Validus 8-K Validus Holdings, Ltd. Announces Leadership Roles in New Reportable Segments

	Validus Holdings, Ltd.
	Supplemental Financial Data Revised Segment Information
	December 8, 2017
	29 Richmond Road
	Pembroke, HM 08 Bermuda
	Telephone: (441) 278-9000
	Facsimile: (441) 278-9090
	Website: www.validusholdings.com
	Mailing address: Suite 1790 48 Par-la-Ville Road
	Hamilton, HM 11 Bermuda

Validus Holdings, Ltd.

Table of Contents

Section	Page
Table of Contents	2
Explanatory Notes	3
Underwriting Income Statement - Reinsurance Segment	4
Underwriting Results by Class of Business - Three Months Ended September 30, 2017 & 2016 – Reinsurance Segment	5
Underwriting Results by Class of Business - Nine Months Ended September 30, 2017 & 2016 – Reinsurance Segment	6
Underwriting Results by Class of Business - Three Months Ended June 30, 2017 & 2016 – Reinsurance Segment	7
Underwriting Results by Class of Business - Six Months Ended June 30, 2017 & 2016 – Reinsurance Segment	8
Underwriting Results by Class of Business - Three Months Ended March 31, 2017 & 2016 – Reinsurance Segment	9
Underwriting Results by Class of Business - Three Months Ended December 31, 2016 - Reinsurance Segment	10
Underwriting Results by Class of Business - Years Ended December 31, 2016 & 2015 – Reinsurance Segment	11
Underwriting Income Statement - Insurance Segment	12
Underwriting Results by Class of Business - Three Months Ended September 30, 2017 & 2016 – Insurance Segment	13
Underwriting Results by Class of Business - Nine Months Ended September 30, 2017 & 2016 – Insurance Segment	14
Underwriting Results by Class of Business - Three Months Ended June 30, 2017 & 2016 – Insurance Segment	15
Underwriting Results by Class of Business - Six Months Ended June 30, 2017 & 2016 – Insurance Segment	16
Underwriting Results by Class of Business - Three Months Ended March 31, 2017 & 2016 – Insurance Segment	17
Underwriting Results by Class of Business - Three Months Ended December 31, 2016 - Insurance Segment	18
Underwriting Results by Class of Business - Years Ended December 31, 2016 & 2015 – Insurance Segment	19
Asset Management - Segment Information	20
Segment Reconciliation - Nine Months Ended September 30, 2017	21
Segment Reconciliation - Years Ended December 31, 2016 & 2015	22
Gross Premiums Written by Segment by Class of Business	23

2

Validus Holdings, Ltd.

Explanatory Notes

Basis of Presentation

• This document should be read in conjunction with other documents filed by Validus Holdings, Ltd. (“Validus” or the “Company”) with the U.S. Securities and Exchange Commission pursuant to the Exchange Act of 1934, as amended.

• All financial information contained herein is unaudited; however, certain information contained herein relating to the years ended December 31, 2016 and 2015 is derived from or agrees to audited financial statements.

• Unless otherwise noted, dollar amounts are in thousands of U.S. dollars, except for ratio information.

• The general and administrative expense ratio includes share compensation expenses.

• In accordance with authoritative accounting guidance, the Company continually monitors and reviews its segment reporting structure to determine whether any changes have occurred that would impact its reportable segments. The Company disclosed in its Quarterly Report on Form 10-Q for the period ended September 30, 2017 that, as a result of the evolution of the Company’s operations, the global nature of the industry and synergies obtained through the acquisition and integration of Talbot Holdings Ltd. (“Talbot”), Western World Insurance Group, Inc. (“Western World”) and Crop Risk Services (“CRS”), the Company’s reportable segments had become progressively more integrated such that it was likely that the Company would change its reportable segments from Validus Re, Talbot, Western World and AlphaCat to “Reinsurance,” “Insurance” and “Asset Management” in the fourth quarter of 2017.

• On December 8, 2017, the Company issued a press release announcing leadership appointments designed to enhance the development and execution of its global strategy. These leadership appointments reflected an organizational change that resulted in three new reportable segments for the Company: Reinsurance, Insurance and Asset Management.

• The Reinsurance segment operates globally and is primarily focused on treaty reinsurance. The Insurance segment focuses on specialty insurance within both the Lloyd’s insurance market and the U.S. commercial insurance market. The Asset Management segment reports the results of the Company’s Bermuda-based investment adviser, managing capital for third parties and Validus through insurance-linked securities (“ILS”) and other property catastrophe and specialty reinsurance investments.

• Furthermore, to better align the Company’s disclosures with its current strategy, the Company has also changed its primary lines of business from Property, Marine and Specialty to “Property,” “Specialty - Short-Tail” and “Specialty - Other.” For details on the classes included in each line of business, refer to page 23 for gross premiums written by segment by class of business.

• This supplemental financial data is for informational purposes only, and to assist in understanding the disclosure impact of the change in reportable segments. This information does not constitute a restatement of the Company’s previously issued consolidated financial statements.

• The change in reportable segments will be reflected in the consolidated financial statements reported in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. All prior periods presented will be reclassified to conform to this new presentation. The change in reportable segments has no impact on the Company’s historical consolidated financial positions, results of operations or cash flows as previously reported.

Non-GAAP Financial Measures

• In presenting the Company’s results, management has included and discussed certain non-GAAP financial measures. The Company believes that these non-GAAP measures, which may be defined and calculated differently by other companies, better explain and enhance the understanding of the Company’s results of operations. However, these measures should not be viewed as a substitute for those determined in accordance with U.S. GAAP.

• The Company considers underwriting income (loss) to be a measure of profitability that takes into account net premiums earned and other insurance related income as revenue and losses and loss expenses, acquisition costs and underwriting related general and administrative and share compensation expenses as expenses. Underwriting income (loss) is the difference between these revenue and expense items. A reconciliation of underwriting income (loss) to net income (loss) available (attributable) to Validus common shareholders, the most comparable U.S. GAAP financial measure, is presented on pages 21 and 22.

3

Validus Holdings, Ltd.

Underwriting Income Statement - Reinsurance Segment

	Three Months Ended
(U.S. Dollars in thousands)	September 30, 2017			June 30, 2017			March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016
Underwriting revenues
Gross premiums written	$	169,572		$	330,534		$	643,141		$	41,813		$	102,213		$	314,069		$	726,817
Reinsurance premiums ceded	(43,849		)	(10,278		)	(114,446		)	(7,773		)	(15,345		)	(2,424		)	(95,789		)
Net premiums written	125,723			320,256			528,695			34,040			86,868			311,645			631,028
Change in unearned premiums	156,754			(61,948		)	(297,040		)	200,129			155,980			(50,132		)	(373,409		)
Net premiums earned	282,477			258,308			231,655			234,169			242,848			261,513			257,619
Other insurance related income	49			1			2			9			13			12			(9		)
Total underwriting revenues	282,526			258,309			231,657			234,178			242,861			261,525			257,610
Underwriting deductions
Losses and loss expenses	361,693			114,341			80,881			93,503			97,704			142,562			81,736
Policy acquisition costs	47,822			49,966			43,535			55,352			45,796			44,231			44,418
General and administrative expenses	14,400			22,204			19,969			21,248			20,856			21,695			21,201
Share compensation expenses	3,083			2,725			2,623			2,811			2,843			2,921			3,093
Total underwriting deductions	426,998			189,236			147,008			172,914			167,199			211,409			150,448
Underwriting (loss) income	$	(144,472	)	$	69,073		$	84,649		$	61,264		$	75,662		$	50,116		$	107,162
Supplemental information:
Losses and loss expenses:
Current period excluding items below	$	123,891		$	124,268		$	106,932		$	109,775		$	124,307		$	113,497		$	111,670
Current period—notable loss events	283,027			—			—			18,599			—			26,565			—
Current period—non-notable loss events	—			5,781			5,073			1			9,512			37,205			—
Change in prior accident years	(45,225		)	(15,708		)	(31,124		)	(34,872		)	(36,115		)	(34,705		)	(29,934		)
Total losses and loss expenses	$	361,693		$	114,341		$	80,881		$	93,503		$	97,704		$	142,562		$	81,736
Selected ratios:
Ratio of net to gross premiums written	74.1		%	96.9		%	82.2		%	81.4		%	85.0		%	99.2		%	86.8		%
Losses and loss expense ratio:
Current period excluding items below	43.8		%	48.2		%	46.1		%	46.9		%	51.2		%	43.4		%	43.3		%
Current period—notable loss events	100.2		%	—		%	—		%	7.9		%	—		%	10.2		%	—		%
Current period—non-notable loss events	—		%	2.2		%	2.2		%	—		%	3.9		%	14.2		%	—		%
Change in prior accident years	(16.0		)%	(6.1		)%	(13.4		)%	(14.9		)%	(14.9		)%	(13.3		)%	(11.6		)%
Losses and loss expense ratio	128.0		%	44.3		%	34.9		%	39.9		%	40.2		%	54.5		%	31.7		%
Policy acquisition cost ratio	16.9		%	19.3		%	18.8		%	23.6		%	18.9		%	16.9		%	17.2		%
General and administrative expense ratio	6.2		%	9.7		%	9.8		%	10.3		%	9.8		%	9.4		%	9.4		%
Expense ratio	23.1		%	29.0		%	28.6		%	33.9		%	28.7		%	26.3		%	26.6		%
Combined ratio	151.1		%	73.3		%	63.5		%	73.8		%	68.9		%	80.8		%	58.3		%

4

Validus Holdings, Ltd.

