Validus 10-Q 5 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 03, 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	Jun. 30, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		80,337,635

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Assets
Fixed maturities trading, at fair value (amortized cost: 2016—$5,524,027; 2015—$5,556,900)	$ 5,551,586	$ 5,510,331
Short-term investments trading, at fair value (amortized cost: 2016—$2,369,704; 2015—$1,941,615)	2,369,654	1,941,635
Other investments, at fair value (cost: 2016—$338,669; 2015—$315,963)	359,526	336,856
Cash and cash equivalents	568,798	723,109
Restricted cash	96,022	73,270
Total investments and cash	8,945,586	8,585,201
Investments in affiliates, equity method (cost: 2016—$86,101; 2015—$70,186)	99,278	88,065
Premiums receivable	1,372,000	658,682
Deferred acquisition costs	283,213	181,002
Prepaid reinsurance premiums	145,567	77,992
Securities lending collateral	10,224	4,863
Loss reserves recoverable	442,987	350,586
Paid losses recoverable	27,648	23,071
Income taxes recoverable	8,526	16,228
Deferred tax asset	23,745	21,661
Receivable for investments sold	13,736	39,766
Intangible assets	118,426	121,258
Goodwill	196,758	196,758
Accrued investment income	24,925	23,897
Other assets	105,625	126,782
Total assets	11,818,244	10,515,812
Liabilities
Reserve for losses and loss expenses	3,122,717	2,996,567
Unearned premiums	1,621,563	966,210
Reinsurance balances payable	92,488	75,380
Securities lending payable	10,690	5,329
Deferred tax liability	3,552	3,847
Payable for investments purchased	52,718	77,475
Accounts payable and accrued expenses	149,593	627,331
Notes payable to AlphaCat investors	370,982	75,493
Senior notes payable	245,261	245,161
Debentures payable	537,987	537,668
Total liabilities	6,207,551	5,610,461
Commitments and contingent liabilities
Redeemable noncontrolling interest	1,532,283	1,111,714
Shareholders' equity
Preferred shares (Issued and Outstanding: 2016—6,000; 2015—nil)	150,000	0
Common shares (Issued: 2016—161,252,871; 2015—160,570,772; Outstanding: 2016—80,772,238; 2015—82,900,617)	28,219	28,100
Treasury shares (2016—80,480,633; 2015—77,670,155)	(14,084)	(13,592)
Additional paid-in capital	883,701	1,002,980
Accumulated other comprehensive loss	(18,182)	(12,569)
Retained earnings	2,836,602	2,634,056
Total shareholders' equity available to Validus	3,866,256	3,638,975
Noncontrolling interest	212,154	154,662
Total shareholders' equity	4,078,410	3,793,637
Total liabilities, noncontrolling interests and shareholders’ equity	$ 11,818,244	$ 10,515,812

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Assets
Fixed maturities, at amortized cost or cost	$ 5,524,027	$ 5,556,900
Short-term investments, at amortized cost or cost	2,369,704	1,941,615
Other investments, at amortized cost or cost	338,669	315,963
Investments in and advance to affiliates, subsidiaries, associates, and joint ventures, at cost	$ 86,101	$ 70,186
Preferred shares - Shareholders' Equity
Preferred shares, shares issued	6,000	0
Preferred shares, shares outstanding	6,000	0
Common Shares - Shareholders' Equity
Common shares, shares issued	161,252,871	160,570,772
Common shares, shares outstanding	80,772,238	82,900,617
Treasury stock, common shares	80,480,633	77,670,155

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues
Gross premiums written		$ 764,042	$ 726,168	$ 1,936,833	$ 1,845,392
Reinsurance premiums ceded		(36,229)	(55,418)	(204,064)	(246,743)
Net premiums written		727,813	670,750	1,732,769	1,598,649
Change in unearned premiums		(154,090)	(98,062)	(587,778)	(450,071)
Net premiums earned		573,723	572,688	1,144,991	1,148,578
Net investment income		39,257	33,611	68,718	64,640
Net realized gains on investments		2,724	2,244	2,140	6,413
Change in net unrealized gains (losses) on investments		31,428	(34,676)	78,872	(1,449)
(Loss) income from investment affiliate		(589)	284	(4,702)	3,060
Other insurance related income and other income		824	100	2,237	1,040
Foreign exchange gains (losses)		6,286	(2,671)	12,531	(6,936)
Total revenues		653,653	571,580	1,304,787	1,215,346
Expenses
Losses and loss expenses	[1]	307,130	266,146	531,577	507,075
Policy acquisition costs		107,966	104,323	215,159	202,734
General and administrative expenses		89,688	84,025	175,896	168,260
Share compensation expenses		10,727	9,242	21,964	18,296
Finance expenses		14,166	18,682	29,369	39,649
Total expenses		529,677	482,418	973,965	936,014
Income before taxes, income from operating affiliates and (income) attributable to AlphaCat investors		123,976	89,162	330,822	279,332
Tax (expense) benefit		(1,706)	(2,549)	412	(5,114)
Income (loss) from operating affiliates		0	1,738	(23)	5,722
(Income) attributable to AlphaCat investors		(6,114)	0	(10,714)	0
Net income		116,156	88,351	320,497	279,940
Net (income) attributable to noncontrolling interest		(21,193)	(22,561)	(58,724)	(40,739)
Net income available to Validus		94,963	65,790	261,773	239,201
Dividends on preferred shares		0	0	0	0
Net income available to Validus common shareholders		94,963	65,790	261,773	239,201
Comprehensive income
Net income		116,156	88,351	320,497	279,940
Other comprehensive (loss) income
Change in foreign currency translation adjustments		(3,287)	2,763	(5,315)	(256)
Change in minimum pension liability, net of tax		479	422	396	157
Change in fair value of cash flow hedge		64	390	(694)	(411)
Other comprehensive (loss) income		(2,744)	3,575	(5,613)	(510)
Comprehensive (income) attributable to noncontrolling interest		(21,193)	(22,561)	(58,724)	(40,739)
Comprehensive income available to Validus		$ 92,219	$ 69,365	$ 256,160	$ 238,691
Weighted average number of common shares and common share equivalents outstanding
Basic		81,950,833	84,003,549	82,386,047	83,627,396
Diluted		83,373,003	87,313,154	83,785,659	87,448,142
Basic earnings per share available to common shareholders		$ 1.16	$ 0.77	$ 3.18	$ 2.83
Earnings per diluted share available to Validus common shareholders		1.14	0.75	3.12	2.74
Cash dividends declared per share		$ 0.35	$ 0.32	$ 0.7	$ 0.64
[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 $2,892 and $6,115, respectively, during the three and six months ended June 30, 2015, benefiting the loss ratio by 4.4 and 4.6 percentage points, respectively. The remaining fair value adjustment of $4,864 was fully amortized during 2015.

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Preferred Stock	Common shares	Treasury shares	Additional paid-in capital	Accumulated other comprehensive loss	Retained earnings
Balance - Beginning of period at Dec. 31, 2014		$ 0	$ 27,222	$ (12,545)	$ 1,207,493	$ (8,556)	$ 2,372,972
Preferred shares issued		0
Offering expenses on preferred shares					0
Common shares issued, net			494		14,366
Repurchase of common shares				(595)	(142,628)
Share compensation expenses					18,296
Dividends on preferred shares							0
Dividends on common shares							(57,874)
Other comprehensive (loss) income	$ (510)					(510)
Net income	279,940						279,940
Net (income) attributable to noncontrolling interest	(40,739)						(40,739)
Balance - End of period at Jun. 30, 2015	3,657,336	0	27,716	(13,140)	1,097,527	(9,066)	2,554,299
Noncontrolling interest at Jun. 30, 2015	153,523
Total shareholders' equity at Jun. 30, 2015	3,810,859
Balance - Beginning of period at Dec. 31, 2015	3,638,975	0	28,100	(13,592)	1,002,980	(12,569)	2,634,056
Preferred shares issued		150,000
Offering expenses on preferred shares					(5,148)
Common shares issued, net			119		(7,504)
Repurchase of common shares				(492)	(128,591)
Share compensation expenses					21,964
Dividends on preferred shares							0
Dividends on common shares							(59,227)
Other comprehensive (loss) income	(5,613)					(5,613)
Net income	320,497						320,497
Net (income) attributable to noncontrolling interest	(58,724)						(58,724)
Balance - End of period at Jun. 30, 2016	3,866,256	$ 150,000	$ 28,219	$ (14,084)	$ 883,701	$ (18,182)	$ 2,836,602
Noncontrolling interest at Jun. 30, 2016	212,154
Total shareholders' equity at Jun. 30, 2016	$ 4,078,410

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows provided by operating activities
Net income	$ 320,497	$ 279,940
Adjustments to reconcile net income to cash provided by operating activities:
Share compensation expenses	21,964	18,296
Amortization of discount on senior notes	54	54
Loss (income) from investment affiliate	4,702	(3,060)
Net realized gains on investments	(2,140)	(6,413)
Change in net unrealized (gains) losses on investments	(78,872)	1,449
Amortization of intangible assets	2,832	2,832
Loss (income) from operating affiliates	23	(5,722)
Foreign exchange (gains) losses included in net income	(6,289)	7,729
Amortization of premium on fixed maturities	8,710	12,395
Change in:
Premiums receivable	(719,070)	(566,100)
Deferred acquisition costs	(102,211)	(92,020)
Prepaid reinsurance premiums	(67,575)	(79,304)
Loss reserves recoverable	(95,429)	644
Paid losses recoverable	(4,571)	(2,253)
Income taxes recoverable	7,423	(13,931)
Deferred tax asset	(2,529)	908
Accrued investment income	(1,183)	984
Other assets	(5,272)	90,625
Reserve for losses and loss expenses	147,305	(50,240)
Unearned premiums	655,353	529,374
Reinsurance balances payable	18,610	(34,472)
Deferred tax liability	(308)	2,329
Accounts payable and accrued expenses	(32,581)	(61,570)
Net cash provided by operating activities	69,443	32,474
Cash flows used in investing activities
Proceeds on sales of fixed maturity investments	1,376,077	2,237,966
Proceeds on maturities of fixed maturity investments	184,413	186,594
Purchases of fixed maturity investments	(1,537,608)	(2,337,990)
Purchases of short-term investments, net	(428,040)	(154,804)
(Purchases) sales of other investments, net	(19,796)	4,101
Increase in securities lending collateral	(5,361)	(6,551)
Redemption from operating affiliates	369	0
(Increase) decrease in restricted cash	(22,752)	32,984
Net cash used in investing activities	(469,003)	(60,815)
Cash flows provided by (used in) financing activities
Net proceeds on issuance of notes payable to AlphaCat investors	294,748	0
Net proceeds on issuance of preferred shares	144,852	0
Issuance of common shares, net	(7,385)	14,860
Purchases of common shares under share repurchase program	(129,083)	(143,223)
Dividends paid on preferred shares	0	0
Dividends paid on common shares	(59,961)	(58,718)
Increase in securities lending payable	5,361	6,551
Third party investment in redeemable noncontrolling interest	381,250	452,700
Third party redemption of redeemable noncontrolling interest	(10,800)	(80,433)
Third party investment in noncontrolling interest	171,674	9,600
Third party distributions of noncontrolling interest	(127,103)	(158,175)
Third party subscriptions deployed on AlphaCat Funds and Sidecars	(411,336)	(117,400)
Net cash provided by (used in) financing activities	252,217	(74,238)
Effect of foreign currency rate changes on cash and cash equivalents	(6,968)	(8,730)
Net decrease in cash and cash equivalents	(154,311)	(111,309)
Cash and cash equivalents - beginning of period	723,109	550,401
Cash and cash equivalents - end of period	568,798	439,092
Taxes paid during the period	3,837	14,192
Interest paid during the period	27,552	27,248
Investment affiliate
Adjustments to reconcile net income to cash provided by operating activities:
Loss (income) from investment affiliate	4,702	(3,060)
Cash flows used in investing activities
Investment in investment affiliates, net	$ (16,305)	$ (23,115)

Basis of preparation and consol

Basis of preparation and consolidation	6 Months Ended
	Jun. 30, 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 ("ASU") 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 six months ended June 30, 2015 was a gain of $405 . The following tables present the impact of the application of the amended accounting guidance on the Company's Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2015 and Consolidated Statement of Cash Flows for the six months ended June 30, 2015 : Three Months Ended June 30, 2015 As previously reported Adjustment for adoption of new consolidation guidance Revised Total revenues $ 591,492 $ (19,912 ) $ 571,580 Total expenses 480,511 1,907 482,418 Net income 81,657 6,694 88,351 Net (income) attributable to noncontrolling interest (17,644 ) (4,917 ) (22,561 ) Net income available to Validus 64,013 1,777 65,790 Comprehensive income available to Validus 67,588 1,777 69,365 Basic earnings per share available to common shareholders $ 0.75 $ 0.02 $ 0.77 Earnings per diluted share available to common shareholders $ 0.73 $ 0.02 $ 0.75 Six Months Ended June 30, 2015 As previously reported Adjustment for adoption of new consolidation guidance Revised Total revenues $ 1,280,697 $ (65,351 ) $ 1,215,346 Total expenses 934,010 2,004 936,014 Net income 294,045 (14,105 ) 279,940 Net (income) attributable to noncontrolling interest (56,621 ) 15,882 (40,739 ) Net income available to Validus 237,424 1,777 239,201 Comprehensive income available to Validus 236,914 1,777 238,691 Basic earnings per share available to common shareholders $ 2.81 $ 0.02 $ 2.83 Earnings per diluted share available to common shareholders $ 2.72 $ 0.02 $ 2.74 Six Months Ended June 30, 2015 As previously reported Adjustment for adoption of new consolidation guidance Revised Net cash (used in) provided by operating activities $ (228,841 ) $ 261,315 $ 32,474 Net cash used in investing activities (290,517 ) 229,702 (60,815 ) Net cash provided by (used in) financing activities 389,593 (463,831 ) (74,238 ) Effect of foreign currency rate changes on cash and cash equivalents (13,765 ) 5,035 (8,730 ) Net decrease in cash (143,530 ) 32,221 (111,309 ) Cash and cash equivalents - beginning of period 577,240 (26,839 ) 550,401 Cash and cash equivalents - end of period 433,710 5,382 439,092 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	6 Months Ended
	Jun. 30, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent accounting pronouncements	Recent accounting pronouncements Recently Issued Accounting Standards Not Yet Adopted In May 2014, the FASB issued ASU 2014-09, “ Revenue from Contracts with Customers (Topic 606)” (ASU 2014-09). The guidance in this ASU 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 ASU 2016-08, “ Revenue from Contracts with Customers (Topic 606) - Principal versus Agent Considerations (Reporting Revenue Gross versus Net) ” and ASU 2016-10, “ Revenue from Contracts with Customers (Topic 606) - Identifying Performance Obligations and Licensing”. The amendments in these ASU's 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. In May 2016, the FASB issued ASU 2016-12, “ Revenue from Contracts with Customers (Topic 606) - Narrow-Scope Improvements and Practical Expedients” . The amendments in this ASU do not change the core principle of the guidance in Topic 606. Rather, the amendments provide clarifying guidance in a few narrow areas and add practical expedients to reduce the potential for diversity in practice as well as the cost and complexity of applying the guidance. 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 ASU 2015-14, “ Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date” . 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 ASU 2016-02, “ Leases (Topic 842) ”. The amendments in this ASU 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 ASU 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 ASU 2016-09, “ Compensation-Stock Compensation (Topic 718) - Improvements to Employee Share-Based Payment Accounting ”. The amendments in this ASU 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 ASU 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 June 2016, the FASB issued ASU 2016-13, “ Financial Instruments - Credit Losses (Topic 326) ”. The new guidance introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. This guidance is effective for annual periods beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted for annual periods beginning after December 15, 2018, and interim periods within those fiscal years. The Company is currently evaluating the impact of this guidance on the Company’s Consolidated Financial Statements.

Investments

Investments	6 Months Ended
	Jun. 30, 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 fair value of the Company's investments as at June 30, 2016 were as follows: Amortized Cost (or Cost) Gross Unrealized Gains Gross Unrealized Losses Fair Value Managed investments U.S. government and government agency $ 924,350 $ 7,536 $ (83 ) $ 931,803 Non-U.S. government and government agency 217,796 2,146 (4,692 ) 215,250 U.S. states, municipalities, political subdivisions 278,756 7,049 (393 ) 285,412 Agency residential mortgage-backed securities 662,468 14,713 (398 ) 676,783 Non-agency residential mortgage-backed securities 23,858 271 (740 ) 23,389 U.S. corporate 1,539,711 20,350 (4,014 ) 1,556,047 Non-U.S. corporate 367,473 3,264 (6,331 ) 364,406 Bank loans 613,414 574 (16,926 ) 597,062 Asset-backed securities 429,890 2,352 (2,902 ) 429,340 Commercial mortgage-backed securities 308,712 6,048 (727 ) 314,033 Total fixed maturities 5,366,428 64,303 (37,206 ) 5,393,525 Short-term investments 189,678 — (50 ) 189,628 Other investments Fund of hedge funds 1,457 — (498 ) 959 Hedge funds 12,463 6,162 — 18,625 Private equity investments 62,119 14,457 (3,270 ) 73,306 Investment funds 203,128 743 — 203,871 Overseas deposits 55,301 — — 55,301 Mutual funds 4,201 3,263 — 7,464 Total other investments 338,669 24,625 (3,768 ) 359,526 Total managed investments $ 5,894,775 $ 88,928 $ (41,024 ) $ 5,942,679 Non-managed investments Catastrophe bonds $ 157,599 $ 2,114 $ (1,652 ) $ 158,061 Short-term investments 2,180,026 — — 2,180,026 Total non-managed investments 2,337,625 2,114 (1,652 ) 2,338,087 Total investments $ 8,232,400 $ 91,042 $ (42,676 ) $ 8,280,766 The amortized cost (or cost), gross unrealized gains and (losses) and fair value of the Company's investments as at December 31, 2015 were as follows: Amortized Cost (or Cost) Gross Unrealized Gains Gross Unrealized Losses 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, 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 maturity investments as at June 30, 2016 and December 31, 2015 . June 30, 2016 December 31, 2015 Fair Value % of Total Fair Value % of Total Managed fixed maturities AAA $ 2,446,839 44.1 % $ 2,367,642 43.0 % AA 508,086 9.2 % 569,386 10.3 % A 1,045,965 18.8 % 1,031,326 18.7 % BBB 741,800 13.4 % 691,538 12.6 % Total investment grade managed fixed maturities 4,742,690 85.5 % 4,659,892 84.6 % BB 227,436 4.0 % 235,724 4.3 % B 183,127 3.3 % 179,069 3.2 % CCC 8,331 0.2 % 5,706 0.1 % CC 113 0.0 % 1,015 0.0 % NR 231,828 4.2 % 242,546 4.4 % Total non-investment grade managed fixed maturities 650,835 11.7 % 664,060 12.0 % Total managed fixed maturities $ 5,393,525 97.2 % $ 5,323,952 96.6 % Non-managed catastrophe bonds BBB $ — 0.0 % $ 1,911 0.0 % Total investment grade non-managed catastrophe bonds — 0.0 % 1,911 0.0 % BB 41,412 0.7 % 70,962 1.3 % B 6,161 0.1 % 30,698 0.6 % NR 110,488 2.0 % 82,808 1.5 % Total non-investment grade non-managed catastrophe bonds 158,061 2.8 % 184,468 3.4 % Total non-managed fixed maturities 158,061 2.8 % 186,379 3.4 % Total fixed maturities $ 5,551,586 100.0 % $ 5,510,331 100.0 % The amortized cost and fair value amounts for the Company's fixed maturity investments held at June 30, 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. June 30, 2016 December 31, 2015 Amortized Cost Fair Value Amortized Cost Fair Value Managed investments Due in one year or less $ 349,115 $ 348,137 $ 367,132 $ 366,019 Due after one year through five years 2,990,421 2,996,295 2,965,920 2,936,053 Due after five years through ten years 485,899 492,101 548,183 539,083 Due after ten years 116,065 113,447 150,444 148,036 3,941,500 3,949,980 4,031,679 3,989,191 Asset-backed and mortgage-backed securities 1,424,928 1,443,545 1,337,374 1,334,761 Total managed fixed maturities $ 5,366,428 $ 5,393,525 $ 5,369,053 $ 5,323,952 Non-managed catastrophe bonds Due in one year or less $ 28,445 $ 29,328 $ 7,504 $ 7,544 Due after one year through five years 128,614 128,185 165,093 163,575 Due after five years through ten years 540 548 15,250 15,260 Due after ten years — — — — Total non-managed fixed maturities 157,599 158,061 187,847 186,379 Total fixed maturities $ 5,524,027 $ 5,551,586 $ 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 June 30, 2016 and December 31, 2015 : Other investments Fair Value as at June 30, 2016 Investments with redemption restrictions Investments without redemption restrictions Redemption frequency (a) Redemption notice period (a) Fund of hedge funds $ 959 $ 959 $ — Hedge funds 18,625 18,625 — Private equity investments 73,306 73,306 — Investment funds 203,871 181,536 22,335 Daily 2 days Overseas deposits 55,301 55,301 — Mutual funds 7,464 — 7,464 Daily Daily Total other investments $ 359,526 $ 329,727 $ 29,799 (a) The redemption frequency and notice periods only apply to investments without redemption restrictions. Other investments 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 five to ten years from inception of the funds. In addition, one of the investment funds with a fair value of $171,187 ( December 31, 2015 : $167,910 ), has a lock-up period of three years as at June 30, 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 June 30, 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 June 30, Six Months Ended June 30, 2016 2015 2016 2015 Managed investments Fixed maturities and short-term investments $ 30,621 $ 29,433 $ 58,638 $ 57,106 Other investments 8,026 4,014 8,898 7,202 Restricted cash, cash and cash equivalents 380 427 1,245 843 Securities lending income 12 6 17 9 Total gross investment income 39,039 33,880 68,798 65,160 Investment expenses (2,190 ) (2,026 ) (4,026 ) (3,870 ) Total managed net investment income $ 36,849 $ 31,854 $ 64,772 $ 61,290 Non managed investments Fixed maturities and short-term investments $ 1,977 $ 1,733 $ 3,272 $ 3,307 Restricted cash, cash and cash equivalents 431 24 674 43 Total non-managed net investment income 2,408 1,757 3,946 3,350 Total net investment income $ 39,257 $ 33,611 $ 68,718 $ 64,640 Managed net investment income from other investments includes distributed and undistributed net income from certain investment funds. (d) Net realized gains and change in net unrealized gains (losses) on investments The following represents an analysis of net realized gains and the change in net unrealized gains (losses) on investments: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Managed fixed maturities, short-term and other investments Gross realized gains $ 3,306 $ 6,140 $ 6,523 $ 12,449 Gross realized (losses) (786 ) (4,036 ) (5,089 ) (6,165 ) Net realized gains on investments 2,520 2,104 1,434 6,284 Change in net unrealized gains (losses) on investments 30,052 (33,926 ) 77,130 743 Total net realized and change in net unrealized gains (losses) on managed investments $ 32,572 $ (31,822 ) $ 78,564 $ 7,027 Non-managed fixed maturities, short-term and other investments Gross realized gains $ 204 $ 140 $ 715 $ 140 Gross realized (losses) — — (9 ) (11 ) Net realized gains on investments 204 140 706 129 Change in net unrealized (losses) on investments 1,376 (750 ) 1,742 (2,192 ) Total net realized and change in net unrealized (losses) on non-managed investments 1,580 (610 ) 2,448 (2,063 ) Total net realized and change in net unrealized gains (losses) on total investments $ 34,152 $ (32,432 ) $ 81,012 $ 4,964 (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 .” June 30, 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 300,000 105,575 151,166 $24,000 secured bi-lateral letter of credit facility 24,000 11,805 48,380 AlphaCat Re secured letter of credit facility 20,000 20,000 30,191 IPC bi-lateral facility 25,000 5,666 — $236,000 Flagstone bi-lateral facility 236,000 195,622 322,520 Total $ 690,000 $ 338,668 $ 552,257 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, $4,687,599 of cash and cash equivalents, restricted cash, short-term investments and fixed maturity investments were pledged during the normal course of business as at June 30, 2016 ( December 31, 2015 : $4,056,788 ). Of those, $4,564,394 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 June 30, 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 9 states as at June 30, 2016 .

Fair value measurements

Fair value measurements	6 Months Ended
	Jun. 30, 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 June 30, 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 $ — $ 931,803 $ — $ — $ 931,803 Non-U.S. government and government agency — 215,250 — — 215,250 U.S. states, municipalities and political subdivisions — 285,412 — — 285,412 Agency residential mortgage-backed securities — 676,783 — — 676,783 Non-agency residential mortgage-backed securities — 23,389 — — 23,389 U.S. corporate — 1,556,047 — — 1,556,047 Non-U.S. corporate — 364,406 — — 364,406 Bank loans — 353,914 243,148 — 597,062 Asset-backed securities — 416,957 12,383 — 429,340 Commercial mortgage-backed securities — 314,033 — — 314,033 Total fixed maturities — 5,137,994 255,531 — 5,393,525 Short-term investments 186,276 3,352 — — 189,628 Other investments Fund of hedge funds — — — 959 959 Hedge funds — — — 18,625 18,625 Private equity investments — — — 73,306 73,306 Investment funds — 22,335 — 181,536 203,871 Overseas deposits — — — 55,301 55,301 Mutual funds — 7,464 — — 7,464 Total other investments — 29,799 — 329,727 359,526 Total managed investments $ 186,276 $ 5,171,145 $ 255,531 $ 329,727 $ 5,942,679 Non-managed investments Catastrophe bonds $ — $ 120,543 $ 37,518 $ — $ 158,061 Short-term investments 2,180,026 — — — 2,180,026 Total non-managed investments 2,180,026 120,543 37,518 — 2,338,087 Total investments $ 2,366,302 $ 5,291,688 $ 293,049 $ 329,727 $ 8,280,766 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 June 30, 2016 , managed Level 3 investments totaled $255,531 (December 31, 2015 : $232,337 ), representing 4.3% (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. 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. Where pricing is unavailable from pricing services, we obtain non-binding quotes from broker-dealers. This is generally the case when there is a low volume of trading activity and current transactions are not orderly. Broker-dealer quotes for which significant observable inputs are unable to be corroborated with market observable information are classified as Level 3. 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. 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. 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. Other investments 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, two structured securities funds 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 funds invest 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 three and six months ended June 30, 2016 and 2015 : Three Months Ended June 30, 2016 Bank Loans Catastrophe Bonds Asset Backed Securities Total Level 3 investments—beginning of period $ 255,011 $ 37,105 $ — $ 292,116 Purchases 8,885 — 12,383 21,268 Settlements (17,784 ) — — (17,784 ) Change in net unrealized (losses) gains (2,964 ) 413 — (2,551 ) Transfers into Level 3 during the period — — — — Transfers out of Level 3 during the period — — — — Level 3 investments—end of period $ 243,148 $ 37,518 $ 12,383 $ 293,049 Three Months Ended June 30, 2015 Bank Loans Catastrophe Bonds Total Level 3 investments—beginning of period $ 86,533 $ 15,500 $ 102,033 Purchases 43,791 — 43,791 Sales (929 ) (2,000 ) (2,929 ) Settlements (4,203 ) — (4,203 ) Change in net unrealized losses (210 ) — (210 ) Transfers into Level 3 during the period — — — Transfers out of Level 3 during the period — — — Level 3 investments—end of period $ 124,982 $ 13,500 $ 138,482 Six Months Ended June 30, 2016 Bank Loans Catastrophe Bonds Asset Backed Securities Total Level 3 investments—beginning of period $ 232,337 $ 13,500 $ — $ 245,837 Purchases 50,988 23,272 12,383 86,643 Sales (2,389 ) — — (2,389 ) Settlements (34,033 ) (125 ) — (34,158 ) Change in net unrealized (losses) gains (3,755 ) 871 — (2,884 ) Transfers into Level 3 during the period — — — — Transfers out of Level 3 during the period — — — — Level 3 investments—end of period $ 243,148 $ 37,518 $ 12,383 $ 293,049 Six Months Ended June 30, 2015 Bank Loans Catastrophe Bonds Total Level 3 investments—beginning of period $ 32,748 $ 17,500 $ 50,248 Purchases 101,966 — 101,966 Sales (929 ) (3,989 ) (4,918 ) Settlements (8,198 ) — (8,198 ) Net realized losses — (11 ) (11 ) Change in net unrealized losses (605 ) — (605 ) Transfers into Level 3 during the period — — — Transfers out of Level 3 during the period — — — Level 3 investments—end of period $ 124,982 $ 13,500 $ 138,482 There have not been any transfers into or out of Level 3 during the three and six months ended June 30, 2016 or 2015, respectively.

