Validus 10-Q 3 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 01, 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	Sep. 30, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
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		79,363,867

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Assets
Fixed maturities trading, at fair value (amortized cost: 2016—$5,547,838; 2015—$5,556,900)	$ 5,576,341	$ 5,510,331
Short-term investments trading, at fair value (amortized cost: 2016—$2,481,573; 2015—$1,941,615)	2,481,406	1,941,635
Other investments, at fair value (cost: 2016—$371,668; 2015—$315,963)	394,695	336,856
Cash and cash equivalents	443,992	723,109
Restricted cash	113,048	73,270
Total investments, cash and cash equivalents	9,009,482	8,585,201
Investments in affiliates, equity method (cost: 2016—$86,305; 2015—$70,186)	99,731	88,065
Premiums receivable	939,127	658,682
Deferred acquisition costs	249,922	181,002
Prepaid reinsurance premiums	119,805	77,992
Securities lending collateral	10,629	4,863
Loss reserves recoverable	444,609	350,586
Paid losses recoverable	36,069	23,071
Income taxes recoverable	6,879	16,228
Deferred tax asset	26,015	21,661
Receivable for investments sold	21,854	39,766
Intangible assets	117,010	121,258
Goodwill	196,758	196,758
Accrued investment income	24,906	23,897
Other assets	183,357	126,782
Total assets	11,486,153	10,515,812
Liabilities
Reserve for losses and loss expenses	3,035,987	2,996,567
Unearned premiums	1,359,438	966,210
Reinsurance balances payable	76,429	75,380
Securities lending payable	11,095	5,329
Deferred tax liability	3,278	3,847
Payable for investments purchased	49,435	77,475
Accounts payable and accrued expenses	144,086	627,331
Notes payable to AlphaCat investors	372,730	75,493
Senior notes payable	245,311	245,161
Debentures payable	538,168	537,668
Total liabilities	5,835,957	5,610,461
Commitments and contingent liabilities
Redeemable noncontrolling interest	1,559,580	1,111,714
Shareholders' equity
Preferred shares (Issued and Outstanding: 2016—6,000; 2015—nil)	150,000	0
Common shares (Issued: 2016—161,273,353; 2015—160,570,772; Outstanding: 2016—79,443,030; 2015—82,900,617)	28,223	28,100
Treasury shares (2016—81,830,323; 2015—77,670,155)	(14,320)	(13,592)
Additional paid-in capital	827,256	1,002,980
Accumulated other comprehensive loss	(21,092)	(12,569)
Retained earnings	2,897,553	2,634,056
Total shareholders' equity available to Validus	3,867,620	3,638,975
Noncontrolling interest	222,996	154,662
Total shareholders' equity	4,090,616	3,793,637
Total liabilities, noncontrolling interests and shareholders’ equity	$ 11,486,153	$ 10,515,812

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Assets
Fixed maturities, at amortized cost or cost	$ 5,547,838	$ 5,556,900
Short-term investments, at amortized cost or cost	2,481,573	1,941,615
Other investments, at amortized cost or cost	371,668	315,963
Investments in and advance to affiliates, subsidiaries, associates, and joint ventures, at cost	$ 86,305	$ 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	161,273,353	160,570,772
Common shares, shares outstanding	79,443,030	82,900,617
Treasury stock, common shares	81,830,323	77,670,155

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues
Gross premiums written		$ 372,418	$ 402,509	$ 2,309,251	$ 2,247,901
Reinsurance premiums ceded		(45,006)	(48,810)	(249,070)	(295,553)
Net premiums written		327,412	353,699	2,060,181	1,952,348
Change in unearned premiums		236,363	201,312	(351,415)	(248,759)
Net premiums earned		563,775	555,011	1,708,766	1,703,589
Net investment income		43,514	31,572	112,232	96,212
Net realized gains (losses) on investments		4,397	(1,187)	6,537	5,226
Change in net unrealized gains on investments		5,459	3,916	84,331	2,467
Income (loss) from investment affiliate		453	2,482	(4,249)	5,542
Other insurance related (loss) income and other income		(610)	1,526	1,627	2,566
Foreign exchange (losses) gains		(766)	(2,592)	11,765	(9,528)
Total revenues		616,222	590,728	1,921,009	1,806,074
Expenses
Losses and loss expenses	[1]	258,394	256,010	789,971	763,085
Policy acquisition costs		113,434	105,039	328,593	307,773
General and administrative expenses		82,443	96,886	258,339	265,146
Share compensation expenses		10,501	9,983	32,465	28,279
Finance expenses		14,521	18,512	43,890	58,161
Total expenses		479,293	486,430	1,453,258	1,422,444
Income before taxes, loss from operating affiliates and income attributable to AlphaCat investors		136,929	104,298	467,751	383,630
Tax expense		(1,830)	(2,018)	(1,418)	(7,132)
Loss from operating affiliates		0	(7,963)	(23)	(2,241)
(Income) attributable to AlphaCat investors		(5,564)	(1,438)	(16,278)	(1,438)
Net income		129,535	92,879	450,032	372,819
Net (income) attributable to noncontrolling interest		(37,439)	(26,229)	(96,163)	(66,968)
Net income available to Validus		92,096	66,650	353,869	305,851
Dividends on preferred shares		(2,252)	0	(2,252)	0
Net income available to Validus common shareholders		89,844	66,650	351,617	305,851
Comprehensive income:
Net income		129,535	92,879	450,032	372,819
Other comprehensive (loss) income
Change in foreign currency translation adjustments		(1,370)	(1,850)	(6,685)	(2,106)
Change in minimum pension liability, net of tax		(1,101)	(28)	(705)	129
Change in fair value of cash flow hedge		(439)	75	(1,133)	(336)
Other comprehensive loss		(2,910)	(1,803)	(8,523)	(2,313)
Comprehensive income attributable to noncontrolling interests		(37,439)	(26,229)	(96,163)	(66,968)
Comprehensive income available to Validus		$ 89,186	$ 64,847	$ 345,346	$ 303,538
Earnings per share:
Basic earnings per share available to common shareholders		$ 1.12	$ 0.79	$ 4.31	$ 3.63
Earnings per diluted share available to Validus common shareholders		1.11	0.78	4.24	3.52
Cash dividends declared per share		$ 0.35	$ 0.32	$ 1.05	$ 0.96
Weighted average number of common shares and common share equivalents outstanding:
Basic (in shares)		80,134,394	82,635,316	81,635,496	83,296,703
Diluted (in shares)		81,244,556	85,629,494	82,938,624	86,841,927
[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 $2,524 and $8,639, respectively, during the three and nine months ended September 30, 2015, benefiting the loss ratio by 3.9 and 4.4 percentage points, respectively. The remaining fair value adjustment of $2,340 was fully amortized during 2015.

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Preferred shares	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			504		16,231
Repurchase of common shares				(831)	(203,086)
Share compensation expenses					28,279
Other comprehensive (loss) income	$ (2,313)					(2,313)
Net income	372,819						372,819
Net (income) attributable to noncontrolling interest	(66,968)						(66,968)
Dividends on preferred shares							0
Dividends on common shares							(86,256)
Balance - End of period at Sep. 30, 2015	3,644,965	0	27,726	(13,376)	1,048,917	(10,869)	2,592,567
Noncontrolling interest at Sep. 30, 2015	159,116
Total shareholders' equity at Sep. 30, 2015	3,804,081
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			123		(7,754)
Repurchase of common shares				(728)	(195,287)
Share compensation expenses					32,465
Other comprehensive (loss) income	(8,523)					(8,523)
Net income	450,032						450,032
Net (income) attributable to noncontrolling interest	(96,163)						(96,163)
Dividends on preferred shares							(2,252)
Dividends on common shares							(88,120)
Balance - End of period at Sep. 30, 2016	3,867,620	$ 150,000	$ 28,223	$ (14,320)	$ 827,256	$ (21,092)	$ 2,897,553
Noncontrolling interest at Sep. 30, 2016	222,996
Total shareholders' equity at Sep. 30, 2016	$ 4,090,616

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows provided by operating activities
Net income	$ 450,032	$ 372,819
Adjustments to reconcile net income to cash provided by operating activities:
Share compensation expenses	32,465	28,279
Amortization of discount on senior notes	81	81
Loss (income) from investment affiliate	4,249	(5,542)
Net realized gains on investments	(6,537)	(5,226)
Change in net unrealized gains on investments	(84,331)	(2,467)
Amortization of intangible assets	4,248	4,248
Loss from operating affiliates	23	2,241
Foreign exchange (gains) losses included in net income	(4,585)	16,549
Amortization of premium on fixed maturities	13,381	17,866
Change in:
Premiums receivable	(288,048)	(356,734)
Deferred acquisition costs	(68,920)	(63,960)
Prepaid reinsurance premiums	(41,813)	(43,331)
Loss reserves recoverable	(97,742)	(9,111)
Paid losses recoverable	(13,165)	16,408
Income taxes recoverable	9,034	(16,088)
Deferred tax asset	(4,885)	1,390
Accrued investment income	(1,231)	1,059
Other assets	(83,068)	41,998
Reserve for losses and loss expenses	66,561	(61,691)
Unearned premiums	393,228	292,090
Reinsurance balances payable	2,726	(38,284)
Deferred tax liability	(593)	3,323
Accounts payable and accrued expenses	(26,514)	(49,057)
Net cash provided by operating activities	254,596	146,860
Cash flows used in investing activities
Proceeds on sales of fixed maturity investments	2,047,496	2,888,919
Proceeds on maturities of fixed maturity investments	256,082	260,179
Purchases of fixed maturity investments	(2,317,674)	(3,169,834)
Purchases of short-term investments, net	(540,102)	(226,316)
Purchases of other investments, net	(53,627)	(6,065)
Increase in securities lending collateral	(5,766)	(5,991)
Redemption from operating affiliates	369	0
(Increase) decrease in restricted cash	(39,778)	99,001
Net cash used in investing activities	(669,307)	(179,193)
Cash flows provided by (used in) financing activities
Net proceeds on issuance of notes payable to AlphaCat investors	296,527	75,607
Net proceeds on issuance of preferred shares	144,852	0
Issuance of common shares, net	(7,631)	16,735
Purchases of common shares under share repurchase program	(196,015)	(203,917)
Dividends paid on preferred shares	(2,252)	0
Dividends paid on common shares	(87,901)	(86,401)
Increase in securities lending payable	5,766	5,991
Third party investment in redeemable noncontrolling interest	381,950	497,700
Third party redemption of redeemable noncontrolling interest	(17,284)	(86,933)
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	(412,736)	(161,900)
Net cash provided by (used in) financing activities	149,847	(91,693)
Effect of foreign currency rate changes on cash and cash equivalents	(14,253)	(13,901)
Net decrease in cash and cash equivalents	(279,117)	(137,927)
Cash and cash equivalents - beginning of period	723,109	550,401
Cash and cash equivalents - end of period	443,992	412,474
Supplemental disclosure of cash flow information:
Taxes paid during the period	5,914	14,959
Interest paid during the period	46,072	46,847
Investment affiliate
Adjustments to reconcile net income to cash provided by operating activities:
Loss (income) from investment affiliate	4,249	(5,542)
Cash flows used in investing activities
Investment in investment affiliates, net	$ (16,307)	$ (19,086)

Basis of preparation and consol

Basis of preparation and consolidation	9 Months Ended
	Sep. 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 Validus Holdings. Ltd.'s (the "Company") 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 nine months ended September 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 nine months ended September 30, 2015 and Consolidated Statement of Cash Flows for the nine months ended September 30, 2015 : Three Months Ended September 30, 2015 As previously reported Adjustment for adoption of new consolidation guidance Revised Total revenues $ 518,564 $ 72,164 $ 590,728 Total expenses 486,829 (399 ) 486,430 Net (loss) income (5,013 ) 97,892 92,879 Net loss (income) attributable to noncontrolling interest 71,663 (97,892 ) (26,229 ) Net income available to Validus 66,650 — 66,650 Comprehensive income available to Validus 64,847 — 64,847 Basic earnings per share available to common shareholders $ 0.79 $ — $ 0.79 Earnings per diluted share available to common shareholders $ 0.78 $ — $ 0.78 Nine Months Ended September 30, 2015 As previously reported Adjustment for adoption of new consolidation guidance Revised Total revenues $ 1,799,261 $ 6,813 $ 1,806,074 Total expenses 1,420,839 1,605 1,422,444 Net income 289,032 83,787 372,819 Net loss (income) attributable to noncontrolling interest 15,042 (82,010 ) (66,968 ) Net income available to Validus 304,074 1,777 305,851 Comprehensive income available to Validus 301,761 1,777 303,538 Basic earnings per share available to common shareholders $ 3.61 $ 0.02 $ 3.63 Earnings per diluted share available to common shareholders $ 3.50 $ 0.02 $ 3.52 Nine Months Ended September 30, 2015 As previously reported Adjustment for adoption of new consolidation guidance Revised Net cash provided by operating activities $ 51,878 $ 94,982 $ 146,860 Net cash used in investing activities (560,622 ) 381,429 (179,193 ) Net cash provided by (used in) financing activities 367,421 (459,114 ) (91,693 ) Effect of foreign currency rate changes on cash and cash equivalents (27,432 ) 13,531 (13,901 ) Net decrease in cash (168,755 ) 30,828 (137,927 ) Cash and cash equivalents - beginning of period 577,240 (26,839 ) 550,401 Cash and cash equivalents - end of period 408,485 3,989 412,474 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	9 Months Ended
	Sep. 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. In August 2016, the FASB issued ASU 2016-15, “ Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments ”. This ASU is directed at reducing diversity in practice and addresses eight specific issues in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The ASU is effective for fiscal periods beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. Any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. The amendments in this Update should be applied using a retrospective transition method to each period presented. If it is impracticable to apply the amendments retrospectively for some of the issues, the amendments for those issues would be applied prospectively as of the earliest date practicable. The Company is currently evaluating the impact of this guidance on the Company’s Consolidated Financial Statements. In October 2016, the FASB issued ASU 2016-16, “Income Taxes (Topic 740) - Intra-Entity Transfers of Assets Other Than Inventory” . This ASU aims to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. Current U.S. GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. The ASU states that an entity should recognize the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. The ASU does not include new disclosure requirements; however, existing disclosure requirements might be applicable when accounting for the current and deferred income taxes for an intra-entity transfer of an asset other than inventory. The ASU is effective for fiscal periods beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted for all entities as of the beginning of an annual reporting period for which financial statements (interim or annual) have not been issued or made available for issuance. That is, earlier adoption should be in the first interim period if an entity issues interim financial statements. The Company is currently evaluating the impact of this guidance on the Company’s Consolidated Financial Statements. In October 2016, the FASB issued ASU 2016-17, “Consolidation (Topic 810) - Interests Held Through Related Parties That Are Under Common Control” . The amendments in this ASU does not change the characteristics of a primary beneficiary in current U.S. GAAP. The ASU requires that a reporting entity, in determining whether it satisfies the second characteristic of a primary beneficiary, include all of its direct variable interests in a VIE and, on a proportionate basis, its indirect variable interests in a VIE held through related parties, including related parties that are under common control with the reporting entity. The ASU is effective for public business entities for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. Entities that have not yet adopted ASU 2015-02 are required to adopt the amendments in this update at the same time and should apply the same transition method elected for the application of the ASU. Entities that already have adopted ASU 2015-02 are required to apply the amendments in this update retrospectively to all relevant prior periods beginning with the fiscal year in which ASU 2015-02 initially were applied. The Company is currently evaluating the impact of this guidance on the Company’s Consolidated Financial Statements.

Investments

Investments	9 Months Ended
	Sep. 30, 2016
Investments [Abstract]
Investments	Investments During the fourth quarter of 2015, the Company enhanced disclosures with respect to 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 the 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 September 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 $ 833,897 $ 4,088 $ (439 ) $ 837,546 Non-U.S. government and government agency 251,863 1,503 (4,976 ) 248,390 U.S. states, municipalities and political subdivisions 278,172 5,585 (396 ) 283,361 Agency residential mortgage-backed securities 644,403 13,980 (507 ) 657,876 Non-agency residential mortgage-backed securities 21,142 160 (687 ) 20,615 U.S. corporate 1,509,117 19,102 (1,542 ) 1,526,677 Non-U.S. corporate 434,621 3,611 (6,600 ) 431,632 Bank loans 598,847 1,635 (12,945 ) 587,537 Asset-backed securities 484,480 2,607 (1,568 ) 485,519 Commercial mortgage-backed securities 336,297 5,388 (888 ) 340,797 Total fixed maturities 5,392,839 57,659 (30,548 ) 5,419,950 Short-term investments 197,970 — (167 ) 197,803 Other investments Fund of hedge funds 1,457 — (498 ) 959 Hedge funds 12,073 5,983 — 18,056 Private equity investments 69,353 16,157 (1,840 ) 83,670 Fixed income investment funds 232,614 823 — 233,437 Overseas deposits 53,246 — — 53,246 Mutual funds 2,925 2,402 — 5,327 Total other investments 371,668 25,365 (2,338 ) 394,695 Total managed investments $ 5,962,477 $ 83,024 $ (33,053 ) $ 6,012,448 Non-managed investments: Catastrophe bonds $ 154,999 $ 2,890 $ (1,498 ) $ 156,391 Short-term investments 2,283,603 — — 2,283,603 Total non-managed investments 2,438,602 2,890 (1,498 ) 2,439,994 Total investments $ 8,401,079 $ 85,914 $ (34,551 ) $ 8,452,442 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 and political subdivisions 299,929 2,322 (962 ) 301,289 Agency residential mortgage-backed securities 606,676 6,361 (2,455 ) 610,582 Non-agency residential mortgage-backed securities 27,025 310 (415 ) 26,920 U.S. corporate 1,503,614 1,594 (15,257 ) 1,489,951 Non-U.S. corporate 453,178 797 (7,405 ) 446,570 Bank loans 592,981 275 (17,045 ) 576,211 Asset-backed securities 440,363 344 (3,583 ) 437,124 Commercial mortgage-backed securities 263,310 131 (3,306 ) 260,135 Total fixed maturities 5,369,053 12,724 (57,825 ) 5,323,952 Short-term investments 237,349 20 — 237,369 Other investments Fund of hedge funds 1,457 — (40 ) 1,417 Hedge funds 14,018 6,962 — 20,980 Private equity investments 53,489 12,751 (2,469 ) 63,771 Fixed income 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 September 30, 2016 and December 31, 2015 . September 30, 2016 December 31, 2015 Fair Value % of Total Fair Value % of Total Managed fixed maturities: Investment grade fixed maturities AAA $ 2,417,068 43.3 % $ 2,367,642 43.0 % AA 526,729 9.5 % 569,386 10.3 % A 1,084,128 19.4 % 1,031,326 18.7 % BBB 736,400 13.2 % 691,538 12.6 % Total investment grade managed fixed maturities 4,764,325 85.4 % 4,659,892 84.6 % Non-investment grade fixed maturities BB 228,798 4.1 % 235,724 4.3 % B 182,261 3.3 % 179,069 3.2 % CCC 9,561 0.2 % 5,706 0.1 % CC — 0.0 % 1,015 0.0 % NR 235,005 4.2 % 242,546 4.4 % Total non-investment grade fixed maturities 655,625 11.8 % 664,060 12.0 % Total managed fixed maturities $ 5,419,950 97.2 % $ 5,323,952 96.6 % Non-managed fixed maturities: Investment grade catastrophe bonds BBB $ — 0.0 % $ 1,911 0.0 % Total investment grade catastrophe bonds — 0.0 % 1,911 0.0 % Non-investment grade catastrophe bonds BB 31,052 0.5 % 70,962 1.3 % B 4,922 0.1 % 30,698 0.6 % NR 120,417 2.2 % 82,808 1.5 % Total non-investment grade catastrophe bonds 156,391 2.8 % 184,468 3.4 % Total non-managed fixed maturities 156,391 2.8 % 186,379 3.4 % Total fixed maturities $ 5,576,341 100.0 % $ 5,510,331 100.0 % The amortized cost and fair value amounts for the Company's fixed maturity investments held at September 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. September 30, 2016 December 31, 2015 Amortized Cost Fair Value Amortized Cost Fair Value Managed fixed maturities: Due in one year or less $ 368,627 $ 366,437 $ 367,132 $ 366,019 Due after one year through five years 2,990,875 2,992,940 2,965,920 2,936,053 Due after five years through ten years 433,478 441,449 548,183 539,083 Due after ten years 113,537 114,317 150,444 148,036 3,906,517 3,915,143 4,031,679 3,989,191 Asset-backed and mortgage-backed securities 1,486,322 1,504,807 1,337,374 1,334,761 Total managed fixed maturities $ 5,392,839 $ 5,419,950 $ 5,369,053 $ 5,323,952 Non-managed catastrophe bonds: Due in one year or less $ 40,231 $ 41,648 $ 7,504 $ 7,544 Due after one year through five years 114,018 113,992 165,093 163,575 Due after five years through ten years 750 751 15,250 15,260 Due after ten years — — — — Total non-managed fixed maturities 154,999 156,391 187,847 186,379 Total fixed maturities $ 5,547,838 $ 5,576,341 $ 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 September 30, 2016 and December 31, 2015 : Fair Value Investments with redemption restrictions Investments without redemption restrictions Redemption frequency (a) Redemption notice period (a) As at September 30, 2016 Fund of hedge funds $ 959 $ 959 $ — Hedge funds 18,056 18,056 — Private equity investments 83,670 83,670 — Fixed income investment funds 233,437 180,695 52,742 Daily 2 days Overseas deposits 53,246 53,246 — Mutual funds 5,327 — 5,327 Daily Daily Total other investments $ 394,695 $ 336,626 $ 58,069 As at December 31, 2015 Fund of hedge funds $ 1,417 $ 1,417 $ — Hedge funds 20,980 20,980 — Private equity investments 63,771 63,771 — Fixed income 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 $180,695 ( December 31, 2015 : $167,910 ), has a lock-up period of three years as at September 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 September 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Managed investments: Fixed maturities and short-term investments $ 30,572 $ 26,621 $ 89,210 $ 83,727 Other investments 11,768 5,086 20,666 12,288 Restricted cash, cash and cash equivalents 891 336 2,136 1,179 Securities lending income 22 4 39 13 Total gross investment income 43,253 32,047 112,051 97,207 Investment expenses (2,182 ) (2,056 ) (6,208 ) (5,926 ) Total managed net investment income $ 41,071 $ 29,991 $ 105,843 $ 91,281 Non managed investments: Fixed maturities and short-term investments $ 1,970 $ 1,544 $ 5,242 $ 4,851 Restricted cash, cash and cash equivalents 473 37 1,147 80 Total non-managed net investment income 2,443 1,581 6,389 4,931 Total net investment income $ 43,514 $ 31,572 $ 112,232 $ 96,212 Managed net investment income from other investments includes distributed and undistributed net income from certain investment funds. (d) Net realized and change in net unrealized gains (losses) on investments The following represents an analysis of net realized and change in net unrealized gains (losses) on investments: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Managed fixed maturities, short-term and other investments: Gross realized gains $ 4,544 $ 1,826 $ 11,067 $ 14,275 Gross realized (losses) (464 ) (3,059 ) (5,553 ) (9,224 ) Net realized gains on investments 4,080 (1,233 ) 5,514 5,051 Change in net unrealized gains (losses) on investments 4,652 1,765 81,782 2,508 Total net realized and change in net unrealized gains (losses) on managed investments $ 8,732 $ 532 $ 87,296 $ 7,559 Non-managed fixed maturities and short-term investments: Gross realized gains $ 317 $ 46 $ 1,032 $ 186 Gross realized (losses) — — (9 ) (11 ) Net realized gains on investments 317 46 1,023 175 Change in net unrealized (losses) on investments 807 2,151 2,549 (41 ) Total net realized and change in net unrealized (losses) on non-managed investments 1,124 2,197 3,572 134 Total net realized and change in net unrealized gains (losses) on total investments $ 9,856 $ 2,729 $ 90,868 $ 7,693 (e) Pledged cash and investments As at September 30, 2016 , the Company had $5,104,602 ( December 31, 2015 : $4,056,788 ) of cash and cash equivalents, restricted cash, short-term investments and fixed maturity investments that were pledged during the normal course of business. Of those, $4,975,676 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. In addition, the Company has pledged cash and investments as collateral under the Company's credit facilities in the total amount of $548,669 (December 31, 2015: $826,535 ). For further details on the credit facilities, please refer to Note 13 , “ Debt and financing arrangements .” 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 September 30, 2016 , Validus Reinsurance, Ltd. was approved as a trusteed reinsurer in 50 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 36 states as at September 30, 2016 .

Fair value measurements

Fair value measurements	9 Months Ended
	Sep. 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 September 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 $ — $ 837,546 $ — $ — $ 837,546 Non-U.S. government and government agency — 248,390 — — 248,390 U.S. states, municipalities and political subdivisions — 283,361 — — 283,361 Agency residential mortgage-backed securities — 657,876 — — 657,876 Non-agency residential mortgage-backed securities — 20,615 — — 20,615 U.S. corporate — 1,526,677 — — 1,526,677 Non-U.S. corporate — 431,632 — — 431,632 Bank loans — 335,037 252,500 — 587,537 Asset-backed securities — 461,623 23,896 — 485,519 Commercial mortgage-backed securities — 340,797 — — 340,797 Total fixed maturities — 5,143,554 276,396 — 5,419,950 Short-term investments 176,809 20,994 — — 197,803 Other investments Fund of hedge funds — — — 959 959 Hedge funds — — — 18,056 18,056 Private equity investments — — — 83,670 83,670 Fixed income investment funds — 31,670 — 201,767 233,437 Overseas deposits — — — 53,246 53,246 Mutual funds — 5,327 — — 5,327 Total other investments — 36,997 — 357,698 394,695 Total managed investments $ 176,809 $ 5,201,545 $ 276,396 $ 357,698 $ 6,012,448 Non-managed investments Catastrophe bonds $ — $ 118,356 $ 38,035 $ — $ 156,391 Short-term investments 2,283,603 — — — 2,283,603 Total non-managed investments 2,283,603 118,356 38,035 — 2,439,994 Total investments $ 2,460,412 $ 5,319,901 $ 314,431 $ 357,698 $ 8,452,442 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 Fixed income 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 September 30, 2016 , managed Level 3 investments totaled $276,396 (December 31, 2015 : $232,337 ), representing 4.6% (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. Fixed income investment funds Fixed income 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 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 nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, 2016 Bank Loans Catastrophe Bonds Asset Backed Securities Total Level 3 investments—beginning of period $ 243,148 $ 37,518 $ 12,383 $ 293,049 Purchases 21,256 — 11,513 32,769 Sales (12,388 ) — — (12,388 ) Change in net unrealized (losses) gains 484 517 — 1,001 Transfers into Level 3 during the period — — — — Transfers out of Level 3 during the period — — — — Level 3 investments—end of period $ 252,500 $ 38,035 $ 23,896 $ 314,431 Three Months Ended September 30, 2015 Bank Loans Catastrophe Bonds Total Level 3 investments—beginning of period $ 124,982 $ 13,500 $ 138,482 Purchases 50,831 — 50,831 Sales (107 ) — (107 ) Settlements (13,815 ) — (13,815 ) Change in net unrealized losses (55 ) — (55 ) Transfers into Level 3 during the period — — — Transfers out of Level 3 during the period — — — Level 3 investments—end of period $ 161,836 $ 13,500 $ 175,336 Nine Months Ended September 30, 2016 Bank Loans Catastrophe Bonds Asset Backed Securities Total Level 3 investments—beginning of period $ 232,337 $ 13,500 $ — $ 245,837 Purchases 72,244 23,272 23,896 119,412 Sales (14,777 ) — — (14,777 ) Settlements (34,033 ) (125 ) — (34,158 ) Change in net unrealized (losses) gains (3,271 ) 1,388 — (1,883 ) Transfers into Level 3 during the period — — — — Transfers out of Level 3 during the period — — — — Level 3 investments—end of period $ 252,500 $ 38,035 $ 23,896 $ 314,431 Nine Months Ended September 30, 2015 Bank Loans Catastrophe Bonds Total Level 3 investments—beginning of period $ 32,748 $ 17,500 $ 50,248 Purchases 152,797 — 152,797 Sales (1,036 ) (3,989 ) (5,025 ) Settlements (22,013 ) — (22,013 ) Net realized losses — (11 ) (11 ) Change in net unrealized losses (660 ) — (660 ) Transfers into Level 3 during the period — — — Transfers out of Level 3 during the period — — — Level 3 investments—end of period $ 161,836 $ 13,500 $ 175,336 There have not been any transfers into or out of Level 3 during the three and nine months ended September 30, 2016 or 2015, respectively.