Underwriting Results by Class of Business - Three Months Ended September 30, 2017 & 2016 – Reinsurance Segment

	Three Months Ended September 30,
	2017												2016
(U.S. Dollars in thousands)	Property			Specialty - Short-tail			Specialty - Other			Total			Property			Specialty - Short-tail			Specialty - Other			Total
Underwriting revenues
Gross premiums written	$	127,481		$	23,632		$	18,459		$	169,572		$	57,716		$	27,522		$	16,975		$	102,213
Reinsurance premiums ceded	(23,783		)	(5,000		)	(15,066		)	(43,849		)	(5,805		)	(9,540		)	—			(15,345		)
Net premiums written	103,698			18,632			3,393			125,723			51,911			17,982			16,975			86,868
Change in unearned premiums	38,274			89,914			28,566			156,754			47,579			110,031			(1,630		)	155,980
Net premiums earned	141,972			108,546			31,959			282,477			99,490			128,013			15,345			242,848
Other insurance related income										49												13
Total underwriting revenues										282,526												242,861
Underwriting deductions
Losses and loss expenses	255,014			88,362			18,317			361,693			10,708			79,478			7,518			97,704
Policy acquisition costs	19,466			19,049			9,307			47,822			19,484			19,965			6,347			45,796
Total underwriting deductions before G&A	274,480			107,411			27,624			409,515			30,192			99,443			13,865			143,500
Underwriting (loss) income before G&A	$	(132,508	)	$	1,135		$	4,335		$	(126,989	)	$	69,298		$	28,570		$	1,480		$	99,361
General and administrative expenses										14,400												20,856
Share compensation expenses										3,083												2,843
Total underwriting deductions										426,998												167,199
Underwriting (loss) income										$	(144,472	)										$	75,662
Supplemental information:
Losses and loss expenses:
Current period excluding items below	$	38,465		$	68,509		$	16,917		$	123,891		$	30,689		$	84,405		$	9,213		$	124,307
Current period—notable loss events	243,898			39,129			—			283,027			—			—			—			—
Current period—non-notable loss events	—			—			—			—			(100		)	9,612			—			9,512
Change in prior accident years	(27,349		)	(19,276		)	1,400			(45,225		)	(19,881		)	(14,539		)	(1,695		)	(36,115		)
Total losses and loss expenses	$	255,014		$	88,362		$	18,317		$	361,693		$	10,708		$	79,478		$	7,518		$	97,704
Selected ratios:
Ratio of net to gross premiums written	81.3		%	78.8		%	18.4		%	74.1		%	89.9		%	65.3		%	100.0		%	85.0		%
Losses and loss expense ratio:
Current period excluding items below	27.1		%	63.2		%	52.9		%	43.8		%	30.9		%	66.0		%	60.0		%	51.2		%
Current period—notable loss events	171.8		%	36.0		%	—		%	100.2		%	—		%	—		%	—		%	—		%
Current period—non-notable loss events	—		%	—		%	—		%	—		%	(0.1		)%	7.5		%	—		%	3.9		%
Change in prior accident years	(19.3		)%	(17.8		)%	4.4		%	(16.0		)%	(20.0		)%	(11.4		)%	(11.0		)%	(14.9		)%
Losses and loss expense ratio	179.6		%	81.4		%	57.3		%	128.0		%	10.8		%	62.1		%	49.0		%	40.2		%
Policy acquisition cost ratio	13.7		%	17.5		%	29.1		%	16.9		%	19.6		%	15.6		%	41.4		%	18.9		%
General and administrative expense ratio										6.2		%										9.8		%
Expense ratio										23.1		%										28.7		%
Combined ratio										151.1		%										68.9		%

5

Validus Holdings, Ltd.

Underwriting Results by Class of Business - Nine Months Ended September 30, 2017 & 2016 – Reinsurance Segment

	Nine Months Ended September 30,
	2017												2016
(U.S. Dollars in thousands)	Property			Specialty - Short-tail			Specialty - Other			Total			Property			Specialty - Short-tail			Specialty - Other			Total
Underwriting revenues
Gross premiums written	$	530,851		$	492,114		$	120,282		$	1,143,247		$	488,784		$	564,267		$	90,048		$	1,143,099
Reinsurance premiums ceded	(114,769		)	(37,012		)	(16,792		)	(168,573		)	(89,048		)	(24,176		)	(334		)	(113,558		)
Net premiums written	416,082			455,102			103,490			974,674			399,736			540,091			89,714			1,029,541
Change in unearned premiums	(67,697		)	(118,507		)	(16,030		)	(202,234		)	(82,183		)	(130,365		)	(55,013		)	(267,561		)
Net premiums earned	348,385			336,595			87,460			772,440			317,553			409,726			34,701			761,980
Other insurance related income										52												16
Total underwriting revenues										772,492												761,996
Underwriting deductions
Losses and loss expenses	303,468			202,447			51,000			556,915			63,953			235,118			22,931			322,002
Policy acquisition costs	55,801			59,206			26,316			141,323			57,806			63,845			12,794			134,445
Total underwriting deductions before G&A	359,269			261,653			77,316			698,238			121,759			298,963			35,725			456,447
Underwriting (loss) income before G&A	$	(10,884	)	$	74,942		$	10,144		$	74,254		$	195,794		$	110,763		$	(1,024	)	$	305,549
General and administrative expenses										56,573												63,752
Share compensation expenses										8,431												8,857
Total underwriting deductions										763,242												529,056
Underwriting income										$	9,250											$	232,940
Supplemental information:
Losses and loss expenses:
Current period excluding items below	$	88,049		$	216,461		$	50,581		$	355,091		$	70,865		$	253,361		$	25,248		$	349,474
Current period—notable loss events	243,898			39,129			—			283,027			26,565			—			—			26,565
Current period—non-notable loss events	3,629			7,225			—			10,854			22,410			24,307			—			46,717
Change in prior accident years	(32,108		)	(60,368		)	419			(92,057		)	(55,887		)	(42,550		)	(2,317		)	(100,754		)
Total losses and loss expenses	$	303,468		$	202,447		$	51,000		$	556,915		$	63,953		$	235,118		$	22,931		$	322,002
Selected ratios:
Ratio of net to gross premiums written	78.4		%	92.5		%	86.0		%	85.3		%	81.8		%	95.7		%	99.6		%	90.1		%
Losses and loss expense ratio:
Current period excluding items below	25.3		%	64.3		%	57.8		%	46.0		%	22.2		%	61.9		%	72.8		%	45.9		%
Current period—notable loss events	70.0		%	11.6		%	—		%	36.6		%	8.4		%	—		%	—		%	3.5		%
Current period—non-notable loss events	1.0		%	2.1		%	—		%	1.4		%	7.1		%	5.9		%	—		%	6.1		%
Change in prior accident years	(9.2		)%	(17.9		)%	0.5		%	(11.9		)%	(17.6		)%	(10.4		)%	(6.7		)%	(13.2		)%
Losses and loss expense ratio	87.1		%	60.1		%	58.3		%	72.1		%	20.1		%	57.4		%	66.1		%	42.3		%
Policy acquisition cost ratio	16.0		%	17.6		%	30.1		%	18.3		%	18.2		%	15.6		%	36.9		%	17.6		%
General and administrative expense ratio										8.4		%										9.5		%
Expense ratio										26.7		%										27.1		%
Combined ratio										98.8		%										69.4		%

6

Validus Holdings, Ltd.

Underwriting Results by Class of Business - Three Months Ended June 30, 2017 & 2016 – Reinsurance Segment

	Three Months Ended June 30,
	2017												2016
(U.S. Dollars in thousands)	Property			Specialty - Short-tail			Specialty - Other			Total			Property			Specialty - Short-tail			Specialty - Other			Total
Underwriting revenues
Gross premiums written	$	186,703		$	91,604		$	52,227		$	330,534		$	225,970		$	61,318		$	26,781		$	314,069
Reinsurance premiums ceded	(2,569		)	(7,421		)	(288		)	(10,278		)	(8,126		)	1,358			4,344			(2,424		)
Net premiums written	184,134			84,183			51,939			320,256			217,844			62,676			31,125			311,645
Change in unearned premiums	(80,103		)	39,515			(21,360		)	(61,948		)	(107,947		)	77,424			(19,609		)	(50,132		)
Net premiums earned	104,031			123,698			30,579			258,308			109,897			140,100			11,516			261,513
Other insurance related income										1												12
Total underwriting revenues										258,309												261,525
Underwriting deductions
Losses and loss expenses	31,017			64,635			18,689			114,341			57,168			73,766			11,628			142,562
Policy acquisition costs	18,451			22,054			9,461			49,966			18,547			22,184			3,500			44,231
Total underwriting deductions before G&A	49,468			86,689			28,150			164,307			75,715			95,950			15,128			186,793
Underwriting income (loss) before G&A	$	54,563		$	37,009		$	2,429		$	94,002		$	34,182		$	44,150		$	(3,612	)	$	74,732
General and administrative expenses										22,204												21,695
Share compensation expenses										2,725												2,921
Total underwriting deductions										189,236												211,409
Underwriting income										$	69,073											$	50,116
Supplemental information:
Losses and loss expenses:
Current period excluding items below	$	28,440		$	76,472		$	19,356		$	124,268		$	20,610		$	81,575		$	11,312		$	113,497
Current period—notable loss events	—			—			—			—			26,565			—			—			26,565
Current period—non-notable loss events	3,274			2,507			—			5,781			22,510			14,695			—			37,205
Change in prior accident years	(697		)	(14,344		)	(667		)	(15,708		)	(12,517		)	(22,504		)	316			(34,705		)
Total losses and loss expenses	$	31,017		$	64,635		$	18,689		$	114,341		$	57,168		$	73,766		$	11,628		$	142,562
Selected ratios:
Ratio of net to gross premiums written	98.6		%	91.9		%	99.4		%	96.9		%	96.4		%	102.2		%	116.2		%	99.2		%
Losses and loss expense ratio:
Current period excluding items below	27.4		%	61.9		%	63.3		%	48.2		%	18.7		%	58.3		%	98.3		%	43.4		%
Current period—notable loss events	—		%	—		%	—		%	—		%	24.2		%	—		%	—		%	10.2		%
Current period—non-notable loss events	3.1		%	2.0		%	—		%	2.2		%	20.5		%	10.5		%	—		%	14.2		%
Change in prior accident years	(0.7		)%	(11.6		)%	(2.2		)%	(6.1		)%	(11.4		)%	(16.1		)%	2.7		%	(13.3		)%
Losses and loss expense ratio	29.8		%	52.3		%	61.1		%	44.3		%	52.0		%	52.7		%	101.0		%	54.5		%
Policy acquisition cost ratio	17.7		%	17.8		%	30.9		%	19.3		%	16.9		%	15.8		%	30.4		%	16.9		%
General and administrative expense ratio										9.7		%										9.4		%
Expense ratio										29.0		%										26.3		%
Combined ratio										73.3		%										80.8		%

7

Validus Holdings, Ltd.