Variable interest entities

Variable interest entities	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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 and six months ended June 30, 2016 : Three Months Ended June 30, 2016 Variable Funding Notes Structured Notes Total Notes payable to AlphaCat investors, beginning of period $ 261,793 $ 61,717 $ 323,510 Issuance of notes payable to AlphaCat investors 102,817 32,609 135,426 Redemption of notes payable to AlphaCat investors (88,079 ) — (88,079 ) Foreign exchange losses 125 — 125 Notes payable to AlphaCat investors, end of period $ 276,656 $ 94,326 $ 370,982 Six Months Ended June 30, 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 298,105 94,326 392,431 Redemption of notes payable to AlphaCat investors (97,684 ) — (97,684 ) Foreign exchange losses 742 — 742 Notes payable to AlphaCat investors, end of period $ 276,656 $ 94,326 $ 370,982 The income attributable to AlphaCat investors was $6,114 and $10,714 for the three and six months ended June 30, 2016 , respectively, with $13,126 included in accounts payable and accrued expenses as at June 30, 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 it is 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 June 30, 2016 and December 31, 2015 : June 30, 2016 December 31, 2015 Total Assets Total Liabilities Total Assets Total Liabilities AlphaCat sidecars $ 47,693 $ 10,468 $ 206,581 $ 14,804 AlphaCat ILS funds - Lower Risk (a) 1,544,346 129,842 1,268,070 143,371 AlphaCat ILS funds - Higher Risk (a) 701,348 147,466 522,867 300,122 AlphaCat Re and AlphaCat Master Fund 2,431,907 2,431,737 1,615,779 1,615,609 BetaCat ILS funds 63,947 493 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	6 Months Ended
	Jun. 30, 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 June 30, 2016 and December 31, 2015 : June 30, 2016 December 31, 2015 Investment affiliate $ 99,278 $ 87,673 Operating affiliate — 392 Investments in affiliates $ 99,278 $ 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 ("Aquiline Capital") 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 Aquiline Capital'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 Aquiline II Partnership is a VIE and the Company is not the primary beneficiary. Therefore, the Company's investment in the Aquiline II Partnership has been treated as an equity method investment. The Aquiline II 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 the Aquiline II Partnership income for the period. In accordance with the terms of the Agreement, no limited partner has the right to withdraw from the Aquiline II Partnership or to withdraw any part of its capital account without prior consent from the Aquiline II General Partner. The Company's maximum exposure to the Aquiline II Partnership 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 "Aquiline 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 Aquiline III Partnership is a VIE and the Company is not the primary beneficiary. Therefore, the Company's investment in the Aquiline III Partnership has been treated as an equity method investment. The Aquiline III 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 Aquiline III Partnership income for the period. In accordance with the terms of the Agreement, no limited partner has the right to withdraw from the Aquiline III Partnership or to withdraw any part of its capital account without prior consent from the Aquiline III General Partner. The Company's maximum exposure to the Aquiline III Partnership 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 and six months ended June 30, 2016 and 2015 : Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Investment affiliate, beginning of period $ 84,135 $ 85,982 $ 87,673 $ 63,506 Capital contributions 15,732 3,415 16,307 23,115 (Loss) income from investment affiliate (589 ) 284 (4,702 ) 3,060 Investment affiliate, end of period $ 99,278 $ 89,681 $ 99,278 $ 89,681 The following table presents the Company’s investment in the partnerships as at June 30, 2016 : Investment at cost Voting ownership % Equity ownership % Carrying value Aquiline Financial Services Fund II L.P. $ 56,479 — % 8.0 % $ 71,178 Aquiline Financial Services Fund III L.P. $ 29,622 — % 10.5 % $ 28,100 Total $ 86,101 $ 99,278 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 and six months ended June 30, 2016 and 2015 : Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Operating affiliate, beginning of period $ 369 $ 54,928 $ 392 $ 50,944 Return of investment (369 ) — (369 ) — (Loss) income from operating affiliate — 1,738 (23 ) 5,722 Operating affiliate, end of period $ — $ 56,666 $ — $ 56,666 The following table presents the Company’s investment in PaCRe as at June 30, 2016 : Investment at cost Voting ownership % Equity ownership % Carrying value Investment in PaCRe $ — 100.0 % 10.0 % $ — 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	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2016 and 2015 : Three Months Ended June 30, 2016 Redeemable noncontrolling interest Noncontrolling interest Total Balance, beginning of period $ 1,409,037 $ 157,223 $ 1,566,260 Issuance of shares 112,500 59,349 171,849 Income attributable to noncontrolling interest 17,230 3,963 21,193 Redemptions payable (6,484 ) — (6,484 ) Distributions — (8,381 ) (8,381 ) Balance, end of period $ 1,532,283 $ 212,154 $ 1,744,437 Three Months Ended June 30, 2015 Redeemable noncontrolling interest Noncontrolling interest Total Balance, beginning of period $ 834,644 $ 151,583 $ 986,227 Issuance of shares 249,300 9,600 258,900 Income attributable to noncontrolling interest 17,462 5,099 22,561 Redemption of shares (59,395 ) — (59,395 ) Redemptions payable (6,500 ) — (6,500 ) Distributions — (12,759 ) (12,759 ) Balance, end of period $ 1,035,511 $ 153,523 $ 1,189,034 Six Months Ended June 30, 2016 Redeemable noncontrolling interest Noncontrolling interest Total Balance, beginning of period $ 1,111,714 $ 154,662 $ 1,266,376 Issuance of shares 381,250 171,674 552,924 Income attributable to noncontrolling interest 45,803 12,921 58,724 Redemptions payable (6,484 ) — (6,484 ) Distributions — (127,103 ) (127,103 ) Balance, end of period $ 1,532,283 $ 212,154 $ 1,744,437 Six Months Ended June 30, 2015 Redeemable noncontrolling interest Noncontrolling interest Total Balance, beginning of period $ 617,791 $ 292,274 $ 910,065 Issuance of shares 452,700 9,600 462,300 Income attributable to noncontrolling interest 30,915 9,824 40,739 Redemption of shares (59,395 ) — (59,395 ) Redemptions payable (6,500 ) — (6,500 ) Distributions — (158,175 ) (158,175 ) Balance, end of period $ 1,035,511 $ 153,523 $ 1,189,034

Derivative instruments

Derivative instruments	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2016 and December 31, 2015 , none of the Company's foreign currency forward contracts were designated as hedging instruments for accounting purposes. 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 as at June 30, 2016 and December 31, 2015 : June 30, 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 $ 297,275 $ 4,230 $ 4,746 $ 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) relating to the foreign currency forward contracts that were not designated as hedging instruments during the three and six months ended June 30, 2016 was $896 and ($1,117) , respectively ( 2015 : $nil and $nil , respectively). The net impact on earnings, recognized in income within other income (loss) relating to the foreign currency forward contracts that were not designated as hedging instruments during the three and six months ended June 30, 2016 were $84 and $120 , respectively ( 2015 : ($128) and ($127) , 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 as at June 30, 2016 and December 31, 2015 : June 30, 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 $ 20 $ 2,529 $ 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 and six months ended June 30, 2016 and 2015 : Three Months Ended June 30, Six Months Ended June 30, Foreign currency forward contracts 2016 2015 2016 2015 Amount of loss recognized in income on derivative $ — $ (8,954 ) $ — $ (15,156 ) Amount of gain on hedged item recognized in income attributable to risk being hedged $ — $ 8,954 $ — $ 15,156 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 and six months ended June 30, 2016 and 2015 : Three Months Ended June 30, Six Months Ended June 30, Interest rate swap contracts 2016 2015 2016 2015 Amount of effective portion recognized in other comprehensive income $ 2,694 $ 2,846 $ 6,350 $ 6,886 Amount of effective portion subsequently reclassified to earnings $ (2,758 ) $ (3,236 ) $ (5,656 ) $ (6,475 ) Amount of ineffective portion excluded from effectiveness testing $ 64 $ 390 $ (694 ) $ (411 ) The above balances relate to interest payments and have therefore been classified as finance expenses in the Consolidated Statements of Comprehensive Income. (d) Balance sheet offsetting There was no balance sheet offsetting activity as at June 30, 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	6 Months Ended
	Jun. 30, 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 ("IBNR") to specific case reserves. These estimates are reviewed and adjusted regularly, and such adjustments, if any, are reflected in earnings in the period in which they become known. While management believes that it has made a reasonable estimate of ultimate losses, there can be no assurances that ultimate losses and loss expenses will not exceed this estimate. The following table represents an analysis of paid and unpaid losses and loss expenses incurred and a reconciliation of the beginning and ending unpaid losses and loss expenses for the three and six months ended June 30, 2016 and 2015 : Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Reserve for losses and loss expenses, beginning of period $ 2,980,300 $ 3,207,885 $ 2,996,567 $ 3,243,147 Loss reserves recoverable (370,689 ) (375,882 ) (350,586 ) (377,466 ) Net reserves for losses and loss expenses, beginning of period 2,609,611 2,832,003 2,645,981 2,865,681 Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in: Current year 369,911 336,864 648,097 661,352 Prior years (a) (62,781 ) (70,718 ) (116,520 ) (154,277 ) Total incurred losses and loss expenses (a) 307,130 266,146 531,577 507,075 Less net losses and loss expenses paid in respect of losses occurring in: Current year (45,882 ) (28,965 ) (61,655 ) (42,065 ) Prior years (176,775 ) (260,027 ) (430,079 ) (496,260 ) Total net paid losses (222,657 ) (288,992 ) (491,734 ) (538,325 ) Foreign exchange (gain) loss (14,354 ) 6,841 (6,094 ) (18,433 ) Net reserve for losses and loss expenses, end of period 2,679,730 2,815,998 2,679,730 2,815,998 Loss reserves recoverable 442,987 376,665 442,987 376,665 Reserve for losses and loss expenses, end of period $ 3,122,717 $ 3,192,663 $ 3,122,717 $ 3,192,663 Incurred losses and loss expenses comprise: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Gross losses and loss expenses (a) $ 397,863 $ 303,771 $ 667,716 $ 568,567 Reinsurance recoverable (90,733 ) (37,625 ) (136,139 ) (61,492 ) Net incurred losses and loss expenses (a) $ 307,130 $ 266,146 $ 531,577 $ 507,075 (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 $2,892 and $6,115 , respectively, during the three and six months ended June 30, 2015 , benefiting the loss ratio by 4.4 and 4.6 percentage points, respectively. The remaining fair value adjustment of $4,864 was fully amortized during 2015. The June 30, 2016 gross reserves for losses and loss expenses comprise reserves for reported claims of $1,267,625 ( December 31, 2015 : $1,278,697 ) and IBNR of $1,855,092 ( December 31, 2015 : $1,717,870 ). The net favorable development on prior years by segment and line of business for the three and six months ended June 30, 2016 and 2015 was as follows: Three Months Ended June 30, 2016 Property Marine Specialty Liability Total Validus Re $ (9,468 ) $ (10,018 ) $ (11,391 ) $ — $ (30,877 ) Talbot (10,094 ) (8,928 ) (9,306 ) — (28,328 ) Western World (1,582 ) — — (1,576 ) (3,158 ) AlphaCat (296 ) — (122 ) — (418 ) Net favorable development $ (21,440 ) $ (18,946 ) $ (20,819 ) $ (1,576 ) $ (62,781 ) The net favorable development of $62.8 million for the three months ended June 30, 2016 was primarily due to favorable development on attritional losses and prior year event and non-event reserves. The Validus Re and Western World segments 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 event and non-event reserves. Three Months Ended June 30, 2015 Property Marine Specialty Liability Total Validus Re $ (15,928 ) $ (11,099 ) $ (3,852 ) $ — $ (30,879 ) Talbot (16,683 ) (13,810 ) (5,093 ) — (35,586 ) Western World (a) (866 ) — — (3,387 ) (4,253 ) Net favorable development (a) $ (33,477 ) $ (24,909 ) $ (8,945 ) $ (3,387 ) $ (70,718 ) (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 $2,892 during the three months ended June 30, 2015 , benefiting the loss ratio by 4.4 percentage points. The remaining fair value adjustment of $4,864 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. 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. Six Months Ended June 30, 2016 Property Marine Specialty Liability Total Validus Re $ (32,300 ) $ (6,463 ) $ (17,798 ) $ — $ (56,561 ) Talbot (28,540 ) (5,964 ) (16,544 ) — (51,048 ) Western World (2,023 ) — — (5,561 ) (7,584 ) AlphaCat (477 ) — (850 ) — (1,327 ) Net favorable development $ (63,340 ) $ (12,427 ) $ (35,192 ) $ (5,561 ) $ (116,520 ) The net favorable development of $116.5 million for the six months ended June 30, 2016 was primarily attributable to net favorable development in the Validus Re, Talbot and Western World segments. The Validus Re net favorable development was primarily attributable to favorable development on attritional losses or non-event reserves; whereas Talbot's favorable development was due to favorable development on attritional losses along with favorable development on prior year event reserves. Western World's net favorable development was attributable to favorable development on attritional losses. Six Months Ended June 30, 2015 Property Marine Specialty Liability Total Validus Re $ (30,824 ) $ (15,669 ) $ (9,082 ) $ — $ (55,575 ) Talbot (37,435 ) (36,324 ) (13,514 ) — (87,273 ) Western World (a) (3,594 ) — — (6,991 ) (10,585 ) AlphaCat (844 ) — — — (844 ) Net favorable development (a) $ (72,697 ) $ (51,993 ) $ (22,596 ) $ (6,991 ) $ (154,277 ) (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 $6,115 during the six months ended June 30, 2015 , benefiting the loss ratio by 4.6 percentage points. The remaining fair value adjustment of $4,864 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. 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	6 Months Ended
	Jun. 30, 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 June 30, 2016 , 98.7% ( December 31, 2015 : 98.7% ) of reinsurance recoverable (which includes loss reserves recoverable and recoverables on paid losses), inclusive of $291,536 of total IBNR recoverable ( December 31, 2015 : $214,863 ), were fully collateralized or from reinsurers rated A- or better. Reinsurance recoverable by reinsurer as at June 30, 2016 and December 31, 2015 were as follows: June 30, 2016 December 31, 2015 Reinsurance Recoverable % of Total Reinsurance Recoverable % of Total Top 10 reinsurers $ 391,076 83.1 % $ 303,108 81.1 % Other reinsurers’ balances > $1 million 70,763 15.0 % 61,222 16.4 % Other reinsurers’ balances < $1 million 8,796 1.9 % 9,327 2.5 % Total $ 470,635 100.0 % $ 373,657 100.0 % June 30, 2016 Top 10 Reinsurers Rating Reinsurance Recoverable % of Total Fully collateralized reinsurers NR $ 80,829 17.2 % Swiss Re AA- 80,604 17.1 % Lloyd's Syndicates A+ 79,508 16.9 % Hannover Re AA- 47,686 10.1 % Everest Re A+ 42,506 9.0 % Munich Re AA- 18,161 3.9 % Transatlantic Re A+ 11,719 2.5 % Hamilton Re A- 11,623 2.5 % National Indemnity Company AA+ 9,565 2.0 % Toa Re A+ 8,875 1.9 % Total $ 391,076 83.1 % 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 June 30, 2016 and December 31, 2015 , the provision for uncollectible reinsurance relating to reinsurance recoverable was $5,025 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	6 Months Ended
	Jun. 30, 2016
Stockholders' Equity Note [Abstract]
Share capital	Share capital The Company is authorized to issue up to an aggregate of 571,428,571 common and preferred shares with a par value of $0.175 per share. (a) Preferred shares On June 13, 2016, the Company issued 6,000 shares of its 5.875% Non-Cumulative Preferred Shares, Series A (the "Series A Preferred Shares") (equivalent to 6,000,000 Depositary Shares, each of which represents a 1/1,000th interest in a Series A Preferred Share), $0.175 par value and $25,000 liquidation preference per share (equivalent to $25 per Depositary Share). The Series A Preferred Shares were registered and sold under the Securities Act of 1933, as amended, and were issued at a price to the public of $25,000 per share (equivalent to $25 per Depositary Share). After underwriting discounts and expenses, the Company received net proceeds of $144,852 which will be used for general corporate purposes. The Depositary Shares, representing the Series A Preferred Shares, are traded on the New York Stock Exchange under the symbol “VRPRA.” The Series A Preferred Shares have no stated maturity date and are redeemable, in whole or in part, at the Company’s option on and after June 15, 2021, at a redemption price of $25,000 per Series A Preferred Share (equivalent to $25 per Depositary Share), plus declared and unpaid dividends. The Company may also redeem all, but not less than all, of the Series A Preferred Shares before the redemption date at a redemption price of $26,000 per share (equivalent to $26 per Depositary Share), plus declared and unpaid dividends, if the Company is required to submit a proposal to the holders of the Series A Preferred Shares concerning an amalgamation, consolidation, merger or other similar corporate transaction or change in Bermuda law. The Series A Preferred Shares may also be redeemed before the redemption date at a redemption price of $25,000 per Series A Preferred Share (equivalent to $25 per Depositary Share), plus declared and unpaid dividends, in whole, if there is a change in tax law, or in whole or in part, in the case of a capital disqualification event. Dividends on the Series A Preferred Shares, when, as and if declared by the Company’s Board of Directors or a duly authorized committee thereof, will accrue and be payable on the liquidation preference amount from the original issue date, on a non-cumulative basis, quarterly in arrears on each dividend payment date at an annual rate of 5.875% . The Company will be restricted from paying dividends on and repurchasing its common shares, unless certain dividend payments are made on the Series A Preferred Shares. Upon any voluntary or involuntary liquidation, dissolution or winding up of the Company, holders of the Series A Preferred Shares and any parity shares are entitled to receive out of our assets available for distribution to shareholders, before any distribution is made to holders of common shares or other junior shares, a liquidating distribution in the amount of $25,000 per Series A Preferred Share (equivalent to $25 per Depositary Share) plus declared and unpaid dividends. Distributions will be made pro rata in accordance with the respective aggregate liquidation preferences of the Series A Preferred Shares and any parity shares and only to the extent of our assets, if any, that are available after satisfaction of all liabilities to creditors. Holders of the Series A Preferred Shares have no voting rights, except with respect to certain fundamental changes in the terms of the Series A Preferred Shares and in the case of certain dividend non-payments or as otherwise required by Bermuda law or the Company’s bye-laws. The following table is a summary of the Preferred shares issued and outstanding: Preferred Shares Preferred shares issued and outstanding, December 31, 2015 — Preferred shares issued 6,000 Preferred shares issued and outstanding, June 30, 2016 6,000 (b) Common Shares The holders of common shares are entitled to receive dividends and 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 78,841,758 common shares for an aggregate purchase price of $2,620,814 from the inception of its share repurchase program to June 30, 2016 . The Company had $403,587 remaining under its authorized share repurchase program as of June 30, 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 601,890 Restricted share units vested, net of shares withheld 18,486 Options exercised 13,635 Performance share awards vested, net of shares withheld 48,088 Common shares issued, June 30, 2016 161,252,871 Treasury shares, June 30, 2016 (80,480,633 ) Common shares outstanding, June 30, 2016 80,772,238 Common Shares Common shares issued, December 31, 2014 155,554,224 Restricted share awards vested, net of shares withheld 609,654 Restricted share units vested, net of shares withheld 13,260 Options exercised 728,489 Warrants exercised 1,461,715 Direct issuance of common stock 639 Performance share awards vested, net of shares withheld 11,524 Common shares issued, June 30, 2015 158,379,505 Treasury shares, June 30, 2015 (75,083,710 ) Common shares outstanding, June 30, 2015 83,295,795 (c) Dividends On May 5, 2016 , the Company announced a quarterly cash dividend of $0.35 ( 2015 : $0.32 ) per common share. This dividend was paid on June 30, 2016 to holders of record on June 15, 2016 . 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	6 Months Ended
	Jun. 30, 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 1,256,215 shares remain available for issuance at June 30, 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 six months ended June 30, 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 (14,044 ) 7.69 17.02 Options outstanding, June 30, 2016 51,357 $ 7.75 $ 21.03 Activity with respect to options for the six months ended June 30, 2015 was as follows: Options Weighted Average Grant Date Fair Value Weighted Average Grant Date Exercise Price Options outstanding, December 31, 2014 1,160,057 $ 7.12 $ 17.74 Options exercised (1,040,680 ) 7.26 16.86 Options outstanding, June 30, 2015 119,377 $ 5.94 $ 25.46 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 and six months ended June 30, 2016 of $9,517 ( 2015 : $8,653 ) and $18,646 (2015: $17,132 ), respectively. The expenses represent the proportionate accrual of the fair value of each grant based on the remaining vesting period. Activity with respect to unvested restricted share awards for the six months ended June 30, 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 granted 534,905 48.69 Restricted share awards vested (783,523 ) 37.32 Restricted share awards forfeited (8,317 ) 37.94 Restricted share awards outstanding, June 30, 2016 2,482,511 $ 40.79 Activity with respect to unvested restricted share awards for the six months ended June 30, 2015 was as follows: Restricted Share Awards Weighted Average Grant Date Fair Value Restricted share awards outstanding, December 31, 2014 2,858,711 $ 35.81 Restricted share awards granted 670,432 43.55 Restricted share awards vested (781,704 ) 34.42 Restricted share awards forfeited (51,818 ) 38.04 Restricted share awards outstanding, June 30, 2015 2,695,621 $ 38.09 At June 30, 2016 , there were $76,049 ( 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 2.6 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 and six months ended June 30, 2016 of $377 ( 2015 : $279 ) and $ 688 (2015: $541 ), respectively. The expenses represent the proportionate accrual of the fair value of each grant based on the remaining vesting period. Activity with respect to unvested restricted share units for the six months ended June 30, 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 granted 20,129 48.69 Restricted share units vested (23,982 ) 38.18 Restricted share units issued in lieu of cash dividends 1,629 38.47 Restricted share units outstanding, June 30, 2016 112,113 $ 40.37 Activity with respect to unvested restricted share units for the six months ended June 30, 2015 was as follows: Restricted Share Units Weighted Average Grant Date Fair Value Restricted share units outstanding, December 31, 2014 103,484 $ 36.54 Restricted share units granted 28,057 42.91 Restricted share units vested (19,455 ) 34.58 Restricted share units issued in lieu of cash dividends 1,517 36.53 Restricted share units forfeited (892 ) 35.42 Restricted share units outstanding, June 30, 2015 112,711 $ 38.47 At June 30, 2016 , there were $3,079 ( 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 2.7 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 and six months ended June 30, 2016 of $833 ( 2015 : $310 ) and $ 2,630 (2015: $ 623 ), respectively. Activity with respect to unvested performance share awards for the six months ended June 30, 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 granted 121,844 48.69 Performance share awards vested (57,581 ) 36.11 Performance share awards conversion adjustment 45,517 36.82 Performance share awards outstanding, June 30, 2016 282,374 $ 44.46 Activity with respect to unvested performance share awards for the six months ended June 30, 2015 was as follows: Performance Share Awards Weighted Average Grant Date Fair Value Performance share awards outstanding, December 31, 2014 106,369 $ 36.03 Performance share awards granted 81,569 45.03 Performance share awards vested (15,344 ) 31.38 Performance share awards outstanding, June 30, 2015 172,594 $ 40.70 At June 30, 2016 , there were $8,719 ( 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 2.5 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 June 30, Six Months Ended June 30, 2016 2015 2016 2015 Restricted share awards $ 9,517 $ 8,653 $ 18,646 $ 17,132 Restricted share units 377 279 688 541 Performance share awards 833 310 2,630 623 Total $ 10,727 $ 9,242 $ 21,964 $ 18,296

Debt and financing arrangements

Debt and financing arrangements	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Debt and financing arrangements	Debt and financing arrangements (a) Financing structure The financing structure at June 30, 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 134,437 134,437 134,437 Flagstone 2007 Junior Subordinated Deferrable Debentures 113,750 113,750 113,750 Total debentures payable 598,187 537,987 537,987 2010 Senior Notes due 2040 250,000 250,000 245,261 Total debentures and senior notes payable 848,187 787,987 783,248 $85,000 syndicated unsecured letter of credit facility 85,000 — — $300,000 syndicated secured letter of credit facility 300,000 105,575 — $24,000 secured bi-lateral letter of credit facility 24,000 11,805 — $20,000 AlphaCat Re secured letter of credit facility 20,000 20,000 — $25,000 IPC bi-lateral facility 25,000 5,666 — $236,000 Flagstone bi-lateral facility 236,000 195,622 — Total credit and other facilities 690,000 338,668 — Total debt and financing arrangements $ 1,538,187 $ 1,126,655 $ 783,248 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 — $20,000 AlphaCat Re secured letter of credit facility 30,000 30,000 — $25,000 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 June 30, 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 $ 134,437 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 and six months ended June 30, 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 and six months ended June 30, 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 and six months ended June 30, 2016 and 2015 . Future payments of principal of $537,987 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 June 30, 2016 , there was $nil outstanding under the Five Year Unsecured Facility and $105,575 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 June 30, 2016 , and throughout the reporting periods presented, 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 June 30, 2016 , there were $5,666 outstanding letters of credit issued under the IPC bi-lateral facility (December 31, 2015 : $9,241 ). As of June 30, 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 June 30, 2016 , $11,805 (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 June 30, 2016 , and throughout the reporting periods presented, the Company is in compliance with all covenants and restrictions under the Secured bi-lateral letter of credit facility. iv. $20,000 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. During the three months ended June 30, 2016 the available amount under the facility was reduced to $20,000 from $30,000 . As of June 30, 2016 , $20,000 (December 31, 2015 : $30,000 ) of letters of credit were outstanding under this facility. As of June 30, 2016 , and throughout the reporting periods presented, AlphaCat Re was in compliance with all covenants and restrictions under the AlphaCat Re secured letter of credit facility. 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 June 30, 2016 , the Flagstone Bi-Lateral Facility had $195,622 (December 31, 2015 : $193,764 ) letters of credit issued and outstanding. As of June 30, 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 June 30, Six Months Ended June 30, 2016 2015 2016 2015 2006 Junior Subordinated Deferrable Debentures $ 2,211 $ 2,211 $ 4,422 $ 4,398 2007 Junior Subordinated Deferrable Debentures 1,830 1,835 3,661 3,644 Flagstone 2006 Junior Subordinated Deferrable Debentures 2,244 2,243 4,489 4,461 Flagstone 2007 Junior Subordinated Deferrable Debentures 1,766 1,770 3,533 3,528 2010 Senior Notes due 2040 5,597 5,597 11,194 11,194 Credit facilities 235 1,193 896 2,900 Bank charges, Talbot FAL facility and other charges (a) 206 1,252 213 2,459 AlphaCat fees (b) 77 2,581 961 7,065 Total finance expenses $ 14,166 $ 18,682 $ 29,369 $ 39,649 (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 ING Bank 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	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2016 and 2015 was as follows: Three Months Ended June 30, 2016 Foreign currency translation adjustment Minimum pension liability Cash flow hedge Total Balance beginning of period, net of tax $ (13,862 ) $ 251 $ (1,827 ) $ (15,438 ) Net current period other comprehensive loss, net of tax (3,287 ) 479 64 (2,744 ) Balance end of period, net of tax $ (17,149 ) $ 730 $ (1,763 ) $ (18,182 ) Three Months Ended June 30, 2015 Foreign currency translation adjustment Minimum pension liability Cash flow hedge Total Balance beginning of period, net of tax $ (11,137 ) $ (475 ) $ (1,029 ) $ (12,641 ) Net current period other comprehensive loss, net of tax 2,763 422 390 3,575 Balance end of period, net of tax $ (8,374 ) $ (53 ) $ (639 ) $ (9,066 ) Six Months Ended June 30, 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 (5,315 ) 396 (694 ) (5,613 ) Balance end of period, net of tax $ (17,149 ) $ 730 $ (1,763 ) $ (18,182 ) Six Months Ended June 30, 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 (256 ) 157 (411 ) (510 ) Balance end of period, net of tax $ (8,374 ) $ (53 ) $ (639 ) $ (9,066 )

Commitments and contingencies

Commitments and contingencies	6 Months Ended
	Jun. 30, 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 June 30, 2016 exchange rate of £1 equals $1.33 and assuming the maximum 3% assessment, the Company would be assessed approximately $23,940 . (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 in respect of the Aquiline II Partnership. The Company’s remaining commitment at June 30, 2016 was $2,934 ( December 31, 2015 : $3,413 ). 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 . The Company's remaining capital commitment at June 30, 2016 was $587 ( December 31, 2015 : $683 ). On November 7, 2014, the Company entered into a Subscription Agreement with the Aquiline III General Partner, pursuant to which it assumed total capital commitments of $100,000 in respect of the Aquiline III Partnership. The Company’s remaining commitment at June 30, 2016 was $70,379 ( 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 June 30, 2016 was $nil ( 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 June 30, 2016 was $nil ( December 31, 2015 : $9,536 ). (e) Fixed maturity commitments At June 30, 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 June 30, 2016 was $29,726 ( December 31, 2015 : $34,888 ). During 2016, the Company entered into a loan commitment of $25,000 of which the remaining unfunded commitment as at June 30, 2016 was $4,588 . (f) Other investment commitments At June 30, 2016 , the Company had capital commitments in certain other investments of $308,000 ( December 31, 2015 : $263,000 ). The Company's remaining commitment to these investments at June 30, 2016 was $198,265 ( December 31, 2015 : $185,548 ).

