As part of our strategy, we frequently monitor and analyze opportunities to acquire or make a strategic investment in new or other businesses we believe will not detract from our core operations. The negotiation of potential acquisitions or strategic investments as well as the integration of an acquired business or new personnel, could result in a substantial diversion of management resources.

Future acquisitions could likewise involve numerous additional risks such as potential losses from unanticipated litigation or levels of claims and inability to generate sufficient revenue to offset acquisition costs. As we pursue or consummate a strategic transaction or investment, we may value the acquired or funded company or operations incorrectly, fail to integrate the acquired operations appropriately into our own operations, fail to successfully manage our operations as our product and geographical diversity increases, expend unforeseen costs during the acquisition or integration process, or encounter other unanticipated risks or challenges. If we succeed in consummating a strategic investment, we may fail to value it accurately or divest it or otherwise realize the value which we originally invested or have subsequently reflected in our consolidated financial statements. Any failure by us to effectively limit such risks or implement our acquisitions or strategic investment strategies could have a material adverse effect on our business, financial condition or results of operations.

Some aspects of our corporate structure may discourage ~~third party~~third-party takeovers and other transactions or prevent the removal of our current board of directors and management.

Some provisions of our ~~Amended and Restated Bye-Laws~~bye-laws may discourage third parties from making unsolicited takeover bids or prevent the removal of our current board of directors and management. In particular, our ~~Bye-Laws~~bye-laws prohibit transfers of our capital shares if the transfer would result in a person owning or controlling shares that constitute 9.9% or more of any class or series of our ~~shares.~~shares, unless otherwise waived at the discretion of the Board. In addition, our ~~Bye-Laws~~bye-laws reduce the total voting power of any shareholder owning, directly or indirectly, beneficially or otherwise, more than 9.9% of our common shares to not more than 9.9% of the total voting power of our ~~capital stock~~shares unless otherwise waived at the discretion of the Board. These provisions may have the effect of deterring purchases of large blocks of our common shares or proposals to acquire us, even if our shareholders might deem these purchases or acquisition proposals to be in their best interests.

In addition, our ~~Bye-Laws~~bye-laws provide for, among other things:

•a classified Board, whose size is generally fixed and whose members may be removed by the shareholders only for cause upon a 66 2/3% vote;

•restrictions on the ability of shareholders to nominate persons to serve as directors, submit resolutions to a shareholder vote and requisition special general meetings;

•a large number of authorized but unissued shares which may be issued by the Board without further shareholder action; and

•a 66 2/3% shareholder vote to amend, repeal or adopt any provision inconsistent with several provisions of the ~~Bye-Laws.~~bye-laws.

These ~~Bye-Law~~bye-law provisions make it more difficult to acquire control of us by means of a tender offer, open market purchase, proxy contest or otherwise and could discourage a prospective acquirer from making a tender offer or otherwise attempting to obtain control of us. In addition, these ~~Bye-Law~~bye-law provisions could prevent the removal of our current Board of Directors and management. To the extent these provisions discourage takeover attempts, they could deprive shareholders of opportunities to realize takeover premiums for their shares or could depress the market price of the shares.

~~Maryland law also requires prior notice~~In addition, many jurisdictions in which our insurance and ~~Maryland Insurance Administration~~reinsurance subsidiaries operate have laws and regulations that require regulatory approval of ~~changes~~a change in control of ~~a Maryland-domestic~~an insurer or ~~its~~an insurer’s holding company. ~~Any purchaser of 10% or more of the outstanding voting securities of an insurance company or its holding company is presumed~~Where such laws apply to ~~have acquired~~us and our subsidiaries, there can be no effective change in our control unless the ~~presumption is rebutted. Therefore, any investor who intends~~person seeking to acquire ~~10% or more of our outstanding voting securities would be required to file notices and reports~~control has filed a statement with the ~~Maryland Insurance Administration before~~regulators and has obtained prior approval for the proposed change from such ~~acquisition.~~

~~The PRA and the FCA regulate the acquisition of~~regulators. Under these laws, control ~~of RSML, our Lloyd’s managing agent, which~~ is ~~authorized under the FSMA. Any company or individual that, together with its or his associates,~~typically presumed when a person acquires, directly or indirectly, ~~acquires 10% or more of the shares in a Lloyd’s managing agent or its parent company, or is entitled to exercise or control the exercise of~~ 10% or more of the voting power ~~in such Lloyd’s managing agent~~of the insurance company or its parent, ~~company, would be considered to have acquired control for~~although this presumption is rebuttable. Therefore, a person may not acquire 10% or more of our common shares without the ~~purposes~~prior approval of the relevant legislation, as would a person who has significant influence over the management of such Lloyd’s managing agent or its parent company by virtue of its or his shareholding or voting power in either. Lloyd’s approval is also required before any person can acquire control (using the same definition as for the PRA and FCA) of a Lloyd’s managing agent or Lloyd’s corporate member.applicable insurance regulators.

Investors may have difficulty in serving process or enforcing judgments against us in the U.S.

We are a Bermuda company. In addition, ~~certain~~many of our officers and directors reside in countries outside the U.S. All or a substantial portion of our assets and the assets of these officers and directors ~~are or~~ may be located outside the U.S. Investors may have difficulty effecting service of process within the U.S. on our directors and officers who reside outside the U.S. or recovering against us or these directors and officers on judgments of U.S. courts based on civil liabilities provisions of the U.S. federal securities laws whether or not we appoint an agent in the U.S. to receive service of process.

~~Risks Related to Our Industry~~

~~The reinsurance and insurance businesses are historically cyclical and the pricing and terms for our products may decline, which would affect our profitability.~~

The reinsurance and insurance industries have historically been cyclical, characterized by periods of decreasing prices followed by periods of increasing prices. Reinsurers have experienced significant fluctuations in their results of operations due to numerous factors, including the frequency and severity of catastrophic events, perceptions of risk, levels of capacity, general economic conditions and underwriting results of other insurers and reinsurers. All of these factors may contribute to price declines generally in the reinsurance and insurance industries. Following an increase in capital in our industry after the 2005 catastrophe events and the subsequent period of substantial dislocation in the financial markets, the reinsurance and insurance markets have experienced a prolonged period of generally softening markets.

Our catastrophe-exposed lines are affected significantly by volatile and unpredictable developments, including natural and man-made disasters. The occurrence, or nonoccurrence, of catastrophic events, the frequency and severity of which are inherently unpredictable, affects both industry results and consequently prevailing market prices of our products.

We expect premium rates and other terms and conditions of trade to vary in the future. If demand for our products falls or the supply of competing capacity rises, our prospects for potential growth, due in part to our disciplined approach to underwriting, may be adversely affected. In particular, we might lose existing customers or suffer a decline in business, which we might not regain when industry conditions improve.

Recent or future U.S. federal or state legislation may impact the private markets and decrease the demand for our property reinsurance products, which would adversely affect our business and results of operations.

Legislation adversely impacting the private markets could be enacted on a state, regional or federal level. In the past, federal bills have been proposed in Congress which would, if enacted, create a federal reinsurance backstop or guarantee mechanism for catastrophic risks, including those we currently insure and reinsure in the private markets. These measures were not enacted by Congress; however, new bills to create a federal catastrophe reinsurance program to back up state insurance or reinsurance programs, or to establish other similar or analogous funding mechanisms or structures, may be introduced. We believe that such legislation, if enacted, could contribute to growth, inception or alteration of state insurance entities in a manner that would be adverse to us and to market participants more generally. If enacted, bills of this nature would likely further erode the role of private market catastrophe reinsurers and could adversely impact our financial results, perhaps materially. Moreover, we believe that numerous modeled potential catastrophes could exceed the actual or politically acceptable bonded capacity of Citizens and of the FHCF. This could lead either to a severe dislocation or the necessity of federal intervention in the Florida market, either of which would adversely impact the private insurance and reinsurance industry.

In March 2014, Congress passed the “Homeowner Flood Insurance Affordability Act of 2014” (the “Grimm-Waters Act”), which we believe has had an adverse impact on near term prospects for increased U.S. private flood insurance demand, the stability of the National Flood Insurance Program (the “NFIP”) and the primary insurers that produce policies for the NFIP or offer private coverages, and it is possible that additional adverse legislation or rulemaking will be enacted at the federal or state level.

In 2007, the state of Florida enacted legislation to expand the FHCF’s provision of below-market rate reinsurance to up to $28.0 billion per season and expanded the ability of Citizens to compete with private insurance companies and other companies that cede business to us, which reduced the role of the private insurance and reinsurance markets in Florida. Because we are one of the largest providers of catastrophe-exposed coverage globally and in Florida, the 2007 bill and the weakened financial position of Florida insurers may have a greater adverse impact on us than it would on other reinsurance market participants. In addition, it is possible that other regulatory or legislative changes that impact Florida could affect our ability to sell certain of our products and have a material adverse effect on our operations. Other states, particularly those with Atlantic or Gulf Coast exposures or seismic exposures (such as California), may enact new or expanded legislation based on the 2007 Florida model or otherwise, that could further diminish aggregate private market demand for our products. See “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, Current Outlook, Legislative and Regulatory Update” for further information.

~~Consolidation in the (re)insurance industry could adversely impact us.~~

The (re)insurance industry, including our competitors, customers and insurance and reinsurance brokers, has been consolidating. Should the market continue to consolidate, there can be no assurance we would remain a leading reinsurer. These consolidated client and competitor enterprises may try to use their enhanced market power to negotiate price reductions for our products and services and/or obtain a larger market share through increased line sizes. If competitive pressures reduce our prices, we would generally expect to reduce our future underwriting activities, resulting in reduced premiums and a reduction in expected earnings. As the insurance industry consolidates, competition for customers will become more intense and the importance of sourcing and properly servicing each customer will become greater. We could incur greater expenses relating to customer acquisition and retention, further reducing our operating margins. In addition, insurance companies that merge may be able to spread their risks across a consolidated, larger capital base so that they require less reinsurance. The number of companies offering retrocessional reinsurance may decline. Reinsurance intermediaries could also continue to consolidate, potentially adversely impacting our ability to access business and distribute our products. We could also experience more robust competition from larger, better capitalized competitors. Any of the foregoing could adversely affect our business or our results of operations.

~~We operate in a highly competitive environment.~~

The reinsurance industry is highly competitive. We compete, and will continue to compete, with major U.S. and non-U.S. insurers and reinsurers, including other Bermuda-based reinsurers. Many of our competitors have greater financial, marketing and management resources than we do. Historically, periods of increased capacity levels in our industry have led to increased competition and decreased prices for our products.

In recent years, hedge funds, pension funds, endowments, investment banks, investment managers, exchanges and other capital markets participants have been increasingly active in the reinsurance market and markets for related risks, either through the formation of reinsurance companies or the use of other financial products intended to compete with traditional reinsurance. We expect competition from these sources and others to continue to increase over time. It is possible that such new or alternative capital could cause reductions in prices of our products, or reduce the duration or amplitude of attractive portions of the historical market cycles. New entrants or existing competitors may attempt to replicate all or part of our business model and provide further competition in the markets in which we participate. Moreover, government-backed entities increasingly represent competition for the coverages we provide directly or for the business of our customers, reducing the potential amount of third party private protection our clients might need or desire. To the extent that industry pricing of our products does not meet our hurdle rate, we would generally expect to reduce our future underwriting activities, thus resulting in reduced premiums and a reduction in expected earnings. We are unable to predict the extent to which the foregoing or other new, proposed or potential initiatives may affect the demand for our products or the risks for which we seek to provide coverage.

~~Other political, regulatory and industry initiatives by state and international authorities could adversely affect our business.~~

The insurance and reinsurance regulatory framework is subject to heavy scrutiny by the U.S. and individual state governments, as well as an increasing number of international authorities, and we believe it is likely there will be increased regulatory intervention in our industry in the future. For example, the U.S. federal government has increased its scrutiny of the insurance regulatory framework in recent years (including as specifically addressed in the Dodd-Frank Act), and some state legislators have considered or enacted laws that will alter and likely increase state regulation of insurance and reinsurance companies and holding companies. Moreover, the NAIC, which is an association of the insurance commissioners of all 50 states and the District of Columbia, and state insurance regulators regularly reexamine existing laws and regulations. We could also be adversely affected by proposals or enacted legislation to expand the scope of coverage under existing policies for perils such as hurricanes or earthquakes or for a pandemic disease outbreak, mandate the terms of insurance and reinsurance policies, expand the scope of the FIO or establish a new federal insurance regulator, revise laws, regulations, or contracts under which we operate, disproportionately benefit the companies of one country over those of another or repeal or diminish the insurance company antitrust exemption from the McCarran Ferguson Act.

Due to this increased legislative and regulatory scrutiny of the reinsurance industry, our cost of compliance with applicable laws may increase, which could result in a decrease to both our profitability and the amount of time that our senior management allocates to running our day-to-day operations.

Further, as we continue to expand our business operations to different regions of the world outside of Bermuda, we are increasingly subject to new and additional regulations with respect to our operations, including, for example, laws relating to anti-corruption and anti-bribery, which have received increased scrutiny in recent years.

~~Increasing barriers to free trade and the free flow of capital could adversely affect the reinsurance industry and our business.~~

Recent political initiatives to restrict free trade and close markets, such as Brexit and the Trump administration’s decision to withdraw from the Trans-Pacific partnership, could adversely affect the reinsurance industry and our business. The reinsurance industry is disproportionately impacted by restraints on the free flow of capital and risk because the value it provides depends on our ability to globally diversify risk.

Internationally, restrictions on the writing of reinsurance by foreign companies and government intervention in the natural catastrophe market could reduce market opportunities for our customers and adversely impact us.

Internationally, many countries with fast growing economies, such as China and India, continue to impose significant restrictions on the writing of reinsurance by foreign companies. In addition, in the wake of recent large natural catastrophes, a number of proposals have been introduced to alter the financing of natural catastrophes in several of the markets in which we operate. For example, the Thailand government has announced it is studying proposals for a natural catastrophe fund, under which the government would provide coverage for natural disasters in excess of an industry retention and below a certain limit, after which private reinsurers would continue to participate. The government of the Philippines has announced that it is considering similar proposals. Indonesia’s financial services authority has announced a proposal to increase the amount of insurance business placed with domestic reinsurers. A range of proposals from varying stakeholders have been reported to have been made to alter the current regimes for insuring flood risk in the U.K., flood risk in Australia and earthquake risk in New Zealand. If these proposals are enacted and reduce market opportunities for our clients or for the reinsurance industry, we could be adversely impacted. See “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, Current Outlook, Legislative and Regulatory Update” for further information.

~~The OECD and the EU may pursue measures that might increase our taxes and reduce our net income and increase our reporting requirements.~~

The OECD has published reports and launched a global dialog among member and non-member countries on measures to limit harmful tax competition. These measures are largely directed at counteracting the effects of jurisdictions perceived by the OECD to be tax havens or offering preferential tax regimes. The OECD has not listed Bermuda as an uncooperative tax haven jurisdiction because Bermuda has committed to eliminating harmful tax practices and to embracing international tax standards for transparency, exchange of information and the elimination of any aspects of the regimes for financial and other services that attract business with no substantial domestic activity. We are not able to predict what changes will arise from the commitment or whether such changes will subject us to additional taxes.

In addition, in 2015, the OECD published its final series of Base Erosion and Profit Shifting (“BEPS”) reports related to its attempt to coordinate multilateral action on international tax rules. The proposed actions include an examination of the definition of a “permanent establishment” and the rules for attributing profit to a permanent establishment. One of these reports covers “country-by-country” reporting, which calls for the provision, at a country-specific level, of information such as affiliate and non-affiliate revenues, profit or loss before tax, income taxes paid and accrued, capital, number of employees and tangible assets. It is expected that some countries, including some EU countries, would deem a failure to implement country-by-country reporting to be sufficient rationale to place another country on a “black-list”, thus potentially restricting in some way business between the two countries. Bermuda implemented country-by-country reporting in 2016 for 2017 reporting. The implementation and ongoing requirements of country-by-country reporting will require significant management time and resources. Although we believe Bermuda’s implementation of country-by-country reporting has reduced the likelihood that Bermuda would appear on a “black-list”, some uncertainty remains. Any changes in the tax law of an OECD member state in response to the BEPS reports and recommendations could subject us to additional taxes.

~~The vote by the U.K. to leave the EU could adversely affect our business.~~

As a result of Brexit, negotiations to determine the terms of the U.K.’s withdrawal from the EU and its future relationship with the EU are ongoing. As a result, we face risks associated with the potential uncertainty and consequences that may follow Brexit, including with respect to volatility in financial markets, exchange rates and interest rates. These uncertainties could increase the volatility of, or reduce, our investment results in particular periods or over time. Brexit could adversely affect European or worldwide political, regulatory, economic or market conditions and could contribute to instability in global political institutions and regulatory agencies. Brexit could also lead to legal uncertainty and differing laws and regulations between the U.K., and the EU, and could impair or adversely affect the ability of the Lloyd’s market, including Syndicate 1458, to transact business in EU countries, particularly in respect of primary or direct insurance business as to which we currently rely on the licensure afforded to syndicates at Lloyd’s for access to EU markets. In addition, these uncertainties could affect the operations, strategic position or results of insurers or reinsurers on whom we ultimately rely to access underlying insured coverages. Any of these potential

~~effects of Brexit, and others we cannot anticipate, could adversely affect our results of operations or financial condition.~~

~~Regulatory regimes and changes to accounting rules may adversely impact financial results irrespective of business operations.~~

Accounting standards and regulatory changes may require modifications to our accounting principles, both prospectively and for prior periods, and such changes could have an adverse impact on our financial results. Required modification of our existing principles, and new disclosure requirements, could have an impact on our results of operations and increase our expenses in order to implement and comply with any new requirements.

~~The preparation of our consolidated financial statements requires us to make many estimates and judgments.~~

The preparation of consolidated financial statements requires us to make many estimates and judgments that affect the reported amounts of assets, liabilities (including claims and claim expense reserves), shareholders' equity, revenues and expenses, and related disclosures. On an ongoing basis, we evaluate our estimates, including those related to premiums written and earned, our net claims and claim expenses, investment valuations, income taxes and those estimates used in our risk transfer analysis for reinsurance transactions. We base our estimates on historical experience, where possible, and on various other assumptions we believe to be reasonable under the circumstances, which form the basis for our judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Our judgments and estimates may not reflect our actual results. We utilize actuarial models as well as historical insurance industry loss development patterns to establish our claims and claim expense reserves. Actual claims and claim expenses paid may deviate, perhaps materially, from the estimates reflected in our financial statements. For more details on our estimates and judgments, see “Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, Critical Accounting Estimates.”

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

ITEM 2. PROPERTIES

We lease office space in Bermuda, which houses our headquarters and principal executive offices, ~~and operations for our Property and Casualty and Specialty segments. Our~~as well as in other locations throughout the U.S. based subsidiaries lease office space in a number of U.S. locations, including New York, New York, Stamford, Connecticut, Chicago, Illinois and Raleigh, North Carolina. We also lease office space in London, England (U.K.), principally for our Lloyd’s underwriting platform, and in ~~Dublin,~~the U.K., Australia, Ireland, Singapore and Switzerland. While we believe that our current office space is sufficient for us to conduct our operations, we may expand into additional facilities and new locations to accommodate future growth. To date, the cost of acquiring and maintaining our office space has not been material to us as a whole.

ITEM 3. LEGAL PROCEEDINGS

We and our subsidiaries are subject to lawsuits and regulatory actions in the normal course of business that do not arise from or directly relate to claims on reinsurance treaties or contracts or direct surplus lines insurance policies. In our industry, business litigation may involve allegations of underwriting or claims-handling errors or misconduct, disputesThe information required by this Item relating to ~~the scope of, or compliance with, the terms of delegated underwriting agreements, employment claims, regulatory actions or disputes arising from~~legal proceedings is incorporated herein by reference to information included in “Note 20. Commitments, Contingencies and Other Items” in our business ventures. Our operating subsidiaries are subject to claims litigation involving, among other things, disputed interpretations of policy coverages. Generally, our direct surplus lines insurance operations are subject to greater frequency and diversity of claims and claims-related litigation than our reinsurance operations and, in some jurisdictions, may be subject to direct actions by allegedly injured persons or entities seeking damages from policyholders. These lawsuits involving or arising out of claims on policies issued by our subsidiaries, which are typical“Notes to the insurance industry in general and in the normal course of business, are considered in our loss and loss expense reserves which are discussed in its loss reserves discussion. In addition, we may from time to time engage in litigation or arbitration related to claims for payment in respect of ceded reinsurance, including disputes that challenge our ability to enforce our underwriting intent. SuchConsolidated Financial Statements.”

matters could result, directly or indirectly, in providers of protection not meeting their obligations to us or not doing so on a timely basis. We may also be subject to other disputes from time to time, relating to operational or other matters distinct from insurance or reinsurance claims. Any litigation, arbitration or regulatory process contains an element of uncertainty, and, accordingly, the value of an exposure or a gain contingency related to a dispute is difficult to estimate. Currently, we believe that no individual litigation or arbitration to which we are presently a party is likely to have a material adverse effect on our financial condition, business or operations.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER REPURCHASES OF EQUITY SECURITIES

MARKET INFORMATION AND NUMBER OF HOLDERS

Our common shares are listed on the NYSE under the symbol “RNR.”

~~The following table sets forth, for the periods indicated, the high and low prices per share of our common shares as reported in composite NYSE trading:~~

Price Range
of Common Shares

High Low
2017
Fourth Quarter $ 141.77
$ 123.86

Third Quarter 152.00
120.55

Second Quarter 145.62
134.08

First Quarter 150.74
134.62

2016
Fourth Quarter $ 137.21
$ 117.36

Third Quarter 122.97
114.34

Second Quarter 121.38
107.27

First Quarter 120.59
107.47

On February 2, ~~2018, the last reported sale price for our common shares was~~ ~~$129.90~~ ~~per share and~~2022, there were ~~124~~99 holders of record of our common shares.

PERFORMANCE GRAPH

The following graph compares the cumulative return on our common shares, including reinvestment of our dividends on our common shares, to such return for the S&P 500 Composite Stock Price Index ~~(“S&P 500”)~~ and S&P’s Property-Casualty Industry Group Stock Price Index, ~~(“S&P P&C”),~~ for the five-year period commencing December 31, ~~2012~~2016 and ending December 31, ~~2017~~,2021, assuming $100 was invested on December 31, ~~2012.~~2016. Each measurement point on the graph below represents the cumulative shareholder return as measured by the last sale price at the end of each calendar year during the period from January 1, ~~2013~~2017 through December 31, ~~2017~~.2021. As depicted in the graph below, during this period, the cumulative return was (1) ~~63.3%~~30.0% on our common shares; (2) ~~108.1%~~133.3% for the S&P ~~500;~~500 Composite Stock Price Index; and (3) ~~148.3%~~83.5% for the S~~&P P&C.~~&P’s Property-Casualty Industry Group Stock Price Index.

COMPARISON OF FIVE YEAR CUMULATIVE TOTAL RETURN

~~DIVIDEND POLICY~~

Since our initial public offering, we have paid dividends on our common shares every quarter and have increased our dividend each year. Our Board of Directors declared regular quarterly dividends to shareholders of ~~$0.32~~ per common share in 2017 and $0.31 per common share in 2016. On February 8, 2017, RenaissanceRe’s Board of Directors approved an increase in the Company’s quarterly dividend to $0.33 per common share. The declaration and payment of dividends on our common shares are subject to the discretion of the Board and depend on, among other things, our financial condition, general business conditions, legal, contractual and regulatory restrictions regarding the payment of dividends by us and our subsidiaries and other factors which the Board may in the future consider to be relevant.

The laws of the various jurisdictions in which we and our subsidiaries are organized restrict the ability of RenaissanceRe to pay dividends to its shareholders and of our subsidiaries to pay dividends to RenaissanceRe. Refer to “Part II, Item 1. Business, Regulation”, “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, Liquidity and Capital Resources, Financial Condition” and “Note 18. Statutory Requirements in our Notes to the Consolidated Financial Statements” for additional information.

ISSUER REPURCHASES OF EQUITY SECURITIES

Our share repurchase program may be effected from time to time, depending on market conditions and other factors, through open market purchases and privately negotiated transactions. On each of November ~~10, 2017,~~11, 2021 and February 4, 2022, our Board of Directors approved a renewal of our authorized share repurchase program to an aggregate amount of up to $500.0 million. Unless terminated earlier by our Board of Directors, the program will expire when we have repurchased the full value of the shares authorized. The table below details the repurchases that were made under the program during the ~~three months ended~~ ~~December 31, 2017~~,fourth quarter of 2021, and also includes other shares purchased, which represents common shares surrendered by employees in respect of withholding tax obligations on the vesting of restricted ~~stock or in lieu of cash payments for the exercise price of employee stock options.~~

stock.

Total shares purchased Other shares purchased
Shares purchased under
repurchase program

Dollar
amount
still
available
under
repurchase
program

Shares
purchased

Average
price per
share

Shares
purchased

Average
price per
share

Shares
purchased

Average
price per
share

(in millions)
Beginning dollar amount available to be repurchased $ 467.3

October 1 - 31, 2017 —
$ —
—
$ —
—
$ —
—

November 1 - 10, 2017 1,212
$ 139.70
1,212
$ 139.70
—
$ —
—

November 10, 2017 - renewal of authorized share repurchase program of $500.0 million 32.7

Dollar amount available to be repurchased 500.0

November 11 - 31, 2017 —
$ —
—
$ —
—
$ —
—

December 1 - 31, 2017 8,424
$ 125.59
8,424
$ 125.59
—
$ —
—

Total 9,636
$ 127.36
9,636
$ 127.36
—
$ —
$ 500.0



	Total Shares Purchased			Other Shares Purchased			Shares Purchased Under Repurchase Program			Dollar Amount Still Available Under Repurchase Program
	Shares Purchased	Average Price per Share		Shares Purchased	Average Price per Share		Shares Purchased	Average Price per Share
										(in millions)
Beginning dollar amount available to be repurchased										$	421.8
October 1 - 31, 2021	684,654	$	146.52	145	$	141.80	684,509	$	146.52	321.5
November 1 - 10, 2021	216,275	$	153.52	—	$	—	216,275	$	153.52	288.3
November 11 - renewal of authorized share repurchase program of $500.0 million										500.0

November 11 - 30, 2021	311,066	$	160.80	87	$	152.55	310,979	$	160.80	450.0
December 1 - 31, 2021	876,867	$	165.99	12,945	$	169.33	863,922	$	165.94	306.6
Total	2,088,862	$	157.54	13,177	$	168.92	2,075,685	$	157.47	$	306.6

During ~~2017~~,2021, pursuant to our publicly announced share repurchase program, we repurchased ~~an aggregate of~~ ~~1.3~~6.6 million common shares ~~in open market transactions~~ at an aggregate cost of ~~$188.6 million~~$1.0 billion and an average price of ~~$142.67~~$156.78 per common share. At December 31, 2021, $306.6 million remained available for repurchase under the share repurchase program. Subsequent to December 31, 2021 and through the period ended February 2, 2022, we repurchased 462 thousand common shares at an aggregate cost of $76.1 million and an average price of $164.52 per common share. In the future, we may authorize additional purchase activities under the currently authorized share repurchase program, increase the amount authorized under the share repurchase program, or adopt additional trading plans.

Our decision to repurchase common shares will depend on, among other matters, the market price of the common shares and our capital requirements.

ITEM 6. ~~SELECTED CONSOLIDATED FINANCIAL DATA~~[Reserved]

~~The following tables set forth our selected consolidated financial data and other financial information at the end of and for each of the years in the five-year period ended~~ ~~December 31, 2017~~. The results of Platinum are included in our consolidated financial data from March 2, 2015. The selected consolidated financial data should be read in conjunction with our consolidated financial statements and related notes thereto and “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Form 10-K.

Year ended December 31, 2017 2016 2015 2014 2013

(in thousands, except share and per share data
and percentages)

Statements of Operations Data:
Gross premiums written $ 2,797,540
$ 2,374,576
$ 2,011,310
$ 1,550,572
$ 1,605,412

Net premiums written 1,871,325
1,535,312
1,416,183
1,068,236
1,203,947

Net premiums earned 1,717,575
1,403,430
1,400,551
1,062,416
1,114,626

Net investment income 222,209
181,726
152,567
124,316
208,028

Net realized and unrealized gains (losses) on investments 135,822
141,328
(68,918 ) 41,433
35,076

Net claims and claim expenses incurred 1,861,428
530,831
448,238
197,947
171,287

Acquisition expenses 346,892
289,323
238,592
144,476
125,501

Operational expenses 160,778
197,749
219,112
190,639
191,105

Underwriting (loss) income (651,523 ) 385,527
494,609
529,354
626,733

Net (loss) income (354,671 ) 630,048
542,242
686,256
841,768

Net (loss) income (attributable) available to RenaissanceRe common shareholders (244,770 ) 480,581
408,811
510,337
665,676

Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share – diluted (6.15 ) 11.43
9.28
12.60
14.87

Dividends per common share 1.28
1.24
1.20
1.16
1.12

Weighted average common shares outstanding – diluted 39,854
41,559
43,526
39,968
44,128

Return on average common equity (5.7 )% 11.0 % 9.8 % 14.9 % 20.5 %
Combined ratio 137.9 % 72.5 % 64.7 % 50.2 % 43.8 %

At December 31, 2017 2016 2015 2014 2013
Balance Sheet Data:
Total investments $ 9,503,439
$ 9,316,968
$ 8,999,068
$ 6,743,750
$ 6,821,712

Total assets 15,226,131
12,352,082
11,555,287
8,202,307
8,177,651

Reserve for claims and claim expenses 5,080,408
2,848,294
2,767,045
1,412,510
1,563,730

Unearned premiums 1,477,609
1,231,573
889,102
512,386
477,888

Debt 989,623
948,663
960,495
248,279
247,950

Capital leases 26,387
26,073
26,463
26,817
27,138

Preference shares 400,000
400,000
400,000
400,000
400,000

Total shareholders’ equity attributable to RenaissanceRe 4,391,375
4,866,577
4,732,184
3,865,715
3,904,384

Common shares outstanding 40,024
41,187
43,701
38,442
43,646

Book value per common share $ 99.72
$ 108.45
$ 99.13
$ 90.15
$ 80.29

Accumulated dividends 18.00
16.72
15.48
14.28
13.12

Book value per common share plus accumulated dividends $ 117.72
$ 125.17
$ 114.61
$ 104.43
$ 93.41

Change in book value per common share plus change in accumulated dividends (6.9 )% 10.7 % 11.3 % 13.7 % 19.5 %

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following is a discussion and analysis of our results of operations for ~~2017~~2021 compared to ~~2016~~2020 and ~~2016~~2020 compared to ~~2015, respectively. The following also includes a discussion of~~2019, respectively as well as our liquidity and capital resources at December 31, ~~2017. The results of Platinum are included in our results of operations from March 2, 2015.~~2021. This discussion and analysis should be read in conjunction with the audited consolidated financial statements and notes thereto included in this filing. This filing contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from the results described or implied by these forward-looking statements. See “Note on Forward-Looking Statements.”

On March 22, 2019, we acquired TMR, including RREAG, RenaissanceRe UK, and their subsidiaries, and our results of operations and financial condition include TMR from the acquisition date. The three months ended June 30, 2019, was the first full period that reflected the results of TMR on the Company’s results of operations. Subsequently, on August 18, 2020, we sold RenaissanceRe UK to an investment vehicle managed by AXA Liabilities Managers, an affiliate of AXA XL. Refer to “Note 21. Sale of RenaissanceRe UK” in our “Notes to the Consolidated Financial Statements” for additional information with respect to the sale of RenaissanceRe UK. Refer to “Note 3. Acquisition of Tokio Millennium Re” in our “Notes to the Consolidated Financial Statements” for additional information with respect to the acquisition of TMR. The following discussion and analysis of our financial condition and results of operations for 2021 compared to 2020, and 2020 compared to 2019, should be read in this context.

In this Form 10-K, references to “RenaissanceRe” refer to RenaissanceRe Holdings Ltd. (the parent company) and references to “we,” “us,” “our” and the “Company” refer to RenaissanceRe Holdings Ltd. together with its subsidiaries, unless the context requires otherwise. Defined terms used throughout this Form 10-K are included in the “Glossary of Defined Terms” at the end of “Part I, Item 1. Business” of this Form 10-K.

All dollar amounts referred to in this Form 10-K are in U.S. dollars unless otherwise indicated.

Due to rounding, numbers presented in the tables included in this Form 10-K may not add up precisely to the totals provided.

INDEX TO MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

OVERVIEW

RenaissanceRe is a global provider of reinsurance and insurance. We provide property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, we have offices in Bermuda, Australia, Ireland, Singapore, Switzerland, the U.K., and the U.S. To best serve our clients in the places they do business, we have operating subsidiaries, branches, joint ventures, managed funds and underwriting platforms around the world. Our operating subsidiaries include Renaissance Reinsurance, Renaissance Reinsurance U.S., RenaissanceRe Specialty U.S., ~~Renaissance Reinsurance U.S.,~~RREAG, Renaissance Reinsurance of Europe and our Lloyd’s syndicate, Syndicate 1458. We write property and casualty and specialty reinsurance through our wholly-owned operating subsidiaries, joint ventures, managed funds and Syndicate 1458 and certain insurance products primarily through Syndicate 1458 and RenaissanceRe Specialty U.S. Syndicate 1458 provides us with access to Lloyd’s extensive distribution network and worldwide licenses, and also writes business through delegated authority arrangements. We also underwrite reinsurance on behalf of joint ventures, including DaVinci, Top Layer Re, Upsilon RFO ~~Fibonacci Re~~ and ~~DaVinci.~~Vermeer. In addition, through Medici, we invest in various ~~insurance based~~insurance-based investment instruments that have returns primarily tied to property catastrophe risk.

~~We aspire~~Our mission is to ~~be the world’s best underwriter by matching~~match desirable, well-structured risks with efficient sources of capital ~~and~~to achieve our ~~mission is~~vision of being the best underwriter. We believe that this will allow us to produce superior returns for our shareholders over the long ~~term.~~term, and to protect communities and enable prosperity. We seek to accomplish these goals by being a trusted, long-term partner to our customers for assessing and managing risk, delivering responsive and innovative solutions, leveraging our core capabilities of risk assessment and information management, investing in these core capabilities in order to serve our customers across ~~the~~market cycles, ~~that have historically characterized our markets~~ and keeping our promises. Our strategy focuses on superior risk selection, superior customer relationships and superior capital management. We provide value to our customers and joint venture and managed fund partners in the form of financial security, innovative products, and responsive service. We are known as a leader in paying valid claims promptly. We principally measure our financial success through long-term growth in tangible book value per common share plus the change in accumulated ~~dividends, which we~~dividends. We believe this metric is the most appropriate measure of our financial performance, and in respect of which we believe we have delivered superior performance over time. The principal drivers of our profit are underwriting income, investment income, and fee income generated by our third-party capital management business.

Our core products include property, casualty and specialty reinsurance, and certain insurance products principally distributed through intermediaries, with whom we ~~seek to cultivate~~have cultivated strong long-term relationships. We believe we have been one of the world’s leading providers of catastrophe reinsurance since our founding. In recent years, through the strategic execution of ~~a number of~~several initiatives, including organic growth and ~~our acquisition of Platinum on March 2, 2015,~~acquisitions, we have expanded and diversified our casualty and specialty platform and products, and believe we are a leader in certain casualty and specialty lines of business.

Our current business strategy focuses predominantly on writing reinsurance, although as we grow our casualty and specialty and other property lines of business, we are increasingly writing excess and surplus lines insurance through delegated authority arrangements. We also pursue a number of other opportunities, such as creating and managing our joint ventures and managed funds, executing customized reinsurance transactions to assume or cede risk, and managing certain strategic investments directed at classes of risk other than catastrophe reinsurance. From time to time we consider diversification into new ventures, either through organic growth, the formation of new joint ventures or managed funds, or the acquisition of, or the investment in, other companies or books of business of other companies.

We have determined our business consists of the following reportable segments: (1) Property, which is comprised of catastrophe and other property ~~reinsurance and~~ (re)insurance written on behalf of our operating subsidiaries, ~~and certain~~ joint ventures and managed ~~by our ventures unit,~~funds, and (2) Casualty and Specialty, which is comprised of casualty and specialty ~~reinsurance and~~ (re)insurance written on behalf of our operating subsidiaries, ~~and certain joint ventures managed by our ventures unit.~~

~~To best serve our clients in the places they do business, we have operating subsidiaries,~~ joint ventures and underwriting platforms around the world, including DaVinci, Renaissance Reinsurance, Top Layer Re, Fibonacci Re and Upsilon RFO in Bermuda, Renaissance Reinsurance U.S. in the U.S., and Syndicate 1458 in the U.K. We write property and casualty and specialty reinsurance through our wholly owned operating subsidiaries, joint ventures and Syndicate 1458 and certain insurance products primarily through Syndicate 1458. Although each underwriting platform may write any or all of our classes of business, our Bermuda platform has traditionally written, and continues to write, the preponderance of our property business and our U.S. platform and Syndicate 1458 write a significant portion of our casualty and specialty business. Syndicate 1458 provides us with access to Lloyd’s extensive distribution network and worldwide licenses and also writes business through delegated authority arrangements. managed funds.

The underwriting results of our operating subsidiaries and underwriting platforms are included in our Property and Casualty and Specialty segment results as appropriate.

~~Since a~~A meaningful portion of the reinsurance and insurance we write provides protection from damages relating to natural and man-made ~~catastrophes, our~~catastrophes. Our results depend to a large extent on the frequency and severity of ~~such~~these catastrophic events, and the coverages we offer to customers that are affected by these events.

We are exposed to significant losses from these catastrophic events and other exposures we ~~cover.~~cover, which primarily impact our Property segment, in both the property catastrophe and other property lines of business. Accordingly, we expect a significant degree of volatility in our financial results and our financial results may vary significantly from quarter-to-quarter and from year-to-year, based on the level of insured catastrophic losses occurring around the world. ~~We view~~Our Casualty and Specialty business, which represents approximately half of our ~~increased exposure to casualty and specialty lines of business as~~gross premiums written annually, is an efficient use of capital ~~given these risks are~~that is generally less correlated with our ~~property lines of~~Property business. ~~This has allowed~~It allows us to bring additional capacity to our clients, across a wider range of product offerings, while continuing to be good stewards of our shareholders’ capital. ~~In the future, our casualty and specialty lines of business may represent a greater proportion of our premiums and claims and claim expenses.~~

We continually explore appropriate and efficient ways to address the risk needs of our clients and the impact of various regulatory and legislative changes on our operations. We have created, and ~~managed, and continue to~~ manage, multiple capital vehicles across ~~a number of~~several jurisdictions and may create additional risk bearing vehicles or enter into additional jurisdictions in the future. In addition, our differentiated strategy and capabilities position us to pursue bespoke or large solutions for clients, which may be non-recurring. This, and other factors including the timing of contract inception, could result in significant volatility of premiums in both our Property and Casualty and Specialty segments. As our product and geographical diversity increases, we may be exposed to new risks, uncertainties and sources of volatility.

Our revenues are principally derived from three sources: (1) net premiums earned from the reinsurance and insurance policies we sell; (2) net investment income and net realized and unrealized gains from the investment of our capital funds and the investment of the cash we receive on the policies which we sell; and (3) fees ~~and other income~~ received from our joint ventures ~~advisory services~~ and ~~various other items.~~managed funds.

Our expenses primarily consist of: (1) net claims and claim expenses incurred on the policies of reinsurance and insurance we sell; (2) acquisition costs, which typically represent a percentage of the premiums we write; (3) operating expenses, which primarily consist of personnel expenses, rent and other operating expenses; (4) corporate expenses, which include certain executive, legal and consulting expenses, costs for research and development, transaction and integration-related expenses, and other miscellaneous costs, including those associated with operating as a publicly traded company; (5) redeemable noncontrolling interests, which represent the interests of third parties with respect to the net income of DaVinciRe, Medici and ~~Medici;~~Vermeer; and (6) interest and ~~dividend costs~~dividends related to our debt and preference shares. We are also subject to taxes in certain jurisdictions in which we operate. Since the majority of our income is currently earned in Bermuda, which does not have a corporate income tax, the tax impact to our operations has historically been ~~minimal, notwithstanding the impact of the write-down of a portion of our deferred tax asset in the fourth quarter of 2017 associated with the adoption of the Tax Bill.~~minimal. In the future, our net tax exposure may increase as our operations expand geographically, or as a result of adverse tax developments.

The underwriting results of an insurance or reinsurance company are discussed frequently by reference to its net claims and claim expense ratio, underwriting expense ratio, and combined ratio. The net claims and claim expense ratio is calculated by dividing net claims and claim expenses incurred by net premiums earned. The underwriting expense ratio is calculated by dividing underwriting expenses (acquisition expenses and operational expenses) by net premiums earned. The combined ratio is the sum of the net claims and claim expense ratio and the underwriting expense ratio. A combined ratio below 100% indicates profitable underwriting prior to the consideration of investment income. A combined ratio over 100% indicates unprofitable underwriting prior to the consideration of investment income. We also discuss our net claims and claim expense ratio on a current accident year basis and a prior accident years basis. The current accident year net claims and claim expense ratio is calculated by taking current accident year net claims and claim expenses incurred, divided by net premiums earned. The prior accident years net claims and claim expense ratio is calculated by taking prior accident years net claims and claim expenses incurred, divided by net premiums earned.

Effects of Inflation

General economic inflation has increased and there is a risk of inflation remaining elevated for an extended period, which could cause claims and claim expenses to increase, impact the performance of our investment portfolio or have other adverse effects. This risk may be exacerbated by the steps taken by governments and central banks throughout the world in responding to the COVID-19 pandemic. The actual effects of the current and potential future increase in inflation on our results cannot be accurately known until, among other items, claims are ultimately settled. The onset, duration and severity of an inflationary period cannot be estimated with precision. We consider the anticipated effects of inflation on us in our

catastrophe loss models and on our investment portfolio. Our estimates of the potential effects of inflation are also considered in pricing and in estimating reserves for unpaid claims and claim expenses. The potential exists, after a catastrophe loss, for the development of inflationary pressures in a local economy.

COVID-19 Pandemic

Due to the ongoing and rapidly evolving nature of the COVID-19 pandemic, we are continuing to evaluate the impact of the COVID-19 pandemic on our business, operations and financial condition, including our potential loss exposures. It is not yet possible to give an estimate of all of the Company’s potential reinsurance, insurance or investment exposures, or any other effects that the COVID-19 pandemic may have on our results of operations or financial condition. We continue to evaluate industry trends and information received from or reported by clients, brokers, industry actuaries, regulators, courts, and others, and expect historically significant industry losses to emerge over time as the full impact of the pandemic and its effects on the global economy are realized.

SELECTED CONSOLIDATED FINANCIAL DATA

The following tables set forth our selected consolidated financial data and other financial information at the end of and for each of the years in the five-year period ended December 31, 2021. The results of TMR are included in our consolidated financial data from March 22, 2019. The selected consolidated financial data should be read in conjunction with our consolidated financial statements and related notes thereto and the other information in this “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Form 10-K.



Year ended December 31,	2021			2020			2019			2018			2017
(in thousands, except share and per share data and percentages)
Statements of Operations Data:
Gross premiums written	$	7,833,798		$	5,806,165		$	4,807,750		$	3,310,427		$	2,797,540
Net premiums written	5,939,375			4,096,333			3,381,493			2,131,902			1,871,325
Net premiums earned	5,194,181			3,952,462			3,338,403			1,976,129			1,717,575
Net investment income	319,479			354,038			424,207			269,965			197,775
Net realized and unrealized gains (losses) on investments	(218,134)			820,636			414,109			(183,168)			160,256
Net claims and claim expenses incurred	3,876,087			2,924,609			2,097,021			1,120,018			1,861,428
Acquisition expenses	1,214,858			897,677			762,232			432,989			346,892
Operational expenses	212,184			206,687			222,733			178,267			160,778
Underwriting income (loss)	(108,948)			(76,511)			256,417			244,855			(651,523)


Net income (loss)	(103,440)			993,058			950,267			268,917			(354,671)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	(73,421)			731,482			712,042			197,276			(244,770)

Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted	(1.57)			15.31			16.29			4.91			(6.15)
Dividends per common share	1.44			1.40			1.36			1.32			1.28
Weighted average common shares outstanding – diluted	47,171			47,178			43,175			39,755			39,854
Return on average common equity	(1.1)		%	11.7		%	14.1		%	4.7		%	(5.7)		%
Combined ratio	102.1		%	101.9		%	92.3		%	87.6		%	137.9		%

At December 31,	2021			2020			2019			2018			2017
Balance Sheet Data:
Total investments	$	21,442,659		$	20,558,176		$	17,368,789		$	11,885,747		$	9,503,439
Total assets	33,959,502			30,820,580			26,330,094			18,676,196			15,226,131
Reserve for claims and claim expenses	13,294,630			10,381,138			9,384,349			6,076,271			5,080,408
Unearned premiums	3,531,213			2,763,599			2,530,975			1,716,021			1,477,609
Debt	1,168,353			1,136,265			1,384,105			991,127			989,623
Capital leases	22,459			22,853			25,072			25,853			26,387
Preference shares	750,000			525,000			650,000			650,000			400,000
Total shareholders’ equity attributable to RenaissanceRe	6,624,281			7,560,248			5,971,367			5,045,080			4,391,375
Common shares outstanding	44,445			50,811			44,148			42,207			40,024

Book value per common share	$	132.17		$	138.46		$	120.53		$	104.13		$	99.72
Accumulated dividends	23.52			22.08			20.68			19.32			18.00
Book value per common share plus accumulated dividends	$	155.69		$	160.54		$	141.21		$	123.45		$	117.72
Change in book value per common share plus change in accumulated dividends	(3.5)		%	16.0		%	17.1		%	5.7		%	(6.9)		%

SUMMARY OF CRITICAL ACCOUNTING ESTIMATES

Claims and Claim Expense Reserves

General Description

We believe the most significant accounting judgment made by management is our estimate of claims and claim expense reserves. Claims and claim expense reserves represent estimates, including actuarial and statistical projections at a given point in time, of the ultimate settlement and administration costs for unpaid claims and claim expenses arising from the insurance and reinsurance contracts we sell. We establish our claims and claim expense reserves by taking ~~claims reported to us by insureds and ceding companies, but which have not yet been paid (“~~case ~~reserves”),~~reserves, adding estimates for ~~the anticipated cost of claims incurred but not yet reported to us, or incurred but not enough reported to us (collectively referred to as “IBNR”)~~IBNR and, if deemed necessary, adding costs for additional case reserves which represent our estimates for claims related to specific contracts ~~previously reported to us~~ which we believe may not be adequately estimated by the client as of that date, or adequately covered in the application of IBNR. Our reserving committee, which includes members of our senior management, reviews, discusses, and assesses the reasonableness and adequacy of the reserving estimates included in our audited financial statements.

~~On March 2, 2015 we acquired Platinum and the transaction was accounted for under the acquisition method of accounting in~~In accordance with FASB ASC Topic Business Combinations~~. Total~~, we allocated the total consideration paid ~~was allocated~~for TMR among acquired assets and assumed liabilities based on their fair ~~values, including Platinum’s~~values. These assets and liabilities include TMR’s claims and claim expense reserves, which totaled ~~$1.4~~$2.4 billion at March ~~2, 2015,~~22, 2019, and consisted of ~~$179.7~~$783.3 million and ~~$1.2~~$1.6 billion included in our Property and Casualty and Specialty segments, respectively. ~~These claims and claim expense reserves are subject to the reserving methodologies for each respective line of business as described below.~~

The following table summarizes our claims and claim expense reserves by ~~line of business,~~segment, allocated between case reserves, additional case reserves and IBNR:



At December 31, 2021	Case Reserves		Additional Case Reserves		IBNR		Total
(in thousands)
Property	$	1,555,210	$	1,996,760	$	2,825,718	$	6,377,688
Casualty and Specialty	1,784,334		128,065		5,004,543		6,916,942

Total	$	3,339,544	$	2,124,825	$	7,830,261	$	13,294,630

At December 31, 2020
(in thousands)
Property	$	1,127,909	$	1,617,003	$	1,627,541	$	4,372,453
Casualty and Specialty	1,651,150		133,843		4,223,692		6,008,685

Total	$	2,779,059	$	1,750,846	$	5,851,233	$	10,381,138

At December 31, 2017
Case
Reserves

Additional
Case Reserves
IBNR Total
(in thousands)
Property $ 696,285
$ 896,522
$ 893,583
$ 2,486,390

Casualty and Specialty 689,962
124,923
1,760,607
2,575,492

Other 6,605
—
11,921
18,526

Total $ 1,392,852
$ 1,021,445
$ 2,666,111
$ 5,080,408

At December 31, 2016
(in thousands)
Property $ 214,954
$ 186,308
$ 226,512
$ 627,774

Casualty and Specialty 591,705
105,419
1,498,002
2,195,126

Other 6,935
—
18,459
25,394

Total $ 813,594
$ 291,727
$ 1,742,973
$ 2,848,294

Activity in the liability for unpaid claims and claim expenses is summarized as follows:

Year ended December 31, 2017 2016 2015
(in thousands)
Net reserves as of January 1 $ 2,568,730
$ 2,632,519
$ 1,345,816

Net incurred related to:
Current year 1,902,424
694,957
610,685

Prior years (40,996 ) (164,126 ) (162,447 )
Total net incurred 1,861,428
530,831
448,238

Net paid related to:
Current year 450,527
83,015
95,747

Prior years 524,298
506,279
425,565

Total net paid 974,825
589,294
521,312

Amounts acquired (1) —
—
1,394,117

Foreign exchange 38,445
(5,326 ) (34,340 )
Net reserves as of December 31 3,493,778
2,568,730
2,632,519

Reinsurance recoverable as of December 31 1,586,630
279,564
134,526

Gross reserves as of December 31 $ 5,080,408
$ 2,848,294
$ 2,767,045



Year ended December 31,	2021		2020		2019
(in thousands)
Reserve for claims and claim expenses, net of reinsurance recoverable, as of beginning of period	$	7,455,128	$	6,593,052	$	3,704,050
Net incurred related to:
Current year	4,125,557		3,108,421		2,123,876
Prior years	(249,470)		(183,812)		(26,855)
Total net incurred	3,876,087		2,924,609		2,097,021
Net paid related to:
Current year	574,230		412,172		265,649
Prior years	1,649,872		1,592,456		832,405
Total net paid	2,224,102		2,004,628		1,098,054
Foreign exchange (1)	(81,152)		97,273		31,260
Amounts disposed (2)	—		(155,178)		—
Amounts acquired (3)	—		—		1,858,775
Reserve for claims and claim expenses, net of reinsurance recoverable, as of end of period	9,025,961		7,455,128		6,593,052
Reinsurance recoverable as of end of period	4,268,669		2,926,010		2,791,297
Reserve for claims and claim expenses as of end of period	$	13,294,630	$	10,381,138	$	9,384,349


~~(1)~~	~~Represents the fair value of Platinum's reserve for claims and claim expenses and reinsurance recoverable acquired at March 2, 2015.~~

(1) Reflects the impact of the foreign exchange revaluation of the reserve for claims and claim expenses, net of reinsurance recoverable, denominated in non-U.S. dollars as at the balance sheet date.

(2) Represents the fair value of RenaissanceRe UK’s reserve for claims and claim expenses, net of reinsurance recoverable, disposed of on August 18, 2020.

(3) Represents the fair value of TMR’s reserve for claims and claim expenses, net of reinsurance recoverable, acquired at March 22, 2019.

The following table details our prior year development by segment of its liability for unpaid claims and claim expenses:

Year ended December 31, 2017 2016 2015
(in thousands) (Favorable) adverse development (Favorable) adverse development (Favorable) adverse development
Property $ (45,596 ) $ (104,876 ) $ (93,786 )
Casualty and Specialty 6,183
(58,140 ) (67,791 )
Other (1,583 ) (1,110 ) (870 )
Total favorable development of prior accident years net claims and claim expenses $ (40,996 ) $ (164,126 ) $ (162,447 )



Year ended December 31,	2021		2020		2019
(in thousands)	(Favorable) adverse development		(Favorable) adverse development		(Favorable) adverse development
Property	$	(233,373)	$	(157,049)	$	(2,973)
Casualty and Specialty	(16,097)		(26,763)		(23,882)

Total favorable development of prior accident years net claims and claim expenses	$	(249,470)	$	(183,812)	$	(26,855)

Our reserving methodology for each line of business uses a loss reserving process that calculates a point estimate for our ultimate settlement and administration costs for claims and claim expenses. We do not calculate a range of estimates and do not discount any of our reserves for claims and claim expenses. We use this point estimate, along with paid claims and case reserves, to record our best estimate of additional case reserves and IBNR in our consolidated financial statements. Under GAAP, we are not permitted to establish estimates for catastrophe claims and claim expense reserves until an event occurs that gives rise to a loss.

Reserving for our ~~reinsurance~~ claims involves other uncertainties, such as the dependence on information from ceding companies, the time lag inherent in reporting information from the primary insurer to us or to our ceding companies, and ~~differing~~different reserving practices among ceding companies. The information received from ceding companies is typically in the form of bordereaux, broker notifications of loss and/or discussions with ceding companies or their brokers. This information may be received on a monthly, quarterly or transactional basis and normally includes paid claims and estimates of case reserves. We ~~sometimes~~may also receive an estimate or provision for ~~IBNR.~~IBNR from certain ceding companies. This information is often updated and

adjusted from time to time during the loss settlement period as new data or facts in respect of initial claims, client accounts, industry or event trends may be reported or emerge in addition to changes in applicable statutory and case laws.

Our estimates of ~~losses from~~ large ~~events~~losses are based on factors including currently available information derived from claims information from certain customers and brokers, industry assessments of losses, ~~from~~

~~the events,~~ proprietary models, historical reinsurance and insurance loss experience and statistics, management’s experience and judgment to assist the establishment of appropriate claims and claim expense reserves, and the terms and conditions of our contracts. The uncertainty of our estimates for large ~~events~~losses is also impacted by the preliminary nature of the information available, the magnitude and relative infrequency of the ~~events,~~loss, the expected duration of the respective claims development period, inadequacies in the data provided to the relevant date by industry participants, the potential for further reporting lags or insufficiencies and, in certain cases, the form of the claims and legal issues under the relevant terms of insurance and reinsurance contracts. In addition, a significant portion of the net claims and claim expenses associated with certain large ~~events~~losses can be concentrated with a few large clients and therefore the loss estimates for these ~~events~~losses may vary significantly based on the claims experience of those clients. The contingent nature of business interruption and other exposures will also impact losses in a meaningful way, which we believe may give rise to significant complexity in respect of claims handling, claims adjustment and other coverage issues, over time. Given the magnitude of certain ~~events,~~losses, there can be meaningful uncertainty regarding total covered losses for the insurance industry and, accordingly, several of the key assumptions underlying our loss estimates. Loss reserve estimation in respect of our retrocessional contracts poses further challenges compared to directly assumed reinsurance. In addition, our actual net losses ~~from these events~~ may increase if our reinsurers or other obligors fail to meet their obligations.

Because of the inherent uncertainties discussed above, we have developed a reserving philosophy which attempts to incorporate prudent assumptions and estimates, and we have generally experienced favorable ~~net~~ development on prior accident years net claims and claim expenses in the last several years. However, there is no assurance that this favorable development on prior accident years net claims and claim expenses will occur in future periods.

Our reserving techniques, assumptions and processes differ among our Property and Casualty and Specialty segments. Refer to “Note 8. Reserve for Claims and Claim ~~Expenses~~Expenses” in our ~~Notes~~“Notes to the Consolidated Financial Statements” for more information on the risks we insure and reinsure, the reserving techniques, assumptions and processes we follow to estimate our claims and claim expense reserves, prior year development of the reserve for claims and claim expenses, analysis of our incurred and paid claims development and claims duration information for each of our Property and Casualty and Specialty segments.

Property Segment

Actual Results vs. Initial Estimates

As discussed above, the key assumption in estimating reserves for our Property segment is our estimate of incurred claims and claim expenses. The table below shows our initial estimates of incurred claims and claim expenses for each accident year and how these initial estimates have developed over time. The initial estimate of accident year incurred claims and claim expenses represents our estimate of the ultimate settlement and administration costs for claims incurred in our Property segment occurring during a particular accident year, and as reported as of December 31 of that year. The re-estimated incurred claims and claim expenses as of December 31 of subsequent years, represent our revised estimates as reported as of those dates. Our most recent estimates as reported at December 31, ~~2017~~2021 differ from our initial accident year estimates and demonstrate that our ~~initial~~most recent estimate of incurred claims and claim expenses are reasonably likely to vary from our ~~most recent~~initial estimate, perhaps significantly. Changes in this estimate will be recorded in the period in which they occur. In accident years where our current estimates are lower than our initial estimates, we have experienced favorable development, ~~while~~in comparison, for accident years where our current estimates are higher than our original estimates ~~indicates~~we have experienced adverse development. The table is presented on a net basis and, therefore, includes the benefit of reinsurance recoverable. In addition, we have included historical incurred claims and claim expenses development information related to Platinum and TMR in the table below. For incurred accident year claims and claim expenses denominated in ~~foreign currency,~~currencies other than USD, we have used the current year-end

balance sheet foreign exchange rate for all periods provided, thereby eliminating the effects of changes in foreign currency translation rates from the incurred accident year claims development information included in the table below.

The following table details our Property segment incurred claims and claim expenses, net of reinsurance, as of December 31, ~~2017.~~2021.

Incurred claims and claim expenses, net of reinsurance
(in thousands) For the year ended December 31,

Accident
Year
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
2008 $ 852,500
$ 754,840
$ 754,393
$ 750,523
$ 716,537
$ 701,522
$ 692,225
$ 684,834
$ 683,757
$ 683,374

2009 —
224,928
169,191
149,830
143,232
138,899
139,676
138,948
139,167
138,732

2010 —
—
632,510
584,878
550,608
555,419
576,079
580,084
590,023
592,679

2011 —
—
—
1,286,890
1,221,811
1,170,141
1,118,651
1,098,124
1,066,200
1,063,035

2012 —
—
—
—
438,548
345,168
312,216
294,400
276,236
265,058

2013 —
—
—
—
—
230,355
200,105
177,533
155,384
143,823

2014 —
—
—
—
—
—
184,076
155,335
147,610
143,419

2015 —
—
—
—
—
—
—
227,093
196,094
177,296

2016 —
—
—
—
—
—
—
—
254,595
256,759

2017 —
—
—
—
—
—
—
—
—
1,345,006

Total $ 4,809,181



	Incurred Claims and Claim Expenses, Net of Reinsurance
(in thousands)	For the year ended December 31,
Accident Year	2012		2013		2014		2015		2016		2017		2018		2019		2020		2021

2012	$	560,348	$	429,885	$	395,605	$	375,439	$	358,509	$	346,756	$	338,877	$	334,347	$	325,042	$	322,871
2013	—		318,033		294,315		272,191		250,014		238,734		235,016		235,356		238,404		240,779
2014	—		—		302,158		278,813		265,569		260,542		259,379		256,845		250,647		247,708
2015	—		—		—		372,338		357,065		334,099		323,211		311,964		305,847		295,081
2016	—		—		—		—		455,503		469,120		452,922		434,706		415,572		411,698
2017	—		—		—		—		—		1,644,982		1,461,953		1,350,684		1,328,419		1,273,461
2018	—		—		—		—		—		—		938,309		1,020,102		979,598		857,217
2019	—		—		—		—		—		—		—		992,526		956,445		898,472
2020	—		—		—		—		—		—		—		—		1,580,564		1,600,743
2021	—		—		—		—		—		—		—		—		—		2,370,891
Total																			$	8,518,921

Our initial and subsequent estimates of incurred claims and claim expenses, net of reinsurance, are impacted by available information derived from claims information from ~~certain~~ customers and brokers, industry assessments of losses, ~~from~~proprietary models, historical reinsurance and insurance loss experience and statistics, management’s experience and judgment to assist the ~~events, proprietary models,~~establishment of appropriate claims and claim expense reserves, and the terms and conditions of our contracts. As described above, given the complexity in reserving for claims and claims expenses associated with property losses, and catastrophe excess of loss reinsurance contracts in particular, which make up a significant proportion of our Property segment, we have experienced development, both favorable and unfavorable, in any given accident year. For example, incurred claims and claim expenses associated with our 2011 accident year have developed favorably by $223.9 million, which is 17.4% better than our initial estimates of incurred claims and claim expenses for the 2011 accident year estimated as of December 31, 2011. This was largely driven by reductions in estimated ultimate claims and claim expenses associated with a number of large catastrophe events that occurred in 2011, including the Tohoku Earthquake, a number of large tornadoes in the U.S., the Australian Floods, Hurricane Irene and the Thailand Floods. In comparison, while net claims and claim expenses associated with the ~~2010~~2017 accident year ~~initially developed favorably, it has~~have experienced favorable development. This is largely driven by reductions in estimated net ultimate claims and claim expenses associated with the 2017 Large Loss Events. In comparison, net claims and claim expenses associated with 2020 accident year have experienced adverse ~~development in the outer years.~~development. The adverse development ~~in the outer years~~ was driven by ~~a deterioration~~an increase in expected net claims and claim expenses ~~associated with the 2010 New Zealand Earthquake~~ as new and additional claims information was ~~received. The 2010 New Zealand Earthquake has complex issues~~received associated with ~~establishing estimates of incurred claims and claim expenses, including~~ the ~~magnitude and relative infrequency of the event, the expected duration of the respective claims development period and inadequacies in the data provided by industry participants on the relevant date.~~2020 Weather-Related Large Loss Events.

In accident years with a low level of insured catastrophe losses, our other property lines of business ~~would~~ contribute a greater proportion of our overall incurred claims and claim expenses within our Property segment, compared to years with a high level of insured catastrophe losses. ~~Our~~We expect that certain of our other property lines of business will tend to generate less volatility in future ~~accident~~calendar years and, as such, we would expect to see a slower more stable increase or decrease in estimated incurred net claims and claim expenses over ~~time. However, certain~~time in such business. Certain of our other property contracts are also exposed to catastrophe events, resulting in increased volatility of incurred claims and claim expenses driven by the occurrence of catastrophe events. In addition, volatility ofin the initial estimate associated with large catastrophe losses and the speed at which we settle claims can vary ~~dramatically~~significantly based on the type of event. We also anticipate that losses from the COVID-19 pandemic will be highly complex and uncertain, given the unprecedented situation, and will take longer to develop given the nature of the losses, thus potentially adding volatility to our incurred net claims and claim expenses.

Sensitivity Analysis

The table below shows the impact on our ~~gross~~ reserve for claims and claim expenses, net income (loss) and shareholders’ equity as of and for the year ended December 31, ~~2017~~2021 of a reasonable range of possible outcomes associated with our estimates of gross ultimate losses for claims and claim expenses incurred within our Property segment. The reasonable range of possible outcomes is based on a distribution of

outcomes of our ultimate incurred claims and claim expenses from ~~catastrophic events.~~large losses. In addition, we ~~flex~~adjust the loss ratios and development curves in our other property lines of business in a similar fashion to the

sensitivity analysis performed for our Casualty and Specialty segment, discussed in greater detail below. In general, our reserve for claims and claim expenses for more recent ~~events~~losses are subject to greater uncertainty and, therefore, greater variability and are likely to experience material changes from one period to the next. This is due to ~~the~~ uncertainty aswith respect to the size of the industry losses, ~~from the event,~~ which contracts have been exposed to the ~~catastrophic event~~loss and the magnitude of claims incurred by our clients. As our claims age, more information becomes available and we believe our estimates become more certain, although there is no assurance this trend will continue in the future. As a result, the sensitivity analysis below is based on the age of each accident year, our current estimated incurred claims and claim expenses for the ~~catastrophic events~~losses occurring in each accident year, and a reasonable range of possible outcomes of our current estimates of claims and claim expenses by accident year. The impact on net ~~loss~~income (loss) and shareholders’ equity assumes no increase or decrease in reinsurance recoveries, loss related premium or profit commission, or redeemable noncontrolling ~~interest – DaVinciRe.~~interest.

Property Claims and Claim Expense Reserve Sensitivity Analysis

(in thousands, except percentages)
Reserve for Claims and Claim Expenses at
December 31,
2017

$ Impact of
Change Reserve for Claims
and Claim
Expenses
at December 31,
2017

% Impact of
Change
on Reserve for
Claims
and Claim Expenses
at December 31,
2017

% Impact of
Change on Net Loss for
the Year Ended
December 31, 2017

% Impact of
Change on
Shareholders’
Equity at
December 31, 2017

Higher $ 2,785,693
$ 299,303
5.9 % 84.4 % (6.8 )%
Recorded 2,486,390
—
— % — % — %
Lower 2,274,764
(211,626 ) (4.2 )% (59.7 )% 4.8 %



(in thousands, except percentages)	Reserve for Claims and Claim Expenses at December 31, 2021		$ Impact of Change Reserve for Claims and Claim Expenses at December 31, 2021		% Impact of Change on Reserve for Claims and Claim Expenses at December 31, 2021		% Impact of Change on Net Income (Loss) for the Year Ended December 31, 2021		% Impact of Change on Shareholders’ Equity at December 31, 2021
Higher	$	7,070,794	$	693,106	5.2	%	670.1	%	(10.5)	%
Recorded	$	6,377,688	$	—	—	%	—	%	—	%
Lower	$	5,892,394	$	(485,294)	(3.7)	%	(469.2)	%	7.3	%

We believe the changes we made to our estimated incurred claims and claim expenses represent a reasonable range of possible outcomes based on our experience to date and our future expectations. While we believe these are a reasonable range of possible outcomes, we do not believe the above sensitivity analysis should be considered an actuarial reserve range. In addition, the sensitivity analysis only reflects a reasonable range of possible outcomes in our underlying assumptions. It is possible that our estimated incurred claims and claim expenses could be significantly higher or lower than the sensitivity analysis described above. For example, we could be liable for events for which we have not estimated claims and claim expenses or for exposures we do not currently believe are covered under our policies. These changes could result in significantly larger changes to our estimated incurred claims and claim expenses, net income and shareholders’ equity than those noted above, and could be recorded across multiple periods. We also caution that the above sensitivity analysis is not used by management in developing our reserve estimates and is also not used by management in managing the business.

Casualty and Specialty Segment

Actual Results vs. Initial Estimates

As discussed above, the key assumption in estimating reserves for our Casualty and Specialty segment is our estimate of incurred claims and claim expenses. Standard actuarial techniques are used to calculate the ultimate claims and claim ~~expenses~~expenses. The key assumptions in the determination of ultimate claims and ~~two key assumptions~~claim expenses include the estimated incurred claims and claim expenses ratio and the estimated loss reporting patterns. The table below shows our initial estimates of incurred claims and claim expenses for each accident year and how these initial estimates have developed over time. The initial estimate of accident year incurred claims and claim expenses represents our estimate of the ultimate settlement and administration costs for claims incurred in our Casualty and Specialty segment occurring during a particular accident year, and as reported as of December 31 of that year. The re-estimated incurred claims and claim expenses as of December 31 of subsequent years, represent our revised estimates as reported as of those dates. Our most recent estimates as reported at December 31, ~~2017~~2021 differ from our initial accident year estimates and ~~demonstrate~~demonstrates that our initial estimate of incurred claims and claim expenses are reasonably

likely to vary from our most recent estimate, perhaps significantly. Changes in this estimate will be recorded in the period in which they occur. In accident years where our current estimates are lower than our initial estimates, we have experienced favorable

development while accident years where our current estimates are higher than our original estimates ~~indicates~~indicate adverse development. The table is presented on a net basis and, therefore, includes the benefit of reinsurance recoverable. In addition, we have included historical incurred claims and claim expenses development information related to Platinum and TMR in the table below. For incurred accident year claims denominated in ~~foreign currency,~~currencies other than USD, we have used the current year-end balance sheet foreign exchange rate for all periods provided, thereby eliminating the effects of changes in foreign currency translation rates from the incurred accident year claims development information included in the table below.

The following table details our Casualty and Specialty segment incurred claims and claim expenses, net of reinsurance, as of December 31, ~~2017.~~

2021.

Incurred claims and claim expenses, net of reinsurance
(in thousands) For the year ended December 31,

Accident
Year
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
2008 $ 606,936
$ 666,976
$ 647,574
$ 632,855
$ 594,409
$ 586,726
$ 574,106
$ 571,349
$ 555,648
$ 557,742

2009 —
486,114
476,417
478,841
445,904
424,951
402,977
394,649
389,526
392,791

2010 —
—
384,412
390,968
377,333
341,729
320,140
306,913
305,178
301,371

2011 —
—
—
383,832
382,462
353,191
322,719
315,132
308,969
298,395

2012 —
—
—
—
429,127
428,199
397,907
389,384
379,366
393,122

2013 —
—
—
—
—
394,726
364,686
340,733
321,910
307,161

2014 —
—
—
—
—
—
480,527
462,282
458,038
443,140

2015 —
—
—
—
—
—
—
415,884
435,465
457,652

2016 —
—
—
—
—
—
—
—
430,365
434,713

2017 —
—
—
—
—
—
—
—
—
556,303

Total $ 4,142,390



	Incurred Claims and Claim Expenses, Net of Reinsurance
(in thousands)	For the year ended December 31,
Accident Year	2012		2013		2014		2015		2016		2017		2018		2019		2020		2021

2012	$	578,130	$	592,453	$	563,062	$	551,958	$	540,732	$	554,391	$	568,888	$	577,474	$	569,186	$	570,741
2013	—		594,425		592,861		564,622		540,484		527,719		512,923		490,856		482,099		485,498
2014	—		—		700,597		695,827		700,137		681,191		663,280		675,424		646,998		640,914
2015	—		—		—		767,250		787,882		827,103		807,386		793,509		811,403		816,906
2016	—		—		—		—		962,878		995,833		994,781		986,009		950,960		962,173
2017	—		—		—		—		—		1,309,433		1,286,751		1,313,703		1,274,909		1,285,920
2018	—		—		—		—		—		—		1,260,481		1,322,850		1,318,322		1,331,532
2019	—		—		—		—		—		—		—		1,262,941		1,256,812		1,255,990
2020	—		—		—		—		—		—		—		—		1,510,390		1,475,979
2021	—		—		—		—		—		—		—		—		—		1,709,700
Total																			$	10,535,353

As each underwriting year has developed, our estimated expected incurred claims and claim expenses, net of reinsurance, have changed. As an example, our re-estimated incurred claims and claim expenses decreased for the ~~2013~~2014 accident year from the initial estimates. This decrease was principally driven by actual reported and paid net claims and claim expenses associated with the ~~2013~~2014 accident year ~~coming in less~~being lower than expected, which has resulted in a reduction in our expected ultimate claims and claim expense ratio for this accident year. In comparison, the ~~2015~~2018 accident year has developed adversely compared to our initial estimates of incurred claims and claim expenses and our current estimates are higher than our initial estimates. The increase in incurred claims and claim expenses for the ~~2015~~2018 accident year is due to ~~the deterioration of a number of large~~reported losses generally coming in ~~our general liability line of business.~~higher than expected on attritional net claims and claim expenses.

The reserving methodology for our Casualty and Specialty segment is weighted more heavily to our initial estimate in the early periods immediately following the contracts’ inception through the use of the expected loss ratio method. The expected loss ratio method estimates the incurred losses by multiplying the initial expected loss ratio by the earned premium. Under the expected loss ratio method, no reliance is placed on the development of claims and claim expenses. The determination of when reported losses are sufficient and credible to warrant selection of an ultimate loss ratio different from the initial expected loss ratio also requires judgment. We generally make adjustments for reported loss experience indicating unfavorable variances from the initial expected loss ratio sooner than reported loss experience indicating favorable variances as reporting of losses in excess of expectations tends to have greater credibility than an absence of, or lower than expected level of, reported losses. Over time, as a greater number of claims are reported and the credibility of reported losses improves, actuarial estimates of IBNR are typically based on the Bornhuetter-Ferguson actuarial method. The Bornhuetter-Ferguson method ~~is weighted more heavily to~~places weight on claims and claim expenses development experience. If there is adverse development of prior accident years claims and claim expenses, we generally select the ~~Bornheutter-Ferguson~~Bornhuetter-Ferguson method to ensure the claim experience is considered in the determination of our estimated claims and claim expenses with the associated business. If we believe we lack the claims experience in the early stages of development of a line of business, we may not select the ~~Bornheutter-Ferguson~~Bornhuetter-Ferguson method until such time as we believe there is

greater credibility in the ~~expected~~ level of reported losses. As ~~prior accident years~~development experience for claims and claim expenses ~~development experience~~on prior accident years becomes credible, the Bornhuetter-Ferguson method is generally selected which places greater weight on this reported experience as it develops. The Bornhuetter-Ferguson method

estimates our expected ultimate claims and claim expenses by applying our initial estimated loss ratio to our undeveloped premium, and adding the reported losses to the estimate. The impact of these methodologies can be observed in the table above. For example, the ~~2011~~2014 accident year ~~has experienced~~ultimate loss remained relatively consistent for the first two years of development (i.e., the years ended December 31, 2015 and 2016), before experiencing favorable development ~~on prior accident~~in years ~~net claims~~three and ~~claim expenses for each subsequent calendar year-end. However,~~four (i.e., the ~~favorable development experienced in~~years ended December 31, 2017 and 2018), reflecting the ~~first few years was lower than the favorable development experienced in subsequent calendar years where the reserving methodology used changed to~~timing of our adoption of the Bornhuetter-Ferguson method as the reported experience became more credible.

Sensitivity Analysis

The table below ~~quantifies~~shows the impact on our ~~gross reserves~~Casualty and Specialty segment reserve for claims and claim expenses, net income (loss) and shareholders’ equity as of and for the year ended December 31, ~~2017~~2021, of a reasonable range of possible outcomes ~~in the~~associated with a variety of reasonable actuarial assumptions ~~used to estimate~~for our ~~December 31, 2017~~ ~~claims and claim expense reserves within our Casualty and Specialty segment. The table quantifies a reasonable range~~estimates of ~~possible outcomes in our initial estimated~~ gross ultimate claims and claim expense ratios and ~~estimated~~ loss reporting patterns. The changes to the initial estimated ultimate claims and claim expense ratios represent percentage increases or decreases to our current estimated ultimate claims and claim expense ratios. The change to the reporting patterns represent claims reporting that is both faster and slower than our current estimated claims reporting patterns. The impact on net ~~loss~~income (loss) and shareholders’ equity assumes no increase or decrease in reinsurance recoveries, loss related premium or profit commission, or redeemable noncontrolling ~~interest – DaVinciRe.~~interest.

Casualty and Specialty Claims and Claim Expense Reserve Sensitivity Analysis

(in thousands,except percentages)
Estimated
Loss
Reporting
Pattern

$ Impact of
Change
on Reserves for
Claims and Claim
Expenses at
December 31,
2017

% Impact of
Change
on Reserve for
Claims and Claim
Expenses at
December 31,
2017

% Impact of
Change on
Net Loss
for the Year
Ended
December 31,
2017

% Impact of
Change on
Shareholders’
Equity at
December 31,
2017

Increase expected claims and claim expense ratio by 10%
Slower
reporting
$ 335,256
6.6 % 94.5 % (7.6 )%
Increase expected claims and claim expense ratio by 10%
Expected
reporting
176,061
3.5 % 49.6 % (4.0 )%
Increase expected claims and claim expense ratio by 10%
Faster
reporting
21,635
0.4 % 6.1 % (0.5 )%
Expected claims and claim expense ratio
Slower
reporting
144,723
2.8 % 40.8 % (3.3 )%
Expected claims and claim expense ratio
Expected
reporting
—
— % — % — %
Expected claims and claim expense ratio
Faster
reporting
(140,387 ) (2.8 )% (39.6 )% 3.2 %
Decrease expected claims and claim expense ratio by 10%
Slower
reporting
(45,810 ) (0.9 )% (12.9 )% 1.0 %
Decrease expected claims and claim expense ratio by 10%
Expected
reporting
(176,061 ) (3.5 )% (49.6 )% 4.0 %
Decrease expected claims and claim expense ratio by 10%
Faster
reporting
(302,409 ) (6.0 )% (85.3 )% 6.9 %



(in thousands, except percentages)	Estimated Loss Reporting Pattern	$ Impact of Change on Reserves for Claims and Claim Expenses at December 31, 2021		% Impact of Change on Reserve for Claims and Claim Expenses at December 31, 2021		% Impact of Change on Net Income (Loss) for the Year Ended December 31, 2021		% Impact of Change on Shareholders’ Equity at December 31, 2021
Increase expected claims and claim expense ratio by 10%	Slower reporting	$	1,143,914	8.6	%	1,105.9	%	(17.3)	%
Increase expected claims and claim expense ratio by 10%	Expected reporting	$	500,454	3.8	%	483.8	%	(7.6)	%
Increase expected claims and claim expense ratio by 10%	Faster reporting	$	141,739	1.1	%	137.0	%	(2.1)	%
Expected claims and claim expense ratio	Slower reporting	$	584,963	4.4	%	565.5	%	(8.8)	%
Expected claims and claim expense ratio	Expected reporting	$	—	—	%	—	%	—	%
Expected claims and claim expense ratio	Faster reporting	$	(326,104)	(2.5)	%	(315.3)	%	4.9	%
Decrease expected claims and claim expense ratio by 10%	Slower reporting	$	26,013	0.2	%	25.1	%	(0.4)	%
Decrease expected claims and claim expense ratio by 10%	Expected reporting	$	(500,454)	(3.8)	%	(483.8)	%	7.6	%
Decrease expected claims and claim expense ratio by 10%	Faster reporting	$	(793,948)	(6.0)	%	(767.5)	%	12.0	%

We believe that ultimate claims and claim expense ratios 10.0 percentage points above or below our estimated assumptions constitute a reasonable range of possible outcomes based on our experience to date and our future expectations. In addition, we believe that the adjustments we made to speed up or slow down our estimated loss reporting patterns represent a reasonable range of possible outcomes. While we believe these are a reasonable range of possible outcomes, we do not believe the above sensitivity analysis should be considered an actuarial reserve range. In addition, the sensitivity analysis only reflects a reasonable range of possible outcomes in our underlying assumptions. It is possible that our initial

estimated claims and claim expense ratios and loss reporting patterns could be significantly different from the sensitivity analysis described above. For example, we could be liable for events that we have not estimated reserves for, or for exposures we do not currently believe are covered under our contracts. These changes could result in significantly larger changes to reserves for claims and claim expenses, net income

and shareholders’ equity than those noted above, and could be recorded across multiple periods. We also caution that the above sensitivity analysis is not used by management in developing our reserve estimates and is also not used by management in managing the business.

~~Other~~

Included in the Other category are the remnants of our former Bermuda-based insurance operations. These operations are in run-off and no new business is being underwritten. Our outstanding claims and claim expense reserves for these operations include insurance policies and proportional reinsurance with respect to risks including: (1) commercial property, which principally included catastrophe-exposed commercial property products; (2) commercial multi-line, which included commercial property and liability coverage, such as general liability, automobile liability and physical damage, building and contents, professional liability and various specialty products; and (3) personal lines property, which principally included homeowners personal lines property coverage and catastrophe exposed personal lines property coverage and totaled $18.5 million at December 31, 2017 (2016 - $25.4 million).

Our reserving techniques and processes for our Casualty and Specialty segment also apply to our Other category. In addition, certain of our coverages may be impacted by natural and man-made catastrophes. We estimate claim reserves for these losses after the event giving rise to these losses occurs, following a process that is similar to that used in our Property segment.

Premiums and Related Expenses

Premiums are recognized as income, net of any applicable reinsurance or retrocessional coverage purchased, over the terms of the related contracts and policies. Premiums written are based on contract and policy terms and include estimates based on information received from both insureds and ceding companies. Unearned premiums represents the portion of premiums written that relate to the unexpired terms of contracts and policies in force. Amounts are computed by pro rata methods based on statistical data or reports received from ceding companies. Reinstatement premiums are estimated after the occurrence of a ~~significant~~ loss and are recorded in accordance with the contract terms based upon paid losses as well as reported and ~~case~~estimated reserves. Reinstatement premiums are earned when written.

Due to the nature of reinsurance, ceding companies routinely report and remit premiums to us subsequent to the contract coverage period. Consequently, premiums written and receivable include amounts reported by the ceding companies, supplemented by our estimates of premiums that are written but not reported. The estimation of written premiums may be affected by early cancellation, election of contract provisions for cut-off and return of unearned premiums or other contract disruptions. The time lag involved in the process of reporting premiums is shorter than the lag in reporting losses. In addition to estimating premiums written, we estimate the earned portion of premiums written which is subject to judgment and uncertainty. Any adjustments to written and earned premiums, and the related losses and acquisition expenses, are accounted for as changes in estimates and are reflected in the results of operations in the period in which they are made.

Lines of business that are similar in both the nature of their business and estimation process may be grouped for purposes of estimating premiums. Premiums are estimated based on ceding company estimates and our own judgment after considering factors such as: (1) the ceding ~~company's~~company’s historical premium versus projected premium, (2) the ceding ~~company's~~company’s history of providing accurate estimates, (3) anticipated changes in the marketplace and the ceding ~~company's~~company’s competitive position therein, (4) reported premiums to date and (5) the anticipated impact of proposed underwriting changes. Estimates of premiums written and earned are based on the selected ultimate premium estimate, the terms and conditions of the reinsurance contracts and the remaining exposure from the underlying policies. We evaluate the appropriateness of these estimates in light of the actual premium reported by the ceding companies, information obtained during audits and other information received from ceding companies.

We estimate our provision for current expected credit losses by applying specific percentages against each premiums receivable based on the counterparty’s credit ratings. The percentages applied are based on information received from both insureds and ceding companies and are then adjusted by us based on industry knowledge and our judgment and estimates. We then evaluate the overall adequacy of the provision for current expected credit losses based on other qualitative and judgmental factors. At December 31, 2021, the Company’s premiums receivable balance was $3.8 billion (2020 - $2.9 billion). Of the Company’s premiums receivable balance as of December 31, 2021, the majority are receivables from highly rated counterparties. At December 31, 2021, the Company held a provision for current expected credit losses on its premiums receivable of $2.8 million (2020 - $6.0 million).

Reinsurance ~~Recoverables~~Recoverable

We enter into retrocessional reinsurance agreements in order to help reduce our exposure to large losses and to help manage our risk portfolio. Amounts recoverable from reinsurers are estimated in a manner consistent with the claims and claim expense reserves associated with the related assumed reinsurance. For multi-year retrospectively rated contracts, we accrue amounts (either assets or liabilities) that are due to or from our retrocessionaires based on estimated contract experience. If we determine that adjustments to earlier estimates are appropriate, such adjustments are recorded in the period in which they are determined.

The estimate of reinsurance ~~recoverables~~recoverable can be more subjective than estimating the underlying claims and claim expense reserves as discussed under the heading “Claims and Claim Expense Reserves” above. In particular, reinsurance ~~recoverables~~recoverable may be affected by deemed inuring reinsurance, industry losses

reported by various statistical reporting services, and other factors. Reinsurance ~~recoverables~~recoverable on dual trigger reinsurance contracts require us to estimate our ultimate losses applicable to these contracts as well as estimate the ultimate amount of insured industry losses that will be reported by the applicable statistical reporting agency, as per the contract terms. In addition, the level of our additional case reserves and IBNR reserves has a significant impact on reinsurance ~~recoverables.~~recoverable. These factors can impact the amount and timing of the reinsurance ~~recoverables~~recoverable to be recorded.

The majority of the balance we have accrued as recoverable will not be due for collection until some point in the future. The amounts recoverable that will ultimately be collected are ~~open~~subject to uncertainty due to the ultimate ability and willingness of reinsurers to pay our claims at a future point in time, for reasons including insolvency ~~and~~or elective run-off, contractual dispute and various other reasons. In addition, because the majority of the balances recoverable will not be collected for some time, economic conditions as well as the financial and operational performance of a particular reinsurer may change, and these changes may affect the reinsurer’s willingness and ability to meet their contractual obligations to us. To reflect these uncertainties, we estimate and record a ~~valuation allowance~~provision for current expected credit losses for potential uncollectible reinsurance ~~recoverables~~recoverable which reduces reinsurance ~~recoverables~~recoverable and net income.

We estimate our ~~valuation allowance~~provision for current expected credit losses by applying specific percentages against each reinsurance recoverable based on our counterparty’s credit rating. The percentages applied are based on historical industry default statistics developed by major rating agencies and are then adjusted by us based on industry knowledge and our judgment and estimates. We ~~also apply case-specific valuation allowances against certain recoveries we deem unlikely to be collected in full. We~~ then evaluate the overall adequacy of the ~~valuation allowance~~provision for current expected credit losses based on other qualitative and judgmental factors. At December 31, ~~2017~~,2021, our reinsurance recoverable balance was ~~$1.6~~$4.3 billion (~~2016~~(2020 - ~~$279.6 million)~~$2.9 billion). Of this amount, ~~54.5%~~46.9% is fully collateralized by our reinsurers, ~~44.5%~~52.1% is recoverable from reinsurers rated A- or higher by major rating agencies and 1.0% is recoverable from reinsurers rated lower than A- by major rating agencies (~~2016~~(2020 - ~~47.3%~~45.2%, ~~52.6%~~53.4% and ~~0.1%~~1.4%, respectively). The increase in our reinsurance recoverable balance during 2017 was primarily the result of reinsurance recoverables related to Hurricanes Harvey, Irma and Maria and the Mexico City Earthquake (the “Q3 2017 Catastrophe Events”), the wildfires in California during the fourth quarter of 2017 (the “Q4 2017 California Wildfires”) and losses associated with aggregate loss contracts (“2017 Aggregate Losses”). The reinsurers with the three largest balances accounted for ~~10.4%~~19.9%, ~~7.5%~~8.4% and ~~7.3%~~4.3%, respectively, of our reinsurance recoverable balance at December 31, ~~2017~~ (~~2016~~2021 (2020 - ~~27.1%~~15.3%, ~~19.9%~~10.8% and ~~7.7%~~6.7%, respectively). The ~~valuation allowance~~provision for current expected credit losses recorded against reinsurance recoverable was ~~$7.0~~$8.3 million at December 31, ~~2017~~ (~~2016~~2021 (2020 - ~~$4.2 million~~)$6.3 million). The three largest company-specific components of the ~~valuation allowance~~provision for current expected credit losses represented ~~11.1%~~18.0%, ~~9.2%~~13.9% and ~~8.4%~~11.2%, respectively, of our total ~~valuation allowance~~provision for current expected credit losses at December 31, ~~2017~~ (~~2016~~2021 (2020 - ~~27.1%~~13.2%, ~~17.9%~~13.0% and ~~5.6%~~6.7%, respectively).

Fair Value Measurements and Impairments

Fair Value

The use of fair value to measure certain assets and liabilities with resulting unrealized gains or losses is pervasive within our consolidated financial statements. Fair value is defined under accounting guidance currently applicable to us to be the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between open market participants at the measurement date. We

recognize the change in unrealized gains and losses arising from changes in fair value in our consolidated statements of operations.

FASB ASC Topic Fair Value Measurements and Disclosures prescribes a fair value hierarchy that prioritizes the inputs to the respective valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to valuation techniques that use at least one significant input that is unobservable (Level 3).

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement of the asset or liability. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and we consider factors specific to the asset or liability.

In order to determine if a market is active or inactive for a security, we consider a number of factors, including, but not limited to, the ~~spread between what a seller is asking for a security and what a buyer is bidding for the same security, the~~ volume of trading activity for the security in question, the price of the

security compared to its par value (for fixed maturity investments), and other factors that may be indicative of market activity.

At December 31, ~~2017~~,2021, we classified ~~$2.5~~$169.3 million and ~~$5.5~~$10.8 million of our ~~other~~ assets and liabilities, respectively, at fair value on a recurring basis using Level 3 inputs. This represented ~~0.0%~~0.5% and ~~0.1%~~0.0% of our total assets and liabilities, respectively. Level 3 fair value measurements are based on valuation techniques that use at least one significant input that is unobservable. These measurements are made under circumstances in which there is little, if any, market activity for the asset or liability. We use valuation models or other pricing techniques that require a variety of inputs including contractual terms, market prices and rates, yield curves, credit curves, measures of volatility, prepayment rates and correlations of such inputs, some of which may be unobservable, to value these Level 3 assets and liabilities. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment. In making the assessment, we considered factors specific to the asset or liability. In certain cases, the inputs used to measure fair value of an asset or a liability may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety is classified is determined based on the lowest level input that is significant to the fair value measurement of the asset or liability.

Refer to “Note 6.6. Fair Value ~~Measurements~~Measurements” in our ~~Notes~~“Notes to the Consolidated Financial Statements” for additional information about fair value measurements.

Impairments

The amount and timing of asset impairment is subject to significant estimation techniques and is a critical accounting estimate for us. The significant impairment reviews we complete are for our goodwill and other intangible assets and equity method investments, as described in more detail below.

Goodwill and Other Intangible Assets

Goodwill and other intangible assets acquired are initially recorded at fair value. Subsequent to initial recognition, finite lived other intangible assets are amortized over their estimated useful life, subject to impairment, and goodwill and indefinite lived other intangible assets are carried at the lower of cost or fair value, subject to impairment. If goodwill or other intangible assets are impaired, they are written down to their estimated fair values with a corresponding expense reflected in our consolidated statements of operations.

~~On March 2, 2015 we acquired Platinum and the transaction was accounted under the acquisition method of accounting in~~In accordance with FASB ASC TopicBusiness ~~Combinations.~~ ~~Total~~Combinations, we allocated the total consideration paid ~~was allocated~~for TMR among acquired assets and assumed liabilities based on their fair values. ~~In connection with the acquisition of Platinum, we~~We recognized identifiable finite lived intangible assets of ~~$75.2~~$11.2 million, which ~~are being~~will be amortized over a weighted average period of 810.5 years, identifiable indefinite lived intangible assets of ~~$8.4~~$6.8 million, and certain other adjustments to the fair values of the assets acquired, liabilities assumed and shareholders’ equity of ~~Platinum~~TMR at March ~~2, 2015 as summarized in “Note 3. Acquisition of Platinum in our~~22, 2019, based on foreign exchange rates on March 22, 2019.

~~Notes to the Consolidated Financial Statements”. Intangible assets with definite lives will be amortized over their estimated useful lives.~~ In addition, we recognized goodwill of ~~$191.7~~$13.1 million, ~~primarily~~based on foreign exchange rates on March 22, 2019, attributable to ~~Platinum’s workforce and synergies expected to result upon~~ the ~~integration~~excess of ~~Platinum into our operations. There were no other adjustments to carried goodwill during~~ the ~~period ended December 31, 2017 reflected on our consolidated balance sheet at December 31, 2017.~~purchase price over the fair value of the net assets of TMR. Goodwill resulting from the acquisition of ~~Platinum~~TMR will not be amortized but instead will be tested for impairment at least annually, as outlined below (more frequently if certain indicators are present). Goodwill is assigned to the applicable reporting unit of the acquired entities giving rise to the goodwill and other intangible assets.

We assess goodwill and other intangible assets for impairment in the fourth quarter of each year, or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable. For purposes of the annual impairment evaluation, we assess qualitative factors to determine if events or circumstances exist that would lead us to conclude that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If we determine that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then we do not perform a quantitative evaluation. Should we determine that a quantitative analysis is required, we will first determine the fair value of the reporting unit and compare that with the carrying value, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, then goodwill is not considered impaired and no further analysis is required. If the carrying amount of a reporting unit exceeds its fair value, we then proceed to determine the amount of the impairment charge, if any. There are many assumptions and estimates underlying the fair value calculation. Principally, we identify the reporting unit or business entity that the goodwill or other intangible asset is attributed to, and review historical and forecasted operating and financial performance and other underlying factors affecting such analysis, including market conditions. Other assumptions used could produce significantly different results which may result in a change in the value of goodwill or our other intangible assets and a related charge in our consolidated statements of operations. An impairment charge could be recognized in the event of a significant decline in the implied fair value of those operations

where the goodwill or other intangible assets are applicable. In the event we determine that the value of goodwill has become impaired, an accounting charge will be taken in the fiscal quarter in which such determination is made, which could have a material adverse effect on our results of operations in the period in which the impairment charge is recorded.

As a result of the Company’s impairment assessment performed during the fourth quarter of 2021, the Company determined that there was no impairment during 2021, and therefore the Company recorded no intangible asset impairment charge during the year ended December 31, 2021. Refer to “Note 4. Goodwill and Other Intangible Assets” in our “Notes to the Consolidated Financial Statements” for additional information with respect to the impairment.

As at December 31, ~~2017~~,2021, excluding the amounts recorded in investments in other ventures, under the equity method, as noted below, our consolidated balance sheets include ~~$197.6~~$210.9 million of goodwill (~~2016~~(2020 - ~~$197.6~~$211.0 million) and $32.6 million~~) and~~ ~~$45.6 million~~ of other intangible assets ~~(2016~~(2020 - ~~$53.6~~$38.6 million). Impairment charges related to these balances were $Nil during the year ended December 31, ~~2017 (2016~~2021 (2020 - ~~$Nil, 2015~~$6.8 million, 2019 - $Nil). In the future, it is possible we will hold more goodwill and intangible assets, which would increase the degree of judgment and uncertainty embedded in our financial statements, and potentially increase the volatility of our reported results.

Deferred Acquisition Costs and Value of Business Acquired

VOBA was initially recorded to reflect the establishment of the value of business acquired asset in connection with the acquisition of TMR, which represents the estimated present value of the expected underwriting profit within the unearned premiums liability, net of reinsurance, less costs to service the related policies and a risk premium. VOBA is derived using, among other things, estimated loss ratios by line of business to calculate the underwriting profit, weighted average cost of capital, risk premium and expected payout patterns. The adjustment for VOBA will be amortized to acquisition expenses over approximately two years, as the contracts for business in-force as of the acquisition date expire.

Investments in Other Ventures, Under Equity Method

Investments in which we have significant influence over the operating and financial policies of the investee are classified as investments in other ventures, under equity method, and are accounted for under the equity method of accounting. Under this method, we record our proportionate share of income or loss from such investments in our results for the period. Any decline in the value of investments in other ventures, under equity method, including goodwill and other intangible assets arising upon acquisition of the investee, considered by management to be other-than-temporary, is reflected in our consolidated statements of operations in the period in which it is determined. As of December 31, ~~2017~~,2021, we had ~~$102.0~~$98.1 million (~~2016~~ (2020 - ~~$124.2 million~~)$98.4 million) in investments in other ventures, under equity method on our consolidated balance sheets, including ~~$7.8~~$9.9 million of goodwill and ~~$8.9~~$8.7 million of other intangible assets (~~2016~~ – ~~$7.8~~(2020 - $10.6 million and ~~$11.9 million~~)$12.4 million). The carrying value of our investments in other ventures, under equity method, individually or in the aggregate, may, and likely will, differ from the realized value we may ultimately attain, perhaps significantly so.

In determining whether an equity method investment is impaired, we take into consideration a variety of factors including the operating and financial performance of the investee, the investee’s future business plans and projections, recent transactions and market valuations of publicly traded companies where available, discussions with the investee’s management, and our intent and ability to hold the investment until it recovers in value. Accordingly, we make assumptions and estimates in assessing whether an impairment has occurred and if, in the future, our assumptions and estimates made in assessing the fair

value of these investments change, this could result in a material decrease in the carrying value of these investments. This would cause us to write-down the carrying value of these investments and could have a material adverse effect on our results of operations in the period the impairment charge is taken. We do not have any current plans to dispose of these investments, and cannot assure you we will consummate future transactions in which we realize the value at which these holdings are reflected in our financial statements. ~~During the year ended~~ ~~December 31, 2017, we~~We have not recorded ~~$Nil~~ (~~2016~~ - ~~$Nil~~, ~~2015~~ ~~- $5.6 million) of~~any other-than-temporary impairment charges related to goodwill and other intangible assets associated with our investments in other ventures, under the equity ~~method. Refer to~~method in any of the years ended December 31, 2021, 2020 or 2019. See “Note 4. Goodwill and Other Intangible ~~Assets~~Assets” in our ~~Notes~~“Notes to the Consolidated Financial Statements” for additional information.

Income Taxes

Income taxes have been provided in accordance with the provisions of FASB ASC Topic Income Taxes. Deferred tax assets and liabilities result from temporary differences between the amounts recorded in our consolidated financial statements and the tax basis of our assets and liabilities. Such temporary differences are primarily due to net operating loss carryforwards and GAAP versus tax basis accounting differences relating to unearned premiums, reserves for claims and claim expenses, deferred ~~interest expense, accrued expenses, unearned premiums,~~finance charges, deferred underwriting results, accrued expenses, investments, deferred acquisition expenses, intangible assets, amortization and depreciation and ~~investments.~~VOBA. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period ~~that includes~~in which the ~~enactment date.~~change in tax rates is enacted. A valuation allowance against net deferred tax assets is recorded if it is more likely than not that all, or some portion, of the benefits related to deferred tax assets will not be realized.

As a result of the reduction in the U.S. corporate tax rate from 35% to 21% effective January 1, 2018 pursuant to the Tax Bill, which was enacted on December 22, 2017, the Company recorded a $36.7 million write-down of its deferred tax asset during the fourth quarter of 2017.

At December 31, ~~2017,~~2021, our net deferred tax asset (prior to our valuation allowance) and valuation allowance were ~~$86.7~~$192.4 million ~~(2016~~(2020 - ~~$98.9~~$138.0 million) and ~~$30.0~~$131.5 million ~~(2016~~(2020 - ~~$18.8~~$88.7 million), ~~respectively (see~~respectively. See “Note 15. ~~Taxation~~Taxation” in our ~~Notes~~“Notes to the Consolidated Financial Statements” for additional ~~information).~~information. At each balance sheet date, we assess the need to establish a valuation allowance that reduces the net deferred tax asset when it is more likely than not that all, or some portion, of the net deferred tax assets will not be realized. The valuation allowance assessment is performed separately in each taxable jurisdiction based on all available information including projections of future GAAP taxable income from each tax-paying component in each tax jurisdiction. Losses incurred within our U.S. tax-paying subsidiaries in the fourth quarter of 2011 were significant enough to result in a cumulative GAAP taxable loss at the U.S. tax-paying subsidiaries for the three year period ended December 31, 2011. We reassess ourThe valuation allowance onrelates to a ~~quarterly basis and commencing with~~substantial portion of our ~~reassessment effective December 31, 2011, we determined that it is more likely than not that we would not be able to recover our U.S.~~ net deferred tax ~~asset~~assets in most jurisdictions in which we do business. It excludes Bermuda and ~~as a result, recognized a full valuation allowance in the fourth quarter of 2011. We concluded~~our U.S. operations that a valuation allowance was required from 2011 through the period ended December 31, 2014 based on the relevant evidence during that time period, primarily that we remained in a cumulative GAAP taxable loss position for this period, among other facts. At December 31, 2014, the U.S. valuation allowance was $48.4 million. In the first quarter of 2015, as a result of expected profits in our U.S.-based operations due principallyexisted prior to the acquisition of ~~Platinum, we determined it was more likely than not we would be able to recover~~TMR, which only have a ~~substantial portion of the U.S. net deferred tax asset and thus reduced the U.S.~~small valuation allowance from $48.4 million to $1.0 million. Factors that led to this determination included the combined cumulative GAAP taxable income position of our U.S.-based operations (including the entities acquired) along with the long term expected profits of the combined operations. A valuation allowance continues to be provided against ~~deferred~~finite lived tax ~~assets in the majority of our Ireland, U.K., and Singapore operations as these operations have produced historical GAAP taxable losses, among other facts.~~carryforwards.