Underwriting Results by Class of Business - Six Months Ended June 30, 2017 & 2016 – Reinsurance Segment

	Six Months Ended June 30,
	2017												2016
(U.S. Dollars in thousands)	Property			Specialty - Short-tail			Specialty - Other			Total			Property			Specialty - Short-tail			Specialty - Other			Total
Underwriting revenues
Gross premiums written	$	403,370		$	468,482		$	101,823		$	973,675		$	431,068		$	536,745		$	73,073		$	1,040,886
Reinsurance premiums ceded	(90,986		)	(32,012		)	(1,726		)	(124,724		)	(83,243		)	(14,636		)	(334		)	(98,213		)
Net premiums written	312,384			436,470			100,097			848,951			347,825			522,109			72,739			942,673
Change in unearned premiums	(105,971		)	(208,421		)	(44,596		)	(358,988		)	(129,762		)	(240,396		)	(53,383		)	(423,541		)
Net premiums earned	206,413			228,049			55,501			489,963			218,063			281,713			19,356			519,132
Other insurance related income										3												3
Total underwriting revenues										489,966												519,135
Underwriting deductions
Losses and loss expenses	48,454			114,085			32,683			195,222			53,245			155,640			15,413			224,298
Policy acquisition costs	36,335			40,157			17,009			93,501			38,322			43,880			6,447			88,649
Total underwriting deductions before G&A	84,789			154,242			49,692			288,723			91,567			199,520			21,860			312,947
Underwriting income (loss) before G&A	$	121,624		$	73,807		$	5,809		$	201,243		$	126,496		$	82,193		$	(2,504	)	$	206,188
General and administrative expenses										42,173												42,896
Share compensation expenses										5,348												6,014
Total underwriting deductions										336,244												361,857
Underwriting income										$	153,722											$	157,278
Supplemental information:
Losses and loss expenses:
Current period excluding items below	$	49,584		$	147,952		$	33,664		$	231,200		$	40,176		$	168,956		$	16,035		$	225,167
Current period—notable loss events	—			—			—			—			26,565			—			—			26,565
Current period—non-notable loss events	3,629			7,225			—			10,854			22,510			14,695			—			37,205
Change in prior accident years	(4,759		)	(41,092		)	(981		)	(46,832		)	(36,006		)	(28,011		)	(622		)	(64,639		)
Total losses and loss expenses	$	48,454		$	114,085		$	32,683		$	195,222		$	53,245		$	155,640		$	15,413		$	224,298
Selected ratios:
Ratio of net to gross premiums written	77.4		%	93.2		%	98.3		%	87.2		%	80.7		%	97.3		%	99.5		%	90.6		%
Losses and loss expense ratio:
Current period excluding items below	24.0		%	64.8		%	60.7		%	47.2		%	18.4		%	59.9		%	82.8		%	43.4		%
Current period—notable loss events	—		%	—		%	—		%	—		%	12.2		%	—		%	—		%	5.1		%
Current period—non-notable loss events	1.8		%	3.2		%	—		%	2.2		%	10.3		%	5.2		%	—		%	7.2		%
Change in prior accident years	(2.3		)%	(18.0		)%	(1.8		)%	(9.6		)%	(16.5		)%	(9.9		)%	(3.2		)%	(12.5		)%
Losses and loss expense ratio	23.5		%	50.0		%	58.9		%	39.8		%	24.4		%	55.2		%	79.6		%	43.2		%
Policy acquisition cost ratio	17.6		%	17.6		%	30.6		%	19.1		%	17.6		%	15.6		%	33.3		%	17.1		%
General and administrative expense ratio										9.7		%										9.4		%
Expense ratio										28.8		%										26.5		%
Combined ratio										68.6		%										69.7		%

8

Validus Holdings, Ltd.

Underwriting Results by Class of Business - Three Months Ended March 31, 2017 & 2016 – Reinsurance Segment

	Three Months Ended March 31,
	2017												2016
(U.S. Dollars in thousands)	Property			Specialty - Short-tail			Specialty - Other			Total			Property			Specialty - Short-tail			Specialty - Other			Total
Underwriting revenues
Gross premiums written	$	216,667		$	376,878		$	49,596		$	643,141		$	205,098		$	475,427		$	46,292		$	726,817
Reinsurance premiums ceded	(88,417		)	(24,591		)	(1,438		)	(114,446		)	(75,117		)	(15,994		)	(4,678		)	(95,789		)
Net premiums written	128,250			352,287			48,158			528,695			129,981			459,433			41,614			631,028
Change in unearned premiums	(25,868		)	(247,936		)	(23,236		)	(297,040		)	(21,815		)	(317,820		)	(33,774		)	(373,409		)
Net premiums earned	102,382			104,351			24,922			231,655			108,166			141,613			7,840			257,619
Other insurance related income (loss)										2												(9		)
Total underwriting revenues										231,657												257,610
Underwriting deductions
Losses and loss expenses	17,437			49,450			13,994			80,881			(3,923		)	81,874			3,785			81,736
Policy acquisition costs	17,884			18,103			7,548			43,535			19,775			21,696			2,947			44,418
Total underwriting deductions before G&A	35,321			67,553			21,542			124,416			15,852			103,570			6,732			126,154
Underwriting income before G&A	$	67,061		$	36,798		$	3,380		$	107,241		$	92,314		$	38,043		$	1,108		$	131,456
General and administrative expenses										19,969												21,201
Share compensation expenses										2,623												3,093
Total underwriting deductions										147,008												150,448
Underwriting income										$	84,649											$	107,162
Supplemental information:
Losses and loss expenses:
Current period excluding items below	$	21,144		$	71,480		$	14,308		$	106,932		$	19,566		$	87,381		$	4,723		$	111,670
Current period—notable loss events	—			—			—			—			—			—			—			—
Current period—non-notable loss events	355			4,718			—			5,073			—			—			—			—
Change in prior accident years	(4,062		)	(26,748		)	(314		)	(31,124		)	(23,489		)	(5,507		)	(938		)	(29,934		)
Total losses and loss expenses	$	17,437		$	49,450		$	13,994		$	80,881		$	(3,923	)	$	81,874		$	3,785		$	81,736
Selected ratios:
Ratio of net to gross premiums written	59.2		%	93.5		%	97.1		%	82.2		%	63.4		%	96.6		%	89.9		%	86.8		%
Losses and loss expense ratio:
Current period excluding items below	20.7		%	68.5		%	57.5		%	46.1		%	18.1		%	61.7		%	60.3		%	43.3		%
Current period—notable loss events	—		%	—		%	—		%	—		%	—		%	—		%	—		%	—		%
Current period—non-notable loss events	0.3		%	4.5		%	—		%	2.2		%	—		%	—		%	—		%	—		%
Change in prior accident years	(4.0		)%	(25.6		)%	(1.3		)%	(13.4		)%	(21.7		)%	(3.9		)%	(12.0		)%	(11.6		)%
Losses and loss expense ratio	17.0		%	47.4		%	56.2		%	34.9		%	(3.6		)%	57.8		%	48.3		%	31.7		%
Policy acquisition cost ratio	17.5		%	17.3		%	30.3		%	18.8		%	18.3		%	15.3		%	37.6		%	17.2		%
General and administrative expense ratio										9.8		%										9.4		%
Expense ratio										28.6		%										26.6		%
Combined ratio										63.5		%										58.3		%

9

Validus Holdings, Ltd.

