed as the underlying transactions are settled. The income or loss generated by the underlying transactions is then transferred to the feeder funds and direct third party investors via the variable funding notes. As both the master and feeder funds are consolidated by the Company, any notes issued by the master funds to the feeder funds are eliminated on consolidation and only variable funding notes issued by AlphaCat Re to direct third party investors remain on the Consolidated Balance Sheets as notes payable to AlphaCat investors with the related income or loss included in the Consolidated Statements of Comprehensive Income as (income) loss attributable to AlphaCat investors. To the extent that the (income) loss has not been returned to the investors, it is included in accounts payable and accrued expenses in the Consolidated Balance Sheets. During the three months ended March 31, 2016 , one of the AlphaCat ILS funds issued both common shares and structured notes to the Company and other third party investors in order to capitalize the fund. The fund deploys its capital through AlphaCat Re; therefore, the structured notes do not have a stated maturity date or principal amount since repayment is dependent on the settlement and income or loss of the variable funding notes with AlphaCat Re. The structured notes rank senior to the common shares and earn an interest rate of 8.0% per annum, payable on a cumulative basis in arrears. As the fund is consolidated by the Company, the structured notes issued to the Company are eliminated on consolidation and only the structured notes issued to third party investors remain on the Consolidated Balance Sheets as notes payable to AlphaCat investors with any related interest included in the Consolidated Statements of Comprehensive Income as (income) loss attributable to AlphaCat investors. To the extent that the accrued interest on the structured notes has not been returned to the investors, it is included in accounts payable and accrued expenses in the Consolidated Balance Sheets. The following table presents a reconciliation of the beginning and ending notes payable to AlphaCat investors for the three months ended March 31, 2016 : Three Months Ended March 31, 2016 Variable Funding Notes Structured Notes Total Notes payable to AlphaCat investors, beginning of period $ 75,493 $ — $ 75,493 Issuance of notes payable to AlphaCat investors 195,288 61,717 257,005 Redemption of notes payable to AlphaCat investors (9,605 ) — (9,605 ) Foreign exchange losses 617 — 617 Notes payable to AlphaCat investors, end of period $ 261,793 $ 61,717 $ 323,510 The income attributable to AlphaCat investors was $4,600 for the three months ended March 31, 2016 , with $7,012 included in accounts payable and accrued expenses as at March 31, 2016 (December 31, 2015: $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 March 31, 2016 and December 31, 2015 : March 31, 2016 December 31, 2015 Total Assets Total Liabilities Total Assets Total Liabilities AlphaCat sidecars $ 82,492 $ 34,517 $ 206,581 $ 14,804 AlphaCat ILS funds - Lower Risk (a) 1,303,522 16,307 1,268,070 143,371 AlphaCat ILS funds - Higher Risk (a) 570,033 99,339 522,867 300,122 AlphaCat Re and AlphaCat Master Fund 2,218,094 2,217,924 1,615,779 1,615,609 BetaCat ILS funds 63,043 707 64,221 2,472 (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 held by these entities are presented separately in Note 3 , " 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	3 Months Ended
Investments in affiliates	Mar. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Investments in affiliates	Investments in affiliates The following table presents the Company's investments in affiliates as at March 31, 2016 and December 31, 2015 : March 31, 2016 December 31, 2015 Investment affiliate $ 84,135 $ 87,673 Operating affiliate 369 392 Investments in affiliates $ 84,504 $ 88,065 (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 15 , " 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 15 , " 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 three months ended March 31, 2016 and 2015 : Three Months Ended March 31, 2016 2015 Investment affiliate, beginning of period $ 87,673 $ 63,506 Capital contributions 575 19,700 (Loss) income from investment affiliate (4,113 ) 2,776 Investment affiliate, end of period $ 84,135 $ 85,982 The following table presents the Company’s investment in the partnerships as at March 31, 2016 : Investment at cost Voting ownership % Equity ownership % Carrying value Aquiline Financial Services Fund II L.P. $ 56,479 — % 8.1 % $ 70,342 Aquiline Financial Services Fund III L.P. $ 13,890 — % 13.7 % $ 13,793 Total $ 70,369 $ 84,135 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 (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 three months ended March 31, 2016 and 2015 : Three Months Ended March 31, 2016 2015 Operating affiliate, beginning of period $ 392 $ 50,944 (Loss) income from operating affiliate (23 ) 3,984 Operating affiliate, end of period $ 369 $ 54,928 The following table presents the Company’s investment in PaCRe as at March 31, 2016 : Investment at cost Voting ownership % Equity ownership % Carrying value Investment in PaCRe $ 392 100.0 % 10.0 % $ 369 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

Noncontrolling interest

Noncontrolling interest	3 Months Ended
Noncontrolling interest	Mar. 31, 2016
Noncontrolling Interest [Abstract]
Noncontrolling interest	Noncontrolling interest Investors in certain of 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 and one of the AlphaCat ILS funds 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 three months ended March 31, 2016 and 2015 : Three Months Ended March 31, 2016 Redeemable noncontrolling interest Noncontrolling interest Total Balance, beginning of period $ 1,111,714 $ 154,662 $ 1,266,376 Issuance of shares 268,750 112,325 381,075 Income attributable to noncontrolling interest 28,573 8,958 37,531 Distributions — (118,722 ) (118,722 ) Balance, end of period $ 1,409,037 $ 157,223 $ 1,566,260 Three Months Ended March 31, 2015 Redeemable noncontrolling interest Noncontrolling interest Total Balance, beginning of period $ 617,791 $ 292,274 $ 910,065 Issuance of shares 203,400 — 203,400 Income attributable to noncontrolling interest 13,453 4,725 18,178 Distributions — (145,416 ) (145,416 ) Balance, end of period $ 834,644 $ 151,583 $ 986,227

Derivative instruments

Derivative instruments	3 Months Ended
Derivative instruments	Mar. 31, 2016
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 March 31, 2016 and 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 March 31, 2016 and 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 through September 30, 2015. 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 March 31, 2016 and December 31, 2015 : March 31, 2016 December 31, 2015 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 $ 224,219 $ 7,368 $ 5,694 $ 255,840 $ 2,601 $ 3,211 (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 three months ended March 31, 2016 was $(2,013) and $36 , respectively ( 2015 : $nil and $1 , 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 March 31, 2016 and December 31, 2015 : March 31, 2016 December 31, 2015 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) Interest rate swap contracts $ 552,263 $ 22 $ 2,626 $ 552,263 $ 21 $ 1,942 (a) Asset and liability derivatives are classified within other assets and accounts payable and accrued expenses, respectively, on the Consolidated Balance Sheets. (a) Classification within the fair value hierarchy As described in Note 4 , " Fair value measurements ," under U.S. GAAP, a company must determine the appropriate level in the fair value hierarchy for each fair value measurement. The assumptions used within the valuation of the Company's derivative instruments are observable in the marketplace, can be derived from observable data or are supported by observable levels at which other similar transactions are executed in the marketplace. Accordingly, these derivatives were classified within Level 2 of the fair value hierarchy. (b) Derivative instruments designated as a fair value hedge The Company designates 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 three months ended March 31, 2016 and 2015 : Three Months Ended March 31, Foreign currency forward contracts 2016 2015 Amount of loss recognized in income on derivative $ — $ (6,202 ) Amount of gain on hedged item recognized in income attributable to risk being hedged — 6,202 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 three months ended March 31, 2016 and 2015 : Three Months Ended March 31, Interest rate swap contracts 2016 2015 Amount of effective portion recognized in other comprehensive income $ 3,656 $ 4,040 Amount of effective portion subsequently reclassified to earnings (2,898 ) (3,239 ) Amount of ineffective portion excluded from effectiveness testing (758 ) (801 ) 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 March 31, 2016 or December 31, 2015 . The Company currently provides cash collateral as security for interest rate swap contracts. The Company does not provide cash collateral or financial instruments as security for foreign currency forward contracts. Our derivative instruments are generally traded under International Swaps and Derivatives Association master netting agreements, which establish terms that apply to all transactions. On a periodic basis, the amounts receivable from or payable to the counterparties are settled in cash. The Company has not elected to settle multiple transactions with an individual counterparty on a net basis.

Reserve for losses and loss exp

Reserve for losses and loss expenses	3 Months Ended
Reserve for losses and loss expenses	Mar. 31, 2016
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]
Reserve for losses and loss expenses	Reserve for losses and loss expenses Reserves for losses and loss expenses are based in part upon the estimation of case reserves from broker, insured and ceding company reported data. The Company also uses statistical and actuarial methods to estimate ultimate expected losses and loss expenses, from which incurred but not reported losses can be calculated. The period of time from the occurrence of a loss to the reporting of a loss to the Company and to the settlement of the Company's liability may be several months or years. During this period, additional facts and trends may be revealed. As these factors become apparent, reserves will be adjusted, sometimes requiring an increase or decrease in the overall reserves of the Company, and at other times requiring a reallocation of incurred but not reported reserves to specific case reserves. These estimates are reviewed and adjusted regularly, and such adjustments, if any, are reflected in earnings in the period in which they become known. While management believes that it has made a reasonable estimate of ultimate losses, there can be no assurances that ultimate losses and loss expenses will not exceed this estimate. The following table represents an analysis of paid and unpaid losses and loss expenses incurred and a reconciliation of the beginning and ending unpaid losses and loss expenses for the three months ended March 31, 2016 and 2015 : Three Months Ended March 31, 2016 2015 Reserve for losses and loss expenses, beginning of period $ 2,996,567 $ 3,243,147 Losses and loss expenses recoverable (350,586 ) (377,466 ) Net reserves for losses and loss expenses, beginning of period 2,645,981 2,865,681 Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in: Current year 278,186 324,488 Prior years (a) (53,739 ) (83,559 ) Total incurred losses and loss expenses (a) 224,447 240,929 Less net losses and loss expenses paid in respect of losses occurring in: Current year (15,773 ) (13,100 ) Prior years (253,304 ) (236,233 ) Total net paid losses (269,077 ) (249,333 ) Foreign exchange loss (gain) 8,260 (25,274 ) Net reserve for losses and loss expenses, end of period 2,609,611 2,832,003 Losses and loss expenses recoverable 370,689 375,882 Reserve for losses and loss expenses, end of period $ 2,980,300 $ 3,207,885 Incurred losses and loss expenses comprise: Three Months Ended March 31, 2016 2015 Gross losses and loss expenses (a) $ 269,853 $ 264,796 Reinsurance recoverable (45,406 ) (23,867 ) Net incurred losses and loss expenses (a) $ 224,447 $ 240,929 (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 amortized to income through a reduction in losses and loss expenses of $3,223 during the three months ended March 31, 2015 , benefiting the loss ratio by 4.7 percentage points. The remaining fair value adjustment of $7,756 was fully amortized during 2015. The March 31, 2016 gross reserves balances comprise reserves for reported claims of $1,242,102 ( December 31, 2015 : $1,278,697 ) and reserves for claims incurred but not reported of $1,738,198 ( December 31, 2015 : $1,717,870 ). The net favorable development on prior years by segment and line of business for the three months ended March 31, 2016 and 2015 was as follows: Three Months Ended March 31, 2016 Property Marine Specialty Liability Total Validus Re $ (22,832 ) $ 3,555 $ (6,407 ) $ — $ (25,684 ) Talbot (18,446 ) 2,964 (7,238 ) — (22,720 ) Western World (441 ) — — (3,985 ) (4,426 ) AlphaCat (909 ) — — — (909 ) Net favorable development $ (42,628 ) $ 6,519 $ (13,645 ) $ (3,985 ) $ (53,739 ) The Validus Re and Talbot segments experienced favorable development on prior years in the property and specialty lines primarily due to favorable development on attritional losses; whereas, the unfavorable development in the marine lines was primarily driven by adverse development on events, which included unfavorable development on an individual marine policy that incepted during the second half of 2015. This adverse development was partially offset by favorable development on attritional losses. The Western World segment experienced favorable development on prior years primarily due favorable development on attritional losses. Three Months Ended March 31, 2015 Property Marine Specialty Liability Total Validus Re $ (14,896 ) $ (4,570 ) $ (5,230 ) $ — $ (24,696 ) Talbot (20,752 ) (22,514 ) (8,421 ) — (51,687 ) Western World (a) (2,728 ) — — (3,604 ) (6,332 ) AlphaCat (844 ) — — — (844 ) Net favorable development (a) $ (39,220 ) $ (27,084 ) $ (13,651 ) $ (3,604 ) $ (83,559 ) (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 amortized to income through a reduction in losses and loss expenses of $3,223 during the three months ended March 31, 2015 , benefiting the loss ratio by 4.7 percentage points. The remaining fair value adjustment of $7,756 was fully amortized during 2015. The Validus Re segment experienced favorable development on prior years primarily due to favorable development on attritional losses; whereas, 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.

Reinsurance

Reinsurance	3 Months Ended
Reinsurance	Mar. 31, 2016
Reinsurance Disclosures [Abstract]
Reinsurance	Reinsurance The Company enters into reinsurance and retrocession agreements in order to mitigate its accumulation of loss, reduce its liability on individual risks, enable it to underwrite policies with higher limits and increase its aggregate capacity. The cession of insurance and reinsurance does not legally discharge the Company from its primary liability for the full amount of the policies, and the Company is required to pay the loss and bear collection risk if the reinsurer fails to meet its obligations under the reinsurance or retrocession agreement. Amounts recoverable from reinsurers are estimated in a manner consistent with the underlying liabilities. Credit risk The Company evaluates the financial condition of its reinsurers and monitors concentration of credit risk arising from its exposure to individual reinsurers. The reinsurance program is generally placed with reinsurers whose rating, at the time of placement, was A- or better as rated by Standard & Poor's or the equivalent with other rating agencies. Exposure to a single reinsurer is also controlled with restrictions dependent on rating. At March 31, 2016 , 98.5% ( December 31, 2015 : 98.7% ) of reinsurance recoverables (which includes loss reserves recoverable and recoverables on paid losses and $239,160 of total IBNR recoverable ( December 31, 2015 : $214,863 )) were fully collateralized or from reinsurers rated A- or better. Reinsurance recoverables by reinsurer as at March 31, 2016 and December 31, 2015 were as follows: March 31, 2016 December 31, 2015 Reinsurance Recoverable % of Total Reinsurance Recoverable % of Total Top 10 reinsurers $ 324,817 82.1 % $ 303,108 81.1 % Other reinsurers’ balances > $1 million 61,621 15.6 % 61,222 16.4 % Other reinsurers’ balances < $1 million 9,252 2.3 % 9,327 2.5 % Total $ 395,690 100.0 % $ 373,657 100.0 % March 31, 2016 Top 10 Reinsurers Rating Reinsurance Recoverable % of Total Swiss Re AA- $ 85,611 21.6 % Lloyd's Syndicates A+ 71,931 18.2 % Everest Re A+ 48,012 12.1 % Hannover Re AA- 46,862 11.8 % Munich Re AA- 20,011 5.1 % Hamilton Re A- 12,501 3.2 % Transatlantic Re A+ 12,481 3.1 % National Indemnity Company AA+ 9,462 2.4 % Toa Re A+ 9,001 2.3 % XL Re A+ 8,945 2.3 % Total $ 324,817 82.1 % 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 % At March 31, 2016 and December 31, 2015 , the provision for uncollectible reinsurance relating to reinsurance recoverables was $5,427 and $4,997 , respectively. To estimate this 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	3 Months Ended
Share capital	Mar. 31, 2016
Stockholders' Equity Note [Abstract]
Share capital	Share capital (a) Authorized and issued The Company’s authorized share capital is 571,428,571 common shares with a par value of $0.175 per share. The holders of common shares are entitled to receive dividends. Holders of common shares are allocated one vote per share , provided that, if the controlled shares of any shareholder or group of related shareholders constitute more than 9.09 percent of the outstanding common shares of the Company, their voting power will be reduced to 9.09 percent. The Company may from time to time repurchase its securities, including common shares, Junior Subordinated Deferrable Debentures and Senior Notes. On February 3, 2015, the Board of Directors of the Company approved an increase in the Company's common share purchase authorization to $750,000 . This amount is in addition to the $2,274,401 of common shares repurchased by the Company through February 3, 2015 under its previously authorized share repurchase programs. The Company has repurchased 77,387,916 common shares for an aggregate purchase price of $2,552,098 from the inception of its share repurchase program to March 31, 2016 . The Company had $472,303 remaining under its authorized share repurchase program as of March 31, 2016 . 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, 2015 160,570,772 Restricted share awards vested, net of shares withheld 9,566 Restricted share units vested, net of shares withheld 1,939 Common shares issued, March 31, 2016 160,582,277 Treasury shares, March 31, 2016 (79,026,791 ) Common shares outstanding, March 31, 2016 81,555,486 Common Shares Common shares issued, December 31, 2014 155,554,224 Restricted share awards vested, net of shares withheld 14,447 Restricted share units vested, net of shares withheld 1,997 Options exercised 704,974 Warrants exercised 473,817 Direct issuance of common stock 324 Common shares issued, March 31, 2015 156,749,783 Treasury shares, March 31, 2015 (73,114,868 ) Common shares outstanding, March 31, 2015 83,634,915 (b) Dividends On February 2, 2016 , the Company announced a quarterly cash dividend of $0.35 ( 2015 : $0.32 ) per common share. This dividend was paid on March 31, 2016 to holders of record on March 15, 2016 .

Stock plans

Stock plans	3 Months Ended
Stock plans	Mar. 31, 2016
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 1,933,932 shares remain available for issuance at March 31, 2016 . 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. Outstanding 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. Activity with respect to options for the three months ended March 31, 2016 was as follows: Options Weighted Average Grant Date Fair Value Weighted Average Grant Date Exercise Price Options outstanding, December 31, 2015 65,401 $ 7.74 $ 20.17 Options exercised — — — Options outstanding, March 31, 2016 65,401 $ 7.74 $ 20.17 Activity with respect to options for the three months ended March 31, 2015 was as follows: Options Weighted Average Grant Date Fair Value Weighted Average Grant Date Exercise Price Options outstanding, December 31, 2014 1,160,057 $ 7.12 $ 17.74 Options exercised (1,017,165 ) 7.36 16.55 Options outstanding, March 31, 2015 142,892 $ 5.45 $ 26.24 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. The Company recognized share compensation expenses during the three months ended March 31, 2016 of $9,129 ( 2015 : $8,479 ). 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 three months ended March 31, 2016 was as follows: Restricted Share Awards Weighted Average Grant Date Fair Value Restricted share awards outstanding, December 31, 2015 2,739,446 $ 38.25 Restricted share awards vested (12,550 ) 35.75 Restricted share awards forfeited (8,317 ) 37.94 Restricted share awards outstanding, March 31, 2016 2,718,579 $ 38.26 Activity with respect to unvested restricted share awards for the three months ended March 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 vested (19,682 ) 32.25 Restricted share awards forfeited (2,410 ) 41.50 Restricted share awards outstanding, March 31, 2015 2,836,619 $ 35.83 At March 31, 2016 , there were $60,076 ( December 31, 2015 : $69,143 ) of total unrecognized share compensation expenses in respect of restricted share awards that are expected to be recognized over a weighted-average period of 2.3 years ( December 31, 2015 : 2.4 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. The Company recognized share compensation expenses during the three months ended March 31, 2016 of $311 ( 2015 : $262 ). 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 three months ended March 31, 2016 was as follows: Restricted Share Units Weighted Average Grant Date Fair Value Restricted share units outstanding, December 31, 2015 114,337 $ 38.47 Restricted share units vested (2,056 ) 38.24 Restricted share units issued in lieu of cash dividends 790 38.47 Restricted share units outstanding, March 31, 2016 113,071 $ 38.47 Activity with respect to unvested restricted share units for the three months ended March 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 vested (1,997 ) 38.24 Restricted share units issued in lieu of cash dividends 747 36.54 Restricted share units forfeited (893 ) 35.42 Restricted share units outstanding, March 31, 2015 101,341 $ 36.51 At March 31, 2016 , there were $2,493 ( December 31, 2015 : $2,790 ) of total unrecognized share compensation expenses in respect of restricted share units that are expected to be recognized over a weighted-average period of 2.4 years ( December 31, 2015 : 2.6 years ). iv. Performance share awards The performance share awards contain a performance based component. The performance component relates to the compounded growth in the Dividend Adjusted Diluted Book Value per Share (“DBVPS”) over a three -year period relative to the Company's peer group. For performance share awards granted during the period, the grant date Diluted Book Value per Share is based on the DBVPS at the end of the most recent financial reporting year. The Dividend Adjusted Performance Period End DBVPS will be the DBVPS three years after the grant date DBVPS. The fair value estimate earns over the requisite attribution period and the estimate will be reassessed at the end of each performance period which will reflect any adjustments in the consolidated statements of comprehensive income in the period in which they are determined. The Company recognized share compensation expenses during the three months ended March 31, 2016 of $1,797 ( 2015 : $313 ). Activity with respect to unvested performance share awards for the three months ended March 31, 2016 was as follows: Performance Share Awards Weighted Average Grant Date Fair Value Performance share awards outstanding, December 31, 2015 172,594 $ 40.70 Performance share awards conversion adjustment 45,517 36.82 Performance share awards outstanding, March 31, 2016 218,111 $ 39.89 Activity with respect to unvested performance share awards for the three months ended March 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 outstanding, March 31, 2015 106,369 $ 36.03 At March 31, 2016 , there were $3,893 ( December 31, 2015 : $4,011 ) of total unrecognized share compensation expenses in respect of performance share awards that are expected to be recognized over a weighted-average period of 1.9 years ( December 31, 2015 : 2.1 years ). (b) Total share compensation expenses The breakdown of share compensation expenses by award type for the periods indicated was as follows: Three Months Ended March 31, 2016 2015 Restricted share awards 9,129 8,479 Restricted share units 311 262 Performance share awards 1,797 313 Total $ 11,237 $ 9,054