We have unrecognized tax benefits of ~~$Nil~~$Nil as of December 31, ~~2017~~ (~~2016~~2021 (2020 - ~~$Nil~~)$Nil). Interest and penalties related to unrecognized tax benefits, would be recognized in income tax expense. At December 31, ~~2017,~~2021, interest and penalties accrued on unrecognized tax benefits were $Nil ~~(2016~~(2020 - $Nil). ~~Income~~

The following filed income tax returns ~~filed for tax years 2014 through 2016, 2013 through 2016, 2016, and 2013 through 2016,~~ are open for examination bywith the ~~IRS, Irish~~applicable tax ~~authorities,~~authorities: tax years 2018 through 2020 with the IRS; 2017 through 2020 with Ireland; 2019 through 2020 with the U.K. ~~tax authorities,~~; 2017 through 2020 with Singapore; 2019 and ~~Singapore tax authorities, respectively.~~2020 with Switzerland; and 2017 through 2020 with Australia. We do not expect the resolution of these open years to have a significant impact on our consolidated statements of operations and financial condition.

SUMMARY OF RESULTS OF OPERATIONS



(in thousands, except per share amounts and percentages)
Statements of Operations Highlights
Year ended December 31,	2021			2020			2019
Gross premiums written	$	7,833,798		$	5,806,165		$	4,807,750
Net premiums written	$	5,939,375		$	4,096,333		$	3,381,493
Net premiums earned	$	5,194,181		$	3,952,462		$	3,338,403
Net claims and claim expenses incurred	3,876,087			2,924,609			2,097,021
Acquisition expenses	1,214,858			897,677			762,232
Operational expenses	212,184			206,687			222,733
Underwriting income (loss)	$	(108,948)		$	(76,511)		$	256,417

Net investment income	$	319,479		$	354,038		$	424,207
Net realized and unrealized gains (losses) on investments	(218,134)			820,636			414,109

Total investment result	$	101,345		$	1,174,674		$	838,316



Net income (loss)	$	(103,440)		$	993,058		$	950,267
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	(73,421)		$	731,482		$	712,042


Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted	$	(1.57)		$	15.31		$	16.29
Dividends per common share	$	1.44		$	1.40		$	1.36

Key Ratios
Year ended December 31,	2021			2020			2019
Net claims and claim expense ratio – current accident year	79.4		%	78.6		%	63.6		%
Net claims and claim expense ratio – prior accident years	(4.8)		%	(4.6)		%	(0.8)		%
Net claims and claim expense ratio – calendar year	74.6		%	74.0		%	62.8		%
Underwriting expense ratio	27.5		%	27.9		%	29.5		%
Combined ratio	102.1		%	101.9		%	92.3		%
Return on average common equity	(1.1)		%	11.7		%	14.1		%

Book Value
At December 31,	2021			2020			2019
Book value per common share	$	132.17		$	138.46		$	120.53
Accumulated dividends per common share	23.52			22.08			20.68
Book value per common share plus accumulated dividends	$	155.69		$	160.54		$	141.21
Change in book value per common share plus change in accumulated dividends	(3.5)		%	16.0		%	17.1		%

Balance Sheet Highlights
At December 31,	2021			2020			2019
Total assets	$	33,959,502		$	30,820,580		$	26,330,094
Total shareholders’ equity attributable to RenaissanceRe	$	6,624,281		$	7,560,248		$	5,971,367

Year ended December 31, 2017 2016 2015
(in thousands, except per share amounts and percentages)
Statements of operations highlights
Gross premiums written $ 2,797,540
$ 2,374,576
$ 2,011,310

Net premiums written $ 1,871,325
$ 1,535,312
$ 1,416,183

Net premiums earned $ 1,717,575
$ 1,403,430
$ 1,400,551

Net claims and claim expenses incurred 1,861,428
530,831
448,238

Acquisition expenses 346,892
289,323
238,592

Operational expenses 160,778
197,749
219,112

Underwriting (loss) income $ (651,523 ) $ 385,527
$ 494,609

Net investment income $ 222,209
$ 181,726
$ 152,567

Net realized and unrealized gains (losses) on investments 135,822
141,328
(68,918 )
Change in net unrealized gains on fixed maturity investments available for sale —
(1,870 ) (1,243 )
Total investment result $ 358,031
$ 321,184
$ 82,406

Net (loss) income $ (354,671 ) $ 630,048
$ 542,242

Net (loss) income (attributable) available to RenaissanceRe common shareholders $ (244,770 ) $ 480,581
$ 408,811

Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share – diluted $ (6.15 ) $ 11.43
$ 9.28

Dividends per common share $ 1.28
$ 1.24
$ 1.20

Key ratios
Net claims and claim expense ratio – current accident year 110.8 % 49.5 % 43.6 %
Net claims and claim expense ratio – prior accident years (2.4 )% (11.7 )% (11.6 )%
Net claims and claim expense ratio – calendar year 108.4 % 37.8 % 32.0 %
Underwriting expense ratio 29.5 % 34.7 % 32.7 %
Combined ratio 137.9 % 72.5 % 64.7 %

Return on average common equity (5.7 )% 11.0 % 9.8 %

Book value December 31,
2017 December 31,
2016 December 31,
2015
Book value per common share $ 99.72
$ 108.45
$ 99.13

Accumulated dividends per common share 18.00
16.72
15.48

Book value per common share plus accumulated dividends $ 117.72
$ 125.17
$ 114.61

Change in book value per common share plus change in accumulated dividends (6.9 )% 10.7 % 11.3 %

Balance sheet highlights December 31,
2017 December 31,
2016 December 31,
2015
Total assets $ 15,226,131
$ 12,352,082
$ 11,555,287

Total shareholders’ equity attributable to RenaissanceRe $ 4,391,375
$ 4,866,577
$ 4,732,184

Results of ~~operations~~Operations for ~~2017 compared~~2021 Compared to ~~2016.~~2020

Net loss attributable to RenaissanceRe common shareholders was ~~$244.8~~$73.4 million in ~~2017~~,2021, compared to net income available to RenaissanceRe common shareholders of ~~$480.6~~$731.5 million in ~~2016~~, 2020, a decrease of ~~$725.4 million~~.$804.9 million. As a result of our net loss attributable to RenaissanceRe common shareholders in ~~2017, our~~2021, we generated an annualized return on average common equity ~~was~~of negative ~~5.7%~~1.1% and our book value per common share decreased from ~~$108.45~~$138.46 at December 31, ~~2016~~2020 to ~~$99.72~~$132.17 at December 31, ~~2017,~~2021, a ~~6.9%~~3.5% decrease, after considering the change in accumulated dividends paid to our common ~~shareholders, and the impact of repurchasing an aggregate of 1.3 million common shares in open market transactions.~~shareholders.

The most significant ~~events~~items affecting our financial performance during ~~2017~~,2021, on a comparative basis to ~~2016~~,2020, include:

•Impact of Weather-Related Large Losses and COVID-19 - in 2021, we had a net negative impact on our net loss attributable to RenaissanceRe common shareholders of $962.1 million resulting from the 2021 Weather-Related Large Losses. This compares to a net negative impact on our net income available to RenaissanceRe common shareholders of $493.6 million in 2020 resulting from the 2020 Weather-Related Large Loss Events and $286.6 million resulting from losses related to the COVID-19 pandemic;

•Underwriting ~~Loss~~Results - ~~Primarily as a result of~~ ~~Q3 2017 Catastrophe Events”), the~~ ~~Q4 2017 California Wildfires~~ ~~and the 2017 Aggregate Losses~~, we incurred an underwriting loss of ~~$651.5~~$108.9 million and had a combined ratio of 102.1% in 2021, compared to an underwriting loss of $76.5 million and a combined ratio of ~~137.9%~~101.9% in ~~2017, compared to generating underwriting income of $385.5 million and a combined ratio of 72.5%, respectively, in~~ ~~2016~~.2020. Our underwriting loss in ~~2017~~2021 was comprised of an underwriting loss of ~~$574.9~~$185.5 million in our Property segment, ~~and an~~partially offset by underwriting ~~loss~~income of ~~$78.2~~$76.6 million in our Casualty and Specialty segment.

~~The Q3 2017 Catastrophe Events, Q4 2017 California Wildfires and 2017 Aggregate Losses resulted~~ In comparison, our underwriting loss in ~~$959.8~~2020 was comprised of $87.5 million of underwriting ~~losses in our Property segment, or 110.5 percentage points on its combined ratio in~~ ~~2017, and $29.4 million of underwriting losses~~loss in our Casualty and Specialty segment, ~~or 3.7 percentage points on its combined ratio~~partially offset by underwriting income of $11.0 million in ~~2017. See below for additional information regarding~~our Property segment.

Included in our underwriting results in 2021 was the impact of the 2021 Weather-Related Large Losses, which resulted in a net negative impact on our underwriting result of $1.4 billion and added 28.5 percentage points to the ~~Q3 2017 Catastrophe~~combined ratio, primarily in the Property segment. In comparison, our underwriting result in 2020 was principally impacted by the 2020 Weather-Related Large Loss Events ~~Q4 2017 California Wildfires~~ and ~~2017 Aggregate Losses. Our~~the COVID-19 losses. In 2020, the 2020 Weather-Related Large Loss Events resulted in a net negative impact on the underwriting ~~results are discussed~~result of $668.5 million and added 17.2 percentage points to the combined ratio, primarily in ~~additional detail below~~the Property segment. The COVID-19 losses incurred in ~~“Underwriting Results~~2020, which impacted both the Property and Casualty and Specialty segments, resulted in a net negative impact on the underwriting result of $351.9 million and added 8.9 percentage points to the combined ratio;

•Gross Premiums Written - our gross premiums written increased by ~~Segment”;~~

~~Income Tax Expense -~~ ~~we recognized $26.5~~$2.0 billion, or 34.9%, to $7.8 billion, in 2021, compared to 2020, with an increase of $959.6 million in the Property segment and an increase of $1.1 billion in the Casualty and Specialty segment. The increase was driven by growth from both new and existing business and rate improvements across both segments and a number of our underwriting platforms, and, in our Property segment, reinstatement premiums of $348.0 million associated with 2021 Weather-Related Large Losses, as compared to $79.2 million of ~~income tax expense~~reinstatement premiums in ~~2017, compared to $0.3 million in~~ ~~2016~~, representing a $26.1 million increase in income tax expense. The increase in income tax expense was principally driven by a write-down of a portion of our deferred tax asset during the fourth quarter of 2017 of $36.7 million as a result of the reduction in the U.S. corporate tax rate from 35% to 21% effective January 1, 2018 pursuant to the Tax Bill, which was enacted on December 22, 2017. Partially offsetting this income tax expense was an income tax benefit associated with pre-tax GAAP losses in our U.S.-based operations primarily due to underwriting losses2020 associated with the ~~Q3 2017 Catastrophe~~2020 Weather-Related Large Loss Events, ~~Q4 2017 California Wildfires~~ and ~~2017 Aggregate Losses in~~ ~~2017, compared to pre-tax GAAP income in our U.S.-based operations in~~ ~~2016; partially offset by~~

~~Net Loss Attributable to Redeemable Noncontrolling Interests~~ ~~- our net loss attributable to redeemable noncontrolling interests was $132.3~~$28.0 million in ~~2017, compared to net income attributable to redeemable noncontrolling interests of $127.1 million in~~ ~~2016. The decrease was principally due to significant underwriting losses~~ associated with ~~the~~ ~~Q3 2017 Catastrophe Events~~, ~~Q4 2017 California Wildfires~~ ~~and 2017 Aggregate Losses incurred by DaVinciRe, and a decrease~~COVID-19 losses in ~~our ownership in DaVinciRe to 22.1% at December 31, 2017, compared to 24.0% at December 31, 2016; and~~

2020;

•Investment Results - our total investment result, which includes the sum of net investment income and net realized and unrealized gains (losses) on investments, was $101.3 million in 2021, compared to $1.2 billion in 2020, a decrease of $1.1 billion. The primary driver of the lower total investment result, for 2021, was the net realized and unrealized losses on our fixed maturity trading portfolio, partially offset by net realized and unrealized gains on our equity investments ~~and~~trading portfolio. The higher investment results in 2020 were favorably impacted by the ~~change~~market recovery following the disruption in global financial markets associated with the COVID-19 pandemic; and

•Net Loss (Income) Attributable to Redeemable Noncontrolling Interests - our net ~~unrealized gains on fixed maturity investments available for sale,~~loss attributable to redeemable noncontrolling interests was ~~$358.0~~$63.3 million in ~~2017~~,2021, compared to ~~$321.2~~net income attributable to redeemable noncontrolling interest of $230.7 million in ~~2016~~2020, ~~an increase of $36.8 million. Our fixed maturity investment portfolio generated higher net investment income during~~ ~~2017, compared to~~ ~~2016, principally driven by higher average invested assets and~~reflecting the impact of ~~interest rate increases during the current year. In addition, the Company’s portfolio of other investments experienced~~ higher ~~returns during~~ ~~2017, compared~~underwriting losses in DaVinci, lower underwriting income in Vermeer, and a decrease in Medici net income, primarily due to ~~2016~~, principally driven by its private equity investments. We also experienced a $24.2 million increase in net realized and unrealized gains on equity investments trading driven by positive returns in the global equity markets, combined with the strong performance of a number of our equity positions.foreign exchange losses that are attributable to third party investors.

Results of ~~operations~~Operations for ~~2016 compared~~2020 Compared to ~~2015.~~2019

Net income available to RenaissanceRe common shareholders was ~~$480.6~~$731.5 million in ~~2016,~~2020, compared to ~~$408.8~~$712.0 million in ~~2015,~~2019, an increase of ~~$71.8~~$19.4 million. As a result of our net income available to RenaissanceRe common shareholders in ~~2016,~~2020, we generated an annualized return on average common equity of ~~11.0%~~11.7% and our book value per common share increased from ~~$99.13~~$120.53 at December 31, ~~2015~~2019 to ~~$108.45~~$138.46 at December 31, ~~2016,~~2020, a ~~10.7%~~16.0% increase, after considering the change in accumulated dividends paid to our common ~~shareholders, and the impact of repurchasing an aggregate of 2.7 million common shares in open market transactions.~~shareholders.

The most significant ~~events~~items affecting our financial performance during ~~2016,~~2020, on a comparative basis to ~~2015,~~2019, include:

•Impact of Weather-Related Large Loss Events and COVID-19 - in 2020, we had a net negative impact on our net income available to RenaissanceRe common shareholders of $493.6 million resulting from the 2020 Weather-Related Large Loss Events and $286.6 million resulting from losses related to the COVID-19 pandemic. This compares to a net negative impact on our net income available to RenaissanceRe common shareholders of $348.2 million from the combined impacts of the 2019 Large Loss Events.

~~Higher~~ •Underwriting Results - we incurred an underwriting loss of $76.5 million and had a combined ratio of 101.9% in 2020, compared to underwriting income of $256.4 million and a combined ratio of 92.3% in 2019. Our underwriting loss in 2020 was comprised of an $87.5 million underwriting loss in our Casualty and Specialty segment, offset by underwriting income of $11.2 million in our Property segment. In comparison, underwriting income in 2019 was comprised of $209.3 million of underwriting income in our Property segment and $46.0 million of underwriting income in our Casualty and Specialty segment.

Our underwriting result in 2020 was principally impacted by the 2020 Weather-Related Large Loss Events and the COVID-19 losses. The 2020 Weather-Related Large Loss Events resulted in a net negative impact on the underwriting result of $668.5 million and added 17.2 percentage points to the combined ratio, primarily in the Property segment. The COVID-19 losses, which impacted both the Property and Casualty and Specialty segments, resulted in a net negative impact on the underwriting result of $351.9 million and added 8.9 percentage points to the combined ratio.

Partially offsetting the impact of the 2020 Weather-Related Large Loss Events and COVID-19 losses was favorable development on prior accident years of $183.8 million, primarily related to large loss events in 2019, 2018 and 2017, as well as favorable movements in other assumed losses and ceded recoveries. This favorable development reduced the combined ratio by 4.6 percentage points and was principally in the Property segment.

In comparison, our underwriting result in 2019 was principally impacted by the 2019 Large Loss Events, which had a net negative impact on our underwriting result of $418.9 million and added 12.9 percentage points to the combined ratio, principally in the Property segment;

•Gross Premiums Written - our gross premiums written increased by $1.0 billion, or 20.8%, to $5.8 billion, in 2020, compared to 2019, with an increase of $568.2 million in the Property segment and an increase of $430.3 million in the Casualty and Specialty segment;

•Investment Results - our total investment result, ~~of $321.2 million in 2016,~~ which includes the sum of net investment income ~~net realized~~ and unrealized gains (losses) on investments, and the change in net unrealized gains on fixed maturity investments available for sale, increased $238.8 million from $82.4 million in 2015. Impacting the total investment result in 2016 were: (i) net unrealized gains in our portfolio of fixed maturity investments trading, principally the result of significant credit spread tightening in 2016, compared to marginal credit spread widening during 2015; (ii) net investment income in our portfolio of fixed maturity investments, driven by an increase in average invested assets; and (iii) net realized and unrealized gains on ~~equity~~ investments, ~~trading as a result~~was $1.2 billion in 2020, compared to $838.3 million in 2019, an increase of ~~the strong performance of a number of our equity positions during the year. Partially offsetting these items were~~$336.4 million. The increase was primarily driven by net realized and unrealized ~~losses~~gains on ~~certain investment-related derivatives due to changes~~investments of $820.6 million in ~~the yield curve that occurred during the year; partially offset by~~

~~Lower Underwriting Income~~ ~~- we generated underwriting income of $385.5 million and a combined ratio of 72.5% in 2016,~~2020, compared to ~~$494.6~~$414.1 million in 2019. The net realized and ~~64.7%, respectively,~~unrealized gains on investments in ~~2015, a decrease of $109.1 million and an increase of 7.8 percentage points, respectively. The increase in the combined ratio in 2016, compared to 2015, was primarily~~2020 were driven by ~~higher~~ net ~~claims~~realized and ~~claim expenses~~unrealized gains on the fixed maturity investments portfolio, equity investments trading and an increase in underwriting expenses adding 5.8 and 2.0 percentage points, respectively, to the combined ratio. Included in net claims and claim expenses in 2016 was an aggregate of $122.6 million associated with a wildfire originating near Fort McMurray, Alberta (the “Fort McMurray Wildfire”), a number of weather-related events in Texas (the “2016 Texas Events”) and Hurricane Matthew. The net negative impact of these events on our consolidated underwriting result was $102.9 million, and these events added 7.9 percentage points to our consolidated combined ratio. See below for additional information related to the Fort McMurray Wildfire, the 2016 Texas Events and Hurricane Matthew;

investment-related derivatives;

~~Higher Income Tax Expense -~~ we recognized $0.3 million of income tax expense in 2016, compared to an income tax benefit of $45.9 million in 2015, representing a $46.2 million change in income tax expense, primarily due to a decrease in our U.S.-based deferred tax asset valuation allowance from $48.5 million to $1.0 million in 2015, as a result of expected profits in our U.S.-based operations due principally to the acquisition of Platinum; and

~~Higher~~ •Net Income Attributable to Redeemable Noncontrolling Interests- our net income attributable to redeemable noncontrolling interests was ~~$127.1~~$230.7 million in ~~2016,~~2020, compared to ~~$111.1~~$201.5 million in ~~2015, principally~~2019. The increase was due to ~~an increase in the profitability of DaVinciRe. Our ownership in DaVinciRe was 24.0% at December 31, 2016,~~improved performance from Medici and Vermeer, compared to ~~26.3%~~2019, partially offset by lower underlying performance in DaVinci which was negatively impacted by the 2020 Weather-Related Large Loss Events and the COVID-19 losses; and

•Common Share Offering - on June 5, 2020, we issued 6,325,000 of our common shares in an underwritten public offering at ~~December 31, 2015.~~

~~Acquisition~~a public offering price of ~~Platinum~~

~~We acquired Platinum on March 2, 2015. Therefore,~~$166.00 per share. Concurrently with the public offering, we raised $75.0 million through the issuance of 451,807 of our ~~results~~common shares at a price of ~~operations for 2016 included~~$166.00 per share to State Farm, one of our existing stockholders, in a private placement. The total net proceeds from the ~~results of the legacy business acquired from Platinum for the period January 1, 2016 through December 31, 2016, while for 2015, the results of operations of Platinum~~offerings were ~~included for the period March 2, 2015 (the date of acquisition) through December 31, 2015.~~$1.1 billion.

Net Negative Impact

Net negative impact on underwriting result includes the sum of ~~estimates of~~(1) net claims and claim expenses incurred, ~~earned reinstatement premiums~~(2) assumed and ceded reinstatement premiums earned and (3) earned and lost profit commissions. Net negative impact on net income (loss) available (attributable) to RenaissanceRe common shareholders is the sum of (1) net negative impact on underwriting result and ~~earned profit commissions and~~(2) redeemable noncontrolling ~~interest.~~interest, before consideration of any related income tax benefit (expense). Our estimates of net negative impact are based on a review of our potential exposures, preliminary discussions with certain counterparties and ~~catastrophe~~actuarial modeling techniques. Our

actual net negative impact, ~~from these events,~~ both individually and in the aggregate, ~~will~~may vary from these estimates, perhaps materially. Changes in these estimates will be recorded in the period in which they occur.

Meaningful uncertainty remains regarding the estimates and the nature and extent of the losses from ~~the Q3 2017 Catastrophe Events, Q4 2017 California Wildfires and 2017 Aggregate Losses remains,~~catastrophe events, driven by the magnitude and recent ~~occurrence~~nature of each event, the geographic areas impacted by the events, relatively limited claims data received to date, the contingent nature of business interruption and other exposures, potential uncertainties relating to reinsurance recoveries and other factors inherent in loss estimation, among other things.

2021 Net Negative Impact

The financial data in the table below provides additional information detailing the net negative impact of the 2021 Weather-Related Large Losses on our consolidated financial statements in 2021.



Year ended December 31, 2021	Winter Storm Uri		European Floods		Hurricane Ida		Other 2021 Catastrophe Events (1)		Aggregate Losses (2)		Total 2021 Weather-Related Large Losses (3)
(in thousands)
Net claims and claims expenses incurred	$	(358,937)	$	(360,644)	$	(741,285)	$	(85,941)	$	(161,093)	$	(1,707,900)
Assumed reinstatement premiums earned	86,626		90,346		156,061		9,939		6,140		349,112
Ceded reinstatement premiums earned	(11,045)		(16,372)		(27,467)		—		—		(54,884)
Earned (lost) profit commissions	773		8,084		—		1,645		—		10,502
Net negative impact on underwriting result	(282,583)		(278,586)		(612,691)		(74,357)		(154,953)		(1,403,170)
Redeemable noncontrolling interest - DaVinciRe	91,966		84,082		179,403		15,660		37,175		408,286
Redeemable noncontrolling interest - Vermeer	10,000		—		21,403		1,422		—		32,825
Redeemable noncontrolling interest	101,966		84,082		200,806		17,082		37,175		441,111
Net negative impact on net income (loss) available (attributable) to RenaissanceRe common shareholders	$	(180,617)	$	(194,504)	$	(411,885)	$	(57,275)	$	(117,778)	$	(962,059)

The financial data in the table below provides additional information detailing the net negative impact of the 2021 Weather-Related Large Losses on our segment underwriting results and consolidated combined ratio in 2021.



Year ended December 31, 2021	Winter Storm Uri		European Floods		Hurricane Ida		Other 2021 Catastrophe Events (1)		Aggregate Losses (2)		Total 2021 Weather-Related Large Losses (3)
(in thousands, except percentages)
Net negative impact on Property segment underwriting result	$	(275,566)	$	(276,317)	$	(596,271)	$	(74,357)	$	(154,953)	$	(1,377,464)
Net negative impact on Casualty and Specialty segment underwriting result	(7,017)		(2,269)		(16,420)		—		—		(25,706)
Net negative impact on underwriting result	$	(282,583)	$	(278,586)	$	(612,691)	$	(74,357)	$	(154,953)	$	(1,403,170)
Percentage point impact on consolidated combined ratio	5.5		5.4		12.0		1.4		3.0		28.5

(1)“Other 2021 Catastrophe Events” includes the hail storm in Europe in late June 2021, the wildfires in California during the third quarter of 2021, the tornadoes in the Central and Midwest U.S. in December 2021, and the Midwest Derecho in December 2021.

(2)“Aggregate Losses” includes loss estimates associated with certain aggregate loss contracts triggered during 2021 as a result of weather-related catastrophe events.

(3)“2021 Weather-Related Large Losses” includes Winter Storm Uri, the European Floods, Hurricane Ida, Other 2021 Catastrophe Events and Aggregate Losses.

2020 Net Negative Impact

The financial data in the table below provides additional information detailing the net negative impact of the 2020 Weather-Related Large Loss Events on our consolidated financial statements in 2020.



Year ended December 31, 2020	Q3 2020 Weather-Related Catastrophe Events (1)		Q4 2020 Weather-Related Catastrophe Events (2)		2020 Aggregate Losses (3)		Total 2020 Weather-Related Large Loss Events (4)
(in thousands)
Net claims and claims expenses incurred	$	(456,425)	$	(129,394)	$	(153,757)	$	(739,576)
Assumed reinstatement premiums earned	68,094		6,323		4,997		79,414
Ceded reinstatement premiums earned	(4,019)		(1,678)		—		(5,697)

Earned (lost) profit commissions	837		2,774		(6,270)		(2,659)
Net negative impact on underwriting result	(391,513)		(121,975)		(155,030)		(668,518)


Redeemable noncontrolling interest	92,823		36,811		45,270		174,904
Net negative impact on net income (loss) available (attributable) to RenaissanceRe common shareholders	$	(298,690)	$	(85,164)	$	(109,760)	$	(493,614)

The financial data in the table below provides additional information detailing the net negative impact of the 2020 Weather-Related Large Loss Events on our segment underwriting results and consolidated combined ratio in 2020.



Year ended December 31, 2020	Q3 2020 Weather-Related Catastrophe Events (1)		Q4 2020 Weather-Related Catastrophe Events (2)		2020 Aggregate Losses (3)		Total 2020 Weather-Related Large Loss Events (4)
(in thousands, except percentages)












Net negative impact on Property segment underwriting result	$	(378,674)	$	(118,150)	$	(155,030)	$	(651,854)
Net negative impact on Casualty and Specialty segment underwriting result	(12,839)		(3,825)		—		(16,664)
Net negative impact on underwriting result	$	(391,513)	$	(121,975)	$	(155,030)	$	(668,518)
Percentage point impact on consolidated combined ratio	10.0		3.1		3.9		17.2

(1)“Q3 2020 Weather-Related Catastrophe Events” includes Hurricane Laura, Hurricane Sally, the third quarter 2020 wildfires in California, Oregon and Washington, other third quarter catastrophe events including the August 2020 derecho which impacted the U.S. Midwest, Hurricane Isaias, and Typhoon Maysak.

(2) “Q4 2020 Weather-Related Catastrophe Events” includes Hurricanes Zeta, Delta, Hurricane Eta and wildfires on the West Coast of the United States during the fourth quarter of 2020.

(3) “2020 Aggregate Losses” includes loss estimates associated with aggregate loss contracts triggered during 2020 primarily as a result of losses associated with the Q3 2020 Weather-Related Catastrophe Events and Q4 2020 Weather-Related Catastrophe Events.

(4) “2020 Weather-Related Large Loss Events” includes the Q3 2020 Weather-Related Catastrophe Events, Q4 2020 Weather-Related Catastrophe Events and the aggregate losses in 2020 described in footnote (3).

COVID-19 Losses

In ~~addition, seismic events generally have longer development periods than windstorm events,~~2020, losses related to the COVID-19 pandemic resulted in a net negative impact on net income available to RenaissanceRe common shareholders of $286.6 million, which ~~may be amplified~~reflects a net negative impact on underwriting result of $351.9 million, offset by redeemable noncontrolling interest of $65.4 million. The net negative impact on underwriting result had a 8.9 percentage point impact on the consolidated combined ratio, and is comprised of net claims and claims expenses incurred of $385.6 million, offset by net reinstatement premiums earned and earned profit commissions of $33.6 million. The net negative impact on underwriting result was $235.0 million in ~~certain instances by dynamics~~the Property Segment, principally representing the cost of claims incurred but not yet reported with respect to exposures such as business interruption coverage, and $117.0 million for the ~~risk~~Casualty and Specialty segment, primarily representing the cost of ~~geological liquefaction~~claims incurred but not yet reported, with respect to exposures such as event contingency and ~~the potential for uncertainty in claims adjudication.~~event-based casualty covers.

2019 Net Negative Impact

The financial data below provides additional details regarding the net negative impact of ~~the Q3 2017 Catastrophe Events, Q4 2017 California Wildfires and 2017 Aggregate Losses~~certain events on our consolidated ~~financial statements~~results of operations in ~~2017~~.

2019.

Year ended December 31, 2017 Q3 2017 Catastrophe Events Q4 2017 California Wildfires 2017 Aggregate Losses Total
(in thousands, except percentages)
Net claims and claim expenses incurred $ (820,608 ) $ (167,749 ) $ (177,938 ) $ (1,166,295 )
Reinstatement premiums earned 166,609
12,065
1,500
180,174

Ceded reinstatement premiums earned (34,455 ) (565 ) —
(35,020 )
Earned profit commissions 22,378
1,865
7,701
31,944

Net negative impact on underwriting result (666,076 ) (154,384 ) (168,737 ) (989,197 )
Redeemable noncontrolling interest - DaVinciRe 161,735
50,367
56,850
268,952

Net negative impact $ (504,341 ) $ (104,017 ) $ (111,887 ) $ (720,245 )
Percentage point impact on consolidated combined ratio 38.8
8.8
9.8
59.4

Net negative impact on Property segment underwriting result $ (636,641 ) $ (154,384 ) $ (168,737 ) $ (959,762 )
Net negative impact on Casualty and Specialty segment underwriting result (29,435 ) —
—
(29,435 )
Net negative impact on underwriting result $ (666,076 ) $ (154,384 ) $ (168,737 ) $ (989,197 )



Year ended December 31, 2019	Typhoon Hagibis		Q3 2019 Catastrophe Events		2019 Aggregate Losses		Total 2019 Large Loss Events
(in thousands)
Net claims and claims expenses incurred	$	(199,305)	$	(187,188)	$	(97,591)	$	(484,084)
Assumed reinstatement premiums earned	28,829		24,596		183		53,608
Ceded reinstatement premiums earned	(219)		(574)		—		(793)
Earned (lost) profit commissions	7,509		3,100		1,740		12,349
Net negative impact on underwriting result	(163,186)		(160,066)		(95,668)		(418,920)
Redeemable noncontrolling interest - DaVinciRe	35,078		22,677		12,932		70,687
Net negative impact on net income (loss) available (attributable) to RenaissanceRe common shareholders	$	(128,108)	$	(137,389)	$	(82,736)	$	(348,233)

The financial data below provides additional ~~details regarding~~information detailing the net negative impact of ~~the Fort McMurray Wildfire, the 2016 Texas Events~~certain events on our segment underwriting results and ~~Hurricane Matthew~~consolidated combined ratio in ~~2016.~~2019.



Year ended December 31, 2019	Typhoon Hagibis		Q3 2019 Catastrophe Events		2019 Aggregate Losses		Total 2019 Large Loss Events
(in thousands, except percentages)
Net negative impact on Property segment underwriting result	$	(161,654)	$	(157,064)	$	(95,668)	$	(414,386)
Net negative impact on Casualty and Specialty segment underwriting result	(1,532)		(3,002)		—		(4,534)
Net negative impact on underwriting result	$	(163,186)	$	(160,066)	$	(95,668)	$	(418,920)
Percentage point impact on consolidated combined ratio	5.0		4.9		2.8		12.9

Year ended December 31, 2016 Fort McMurray Wildfire 2016 Texas Events Hurricane Matthew Total
(in thousands, except percentages)
Net claims and claim expenses incurred $ (23,961 ) $ (38,502 ) $ (60,117 ) $ (122,580 )
Assumed reinstatement premiums earned 5,143
6,891
9,945
21,979

Lost profit commissions (330 ) (1,172 ) (824 ) (2,326 )
Net negative impact on underwriting result (19,148 ) (32,783 ) (50,996 ) (102,927 )
Redeemable noncontrolling interest - DaVinciRe 3,404
5,675
6,519
15,598

Net negative impact $ (15,744 ) $ (27,108 ) $ (44,477 ) $ (87,329 )
Percentage point impact on consolidated combined ratio 1.4
2.5
3.8
7.9

Net negative impact on Property segment underwriting result $ (18,956 ) $ (32,783 ) $ (49,271 ) $ (101,010 )
Net negative impact on Casualty and Specialty segment underwriting result (192 ) —
(1,725 ) (1,917 )
Net negative impact on underwriting result $ (19,148 ) $ (32,783 ) $ (50,996 ) $ (102,927 )

Underwriting Results by Segment

Property Segment

Below is a summary of the underwriting results and ratios for our Property segment:

Year ended December 31, 2017 2016 2015
(in thousands, except percentages)
Gross premiums written $ 1,440,437
$ 1,111,263
$ 1,072,159

Net premiums written $ 978,014
$ 725,321
$ 726,145

Net premiums earned $ 931,070
$ 720,951
$ 805,985

Net claims and claim expenses incurred 1,297,985
151,545
128,290

Acquisition expenses 113,816
97,594
94,249

Operational expenses 94,194
108,642
118,666

Underwriting (loss) income $ (574,925 ) $ 363,170
$ 464,780

Net claims and claim expenses incurred – current accident year $ 1,343,581
$ 256,421
$ 222,076

Net claims and claim expenses incurred – prior accident years (45,596 ) (104,876 ) (93,786 )
Net claims and claim expenses incurred – total $ 1,297,985
$ 151,545
$ 128,290

Net claims and claim expense ratio – current accident year 144.3 % 35.6 % 27.6 %
Net claims and claim expense ratio – prior accident years (4.9 )% (14.6 )% (11.7 )%
Net claims and claim expense ratio – calendar year 139.4 % 21.0 % 15.9 %
Underwriting expense ratio 22.3 % 28.6 % 26.4 %
Combined ratio 161.7 % 49.6 % 42.3 %



Year ended December 31,	2021			2020			2019
(in thousands, except percentages)
Gross premiums written	$	3,958,724		$	2,999,142		$	2,430,985
Net premiums written	$	2,868,002		$	2,037,200		$	1,654,259
Net premiums earned	$	2,608,298		$	1,936,215		$	1,627,494
Net claims and claim expenses incurred	2,163,016			1,435,947			965,384
Acquisition expenses	487,178			353,700			313,554
Operational expenses	143,608			135,547			138,187
Underwriting income (loss)	$	(185,504)		$	11,021		$	210,369

Net claims and claim expenses incurred – current accident year	$	2,396,389		$	1,592,996		$	968,357
Net claims and claim expenses incurred – prior accident years	(233,373)			(157,049)			(2,973)
Net claims and claim expenses incurred – total	$	2,163,016		$	1,435,947		$	965,384

Net claims and claim expense ratio – current accident year	91.9		%	82.3		%	59.5		%
Net claims and claim expense ratio – prior accident years	(9.0)		%	(8.1)		%	(0.2)		%
Net claims and claim expense ratio – calendar year	82.9		%	74.2		%	59.3		%
Underwriting expense ratio	24.2		%	25.2		%	27.8		%
Combined ratio	107.1		%	99.4		%	87.1		%

Property Gross Premiums Written

In ~~2017,~~2021, our Property segment gross premiums written increased by ~~$329.2~~$959.6 million, or ~~29.6%~~32.0%, to ~~$1,440.4 million,~~$4.0 billion, compared to ~~$1,111.3 million~~$3.0 billion in 2016. Included in gross premiums written in the Property segment in 2017 were $175.1 million of reinstatement premiums written primarily associated with the Q3 2017 Catastrophe Events and Q4 2017 California Wildfires, compared to ~~2016~~ ~~which included $21.4 million of reinstatement premiums written associated with the Fort McMurray Wildfire, 2016 Texas Events and Hurricane Matthew.~~2020.

Gross premiums written in the catastrophe class of business were ~~$1,104.4 million~~$2.2 billion in ~~2017~~,2021, an increase of ~~$220.1~~$349.0 million, or ~~24.9%~~18.5%, compared to ~~2016. Included~~2020. The increase in gross premiums written in the catastrophe class of business ~~in 2017 were $172.4~~included $339.7 million of reinstatement premiums ~~written primarily~~ associated with the ~~Q3 2017 Catastrophe Events and Q4 2017 California Wildfires,~~2021 Weather-Related Large Losses, compared to ~~2016~~ ~~which included $21.4 million of~~ reinstatement premiums ~~written~~of $77.0 million associated with the ~~Fort McMurray Wildfire, 2016 Texas~~2020 Weather-Related Large Loss Events and ~~Hurricane Matthew. Overall, market conditions remained challenging during~~ ~~2017~~$25.9 million associated with COVID-19 losses in ~~the catastrophe class of business. However, we were able to increase our~~2020. The growth in 2021 was also driven by an improved rate environment, increased shares on existing deals, participation ~~on a select number of transactions we believe have comparably attractive risk-return attributes~~in new deals and ~~enter into certain new contracts following the occurrence of the Q3 2017 Catastrophe Events, while continuing to exercise~~opportunities across underwriting ~~discipline given prevailing market terms and conditions. Certain of these contracts are for partial periods of an original exposure period.~~platforms.

Gross premiums written in the other property class of business were ~~$336.0 million~~$1.7 billion in ~~2017,~~2021, an increase of ~~$109.1~~$610.6 million, or ~~48.1%~~54.9%, compared to ~~2016.~~2020. The increase in gross premiums written in the other property class of business ~~were~~was primarily driven by rate improvements which contributed to growth in ~~large part by proportional~~new and ~~delegated authority~~existing business ~~where we were able to increase our participation on a select number of transactions~~written in the current and ~~enter into certain new transactions we believe have comparably attractive risk-return attributes.~~

prior periods across underwriting platforms. This included growth in catastrophe exposed U.S. property excess and surplus lines.

In ~~2016,~~2020, our Property segment gross premiums written increased by ~~$39.1~~$568.2 million, or ~~3.6%~~23.4%, to ~~$1,111.3 million,~~$3.0 billion, compared to ~~$1,072.2 million~~$2.4 billion in ~~2015. Market conditions remained challenging during 2016, resulting in decreased gross~~2019.

Gross premiums written ~~on certain programs and transactions. However, we~~in our catastrophe class of business were ~~able~~$1.9 billion in 2020, an increase of $291.3 million, or 18.3%, compared to 2019. The increase our participation on a select number of transactions we believe had comparably attractive risk-return attributes, while continuing to exercise underwriting discipline given prevailing market terms and conditions. Included in gross premiums written in our catastrophe class of business in 2020 was primarily driven by expanded participation on existing transactions, certain new transactions, rate improvements and business acquired as a result of the acquisition of TMR.

Gross premiums written in our other property class of business were $1.1 billion in 2020, an increase of $276.8 million, or 33.1%, compared to 2019. The increase in gross premiums written in our other property class of business was primarily driven by growth from existing relationships, new opportunities across a number of our underwriting platforms, and business acquired as a result of the acquisition of TMR.

As our other property class of business has become a larger percentage of our Property segment ~~in 2016 was $21.4 million~~gross premiums written, the amount of ~~reinstatement premiums associated with the Fort McMurray Wildfire, the 2016 Texas Events~~proportional business has increased. Proportional business typically has a higher expense ratio and ~~Hurricane Matthew.~~combined ratio than traditional excess of loss reinsurance.

Our Property segment gross premiums written continue to be characterized by a large percentage of U.S. and Caribbean premium, as we have found business derived from exposures in Europe, Asia and the rest of the world to be, in general, less attractive on a risk-adjusted basis during recent periods. A significant amount of our U.S. and Caribbean premium provides coverage against windstorms, notably U.S. Atlantic windstorms, as well as earthquakes and other natural and man-made catastrophes.

Property Ceded Premiums Written

Year ended December 31, 2017 2016 2015
(in thousands)
Ceded premiums written - Property $ 462,423
$ 385,942
$ 346,014



Year ended December 31,	2021		2020		2019
(in thousands)
Ceded premiums written - Property	$	1,090,722	$	961,942	$	776,726

Ceded premiums written in our Property segment increased 13.4%, to $1.1 billion, in 2021, compared to $961.9 million in 2020. The increase in ceded premiums written was primarily driven by higher gross premiums written in 2021, which were ceded to Upsilon RFO, and ceded reinstatement premiums earned of $54.7 million associated with the 2021 Weather-Related Large Losses.

Ceded premiums written in our Property segment increased ~~$76.5~~$185.2 million, to ~~$462.4~~$961.9 million, in ~~2017,~~2020, compared to ~~$385.9~~$776.7 million in ~~2016,~~2019. The increase in ceded premiums written was principally due to certain of the gross premiums written in the catastrophe class of business noted above being ceded to third-party investors in our managed vehicles, primarily ~~reflecting increased~~Upsilon RFO, as well as an overall increase in ceded purchases ~~of retrocessional reinsurance~~ as part of the ~~management of our risk portfolio and $32.8 million of ceded reinstatement premiums written associated with the Q3 2017 Catastrophe Events and Q4 2017 California Wildfires.~~

Ceded premiums written in our Property segment increased $39.9 million to $385.9 million in 2016, compared to $346.0 million in 2015, primarily reflecting increased purchases of retrocessional reinsurance as part of our management of our risk portfolio.Company’s gross-to-net strategy.

Due to the potential volatility of the reinsurance contracts which we sell, we purchase reinsurance to reduce our exposure to large losses and to help manage our risk portfolio. To the extent that appropriately priced coverage is available, we anticipate continued use of retrocessional reinsurance to reduce the impact of large losses on our financial results and to manage our portfolio of risk; however, the buying of ceded reinsurance in our Property segment is based on market opportunities and is not based on placing a specific reinsurance program each year. In addition, in future periods, we may utilize the growing market for insurance-linked securities to expand our purchases of retrocessional reinsurance if we find the pricing and terms of such coverages attractive.

Property Underwriting Results

Our Property segment incurred an underwriting loss of ~~$574.9~~$185.5 million in ~~2017,~~2021, compared to ~~generating~~ underwriting income of ~~$363.2~~$11.0 million in ~~2016,~~2020, a decrease of ~~$938.1~~$196.5 million. In ~~2017,~~2021, our Property segment generated a net claims and claim expense ratio of ~~139.4%~~82.9%, an underwriting expense ratio of ~~22.3%~~24.2% and a combined ratio of ~~161.7%~~107.1%, compared to ~~21.0%~~74.2%, ~~28.6%~~25.2% and ~~49.6%~~99.4%, respectively, in ~~2016.~~2020.

Principally impacting ~~our~~the Property segment underwriting result and combined ratio in ~~2017~~2021 were the ~~Q3 2017 Catastrophe Events, Q4 2017 California Wildfires and 2017 Aggregate~~2021 Weather-Related Large Losses, which resulted in ana net negative impact on the Property segment underwriting ~~loss~~result of ~~$959.8 million~~$1.4 billion and added ~~110.5~~58.6 percentage points to the combined ratio. In comparison, 2020 was impacted by the 2020 Weather-Related Large Loss Events, which resulted in a net negative impact on the underwriting result of $651.9 million and added 35.0 percentage points to the combined ratio, and COVID-19 losses, which resulted in a net negative impact on the underwriting result of $235.0 million and added 12.3 percentage points to the combined ratio.

The net claims and claim expense ratio for prior accident years reflected net favorable development of 15.3% for the catastrophe class of business and 2.4% for the other property class of business, primarily related to weather-related large losses in the 2017 to 2019 accident years. The underwriting expense ratio decreased 1.0 percentage point, principally driven by improved operating leverage, through higher net premiums earned, including $293.3 million of net reinstatement premiums earned associated with the 2021 Weather-Related Large Losses.

Our Property segment generated underwriting income of $11.0 million in 2020, compared to $209.3 million in 2019, a decrease of $198.1 million. In 2020, our Property segment generated a net claims and claim expense ratio of 74.2%, an underwriting expense ratio of 25.2% and a combined ratio of 99.4%, compared to 59.3%, 27.8% and 87.1%, respectively, in 2019.

Principally impacting the Property segment underwriting result and combined ratio in ~~2016~~2020 were ~~impacted by~~ the ~~2016 Texas~~2020 Weather-Related Large Loss Events, ~~the Fort McMurray Wildfire and Hurricane Matthew,~~ which resulted in ~~$101.0~~a net negative impact on the underwriting result of $651.9 million ~~of underwriting losses~~ and added ~~17.9~~35.0 percentage points to ~~our Property segment~~the combined ratio, and COVID-19 losses, which resulted in a net negative impact on the underwriting result of $235.0 million and added 12.3 percentage points to the combined ratio. Partially offsetting the impact of the ~~Q3 2017 Catastrophe~~2020 Weather-Related Large Loss Events ~~Q4 2017 California Wildfires~~ and ~~2017 Aggregate Losses~~COVID-19 losses was ~~a 6.3 percentage point decrease in the underwriting expense ratio, from 28.6% in~~ ~~2016~~ ~~to 22.3% in~~ ~~2017~~, driven in part by a decrease in operating expenses reflecting lower compensation expenses, combined with an increase in net premiums earned driven in large part by the reinstatement premiums written noted above.

~~Our Property segment experienced~~ favorable development on prior accident years of $157.3 million, primarily related to large loss events in 2019, 2018 and 2017, as well as favorable movements in other assumed losses and ceded recoveries. This favorable development reduced the Property segment combined ratio by 8.1 percentage points. In comparison, 2019 was principally impacted by the 2019 Large Loss Events, which resulted in a net ~~claims~~negative impact on the Property segment underwriting result of $414.4 million and ~~claim expenses~~a corresponding increase in the Property segment combined ratio of ~~$45.6 million, or 4.9~~26.7 percentage ~~points, in 2017, compared~~points.

Refer to ~~$104.9 million, or 14.6~~

~~percentage points, in 2016. See~~ “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Summary of Critical Accounting ~~Estimates,~~ Estimates—Claims and Claim Expense Reserves” and “Note 8. Reserve for Claims and Claim ~~Expenses~~Expenses” in our ~~Notes~~“Notes to the Consolidated Financial Statements” for additional discussion of our reserving techniques and prior year development of net claims and claim expenses.

Our Property segment generated underwriting income of $363.2 million in 2016, compared to $464.8 million in 2015, a decrease of $101.6 million. In 2016, our Property segment generated a net claims and claim expense ratio of 21.0%, an underwriting expense ratio of 28.6% and a combined ratio of 49.6%, compared to 15.9%, 26.4% and 42.3%, respectively, in 2015.

The $101.6 million decrease in underwriting income in the Property segment in 2016, compared to 2015, was primarily driven by an $85.0 million decrease in net premiums earned and a $23.3 million increase in net claims and claim expenses. The $85.0 million decrease in net premiums earned was driven by an increase in purchases of retrocessional reinsurance described above.

Included in net claims and claim expenses in the Property segment in 2016 was an aggregate of $120.1 million associated with the Fort McMurray Wildfire, the 2016 Texas Events and Hurricane Matthew. The net negative impact of these events on the Property segment underwriting result was $101.0 million, and these events added 17.9 percentage points to the Property segment combined ratio.

Our Property segment experienced favorable development on prior accident years net claims and claim expenses of $104.9 million, or 14.6 percentage points, in 2016, compared to $93.8 million, or 11.7 percentage points, in 2015. See “Part II, Item 7. Summary of Critical Accounting Estimates, Claims and Claim Expense Reserves” and “Note 8. Reserve for Claims and Claim Expenses in our Notes to the Consolidated Financial Statements” for additional discussion of our reserving techniques and prior year development of net claims and claim expenses.

~~Property Profit Commissions and Fees~~

Year ended December 31, 2017 2016 2015
(in thousands)
Profit commissions and fees $ 88,789
$ 68,346
$ 61,923

Decrease in underwriting expense ratio 9.5 % 9.5 % 7.7 %
Net impact of profit commissions and fees $ 69,364
$ 112,227
$ 106,722

We have entered into various joint ventures and specialized quota share retrocession agreements pursuant to which we cede a portion of our property book of business and earn profit commissions, as applicable, and fee income. We record these profit commissions and fees as reductions in acquisition and operating expenses, respectively, and, accordingly, these profit commissions and fees have reduced our underwriting expense ratios.

In addition, we are entitled to certain fee income and profit commissions from DaVinci. Since the results of DaVinci and its parent, DaVinciRe, are consolidated in our results of operations, the majority of these fees and profit commissions are eliminated in our consolidated financial statements and are principally reflected in redeemable noncontrolling interest – DaVinciRe. The net impact of all fees and profit commissions related to these joint ventures and specialized quota share cessions within our Property segment was $69.4 million in 2017, compared to $112.2 million in 2016. Included in profit commissions and fees and net impact of profit commissions and fees in 2017 was a true-up of profit commissions associated with DaVinci reflecting the impact of the Q3 2017 Catastrophe Events, Q4 2017 California Wildfires and 2017 Aggregate Losses on the year-to-date results of operations of DaVinci. This was partially offset by the reversal of profit commissions previously booked on various quota share retrocession agreements, also as a result of the Q3 2017 Catastrophe Events, Q4 2017 California Wildfires and 2017 Aggregate Losses. The true-up of profit commissions associated with DaVinci was reflected in acquisition expenses, and was offset in net loss attributable to noncontrolling interests in our consolidated statement of operations, resulting in no net earnings impact to us from these transactions.

Casualty and Specialty Segment

Below is a summary of the underwriting results and ratios for our Casualty and Specialty segment:

Year ended December 31, 2017 2016 2015
(in thousands, except percentages)
Gross premiums written $ 1,357,110
$ 1,263,313
$ 939,241

Net premiums written $ 893,307
$ 809,848
$ 690,086

Net premiums earned $ 786,501
$ 682,337
$ 594,614

Net claims and claim expenses incurred 565,026
380,396
320,818

Acquisition expenses 233,077
191,729
144,095

Operational expenses 66,548
88,984
100,180

Underwriting (loss) income $ (78,150 ) $ 21,228
$ 29,521

Net claims and claim expenses incurred – current accident year $ 558,843
$ 438,536
$ 388,609

Net claims and claim expenses incurred – prior accident years 6,183
(58,140 ) (67,791 )
Net claims and claim expenses incurred – total $ 565,026
$ 380,396
$ 320,818

Net claims and claim expense ratio – current accident year 71.1 % 64.3 % 65.4 %
Net claims and claim expense ratio – prior accident years 0.7 % (8.6 )% (11.4 )%
Net claims and claim expense ratio – calendar year 71.8 % 55.7 % 54.0 %
Underwriting expense ratio 38.1 % 41.2 % 41.0 %
Combined ratio 109.9 % 96.9 % 95.0 %



Year ended December 31,	2021			2020			2019
(in thousands, except percentages)
Gross premiums written	$	3,875,074		$	2,807,023		$	2,376,765
Net premiums written	$	3,071,373		$	2,059,133		$	1,727,234
Net premiums earned	$	2,585,883		$	2,016,247		$	1,710,909
Net claims and claim expenses incurred	1,713,071			1,488,662			1,131,637
Acquisition expenses	727,680			543,977			448,678
Operational expenses	68,576			71,140			84,546
Underwriting income (loss)	$	76,556		$	(87,532)		$	46,048

Net claims and claim expenses incurred – current accident year	$	1,729,168		$	1,515,425		$	1,155,519
Net claims and claim expenses incurred – prior accident years	(16,097)			(26,763)			(23,882)
Net claims and claim expenses incurred – total	$	1,713,071		$	1,488,662		$	1,131,637

Net claims and claim expense ratio – current accident year	66.9		%	75.2		%	67.5		%
Net claims and claim expense ratio – prior accident years	(0.7)		%	(1.4)		%	(1.4)		%
Net claims and claim expense ratio – calendar year	66.2		%	73.8		%	66.1		%
Underwriting expense ratio	30.8		%	30.5		%	31.2		%
Combined ratio	97.0		%	104.3		%	97.3		%

Casualty and Specialty Gross Premiums Written –

In ~~2017,~~2021, our Casualty and Specialty segment gross premiums written increased ~~$93.8 million,~~by $1.1 billion, or ~~7.4%~~38.0%, to ~~$1,357.1 million,~~$3.9 billion, compared to ~~$1,263.3 million~~$2.8 billion in ~~2016.~~2020. The ~~$93.8 million~~ increase was ~~principally~~primarily due to ~~selective~~ growth from new and existing business opportunities written in the current and ~~private placements within certain of our casualty lines~~prior periods across various classes of business partially offset by a decrease in financial lines of business primarily as a result of a large, in-force multi-year mortgage reinsurance contract written in 2016, that did not reoccur in 2017. Financial lines of business, and more specifically, mortgage reinsurance, are prone to significant gross premiums written volatility and can be influenced by a small number of relatively large transactions.within the segment, combined with rate improvements.

In ~~2016,~~2020, our Casualty and Specialty segment gross premiums written increased ~~$324.1~~by $430.3 million, or ~~34.5%~~18.1%, to ~~$1,263.3 million,~~$2.8 billion, compared to ~~$939.2 million~~$2.4 billion in ~~2015, principally driven by select organic~~2019. The increase was due to growth ~~primarily related to mortgage reinsurance~~from new and existing business opportunities ~~reflected~~written in ~~our financial lines of business. In addition, our casualty~~the current period and ~~specialty lines~~prior periods across various classes of business ~~were impacted in 2016 by~~within the segment, and business acquired in connection with ~~our~~the acquisition of Platinum for the period from January 1, 2016 through December 31, 2016, compared to 2015, which included gross premiums written from Platinum for the period from March 2, 2015 (the date of acquisition) through December 31, 2015.TMR.

Our relative mix of business between proportional business and excess of loss business has fluctuated in the past and will likely ~~vary~~continue to do so in the future. Proportional business typically has ~~relatively higher premiums per unit of expected underwriting income, together with~~ a higher ~~combined~~expense ratio ~~than traditional excess of loss reinsurance. In addition, proportional coverage~~and tends to be exposed to ~~relatively~~ more attritional and frequent losses, while being subject to less expected ~~severity. Moreover, market conditions for our Casualty and Specialty segment have been impacted by a trend towards increased ceding commissions on our assumed proportional reinsurance.~~severity as compared to traditional excess of loss business.

Casualty and Specialty Ceded Premiums Written

Year ended December 31, 2017 2016 2015
(in thousands)
Ceded premiums written - Casualty and Specialty $ 463,803
$ 453,465
$ 249,155



Year ended December 31,	2021		2020		2019
(in thousands)
Ceded premiums written - Casualty and Specialty	$	803,701	$	747,890	$	649,531

Ceded premiums written in our Casualty and Specialty segment increased ~~$10.3~~by 7.5%, to $803.7 million, in 2021, compared to $747.9 million in 2020, primarily driven by the increase in gross premiums written subject to our retrocessional quota share reinsurance programs.

Ceded premiums written in our Casualty and Specialty segment increased by $98.4 million, to ~~$463.8~~$747.9 million, in ~~2017,~~2020, compared to ~~$453.5~~$649.5 million in ~~2016,~~2019, primarily ~~as a result of~~resulting from increased gross premiums written subject to our retrocessional quota share reinsurance ~~programs utilized as part of the management of our risk portfolio.~~

Ceded premiums written in our Casualty and Specialty segment increased $204.3 million to $453.5 million in 2016, compared to $249.2 million in 2015, primarily reflecting increased purchases of retrocessional reinsurance as part of our management of our risk portfolio.programs.

As in our Property segment, the buying of ceded reinsurance in our Casualty and Specialty segment is based on market opportunities and is not based on placing a specific reinsurance program each year.

Casualty and Specialty Underwriting Results

Our Casualty and Specialty segment ~~incurred~~generated underwriting income of $76.6 million in 2021, compared to an underwriting loss of ~~$78.2~~$87.5 million in ~~2017, compared to underwriting income of $21.2 million in 2016.~~2020. In ~~2017,~~2021, our Casualty and Specialty segment generated a net claims and claim expense ratio of 66.2%, an underwriting expense ratio of 30.8% and a combined ratio of ~~109.9%~~97.0%, compared to ~~96.9%~~73.8%, 30.5% and 104.3%, respectively, in ~~2016.~~2020. The ~~increase~~underwriting loss in 2020 was principally driven by net claims and claim expenses associated with the COVID-19 pandemic of $122.1 million, which added 6.1 percentage points to the net claims and claim expense ratio during 2020.

The decrease in the Casualty and Specialty ~~segment’s~~segment combined ratio in 2021 was principally driven by a ~~16.1~~decrease of 7.6 percentage ~~point increase~~points in the net claims and claim expense ratio, ~~from 55.7% in~~ ~~2016~~ ~~to 71.8% in~~ ~~2017. Offsetting the increase in the net claims and claim expenses ratio was a 3.1 percentage point decrease in the underwriting expense ratio, from 41.2% in~~ ~~2016~~ ~~to 38.1% in~~ ~~2017~~, driven ~~in part~~ by ~~a decrease in operating expenses reflecting~~ lower ~~compensation expenses, combined with an increase in net premiums earned as we selectively grew the business.~~

~~Current~~current accident year ~~net claims and claim expenses in the Casualty and Specialty segment were primarily~~losses, as compared to 2020 which was impacted by ~~net claims and claim expenses from~~losses associated with the ~~Q3 2017 Catastrophe Events, combined with higher attritional net claims and claim expenses.~~

~~Our~~COVID-19 pandemic. Additionally, our Casualty and Specialty segment experienced ~~adverse~~net favorable development on prior accident years net claims and claim expenses of ~~$6.2~~$16.1 million, or 0.7 percentage points, during ~~2017~~2021. The net favorable development during 2021 was driven by reported losses generally coming in lower than expected on attritional net claims and claim expenses. See “Note 8. Reserve for Claims and Claim Expenses” in our “Notes to the Consolidated Financial Statements” for additional information related to the development of prior accident years net claims and claim expenses.

The underwriting expense ratio in 2021 was comparable to 2020 and included an increase in the net acquisition expense ratio, principally due to the effects of purchase accounting amortization related to the acquisition of TMR, which improved the ratio in 2020, largely offset by a decrease in the operating expense ratio due to continued improvement in operating leverage.

Our Casualty and Specialty segment incurred an underwriting loss of $87.5 million in 2020, compared to underwriting income of $46.0 million in 2019. The underwriting loss in 2020 was driven by the COVID-19 losses. In 2020, our Casualty and Specialty segment generated a net claims and claim expense ratio of 73.8%, an underwriting expense ratio of 30.5% and a combined ratio of 104.3%, compared to 66.1%, 31.2% and 97.3%, respectively, in 2019.

The increase in the combined ratio in 2020 was principally driven by net claims and claim expenses associated with the COVID-19 losses of $122.1 million, which added 6.1 percentage points to the net claims and claim expense ratio during 2020.

Our Casualty and Specialty segment experienced net favorable development on prior accident years net claims and claim expenses of ~~$58.1~~$26.8 million, or ~~8.6~~1.4 percentage points, during 2020, compared to $23.9 million, or 1.4 percentage points, respectively, in ~~2016. See~~2019. The net favorable development during 2020 and 2019 was principally driven by reported losses coming in lower than expected.

Refer to “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Summary of Critical Accounting ~~Estimates,~~ Estimates—Claims and Claim Expense Reserves” and “Note 8. Reserve for Claims and Claim ~~Expenses~~Expenses” in our ~~Notes~~“Notes to the Consolidated Financial Statements” for additional discussion of our reserving techniques and prior year development of net claims and claim expenses.

~~Our Casualty~~

Fee Income



Year ended December 31,	2021		2020		2019
(in thousands)
Management Fee Income
Joint ventures	$	43,074	$	45,499	$	42,546
Structured reinsurance products	34,639		34,951		35,238
Managed funds	31,358		31,026		18,636

Total management fee income	$	109,071	$	111,476	$	96,420

Performance Fee Income
Joint ventures	$	14,235	$	10,167	$	9,660
Structured reinsurance products	4,917		7,525		7,693
Managed funds	280		15,994		420

Total performance fee income	$	19,432	$	33,686	$	17,773
Total fee income	$	128,503	$	145,162	$	114,193

The table above shows total fee income earned through third-party capital management activities, including various joint ventures, managed funds and ~~Specialty segment generated underwriting~~certain structured retrocession agreements to which we are a party. Performance fees are based on the performance of the individual vehicles or products, and may be zero or negative in a particular period if, for example, large losses occur, which can potentially result in no performance fees or the reversal of previously accrued performance fees. Joint ventures include DaVinciRe, Top Layer Re, Vermeer and certain entities investing in Langhorne Holdings LLC. Managed funds include Upsilon Fund and Medici. Structured reinsurance products and other includes certain reinsurance contracts and certain other vehicles through which we transfer risk to capital.

In 2021, total fee income ~~of $21.2~~earned through third-party capital management activities decreased $16.7 million, to $128.5 million, as compared to $145.2 million in ~~2016,~~2020, primarily driven by lower performance fee income due to the impact of the 2021 Weather-Related Large Losses on our joint ventures and managed funds, partially offset by higher favorable development on prior year losses in DaVinci.

In 2020, total fee income earned through third-party capital management activities increased $31.0 million, to $145.2 million, compared to ~~$29.5~~$114.2 million in ~~2015. In 2016, our Casualty and Specialty segment generated a net claims and claim expense ratio of 55.7%,~~2019, driven by an ~~underwriting expense ratio of 41.2% and a combined ratio of 96.9%, compared to 54.0%, 41.0% and 95.0%, respectively, in 2015.~~

~~Impacting our Casualty and Specialty segment combined ratio in 2016 was a 1.7 percentage point~~ increase in ~~the net claims and claim expense, compared~~performance fee income due to ~~2015, principally driven by a decrease in~~ favorable development on prior accident years, ~~net claims~~which benefited certain of the Company’s managed funds, and ~~claim~~an increase in management fee income due to an increase in the dollar value of third-party capital being managed by the Company.

The fees earned through our third-party capital management activities are principally recorded through redeemable noncontrolling interest, or as an increase to underwriting income (reduction to underwriting loss), through a decrease in operating expenses ~~of $9.7 million. The favorable development on prior accident years net claims and claim~~or acquisition expenses, ~~of $58.1 million~~as detailed in ~~2016 was principally driven by actual reported losses coming in better than expected and $5.5~~the table below.



Twelve months ended December 31	2021		2020		2019
(in thousands)
Underwriting income (loss) - fee income on third-party capital management activities(1)	$	67,287	$	87,764	$	60,046
Equity in earnings of other ventures	50		70		105
Net income (loss) attributable to redeemable noncontrolling interest	61,166		57,328		54,042
Total fee income	$	128,503	$	145,162	$	114,193

(1)Reflects total fee income earned through third-party capital management activities recorded through underwriting income (loss) as a decrease (increase) to operating expenses or acquisition expenses.

In addition to the $128.5 million of ~~favorable development associated with actuarial assumption changes.~~ ~~See “Part II, Item 7. Summary~~fee income earned through our third-party capital management activities described above, we earned $73.4 million of ~~Critical Accounting Estimates, Claims and Claim Expense Reserves” and “Note 8. Reserve for Claims and Claim Expenses in~~additional fees on other underwriting-related activities, primarily related to expense overrides paid to us by our ~~Notes~~reinsurers. These additional fees on other underwriting-related activities are recorded as a reduction to ~~the Consolidated Financial Statements” for additional discussion of our reserving techniques and prior year development of net claims and claim expenses.~~

~~Casualty and Specialty Profit Commissions and Fees~~

Year ended December 31, 2017 2016 2015
(in thousands, except percentages)
Profit commissions and fees $ 26,439
$ 31,950
$ 8,726

Decrease in underwriting expense ratio 3.4 % 4.7 % 1.5 %

We have various specialized quota share retrocession agreements in place pursuant to which we cede a portion of our casualty and specialty book of business and earn profit commissions, as applicable, and fee income. We record these profit commissions and fees as reductions in acquisition and operating expenses ~~respectively, and, accordingly, these profit commissions and~~or acquisition expenses, as applicable. The total fees ~~have reduced our~~recorded through underwriting ~~expense ratios.~~income (loss) are detailed in the table below.



Twelve months ended December 31	2021			2020			2019
(in thousands)
Underwriting income (loss) - fee income on third-party capital management activities	$	67,287		$	87,764		$	60,046
Underwriting income (loss) - additional fees on other underwriting-related activities	73,418			59,080			47,828
Total fees recorded through underwriting income (loss)	140,705			146,844			107,874
Impact of Total fees recorded through underwriting income (loss) on the combined ratio	2.7		%	3.7		%	3.2		%

Net Investment Income

Year ended December 31, 2017 2016 2015
(in thousands)
Fixed maturity investments $ 179,624
$ 160,661
$ 134,800

Short term investments 11,082
5,127
1,227

Equity investments trading 3,628
4,235
8,346

Other investments
Private equity investments 33,999
6,155
9,455

Other 8,067
20,181
12,472

Cash and cash equivalents 1,196
788
467

237,596
197,147
166,767

Investment expenses (15,387 ) (15,421 ) (14,200 )
Net investment income $ 222,209
$ 181,726
$ 152,567



Year ended December 31,	2021		2020		2019
(in thousands)
Fixed maturity investments	$	234,911	$	278,215	$	318,503
Short term investments	2,333		20,799		56,264
Equity investments trading	9,017		6,404		4,808
Other investments
Catastrophe bonds	64,860		54,784		46,154
Other	28,811		9,417		8,447
Cash and cash equivalents	297		2,974		7,676
	340,229		372,593		441,852
Investment expenses	(20,750)		(18,555)		(17,645)
Net investment income	$	319,479	$	354,038	$	424,207

Net investment income was ~~$222.2~~$319.5 million in ~~2017,~~2021, compared to ~~$181.7~~$354.0 million in ~~2016, an increase~~2020, a decrease of ~~$40.5~~$34.6 million. Impacting our net investment income for ~~2017~~2021 were ~~improved~~lower returns in our ~~portfolio~~fixed maturity and short term investment portfolios, primarily as a result of ~~private equity~~general decline in credit spreads and an increased allocation to lower yielding short term and U.S. treasury investments ~~and higher net investment income in our portfolio of~~from other fixed maturity investments primarily driven by higher average invested assets, partially offset by lower unrealized gains in our other investment portfolio, specifically our catastrophe bond portfolio, which was impacted by a number of large catastrophe events occurring in 2017.as compared to 2020.

Net investment income was ~~$181.7~~$354.0 million in ~~2016,~~2020, compared to ~~$152.6~~$424.2 million in ~~2015, an increase~~2019, a decrease of ~~$29.2~~$70.2 million. Impacting our net investment income for ~~2016~~2020 was ~~higher net investment income in our portfolio of fixed maturity investments primarily driven by higher average invested assets and improved~~lower returns in our ~~portfolio~~fixed maturity and short term investments, primarily as a result of ~~other~~lower yields on these investments ~~principally driven by our catastrophe bond portfolio,~~following the decline in interest rates in early 2020, partially offset by ~~a decrease in dividend income from~~higher returns on our ~~equity investment portfolio,~~catastrophe bonds due to ~~lower average invested assets.~~growth in the portfolio.

Low interest rates in previous periods have lowered the yields at which we invest our assets relative to historical levels. More recently however, increases in interest rates could have a longer-term positive impact on our future investment income when compared to prior periods.

Our private equity and other investment portfolios are accounted for at fair value with the change in fair value recorded in net investment income, which included net unrealized gains of $24.7 million, $11.5 million and $10.4 million in ~~2017~~, ~~2016~~ ~~and 2015, respectively.~~

Net Realized and Unrealized Gains (Losses) on Investments

Year ended December 31, 2017 2016 2015
(in thousands)
Gross realized gains $ 49,121
$ 72,739
$ 50,488

Gross realized losses (38,832 ) (38,315 ) (53,630 )
Net realized gains (losses) on fixed maturity investments 10,289
34,424
(3,142 )
Net unrealized gains (losses) on fixed maturity investments trading 8,479
26,954
(64,908 )
Net realized and unrealized (losses) gains on investments-related derivatives (2,490 ) (15,414 ) 5,443

Net realized gains on equity investments trading 80,027
14,190
16,348

Net unrealized gains (losses) on equity investments trading 39,517
81,174
(22,659 )
Net realized and unrealized gains (losses) on investments $ 135,822
$ 141,328
$ (68,918 )



Year ended December 31,	2021		2020		2019
(in thousands)
Gross realized gains	$	177,314	$	323,425	$	133,409
Gross realized losses	(97,726)		(46,524)		(43,149)
Net realized gains (losses) on fixed maturity investments	79,588		276,901		90,260
Net unrealized gains (losses) on fixed maturity investments trading	(389,376)		216,859		170,183
Net realized and unrealized gains (losses) on investments-related derivatives (1)	(12,237)		68,608		58,891
Net realized gains (losses) on equity investments trading	335,491		3,532		31,062
Net unrealized gains (losses) on equity investments trading	(285,882)		262,064		64,087
Net realized and unrealized gains (losses) on other investments - catastrophe bonds	(35,033)		(7,031)		(9,392)
Net realized and unrealized gains (losses) on other investments - other	89,315		(297)		9,018
Net realized and unrealized gains (losses) on investments	$	(218,134)	$	820,636	$	414,109

(1)Net realized and unrealized gains (losses) on investment-related derivatives includes fixed maturity investments related derivatives (interest rate futures, interest rate swaps, credit default swaps and total return swaps), and equity investments related derivatives (equity futures). See “Note 19. Derivative Instruments” in our “Notes to Consolidated Financial Statements” for additional information.

Our investment portfolio strategy seeks to preserve capital and provide us with a high level of liquidity. A large majority of our investments are invested in the fixed income markets and, therefore, our realized and unrealized holding gains and losses on investments are highly correlated to fluctuations in interest rates. Therefore, as interest rates decline, we will tend to have realized and unrealized gains from our investment portfolio, and as interest rates rise, we will tend to have realized and unrealized losses from our investment portfolio.

Net realized and unrealized ~~gains~~losses on investments were ~~$135.8~~$218.1 million in ~~2017,~~2021, compared to ~~$141.3~~net realized and unrealized gains of $820.6 million in ~~2016,~~2020, a decrease of ~~$5.5 million. Included in~~$1.0 billion. Principally impacting our net realized and unrealized ~~gains~~losses on investments in 2021 were:

•net realized and unrealized losses on our fixed maturity investments trading of $309.8 million compared to net realized and unrealized gains of $493.8 million in 2020, a decrease of $803.5 million, principally driven by increasing yields on U.S. treasuries during 2021;

•net realized and unrealized gains on equity investments trading of ~~$119.5~~$49.6 million compared to $265.6 million in ~~2017~~,2020, a decrease of $216.0 million. The net realized and unrealized gains in 2021 were primarily driven by net realized and unrealized gains on our equity investments, which was in line with the performance of the wider equity markets. This was partially offset by net realized and unrealized losses from our investment in Trupanion, Inc. In 2020, the net realized and unrealized gains were principally driven by net unrealized gains of $226.6 million on our strategic investment in Trupanion, Inc.

•net realized and unrealized gains on our other investments of $89.3 million compared to ~~$95.4~~net realized and unrealized losses of $0.3 million in ~~2016~~,2020, an improvement of ~~$24.2~~$89.6 million, principally driven by ~~positive returns~~fair value appreciation of the underlying investments, which favorably impacted our fund investments portfolio; and

•net realized and unrealized losses on investments-related derivatives of $12.2 million compared to net realized and unrealized gains of $68.6 million in ~~the global equity markets, combined with the strong performance~~2020, a decrease of ~~a number~~$80.8 million, principally driven by net realized and unrealized gains on our interest rate futures in 2020, which were favorably impacted by declining interest rates.

Net realized and unrealized gains on investments were $820.6 million in 2020, compared to net realized and unrealized gains of $414.1 million in 2019, an increase of $406.5 million. Principally impacting our ~~equity positions~~net realized and unrealized gains on investments in ~~2017~~;

2020 were:

•net realized and unrealized gains on our fixed maturity investments trading of ~~$18.8~~$493.8 million in ~~2017, compared to $61.4 million in~~ ~~2016. The $42.6 million decrease was principally the result of lower unrealized gains driven by an upward shift of the front end of the yield curve in~~ ~~2017, compared to~~ ~~2016~~ ~~which experienced a more modest upward shift in the yield curve; and~~

~~net realized and unrealized losses on certain investments-related derivatives of $2.5 million in~~ ~~2017, compared to losses of $15.4 million in~~ ~~2016, an improvement of $12.9 million, primarily due to the yield curve movements noted above.~~

~~Net realized and unrealized gains on investments were $141.3 million in 2016,~~2020, compared to net realized and unrealized ~~losses on investments~~gains of ~~$68.9~~$260.4 million in ~~2015,~~2019, an increase of ~~$210.2 million. Impacting our net~~$233.3 million, principally higher as a result of realized ~~and unrealized~~ gains generated on ~~investments were:~~the sale of fixed maturity investments;

•net realized and unrealized gains on our ~~fixed maturity investments trading~~investment-related derivatives of ~~$61.4~~$68.6 million in ~~2016,~~2020, compared to ~~losses~~gains of ~~$68.1~~$58.9 million in ~~2015, which was positively impacted~~2019, an increase of $9.7 million, principally driven by ~~a significant credit spread tightening during 2016, partially offset by $15.4 million~~higher net realized and unrealized ~~losses~~gains on ~~certain investments-related derivatives primarily driven by changes in the yield curve that occurred~~interest rate futures during ~~2016;~~2020, compared to 2019; and

•net realized and unrealized gains on equity investments trading of ~~$95.4~~$265.6 million in ~~2016,~~2020, compared to ~~net realized and unrealized losses of $6.3~~$95.1 million in ~~2015,~~2019, an improvement of ~~$101.7~~$170.4 million, principally driven by net unrealized gains of $226.6 million on the ~~strong performance of a number of our larger equity positions~~Company’s strategic investment in ~~2016.~~Trupanion Inc.

Net Foreign Exchange Gains (Losses)

Year ended December 31, 2017 2016 2015
(in thousands)
Total foreign exchange gains (losses) $ 10,628
$ (13,788 ) $ (3,051 )



Year ended December 31,	2021		2020		2019
(in thousands)
Total foreign exchange gains (losses)	$	(41,006)	$	27,773	$	(2,938)

In 2021, net foreign exchange losses were $41.0 million compared to a $27.8 million net foreign exchange gain in 2020. The net foreign exchange loss was primarily driven by losses attributable to third party investors in Medici which are allocated through noncontrolling interest and miscellaneous foreign exchange losses generated by our underwriting activities.

In 2020, net foreign exchange gains were $27.8 million compared to net foreign exchange losses of $2.9 million in 2019. The net foreign exchange gains were primarily driven by gains attributable to third-party investors in Medici, miscellaneous foreign exchange gains generated by our underwriting activities, and foreign exchange gains attributable to our operations with non-U.S. dollar functional currencies.

Our functional currency is the U.S. dollar. We routinely write a portion of our business in currencies other than U.S. dollars and invest a portion of our cash and investment portfolio ~~is currencies other than~~in those currencies. In addition, and in connection with the ~~U.S. dollar.~~acquisition of TMR, we acquired certain entities with non-U.S. dollar functional currencies. As a result, we may experience foreign exchange gains and losses in our consolidated financial statements. ~~All changes in exchange rates, are recognized in our consolidated statements of operations.~~ We are primarily impacted by the foreign currency risk exposures associated with our underwriting operations and our investment portfolio, and may, from time to time, enter into foreign currency forward and option contracts to minimize the effect of fluctuating foreign currencies on the value of non-U.S. dollar denominated assets and liabilities.

Refer to “Part II, Item 7A. Quantitative and Qualitative Disclosures About Market Risk” for additional information related to our exposure to foreign currency risk and “Note 19. Derivative ~~Instruments~~Instruments” in our ~~Notes~~“Notes to the Consolidated Financial Statements” for additional information related to foreign currency forward and option contracts we have entered into.

Equity in Earnings of Other Ventures

Year ended December 31, 2017 2016 2015
(in thousands)
Top Layer Re $ 9,851
$ (8,576 ) $ 8,026

Tower Hill Companies (1,647 ) 10,379
13,116

Other (174 ) (840 ) (661 )
Total equity in earnings of other ventures $ 8,030
$ 963
$ 20,481



Year ended December 31,	2021		2020		2019
(in thousands)
Top Layer Re	$	8,286	$	9,595	$	8,801
Tower Hill Companies	(2,073)		3,104		10,337
Other	6,096		4,495		4,086
Total equity in earnings of other ventures	$	12,309	$	17,194	$	23,224

Equity in earnings of other ventures ~~primarily~~ represents our pro-rata share of the net income from our investments in the Tower Hill Companies, Top Layer Re, and ~~the Tower Hill Companies,~~our equity investments in a select group of insurance and ~~except~~insurance-related companies, which are included in Other. Except for Top Layer Re, which is recorded on a current quarter basis, equity in earnings of other ventures is recorded one quarter in arrears. The carrying value of these investments on our consolidated balance sheets, individually or in the aggregate, may differ from the realized value we may ultimately attain, perhaps significantly so.

~~Equity~~Earnings from our investments in ~~earnings of~~ other ventures was ~~$8.0~~$12.3 million in ~~2017, compared to $1.0 million in~~ ~~2016~~, an increase of $7.1 million. The increase in equity in earnings of other ventures was driven in part by Top Layer Re, which returned to profitability in 2017 following the activity of 2016 as described below. Partially offsetting the equity in earnings from Top Layer Re was equity in losses of the Tower Hill Companies of $1.6 million in ~~2017~~,2021, compared to earnings of ~~$10.4~~$17.2 million in ~~2016~~,2020, a decrease of ~~$12.0~~$4.9 million, principally ~~due to losses associated with certain catastrophe events occurring in 2017 impacting the~~driven by reduced profitability of our equity investments in the Tower Hill ~~Companies.~~group of companies, primarily as a result of underwriting losses during 2021.

Equity in earnings of other ventures was ~~$1.0~~$17.2 million in ~~2016,~~2020, compared to ~~$20.5~~$23.2 million in ~~2015, with the~~2019, a decrease of $6.0 million, principally driven by ~~lower~~reduced profitability in the Tower Hill Companies, partially offset by improved profitability in Top Layer Re and our equity investments within the ~~Tower Hill Companies. Impacting equity in earnings of~~ other ventures during 2016 was a $8.6 million loss related to our 50% ownership in Top Layer Re. During 2016, Top Layer Re reduced its estimated ultimate claim and claim expenses and related reinsurance recoverable associated with the 2011 Tohoku Earthquake to $Nil as a result of favorable loss emergence, resulting in an increase in underwriting income for Top Layer Re for 2016. However, the increase in underwriting income was more than offset by the reversal of an unrealized foreign exchange gain related to the reserve for claims and claim expenses, which were denominated in Japanese Yen. While Top Layer Re had fully hedged its net economic exposure to Japanese Yen associated with this loss since inception, because the hedged net liability went to $Nil, Top Layer Re recorded an unrealized foreign exchange loss for the year. If the reserve for net claims and claim expenses had been paid in full, rather than being reduced to $Nil, there would have been no financial statement impact to Top Layer Re.category.

Other Income

(Loss)

Year ended December 31, 2017 2016 2015
(in thousands)
Assumed and ceded reinsurance contracts accounted for as derivatives and deposits $ 8,655
$ 14,246
$ 12,534

Other 760
(68 ) 938

Total other income $ 9,415
$ 14,178
$ 13,472



Year ended December 31,	2021		2020		2019
(in thousands)
Assumed and ceded reinsurance contracts accounted for as derivatives and deposits	$	5,905	$	(1,177)	$	4,473

Other	4,975		1,390		476
Total other income (loss)	$	10,880	$	213	$	4,949

In ~~2017~~,2021, we generated other income of ~~$9.4~~$10.9 million, compared to ~~$14.2~~$0.2 million in ~~2016, a decrease~~2020, an increase of ~~$4.8~~$10.7 million, driven by a ~~reduction in~~gain on the sale of a portion of our strategic investments recorded under the equity method and lower losses from assumed and ceded reinsurance contracts accounted for ~~as derivatives and deposits.~~at fair value during 2021.

In ~~2016,~~2020, we generated other income of ~~$14.2~~$0.2 million, compared to ~~other income of $13.5~~$4.9 million in ~~2015, with the increase~~2019, a decrease of $4.7 million, driven by losses on our assumed and ceded reinsurance contracts accounted for as derivatives and deposits.

Corporate Expenses

Year ended December 31, 2017 2016 2015
(in thousands)
Total corporate expenses $ 18,572
$ 37,402
$ 76,514



Year ended December 31,	2021		2020		2019
(in thousands)


Total corporate expenses	$	41,152	$	96,970	$	94,122

Corporate expenses include certain executive, director, legal and consulting expenses, costs for research and development, impairment charges related to goodwill and other intangible assets, and other miscellaneous costs, including those associated with operating as a publicly traded company. In 2020 and 2019, corporate expenses also included costs incurred in connection with the acquisition of TMR. From time to time, we may revise the allocation of certain expenses between corporate and operating expenses to better reflect the characteristic of the underlying expense.

~~Corporate expenses decreased $18.8 million, to $18.6 million, in~~ ~~2017, compared to $37.4 million in~~ ~~2016, primarily reflecting $15.4 million of expenses related to executive departures recorded in 2016 that did not reoccur in 2017.~~

Corporate expenses decreased ~~$39.1~~$55.8 million to ~~$37.4~~$41.2 million, in ~~2016,~~2021, compared to ~~$76.5~~$97.0 million in ~~2015,~~2020. The decrease of $55.8 million was primarily ~~reflecting~~due to higher non-recurring expenses in 2020 resulting from the loss on sale of RenaissanceRe UK, executive compensation charges and certain integration and compensation related costs associated with the acquisition of TMR.

Corporate expenses increased $2.8 million to $97.0 million, in 2020, compared to $94.1 million in 2019. Corporate expenses for 2020 included a ~~decrease to $2.1~~loss of $30.2 million on the sale of RenaissanceRe UK on August 18, 2020, including related transaction and other expenses, and $8.5 million of certain expenses associated with senior management departures during the year. In comparison, corporate expenses in 2019 included $49.7 million of corporate expenses associated with the acquisition ~~and integration~~ of Platinum incurred during 2016, compared to $53.5 million in 2015, and a $5.6 million charge in the fourth quarter of 2015 associated with the impairment of the goodwill and other intangible assets of an investment in other ventures, recorded under the equity method. No such impairments were recorded during the fourth quarter of 2016. Partially offsetting these items was $15.4 million of expenses related to executive departures recorded in 2016.TMR.

Interest Expense and Preferred Share Dividends

Year ended December 31, 2017 2016 2015
(in thousands)
Interest expense
$250.0 million Series B 7.50% Senior Notes due 2017 $ 7,813
$ 18,750
$ 15,625

$250.0 million 5.75% Senior Notes due 2020 14,375
14,375
14,375

$300.0 million 3.700% Senior Notes due 2025 11,100
11,100
8,586

$300.0 million 3.450% Senior Notes due 2027 5,482
—
—

$150.0 million 4.750% Senior Notes due 2025 (DaVinciRe) 7,125
7,125
4,774

Other (1,702 ) (9,206 ) (7,090 )
Total interest expense 44,193
42,144
36,270

Preferred share dividends
$125.0 million 6.08% Series C Preference Shares 7,600
7,600
7,600

$275.0 million 5.375% Series E Preference Shares 14,781
14,781
14,781

Total preferred share dividends 22,381
22,381
22,381

Total interest expense and preferred share dividends $ 66,574
$ 64,525
$ 58,651



Year ended December 31,	2021		2020		2019
(in thousands)
Interest Expense

$250.0 million 5.75% Senior Notes due 2020	$	—	$	2,995	$	14,375
$300.0 million 3.700% Senior Notes due 2025	11,100		11,100		11,100
$300.0 million 3.450% Senior Notes due 2027	10,350		10,350		10,350
$400.0 million 3.600% Senior Notes due 2029	14,400		14,400		10,720
$150.0 million 4.750% Senior Notes due 2025 (DaVinciRe)	7,125		7,125		7,125
Other	4,561		4,483		4,694
Total interest expense	47,536		50,453		58,364
Preferred Share Dividends
$125.0 million 6.08% Series C Preference Shares	—		1,767		7,600
$275.0 million 5.375% Series E Preference Shares	9,033		14,781		14,781
$250.0 million 5.750% Series F Preference Shares	14,375		14,375		14,375
$500.0 million 4.20% Series G Preference Shares	9,858		—		—
Total preferred share dividends	33,266		30,923		36,756
Total interest expense and preferred share dividends	$	80,802	$	81,376	$	95,120

Interest expense ~~increased $2.0~~decreased $2.9 million to ~~$44.2~~$47.5 million in ~~2017,~~2021, compared to ~~$42.1~~$50.5 million in ~~2016, primarily driven by:~~

additional interest expense due to the June 29, 2017 issuance of $300.0 million of 3.450% Senior Notes due 2027, resulting in seven months of interest expense in 2017, compared to none in 2016; partially offset by

lower interest expense due to the June 1, 2017 repayment in full at maturity of $250.0 million of Series B 7.50% Senior Notes due 2017 assumed in connection with the acquisition of Platinum, resulting in five months of interest expense incurred during 2017, compared to a full year of interest expense incurred in 2016; and

lower amortization of net fair value adjustments of $5.4 million, included in the other category in the table above, which reduced our interest expense and were recognized in connection with the acquisition of Platinum and its $250.0 million Series B 7.50% Notes due June 1, 2017. See “Note 3. Acquisition of Platinum in our Notes to the Consolidated Financial Statements” for additional information with respect to the acquisition of Platinum and the related fair value adjustments.2020.

Interest expense ~~increased $5.9~~decreased $7.9 million to ~~$42.1~~$50.5 million in ~~2016,~~2020, compared to ~~$36.3~~$58.4 million in ~~2015,~~2019, primarily driven ~~by:~~

~~a full year~~by the maturity of ~~interest expense on the $250 million of Series B 7.50%~~our 5.75% Senior Notes ~~due 2017 assumed~~ in ~~connection with the acquisition of Platinum on~~ March ~~2, 2015, $300 million of our 3.700% Senior Notes due 2025 issued on March 24, 2015 and $150 million of DaVinciRe’s 4.750% Senior Notes due 2025 issued on May 4, 2015; partially offset by~~2020.

amortization of net fair value adjustments of $12.8 million, included in the other category in the table above, which reduced our interest expense and were recognized in connection with the acquisition of Platinum and its $250.0 million Series B 7.50% Notes due June 1, 2017. See “Note 3. Acquisition of Platinum in our Notes to the Consolidated Financial Statements” for additional information with respect to the acquisition of Platinum and the related fair value adjustments.

Preferred share dividends ~~were flat at~~ ~~$22.4~~increased $2.3 million to $33.3 million in ~~each~~2021, compared to $30.9 million in 2020, primarily driven by the issuance of ~~2017, 2016~~4.20% Series G Preference Shares in July, 2021, partially offset by the redemption in full of the $275.0 million 5.375% Series E Preference Shares in August, 2021 and ~~2015.~~the redemption in full of 6.08% Series C Preference Shares in 2020.

Preferred share dividends decreased $5.8 million to $30.9 million in 2020, compared to $36.8 million in 2019, primarily driven by the redemption in full of the $125 million outstanding principal amount of 6.08% Series C Preference Shares in March, resulting in only three months of dividends compared to 12 months in the prior period.

Income Tax (Expense) Benefit

Year ended December 31, 2017 2016 2015
(in thousands)
Income tax (expense) benefit $ (26,487 ) $ (340 ) $ 45,866



Year ended December 31,	2021		2020		2019
(in thousands)
Income tax (expense) benefit	$	10,668	$	(2,862)	$	(17,215)

We are subject to income taxes in certain jurisdictions in which we operate; however, since the majority of our income is currently earned in Bermuda, which does not have a corporate income tax, the tax impact to our operations has historically been minimal.

In ~~2017,~~2021, we recognized an income tax benefit of $10.7 million, compared to an income tax expense of $2.9 million in 2020. The income tax benefit in 2021 was principally driven by unrealized investment portfolio losses in our taxable jurisdictions, while the income tax expense in the prior comparative period was principally driven by unrealized investment gains in our U.S. based operations.

In 2020, we recognized an income tax expense of ~~$26.5~~$2.9 million, compared to ~~$0.3~~$17.2 million in ~~2016, principally driven by a $36.7 million increase~~2019. The reduction in income tax expense ~~due to the write-down of a portion of our deferred tax asset during 2017, as a result of the reduction in the U.S. corporate tax rate pursuant to the Tax Bill, which~~ was ~~enacted on December 22, 2017. Partially offsetting this income tax expense was an income tax benefit associated with pre-tax GAAP losses~~principally driven by lower underwriting performance, partially offset by higher investment gains, primarily in our U.S.-based operations primarily due to underwriting losses associated with the Q3 2017 Catastrophe Events, Q4 2017 California Wildfires and 2017 Aggregate Losses in 2017, compared to pre-tax GAAP income in our U.S.-based operations in ~~2016~~.

During 2016, we recognized an income tax expense of $0.3 million, compared to an income tax benefit of $45.9 million in 2015, primarily the result of a reduction in our U.S. valuation allowance from $48.5 million to $1.0 million in the first quarter of 2015 as a result of expected profits in our U.S.-based operations due principally to the acquisition of Platinum.operations.

At December 31, ~~2017,~~2021, our ~~U.S. tax-paying subsidiaries had a~~ net deferred tax asset (after valuation allowance) ~~of $55.9~~totaled $60.9 million. Our operations in Ireland, the U.K., Singapore, Switzerland and ~~Singapore~~the U.S. operations of TMR have historically produced GAAP taxable losses and we currently do not believe it is more likely than not that we will be able to recover the predominant amount of our net deferred tax assets in these jurisdictions. Our valuation allowance totaled ~~$30.0~~$131.5 million and ~~$18.8~~$88.7 million at December 31, ~~2017~~2021 and ~~2016,~~2020, respectively.

Our effective income tax rate, which we calculate as income tax (expense) benefit divided by income or loss before taxes, may fluctuate significantly from period to period depending on the geographic distribution of pre-tax income or loss in any given period between different jurisdictions with comparatively higher tax rates and those with comparatively lower tax rates. The geographic distribution of pre-tax income or loss can vary significantly between periods due to, but not limited to, the following factors: the business mix of net premiums written and earned; the size and nature of net claims and claim expenses incurred; the amount and geographic location of operating expenses, net investment income, net realized and unrealized gains (losses) on investments; outstanding debt and related interest expense; and the amount of specific adjustments to determine the income tax basis in each of our operating jurisdictions. In addition, a significant portion of our gross and net premiums are currently written and earned in Bermuda, which does not have a corporate income tax, including the majority of our catastrophe business, which can result in significant volatility to our pre-tax ~~(loss)~~ income or loss in any given period. We expect our consolidated effective tax rate to increase in the future, as our global operations outside of Bermuda ~~expand, including in connection with the acquisition of Platinum.~~expand. In addition, it is possible we could be adversely affected by changes in tax laws, regulation, or enforcement, any of which could increase our effective tax rate more rapidly or steeply than we currently anticipate.

Generally, the preponderance of our revenue and pre-tax income or loss is generated by our domestic (i.e., Bermuda) operations, in the form of underwriting income or loss and net investment income or loss, rather than our foreign operations. However, the geographic distribution of pre-tax income or loss can vary significantly between periods for a variety of reasons, including the business mix of net premiums written and earned, the size and nature of net claims and claim expenses incurred, the amount and geographic location of operating expenses, net investment income and net realized and unrealized gains (losses) on investments and the amount of specific adjustments to determine the income tax basis in each of our operating jurisdictions. Pre-tax income for our domestic operations was higher compared to our foreign operations for the years ended December 31, ~~2016~~2021, 2020 and ~~2015~~2019 primarily as a result of the more volatile catastrophe business underwritten in our Bermuda operations during these periods ~~being relatively free~~incurring a comparatively lower level of catastrophe losses and thus generating higher levels of net underwriting income than our foreign operations, which underwrite primarily less volatile business with higher attritional net claims and claim expenses and as a result produce lower levels of net underwriting income in benign loss years. ~~For 2017,~~

our domestic operations generated an underwriting loss due to the significant catastrophe loss activity during the year and the underwriting loss in our domestic operations was significantly greater than the underwriting loss that was generated by our foreign operations.

Net ~~Loss (Income)~~Income (Loss) Attributable to Redeemable Noncontrolling Interests

Year ended December 31, 2017 2016 2015
(in thousands)
Net loss (income) attributable to redeemable noncontrolling interests $ 132,282
$ (127,086 ) $ (111,050 )



Year ended December 31,	2021		2020		2019
(in thousands)
Redeemable noncontrolling interest - DaVinciRe	$	(102,932)	$	113,671	$	127,084
Redeemable noncontrolling interest - Medici	1,492		55,970		25,759
Redeemable noncontrolling interest - Vermeer	38,155		61,012		48,626
Net income (loss) attributable to redeemable noncontrolling interests	$	(63,285)	$	230,653	$	201,469

Our net loss attributable to redeemable noncontrolling interests was ~~$132.3~~$63.3 million in ~~2017~~, compared to net income attributable to redeemable noncontrolling interests of ~~$127.1~~$230.7 million in ~~2016. The $259.4 million~~2020. This change ~~was principally due to~~from 2020 reflects the impact of higher underwriting losses ~~associated with the Q3 2017 Catastrophe Events, Q4 2017 California Wildfires and 2017 Aggregate Losses incurred by DaVinciRe~~in DaVinci, lower underwriting income in Vermeer, and a decrease in ~~our ownership of DaVinciRe~~Medici net income, primarily due to ~~22.1% at December 31, 2017, compared~~foreign exchange losses that are attributable to ~~24.0% at December 31, 2016.~~third party investors.

Our net income attributable to redeemable noncontrolling interests was ~~$127.1~~$230.7 million in ~~2016,~~2020, compared to ~~$111.1~~$201.5 million in ~~2015.~~2019, a change of $29.2 million. The ~~$16.0 million~~ increase ~~in net income attributable to redeemable noncontrolling interests~~ was ~~principally due to an increase in the profitability of DaVinciRe~~driven by improved performance from Medici and ~~a decrease in our ownership of DaVinciRe to 24.0% at December 31, 2016,~~Vermeer, compared to ~~26.3% at December 31, 2015.~~2019, partially offset by lower underlying performance in DaVinci which was negatively impacted by the 2020 Weather-Related Large Loss Events and the COVID-19 losses.

~~We expect our noncontrolling economic ownership in DaVinciRe~~Refer to ~~fluctuate over time. See~~ “Note 10. Noncontrolling Interests” ~~and “Note 23. Subsequent Events”~~ in our “Notes to ~~the~~ Consolidated Financial Statements” for additional information regarding ~~DaVinciRe.~~our redeemable noncontrolling interests.

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

Financial Condition

~~RenaissanceRe is~~As a Bermuda-domiciled holding company, RenaissanceRe has limited operations of its own. Its assets consist primarily of investments in subsidiaries and wecash and securities in amounts which fluctuate over time. We therefore rely on dividends and distributions (and other statutorily permissible payments) from our subsidiaries, ~~and~~ investment income and fee income to ~~make~~meet our liquidity requirements, which primarily include making principal and interest payments on our debt and ~~to make~~ dividend payments to our preference and common shareholders.

The payment of dividends by our subsidiaries is, under certain circumstances, limited by the applicable laws and regulations in the various jurisdictions in which our subsidiaries operate ~~including among others, Bermuda, the U.S., the U.K. and Ireland. For example,~~In addition, insurance laws require our insurance subsidiaries to maintain certain measures of solvency and liquidity. We believe that each of our insurance subsidiaries and branches exceeded the minimum solvency, capital and surplus requirements in their applicable jurisdictions at December 31, 2021. Certain of our subsidiaries and branches are required to file FCRs, with their regulators, which provide details on solvency and financial performance. Where required, these FCRs will be posted on our website. The regulations governing ~~the ability of us~~our and our principal operating ~~subsidiaries~~subsidiaries’ ability to pay dividends and to maintain certain measures of solvency and liquidity and requirements to file FCRs are discussed in detail in “Part I, Item 1. Business—Regulation” and “Note 18. Statutory ~~Requirements in our Notes to the Consolidated Financial Statements” for additional information with respect to our statutory requirements.~~

In the aggregate, our principal operating subsidiaries have historically produced sufficient cash flows to meet their expected claims payments and operational expenses and to provide dividend payments to us. Our subsidiaries also maintain a concentration of investments in high quality liquid securities, which management believes will provide additional liquidity for extraordinary claims payments should the need arise. See “Capital Resources” section below. However, as previously discussed, in 2017 we experienced a net negative impact of $720.2 million from the Q3 2017 Catastrophe Events, Q4 2017 California Wildfires and 2017 Aggregate Losses. As we would expect following events of this magnitude, it was necessary for RenaissanceRe to contribute capital to certain of its principal operating subsidiaries to ensure they were able to maintain levels of capital adequacy and liquidity in compliance with various laws and regulations, support rating agency capital requirements, pay valid claims quickly and be adequately capitalized to pursue business opportunities as they arise. Net capital contributions by RenaissanceRe to our principal operating subsidiaries, net of dividends and return of capital received by RenaissanceRe from our principal operating subsidiaries, were $242.3 million during 2017. We believe RenaissanceRe and our principal operating subsidiaries continue to be adequately capitalized following the Q3 2017 Catastrophe Events, Q4 2017 California Wildfires and 2017 Aggregate Losses and these capital contributions. In comparison, during 2016, dividends and return of capital by our principal operating subsidiaries to RenaissanceRe, net of capital contributions by RenaissanceRe to our principal operating subsidiaries, were $341.7 million.

~~Group Supervision~~

The BMA is our group supervisor. Under the Insurance Act, we are required to maintain capital at a level equal to our ECR, which is established by reference to the BSCR model. The BSCR is a mathematical model designed to give the BMA robust methods for determining an insurer’s capital adequacy. Underlying the BSCR is the belief that all insurers should operate on an ongoing basis with a view to maintaining their capital at a prudent level in excess of the minimum solvency margin otherwise prescribed under the Insurance Act. We are currently completing our 2017 group BSCR, which must be filed with the BMA on or before May 31, 2018, and at this time, we believe we will exceed the target level of required economic statutory capital. Our 2016 group BSCR exceeded the target level of required statutory capital.