Related party transactions

Related party transactions	6 Months Ended
	Jun. 30, 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 counterparty are members of the Company's board of directors. Aquiline Capital Partners, LLC and its related companies ("Aquiline"), which own 828,458 shares in the Company, have two employees on the Company's Board of Directors who do not receive compensation from the Company, are shareholders of Group Ark Insurance Holdings Ltd. ("Group Ark"). Christopher E. Watson, a director of the Company, serves as a director of Group Ark. Pursuant to reinsurance agreements with a subsidiary of Group Ark, the Company recognized gross premiums written during the three and six months ended June 30, 2016 of $65 ( 2015 : $526 ) and $1,971 ( 2015 : $2,396 ), respectively with $1,041 included in premiums receivable at June 30, 2016 ( December 31, 2015 : $82 ). The Company also recognized reinsurance premiums ceded during the three and six months ended June 30, 2016 of $(17) ( 2015 : $(28) ) and $nil ( 2015 : $1 ), respectively and had reinsurance balances payable of $4 at June 30, 2016 ( December 31, 2015 : $4 ). The Company recorded $748 of loss reserves recoverable at June 30, 2016 ( December 31, 2015 : $790 ). Earned premium adjustments were recorded during the three and six months ended June 30, 2016 of $473 ( 2015 : $534 ) and $999 ( 2015 : $1,317 ), respectively. 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 and six months ended June 30, 2015 were $120 and $405 , respectively. On December 20, 2011, the Company entered into an Agreement with Aquiline Capital and Aquiline II General Partner pursuant to which the Company has assumed 100% of Aquiline Capital's interest in 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. For both the three and six months ended June 30, 2016 , the Company incurred $440 in partnership fees ( 2015 : $489 and $937 , respectively) and made capital contributions of $nil and $575 ( 2015 : $3,415 and $8,977 ), respectively. On November 7, 2014, the Company entered into a Subscription Agreement (the "Subscription Agreement") with 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 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. For both the three and six months ended June 30, 2016 , the Company incurred $575 in partnership fees ( 2015 : $369 and $1,239 , respectively) and made capital contributions of $15,732 (2015: $nil and $14,138 , respectively). 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	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2016 and 2015 : Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Basic earnings per share Net income available to Validus common shareholders 94,963 65,790 261,773 239,201 Less: Dividends on outstanding warrants — (1,081 ) — (2,486 ) Net income allocated to Validus common shareholders $ 94,963 $ 64,709 $ 261,773 $ 236,715 Weighted average number of common shares outstanding 81,950,833 84,003,549 82,386,047 83,627,396 Basic earnings per share available to Validus common shareholders $ 1.16 $ 0.77 $ 3.18 $ 2.83 Earnings per diluted share Net income available to Validus common shareholders 94,963 65,790 261,773 239,201 Less: Dividends on outstanding warrants — — — — Net income allocated to Validus common shareholders $ 94,963 $ 65,790 $ 261,773 $ 239,201 Weighted average number of common shares outstanding 81,950,833 84,003,549 82,386,047 83,627,396 Share equivalents: Warrants — 2,073,231 — 2,409,149 Stock options 33,796 50,160 34,837 261,792 Unvested restricted shares 1,388,374 1,186,214 1,364,775 1,149,805 Weighted average number of diluted common shares outstanding 83,373,003 87,313,154 83,785,659 87,448,142 Earnings per diluted share available to Validus common shareholders $ 1.14 $ 0.75 $ 3.12 $ 2.74 Share equivalents that would result in the issuance of common shares of 507,262 (2015: 630,174 ) and 253,631 (2015: 315,410 ) were outstanding for the three and six months ended June 30, 2016 , respectively, but were not included in the computation of earnings per diluted share because the effect would be antidilutive.

Segment information

Segment information	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, Validus Re Segment Information 2016 2015 2016 2015 Underwriting revenues Gross premiums written $ 285,810 $ 297,420 $ 977,478 $ 1,009,113 Reinsurance premiums ceded (3,196 ) (19,378 ) (95,691 ) (133,155 ) Net premiums written 282,614 278,042 881,787 875,958 Change in unearned premiums (35,492 ) (13,492 ) (390,834 ) (358,320 ) Net premiums earned 247,122 264,550 490,953 517,638 Other insurance related income (loss) 150 434 (165 ) 749 Total underwriting revenues 247,272 264,984 490,788 518,387 Underwriting deductions Losses and loss expenses 132,139 123,405 215,007 236,533 Policy acquisition costs 42,564 43,826 84,823 85,920 General and administrative expenses 17,872 18,781 35,051 38,290 Share compensation expenses 2,775 2,396 5,676 4,974 Total underwriting deductions 195,350 188,408 340,557 365,717 Underwriting income $ 51,922 $ 76,576 $ 150,231 $ 152,670 Selected ratios: Net premiums written / Gross premiums written 98.9 % 93.5 % 90.2 % 86.8 % Losses and loss expenses 53.5 % 46.6 % 43.8 % 45.7 % Policy acquisition costs 17.2 % 16.6 % 17.3 % 16.6 % General and administrative expenses (a) 8.4 % 8.0 % 8.3 % 8.4 % Expense ratio 25.6 % 24.6 % 25.6 % 25.0 % Combined ratio 79.1 % 71.2 % 69.4 % 70.7 % (a) The general and administrative expense ratio includes share compensation expenses. Three Months Ended June 30, Six Months Ended June 30, Talbot Segment Information 2016 2015 2016 2015 Underwriting revenues Gross premiums written $ 296,067 $ 293,046 $ 562,384 $ 563,123 Reinsurance premiums ceded (27,161 ) (37,246 ) (114,619 ) (128,321 ) Net premiums written 268,906 255,800 447,765 434,802 Change in unearned premiums (67,357 ) (50,362 ) (39,424 ) (6,775 ) Net premiums earned 201,549 205,438 408,341 428,027 Other insurance related income 279 40 290 94 Total underwriting revenues 201,828 205,478 408,631 428,121 Underwriting deductions Losses and loss expenses 109,310 95,970 209,411 174,098 Policy acquisition costs 43,613 47,659 87,956 96,763 General and administrative expenses 39,061 35,555 77,596 72,049 Share compensation expenses 3,270 3,024 6,792 5,981 Total underwriting deductions 195,254 182,208 381,755 348,891 Underwriting income $ 6,574 $ 23,270 $ 26,876 $ 79,230 Selected ratios: Net premiums written / Gross premiums written 90.8 % 87.3 % 79.6 % 77.2 % Losses and loss expenses 54.2 % 46.7 % 51.3 % 40.7 % Policy acquisition costs 21.6 % 23.2 % 21.5 % 22.6 % General and administrative expenses (a) 21.1 % 18.8 % 20.7 % 18.2 % Expense ratio 42.7 % 42.0 % 42.2 % 40.8 % Combined ratio 96.9 % 88.7 % 93.5 % 81.5 % (a) The general and administrative expense ratio includes share compensation expenses. Three Months Ended June 30, Six Months Ended June 30, Western World Segment Information 2016 2015 2016 2015 Underwriting revenues Gross premiums written $ 86,971 $ 79,554 $ 150,930 $ 136,501 Reinsurance premiums ceded (5,006 ) (5,441 ) (9,145 ) (8,674 ) Net premiums written 81,965 74,113 141,785 127,827 Change in unearned premiums (16,309 ) (8,995 ) (14,630 ) 5,173 Net premiums earned 65,656 65,118 127,155 133,000 Other insurance related income 189 276 477 539 Total underwriting revenues 65,845 65,394 127,632 133,539 Underwriting deductions Losses and loss expenses 44,229 46,771 83,875 97,288 Policy acquisition costs 15,410 9,617 29,610 13,896 General and administrative expenses 11,458 8,923 23,533 19,550 Share compensation expenses 542 494 1,123 971 Total underwriting deductions 71,639 65,805 138,141 131,705 Underwriting (loss) income $ (5,794 ) $ (411 ) $ (10,509 ) $ 1,834 Selected ratios: Net premiums written / Gross premiums written 94.2 % 93.2 % 93.9 % 93.6 % Losses and loss expenses 67.4 % 71.8 % 66.0 % 73.1 % Policy acquisition costs 23.5 % 14.8 % 23.3 % 10.5 % General and administrative expenses (a) 18.2 % 14.5 % 19.3 % 15.4 % Expense ratio 41.7 % 29.3 % 42.6 % 25.9 % Combined ratio 109.1 % 101.1 % 108.6 % 99.0 % (a) The general and administrative expense ratio includes share compensation expenses. Three Months Ended June 30, Six Months Ended June 30, AlphaCat Segment Information (a) 2016 2015 2016 2015 Revenues Third party $ 3,091 $ 4,323 $ 7,818 $ 8,860 Related party 328 1,134 1,219 2,320 Total revenues 3,419 5,457 9,037 11,180 Expenses General and administrative expenses 2,751 2,330 4,233 4,759 Share compensation expenses 133 150 274 299 Finance expenses 75 2,534 883 6,962 Foreign exchange losses 4 15 12 2 Total expenses 2,963 5,029 5,402 12,022 Income (loss) before investments from AlphaCat Funds and Sidecars 456 428 3,635 (842 ) Investment income (loss) from AlphaCat Funds and Sidecars (b) AlphaCat Sidecars 541 1,273 665 2,441 AlphaCat ILS Funds - Lower Risk (c) 2,075 1,894 4,582 3,180 AlphaCat ILS Funds - Higher Risk (c) 692 2,376 3,128 4,801 BetaCat ILS Funds 1,113 60 1,676 234 PaCRe — 1,738 (23 ) 5,722 Total investment income from AlphaCat Funds and Sidecars 4,421 7,341 10,028 16,378 Validus' share of AlphaCat income $ 4,877 $ 7,769 $ 13,663 $ 15,536 Supplemental information: Gross premiums written AlphaCat Sidecars $ (14 ) $ 3,241 $ (66 ) $ 43,347 AlphaCat ILS Funds - Lower Risk (c) 50,234 45,687 110,192 88,435 AlphaCat ILS Funds - Higher Risk (c) 42,010 13,867 138,330 32,818 AlphaCat Direct (d) 6,675 — 17,797 — Total gross premiums written $ 98,905 $ 62,795 $ 266,253 $ 164,600 (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 June 30, Six Months Ended June 30, Corporate and Investment Information 2016 2015 2016 2015 Investment income Net investment income (a) $ 36,849 $ 31,854 $ 64,772 $ 61,290 Operating expenses General and administrative expenses 17,872 17,092 34,055 32,698 Share compensation expenses 4,007 3,178 8,099 6,071 Finance expenses (a) 13,979 15,144 28,320 30,480 Dividends on preferred shares — — — — Tax expense (benefit) 1,706 2,549 (412 ) 5,114 Total operating expenses 37,564 37,963 70,062 74,363 Other items Net realized gains on investments (a) 2,520 2,104 1,434 6,284 Change in net unrealized gains (losses) on investments (a) 30,052 (33,926 ) 77,130 743 (Loss) income from investment affiliate (589 ) 284 (4,702 ) 3,060 Foreign exchange gains (losses) (a) 6,621 (3,237 ) 12,695 (6,693 ) Other income (loss) 79 (608 ) 756 (608 ) Total other items 38,683 (35,383 ) 87,313 2,786 Total Corporate and Investment Information $ 37,968 $ (41,492 ) $ 82,023 $ (10,287 ) (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 June 30, 2016 Validus Re Segment Talbot Segment Western World Segment AlphaCat & Consolidated Variable Interest Entities Corporate & Investments Eliminations Total Underwriting revenues Gross premiums written $ 285,810 $ 296,067 $ 86,971 $ 98,905 $ (3,711 ) $ 764,042 Reinsurance premiums ceded (3,196 ) (27,161 ) (5,006 ) (4,577 ) 3,711 (36,229 ) Net premiums written 282,614 268,906 81,965 94,328 — 727,813 Change in unearned premiums (35,492 ) (67,357 ) (16,309 ) (34,932 ) — (154,090 ) Net premiums earned 247,122 201,549 65,656 59,396 — 573,723 Other insurance related income (loss) 150 279 189 3,401 (3,274 ) 745 Total underwriting revenues 247,272 201,828 65,845 62,797 (3,274 ) 574,468 Underwriting deductions Losses and loss expenses 132,139 109,310 44,229 21,452 — 307,130 Policy acquisition costs 42,564 43,613 15,410 6,530 (151 ) 107,966 General and administrative expenses 17,872 39,061 11,458 6,561 17,872 (3,136 ) 89,688 Share compensation expenses 2,775 3,270 542 133 4,007 — 10,727 Total underwriting deductions 195,350 195,254 71,639 34,676 21,879 (3,287 ) 515,511 Underwriting income (loss) $ 51,922 $ 6,574 $ (5,794 ) $ 28,121 $ (21,879 ) $ 13 $ 58,957 Other items (a) 1,058 22,998 24,056 Dividends on preferred shares — — Net investment income 3,005 36,849 (597 ) 39,257 (Income) attributable to AlphaCat investors (6,114 ) — (6,114 ) Net (income) attributable to noncontrolling interest (21,193 ) — (21,193 ) Segmental income (loss) $ 51,922 $ 6,574 $ (5,794 ) $ 4,877 $ 37,968 $ (584 ) Net income available to Validus common shareholders $ 94,963 (a) Other items includes finance expenses, tax expenses, foreign exchange gains (losses), net realized and change in net unrealized gains (losses) on investments, income from investment and operating affiliates and other income (loss). Three Months Ended June 30, 2015 Validus Re Segment Talbot Segment Western World Segment AlphaCat & Consolidated Variable Interest Entities Corporate & Investments Eliminations Total Underwriting revenues Gross premiums written $ 297,420 $ 293,046 $ 79,554 $ 62,795 $ (6,647 ) $ 726,168 Reinsurance premiums ceded (19,378 ) (37,246 ) (5,441 ) — 6,647 (55,418 ) Net premiums written 278,042 255,800 74,113 62,795 — 670,750 Change in unearned premiums (13,492 ) (50,362 ) (8,995 ) (25,213 ) — (98,062 ) Net premiums earned 264,550 205,438 65,118 37,582 — 572,688 Other insurance related income (loss) 434 40 276 5,532 (5,574 ) 708 Total underwriting revenues 264,984 205,478 65,394 43,114 (5,574 ) 573,396 Underwriting deductions Losses and loss expenses 123,405 95,970 46,771 — — 266,146 Policy acquisition costs 43,826 47,659 9,617 3,742 (521 ) 104,323 General and administrative expenses 18,781 35,555 8,923 8,805 17,092 (5,131 ) 84,025 Share compensation expenses 2,396 3,024 494 150 3,178 — 9,242 Total underwriting deductions 188,408 182,208 65,805 12,697 20,270 (5,652 ) 463,736 Underwriting income (loss) $ 76,576 $ 23,270 $ (411 ) $ 30,417 $ (20,270 ) $ 78 $ 109,660 Other items (a) (1,844 ) (53,076 ) (54,920 ) Dividends on preferred shares — — Net investment income 1,757 31,854 33,611 (Income) attributable to AlphaCat investors — — — Net (income) attributable to noncontrolling interest (22,561 ) — (22,561 ) Segmental income (loss) $ 76,576 $ 23,270 $ (411 ) $ 7,769 $ (41,492 ) $ 78 Net income available to Validus common shareholders $ 65,790 (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). Six Months Ended June 30, 2016 Validus Re Segment Talbot Segment Western World Segment AlphaCat & Consolidated Variable Interest Entities Corporate & Investments Eliminations Total Underwriting revenues Gross premiums written $ 977,478 $ 562,384 $ 150,930 $ 266,253 $ (20,212 ) $ 1,936,833 Reinsurance premiums ceded (95,691 ) (114,619 ) (9,145 ) (4,821 ) 20,212 (204,064 ) Net premiums written 881,787 447,765 141,785 261,432 — 1,732,769 Change in unearned premiums (390,834 ) (39,424 ) (14,630 ) (142,890 ) — (587,778 ) Net premiums earned 490,953 408,341 127,155 118,542 — 1,144,991 Other insurance related (loss) income (165 ) 290 477 9,066 (8,187 ) 1,481 Total underwriting revenues 490,788 408,631 127,632 127,608 (8,187 ) 1,146,472 Underwriting deductions Losses and loss expenses 215,007 209,411 83,875 23,284 — 531,577 Policy acquisition costs 84,823 87,956 29,610 12,687 83 215,159 General and administrative expenses 35,051 77,596 23,533 14,017 34,055 (8,356 ) 175,896 Share compensation expenses 5,676 6,792 1,123 274 8,099 — 21,964 Total underwriting deductions 340,557 381,755 138,141 50,262 42,154 (8,273 ) 944,596 Underwriting income (loss) $ 150,231 $ 26,876 $ (10,509 ) $ 77,346 $ (42,154 ) $ 86 $ 201,876 Other items (a) 1,212 59,405 60,617 Dividends on preferred shares — — Net investment income 4,543 64,772 (597 ) 68,718 (Income) attributable to AlphaCat investors (10,714 ) — (10,714 ) Net (income) attributable to noncontrolling interest (58,724 ) — (58,724 ) Segmental income (loss) $ 150,231 $ 26,876 $ (10,509 ) $ 13,663 $ 82,023 $ (511 ) Net income available to Validus common shareholders $ 261,773 (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). Six Months Ended June 30, 2015 Validus Re Segment Talbot Segment Western World Segment AlphaCat & Consolidated Variable Interest Entities Corporate & Investments Eliminations Total Underwriting revenues Gross premiums written $ 1,009,113 $ 563,123 $ 136,501 $ 164,600 $ (27,945 ) $ 1,845,392 Reinsurance premiums ceded (133,155 ) (128,321 ) (8,674 ) (4,538 ) 27,945 (246,743 ) Net premiums written 875,958 434,802 127,827 160,062 — 1,598,649 Change in unearned premiums (358,320 ) (6,775 ) 5,173 (90,149 ) — (450,071 ) Net premiums earned 517,638 428,027 133,000 69,913 — 1,148,578 Other insurance related income (loss) 749 94 539 11,456 (11,190 ) 1,648 Total underwriting revenues 518,387 428,121 133,539 81,369 (11,190 ) 1,150,226 Underwriting deductions Losses and loss expenses 236,533 174,098 97,288 (844 ) — 507,075 Policy acquisition costs 85,920 96,763 13,896 7,177 (1,022 ) 202,734 General and administrative expenses 38,290 72,049 19,550 16,059 32,698 (10,386 ) 168,260 Share compensation expenses 4,974 5,981 971 299 6,071 — 18,296 Total underwriting deductions 365,717 348,891 131,705 22,691 38,769 (11,408 ) 896,365 Underwriting income (loss) $ 152,670 $ 79,230 $ 1,834 $ 58,678 $ (38,769 ) $ 218 $ 253,861 Other items (a) (5,753 ) (32,808 ) (38,561 ) Dividends on preferred shares — — Net investment income 3,350 61,290 64,640 (Income) attributable to AlphaCat investors — — — Net (income) attributable to noncontrolling interest (40,739 ) — (40,739 ) Segmental income (loss) $ 152,670 $ 79,230 $ 1,834 $ 15,536 $ (10,287 ) $ 218 Net income available to Validus $ 239,201 (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 June 30, 2016 Validus Re Talbot Western World AlphaCat Eliminations Total % United States $ 129,087 $ 39,135 $ 86,971 $ 37,338 $ (417 ) $ 292,114 38.2 % Worldwide excluding United States (a) 16,975 30,028 — 6,496 (136 ) 53,363 7.0 % Australia and New Zealand 1,926 2,063 — 867 21 4,877 0.6 % Europe 3,267 6,855 — (145 ) 216 10,193 1.3 % Latin America and Caribbean 5,992 27,597 — — (2,511 ) 31,078 4.1 % Japan 39,053 3,965 — 1,721 (7 ) 44,732 5.9 % Canada 1,821 2,470 — 223 (36 ) 4,478 0.6 % Rest of the world (b) 3,259 29,806 — — (457 ) 32,608 4.3 % Sub-total, non United States 72,293 102,784 — 9,162 (2,910 ) 181,329 23.8 % Worldwide including United States (a) 35,561 34,198 — 52,394 (380 ) 121,773 15.9 % Other locations non-specific (c) 48,869 119,950 — 11 (4 ) 168,826 22.1 % Total $ 285,810 $ 296,067 $ 86,971 $ 98,905 $ (3,711 ) $ 764,042 100.0 % Gross Premiums Written Three Months Ended June 30, 2015 Validus Re Talbot Western World AlphaCat Eliminations Total % United States $ 171,006 $ 40,036 $ 79,554 $ 23,800 $ (428 ) $ 313,968 43.3 % Worldwide excluding United States (a) 12,322 30,231 — 2,173 69 44,795 6.2 % Australia and New Zealand 1,643 1,173 — 624 25 3,465 0.5 % Europe 16,282 10,584 — 1,073 (84 ) 27,855 3.8 % Latin America and Caribbean 7,684 28,693 — — (3,919 ) 32,458 4.5 % Japan 37,800 2,843 — 1,671 (45 ) 42,269 5.8 % Canada 597 2,299 — 294 (48 ) 3,142 0.4 % Rest of the world (b) 3,026 24,982 — — (294 ) 27,714 3.8 % Sub-total, non United States 79,354 100,805 — 5,835 (4,296 ) 181,698 25.0 % Worldwide including United States (a) 37,967 32,704 — 32,410 (2,021 ) 101,060 13.9 % Other locations non-specific (c) 9,093 119,501 — 750 98 129,442 17.8 % Total $ 297,420 $ 293,046 $ 79,554 $ 62,795 $ (6,647 ) $ 726,168 100.0 % (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 since these exposures can span multiple geographic areas and, in some instances, are not fixed locations. Gross Premiums Written Six Months Ended June 30, 2016 Validus Re Talbot Western World AlphaCat Eliminations Total % United States $ 424,481 $ 65,245 $ 150,930 $ 62,729 $ (1,555 ) $ 701,830 36.2 % Worldwide excluding United States (a) 47,239 65,532 — 22,507 (611 ) 134,667 7.0 % Australia and New Zealand 6,849 4,375 — 4,949 (113 ) 16,060 0.8 % Europe 25,734 20,716 — 3,306 (708 ) 49,048 2.5 % Latin America and Caribbean 19,574 51,404 — — (5,537 ) 65,441 3.4 % Japan 39,925 4,582 — 3,221 (31 ) 47,697 2.5 % Canada 3,497 3,562 — 223 (87 ) 7,195 0.4 % Rest of the world (b) 19,947 57,290 — — (2,342 ) 74,895 3.9 % Sub-total, non United States 162,765 207,461 — 34,206 (9,429 ) 395,003 20.5 % Worldwide including United States (a) 147,338 62,652 — 167,767 (9,214 ) 368,543 19.0 % Other locations non-specific (c) 242,894 227,026 — 1,551 (14 ) 471,457 24.3 % Total $ 977,478 $ 562,384 $ 150,930 $ 266,253 $ (20,212 ) $ 1,936,833 100.0 % Gross Premiums Written Six Months Ended June 30, 2015 Validus Re Talbot Western World AlphaCat Eliminations Total % United States $ 510,020 $ 68,094 $ 136,501 $ 36,945 $ (1,882 ) $ 749,678 40.7 % Worldwide excluding United States (a) 47,288 65,173 — 8,006 (933 ) 119,534 6.5 % Australia and New Zealand 11,507 3,049 — 624 (126 ) 15,054 0.8 % Europe 41,017 23,798 — 2,512 (904 ) 66,423 3.6 % Latin America and Caribbean 16,932 51,385 — — (7,813 ) 60,504 3.3 % Japan 39,184 3,597 — 1,671 (58 ) 44,394 2.4 % Canada 2,782 3,997 — 488 (124 ) 7,143 0.4 % Rest of the world (b) 21,680 47,988 — — (2,542 ) 67,126 3.6 % Sub-total, non United States 180,390 198,987 — 13,301 (12,500 ) 380,178 20.6 % Worldwide including United States (a) 122,811 54,498 — 110,304 (13,659 ) 273,954 14.8 % Other locations non-specific (c) 195,892 241,544 — 4,050 96 441,582 23.9 % Total $ 1,009,113 $ 563,123 $ 136,501 $ 164,600 $ (27,945 ) $ 1,845,392 100.0 % (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 since these exposures can span multiple geographic areas and, in some instances, are not fixed locations.