Variable interest entities

Variable interest entities	9 Months Ended
	Sep. 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 are primarily entities in the AlphaCat segment. (a) Consolidated VIEs AlphaCat sidecars Beginning on May 25, 2011 , the Company joined with third party 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 third party 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 nine months ended September 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 as at September 30, 2016 and December 31, 2015 : Variable Funding Notes Structured Notes Total September 30, 2016 Notes payable to AlphaCat investors, beginning of period $ 75,493 $ — $ 75,493 Issuance of notes payable to AlphaCat investors 311,913 94,326 406,239 Redemption of notes payable to AlphaCat investors (109,712 ) — (109,712 ) Foreign exchange gains 710 — 710 Notes payable to AlphaCat investors, end of period $ 278,404 $ 94,326 $ 372,730 December 31, 2015 Notes payable to AlphaCat investors, beginning of period $ — $ — $ — Issuance of notes payable to AlphaCat investors 75,770 — 75,770 Foreign exchange losses (277 ) — (277 ) Notes payable to AlphaCat investors, end of period $ 75,493 $ — $ 75,493 The income attributable to AlphaCat investors was $5,564 ( 2015 : $1,438 ) and $16,278 ( 2015 : $1,438 ) for the three and nine months ended September 30, 2016 , respectively, with $18,690 included in accounts payable and accrued expenses as at September 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 September 30, 2016 and December 31, 2015 : September 30, 2016 December 31, 2015 Total Assets Total Liabilities Total Assets Total Liabilities AlphaCat sidecars $ 47,212 $ 10,336 $ 206,581 $ 14,804 AlphaCat ILS funds - Lower Risk (a) 1,440,125 3,966 1,268,070 143,371 AlphaCat ILS funds - Higher Risk (a) 682,677 114,151 522,867 300,122 AlphaCat Re and AlphaCat Master Fund 2,521,299 2,521,129 1,615,779 1,615,609 BetaCat ILS funds 51,629 469 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	9 Months Ended
	Sep. 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 September 30, 2016 and December 31, 2015 : September 30, 2016 December 31, 2015 Investment affiliate $ 99,731 $ 87,673 Operating affiliate — 392 Investments in affiliates $ 99,731 $ 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 nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Investment affiliate, beginning of period $ 99,278 $ 89,681 $ 87,673 $ 63,506 Net capital contributions — (4,029 ) 16,307 19,086 (Loss) income from investment affiliate 453 2,482 (4,249 ) 5,542 Investment affiliate, end of period $ 99,731 $ 88,134 $ 99,731 $ 88,134 The following table presents the Company’s investment in the partnerships as at September 30, 2016 and December 31, 2015 : Investment at cost Voting ownership % Equity ownership % Carrying value As at September 30, 2016 Aquiline Financial Services Fund II L.P. $ 56,479 — % 8.1 % $ 70,345 Aquiline Financial Services Fund III L.P. 29,826 — % 9.0 % 29,386 Total $ 86,305 $ 99,731 As at December 31, 2015 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. 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 final distribution of the Company’s investment occurred during the three months ended June 30, 2016 and PaCRe was dissolved during the three months ended September 30, 2016. The Company's investment in PaCRe was treated as an equity method investment and the maximum exposure to the fund was 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 nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Operating affiliate, beginning of period $ — $ 56,666 $ 392 $ 50,944 Return of investment — — (369 ) — (Loss) income from operating affiliate — (7,963 ) (23 ) (2,241 ) Operating affiliate, end of period $ — $ 48,703 $ — $ 48,703 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	9 Months Ended
	Sep. 30, 2016
Noncontrolling Interest [Abstract]
Noncontrolling interest	Noncontrolling interests Investors in certain of the AlphaCat ILS funds have rights that enable them, 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 nine months ended September 30, 2016 and 2015 : Redeemable noncontrolling interest Noncontrolling interest Total noncontrolling interests 2016 2015 2016 2015 2016 2015 Three Months Ended September 30, Balance, beginning of period $ 1,532,283 $ 1,035,511 $ 212,154 $ 153,523 $ 1,744,437 $ 1,189,034 Issuance of shares 700 45,000 — — 700 45,000 Income attributable to noncontrolling interest 26,597 20,636 10,842 5,593 37,439 26,229 Redemption of shares (6,484 ) (6,500 ) — — (6,484 ) (6,500 ) Redemptions payable 6,484 6,500 — — 6,484 6,500 Distributions — — — — — — Balance, end of period $ 1,559,580 $ 1,101,147 $ 222,996 $ 159,116 $ 1,782,576 $ 1,260,263 Nine Months Ended September 30, Balance, beginning of period $ 1,111,714 $ 617,791 $ 154,662 $ 292,274 $ 1,266,376 $ 910,065 Issuance of shares 381,950 497,700 171,674 9,600 553,624 507,300 Income attributable to noncontrolling interest 72,400 51,551 23,763 15,417 96,163 66,968 Redemption of shares (6,484 ) (65,895 ) — — (6,484 ) (65,895 ) Redemptions payable — — — — — — Distributions — — (127,103 ) (158,175 ) (127,103 ) (158,175 ) Balance, end of period $ 1,559,580 $ 1,101,147 $ 222,996 $ 159,116 $ 1,782,576 $ 1,260,263

Derivative instruments

Derivative instruments	9 Months Ended
	Sep. 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, interest rate exposures and to shorten the duration of the Company's fixed maturities portfolio. (a) Derivatives not designated as hedging instruments The following table summarizes information on the classification and amount of the fair value of derivatives not designated as hedging instruments for accounting purposes within the Company's Consolidated Balance Sheets as at September 30, 2016 and December 31, 2015 : September 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 $ 255,602 $ 3,122 $ 1,054 $ 255,840 $ 2,601 $ 3,211 Interest rate swap contracts $ 90,000 $ 566 $ — $ — $ — $ — (a) Asset and liability derivatives are classified within other assets and accounts payable and accrued expenses, respectively, within the Company's consolidated balance sheets. The following table summarizes information on the classification and the impact on earnings, recognized in the Company’s Consolidated Statements of Income and Comprehensive Income relating to the foreign currency and interest rate forward contracts that were not designated as hedging instruments during the three and nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, Derivatives not designated as hedging instruments Classification of gains (losses) recognized in earnings 2016 2015 2016 2015 Foreign currency forward contracts Foreign exchange losses $ 1,326 $ — $ 209 $ — Foreign currency forward contracts Other loss $ (155 ) $ (184 ) $ (35 ) $ (311 ) Interest rate swap contracts Change in unrealized gains on investments $ 566 $ — $ 566 $ — (b) Derivatives designated as hedging instruments 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 September 30, 2016 and December 31, 2015 : September 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 $ 2,918 $ 552,263 $ 21 $ 1,942 (a) Asset and liability derivatives are classified within other assets and accounts payable and accrued expenses, respectively, within the Company's consolidated balance sheets. (c) 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. (d) 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 nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, Foreign currency forward contracts 2016 2015 2016 2015 Amount of loss recognized in income on derivative $ — $ (4,055 ) $ — $ (19,211 ) Amount of gain on hedged item recognized in income attributable to risk being hedged $ — $ 4,055 $ — $ 19,211 Amount of gain recognized in income on derivative (ineffective portion) $ — $ — $ — $ — (e) 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 nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, Interest rate swap contracts 2016 2015 2016 2015 Amount of effective portion recognized in other comprehensive income $ 3,155 $ 3,178 $ 9,505 $ 10,064 Amount of effective portion subsequently reclassified to earnings $ (2,717 ) $ (3,253 ) $ (8,373 ) $ (9,728 ) Amount of ineffective portion excluded from effectiveness testing $ (438 ) $ 75 $ (1,132 ) $ (336 ) The above balances relate to interest payments and have therefore been classified as finance expenses in the Consolidated Statements of Income and Comprehensive Income. (f) Balance sheet offsetting There was no balance sheet offsetting activity as at September 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	9 Months Ended
	Sep. 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 Reserve 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 reserves ("IBNR") 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 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 summarizes the total reserve for losses and loss expenses as at September 30, 2016 and December 31, 2015 : September 30, 2016 December 31, 2015 Case reserves $ 1,295,385 $ 1,278,697 IBNR 1,740,602 1,717,870 Total reserve for losses and loss expenses $ 3,035,987 $ 2,996,567 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 nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Reserve for losses and loss expenses, beginning of period $ 3,122,717 $ 3,192,663 $ 2,996,567 $ 3,243,147 Loss reserves recoverable (442,987 ) (376,665 ) (350,586 ) (377,466 ) Net reserves for losses and loss expenses, beginning of period 2,679,730 2,815,998 2,645,981 2,865,681 Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in: Current year 311,279 349,759 959,376 1,011,111 Prior years (a) (52,885 ) (93,749 ) (169,405 ) (248,026 ) Total net incurred losses and loss expenses (a) 258,394 256,010 789,971 763,085 Less net losses and loss expenses paid in respect of losses occurring in: Current year (178,709 ) (63,151 ) (240,362 ) (105,216 ) Prior years (166,537 ) (207,802 ) (596,618 ) (704,062 ) Total net paid losses (345,246 ) (270,953 ) (836,980 ) (809,278 ) Effect of foreign exchange rate movements (1,500 ) (13,982 ) (7,594 ) (32,415 ) Net reserve for losses and loss expenses, end of period 2,591,378 2,787,073 2,591,378 2,787,073 Loss reserves recoverable 444,609 385,212 444,609 385,212 Reserve for losses and loss expenses, end of period $ 3,035,987 $ 3,172,285 $ 3,035,987 $ 3,172,285 (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 $2,524 and $8,639 , respectively, during the three and nine months ended September 30, 2015 , benefiting the loss ratio by 3.9 and 4.4 percentage points, respectively. The remaining fair value adjustment of $2,340 was fully amortized during 2015. Net incurred losses and loss expenses comprise: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Gross losses and loss expenses (a) $ 284,413 $ 283,623 $ 952,129 $ 852,190 Reinsurance recoverable (26,019 ) (27,613 ) (162,158 ) (89,105 ) Net incurred losses and loss expenses (a) $ 258,394 $ 256,010 $ 789,971 $ 763,085 (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 $2,524 and $8,639 , respectively, during the three and nine months ended September 30, 2015 , benefiting the loss ratio by 3.9 and 4.4 percentage points, respectively. The remaining fair value adjustment of $2,340 was fully amortized during 2015. The September 30, 2016 gross reserves for losses and loss expenses comprise reserves for reported claims of $1,295,385 ( December 31, 2015 : $1,278,697 ) and IBNR of $1,740,602 ( December 31, 2015 : $1,717,870 ). The net favorable development on prior years by segment and line of business for the three and nine months ended September 30, 2016 and 2015 was as follows: Three Months Ended September 30, 2016 Property Marine Specialty Liability Total Validus Re $ (19,736 ) $ (8,504 ) $ (4,793 ) $ — $ (33,033 ) Talbot (2,429 ) (4,547 ) (11,715 ) — (18,691 ) Western World (553 ) — — (327 ) (880 ) AlphaCat (265 ) — (16 ) — (281 ) Net favorable development $ (22,983 ) $ (13,051 ) $ (16,524 ) $ (327 ) $ (52,885 ) The net favorable development of $52,885 for the three months ended September 30, 2016 was primarily attributable to favorable development within Validus Re and Talbot of $33,033 and $18,691 , respectively. The Validus Re favorable development was attributable to favorable development on event reserves of $18,200 , related primarily to Tianjin and the 2015 Chilean earthquake, and $14,800 of favorable development on attritional losses. The favorable development related to Talbot was attributable to favorable development on attritional losses. Three Months Ended September 30, 2015 Property Marine Specialty Liability Total Validus Re $ (27,613 ) $ (13,556 ) $ (9,306 ) $ — $ (50,475 ) Talbot (9,706 ) (14,854 ) (11,412 ) — (35,972 ) Western World (a) (1,054 ) — — (4,000 ) (5,054 ) AlphaCat (2,248 ) — — — (2,248 ) Net favorable development (a) $ (40,621 ) $ (28,410 ) $ (20,718 ) $ (4,000 ) $ (93,749 ) (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 $2,524 during the three months ended September 30, 2015 , benefiting the loss ratio by 3.9 percentage points. The remaining fair value adjustment of $2,340 was fully amortized during 2015. The Validus Re segment experienced favorable development on prior years primarily due to favorable development on attritional losses and event specific reserves ; 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. Nine Months Ended September 30, 2016 Property Marine Specialty Liability Total Validus Re $ (52,036 ) $ (14,967 ) $ (22,591 ) $ — $ (89,594 ) Talbot (30,969 ) (10,511 ) (28,259 ) — (69,739 ) Western World (2,576 ) — — (5,888 ) (8,464 ) AlphaCat (742 ) — (866 ) — (1,608 ) Net favorable development $ (86,323 ) $ (25,478 ) $ (51,716 ) $ (5,888 ) $ (169,405 ) The net favorable development of $169,405 for the nine months ended September 30, 2016 was primarily attributable to favorable development within Validus Re, Talbot and Western World of $89,594 , $69,739 and $8,464 , respectively. The favorable development across all operating segments was primarily attributable to favorable development on both attritional losses of $160,400 and event reserves of $9,000 . Nine Months Ended September 30, 2015 Property Marine Specialty Liability Total Validus Re $ (58,437 ) $ (29,225 ) $ (18,388 ) $ — $ (106,050 ) Talbot (47,141 ) (51,178 ) (24,926 ) — (123,245 ) Western World (a) (4,648 ) — — (10,991 ) (15,639 ) AlphaCat (3,092 ) — — — (3,092 ) Net favorable development (a) $ (113,318 ) $ (80,403 ) $ (43,314 ) $ (10,991 ) $ (248,026 ) (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 $8,639 during the six months ended September 30, 2015 , benefiting the loss ratio by 4.4 percentage points. The remaining fair value adjustment of $2,340 was fully amortized during 2015. The Validus Re segment experienced favorable development on prior years primarily due to favorable development on attritional losses and event specific reserves ; 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	9 Months Ended
	Sep. 30, 2016
Reinsurance Disclosures [Abstract]
Reinsurance	Reinsurance The Company's reinsurance balances recoverable at September 30, 2016 and December 31, 2015 were as follows: September 30, 2016 December 31, 2015 Loss reserves recoverable on unpaid: Outstanding losses $ 174,210 $ 135,723 IBNR 270,399 214,863 Total loss reserves recoverable 444,609 350,586 Paid losses recoverable 36,069 23,071 Total reinsurance balances recoverable $ 480,678 $ 373,657 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. As at September 30, 2016 , $474,367 or 98.7% ( December 31, 2015 : $368,638 or 98.7% ) of the Company's reinsurance balances recoverable were either fully collateralized or recoverable from reinsurers rated A- or better. At September 30, 2016 and December 31, 2015 , the provision for uncollectible reinsurance relating to reinsurance balances recoverable was $5,140 and $4,997 , respectively. To estimate this provision for uncollectible reinsurance, reinsurance balances recoverable are 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. Top ten reinsurers Reinsurance balances recoverable by reinsurer as at September 30, 2016 and December 31, 2015 were as follows: September 30, 2016 December 31, 2015 Reinsurance Recoverable % of Total Reinsurance Recoverable % of Total Top 10 reinsurers $ 401,760 83.6 % $ 303,108 81.1 % Other reinsurers’ balances > $1 million 73,005 15.2 % 61,222 16.4 % Other reinsurers’ balances < $1 million 5,913 1.2 % 9,327 2.5 % Total $ 480,678 100.0 % $ 373,657 100.0 % The following tables show the reinsurance balances recoverable due from, and the ratings associated with, the Company's top ten reinsurers as at September 30, 2016 and December 31, 2015: September 30, 2016 Top 10 Reinsurers Rating Reinsurance Recoverable % of Total Swiss Re AA- $ 84,388 17.7 % Fully collateralized reinsurers NR 84,296 17.5 % Lloyd's Syndicates A+ 77,607 16.1 % Hannover Re AA- 49,699 10.3 % Everest Re A+ 46,130 9.6 % Munich Re AA- 17,498 3.6 % Hamilton Re A- 12,502 2.6 % Transatlantic Re A+ 11,624 2.4 % Toa Re A+ 9,011 1.9 % XL Re A+ 9,005 1.9 % Total $ 401,760 83.6 % 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

Share capital	9 Months Ended
	Sep. 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, September 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 80,191,448 common shares for an aggregate purchase price of $2,687,746 from the inception of its share repurchase program to September 30, 2016 . The Company had $336,655 remaining under its authorized share repurchase program as at September 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 share activity during the nine months ended September 30, 2016 and 2015 : Share Activity During the Nine Months Ended September 30, 2016 2015 Common shares issued, beginning of period 160,570,772 155,554,224 Restricted share awards vested, net of shares withheld 608,024 610,714 Restricted share units vested, net of shares withheld 18,486 13,260 Options exercised 27,983 782,465 Warrants exercised — 1,461,715 Direct issuance of common stock — 639 Performance share awards vested, net of shares withheld 48,088 11,524 Common shares issued, end of period 161,273,353 158,434,541 Treasury shares, end of period (81,830,323 ) (76,436,650 ) Common shares outstanding, end of period 79,443,030 81,997,891 (c) Dividends On August 3, 2016 , the Company announced a quarterly cash dividend of $0.35 ( 2015 : $0.32 ) per common share and a quarterly cash dividend of $0.3753472 per depositary share on its outstanding Series A Preferred Shares. The common share dividend was paid on September 30, 2016 to holders of record on September 15, 2016 . The preferred share dividend was paid on September 15, 2016 to holders of record on September 1, 2016. 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	9 Months Ended
	Sep. 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 1,258,962 shares remain available for issuance at September 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 nine months ended September 30, 2016 and 2015 was as follows: Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 Options Weighted Average Grant Date Fair Value Weighted Average Grant Date Exercise Price Options Weighted Average Grant Date Fair Value Weighted Average Grant Date Exercise Price Options outstanding, beginning of period 65,401 $ 7.74 $ 20.17 1,160,057 $ 7.12 $ 17.74 Options exercised (35,351 ) 8.16 17.82 (1,094,656 ) 7.09 17.60 Options outstanding, end of period 30,050 $ 7.24 $ 22.93 65,401 $ 7.74 $ 20.17 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 nine months ended September 30, 2016 of $9,159 ( 2015 : $9,081 ) and $27,805 (2015: $26,213 ), 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 nine months ended September 30, 2016 and 2015 was as follows: Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 Restricted Share Awards Weighted Average Grant Date Fair Value Restricted Share Awards Weighted Average Grant Date Fair Value Restricted share awards outstanding, beginning of period 2,739,446 $ 38.25 2,858,711 $ 35.81 Restricted share awards granted 559,516 48.78 706,341 43.58 Restricted share awards vested (789,547 ) 37.36 (783,704 ) 34.40 Restricted share awards forfeited (33,070 ) 40.25 (52,642 ) 38.03 Restricted share awards outstanding, end of period 2,476,345 $ 40.88 2,728,706 $ 38.19 At September 30, 2016 , there were $67,472 ( 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 2.4 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 nine months ended September 30, 2016 of $290 ( 2015 : $310 ) and $ 978 (2015: $851 ), 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 nine months ended September 30, 2016 and 2015 was as follows: Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 Restricted Share Units Weighted Average Grant Date Fair Value Restricted Share Units Weighted Average Grant Date Fair Value Restricted share units outstanding, beginning of period 114,337 $ 38.47 103,484 $ 36.54 Restricted share units granted 21,609 48.83 28,057 42.91 Restricted share units vested (23,982 ) 38.18 (19,455 ) 34.58 Restricted share units issued in lieu of cash dividends 2,436 39.10 2,337 37.21 Restricted share units forfeited (8,338 ) 44.34 (892 ) 35.42 Restricted share units outstanding, end of period 106,062 $ 40.20 113,531 $ 38.47 At September 30, 2016 , there were $2,526 ( 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 2.5 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 DBVPS 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 nine months ended September 30, 2016 of $1,052 ( 2015 : $592 ) and $ 3,682 (2015: $1,215 ), respectively. Activity with respect to unvested performance share awards for the nine months ended September 30, 2016 and 2015 was as follows: Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 Performance Share Awards Weighted Average Grant Date Fair Value Performance Share Awards Weighted Average Grant Date Fair Value Performance share awards outstanding, beginning of period 172,594 $ 40.70 106,369 $ 36.03 Performance share awards granted 125,290 48.75 81,569 45.03 Performance share awards vested (57,581 ) 36.11 (15,344 ) 31.38 Performance share awards conversion adjustment 45,517 36.82 — — Performance share awards outstanding, end of period 285,820 $ 44.53 172,594 $ 40.70 At September 30, 2016 , there were $7,898 ( 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 2.3 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Restricted share awards $ 9,159 $ 9,081 $ 27,805 $ 26,213 Restricted share units 290 310 978 851 Performance share awards 1,052 592 3,682 1,215 Total $ 10,501 $ 9,983 $ 32,465 $ 28,279

Debt and financing arrangements

Debt and financing arrangements	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Debt and financing arrangements	Debt and financing arrangements The Company's financing structure as at September 30, 2016 and December 31, 2015 is comprised of debentures and senior notes payable along with credit and other facilities. The Company's outstanding debentures and senior notes payable as at September 30, 2016 and December 31, 2015 were as follows: September 30, 2016 December 31, 2015 Deferrable debentures: 2006 Junior Subordinated $ 150,000 $ 150,000 2007 Junior Subordinated 139,800 139,800 Flagstone 2006 Junior Subordinated 134,618 134,118 Flagstone 2007 Junior Subordinated 113,750 113,750 Total debentures payable 538,168 537,668 2010 Senior notes payable 250,000 250,000 Less: Unamortized debt issuance costs (4,689 ) (4,839 ) Total senior notes payable 245,311 245,161 Total debentures and senior notes payable $ 783,479 $ 782,829 The Company's outstanding credit and other facilities as at September 30, 2016 and December 31, 2015 were as follows: September 30, 2016 December 31, 2015 Commitment Drawn and outstanding Commitment Drawn and outstanding Credit and other facilities: $85,000 syndicated unsecured letter of credit facility $ 85,000 $ — $ 85,000 $ — $300,000 syndicated secured letter of credit facility 300,000 107,208 300,000 235,540 $24,000 secured bi-lateral letter of credit facility 24,000 11,726 24,000 10,543 $20,000 AlphaCat Re secured letter of credit facility 20,000 20,000 30,000 30,000 $25,000 IPC bi-lateral facility 25,000 5,553 25,000 9,241 $236,000 Flagstone bi-lateral facility 236,000 164,014 236,000 193,764 Total credit and other facilities $ 690,000 $ 308,501 $ 700,000 $ 479,088 (a) 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 Amount Maturity date Interest Rate as at Interest payments due Issuance Date September 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 $ 134,618 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 2010 Senior Notes due 2040 (the “2010 Senior Notes”) were part of a registered public offering and 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 nine months ended September 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 nine months ended September 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 nine months ended September 30, 2016 and 2015 . Future payments of principal of $538,168 on the debentures discussed above are all expected to be after 2021. (b) 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 letter of credit ("LOC") facility with various counterparties as co-documentation agents and the lenders party thereto, which provides for LOC and revolving credit availability for the Company (the “Five Year Unsecured Facility”) (the full $85,000 of which is available for LOC's and/or revolving loans). The Five Year Unsecured Facility was provided by a syndicate of commercial banks. LOC's 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 LOC facility, with the same parties, which provides for LOC 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. LOC's 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 September 30, 2016 , there was $nil outstanding LOC's under the Five Year Unsecured Facility and $107,208 in outstanding LOC's 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 September 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 LOC facility through the acquisition of IPC Holdings, Ltd. (the “IPC bi-lateral facility”). As of September 30, 2016 , there were $5,553 outstanding LOC's issued under the IPC bi-lateral facility (December 31, 2015 : $9,241 ). As of September 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 LOC facility with Citibank Europe plc (the “Secured bi-lateral LOC facility”). As of September 30, 2016 , $11,726 (December 31, 2015 : $10,543 ) of LOC's were outstanding under the Secured bi-lateral LOC facility. The Secured bi-lateral LOC facility has no fixed termination date and as of September 30, 2016 , and throughout the reporting periods presented, the Company was in compliance with all covenants and restrictions under the Secured bi-lateral LOC facility. iv. $20,000 AlphaCat Re secured letter of credit facility During 2013, AlphaCat Re entered into a secured evergreen LOC facility with Comerica Bank. This facility provided for LOC's issued by AlphaCat Re to be used to support its reinsurance obligations. During the second quarter of 2016 the available amount under this facility was reduced to $20,000 from $30,000 . As of September 30, 2016 , $20,000 (December 31, 2015 : $30,000 ) of LOC's were outstanding under this facility. As of September 30, 2016 , and throughout the reporting periods presented, AlphaCat Re was in compliance with all covenants and restrictions under the AlphaCat Re secured LOC facility. v. $236,000 Flagstone bi-lateral facility As part of the Flagstone Acquisition, the Company assumed an evergreen LOC Master Agreement between Citibank Europe plc and Flagstone Reassurance Suisse, S.A. (the “Flagstone Bi-Lateral Facility”). As of September 30, 2016 , the Flagstone Bi-Lateral Facility had $164,014 (December 31, 2015 : $193,764 ) LOC's issued and outstanding. As of September 30, 2016 , and throughout the reporting periods presented, the Company was in compliance with all covenants and restrictions under the Flagstone Bi-Lateral Facility. vi. Cash and investments pledged as collateral The Company has pledged cash and investments as collateral under the Company's credit facilities in the total amount of $548,669 (December 31, 2015: $826,535 ) as detailed in the table below: Cash and investments pledged as collateral Description September 30, 2016 December 31, 2015 $300,000 syndicated secured letter of credit facility $ 158,456 $ 370,909 $24,000 secured bi-lateral letter of credit facility 48,295 47,607 AlphaCat Re secured letter of credit facility 20,019 30,153 $236,000 Flagstone bi-lateral facility 321,899 377,866 Total $ 548,669 $ 826,535 (c) Finance expenses Finance expenses consist of interest on the junior subordinated deferrable debentures and senior notes, the amortization of debt offering costs, credit facility fees, bank charges, Talbot Funds at Lloyds ("FAL") facility, AlphaCat financing fees and other charges as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 2006 Junior Subordinated Deferrable Debentures $ 2,135 $ 2,235 $ 6,557 $ 6,633 2007 Junior Subordinated Deferrable Debentures 1,851 1,848 5,512 5,492 Flagstone 2006 Junior Subordinated Deferrable Debentures 2,271 2,274 6,760 6,735 Flagstone 2007 Junior Subordinated Deferrable Debentures 1,784 1,807 5,317 5,335 2010 Senior Notes due 2040 5,597 5,597 16,791 16,791 Credit facilities 463 1,293 1,359 4,193 Bank charges, Talbot FAL facility and other charges (a) 276 1,149 489 3,608 AlphaCat fees (b) 144 2,309 1,105 9,374 Total finance expenses $ 14,521 $ 18,512 $ 43,890 $ 58,161 (a) On November 30, 2015, the Company terminated its 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	9 Months Ended
	Sep. 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 nine months ended September 30, 2016 and 2015 was as follows: Foreign currency translation adjustment Minimum pension liability Cash flow hedge Total Three Months Ended September 30, 2016 Balance beginning of period, net of tax $ (17,149 ) $ 730 $ (1,763 ) $ (18,182 ) Net current period other comprehensive loss, net of tax (1,370 ) (1,101 ) (439 ) (2,910 ) Balance end of period, net of tax $ (18,519 ) $ (371 ) $ (2,202 ) $ (21,092 ) Three Months Ended September 30, 2015 Balance beginning of period, net of tax $ (8,374 ) $ (53 ) $ (639 ) $ (9,066 ) Net current period other comprehensive loss, net of tax (1,850 ) (28 ) 75 (1,803 ) Balance end of period, net of tax $ (10,224 ) $ (81 ) $ (564 ) $ (10,869 ) Nine Months Ended September 30, 2016 Balance beginning of period, net of tax $ (11,834 ) $ 334 $ (1,069 ) $ (12,569 ) Net current period other comprehensive loss, net of tax (6,685 ) (705 ) (1,133 ) (8,523 ) Balance end of period, net of tax $ (18,519 ) $ (371 ) $ (2,202 ) $ (21,092 ) Nine Months Ended September 30, 2015 Balance beginning of period, net of tax $ (8,118 ) $ (210 ) $ (228 ) $ (8,556 ) Net current period other comprehensive loss, net of tax (2,106 ) 129 (336 ) (2,313 ) Balance end of period, net of tax $ (10,224 ) $ (81 ) $ (564 ) $ (10,869 )

Commitments and contingencies

Commitments and contingencies	9 Months Ended
	Sep. 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, 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. (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 September 30, 2016 exchange rate of £1 equals $1.2983 and assuming the maximum 3% assessment, the Company would be assessed approximately $23,369 . (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, pursuant to which it assumed total capital commitments of $50,000 in respect of the Aquiline II Partnership. The Company’s remaining unfunded commitment at September 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 unfunded capital commitment at September 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 unfunded capital commitment at September 30, 2016 was $70,174 ( 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 unfunded capital commitment at September 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 unfunded capital commitment at September 30, 2016 was $nil ( December 31, 2015 : $9,536 ). (e) Fixed maturity commitments At September 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 September 30, 2016 was $29,595 ( December 31, 2015 : $34,888 ). During 2016, the Company entered into a loan commitment of $25,000 of which the remaining unfunded loan commitment as at September 30, 2016 was $nil . (f) Other investment commitments At September 30, 2016 , the Company had capital commitments in certain other investments of $308,000 ( December 31, 2015 : $263,000 ). The Company's remaining unfunded capital commitment to these investments at September 30, 2016 was $165,448 ( December 31, 2015 : $185,548 ).