Class 3A, 3B and 4 insurers and insurance groups are also required to prepare and publish an FCR, which was introduced to the regulatory regime in 2016 as part of the measures undertaken to achieve Solvency II equivalence. The FCR provides, among other things, details of measures governing the business operations, corporate governance framework and solvency and financial performance of the insurer orinsurance group. We received approval from the BMA to file a consolidated group FCR, inclusive of our Bermuda-domiciled insurance subsidiaries and Top Layer Re. Our most recent FCR was filed with the BMA in advance of the June 30, 2017 deadline, and is available on our website.

~~Bermuda Subsidiaries~~

Bermuda regulations require BMA approval for any reduction of capital in excess of 15% of statutory capital, as defined in the Insurance Act. The Insurance Act also requires the Bermuda insurance subsidiaries of RenaissanceRe to maintain certain measures of solvency and liquidity. At December 31, 2017, the statutory capital and surplus of our Bermuda insurance subsidiaries exceeded the minimum amount required to be maintained under Bermuda law.

Effective October 1, 2016, each of RenaissanceRe Specialty Risks and Platinum Bermuda merged into Renaissance Reinsurance, with Renaissance Reinsurance being the sole surviving entity. As part of the merger, Renaissance Reinsurance applied for, and effective November 18, 2016 received, approval from the BMA to reduce its statutory capital by $500.0 million through a return of capital to RenaissanceRe. The return of capital was completed prior to December 31, 2016.

Under the Insurance Act, RenaissanceRe Specialty U.S. is defined as a Class 3B insurer, and Renaissance Reinsurance and DaVinci are classified as Class 4 insurers, and must each maintain capital at a level equal to an ECR which is established by reference to the BSCR model. The 2017 BSCR for Renaissance Reinsurance, RenaissanceRe Specialty U.S. and DaVinci must be filed with the BMA before April 30, 2018; at this time, we believe each company will exceed the minimum amount required to be maintained under Bermuda law. In addition, audited annual financial statements prepared in accordance with GAAP for each of Renaissance Reinsurance, RenaissanceRe Specialty U.S. and DaVinci are filed prior to April 30 of each year with the BMA and are available free of charge on the BMA’s website.

~~U.K. Subsidiaries~~

Underwriting capacity, or stamp capacity, of a member of Lloyd’s must be supported by providing a deposit in the form of cash, securities or letters of credit, which are referred to as Funds at Lloyd’s (“FAL”). The amount of FAL is determined by Lloyd’s and is based on Syndicate 1458’s solvency and capital requirement as calculated through its internal model. In addition, if the FAL are not sufficient to cover all losses, the Lloyd’s Central Fund provides an additional level of security for policyholders.

At ~~December 31, 2017, the FAL required to support the underwriting activities at Lloyd’s through Syndicate 1458 was £405.8 million (December 31, 2016 - £351.7 million). Actual FAL posted for Syndicate 1458 at~~ ~~December 31, 2017~~ by RenaissanceRe CCL was £389.8 million, supported by a $180.0 million letter of credit and a $347.3 million deposit of cash and fixed maturity securities. See “Note 9. Debt and Credit Facilities”Requirements” in our “Notes to the Consolidated Financial ~~Statements” for additional information related to this facility.~~Statements.”

~~U.S. Subsidiaries~~

Renaissance Reinsurance U.S. is domiciled in Maryland, which has adopted the NAIC's model law that uses a risk-based capital ("RBC") model to monitor and regulate the solvency of licensed life, health, and

property and casualty insurance and reinsurance companies. The RBC calculation is used to measure an insurer's capital adequacy with respect to the risk characteristics of the insurer's premiums written and net claims and claim expenses, rate of growth and quality of assets, among other measures. At December 31, 2017, we believe the statutory capital and surplus of Renaissance Reinsurance U.S. exceeded the minimum capital adequacy level required to be maintained under U.S. law.

Renaissance Reinsurance U.S. is subject to certain restrictions on its ability to pay dividends pursuant to Maryland law, including making appropriate filings with and obtaining certain approvals from its regulator. During 2018, Renaissance Reinsurance U.S. has an ordinary dividend capacity of $24.1 million (2017 - $25.4 million).

~~Top Layer Re~~

~~Renaissance Reinsurance is obligated to make a mandatory capital contribution of up to $50.0 million in the event that a loss reduces Top Layer Re’s capital below a specified level.~~

Liquidity and Cash Flows

Holding Company Liquidity

As a Bermuda-domiciled holding company, RenaissanceRe has limited operations of its own and its assets consist primarily of investments in subsidiaries, and, to a degree, cash and securities in amounts which fluctuate over time. Accordingly, RenaissanceRe’s future cash flows largely depend on the availability of dividends or other statutorily permissible payments from our subsidiaries. As discussed above, the ability to pay such dividends is limited by the applicable laws and regulations in the various jurisdictions in which our subsidiaries operate.

RenaissanceRe’s principal uses of liquidity are: (1) common share related transactions including dividend payments to our common shareholders and common share repurchases, (2) preference share related transactions including dividend payments to our preference shareholders and preference share redemptions, (3) interest and principal payments on debt, (4) capital investments in our subsidiaries, (5) acquisition of new or existing companies or businesses ~~such as our acquisition of Platinum~~ and (6) certain corporate and operating expenses.

We attempt to structure our organization in a way that facilitates efficient capital movements between RenaissanceRe and our operating subsidiaries and to ensure that adequate liquidity is available when required, giving consideration to applicable laws and regulations, and the domiciliary location of sources of liquidity and related obligations. For example, our internal investment structures and cash pooling arrangements among the Company and certain of our subsidiaries help to efficiently facilitate capital and liquidity movements.

In the aggregate, our principal operating subsidiaries have historically produced sufficient cash flows to meet their expected claims payments and operational expenses and to provide dividend payments to us. In addition, our subsidiaries maintain a concentration of investments in high quality liquid securities, which management believes will provide additional liquidity for extraordinary claims payments should the need arise. However, in some circumstances, RenaissanceRe may determine it is necessary or advisable to contribute capital to our subsidiaries, or may be contractually required to contribute capital to our joint ventures or managed funds. For example, during 2019, RenaissanceRe contributed capital to RenaissanceRe Specialty Holdings (UK) Limited to fund the acquisition of TMR and made a capital contribution to Renaissance Reinsurance to increase its shareholders’ equity to support growth in premiums, and in 2020, RenaissanceRe contributed capital to RREAG to support growth in premiums. In addition, from time to time we invest in new managed joint ventures or managed funds, increase our investments in certain of our managed joint ventures or managed funds and contribute cash to investment subsidiaries. In certain instances, we are required to make capital contributions to our subsidiaries, for example, Renaissance Reinsurance is obligated to make a mandatory capital contribution of up to $50.0 million in the event that a loss reduces Top Layer Re’s capital below a specified level.

Sources of Liquidity

Historically, cash receipts from operations, consisting primarily of premiums, investment income and ~~investment~~fee income, have provided sufficient funds to pay the losses and operating expenses ofincurred by our subsidiaries and to fund dividends and distributions to RenaissanceRe. Other potential sources of liquidity include borrowings under our credit facilities and issuances of securities. For example, in July 2021, we raised $488.7 million of net proceeds in an underwritten public offering of Depositary Shares, each representing a 1/1,000th interest in a share of 4.20% Series G Preference Shares.

The premiums received by our operating subsidiaries are generally received months or even years before losses are paid under the policies related to such premiums. Premiums and acquisition expenses generally are received within the first two years of inception of a contract, while operating expenses are generally paid within a year of being incurred. It generally takes much longer for net claims and claims expenses incurred to be reported and ultimately settled, requiring the establishment of reserves for claims and claim ~~expenses.~~expenses and losses recoverable. Therefore, the amount of net claims paid in any one year is not necessarily related to the amount of net claims and claims expenses incurred in that year, as reported in the consolidated statement of operations.

While we expect that our liquidity needs will continue to be met by our cash receipts from operations, ~~as a result of the combination of current market conditions, lower than usual~~relatively low investment yields, and the nature of our business where a large portion of the coverages we provide can produce losses of high severity and low frequency, future cash flows from operating activities cannot be accurately predicted and may fluctuate significantly between individual quarters and years. In addition, due to the magnitude and complexity of certain large loss events, meaningful uncertainty remains regarding losses from these events and our actual ultimate net losses from these events may vary materially from preliminary estimates, which would impact our cash flows from operations.

Our “shelf” registration statement on Form S-3 under the Securities Act allows for the public offering of various types of securities, including common shares, preference shares and debt securities, ~~and thus~~which provides a source of liquidity. Because we are a “well-known seasoned issuer” as defined by the rules promulgated under the Securities Act, we are also eligible to file additional automatically effective registration statements on Form S-3 in the future for the potential offering and sale of ~~an unlimited amount of~~additional debt and equity securities.

~~In addition, we~~

Credit Facilities, Trusts and Other Collateral Arrangements

We also maintain various other arrangements that allow us to access liquidity and satisfy collateral requirements, including revolving credit facilities, letter of credit facilities, ~~which~~and regulatory trusts, as well as other types of trust and collateral arrangements. Regulatory and other requirements to post collateral to support our reinsurance obligations could impact our liquidity. For example, many jurisdictions in the U.S. do not permit insurance companies to take credit for reinsurance obtained from unlicensed or non-admitted insurers on their statutory financial statements unless security is posted, so our contracts generally require us to post a letter of credit or provide ~~liquidity.~~ other security (e.g., through a multi-beneficiary reinsurance trust). In addition, if we were to fail to comply with certain covenants in our debt agreements, we may have to pledge additional collateral.

Letter of Credit and Revolving Credit Facilities

We and certain of our subsidiaries, joint ventures, and managed funds maintain secured and unsecured revolving credit facilities and letter of credit facilities that provide liquidity and allow us to satisfy certain collateral requirements. The outstanding amounts drawn under each of our significant credit facilities are set forth below:



At December 31, 2021	Issued or Drawn
(in thousands)
Revolving Credit Facility (1)	$	—
Medici Revolving Credit Facility (2)	30,000
Bilateral Letter of Credit Facilities
Secured	410,440
Unsecured	369,324
Funds at Lloyd’s Letter of Credit Facility	275,000


	$	1,084,764

(1) At December 31, 2021, no amounts were issued or drawn under this facility.

(2) RenaissanceRe owns a noncontrolling economic interest in Medici. Because RenaissanceRe controls all of Medici’s outstanding voting rights, the financial statements of Medici are included in RenaissanceRe’s consolidated financial statements. The drawn amount of the Medici revolving credit facility is included on the Company’s consolidated balance sheets under debt.

Refer to ~~“Part II, Item 7. Management’s Discussion~~“Note 9. Debt and ~~Analysis~~Credit Facilities” in our “Notes to the Consolidated Financial Statements” for additional information related to our significant debt and credit facilities.

Funds at Lloyd’s

As a member of Lloyd’s, the underwriting capacity, or stamp capacity, of Syndicate 1458 must be supported by providing a deposit, the FAL, in the form of cash, securities or letters of credit. At December 31, 2021, the FAL required to support the underwriting activities at Lloyd’s through Syndicate 1458 was £756.0 million (2020 - £696.2 million). Actual FAL posted for Syndicate 1458 at December 31, 2021 by RenaissanceRe CCL was $983.4 million (2020 - $874.2 million), supported by a $275.0 million letter of credit and a $708.4 million deposit of cash and fixed maturity securities (2020 - $225.0 million and $649.2 million, respectively). Refer to “Note 9. Debt and Credit Facilities” in our “Notes to the Consolidated Financial ~~Condition~~Statements” for additional information related to this letter of credit facility.

Multi-Beneficiary Reinsurance Trusts and ~~Results~~Multi-Beneficiary Reduced Collateral Reinsurance Trusts

Certain of ~~Operations, Liquidity~~our insurance subsidiaries use multi-beneficiary reinsurance trusts and ~~Capital Resources, Capital Resources” for details~~multi-beneficiary reduced collateral reinsurance trusts to collateralize reinsurance liabilities. As of December 31, 2021, all of these ~~facilities.~~trusts were funded in accordance with the relevant regulatory thresholds. However, Renaissance Reinsurance maintains a significant surplus in the amount of approximately $660 million, which is the subject of a withdrawal request that is under review by the NYDFS. Refer to “Note 18. Statutory Requirements” in our “Notes to the Consolidated Financial Statements” for additional information on our multi-beneficiary reinsurance trusts and multi-beneficiary reduced collateral reinsurance trusts.

Contractual Obligations

In assessing our liquidity requirements and cash needs, we also consider contractual obligations to which we are a party. In certain circumstances, our contractual obligations may be accelerated due to defaults under the agreements governing those obligations (including pursuant to cross-default provisions in such agreements) or in connection with certain changes in control of the Company, for example. In addition, in certain circumstances, in the event of a default these obligations may bear an increased interest rate or be subject to penalties.

The table below shows certain of our current and long-term contractual obligations:



At December 31, 2021	Total		Less Than 1 Year		1-3 Years		3-5 Years		More Than 5 Years
(in thousands)
Long term debt obligations (1)
3.600% Senior Notes due 2029	$	504,942	$	14,400	$	28,800	$	28,800	$	432,942
3.450% Senior Notes due 2027	356,911		10,350		20,700		20,700		305,161
3.700% Senior Notes due 2025	336,067		11,100		22,200		302,767		—
4.750% Senior Notes due 2025 (DaVinciRe)	173,737		7,125		14,250		152,362		—
Total long term debt obligations	1,371,657		42,975		85,950		504,629		738,103
Investment commitments (2)	1,411,306		1,411,306		—		—		—
Operating lease obligations	54,870		8,515		13,626		11,586		21,143
Capital lease obligations	18,112		2,661		5,322		5,322		4,807
Payable for investments purchased	1,170,568		1,170,568		—		—		—
Reserve for claims and claim expenses (3)	13,294,630		3,988,389		4,254,281		2,127,141		2,924,819
Total contractual obligations	$	17,321,143	$	6,624,414	$	4,359,179	$	2,648,678	$	3,688,872

(1)Includes contractual interest payments.

(2)The investment commitments do not have a defined contractual commitment date and we have therefore included them in the less than one year category.

(3)The amount and timing of the cash flows associated with our policy liabilities are highly uncertain. Refer to “Note 8. Reserve for Claims and Claim Expenses” in our “Notes to the Consolidated Financial Statements” for more information on our estimate of claims and claim expense reserves.

Cash Flows

Year ended December 31, 2017 2016 2015
(in thousands)
Net cash provided by operating activities $ 1,045,787
$ 484,772
$ 424,985

Net cash used in investing activities (142,434 ) (164,532 ) (339,039 )
Net cash provided by (used in) financing activities 28,860
(401,331 ) (93,913 )
Effect of exchange rate changes on foreign currency cash 8,222
(4,637 ) (10,732 )
Net increase (decrease) in cash and cash equivalents 940,435
(85,728 ) (18,699 )
Cash and cash equivalents, beginning of period 421,157
506,885
525,584

Cash and cash equivalents, end of period $ 1,361,592
$ 421,157
$ 506,885



Year ended December 31,	2021		2020		2019
(in thousands)
Net cash provided by (used in) operating activities	$	1,234,815	$	1,992,735	$	2,137,195
Net cash provided by (used in) investing activities	(816,296)		(2,304,689)		(2,988,644)
Net cash provided by (used in) financing activities	(302,461)		665,214		1,120,117
Effect of exchange rate changes on foreign currency cash	6,148		4,485		2,478
Net increase (decrease) in cash and cash equivalents	122,206		357,745		271,146

Cash and cash equivalents, beginning of period	1,736,813		1,379,068		1,107,922
Cash and cash equivalents, end of period	$	1,859,019	$	1,736,813	$	1,379,068

~~2017~~2021

During ~~2017,~~2021, our cash and cash equivalents increased ~~$940.4~~by $122.2 million, to ~~$1,361.6 million~~$1.9 billion at December 31, ~~2017,~~2021, compared to ~~$421.2 million~~$1.7 billion at December 31, ~~2016.~~2020.

Cash flows provided by operating activities. Cash flows provided by operating activities during ~~2017~~2021 were ~~$1.0~~$1.2 billion, compared to ~~cash~~$2.0 billion during 2020. Cash flows provided by operating activities ~~of $484.8 million~~ during ~~2016. Cash flows~~ ~~provided by~~ ~~operating activities during 2017~~2021 were primarily the result of certain adjustments to reconcile our net loss of ~~$354.7~~$103.4 million to net cash provided by operating activities, including:

•an increase in ~~our~~ reserve for claims and claim expenses of ~~$2.2~~$2.9 billion ~~as a result of~~primarily resulting from net claims and ~~claims~~claim expenses ~~incurred~~associated with the 2021 Weather-Related Large Losses;

•an increase in unearned premiums of ~~$3.4 billion, partially offset by claims payments~~$767.6 million due to the growth in gross premiums written across both our Property and Casualty and Specialty segments;

•an increase in reinsurance balances payable of ~~$1.2 billion, each largely~~$372.6 million principally driven by the ~~Q3 2017 Catastrophe Events~~, ~~Q4 2017 California Wildfires~~issuance of non-voting preference shares to investors in Upsilon RFO, which are accounted for as prospective reinsurance and ~~2017 Aggregate Losses;~~

included in reinsurance balances payable on our consolidated balance sheet. See “Note 11. Variable Interest Entities” in our “Notes to the Consolidated Financial Statements” for additional information related to Upsilon RFO’s non-voting preference shares; partially offset by

~~a corresponding~~•an increase in reinsurance recoverable of $1.3 billion ~~in our reinsurance recoverable given~~due to the increase in net claims and claim expenses ~~noted above~~ and recoverables associated with the ~~Q3 2017 Catastrophe Events~~, ~~Q4 2017 California Wildfires~~2021 Weather-Related Large Losses;

•an increase in premiums receivable of $886.9 million due to the timing of receipts and ~~2017 Aggregate Losses;~~

increase in our gross premiums written;

•an increase of $215.6 million in our deferred acquisition costs due to the growth in gross premiums written across both our Property and Casualty and Specialty segments;

•an increase of $31.1 million in our prepaid reinsurance premiums due to an increase in ceded premiums written; and

•a decrease in other operating cash flows of ~~$538.1~~$437.2 million primarily reflecting ~~$602.4 million of~~ subscriptions received in advance of the issuance of Upsilon RFO’s non-voting preference shares effective January 1, ~~2018,~~2021, which were recorded in other liabilities at December 31, ~~2017.~~2020. During 2021, in connection with the issuance of the non-voting preference shares of Upsilon RFO, other liabilities were reduced by the subscriptions received in advance, and reinsurance balances payable were increased by an offsetting amount, with corresponding impacts to other operating cash flows and the change in reinsurance balances payable, as noted above, on our consolidated statements of cash flows for 2021. See “Note 11. Variable Interest Entities” ~~for additional information related~~in our “Notes to ~~Upsilon RFO and “Note~~ 23~~. Subsequent Events”~~the Consolidated Financial Statements” for additional information related to Upsilon RFO’s non-voting preference shares.

Cash flows used in investing activities. During 2021, our cash flows used in investing activities were $816.3 million, principally reflecting net purchases of other investments of $617.8 million, short term investments of $252.8 million and fixed maturity investments trading of $136.8 million, partially offset by cash flow from net

sales of and equity investments trading of $206.6 million. The net purchases of other investments, was primarily driven by an increased allocation to catastrophe bonds and fund investments, whereas the net purchases of short term investments and fixed maturity investments trading was primarily funded by cash flows provided by operating activities, as described above.

Cash flows used in financing activities. Our cash flows used in financing activities in 2021 were $302.5 million, and were principally the result of:

•the repurchase of 6.6 million of our common shares ~~subsequent~~in open market transactions at an aggregate cost of $1.0 billion and an average price of $156.78 per common share;

•the redemption of all 11 million of our outstanding 5.375% Series E Preference Shares on August 11, 2021 for $275.0 million;

•dividends paid on our common and preference shares of $67.8 million and $32.9 million, respectively; and partially offset by

•net inflows of $488.7 million associated with the issuance of 20 million of Depositary Shares (each representing 1/1000th interest in a share of our 4.20% Series G Preference Shares), net of expenses;

•net inflows of $594.3 million primarily related to net third-party redeemable noncontrolling interest share transactions in DaVinci, Medici and Vermeer; and

•net inflows of $30.0 million from the drawdown of the Medici Revolving Credit Facility. See “Note 9. Debt and Credit Facilities” in our “Notes to the Consolidated Financial Statements” for additional information related to the revolving credit facility available to Medici.

2020

During 2020, our cash and cash equivalents increased by $357.7 million, to $1.7 billion at December 31, ~~2017~~;

2020, compared to $1.4 billion at December 31, 2019.

Cash flows provided by operating activities. Cash flows provided by operating activities during 2020 were $2.0 billion, compared to $2.1 billion during 2019. Cash flows provided by operating activities during 2020 were primarily the result of certain adjustments to reconcile our net income of $993.1 million to net cash provided by operating activities, including:

•an increase in reserve for claims and claim expenses of $1.2 billion primarily, the result of claims and claim expenses associated with the 2020 Weather-Related Large Loss Events and losses related to the COVID-19 pandemic, partially offset by a reduction in net claims and claim expenses of $155.2 million due to the sale of RenaissanceRe UK and favorable development on prior accident years net claim and claim expenses of $183.8 million;

•an increase in reinsurance balances payable of $662.3 million principally driven by the issuance of non-voting preference shares to investors in Upsilon RFO, which are accounted for as prospective reinsurance and included in reinsurance balances payable on our consolidated balance sheet. Refer to “Note 11. Variable Interest Entities” in our “Notes to the Consolidated Financial Statements” for additional information related to Upsilon RFO’s non-voting preference shares;

•an increase in unearned premiums of ~~$246.0~~$232.9 million due to the growth in gross premiums written across both our Property and Casualty and Specialty segments; partially offset by

•net realized and unrealized gains on investments of $820.6 million principally driven by netrealized and unrealized gains on our fixed maturity investments portfolio, equity investments trading and investment-related derivatives;

•an increase in premiums receivable of $293.6 million due to the timing of ~~renewals~~receipts and ~~a $315.1 million~~increase in our gross premiums written;

•an increase in reinsurance ~~balances payable due~~recoverable of $138.4 million principally related to the ~~timing~~increase in claims and claim expenses noted above;

•an increase of ~~payments of our premiums ceded;~~

decreases in premiums receivable and deferred acquisition costs of $317.3 million and $91.2 million, respectively, due to the timing of payments of our gross premiums written and amortization of of deferred acquisition costs, respectively; and

~~an decrease of $92.3~~$55.8 million in our prepaid reinsurance premiums due to the timing of payments and increase in ceded premiums ~~written associated renewals~~written; and

•an increase in ~~2017~~.

other operating cash flows of $178.3 million primarily reflecting subscriptions received in advance of the issuance of Upsilon RFO’s non-voting preference shares effective January 1, 2021, which were recorded in other liabilities at December 31, 2020. Refer to “Note 11. Variable Interest Entities” in our “Notes to the Consolidated Financial Statements” for additional information related to Upsilon RFO’s non-voting preference shares;

Cash flows used in investing activities. During ~~2017,~~2020, our cash flows used in investing activities were ~~$142.4 million,~~$2.3 billion, principally reflecting net purchases of fixed maturity investments trading, short term investments and other investments of ~~$602.9~~$1.6 billion, $581.5 million, ~~partially offset~~and $216.8 million, respectively. The net purchase of fixed maturity investments trading was primarily funded by cash flows provided by operating activities, as described above, and the issuance of RenaissanceRe common shares during the second quarter of 2020, whereas the net ~~sales~~purchase of short term investments ~~and equity~~was primarily associated with capital received from investors in Upsilon RFO during 2020.The net purchase of other investments ~~trading~~during 2020 was primarily driven by an increased allocation to catastrophe bonds. Partially offsetting these net outflows from investing activities were net proceeds of ~~$364.0~~$136.7 million ~~and $115.8 million, respectively.~~from the sale of RenaissanceRe UK during the third quarter of 2020.

Cash flows provided by financing activities. Our cash flows provided by financing activities in ~~2017~~2020 were ~~$28.9~~$665.2 million, and were principally the result of:

•the issuance of 6,325,000 of our common shares in an underwritten public offering at a public offering price of $166.00 per share, combined with an additional $75.0 million raised through the issuance of 451,807 of our common shares at a price of $166.00 per share to State Farm, one of our existing stockholders, in a private placement. The total net proceeds from the offerings were $1.1 billion;

•net inflows of ~~$295.9 million associated with the issuance of $300.0 million of our 3.450% Senior Notes due July 1, 2027, net of underwriting discount;~~

~~net inflows of $260.5~~$119.1 million related to net ~~capital contributions from~~ third-party ~~shareholders, principally~~redeemable noncontrolling interest share transactions in DaVinciRe, Medici and ~~Medici;~~Vermeer; partially offset by

•the repayment in full at maturity of the aggregate principal amount of $250.0 million, plus applicable accrued interest, of our ~~Series B 7.50%~~5.75% Senior Notes due ~~2017 assumed in connection with~~ 2020 of RenRe North America Holdings Inc. and RenaissanceRe Finance;

•the ~~acquisition~~redemption of ~~Platinum~~all 5 million of our outstanding Series C 6.08% Preference Shares on March 26, 2020 for $125.0 million plus accrued and ~~originally issued by Platinum Underwriters Finance, Inc.;~~unpaid dividends thereon;

•the ~~settlement~~repurchase of ~~$188.6 million~~406 thousand of ~~common share repurchases; and~~

~~dividends paid on~~ our common ~~and preferred~~ shares in open market transactions at an aggregate cost of ~~$51.4~~$62.6 million and ~~$22.4 million, respectively.~~an average price of $154.36 per common share; and

~~2016~~

~~During 2016, our cash and cash equivalents decreased $85.7 million, to $421.2 million at December 31, 2016, compared to $506.9 million at December 31, 2015.~~

~~Cash flows provided by operating activities.~~ Cash flows provided by operating activities during the year ended December 31, 2016 were $469.8 million, compared to $414.7 million during the year ended December 31, 2015. Cash flows provided by operating activities during the year ended December 31, 2016 were primarily the result of certain adjustments to reconcile our net income of $630.0 million to net cash provided by operating activities, including:

~~an increase in unearned premiums of $342.5 million due to an increase in our gross premiums written; and~~

~~a $150.0 million increase in reinsurance balances payable due to the increase in gross premiums ceded and the timing of our payments of gross premiums ceded;~~

~~a decrease in our reserve for claims and claim expenses of $81.2 million as a result of claims payments of $623.8 million, partially offset by claims and claims expenses incurred of $710.7 million;~~

~~a $210.6 million decrease in prepaid reinsurance premiums due to the timing of our payments of gross premiums ceded;~~

~~an increase in premiums receivable and deferred acquisition costs of $209.3 million and $135.9 million, respectively, due to the increase in our gross premiums written; and~~

~~a $145.0 million increase in reinsurance recoverable.~~

~~Cash flows used in investing activities~~. During the year ended December 31, 2016, our cash flows used in investing activities were $164.5 million, principally reflecting net purchases of fixed maturity investments of $162.5 million, short term investments of $118.6 million and other investments of $68.6 million; partially offset by net sales of equity investments trading of $184.8 million.

~~Cash flows used in financing activities~~. Our cash flows used in financing activities in the year ended December 31, 2016 were $386.4 million, and were principally the result of net outflows related to the settlement of $309.4 million of common share repurchases, $51.6 million and $22.4 million of •dividends paid on our common and preference shares ~~respectively,~~of $68.5 million and ~~net outflows of $3.0~~$30.9 million, ~~related to a net return of capital to third party shareholders, principally in DaVinciRe and Medici.~~

respectively.

Capital Resources

We monitor our capital adequacy on a regular basis and seek to adjust our capital according to the needs of our business. In particular, we require capital sufficient to meet or exceed the capital adequacy ratios established by rating agencies for maintenance of appropriate financial strength ratings, the capital adequacy tests performed by regulatory authorities and the capital requirements under our credit facilities. From time to time, rating agencies may make changes in their capital models and rating methodologies, which could increase the amount of capital required to support our ratings. We may seek to raise additional capital or return capital to our shareholders through common share repurchases and cash dividends (or a combination of such methods). In the normal course of our operations, we may from time to time evaluate additional share or debt issuances given prevailing market conditions and capital management strategies, including for our operating subsidiaries, joint ventures and ~~joint ventures.~~managed funds. In addition, as noted above, we enter into agreements with financial institutions to obtain letter of credit facilities for the benefit of our operating subsidiaries and certain of our joint ventures and managed funds in their reinsurance and insurance business.

Our total shareholders’ equity attributable to RenaissanceRe and total debt iswas as follows:

At December 31, 2017 At December 31, 2016 Change
(in thousands)
Common shareholders’ equity $ 3,991,375
$ 4,466,577
$ (475,202 )
Preference shares 400,000
400,000
—

Total shareholders’ equity attributable to RenaissanceRe 4,391,375
4,866,577
(475,202 )
3.450% Senior Notes due 2027 295,303
—
295,303

3.700% Senior Notes due 2025 297,318
296,948
370

5.75% Senior Notes due 2020 249,272
248,941
331

Series B 7.50% Senior Notes due 2017 —
255,352
(255,352 )
4.750% Senior Notes due 2025 (DaVinciRe) 147,730
147,422
308

RenaissanceRe revolving credit facility – unborrowed 250,000
250,000
—

Total debt 1,239,623
1,198,663
40,960

Total shareholders’ equity attributable to RenaissanceRe and debt $ 5,630,998
$ 6,065,240
$ (434,242 )



At December 31,	2021		2020		Change
(in thousands)
Common shareholders’ equity	$	5,874,281	$	7,035,248	$	(1,160,967)
Preference shares	750,000		525,000		225,000
Total shareholders’ equity attributable to RenaissanceRe	6,624,281		7,560,248		(935,967)

3.600% Senior Notes due 2029	393,305		392,391		914
3.450% Senior Notes due 2027	297,281		296,787		494
3.700% Senior Notes due 2025	298,798		298,428		370


4.750% Senior Notes due 2025 (DaVinciRe) (1)	148,969		148,659		310
Total senior notes	1,138,353		1,136,265		2,088
Medici Revolving Credit Facility (2)	30,000		—		30,000
Total debt	$	1,168,353	$	1,136,265	$	32,088

~~(1)~~

(1)RenaissanceRe owns a noncontrolling economic interest in its joint venture DaVinciRe. Because RenaissanceRe controls a majority of DaVinciRe’s outstanding voting rights, the consolidated financial statements of DaVinciRe are included in the consolidated financial statements of RenaissanceRe. However, RenaissanceRe does not guarantee or provide credit support for DaVinciRe and RenaissanceRe’s financial exposure ~~to DaVinciRe is limited to its investment in DaVinciRe’s shares and counterparty credit risk arising from reinsurance transactions.~~

~~During~~ ~~2017, our total shareholders’ equity attributable~~ to DaVinciRe is limited to its investment in DaVinciRe’s shares and counterparty credit risk arising from reinsurance transactions.

(2)RenaissanceRe ~~and debt decreased by $434.2 million, to $5.6 billion.~~owns a noncontrolling economic interest in Medici. Because RenaissanceRe controls all of Medici’s outstanding voting rights, the financial statements of Medici are included in RenaissanceRe’s consolidated financial statements.

Our shareholders’ equity attributable to RenaissanceRe decreased ~~$475.2 million~~$0.9 billion during ~~2017~~2021 principally as a result of:

~~our comprehensive loss attributable to RenaissanceRe of~~ ~~$223.3 million~~;

~~our~~•the repurchase of ~~1.3~~6.6 million common shares in open market transactions at an aggregate cost of ~~$188.6 million,~~$1.0 billion and an average price of ~~$142.67~~$156.78 per common share;

•the redemption of all Series E 5.375% Preference Shares for $275.0 million plus accrued and unpaid dividends thereon;

•our comprehensive loss attributable to RenaissanceRe of $38.4 million; and

•$~~51.4~~67.8 million and ~~$22.4~~$33.3 million of dividends on our common and preference shares, ~~respectively.~~

respectively; and partially offset by

~~During~~ ~~2017~~,•raising $500.0 million in gross proceeds in July 2021 through the issuance of 20,000,000 Depositary Shares, each of which represents a 1/1,000th interest in a share of our 4.20% Series G Preference Shares.

Our debt increased $32.1 million during the year ended December 31, 2021 principally as a result of $30.0 million that was drawn under the Medici Revolving Credit Facility.

For additional information related to the terms of our debt increased $41.0 million primarily driven by the June 29, 2017 issuance of $300.0 million of our 3.450% Senior Notes due July 1, 2027, partially offset by the June 1, 2017 repayment in full at maturity of $250.0 million of our Series B 7.50% Senior Notes assumed in connection with the acquisition of Platinum and ~~originally issued by Platinum Underwriters Finance, Inc.~~

~~Credit Facilities~~

~~The outstanding amounts drawn under each of our~~ significant credit facilities, ~~is set forth below:~~

At December 31, 2017 Issued or Drawn
(in thousands)
RenaissanceRe Revolving Credit Facility $ —

Uncommitted Standby Letter of Credit Facility with Wells Fargo 106,794

Uncommitted Standby Letter of Credit Facility with NAB 3,785

Bilateral Letter of Credit Facility with Citibank Europe 197,278

Renaissance Reinsurance FAL Facility 180,000

Total credit facilities in U.S. dollars $ 487,857

Specialty Risks FAL Facility 10,000

Total credit facilities in British Pounds £ 10,000

~~Refer to~~see “Note 9. Debt and Credit ~~Facilities~~Facilities” in our ~~Notes~~“Notes to the Consolidated Financial ~~Statements” for additional information related to our debt and credit facilities and~~Statements.” See “Note 12. Shareholders’ ~~Equity~~Equity” in our ~~Notes~~“Notes to the Consolidated Financial Statements” for additional information related to our common and preference shares.

~~Multi-Beneficiary Reinsurance Trusts and Multi-Beneficiary Reduced Collateral Reinsurance Trusts~~

Refer to “Note 18. Statutory Requirements in our Notes to the Consolidated Financial Statements” for additional information related to our multi-beneficiary reinsurance trusts and multi-beneficiary reduced collateral reinsurance trust.

~~Redeemable Noncontrolling Interest – DaVinciRe~~

~~Refer to “Note 10. Noncontrolling Interests in our Notes to the Consolidated Financial Statements” for additional information related to redeemable noncontrolling interest - DaVinciRe.~~

~~Ratings~~

Financial strength ratings are an important factor in respect of the competitive position of reinsurance and insurance companies. We have received high claims-paying and financial strength ratings from A.M. Best, S&P, Moody’s and Fitch. These ratings represent independent opinions of an insurer’s financial strength, operating performance and ability to meet policyholder obligations, and are not an evaluation directed toward the protection of investors or a recommendation to buy, sell or hold any of our securities. Rating organizations continually review the financial positions of our principal operating subsidiaries and joint ventures and ratings may be revised or revoked by the agencies which issue them.

~~Presented below are the ratings of our principal operating subsidiaries and joint ventures and the ERM rating of RenaissanceRe as of~~ ~~February 2, 2018~~.




	~~A.M. Best~~	~~S&P~~	~~Moody’s~~	~~Fitch~~

~~Renaissance Reinsurance (1)~~	A+	~~AA-~~	A1	A+
~~DaVinci (1)~~	A	~~AA-~~	A3	—
~~Renaissance Reinsurance U.S. (1)~~	A	~~AA-~~	—	—
~~RenaissanceRe Specialty U.S. (1)~~	A	~~AA-~~	—	—
~~Renaissance Reinsurance of Europe (1)~~	A+	~~AA-~~	—	—
~~Top Layer Re (1)~~	A+	AA	—	—

~~Syndicate 1458~~	—	—	—	—
~~Lloyd’s Overall Market Rating (2)~~	A	A+	—	~~AA-~~

~~RenaissanceRe (3)~~	—	~~Very Strong~~	—	—


~~(1)~~	The A.M. Best, S&P, Moody's and Fitch ratings for these companies set forth in the table above reflect the insurer's financial strength rating and in addition, the S&P ratings also reflect the insurer's issuer credit rating.


~~(2)~~	~~The A.M. Best, S&P and Fitch ratings for the Lloyd’s Overall Market Rating represent its financial strength rating.~~


~~(3)~~	~~The S&P rating for RenaissanceRe represents rating on its Enterprise Risk Management practices.~~

~~A.M. Best.~~ On August 19, 2016, A.M. Best affirmed the financial strength rating of “A” (Excellent) of DaVinci Renaissance Reinsurance U.S. and Renaissance Specialty U.S. and “A+” (Superior) of Top Layer Re, with an outlook of stable. On April 16, 2015, A.M. Best removed from under review with negative implications and affirmed the financial strength rating of “A+” (Superior) for each of Renaissance Reinsurance and Renaissance Reinsurance of Europe, with an outlook of negative and affirmed the issuer credit rating of “a-” (Excellent) and all debt ratings of RenaissanceRe. “A+” is the second highest designation of A.M. Best’s sixteen rating levels. “A+” rated insurance companies are defined as “Superior” companies and are considered by A.M. Best to have a very strong ability to meet their obligations to policyholders. “A” is the third highest designation assigned by A.M. Best, representing A.M. Best’s opinion that the insurer has an “Excellent” ability to meet its ongoing obligations to policyholders.

~~S&P.~~ On October 30, 2017, S&P affirmed the financial strength ratings of “AA-“ for Renaissance Reinsurance, DaVinci and Renaissance Reinsurance of Europe, Renaissance Reinsurance U.S. and RenaissanceRe Specialty U.S. The outlook for these ratings is negative. The negative outlook primarily reflects industry related challenges from secular trends faced by us. On October 12, 2015, S&P affirmed Top Layer Re’s financial strength rating and issuer credit rating of “AA”. The outlook for this rating is stable.The “AA” range (“AA+”, “AA”, “AA-”) is the second highest rating assigned by S&P and indicates that S&P believes the insurers have very strong capacity to meet their financial commitments, differing only slightly from those rated higher. The “A” range (“A+”,”A”, “A-“), which is the third highest rating assigned by S&P, indicates that S&P believes the insurers have strong capacity to meet their respective financial commitments but they are somewhat more susceptible to adverse effects or changes in circumstances and economic conditions than insurers rated higher. S&P assigns an issuer credit rating to an entity which is an opinion on the creditworthiness of the obligor with respect to a specific financial obligation.

In addition, S&P assesses companies’ ERM practices, which is an opinion on the many critical dimensions of risk management that determine overall creditworthiness. RenaissanceRe has been assigned an ERM rating of “Very Strong”, which is the highest rating assigned by S&P, and indicates that S&P believes RenaissanceRe has extremely strong capabilities to consistently identify, measure, and manage risk exposures and losses within RenaissanceRe’s predetermined tolerance guidelines. On December 2, 2016, S&P affirmed the ERM rating of RenaissanceRe of “Very Strong”.

~~Moody’s.~~ Moody’s Insurance Financial Strength Ratings represent its opinions of the ability of insurance companies to pay punctually policyholder claims and obligations and senior unsecured debt instruments. On November 25, 2015, Moody’s affirmed its ratings of “A1” for RenaissanceRe and ”A3” for DaVinci and changed its outlook to stable, from negative. The stable outlook reflected Moody’s more positive view of the acquisition of Platinum, although concerns linger about reinsurance sector fundamentals. Moody’s believes that insurance companies rated “A1” and “A3” offer good financial security.

~~Fitch.~~ Fitch’s issuer financial strength ratings provide an assessment of the financial strength of an insurance organization. On February 27, 2017, Fitch affirmed its rating of Renaissance Reinsurance at “A+”. The outlook is stable for this rating. Fitch believes that insurance companies rated “A+” have “Strong” capacity to meet policyholders and contract obligations on a timely basis with a low expectation of ceased or interrupted payments. Insurers rated “AA-“ by Fitch are believed to have a very low expectation of ceased or interrupted payments and very strong capital to meet policyholder obligations.

~~Lloyd’s Overall Market Rating~~

A.M. Best, S&P and Fitch have each assigned an financial strength rating to the Lloyd’s overall market. The financial risks to policy holders of syndicates within the Lloyd’s market are partially mutualized through the Lloyd’s Central Fund, to which all underwriting members contribute. Because of the presence of the Lloyd’s Central Fund, and the current legal and regulatory structure of the Lloyd’s market, financial strength ratings on individual syndicates would not be particularly meaningful and in any event would not be lower than the financial strength rating of the Lloyd’s overall market.

Reserve for Claims and Claim Expenses

We believe the most significant accounting judgment made by management is our estimate of claims and claim expense reserves. Claims and claim expense reserves represent estimates, including actuarial and statistical projections at a given point in time, of the ultimate settlement and administration costs for unpaid claims and claim expenses arising from the insurance and reinsurance contracts we sell. ~~We establish our~~Our actual net claims and claim ~~expense reserves by taking claims reported to us by insureds~~expenses paid will differ, perhaps materially, from the estimates reflected in our financial statements, which may adversely impact our financial condition, liquidity and ceding companies, but which have not yet been paid (“case reserves”), adding the costs for additional case reserves (“additional case reserves”) which represent our estimates for claims related to specific contracts previously reported to us which we believe may not be adequately estimated by the client as of that date, and adding estimates for the anticipated cost of IBNR.capital resources.

~~Our reserving techniques, assumptions and processes differ among our Property and Casualty and Specialty segments.~~ Refer to “Note 8. Reserve for Claims and Claim ~~Expenses~~Expenses” in our ~~Notes~~“Notes to the Consolidated Financial Statements” for more information on the risks we insure and reinsure, the reserving techniques, assumptions and processes we follow to estimate our claims and claim expense reserves, prior year development of the reserve for claims and claim expenses, analysis of our incurred and paid claims development and claims duration information for each of our Property and Casualty and Specialty segments. In addition, refer to “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Summary of Critical Accounting Estimates—Claims and Claim Expense Reserves” for more information on the reserving techniques, assumptions and processes we follow to estimate our claims and claim expense reserves, our current estimates versus our initial estimates of our claims reserves, and sensitivity analysis for each of our Property and Casualty and Specialty segments.

Investments

The table below shows our invested assets:

At December 31, 2017 2016 Change
(in thousands, except percentages)
U.S. treasuries $ 3,168,763
33.3 % $ 2,617,894
28.1 % $ 550,869

Agencies 47,646
0.5 % 90,972
1.0 % (43,326 )
Municipal 509,802
5.4 % 519,069
5.6 % (9,267 )
Non-U.S. government (Sovereign debt) 287,660
3.0 % 333,224
3.6 % (45,564 )
Non-U.S. government-backed corporate 163,651
1.7 % 133,300
1.4 % 30,351

Corporate 2,063,459
21.7 % 1,877,243
20.2 % 186,216

Agency mortgage-backed 500,456
5.3 % 462,493
5.0 % 37,963

Non-agency mortgage-backed 300,331
3.1 % 258,944
2.7 % 41,387

Commercial mortgage-backed 202,062
2.1 % 409,747
4.4 % (207,685 )
Asset-backed 182,725
2.0 % 188,358
2.0 % (5,633 )
Total fixed maturity investments, at fair value 7,426,555
78.1 % 6,891,244
74.0 % 535,311

Short term investments, at fair value 991,863
10.4 % 1,368,379
14.7 % (376,516 )
Equity investments trading, at fair value 388,254
4.1 % 383,313
4.1 % 4,941

Other investments, at fair value 594,793
6.3 % 549,805
5.9 % 44,988

Total managed investment portfolio 9,401,465
98.9 % 9,192,741
98.7 % 208,724

Investments in other ventures, under equity method 101,974
1.1 % 124,227
1.3 % (22,253 )
Total investments $ 9,503,439
100.0 % $ 9,316,968
100.0 % $ 186,471



At December 31,	2021				2020				Change
(in thousands, except percentages)
U.S. treasuries	$	6,247,779	29.1	%	$	4,960,409	24.1	%	$	1,287,370
Agencies	361,684		1.7	%	368,032		1.8	%	(6,348)

Non-U.S. government	549,613		2.6	%	491,531		2.4	%	58,082

Non-U.S. government-backed corporate	474,848		2.2	%	338,014		1.6	%	136,834
Corporate	3,214,438		15.0	%	4,261,025		20.7	%	(1,046,587)
Agency mortgage-backed	721,955		3.4	%	1,113,792		5.4	%	(391,837)
Non-agency mortgage-backed	233,346		1.1	%	291,444		1.4	%	(58,098)
Commercial mortgage-backed	634,925		3.0	%	791,272		3.8	%	(156,347)
Asset-backed	1,068,543		5.0	%	890,984		4.3	%	177,559
Total fixed maturity investments, at fair value	13,507,131		63.1	%	13,506,503		65.5	%	628
Short term investments, at fair value	5,298,385		24.7	%	4,993,735		24.3	%	304,650
Equity investments trading, at fair value	546,016		2.5	%	702,617		3.4	%	(156,601)

Catastrophe bonds	1,104,034		5.1	%	881,290		4.3	%	222,744
Direct private equity investments	88,373		0.4	%	79,807		0.4	%	8,566
Fund investments	725,802		3.4	%	295,851		1.4	%	429,951
Term loans	74,850		0.3	%	—		—	%	74,850
Total other investments, at fair value	1,993,059		9.2	%	1,256,948		6.2	%	736,111
Total managed investment portfolio	19,351,532		90.3	%	19,202,855		93.2	%	148,677
Investments in other ventures, under equity method	98,068		0.5	%	98,373		0.6	%	(305)
Total investments	$	21,442,659	90.8	%	$	20,558,176	93.8	%	$	884,483

~~At December 31, 2017, we held investments totaling $9.5 billion, compared~~We structure our investment portfolio to ~~$9.3 billion at December 31, 2016. Our investment guidelines stress~~emphasize the preservation of capital and the availability of liquidity to meet our claims obligations, to be well diversified across market ~~liquidity,~~sectors, and ~~diversification of risk.~~to generate relatively attractive returns on a risk-adjusted basis over time. Notwithstanding the foregoing, our investments are subject to market-wide risks and fluctuations, as well as to risks inherent in particular securities. ~~In addition to the information presented above and below, refer to “Note 5. Investments and Note 6. Fair Value Measurements in our Notes to the Consolidated Financial Statements” for~~For additional information regarding our investments and the fair value measurement of our investments ~~respectively.~~refer to “Note 5. Investments” and “Note 6. Fair Value Measurements” in our “Notes to the Consolidated Financial Statements.”

As the reinsurance coverages we sell include substantial protection for damages resulting from natural and man-made catastrophes, as well as for potentially large casualty and specialty exposures, we expect from time to time to become liable for substantial claim payments on short notice. Accordingly, our investment portfolio as a whole is structured to seek to preserve capital and provide a high level of liquidity, which means that the large majority of our ~~investment portfolio consists of~~investments are highly rated fixed income securities, including U.S. treasuries, agencies, ~~municipals,~~ highly rated sovereign and supranational securities, high-grade corporate securities and mortgage-backed and asset-backed securities. We also have an allocation to publicly traded equities reflected on our consolidated balance sheet as equity investments trading and an allocation to other investments (including catastrophe bonds, direct private equity ~~partnerships, senior secured bank loan funds, hedge funds~~investments, fund investments and other investments). At December 31, 2017, our portfolio of equity investments trading totaled $388.3 million, or 4.1%, of our total investments (2016 - $383.3 million or 4.1%). Our portfolio of other investments totaled $594.8 million, or 6.3%, of our total investments (2016 - $549.8 million or 5.9%)term loans).

The following table summarizes the composition of our investment portfolio, including the amortized cost, ~~and~~ fair value, ~~of our investment portfolio~~credit ratings and ~~the~~effective yields.



										Credit Rating (1)
December 31, 2021	Amortized Cost		Fair Value			% of Total Investment Portfolio		Weighted Average Yield to Maturity		AAA			AA			A			BBB			Non- Investment Grade			Not Rated
(in thousands, except percentages)
Short term investments	$	5,298,385	$	5,298,385		24.7	%	0.1	%	$	5,261,431		$	21,682		$	13,431		$	203		$	177		$	1,461
			100.0		%					99.3		%	0.4		%	0.3		%	—		%	—		%	—		%
Fixed maturity investments
U.S. treasuries	6,302,313		6,247,779			29.1	%	1.1	%	—			6,247,779			—			—			—			—



Agencies	364,429		361,684			1.7	%	1.2	%	56,067			305,617			—			—			—			—

Non-U.S. government	552,935		549,613			2.6	%	1.2	%	286,810			202,067			45,192			14,257			1,287			—

Non-U.S. government-backed corporate	476,200		474,848			2.2	%	1.4	%	168,177			272,297			24,480			3,702			6,192			—
Corporate	3,202,614		3,214,438			15.0	%	2.8	%	31,603			113,253			979,752			996,288			1,053,867			39,675


Agency mortgage-backed	721,711		721,955			3.4	%	1.9	%	—			721,955			—			—			—			—


Non-agency mortgage-backed	232,144		233,346			1.1	%	3.2	%	51,279			11,749			1,810			5,751			110,459			52,298

Commercial mortgage-backed	631,016		634,925			3.0	%	1.9	%	492,903			113,736			4,191			15,835			2,514			5,746







Asset-backed	1,069,217		1,068,543			5.0	%	1.8	%	770,492			166,595			59,346			37,270			22,935			11,905

Total fixed maturity investments	13,552,579		13,507,131			63.1	%	1.7	%	1,857,331			8,155,048			1,114,771			1,073,103			1,197,254			109,624
			100.0		%					13.8		%	60.3		%	8.3		%	7.9		%	8.9		%	0.8		%
Equity investments trading			546,016			2.5	%			—			—			—			—			—			546,016
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Other investments
Catastrophe bonds			1,104,034			5.1	%			—			—			—			—			1,104,034			—
Direct private equity investments			88,373			0.4	%			—			—			—			—			—			88,373
Total fund investments			725,802			3.4	%			—			—			—			—			—			725,802
Term loans			74,850			0.3	%			—			—			74,850			—			—			—



Total other investments			1,993,059			9.2	%			—			—			74,850			—			1,104,034			814,175
			100.0		%					—		%	—		%	3.8		%	—		%	55.4		%	40.9		%
Investments in other ventures			98,068			0.5	%			—			—			—			—			—			98,068
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Total investment portfolio			$	21,442,659		100.0	%			$	7,118,762		$	8,176,730		$	1,203,052		$	1,073,306		$	2,301,465		$	1,569,344
			100.0		%					33.3		%	38.1		%	5.6		%	5.0		%	10.7		%	7.3		%

(1) The credit ratings asincluded in this table are those assigned by S~~&P, or Moody’s and/or other rating agencies when~~&P. When ratings provided by S&P ~~ratings~~ were not available, ratings from other nationally recognized rating agencies were used. We have grouped short term investments with an A-1+ and ~~the respective effective yield.~~A-1 short term issue credit rating as AAA, short term investments with an A-2 short term issue credit rating as AA and short term investments with an A-3 short term issue credit rating as A.

100

Credit Rating (1)
December 31, 2017 Amortized
Cost Fair Value % of Total
Investment
Portfolio Weighted Average Effective Yield AAA AA A BBB Non-
Investment
Grade Not Rated
(in thousands, except percentages)
Short term investments $ 991,863
$ 991,863
10.4 % 1.4 % $ 959,836
$ 28,927
$ 1,397
$ 506
$ —
$ 1,197

100.0 % 96.8 % 2.9 % 0.1 % 0.1 % — % 0.1 %
Fixed maturity investments
U.S. treasuries 3,195,767
3,168,763
33.3 % 1.9 % —
3,168,763
—
—
—
—

Agencies 48,151
47,646
0.5 % 2.1 % —
47,646
—
—
—
—

Municipal 506,486
509,802
5.4 % 2.2 % 99,978
245,250
125,630
38,944
—
—

Non-U.S. government (Sovereign debt) 287,641
287,660
3.0 % 2.0 % 208,289
52,316
26,348
707
—
—

Non-U.S. government-backed corporate 164,312
163,651
1.7 % 2.3 % 41,346
89,901
28,940
1,484
1,980
—

Corporate 2,057,219
2,063,459
21.7 % 3.8 % 59,272
163,006
624,074
464,626
723,167
29,314

Agency mortgage-backed 507,250
500,456
5.3 % 3.0 % —
500,456
—
—
—
—

Non-agency mortgage-backed 283,303
300,331
3.1 % 3.7 % 13,045
12,295
6,286
14,528
235,732
18,445

Commercial mortgage-backed 202,452
202,062
2.1 % 2.9 % 163,687
37,812
231
332
—
—

Asset-backed 182,289
182,725
2.0 % 2.8 % 154,205
24,096
2,444
1,980
—
—

Total fixed maturity investments 7,434,870
7,426,555
78.1 % 2.7 % 739,822
4,341,541
813,953
522,601
960,879
47,759

100.0 % 10.0 % 58.5 % 11.0 % 7.0 % 12.9 % 0.6 %
Equity investments trading 388,254
4.1 % —
—
—
—
—
388,254

100.0 % — % — % — % — % — % 100.0 %
Other investments
Catastrophe bonds 380,475
4.0 % —
—
—
—
380,475
—

Private equity partnerships 196,220
2.1 % —
—
—
—
—
196,220

Senior secured bank loan funds 17,574
0.2 % —
—
—
—
—
17,574

Hedge funds 524
— % —
—
—
—
—
524

Total other investments 594,793
6.3 % —
—
—
—
380,475
214,318

100.0 % — % — % — % — % 64.0 % 36.0 %
Investments in other ventures 101,974
1.1 % —
—
—
—
—
101,974

100.0 % — % — % — % — % — % 100.0 %
Total investment portfolio $ 9,503,439
100.0 % $ 1,699,658
$ 4,370,468
$ 815,350
$ 523,107
$ 1,341,354
$ 753,502

100.0 %

17.9 % 46.0 % 8.6 % 5.5 % 14.1 % 7.9 %

~~(1)~~

The credit ratings included in this table are those assigned by S&P. When ratings provided by S&P were not available, ratings from other nationally recognized rating agencies were used. The Company has grouped short term investments with an A-1+ and A-1 short term issue credit rating as AAA, short term investments with an A-2 short term issue credit rating as AA and short term investments with an A-3 short term issue credit rating as A.

~~Fixed Maturity Investments~~Contractual Obligations

In assessing our liquidity requirements and ~~Short Term Investments~~cash needs, we also consider contractual obligations to which we are a party. In certain circumstances, our contractual obligations may be accelerated due to defaults under the agreements governing those obligations (including pursuant to cross-default provisions in such agreements) or in connection with certain changes in control of the Company, for example. In addition, in certain circumstances, in the event of a default these obligations may bear an increased interest rate or be subject to penalties.

At The table below shows certain of our current and long-term contractual obligations:



At December 31, 2021	Total		Less Than 1 Year		1-3 Years		3-5 Years		More Than 5 Years
(in thousands)
Long term debt obligations (1)
3.600% Senior Notes due 2029	$	504,942	$	14,400	$	28,800	$	28,800	$	432,942
3.450% Senior Notes due 2027	356,911		10,350		20,700		20,700		305,161
3.700% Senior Notes due 2025	336,067		11,100		22,200		302,767		—
4.750% Senior Notes due 2025 (DaVinciRe)	173,737		7,125		14,250		152,362		—
Total long term debt obligations	1,371,657		42,975		85,950		504,629		738,103
Investment commitments (2)	1,411,306		1,411,306		—		—		—
Operating lease obligations	54,870		8,515		13,626		11,586		21,143
Capital lease obligations	18,112		2,661		5,322		5,322		4,807
Payable for investments purchased	1,170,568		1,170,568		—		—		—
Reserve for claims and claim expenses (3)	13,294,630		3,988,389		4,254,281		2,127,141		2,924,819
Total contractual obligations	$	17,321,143	$	6,624,414	$	4,359,179	$	2,648,678	$	3,688,872

(1)Includes contractual interest payments.

(2)The investment commitments do not have a defined contractual commitment date and we have therefore included them in the less than one year category.

Cash Flows



Year ended December 31,	2021		2020		2019
(in thousands)
Net cash provided by (used in) operating activities	$	1,234,815	$	1,992,735	$	2,137,195
Net cash provided by (used in) investing activities	(816,296)		(2,304,689)		(2,988,644)
Net cash provided by (used in) financing activities	(302,461)		665,214		1,120,117
Effect of exchange rate changes on foreign currency cash	6,148		4,485		2,478
Net increase (decrease) in cash and cash equivalents	122,206		357,745		271,146

Cash and cash equivalents, beginning of period	1,736,813		1,379,068		1,107,922
Cash and cash equivalents, end of period	$	1,859,019	$	1,736,813	$	1,379,068

2021

During 2021, our cash and cash equivalents increased by $122.2 million, to $1.9 billion at December 31, ~~2017, our fixed maturity investments and short term investment portfolio had a dollar-weighted average credit quality rating of AA- (2016~~ ~~– AA) and a weighted average effective yield of~~ ~~2.5%~~ (~~2016~~ ~~– 2.1%). At~~ 2021, compared to $1.7 billion at December 31, ~~2017~~,2020.

Cash flows provided by operating activities. Cash flows provided by operating activities during 2021 were $1.2 billion, compared to $2.0 billion during 2020. Cash flows provided by operating activities during 2021 were primarily the result of certain adjustments to reconcile our ~~non-investment grade~~net loss of $103.4 million to net cash provided by operating activities, including:

•an increase in reserve for claims and ~~not rated fixed maturity investments totaled~~ ~~$1.0~~claim expenses of $2.9 billion or ~~13.5%~~ ~~of our fixed maturity investments (2016~~ - $867.2 million or 12.6%, respectively). In addition, within our other investments category we have funds that invest in non-investment grade and not rated fixed income securities and non-investment grade cat-linked securities. At ~~December 31, 2017~~,

~~the funds that invest in non-investment grade and not rated fixed income securities and non-investment grade cat-linked securities totaled~~ ~~$398.0 million~~ (~~2016~~ ~~– $357.2 million).~~

At ~~December 31, 2017, we had~~ ~~$991.9 million~~ ~~of short term investments (2016~~ – ~~$1.4 billion~~). Short term investments are managed as part of our investment portfolio and have a maturity of one year or less when purchased. Short term investments are carried at fair value. The decrease in our short term investments during 2017 was principally driven by the primarily resulting from net ~~payment of~~ claims and claim expenses associated with the ~~Q3 2017 Catastrophe Events, Q4 2017 California Wildfires and 2017 Aggregate Losses.~~2021 Weather-Related Large Losses;

~~The duration~~•an increase in unearned premiums of our fixed maturity investments and short term investments at December 31, 2017 was 2.5 years (2016 – 2.4 years). From time to time, we may reevaluate the duration of our portfolio in light of the duration of our liabilities and market conditions.

The value of our fixed maturity investments will fluctuate with changes in the interest rate environment and when changes occur in the overall investment market and in overall economic conditions. Additionally, our differing asset classes expose us to other risks which could cause a reduction in the value of our investments. Examples of some of these risks include:

Changes in the overall interest rate environment can expose us to “prepayment risk” on our mortgage-backed investments. When interest rates decline, consumers will generally make prepayments on their mortgages and, as a result, our investments in mortgage-backed securities will be repaid to us more quickly than we might have originally anticipated. When we receive these prepayments, our opportunities to reinvest these proceeds back into the investment markets will likely be at reduced interest rates. Conversely, when interest rates increase, consumers will generally make fewer prepayments on their mortgages and, as a result, our investments in mortgage-backed securities will be repaid to us less quickly than we might have originally anticipated. This will increase the duration of our portfolio, which is disadvantageous to us in a rising interest rate environment.

~~Our investments in certain tax-exempt municipal fixed income securities are subject~~$767.6 million due to the ~~risk that~~growth in gross premiums written across both our Property and Casualty and Specialty segments;

•an increase in reinsurance balances payable of $372.6 million principally driven by the ~~U.S. Government could limit or materially alter the current tax exemption on these securities~~issuance of non-voting preference shares to investors in Upsilon RFO, which are accounted for as prospective reinsurance and future new issuances. While the potential reduction or loss of such tax exemption would likely lead to increased yields on newly issued municipal fixed income securities in the long term, we would also expect to see a decrease in the fair value of our municipal fixed income securities portfolio in the short term.

Our investments in mortgage-backed securities are also subject to default risk. This risk is due in part to defaults on the underlying securitized mortgages, which would decrease the fair value of the investment and be disadvantageous to us. Similar risks apply to other asset-backed securities in which we may invest from time to time.

Our investments in debt securities of other corporations are exposed to losses from insolvencies of these corporations, and our investment portfolio can also deteriorate based on reduced credit quality of these corporations. We are also exposed to the impact of widening credit spreads even if specific securities are not downgraded.

Our investments in asset-backed securities are subject to prepayment risks, as noted above, and to the structural risks of these securities. The structural risks primarily emanate from the priority of each security in the issuer’s overall capital structure. We are also exposed to the impact of widening credit spreads.

Within our other investments category, we have funds that invest in non-investment grade fixed income securities as well as securities denominated in foreign currencies. These investments expose us to losses from insolvencies and other credit-related issues and also to widening of credit spreads. We are also exposed to fluctuations in foreign exchange rates that may result in realized losses to us if our exposures are not hedged or if our hedging strategies are not effective.

~~The following table summarizes the composition of the fair value of the fixed maturity investments and short term investments of our top ten corporate issuers.~~

At December 31, 2017
(in thousands)
Issuer Total
Short term
investments

Fixed maturity
investments

Goldman Sachs Group Inc. $ 43,870
$ —
$ 43,870

JP Morgan Chase & Co. 35,359
—
35,359

Morgan Stanley 34,820
—
34,820

Bank of America Corp. 31,445
—
31,445

Wells Fargo & Co. 27,715
—
27,715

HSBC Holdings PLC 24,312
—
24,312

Citigroup Inc. 22,070
—
22,070

UBS Group AG 21,529
—
21,529

The Bank of Nova Scotia 18,281
—
18,281

Fifth Third Bancorp 17,709
—
17,709

Total (1) $ 277,110
$ —
$ 277,110


~~(1)~~	~~Excludes non-U.S. government-backed corporate fixed maturity investments, reverse repurchase agreements and commercial paper, at fair value.~~

~~Equity Investments Trading~~

~~The following table summarizes the fair value of equity investments trading:~~

At December 31, 2017 2016 Change
(in thousands)
Financials $ 253,543
$ 275,065
$ (21,522 )
Communications and technology 49,526
36,770
12,756

Industrial, utilities and energy 34,325
30,303
4,022

Consumer 24,779
20,501
4,278

Healthcare 21,364
17,245
4,119

Basic materials 4,717
3,429
1,288

Total $ 388,254
$ 383,313
$ 4,941

~~We have a diversified public equity securities mandate with a third party investment manager which currently comprises a portion of our investments~~ included in equity investments trading. It is possible our equity allocation will increase in the future, and it could, from time to time, have a material effect on our financial results for the reasonably foreseeable future.

~~Other Investments~~

~~The table below shows our portfolio of other investments:~~

At December 31, 2017 2016 Change
(in thousands)
Catastrophe bonds $ 380,475
$ 335,209
$ 45,266

Private equity partnerships 196,220
191,061
5,159

Senior secured bank loan funds 17,574
22,040
(4,466 )
Hedge funds 524
1,495
(971 )
Total other investments $ 594,793
$ 549,805
$ 44,988

~~We account for our other investments at fair value in accordance with FASB ASC Topic~~ ~~Financial Instruments. The fair value of certain of our fund investments, which principally include private equity funds, senior secured bank loan funds and hedge funds, is recorded~~reinsurance balances payable on our consolidated balance sheet in other investments, and is generally established on the basis of the net valuation criteria established by the managers of such investments, if applicable. The net valuation criteria established by the managers of such investments is established in accordance with the governing documents of such investments. Many of our fund investments are subject to restrictions on redemptions and sales which are determined by the governing documents and limit our ability to liquidate these investments in the short term.

In circumstances where there is a reporting lag between the current period end reporting date and the reporting date of the latest fund valuation, we estimate the fair value of these funds by starting with the prior month or quarter-end fund valuations, adjusting these valuations for actual capital calls, redemptions or distributions, and the impact of changes in foreign currency exchange rates, and then estimating the return for the current period. In circumstances in which we estimate the return for the current period, all information available to us is utilized. This principally includes using preliminary estimates reported to us by our fund managers, obtaining the valuation of underlying portfolio investments where such underlying investments are publicly traded and therefore have a readily observable price, using information that is available to us with respect to the underlying investments, reviewing various indices for similar investments or asset classes, and estimating returns based on the results of similar types of investments for which we have obtained reported results, or other valuation methods, where possible. Actual final fund valuations may differ, perhaps materially so, from our estimates and these differences are recorded in our consolidated statement of operations in the period in which they are reported to us, as a change in estimate. Included in net investment income for ~~2017~~ is ~~income~~ of ~~$1.9 million~~ (~~2016~~ - ~~loss~~ of ~~$3.4 million~~) representing the change in estimate during the period related to the difference between our estimated net investment income due to the lag in reporting discussed above and the actual amount as reported in the final net asset values provided by our fund managers.

~~Our estimate of the fair value of catastrophe bonds is based on quoted market prices, or when such prices are not available, by reference to broker or underwriter bid indications. Refer to~~sheet. See “Note 6~~. Fair Value Measurements”~~11. Variable Interest Entities” in our “Notes to the Consolidated Financial Statements” for additional information ~~regarding~~related to Upsilon RFO’s non-voting preference shares; partially offset by

•an increase in reinsurance recoverable of $1.3 billion due to the ~~fair value~~increase in net claims and claim expenses and recoverables associated with the 2021 Weather-Related Large Losses;

•an increase in premiums receivable of ~~measurement~~$886.9 million due to the timing of receipts and increase in our gross premiums written;

•an increase of $215.6 million in our deferred acquisition costs due to the growth in gross premiums written across both our Property and Casualty and Specialty segments;

•an increase of $31.1 million in our prepaid reinsurance premiums due to an increase in ceded premiums written; and

•a decrease in other operating cash flows of $437.2 million primarily reflecting subscriptions received in advance of the issuance of Upsilon RFO’s non-voting preference shares effective January 1, 2021, which were recorded in other liabilities at December 31, 2020. During 2021, in connection with the issuance of the non-voting preference shares of Upsilon RFO, other liabilities were reduced by the subscriptions received in advance, and reinsurance balances payable were increased by an offsetting amount, with corresponding impacts to other operating cash flows and the change in reinsurance balances payable, as noted above, on our consolidated statements of cash flows for 2021. See “Note 11. Variable Interest Entities” in our “Notes to the Consolidated Financial Statements” for additional information related to Upsilon RFO’s non-voting preference shares.

Cash flows used in financing activities. Our cash flows used in financing activities in 2021 were $302.5 million, and were principally the result of:

•the repurchase of 6.6 million of our ~~investments.~~common shares in open market transactions at an aggregate cost of $1.0 billion and an average price of $156.78 per common share;

~~We have committed capital~~•the redemption of all 11 million of our outstanding 5.375% Series E Preference Shares on August 11, 2021 for $275.0 million;

•dividends paid on our common and preference shares of $67.8 million and $32.9 million, respectively; and partially offset by

•net inflows of $594.3 million primarily related to ~~private~~net third-party redeemable noncontrolling interest share transactions in DaVinci, Medici and Vermeer; and

2020

During 2020, our cash and cash equivalents increased by $357.7 million, to $1.7 billion at December 31, 2020, compared to $1.4 billion at December 31, 2019.

•an increase in unearned premiums of $232.9 million due to the growth in gross premiums written across both our Property and Casualty and Specialty segments; partially offset by

•net realized and unrealized gains on investments of $820.6 million principally driven by netrealized and unrealized gains on our fixed maturity investments portfolio, equity ~~partnerships~~investments trading and investment-related derivatives;

•an increase in premiums receivable of $293.6 million due to the timing of receipts and increase in our gross premiums written;

•an increase in reinsurance recoverable of $138.4 million principally related to the increase in claims and claim expenses noted above;

•an increase of $55.8 million in our prepaid reinsurance premiums due to the timing of payments and increase in ceded premiums written; and

•an increase in other operating cash flows of $178.3 million primarily reflecting subscriptions received in advance of the issuance of Upsilon RFO’s non-voting preference shares effective January 1, 2021, which were recorded in other liabilities at December 31, 2020. Refer to “Note 11. Variable Interest Entities” in our “Notes to the Consolidated Financial Statements” for additional information related to Upsilon RFO’s non-voting preference shares;

Cash flows used in investing activities. During 2020, our cash flows used in investing activities were $2.3 billion, principally reflecting net purchases of fixed maturity investments trading, short term investments and other investments of ~~$1.0~~$1.6 billion,, $581.5 million, and $216.8 million, respectively. The net purchase of fixed maturity investments trading was primarily funded by cash flows provided by operating activities, as described above, and the issuance of RenaissanceRe common shares during the second quarter of 2020, whereas the net purchase of short term investments was primarily associated with capital received from investors in Upsilon RFO during 2020.The net purchase of other investments during 2020 was primarily driven by an increased allocation to catastrophe bonds. Partially offsetting these net outflows from investing activities were net proceeds of $136.7 million from the sale of RenaissanceRe UK during the third quarter of 2020.

Cash flows provided by financing activities. Our cash flows provided by financing activities in 2020 were $665.2 million, and were principally the result of:

•net inflows of $119.1 million related to net third-party redeemable noncontrolling interest share transactions in DaVinciRe, Medici and Vermeer; partially offset by

•the repayment in full at maturity of the aggregate principal amount of $250.0 million, plus applicable accrued interest, of our 5.75% Senior Notes due 2020 of RenRe North America Holdings Inc. and RenaissanceRe Finance;

•the redemption of all 5 million of our outstanding Series C 6.08% Preference Shares on March 26, 2020 for $125.0 million plus accrued and unpaid dividends thereon;

•the repurchase of 406 thousand of our common shares in open market transactions at an aggregate cost of $62.6 million and an average price of $154.36 per common share; and

•dividends paid on our common and preference shares of $68.5 million and $30.9 million, respectively.

Capital Resources

We monitor our capital adequacy on a regular basis and seek to adjust our capital according to the needs of our business. In particular, we require capital sufficient to meet or exceed the capital adequacy ratios established by rating agencies for maintenance of appropriate financial strength ratings, the capital adequacy tests performed by regulatory authorities and the capital requirements under our credit facilities. From time to time, rating agencies may make changes in their capital models and rating methodologies, which ~~$585.2 million~~ ~~has been contributed at~~ ~~December 31, 2017. Our remaining commitments~~could increase the amount of capital required to ~~these investments at~~ ~~December 31, 2017~~ ~~totaled~~ ~~$429.9 million~~support our ratings. We may seek to raise additional capital or return capital to our shareholders through common share repurchases and cash dividends (or a combination of such methods). In the ~~future,~~normal course of our operations, we may from time to time evaluate additional share or debt issuances given prevailing market conditions and capital management strategies, including for our operating subsidiaries, joint ventures and managed funds. In addition, as noted above, we enter into agreements with financial institutions to obtain letter of credit facilities for the benefit of our operating subsidiaries and certain of our joint ventures and managed funds in their reinsurance and insurance business.

Our total shareholders’ equity attributable to RenaissanceRe and total debt was as follows:



At December 31,	2021		2020		Change
(in thousands)
Common shareholders’ equity	$	5,874,281	$	7,035,248	$	(1,160,967)
Preference shares	750,000		525,000		225,000
Total shareholders’ equity attributable to RenaissanceRe	6,624,281		7,560,248		(935,967)

3.600% Senior Notes due 2029	393,305		392,391		914
3.450% Senior Notes due 2027	297,281		296,787		494
3.700% Senior Notes due 2025	298,798		298,428		370


4.750% Senior Notes due 2025 (DaVinciRe) (1)	148,969		148,659		310
Total senior notes	1,138,353		1,136,265		2,088
Medici Revolving Credit Facility (2)	30,000		—		30,000
Total debt	$	1,168,353	$	1,136,265	$	32,088

(1)RenaissanceRe owns a noncontrolling economic interest in its joint venture DaVinciRe. Because RenaissanceRe controls a majority of DaVinciRe’s outstanding voting rights, the consolidated financial statements of DaVinciRe are included in the consolidated financial statements of RenaissanceRe. However, RenaissanceRe does not guarantee or provide credit support for DaVinciRe and RenaissanceRe’s financial exposure to DaVinciRe is limited to its investment in DaVinciRe’s shares and counterparty credit risk arising from reinsurance transactions.

Our shareholders’ equity attributable to RenaissanceRe decreased $0.9 billion during 2021 principally as a result of:

•the repurchase of 6.6 million common shares in open market transactions at an aggregate cost of $1.0 billion and an average price of $156.78 per common share;

•the redemption of all Series E 5.375% Preference Shares for $275.0 million plus accrued and unpaid dividends thereon;

•our comprehensive loss attributable to RenaissanceRe of $38.4 million; and

•$67.8 million and $33.3 million of dividends on our common and preference shares, respectively; and partially offset by

•raising $500.0 million in gross proceeds in July 2021 through the issuance of 20,000,000 Depositary Shares, each of which represents a 1/1,000th interest in a share of our 4.20% Series G Preference Shares.

Our debt increased $32.1 million during the year ended December 31, 2021 principally as a result of $30.0 million that was drawn under the Medici Revolving Credit Facility.

For additional ~~commitments~~information related to the terms of our debt and significant credit facilities, see “Note 9. Debt and Credit Facilities” in ~~respect~~our “Notes to the Consolidated Financial Statements.” See “Note 12. Shareholders’ Equity” in our “Notes to the Consolidated Financial Statements” for additional information related to our common and preference shares.

Reserve for Claims and Claim Expenses

We believe the most significant accounting judgment made by management is our estimate of ~~private equity partnerships or individual portfolio company investment opportunities.~~

claims and claim expense reserves. Claims and claim expense reserves represent estimates, including actuarial and statistical projections at a given point in time, of the ultimate settlement and administration costs for unpaid claims and claim expenses arising from the insurance and reinsurance contracts we sell. Our actual net claims and claim expenses paid will differ, perhaps materially, from the estimates reflected in our financial statements, which may adversely impact our financial condition, liquidity and capital resources.

Refer to “Note 8. Reserve for Claims and Claim Expenses” in our “Notes to the Consolidated Financial Statements” for more information on the risks we insure and reinsure, the reserving techniques, assumptions and processes we follow to estimate our claims and claim expense reserves, prior year development of the reserve for claims and claim expenses, analysis of our incurred and paid claims development and claims duration information for each of our Property and Casualty and Specialty segments. In addition, refer to “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Summary of Critical Accounting Estimates—Claims and Claim Expense Reserves” for more information on the reserving techniques, assumptions and processes we follow to estimate our claims and claim expense reserves, our current estimates versus our initial estimates of our claims reserves, and sensitivity analysis for each of our Property and Casualty and Specialty segments.

Investments ~~in Other Ventures, under Equity Method~~

The table below shows our invested assets:



At December 31,	2021				2020				Change
(in thousands, except percentages)
U.S. treasuries	$	6,247,779	29.1	%	$	4,960,409	24.1	%	$	1,287,370
Agencies	361,684		1.7	%	368,032		1.8	%	(6,348)

Non-U.S. government	549,613		2.6	%	491,531		2.4	%	58,082

Non-U.S. government-backed corporate	474,848		2.2	%	338,014		1.6	%	136,834
Corporate	3,214,438		15.0	%	4,261,025		20.7	%	(1,046,587)
Agency mortgage-backed	721,955		3.4	%	1,113,792		5.4	%	(391,837)
Non-agency mortgage-backed	233,346		1.1	%	291,444		1.4	%	(58,098)
Commercial mortgage-backed	634,925		3.0	%	791,272		3.8	%	(156,347)
Asset-backed	1,068,543		5.0	%	890,984		4.3	%	177,559
Total fixed maturity investments, at fair value	13,507,131		63.1	%	13,506,503		65.5	%	628
Short term investments, at fair value	5,298,385		24.7	%	4,993,735		24.3	%	304,650
Equity investments trading, at fair value	546,016		2.5	%	702,617		3.4	%	(156,601)

Catastrophe bonds	1,104,034		5.1	%	881,290		4.3	%	222,744
Direct private equity investments	88,373		0.4	%	79,807		0.4	%	8,566
Fund investments	725,802		3.4	%	295,851		1.4	%	429,951
Term loans	74,850		0.3	%	—		—	%	74,850
Total other investments, at fair value	1,993,059		9.2	%	1,256,948		6.2	%	736,111
Total managed investment portfolio	19,351,532		90.3	%	19,202,855		93.2	%	148,677
Investments in other ventures, under equity method	98,068		0.5	%	98,373		0.6	%	(305)
Total investments	$	21,442,659	90.8	%	$	20,558,176	93.8	%	$	884,483

At December 31, 2017 2016
(in thousands, except percentages) Investment Ownership % Carrying Value Investment Ownership % Carrying Value
THIG $ 50,000
25.0 % $ 20,856
$ 50,000
25.0 % $ 19,286

Tower Hill 10,000
33.3 % 14,917
10,000
32.3 % 21,590

Tower Hill Re 4,250
25.0 % —
4,250
25.0 % 2,903

Tower Hill Signature 500
25.0 % 6,394
500
25.0 % 9,085

Total Tower Hill Companies 64,750
42,167
64,750
52,864

Top Layer Re 65,375
50.0 % 50,211
65,375
50.0 % 60,360

Other 13,650
40.4 % 9,596
23,923
41.8 % 11,003

Total investments in other ventures, under equity method $ 143,775
$ 101,974
$ 154,048
$ 124,227

~~Except for Top Layer Re,~~particular securities. For additional information regarding our investments and the ~~equity in earnings of the Tower Hill Companies and our other category of investments in other ventures are reported one quarter in arrears. The carrying~~fair value measurement of our investments refer to “Note 5. Investments” and “Note 6. Fair Value Measurements” in our “Notes to the Consolidated Financial Statements.”

As the reinsurance coverages we sell include substantial protection for damages resulting from natural and man-made catastrophes, as well as for potentially large casualty and specialty exposures, we expect from time to time to become liable for substantial claim payments on short notice. Accordingly, our investment portfolio as a whole is structured to seek to preserve capital and provide a high level of liquidity, which means that the large majority of our investments are highly rated fixed income securities, including U.S. treasuries, agencies, highly rated sovereign and supranational securities, high-grade corporate securities and mortgage-backed and asset-backed securities. We also have an allocation to publicly traded equities reflected on our consolidated balance sheet as equity investments trading and an allocation to other ~~ventures, under~~investments (including catastrophe bonds, direct private equity ~~method, individually or in the aggregate may,~~investments, fund investments and ~~likely will, differ from the realized value we may ultimately attain, perhaps significantly so.~~term loans).

~~Effects of Inflation~~

The ~~potential exists, after a catastrophe loss, for~~following table summarizes the development of inflationary pressures in a local economy. The anticipated effects on us are considered in our catastrophe loss models. Our estimates of the potential effects of inflation are also considered in pricing and in estimating reserves for unpaid claims and claim expenses. In addition, it is possible that the risk of general economic inflation has increased which could, among other things, cause claims and claim expenses to increase and also impact the performancecomposition of our investment ~~portfolio.~~portfolio, including the amortized cost, fair value, credit ratings and effective yields.



										Credit Rating (1)
December 31, 2021	Amortized Cost		Fair Value			% of Total Investment Portfolio		Weighted Average Yield to Maturity		AAA			AA			A			BBB			Non- Investment Grade			Not Rated
(in thousands, except percentages)
Short term investments	$	5,298,385	$	5,298,385		24.7	%	0.1	%	$	5,261,431		$	21,682		$	13,431		$	203		$	177		$	1,461
			100.0		%					99.3		%	0.4		%	0.3		%	—		%	—		%	—		%
Fixed maturity investments
U.S. treasuries	6,302,313		6,247,779			29.1	%	1.1	%	—			6,247,779			—			—			—			—



Agencies	364,429		361,684			1.7	%	1.2	%	56,067			305,617			—			—			—			—

Non-U.S. government	552,935		549,613			2.6	%	1.2	%	286,810			202,067			45,192			14,257			1,287			—

Non-U.S. government-backed corporate	476,200		474,848			2.2	%	1.4	%	168,177			272,297			24,480			3,702			6,192			—
Corporate	3,202,614		3,214,438			15.0	%	2.8	%	31,603			113,253			979,752			996,288			1,053,867			39,675


Agency mortgage-backed	721,711		721,955			3.4	%	1.9	%	—			721,955			—			—			—			—


Non-agency mortgage-backed	232,144		233,346			1.1	%	3.2	%	51,279			11,749			1,810			5,751			110,459			52,298

Commercial mortgage-backed	631,016		634,925			3.0	%	1.9	%	492,903			113,736			4,191			15,835			2,514			5,746







Asset-backed	1,069,217		1,068,543			5.0	%	1.8	%	770,492			166,595			59,346			37,270			22,935			11,905

Total fixed maturity investments	13,552,579		13,507,131			63.1	%	1.7	%	1,857,331			8,155,048			1,114,771			1,073,103			1,197,254			109,624
			100.0		%					13.8		%	60.3		%	8.3		%	7.9		%	8.9		%	0.8		%
Equity investments trading			546,016			2.5	%			—			—			—			—			—			546,016
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Other investments
Catastrophe bonds			1,104,034			5.1	%			—			—			—			—			1,104,034			—
Direct private equity investments			88,373			0.4	%			—			—			—			—			—			88,373
Total fund investments			725,802			3.4	%			—			—			—			—			—			725,802
Term loans			74,850			0.3	%			—			—			74,850			—			—			—



Total other investments			1,993,059			9.2	%			—			—			74,850			—			1,104,034			814,175
			100.0		%					—		%	—		%	3.8		%	—		%	55.4		%	40.9		%
Investments in other ventures			98,068			0.5	%			—			—			—			—			—			98,068
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Total investment portfolio			$	21,442,659		100.0	%			$	7,118,762		$	8,176,730		$	1,203,052		$	1,073,306		$	2,301,465		$	1,569,344
			100.0		%					33.3		%	38.1		%	5.6		%	5.0		%	10.7		%	7.3		%

(1) The ~~actual effects of~~credit ratings included in this ~~potential increase in inflation on our results cannot be accurately known until, among~~table are those assigned by S&P. When ratings provided by S&P were not available, ratings from other ~~items, claims are ultimately settled. The onset, duration~~nationally recognized rating agencies were used. We have grouped short term investments with an A-1+ and ~~severity of~~A-1 short term issue credit rating as AAA, short term investments with an ~~inflationary period cannot be estimated~~A-2 short term issue credit rating as AA and short term investments with ~~precision.~~an A-3 short term issue credit rating as A.

~~Off-Balance Sheet and Special Purpose Entity Arrangements~~

At ~~December 31, 2017, we had not entered into any off-balance sheet arrangements, as defined by Item 303(a)(4) of Regulation S-K.~~

100

Contractual Obligations

In ~~the normal course of~~assessing our ~~business,~~liquidity requirements and cash needs, we also consider contractual obligations to which we are a ~~party to a variety of contractual obligations and these are considered by us when assessing our liquidity requirements.~~party. In certain circumstances, our contractual obligations may be accelerated due to defaults under the agreements governing those obligations (including pursuant to cross-default provisions in such agreements) or in connection with certain changes in control of the Company, for example. In addition, in certain circumstances, in the event of a default these obligations may bear an increased interest rate or be subject to penalties.

The table below shows certain of our current and long-term contractual obligations:



At December 31, 2021	Total		Less Than 1 Year		1-3 Years		3-5 Years		More Than 5 Years
(in thousands)
Long term debt obligations (1)
3.600% Senior Notes due 2029	$	504,942	$	14,400	$	28,800	$	28,800	$	432,942
3.450% Senior Notes due 2027	356,911		10,350		20,700		20,700		305,161
3.700% Senior Notes due 2025	336,067		11,100		22,200		302,767		—
4.750% Senior Notes due 2025 (DaVinciRe)	173,737		7,125		14,250		152,362		—
Total long term debt obligations	1,371,657		42,975		85,950		504,629		738,103
Investment commitments (2)	1,411,306		1,411,306		—		—		—
Operating lease obligations	54,870		8,515		13,626		11,586		21,143
Capital lease obligations	18,112		2,661		5,322		5,322		4,807
Payable for investments purchased	1,170,568		1,170,568		—		—		—
Reserve for claims and claim expenses (3)	13,294,630		3,988,389		4,254,281		2,127,141		2,924,819
Total contractual obligations	$	17,321,143	$	6,624,414	$	4,359,179	$	2,648,678	$	3,688,872

(1)Includes contractual interest payments.

(2)The investment commitments do not have a defined contractual commitment date and we have therefore included them in the less than one year category.

At December 31, 2017 Total
Less than 1
year
1-3 years 3-5 years
More than 5
years

(in thousands)
Long term debt obligations (1)
3.450% Senior Notes due 2027 $ 398,315
$ 10,350
$ 20,700
$ 20,700
$ 346,565

3.700% Senior Notes due 2025 380,464
11,100
22,200
22,200
324,964

5.75% Senior Notes due 2020 281,668
14,375
267,293
—
—

4.750% Senior Notes due 2025 (DaVinciRe) 202,839
7,125
14,250
14,250
167,214

Total long term debt obligations 1,263,286
42,950
324,443
57,150
838,743

Private equity and investment commitments (2) 429,933
429,933
—
—
—

Operating lease obligations 30,805
7,604
12,186
9,174
1,841

Capital lease obligations 32,109
3,150
6,667
6,672
15,620

Payable for investments purchased 208,749
208,749
—
—
—

Reserve for claims and claim expenses (3) 5,080,408
1,275,182
1,834,027
843,347
1,127,852

Total contractual obligations $ 7,045,290
$ 1,967,568
$ 2,177,323
$ 916,343
$ 1,984,056

Cash Flows



Year ended December 31,	2021		2020		2019
(in thousands)
Net cash provided by (used in) operating activities	$	1,234,815	$	1,992,735	$	2,137,195
Net cash provided by (used in) investing activities	(816,296)		(2,304,689)		(2,988,644)
Net cash provided by (used in) financing activities	(302,461)		665,214		1,120,117
Effect of exchange rate changes on foreign currency cash	6,148		4,485		2,478
Net increase (decrease) in cash and cash equivalents	122,206		357,745		271,146

Cash and cash equivalents, beginning of period	1,736,813		1,379,068		1,107,922
Cash and cash equivalents, end of period	$	1,859,019	$	1,736,813	$	1,379,068

2021

During 2021, our cash and cash equivalents increased by $122.2 million, to $1.9 billion at December 31, 2021, compared to $1.7 billion at December 31, 2020.

Cash flows provided by operating activities. Cash flows provided by operating activities during 2021 were $1.2 billion, compared to $2.0 billion during 2020. Cash flows provided by operating activities during 2021 were primarily the result of certain adjustments to reconcile our net loss of $103.4 million to net cash provided by operating activities, including:

•an increase in reserve for claims and claim expenses of $2.9 billion primarily resulting from net claims and claim expenses associated with the 2021 Weather-Related Large Losses;

•an increase in unearned premiums of $767.6 million due to the growth in gross premiums written across both our Property and Casualty and Specialty segments;

•an increase in reinsurance balances payable of $372.6 million principally driven by the issuance of non-voting preference shares to investors in Upsilon RFO, which are accounted for as prospective reinsurance and included in reinsurance balances payable on our consolidated balance sheet. See “Note 11. Variable Interest Entities” in our “Notes to the Consolidated Financial Statements” for additional information related to Upsilon RFO’s non-voting preference shares; partially offset by

•an increase in reinsurance recoverable of $1.3 billion due to the increase in net claims and claim expenses and recoverables associated with the 2021 Weather-Related Large Losses;

•an increase in premiums receivable of $886.9 million due to the timing of receipts and increase in our gross premiums written;

•an increase of $215.6 million in our deferred acquisition costs due to the growth in gross premiums written across both our Property and Casualty and Specialty segments;

•an increase of $31.1 million in our prepaid reinsurance premiums due to an increase in ceded premiums written; and

Cash flows used in financing activities. Our cash flows used in financing activities in 2021 were $302.5 million, and were principally the result of:

•the repurchase of 6.6 million of our common shares in open market transactions at an aggregate cost of $1.0 billion and an average price of $156.78 per common share;

•the redemption of all 11 million of our outstanding 5.375% Series E Preference Shares on August 11, 2021 for $275.0 million;

•dividends paid on our common and preference shares of $67.8 million and $32.9 million, respectively; and partially offset by

•net inflows of $594.3 million primarily related to net third-party redeemable noncontrolling interest share transactions in DaVinci, Medici and Vermeer; and

2020

During 2020, our cash and cash equivalents increased by $357.7 million, to $1.7 billion at December 31, 2020, compared to $1.4 billion at December 31, 2019.

•an increase in unearned premiums of $232.9 million due to the growth in gross premiums written across both our Property and Casualty and Specialty segments; partially offset by

•an increase in premiums receivable of $293.6 million due to the timing of receipts and increase in our gross premiums written;

•an increase in reinsurance recoverable of $138.4 million principally related to the increase in claims and claim expenses noted above;

•an increase of $55.8 million in our prepaid reinsurance premiums due to the timing of payments and increase in ceded premiums written; and

Cash flows used in investing activities. During 2020, our cash flows used in investing activities were $2.3 billion, principally reflecting net purchases of fixed maturity investments trading, short term investments and other investments of $1.6 billion, $581.5 million, and $216.8 million, respectively. The net purchase of fixed maturity investments trading was primarily funded by cash flows provided by operating activities, as described above, and the issuance of RenaissanceRe common shares during the second quarter of 2020, whereas the net purchase of short term investments was primarily associated with capital received from investors in Upsilon RFO during 2020.The net purchase of other investments during 2020 was primarily driven by an increased allocation to catastrophe bonds. Partially offsetting these net outflows from investing activities were net proceeds of $136.7 million from the sale of RenaissanceRe UK during the third quarter of 2020.

Cash flows provided by financing activities. Our cash flows provided by financing activities in 2020 were $665.2 million, and were principally the result of:

•net inflows of $119.1 million related to net third-party redeemable noncontrolling interest share transactions in DaVinciRe, Medici and Vermeer; partially offset by

•the redemption of all 5 million of our outstanding Series C 6.08% Preference Shares on March 26, 2020 for $125.0 million plus accrued and unpaid dividends thereon;

•the repurchase of 406 thousand of our common shares in open market transactions at an aggregate cost of $62.6 million and an average price of $154.36 per common share; and

•dividends paid on our common and preference shares of $68.5 million and $30.9 million, respectively.

Capital Resources

We monitor our capital adequacy on a regular basis and seek to adjust our capital according to the needs of our business. In particular, we require capital sufficient to meet or exceed the capital adequacy ratios established by rating agencies for maintenance of appropriate financial strength ratings, the capital adequacy tests performed by regulatory authorities and the capital requirements under our credit facilities. From time to time, rating agencies may make changes in their capital models and rating methodologies, which could increase the amount of capital required to support our ratings. We may seek to raise additional capital or return capital to our shareholders through common share repurchases and cash dividends (or a combination of such methods). In the normal course of our operations, we may from time to time evaluate additional share or debt issuances given prevailing market conditions and capital management strategies, including for our operating subsidiaries, joint ventures and managed funds. In addition, as noted above, we enter into agreements with financial institutions to obtain letter of credit facilities for the benefit of our operating subsidiaries and certain of our joint ventures and managed funds in their reinsurance and insurance business.

Our total shareholders’ equity attributable to RenaissanceRe and total debt was as follows:



At December 31,	2021		2020		Change
(in thousands)
Common shareholders’ equity	$	5,874,281	$	7,035,248	$	(1,160,967)
Preference shares	750,000		525,000		225,000
Total shareholders’ equity attributable to RenaissanceRe	6,624,281		7,560,248		(935,967)

3.600% Senior Notes due 2029	393,305		392,391		914
3.450% Senior Notes due 2027	297,281		296,787		494
3.700% Senior Notes due 2025	298,798		298,428		370


4.750% Senior Notes due 2025 (DaVinciRe) (1)	148,969		148,659		310
Total senior notes	1,138,353		1,136,265		2,088
Medici Revolving Credit Facility (2)	30,000		—		30,000
Total debt	$	1,168,353	$	1,136,265	$	32,088

(1)RenaissanceRe owns a noncontrolling economic interest in its joint venture DaVinciRe. Because RenaissanceRe controls a majority of DaVinciRe’s outstanding voting rights, the consolidated financial statements of DaVinciRe are included in the consolidated financial statements of RenaissanceRe. However, RenaissanceRe does not guarantee or provide credit support for DaVinciRe and RenaissanceRe’s financial exposure to DaVinciRe is limited to its investment in DaVinciRe’s shares and counterparty credit risk arising from reinsurance transactions.

Our shareholders’ equity attributable to RenaissanceRe decreased $0.9 billion during 2021 principally as a result of:

•the repurchase of 6.6 million common shares in open market transactions at an aggregate cost of $1.0 billion and an average price of $156.78 per common share;

•the redemption of all Series E 5.375% Preference Shares for $275.0 million plus accrued and unpaid dividends thereon;

•our comprehensive loss attributable to RenaissanceRe of $38.4 million; and

•$67.8 million and $33.3 million of dividends on our common and preference shares, respectively; and partially offset by

Our debt increased $32.1 million during the year ended December 31, 2021 principally as a result of $30.0 million that was drawn under the Medici Revolving Credit Facility.

For additional information related to the terms of our debt and significant credit facilities, see “Note 9. Debt and Credit Facilities” in our “Notes to the Consolidated Financial Statements.” See “Note 12. Shareholders’ Equity” in our “Notes to the Consolidated Financial Statements” for additional information related to our common and preference shares.

Reserve for Claims and Claim Expenses

Investments

The table below shows our invested assets:



At December 31,	2021				2020				Change
(in thousands, except percentages)
U.S. treasuries	$	6,247,779	29.1	%	$	4,960,409	24.1	%	$	1,287,370
Agencies	361,684		1.7	%	368,032		1.8	%	(6,348)

Non-U.S. government	549,613		2.6	%	491,531		2.4	%	58,082

Non-U.S. government-backed corporate	474,848		2.2	%	338,014		1.6	%	136,834
Corporate	3,214,438		15.0	%	4,261,025		20.7	%	(1,046,587)
Agency mortgage-backed	721,955		3.4	%	1,113,792		5.4	%	(391,837)
Non-agency mortgage-backed	233,346		1.1	%	291,444		1.4	%	(58,098)
Commercial mortgage-backed	634,925		3.0	%	791,272		3.8	%	(156,347)
Asset-backed	1,068,543		5.0	%	890,984		4.3	%	177,559
Total fixed maturity investments, at fair value	13,507,131		63.1	%	13,506,503		65.5	%	628
Short term investments, at fair value	5,298,385		24.7	%	4,993,735		24.3	%	304,650
Equity investments trading, at fair value	546,016		2.5	%	702,617		3.4	%	(156,601)

Catastrophe bonds	1,104,034		5.1	%	881,290		4.3	%	222,744
Direct private equity investments	88,373		0.4	%	79,807		0.4	%	8,566
Fund investments	725,802		3.4	%	295,851		1.4	%	429,951
Term loans	74,850		0.3	%	—		—	%	74,850
Total other investments, at fair value	1,993,059		9.2	%	1,256,948		6.2	%	736,111
Total managed investment portfolio	19,351,532		90.3	%	19,202,855		93.2	%	148,677
Investments in other ventures, under equity method	98,068		0.5	%	98,373		0.6	%	(305)
Total investments	$	21,442,659	90.8	%	$	20,558,176	93.8	%	$	884,483

We structure our investment portfolio to emphasize the preservation of capital and the availability of liquidity to meet our claims obligations, to be well diversified across market sectors, and to generate relatively attractive returns on a risk-adjusted basis over time. Notwithstanding the foregoing, our investments are subject to market-wide risks and fluctuations, as well as to risks inherent in particular securities. For additional information regarding our investments and the fair value measurement of our investments refer to “Note 5. Investments” and “Note 6. Fair Value Measurements” in our “Notes to the Consolidated Financial Statements.”

The following table summarizes the composition of our investment portfolio, including the amortized cost, fair value, credit ratings and effective yields.



										Credit Rating (1)
December 31, 2021	Amortized Cost		Fair Value			% of Total Investment Portfolio		Weighted Average Yield to Maturity		AAA			AA			A			BBB			Non- Investment Grade			Not Rated
(in thousands, except percentages)
Short term investments	$	5,298,385	$	5,298,385		24.7	%	0.1	%	$	5,261,431		$	21,682		$	13,431		$	203		$	177		$	1,461
			100.0		%					99.3		%	0.4		%	0.3		%	—		%	—		%	—		%
Fixed maturity investments
U.S. treasuries	6,302,313		6,247,779			29.1	%	1.1	%	—			6,247,779			—			—			—			—



Agencies	364,429		361,684			1.7	%	1.2	%	56,067			305,617			—			—			—			—

Non-U.S. government	552,935		549,613			2.6	%	1.2	%	286,810			202,067			45,192			14,257			1,287			—

Non-U.S. government-backed corporate	476,200		474,848			2.2	%	1.4	%	168,177			272,297			24,480			3,702			6,192			—
Corporate	3,202,614		3,214,438			15.0	%	2.8	%	31,603			113,253			979,752			996,288			1,053,867			39,675


Agency mortgage-backed	721,711		721,955			3.4	%	1.9	%	—			721,955			—			—			—			—


Non-agency mortgage-backed	232,144		233,346			1.1	%	3.2	%	51,279			11,749			1,810			5,751			110,459			52,298

Commercial mortgage-backed	631,016		634,925			3.0	%	1.9	%	492,903			113,736			4,191			15,835			2,514			5,746







Asset-backed	1,069,217		1,068,543			5.0	%	1.8	%	770,492			166,595			59,346			37,270			22,935			11,905

Total fixed maturity investments	13,552,579		13,507,131			63.1	%	1.7	%	1,857,331			8,155,048			1,114,771			1,073,103			1,197,254			109,624
			100.0		%					13.8		%	60.3		%	8.3		%	7.9		%	8.9		%	0.8		%
Equity investments trading			546,016			2.5	%			—			—			—			—			—			546,016
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Other investments
Catastrophe bonds			1,104,034			5.1	%			—			—			—			—			1,104,034			—
Direct private equity investments			88,373			0.4	%			—			—			—			—			—			88,373
Total fund investments			725,802			3.4	%			—			—			—			—			—			725,802
Term loans			74,850			0.3	%			—			—			74,850			—			—			—



Total other investments			1,993,059			9.2	%			—			—			74,850			—			1,104,034			814,175
			100.0		%					—		%	—		%	3.8		%	—		%	55.4		%	40.9		%
Investments in other ventures			98,068			0.5	%			—			—			—			—			—			98,068
			100.0		%					—		%	—		%	—		%	—		%	—		%	100.0		%
Total investment portfolio			$	21,442,659		100.0	%			$	7,118,762		$	8,176,730		$	1,203,052		$	1,073,306		$	2,301,465		$	1,569,344
			100.0		%					33.3		%	38.1		%	5.6		%	5.0		%	10.7		%	7.3		%

(1) The credit ratings included in this table are those assigned by S&P. When ratings provided by S&P were not available, ratings from other nationally recognized rating agencies were used. We have grouped short term investments with an A-1+ and A-1 short term issue credit rating as AAA, short term investments with an A-2 short term issue credit rating as AA and short term investments with an A-3 short term issue credit rating as A.