Subsequent events

Subsequent events	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent events	Subsequent events Quarterly Dividend On August 3, 2016 , the Company announced a quarterly cash dividend of $0.35 per each common share, payable on September 30, 2016 to holders of record on September 15, 2016 and a cash dividend of $0.3753472 per depositary share on the outstanding Series A Preferred Shares, payable on September 15, 2016 to the holders of record on September 1, 2016.

Significant accounting policies

Significant accounting policies (Policies)	6 Months Ended
	Jun. 30, 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 ("IBNR") 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)	6 Months Ended
	Jun. 30, 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 Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2015 and Consolidated Statement of Cash Flows for the six months ended June 30, 2015 : Three Months Ended June 30, 2015 As previously reported Adjustment for adoption of new consolidation guidance Revised Total revenues $ 591,492 $ (19,912 ) $ 571,580 Total expenses 480,511 1,907 482,418 Net income 81,657 6,694 88,351 Net (income) attributable to noncontrolling interest (17,644 ) (4,917 ) (22,561 ) Net income available to Validus 64,013 1,777 65,790 Comprehensive income available to Validus 67,588 1,777 69,365 Basic earnings per share available to common shareholders $ 0.75 $ 0.02 $ 0.77 Earnings per diluted share available to common shareholders $ 0.73 $ 0.02 $ 0.75 Six Months Ended June 30, 2015 As previously reported Adjustment for adoption of new consolidation guidance Revised Total revenues $ 1,280,697 $ (65,351 ) $ 1,215,346 Total expenses 934,010 2,004 936,014 Net income 294,045 (14,105 ) 279,940 Net (income) attributable to noncontrolling interest (56,621 ) 15,882 (40,739 ) Net income available to Validus 237,424 1,777 239,201 Comprehensive income available to Validus 236,914 1,777 238,691 Basic earnings per share available to common shareholders $ 2.81 $ 0.02 $ 2.83 Earnings per diluted share available to common shareholders $ 2.72 $ 0.02 $ 2.74 Six Months Ended June 30, 2015 As previously reported Adjustment for adoption of new consolidation guidance Revised Net cash (used in) provided by operating activities $ (228,841 ) $ 261,315 $ 32,474 Net cash used in investing activities (290,517 ) 229,702 (60,815 ) Net cash provided by (used in) financing activities 389,593 (463,831 ) (74,238 ) Effect of foreign currency rate changes on cash and cash equivalents (13,765 ) 5,035 (8,730 ) Net decrease in cash (143,530 ) 32,221 (111,309 ) Cash and cash equivalents - beginning of period 577,240 (26,839 ) 550,401 Cash and cash equivalents - end of period 433,710 5,382 439,092

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2016
Investments [Abstract]
Amortized cost (or cost), gross unrealized gains and (losses) and fair value of investments	The amortized cost (or cost), gross unrealized gains and (losses) and fair value of the Company's investments as at June 30, 2016 were as follows: Amortized Cost (or Cost) Gross Unrealized Gains Gross Unrealized Losses Fair Value Managed investments U.S. government and government agency $ 924,350 $ 7,536 $ (83 ) $ 931,803 Non-U.S. government and government agency 217,796 2,146 (4,692 ) 215,250 U.S. states, municipalities, political subdivisions 278,756 7,049 (393 ) 285,412 Agency residential mortgage-backed securities 662,468 14,713 (398 ) 676,783 Non-agency residential mortgage-backed securities 23,858 271 (740 ) 23,389 U.S. corporate 1,539,711 20,350 (4,014 ) 1,556,047 Non-U.S. corporate 367,473 3,264 (6,331 ) 364,406 Bank loans 613,414 574 (16,926 ) 597,062 Asset-backed securities 429,890 2,352 (2,902 ) 429,340 Commercial mortgage-backed securities 308,712 6,048 (727 ) 314,033 Total fixed maturities 5,366,428 64,303 (37,206 ) 5,393,525 Short-term investments 189,678 — (50 ) 189,628 Other investments Fund of hedge funds 1,457 — (498 ) 959 Hedge funds 12,463 6,162 — 18,625 Private equity investments 62,119 14,457 (3,270 ) 73,306 Investment funds 203,128 743 — 203,871 Overseas deposits 55,301 — — 55,301 Mutual funds 4,201 3,263 — 7,464 Total other investments 338,669 24,625 (3,768 ) 359,526 Total managed investments $ 5,894,775 $ 88,928 $ (41,024 ) $ 5,942,679 Non-managed investments Catastrophe bonds $ 157,599 $ 2,114 $ (1,652 ) $ 158,061 Short-term investments 2,180,026 — — 2,180,026 Total non-managed investments 2,337,625 2,114 (1,652 ) 2,338,087 Total investments $ 8,232,400 $ 91,042 $ (42,676 ) $ 8,280,766 The amortized cost (or cost), gross unrealized gains and (losses) and fair value of the Company's investments as at December 31, 2015 were as follows: Amortized Cost (or Cost) Gross Unrealized Gains Gross Unrealized Losses 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, 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 maturity investments as at June 30, 2016 and December 31, 2015 . June 30, 2016 December 31, 2015 Fair Value % of Total Fair Value % of Total Managed fixed maturities AAA $ 2,446,839 44.1 % $ 2,367,642 43.0 % AA 508,086 9.2 % 569,386 10.3 % A 1,045,965 18.8 % 1,031,326 18.7 % BBB 741,800 13.4 % 691,538 12.6 % Total investment grade managed fixed maturities 4,742,690 85.5 % 4,659,892 84.6 % BB 227,436 4.0 % 235,724 4.3 % B 183,127 3.3 % 179,069 3.2 % CCC 8,331 0.2 % 5,706 0.1 % CC 113 0.0 % 1,015 0.0 % NR 231,828 4.2 % 242,546 4.4 % Total non-investment grade managed fixed maturities 650,835 11.7 % 664,060 12.0 % Total managed fixed maturities $ 5,393,525 97.2 % $ 5,323,952 96.6 % Non-managed catastrophe bonds BBB $ — 0.0 % $ 1,911 0.0 % Total investment grade non-managed catastrophe bonds — 0.0 % 1,911 0.0 % BB 41,412 0.7 % 70,962 1.3 % B 6,161 0.1 % 30,698 0.6 % NR 110,488 2.0 % 82,808 1.5 % Total non-investment grade non-managed catastrophe bonds 158,061 2.8 % 184,468 3.4 % Total non-managed fixed maturities 158,061 2.8 % 186,379 3.4 % Total fixed maturities $ 5,551,586 100.0 % $ 5,510,331 100.0 %
Fixed maturities investments by contractual maturity	The amortized cost and fair value amounts for the Company's fixed maturity investments held at June 30, 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. June 30, 2016 December 31, 2015 Amortized Cost Fair Value Amortized Cost Fair Value Managed investments Due in one year or less $ 349,115 $ 348,137 $ 367,132 $ 366,019 Due after one year through five years 2,990,421 2,996,295 2,965,920 2,936,053 Due after five years through ten years 485,899 492,101 548,183 539,083 Due after ten years 116,065 113,447 150,444 148,036 3,941,500 3,949,980 4,031,679 3,989,191 Asset-backed and mortgage-backed securities 1,424,928 1,443,545 1,337,374 1,334,761 Total managed fixed maturities $ 5,366,428 $ 5,393,525 $ 5,369,053 $ 5,323,952 Non-managed catastrophe bonds Due in one year or less $ 28,445 $ 29,328 $ 7,504 $ 7,544 Due after one year through five years 128,614 128,185 165,093 163,575 Due after five years through ten years 540 548 15,250 15,260 Due after ten years — — — — Total non-managed fixed maturities 157,599 158,061 187,847 186,379 Total fixed maturities $ 5,524,027 $ 5,551,586 $ 5,556,900 $ 5,510,331
Other investments	The following tables set forth certain information regarding the Company's other investment portfolio as at June 30, 2016 and December 31, 2015 : Other investments Fair Value as at June 30, 2016 Investments with redemption restrictions Investments without redemption restrictions Redemption frequency (a) Redemption notice period (a) Fund of hedge funds $ 959 $ 959 $ — Hedge funds 18,625 18,625 — Private equity investments 73,306 73,306 — Investment funds 203,871 181,536 22,335 Daily 2 days Overseas deposits 55,301 55,301 — Mutual funds 7,464 — 7,464 Daily Daily Total other investments $ 359,526 $ 329,727 $ 29,799 (a) The redemption frequency and notice periods only apply to investments without redemption restrictions. Other investments 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 June 30, Six Months Ended June 30, 2016 2015 2016 2015 Managed investments Fixed maturities and short-term investments $ 30,621 $ 29,433 $ 58,638 $ 57,106 Other investments 8,026 4,014 8,898 7,202 Restricted cash, cash and cash equivalents 380 427 1,245 843 Securities lending income 12 6 17 9 Total gross investment income 39,039 33,880 68,798 65,160 Investment expenses (2,190 ) (2,026 ) (4,026 ) (3,870 ) Total managed net investment income $ 36,849 $ 31,854 $ 64,772 $ 61,290 Non managed investments Fixed maturities and short-term investments $ 1,977 $ 1,733 $ 3,272 $ 3,307 Restricted cash, cash and cash equivalents 431 24 674 43 Total non-managed net investment income 2,408 1,757 3,946 3,350 Total net investment income $ 39,257 $ 33,611 $ 68,718 $ 64,640
Analysis of net realized gains and the change in net unrealized gains (losses) on investments	The following represents an analysis of net realized gains and the change in net unrealized gains (losses) on investments: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Managed fixed maturities, short-term and other investments Gross realized gains $ 3,306 $ 6,140 $ 6,523 $ 12,449 Gross realized (losses) (786 ) (4,036 ) (5,089 ) (6,165 ) Net realized gains on investments 2,520 2,104 1,434 6,284 Change in net unrealized gains (losses) on investments 30,052 (33,926 ) 77,130 743 Total net realized and change in net unrealized gains (losses) on managed investments $ 32,572 $ (31,822 ) $ 78,564 $ 7,027 Non-managed fixed maturities, short-term and other investments Gross realized gains $ 204 $ 140 $ 715 $ 140 Gross realized (losses) — — (9 ) (11 ) Net realized gains on investments 204 140 706 129 Change in net unrealized (losses) on investments 1,376 (750 ) 1,742 (2,192 ) Total net realized and change in net unrealized (losses) on non-managed investments 1,580 (610 ) 2,448 (2,063 ) Total net realized and change in net unrealized gains (losses) on total investments $ 34,152 $ (32,432 ) $ 81,012 $ 4,964
Investments and cash 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 .” June 30, 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 300,000 105,575 151,166 $24,000 secured bi-lateral letter of credit facility 24,000 11,805 48,380 AlphaCat Re secured letter of credit facility 20,000 20,000 30,191 IPC bi-lateral facility 25,000 5,666 — $236,000 Flagstone bi-lateral facility 236,000 195,622 322,520 Total $ 690,000 $ 338,668 $ 552,257 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)	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Fair value hierarchy - allocation of investments	At June 30, 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 $ — $ 931,803 $ — $ — $ 931,803 Non-U.S. government and government agency — 215,250 — — 215,250 U.S. states, municipalities and political subdivisions — 285,412 — — 285,412 Agency residential mortgage-backed securities — 676,783 — — 676,783 Non-agency residential mortgage-backed securities — 23,389 — — 23,389 U.S. corporate — 1,556,047 — — 1,556,047 Non-U.S. corporate — 364,406 — — 364,406 Bank loans — 353,914 243,148 — 597,062 Asset-backed securities — 416,957 12,383 — 429,340 Commercial mortgage-backed securities — 314,033 — — 314,033 Total fixed maturities — 5,137,994 255,531 — 5,393,525 Short-term investments 186,276 3,352 — — 189,628 Other investments Fund of hedge funds — — — 959 959 Hedge funds — — — 18,625 18,625 Private equity investments — — — 73,306 73,306 Investment funds — 22,335 — 181,536 203,871 Overseas deposits — — — 55,301 55,301 Mutual funds — 7,464 — — 7,464 Total other investments — 29,799 — 329,727 359,526 Total managed investments $ 186,276 $ 5,171,145 $ 255,531 $ 329,727 $ 5,942,679 Non-managed investments Catastrophe bonds $ — $ 120,543 $ 37,518 $ — $ 158,061 Short-term investments 2,180,026 — — — 2,180,026 Total non-managed investments 2,180,026 120,543 37,518 — 2,338,087 Total investments $ 2,366,302 $ 5,291,688 $ 293,049 $ 329,727 $ 8,280,766 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 three and six months ended June 30, 2016 and 2015 : Three Months Ended June 30, 2016 Bank Loans Catastrophe Bonds Asset Backed Securities Total Level 3 investments—beginning of period $ 255,011 $ 37,105 $ — $ 292,116 Purchases 8,885 — 12,383 21,268 Settlements (17,784 ) — — (17,784 ) Change in net unrealized (losses) gains (2,964 ) 413 — (2,551 ) Transfers into Level 3 during the period — — — — Transfers out of Level 3 during the period — — — — Level 3 investments—end of period $ 243,148 $ 37,518 $ 12,383 $ 293,049 Three Months Ended June 30, 2015 Bank Loans Catastrophe Bonds Total Level 3 investments—beginning of period $ 86,533 $ 15,500 $ 102,033 Purchases 43,791 — 43,791 Sales (929 ) (2,000 ) (2,929 ) Settlements (4,203 ) — (4,203 ) Change in net unrealized losses (210 ) — (210 ) Transfers into Level 3 during the period — — — Transfers out of Level 3 during the period — — — Level 3 investments—end of period $ 124,982 $ 13,500 $ 138,482 Six Months Ended June 30, 2016 Bank Loans Catastrophe Bonds Asset Backed Securities Total Level 3 investments—beginning of period $ 232,337 $ 13,500 $ — $ 245,837 Purchases 50,988 23,272 12,383 86,643 Sales (2,389 ) — — (2,389 ) Settlements (34,033 ) (125 ) — (34,158 ) Change in net unrealized (losses) gains (3,755 ) 871 — (2,884 ) Transfers into Level 3 during the period — — — — Transfers out of Level 3 during the period — — — — Level 3 investments—end of period $ 243,148 $ 37,518 $ 12,383 $ 293,049 Six Months Ended June 30, 2015 Bank Loans Catastrophe Bonds Total Level 3 investments—beginning of period $ 32,748 $ 17,500 $ 50,248 Purchases 101,966 — 101,966 Sales (929 ) (3,989 ) (4,918 ) Settlements (8,198 ) — (8,198 ) Net realized losses — (11 ) (11 ) Change in net unrealized losses (605 ) — (605 ) Transfers into Level 3 during the period — — — Transfers out of Level 3 during the period — — — Level 3 investments—end of period $ 124,982 $ 13,500 $ 138,482

Variable interest entities (Tab

Variable interest entities (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2016 : Three Months Ended June 30, 2016 Variable Funding Notes Structured Notes Total Notes payable to AlphaCat investors, beginning of period $ 261,793 $ 61,717 $ 323,510 Issuance of notes payable to AlphaCat investors 102,817 32,609 135,426 Redemption of notes payable to AlphaCat investors (88,079 ) — (88,079 ) Foreign exchange losses 125 — 125 Notes payable to AlphaCat investors, end of period $ 276,656 $ 94,326 $ 370,982 Six Months Ended June 30, 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 298,105 94,326 392,431 Redemption of notes payable to AlphaCat investors (97,684 ) — (97,684 ) Foreign exchange losses 742 — 742 Notes payable to AlphaCat investors, end of period $ 276,656 $ 94,326 $ 370,982
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 June 30, 2016 and December 31, 2015 : June 30, 2016 December 31, 2015 Total Assets Total Liabilities Total Assets Total Liabilities AlphaCat sidecars $ 47,693 $ 10,468 $ 206,581 $ 14,804 AlphaCat ILS funds - Lower Risk (a) 1,544,346 129,842 1,268,070 143,371 AlphaCat ILS funds - Higher Risk (a) 701,348 147,466 522,867 300,122 AlphaCat Re and AlphaCat Master Fund 2,431,907 2,431,737 1,615,779 1,615,609 BetaCat ILS funds 63,947 493 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)	6 Months Ended
	Jun. 30, 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 June 30, 2016 and December 31, 2015 : June 30, 2016 December 31, 2015 Investment affiliate $ 99,278 $ 87,673 Operating affiliate — 392 Investments in affiliates $ 99,278 $ 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 and six months ended June 30, 2016 and 2015 : Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Investment affiliate, beginning of period $ 84,135 $ 85,982 $ 87,673 $ 63,506 Capital contributions 15,732 3,415 16,307 23,115 (Loss) income from investment affiliate (589 ) 284 (4,702 ) 3,060 Investment affiliate, end of period $ 99,278 $ 89,681 $ 99,278 $ 89,681
Schedule of equity method investments	The following table presents the Company’s investment in the partnerships as at June 30, 2016 : Investment at cost Voting ownership % Equity ownership % Carrying value Aquiline Financial Services Fund II L.P. $ 56,479 — % 8.0 % $ 71,178 Aquiline Financial Services Fund III L.P. $ 29,622 — % 10.5 % $ 28,100 Total $ 86,101 $ 99,278 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 and six months ended June 30, 2016 and 2015 : Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Operating affiliate, beginning of period $ 369 $ 54,928 $ 392 $ 50,944 Return of investment (369 ) — (369 ) — (Loss) income from operating affiliate — 1,738 (23 ) 5,722 Operating affiliate, end of period $ — $ 56,666 $ — $ 56,666
Schedule of equity method investments	The following table presents the Company’s investment in PaCRe as at June 30, 2016 : Investment at cost Voting ownership % Equity ownership % Carrying value Investment in PaCRe $ — 100.0 % 10.0 % $ — 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)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2016 and 2015 : Three Months Ended June 30, 2016 Redeemable noncontrolling interest Noncontrolling interest Total Balance, beginning of period $ 1,409,037 $ 157,223 $ 1,566,260 Issuance of shares 112,500 59,349 171,849 Income attributable to noncontrolling interest 17,230 3,963 21,193 Redemptions payable (6,484 ) — (6,484 ) Distributions — (8,381 ) (8,381 ) Balance, end of period $ 1,532,283 $ 212,154 $ 1,744,437 Three Months Ended June 30, 2015 Redeemable noncontrolling interest Noncontrolling interest Total Balance, beginning of period $ 834,644 $ 151,583 $ 986,227 Issuance of shares 249,300 9,600 258,900 Income attributable to noncontrolling interest 17,462 5,099 22,561 Redemption of shares (59,395 ) — (59,395 ) Redemptions payable (6,500 ) — (6,500 ) Distributions — (12,759 ) (12,759 ) Balance, end of period $ 1,035,511 $ 153,523 $ 1,189,034 Six Months Ended June 30, 2016 Redeemable noncontrolling interest Noncontrolling interest Total Balance, beginning of period $ 1,111,714 $ 154,662 $ 1,266,376 Issuance of shares 381,250 171,674 552,924 Income attributable to noncontrolling interest 45,803 12,921 58,724 Redemptions payable (6,484 ) — (6,484 ) Distributions — (127,103 ) (127,103 ) Balance, end of period $ 1,532,283 $ 212,154 $ 1,744,437 Six Months Ended June 30, 2015 Redeemable noncontrolling interest Noncontrolling interest Total Balance, beginning of period $ 617,791 $ 292,274 $ 910,065 Issuance of shares 452,700 9,600 462,300 Income attributable to noncontrolling interest 30,915 9,824 40,739 Redemption of shares (59,395 ) — (59,395 ) Redemptions payable (6,500 ) — (6,500 ) Distributions — (158,175 ) (158,175 ) Balance, end of period $ 1,035,511 $ 153,523 $ 1,189,034

Derivative instruments (Tables)

Derivative instruments (Tables)	6 Months Ended
	Jun. 30, 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 as at June 30, 2016 and December 31, 2015 : June 30, 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 $ 297,275 $ 4,230 $ 4,746 $ 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) relating to the foreign currency forward contracts that were not designated as hedging instruments during the three and six months ended June 30, 2016 was $896 and ($1,117) , respectively ( 2015 : $nil and $nil , respectively). The net impact on earnings, recognized in income within other income (loss) relating to the foreign currency forward contracts that were not designated as hedging instruments during the three and six months ended June 30, 2016 were $84 and $120 , respectively ( 2015 : ($128) and ($127) , 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 as at June 30, 2016 and December 31, 2015 : June 30, 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 $ 20 $ 2,529 $ 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 and six months ended June 30, 2016 and 2015 : Three Months Ended June 30, Six Months Ended June 30, Foreign currency forward contracts 2016 2015 2016 2015 Amount of loss recognized in income on derivative $ — $ (8,954 ) $ — $ (15,156 ) Amount of gain on hedged item recognized in income attributable to risk being hedged $ — $ 8,954 $ — $ 15,156 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 and six months ended June 30, 2016 and 2015 : Three Months Ended June 30, Six Months Ended June 30, Interest rate swap contracts 2016 2015 2016 2015 Amount of effective portion recognized in other comprehensive income $ 2,694 $ 2,846 $ 6,350 $ 6,886 Amount of effective portion subsequently reclassified to earnings $ (2,758 ) $ (3,236 ) $ (5,656 ) $ (6,475 ) Amount of ineffective portion excluded from effectiveness testing $ 64 $ 390 $ (694 ) $ (411 )

Reserve for losses and loss e34

Reserve for losses and loss expenses (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2016 and 2015 : Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Reserve for losses and loss expenses, beginning of period $ 2,980,300 $ 3,207,885 $ 2,996,567 $ 3,243,147 Loss reserves recoverable (370,689 ) (375,882 ) (350,586 ) (377,466 ) Net reserves for losses and loss expenses, beginning of period 2,609,611 2,832,003 2,645,981 2,865,681 Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in: Current year 369,911 336,864 648,097 661,352 Prior years (a) (62,781 ) (70,718 ) (116,520 ) (154,277 ) Total incurred losses and loss expenses (a) 307,130 266,146 531,577 507,075 Less net losses and loss expenses paid in respect of losses occurring in: Current year (45,882 ) (28,965 ) (61,655 ) (42,065 ) Prior years (176,775 ) (260,027 ) (430,079 ) (496,260 ) Total net paid losses (222,657 ) (288,992 ) (491,734 ) (538,325 ) Foreign exchange (gain) loss (14,354 ) 6,841 (6,094 ) (18,433 ) Net reserve for losses and loss expenses, end of period 2,679,730 2,815,998 2,679,730 2,815,998 Loss reserves recoverable 442,987 376,665 442,987 376,665 Reserve for losses and loss expenses, end of period $ 3,122,717 $ 3,192,663 $ 3,122,717 $ 3,192,663 Incurred losses and loss expenses comprise: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Gross losses and loss expenses (a) $ 397,863 $ 303,771 $ 667,716 $ 568,567 Reinsurance recoverable (90,733 ) (37,625 ) (136,139 ) (61,492 ) Net incurred losses and loss expenses (a) $ 307,130 $ 266,146 $ 531,577 $ 507,075 (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 $2,892 and $6,115 , respectively, during the three and six months ended June 30, 2015 , benefiting the loss ratio by 4.4 and 4.6 percentage points, respectively. The remaining fair value adjustment of $4,864 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 and six months ended June 30, 2016 and 2015 was as follows: Three Months Ended June 30, 2016 Property Marine Specialty Liability Total Validus Re $ (9,468 ) $ (10,018 ) $ (11,391 ) $ — $ (30,877 ) Talbot (10,094 ) (8,928 ) (9,306 ) — (28,328 ) Western World (1,582 ) — — (1,576 ) (3,158 ) AlphaCat (296 ) — (122 ) — (418 ) Net favorable development $ (21,440 ) $ (18,946 ) $ (20,819 ) $ (1,576 ) $ (62,781 ) The net favorable development of $62.8 million for the three months ended June 30, 2016 was primarily due to favorable development on attritional losses and prior year event and non-event reserves. The Validus Re and Western World segments 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 event and non-event reserves. Three Months Ended June 30, 2015 Property Marine Specialty Liability Total Validus Re $ (15,928 ) $ (11,099 ) $ (3,852 ) $ — $ (30,879 ) Talbot (16,683 ) (13,810 ) (5,093 ) — (35,586 ) Western World (a) (866 ) — — (3,387 ) (4,253 ) Net favorable development (a) $ (33,477 ) $ (24,909 ) $ (8,945 ) $ (3,387 ) $ (70,718 ) (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 $2,892 during the three months ended June 30, 2015 , benefiting the loss ratio by 4.4 percentage points. The remaining fair value adjustment of $4,864 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. 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. Six Months Ended June 30, 2016 Property Marine Specialty Liability Total Validus Re $ (32,300 ) $ (6,463 ) $ (17,798 ) $ — $ (56,561 ) Talbot (28,540 ) (5,964 ) (16,544 ) — (51,048 ) Western World (2,023 ) — — (5,561 ) (7,584 ) AlphaCat (477 ) — (850 ) — (1,327 ) Net favorable development $ (63,340 ) $ (12,427 ) $ (35,192 ) $ (5,561 ) $ (116,520 ) The net favorable development of $116.5 million for the six months ended June 30, 2016 was primarily attributable to net favorable development in the Validus Re, Talbot and Western World segments. The Validus Re net favorable development was primarily attributable to favorable development on attritional losses or non-event reserves; whereas Talbot's favorable development was due to favorable development on attritional losses along with favorable development on prior year event reserves. Western World's net favorable development was attributable to favorable development on attritional losses. Six Months Ended June 30, 2015 Property Marine Specialty Liability Total Validus Re $ (30,824 ) $ (15,669 ) $ (9,082 ) $ — $ (55,575 ) Talbot (37,435 ) (36,324 ) (13,514 ) — (87,273 ) Western World (a) (3,594 ) — — (6,991 ) (10,585 ) AlphaCat (844 ) — — — (844 ) Net favorable development (a) $ (72,697 ) $ (51,993 ) $ (22,596 ) $ (6,991 ) $ (154,277 ) (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 $6,115 during the six months ended June 30, 2015 , benefiting the loss ratio by 4.6 percentage points. The remaining fair value adjustment of $4,864 was fully amortized during 2015.