Related party transactions

Related party transactions	9 Months Ended
	Sep. 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. (a) Aquiline Capital Partners LLC Group Ark Insurance Pursuant to reinsurance agreements with a subsidiary of Group Ark Insurance Holdings Ltd. ("Group Ark"), the Company recognized gross premiums written during the three and nine months ended September 30, 2016 of $1,096 ( 2015 : $322 ) and $3,067 ( 2015 : $2,718 ), respectively with $654 included in premiums receivable at September 30, 2016 ( December 31, 2015 : $82 ). The Company also recognized reinsurance premiums ceded during the three and nine months ended September 30, 2016 of $41 ( 2015 : $23 ) and $41 ( 2015 : $24 ), respectively and had reinsurance balances payable of $4 at September 30, 2016 ( December 31, 2015 : $4 ). The Company recorded $853 of loss reserves recoverable at September 30, 2016 ( December 31, 2015 : $790 ). Earned premium adjustments were recorded during the three and nine months ended September 30, 2016 of $1,276 ( 2015 : $870 ) and $2,275 ( 2015 : $2,187 ), respectively. Until July 2016, Aquiline Capital were shareholders of Group Ark. Christopher E. Watson, a director of the Company and senior principal of Aquiline Capital, serves as a director of Group Ark. Conning 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 Capital 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 Capital 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 nine months ended September 30, 2015 were $436 and $841 , respectively. Aquiline II 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 the three and nine months ended September 30, 2016 , the Company incurred $nil and $440 ( 2015 : $155 and $1,092 ), respectively, in partnership fees and made net capital contributions (distributions) of $nil and $575 ( 2015 : ($3,684) and $5,293 ), respectively. Aquiline III 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 the three and nine months ended September 30, 2016 , the Company incurred $520 and $1,095 ( 2015 : $666 and $1,239 ), respectively, in partnership fees and made net capital contributions (distributions) of $nil and $15,732 (2015: ($345) and $13,793 ), respectively. (b) Other 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	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Earnings per share	Earnings per share The following table sets forth the computation of basic earnings per share and earnings per diluted share for the three and nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Basic earnings per share Net income available to Validus common shareholders 89,844 66,650 351,617 305,851 Less: Dividends on outstanding warrants — (1,080 ) — (3,566 ) Net income allocated to Validus common shareholders $ 89,844 $ 65,570 $ 351,617 $ 302,285 Weighted average number of common shares outstanding 80,134,394 82,635,316 81,635,496 83,296,703 Basic earnings per share available to Validus common shareholders $ 1.12 $ 0.79 $ 4.31 $ 3.63 Earnings per diluted share Net income available to Validus common shareholders 89,844 66,650 351,617 305,851 Less: Dividends on outstanding warrants — — — — Net income allocated to Validus common shareholders $ 89,844 $ 66,650 $ 351,617 $ 305,851 Weighted average number of common shares outstanding 80,134,394 82,635,316 81,635,496 83,296,703 Share equivalents: Warrants — 2,054,378 — 2,290,892 Stock options 26,705 47,702 32,126 190,429 Unvested restricted shares 1,083,457 892,098 1,271,002 1,063,903 Weighted average number of diluted common shares outstanding 81,244,556 85,629,494 82,938,624 86,841,927 Earnings per diluted share available to Validus common shareholders $ 1.11 $ 0.78 $ 4.24 $ 3.52 Share equivalents that would result in the issuance of common shares of 19,808 (2015: 25,237 ) and 175,690 (2015: 218,685 ) were outstanding for the three and nine months ended September 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	9 Months Ended
	Sep. 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. A description of each of the Company's operating segments and its corporate and investments function is as follows: 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 Investments The Company has a corporate and investments 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. 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. The following tables summarize the results of our operating segments and "Corporate and Investments": Three Months Ended September 30, Nine Months Ended September 30, Validus Re Segment Information 2016 2015 2016 2015 Underwriting revenues Gross premiums written $ 94,741 $ 103,297 $ 1,072,219 $ 1,112,410 Reinsurance premiums ceded (15,967 ) (15,846 ) (111,658 ) (149,001 ) Net premiums written 78,774 87,451 960,561 963,409 Change in unearned premiums 149,705 153,210 (241,129 ) (205,110 ) Net premiums earned 228,479 240,661 719,432 758,299 Other insurance related income (loss) 58 2,569 (107 ) 3,318 Total underwriting revenues 228,537 243,230 719,325 761,617 Underwriting deductions Losses and loss expenses 98,425 120,958 313,432 357,491 Policy acquisition costs 42,837 42,989 127,660 128,909 General and administrative expenses 17,528 19,964 52,579 58,254 Share compensation expenses 2,695 2,691 8,371 7,665 Total underwriting deductions 161,485 186,602 502,042 552,319 Underwriting income $ 67,052 $ 56,628 $ 217,283 $ 209,298 Selected ratios: Ratio of net to gross premiums written 83.1 % 84.7 % 89.6 % 86.6 % Losses and loss expense ratio 43.1 % 50.3 % 43.6 % 47.1 % Policy acquisition cost ratio 18.7 % 17.9 % 17.7 % 17.0 % General and administrative expense ratio (a) 8.9 % 9.4 % 8.5 % 8.7 % Expense ratio 27.6 % 27.3 % 26.2 % 25.7 % Combined ratio 70.7 % 77.6 % 69.8 % 72.8 % (a) The general and administrative expense ratio includes share compensation expenses. Three Months Ended September 30, Nine Months Ended September 30, Talbot Segment Information 2016 2015 2016 2015 Underwriting revenues Gross premiums written $ 189,674 $ 226,025 $ 752,058 $ 789,148 Reinsurance premiums ceded (22,877 ) (35,823 ) (137,496 ) (164,144 ) Net premiums written 166,797 190,202 614,562 625,004 Change in unearned premiums 32,258 15,942 (7,166 ) 9,167 Net premiums earned 199,055 206,144 607,396 634,171 Other insurance related income 99 470 389 564 Total underwriting revenues 199,154 206,614 607,785 634,735 Underwriting deductions Losses and loss expenses 109,860 94,414 319,271 268,512 Policy acquisition costs 46,488 44,575 134,444 141,338 General and administrative expenses 32,333 43,292 109,929 115,341 Share compensation expenses 3,163 3,214 9,955 9,195 Total underwriting deductions 191,844 185,495 573,599 534,386 Underwriting income $ 7,310 $ 21,119 $ 34,186 $ 100,349 Selected ratios: Ratio of net to gross premiums written 87.9 % 84.2 % 81.7 % 79.2 % Losses and loss expense ratio 55.2 % 45.8 % 52.6 % 42.4 % Policy acquisition cost ratio 23.4 % 21.6 % 22.1 % 22.3 % General and administrative expense ratio (a) 17.8 % 22.6 % 19.7 % 19.6 % Expense ratio 41.2 % 44.2 % 41.8 % 41.9 % Combined ratio 96.4 % 90.0 % 94.4 % 84.3 % (a) The general and administrative expense ratio includes share compensation expenses. Three Months Ended September 30, Nine Months Ended September 30, Western World Segment Information 2016 2015 2016 2015 Underwriting revenues Gross premiums written $ 85,260 $ 70,871 $ 236,190 $ 207,372 Reinsurance premiums ceded (6,202 ) (4,716 ) (15,347 ) (13,390 ) Net premiums written 79,058 66,155 220,843 193,982 Change in unearned premiums (8,260 ) (2,225 ) (22,890 ) 2,948 Net premiums earned 70,798 63,930 197,953 196,930 Other insurance related income 219 248 696 787 Total underwriting revenues 71,017 64,178 198,649 197,717 Underwriting deductions Losses and loss expenses 45,748 40,810 129,623 138,098 Policy acquisition costs 17,094 13,214 46,704 27,110 General and administrative expenses 10,171 9,587 33,704 29,137 Share compensation expenses 702 554 1,825 1,525 Total underwriting deductions 73,715 64,165 211,856 195,870 Underwriting (loss) income $ (2,698 ) $ 13 $ (13,207 ) $ 1,847 Selected ratios: Ratio of net to gross premiums written 92.7 % 93.3 % 93.5 % 93.5 % Losses and loss expense ratio 64.6 % 63.8 % 65.5 % 70.1 % Policy acquisition cost ratio 24.1 % 20.7 % 23.6 % 13.8 % General and administrative expense ratio (a) 15.4 % 15.9 % 17.9 % 15.6 % Expense ratio 39.5 % 36.6 % 41.5 % 29.4 % Combined ratio 104.1 % 100.4 % 107.0 % 99.5 % (a) The general and administrative expense ratio includes share compensation expenses. Three Months Ended September 30, Nine Months Ended September 30, AlphaCat Segment Information (a) 2016 2015 2016 2015 Revenues Third party $ 7,025 $ 5,762 $ 14,843 $ 14,622 Related party 1,373 1,738 2,592 4,058 Total revenues 8,398 7,500 17,435 18,680 Expenses General and administrative expenses 3,324 4,124 7,557 8,883 Share compensation expenses (107 ) 141 167 440 Finance expenses 31 2,297 914 9,259 Foreign exchange losses (gains) 5 (11 ) 17 (9 ) Total expenses 3,253 6,551 8,655 18,573 Income before investments from AlphaCat Funds and Sidecars 5,145 949 8,780 107 Investment income (loss) from AlphaCat Funds and Sidecars (b) AlphaCat Sidecars (72 ) 1,445 593 3,886 AlphaCat ILS Funds - Lower Risk (c) 2,321 2,274 6,903 5,454 AlphaCat ILS Funds - Higher Risk (c) 2,479 1,807 5,607 6,608 BetaCat ILS Funds 1,303 1,007 2,979 1,241 PaCRe — (7,963 ) (23 ) (2,241 ) Total investment income (loss) from AlphaCat Funds and Sidecars 6,031 (1,430 ) 16,059 14,948 Validus' share of AlphaCat segment income (loss) $ 11,176 $ (481 ) $ 24,839 $ 15,055 Supplemental information: Gross premiums written AlphaCat Sidecars $ (112 ) $ 2,079 $ (178 ) $ 45,426 AlphaCat ILS Funds - Lower Risk (c) 2,049 1,653 112,241 90,088 AlphaCat ILS Funds - Higher Risk (c) 1,797 1,374 140,127 34,192 AlphaCat Direct (d) 679 4,785 18,476 4,785 Total gross premiums written $ 4,413 $ 9,891 $ 270,666 $ 174,491 (a) The results of AlphaCat are presented on an asset manager basis, which is non-GAAP. A reconciliation of Validus' share of AlphaCat segment income to segmental income is presented 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 September 30, Nine Months Ended September 30, Corporate and Investment Information 2016 2015 2016 2015 Investment income Net investment income (a) $ 41,071 $ 29,991 $ 105,843 $ 91,281 Operating expenses General and administrative expenses 18,221 18,804 52,276 51,502 Share compensation expenses 4,048 3,383 12,147 9,454 Finance expenses (a) 14,317 15,143 42,637 45,623 Dividends on preferred shares 2,252 — 2,252 — Tax expense 1,830 2,018 1,418 7,132 Total operating expenses 40,668 39,348 110,730 113,711 Other items Net realized gains (losses) on investments (a) 4,080 (1,233 ) 5,514 5,051 Change in net unrealized gains on investments (a) 4,652 1,765 81,782 2,508 Income (loss) from investment affiliate 453 2,482 (4,249 ) 5,542 Foreign exchange (losses) gains (a) (1,067 ) (2,331 ) 11,628 (9,024 ) Other loss (1,529 ) (1,970 ) (773 ) (2,578 ) Total other items 6,589 (1,287 ) 93,902 1,499 Total corporate and investment information $ 6,992 $ (10,644 ) $ 89,015 $ (20,931 ) (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 along with our corporate and investments function to the Consolidated results of the Company for the periods indicated: Three Months Ended September 30, 2016 Validus Re Segment Talbot Segment Western World Segment AlphaCat Segment and Consolidated VIEs Corporate and Investments Eliminations Total Underwriting revenues Gross premiums written $ 94,741 $ 189,674 $ 85,260 $ 4,413 $ — $ (1,670 ) $ 372,418 Reinsurance premiums ceded (15,967 ) (22,877 ) (6,202 ) (1,630 ) — 1,670 (45,006 ) Net premiums written 78,774 166,797 79,058 2,783 — — 327,412 Change in unearned premiums 149,705 32,258 (8,260 ) 62,660 — — 236,363 Net premiums earned 228,479 199,055 70,798 65,443 — — 563,775 Other insurance related income 58 99 219 8,656 — (8,113 ) 919 Total underwriting revenues 228,537 199,154 71,017 74,099 — (8,113 ) 564,694 Underwriting deductions Losses and loss expenses 98,425 109,860 45,748 4,361 — — 258,394 Policy acquisition costs 42,837 46,488 17,094 7,075 — (60 ) 113,434 General and administrative expenses 17,528 32,333 10,171 12,255 18,221 (8,065 ) 82,443 Share compensation expenses 2,695 3,163 702 (107 ) 4,048 — 10,501 Total underwriting deductions 161,485 191,844 73,715 23,584 22,269 (8,125 ) 464,772 Underwriting income (loss) $ 67,052 $ 7,310 $ (2,698 ) $ 50,515 $ (22,269 ) $ 12 $ 99,922 Other items (a) — — — 1,221 (9,558 ) — (8,337 ) Dividends on preferred shares — — — — (2,252 ) — (2,252 ) Net investment income — — — 2,443 41,071 — 43,514 (Income) attributable to AlphaCat investors — — — (5,564 ) — — (5,564 ) Net (income) attributable to noncontrolling interest — — — (37,439 ) — — (37,439 ) Segmental income (loss) $ 67,052 $ 7,310 $ (2,698 ) $ 11,176 $ 6,992 $ 12 Net income available to Validus common shareholders $ 89,844 (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 September 30, 2015 Validus Re Segment Talbot Segment Western World Segment AlphaCat Segment and Consolidated VIEs Corporate and Investments Eliminations Total Underwriting revenues Gross premiums written $ 103,297 $ 226,025 $ 70,871 $ 9,891 $ — $ (7,575 ) $ 402,509 Reinsurance premiums ceded (15,846 ) (35,823 ) (4,716 ) — — 7,575 (48,810 ) Net premiums written 87,451 190,202 66,155 9,891 — — 353,699 Change in unearned premiums 153,210 15,942 (2,225 ) 34,385 — — 201,312 Net premiums earned 240,661 206,144 63,930 44,276 — — 555,011 Other insurance related income 2,569 470 248 7,719 — (7,510 ) 3,496 Total underwriting revenues 243,230 206,614 64,178 51,995 — (7,510 ) 558,507 Underwriting deductions Losses and loss expenses 120,958 94,414 40,810 (172 ) — — 256,010 Policy acquisition costs 42,989 44,575 13,214 4,606 — (345 ) 105,039 General and administrative expenses 19,964 43,292 9,587 12,419 18,804 (7,180 ) 96,886 Share compensation expenses 2,691 3,214 554 141 3,383 — 9,983 Total underwriting deductions 186,602 185,495 64,165 16,994 22,187 (7,525 ) 467,918 Underwriting income (loss) $ 56,628 $ 21,119 $ 13 $ 35,001 $ (22,187 ) $ 15 $ 90,589 Other items (a) — — — (9,396 ) (18,448 ) — (27,844 ) Dividends on preferred shares — — — — — — — Net investment income — — — 1,581 29,991 — 31,572 (Income) attributable to AlphaCat investors — — — (1,438 ) — — (1,438 ) Net (income) attributable to noncontrolling interest — — — (26,229 ) — — (26,229 ) Segmental income (loss) $ 56,628 $ 21,119 $ 13 $ (481 ) $ (10,644 ) $ 15 Net income available to Validus common shareholders $ 66,650 (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). Nine Months Ended September 30, 2016 Validus Re Segment Talbot Segment Western World Segment AlphaCat Segment and Consolidated VIEs Corporate and Investments Eliminations Total Underwriting revenues Gross premiums written $ 1,072,219 $ 752,058 $ 236,190 $ 270,666 $ — $ (21,882 ) $ 2,309,251 Reinsurance premiums ceded (111,658 ) (137,496 ) (15,347 ) (6,451 ) — 21,882 (249,070 ) Net premiums written 960,561 614,562 220,843 264,215 — — 2,060,181 Change in unearned premiums (241,129 ) (7,166 ) (22,890 ) (80,230 ) — — (351,415 ) Net premiums earned 719,432 607,396 197,953 183,985 — — 1,708,766 Other insurance related (loss) income (107 ) 389 696 17,722 — (16,300 ) 2,400 Total underwriting revenues 719,325 607,785 198,649 201,707 — (16,300 ) 1,711,166 Underwriting deductions Losses and loss expenses 313,432 319,271 129,623 27,645 — — 789,971 Policy acquisition costs 127,660 134,444 46,704 19,762 — 23 328,593 General and administrative expenses 52,579 109,929 33,704 26,272 52,276 (16,421 ) 258,339 Share compensation expenses 8,371 9,955 1,825 167 12,147 — 32,465 Total underwriting deductions 502,042 573,599 211,856 73,846 64,423 (16,398 ) 1,409,368 Underwriting income (loss) $ 217,283 $ 34,186 $ (13,207 ) $ 127,861 $ (64,423 ) $ 98 $ 301,798 Other items (a) — — — 2,433 49,847 — 52,280 Dividends on preferred shares — — — — (2,252 ) — (2,252 ) Net investment income — — — 6,986 105,843 (597 ) 112,232 (Income) attributable to AlphaCat investors — — — (16,278 ) — — (16,278 ) Net (income) attributable to noncontrolling interest — — — (96,163 ) — — (96,163 ) Segmental income (loss) $ 217,283 $ 34,186 $ (13,207 ) $ 24,839 $ 89,015 $ (499 ) Net income available to Validus common shareholders $ 351,617 (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). Nine Months Ended September 30, 2015 Validus Re Segment Talbot Segment Western World Segment AlphaCat Segment and Consolidated VIEs Corporate and Investments Eliminations Total Underwriting revenues Gross premiums written $ 1,112,410 $ 789,148 $ 207,372 $ 174,491 $ — $ (35,520 ) $ 2,247,901 Reinsurance premiums ceded (149,001 ) (164,144 ) (13,390 ) (4,538 ) — 35,520 (295,553 ) Net premiums written 963,409 625,004 193,982 169,953 — — 1,952,348 Change in unearned premiums (205,110 ) 9,167 2,948 (55,764 ) — — (248,759 ) Net premiums earned 758,299 634,171 196,930 114,189 — — 1,703,589 Other insurance related income 3,318 564 787 19,175 — (18,700 ) 5,144 Total underwriting revenues 761,617 634,735 197,717 133,364 — (18,700 ) 1,708,733 Underwriting deductions Losses and loss expenses 357,491 268,512 138,098 (1,016 ) — — 763,085 Policy acquisition costs 128,909 141,338 27,110 11,783 — (1,367 ) 307,773 General and administrative expenses 58,254 115,341 29,137 28,478 51,502 (17,566 ) 265,146 Share compensation expenses 7,665 9,195 1,525 440 9,454 — 28,279 Total underwriting deductions 552,319 534,386 195,870 39,685 60,956 (18,933 ) 1,364,283 Underwriting income (loss) $ 209,298 $ 100,349 $ 1,847 $ 93,679 $ (60,956 ) $ 233 $ 344,450 Other items (a) — — — (15,149 ) (51,256 ) — (66,405 ) Dividends on preferred shares — — — — — — — Net investment income — — — 4,931 91,281 — 96,212 (Income) attributable to AlphaCat investors — — — (1,438 ) — — (1,438 ) Net (income) attributable to noncontrolling interest — — — (66,968 ) — — (66,968 ) Segmental income (loss) $ 209,298 $ 100,349 $ 1,847 $ 15,055 $ (20,931 ) $ 233 Net income available to Validus $ 305,851 (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 by operating segment allocated to the territory of coverage exposure for the periods indicated: Gross Premiums Written Three Months Ended September 30, 2016 Validus Re Talbot Western World AlphaCat Eliminations Total % United States $ 31,345 $ 19,937 $ 85,260 $ 1,837 $ (76 ) $ 138,303 37.1 % Worldwide excluding United States (a) 4,145 40,058 — (288 ) (39 ) 43,876 11.7 % Australia and New Zealand 57 3,238 — — 6 3,301 0.9 % Europe 4,536 4,957 — — 40 9,533 2.6 % Latin America and Caribbean 17,036 25,173 — — (793 ) 41,416 11.1 % Japan (33 ) 997 — — 7 971 0.3 % Canada 149 2,015 — — (42 ) 2,122 0.6 % Rest of the world (b) 2,360 19,166 — — 66 21,592 5.8 % Sub-total, non United States 28,250 95,604 — (288 ) (755 ) 122,811 33.0 % Worldwide including United States (a) 22,399 12,771 — 2,872 (838 ) 37,204 10.0 % Other locations non-specific (c) 12,747 61,362 — (8 ) (1 ) 74,100 19.9 % Total $ 94,741 $ 189,674 $ 85,260 $ 4,413 $ (1,670 ) $ 372,418 100.0 % Gross Premiums Written Three Months Ended September 30, 2015 Validus Re Talbot Western World AlphaCat Eliminations Total % United States $ 34,968 $ 21,886 $ 70,871 $ 4,076 $ (307 ) $ 131,494 32.6 % Worldwide excluding United States (a) 5,477 30,721 — 101 (208 ) 36,091 9.0 % Australia and New Zealand 473 3,520 — — (85 ) 3,908 1.0 % Europe 6,165 7,839 — (8 ) (101 ) 13,895 3.5 % Latin America and Caribbean 17,079 27,249 — — (2,024 ) 42,304 10.5 % Japan (10 ) 1,149 — — (84 ) 1,055 0.3 % Canada 315 1,455 — (30 ) (71 ) 1,669 0.4 % Rest of the world (b) 2,643 28,380 — — (521 ) 30,502 7.6 % Sub-total, non United States 32,142 100,313 — 63 (3,094 ) 129,424 32.3 % Worldwide including United States (a) 9,542 20,296 — 4,960 (4,072 ) 30,726 7.6 % Other locations non-specific (c) 26,645 83,530 — 792 (102 ) 110,865 27.5 % Total $ 103,297 $ 226,025 $ 70,871 $ 9,891 $ (7,575 ) $ 402,509 100.0 % (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 Nine Months Ended September 30, 2016 Validus Re Talbot Western World AlphaCat Eliminations Total % United States $ 455,826 $ 85,182 $ 236,190 $ 64,566 $ (1,631 ) $ 840,133 36.4 % Worldwide excluding United States (a) 51,384 105,590 — 22,219 (650 ) 178,543 7.8 % Australia and New Zealand 6,906 7,613 — 4,949 (107 ) 19,361 0.8 % Europe 30,270 25,673 — 3,306 (668 ) 58,581 2.5 % Latin America and Caribbean 36,610 76,577 — — (6,330 ) 106,857 4.6 % Japan 39,892 5,579 — 3,221 (24 ) 48,668 2.1 % Canada 3,646 5,577 — 223 (129 ) 9,317 0.4 % Rest of the world (b) 22,307 76,456 — — (2,276 ) 96,487 4.2 % Sub-total, non United States 191,015 303,065 — 33,918 (10,184 ) 517,814 22.4 % Worldwide including United States (a) 169,737 75,423 — 170,639 (10,052 ) 405,747 17.6 % Other locations non-specific (c) 255,641 288,388 — 1,543 (15 ) 545,557 23.6 % Total $ 1,072,219 $ 752,058 $ 236,190 $ 270,666 $ (21,882 ) $ 2,309,251 100.0 % Gross Premiums Written Nine Months Ended September 30, 2015 Validus Re Talbot Western World AlphaCat Eliminations Total % United States $ 544,988 $ 89,980 $ 207,372 $ 41,021 $ (2,189 ) $ 881,172 39.2 % Worldwide excluding United States (a) 52,765 95,894 — 8,107 (1,141 ) 155,625 6.9 % Australia and New Zealand 11,980 6,569 — 624 (211 ) 18,962 0.8 % Europe 47,182 31,637 — 2,504 (1,005 ) 80,318 3.6 % Latin America and Caribbean 34,011 78,634 — — (9,837 ) 102,808 4.6 % Japan 39,174 4,746 — 1,671 (142 ) 45,449 2.0 % Canada 3,097 5,452 — 458 (195 ) 8,812 0.4 % Rest of the world (b) 24,323 76,368 — — (3,063 ) 97,628 4.3 % Sub-total, non United States 212,532 299,300 — 13,364 (15,594 ) 509,602 22.6 % Worldwide including United States (a) 132,353 74,794 — 115,264 (17,731 ) 304,680 13.6 % Other locations non-specific (c) 222,537 325,074 — 4,842 (6 ) 552,447 24.6 % Total $ 1,112,410 $ 789,148 $ 207,372 $ 174,491 $ (35,520 ) $ 2,247,901 100.0 % (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	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
Subsequent events	Subsequent events Hurricane Matthew On October 8, 2016, Hurricane Matthew made landfall in South Carolina causing widespread flooding and property damage across it and a number of other states. The Company is reviewing its exposure to this event based on in-force contracts and preliminary loss information from clients. The Company currently estimates that the net loss attributable to the Company from this event will likely be in the range of $24,000 to $64,000 based on an estimated industry loss of between $3,000,000 and $8,300,000 .