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Fixed Maturity Investments and Short Term Investments

At December 31, 2021, our fixed maturity investments and short term investment portfolio had a weighted average credit quality rating of AA (2020 – AAA) and a weighted average effective yield of 1.2% (2020 – 0.9%). At December 31, 2021, our non-investment grade and not rated fixed maturity investments totaled $1.3 billion or 9.7% of our fixed maturity investments (2020 - $1.4 billion or 10.0%, respectively). In addition, within our other investments category we have funds that invest in non-investment grade and not rated fixed income securities and non-investment grade cat-linked securities. At December 31, 2021, the funds that invest in non-investment grade and not rated fixed income securities and non-investment grade cat-linked securities totaled $1.8 billion (2020 – $911.4 million).

At December 31, 2021, we had $5.3 billion of short term investments (2020 – $5.0 billion). Short term investments are managed as part of our investment portfolio and have a maturity of one year or less when purchased. Short term investments are carried at fair value. The increase in our allocation to short term investments at December 31, 2021, compared to December 31, 2020, is principally driven by the additional invested assets in certain of our managed joint ventures and managed funds that limit investment allocation to shorter term securities.

The duration of our fixed maturity investments and short term investments at December 31, 2021 was 3.0 years (2020 - 2.9 years). From time to time, we may reevaluate the duration of our portfolio in light of the duration of our liabilities and market conditions.

The value of our fixed maturity investments will fluctuate with changes in the interest rate environment and when changes occur in economic conditions or the investment markets. Additionally, our differing asset classes expose us to other risks which could cause a reduction in the value of our investments.

Equity Investments Trading

The following table summarizes the fair value of equity investments trading:



At December 31,	2021		2020		Change
(in thousands)
Financials	$	146,615	$	452,765	$	(306,150)
Communications and technology	82,444		119,592		(37,148)
Consumer	51,083		44,477		6,606
Industrial, utilities and energy	26,645		43,380		(16,735)
Healthcare	28,796		35,140		(6,344)
Basic materials	5,092		7,263		(2,171)
Equity exchange traded funds	114,919		—		114,919
Fixed income exchange traded funds	90,422		—		90,422
Total equity investments trading	$	546,016	$	702,617	$	(156,601)

A portion of our investments included in equity investments trading is managed pursuant to diversified public equity securities mandates with third-party investment managers. In addition, our equity investments trading include more concentrated public equity positions that we invest in through our strategic investment portfolio. These investments are subject to a variety of risks including: company performance, the availability of strategic investment opportunities, and macro-economic, industry, and systemic risks of the equity markets overall. Consequently, the carrying value of our investment portfolio will vary over time as the value or size of our portfolio of strategic investments in marketable equity securities fluctuates. The change in fair value of equity investments trading from 2020 to 2021 was impacted by the partial sale of our strategic investment in Trupanion. It is possible we will increase our equity allocation in the future, and it could, from time to time, have a material effect on our financial results.

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Other Investments

The table below shows our portfolio of other investments:



At December 31,	2021		2020		Change
(in thousands)
Catastrophe bonds	$	1,104,034	$	881,290	$	222,744
Direct private equity investments	88,373		79,807		8,566
Fund investments	725,802		295,851		429,951
Term loans	74,850		—		74,850




Total other investments	$	1,993,059	$	1,256,948	$	736,111

We account for our other investments at fair value in accordance with FASB ASC Topic Financial Instruments. The fair value of our fund investments, which include private equity funds, private credit funds and hedge funds, is recorded on our consolidated balance sheet in other investments, and is generally established on the basis of the net asset value per share (or its equivalent), determined by the managers of these investments in accordance with the applicable governing documents. Many of our fund investments are subject to restrictions on redemptions and sales which limit our ability to liquidate these investments in the short term.

Some of our fund managers and fund administrators are unable to provide final fund valuations as of our current reporting date. We typically experience a reporting lag to receive a final net asset value report of one month for our hedge funds and certain private credit funds and three months for private equity funds and private credit funds, although we have occasionally experienced delays of up to six months at year end. In circumstances where there is a reporting lag, we estimate the fair value of these funds by starting with the prior month or quarter-end fund valuation, adjusting for actual capital calls, redemptions or distributions, and the impact of changes in foreign currency exchange rates, and then estimating the return for the current period using all information available to us. This principally includes using preliminary estimates reported to us by our fund managers, estimating returns based on the performance of broad market indices, or other valuation methods. Actual final fund valuations may differ, perhaps materially, from our estimates and these differences are recorded as a change in estimate in our consolidated statement of operations in the period in which they are reported to us. Included in net realized and unrealized gains (losses) on investments for 2021 is income of $7.0 million (2020 - a loss of $2.4 million) representing the change in estimate during the period related to the difference between our estimated net realized and unrealized gains (losses) due to the lag in reporting discussed above and the actual amount as reported in the final net asset values provided by our fund managers.

Our estimate of the fair value of catastrophe bonds is based on quoted market prices or, when such prices are not available, by reference to broker or underwriter bid indications. Refer to “Note 6. Fair Value Measurements” in our “Notes to the Consolidated Financial Statements” for additional information regarding the fair value measurement of our investments.

We have committed capital to direct equity investments, fund investments, term loans, and investments in other ventures of $2.7 billion, of which $1.3 billion has been contributed at December 31, 2021. Our remaining commitments to these investments at December 31, 2021 totaled $1.4 billion. In the future, we may enter into additional commitments in respect of these investments or individual portfolio company investment opportunities.

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Investments in Other Ventures, under Equity Method

The table below shows our investments in other ventures, under equity method:



At December 31,	2021						2020
(in thousands, except percentages)	Investment		Ownership %		Carrying Value		Investment		Ownership %		Carrying Value




Tower Hill Companies	$	78,698	2.0% - 25.0%		$	25,575	$	64,750	2.0% - 25.0%		$	30,470
Top Layer Re	65,375		50.0	%	25,903		65,375		50.0	%	26,958

Other	46,698		22.4	%	46,590		42,652		25.0	%	40,945
Total investments in other ventures, under equity method	$	190,771			$	98,068	$	172,777			$	98,373

The equity in earnings of the Tower Hill Companies and investments in other ventures are reported one quarter in arrears and Top Layer is reported on a current quarter basis. The realized value we ultimately attain for our investments in other ventures, under equity method will likely differ from the carrying value, perhaps materially.

Ratings

Financial strength ratings are important to the competitive position of reinsurance and insurance companies. We have received high long-term issuer credit and financial strength ratings and scores from A.M. Best, S&P, Moody’s and Fitch, as applicable. These ratings represent independent opinions of an insurer’s financial strength, operating performance and ability to meet policyholder obligations, and are not an evaluation directed toward the protection of investors or a recommendation to buy, sell or hold any of our securities. Rating organizations continually review the financial positions of our principal operating subsidiaries and joint ventures and ratings may be revised or revoked by the agencies which issue them. Additionally, rating organizations may change their rating methodology, which could have a material impact on our financial strength ratings.

The ratings of our principal operating subsidiaries and joint ventures and the ERM score of RenaissanceRe as of February 2, 2022 are presented below.

~~(1)~~

~~Includes contractual interest payments.~~

~~(2)~~

~~The private equity and investment commitments do not have a defined contractual commitment date and we have therefore included them in the less than one year category.~~

A.M. Best (1)

S&P (2)

Moody's (3)

Fitch (4)

~~(3)~~

~~Because~~Renaissance Reinsurance Ltd.

A+

DaVinci Reinsurance Ltd.

A+

—

Renaissance Reinsurance of ~~the nature of the coverages we provide, the amount~~Europe Unlimited Company

A+

—

Renaissance Reinsurance U.S. Inc.

A+

—

RenaissanceRe Europe AG

A+

—

RenaissanceRe Specialty U.S. Ltd.

A+

—

Top Layer Reinsurance Ltd.

A+

—

Vermeer Reinsurance Ltd.

—

RenaissanceRe Syndicate 1458

—

Lloyd's Overall Market Rating

A+

—

AA-

RenaissanceRe ERM Score

Very Strong

—

(1) The A.M. Best ratings for our principal operating subsidiaries and joint ventures represent the insurer’s financial strength rating. The Lloyd’s Overall Market Rating represents RenaissanceRe Syndicate 1458’s financial strength rating. RenaissanceRe has been assigned a “Very Strong” ERM score by A.M. Best.

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(2) The S&P ratings for our principal operating subsidiaries and joint ventures represent the insurer’s financial strength rating and the issuer’s long-term issuer credit rating. The Lloyd’s Overall Market Rating represents RenaissanceRe Syndicate 1458’s financial strength rating. RenaissanceRe has been assigned a “Very Strong” ERM score by S&P.

(3) The Moody’s ratings represent the insurer’s financial strength rating.

(4) The Fitch rating for Renaissance Reinsurance represents the insurer’s financial strength rating. The Lloyd’s Overall Market Rating represents Syndicate 1458’s financial strength rating.

A.M. Best

The outlook for all of our A.M. Best ratings is stable. “A+” is the second highest designation of A.M. Best’s rating levels. “A+” rated insurance companies are defined as “Superior” companies and are considered by A.M. Best to have a very strong ability to meet their obligations to policyholders. “A” is the third highest designation assigned by A.M. Best, representing A.M. Best’s opinion that the insurer has an “Excellent” ability to meet its ongoing obligations to policyholders.

S&P

The outlook for all of our S&P ratings is stable. The “A” range (“A+,” “A,” “A-”), which is the third highest rating assigned by S&P, indicates that S&P believes the insurers have strong capacity to meet their respective financial commitments but they are somewhat more susceptible to adverse effects or changes in circumstances and economic conditions than insurers rated higher.

Moody’s

The outlook for all of our Moody’s ratings is stable. Moody’s Insurance Financial Strength Ratings represent its opinions of the ability of insurance companies to pay punctually policyholder claims and obligations and senior unsecured debt instruments. Moody’s believes that insurance companies rated “A1” and “A3” offer good financial security.

Fitch

The outlook for all of our Fitch ratings is stable. Fitch believes that insurance companies rated “A+” have “Strong” capacity to meet policyholders and contract obligations on a timely basis with a low expectation of ceased or interrupted payments. Insurers rated “AA-"”by Fitch are believed to have a very low expectation of ceased or interrupted payments and very strong capital to meet policyholder obligations.

Lloyd’s Overall Market Rating

A.M. Best, S&P and Fitch have each assigned a financial strength rating to the Lloyd’s overall market. The financial risks to policy holders of syndicates within the Lloyd’s market are partially mutualized through the Lloyd’s Central Fund, to which all underwriting members contribute. Because of the presence of the Lloyd’s Central Fund, and the current legal and regulatory structure of the Lloyd’s market, financial strength ratings on individual syndicates would not be particularly meaningful and in any event would not be lower than the financial strength rating of the Lloyd’s overall market.

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SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION

RenaissanceRe Finance, a 100% owned subsidiary of RenaissanceRe, is the issuer of certain 3.700% Senior Notes due 2025 and 3.450% Senior Notes due 2027, each of which are fully and unconditionally guaranteed by RenaissanceRe. The guarantees are senior unsecured obligations of RenaissanceRe and rank equally in right of payment with all other existing and future unsecured and unsubordinated indebtedness of RenaissanceRe which may be outstanding from time to time. Each series of notes contain various covenants, including limitations on mergers and consolidations, and restrictions as to the disposition of, and the placing of liens on, stock of designated subsidiaries. For additional information related to the terms of our outstanding debt securities, see “Note 9. Debt and Credit Facilities” included herein.

The following tables present supplemental summarized financial information for RenaissanceRe and RenaissanceRe Finance, collectively the “Obligor Group.” Intercompany transactions among the members of the Obligor Group have been eliminated. The financial information of non-obligor subsidiaries has been excluded from the summarized financial information. Significant intercompany transactions and receivable/payable balances between the Obligor Group and non-obligor subsidiaries are presented separately in the summarized financial information:

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Summarized Balance Sheets



(in thousands)	December 31, 2021
Assets
Receivables due from non-obligor subsidiaries	$	9,550
Other current assets	106,482
Total current assets	$	116,032

Goodwill and timing of the cash flows associated with our policy liabilities will fluctuate, perhaps significantly, and therefore are highly uncertain. We have based our estimates of future claim payments on available relevant sources of loss and allocated loss adjustment expense development data and benchmark industry payment patterns. These benchmarks are revised periodically as new trends emerge. We believe that it is likely that this benchmark data will not be predictive of our future claim payments and that material fluctuations can occurother intangibles	$	108,261
Loan receivable from non-obligor subsidiaries	840,298
Other noncurrent assets	1,866,059
Total noncurrent assets	$	2,814,618

Liabilities
Payables due to ~~the nature of the losses which we insure and the coverages which we provide.~~non-obligor subsidiaries	$	160,703
Other current liabilities	28,680
Total current liabilities	$	189,383

Loan payable to non-obligor subsidiaries	$	201,380
Other noncurrent liabilities	1,088,288
Total noncurrent liabilities	$	1,289,668

Summarized Statement of Operations



(in thousands)	Year ended December 31, 2021
Revenues
Intercompany revenue with non-obligor subsidiaries	$	100,933
Other revenue	245
Total revenues	101,178
Expenses
Intercompany expense with non-obligor subsidiaries	38,960
Other expense	67,493
Total expenses	106,453
Income tax benefit (expense)	(44)
Net income (loss)	(5,319)
Dividends on RenaissanceRe preference shares	(33,266)
Net income (loss) attributable to Obligor Group	$	(38,585)

CURRENT OUTLOOK

~~Property Exposed~~Reinsurance Market Trends and Developments

We have built a global, multi-line, specialist company that allows us to write more business with more customers in more locations around the world. In ~~2017,~~2021, we continued our growth with existing and new customers across our segments and broadened our access to risk, writing more lines of business on more

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platforms. We also continued to diversify our sources of capital through various owned and managed balance sheets as well as the equity, debt and insurance-linked securities markets. This has afforded us significant flexibility to react when the world changes. We believe that the trusted relationships we have developed have provided us an incumbency position, contributing to our significant growth in attractive business in 2021. Despite our recent growth, we reduced our growth rate at the recent January 1st renewals, electing to focus more on optimizing our portfolio and increasing its efficiency and profitability. As always, we were a consistent partner, offering capacity across the risk spectrum.

Recent Industry Trends

In 2021, the insurance industry experienced its fifth consecutive year of elevated catastrophe losses. We saw a market trend shift away from property catastrophe risk due to the effects of climate change, social and ~~reinsurance markets were impacted by Hurricanes Harvey, Irma~~monetary inflation, as well as a lack of confidence in catastrophe modeling. Despite these challenges, we believe that our expertise and ~~Maria~~experience allow us to determine that we are being paid adequately to assume risk, which we are uniquely positioned to understand due to our strong underwriting bench (which has been through multiple market cycles), as well as our integrated system, and ~~the Mexico City Earthquake~~our team of scientists, engineers, and risk modelers at RenaissanceRe Sciences. We believe that market conditions have created significant opportunities to source attractive risk in the ~~third quarter~~lines of ~~2017~~business that we write, and ~~additional events, most notably~~that such opportunities will result in superior returns for our shareholders.

Social inflation continues to be a risk, and we expect it to be an ongoing trend. Over the ~~devastating wildfires in many areas~~course of the state of California, in the fourth quarter of 2017. Modeling firms, analysts and other industry observers have estimated that, in the aggregate, the impact of these events to the industry could approach or potentially exceed $100 billion. Given the nature and breadth of these events, losses have affected an unusually large number of regions, and, accordingly, insureds, reinsurance lines and reinsurers.

Partly as a result of these events, industry conditions improved broadly in respect of the January 2018 renewal season, facilitating growth in existing operations and presenting opportunities to deploy additional third party capital. Generally, loss affected programs and lines2021, we also saw the ~~most marked improvement~~rapid increase of monetary inflation. This is particularly impactful to our industry, as it drives rebuilding costs, such as increases in wages and commodity prices. We consider the anticipated effects of inflation on us in our catastrophe loss models and on our investment portfolio.

In the current market, we believe that we are uniquely positioned to write a variety of risks, leveraging the enhancements we made over the last several years to our risk and capital management technology and underwriting expertise to cover additional lines of business. In particular, we have invested heavily to understand the influence of climate change on the weather and its impact on the risks that we take. We plan to continue to seek to take advantage of additional opportunities throughout the year and believe that strategic decisions that we have made in prior periods have laid the foundation for these initiatives. We believe that our clients value our ability to be a long-term partner that brings access to multiple forms of capital and innovative, large-scale solutions.

January 1st Renewals

Property. The January 1 renewal is the largest renewal period for our Property segment. We had several goals we wanted to achieve, including seeking rate increases, improving terms and conditions, ~~but other property-exposed coverages also exhibited beneficial changes. However, market-wide~~adjusting for our increased view of risk, and decreasing our exposure to aggregate deals; and we were pleased with the results and the portfolio we built. We believe that we saw improved market conditions, and across markets we pushed hard for higher rates, while remaining disciplined when rate increases were not sufficient. We used the options we have developed, such as ~~steep or as broad as those experienced in renewals following most of the~~

~~previous years with catastrophic losses of this scale,~~our third-party capital vehicles, to provide flexibility and rate increases on the whole were lower than expectations reflected in market publications issued early in the renewal season. In addition, we cannot know with certainty how long these positive developments may be sustained, or the degree to which we will continue to benefit from them.

Moreover, we continue to expect that reinsurance demand for many coverages and solutions will continue to lag the pace of growth in available capital. While we believe we are well positioned to benefit from these developments as shown, for example, in our efforts to optimize our gross-to-net ~~portfolio,~~strategy, as evidenced by the growth in DaVinci and the increased percentage of property catastrophe business that we allocated to it. A significant amount of the growth in our Property segment over the last few years has been in the other property class of business, due largely to the substantial rate increases in the U.S. property excess and surplus market. As we expected, there was significant dislocation in the property retrocession markets at January 1, and we expect these trends to continue in 2022.

Casualty and Specialty. The January 1 renewal is also important for our Casualty and Specialty segment. Casualty and Specialty business has become increasingly desirable due to a combination of robust multi-year rate increases, as well as recent favorable plan performance. We continued ~~growth~~to see underlying rate increases across multiple lines of business and geographies within our Casualty and Specialty segment, and we expanded participation on multiple casualty and specialty lines. We believe that our book of business is continuing to reflect the rate improvements that we have seen over the past several years. We think that our prior work building strong relationships with key customers allowed us to gain superior access to desirable business.

General Economic Conditions

We actively managed our capital ~~supply~~in 2021 and expect to continue to do so in 2022. We believe that our shares have been trading at attractive levels, which provides us with additional options to manage excess capital. If this trend continues, we expect to utilize our strong capital position to continue to return excess capital to shareholders. When possible, our preference is to deploy any excess capital into profitable business opportunities before returning excess capital to shareholders.

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Overall, 2021 was a challenging year for third-party capital, but our ability to raise funds is a testament to the deep experience of our Capital Partners team and the relationships that they have built over the 20 years in this area.

We believe the stresses in the global economy will continue and that these conditions may result in increased market volatility. A period of low interest rates may affect our ability to derive investment income from our investments. As interest rates begin to rise from historic lows, we expect that we will see an increase in net investment income from our investment portfolio. The effects of these interest rate trends on our reinsurance and insurance business could be magnified for longer-tail business lines that are more inflation sensitive, particularly in our Casualty and Specialty segment, and in our other property class of business within our Property segment. Notwithstanding the many uncertainties and challenges that lie ahead, we believe that our track record of responding to industry events, differentiated risk management and client-service capabilities, and access to diverse sources of both ~~traditional market participants,~~capital and ~~increasingly alternative capital providers,~~risk position us favorably in the current environment.

We continue to closely monitor recent tax reform proposals and announcements. Tax law changes globally, and in the jurisdictions where we operate, could increase tax burdens on companies operating in such jurisdictions, or operating multilaterally, or which transact in or with respect to such jurisdictions. At this time, the practical details of how the OECD’s framework for instituting a global minimum corporate tax would be implemented are not clear, so we cannot anticipate or estimate the cost to us of this or any other such future initiative. However, we believe that the flexible global operating model that we have utilized will continue to ~~impact~~prove resilient.

COVID-19 Pandemic

The COVID-19 pandemic has had immense impacts on a global scale, including on the (re)insurance industries where it has raised many new questions and challenges for us and our industry. While we believe that we can continue to execute on our strategic plan and compete for, and meet, the demand for the protection that we provide, it is difficult to predict all of the potential impacts of the COVID-19 pandemic on the markets in which we participate. Furthermore, cedants in many of the key markets we serve are large and increasingly sophisticated. They may be able to manage large retentions, access risk transfer capital in expanding forms, and may seek to focus their reinsurance relationships on a core group of well-capitalized, highly-rated reinsurers who can provide a complete product suite as well as value-added service. While we believe we are well positioned to compete for business we find attractive, these dynamics may limit the degree to which the market sustains favorable improvements in the near term or continue to introduce or exacerbate long-term challenges in our markets.

~~Casualty and Specialty Exposed Market Developments~~

The markets in which our Casualty and Specialty segment operate generally experienced favorable rate trends and stable terms and conditions in and around the January 2018 renewal season. While favorable conditions were most observable in respect of accounts exhibiting elevated loss emergence or underlying rate deterioration, we estimate that the favorable market trend extended more broadly. We continue to expect casualty insurance and reinsurance capacity to remain generally abundant during 2018, but believe casualty and specialty market trends and industry loss events in recent periods contributed to the discipline impacting certain programs and lines. Overall, we continue to estimate that the market will be characterized by ample capacity. In the near term, we anticipate that terms and conditions in respect of loss-affected lines of business should continue to improve and that other areas of the casualty and specialty market may also maintain less pronounced but positive adjustments. Moreover, we continue to believe that pockets of casualty and specialty lines may provide attractive opportunities for stronger or well-positioned reinsurers and that we are well positioned to compete for business that we find attractive given our strong ratings, expanded product offerings, and increased U.S. market presence.

~~However, specific renewal terms vary widely by insured account~~participate and our ability to ~~shape our portfolio~~effectively respond to ~~improve its risk and return characteristics as estimated by us is subject to a range of competitive and commercial factors. We cannot assure you that~~ these ~~positive dynamics will be sustained, or that we will participate fully in improving terms. We intend to seek to maintain strong underwriting discipline and, in light of prevailing~~changing market ~~conditions, cannot provide assurance that we will succeed in growing or maintaining our current combined in-force book of business.~~dynamics.

~~General Economic Conditions~~

Underlying economic conditions in several of the key markets we serve were generally stable in 2017, with our core markets, including the U.S., experiencing moderate economic growth and increases in prevailing interest rates. This economic growth contributes positively to demand for our coverages and services, particularly in jurisdictions with high insurance penetration and the potential for risk concentration.

We continue to believe that meaningful risk remains for uncertainty, economic weakness or adverse disruptions in general economic and financial market conditions. Moreover, any future economic growth may be at a comparatively suppressed rate for a relatively extended period of time. Declining or weak economic conditions could reduce demand for the products sold by us or our customers, impact the risk-adjusted attractiveness and absolute returns and yields of our investment portfolio, or weaken our overall ability to write business at risk-adequate rates. In addition, persistent low levels of economic activity could adversely impact other areas of our financial performance, by contributing to unforeseen premium adjustments, mid-term policy cancellations or commutations or asset devaluation, among other things. Our specialty and casualty reinsurance and Lloyd’s portfolios in particular could be exposed to risks arising from economic weakness or dislocations, including with respect to a potential increase of claims in directors and officers, errors and omissions, surety, casualty clash and other lines of business. In addition, we believe our consolidated credit risk, reflecting our counterparty dealings with customers, agents, brokers,

retrocessionaires, capital providers and parties associated with our investment portfolio, among others, is likely to be higher during a period of economic weakness. Any of the foregoing or other outcomes of a period of economic weakness could adversely impact our financial position or results of operations.

The sustained environment of low interest rates in recent years lowered the yields at which we invest our assets relative to longer-term historical levels. More recently, we have seen increases in interest rates, and as we invest cash from new premiums written or reinvest the proceeds of invested assets that mature or that we choose to sell, the yield on our portfolio may be favorably impacted by the increasing interest rate environment. However, such an increase in prevailing interest rates could contribute to higher realized and unrealized losses associated with our currently invested assets in the near term. While it is possible yields will improve in future periods, we are unable to predict with certainty when conditions will substantially improve, or the pace of any such improvement.

We continue to monitor the risk that our principal markets will experience increased inflationary conditions, which would cause costs related to our claims and claim expenses to increase and impact the performance of our investment portfolio, among other things. The onset, duration and severity of an inflationary period cannot be estimated with precision.

~~Legislative and Regulatory Update~~

~~The Tax Bill was signed into law on December 22, 2017. As described in~~See “Part I, Item 1A. Risk Factors,” for additional information on factors that could cause our actual results to differ materially from those in the Tax Bill amends a range of U.S. federal tax rules applicable to individuals, businesses and international taxation, including, among other things, altering the current taxation of insurance premiums ceded from a United States domestic corporation to any non-U.S. affiliate. The Tax Bill and future regulatory actions pertaining to it could adversely impact the insurance and reinsurance industry and our own results of operations by increasing taxation of certain activities and structuresforward-looking statements contained in ~~our industry. We are unable to predict all of the ultimate impacts of the Tax Bill~~this Form 10-K and other ~~proposed tax reform regulations and legislation on our business and results of operations. While~~documents we ~~currently estimate that~~file with the near term economic impact of the Tax Bill to us will be minimal, uncertainty regarding the impact of the Tax Bill remains, as a result of factors including future regulatory and rulemaking processes, the prospects of additional corrective or supplemental legislation, potential trade or other litigation and other factors. Further, it is possible that other legislation could be introduced and enacted in the future that would have an adverse impact on us.SEC.

In prior Congressional sessions, Congress has considered a range of potential legislation which would, if enacted, provide for matters such as the creation of (i) a federal reinsurance catastrophe fund; (ii) a federal consortium to facilitate qualifying state residual markets and catastrophe funds in securing reinsurance; and (iii) a federal bond guarantee program for state catastrophe funds in qualifying state residual markets. In April 2016, H.R.4947, the Natural Disaster Reinsurance Act of 2016, which would create a federal reinsurance program to cover any losses insured or reinsured by eligible state programs arising from natural catastrophes, including losses from floods, earthquakes, tropical storms, tornadoes, volcanic eruption and winter storms, was introduced. If enacted, this bill, or legislation similar to any of these proposals, would, we believe, likely contribute to the growth of state entities offering below-market priced insurance and reinsurance in a manner adverse to us and market participants more generally. Such legislation could also encourage cessation, or even reversal, of reforms and stabilization initiatives that have been enacted in the state of Florida and other catastrophe-exposed states in recent years. While we believe such legislation will continue to be vigorously opposed, if adopted these bills would likely diminish the role of private market catastrophe reinsurers and could adversely impact our financial results, perhaps materially.

In June 2012, Congress passed the Biggert-Waters Bill, which provided for a five-year renewal of the National Flood Insurance Program (the “NFIP”) and, among other things, authorized the Federal Emergency Management Agency (“FEMA”) to carry out initiatives to determine the capacity of private insurers, reinsurers, and financial markets to assume a greater portion of the flood risk exposure in the U.S., and to assess the capacity of the private reinsurance market to assume some of the program’s risk. In January 2017, FEMA announced that, acting under authority contemplated by the Biggert-Waters Bill, it had secured reinsurance protection for the NFIP for the 2017 year indemnifying FEMA for flood claims on an occurrence basis; the layer is structured to cover 26% of losses between $4 billion and $8 billion. In January 2018, FEMA announced that it renewed and expanded its reinsurance program which for the 2018 coverage year protects for 18.6% of NFIP losses between $4 billion and $6 billion, and 54.3% of losses

between $6 billion and $8 billion. It is possible this program will continue in future periods and may encourage other U.S. federal programs to explore private market risk transfer initiatives; however, we cannot assure you that any such developments will in fact occur, or that if they do transpire we will succeed in participating.

On January 22, 2018, the statutory authorization for the operation and continuation of the NFIP was extended to February 8, 2018. Legislative language under consideration in the House of Representatives would clarify that flood insurance provided by private firms satisfies the requirement that homeowners maintain flood coverage on mortgaged properties that are backed by a federal guarantee and located in a flood zone. Draft language also would direct FEMA to consider policy holders who discontinue an NFIP policy and then later return to the NFIP as having continuous coverage if they can demonstrate that a flood insurance policy from a private firm was maintained throughout the interim period. If ultimately approved by the full Congress, we believe that such legislation could incrementally contribute to the growth of private residential flood opportunities and the financial stabilization of the NFIP. However, reauthorization of the NFIP remains subject to meaningful uncertainty; and whether a successful reauthorization would continue market-enhancing reforms is significantly uncertain. We cannot assure you that such legislation will indeed be enacted or that the private market for residential flood protection will be enhanced if it is.

In recent years, market conditions for insurance in the state of Florida have been significantly impacted by the increasingly prevalent utilization of a practice referred to as “assignment of benefits,” or “AOB”. An AOB is an instrument executed by a primary policyholder that is deemed to permit certain third parties, such as water extraction companies, roofers, or plumbers, to “stand in the shoes” of the insured and seek direct payments from the policyholder’s insurance company. According to the Florida Office of Insurance Regulation (the “OIR”), while there were 405 AOB lawsuits across Florida in 2006, that number rose to 28,200 in 2016. Moreover, according to the OIR, claims with an AOB have a much higher degree of severity than claims without one. For example, in 2018 the OIR estimated that between 2015 and 2017, the frequency of water claims rose by 44% and the severity of water claims rose by 18%. As a result, we believe that usage of AOBs is contributing significantly to loss trends in Florida and is having an impact on the profitability and financial condition of certain of the state’s domestic property insurance companies. While both private companies and the OIR are exploring non-statutory means to mitigate these issues, legislative reforms proposed over the last several years have not been enacted. A continuation of these trends could weaken or potentially impair primary insurance companies, reduce demand for reinsurance and discourage the strengthening of the private insurance market that we believe had otherwise been evident in Florida. Such trends would adversely impact the Florida market and many of the companies we seek to serve.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The following risk management discussion and the estimated amounts generated from sensitivities presented are forward-looking statements of market risk assuming certain market conditions occur. Actual results in the future may differ materially from these estimated results due to, among other things, actual developments in the global financial markets and changes in the composition of our investment portfolio, derivatives and product offerings. The results of analysis used by us to assess and mitigate risk should not be considered projections of future events or losses. ~~See~~Refer to “Note On Forward-Looking Statements” for additional discussion regarding forward-looking statements included herein.

We are principally exposed to four types of market risk: interest rate risk; foreign currency risk; credit risk; and equity price risk. Our policies to address these risks in ~~2017~~2021 were not materially different than those used in ~~2016.~~2020.

The ongoing and rapidly evolving nature of the COVID-19 pandemic could lead to a longer or more severe recession, which may increase the probability of credit losses in our investment portfolio. Volatility in global financial markets, together with low or negative interest rates, reduced liquidity and a slowdown in global economic conditions may adversely affect our investment portfolio. Additionally, we are exposed to counterparty credit risk, including with respect to reinsurance brokers, customers and retrocessionaires, which may materially increase to the extent the COVID-19 pandemic affects our ability to collect premiums receivable or reinsurance recoverable.

Our investment guidelines permit, subject to approval, investments in derivative instruments such as futures, options, foreign currency forward contracts ~~options,~~and swap agreements, ~~and other derivative contracts~~ which may be used to assume ~~risk~~risks or for hedging purposes. Refer to “Note 19.19. Derivative ~~Instruments~~Instruments” in our ~~Notes~~“Notes to the Consolidated Financial Statements” for additional information related to derivatives we have entered into.

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Interest Rate Risk

Interest rate risk is the price sensitivity of a security to changes in interest rates. Our investment portfolio includes fixed maturity investments and short term investments, ~~whose~~as well as private credit funds and term loans which primarily invest in debt instruments. The fair values of these investments will fluctuate with

changes in interest rates. Our liabilities are accrued at a static rate in accordance with GAAP. However, we consider our liabilities, namely our net claims and claims expenses, to have an economic exposure to inflation and interest rate risk. As a result, we are exposed to interest rate risk with respect to our overall net economic asset position, and more generally from an accounting standpoint, since the assets are carried at fair ~~value, while liabilities are accrued at a static rate.~~value.

We may utilize derivative instruments, for example via an interest rate overlay ~~strategy, for example,~~strategies, to manage or optimize our duration and treasury curve exposures. In addition, we attempt to maintain adequate liquidity in our fixed maturity investments portfolio to fund operations, pay reinsurance and insurance liabilities and claims and provide funding for unexpected events.

The following tables summarize the aggregate hypothetical increase (decrease) in fair value of our fixed maturity investment and short term investments, private credit funds and term loans from an immediate parallel shift in the treasury yield curve, assuming credit spreads remain constant, reflecting the use of an immediate time horizon since this presents the worst-case ~~scenario, in our fixed maturity investment and short term investments portfolio for the years indicated:~~

Interest Rate Shift in Basis Points
At December 31, 2017 -100 -50 Base 50 100
(in thousands, except percentages)
Fair value of fixed maturity and short term investments $ 8,630,509
$ 8,524,138
$ 8,418,418
$ 8,313,350
$ 8,208,934

Net increase (decrease) in fair value $ 212,091
$ 105,720
$ —
$ (105,068 ) $ (209,484 )
Percentage change in fair value 2.5 % 1.3 % — % (1.2 )% (2.5 )%

scenario:

Interest Rate Shift in Basis Points
At December 31, 2016 -100 -50 Base 50 100
(in thousands, except percentages)
Fair value of fixed maturity and short term investments $ 8,468,836
$ 8,363,659
$ 8,259,623
$ 8,156,725
$ 8,054,968

Net increase (decrease) in fair value $ 209,213
$ 104,036
$ —
$ (102,898 ) $ (204,655 )
Percentage change in fair value 2.5 % 1.3 % — % (1.2 )% (2.5 )%



	Interest Rate Shift in Basis Points
At December 31, 2021	-100			-50			Base			50			100
(in thousands, except percentages)
Fair value of fixed maturity and short term investments							$	18,805,516
Fair value of private credit funds							473,112
Fair value of term loans							74,850
Total fair value	$	19,848,073		$	19,600,750		$	19,353,478		$	19,106,257		$	18,859,086
Net increase (decrease) in fair value	$	494,595		$	247,272		$	—		$	(247,221)		$	(494,392)
Percentage change in fair value	2.6		%	1.3		%	—		%	(1.3)		%	(2.6)		%



	Interest Rate Shift in Basis Points
At December 31, 2020	-100			-50			Base			50			100
(in thousands, except percentages)
Fair value of fixed maturity and short term investments							$	18,500,238
Fair value of private credit funds							$	144,556
Fair value of term loans							$	—
Total fair value	$	19,168,368		$	18,904,916		$	18,644,794		$	18,387,651		$	18,132,236
Net increase (decrease) in fair value	$	523,574		$	260,122		$	—		$	(257,143)		$	(512,558)
Percentage change in fair value	2.8		%	1.4		%	—		%	(1.4)		%	(2.7)		%

As noted above, we use derivative instruments, ~~namely~~primarily interest rate futures and interest rate swaps, within our portfolio of fixed maturity investments to manage our exposure to interest rate risk, which can include increasing or decreasing our exposure to this risk. At December 31, ~~2017,~~2021, we had ~~$1.5~~$2.2 billion of notional long positions and ~~$801.1 million~~$0.5 billion of notional short positions of primarily Eurodollar, and U.S. Treasury ~~and non-U.S. dollar~~ futures contracts ~~(2016~~(2020 - ~~$1.2~~$2.0 billion and ~~$727.9 million,~~$1.0 billion, respectively). ~~During 2017,~~At December 31, 2021, we ~~entered into~~had $Nil of notional interest rate ~~swaps and at December 31, 2017, we had $40.3 million of notional~~swap positions paying a fixed rate and $Nil receiving a fixed rate denominated in U.S. ~~dollars.~~dollar

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swap contracts (2020 - $Nil and $23.5 million, respectively). Refer to “Note 19.19. Derivative ~~Instruments~~Instruments” in our ~~Notes~~“Notes to the Consolidated Financial Statements” for additional information related to interest rate futures and swaps entered into by us.

At December 31, ~~2017,~~2021, the aggregate hypothetical impact of an immediate upward parallel shift in the treasury yield curve of 100 basis points would be a decrease in the market value of our net position in interest rate futures of approximately ~~$11.6 million~~ ~~and a decrease in the market value of our net position in interest rate swaps of approximately $1.3~~$43.9 million. Conversely, at December 31, ~~2017,~~2021, the aggregate hypothetical impact of an immediate downward parallel shift in the treasury yield curve of 100 basis points would be an increase in the market value of our net position in interest rate futures of approximately ~~$13.8 million and an increase in the market value of our net position in interest rate swaps of approximately $1.2~~

$42.3 million. The foregoing reflects the use of an immediate time horizon, since this presents the worst-case scenario. Credit spreads are assumed to remain constant in these hypothetical examples.

Foreign Currency Risk

Our functional currency for consolidated reporting purposes is the U.S. dollar. We routinely write a portion of our business in currencies other than U.S. dollars and invest a portion of our cash and investment portfolio in those currencies. In addition, certain of our entities have non-U.S. dollar functional currencies. As a result, we may ~~from time to time,~~ experience foreign exchange gains and losses in our consolidated financial statements. ~~All changes in exchange rates, with the exception of non-monetary assets and liabilities, are recognized in our consolidated statements of operations.~~ We are primarily impacted by the foreign currency risk exposures noted below, and may, from time to time, enter into foreign currency forward and option contracts to minimize the effect of fluctuating foreign currencies on the value of non-U.S. dollar denominated assets and liabilities. Refer to “Note 19.19. Derivative ~~Instruments~~Instruments” in our ~~Notes~~“Notes to the Consolidated Financial Statements” for additional information related to foreign currency forward and option contracts we have entered into. We may determine to not match a portion of our projected liabilities in foreign currencies with investments in the same currencies, which would increase our exposure to foreign currency fluctuations and increase the volatility of our results of operations.

Underwriting Operations

Our foreign currency policy with regard to our underwriting operations is generally to ~~hold~~enter into foreign currency ~~assets, including cash, investments~~forward and ~~receivables~~option contracts for notional values that approximate the foreign currency liabilities, including claims and claim expense reserves and reinsurance balances ~~payable. When necessary, we may~~payable, net of any cash, investments and receivables held in the respective foreign currency. Our use of foreign currency forward and option contracts is intended to minimize the effect of fluctuating foreign currencies on the value of non-U.S. dollar denominated assets and liabilities associated with our underwriting operations. We may determine not to match a portion of our projected underwriting related assets or liabilities with underlying foreign currency exposure with investments in the same currencies, which would increase our exposure to foreign currency fluctuations and potentially increase the impact and volatility of foreign exchange gains and losses on our results of operations.

Investment Portfolio

Our investment ~~operations are~~portfolio is exposed to currency fluctuations through our investments in non-U.S. dollar fixed maturity investments, short term investments and other investments. To economically hedge our exposure to currency fluctuations from these investments, we ~~have entered~~may enter into foreign currency forward contracts. In certain instances, we may assume foreign exchange risk as part of our investment strategy. ~~Unrealized foreign exchange gains or losses arising from non-U.S. dollar investments classified as available for sale are recorded in accumulated other comprehensive income.~~ Realized and unrealized foreign exchange gains or losses from the sale of our non-U.S. dollar fixed maturity investments trading and other investments, and foreign exchange gains or losses associated with our hedging of these non-U.S. dollar investments are recorded in net foreign exchange (losses) gains ~~(losses)~~ in our consolidated statements of operations. In the future, we may choose to increase our exposure to non-U.S. dollar investments.

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The following tables summarize the principal currencies creating foreign exchange risk for us and our net foreign currency exposures and the impact of a hypothetical 10% change in our net foreign currency exposure, keeping all other variables constant, as of the dates indicated:

At December 31, 2017 AUD CAD EUR GBP JPY NZD Other Total
(in thousands, except for percentages)
Net assets denominated in foreign currencies $ (5,519 ) $ 50,546
$ (62,778 ) $ (61,928 ) $ (16,762 ) $ (24,114 ) $ (8,266 ) $ (128,821 )
Net foreign currency derivatives notional amounts (1,577 ) (32,792 ) 94,981
75,226
24,468
22,749
(382 ) 182,673

Total net foreign currency exposure $ (7,096 ) $ 17,754
$ 32,203
$ 13,298
$ 7,706
$ (1,365 ) $ (8,648 ) $ 53,852

Net foreign currency exposure as a percentage of total shareholders’ equity attributable to RenaissanceRe (0.2 )% 0.4 % 0.7 % 0.3 % 0.2 % — % (0.2 )% 1.2 %
Impact of a hypothetical 10% change in total net foreign currency exposure $ 710
$ (1,775 ) $ (3,220 ) $ (1,330 ) $ (771 ) $ 137
$ 865
$ (5,385 )



At December 31, 2021	AUD			CAD			EUR			GBP			JPY			NZD			Other			Total
(in thousands, except for percentages)
Net assets (liabilities) denominated in foreign currencies	$	92,683		$	59,000		$	(372,987)		$	(322,628)		$	4,053		$	(20,167)		$	(74,000)		$	(634,046)
Net foreign currency derivatives notional amounts	(108,168)			(58,725)			369,335			327,339			(313)			19,760			56,052			605,280
Total net foreign currency exposure	$	(15,485)		$	275		$	(3,652)		$	4,711		$	3,740		$	(407)		$	(17,948)		$	(28,766)
Net foreign currency exposure as a percentage of total shareholders’ equity attributable to RenaissanceRe	(0.2)		%	—		%	(0.1)		%	0.1		%	0.1		%	—		%	(0.3)		%	(0.4)		%
Impact of a hypothetical 10% change in total net foreign currency exposure	$	1,549		$	(28)		$	365		$	(471)		$	(374)		$	41		$	1,795		$	2,877

At December 31, 2016 AUD CAD EUR GBP JPY NZD Other Total
(in thousands, except for percentages)
Net assets denominated in foreign currencies $ 1,049
$ 42,164
$ (39,844 ) $ 18,424
$ (14,248 ) $ (23,723 ) $ (6,989 ) $ (23,167 )
Net foreign currency derivatives notional amounts (465 ) (34,877 ) 67,662
(16,636 ) 26,200
22,668
(2,232 ) 62,320

Total net foreign currency exposure $ 584
$ 7,287
$ 27,818
$ 1,788
$ 11,952
$ (1,055 )
$ (9,221 )
$ 39,153

Net foreign currency exposure as a percentage of total shareholders’ equity attributable to RenaissanceRe — % 0.1 % 0.6 % — % 0.2 % — % (0.2 )% 0.8 %
Impact of a hypothetical 10% change in total net foreign currency exposure $ (58 ) $ (729 ) $ (2,782 ) $ (179 ) $ (1,195 ) $ 106
$ 922
$ (3,915 )



At December 31, 2020	AUD			CAD			EUR			GBP			JPY			NZD			Other			Total
(in thousands, except for percentages)
Net (liabilities) assets denominated in foreign currencies	$	103,401		$	34,294		$	(4,254)		$	(322,565)		$	(28,649)		$	(62,892)		$	(28,707)		$	(309,372)
Net foreign currency derivatives notional amounts	(61,228)			(35,024)			(103,426)			312,790			86,314			66,649			36,217			302,292
Total net foreign currency exposure	$	42,173		$	(730)		$	(107,680)		$	(9,775)		$	57,665		$	3,757		$	7,510		$	(7,080)
Net foreign currency exposure as a percentage of total shareholders’ equity attributable to RenaissanceRe	0.6		%	—		%	(1.4)		%	(0.1)		%	0.8		%	—		%	0.1		%	(0.1)		%
Impact of a hypothetical 10% change in total net foreign currency exposure	$	(4,217)		$	73		$	10,768		$	978		$	(5,767)		$	(376)		$	(751)		$	708

Credit Risk

Credit risk relates to the uncertainty of a counterparty’s ability to make timely payments in accordance with contractual terms of the instrument or ~~contract.~~contract and market risk associated with changes in credit spreads. We are primarily exposed to direct credit risk within our portfolios of fixed maturity and short term

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investments, and through customers and reinsurers in the form of premiums receivable and reinsurance ~~recoverables,~~recoverable, respectively, as discussed below.

Fixed Maturity Investments, ~~and~~ Short Term Investments, Private Credit Funds and Term Loans

Credit risk related to our fixed maturity investments and short term investments, as well as our private credit funds and term loans which primarily invest in debt instruments, is the exposure to adverse changes in the creditworthiness of individual investment holdings, issuers, groups of issuers, industries and countries. We manage credit risk in our fixed maturity investments and short term investments through ~~the~~ credit research performed primarily by ~~the~~our investment management service providers and our evaluation of these investment managers adherence to investment mandates provided to them. The management of

credit risk in the investment portfolio is integrated in our credit risk ~~management~~ governance framework and the management of credit exposures and concentrations within the investment portfolio are carried out in accordance with our risk policies, limits and risk concentrations as overseen by the Investment and Risk Management Committee of our Board of Directors. In the investment portfolio, we review on a regular basis our asset concentration, credit quality and adherence to credit limit guidelines. In addition, we limit the amount of credit exposure to any one financial institution and, except for the securities of the U.S. Government and U.S. Government related entities, and money market securities, none of our fixed-maturity and short-term investments exceeded 10% of shareholders’ equity at December 31, 2021.

At December 31, ~~2017,~~2021, our fixed maturity investments and short term investment portfolio had a dollar-weighted average credit quality rating of ~~AA- (2016~~AA (2020 - ~~AA)~~AAA). ~~In addition, we limit the amount of credit exposure to any one financial institution and, except for U.S. Government securities, none of our investments exceeded~~ ~~10%~~ ~~of shareholders’ equity at~~ ~~December 31, 2017~~.

The following table summarizes the ratings of our fixed maturity investments and short term investments and term loans (using ratings assigned by S&P ~~or Moody’s~~ and/or other rating agencies when S&P ratings were not available) as a percentage of total ~~fixed maturity investments and short term~~of those investments as of the dates indicated:

At December 31, 2017 2016

AAA 20.2 % 29.0 %
AA 51.9 % 45.8 %
A 9.7 % 7.8 %
BBB 6.2 % 6.9 %
Non-investment grade 11.4 % 10.1 %
Not rated 0.6 % 0.4 %
Total 100.0 % 100.0 %



At December 31,	2021		2020
AAA	37.7	%	36.9	%
AA	43.3	%	39.5	%
A	6.4	%	8.0	%
BBB	5.7	%	8.3	%
Non-investment grade	6.3	%	6.8	%
Not rated	0.6	%	0.5	%
Total	100.0	%	100.0	%

Private credit funds are not included in the table above. Our investments in private credit funds include limited partnership or similar interests that invest in certain private credit asset classes, including senior secured bank loan funds, U.S. direct lending, secondaries, mezzanine investments and distressed securities.

We consider the impact of credit spread movements on the fair value of our fixed maturity and short term investments ~~portfolio.~~portfolio, private credit funds and term loans. As credit spreads widen, the fair value of our fixed maturity, ~~and~~ short term investments, private credit funds and term loans decreases, and vice versa.

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The following tables summarize the aggregate hypothetical increase (decrease) in fair value in our fixed maturity investments and short term investments, private credit funds and term loans, from an immediate parallel shift in credit spreads, assuming the treasury yield curve remains constant, reflecting the use of an immediate time horizon since this presents the worst-case ~~scenario, in our fixed maturity investments and short term investments portfolio for the years indicated:~~

scenario:

Credit Spread Shift in Basis Points
At December 31, 2017 -100 -50 Base 50 100
(in thousands, except percentages)
Fair value of fixed income and short term investments $ 8,511,410
$ 8,476,539
$ 8,418,418
$ 8,344,261
$ 8,270,104

Net increase (decrease) in fair value $ 92,992
$ 58,121
$ —
$ (74,157 ) $ (148,314 )
Percentage change in fair value 1.1 % 0.7 % — % (0.9 )% (1.8 )%



	Credit Spread Shift in Basis Points
At December 31, 2021	-100			-50			Base			50			100
(in thousands, except percentages)
Fair value of fixed income and short term investments							$	18,805,516
Fair value of private credit							$	473,112
Fair value of term loans							$	74,850
Total fair value	$	19,546,182		$	19,467,319		$	19,353,478		$	19,206,525		$	19,059,573
Net increase (decrease) in fair value	$	192,704		$	113,841		$	—		$	(146,953)		$	(293,905)
Percentage change in fair value	1.0		%	0.6		%	—		%	(0.8)		%	(1.5)		%



	Credit Spread Shift in Basis Points
At December 31, 2020	-100			-50			Base			50			100
(in thousands, except percentages)
Fair value of fixed income and short term investments							$	18,500,238
Fair value of private credit							$	144,556
Fair value of term loans							$	—
Total fair value	$	18,900,852		$	18,803,290		$	18,644,794		$	18,456,750		$	18,269,003
Net increase (decrease) in fair value	$	256,058		$	158,496		$	—		$	(188,044)		$	(375,791)
Percentage change in fair value	1.4		%	0.9		%	—		%	(1.0)		%	(2.0)		%

Credit Spread Shift in Basis Points
At December 31, 2016 -100 -50 Base 50 100
(in thousands, except percentages)
Fair value of fixed income and short term investments $ 8,415,929
$ 8,337,776
$ 8,259,623
$ 8,181,470
$ 8,103,317

Net increase (decrease) in fair value $ 156,306
$ 78,153
$ —
$ (78,153 ) $ (156,306 )
Percentage change in fair value 1.9 % 0.9 % — % (0.9 )% (1.9 )%

We also employ credit derivatives in our investment portfolio to either assume credit risk or hedge our credit exposure. At December 31, ~~2017~~,2021, we had outstanding credit derivatives of ~~$1.0 million~~$Nil in notional ~~long~~ positions to hedge credit risk and ~~$18.8~~$218.5 million in notional ~~short~~ positions to assume credit risk, denominated in U.S. dollars (~~2016~~(2020 - ~~$Nil~~$Nil and ~~$75.2~~$96.8 million,, respectively). Refer to “Note 19.19. Derivative ~~Instruments~~Instruments” in our ~~Notes~~“Notes to the Consolidated Financial Statements” for additional information related to credit derivatives entered into by us. The aggregate hypothetical market value impact from an immediate upward shift in credit spreads of 100 basis points would cause a decrease in the market value of our net position in these derivatives of approximately ~~$0.8~~$9.1 million at December 31, ~~2017.~~2021. Conversely, the aggregate hypothetical market value impact from an immediate downward shift in credit spreads of 100 basis points would cause an increase in the market value of our net position in these derivatives of approximately ~~$0.6~~$9.1 million at December 31, ~~2017.~~2021. For an immediate downward shift in credit spreads, we do not allow credit spreads to go negative in calculating the impact. The foregoing reflects the use of an immediate time horizon, since this presents the worst-case scenario.

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Premiums Receivable and Reinsurance Recoverable

Premiums receivable from ceding companies and reinsurance recoverable from our reinsurers are subject to credit risk. To mitigate credit risk related to reinsurance premiums receivable, we have established standards for ceding companies and, in most cases, have a contractual right of offset allowing us to settle claims net of any reinsurance premiums receivable. ~~We also have reinsurance recoverable amounts from our reinsurers.~~ To mitigate credit risk related to our reinsurance recoverable amounts, we consider the financial strength of our reinsurers when determining whether to purchase coverage from them. We generally obtain reinsurance coverage from companies rated “A-“ or better by S&P unless the obligations are collateralized. We routinely monitor the financial performance and rating status of all material reinsurers. Refer to “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Summary of Critical Accounting Estimates—Reinsurance ~~Recoverables”~~Recoverable” for additional information with respect to reinsurance recoverable.

Equity Price Risk

Equity price risk is the potential loss arising from changes in the market value of ~~equities.~~equity investments. As detailed in the table below, we are directly exposed to this risk through our investment in equity investments trading, including certain positions in our strategic investment portfolio, which are traded on nationally recognized stock exchanges; and indirectly exposed to this risk through other investments such as our ~~investments in: (1)~~direct private equity ~~partnerships~~investments, private equity funds and hedge fund, whose exit strategies and market values often depend on the wider equity ~~markets; (2) certain~~markets. We may, from time to time, use equity derivatives in our investment portfolio to either assume equity risk or hedge ~~funds that have net long~~our equity ~~positions; and (3) other ventures, under equity method.~~exposure. The following table summarizes a hypothetical 10% increase ~~and~~or decline in the ~~carrying~~market value of our equity investments trading, direct private equity ~~partnerships,~~investments, private equity funds and hedge funds, ~~and investments in other ventures, under equity method,~~ holding all other factors constant, at the dates indicated:

At December 31, 2017 2016
(in thousands, except for percentages)
Equity investments trading, at fair value $ 388,254
$ 383,313

Private equity investments, at fair value 196,220
191,061

Investments in other ventures, under equity method 101,974
124,227

Hedge funds, at fair value 524
1,495

Total carrying value of investments exposed to equity price risk $ 686,972
$ 700,096

Impact of a hypothetical 10% increase in the carrying value of investments exposed to equity price risk $ 68,697
$ 70,010

Impact of a hypothetical 10% decrease in the carrying value of investments exposed to equity price risk $ (68,697 ) $ (70,010 )



At December 31,	2021		2020
(in thousands, except for percentages)
Equity investments trading, at fair value	$	546,016	$	702,617
Direct private equity investments	88,373		79,807
Private equity funds, at fair value	241,297		140,743
Hedge funds, at fair value	11,394		10,553
Total carrying value of investments exposed to equity price risk	$	887,080	$	933,720

Impact of a hypothetical 10% increase in the carrying value of investments exposed to equity price risk	$	88,708	$	93,372
Impact of a hypothetical 10% decrease in the carrying value of investments exposed to equity price risk	$	(88,708)	$	(93,372)

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Reference is made to Item 15 of this Report for the Consolidated Financial Statements of RenaissanceRe and the Notes thereto, as well as the Schedules to the Consolidated Financial Statements.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM 9A. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(b) and 15d-15(b) of the Exchange Act, as of the end of the period covered by this report. Based upon that evaluation, our management, including our

114

Chief Executive Officer and Chief Financial Officer, concluded that, at December 31, ~~2017~~,2021, our disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed in Company reports filed or submitted under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms and (ii) accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Management’s Annual Report on Internal Control Over Financial Reporting

Our management is responsible for establishing and maintaining effective internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the ~~Securities~~ Exchange Act, ~~of 1934,~~ as amended. Our internal control over financial reporting was designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles and to reflect management’s judgments and estimates concerning effects of events and transactions that are accounted for or disclosed.

Our internal control over financial reporting includes those policies and procedures that: (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect our transactions and the dispositions of our assets; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on our financial statements.

There are inherent limitations to the effectiveness of any controls. Our Board of Directors and management, including our Chief Executive Officer and Chief Financial Officer, do not expect that our disclosure controls and procedures or internal control over financial reporting will prevent all errors and all fraud. Controls, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the controls are met. Further, we believe that the design of controls must reflect appropriate resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in controls, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within RenaissanceRe have been detected.

Management, with the participation of the Chief Executive Officer and Chief Financial Officer, assessed our internal control over financial reporting as of December 31, ~~2017~~2021 using the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework (2013). Based on this assessment, management concluded that RenaissanceRe’s internal control over financial reporting was effective as of December 31, ~~2017~~.2021.

Ernst & Young Ltd., the independent registered public accountants who audited our consolidated financial statements included in this Form 10-K, audited our internal control over financial reporting as of December 31, ~~2017~~2021 and their attestation report on our internal control over financial reporting appears below.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting during the quarter ended December 31, ~~2017~~,2021, which were identified in connection with our evaluation required pursuant to Rules 13a-15 or 15d-15 under the Exchange Act, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

115

~~REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM~~Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of RenaissanceRe Holdings Ltd.

Opinion on Internal Control ~~over~~Over Financial Reporting

We have audited RenaissanceRe Holdings Ltd. and ~~Subsidiaries’~~subsidiaries’ internal control over financial reporting as of December 31, ~~2017,~~2021, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, RenaissanceRe Holdings Ltd. and ~~Subsidiaries~~subsidiaries (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, ~~2017,~~2021, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of RenaissanceRe Holdings Ltd. and ~~Subsidiaries~~subsidiaries as of December 31, ~~2017~~2021 and ~~2016, and~~2020, the related consolidated statements of operations, comprehensive income (loss) ~~income,~~, changes in shareholders’ equity and cash flows for each of the three years in the period ended December 31, ~~2017,~~2021, and the related notes ~~of the Company~~and schedules and our ~~report~~reports dated February ~~8, 2018~~4, 2022 expressed an unqualified opinion thereon.

~~Basis for Opinion~~

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

~~Definition and Limitations of Internal Control over Financial Reporting~~

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

~~/s/ Ernst & Young Ltd.~~

~~Hamilton, Bermuda~~

~~February 8, 2018~~

~~ITEM 9B. OTHER INFORMATION~~

~~None.~~

~~PART III~~

~~ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE~~

The information required by this Item relating to our directors, executive officers and corporate governance is incorporated herein by reference to information found in our Proxy Statement for the Annual General Meeting of Shareholders to be held on May 14, 2018 (our “Proxy Statement”). We intend to file our Proxy Statement no later than 120 days after the close of the fiscal year.

We have adopted a Code of Ethics within the meaning of Item 406 of Regulation S-K of the Exchange Act that applies to all of our directors and employees, including our principal executive officer, principal financial officer, principal accounting officer, controller and other persons performing similar functions. The Code of Ethics is available free of charge on our website ~~www.renre.com~~. We will also provide a printed version of the Code of Ethics to any shareholder who requests it. We intend to disclose any amendments to our Code of Ethics by posting such information on our website. Any waivers of our Code of Ethics applicable to our directors, principal executive officer, principal financial officer, principal accounting officer or controller and other persons who perform similar functions will be disclosed on our website or by filing a Form 8-K, as required.

~~ITEM 11. EXECUTIVE COMPENSATION~~

~~The information required by this Item relating to executive compensation is incorporated herein by reference to information included in our Proxy Statement.~~

~~ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS~~

The information required by this Item relating to security ownership of certain beneficial owners and management and securities authorized for issuance under equity compensation plans is incorporated herein by reference to information included in our Proxy Statement.

~~ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE~~

The information required by this Item relating to certain relationships and related transactions and director independence is incorporated herein by reference to information included in our Proxy Statement.

~~ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES~~

~~The information required by this Item relating to principal accountant fees and services is incorporated herein by reference to information included in our Proxy Statement.~~

~~PART IV~~

~~ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES~~

~~Financial Statements~~

The Consolidated Financial Statements of RenaissanceRe Holdings Ltd. and related Notes thereto are listed in the accompanying Index to Consolidated Financial Statements and are filed as part of this Form 10-K.

~~Financial Statement Schedules~~

The Schedules to the Consolidated Financial Statements of RenaissanceRe Holdings Ltd. are listed in the accompanying Index to Schedules to Consolidated Financial Statements and are filed as a part of this Form 10-K.

~~Exhibit Index~~

~~Exhibit~~


~~Number~~	~~Description~~


~~2.1~~	~~Agreement and Plan of Merger, dated as of November 23, 2014, by and among RenaissanceRe Holdings Ltd., Port Holdings Ltd. and Platinum Underwriters Holdings, Ltd., including the exhibits thereto.~~ ~~(23)~~


~~3.1~~	~~Memorandum of Association. (1)~~


~~3.2~~	~~Amended and Restated Bye-Laws. (2)~~


~~3.3~~	~~Memorandum of Increase in Share Capital of RenaissanceRe Holdings Ltd.~~ ~~(3)~~


~~3.4~~	~~Specimen Common Share certificate. (1)~~


~~4.1~~	~~Certificate of Designation, Preferences and Rights of 6.08% Series C Preference Shares. (4)~~


~~4.2~~	~~Certificate of Designation, Preferences and Rights of 5.375% Series E Preference Shares.~~ ~~(5)~~


~~4.2(a)~~	~~Form of Stock Certificate Evidencing the 5.375% Series E Preference Shares.~~ ~~(5)~~


~~4.3~~	~~Senior Indenture, dated as of March 17, 2010, among RenRe North America Holdings Inc., as issuer, RenaissanceRe Holdings Ltd., as guarantor, and Deutsche Bank Trust Companies America, as trustee.~~ ~~(6)~~


~~4.3(a)~~	First Supplemental Indenture, dated as of March 17, 2010, among RenRe North America Holdings Inc., as issuer, RenaissanceRe Holdings Ltd., as guarantor, and Deutsche Bank Trust Companies America, as trustee. ~~(6)~~


~~4.3(b)~~	~~Senior Debt Securities Guarantee Agreement, dated as of March 17, 2010, between RenaissanceRe Holdings Ltd., as guarantor, and Deutsche Bank Trust Companies America, as guarantee trustee.~~ ~~(6)~~


~~4.3(c)~~	~~Waiver Agreement, dated as of January 21, 2011, by and among RenRe North America Holdings Inc., RenaissanceRe Holdings Ltd. and Deutsche Bank Trust Company Americas, as trustee. (7)~~


~~4.3(d)~~	Second Supplemental Indenture, dated as of July 3, 2015, among RenRe North America Holdings, Inc., as issuer, RenaissanceRe Holdings Ltd., as guarantor, RenaissanceRe Finance Inc., as co-obligor, and Deutsche Bank Trust Companies America, as trustee. ~~(29)~~


~~4.4~~	~~Indenture, dated as of May 26, 2005, among Platinum Underwriters Finance, Inc., as issuer, Platinum Underwriters Holdings, Ltd., as guarantor, and JPMorgan Chase Bank, N.A., as trustee.~~ ~~(32)~~


~~4.4(a)~~	Second Supplemental Indenture, dated as of November 2, 2005, among Platinum Underwriters Finance, Inc., as issuer, Platinum Underwriters Holdings, Ltd., as guarantor, and JPMorgan Chase Bank, N.A., as trustee. ~~(33)~~


~~4.4(b)~~	Third Supplemental Indenture, dated as of March 3, 2015, among Platinum Underwriters Finance, Inc., as issuer, Platinum Underwriters Holdings, Ltd., as guarantor, RenaissanceRe Holdings Ltd., as parent guarantor, and The Bank of New York Mellon Trust Company (as successor in interest to JPMorgan Chase Bank, N.A.), as trustee. ~~(26)~~


~~4.4(c)~~	Fourth Supplemental Indenture, dated as of July 1, 2015, among Platinum Underwriters Finance, Inc., as issuer, Platinum Underwriters Holdings, Ltd., as guarantor, RenaissanceRe Holdings Ltd., as parent guarantor, and The Bank of New York Mellon Trust Company (as successor in interest to JPMorgan Chase Bank, N.A.), as trustee. ~~(29)~~


~~4.4(d)~~	~~Guarantee, dated as of March 3, 2015, executed by RenaissanceRe for the benefit of the holders of Platinum Underwriters Finance, Inc.’s Series B 7.50% Notes due June 1, 2017.~~ ~~(26)~~


~~4.4(e)~~	~~Exchange and Registration Rights Agreement, dated as of May 26, 2005, among Platinum Underwriters Holdings, Ltd., Platinum Underwriters Finance, Inc. and Goldman, Sachs & Co.~~ ~~(32)~~


~~4.5~~	~~Senior Indenture, dated as of March 24, 2015, among RenaissanceRe Finance Inc., as issuer, RenaissanceRe Holdings Ltd., as guarantor, and Deutsche Bank Trust Company Americas, as trustee.~~ ~~(27)~~


~~4.5(a)~~	~~First Supplemental Indenture, dated as of March 24, 2015, among RenaissanceRe Finance Inc., as issuer, RenaissanceRe Holdings Ltd., as guarantor, and Deutsche Bank Trust Company Americas, as trustee. (27)~~


~~4.5(b)~~	~~Senior Debt Securities Guarantee Agreement, dated as of March 24, 2015, between RenaissanceRe Holdings Ltd., as guarantor, and Deutsche Bank Trust Company Americas, as guarantee trustee.~~ ~~(27)~~


~~4.6~~	~~Senior Indenture, dated as of June 29, 2017, among RenaissanceRe Finance Inc., as issuer, RenaissanceRe Holdings Ltd., as guarantor, and Deutsche Bank Trust Company Americas, as trustee.~~ ~~(45)~~


~~4.6(a)~~	~~First Supplemental Indenture, dated as of June 29, 2017, among RenaissanceRe Finance Inc., as issuer, RenaissanceRe Holdings Ltd., as guarantor, and Deutsche Bank Trust Company Americas, as trustee.~~ ~~(45)~~


~~4.6(b)~~	~~Senior Debt Securities Guarantee Agreement, dated as of June 29, 2017, between RenaissanceRe Holdings Ltd., as guarantor, and Deutsche Bank Trust Company Americas, as guarantee trustee.~~ ~~(45)~~


10.1*	~~Further Amended and Restated Employment Agreement, dated as of July 22, 2016, by and between RenaissanceRe Holdings Ltd. and Kevin J. O’Donnell. (38)~~


10.2*	~~Legacy Form of Further Amended and Restated Employment Agreement for Named Executive Officers (other than our Chief Executive Officer).~~ (38)**


10.3*	~~Form of Employment Agreement for Named Executive Officers (other than our Chief Executive Officer).~~ (38)***


10.4*	~~Letter agreement, dated July 6, 2016, between Ian Branagan and RenaissanceRe Holdings Ltd. regarding secondment to the U.K.~~ ~~(38)~~


10.5*	~~Letter agreement, dated April 11, 2013, between Ian Branagan and RenaissanceRe Holdings Ltd. regarding secondment to the U.K.~~ ~~(38)~~


10.6*	~~Employment Agreement, dated as of October 23, 2013, by and between RenaissanceRe Holdings Ltd. and Jeffrey D. Kelly.~~ ~~(11)~~


10.7*	~~Separation, Consulting, and Release Agreement, dated as of July 22, 2016, by and between RenaissanceRe Holdings Ltd. and Jeffrey D. Kelly.~~ ~~(38)~~


10.8*	~~RenaissanceRe Holdings Ltd. 2016 Long-Term Incentive Plan.~~ ~~(37)~~


10.8(a)*	~~Form of Director Restricted Stock Agreement under the RenaissanceRe Holdings Ltd. 2016 Long-Term Incentive Plan.~~ ~~(38)~~


10.8(b)*	~~Form of Restricted Stock Agreement under the RenaissanceRe Holdings Ltd. 2016 Long-Term Incentive Plan.~~ ~~(38)~~


10.8(c)*	~~Form of Performance Share Agreement under the RenaissanceRe Holdings Ltd. 2016 Long-Term Incentive Plan (for awards made in 2016).~~ ~~(38)~~


10.8(d)*	~~Form of Performance Share Agreement under the RenaissanceRe Holdings Ltd. 2016 Long-Term Incentive Plan.~~ ~~(43)~~


~~10.9~~	~~RenaissanceRe Holdings Ltd. Deferred Cash Award Plan.~~ ~~(46)~~


~~10.9(a)~~	~~Form of Deferred Cash Award Agreement pursuant to which Deferred Cash Awards are granted under the RenaissanceRe Holdings Ltd. Deferred Cash Award Plan.~~ ~~(46)~~


10.10*	~~RenaissanceRe Holdings Ltd. 2016 Restricted Stock Unit Plan. (40)~~


10.10(a)*	~~Form of Restricted Stock Unit Agreement pursuant to which restricted stock unit grants are made under the RenaissanceRe Holdings Ltd. 2016 Restricted Stock Unit Plan. (40)~~


10.11*	~~RenaissanceRe Holdings Ltd. 2001 Stock Incentive Plan.~~ ~~(15)~~


10.11(a)*	~~Amendment No. 1 to the RenaissanceRe Holdings Ltd. 2001 Stock Incentive Plan. (16)~~


10.11(b)*	~~Amendment No. 2 to the RenaissanceRe Holdings Ltd. 2001 Stock Incentive Plan.~~ ~~(16)~~


10.11(c)*	~~Amendment No. 3 to the RenaissanceRe Holdings Ltd. 2001 Stock Incentive Plan.~~ ~~(8)~~


10.11(d)*	~~Amendment No. 4 to the RenaissanceRe Holdings Ltd. 2001 Stock Incentive Plan.~~ ~~(13)~~


10.11(e)*	~~Amendment No. 5 to the RenaissanceRe Holdings Ltd. 2001 Stock Incentive Plan.~~ ~~(17)~~


10.11(f)*	~~Amendment No. 6 to the RenaissanceRe Holdings Ltd. 2001 Stock Incentive Plan.~~ ~~(11)~~


10.11(g)*	~~UK Schedule to the RenaissanceRe Holdings Ltd. 2001 Stock Incentive Plan.~~ ~~(8)~~


10.11(h)*	~~UK Sub-Plan to the RenaissanceRe Holdings Ltd. 2001 Stock Incentive Plan.~~ ~~(8)~~


10.11(i)*	~~Form of Option Grant Notice and Agreement pursuant to which option grants were made under the RenaissanceRe Holdings Ltd. 2001 Stock Incentive Plan.~~ ~~(19)~~


10.11(j)*	~~Form of Restricted Stock Grant Notice and Agreement pursuant to which restricted stock grants were made under the RenaissanceRe Holdings Ltd. 2001 Stock Incentive Plan.~~ ~~(19)~~


10.11(k)*	Form of Performance-Based Restricted Stock Grant Notice and Agreement pursuant to which performance-based restricted stock grants were made under the RenaissanceRe Holdings Ltd. 2001 Stock Incentive Plan. ~~(36)~~


10.12*	~~RenaissanceRe Holdings Ltd. 2010 Restricted Stock Unit Plan.~~ ~~(14)~~


10.12(a)*	~~Form of Restricted Stock Unit Agreement, pursuant to which restricted stock unit grants were made under the RenaissanceRe Holdings Ltd. 2010 Restricted Stock Unit Plan.~~ ~~(14)~~


10.13*	~~RenaissanceRe Holdings Ltd. 2010 Performance-Based Equity Incentive Plan.~~ ~~(13)~~


10.13(a)*	~~Amendment No. 1 to the RenaissanceRe Holdings Ltd. 2010 Performance-Based Equity Incentive Plan.~~ ~~(24)~~


10.13(b)*	~~Form of Letter Agreement with the Named Executive Officers Regarding Performance Share Awards.~~ ~~(18)~~


10.13(d)*	Form of Performance-Based Restricted Stock Grant Notice and Agreement pursuant to which performance-based restricted stock awards were made under the RenaissanceRe Holdings Ltd. 2010 Performance-Based Equity Incentive Plan. ~~(24)~~


10.14*	~~Form of Tax Reimbursement Waiver Letter with the Named Executive Officers.~~ ~~(20)~~


10.15*	~~Form of Agreement Regarding Use of Aircraft Interest by and between RenaissanceRe Holdings Ltd. and Certain Executive Officers of RenaissanceRe Holdings Ltd. (12)~~


10.16*	~~Form of Director Retention Agreement, dated as of November 8, 2002, entered into by each of the non-employee directors of RenaissanceRe Holdings Ltd.~~ ~~(21)~~


10.17*	~~Form of Director Shares Grant Notice and Agreement pursuant to which restricted stock grants were made to non-employee directors on March 1, 2016.~~ ~~(38)~~

~~10.18~~

Third Amended and Restated Credit Agreement, dated as of April 9, 2014, among Platinum Underwriters Holdings, Ltd., Platinum Underwriters Bermuda, Ltd., Platinum Underwriters Reinsurance, Inc., Platinum Underwriters Finance, Inc., the Lenders party thereto, ING Bank N.V. and National Australian Bank Limited, as Documentation Agents, U.S. Bank National Association, as Syndication Agent, and Wells Fargo Bank, National Association, as Administrative Agent. ~~(34)~~


~~10.18(a)~~	Consent and Amendment to Credit Agreement, dated as of March 2, 2015, by and among Platinum Underwriters Holdings, Ltd., certain subsidiaries of Platinum Underwriters Holdings, Ltd. party thereto, Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto. ~~(26)~~


~~10.18(b)~~	Guaranty, dated as of March 2, 2015, entered into by RenaissanceRe Holdings Ltd. for the benefit of Wells Fargo Bank, National Association, as administrative agent, and the other lenders referred to therein. ~~(26)~~


~~10.19~~	~~Credit Agreement, dated as of February 25, 2015, by and between RenaissanceRe Holdings Ltd., as borrower, and Barclays Bank PLC, as lender.~~ ~~(25)~~


~~10.20~~	Amendment and Restatement Agreement, dated July 2, 2013, relating to a Facility Agreement dated July 31, 2012 for Platinum Underwriters Bermuda, Ltd. made between Platinum Underwriters Holdings, Ltd., Platinum Underwriters Bermuda, Ltd., National Australia Bank Limited and ING Bank N.V. ~~(35)~~


~~10.20(a)~~	Consent and Amendment to Facility Agreement, dated as of March 2, 2015, by and among Platinum Underwriters Bermuda, Ltd., Platinum Underwriters Holdings, Ltd., National Australia Bank Limited, as agent, security agent and a lender, and ING Bank, N.V., as a lender. ~~(26)~~


~~10.20(b)~~	Guaranty, dated as of March 2, 2015, entered into by RenaissanceRe Holdings Ltd. for the benefit of National Australia Bank Limited, as agent, security agent and a lender, and ING Bank, N.V., as a lender. ~~(26)~~

~~10.21~~

Amended and Restated Credit Agreement, dated as of May 15, 2015, among RenaissanceRe Holdings Ltd., as borrower, various financial institutions parties thereto, as lenders, Wells Fargo Bank, National Association, as administrative agent for the lenders, Citibank, N.A., as syndication agent, and Wells Fargo Securities, LLC and Citigroup Global Markets Inc., as joint lead arrangers and joint lead bookrunners. ~~(28)~~


~~10.21(a)~~	Guaranty Agreement, dated as of May 15, 2015, by and among RenRe North America Holdings Inc., RenaissanceRe Finance Inc., Platinum Underwriters Holdings, Ltd., Platinum Underwriters Finance, Inc. and Wells Fargo Bank, National Association, as Administrative Agent. ~~(28)~~


~~10.22~~	Standby Letter of Credit Agreement, dated as of December 23, 2014, by and among Renaissance Reinsurance Ltd., RenaissanceRe Specialty Risks Ltd., DaVinci Reinsurance Ltd., RenaissanceRe Holdings Ltd., as Guarantor, and Wells Fargo Bank, National Association~~. (22)~~


~~10.22(a)~~	First Amendment to Standby Letter of Credit Agreement, dated as of May 15, 2015, by and among Platinum Underwriters Bermuda, Ltd., Renaissance Reinsurance U.S. Inc., Renaissance Reinsurance Ltd., RenaissanceRe Specialty Risks Ltd., DaVinci Reinsurance Ltd., RenaissanceRe Holdings Ltd., as Guarantor, and Wells Fargo Bank, National Association. ~~(28)~~


~~10.23~~	~~Facility Letter, dated September 17, 2010, from Citibank Europe PLC to Renaissance Reinsurance Ltd., DaVinci Reinsurance Ltd. and Glencoe Insurance Ltd. (9)~~

~~10.23(a)~~

Insurance Letters of Credit - Master Agreement, dated September 17, 2010, between Renaissance Reinsurance Ltd. and Citibank Europe PLC. DaVinci Reinsurance Ltd., Glencoe Insurance Ltd., Renaissance Reinsurance of Europe, Renaissance Specialty U.S. Ltd., Platinum Underwriters Bermuda, Ltd. and Renaissance Reinsurance U.S. Inc. each entered into an agreement with Citibank Europe PLC that is identical to the foregoing agreement, except with respect to party names and dates. ~~(9)~~


~~10.23(b)~~	Amendment to Facility Letter, dated October 1, 2013, by and among Citibank Europe PLC, Renaissance Reinsurance Ltd., DaVinci Reinsurance Ltd., RenaissanceRe Specialty Risks Ltd., Renaissance Reinsurance of Europe and RenaissanceRe Specialty U.S. Ltd. ~~(10)~~


~~10.23(c)~~	Amendment to Facility Letter, dated December 23, 2014, by and among Citibank Europe PLC, Renaissance Reinsurance Ltd., DaVinci Reinsurance Ltd., RenaissanceRe Specialty Risks Ltd., Renaissance Reinsurance of Europe and RenaissanceRe Specialty U.S. Ltd. ~~(36)~~


~~10.23(d)~~	Amendment to Facility Letter, dated March 31, 2015, by and among Citibank Europe PLC, Renaissance Reinsurance Ltd., DaVinci Reinsurance Ltd., RenaissanceRe Specialty Risks Ltd., Renaissance Reinsurance of Europe, RenaissanceRe Specialty U.S. Ltd., Platinum Underwriters Bermuda, Ltd. and Platinum Underwriters Reinsurance, Inc. ~~(36)~~


~~10.23(e)~~	Amendment to Facility Letter, dated December 30, 2015, by and among Citibank Europe PLC, Renaissance Reinsurance Ltd., DaVinci Reinsurance Ltd., RenaissanceRe Specialty Risks Ltd., Renaissance Reinsurance of Europe, RenaissanceRe Specialty U.S. Ltd., Platinum Underwriters Bermuda, Ltd. and Renaissance Reinsurance U.S. Inc~~. (31)~~


~~10.23(f)~~	Amendment to Facility Letter, dated January 14, 2016, by and among Citibank Europe PLC, Renaissance Reinsurance Ltd., DaVinci Reinsurance Ltd., RenaissanceRe Specialty Risks Ltd., Renaissance Reinsurance of Europe, RenaissanceRe Specialty U.S. Ltd., Platinum Underwriters Bermuda, Ltd. and Renaissance Reinsurance U.S. Inc. ~~(36)~~


~~10.23(g)~~	~~Termination of Master Agreements, Control Agreements and Pledge Agreements, dated October 1, 2016, between Renaissance Reinsurance Ltd. and Citibank Europe PLC. (39)~~


~~10.23(h)~~	Amendment to Facility Letter, dated December 31, 2016, by and among Citibank Europe plc, Renaissance Reinsurance Ltd., DaVinci Reinsurance Ltd., Renaissance Reinsurance of Europe, RenaissanceRe Specialty U.S. Ltd. and Renaissance Reinsurance U.S. Inc~~. (42)~~


~~10.23(i)~~	Amendment to Facility Letter, dated December 29, 2017, by and among Citibank Europe plc, Renaissance Reinsurance Ltd., DaVinci Reinsurance Ltd., Renaissance Reinsurance of Europe Unlimited Company, RenaissanceRe Specialty U.S. Ltd. and Renaissance Reinsurance U.S. Inc. ~~(47)~~


~~10.24~~	~~Master Reimbursement Agreement, dated as of November 24, 2014, by and between RenaissanceRe Specialty Risks Ltd. and Citibank Europe PLC.~~ ~~(24)~~


~~10.24(a)~~	~~Pledge Agreement, dated as of November 24, 2014 by and among RenaissanceRe Specialty Risks Ltd. and Citibank Europe PLC.~~ ~~(24)~~


~~10.24(b)~~	~~Omnibus Amendment Agreement, dated October 1, 2016, between Renaissance Reinsurance Ltd., Citibank Europe PLC and Bank of New York Mellon.~~ ~~(39)~~


~~10.25~~	Letter of Credit Reimbursement Agreement, dated as of November 23, 2015, by and among Renaissance Reinsurance Ltd., as Borrower, various lenders, Bank of Montreal, as Documentation Agent, Citibank Europe plc, as Collateral Agent, and ING Bank N.V., London Branch, as Letter of Credit Agent. ~~(30)~~


~~10.25(a)~~	First Amendment to Letter of Credit Reimbursement Agreement, dated as of December 10, 2015, among Renaissance Reinsurance Ltd., as Borrower, various lenders party to the Letter of Credit Reimbursement Agreement dated as of November 23, 2015, Bank of Montreal, as Documentation Agent, Citibank Europe PLC, as Collateral Agent, and ING Bank N.V., London Branch, as Letter of Credit Agent. ~~(36)~~


~~10.25(b)~~	Second Amendment to Letter of Credit Reimbursement Agreement, dated as of May 20, 2016, among Renaissance Reinsurance Ltd., as Borrower, various lenders party to the Letter of Credit Reimbursement Agreement, dated as of November 23, 2015, Bank of Montreal, as Documentation Agent, Citibank Europe plc, as Collateral Agent, and ING Bank N.V., London Branch, as Letter of Credit Agent. ~~(38)~~


~~10.25(c)~~	Third Amendment to Letter of Credit Reimbursement Agreement, dated as of November 8, 2016, by and among Renaissance Reinsurance Ltd., various lenders party to the Letter of Credit Reimbursement Agreement, dated as of November 23, 2015, Bank of Montreal, as Documentation Agent, Citibank Europe plc, as Collateral Agent, and ING Bank N.V., London Branch, as Letter of Credit Agent. ~~(40)~~


~~10.25(d)~~	Fourth Amendment to Letter of Credit Reimbursement Agreement, dated as of May 25, 2017, by and among Renaissance Reinsurance Ltd., various lenders party to the Letter of Credit Reimbursement Agreement, dated as of November 23, 2015, Bank of Montreal, as Documentation Agent, Citibank Europe plc, as Collateral Agent, and ING Bank N.V., London Branch, as Letter of Credit Agent. ~~(44)~~


~~10.25(e)~~	Fifth Amendment to Letter of Credit Reimbursement Agreement dated as of November 8, 2017 by and among Renaissance Reinsurance Ltd. , various lenders party to the Letter of Credit Reimbursement Agreement, dated as of November 23, 2015, Bank of Montreal, as Documentation Agent, Citibank Europe plc, as Collateral Agent, and ING Bank N.V., London Branch, as Letter of Credit Agent. ~~(46)~~


~~10.26~~	Standby Letter of Credit Agreement, dated as of May 19, 2015, by and among National Australia Bank Limited, New York Branch, Renaissance Reinsurance Ltd., RenaissanceRe Specialty Risks Ltd., DaVinci Reinsurance Ltd., Platinum Underwriters Bermuda, Ltd. and RenaissanceRe Holdings Ltd., as Guarantor. ~~(28)~~


~~10.27~~	~~Waiver, dated as of November 15, 2016, by and between RenaissanceRe Holdings Ltd. and BlackRock, Inc. (41)~~


~~21.1~~	~~List of Subsidiaries of the Registrant.~~


~~23.1~~	~~Consent of Ernst & Young Ltd.~~


~~31.1~~	~~Certification of Kevin J. O’Donnell, Chief Executive Officer of RenaissanceRe Holdings Ltd., pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended.~~


~~31.2~~	~~Certification of Robert Qutub, Chief Financial Officer of RenaissanceRe Holdings Ltd., pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended.~~


~~32.1~~	~~Certification of Kevin J. O’Donnell, Chief Executive Officer of RenaissanceRe Holdings Ltd., pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.~~


~~32.2~~	~~Certification of Robert Qutub, Chief Financial Officer of RenaissanceRe Holdings Ltd., pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.~~


~~101.INS~~	~~XBRL Instance Document~~


~~101.SCH~~	~~XBRL Taxonomy Extension Schema Document~~


~~101.CAL~~	~~XBRL Taxonomy Extension Calculation Linkbase Document~~


~~101.LAB~~	~~XBRL Taxonomy Extension Label Linkbase Document~~


~~101.PRE~~	~~XBRL Taxonomy Extension Presentation Linkbase Document~~


~~101.DEF~~	~~XBRL Taxonomy Extension Definition Linkbase Document~~


*	~~Represents management contract or compensatory plan or arrangement.~~


**	~~Applicable to Stephen H. Weinstein and Ian D. Branagan.~~


~~***~~	~~Applicable to Ross A. Curtis and Robert Qutub.~~


~~(1)~~	~~Incorporated by reference to the Registration Statement on Form S-1 of RenaissanceRe Holdings Ltd. (Registration No. 33-70008) which was declared effective by the SEC on July 26, 1995.~~


~~(2)~~	~~Incorporated by reference to RenaissanceRe Holdings Ltd.’s Quarterly Report on Form 10-Q for the period ended June 30, 2002, filed with the SEC on August 14, 2002.~~


~~(3)~~	~~Incorporated by reference to Exhibit 3.1 to RenaissanceRe Holdings Ltd.’s Quarterly Report on Form 10-Q for the period ended March 31, 1998, filed with the SEC on May 14, 1998.~~


~~(4)~~	~~Incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on March 18, 2004.~~


~~(5)~~	~~Incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on May 28, 2013.~~


~~(6)~~	~~Incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on March 18, 2010.~~


~~(7)~~	~~Incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on January 24, 2011.~~


~~(8)~~	~~Incorporated by reference to RenaissanceRe Holdings Ltd.’s Quarterly Report on Form 10-Q for the period ended March 31, 2009, filed with the SEC on May 1, 2009.~~


~~(9)~~	~~Incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on September 23, 2010.~~


~~(10)~~	~~Incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on October 4, 2013.~~


~~(11)~~	~~Incorporated by reference to RenaissanceRe Holdings Ltd.’s Quarterly Report on Form 10-Q for the period ended September 30, 2013, filed with the SEC on November 6, 2013.~~


~~(12)~~	~~Incorporated by reference to RenaissanceRe Holdings Ltd.’s Annual Report on Form 10-K for the year ended December 31, 2012, filed with the SEC on February 22, 2013.~~

~~(13)~~

Amendment No. 4 to the RenaissanceRe Holdings Ltd. 2001 Stock Incentive Plan is incorporated by reference to Appendix B to RenaissanceRe Holdings Ltd.'s Definitive Proxy Statement filed with the SEC on April 8, 2010. The RenaissanceRe Holdings Ltd. 2010 Performance-Based Equity Incentive Plan is incorporated by reference to Appendix A to RenaissanceRe Holdings Ltd.'s Definitive Proxy Statement filed with the SEC on April 8, 2010.


~~(14)~~	~~Incorporated by reference to RenaissanceRe Holdings Ltd.’s Annual Report on Form 10-K for the year ended December 31, 2009, filed with the SEC on February 19, 2010.~~


~~(15)~~	~~Incorporated by reference to Exhibit 99.2 to the Registration Statement on Form S-8 (Registration No. 333-90758) dated June 19, 2002.~~


~~(16)~~	~~Incorporated by reference to RenaissanceRe Holdings Ltd.’s Quarterly Report on Form 10-Q for the period ended March 31, 2007, filed with the SEC on May 2, 2007.~~


~~(17)~~	~~Incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on August 13, 2010.~~


~~(18)~~	~~Incorporated by reference to RenaissanceRe Holdings Ltd.’s Quarterly Report on Form 10-Q, filed with the SEC on April 29, 2010.~~


~~(19)~~	~~Incorporated by reference to RenaissanceRe Holdings Ltd.’s Quarterly Report on Form 10-Q for the period ended September 30, 2004, filed with the SEC on November 9, 2004.~~


~~(20)~~	~~Incorporated by reference to RenaissanceRe Holdings Ltd.’s Annual Report on Form 10-K for the year ended December 31, 2011, filed with the SEC on February 23, 2012.~~


~~(21)~~	~~Incorporated by reference to RenaissanceRe Holdings Ltd.’s Annual Report on Form 10-K for the year ended December 31, 2002, filed with the SEC on March 31, 2003 (SEC File Number 001-14428).~~


~~(22)~~	~~Incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on December 30, 2014.~~


~~(23)~~	~~Incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on November 26, 2014.~~


~~(24)~~	~~Incorporated by reference to RenaissanceRe Holding Ltd.’s Annual Report on Form 10-K for the year ended December 31, 2014, filed with the SEC on February 20, 2015.~~


~~(25)~~	~~Incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on March 2, 2015.~~


~~(26)~~	~~Incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on March 6, 2015.~~


~~(27)~~	~~Incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on March 25, 2015.~~


~~(28)~~	~~Incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on May 21, 2015.~~


~~(29)~~	~~Incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on July 8, 2015.~~


~~(30)~~	~~Incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on November 25, 2015.~~


~~(31)~~	~~Incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on December 31, 2015.~~


~~(32)~~	~~Incorporated by reference from Platinum Underwriters Holdings, Ltd.'s Current Report on Form 8-K, filed with the SEC on May 27, 2005.~~


~~(33)~~	~~Incorporated by reference from Platinum Underwriters Holdings, Ltd.'s Current Report on Form 8-K, filed with the SEC on November 3, 2005.~~


~~(34)~~	~~Incorporated by reference from Platinum Underwriters Holdings, Ltd.'s Current Report on Form 8-K filed with the SEC on April 10, 2014.~~


~~(35)~~	~~Incorporated by reference from Platinum Underwriters Holdings, Ltd.'s Current Report on Form 8-K filed with the SEC on July 3, 2013.~~


~~(36)~~	~~Incorporated by reference to RenaissanceRe Holding Ltd.’s Annual Report on Form 10-K for the year ended December 31, 2015, filed with the SEC on February 19, 2016.~~


~~(37)~~	~~Incorporated by reference to Appendix A to RenaissanceRe Holdings Ltd.’s Definitive Proxy Statement on Schedule 14A filed with the SEC on April 1, 2016.~~


~~(38)~~	~~Incorporated by reference to RenaissanceRe Holdings Ltd.’s Quarterly Report on Form 10-Q for the period ended June 30, 2016, filed with the SEC on July 27, 2016.~~


~~(39)~~	~~Incorporated by reference to RenaissanceRe Holdings Ltd.’s Quarterly Report on Form 10-Q for the period ended September 30, 2016, filed with the SEC on November 2, 2016.~~


~~(40)~~	~~Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K filed with the SEC on November 10, 2016.~~


~~(41)~~	~~Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K filed with the SEC on November 18, 2016.~~


~~(42)~~	~~Incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K filed with the SEC on January 5, 2017.~~


~~(43)~~	~~Incorporated by reference to RenaissanceRe Holding Ltd’s Annual Report on Form 10-K for the year ended December 31, 2016, filed with the SEC on February 23, 2017.~~


~~(44)~~	~~Incorporated by reference to RenaissanceRe Holding Ltd.’s Current Report on Form 8-K filed with the SEC on May 26, 2017.~~


~~(45)~~	~~Incorporated by reference to RenaissanceRe Holding Ltd.’s Current Report on Form 8-K filed with the SEC on June 29, 2017.~~


~~(46)~~	~~Incorporated by reference to RenaissanceRe Holding Ltd.’s Current Report on Form 8-K filed with the SEC on November 13, 2017.~~


~~(47)~~	~~Incorporated by reference to RenaissanceRe Holding Ltd.’s Current Report on Form 8-K filed with the SEC on January 3, 2018.~~

~~ITEM 16. FORM 10-K SUMMARY~~

~~Not applicable.~~

~~SIGNATURES~~

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.



~~Date:~~	~~February 8, 2018~~	~~RENAISSANCERE HOLDINGS LTD.~~
		~~/s/ Kevin J. O’Donnell~~
		~~Kevin J. O’Donnell~~
		~~Chief Executive Officer and President~~

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



~~Signature~~	~~Title~~	~~Date~~

~~/s/ Kevin J. O’Donnell~~	~~Chief Executive Officer, President and Director (Principal Executive Officer)~~	~~February 8, 2018~~
~~Kevin J. O’Donnell~~

~~/s/ Robert Qutub~~	~~Executive Vice President and Chief Financial Officer (Principal Financial Officer)~~	~~February 8, 2018~~
~~Robert Qutub~~

~~/s/ James C. Fraser~~	~~Senior Vice President and Chief Accounting Officer (Principal Accounting Officer)~~	~~February 8, 2018~~
~~James C. Fraser~~

~~/s/ James L. Gibbons~~	~~Non-Executive Chair of the Board of Directors~~	~~February 8, 2018~~
~~James L. Gibbons~~	~~Non-Executive Chair of the Board of Directors~~

~~/s/ David C. Bushnell~~	~~Director~~	~~February 8, 2018~~
~~David C. Bushnell~~

~~/s/ Brian G. J. Gray~~	~~Director~~	~~February 8, 2018~~
~~Brian G. J. Gray~~

~~/s/ Jean D. Hamilton~~	~~Director~~	~~February 8, 2018~~
~~Jean D. Hamilton~~

~~/s/ Duncan P. Hennes~~	~~Director~~	~~February 8, 2018~~
~~Duncan P. Hennes~~

~~/s/ Henry Klehm, III~~	~~Director~~	~~February 8, 2018~~
~~Henry Klehm, III~~

~~/s/ Valerie Rahmani~~	~~Director~~	~~February 8, 2018~~
~~Valerie Rahmani~~

~~/s/ Carol P. Sanders~~	~~Director~~	~~February 8, 2018~~
~~Carol P. Sanders~~

~~/s/ Anthony M. Santomero~~	~~Director~~	~~February 8, 2018~~
~~Anthony M. Santomero~~

	~~Director~~
~~Edward J. Zore~~

~~INDEX TO CONSOLIDATED FINANCIAL STATEMENTS~~




	~~Page~~
~~Report of Independent Registered Public Accounting Firm~~	~~F-2~~
~~Consolidated Balance Sheets at December 31, 2017 and 2016~~	~~F-3~~
~~Consolidated Statements of Operations for the Years Ended December 31, 2017, 2016 and 2015~~	~~F-4~~
~~Consolidated Statements of Comprehensive (Loss) Income for the Years Ended December 31, 2017, 2016 and 2015~~	~~F-5~~
~~Consolidated Statements of Changes in Shareholders’ Equity for the Years Ended December 31, 2017, 2016 and 2015~~	~~F-6~~
~~Consolidated Statements of Cash Flows for the Years Ended December 31, 2017, 2016 and 2015~~	~~F-7~~
~~Notes to the Consolidated Financial Statements~~	~~F-8~~

~~REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM~~

~~To the Shareholders and Board of Directors of RenaissanceRe Holdings Ltd.~~

~~Opinion on the Financial Statements~~

We have audited the accompanying consolidated balance sheets of RenaissanceRe Holdings Ltd. and Subsidiaries (the Company) as of December 31, 2017 and 2016, and the related consolidated statements of operations, comprehensive (loss) income, changes in shareholders’ equity and cash flows for each of the three years in the period ended December 31, 2017, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Company at December 31, 2017 and 2016, and the consolidated results of its operations and its cash flows for each of the three years in the period ended December 31, 2017, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2017, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated ~~February 8, 2018, expressed an unqualified opinion thereon.~~

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

Definition and Limitations of Internal Control Over Financial Reporting

/s/ Ernst & Young Ltd.

Hamilton, Bermuda

February 4, 2022

116

ITEM 9B. OTHER INFORMATION

None.

117

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

None.

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

The information required by this Item relating to our directors, executive officers and corporate governance is incorporated herein by reference to information found in our Proxy Statement for the Annual General Meeting of Shareholders to be held on May 16, 2022. We intend to file our Proxy Statement no later than 120 days after the close of the fiscal year.

We have adopted a Code of Ethics within the meaning of Item 406 of Regulation S-K of the Exchange Act that applies to all of our directors and employees, including our principal executive officer, principal financial officer, principal accounting officer, controller and other persons performing similar functions. The Code of Ethics is available free of charge on our website www.renre.com. We will also provide a printed version of the Code of Ethics to any shareholder who requests it. We intend to disclose any amendments to our Code of Ethics by posting such information on our website. Any waivers of our Code of Ethics applicable to our directors, principal executive officer, principal financial officer, principal accounting officer or controller and other persons who perform similar functions will be disclosed on our website or by filing a Form 8-K, as required.

ITEM 11. EXECUTIVE COMPENSATION

The information required by this Item relating to executive compensation is incorporated herein by reference to information included in our Proxy Statement.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

The information required by this Item relating to principal accountant fees and services is incorporated herein by reference to information included in our Proxy Statement.

PART IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

Financial Statements

Financial Statement Schedules

118

Exhibit Index


Exhibit Number			Description
3.1			Memorandum of Association, incorporated by reference to the Registration Statement on Form S-1 of RenaissanceRe Holdings Ltd. (Registration No. 33-70008) which was declared effective by the SEC on July 26, 1995. (P)
3.2			Amended and Restated Bye-Laws, incorporated by reference to RenaissanceRe Holdings Ltd.’s Quarterly Report on Form 10-Q for the period ended June 30, 2002, filed with the SEC on August 14, 2002.
3.3			Memorandum of Increase in Share Capital of RenaissanceRe Holdings Ltd., incorporated by reference to Exhibit 3.1 to RenaissanceRe Holdings Ltd.’s Quarterly Report on Form 10-Q for the period ended March 31, 1998, filed with the SEC on May 14, 1998.
3.4			Specimen Common Share certificate, incorporated by reference to the Registration Statement on Form S-1 of RenaissanceRe Holdings Ltd. (Registration No. 33-70008) which was declared effective by the SEC on July 26, 1995. (P)
4.1			Certificate of Designation, Preferences and Rights of 5.750% Series F Preference Shares, incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on June 19, 2018.
4.1(a)			Form of Stock Certificate Evidencing the 5.750% Series F Preference Shares, incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on June 19, 2018.
4.1(b)			Deposit Agreement, dated June 18, 2018, among RenaissanceRe Holdings Ltd., Computershare, Inc. and Computershare Trust Company, N.A., incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on June 19, 2018.
4.1(c)			Form of Depositary Receipt, incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on June 19, 2018.
4.2			Form of Share Certificate Evidencing the 4.20% Series G Preference Shares, incorporated by reference to the Registration Statement on Form 8-A of RenaissanceRe Holdings Ltd. dated July 12, 2021.
4.2(a)			Certificate of Designation, Preferences and Rights of 4.20% Series G Preference Shares, incorporated by reference to the Registration Statement on Form 8-A of RenaissanceRe Holdings Ltd. dated July 12, 2021.
4.2(b)			Deposit Agreement, dated July 12, 2021, among RenaissanceRe Holdings Ltd., Computershare, Inc. and Computershare Trust Company, N.A., incorporated by reference to the Registration Statement on Form 8-A of RenaissanceRe Holdings Ltd. dated July 12, 2021.
4.2(c)			Form of Depositary Receipt, incorporated by reference to the Registration Statement on Form 8-A of RenaissanceRe Holdings Ltd. dated July 12, 2021.
4.3			Senior Indenture, dated as of March 24, 2015, among RenaissanceRe Finance Inc., as issuer, RenaissanceRe Holdings Ltd., as guarantor, and Deutsche Bank Trust Company Americas, as trustee, incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on March 25, 2015.
4.3(a)			First Supplemental Indenture, dated as of March 24, 2015, among RenaissanceRe Finance Inc., as issuer, RenaissanceRe Holdings Ltd., as guarantor, and Deutsche Bank Trust Company Americas, as trustee, incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on March 25, 2015.