Reinsurance (Tables)

Reinsurance (Tables)	6 Months Ended
	Jun. 30, 2016
Reinsurance Disclosures [Abstract]
Reinsurance recoverables by reinsurer	Reinsurance recoverable by reinsurer as at June 30, 2016 and December 31, 2015 were as follows: June 30, 2016 December 31, 2015 Reinsurance Recoverable % of Total Reinsurance Recoverable % of Total Top 10 reinsurers $ 391,076 83.1 % $ 303,108 81.1 % Other reinsurers’ balances > $1 million 70,763 15.0 % 61,222 16.4 % Other reinsurers’ balances < $1 million 8,796 1.9 % 9,327 2.5 % Total $ 470,635 100.0 % $ 373,657 100.0 % June 30, 2016 Top 10 Reinsurers Rating Reinsurance Recoverable % of Total Fully collateralized reinsurers NR $ 80,829 17.2 % Swiss Re AA- 80,604 17.1 % Lloyd's Syndicates A+ 79,508 16.9 % Hannover Re AA- 47,686 10.1 % Everest Re A+ 42,506 9.0 % Munich Re AA- 18,161 3.9 % Transatlantic Re A+ 11,719 2.5 % Hamilton Re A- 11,623 2.5 % National Indemnity Company AA+ 9,565 2.0 % Toa Re A+ 8,875 1.9 % Total $ 391,076 83.1 % 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)	6 Months Ended
	Jun. 30, 2016
Stockholders' Equity Note [Abstract]
Summary of preferred shares issued and outstanding	The following table is a summary of the Preferred shares issued and outstanding: Preferred Shares Preferred shares issued and outstanding, December 31, 2015 — Preferred shares issued 6,000 Preferred shares issued and outstanding, June 30, 2016 6,000
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 601,890 Restricted share units vested, net of shares withheld 18,486 Options exercised 13,635 Performance share awards vested, net of shares withheld 48,088 Common shares issued, June 30, 2016 161,252,871 Treasury shares, June 30, 2016 (80,480,633 ) Common shares outstanding, June 30, 2016 80,772,238 Common Shares Common shares issued, December 31, 2014 155,554,224 Restricted share awards vested, net of shares withheld 609,654 Restricted share units vested, net of shares withheld 13,260 Options exercised 728,489 Warrants exercised 1,461,715 Direct issuance of common stock 639 Performance share awards vested, net of shares withheld 11,524 Common shares issued, June 30, 2015 158,379,505 Treasury shares, June 30, 2015 (75,083,710 ) Common shares outstanding, June 30, 2015 83,295,795

Stock plans (Tables)

Stock plans (Tables)	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Options, activity during the period	Activity with respect to options for the six months ended June 30, 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 (14,044 ) 7.69 17.02 Options outstanding, June 30, 2016 51,357 $ 7.75 $ 21.03 Activity with respect to options for the six months ended June 30, 2015 was as follows: Options Weighted Average Grant Date Fair Value Weighted Average Grant Date Exercise Price Options outstanding, December 31, 2014 1,160,057 $ 7.12 $ 17.74 Options exercised (1,040,680 ) 7.26 16.86 Options outstanding, June 30, 2015 119,377 $ 5.94 $ 25.46
Restricted shares awards, activity during the period	Activity with respect to unvested restricted share awards for the six months ended June 30, 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 granted 534,905 48.69 Restricted share awards vested (783,523 ) 37.32 Restricted share awards forfeited (8,317 ) 37.94 Restricted share awards outstanding, June 30, 2016 2,482,511 $ 40.79 Activity with respect to unvested restricted share awards for the six months ended June 30, 2015 was as follows: Restricted Share Awards Weighted Average Grant Date Fair Value Restricted share awards outstanding, December 31, 2014 2,858,711 $ 35.81 Restricted share awards granted 670,432 43.55 Restricted share awards vested (781,704 ) 34.42 Restricted share awards forfeited (51,818 ) 38.04 Restricted share awards outstanding, June 30, 2015 2,695,621 $ 38.09
Restricted share units, activity during the period	Activity with respect to unvested restricted share units for the six months ended June 30, 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 granted 20,129 48.69 Restricted share units vested (23,982 ) 38.18 Restricted share units issued in lieu of cash dividends 1,629 38.47 Restricted share units outstanding, June 30, 2016 112,113 $ 40.37 Activity with respect to unvested restricted share units for the six months ended June 30, 2015 was as follows: Restricted Share Units Weighted Average Grant Date Fair Value Restricted share units outstanding, December 31, 2014 103,484 $ 36.54 Restricted share units granted 28,057 42.91 Restricted share units vested (19,455 ) 34.58 Restricted share units issued in lieu of cash dividends 1,517 36.53 Restricted share units forfeited (892 ) 35.42 Restricted share units outstanding, June 30, 2015 112,711 $ 38.47
Performance share awards, activity during the period	Activity with respect to unvested performance share awards for the six months ended June 30, 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 granted 121,844 48.69 Performance share awards vested (57,581 ) 36.11 Performance share awards conversion adjustment 45,517 36.82 Performance share awards outstanding, June 30, 2016 282,374 $ 44.46 Activity with respect to unvested performance share awards for the six months ended June 30, 2015 was as follows: Performance Share Awards Weighted Average Grant Date Fair Value Performance share awards outstanding, December 31, 2014 106,369 $ 36.03 Performance share awards granted 81,569 45.03 Performance share awards vested (15,344 ) 31.38 Performance share awards outstanding, June 30, 2015 172,594 $ 40.70
Total share compensation expenses	The breakdown of share compensation expenses by award type for the periods indicated was as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Restricted share awards $ 9,517 $ 8,653 $ 18,646 $ 17,132 Restricted share units 377 279 688 541 Performance share awards 833 310 2,630 623 Total $ 10,727 $ 9,242 $ 21,964 $ 18,296

Debt and financing arrangemen38

Debt and financing arrangements (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Schedule of financing structure	The financing structure at June 30, 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 134,437 134,437 134,437 Flagstone 2007 Junior Subordinated Deferrable Debentures 113,750 113,750 113,750 Total debentures payable 598,187 537,987 537,987 2010 Senior Notes due 2040 250,000 250,000 245,261 Total debentures and senior notes payable 848,187 787,987 783,248 $85,000 syndicated unsecured letter of credit facility 85,000 — — $300,000 syndicated secured letter of credit facility 300,000 105,575 — $24,000 secured bi-lateral letter of credit facility 24,000 11,805 — $20,000 AlphaCat Re secured letter of credit facility 20,000 20,000 — $25,000 IPC bi-lateral facility 25,000 5,666 — $236,000 Flagstone bi-lateral facility 236,000 195,622 — Total credit and other facilities 690,000 338,668 — Total debt and financing arrangements $ 1,538,187 $ 1,126,655 $ 783,248 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 — $20,000 AlphaCat Re secured letter of credit facility 30,000 30,000 — $25,000 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.
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 June 30, 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 $ 134,437 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 June 30, Six Months Ended June 30, 2016 2015 2016 2015 2006 Junior Subordinated Deferrable Debentures $ 2,211 $ 2,211 $ 4,422 $ 4,398 2007 Junior Subordinated Deferrable Debentures 1,830 1,835 3,661 3,644 Flagstone 2006 Junior Subordinated Deferrable Debentures 2,244 2,243 4,489 4,461 Flagstone 2007 Junior Subordinated Deferrable Debentures 1,766 1,770 3,533 3,528 2010 Senior Notes due 2040 5,597 5,597 11,194 11,194 Credit facilities 235 1,193 896 2,900 Bank charges, Talbot FAL facility and other charges (a) 206 1,252 213 2,459 AlphaCat fees (b) 77 2,581 961 7,065 Total finance expenses $ 14,166 $ 18,682 $ 29,369 $ 39,649 (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 ING Bank 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)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2016 and 2015 was as follows: Three Months Ended June 30, 2016 Foreign currency translation adjustment Minimum pension liability Cash flow hedge Total Balance beginning of period, net of tax $ (13,862 ) $ 251 $ (1,827 ) $ (15,438 ) Net current period other comprehensive loss, net of tax (3,287 ) 479 64 (2,744 ) Balance end of period, net of tax $ (17,149 ) $ 730 $ (1,763 ) $ (18,182 ) Three Months Ended June 30, 2015 Foreign currency translation adjustment Minimum pension liability Cash flow hedge Total Balance beginning of period, net of tax $ (11,137 ) $ (475 ) $ (1,029 ) $ (12,641 ) Net current period other comprehensive loss, net of tax 2,763 422 390 3,575 Balance end of period, net of tax $ (8,374 ) $ (53 ) $ (639 ) $ (9,066 ) Six Months Ended June 30, 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 (5,315 ) 396 (694 ) (5,613 ) Balance end of period, net of tax $ (17,149 ) $ 730 $ (1,763 ) $ (18,182 ) Six Months Ended June 30, 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 (256 ) 157 (411 ) (510 ) Balance end of period, net of tax $ (8,374 ) $ (53 ) $ (639 ) $ (9,066 )

Earnings per share (Tables)

Earnings per share (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2016 and 2015 : Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Basic earnings per share Net income available to Validus common shareholders 94,963 65,790 261,773 239,201 Less: Dividends on outstanding warrants — (1,081 ) — (2,486 ) Net income allocated to Validus common shareholders $ 94,963 $ 64,709 $ 261,773 $ 236,715 Weighted average number of common shares outstanding 81,950,833 84,003,549 82,386,047 83,627,396 Basic earnings per share available to Validus common shareholders $ 1.16 $ 0.77 $ 3.18 $ 2.83 Earnings per diluted share Net income available to Validus common shareholders 94,963 65,790 261,773 239,201 Less: Dividends on outstanding warrants — — — — Net income allocated to Validus common shareholders $ 94,963 $ 65,790 $ 261,773 $ 239,201 Weighted average number of common shares outstanding 81,950,833 84,003,549 82,386,047 83,627,396 Share equivalents: Warrants — 2,073,231 — 2,409,149 Stock options 33,796 50,160 34,837 261,792 Unvested restricted shares 1,388,374 1,186,214 1,364,775 1,149,805 Weighted average number of diluted common shares outstanding 83,373,003 87,313,154 83,785,659 87,448,142 Earnings per diluted share available to Validus common shareholders $ 1.14 $ 0.75 $ 3.12 $ 2.74

Segment information (Tables)

Segment information (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, Validus Re Segment Information 2016 2015 2016 2015 Underwriting revenues Gross premiums written $ 285,810 $ 297,420 $ 977,478 $ 1,009,113 Reinsurance premiums ceded (3,196 ) (19,378 ) (95,691 ) (133,155 ) Net premiums written 282,614 278,042 881,787 875,958 Change in unearned premiums (35,492 ) (13,492 ) (390,834 ) (358,320 ) Net premiums earned 247,122 264,550 490,953 517,638 Other insurance related income (loss) 150 434 (165 ) 749 Total underwriting revenues 247,272 264,984 490,788 518,387 Underwriting deductions Losses and loss expenses 132,139 123,405 215,007 236,533 Policy acquisition costs 42,564 43,826 84,823 85,920 General and administrative expenses 17,872 18,781 35,051 38,290 Share compensation expenses 2,775 2,396 5,676 4,974 Total underwriting deductions 195,350 188,408 340,557 365,717 Underwriting income $ 51,922 $ 76,576 $ 150,231 $ 152,670 Selected ratios: Net premiums written / Gross premiums written 98.9 % 93.5 % 90.2 % 86.8 % Losses and loss expenses 53.5 % 46.6 % 43.8 % 45.7 % Policy acquisition costs 17.2 % 16.6 % 17.3 % 16.6 % General and administrative expenses (a) 8.4 % 8.0 % 8.3 % 8.4 % Expense ratio 25.6 % 24.6 % 25.6 % 25.0 % Combined ratio 79.1 % 71.2 % 69.4 % 70.7 % (a) The general and administrative expense ratio includes share compensation expenses. Three Months Ended June 30, Six Months Ended June 30, Talbot Segment Information 2016 2015 2016 2015 Underwriting revenues Gross premiums written $ 296,067 $ 293,046 $ 562,384 $ 563,123 Reinsurance premiums ceded (27,161 ) (37,246 ) (114,619 ) (128,321 ) Net premiums written 268,906 255,800 447,765 434,802 Change in unearned premiums (67,357 ) (50,362 ) (39,424 ) (6,775 ) Net premiums earned 201,549 205,438 408,341 428,027 Other insurance related income 279 40 290 94 Total underwriting revenues 201,828 205,478 408,631 428,121 Underwriting deductions Losses and loss expenses 109,310 95,970 209,411 174,098 Policy acquisition costs 43,613 47,659 87,956 96,763 General and administrative expenses 39,061 35,555 77,596 72,049 Share compensation expenses 3,270 3,024 6,792 5,981 Total underwriting deductions 195,254 182,208 381,755 348,891 Underwriting income $ 6,574 $ 23,270 $ 26,876 $ 79,230 Selected ratios: Net premiums written / Gross premiums written 90.8 % 87.3 % 79.6 % 77.2 % Losses and loss expenses 54.2 % 46.7 % 51.3 % 40.7 % Policy acquisition costs 21.6 % 23.2 % 21.5 % 22.6 % General and administrative expenses (a) 21.1 % 18.8 % 20.7 % 18.2 % Expense ratio 42.7 % 42.0 % 42.2 % 40.8 % Combined ratio 96.9 % 88.7 % 93.5 % 81.5 % (a) The general and administrative expense ratio includes share compensation expenses. Three Months Ended June 30, Six Months Ended June 30, Western World Segment Information 2016 2015 2016 2015 Underwriting revenues Gross premiums written $ 86,971 $ 79,554 $ 150,930 $ 136,501 Reinsurance premiums ceded (5,006 ) (5,441 ) (9,145 ) (8,674 ) Net premiums written 81,965 74,113 141,785 127,827 Change in unearned premiums (16,309 ) (8,995 ) (14,630 ) 5,173 Net premiums earned 65,656 65,118 127,155 133,000 Other insurance related income 189 276 477 539 Total underwriting revenues 65,845 65,394 127,632 133,539 Underwriting deductions Losses and loss expenses 44,229 46,771 83,875 97,288 Policy acquisition costs 15,410 9,617 29,610 13,896 General and administrative expenses 11,458 8,923 23,533 19,550 Share compensation expenses 542 494 1,123 971 Total underwriting deductions 71,639 65,805 138,141 131,705 Underwriting (loss) income $ (5,794 ) $ (411 ) $ (10,509 ) $ 1,834 Selected ratios: Net premiums written / Gross premiums written 94.2 % 93.2 % 93.9 % 93.6 % Losses and loss expenses 67.4 % 71.8 % 66.0 % 73.1 % Policy acquisition costs 23.5 % 14.8 % 23.3 % 10.5 % General and administrative expenses (a) 18.2 % 14.5 % 19.3 % 15.4 % Expense ratio 41.7 % 29.3 % 42.6 % 25.9 % Combined ratio 109.1 % 101.1 % 108.6 % 99.0 % (a) The general and administrative expense ratio includes share compensation expenses. Three Months Ended June 30, Six Months Ended June 30, AlphaCat Segment Information (a) 2016 2015 2016 2015 Revenues Third party $ 3,091 $ 4,323 $ 7,818 $ 8,860 Related party 328 1,134 1,219 2,320 Total revenues 3,419 5,457 9,037 11,180 Expenses General and administrative expenses 2,751 2,330 4,233 4,759 Share compensation expenses 133 150 274 299 Finance expenses 75 2,534 883 6,962 Foreign exchange losses 4 15 12 2 Total expenses 2,963 5,029 5,402 12,022 Income (loss) before investments from AlphaCat Funds and Sidecars 456 428 3,635 (842 ) Investment income (loss) from AlphaCat Funds and Sidecars (b) AlphaCat Sidecars 541 1,273 665 2,441 AlphaCat ILS Funds - Lower Risk (c) 2,075 1,894 4,582 3,180 AlphaCat ILS Funds - Higher Risk (c) 692 2,376 3,128 4,801 BetaCat ILS Funds 1,113 60 1,676 234 PaCRe — 1,738 (23 ) 5,722 Total investment income from AlphaCat Funds and Sidecars 4,421 7,341 10,028 16,378 Validus' share of AlphaCat income $ 4,877 $ 7,769 $ 13,663 $ 15,536 Supplemental information: Gross premiums written AlphaCat Sidecars $ (14 ) $ 3,241 $ (66 ) $ 43,347 AlphaCat ILS Funds - Lower Risk (c) 50,234 45,687 110,192 88,435 AlphaCat ILS Funds - Higher Risk (c) 42,010 13,867 138,330 32,818 AlphaCat Direct (d) 6,675 — 17,797 — Total gross premiums written $ 98,905 $ 62,795 $ 266,253 $ 164,600 (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 June 30, Six Months Ended June 30, Corporate and Investment Information 2016 2015 2016 2015 Investment income Net investment income (a) $ 36,849 $ 31,854 $ 64,772 $ 61,290 Operating expenses General and administrative expenses 17,872 17,092 34,055 32,698 Share compensation expenses 4,007 3,178 8,099 6,071 Finance expenses (a) 13,979 15,144 28,320 30,480 Dividends on preferred shares — — — — Tax expense (benefit) 1,706 2,549 (412 ) 5,114 Total operating expenses 37,564 37,963 70,062 74,363 Other items Net realized gains on investments (a) 2,520 2,104 1,434 6,284 Change in net unrealized gains (losses) on investments (a) 30,052 (33,926 ) 77,130 743 (Loss) income from investment affiliate (589 ) 284 (4,702 ) 3,060 Foreign exchange gains (losses) (a) 6,621 (3,237 ) 12,695 (6,693 ) Other income (loss) 79 (608 ) 756 (608 ) Total other items 38,683 (35,383 ) 87,313 2,786 Total Corporate and Investment Information $ 37,968 $ (41,492 ) $ 82,023 $ (10,287 ) (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 June 30, 2016 Validus Re Segment Talbot Segment Western World Segment AlphaCat & Consolidated Variable Interest Entities Corporate & Investments Eliminations Total Underwriting revenues Gross premiums written $ 285,810 $ 296,067 $ 86,971 $ 98,905 $ (3,711 ) $ 764,042 Reinsurance premiums ceded (3,196 ) (27,161 ) (5,006 ) (4,577 ) 3,711 (36,229 ) Net premiums written 282,614 268,906 81,965 94,328 — 727,813 Change in unearned premiums (35,492 ) (67,357 ) (16,309 ) (34,932 ) — (154,090 ) Net premiums earned 247,122 201,549 65,656 59,396 — 573,723 Other insurance related income (loss) 150 279 189 3,401 (3,274 ) 745 Total underwriting revenues 247,272 201,828 65,845 62,797 (3,274 ) 574,468 Underwriting deductions Losses and loss expenses 132,139 109,310 44,229 21,452 — 307,130 Policy acquisition costs 42,564 43,613 15,410 6,530 (151 ) 107,966 General and administrative expenses 17,872 39,061 11,458 6,561 17,872 (3,136 ) 89,688 Share compensation expenses 2,775 3,270 542 133 4,007 — 10,727 Total underwriting deductions 195,350 195,254 71,639 34,676 21,879 (3,287 ) 515,511 Underwriting income (loss) $ 51,922 $ 6,574 $ (5,794 ) $ 28,121 $ (21,879 ) $ 13 $ 58,957 Other items (a) 1,058 22,998 24,056 Dividends on preferred shares — — Net investment income 3,005 36,849 (597 ) 39,257 (Income) attributable to AlphaCat investors (6,114 ) — (6,114 ) Net (income) attributable to noncontrolling interest (21,193 ) — (21,193 ) Segmental income (loss) $ 51,922 $ 6,574 $ (5,794 ) $ 4,877 $ 37,968 $ (584 ) Net income available to Validus common shareholders $ 94,963 (a) Other items includes finance expenses, tax expenses, foreign exchange gains (losses), net realized and change in net unrealized gains (losses) on investments, income from investment and operating affiliates and other income (loss). Three Months Ended June 30, 2015 Validus Re Segment Talbot Segment Western World Segment AlphaCat & Consolidated Variable Interest Entities Corporate & Investments Eliminations Total Underwriting revenues Gross premiums written $ 297,420 $ 293,046 $ 79,554 $ 62,795 $ (6,647 ) $ 726,168 Reinsurance premiums ceded (19,378 ) (37,246 ) (5,441 ) — 6,647 (55,418 ) Net premiums written 278,042 255,800 74,113 62,795 — 670,750 Change in unearned premiums (13,492 ) (50,362 ) (8,995 ) (25,213 ) — (98,062 ) Net premiums earned 264,550 205,438 65,118 37,582 — 572,688 Other insurance related income (loss) 434 40 276 5,532 (5,574 ) 708 Total underwriting revenues 264,984 205,478 65,394 43,114 (5,574 ) 573,396 Underwriting deductions Losses and loss expenses 123,405 95,970 46,771 — — 266,146 Policy acquisition costs 43,826 47,659 9,617 3,742 (521 ) 104,323 General and administrative expenses 18,781 35,555 8,923 8,805 17,092 (5,131 ) 84,025 Share compensation expenses 2,396 3,024 494 150 3,178 — 9,242 Total underwriting deductions 188,408 182,208 65,805 12,697 20,270 (5,652 ) 463,736 Underwriting income (loss) $ 76,576 $ 23,270 $ (411 ) $ 30,417 $ (20,270 ) $ 78 $ 109,660 Other items (a) (1,844 ) (53,076 ) (54,920 ) Dividends on preferred shares — — Net investment income 1,757 31,854 33,611 (Income) attributable to AlphaCat investors — — — Net (income) attributable to noncontrolling interest (22,561 ) — (22,561 ) Segmental income (loss) $ 76,576 $ 23,270 $ (411 ) $ 7,769 $ (41,492 ) $ 78 Net income available to Validus common shareholders $ 65,790 (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). Six Months Ended June 30, 2016 Validus Re Segment Talbot Segment Western World Segment AlphaCat & Consolidated Variable Interest Entities Corporate & Investments Eliminations Total Underwriting revenues Gross premiums written $ 977,478 $ 562,384 $ 150,930 $ 266,253 $ (20,212 ) $ 1,936,833 Reinsurance premiums ceded (95,691 ) (114,619 ) (9,145 ) (4,821 ) 20,212 (204,064 ) Net premiums written 881,787 447,765 141,785 261,432 — 1,732,769 Change in unearned premiums (390,834 ) (39,424 ) (14,630 ) (142,890 ) — (587,778 ) Net premiums earned 490,953 408,341 127,155 118,542 — 1,144,991 Other insurance related (loss) income (165 ) 290 477 9,066 (8,187 ) 1,481 Total underwriting revenues 490,788 408,631 127,632 127,608 (8,187 ) 1,146,472 Underwriting deductions Losses and loss expenses 215,007 209,411 83,875 23,284 — 531,577 Policy acquisition costs 84,823 87,956 29,610 12,687 83 215,159 General and administrative expenses 35,051 77,596 23,533 14,017 34,055 (8,356 ) 175,896 Share compensation expenses 5,676 6,792 1,123 274 8,099 — 21,964 Total underwriting deductions 340,557 381,755 138,141 50,262 42,154 (8,273 ) 944,596 Underwriting income (loss) $ 150,231 $ 26,876 $ (10,509 ) $ 77,346 $ (42,154 ) $ 86 $ 201,876 Other items (a) 1,212 59,405 60,617 Dividends on preferred shares — — Net investment income 4,543 64,772 (597 ) 68,718 (Income) attributable to AlphaCat investors (10,714 ) — (10,714 ) Net (income) attributable to noncontrolling interest (58,724 ) — (58,724 ) Segmental income (loss) $ 150,231 $ 26,876 $ (10,509 ) $ 13,663 $ 82,023 $ (511 ) Net income available to Validus common shareholders $ 261,773 (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). Six Months Ended June 30, 2015 Validus Re Segment Talbot Segment Western World Segment AlphaCat & Consolidated Variable Interest Entities Corporate & Investments Eliminations Total Underwriting revenues Gross premiums written $ 1,009,113 $ 563,123 $ 136,501 $ 164,600 $ (27,945 ) $ 1,845,392 Reinsurance premiums ceded (133,155 ) (128,321 ) (8,674 ) (4,538 ) 27,945 (246,743 ) Net premiums written 875,958 434,802 127,827 160,062 — 1,598,649 Change in unearned premiums (358,320 ) (6,775 ) 5,173 (90,149 ) — (450,071 ) Net premiums earned 517,638 428,027 133,000 69,913 — 1,148,578 Other insurance related income (loss) 749 94 539 11,456 (11,190 ) 1,648 Total underwriting revenues 518,387 428,121 133,539 81,369 (11,190 ) 1,150,226 Underwriting deductions Losses and loss expenses 236,533 174,098 97,288 (844 ) — 507,075 Policy acquisition costs 85,920 96,763 13,896 7,177 (1,022 ) 202,734 General and administrative expenses 38,290 72,049 19,550 16,059 32,698 (10,386 ) 168,260 Share compensation expenses 4,974 5,981 971 299 6,071 — 18,296 Total underwriting deductions 365,717 348,891 131,705 22,691 38,769 (11,408 ) 896,365 Underwriting income (loss) $ 152,670 $ 79,230 $ 1,834 $ 58,678 $ (38,769 ) $ 218 $ 253,861 Other items (a) (5,753 ) (32,808 ) (38,561 ) Dividends on preferred shares — — Net investment income 3,350 61,290 64,640 (Income) attributable to AlphaCat investors — — — Net (income) attributable to noncontrolling interest (40,739 ) — (40,739 ) Segmental income (loss) $ 152,670 $ 79,230 $ 1,834 $ 15,536 $ (10,287 ) $ 218 Net income available to Validus $ 239,201 (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 June 30, 2016 Validus Re Talbot Western World AlphaCat Eliminations Total % United States $ 129,087 $ 39,135 $ 86,971 $ 37,338 $ (417 ) $ 292,114 38.2 % Worldwide excluding United States (a) 16,975 30,028 — 6,496 (136 ) 53,363 7.0 % Australia and New Zealand 1,926 2,063 — 867 21 4,877 0.6 % Europe 3,267 6,855 — (145 ) 216 10,193 1.3 % Latin America and Caribbean 5,992 27,597 — — (2,511 ) 31,078 4.1 % Japan 39,053 3,965 — 1,721 (7 ) 44,732 5.9 % Canada 1,821 2,470 — 223 (36 ) 4,478 0.6 % Rest of the world (b) 3,259 29,806 — — (457 ) 32,608 4.3 % Sub-total, non United States 72,293 102,784 — 9,162 (2,910 ) 181,329 23.8 % Worldwide including United States (a) 35,561 34,198 — 52,394 (380 ) 121,773 15.9 % Other locations non-specific (c) 48,869 119,950 — 11 (4 ) 168,826 22.1 % Total $ 285,810 $ 296,067 $ 86,971 $ 98,905 $ (3,711 ) $ 764,042 100.0 % Gross Premiums Written Three Months Ended June 30, 2015 Validus Re Talbot Western World AlphaCat Eliminations Total % United States $ 171,006 $ 40,036 $ 79,554 $ 23,800 $ (428 ) $ 313,968 43.3 % Worldwide excluding United States (a) 12,322 30,231 — 2,173 69 44,795 6.2 % Australia and New Zealand 1,643 1,173 — 624 25 3,465 0.5 % Europe 16,282 10,584 — 1,073 (84 ) 27,855 3.8 % Latin America and Caribbean 7,684 28,693 — — (3,919 ) 32,458 4.5 % Japan 37,800 2,843 — 1,671 (45 ) 42,269 5.8 % Canada 597 2,299 — 294 (48 ) 3,142 0.4 % Rest of the world (b) 3,026 24,982 — — (294 ) 27,714 3.8 % Sub-total, non United States 79,354 100,805 — 5,835 (4,296 ) 181,698 25.0 % Worldwide including United States (a) 37,967 32,704 — 32,410 (2,021 ) 101,060 13.9 % Other locations non-specific (c) 9,093 119,501 — 750 98 129,442 17.8 % Total $ 297,420 $ 293,046 $ 79,554 $ 62,795 $ (6,647 ) $ 726,168 100.0 % (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 since these exposures can span multiple geographic areas and, in some instances, are not fixed locations. Gross Premiums Written Six Months Ended June 30, 2016 Validus Re Talbot Western World AlphaCat Eliminations Total % United States $ 424,481 $ 65,245 $ 150,930 $ 62,729 $ (1,555 ) $ 701,830 36.2 % Worldwide excluding United States (a) 47,239 65,532 — 22,507 (611 ) 134,667 7.0 % Australia and New Zealand 6,849 4,375 — 4,949 (113 ) 16,060 0.8 % Europe 25,734 20,716 — 3,306 (708 ) 49,048 2.5 % Latin America and Caribbean 19,574 51,404 — — (5,537 ) 65,441 3.4 % Japan 39,925 4,582 — 3,221 (31 ) 47,697 2.5 % Canada 3,497 3,562 — 223 (87 ) 7,195 0.4 % Rest of the world (b) 19,947 57,290 — — (2,342 ) 74,895 3.9 % Sub-total, non United States 162,765 207,461 — 34,206 (9,429 ) 395,003 20.5 % Worldwide including United States (a) 147,338 62,652 — 167,767 (9,214 ) 368,543 19.0 % Other locations non-specific (c) 242,894 227,026 — 1,551 (14 ) 471,457 24.3 % Total $ 977,478 $ 562,384 $ 150,930 $ 266,253 $ (20,212 ) $ 1,936,833 100.0 % Gross Premiums Written Six Months Ended June 30, 2015 Validus Re Talbot Western World AlphaCat Eliminations Total % United States $ 510,020 $ 68,094 $ 136,501 $ 36,945 $ (1,882 ) $ 749,678 40.7 % Worldwide excluding United States (a) 47,288 65,173 — 8,006 (933 ) 119,534 6.5 % Australia and New Zealand 11,507 3,049 — 624 (126 ) 15,054 0.8 % Europe 41,017 23,798 — 2,512 (904 ) 66,423 3.6 % Latin America and Caribbean 16,932 51,385 — — (7,813 ) 60,504 3.3 % Japan 39,184 3,597 — 1,671 (58 ) 44,394 2.4 % Canada 2,782 3,997 — 488 (124 ) 7,143 0.4 % Rest of the world (b) 21,680 47,988 — — (2,542 ) 67,126 3.6 % Sub-total, non United States 180,390 198,987 — 13,301 (12,500 ) 380,178 20.6 % Worldwide including United States (a) 122,811 54,498 — 110,304 (13,659 ) 273,954 14.8 % Other locations non-specific (c) 195,892 241,544 — 4,050 96 441,582 23.9 % Total $ 1,009,113 $ 563,123 $ 136,501 $ 164,600 $ (27,945 ) $ 1,845,392 100.0 % (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 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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of comprehensive income
Total revenues	$ 653,653	$ 571,580	$ 1,304,787	$ 1,215,346
Total expenses	529,677	482,418	973,965	936,014
Net income	116,156	88,351	320,497	279,940
Net (income) attributable to noncontrolling interest	(21,193)	(22,561)	(58,724)	(40,739)
Net income available to Validus	94,963	65,790	261,773	239,201
Comprehensive income available to Validus	$ 92,219	$ 69,365	$ 256,160	$ 238,691
Basic earnings per share available to common shareholders	$ 1.16	$ 0.77	$ 3.18	$ 2.83
Earnings per diluted share available to common shareholders	$ 1.14	$ 0.75	$ 3.12	$ 2.74
Statement of cash flows
Net cash (used in) provided by operating activities			$ 69,443	$ 32,474
Net cash used in investing activities			(469,003)	(60,815)
Net cash provided by (used in) financing activities			252,217	(74,238)
Effect of foreign currency rate changes on cash and cash equivalents			(6,968)	(8,730)
Net decrease in cash			(154,311)	(111,309)
Cash and cash equivalents - beginning of period			723,109	550,401
Cash and cash equivalents - end of period	$ 568,798	$ 439,092	$ 568,798	439,092
Adjustments for New Accounting Principle, Early Adoption [Member]
New Accounting Pronouncement, Early Adoption [Line Items]
Cumulative effect of change on retained earnings		405		405
Adjustments for New Accounting Principle, Early Adoption [Member] | As previously reported
Statement of comprehensive income
Total revenues		591,492		1,280,697
Total expenses		480,511		934,010
Net income		81,657		294,045
Net (income) attributable to noncontrolling interest		(17,644)		(56,621)
Net income available to Validus		64,013		237,424
Comprehensive income available to Validus		$ 67,588		$ 236,914
Basic earnings per share available to common shareholders		$ 0.75		$ 2.81
Earnings per diluted share available to common shareholders		$ 0.73		$ 2.72
Statement of cash flows
Net cash (used in) provided by operating activities				$ (228,841)
Net cash used in investing activities				(290,517)
Net cash provided by (used in) financing activities				389,593
Effect of foreign currency rate changes on cash and cash equivalents				(13,765)
Net decrease in cash				(143,530)
Cash and cash equivalents - beginning of period				577,240
Cash and cash equivalents - end of period		$ 433,710		433,710
Adjustments for New Accounting Principle, Early Adoption [Member] | Adjustment for adoption of new consolidation guidance
Statement of comprehensive income
Total revenues		(19,912)		(65,351)
Total expenses		1,907		2,004
Net income		6,694		(14,105)
Net (income) attributable to noncontrolling interest		(4,917)		15,882
Net income available to Validus		1,777		1,777
Comprehensive income available to Validus		$ 1,777		$ 1,777
Basic earnings per share available to common shareholders		$ 0.02		$ 0.02
Earnings per diluted share available to common shareholders		$ 0.02		$ 0.02
Statement of cash flows
Net cash (used in) provided by operating activities				$ 261,315
Net cash used in investing activities				229,702
Net cash provided by (used in) financing activities				(463,831)
Effect of foreign currency rate changes on cash and cash equivalents				5,035
Net decrease in cash				32,221
Cash and cash equivalents - beginning of period				(26,839)
Cash and cash equivalents - end of period		$ 5,382		$ 5,382