Underwriting Results by Class of Business - Three Months Ended December 31, 2016 - Reinsurance Segment

	Three Months Ended December 31, 2016
(U.S. Dollars in thousands)	Property			Specialty - Short-tail			Specialty - Other			Total
Underwriting revenues
Gross premiums written	$	8,479		$	(8,763	)	$	42,097		$	41,813
Reinsurance premiums ceded	706			(8,447		)	(32		)	(7,773		)
Net premiums written	9,185			(17,210		)	42,065			34,040
Change in unearned premiums	92,397			130,100			(22,368		)	200,129
Net premiums earned	101,582			112,890			19,697			234,169
Other insurance related income										9
Total underwriting revenues										234,178
Underwriting deductions
Losses and loss expenses	38,381			46,098			9,024			93,503
Policy acquisition costs	17,611			30,840			6,901			55,352
Total underwriting deductions before G&A	55,992			76,938			15,925			148,855
Underwriting income before G&A	$	45,590		$	35,952		$	3,772		$	85,323
General and administrative expenses										21,248
Share compensation expenses										2,811
Total underwriting deductions										172,914
Underwriting income										$	61,264
Supplemental information:
Losses and loss expenses:
Current period excluding items below	$	26,918		$	72,065		$	10,792		$	109,775
Current period—notable loss events	16,679			1,920			—			18,599
Current period—non-notable loss events	(1		)	2			—			1
Change in prior accident years	(5,215		)	(27,889		)	(1,768		)	(34,872		)
Total losses and loss expenses	$	38,381		$	46,098		$	9,024		$	93,503
Selected ratios:
Ratio of net to gross premiums written	108.3		%	196.4		%	99.9		%	81.4		%
Losses and loss expense ratio:
Current period excluding items below	26.5		%	63.8		%	54.8		%	46.9		%
Current period—notable loss events	16.4		%	1.7		%	—		%	7.9		%
Current period—non-notable loss events	—		%	—		%	—		%	—		%
Change in prior accident years	(5.1		)%	(24.7		)%	(9.0		)%	(14.9		)%
Losses and loss expense ratio	37.8		%	40.8		%	45.8		%	39.9		%
Policy acquisition cost ratio	17.3		%	27.3		%	35.0		%	23.6		%
General and administrative expense ratio										10.3		%
Expense ratio										33.9		%
Combined ratio										73.8		%

10

Validus Holdings, Ltd.

Underwriting Results by Class of Business - Years Ended December 31, 2016 & 2015 – Reinsurance Segment

	Years Ended December 31,
	2016												2015
(U.S. Dollars in thousands)	Property			Specialty - Short-tail			Specialty - Other			Total			Property			Specialty - Short-tail			Specialty - Other			Total
Underwriting revenues
Gross premiums written	$	497,263		$	555,504		$	132,145		$	1,184,912		$	571,612		$	599,333		$	23,644		$	1,194,589
Reinsurance premiums ceded	(88,342		)	(32,623		)	(366		)	(121,331		)	(124,653		)	(33,780		)	—			(158,433		)
Net premiums written	408,921			522,881			131,779			1,063,581			446,959			565,553			23,644			1,036,156
Change in unearned premiums	10,214			(265		)	(77,381		)	(67,432		)	5,222			18,104			(11,499		)	11,827
Net premiums earned	419,135			522,616			54,398			996,149			452,181			583,657			12,145			1,047,983
Other insurance related income										25												2,214
Total underwriting revenues										996,174												1,050,197
Underwriting deductions
Losses and loss expenses	102,334			281,216			31,955			415,505			90,148			382,203			(4,563		)	467,788
Policy acquisition costs	75,417			94,685			19,695			189,797			75,590			93,203			4,781			173,574
Total underwriting deductions before G&A	177,751			375,901			51,650			605,302			165,738			475,406			218			641,362
Underwriting income before G&A	$	241,384		$	146,715		$	2,748		$	390,872		$	286,443		$	108,251		$	11,927		$	408,835
General and administrative expenses										85,000												94,531
Share compensation expenses										11,668												11,137
Total underwriting deductions										701,970												747,030
Underwriting income										$	294,204											$	303,167
Supplemental information:
Losses and loss expenses:
Current period excluding items below	$	97,783		$	325,426		$	36,040		$	459,249		$	117,289		$	402,406		$	(3,511	)	$	516,184
Current period—notable loss events	43,244			1,920			—			45,164			25,875			44,624			—			70,499
Current period—non-notable loss events	22,409			24,309			—			46,718			18,134			366			—			18,500
Change in prior accident years	(61,102		)	(70,439		)	(4,085		)	(135,626		)	(71,150		)	(65,193		)	(1,052		)	(137,395		)
Total losses and loss expenses	$	102,334		$	281,216		$	31,955		$	415,505		$	90,148		$	382,203		$	(4,563	)	$	467,788
Selected ratios:
Ratio of net to gross premiums written	82.2		%	94.1		%	99.7		%	89.8		%	78.2		%	94.4		%	100.0		%	86.7		%
Losses and loss expense ratio:
Current period excluding items below	23.4		%	62.2		%	66.2		%	46.1		%	25.9		%	69.0		%	(28.9		)%	49.2		%
Current period—notable loss events	10.3		%	0.4		%	—		%	4.5		%	5.7		%	7.6		%	—		%	6.7		%
Current period—non-notable loss events	5.3		%	4.7		%	—		%	4.7		%	4.0		%	0.1		%	—		%	1.8		%
Change in prior accident years	(14.6		)%	(13.5		)%	(7.5		)%	(13.6		)%	(15.7		)%	(11.2		)%	(8.7		)%	(13.1		)%
Losses and loss expense ratio	24.4		%	53.8		%	58.7		%	41.7		%	19.9		%	65.5		%	(37.6		)%	44.6		%
Policy acquisition cost ratio	18.0		%	18.1		%	36.2		%	19.1		%	16.7		%	16.0		%	39.4		%	16.6		%
General and administrative expense ratio										9.7		%										10.1		%
Expense ratio										28.8		%										26.7		%
Combined ratio										70.5		%										71.3		%

11

Validus Holdings, Ltd.

Underwriting Income Statement - Insurance Segment

	Three Months Ended
(U.S. Dollars in thousands)	September 30, 2017			June 30, 2017			March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016
Underwriting revenues
Gross premiums written	$	333,272		$	360,057		$	382,790		$	297,905		$	265,792		$	351,022		$	279,418
Reinsurance premiums ceded	(76,362		)	(49,315		)	(79,000		)	(32,862		)	(28,031		)	(29,182		)	(72,594		)
Net premiums written	256,910			310,742			303,790			265,043			237,761			321,840			206,824
Change in unearned premiums	82,185			(5,875		)	(24,696		)	(24,900		)	17,723			(69,026		)	47,679
Net premiums earned	339,095			304,867			279,094			240,143			255,484			252,814			254,503
Other insurance related income	1,354			728			996			284			315			468			300
Total underwriting revenues	340,449			305,595			280,090			240,427			255,799			253,282			254,803
Underwriting deductions
Losses and loss expenses	321,940			180,741			186,610			164,417			156,329			143,116			140,879
Policy acquisition costs	59,454			60,137			61,192			58,394			60,563			57,205			56,618
General and administrative expenses	43,369			53,596			45,276			33,069			39,176			46,696			46,588
Share compensation expenses	2,187			3,702			3,373			3,693			3,717			3,666			3,911
Total underwriting deductions	426,950			298,176			296,451			259,573			259,785			250,683			247,996
Underwriting (loss) income	$	(86,501	)	$	7,419		$	(16,361	)	$	(19,146	)	$	(3,986	)	$	2,599		$	6,807
Supplemental information:
Losses and loss expenses:
Current period excluding items below	$	266,417		$	202,684		$	198,610		$	157,284		$	160,688		$	162,765		$	163,775
Current period—notable loss events	82,111			—			—			17,730			—			3,022			—
Current period—non-notable loss events	—			1,787			14,689			189			12,130			4,987			—
Change in prior accident years	(26,588		)	(23,730		)	(26,689		)	(10,786		)	(16,489		)	(27,658		)	(22,896		)
Total losses and loss expenses	$	321,940		$	180,741		$	186,610		$	164,417		$	156,329		$	143,116		$	140,879
Selected ratios:
Ratio of net to gross premiums written	77.1		%	86.3		%	79.4		%	89.0		%	89.5		%	91.7		%	74.0		%
Losses and loss expense ratio:
Current period excluding items below	78.5		%	66.5		%	71.2		%	65.5		%	63.0		%	64.3		%	64.4		%
Current period—notable loss events	24.2		%	—		%	—		%	7.4		%	—		%	1.2		%	—		%
Current period—non-notable loss events	—		%	0.6		%	5.3		%	0.1		%	4.7		%	2.0		%	—		%
Change in prior accident years	(7.8		)%	(7.8		)%	(9.6		)%	(4.5		)%	(6.5		)%	(10.9		)%	(9.0		)%
Losses and loss expense ratio	94.9		%	59.3		%	66.9		%	68.5		%	61.2		%	56.6		%	55.4		%
Policy acquisition cost ratio	17.5		%	19.7		%	21.9		%	24.3		%	23.7		%	22.6		%	22.2		%
General and administrative expense ratio	13.4		%	18.8		%	17.4		%	15.3		%	16.8		%	19.9		%	19.8		%
Expense ratio	30.9		%	38.5		%	39.3		%	39.6		%	40.5		%	42.5		%	42.0		%
Combined ratio	125.8		%	97.8		%	106.2		%	108.1		%	101.7		%	99.1		%	97.4		%

12

Validus Holdings, Ltd.