119


4.3(b)			Senior Debt Securities Guarantee Agreement, dated as of March 24, 2015, between RenaissanceRe Holdings Ltd., as guarantor, and Deutsche Bank Trust Company Americas, as guarantee trustee, incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on March 25, 2015.
4.4			Senior Indenture, dated as of June 29, 2017, among RenaissanceRe Finance Inc., as issuer, RenaissanceRe Holdings Ltd., as guarantor, and Deutsche Bank Trust Company Americas, as trustee, incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on June 29, 2017.
4.4(a)			First Supplemental Indenture, dated as of June 29, 2017, among RenaissanceRe Finance Inc., as issuer, RenaissanceRe Holdings Ltd., as guarantor, and Deutsche Bank Trust Company Americas, as trustee, incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on June 29, 2017.
4.4(b)			Second Supplemental Indenture, March 25, 2019, by and among RenaissanceRe Finance Inc., as issuer, RenaissanceRe Holdings Ltd., as guarantor and Deutsche Bank Trust Company Americas, as trustee, incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the Commission on March 26, 2019.
4.4(c)			Senior Debt Securities Guarantee Agreement, dated as of June 29, 2017, between RenaissanceRe Holdings Ltd., as guarantor, and Deutsche Bank Trust Company Americas, as guarantee trustee, incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on June 29, 2017.
4.5			Senior Indenture, dated as of April 2, 2019, by and between RenaissanceRe Holdings Ltd., as issuer, and Deutsche Bank Trust Company Americas, as trustee, incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the Commission on April 2, 2019.
4.5(a)			First Supplemental Indenture, dated as of April 2, 2019, by and between RenaissanceRe Holdings Ltd., as issuer, and Deutsche Bank Trust Company Americas, as trustee, incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the Commission on April 2, 2019.
4.6			Description of Securities.
10.1*			Further Amended and Restated Employment Agreement, dated as of July 22, 2016, by and between RenaissanceRe Holdings Ltd. and Kevin J. O’Donnell, incorporated by reference to RenaissanceRe Holdings Ltd.’s Quarterly Report on Form 10-Q for the period ended June 30, 2016, filed with the SEC on July 27, 2016.
10.2*			Legacy Form of Further Amended and Restated Employment Agreement for Named Executive Officers (other than our Chief Executive Officer), incorporated by reference to RenaissanceRe Holdings Ltd.’s Quarterly Report on Form 10-Q for the period ended June 30, 2016, filed with the SEC on July 27, 2016. **
10.3*			Form of Employment Agreement for Named Executive Officers (other than our Chief Executive Officer), incorporated by reference to RenaissanceRe Holdings Ltd.’s Quarterly Report on Form 10-Q for the period ended June 30, 2016, filed with the SEC on July 27, 2016. ***
10.4*			Letter agreement, dated July 6, 2016, between Ian Branagan and RenaissanceRe Holdings Ltd. regarding secondment to the U.K., incorporated by reference to RenaissanceRe Holdings Ltd.’s Quarterly Report on Form 10-Q for the period ended June 30, 2016, filed with the SEC on July 27, 2016.

120


10.5*			Letter agreement, dated April 11, 2013, between Ian Branagan and RenaissanceRe Holdings Ltd. regarding secondment to the U.K., incorporated by reference to RenaissanceRe Holdings Ltd.’s Quarterly Report on Form 10-Q for the period ended June 30, 2016, filed with the SEC on July 27, 2016.
10.6*			Separation, Consulting, and Release Agreement, dated December 3, 2020, between RenaissanceRe Holdings Ltd. and Stephen H. Weinstein, incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on December 4, 2020.
10.7*			RenaissanceRe Holdings Ltd. 2016 Long-Term Incentive Plan, incorporated by reference to RenaissanceRe Holdings Ltd.’s Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC on February 9, 2018.
10.7(a)*			Form of Director Restricted Stock Agreement under the RenaissanceRe Holdings Ltd. 2016 Long-Term Incentive Plan, incorporated by reference to RenaissanceRe Holdings Ltd.’s Quarterly Report on Form 10-Q for the period ended June 30, 2016, filed with the SEC on July 27, 2016.
10.7(b)*			Form of Restricted Stock Agreement under the RenaissanceRe Holdings Ltd. 2016 Long-Term Incentive Plan, incorporated by reference to RenaissanceRe Holdings Ltd.’s Quarterly Report on Form 10-Q for the period ended June 30, 2016, filed with the SEC on July 27, 2016.
10.7(c)*			Form of Performance Share Agreement under the RenaissanceRe Holdings Ltd. 2016 Long-Term Incentive Plan (for awards made in May 2018 and March 2019), incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on May 16, 2018.
10.7(d)*			Form of Performance Share Agreement under the RenaissanceRe Holdings Ltd. 2016 Long-Term Incentive Plan (for awards made in March 2020 and later), incorporated by reference to RenaissanceRe Holdings Ltd.’s Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on February 7, 2020.
10.8			RenaissanceRe Holdings Ltd. Deferred Cash Award Plan, incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on November 13, 2017.
10.8(a)			Form of Deferred Cash Award Agreement pursuant to which Deferred Cash Awards are granted under the RenaissanceRe Holdings Ltd. Deferred Cash Award Plan, incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on November 13, 2017.
10.9*			RenaissanceRe Holdings Ltd. 2016 Restricted Stock Unit Plan, incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on May 16, 2018.
10.9(a)*			Form of Restricted Stock Unit Agreement pursuant to which restricted stock unit grants are made under the RenaissanceRe Holdings Ltd. 2016 Restricted Stock Unit Plan, incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on November 10, 2016.
10.10*			Form of Tax Reimbursement Waiver Letter with the Named Executive Officers, incorporated by reference to RenaissanceRe Holdings Ltd.’s Annual Report on Form 10-K for the year ended December 31, 2011, filed with the SEC on February 23, 2012.
10.11*			Form of Agreement Regarding Use of Aircraft Interest by and between RenaissanceRe Holdings Ltd. and Certain Executive Officers of RenaissanceRe Holdings Ltd., incorporated by reference to RenaissanceRe Holdings Ltd.’s Annual Report on Form 10-K for the year ended December 31, 2012, filed with the SEC on February 22, 2013.

121


10.12*			Form of Director Retention Agreement, dated as of November 8, 2002, entered into by each of the non-employee directors of RenaissanceRe Holdings Ltd., incorporated by reference to RenaissanceRe Holdings Ltd.’s Annual Report on Form 10-K for the year ended December 31, 2002, filed with the SEC on March 31, 2003 (SEC File Number 001-14428).
10.13			Amended and Restated Standby Letter of Credit Agreement, dated as of June 21, 2019, by and among Renaissance Reinsurance Ltd., RenaissanceRe Specialty U.S. Inc., DaVinci Reinsurance Ltd., RenaissanceRe Europe AG, RenaissanceRe Holdings Ltd., as Guarantor, and Wells Fargo Bank, National Association, incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on June 24, 2019.
10.13(a)			First Amendment to Amended and Restated Standby Letter of Credit Agreement, dated as of June 11, 2020, by and among Renaissance Reinsurance Ltd., RenaissanceRe Specialty U.S. Inc., DaVinci Reinsurance Ltd., RenaissanceRe Europe AG, RenaissanceRe Holdings Ltd., as Guarantor, and Wells Fargo Bank, National Association, Incorporated by reference to RenaissanceRe Holdings Ltd.’s Quarterly Report on Form 10-Q for the period ended June 30, 2020, filed with the SEC on July 29, 2020.
10.14			Facility Letter, dated September 17, 2010, from Citibank Europe plc to Renaissance Reinsurance Ltd., DaVinci Reinsurance Ltd. and Glencoe Insurance Ltd., incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on September 23, 2010.
10.14(a)			Insurance Letters of Credit - Master Agreement, dated September 17, 2010, between Renaissance Reinsurance Ltd. and Citibank Europe plc. DaVinci Reinsurance Ltd., Glencoe Insurance Ltd., Renaissance Reinsurance of Europe, Renaissance Specialty U.S. Ltd., Platinum Underwriters Bermuda, Ltd. and Renaissance Reinsurance U.S. Inc. each entered into an agreement with Citibank Europe plc that is identical to the foregoing agreement, except with respect to party names and dates, i ncorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on September 23, 2010.
10.14(b)			Amendment to Facility Letter, dated July 14, 2011, by and among Citibank Europe plc, Renaissance Reinsurance Ltd., DaVinci Reinsurance Ltd and Glencoe Insurance Ltd., incorporated by reference to RenaissanceRe Holdings Ltd.’s Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on February 7, 2019.
10.14(c)			Amendment to Facility Letter, dated October 1, 2013, by and among Citibank Europe plc, Renaissance Reinsurance Ltd., DaVinci Reinsurance Ltd., RenaissanceRe Specialty Risks Ltd., Renaissance Reinsurance of Europe and RenaissanceRe Specialty U.S. Ltd., incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on October 4, 2013.
10.14(d)			Amendment to Facility Letter, dated December 23, 2014, by and among Citibank Europe plc, Renaissance Reinsurance Ltd., DaVinci Reinsurance Ltd., RenaissanceRe Specialty Risks Ltd., Renaissance Reinsurance of Europe and RenaissanceRe Specialty U.S. Ltd., incorporated by reference to RenaissanceRe Holdings Ltd.’s Annual Report on Form 10-K for the year ended December 31, 2015, filed with the SEC on February 19, 2016.
10.14(e)			Amendment to Facility Letter, dated March 31, 2015, by and among Citibank Europe plc, Renaissance Reinsurance Ltd., DaVinci Reinsurance Ltd., RenaissanceRe Specialty Risks Ltd., Renaissance Reinsurance of Europe, RenaissanceRe Specialty U.S. Ltd., Platinum Underwriters Bermuda, Ltd. and Platinum Underwriters Reinsurance, Inc., Incorporated by reference to RenaissanceRe Holdings Ltd.’s Annual Report on Form 10-K for the year ended December 31, 2015, filed with the SEC on February 19, 2016.

122


10.14(f)			Amendment to Facility Letter, dated December 30, 2015, by and among Citibank Europe plc, Renaissance Reinsurance Ltd., DaVinci Reinsurance Ltd., RenaissanceRe Specialty Risks Ltd., Renaissance Reinsurance of Europe, RenaissanceRe Specialty U.S. Ltd., Platinum Underwriters Bermuda, Ltd. and Renaissance Reinsurance U.S. Inc., incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on December 31, 2015.
10.14(g)			Amendment to Facility Letter, dated January 14, 2016, by and among Citibank Europe plc, Renaissance Reinsurance Ltd., DaVinci Reinsurance Ltd., RenaissanceRe Specialty Risks Ltd., Renaissance Reinsurance of Europe, RenaissanceRe Specialty U.S. Ltd., Platinum Underwriters Bermuda, Ltd. and Renaissance Reinsurance U.S. Inc., incorporated by reference to RenaissanceRe Holdings Ltd.’s Annual Report on Form 10-K for the year ended December 31, 2015, filed with the SEC on February 19, 2016.
10.14(h)			Termination of Master Agreements, Control Agreements and Pledge Agreements, dated October 1, 2016, between Renaissance Reinsurance Ltd. and Citibank Europe plc., incorporated by reference to RenaissanceRe Holdings Ltd.’s Quarterly Report on Form 10-Q for the period ended September 30, 2016, filed with the SEC on November 2, 2016.
10.14(i)			Amendment to Facility Letter, dated December 31, 2016, by and among Citibank Europe plc, Renaissance Reinsurance Ltd., DaVinci Reinsurance Ltd., Renaissance Reinsurance of Europe, RenaissanceRe Specialty U.S. Ltd. and Renaissance Reinsurance U.S. Inc., incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on January 5, 2017.
10.14(j)			Amendment to Facility Letter, dated December 29, 2017, by and among Citibank Europe plc, Renaissance Reinsurance Ltd., DaVinci Reinsurance Ltd., Renaissance Reinsurance of Europe Unlimited Company, RenaissanceRe Specialty U.S. Ltd. and Renaissance Reinsurance U.S. Inc., incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on January 3, 2018.
10.14(k)			Amendment to Facility Letter, dated December 31, 2018, by and among Citibank Europe plc, Renaissance Reinsurance Ltd., DaVinci Reinsurance Ltd., Renaissance Reinsurance of Europe Unlimited Company, RenaissanceRe Specialty U.S. Ltd. and Renaissance Reinsurance U.S. Inc., incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on January 3, 2019.
10.14(l)			Deed of Amendment and Accession, dated June 24, 2019, by and among Citibank Europe plc, Renaissance Reinsurance Ltd., DaVinci Reinsurance Ltd., RenaissanceRe Specialty U.S. Ltd., Renaissance Reinsurance of Europe, Renaissance Reinsurance U.S. Inc. and RenaissanceRe Europe AG, incorporated by reference to RenaissanceRe Holdings Ltd.’s Quarterly Report on Form 10-Q for the period ended June 30, 2019, filed with the SEC on July 25, 2019.
10.14(m)			Deed of Amendment to Facility Letter, dated December 31, 2019, by and among Citibank Europe plc, Renaissance Reinsurance Ltd., DaVinci Reinsurance Ltd., Renaissance Reinsurance of Europe, RenaissanceRe Specialty U.S. Ltd., Renaissance Reinsurance U.S. Inc. and RenaissanceRe Europe AG, incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on January 3, 2020.

123


10.14(n)			Deed of Amendment to Facility Letter, dated December 31, 2020, by and among Citibank Europe plc, Renaissance Reinsurance Ltd., DaVinci Reinsurance Ltd., Renaissance Reinsurance of Europe, RenaissanceRe Specialty U.S. Ltd., Renaissance Reinsurance U.S. Inc. and RenaissanceRe Europe AG, incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on January 5, 2021.
10.14(o)			Deed of Amendment to Facility Letter, dated December 21, 2021, by and among Citibank Europe plc, Renaissance Reinsurance Ltd., DaVinci Reinsurance Ltd., Renaissance Reinsurance of Europe Unlimited Company, RenaissanceRe Specialty U.S. Ltd., Renaissance Reinsurance U.S. Inc. and RenaissanceRe Europe AG, incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on December 22, 2021.
10.15			Amended and Restated Letter of Credit Reimbursement Agreement, dated as of November 7, 2019, by and among Renaissance Reinsurance Ltd., as borrower, ING Bank N.V., London Branch, as agent and as lender, Bank of Montreal, London Branch, as a lender, and Citibank Europe plc, as a lender, incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on November 12, 2019.
10.15(a)			First Amendment to Amended and Restated Letter of Credit Reimbursement Agreement, dated October 30, 2020, by and among Renaissance Reinsurance Ltd., as borrower, ING Bank N.V., London Branch, as agent and as a lender, Bank of Montreal, London Branch, as a lender, and Citibank Europe plc, as a lender, incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on November 3, 2020.
10.15(b)			Second Amendment to Amended and Restated Letter of Credit Reimbursement Agreement, dated November 3, 2021, by and among Renaissance Reinsurance Ltd., as borrower, ING Bank N.V., London Branch, as agent and as a lender, Bank of Montreal, London Branch, as a lender, and Citibank Europe plc, as a lender, incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on November 3, 2021.
10.16			Second Amended and Restated Credit Agreement, dated as of November 9, 2018, by and among RenaissanceRe Holdings Ltd., Renaissance Reinsurance Ltd., RenaissanceRe Specialty U.S. Ltd., Renaissance Reinsurance U.S. Inc., various banks and financial institutions parties thereto, and Wells Fargo Bank, National Association, as Fronting Bank, LC Administrator and Administrative Agent for the Lenders, incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on November 14, 2018.
10.16(a)			Guaranty Agreement, dated as of November 9, 2018, by and among RenRe North America Holdings Inc., RenaissanceRe Finance Inc. and Wells Fargo Bank, National Association, as Administrative Agent, incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on November 14, 2018.
10.16(b)			First Amendment to Loan Documents, dated June 11, 2019, by and among RenaissanceRe Holdings Ltd., Renaissance Reinsurance Ltd., RenaissanceRe Specialty U.S. Ltd., Renaissance Reinsurance U.S. Inc., various banks and financial institutions parties thereto, and Wells Fargo Bank, National Association, as Fronting Bank, LC Administrator, a Swingline Lender and Administrative Agent for the Lenders, incorporated by reference to RenaissanceRe Holdings Ltd.’s Quarterly Report on Form 10-Q for the period ended June 30, 2019, filed with the SEC on July 25, 2019.

124


10.17			Master Agreement for Issuance of Payment Instruments, dated March 22, 2019, between Renaissance Reinsurance Ltd., RenaissanceRe Specialty U.S. Ltd., Renaissance Reinsurance Inc., RenaissanceRe Europe AG and Citibank Europe plc., incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on March 25, 2019.
10.17(a)			Facility Letter for Issuance of Payment Instruments, dated March 22, 2019, by and among Renaissance Reinsurance Ltd., RenaissanceRe Specialty U.S. Ltd., Renaissance Reinsurance Inc., RenaissanceRe Europe AG and Citibank Europe plc., incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on March 25, 2019.
10.17(b)			Deed of Release, dated August 18, 2020, by and among Citibank Europe Plc, RenaissanceRe Holdings Ltd. and RenaissanceRe (UK) Ltd., incorporated by reference to RenaissanceRe Holdings Ltd.’s Quarterly Report on Form 10-Q for the period ended September 30, 2020, filed with the SEC on November 3, 2020.
10.18			Waiver, dated as of November 15, 2016, by and between RenaissanceRe Holdings Ltd. and BlackRock, Inc., incorporated by reference to RenaissanceRe Holdings Ltd.'s Current Report on Form 8-K, filed with the SEC on November 18, 2016.
10.19			Waiver, dated as of May 11, 2018, by and between RenaissanceRe Holdings Ltd. and The Vanguard Group, Inc., incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on May 16, 2018.
10.20+			Reserve Development Agreement, dated as of March 22, 2019, by and between Tokio Millennium Re AG, and Tokio Millennium Re (UK) Limited and Tokio Marine & Nichido Fire Insurance Co., Ltd., incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the Commission on March 22, 2019.
10.21+			Retrocession Agreement, dated as of March 22, 2019, by and between Tokio Millennium Re AG and Tokio Marine & Nichido Fire Insurance Co., Ltd., Incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the Commission on March 22, 2019i.
10.22			Amended and Restated Registration Rights Agreement, dated June 2, 2020, by and between RenaissanceRe Holdings Ltd. and State Farm Mutual Automobile Insurance, incorporated by reference to RenaissanceRe Holdings Ltd.’s Current Report on Form 8-K, filed with the SEC on June 5, 2020
21.1			List of Subsidiaries of the Registrant.
22.1			Issuers of Registered Guaranteed Debt Securities.
23.1			Consent of Ernst & Young Ltd.
31.1			Certification of Kevin J. O’Donnell, Chief Executive Officer of RenaissanceRe Holdings Ltd., pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended.
31.2			Certification of Robert Qutub, Chief Financial Officer of RenaissanceRe Holdings Ltd., pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended.
32.1			Certification of Kevin J. O’Donnell, Chief Executive Officer of RenaissanceRe Holdings Ltd., pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2			Certification of Robert Qutub, Chief Financial Officer of RenaissanceRe Holdings Ltd., pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

125

101.INS Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

101.SCH Inline XBRL Taxonomy Extension Schema Document

101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document

101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document

104 Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101)

* Represents management contract or compensatory plan or arrangement.

** Applicable to Stephen H. Weinstein and Ian D. Branagan.

*** Applicable to Ross A. Curtis and Robert Qutub.

+ Certain schedules have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The Company hereby undertakes to furnish supplemental copies of any of the omitted schedules upon request by the SEC.

ITEM 16. FORM 10-K SUMMARY

Not applicable.

126

SIGNATURES


Date:	February 4, 2022	RENAISSANCERE HOLDINGS LTD.
		/s/ Kevin J. O’Donnell
		Kevin J. O’Donnell
		Chief Executive Officer and President

Signature

Title

Date

/s/ Kevin J. O’Donnell

Chief Executive Officer, President and Director (Principal Executive Officer)

February 4, 2022

Kevin J. O’Donnell

/s/ Robert Qutub

Executive Vice President and Chief Financial Officer (Principal Financial Officer)

February 4, 2022

Robert Qutub

/s/ James C. Fraser

Senior Vice President and Chief Accounting Officer (Principal Accounting Officer)

February 4, 2022

James C. Fraser

/s/ James L. Gibbons

Non-Executive Chair of the Board of Directors

February 4, 2022

James L. Gibbons

/s/ David C. Bushnell

Director

February 4, 2022

David C. Bushnell

/s/ Brian G. J. Gray

Director

February 4, 2022

Brian G. J. Gray

/s/ Jean D. Hamilton

Director

February 4, 2022

Jean D. Hamilton

/s/ Duncan P. Hennes

Director

February 4, 2022

Duncan P. Hennes

/s/ Henry Klehm, III

Director

February 4, 2022

Henry Klehm, III

/s/ Valerie Rahmani

Director

February 4, 2022

Valerie Rahmani

/s/ Carol P. Sanders

Director

February 4, 2022

Carol P. Sanders

/s/ Anthony M. Santomero

Director

February 4, 2022

Anthony M. Santomero

/s/ Cynthia Trudell

Director

February 4, 2022

Cynthia Trudell

127

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS


			Page
Report of Independent Registered Public Accounting Firm (PCAOB ID: 1277)			F-2
Consolidated Balance Sheets at December 31, 202 1 and 2 02 0			F-4
Consolidated Statements of Operations for the Years Ended December 31, 202 1 , 20 20 and 201 9			F-5
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 202 1 , 20 20 and 201 9			F-6
Consolidated Statements of Changes in Shareholders’ Equity for the Years Ended December 31, 202 1 , 20 20 and 201 9			F-7
Consolidated Statements of Cash Flows for the Years Ended December 31, 202 1 , 20 20 and 201 9			F-8
Notes to the Consolidated Financial Statements			F-9
Note 1. Organization			F-9
Note 2. Significant Accounting Policies			F-10
Note 3. Acquisition of Tokio Millennium Re			F-18
Note 4. Goodwill and Other Intangible Assets			F-22
Note 5. Investments			F-25
Note 6. Fair Value Measurements			F-29
Note 7. Reinsurance			F-39
Note 8. Reserve for Claims and Claim Expenses			F-41
Note 9. Debt and Credit Facilities			F-55
Note 10. Noncontrolling Interests			F-60
Note 11. Variable Interest Entities			F-63
Note 12. Shareholders’ Equity			F-66
Note 13. Earnings per Share			F-69
Note 14. Related Party Transactions			F-69
Note 15. Taxation			F-70
Note 16. Segment Reporting			F-73
Note 17. Stock Incentive Compensation and Employee Benefit Plans			F-77
Note 18. Statutory Requirements			F-81
Note 19. Derivative Instruments			F-84
Note 20. Commitments and Contingencies and Other Items			F-89
Note 21. Sale of RenaissanceRe UK			F-91


Note 2 2 . Subsequent Events			F-92

F-1

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of RenaissanceRe Holdings Ltd.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of RenaissanceRe Holdings Ltd. and subsidiaries (the Company) as of December 31, 2021 and 2020, the related consolidated statements of operations, comprehensive income (loss), changes in shareholders’ equity and cash flows for each of the three years in the period ended December 31, 2021, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2021 and 2020, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2021, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2021, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated February 4, 2022, expressed an unqualified opinion thereon.

Basis for Opinion

These financial statements are the responsibility of the ~~Company's~~Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the account or disclosures to which it relates.

F-2


			Valuation of Reserve for Incurred But Not Reported Claim Reserves

Description of the Matter			At December 31, 2021, the liability for incurred but not reported (IBNR) claim reserves, including additional case reserves (ACR) (collectively referred to as IBNR claim reserves) represented $9,955 million of the total $13,295 million of reserves for claims and claim expenses. The IBNR claim reserves for the property segment was $4,823 million and for the casualty and specialty segment was $5,132 million. As disclosed in Notes 2 and 8 of the consolidated financial statements, reserves for claims and claim expenses represent estimates that are established by management based on actuarial and statistical projections at a given point in time, of the ultimate settlement and administration costs for unpaid claims and claim expenses arising from the insurance and reinsurance contracts the Company sells for both their casualty and specialty segment and their property segment.

			There is significant uncertainty inherent in estimating IBNR claim reserves. In determining management’s estimate of the IBNR claim reserves for the casualty and specialty segment, management’s analysis includes consideration of loss development patterns; historical ultimate loss ratios; and the presence of individual large losses. In particular, the estimate is sensitive to the selection and weighting of actuarial methods, expected trends in claim severity and frequency, the time lag inherent in reporting information and industry or event trends. In determining management’s estimate of the ultimate loss settlement costs which is used to determine the IBNR claim reserves for the property segment, which generally involve catastrophic events, management’s analysis includes available information derived from claims information from certain customers and brokers, industry assessments of losses from the events, proprietary models, and the terms and conditions of the Company’s contracts. In particular, the estimate is sensitive to the preliminary nature of the information available, the magnitude and relative infrequency of the events, the expected duration of the respective claims development period, inadequacies in the data provided to the relevant date by industry participants and the potential for further reporting lags or insufficiencies, and in certain large events, significant uncertainty as to the form of the claims and legal issues under the relevant terms of insurance and reinsurance contracts.

			Auditing management’s estimate for IBNR claim reserves was complex and required the involvement of our actuarial specialists due to the high degree of subjectivity inherent in management’s methods and assumptions used in the calculations which have a significant effect on the valuation of the reserves.

How We Addressed the Matter in Our Audit			We obtained an understanding, evaluated the design and tested the operating effectiveness of the relevant controls over the estimation process for IBNR claim reserves. This included, among others, evaluating management’s review controls over the actuarial methods selected to determine the estimate and the assumptions and methods used for the Company’s determination of their recorded estimate.

			To test the IBNR claim reserves that are included in claims and claim expense reserves, our audit procedures included, among others, utilizing the assistance of actuarial specialists. Our actuarial specialists evaluated the selection of standard reserving methods applied, considering the methods used in prior periods and those applied in the broader insurance industry. To evaluate the significant assumptions used by management in the reserving methods for the casualty and specialty segment, we compared the significant assumptions, including loss development patterns, ultimate loss ratios, and the impact of individual large losses, to company experience and current industry benchmarks. To evaluate the significant assumptions used by management in their actuarial methods in the property segment we compared the significant assumptions, including the severity of industry losses by event and development patterns, to current industry benchmarks such as incurred to ultimate loss ratios and industry loss levels. In addition, for casualty, specialty and property claims and claims expense reserves, we developed a range of reasonable reserve estimates including performing independent projections for a significant portion of the Company’s classes of business and compared the range of reserve estimates to the Company’s recorded claims and claim expense reserves.

/s/ ~~Ernst��~~Ernst & Young Ltd.

We have served as the Company’s auditor since 1993.

Hamilton, Bermuda

February ~~8, 2018~~

4, 2022

F-3

RenaissanceRe Holdings Ltd. and Subsidiaries

Consolidated Balance Sheets

At December 31, ~~2017~~2021 and ~~2016~~2020

(in thousands of United States Dollars, except share and per share amounts)


	December 31, 2021		December 31, 2020
Assets
Fixed maturity investments trading, at fair value - amortized cost $13,552,579 at December 31, 2021 (2020 - $13,155,035) (Notes 5 and 6)	$	13,507,131	$	13,506,503

Short term investments, at fair value (Notes 5 and 6)	5,298,385		4,993,735
Equity investments trading, at fair value (Notes 5 and 6)	546,016		702,617
Other investments, at fair value (Notes 5 and 6)	1,993,059		1,256,948
Investments in other ventures, under equity method (Note 5)	98,068		98,373
Total investments	21,442,659		20,558,176
Cash and cash equivalents	1,859,019		1,736,813
Premiums receivable (Note 7)	3,781,542		2,894,631
Prepaid reinsurance premiums (Note 7)	854,722		823,582
Reinsurance recoverable (Notes 7 and 8)	4,268,669		2,926,010
Accrued investment income	55,740		66,743
Deferred acquisition costs and value of business acquired	849,160		633,521
Receivable for investments sold	380,442		568,293
Other assets	224,053		363,170
Goodwill and other intangible assets (Note 4)	243,496		249,641

Total assets	$	33,959,502	$	30,820,580
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses (Note 8)	$	13,294,630	$	10,381,138
Unearned premiums	3,531,213		2,763,599
Debt (Note 9)	1,168,353		1,136,265
Reinsurance balances payable	3,860,963		3,488,352
Payable for investments purchased	1,170,568		1,132,538
Other liabilities	755,441		970,121

Total liabilities	23,781,168		19,872,013
Commitments and Contingencies (Note 20)	0		0
Redeemable noncontrolling interests (Note 10)	3,554,053		3,388,319
Shareholders’ Equity (Note 12)
Preference shares: $1.00 par value – 30,000 shares issued and outstanding at December 31, 2021 (2020 – 11,010,000)	750,000		525,000
Common shares: $1.00 par value – 44,444,831 shares issued and outstanding at December 31, 2021 (2020 – 50,810,618)	44,445		50,811
Additional paid-in capital	608,121		1,623,206
Accumulated other comprehensive income (loss)	(10,909)		(12,642)
Retained earnings	5,232,624		5,373,873
Total shareholders’ equity attributable to RenaissanceRe	6,624,281		7,560,248


Total liabilities, noncontrolling interests and shareholders’ equity	$	33,959,502	$	30,820,580

See accompanying notes to the consolidated financial statements

F-4

RenaissanceRe Holdings Ltd. and Subsidiaries

Consolidated Statements of Operations

For the years ended December 31, 2021, 2020, and 2019

(in thousands of United States Dollars, except per share amounts)


	2021		2020		2019
Revenues
Gross premiums written (Note 7)	$	7,833,798	$	5,806,165	$	4,807,750
Net premiums written (Note 7)	$	5,939,375	$	4,096,333	$	3,381,493
Increase in unearned premiums	(745,194)		(143,871)		(43,090)
Net premiums earned (Note 7)	5,194,181		3,952,462		3,338,403
Net investment income (Note 5)	319,479		354,038		424,207
Net foreign exchange gains (losses)	(41,006)		27,773		(2,938)
Equity in earnings of other ventures (Note 5)	12,309		17,194		23,224
Other income	10,880		213		4,949
Net realized and unrealized gains (losses) on investments (Note 5)	(218,134)		820,636		414,109



Total revenues	5,277,709		5,172,316		4,201,954
Expenses
Net claims and claim expenses incurred (Notes 7 and 8)	3,876,087		2,924,609		2,097,021
Acquisition expenses	1,214,858		897,677		762,232
Operational expenses	212,184		206,687		222,733
Corporate expenses	41,152		96,970		94,122
Interest expense (Note 9)	47,536		50,453		58,364
Total expenses	5,391,817		4,176,396		3,234,472
Income (loss) before taxes	(114,108)		995,920		967,482
Income tax benefit (expense) (Note 15)	10,668		(2,862)		(17,215)


Net income (loss)	(103,440)		993,058		950,267
Net (income) loss attributable to redeemable noncontrolling interests (Note 10)	63,285		(230,653)		(201,469)
Net income (loss) attributable to RenaissanceRe	(40,155)		762,405		748,798
Dividends on preference shares (Note 12)	(33,266)		(30,923)		(36,756)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	(73,421)	$	731,482	$	712,042


Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – basic (Note 13)	$	(1.57)	$	15.34	$	16.32


Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted (Note 13)	$	(1.57)	$	15.31	$	16.29

December 31,
2017 December 31,
2016
Assets
Fixed maturity investments trading, at fair value - amortized cost $7,434,870 at December 31, 2017 (2016 - $6,920,690) (Notes 5 and 6) $ 7,426,555
$ 6,891,244
Short term investments, at fair value (Notes 5 and 6) 991,863
1,368,379
Equity investments trading, at fair value (Notes 5 and 6) 388,254
383,313
Other investments, at fair value (Notes 5 and 6) 594,793
549,805
Investments in other ventures, under equity method (Note 5) 101,974
124,227
Total investments 9,503,439
9,316,968
Cash and cash equivalents 1,361,592
421,157
Premiums receivable 1,304,622
987,323
Prepaid reinsurance premiums (Note 7) 533,546
441,260
Reinsurance recoverable (Notes 7 and 8) 1,586,630
279,564
Accrued investment income 42,235
38,076
Deferred acquisition costs 426,551
335,325
Receivable for investments sold 103,145
105,841
Other assets 121,226
175,382
Goodwill and other intangible assets (Note 4) 243,145
251,186
Total assets $ 15,226,131
$ 12,352,082
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses (Note 8) $ 5,080,408
$ 2,848,294
Unearned premiums 1,477,609
1,231,573
Debt (Note 9) 989,623
948,663
Reinsurance balances payable 989,090
673,983
Payable for investments purchased 208,749
305,714
Other liabilities 792,771
301,684
Total liabilities 9,538,250
6,309,911
Commitments and Contingencies (Note 20)

Redeemable noncontrolling interests (Note 10) 1,296,506
1,175,594
Shareholders’ Equity (Note 12)

Preference shares: $1.00 par value – 16,000,000 shares issued and outstanding at December 31, 2017 (2016 – 16,000,000) 400,000
400,000
Common shares: $1.00 par value – 40,023,789 shares issued and outstanding at December 31, 2017 (2016 – 41,187,413) 40,024
41,187
Additional paid-in capital 37,355
216,558
Accumulated other comprehensive income 224
1,133
Retained earnings 3,913,772
4,207,699
Total shareholders’ equity attributable to RenaissanceRe 4,391,375
4,866,577
Total liabilities, noncontrolling interests and shareholders’ equity $ 15,226,131
$ 12,352,082

See accompanying notes to the consolidated financial statements

~~RenaissanceRe Holdings Ltd. and Subsidiaries~~F-5

~~Consolidated Statements of Operations~~

~~For the years ended~~ ~~December 31, 2017~~, ~~2016, and 2015~~

~~(in thousands of United States Dollars, except per share amounts)~~

2017 2016 2015
Revenues
Gross premiums written $ 2,797,540
$ 2,374,576
$ 2,011,310
Net premiums written (Note 7) $ 1,871,325
$ 1,535,312
$ 1,416,183
Increase in unearned premiums (153,750 ) (131,882 ) (15,632 )
Net premiums earned (Note 7) 1,717,575
1,403,430
1,400,551
Net investment income (Note 5) 222,209
181,726
152,567
Net foreign exchange gains (losses) 10,628
(13,788 ) (3,051 )
Equity in earnings of other ventures (Note 5) 8,030
963
20,481
Other income 9,415
14,178
13,472
Net realized and unrealized gains (losses) on investments (Note 5) 135,822
141,328
(68,918 )
Total revenues 2,103,679
1,727,837
1,515,102
Expenses
Net claims and claim expenses incurred (Notes 7 and 8) 1,861,428
530,831
448,238
Acquisition expenses 346,892
289,323
238,592
Operational expenses 160,778
197,749
219,112
Corporate expenses 18,572
37,402
76,514
Interest expense (Note 9) 44,193
42,144
36,270
Total expenses 2,431,863
1,097,449
1,018,726
(Loss) income before taxes (328,184 ) 630,388
496,376
Income tax (expense) benefit (Note 15) (26,487 ) (340 ) 45,866
Net (loss) income (354,671 ) 630,048
542,242
Net loss (income) attributable to redeemable noncontrolling interests (Note 10) 132,282
(127,086 ) (111,050 )
Net (loss) income attributable to RenaissanceRe (222,389 ) 502,962
431,192
Dividends on preference shares (Note 12) (22,381 ) (22,381 ) (22,381 )
Net (loss) income (attributable) available to RenaissanceRe common shareholders $ (244,770 ) $ 480,581
$ 408,811
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share – basic (Note 13) $ (6.15 ) $ 11.50
$ 9.36
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share – diluted (Note 13) $ (6.15 ) $ 11.43
$ 9.28
Dividends per common share (Note 12) $ 1.28
$ 1.24
$ 1.20

~~See accompanying notes to the consolidated financial statements~~

RenaissanceRe Holdings Ltd. and Subsidiaries

Consolidated Statements of Comprehensive Income (Loss) ~~Income~~

For the years ended December 31, ~~2017~~, ~~2016~~2021, 2020 and ~~2015~~2019

(in thousands of United States Dollars)


	2021		2020		2019
Comprehensive income (loss)
Net income (loss)	$	(103,440)	$	993,058	$	950,267
Change in net unrealized gains (losses) on investments, net of tax	(2,492)		606		2,173
Foreign currency translation adjustments, net of tax	4,225		(11,309)		(2,679)

Comprehensive income (loss)	(101,707)		982,355		949,761
Net (income) loss attributable to redeemable noncontrolling interests	63,285		(230,653)		(201,469)

Comprehensive income (loss) attributable to redeemable noncontrolling interests	63,285		(230,653)		(201,469)
Comprehensive income (loss) attributable to RenaissanceRe	$	(38,422)	$	751,702	$	748,292

2017 2016 2015
Comprehensive (loss) income
Net (loss) income $ (354,671 ) $ 630,048
$ 542,242
Change in net unrealized gains on investments (909 ) (975 ) (1,308 )
Comprehensive (loss) income (355,580 ) 629,073
540,934
Net loss (income) attributable to redeemable noncontrolling interests 132,282
(127,086 ) (111,050 )
Comprehensive (loss) income attributable to redeemable noncontrolling interests 132,282
(127,086 ) (111,050 )
Comprehensive (loss) income attributable to RenaissanceRe $ (223,298 ) $ 501,987
$ 429,884
Disclosure regarding net unrealized gains
Total net realized and unrealized holding (losses) gains on investments $ (909 ) $ 403
$ (982 )
Net realized gains on fixed maturity investments available for sale —
(1,378 ) (326 )
Change in net unrealized gains on investments $ (909 ) $ (975 ) $ (1,308 )

See accompanying notes to the consolidated financial statements

F-6

RenaissanceRe Holdings Ltd. and Subsidiaries

Consolidated Statements of Changes in Shareholders’ Equity

For the years ended December 31, ~~2017~~, ~~2016~~2021, 2020 and ~~2015~~2019

(in thousands of United States Dollars)


	2017			2016			2015				2021		2020		2019
Preference shares										Preference shares
Balance – January 1	$	400,000		$	400,000		$	400,000		Balance – January 1	$	525,000	$	650,000	$	650,000
Issuance of shares (Note 12)										Issuance of shares (Note 12)	500,000		—		—
Repurchase of shares (Note 12)										Repurchase of shares (Note 12)	(275,000)		(125,000)		—
Balance – December 31	400,000			400,000			400,000			Balance – December 31	750,000		525,000		650,000
Common shares										Common shares
Balance – January 1	41,187			43,701			38,442			Balance – January 1	50,811		44,148		42,207
Issuance of shares	—			—			7,435
Repurchase of shares	(1,322		)	(2,741		)	(2,473		)
Issuance of shares (Note 12)										Issuance of shares (Note 12)	—		6,777		1,739
Repurchase of shares (Note 12)										Repurchase of shares (Note 12)	(6,579)		(406)		—
Exercise of options and issuance of restricted stock awards (Notes 12 and 17)	159			227			297			Exercise of options and issuance of restricted stock awards (Notes 12 and 17)	213		292		202
Balance – December 31	40,024			41,187			43,701			Balance – December 31	44,445		50,811		44,148
Additional paid-in capital										Additional paid-in capital
Balance – January 1	216,558			507,674			—			Balance – January 1	1,623,206		568,277		296,099
Issuance of shares	—			—			754,384
Repurchase of shares	(187,269		)	(306,693		)	(257,401		)
Issuance of shares (Note 12)										Issuance of shares (Note 12)	—		1,088,730		248,259
Repurchase of shares (Note 12)										Repurchase of shares (Note 12)	(1,024,751)		(62,215)		—
Offering expenses (Note 12)										Offering expenses (Note 12)	(11,347)		—		—
Change in redeemable noncontrolling interest	119			(1,655		)	(762		)	Change in redeemable noncontrolling interest	(6,994)		(334)		(342)
Exercise of options and issuance of restricted stock awards (Notes 12 and 17)	7,947			17,232			11,453			Exercise of options and issuance of restricted stock awards (Notes 12 and 17)	28,007		28,748		24,261
Balance – December 31	37,355			216,558			507,674			Balance – December 31	608,121		1,623,206		568,277
Accumulated other comprehensive income
Accumulated other comprehensive income (loss)										Accumulated other comprehensive income (loss)
Balance – January 1	1,133			2,108			3,416			Balance – January 1	(12,642)		(1,939)		(1,433)
Change in net unrealized gains on investments	(909		)	(975		)	(1,308		)
Change in net unrealized gains (loss) on investments, net of tax										Change in net unrealized gains (loss) on investments, net of tax	(2,492)		606		2,173
Foreign currency translation adjustments, net of tax										Foreign currency translation adjustments, net of tax	4,225		(11,309)		(2,679)

Balance – December 31	224			1,133			2,108			Balance – December 31	(10,909)		(12,642)		(1,939)
Retained earnings										Retained earnings
Balance – January 1	4,207,699			3,778,701			3,423,857			Balance – January 1	5,373,873		4,710,881		4,058,207
Cumulative effect of adoption of ASU 2016-09 (Note 2)	2,213			—			—
Net (loss) income	(354,671		)	630,048			542,242
Net loss (income) attributable to redeemable noncontrolling interests (Note 10)	132,282			(127,086		)	(111,050		)
Dividends on common shares	(51,370		)	(51,583		)	(53,967		)
Dividends on preference shares	(22,381		)	(22,381		)	(22,381		)

Net income (loss)										Net income (loss)	(103,440)		993,058		950,267
Net (income) loss attributable to redeemable noncontrolling interests (Note 10)										Net (income) loss attributable to redeemable noncontrolling interests (Note 10)	63,285		(230,653)		(201,469)

Dividends on common shares (Note 12)										Dividends on common shares (Note 12)	(67,828)		(68,490)		(59,368)
Dividends on preference shares (Note 12)										Dividends on preference shares (Note 12)	(33,266)		(30,923)		(36,756)
Balance – December 31	3,913,772			4,207,699			3,778,701			Balance – December 31	5,232,624		5,373,873		4,710,881

Total shareholders’ equity	$	4,391,375		$	4,866,577		$	4,732,184		Total shareholders’ equity	$	6,624,281	$	7,560,248	$	5,971,367

See accompanying notes to the consolidated financial statements

F-7

RenaissanceRe Holdings Ltd. and Subsidiaries

Consolidated Statements of Cash Flows

For the years ended December 31, ~~2017~~, ~~2016~~2021, 2020 and ~~2015~~2019

(in thousands of United States Dollars)


	2017			2016			2015				2021		2020		2019
Cash flows provided by operating activities
Net (loss) income	$	(354,671	)	$	630,048		$	542,242
Adjustments to reconcile net (loss) income to net cash provided by operating activities
Cash flows provided by (used in) operating activities										Cash flows provided by (used in) operating activities
Net income (loss)										Net income (loss)	$	(103,440)	$	993,058	$	950,267
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities										Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Amortization, accretion and depreciation	31,242			29,304			18,179			Amortization, accretion and depreciation	(20,989)		16,652		(58,964)
Equity in undistributed losses (earnings) of other ventures	6,295			5,504			(10,087		)
Equity in undistributed (earnings) losses of other ventures										Equity in undistributed (earnings) losses of other ventures	13,200		1,561		(762)
Net realized and unrealized (gains) losses on investments	(135,822		)	(141,328		)	68,918			Net realized and unrealized (gains) losses on investments	205,897		(820,636)		(414,109)
Net unrealized (gains) losses included in net investment income	(24,737		)	(11,542		)	13,549
Net unrealized losses included in other income	—			—			426

Loss on sale of RenaissanceRe UK										Loss on sale of RenaissanceRe UK	—		30,242		—
Change in:										Change in:
Premiums receivable	(317,299		)	(209,314		)	(105,281		)	Premiums receivable	(886,911)		(293,581)		(424,973)
Prepaid reinsurance premiums	(92,286		)	(210,589		)	(128,410		)	Prepaid reinsurance premiums	(31,140)		(55,801)		(11,798)
Reinsurance recoverable	(1,307,066		)	(145,038		)	(64,104		)	Reinsurance recoverable	(1,342,659)		(138,361)		129,665
Deferred acquisition costs	(91,226		)	(135,945		)	(89,241		)	Deferred acquisition costs	(215,639)		30,442		118,676
Reserve for claims and claim expenses	2,232,114			81,249			(43,310		)	Reserve for claims and claim expenses	2,913,492		1,155,615		900,562
Unearned premiums	246,036			342,471			144,040			Unearned premiums	767,614		232,949		51,343
Reinsurance balances payable	315,107			150,009			64,924			Reinsurance balances payable	372,611		662,281		658,532
Other	538,100			99,943			13,140			Other	(437,221)		178,314		238,756
Net cash provided by operating activities	1,045,787			484,772			424,985
Cash flows used in investing activities
Net cash provided by (used in) operating activities										Net cash provided by (used in) operating activities	1,234,815		1,992,735		2,137,195
Cash flows provided by (used in) investing activities										Cash flows provided by (used in) investing activities
Proceeds from sales and maturities of fixed maturity investments trading	9,490,669			8,102,514			9,481,742			Proceeds from sales and maturities of fixed maturity investments trading	15,543,565		15,186,952		17,313,940
Purchases of fixed maturity investments trading	(10,093,532		)	(8,282,720		)	(9,683,068		)	Purchases of fixed maturity investments trading	(15,680,351)		(16,836,538)		(17,919,343)
Proceeds from sales and maturities of fixed maturity investments available for sale	—			17,692			8,688

Net sales (purchases) of equity investments trading	115,837			184,788			(147,558		)	Net sales (purchases) of equity investments trading	206,595		829		(7,841)
Net sales (purchases) of short term investments	364,011			(118,617		)	669,116			Net sales (purchases) of short term investments	(252,833)		(581,473)		(1,900,741)
Net (purchases) sales of other investments	(19,419		)	(68,589		)	15,843
Net purchases of investments in other ventures	—			—			(10,150		)
Net sales of other assets	—			400			4,500
Net purchase of Platinum	—			—			(678,152		)
Net cash used in investing activities	(142,434		)	(164,532		)	(339,039		)
Net sales (purchases) of other investments										Net sales (purchases) of other investments	(617,782)		(216,760)		(202,878)
Net sales (purchases) of investments in other ventures										Net sales (purchases) of investments in other ventures	(23,835)		(3,698)		(2,717)
Return of investment from investment in other ventures										Return of investment from investment in other ventures	8,345		9,255		11,250
Net sales (purchases) of other assets										Net sales (purchases) of other assets	—		—		(4,108)
Net proceeds from sale of RenaissanceRe UK										Net proceeds from sale of RenaissanceRe UK	—		136,744		—
Net purchase of TMR										Net purchase of TMR	—		—		(276,206)
Net cash provided by (used in) investing activities										Net cash provided by (used in) investing activities	(816,296)		(2,304,689)		(2,988,644)
Cash flows provided by (used in) financing activities										Cash flows provided by (used in) financing activities
Dividends paid – RenaissanceRe common shares	(51,370		)	(51,583		)	(53,967		)	Dividends paid – RenaissanceRe common shares	(67,828)		(68,490)		(59,368)
Dividends paid – preference shares	(22,381		)	(22,381		)	(22,381		)	Dividends paid – preference shares	(32,889)		(30,923)		(36,756)
RenaissanceRe common share repurchases	(188,591		)	(309,434		)	(259,874		)	RenaissanceRe common share repurchases	(1,027,505)		(62,621)		—
Issuance of debt	295,866			—			445,589
RenaissanceRe common share issuance										RenaissanceRe common share issuance	—		1,095,507		—
Issuance of debt, net of expenses										Issuance of debt, net of expenses	—		—		396,411
Repayment of debt	(250,000		)	—			—			Repayment of debt	—		(250,000)		—
Net third party redeemable noncontrolling interest share transactions	260,475			(2,990		)	(193,032		)

Drawdown of Medici Revolving Credit Facility										Drawdown of Medici Revolving Credit Facility	30,000		—		—
Redemption of preference shares										Redemption of preference shares	(275,000)		(125,000)		—
Issuance of preference shares, net of expenses										Issuance of preference shares, net of expenses	488,653		—		—
Net third-party redeemable noncontrolling interest share transactions										Net third-party redeemable noncontrolling interest share transactions	594,279		119,071		827,083

Taxes paid on withholding shares	(15,139		)	(14,943		)	(10,248		)	Taxes paid on withholding shares	(12,171)		(12,330)		(7,253)
Net cash provided by (used in) financing activities	28,860			(401,331		)	(93,913		)	Net cash provided by (used in) financing activities	(302,461)		665,214		1,120,117
Effect of exchange rate changes on foreign currency cash	8,222			(4,637		)	(10,732		)	Effect of exchange rate changes on foreign currency cash	6,148		4,485		2,478
Net increase (decrease) in cash and cash equivalents	940,435			(85,728		)	(18,699		)	Net increase (decrease) in cash and cash equivalents	122,206		357,745		271,146

Cash and cash equivalents, beginning of year	421,157			506,885			525,584			Cash and cash equivalents, beginning of year	1,736,813		1,379,068		1,107,922
Cash and cash equivalents, end of year	$	1,361,592		$	421,157		$	506,885		Cash and cash equivalents, end of year	$	1,859,019	$	1,736,813	$	1,379,068

Supplemental disclosure of cash flow information										Supplemental disclosure of cash flow information
Income taxes paid (refunded)	$	343		$	(1,118	)	$	10,300		Income taxes paid (refunded)	$	(4,261)	$	5,668	$	9,749
Interest paid	$	44,171		$	53,977		$	40,755		Interest paid	$	21,172	$	48,805	$	53,220

See accompanying notes to the consolidated financial statements

F-8

RENAISSANCERE HOLDINGS LTD. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

December 31, ~~2017~~2021

(unless otherwise noted, amounts in tables expressed in thousands of United States (“U.S.”) dollars, except per share amounts and percentages)

NOTE 1.ORGANIZATION

RenaissanceRe Holdings Ltd. (“RenaissanceRe” or the “Company”) was formed under the laws of Bermuda on June 7, 1993. Together with its wholly owned and majority-owned subsidiaries, joint ventures and ~~DaVinciRe (as defined below), which are collectively referred to herein as~~managed funds, the ~~“Company”, RenaissanceRe~~Company provides property, casualty and specialty reinsurance and certain insurance solutions to its customers.

On March 2, 2015, RenaissanceRe completed its acquisition of Platinum Underwriters Holdings, Ltd. (“Platinum”). As a result of the acquisition, Platinum and its subsidiaries became wholly owned subsidiaries of RenaissanceRe, including Renaissance Reinsurance U.S. Inc., formerly known as Platinum Underwriters Reinsurance, Inc. ("Renaissance Reinsurance U.S."). The Company accounted for the acquisition of Platinum under the acquisition method of accounting in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic ~~Business Combinations~~ ~~and the Company's consolidated results of operations include those of Platinum from March 2, 2015. Refer to “Note 3. Acquisition of Platinum” for more information.~~

•Renaissance Reinsurance Ltd. (“Renaissance Reinsurance”), a Bermuda-domiciled reinsurance company, is the Company’s principal reinsurance subsidiary and provides property, casualty and specialty reinsurance coverages to insurers and reinsurers on a worldwide basis. Effective October 1, 2016, each of Renaissance Reinsurance Specialty Risks Ltd. (“RenaissanceRe Specialty Risks”) and Platinum Underwriters Bermuda, Ltd. (“Platinum Bermuda”) merged into Renaissance Reinsurance, with Renaissance Reinsurance being the sole surviving entity.

•Renaissance Reinsurance U.S. Inc. (“Renaissance Reinsurance U.S.”) is a reinsurance company domiciled in the state of Maryland that

provides property, ~~and~~ casualty and specialty reinsurance coverages to insurers and reinsurers, primarily in the Americas.

RenaissanceRe Underwriting Managers U.S. LLC, a specialty reinsurance agency domiciled in the state of Connecticut, provides specialty treaty reinsurance solutions on both a quota share and excess of loss basis; and writes business on behalf of RenaissanceRe Specialty U.S. Ltd. (“RenaissanceRe Specialty U.S.”), a Bermuda-domiciled reinsurer, which operates subject to U.S. federal income tax, and •RenaissanceRe Syndicate 1458 (“Syndicate 1458”).

~~Syndicate 1458~~ is the Company’s Lloyd’s syndicate. RenaissanceRe Corporate Capital (UK) Limited (“RenaissanceRe CCL”), a wholly owned subsidiary of RenaissanceRe, is Syndicate 1458’s sole corporate ~~member and~~member. RenaissanceRe Syndicate Management Ltd. (“RSML”), a wholly owned subsidiary of RenaissanceRe, is the managing agent for Syndicate 1458.

~~The Company also manages~~•RenaissanceRe Europe AG (“RREAG”), a Swiss-domiciled reinsurance company, which has branches in Australia, Bermuda, the U.K. and the U.S., provides property, casualty and specialty reinsurance coverages to insurers and reinsurers on a worldwide basis.

•RenaissanceRe Specialty U.S. Ltd. (“RenaissanceRe Specialty U.S.”), a Bermuda-domiciled insurer, which operates subject to U.S. federal income tax.

•DaVinci Reinsurance Ltd. (“DaVinci”), a wholly-owned subsidiary of DaVinciRe Holdings Ltd. (“DaVinciRe”), is a managed joint venture formed by the Company to principally write property catastrophe reinsurance and certain casualty and specialty reinsurance lines of business ~~written~~ on ~~behalf of joint ventures, which principally include~~ a global basis.

•Top Layer Reinsurance Ltd. (“Top Layer Re”)~~, recorded under the equity method of accounting, and DaVinci Reinsurance Ltd. (“DaVinci”). Because~~ is a managed joint venture formed by the Company ~~owns~~to write high excess non-U.S. property catastrophe reinsurance.

•RenaissanceRe Underwriting Managers U.S. LLC, is licensed as a noncontrolling equity interest in, but controls a majority of the outstanding voting power of DaVinci’s parent, DaVinciRe Holdings Ltd. (“DaVinciRe”), the results of DaVinci and DaVinciRe are consolidatedreinsurance intermediary broker in the ~~Company’s financial statements~~State of Connecticut and ~~all significant intercompany transactions have been eliminated. Redeemable noncontrolling interest – DaVinciRe represents the interests~~underwrites specialty treaty reinsurance solutions on both a quota share and excess of ~~external parties with respect to the net income and shareholders’ equity~~loss basis on behalf of ~~DaVinciRe.~~ affiliates.

•Renaissance Underwriting Managers, Ltd. (“RUM”), a wholly owned subsidiary of RenaissanceRe, acts as exclusive underwriting manager for ~~these~~certain of our joint ventures or managed funds in return for fee-based income and profit participation.

•RenaissanceRe Fund Management Ltd. (“RFM”) is a wholly-owned Bermuda exempted company and acts as the exclusive investment fund manager for several of the Company’s joint ventures or managed funds, in return for a management fee, a performance fee, or both. RFM is registered as an Exempt Reporting Adviser with the Securities and Exchange Commission and serves as the investment adviser to third-party investors in the various private investment partnerships and insurance-related investment products offered by the Company.

•RenaissanceRe Medici Fund Ltd. (“Medici”) is an exempted ~~fund,~~company, incorporated ~~under the laws~~in Bermuda and registered as an institutional fund. Medici invests, primarily on behalf of ~~Bermuda. Medici’s objective is to seek to invest substantially all of its assets~~third-party investors, in various ~~insurance based investment~~ instruments that have returns primarily tied to property catastrophe risk. ~~Third party investors have subscribed for a portion of the participating, non-voting common shares of Medici.~~

Because the Company owns a noncontrolling equity interest in, but controls a majority of the outstanding voting power of Medici’s parent, RenaissanceRe Fund Holdings Ltd. (“Fund Holdings”), the results of Medici and Fund Holdings are consolidated in the Company’s financial statements and all significant inter-company transactions have been eliminated. Redeemable noncontrolling interest - Medici represents the interests of external parties with respect to the net income and shareholders’ equity of Medici.

~~Effective January 1, 2013, the Company formed and launched a managed joint venture,~~ •Upsilon RFO Re ~~Ltd., formerly known as Upsilon Reinsurance II~~ Ltd. (“Upsilon RFO”), an exempted company incorporated in Bermuda and registered as a ~~Bermuda domiciled special purpose~~segregated accounts company and as a collateralized insurer, ~~(“SPI”),~~is a managed fund

F-9

formed by the Company principally to provide additional capacity to the worldwide aggregate and per-occurrence primary and retrocessional property catastrophe excess of loss market. Upsilon RFO is considered a variable interest entity (“VIE”) and the Company is considered the primary beneficiary. As a result, Upsilon RFO is consolidated by the Company and all significant inter-company transactions have been eliminated.

~~Effective November 13, 2014, the Company incorporated~~ •RenaissanceRe Upsilon Fund Ltd. ~~(“Upsilon Fund”)~~, an exempted company incorporated in Bermuda and registered as a segregated accounts ~~company. Upsilon~~company and a Class A Professional Fund, ~~was formed to provide~~provides a fund structure through which ~~third party~~third-party investors can invest in reinsurance risk managed by the Company. As

•Vermeer Reinsurance Ltd. (“Vermeer”), an exempted company incorporated in Bermuda and registered as a ~~segregated accounts company, Upsilon Fund is permitted to establish segregated accounts to invest~~Class 3B insurer, provides capacity focused on risk remote layers in ~~and hold identified pools of assets and liabilities. Each pool of assets and liabilities in each segregated account is structured to be ring-fenced from any claims from~~ the creditors of Upsilon Fund’s general account and from the creditors of other segregated accounts within Upsilon Fund. Third party investors purchase redeemable, non-voting preference shares linked to specific segregated accounts of Upsilon Fund and own 100% of these shares. Upsilon Fund is an investment company and is considered a VIE.U.S. property catastrophe market. The Company ~~is not considered~~maintains a majority voting control of Vermeer, while Stichting Pensioenfonds Zorg en Welzijn (“PFZW”), a pension fund represented by PGGM Vermogensbeheer B.V., a Dutch pension fund manager, retains economic benefits.

•Mona Lisa Re Ltd. (“Mona Lisa Re”), a Bermuda domiciled SPI, provides reinsurance capacity to subsidiaries of RenaissanceRe, namely Renaissance Reinsurance and DaVinci, through reinsurance agreements which are collateralized and funded by Mona Lisa Re through the ~~primary beneficiary~~issuance of ~~Upsilon Fund and, as a result, the Company does not consolidate the financial position and results~~one or more series of ~~operations of Upsilon Fund.~~principal-at-risk variable rate notes.

~~Effective November 7, 2016,~~ •Fibonacci Reinsurance Ltd. ("(“Fibonacci ~~Re"~~Re”), an exempted company incorporated in Bermuda and registered as a ~~Bermuda-domiciled SPI, was formed to provide~~special purpose insurer (“SPI”), provides collateralized capacity to Renaissance Reinsurance and its affiliates.Fibonacci Re ~~raised~~raises capital from ~~third party~~third-party investors and the Company, via private placements of participating notes which are listed on the Bermuda Stock Exchange. Fibonacci Re is considered a VIE. The Company is not considered the primary beneficiary of Fibonacci Re and, as a result, the Company does not consolidate the financial position and results of operations of Fibonacci Re.

~~Effective December 22, 2017, the~~•The Company and Reinsurance Group of America, Incorporated ~~closed~~are engaged in an initiative (“Langhorne”) to source ~~third party~~third-party capital to support reinsurers targeting large in-force life and annuity blocks. Langhorne Holdings LLC (“Langhorne Holdings”) ~~is a company that owns~~was incorporated to own and ~~manages~~manage certain reinsurance entities within Langhorne. Langhorne Partners LLC (“Langhorne Partners”) is the general partner for Langhorne and ~~the entity which~~ manages the third-parties investing in Langhorne Holdings.

•Following the acquisition of Tokio Millennium Re AG and certain associated entities and subsidiaries (collectively, “TMR”) on March 22, 2019, the Company managed Shima Reinsurance Ltd. (“Shima Re”), Norwood Re Ltd. (“Norwood Re”) and Blizzard Re Ltd. (“Blizzard,” together with Shima Re and Norwood Re, the “TMR managed third-party capital vehicles”), which provided third-party investors ~~investing into Langhorne Holdings.~~with access to reinsurance risk. The TMR managed third-party capital vehicles no longer write new business. The Company ~~concluded that Langhorne Holdings meets the definition of a VIE. The Company is not the primary beneficiary of Langhorne Holdings~~ceased providing management services to Blizzard effective November 1, 2020, and as a result, the Company does not consolidate the financial position or results of operations of Langhorne Holdings. The Company concluded that Langhorne Partners was not a VIE. The Company will account for its investments in Langhorne Holdingsto Shima Re and ~~Langhorne Partners under the equity method of accounting, one quarter in arrears.~~Norwood Re effective December 1, 2020.

NOTE 2.SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION

These consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the United States (“GAAP”). All significant intercompany accounts and transactions have been eliminated from these statements.

Certain comparative information has been reclassified to conform to the current presentation.

USE OF ESTIMATES IN FINANCIAL STATEMENTS

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. The major estimates reflected in the Company’s consolidated financial statements include, but are not limited to, the reserve for claims and claim expenses; reinsurance ~~recoverables,~~recoverable and premiums receivable, including ~~allowances~~provisions for reinsurance ~~recoverables deemed uncollectible;~~recoverable and premiums receivable to reflect expected credit losses; estimates of written and earned premiums; fair value, including the fair value of investments, financial instruments and derivatives; impairment charges; deferred acquisition costs, and the Company’s deferred tax valuation allowance.

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PREMIUMS AND RELATED EXPENSES

Premiums are recognized as income, net of any applicable reinsurance or retrocessional coverage purchased, over the terms of the related contracts and policies. Premiums written are based on contract and policy terms and include estimates based on information received from both insureds and ceding companies. Subsequent differences arising on such estimates are recorded in the period in which they are determined. Unearned premiums represent the portion of premiums written that relate to the unexpired terms of contracts and policies in force. Amounts are computed by pro rata methods based on statistical data or reports received from ceding companies. Reinstatement premiums are estimated after the occurrence of a significant loss and are recorded in accordance with the contract terms based upon paid losses and case reserves. Reinstatement premiums are earned when written.

Acquisition costs are incurred when a contract or policy is issued and only the costs directly related to the successful acquisition of new and renewal contract or policies are deferred and amortized over the same period in which the related premiums are earned. Acquisition costs consist principally of commissions, brokerage and premium tax expenses. Certain of our assumed contracts contain profit sharing provisions or adjustable commissions that are estimated based on the expected loss and loss adjustment expense on those contracts. Acquisition costs include accruals for such estimates of commissions and are shown net of commissions and profit commissions earned on ceded ~~reinsurance, and consist principally of commissions, brokerage and premium tax expenses incurred at the time a contract or policy is issued.~~reinsurance. Deferred policy acquisition costs are limited to their estimated realizable value based on the related unearned premiums. Anticipated claims and claim expenses, based on historical and current experience, and anticipated investment income related to those premiums are considered in determining the recoverability of deferred acquisition costs.

CLAIMS AND CLAIM EXPENSES

The reserve for claims and claim expenses includes estimates for unpaid claims and claim expenses on reported losses as well as an estimate of losses incurred but not reported. The reserve is based on individual claims, case reserves and other reserve estimates reported by insureds and ceding companies as well as management estimates of ultimate losses. Inherent in the estimates of ultimate losses are expected trends in claim severity and frequency and other factors which could vary significantly as claims are settled. Also, ~~during the past few years,~~ the Company ~~has increased its casualty and specialty reinsurance businesses, but~~ does not have the benefit of a significant amount of its own historical experience in certain ~~of these~~casualty and specialty and insurance lines of business. Accordingly, the reserving for incurred losses in these lines of business could be subject to greater variability.

Ultimate losses may vary materially from the amounts provided in the consolidated financial statements. These estimates are reviewed regularly and, as experience develops and new information becomes known, the reserves are adjusted as necessary. Such adjustments, if any, are reflected in the consolidated statements of operations in the period in which they become known and are accounted for as changes in estimates.

REINSURANCE

Amounts recoverable from reinsurers are estimated in a manner consistent with the claim liability associated with the reinsured policies. For multi-year retrospectively rated contracts, the Company accrues amounts (either assets or liabilities) that are due to or from assuming companies based on estimated contract experience. If the Company determines that adjustments to earlier estimates are appropriate, such adjustments are recorded in the period in which they are determined. Reinsurance ~~recoverables~~recoverable on dual trigger reinsurance contracts require the Company to estimate its ultimate losses applicable to these contracts as well as estimate the ultimate amount of insured industry losses that will be reported by the

applicable statistical reporting agency, as per the contract terms. Amounts recoverable from reinsurers are recorded net of a ~~valuation allowance~~provision for ~~estimated uncollectible recoveries.~~current expected credit losses to reflect expected credit losses.

Assumed and ceded reinsurance contracts that lack a significant transfer of risk are treated as deposits.

Certain assumed and ceded reinsurance contracts that do not meet all of the criteria to be accounted for as reinsurance in accordance with ~~FASB ASC~~Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic Financial Services - Insurance have been accounted for at fair value under the fair value option in accordance with FASB ASC Topic Financial Instruments.

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INVESTMENTS ~~CASH AND CASH EQUIVALENTS~~

Fixed Maturity Investments

Investments in fixed maturities are classified as trading ~~or available for sale~~ and are reported at fair value. Investment transactions are recorded on the trade date with balances pending settlement reflected in the balance sheet as a receivable for investments sold or a payable for investments purchased. Net investment income includes interest and dividend income together with amortization of market premiums and discounts and is net of investment management and custody fees. The amortization of premium and accretion of discount for fixed maturity securities is computed using the effective yield method. For mortgage-backed securities and other holdings for which there is prepayment risk, prepayment assumptions are evaluated quarterly and revised as necessary. Any adjustments required due to the change in effective yields and maturities are recognized on a prospective basis through yield adjustments. Fair values of investments are based on quoted market prices, or when such prices are not available, by reference to broker or underwriter bid indications and/or internal pricing valuation techniques. The net unrealized appreciation or depreciation on fixed maturity investments trading is included in net realized and unrealized gains (losses) on investments in the consolidated statements of operations. ~~The net unrealized appreciation or depreciation on fixed maturity investments available for sale is included in accumulated other comprehensive income.~~ Realized gains or losses on the sale of investments are determined on the basis of the first in first out cost ~~method and, for fixed maturity investments available for sale, include adjustments to the cost basis of investments for declines in value that are considered to be other-than-temporary.~~method.

Short Term Investments

Short term investments, which are managed as part of the Company’s investment portfolio and have a maturity of one year or less when purchased, are carried at fair value. The net unrealized appreciation or depreciation on short term investments is included in net realized and unrealized gains (losses) on investments in the consolidated statements of operations.

Equity Investments, Classified as Trading

Equity investments are accounted for at fair value in accordance with FASB ASC Topic Financial Instruments. Fair values are primarily priced by pricing services, reflecting the closing price quoted for the final trading day of the period. Net investment income includes dividend income and the net realized and unrealized appreciation or depreciation on equity investments is included in net realized and unrealized gains (losses) on investments in the consolidated statements of operations.

Other Investments

The Company accounts for its other investments at fair value in accordance with FASB ASC Topic Financial Instruments with interest and dividend income ~~income distributions and realized~~included in net investment income. Realized and unrealized gains and losses on other investments are included in net ~~investment income.~~realized and unrealized gains (losses) on investments. The fair value ~~of certain~~ of the Company’s fund investments, which ~~principally~~ include private equity funds, ~~senior secured bank loan~~private credit funds and hedge funds, ~~is recorded on its balance sheet in other investments, and~~ is generally established on the basis of the net ~~valuation criteria~~asset value (“NAV”) per share (or its equivalent) established by the managers of such fund investments, if applicable. The net ~~valuation criteria~~asset value established by the managers of such fund investments is ~~established~~determined in accordance with the governing documents of such fund investments. The Company applies the practical expedient provided by the FASB ASC Topic Financial Instruments relating to investments in certain entities that calculate NAV per share (or its equivalent) and therefore measure the fair value of the fund investments based on that NAV per share, or its equivalent. Fund investments are recorded on the consolidated balance sheet in other investments. Fund investments which are valued using NAV per share as a practical expedient are not categorized within the fair value hierarchy.

Certain of the Company’s fund managers, fund administrators, or both, are unable to provide final fund valuations as of the Company’s current reporting date. The typical reporting lag experienced by the Company to receive a final net asset value report is one month for hedge funds and ~~senior secured bank loan~~certain private credit funds and three months for private equity funds ~~although, in~~and private credit funds. In the past, in respect of certain of the ~~Company’s private equity~~ funds, the Company has, on occasion, experienced delays of up to

six months at year end, as the ~~private equity~~ funds typically complete their respective year-end audits before releasing their final net asset value statements.

In circumstances where there is a reporting lag between the current period end reporting date and the reporting date of the latest fund valuation, the Company estimates the fair value of these funds by starting with the prior month or quarter-end fund valuations, adjusting these valuations for actual capital calls,

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redemptions or distributions, as well as the impact of changes in foreign currency exchange rates, and then estimating the return for the current period. In circumstances in which the Company estimates the return for the current period, all information available to the Company is utilized. This principally includes using preliminary estimates reported to the Company by its fund managers, obtaining the valuation of underlying portfolio investments where such underlying investments are publicly traded and therefore have a readily observable price, using information that is available to the Company with respect to the underlying investments, reviewing various indices for similar investments or asset classes, as well as estimating returns based on the ~~results~~performance of ~~similar types of investments for which the Company has obtained reported results,~~broad market indices or other valuation methods, where ~~possible.~~necessary. Actual final fund valuations may differ, perhaps materially so, from the Company’s estimates and these differences are recorded in the Company’s statement of operations in the period in which they are reported to the Company as a change in estimate.

The Company’s other investments also include investments in catastrophe bonds, direct private equity investments and term loans which are recorded at fair ~~value and the~~value. The fair value of catastrophe bonds is based on broker or underwriter bid indications. The fair value of direct private equity investments is based on the use of internal valuation models and the fair value of term loans are based on discounted cash flow valuation model.

Investments in Other Ventures, Under Equity Method

Investments in which the Company has significant influence over the operating and financial policies of the investee are classified as investments in other ventures, under equity method, and are accounted for under the equity method of accounting. Under this method, the Company records its proportionate share of income or loss from such investments in its results for the period. If the Company’s proportionate share of loss from such investment is in excess of the carrying value of such investment, the company discontinues applying the equity method when the carrying value of the investment is reduced to zero, unless the Company has committed to provide further financial support to the investee. If the investee subsequently reports net income, the Company resumes applying the equity method only after its proportionate share of net income equals the proportionate share of net losses not recognized during the period the equity method was suspended. Any decline in value of investments in other ventures, under equity method considered by management to be other-than-temporary is charged to income in the period in which it is determined.

~~Cash and Cash Equivalents~~CASH AND CASH EQUIVALENTS

Cash equivalents include money market instruments with a maturity of ninety days or less when purchased.

STOCK INCENTIVE COMPENSATION

The Company is authorized to issue restricted stock awards and units, performance shares, stock options and other equity-based awards to its employees and directors. The fair value of the compensation cost is measured at the grant date and expensed over the period for which the employee or director is required to provide services in exchange for the award.

In addition, the Company is authorized to issue cash settled restricted stock units (“CSRSU”) to its employees. The fair value of CSRSUs is determined using the fair market value of RenaissanceRe common shares at the end of each reporting period and is expensed over the period for which the employee is required to provide service in exchange for the award. The fair value of these awards is recorded on the Company’s consolidated balance sheet as a liability as it is expensed ~~and~~ until the point payment is made to the employee.

The Company has elected to recognize forfeitures as they occur rather than estimating service-based forfeitures over the requisite service period.

DERIVATIVES

~~The~~From time to time, the Company enters into derivative instruments such as futures, options, swaps, forward contracts and other derivative contracts ~~in order~~primarily to manage its foreign currency exposure, obtain exposure to a particular financial market, for yield enhancement, or for trading and ~~speculation.~~to assume risk. The Company accounts for its derivatives in accordance with FASB ASC Topic Derivatives and Hedging, which requires all derivatives to be recorded at fair value on the Company’s balance sheet as either assets or liabilities, depending on their rights or obligations, with changes in fair value reflected in current earnings. ~~The~~Commencing in 2019, the Company ~~does not currently apply~~elected to adopt hedge ~~accounting.~~accounting for certain of its derivative instruments used as hedges of a net investment in a foreign operation, as discussed below. The fair value

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of the Company’s derivatives is estimated by reference to

quoted prices or broker quotes, where available, or in the absence of quoted prices or broker quotes, the use of industry or internal valuation models.

~~FAIR VALUE~~Hedges of a Net Investment in a Foreign Operation

Changes in the fair value of derivative instruments used to hedge the net investment in a foreign operation, to the extent effective as a hedge, are recorded as a component of accumulated other comprehensive income (loss) in foreign currency translation adjustments, net of tax. Cumulative changes in fair value recorded in accumulated other comprehensive income (loss) are reclassified into earnings upon the sale, or complete or substantially complete liquidation, of the foreign operation. Any hedge ineffectiveness is recorded immediately in current period earnings as net foreign exchange gains (losses).

Hedge Documentation and Effectiveness Testing

To qualify for hedge accounting treatment, a derivative must be highly effective in mitigating the designated changes in value or cash flow of the hedged item. At the inception of a hedge, the Company formally documents relationships between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking each hedge transaction. The documentation process includes linking derivatives that are designated as net investment hedges to specific assets or liabilities on the consolidated balance sheet. The Company ~~accounts~~also formally assesses, both at the hedge's inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the net investment in a foreign operation. The Company will discontinue hedge accounting prospectively if it determines that the derivative is no longer highly effective in offsetting changes in the net investment in a foreign operation, the derivative is no longer designated as a hedging instrument, or the derivative expires or is sold, terminated or exercised. If hedge accounting is discontinued, the derivative continues to be carried at fair value on the consolidated balance sheet with changes in its fair value recognized in current period earnings through net realized and unrealized gains (losses) on investments.

FAIR VALUE OPTION

The Company has elected to account for certain of its assets and liabilities at fair value in accordance with FASB ASC Topic Fair Value Measurements and Disclosures. The Company recognizes the change in unrealized gains and losses arising from changes in fair value in its statements of operations, with the exception of changes in unrealized gains and losses on its fixed maturity investments available for sale, which are recognized as a component of accumulated other comprehensive income in shareholders’ equity.operations.

BUSINESS COMBINATIONS, GOODWILL AND OTHER INTANGIBLE ASSETS

The Company accounts for business combinations in accordance with FASB ASC Topic Business Combinations, and goodwill and other intangible assets that arise from business combinations in accordance with FASB ASC Topic Intangibles – Goodwill and Other. A purchase price that is in excess of the fair value of the net assets acquired arising from a business combination is recorded as goodwill, and is not amortized. Other intangible assets with a finite life are amortized over the estimated useful life of the asset. Other intangible assets with an indefinite useful life are not amortized.

Goodwill and other indefinite life intangible assets are tested for impairment on an annual basis or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable. Finite life intangible assets are reviewed for indicators of impairment on an annual basis or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable, and tested for impairment if appropriate. For purposes of the annual impairment evaluation, goodwill is assigned to the applicable reporting unit of the acquired entities giving rise to the goodwill. Goodwill and other intangible assets recorded in connection with investments accounted for under the equity method, are recorded as “Investments in other ventures, under equity method” on the Company’s consolidated balance sheets.

The Company has established the ~~beginning~~third and fourth quarters of the ~~fourth quarter~~year as the ~~date~~period for performing its annual impairment tests. Upon further assessment, the Company may determine to perform additional impairment testing later in the year if it is deemed necessary. The Company has elected to use the option to first assess qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test. Under this option, the Company ~~would~~is not be required to calculate the fair value of a reporting unit unless the Company determines, based on its qualitative assessment, that it is more likely than not that a reporting unit’s fair value is less than its carrying amount. If goodwill or other intangible assets are impaired,

F-14

they are written down to their estimated fair value with a corresponding expense reflected in the Company’s consolidated statements of operations.

The Company initially recorded VOBA to reflect the establishment of the value of business acquired asset, which represents the estimated present value of the expected underwriting profit within the unearned premiums liability, net of reinsurance, less costs to service the related policies and a risk premium. VOBA is derived using, among other things, estimated loss ratios by line of business to calculate the underwriting profit, weighted average cost of capital, risk premium and expected payout patterns. The adjustment for VOBA was amortized to acquisition expenses over approximately two years, as the contracts for business in-force as of the acquisition date expired.

NONCONTROLLING INTERESTS

The Company accounts for redeemable noncontrolling interests in the mezzanine section of the Company’s consolidated balance sheet in accordance with United States Securities and Exchange Commission (“SEC”) guidance which is applicable to SEC registrants. The share classes related to the redeemable noncontrolling interest portion of the issuer are accounted for in accordance with SEC guidance, which requires that shares not required to be accounted for in accordance with FASB ASC Topic Distinguishing Liabilities from Equity, and having redemption features that are not solely within the control of the issuer, to be classified outside of permanent equity in the mezzanine section of the balance sheet. ~~Because the share classes related to the redeemable noncontrolling interest portion of the issuer are not considered liabilities in accordance with FASB ASC Topic~~ ~~Distinguishing Liabilities from Equity~~ and have redemption features that are not solely within the control of the issuer, the redeemable noncontrolling interests are presented in the mezzanine section on the Company’s consolidated balance sheet in accordance with the SEC guidance noted above. The SEC guidance does not impact the accounting for redeemable noncontrolling interest on the consolidated statements of operations; therefore, the provisions of FASB ASC Topic Consolidation with respect to the consolidated statements of operations still apply, and net income attributable to redeemable noncontrolling interests is presented separately in the Company’s consolidated statements of operations.

VARIABLE INTEREST ENTITIES

The Company accounts for ~~VIEs~~variable interest entities (“VIEs”) in accordance with FASB ASC Topic Consolidation, which requires the consolidation of all VIEs by the primary beneficiary, that being the investor that has the power to direct the activities of the VIE and that will absorb a portion of the VIE’s expected losses or residual returns that could potentially be significant to the VIE. ~~For VIEs~~When the Company determines it has a variable interest in a VIE, it determines whether it is the primary beneficiary of athat VIE by performing an analysis that principally considers: (i) the VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders; (ii) the VIE’s capital structure; (iii) the terms between the VIE and its variable interest holders and other parties involved with the VIE; (iv) which variable interest holders have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; (v) which variable interest holders have the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE; and (vi) related party relationships. The Company reassesses its ~~initial~~ determination of whether the Company is the primary beneficiary of a VIE upon changes in facts and circumstances that could potentially alter the Company’s assessment.

EARNINGS PER SHARE

The Company calculates earnings per share in accordance with FASB ASC Topic Earnings per Share. Basic earnings per share are based on weighted average common shares and exclude any dilutive effects of options and restricted stock. Diluted earnings per share assumes the exercise of all dilutive stock options and restricted stock grants.

The two-class method is used to determine earnings per share based on dividends declared on common shares and participating securities (i.e., distributed earnings) and participation rights of participating securities in any undistributed earnings. Each unvested restricted share granted by the Company ~~to its employees~~ is considered a participating security and the Company uses the two-class method to calculate its net income available to RenaissanceRe common shareholders per common share – basic and diluted.

FOREIGN EXCHANGE

Monetary assets and liabilities denominated in a currency other than the functional currency of the Company’s subsidiaries in which those monetary assets and liabilities reside are revalued into such subsidiary’s functional currency at the prevailing exchange rate on the balance sheet date. Revenues and

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expenses denominated in a currency other than the functional currency of the Company’s subsidiaries, are valued at the exchange rate on the date on which the underlying revenue or expense transaction occurred. The net effect of these revaluation adjustments are recognized in the Company’s consolidated statement of operations as part of net foreign exchange gains (losses).

The Company’s functional currency is the U.S. dollar. ~~Revenues~~Certain of the Company’s subsidiaries have a functional currency other than the U.S. dollar. Assets and liabilities of foreign operations whose functional currency is not the U.S. dollar are translated into the Company’s U.S. dollar reporting currency at prevailing balance sheet-date exchange rates, while revenue and expenses ~~denominated in~~of such foreign ~~currencies~~operations are ~~revalued~~translated into the Company’s U.S. dollar functional currency at ~~the prevailing exchange rate at the transaction date. Monetary assets and liabilities denominated in foreign currencies are remeasured at~~monthly average exchange rates induring the year. The net effect ~~at the balance sheet date, which may result in the recognition~~ of ~~exchange~~these translation adjustments, as well as any gains or losses on intercompany balances for which ~~are~~settlement is not planned or anticipated in the foreseeable future, net of applicable deferred income taxes, is included in the ~~determination of net income.~~Company’s consolidated balance sheet as currency translation adjustments and reflected within accumulated other comprehensive income (loss).

TAXATION

Income taxes have been provided for in accordance with the provisions of FASB ASC Topic Income Taxes. Deferred tax assets and liabilities result from temporary differences between the amounts recorded in the consolidated financial statements and the tax basis of the Company’s assets and liabilities. Such temporary differences are primarily due to net operating loss and interest expense carryforwards and GAAP versus tax basis accounting differences relating to ~~interest expense,~~ underwriting results, accrued expenses and investments. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance against net deferred tax assets is recorded if it is more likely than not that all, or some portion, of the benefits related to net deferred tax assets will not be realized.

Uncertain tax positions are also accounted for in accordance with FASB ASC Topic Income Taxes. Uncertain tax positions must meet a more likely than not recognition threshold to be recognized.

RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS

~~Improvements to Employee Share-Based Payment~~Simplifying the Accounting for Income Taxes

In ~~March 2016,~~December 2019, the FASB issued ASU No. ~~2016-09,~~ ~~Improvements to Employee Share-Based Payment~~2019-12, Simplifying the Accounting for Income Taxes (“ASU ~~2016-09”~~2019-12”). Among other things, ASU ~~2016-09 was issued to simplify several aspects of~~2019-12 eliminates certain exceptions for recognizing deferred taxes for investments, performing intraperiod tax allocation and calculating income taxes in interim periods. ASU 2019-12 also clarifies the accounting for ~~share-based payment~~ transactions ~~including~~that result in a step-up in the ~~income~~ tax ~~consequences, treatment~~basis of ~~forfeitures, classification of awards as either equity or liabilities, and the classification of taxes paid on the statements of cash flows.~~goodwill. ASU ~~2016-09 became effective for the Company in annual and interim periods beginning after~~

~~December 15, 2016. The cumulative effect of the adoption of ASU 2016-09 was a $2.2 million increase to opening retained earnings as of January 1, 2017.~~

~~RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED~~

~~Revenue from Contracts with Customers~~

~~In May 2014, the FASB issued ASU No. 2014-09,~~ ~~Revenue from Contracts with Customers~~ ~~(“ASU 2014-09”). ASU 2014-09 provides comprehensive guidance on the recognition of revenue from customers arising from the transfer of goods and services. The core principle of the guidance~~2019-12 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. ASU 2014-09 also provides guidance on accounting for certain contract costs and will also require new disclosures. ASU 2014-09 was to be effective for public business entities ~~in annual~~for fiscal years, and interim periods within those fiscal years, beginning after December 15, ~~2016, however in July 2015,~~2020. Accordingly, the ~~FASB decided to defer by one year the~~Company adopted ASU 2019-12 effective dates of ASU 2014-09, and as a result, ASU 2014-09 will be effective for public business entities in annual and interim periods beginning after December 15, 2017. Early adoption is permitted. ASU 2014-09 notably excludes the accounting for insurance contracts, leases, financial instruments and guarantees. The Company is currently evaluating the impact of this guidance, with its implementation efforts primarily focused on other income on its consolidated statements of operations.January 1, 2021. The adoption of ASU ~~2014-09 is~~2019-12 did not ~~expected to~~ have a material impact on the Company’s consolidated statements of operations and financial position.

~~Leases~~

~~In February 2016, the FASB issued ASU No. 2016-02,~~ ~~Leases~~ (“ASU 2016-02”). ASU 2016-02 requires lessees to recognize lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under previous guidance. ASU 2016-02 is effective for public business entities for annual and interim periods beginning after December 15, 2018. Early application is permitted. The Company is currently evaluating the impact of this guidance; however, it is not expected to have a material impact on the Company’s consolidated statements of operations and financial position.

~~Recognition and Measurement of Financial Assets and Financial Liabilities~~

~~In January 2016, the FASB issued ASU No. 2016-01,~~ ~~Recognition and Measurement of Financial Assets and Financial Liabilities~~ (“ASU 2016-01”). ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting or those that result in the consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, simplifies the impairment assessment of equity investments without readily determinable values by requiring a qualitative assessment to identify impairment, eliminates the requirement to disclose the methods and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost, requires the use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate presentation in other comprehensive income of the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the organization has elected to measure the liabilities in accordance with the fair value option, requires the separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements and clarifies that the reporting organization should evaluate the need for a valuation allowance on a deferred tax asset related to available for sale securities in combination with the organization’s other deferred tax assets. ASU 2016-01 is effective for public business entities in annual and interim periods beginning after December 15, 2017. Earlier adoption is generally not permitted, except for certain specific provisions of ASU 2016-01. The Company is currently evaluating the impact of this guidance; however, it is not expected to have a material impact on the Company’s consolidated statements of operations and financial position.

Measurement of Credit Losses on Financial Instruments

In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 modifies the recognition of credit losses by replacing the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration

of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 2016-13 is applicable to financial assets such as loans, debt securities, trade receivables, off-balance sheet credit exposures, reinsurance receivables, and other financial assets that have the contractual right to receive cash. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the ~~collectibility~~collectability of the reported amount. The ~~Company's~~Company’s invested assets are measured at fair value through net income, and therefore those invested assets ~~would~~were not be impacted by the adoption of ASU 2016-13. The Company has other financial assets, such as premiums receivable and reinsurance ~~recoverables,~~recoverable, that ~~could be~~were not materially impacted by the adoption of ASU 2016-13. ASU 2016-13 isbecame effective for public business entities that are SEC filers for annual and interim periods beginning after December 15, 2019. Accordingly, the Company adopted ASU 2016-13 effective January 1, 2020. The ~~Company is currently evaluating the impact~~adoption of ~~this guidance; however, it is~~ASU 2016-13 did not ~~expected to~~ have

F-16

a material impact on the Company’s consolidated statements of operations and financial ~~position.~~position, and as a result, there was no cumulative effect adjustment to opening retained earnings as of January 1, 2020.

Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement

~~Classification of Certain Cash Receipts and Cash Payments~~

In August ~~2016,~~2018, the FASB issued ASU No. ~~2016-15,~~ ~~Classification~~2018-13, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The ASU 2018-13 modifies the disclosure requirements of ~~Certain Cash Receipts and Cash Payments~~ ~~(“ASU 2016-15”). ASU 2016-15 clarifies~~fair value measurements as part of the ~~classification~~disclosure framework project with the objective to improve the effectiveness of ~~receipts and payments~~disclosures in the ~~statement~~notes to the financial statements. ASU 2018-13 allows for removal of ~~cash flows.~~the amount and reasons for transfer between Level 1 and Level 2 of the fair value hierarchy; the policy for transfers between levels; and the valuation processes for Level 3 fair value measurements. ASU 2016-15 provides guidance related to (1) settlement and payment of zero coupon debt instruments, (2) contingent consideration, (3) proceeds from settlement of insurance claims, (4) proceeds from settlement of corporate and bank owned life insurance policies, (5) distributions from equity method investees, (6) cash receipts from beneficial interests obtained by a transferor, and (7) general guidelines for cash receipts and payments that have more than one aspect of classification. ASU 2016-15 is2018-13 became effective for ~~public business~~all entities for ~~annual periods~~fiscal years beginning after December 15, ~~2018,~~2019 and interim periods within ~~annual periods beginning after December 15, 2019. Early adoption~~those fiscal years. Accordingly, the Company adopted ASU 2018-13 effective January 1, 2020. Since ASU 2018-13 is ~~permitted. The Company is currently evaluating the impact of this guidance; however,~~disclosure-related only, it isdid not ~~expected to~~ have ~~a material impact on the Company’s consolidated statements of cash flows.~~

~~Intra-Entity Transfers of Assets Other Than Inventory~~

~~In October 2016, the FASB issued ASU No. 2016-16,~~ ~~Intra-Entity Transfers of Assets Other Than Inventory~~ (“ASU 2016-16”). ASU 2016-16 requires entities to recognize the income tax consequences of intra-entity transfers of assets other than inventory when the transfers occur; this is a change from current guidance which prohibits the recognition of current and deferred income taxes until the underlying assets have been sold to outside entities. ASU 2016-16 is effective for public business entities for annual and interim periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the impact of this guidance; however, it is not expected to have a materialan impact on the Company’s consolidated statements of operations and financial position.

Simplifying the Test for Goodwill Impairment

In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment (“(“ASU 2017-04”). Among other things, ASU 2017-04 requires the following: (1) the elimination of step two of the goodwill impairment test; entities will no longer utilize the implied fair value of their assets and liabilities for purposes of testing goodwill for impairment, (2) the quantitative portion of the goodwill impairment test will be performed by comparing the fair value of a reporting unit with its carrying amount; an impairment charge is to be recognized for the excess of carrying amount over fair value, but only to the extent of the amount of goodwill allocated to that reporting unit, and (3) foreign currency translation adjustments are not to be allocated to a reporting unit from an entity’s accumulated other comprehensive ~~income;~~income (loss); the reporting unit’s carrying amount should include only the currently translated balances of the assets and liabilities assigned to the reporting unit. ASU 2017-04 isbecame effective for public business entities that are SEC filers for annual periods, or any interim goodwill impairment tests in annual periods, beginning after December 15, 2019. ~~Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after~~Accordingly, the Company adopted ASU 2017-04 effective January 1, ~~2017.~~2020. The ~~Company is currently evaluating the impact~~adoption of ~~this guidance; however, it is~~ASU 2017-04 did not ~~expected to~~ have a material impact on the Company’s consolidated statements of operations and financial position.

Leases

In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases and subsequently issued a number of other ASUs to amend the guidance, each ultimately reflected in FASB ASC Topic Leases. FASB ASC Topic Leases requires, among other items, lessees to recognize lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under the previous guidance. FASB ASC Topic Leases became effective for public business entities for annual and interim periods beginning after December 15, 2018. The Company has adopted FASB ASC Topic Leases through the application of the modified retrospective transition approach. In addition, the Company employed certain practical expedients permitted under the guidance and utilized its incremental borrowing rate in determining the present value of lease payments, not yet paid. The adoption of this guidance did not have a material impact on the Company’s consolidated statements of operations and financial position. The Company determined there was no material impact and as a result, there was no cumulative effect adjustment to opening retained earnings as of January 1, 2019.

Intra-Entity Transfers of Assets Other Than Inventory

In October 2016, the FASB issued ASU No. 2016-16, Intra-Entity Transfers of Assets Other Than Inventory (“ASU 2016-16”). ASU 2016-16 requires entities to recognize the income tax consequences of intra-entity transfers of assets other than inventory when the transfers occur; this is a change from current guidance which prohibits the recognition of current and deferred income taxes until the underlying assets have been sold to outside entities. ASU 2016-16 became effective for public business entities for annual and interim periods beginning after December 15, 2018. The adoption of this guidance did not have a material impact on the Company’s consolidated statements of operations and financial position.

F-17

NOTE 3. ACQUISITION OF ~~PLATINUM~~TOKIO MILLENNIUM RE

Overview

On March 2, 2015, RenaissanceRe acquired 100% of the outstanding common shares of Platinum for $76 per Platinum common share, or aggregate consideration of $1.93 billion. In connection with an intercompany restructuring, effective July 1, 2015, Platinum was merged with RenaissanceRe, with RenaissanceRe continuing as the surviving company.

Prior to the closing of the acquisition of Platinum, Platinum was a publicly traded company listed on the New York Stock Exchange and headquartered in Bermuda. Platinum, through its wholly owned subsidiaries, provided property and casualty reinsurance coverage through reinsurance brokers to insurers and select reinsurers on a worldwide basis. The Company believes the acquisition of Platinum has benefited the combined companies’ clients through an expanded product offering and enhanced broker relationships and it has also accelerated the growth of the Company’s U.S. specialty and casualty reinsurance platform.

The aggregate consideration for the ~~transaction consisted~~acquisition of ~~the issuance~~TMR, which closed on March 22, 2019, was $1.6 billion, consisting of ~~7.435 million~~cash, RenaissanceRe common shares ~~valued~~and a special dividend from TMR, as described in more detail below. The aggregate consideration paid at ~~$761.8 million (based~~closing for the acquisition of TMR was based on the ~~share price as~~closing tangible book value of ~~March 2, 2015) and $1.16 billion of cash. The cash consideration was partially funded through~~TMR, subject to a pre-closing dividend from Platinum of $10.00 per share, or $253.2 million (the “Special Dividend”), RenaissanceRe available funds of $604.4 million and a short term bridge loan of $300.0 million. On March 24, 2015, RenaissanceRe Finance Inc. (“RenaissanceRe Finance”), a wholly owned subsidiary of RenaissanceRe, issued $300.0 million of its 3.700% Senior Notes due 2025 (together with cash on hand) to replacepost-closing adjustment under the ~~short term bridge loan used to fund part~~terms of the ~~cash consideration. Refer~~Stock Purchase Agreement by and among the Company, Tokio Marine & Nichido Fire Insurance Co. Ltd. (“Tokio”) and, with respect to ~~“Note 9. Debt and Credit Facilities” for additional information related to the 3.700% Senior Notes due 2025.~~certain sections only, Tokio Marine Holdings, Inc. entered into on October 30, 2018. The parties determined that no closing adjustment was required.

In connection with the closing of the TMR Stock Purchase, Tokio, RREAG and RenaissanceRe (UK) Limited (formerly known as Tokio Millennium Re (UK) Limited) (“RenaissanceRe UK”) entered into a reserve development agreement whereby RREAG and RenaissanceRe UK agreed to cede to Tokio, and Tokio agreed to indemnify and reimburse RREAG and RenaissanceRe UK for, substantially all of RREAG and RenaissanceRe UK’s adverse development on stated reserves at time of the closing, including unearned premium reserves, subject to certain terms and conditions. The reserve development agreement provides the Company with indemnification on stated reserves, including unearned premium reserves, for RREAG and RenaissanceRe UK, on a whole-account basis, and takes into consideration adverse performance across the Company’s reportable segments. To the extent the combined performance of acquired reserves for claims and claim expenses or unearned premiums is worse than expected on an aggregate basis across reportable segments, the Company is indemnified under the terms of the reserve development agreement and would expect to collect under the reserve development agreement.

At closing, RREAG and Tokio entered into a retrocessional agreement pursuant to which RREAG ceded to Tokio all of its liabilities arising from certain stop loss reinsurance contracts RREAG entered into with third-party capital partners which were either in force as of the closing date or which incept prior to December 31, 2021.

The Company recorded $9.1 million of corporate expenses associated with the acquisition of ~~Platinum, RenaissanceRe incurred~~TMR during 2020 (2019 - $49.7 million). Included in these expenses are compensation, transaction ~~integration~~ and ~~compensation related expenses totaling $0.3 million during 2017 (2016 - $2.1 million, 2015 - $53.5 million). These expenses have all been reported as a component of corporate expenses.~~

integration-related costs.

Purchase Price

The ~~Company's~~Company’s total purchase price for ~~Platinum at March 2, 2015~~TMR was calculated as follows:



Special Dividend
Special Dividend paid to common shareholders of Tokio and holders of Tokio equity awards			$	500,000
RenaissanceRe Common Shares
Common shares issued by RenaissanceRe to Tokio	1,739,071
Common share price of RenaissanceRe (1)	$	143.75
Market value of RenaissanceRe common shares issued by RenaissanceRe to Tokio			249,998
Cash Consideration
Cash consideration paid by RenaissanceRe as acquisition consideration			813,595
Total purchase price			1,563,593
Less: Special Dividend paid to Tokio			(500,000)
Net purchase price			$	1,063,593

(1) RenaissanceRe common share price was based on the 30-day trailing volume weighted average price of $143.7539 as of market close on March 15, 2019, which approximates fair value.