Significant accounting policies

Significant accounting policies (Policies)	9 Months Ended
	Sep. 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 Validus Holdings. Ltd.'s (the "Company") 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	Reserve 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 reserves ("IBNR") 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 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, reinsurance balances recoverable are 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)	9 Months Ended
	Sep. 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 nine months ended September 30, 2015 and Consolidated Statement of Cash Flows for the nine months ended September 30, 2015 : Three Months Ended September 30, 2015 As previously reported Adjustment for adoption of new consolidation guidance Revised Total revenues $ 518,564 $ 72,164 $ 590,728 Total expenses 486,829 (399 ) 486,430 Net (loss) income (5,013 ) 97,892 92,879 Net loss (income) attributable to noncontrolling interest 71,663 (97,892 ) (26,229 ) Net income available to Validus 66,650 — 66,650 Comprehensive income available to Validus 64,847 — 64,847 Basic earnings per share available to common shareholders $ 0.79 $ — $ 0.79 Earnings per diluted share available to common shareholders $ 0.78 $ — $ 0.78 Nine Months Ended September 30, 2015 As previously reported Adjustment for adoption of new consolidation guidance Revised Total revenues $ 1,799,261 $ 6,813 $ 1,806,074 Total expenses 1,420,839 1,605 1,422,444 Net income 289,032 83,787 372,819 Net loss (income) attributable to noncontrolling interest 15,042 (82,010 ) (66,968 ) Net income available to Validus 304,074 1,777 305,851 Comprehensive income available to Validus 301,761 1,777 303,538 Basic earnings per share available to common shareholders $ 3.61 $ 0.02 $ 3.63 Earnings per diluted share available to common shareholders $ 3.50 $ 0.02 $ 3.52 Nine Months Ended September 30, 2015 As previously reported Adjustment for adoption of new consolidation guidance Revised Net cash provided by operating activities $ 51,878 $ 94,982 $ 146,860 Net cash used in investing activities (560,622 ) 381,429 (179,193 ) Net cash provided by (used in) financing activities 367,421 (459,114 ) (91,693 ) Effect of foreign currency rate changes on cash and cash equivalents (27,432 ) 13,531 (13,901 ) Net decrease in cash (168,755 ) 30,828 (137,927 ) Cash and cash equivalents - beginning of period 577,240 (26,839 ) 550,401 Cash and cash equivalents - end of period 408,485 3,989 412,474

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 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 September 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 $ 833,897 $ 4,088 $ (439 ) $ 837,546 Non-U.S. government and government agency 251,863 1,503 (4,976 ) 248,390 U.S. states, municipalities and political subdivisions 278,172 5,585 (396 ) 283,361 Agency residential mortgage-backed securities 644,403 13,980 (507 ) 657,876 Non-agency residential mortgage-backed securities 21,142 160 (687 ) 20,615 U.S. corporate 1,509,117 19,102 (1,542 ) 1,526,677 Non-U.S. corporate 434,621 3,611 (6,600 ) 431,632 Bank loans 598,847 1,635 (12,945 ) 587,537 Asset-backed securities 484,480 2,607 (1,568 ) 485,519 Commercial mortgage-backed securities 336,297 5,388 (888 ) 340,797 Total fixed maturities 5,392,839 57,659 (30,548 ) 5,419,950 Short-term investments 197,970 — (167 ) 197,803 Other investments Fund of hedge funds 1,457 — (498 ) 959 Hedge funds 12,073 5,983 — 18,056 Private equity investments 69,353 16,157 (1,840 ) 83,670 Fixed income investment funds 232,614 823 — 233,437 Overseas deposits 53,246 — — 53,246 Mutual funds 2,925 2,402 — 5,327 Total other investments 371,668 25,365 (2,338 ) 394,695 Total managed investments $ 5,962,477 $ 83,024 $ (33,053 ) $ 6,012,448 Non-managed investments: Catastrophe bonds $ 154,999 $ 2,890 $ (1,498 ) $ 156,391 Short-term investments 2,283,603 — — 2,283,603 Total non-managed investments 2,438,602 2,890 (1,498 ) 2,439,994 Total investments $ 8,401,079 $ 85,914 $ (34,551 ) $ 8,452,442 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 and political subdivisions 299,929 2,322 (962 ) 301,289 Agency residential mortgage-backed securities 606,676 6,361 (2,455 ) 610,582 Non-agency residential mortgage-backed securities 27,025 310 (415 ) 26,920 U.S. corporate 1,503,614 1,594 (15,257 ) 1,489,951 Non-U.S. corporate 453,178 797 (7,405 ) 446,570 Bank loans 592,981 275 (17,045 ) 576,211 Asset-backed securities 440,363 344 (3,583 ) 437,124 Commercial mortgage-backed securities 263,310 131 (3,306 ) 260,135 Total fixed maturities 5,369,053 12,724 (57,825 ) 5,323,952 Short-term investments 237,349 20 — 237,369 Other investments Fund of hedge funds 1,457 — (40 ) 1,417 Hedge funds 14,018 6,962 — 20,980 Private equity investments 53,489 12,751 (2,469 ) 63,771 Fixed income 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 September 30, 2016 and December 31, 2015 . September 30, 2016 December 31, 2015 Fair Value % of Total Fair Value % of Total Managed fixed maturities: Investment grade fixed maturities AAA $ 2,417,068 43.3 % $ 2,367,642 43.0 % AA 526,729 9.5 % 569,386 10.3 % A 1,084,128 19.4 % 1,031,326 18.7 % BBB 736,400 13.2 % 691,538 12.6 % Total investment grade managed fixed maturities 4,764,325 85.4 % 4,659,892 84.6 % Non-investment grade fixed maturities BB 228,798 4.1 % 235,724 4.3 % B 182,261 3.3 % 179,069 3.2 % CCC 9,561 0.2 % 5,706 0.1 % CC — 0.0 % 1,015 0.0 % NR 235,005 4.2 % 242,546 4.4 % Total non-investment grade fixed maturities 655,625 11.8 % 664,060 12.0 % Total managed fixed maturities $ 5,419,950 97.2 % $ 5,323,952 96.6 % Non-managed fixed maturities: Investment grade catastrophe bonds BBB $ — 0.0 % $ 1,911 0.0 % Total investment grade catastrophe bonds — 0.0 % 1,911 0.0 % Non-investment grade catastrophe bonds BB 31,052 0.5 % 70,962 1.3 % B 4,922 0.1 % 30,698 0.6 % NR 120,417 2.2 % 82,808 1.5 % Total non-investment grade catastrophe bonds 156,391 2.8 % 184,468 3.4 % Total non-managed fixed maturities 156,391 2.8 % 186,379 3.4 % Total fixed maturities $ 5,576,341 100.0 % $ 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 September 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. September 30, 2016 December 31, 2015 Amortized Cost Fair Value Amortized Cost Fair Value Managed fixed maturities: Due in one year or less $ 368,627 $ 366,437 $ 367,132 $ 366,019 Due after one year through five years 2,990,875 2,992,940 2,965,920 2,936,053 Due after five years through ten years 433,478 441,449 548,183 539,083 Due after ten years 113,537 114,317 150,444 148,036 3,906,517 3,915,143 4,031,679 3,989,191 Asset-backed and mortgage-backed securities 1,486,322 1,504,807 1,337,374 1,334,761 Total managed fixed maturities $ 5,392,839 $ 5,419,950 $ 5,369,053 $ 5,323,952 Non-managed catastrophe bonds: Due in one year or less $ 40,231 $ 41,648 $ 7,504 $ 7,544 Due after one year through five years 114,018 113,992 165,093 163,575 Due after five years through ten years 750 751 15,250 15,260 Due after ten years — — — — Total non-managed fixed maturities 154,999 156,391 187,847 186,379 Total fixed maturities $ 5,547,838 $ 5,576,341 $ 5,556,900 $ 5,510,331
Other investments	The following tables set forth certain information regarding the Company's other investment portfolio as at September 30, 2016 and December 31, 2015 : Fair Value Investments with redemption restrictions Investments without redemption restrictions Redemption frequency (a) Redemption notice period (a) As at September 30, 2016 Fund of hedge funds $ 959 $ 959 $ — Hedge funds 18,056 18,056 — Private equity investments 83,670 83,670 — Fixed income investment funds 233,437 180,695 52,742 Daily 2 days Overseas deposits 53,246 53,246 — Mutual funds 5,327 — 5,327 Daily Daily Total other investments $ 394,695 $ 336,626 $ 58,069 As at December 31, 2015 Fund of hedge funds $ 1,417 $ 1,417 $ — Hedge funds 20,980 20,980 — Private equity investments 63,771 63,771 — Fixed income 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Managed investments: Fixed maturities and short-term investments $ 30,572 $ 26,621 $ 89,210 $ 83,727 Other investments 11,768 5,086 20,666 12,288 Restricted cash, cash and cash equivalents 891 336 2,136 1,179 Securities lending income 22 4 39 13 Total gross investment income 43,253 32,047 112,051 97,207 Investment expenses (2,182 ) (2,056 ) (6,208 ) (5,926 ) Total managed net investment income $ 41,071 $ 29,991 $ 105,843 $ 91,281 Non managed investments: Fixed maturities and short-term investments $ 1,970 $ 1,544 $ 5,242 $ 4,851 Restricted cash, cash and cash equivalents 473 37 1,147 80 Total non-managed net investment income 2,443 1,581 6,389 4,931 Total net investment income $ 43,514 $ 31,572 $ 112,232 $ 96,212
Analysis of net realized gains and the change in net unrealized gains (losses) on investments	The following represents an analysis of net realized and change in net unrealized gains (losses) on investments: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Managed fixed maturities, short-term and other investments: Gross realized gains $ 4,544 $ 1,826 $ 11,067 $ 14,275 Gross realized (losses) (464 ) (3,059 ) (5,553 ) (9,224 ) Net realized gains on investments 4,080 (1,233 ) 5,514 5,051 Change in net unrealized gains (losses) on investments 4,652 1,765 81,782 2,508 Total net realized and change in net unrealized gains (losses) on managed investments $ 8,732 $ 532 $ 87,296 $ 7,559 Non-managed fixed maturities and short-term investments: Gross realized gains $ 317 $ 46 $ 1,032 $ 186 Gross realized (losses) — — (9 ) (11 ) Net realized gains on investments 317 46 1,023 175 Change in net unrealized (losses) on investments 807 2,151 2,549 (41 ) Total net realized and change in net unrealized (losses) on non-managed investments 1,124 2,197 3,572 134 Total net realized and change in net unrealized gains (losses) on total investments $ 9,856 $ 2,729 $ 90,868 $ 7,693

Fair value measurements (Tables

Fair value measurements (Tables)	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Fair value hierarchy - allocation of investments	At September 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 $ — $ 837,546 $ — $ — $ 837,546 Non-U.S. government and government agency — 248,390 — — 248,390 U.S. states, municipalities and political subdivisions — 283,361 — — 283,361 Agency residential mortgage-backed securities — 657,876 — — 657,876 Non-agency residential mortgage-backed securities — 20,615 — — 20,615 U.S. corporate — 1,526,677 — — 1,526,677 Non-U.S. corporate — 431,632 — — 431,632 Bank loans — 335,037 252,500 — 587,537 Asset-backed securities — 461,623 23,896 — 485,519 Commercial mortgage-backed securities — 340,797 — — 340,797 Total fixed maturities — 5,143,554 276,396 — 5,419,950 Short-term investments 176,809 20,994 — — 197,803 Other investments Fund of hedge funds — — — 959 959 Hedge funds — — — 18,056 18,056 Private equity investments — — — 83,670 83,670 Fixed income investment funds — 31,670 — 201,767 233,437 Overseas deposits — — — 53,246 53,246 Mutual funds — 5,327 — — 5,327 Total other investments — 36,997 — 357,698 394,695 Total managed investments $ 176,809 $ 5,201,545 $ 276,396 $ 357,698 $ 6,012,448 Non-managed investments Catastrophe bonds $ — $ 118,356 $ 38,035 $ — $ 156,391 Short-term investments 2,283,603 — — — 2,283,603 Total non-managed investments 2,283,603 118,356 38,035 — 2,439,994 Total investments $ 2,460,412 $ 5,319,901 $ 314,431 $ 357,698 $ 8,452,442 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 Fixed income 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 nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, 2016 Bank Loans Catastrophe Bonds Asset Backed Securities Total Level 3 investments—beginning of period $ 243,148 $ 37,518 $ 12,383 $ 293,049 Purchases 21,256 — 11,513 32,769 Sales (12,388 ) — — (12,388 ) Change in net unrealized (losses) gains 484 517 — 1,001 Transfers into Level 3 during the period — — — — Transfers out of Level 3 during the period — — — — Level 3 investments—end of period $ 252,500 $ 38,035 $ 23,896 $ 314,431 Three Months Ended September 30, 2015 Bank Loans Catastrophe Bonds Total Level 3 investments—beginning of period $ 124,982 $ 13,500 $ 138,482 Purchases 50,831 — 50,831 Sales (107 ) — (107 ) Settlements (13,815 ) — (13,815 ) Change in net unrealized losses (55 ) — (55 ) Transfers into Level 3 during the period — — — Transfers out of Level 3 during the period — — — Level 3 investments—end of period $ 161,836 $ 13,500 $ 175,336 Nine Months Ended September 30, 2016 Bank Loans Catastrophe Bonds Asset Backed Securities Total Level 3 investments—beginning of period $ 232,337 $ 13,500 $ — $ 245,837 Purchases 72,244 23,272 23,896 119,412 Sales (14,777 ) — — (14,777 ) Settlements (34,033 ) (125 ) — (34,158 ) Change in net unrealized (losses) gains (3,271 ) 1,388 — (1,883 ) Transfers into Level 3 during the period — — — — Transfers out of Level 3 during the period — — — — Level 3 investments—end of period $ 252,500 $ 38,035 $ 23,896 $ 314,431 Nine Months Ended September 30, 2015 Bank Loans Catastrophe Bonds Total Level 3 investments—beginning of period $ 32,748 $ 17,500 $ 50,248 Purchases 152,797 — 152,797 Sales (1,036 ) (3,989 ) (5,025 ) Settlements (22,013 ) — (22,013 ) Net realized losses — (11 ) (11 ) Change in net unrealized losses (660 ) — (660 ) Transfers into Level 3 during the period — — — Transfers out of Level 3 during the period — — — Level 3 investments—end of period $ 161,836 $ 13,500 $ 175,336

Variable interest entities (Tab

Variable interest entities (Tables)	9 Months Ended
	Sep. 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 as at September 30, 2016 and December 31, 2015 : Variable Funding Notes Structured Notes Total September 30, 2016 Notes payable to AlphaCat investors, beginning of period $ 75,493 $ — $ 75,493 Issuance of notes payable to AlphaCat investors 311,913 94,326 406,239 Redemption of notes payable to AlphaCat investors (109,712 ) — (109,712 ) Foreign exchange gains 710 — 710 Notes payable to AlphaCat investors, end of period $ 278,404 $ 94,326 $ 372,730 December 31, 2015 Notes payable to AlphaCat investors, beginning of period $ — $ — $ — Issuance of notes payable to AlphaCat investors 75,770 — 75,770 Foreign exchange losses (277 ) — (277 ) Notes payable to AlphaCat investors, end of period $ 75,493 $ — $ 75,493
Total assets and liabilities of the Company's consolidated VIEs	The following table presents the total assets and total liabilities of the Company’s consolidated VIEs, excluding intercompany eliminations, as at September 30, 2016 and December 31, 2015 : September 30, 2016 December 31, 2015 Total Assets Total Liabilities Total Assets Total Liabilities AlphaCat sidecars $ 47,212 $ 10,336 $ 206,581 $ 14,804 AlphaCat ILS funds - Lower Risk (a) 1,440,125 3,966 1,268,070 143,371 AlphaCat ILS funds - Higher Risk (a) 682,677 114,151 522,867 300,122 AlphaCat Re and AlphaCat Master Fund 2,521,299 2,521,129 1,615,779 1,615,609 BetaCat ILS funds 51,629 469 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)	9 Months Ended
	Sep. 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 September 30, 2016 and December 31, 2015 : September 30, 2016 December 31, 2015 Investment affiliate $ 99,731 $ 87,673 Operating affiliate — 392 Investments in affiliates $ 99,731 $ 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 nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Investment affiliate, beginning of period $ 99,278 $ 89,681 $ 87,673 $ 63,506 Net capital contributions — (4,029 ) 16,307 19,086 (Loss) income from investment affiliate 453 2,482 (4,249 ) 5,542 Investment affiliate, end of period $ 99,731 $ 88,134 $ 99,731 $ 88,134
Schedule of equity method investments	The following table presents the Company’s investment in the partnerships as at September 30, 2016 and December 31, 2015 : Investment at cost Voting ownership % Equity ownership % Carrying value As at September 30, 2016 Aquiline Financial Services Fund II L.P. $ 56,479 — % 8.1 % $ 70,345 Aquiline Financial Services Fund III L.P. 29,826 — % 9.0 % 29,386 Total $ 86,305 $ 99,731 As at December 31, 2015 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 nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Operating affiliate, beginning of period $ — $ 56,666 $ 392 $ 50,944 Return of investment — — (369 ) — (Loss) income from operating affiliate — (7,963 ) (23 ) (2,241 ) Operating affiliate, end of period $ — $ 48,703 $ — $ 48,703
Schedule of equity method investments	The following table presents the Company’s investment in PaCRe as at December 31, 2015 : Investment at cost Voting ownership % Equity ownership % Carrying value Investment in PaCRe $ 392 100.0 % 10.0 % $ 392

Noncontrolling interest (Tables

Noncontrolling interest (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2016 and 2015 : Redeemable noncontrolling interest Noncontrolling interest Total noncontrolling interests 2016 2015 2016 2015 2016 2015 Three Months Ended September 30, Balance, beginning of period $ 1,532,283 $ 1,035,511 $ 212,154 $ 153,523 $ 1,744,437 $ 1,189,034 Issuance of shares 700 45,000 — — 700 45,000 Income attributable to noncontrolling interest 26,597 20,636 10,842 5,593 37,439 26,229 Redemption of shares (6,484 ) (6,500 ) — — (6,484 ) (6,500 ) Redemptions payable 6,484 6,500 — — 6,484 6,500 Distributions — — — — — — Balance, end of period $ 1,559,580 $ 1,101,147 $ 222,996 $ 159,116 $ 1,782,576 $ 1,260,263 Nine Months Ended September 30, Balance, beginning of period $ 1,111,714 $ 617,791 $ 154,662 $ 292,274 $ 1,266,376 $ 910,065 Issuance of shares 381,950 497,700 171,674 9,600 553,624 507,300 Income attributable to noncontrolling interest 72,400 51,551 23,763 15,417 96,163 66,968 Redemption of shares (6,484 ) (65,895 ) — — (6,484 ) (65,895 ) Redemptions payable — — — — — — Distributions — — (127,103 ) (158,175 ) (127,103 ) (158,175 ) Balance, end of period $ 1,559,580 $ 1,101,147 $ 222,996 $ 159,116 $ 1,782,576 $ 1,260,263

Derivative instruments (Tables)

Derivative instruments (Tables)	9 Months Ended
	Sep. 30, 2016
Derivative [Line Items]
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 nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, Interest rate swap contracts 2016 2015 2016 2015 Amount of effective portion recognized in other comprehensive income $ 3,155 $ 3,178 $ 9,505 $ 10,064 Amount of effective portion subsequently reclassified to earnings $ (2,717 ) $ (3,253 ) $ (8,373 ) $ (9,728 ) Amount of ineffective portion excluded from effectiveness testing $ (438 ) $ 75 $ (1,132 ) $ (336 )
Not designated as hedging instruments
Derivative [Line Items]
Location and fair value amount of derivative instruments reported on the balance sheet	The following table summarizes information on the classification and amount of the fair value of derivatives not designated as hedging instruments for accounting purposes within the Company's Consolidated Balance Sheets as at September 30, 2016 and December 31, 2015 : September 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 $ 255,602 $ 3,122 $ 1,054 $ 255,840 $ 2,601 $ 3,211 Interest rate swap contracts $ 90,000 $ 566 $ — $ — $ — $ — (a) Asset and liability derivatives are classified within other assets and accounts payable and accrued expenses, respectively, within the Company's consolidated balance sheets.
Location and amount of gains and losses related to derivative instruments reported on in the income statement	The following table summarizes information on the classification and the impact on earnings, recognized in the Company’s Consolidated Statements of Income and Comprehensive Income relating to the foreign currency and interest rate forward contracts that were not designated as hedging instruments during the three and nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, Derivatives not designated as hedging instruments Classification of gains (losses) recognized in earnings 2016 2015 2016 2015 Foreign currency forward contracts Foreign exchange losses $ 1,326 $ — $ 209 $ — Foreign currency forward contracts Other loss $ (155 ) $ (184 ) $ (35 ) $ (311 ) Interest rate swap contracts Change in unrealized gains on investments $ 566 $ — $ 566 $ —
Designated as hedging instruments
Derivative [Line Items]
Location and fair value amount of derivative instruments reported on the balance sheet	The following table summarizes information on the classification and amount of the fair value of derivatives designated as hedging instruments for accounting purposes on the Consolidated Balance Sheets as at September 30, 2016 and December 31, 2015 : September 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 $ 2,918 $ 552,263 $ 21 $ 1,942 (a) Asset and liability derivatives are classified within other assets and accounts payable and accrued expenses, respectively, within the Company's 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 nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, Foreign currency forward contracts 2016 2015 2016 2015 Amount of loss recognized in income on derivative $ — $ (4,055 ) $ — $ (19,211 ) Amount of gain on hedged item recognized in income attributable to risk being hedged $ — $ 4,055 $ — $ 19,211 Amount of gain recognized in income on derivative (ineffective portion) $ — $ — $ — $ —

Reserve for losses and loss e34

Reserve for losses and loss expenses (Tables)	9 Months Ended
	Sep. 30, 2016
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]
Summary of reserve for losses and loss expenses	The following table summarizes the total reserve for losses and loss expenses as at September 30, 2016 and December 31, 2015 : September 30, 2016 December 31, 2015 Case reserves $ 1,295,385 $ 1,278,697 IBNR 1,740,602 1,717,870 Total reserve for losses and loss expenses $ 3,035,987 $ 2,996,567
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 nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Reserve for losses and loss expenses, beginning of period $ 3,122,717 $ 3,192,663 $ 2,996,567 $ 3,243,147 Loss reserves recoverable (442,987 ) (376,665 ) (350,586 ) (377,466 ) Net reserves for losses and loss expenses, beginning of period 2,679,730 2,815,998 2,645,981 2,865,681 Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in: Current year 311,279 349,759 959,376 1,011,111 Prior years (a) (52,885 ) (93,749 ) (169,405 ) (248,026 ) Total net incurred losses and loss expenses (a) 258,394 256,010 789,971 763,085 Less net losses and loss expenses paid in respect of losses occurring in: Current year (178,709 ) (63,151 ) (240,362 ) (105,216 ) Prior years (166,537 ) (207,802 ) (596,618 ) (704,062 ) Total net paid losses (345,246 ) (270,953 ) (836,980 ) (809,278 ) Effect of foreign exchange rate movements (1,500 ) (13,982 ) (7,594 ) (32,415 ) Net reserve for losses and loss expenses, end of period 2,591,378 2,787,073 2,591,378 2,787,073 Loss reserves recoverable 444,609 385,212 444,609 385,212 Reserve for losses and loss expenses, end of period $ 3,035,987 $ 3,172,285 $ 3,035,987 $ 3,172,285 (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 $2,524 and $8,639 , respectively, during the three and nine months ended September 30, 2015 , benefiting the loss ratio by 3.9 and 4.4 percentage points, respectively. The remaining fair value adjustment of $2,340 was fully amortized during 2015. Net incurred losses and loss expenses comprise: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Gross losses and loss expenses (a) $ 284,413 $ 283,623 $ 952,129 $ 852,190 Reinsurance recoverable (26,019 ) (27,613 ) (162,158 ) (89,105 ) Net incurred losses and loss expenses (a) $ 258,394 $ 256,010 $ 789,971 $ 763,085 (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 $2,524 and $8,639 , respectively, during the three and nine months ended September 30, 2015 , benefiting the loss ratio by 3.9 and 4.4 percentage points, respectively. The remaining fair value adjustment of $2,340 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 nine months ended September 30, 2016 and 2015 was as follows: Three Months Ended September 30, 2016 Property Marine Specialty Liability Total Validus Re $ (19,736 ) $ (8,504 ) $ (4,793 ) $ — $ (33,033 ) Talbot (2,429 ) (4,547 ) (11,715 ) — (18,691 ) Western World (553 ) — — (327 ) (880 ) AlphaCat (265 ) — (16 ) — (281 ) Net favorable development $ (22,983 ) $ (13,051 ) $ (16,524 ) $ (327 ) $ (52,885 ) The net favorable development of $52,885 for the three months ended September 30, 2016 was primarily attributable to favorable development within Validus Re and Talbot of $33,033 and $18,691 , respectively. The Validus Re favorable development was attributable to favorable development on event reserves of $18,200 , related primarily to Tianjin and the 2015 Chilean earthquake, and $14,800 of favorable development on attritional losses. The favorable development related to Talbot was attributable to favorable development on attritional losses. Three Months Ended September 30, 2015 Property Marine Specialty Liability Total Validus Re $ (27,613 ) $ (13,556 ) $ (9,306 ) $ — $ (50,475 ) Talbot (9,706 ) (14,854 ) (11,412 ) — (35,972 ) Western World (a) (1,054 ) — — (4,000 ) (5,054 ) AlphaCat (2,248 ) — — — (2,248 ) Net favorable development (a) $ (40,621 ) $ (28,410 ) $ (20,718 ) $ (4,000 ) $ (93,749 ) (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 $2,524 during the three months ended September 30, 2015 , benefiting the loss ratio by 3.9 percentage points. The remaining fair value adjustment of $2,340 was fully amortized during 2015. The Validus Re segment experienced favorable development on prior years primarily due to favorable development on attritional losses and event specific reserves ; 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. Nine Months Ended September 30, 2016 Property Marine Specialty Liability Total Validus Re $ (52,036 ) $ (14,967 ) $ (22,591 ) $ — $ (89,594 ) Talbot (30,969 ) (10,511 ) (28,259 ) — (69,739 ) Western World (2,576 ) — — (5,888 ) (8,464 ) AlphaCat (742 ) — (866 ) — (1,608 ) Net favorable development $ (86,323 ) $ (25,478 ) $ (51,716 ) $ (5,888 ) $ (169,405 ) The net favorable development of $169,405 for the nine months ended September 30, 2016 was primarily attributable to favorable development within Validus Re, Talbot and Western World of $89,594 , $69,739 and $8,464 , respectively. The favorable development across all operating segments was primarily attributable to favorable development on both attritional losses of $160,400 and event reserves of $9,000 . Nine Months Ended September 30, 2015 Property Marine Specialty Liability Total Validus Re $ (58,437 ) $ (29,225 ) $ (18,388 ) $ — $ (106,050 ) Talbot (47,141 ) (51,178 ) (24,926 ) — (123,245 ) Western World (a) (4,648 ) — — (10,991 ) (15,639 ) AlphaCat (3,092 ) — — — (3,092 ) Net favorable development (a) $ (113,318 ) $ (80,403 ) $ (43,314 ) $ (10,991 ) $ (248,026 ) (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 $8,639 during the six months ended September 30, 2015 , benefiting the loss ratio by 4.4 percentage points. The remaining fair value adjustment of $2,340 was fully amortized during 2015.