Debt and financing arrangements

Debt and financing arrangements	3 Months Ended
Debt and financing arrangements	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt and financing arrangements	Debt and financing arrangements (a) Financing structure The financing structure at March 31, 2016 was as follows: 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 134,785 134,785 134,785 Flagstone 2007 Junior Subordinated Deferrable Debentures 113,750 113,750 113,750 Total debentures payable 598,535 538,335 538,335 2010 Senior Notes due 2040 250,000 250,000 245,211 Total debentures and senior notes payable 848,535 788,335 783,546 $85,000 syndicated unsecured letter of credit facility 85,000 — — $300,000 syndicated secured letter of credit facility 300,000 105,756 — $24,000 secured bi-lateral letter of credit facility 24,000 11,564 — AlphaCat Re secured letter of credit facility 30,000 30,000 — IPC bi-lateral facility 25,000 5,483 — $236,000 Flagstone bi-lateral facility 236,000 197,419 — Total credit and other facilities 700,000 350,222 — Total debt and financing arrangements $ 1,548,535 $ 1,138,557 $ 783,546 The financing structure at December 31, 2015 was as follows: 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 (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 March 31, 2016 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 $ 134,785 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 three months ended March 31, 2016 and 2015 . 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 2021. 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 three months ended March 31, 2016 and 2015 . As part of the acquisition of Flagstone, the Company assumed junior subordinated deferrable debentures due 2036 and 2037 (respectively, the “Flagstone 2006 Junior Subordinated Deferrable Debentures” and “Flagstone 2007 Junior Subordinated Deferrable Debentures”). These debentures are redeemable quarterly at par. There were no redemptions made during the three months ended March 31, 2016 and 2015 . Future payments of principal of $538,335 on the debentures discussed above are all expected to be after 2021. (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 Five 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 and its subsidiaries. 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 March 31, 2016 , there was $nil outstanding under the Five Year Unsecured Facility and $105,756 in outstanding letters of credit under the Five Year Secured 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 March 31, 2016 , the Company was in compliance with all covenants and restrictions under the Credit Facilities. ii. $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 March 31, 2016 , there were $5,483 outstanding letters of credit issued under the IPC bi-lateral facility (December 31, 2015 : $9,241 ). As of March 31, 2016 , and throughout the reporting periods presented, the Company was in compliance with all covenants and restrictions under the IPC bi-lateral facility. iii. $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 March 31, 2016 , $11,564 (December 31, 2015 : $10,543 ) of letters of credit were outstanding under the Secured bi-lateral letter of credit facility. The Secured bi-lateral letter of credit facility has no fixed termination date and as of March 31, 2016 , and throughout the reporting periods presented, the Company is in compliance with all terms and covenants thereof. iv. $30,000 AlphaCat Re secured letter of credit facility During 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 March 31, 2016 , $30,000 (December 31, 2015 : $30,000 ) of letters of credit were outstanding under this facility. As of March 31, 2016 , and throughout the reporting periods presented, AlphaCat Re was in compliance with all covenants and restrictions thereof. v. $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”). As of March 31, 2016 , the Flagstone Bi-Lateral Facility had $197,419 (December 31, 2015 : $193,764 ) letters of credit issued and outstanding. As of March 31, 2016 , 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, Talbot FAL facility and other charges and AlphaCat financing fees as follows: Three Months Ended March 31, 2016 2015 2006 Junior Subordinated Deferrable Debentures $ 2,211 $ 2,187 2007 Junior Subordinated Deferrable Debentures 1,831 1,809 Flagstone 2006 Junior Subordinated Deferrable Debentures 2,245 2,218 Flagstone 2007 Junior Subordinated Deferrable Debentures 1,767 1,758 2010 Senior Notes due 2040 5,597 5,597 Credit facilities 661 1,707 Bank charges, Talbot FAL facility and other charges (a) 7 1,207 AlphaCat fees (b) 884 4,484 Total finance expenses $ 15,203 $ 20,967 (a) 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. (b) Includes finance expenses incurred by AlphaCat Managers Ltd. in relation to fund raising for the AlphaCat sidecars, the AlphaCat ILS funds and AlphaCat direct.

Accumulated other comprehensive

Accumulated other comprehensive loss	3 Months Ended
Accumulated other comprehensive loss	Mar. 31, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated other comprehensive loss	Accumulated other comprehensive loss The changes in accumulated other comprehensive loss, by component for the three months ended March 31, 2016 and 2015 was as follows: Three Months Ended March 31, 2016 Foreign currency translation adjustment Minimum pension liability Cash flow hedge Total Balance beginning of period, net of tax $ (11,834 ) $ 334 $ (1,069 ) $ (12,569 ) Net current period other comprehensive loss, net of tax (2,028 ) (83 ) (758 ) (2,869 ) Balance end of period, net of tax $ (13,862 ) $ 251 $ (1,827 ) $ (15,438 ) Three Months Ended March 31, 2015 Foreign currency translation adjustment Minimum pension liability Cash flow hedge Total Balance beginning of period, net of tax $ (8,118 ) $ (210 ) $ (228 ) $ (8,556 ) Net current period other comprehensive loss, net of tax (3,019 ) (265 ) (801 ) (4,085 ) Balance end of period, net of tax $ (11,137 ) $ (475 ) $ (1,029 ) $ (12,641 )

Commitments and contingencies

Commitments and contingencies	3 Months Ended
Commitments and contingencies	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies (a) 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 3 (e) for investments pledged as collateral. (b) 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 underwriting capacity at Lloyd's of £600,000 , at the March 31, 2016 exchange rate of £1 equals $1.43 and assuming the maximum 3% assessment, the Company would be assessed approximately $25,740 . (c) Investment affiliate commitments As discussed in Note 6 , " 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 March 31, 2016 was $2,934 ( December 31, 2015 : $3,413 ). 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 March 31, 2016 was $587 ( December 31, 2015 : $683 ). 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 March 31, 2016 was $86,110 ( December 31, 2015 : $86,110 ). (d) AlphaCat commitments 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 March 31, 2016 was $9,000 ( December 31, 2015 : $10,000 ). 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 March 31, 2016 was $8,643 ( December 31, 2015 : $9,536 ). (e) Fixed maturity commitments At March 31, 2016 , 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 March 31, 2016 was $35,431 ( December 31, 2015 : $34,888 ). The Company also had other loan commitments of $25,000 at March 31, 2016 . The Company's remaining commitment at March 31, 2016 was $12,588 . (f) Other investment commitments At March 31, 2016 , the Company had capital commitments in certain other investments of $273,000 ( December 31, 2015 : $263,000 ). The Company's remaining commitment to these investments at March 31, 2016 was $190,780 ( December 31, 2015 : $185,548 ).

Related party transactions

Related party transactions	3 Months Ended
Related party transactions	Mar. 31, 2016
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 1,002,338 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 three months ended March 31, 2016 of $1,906 ( 2015 : $1,870 ) with $1,384 included in premiums receivable at March 31, 2016 ( December 31, 2015 : $82 ). The Company also recognized reinsurance premiums ceded during the three months ended March 31, 2016 of $17 ( 2015 : $29 ) and had reinsurance balances payable of $4 at March 31, 2016 ( December 31, 2015 : $4 ). The Company recorded $808 of loss reserves recoverable at March 31, 2016 ( December 31, 2015 : $790 ). Earned premium adjustments of $526 ( 2015 : $783 ) were recorded during the three months ended March 31, 2016 . On November 24, 2009, the Company entered into an Investment Management Agreement with Conning, Inc. ("Conning") to manage a portion of the Company's investment portfolio. Aquiline acquired Conning on June 16, 2009. Jeffrey W. Greenberg, a director of the Company, serves as a director of Conning Holdings Corp., the parent company of Conning. During the three months ended September 30, 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 three months ended March 31, 2015 were $285 . On December 20, 2011, the Company entered into an Assignment and Assumption Agreement (the "Agreement") with Aquiline Capital Partners LLC, a Delaware limited liability company (the "Assignor") and Aquiline Capital Partners II GP (Offshore) Ltd., a Cayman Islands company limited by shares (the "General Partner") pursuant to which the Company has assumed 100% of the Assignor's interest in Aquiline Financial Services Fund II L.P. (the "Aquiline II Partnership") representing a total capital commitment of $50,000 (the "Aquiline II Commitment"), as a limited partner in the Partnership (the "Transferred Interest"). On October 2, 2014, the Company assumed an additional investment in the Aquiline II Partnership as part of the Western World acquisition representing a total capital commitment of $10,000 . Messrs. Greenberg and Watson, directors of the Company, serve as managing principal and senior principal, respectively, of Aquiline Capital Partners LLC. For the three months ended March 31, 2016 , the Company incurred $nil in partnership fees ( 2015 : $448 ) and made capital contributions of $575 ( 2015 : $5,562 ), with $ nil included in accounts payable and accrued expenses at March 31, 2016 ( December 31, 2015 : $nil ). On November 7, 2014, the Company entered into a Subscription Agreement (the "Subscription Agreement") with Aquiline Capital Partners III GP (Offshore) Ltd., a Cayman Islands company limited by shares (the "Aquiline III General Partner") pursuant to which the Company is committing and agreeing to purchase limited partnership or other comparable limited liability equity interests (the "Limited Partnership Interests") in Aquiline Financial Services Fund III L.P., a Cayman Islands exempted limited partnership (the "Aquiline III Partnership"), and/or one or more Alternative Investment Vehicles and Intermediate Entities (together with the Aquiline III Partnership, the "Fund" or the "Entities") with a capital commitment (the "Aquiline III Commitment") in an amount equal to $100,000 , as a limited partner in the Aquiline Financial Services III Partnership. For the three months ended March 31, 2016 , the Company incurred $nil in partnership fees ( 2015 : $870 ) and made capital contributions of $nil (2015: $14,138 ), with $nil included in accounts payable and accrued expenses at March 31, 2016 ( December 31, 2015 : $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	3 Months Ended
Earnings per share	Mar. 31, 2016
Earnings Per Share [Abstract]
Earnings per share	Earnings per share The following table sets forth the computation of basic and earnings per diluted share for the three months ended March 31, 2016 and 2015 : Three Months Ended March 31, 2016 2015 Basic earnings per share Net income $ 204,341 $ 191,589 Net (income) attributable to noncontrolling interest (37,531 ) (18,178 ) Net income available to Validus 166,810 173,411 Less: Dividends and distributions declared on outstanding warrants — (1,405 ) Income available to common shareholders $ 166,810 $ 172,006 Weighted average number of common shares outstanding 82,821,261 83,251,243 Basic earnings per share available to common shareholders $ 2.01 $ 2.07 Earnings per diluted share Net income $ 204,341 $ 191,589 Net (income) attributable to noncontrolling interest (37,531 ) (18,178 ) Net income available to Validus 166,810 173,411 Less: Dividends and distributions declared on outstanding warrants — — Income available to common shareholders $ 166,810 $ 173,411 Weighted average number of common shares outstanding 82,821,261 83,251,243 Share equivalents: Warrants — 2,745,066 Stock options 35,878 473,424 Unvested restricted shares 1,341,176 1,113,396 Weighted average number of diluted common shares outstanding 84,198,315 87,583,129 Earnings per diluted share available to common shareholders $ 1.98 $ 1.98 Share equivalents that would result in the issuance of 645 common shares were outstanding for the three months ended March 31, 2015 , but were not included in the computation of earnings per diluted share because the effect would be antidilutive. There were no antidilutive shares noted for the three months ended March 31, 2016 .

Segment information

Segment information	3 Months Ended
Segment information	Mar. 31, 2016
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 is focused 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": Three Months Ended March 31, Validus Re Segment Information 2016 2015 Underwriting income Gross premiums written $ 691,668 $ 711,693 Reinsurance premiums ceded (92,495 ) (113,777 ) Net premiums written 599,173 597,916 Change in unearned premiums (355,342 ) (344,828 ) Net premiums earned 243,831 253,088 Other insurance related (loss) income (315 ) 315 Underwriting revenues 243,516 253,403 Underwriting deductions Losses and loss expenses 82,868 113,128 Policy acquisition costs 42,259 42,094 General and administrative expenses 17,179 19,509 Share compensation expenses 2,901 2,578 Total underwriting deductions 145,207 177,309 Underwriting income $ 98,309 $ 76,094 Selected ratios: Net premiums written / Gross premiums written 86.6 % 84.0 % Losses and loss expenses 34.0 % 44.7 % Policy acquisition costs 17.4 % 16.7 % General and administrative expenses (a) 8.2 % 8.7 % Expense ratio 25.6 % 25.4 % Combined ratio 59.6 % 70.1 % (a) The general and administrative expense ratio includes share compensation expenses. Three Months Ended March 31, Talbot Segment Information 2016 2015 Underwriting income Gross premiums written $ 266,317 $ 270,077 Reinsurance premiums ceded (87,458 ) (91,075 ) Net premiums written 178,859 179,002 Change in unearned premiums 27,933 43,587 Net premiums earned 206,792 222,589 Other insurance related income 11 54 Underwriting revenues 206,803 222,643 Underwriting deductions Losses and loss expenses 100,101 78,128 Policy acquisition costs 44,343 49,104 General and administrative expenses 38,535 36,494 Share compensation expenses 3,522 2,957 Total underwriting deductions 186,501 166,683 Underwriting income $ 20,302 $ 55,960 Selected ratios: Net premiums written / Gross premiums written 67.2 % 66.3 % Losses and loss expenses 48.4 % 35.1 % Policy acquisition costs 21.5 % 22.1 % General and administrative expenses (a) 20.3 % 17.7 % Expense ratio 41.8 % 39.8 % Combined ratio 90.2 % 74.9 % (a) The general and administrative expense ratio includes share compensation expenses. Three Months Ended March 31, Western World Segment Information 2016 2015 Underwriting income Gross premiums written $ 63,959 $ 56,947 Reinsurance premiums ceded (4,139 ) (3,233 ) Net premiums written 59,820 53,714 Change in unearned premiums 1,679 14,168 Net premiums earned 61,499 67,882 Other insurance related income 288 263 Underwriting revenues 61,787 68,145 Underwriting deductions Losses and loss expenses 39,646 50,517 Policy acquisition costs 14,200 4,279 General and administrative expenses 12,075 10,627 Share compensation expenses 581 477 Total underwriting deductions 66,502 65,900 Underwriting (loss) income $ (4,715 ) $ 2,245 Selected ratios: Net premiums written / Gross premiums written 93.5 % 94.3 % Losses and loss expenses 64.5 % 74.4 % Policy acquisition costs 23.1 % 6.3 % General and administrative expenses (a) 20.5 % 16.4 % Expense ratio 43.6 % 22.7 % Combined ratio 108.1 % 97.1 % (a) The general and administrative expense ratio includes share compensation expenses. Three Months Ended March 31, AlphaCat Segment Information (a) 2016 2015 Revenue - management fees Third party $ 4,727 $ 4,537 Related party 891 1,186 Total revenue 5,618 5,723 Expenses General and administrative expenses 1,482 2,429 Share compensation expenses 141 149 Finance expenses 808 4,428 Foreign exchange losses (gains) 8 (13 ) Total expenses 2,439 6,993 Income (loss) before investments from AlphaCat Funds and Sidecars 3,179 (1,270 ) Investment income (loss) from AlphaCat Funds and Sidecars (b) AlphaCat Sidecars 124 1,168 AlphaCat ILS Funds - Lower Risk (c) 2,507 1,286 AlphaCat ILS Funds - Higher Risk (c) 2,436 2,425 BetaCat ILS Funds 563 174 PaCRe (23 ) 3,984 Total investment income from AlphaCat Funds and Sidecars 5,607 9,037 Validus' share of AlphaCat income $ 8,786 $ 7,767 Supplemental information: Gross premiums written AlphaCat Sidecars $ (52 ) $ 40,106 AlphaCat ILS Funds - Lower Risk (c) 59,958 42,748 AlphaCat ILS Funds - Higher Risk (c) 96,320 18,951 AlphaCat Direct (d) 11,122 — Total $ 167,348 $ 101,805 (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. Three Months Ended March 31, Corporate and Investment Information 2016 2015 Investment income Net investment income (a) $ 27,923 $ 29,436 Operating expenses General and administrative expenses 16,183 15,606 Share compensation expenses 4,092 2,893 Finance expenses (a) 14,341 15,336 Tax (benefit) expense (2,118 ) 2,565 Total operating expenses 32,498 36,400 Other items Net realized (losses) gains on investments (a) (1,086 ) 4,180 Change in net unrealized gains on investments (a) 47,078 34,669 (Loss) income from investment affiliate (4,113 ) 2,776 Foreign exchange gains (losses) (a) 6,074 (3,456 ) Other income 677 — Total other items 48,630 38,169 Total Corporate and Investment information $ 44,055 $ 31,205 (a) These items exclude the components which are included in Validus' share of AlphaCat and amounts which are consolidated from VIEs. The following tables reconcile the results of our operating segments and "Corporate & Investments" to the Consolidated results of the Company for the periods indicated: Three Months Ended March 31, 2016 Validus Re Segment Talbot Segment Western World Segment AlphaCat & Consolidated Variable Interest Entities Corporate & Investments Eliminations Total Underwriting income Gross premiums written $ 691,668 $ 266,317 $ 63,959 $ 167,348 $ (16,501 ) $ 1,172,791 Reinsurance premiums ceded (92,495 ) (87,458 ) (4,139 ) (244 ) 16,501 (167,835 ) Net premiums written 599,173 178,859 59,820 167,104 — 1,004,956 Change in unearned premiums (355,342 ) 27,933 1,679 (107,958 ) — (433,688 ) Net premiums earned 243,831 206,792 61,499 59,146 — 571,268 Other insurance related (loss) income (315 ) 11 288 5,665 (4,913 ) 736 Underwriting revenues 243,516 206,803 61,787 64,811 (4,913 ) 572,004 Underwriting deductions Losses and loss expenses 82,868 100,101 39,646 1,832 — 224,447 Policy acquisition costs 42,259 44,343 14,200 6,157 234 107,193 General and administrative expenses 17,179 38,535 12,075 7,456 16,183 (5,220 ) 86,208 Share compensation expenses 2,901 3,522 581 141 4,092 — 11,237 Total underwriting deductions 145,207 186,501 66,502 15,586 20,275 (4,986 ) 429,085 Underwriting income (loss) $ 98,309 $ 20,302 $ (4,715 ) $ 49,225 $ (20,275 ) $ 73 $ 142,919 Other items (a) 154 36,407 36,561 Net investment income 1,538 27,923 29,461 (Income) attributable to AlphaCat investors (4,600 ) — (4,600 ) Net (income) attributable to noncontrolling interest (37,531 ) — (37,531 ) Segmental income (loss) 98,309 20,302 (4,715 ) 8,786 44,055 73 Net income available to Validus $ 166,810 (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). Three Months Ended March 31, 2015 Validus Re Segment Talbot Segment Western World Segment AlphaCat & Consolidated Variable Interest Entities Corporate & Investments Eliminations Total Underwriting income Gross premiums written $ 711,693 $ 270,077 $ 56,947 $ 101,805 $ (21,298 ) $ 1,119,224 Reinsurance premiums ceded (113,777 ) (91,075 ) (3,233 ) (4,538 ) 21,298 (191,325 ) Net premiums written 597,916 179,002 53,714 97,267 — 927,899 Change in unearned premiums (344,828 ) 43,587 14,168 (64,936 ) — (352,009 ) Net premiums earned 253,088 222,589 67,882 32,331 — 575,890 Other insurance related income 315 54 263 5,924 (5,616 ) 940 Underwriting revenues 253,403 222,643 68,145 38,255 (5,616 ) 576,830 Underwriting deductions Losses and loss expenses 113,128 78,128 50,517 (844 ) — 240,929 Policy acquisition costs 42,094 49,104 4,279 3,435 (501 ) 98,411 General and administrative expenses 19,509 36,494 10,627 7,254 15,606 (5,255 ) 84,235 Share compensation expenses 2,578 2,957 477 149 2,893 — 9,054 Total underwriting deductions 177,309 166,683 65,900 9,994 18,499 (5,756 ) 432,629 Underwriting income $ 76,094 $ 55,960 $ 2,245 $ 28,261 $ (18,499 ) $ 140 $ 144,201 Other items (a) (3,909 ) 20,268 16,359 Net investment income 1,593 29,436 31,029 Net (income) attributable to noncontrolling interest (18,178 ) — (18,178 ) Segmental income 76,094 55,960 2,245 7,767 31,205 140 Net income available to Validus $ 173,411 (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 Company’s exposures are generally diversified across geographic zones. The following tables set forth the gross premiums written allocated to the territory of coverage exposure for the periods indicated: Gross Premiums Written Three Months Ended March 31, 2016 Validus Re Talbot Western World AlphaCat Eliminations Total % United States $ 295,394 $ 26,110 $ 63,959 $ 25,391 $ (1,138 ) $ 409,716 35.0 % Worldwide excluding United States (a) 30,264 35,504 — 16,011 (475 ) 81,304 6.9 % Australia and New Zealand 4,923 2,312 — 4,082 (134 ) 11,183 1.0 % Europe 22,467 13,861 — 3,451 (924 ) 38,855 3.3 % Latin America and Caribbean 13,582 23,807 — — (3,026 ) 34,363 2.9 % Japan 872 617 — 1,500 (24 ) 2,965 0.3 % Canada 1,676 1,092 — — (51 ) 2,717 0.2 % Rest of the world (b) 16,688 27,484 — — (1,885 ) 42,287 3.6 % Sub-total, non United States 90,472 104,677 — 25,044 (6,519 ) 213,674 18.2 % Worldwide including United States (a) 111,777 28,454 — 115,373 (8,834 ) 246,770 21.0 % Other locations non-specific (c) 194,025 107,076 — 1,540 (10 ) 302,631 25.8 % Total $ 691,668 $ 266,317 $ 63,959 $ 167,348 $ (16,501 ) $ 1,172,791 100.0 % Gross Premiums Written Three Months Ended March 31, 2015 Validus Re Talbot Western World AlphaCat Eliminations Total % United States $ 339,014 $ 28,058 $ 56,947 $ 13,145 $ (1,454 ) $ 435,710 38.9 % Worldwide excluding United States (a) 34,966 34,942 — 5,833 (1,002 ) 74,739 6.8 % Australia and New Zealand 9,864 1,876 — — (151 ) 11,589 1.0 % Europe 24,735 13,214 — 1,439 (820 ) 38,568 3.4 % Latin America and Caribbean 9,248 22,692 — — (3,894 ) 28,046 2.5 % Japan 1,384 754 — — (13 ) 2,125 0.2 % Canada 2,185 1,698 — 194 (76 ) 4,001 0.4 % Rest of the world (b) 18,654 23,006 — — (2,248 ) 39,412 3.5 % Sub-total, non United States 101,036 98,182 — 7,466 (8,204 ) 198,480 17.8 % Worldwide including United States (a) 84,844 21,794 — 77,894 (11,638 ) 172,894 15.4 % Other locations non-specific (c) 186,799 122,043 — 3,300 (2 ) 312,140 27.9 % Total $ 711,693 $ 270,077 $ 56,947 $ 101,805 $ (21,298 ) $ 1,119,224 100.0 % (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.