Underwriting Results by Class of Business - Three Months Ended September 30, 2017 & 2016 – Insurance Segment

	Three Months Ended September 30,
	2017												2016
(U.S. Dollars in thousands)	Property			Specialty - Short-tail			Specialty - Other			Total			Property			Specialty - Short-tail			Specialty - Other			Total
Underwriting revenues
Gross premiums written	$	94,862		$	118,315		$	120,095		$	333,272		$	82,820		$	83,298		$	99,674		$	265,792
Reinsurance premiums ceded	(44,590		)	(26,352		)	(5,420		)	(76,362		)	(13,454		)	(8,254		)	(6,323		)	(28,031		)
Net premiums written	50,272			91,963			114,675			256,910			69,366			75,044			93,351			237,761
Change in unearned premiums	4,839			85,210			(7,864		)	82,185			(1,195		)	16,559			2,359			17,723
Net premiums earned	55,111			177,173			106,811			339,095			68,171			91,603			95,710			255,484
Other insurance related income										1,354												315
Total underwriting revenues										340,449												255,799
Underwriting deductions
Losses and loss expenses	122,212			144,563			55,165			321,940			49,250			47,618			59,461			156,329
Policy acquisition costs	15,475			22,425			21,554			59,454			13,440			27,223			19,900			60,563
Total underwriting deductions before G&A	137,687			166,988			76,719			381,394			62,690			74,841			79,361			216,892
Underwriting (loss) income before G&A	$	(82,576	)	$	10,185		$	30,092		$	(40,945	)	$	5,481		$	16,762		$	16,349		$	38,907
General and administrative expenses										43,369												39,176
Share compensation expenses										2,187												3,717
Total underwriting deductions										426,950												259,785
Underwriting (loss)										$	(86,501	)										$	(3,986	)
Supplemental information:
Losses and loss expenses:
Current period excluding items below	$	73,520		$	125,754		$	67,143		$	266,417		$	50,588		$	39,765		$	70,335		$	160,688
Current period—notable loss events	56,003			24,054			2,054			82,111			—			—			—			—
Current period—non-notable loss events	—			—			—			—			1,499			10,630			1			12,130
Change in prior accident years	(7,311		)	(5,245		)	(14,032		)	(26,588		)	(2,837		)	(2,777		)	(10,875		)	(16,489		)
Total losses and loss expenses	$	122,212		$	144,563		$	55,165		$	321,940		$	49,250		$	47,618		$	59,461		$	156,329
Selected ratios:
Ratio of net to gross premiums written	53.0		%	77.7		%	95.5		%	77.1		%	83.8		%	90.1		%	93.7		%	89.5		%
Losses and loss expense ratio:
Current period excluding items below	133.5		%	71.0		%	62.8		%	78.5		%	74.2		%	43.4		%	73.5		%	63.0		%
Current period—notable loss events	101.6		%	13.6		%	1.9		%	24.2		%	—		%	—		%	—		%	—		%
Current period—non-notable loss events	—		%	—		%	—		%	—		%	2.2		%	11.6		%	—		%	4.7		%
Change in prior accident years	(13.3		)%	(3.0		)%	(13.1		)%	(7.8		)%	(4.2		)%	(3.0		)%	(11.4		)%	(6.5		)%
Losses and loss expense ratio	221.8		%	81.6		%	51.6		%	94.9		%	72.2		%	52.0		%	62.1		%	61.2		%
Policy acquisition cost ratio	28.1		%	12.7		%	20.2		%	17.5		%	19.7		%	29.7		%	20.8		%	23.7		%
General and administrative expense ratio										13.4		%										16.8		%
Expense ratio										30.9		%										40.5		%
Combined ratio										125.8		%										101.7		%

13

Validus Holdings, Ltd.

Underwriting Results by Class of Business - Nine Months Ended September 30, 2017 & 2016 – Insurance Segment

	Nine Months Ended September 30,
	2017												2016
(U.S. Dollars in thousands)	Property			Specialty - Short-tail			Specialty - Other			Total			Property			Specialty - Short-tail			Specialty - Other			Total
Underwriting revenues
Gross premiums written	$	292,287		$	425,719		$	358,113		$	1,076,119		$	274,996		$	311,034		$	310,202		$	896,232
Reinsurance premiums ceded	(99,600		)	(75,565		)	(29,512		)	(204,677		)	(60,611		)	(39,343		)	(29,853		)	(129,807		)
Net premiums written	192,687			350,154			328,601			871,442			214,385			271,691			280,349			766,425
Change in unearned premiums	2,920			73,293			(24,599		)	51,614			(14,670		)	19,776			(8,730		)	(3,624		)
Net premiums earned	195,607			423,447			304,002			923,056			199,715			291,467			271,619			762,801
Other insurance related income										3,078												1,083
Total underwriting revenues										926,134												763,884
Underwriting deductions
Losses and loss expenses	234,508			270,907			183,876			689,291			120,161			157,574			162,589			440,324
Policy acquisition costs	45,026			72,987			62,770			180,783			36,183			81,788			56,415			174,386
Total underwriting deductions before G&A	279,534			343,894			246,646			870,074			156,344			239,362			219,004			614,710
Underwriting (loss) income before G&A	$	(83,927	)	$	79,553		$	57,356		$	56,060		$	43,371		$	52,105		$	52,615		$	149,174
General and administrative expenses										142,241												132,460
Share compensation expenses										9,262												11,294
Total underwriting deductions										1,021,577												758,464
Underwriting (loss) income										$	(95,443	)										$	5,420
Supplemental information:
Losses and loss expenses:
Current period excluding items below	$	183,353		$	273,210		$	211,148		$	667,711		$	140,866		$	139,753		$	206,609		$	487,228
Current period—notable loss events	56,003			24,054			2,054			82,111			3,022			—			—			3,022
Current period—non-notable loss events	16,476			—			—			16,476			5,967			11,149			1			17,117
Change in prior accident years	(21,324		)	(26,357		)	(29,326		)	(77,007		)	(29,694		)	6,672			(44,021		)	(67,043		)
Total losses and loss expenses	$	234,508		$	270,907		$	183,876		$	689,291		$	120,161		$	157,574		$	162,589		$	440,324
Selected ratios:
Ratio of net to gross premiums written	65.9		%	82.3		%	91.8		%	81.0		%	78.0		%	87.4		%	90.4		%	85.5		%
Losses and loss expense ratio:
Current period excluding items below	93.8		%	64.5		%	69.4		%	72.3		%	70.6		%	48.0		%	76.1		%	63.9		%
Current period—notable loss events	28.6		%	5.7		%	0.7		%	8.9		%	1.5		%	—		%	—		%	0.4		%
Current period—non-notable loss events	8.4		%	—		%	—		%	1.8		%	3.0		%	3.8		%	—		%	2.2		%
Change in prior accident years	(10.9		)%	(6.2		)%	(9.6		)%	(8.3		)%	(14.9		)%	2.3		%	(16.2		)%	(8.8		)%
Losses and loss expense ratio	119.9		%	64.0		%	60.5		%	74.7		%	60.2		%	54.1		%	59.9		%	57.7		%
Policy acquisition cost ratio	23.0		%	17.2		%	20.6		%	19.6		%	18.1		%	28.1		%	20.8		%	22.9		%
General and administrative expense ratio										16.4		%										18.8		%
Expense ratio										36.0		%										41.7		%
Combined ratio										110.7		%										99.4		%

14

Validus Holdings, Ltd.

Underwriting Results by Class of Business - Three Months Ended June 30, 2017 & 2016 – Insurance Segment

	Three Months Ended June 30,
	2017												2016
(U.S. Dollars in thousands)	Property			Specialty - Short-tail			Specialty - Other			Total			Property			Specialty - Short-tail			Specialty - Other			Total
Underwriting revenues
Gross premiums written	$	115,878		$	128,183		$	115,996		$	360,057		$	124,398		$	115,560		$	111,064		$	351,022
Reinsurance premiums ceded	(21,747		)	(22,659		)	(4,909		)	(49,315		)	(19,122		)	(4,729		)	(5,331		)	(29,182		)
Net premiums written	94,131			105,524			111,087			310,742			105,276			110,831			105,733			321,840
Change in unearned premiums	(21,909		)	28,153			(12,119		)	(5,875		)	(40,909		)	(13,330		)	(14,787		)	(69,026		)
Net premiums earned	72,222			133,677			98,968			304,867			64,367			97,501			90,946			252,814
Other insurance related income										728												468
Total underwriting revenues										305,595												253,282
Underwriting deductions
Losses and loss expenses	52,809			70,636			57,296			180,741			45,720			47,385			50,011			143,116
Policy acquisition costs	15,728			23,944			20,465			60,137			12,010			26,757			18,438			57,205
Total underwriting deductions before G&A	68,537			94,580			77,761			240,878			57,730			74,142			68,449			200,321
Underwriting income before G&A	$	3,685		$	39,097		$	21,207		$	64,717		$	6,637		$	23,359		$	22,497		$	52,961
General and administrative expenses										53,596												46,696
Share compensation expenses										3,702												3,666
Total underwriting deductions										298,176												250,683
Underwriting income										$	7,419											$	2,599
Supplemental information:
Losses and loss expenses:
Current period excluding items below	$	56,369		$	79,985		$	66,330		$	202,684		$	46,857		$	51,964		$	63,944		$	162,765
Current period—notable loss events	—			—			—			—			3,022			—			—			3,022
Current period—non-notable loss events	1,787			—			—			1,787			4,468			519			—			4,987
Change in prior accident years	(5,347		)	(9,349		)	(9,034		)	(23,730		)	(8,627		)	(5,098		)	(13,933		)	(27,658		)
Total losses and loss expenses	$	52,809		$	70,636		$	57,296		$	180,741		$	45,720		$	47,385		$	50,011		$	143,116
Selected ratios:
Ratio of net to gross premiums written	81.2		%	82.3		%	95.8		%	86.3		%	84.6		%	95.9		%	95.2		%	91.7		%
Losses and loss expense ratio:
Current period excluding items below	78.0		%	59.8		%	67.0		%	66.5		%	72.8		%	53.3		%	70.3		%	64.3		%
Current period—notable loss events	—		%	—		%	—		%	—		%	4.7		%	—		%	—		%	1.2		%
Current period—non-notable loss events	2.5		%	—		%	—		%	0.6		%	6.9		%	0.5		%	—		%	2.0		%
Change in prior accident years	(7.4		)%	(7.0		)%	(9.1		)%	(7.8		)%	(13.4		)%	(5.2		)%	(15.3		)%	(10.9		)%
Losses and loss expense ratio	73.1		%	52.8		%	57.9		%	59.3		%	71.0		%	48.6		%	55.0		%	56.6		%
Policy acquisition cost ratio	21.8		%	17.9		%	20.7		%	19.7		%	18.7		%	27.4		%	20.3		%	22.6		%
General and administrative expense ratio										18.8		%										19.9		%
Expense ratio										38.5		%										42.5		%
Combined ratio										97.8		%										99.1		%

15

Validus Holdings, Ltd.