Reinsurance (Tables)

Reinsurance (Tables)	9 Months Ended
	Sep. 30, 2016
Reinsurance Disclosures [Abstract]
Schedule of reinsurance recoverable	The Company's reinsurance balances recoverable at September 30, 2016 and December 31, 2015 were as follows: September 30, 2016 December 31, 2015 Loss reserves recoverable on unpaid: Outstanding losses $ 174,210 $ 135,723 IBNR 270,399 214,863 Total loss reserves recoverable 444,609 350,586 Paid losses recoverable 36,069 23,071 Total reinsurance balances recoverable $ 480,678 $ 373,657
Reinsurance recoverables by reinsurer	Reinsurance balances recoverable by reinsurer as at September 30, 2016 and December 31, 2015 were as follows: September 30, 2016 December 31, 2015 Reinsurance Recoverable % of Total Reinsurance Recoverable % of Total Top 10 reinsurers $ 401,760 83.6 % $ 303,108 81.1 % Other reinsurers’ balances > $1 million 73,005 15.2 % 61,222 16.4 % Other reinsurers’ balances < $1 million 5,913 1.2 % 9,327 2.5 % Total $ 480,678 100.0 % $ 373,657 100.0 % The following tables show the reinsurance balances recoverable due from, and the ratings associated with, the Company's top ten reinsurers as at September 30, 2016 and December 31, 2015: September 30, 2016 Top 10 Reinsurers Rating Reinsurance Recoverable % of Total Swiss Re AA- $ 84,388 17.7 % Fully collateralized reinsurers NR 84,296 17.5 % Lloyd's Syndicates A+ 77,607 16.1 % Hannover Re AA- 49,699 10.3 % Everest Re A+ 46,130 9.6 % Munich Re AA- 17,498 3.6 % Hamilton Re A- 12,502 2.6 % Transatlantic Re A+ 11,624 2.4 % Toa Re A+ 9,011 1.9 % XL Re A+ 9,005 1.9 % Total $ 401,760 83.6 % 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)	9 Months Ended
	Sep. 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, September 30, 2016 6,000
Summary of common shares issued and outstanding	The following table is a summary of the common share activity during the nine months ended September 30, 2016 and 2015 : Share Activity During the Nine Months Ended September 30, 2016 2015 Common shares issued, beginning of period 160,570,772 155,554,224 Restricted share awards vested, net of shares withheld 608,024 610,714 Restricted share units vested, net of shares withheld 18,486 13,260 Options exercised 27,983 782,465 Warrants exercised — 1,461,715 Direct issuance of common stock — 639 Performance share awards vested, net of shares withheld 48,088 11,524 Common shares issued, end of period 161,273,353 158,434,541 Treasury shares, end of period (81,830,323 ) (76,436,650 ) Common shares outstanding, end of period 79,443,030 81,997,891

Stock plans (Tables)

Stock plans (Tables)	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Options, activity during the period	Activity with respect to options for the nine months ended September 30, 2016 and 2015 was as follows: Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 Options Weighted Average Grant Date Fair Value Weighted Average Grant Date Exercise Price Options Weighted Average Grant Date Fair Value Weighted Average Grant Date Exercise Price Options outstanding, beginning of period 65,401 $ 7.74 $ 20.17 1,160,057 $ 7.12 $ 17.74 Options exercised (35,351 ) 8.16 17.82 (1,094,656 ) 7.09 17.60 Options outstanding, end of period 30,050 $ 7.24 $ 22.93 65,401 $ 7.74 $ 20.17
Restricted shares awards, activity during the period	Activity with respect to unvested restricted share awards for the nine months ended September 30, 2016 and 2015 was as follows: Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 Restricted Share Awards Weighted Average Grant Date Fair Value Restricted Share Awards Weighted Average Grant Date Fair Value Restricted share awards outstanding, beginning of period 2,739,446 $ 38.25 2,858,711 $ 35.81 Restricted share awards granted 559,516 48.78 706,341 43.58 Restricted share awards vested (789,547 ) 37.36 (783,704 ) 34.40 Restricted share awards forfeited (33,070 ) 40.25 (52,642 ) 38.03 Restricted share awards outstanding, end of period 2,476,345 $ 40.88 2,728,706 $ 38.19
Restricted share units, activity during the period	Activity with respect to unvested restricted share units for the nine months ended September 30, 2016 and 2015 was as follows: Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 Restricted Share Units Weighted Average Grant Date Fair Value Restricted Share Units Weighted Average Grant Date Fair Value Restricted share units outstanding, beginning of period 114,337 $ 38.47 103,484 $ 36.54 Restricted share units granted 21,609 48.83 28,057 42.91 Restricted share units vested (23,982 ) 38.18 (19,455 ) 34.58 Restricted share units issued in lieu of cash dividends 2,436 39.10 2,337 37.21 Restricted share units forfeited (8,338 ) 44.34 (892 ) 35.42 Restricted share units outstanding, end of period 106,062 $ 40.20 113,531 $ 38.47
Performance share awards, activity during the period	Activity with respect to unvested performance share awards for the nine months ended September 30, 2016 and 2015 was as follows: Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 Performance Share Awards Weighted Average Grant Date Fair Value Performance Share Awards Weighted Average Grant Date Fair Value Performance share awards outstanding, beginning of period 172,594 $ 40.70 106,369 $ 36.03 Performance share awards granted 125,290 48.75 81,569 45.03 Performance share awards vested (57,581 ) 36.11 (15,344 ) 31.38 Performance share awards conversion adjustment 45,517 36.82 — — Performance share awards outstanding, end of period 285,820 $ 44.53 172,594 $ 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 September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Restricted share awards $ 9,159 $ 9,081 $ 27,805 $ 26,213 Restricted share units 290 310 978 851 Performance share awards 1,052 592 3,682 1,215 Total $ 10,501 $ 9,983 $ 32,465 $ 28,279

Debt and financing arrangemen38

Debt and financing arrangements (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Summary of outstanding debentures and senior notes payable	The Company's outstanding debentures and senior notes payable as at September 30, 2016 and December 31, 2015 were as follows: September 30, 2016 December 31, 2015 Deferrable debentures: 2006 Junior Subordinated $ 150,000 $ 150,000 2007 Junior Subordinated 139,800 139,800 Flagstone 2006 Junior Subordinated 134,618 134,118 Flagstone 2007 Junior Subordinated 113,750 113,750 Total debentures payable 538,168 537,668 2010 Senior notes payable 250,000 250,000 Less: Unamortized debt issuance costs (4,689 ) (4,839 ) Total senior notes payable 245,311 245,161 Total debentures and senior notes payable $ 783,479 $ 782,829
Summary of outstanding credit and other facilities	The Company's outstanding credit and other facilities as at September 30, 2016 and December 31, 2015 were as follows: September 30, 2016 December 31, 2015 Commitment Drawn and outstanding Commitment Drawn and outstanding Credit and other facilities: $85,000 syndicated unsecured letter of credit facility $ 85,000 $ — $ 85,000 $ — $300,000 syndicated secured letter of credit facility 300,000 107,208 300,000 235,540 $24,000 secured bi-lateral letter of credit facility 24,000 11,726 24,000 10,543 $20,000 AlphaCat Re secured letter of credit facility 20,000 20,000 30,000 30,000 $25,000 IPC bi-lateral facility 25,000 5,553 25,000 9,241 $236,000 Flagstone bi-lateral facility 236,000 164,014 236,000 193,764 Total credit and other facilities $ 690,000 $ 308,501 $ 700,000 $ 479,088
Summary of key terms of debentures and senior notes	The following table summarizes the key terms of the Company's senior notes and junior subordinated deferrable debentures: Description Issuance date Amount Maturity date Interest Rate as at Interest payments due Issuance Date September 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 $ 134,618 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.
Investments and cash pledged as collateral under credit facilities	The Company has pledged cash and investments as collateral under the Company's credit facilities in the total amount of $548,669 (December 31, 2015: $826,535 ) as detailed in the table below: Cash and investments pledged as collateral Description September 30, 2016 December 31, 2015 $300,000 syndicated secured letter of credit facility $ 158,456 $ 370,909 $24,000 secured bi-lateral letter of credit facility 48,295 47,607 AlphaCat Re secured letter of credit facility 20,019 30,153 $236,000 Flagstone bi-lateral facility 321,899 377,866 Total $ 548,669 $ 826,535
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 facility fees, bank charges, Talbot Funds at Lloyds ("FAL") facility, AlphaCat financing fees and other charges as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 2006 Junior Subordinated Deferrable Debentures $ 2,135 $ 2,235 $ 6,557 $ 6,633 2007 Junior Subordinated Deferrable Debentures 1,851 1,848 5,512 5,492 Flagstone 2006 Junior Subordinated Deferrable Debentures 2,271 2,274 6,760 6,735 Flagstone 2007 Junior Subordinated Deferrable Debentures 1,784 1,807 5,317 5,335 2010 Senior Notes due 2040 5,597 5,597 16,791 16,791 Credit facilities 463 1,293 1,359 4,193 Bank charges, Talbot FAL facility and other charges (a) 276 1,149 489 3,608 AlphaCat fees (b) 144 2,309 1,105 9,374 Total finance expenses $ 14,521 $ 18,512 $ 43,890 $ 58,161 (a) On November 30, 2015, the Company terminated its 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)	9 Months Ended
	Sep. 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 nine months ended September 30, 2016 and 2015 was as follows: Foreign currency translation adjustment Minimum pension liability Cash flow hedge Total Three Months Ended September 30, 2016 Balance beginning of period, net of tax $ (17,149 ) $ 730 $ (1,763 ) $ (18,182 ) Net current period other comprehensive loss, net of tax (1,370 ) (1,101 ) (439 ) (2,910 ) Balance end of period, net of tax $ (18,519 ) $ (371 ) $ (2,202 ) $ (21,092 ) Three Months Ended September 30, 2015 Balance beginning of period, net of tax $ (8,374 ) $ (53 ) $ (639 ) $ (9,066 ) Net current period other comprehensive loss, net of tax (1,850 ) (28 ) 75 (1,803 ) Balance end of period, net of tax $ (10,224 ) $ (81 ) $ (564 ) $ (10,869 ) Nine Months Ended September 30, 2016 Balance beginning of period, net of tax $ (11,834 ) $ 334 $ (1,069 ) $ (12,569 ) Net current period other comprehensive loss, net of tax (6,685 ) (705 ) (1,133 ) (8,523 ) Balance end of period, net of tax $ (18,519 ) $ (371 ) $ (2,202 ) $ (21,092 ) Nine Months Ended September 30, 2015 Balance beginning of period, net of tax $ (8,118 ) $ (210 ) $ (228 ) $ (8,556 ) Net current period other comprehensive loss, net of tax (2,106 ) 129 (336 ) (2,313 ) Balance end of period, net of tax $ (10,224 ) $ (81 ) $ (564 ) $ (10,869 )

Earnings per share (Tables)

Earnings per share (Tables)	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Computation of basic and diluted earnings per share	The following table sets forth the computation of basic earnings per share and earnings per diluted share for the three and nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Basic earnings per share Net income available to Validus common shareholders 89,844 66,650 351,617 305,851 Less: Dividends on outstanding warrants — (1,080 ) — (3,566 ) Net income allocated to Validus common shareholders $ 89,844 $ 65,570 $ 351,617 $ 302,285 Weighted average number of common shares outstanding 80,134,394 82,635,316 81,635,496 83,296,703 Basic earnings per share available to Validus common shareholders $ 1.12 $ 0.79 $ 4.31 $ 3.63 Earnings per diluted share Net income available to Validus common shareholders 89,844 66,650 351,617 305,851 Less: Dividends on outstanding warrants — — — — Net income allocated to Validus common shareholders $ 89,844 $ 66,650 $ 351,617 $ 305,851 Weighted average number of common shares outstanding 80,134,394 82,635,316 81,635,496 83,296,703 Share equivalents: Warrants — 2,054,378 — 2,290,892 Stock options 26,705 47,702 32,126 190,429 Unvested restricted shares 1,083,457 892,098 1,271,002 1,063,903 Weighted average number of diluted common shares outstanding 81,244,556 85,629,494 82,938,624 86,841,927 Earnings per diluted share available to Validus common shareholders $ 1.11 $ 0.78 $ 4.24 $ 3.52

Segment information (Tables)

Segment information (Tables)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, Validus Re Segment Information 2016 2015 2016 2015 Underwriting revenues Gross premiums written $ 94,741 $ 103,297 $ 1,072,219 $ 1,112,410 Reinsurance premiums ceded (15,967 ) (15,846 ) (111,658 ) (149,001 ) Net premiums written 78,774 87,451 960,561 963,409 Change in unearned premiums 149,705 153,210 (241,129 ) (205,110 ) Net premiums earned 228,479 240,661 719,432 758,299 Other insurance related income (loss) 58 2,569 (107 ) 3,318 Total underwriting revenues 228,537 243,230 719,325 761,617 Underwriting deductions Losses and loss expenses 98,425 120,958 313,432 357,491 Policy acquisition costs 42,837 42,989 127,660 128,909 General and administrative expenses 17,528 19,964 52,579 58,254 Share compensation expenses 2,695 2,691 8,371 7,665 Total underwriting deductions 161,485 186,602 502,042 552,319 Underwriting income $ 67,052 $ 56,628 $ 217,283 $ 209,298 Selected ratios: Ratio of net to gross premiums written 83.1 % 84.7 % 89.6 % 86.6 % Losses and loss expense ratio 43.1 % 50.3 % 43.6 % 47.1 % Policy acquisition cost ratio 18.7 % 17.9 % 17.7 % 17.0 % General and administrative expense ratio (a) 8.9 % 9.4 % 8.5 % 8.7 % Expense ratio 27.6 % 27.3 % 26.2 % 25.7 % Combined ratio 70.7 % 77.6 % 69.8 % 72.8 % (a) The general and administrative expense ratio includes share compensation expenses. Three Months Ended September 30, Nine Months Ended September 30, Talbot Segment Information 2016 2015 2016 2015 Underwriting revenues Gross premiums written $ 189,674 $ 226,025 $ 752,058 $ 789,148 Reinsurance premiums ceded (22,877 ) (35,823 ) (137,496 ) (164,144 ) Net premiums written 166,797 190,202 614,562 625,004 Change in unearned premiums 32,258 15,942 (7,166 ) 9,167 Net premiums earned 199,055 206,144 607,396 634,171 Other insurance related income 99 470 389 564 Total underwriting revenues 199,154 206,614 607,785 634,735 Underwriting deductions Losses and loss expenses 109,860 94,414 319,271 268,512 Policy acquisition costs 46,488 44,575 134,444 141,338 General and administrative expenses 32,333 43,292 109,929 115,341 Share compensation expenses 3,163 3,214 9,955 9,195 Total underwriting deductions 191,844 185,495 573,599 534,386 Underwriting income $ 7,310 $ 21,119 $ 34,186 $ 100,349 Selected ratios: Ratio of net to gross premiums written 87.9 % 84.2 % 81.7 % 79.2 % Losses and loss expense ratio 55.2 % 45.8 % 52.6 % 42.4 % Policy acquisition cost ratio 23.4 % 21.6 % 22.1 % 22.3 % General and administrative expense ratio (a) 17.8 % 22.6 % 19.7 % 19.6 % Expense ratio 41.2 % 44.2 % 41.8 % 41.9 % Combined ratio 96.4 % 90.0 % 94.4 % 84.3 % (a) The general and administrative expense ratio includes share compensation expenses. Three Months Ended September 30, Nine Months Ended September 30, Western World Segment Information 2016 2015 2016 2015 Underwriting revenues Gross premiums written $ 85,260 $ 70,871 $ 236,190 $ 207,372 Reinsurance premiums ceded (6,202 ) (4,716 ) (15,347 ) (13,390 ) Net premiums written 79,058 66,155 220,843 193,982 Change in unearned premiums (8,260 ) (2,225 ) (22,890 ) 2,948 Net premiums earned 70,798 63,930 197,953 196,930 Other insurance related income 219 248 696 787 Total underwriting revenues 71,017 64,178 198,649 197,717 Underwriting deductions Losses and loss expenses 45,748 40,810 129,623 138,098 Policy acquisition costs 17,094 13,214 46,704 27,110 General and administrative expenses 10,171 9,587 33,704 29,137 Share compensation expenses 702 554 1,825 1,525 Total underwriting deductions 73,715 64,165 211,856 195,870 Underwriting (loss) income $ (2,698 ) $ 13 $ (13,207 ) $ 1,847 Selected ratios: Ratio of net to gross premiums written 92.7 % 93.3 % 93.5 % 93.5 % Losses and loss expense ratio 64.6 % 63.8 % 65.5 % 70.1 % Policy acquisition cost ratio 24.1 % 20.7 % 23.6 % 13.8 % General and administrative expense ratio (a) 15.4 % 15.9 % 17.9 % 15.6 % Expense ratio 39.5 % 36.6 % 41.5 % 29.4 % Combined ratio 104.1 % 100.4 % 107.0 % 99.5 % (a) The general and administrative expense ratio includes share compensation expenses. Three Months Ended September 30, Nine Months Ended September 30, AlphaCat Segment Information (a) 2016 2015 2016 2015 Revenues Third party $ 7,025 $ 5,762 $ 14,843 $ 14,622 Related party 1,373 1,738 2,592 4,058 Total revenues 8,398 7,500 17,435 18,680 Expenses General and administrative expenses 3,324 4,124 7,557 8,883 Share compensation expenses (107 ) 141 167 440 Finance expenses 31 2,297 914 9,259 Foreign exchange losses (gains) 5 (11 ) 17 (9 ) Total expenses 3,253 6,551 8,655 18,573 Income before investments from AlphaCat Funds and Sidecars 5,145 949 8,780 107 Investment income (loss) from AlphaCat Funds and Sidecars (b) AlphaCat Sidecars (72 ) 1,445 593 3,886 AlphaCat ILS Funds - Lower Risk (c) 2,321 2,274 6,903 5,454 AlphaCat ILS Funds - Higher Risk (c) 2,479 1,807 5,607 6,608 BetaCat ILS Funds 1,303 1,007 2,979 1,241 PaCRe — (7,963 ) (23 ) (2,241 ) Total investment income (loss) from AlphaCat Funds and Sidecars 6,031 (1,430 ) 16,059 14,948 Validus' share of AlphaCat segment income (loss) $ 11,176 $ (481 ) $ 24,839 $ 15,055 Supplemental information: Gross premiums written AlphaCat Sidecars $ (112 ) $ 2,079 $ (178 ) $ 45,426 AlphaCat ILS Funds - Lower Risk (c) 2,049 1,653 112,241 90,088 AlphaCat ILS Funds - Higher Risk (c) 1,797 1,374 140,127 34,192 AlphaCat Direct (d) 679 4,785 18,476 4,785 Total gross premiums written $ 4,413 $ 9,891 $ 270,666 $ 174,491 (a) The results of AlphaCat are presented on an asset manager basis, which is non-GAAP. A reconciliation of Validus' share of AlphaCat segment income to segmental income is presented 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 September 30, Nine Months Ended September 30, Corporate and Investment Information 2016 2015 2016 2015 Investment income Net investment income (a) $ 41,071 $ 29,991 $ 105,843 $ 91,281 Operating expenses General and administrative expenses 18,221 18,804 52,276 51,502 Share compensation expenses 4,048 3,383 12,147 9,454 Finance expenses (a) 14,317 15,143 42,637 45,623 Dividends on preferred shares 2,252 — 2,252 — Tax expense 1,830 2,018 1,418 7,132 Total operating expenses 40,668 39,348 110,730 113,711 Other items Net realized gains (losses) on investments (a) 4,080 (1,233 ) 5,514 5,051 Change in net unrealized gains on investments (a) 4,652 1,765 81,782 2,508 Income (loss) from investment affiliate 453 2,482 (4,249 ) 5,542 Foreign exchange (losses) gains (a) (1,067 ) (2,331 ) 11,628 (9,024 ) Other loss (1,529 ) (1,970 ) (773 ) (2,578 ) Total other items 6,589 (1,287 ) 93,902 1,499 Total corporate and investment information $ 6,992 $ (10,644 ) $ 89,015 $ (20,931 ) (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 along with our corporate and investments function to the Consolidated results of the Company for the periods indicated: Three Months Ended September 30, 2016 Validus Re Segment Talbot Segment Western World Segment AlphaCat Segment and Consolidated VIEs Corporate and Investments Eliminations Total Underwriting revenues Gross premiums written $ 94,741 $ 189,674 $ 85,260 $ 4,413 $ — $ (1,670 ) $ 372,418 Reinsurance premiums ceded (15,967 ) (22,877 ) (6,202 ) (1,630 ) — 1,670 (45,006 ) Net premiums written 78,774 166,797 79,058 2,783 — — 327,412 Change in unearned premiums 149,705 32,258 (8,260 ) 62,660 — — 236,363 Net premiums earned 228,479 199,055 70,798 65,443 — — 563,775 Other insurance related income 58 99 219 8,656 — (8,113 ) 919 Total underwriting revenues 228,537 199,154 71,017 74,099 — (8,113 ) 564,694 Underwriting deductions Losses and loss expenses 98,425 109,860 45,748 4,361 — — 258,394 Policy acquisition costs 42,837 46,488 17,094 7,075 — (60 ) 113,434 General and administrative expenses 17,528 32,333 10,171 12,255 18,221 (8,065 ) 82,443 Share compensation expenses 2,695 3,163 702 (107 ) 4,048 — 10,501 Total underwriting deductions 161,485 191,844 73,715 23,584 22,269 (8,125 ) 464,772 Underwriting income (loss) $ 67,052 $ 7,310 $ (2,698 ) $ 50,515 $ (22,269 ) $ 12 $ 99,922 Other items (a) — — — 1,221 (9,558 ) — (8,337 ) Dividends on preferred shares — — — — (2,252 ) — (2,252 ) Net investment income — — — 2,443 41,071 — 43,514 (Income) attributable to AlphaCat investors — — — (5,564 ) — — (5,564 ) Net (income) attributable to noncontrolling interest — — — (37,439 ) — — (37,439 ) Segmental income (loss) $ 67,052 $ 7,310 $ (2,698 ) $ 11,176 $ 6,992 $ 12 Net income available to Validus common shareholders $ 89,844 (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 September 30, 2015 Validus Re Segment Talbot Segment Western World Segment AlphaCat Segment and Consolidated VIEs Corporate and Investments Eliminations Total Underwriting revenues Gross premiums written $ 103,297 $ 226,025 $ 70,871 $ 9,891 $ — $ (7,575 ) $ 402,509 Reinsurance premiums ceded (15,846 ) (35,823 ) (4,716 ) — — 7,575 (48,810 ) Net premiums written 87,451 190,202 66,155 9,891 — — 353,699 Change in unearned premiums 153,210 15,942 (2,225 ) 34,385 — — 201,312 Net premiums earned 240,661 206,144 63,930 44,276 — — 555,011 Other insurance related income 2,569 470 248 7,719 — (7,510 ) 3,496 Total underwriting revenues 243,230 206,614 64,178 51,995 — (7,510 ) 558,507 Underwriting deductions Losses and loss expenses 120,958 94,414 40,810 (172 ) — — 256,010 Policy acquisition costs 42,989 44,575 13,214 4,606 — (345 ) 105,039 General and administrative expenses 19,964 43,292 9,587 12,419 18,804 (7,180 ) 96,886 Share compensation expenses 2,691 3,214 554 141 3,383 — 9,983 Total underwriting deductions 186,602 185,495 64,165 16,994 22,187 (7,525 ) 467,918 Underwriting income (loss) $ 56,628 $ 21,119 $ 13 $ 35,001 $ (22,187 ) $ 15 $ 90,589 Other items (a) — — — (9,396 ) (18,448 ) — (27,844 ) Dividends on preferred shares — — — — — — — Net investment income — — — 1,581 29,991 — 31,572 (Income) attributable to AlphaCat investors — — — (1,438 ) — — (1,438 ) Net (income) attributable to noncontrolling interest — — — (26,229 ) — — (26,229 ) Segmental income (loss) $ 56,628 $ 21,119 $ 13 $ (481 ) $ (10,644 ) $ 15 Net income available to Validus common shareholders $ 66,650 (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). Nine Months Ended September 30, 2016 Validus Re Segment Talbot Segment Western World Segment AlphaCat Segment and Consolidated VIEs Corporate and Investments Eliminations Total Underwriting revenues Gross premiums written $ 1,072,219 $ 752,058 $ 236,190 $ 270,666 $ — $ (21,882 ) $ 2,309,251 Reinsurance premiums ceded (111,658 ) (137,496 ) (15,347 ) (6,451 ) — 21,882 (249,070 ) Net premiums written 960,561 614,562 220,843 264,215 — — 2,060,181 Change in unearned premiums (241,129 ) (7,166 ) (22,890 ) (80,230 ) — — (351,415 ) Net premiums earned 719,432 607,396 197,953 183,985 — — 1,708,766 Other insurance related (loss) income (107 ) 389 696 17,722 — (16,300 ) 2,400 Total underwriting revenues 719,325 607,785 198,649 201,707 — (16,300 ) 1,711,166 Underwriting deductions Losses and loss expenses 313,432 319,271 129,623 27,645 — — 789,971 Policy acquisition costs 127,660 134,444 46,704 19,762 — 23 328,593 General and administrative expenses 52,579 109,929 33,704 26,272 52,276 (16,421 ) 258,339 Share compensation expenses 8,371 9,955 1,825 167 12,147 — 32,465 Total underwriting deductions 502,042 573,599 211,856 73,846 64,423 (16,398 ) 1,409,368 Underwriting income (loss) $ 217,283 $ 34,186 $ (13,207 ) $ 127,861 $ (64,423 ) $ 98 $ 301,798 Other items (a) — — — 2,433 49,847 — 52,280 Dividends on preferred shares — — — — (2,252 ) — (2,252 ) Net investment income — — — 6,986 105,843 (597 ) 112,232 (Income) attributable to AlphaCat investors — — — (16,278 ) — — (16,278 ) Net (income) attributable to noncontrolling interest — — — (96,163 ) — — (96,163 ) Segmental income (loss) $ 217,283 $ 34,186 $ (13,207 ) $ 24,839 $ 89,015 $ (499 ) Net income available to Validus common shareholders $ 351,617 (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). Nine Months Ended September 30, 2015 Validus Re Segment Talbot Segment Western World Segment AlphaCat Segment and Consolidated VIEs Corporate and Investments Eliminations Total Underwriting revenues Gross premiums written $ 1,112,410 $ 789,148 $ 207,372 $ 174,491 $ — $ (35,520 ) $ 2,247,901 Reinsurance premiums ceded (149,001 ) (164,144 ) (13,390 ) (4,538 ) — 35,520 (295,553 ) Net premiums written 963,409 625,004 193,982 169,953 — — 1,952,348 Change in unearned premiums (205,110 ) 9,167 2,948 (55,764 ) — — (248,759 ) Net premiums earned 758,299 634,171 196,930 114,189 — — 1,703,589 Other insurance related income 3,318 564 787 19,175 — (18,700 ) 5,144 Total underwriting revenues 761,617 634,735 197,717 133,364 — (18,700 ) 1,708,733 Underwriting deductions Losses and loss expenses 357,491 268,512 138,098 (1,016 ) — — 763,085 Policy acquisition costs 128,909 141,338 27,110 11,783 — (1,367 ) 307,773 General and administrative expenses 58,254 115,341 29,137 28,478 51,502 (17,566 ) 265,146 Share compensation expenses 7,665 9,195 1,525 440 9,454 — 28,279 Total underwriting deductions 552,319 534,386 195,870 39,685 60,956 (18,933 ) 1,364,283 Underwriting income (loss) $ 209,298 $ 100,349 $ 1,847 $ 93,679 $ (60,956 ) $ 233 $ 344,450 Other items (a) — — — (15,149 ) (51,256 ) — (66,405 ) Dividends on preferred shares — — — — — — — Net investment income — — — 4,931 91,281 — 96,212 (Income) attributable to AlphaCat investors — — — (1,438 ) — — (1,438 ) Net (income) attributable to noncontrolling interest — — — (66,968 ) — — (66,968 ) Segmental income (loss) $ 209,298 $ 100,349 $ 1,847 $ 15,055 $ (20,931 ) $ 233 Net income available to Validus $ 305,851 (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 by operating segment allocated to the territory of coverage exposure for the periods indicated: Gross Premiums Written Three Months Ended September 30, 2016 Validus Re Talbot Western World AlphaCat Eliminations Total % United States $ 31,345 $ 19,937 $ 85,260 $ 1,837 $ (76 ) $ 138,303 37.1 % Worldwide excluding United States (a) 4,145 40,058 — (288 ) (39 ) 43,876 11.7 % Australia and New Zealand 57 3,238 — — 6 3,301 0.9 % Europe 4,536 4,957 — — 40 9,533 2.6 % Latin America and Caribbean 17,036 25,173 — — (793 ) 41,416 11.1 % Japan (33 ) 997 — — 7 971 0.3 % Canada 149 2,015 — — (42 ) 2,122 0.6 % Rest of the world (b) 2,360 19,166 — — 66 21,592 5.8 % Sub-total, non United States 28,250 95,604 — (288 ) (755 ) 122,811 33.0 % Worldwide including United States (a) 22,399 12,771 — 2,872 (838 ) 37,204 10.0 % Other locations non-specific (c) 12,747 61,362 — (8 ) (1 ) 74,100 19.9 % Total $ 94,741 $ 189,674 $ 85,260 $ 4,413 $ (1,670 ) $ 372,418 100.0 % Gross Premiums Written Three Months Ended September 30, 2015 Validus Re Talbot Western World AlphaCat Eliminations Total % United States $ 34,968 $ 21,886 $ 70,871 $ 4,076 $ (307 ) $ 131,494 32.6 % Worldwide excluding United States (a) 5,477 30,721 — 101 (208 ) 36,091 9.0 % Australia and New Zealand 473 3,520 — — (85 ) 3,908 1.0 % Europe 6,165 7,839 — (8 ) (101 ) 13,895 3.5 % Latin America and Caribbean 17,079 27,249 — — (2,024 ) 42,304 10.5 % Japan (10 ) 1,149 — — (84 ) 1,055 0.3 % Canada 315 1,455 — (30 ) (71 ) 1,669 0.4 % Rest of the world (b) 2,643 28,380 — — (521 ) 30,502 7.6 % Sub-total, non United States 32,142 100,313 — 63 (3,094 ) 129,424 32.3 % Worldwide including United States (a) 9,542 20,296 — 4,960 (4,072 ) 30,726 7.6 % Other locations non-specific (c) 26,645 83,530 — 792 (102 ) 110,865 27.5 % Total $ 103,297 $ 226,025 $ 70,871 $ 9,891 $ (7,575 ) $ 402,509 100.0 % (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 Nine Months Ended September 30, 2016 Validus Re Talbot Western World AlphaCat Eliminations Total % United States $ 455,826 $ 85,182 $ 236,190 $ 64,566 $ (1,631 ) $ 840,133 36.4 % Worldwide excluding United States (a) 51,384 105,590 — 22,219 (650 ) 178,543 7.8 % Australia and New Zealand 6,906 7,613 — 4,949 (107 ) 19,361 0.8 % Europe 30,270 25,673 — 3,306 (668 ) 58,581 2.5 % Latin America and Caribbean 36,610 76,577 — — (6,330 ) 106,857 4.6 % Japan 39,892 5,579 — 3,221 (24 ) 48,668 2.1 % Canada 3,646 5,577 — 223 (129 ) 9,317 0.4 % Rest of the world (b) 22,307 76,456 — — (2,276 ) 96,487 4.2 % Sub-total, non United States 191,015 303,065 — 33,918 (10,184 ) 517,814 22.4 % Worldwide including United States (a) 169,737 75,423 — 170,639 (10,052 ) 405,747 17.6 % Other locations non-specific (c) 255,641 288,388 — 1,543 (15 ) 545,557 23.6 % Total $ 1,072,219 $ 752,058 $ 236,190 $ 270,666 $ (21,882 ) $ 2,309,251 100.0 % Gross Premiums Written Nine Months Ended September 30, 2015 Validus Re Talbot Western World AlphaCat Eliminations Total % United States $ 544,988 $ 89,980 $ 207,372 $ 41,021 $ (2,189 ) $ 881,172 39.2 % Worldwide excluding United States (a) 52,765 95,894 — 8,107 (1,141 ) 155,625 6.9 % Australia and New Zealand 11,980 6,569 — 624 (211 ) 18,962 0.8 % Europe 47,182 31,637 — 2,504 (1,005 ) 80,318 3.6 % Latin America and Caribbean 34,011 78,634 — — (9,837 ) 102,808 4.6 % Japan 39,174 4,746 — 1,671 (142 ) 45,449 2.0 % Canada 3,097 5,452 — 458 (195 ) 8,812 0.4 % Rest of the world (b) 24,323 76,368 — — (3,063 ) 97,628 4.3 % Sub-total, non United States 212,532 299,300 — 13,364 (15,594 ) 509,602 22.6 % Worldwide including United States (a) 132,353 74,794 — 115,264 (17,731 ) 304,680 13.6 % Other locations non-specific (c) 222,537 325,074 — 4,842 (6 ) 552,447 24.6 % Total $ 1,112,410 $ 789,148 $ 207,372 $ 174,491 $ (35,520 ) $ 2,247,901 100.0 % (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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of comprehensive income
Total revenues	$ 616,222	$ 590,728	$ 1,921,009	$ 1,806,074
Total expenses	479,293	486,430	1,453,258	1,422,444
Net (loss) income	129,535	92,879	450,032	372,819
Net loss (income) attributable to noncontrolling interest	(37,439)	(26,229)	(96,163)	(66,968)
Net income available to Validus	92,096	66,650	353,869	305,851
Comprehensive income available to Validus	$ 89,186	$ 64,847	$ 345,346	$ 303,538
Basic earnings per share available to common shareholders	$ 1.12	$ 0.79	$ 4.31	$ 3.63
Earnings per diluted share available to common shareholders	$ 1.11	$ 0.78	$ 4.24	$ 3.52
Statement of cash flows
Net cash provided by operating activities			$ 254,596	$ 146,860
Net cash used in investing activities			(669,307)	(179,193)
Net cash provided by (used in) financing activities			149,847	(91,693)
Effect of foreign currency rate changes on cash and cash equivalents			(14,253)	(13,901)
Net decrease in cash			(279,117)	(137,927)
Cash and cash equivalents - beginning of period			723,109	550,401
Cash and cash equivalents - end of period	$ 443,992	$ 412,474	$ 443,992	412,474
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		518,564		1,799,261
Total expenses		486,829		1,420,839
Net (loss) income		(5,013)		289,032
Net loss (income) attributable to noncontrolling interest		71,663		15,042
Net income available to Validus		66,650		304,074
Comprehensive income available to Validus		$ 64,847		$ 301,761
Basic earnings per share available to common shareholders		$ 0.79		$ 3.61
Earnings per diluted share available to common shareholders		$ 0.78		$ 3.50
Statement of cash flows
Net cash provided by operating activities				$ 51,878
Net cash used in investing activities				(560,622)
Net cash provided by (used in) financing activities				367,421
Effect of foreign currency rate changes on cash and cash equivalents				(27,432)
Net decrease in cash				(168,755)
Cash and cash equivalents - beginning of period				577,240
Cash and cash equivalents - end of period		$ 408,485		408,485
Adjustments for New Accounting Principle, Early Adoption [Member] | Adjustment for adoption of new consolidation guidance
Statement of comprehensive income
Total revenues		72,164		6,813
Total expenses		(399)		1,605
Net (loss) income		97,892		83,787
Net loss (income) attributable to noncontrolling interest		(97,892)		(82,010)
Net income available to Validus		0		1,777
Comprehensive income available to Validus		$ 0		$ 1,777
Basic earnings per share available to common shareholders		$ 0		$ 0.02
Earnings per diluted share available to common shareholders		$ 0		$ 0.02
Statement of cash flows
Net cash provided by operating activities				$ 94,982
Net cash used in investing activities				381,429
Net cash provided by (used in) financing activities				(459,114)
Effect of foreign currency rate changes on cash and cash equivalents				13,531
Net decrease in cash				30,828
Cash and cash equivalents - beginning of period				(26,839)
Cash and cash equivalents - end of period		$ 3,989		$ 3,989