Subsequent events

Subsequent events	3 Months Ended
Subsequent events	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent events	Subsequent events Quarterly Dividend On May 5, 2016 , the Company announced a quarterly cash dividend of $0.35 per each common share, payable on June 30, 2016 to holders of record on June 15, 2016 .

Significant accounting policies

Significant accounting policies (Policies)	3 Months Ended
Significant accounting policies (Policies)	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of preparation	These unaudited Consolidated Financial Statements (the "Consolidated Financial Statements") have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 in Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In addition, the year-end balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. This Quarterly Report on Form 10-Q should be read in conjunction with the financial statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015, as filed with the U.S. Securities and Exchange Commission (the "SEC"). 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 materially from those estimates. The Company’s principal estimates include: • reserve for losses and loss expenses; • premium estimates for business written on a line slip or proportional basis; • the valuation of goodwill and intangible assets; • reinsurance recoverable balances including the provision for uncollectible amounts; and • investment valuation of financial assets.
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.
Reserves for losses and loss expenses	Reserves for losses and loss expenses are based in part upon the estimation of case reserves from broker, insured and ceding company reported data. The Company also uses statistical and actuarial methods to estimate ultimate expected losses and loss expenses, from which incurred but not reported losses can be calculated. The period of time from the occurrence of a loss to the reporting of a loss to the Company and to the settlement of the Company's liability may be several months or years. During this period, additional facts and trends may be revealed. As these factors become apparent, reserves will be adjusted, sometimes requiring an increase or decrease in the overall reserves of the Company, and at other times requiring a reallocation of incurred but not reported reserves to specific case reserves. These estimates are reviewed and adjusted regularly, and such adjustments, if any, are reflected in earnings in the period in which they become known. While management believes that it has made a reasonable estimate of ultimate losses, there can be no assurances that ultimate losses and loss expenses will not exceed this estimate.
Reinsurance	To estimate this 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.

Basis of preparation and cons27

Basis of preparation and consolidation (Tables)	3 Months Ended
Basis of preparation and consolidation (Tables)	Mar. 31, 2016
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 for the three months ended March 31, 2015 : Three Months Ended March 31, 2015 As previously reported Adjustment for adoption of new consolidation guidance Revised Total revenues $ 689,205 $ (45,439 ) $ 643,766 Total expenses 453,499 97 453,596 Net income 212,388 (20,799 ) 191,589 Net (income) attributable to noncontrolling interest (38,977 ) 20,799 (18,178 ) Net income available to Validus 173,411 — 173,411 Comprehensive income available to Validus 169,326 — 169,326 Basic earnings per share available to common shareholders $ 2.07 $ — $ 2.07 Earnings per diluted share available to common shareholders $ 1.98 $ — $ 1.98 Three Months Ended March 31, 2015 As previously reported Adjustment for adoption of new consolidation guidance Revised Net cash used in operating activities $ (228,541 ) $ 126,257 $ (102,284 ) Net cash (used in) provided by investing activities (56,718 ) 247,581 190,863 Net cash provided by (used in) financing activities 194,228 (347,135 ) (152,907 ) Effect of foreign currency rate changes on cash and cash equivalents (15,080 ) 3,356 (11,724 ) Net decrease in cash (106,111 ) 30,059 (76,052 ) Cash and cash equivalents - beginning of period 577,240 (26,839 ) 550,401 Cash and cash equivalents - end of period 471,129 3,220 474,349

Investments (Tables)

Investments (Tables)	3 Months Ended
Investments (Tables)	Mar. 31, 2016
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 March 31, 2016 were as follows: Amortized Cost (or Cost) Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Managed investments U.S. government and government agency $ 906,310 $ 4,440 $ (431 ) $ 910,319 Non-U.S. government and government agency 222,269 1,501 (1,685 ) 222,085 U.S. states, municipalities and political subdivisions 288,407 5,728 (513 ) 293,622 Agency residential mortgage-backed securities 652,955 11,484 (500 ) 663,939 Non-agency residential mortgage-backed securities 25,613 256 (519 ) 25,350 U.S. corporate 1,501,939 12,311 (7,631 ) 1,506,619 Non-U.S. corporate 397,593 2,031 (4,568 ) 395,056 Bank loans 620,570 560 (17,703 ) 603,427 Asset-backed securities 410,075 1,029 (4,277 ) 406,827 Commercial mortgage-backed securities 274,971 2,805 (835 ) 276,941 Total fixed maturities 5,300,702 42,145 (38,662 ) 5,304,185 Short-term investments 194,801 485 — 195,286 Other investments Fund of hedge funds 1,457 — (498 ) 959 Hedge funds 12,463 6,494 — 18,957 Private equity investments 54,154 13,420 (2,553 ) 65,021 Investment funds 190,125 678 — 190,803 Overseas deposits 60,601 — — 60,601 Mutual funds 4,396 3,414 — 7,810 Total other investments 323,196 24,006 (3,051 ) 344,151 Total managed investments $ 5,818,699 $ 66,636 $ (41,713 ) $ 5,843,622 Non-managed investments Catastrophe bonds $ 177,615 $ 1,175 $ (1,671 ) $ 177,119 Short-term investments 1,912,913 — — 1,912,913 Total non-managed investments 2,090,528 1,175 (1,671 ) 2,090,032 Total investments $ 7,909,227 $ 67,811 $ (43,384 ) $ 7,933,654 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
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 March 31, 2016 and December 31, 2015 . March 31, 2016 December 31, 2015 Estimated Fair Value % of Total Estimated Fair Value % of Total Managed fixed maturities AAA $ 2,395,715 43.7 % $ 2,367,642 43.0 % AA 487,808 8.9 % 569,386 10.3 % A 1,057,329 19.3 % 1,031,326 18.7 % BBB 689,739 12.6 % 691,538 12.6 % Total investment grade managed fixed maturities 4,630,591 84.5 % 4,659,892 84.6 % BB 226,370 4.1 % 235,724 4.3 % B 185,033 3.4 % 179,069 3.2 % CCC 8,628 0.2 % 5,706 0.1 % CC 1,004 0.0 % 1,015 0.0 % NR 252,559 4.6 % 242,546 4.4 % Total non-investment grade managed fixed maturities 673,594 12.3 % 664,060 12.0 % Total managed fixed maturities $ 5,304,185 96.8 % $ 5,323,952 96.6 % Non-managed catastrophe bonds BBB $ 2,045 0.0 % $ 1,911 0.0 % Total investment grade non-managed catastrophe bonds 2,045 0.0 % 1,911 0.0 % BB 62,990 1.1 % 70,962 1.3 % B 6,133 0.1 % 30,698 0.6 % NR 105,951 2.0 % 82,808 1.5 % Total non-investment grade non-managed catastrophe bonds 175,074 3.2 % 184,468 3.4 % Total non-managed fixed maturities 177,119 3.2 % 186,379 3.4 % Total fixed maturities $ 5,481,304 100.0 % $ 5,510,331 100.0 %
Fixed maturities investments by contractual maturity	The amortized cost and estimated fair value amounts for fixed maturities held at March 31, 2016 and December 31, 2015 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. March 31, 2016 December 31, 2015 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Managed investments Due in one year or less $ 320,078 $ 319,683 $ 367,132 $ 366,019 Due after one year through five years 2,952,228 2,950,820 2,965,920 2,936,053 Due after five years through ten years 528,963 528,871 548,183 539,083 Due after ten years 135,819 131,754 150,444 148,036 3,937,088 3,931,128 4,031,679 3,989,191 Asset-backed and mortgage-backed securities 1,363,614 1,373,057 1,337,374 1,334,761 Total managed fixed maturities $ 5,300,702 $ 5,304,185 $ 5,369,053 $ 5,323,952 Non-managed catastrophe bonds Due in one year or less $ 30,772 $ 31,239 $ 7,504 $ 7,544 Due after one year through five years 145,803 144,838 165,093 163,575 Due after five years through ten years 1,040 1,042 15,250 15,260 Total non-managed fixed maturities 177,615 177,119 187,847 186,379 Total fixed maturities $ 5,478,317 $ 5,481,304 $ 5,556,900 $ 5,510,331
Other investments	The following tables set forth certain information regarding the Company's other investment portfolio as at March 31, 2016 and December 31, 2015 : Other investments Estimated Fair Value as at March 31, 2016 Investments with redemption restrictions Investments without redemption restrictions Redemption frequency (a) Redemption notice period (a) Fund of hedge funds $ 959 $ 959 $ — Hedge funds 18,957 18,957 — Private equity investments 65,021 65,021 — Investment funds 190,803 168,593 22,210 Daily 2 days Overseas deposits 60,601 60,601 — Mutual funds 7,810 — 7,810 Daily Daily Total other investments $ 344,151 $ 314,131 $ 30,020 (a) The redemption frequency and notice periods only apply to investments without redemption restrictions. 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.
Net investment income	Net investment income was derived from the following sources: Three Months Ended March 31, 2016 2015 Managed investments Fixed maturities and short-term investments $ 28,017 $ 27,673 Other investments 872 3,188 Cash and cash equivalents 865 416 Securities lending income 5 3 Total gross investment income 29,759 31,280 Investment expenses (1,836 ) (1,844 ) Total managed net investment income $ 27,923 $ 29,436 Non managed investments Fixed maturities and short-term investments $ 1,295 $ 1,574 Restricted cash, cash and cash equivalents 243 19 Total non-managed net investment income 1,538 1,593 Total net investment income $ 29,461 $ 31,029
Analysis of net realized gains and the change in net unrealized gains on investments	The following represents an analysis of net realized (losses) gains and the change in net unrealized gains on investments: Three Months Ended March 31, 2016 2015 Managed fixed maturities, short-term and other investments Gross realized gains $ 3,217 $ 6,309 Gross realized (losses) (4,303 ) (2,129 ) Net realized (losses) gains on investments (1,086 ) 4,180 Change in net unrealized gains on investments 47,078 34,669 Total net realized and change in net unrealized gains on managed investments $ 45,992 $ 38,849 Non-managed fixed maturities, short-term and other investments Gross realized gains $ 511 $ — Gross realized (losses) (9 ) (11 ) Net realized gains (losses) on investments 502 (11 ) Change in net unrealized gains (losses) on investments 366 (1,442 ) Total net realized and change in net unrealized gains (losses) on non-managed investments 868 (1,453 ) Total net realized and change in net unrealized gains on total investments $ 46,860 $ 37,396
Investments pledged as collateral under credit facilities	The following tables outline investments and cash pledged as collateral under the Company's credit facilities. For further details on the credit facilities, please refer to Note 13 , “ Debt and financing arrangements .” March 31, 2016 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 300,000 105,756 149,634 $24,000 secured bi-lateral letter of credit facility 24,000 11,564 48,016 AlphaCat Re secured letter of credit facility 30,000 30,000 30,172 IPC bi-lateral facility 25,000 5,483 — $236,000 Flagstone bi-lateral facility 236,000 197,419 324,384 Total $ 700,000 $ 350,222 $ 552,206 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

Fair value measurements (Tables

Fair value measurements (Tables)	3 Months Ended
Fair value measurements (Tables)	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair value hierarchy - allocation of investments	At March 31, 2016 , 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 $ — $ 910,319 $ — $ — $ 910,319 Non-U.S. government and government agency — 222,085 — — 222,085 U.S. states, municipalities and political subdivisions — 293,622 — — 293,622 Agency residential mortgage-backed securities — 663,939 — — 663,939 Non-agency residential mortgage-backed securities — 25,350 — — 25,350 U.S. corporate — 1,506,619 — — 1,506,619 Non-U.S. corporate — 395,056 — — 395,056 Bank loans — 348,416 255,011 — 603,427 Asset-backed securities — 406,827 — — 406,827 Commercial mortgage-backed securities — 276,941 — — 276,941 Total fixed maturities — 5,049,174 255,011 — 5,304,185 Short-term investments 176,840 18,446 — — 195,286 Other investments Fund of hedge funds — — — 959 959 Hedge funds — — — 18,957 18,957 Private equity investments — — — 65,021 65,021 Investment funds — 22,210 — 168,593 190,803 Overseas deposits — — — 60,601 60,601 Mutual funds — 7,810 — — 7,810 Total other investments — 30,020 — 314,131 344,151 Total managed investments $ 176,840 $ 5,097,640 $ 255,011 $ 314,131 $ 5,843,622 Non-managed investments Catastrophe bonds $ — $ 140,014 $ 37,105 $ — $ 177,119 Short-term investments 1,912,913 — — — 1,912,913 Total non-managed investments 1,912,913 140,014 37,105 — 2,090,032 Total investments $ 2,089,753 $ 5,237,654 $ 292,116 $ 314,131 $ 7,933,654 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
Reconciliation of beginning and ending balances for all Level 3 investments measured at fair value on recurring basis	The following table presents a reconciliation of the beginning and ending balances for all investments measured at fair value on a recurring basis using Level 3 inputs during the periods ended March 31, 2016 and 2015 : Three Months Ended March 31, 2016 Bank Loans Catastrophe Bonds Total Level 3 investments—beginning of period $ 232,337 $ 13,500 $ 245,837 Purchases 42,103 23,272 65,375 Sales (2,389 ) — (2,389 ) Settlements (16,249 ) (125 ) (16,374 ) Change in net unrealized (losses) gains (791 ) 458 (333 ) Level 3 investments—end of period $ 255,011 $ 37,105 $ 292,116 Three Months Ended March 31, 2015 Bank Loans Catastrophe Bonds Total Level 3 investments—beginning of period $ 32,748 $ 17,500 $ 50,248 Purchases 58,175 — 58,175 Sales — (1,989 ) (1,989 ) Settlements (3,995 ) — (3,995 ) Net realized losses — (11 ) (11 ) Change in net unrealized losses (395 ) — (395 ) Level 3 investments—end of period $ 86,533 $ 15,500 $ 102,033

Variable interest entities (Tab

Variable interest entities (Tables)	3 Months Ended
Variable interest entities (Tables)	Mar. 31, 2016
Variable Interest Entities Disclosure [Abstract]
Summary of notes payable to variable interest entities	The following table presents a reconciliation of the beginning and ending notes payable to AlphaCat investors for the three months ended March 31, 2016 : Three Months Ended March 31, 2016 Variable Funding Notes Structured Notes Total Notes payable to AlphaCat investors, beginning of period $ 75,493 $ — $ 75,493 Issuance of notes payable to AlphaCat investors 195,288 61,717 257,005 Redemption of notes payable to AlphaCat investors (9,605 ) — (9,605 ) Foreign exchange losses 617 — 617 Notes payable to AlphaCat investors, end of period $ 261,793 $ 61,717 $ 323,510
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 March 31, 2016 and December 31, 2015 : March 31, 2016 December 31, 2015 Total Assets Total Liabilities Total Assets Total Liabilities AlphaCat sidecars $ 82,492 $ 34,517 $ 206,581 $ 14,804 AlphaCat ILS funds - Lower Risk (a) 1,303,522 16,307 1,268,070 143,371 AlphaCat ILS funds - Higher Risk (a) 570,033 99,339 522,867 300,122 AlphaCat Re and AlphaCat Master Fund 2,218,094 2,217,924 1,615,779 1,615,609 BetaCat ILS funds 63,043 707 64,221 2,472 (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)	3 Months Ended
Investments in affiliates (Tables)	Mar. 31, 2016
Schedule of Equity Method Investments [Line Items]
Schedule of equity method investments	The following table presents the Company's investments in affiliates as at March 31, 2016 and December 31, 2015 : March 31, 2016 December 31, 2015 Investment affiliate $ 84,135 $ 87,673 Operating affiliate 369 392 Investments in affiliates $ 84,504 $ 88,065
Investment affiliate
Schedule of Equity Method Investments [Line Items]
Reconciliation of the beginning and ending non-consolidated affiliate balance	The following table presents a reconciliation of the beginning and ending investment in the Company's investment affiliate balance for the three months ended March 31, 2016 and 2015 : Three Months Ended March 31, 2016 2015 Investment affiliate, beginning of period $ 87,673 $ 63,506 Capital contributions 575 19,700 (Loss) income from investment affiliate (4,113 ) 2,776 Investment affiliate, end of period $ 84,135 $ 85,982
Schedule of equity method investments	The following table presents the Company’s investment in the partnerships as at March 31, 2016 : Investment at cost Voting ownership % Equity ownership % Carrying value Aquiline Financial Services Fund II L.P. $ 56,479 — % 8.1 % $ 70,342 Aquiline Financial Services Fund III L.P. $ 13,890 — % 13.7 % $ 13,793 Total $ 70,369 $ 84,135 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
Operating affiliate
Schedule of Equity Method Investments [Line Items]
Reconciliation of the beginning and ending non-consolidated affiliate balance	The following table presents a reconciliation of the beginning and ending investment in the Company's operating affiliate balance for the three months ended March 31, 2016 and 2015 : Three Months Ended March 31, 2016 2015 Operating affiliate, beginning of period $ 392 $ 50,944 (Loss) income from operating affiliate (23 ) 3,984 Operating affiliate, end of period $ 369 $ 54,928
Schedule of equity method investments	The following table presents the Company’s investment in PaCRe as at March 31, 2016 : Investment at cost Voting ownership % Equity ownership % Carrying value Investment in PaCRe $ 392 100.0 % 10.0 % $ 369 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

Noncontrolling interest (Tables

Noncontrolling interest (Tables)	3 Months Ended
Noncontrolling interest (Tables)	Mar. 31, 2016
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 three months ended March 31, 2016 and 2015 : Three Months Ended March 31, 2016 Redeemable noncontrolling interest Noncontrolling interest Total Balance, beginning of period $ 1,111,714 $ 154,662 $ 1,266,376 Issuance of shares 268,750 112,325 381,075 Income attributable to noncontrolling interest 28,573 8,958 37,531 Distributions — (118,722 ) (118,722 ) Balance, end of period $ 1,409,037 $ 157,223 $ 1,566,260 Three Months Ended March 31, 2015 Redeemable noncontrolling interest Noncontrolling interest Total Balance, beginning of period $ 617,791 $ 292,274 $ 910,065 Issuance of shares 203,400 — 203,400 Income attributable to noncontrolling interest 13,453 4,725 18,178 Distributions — (145,416 ) (145,416 ) Balance, end of period $ 834,644 $ 151,583 $ 986,227

Derivative instruments (Tables)

Derivative instruments (Tables)	3 Months Ended
Derivative instruments (Tables)	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 : March 31, 2016 December 31, 2015 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 $ 224,219 $ 7,368 $ 5,694 $ 255,840 $ 2,601 $ 3,211 (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 three months ended March 31, 2016 was $(2,013) and $36 , respectively ( 2015 : $nil and $1 , 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 March 31, 2016 and December 31, 2015 : March 31, 2016 December 31, 2015 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) Interest rate swap contracts $ 552,263 $ 22 $ 2,626 $ 552,263 $ 21 $ 1,942 (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 three months ended March 31, 2016 and 2015 : Three Months Ended March 31, Foreign currency forward contracts 2016 2015 Amount of loss recognized in income on derivative $ — $ (6,202 ) Amount of gain on hedged item recognized in income attributable to risk being hedged — 6,202 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 three months ended March 31, 2016 and 2015 : Three Months Ended March 31, Interest rate swap contracts 2016 2015 Amount of effective portion recognized in other comprehensive income $ 3,656 $ 4,040 Amount of effective portion subsequently reclassified to earnings (2,898 ) (3,239 ) Amount of ineffective portion excluded from effectiveness testing (758 ) (801 )

Reserve for losses and loss e34

Reserve for losses and loss expenses (Tables)	3 Months Ended
Reserve for losses and loss expenses (Tables)	Mar. 31, 2016
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]
Reserve for losses and loss expenses	The following table represents an analysis of paid and unpaid losses and loss expenses incurred and a reconciliation of the beginning and ending unpaid losses and loss expenses for the three months ended March 31, 2016 and 2015 : Three Months Ended March 31, 2016 2015 Reserve for losses and loss expenses, beginning of period $ 2,996,567 $ 3,243,147 Losses and loss expenses recoverable (350,586 ) (377,466 ) Net reserves for losses and loss expenses, beginning of period 2,645,981 2,865,681 Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in: Current year 278,186 324,488 Prior years (a) (53,739 ) (83,559 ) Total incurred losses and loss expenses (a) 224,447 240,929 Less net losses and loss expenses paid in respect of losses occurring in: Current year (15,773 ) (13,100 ) Prior years (253,304 ) (236,233 ) Total net paid losses (269,077 ) (249,333 ) Foreign exchange loss (gain) 8,260 (25,274 ) Net reserve for losses and loss expenses, end of period 2,609,611 2,832,003 Losses and loss expenses recoverable 370,689 375,882 Reserve for losses and loss expenses, end of period $ 2,980,300 $ 3,207,885 Incurred losses and loss expenses comprise: Three Months Ended March 31, 2016 2015 Gross losses and loss expenses (a) $ 269,853 $ 264,796 Reinsurance recoverable (45,406 ) (23,867 ) Net incurred losses and loss expenses (a) $ 224,447 $ 240,929 (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 amortized to income through a reduction in losses and loss expenses of $3,223 during the three months ended March 31, 2015 , benefiting the loss ratio by 4.7 percentage points. The remaining fair value adjustment of $7,756 was fully amortized during 2015.
Prior year development by segment and line of business	The net favorable development on prior years by segment and line of business for the three months ended March 31, 2016 and 2015 was as follows: Three Months Ended March 31, 2016 Property Marine Specialty Liability Total Validus Re $ (22,832 ) $ 3,555 $ (6,407 ) $ — $ (25,684 ) Talbot (18,446 ) 2,964 (7,238 ) — (22,720 ) Western World (441 ) — — (3,985 ) (4,426 ) AlphaCat (909 ) — — — (909 ) Net favorable development $ (42,628 ) $ 6,519 $ (13,645 ) $ (3,985 ) $ (53,739 ) The Validus Re and Talbot segments experienced favorable development on prior years in the property and specialty lines primarily due to favorable development on attritional losses; whereas, the unfavorable development in the marine lines was primarily driven by adverse development on events, which included unfavorable development on an individual marine policy that incepted during the second half of 2015. This adverse development was partially offset by favorable development on attritional losses. The Western World segment experienced favorable development on prior years primarily due favorable development on attritional losses. Three Months Ended March 31, 2015 Property Marine Specialty Liability Total Validus Re $ (14,896 ) $ (4,570 ) $ (5,230 ) $ — $ (24,696 ) Talbot (20,752 ) (22,514 ) (8,421 ) — (51,687 ) Western World (a) (2,728 ) — — (3,604 ) (6,332 ) AlphaCat (844 ) — — — (844 ) Net favorable development (a) $ (39,220 ) $ (27,084 ) $ (13,651 ) $ (3,604 ) $ (83,559 ) (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 amortized to income through a reduction in losses and loss expenses of $3,223 during the three months ended March 31, 2015 , benefiting the loss ratio by 4.7 percentage points. The remaining fair value adjustment of $7,756 was fully amortized during 2015. The Validus Re segment experienced favorable development on prior years primarily due to favorable development on attritional losses; whereas, 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.