Underwriting Results by Class of Business - Six Months Ended June 30, 2017 & 2016 – Insurance Segment

	Six Months Ended June 30,
	2017												2016
(U.S. Dollars in thousands)	Property			Specialty - Short-tail			Specialty - Other			Total			Property			Specialty - Short-tail			Specialty - Other			Total
Underwriting revenues
Gross premiums written	$	197,425		$	307,404		$	238,018		$	742,847		$	192,176		$	227,736		$	210,528		$	630,440
Reinsurance premiums ceded	(55,010		)	(49,213		)	(24,092		)	(128,315		)	(47,157		)	(31,089		)	(23,530		)	(101,776		)
Net premiums written	142,415			258,191			213,926			614,532			145,019			196,647			186,998			528,664
Change in unearned premiums	(1,919		)	(11,917		)	(16,735		)	(30,571		)	(13,475		)	3,217			(11,089		)	(21,347		)
Net premiums earned	140,496			246,274			197,191			583,961			131,544			199,864			175,909			507,317
Other insurance related income										1,724												768
Total underwriting revenues										585,685												508,085
Underwriting deductions
Losses and loss expenses	112,296			126,344			128,711			367,351			70,911			109,956			103,128			283,995
Policy acquisition costs	29,551			50,562			41,216			121,329			22,743			54,565			36,515			113,823
Total underwriting deductions before G&A	141,847			176,906			169,927			488,680			93,654			164,521			139,643			397,818
Underwriting (loss) income before G&A	$	(1,351	)	$	69,368		$	27,264		$	97,005		$	37,890		$	35,343		$	36,266		$	110,267
General and administrative expenses										98,872												93,284
Share compensation expenses										7,075												7,577
Total underwriting deductions										594,627												498,679
Underwriting (loss) income										$	(8,942	)										$	9,406
Supplemental information:
Losses and loss expenses:
Current period excluding items below	$	109,833		$	147,456		$	144,005		$	401,294		$	90,278		$	99,988		$	136,274		$	326,540
Current period—notable loss events	—			—			—			—			3,022			—			—			3,022
Current period—non-notable loss events	16,476			—			—			16,476			4,468			519			—			4,987
Change in prior accident years	(14,013		)	(21,112		)	(15,294		)	(50,419		)	(26,857		)	9,449			(33,146		)	(50,554		)
Total losses and loss expenses	$	112,296		$	126,344		$	128,711		$	367,351		$	70,911		$	109,956		$	103,128		$	283,995
Selected ratios:
Ratio of net to gross premiums written	72.1		%	84.0		%	89.9		%	82.7		%	75.5		%	86.3		%	88.8		%	83.9		%
Losses and loss expense ratio:
Current period excluding items below	78.2		%	59.9		%	73.1		%	68.7		%	68.6		%	50.0		%	77.4		%	64.4		%
Current period—notable loss events	—		%	—		%	—		%	—		%	2.3		%	—		%	—		%	0.6		%
Current period—non-notable loss events	11.7		%	—		%	—		%	2.8		%	3.4		%	0.3		%	—		%	1.0		%
Change in prior accident years	(10.0		)%	(8.6		)%	(7.8		)%	(8.6		)%	(20.4		)%	4.7		%	(18.8		)%	(10.0		)%
Losses and loss expense ratio	79.9		%	51.3		%	65.3		%	62.9		%	53.9		%	55.0		%	58.6		%	56.0		%
Policy acquisition cost ratio	21.0		%	20.5		%	20.9		%	20.8		%	17.3		%	27.3		%	20.8		%	22.4		%
General and administrative expense ratio										18.1		%										19.9		%
Expense ratio										38.9		%										42.3		%
Combined ratio										101.8		%										98.3		%

16

Validus Holdings, Ltd.

Underwriting Results by Class of Business - Three Months Ended March 31, 2017 & 2016 – Insurance Segment

	Three Months Ended March 31,
	2017												2016
(U.S. Dollars in thousands)	Property			Specialty - Short-tail			Specialty - Other			Total			Property			Specialty - Short-tail			Specialty - Other			Total
Underwriting revenues
Gross premiums written	$	81,547		$	179,221		$	122,022		$	382,790		$	67,778		$	112,176		$	99,464		$	279,418
Reinsurance premiums ceded	(33,263		)	(26,554		)	(19,183		)	(79,000		)	(28,035		)	(26,360		)	(18,199		)	(72,594		)
Net premiums written	48,284			152,667			102,839			303,790			39,743			85,816			81,265			206,824
Change in unearned premiums	19,990			(40,070		)	(4,616		)	(24,696		)	27,434			16,547			3,698			47,679
Net premiums earned	68,274			112,597			98,223			279,094			67,177			102,363			84,963			254,503
Other insurance related income										996												300
Total underwriting revenues										280,090												254,803
Underwriting deductions
Losses and loss expenses	59,487			55,708			71,415			186,610			25,191			62,571			53,117			140,879
Policy acquisition costs	13,823			26,618			20,751			61,192			10,733			27,808			18,077			56,618
Total underwriting deductions before G&A	73,310			82,326			92,166			247,802			35,924			90,379			71,194			197,497
Underwriting (loss) income before G&A	$	(5,036	)	$	30,271		$	6,057		$	32,288		$	31,253		$	11,984		$	13,769		$	57,306
General and administrative expenses										45,276												46,588
Share compensation expenses										3,373												3,911
Total underwriting deductions										296,451												247,996
Underwriting (loss) income										$	(16,361	)										$	6,807
Supplemental information:
Losses and loss expenses:
Current period excluding items below	$	53,464		$	67,471		$	77,675		$	198,610		$	43,421		$	48,024		$	72,330		$	163,775
Current period—notable loss events	—			—			—			—			—			—			—			—
Current period—non-notable loss events	14,689			—			—			14,689			—			—			—			—
Change in prior accident years	(8,666		)	(11,763		)	(6,260		)	(26,689		)	(18,230		)	14,547			(19,213		)	(22,896		)
Total losses and loss expenses	$	59,487		$	55,708		$	71,415		$	186,610		$	25,191		$	62,571		$	53,117		$	140,879
Selected ratios:
Ratio of net to gross premiums written	59.2		%	85.2		%	84.3		%	79.4		%	58.6		%	76.5		%	81.7		%	74.0		%
Losses and loss expense ratio:
Current period excluding items below	78.3		%	59.9		%	79.1		%	71.2		%	64.6		%	46.9		%	85.1		%	64.4		%
Current period—notable loss events	—		%	—		%	—		%	—		%	—		%	—		%	—		%	—		%
Current period—non-notable loss events	21.5		%	—		%	—		%	5.3		%	—		%	—		%	—		%	—		%
Change in prior accident years	(12.7		)%	(10.4		)%	(6.4		)%	(9.6		)%	(27.1		)%	14.2		%	(22.6		)%	(9.0		)%
Losses and loss expense ratio	87.1		%	49.5		%	72.7		%	66.9		%	37.5		%	61.1		%	62.5		%	55.4		%
Policy acquisition cost ratio	20.2		%	23.6		%	21.1		%	21.9		%	16.0		%	27.2		%	21.3		%	22.2		%
General and administrative expense ratio										17.4		%										19.8		%
Expense ratio										39.3		%										42.0		%
Combined ratio										106.2		%										97.4		%

17

Validus Holdings, Ltd.

Underwriting Results by Class of Business - Three Months Ended December 31, 2016 - Insurance Segment

	Three Months Ended December 31, 2016
(U.S. Dollars in thousands)	Property			Specialty - Short-tail			Specialty - Other			Total
Underwriting revenues
Gross premiums written	$	96,225		$	86,568		$	115,112		$	297,905
Reinsurance premiums ceded	(18,065		)	(6,350		)	(8,447		)	(32,862		)
Net premiums written	78,160			80,218			106,665			265,043
Change in unearned premiums	(7,184		)	(2,585		)	(15,131		)	(24,900		)
Net premiums earned	70,976			77,633			91,534			240,143
Other insurance related income										284
Total underwriting revenues										240,427
Underwriting deductions
Losses and loss expenses	63,502			42,274			58,641			164,417
Policy acquisition costs	13,836			23,401			21,157			58,394
Total underwriting deductions before G&A	77,338			65,675			79,798			222,811
Underwriting (loss) income before G&A	$	(6,362	)	$	11,958		$	11,736		$	17,616
General and administrative expenses										33,069
Share compensation expenses										3,693
Total underwriting deductions										259,573
Underwriting (loss)										$	(19,146	)
Supplemental information:
Losses and loss expenses:
Current period excluding items below	$	57,262		$	39,791		$	60,231		$	157,284
Current period—notable loss events	14,208			3,358			164			17,730
Current period—non-notable loss events	193			(4		)	—			189
Change in prior accident years	(8,161		)	(871		)	(1,754		)	(10,786		)
Total losses and loss expenses	$	63,502		$	42,274		$	58,641		$	164,417
Selected ratios:
Ratio of net to gross premiums written	81.2		%	92.7		%	92.7		%	89.0		%
Losses and loss expense ratio:
Current period excluding items below	80.7		%	51.3		%	65.8		%	65.5		%
Current period—notable loss events	20.0		%	4.3		%	0.2		%	7.4		%
Current period—non-notable loss events	0.3		%	—		%	—		%	0.1		%
Change in prior accident years	(11.5		)%	(1.1		)%	(1.9		)%	(4.5		)%
Losses and loss expense ratio	89.5		%	54.5		%	64.1		%	68.5		%
Policy acquisition cost ratio	19.5		%	30.1		%	23.1		%	24.3		%
General and administrative expense ratio										15.3		%
Expense ratio										39.6		%
Combined ratio										108.1		%

18

Validus Holdings, Ltd.