Investments (Gross unrealized g

Investments (Gross unrealized gains and losses on fixed maturities) (Details) - USD ($) $ in Thousands	Sep. 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	$ 5,547,838	$ 5,556,900
Short-term investments, at amortized cost or cost	2,481,573	1,941,615
Other investments, at amortized cost or cost	371,668	315,963
Total investments	8,401,079	7,814,478
Gross unrealized gains	85,914	36,781
Gross unrealized losses	(34,551)	(62,437)
Total fixed maturities	5,576,341	5,510,331
Total short-term investments	2,481,406	1,941,635
Total other investments	394,695	336,856
Total investments	8,452,442	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	5,392,839	5,369,053
Short-term investments, at amortized cost or cost	197,970	237,349
Other investments, at amortized cost or cost	371,668	315,963
Total investments	5,962,477	5,922,365
Fixed maturities, gross unrealized gains	57,659	12,724
Short term investments, gross unrealized gains	0	20
Other investments, gross unrealized gains	25,365	23,402
Gross unrealized gains	83,024	36,146
Fixed maturities, gross unrealized losses	(30,548)	(57,825)
Short term investments, gross unrealized losses	(167)	0
Other investments, gross unrealized losses	(2,338)	(2,509)
Gross unrealized losses	(33,053)	(60,334)
Total fixed maturities	5,419,950	5,323,952
Total short-term investments	197,803	237,369
Total other investments	394,695	336,856
Total investments	6,012,448	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	833,897	940,428
Fixed maturities, gross unrealized gains	4,088	333
Fixed maturities, gross unrealized losses	(439)	(3,559)
Total fixed maturities	837,546	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	251,863	241,549
Fixed maturities, gross unrealized gains	1,503	257
Fixed maturities, gross unrealized losses	(4,976)	(3,838)
Total fixed maturities	248,390	237,968
Managed investments | U.S. states, municipalities and political subdivisions
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Fixed maturities, at amortized cost or cost	278,172	299,929
Fixed maturities, gross unrealized gains	5,585	2,322
Fixed maturities, gross unrealized losses	(396)	(962)
Total fixed maturities	283,361	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	644,403	606,676
Fixed maturities, gross unrealized gains	13,980	6,361
Fixed maturities, gross unrealized losses	(507)	(2,455)
Total fixed maturities	657,876	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	21,142	27,025
Fixed maturities, gross unrealized gains	160	310
Fixed maturities, gross unrealized losses	(687)	(415)
Total fixed maturities	20,615	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	1,509,117	1,503,614
Fixed maturities, gross unrealized gains	19,102	1,594
Fixed maturities, gross unrealized losses	(1,542)	(15,257)
Total fixed maturities	1,526,677	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	434,621	453,178
Fixed maturities, gross unrealized gains	3,611	797
Fixed maturities, gross unrealized losses	(6,600)	(7,405)
Total fixed maturities	431,632	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	598,847	592,981
Fixed maturities, gross unrealized gains	1,635	275
Fixed maturities, gross unrealized losses	(12,945)	(17,045)
Total fixed maturities	587,537	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	484,480	440,363
Fixed maturities, gross unrealized gains	2,607	344
Fixed maturities, gross unrealized losses	(1,568)	(3,583)
Total fixed maturities	485,519	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	336,297	263,310
Fixed maturities, gross unrealized gains	5,388	131
Fixed maturities, gross unrealized losses	(888)	(3,306)
Total fixed maturities	340,797	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	12,073	14,018
Other investments, gross unrealized gains	5,983	6,962
Other investments, gross unrealized losses	0	0
Total other investments	18,056	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	69,353	53,489
Other investments, gross unrealized gains	16,157	12,751
Other investments, gross unrealized losses	(1,840)	(2,469)
Total other investments	83,670	63,771
Managed investments | Fixed income investment funds
Amortized cost (or cost), gross unrealized gains and (losses) and estimated fair value of investments
Other investments, at amortized cost or cost	232,614	188,121
Other investments, gross unrealized gains	823	600
Other investments, gross unrealized losses	0	0
Total other investments	233,437	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	53,246	54,484
Other investments, gross unrealized gains	0	0
Other investments, gross unrealized losses	0	0
Total other investments	53,246	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	2,925	4,394
Other investments, gross unrealized gains	2,402	3,089
Other investments, gross unrealized losses	0	0
Total other investments	5,327	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	154,999	187,847
Short-term investments, at amortized cost or cost	2,283,603	1,704,266
Total investments	2,438,602	1,892,113
Short term investments, gross unrealized gains	0	0
Gross unrealized gains	2,890	635
Short term investments, gross unrealized losses	0	0
Gross unrealized losses	(1,498)	(2,103)
Total fixed maturities	156,391	186,379
Total short-term investments	2,283,603	1,704,266
Total investments	2,439,994	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	154,999	187,847
Fixed maturities, gross unrealized gains	2,890	635
Fixed maturities, gross unrealized losses	(1,498)	(2,103)
Total fixed maturities	$ 156,391	$ 186,379

Investments (Fixed maturities b

Investments (Fixed maturities by investment rating) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Fixed Maturities
Fair value	$ 5,576,341	$ 5,510,331
Percentage of total	100.00%	100.00%
Managed investments
Fixed Maturities
Fair value	$ 5,419,950	$ 5,323,952
Percentage of total	97.20%	96.60%
Managed investments | Total investment grade fixed maturities
Fixed Maturities
Fair value	$ 4,764,325	$ 4,659,892
Percentage of total	85.40%	84.60%
Managed investments | Total investment grade fixed maturities | AAA
Fixed Maturities
Fair value	$ 2,417,068	$ 2,367,642
Percentage of total	43.30%	43.00%
Managed investments | Total investment grade fixed maturities | AA
Fixed Maturities
Fair value	$ 526,729	$ 569,386
Percentage of total	9.50%	10.30%
Managed investments | Total investment grade fixed maturities | A
Fixed Maturities
Fair value	$ 1,084,128	$ 1,031,326
Percentage of total	19.40%	18.70%
Managed investments | Total investment grade fixed maturities | BBB
Fixed Maturities
Fair value	$ 736,400	$ 691,538
Percentage of total	13.20%	12.60%
Managed investments | Total non-investment grade fixed maturities
Fixed Maturities
Fair value	$ 655,625	$ 664,060
Percentage of total	11.80%	12.00%
Managed investments | Total non-investment grade fixed maturities | BB
Fixed Maturities
Fair value	$ 228,798	$ 235,724
Percentage of total	4.10%	4.30%
Managed investments | Total non-investment grade fixed maturities | B
Fixed Maturities
Fair value	$ 182,261	$ 179,069
Percentage of total	3.30%	3.20%
Managed investments | Total non-investment grade fixed maturities | CCC
Fixed Maturities
Fair value	$ 9,561	$ 5,706
Percentage of total	0.20%	0.10%
Managed investments | Total non-investment grade fixed maturities | CC
Fixed Maturities
Fair value	$ 0	$ 1,015
Percentage of total	0.00%	0.00%
Managed investments | Total non-investment grade fixed maturities | NR
Fixed Maturities
Fair value	$ 235,005	$ 242,546
Percentage of total	4.20%	4.40%
Non-managed investments
Fixed Maturities
Fair value	$ 156,391	$ 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	$ 156,391	$ 184,468
Percentage of total	2.80%	3.40%
Non-managed investments | Total non-investment grade fixed maturities | BB
Fixed Maturities
Fair value	$ 31,052	$ 70,962
Percentage of total	0.50%	1.30%
Non-managed investments | Total non-investment grade fixed maturities | B
Fixed Maturities
Fair value	$ 4,922	$ 30,698
Percentage of total	0.10%	0.60%
Non-managed investments | Total non-investment grade fixed maturities | NR
Fixed Maturities
Fair value	$ 120,417	$ 82,808
Percentage of total	2.20%	1.50%

Investments (Maturity profile o

Investments (Maturity profile of fixed maturity investments) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Maturity profile
Amortized cost	$ 5,547,838	$ 5,556,900
Fair value	5,576,341	5,510,331
Managed investments
Maturity profile
Amortized cost	5,392,839	5,369,053
Fair value	5,419,950	5,323,952
Managed investments | Fixed maturities trading securities allocated to contractual maturity
Maturity profile
Amortized cost	3,906,517	4,031,679
Fair value	3,915,143	3,989,191
Managed investments | Due in one year or less | Fixed maturities trading securities allocated to contractual maturity
Maturity profile
Amortized cost	368,627	367,132
Fair value	366,437	366,019
Managed investments | Due after one year through five years | Fixed maturities trading securities allocated to contractual maturity
Maturity profile
Amortized cost	2,990,875	2,965,920
Fair value	2,992,940	2,936,053
Managed investments | Due after five years through ten years | Fixed maturities trading securities allocated to contractual maturity
Maturity profile
Amortized cost	433,478	548,183
Fair value	441,449	539,083
Managed investments | Due after ten years | Fixed maturities trading securities allocated to contractual maturity
Maturity profile
Amortized cost	113,537	150,444
Fair value	114,317	148,036
Managed investments | Asset backed and mortgaged backed securities | No single maturity date
Maturity profile
Amortized cost	1,486,322	1,337,374
Fair value	1,504,807	1,334,761
Non-managed investments
Maturity profile
Amortized cost	154,999	187,847
Fair value	156,391	186,379
Non-managed investments | Due in one year or less | Fixed maturities trading securities allocated to contractual maturity
Maturity profile
Amortized cost	40,231	7,504
Fair value	41,648	7,544
Non-managed investments | Due after one year through five years | Fixed maturities trading securities allocated to contractual maturity
Maturity profile
Amortized cost	114,018	165,093
Fair value	113,992	163,575
Non-managed investments | Due after five years through ten years | Fixed maturities trading securities allocated to contractual maturity
Maturity profile
Amortized cost	750	15,250
Fair value	751	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		9 Months Ended	12 Months Ended
		Sep. 30, 2016	Dec. 31, 2015
Investment [Line Items]
Other investments, at fair value		$ 394,695	$ 336,856
Managed investments
Investment [Line Items]
Other investments, at fair value		394,695	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		18,056	20,980
Managed investments | Private equity investments
Investment [Line Items]
Other investments, at fair value		83,670	63,771
Managed investments | Fixed income investment funds
Investment [Line Items]
Other investments, at fair value		233,437	188,721
Managed investments | Overseas deposits
Investment [Line Items]
Other investments, at fair value		53,246	54,484
Managed investments | Mutual funds
Investment [Line Items]
Other investments, at fair value		5,327	7,483
Recurring | Managed investments
Investment [Line Items]
Other investments, at fair value		394,695	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		18,056	20,980
Recurring | Managed investments | Private equity investments
Investment [Line Items]
Other investments, at fair value		83,670	63,771
Recurring | Managed investments | Fixed income investment funds
Investment [Line Items]
Other investments, at fair value		233,437	188,721
Recurring | Managed investments | Overseas deposits
Investment [Line Items]
Other investments, at fair value		53,246	54,484
Recurring | Managed investments | Mutual funds
Investment [Line Items]
Other investments, at fair value		5,327	7,483
Recurring | Managed investments | Subject to redemption restriction
Investment [Line Items]
Other investments, at fair value		336,626	308,562
Recurring | Managed investments | Subject to redemption restriction | Fund of hedge funds
Investment [Line Items]
Other investments, at fair value		959	1,417
Recurring | Managed investments | Subject to redemption restriction | Hedge funds
Investment [Line Items]
Other investments, at fair value		18,056	20,980
Recurring | Managed investments | Subject to redemption restriction | Private equity investments
Investment [Line Items]
Other investments, at fair value		83,670	63,771
Recurring | Managed investments | Subject to redemption restriction | Fixed income investment funds
Investment [Line Items]
Other investments, at fair value		180,695	167,910
Recurring | Managed investments | Subject to redemption restriction | Overseas deposits
Investment [Line Items]
Other investments, at fair value		53,246	54,484
Recurring | Managed investments | Subject to redemption restriction | Mutual funds
Investment [Line Items]
Other investments, at fair value		0	0
Recurring | Managed investments | Not subject to redemption restriction
Investment [Line Items]
Other investments, at fair value		58,069	28,294
Recurring | Managed investments | Not subject to redemption restriction | Fund of hedge funds
Investment [Line Items]
Other investments, at fair value		0	0
Recurring | Managed investments | Not subject to redemption restriction | Hedge funds
Investment [Line Items]
Other investments, at fair value		0	0
Recurring | Managed investments | Not subject to redemption restriction | Private equity investments
Investment [Line Items]
Other investments, at fair value		0	0
Recurring | Managed investments | Not subject to redemption restriction | Fixed income investment funds
Investment [Line Items]
Other investments, at fair value		$ 52,742	$ 20,811
Redemption frequency	[1]	Daily	Daily
Redemption notice period	[1]	2 days	2 days
Recurring | Managed investments | Not subject to redemption restriction | Overseas deposits
Investment [Line Items]
Other investments, at fair value		$ 0	$ 0
Recurring | Managed investments | Not subject to redemption restriction | Mutual funds
Investment [Line Items]
Other investments, at fair value		$ 5,327	$ 7,483
Redemption frequency	[1]	Daily	Daily
Redemption notice period	[1]	1 day	1 day
[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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Net investment income
Net investment income	$ 43,514	$ 31,572	$ 112,232	$ 96,212
Managed investments
Net investment income
Total gross investment income	43,253	32,047	112,051	97,207
Investment expenses	(2,182)	(2,056)	(6,208)	(5,926)
Net investment income	41,071	29,991	105,843	91,281
Managed investments | Fixed maturities and short term investments
Net investment income
Total gross investment income	30,572	26,621	89,210	83,727
Managed investments | Other investments
Net investment income
Total gross investment income	11,768	5,086	20,666	12,288
Managed investments | Restricted cash, cash and cash equivalents
Net investment income
Total gross investment income	891	336	2,136	1,179
Managed investments | Securities lending income
Net investment income
Total gross investment income	22	4	39	13
Non-managed investments
Net investment income
Net investment income	2,443	1,581	6,389	4,931
Non-managed investments | Fixed maturities and short term investments
Net investment income
Total gross investment income	1,970	1,544	5,242	4,851
Non-managed investments | Restricted cash, cash and cash equivalents
Net investment income
Total gross investment income	$ 473	$ 37	$ 1,147	$ 80

Investments (Realized and unrea

Investments (Realized and unrealized gains) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Fixed Maturities Short Term And Other Investments And Cash Equivalents [Abstract]
Net realized gains on investments	$ 4,397	$ (1,187)	$ 6,537	$ 5,226
Change in net unrealized gains on investments	5,459	3,916	84,331	2,467
Total net realized and change in net unrealized gains (losses) on investments	9,856	2,729	90,868	7,693
Managed investments
Fixed Maturities Short Term And Other Investments And Cash Equivalents [Abstract]
Gross realized gains	4,544	1,826	11,067	14,275
Gross realized losses	(464)	(3,059)	(5,553)	(9,224)
Net realized gains on investments	4,080	(1,233)	5,514	5,051
Change in net unrealized gains on investments	4,652	1,765	81,782	2,508
Total net realized and change in net unrealized gains (losses) on investments	8,732	532	87,296	7,559
Non-managed investments
Fixed Maturities Short Term And Other Investments And Cash Equivalents [Abstract]
Gross realized gains	317	46	1,032	186
Gross realized losses	0	0	(9)	(11)
Net realized gains on investments	317	46	1,023	175
Change in net unrealized gains on investments	807	2,151	2,549	(41)
Total net realized and change in net unrealized gains (losses) on investments	$ 1,124	$ 2,197	$ 3,572	$ 134

Investments (Narrative) (Detail

Investments (Narrative) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)funds	Dec. 31, 2015USD ($)
Schedule of Trading Securities and Other Trading Assets [Line Items]
Investments and cash pledged as collateral	$ 548,669	$ 826,535
Other investments, at fair value	394,695	336,856
Cash, cash equivalents, restricted cash and investments pledged as collateral	5,104,602	4,056,788
Investments held in trust	$ 4,975,676	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	$ 394,695	336,856
Managed investments | Recurring
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other investments, at fair value	394,695	336,856
Managed investments | Recurring | Subject to redemption restriction
Schedule of Trading Securities and Other Trading Assets [Line Items]
Other investments, at fair value	$ 336,626	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	$ 180,695	$ 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	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	$ 5,576,341	$ 5,510,331
Short-term investments, at fair value	2,481,406	1,941,635
Other investments, at fair value	394,695	336,856
Total investments	8,452,442	7,788,822
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	8,452,442	7,788,822
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	2,460,412	1,926,944
Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	5,319,901	5,307,479
Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total investments	314,431	245,837
Managed investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	5,419,950	5,323,952
Short-term investments, at fair value	197,803	237,369
Other investments, at fair value	394,695	336,856
Total investments	6,012,448	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	837,546	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	248,390	237,968
Managed investments | U.S. states, municipalities and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	283,361	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	657,876	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	20,615	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	1,526,677	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	431,632	446,570
Managed investments | Bank loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	587,537	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	485,519	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	340,797	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	18,056	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	83,670	63,771
Managed investments | Fixed income investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	233,437	188,721
Managed investments | Overseas deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	53,246	54,484
Managed investments | Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	5,327	7,483
Managed investments | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	5,419,950	5,323,952
Short-term investments, at fair value	197,803	237,369
Other investments, at fair value	394,695	336,856
Total investments	6,012,448	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	837,546	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	248,390	237,968
Managed investments | Recurring | U.S. states, municipalities and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	283,361	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	657,876	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	20,615	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	1,526,677	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	431,632	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	587,537	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	485,519	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	340,797	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	18,056	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	83,670	63,771
Managed investments | Recurring | Fixed income investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	233,437	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	53,246	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	5,327	7,483
Managed investments | Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	0	0
Short-term investments, at fair value	176,809	222,678
Other investments, at fair value	0	0
Total investments	176,809	222,678
Managed investments | Recurring | Level 1 | U.S. government and government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	0	0
Managed investments | Recurring | Level 1 | Non-US government and government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	0	0
Managed investments | Recurring | Level 1 | U.S. states, municipalities and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	0	0
Managed investments | Recurring | Level 1 | Agency residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	0	0
Managed investments | Recurring | Level 1 | Non-Agency residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	0	0
Managed investments | Recurring | Level 1 | U.S. corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	0	0
Managed investments | Recurring | Level 1 | Non-U.S. corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	0	0
Managed investments | Recurring | Level 1 | Bank loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	0	0
Managed investments | Recurring | Level 1 | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	0	0
Managed investments | Recurring | Level 1 | Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	0	0
Managed investments | Recurring | Level 1 | Fund of hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	0	0
Managed investments | Recurring | Level 1 | Hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	0	0
Managed investments | Recurring | Level 1 | Private equity investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	0	0
Managed investments | Recurring | Level 1 | Fixed income 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	5,143,554	5,091,615
Short-term investments, at fair value	20,994	14,691
Other investments, at fair value	36,997	28,294
Total investments	5,201,545	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	837,546	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	248,390	237,968
Managed investments | Recurring | Level 2 | U.S. states, municipalities and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	283,361	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	657,876	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	20,615	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	1,526,677	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	431,632	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	335,037	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	461,623	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	340,797	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 | Fixed income investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	31,670	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	5,327	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	276,396	232,337
Short-term investments, at fair value	0	0
Other investments, at fair value	0	0
Total investments	276,396	232,337
Managed investments | Recurring | Level 3 | U.S. government and government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	0	0
Managed investments | Recurring | Level 3 | Non-US government and government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	0	0
Managed investments | Recurring | Level 3 | U.S. states, municipalities and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	0	0
Managed investments | Recurring | Level 3 | Agency residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	0	0
Managed investments | Recurring | Level 3 | Non-Agency residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	0	0
Managed investments | Recurring | Level 3 | U.S. corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	0	0
Managed investments | Recurring | Level 3 | Non-U.S. corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	0	0
Managed investments | Recurring | Level 3 | Bank loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	252,500	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	23,896	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 | Fixed income 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	156,391	186,379
Short-term investments, at fair value	2,283,603	1,704,266
Total investments	2,439,994	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	156,391	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	2,283,603	1,704,266
Total investments	2,439,994	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	156,391	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	2,283,603	1,704,266
Total investments	2,283,603	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	118,356	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	118,356	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	38,035	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	38,035	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	357,698	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	357,698	308,562
Total investments	357,698	308,562
Fair value based on NAV practical expedient | Managed investments | Recurring | U.S. government and government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	0	0
Fair value based on NAV practical expedient | Managed investments | Recurring | Non-US government and government agency
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	0	0
Fair value based on NAV practical expedient | Managed investments | Recurring | U.S. states, municipalities and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	0	0
Fair value based on NAV practical expedient | Managed investments | Recurring | Agency residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	0	0
Fair value based on NAV practical expedient | Managed investments | Recurring | Non-Agency residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	0	0
Fair value based on NAV practical expedient | Managed investments | Recurring | U.S. corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	0	0
Fair value based on NAV practical expedient | Managed investments | Recurring | Non-U.S. corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	0	0
Fair value based on NAV practical expedient | Managed investments | Recurring | Bank loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	0	0
Fair value based on NAV practical expedient | Managed investments | Recurring | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	0	0
Fair value based on NAV practical expedient | Managed investments | Recurring | Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, at fair value	0	0
Fair value based on NAV practical expedient | Managed investments | Recurring | Fund of hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	959	1,417
Fair value based on NAV practical expedient | Managed investments | Recurring | Hedge funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	18,056	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	83,670	63,771
Fair value based on NAV practical expedient | Managed investments | Recurring | Fixed income investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments, at fair value	201,767	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	53,246	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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Reconciliation of beginning and ending balances for all investments measured at fair value on recurring basis
Level 3 investments - beginning of period	$ 293,049	$ 138,482	$ 245,837	$ 50,248
Purchases	32,769	50,831	119,412	152,797
Sales	(12,388)	(107)	(14,777)	(5,025)
Settlements		(13,815)	(34,158)	(22,013)
Net realized losses				(11)
Change in net unrealized (losses) gains	1,001	(55)	(1,883)	(660)
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	314,431	175,336	314,431	175,336
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	243,148	124,982	232,337	32,748
Purchases	21,256	50,831	72,244	152,797
Sales	(12,388)	(107)	(14,777)	(1,036)
Settlements		(13,815)	(34,033)	(22,013)
Net realized losses				0
Change in net unrealized (losses) gains	484	(55)	(3,271)	(660)
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	252,500	161,836	252,500	161,836
Catastrophe bonds
Reconciliation of beginning and ending balances for all investments measured at fair value on recurring basis
Level 3 investments - beginning of period	37,518	13,500	13,500	17,500
Purchases	0	0	23,272	0
Sales	0	0	0	(3,989)
Settlements		0	(125)	0
Net realized losses				(11)
Change in net unrealized (losses) gains	517	0	1,388	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	38,035	$ 13,500	38,035	$ 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	12,383		0
Purchases	11,513		23,896
Sales	0		0
Settlements			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	$ 23,896		$ 23,896