Reinsurance (Tables)

Reinsurance (Tables)	3 Months Ended
Reinsurance (Tables)	Mar. 31, 2016
Reinsurance Disclosures [Abstract]
Reinsurance recoverables by reinsurer	Reinsurance recoverables by reinsurer as at March 31, 2016 and December 31, 2015 were as follows: March 31, 2016 December 31, 2015 Reinsurance Recoverable % of Total Reinsurance Recoverable % of Total Top 10 reinsurers $ 324,817 82.1 % $ 303,108 81.1 % Other reinsurers’ balances > $1 million 61,621 15.6 % 61,222 16.4 % Other reinsurers’ balances < $1 million 9,252 2.3 % 9,327 2.5 % Total $ 395,690 100.0 % $ 373,657 100.0 % March 31, 2016 Top 10 Reinsurers Rating Reinsurance Recoverable % of Total Swiss Re AA- $ 85,611 21.6 % Lloyd's Syndicates A+ 71,931 18.2 % Everest Re A+ 48,012 12.1 % Hannover Re AA- 46,862 11.8 % Munich Re AA- 20,011 5.1 % Hamilton Re A- 12,501 3.2 % Transatlantic Re A+ 12,481 3.1 % National Indemnity Company AA+ 9,462 2.4 % Toa Re A+ 9,001 2.3 % XL Re A+ 8,945 2.3 % Total $ 324,817 82.1 % 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 %

Share capital (Tables)

Share capital (Tables)	3 Months Ended
Share capital (Tables)	Mar. 31, 2016
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, 2015 160,570,772 Restricted share awards vested, net of shares withheld 9,566 Restricted share units vested, net of shares withheld 1,939 Common shares issued, March 31, 2016 160,582,277 Treasury shares, March 31, 2016 (79,026,791 ) Common shares outstanding, March 31, 2016 81,555,486 Common Shares Common shares issued, December 31, 2014 155,554,224 Restricted share awards vested, net of shares withheld 14,447 Restricted share units vested, net of shares withheld 1,997 Options exercised 704,974 Warrants exercised 473,817 Direct issuance of common stock 324 Common shares issued, March 31, 2015 156,749,783 Treasury shares, March 31, 2015 (73,114,868 ) Common shares outstanding, March 31, 2015 83,634,915

Stock plans (Tables)

Stock plans (Tables)	3 Months Ended
Stock plans (Tables)	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Options, activity during the period	Activity with respect to options for the three months ended March 31, 2016 was as follows: Options Weighted Average Grant Date Fair Value Weighted Average Grant Date Exercise Price Options outstanding, December 31, 2015 65,401 $ 7.74 $ 20.17 Options exercised — — — Options outstanding, March 31, 2016 65,401 $ 7.74 $ 20.17 Activity with respect to options for the three months ended March 31, 2015 was as follows: Options Weighted Average Grant Date Fair Value Weighted Average Grant Date Exercise Price Options outstanding, December 31, 2014 1,160,057 $ 7.12 $ 17.74 Options exercised (1,017,165 ) 7.36 16.55 Options outstanding, March 31, 2015 142,892 $ 5.45 $ 26.24
Restricted shares awards, activity during the period	Activity with respect to unvested restricted share awards for the three months ended March 31, 2016 was as follows: Restricted Share Awards Weighted Average Grant Date Fair Value Restricted share awards outstanding, December 31, 2015 2,739,446 $ 38.25 Restricted share awards vested (12,550 ) 35.75 Restricted share awards forfeited (8,317 ) 37.94 Restricted share awards outstanding, March 31, 2016 2,718,579 $ 38.26 Activity with respect to unvested restricted share awards for the three months ended March 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 vested (19,682 ) 32.25 Restricted share awards forfeited (2,410 ) 41.50 Restricted share awards outstanding, March 31, 2015 2,836,619 $ 35.83
Restricted share units, activity during the period	Activity with respect to unvested restricted share units for the three months ended March 31, 2016 was as follows: Restricted Share Units Weighted Average Grant Date Fair Value Restricted share units outstanding, December 31, 2015 114,337 $ 38.47 Restricted share units vested (2,056 ) 38.24 Restricted share units issued in lieu of cash dividends 790 38.47 Restricted share units outstanding, March 31, 2016 113,071 $ 38.47 Activity with respect to unvested restricted share units for the three months ended March 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 vested (1,997 ) 38.24 Restricted share units issued in lieu of cash dividends 747 36.54 Restricted share units forfeited (893 ) 35.42 Restricted share units outstanding, March 31, 2015 101,341 $ 36.51
Performance share awards, activity during the period	Activity with respect to unvested performance share awards for the three months ended March 31, 2016 was as follows: Performance Share Awards Weighted Average Grant Date Fair Value Performance share awards outstanding, December 31, 2015 172,594 $ 40.70 Performance share awards conversion adjustment 45,517 36.82 Performance share awards outstanding, March 31, 2016 218,111 $ 39.89 Activity with respect to unvested performance share awards for the three months ended March 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 outstanding, March 31, 2015 106,369 $ 36.03
Total share compensation expenses	The breakdown of share compensation expenses by award type for the periods indicated was as follows: Three Months Ended March 31, 2016 2015 Restricted share awards 9,129 8,479 Restricted share units 311 262 Performance share awards 1,797 313 Total $ 11,237 $ 9,054

Debt and financing arrangemen38

Debt and financing arrangements (Tables)	3 Months Ended
Debt and financing arrangements (Tables)	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule of financing structure	The financing structure at March 31, 2016 was as follows: 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 134,785 134,785 134,785 Flagstone 2007 Junior Subordinated Deferrable Debentures 113,750 113,750 113,750 Total debentures payable 598,535 538,335 538,335 2010 Senior Notes due 2040 250,000 250,000 245,211 Total debentures and senior notes payable 848,535 788,335 783,546 $85,000 syndicated unsecured letter of credit facility 85,000 — — $300,000 syndicated secured letter of credit facility 300,000 105,756 — $24,000 secured bi-lateral letter of credit facility 24,000 11,564 — AlphaCat Re secured letter of credit facility 30,000 30,000 — IPC bi-lateral facility 25,000 5,483 — $236,000 Flagstone bi-lateral facility 236,000 197,419 — Total credit and other facilities 700,000 350,222 — Total debt and financing arrangements $ 1,548,535 $ 1,138,557 $ 783,546 The financing structure at December 31, 2015 was as follows: 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 (a) Indicates utilization of commitment amount, not necessarily drawn borrowings.
Debt Instruments [Line Items]
Summary of key terms of senior notes and junior subordinated deferrable debentures	The following table summarizes the key terms of the Company's senior notes and junior subordinated deferrable debentures: Description Issuance date Commitment Maturity date Interest Rate as at Interest payments due Issuance Date March 31, 2016 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 $ 134,785 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, Talbot FAL facility and other charges and AlphaCat financing fees as follows: Three Months Ended March 31, 2016 2015 2006 Junior Subordinated Deferrable Debentures $ 2,211 $ 2,187 2007 Junior Subordinated Deferrable Debentures 1,831 1,809 Flagstone 2006 Junior Subordinated Deferrable Debentures 2,245 2,218 Flagstone 2007 Junior Subordinated Deferrable Debentures 1,767 1,758 2010 Senior Notes due 2040 5,597 5,597 Credit facilities 661 1,707 Bank charges, Talbot FAL facility and other charges (a) 7 1,207 AlphaCat fees (b) 884 4,484 Total finance expenses $ 15,203 $ 20,967 (a) 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. (b) Includes finance expenses incurred by AlphaCat Managers Ltd. in relation to fund raising for the AlphaCat sidecars, the AlphaCat ILS funds and AlphaCat direct.

Accumulated other comprehensi39

Accumulated other comprehensive loss (Tables)	3 Months Ended
Accumulated other comprehensive loss (Tables)	Mar. 31, 2016
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of changes in accumulated other comprehensive loss	The changes in accumulated other comprehensive loss, by component for the three months ended March 31, 2016 and 2015 was as follows: Three Months Ended March 31, 2016 Foreign currency translation adjustment Minimum pension liability Cash flow hedge Total Balance beginning of period, net of tax $ (11,834 ) $ 334 $ (1,069 ) $ (12,569 ) Net current period other comprehensive loss, net of tax (2,028 ) (83 ) (758 ) (2,869 ) Balance end of period, net of tax $ (13,862 ) $ 251 $ (1,827 ) $ (15,438 ) Three Months Ended March 31, 2015 Foreign currency translation adjustment Minimum pension liability Cash flow hedge Total Balance beginning of period, net of tax $ (8,118 ) $ (210 ) $ (228 ) $ (8,556 ) Net current period other comprehensive loss, net of tax (3,019 ) (265 ) (801 ) (4,085 ) Balance end of period, net of tax $ (11,137 ) $ (475 ) $ (1,029 ) $ (12,641 )

Earnings per share (Tables)

Earnings per share (Tables)	3 Months Ended
Earnings per share (Tables)	Mar. 31, 2016
Earnings Per Share [Abstract]
Computation of basic and diluted earnings per share	The following table sets forth the computation of basic and earnings per diluted share for the three months ended March 31, 2016 and 2015 : Three Months Ended March 31, 2016 2015 Basic earnings per share Net income $ 204,341 $ 191,589 Net (income) attributable to noncontrolling interest (37,531 ) (18,178 ) Net income available to Validus 166,810 173,411 Less: Dividends and distributions declared on outstanding warrants — (1,405 ) Income available to common shareholders $ 166,810 $ 172,006 Weighted average number of common shares outstanding 82,821,261 83,251,243 Basic earnings per share available to common shareholders $ 2.01 $ 2.07 Earnings per diluted share Net income $ 204,341 $ 191,589 Net (income) attributable to noncontrolling interest (37,531 ) (18,178 ) Net income available to Validus 166,810 173,411 Less: Dividends and distributions declared on outstanding warrants — — Income available to common shareholders $ 166,810 $ 173,411 Weighted average number of common shares outstanding 82,821,261 83,251,243 Share equivalents: Warrants — 2,745,066 Stock options 35,878 473,424 Unvested restricted shares 1,341,176 1,113,396 Weighted average number of diluted common shares outstanding 84,198,315 87,583,129 Earnings per diluted share available to common shareholders $ 1.98 $ 1.98

Segment information (Tables)

Segment information (Tables)	3 Months Ended
Segment information (Tables)	Mar. 31, 2016
Segment Reporting [Abstract]
Summary of results of operating segments and Corporate	The following tables summarize the results of our operating segments and "Corporate and Investments": Three Months Ended March 31, Validus Re Segment Information 2016 2015 Underwriting income Gross premiums written $ 691,668 $ 711,693 Reinsurance premiums ceded (92,495 ) (113,777 ) Net premiums written 599,173 597,916 Change in unearned premiums (355,342 ) (344,828 ) Net premiums earned 243,831 253,088 Other insurance related (loss) income (315 ) 315 Underwriting revenues 243,516 253,403 Underwriting deductions Losses and loss expenses 82,868 113,128 Policy acquisition costs 42,259 42,094 General and administrative expenses 17,179 19,509 Share compensation expenses 2,901 2,578 Total underwriting deductions 145,207 177,309 Underwriting income $ 98,309 $ 76,094 Selected ratios: Net premiums written / Gross premiums written 86.6 % 84.0 % Losses and loss expenses 34.0 % 44.7 % Policy acquisition costs 17.4 % 16.7 % General and administrative expenses (a) 8.2 % 8.7 % Expense ratio 25.6 % 25.4 % Combined ratio 59.6 % 70.1 % (a) The general and administrative expense ratio includes share compensation expenses. Three Months Ended March 31, Talbot Segment Information 2016 2015 Underwriting income Gross premiums written $ 266,317 $ 270,077 Reinsurance premiums ceded (87,458 ) (91,075 ) Net premiums written 178,859 179,002 Change in unearned premiums 27,933 43,587 Net premiums earned 206,792 222,589 Other insurance related income 11 54 Underwriting revenues 206,803 222,643 Underwriting deductions Losses and loss expenses 100,101 78,128 Policy acquisition costs 44,343 49,104 General and administrative expenses 38,535 36,494 Share compensation expenses 3,522 2,957 Total underwriting deductions 186,501 166,683 Underwriting income $ 20,302 $ 55,960 Selected ratios: Net premiums written / Gross premiums written 67.2 % 66.3 % Losses and loss expenses 48.4 % 35.1 % Policy acquisition costs 21.5 % 22.1 % General and administrative expenses (a) 20.3 % 17.7 % Expense ratio 41.8 % 39.8 % Combined ratio 90.2 % 74.9 % (a) The general and administrative expense ratio includes share compensation expenses. Three Months Ended March 31, Western World Segment Information 2016 2015 Underwriting income Gross premiums written $ 63,959 $ 56,947 Reinsurance premiums ceded (4,139 ) (3,233 ) Net premiums written 59,820 53,714 Change in unearned premiums 1,679 14,168 Net premiums earned 61,499 67,882 Other insurance related income 288 263 Underwriting revenues 61,787 68,145 Underwriting deductions Losses and loss expenses 39,646 50,517 Policy acquisition costs 14,200 4,279 General and administrative expenses 12,075 10,627 Share compensation expenses 581 477 Total underwriting deductions 66,502 65,900 Underwriting (loss) income $ (4,715 ) $ 2,245 Selected ratios: Net premiums written / Gross premiums written 93.5 % 94.3 % Losses and loss expenses 64.5 % 74.4 % Policy acquisition costs 23.1 % 6.3 % General and administrative expenses (a) 20.5 % 16.4 % Expense ratio 43.6 % 22.7 % Combined ratio 108.1 % 97.1 % (a) The general and administrative expense ratio includes share compensation expenses. Three Months Ended March 31, AlphaCat Segment Information (a) 2016 2015 Revenue - management fees Third party $ 4,727 $ 4,537 Related party 891 1,186 Total revenue 5,618 5,723 Expenses General and administrative expenses 1,482 2,429 Share compensation expenses 141 149 Finance expenses 808 4,428 Foreign exchange losses (gains) 8 (13 ) Total expenses 2,439 6,993 Income (loss) before investments from AlphaCat Funds and Sidecars 3,179 (1,270 ) Investment income (loss) from AlphaCat Funds and Sidecars (b) AlphaCat Sidecars 124 1,168 AlphaCat ILS Funds - Lower Risk (c) 2,507 1,286 AlphaCat ILS Funds - Higher Risk (c) 2,436 2,425 BetaCat ILS Funds 563 174 PaCRe (23 ) 3,984 Total investment income from AlphaCat Funds and Sidecars 5,607 9,037 Validus' share of AlphaCat income $ 8,786 $ 7,767 Supplemental information: Gross premiums written AlphaCat Sidecars $ (52 ) $ 40,106 AlphaCat ILS Funds - Lower Risk (c) 59,958 42,748 AlphaCat ILS Funds - Higher Risk (c) 96,320 18,951 AlphaCat Direct (d) 11,122 — Total $ 167,348 $ 101,805 (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. Three Months Ended March 31, Corporate and Investment Information 2016 2015 Investment income Net investment income (a) $ 27,923 $ 29,436 Operating expenses General and administrative expenses 16,183 15,606 Share compensation expenses 4,092 2,893 Finance expenses (a) 14,341 15,336 Tax (benefit) expense (2,118 ) 2,565 Total operating expenses 32,498 36,400 Other items Net realized (losses) gains on investments (a) (1,086 ) 4,180 Change in net unrealized gains on investments (a) 47,078 34,669 (Loss) income from investment affiliate (4,113 ) 2,776 Foreign exchange gains (losses) (a) 6,074 (3,456 ) Other income 677 — Total other items 48,630 38,169 Total Corporate and Investment information $ 44,055 $ 31,205 (a) These items exclude the components which are included in Validus' share of AlphaCat and amounts which are consolidated from VIEs. The following tables reconcile the results of our operating segments and "Corporate & Investments" to the Consolidated results of the Company for the periods indicated: Three Months Ended March 31, 2016 Validus Re Segment Talbot Segment Western World Segment AlphaCat & Consolidated Variable Interest Entities Corporate & Investments Eliminations Total Underwriting income Gross premiums written $ 691,668 $ 266,317 $ 63,959 $ 167,348 $ (16,501 ) $ 1,172,791 Reinsurance premiums ceded (92,495 ) (87,458 ) (4,139 ) (244 ) 16,501 (167,835 ) Net premiums written 599,173 178,859 59,820 167,104 — 1,004,956 Change in unearned premiums (355,342 ) 27,933 1,679 (107,958 ) — (433,688 ) Net premiums earned 243,831 206,792 61,499 59,146 — 571,268 Other insurance related (loss) income (315 ) 11 288 5,665 (4,913 ) 736 Underwriting revenues 243,516 206,803 61,787 64,811 (4,913 ) 572,004 Underwriting deductions Losses and loss expenses 82,868 100,101 39,646 1,832 — 224,447 Policy acquisition costs 42,259 44,343 14,200 6,157 234 107,193 General and administrative expenses 17,179 38,535 12,075 7,456 16,183 (5,220 ) 86,208 Share compensation expenses 2,901 3,522 581 141 4,092 — 11,237 Total underwriting deductions 145,207 186,501 66,502 15,586 20,275 (4,986 ) 429,085 Underwriting income (loss) $ 98,309 $ 20,302 $ (4,715 ) $ 49,225 $ (20,275 ) $ 73 $ 142,919 Other items (a) 154 36,407 36,561 Net investment income 1,538 27,923 29,461 (Income) attributable to AlphaCat investors (4,600 ) — (4,600 ) Net (income) attributable to noncontrolling interest (37,531 ) — (37,531 ) Segmental income (loss) 98,309 20,302 (4,715 ) 8,786 44,055 73 Net income available to Validus $ 166,810 (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). Three Months Ended March 31, 2015 Validus Re Segment Talbot Segment Western World Segment AlphaCat & Consolidated Variable Interest Entities Corporate & Investments Eliminations Total Underwriting income Gross premiums written $ 711,693 $ 270,077 $ 56,947 $ 101,805 $ (21,298 ) $ 1,119,224 Reinsurance premiums ceded (113,777 ) (91,075 ) (3,233 ) (4,538 ) 21,298 (191,325 ) Net premiums written 597,916 179,002 53,714 97,267 — 927,899 Change in unearned premiums (344,828 ) 43,587 14,168 (64,936 ) — (352,009 ) Net premiums earned 253,088 222,589 67,882 32,331 — 575,890 Other insurance related income 315 54 263 5,924 (5,616 ) 940 Underwriting revenues 253,403 222,643 68,145 38,255 (5,616 ) 576,830 Underwriting deductions Losses and loss expenses 113,128 78,128 50,517 (844 ) — 240,929 Policy acquisition costs 42,094 49,104 4,279 3,435 (501 ) 98,411 General and administrative expenses 19,509 36,494 10,627 7,254 15,606 (5,255 ) 84,235 Share compensation expenses 2,578 2,957 477 149 2,893 — 9,054 Total underwriting deductions 177,309 166,683 65,900 9,994 18,499 (5,756 ) 432,629 Underwriting income $ 76,094 $ 55,960 $ 2,245 $ 28,261 $ (18,499 ) $ 140 $ 144,201 Other items (a) (3,909 ) 20,268 16,359 Net investment income 1,593 29,436 31,029 Net (income) attributable to noncontrolling interest (18,178 ) — (18,178 ) Segmental income 76,094 55,960 2,245 7,767 31,205 140 Net income available to Validus $ 173,411 (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 allocated to the territory of coverage exposure	The following tables set forth the gross premiums written allocated to the territory of coverage exposure for the periods indicated: Gross Premiums Written Three Months Ended March 31, 2016 Validus Re Talbot Western World AlphaCat Eliminations Total % United States $ 295,394 $ 26,110 $ 63,959 $ 25,391 $ (1,138 ) $ 409,716 35.0 % Worldwide excluding United States (a) 30,264 35,504 — 16,011 (475 ) 81,304 6.9 % Australia and New Zealand 4,923 2,312 — 4,082 (134 ) 11,183 1.0 % Europe 22,467 13,861 — 3,451 (924 ) 38,855 3.3 % Latin America and Caribbean 13,582 23,807 — — (3,026 ) 34,363 2.9 % Japan 872 617 — 1,500 (24 ) 2,965 0.3 % Canada 1,676 1,092 — — (51 ) 2,717 0.2 % Rest of the world (b) 16,688 27,484 — — (1,885 ) 42,287 3.6 % Sub-total, non United States 90,472 104,677 — 25,044 (6,519 ) 213,674 18.2 % Worldwide including United States (a) 111,777 28,454 — 115,373 (8,834 ) 246,770 21.0 % Other locations non-specific (c) 194,025 107,076 — 1,540 (10 ) 302,631 25.8 % Total $ 691,668 $ 266,317 $ 63,959 $ 167,348 $ (16,501 ) $ 1,172,791 100.0 % Gross Premiums Written Three Months Ended March 31, 2015 Validus Re Talbot Western World AlphaCat Eliminations Total % United States $ 339,014 $ 28,058 $ 56,947 $ 13,145 $ (1,454 ) $ 435,710 38.9 % Worldwide excluding United States (a) 34,966 34,942 — 5,833 (1,002 ) 74,739 6.8 % Australia and New Zealand 9,864 1,876 — — (151 ) 11,589 1.0 % Europe 24,735 13,214 — 1,439 (820 ) 38,568 3.4 % Latin America and Caribbean 9,248 22,692 — — (3,894 ) 28,046 2.5 % Japan 1,384 754 — — (13 ) 2,125 0.2 % Canada 2,185 1,698 — 194 (76 ) 4,001 0.4 % Rest of the world (b) 18,654 23,006 — — (2,248 ) 39,412 3.5 % Sub-total, non United States 101,036 98,182 — 7,466 (8,204 ) 198,480 17.8 % Worldwide including United States (a) 84,844 21,794 — 77,894 (11,638 ) 172,894 15.4 % Other locations non-specific (c) 186,799 122,043 — 3,300 (2 ) 312,140 27.9 % Total $ 711,693 $ 270,077 $ 56,947 $ 101,805 $ (21,298 ) $ 1,119,224 100.0 % (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.