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Special Dividend
Number of Platinum common shares and Platinum equity awards canceled in the acquisition of Platinum 25,320,312

Special Dividend per outstanding common share of Platinum and Platinum equity award $ 10.00

Special Dividend paid to common shareholders of Platinum and holders of Platinum equity awards $ 253,203

RenaissanceRe common shares
Common shares issued by RenaissanceRe 7,434,561

Common share price of RenaissanceRe as of March 2, 2015 $ 102.47

Market value of RenaissanceRe common shares issued by RenaissanceRe to common shareholders of Platinum and holders of Platinum equity awards 761,819

Platinum common shares
Fair value of Platinum common shares owned by RenaissanceRe and canceled in connection with the acquisition of Platinum 12,950

Cash consideration
Number of Platinum common shares and Platinum equity awards canceled in the acquisition of Platinum 25,320,312

Platinum common shares owned by RenaissanceRe and canceled in connection with the acquisition of Platinum (169,220 )
Number of Platinum common shares and Platinum equity awards canceled in the acquisition of Platinum excluding those owned by RenaissanceRe and canceled in connection with the acquisition of Platinum 25,151,092

Agreed cash price paid to common shareholders of Platinum and holders of Platinum equity awards $ 35.96

Cash consideration paid by RenaissanceRe to common shareholders of Platinum and holders of Platinum equity awards 904,433

Total purchase price 1,932,405

Less: Special Dividend paid by Platinum (253,203 )
Net purchase price $ 1,679,202

Fair Value of Net Assets Acquired and Liabilities Assumed

The purchase price was allocated to the acquired assets and liabilities of ~~Platinum~~the Company based on estimated fair values on March ~~2, 2015,~~22, 2019, the date the transaction closed, as detailed below. ~~The~~During the quarter ended March 31, 2019, the Company recognized goodwill of ~~$191.7~~$13.1 million, ~~primarily~~based on foreign exchange rates on March 22, 2019, attributable to ~~Platinum’s assembled workforce and synergies expected to result upon integration~~the excess of ~~Platinum into~~ the ~~Company’s operations. There were no other adjustments to carried goodwill during~~purchase price over the ~~period ended December 31, 2017 reflected on~~fair value of the ~~Company’s consolidated balance sheet at December 31, 2017.~~net assets of TMR. The Company recognized identifiable finite lived intangible assets of ~~$75.2~~$11.2 million, which ~~are being~~will be amortized over a weighted average period of ~~eight~~10.5 years, identifiable indefinite lived intangible assets of ~~$8.4~~$6.8 million, and certain other adjustments to the fair values of the assets acquired, liabilities assumed and shareholders’ equity of ~~Platinum~~TMR at March ~~2, 2015~~22, 2019, based on foreign exchange rates on March 22, 2019, as summarized in the table below:

Shareholders’ equity of Platinum prior to Special Dividend $ 1,737,278

Cash and cash equivalents (Special Dividend on Platinum common shares and Platinum equity awards) (253,203 )
Adjusted shareholders’ equity of Platinum at March 2, 2015 1,484,075

Adjustments for fair value, by applicable balance sheet caption:
Deferred acquisition costs (44,486 )
Debt (28,899 )
Reserve for claims and claim expenses (21,725 )
Other assets - deferred debt issuance costs (1,046 )
Total adjustments for fair value by applicable balance sheet caption before tax impact (96,156 )
Other assets - net deferred tax asset related to fair value adjustments 29,069

Total adjustments for fair value by applicable balance sheet caption (67,087 )
Adjustments for fair value of the identifiable intangible assets:
Identifiable indefinite lived intangible assets (insurance licenses) 8,400

Identifiable finite lived intangible assets (non-contractual relationships, renewal rights, value of business acquired, trade name, internally developed and used computer software and covenants not to compete) 75,200

Identifiable intangible assets before tax impact 83,600

Other liabilities - deferred tax liability on identifiable intangible assets (13,115 )
Total adjustments for fair value of the identifiable intangible assets 70,485

Total adjustments for fair value by applicable balance sheet caption and identifiable intangible assets 3,398

Shareholders’ equity of Platinum at fair value 1,487,473

Total net purchase price paid by RenaissanceRe 1,679,202

Excess purchase price over the fair value of net assets acquired assigned to goodwill $ 191,729



Shareholders’ equity of TMR at March 22, 2019	$	1,032,961
Adjustments for fair value, by applicable balance sheet caption:
Net deferred acquisition costs and value of business acquired	(56,788)
Net reserve for claims and claim expenses	67,782
Goodwill and intangible assets at March 22, 2019 of TMR	(6,569)
Total adjustments for fair value by applicable balance sheet caption before tax impact	4,425
Other assets - net deferred tax liability related to fair value adjustments and value of business acquired	(2,606)
Total adjustments for fair value by applicable balance sheet caption, net of tax	1,819
Adjustments for fair value of the identifiable intangible assets:
Identifiable indefinite lived intangible assets (insurance licenses)	6,800
Identifiable finite lived intangible assets (top broker relationships and renewal rights)	11,200
Identifiable intangible assets before tax impact	18,000
Other assets - deferred tax liability on identifiable intangible assets	(2,281)
Total adjustments for fair value of the identifiable intangible assets and value of business acquired, net of tax	15,719
Total adjustments for fair value by applicable balance sheet caption, identifiable intangible assets and value of business acquired, net of tax	17,538
Shareholders’ equity of TMR at fair value	1,050,499
Total net purchase price paid by RenaissanceRe	1,063,593
Excess purchase price over the fair value of net assets acquired assigned to goodwill	$	13,094

An explanation of the significant fair value adjustments and related future amortization is as follows:

~~Deferred~~•Net deferred acquisition costs ~~- to eliminate Platinum’s deferred acquisition costs;~~

~~Debt~~and VOBA - to reflect ~~Platinum’s existing senior notes~~the elimination of TMR’s net deferred acquisition costs, partially offset by the establishment of the value of business acquired asset, which represents the present value of the expected underwriting profit within the unearned premiums liability, net of reinsurance, less costs to service the related policies and a risk premium. The adjustment for VOBA will be amortized to acquisition expenses over approximately two years, as the contracts for business in-force as of the acquisition date expire. VOBA at ~~fair value using indicative market pricing obtained from third-party service providers;~~March 22, 2019 was $287.6 million;

•Reserve for claims and claim expenses - to reflect a decrease related to the present value of the net unpaid claims and claim expenses based on the estimated payout pattern, partially offset by an increase in net claims and claim expenses ~~due~~related to the ~~addition of a~~estimated market based risk margin. The risk margin ~~that represented~~represents the estimated cost of capital required by a market participant to assume the net claims and claim ~~expenses of Platinum, partially offset by a deduction which represents~~expenses. This will be amortized using the projected discount ~~due to the present value calculation of the unpaid claims~~ and ~~claim expenses based on the expected payout~~risk margin patterns of the net ~~unpaid~~ claims and ~~claim expenses;~~claims expenses as of the acquisition date;

~~Other assets - to eliminate deferred debt issuance costs related to Platinum’s existing senior notes and to reflect net deferred tax assets related to fair value adjustments;~~

•Identifiable indefinite lived and finite lived intangible assets - to establish the fair value of identifiable intangible assets related to the acquisition of ~~Platinum~~TMR described in detail below; and

F-19

•Other ~~liabilities~~assets - to reflect the net deferred tax liability on identifiable intangible assets.

Identifiable intangible assets ~~at March 2, 2015 and at December 31, 2017,~~ consisted of the following and are included in goodwill and other intangible assets on the Company’s consolidated balance sheet:

Amount Economic Useful Life
Key non-contractual relationships $ 30,400
10 years
Value of business acquired 20,200
2 years
Renewal rights 15,800
15 years
Insurance licenses 8,400
Indefinite
Internally developed and used computer software 3,500
2 years
Other non-contractual relationships 2,300
3 years
Non-compete agreements 1,900
2.5 years
Trade name 1,100
6 months
Identifiable intangible assets, before amortization, at March 2, 2015 83,600

Amortization (from March 2, 2015 through December 31, 2017) (39,914 )
Net identifiable intangible assets at December 31, 2017 related to the acquisition of Platinum $ 43,686



	Amount		Economic Useful Life
Top broker relationships	$	10,000	10.0 years
Renewal rights	1,200		15.0 years
Insurance licenses	6,800		Indefinite
Gross identifiable intangible assets related to the acquisition of TMR, at March 22, 2019	18,000
Accumulated amortization (from March 22, 2019 through December 31, 2021), net of foreign exchange	2,851
Impairment loss on insurance licenses	6,800
Net identifiable intangible assets related to the acquisition of TMR at December 31, 2021	$	8,349

An explanation of the identifiable intangible assets is as follows:

~~Key non-contractual~~•Top broker relationships - ~~these~~the value of TMR’s relationships ~~included Platinum’s~~with their top four brokers ~~(Aon plc, Marsh~~(Marsh & McLennan Companies, Inc., Aon plc, Willis Group Holdings ~~plc.~~Public Limited Company and Jardine Lloyd Thompson Group plc.) ~~and~~after taking into consideration ~~was given to~~ the expectation of the renewal of these relationships and the associated ~~expenses;~~

~~Value of business acquired (“VOBA”) -~~expenses. These will be amortized on a straight-line basis over the ~~expected future losses and expenses associated with the policies that were in-force~~economic useful life as of the closing date of the transaction were estimated and compared to the future premium remaining expected to be earned. The difference between the risk-adjusted future loss and expenses, discounted to present value and the unearned premium reserve, was estimated to be the VOBA;acquisition date;

•Renewal rights - the value of policy renewal rights after taking into consideration written ~~premium~~premiums on assumed retention ratios and the insurance cash flows and the associated equity cash flows from these renewal policies over the expected life of the ~~renewals;~~renewals. These will be amortized on a straight-line basis over the economic useful life as of the acquisition date; and

•Insurance licenses - the value of acquired insurance licenses, ~~acquired providing~~which provide the ability to write reinsurance in all 50 states of the U.S. and the District of ~~Columbia;~~

~~Internally developed and used computer software - represents~~Columbia. During the ~~value~~year ended December 31, 2020, the Company recorded an impairment of ~~internally developed and used computer software to be utilized by the Company;~~

Other non-contractual relationships - these relationships consisted of Platinum’s brokers with the exception of those previously listed above as key non-contractual relationships and consideration was given$6.8 million related to the ~~expectation of~~insurance licenses. See “Note 4. Goodwill and Other Intangible Assets” in the ~~renewal of these relationships and~~Company’s “Notes to the ~~associated expenses;~~

~~Non-compete agreements - represent non-compete agreements with key employees of Platinum; and~~

~~Trade name - represents the value of the Platinum brand acquired.~~Consolidated Financial Statements” for additional information.

As part of the allocation of the purchase price, included in the adjustment to other assets in the table above is a deferred tax ~~asset~~liability of ~~$29.1~~$2.3 million related to the estimated fair value of the intangible assets recorded, as well as a net deferred tax liability of $2.6 million related to certain other adjustments to the fair values of the assets acquired, VOBA, liabilities assumed and shareholders’ ~~equity, summarized in the table above, which was partially offset by a deferred tax liability of $13.1 million related to the estimated fair value of the intangible assets recorded.~~equity. Other net deferred tax ~~assets~~liabilities recorded primarily relate to differences between financial reporting and tax ~~basis~~bases of the acquired assets and liabilities as of the acquisition date, March ~~2, 2015.~~22, 2019. The Company estimates that none of the goodwill that was recorded will be deductible for income tax purposes.

Financial Results

~~FASB ASC Topic~~ ~~Business Combinations~~ ~~prescribes disclosure~~The following table summarizes the net contribution from the acquisition of TMR since March 22, 2019 that was included in the ~~amounts~~Company’s consolidated statements of ~~revenue~~operations and ~~earnings~~comprehensive income for the year ended December 31, 2019. Operating activities of ~~the acquiree since~~TMR from the acquisition date, March 22, 2019, through December 31, 2019 are included in the Company’s consolidated ~~statement~~statements of operations for the ~~reporting period.~~year ended December 31, 2019.

The unaudited net contribution of the acquisition and integration of TMR is provided for informational purposes only and is not necessarily, and should not be assumed to be, an indication of the results that may be achieved in the future. These results are not used as a part of management’s analysis of the financial performance of the Company’s business. These results primarily reflect items recorded directly by TMR through December 31, 2019, including: 1) net earned premium and net underwriting income on the in-force portfolio acquired with the acquisition of TMR and previously retained on TMR entities’ balance sheets; 2) net earned premium and net underwriting income for those contracts which renewed post-acquisition on

F-20

one of the acquired TMR entities’ balance sheets; 3) net investment income and net realized and unrealized gains recorded directly by TMR; and 4) certain direct costs incurred directly by TMR. In addition, these results, where possible, were adjusted for transaction and integration related costs incurred by the Company. However, these results do not reflect on-going operating costs incurred by the Company ~~believes this disclosure has become impracticable given~~in supporting TMR unless such costs were incurred directly by TMR. These results also do not give consideration to the impact of possible revenue enhancements, expense efficiencies, synergies or asset dispositions that may be achieved in the future. These results involve significant estimates and are not indicative of the future results of the acquired ~~subsidiaries of Platinum~~TMR entities which have been, ~~fully integrated into~~and will continue to be impacted by potential changes in targeted business mix, investment management strategies, and synergies recognized from changes in the ~~Company’s organizational~~combined entity’s operating structure, ~~through an internal reorganization, resulting~~as well as the impact of changes in other business and capital ~~and assets being reallocated throughout~~management strategies.

Since the ~~organization. In addition, reinsurance contracts~~acquisition date, a growing number of underlying policies have been ~~renewed using both previously existing~~underwritten onto different legal entities, staffing has been allocated to new activities, and ~~acquired subsidiaries and the Company does not discretely manage the Platinum subsidiaries acquired, thereby rendering it impracticable~~reinsurance has been purchased to ~~accurately estimate the amounts~~cover combined risks, only some of ~~revenue and earnings of Platinum since March 2, 2015 included~~which would have been reflected in the ~~consolidated statement of operations for the reporting period.~~

~~Supplemental Pro Forma Information~~

~~Platinum’s results are included in the Company's consolidated financial statements~~underlying legacy TMR results. As a result, for the years ended December 31, ~~2017~~2021 and ~~2016,~~2020, it is impracticable to produce summarized financial results, and any such information would not be indicative of the results of the acquired TMR entities, given the significant estimates involved and the nature and pace of the integration activities, which were substantially completed in 2019.



	Year ended December 31, 2019 (1)
Total revenues	$	922,727
Net income (loss) available (attributable) to RenaissanceRe common shareholders (2)	$	99,169

(1) Includes the net contribution from the acquisition of TMR since March ~~2, 2015 to~~22, 2019 that has been included in the Company’s consolidated statements of operations and comprehensive income through December 31, ~~2015. As such,~~2019.

(2) Includes $49.7 million of corporate expenses associated with the acquisition and integration of TMR for the year ended December 31, 2019.

Taxation

At the date of acquisition and in conjunction with the acquisition of TMR, the Company established a net deferred tax liability of $5.7 million and recorded a valuation allowance against TMR’s deferred tax assets of $35.7 million in its consolidated financial statements. A predominant amount of the valuation allowance related to the U.S. operations of TMR was recorded by TMR prior to the acquisition.

Supplemental Pro Forma Information

The following table presents unaudited pro forma consolidated financial information for the ~~year~~years ended December 31, ~~2015,~~2019 and 2018, respectively, and assumes the acquisition of ~~Platinum~~TMR occurred on January 1, ~~2014.~~2018. The unaudited pro forma consolidated financial information is provided for informational purposes only and is not necessarily, and should not be assumed to be, an indication of the results that would have been achieved had the transaction been completed as of January 1, ~~2014~~2018 or that may be achieved in the future. The unaudited pro forma consolidated financial information does not give consideration to the impact of possible revenue enhancements, expense efficiencies, synergies or asset dispositions that may result from the acquisition of ~~Platinum.~~TMR. In addition, unaudited pro forma consolidated financial information does not include the effects of costs associated with any restructuring or integration activities resulting from the acquisition of ~~Platinum,~~TMR, as they are nonrecurring.

Year ended December 31, 2015
Total revenues $ 1,593,735

Net income available to RenaissanceRe common shareholders 423,768



Year ended December 31,	2019		2018
Total revenues	$	4,542,979	$	3,338,903
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	768,719	$	281,974

Among other adjustments, and in addition to the fair value adjustments and recognition of goodwill, VOBA and identifiable intangible assets noted above, other material nonrecurring pro forma adjustments directly

F-21

attributable to the acquisition of ~~Platinum~~TMR principally included certain adjustments to recognize transaction related costs, align accounting policies, and amortize fair value adjustments, ~~amortize~~VOBA, and identifiable ~~indefinite~~definite lived intangible assets, ~~and recognize~~net of related tax impacts.

Defined Benefit Pension Plan

The RREAG group entities have a contributory defined benefit pension plan for certain employees, which was not material to RenaissanceRe’s results of operations, financial condition or cash flows for the year ended December 31, 2021.

The plan offers mandatory benefits as prescribed by the applicable law, as well as voluntary benefits. These mandatory benefits include guarantees regarding the level of interest paid annually on accrued pension savings. The RREAG group entities and the members of the plan contribute a defined percentage of salary to the pension arrangement and credit accumulation is granted on these contributions. At retirement, the accumulated contributions are converted into a pension. A full independent actuarial valuation is prepared annually.

At December 31, 2021, the net balance sheet liability was $4.3 million, comprising $19.4 million of projected benefit obligation and $15.2 million of plan assets at fair value (2020 - $6.4 million, $20.1 million and $13.6 million, respectively).

NOTE 4. GOODWILL AND OTHER INTANGIBLE ASSETS

The following ~~table shows~~tables show an analysis of goodwill and other intangible ~~assets:~~

Goodwill and other intangible assets

Goodwill Other intangible assets Total
Balance as of December 31, 2015
Gross amount $ 199,889
$ 96,599
$ 296,488

Accumulated impairment losses and amortization (2,299 ) (29,035 ) (31,334 )
197,590
67,564
265,154

Amortization —
(13,968 ) (13,968 )
Balance as of December 31, 2016
Gross amount 199,889
96,599
296,488

Accumulated impairment losses and amortization (2,299 ) (43,003 ) (45,302 )
197,590
53,596
251,186

Amortization —
(8,041 ) (8,041 )
Balance as of December 31, 2017
Gross amount 199,889
96,599
296,488

Accumulated impairment losses and amortization (2,299 ) (51,044 ) (53,343 )
$ 197,590
$ 45,555
$ 243,145

~~During the first quarter~~assets, net of ~~2015, the Company recognized~~foreign currency translation adjustments, included in goodwill of $191.7 million primarily attributable to Platinum’s assembled workforce and synergies expected to result upon integration of Platinum into the Company’s operations. Also during 2015, the Company recognized identifiable finite lived intangible assets of $75.2 million and identifiable indefinite lived intangible assets of $8.4 million in connection with its acquisition of Platinum. See “Note 3. Acquisition of Platinum” for additional information related to the Company’s acquisition of Platinum and other intangible assets ~~acquired.~~on the Company’s consolidated balance sheets:



	Goodwill and Other Intangible Assets
At December 31,	2021		2020
Goodwill, net	$	210,920	$	211,013
Other intangible assets, net	32,576		38,628
Total goodwill and other intangible assets	$	243,496	$	249,641

Included in goodwill and other intangible assets on the Company’s consolidated balance sheet at December 31, 2021 was gross goodwill of $213.2 million (2020 - $213.3 million, 2019 - $213.0 million). Included in goodwill, net at December 31, 2021 was accumulated impairment losses of $2.3 million (2020 - $2.3 million).

~~The following table shows an analysis of~~In addition, the Company has also recorded goodwill and other intangible assets included in investments in other ventures, under equity ~~method:~~method on the Company’s consolidated balance sheets:



	Goodwill and Other Intangible Assets Included in Investments in Other Ventures, Under Equity Method
At December 31,	2021		2020
Goodwill, net	$	9,903	$	10,598
Other intangible assets, net	8,716		12,368
Total goodwill and other intangible assets	$	18,619	$	22,966

Included in Investments and other ventures, under equity method on the Company’s consolidated balance sheet at December 31, 2021 was gross goodwill of $14.4 million (2020 - $15.1 million, 2019 - $15.1 million). Included in goodwill, net at December 31, 2021 was accumulated impairment losses of $4.5 million (2020 - $4.5 million).

F-22

Goodwill and other intangible assets included
in investments in other ventures, under equity method

Goodwill Other intangible assets Total
Balance as of December 31, 2015
Gross amount $ 12,318
$ 51,796
$ 64,114

Accumulated impairment losses and amortization (4,500 ) (36,460 ) (40,960 )
7,818
15,336
23,154

Amortization —
(3,474 ) (3,474 )
Balance as of December 31, 2016
Gross amount 12,318
51,796
64,114

Accumulated impairment losses and amortization (4,500 ) (39,934 ) (44,434 )
7,818
11,862
19,680

Amortization —
(2,946 ) (2,946 )
Balance as of December 31, 2017
Gross amount 12,318
51,796
64,114

Accumulated impairment losses and amortization (4,500 ) (42,880 ) (47,380 )
$ 7,818
$ 8,916
$ 16,734

The following table shows a roll forward of goodwill included in goodwill and other intangible assets and goodwill included in investments in other ventures, under equity method on the Company’s consolidated balance sheets:



	Goodwill
	Goodwill and Other Intangible Assets		Goodwill and Other Intangible Assets Included in Investments in Other Ventures, Under Equity Method
Balance at December 31, 2019, net	$	210,665	$	10,598


Foreign currency translation	348		—
Balance at December 31, 2020, net	211,013		10,598
Acquired	—		(695)

Foreign currency translation	(93)		—
Balance at December 31, 2021, net	$	210,920	$	9,903

The gross carrying value, accumulated amortization and accumulated impairment losses by major category of other intangible assets included in goodwill and other intangible assets and investments in other ventures, under equity method on the Company’s consolidated balance sheets are shown below:



	Other Intangible Assets
At December 31, 2021	Gross Carrying Value		Accumulated Amortization		Accumulated Impairment Losses		Net
Customer relationships and customer lists	$	108,742	$	(83,307)	$	(1,403)	$	24,032
Licenses (1)	23,779		—		(6,800)		16,979
Value of business acquired	20,200		(20,200)		—		—
Software	12,230		(12,230)		—		—
Patents and intellectual property	4,500		(1,875)		(2,625)		—
Covenants not-to-compete	4,030		(4,030)		—		—
Trademarks and trade names	1,710		(1,429)		—		281
	$	175,191	$	(123,071)	$	(10,828)	$	41,292

(1)Licenses is comprised of $17.0 million of indefinite lived other intangible assets, included in other intangible assets, net, as of December 31, 2021



	Other Intangible Assets
At December 31, 2020	Gross Carrying Value		Accumulated Amortization		Accumulated Impairment Losses		Net
Customer relationships and customer lists	$	108,798	$	(76,118)	$	(1,403)	$	31,277
Licenses (1)	26,214		—		(6,800)		19,414
Value of business acquired	20,200		(20,200)		—		—
Software	12,230		(12,230)		—		—
Patents and intellectual property	4,500		(1,875)		(2,625)		—
Covenants not-to-compete	4,030		(4,030)		—		—
Trademarks and trade names	1,710		(1,405)		—		305
	$	177,682	$	(115,858)	$	(10,828)	$	50,996

(1)Licenses is comprised of $19.4 million of indefinite lived other intangible assets, included in other intangible assets, net, as of December 31, 2020

F-23

During 2021, the Company recorded amortization expense of $7.2 million and an impairment loss of $Nil related to other intangible assets (2020 - $8.3 million and $6.8 million, respectively).

During the quarter ended March 31, 2019, the Company recognized goodwill of $13.1 million, based on foreign exchange rates on March 22, 2019, attributable to the excess of the purchase price over the fair value of the net assets acquired in the TMR Stock Purchase. In addition, the Company recognized identifiable finite lived intangible assets of $11.2 million and identifiable indefinite lived intangible assets of $6.8 million associated with TMR. Refer to “Note 3. Acquisition of Tokio Millennium Re” for additional information related to goodwill and other intangible assets associated with the acquisition of TMR.

In accordance with the Company’s established accounting policy, the ~~beginning~~Company performed goodwill and other intangible assets impairment tests during the fourth quarter. During 2020, the Company elected to renew certain reinsurance contracts, that had previously been written on one of the acquired TMR balance sheets, on other balance sheets within the consolidated group and placed the TMR entity into run-off. Accordingly and in connection with the Company’s impairment assessment performed during the fourth quarter of 2020, it was ~~used~~determined that the license associated with this acquired TMR entity, which was initially reflected as an indefinite lived intangible asset of $6.8 million at the ~~date for~~time of the acquisition of TMR, should be written down to $Nil. The Company recorded an intangible asset impairment charge of $Nil during the year ended December 31, 2021.

In performing the ~~annual~~ impairment ~~test. The~~assessment, the Company first assessed qualitative factors to determine whether it was necessary to perform a quantitative impairment test. Based on its qualitative assessment, the Company determined it was not more likely than not that the fair value of the goodwill and other intangible assets in question were less than their respective carrying amounts. The qualitative assessment included the following factors which the Company determined had not significantly deteriorated given specific facts and circumstances: macroeconomic conditions; industry and market conditions; costs factors; and overall financial performance. ~~In light of the qualitative assessment, the Company performed a quantitative analysis using a discounted cash flow model and concluded that the full amount of~~Other than the goodwill and other intangible assets ~~associated with this equity method investment were impaired. Other than~~acquired and the intangible assets impaired as noted above and normal course amortization of intangible assets, in accordance with the Company’s established accounting policy, there were no adjustments to carried goodwill and other intangible assets during the year ended December 31, ~~2017.~~2021.

~~The gross carrying value and accumulated amortization by major category of other intangible assets is shown below:~~

Other intangible assets
At December 31, 2017
Gross
carrying
value

Accumulated
amortization and impairment losses
Total
Customer relationships and customer lists $ 95,458
$ (51,633 ) $ 43,825

Value of business acquired 20,200
(20,200 ) —

Software 12,230
(12,230 ) —

Licenses 10,267
—
10,267

Patents and intellectual property 4,500
(4,500 ) —

Covenants not-to-compete 4,030
(4,030 ) —

Trademarks and trade names 1,710
(1,331 ) 379

$ 148,395
$ (93,924 ) $ 54,471

Other intangible assets
At December 31, 2016
Gross
carrying
value

Accumulated
amortization and impairment losses
Total
Customer relationships and customer lists $ 95,458
$ (42,142 ) $ 53,316

Value of business acquired 20,200
(19,527 ) 673

Software 12,230
(11,938 ) 292

Licenses 10,267
—
10,267

Patents and intellectual property 4,500
(4,500 ) —

Covenants not-to-compete 4,030
(3,523 ) 507

Trademarks and trade names 1,710
(1,307 ) 403

$ 148,395
$ (82,937 ) $ 65,458

The remaining useful life of intangible assets with finite lives ranges from ~~one~~1.3 to 1612.2 years, with a weighted-average amortization period of ~~7.9~~5.5 years. Expected amortization of the other intangible assets, including other intangible assets recorded in investments in other ventures, under equity method, is shown below:



	Other Intangibles Assets		Other Intangible Assets Included in Investments in Other Ventures, Under Equity Method		Total
2022	$	5,602	$	997	$	6,599
2023	5,173		606		5,779
2024	4,716		194		4,910
2025	1,976		24		2,000
2026	1,377		24		1,401
2027 and thereafter	3,465		159		3,624
Total remaining amortization expense	22,309		2,004		24,313
Indefinite lived	10,267		6,712		16,979
Total	$	32,576	$	8,716	$	41,292

F-24

Other
intangibles

Other
intangible
assets
included
in investments
in other
ventures, under
equity method
Total
2018 $ 5,727
$ 2,596
$ 8,323

2019 5,446
2,427
7,873

2020 5,237
1,564
6,801

2021 4,910
702
5,612

2022 4,522
702
5,224

2023 and thereafter 9,446
925
10,371

Total remaining amortization expense 35,288
8,916
44,204

Indefinite lived 10,267
—
10,267

Total $ 45,555
$ 8,916
$ 54,471

NOTE 5. INVESTMENTS

Fixed Maturity Investments Trading

The following table summarizes the fair value of fixed maturity investments trading:

December 31,
2017 December 31,
2016
U.S. treasuries $ 3,168,763
$ 2,617,894

Agencies 47,646
90,972

Municipal 509,802
519,069

Non-U.S. government (Sovereign debt) 287,660
333,224

Non-U.S. government-backed corporate 163,651
133,300

Corporate 2,063,459
1,877,243

Agency mortgage-backed 500,456
462,493

Non-agency mortgage-backed 300,331
258,944

Commercial mortgage-backed 202,062
409,747

Asset-backed 182,725
188,358

Total fixed maturity investments trading $ 7,426,555
$ 6,891,244



At December 31.	2021		2020
U.S. treasuries	$	6,247,779	$	4,960,409
Agencies	361,684		368,032

Non-U.S. government	549,613		491,531

Non-U.S. government-backed corporate	474,848		338,014
Corporate	3,214,438		4,261,025
Agency mortgage-backed	721,955		1,113,792
Non-agency mortgage-backed	233,346		291,444
Commercial mortgage-backed	634,925		791,272
Asset-backed	1,068,543		890,984
Total fixed maturity investments trading	$	13,507,131	$	13,506,503

Contractual maturities of fixed maturity investments trading are described in the following table. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

At December 31, 2017
Amortized
Cost
Fair Value
Due in less than one year $ 547,468
$ 546,255

Due after one through five years 4,551,757
4,521,930

Due after five through ten years 997,163
1,007,656

Due after ten years 163,188
165,140

Mortgage-backed 993,005
1,002,849

Asset-backed 182,289
182,725

Total $ 7,434,870
$ 7,426,555




At December 31, 2021	Amortized Cost		Fair Value
Due in less than one year	$	363,795	$	365,418
Due after one through five years	6,317,351		6,297,063
Due after five through ten years	3,911,221		3,877,715
Due after ten years	306,123		308,166
Mortgage-backed	1,584,871		1,590,226
Asset-backed	1,069,218		1,068,543
Total	$	13,552,579	$	13,507,131

Equity Investments Trading

The following table summarizes the fair value of equity investments trading:



At December 31.	2021		2020
Financials	$	146,615	$	452,765
Communications and technology	82,444		119,592
Consumer	51,083		44,477
Industrial, utilities and energy	26,645		43,380
Healthcare	28,796		35,140
Basic materials	5,092		7,263
Equity exchange traded funds	114,919		—
Fixed income exchange traded funds	90,422		—
Total	$	546,016	$	702,617

F-25

December 31,
2017 December 31,
2016

Financials $ 253,543
$ 275,065

Communications and technology 49,526
36,770

Industrial, utilities and energy 34,325
30,303

Consumer 24,779
20,501

Healthcare 21,364
17,245

Basic materials 4,717
3,429

Total $ 388,254
$ 383,313

Pledged Investments

At December 31, ~~2017~~, ~~$4.4~~2021, $8.7 billion (2020 - $8.1 billion) of cash and investments at fair value were on deposit with, or in trust accounts for the benefit of, various counterparties, including with respect to the Company’s letter of credit ~~facilities (2016~~ - ~~$2.7 billion~~).facilities. Of this amount, ~~$1.7~~$1.8 billion (2020 - $2.5 billion) is on deposit with, or in trust accounts for the benefit of, U.S. state regulatory ~~authorities (2016~~ - ~~$842.6 million~~).authorities.

Reverse Repurchase Agreements

At December 31, ~~2017~~,2021, the Company held ~~$30.0~~$5.1 million (~~2016~~(2020 - ~~$78.7~~$126.5 million) of reverse repurchase agreements. These loans are fully collateralized, are generally outstanding for a short period of time and are presented on a gross basis as part of short term investments on the Company’s consolidated balance sheets. The required collateral for these loans typically includes high-quality, readily marketable instruments at a minimum amount of 102% of the loan principal. Upon maturity, the Company receives principal and interest income.

Net Investment Income

The components of net investment income are as follows:



Year ended December 31,	2021		2020		2019
Fixed maturity investments	$	234,911	$	278,215	$	318,503
Short term investments	2,333		20,799		56,264
Equity investments	9,017		6,404		4,808

Other investments
Catastrophe bonds	64,860		54,784		46,154
Other	28,811		9,417		8,447
Cash and cash equivalents	297		2,974		7,676
	340,229		372,593		441,852
Investment expenses	(20,750)		(18,555)		(17,645)
Net investment income	$	319,479	$	354,038	$	424,207

F-26

Year ended December 31, 2017 2016 2015
Fixed maturity investments $ 179,624
$ 160,661
$ 134,800

Short term investments 11,082
5,127
1,227

Equity investments 3,628
4,235
8,346

Other investments
Private equity investments 33,999
6,155
9,455

Other 8,067
20,181
12,472

Cash and cash equivalents 1,196
788
467

237,596
197,147
166,767

Investment expenses (15,387 ) (15,421 ) (14,200 )
Net investment income $ 222,209
$ 181,726
$ 152,567

Net Realized and Unrealized Gains (Losses) on Investments

Net realized and unrealized gains (losses) on investments are as follows:

Year ended December 31, 2017 2016 2015
Gross realized gains $ 49,121
$ 72,739
$ 50,488

Gross realized losses (38,832 ) (38,315 ) (53,630 )
Net realized gains (losses) on fixed maturity investments 10,289
34,424
(3,142 )
Net unrealized gains (losses) on fixed maturity investments trading 8,479
26,954
(64,908 )
Net realized and unrealized (losses) gains on investments-related derivatives (2,490 ) (15,414 ) 5,443

Net realized gains on equity investments trading 80,027
14,190
16,348

Net unrealized gains (losses) on equity investments trading 39,517
81,174
(22,659 )
Net realized and unrealized gains (losses) on investments $ 135,822
$ 141,328
$ (68,918 )



Year ended December 31,	2021		2020		2019


Net realized gains (losses) on fixed maturity investments	$	79,588	$	276,901	$	90,260
Net unrealized gains (losses) on fixed maturity investments trading	(389,376)		216,859		170,183
Net realized and unrealized gains (loss) on fixed maturity investments trading	(309,788)		493,760		260,443
Net realized and unrealized gains (losses) on investments-related derivatives (1)	(12,237)		68,608		58,891
Net realized gains (losses) on equity investments trading sold during the period	335,491		3,532		31,062
Net unrealized gains (losses) on equity investments trading still held at reporting date	(285,882)		262,064		64,087
Net realized and unrealized gains (losses) on equity investments trading	49,609		265,596		95,149
Net realized and unrealized gains (losses) on other investments - catastrophe bonds	(35,033)		(7,031)		(9,392)
Net realized and unrealized gains (losses) on other investments - other	89,315		(297)		9,018
Net realized and unrealized gains (losses) on investments	$	(218,134)	$	820,636	$	414,109

Other Investments

The table below shows the fair value of the Company’s portfolio of other investments:

At December 31, 2017 2016
Catastrophe bonds $ 380,475
$ 335,209

Private equity partnerships 196,220
191,061

Senior secured bank loan funds 17,574
22,040

Hedge funds 524
1,495

Total other investments $ 594,793
$ 549,805



At December 31,	2021		2020
Catastrophe bonds	$	1,104,034	$	881,290
Direct private equity investments	88,373		79,807
Fund investments	725,802		295,851
Term loans	74,850		—


Total other investments	$	1,993,059	$	1,256,948

~~Interest income, income distributions and~~Included in net realized and unrealized gains (losses) on ~~other~~ investments ~~are included in net investment income and totaled~~ ~~$42.1 million~~ (~~2016~~ – ~~$26.3 million~~, ~~2015~~ – ~~$21.9 million) of which~~ ~~$24.7 million~~ ~~related to net unrealized~~ ~~gains~~ (~~2016~~ ~~– gains of~~ ~~$11.5 million~~, ~~2015~~ ~~– gains of~~ ~~$10.4 million). Included in net investment income~~ for ~~2017~~2021 is income of ~~$1.9~~$7.0 million ~~(2016~~(2020 - ~~$3.4~~a loss of $2.4 million,, ~~2015~~ 2019 - ~~$2.5 million~~)loss of $5.5 million) representing the change in estimate during the period related to the difference between the Company’s estimated fair value ~~due to~~for those funds for which the ~~lag in reporting,~~reported net asset values had not been received, as discussed in “Note 2.2. Significant Accounting Policies,” and the actual amount as reported in the final net asset values provided by the Company’s fund managers.

The Company has committed capital to direct private equity ~~partnerships~~investments, fund investments, term loans and investments in other ~~entities~~ventures of ~~$1.0~~$2.7 billion,, of which ~~$585.2 million~~$1.3 billion has been contributed at December 31, ~~2017~~.2021. The Company’s remaining commitments to these ~~funds~~investments at December 31, ~~2017~~2021 totaled ~~$429.9 million~~.$1.4 billion. In the future, the Company may enter into additional commitments in respect of direct private equity ~~partnerships~~investments, term loans or ~~individual portfolio company~~fund investment opportunities.

Catastrophe bonds

Catastrophe bonds are non-investment grade bonds issued by unrelated third parties that generally mature within one to five years.

F-27

Direct private equity investments

Direct private equity investments are the Company’s direct equity investments in companies that are not traded on any nationally recognized equity markets.

Fund investments

Fund investments are limited partnership or similar interests in private equity funds, private credit funds and hedge funds managed by unrelated third parties.

Term loans

Term loans represent the Company’s loan participation interest in an underwritten term loan facility. The Company has committed to a loan participation interest of $100 million and as of December 31, 2021 had funded $75 million of its commitment. This facility pays interest, has a 5-year maturity and is fully secured by a diversified pool of primarily private equity assets.

Investments in Other Ventures, under Equity Method

The table below shows the Company’s portfolio of investments in other ventures, under equity method:

2017 2016
At December 31, Investment Ownership % Carrying Value Investment Ownership % Carrying Value
THIG $ 50,000
25.0 % $ 20,856
$ 50,000
25.0 % $ 19,286

Tower Hill 10,000
33.3 % 14,917
10,000
32.3 % 21,590

Tower Hill Re 4,250
25.0 % —
4,250
25.0 % 2,903

Tower Hill Signature 500
25.0 % 6,394
500
25.0 % 9,085

Total Tower Hill Companies 64,750
42,167
64,750
52,864

Top Layer Re 65,375
50.0 % 50,211
65,375
50.0 % 60,360

Other 13,650
40.4 % 9,596
23,923
41.8 % 11,003

Total investments in other ventures, under equity method $ 143,775
$ 101,974
$ 154,048
$ 124,227



	2021			2020
At December 31,	Ownership %	Carrying Value		Ownership %	Carrying Value





Tower Hill Companies (1)	2.0% - 25.0%	25,575		2.0% - 25.0%	30,470
Top Layer Re	50.0%	25,903		50.0%	26,958

Other	22.4%	46,590		25.0%	40,945
Total investments in other ventures, under equity method		$	98,068		$	98,373

~~On July 1, 2008, the~~(1) The Company ~~invested~~ ~~$50.0 million~~has equity interests in Bluegrass Insurance Management, LLC, Tower Hill Claims Service, LLC, Tower Hill Holdings, Inc., Tower Hill Insurance Group, LLC, ~~(“THIG”) representing a~~ ~~25.0%~~ ~~equity ownership. Included in~~Tower Hill Insurance Managers, LLC, Tower Hill Re Holdings, Inc., Tower Hill Signature Insurance Holdings, Inc., Tower Hill Risk Management LLC and Tomoka Re Holdings, Inc. (collectively, the ~~purchase price was~~ ~~$40.0 million~~ ~~of other intangibles and~~ ~~$7.8 million~~ of goodwill, which, in accordance with generally accepted accounting principles, are recorded as “Investments in other ventures, under equity method” rather than “Goodwill and other intangibles” on the Company’s consolidated balance sheet.“Tower Hill Companies”).

~~The Company originally invested~~ ~~$13.1 million~~ ~~in Top Layer Re, representing a~~ ~~50.0%~~ ownership. In December 2010, March 2011 and December 2011, primarily as a result of net claims and claim expenses incurred by Top Layer Re with respect to the September 2010 New Zealand Earthquake, the February 2011 New Zealand Earthquake and the Tohoku Earthquake and Tsunami, respectively, the Company invested an additional ~~$13.8 million~~, ~~$20.5 million~~ ~~and~~ ~~$18.0 million, respectively, in Top Layer Re, maintaining the Company’s~~ ~~50.0%~~ ~~ownership interest.~~

The table below shows the Company’s equity in earnings of other ventures, under equity method:

Year ended December 31, 2017 2016 2015
Top Layer Re $ 9,851
$ (8,576 ) $ 8,026

Tower Hill Companies (1,647 ) 10,379
13,116

Other (174 ) (840 ) (661 )
Total equity in earnings of other ventures $ 8,030
$ 963
$ 20,481



Year ended December 31,	2021		2020		2019
Top Layer Re	$	8,286	$	9,595	$	8,801
Tower Hill Companies	(2,073)		3,104		10,337

Other	6,096		4,495		4,086
Total equity in earnings of other ventures, under equity method	$	12,309	$	17,194	$	23,224

During ~~2017~~,2021, the Company received ~~$29.7~~$33.9 million of ~~dividends~~distributions from its investments in other ventures, under equity method (~~2016~~(2020 – ~~$9.4~~$30.0 million,, ~~2015~~ 2019 – ~~$13.3 million). Losses from the Company’s investments in other ventures, under equity method, net of dividends and distributions received, were~~ ~~$6.3 million~~ at ~~December 31, 2017~~ (~~2016~~ ~~- losses of~~ ~~$5.5 million~~)$36.5 million). Except for Top Layer Re, which is recorded on a current quarter basis, the equity in earnings of the Company’s investments in other ventures are reported one quarter in arrears.

F-28

NOTE 6. FAIR VALUE MEASUREMENTS

The use of fair value to measure certain assets and liabilities with resulting unrealized gains or losses is pervasive within the Company’s consolidated financial statements. Fair value is defined under accounting guidance currently applicable to the Company ~~to be~~as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between open market participants at the measurement date. The Company recognizes the change in unrealized gains ~~and~~or losses arising from changes in fair value in its consolidated statements of operations.

•Fair values determined by Level 1 inputs utilize unadjusted quoted prices obtained from active markets for identical assets or liabilities for which the Company has ~~access.~~access at the measurement date. The fair value is determined by multiplying the quoted price by the quantity held by the Company;

•Fair values determined by Level 2 inputs utilize inputs ~~other~~(other than quoted prices included in Level 11) that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals, broker quotes and certain pricing indices; and

•Level 3 inputs are based all or in part on significant unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In these cases, significant management assumptions can be used to establish management’s best estimate of the assumptions used by other market participants in determining the fair value of the asset or liability.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement of the asset or liability. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and the Company considers factors specific to the asset or liability.

In order to determine if a market is active or inactive for a security, the Company considers a number of factors, including, but not limited to, the spread between what a seller is asking for a security and what a buyer is bidding for the same security, the volume of trading activity for the security in question, the price of the security compared to its par value (for fixed maturity investments), and other factors that may be indicative of market activity.

There have been no material changes in the Company’s valuation techniques, nor have there been any transfers between Level 1 and Level 2, or Level 2 and Level 3 during the period represented by these consolidated financial statements.

F-29

Below is a summary of the assets and liabilities that are measured at fair value on a recurring basis and also represents the carrying amount on the Company’s consolidated balance sheets:



At December 31, 2021	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Fixed maturity investments
U.S. treasuries	$	6,247,779	$	6,247,779	$	—	$	—
Agencies	361,684		—		361,684		—

Non-U.S. government	549,613		—		549,613		—

Non-U.S. government-backed corporate	474,848		—		474,848		—
Corporate	3,214,438		—		3,214,438		—
Agency mortgage-backed	721,955		—		721,955		—
Non-agency mortgage-backed	233,346		—		233,346		—
Commercial mortgage-backed	634,925		—		634,925		—
Asset-backed	1,068,543		—		1,068,543		—
Total fixed maturity investments	13,507,131		6,247,779		7,259,352		—
Short term investments	5,298,385		—		5,298,385		—
Equity investments trading	546,016		546,016		—		—
Other investments
Catastrophe bonds	1,104,034		—		1,104,034		—
Direct private equity investments	88,373		—		—		88,373
Term loans	74,850		0		0		74,850

	1,267,257		—		1,104,034		163,223

Fund investments (1)	725,802

Total other investments	1,993,059		—		1,104,034		163,223
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts (2)	(4,727)		—		—		(4,727)
Derivative assets (3)	17,889		1,067		16,822		—
Derivatives liabilities (3)	(16,954)		(1,598)		(15,356)		—

Total other assets and (liabilities)	(3,792)		(531)		1,466		(4,727)
	$	21,340,799	$	6,793,264	$	13,663,237	$	158,496

(1) Fund investments, which are comprised of private equity funds, private credit funds, and hedge funds are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.

(2) Included in assumed and ceded (re)insurance contracts at December 31, 2021 was $6.1 million of other assets and $10.8 million of other liabilities.

(3) Refer to “Note 19. Derivative Instruments” for additional information related to the fair value, by type of contract, of derivatives entered into by the Company.

F-30

At December 31, 2017 Total
Quoted
Prices in Active
Markets for
Identical
Assets
(Level 1)

Significant
Other
Observable
Inputs
(Level 2)

Significant
Unobservable
Inputs
(Level 3)

Fixed maturity investments
U.S. treasuries $ 3,168,763
$ 3,168,763
$ —
$ —

Agencies 47,646
—
47,646
—

Municipal 509,802
—
509,802
—

Non-U.S. government (Sovereign debt) 287,660
—
287,660
—

Non-U.S. government-backed corporate 163,651
—
163,651
—

Corporate 2,063,459
—
2,063,459
—

Agency mortgage-backed 500,456
—
500,456
—

Non-agency mortgage-backed 300,331
—
300,331
—

Commercial mortgage-backed 202,062
—
202,062
—

Asset-backed 182,725
—
182,725
—

Total fixed maturity investments 7,426,555
3,168,763
4,257,792
—

Short term investments 991,863
—
991,863
—

Equity investments trading 388,254
388,254
—
—

Other investments
Catastrophe bonds 380,475
—
380,475
—

Private equity partnerships (1) 196,220
—
—
—

Senior secured bank loan funds (1) 17,574
—
—
—

Hedge funds (1) 524
—
—
—

Total other investments 594,793
—
380,475
—

Other assets and (liabilities)
Assumed and ceded (re)insurance contracts (2) (2,952 ) —
—
(2,952 )
Derivatives (3) 4,636
(45 ) 4,681
—

Other (11,002 ) —
(11,002 ) —

Total other assets and (liabilities) (9,318 ) (45 ) (6,321 ) (2,952 )
$ 9,392,147
$ 3,556,972
$ 5,623,809
$ (2,952 )


~~(1)~~	Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.


~~(2)~~	~~Included in assumed and ceded (re)insurance contracts at December 31, 2017 was $2.5 million and $5.5 million of other assets and other liabilities, respectively.~~


~~(3)~~	~~See “Note 19. Derivative Instruments” for additional information related to the fair value, by type of contract, of derivatives entered into by the Company.~~



At December 31, 2020	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Fixed maturity investments
U.S. treasuries	$	4,960,409	$	4,960,409	$	—	$	—
Agencies	368,032		—		368,032		—

Non-U.S. government	491,531		—		491,531		—

Non-U.S. government-backed corporate	338,014		—		338,014		—
Corporate	4,261,025		—		4,261,025		—
Agency mortgage-backed	1,113,792		—		1,113,792		—
Non-agency mortgage-backed	291,444		—		291,444		—
Commercial mortgage-backed	791,272		—		791,272		—
Asset-backed	890,984		—		890,984		—
Total fixed maturity investments	13,506,503		4,960,409		8,546,094		—
Short term investments	4,993,735		—		4,993,735		—
Equity investments trading	702,617		702,617		—		—
Other investments
Catastrophe bonds	881,290		—		881,290		—
Direct private equity investments (1)	79,807		—		—		79,807
	961,097		—		881,290		79,807
Fund investments (1)	295,851



Total other investments	1,256,948		—		881,290		79,807
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts (2)	(6,211)		—		—		(6,211)
Derivative assets	45,233		156		45,077		—
Derivative liabilities (3)	(22,360)		(567)		(21,793)		—

Total other assets and (liabilities)	16,662		(411)		23,284		(6,211)
	$	20,476,465	$	5,662,615	$	14,444,403	$	73,596

(2) Included in assumed and ceded (re)insurance contracts at December 31, 2020 was $1.4 million of other assets and $7.6 million of other liabilities.

(3) Refer to “Note 19. Derivative Instruments” for additional information related to the fair value, by type of contract, of derivatives entered into by the Company.

At December 31, 2016 Total
Quoted
Prices in Active
Markets for
Identical
Assets
(Level 1)

Significant
Other
Observable
Inputs
(Level 2)

Significant
Unobservable
Inputs
(Level 3)

Fixed maturity investments
U.S. treasuries $ 2,617,894
$ 2,617,894
$ —
$ —

Agencies 90,972
—
90,972
—

Municipal 519,069
—
519,069
—

Non-U.S. government (Sovereign debt) 333,224
—
333,224
—

Non-U.S. government-backed corporate 133,300
—
133,300
—

Corporate 1,877,243
—
1,877,243
—

Agency mortgage-backed 462,493
—
462,493
—

Non-agency mortgage-backed 258,944
—
258,944
—

Commercial mortgage-backed 409,747
—
409,747
—

Asset-backed 188,358
—
188,358
—

Total fixed maturity investments 6,891,244
2,617,894
4,273,350
—

Short term investments 1,368,379
—
1,368,379
—

Equity investments trading 383,313
383,313
—
—

Other investments
Catastrophe bonds 335,209
—
335,209
—

Private equity partnerships (1) 191,061
—
—
—

Senior secured bank loan fund (1) 22,040
—
—
—

Hedge funds (1) 1,495
—
—
—

Total other investments 549,805
—
335,209
—

Other assets and (liabilities)
Assumed and ceded (re)insurance contracts (2) (13,004 ) —
—
(13,004 )
Derivatives (3) (8,922 ) (646 ) (8,276 ) —

Other (13,105 ) —
(13,105 ) —

Total other assets and (liabilities) (35,031 ) (646 ) (21,381 ) (13,004 )
$ 9,157,710
$ 3,000,561
$ 5,955,557
$ (13,004 )


~~(1)~~	Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.


~~(2)~~	~~Included in assumed and ceded (re)insurance contracts at December 31, 2016 was $4.4 million and $17.4 million of other assets and other liabilities, respectively.~~


~~(2)~~	~~See “Note~~ 19~~. Derivative Instruments” for additional information related to the fair value, by type of contract, of derivatives entered into by the Company.~~

Level 1 and Level 2 Assets and Liabilities Measured at Fair Value

Fixed Maturity Investments

Fixed maturity investments included in Level 1 consist of the Company’s investments in U.S. treasuries. Fixed maturity investments included in Level 2 are agencies, ~~municipal,~~ non-U.S. government, non-U.S. government-backed corporate, corporate, agency mortgage-backed, non-agency mortgage-backed, commercial mortgage-backed and asset-backed.

The Company’s fixed maturity investments are primarily priced using pricing services, such as index providers and pricing vendors, as well as broker quotations. In general, the pricing vendors provide pricing for a high volume of liquid securities that are actively traded. For securities that do not trade on an

F-31

exchange, the pricing services generally utilize market data and other observable inputs in matrix pricing models to determine month end prices. Observable inputs include benchmark yields, reported trades, broker-dealer quotes, issuer spreads, bids, offers, reference data and industry and economic events. Index pricing generally relies on market traders as the primary source for pricing; however, models are also utilized to provide prices for all index eligible securities. The models use a variety of observable inputs such as benchmark yields, transactional data, dealer runs, broker-dealer quotes and corporate actions. 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 and non-distressed markets.

The Company considers these broker quotations to be 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. ~~treasuries~~Treasuries

Level 1 - At December 31, ~~2017~~,2021, the Company’s U.S. treasuries fixed maturity investments were primarily priced by pricing services and had a weighted average ~~effective~~ yield to maturity of ~~1.9%~~1.1% and a weighted average credit quality of AA (~~2016~~(2020 - ~~1.4%~~0.4% and AA, respectively). When pricing these securities, the pricing services utilize daily data from many real time market sources, including active ~~broker dealers.~~broker-dealers. Certain data sources are regularly reviewed for accuracy to attempt to ensure the most reliable price source is used for each issue and maturity date.

Agencies

Level 2 - At December 31, ~~2017~~,2021, the Company’s agency fixed maturity investments had a weighted average ~~effective~~ yield to maturity of ~~2.1%~~1.2% and a weighted average credit quality of AA (~~2016~~(2020 - ~~2.0%~~0.9% and AA, respectively). The issuers of the Company’s agency fixed maturity investments primarily consist of the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and other agencies. Fixed maturity investments included in agencies 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~~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.

~~Municipal~~Non-U.S. Government

Level 2 - At December 31, ~~2017, the Company’s municipal fixed maturity investments had a weighted average effective yield of 2.2% and a weighted average credit quality of AA (2016~~ - 2.4% and AA, respectively). The Company’s municipal fixed maturity investments are primarily priced by pricing services. When evaluating these securities, the pricing services gather information regarding the security from third party sources such as trustees, paying agents or issuers. 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 over widely accepted market benchmarks.

~~Non-U.S. government (Sovereign debt)~~

~~Level 2 - At~~ ~~December 31, 2017~~,2021, the Company’s non-U.S. government fixed maturity investments had a weighted average ~~effective~~ yield to maturity of ~~2.0%~~1.2% and a weighted average credit quality of ~~AAA (2016~~AA (2020 - ~~1.6%~~0.5% and AAA, respectively). The issuers of securities in this sector are non-U.S. governments and their respective agencies as well as supranational organizations. Securities held in these sectors are primarily priced by pricing services that 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.

Non-U.S. ~~government-backed corporate~~Government-backed Corporate

Level 2 - At December 31, ~~2017~~,2021, the Company’s non-U.S. government-backed corporate fixed maturity investments had a weighted average ~~effective~~ yield to maturity of ~~2.3%~~1.4% and a weighted average credit quality of AA (~~2016~~(2020 - ~~1.5%~~1.0% and ~~AAA,~~AA, respectively). Non-U.S. government-backed corporate fixed maturity investments are primarily priced by pricing services that employ proprietary discounted cash flow models to value the

F-32

securities. Key quantitative inputs for these models are daily observed benchmark curves for treasury, swap and high ~~issuance~~quality credits. The pricing services then apply a credit spread to the respective curve 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.

Corporate

Level 2 - At December 31, ~~2017~~,2021, the Company’s corporate fixed maturity investments principally consisted of U.S. and international corporations and had a weighted average ~~effective~~ yield to maturity of ~~3.8%~~2.8% and a weighted average credit quality of BBB (~~2016~~(2020 - ~~3.7%~~2.2% and BBB, respectively). 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~~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.

Agency ~~mortgage-backed~~Mortgage-backed

Level 2 - At December 31, ~~2017~~,2021, the Company’s agency mortgage-backed fixed maturity investments included agency residential mortgage-backed securities with a weighted average ~~effective~~ yield to maturity of ~~3.0%~~1.9%, a weighted average credit quality of AA and a weighted average life of ~~6.4~~5.6 years (~~2016~~(2020 - ~~2.9%~~1.0%, AA and ~~6.9~~3.8 years, respectively). The Company’s agency mortgage-backed fixed maturity investments are primarily priced by pricing services using a mortgage pool specific model which utilizes daily inputs from the active ~~to be announced~~to-be-announced 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.

Non-agency ~~mortgage-backed~~Mortgage-backed

Level 2 - The Company’s non-agency mortgage-backed fixed maturity investments include non-agency prime residential mortgage-backed and non-agency Alt-A fixed maturity investments. The Company has no fixed maturity investments that were classified as sub-prime held at the time of purchase in its fixed maturity investments portfolio. At December 31, ~~2017~~,2021, the Company’s non-agency ~~prime residential~~ mortgage-backed fixed maturity investments had a weighted average ~~effective~~ yield to maturity of ~~3.7%, a weighted average credit quality of BBB, and a weighted average life of~~ ~~5.1~~ ~~years (2016~~ - ~~4.3%, BBB and~~ ~~5.1~~ ~~years, respectively). The Company’s non-agency Alt-A fixed maturity investments held at~~ ~~December 31, 2017~~ ~~had a weighted average effective yield of~~ ~~3.7%~~3.2%, a weighted average credit quality of non-investment grade and a weighted average life of ~~6.2~~5.7 years (~~2016~~(December 31, 2020 - ~~5.2%~~3.0%, non-investment grade and ~~6.0~~5.2 years, respectively). 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.

Commercial ~~mortgage-backed~~Mortgage-backed

Level 2 - At December 31, ~~2017~~,2021, the Company’s commercial mortgage-backed fixed maturity investments had a weighted average ~~effective~~ yield to maturity of ~~2.9%~~1.9%, a weighted average credit quality of ~~AAA,~~AA, and a weighted average life of ~~4.5~~4.1 years (~~2016~~(2020 - ~~2.6%~~1.5%, AAA and ~~3.9~~5.0 years, respectively). 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 discount the expected cash flows for each security held in this sector using a spread adjusted benchmark yield based on the characteristics of the security.

F-33

Asset-backed

Level 2 - At December 31, ~~2017~~,2021, the Company’s asset-backed fixed maturity investments had a weighted average ~~effective~~ yield to maturity of ~~2.8%~~1.8%, a weighted average credit quality of ~~AAA~~AA and a weighted average life of ~~3.0~~5.4 years (~~2016~~(2020 - ~~2.3%~~1.8%, ~~AAA~~AA and ~~2.6~~3.2 years, respectively). The underlying collateral for the Company’s asset-backed fixed maturity investments primarily consists of ~~bank loans, student loans, credit card receivables, auto loans~~collateralized loan obligations and other receivables. 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.

Short Term Investments

Level 2 - At December 31, ~~2017~~,2021, the Company’s short term investments had a weighted average ~~effective~~ yield to maturity of ~~1.4%~~0.1% and a weighted average credit quality of AAA (~~2016~~(2020 - ~~0.7%~~0.1% and AAA, respectively). The fair value of the Company’s portfolio of short term investments is generally determined using amortized cost which approximates fair value and, in certain cases, in a manner similar to the Company’s fixed maturity investments noted above.

Equity Investments, Classified as Trading

Level 1 - The fair value of the Company’s portfolio of equity investments, classified as trading is primarily priced by pricing services, reflecting the closing price quoted for the final trading day of the period. When pricing these securities, the pricing services utilize daily data from many real time market sources, including applicable securities exchanges. All data sources are regularly reviewed for accuracy to attempt to ensure the most reliable price source was used for each security.

Other ~~investments~~Investments

Catastrophe ~~bonds~~Bonds

Level 2 - The Company’s other investments include investments in catastrophe bonds which are recorded at fair value based on broker or underwriter bid indications.

Other ~~assets~~Assets and ~~liabilities~~Liabilities

Derivatives

Level 1 and Level 2 - Other assets and liabilities include certain derivatives entered into by the Company. The fair value of these transactions includes certain exchange traded futures contracts which are considered Level 1, and foreign currency contracts and certain credit derivatives, determined using standard industry valuation models and considered Level 2, as the inputs to the valuation model are based on observable market inputs. For credit derivatives, these inputs include credit spreads, credit ratings of the underlying referenced security, the risk free rate and the contract term. For foreign currency contracts, these inputs include spot rates and interest rate curves.

~~Other~~F-34

~~Level 2 - The liabilities measured at fair value and included in Level 2 at~~ ~~December 31, 2017~~ of ~~$11.0 million~~ are comprised of cash settled restricted stock units (“CSRSU”) that form part of the Company’s compensation program. The fair value of the Company’s CSRSUs is determined using observable exchange traded prices for the Company’s common shares.

Level 3 Assets and Liabilities Measured at Fair Value

Below is a summary of quantitative information regarding the significant ~~observable and~~ unobservable inputs (Level 3) used in determining the fair value of assets and liabilities measured at fair value on a recurring basis:

At December 31, 2021

Fair Value
(Level 3)

Valuation Technique

Unobservable Inputs

Low

High

Weighted Average or Actual

Other investments

Direct private equity investments

88,373

Internal valuation model

Discount rate

n/a

7.5

Liquidity discount

n/a

15.0

Term loans

74,850

Yield analysis

Transaction yield

n/a

2.78

Total other investments

163,223

Other assets and (liabilities)

Assumed and ceded (re)insurance contracts

(4,727)

Internal valuation model

Net undiscounted cash flows

n/a

14,920

Expected loss ratio

n/a

14.7

Discount rate

n/a

1.3

Total other assets and (liabilities)

(4,727)

Total other assets and (liabilities) measured at fair value on a recurring basis using Level 3 inputs

158,496

At December 31, 2020

Fair Value
(Level 3)

Valuation Technique

Unobservable Inputs

Low

High

Weighted Average or Actual

Other investments

Private equity investment

79,807

Internal valuation model

Discount rate

n/a

9.0

Liquidity discount

n/a

15.0

Total other investments

79,807

Other assets and (liabilities)

Assumed and ceded (re)insurance contracts

(190)

Internal valuation model

Bond price

n/a

99.31

Liquidity discount

n/a

1.3

Assumed and ceded (re)insurance contracts

(7,395)

Internal valuation model

Net undiscounted cash flows

n/a

12,514

Expected loss ratio

n/a

24.0

Discount rate

n/a

0.4

Assumed and ceded (re)insurance contracts

1,374

Internal valuation model

Expected loss ratio

n/a

0.0

Total other assets and (liabilities)

(6,211)

Total other assets and (liabilities) measured at fair value on a recurring basis using Level 3 inputs

73,596

F-35

December 31, 2017 Fair Value
(Level 3) Valuation Technique Unobservable (U)
and Observable (O)
Inputs Low High Weighted Average or Actual
Other assets and (liabilities)
Assumed and ceded (re)insurance contracts $ 850
Internal valuation model Bond price (U) $ 101.53
$ 111.56
$ 107.15

Liquidity discount (U) n/a
n/a
1.3 %
Assumed and ceded (re)insurance contracts (3,802 ) Internal valuation model Net undiscounted cash flows (U) n/a
n/a
$ (4,626 )
Expected loss ratio (U) n/a
n/a
22.1 %
Net acquisition expense ratio (O) n/a
n/a
13.5 %
Contract period (O) 2.0 years
4.7 years
4.1 years

Discount rate (U) n/a
n/a
2.2 %
Total other assets and (liabilities) $ (2,952 )

Below is a reconciliation of the beginning and ending balances, for the periods shown, of assets and liabilities measured at fair value on a recurring basis using Level 3 inputs. Interest and dividend income are included in net investment income and are excluded from the reconciliation.

Other assets
and
(liabilities)

Balance - January 1, 2017 $ (13,004 )
Total realized and unrealized gains
Included in other income 3,761

Purchases 354

Settlements 5,937

Balance - December 31, 2017 $ (2,952 )

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)

Fixed maturity
investments
trading Other assets and (liabilities) Total
Balance - January 1, 2016 $ 7,618
$ (5,899 ) $ 1,719

Total realized and unrealized (losses) gains
Included in net investment income (118 ) —
(118 )
Included in other income —
6,339
6,339

Purchases —
(13,444 ) (13,444 )
Settlements (7,500 ) —
(7,500 )
Balance - December 31, 2016 $ —
$ (13,004 ) $ (13,004 )






















	Other Investments				Other Assets and (Liabilities)		Total
	Direct private equity investments		Term loans
Balance - January 1, 2021	$	79,807	$	—	$	(6,211)	$	73,596
Total realized and unrealized gains (losses)
Included in net realized and unrealized gains (losses) on investments	(159)		—		—		(159)
Included in other income	—		—		2,624		2,624
Total foreign exchange gains	(3)		—		—		(3)
Purchases	9,676		74,850		(1,140)		83,386
Sales	(948)		—		—		(948)
Settlements	—		—		—		—



Balance - December 31, 2021	$	88,373	$	74,850	$	(4,727)	$	158,496






















	Other Investments				Other Assets and (Liabilities)		Total
	Direct private equity investments		Term loans
Balance - January 1, 2020	$	74,634	$	—	$	4,731	$	79,365
Total realized and unrealized gains (losses)
Included in net realized and unrealized gains (losses) on investments	(5,662)		—		—		(5,662)
Included in other income	—		—		(3,191)		(3,191)
Total foreign exchange gains	10		—		—		10
Purchases	20,962		—		(2,012)		18,950
Sales	(10,137)		—		—		(10,137)
Settlements	—		—		(5,739)		(5,739)


Balance - December 31, 2020	$	79,807	$	—	$	(6,211)	$	73,596

F-36

~~Fixed Maturity Investments~~

~~Corporate~~

Level 3 - Previously, the Company’s corporate fixed maturity investments included an investment in the preferred equity of an insurance holding company. The Company measured the fair value of this investment using a discounted cash flow model and ultimately sold this investment during the year ended December 31, 2016.

Other ~~assets and liabilities~~Investments

~~Assumed and ceded (re)insurance contracts~~Direct private equity investments

Level 3 - At December 31, ~~2017,~~2021, the ~~Company had a $0.9~~Company’s other investments included $88.4 million ~~net asset related to an assumed reinsurance contract accounted for~~of direct private equity investments which are recorded at fair value, with the fair value obtained through the use of an internal valuation ~~model.~~models. The Company measured the fair value of these investments using multiples of net tangible book value of the underlying entity. The significant unobservable inputs used in the fair value measurement of these investments are liquidity discount rates applied to each of the net tangible book value multiples used in the internal valuation ~~model are principally based on indicative pricing obtained from independent brokers~~models, and ~~pricing vendors for similarly structured marketable securities. The most significant~~discount rates applied to the expected cash flows of the underlying entity in various scenarios. These unobservable inputs include prices for similar marketable securities and a liquidity premium. The Company considers the prices for similar securities to be unobservable, as there is little, if any market activity for these similar assets. In addition, the Company has estimated a liquidity premium that would be required if the Company attempted to effectively exit its position by executing a short sale of these securities.in isolation can cause significant increases or decreases in fair value. Generally, an increase in the ~~prices for similar marketable securities~~liquidity discount rate or discount rates would result in a decrease in the ~~liquidity premium would result in an increase in the expected profit and ultimate~~ fair value of ~~this assumed reinsurance contract.~~these private equity investments.

Term loans

Level 3 - At December 31, 2021, the Company’s other investments included a $74.9 million investment in a term loan which is recorded at fair value. The fair value is measured through yield analysis using the discounted cash flow method. The significant inputs using the discounted cash flow method are generally transaction yield, which may be adjusted for market movements implied by transactions of similar or related assets, loan-to-value, tenor, liquidity, credit risk adjustment or other risk factors. Assumptions used in the valuation process may significantly impact the resulting fair value.

Other Assets and Liabilities

Assumed and Ceded (Re)insurance Contracts

Level 3 - At December 31, ~~2017,~~2021, the Company had a ~~$3.8~~$4.7 million net liability related to assumed and ceded (re)insurance contracts accounted for at fair value, with the fair value obtained through the use of an internal valuation model. The inputs to the internal valuation model are principally based on proprietary data as observable market inputs are generally not available. The most significant unobservable inputs include the assumed and ceded expected net cash flows related to the contracts, including the expected premium, acquisition expenses and losses; the expected loss ratio and the relevant discount rate used to present value the net cash flows. The contract period and acquisition expense ratio are considered an observable input as each is defined in the contract. Generally, an increase in the net expected cash flows and expected term of the contract and a decrease in the discount rate, expected loss ratio or acquisition expense ratio, would result in an increase in the expected profit and ultimate fair value of these assumed and ceded (re)insurance contracts.

Financial Instruments Disclosed, But Not Carried, at Fair Value

The Company uses various financial instruments in the normal course of its business. The Company’s (re)insurance contracts are excluded from the fair value of financial instruments accounting guidance, unless the Company elects the fair value option, and therefore, are not included in the amounts discussed herein. The carrying values of cash and cash equivalents, accrued investment income, receivables for investments sold, certain other assets, payables for investments purchased, certain other liabilities, and other financial instruments not included herein approximated their fair values.

Debt

Included on the Company’s consolidated balance sheet at December 31, ~~2017~~2021 were debt obligations of ~~$989.6 million (2016~~$1.2 billion (2020 - ~~$948.7 million)~~$1.1 billion). At December 31, ~~2017,~~2021, the fair value of the Company’s debt obligations was ~~$1,018.2 million (2016~~$1.3 billion (2020 – ~~$964.8 million)~~$1.3 billion).

The fair value of the Company’s debt obligations is determined using indicative market pricing obtained from third-party service providers, which the Company considers Level 2 in the fair value hierarchy. There have been no changes during the period in the Company’s valuation technique used to determine the fair value of the Company’s debt obligations. Refer to “Note 9. Debt and Credit Facilities” for additional information related to the Company’s debt obligations.

F-37

The Fair Value Option for Financial Assets and Financial Liabilities

The Company has elected to account for certain financial assets and financial liabilities at fair value using the guidance under FASB ASC Topic Financial Instruments as the Company believes it represents the most meaningful measurement basis for these assets and liabilities. Below is a summary of the balances the Company has elected to account for at fair value:

2017 2016
Other investments $ 594,793
$ 549,805

Other assets $ 2,542
$ 4,379

Other liabilities $ 5,494
$ 17,383



At December 31,	2021		2020
Other investments	$	1,993,059	$	1,256,948
Other assets	$	6,100	$	8,982
Other liabilities	$	10,827	$	15,193

Included in net ~~investment income~~realized and unrealized gains on investments for ~~2017~~2021 was net unrealized gains of ~~$24.7~~$41.7 million related to the changes in fair value of other investments ~~(2016~~(2020 – losses of $4.7 million, 2019 – gains of ~~$11.5 million, 2015 – gains of $10.4~~$3.8 million). ~~Included in other income for 2017 were net unrealized gains of~~ ~~$Nil~~ ~~related to the changes in the fair value of other assets and liabilities (2016~~ – ~~$Nil~~, ~~2015~~ ~~– losses of~~ ~~$0.4 million~~).

Measuring the Fair Value of Other Investments Using Net Asset Valuations

The table below shows the Company’s portfolio of other investments measured using net asset valuations as a practical expedient:

At December 31, 2017 Fair Value Unfunded
Commitments Redemption Frequency Redemption
Notice Period (Minimum Days) Redemption
Notice Period (Maximum Days)
Private equity partnerships $ 196,220
$ 356,525
See below See below See below
Senior secured bank loan funds 17,574
23,958
See below See below See below
Hedge funds 524
—
See below See below See below
Total other investments measured using net asset valuations $ 214,318
$ 380,483

At December 31, 2021

Fair Value

Unfunded
Commitments

Redemption Frequency

Redemption
Notice Period (Minimum Days)

Redemption
Notice Period (Maximum Days)

Private equity funds

241,297

458,566

See below

Private credit funds

473,112

868,571

See below

Hedge funds

11,394

—

See below

Total other investments measured using net asset valuations

725,803

1,327,137

At December 31, 2020

Fair Value

Unfunded
Commitments

Redemption Frequency

Redemption
Notice Period (Minimum Days)

Redemption
Notice Period (Maximum Days)

Private equity funds

140,743

286,893

See below

Private credit funds

144,556

692,425

See below

Hedge funds

10,553

—

See below

Total other investments measured using net asset valuations

295,852

979,318

Private ~~equity partnerships –~~Equity Funds

The Company’s investments in private equity ~~partnerships included alternative asset~~funds include limited ~~partnerships (or~~partnership or similar ~~corporate structures)~~interests that invest in certain private equity asset classes including U.S. and global leveraged ~~buyouts, mezzanine investments, distressed securities, real estate, and oil, gas and power.~~buyouts. The Company generally has no right to redeem its interest in any of these private equity ~~partnerships~~funds in advance of dissolution of the applicable ~~private equity partnership.~~limited partnerships. Instead, ~~the nature of these investments is that~~ distributions are received by the Company in connection with the ~~liquidation~~exit from the underlying private equity investments of the ~~underlying assets of the respective private equity partnership.~~fund. It is estimated that the majority of the underlying assets of the limited partnerships would liquidate over 75 to 10 years from inception of the ~~respective~~ limited partnership.

~~Senior~~

F-38

Private Credit Funds

The Company’s investments in private credit funds include limited partnership or similar interests that invest in certain private credit asset classes, including senior secured bank loan funds, ~~– At December 31, 2017 the~~ U.S. direct lending funds, secondaries, mezzanine investments and distressed securities. The Company ~~had~~ ~~$17.6 million~~ ~~invested in closed end funds which invest primarily in loans. The Company~~generally has no right to redeem its ~~investment~~interest in any of these ~~funds.~~private credit funds in advance of dissolution of the applicable limited partnerships. Instead, distributions are received by the Company in connection with the liquidation or maturity of the underlying private credit assets of the fund. It is estimated that the majority of the underlying assets ~~in these closed end funds~~of the limited partnerships would liquidate over 45 to 510 years from inception of the ~~applicable fund.~~limited partnership.

Hedge ~~funds –~~ ~~The Company invests in hedge funds that pursue multiple strategies. The Company’s investments in hedge funds at~~ Funds

At December 31, ~~2017~~ ~~were~~ ~~$0.5~~2021, the Company had $11.4 million (2020 - $10.6 million) of ~~so called “side pocket” investments~~investment in a hedge fund that is primarily focused on global credit opportunities which are ~~not~~generally redeemable at the option of the ~~shareholder.~~limited partnership interest holder. As of December 31, 2021, the Company received notice that the fund is to be liquidated and is expected to dissolve in the coming months.

Limited partnerships entities

The Company’s fund investments represent variable interests in limited partnerships entities with unaffiliated fund managers in the normal course of business. The Company ~~will retain its interest~~determined that certain of these limited partnership interests represent investments in the ~~side pocket~~VIEs and that it is not required to consolidate these investments ~~until~~because it is not the ~~underlying investments attributable~~primary beneficiary of these VIEs. The Company’s maximum exposure to ~~such side pockets are liquidated, realized or deemed realized at~~loss with respect to these VIEs is limited to the ~~discretion~~carrying amounts reported in the Company’s consolidated balance sheet and any unfunded commitment.

The following table summarizes the aggregate carrying amount of the unconsolidated fund ~~manager.~~

investments in VIEs, as well as our maximum exposure to loss associated with these VIEs:



	Maximum Exposure to Loss
At December 31, 2021	Carrying amount		Unfunded Commitments		Total
Other investments	$	539,866	$	1,282,451	$	1,822,317

At December 31, 2020
Other investments	$	240,058	$	659,119	$	899,177

NOTE 7. REINSURANCE

The Company purchases reinsurance and other protection to manage its risk portfolio and to reduce its exposure to large losses. The Company currently has in place contracts that provide for recovery of a portion of certain claims and claim expenses, generally in excess of various retentions or on a proportional basis. In addition to loss recoveries, certain of the Company’s ceded reinsurance contracts provide for payments of additional premiums, for reinstatement premiums and for lost no-claims bonuses, which are incurred when losses are ceded to the respective reinsurance contracts. The Company remains liable to the extent that any reinsurer fails to meet its obligations.

F-39

The following table sets forth the effect of reinsurance and retrocessional activity on premiums written and earned and on net claims and claim expenses incurred:

Year ended December 31, 2017 2016 2015
Premiums written
Direct $ 290,730
$ 208,282
$ 130,681

Assumed 2,506,810
2,166,294
1,880,629

Ceded (926,215 ) (839,264 ) (595,127 )
Net premiums written $ 1,871,325
$ 1,535,312
$ 1,416,183

Premiums earned
Direct $ 244,285
$ 157,112
$ 98,182

Assumed 2,307,219
1,874,993
1,769,088

Ceded (833,929 ) (628,675 ) (466,719 )
Net premiums earned $ 1,717,575
$ 1,403,430
$ 1,400,551

Claims and claim expenses
Gross claims and claim expenses incurred $ 3,420,388
$ 710,651
$ 544,972

Claims and claim expenses recovered (1,558,960 ) (179,820 ) (96,734 )
Net claims and claim expenses incurred $ 1,861,428
$ 530,831
$ 448,238



Year ended December 31,	2021		2020		2019
Premiums Written
Direct	$	994,286	$	612,172	$	461,409
Assumed	6,839,512		5,193,993		4,346,341
Ceded	(1,894,423)		(1,709,832)		(1,426,257)
Net premiums written	$	5,939,375	$	4,096,333	$	3,381,493
Premiums Earned
Direct	$	799,717	$	536,595	$	404,525
Assumed	6,257,814		5,078,682		4,348,261
Ceded	(1,863,350)		(1,662,815)		(1,414,383)
Net premiums earned	$	5,194,181	$	3,952,462	$	3,338,403
Claims and Claim Expenses
Gross claims and claim expenses incurred	$	5,905,616	$	3,893,204	$	3,221,778
Claims and claim expenses recovered	(2,029,529)		(968,595)		(1,124,757)
Net claims and claim expenses incurred	$	3,876,087	$	2,924,609	$	2,097,021

In assessing an allowance for reinsurance assets, which includes premiums receivable and reinsurance recoverable, the Company considers historical information, financial strength of reinsurers, collateralization amounts, and ratings to determine the appropriateness of the allowance. In assessing future default for reinsurance assets, the Company evaluates the provision for current expected credit losses under the probability of default and loss given default method. The Company utilizes its internal capital and risk models, which use counterparty ratings from major rating agencies, and assesses the current market conditions for the likelihood of default. The Company updates its internal capital and risk models for counterparty ratings and current market conditions on a periodic basis. Historically, the Company has not experienced material credit losses from reinsurance assets.

Premiums receivable reflect premiums written based on contract and policy terms and include estimates based on information received from both insureds and ceding companies, supplemented by our own judgment, including our estimates of premiums that are written but not reported. Due to the nature of reinsurance, ceding companies routinely report and remit premiums to us subsequent to the contract coverage period, although the time lag involved in the process of reporting and collecting premiums is typically shorter than the lag in reporting losses.

At December 31, ~~2017~~,2021, the Company’s premiums receivable balance was $3.8 billion (2020 - $2.9 billion). Of the Company’s premiums receivable balance as of December 31, 2021, the majority are receivable from highly rated counterparties. The provision for current expected credit losses on the Company’s premiums receivable was $2.8 million at December 31, 2021 (2020 - $6.0 million). The following table provides a roll forward of the provision for current expected credit losses of the Company’s premiums receivable:



Year ended December 31,	2021
Beginning balance	$	5,961
Provision for allowance	(3,185)


Ending balance	$	2,776

Reinsurance recoverable reflects amounts due from reinsurers based on the claim liabilities associated with the reinsured policy. The Company accrues amounts that are due from assuming companies based on estimated ultimate losses applicable to the contracts.

At December 31, 2021, the Company’s reinsurance recoverable balance was ~~$1.6~~$4.3 billion (~~2016~~(2020 - ~~$279.6 million)~~$2.9 billion). Of ~~this amount, 54.5%~~the Company’s reinsurance recoverable balance at December 31, 2021, 46.9% is fully

F-40

collateralized by our reinsurers, ~~44.5%~~52.1% is recoverable from reinsurers rated A- or higher by major rating agencies and 1.0% is recoverable from reinsurers rated lower than A- by major rating agencies (~~2016~~(2020 - ~~47.3%~~45.2%, ~~52.6%~~53.4% and ~~0.1%~~1.4%, respectively). The reinsurers with the three largest balances accounted for ~~10.4%~~19.9%, ~~7.5%~~8.4% and ~~7.3%~~4.3%, respectively, of the Company’s reinsurance recoverable balance at December 31, ~~2017~~ (~~2016~~2021 (2020 - ~~27.1%~~15.3%, ~~19.9%~~10.8% and ~~7.7%~~6.7%, respectively). The ~~valuation allowance recorded against reinsurance recoverable~~provision for current expected credit losses was ~~$7.0~~$8.3 million at December 31, ~~2017~~ (~~2016~~2021 (2020 - ~~$4.2 million~~)$6.3 million). The three largest company-specific components of the ~~valuation allowance~~provision for current expected credit losses represented ~~11.1%~~18.0%, ~~9.2%~~13.9% and ~~8.4%~~11.2%, respectively, of the Company’s total ~~valuation allowance~~provision for current expected credit losses at December 31, ~~2017~~ (~~2016~~2021 (2020 - ~~27.1%~~13.2%, ~~17.9%~~13.0% and ~~5.6%~~6.7%, respectively).

The following table provides a roll forward of the provision for current expected credit losses of the Company’s reinsurance recoverable:



Year ended December 31,	2021
Beginning balance	$	6,334
Provision for allowance	2,010


Ending balance	$	8,344

NOTE 8.RESERVE FOR CLAIMS AND CLAIM EXPENSES

~~General Description~~

The Company believes the most significant accounting judgment made by management is its estimate of claims and claim expense reserves. Claims and claim expense reserves represent estimates, including actuarial and statistical projections at a given point in time, of the ultimate settlement and administration costs for unpaid claims and claim expenses arising from the insurance and reinsurance contracts the Company sells. The Company establishes its claims and claim expense reserves by taking claims reported to the Company by insureds and ceding companies, but which have not yet been paid (“case reserves”), adding estimates for the anticipated cost of claims incurred but not yet reported to the Company, or incurred but not enough reported to the Company (collectively referred to as “IBNR”) and, if deemed necessary, adding costs for additional case reserves which represent the Company’s estimates for claims related to specific contracts previously reported to the Company which it believes may not be adequately estimated by the client as of that date, or adequately covered in the application of IBNR.

~~On March 2, 2015~~ The Company’s reserving committee, which includes members of the ~~Company acquired Platinum~~Company’s senior management, reviews, discusses, and assesses the ~~transaction was accounted for under~~reasonableness and adequacy of the ~~acquisition method of accounting in accordance with FASB ASC Topic~~ ~~Business Combinations~~. Total consideration paid was allocated among acquired assets and assumed liabilities based on their fair values, including Platinum’s claims and claim expense reserves, which totaled $1.4 billion at March 2, 2015, and consisted of $179.7 million and $1.2 billionreserving estimates included in the Company’s Property and Casualty and Specialty segments, respectively. These claims and claim expense reserves are subject to the reserving methodologies for each respective line of business as described below.our audited financial statements.

The following table summarizes the Company’s claims and claim expense reserves by segment, allocated between case reserves, additional case reserves and IBNR:



At December 31, 2021	Case Reserves		Additional Case Reserves		IBNR		Total
Property	$	1,555,210	$	1,996,760	$	2,825,718	$	6,377,688
Casualty and Specialty	1,784,334		128,065		5,004,543		6,916,942

Total	$	3,339,544	$	2,124,825	$	7,830,261	$	13,294,630

At December 31, 2020
Property	$	1,127,909	$	1,617,003	$	1,627,541	$	4,372,453
Casualty and Specialty	1,651,150		133,843		4,223,692		6,008,685

Total	$	2,779,059	$	1,750,846	$	5,851,233	$	10,381,138

F-41

At December 31, 2017
Case
Reserves

Additional
Case Reserves
IBNR Total
Property $ 696,285
$ 896,522
$ 893,583
$ 2,486,390

Casualty and Specialty 689,962
124,923
1,760,607
2,575,492

Other 6,605
—
11,921
18,526

Total $ 1,392,852
$ 1,021,445
$ 2,666,111
$ 5,080,408

At December 31, 2016
Property $ 214,954
$ 186,308
$ 226,512
$ 627,774

Casualty and Specialty 591,705
105,419
1,498,002
2,195,126

Other 6,935
—
18,459
25,394

Total $ 813,594
$ 291,727
$ 1,742,973
$ 2,848,294

Activity in the liability for unpaid claims and claim expenses is summarized as follows:

Year ended December 31, 2017 2016 2015
Net reserves as of January 1 $ 2,568,730
$ 2,632,519
$ 1,345,816

Net incurred related to:
Current year 1,902,424
694,957
610,685

Prior years (40,996 ) (164,126 ) (162,447 )
Total net incurred 1,861,428
530,831
448,238

Net paid related to:
Current year 450,527
83,015
95,747

Prior years 524,298
506,279
425,565

Total net paid 974,825
589,294
521,312

Amounts acquired (1) —
—
1,394,117

Foreign exchange 38,445
(5,326 ) (34,340 )
Net reserves as of December 31 3,493,778
2,568,730
2,632,519

Reinsurance recoverable as of December 31 1,586,630
279,564
134,526

Gross reserves as of December 31 $ 5,080,408
$ 2,848,294
$ 2,767,045



Year ended December 31,	2021		2020		2019
Reserve for claims and claim expenses, net of reinsurance recoverable, as of beginning of period	$	7,455,128	$	6,593,052	$	3,704,050
Net incurred related to:
Current year	4,125,557		3,108,421		2,123,876
Prior years	(249,470)		(183,812)		(26,855)
Total net incurred	3,876,087		2,924,609		2,097,021
Net paid related to:
Current year	574,230		412,172		265,649
Prior years	1,649,872		1,592,456		832,405
Total net paid	2,224,102		2,004,628		1,098,054
Foreign exchange (1)	(81,152)		97,273		31,260
Amounts disposed (2)	—		(155,178)		—
Amounts acquired (3)	—		—		1,858,775
Reserve for claims and claim expenses, net of reinsurance recoverable, as of end of period	9,025,961		7,455,128		6,593,052
Reinsurance recoverable as of end of period	4,268,669		2,926,010		2,791,297
Reserve for claims and claim expenses as of end of period	$	13,294,630	$	10,381,138	$	9,384,349


~~(1)~~	~~Represents the fair value of Platinum's reserve for claims and claim expenses and reinsurance recoverable acquired at March 2, 2015.~~

(1) Reflects the impact of the foreign exchange revaluation of the reserve for claims and claim expenses, net of reinsurance recoverable, denominated in non-U.S. dollars as at the balance sheet date.

(2) Represents the fair value of RenaissanceRe UK’s reserve for claims and claim expenses, net of reinsurance recoverable, disposed of on August 18, 2020.

(3) Represents the fair value of TMR’s reserve for claims and claim expenses, net of reinsurance recoverable, acquired at March 22, 2019. Refer to “Note 3. Acquisition of Tokio Millennium Re” for additional information related to the acquisition of TMR.

The Company’s reserving methodology for each line of business uses a loss reserving process that calculates a point estimate for its ultimate settlement and administration costs for claims and claim expenses. The Company does not calculate a range of estimates and does not discount any of its reserves for claims and claim expenses. The Company uses this point estimate, along with paid claims and case reserves, to record its best estimate of additional case reserves and IBNR in its consolidated financial statements. Under GAAP, the Company is not permitted to establish estimates for catastrophe claims and claim expense reserves until an event occurs that gives rise to a loss.

Reserving ~~for reinsurance claims~~ involves other uncertainties, such as the dependence on information from ceding companies, the time lag inherent in reporting information from the primary insurer to the Company or to the Company’s ceding companies, and differing reserving practices among ceding companies. The information received from ceding companies is typically in the form of bordereaux, broker notifications of loss and/or discussions with ceding companies or their brokers. This information may be received on a monthly, quarterly or transactional basis and normally includes paid claims and estimates of case reserves. The Company sometimes also receives an estimate or provision for IBNR. This information is ~~often~~ updated and adjusted ~~from time to time~~periodically during the loss settlement period as new data or facts in respect of initial claims, client accounts, industry or event trends may be reported or emerge in addition to changes in applicable statutory and case laws.

The Company’s estimates of ~~losses from~~ large ~~events~~losses are based on factors including currently available information derived from claims information from certain customers and brokers, industry assessments of losses, ~~from the events,~~ proprietary models, and the terms and conditions of the Company’s contracts. The uncertainty of the Company’s estimates for large ~~events~~losses is also impacted by the preliminary nature of the information available, the magnitude and relative infrequency of the events, the expected duration of the respective claims development period, inadequacies in the data provided to the relevant date by industry participants and the potential for further reporting lags or insufficiencies; and in certain large ~~events,~~losses, significant uncertainty as to the form of the claims and legal issues, under the relevant terms of insurance and reinsurance contracts. In addition, a significant portion of the net claims and claim expenses associated with

F-42

certain large ~~events~~losses can be concentrated with a few large clients and therefore the loss estimates for these ~~events~~large losses may vary significantly based on the claims experience of those clients. The contingent nature of business interruption and other exposures will also impact losses in a meaningful way, which may give rise to significant complexity in respect of claims handling, claims adjustment and other coverage issues, over time. Given the magnitude of certain events, there can be meaningful uncertainty regarding total covered losses for the insurance industry and, accordingly, several of the key assumptions underlying the

~~Company's~~ Company’s loss estimates. Loss reserve estimation in respect of the ~~Company's~~Company’s retrocessional contracts poses further challenges compared to directly assumed reinsurance. In addition, the Company’s actual net losses from these events may increase if the Company’s reinsurers or other obligors fail to meet their obligations.

Because of the inherent uncertainties discussed above, the Company has developed a reserving philosophy that attempts to incorporate prudent assumptions and estimates, and the Company has generally experienced favorable net development on prior accident years net claims and claim expenses in the last several years. However, there is no assurance that this favorable development on prior accident years net claims and claim expenses will occur in future periods.

The Company establishes a provision for unallocated loss adjustment expenses ("ULAE") when the related reserve for claims and claim expenses is established. ULAE are expenses that cannot be associated with a specific claim but are related to claims paid or in the process of settlement, such as internal costs of the claims function, and are included in the reserve for claims and claim expenses. The determination of the ULAE provision is subject to judgment.

The Company reevaluates its actuarial reserving techniques on a periodic basis. Typically, the quarterly review procedures include reviewing paid and reported claims in the most recent reporting period, reviewing the development of paid and reported claims from prior periods, and reviewing the Company’s overall experience by underwriting year and in the aggregate. The Company monitors its expected ultimate claims and claim expense ratios and expected claims reporting assumptions on a quarterly basis and compares them to its actual experience. These actuarial assumptions are generally reviewed annually, based on input from the Company’s actuaries, underwriters, claims personnel and finance professionals, although adjustments may be made more frequently if needed. Assumption changes are made to adjust for changes in the pricing and terms of coverage the Company provides, changes in industry results for similar business, as well as its actual experience to the extent the Company has enough data to rely on its own experience. If the Company determines that adjustments to an earlier estimate are appropriate, such adjustments are recorded in the period in which they are identified.

Because of the inherent uncertainties discussed above, the Company has developed a reserving philosophy that attempts to incorporate prudent assumptions and estimates, and the Company has generally experienced favorable development on prior accident years net claims and claim expenses in the last several years. However, there is no assurance that this favorable development on prior accident years net claims and claim expenses will occur in future periods.

The Company establishes a provision for unallocated loss adjustment expenses (“ULAE”) when the related reserve for claims and claim expenses is established. ULAE are expenses that cannot be associated with a specific claim but are related to claims paid or in the process of settlement, such as internal costs of the claims function, and are included in the reserve for claims and claim expenses. The determination of the ULAE provision is subject to judgment.

Incurred and Paid Claims Development and Reserving Methodology

The information provided herein about incurred and paid accident year claims development for the years ended prior to December 31, ~~2017~~2021 on a consolidated basis and by segment is presented as supplementary information. The Company has applied a retrospective approach with respect to its ~~acquisition of Platinum,~~acquisitions, presenting all relevant historical information for all periods presented. In addition, included in the incurred claims and claim expenses and cumulated paid claims and claim expenses tables below ~~is a~~are reconciling ~~item~~items that represents the unamortized balance of fair value adjustments recorded in connection with the ~~acquisition~~acquisitions of Platinum Underwriters Holdings, Ltd. (“Platinum”) and TMR to reflect an increase in net claims and claim expenses due to the addition of a market based risk margin that represented the cost of capital required by a market participant to assume the net claims and claim expenses of ~~Platinum.~~Platinum and TMR, partially offset by a decrease from discounting in connection with the acquisitions of Platinum and TMR, to reflect the time value of money.

For incurred and paid accident year claims denominated in ~~foreign currency,~~currencies other than USD, the Company used the current year-end balance sheet foreign exchange rate for all periods provided, thereby eliminating the effects of changes in foreign currency translation rates from the incurred and paid accident year claims development information included in the tables below.

F-43

The following table details the Company’s consolidated incurred claims and claim expenses and cumulative paid claims and claim expenses as of December 31, ~~2017,~~2021, net of reinsurance, as well as IBNR plus ~~ACR~~additional case reserve (“ACR”) included within the net incurred claims amounts.

Incurred claims and claim expenses, net of reinsurance
For the year ended December 31, At December 31, 2017

Accident
Year
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
IBNR
and ACR

(unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
2008 $ 1,459,436
$ 1,421,816
$ 1,401,967
$ 1,383,378
$ 1,310,946
$ 1,288,248
$ 1,266,331
$ 1,256,183
$ 1,239,405
$ 1,241,116
$ 44,189

2009 —
711,042
645,608
628,671
589,136
563,850
542,653
533,597
528,693
531,523
23,021

2010 —
—
1,016,922
975,846
927,941
897,148
896,219
886,997
895,201
894,050
76,527

2011 —
—
—
1,670,722
1,604,273
1,523,332
1,441,370
1,413,256
1,375,169
1,361,430
89,094

2012 —
—
—
—
867,675
773,367
710,123
683,784
655,602
658,180
94,086

2013 —
—
—
—
—
625,081
564,791
518,266
477,294
450,984
86,709

2014 —
—
—
—
—
—
664,603
617,617
605,648
586,559
83,121

2015 —
—
—
—
—
—
—
642,977
631,559
634,948
240,331

2016 —
—
—
—
—
—
—
—
684,960
691,472
358,843

2017 —
—
—
—
—
—
—
—
—
1,901,309
1,334,903

Total $ 8,951,571
$ 2,430,824

Cumulative paid claims and claim expenses, net of reinsurance
For the year ended December 31,

Accident
Year
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
(unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
2008 $ 275,963
$ 593,570
$ 800,202
$ 940,911
$ 1,016,658
$ 1,064,412
$ 1,095,431
$ 1,123,287
$ 1,145,149
$ 1,164,647

2009 —
96,574
271,031
323,183
367,996
400,991
440,320
462,407
468,759
476,298

2010 —
—
131,436
325,377
444,618
516,321
572,829
644,975
737,478
764,337

2011 —
—
—
259,261
550,668
909,176
1,067,386
1,158,233
1,202,703
1,230,285

2012 —
—
—
—
166,907
267,650
358,789
418,697
462,253
527,153

2013 —
—
—
—
—
87,837
181,738
246,582
292,542
330,184

2014 —
—
—
—
—
—
111,451
201,873
270,380
319,540

2015 —
—
—
—
—
—
—
96,141
195,140
289,630

2016 —
—
—
—
—
—
—
—
79,943
219,416

2017 —
—
—
—
—
—
—
—
—
450,886

Total $ 5,772,376

Outstanding liabilities from accident year 2007 and prior, net of reinsurance 282,782

Claims and claim expenses, net of reinsurance, from the Company's former Bermuda-based insurance operations 673

Adjustment for unallocated claim expenses 23,694

Unamortized fair value adjustments recorded in connection with the acquisition of Platinum 7,434

Liability for claims and claim expenses, net of reinsurance $ 3,493,778



	Incurred Claims and Claim Expenses, Net of Reinsurance
	For the year ended December 31,																				At December 31, 2021
Accident Year	2012		2013		2014		2015		2016		2017		2018		2019		2020		2021		IBNR and ACR
	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
2012	$	1,138,478	$	1,022,338	$	958,667	$	927,397	$	899,241	$	901,147	$	907,765	$	911,821	$	894,228	$	893,612	$	28,520
2013	—		912,458		887,176		836,813		790,498		766,453		747,939		726,212		720,503		726,277		16,529
2014	—		—		1,002,755		974,640		965,706		941,733		922,659		932,269		897,645		888,622		57,970
2015	—		—		—		1,139,588		1,144,947		1,161,202		1,130,597		1,105,473		1,117,250		1,111,987		73,388
2016	—		—		—		—		1,418,381		1,464,953		1,447,703		1,420,715		1,366,532		1,373,871		59,360
2017	—		—		—		—		—		2,954,415		2,748,704		2,664,387		2,603,328		2,559,381		342,654
2018	—		—		—		—		—		—		2,198,790		2,342,952		2,297,920		2,188,749		371,723
2019	—		—		—		—		—		—		—		2,255,467		2,213,257		2,154,462		834,344
2020	—		—		—		—		—		—		—		—		3,090,954		3,076,722		1,562,397
2021	—		—		—		—		—		—		—		—		—		4,080,591		3,091,130
Total																			$	19,054,274	$	6,438,015

	Cumulative Paid Claims and Claim Expenses, Net of Reinsurance
	For the year ended December 31,
Accident Year	2012		2013		2014		2015		2016		2017		2018		2019		2020		2021
	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
2012	$	267,808	$	417,140	$	522,714	$	597,103	$	648,754	$	723,431	$	754,527	$	785,271	$	792,519	$	808,734
2013	—		132,207		341,769		434,633		497,296		556,485		589,784		617,109		633,689		648,716
2014	—		—		231,084		435,331		557,091		633,294		694,155		741,271		767,927		788,590
2015	—		—		—		262,301		496,234		660,456		775,007		870,708		934,337		982,966
2016	—		—		—		—		287,753		625,995		831,642		973,074		1,087,441		1,184,679
2017	—		—		—		—		—		747,272		1,073,216		1,370,642		1,735,535		1,905,621
2018	—		—		—		—		—		—		590,671		800,773		1,172,692		1,452,144
2019	—		—		—		—		—		—		—		285,660		692,429		986,835
2020	—		—		—		—		—		—		—		—		410,482		1,023,330
2021	—		—		—		—		—		—		—		—		—		572,076
Total																			$	10,353,691
Outstanding liabilities from accident year 2011 and prior, net of reinsurance																			341,797

Adjustment for unallocated loss adjustment expenses																			61,251
Unamortized fair value adjustments recorded in connection with acquisitions																			(77,670)

Liability for claims and claim expenses, net of reinsurance																			$	9,025,961

Property Segment

Within the Property segment, the Company ~~principally~~ writes property catastrophe excess of loss reinsurance contracts to insure insurance and reinsurance companies against natural and man-made catastrophes. Under these contracts, the Company indemnifies an insurer or reinsurer when its aggregate paid claims and claim expenses from a single occurrence of a covered peril exceeds the attachment point specified in the contract, up to an amount per loss specified in the contract. ~~The Company's~~Generally, the Company’s most significant exposure is to losses from hurricanes, earthquakes and other windstorms, although the Company is also exposed to claims arising from other man-made and natural catastrophes, such as tsunamis, winter storms, freezes, floods, fires, tornadoes, explosions and acts of terrorism. The ~~Company's~~Company’s predominant exposure under such coverage is to property damage. However, other risks, including business interruption and other non-property losses, may also be covered under the ~~Company's~~Company’s catastrophe contracts when arising from a covered peril. The ~~Company's~~Company’s coverages are offered on either a worldwide basis or are limited to selected geographic areas.

Coverage can also vary from “all property” perils to limited coverage on selected perils, such as “earthquake only” coverage. The Company also enters into retrocessional contracts that provide property catastrophe

F-44

coverage to other reinsurers or retrocedants. This coverage is generally in the form of excess of loss retrocessional contracts and may cover all perils and exposures on a worldwide basis or be limited in scope to selected geographic areas, perils and/or exposures. The exposures the Company assumes from retrocessional business can change within a contract term as the underwriters of a retrocedant may alter their book of business after the retrocessional coverage has been bound. The Company also offers dual trigger reinsurance contracts which require the Company to pay claims based on claims incurred by insurers and reinsurers in addition to the estimate of insured industry losses as reported by referenced statistical reporting agencies.

Also included in the Property segment is property per risk, property (re)insurance, ~~binding facilities~~delegated authority arrangements and regional U.S. multi-line reinsurance. The ~~Company's~~Company’s predominant exposure under such coverage is to property damage. However, other risks, including business interruption and other non-property losses, may also be covered when arising from a covered peril. The ~~Company's~~Company’s coverages are offered on either a worldwide basis or are limited to selected geographic areas. ~~The exposures assumed from retrocessional~~Principally all of the business ~~can change within a contract term as~~is reinsurance, although the ~~underwriters of a retrocedant may alter their book of~~Company also writes insurance business ~~after the retrocessional coverage has been bound.~~primarily through delegated authority arrangements. The Company offers these products principally through proportional ~~coverage.~~reinsurance coverage or in the form of delegated authority arrangements. In a proportional reinsurance arrangement (also referred to as quota share reinsurance or pro rata reinsurance), the reinsurer shares a proportional part of the original premiums and losses of the reinsured.

Claims and claim expenses in the ~~Company's~~Company’s Property segment are generally characterized by ~~loss events~~losses of low frequency and high severity. Initial reporting of paid and incurred claims in general, tends to be relatively ~~prompt.~~prompt, particularly for less complex losses. The Company considers this business “short-tail” as compared to the reporting of claims for “long-tail” products, which tends to be slower. However, the timing of claims payment and reporting also varies depending on various factors, including: whether the claims arise under reinsurance of primary insurance companies or reinsurance of other reinsurance companies; the nature of the events ~~(e.g.~~(e.g., hurricanes, earthquakes or terrorism); the geographic area involved; post-event inflation which may cause the cost to repair damaged property to increase significantly from current estimates, or for property claims to remain open for a longer period of time, due to limitations on the supply of building materials, labor and other resources; complex policy coverage and other legal issues; and the quality of each client’s claims management and reserving practices. Management’s judgments regarding these factors are reflected in the ~~Company's~~Company’s reserve for claims and claim expenses.