Underwriting Results by Class of Business - Years Ended December 31, 2016 & 2015 – Insurance Segment

	Years Ended December 31,
	2016												2015
(U.S. Dollars in thousands)	Property			Specialty - Short-tail			Specialty - Other			Total			Property			Specialty - Short-tail			Specialty - Other			Total
Underwriting revenues
Gross premiums written	$	371,221		$	397,602		$	425,314		$	1,194,137		$	334,370		$	440,735		$	416,094		$	1,191,199
Reinsurance premiums ceded	(78,676		)	(45,693		)	(38,300		)	(162,669		)	(83,323		)	(48,783		)	(38,012		)	(170,118		)
Net premiums written	292,545			351,909			387,014			1,031,468			251,047			391,952			378,082			1,021,081
Change in unearned premiums	(21,854		)	17,191			(23,861		)	(28,524		)	(6,719		)	30,453			(5,844		)	17,890
Net premiums earned	270,691			369,100			363,153			1,002,944			244,328			422,405			372,238			1,038,971
Other insurance related income										1,367												1,894
Total underwriting revenues										1,004,311												1,040,865
Underwriting deductions
Losses and loss expenses	183,663			199,848			221,230			604,741			105,995			169,716			233,677			509,388
Policy acquisition costs	50,019			105,189			77,572			232,780			37,414			117,250			65,493			220,157
Total underwriting deductions before G&A	233,682			305,037			298,802			837,521			143,409			286,966			299,170			729,545
Underwriting income before G&A	$	37,009		$	64,063		$	64,351		$	166,790		$	100,919		$	135,439		$	73,068		$	311,320
General and administrative expenses										165,529												177,918
Share compensation expenses										14,987												13,669
Total underwriting deductions										1,018,037												921,132
Underwriting (loss) income										$	(13,726	)										$	119,733
Supplemental information:
Losses and loss expenses:
Current period excluding items below	$	198,128		$	179,544		$	266,840		$	644,512		$	158,983		$	195,174		$	285,580		$	639,737
Current period—notable loss events	17,230			3,358			164			20,752			1,162			25,303			—			26,465
Current period—non-notable loss events	6,160			11,145			1			17,306			3,481			250			—			3,731
Change in prior accident years	(37,855		)	5,801			(45,775		)	(77,829		)	(57,631		)	(51,011		)	(51,903		)	(160,545		)
Total losses and loss expenses	$	183,663		$	199,848		$	221,230		$	604,741		$	105,995		$	169,716		$	233,677		$	509,388
Selected ratios:
Ratio of net to gross premiums written	78.8		%	88.5		%	91.0		%	86.4		%	75.1		%	88.9		%	90.9		%	85.7		%
Losses and loss expense ratio:
Current period excluding items below	73.1		%	48.6		%	73.5		%	64.3		%	65.1		%	46.2		%	76.7		%	61.6		%
Current period—notable loss events	6.4		%	0.9		%	—		%	2.1		%	0.5		%	6.0		%	—		%	2.5		%
Current period—non-notable loss events	2.3		%	3.0		%	—		%	1.7		%	1.4		%	0.1		%	—		%	0.4		%
Change in prior accident years	(14.0		)%	1.6		%	(12.6		)%	(7.8		)%	(23.6		)%	(12.1		)%	(13.9		)%	(15.5		)%
Losses and loss expense ratio	67.8		%	54.1		%	60.9		%	60.3		%	43.4		%	40.2		%	62.8		%	49.0		%
Policy acquisition cost ratio	18.5		%	28.5		%	21.4		%	23.2		%	15.3		%	27.8		%	17.6		%	21.2		%
General and administrative expense ratio										18.0		%										18.4		%
Expense ratio										41.2		%										39.6		%
Combined ratio										101.5		%										88.6		%

19

Validus Holdings, Ltd.

Asset Management - Segment Information

	Three Months Ended
(U.S. Dollars in thousands)	September 30, 2017			June 30, 2017			March 31, 2017			December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016
Fee revenues
Third party	$	5,095		$	5,549		$	4,644		$	3,928		$	7,025		$	3,091		$	4,727
Related party	457			644			631			737			1,373			328			891
Total fee revenues	5,552			6,193			5,275			4,665			8,398			3,419			5,618
Expenses
General and administrative expenses	2,929			3,549			3,844			2,676			3,324			2,751			1,482
Share compensation expenses	183			83			82			82			(107		)	133			141
Finance expenses	32			44			31			33			31			75			808
Tax (benefit) expense	(65		)	135			(1		)	90			—			—			—
Foreign exchange losses (gains)	7			1			(1		)	2			5			4			8
Total expenses	3,086			3,812			3,955			2,883			3,253			2,963			2,439
Income before investment (loss) income from AlphaCat Funds and Sidecars	2,466			2,381			1,320			1,782			5,145			456			3,179
Investment (loss) income from AlphaCat Funds and Sidecars (a)
AlphaCat Sidecars	201			(21		)	(112		)	14			(72		)	541			124
AlphaCat ILS Funds - Lower Risk (b)	(7,553		)	1,301			2,189			1,998			2,321			2,075			2,507
AlphaCat ILS Funds - Higher Risk (b)	(21,816		)	2,600			2,367			1,864			2,479			692			2,436
BetaCat ILS Funds	(922		)	263			368			644			1,303			1,113			563
PaCRe	—			—			—			—			—			—			(23		)
Validus’ share of investment (loss) income from AlphaCat Funds and Sidecars	(30,090		)	4,143			4,812			4,520			6,031			4,421			5,607
Validus’ share of AlphaCat (loss) income	$	(27,624	)	$	6,524		$	6,132		$	6,302		$	11,176		$	4,877		$	8,786
Gross premiums written
AlphaCat Sidecars	$	—		$	—		$	66		$	(163	)	$	(112	)	$	(14	)	$	(52	)
AlphaCat ILS Funds - Lower Risk (b)	10,979			53,632			52,908			(19		)	2,049			50,234			59,958
AlphaCat ILS Funds - Higher Risk (b)	16,275			43,672			93,536			(105		)	1,797			42,010			96,320
AlphaCat Direct (c)	(41		)	8,378			18,416			23			679			6,675			11,122
Total	$	27,213		$	105,682		$	164,926		$	(264	)	$	4,413		$	98,905		$	167,348

Notes:

(a) The investment income (loss) from AlphaCat funds and sidecars is based on equity accounting.

(b) 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.

(c) AlphaCat Direct includes direct investments from a third party investor in AlphaCat Reinsurance Ltd.

20

Validus Holdings, Ltd.

Segment Reconciliation - Nine Months Ended September 30, 2017

	Nine Months Ended September 30, 2017
(U.S. Dollars in thousands)	Reinsurance Segment			Insurance Segment			Asset Management Segment			Corporate & Investments			Eliminations			Total
Underwriting revenues
Gross premiums written	$	1,143,247		$	1,076,119		$	297,821		$	—		$	(9,572	)	$	2,507,615
Reinsurance premiums ceded	(168,573		)	(204,677		)	(9,510		)	—			9,572			(373,188		)
Net premiums written	974,674			871,442			288,311			—			—			2,134,427
Change in unearned premiums	(202,234		)	51,614			(54,196		)	—			—			(204,816		)
Net premiums earned	772,440			923,056			234,115			—			—			1,929,611
Other insurance related income	52			3,078			17,118			—			(14,311		)	5,937
Total underwriting revenues	772,492			926,134			251,233			—			(14,311		)	1,935,548
Underwriting deductions
Losses and loss expenses	556,915			689,291			574,130			—			—			1,820,336
Policy acquisition costs	141,323			180,783			22,380			—			—			344,486
General and administrative expenses	56,573			142,241			27,096			43,016			(14,311		)	254,615
Share compensation expenses	8,431			9,262			348			12,039			—			30,080
Total underwriting deductions	763,242			1,021,577			623,954			55,055			(14,311		)	2,449,517
Underwriting income (loss)	$	9,250		$	(95,443	)	$	(372,721	)	$	(55,055	)	$	—		$	(513,969	)
Net investment return (a)	—			—			12,543			158,523			—			171,066
Other items (b)	—			—			269			(57,097		)	—			(56,828		)
Loss attributable to AlphaCat investors	—			—			54,797			—			—			54,797
Net loss attributable to noncontrolling interests	—			—			290,144			—			—			290,144
Net income (loss) available (attributable) to Validus common shareholders	$	9,250		$	(95,443	)	$	(14,968	)	$	46,371		$	—		$	(54,790	)

Notes:

(a) Net investment return includes net investment income, net realized and change in net unrealized gains (losses) on investments and income (loss) from investment affiliates.

(b) Other items includes finance expenses, transaction expenses, dividends on preferred shares, tax benefit (expense), foreign exchange gains (losses), income (loss) from operating affiliate and other income (loss).

21

Validus Holdings, Ltd.