Basis of preparation and cons42

Basis of preparation and consolidation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of comprehensive income
Total revenues	$ 651,134	$ 643,766
Total expenses	444,288	453,596
Net income	204,341	191,589
Net (income) attributable to noncontrolling interest	(37,531)	(18,178)
Net income available to Validus	166,810	173,411
Comprehensive income available to Validus	$ 163,941	$ 169,326
Basic earnings per share available to common shareholders	$ 2.01	$ 2.07
Earnings per diluted share available to common shareholders	$ 1.98	$ 1.98
Statement of cash flows
Net cash used in operating activities	$ (34,046)	$ (102,284)
Net cash provided by (used in) investing activities	(122,026)	190,863
Net cash provided by (used in) financing activities	3,170	(152,907)
Effect of foreign currency rate changes on cash and cash equivalents	(433)	(11,724)
Net increase (decrease) in cash	(153,335)	(76,052)
Cash and cash equivalents - beginning of period	723,109	550,401
Cash and cash equivalents - end of period	$ 569,774	474,349
Adjustments for New Accounting Principle, Early Adoption [Member]
New Accounting Pronouncement, Early Adoption [Line Items]
Cumulative effect of change on retained earnings		1,372
Adjustments for New Accounting Principle, Early Adoption [Member] \| As previously reported
Statement of comprehensive income
Total revenues		689,205
Total expenses		453,499
Net income		212,388
Net (income) attributable to noncontrolling interest		(38,977)
Net income available to Validus		173,411
Comprehensive income available to Validus		$ 169,326
Basic earnings per share available to common shareholders		$ 2.07
Earnings per diluted share available to common shareholders		$ 1.98
Statement of cash flows
Net cash used in operating activities		$ (228,541)
Net cash provided by (used in) investing activities		(56,718)
Net cash provided by (used in) financing activities		194,228
Effect of foreign currency rate changes on cash and cash equivalents		(15,080)
Net increase (decrease) in cash		(106,111)
Cash and cash equivalents - beginning of period		577,240
Cash and cash equivalents - end of period		471,129
Adjustments for New Accounting Principle, Early Adoption [Member] \| Adjustment for adoption of new consolidation guidance
Statement of comprehensive income
Total revenues		(45,439)
Total expenses		97
Net income		(20,799)
Net (income) attributable to noncontrolling interest		20,799
Net income available to Validus		0
Comprehensive income available to Validus		$ 0
Basic earnings per share available to common shareholders		$ 0
Earnings per diluted share available to common shareholders		$ 0
Statement of cash flows
Net cash used in operating activities		$ 126,257
Net cash provided by (used in) investing activities		247,581
Net cash provided by (used in) financing activities		(347,135)
Effect of foreign currency rate changes on cash and cash equivalents		3,356
Net increase (decrease) in cash		30,059
Cash and cash equivalents - beginning of period		(26,839)
Cash and cash equivalents - end of period		$ 3,220

Investments (Gross unrealized g

Investments (Gross unrealized gains and losses on fixed maturities) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost or cost	$ 5,478,317	$ 5,556,900
Short-term investments, at amortized cost or cost	2,107,714	1,941,615
Other investments, at amortized cost or cost	323,196	315,963
Total investments	7,909,227	7,814,478
Gross unrealized gains	67,811	36,781
Gross unrealized losses	(43,384)	(62,437)
Total fixed maturities	5,481,304	5,510,331
Total short-term investments	2,108,199	1,941,635
Total other investments	344,151	336,856
Total investments	7,933,654	7,788,822
Managed investments
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost or cost	5,300,702	5,369,053
Short-term investments, at amortized cost or cost	194,801	237,349
Other investments, at amortized cost or cost	323,196	315,963
Total investments	5,818,699	5,922,365
Fixed maturities, gross unrealized gains	42,145	12,724
Short term investments, gross unrealized gains	485	20
Other investments, gross unrealized gains	24,006	23,402
Gross unrealized gains	66,636	36,146
Fixed maturities, gross unrealized losses	(38,662)	(57,825)
Short term investments, gross unrealized losses	0	0
Other investments, gross unrealized losses	(3,051)	(2,509)
Gross unrealized losses	(41,713)	(60,334)
Total fixed maturities	5,304,185	5,323,952
Total short-term investments	195,286	237,369
Total other investments	344,151	336,856
Total investments	5,843,622	5,898,177
Managed investments \| U.S. government and government agency
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost or cost	906,310	940,428
Fixed maturities, gross unrealized gains	4,440	333
Fixed maturities, gross unrealized losses	(431)	(3,559)
Total fixed maturities	910,319	937,202
Managed investments \| Non-U.S. government and government agency
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost or cost	222,269	241,549
Fixed maturities, gross unrealized gains	1,501	257
Fixed maturities, gross unrealized losses	(1,685)	(3,838)
Total fixed maturities	222,085	237,968
Managed investments \| U.S. states, municipalities and political subdivisions
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost or cost	288,407	299,929
Fixed maturities, gross unrealized gains	5,728	2,322
Fixed maturities, gross unrealized losses	(513)	(962)
Total fixed maturities	293,622	301,289
Managed investments \| Agency residential mortgage-backed securities
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost or cost	652,955	606,676
Fixed maturities, gross unrealized gains	11,484	6,361
Fixed maturities, gross unrealized losses	(500)	(2,455)
Total fixed maturities	663,939	610,582
Managed investments \| Non-agency residential mortgage-backed securities
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost or cost	25,613	27,025
Fixed maturities, gross unrealized gains	256	310
Fixed maturities, gross unrealized losses	(519)	(415)
Total fixed maturities	25,350	26,920
Managed investments \| U.S. corporate
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost or cost	1,501,939	1,503,614
Fixed maturities, gross unrealized gains	12,311	1,594
Fixed maturities, gross unrealized losses	(7,631)	(15,257)
Total fixed maturities	1,506,619	1,489,951
Managed investments \| Non-U.S. corporate
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost or cost	397,593	453,178
Fixed maturities, gross unrealized gains	2,031	797
Fixed maturities, gross unrealized losses	(4,568)	(7,405)
Total fixed maturities	395,056	446,570
Managed investments \| Bank loans
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost or cost	620,570	592,981
Fixed maturities, gross unrealized gains	560	275
Fixed maturities, gross unrealized losses	(17,703)	(17,045)
Total fixed maturities	603,427	576,211
Managed investments \| Asset-backed securities
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost or cost	410,075	440,363
Fixed maturities, gross unrealized gains	1,029	344
Fixed maturities, gross unrealized losses	(4,277)	(3,583)
Total fixed maturities	406,827	437,124
Managed investments \| Commercial mortgage-backed securities
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost or cost	274,971	263,310
Fixed maturities, gross unrealized gains	2,805	131
Fixed maturities, gross unrealized losses	(835)	(3,306)
Total fixed maturities	276,941	260,135
Managed investments \| Fund of hedge funds
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Other investments, at amortized cost or cost	1,457	1,457
Other investments, gross unrealized gains	0	0
Other investments, gross unrealized losses	(498)	(40)
Total other investments	959	1,417
Managed investments \| Hedge funds
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Other investments, at amortized cost or cost	12,463	14,018
Other investments, gross unrealized gains	6,494	6,962
Other investments, gross unrealized losses	0	0
Total other investments	18,957	20,980
Managed investments \| Private equity investments
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Other investments, at amortized cost or cost	54,154	53,489
Other investments, gross unrealized gains	13,420	12,751
Other investments, gross unrealized losses	(2,553)	(2,469)
Total other investments	65,021	63,771
Managed investments \| Investment funds
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Other investments, at amortized cost or cost	190,125	188,121
Other investments, gross unrealized gains	678	600
Other investments, gross unrealized losses	0	0
Total other investments	190,803	188,721
Managed investments \| Overseas deposits
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Other investments, at amortized cost or cost	60,601	54,484
Other investments, gross unrealized gains	0	0
Other investments, gross unrealized losses	0	0
Total other investments	60,601	54,484
Managed investments \| Mutual funds
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Other investments, at amortized cost or cost	4,396	4,394
Other investments, gross unrealized gains	3,414	3,089
Other investments, gross unrealized losses	0	0
Total other investments	7,810	7,483
Non-managed investments
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost or cost	177,615	187,847
Short-term investments, at amortized cost or cost	1,912,913	1,704,266
Total investments	2,090,528	1,892,113
Short term investments, gross unrealized gains	0	0
Gross unrealized gains	1,175	635
Short term investments, gross unrealized losses	0	0
Gross unrealized losses	(1,671)	(2,103)
Total fixed maturities	177,119	186,379
Total short-term investments	1,912,913	1,704,266
Total investments	2,090,032	1,890,645
Non-managed investments \| Catastrophe bonds
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost or cost	177,615	187,847
Fixed maturities, gross unrealized gains	1,175	635
Fixed maturities, gross unrealized losses	(1,671)	(2,103)
Total fixed maturities	$ 177,119	$ 186,379

Investments (Fixed maturities b

Investments (Fixed maturities by investment rating) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fixed Maturities
Estimated fair value	$ 5,481,304	$ 5,510,331
Percentage of total	100.00%	100.00%
Non-managed investments
Fixed Maturities
Estimated fair value	$ 177,119	$ 186,379
Percentage of total	3.20%	3.40%
Non-managed investments \| Total investment grade fixed maturities \| BBB
Fixed Maturities
Estimated fair value	$ 2,045	$ 1,911
Percentage of total	0.00%	0.00%
Non-managed investments \| Total non-investment grade fixed maturities
Fixed Maturities
Estimated fair value	$ 175,074	$ 184,468
Percentage of total	3.20%	3.40%
Non-managed investments \| Total non-investment grade fixed maturities \| BB
Fixed Maturities
Estimated fair value	$ 62,990	$ 70,962
Percentage of total	1.10%	1.30%
Non-managed investments \| Total non-investment grade fixed maturities \| B
Fixed Maturities
Estimated fair value	$ 6,133	$ 30,698
Percentage of total	0.10%	0.60%
Non-managed investments \| Total non-investment grade fixed maturities \| NR
Fixed Maturities
Estimated fair value	$ 105,951	$ 82,808
Percentage of total	2.00%	1.50%
Managed investments
Fixed Maturities
Estimated fair value	$ 5,304,185	$ 5,323,952
Percentage of total	96.80%	96.60%
Managed investments \| Total investment grade fixed maturities
Fixed Maturities
Estimated fair value	$ 4,630,591	$ 4,659,892
Percentage of total	84.50%	84.60%
Managed investments \| Total investment grade fixed maturities \| AAA
Fixed Maturities
Estimated fair value	$ 2,395,715	$ 2,367,642
Percentage of total	43.70%	43.00%
Managed investments \| Total investment grade fixed maturities \| AA
Fixed Maturities
Estimated fair value	$ 487,808	$ 569,386
Percentage of total	8.90%	10.30%
Managed investments \| Total investment grade fixed maturities \| A
Fixed Maturities
Estimated fair value	$ 1,057,329	$ 1,031,326
Percentage of total	19.30%	18.70%
Managed investments \| Total investment grade fixed maturities \| BBB
Fixed Maturities
Estimated fair value	$ 689,739	$ 691,538
Percentage of total	12.60%	12.60%
Managed investments \| Total non-investment grade fixed maturities
Fixed Maturities
Estimated fair value	$ 673,594	$ 664,060
Percentage of total	12.30%	12.00%
Managed investments \| Total non-investment grade fixed maturities \| BB
Fixed Maturities
Estimated fair value	$ 226,370	$ 235,724
Percentage of total	4.10%	4.30%
Managed investments \| Total non-investment grade fixed maturities \| B
Fixed Maturities
Estimated fair value	$ 185,033	$ 179,069
Percentage of total	3.40%	3.20%
Managed investments \| Total non-investment grade fixed maturities \| CCC
Fixed Maturities
Estimated fair value	$ 8,628	$ 5,706
Percentage of total	0.20%	0.10%
Managed investments \| Total non-investment grade fixed maturities \| CC
Fixed Maturities
Estimated fair value	$ 1,004	$ 1,015
Percentage of total	0.00%	0.00%
Managed investments \| Total non-investment grade fixed maturities \| NR
Fixed Maturities
Estimated fair value	$ 252,559	$ 242,546
Percentage of total	4.60%	4.40%

Investments (Maturity profile o

Investments (Maturity profile of fixed maturity investments) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Maturity profile
Amortized cost or cost	$ 5,478,317	$ 5,556,900
Estimated fair value	5,481,304	5,510,331
Non-managed investments
Maturity profile
Amortized cost or cost	177,615	187,847
Estimated fair value	177,119	186,379
Non-managed investments \| Due in one year or less \| Fixed maturities trading securities allocated to contractual maturity
Maturity profile
Amortized cost or cost	30,772	7,504
Estimated fair value	31,239	7,544
Non-managed investments \| Due after one year through five years \| Fixed maturities trading securities allocated to contractual maturity
Maturity profile
Amortized cost or cost	145,803	165,093
Estimated fair value	144,838	163,575
Non-managed investments \| Due after five years through ten years \| Fixed maturities trading securities allocated to contractual maturity
Maturity profile
Amortized cost or cost	1,040	15,250
Estimated fair value	1,042	15,260
Managed investments
Maturity profile
Amortized cost or cost	5,300,702	5,369,053
Estimated fair value	5,304,185	5,323,952
Managed investments \| Fixed maturities trading securities allocated to contractual maturity
Maturity profile
Amortized cost or cost	3,937,088	4,031,679
Estimated fair value	3,931,128	3,989,191
Managed investments \| Due in one year or less \| Fixed maturities trading securities allocated to contractual maturity
Maturity profile
Amortized cost or cost	320,078	367,132
Estimated fair value	319,683	366,019
Managed investments \| Due after one year through five years \| Fixed maturities trading securities allocated to contractual maturity
Maturity profile
Amortized cost or cost	2,952,228	2,965,920
Estimated fair value	2,950,820	2,936,053
Managed investments \| Due after five years through ten years \| Fixed maturities trading securities allocated to contractual maturity
Maturity profile
Amortized cost or cost	528,963	548,183
Estimated fair value	528,871	539,083
Managed investments \| Due after ten years \| Fixed maturities trading securities allocated to contractual maturity
Maturity profile
Amortized cost or cost	135,819	150,444
Estimated fair value	131,754	148,036
Managed investments \| Asset backed and mortgaged backed securities \| No single maturity date
Maturity profile
Amortized cost or cost	1,363,614	1,337,374
Estimated fair value	$ 1,373,057	$ 1,334,761

Investments (Other investments)

Investments (Other investments) (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2016	Dec. 31, 2015
Investment [Line Items]
Other investments, at fair value		$ 344,151	$ 336,856
Managed investments
Investment [Line Items]
Other investments, at fair value		344,151	336,856
Managed investments \| Fund of hedge funds
Investment [Line Items]
Other investments, at fair value		959	1,417
Managed investments \| Hedge funds
Investment [Line Items]
Other investments, at fair value		18,957	20,980
Managed investments \| Private equity investments
Investment [Line Items]
Other investments, at fair value		65,021	63,771
Managed investments \| Investment funds
Investment [Line Items]
Other investments, at fair value		190,803	188,721
Managed investments \| Overseas deposits
Investment [Line Items]
Other investments, at fair value		60,601	54,484
Managed investments \| Mutual funds
Investment [Line Items]
Other investments, at fair value		7,810	7,483
Recurring \| Managed investments
Investment [Line Items]
Other investments, at fair value		344,151	336,856
Recurring \| Managed investments \| Fund of hedge funds
Investment [Line Items]
Other investments, at fair value		959	1,417
Recurring \| Managed investments \| Hedge funds
Investment [Line Items]
Other investments, at fair value		18,957	20,980
Recurring \| Managed investments \| Private equity investments
Investment [Line Items]
Other investments, at fair value		65,021	63,771
Recurring \| Managed investments \| Investment funds
Investment [Line Items]
Other investments, at fair value		190,803	188,721
Recurring \| Managed investments \| Overseas deposits
Investment [Line Items]
Other investments, at fair value		60,601	54,484
Recurring \| Managed investments \| Mutual funds
Investment [Line Items]
Other investments, at fair value		7,810	7,483
Subject to redemption restriction \| Recurring \| Managed investments
Investment [Line Items]
Other investments, at fair value		314,131	308,562
Subject to redemption restriction \| Recurring \| Managed investments \| Fund of hedge funds
Investment [Line Items]
Other investments, at fair value		959	1,417
Subject to redemption restriction \| Recurring \| Managed investments \| Hedge funds
Investment [Line Items]
Other investments, at fair value		18,957	20,980
Subject to redemption restriction \| Recurring \| Managed investments \| Private equity investments
Investment [Line Items]
Other investments, at fair value		65,021	63,771
Subject to redemption restriction \| Recurring \| Managed investments \| Investment funds
Investment [Line Items]
Other investments, at fair value		168,593	167,910
Subject to redemption restriction \| Recurring \| Managed investments \| Overseas deposits
Investment [Line Items]
Other investments, at fair value		60,601	54,484
Subject to redemption restriction \| Recurring \| Managed investments \| Mutual funds
Investment [Line Items]
Other investments, at fair value		0	0
Not subject to redemption restriction \| Recurring \| Managed investments
Investment [Line Items]
Other investments, at fair value		30,020	28,294
Not subject to redemption restriction \| Recurring \| Managed investments \| Fund of hedge funds
Investment [Line Items]
Other investments, at fair value		0	0
Not subject to redemption restriction \| Recurring \| Managed investments \| Hedge funds
Investment [Line Items]
Other investments, at fair value		0	0
Not subject to redemption restriction \| Recurring \| Managed investments \| Private equity investments
Investment [Line Items]
Other investments, at fair value		$ 0	$ 0
Not subject to redemption restriction \| Recurring \| Managed investments \| Investment funds
Investment [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Notice Period	[1]	2 days	2 days
Other investments, at fair value		$ 22,210	$ 20,811
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Frequency	[1]	Daily	Daily
Not subject to redemption restriction \| Recurring \| Managed investments \| Overseas deposits
Investment [Line Items]
Other investments, at fair value		$ 0	$ 0
Not subject to redemption restriction \| Recurring \| Managed investments \| Mutual funds
Investment [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Notice Period	[1]	1 day	1 day
Other investments, at fair value		$ 7,810	$ 7,483
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Frequency	[1]	Daily	Daily

[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
	Mar. 31, 2016	Mar. 31, 2015
Net investment income
Net investment income	$ 29,461	$ 31,029
Non-managed investments
Net investment income
Net investment income	1,538	1,593
Non-managed investments \| Fixed maturities and short term investments
Net investment income
Total gross investment income	1,295	1,574
Non-managed investments \| Restricted cash, cash and cash equivalents
Net investment income
Total gross investment income	243	19
Managed investments
Net investment income
Total gross investment income	29,759	31,280
Investment expenses	(1,836)	(1,844)
Net investment income	27,923	29,436
Managed investments \| Fixed maturities and short term investments
Net investment income
Total gross investment income	28,017	27,673
Managed investments \| Other investments
Net investment income
Total gross investment income	872	3,188
Managed investments \| Cash and cash equivalents
Net investment income
Total gross investment income	865	416
Managed investments \| Securities lending income
Net investment income
Total gross investment income	$ 5	$ 3

Investments (Realized and unrea

Investments (Realized and unrealized gains) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Fixed Maturities Short Term And Other Investments And Cash Equivalents [Abstract]
Net realized (losses) gains on investments	$ (584)	$ 4,169
Change in net unrealized gains on investments	47,444	33,227
Total net realized and change in net unrealized gains (losses) on investments	46,860	37,396
Managed investments
Fixed Maturities Short Term And Other Investments And Cash Equivalents [Abstract]
Gross realized gains	3,217	6,309
Gross realized losses	(4,303)	(2,129)
Net realized (losses) gains on investments	(1,086)	4,180
Change in net unrealized gains on investments	47,078	34,669
Total net realized and change in net unrealized gains (losses) on investments	45,992	38,849
Non-managed investments
Fixed Maturities Short Term And Other Investments And Cash Equivalents [Abstract]
Gross realized gains	511	0
Gross realized losses	(9)	(11)
Net realized (losses) gains on investments	502	(11)
Change in net unrealized gains on investments	366	(1,442)
Total net realized and change in net unrealized gains (losses) on investments	$ 868	$ (1,453)

Investments (Investments pledge

Investments (Investments pledged as collateral) (Details) - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
Financial Instruments Owned and Pledged as Collateral [Line Items]
Credit facility, commitment		$ 700,000	$ 700,000
Letters of credit issued and outstanding	[1]	350,222	479,088
Investments pledged as collateral		552,206	826,535
$400,000 syndicated unsecured letter of credit facility
Financial Instruments Owned and Pledged as Collateral [Line Items]
Credit facility, commitment		85,000	85,000
Letters of credit issued and outstanding		0	0
Investments pledged as collateral		0	0
$300,000 syndicated secured letter of credit facility
Financial Instruments Owned and Pledged as Collateral [Line Items]
Credit facility, commitment		300,000	300,000
Letters of credit issued and outstanding	[1]	105,756	235,540
Investments pledged as collateral		149,634	370,909
$24,000 secured bi-lateral letter of credit facility
Financial Instruments Owned and Pledged as Collateral [Line Items]
Credit facility, commitment		24,000	24,000
Letters of credit issued and outstanding	[1]	11,564	10,543
Investments pledged as collateral		48,016	47,607
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		30,172	30,153
IPC bi-lateral facility
Financial Instruments Owned and Pledged as Collateral [Line Items]
Credit facility, commitment		25,000	25,000
Letters of credit issued and outstanding	[1]	5,483	9,241
Investments pledged as collateral		0	0
$236,000 Flagstone bi-lateral facility
Financial Instruments Owned and Pledged as Collateral [Line Items]
Credit facility, commitment		236,000	236,000
Letters of credit issued and outstanding	[1]	197,419	193,764
Investments pledged as collateral		$ 324,384	$ 377,866

[1]	Indicates utilization of commitment amount, not necessarily drawn borrowings.