Reserving for most of the ~~Company's~~Company’s Property segment generally does not involve the use of traditional actuarial techniques. Rather, claims and claim expense reserves are estimated by management ~~after a catastrophe occurs~~ by completing an in-depth analysis of the individual contracts which may potentially be impacted by the ~~catastrophic event.~~loss. The in-depth analysis generally involves: 1) estimating the size of insured industry ~~losses from the catastrophic event;~~losses; 2) reviewing reinsurance contract portfolios to identify contracts which are ~~exposed to the catastrophic event;~~exposed; 3) reviewing information reported or otherwise provided by customers and brokers; 4) discussing the ~~event~~loss with customers and brokers; and 5) estimating the ultimate expected cost to settle all claims and administrative costs arising from the ~~catastrophic event~~loss on a contract-by-contract basis and in aggregate for the event. Once ~~an event~~a loss has occurred, during the then current reporting period, the Company records its best estimate of the ultimate expected cost to settle all claims arising from the ~~event.~~loss. The ~~Company's~~Company’s estimate of claims and claim expense reserves is then determined by deducting cumulative paid losses from its estimate of the ultimate expected ~~loss for an event.~~loss. The Company’s estimate of IBNR is determined by deducting cumulative paid losses, case reserves and additional case reserves from its estimate of the ultimate expected ~~loss for an event.~~loss. Once the Company receives a valid notice of loss or payment request under a catastrophe reinsurance contract, it is generally able to process and pay such claims promptly.

Because ~~the events~~losses from which claims arise under policies written within the Property segment are typically prominent, public ~~occurrences~~events such as hurricanes and earthquakes, the Company is often able to use independent reports as part of its loss reserve estimation process. The Company also reviews catastrophe bulletins published by various statistical reporting agencies to assist in determining the size of the industry loss, although these reports may not be available for some time after an event.

For smaller events including localized severe weather events such as windstorms, hail, ice, snow, flooding, freezing and tornadoes, which are not necessarily prominent, public occurrences, the Company initially places greater reliance on catastrophe bulletins published by statistical reporting agencies to assist in determining what events occurred during the reporting period than the Company does for large events. This

F-45

includes reviewing catastrophe bulletins published by Property Claim Services ~~(“PCS”)~~ for U.S. catastrophes. The Company sets its initial estimates of reserves for claims and claim expenses for these smaller events based on a combination of its historical market share for these types of losses and the estimate of the total insured industry property losses as reported by statistical reporting agencies, although management may make significant adjustments based on the ~~Company's~~Company’s current exposure to the geographic region involved as well as the size of the loss and the peril involved. This approach supplements the ~~Company's~~Company’s approach for estimating losses for larger catastrophes, which as discussed above, includes discussions with brokers and ceding companies and reviewing individual contracts impacted by the event. Approximately one year from the date of loss for these small events, the Company typically estimates IBNR for these events by using the paid Bornhuetter-Ferguson actuarial method. The loss development factors for the paid Bornhuetter-Ferguson actuarial method are selected based on a review of the ~~Company's~~Company’s historical experience. There were no significant changes to the Company's paid loss development factors over the last three years.

In general, reserves for the ~~Company's~~Company’s more recent ~~reinsured catastrophic events~~large losses are subject to greater uncertainty and, therefore, greater potential variability, and are likely to experience material changes from one period to the next. This is due to the uncertainty as to the size of the industry losses, ~~from the event,~~ uncertainty as to which contracts have been exposed, ~~to the catastrophic event,~~ uncertainty due to complex legal and coverage issues that can arise out of large or complex ~~catastrophic events,~~losses, and uncertainty as to the magnitude of claims incurred by the ~~Company's~~Company’s customers. As the ~~Company's~~Company’s claims age, more information becomes available and the Company believes its estimates become more certain.

F-46

The following table details the Company’s Property segment incurred claims and claim expenses and cumulative paid claims and claim expenses as of December 31, ~~2017,~~2021, net of reinsurance, as well as IBNR plus ACR included within the net incurred claims amounts.

Incurred claims and claim expenses, net of reinsurance
For the year ended December 31, At December 31, 2017

Accident
Year
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
IBNR
and ACR

(unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
2008 $ 852,500
$ 754,840
$ 754,393
$ 750,523
$ 716,537
$ 701,522
$ 692,225
$ 684,834
$ 683,757
$ 683,374
$ 130

2009 —
224,928
169,191
149,830
143,232
138,899
139,676
138,948
139,167
138,732
238

2010 —
—
632,510
584,878
550,608
555,419
576,079
580,084
590,023
592,679
43,479

2011 —
—
—
1,286,890
1,221,811
1,170,141
1,118,651
1,098,124
1,066,200
1,063,035
41,910

2012 —
—
—
—
438,548
345,168
312,216
294,400
276,236
265,058
24,297

2013 —
—
—
—
—
230,355
200,105
177,533
155,384
143,823
5,264

2014 —
—
—
—
—
—
184,076
155,335
147,610
143,419
8,018

2015 —
—
—
—
—
—
—
227,093
196,094
177,296
32,432

2016 —
—
—
—
—
—
—
—
254,595
256,759
91,193

2017 —
—
—
—
—
—
—
—
—
1,345,006
857,673

Total $ 4,809,181
$ 1,104,634

Cumulative paid claims and claim expenses, net of reinsurance
For the year ended December 31,

Accident
Year
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
(unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
2008 $ 247,123
$ 392,800
$ 541,278
$ 631,204
$ 664,217
$ 678,266
$ 681,988
$ 683,821
$ 685,229
$ 685,874

2009 —
56,244
102,402
117,045
125,021
131,136
135,756
136,806
137,783
137,775

2010 —
—
96,570
226,433
308,198
352,293
389,954
417,446
496,324
506,297

2011 —
—
—
211,151
437,082
763,384
891,928
951,725
978,298
992,272

2012 —
—
—
—
100,067
145,326
189,555
209,059
219,069
231,272

2013 —
—
—
—
—
49,805
94,776
120,117
131,293
135,499

2014 —
—
—
—
—
—
55,365
96,667
119,473
124,533

2015 —
—
—
—
—
—
—
62,358
109,386
128,434

2016 —
—
—
—
—
—
—
—
47,716
119,977

2017 —
—
—
—
—
—
—
—
—
412,477

Total $ 3,474,410

Outstanding liabilities from accident year 2007 and prior, net of reinsurance 4,211

Adjustment for unallocated claim expenses 3,352

Unamortized fair value adjustments recorded in connection with the acquisition of Platinum 956

Liability for claims and claim expenses, net of reinsurance $ 1,343,290



	Incurred Claims and Claim Expenses, Net of Reinsurance
	For the year ended December 31,																				At December 31, 2021
Accident Year	2012		2013		2014		2015		2016		2017		2018		2019		2020		2021		IBNR and ACR
	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
2012	$	560,348	$	429,885	$	395,605	$	375,439	$	358,509	$	346,756	$	338,877	$	334,347	$	325,042	$	322,871	$	1,180
2013	—		318,033		294,315		272,191		250,014		238,734		235,016		235,356		238,404		240,779		1,113
2014	—		—		302,158		278,813		265,569		260,542		259,379		256,845		250,647		247,708		372
2015	—		—		—		372,338		357,065		334,099		323,211		311,964		305,847		295,081		71
2016	—		—		—		—		455,503		469,120		452,922		434,706		415,572		411,698		16,889
2017	—		—		—		—		—		1,644,982		1,461,953		1,350,684		1,328,419		1,273,461		217,210
2018	—		—		—		—		—		—		938,309		1,020,102		979,598		857,217		105,483
2019	—		—		—		—		—		—		—		992,526		956,445		898,472		254,099
2020	—		—		—		—		—		—		—		—		1,580,564		1,600,743		585,134
2021	—		—		—		—		—		—		—		—		—		2,370,891		1,552,621
Total																			$	8,518,921	$	2,734,172

	Cumulative Paid Claims and Claim Expenses, Net of Reinsurance
	For the year ended December 31,
Accident Year	2012		2013		2014		2015		2016		2017		2018		2019		2020		2021
	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
2012	$	165,951	$	205,814	$	254,000	$	280,519	$	291,901	$	306,718	$	309,133	$	314,418	$	314,720	$	318,295
2013	—		80,397		156,204		192,225		207,963		215,758		218,446		221,255		226,035		226,353
2014	—		—		106,781		184,711		223,197		234,933		241,266		244,721		243,885		246,690
2015	—		—		—		126,972		226,722		260,858		278,452		288,678		292,033		294,651
2016	—		—		—		—		120,506		259,131		327,034		351,523		374,160		384,932
2017	—		—		—		—		—		534,631		663,381		820,148		946,934		972,239
2018	—		—		—		—		—		—		434,358		439,783		611,268		638,149
2019	—		—		—		—		—		—		—		160,141		364,761		526,314
2020	—		—		—		—		—		—		—		—		255,268		676,472
2021	—		—		—		—		—		—		—		—		—		499,796
Total																			$	4,783,891
Outstanding liabilities from accident year 2011 and prior, net of reinsurance																			89,538
Adjustment for unallocated loss adjustment expenses																			16,266
Unamortized fair value adjustments recorded in connection with acquisitions																			(11,642)

Liability for claims and claim expenses, net of reinsurance																			$	3,829,192

Casualty and Specialty Segment

The Company offers its casualty and specialty reinsurance products principally on a proportional basis, and it also provides excess of loss coverage. The Company offers casualty and specialty reinsurance products to insurance and reinsurance companies and provides coverage for specific geographic regions or on a worldwide basis. Principally all of the business is reinsurance, although ~~from time to time,~~ the Company also writes insurance business.

As with the ~~Company's~~Company’s Property segment, its Casualty and Specialty segment reinsurance contracts can include coverage for relatively large limits or exposures. As a result, the ~~Company's~~Company’s casualty and specialty reinsurance business can be subject to significant claims volatility. In periods of low claims frequency or

severity, the ~~Company's~~Company’s results will generally be favorably impacted while in periods of high claims frequency or severity the ~~Company's~~Company’s results will generally be negatively impacted.

More recently, the Company has accepted a wider range of proportional risks, facilitating the Company's efforts to expand its product offerings. In addition, on March 2, 2015 the Company acquired Platinum and recorded $1.4 billion of claims and claim expense reserves related to the acquisition, of which $1.2 billion was recorded in the Casualty and Specialty segment, with the balance recorded in the Company's Property segment. While the Company remains focused on underwriting discipline, and seeks to remain focused on opportunities amenable to stochastic representation and supported by strong data and analytics, the Company's expanded casualty and specialty product suite and the addition of the claims and claim expense reserves acquired through the Platinum transaction, may pose new, unmodelled or unforeseen risks for which the Company may not be adequately compensated and may also result in a higher level of attritional claims and claim expenses and the potential for reserve development, either adverse or favorable.

The ~~Company's~~Company’s processes and methodologies in respect of loss estimation for the coverages offered through its Casualty and Specialty segment differ from those used for its Property segment. For example, the ~~Company's~~Company’s casualty and specialty coverages are more likely to be impacted by factors such as long-term inflation and changes in the social and legal environment, which the Company believes gives rise to

F-47

greater uncertainty in its reserves for claims and claim expenses. Moreover, in many lines of business the Company does not have the benefit of a significant amount of its own historical experience and may have little or no related corporate reserving history in many of its newer or growing lines of business. The Company believes this makes its Casualty and Specialty segment reserving subject to greater uncertainty than its Property segment.

The Company calculates multiple point estimates for claims and claim expense reserves using a variety of actuarial reserving techniques for many, but not all, of its classes of business for each underwriting year within the Casualty and Specialty segment. The Company does not believe that these multiple point estimates are, or should be considered, a range. Rather, the Company considers each class of business and determines the most appropriate point estimate for each underwriting year based on the characteristics of the particular class including: (1) loss development patterns derived from historical data; (2) the credibility of the selected loss development pattern; (3) the stability of the loss development patterns; (4) how developed the underwriting year is; and (5) the observed loss development of other underwriting years for the same class. The Company also considers other relevant factors, including: (1) historical ultimate loss ratios; (2) the presence of individual large losses; and (3) known occurrences that have not yet resulted in reported losses. The Company makes determinations of the most appropriate point estimate of loss for each class based on an evaluation of relevant information and dodoes not ascribe any particular portion of the estimate to a particular factor or consideration. In addition, the Company believes that a review of individual contract information improves the loss estimates for some classes of business.

When developing claims and claims expense reserves for ~~the Company's~~its Casualty and Specialty segment, itthe Company considers several actuarial techniques such as the expected loss ratio method, the Bornhuetter-Ferguson actuarial method and the paid and reported chain ladder actuarial method.

For classes of business and underwriting years where the Company has limited historical claims experience, estimates of ultimate losses ~~that are not related to a specific event~~ are generally initially determined based on the loss ratio method applied to each underwriting year and to each class of business. Unless the Company has credible claims experience or unfavorable development, it generally selects an ultimate loss based on its initial ~~view of the loss.~~expected loss ratio. The selected ultimate losses are determined by multiplying the initial expected loss ratio by the earned premium. The initial expected loss ratios are key inputs that involve management judgment and are based on a variety of factors, including: (1) contract by contract expected loss ratios developed during the Company’s pricing process; (2) historical loss ratios and combined ratios adjusted for rate change and trend; and (3) industry benchmarks for similar business. These judgments take into account management’s view of past, current and future factors that may influence ultimate losses, including: (1) market conditions; (2) changes in the business underwritten; (3) changes in timing of the emergence of claims; and (4) other factors that may influence ultimate loss ratios and losses.

The determination of when reported losses are sufficient and credible to warrant selection of an ultimate loss ratio different from the initial expected loss ~~ratios~~ratio also requires judgment. The Company generally makes adjustments for reported loss experience indicating unfavorable variances from initial expected loss

ratios sooner than reported loss experience indicating favorable variances. This is because the reporting of losses in excess of expectations tends to have greater credibility than an absence or lower than expected level of reported losses. Over time, as a greater number of claims are reported and the credibility of reported losses improves, actuarial estimates of IBNR are typically based on the Bornhuetter-Ferguson actuarial method or the reported chain ladder actuarial method.

The Bornhuetter-Ferguson method allows for greater weight to be applied to expected results in periods where little or no actual experience is available, and, hence, is less susceptible to the potential pitfall of being excessively swayed by ~~one year or one quarter~~experience of actual paid and/or reported loss data, compared to the chain ladder actuarial method. The Bornhuetter-Ferguson method uses the initial expected loss ratio ~~expectations~~ to ~~the extent that the expected paid or reported losses are zero,~~estimate IBNR, and it assumes that past experience is not fully representative of the future. As the Company’s reserves for claims and claim expenses age, and actual claims experience becomes available, this method places less weight on expected experience and places more weight on actual experience. This experience, which represents the difference between expected reported claims and actual reported claims, is reflected in the respective reporting period as a change in estimate. The utilization of the Bornhuetter-Ferguson method requires the Company to estimate an expected ultimate claims and claim expense ratio and select an expected loss reporting pattern. The Company selects its estimates of the expected ultimate claims and claim expense ratios as described above and selects its expected loss reporting patterns by utilizing

F-48

actuarial analysis, including management’s judgment, and historical patterns of paid losses and reporting of case reserves to the Company, as well as industry loss development patterns. The estimated expected claims and claim expense ratio may be modified to the extent that reported losses at a given point in time differ from what would be expected based on the selected loss reporting pattern.

The reported chain ladder actuarial method utilizes actual reported losses and a loss development pattern to determine an estimate of ultimate losses that is independent of the initial expected ultimate loss ratio and earned premium. The Company believes this technique is most appropriate when there are a large number of reported losses with significant statistical credibility and a relatively stable loss development pattern. Information that may cause future loss development patterns to differ from historical loss development patterns is considered and reflected in the Company’s selected loss development patterns as appropriate. For certain reinsurance contracts, historical loss development patterns may be developed from ceding company data or other sources.

In addition, certain ~~casualty and~~ specialty coverages may be impacted by natural and man-made catastrophes. The Company estimates reserves for claim and claim expenses for these losses, ~~after the event giving rise to these losses occurs,~~ following a process that is similar to its Property segment described above.

F-49

The following table details the Company’s Casualty and Specialty segment incurred claims and claim expenses and cumulative paid claims and claim expenses as of December 31, ~~2017,~~2021, net of reinsurance, as well as IBNR plus ACR included within the net incurred claims amounts.

Incurred claims and claim expenses, net of reinsurance
For the year ended December 31, At December 31, 2017

Accident
Year
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
IBNR
and ACR

(unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
2008 $ 606,936
$ 666,976
$ 647,574
$ 632,855
$ 594,409
$ 586,726
$ 574,106
$ 571,349
$ 555,648
$ 557,742
$ 44,059

2009 —
486,114
476,417
478,841
445,904
424,951
402,977
394,649
389,526
392,791
22,783

2010 —
—
384,412
390,968
377,333
341,729
320,140
306,913
305,178
301,371
33,048

2011 —
—
—
383,832
382,462
353,191
322,719
315,132
308,969
298,395
47,184

2012 —
—
—
—
429,127
428,199
397,907
389,384
379,366
393,122
69,789

2013 —
—
—
—
—
394,726
364,686
340,733
321,910
307,161
81,445

2014 —
—
—
—
—
—
480,527
462,282
458,038
443,140
75,103

2015 —
—
—
—
—
—
—
415,884
435,465
457,652
207,899

2016 —
—
—
—
—
—
—
—
430,365
434,713
267,650

2017 —
—
—
—
—
—
—
—
—
556,303
477,230

Total $ 4,142,390
$ 1,326,190

Cumulative paid claims and claim expenses, net of reinsurance
For the year ended December 31,

Accident
Year
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
(unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
2008 $ 28,840
$ 200,770
$ 258,924
$ 309,707
$ 352,441
$ 386,146
$ 413,443
$ 439,466
$ 459,920
$ 478,773

2009 —
40,330
168,629
206,138
242,975
269,855
304,564
325,601
330,976
338,523

2010 —
—
34,866
98,944
136,420
164,028
182,875
227,529
241,154
258,040

2011 —
—
—
48,110
113,586
145,792
175,458
206,508
224,405
238,013

2012 —
—
—
—
66,840
122,324
169,234
209,638
243,184
295,881

2013 —
—
—
—
—
38,032
86,962
126,465
161,249
194,685

2014 —
—
—
—
—
—
56,086
105,206
150,907
195,007

2015 —
—
—
—
—
—
—
33,783
85,754
161,196

2016 —
—
—
—
—
—
—
—
32,227
99,439

2017 —
—
—
—
—
—
—
—
—
38,409

Total $ 2,297,966

Outstanding liabilities from accident year 2007 and prior, net of reinsurance 278,571

Adjustment for unallocated claim expenses 20,342

Unamortized fair value adjustments recorded in connection with the acquisition of Platinum 6,478

Liability for claims and claim expenses, net of reinsurance $ 2,149,815



	Incurred Claims and Claim Expenses, Net of Reinsurance
	For the year ended December 31,																				At December 31, 2021
Accident Year	2012		2013		2014		2015		2016		2017		2018		2019		2020		2021		IBNR and ACR
	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
2012	$	578,130	$	592,453	$	563,062	$	551,958	$	540,732	$	554,391	$	568,888	$	577,474	$	569,186	$	570,741	$	27,340
2013	—		594,425		592,861		564,622		540,484		527,719		512,923		490,856		482,099		485,498		15,416
2014	—		—		700,597		695,827		700,137		681,191		663,280		675,424		646,998		640,914		57,598
2015	—		—		—		767,250		787,882		827,103		807,386		793,509		811,403		816,906		73,317
2016	—		—		—		—		962,878		995,833		994,781		986,009		950,960		962,173		42,471
2017	—		—		—		—		—		1,309,433		1,286,751		1,313,703		1,274,909		1,285,920		125,444
2018	—		—		—		—		—		—		1,260,481		1,322,850		1,318,322		1,331,532		266,240
2019	—		—		—		—		—		—		—		1,262,941		1,256,812		1,255,990		580,245
2020	—		—		—		—		—		—		—		—		1,510,390		1,475,979		977,263
2021	—		—		—		—		—		—		—		—		—		1,709,700		1,538,509
Total																			$	10,535,353	$	3,703,843

	Cumulative Paid Claims and Claim Expenses, Net of Reinsurance
	For the year ended December 31,
Accident Year	2012		2013		2014		2015		2016		2017		2018		2019		2020		2021
	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
2012	$	101,857	$	211,326	$	268,714	$	316,584	$	356,853	$	416,713	$	445,394	$	470,853	$	477,799	$	490,439
2013	—		51,810		185,565		242,408		289,333		340,727		371,338		395,854		407,654		422,363
2014	—		—		124,303		250,620		333,894		398,361		452,889		496,550		524,042		541,900
2015	—		—		—		135,329		269,512		399,598		496,555		582,030		642,304		688,315
2016	—		—		—		—		167,247		366,864		504,608		621,551		713,281		799,747
2017	—		—		—		—		—		212,641		409,835		550,494		788,601		933,382
2018	—		—		—		—		—		—		156,313		360,990		561,424		813,995
2019	—		—		—		—		—		—		—		125,519		327,668		460,521
2020	—		—		—		—		—		—		—		—		155,214		346,858
2021	—		—		—		—		—		—		—		—		—		72,280
Total																			$	5,569,800
Outstanding liabilities from accident year 2011 and prior, net of reinsurance																			252,259
Adjustment for unallocated loss adjustment expenses																			44,985
Unamortized fair value adjustments recorded in connection with acquisitions																			(66,028)

Liability for claims and claim expenses, net of reinsurance																			$	5,196,769

Prior Year Development of the Reserve for Net Claims and Claim Expenses

The Company’s estimates of claims and claim expense reserves are not precise in that, among other things, they are based on predictions of future developments and estimates of future trends and other variable factors. Some, but not all, of the Company’s reserves are further subject to the uncertainty inherent in actuarial methodologies and estimates. Because a reserve estimate is simply an ~~insurer’s~~insurer's estimate at a point in time of its ultimate liability, and because there are numerous factors that affect reserves and claims payments that cannot be determined with certainty in advance, the Company’s ultimate payments will vary, perhaps materially, from its estimates of reserves. If the Company determines in a subsequent period that adjustments to its previously established reserves are appropriate, such adjustments are recorded in the period in which they are identified. On a net basis, the Company’s cumulative favorable or unfavorable

development is generally reduced by offsetting changes in its reinsurance ~~recoverables,~~recoverable, as well as changes to loss related premiums such as reinstatement premiums and redeemable noncontrolling interest, ~~for changes in claims and claim expenses that impact DaVinciRe,~~ all of which generally move in the opposite direction to changes in the ~~Company’s~~Company's ultimate claims and claim expenses.

F-50

The following table details the Company’s prior year net development by segment of its liability for net unpaid claims and claim expenses:

Year ended December 31, 2017 2016 2015
(Favorable) adverse development (Favorable) adverse development (Favorable) adverse development
Property $ (45,596 ) $ (104,876 ) $ (93,786 )
Casualty and Specialty 6,183
(58,140 ) (67,791 )
Other (1,583 ) (1,110 ) (870 )
Total favorable development of prior accident years net claims and claim expenses $ (40,996 ) $ (164,126 ) $ (162,447 )



Year ended December 31,	2021		2020		2019
	(Favorable) adverse development		(Favorable) adverse development		(Favorable) adverse development
Property	$	(233,373)	$	(157,049)	$	(2,973)
Casualty and Specialty	(16,097)		(26,763)		(23,882)

Total net (favorable) adverse development of prior accident years net claims and claim expenses	$	(249,470)	$	(183,812)	$	(26,855)

Changes to prior year estimated net claims reserves ~~decreased the Company’s net loss by $41.0 million during 2017 (2016 -~~ increased ~~the Company’s~~ net income by ~~$164.1~~$249.5 million ~~2015~~during 2021 (2020 - increased ~~the Company’s~~ net income by ~~$162.4~~$183.8 million, 2019 - increased net income by $26.9 million), excluding the consideration of changes in reinstatement, adjustment or other premium changes, profit commissions, redeemable noncontrolling interest - DaVinciRe and Vermeer and income tax.

Property Segment

The following tables ~~and discussion~~ detail the development of the Company’s liability for net unpaid claims and claim expenses for its Property segment, allocated between large and small catastrophe net claims and claim expenses and attritional net claims and claim expenses, included in the other line item:

Year ended December 31, 2017
(Favorable) adverse development
Catastrophe net claims and claim expenses
Large catastrophe events
Storm Sandy (2012) $ (4,395 )
April and May U.S. Tornadoes (2011) (4,177 )
Thailand Floods (2011) (2,513 )
Hurricane Matthew (2016) (1,239 )
New Zealand Earthquake (2011) 5,807

New Zealand Earthquake (2010) 4,061

Other (5,184 )
Total large catastrophe events (7,640 )
Small catastrophe events
2016 PCS Events (2016) (18,550 )
Tianjin Explosion (2015) (8,002 )
Fort McMurray Wildfire (2016) (6,364 )
Other (5,882 )
Total small catastrophe events (38,798 )
Total catastrophe net claims and claim expenses (46,438 )
Actuarial assumption changes 842

Total net favorable development of prior accident years net claims and claim expenses $ (45,596 )



Year ended December 31,	2021
	(Favorable) adverse development
Catastrophe net claims and claim expenses
Large catastrophe events
2020 Weather-Related Large Loss Events	$	17,140
2019 Large Loss Events	(61,634)
2018 Large Loss Events	(101,096)
2017 Large Loss Events	(49,090)

Other	(9,392)
Total large catastrophe events	(204,072)
Small catastrophe events and attritional loss movements










Other small catastrophe events and attritional loss movements	(34,751)
Total small catastrophe events and attritional loss movements	(34,751)
Total catastrophe and attritional net claims and claim expenses	(238,823)


Actuarial assumption changes	5,450

Total net (favorable) adverse development of prior accident years net claims and claim expenses	$	(233,373)

The net favorable development of prior accident years net claims and claim expenses within the Company’s Property segment in 2021 of $233.4 million was primarily comprised of net favorable development on prior year accident years net claims and claim expenses associated with the following large catastrophe events:

•$17.1 million of net adverse development associated with Hurricanes Laura, Sally, Isaias, Delta, Zeta and Eta, the California, Oregon and Washington wildfires, Typhoon Maysak, the August 2020 Derecho, and losses associated with aggregate loss contracts (collectively, the “2020 Weather-Related Large Loss Events”).

•$61.6 million of net favorable development associated with Hurricane Dorian and Typhoons Faxai and Hagibis and certain losses associated with aggregate loss contracts (collectively, the “2019 Large Loss Events”);

F-51

•$101.1 million of net favorable development associated with Typhoons Jebi, Mangkhut and Trami, Hurricane Florence, the wildfires in California during the third and fourth quarters of 2018, Hurricane Michael and certain losses associated with aggregate loss contracts (collectively, the “2018 Large Loss Events”); and

•$49.1 million of net favorable development associated with Hurricanes Harvey, Irma and Maria, the Mexico City Earthquake, the wildfires in California during the fourth quarter of 2017 and certain losses associated with aggregate loss contracts (collectively, the “2017 Large Loss Events”).

The Company’s Property segment also experienced net favorable development of ~~$45.6~~$34.8 million associated with a number of other small catastrophe events as well as attritional loss movements related to lines of business where the Company principally estimates net claims and claim expenses using traditional actuarial methods. Partially offsetting these net favorable developments was net adverse development of $5.5 million related to actuarial assumption changes.



Year ended December 31,	2020
	(Favorable) adverse development
Catastrophe net claims and claim expenses
Large catastrophe events
2019 Large Loss Events	$	(44,389)
2018 Large Loss Events	(43,991)
2017 Large Loss Events	(32,649)




Other	124
Total large catastrophe events	(120,905)
Small catastrophe events and attritional loss movements
Other small catastrophe events and attritional loss movements	(41,589)
Total small catastrophe events and attritional loss movements	(41,589)
Total catastrophe and attritional net claims and claim expenses	(162,494)
Actuarial assumption changes	5,445
Total net (favorable) adverse development of prior accident years net claims and claim expenses	$	(157,049)

The net favorable development of prior accident years net claims and claim expenses within the Company’s Property segment in 2020 of $157.0 million was primarily comprised of net favorable development on prior year accident years net claims and claim expenses associated with the following large catastrophe events:

•$44.4 million associated with the 2019 Large Loss Events;

•$44.0 million associated with the 2018 Large Loss Events; and

•$32.6 million associated with the 2017 Large Loss Events.

The Company’s Property segment also experienced net favorable development of $41.6 million associated with a number of other small catastrophe events as well as attritional loss movements related to lines of business where the Company principally estimates net claims and claim expenses using traditional actuarial methods. Partially offsetting these net favorable developments was net adverse development of $5.4 million related to actuarial assumption changes.

F-52



Year ended December 31,	2019
	(Favorable) adverse development
Catastrophe net claims and claim expenses
Large catastrophe events
2017 Large Loss Events	$	(101,572)
New Zealand Earthquake (2011)	(7,497)
Tohoku Earthquake and Tsunami (2011)	(5,198)
New Zealand Earthquake (2010)	47,071
2018 Large Loss Events	81,555
Other	(31,916)
Total large catastrophe events	(17,557)
Small catastrophe events and attritional loss movements
Other small catastrophe events and attritional loss movements	5,339
Total small catastrophe events and attritional loss movements	5,339
Total catastrophe and attritional net claims and claim expenses	(12,218)

Actuarial assumption changes	9,245

Total net (favorable) adverse development of prior accident years net claims and claim expenses	$	(2,973)

The net favorable development of prior accident years net claims and claim expenses within the Company’s Property segment in 2019 of $3.0 million was comprised of net favorable development of ~~$7.6~~$17.6 million related to large catastrophe events, net ~~favorable~~adverse development of ~~$38.8~~$5.3 million related to small catastrophe events and ~~$0.8~~attritional loss movements and $9.2 million of net adverse development associated with actuarial assumption changes. Included in net favorable development of prior accident years net claims and claim expenses from large events was ~~a number~~$101.6 million of ~~relatively small net~~ decreases in the net estimated ultimate losses associated with ~~a number~~the 2017 Large Loss Events, partially offset by $81.6 million of ~~events from prior accident years. Included~~increases in the net ~~favorable development~~estimated ultimate losses associated with the 2018 Large Loss Events and $47.1 million of ~~prior accident years~~ net ~~claims and claims expenses from small events was a reduction~~increases in the estimated ultimate losses associated with the 2016 PCS Events of $18.6 million, the 2015 Tianjin Explosion of $8.0 million and the 2016 Fort McMurray Wildfire of $6.4 million. In addition, the Company’s Property segment experienced net favorable development of $5.9 million associated with a number of other small catastrophe events.

Year ended December 31, 2016
(Favorable) adverse development
Catastrophe net claims and claim expenses
Large catastrophe events
Thailand Floods (2011) $ (15,131 )
Storm Sandy (2012) (10,849 )
Tohoku Earthquake and Tsunami (2011) (7,314 )
New Zealand Earthquake (2011) 1,987

New Zealand Earthquake (2010) 6,904

Other (9,523 )
Total large catastrophe events (33,926 )
Small catastrophe events
U.S. PCS 13/14 Wind and Thunderstorm (2013) (6,286 )
Tianjin Explosion (2015) (5,686 )
U.S. PCS 15 Wind and Thunderstorm (2013) (5,648 )
U.S. PCS 81 Wind and Thunderstorm (2015) (5,098 )
Other (48,232 )
Total small catastrophe events (70,950 )
Total catastrophe net claims and claim expenses (104,876 )
Total net favorable development of prior accident years net claims and claim expenses $ (104,876 )

The net favorable development of prior accident years net claims and claim expenses within the Company’s Property segment in 2016 of $104.9 million was principally driven by $33.9 million and $71.0 million related to large and small catastrophes, respectively. Included in the net favorable development of prior accident years net claims and claim expenses associated with large catastrophes was favorable development of $15.1 million from the 2011 Thailand Floods, $10.8 million from Storm Sandy in 2012, $7.3 million from the 2011 Tohoku Earthquake and Tsunami, partially offset by adverse development of $6.9 million and $2.0 million related to the 2010 ~~and 2011~~ New Zealand Earthquakes, respectively, each principally the result of changes in estimated ultimate losses for each respective event. Included in the favorable development of prior accident years net claims and claim expenses related to small catastrophe events were a number of wind and thunderstorm events, primarily from the 2013 and 2015 accident years totaling $17.0 million, and $5.7 million associated with the 2015 Tianjin Explosion, each principally the result of changes in estimated ultimate losses for each respective event, with the remainder due to a number of other large and small catastrophe events related to lines of business where the Company principally estimates net claims and claim expenses using traditional actuarial methods.

Year ended December 31, 2015
(Favorable) adverse development
Catastrophe net claims and claim expenses
Large catastrophe events
Thailand Floods (2011) $ (18,823 )
Tohoku Earthquake and Tsunami (2011) (5,313 )
New Zealand Earthquake (2011) 22,754

2011 International Events (1,382 )
Storm Sandy (2012) (12,503 )
April and May U.S. Tornadoes (2011) (10,190 )
New Zealand Earthquake (2010) 1,095

Other (11,300 )
Total large catastrophe events (34,280 )
Small catastrophe events
Other (58,005 )
Total small catastrophe events (58,005 )
Total catastrophe net claims and claim expenses (92,285 )
Actuarial assumption changes (1,501 )
Total net favorable development of prior accident years net claims and claim expenses $ (93,786 )

The favorable development of prior accident years net claims and claim expenses within the Company’s Property segment in 2015 of $93.8 million was comprised of $34.3 million and $58.0 million related to large and small catastrophe events, respectively. Included in the favorable development of prior accident years net claims and claim expenses related to large catastrophe events was $12.5 million related to Storm Sandy and $10.2 million related to the April and May 2011 U.S. Tornadoes, each principally the result of changes in the Company’s estimated ultimate loss for each respective event. In addition, the Company experienced $69.3 million of favorable development related to a number of other large and small catastrophe events related to lines of business where the Company principally estimates net claims and claim expenses using traditional actuarial methods. Net favorable development of prior accident years net claims and claim expenses related to the 2011 New Zealand Earthquake, the 2011 Thailand Floods and the 2011 Tohoku Earthquake and Tsunami (collectively the “2011 International Events”) was $1.4 million and included reductions in reported losses on the 2011 Thailand Floods and Tohoku Earthquake and Tsunami, offset by a net increase in reported losses on the 2011 New Zealand Earthquake, with each respective movement principally driven by the same counterparties re-allocating losses among the 2011 International Events.

Earthquake.

Casualty and Specialty Segment

The following table details the development of the Company’s liability for unpaid claims and claim expenses for its Casualty and Specialty segment:

Year ended December 31, 2017 2016 2015
(Favorable) adverse development (Favorable) adverse development (Favorable) adverse development
Actuarial methods - actual reported claims less than expected claims $ (24,836 ) $ (52,601 ) $ (72,551 )
Ogden Rate change 33,481
—
—

Actuarial assumption changes (2,462 ) (5,539 ) 4,760

Total favorable development of prior accident years net claims and claim expenses $ 6,183
$ (58,140 ) $ (67,791 )



Year ended December 31,	2021		2020		2019
	(Favorable) adverse development		(Favorable) adverse development		(Favorable) adverse development
Actuarial methods - actual reported claims less than expected claims	$	(19,078)	$	(29,280)	$	(52,796)

Actuarial assumption changes	2,981		2,517		28,914
Total net (favorable) adverse development of prior accident years net claims and claim expenses	$	(16,097)	$	(26,763)	$	(23,882)

The net ~~adverse~~favorable development of prior accident years net claims and claim expenses within the Company’s Casualty and Specialty segment in ~~2017 of $6.2 million~~2021, 2020, and 2019 was driven by $33.5 million of adverse development associated with the change in the discount rate used to calculate lump sum awards in U.K. bodily injury cases (the “Ogden Rate”), from 2.5%, to minus 0.75%. Offsetting the adverse development due to ~~the impact of the Ogden Rate change was $24.8 million of net favorable development in 2017 related to actual~~ reported losses generally coming in lower than expected on attritional net claims and claim expenses across a number of lines of business, ~~and $2.5 million of~~partially offset by net ~~favorable~~adverse development associated with certain actuarial assumption changes.

The favorable development of prior accident years net claims and claim expenses within the Company’s Casualty and Specialty segment in 2016 of $58.1 million was driven by $52.6 million related to the application of the Company’s formulaic actuarial reserving methodology with attritional net claims and claim expenses reported coming in lower than expected on prior accident years events and $5.5 million of favorable development associated with actuarial assumption changes.

The favorable development of prior accident years net claims and claim expenses within the Company’s Casualty and Specialty segment in 2015 of $67.8 million was driven by $72.6 million related to the application of the Company’s formulaic actuarial reserving methodology with attritional net claims and claim expenses reported coming in lower than expected on prior accident years events, partially offset by adverse development of $4.8 million associated with actuarial assumption changes.

~~Other~~

~~The following table details the development of the Company’s liability for unpaid claims and claim expenses for its Other category:~~

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Year ended December 31, 2017 2016 2015
(Favorable) adverse development (Favorable) adverse development (Favorable) adverse development
Other $ (1,583 ) $ (1,110 ) $ (870 )

~~The Company’s Other category experienced net favorable development on prior accident years net claims and claim expenses of $1.6 million in 2017 (2016 - $1.1 million; 2015 - $0.9 million).~~

Reconciliation of the Disclosure of Incurred and Paid Claims Development to the Reserve for Claims and Claim Expenses

The reconciliation of the net incurred and paid claims development tables to the reserve for claims and claim expenses in the consolidated balance sheet is as follows:

At December 31, 2017
Net reserve for claims and claim expenses
Property $ 1,343,290

Casualty and Specialty 2,149,815

Other 673

Total net reserve for claims and claim expenses 3,493,778

Reinsurance recoverable
Property $ 1,143,100

Casualty and Specialty 425,677

Other 17,853

Total reinsurance recoverable 1,586,630

Total gross reserve for claims and claim expenses $ 5,080,408



At December 31, 2021
Net Reserve for Claims and Claim Expenses
Property	$	3,829,192
Casualty and Specialty	5,196,769
Other	—
Total net reserve for claims and claim expenses	9,025,961

Reinsurance Recoverable
Property	$	2,548,496
Casualty and Specialty	1,720,173
Other	—
Total reinsurance recoverable	4,268,669
Total reserve for claims and claim expenses	$	13,294,630

Historical Claims Duration

The following is unaudited supplementary information about average historical claims duration by segment:

Average annual percentage payout of incurred claims by age, net of reinsurance (number of years)
At December 31, 2017 1 2 3 4 5 6 7 8 9 10
Property 27.8 % 23.0 % 21.3 % 10.1 % 5.2 % 3.1 % 3.9 % 0.9 % 0.2 % 0.1 %
Casualty and Specialty 10.1 % 19.6 % 11.8 % 9.8 % 8.3 % 9.5 % 4.9 % 3.9 % 2.9 % 3.4 %



	Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Number of Years)
At December 31, 2021	1		2		3		4		5		6		7		8		9		10
Property	29.2	%	19.4	%	15.7	%	6.8	%	3.0	%	2.3	%	0.6	%	1.6	%	0.1	%	1.1	%
Casualty and Specialty	12.4	%	17.0	%	12.8	%	14.2	%	9.8	%	8.1	%	5.0	%	3.2	%	2.1	%	2.2	%

Claims Frequency

Each of the Company’s reportable segments are broadly considered to be assumed reinsurance, where multiple claims are often aggregated, perhaps multiple times through retrocessional reinsurance, before ultimately being ceded to the Company. In addition, the nature, size, terms and conditions of contracts entered into by the Company changes from one accident year to the next and the quantum of contractual or policy limits, and accordingly the potential amount of claims and claim expenses associated with a reported claim, can range from nominal, to significant. These factors can impact the amount and timing of the claims and claim expenses to be recorded and accordingly, developing claim frequency information is highly subjective and is not prepared or utilized for internal purposes. In addition, the Company does not have direct access to claim frequency information underlying certain of its proportional contracts given the nature of that business. As a result, the Company does not believe providing claim frequency information is practicable as it relates to its proportional contracts.

Notwithstanding the factors noted above, the Company has developed claims frequency information associated with its excess of loss reinsurance contracts. As each accident year develops, the Company would expect the cumulative number of reported claims to increase in certain of its excess of loss reinsurance contracts, most notably in its Casualty and Specialty segment. In determining claims frequency for its excess of loss reinsurance contracts, the Company has made the following assumptions:

•Claims below the insured layer of a contract are excluded;

•If an insured loss event results in claims associated with a number of layers of a contract, the Company would consider this to be a single claim; and

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•If an insured loss event results in claims associated with a number of the ~~Company's~~Company’s operating subsidiaries, the Company considers each operating subsidiary to have a reported claim.

The following table details the ~~Company's~~Company’s cumulative number of reported claims for its excess of loss reinsurance contracts allocated by segment:

At December 31, 2017
Cumulative number of reported claims
Accident Year Property Casualty and Specialty
2008 1,355 1,395
2009 743 1,112
2010 784 1,052
2011 1,184 1,367
2012 679 1,354
2013 628 1,409
2014 549 1,771
2015 591 1,569
2016 818 1,114
2017 1,173 313



	At December 31, 2021
	Cumulative Number of Reported Claims
Accident Year	Property	Casualty and Specialty
2012	922	2,559
2013	812	3,030
2014	762	3,914
2015	783	4,419
2016	1,206	5,164
2017	2,596	4,753
2018	2,516	3,921
2019	1,704	3,392
2020	2,298	1,777
2021	1,203	725

Assumed Reinsurance Contracts Classified As Deposit Contracts

Net claims and claim expenses incurred were reduced by $0.2 million during ~~2017 (2016~~2021 (2020 – ~~$0.2~~$0.4 million, ~~2015~~2019 – ~~$0.3 million)~~$Nil) related to income earned on assumed reinsurance contracts that were classified as deposit contracts with underwriting risk only. Other income was increased by ~~$3.7~~$Nil during 2021 (2020 – $1.0 million, ~~during 2017 (2016~~2019 – ~~$6.2 million, 2015 – $6.2~~$1.3 million) related to premiums and losses incurred on assumed reinsurance contracts that were classified as deposit contracts with timing risk only. ~~Aggregate deposit~~Deposit liabilities of ~~$21.7~~$4.2 million are included in reinsurance balances payable at December 31, ~~2017 (2016~~2021 (2020 – ~~$25.7~~$7.5 million). At December 31, 2021 and ~~aggregate~~2020, there were no deposit assets ~~of $Nil are included~~ in other assets ~~at December 31, 2017 (2016 – $Nil)~~ associated with these contracts.

NOTE 9. DEBT AND CREDIT FACILITIES

Debt Obligations

A summary of the Company’s debt obligations on its consolidated balance sheets is set forth below:



	December 31, 2021				December 31, 2020
	Fair Value		Carrying Value		Fair Value		Carrying Value
3.600% Senior Notes due 2029	$	432,316	$	393,305	$	453,932	$	392,391
3.450% Senior Notes due 2027	321,204		297,281		329,661		296,787
3.700% Senior Notes due 2025	318,852		298,798		315,273		298,428


4.750% Senior Notes due 2025 (DaVinciRe) (1)	166,071		148,969		162,203		148,659
Total senior notes	1,238,443		1,138,353		1,261,069		1,136,265
Medici Revolving Credit Facility (2)	30,000		30,000		—		—
Total debt	$	1,268,443	$	1,168,353	$	1,261,069	$	1,136,265

(1) RenaissanceRe owns a noncontrolling economic interest in its joint venture DaVinciRe. Because RenaissanceRe controls a majority of DaVinciRe’s outstanding voting rights, the consolidated financial statements of DaVinciRe are included in the consolidated financial statements of RenaissanceRe. However, RenaissanceRe does not guarantee or provide credit support for DaVinciRe and RenaissanceRe’s financial exposure to DaVinciRe is limited to its investment in DaVinciRe’s shares and counterparty credit risk arising from reinsurance transactions.

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December 31, 2017 December 31, 2016
Fair Value Carrying Value Fair Value Carrying Value
3.450% Senior Notes due 2027 $ 294,654
$ 295,303
$ —
$ —

3.700% Senior Notes due 2025 302,781
297,318
291,750
296,948

5.75% Senior Notes due 2020 263,750
249,272
270,875
248,941

Series B 7.50% Senior Notes due 2017 —
—
257,500
255,352

4.750% Senior Notes due 2025 (DaVinciRe) (1) 157,050
147,730
144,675
147,422

$ 1,018,235
$ 989,623
$ 964,800
$ 948,663

3.600% Senior Notes Due 2029

~~(1)~~

RenaissanceRe owns a noncontrolling economic interest in its joint venture DaVinciRe. Because RenaissanceRe controls a majority of DaVinciRe’s outstanding voting rights, the consolidated financial statements of DaVinciRe are included in the consolidated financial statements of RenaissanceRe. However, RenaissanceRe does not guarantee or provide credit support for DaVinciRe and RenaissanceRe’s financial exposure to DaVinciRe is limited to its investment in DaVinciRe’s shares and counterparty credit risk arising from reinsurance transactions.

On April 2, 2019, RenaissanceRe issued $400.0 million principal amount of its 3.600% Senior Notes due April 15, 2029, with interest on the notes payable on April 15 and October 15 of each year, commencing on October 15, 2019. The notes are redeemable at the applicable redemption price, subject to the terms described in the indenture for the notes. However, the notes may not be redeemed prior to April 15, 2022 without approval from the Bermuda Monetary Authority (the “BMA”) and may not be redeemed at any time prior to their maturity if enhanced capital requirements, as established by the BMA, would be breached immediately before or after giving effect to the redemption of such notes, unless, in each case, RenaissanceRe replaces the capital represented by the notes to be redeemed with capital having equal or better capital treatment as the notes under applicable BMA rules. The notes contain various covenants including limitations on mergers and consolidations, and restrictions as to the disposition of, and the placing of liens on, the stock of designated subsidiaries. The net proceeds from this offering were used to repay, in full, the $200.0 million outstanding under the Company’s revolving credit facility at March 31, 2019, which the Company used to partially fund the purchase price for the TMR Stock Purchase, and the remainder of the net proceeds was used for general corporate purposes. Refer to “Note 3. Acquisition of Tokio Millennium Re” for additional information related to the acquisition of TMR.

3.450% Senior Notes due 2027 of RenaissanceRe Finance Inc.

On June 29, 2017, RenaissanceRe Finance Inc. (“RenaissanceRe Finance”) issued $300.0 million principal amount of its 3.450% Senior Notes due July 1, 2027, with interest on the notes payable on July 1 and January 1 of each year. The notes are fully and unconditionally guaranteed by RenaissanceRe and may be redeemed by RenaissanceRe Finance prior to

maturity, subject to the payment of a “make-whole” premium if the notes are redeemed prior to April 1, 2027. The notes contain various covenants, including limitations on mergers and consolidations, and restrictions as to the disposition of, and the placing of liens on, stock of designated subsidiaries.

3.700% Senior Notes due 2025 of RenaissanceRe Finance

On March 24, 2015, RenaissanceRe Finance issued $300.0 million principal amount of its 3.700% Senior Notes due April 1, 2025, with interest on the notes payable on April 1 and October 1 of each year. The notes are fully and unconditionally guaranteed by RenaissanceRe and may be redeemed by RenaissanceRe Finance prior to maturity, subject to the payment of a “make-whole” premium if the notes are redeemed prior to January 1, 2025. The notes contain various covenants, including limitations on mergers and consolidations, and restrictions as to the disposition of, and the placing of liens on, stock of designated subsidiaries.

The net proceeds from the offering of the notes (together with cash on hand) were applied by RenaissanceRe to repay in full a $300.0 million bridge loan that Barclays Bank PLC provided to RenaissanceRe on February 25, 2015 in order to finance a portion of the cash consideration paid by RenaissanceRe in connection with the acquisition of Platinum. ~~Refer to “Note 3. Acquisition of Platinum” for additional information related to the cash consideration paid by RenaissanceRe in connection with the acquisition of Platinum.~~

5.75% Senior Notes due 2020 of RenRe North America Holdings Inc. ~~(“RRNAH”)~~ and RenaissanceRe Finance

On March 17, 2010, RenRe North America Holdings Inc. (“RRNAH”) issued $250.0 million principal amount of its 5.75% Senior Notes due March 15, 2020 (the “RRNAH Notes”), with interest on the notes payable on March 15 and September 15 of each year. RenaissanceRe Finance became a co-obligor of the notes as of July 3, 2015. The notes, which are senior obligations, are fully and unconditionally guaranteed by RenaissanceRe and may be redeemed prior to maturity, subject to the payment of a “make-whole” premium. The notes contain various covenants, including limitations on mergers and consolidations, and restrictions as to the disposition of, and the placing of liens on, stock of designated subsidiaries.

~~Series B 7.50% Notes due 2017 of Platinum Underwriters Finance, Inc.~~

On November 2, 2005, Platinum Underwriters Finance, Inc. (“Platinum Finance”) issued $250.0 million in aggregate principal amount of its Series B 7.50% Notes due June 1, 2017 (the “Platinum Finance Notes”). On June 1, 2017, the Platinum Finance Notes matured andMarch 15, 2020, the Company repaid in full at maturity the aggregate principal amount of $250.0 million, plus applicable accrued interest, ~~in full. Platinum Finance was subsequently dissolved on November 30, 2017. Interest on~~of the ~~Platinum Finance~~5.75% Senior Notes ~~was payable on June 1~~due 2020 of RenRe North America Holdings Inc. and ~~December 1 of each year.~~RenaissanceRe Finance. The ~~Platinum Finance Notes,~~notes, which were senior obligations, were fully and unconditionally guaranteed by RenaissanceRe, and were redeemable by Platinum Finance prior to maturity, subject to the payment of a “make-whole” premium. The Platinum Finance Notes contained various covenants, including limitations on mergers and consolidations, and restrictions as to the disposition of, and the placing of liens on, the stock of designated subsidiaries.RenaissanceRe.

DaVinciRe Senior Notes

On May 4, 2015, DaVinciRe issued $150.0 million principal amount of its 4.750% Senior Notes due May 1, 2025, with interest on the notes payable on May 1 and November 1, commencing with November 1, 2015 (the “DaVinciRe Senior Notes”). The DaVinciRe Senior Notes, which are senior obligations, may be redeemed prior to maturity, subject to the payment of a “make-whole” premium if the notes are redeemed before February 1, 2025. The DaVinciRe Senior Notes contain various covenants including restrictions as to

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the disposition of, and the placing of liens on, the stock of designated subsidiaries, limitations on mergers, amalgamations and consolidations, limitations on ~~third party~~third-party investor redemptions, a leverage covenant and a covenant to maintain certain ratings. The net proceeds from this offering were used to repay, in full, $100.0 million outstanding under the loan agreement, dated as of March 30, 2011, between DaVinciRe and RenaissanceRe, and the remainder of the net proceeds ~~may be~~were used ~~to repurchase DaVinciRe shares or~~ for general corporate purposes.

~~Credit Facilities~~

~~The outstanding amounts issued or drawn under each of the Company’s significant credit facilities is set forth below:~~

At December 31, 2017 Issued or Drawn
RenaissanceRe Revolving Credit Facility $ —

Uncommitted Standby Letter of Credit Facility with Wells Fargo 106,794

Uncommitted Standby Letter of Credit Facility with NAB 3,785

Bilateral Letter of Credit Facility with Citibank Europe 197,278

Renaissance Reinsurance FAL Facility 180,000

Total credit facilities in U.S. dollars $ 487,857

Specialty Risks FAL Facility £ 10,000

Total credit facilities in British Pounds £ 10,000

~~RenaissanceRe Revolving Credit Facility~~

On May 15, 2015, RenaissanceRe entered into an amended and restated credit agreement (the “Revolving Credit Agreement”) with various banks, financial institutions and Wells Fargo Bank, National Association (“Wells Fargo”) as administrative agent, which amended and restated the credit agreement, dated as of May 17, 2012, as amended. The Revolving Credit Agreement provides for a revolving commitment to RenaissanceRe of $250.0 million. RenaissanceRe has the right, subject to satisfying certain conditions, to increase the size of the facility to $350.0 million. Amounts borrowed under the Revolving Credit Agreement bear interest at a rate selected by RenaissanceRe equal to the Base Rate or LIBOR (each as defined in the Revolving Credit Agreement) plus a margin, as more fully set forth in the Revolving Credit Agreement. At December 31, 2017, RenaissanceRe had $Nil outstanding under the Revolving Credit Agreement.

The Revolving Credit Agreement contains representations, warranties and covenants customary for bank loan facilities of this type, including limits on the ability of RenaissanceRe and its subsidiaries to merge, consolidate, sell a substantial amount of assets, incur liens and declare or pay dividends under certain circumstances. The Revolving Credit Agreement also contains certain financial covenants which generally provide that the ratio of consolidated debt to capital shall not exceed 0.35:1 and that the consolidated net worth of RenaissanceRe shall equal or exceed approximately $2.9 billion. The net worth requirement is recalculated effective as of the end of each fiscal year.

If certain events of default occur, in some circumstances the lenders’ obligations to make loans may be terminated and the outstanding obligations of RenaissanceRe under the Revolving Credit Agreement may be accelerated. The scheduled commitment maturity date of the Revolving Credit Agreement is May 15, 2020.

RRNAH and RenaissanceRe Finance guarantee RenaissanceRe’s obligations under the Revolving Credit Agreement. Subject to certain exceptions, additional subsidiaries of RenaissanceRe are required to become guarantors if such subsidiaries issue or incur certain types of indebtedness.

~~Uncommitted Standby Letter of Credit Facility with Wells Fargo Bank, National Association~~

Renaissance Reinsurance, DaVinci and Renaissance Reinsurance U.S. (collectively, the “Applicants”) and RenaissanceRe are parties to a Standby Letter of Credit Agreement, as amended (the “Standby Letter of Credit Agreement”) with Wells Fargo which provides for a secured, uncommitted facility under which letters of credit may be issued from time to time for the respective accounts of the Applicants. RenaissanceRe has unconditionally guaranteed the payment obligations of the Applicants, other than DaVinci.

The Standby Letter of Credit Agreement contains representations, warranties and covenants that are customary for facilities of this type. At all times during which it is a party to the Standby Letter of Credit Agreement, each Applicant is required to pledge to Wells Fargo eligible collateral having a value (determined as provided in such agreement) that equals or exceeds the aggregate face amount of the

outstanding letters of credit issued for its account plus all of such Applicant’s payment and reimbursement obligations in respect of such letters of credit. In the case of an event of default, Wells Fargo may exercise certain remedies, including conversion of collateral of a defaulting Applicant into cash.

Effective October 12, 2016, in connection with the merger of RenaissanceRe Specialty Risks and Platinum Bermuda into Renaissance Reinsurance, Renaissance Reinsurance assumed all of the obligations of RenaissanceRe Specialty Risks and Platinum Bermuda under the Standby Letter of Credit Agreement.

~~At December 31, 2017, the Applicants had $106.8 million of letters of credit outstanding under the Standby Letter of Credit Agreement.~~

~~National Australia Bank Limited Standby Letter of Credit Agreement~~

Effective as of May 19, 2015, Renaissance Reinsurance, RenaissanceRe Specialty Risks, DaVinci and Platinum Bermuda (collectively, the “NAB Facility Applicants”) and RenaissanceRe entered into a Standby Letter of Credit Agreement (the “NAB Standby Letter of Credit Agreement”) with National Australia Bank Limited (“NAB”). The NAB Standby Letter of Credit Agreement provides for a secured, uncommitted facility under which letters of credit may be issued from time to time for the respective accounts of the NAB Facility Applicants in multiple currencies. RenaissanceRe has unconditionally guaranteed the payment obligations of the NAB Facility Applicants, other than DaVinci.

The NAB Standby Letter of Credit Agreement contains representations, warranties and covenants that are customary for facilities of this type. At all times during which it is a party to the NAB Standby Letter of Credit Agreement, each NAB Facility Applicant is required to pledge to NAB eligible collateral having a value (determined as provided in such agreement) that equals or exceeds the aggregate stated amount of the letters of credit issued thereunder for its account, plus all of its reimbursement and payment obligations under the NAB Standby Letter of Credit Agreement. In the case of an event of default under the NAB Standby Letter of Credit Agreement, NAB may exercise certain remedies, including conversion of collateral of a defaulting NAB Facility Applicant into cash.

Effective October 3, 2016, in connection with the merger of RenaissanceRe Specialty Risks and Platinum Bermuda into Renaissance Reinsurance, Renaissance Reinsurance assumed all of the obligations of RenaissanceRe Specialty Risks and Platinum Bermuda under the NAB Standby Letter of Credit Agreement.

~~At December 31, 2017, the NAB Facility Applicants had $3.8 million outstanding under the NAB Standby Letter of Credit Agreement.~~

~~Bilateral Letter of Credit Facility with Citibank Europe~~

Pursuant to the facility letter, dated September 17, 2010, as amended, among Citibank Europe plc (“CEP”) and certain subsidiaries and affiliates of RenaissanceRe (the “Facility Letter”), CEP has established a letter of credit facility (the “Bilateral Facility”) under which CEP provides a commitment to issue letters of credit for the account of one or more of the Bilateral Facility Participants (as defined below) and their respective subsidiaries in multiple currencies. The “Bilateral Facility Participants” currently include Renaissance Reinsurance, DaVinci, Renaissance Reinsurance of Europe, RenaissanceRe Specialty U.S.and Renaissance Reinsurance U.S. The aggregate commitment amount is $300.0 million, subject to a sublimit of $25.0 million for letters of credit issued for the account of Renaissance Reinsurance U.S.

The Bilateral Facility is scheduled to expire on December 31, 2019. At all times during which it is a party to the Bilateral Facility, each Bilateral Facility Participant is obligated to pledge to CEP securities with a value (determined as provided in such facility) that equals or exceeds the aggregate face amount of its then-outstanding letters of credit. In the case of an event of default under the Bilateral Facility with respect to a Bilateral Facility Participant, CEP may exercise certain remedies, including terminating its commitment to such Bilateral Facility Participant and taking certain actions with respect to the collateral pledged by such Bilateral Facility Participant (including the sale thereof). In the Facility Letter, each Bilateral Facility Participant makes representations and warranties that are customary for facilities of this type and agrees that it will comply with certain informational and other undertakings, including those regarding the delivery of quarterly and annual financial statements.

Effective October 1, 2016, in connection with the merger of RenaissanceRe Specialty Risks and Platinum Bermuda into Renaissance Reinsurance, Renaissance Reinsurance assumed all of the obligations of RenaissanceRe Specialty Risks and Platinum Bermuda under the Bilateral Facility.

At December 31, 2017, $197.3 million aggregate face amount of letters of credit was outstanding and, subject to the sublimits described above, $102.7 million remained unused and available to the Bilateral Facility Participants under the Bilateral Facility.

~~Funds at Lloyd’s Letter of Credit Facilities~~

Effective November 23, 2015, Renaissance Reinsurance entered into a letter of credit facility with Bank of Montreal (“BMO”), CEP and ING Bank N.V. (“ING”) as lenders (the “Renaissance Reinsurance FAL Facility”), evidenced by a letter of credit reimbursement agreement (the “Reimbursement Agreement”), which provides for the issuance by the lenders of letters of credit to support business written by Syndicate 1458. Effective May 31, 2016 the Funds at Lloyd’s letters of credit issued for the account of Renaissance Reinsurance were increased from $360.0 million and £85.0 million to $380.0 million and £90.0 million, respectively, and effective as of May 25, 2017, the stated amount of the $380.0 million letter of credit was reduced to $180.0 million and the £90.0 million letter of credit was cancelled.

Renaissance Reinsurance may request that the Renaissance Reinsurance FAL Facility be amended to increase the stated amount of the letter of credit, or issue a new letter or credit denominated in British Pounds, in an aggregate amount for all such increases or issuances not to exceed $150.0 million or the equivalent thereof.

At all times during the term of the Renaissance Reinsurance FAL Facility, Renaissance Reinsurance is obligated to pledge to the lenders certain eligible securities with a collateral value (determined as provided in the Reimbursement Agreement) that, until a Full Collateralization Event (as defined in the Reimbursement Agreement) occurs, is at Renaissance Reinsurance’s election, either (i) greater than or equal to 100% of the aggregate amount of its then-outstanding letters of credit or (ii) greater than or equal to 60% but less than 100% of the aggregate amount of its then-outstanding letters of credit. Upon the occurrence of a Full Collateralization Event, Renaissance Reinsurance is obligated to collateralize the Renaissance Reinsurance FAL Facility at 100%. The latest date upon which Renaissance Reinsurance will become obligated to collateralize the Facility at 100% is December 31, 2018.

In the Reimbursement Agreement, Renaissance Reinsurance makes representations and warranties that are customary for facilities of this type and agrees that it will comply with certain informational undertakings and other covenants, including maintaining a minimum net worth. In the case of an event of default under the Renaissance Reinsurance FAL Facility, the lenders may exercise certain remedies, including declaring all outstanding obligations of Renaissance Reinsurance under the Reimbursement Agreement and related credit documents due and payable and taking certain actions with respect to the collateral pledged by Renaissance Reinsurance (including the sale thereof).

~~At December 31, 2017, the face amount of the outstanding letter of credit issued by CEP under the Renaissance Reinsurance FAL Facility was $180.0 million.~~

Effective November 24, 2014, RenaissanceRe Specialty Risks and CEP entered into a letter of credit facility (the “Specialty Risks FAL Facility”), evidenced by a Master Agreement (the “Specialty Risks Master Agreement”), and a related Pledge Agreement (the “Specialty Risks Pledge Agreement”), which provided for the issuance and renewal by CEP for the account of RenaissanceRe Specialty Risks of letters of credit that are used to support business written by RenaissanceRe Specialty Risks and Syndicate 1458. Effective October 1, 2016, in connection with the merger of RenaissanceRe Specialty Risks and Platinum Bermuda into Renaissance Reinsurance, Renaissance Reinsurance assumed all of the obligations of RenaissanceRe Specialty Risks under the Specialty Risks FAL Facility. At all times during the term of the Specialty Risks FAL Facility, RenaissanceRe Specialty Risks has agreed to pledge to CEP certain qualifying securities with a value (determined as provided in the Specialty Risks Pledge Agreement) equal to the aggregate face amount of the then-outstanding letters of credit. The Specialty Risks Master Agreement and the Specialty Risks Pledge Agreement contain representations, warranties and covenants that are customary for facilities of this type. At December 31, 2017, letters of credit issued by CEP under the Specialty Risks FAL Facility were outstanding in the face amount of £10.0 million.

~~Top Layer Re~~

Renaissance Reinsurance is party to a collateralized letter of credit and reimbursement agreement in the amount of $37.5 million that supports the Company’s Top Layer Re joint venture. Renaissance Reinsurance is obligated to make a mandatory capital contribution of up to $50.0 million in the event that a loss reduces Top Layer Re’s capital below a specified level.

Scheduled Debt Maturity

The following table sets forth the scheduled maturity of the Company’s aggregate amount of its debt obligation reflected on its consolidated balance sheet at December 31, ~~2017~~:2021:



2022	$	30,000
2023	—
2024	—
2025	450,000
2026	—
After 2026	700,000
Unamortized fair value adjustments	—
Unamortized discount and debt issuance expenses	(11,647)
	$	1,168,353

Credit Facilities

The outstanding amounts issued or drawn under each of the Company’s significant credit facilities is set forth below:



At December 31, 2021	Issued or Drawn
Revolving Credit Facility (1)	$	—
Medici Revolving Credit Facility (2)	30,000
Bilateral Letter of Credit Facilities
Secured	410,440
Unsecured	369,324
Funds at Lloyd’s Letter of Credit Facility	275,000


	$	1,084,764

(1)At December 31, 2021, no amounts were issued or drawn under this facility.

(2)RenaissanceRe owns a noncontrolling economic interest in Medici. Because RenaissanceRe controls all of Medici’s outstanding voting rights, the financial statements of Medici are included in RenaissanceRe’s consolidated financial statements. The drawn amount of the Medici revolving credit facility is included on the Company’s consolidated balance sheets under debt.

RenaissanceRe Revolving Credit Facility

RenaissanceRe, Renaissance Reinsurance, RenaissanceRe Specialty U.S., Renaissance Reinsurance U.S. and RREAG are parties to a second amended and restated credit agreement dated November 9, 2018 (as amended, the “Revolving Credit Agreement”) with various banks, financial institutions and Wells Fargo Bank, National Association (“Wells Fargo”) as administrative agent, which amended and restated a previous credit agreement. The Revolving Credit Agreement provides for a revolving commitment to RenaissanceRe of $500.0 million, with a right, subject to satisfying certain conditions, to increase the size of the facility to $700.0 million. Amounts borrowed under the Revolving Credit Agreement bear interest at a rate selected by RenaissanceRe equal to the Base Rate or LIBOR (each as defined in the Revolving Credit Agreement) plus a margin. In addition to revolving loans, the Revolving Credit Agreement provides that the entire facility will also be available for the issuance of standby letters of credit, subject to the terms and conditions set forth therein, and swingline loans, which are capped at $50.0 million for each of the swingline lenders. At December 31, 2021, RenaissanceRe had $Nil outstanding under the Revolving Credit Agreement.

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2018 $ —

2019 —

2020 250,000

2021 —

2022 —

After 2022 750,000

Unamortized discount and debt issuance expenses (10,377 )
$ 989,623

The Revolving Credit Agreement contains representations, warranties and covenants customary for bank loan facilities of this type, including limits on the ability of RenaissanceRe and its subsidiaries to merge, consolidate, sell a substantial amount of assets, incur liens and declare or pay dividends under certain circumstances. The Revolving Credit Agreement also contains certain financial covenants which generally provide that the ratio of consolidated debt to capital shall not exceed 0.35:1 and that the consolidated net worth of RenaissanceRe shall equal or exceed approximately $2.9 billion, subject to an annual adjustment.

Bilateral Letter of Credit Facilities

Uncommitted, Secured Standby Letter of Credit Facility with Wells Fargo

RenaissanceRe and certain of its subsidiaries and affiliates, including Renaissance Reinsurance, DaVinci, Renaissance Reinsurance U.S. and RREAG are parties to an Amended and Restated Standby Letter of Credit Agreement dated June 21, 2019, as amended, with Wells Fargo, which provides for a secured, uncommitted facility under which letters of credit may be issued from time to time for the respective accounts of the subsidiaries. Pursuant to the agreement, the applicants may request secured letter of credit issuances, and also have an option to request the issuance of up to $100.0 million of unsecured letters of credit (outstanding on such request date). RenaissanceRe has unconditionally guaranteed the payment obligations of the applicants other than DaVinci.

The agreement contains representations, warranties and covenants that are customary for facilities of this type. Under the agreement, each applicant is required to pledge eligible collateral having a value sufficient to cover all of its obligations under the agreement with respect to secured letters of credit issued for its account. In the case of an event of default under the agreement, Wells Fargo may exercise certain remedies, including conversion of collateral of a defaulting applicant into cash.

At December 31, 2021, there were $97.0 million of secured letters of credit outstanding and $Nil of unsecured letters of credit outstanding under this agreement.

Secured Letter of Credit Facility with Citibank Europe

Certain subsidiaries and affiliates of RenaissanceRe, including Renaissance Reinsurance, DaVinci, Renaissance Reinsurance of Europe Unlimited Company, RenaissanceRe Specialty U.S., Renaissance Reinsurance U.S. and RREAG, are parties to a facility letter, dated September 17, 2010, as amended, with Citibank Europe plc (“Citibank Europe”), pursuant to which Citibank Europe has established a letter of credit facility under which Citibank Europe provides a commitment to issue letters of credit for the accounts of the participants in multiple currencies. Effective December 21, 2021, the aggregate commitment amount was increased from $300.0 million to $350.0 million, subject to a sublimit of $25.0 million for letters of credit issued for the account of Renaissance Reinsurance U.S.

The letter of credit facility is scheduled to expire on December 31, 2023. At all times during which it is a party to the facility, each participant is obligated to pledge to Citibank Europe securities with a value that equals or exceeds the aggregate face amount of its then-outstanding letters of credit. In the case of an event of default under the facility with respect to a participant, Citibank Europe may exercise certain remedies, including terminating its commitment to such participant and taking certain actions with respect to the collateral pledged by such participant (including the sale thereof). In the facility letter, each participant makes representations and warranties that are customary for facilities of this type and agrees that it will comply with certain informational and other undertakings.

At December 31, 2021, $301.9 million aggregate face amount of letters of credit was outstanding and, subject to the sublimits described above, $48.1 million remained unused and available to the participants under this facility.

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Uncommitted, Unsecured Letter of Credit Facility with Citibank Europe

Renaissance Reinsurance, RenaissanceRe Specialty U.S., Renaissance Reinsurance U.S. and RREAG are parties to a Master Agreement for Issuance of Payment Instruments and a Facility Letter for Issuance of Payment Instruments with Citibank Europe dated March 22, 2019, as amended, which established an uncommitted, unsecured letter of credit facility pursuant to which Citibank Europe or one of its correspondents may issue standby letters of credit or similar instruments in multiple currencies for the account of one or more of the applicants. The obligations of the applicants under this facility are guaranteed by RenaissanceRe.

Pursuant to the master agreement, each applicant makes representations and warranties that are customary for facilities of this type and agrees that it will comply with certain informational and other customary undertakings. The master agreement contains events of default customary for facilities of this type. In the case of an event of default under the facility, Citibank Europe may exercise certain remedies, including requiring that the relevant applicant pledge cash collateral in an amount equal to the maximum actual and contingent liability of the issuing bank under the letters of credit and similar instruments issued for such applicant under the facility, and taking certain actions with respect to the collateral pledged by such applicant (including the sale thereof). In addition, Citibank Europe may require that the relevant applicant pledge cash collateral if certain minimum ratings are not satisfied.

At December 31, 2021, the aggregate face amount of the payment instruments issued and outstanding under this facility was $298.3 million.

Unsecured Letter of Credit Facility with Credit Suisse

RREAG, Renaissance Reinsurance and RenaissanceRe are parties to a letter of credit facility agreement with Credit Suisse (Switzerland) Ltd. (“Credit Suisse”) dated December 16, 2021, which replaced the previous amended and restated letter of credit facility agreement with Credit Suisse dated March 22, 2019, and which provides for a $200.0 million committed, unsecured letter of credit facility pursuant to which Credit Suisse (or any other fronting bank acting on behalf of Credit Suisse) may issue letters of credit or similar instruments in multiple currencies for the account of RREAG or Renaissance Reinsurance. The obligations of RREAG and Renaissance Reinsurance under the agreement are guaranteed by RenaissanceRe. The facility is scheduled to expire on December 31, 2024.

In the agreement, RREAG, Renaissance Reinsurance and RenaissanceRe make representations, warranties and covenants that are customary for facilities of this type, and agree to comply with certain informational and other customary undertakings. The agreement also contains certain financial covenants applicable to the RenaissanceRe, including the requirement to maintain the ratio of consolidated debt to capital of not more than 0.35:1, to maintain a minimum consolidated net worth initially of approximately $3.0 billion, subject to an annual adjustment, and to maintain RenaissanceRe’s credit rating with S&P and A.M. Best of at least A-.

The agreement contains events of default customary for facilities of this type. At any time on or after the occurrence of an event of default, Credit Suisse may exercise remedies, including canceling the commitment, requiring that RREAG or Renaissance Reinsurance pledge cash collateral in an amount equal to the maximum liability of the issuing bank under the letters of credit and similar instruments issued under the agreement, and demanding that RREAG or Renaissance Reinsurance procure the release by the beneficiaries of the letters of credit and similar instruments issued under the agreement.

At December 31, 2021, letters of credit issued by Credit Suisse under the agreement were outstanding in the face amount of $71.0 million.

Vermeer Letter of Credit Facility with Citibank Europe

Vermeer is party to an uncommitted, secured letter of credit facility pursuant to which Citibank Europe or one of its correspondents may issue standby letters of credit or similar instruments in multiple currencies for the account of the applicant. The obligations of Vermeer under this facility are not guaranteed by RenaissanceRe. At December 31, 2021, the aggregate face amount of letters of credit outstanding under this facility was $11.5 million.

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Funds at Lloyd’s Letter of Credit Facility

Renaissance Reinsurance is party to an Amended and Restated Letter of Credit Reimbursement Agreement dated November 7, 2019, as amended, with Bank of Montreal, Citibank Europe and ING Bank N.V., which provides a facility under which letters of credit may be issued from time to time to support business written by Renaissance Reinsurance’s Lloyd’s syndicate, Syndicate 1458. Effective November 3, 2021, the stated amount of the outstanding Funds at Lloyd’s letter of credit increased from $225.0 million to $275.0 million. Renaissance Reinsurance may request that the outstanding letter of credit be amended to increase the stated amount or that a new letter of credit denominated in U.S. dollars be issued, in an aggregate amount for all such increases or issuances not to exceed $140.0 million. The facility terminates four years from the date of notice from the lenders to the beneficiary of the letter of credit, unless extended.

Generally, Renaissance Reinsurance is not required to post any collateral for letters of credit issued pursuant to this facility. However, following the occurrence of a partial collateralization event or a full collateralization event, as provided in the agreement, Renaissance Reinsurance is required to pledge eligible securities with a collateral value of at least 60% or 100%, respectively, of the aggregate amount of its then-outstanding letters of credit. The latest date upon which Renaissance Reinsurance will become obligated to collateralize the facility at 100% is December 31, 2022.

In the agreement, Renaissance Reinsurance makes representations and warranties that are customary for facilities of this type and agrees that it will comply with certain informational undertakings and other covenants, including maintaining a minimum net worth. In the case of an event of default under the FAL facility, the lenders may exercise certain remedies, including declaring all outstanding obligations of Renaissance Reinsurance under the agreement and related credit documents due and payable and taking certain actions with respect to the collateral pledged by Renaissance Reinsurance (including the sale thereof).

At December 31, 2021, the face amount of the outstanding letter of credit issued under the FAL facility was $275.0 million.

Medici

RenaissanceRe Medici Fund Limited and RenaissanceRe Fund Management Limited are parties to a revolving credit facility pursuant to which National Australia Bank Limited provides for a revolving commitment to RenaissanceRe Medici Fund Limited of $40.0 million. The obligations of RenaissanceRe Medici Fund Limited and Renaissance Re Fund Management Limited under this facility are not guaranteed by RenaissanceRe.

Top Layer Re

NOTE 10.NONCONTROLLING INTERESTS

A summary of the Company’s redeemable noncontrolling interests on its consolidated balance sheets is set forth below:



At December 31,	2021		2020
Redeemable noncontrolling interest - DaVinciRe	$	1,499,451	$	1,560,693
Redeemable noncontrolling interest - Medici	856,820		717,999
Redeemable noncontrolling interest - Vermeer	1,197,782		1,109,627
Redeemable noncontrolling interests	$	3,554,053	$	3,388,319

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December 31,
2017 December 31,
2016
Redeemable noncontrolling interest - DaVinciRe $ 1,011,659
$ 994,458

Redeemable noncontrolling interest - Medici 284,847
181,136

Redeemable noncontrolling interests $ 1,296,506
$ 1,175,594

A summary of the Company’s redeemable noncontrolling interests on its consolidated statements of operations is set forth below:

2017 2016 2015
Redeemable noncontrolling interest - DaVinciRe $ (134,860 ) $ 118,748
$ 106,399

Redeemable noncontrolling interest - Medici 2,578
8,338
4,651

Net income attributable to redeemable noncontrolling interests $ (132,282 ) $ 127,086
$ 111,050



Year ended December 31,	2021		2020		2019
Redeemable noncontrolling interest - DaVinciRe	$	(102,932)	$	113,671	$	127,084
Redeemable noncontrolling interest - Medici	1,492		55,970		25,759
Redeemable noncontrolling interest - Vermeer	38,155		61,012		48,626
Net income (loss) attributable to redeemable noncontrolling interests	$	(63,285)	$	230,653	$	201,469

Redeemable Noncontrolling Interest – DaVinciRe

~~In October 2001, the Company formed DaVinciRe and DaVinci with other equity investors.~~ RenaissanceRe owns a noncontrolling economic interest in DaVinciRe; however, because RenaissanceRe controls a majority of DaVinciRe’s outstanding voting rights, the consolidated financial statements of DaVinciRe are included in the consolidated financial statements of the ~~Company.~~Company and all significant intercompany transactions have been eliminated. The portion of DaVinciRe’s earnings owned by third parties is recorded in the consolidated statements of operations as net income attributable to redeemable noncontrolling interests. The Company’s noncontrolling economic ownership in DaVinciRe was ~~22.1%~~28.7% at December 31, ~~2017~~ (~~2016~~2021 (2020 - ~~24.0%~~21.4%).

DaVinciRe shareholders are party to a shareholders agreement which provides DaVinciRe shareholders, excluding RenaissanceRe, with certain redemption rights that enable each shareholder to notify DaVinciRe of such shareholder’s desire for DaVinciRe to repurchase up to half of such shareholder’s initial aggregate number of shares held, subject to certain limitations, such as limiting the aggregate of all share repurchase requests to 25% of DaVinciRe’s capital in any given year and satisfying all applicable regulatory

requirements. If total shareholder requests exceed 25% of DaVinciRe’s capital, the number of shares repurchased will be reduced among the requesting shareholders pro-rata, based on the amounts desired to be repurchased. Shareholders desiring to have DaVinci repurchase their shares must notify DaVinciRe before March 1 of each year. The repurchase price will be based on GAAP book value as of the end of the year in which the shareholder notice is given, and the repurchase will be effective as of January 1 of the following year. The repurchase price is generally subject to a true-up for potential development on outstanding loss reserves after settlement of ~~all~~ claims relating to the applicable years. Similarly, when shares are issued by DaVinci and sold to DaVinci shareholders, the sale price is based on GAAP book value as of the end of the period preceding the sale and can be subject to a true-up for potential development on outstanding loss reserves.

~~2016~~2021

During January 2016, DaVinciRe redeemed a portion of its outstanding shares from certain existing DaVinciRe shareholders, including RenaissanceRe, while new DaVinciRe shareholders purchased shares in DaVinciRe from RenaissanceRe. The net redemption as a result of these transactions was $100.0 million. In connection with the ~~redemption, DaVinciRe retained a $10.0 million holdback. The Company’s noncontrolling economic ownership in DaVinciRe subsequent to these transactions was 24.0%, effective January 1, 2016.~~

~~2017~~

During January 2017, DaVinciRe redeemed $75.0 million of its outstanding shares from certain existing DaVinciRe shareholders, including RenaissanceRe. In connection with the redemption, DaVinciRe retained a $7.5 million holdback. In addition, RenaissanceRe sold an aggregate of $24.0 million of its shares in DaVinciRe to an existing shareholder and a new investor. The Company’s noncontrolling economic ownership in DaVinciRe subsequent to these transactions was 22.6%, effective January 1, 2017.

During July 2017, RenaissanceRe purchased $12.0 million of DaVinciRe’s outstanding shares from an existing third-party shareholder. The Company’s noncontrolling economic ownership in DaVinciRe subsequent to these transactions was 23.5%, effective July 1, 2017.

~~Effective October 1, 2017,~~twelve months ended December 31, 2021, DaVinciRe completed an equity capital raise of ~~$248.6~~$250.0 million, comprised of $150.9 million from third-party investors and $99.1 million from RenaissanceRe. In addition, RenaissanceRe sold an aggregate of ~~$49.7~~$40.0 million of its shares in DaVinciRe to third-party investors and purchased an aggregate of $156.7 million of shares from third-party investors. The Company’s noncontrolling economic ownership in DaVinciRe subsequent to these transactions was ~~22.1%, effective October~~28.7%.

Refer to “Note 22. Subsequent Events” for additional information related to the Company’s noncontrolling economic ownership in DaVinciRe subsequent to December 31, 2021.

2020

Effective January 1, ~~2017.~~2020, the Company sold an aggregate of $10 million of its shares in DaVinciRe to an existing third-party investor. The Company’s noncontrolling economic ownership in DaVinciRe subsequent to this transaction was 21.4%.

The Company expects its noncontrolling economic ownership in DaVinciRe to fluctuate over time.

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The activity in redeemable noncontrolling interest – DaVinciRe is detailed in the table below:

2017 2016
Balance – January 1 $ 994,458
$ 930,955

Redemption of shares from redeemable noncontrolling interest (80,058 ) (98,285 )
Sale of shares to redeemable noncontrolling interest 232,119
43,040

Net (loss) income attributable to redeemable noncontrolling interest (134,860 ) 118,748

Balance – December 31 $ 1,011,659
$ 994,458



Year ended December 31,	2021		2020
Beginning balance	$	1,560,693	$	1,435,581
Redemption of shares from redeemable noncontrolling interests, net of adjustments	(157,864)		1,450
Sale of shares to redeemable noncontrolling interests	199,554		9,991

Net income (loss) attributable to redeemable noncontrolling interests	(102,932)		113,671

Ending balance	$	1,499,451	$	1,560,693

Redeemable Noncontrolling Interest - Medici

Medici is an exempted company incorporated under the laws of Bermuda and its objective is to seek to invest substantially all of its assets in various insurance-based investment instruments that have returns primarily tied to property catastrophe risk. RenaissanceRe owns a noncontrolling economic interest in Medici; however, because RenaissanceRe controls all of Medici’s outstanding voting rights, the financial statements of Medici are included in the consolidated financial statements of the Company. The portion of Medici’s earnings owned by third parties is recorded in the consolidated statements of operations as net income attributable to redeemable noncontrolling interests. Any shareholder may redeem all or any portion of its shares as of the last day of any calendar month, upon at least 30 calendar days’ prior irrevocable written notice to Medici.

~~2016~~2021

During ~~2016,~~2021, third-party investors subscribed for ~~$79.5~~$201.5 million and redeemed ~~$21.7~~$64.2 million of the participating, non-voting common shares of Medici. As a result of these net subscriptions, the Company’s noncontrolling economic ownership in Medici was ~~36.5%, effective~~14.7% at December 31, ~~2016.~~2021.

~~2017~~Refer to “Note 22. Subsequent Events” for additional information related to the Company’s noncontrolling economic ownership in Medici subsequent to December 31, 2021.

2020

During ~~2017,~~2020, third-party investors subscribed for ~~$149.2~~$137.3 million and redeemed ~~$48.0~~$107.4 million of the participating, non-voting common shares of Medici. As a result of these net subscriptions, the Company’s noncontrolling economic ownership in Medici was ~~26.8%~~15.7%, at December 31, ~~2017.~~2020.

The Company expects its noncontrolling economic ownership in Medici to fluctuate over time.

~~See “Note~~ 23~~. Subsequent Events” for additional information related to Medici transactions which occurred subsequent to~~ ~~December 31, 2017~~.

The activity in redeemable noncontrolling interest – Medici is detailed in the table below:



Year ended December 31,	2021		2020
Beginning balance	$	717,999	$	632,112
Redemption of shares from redeemable noncontrolling interests, net of adjustments	(64,191)		(107,386)
Sale of shares to redeemable noncontrolling interests	201,520		137,303
Net income (loss) attributable to redeemable noncontrolling interests	1,492		55,970


Ending balance	$	856,820	$	717,999

Redeemable Noncontrolling Interest – Vermeer

RenaissanceRe owns 100% of the voting non-participating shares of Vermeer, while the sole third-party investor, PFZW, owns 100% of the non-voting participating shares of Vermeer and retains all of the economic benefits. Vermeer is managed by RUM in return for a management fee. The Company has concluded that Vermeer is a VIE as it has voting rights that are not proportional to its participating rights, and the Company is the primary beneficiary of Vermeer. As a result, the Company consolidates Vermeer and all significant inter-company transactions have been eliminated. As PFZW owns all of the economics of Vermeer, all of Vermeer’s earnings are allocated to PFZW in the consolidated statement of operations as

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2017 2016
Balance – January 1 $ 181,136
$ 115,009

Redemption of shares from redeemable noncontrolling interest (48,049 ) (21,729 )
Sale of shares to redeemable noncontrolling interest 149,182
79,518

Net income attributable to redeemable noncontrolling interest 2,578
8,338

Balance – December 31 $ 284,847
$ 181,136

net income attributable to redeemable noncontrolling interests. The Company has not provided any financial or other support to Vermeer that it was not contractually required to provide.

2021

During 2021, PFZW subscribed for $50.0 million of the participating, non-voting common shares of Vermeer.

2020

During 2020, PFZW subscribed for $45.0 million of the participating, non-voting common shares of Vermeer.

The Company does not expect its noncontrolling economic ownership in Vermeer to fluctuate over time.

The activity in redeemable noncontrolling interest – Vermeer is detailed in the table below:



Year ended December 31,	2021		2020
Beginning balance	$	1,109,627	$	1,003,615

Sale of shares to redeemable noncontrolling interest	50,000		45,000

Net income (loss) attributable to redeemable noncontrolling interest	38,155		61,012

Ending balance	$	1,197,782	$	1,109,627

NOTE 11.VARIABLE INTEREST ENTITIES

Upsilon RFO

~~Effective January 1, 2013,~~RenaissanceRe indirectly owns a portion of the ~~Company formed and launched~~participating non-voting preference shares of Upsilon RFO ~~a managed joint venture,~~ and ~~a Bermuda domiciled SPI, to provide additional capacity to the worldwide aggregate and per-occurrence retrocessional property catastrophe excess~~all of ~~loss market.~~

Upsilon RFO’s voting Class A shares. The shareholders (other than the voting Class A shareholder) participate in ~~substantially~~ all of the profits or losses of Upsilon RFO while their shares remain outstanding. The shareholders (other than the voting Class A shareholder) indemnify Upsilon RFO against losses relating to insurance risk and therefore these shares have been accounted for as prospective reinsurance under FASB ASC Topic Financial Services - Insurance.

Upsilon RFO is considered a VIE as it has insufficient equity capital to finance its activities without additional financial support. The Company is the primary beneficiary of Upsilon RFO as ~~it: (i)~~it has the power over the activities that most significantly impact the economic performance of Upsilon RFO and ~~(ii)~~ has the obligation to absorb expected losses and the right to receive expected benefits that could be significant to Upsilon RFO, in accordance with the accounting guidance. As a result, the Company consolidates Upsilon RFO and all significant inter-company transactions have been eliminated. Other than its equity investment in Upsilon RFO, the Company has not provided financial or other support to Upsilon RFO that it was not contractually required to provide.

~~2016~~2021

During ~~2016, Upsilon RFO returned $242.5 million of capital to its investors, including $59.8 million to the Company. In addition, during 2016, $166.6~~2021, $544.6 million of Upsilon RFO non-voting preference shares were issued to existing investors, ~~therein,~~ including ~~$55.2~~$32.3 million to the Company. Also during 2021 and following the release of collateral that was previously held by cedants associated with prior years' contracts, Upsilon RFO returned $571.9 million of capital to its investors, including $45.0 million to the Company. At December 31, ~~2016,~~2021, the Company’s participation in the risks assumed by Upsilon RFO was ~~28.8%~~13.7%.

~~2017~~At December 31, 2021, the Company's consolidated balance sheet included total assets and total liabilities of Upsilon RFO of $3.9 billion and $3.9 billion, respectively (December 31, 2020 - $3.8 billion and $3.8 billion, respectively). Of the total assets and liabilities, a net amount of $238.0 million is attributable to the Company, and $1.5 billion is attributable to third-party investors.

See “Note 22. Subsequent Events” for additional information related to Upsilon RFO’s non-voting preference shares subsequent to December 31, 2021.

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2020

During ~~2017,~~2020, $835.9 million of Upsilon RFO non-voting preference shares were issued to existing investors, including $98.1 million to the Company. In addition, during 2021 and following the release of collateral that was previously held by cedants associated with prior years’ contracts, Upsilon RFO returned ~~$84.3~~$586.0 million of capital to its investors, including ~~$33.0~~$102.9 million to ~~the Company. In addition, during 2017, $180.6 million of Upsilon RFO non-voting preference shares were~~

~~issued to existing investors therein, including $27.2 million to the Company, and an existing third-party investor purchased $7.5 million of Upsilon RFO non-voting preference shares from~~ the Company. At December 31, ~~2017,~~2020, the ~~Company’s~~Company's participation in the risks assumed by Upsilon RFO was ~~20.8%~~13.8%.

At December 31, ~~2017,~~2020, the Company’s consolidated balance sheet included total assets and total liabilities of Upsilon RFO of ~~$1.2~~$3.8 billion and ~~$1.2~~$3.8 billion, respectively. Of the total assets and liabilities, a net amount of $270.0 million is attributable to the Company, and $1.7 billion is attributable to third-party investors.

Vermeer

Vermeer provides capacity focused on risk remote layers in the U.S. property catastrophe market. Refer to “Note 10. Noncontrolling Interests” for additional information regarding Vermeer.

At December 31, 2021, the Company’s consolidated balance sheet included total assets and total liabilities of Vermeer of $1.3 billion and $69.9 million, respectively ~~(2016~~(2020 - ~~$193.0 million~~$1.1 billion and ~~$193.0~~$36.7 million, respectively). ~~See “Note~~ 23~~. Subsequent Events” for additional information related to Upsilon RFO’s non-voting preference shares subsequent to~~ In addition, the Company’s consolidated balance sheet included redeemable noncontrolling interests associated with Vermeer of $1.2 billion at December 31, ~~2017~~2021 (2020 - $1.1 billion).

Mona Lisa Re Ltd. ~~(“Mona Lisa Re”)~~

~~On March 14, 2013,~~ Mona Lisa Re ~~was licensed as a Bermuda domiciled SPI to provide~~provides reinsurance capacity to subsidiaries of RenaissanceRe ~~namely Renaissance Reinsurance and DaVinci,~~ through reinsurance agreements which ~~will be~~are collateralized and funded by Mona Lisa Re through the issuance of one or more series of principal-at-risk variable rate notes to third-party investors.

Upon issuance of a series of notes by Mona Lisa Re, all of the proceeds from the issuance ~~were~~are deposited into collateral accounts, separated by series, to fund any potential obligation under the reinsurance agreements entered into with Renaissance Reinsurance and/or DaVinci underlying such series of notes. The outstanding principal amount of each series of notes generally will be returned to holders of such notes upon the expiration of the risk period underlying such notes, unless an event occurs which causes a loss under the applicable series of notes, in which case the amount returned will be reduced by such noteholder’s pro rata share of such loss, as specified in the applicable governing documents of such notes. In addition, holders of such notes are generally entitled to interest payments, payable quarterly, as determined by the applicable governing documents of each series of notes.

The Company concluded that Mona Lisa Re meets the definition of a VIE as it does not have sufficient equity capital to finance its activities. The Company evaluated its relationship with Mona Lisa Re and concluded it not the primary beneficiary of Mona Lisa Re as it does not have ~~a variable interest in~~the power over the activities that most significantly impact the economic performance of Mona Lisa ~~Re.~~Re, in accordance with the accounting guidance. As a result, the financial position and results of operations of Mona Lisa Re are not consolidated by the Company. ~~The Company has not provided financial or other support to Mona Lisa Re that it was not contractually required to provide.~~

~~At December 31, 2017, the total assets and total liabilities of Mona Lisa Re were~~ ~~$25.9 million~~ ~~and~~ ~~$25.9 million, respectively (2016 -~~ ~~$184.2 million~~ ~~and~~ ~~$184.2 million, respectively).~~

The only transactions related to Mona Lisa Re that are recorded in the Company’s consolidated financial statements are the ceded reinsurance agreements entered into by Renaissance Reinsurance and DaVinci which are accounted for as prospective reinsurance under FASB ASC Topic Financial Services - Insurance,. and the fair value of the principal-at-risk variable rate notes owned by the Company. Other than its investment in the principal-at-risk variable rate notes of Mona Lisa Re, the Company has not provided financial or other support to Mona Lisa Re that it was not contractually required to provide.

Renaissance Reinsurance and DaVinci have together entered into ceded reinsurance contracts with Mona Lisa Re with ~~gross~~ceded premiums ~~ceded~~written of ~~$0.4~~$39.5 million and ~~$0.4~~$9.9 million, respectively, during ~~2017 (2016~~2021 (2020 - ~~$7.4~~$$24.3 million and ~~$5.1~~$6.7 million, respectively, 2019 - $Nil and $Nil, respectively). In addition, Renaissance Reinsurance and DaVinci recognized ceded premiums earned related to the ceded reinsurance contracts with Mona Lisa Re of ~~$4.1~~$32.5 million and ~~$2.9~~$8.1 million, respectively, during ~~2017 (2016~~2021 (2020 - ~~$7.3~~$24.3 million and ~~$5.0~~$6.7 million, respectively, 2019 - $Nil and $Nil, respectively).

Effective June 29, 2021, Mona Lisa Re issued a series of principal-at-risk variable rate notes to investors for a total principal amount of $250.0 million. Effective January 10, 2020, Mona Lisa Re issued two series of

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principal-at-risk variable rate notes to investors for principal amounts of $250.0 million and $150.0 million. At December 31, 2021, the total assets and total liabilities of Mona Lisa Re were $650.5 million and $650.5 million, respectively (2020 - $400.3 million and $400.3 million, respectively).

The fair value of the Company’s investment in the principal-at-risk variable rate notes of Mona Lisa Re is included in other investments. Net of third-party investors, the fair value of the Company’s investment in Mona Lisa Re was $6.5 million at December 31, 2021 (2020 - $3.7 million).

Fibonacci Re

~~Effective November 7, 2016,~~ Fibonacci Re ~~a Bermuda-domiciled SPI, was formed to provide~~provides collateralized capacity to Renaissance Reinsurance and its affiliates.

Upon issuance of a series of notes by Fibonacci Re, all of the proceeds from the issuance are deposited into collateral accounts, separated by series, to fund any potential obligation under the reinsurance agreements entered into with Renaissance Reinsurance underlying such series of notes. The outstanding principal amount of each series of notes generally is expected to be returned to holders of such notes upon the expiration of the risk period underlying such notes, unless an event occurs which causes a loss under the applicable series of notes, in which case the amount returned is expected to be reduced by such noteholder’s pro rata share of such loss, as specified in the applicable governing documents of such notes. In addition, holders of such notes are generally entitled to interest payments, payable quarterly, as determined by the applicable governing documents of each series of notes. RUM receives an origination and structuring fee in connection with the formation and operation of Fibonacci Re.

The Company concluded that Fibonacci Re meets the definition of a VIE as it does not have sufficient equity capital to finance its activities. The Company evaluated its relationship with Fibonacci Re and concluded it is not the primary beneficiary of Fibonacci Re as it does not have power over the activities that most significantly impact the economic performance of Fibonacci Re. As a result, the Company does not consolidate the financial position or results of operations of Fibonacci Re.

The only transactions related to Fibonacci Re that will be recorded in the Company’s consolidated financial statements will be the ceded reinsurance agreements entered into by Renaissance Reinsurance that are accounted for as prospective reinsurance under FASB ASC Topic ~~Financial Services - Insurance,~~ ~~and the fair value of the participating notes owned by the Company. Other than its investment in the participating notes of Fibonacci Re, the~~ Company has not provided financial or other support to Fibonacci Re that it was not contractually required to provide.

The fair value of the Company’s investment in the participating notes of Fibonacci Re is included in other investments. Net of third-party investors, the fair value of the Company’s investment in Fibonacci Re was $14.1 million at December 31, 2017.

Renaissance Reinsurance ~~entered into ceded reinsurance contracts~~had no outstanding balances with Fibonacci Re ~~with premiums ceded~~as of ~~$9.0 million during 2017. In addition, Renaissance Reinsurance recognized ceded premiums earned related to~~December 31, 2021 and 2020, and there was no material impact on the ~~ceded reinsurance contracts with Fibonacci Re~~Company’s consolidated statements of ~~$8.2 million during 2017.~~operations for the years ended December 31, 2021 and 2020.

Langhorne

~~Effective December 22, 2017, the~~The Company and Reinsurance Group of America, Incorporated ~~closed~~formed Langhorne, an initiative to source ~~third party~~third-party capital to support reinsurers targeting large in-force life and annuity blocks. In connection with Langhorne, as of December 31, ~~2017~~2021 the Company has invested ~~$0.6~~$2.3 million in Langhorne Holdings (2020 - $2.0 million), a company that owns and manages certain reinsurance entities within Langhorne. In addition, as of December 31, 2021 the Company has ~~committed to investing~~invested $0.1 million in Langhorne Partners (2020 - $0.1 million), the general partner for Langhorne and the entity which manages the third-party investors investing into Langhorne Holdings.

The Company concluded that Langhorne Holdings meets the definition of a VIE as the voting rights are not proportional with the obligations to absorb losses and rights to receive residual returns. The Company evaluated its relationship with Langhorne Holdings and concluded it is not the primary beneficiary of Langhorne Holdings, as it does not have power over the activities that most significantly impact the economic performance of Langhorne Holdings. As a result, the Company does not consolidate the financial position or results of operations of Langhorne Holdings. The Company separately evaluated Langhorne Partners and concluded that it was not a VIE. The Company ~~will account~~accounts for its investments in Langhorne Holdings and Langhorne Partners under the equity method of accounting, one quarter in arrears.

The Company anticipates that its absolute investment in Langhorne will increase, perhaps materially, as in-force life and annuity blocks of businesses are written. The Company expects its absolute and relative ownership in Langhorne Partners to remain stable. Other than its current and committed future equity investment in Langhorne, the Company has not provided financial or other support to Langhorne that it was not contractually required to provide.

Shima Re

Shima Re was acquired on March 22, 2019 in connection with the acquisition of TMR. Refer to “Note 3. Acquisition of Tokio Millennium Re” for additional information related to the acquisition of TMR. Shima Re is a Bermuda domiciled Class 3 insurer. Shima Re is registered as a segregated accounts company and provides third-party investors with access to reinsurance risk. The maximum remaining exposure of each segregated account is fully collateralized and is funded by cash or investments as prescribed by the participant thereto. Shima Re no longer writes new business and the last in-force contract written by Shima Re expired on December 31, 2019. The Company ceased providing management services to Shima Re effective December 1, 2020.

Shima Re is considered a VIE as it has voting rights that are not proportional to its participating rights. The Company evaluated its relationship with Shima Re and concluded it is not the primary beneficiary of any

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segregated account, as it does not have power over the activities that most significantly impact the economic performance of any segregated account. As a result, the Company does not consolidate the financial position or results of operations of Shima Re or its segregated accounts. The Company has not provided any financial or other support to any segregated account of Shima Re that it was not contractually required to provide.

Norwood Re

Until December 1, 2020, Norwood Re was managed by a subsidiary of RREAG that the Company acquired in the acquisition of TMR. Refer to “Note 3. Acquisition of Tokio Millennium Re” for additional information related to the acquisition of TMR. Norwood Re is a Bermuda domiciled SPI registered as a segregated accounts company formed to provide solutions for reinsurance-linked asset investors. Norwood Re is wholly owned by the Norwood Re Purpose Trust. Risks assumed by the segregated accounts of Norwood Re were fronted by, or ceded from, only one cedant - RREAG and/or its insurance affiliates. The obligations of each segregated account are funded through the issuance of non-voting preference shares to third-party investors. The maximum exposure of each segregated account is fully collateralized and is funded by cash and term deposits or investments as prescribed by the participant thereto. Norwood Re no longer writes new business, and the last in-force contract written by Norwood Re expired on June 30, 2020. The Company ceased providing management services to Norwood Re effective December 1, 2020.

Norwood Re is considered a VIE as it has voting rights that are not proportional to its participating rights. The Company evaluated its relationship with Norwood Re and concluded it is not the primary beneficiary of Norwood Re and its segregated accounts, as it does not have power over the activities that most significantly impact the economic performance of Norwood Re and its segregated accounts. As a result, the Company does not consolidate the financial position or results of operations of Norwood Re and its segregated accounts. The Company has not provided any financial or other support to Norwood Re that it was not contractually required to provide.