Segment Reconciliation - Years Ended December 31, 2016 & 2015

	Year Ended December 31, 2016
(U.S. Dollars in thousands)	Reinsurance Segment			Insurance Segment			Asset Management Segment			Corporate & Investments			Eliminations			Total
Underwriting revenues
Gross premiums written	$	1,184,912		$	1,194,137		$	270,402		$	—		$	(746	)	$	2,648,705
Reinsurance premiums ceded	(121,331		)	(162,669		)	(6,451		)	—			746			(289,705		)
Net premiums written	1,063,581			1,031,468			263,951			—			—			2,359,000
Change in unearned premiums	(67,432		)	(28,524		)	(13,879		)	—			—			(109,835		)
Net premiums earned	996,149			1,002,944			250,072			—			—			2,249,165
Other insurance related income	25			1,367			22,386			—			(20,817		)	2,961
Total underwriting revenues	996,174			1,004,311			272,458			—			(20,817		)	2,252,126
Underwriting deductions
Losses and loss expenses	415,505			604,741			44,851			—			—			1,065,097
Policy acquisition costs	189,797			232,780			26,905			—			—			449,482
General and administrative expenses	85,000			165,529			34,333			72,249			(20,817		)	336,294
Share compensation expenses	11,668			14,987			249			16,003						42,907
Total underwriting deductions	701,970			1,018,037			106,338			88,252			(20,817		)	1,893,780
Underwriting income (loss)	$	294,204		$	(13,726	)	$	166,120		$	(88,252	)	$	—		$	358,346
Net investment return (a)	—			—			13,106			168,421			(597		)	180,930
Other items (b)	—			—			(1,364		)	(31,807		)	—			(33,171		)
(Income) attributable to AlphaCat investors	—			—			(23,358		)	—			—			(23,358		)
Net (income) attributable to noncontrolling interests	—			—			(123,363		)	—			—			(123,363		)
Net income (loss) available (attributable) to Validus common shareholders	$	294,204		$	(13,726	)	$	31,141		$	48,362		$	(597	)	$	359,384

	Year Ended December 31, 2015
(U.S. Dollars in thousands)	Reinsurance Segment			Insurance Segment			Asset Management Segment			Corporate & Investments			Eliminations			Total
Underwriting revenues
Gross premiums written	$	1,194,589		$	1,191,199		$	176,126		$	—		$	(4,408	)	$	2,557,506
Reinsurance premiums ceded	(158,433		)	(170,118		)	(4,538		)	—			4,408			(328,681		)
Net premiums written	1,036,156			1,021,081			171,588			—			—			2,228,825
Change in unearned premiums	11,827			17,890			(11,653		)	—			—			18,064
Net premiums earned	1,047,983			1,038,971			159,935			—			—			2,246,889
Other insurance related income	2,214			1,894			25,524			—			(23,519		)	6,113
Total underwriting revenues	1,050,197			1,040,865			185,459			—			(23,519		)	2,253,002
Underwriting deductions
Losses and loss expenses	467,788			509,388			657			—			—			977,833
Policy acquisition costs	173,574			220,157			16,327			—			—			410,058
General and administrative expenses	94,531			177,918			39,055			75,724			(23,519		)	363,709
Share compensation expenses	11,137			13,669			580			12,955			—			38,341
Total underwriting deductions	747,030			921,132			56,619			88,679			(23,519		)	1,789,941
Underwriting income	$	303,167		$	119,733		$	128,840		$	(88,679	)	$	—		$	463,061
Net investment return (a)	—			—			6,870			95,138			—			102,008
Other items (b)	—			—			(18,179		)	(76,621		)	—			(94,800		)
(Income) attributable to AlphaCat investors	—			—			(2,412		)	—			—			(2,412		)
Net (income) attributable to noncontrolling interests	—			—			(92,964		)	—			—			(92,964		)
Net income available to Validus common shareholders	$	303,167		$	119,733		$	22,155		$	(70,162	)	$	—		$	374,893

Notes:

(a) Net investment return includes net investment income, net realized and change in net unrealized gains (losses) on investments and income (loss) from investment affiliates.

(b) Other items includes finance expenses, dividends on preferred shares, tax benefit (expense), foreign exchange gains (losses), income (loss) from operating affiliate and other income (loss).

22

Validus Holdings, Ltd.

Gross Premiums Written by Segment by Class of Business

		Three Months Ended															Years Ended
(U.S. Dollars in thousands)		September 30, 2017			June 30, 2017			March 31, 2017			December 31, 2016			September 30, 2016			December 31, 2016			December 31, 2015
Reinsurance Segment
Property	Cat XOL (a)	$	108,717		$	162,701		$	155,977		$	1,918		$	36,825		$	374,242		$	452,694
	Per Risk XOL	11,907			4,358			8,385			119			10,767			25,360			24,686
	Proportional (b)	6,857			19,644			52,305			6,442			10,124			97,661			94,232
	Total Property	127,481			186,703			216,667			8,479			57,716			497,263			571,612
Specialty - Short-tail	Aerospace and Aviation	4,751			25,308			21,334			1,787			5,313			62,071			55,458
	Agriculture	449			22,061			152,447			(9,681		)	8,625			243,180			270,524
	Composite	7,170			17,349			34,090			2,281			8,932			59,244			41,130
	Marine	2,559			16,324			103,162			(2,328		)	(4,973		)	117,614			168,970
	Other Specialty - Short-tail (c)	1,410			3,507			10,837			29			970			8,359			10,422
	Technical Lines	3,207			4,959			4,182			629			4,100			12,534			7,894
	Terrorism	1,010			(154		)	5,039			(2,240		)	1,972			6,159			13,392
	Trade Credit	(8		)	50			44,154			28			(647		)	38,279			24,145
	Workers’ Compensation	3,084			2,200			1,633			732			3,230			8,064			7,398
	Total Specialty - Short-tail	23,632			91,604			376,878			(8,763		)	27,522			555,504			599,333
Specialty - Other	Casualty	8,890			39,126			24,510			31,991			7,538			86,107			7,117
	Financial	9,569			13,101			25,086			10,106			9,437			46,038			16,527
	Total Specialty - Other	18,459			52,227			49,596			42,097			16,975			132,145			23,644
	Total Reinsurance Segment	$	169,572		$	330,534		$	643,141		$	41,813		$	102,213		$	1,184,912		$	1,194,589
Insurance Segment
Property	Direct	$	76,868		$	86,113		$	67,878		$	71,353		$	63,501		$	277,024		$	230,434
	Downstream Energy and Power	17,994			29,765			13,669			24,872			19,319			94,197			103,936
	Total Property	94,862			115,878			81,547			96,225			82,820			371,221			334,370
Specialty - Short-tail	Accident and Health	4,411			5,176			5,910			4,929			4,170			29,326			27,123
	Agriculture	51,800			23,939			84,299			—			—			—			—
	Aviation	5,587			4,417			5,159			13,235			5,716			27,290			38,669
	Contingency	3,615			6,988			3,964			14,160			6,183			35,412			17,335
	Marine	29,735			59,409			47,364			28,445			40,108			192,526			246,544
	Political Lines (d)	23,167			28,254			32,525			25,799			27,121			113,048			111,064
	Total Specialty - Short-tail	118,315			128,183			179,221			86,568			83,298			397,602			440,735
Specialty - Other	Financial	19,530			13,980			13,738			16,332			14,680			53,484			44,703
	Liability (e)	65,906			67,393			58,637			56,967			60,417			225,776			225,486
	Marine and Energy Liability	8,034			12,900			24,172			10,961			8,891			53,515			56,343
	Political Risk	20,231			18,545			22,136			27,689			11,161			78,598			76,380
	Products and Airports	6,394			3,178			3,339			3,163			4,525			13,941			13,182
	Total Specialty - Other	120,095			115,996			122,022			115,112			99,674			425,314			416,094
	Total Insurance Segment	$	333,272		$	360,057		$	382,790		$	297,905		$	265,792		$	1,194,137		$	1,191,199
Asset Management Segment
Property	Cat XOL	$	22,013		$	99,318		$	159,765		$	(264	)	$	3,933		$	260,786		$	176,126
	Total Property	22,013			99,318			159,765			(264		)	3,933			260,786			176,126
Specialty - Short-tail	Agriculture	1,936			4,020			(35		)	4			77			2,879			—
	Composite	2,872			2,362			4,788			—			—			5,518			—
	Workers’ Compensation	392			(18		)	408			(4		)	403			1,219			—
	Total Specialty - Short-tail	5,200			6,364			5,161			—			480			9,616			—
	Total Asset Management Segment	$	27,213		$	105,682		$	164,926		$	(264	)	$	4,413		$	270,402		$	176,126
Intersegment Revenue	Property	(6,248		)	(725		)	—			—			—			(746		)	(4,408		)
	Specialty - Short-tail	47			(2,646		)	—			—			—			—			—
	Specialty - Other	—			—			—			—			—			—			—
	Total Intersegment Revenue	$	(6,201	)	$	(3,371	)	$	—		$	—		$	—		$	(746	)	$	(4,408	)
Total Gross Premiums Written		$	523,856		$	792,902		$	1,190,857		$	339,454		$	372,418		$	2,648,705		$	2,557,506

Notes:

(a) Property Cat XOL is comprised of Catastrophe XOL, Aggregate XOL, Reinstatement Premium Protection, Per Event XOL, Second Event and Third Event covers.

(b) Proportional is comprised of Quota Share and Surplus Share covers.

(c) Other Specialty - Short-tail classes include Contingency, Crisis Management and Life and Accident & Health.

(d) Political Lines includes War and Political Violence.

(e) Liability includes General Liability, Professional Liability, Products Liability and Miscellaneous Malpractice.

23