Investments (Narrative) (Detail

Investments (Narrative) (Details) $ in Thousands	3 Months Ended
Investments (Narrative) (Details) $ in Thousands	Mar. 31, 2016USD ($)funds	Dec. 31, 2015USD ($)
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other investments, at fair value	$ 344,151	$ 336,856
Cash, cash equivalents and investments pledged as collateral	4,636,802	4,056,788
Investments held in trust	$ 4,531,282	4,007,215
Subject to redemption restriction
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other investments number of funds \| funds	1
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Redemption Restriction Period	3 years
Minimum
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	5 years
Maximum
Schedule of Trading Securities and Other Trading Assets [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	10 years
Managed investments
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other investments, at fair value	$ 344,151	336,856
Managed investments \| Recurring
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other investments, at fair value	344,151	336,856
Managed investments \| Recurring \| Subject to redemption restriction
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other investments, at fair value	314,131	308,562
Managed investments \| Recurring \| Subject to redemption restriction \| Investment fund A
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other investments, at fair value	$ 165,602	$ 167,910

Fair value measurements (Fair v

Fair value measurements (Fair value hierarchy) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	$ 5,481,304	$ 5,510,331
Short-term investments, at fair value	2,108,199	1,941,635
Other investments, at fair value	344,151	336,856
Total investments	7,933,654	7,788,822
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	7,933,654	7,788,822
Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	2,089,753	1,926,944
Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	5,237,654	5,307,479
Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	292,116	245,837
Managed investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	5,304,185	5,323,952
Short-term investments, at fair value	195,286	237,369
Other investments, at fair value	344,151	336,856
Total investments	5,843,622	5,898,177
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	910,319	937,202
Managed investments \| Non-US government and government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	222,085	237,968
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	293,622	301,289
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	663,939	610,582
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	25,350	26,920
Managed investments \| U.S. corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	1,506,619	1,489,951
Managed investments \| Non-U.S. corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	395,056	446,570
Managed investments \| Bank loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	603,427	576,211
Managed investments \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	406,827	437,124
Managed investments \| Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	276,941	260,135
Managed investments \| Fund of hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	959	1,417
Managed investments \| Hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	18,957	20,980
Managed investments \| Private equity investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	65,021	63,771
Managed investments \| Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	190,803	188,721
Managed investments \| Overseas deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	60,601	54,484
Managed investments \| Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	7,810	7,483
Managed investments \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	5,304,185	5,323,952
Short-term investments, at fair value	195,286	237,369
Other investments, at fair value	344,151	336,856
Total investments	5,843,622	5,898,177
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	910,319	937,202
Managed investments \| Recurring \| Non-US government and government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	222,085	237,968
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	293,622	301,289
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	663,939	610,582
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	25,350	26,920
Managed investments \| Recurring \| U.S. corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	1,506,619	1,489,951
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	395,056	446,570
Managed investments \| Recurring \| Bank loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	603,427	576,211
Managed investments \| Recurring \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	406,827	437,124
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	276,941	260,135
Managed investments \| Recurring \| Fund of hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	959	1,417
Managed investments \| Recurring \| Hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	18,957	20,980
Managed investments \| Recurring \| Private equity investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	65,021	63,771
Managed investments \| Recurring \| Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	190,803	188,721
Managed investments \| Recurring \| Overseas deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	60,601	54,484
Managed investments \| Recurring \| Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	7,810	7,483
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, at fair value	176,840	222,678
Other investments, at fair value	0	0
Total investments	176,840	222,678
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-US government and government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	0	0
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, at fair value	0	0
Managed investments \| Recurring \| Level 1 \| Hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	0	0
Managed investments \| Recurring \| Level 1 \| Private equity investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	0	0
Managed investments \| Recurring \| Level 1 \| Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	0	0
Managed investments \| Recurring \| Level 1 \| Overseas deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	0	0
Managed investments \| Recurring \| Level 1 \| Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	0	0
Managed investments \| Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	5,049,174	5,091,615
Short-term investments, at fair value	18,446	14,691
Other investments, at fair value	30,020	28,294
Total investments	5,097,640	5,134,600
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	910,319	937,202
Managed investments \| Recurring \| Level 2 \| Non-US government and government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	222,085	237,968
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	293,622	301,289
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	663,939	610,582
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	25,350	26,920
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	1,506,619	1,489,951
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	395,056	446,570
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	348,416	343,874
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	406,827	437,124
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	276,941	260,135
Managed investments \| Recurring \| Level 2 \| Fund of hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	0	0
Managed investments \| Recurring \| Level 2 \| Hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	0	0
Managed investments \| Recurring \| Level 2 \| Private equity investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	0	0
Managed investments \| Recurring \| Level 2 \| Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	22,210	20,811
Managed investments \| Recurring \| Level 2 \| Overseas deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	0	0
Managed investments \| Recurring \| Level 2 \| Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	7,810	7,483
Managed investments \| Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	255,011	232,337
Short-term investments, at fair value	0	0
Other investments, at fair value	0	0
Total investments	255,011	232,337
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-US government and government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	0	0
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	255,011	232,337
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, at fair value	0	0
Managed investments \| Recurring \| Level 3 \| Hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	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, at fair value	0	0
Managed investments \| Recurring \| Level 3 \| Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	0	0
Managed investments \| Recurring \| Level 3 \| Overseas deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	0	0
Managed investments \| Recurring \| Level 3 \| Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	0	0
Non-managed investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	177,119	186,379
Short-term investments, at fair value	1,912,913	1,704,266
Total investments	2,090,032	1,890,645
Non-managed investments \| Catastrophe bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	177,119	186,379
Non-managed investments \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments, at fair value	1,912,913	1,704,266
Total investments	2,090,032	1,890,645
Non-managed investments \| Recurring \| Catastrophe bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	177,119	186,379
Non-managed investments \| Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments, at fair value	1,912,913	1,704,266
Total investments	1,912,913	1,704,266
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, at fair value	0	0
Total investments	140,014	172,879
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	140,014	172,879
Non-managed investments \| Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments, at fair value	0	0
Total investments	37,105	13,500
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	37,105	13,500
Fair value based on NAV practical expedient \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	314,131	308,562
Fair value based on NAV practical expedient \| Managed investments \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	0	0
Short-term investments, at fair value	0	0
Other investments, at fair value	314,131	308,562
Total investments	314,131	308,562
Fair value based on NAV practical expedient \| 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	0	0
Fair value based on NAV practical expedient \| Managed investments \| Recurring \| Non-US government and government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	0	0
Fair value based on NAV practical expedient \| 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	0	0
Fair value based on NAV practical expedient \| 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	0	0
Fair value based on NAV practical expedient \| 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	0	0
Fair value based on NAV practical expedient \| Managed investments \| Recurring \| U.S. corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	0	0
Fair value based on NAV practical expedient \| 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	0	0
Fair value based on NAV practical expedient \| Managed investments \| Recurring \| Bank loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	0	0
Fair value based on NAV practical expedient \| Managed investments \| Recurring \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	0	0
Fair value based on NAV practical expedient \| 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	0	0
Fair value based on NAV practical expedient \| Managed investments \| Recurring \| Fund of hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	959	1,417
Fair value based on NAV practical expedient \| Managed investments \| Recurring \| Hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	18,957	20,980
Fair value based on NAV practical expedient \| Managed investments \| Recurring \| Private equity investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	65,021	63,771
Fair value based on NAV practical expedient \| Managed investments \| Recurring \| Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	168,593	167,910
Fair value based on NAV practical expedient \| Managed investments \| Recurring \| Overseas deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	60,601	54,484
Fair value based on NAV practical expedient \| Managed investments \| Recurring \| Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	0	0
Fair value based on NAV practical expedient \| Non-managed investments \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments, at fair value	0	0
Total investments	0	0
Fair value based on NAV practical expedient \| Non-managed investments \| 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) - Level 3 - Recurring - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Reconciliation of beginning and ending balances for all investments measured at fair value on recurring basis
Level 3 investments - beginning of period	$ 245,837	$ 50,248
Purchases	65,375	58,175
Sales	(2,389)	(1,989)
Settlements	(16,374)	(3,995)
Net realized losses		(11)
Change in net unrealized (losses) gains	(333)	(395)
Level 3 investments - end of period	292,116	102,033
Bank loan portfolio
Reconciliation of beginning and ending balances for all investments measured at fair value on recurring basis
Level 3 investments - beginning of period	232,337	32,748
Purchases	42,103	58,175
Sales	(2,389)	0
Settlements	(16,249)	(3,995)
Net realized losses		0
Change in net unrealized (losses) gains	(791)	(395)
Level 3 investments - end of period	255,011	86,533
Catastrophe bonds
Reconciliation of beginning and ending balances for all investments measured at fair value on recurring basis
Level 3 investments - beginning of period	13,500	17,500
Purchases	23,272	0
Sales	0	(1,989)
Settlements	(125)	0
Net realized losses		(11)
Change in net unrealized (losses) gains	458	0
Level 3 investments - end of period	$ 37,105	$ 15,500

Fair value measurements (Narrat

Fair value measurements (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)funds	Dec. 31, 2015USD ($)
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Trading Securities	$ 7,933,654	$ 7,788,822
Other investments, at fair value	344,151	336,856
Recurring
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Trading Securities	$ 7,933,654	7,788,822
Recurring \| Hedge fund side pocket
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Investment Time Lag Reporting	3 months
Recurring \| Hedge funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Investment Time Lag Reporting	3 months
Other investments number of funds \| funds	1
Recurring \| Pooled Investment [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments number of funds \| funds	1
Recurring \| Structured Securities Fund [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments number of funds \| funds	1
Recurring \| Mutual funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments number of funds \| funds	2
Recurring \| Minimum \| Private equity investments
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Investment Time Lag Reporting	3 months
Recurring \| Maximum \| Private equity investments
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Investment Time Lag Reporting	6 months
Recurring \| Level 2
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Trading Securities	$ 5,237,654	5,307,479
Recurring \| Level 3
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Trading Securities	292,116	245,837
Managed investments
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Trading Securities	5,843,622	5,898,177
Other investments, at fair value	344,151	336,856
Managed investments \| Hedge funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value	18,957	20,980
Managed investments \| Investment funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value	190,803	188,721
Managed investments \| Private equity investments
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value	65,021	63,771
Managed investments \| Mutual funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value	7,810	7,483
Managed investments \| Recurring
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Trading Securities	$ 5,843,622	$ 5,898,177
Ratio of Level 3 investments to total investments (percent)	4.40%	3.90%
Other investments, at fair value	$ 344,151	$ 336,856
Managed investments \| Recurring \| Hedge funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value	18,957	20,980
Managed investments \| Recurring \| Investment funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value	190,803	188,721
Managed investments \| Recurring \| Private equity investments
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value	65,021	63,771
Managed investments \| Recurring \| Mutual funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value	7,810	7,483
Managed investments \| Recurring \| Level 2
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Trading Securities	5,097,640	5,134,600
Other investments, at fair value	30,020	28,294
Managed investments \| Recurring \| Level 2 \| Hedge funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value	0	0
Managed investments \| Recurring \| Level 2 \| Investment funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value	22,210	20,811
Managed investments \| Recurring \| Level 2 \| Private equity investments
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value	0	0
Managed investments \| Recurring \| Level 2 \| Mutual funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value	7,810	7,483
Managed investments \| Recurring \| Level 3
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Trading Securities	255,011	232,337
Other investments, at fair value	0	0
Managed investments \| Recurring \| Level 3 \| Hedge funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value	0	0
Managed investments \| Recurring \| Level 3 \| Investment funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value	0	0
Managed investments \| Recurring \| Level 3 \| Private equity investments
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value	0	0
Managed investments \| Recurring \| Level 3 \| Mutual funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value	$ 0	$ 0

Variable interest entities (Not

Variable interest entities (Notes payable to AlphaCat investors) (Details) - Variable interest entities, primary beneficiary $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Variable Interest Entity [Line Items]
Notes payable to AlphaCat investors, beginning of period	$ 75,493
Issuance of notes payable to AlphaCat investors	257,005
Redemption of notes payable to AlphaCat investors	(9,605)
Foreign exchange losses	617
Notes payable to AlphaCat investors, end of period	323,510
Variable Funding Note
Variable Interest Entity [Line Items]
Notes payable to AlphaCat investors, beginning of period	75,493
Issuance of notes payable to AlphaCat investors	195,288
Redemption of notes payable to AlphaCat investors	(9,605)
Foreign exchange losses	617
Notes payable to AlphaCat investors, end of period	261,793
Structured Notes
Variable Interest Entity [Line Items]
Notes payable to AlphaCat investors, beginning of period	0
Issuance of notes payable to AlphaCat investors	61,717
Redemption of notes payable to AlphaCat investors	0
Foreign exchange losses	0
Notes payable to AlphaCat investors, end of period	$ 61,717

Variable interest entities (Ass

Variable interest entities (Assets and liabilities of consolidated VIEs) (Details) - Variable interest entities, primary beneficiary - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
AlphaCat sidecars
Variable Interest Entity [Line Items]
Total assets		$ 82,492	$ 206,581
Total liabilities		34,517	14,804
AlphaCat ILS funds - Lower Risk (a)
Variable Interest Entity [Line Items]
Total assets	[1]	1,303,522	1,268,070
Total liabilities	[1]	16,307	143,371
AlphaCat ILS funds - Higher Risk (a)
Variable Interest Entity [Line Items]
Total assets	[1]	570,033	522,867
Total liabilities	[1]	99,339	300,122
AlphaCat Re and AlphaCat Master Fund
Variable Interest Entity [Line Items]
Total assets		2,218,094	1,615,779
Total liabilities		2,217,924	1,615,609
BetaCat ILS funds
Variable Interest Entity [Line Items]
Total assets		63,043	64,221
Total liabilities		$ 707	$ 2,472

[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.

Variable interest entities (Nar

Variable interest entities (Narrative) (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016USD ($)fundssubsidiaries	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Variable Interest Entity [Line Items]
(Income) attributable to AlphaCat investors	$ 4,600	$ 0
Accounts payable and accrued expenses
Variable Interest Entity [Line Items]
(Income) attributable to AlphaCat investors	$ 7,012		$ 2,412
Variable interest entities, primary beneficiary
Variable Interest Entity [Line Items]
Variable funding notes, typical minimum duration	12 months
AlphaCat ILS funds
Variable Interest Entity [Line Items]
Number of AlphaCat ILS funds \| funds	1
AlphaCat ILS funds \| Variable interest entities, primary beneficiary
Variable Interest Entity [Line Items]
Risk profile percentage	7.00%
BetaCat ILS funds \| Variable interest entities, primary beneficiary
Variable Interest Entity [Line Items]
Number of consolidated VIE BetaCat ILS funds \| subsidiaries	1
Structured Notes
Variable Interest Entity [Line Items]
Structured notes interest rate percentage	8.00%

Investments in affiliates (Summ

Investments in affiliates (Summary of investments in affiliates) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Investments in affiliates	$ 84,504	$ 88,065
Investment affiliate
Schedule of Equity Method Investments [Line Items]
Investments in affiliates	84,135	87,673
Operating affiliate
Schedule of Equity Method Investments [Line Items]
Investments in affiliates	$ 369	$ 392

Investments in affiliates (Inve

Investments in affiliates (Investment affiliate rollforward) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Schedule of Equity Method Investments [Line Items]
(Loss) income from investment affiliate	$ (4,113)	$ 2,776
Investment affiliate
Schedule of Equity Method Investments [Line Items]
Balance, beginning of period	87,673	63,506
Capital contributions	575	19,700
(Loss) income from investment affiliate	(4,113)	2,776
Balance, end of period	$ 84,135	$ 85,982

Investments in affiliates (In59

Investments in affiliates (Investment affiliate details) (Details) - Investment affiliate - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Investment at cost	$ 70,369	$ 69,794
Carrying value	84,135	87,673	$ 85,982	$ 63,506
Aquiline Financial Services Fund II LP
Schedule of Equity Method Investments [Line Items]
Investment at cost	$ 56,479	$ 55,904
Voting ownership %	0.00%	0.00%
Equity ownership %	8.10%	8.10%
Carrying value	$ 70,342	$ 73,880
Aquiline Financial Services Fund III LP
Schedule of Equity Method Investments [Line Items]
Investment at cost	$ 13,890	$ 13,890
Voting ownership %	0.00%	0.00%
Equity ownership %	13.70%	13.70%
Carrying value	$ 13,793	$ 13,793

Investments in affiliates (Oper

Investments in affiliates (Operating affiliates rollforward) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Activity in non-consolidated affiliate balances for the period:
(Loss) income from operating affiliates	$ (23)	$ 3,984
Operating affiliate \| PacRe
Activity in non-consolidated affiliate balances for the period:
Balance, beginning of period	392	50,944
(Loss) income from operating affiliates	(23)	3,984
Balance, end of period	$ 369	$ 54,928

Investments in affiliates (Op61

Investments in affiliates (Operating affiliates details) (Details) - Operating affiliate - PacRe - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Investment:
Investment at cost	$ 392	$ 392
Voting ownership %	100.00%	100.00%
Equity ownership %	10.00%	10.00%
Carrying value	$ 369	$ 392	$ 54,928	$ 50,944

Investments in affiliates (Narr

Investments in affiliates (Narrative) (Details) - USD ($) $ in Thousands	Nov. 07, 2014	Oct. 02, 2014	Dec. 20, 2011	Mar. 31, 2016
Aquiline Financial Services Fund II LP
Schedule of Equity Method Investments [Line Items]
Percentage of Assignor's interest assumed				100.00%
Total capital commitment		$ 10,000	$ 50,000
Investment Time Lag Reporting				3 months
Aquiline Financial Services Fund III LP
Schedule of Equity Method Investments [Line Items]
Total capital commitment	$ 100,000
Investment Time Lag Reporting				3 months

Noncontrolling interest (Detail

Noncontrolling interest (Details) - USD ($) $ in Thousands	3 Months Ended
Noncontrolling interest (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015
Noncontrolling Interest [Line Items]
Balance, beginning of period	$ 1,266,376	$ 910,065
Issuance of shares	381,075	203,400
Income attributable to noncontrolling interest	37,531	18,178
Distributions	(118,722)	(145,416)
Balance, end of period	1,566,260	986,227
Redeemable noncontrolling interest
Noncontrolling Interest [Line Items]
Balance, beginning of period	1,111,714	617,791
Issuance of shares	268,750	203,400
Income attributable to noncontrolling interest	28,573	13,453
Distributions	0	0
Balance, end of period	1,409,037	834,644
Noncontrolling interest
Noncontrolling Interest [Line Items]
Balance, beginning of period	154,662	292,274
Issuance of shares	112,325	0
Income attributable to noncontrolling interest	8,958	4,725
Distributions	(118,722)	(145,416)
Balance, end of period	$ 157,223	$ 151,583

Derivative instruments (Amount

Derivative instruments (Amount and balance sheet location) (Details) $ in Thousands		Mar. 31, 2016USD ($)derivatives	Dec. 31, 2015USD ($)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 exchange contracts
Summary of amount of derivatives designated as hedging instruments
Net Notional Exposure		$ 224,219	$ 255,840
Not designated as hedging instruments \| Foreign exchange contracts \| Other assets
Summary of amount of derivatives designated as hedging instruments
Fair value, derivative assets	[1]	7,368	2,601
Not designated as hedging instruments \| Foreign exchange contracts \| Accounts payable and accrued expenses
Summary of amount of derivatives designated as hedging instruments
Fair value, derivative liabilities	[1]	5,694	3,211
Designated as hedging instruments \| Interest rate swap contracts
Summary of amount of derivatives designated as hedging instruments
Net Notional Exposure		552,263	552,263
Designated as hedging instruments \| Interest rate swap contracts \| Other assets
Summary of amount of derivatives designated as hedging instruments
Fair value, derivative assets	[2]	22	21
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]	$ 2,626	$ 1,942
Junior Subordinated Deferrable Debentures \| 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 \| 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 \| 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 three months ended March 31, 2016 was $(2,013) and $36, respectively (2015: $nil and $1, 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 (Amoun65

Derivative instruments (Amount included in statement of operations) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2015derivatives
Not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Number of Instruments Held \| derivatives			1
Not designated as hedging instruments \| Other income
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 36	$ 1
Not designated as hedging instruments \| Foreign exchange gains (losses)
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(2,013)	0
Designated as hedging instruments \| Fair value hedge \| Foreign exchange contracts \| Foreign exchange gains (losses)
Derivatives designated as fair value hedges and related hedged item
Amount of gain (loss) recognized in income on derivative	0	(6,202)
Amount of (loss) gain on hedged item recognized in income attributable to risk being hedged	0	6,202
Amount of gain (loss) recognized in income on derivative (ineffective portion)	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	(758)	(801)
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	3,656	4,040
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	$ (2,898)	$ (3,239)

Reserve for losses and loss e66

Reserve for losses and loss expenses (Reserve rollforward) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Reserve for paid losses and unpaid loss expenses
Reserve for losses and loss expenses, beginning of period		$ 2,996,567	$ 3,243,147
Losses and loss expenses recoverable, beginning of period		(350,586)	(377,466)
Net reserves for losses and loss expenses, beginning of period		2,645,981	2,865,681
Increase (decrease) in net losses and loss expenses incurred in respect of losses occurring in:
Current year		278,186	324,488
Prior years	[1]	(53,739)	(83,559)
Total incurred losses and loss expenses	[1]	224,447	240,929
Less net losses and loss expenses paid in respect of losses occurring in:
Current year		(15,773)	(13,100)
Prior years		(253,304)	(236,233)
Total net paid losses		(269,077)	(249,333)
Foreign exchange loss (gain)		8,260	(25,274)
Net reserve for losses and loss expenses, end of period		2,609,611	2,832,003
Losses and loss expenses recoverable, end of period		370,689	375,882
Reserve for losses and loss expenses, end of period		2,980,300	3,207,885
Components of incurred losses and loss expenses
Gross losses and loss expenses (a)	[1]	269,853	264,796
Reinsurance recoverable		(45,406)	(23,867)
Net incurred losses and loss expenses (a)	[1]	$ 224,447	$ 240,929

[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 amortized to income through a reduction in losses and loss expenses of $3,223 during the three months ended March 31, 2015, benefiting the loss ratio by 4.7 percentage points. The remaining fair value adjustment of $7,756 was fully amortized during 2015.