Investments (Gross unrealized g

Investments (Gross unrealized gains and losses on fixed maturities) (Details) - USD ($) $ in Thousands	Jun. 30, 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	$ 5,524,027	$ 5,556,900
Short-term investments, at amortized cost or cost	2,369,704	1,941,615
Other investments, at amortized cost or cost	338,669	315,963
Total investments	8,232,400	7,814,478
Gross unrealized gains	91,042	36,781
Gross unrealized losses	(42,676)	(62,437)
Total fixed maturities	5,551,586	5,510,331
Total short-term investments	2,369,654	1,941,635
Total other investments	359,526	336,856
Total investments	8,280,766	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	5,366,428	5,369,053
Short-term investments, at amortized cost or cost	189,678	237,349
Other investments, at amortized cost or cost	338,669	315,963
Total investments	5,894,775	5,922,365
Fixed maturities, gross unrealized gains	64,303	12,724
Short term investments, gross unrealized gains	0	20
Other investments, gross unrealized gains	24,625	23,402
Gross unrealized gains	88,928	36,146
Fixed maturities, gross unrealized losses	(37,206)	(57,825)
Short term investments, gross unrealized losses	(50)	0
Other investments, gross unrealized losses	(3,768)	(2,509)
Gross unrealized losses	(41,024)	(60,334)
Total fixed maturities	5,393,525	5,323,952
Total short-term investments	189,628	237,369
Total other investments	359,526	336,856
Total investments	5,942,679	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	924,350	940,428
Fixed maturities, gross unrealized gains	7,536	333
Fixed maturities, gross unrealized losses	(83)	(3,559)
Total fixed maturities	931,803	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	217,796	241,549
Fixed maturities, gross unrealized gains	2,146	257
Fixed maturities, gross unrealized losses	(4,692)	(3,838)
Total fixed maturities	215,250	237,968
Managed investments | U.S. states, municipalities, political subdivisions
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost or cost	278,756	299,929
Fixed maturities, gross unrealized gains	7,049	2,322
Fixed maturities, gross unrealized losses	(393)	(962)
Total fixed maturities	285,412	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	662,468	606,676
Fixed maturities, gross unrealized gains	14,713	6,361
Fixed maturities, gross unrealized losses	(398)	(2,455)
Total fixed maturities	676,783	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	23,858	27,025
Fixed maturities, gross unrealized gains	271	310
Fixed maturities, gross unrealized losses	(740)	(415)
Total fixed maturities	23,389	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	1,539,711	1,503,614
Fixed maturities, gross unrealized gains	20,350	1,594
Fixed maturities, gross unrealized losses	(4,014)	(15,257)
Total fixed maturities	1,556,047	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	367,473	453,178
Fixed maturities, gross unrealized gains	3,264	797
Fixed maturities, gross unrealized losses	(6,331)	(7,405)
Total fixed maturities	364,406	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	613,414	592,981
Fixed maturities, gross unrealized gains	574	275
Fixed maturities, gross unrealized losses	(16,926)	(17,045)
Total fixed maturities	597,062	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	429,890	440,363
Fixed maturities, gross unrealized gains	2,352	344
Fixed maturities, gross unrealized losses	(2,902)	(3,583)
Total fixed maturities	429,340	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	308,712	263,310
Fixed maturities, gross unrealized gains	6,048	131
Fixed maturities, gross unrealized losses	(727)	(3,306)
Total fixed maturities	314,033	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	6,162	6,962
Other investments, gross unrealized losses	0	0
Total other investments	18,625	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	62,119	53,489
Other investments, gross unrealized gains	14,457	12,751
Other investments, gross unrealized losses	(3,270)	(2,469)
Total other investments	73,306	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	203,128	188,121
Other investments, gross unrealized gains	743	600
Other investments, gross unrealized losses	0	0
Total other investments	203,871	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	55,301	54,484
Other investments, gross unrealized gains	0	0
Other investments, gross unrealized losses	0	0
Total other investments	55,301	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	4,201	4,394
Other investments, gross unrealized gains	3,263	3,089
Other investments, gross unrealized losses	0	0
Total other investments	7,464	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	157,599	187,847
Short-term investments, at amortized cost or cost	2,180,026	1,704,266
Total investments	2,337,625	1,892,113
Short term investments, gross unrealized gains	0	0
Gross unrealized gains	2,114	635
Short term investments, gross unrealized losses	0	0
Gross unrealized losses	(1,652)	(2,103)
Total fixed maturities	158,061	186,379
Total short-term investments	2,180,026	1,704,266
Total investments	2,338,087	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	157,599	187,847
Fixed maturities, gross unrealized gains	2,114	635
Fixed maturities, gross unrealized losses	(1,652)	(2,103)
Total fixed maturities	$ 158,061	$ 186,379

Investments (Fixed maturities b

Investments (Fixed maturities by investment rating) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Fixed Maturities
Fair value	$ 5,551,586	$ 5,510,331
Percentage of total	100.00%	100.00%
Managed investments
Fixed Maturities
Fair value	$ 5,393,525	$ 5,323,952
Percentage of total	97.20%	96.60%
Managed investments | Total investment grade fixed maturities
Fixed Maturities
Fair value	$ 4,742,690	$ 4,659,892
Percentage of total	85.50%	84.60%
Managed investments | Total investment grade fixed maturities | AAA
Fixed Maturities
Fair value	$ 2,446,839	$ 2,367,642
Percentage of total	44.10%	43.00%
Managed investments | Total investment grade fixed maturities | AA
Fixed Maturities
Fair value	$ 508,086	$ 569,386
Percentage of total	9.20%	10.30%
Managed investments | Total investment grade fixed maturities | A
Fixed Maturities
Fair value	$ 1,045,965	$ 1,031,326
Percentage of total	18.80%	18.70%
Managed investments | Total investment grade fixed maturities | BBB
Fixed Maturities
Fair value	$ 741,800	$ 691,538
Percentage of total	13.40%	12.60%
Managed investments | Total non-investment grade fixed maturities
Fixed Maturities
Fair value	$ 650,835	$ 664,060
Percentage of total	11.70%	12.00%
Managed investments | Total non-investment grade fixed maturities | BB
Fixed Maturities
Fair value	$ 227,436	$ 235,724
Percentage of total	4.00%	4.30%
Managed investments | Total non-investment grade fixed maturities | B
Fixed Maturities
Fair value	$ 183,127	$ 179,069
Percentage of total	3.30%	3.20%
Managed investments | Total non-investment grade fixed maturities | CCC
Fixed Maturities
Fair value	$ 8,331	$ 5,706
Percentage of total	0.20%	0.10%
Managed investments | Total non-investment grade fixed maturities | CC
Fixed Maturities
Fair value	$ 113	$ 1,015
Percentage of total	0.00%	0.00%
Managed investments | Total non-investment grade fixed maturities | NR
Fixed Maturities
Fair value	$ 231,828	$ 242,546
Percentage of total	4.20%	4.40%
Non-managed investments
Fixed Maturities
Fair value	$ 158,061	$ 186,379
Percentage of total	2.80%	3.40%
Non-managed investments | Total investment grade fixed maturities
Fixed Maturities
Fair value	$ 0	$ 1,911
Percentage of total	0.00%	0.00%
Non-managed investments | Total investment grade fixed maturities | BBB
Fixed Maturities
Fair value	$ 0	$ 1,911
Percentage of total	0.00%	0.00%
Non-managed investments | Total non-investment grade fixed maturities
Fixed Maturities
Fair value	$ 158,061	$ 184,468
Percentage of total	2.80%	3.40%
Non-managed investments | Total non-investment grade fixed maturities | BB
Fixed Maturities
Fair value	$ 41,412	$ 70,962
Percentage of total	0.70%	1.30%
Non-managed investments | Total non-investment grade fixed maturities | B
Fixed Maturities
Fair value	$ 6,161	$ 30,698
Percentage of total	0.10%	0.60%
Non-managed investments | Total non-investment grade fixed maturities | NR
Fixed Maturities
Fair value	$ 110,488	$ 82,808
Percentage of total	2.00%	1.50%

Investments (Maturity profile o

Investments (Maturity profile of fixed maturity investments) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Maturity profile
Amortized cost	$ 5,524,027	$ 5,556,900
Fair value	5,551,586	5,510,331
Managed investments
Maturity profile
Amortized cost	5,366,428	5,369,053
Fair value	5,393,525	5,323,952
Managed investments | Fixed maturities trading securities allocated to contractual maturity
Maturity profile
Amortized cost	3,941,500	4,031,679
Fair value	3,949,980	3,989,191
Managed investments | Due in one year or less | Fixed maturities trading securities allocated to contractual maturity
Maturity profile
Amortized cost	349,115	367,132
Fair value	348,137	366,019
Managed investments | Due after one year through five years | Fixed maturities trading securities allocated to contractual maturity
Maturity profile
Amortized cost	2,990,421	2,965,920
Fair value	2,996,295	2,936,053
Managed investments | Due after five years through ten years | Fixed maturities trading securities allocated to contractual maturity
Maturity profile
Amortized cost	485,899	548,183
Fair value	492,101	539,083
Managed investments | Due after ten years | Fixed maturities trading securities allocated to contractual maturity
Maturity profile
Amortized cost	116,065	150,444
Fair value	113,447	148,036
Managed investments | Asset backed and mortgaged backed securities | No single maturity date
Maturity profile
Amortized cost	1,424,928	1,337,374
Fair value	1,443,545	1,334,761
Non-managed investments
Maturity profile
Amortized cost	157,599	187,847
Fair value	158,061	186,379
Non-managed investments | Due in one year or less | Fixed maturities trading securities allocated to contractual maturity
Maturity profile
Amortized cost	28,445	7,504
Fair value	29,328	7,544
Non-managed investments | Due after one year through five years | Fixed maturities trading securities allocated to contractual maturity
Maturity profile
Amortized cost	128,614	165,093
Fair value	128,185	163,575
Non-managed investments | Due after five years through ten years | Fixed maturities trading securities allocated to contractual maturity
Maturity profile
Amortized cost	540	15,250
Fair value	548	15,260
Non-managed investments | Due after ten years | Fixed maturities trading securities allocated to contractual maturity
Maturity profile
Amortized cost	0	0
Fair value	$ 0	$ 0

Investments (Other investments)

Investments (Other investments) (Details) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 2016	Dec. 31, 2015
Investment [Line Items]
Other investments, at fair value		$ 359,526	$ 336,856
Managed investments
Investment [Line Items]
Other investments, at fair value		359,526	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		18,625	20,980
Managed investments | Private equity investments
Investment [Line Items]
Other investments, at fair value		73,306	63,771
Managed investments | Investment funds
Investment [Line Items]
Other investments, at fair value		203,871	188,721
Managed investments | Overseas deposits
Investment [Line Items]
Other investments, at fair value		55,301	54,484
Managed investments | Mutual funds
Investment [Line Items]
Other investments, at fair value		7,464	7,483
Recurring | Managed investments
Investment [Line Items]
Other investments, at fair value		359,526	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		18,625	20,980
Recurring | Managed investments | Private equity investments
Investment [Line Items]
Other investments, at fair value		73,306	63,771
Recurring | Managed investments | Investment funds
Investment [Line Items]
Other investments, at fair value		203,871	188,721
Recurring | Managed investments | Overseas deposits
Investment [Line Items]
Other investments, at fair value		55,301	54,484
Recurring | Managed investments | Mutual funds
Investment [Line Items]
Other investments, at fair value		7,464	7,483
Subject to redemption restriction | Recurring | Managed investments
Investment [Line Items]
Other investments, at fair value		329,727	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		18,625	20,980
Subject to redemption restriction | Recurring | Managed investments | Private equity investments
Investment [Line Items]
Other investments, at fair value		73,306	63,771
Subject to redemption restriction | Recurring | Managed investments | Investment funds
Investment [Line Items]
Other investments, at fair value		181,536	167,910
Subject to redemption restriction | Recurring | Managed investments | Overseas deposits
Investment [Line Items]
Other investments, at fair value		55,301	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		29,799	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		$ 22,335	$ 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		$ 7,464	$ 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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Net investment income
Net investment income	$ 39,257	$ 33,611	$ 68,718	$ 64,640
Managed investments
Net investment income
Total gross investment income	39,039	33,880	68,798	65,160
Investment expenses	(2,190)	(2,026)	(4,026)	(3,870)
Net investment income	36,849	31,854	64,772	61,290
Managed investments | Fixed maturities and short term investments
Net investment income
Total gross investment income	30,621	29,433	58,638	57,106
Managed investments | Other investments
Net investment income
Total gross investment income	8,026	4,014	8,898	7,202
Managed investments | Securities lending income
Net investment income
Total gross investment income	12	6	17	9
Managed investments | Restricted cash, cash and cash equivalents
Net investment income
Total gross investment income	380	427	1,245	843
Non-managed investments
Net investment income
Net investment income	2,408	1,757	3,946	3,350
Non-managed investments | Fixed maturities and short term investments
Net investment income
Total gross investment income	1,977	1,733	3,272	3,307
Non-managed investments | Restricted cash, cash and cash equivalents
Net investment income
Total gross investment income	$ 431	$ 24	$ 674	$ 43

Investments (Realized and unrea

Investments (Realized and unrealized gains) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Fixed Maturities Short Term And Other Investments And Cash Equivalents [Abstract]
Net realized gains on investments	$ 2,724	$ 2,244	$ 2,140	$ 6,413
Change in net unrealized gains (losses) on investments	31,428	(34,676)	78,872	(1,449)
Total net realized and change in net unrealized gains (losses) on investments	34,152	(32,432)	81,012	4,964
Managed investments
Fixed Maturities Short Term And Other Investments And Cash Equivalents [Abstract]
Gross realized gains	3,306	6,140	6,523	12,449
Gross realized losses	(786)	(4,036)	(5,089)	(6,165)
Net realized gains on investments	2,520	2,104	1,434	6,284
Change in net unrealized gains (losses) on investments	30,052	(33,926)	77,130	743
Total net realized and change in net unrealized gains (losses) on investments	32,572	(31,822)	78,564	7,027
Non-managed investments
Fixed Maturities Short Term And Other Investments And Cash Equivalents [Abstract]
Gross realized gains	204	140	715	140
Gross realized losses	0	0	(9)	(11)
Net realized gains on investments	204	140	706	129
Change in net unrealized gains (losses) on investments	1,376	(750)	1,742	(2,192)
Total net realized and change in net unrealized gains (losses) on investments	$ 1,580	$ (610)	$ 2,448	$ (2,063)

Investments (Investments pledge

Investments (Investments pledged as collateral) (Details) - USD ($) $ in Thousands		Jun. 30, 2016	Dec. 31, 2015
Financial Instruments Owned and Pledged as Collateral [Line Items]
Credit facility, commitment		$ 690,000	$ 700,000
Letters of credit issued and outstanding	[1]	338,668	479,088
Investments and cash pledged as collateral		552,257	826,535
$85,000 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 and cash 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]	105,575	235,540
Investments and cash pledged as collateral		151,166	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]	11,805	10,543
Investments and cash pledged as collateral		48,380	47,607
AlphaCat Re secured letter of credit facility
Financial Instruments Owned and Pledged as Collateral [Line Items]
Credit facility, commitment		20,000	30,000
Letters of credit issued and outstanding	[1]	20,000	30,000
Investments and cash pledged as collateral		30,191	30,153
$25,000 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]	5,666	9,241
Investments and cash 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]	195,622	193,764
Investments and cash pledged as collateral		$ 322,520	$ 377,866
[1]	Indicates utilization of commitment amount, not necessarily drawn borrowings.

Investments (Narrative) (Detail

Investments (Narrative) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)funds	Dec. 31, 2015USD ($)
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other investments, at fair value	$ 359,526	$ 336,856
Cash, cash equivalents, restricted cash and investments pledged as collateral	4,687,599	4,056,788
Investments held in trust	$ 4,564,394	4,007,215
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	$ 359,526	336,856
Managed investments | Recurring
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other investments, at fair value	359,526	336,856
Managed investments | Recurring | Subject to redemption restriction
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other investments, at fair value	$ 329,727	308,562
Managed investments | Recurring | Subject to redemption restriction | Investment fund A
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other investments number of funds | funds	1
Other investments, at fair value	$ 171,187	$ 167,910
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Redemption Restriction Period	3 years

Fair value measurements (Fair v

Fair value measurements (Fair value hierarchy) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	$ 5,551,586	$ 5,510,331
Short-term investments, at fair value	2,369,654	1,941,635
Other investments, at fair value	359,526	336,856
Total investments	8,280,766	7,788,822
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	8,280,766	7,788,822
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	2,366,302	1,926,944
Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	5,291,688	5,307,479
Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	293,049	245,837
Managed investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	5,393,525	5,323,952
Short-term investments, at fair value	189,628	237,369
Other investments, at fair value	359,526	336,856
Total investments	5,942,679	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	931,803	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	215,250	237,968
Managed investments | U.S. states, municipalities, political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	285,412	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	676,783	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	23,389	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	1,556,047	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	364,406	446,570
Managed investments | Bank loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	597,062	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	429,340	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	314,033	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	18,625	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	73,306	63,771
Managed investments | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	203,871	188,721
Managed investments | Overseas deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	55,301	54,484
Managed investments | Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	7,464	7,483
Managed investments | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	5,393,525	5,323,952
Short-term investments, at fair value	189,628	237,369
Other investments, at fair value	359,526	336,856
Total investments	5,942,679	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	931,803	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	215,250	237,968
Managed investments | Recurring | U.S. states, municipalities, political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	285,412	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	676,783	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	23,389	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	1,556,047	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	364,406	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	597,062	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	429,340	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	314,033	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	18,625	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	73,306	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	203,871	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	55,301	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	7,464	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	186,276	222,678
Other investments, at fair value	0	0
Total investments	186,276	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, 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	5,137,994	5,091,615
Short-term investments, at fair value	3,352	14,691
Other investments, at fair value	29,799	28,294
Total investments	5,171,145	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	931,803	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	215,250	237,968
Managed investments | Recurring | Level 2 | U.S. states, municipalities, political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	285,412	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	676,783	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	23,389	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	1,556,047	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	364,406	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	353,914	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	416,957	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	314,033	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	22,335	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	7,464	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	255,531	232,337
Short-term investments, at fair value	0	0
Other investments, at fair value	0	0
Total investments	255,531	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, 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	243,148	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	12,383	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	158,061	186,379
Short-term investments, at fair value	2,180,026	1,704,266
Total investments	2,338,087	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	158,061	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	2,180,026	1,704,266
Total investments	2,338,087	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	158,061	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	2,180,026	1,704,266
Total investments	2,180,026	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	120,543	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	120,543	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	37,518	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	37,518	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	329,727	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	329,727	308,562
Total investments	329,727	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, 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	18,625	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	73,306	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	181,536	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	55,301	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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Reconciliation of beginning and ending balances for all investments measured at fair value on recurring basis
Level 3 investments - beginning of period	$ 292,116	$ 102,033	$ 245,837	$ 50,248
Purchases	21,268	43,791	86,643	101,966
Sales		(2,929)	(2,389)	(4,918)
Settlements	(17,784)	(4,203)	(34,158)	(8,198)
Net realized losses				(11)
Change in net unrealized (losses) gains	(2,551)	(210)	(2,884)	(605)
Transfers into Level 3 during the period	0	0	0	0
Transfers out of Level 3 during the period	0	0	0	0
Level 3 investments - end of period	293,049	138,482	293,049	138,482
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	255,011	86,533	232,337	32,748
Purchases	8,885	43,791	50,988	101,966
Sales		(929)	(2,389)	(929)
Settlements	(17,784)	(4,203)	(34,033)	(8,198)
Net realized losses				0
Change in net unrealized (losses) gains	(2,964)	(210)	(3,755)	(605)
Transfers into Level 3 during the period	0	0	0	0
Transfers out of Level 3 during the period	0	0	0	0
Level 3 investments - end of period	243,148	124,982	243,148	124,982
Catastrophe bonds
Reconciliation of beginning and ending balances for all investments measured at fair value on recurring basis
Level 3 investments - beginning of period	37,105	15,500	13,500	17,500
Purchases	0	0	23,272	0
Sales		(2,000)	0	(3,989)
Settlements	0	0	(125)	0
Net realized losses				(11)
Change in net unrealized (losses) gains	413	0	871	0
Transfers into Level 3 during the period	0	0	0	0
Transfers out of Level 3 during the period	0	0	0	0
Level 3 investments - end of period	37,518	$ 13,500	37,518	$ 13,500
Asset-backed securities
Reconciliation of beginning and ending balances for all investments measured at fair value on recurring basis
Level 3 investments - beginning of period	0		0
Purchases	12,383		12,383
Sales			0
Settlements	0		0
Change in net unrealized (losses) gains	0		0
Transfers into Level 3 during the period	0		0
Transfers out of Level 3 during the period	0		0
Level 3 investments - end of period	$ 12,383		$ 12,383