Fair value measurements (Narrat

Fair value measurements (Narrative) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)funds	Dec. 31, 2015USD ($)
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Trading Securities	$ 8,452,442	$ 7,788,822
Recurring
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Trading Securities	$ 8,452,442	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	$ 314,431	245,837
Managed investments
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Trading Securities	6,012,448	5,898,177
Managed investments | Recurring
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Trading Securities	6,012,448	5,898,177
Managed investments | Recurring | Level 3
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Trading Securities	$ 276,396	$ 232,337
Ratio of Level 3 investments to total investments (percent)	4.60%	3.90%

Variable interest entities (Not

Variable interest entities (Notes payable to AlphaCat investors) (Details) - Variable interest entities, primary beneficiary - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Variable Interest Entity [Line Items]
Notes payable to AlphaCat investors, beginning of period	$ 75,493	$ 0
Issuance of notes payable to AlphaCat investors	406,239	75,770
Redemption of notes payable to AlphaCat investors	(109,712)
Foreign exchange losses	710	(277)
Notes payable to AlphaCat investors, end of period	372,730	75,493
Variable Funding Notes
Variable Interest Entity [Line Items]
Notes payable to AlphaCat investors, beginning of period	75,493	0
Issuance of notes payable to AlphaCat investors	311,913	75,770
Redemption of notes payable to AlphaCat investors	(109,712)
Foreign exchange losses	710	(277)
Notes payable to AlphaCat investors, end of period	278,404	75,493
Structured Notes
Variable Interest Entity [Line Items]
Notes payable to AlphaCat investors, beginning of period	0	0
Issuance of notes payable to AlphaCat investors	94,326	0
Redemption of notes payable to AlphaCat investors	0
Foreign exchange losses	0	0
Notes payable to AlphaCat investors, end of period	$ 94,326	$ 0

Variable interest entities (Ass

Variable interest entities (Assets and liabilities of consolidated VIEs) (Details) - Variable interest entities, primary beneficiary - USD ($) $ in Thousands		Sep. 30, 2016	Dec. 31, 2015
AlphaCat sidecars
Variable Interest Entity [Line Items]
Total assets		$ 47,212	$ 206,581
Total liabilities		10,336	14,804
AlphaCat ILS funds - Lower Risk (a)
Variable Interest Entity [Line Items]
Total assets	[1]	1,440,125	1,268,070
Total liabilities	[1]	3,966	143,371
AlphaCat ILS funds - Higher Risk (a)
Variable Interest Entity [Line Items]
Total assets	[1]	682,677	522,867
Total liabilities	[1]	114,151	300,122
AlphaCat Re and AlphaCat Master Fund
Variable Interest Entity [Line Items]
Total assets		2,521,299	1,615,779
Total liabilities		2,521,129	1,615,609
BetaCat ILS funds
Variable Interest Entity [Line Items]
Total assets		51,629	64,221
Total liabilities		$ 469	$ 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		9 Months Ended		12 Months Ended
	Sep. 30, 2016USD ($)fundssubsidiaries	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)fundssubsidiaries	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Variable Interest Entity [Line Items]
(Income) attributable to AlphaCat investors	$ 5,564	$ 1,438	$ 16,278	$ 1,438
Accounts payable and accrued expenses
Variable Interest Entity [Line Items]
(Income) attributable to AlphaCat investors			$ 18,690		$ 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	Sep. 30, 2016	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Investments in affiliates	$ 99,731	$ 88,065
Investment affiliate
Schedule of Equity Method Investments [Line Items]
Investments in affiliates	99,731	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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Schedule of Equity Method Investments [Line Items]
Income (loss) from investment affiliate	$ 453	$ 2,482	$ (4,249)	$ 5,542
Investment affiliate
Schedule of Equity Method Investments [Line Items]
Balance, beginning of period	99,278	89,681	87,673	63,506
Net capital contributions	0	(4,029)	16,307	19,086
Income (loss) from investment affiliate	453	2,482	(4,249)	5,542
Balance, end of period	$ 99,731	$ 88,134	$ 99,731	$ 88,134

Investments in affiliates (In58

Investments in affiliates (Investment affiliate details) (Details) - Investment affiliate - USD ($) $ in Thousands	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Investment at cost	$ 86,305		$ 69,794
Carrying value	99,731	$ 99,278	87,673	$ 88,134	$ 89,681	$ 63,506
Aquiline Financial Services Fund II LP
Schedule of Equity Method Investments [Line Items]
Investment at cost	$ 56,479		$ 55,904
Voting ownership %	0.00%		0.00%
Equity ownership %	8.10%		8.10%
Carrying value	$ 70,345		$ 73,880
Aquiline Financial Services Fund III LP
Schedule of Equity Method Investments [Line Items]
Investment at cost	$ 29,826		$ 13,890
Voting ownership %	0.00%		0.00%
Equity ownership %	9.00%		13.70%
Carrying value	$ 29,386		$ 13,793

Investments in affiliates (Oper

Investments in affiliates (Operating affiliates rollforward) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Activity in non-consolidated affiliate balances for the period:
(Loss) income from operating affiliate	$ 0	$ (7,963)	$ (23)	$ (2,241)
Operating affiliate | PacRe
Activity in non-consolidated affiliate balances for the period:
Balance, beginning of period	0	56,666	392	50,944
Return of investment	0	0	(369)	0
(Loss) income from operating affiliate	0	(7,963)	(23)	(2,241)
Balance, end of period	$ 0	$ 48,703	$ 0	$ 48,703

Investments in affiliates (Op60

Investments in affiliates (Operating affiliates details) (Details) - Operating affiliate - PacRe - USD ($) $ in Thousands	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Investment:
Investment at cost			$ 392
Voting ownership %			100.00%
Equity ownership %			10.00%
Carrying value	$ 0	$ 0	$ 392	$ 48,703	$ 56,666	$ 50,944

Investments in affiliates (Narr

Investments in affiliates (Narrative) (Details) - USD ($) $ in Thousands	Nov. 07, 2014	Oct. 02, 2014	Dec. 20, 2011	Sep. 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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Noncontrolling Interest [Line Items]
Balance, beginning of period	$ 1,744,437	$ 1,189,034	$ 1,266,376	$ 910,065
Issuance of shares	700	45,000	553,624	507,300
Income attributable to noncontrolling interest	37,439	26,229	96,163	66,968
Redemption of shares	(6,484)	(6,500)	(6,484)	(65,895)
Redeemable Noncontrolling Interest Redemptions Payable	6,484	6,500	0	0
Distributions	0	0	(127,103)	(158,175)
Balance, end of period	1,782,576	1,260,263	1,782,576	1,260,263
Redeemable noncontrolling interest
Noncontrolling Interest [Line Items]
Balance, beginning of period	1,532,283	1,035,511	1,111,714	617,791
Issuance of shares	700	45,000	381,950	497,700
Income attributable to noncontrolling interest	26,597	20,636	72,400	51,551
Redemption of shares	(6,484)	(6,500)	(6,484)	(65,895)
Redeemable Noncontrolling Interest Redemptions Payable	6,484	6,500	0	0
Distributions	0	0	0	0
Balance, end of period	1,559,580	1,101,147	1,559,580	1,101,147
Noncontrolling interest
Noncontrolling Interest [Line Items]
Balance, beginning of period	212,154	153,523	154,662	292,274
Issuance of shares	0	0	171,674	9,600
Income attributable to noncontrolling interest	10,842	5,593	23,763	15,417
Redemption of shares	0	0	0	0
Redeemable Noncontrolling Interest Redemptions Payable	0	0	0	0
Distributions	0	0	(127,103)	(158,175)
Balance, end of period	$ 222,996	$ 159,116	$ 222,996	$ 159,116

Derivative instruments (Amount

Derivative instruments (Amount and balance sheet location) (Details) - USD ($) $ in Thousands		Sep. 30, 2016	Dec. 31, 2015
Not designated as hedging instruments | Foreign exchange contracts
Summary of derivatives
Net Notional Exposure		$ 255,602	$ 255,840
Not designated as hedging instruments | Foreign exchange contracts | Other assets
Summary of derivatives
Fair value, derivative assets	[1]	3,122	2,601
Not designated as hedging instruments | Foreign exchange contracts | Accounts payable and accrued expenses
Summary of derivatives
Fair value, derivative liabilities	[1]	1,054	3,211
Not designated as hedging instruments | Interest rate swap contracts
Summary of derivatives
Net Notional Exposure		90,000	0
Not designated as hedging instruments | Interest rate swap contracts | Other assets
Summary of derivatives
Fair value, derivative assets	[1]	566	0
Not designated as hedging instruments | Interest rate swap contracts | Accounts payable and accrued expenses
Summary of derivatives
Fair value, derivative liabilities	[1]	0	0
Designated as hedging instruments | Interest rate swap contracts
Summary of derivatives
Net Notional Exposure		552,263	552,263
Designated as hedging instruments | Interest rate swap contracts | Other assets
Summary of derivatives
Fair value, derivative assets	[2]	20	21
Designated as hedging instruments | Interest rate swap contracts | Accounts payable and accrued expenses
Summary of derivatives
Fair value, derivative liabilities	[2]	$ 2,918	$ 1,942
[1]	Asset and liability derivatives are classified within other assets and accounts payable and accrued expenses, respectively, within the Company's consolidated balance sheets.
[2]	Asset and liability derivatives are classified within other assets and accounts payable and accrued expenses, respectively, within the Company's consolidated balance sheets.

Derivative instruments (Amoun64

Derivative instruments (Amount included in statement of operations) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Not designated as hedging instruments | Foreign exchange gains (losses)
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 1,326	$ 0	$ 209	$ 0
Not designated as hedging instruments | Other income
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(155)	(184)	(35)	(311)
Not designated as hedging instruments | Change in unrealized gains (losses) on investments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	566	0	566	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	(4,055)	0	(19,211)
Amount of gain on hedged item recognized in income attributable to risk being hedged	0	4,055	0	19,211
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	(438)	75	(1,132)	(336)
Designated as hedging instruments | Cash flow hedge | Interest rate swap contracts | Other comprehensive income
Derivative instruments designated as a cash flow hedge
Amount of effective portion recognized in other comprehensive income	3,155	3,178	9,505	10,064
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	$ (2,717)	$ (3,253)	$ (8,373)	$ (9,728)

Reserve for losses and loss e65

Reserve for losses and loss expenses (Components of reserves for losses and loss expenses) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Insurance Loss Reserves [Abstract]
Case reserves	$ 1,295,385		$ 1,278,697
IBNR	1,740,602		1,717,870
Reserve for losses and loss expenses	$ 3,035,987	$ 3,122,717	$ 2,996,567	$ 3,172,285	$ 3,192,663	$ 3,243,147

Reserve for losses and loss e66

Reserve for losses and loss expenses (Reserve rollforward) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Reserve for paid losses and unpaid loss expenses
Reserve for losses and loss expenses, beginning of period		$ 3,122,717	$ 3,192,663	$ 2,996,567	$ 3,243,147
Loss reserves recoverable, beginning of period		(442,987)	(376,665)	(350,586)	(377,466)
Net reserves for losses and loss expenses, beginning of period		2,679,730	2,815,998	2,645,981	2,865,681
Increase (decrease) in net losses and loss expenses incurred in respect of losses occurring in:
Current year		311,279	349,759	959,376	1,011,111
Prior years	[1]	(52,885)	(93,749)	(169,405)	(248,026)
Total incurred losses and loss expenses		258,394	256,010	789,971	763,085
Less net losses and loss expenses paid in respect of losses occurring in:
Current year		(178,709)	(63,151)	(240,362)	(105,216)
Prior years		(166,537)	(207,802)	(596,618)	(704,062)
Total net paid losses		(345,246)	(270,953)	(836,980)	(809,278)
Effect of foreign exchange rate movements		(1,500)	(13,982)	(7,594)	(32,415)
Net reserve for losses and loss expenses, end of period		2,591,378	2,787,073	2,591,378	2,787,073
Loss reserves recoverable, end of period		444,609	385,212	444,609	385,212
Reserve for losses and loss expenses, end of period		3,035,987	3,172,285	3,035,987	3,172,285
Components of incurred losses and loss expenses
Gross losses and loss expenses (a)	[1]	284,413	283,623	952,129	852,190
Reinsurance recoverable		(26,019)	(27,613)	(162,158)	(89,105)
Net incurred losses and loss expenses (a)	[1]	$ 258,394	$ 256,010	$ 789,971	$ 763,085
[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 $2,524 and $8,639, respectively, during the three and nine months ended September 30, 2015, benefiting the loss ratio by 3.9 and 4.4 percentage points, respectively. The remaining fair value adjustment of $2,340 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			9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015		Sep. 30, 2016	Sep. 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]	$ (52,885)	$ (93,749)		$ (169,405)	$ (248,026)
Validus Re
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years		(33,033)	(50,475)		(89,594)	(106,050)
Talbot
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years		(18,691)	(35,972)		(69,739)	(123,245)
Western World
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years		(880)	(5,054)	[1]	(8,464)	(15,639)	[1]
AlphaCat
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years		(281)	(2,248)		(1,608)	(3,092)
Property
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years		(22,983)	(40,621)	[1]	(86,323)	(113,318)	[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		(19,736)	(27,613)		(52,036)	(58,437)
Property | Talbot
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years		(2,429)	(9,706)		(30,969)	(47,141)
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		(553)	(1,054)	[1]	(2,576)	(4,648)	[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		(265)	(2,248)		(742)	(3,092)
Marine
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years		(13,051)	(28,410)	[1]	(25,478)	(80,403)	[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		(8,504)	(13,556)		(14,967)	(29,225)
Marine | Talbot
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years		(4,547)	(14,854)		(10,511)	(51,178)
Specialty
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years		(16,524)	(20,718)	[1]	(51,716)	(43,314)	[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		(4,793)	(9,306)		(22,591)	(18,388)
Specialty | Talbot
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years		(11,715)	(11,412)		(28,259)	(24,926)
Specialty | AlphaCat
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years		(16)			(866)	0
Liability
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years		(327)	(4,000)	[1]	(5,888)	(10,991)	[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		(327)	$ (4,000)	[1]	(5,888)	$ (10,991)	[1]
Tianjin and 2015 Earthquake | Validus Re
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years		(18,200)
Attritional losses | Validus Re
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years		$ (14,800)			(160,400)
Event reserves | Validus Re
Increase (decrease) in net reserves for losses and loss expenses in respect of losses occurring in:
Net favorable development on prior years					$ (9,000)
[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 $2,524 and $8,639, respectively, during the three and nine months ended September 30, 2015, benefiting the loss ratio by 3.9 and 4.4 percentage points, respectively. The remaining fair value adjustment of $2,340 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	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2016	Dec. 31, 2015	Dec. 31, 2014
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Case reserves			$ 1,295,385	$ 1,278,697
IBNR			$ 1,740,602	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	$ 2,524	$ 8,639
Prior year development percentage	3.90%	4.40%
Remaining amount of fair value adjustments to loss reserves to be amortized during the period				$ 2,340

Reinsurance (Components of rein

Reinsurance (Components of reinsurance) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Reinsurance Disclosures [Abstract]
Outstanding losses	$ 174,210		$ 135,723
IBNR	270,399		214,863
Total loss reserves recoverable	444,609	$ 442,987	350,586	$ 385,212	$ 376,665	$ 377,466
Paid losses recoverable	36,069		23,071
Total reinsurance balances recoverable	$ 480,678		$ 373,657

Reinsurance (Ceded credit risk)

Reinsurance (Ceded credit risk) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Reinsurance (Textuals) [Abstract]
Incurred but not reported recoverable	$ 270,399	$ 214,863
Provision for uncollectible reinsurance relating to losses recoverable	5,140	4,997
Reinsurance Recoverable
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 480,678	$ 373,657
Percentage of total	100.00%	100.00%
Reinsurance Recoverable | A- or better
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 474,367	$ 368,638
Percentage of total	98.70%	98.70%
Reinsurance Recoverable | Top 10 reinsurers
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 401,760	$ 303,108
Percentage of total	83.60%	81.10%
Reinsurance Recoverable | Top 10 reinsurers | Swiss Re | AA-
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 84,388	$ 83,048
Percentage of total	17.70%	22.20%
Reinsurance Recoverable | Top 10 reinsurers | Fully collateralized reinsurers | NR
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 84,296
Percentage of total	17.50%
Reinsurance Recoverable | Top 10 reinsurers | Lloyds Syndicates | A plus
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 77,607	$ 66,356
Percentage of total	16.10%	17.80%
Reinsurance Recoverable | Top 10 reinsurers | Hannover Re | AA-
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 49,699	$ 43,765
Percentage of total	10.30%	11.70%
Reinsurance Recoverable | Top 10 reinsurers | Everest Re | A plus
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 46,130	$ 43,060
Percentage of total	9.60%	11.50%
Reinsurance Recoverable | Top 10 reinsurers | Munich Re | AA-
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 17,498	$ 18,707
Percentage of total	3.60%	5.00%
Reinsurance Recoverable | Top 10 reinsurers | Hamilton Re | A-
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 12,502	$ 10,898
Percentage of total	2.60%	2.90%
Reinsurance Recoverable | Top 10 reinsurers | Transatlantic Re | A plus
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 11,624	$ 11,923
Percentage of total	2.40%	3.20%
Reinsurance Recoverable | Top 10 reinsurers | Toa Re | A plus
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 9,011	$ 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	$ 9,005	$ 8,728
Percentage of total	1.90%	2.30%
Reinsurance Recoverable | Top 10 reinsurers | National Indemnity Company | AA plus
Ceded Credit Risk [Line Items]
Reinsurance recoverable		$ 10,293
Percentage of total		2.80%
Reinsurance Recoverable | Other reinsurers' balances greater than $1 million
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 73,005	$ 61,222
Percentage of total	15.20%	16.40%
Reinsurance Recoverable | Other reinsurers' balances less than $1 million
Ceded Credit Risk [Line Items]
Reinsurance recoverable	$ 5,913	$ 9,327
Percentage of total	1.20%	2.50%

Share capital (Common stock) (D

Share capital (Common stock) (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 03, 2015	Sep. 30, 2016	Sep. 30, 2015
Schedule of Common Stock Issued and Outstanding [Line Items]
Authorized share capital		571,428,571
Share Capital (Narrative)
Common shares, par value		$ 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		80,191,448
Shares repurchased, cumulative	$ 2,274,401	$ 2,687,746
Remaining share repurchase authorization amount		$ 336,655
Summary of common shares issued and outstanding
Common shares issued, beginning balance		160,570,772	155,554,224
Options exercised (in shares)		27,983	782,465
Warrants exercised (in shares)		0	1,461,715
Common shares issued, ending balance		161,273,353	158,434,541
Treasury shares, ending balance		(81,830,323)	(76,436,650)
Common shares outstanding, ending balance		79,443,030	81,997,891
Common shares
Summary of common shares issued and outstanding
Direct issuance of common stock (in shares)		0	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		608,024	610,714
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 ($)	9 Months Ended
	Sep. 30, 2016	Sep. 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
Proportionate interest of Series A Preferred shares, per depositary share	0.10%
Net proceeds on issuance of preferred shares	$ 144,852,000	$ 0
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
Preferred stock, issue price per share	$ 25,000
Depositary share equivalent
Preferred shares - Shareholders' Equity
Preferred stock, liquidation preference, value	$ 25
Preferred stock, issue price per share	$ 25,000
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

Share capital (Dividends) (Deta

Share capital (Dividends) (Details) - $ / shares	3 Months Ended						9 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2016	Sep. 30, 2015
Class of Stock [Line Items]
Cash dividends declared per share - common shares	$ 0.35			$ 0.32			$ 1.05	$ 0.96
Common shares
Class of Stock [Line Items]
Cash dividends declared per share - common shares	0.35	$ 0.35	$ 0.35	$ 0.32	$ 0.32	$ 0.32
Depositary share equivalent
Class of Stock [Line Items]
Cash dividends declared per share - preferred shares	$ 0.3753472

Stock plans (Options activity)

Stock plans (Options activity) (Details) - $ / shares	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Options activities:
Options outstanding, beginning balance (in shares)	65,401	1,160,057
Options exercised during period (in shares)	(35,351)	(1,094,656)
Options outstanding, ending balance (in shares)	30,050	65,401
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)	8.16	7.09
Weighted average grant date fair value, ending balance (in dollars per share)	7.24	7.74
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)	17.82	17.60
Weighted average grant date exercise price, ending balance (in dollars per share)	$ 22.93	$ 20.17

Stock plans (Other awards activ

Stock plans (Other awards activity) (Details) - $ / shares	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Restricted share awards
Activities
Beginning balance (in shares)	2,739,446	2,858,711
Granted (in shares)	559,516	706,341
Vested (in shares)	(789,547)	(783,704)
Forfeited (in shares)	(33,070)	(52,642)
Ending balance (in shares)	2,476,345	2,728,706
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)	48.78	43.58
Weighted average grant date fair value, vested (in dollars per share)	37.36	34.40
Weighted average grant date fair value, forfeited (in dollars per share)	40.25	38.03
Weighted average grant date fair value, ending balance (in dollars per share)	$ 40.88	$ 38.19
Restricted share units
Activities
Beginning balance (in shares)	114,337	103,484
Granted (in shares)	21,609	28,057
Vested (in shares)	(23,982)	(19,455)
Issued in lieu of cash dividends (in shares)	2,436	2,337
Forfeited (in shares)	(8,338)	(892)
Ending balance (in shares)	106,062	113,531
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)	48.83	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)	39.10	37.21
Weighted average grant date fair value, forfeited (in dollars per share)	44.34	35.42
Weighted average grant date fair value, ending balance (in dollars per share)	$ 40.20	$ 38.47
Performance shares
Activities
Beginning balance (in shares)	172,594	106,369
Granted (in shares)	125,290	81,569
Vested (in shares)	(57,581)	(15,344)
Conversion adjustment (in shares)	45,517	0
Ending balance (in shares)	285,820	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)	48.75	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	0
Weighted average grant date fair value, ending balance (in dollars per share)	$ 44.53	$ 40.70

Stock plans (Components of shar

Stock plans (Components of share compensation expenses) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Total share compensation expenses
Share compensation expenses	$ 10,501	$ 9,983	$ 32,465	$ 28,279
Restricted share awards
Total share compensation expenses
Share compensation expenses	9,159	9,081	27,805	26,213
Restricted share units
Total share compensation expenses
Share compensation expenses	290	310	978	851
Performance shares
Total share compensation expenses
Share compensation expenses	$ 1,052	$ 592	$ 3,682	$ 1,215

Stock plans (Narrative) (Detail

Stock plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 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	1,258,962		1,258,962
Share compensation expenses	$ 10,501	$ 9,983	$ 32,465	$ 28,279
Options exercised during period (in shares)			(35,351)	(1,094,656)
Share Based Compensation Arrangement By Share Based Payment Award Options Exercised In Period Weighted Average Grant Date Fair Value			$ 8.16	$ 7.09
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price			$ 17.82	$ 17.60
Options
Stock plans (other details)
Life of options			10 years
Restricted share awards
Stock plans (other details)
Share compensation expenses	9,159	9,081	$ 27,805	$ 26,213
Unrecognized share compensation expenses	67,472		$ 67,472		$ 69,143
Weighted average period of recognizing share based compensation expenses			2 years 5 months 4 days		2 years 4 months 24 days
Restricted share units
Stock plans (other details)
Share compensation expenses	290	310	$ 978	851
Unrecognized share compensation expenses	2,526		$ 2,526		$ 2,790
Weighted average period of recognizing share based compensation expenses			2 years 6 months		2 years 7 months
Performance shares
Stock plans (other details)
Share compensation expenses	1,052	$ 592	$ 3,682	$ 1,215
Unrecognized share compensation expenses	$ 7,898		$ 7,898		$ 4,011
Weighted average period of recognizing share based compensation expenses			2 years 3 months		2 years 1 month 6 days
Performance share awards performance period			3 years

Debt and financing arrangemen78

Debt and financing arrangements (Summary of outstanding debentures and senior notes payable) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Debt Instruments [Line Items]
Debentures payable	$ 538,168	$ 537,668
Debt instrument, face amount	250,000	250,000
Less: Unamortized debt issuance costs	(4,689)	(4,839)
Total senior notes payable	245,311	245,161
Debentures payable	783,479	782,829
2006 Junior Subordinated
Debt Instruments [Line Items]
Debentures payable	150,000	150,000
Debt instrument, face amount	150,000
2007 Junior Subordinated
Debt Instruments [Line Items]
Debentures payable	139,800	139,800
Debt instrument, face amount	200,000
Flagstone 2006 Junior Subordinated
Debt Instruments [Line Items]
Debentures payable	134,618	134,118
Debt instrument, face amount	134,618
Flagstone 2007 Junior Subordinated
Debt Instruments [Line Items]
Debentures payable	$ 113,750	$ 113,750

Debt and financing arrangemen79

Debt and financing arrangements (Credit facilities outstanding) (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Line of Credit Facility [Line Items]
Commitment	$ 690,000	$ 700,000
Drawn and outstanding	308,501	479,088
$85,000 syndicated unsecured letter of credit facility
Line of Credit Facility [Line Items]
Commitment	85,000	85,000
Drawn and outstanding	0	0
$300,000 syndicated secured letter of credit facility
Line of Credit Facility [Line Items]
Commitment	300,000	300,000
Drawn and outstanding	107,208	235,540
$24,000 secured bi-lateral letter of credit facility
Line of Credit Facility [Line Items]
Commitment	24,000	24,000
Drawn and outstanding	11,726	10,543
$20,000 AlphaCat Re secured letter of credit facility
Line of Credit Facility [Line Items]
Commitment	20,000	30,000
Drawn and outstanding	20,000	30,000
$25,000 IPC bi-lateral facility
Line of Credit Facility [Line Items]
Commitment	25,000	25,000
Drawn and outstanding	5,553	9,241
$236,000 Flagstone bi-lateral facility
Line of Credit Facility [Line Items]
Commitment	236,000	236,000
Drawn and outstanding	$ 164,014	$ 193,764