Reserve for losses and loss e67

Reserve for losses and loss expenses (Prior year development) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years	[1]	$ (53,739)	$ (83,559)
Validus Re
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years		(25,684)	(24,696)
AlphaCat
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years		(909)	(844)
Talbot
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years		(22,720)	(51,687)
Western World
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years		(4,426)	(6,332)	[1]
Property
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years		(42,628)	(39,220)	[1]
Property \| Validus Re
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years		(22,832)	(14,896)
Property \| AlphaCat
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years		(909)	(844)
Property \| Talbot
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years		(18,446)	(20,752)
Property \| Western World
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years		(441)	(2,728)	[1]
Marine
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years		6,519	(27,084)	[1]
Marine \| Validus Re
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years		3,555	(4,570)
Marine \| Talbot
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years		2,964	(22,514)
Specialty
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years		(13,645)	(13,651)	[1]
Specialty \| Validus Re
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years		(6,407)	(5,230)
Specialty \| Talbot
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years		(7,238)	(8,421)
Liability
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years		(3,985)	(3,604)	[1]
Liability \| Western World
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years		$ (3,985)	$ (3,604)	[1]

[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 amortized to income through a reduction in losses and loss expenses of $3,223 during the three months ended March 31, 2015, benefiting the loss ratio by 4.7 percentage points. The remaining fair value adjustment of $7,756 was fully amortized during 2015.

Reserve for losses and loss e68

Reserve for losses and loss expenses (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Liability for Unpaid Claims and Claims Adjustment Expense, Reported Claims, Amount		$ 1,242,102	$ 1,278,697
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred but Not Reported (IBNR) Claims, Amount		$ 1,738,198	1,717,870
Western World
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Fair value adjustment to net reserves				$ 15,586
Amortized to income during the period	$ 3,223
Prior Year Development Percentage	4.70%
Remaining amount of fair value adjustments to loss reserves to be amortized during the period			$ 7,756

Reinsurance (Details)

Reinsurance (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Reinsurance (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Reinsurance (Textuals) [Abstract]
Incurred but not reported recoverable	$ 239,160	$ 214,863
Provision for uncollectible reinsurance relating to losses recoverable	5,427	4,997
Reinsurance Recoverable
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 395,690	$ 373,657
Concentration Risk, Percentage	100.00%	100.00%
Reinsurance Recoverable \| A- or better
Ceded Credit Risk [Line Items]
Concentration Risk, Percentage	98.50%	98.70%
Reinsurance Recoverable \| Other reinsurers' balances less than $1 million
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 9,252	$ 9,327
Concentration Risk, Percentage	2.30%	2.50%
Reinsurance Recoverable \| Top 10 reinsurers
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 324,817	$ 303,108
Concentration Risk, Percentage	82.10%	81.10%
Reinsurance Recoverable \| Top 10 reinsurers \| Swiss Re \| AA-
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 85,611	$ 83,048
Concentration Risk, Percentage	21.60%	22.20%
Reinsurance Recoverable \| Top 10 reinsurers \| Lloyds Syndicates \| A plus
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 71,931	$ 66,356
Concentration Risk, Percentage	18.20%	17.80%
Reinsurance Recoverable \| Top 10 reinsurers \| Everest Re \| A plus
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 48,012	$ 43,060
Concentration Risk, Percentage	12.10%	11.50%
Reinsurance Recoverable \| Top 10 reinsurers \| Hannover Re \| AA-
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 46,862	$ 43,765
Concentration Risk, Percentage	11.80%	11.70%
Reinsurance Recoverable \| Top 10 reinsurers \| Munich Re \| AA-
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 20,011	$ 18,707
Concentration Risk, Percentage	5.10%	5.00%
Reinsurance Recoverable \| Top 10 reinsurers \| Hamilton Re \| A-
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 12,501	$ 10,898
Concentration Risk, Percentage	3.20%	2.90%
Reinsurance Recoverable \| Top 10 reinsurers \| Transatlantic Re \| A plus
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 12,481	$ 11,923
Concentration Risk, Percentage	3.10%	3.20%
Reinsurance Recoverable \| Top 10 reinsurers \| National Indemnity \| AA plus
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 9,462	$ 10,293
Concentration Risk, Percentage	2.40%	2.80%
Reinsurance Recoverable \| Top 10 reinsurers \| Toa Re \| A plus
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 9,001	$ 6,330
Concentration Risk, Percentage	2.30%	1.70%
Reinsurance Recoverable \| Top 10 reinsurers \| XL Re \| A plus
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 8,945	$ 8,728
Concentration Risk, Percentage	2.30%	2.30%
Reinsurance Recoverable \| Other reinsurers' balances greater than $1 million
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 61,621	$ 61,222
Concentration Risk, Percentage	15.60%	16.40%

Share capital (Details)

Share capital (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 03, 2015	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Share Capital (Narrative)
Common shares, shares authorized		571,428,571		571,428,571
Common shares, par value		$ 0.175		$ 0.175
Common stock voting rights		one vote per share
Restriction on percentage of voting power		9.09%
Share repurchases
Common share repurchase authorization	$ 750,000
Share repurchase program, cumulative shares repurchased		77,387,916
Shares repurchased, cumulative	$ 2,274,401	$ 2,552,098
Remaining share repurchase authorization amount		$ 472,303
Cash dividends declared per share		$ 0.35	$ 0.32
Summary of common shares issued and outstanding
Common shares issued, beginning balance		160,570,772	155,554,224
Options exercised (in shares)			704,974
Warrants exercised (in shares)			473,817
Direct issuance of common stock (in shares)			324
Common shares issued, ending balance		160,582,277	156,749,783
Treasury shares, ending balance		(79,026,791)	(73,114,868)
Common shares outstanding, ending balance		81,555,486	83,634,915
Common shares
Share repurchases
Cash dividends declared per share		$ 0.35	$ 0.32
Restricted share awards
Summary of common shares issued and outstanding
Vested, net of shares withheld		9,566	14,447
Restricted share units
Summary of common shares issued and outstanding
Vested, net of shares withheld		1,939	1,997

Stock plans (Options activity)

Stock plans (Options activity) (Details) - $ / shares	3 Months Ended
Stock plans (Options activity) (Details) - $ / shares	Mar. 31, 2016	Mar. 31, 2015
Options activities:
Options outstanding, beginning balance (in shares)	65,401	1,160,057
Options exercised during period (in shares)	0	(1,017,165)
Options outstanding, ending balance (in shares)	65,401	142,892
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, beginning balance (in dollars per share)	$ 7.74	$ 7.12
Weighted average grant date fair value, options exercised (in dollars per share)	0	7.36
Weighted average grant date fair value, ending balance (in dollars per share)	7.74	5.45
Weighted Average Grant Date Exercise Price
Weighted average grant date exercise price, beginning balance (in dollars per share)	20.17	17.74
Weighted average grant date exercise price, options exercised (in dollars per share)	0	16.55
Weighted average grant date exercise price, ending balance (in dollars per share)	$ 20.17	$ 26.24

Stock plans (Other awards activ

Stock plans (Other awards activity) (Details) - $ / shares	3 Months Ended
Stock plans (Other awards activity) (Details) - $ / shares	Mar. 31, 2016	Mar. 31, 2015
Restricted share awards
Activities
Beginning balance (in shares)	2,739,446	2,858,711
Vested (in shares)	(12,550)	(19,682)
Forfeited (in shares)	(8,317)	(2,410)
Ending balance (in shares)	2,718,579	2,836,619
Weighted average grant date fair value
Weighted average grant date fair value, beginning balance (in dollars per share)	$ 38.25	$ 35.81
Weighted average grant date fair value, vested (in dollars per share)	35.75	32.25
Weighted average grant date fair value, forfeited (in dollars per share)	37.94	41.50
Weighted average grant date fair value, ending balance (in dollars per share)	$ 38.26	$ 35.83
Restricted share units
Activities
Beginning balance (in shares)	114,337	103,484
Vested (in shares)	(2,056)	(1,997)
Issued in lieu of cash dividends (in shares)	790	747
Forfeited (in shares)		(893)
Ending balance (in shares)	113,071	101,341
Weighted average grant date fair value
Weighted average grant date fair value, beginning balance (in dollars per share)	$ 38.47	$ 36.54
Weighted average grant date fair value, vested (in dollars per share)	38.24	38.24
Weighted average grant date fair value, issued in lieu of cash dividends (in dollars per share)	38.47	36.54
Weighted average grant date fair value, forfeited (in dollars per share)		35.42
Weighted average grant date fair value, ending balance (in dollars per share)	$ 38.47	$ 36.51
Performance shares
Activities
Beginning balance (in shares)	172,594	106,369
Conversion adjustment (in shares)	45,517
Ending balance (in shares)	218,111	106,369
Weighted average grant date fair value
Weighted average grant date fair value, beginning balance (in dollars per share)	$ 40.70	$ 36.03
Weighted average grant date fair value, conversion adjustment (in dollars per share)	36.82
Weighted average grant date fair value, ending balance (in dollars per share)	$ 39.89	$ 36.03

Stock plans (Components of shar

Stock plans (Components of share compensation expenses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Total share compensation expenses
Share compensation expenses	$ 11,237	$ 9,054
Restricted share awards
Total share compensation expenses
Share compensation expenses	9,129	8,479
Restricted share units
Total share compensation expenses
Share compensation expenses	311	262
Performance shares
Total share compensation expenses
Share compensation expenses	$ 1,797	$ 313

Stock plans (Narrative) (Detail

Stock plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Stock plans (other details)
Number of shares reserved for issuance under the LTIP and STIP	2,753,292
Remaining number of shares reserved for issuance	1,933,932
Share compensation expenses	$ 11,237	$ 9,054
Options exercised during period (in shares)	0	(1,017,165)
Share Based Compensation Arrangement By Share Based Payment Award Options Exercised In Period Weighted Average Grant Date Fair Value	$ 0	$ 7.36
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price	$ 0	$ 16.55
Options
Stock plans (other details)
Life of options	10 years
Share compensation expenses	$ 0	$ 0
Unrecognized share compensation expenses			$ 0
Restricted share awards
Stock plans (other details)
Share compensation expenses	9,129	8,479
Unrecognized share compensation expenses	$ 60,076		$ 69,143
Weighted average period of recognizing share based compensation expenses	2 years 3 months 7 days		2 years 4 months 24 days
Restricted share units
Stock plans (other details)
Share compensation expenses	$ 311	262
Unrecognized share compensation expenses	$ 2,493		$ 2,790
Weighted average period of recognizing share based compensation expenses	2 years 4 months 13 days		2 years 7 months
Performance shares
Stock plans (other details)
Share compensation expenses	$ 1,797	$ 313
Unrecognized share compensation expenses	$ 3,893		$ 4,011
Weighted average period of recognizing share based compensation expenses	1 year 10 months 13 days		2 years 1 month 6 days
Performance share awards performance period	3 years

Debt and financing arrangemen75

Debt and financing arrangements (Schedule of finance structure) (Details) - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
Debt Instruments [Line Items]
Debt instrument, commitment		$ 848,535	$ 847,868
Debt instrument, issued and outstanding	[1]	788,335	787,668
Debt instrument, drawn		783,546	782,829
Credit facility, commitment		700,000	700,000
Credit facility, issued and outstanding	[1]	350,222	479,088
Total debt and financing arrangements, commitment		1,548,535	1,547,868
Total debt and financing arrangements, issued and outstanding	[1]	1,138,557	1,266,756
$85,000 syndicated unsecured letter of credit facility
Debt Instruments [Line Items]
Credit facility, commitment		85,000	85,000
Credit facility, issued and outstanding	[1]	0	0
$300,000 syndicated secured letter of credit facility
Debt Instruments [Line Items]
Credit facility, commitment		300,000	300,000
Credit facility, issued and outstanding	[1]	105,756	235,540
$24,000 secured bi-lateral letter of credit facility
Debt Instruments [Line Items]
Credit facility, commitment		24,000	24,000
Credit facility, issued and outstanding	[1]	11,564	10,543
AlphaCat Re secured letter of credit facility
Debt Instruments [Line Items]
Credit facility, commitment		30,000	30,000
Credit facility, issued and outstanding	[1]	30,000	30,000
IPC bi-lateral facility
Debt Instruments [Line Items]
Credit facility, commitment		25,000	25,000
Credit facility, issued and outstanding	[1]	5,483	9,241
$236,000 Flagstone bi-lateral facility
Debt Instruments [Line Items]
Credit facility, commitment		236,000	236,000
Credit facility, issued and outstanding	[1]	197,419	193,764
Total debentures payable
Debt Instruments [Line Items]
Debt instrument, commitment		598,535	597,868
Debt instrument, issued and outstanding	[1]	538,335	537,668
Debt instrument, drawn		538,335	537,668
2006 Junior Subordinated Deferrable Debentures
Debt Instruments [Line Items]
Debt instrument, commitment		150,000	150,000
Debt instrument, issued and outstanding	[1]	150,000	150,000
Debt instrument, drawn		150,000	150,000
2007 Junior Subordinated Deferrable Debentures
Debt Instruments [Line Items]
Debt instrument, commitment		200,000	200,000
Debt instrument, issued and outstanding	[1]	139,800	139,800
Debt instrument, drawn		139,800	139,800
Flagstone 2006 Junior Subordinated Deferrable Debentures
Debt Instruments [Line Items]
Debt instrument, commitment		134,785	134,118
Debt instrument, issued and outstanding	[1]	134,785	134,118
Debt instrument, drawn		134,785	134,118
Flagstone 2007 Junior Subordinated Deferrable Debentures
Debt Instruments [Line Items]
Debt instrument, commitment		113,750	113,750
Debt instrument, issued and outstanding	[1]	113,750	113,750
Debt instrument, drawn		113,750	113,750
2010 Senior Notes Due 2040
Debt Instruments [Line Items]
Debt instrument, commitment		250,000	250,000
Debt instrument, issued and outstanding	[1]	250,000	250,000
Debt instrument, drawn		$ 245,211	$ 245,161

[1]	Indicates utilization of commitment amount, not necessarily drawn borrowings.

Debt and financing arrangemen76

Debt and financing arrangements (Summary of notes and debentures) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Dec. 31, 2015
Debt Instruments [Line Items]
Commitment		$ 848,535	$ 847,868
2006 Junior Subordinated Deferrable Debentures
Debt Instruments [Line Items]
Issuance date		Jun. 15, 2006
Commitment		$ 150,000	150,000
Maturity date		Jun. 15, 2036
Interest payments due		Quarterly
Flagstone 2006 Junior Subordinated Deferrable Interest Notes
Debt Instruments [Line Items]
Issuance date		Aug. 23, 2006
Commitment		$ 134,785	134,118
Maturity date		Sep. 15, 2036
Interest payments due		Quarterly
2007 Junior Subordinated Deferrable Debentures
Debt Instruments [Line Items]
Issuance date		Jun. 21, 2007
Commitment		$ 200,000	200,000
Maturity date		Jun. 15, 2037
Interest payments due		Quarterly
Flagstone 2007 Due July 30 2037
Debt Instruments [Line Items]
Issuance date		Jun. 8, 2007
Commitment		$ 88,750
Maturity date		Jul. 30, 2037
Interest payments due		Quarterly
Flagstone 2007 Debt Due September 15 2037
Debt Instruments [Line Items]
Issuance date		Sep. 20, 2007
Commitment		$ 25,000
Maturity date		Sep. 15, 2037
Interest payments due		Quarterly
2010 Senior Notes Due 2040
Debt Instruments [Line Items]
Issuance date		Jan. 26, 2010
Commitment		$ 250,000	$ 250,000
Maturity date		Jan. 26, 2040
Interest payments due		Semi-annually in arrears
At Issuance \| 2006 Junior Subordinated Deferrable Debentures
Debt Instruments [Line Items]
Fixed interest rate (in percent)	[1]	9.069%
At Issuance \| 2006 Junior Subordinated Deferrable Debentures \| Three month LIBOR
Debt Instruments [Line Items]
Spread on variable rate (in percent)		3.55%
At Issuance \| Flagstone 2006 Junior Subordinated Deferrable Interest Notes
Debt Instruments [Line Items]
Spread on variable rate (in percent)	[2]	3.54%
At Issuance \| 2007 Junior Subordinated Deferrable Debentures
Debt Instruments [Line Items]
Fixed interest rate (in percent)	[3]	8.48%
At Issuance \| 2007 Junior Subordinated Deferrable Debentures \| Three month LIBOR
Debt Instruments [Line Items]
Spread on variable rate (in percent)		2.95%
At Issuance \| Flagstone 2007 Due July 30 2037
Debt Instruments [Line Items]
Spread on variable rate (in percent)	[2]	3.00%
At Issuance \| Flagstone 2007 Debt Due September 15 2037
Debt Instruments [Line Items]
Spread on variable rate (in percent)	[2]	3.10%
At Issuance \| 2010 Senior Notes Due 2040
Debt Instruments [Line Items]
Fixed interest rate (in percent)	[4]	8.875%
Outstanding \| 2006 Junior Subordinated Deferrable Debentures
Debt Instruments [Line Items]
Effective percentage	[5]	5.831%
Outstanding \| Flagstone 2006 Junior Subordinated Deferrable Interest Notes
Debt Instruments [Line Items]
Effective percentage	[5]	6.463%
Outstanding \| 2007 Junior Subordinated Deferrable Debentures
Debt Instruments [Line Items]
Effective percentage	[5]	5.18%
Outstanding \| Flagstone 2007 Due July 30 2037
Debt Instruments [Line Items]
Effective percentage	[5]	5.90%
Outstanding \| Flagstone 2007 Debt Due September 15 2037
Debt Instruments [Line Items]
Effective percentage	[5]	5.983%
Outstanding \| 2010 Senior Notes Due 2040
Debt Instruments [Line Items]
Fixed interest rate (in percent)	[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 arrangemen77

Debt and financing arrangements (Components of finance expenses) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Debt Instruments [Line Items]
Finance expenses		$ 15,203	$ 20,967
Credit facilities
Debt Instruments [Line Items]
Finance expenses		661	1,707
Bank charges Talbot FAL facility and other charges [Member]
Debt Instruments [Line Items]
Finance expenses	[1]	7	1,207
AlphaCat Fees
Debt Instruments [Line Items]
Finance expenses	[2]	884	4,484
2006 Junior Subordinated Deferrable Debentures
Debt Instruments [Line Items]
Finance expenses		2,211	2,187
2007 Junior Subordinated Deferrable Debentures
Debt Instruments [Line Items]
Finance expenses		1,831	1,809
Flagstone 2006 Junior Subordinated Deferrable Debentures
Debt Instruments [Line Items]
Finance expenses		2,245	2,218
Flagstone 2007 Junior Subordinated Deferrable Debentures
Debt Instruments [Line Items]
Finance expenses		1,767	1,758
2010 Senior Notes Due 2040
Debt Instruments [Line Items]
Finance expenses		$ 5,597	$ 5,597

[1]	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.
[2]	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 arrangemen78

Debt and financing arrangements (Narrative) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Dec. 31, 2015
Senior Notes and Junior Debentures
Long-term Debt		$ 538,335	$ 537,668
Credit Facilities
Credit facility, commitment		700,000	700,000
Credit facility, issued and outstanding	[1]	350,222	479,088
$85,000 syndicated unsecured letter of credit facility
Credit Facilities
Credit facility, commitment		$ 85,000	85,000
Line of credit facility initiation date		Dec. 9, 2015
Letter of credit facility period		5 years
Aggregate commitments, maximum		$ 150,000
Credit facility, issued and outstanding	[1]	0	0
$300,000 syndicated secured letter of credit facility
Credit Facilities
Credit facility, commitment		$ 300,000	300,000
Line of credit facility initiation date		Dec. 9, 2015
Letter of credit facility period		5 years
Aggregate commitments, maximum		$ 400,000
Credit facility, issued and outstanding	[1]	105,756	235,540
Five year credit facilities
Credit Facilities
Minimum level of consolidated net worth		$ 2,600,000
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
IPC bi-lateral facility
Credit Facilities
Credit facility, commitment		$ 25,000	25,000
Credit facility, issued and outstanding	[1]	5,483	9,241
$24,000 secured bi-lateral letter of credit facility
Credit Facilities
Credit facility, commitment		24,000	24,000
Credit facility, issued and outstanding	[1]	11,564	10,543
AlphaCat Re secured letter of credit facility
Credit Facilities
Credit facility, commitment		30,000	30,000
Credit facility, issued and outstanding	[1]	30,000	30,000
$236,000 Flagstone bi-lateral facility
Credit Facilities
Credit facility, commitment		236,000	236,000
Credit facility, issued and outstanding	[1]	197,419	$ 193,764
2010 Senior Notes Due 2040
Senior Notes and Junior Debentures
Long-term Debt		$ 250,000
2010 Senior Notes Due 2040 \| Minimum
Senior Notes and Junior Debentures
Debt Instrument Redemption Required Notice Period		30 days
2010 Senior Notes Due 2040 \| Maximum
Senior Notes and Junior Debentures
Debt Instrument Redemption Required Notice Period		60 days
Junior subordinated deeferrable debentures
Senior Notes and Junior Debentures
Long-term Debt		$ 538,335
Debt Instrument Redemption Period Duration		5 years
At Issuance \| 2006 Junior Subordinated Deferrable Debentures
Debt and financing arrangements [Line Items]
Interest Rate Term		5 years
At Issuance \| 2007 Junior Subordinated Deferrable Debentures
Debt and financing arrangements [Line Items]
Interest Rate Term		5 years
Three month LIBOR \| At Issuance \| 2006 Junior Subordinated Deferrable Debentures
Debt and financing arrangements [Line Items]
Spread on variable rate (in percent)		3.55%
Three month LIBOR \| At Issuance \| 2007 Junior Subordinated Deferrable Debentures
Debt and financing arrangements [Line Items]
Spread on variable rate (in percent)		2.95%

[1]	Indicates utilization of commitment amount, not necessarily drawn borrowings.

