VALIDUS HOLDINGS LTD Cashflow Statement

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Financial Statements

Income Statement Balance Sheet Cashflow Statement

Consolidated Statements of Cash Flows

In millions of USD, except per-share amounts

	FY2017 12 months to Dec 31, 2017	FY2016 12 months to Dec 31, 2016	FY2015 12 months to Dec 31, 2015	FY2014 12 months to Dec 31, 2014	FY2013 12 months to Dec 31, 2013
Cash flows provided by (used in) operating activities
Net (loss) income
Adjustments to reconcile net (loss) income to cash provided by (used in) operating activities:
Share compensation expenses
Loss on redemption of AlphaCat ILS fund
Bargain purchase gain
Amortization of discount on senior notes
Income from investment affiliate
Investment Affiliates
Total income from investment affiliate
Net realized (gains) losses on investments
Change in net unrealized losses on investments
(Income) loss from investment and operating affiliates
Net realized and change in net unrealized (gains) losses on investments
Amortization of intangible assets
Loss (income) from operating affiliates
Operating Affiliates
Total loss (income) from operating affiliates

Foreign exchange (gains) losses included in net income
Amortization of premium on fixed maturity investments

Change in operational balance sheet items:
Premiums receivable
Deferred acquisition costs
Prepaid reinsurance premiums
Loss reserves recoverable
Paid losses recoverable
Income taxes recoverable
Deferred tax asset
Accrued investment income
Other assets
Reserve for losses and loss expenses
Unearned premiums
Reinsurance balances payable
Deferred tax liability
Accounts payable and accrued expenses
Other operational balance sheet items, net
Net cash provided by operating activities
Cash flows provided by (used in) investing activities
Proceeds on sales of fixed maturity investments
Proceeds on maturities of fixed maturity investments
Purchases of fixed maturity investments
Purchases of short-term investments, net
Purchases of other investments, net
Decrease (increase) in securities lending collateral
Distributions from operating affiliates
Decrease in restricted cash
Proceeds on sale of subsidiary, net of cash
Cash (redeemed) in deconsolidation of subsidiary
Distributions (investments) in investment affiliates, net
Operating Affiliates
Investment Affiliates
Total distributions (investments) in investment affiliates, net
Purchase of investment in investment affiliate
Purchase of subsidiary, net of cash
Net cash used in investing activities

Cash flows provided by (used in) financing activities
Net proceeds on issuance of notes payable to AlphaCat investors
Issuance of common shares, net
Repayments on notes payable to operating affiliates
Proceeds drawn on credit facilities
Net proceeds on issuance of preferred shares
(Redemption) issuance of common shares, net
Purchases of common shares under share repurchase program
Dividends paid on preferred shares
Dividends paid on common shares
(Decrease) increase in securities lending payable
Third party investment in redeemable noncontrolling interest
Third party investment in noncontrolling interest
Third party investments in redeemable noncontrolling interests
Third party redemptions of redeemable noncontrolling interests
Third party investments in noncontrolling interests
Third party distributions of noncontrolling interests
Third party subscriptions received (deployed) on funds and sidecars, net
Net cash provided by financing activities

Net (decrease) increase in cash and cash equivalents
Cash and cash equivalents - beginning of year
Cash and cash equivalents - end of year
Effect of foreign currency rate changes on cash and cash equivalents and restricted cash
Net increase (decrease) in cash and cash equivalents and restricted cash
Cash and cash equivalents and restricted cash - beginning of year
Cash and cash equivalents and restricted cash - end of year
Supplemental disclosure of cash flow information:
Taxes paid during the year
Interest paid during the year

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