Debt and financing arrangemen80

Debt and financing arrangements (Summary of key terms of senior notes and debentures) (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2016	Dec. 31, 2015
Debt Instruments [Line Items]
Commitment		$ 250,000	$ 250,000
2006 Junior Subordinated
Debt Instruments [Line Items]
Issuance date		Jun. 15, 2006
Commitment		$ 150,000
Maturity date		Jun. 15, 2036
Interest payments due		Quarterly
Flagstone 2006 Junior Subordinated
Debt Instruments [Line Items]
Issuance date		Aug. 23, 2006
Commitment		$ 134,618
Maturity date		Sep. 15, 2036
Interest payments due		Quarterly
2007 Junior Subordinated
Debt Instruments [Line Items]
Issuance date		Jun. 21, 2007
Commitment		$ 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
Maturity date		Jan. 26, 2040
Interest payments due		Semi-annually in arrears
At Issuance | 2006 Junior Subordinated
Debt Instruments [Line Items]
Fixed interest rate (in percent)	[1]	9.069%
Interest rate term		5 years
At Issuance | 2006 Junior Subordinated | Three month LIBOR
Debt Instruments [Line Items]
Spread on variable rate (in percent)		3.55%
At Issuance | Flagstone 2006 Junior Subordinated
Debt Instruments [Line Items]
Spread on variable rate (in percent)	[2]	3.54%
At Issuance | 2007 Junior Subordinated
Debt Instruments [Line Items]
Fixed interest rate (in percent)	[3]	8.48%
Interest rate term		5 years
At Issuance | 2007 Junior Subordinated | 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
Debt Instruments [Line Items]
Effective percentage	[5]	5.831%
Outstanding | Flagstone 2006 Junior Subordinated
Debt Instruments [Line Items]
Effective percentage	[5]	6.463%
Outstanding | 2007 Junior Subordinated
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 arrangemen81

Debt and financing arrangements Investments pledged as collateral (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Financial Instruments Owned and Pledged as Collateral [Line Items]
Investments and cash pledged as collateral	$ 548,669	$ 826,535
$300,000 syndicated secured letter of credit facility
Financial Instruments Owned and Pledged as Collateral [Line Items]
Investments and cash pledged as collateral	158,456	370,909
$24,000 secured bi-lateral letter of credit facility
Financial Instruments Owned and Pledged as Collateral [Line Items]
Investments and cash pledged as collateral	48,295	47,607
AlphaCat Re secured letter of credit facility
Financial Instruments Owned and Pledged as Collateral [Line Items]
Investments and cash pledged as collateral	20,019	30,153
$236,000 Flagstone bi-lateral facility
Financial Instruments Owned and Pledged as Collateral [Line Items]
Investments and cash pledged as collateral	$ 321,899	$ 377,866

Debt and financing arrangemen82

Debt and financing arrangements (Components of finance expenses) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Debt Instruments [Line Items]
Finance expenses		$ 14,521	$ 18,512	$ 43,890	$ 58,161
Credit facilities
Debt Instruments [Line Items]
Finance expenses		463	1,293	1,359	4,193
Bank charges, Talbot FAL facility and other charges
Debt Instruments [Line Items]
Finance expenses	[1]	276	1,149	489	3,608
AlphaCat fees
Debt Instruments [Line Items]
Finance expenses	[2]	144	2,309	1,105	9,374
2006 Junior Subordinated
Debt Instruments [Line Items]
Finance expenses		2,135	2,235	6,557	6,633
2007 Junior Subordinated
Debt Instruments [Line Items]
Finance expenses		1,851	1,848	5,512	5,492
Flagstone 2006 Junior Subordinated
Debt Instruments [Line Items]
Finance expenses		2,271	2,274	6,760	6,735
Flagstone 2007 Junior Subordinated
Debt Instruments [Line Items]
Finance expenses		1,784	1,807	5,317	5,335
2010 Senior Notes Due 2040
Debt Instruments [Line Items]
Finance expenses		$ 5,597	$ 5,597	$ 16,791	$ 16,791
[1]	On November 30, 2015, the Company terminated its 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 arrangemen83

Debt and financing arrangements (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Senior Notes and Junior Debentures
Debt instrument, face amount	$ 250,000	$ 250,000
Debentures payable	538,168	537,668
Credit Facilities
Credit facility, commitment	690,000	700,000
Credit facility, issued and outstanding	308,501	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	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	107,208	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	5,553	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	11,726	10,543
AlphaCat Re secured letter of credit facility
Credit Facilities
Credit facility, commitment	20,000	30,000
Credit facility, issued and outstanding	20,000	30,000
$236,000 Flagstone bi-lateral facility
Credit Facilities
Credit facility, commitment	236,000	236,000
Credit facility, issued and outstanding	164,014	$ 193,764
2010 Senior Notes Due 2040
Senior Notes and Junior Debentures
Debt instrument, face amount	$ 250,000
2010 Senior Notes Due 2040 | Minimum
Senior Notes and Junior Debentures
Required notice period for redemption	30 days
2010 Senior Notes Due 2040 | Maximum
Senior Notes and Junior Debentures
Required notice period for redemption	60 days
Junior subordinated deferrable debentures
Senior Notes and Junior Debentures
Redemption period duration	5 years
Debentures payable	$ 538,168

Accumulated other comprehensi84

Accumulated other comprehensive loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period, net of tax	$ (18,182)	$ (9,066)	$ (12,569)	$ (8,556)
Net current period other comprehensive loss, net of tax	(2,910)	(1,803)	(8,523)	(2,313)
Balance, end of period, net of tax	(21,092)	(10,869)	(21,092)	(10,869)
Foreign currency translation adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period, net of tax	(17,149)	(8,374)	(11,834)	(8,118)
Net current period other comprehensive loss, net of tax	(1,370)	(1,850)	(6,685)	(2,106)
Balance, end of period, net of tax	(18,519)	(10,224)	(18,519)	(10,224)
Minimum pension liability
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period, net of tax	730	(53)	334	(210)
Net current period other comprehensive loss, net of tax	(1,101)	(28)	(705)	129
Balance, end of period, net of tax	(371)	(81)	(371)	(81)
Cash flow hedge
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning of period, net of tax	(1,763)	(639)	(1,069)	(228)
Net current period other comprehensive loss, net of tax	(439)	75	(1,133)	(336)
Balance, end of period, net of tax	$ (2,202)	$ (564)	$ (2,202)	$ (564)

Commitments and contingencies (

Commitments and contingencies (Lloyd's syndicate) (Details) - 9 months ended Sep. 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 $1.2983	£1 equals $1.2983
Maximum premium levies assessable, amount	$ 23,369
2016 Underwriting year
Components Of Required Capital [Abstract]
Total	617,000
2015 Underwriting year
Components Of Required Capital [Abstract]
Total	$ 595,100

Commitments and contingencies86

Commitments and contingencies (Aquiline commitment) (Details) - USD ($) $ in Thousands	Nov. 07, 2014	Oct. 02, 2014	Sep. 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			$ 70,174	$ 86,110

Commitments and contingencies87

Commitments and contingencies (Other investment commitments) (Details) - USD ($) $ in Thousands	Dec. 30, 2015	Dec. 29, 2014	Sep. 30, 2016	Dec. 31, 2015
Fixed maturity commitment
Other Commitments [Line Items]
Remaining commitment			$ 29,595	$ 34,888
Loan Origination Commitments [Member]
Other Commitments [Line Items]
Capital commitment			25,000
Remaining commitment			0
Investment commitment
Other Commitments [Line Items]
Capital commitment			308,000	263,000
Remaining commitment			165,448	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) - USD ($) $ in Thousands	Nov. 07, 2014	Oct. 02, 2014	Dec. 20, 2011	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Group Ark Insurance Holdings Ltd
Related Party Transaction [Line Items]
Gross premiums written				$ 1,096	$ 322	$ 3,067		$ 2,718
Premiums receivable				654		654		82
Reinsurance premiums ceded				41	23	41		24
Reinsurance balances payable				4		4		4
Loss reserves recoverable				853		853		790
Earned premium adjustments				1,276	870	$ 2,275		$ 2,187
Conning Inc
Related Party Transaction [Line Items]
Investment management fees					436		$ 841
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				0	155	440	1,092
Net capital contributions (distributions)				0	(3,684)	$ 575	5,293
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				520	666	$ 1,095	1,239
Net capital contributions (distributions)				$ 0	$ (345)	$ 15,732	$ 13,793
Western World | Aquiline Capital Partners II GP Offshore Ltd
Related Party Transaction [Line Items]
Total capital commitment		$ 10,000

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Basic earnings per share
Net income available to Validus common shareholders	$ 89,844	$ 66,650	$ 351,617	$ 305,851
Less: Dividends on outstanding warrants	0	(1,080)	0	(3,566)
Net income allocated to Validus common shareholders	$ 89,844	$ 65,570	$ 351,617	$ 302,285
Weighted average number of common shares outstanding	80,134,394	82,635,316	81,635,496	83,296,703
Basic earnings per share available to common shareholders	$ 1.12	$ 0.79	$ 4.31	$ 3.63
Earnings per diluted share
Net income available to Validus common shareholders	$ 89,844	$ 66,650	$ 351,617	$ 305,851
Less: Dividends on outstanding warrants	0	0	0	0
Net income allocated to Validus common shareholders	$ 89,844	$ 66,650	$ 351,617	$ 305,851
Weighted average number of common shares outstanding	80,134,394	82,635,316	81,635,496	83,296,703
Weighted average number of diluted common shares outstanding	81,244,556	85,629,494	82,938,624	86,841,927
Earnings per diluted share available to common shareholders	$ 1.11	$ 0.78	$ 4.24	$ 3.52
Other details:
Anti-dilutive securities excluded from the calculation of diluted earnings per share	19,808	25,237	175,690	218,685
Warrants
Earnings per diluted share
Weighted average number of diluted common shares outstanding, aggregate	0	2,054,378	0	2,290,892
Stock options
Earnings per diluted share
Weighted average number of diluted common shares outstanding, aggregate	26,705	47,702	32,126	190,429
Unvested restricted shares
Earnings per diluted share
Weighted average number of diluted common shares outstanding, aggregate	1,083,457	892,098	1,271,002	1,063,903

Segment information (Summary of

Segment information (Summary of results of operating and other segments) (Details) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)segments	Sep. 30, 2015USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | segments				4
Underwriting revenues
Gross premiums written		$ 372,418	$ 402,509	$ 2,309,251	$ 2,247,901
Reinsurance premiums ceded		(45,006)	(48,810)	(249,070)	(295,553)
Net premiums written		327,412	353,699	2,060,181	1,952,348
Change in unearned premiums		236,363	201,312	(351,415)	(248,759)
Net premiums earned		563,775	555,011	1,708,766	1,703,589
Other insurance related income (loss)		919	3,496	2,400	5,144
Segmental revenues		564,694	558,507	1,711,166	1,708,733
Underwriting deductions
Losses and loss expenses	[1]	258,394	256,010	789,971	763,085
Policy acquisition costs		113,434	105,039	328,593	307,773
General and administrative expenses		82,443	96,886	258,339	265,146
Share compensation expenses		10,501	9,983	32,465	28,279
Total underwriting deductions		464,772	467,918	1,409,368	1,364,283
Segmental income		99,922	90,589	301,798	344,450
Other items	[2]	(8,337)	(27,844)	52,280	(66,405)
Dividends on preferred shares		(2,252)	0	(2,252)	0
Net investment income		43,514	31,572	112,232	96,212
(Income) attributable to AlphaCat investors		(5,564)	(1,438)	(16,278)	(1,438)
Net (income) attributable to noncontrolling interest		(37,439)	(26,229)	(96,163)	(66,968)
Finance expenses		14,521	18,512	43,890	58,161
Tax (benefit) expense		1,830	2,018	1,418	7,132
Net realized gains on investments		4,397	(1,187)	6,537	5,226
Change in net unrealized gains on investments (a)		5,459	3,916	84,331	2,467
Income (loss) from investment affiliate		453	2,482	(4,249)	5,542
Foreign exchange gains (losses)		766	2,592	(11,765)	9,528
Net income available to Validus		92,096	66,650	353,869	305,851
Selected ratios:
Net income available to Validus common shareholders		89,844	66,650	351,617	305,851
Corporate and investment
Underwriting deductions
General and administrative expenses		18,221	18,804	52,276	51,502
Share compensation expenses		4,048	3,383	12,147	9,454
Total underwriting deductions		22,269	22,187	64,423	60,956
Segmental income		(22,269)	(22,187)	(64,423)	(60,956)
Other items	[2]	(9,558)	(18,448)	49,847	(51,256)
Dividends on preferred shares		(2,252)	0	(2,252)	0
Net investment income	[3]	41,071	29,991	105,843	91,281
Finance expenses	[3]	14,317	15,143	42,637	45,623
Tax (benefit) expense		1,830	2,018	1,418	7,132
Total expenses		40,668	39,348	110,730	113,711
Validus share of segmental income		6,992	(10,644)	89,015	(20,931)
Net realized gains on investments	[3]	4,080	(1,233)	5,514	5,051
Change in net unrealized gains on investments (a)	[3]	4,652	1,765	81,782	2,508
Income (loss) from investment affiliate		453	2,482	(4,249)	5,542
Foreign exchange gains (losses)	[3]	1,067	2,331	(11,628)	9,024
Other income		(1,529)	(1,970)	(773)	(2,578)
Total other items		6,589	(1,287)	93,902	1,499
Operating Segments | Validus Re
Underwriting revenues
Gross premiums written		94,741	103,297	1,072,219	1,112,410
Reinsurance premiums ceded		(15,967)	(15,846)	(111,658)	(149,001)
Net premiums written		78,774	87,451	960,561	963,409
Change in unearned premiums		149,705	153,210	(241,129)	(205,110)
Net premiums earned		228,479	240,661	719,432	758,299
Other insurance related income (loss)		58	2,569	(107)	3,318
Segmental revenues		228,537	243,230	719,325	761,617
Underwriting deductions
Losses and loss expenses		98,425	120,958	313,432	357,491
Policy acquisition costs		42,837	42,989	127,660	128,909
General and administrative expenses		17,528	19,964	52,579	58,254
Share compensation expenses		2,695	2,691	8,371	7,665
Total underwriting deductions		161,485	186,602	502,042	552,319
Segmental income		67,052	56,628	217,283	209,298
Validus share of segmental income		$ 67,052	$ 56,628	$ 217,283	$ 209,298
Selected ratios:
Net premiums written / Gross premiums written		83.10%	84.70%	89.60%	86.60%
Losses and loss expenses		43.10%	50.30%	43.60%	47.10%
Policy acquisition costs		18.70%	17.90%	17.70%	17.00%
General and administrative expenses	[4]	8.90%	9.40%	8.50%	8.70%
Expense ratio		27.60%	27.30%	26.20%	25.70%
Combined ratio		70.70%	77.60%	69.80%	72.80%
Operating Segments | Talbot Segment
Underwriting revenues
Gross premiums written		$ 189,674	$ 226,025	$ 752,058	$ 789,148
Reinsurance premiums ceded		(22,877)	(35,823)	(137,496)	(164,144)
Net premiums written		166,797	190,202	614,562	625,004
Change in unearned premiums		32,258	15,942	(7,166)	9,167
Net premiums earned		199,055	206,144	607,396	634,171
Other insurance related income (loss)		99	470	389	564
Segmental revenues		199,154	206,614	607,785	634,735
Underwriting deductions
Losses and loss expenses		109,860	94,414	319,271	268,512
Policy acquisition costs		46,488	44,575	134,444	141,338
General and administrative expenses		32,333	43,292	109,929	115,341
Share compensation expenses		3,163	3,214	9,955	9,195
Total underwriting deductions		191,844	185,495	573,599	534,386
Segmental income		7,310	21,119	34,186	100,349
Validus share of segmental income		$ 7,310	$ 21,119	$ 34,186	$ 100,349
Selected ratios:
Net premiums written / Gross premiums written		87.90%	84.20%	81.70%	79.20%
Losses and loss expenses		55.20%	45.80%	52.60%	42.40%
Policy acquisition costs		23.40%	21.60%	22.10%	22.30%
General and administrative expenses	[4]	17.80%	22.60%	19.70%	19.60%
Expense ratio		41.20%	44.20%	41.80%	41.90%
Combined ratio		96.40%	90.00%	94.40%	84.30%
Operating Segments | Western World
Underwriting revenues
Gross premiums written		$ 85,260	$ 70,871	$ 236,190	$ 207,372
Reinsurance premiums ceded		(6,202)	(4,716)	(15,347)	(13,390)
Net premiums written		79,058	66,155	220,843	193,982
Change in unearned premiums		(8,260)	(2,225)	(22,890)	2,948
Net premiums earned		70,798	63,930	197,953	196,930
Other insurance related income (loss)		219	248	696	787
Segmental revenues		71,017	64,178	198,649	197,717
Underwriting deductions
Losses and loss expenses		45,748	40,810	129,623	138,098
Policy acquisition costs		17,094	13,214	46,704	27,110
General and administrative expenses		10,171	9,587	33,704	29,137
Share compensation expenses		702	554	1,825	1,525
Total underwriting deductions		73,715	64,165	211,856	195,870
Segmental income		(2,698)	13	(13,207)	1,847
Validus share of segmental income		$ (2,698)	$ 13	$ (13,207)	$ 1,847
Selected ratios:
Net premiums written / Gross premiums written		92.70%	93.30%	93.50%	93.50%
Losses and loss expenses		64.60%	63.80%	65.50%	70.10%
Policy acquisition costs		24.10%	20.70%	23.60%	13.80%
General and administrative expenses	[4]	15.40%	15.90%	17.90%	15.60%
Expense ratio		39.50%	36.60%	41.50%	29.40%
Combined ratio		104.10%	100.40%	107.00%	99.50%
Operating Segments | AlphaCat
Underwriting revenues
Gross premiums written	[5]	$ 4,413	$ 9,891	$ 270,666	$ 174,491
Third party management fees	[5]	7,025	5,762	14,843	14,622
Related party management fees	[5]	1,373	1,738	2,592	4,058
Segmental revenues	[5]	8,398	7,500	17,435	18,680
Underwriting deductions
General and administrative expenses	[5]	3,324	4,124	7,557	8,883
Share compensation expenses	[5]	(107)	141	167	440
Total underwriting deductions	[5]	3,253	6,551	8,655	18,573
Segmental income	[5]	5,145	949	8,780	107
Net investment income	[5],[6]	6,031	(1,430)	16,059	14,948
Finance expenses	[5]	31	2,297	914	9,259
Foreign exchange gains (losses)	[5]	5	(11)	17	(9)
Operating Segments | AlphaCat | AlphaCat sidecars
Underwriting revenues
Gross premiums written	[5]	(112)	2,079	(178)	45,426
Underwriting deductions
Net investment income	[5],[6]	(72)	1,445	593	3,886
Operating Segments | AlphaCat | AlphaCat ILS funds - Lower Risk (a)
Underwriting revenues
Gross premiums written	[5],[7]	2,049	1,653	112,241	90,088
Underwriting deductions
Net investment income	[5],[6],[7]	2,321	2,274	6,903	5,454
Operating Segments | AlphaCat | AlphaCat ILS funds - Higher Risk (a)
Underwriting revenues
Gross premiums written	[5],[7]	1,797	1,374	140,127	34,192
Underwriting deductions
Net investment income	[5],[6],[7]	2,479	1,807	5,607	6,608
Operating Segments | AlphaCat | BetaCat ILS funds
Underwriting deductions
Net investment income	[5],[6]	1,303	1,007	2,979	1,241
Operating Segments | AlphaCat | PaCRe funds
Underwriting deductions
Net investment income	[5],[6]	0	(7,963)	(23)	(2,241)
Operating Segments | AlphaCat | AlphaCat direct
Underwriting revenues
Gross premiums written	[5],[8]	679	4,785	18,476	4,785
Operating Segments | AlphaCat And Consolidated Variable Interest Entities
Underwriting revenues
Gross premiums written		4,413	9,891	270,666	174,491
Reinsurance premiums ceded		(1,630)	0	(6,451)	(4,538)
Net premiums written		2,783	9,891	264,215	169,953
Change in unearned premiums		62,660	34,385	(80,230)	(55,764)
Net premiums earned		65,443	44,276	183,985	114,189
Other insurance related income (loss)		8,656	7,719	17,722	19,175
Segmental revenues		74,099	51,995	201,707	133,364
Underwriting deductions
Losses and loss expenses		4,361	(172)	27,645	(1,016)
Policy acquisition costs		7,075	4,606	19,762	11,783
General and administrative expenses		12,255	12,419	26,272	28,478
Share compensation expenses		(107)	141	167	440
Total underwriting deductions		23,584	16,994	73,846	39,685
Segmental income		50,515	35,001	127,861	93,679
Other items	[2]	1,221	(9,396)	2,433	(15,149)
Net investment income		2,443	1,581	6,986	4,931
(Income) attributable to AlphaCat investors		(5,564)	(1,438)	(16,278)	(1,438)
Net (income) attributable to noncontrolling interest		(37,439)	(26,229)	(96,163)	(66,968)
Validus share of segmental income	[5]	11,176	(481)	24,839	15,055
Eliminations
Underwriting revenues
Gross premiums written		(1,670)	(7,575)	(21,882)	(35,520)
Reinsurance premiums ceded		1,670	7,575	21,882	35,520
Other insurance related income (loss)		(8,113)	(7,510)	(16,300)	(18,700)
Segmental revenues		(8,113)	(7,510)	(16,300)	(18,700)
Underwriting deductions
Policy acquisition costs		(60)	(345)	23	(1,367)
General and administrative expenses		(8,065)	(7,180)	(16,421)	(17,566)
Total underwriting deductions		(8,125)	(7,525)	(16,398)	(18,933)
Segmental income		12	15	98	233
Net investment income		0		(597)
Validus share of segmental income		$ 12	$ 15	$ (499)	$ 233
[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 $2,524 and $8,639, respectively, during the three and nine months ended September 30, 2015, benefiting the loss ratio by 3.9 and 4.4 percentage points, respectively. The remaining fair value adjustment of $2,340 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 Validus' share of AlphaCat segment income to segmental income is presented
[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		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		$ 372,418	$ 402,509	$ 2,309,251	$ 2,247,901
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		$ 138,303	$ 131,494	$ 840,133	$ 881,172
Percent of gross premiums written		37.10%	32.60%	36.40%	39.20%
Worldwide excluding United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	$ 43,876	$ 36,091	$ 178,543	$ 155,625
Percent of gross premiums written	[1]	11.70%	9.00%	7.80%	6.90%
Australia and New Zealand
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		$ 3,301	$ 3,908	$ 19,361	$ 18,962
Percent of gross premiums written		0.90%	1.00%	0.80%	0.80%
Europe
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		$ 9,533	$ 13,895	$ 58,581	$ 80,318
Percent of gross premiums written		2.60%	3.50%	2.50%	3.60%
Latin America and Caribbean
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		$ 41,416	$ 42,304	$ 106,857	$ 102,808
Percent of gross premiums written		11.10%	10.50%	4.60%	4.60%
Japan
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		$ 971	$ 1,055	$ 48,668	$ 45,449
Percent of gross premiums written		0.30%	0.30%	2.10%	2.00%
Canada
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		$ 2,122	$ 1,669	$ 9,317	$ 8,812
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]	$ 21,592	$ 30,502	$ 96,487	$ 97,628
Percent of gross premiums written	[2]	5.80%	7.60%	4.20%	4.30%
Sub-total, non United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		$ 122,811	$ 129,424	$ 517,814	$ 509,602
Percent of gross premiums written		33.00%	32.30%	22.40%	22.60%
Worldwide including United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	$ 37,204	$ 30,726	$ 405,747	$ 304,680
Percent of gross premiums written	[1]	10.00%	7.60%	17.60%	13.60%
Other location non-specific
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[3]	$ 74,100	$ 110,865	$ 545,557	$ 552,447
Percent of gross premiums written	[3]	19.90%	27.50%	23.60%	24.60%
Operating Segments | Validus Re
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		$ 94,741	$ 103,297	$ 1,072,219	$ 1,112,410
Operating Segments | Validus Re | United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		31,345	34,968	455,826	544,988
Operating Segments | Validus Re | Worldwide excluding United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	4,145	5,477	51,384	52,765
Operating Segments | Validus Re | Australia and New Zealand
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		57	473	6,906	11,980
Operating Segments | Validus Re | Europe
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		4,536	6,165	30,270	47,182
Operating Segments | Validus Re | Latin America and Caribbean
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		17,036	17,079	36,610	34,011
Operating Segments | Validus Re | Japan
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		(33)	(10)	39,892	39,174
Operating Segments | Validus Re | Canada
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		149	315	3,646	3,097
Operating Segments | Validus Re | Rest of the world
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[2]	2,360	2,643	22,307	24,323
Operating Segments | Validus Re | Sub-total, non United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		28,250	32,142	191,015	212,532
Operating Segments | Validus Re | Worldwide including United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	22,399	9,542	169,737	132,353
Operating Segments | Validus Re | Other location non-specific
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[3]	12,747	26,645	255,641	222,537
Operating Segments | Talbot Segment
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		189,674	226,025	752,058	789,148
Operating Segments | Talbot Segment | United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		19,937	21,886	85,182	89,980
Operating Segments | Talbot Segment | Worldwide excluding United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	40,058	30,721	105,590	95,894
Operating Segments | Talbot Segment | Australia and New Zealand
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		3,238	3,520	7,613	6,569
Operating Segments | Talbot Segment | Europe
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		4,957	7,839	25,673	31,637
Operating Segments | Talbot Segment | Latin America and Caribbean
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		25,173	27,249	76,577	78,634
Operating Segments | Talbot Segment | Japan
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		997	1,149	5,579	4,746
Operating Segments | Talbot Segment | Canada
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		2,015	1,455	5,577	5,452
Operating Segments | Talbot Segment | Rest of the world
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[2]	19,166	28,380	76,456	76,368
Operating Segments | Talbot Segment | Sub-total, non United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		95,604	100,313	303,065	299,300
Operating Segments | Talbot Segment | Worldwide including United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	12,771	20,296	75,423	74,794
Operating Segments | Talbot Segment | Other location non-specific
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[3]	61,362	83,530	288,388	325,074
Operating Segments | Western World
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		85,260	70,871	236,190	207,372
Operating Segments | Western World | United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		85,260	70,871	236,190	207,372
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]	4,413	9,891	270,666	174,491
Operating Segments | AlphaCat | United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		1,837	4,076	64,566	41,021
Operating Segments | AlphaCat | Worldwide excluding United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	(288)	101	22,219	8,107
Operating Segments | AlphaCat | Australia and New Zealand
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		0	0	4,949	624
Operating Segments | AlphaCat | Europe
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		0	(8)	3,306	2,504
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		0	0	3,221	1,671
Operating Segments | AlphaCat | Canada
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		0	(30)	223	458
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		(288)	63	33,918	13,364
Operating Segments | AlphaCat | Worldwide including United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	2,872	4,960	170,639	115,264
Operating Segments | AlphaCat | Other location non-specific
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[3]	(8)	792	1,543	4,842
Eliminations
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		(1,670)	(7,575)	(21,882)	(35,520)
Eliminations | United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		(76)	(307)	(1,631)	(2,189)
Eliminations | Worldwide excluding United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	(39)	(208)	(650)	(1,141)
Eliminations | Australia and New Zealand
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		6	(85)	(107)	(211)
Eliminations | Europe
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		40	(101)	(668)	(1,005)
Eliminations | Latin America and Caribbean
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		(793)	(2,024)	(6,330)	(9,837)
Eliminations | Japan
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		7	(84)	(24)	(142)
Eliminations | Canada
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		(42)	(71)	(129)	(195)
Eliminations | Rest of the world
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[2]	66	(521)	(2,276)	(3,063)
Eliminations | Sub-total, non United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written		(755)	(3,094)	(10,184)	(15,594)
Eliminations | Worldwide including United States
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[1]	(838)	(4,072)	(10,052)	(17,731)
Eliminations | Other location non-specific
Gross premiums written allocated to the territory of coverage exposure
Gross premiums written	[3]	$ (1)	$ (102)	$ (15)	$ (6)
[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 Validus' share of AlphaCat segment income to segmental income is presented

Subsequent events - (Details)

Subsequent events - (Details) - Subsequent event - Catastrophe - Hurricane Matthew $ in Millions	Oct. 08, 2016USD ($)
Minimum
Subsequent Event [Line Items]
Estimate of loss to Company	$ 24
Estimate of loss to industry	3,000
Maximum
Subsequent Event [Line Items]
Estimate of loss to Company	64
Estimate of loss to industry	$ 8,300