Fair value measurements (Narrat

Fair value measurements (Narrative) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)funds	Dec. 31, 2015USD ($)
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Trading Securities	$ 8,280,766	$ 7,788,822
Other investments, at fair value	359,526	336,856
Recurring
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Trading Securities	$ 8,280,766	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
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments number of funds | funds	1
Recurring | Structured securities fund
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments number of funds | funds	2
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 3
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Trading Securities	$ 293,049	245,837
Managed investments
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Trading Securities	5,942,679	5,898,177
Other investments, at fair value	359,526	336,856
Managed investments | Hedge funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value	18,625	20,980
Managed investments | Private equity investments
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value	73,306	63,771
Managed investments | Investment funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value	203,871	188,721
Managed investments | Mutual funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value	7,464	7,483
Managed investments | Recurring
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Trading Securities	$ 5,942,679	$ 5,898,177
Ratio of Level 3 investments to total investments (percent)	4.30%	3.90%
Other investments, at fair value	$ 359,526	$ 336,856
Managed investments | Recurring | Hedge funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value	18,625	20,980
Managed investments | Recurring | Private equity investments
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value	73,306	63,771
Managed investments | Recurring | Investment funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value	203,871	188,721
Managed investments | Recurring | Mutual funds
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Other investments, at fair value	7,464	7,483
Managed investments | Recurring | Level 3
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Trading Securities	255,531	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 | 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 | Investment funds
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 - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016
Variable Interest Entity [Line Items]
Notes payable to AlphaCat investors, beginning of period	$ 323,510	$ 75,493
Issuance of notes payable to AlphaCat investors	135,426	392,431
Redemption of notes payable to AlphaCat investors	(88,079)	(97,684)
Foreign exchange losses	125	742
Notes payable to AlphaCat investors, end of period	370,982	370,982
Variable Funding Notes
Variable Interest Entity [Line Items]
Notes payable to AlphaCat investors, beginning of period	261,793	75,493
Issuance of notes payable to AlphaCat investors	102,817	298,105
Redemption of notes payable to AlphaCat investors	(88,079)	(97,684)
Foreign exchange losses	125	742
Notes payable to AlphaCat investors, end of period	276,656	276,656
Structured Notes
Variable Interest Entity [Line Items]
Notes payable to AlphaCat investors, beginning of period	61,717	0
Issuance of notes payable to AlphaCat investors	32,609	94,326
Redemption of notes payable to AlphaCat investors	0	0
Foreign exchange losses	0	0
Notes payable to AlphaCat investors, end of period	$ 94,326	$ 94,326

Variable interest entities (Ass

Variable interest entities (Assets and liabilities of consolidated VIEs) (Details) - Variable interest entities, primary beneficiary - USD ($) $ in Thousands		Jun. 30, 2016	Dec. 31, 2015
AlphaCat sidecars
Variable Interest Entity [Line Items]
Total assets		$ 47,693	$ 206,581
Total liabilities		10,468	14,804
AlphaCat ILS funds - Lower Risk (a)
Variable Interest Entity [Line Items]
Total assets	[1]	1,544,346	1,268,070
Total liabilities	[1]	129,842	143,371
AlphaCat ILS funds - Higher Risk (a)
Variable Interest Entity [Line Items]
Total assets	[1]	701,348	522,867
Total liabilities	[1]	147,466	300,122
AlphaCat Re and AlphaCat Master Fund
Variable Interest Entity [Line Items]
Total assets		2,431,907	1,615,779
Total liabilities		2,431,737	1,615,609
BetaCat ILS funds
Variable Interest Entity [Line Items]
Total assets		63,947	64,221
Total liabilities		$ 493	$ 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		6 Months Ended		12 Months Ended
	Jun. 30, 2016USD ($)fundssubsidiaries	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)fundssubsidiaries	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Variable Interest Entity [Line Items]
(Income) attributable to AlphaCat investors	$ 6,114	$ 0	$ 10,714	$ 0
Accounts payable and accrued expenses
Variable Interest Entity [Line Items]
(Income) attributable to AlphaCat investors			$ 13,126		$ 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		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		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	Jun. 30, 2016	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Investments in affiliates	$ 99,278	$ 88,065
Investment affiliate
Schedule of Equity Method Investments [Line Items]
Investments in affiliates	99,278	87,673
Operating affiliate
Schedule of Equity Method Investments [Line Items]
Investments in affiliates	$ 0	$ 392

Investments in affiliates (Inve

Investments in affiliates (Investment affiliate rollforward) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Schedule of Equity Method Investments [Line Items]
(Loss) income from investment affiliate	$ (589)	$ 284	$ (4,702)	$ 3,060
Investment affiliate
Schedule of Equity Method Investments [Line Items]
Balance, beginning of period	84,135	85,982	87,673	63,506
Capital contributions	15,732	3,415	16,307	23,115
(Loss) income from investment affiliate	(589)	284	(4,702)	3,060
Balance, end of period	$ 99,278	$ 89,681	$ 99,278	$ 89,681

Investments in affiliates (In59

Investments in affiliates (Investment affiliate details) (Details) - Investment affiliate - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Investment at cost	$ 86,101		$ 69,794
Carrying value	99,278	$ 84,135	87,673	$ 89,681	$ 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 %	8.00%		8.10%
Carrying value	$ 71,178		$ 73,880
Aquiline Financial Services Fund III LP
Schedule of Equity Method Investments [Line Items]
Investment at cost	$ 29,622		$ 13,890
Voting ownership %	0.00%		0.00%
Equity ownership %	10.50%		13.70%
Carrying value	$ 28,100		$ 13,793

Investments in affiliates (Oper

Investments in affiliates (Operating affiliates rollforward) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Activity in non-consolidated affiliate balances for the period:
(Loss) income from operating affiliate	$ 0	$ 1,738	$ (23)	$ 5,722
Operating affiliate | PacRe
Activity in non-consolidated affiliate balances for the period:
Balance, beginning of period	369	54,928	392	50,944
Return of investment	(369)	0	(369)	0
(Loss) income from operating affiliate	0	1,738	(23)	5,722
Balance, end of period	$ 0	$ 56,666	$ 0	$ 56,666

Investments in affiliates (Op61

Investments in affiliates (Operating affiliates details) (Details) - Operating affiliate - PacRe - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014
Investment:
Investment at cost	$ 0		$ 392
Voting ownership %	100.00%		100.00%
Equity ownership %	10.00%		10.00%
Carrying value	$ 0	$ 369	$ 392	$ 56,666	$ 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	Jun. 30, 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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Noncontrolling Interest [Line Items]
Balance, beginning of period	$ 1,566,260	$ 986,227	$ 1,266,376	$ 910,065
Issuance of shares	171,849	258,900	552,924	462,300
Income attributable to noncontrolling interest	21,193	22,561	58,724	40,739
Redemption of shares		(59,395)		(59,395)
Redemptions payable	(6,484)	(6,500)	(6,484)	(6,500)
Distributions	(8,381)	(12,759)	(127,103)	(158,175)
Balance, end of period	1,744,437	1,189,034	1,744,437	1,189,034
Redeemable noncontrolling interest
Noncontrolling Interest [Line Items]
Balance, beginning of period	1,409,037	834,644	1,111,714	617,791
Issuance of shares	112,500	249,300	381,250	452,700
Income attributable to noncontrolling interest	17,230	17,462	45,803	30,915
Redemption of shares		(59,395)		(59,395)
Redemptions payable	(6,484)	(6,500)	(6,484)	(6,500)
Distributions	0	0	0	0
Balance, end of period	1,532,283	1,035,511	1,532,283	1,035,511
Noncontrolling interest
Noncontrolling Interest [Line Items]
Balance, beginning of period	157,223	151,583	154,662	292,274
Issuance of shares	59,349	9,600	171,674	9,600
Income attributable to noncontrolling interest	3,963	5,099	12,921	9,824
Redemption of shares		0		0
Redemptions payable	0	0	0	0
Distributions	(8,381)	(12,759)	(127,103)	(158,175)
Balance, end of period	$ 212,154	$ 153,523	$ 212,154	$ 153,523

Derivative instruments (Amount

Derivative instruments (Amount and balance sheet location) (Details) $ in Thousands		Jun. 30, 2016USD ($)derivatives	Dec. 31, 2015USD ($)
Not designated as hedging instruments | Foreign exchange contracts
Summary of amount of derivatives designated as hedging instruments
Net Notional Exposure		$ 297,275	$ 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]	4,230	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]	4,746	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]	20	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]	$ 2,529	$ 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) relating to the foreign currency forward contracts that were not designated as hedging instruments during the three and six months ended June 30, 2016 was $896 and ($1,117), respectively (2015: $nil and $nil, respectively). The net impact on earnings, recognized in income within other income (loss) relating to the foreign currency forward contracts that were not designated as hedging instruments during the three and six months ended June 30, 2016 were $84 and $120, respectively (2015: ($128) and ($127), 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) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Not designated as hedging instruments | Other income
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 84	$ (128)	$ 120	$ (127)
Not designated as hedging instruments | Foreign exchange gains (losses)
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	896	0	(1,117)	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 loss recognized in income on derivative	0	(8,954)	0	(15,156)
Amount of gain on hedged item recognized in income attributable to risk being hedged	0	8,954	0	15,156
Amount of gain recognized in income on derivative (ineffective portion)	0	0	0	0
Designated as hedging instruments | Cash flow hedge | Interest rate swap contracts
Derivative instruments designated as a cash flow hedge
Amount of ineffective portion excluded from effectiveness testing	64	390	(694)	(411)
Designated as hedging instruments | Cash flow hedge | Interest rate swap contracts | Other comprehensive income
Derivative instruments designated as a cash flow hedge
Amount of effective portion recognized in other comprehensive income	2,694	2,846	6,350	6,886
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	$ (2,758)	$ (3,236)	$ (5,656)	$ (6,475)

Reserve for losses and loss e66

Reserve for losses and loss expenses (Reserve rollforward) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Reserve for paid losses and unpaid loss expenses
Reserve for losses and loss expenses, beginning of period		$ 2,980,300	$ 3,207,885	$ 2,996,567	$ 3,243,147
Losses and loss expenses recoverable, beginning of period		(370,689)	(375,882)	(350,586)	(377,466)
Net reserves for losses and loss expenses, beginning of period		2,609,611	2,832,003	2,645,981	2,865,681
Increase (decrease) in net losses and loss expenses incurred in respect of losses occurring in:
Current year		369,911	336,864	648,097	661,352
Prior years	[1]	(62,781)	(70,718)	(116,520)	(154,277)
Total incurred losses and loss expenses		307,130	266,146	531,577	507,075
Less net losses and loss expenses paid in respect of losses occurring in:
Current year		(45,882)	(28,965)	(61,655)	(42,065)
Prior years		(176,775)	(260,027)	(430,079)	(496,260)
Total net paid losses		(222,657)	(288,992)	(491,734)	(538,325)
Foreign exchange (gain) loss		(14,354)	6,841	(6,094)	(18,433)
Net reserve for losses and loss expenses, end of period		2,679,730	2,815,998	2,679,730	2,815,998
Losses and loss expenses recoverable, end of period		442,987	376,665	442,987	376,665
Reserve for losses and loss expenses, end of period		3,122,717	3,192,663	3,122,717	3,192,663
Components of incurred losses and loss expenses
Gross losses and loss expenses (a)	[1]	397,863	303,771	667,716	568,567
Reinsurance recoverable		(90,733)	(37,625)	(136,139)	(61,492)
Net incurred losses and loss expenses (a)	[1]	$ 307,130	$ 266,146	$ 531,577	$ 507,075
[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 $2,892 and $6,115, respectively, during the three and six months ended June 30, 2015, benefiting the loss ratio by 4.4 and 4.6 percentage points, respectively. The remaining fair value adjustment of $4,864 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			6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015		Jun. 30, 2016	Jun. 30, 2015
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years	[1]	$ (62,781)	$ (70,718)		$ (116,520)	$ (154,277)
Validus Re
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years		(30,877)	(30,879)		(56,561)	(55,575)
Talbot
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years		(28,328)	(35,586)		(51,048)	(87,273)
Western World
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years		(3,158)	(4,253)	[1]	(7,584)	(10,585)	[1]
AlphaCat
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years		(418)			(1,327)	(844)
Property
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years		(21,440)	(33,477)	[1]	(63,340)	(72,697)	[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		(9,468)	(15,928)		(32,300)	(30,824)
Property | Talbot
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years		(10,094)	(16,683)		(28,540)	(37,435)
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		(1,582)	(866)	[1]	(2,023)	(3,594)	[1]
Property | AlphaCat
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years		(296)			(477)	(844)
Marine
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years		(18,946)	(24,909)	[1]	(12,427)	(51,993)	[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		(10,018)	(11,099)		(6,463)	(15,669)
Marine | Talbot
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years		(8,928)	(13,810)		(5,964)	(36,324)
Specialty
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years		(20,819)	(8,945)	[1]	(35,192)	(22,596)	[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		(11,391)	(3,852)		(17,798)	(9,082)
Specialty | Talbot
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years		(9,306)	(5,093)		(16,544)	(13,514)
Specialty | AlphaCat
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years		(122)			(850)	0
Liability
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years		(1,576)	(3,387)	[1]	(5,561)	(6,991)	[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		$ (1,576)	$ (3,387)	[1]	$ (5,561)	$ (6,991)	[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 $2,892 and $6,115, respectively, during the three and six months ended June 30, 2015, benefiting the loss ratio by 4.4 and 4.6 percentage points, respectively. The remaining fair value adjustment of $4,864 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	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 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			$ 1,267,625	$ 1,278,697
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred but Not Reported (IBNR) Claims, Amount			$ 1,855,092	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	$ 2,892	$ 6,115
Prior Year Development Percentage	4.40%	4.60%
Remaining amount of fair value adjustments to loss reserves to be amortized during the period				$ 4,864

Reinsurance (Details)

Reinsurance (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Reinsurance (Textuals) [Abstract]
Incurred but not reported recoverable	$ 291,536	$ 214,863
Provision for uncollectible reinsurance relating to losses recoverable	5,025	4,997
Reinsurance Recoverable
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 470,635	$ 373,657
Percentage of total	100.00%	100.00%
Reinsurance Recoverable | A- or better
Ceded Credit Risk [Line Items]
Percentage of total	98.70%	98.70%
Reinsurance Recoverable | Top 10 reinsurers
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 391,076	$ 303,108
Percentage of total	83.10%	81.10%
Reinsurance Recoverable | Top 10 reinsurers | Fully collateralized reinsurers | NR
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 80,829
Percentage of total	17.20%
Reinsurance Recoverable | Top 10 reinsurers | Swiss Re | AA-
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 80,604	$ 83,048
Percentage of total	17.10%	22.20%
Reinsurance Recoverable | Top 10 reinsurers | Lloyds Syndicates | A plus
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 79,508	$ 66,356
Percentage of total	16.90%	17.80%
Reinsurance Recoverable | Top 10 reinsurers | Hannover Re | AA-
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 47,686	$ 43,765
Percentage of total	10.10%	11.70%
Reinsurance Recoverable | Top 10 reinsurers | Everest Re | A plus
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 42,506	$ 43,060
Percentage of total	9.00%	11.50%
Reinsurance Recoverable | Top 10 reinsurers | Munich Re | AA-
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 18,161	$ 18,707
Percentage of total	3.90%	5.00%
Reinsurance Recoverable | Top 10 reinsurers | Transatlantic Re | A plus
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 11,719	$ 11,923
Percentage of total	2.50%	3.20%
Reinsurance Recoverable | Top 10 reinsurers | Hamilton Re | A-
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 11,623	$ 10,898
Percentage of total	2.50%	2.90%
Reinsurance Recoverable | Top 10 reinsurers | National Indemnity Company | AA plus
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 9,565	$ 10,293
Percentage of total	2.00%	2.80%
Reinsurance Recoverable | Top 10 reinsurers | Toa Re | A plus
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 8,875	$ 6,330
Percentage of total	1.90%	1.70%
Reinsurance Recoverable | Top 10 reinsurers | XL Re | A plus
Ceded Credit Risk [Line Items]
Reinsurance recoverable		$ 8,728
Percentage of total		2.30%
Reinsurance Recoverable | Other reinsurers' balances greater than $1 million
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 70,763	$ 61,222
Percentage of total	15.00%	16.40%
Reinsurance Recoverable | Other reinsurers' balances less than $1 million
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 8,796	$ 9,327
Percentage of total	1.90%	2.50%

Share capital (Common stock) (D

Share capital (Common stock) (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 03, 2015	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2016	Jun. 30, 2015
Schedule of Common Stock Issued and Outstanding [Line Items]
Authorized share capital		571,428,571				571,428,571
Share Capital (Narrative)
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						78,841,758
Shares repurchased, cumulative	$ 2,274,401					$ 2,620,814
Remaining share repurchase authorization amount		$ 403,587				$ 403,587
Cash dividends declared per share		$ 0.35		$ 0.32		$ 0.7	$ 0.64
Summary of common shares issued and outstanding
Common shares issued, beginning balance			160,570,772		155,554,224	160,570,772	155,554,224
Options exercised (in shares)						13,635	728,489
Warrants exercised (in shares)							1,461,715
Common shares issued, ending balance		161,252,871		158,379,505		161,252,871	158,379,505
Treasury shares, ending balance		(80,480,633)		(75,083,710)		(80,480,633)	(75,083,710)
Common shares outstanding, ending balance		80,772,238		83,295,795		80,772,238	83,295,795
Common shares
Share repurchases
Cash dividends declared per share		$ 0.35	$ 0.35	$ 0.32	$ 0.32
Summary of common shares issued and outstanding
Direct issuance of common stock (in shares)							639
Performance shares
Summary of common shares issued and outstanding
Vested, net of shares withheld						48,088	11,524
Restricted share awards
Summary of common shares issued and outstanding
Vested, net of shares withheld						601,890	609,654
Restricted share units
Summary of common shares issued and outstanding
Vested, net of shares withheld						18,486	13,260

Share capital (Preferred stock)

Share capital (Preferred stock) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Class of Stock [Line Items]
Preferred shares, shares issued at beginning of period	0
Preferred shares, shares outstanding at beginning of period	0
Preferred shares, shares issued at end of period	6,000
Preferred shares, shares outstanding at end of period	6,000
Preferred shares - Shareholders' Equity
Preferred shares equivalent depositary shares number	6,000,000
Net proceeds on issuance of preferred shares	$ 144,852,000	$ 0
Proportionate interest of Series A Preferred shares, per depositary share	0.10%
Preferred shares
Class of Stock [Line Items]
Preferred shares, shares issued at beginning of period	0
Preferred shares, shares outstanding at beginning of period	0
Preferred shares issued	6,000
Preferred shares, shares issued at end of period	6,000
Preferred shares, shares outstanding at end of period	6,000
Preferred shares - Shareholders' Equity
Preferred shares, dividend rate, percentage	5.875%
Preferred stock, par or stated value per share	$ 0.175
Preferred stock, liquidation preference, value	$ 25,000
Depositary share equivalent
Preferred shares - Shareholders' Equity
Preferred stock, liquidation preference, value	$ 25
Prior to redemption date | Preferred shares
Preferred shares - Shareholders' Equity
Preferred stock, redemption price per share	$ 26,000
Prior to redemption date | Depositary share equivalent
Preferred shares - Shareholders' Equity
Preferred stock, redemption price per share	26
On or after June 15, 2021 | Preferred shares
Preferred shares - Shareholders' Equity
Preferred stock, redemption price per share	25,000
On or after June 15, 2021 | Depositary share equivalent
Preferred shares - Shareholders' Equity
Preferred stock, redemption price per share	25
Before redemption date if change in law or capital disqualification event | Preferred shares
Preferred shares - Shareholders' Equity
Preferred stock, redemption price per share	25,000
Before redemption date if change in law or capital disqualification event | Depositary share equivalent
Preferred shares - Shareholders' Equity
Preferred stock, redemption price per share	$ 25

Stock plans (Options activity)

Stock plans (Options activity) (Details) - $ / shares	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Options activities:
Options outstanding, beginning balance (in shares)	65,401	1,160,057
Options exercised during period (in shares)	(14,044)	(1,040,680)
Options outstanding, ending balance (in shares)	51,357	119,377
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)	7.69	7.26
Weighted average grant date fair value, ending balance (in dollars per share)	7.75	5.94
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)	17.02	16.86
Weighted average grant date exercise price, ending balance (in dollars per share)	$ 21.03	$ 25.46

Stock plans (Other awards activ

Stock plans (Other awards activity) (Details) - $ / shares	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Restricted share awards
Activities
Beginning balance (in shares)	2,739,446	2,858,711
Granted (in shares)	534,905	670,432
Vested (in shares)	(783,523)	(781,704)
Forfeited (in shares)	(8,317)	(51,818)
Ending balance (in shares)	2,482,511	2,695,621
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, granted (in dollars per share)	48.69	43.55
Weighted average grant date fair value, vested (in dollars per share)	37.32	34.42
Weighted average grant date fair value, forfeited (in dollars per share)	37.94	38.04
Weighted average grant date fair value, ending balance (in dollars per share)	$ 40.79	$ 38.09
Restricted share units
Activities
Beginning balance (in shares)	114,337	103,484
Granted (in shares)	20,129	28,057
Vested (in shares)	(23,982)	(19,455)
Issued in lieu of cash dividends (in shares)	1,629	1,517
Forfeited (in shares)		(892)
Ending balance (in shares)	112,113	112,711
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, granted (in dollars per share)	48.69	42.91
Weighted average grant date fair value, vested (in dollars per share)	38.18	34.58
Weighted average grant date fair value, issued in lieu of cash dividends (in dollars per share)	38.47	36.53
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)	$ 40.37	$ 38.47
Performance shares
Activities
Beginning balance (in shares)	172,594	106,369
Granted (in shares)	121,844	81,569
Vested (in shares)	(57,581)	(15,344)
Conversion adjustment (in shares)	45,517
Ending balance (in shares)	282,374	172,594
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, granted (in dollars per share)	48.69	45.03
Weighted average grant date fair value, vested (in dollars per share)	36.11	31.38
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)	$ 44.46	$ 40.70

Stock plans (Components of shar

Stock plans (Components of share compensation expenses) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Total share compensation expenses
Share compensation expenses	$ 10,727	$ 9,242	$ 21,964	$ 18,296
Restricted share awards
Total share compensation expenses
Share compensation expenses	9,517	8,653	18,646	17,132
Restricted share units
Total share compensation expenses
Share compensation expenses	377	279	688	541
Performance shares
Total share compensation expenses
Share compensation expenses	$ 833	$ 310	$ 2,630	$ 623

Stock plans (Narrative) (Detail

Stock plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Stock plans (other details)
Number of shares reserved for issuance under the LTIP and STIP	2,753,292		2,753,292
Remaining number of shares reserved for issuance	1,256,215		1,256,215
Share compensation expenses	$ 10,727	$ 9,242	$ 21,964	$ 18,296
Options exercised during period (in shares)			(14,044)	(1,040,680)
Share Based Compensation Arrangement By Share Based Payment Award Options Exercised In Period Weighted Average Grant Date Fair Value			$ 7.69	$ 7.26
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price			$ 17.02	$ 16.86
Options
Stock plans (other details)
Life of options			10 years
Restricted share awards
Stock plans (other details)
Share compensation expenses	9,517	8,653	$ 18,646	$ 17,132
Unrecognized share compensation expenses	76,049		$ 76,049		$ 69,143
Weighted average period of recognizing share based compensation expenses			2 years 7 months 9 days		2 years 4 months 24 days
Restricted share units
Stock plans (other details)
Share compensation expenses	377	279	$ 688	541
Unrecognized share compensation expenses	3,079		$ 3,079		$ 2,790
Weighted average period of recognizing share based compensation expenses			2 years 8 months 8 days		2 years 7 months
Performance shares
Stock plans (other details)
Share compensation expenses	833	$ 310	$ 2,630	$ 623
Unrecognized share compensation expenses	$ 8,719		$ 8,719		$ 4,011
Weighted average period of recognizing share based compensation expenses			2 years 5 months 15 days		2 years 1 month 6 days
Performance share awards performance period			3 years

Debt and financing arrangemen76

Debt and financing arrangements (Schedule of finance structure) (Details) - USD ($) $ in Thousands		Jun. 30, 2016	Dec. 31, 2015
Debt Instruments [Line Items]
Debt instrument, commitment		$ 848,187	$ 847,868
Debt instrument, issued and outstanding	[1]	787,987	787,668
Debt instrument, drawn		783,248	782,829
Credit facility, commitment		690,000	700,000
Credit facility, issued and outstanding	[1]	338,668	479,088
Total debt and financing arrangements, commitment		1,538,187	1,547,868
Total debt and financing arrangements, issued and outstanding	[1]	1,126,655	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]	105,575	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]	11,805	10,543
AlphaCat Re secured letter of credit facility
Debt Instruments [Line Items]
Credit facility, commitment		20,000	30,000
Credit facility, issued and outstanding	[1]	20,000	30,000
$25,000 IPC bi-lateral facility
Debt Instruments [Line Items]
Credit facility, commitment		25,000	25,000
Credit facility, issued and outstanding	[1]	5,666	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]	195,622	193,764
Total debentures payable
Debt Instruments [Line Items]
Debt instrument, commitment		598,187	597,868
Debt instrument, issued and outstanding	[1]	537,987	537,668
Debt instrument, drawn		537,987	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		134,437	134,118
Debt instrument, issued and outstanding	[1]	134,437	134,118
Debt instrument, drawn		134,437	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		$ 245,261	$ 245,161
[1]	Indicates utilization of commitment amount, not necessarily drawn borrowings.