Accumulated other comprehensi79

Accumulated other comprehensive loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	$ (12,569)	$ (8,556)
Net current period other comprehensive loss, net of tax	(2,869)	(4,085)
Balance, end of period	(15,438)	(12,641)
Foreign currency translation adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	(11,834)	(8,118)
Net current period other comprehensive loss, net of tax	(2,028)	(3,019)
Balance, end of period	(13,862)	(11,137)
Minimum pension liability
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	334	(210)
Net current period other comprehensive loss, net of tax	(83)	(265)
Balance, end of period	251	(475)
Cash flow hedge
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period	(1,069)	(228)
Net current period other comprehensive loss, net of tax	(758)	(801)
Balance, end of period	$ (1,827)	$ (1,029)

Commitments and contingencies (

Commitments and contingencies (Lloyd's syndicate) (Details) - 3 months ended Mar. 31, 2016 - 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 $1.43	£1 equals $1.43
Maximum premium levies assessable, amount	$ 25,740
2016 Underwriting year
Components Of Required Capital [Abstract]
Total	617,000
2015 Underwriting year
Components Of Required Capital [Abstract]
Total	$ 595,100

Commitments and contingencies81

Commitments and contingencies (Aquiline commitment) (Details) - USD ($) $ in Thousands	Nov. 07, 2014	Oct. 02, 2014	Mar. 31, 2016	Dec. 31, 2015
Aquiline Capital Partners II GP Offshore Ltd
Related Party Transaction [Line Items]
Total capital commitment			$ 50,000
Remaining capital commitment			2,934	$ 3,413
Western World \| Aquiline Capital Partners II GP Offshore Ltd
Related Party Transaction [Line Items]
Total capital commitment		$ 10,000
Remaining capital commitment			587	683
Aquiline Financial Services Fund III LP
Related Party Transaction [Line Items]
Total capital commitment	$ 100,000
Remaining capital commitment			$ 86,110	$ 86,110

Commitments and contingencies82

Commitments and contingencies (Other investment commitments) (Details) - USD ($) $ in Thousands	Dec. 30, 2015	Dec. 29, 2014	Mar. 31, 2016	Dec. 31, 2015
Fixed maturity commitment
Other Commitments [Line Items]
Remaining commitment			$ 35,431	$ 34,888
Loan Origination Commitments [Member]
Other Commitments [Line Items]
Capital commitment			25,000
Remaining commitment			12,588
Investment commitment
Other Commitments [Line Items]
Capital commitment			273,000	263,000
Remaining commitment			190,780	185,548
Fund A
Other Commitments [Line Items]
Remaining capital commitment			9,000	10,000
Total capital commitment	$ 20,000	$ 20,000
Fund B
Other Commitments [Line Items]
Remaining capital commitment			$ 8,643	$ 9,536
Total capital commitment	$ 25,000

Related party transactions (Det

Related party transactions (Details) $ in Thousands	Nov. 07, 2014USD ($)	Oct. 02, 2014USD ($)	Dec. 20, 2011USD ($)	Mar. 31, 2016USD ($)Employeeshares	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)	Nov. 24, 2015USD ($)
Aquiline Capital Partners LLC
Related Party Transaction [Line Items]
Shares owned by related party \| shares				1,002,338
Related parties number of employees \| Employee				2
Group Ark Insurance Holdings Ltd
Related Party Transaction [Line Items]
Gross premiums written				$ 1,906	$ 1,870
Premiums receivable				1,384		$ 82
Reinsurance premiums ceded				17	29
Reinsurance balances payable				4		4
Loss reserves recoverable				808		790
Earned premium adjustments				526	783
Conning Inc
Related Party Transaction [Line Items]
Investment management fees					285
Aquiline Capital Partners II GP Offshore Ltd
Related Party Transaction [Line Items]
Accounts payable and accrued expenses				$ 0		0
Percentage of Assignor's interest assumed				100.00%
Total capital commitment				$ 50,000
Partnership fees incurred				0	448
Payments to Acquire Limited Partnership Interests				$ 575	5,562
Aquiline Financial Services Fund II LP
Related Party Transaction [Line Items]
Percentage of Assignor's interest assumed				100.00%
Total capital commitment		$ 10,000	$ 50,000
Aquiline Financial Services Fund III LP
Related Party Transaction [Line Items]
Accounts payable and accrued expenses				$ 0		$ 0
Total capital commitment	$ 100,000
Partnership fees incurred				0	870
Payments to Acquire Limited Partnership Interests				$ 0	$ 14,138
Western World \| Aquiline Capital Partners II GP Offshore Ltd
Related Party Transaction [Line Items]
Total capital commitment		$ 10,000
WRM America Indemnity Company Inc [Member] \| Western World
Related Party Transaction [Line Items]
Capital commitment							$ 3,750

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Basic earnings per share
Net income	$ 204,341	$ 191,589
Loss (income) attributable to noncontrolling interest	(37,531)	(18,178)
Net income available to Validus	166,810	173,411
Less: Dividends and distributions declared on outstanding warrants	0	(1,405)
Income available to common shareholders	$ 166,810	$ 172,006
Weighted average number of common shares outstanding	82,821,261	83,251,243
Basic earnings per share available to common shareholders	$ 2.01	$ 2.07
Earnings per diluted share
Net income	$ 204,341	$ 191,589
Loss (income) attributable to noncontrolling interest	(37,531)	(18,178)
Net income available to Validus	166,810	173,411
Less: Dividends and distributions declared on outstanding warrants	0	0
Income available to common shareholders	$ 166,810	$ 173,411
Weighted average number of common shares outstanding	82,821,261	83,251,243
Weighted average number of diluted common shares outstanding	84,198,315	87,583,129
Earnings per diluted share available to common shareholders	$ 1.98	$ 1.98
Other details:
Anti-dilutive securities excluded from the calculation of diluted earnings per share	0	645
Warrants
Earnings per diluted share
Weighted average number of diluted common shares outstanding, aggregate	0	2,745,066
Stock options
Earnings per diluted share
Weighted average number of diluted common shares outstanding, aggregate	35,878	473,424
Unvested restricted shares
Earnings per diluted share
Weighted average number of diluted common shares outstanding, aggregate	1,341,176	1,113,396

Segment information (Details)

Segment information (Details) $ in Thousands		3 Months Ended
Segment information (Details) $ in Thousands		Mar. 31, 2016USD ($)segments	Mar. 31, 2015USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segments		4
Underwriting income
Gross premiums written		$ 1,172,791	$ 1,119,224
Reinsurance premiums ceded		(167,835)	(191,325)
Net premiums written		1,004,956	927,899
Change in unearned premiums		(433,688)	(352,009)
Net premiums earned		571,268	575,890
Other insurance related income (loss)		736	940
Segmental revenues		572,004	576,830
Underwriting deductions
Losses and loss expenses	[1]	224,447	240,929
Policy acquisition costs		107,193	98,411
General and administrative expenses		86,208	84,235
Share compensation expenses		11,237	9,054
Total underwriting deductions		429,085	432,629
Segmental income		142,919	144,201
Other items	[2]	36,561	16,359
Net investment income		29,461	31,029
(Income) attributable to AlphaCat investors		(4,600)	0
Net (income) attributable to noncontrolling interest		(37,531)	(18,178)
Finance expenses		15,203	20,967
Tax (benefit) expense		2,118	(2,565)
Net realized gains on investments		(584)	4,169
Change in net unrealized gains on investments (a)		47,444	33,227
(Loss) income from investment affiliate		(4,113)	2,776
Foreign exchange gains (losses)		6,245	(4,265)
Net income available to Validus		166,810	173,411
Operating Segments \| Validus Re
Underwriting income
Gross premiums written		691,668	711,693
Reinsurance premiums ceded		(92,495)	(113,777)
Net premiums written		599,173	597,916
Change in unearned premiums		(355,342)	(344,828)
Net premiums earned		243,831	253,088
Other insurance related income (loss)		(315)	315
Segmental revenues		243,516	253,403
Underwriting deductions
Losses and loss expenses		82,868	113,128
Policy acquisition costs		42,259	42,094
General and administrative expenses		17,179	19,509
Share compensation expenses		2,901	2,578
Total underwriting deductions		145,207	177,309
Segmental income		98,309	76,094
Validus share of segmental income		$ 98,309	$ 76,094
Selected ratios:
Net premiums written / Gross premiums written		86.60%	84.00%
Losses and loss expenses		34.00%	44.70%
Policy acquisition costs		17.40%	16.70%
General and administrative expenses	[3]	8.20%	8.70%
Expense ratio		25.60%	25.40%
Combined ratio		59.60%	70.10%
Operating Segments \| Talbot Segment
Underwriting income
Gross premiums written		$ 266,317	$ 270,077
Reinsurance premiums ceded		(87,458)	(91,075)
Net premiums written		178,859	179,002
Change in unearned premiums		27,933	43,587
Net premiums earned		206,792	222,589
Other insurance related income (loss)		11	54
Segmental revenues		206,803	222,643
Underwriting deductions
Losses and loss expenses		100,101	78,128
Policy acquisition costs		44,343	49,104
General and administrative expenses		38,535	36,494
Share compensation expenses		3,522	2,957
Total underwriting deductions		186,501	166,683
Segmental income		20,302	55,960
Validus share of segmental income		$ 20,302	$ 55,960
Selected ratios:
Net premiums written / Gross premiums written		67.20%	66.30%
Losses and loss expenses		48.40%	35.10%
Policy acquisition costs		21.50%	22.10%
General and administrative expenses	[3]	20.30%	17.70%
Expense ratio		41.80%	39.80%
Combined ratio		90.20%	74.90%
Operating Segments \| Western World
Underwriting income
Gross premiums written		$ 63,959	$ 56,947
Reinsurance premiums ceded		(4,139)	(3,233)
Net premiums written		59,820	53,714
Change in unearned premiums		1,679	14,168
Net premiums earned		61,499	67,882
Other insurance related income (loss)		288	263
Segmental revenues		61,787	68,145
Underwriting deductions
Losses and loss expenses		39,646	50,517
Policy acquisition costs		14,200	4,279
General and administrative expenses		12,075	10,627
Share compensation expenses		581	477
Total underwriting deductions		66,502	65,900
Segmental income		(4,715)	2,245
Validus share of segmental income		$ (4,715)	$ 2,245
Selected ratios:
Net premiums written / Gross premiums written		93.50%	94.30%
Losses and loss expenses		64.50%	74.40%
Policy acquisition costs		23.10%	6.30%
General and administrative expenses	[3]	20.50%	16.40%
Expense ratio		43.60%	22.70%
Combined ratio		108.10%	97.10%
Operating Segments \| AlphaCat
Underwriting income
Gross premiums written	[4]	$ 167,348	$ 101,805
Third party management fees	[4]	4,727	4,537
Related party management fees	[4]	891	1,186
Segmental revenues	[4]	5,618	5,723
Underwriting deductions
General and administrative expenses	[4]	1,482	2,429
Share compensation expenses	[4]	141	149
Total underwriting deductions	[4]	2,439	6,993
Segmental income	[4]	3,179	(1,270)
Net investment income	[4],[5]	5,607	9,037
Finance expenses	[4]	808	4,428
Foreign exchange gains (losses)	[4]	(8)	13
Operating Segments \| AlphaCat \| AlphaCat sidecars
Underwriting income
Gross premiums written	[4]	(52)	40,106
Underwriting deductions
Net investment income	[4],[5]	124	1,168
Operating Segments \| AlphaCat \| AlphaCat ILS funds - Lower Risk (a)
Underwriting income
Gross premiums written	[4],[6]	59,958	42,748
Underwriting deductions
Net investment income	[4],[5],[6]	2,507	1,286
Operating Segments \| AlphaCat \| AlphaCat ILS funds - Higher Risk (a)
Underwriting income
Gross premiums written	[4],[6]	96,320	18,951
Underwriting deductions
Net investment income	[4],[5],[6]	2,436	2,425
Operating Segments \| AlphaCat \| BetaCat ILS funds
Underwriting deductions
Net investment income	[4],[5]	563	174
Operating Segments \| AlphaCat \| PaCRe funds
Underwriting deductions
Net investment income	[4],[5]	(23)	3,984
Operating Segments \| AlphaCat \| AlphaCat direct
Underwriting income
Gross premiums written	[4],[7]	11,122	0
Operating Segments \| AlphaCat And Consolidated Variable Interest Entities
Underwriting income
Gross premiums written		167,348	101,805
Reinsurance premiums ceded		(244)	(4,538)
Net premiums written		167,104	97,267
Change in unearned premiums		(107,958)	(64,936)
Net premiums earned		59,146	32,331
Other insurance related income (loss)		5,665	5,924
Segmental revenues		64,811	38,255
Underwriting deductions
Losses and loss expenses		1,832	(844)
Policy acquisition costs		6,157	3,435
General and administrative expenses		7,456	7,254
Share compensation expenses		141	149
Total underwriting deductions		15,586	9,994
Segmental income		49,225	28,261
Other items	[2]	154	(3,909)
Net investment income		1,538	1,593
(Income) attributable to AlphaCat investors		(4,600)
Net (income) attributable to noncontrolling interest		(37,531)
Validus share of segmental income	[4]	8,786	7,767
Corporate and investment
Underwriting deductions
General and administrative expenses		16,183	15,606
Share compensation expenses		4,092	2,893
Total underwriting deductions		20,275	18,499
Segmental income		(20,275)	(18,499)
Other items	[2]	36,407	20,268
Net investment income	[8]	27,923	29,436
Finance expenses	[8]	14,341	15,336
Tax (benefit) expense		2,118	(2,565)
Total expenses		32,498	36,400
Validus share of segmental income		44,055	31,205
Net realized gains on investments	[8]	(1,086)	4,180
Change in net unrealized gains on investments (a)	[8]	47,078	34,669
(Loss) income from investment affiliate		(4,113)	2,776
Foreign exchange gains (losses)	[8]	6,074	(3,456)
Other income		677	0
Total other items		48,630	38,169
Eliminations
Underwriting income
Gross premiums written		(16,501)	(21,298)
Reinsurance premiums ceded		16,501	21,298
Other insurance related income (loss)		(4,913)	(5,616)
Segmental revenues		(4,913)	(5,616)
Underwriting deductions
Policy acquisition costs		234	(501)
General and administrative expenses		(5,220)	(5,255)
Total underwriting deductions		(4,986)	(5,756)
Segmental income		73	140
Validus share of segmental income		$ 73	$ 140

[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 amortized to income through a reduction in losses and loss expenses of $3,223 during the three months ended March 31, 2015, benefiting the loss ratio by 4.7 percentage points. The remaining fair value adjustment of $7,756 was fully amortized during 2015.
[2]	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).
[3]	The general and administrative expense ratio includes share compensation expenses.
[4]	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.
[5]	The investment income from the AlphaCat funds and sidecars is based on equity accounting.
[6]	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.
[7]	AlphaCat Direct includes direct investments from third party investors in AlphaCat Re.
[8]	These items exclude the components which are included in Validus' share of AlphaCat and amounts which are consolidated from VIEs.

Segment information (Segment ge

Segment information (Segment geographic) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		$ 1,172,791	$ 1,119,224
Percent of gross premiums written		100.00%	100.00%
United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		$ 409,716	$ 435,710
Percent of gross premiums written		35.00%	38.90%
Worldwide excluding United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	$ 81,304	$ 74,739
Percent of gross premiums written	[1]	6.90%	6.80%
Australia and New Zealand
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		$ 11,183	$ 11,589
Percent of gross premiums written		1.00%	1.00%
Europe
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		$ 38,855	$ 38,568
Percent of gross premiums written		3.30%	3.40%
Latin America and Caribbean
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		$ 34,363	$ 28,046
Percent of gross premiums written		2.90%	2.50%
Japan
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		$ 2,965	$ 2,125
Percent of gross premiums written		0.30%	0.20%
Canada
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		$ 2,717	$ 4,001
Percent of gross premiums written		0.20%	0.40%
Rest of the world
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[2]	$ 42,287	$ 39,412
Percent of gross premiums written	[2]	3.60%	3.50%
Sub-total, non United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		$ 213,674	$ 198,480
Percent of gross premiums written		18.20%	17.80%
Worldwide including United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	$ 246,770	$ 172,894
Percent of gross premiums written	[1]	21.00%	15.40%
Other location non-specific
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[3]	$ 302,631	$ 312,140
Percent of gross premiums written	[3]	25.80%	27.90%
Operating Segments \| Validus Re
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		$ 691,668	$ 711,693
Operating Segments \| Validus Re \| United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		295,394	339,014
Operating Segments \| Validus Re \| Worldwide excluding United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	30,264	34,966
Operating Segments \| Validus Re \| Australia and New Zealand
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		4,923	9,864
Operating Segments \| Validus Re \| Europe
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		22,467	24,735
Operating Segments \| Validus Re \| Latin America and Caribbean
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		13,582	9,248
Operating Segments \| Validus Re \| Japan
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		872	1,384
Operating Segments \| Validus Re \| Canada
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		1,676	2,185
Operating Segments \| Validus Re \| Rest of the world
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[2]	16,688	18,654
Operating Segments \| Validus Re \| Sub-total, non United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		90,472	101,036
Operating Segments \| Validus Re \| Worldwide including United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	111,777	84,844
Operating Segments \| Validus Re \| Other location non-specific
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[3]	194,025	186,799
Operating Segments \| Talbot Segment
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		266,317	270,077
Operating Segments \| Talbot Segment \| United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		26,110	28,058
Operating Segments \| Talbot Segment \| Worldwide excluding United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	35,504	34,942
Operating Segments \| Talbot Segment \| Australia and New Zealand
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		2,312	1,876
Operating Segments \| Talbot Segment \| Europe
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		13,861	13,214
Operating Segments \| Talbot Segment \| Latin America and Caribbean
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		23,807	22,692
Operating Segments \| Talbot Segment \| Japan
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		617	754
Operating Segments \| Talbot Segment \| Canada
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		1,092	1,698
Operating Segments \| Talbot Segment \| Rest of the world
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[2]	27,484	23,006
Operating Segments \| Talbot Segment \| Sub-total, non United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		104,677	98,182
Operating Segments \| Talbot Segment \| Worldwide including United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	28,454	21,794
Operating Segments \| Talbot Segment \| Other location non-specific
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[3]	107,076	122,043
Operating Segments \| Western World
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		63,959	56,947
Operating Segments \| Western World \| United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		63,959	56,947
Operating Segments \| Western World \| Worldwide excluding United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	0	0
Operating Segments \| Western World \| Australia and New Zealand
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		0	0
Operating Segments \| Western World \| Europe
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		0	0
Operating Segments \| Western World \| Latin America and Caribbean
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		0	0
Operating Segments \| Western World \| Japan
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		0	0
Operating Segments \| Western World \| Canada
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		0	0
Operating Segments \| Western World \| Rest of the world
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[2]	0	0
Operating Segments \| Western World \| Sub-total, non United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		0	0
Operating Segments \| Western World \| Worldwide including United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	0	0
Operating Segments \| Western World \| Other location non-specific
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[3]	0	0
Operating Segments \| AlphaCat
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[4]	167,348	101,805
Operating Segments \| AlphaCat \| United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		25,391	13,145
Operating Segments \| AlphaCat \| Worldwide excluding United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	16,011	5,833
Operating Segments \| AlphaCat \| Australia and New Zealand
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		4,082	0
Operating Segments \| AlphaCat \| Europe
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		3,451	1,439
Operating Segments \| AlphaCat \| Latin America and Caribbean
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		0	0
Operating Segments \| AlphaCat \| Japan
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		1,500	0
Operating Segments \| AlphaCat \| Canada
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		0	194
Operating Segments \| AlphaCat \| Rest of the world
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[2]	0	0
Operating Segments \| AlphaCat \| Sub-total, non United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		25,044	7,466
Operating Segments \| AlphaCat \| Worldwide including United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	115,373	77,894
Operating Segments \| AlphaCat \| Other location non-specific
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[3]	1,540	3,300
Eliminations
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		(16,501)	(21,298)
Eliminations \| United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		(1,138)	(1,454)
Eliminations \| Worldwide excluding United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	(475)	(1,002)
Eliminations \| Australia and New Zealand
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		(134)	(151)
Eliminations \| Europe
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		(924)	(820)
Eliminations \| Latin America and Caribbean
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		(3,026)	(3,894)
Eliminations \| Japan
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		(24)	(13)
Eliminations \| Canada
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		(51)	(76)
Eliminations \| Rest of the world
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[2]	(1,885)	(2,248)
Eliminations \| Sub-total, non United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		(6,519)	(8,204)
Eliminations \| Worldwide including United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	(8,834)	(11,638)
Eliminations \| Other location non-specific
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[3]	$ (10)	$ (2)

[1]	Represents risks in two or more geographic zones.
[2]	Represents risks in one geographic zone.
[3]	The Other locations non-specific category refers to business for which an analysis of exposure by geographic zone is not applicable, such as marine and aerospace risks, since these exposures can span multiple geographic areas and, in some instances, are not fixed locations.
[4]	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.

Segment information (Narrative)

Segment information (Narrative) (Details)	3 Months Ended
Segment information (Narrative) (Details)	Mar. 31, 2016segments
Segment Reporting [Abstract]
Number of operating segments	4

Subsequent events (Details)

Subsequent events (Details) - $ / shares	May. 05, 2016	Mar. 31, 2016	Mar. 31, 2015
Subsequent Event [Line Items]
Cash dividends declared per share		$ 0.35	$ 0.32
Common shares
Subsequent Event [Line Items]
Cash dividends declared per share		$ 0.35	$ 0.32
Subsequent Event \| Common shares
Subsequent Event [Line Items]
Cash dividends declared per share	$ 0.35