Debt and financing arrangemen77

Debt and financing arrangements (Summary of notes and debentures) (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2016	Dec. 31, 2015
Debt Instruments [Line Items]
Commitment		$ 848,187	$ 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		$ 134,437	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 arrangemen78

Debt and financing arrangements (Components of finance expenses) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Debt Instruments [Line Items]
Finance expenses		$ 14,166	$ 18,682	$ 29,369	$ 39,649
Credit facilities
Debt Instruments [Line Items]
Finance expenses		235	1,193	896	2,900
Bank charges, Talbot FAL facility and other charges
Debt Instruments [Line Items]
Finance expenses	[1]	206	1,252	213	2,459
AlphaCat fees
Debt Instruments [Line Items]
Finance expenses	[2]	77	2,581	961	7,065
2006 Junior Subordinated Deferrable Debentures
Debt Instruments [Line Items]
Finance expenses		2,211	2,211	4,422	4,398
2007 Junior Subordinated Deferrable Debentures
Debt Instruments [Line Items]
Finance expenses		1,830	1,835	3,661	3,644
Flagstone 2006 Junior Subordinated Deferrable Debentures
Debt Instruments [Line Items]
Finance expenses		2,244	2,243	4,489	4,461
Flagstone 2007 Junior Subordinated Deferrable Debentures
Debt Instruments [Line Items]
Finance expenses		1,766	1,770	3,533	3,528
2010 Senior Notes Due 2040
Debt Instruments [Line Items]
Finance expenses		$ 5,597	$ 5,597	$ 11,194	$ 11,194
[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 ING Bank 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 arrangemen79

Debt and financing arrangements (Narrative) (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2016	Dec. 31, 2015
Senior Notes and Junior Debentures
Long-term Debt		$ 537,987	$ 537,668
Credit Facilities
Credit facility, commitment		690,000	700,000
Credit facility, issued and outstanding	[1]	338,668	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]	105,575	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
$25,000 IPC bi-lateral facility
Credit Facilities
Credit facility, commitment		$ 25,000	25,000
Credit facility, issued and outstanding	[1]	5,666	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]	11,805	10,543
AlphaCat Re secured letter of credit facility
Credit Facilities
Credit facility, commitment		20,000	30,000
Credit facility, issued and outstanding	[1]	20,000	30,000
$236,000 Flagstone bi-lateral facility
Credit Facilities
Credit facility, commitment		236,000	236,000
Credit facility, issued and outstanding	[1]	195,622	$ 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		$ 537,987
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 comprehensi80

Accumulated other comprehensive loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period, net of tax	$ (15,438)	$ (12,641)	$ (12,569)	$ (8,556)
Net current period other comprehensive loss, net of tax	(2,744)	3,575	(5,613)	(510)
Balance, end of period, net of tax	(18,182)	(9,066)	(18,182)	(9,066)
Foreign currency translation adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period, net of tax	(13,862)	(11,137)	(11,834)	(8,118)
Net current period other comprehensive loss, net of tax	(3,287)	2,763	(5,315)	(256)
Balance, end of period, net of tax	(17,149)	(8,374)	(17,149)	(8,374)
Minimum pension liability
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period, net of tax	251	(475)	334	(210)
Net current period other comprehensive loss, net of tax	479	422	396	157
Balance, end of period, net of tax	730	(53)	730	(53)
Cash flow hedge
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period, net of tax	(1,827)	(1,029)	(1,069)	(228)
Net current period other comprehensive loss, net of tax	64	390	(694)	(411)
Balance, end of period, net of tax	$ (1,763)	$ (639)	$ (1,763)	$ (639)

Commitments and contingencies (

Commitments and contingencies (Lloyd's syndicate) (Details) - 6 months ended Jun. 30, 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 $1.33	£1 equals $1.33
Maximum premium levies assessable, amount	$ 23,940
2016 Underwriting year
Components Of Required Capital [Abstract]
Total	617,000
2015 Underwriting year
Components Of Required Capital [Abstract]
Total	$ 595,100

Commitments and contingencies82

Commitments and contingencies (Aquiline commitment) (Details) - USD ($) $ in Thousands	Nov. 07, 2014	Oct. 02, 2014	Jun. 30, 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			$ 70,379	$ 86,110

Commitments and contingencies83

Commitments and contingencies (Other investment commitments) (Details) - USD ($) $ in Thousands	Dec. 30, 2015	Dec. 29, 2014	Jun. 30, 2016	Dec. 31, 2015
Fixed maturity commitment
Other Commitments [Line Items]
Remaining commitment			$ 29,726	$ 34,888
Loan Origination Commitments [Member]
Other Commitments [Line Items]
Capital commitment			25,000
Remaining commitment			4,588
Investment commitment
Other Commitments [Line Items]
Capital commitment			308,000	263,000
Remaining commitment			198,265	185,548
Fund A
Other Commitments [Line Items]
Remaining capital commitment			0	10,000
Total capital commitment	$ 20,000	$ 20,000
Fund B
Other Commitments [Line Items]
Remaining capital commitment			$ 0	$ 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 ($)	Jun. 30, 2016USD ($)shares	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)Employeeshares	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)	Nov. 24, 2015USD ($)
Aquiline Capital Partners LLC
Related Party Transaction [Line Items]
Shares owned by related party | shares				828,458		828,458
Related parties number of employees | Employee						2
Group Ark Insurance Holdings Ltd
Related Party Transaction [Line Items]
Gross premiums written				$ 65	$ 526	$ 1,971		$ 2,396
Premiums receivable				1,041		1,041		82
Reinsurance premiums ceded				(17)	(28)	0		1
Reinsurance balances payable				4		4		4
Loss reserves recoverable				748		748		790
Earned premium adjustments				473	534	$ 999		$ 1,317
Conning Inc
Related Party Transaction [Line Items]
Investment management fees					120		$ 405
Aquiline Capital Partners II GP Offshore Ltd
Related Party Transaction [Line Items]
Percentage of Assignor's interest assumed						100.00%
Total capital commitment						$ 50,000
Partnership fees incurred				440	489	440	937
Payments to Acquire Limited Partnership Interests				0	3,415	$ 575	8,977
Aquiline Financial Services Fund II LP
Related Party Transaction [Line Items]
Percentage of Assignor's interest assumed						100.00%
Total capital commitment		$ 10,000	$ 50,000
Aquiline Financial Services Fund III LP
Related Party Transaction [Line Items]
Total capital commitment	$ 100,000
Partnership fees incurred				575	369	$ 575	1,239
Payments to Acquire Limited Partnership Interests				$ 15,732	$ 0	$ 15,732	$ 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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Basic earnings per share
Net income available to Validus common shareholders	$ 94,963	$ 65,790	$ 261,773	$ 239,201
Less: Dividends on outstanding warrants	0	(1,081)	0	(2,486)
Net income allocated to Validus common shareholders	$ 94,963	$ 64,709	$ 261,773	$ 236,715
Weighted average number of common shares outstanding	81,950,833	84,003,549	82,386,047	83,627,396
Basic earnings per share available to common shareholders	$ 1.16	$ 0.77	$ 3.18	$ 2.83
Earnings per diluted share
Net income available to Validus common shareholders	$ 94,963	$ 65,790	$ 261,773	$ 239,201
Less: Dividends on outstanding warrants	0	0	0	0
Net income allocated to Validus common shareholders	$ 94,963	$ 65,790	$ 261,773	$ 239,201
Weighted average number of common shares outstanding	81,950,833	84,003,549	82,386,047	83,627,396
Weighted average number of diluted common shares outstanding	83,373,003	87,313,154	83,785,659	87,448,142
Earnings per diluted share available to common shareholders	$ 1.14	$ 0.75	$ 3.12	$ 2.74
Other details:
Anti-dilutive securities excluded from the calculation of diluted earnings per share	507,262	630,174	253,631	315,410
Warrants
Earnings per diluted share
Weighted average number of diluted common shares outstanding, aggregate	0	2,073,231	0	2,409,149
Stock options
Earnings per diluted share
Weighted average number of diluted common shares outstanding, aggregate	33,796	50,160	34,837	261,792
Unvested restricted shares
Earnings per diluted share
Weighted average number of diluted common shares outstanding, aggregate	1,388,374	1,186,214	1,364,775	1,149,805

Segment information (Summary of

Segment information (Summary of results of operating and other segments) (Details) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)segments	Jun. 30, 2015USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | segments				4
Underwriting revenues
Gross premiums written		$ 764,042	$ 726,168	$ 1,936,833	$ 1,845,392
Reinsurance premiums ceded		(36,229)	(55,418)	(204,064)	(246,743)
Net premiums written		727,813	670,750	1,732,769	1,598,649
Change in unearned premiums		(154,090)	(98,062)	(587,778)	(450,071)
Net premiums earned		573,723	572,688	1,144,991	1,148,578
Other insurance related income (loss)		745	708	1,481	1,648
Segmental revenues		574,468	573,396	1,146,472	1,150,226
Underwriting deductions
Losses and loss expenses	[1]	307,130	266,146	531,577	507,075
Policy acquisition costs		107,966	104,323	215,159	202,734
General and administrative expenses		89,688	84,025	175,896	168,260
Share compensation expenses		10,727	9,242	21,964	18,296
Total underwriting deductions		515,511	463,736	944,596	896,365
Segmental income		58,957	109,660	201,876	253,861
Other items	[2]	24,056	(54,920)	60,617	(38,561)
Dividends on preferred shares		0	0	0	0
Net investment income		39,257	33,611	68,718	64,640
(Income) attributable to AlphaCat investors		(6,114)	0	(10,714)	0
Net (income) attributable to noncontrolling interest		(21,193)	(22,561)	(58,724)	(40,739)
Finance expenses		14,166	18,682	29,369	39,649
Tax (benefit) expense		1,706	2,549	(412)	5,114
Net realized gains on investments		2,724	2,244	2,140	6,413
Change in net unrealized gains (losses) on investments (a)		31,428	(34,676)	78,872	(1,449)
(Loss) income from investment affiliate		(589)	284	(4,702)	3,060
Foreign exchange gains (losses)		(6,286)	2,671	(12,531)	6,936
Net income available to Validus		94,963	65,790	261,773	239,201
Selected ratios:
Net income available to Validus common shareholders		94,963	65,790	261,773	239,201
Corporate and investment
Underwriting deductions
General and administrative expenses		17,872	17,092	34,055	32,698
Share compensation expenses		4,007	3,178	8,099	6,071
Total underwriting deductions		21,879	20,270	42,154	38,769
Segmental income		(21,879)	(20,270)	(42,154)	(38,769)
Other items	[2]	22,998	(53,076)	59,405	(32,808)
Dividends on preferred shares		0	0	0	0
Net investment income	[3]	36,849	31,854	64,772	61,290
Finance expenses	[3]	13,979	15,144	28,320	30,480
Tax (benefit) expense		1,706	2,549	(412)	5,114
Total expenses		37,564	37,963	70,062	74,363
Validus share of segmental income		37,968	(41,492)	82,023	(10,287)
Net realized gains on investments	[3]	2,520	2,104	1,434	6,284
Change in net unrealized gains (losses) on investments (a)	[3]	30,052	(33,926)	77,130	743
(Loss) income from investment affiliate		(589)	284	(4,702)	3,060
Foreign exchange gains (losses)	[3]	(6,621)	3,237	(12,695)	6,693
Other income		79	(608)	756	(608)
Total other items		38,683	(35,383)	87,313	2,786
Operating Segments | Validus Re
Underwriting revenues
Gross premiums written		285,810	297,420	977,478	1,009,113
Reinsurance premiums ceded		(3,196)	(19,378)	(95,691)	(133,155)
Net premiums written		282,614	278,042	881,787	875,958
Change in unearned premiums		(35,492)	(13,492)	(390,834)	(358,320)
Net premiums earned		247,122	264,550	490,953	517,638
Other insurance related income (loss)		150	434	(165)	749
Segmental revenues		247,272	264,984	490,788	518,387
Underwriting deductions
Losses and loss expenses		132,139	123,405	215,007	236,533
Policy acquisition costs		42,564	43,826	84,823	85,920
General and administrative expenses		17,872	18,781	35,051	38,290
Share compensation expenses		2,775	2,396	5,676	4,974
Total underwriting deductions		195,350	188,408	340,557	365,717
Segmental income		51,922	76,576	150,231	152,670
Validus share of segmental income		$ 51,922	$ 76,576	$ 150,231	$ 152,670
Selected ratios:
Net premiums written / Gross premiums written		98.90%	93.50%	90.20%	86.80%
Losses and loss expenses		53.50%	46.60%	43.80%	45.70%
Policy acquisition costs		17.20%	16.60%	17.30%	16.60%
General and administrative expenses	[4]	8.40%	8.00%	8.30%	8.40%
Expense ratio		25.60%	24.60%	25.60%	25.00%
Combined ratio		79.10%	71.20%	69.40%	70.70%
Operating Segments | Talbot Segment
Underwriting revenues
Gross premiums written		$ 296,067	$ 293,046	$ 562,384	$ 563,123
Reinsurance premiums ceded		(27,161)	(37,246)	(114,619)	(128,321)
Net premiums written		268,906	255,800	447,765	434,802
Change in unearned premiums		(67,357)	(50,362)	(39,424)	(6,775)
Net premiums earned		201,549	205,438	408,341	428,027
Other insurance related income (loss)		279	40	290	94
Segmental revenues		201,828	205,478	408,631	428,121
Underwriting deductions
Losses and loss expenses		109,310	95,970	209,411	174,098
Policy acquisition costs		43,613	47,659	87,956	96,763
General and administrative expenses		39,061	35,555	77,596	72,049
Share compensation expenses		3,270	3,024	6,792	5,981
Total underwriting deductions		195,254	182,208	381,755	348,891
Segmental income		6,574	23,270	26,876	79,230
Validus share of segmental income		$ 6,574	$ 23,270	$ 26,876	$ 79,230
Selected ratios:
Net premiums written / Gross premiums written		90.80%	87.30%	79.60%	77.20%
Losses and loss expenses		54.20%	46.70%	51.30%	40.70%
Policy acquisition costs		21.60%	23.20%	21.50%	22.60%
General and administrative expenses	[4]	21.10%	18.80%	20.70%	18.20%
Expense ratio		42.70%	42.00%	42.20%	40.80%
Combined ratio		96.90%	88.70%	93.50%	81.50%
Operating Segments | Western World
Underwriting revenues
Gross premiums written		$ 86,971	$ 79,554	$ 150,930	$ 136,501
Reinsurance premiums ceded		(5,006)	(5,441)	(9,145)	(8,674)
Net premiums written		81,965	74,113	141,785	127,827
Change in unearned premiums		(16,309)	(8,995)	(14,630)	5,173
Net premiums earned		65,656	65,118	127,155	133,000
Other insurance related income (loss)		189	276	477	539
Segmental revenues		65,845	65,394	127,632	133,539
Underwriting deductions
Losses and loss expenses		44,229	46,771	83,875	97,288
Policy acquisition costs		15,410	9,617	29,610	13,896
General and administrative expenses		11,458	8,923	23,533	19,550
Share compensation expenses		542	494	1,123	971
Total underwriting deductions		71,639	65,805	138,141	131,705
Segmental income		(5,794)	(411)	(10,509)	1,834
Validus share of segmental income		$ (5,794)	$ (411)	$ (10,509)	$ 1,834
Selected ratios:
Net premiums written / Gross premiums written		94.20%	93.20%	93.90%	93.60%
Losses and loss expenses		67.40%	71.80%	66.00%	73.10%
Policy acquisition costs		23.50%	14.80%	23.30%	10.50%
General and administrative expenses	[4]	18.20%	14.50%	19.30%	15.40%
Expense ratio		41.70%	29.30%	42.60%	25.90%
Combined ratio		109.10%	101.10%	108.60%	99.00%
Operating Segments | AlphaCat
Underwriting revenues
Gross premiums written	[5]	$ 98,905	$ 62,795	$ 266,253	$ 164,600
Third party management fees	[5]	3,091	4,323	7,818	8,860
Related party management fees	[5]	328	1,134	1,219	2,320
Segmental revenues	[5]	3,419	5,457	9,037	11,180
Underwriting deductions
General and administrative expenses	[5]	2,751	2,330	4,233	4,759
Share compensation expenses	[5]	133	150	274	299
Total underwriting deductions	[5]	2,963	5,029	5,402	12,022
Segmental income	[5]	456	428	3,635	(842)
Net investment income	[5],[6]	4,421	7,341	10,028	16,378
Finance expenses	[5]	75	2,534	883	6,962
Foreign exchange gains (losses)	[5]	4	15	12	2
Operating Segments | AlphaCat | AlphaCat sidecars
Underwriting revenues
Gross premiums written	[5]	(14)	3,241	(66)	43,347
Underwriting deductions
Net investment income	[5],[6]	541	1,273	665	2,441
Operating Segments | AlphaCat | AlphaCat ILS funds - Lower Risk (a)
Underwriting revenues
Gross premiums written	[5],[7]	50,234	45,687	110,192	88,435
Underwriting deductions
Net investment income	[5],[6],[7]	2,075	1,894	4,582	3,180
Operating Segments | AlphaCat | AlphaCat ILS funds - Higher Risk (a)
Underwriting revenues
Gross premiums written	[5],[7]	42,010	13,867	138,330	32,818
Underwriting deductions
Net investment income	[5],[6],[7]	692	2,376	3,128	4,801
Operating Segments | AlphaCat | BetaCat ILS funds
Underwriting deductions
Net investment income	[5],[6]	1,113	60	1,676	234
Operating Segments | AlphaCat | PaCRe funds
Underwriting deductions
Net investment income	[5],[6]	0	1,738	(23)	5,722
Operating Segments | AlphaCat | AlphaCat direct
Underwriting revenues
Gross premiums written	[5],[8]	6,675	0	17,797	0
Operating Segments | AlphaCat And Consolidated Variable Interest Entities
Underwriting revenues
Gross premiums written		98,905	62,795	266,253	164,600
Reinsurance premiums ceded		(4,577)	0	(4,821)	(4,538)
Net premiums written		94,328	62,795	261,432	160,062
Change in unearned premiums		(34,932)	(25,213)	(142,890)	(90,149)
Net premiums earned		59,396	37,582	118,542	69,913
Other insurance related income (loss)		3,401	5,532	9,066	11,456
Segmental revenues		62,797	43,114	127,608	81,369
Underwriting deductions
Losses and loss expenses		21,452	0	23,284	(844)
Policy acquisition costs		6,530	3,742	12,687	7,177
General and administrative expenses		6,561	8,805	14,017	16,059
Share compensation expenses		133	150	274	299
Total underwriting deductions		34,676	12,697	50,262	22,691
Segmental income		28,121	30,417	77,346	58,678
Other items	[2]	1,058	(1,844)	1,212	(5,753)
Net investment income		3,005	1,757	4,543	3,350
(Income) attributable to AlphaCat investors		(6,114)	0	(10,714)
Net (income) attributable to noncontrolling interest		(21,193)	(22,561)	(58,724)	(40,739)
Validus share of segmental income	[5]	4,877	7,769	13,663	15,536
Eliminations
Underwriting revenues
Gross premiums written		(3,711)	(6,647)	(20,212)	(27,945)
Reinsurance premiums ceded		3,711	6,647	20,212	27,945
Other insurance related income (loss)		(3,274)	(5,574)	(8,187)	(11,190)
Segmental revenues		(3,274)	(5,574)	(8,187)	(11,190)
Underwriting deductions
Policy acquisition costs		(151)	(521)	83	(1,022)
General and administrative expenses		(3,136)	(5,131)	(8,356)	(10,386)
Total underwriting deductions		(3,287)	(5,652)	(8,273)	(11,408)
Segmental income		13	78	86	218
Net investment income		(597)		(597)
Validus share of segmental income		$ (584)	$ 78	$ (511)	$ 218
[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 $2,892 and $6,115, respectively, during the three and six months ended June 30, 2015, benefiting the loss ratio by 4.4 and 4.6 percentage points, respectively. The remaining fair value adjustment of $4,864 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]	These items exclude the components which are included in Validus' share of AlphaCat and amounts which are consolidated from VIEs.
[4]	The general and administrative expense ratio includes share compensation expenses.
[5]	The results of AlphaCat are presented on an asset manager basis, which is non-GAAP. A reconciliation of segmental income to net income available to Validus is included in the tables below.
[6]	The investment income from the AlphaCat funds and sidecars is based on equity accounting.
[7]	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.
[8]	AlphaCat Direct includes direct investments from third party investors in AlphaCat Re.

Segment information (Gross prem

Segment information (Gross premiums written by geographic location and segment) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		$ 764,042	$ 726,168	$ 1,936,833	$ 1,845,392
Percent of gross premiums written		100.00%	100.00%	100.00%	100.00%
United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		$ 292,114	$ 313,968	$ 701,830	$ 749,678
Percent of gross premiums written		38.20%	43.30%	36.20%	40.70%
Worldwide excluding United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	$ 53,363	$ 44,795	$ 134,667	$ 119,534
Percent of gross premiums written	[1]	7.00%	6.20%	7.00%	6.50%
Australia and New Zealand
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		$ 4,877	$ 3,465	$ 16,060	$ 15,054
Percent of gross premiums written		0.60%	0.50%	0.80%	0.80%
Europe
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		$ 10,193	$ 27,855	$ 49,048	$ 66,423
Percent of gross premiums written		1.30%	3.80%	2.50%	3.60%
Latin America and Caribbean
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		$ 31,078	$ 32,458	$ 65,441	$ 60,504
Percent of gross premiums written		4.10%	4.50%	3.40%	3.30%
Japan
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		$ 44,732	$ 42,269	$ 47,697	$ 44,394
Percent of gross premiums written		5.90%	5.80%	2.50%	2.40%
Canada
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		$ 4,478	$ 3,142	$ 7,195	$ 7,143
Percent of gross premiums written		0.60%	0.40%	0.40%	0.40%
Rest of the world
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[2]	$ 32,608	$ 27,714	$ 74,895	$ 67,126
Percent of gross premiums written	[2]	4.30%	3.80%	3.90%	3.60%
Sub-total, non United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		$ 181,329	$ 181,698	$ 395,003	$ 380,178
Percent of gross premiums written		23.80%	25.00%	20.50%	20.60%
Worldwide including United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	$ 121,773	$ 101,060	$ 368,543	$ 273,954
Percent of gross premiums written	[1]	15.90%	13.90%	19.00%	14.80%
Other location non-specific
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[3]	$ 168,826	$ 129,442	$ 471,457	$ 441,582
Percent of gross premiums written	[3]	22.10%	17.80%	24.30%	23.90%
Operating Segments | Validus Re
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		$ 285,810	$ 297,420	$ 977,478	$ 1,009,113
Operating Segments | Validus Re | United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		129,087	171,006	424,481	510,020
Operating Segments | Validus Re | Worldwide excluding United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	16,975	12,322	47,239	47,288
Operating Segments | Validus Re | Australia and New Zealand
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		1,926	1,643	6,849	11,507
Operating Segments | Validus Re | Europe
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		3,267	16,282	25,734	41,017
Operating Segments | Validus Re | Latin America and Caribbean
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		5,992	7,684	19,574	16,932
Operating Segments | Validus Re | Japan
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		39,053	37,800	39,925	39,184
Operating Segments | Validus Re | Canada
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		1,821	597	3,497	2,782
Operating Segments | Validus Re | Rest of the world
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[2]	3,259	3,026	19,947	21,680
Operating Segments | Validus Re | Sub-total, non United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		72,293	79,354	162,765	180,390
Operating Segments | Validus Re | Worldwide including United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	35,561	37,967	147,338	122,811
Operating Segments | Validus Re | Other location non-specific
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[3]	48,869	9,093	242,894	195,892
Operating Segments | Talbot Segment
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		296,067	293,046	562,384	563,123
Operating Segments | Talbot Segment | United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		39,135	40,036	65,245	68,094
Operating Segments | Talbot Segment | Worldwide excluding United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	30,028	30,231	65,532	65,173
Operating Segments | Talbot Segment | Australia and New Zealand
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		2,063	1,173	4,375	3,049
Operating Segments | Talbot Segment | Europe
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		6,855	10,584	20,716	23,798
Operating Segments | Talbot Segment | Latin America and Caribbean
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		27,597	28,693	51,404	51,385
Operating Segments | Talbot Segment | Japan
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		3,965	2,843	4,582	3,597
Operating Segments | Talbot Segment | Canada
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		2,470	2,299	3,562	3,997
Operating Segments | Talbot Segment | Rest of the world
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[2]	29,806	24,982	57,290	47,988
Operating Segments | Talbot Segment | Sub-total, non United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		102,784	100,805	207,461	198,987
Operating Segments | Talbot Segment | Worldwide including United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	34,198	32,704	62,652	54,498
Operating Segments | Talbot Segment | Other location non-specific
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[3]	119,950	119,501	227,026	241,544
Operating Segments | Western World
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		86,971	79,554	150,930	136,501
Operating Segments | Western World | United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		86,971	79,554	150,930	136,501
Operating Segments | Western World | Worldwide excluding United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	0	0	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	0	0
Operating Segments | Western World | Europe
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		0	0	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	0	0
Operating Segments | Western World | Japan
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		0	0	0	0
Operating Segments | Western World | Canada
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		0	0	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	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	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	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	0	0
Operating Segments | AlphaCat
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[4]	98,905	62,795	266,253	164,600
Operating Segments | AlphaCat | United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		37,338	23,800	62,729	36,945
Operating Segments | AlphaCat | Worldwide excluding United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	6,496	2,173	22,507	8,006
Operating Segments | AlphaCat | Australia and New Zealand
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		867	624	4,949	624
Operating Segments | AlphaCat | Europe
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		(145)	1,073	3,306	2,512
Operating Segments | AlphaCat | Latin America and Caribbean
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		0	0	0	0
Operating Segments | AlphaCat | Japan
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		1,721	1,671	3,221	1,671
Operating Segments | AlphaCat | Canada
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		223	294	223	488
Operating Segments | AlphaCat | Rest of the world
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[2]	0	0	0	0
Operating Segments | AlphaCat | Sub-total, non United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		9,162	5,835	34,206	13,301
Operating Segments | AlphaCat | Worldwide including United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	52,394	32,410	167,767	110,304
Operating Segments | AlphaCat | Other location non-specific
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[3]	11	750	1,551	4,050
Eliminations
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		(3,711)	(6,647)	(20,212)	(27,945)
Eliminations | United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		(417)	(428)	(1,555)	(1,882)
Eliminations | Worldwide excluding United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	(136)	69	(611)	(933)
Eliminations | Australia and New Zealand
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		21	25	(113)	(126)
Eliminations | Europe
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		216	(84)	(708)	(904)
Eliminations | Latin America and Caribbean
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		(2,511)	(3,919)	(5,537)	(7,813)
Eliminations | Japan
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		(7)	(45)	(31)	(58)
Eliminations | Canada
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		(36)	(48)	(87)	(124)
Eliminations | Rest of the world
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[2]	(457)	(294)	(2,342)	(2,542)
Eliminations | Sub-total, non United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		(2,910)	(4,296)	(9,429)	(12,500)
Eliminations | Worldwide including United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	(380)	(2,021)	(9,214)	(13,659)
Eliminations | Other location non-specific
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[3]	$ (4)	$ 98	$ (14)	$ 96
[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 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.

Subsequent events (Details)

Subsequent events (Details) - $ / shares	Aug. 03, 2016	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2016	Jun. 30, 2015
Subsequent Event [Line Items]
Cash dividends declared per share		$ 0.35		$ 0.32		$ 0.7	$ 0.64
Common shares
Subsequent Event [Line Items]
Cash dividends declared per share		$ 0.35	$ 0.35	$ 0.32	$ 0.32
Subsequent Event | Common shares
Subsequent Event [Line Items]
Cash dividends declared per share	$ 0.35
Subsequent Event | Preferred Stock
Subsequent Event [Line Items]
Dividends on preferred stock	$ 0.3753472