Fund Investments

The Company’s fund investments represent variable interests in limited partnerships entities with unaffiliated fund managers in the normal course of business. Refer to “Note 6. Fair Value Measurements” for additional information.

NOTE 12.SHAREHOLDERS’ EQUITY

Authorized Capital

The aggregate authorized capital of RenaissanceRe is 325 million shares consisting of 225 million common shares and 100 million preference shares. The following table is a summary of changes in common shares issued and outstanding:



Year ended December 31,	2021	2020	2019
(thousands of shares)
Beginning balance	50,811	44,148	42,207
Issuance of shares	—	6,777	1,739
Repurchase of shares	(6,579)	(406)	—
Exercise of options and issuance of restricted stock awards	213	292	202
Ending balance	44,445	50,811	44,148

Common Shares

On June 5, 2020, the Company issued 6,325,000 of its common shares in an underwritten public offering at a public offering price of $166.00 per share. Concurrently with the public offering, the Company raised $75.0 million through the issuance of 451,807 of its common shares at a price of $166.00 per share to State Farm Mutual Automobile Insurance Company (“State Farm”), one of the Company’s existing stockholders, in a private placement. The total net proceeds from the offerings were $1.1 billion.

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Year ended December 31, 2017 2016 2015
(thousands of shares)
Issued and outstanding shares – January 1 41,187
43,701
38,442

Issuance of shares —
—
7,435

Repurchase of shares (1,322 ) (2,741 ) (2,473 )
Exercise of options and issuance of restricted stock awards 159
227
297

Issued and outstanding shares – December 31 40,024
41,187
43,701

On March 22, 2019, in connection with the closing of the TMR Stock Purchase, the Company issued 1,739,071 of its common shares to Tokio as part of the aggregate consideration payable to Tokio under the TMR Stock Purchase Agreement. Refer to “Note 3. Acquisition of Tokio Millennium Re” for additional information related to the acquisition of TMR. On January 9, 2020, Tokio completed a secondary public offering of these common shares, which represented all of Tokio’s remaining ownership in the Company. The Company did not receive any proceeds from Tokio’s sale of its common shares.

Preference Shares

Series F Preference Shares

In June 2018, RenaissanceRe raised $250.0 million through the issuance of 10,000 shares of its 5.75% Series F Preference Shares, $1.00 par value and liquidation preference $25,000 per share (equivalent to 10,000 Depositary Shares, each of which represents a 1/1,000th interest in a 5.75% Series F Preference Share). The 5.75% Series F Preference Shares may be redeemed at a redemption price of $25,000 per share (equivalent to $25.00 per Depositary Share), plus declared and unpaid dividends, at RenaissanceRe’s option on or after June 30, 2023, provided that no redemption may occur prior to June 30, 2028 unless certain redemption requirements are met.

Series G Preference Shares

In July 2021, RenaissanceRe raised $500.0 million through the issuance of 20,000 shares of its 4.20% Series G Preference Shares, $1.00 par value and liquidation preference $25,000 per share (equivalent to 20,000,000 Depositary Shares, each of which represents a 1/1,000th interest in a 4.20% Series G Preference Share). The 4.20% Series G Preference Shares have no stated maturity date and may be redeemed at a redemption price of $25,000 per share (equivalent to $25.00 per Depositary Share), plus declared and unpaid dividends, at RenaissanceRe’s option on or after July 15, 2026, provided that no redemption may occur prior to July 15, 2026 unless certain redemption requirements are met.

Series C 6.08% Preference Shares Redemption

In March 2004, RenaissanceRe raised $250.0 million through the issuance of 10 million Series C Preference Shares at $25 per share. On June 27, 2013, RenaissanceRe redeemed 5 million Series C Preference Shares for $125.0 million plus accrued and unpaid dividends thereon. The remaining Series C 6.08% Preference Shares were redeemed on March 26, 2020 for $125.0 million plus accrued and unpaid dividends thereon. Following the redemption, no Series C 6.08% Preference Shares remain outstanding.

Series E 5.375% Preference Shares Redemption

May 2013, RenaissanceRe raised $275.0 million through the issuance of 11 million Series E Preference Shares at $25 per share. The Series E 5.375% Preference Shares were redeemed on August 11, 2021 for $275.0 million plus accrued and unpaid dividends thereon. Following the redemption, no Series E 5.375% Preference Shares remain outstanding.

The preference shares have no stated maturity and are not convertible into any other securities of RenaissanceRe. Generally, the preference shares have no voting rights. Whenever dividends payable on the preference shares are in arrears (whether or not such dividends have been earned or declared) in an amount equivalent to dividends for 6 full dividend periods (whether or not consecutive), the holders of the preference shares, voting as a single class regardless of class or series, will have the right to elect 2 directors to the Board of Directors of RenaissanceRe.

Dividends

The Board of Directors of RenaissanceRe declared ~~a dividend~~dividends of ~~$0.32~~$0.36 per common share, payable to common shareholders of record on March ~~15, 2017,~~13, 2021, June 15, ~~2017,~~2021 and September 15, ~~2017~~2021, and ~~December 15, 2017, respectively, and RenaissanceRe~~the Company paid ~~a dividend of $0.32 per common share to common shareholders~~the dividends on March 31, ~~2017,~~2021, June 30, ~~2017,~~2021, September ~~29, 2017~~30, 2021, and December ~~29, 2017,~~31, 2021, respectively. ~~Dividends declared and paid on common shares amounted to~~ ~~$1.28~~ ~~per common share for 2017 (2016 -~~ ~~$1.24, 2015 -~~ ~~$1.20), or~~ ~~$51.4 million~~ ~~on all common shares outstanding (2016 -~~ ~~$51.6 million, 2015 -~~ ~~$54.0 million~~).

The Board of Directors approved the payment of quarterly dividends on each of the ~~Series C 6.08% Preference Shares and Series E 5.375% Preference Shares~~series of RenaissanceRe’s several series of preference shares to preference shareholders of record in the amounts and on the quarterly record dates and dividend payment dates set forth in the prospectus supplement and

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Certificate of Designation for the applicable series of preference shares, unless and until further action is taken by the Board of Directors. The dividend payment dates for the preference shares will be the first day of March, June, September and December of each year (or if this date is not a business day, on the business day immediately following this date). The record dates for the preference share dividends are one day prior to the dividend payment dates.

The amount of the dividend on the 5.750% Series F Preference Shares is an amount per share equal to 5.750% of the liquidation preference per annum (the equivalent to $1,437.50 per 5.750% Series F Preference Share per annum, or $359.375 per 5.750% Series F Preference Share per quarter, or $1.4375 per Depositary Share per annum, or $0.359375 per Depositary Share per quarter). The amount of the dividend on the 4.20% Series G Preference Shares is an amount per share equal to 4.20% of the liquidation preference per annum (the equivalent to $1,050 per 4.20% Series G Preference Share per annum, or $262.50 per 4.20% Series G Preference Share per quarter, or $1.05 per Depositary Share per annum, or $0.2625 per quarter).

The amount of the dividend on the Series C 6.08% Preference Shares iswas an amount per share equal to 6.08% of the liquidation preference per annum (the equivalent to $1.52 per share per annum, or $0.38 per share per quarter)., and was paid prior to the redemption in full of the Series C 6.08% shares on March 26, 2020. The amount of the dividend on the Series E 5.375% Preference Shares iswas an amount per share equal to 5.375% of the liquidation preference per annum (the equivalent to $1.34375 per share per annum, or $0.3359375 per share per quarter). , and was paid prior to the redemption in full of the Series E 5.375% Preference Shares on August 11, 2021.

During ~~2017, RenaissanceRe declared and~~2021, the Company paid ~~$22.4~~$33.3 million in preference share dividends ~~(2016~~(2020 - ~~$22.4~~$30.9 million, ~~2015~~2019 - ~~$22.4~~$36.8 million) and $67.8 million in common share dividends (2020 - $68.5 million, 2019 - $59.4 million).

Share Repurchases

The Company’s share repurchase program may be effected from time to time, depending on market conditions and other factors, through open market purchases and privately negotiated transactions. On November ~~10, 2017,~~11, 2021, RenaissanceRe’s Board of Directors approved a renewal of its authorized share repurchase program for an aggregate amount of up to $500.0 million. Unless terminated earlier by RenaissanceRe’s Board of Directors, the program will expire when the Company has repurchased the full value of the common shares authorized. ~~The~~During 2021, pursuant to the publicly announced share repurchase program, the Company repurchased 6,578,133 common shares at an aggregate cost of $1.0 billion and an average price of $156.78 per common share. At December 31, 2021, $306.6 million remained available for repurchase under the share repurchase program. In the future, the Company may authorize additional purchase activities under the currently authorized share repurchase program, increase the amount authorized under the share repurchase program, or adopt additional trading plans.The Company’s decision to repurchase common shares will depend on, among other matters, the market price of the common shares and the capital requirements of the Company. ~~During 2017, pursuant~~

Refer to ~~the Company’s publicly announced~~“Note 22. Subsequent Events” for additional information related to common share ~~repurchase program, the Company repurchased an aggregate of 1.3 million common shares in open market transactions at an aggregate cost of~~ ~~$188.6 million, and an average price of~~ ~~$142.67~~ ~~per common share. At~~ repurchases subsequent to December 31, ~~2017~~, ~~$500.0 million~~ ~~remained available for repurchase under the share repurchase program.~~2021.

~~Preference Shares~~F-68

~~In March 2004, RenaissanceRe raised~~ ~~$250.0 million~~ ~~through the issuance of~~ ~~10 million~~ ~~Series C Preference Shares at~~ ~~$25~~ ~~per share and in May 2013, RenaissanceRe raised~~ ~~$275.0 million~~ ~~through the issuance of~~ ~~11 million~~ ~~Series E Preference Shares at~~ ~~$25~~ ~~per share. On June 27, 2013, RenaissanceRe redeemed~~ ~~5 million~~ ~~Series C Preference Shares for~~ ~~$125.0 million~~ ~~plus accrued and unpaid dividends thereon. Following the redemption,~~ ~~5 million~~ ~~Series C Preference Shares remain outstanding.~~

~~The Series E Preference Shares and the remaining Series C Preference Shares may be redeemed at~~ ~~$25~~ per share plus certain dividends at RenaissanceRe’s option on or after June 1, 2018 and March 23, 2009, respectively. Dividends on the Series C Preference Shares are cumulative from the date of original issuance and are payable quarterly in arrears at ~~6.08%~~ per annum, when, if, and as declared by the Board of Directors. Dividends on the Series E Preference Shares are payable from the date of original issuance on a non-cumulative basis, only when, as and if declared by the Board of Directors, quarterly in arrears at ~~5.375%~~ per annum. Unless certain dividend payments are made on the preference shares, RenaissanceRe will be restricted from paying any dividends on its common shares. As stated above, the Board of Directors approved the payment of quarterly dividends on the Series C Preference Shares and Series E Preference Shares in the amounts and on the quarterly record dates and dividend payment dates set forth in the prospectus supplement and Certificate of Designation for the applicable series of preference shares, unless and until further action is taken by the Board of Directors.

The preference shares have no stated maturity and are not convertible into any other securities of RenaissanceRe. Generally, the preference shares have no voting rights. Whenever dividends payable on the preference shares are in arrears (whether or not such dividends have been earned or declared) in an amount equivalent to dividends for six full dividend periods (whether or not consecutive), the holders of the preference shares, voting as a single class regardless of class or series, will have the right to elect two directors to the Board of Directors of RenaissanceRe.

NOTE 13.EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per common share:



Year ended December 31,	2021		2020		2019
(common shares in thousands)
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	(73,421)	$	731,482	$	712,042
Amount allocated to participating common shareholders (1)	(727)		(8,968)		(8,545)
Net income (loss) allocated to RenaissanceRe common shareholders	$	(74,148)	$	722,514	$	703,497
Denominator:
Denominator for basic income (loss) per RenaissanceRe common share - weighted average common shares	47,171		47,103		43,119
Per common share equivalents of non-vested shares	—		75		56
Denominator for diluted income (loss) per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions	47,171		47,178		43,175
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – basic	$	(1.57)	$	15.34	$	16.32
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted	$	(1.57)	$	15.31	$	16.29

(1)Represents earnings and dividends attributable to holders of unvested shares issued pursuant to the Company's stock compensation plans.

Year ended December 31, 2017 2016 2015
(thousands of shares)
Numerator:
Net (loss) income (attributable) available to RenaissanceRe common shareholders $ (244,770 ) $ 480,581
$ 408,811

Amount allocated to participating common shareholders (1) (457 ) (5,666 ) (4,721 )
Net (loss) income allocated to RenaissanceRe common shareholders $ (245,227 ) $ 474,915
$ 404,090

Denominator:
Denominator for basic (loss) income per RenaissanceRe common share - weighted average common shares 39,854
41,314
43,157

Per common share equivalents of employee stock options and performance shares —
245
369

Denominator for diluted (loss) income per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions 39,854
41,559
43,526

Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share – basic $ (6.15 ) $ 11.50
$ 9.36

Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share – diluted $ (6.15 ) $ 11.43
$ 9.28


~~(1)~~	Represents earnings attributable to holders of unvested restricted shares issued pursuant to the Company’s 2001 Stock Incentive Plan, 2010 Performance-Based Equity Incentive Plan, 2016 Long-Term Incentive Plan and to the Company’s non-employee directors.

NOTE 14. RELATED PARTY TRANSACTIONS AND MAJOR CUSTOMERS

~~The Company has equity interests in the~~ Tower Hill ~~Companies as described in “Note 5. Investments”.~~

The Company has entered into reinsurance and other arrangements with certain subsidiaries and affiliates of Tower Hill and has also entered into reinsurance arrangements with respect to business produced by the Tower Hill Companies. ~~For 2017,~~

During 2021, the Company recorded ~~$39.1~~$69.8 million (~~2016~~ (2020 - ~~$32.8~~$55.5 million,, ~~2015~~ 2019 - ~~$32.2 million~~)$39.8 million) of gross ~~premium~~premiums written assumed from the Tower Hill Companies and its subsidiaries and affiliates. Gross premiums earned totaled ~~$35.7~~$63.0 million (~~2016~~ (2020 - ~~$32.3~~$51.4 million,, ~~2015~~ 2019 - ~~$35.8 million~~)$40.7 million) and expenses incurred were ~~$5.1~~$11.3 million (~~2016~~ (2020 - ~~$3.8~~$7.9 million,, ~~2015~~ 2019 - ~~$4.1 million~~)$6.1 million) for ~~2017.~~2021. The Company had a net related outstanding receivable balance of ~~$14.1~~$21.7 million as of December 31, ~~2017~~ (~~2016~~2021 (2020 - ~~$14.2 million~~)receivable of $18.3 million). During ~~2017~~,2021, the Company assumed net claims and claim expenses of ~~$94.4~~$28.5 million (~~2016~~ (2020 - assumed net claims and claim expenses of ~~$1.5~~$13.2 million,, ~~2015~~ 2019 - ~~recovered~~assumed net claims and claim expenses of ~~$1.6 million~~)$37.7 million) and, as of December 31, ~~2017~~,2021, had a net reserve for claims and claim expenses of ~~$65.3~~$68.0 million (~~2016~~ (2020 - ~~$36.8 million~~)$69.5 million).

In addition, the Company received distributions of ~~$8.3~~$15.0 million from the Tower Hill Companies during ~~2017~~ (~~2016~~2021 (2020 - ~~$9.0~~$9.5 million,, ~~2015~~ 2019 - ~~$13.1~~$13.4 million).

Top Layer Re

During ~~2017~~,2021, the Company received distributions from Top Layer Re of ~~$20.0~~$9.3 million (~~2016~~ (2020 - ~~$Nil~~, ~~2015~~$18.0 million, 2019 - ~~$Nil~~)$20.0 million), and recorded a management fee of ~~$2.7~~$2.5 million (~~2016~~ (2020 - ~~$2.6~~$2.4 million,, ~~2015~~ 2019 - ~~$2.6 million~~)$2.3 million). The management fee reimburses the Company for services it provides to Top Layer Re.

Broker Concentration

During ~~2017~~,2021, the Company received ~~76.4%~~78.0% of its gross premiums written ~~(2016~~(2020 - ~~80.8%~~79.6%, ~~2015~~2019 - ~~81.5%~~79.6%) from three brokers. Subsidiaries and affiliates of ~~AON,~~Aon plc, Marsh & McLennan Companies, Inc. and ~~Willis Towers Watson~~Arthur J. Gallagher accounted for ~~42.8%~~35.8%, ~~23.8%~~30.0% and ~~9.8%~~12.2%, respectively, of gross premiums written in ~~2017~~ (~~2016~~ - ~~46.4%~~2021.

F-69

On December 1, 2021, Arthur J. Gallagher completed its acquisition of Willis Re, a subsidiary of Willis Towers Watson Public Limited Company. The percentage of gross premiums written for Arthur J. Gallagher in 2021, as reflected above, includes gross premiums written which were generated through Willis Re, a subsidiary of Willis Towers Watson Public Limited Company. Subsidiaries and affiliates of Aon plc, Marsh & McLennan Companies, Inc. and Willis Towers Watson Public Limited Company accounted for 42.8%, ~~23.6%~~24.5% and ~~10.8%~~12.3%, respectively, ~~2015~~ - ~~48.1%~~of gross premiums written in 2020 and 41.7%, ~~21.7%~~27.1% and ~~11.7%~~10.8%, ~~respectively).~~respectively, of gross premiums written in 2019.

NOTE 15.TAXATION

Under current Bermuda law, RenaissanceRe and its Bermuda subsidiaries are not subject to any income or capital gains taxes. In the event that such taxes are imposed, RenaissanceRe and its Bermuda subsidiaries would be exempted from any such tax until March 2035 pursuant to the Bermuda Exempted Undertakings Tax Protection Act 1966, and Amended Acts of 1987 and 2011, respectively.

RenaissanceRe Finance and its subsidiaries are subject to income taxes imposed by U.S. federal and state authorities and file a consolidated U.S. federal income tax return. Should the U.S. subsidiaries pay a dividend to RenaissanceRe, withholding taxes would apply to the extent of current year or accumulated earnings and profits at an expected tax rate of 5.0%. The Company also has operations in Ireland, the U.K., Singapore, Switzerland and ~~Singapore~~Australia which are subject to income taxes imposed by the respective jurisdictions in which they operate. Withholding taxes would not be expected to apply to dividends paid to RenaissanceRe from its subsidiaries in Ireland, the U.K., Singapore, Switzerland and ~~Singapore.~~Australia.

The following is a summary of the Company’s income (loss) ~~income~~ before taxes allocated between domestic and foreign operations:

Year ended December 31, 2017 2016 2015
Domestic
Bermuda $ (262,827 ) $ 652,758
$ 511,114

Foreign
U.K. (41,656 ) (24,278 ) (22,712 )
Singapore (12,421 ) 2,180
(4,737 )
U.S. (11,897 ) (1,236 ) 12,523

Ireland 617
964
188

(Loss) income before taxes $ (328,184 ) $ 630,388
$ 496,376



Year ended December 31,	2021		2020		2019
Domestic
Bermuda	$	156,031	$	1,122,261	$	861,068
Foreign
Singapore	4,420		16,416		(6,334)
Ireland	101		1,315		(388)
U.S.	(92,335)		286		102,724
Australia	7,148		(1,689)		3,390
Switzerland	(106,249)		(40,502)		14,255
U.K.	(83,224)		(102,167)		(7,233)
Income (loss) before taxes	$	(114,108)	$	995,920	$	967,482

Income tax (expense) benefit is comprised as follows:

Year ended December 31, 2017 Current Deferred Total
Total income tax (expense) benefit $ (844 ) $ (25,643 ) $ (26,487 )
Year ended December 31, 2016
Total income tax (expense) benefit $ (2,090 ) $ 1,750
$ (340 )
Year ended December 31, 2015
Total income tax (expense) benefit $ (3,471 ) $ 49,337
$ 45,866



Year ended December 31, 2021	Current		Deferred		Total
Total income tax (expense) benefit	$	(992)	$	11,660	$	10,668
Year ended December 31, 2020
Total income tax (expense) benefit	$	(6,313)	$	3,451	$	(2,862)
Year ended December 31, 2019
Total income tax (expense) benefit	$	(2,128)	$	(15,087)	$	(17,215)

The Company’s expected income tax provision computed on pre-tax income (loss) at the weighted average tax rate has been calculated as the sum of the pre-tax income (loss) in each jurisdiction multiplied by that jurisdiction’s applicable statutory tax rate. Statutory tax rates of0.0%, ~~35.0%~~, ~~12.5%~~, ~~19.3%~~ ~~and~~ ~~17.0%~~ ~~have been used for~~ in Bermuda, 21.0% in the U.S., 12.5% in Ireland, 19.0% in the U.K., 17.0% in Singapore, 19.7% in Switzerland and ~~Singapore, respectively.~~30.0% in Australia have been used.

The Company’s effective income tax rate, which it calculates as income tax expense divided by net income before taxes, may fluctuate significantly from period to period depending on the geographic distribution of

F-70

pre-tax net income (loss) in any given period between different jurisdictions with comparatively higher tax rates and those with comparatively lower tax rates. The geographic distribution of pre-tax net income (loss) can vary significantly between periods due to, but not limited to, the following factors: the business mix of net premiums written and earned; the geographic location, the size and the nature of net claims and claim expenses incurred; the amount and geographic location of operating expenses, net investment income, net realized and unrealized gains (losses) on investments; outstanding debt and related interest expense; and the amount of specific adjustments to determine the income tax basis in each of the Company’s operating jurisdictions. In addition, a significant portion of the Company’s gross and net premiums are currently written and earned in Bermuda, which does not have a corporate income tax, including the majority of the Company’s catastrophe business, which can result in significant volatility to its pre-tax net income ~~(loss)~~ in any given period.

A reconciliation of the difference between the provision for income taxes and the expected tax provision at the weighted average tax rate is as follows:



Year ended December 31,	2021		2020		2019
Expected income tax benefit (expense)	$	53,093	$	25,489	$	(22,874)
Nondeductible expenses	(334)		5,074		(7,059)
Reinsurance adjustment	(4,604)		—		—
Income tax audit adjustment	—		3,424		—
Effect of change in tax rate	14,904		3,055		(262)

Transfer pricing	224		206		2,503
GAAP to statutory accounting difference	—		—		6,553

U.S. base erosion and anti-abuse tax	(1,725)		(36)		—
Withholding tax	(1,013)		(1,822)		(665)
Non-taxable loss on sale of RenaissanceRe UK	—		(6,091)		—
Change in valuation allowance	(42,819)		(13,003)		(5,481)
Foreign branch adjustments	(5,491)		(17,821)		7,315
Other	(1,567)		(1,337)		2,755
Income tax benefit (expense)	$	10,668	$	(2,862)	$	(17,215)

F-71

Year ended December 31, 2017 2016 2015
Expected income tax benefit $ 14,216
$ 4,856
$ 1,011

Tax exempt income 3,794
4,487
4,939

Non-taxable foreign exchange gains (losses) 2,574
(1,126 ) (1,897 )
Transaction costs —
(131 ) 3,654

Withholding tax (216 ) (2,578 ) (3,036 )
Change in valuation allowance (11,718 ) (924 ) 43,808

Effect of change in tax rate (38,083 ) —
—

Other 2,946
(4,924 ) (2,613 )
Income tax (expense) benefit $ (26,487 ) $ (340 ) $ 45,866

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below:

At December 31, 2017 2016
Deferred tax assets
Tax loss and credit carryforwards $ 62,643
$ 51,620

Reserve for claims and claim expenses 13,992
26,265

Deferred interest expense 11,320
18,408

Unearned premiums 9,436
7,496

Deferred underwriting results 3,407
—

Investments —
3,269

Accrued expenses 2,641
9,386

103,439
116,444

Deferred tax liabilities
Deferred acquisition expenses (12,343 ) (7,485 )
Amortization and depreciation (3,340 ) (7,097 )
Investments (1,047 ) —

Deferred underwriting results —
(2,964 )
(16,730 ) (17,546 )
Net deferred tax asset before valuation allowance 86,709
98,898

Valuation allowance (30,016 ) (18,776 )
Net deferred tax asset $ 56,693
$ 80,122



At December 31,	2021		2020
Deferred tax assets
Tax loss and credit carryforwards	$	149,739	$	128,561
Unearned premiums	36,962		20,854
Reserve for claims and claim expenses	22,611		14,983
Deferred finance charges	17,962		11,427
Deferred underwriting results	12,483		7,228
Accrued expenses	1,788		4,826


Amortization and depreciation	6,969		—
	248,514		187,879
Deferred tax liabilities
Investments	(2,180)		(23,598)
Deferred acquisition expenses	(49,661)		(23,040)
Intangible assets	(4,242)		(1,142)
Amortization and depreciation	—		(1,130)
VOBA	—		(1,017)

	(56,083)		(49,927)
Net deferred tax asset (liability) before valuation allowance	192,431		137,952
Valuation allowance	(131,507)		(88,688)
Net deferred tax asset (liability)	$	60,924	$	49,264

As a result of the reduction in the U.S. corporate tax rate from 35% to 21% effective January 1, 2018 pursuant to the Tax Cuts and Jobs Act of 2017, the Company recorded a $36.7 million write-down of its U.S. deferred tax asset in 2017. The Company’s net deferred tax asset is included in other assets on its consolidated balance sheets.

During ~~2017~~,2021, the Company recorded a net increase to the valuation allowance of $~~11.2~~42.8 million(~~2016~~2020 – increase of ~~$0.9~~$13.0 million,, ~~2015~~ 2019 – ~~decrease~~increase of ~~$43.8 million~~)$40.4 million). The Company’s net deferred tax asset primarily relates to net operating loss carryforwards and GAAP versus tax basis accounting differences relating to unearned premiums, reserves for claims and claim expenses, deferred ~~interest expense, accrued expenses, unearned premiums,~~finance charges, deferred underwriting results, accrued expenses, investments, deferred acquisition expenses, intangible assets, amortization and depreciation and ~~investments.~~VOBA. The Company’s valuation allowance assessment is based on all available information including projections of future GAAP taxable income from each tax-paying component in each tax jurisdiction. Losses incurred within the U.S. tax-paying subsidiaries in the fourth quarter of 2011 were significant enough to result in a cumulative GAAP taxable loss at the U.S. tax-paying subsidiaries for the three year period ended December 31, 2011. The Company concluded that a valuation allowance was required from 2011 through the period ended December 31, 2014 based on the relevant evidence during that time period, primarily that the Company remained in a cumulative GAAP taxable loss position for this period, among other facts. As of December 31, 2014, the U.S. valuation allowance was $48.5 million. In the first quarter of 2015, as a result of expected profits in the U.S. based operations due principally to the Platinum acquisition, the Company determined it was more likely than not it would be able to recover a substantial portion of the U.S. net deferred tax asset and thus reduced the U.S. valuation allowance from $48.5 million to ~~$1.0 million~~. Factors that led to this determination included the combined cumulative GAAP taxable income position of the Company’s U.S.-based operations (including the entities acquired) along with the future expected profits of the combined operations.

A valuation allowance has been provided against deferred tax assets in the U.S., Ireland, the U.K., Singapore and ~~Singapore.~~Switzerland. These deferred tax assets relate primarily to net operating loss carryforwards. ~~In 2017, the valuation allowance with respect to the Company’s U.K. operations increased by $12.1 million.~~

In the U.S., and Switzerland, the Company has net operating loss carryforwards of ~~$162.4~~$333.7 million. and $476.2 million respectively. Under applicable law, the U.S. and Swiss net operating loss carryforwards will begin to expire in 2031. and 2022 respectively. The Company has net operating loss carryforwards of ~~$124.8~~$142.2 million in the U.K., ~~$19.5~~$13.6 million in Singapore, $6.5 million in Ireland and ~~$4.7~~$1.3 million in ~~Ireland.~~Australia. Under

applicable law, the U.K., Singapore, Irish and ~~Irish~~Australia net operating losses can be carried forward for an indefinite period.

The Company had a net ~~payment~~refund for U.S. federal, Irish, U.K., Singapore, Switzerland and ~~Singapore~~Australia income taxes of ~~$0.3~~$(4.3) million for the year ended ~~2017~~ (~~2016~~ ~~– net refund of~~ ~~$1.1 million~~, ~~2015~~2021 (2020 – net payment of ~~$10.3~~$5.7 million,) 2019 – net payment of $9.7 million).

The Company has unrecognized tax benefits of ~~$Nil~~$Nil as of December 31, ~~2017~~ (~~2016~~2021 (2020 – ~~$Nil~~)$Nil). Interest and penalties related to unrecognized tax benefits would be recognized in income tax expense. At December 31, ~~2017~~,2021, interest and penalties accrued on unrecognized tax benefits were ~~$Nil~~ (~~2016~~$Nil (2020 – $Nil). ~~Income~~The following filed income tax returns ~~filed for tax years 2014 through 2016, 2013 through 2016, 2016, and 2013 through 2016,~~ are open for examination bywith the ~~IRS, Irish~~applicable tax ~~authorities,~~authorities: tax years 2018 through 2020 with the IRS; 2017 through 2020 with Ireland; 2019 through 2020 with the U.K. ~~tax authorities,~~; 2017 through 2020 with Singapore; 2019 and ~~Singapore tax authorities, respectively.~~ 2020 with Switzerland; and 2017 through 2020 with Australia. The

F-72

Company does not expect the resolution of these open years to have a significant impact on its ~~results from~~consolidated statements of operations and financial condition.

NOTE 16.SEGMENT REPORTING

The Company’s reportable segments are defined as follows: (1) Property, which is comprised of catastrophe and other property ~~reinsurance and~~ (re)insurance written on behalf of the Company’s operating subsidiaries, ~~and certain~~ joint ventures and managed ~~by the Company’s ventures unit,~~funds, and (2) Casualty and Specialty, which is comprised of casualty and specialty ~~reinsurance and~~ (re)insurance written on behalf of the Company’s operating subsidiaries, ~~and certain~~ joint ventures and managed ~~by the Company’s ventures unit.~~funds. In addition to its reportable segments, the Company has an Other category, which primarily includes its strategic investments, investments unit, corporate expenses, capital servicing costs, noncontrolling interests and certain expenses related to ~~the acquisition of Platinum,~~acquisitions and ~~the remnants of its former Bermuda-based insurance operations.~~dispositions.

The Company’s Property segment is managed by the Chief Underwriting Officer - Property and the Casualty and Specialty segment is managed by the Chief Underwriting Officer - Casualty and ~~Specialty. Each~~Specialty, each of ~~the Chief Underwriting Officer - Property and Chief Underwriting Officer - Casualty and Specialty~~whom operate under the direction of the Company’s Group Chief Underwriting Officer, who in turn reports to the Company’s President and Chief Executive Officer.

The Company does not manage its assets by segment; accordingly, net investment income and total assets are not allocated to the segments.

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A summary of the significant components of the Company’s revenues and expenses by segment is as follows:



Year ended December 31, 2021	Property			Casualty and Specialty			Other		Total
Gross premiums written	$	3,958,724		$	3,875,074		$	—	$	7,833,798
Net premiums written	$	2,868,002		$	3,071,373		$	—	$	5,939,375
Net premiums earned	$	2,608,298		$	2,585,883		$	—	$	5,194,181
Net claims and claim expenses incurred	2,163,016			1,713,071			—		3,876,087
Acquisition expenses	487,178			727,680			—		1,214,858
Operational expenses	143,608			68,576			—		212,184
Underwriting income (loss)	$	(185,504)		$	76,556		$	—	(108,948)
Net investment income							319,479		319,479
Net foreign exchange gains (losses)							(41,006)		(41,006)
Equity in earnings of other ventures							12,309		12,309
Other income (loss)							10,880		10,880
Net realized and unrealized gains (losses) on investments							(218,134)		(218,134)

Corporate expenses							(41,152)		(41,152)
Interest expense							(47,536)		(47,536)
Income (loss) before taxes and redeemable noncontrolling interests									(114,108)
Income tax (expense) benefit							10,668		10,668

Net (income) loss attributable to redeemable noncontrolling interests							63,285		63,285
Dividends on preference shares							(33,266)		(33,266)
Net income (loss) available (attributable) to RenaissanceRe common shareholders									$	(73,421)

Net claims and claim expenses incurred – current accident year	$	2,396,389		$	1,729,168		$	—	$	4,125,557
Net claims and claim expenses incurred – prior accident years	(233,373)			(16,097)			—		(249,470)
Net claims and claim expenses incurred – total	$	2,163,016		$	1,713,071		$	—	$	3,876,087

Net claims and claim expense ratio – current accident year	91.9		%	66.9		%			79.4		%
Net claims and claim expense ratio – prior accident years	(9.0)		%	(0.7)		%			(4.8)		%
Net claims and claim expense ratio – calendar year	82.9		%	66.2		%			74.6		%
Underwriting expense ratio	24.2		%	30.8		%			27.5		%
Combined ratio	107.1		%	97.0		%			102.1		%

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Year ended December 31, 2017 Property Casualty and Specialty Other Total
Gross premiums written $ 1,440,437
$ 1,357,110
$ (7 ) $ 2,797,540

Net premiums written $ 978,014
$ 893,307
$ 4
$ 1,871,325

Net premiums earned $ 931,070
$ 786,501
$ 4
$ 1,717,575

Net claims and claim expenses incurred 1,297,985
565,026
(1,583 ) 1,861,428

Acquisition expenses 113,816
233,077
(1 ) 346,892

Operational expenses 94,194
66,548
36
160,778

Underwriting (loss) income $ (574,925 ) $ (78,150 ) $ 1,552
(651,523 )
Net investment income 222,209
222,209

Net foreign exchange gains 10,628
10,628

Equity in losses of other ventures 8,030
8,030

Other income 9,415
9,415

Net realized and unrealized gains on investments 135,822
135,822

Corporate expenses (18,572 ) (18,572 )
Interest expense (44,193 ) (44,193 )
Loss before taxes and redeemable noncontrolling interests (328,184 )
Income tax benefit (26,487 ) (26,487 )
Net loss attributable to redeemable noncontrolling interests 132,282
132,282

Dividends on preference shares (22,381 ) (22,381 )
Net loss attributable to RenaissanceRe common shareholders $ (244,770 )

Net claims and claim expenses incurred – current accident year $ 1,343,581
$ 558,843
$ —
$ 1,902,424

Net claims and claim expenses incurred – prior accident years (45,596 ) 6,183
(1,583 ) (40,996 )
Net claims and claim expenses incurred – total $ 1,297,985
$ 565,026
$ (1,583 ) $ 1,861,428

Net claims and claim expense ratio – current accident year 144.3 % 71.1 % 110.8 %
Net claims and claim expense ratio – prior accident years (4.9 )% 0.7 % (2.4 )%
Net claims and claim expense ratio – calendar year 139.4 % 71.8 % 108.4 %
Underwriting expense ratio 22.3 % 38.1 % 29.5 %
Combined ratio 161.7 % 109.9 % 137.9 %



Year ended December 31, 2020	Property			Casualty and Specialty			Other		Total
Gross premiums written	$	2,999,142		$	2,807,023		$	—	$	5,806,165
Net premiums written	$	2,037,200		$	2,059,133		$	—	$	4,096,333
Net premiums earned	$	1,936,215		$	2,016,247		$	—	$	3,952,462
Net claims and claim expenses incurred	1,435,947			1,488,662			—		2,924,609
Acquisition expenses	353,700			543,977			—		897,677
Operational expenses	135,547			71,140			—		206,687
Underwriting income (loss)	$	11,021		$	(87,532)		$	—	(76,511)
Net investment income							354,038		354,038
Net foreign exchange gains (losses)							27,773		27,773
Equity in earnings of other ventures							17,194		17,194
Other income (loss)							213		213
Net realized and unrealized gains (losses) on investments							820,636		820,636

Corporate expenses							(96,970)		(96,970)
Interest expense							(50,453)		(50,453)
Income (loss) before taxes and redeemable noncontrolling interests									995,920
Income tax (expense) benefit							(2,862)		(2,862)

Net (income) loss attributable to redeemable noncontrolling interests							(230,653)		(230,653)
Dividends on preference shares							(30,923)		(30,923)
Net income (loss) available (attributable) to RenaissanceRe common shareholders									$	731,482

Net claims and claim expenses incurred – current accident year	$	1,592,996		$	1,515,425		$	—	$	3,108,421
Net claims and claim expenses incurred – prior accident years	(157,049)			(26,763)			—		(183,812)
Net claims and claim expenses incurred – total	$	1,435,947		$	1,488,662		$	—	$	2,924,609

Net claims and claim expense ratio – current accident year	82.3		%	75.2		%			78.6		%
Net claims and claim expense ratio – prior accident years	(8.1)		%	(1.4)		%			(4.6)		%
Net claims and claim expense ratio – calendar year	74.2		%	73.8		%			74.0		%
Underwriting expense ratio	25.2		%	30.5		%			27.9		%
Combined ratio	99.4		%	104.3		%			101.9		%

F-75

Year ended December 31, 2016 Property Casualty and Specialty Other Total
Gross premiums written $ 1,111,263
$ 1,263,313
$ —
$ 2,374,576

Net premiums written $ 725,321
$ 809,848
$ 143
$ 1,535,312

Net premiums earned $ 720,951
$ 682,337
$ 142
$ 1,403,430

Net claims and claim expenses incurred 151,545
380,396
(1,110 ) 530,831

Acquisition expenses 97,594
191,729
—
289,323

Operational expenses 108,642
88,984
123
197,749

Underwriting income $ 363,170
$ 21,228
$ 1,129
385,527

Net investment income 181,726
181,726

Net foreign exchange losses (13,788 ) (13,788 )
Equity in earnings of other ventures 963
963

Other income 14,178
14,178

Net realized and unrealized gains on investments 141,328
141,328

Corporate expenses (37,402 ) (37,402 )
Interest expense (42,144 ) (42,144 )
Income before taxes and noncontrolling interests 630,388

Income tax expense (340 ) (340 )
Net income attributable to noncontrolling interests (127,086 ) (127,086 )
Dividends on preference shares (22,381 ) (22,381 )
Net income available to RenaissanceRe common shareholders $ 480,581

Net claims and claim expenses incurred – current accident year $ 256,421
$ 438,536
$ —
$ 694,957

Net claims and claim expenses incurred – prior accident years (104,876 ) (58,140 ) (1,110 ) (164,126 )
Net claims and claim expenses incurred – total $ 151,545
$ 380,396
$ (1,110 ) $ 530,831

Net claims and claim expense ratio – current accident year 35.6 % 64.3 % 49.5 %
Net claims and claim expense ratio – prior accident years (14.6 )% (8.6 )% (11.7 )%
Net claims and claim expense ratio – calendar year 21.0 % 55.7 % 37.8 %
Underwriting expense ratio 28.6 % 41.2 % 34.7 %
Combined ratio 49.6 % 96.9 % 72.5 %



Year ended December 31, 2019	Property			Casualty and Specialty			Other		Total
Gross premiums written	$	2,430,985		$	2,376,765		$	—	$	4,807,750
Net premiums written	$	1,654,259		$	1,727,234		$	—	$	3,381,493
Net premiums earned	$	1,627,494		$	1,710,909		$	—	$	3,338,403
Net claims and claim expenses incurred	965,384			1,131,637			—		2,097,021
Acquisition expenses	313,554			448,678			—		762,232
Operational expenses	138,187			84,546			—		222,733
Underwriting income (loss)	$	210,369		$	46,048		$	—	256,417
Net investment income							424,207		424,207
Net foreign exchange gains (losses)							(2,938)		(2,938)
Equity in earnings of other ventures							23,224		23,224
Other income (loss)							4,949		4,949
Net realized and unrealized gains (losses) on investments							414,109		414,109

Corporate expenses							(94,122)		(94,122)
Interest expense							(58,364)		(58,364)
Income (loss) before taxes and redeemable noncontrolling interests									967,482
Income tax (expense) benefit							(17,215)		(17,215)

Net (income) loss attributable to redeemable noncontrolling interests							(201,469)		(201,469)
Dividends on preference shares							(36,756)		(36,756)
Net income (loss) available (attributable) to RenaissanceRe common shareholders									$	712,042

Net claims and claim expenses incurred – current accident year	$	968,357		$	1,155,519		$	—	$	2,123,876
Net claims and claim expenses incurred – prior accident years	(2,973)			(23,882)			—		(26,855)
Net claims and claim expenses incurred – total	$	965,384		$	1,131,637		$	—	$	2,097,021

Net claims and claim expense ratio – current accident year	59.5		%	67.5		%			63.6		%
Net claims and claim expense ratio – prior accident years	(0.2)		%	(1.4)		%			(0.8)		%
Net claims and claim expense ratio – calendar year	59.3		%	66.1		%			62.8		%
Underwriting expense ratio	27.8		%	31.2		%			29.5		%
Combined ratio	87.1		%	97.3		%			92.3		%

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Year ended December 31, 2015 Property Casualty and Specialty Other Total
Gross premiums written $ 1,072,159
$ 939,241
$ (90 ) $ 2,011,310

Net premiums written $ 726,145
$ 690,086
$ (48 ) $ 1,416,183

Net premiums earned $ 805,985
$ 594,614
$ (48 ) $ 1,400,551

Net claims and claim expenses incurred 128,290
320,818
(870 ) 448,238

Acquisition expenses 94,249
144,095
248
238,592

Operational expenses 118,666
100,180
266
219,112

Underwriting income $ 464,780
$ 29,521
$ 308
494,609

Net investment income 152,567
152,567

Net foreign exchange losses (3,051 ) (3,051 )
Equity in earnings of other ventures 20,481
20,481

Other income 13,472
13,472

Net realized and unrealized losses on investments (68,918 ) (68,918 )
Corporate expenses (76,514 ) (76,514 )
Interest expense (36,270 ) (36,270 )
Income before taxes and redeemable noncontrolling interests 496,376

Income tax benefit 45,866
45,866

Net income attributable to redeemable noncontrolling interests (111,050 ) (111,050 )
Dividends on preference shares (22,381 ) (22,381 )
Net income available to RenaissanceRe common shareholders $ 408,811

Net claims and claim expenses incurred – current accident year $ 222,076
$ 388,609
$ —
$ 610,685

Net claims and claim expenses incurred – prior accident years (93,786 ) (67,791 ) (870 ) (162,447 )
Net claims and claim expenses incurred – total $ 128,290
$ 320,818
$ (870 ) $ 448,238

Net claims and claim expense ratio – current accident year 27.6 % 65.4 % 43.6 %
Net claims and claim expense ratio – prior accident years (11.7 )% (11.4 )% (11.6 )%
Net claims and claim expense ratio – calendar year 15.9 % 54.0 % 32.0 %
Underwriting expense ratio 26.4 % 41.0 % 32.7 %
Combined ratio 42.3 % 95.0 % 64.7 %

The following is a summary of the Company’s gross premiums written allocated to the territory of coverage exposure:



Year ended December 31,	2021		2020		2019
Property
U.S. and Caribbean	$	2,257,088	$	1,683,538	$	1,368,205
Worldwide	1,188,737		889,917		643,744
Europe	253,678		189,587		182,544
Japan	114,981		102,228		90,328
Worldwide (excluding U.S.) (1)	34,742		62,058		79,393
Australia and New Zealand	69,188		40,243		32,203
Other	40,310		31,571		34,568
Total Property	3,958,724		2,999,142		2,430,985
Casualty and Specialty
Worldwide	1,746,450		1,315,386		935,626
U.S. and Caribbean	1,721,663		1,248,981		1,071,170
Europe	217,721		121,369		227,178
Worldwide (excluding U.S.) (1)	108,376		56,225		25,291
Australia and New Zealand	29,001		12,429		34,053
Other	51,863		52,633		83,447
Total Casualty and Specialty	3,875,074		2,807,023		2,376,765

Total gross premiums written	$	7,833,798	$	5,806,165	$	4,807,750

(1)The category “Worldwide (excluding U.S.)” consists of contracts that cover more than one geographic region (other than the U.S.).

Year ended December 31, 2017 2016 2015
Property
U.S. and Caribbean $ 954,269
$ 743,226
$ 671,887

Worldwide 305,915
210,168
234,801

Japan 49,821
44,536
32,830

Europe 49,486
37,611
32,973

Worldwide (excluding U.S.) (1) 48,182
55,043
76,370

Australia and New Zealand 14,151
13,729
15,869

Other 18,613
6,950
7,429

Total Property 1,440,437
1,111,263
1,072,159

Casualty and Specialty
Worldwide 686,253
581,972
320,452

U.S. and Caribbean 622,757
646,381
522,778

Europe 9,752
5,541
936

Worldwide (excluding U.S.) (1) 10,104
13,840
87,597

Australia and New Zealand 4,141
5,073
1,627

Other 24,103
10,506
5,851

Total Casualty and Specialty 1,357,110
1,263,313
939,241

Other category (7 ) —
(90 )
Total gross premiums written $ 2,797,540
$ 2,374,576
$ 2,011,310


~~(1)~~	~~The category “Worldwide (excluding U.S.)” consists of contracts that cover more than one geographic region (other than the U.S.).~~

NOTE 17.STOCK INCENTIVE COMPENSATION AND EMPLOYEE BENEFIT PLANS

Stock Incentive Compensation Plans and Awards

The Company is authorized to issue restricted stock awards, restricted stock units, performance ~~shares,~~share awards, stock options and other ~~equity-based~~share-based awards to its employees and directors pursuant to various stock incentive compensation plans.

On May 16, 2016, the Company’s shareholders approved the Company’s 2016 Long-Term Incentive Plan (the “2016 Long-Term Incentive Plan”). Pursuant to the 2016 Long-Term Incentive Plan, the Company is authorized to issue up to 1,625,000 common shares plus the number of shares that were subject to awards outstanding under the Company’s 2001 Stock Incentive Plan, as amended (the “2001 Stock Incentive Plan”) and the Company’s 2010 Performance-Based Equity Incentive Plan, as amended (the “2010 Performance Plan”) as of the effective date of the 2016 Long-Term Incentive Plan that are forfeited, canceled, settled in cash, or otherwise terminated without delivery after the effective date. The 2016 Long-Term Incentive Plan permits the grant of restricted stock awards, restricted stock units, performance share awards (including cash-based performance awards), stock options and other share-based awards to employees, officers, non-employee directors and consultants or advisors of the Company and its affiliates.

The 2001 Stock Incentive Plan, which permitted the grant of stock options, restricted stock awards and other share-based awards to employees of RenaissanceRe and its subsidiaries, expired in accordance with its terms on February 6, 2016 and no additional awards may be made under this plan. ~~The 2010 Performance Plan, pursuant to which~~All awards made under the ~~Company granted performance shares, was terminated on May 16, 2016 upon approval of the 2016 Long-Term~~2001 Stock Incentive Plan ~~and~~vested no ~~additional awards will be made under this plan.~~later than March 1, 2020. The terms and conditions of outstanding awards granted under the 2001 Share Incentive Plan and the 2010 Performance Plan were not affected by the respective expiration and termination of these plans.

In 2010, the Company instituted a cash settled restricted stock unit (“CSRSU”) plan, the 2010 Restricted Stock Unit Plan, which allowed for the issuance of equity awards in the form of CSRSUs. In November 2016, the 2010 Restricted Stock Plan was terminated and replaced with a new cash settled restricted stock unit plan, the 2016 Restricted Stock Unit Plan. The terms and conditions of CSRSU awards outstanding

F-77

under the 2010 Restricted Stock Unit Plan at the time of termination were not affected, but no additional awards will be made under the 2010 Restricted Stock Unit Plan.

~~Options~~

~~The Company has not granted stock options since 2008. Outstanding stock options were granted pursuant to~~ All outstanding awards made under the ~~2001~~2010 Restricted Stock ~~Incentive~~Unit Plan ~~and allow for~~vested no later than March 1, 2020. Further, all outstanding awards made under the ~~purchase of RenaissanceRe common shares at a price that is equal to, or not less~~2016 Restricted Stock Unit Plan vested no later than ~~the fair market value of RenaissanceRe common shares as of the effective grant date. Options generally vested over~~ ~~four~~ ~~years and expire~~ 10 ~~years from the grant date.~~March 1, 2021.

Restricted Stock Awards

Restricted stock awards granted periodically under ~~the 2001 Stock Incentive Plan and~~ the 2016 Long-Term Incentive Plan generally vest ratably over a ~~four~~ ~~year~~four-year period. The Company has also granted restricted stock awards to non-employee directors, which generally vest ratably over a ~~three year~~three-year period.

Performance ~~Shares~~Share Awards

Performance share awards ~~made~~have been granted periodically to certain of the Company’s executive officers pursuant to the ~~2010 Performance Plan, 2001 Share Incentive Plan and~~ 2016 Long-Term Incentive ~~Plan~~Plan. Outstanding performance share awards are subject to vesting conditions based on both continued service and the attainment of pre-established performance goals. If performance goals are achieved, the performance ~~shares~~share awards will vest up to a maximum of ~~250%~~200% of target. ~~Grants under this plan~~Performance share awards generally cliff vest at the end of a ~~three~~ ~~year~~three-year vesting period based on the attainment of annual performance goals over the vesting period. ~~The~~

Performance Share Awards Granted in March 2019

Performance share awards granted in March 2019 have a performance ~~shares have~~condition, which is the percentage change in the Company’s tangible book value per common share plus change in accumulated dividends, or, in the event of a change in control, a market condition, which is the Company’s total shareholder return relative to its peer group. ~~Total~~

Performance Share Awards Granted in March 2020 and March 2021

Performance share awards granted in March 2020 and March 2021 have a performance condition, which is the percentage change in the Company’s book value per common share plus change in accumulated dividends over three years and three-year average underwriting expense ratio rank compared to peers, or, in the event of a change in control, a market condition, which is the Company’s total shareholder return isrelative to its peer group.

The percentage change in tangible book value per share plus change in accumulated dividends, percentage change in book value per share plus change in accumulated dividends, and average underwriting expense ratio rank are calculated in accordance with the terms of the applicable award ~~agreement and is generally based on the average closing share price over the~~ 20 ~~trading days preceding and including the start and end of the annual performance period.~~

In 2012 and 2013, the Chief Executive Officer received certain special equity awards relating to promotions, which included grants of performance shares which vest over a period of four years, but otherwise have similar terms to other performance share awards.agreement.

Cash Settled Restricted Stock Units

CSRSUs are liability awards with fair value measurement based on the fair market value of the Company’s common shares at the end of each reporting period. CSRSUs granted periodically ~~by the Board of Directors~~ pursuant to the ~~2010 Restricted Stock Unit Plan and~~ 2016 Restricted Stock Unit Plan generally vest ratably over ~~four~~4 years.

Valuation Assumptions

Performance ~~Shares~~Share Awards Granted in March 2019

~~The fair~~For performance share awards granted in March 2019, the performance metric relates to the percentage change in tangible book value ofper share plus change in accumulated dividends which is classified as a performance ~~shares is measured on the grant date using~~condition under FASB ASC Topic Compensation - Stock Compensation. As a Monte Carlo simulation model which requires certain of the same inputs underlying the Black-Scholes methodology, that being: share price; expected volatility; expected term; expected dividend yield; and risk-free interest rates. The following are the weighted average-assumptions used to estimateresult, the fair ~~value for all performance shares issued in each respective year.~~

Performance Shares
Year ended December 31, 2017 2016
Expected volatility (1) 14.3% 14.3% - 14.7%
Expected term (in years) n/a n/a
Expected dividend yield n/a n/a
Risk-free interest rate (1) 0.93% - 1.69% 0.38% - 1.18%


~~(1)~~	~~The expected volatility and risk-free interest rate applied are specific to each tranche of performance shares.~~

~~Expected volatility: The expected volatility is estimated by the Company based on RenaissanceRe’s historical stock volatility.~~

Expected term: The expected term is not applicable as the length of the performance periods are fixed and not subject to future employee behavior. Each tranche of the performance shares has a one year period during which performance is measured.

~~Expected dividend yield: The expected dividend yield is not applicable to performance shares as dividends are paid at the end of the vesting period and do not affect the~~ value of the performance ~~shares.~~

~~Risk-free interest rate: The risk free rate~~share awards is ~~estimated based on the yield on a U.S. treasury zero-coupon issued with a remaining term equal to the vesting period of the performance shares.~~

~~The total cost of the performance shares is~~ determined ~~on the grant date~~ based on the fair market value ~~calculated by the Monte Carlo simulation model. The Company recognizes cost equal to fair value per performance share multiplied by the target number~~ of ~~performance~~RenaissanceRe’s common shares on the grant date. The ~~cost~~estimated fair value of performance share awards is ~~then~~ amortized as an expense over the requisite service period.

Performance Share Awards Granted in March 2020 and March 2021

For ~~2017,~~performance share awards granted in March 2020 and March 2021, the ~~Company elected~~performance metrics relates to ~~recognize forfeitures~~(i) the percentage change in book value per share plus change in accumulated dividends and (ii) average underwriting expense ratio rank compared to peers, both of which are classified as ~~they occurred rather than estimating service-based forfeitures~~performance conditions under FASB ASC Topic Compensation - Stock Compensation. As a result, the fair value of the performance

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share awards is determined based on the fair market value of RenaissanceRe’s common shares on the grant date. The estimated fair value of performance share awards is amortized as an expense over the requisite service period. In ~~2016, the Company used a~~ 0% ~~forfeiture rate for performance shares.~~

Restricted Stock Awards

The fair value of restricted stock awards is determined based on the fair market value of RenaissanceRe’s common shares on the grant date. The estimated fair value of restricted stock awards is amortized as an expense over the requisite service period. ~~For 2017, the~~The Company has elected to recognize forfeitures as they occurred rather than estimating service-based forfeitures over the requisite service period. In ~~2016, the Company used a~~ 0% ~~forfeiture rate for restricted stock awards.~~

Cash Settled Restricted Stock Units

CSRSUs are revalued at the end of each quarterly reporting period based on the then fair market value of RenaissanceRe’s common shares. The total cost is adjusted each quarter for unvested CSRSUs to reflect the current share price, and this total cost is amortized as an expense over the requisite service period. ~~For 2017, the~~The Company has elected to recognize forfeitures as they ~~occured~~occurred rather than estimating service-based forfeitures over the requisite service period. In ~~2016, the Company used a~~ ~~13%~~ ~~forfeiture rate for CSRSUs.~~

Summary of Stock Compensation Activity

~~The following is a summary of activity under the Company’s stock compensation plans.~~

~~Options~~

Weighted
options
outstanding

Weighted
average
exercise price

Weighted
average
remaining
contractual
life

Aggregate
intrinsic
value
Range of exercise prices
Balance, December 31, 2014 767,830
$ 48.71
2.0 $ 37,246
$37.51 - $59.66

Options granted —
—
—

Options forfeited —
—

Options expired —
—

Options exercised (359,618 ) 45.09
$ 21,205

Balance, December 31, 2015 408,212
$ 51.90
1.6 $ 25,020
$42.66 - $59.66

Options granted —
—
—

Options forfeited —
—

Options expired —
—

Options exercised (201,417 ) 50.59
$ 14,806

Balance, December 31, 2016 206,795
$ 53.17
0.9 $ 17,174
$50.71 - $59.66

Options granted —
—
—

Options forfeited —
—

Options expired —
—

Options exercised (174,794 ) $ 53.04
$ 15,945

Balance, December 31, 2017 32,001
$ 53.86
0.2 $ 2,295
$ 53.86

Total options exercisable at December 31, 2017 32,001
$ 53.86
0.2 $ 2,295
$ 53.86

Cash Settled Restricted Stock Units

~~Number of~~

~~shares~~

Number of
Shares

Nonvested at December 31, ~~2014~~2018

~~338,323~~146,917

Awards granted

~~160,817~~—

Awards vested

~~(144,440~~(80,012)

)

Awards forfeited

~~(28,622~~(3,161)

)

Nonvested at December 31, ~~2015~~2019

~~326,078~~63,744

Awards granted

~~135,119~~—

Awards vested

~~(133,278~~(44,734)

)

Awards forfeited

~~(19,575~~(529)

)

Nonvested at December 31, ~~2016~~2020

~~308,344~~18,481

Awards granted

~~98,067~~—

Awards vested

~~(122,088~~(18,481)

)

Awards forfeited

~~(21,993~~—

)

Nonvested at December 31, ~~2017~~2021

~~262,330~~—

~~Performance Shares~~

Number of
shares (1)

Weighted
average
grant-date fair value

Nonvested at December 31, 2014 248,572
$ 39.62

Awards granted 103,024
$ 44.98

Awards vested —

Awards forfeited (121,325 )
Nonvested at December 31, 2015 230,271
$ 41.40

Awards granted 77,045
$ 48.31

Awards vested (58,032 ) $ 38.30

Awards forfeited (37,903 )
Nonvested at December 31, 2016 211,381
$ 44.63

Awards granted 64,947
$ 65.27

Awards vested (62,499 ) $ 43.51

Awards forfeited (46,156 )
Nonvested at December 31, 2017 167,673
$ 53.11

~~(1)~~

For performance shares, the number of shares is stated at the maximum number that can be attained if the performance conditions are fully met. Forfeitures represent shares forfeited due to vesting below the maximum attainable as a result of the Company not fully meeting the performance conditions.

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Performance Share Awards




	Number of Shares (1)	Weighted Average Grant Date Fair Value
Nonvested at December 31, 2018	152,451	$	57.21
Awards granted	58,050	146.1
Awards vested	(21,730)	49.9
Awards forfeited	(43,924)	—
Nonvested at December 31, 2019	144,847	$	94.70
Awards granted	65,840	170.40
Awards vested	(48,997)	61.48
Awards forfeited	(9,976)	—
Nonvested at December 31, 2020	151,714	$	140.96
Awards granted	55,876	162.61
Awards vested	(49,792)	130.73
Awards forfeited	(16,730)	—
Nonvested at December 31, 2021	141,068	$	163.98

(1) For performance share awards, the number of shares is stated at the maximum number that can be attained if the performance conditions are fully met. Forfeitures represent shares forfeited due to vesting below the maximum attainable as a result of the Company not fully meeting the performance conditions.

Restricted Stock Awards

Employee
restricted stock awards

Non-employee director
restricted stock awards

Total
restricted stock awards

Number of
shares

Weighted
average grant
date fair
value

Number of
shares
Weighted
average grant
date fair
value
Number of
shares
Weighted
average grant
date fair
value
Nonvested at December 31, 2014 451,722
$ 87.29
30,055
$ 88.41
481,777
$ 87.36

Awards granted 195,337
102.17
14,575
102.90
209,912
102.22

Awards vested (168,019 ) 82.75
(17,744 ) 86.37
(185,763 ) 83.10

Awards forfeited —
—
—
—
—
—

Nonvested at December 31, 2015 479,040
$ 94.95
26,886
$ 97.61
505,926
$ 95.09

Awards granted 179,003
112.41
14,727
114.71
193,730
112.59

Awards vested (255,873 ) 93.98
(16,068 ) 96.83
(271,941 ) 94.15

Awards forfeited —
—
—
—
—
—

Nonvested at December 31, 2016 402,170
$ 103.34
25,545
$ 107.95
427,715
$ 103.61

Awards granted 116,345
148.66
12,193
150.05
128,538
148.79

Awards vested (185,478 ) 100.17
(17,612 ) 110.66
(203,090 ) 101.08

Awards forfeited —
—
—
—
—
—

Nonvested at December 31, 2017 333,037
$ 120.93
20,126
$ 131.09
353,163
$ 121.51



	Employee Restricted Stock Awards			Non-Employee Director Restricted Stock Awards			Total Restricted Stock Awards
	Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value
Nonvested at December 31, 2018	447,740	$	130.37	22,534	$	132.29	470,274	$	130.46
Awards granted	242,832	146.92		11,444	147.43		254,276	146.94
Awards vested	(165,245)	124.71		(12,972)	131.88		(178,217)	125.23
Awards forfeited	(14,467)	136.16		—	—		(14,467)	136.16
Nonvested at December 31, 2019	510,860	$	139.91	21,006	$	140.79	531,866	$	139.94
Awards granted	309,892	145.03		9,970	170.40		319,862	145.82
Awards vested	(213,488)	138.35		(10,316)	141.12		(223,804)	138.47
Awards forfeited	(14,517)	140.11		—	—		(14,517)	140.11
Nonvested at December 31, 2020	592,747	$	143.14	20,660	$	155.03	613,407	$	143.54
Awards granted	252,625	167.92		10,452	162.61		263,077	167.71
Awards vested	(207,264)	142.52		(10,511)	147.72		(217,775)	142.77
Awards forfeited	(14,776)	158.97		—	—		(14,776)	158.97
Nonvested at December 31, 2021	623,332	$	153.02	20,601	$	162.60	643,933	$	152.32

There were ~~1.8~~0.8 million shares available for issuance under the 2016 Long-Term Incentive Plan at December 31, ~~2017~~ ~~and no shares available for issuance under the 2001 Stock Incentive Plan or 2010 Performance Share Plan at~~ ~~December 31, 2017~~.2021.

The aggregate fair value of restricted stock awards, performance ~~shares~~share awards and CSRSUs vested during ~~2017~~2021 was ~~$56.9~~$46.3 million (~~2016~~ (2020 – ~~$54.5~~$54.7 million,, ~~2015~~ 2019 – ~~$34.0 million). Cash in the amount of~~ ~~$Nil~~ ~~was received from employees as a result of employee stock option exercises during 2017 (2016~~ – ~~$Nil~~, ~~2015~~ – ~~$0.1 million~~)$41.6 million). In connection with share vestings, ~~and option exercises,~~ there

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was noa $0.2 million excess windfall tax benefit realized by the Company ~~due to its net operating loss position~~ in ~~the taxable jurisdictions in which it operates.~~2021 (2020 – $0.3 million, 2019 – $0.2 million). RenaissanceRe issues new shares upon the exercise of an option.

The total stock compensation expense recognized in the Company’s consolidated statements of operations during ~~2017~~2021 was ~~$37.2~~$40.0 million (~~2016~~ (2020 – ~~$47.4~~$43.7 million,, ~~2015~~ 2019 – ~~$38.3 million~~)$41.4 million). As of December 31, ~~2017~~,2021, there was ~~$29.1~~$66.7 million of total unrecognized compensation cost related to restricted stock awards ~~$21.9~~and $4.9 million ~~related to CSRSUs and~~ ~~$4.1 million~~ related to performance ~~shares,~~share awards, which will be recognized on a weighted average basis during the next 1.7, ~~1.6~~ and 1.7 years, respectively.

All of the Company’s employees are eligible for defined contribution pension plans. Contributions are primarily based upon a percentage of eligible compensation. The Company contributed ~~$4.4~~$7.5 million to its defined contribution pension plans in ~~2017~~ (~~2016~~2021 (2020 – ~~$4.0~~$6.7 million,, ~~2015~~ 2019 – ~~$4.3 million~~)$4.9 million).

NOTE 18. STATUTORY REQUIREMENTS

The Company’s (re)insurance operations are subject to insurance laws and regulations in the jurisdictions in which they operate, the most significant of which currently include Bermuda, Switzerland, the ~~U.S.~~U.K. and the ~~U.K.~~U.S. These regulations include certain restrictions on the amount of dividends or other distributions, such as loans or cash advances, available to shareholders without prior approval of the respective regulatory authorities.

~~Group Supervision~~

The Bermuda Monetary Authority (“BMA”) is the group supervisor of the Company. Under the Insurance Act 1978, amendments thereto and related regulations of Bermuda (collectively, the “Insurance Act”), the Company shall ensure that it can meet its minimum solvency margin (“MSM”), defined as the minimum amount by which the value of the assets of the Company must exceed the value of its liabilities, the breach of which represents an unacceptable level of risk and triggers the strongest supervisory actions.

In addition, the Company is required to maintain capital at a level equal to its enhanced capital requirement (“ECR”) which is established by reference to the Bermuda Solvency Capital Requirement (the “BSCR”) model. The BSCR is a mathematical model designed to give the BMA robust methods for determining an insurer’s capital adequacy. The ECR is equal to the greater of the MSM or required capital calculated by reference to the BSCR. Effective January 1, 2016, the BMA embedded the Economic Balance Sheet (“EBS”) framework in the Bermuda legislative and regulatory regime. The EBS is an input to the BSCR which determines the Company’s ECR. The EBS regime prescribes the use of financial statements prepared in accordance with GAAP as the basis on which statutory financial statements are prepared, and those statutory financial statements form the starting basis for the EBS.

The BMA has established a target level capital (“TCL”) which is set at 120% of the ECR. While the Company is not required to maintain statutory capital and surplus at this level, it serves as an early warning tool for the BMA, and failure to meet the TCL may result in additional reporting requirements or increased regulatory oversight. The Company is currently completing its 2017 group BSCR, which must be filed with the BMA on or before May 31, 2018, and at this time, the Company believes it will exceed the target level of required economic statutory capital.

The statutory capital and surplus, required minimum statutory capital and surplus and unrestricted net assets of the Company’s regulated insurance operations in its most significant regulatory jurisdictions are detailed below:

Bermuda (1) U.S. U.K. (2) (3)
At December 31, 2017 2016 2017 2016 2017 2016
Statutory capital and surplus $ 4,155,440
$ 4,212,374
$ 523,384
$ 523,340
$ 527,325
$ 491,213

Required statutory capital and surplus 824,545
788,437
306,375
221,023
527,325
491,213

Unrestricted net assets 790,177
867,624
24,109
25,375
—
—


~~(1)~~	The Company's Bermuda-domiciled insurance subsidiaries’ capital and surplus is based on the relevant insurer’s statutory financial statements and required statutory capital and surplus is based on the MSM.

~~(2)~~

With respect to statutory capital and surplus and required statutory capital and surplus, and as described below, underwriting capacity of a member of Lloyd’s must be supported by providing a deposit in the form of cash, securities or letters of credit, which are referred to as Funds at Lloyd’s (“FAL”). FAL is determined by Lloyd’s and is based on Syndicate 1458’s solvency and capital requirements as calculated through its internal model.


~~(3)~~	Syndicate 1458 is capitalized by its FAL, with the related assets not held on its balance sheet. As such, unrestricted net assets is not applicable to Syndicate 1458; however, the Company can make an application to obtain approval from Lloyd’s to have funds released to RenaissanceRe from Syndicate 1458, subject to passing a Lloyd’s release test.



	Bermuda (1)				Switzerland (2)				U.K. (3)				U.S. (4)
At December 31,	2021		2020		2021		2020		2021		2020		2021		2020
Statutory capital and surplus	$	7,462,710	$	6,698,377	$	874,665	$	814,837	$	983,449	$	874,170	$	819,811	$	722,721
Required statutory capital and surplus	1,753,078		1,391,621		780,000		587,300		983,449		874,170		716,118		474,622
Unrestricted net assets	1,575,526		1,705,739		300,438		232,917		—		—		81,981		72,272

(1)Includes Renaissance Reinsurance, DaVinci, RenaissanceRe Specialty U.S. and Vermeer. The Company's Bermuda-domiciled insurance subsidiaries’ capital and surplus is based on the relevant insurer’s statutory financial statements and required statutory capital and surplus is based on the minimum solvency margin.

(2)Includes RREAG and its branches in Australia, Bermuda, the U.K. and the U.S. RREAG’s statutory capital and surplus and required statutory capital and surplus incorporate a full year of statutory net loss and risk capital, respectively.

(3)Includes Syndicate 1458. With respect to statutory capital and surplus and required statutory capital and surplus, and as described below, underwriting capacity of a member of Lloyd’s must be supported by providing a deposit in the form of cash, securities or letters of credit, which are referred to as Funds at Lloyd’s (“FAL”). FAL is determined by Lloyd’s and is based on Syndicate 1458’s solvency and capital requirements as calculated through its internal model. Syndicate 1458 is capitalized by its FAL, with the related assets not held on its balance sheet. As such, unrestricted net assets is not applicable to Syndicate 1458; however, the Company can make an application to obtain approval from Lloyd’s to have funds released to RenaissanceRe from Syndicate 1458, subject to passing a Lloyd’s release test.

(4)Includes Renaissance Reinsurance U.S.

Statutory net income (loss) ~~income~~ of the Company’s regulated insurance operations in its most significant regulatory jurisdictions are detailed below:



	Statutory Net Income (Loss)
	Bermuda (1)		Switzerland (2)		U.K. (3)		U.S. (4)
Year ended December 31, 2021	$	(89,267)	$	80,500	$	(46,352)	$	10,465
Year ended December 31, 2020	836,707		71,829		(37,427)		17,403
Year ended December 31, 2019	705,808		(52,699)		(667)		37,827

(1)Includes Renaissance Reinsurance, DaVinci, RenaissanceRe Specialty U.S. and Vermeer.

(2)Includes RREAG and its branches in Australia, Bermuda, the U.K. and the U.S.

(3)Includes Syndicate 1458.

(4)Includes Renaissance Reinsurance U.S.

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Statutory Net (Loss) Income
Bermuda U.S. U.K.
Year ended December 31, 2017 $ (334,142 ) $ (3,627 ) $ (57,050 )
Year ended December 31, 2016 625,371
43,292
28,007

Year ended December 31, 2015 355,132
58,752
1,627

The difference between statutory financial statements and statements prepared in accordance with GAAP varies by jurisdiction; however, the primary difference is that for the Company’s regulated entities the statutory financial statements generally do not reflect goodwill and intangible assets. Also, in the U.S., fixed maturity investments are generally recorded at amortized cost and deferred income tax is charged directly to equity. In the U.S. and ~~the U.K.,~~Bermuda, deferred acquisition costs are generally not reflected in the statutory financial statements. In Switzerland, currency translation adjustment losses are directly charged to net income or loss, while translation gains are not admissible and reflected as translation reserve on the statutory balance sheet. In addition, fixed maturity investments are carried at the lower of amortized cost and market value and recognition of equalization reserves is allowed. The prudence principle standard also allows for valuating certain assets below their nominal value. None of the Company’s insurance subsidiaries used permitted practices that prevented the trigger of a regulatory event during the years ended December 31, ~~2017, 2016~~2021, 2020 and ~~2015.~~2019.

Dividend Restrictions of RenaissanceRe

As a Bermuda-domiciled holding company, RenaissanceRe has limited operations of its ~~own and its~~own. Its assets consist primarily of investments in subsidiaries and ~~to a degree,~~ cash and securities. ~~Accordingly, RenaissanceRe’s future cash flows largely depend~~As a result, the Company relies primarily on ~~the availability of~~ dividends orand distributions (and other statutorily permissible payments) from its subsidiaries, investment income and fee income to meet its liquidity requirements, which primarily include making principal and interest payments ~~from subsidiaries.~~ on its debt, and dividend payments to its preference and common shareholders.

The ~~ability to pay such~~payment of dividends by the Company’s subsidiaries is, under certain circumstances, limited by the applicable laws and regulations ofin the various ~~countries and states~~jurisdictions in which ~~these~~the subsidiaries operate, including ~~among others,~~ Bermuda, the U.S., the U.K., Switzerland, Australia, Singapore and Ireland. RenaissanceRe’s ability to pay dividends and distribute capital to shareholders is limited by the Bermuda Companies Act 1981, insofar as after the payment, RenaissanceRe must still be able to pay its liabilities as they come due and the realizable value of its assets must be greater than its liabilities.

~~Bermuda-Domiciled Insurance Entities~~

Under the Insurance Act, certain subsidiaries of RenaissanceRe are required to prepare and file statutory financial statements. Effective January 1, 2016, the BMA prescribed the use of financial statements prepared in accordance with GAAP as the basis on which the statutory financial statements are prepared, subject to the application of certain prudential filters. These statutory financial statements are used to prepare the EBS. In addition, ~~Bermuda~~insurance laws require our insurance subsidiaries ~~of RenaissanceRe are required~~ to maintain certain measures of solvency and ~~liquidity and file a BSCR return.~~liquidity.

~~Class 3B and Class 4 Insurers~~Bermuda

~~Under the Insurance Act,~~ RenaissanceRe Specialty U.S. ~~is defined~~and Vermeer are registered as a Class 3B ~~insurer,~~general business insurers and Renaissance Reinsurance and DaVinci are ~~classified~~registered as Class 4 general business insurers under the Insurance Act 1978, amendments thereto and ~~therefore must~~related regulations of Bermuda (collectively, the “Insurance Act”). Class 3A, Class 3B and Class 4 insurers are required to maintain available statutory economic capital and surplus at a level at least equal to their enhanced capital requirement (“ECR”) and may be adjusted if the BMA concludes that the insurer’s risk profile deviates significantly from the assumptions underlying its ECR or the insurer’s assessment of its risk management policies and practices used to calculate the ECR. The BMA has established a target capital level which is set at 120% of the ~~greater of its MSM~~ ECR. Unlike other (re)insurers, special purpose insurersand ~~the required capital calculated by reference~~collateralized insurers are fully funded to ~~the BSCR.~~meet their (re)insurance obligations.

Class 3, Class 3A, Class 3B and Class 4 insurers are prohibited from declaring or paying any dividends if in breach of the required minimum solvency margin or minimum liquidity ratio, ~~(the “Relevant Margins”)~~ or if the declaration or payment of such dividend would cause the insurer to fail to meet the ~~Relevant Margins. Where an insurer fails to meet its Relevant Margins on the last day of any financial year, it is prohibited from declaring~~required minimum solvency margin or ~~paying any dividends during the next financial year without the prior approval of the BMA.~~minimum liquidity ratio. Further, Class 3A, Class 3B and Class 4 insurers are prohibited from declaring or paying in any financial year dividends of more than 25% of ~~its~~ total statutory capital and surplus ~~(as shown on its previous financial year’s statutory balance sheet)~~ unless ~~it files (at least seven days before payment of such dividends)~~the insurer file an affidavit with the BMA ~~an affidavit~~ stating that it will continue to meet ~~its Relevant Margins.~~the required minimum solvency margin or minimum liquidity ratio. Class 3, Class 3A, Class 3B and Class 4 insurers must obtain the BMA’s prior approval for a reduction by 15% or more of the total statutory capital as set forth in its previous year’s financial statements. These restrictions on declaring or paying dividends and distributions under the Insurance Act are in addition to the solvency requirements under the ~~Bermuda~~ Companies Act 1981 which

apply to all Bermuda companies. ~~In addition, an insurer engaged~~

Switzerland

The minimum capital requirement for a Swiss reinsurance company under the Insurance Supervisory Act for reinsurance license class C1 is CHF 10 million. Being a Swiss domiciled reinsurance company, RREAG must further maintain adequate solvency and provide for sufficient free and unencumbered capital in ~~general business is also~~relation to its entire activities in accordance with the Swiss Solvency Test. The SST adopts a risk-based and total balance sheet approach whereby reinsurance companies are required to ~~maintain~~provide a market-consistent assessment of the value of their assets and liabilities. The solvency requirement is met if the available risk-bearing capital exceeds the required target capital. It is then assessed whether the identified available capital can meet the SST requirements and is sufficient to cover the company’s obligations in less favorable

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scenarios. RREAG maintains branch operations in Australia, Bermuda, U.K. and the U.S., each in accordance with applicable local regulations, which may include statutory capital requirements.

RREAG may only distribute dividends out of its ~~relevant assets at not less than 75%~~retained earnings or distributable reserves based on the audited annual accounts of the ~~amount~~company. Any distribution of ~~its relevant liabilities.~~

~~The Company is currently completing its 2017 Bermuda-domiciled statutory filings for Renaissance Reinsurance, DaVinci and RenaissanceRe Specialty U.S., which must be filed with~~dividends remains subject to the ~~BMA on or before April 30, 2018, and at this time, the Company believes each~~approval of ~~Renaissance Reinsurance, DaVinci and RenaissanceRe Specialty U.S. will exceed the target level of required statutory economic capital.~~

~~Effective October 1, 2016, each of RenaissanceRe Specialty Risks and Platinum Bermuda merged into Renaissance Reinsurance, with Renaissance Reinsurance being the sole surviving entity. As part~~FINMA (as a change of the ~~merger, Renaissance Reinsurance received approval from~~regulatory business plan) if they have a bearing on the ~~BMA to reduce its statutory~~solvency of the reinsurer and/or the interests of the insured. The solvency and capital ~~by $500.0 million through a return of capital. The return of capital was completed prior to~~requirements must still be met following any distribution. At December 31, ~~2016.~~

~~SPIs~~

~~Under~~2020, we believe RREAG exceeded the ~~Insurance Act, Upsilon RFO is considered~~minimum solvency and capital requirements required to be maintained under Swiss law. RREAG was required to prepare an SPI. See “Note 11. Variable Interest Entities” for additional information related to Upsilon RFO. Unlike other (re)insurers, such as the Class 3B and Class 4 insurers discussed above, SPIs are fully funded to meet their (re)insurance obligations and are not exposed to insolvency, therefore the application and supervision processes are streamlined to facilitate the transparent structure. Further, the BMA has the discretion to modify such insurer’s reporting requirements under the Insurance Act. Like other (re)insurers, the principal representative of an SPI has a duty to inform the BMA in relation to solvency matters, where applicable. Upsilon RFO applied for and received a direction from the BMA, which, subject to specified conditions, modified its filing requirements in respect of statutory financial statementsFCR for the year ended December 31, ~~2017 and 2016.~~2020, which is available on our website.

~~U.S.-Domiciled Insurance Entities~~U.K.

The Company has a U.S.-domiciled insurance subsidiary, Renaissance Reinsurance U.S., which was acquired on March 2, 2015 and is subject to statutory accounting principles as defined by the National Association of Insurance Commissioners (the “NAIC”). The NAIC uses a risk-based capital ("RBC") model to monitor and regulate the solvency of licensed life, health, and property and casualty insurance and reinsurance companies. Renaissance Reinsurance U.S. is domiciled in Maryland, which has adopted the NAIC's model law.

Laws and regulations in the U.S. establish minimum capital adequacy levels and grant regulators the authority to take specific actions based on the level of impairment. For Renaissance Reinsurance U.S., this amount is the Company Action Level (“CAL”) based on the RBC model of the NAIC and represents the first level at which regulatory action is triggered.

Under Maryland insurance law, Renaissance Reinsurance U.S. must notify the Maryland Insurance Commissioner (the "Commissioner") within five business days after the declaration of any dividend or distribution, other than an extraordinary dividend or extraordinary distribution, and notify the Commissioner at least ten days prior to the payment or distribution thereof. The Commissioner has the right to prevent payment of such a dividend or such a distribution if the Commissioner determines, in the Commissioner's discretion, that after the payment thereof, the policyholders' surplus of Renaissance Reinsurance U.S. would be inadequate or could cause Renaissance Reinsurance U.S. to be in a hazardous financial condition. Renaissance Reinsurance U.S. must give at least 30 days prior notice to the Commissioner before paying an extraordinary dividend or making an extraordinary distribution. Extraordinary dividends and extraordinary distributions are dividends or distributions which, together with any other dividends and distributions paid during the immediately preceding twelve-month period, would exceed the lesser of:

~~10% of the insurer's statutory policyholders' surplus (as determined under statutory accounting principles) as of December 31 of the prior year; or~~

the insurer's net investment income excluding realized capital gains (as determined under statutory accounting principles) for the twelve-month period ending on December 31 of the prior year and pro rata distributions of any class of the insurer's securities, plus any amounts of net investment income (subject to the foregoing exclusions) in the three calendar years prior to the preceding year which have not been distributed.

At ~~December 31, 2017, Renaissance Reinsurance U.S. had an ordinary dividend capacity of $24.1 million which can be paid in 2018.~~

State insurance laws and regulations require Renaissance Reinsurance U.S. to file statutory basis financial statements with insurance regulators in each state where it is licensed, authorized or accredited to do business. The operations of Renaissance Reinsurance U.S. are subject to examination by those state insurance regulators at any time. The Company is currently completing the 2017 statutory basis financial statements for Renaissance Reinsurance U.S., which must be filed with the NAIC, on or before March 1, 2018. At this time, the Company believes Renaissance Reinsurance U.S. will exceed the CAL.

~~U.K.-Domiciled Syndicate 1458~~

RenaissanceRe CCL and Syndicate 1458 are subject to oversight by the Council of Lloyd’s. RSML is authorized by the U.K.’s Prudential Regulation Authority and regulated by the Financial Conduct Authority under the Financial Services and Markets Act 2000. Underwritingunderwriting capacity of a member of Lloyd’s must be supported by providing a deposit, referred to as “Funds at Lloyd’s” or “FAL,” in the form of cash, securities or letters of credit ~~which are referred~~in an amount determined under the capital adequacy regime of the PRA. The amount of such deposit is calculated for each member through the completion of an annual capital adequacy exercise. Under these requirements, Lloyd’s must demonstrate that each member has sufficient assets to ~~as FAL. This~~meet its underwriting liabilities plus a required solvency margin. The amount of FAL for Syndicate 1458 is determined by Lloyd’s and is based on Syndicate 1458’s solvency and capital requirement as calculated through its internal model. ~~In addition, if~~

Dividends from a Lloyd’s managing agent and a Lloyd’s corporate member can be declared and paid provided the ~~FAL are~~relevant company has sufficient profits available for distribution.

U.S.

Renaissance Reinsurance U.S. is required to meet certain minimum statutory capital and surplus requirements under Maryland law. Renaissance Reinsurance U.S. is also subject to risk-based capital (“RBC”) requirements under Maryland law, and must file an annual report of its RBC levels. If the report shows Renaissance Reinsurance U.S.’s statutory capital and surplus or total adjusted capital is below certain levels, Renaissance Reinsurance U.S. may be required to take certain corrective action or the Maryland Insurance Administration (“MIA”) may be permitted or required to take certain regulatory action.

Maryland law places limitations on the amounts of dividends or distributions payable by Renaissance Reinsurance U.S. At December 31, 2021, Renaissance Reinsurance U.S.had an ordinary dividend capacity of $82.0 million which can be paid in 2022. Payment of ordinary dividends by Renaissance Reinsurance U.S. requires notice to the MIA. Declaration of an extraordinary dividend, which must be paid out of earned surplus, generally requires thirty days’ prior notice to and approval or non-disapproval of the MIA. An extraordinary dividend includes any dividend whose fair market value together with that of other dividends or distributions made within the preceding twelve months exceeds the lesser of (1) ten percent of the insurer’s surplus as regards policyholders as of December 31 of the preceding year or (2) the insurer’s net investment income, excluding realized capital gains (as determined under statutory accounting principles), for the twelve month period ending December 31 of the preceding year and pro rata distributions of any class of the insurer’s own securities, plus any amounts of net investment income (subject to the foregoing exclusions), in the three calendar years prior to the preceding year which have not ~~sufficient to cover all losses, the Lloyd’s Central Fund provides an additional discretionary level of security for policyholders.~~been distributed.

Multi-Beneficiary Reinsurance Trusts

Each of Renaissance Reinsurance and DaVinci was approved as a Trusteed Reinsurer in the state of New York and established a multi-beneficiary reinsurance trust (“MBRT”) to collateralize its (re)insurance liabilities associated with U.S. domiciled cedants. The MBRTs are subject to the rules and regulations of the state of New York and the respective deed of trust, including but not limited to certain minimum capital funding requirements, investment guidelines, capital distribution restrictions and regulatory reporting requirements. Assets held under trust at December 31, ~~2017~~2021 with respect to the MBRTs totaled ~~$1.2~~$1.2 billion and ~~$377.0~~$272.0 million for Renaissance Reinsurance and DaVinci, respectively (~~2016~~(2020 – ~~$673.2~~$1.3 billion and $289.6 million, ~~and~~ ~~$136.7 million~~, respectively), compared to the minimum amount required under U.S. state regulations of ~~$1.1 billion~~$531.8 million and ~~$326.9~~$182.3 million,, respectively (~~2016~~(2020 – ~~$608.3~~$878.2 million and ~~$90.4~~$270.5 million,, respectively).

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Multi-Beneficiary Reduced Collateral Reinsurance Trusts

Each of Renaissance Reinsurance,RREAG and DaVinci has been approved as ~~an “eligible~~a “certified reinsurer” eligible for collateral reduction in ~~the state of Florida,~~certain states, and are authorized to provide reduced collateral equal to 20%, 20% and 50%, respectively, of their net outstanding insurance liabilities to ~~Florida-domiciled insurers.~~insurers domiciled in each of those states. Each of Renaissance Reinsurance, RREAG and DaVinci has established a multi-beneficiary reduced collateral reinsurance trust ~~(“RCT”)~~ to collateralize its (re)insurance liabilities associated with ~~Florida-domiciled cedants.~~cedants domiciled in those states. Because ~~the RCTs~~these reduced collateral reinsurance trusts were established in New York, they are subject to the rules and regulations of the state of New York including but not limited to certain minimum capital funding requirements, investment guidelines, capital distribution restrictions and regulatory reporting requirements. Assets held under trust at December 31, ~~2017~~2021 with respect to ~~the RCTs~~such reduced collateral reinsurance trusts totaled ~~$49.4~~$136.3 million, $168.1 million, and ~~$62.0~~$86.6 million for Renaissance Reinsurance, DaVinci and ~~DaVinci,~~RREAG respectively (~~2016~~(2020 - ~~$39.5~~$74.4 million, $90.1 million and ~~$19.1 million,~~$Nil respectively), compared to the minimum amount required under U.S. state regulations of ~~$39.7~~$128.1 million, ~~and~~ ~~$46.0 million, respectively (2016~~ ~~- $14.9~~ $164.5 million and ~~$14.1~~$75.8 million, respectively (2020 - $70.0 million, $86.5 million and $Nil respectively).

NOTE 19.DERIVATIVE INSTRUMENTS

From time to time, the Company may enter into derivative instruments such as futures, options, swaps, forward contracts and other derivative contracts primarily to manage its foreign currency exposure, obtain exposure to a particular financial market, for yield enhancement, or for trading and ~~speculation.~~to assume risk. The Company’s derivative instruments ~~are~~can be exchange traded or over-the-counter, with over-the-counter derivatives generally traded under International Swaps and Derivatives Association master agreements, which establish the terms of the transactions entered into with the Company’s derivative counterparties. In the event a party becomes insolvent or otherwise defaults on its obligations, a master agreement generally permits the non-defaulting party to accelerate and terminate all outstanding transactions and net the transactions’ marked-to-market values so that a single sum in a single currency will be owed by, or owed to, the non-defaulting party. Effectively, this contractual close-out netting reduces credit exposure from gross to net exposure. Where the Company has entered into master netting agreements with counterparties, or the Company has the legal and contractual right to offset positions, the derivative positions are generally netted by counterparty and are reported accordingly in other assets and other liabilities.

The tables below show the gross and net amounts of recognized derivative assets and liabilities at fair value, including the location on the consolidated balance sheets of the Company’s principal derivative instruments:

Derivative Assets
At December 31, 2017 Gross Amounts of Recognized Assets Gross Amounts Offset in the Balance Sheet Net Amounts of Assets Presented in the Balance Sheet Balance Sheet Location Collateral Net Amount
Interest rate futures $ 684
524
$ 160
Other assets $ —
$ 160

Interest rate swaps 424
—
424
Other assets —
424

Foreign currency forward contracts (1) 3,865
358
3,507
Other assets —
3,507

Foreign currency forward contracts (2) 39
11
28
Other assets —
28

Credit default swaps 1,518
—
1,518
Other assets —
1,518

Total $ 6,530
$ 893
$ 5,637
$ —
$ 5,637

Derivative Liabilities
At December 31, 2017 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Balance Sheet Net Amounts of Liabilities Presented in the Balance Sheet Balance Sheet Location Collateral Pledged Net Amount
Interest rate futures $ 729
524
$ 205
Other liabilities $ 205
$ —

Foreign currency forward contracts (1) 670
—
670
Other liabilities —
670

Foreign currency forward contracts (2) 115
11
104
Other liabilities —
104

Credit default swaps 22
—
22
Other liabilities 22
—

Total $ 1,536
$ 535
$ 1,001
$ 227
$ 774


~~(1)~~	~~Contracts used to manage foreign currency risks in underwriting and non-investment operations.~~


~~(2)~~	~~Contracts used to manage foreign currency risks in investment operations.~~

Derivative Assets
At December 31, 2016 Gross Amounts of Recognized Assets Gross Amounts Offset in the Balance Sheet Net Amounts of Assets Presented in the Balance Sheet Balance Sheet Location Collateral Net Amount
Interest rate futures $ 1,384
1,235
$ 149
Other assets $ —
$ 149

Foreign currency forward contracts (1) 774
—
774
Other assets —
774

Foreign currency forward contracts (2) 621
447
174
Other assets —
174

Credit default swaps 1,429
23
1,406
Other assets —
1,406

Total $ 4,208
$ 1,705
$ 2,503
$ —
$ 2,503

Derivative Liabilities
At December 31, 2016 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Balance Sheet Net Amounts of Liabilities Presented in the Balance Sheet Balance Sheet Location Collateral Pledged Net Amount
Interest rate futures $ 2,030
1,235
$ 795
Other liabilities $ 789
$ 6

Foreign currency forward contracts (1) 10,550
397
10,153
Other liabilities —
10,153

Foreign currency forward contracts (2) 766
447
319
Other liabilities —
319

Credit default swaps 181
23
158
Other liabilities —
158

Total $ 13,527
$ 2,102
$ 11,425
$ 789
$ 10,636


~~(1)~~	~~Contracts used to manage foreign currency risks in underwriting and non-investment operations.~~


~~(2)~~	~~Contracts used to manage foreign currency risks in investment operations.~~

~~Refer to “Note~~ 5~~. Investments” for information on reverse repurchase agreements.~~

~~The location and amount of the gain (loss) recognized in the Company’s consolidated statements of operations related to its principal derivative instruments are shown in the following table:~~

Location of gain (loss)
recognized on derivatives

Amount of gain (loss) recognized on
derivatives

Year ended December 31, 2017 2016 2015
Interest rate futures Net realized and unrealized gains (losses) on investments $ (3,252 ) $ (17,379 ) $ 5,573

Interest rate swaps Net realized and unrealized gains (losses) on investments 436
—
—

Foreign currency forward contracts (1) Net foreign exchange gains (losses) 9,628
(6,937 ) (1,943 )
Foreign currency forward contracts (2) Net foreign exchange gains (losses) (916 ) (1,591 ) 8,862

Credit default swaps Net realized and unrealized gains (losses) on investments 326
1,965
(313 )
Weather contract Net realized and unrealized gains (losses) on investments —
—
183

Total $ 6,222
$ (23,942 ) $ 12,362


~~(1)~~	~~Contracts used to manage foreign currency risks in underwriting and non-investment operations.~~


~~(2)~~	~~Contracts used to manage foreign currency risks in investment operations.~~

The Company is not aware of the existence of any credit-risk related contingent features that it believes would be triggered in its derivative instruments that are in a net liability position at December 31, ~~2017~~.2021.

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	Derivative Assets
At December 31, 2021	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Balance Sheet		Net Amounts of Assets Presented in the Balance Sheet		Balance Sheet Location	Collateral		Net Amount
Derivative Instruments Not Designated as Hedges
Interest rate futures	$	1,068	$	—	$	1,068	Other assets	$	—	$	1,068

Foreign currency forward contracts (1)	13,730		—		13,730		Other assets	—		13,730
Foreign currency forward contracts (2)	1,247		—		1,247		Other assets	—		1,247
Credit default swaps	478		—		478		Other assets	—		478

Equity futures	—		—		—		Other assets	—		—


Total derivative instruments not designated as hedges	16,523		—		16,523			—		16,523
Derivative Instruments Designated as Hedges
Foreign currency forward contracts (3)	1,366		—		1,366		Other assets	—		1,366

Total	$	17,889	$	—	$	17,889		$	—	$	17,889



	Derivative Liabilities
At December 31, 2021	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Balance Sheet		Net Amounts of Liabilities Presented in the Balance Sheet		Balance Sheet Location	Collateral Pledged		Net Amount
Derivative Instruments Not Designated as Hedges
Interest rate futures	$	1,426	$	—	$	1,426	Other liabilities	$	1,426	$	—

Foreign currency forward contracts (1)	7,880		—		7,880		Other liabilities	—		7,880
Foreign currency forward contracts (2)	3,412		—		3,412		Other assets	—		3,412
Credit default swaps	—		—		—		Other liabilities	—		—

Equity futures	173		—		173		Other liabilities	173		—


Total derivative instruments not designated as hedges	12,891		—		12,891			1,599		11,292
Derivative Instruments Designated as Hedges
Foreign currency forward contracts (3)	4,063		—		4,063		Other liabilities	—		4,063

Total	$	16,954	$	—	$	16,954		$	1,599	$	15,355

(1)Contracts used to manage foreign currency risks in underwriting and non-investment operations.

(2)Contracts used to manage foreign currency risks in investment operations.

(3)Contracts designated as hedges of net investments in foreign operations.

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	Derivative Assets
At December 31, 2020	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Balance Sheet		Net Amounts of Assets Presented in the Balance Sheet		Balance Sheet Location	Collateral		Net Amount
Derivative Instruments Not Designated as Hedges
Interest rate futures	$	1,019	$	863	$	156	Other assets	$	—	$	156
Interest rate swaps	22		—		22		Other assets	—		22
Foreign currency forward contracts (1)	23,055		184		22,871		Other assets	—		22,871
Foreign currency forward contracts (2)	2,232		69		2,163		Other assets	—		2,163
Credit default swaps	68		—		68		Other assets	—		68


Total derivative instruments not designated as hedges	26,396		1,116		25,280			—		25,280
Derivative Instruments Designated as Hedges
Foreign currency forward contracts (3)	19,953		—		19,953		Other assets	—		19,953
Total	$	46,349	$	1,116	$	45,233		$	—	$	45,233



	Derivative Liabilities
At December 31, 2020	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Balance Sheet		Net Amounts of Liabilities Presented in the Balance Sheet		Balance Sheet Location	Collateral Pledged		Net Amount
Derivative Instruments Not Designated as Hedges
Interest rate futures	$	1,430	$	863	$	567	Other liabilities	$	567	$	—

Foreign currency forward contracts (1)	12,791		—		12,791		Other liabilities	—		12,791
Foreign currency forward contracts (2)	3,919		69		3,850		Other liabilities	1,053		2,797
Total derivative instruments not designated as hedges	18,140		932		17,208			1,620		15,588
Derivative Instruments Designated as Hedges
Foreign currency forward contracts (3)	5,152		—		5,152		Other liabilities	—		5,152
Total	$	23,292	$	932	$	22,360		$	1,620	$	20,740

(1)Contracts used to manage foreign currency risks in underwriting and non-investment operations.

(2)Contracts used to manage foreign currency risks in investment operations.

(3)Contracts designated as hedges of net investments in foreign operations.

Refer to “Note 5. Investments” for information on reverse repurchase agreements.

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The location and amount of the gain (loss) recognized in the Company’s consolidated statements of operations related to its principal derivative instruments are shown in the following table:



	Location of gain (loss) recognized on derivatives	Amount of gain (loss) recognized on derivatives
Year ended December 31,		2021		2020		2019
Derivative Instruments Not Designated as Hedges
Interest rate futures (4)	Net realized and unrealized gains (losses) on investments	$	(15,846)	$	103,102	$	16,848
Interest rate swaps (4)	Net realized and unrealized gains (losses) on investments	(1,184)		2,334		1,488
Foreign currency forward contracts (1)	Net foreign exchange gains (losses)	(19,151)		24,309		12,617
Foreign currency forward contracts (2)	Net foreign exchange gains (losses)	(1,521)		(4,450)		(1,605)
Credit default swaps (4)	Net realized and unrealized gains (losses) on investments	3,479		(1,304)		7,043
Total return swaps (4)	Net realized and unrealized gains (losses) on investments	1,314		(5,479)		12,155
Equity futures (5)	Net realized and unrealized gains (losses) on investments	—		(30,045)		21,357



Total derivative instruments not designated as hedges		(32,909)		88,467		69,903
Derivative instruments designated as hedges
Foreign currency forward contracts (3)	Accumulated other comprehensive income (loss)	(4,535)		11,685		959
Total derivative instruments designated as hedges		(4,535)		11,685		959
Total		$	(37,444)	$	100,152	$	70,862

(1)Contracts used to manage foreign currency risks in underwriting and non-investment operations.

(2)Contracts used to manage foreign currency risks in investment operations.

(3)Contracts designated as hedges of net investments in foreign operations.

(4)Fixed income related derivatives included in net realized and unrealized gains (losses) on investment-related derivatives. See “Note 5. Investments” for additional information.

(5)Equity related derivatives included in net realized and unrealized gains (losses) on investment-related derivatives. See “Note 5. Investments” for additional information.

Derivative Instruments Not Designated as Hedges

Interest Rate Derivatives

The Company uses interest rate futures and swaps within its portfolio of fixed maturity investments to manage its exposure to interest rate risk, which may result in increasing or decreasing its exposure to this risk.

Interest Rate Futures

The fair value of interest rate futures is determined using exchange traded prices. At December 31, ~~2017~~,2021, the Company had ~~$1.5~~$2.2 billion of notional long positions and ~~$801.1 million~~$0.5 billion of notional short positions of primarily Eurodollar and U.S. treasury ~~and non-U.S. dollar~~ futures contracts (~~2016~~(2020 – ~~$1.2~~$2.0 billion and ~~$727.9 million~~,$1.0 billion, respectively).

Interest Rate Swaps

~~During 2017, the Company entered into interest rate swaps.~~ The fair value of interest rate swaps is determined using the relevant exchange traded price where available or a discounted cash flow model based on the terms of the contract and inputs, including, where applicable,

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observable yield curves. At December 31, ~~2017,~~2021, the Company had ~~$40.3 million~~$Nil of notional positions paying a fixed rate and $Nil receiving a fixed rate denominated in U.S. ~~dollars.~~dollar swap contracts (2020 - $Nil and $23.5 million, respectively).

Foreign Currency Derivatives

The Company’s functional currency is the U.S. dollar. The Company writes a portion of its business in currencies other than U.S. dollars and may, from time to time, experience foreign exchange gains and losses in the Company’s consolidated financial statements. ~~All~~The impact of changes in exchange rates ~~with~~on the ~~exception of~~Company’s assets and liabilities denominated in currencies other than the U.S. dollar, excluding non-monetary assets and liabilities, are recognized in the Company’s consolidated statements of operations.

Underwriting and Non-investments Operations Related Foreign Currency Contracts

The Company’s foreign currency policy with regard to its underwriting operations is generally to ~~hold~~enter into foreign currency ~~assets, including cash, investments~~forward and ~~receivables~~option contracts for notional values that approximate the foreign currency liabilities, including claims and claim expense reserves and reinsurance balances ~~payable. When necessary,~~payable, net of any cash, investments and receivables held in the ~~Company may~~respective foreign currency. The Company’s use of foreign currency forward and option contracts is intended to minimize the effect of fluctuating foreign currencies on the value of non-U.S. dollar denominated assets and liabilities associated with its underwriting operations. The Company may determine not to match a portion of its projected underwriting related assets or liabilities with underlying foreign currency exposure with investments in the same currencies, which would increase its exposure to foreign currency fluctuations and potentially increase the impact and volatility of foreign exchange gains and losses on its results of operations. The fair value of the Company’s underwriting operations related foreign currency contracts is determined using indicative pricing obtained from counterparties or broker quotes. At December 31, ~~2017~~,2021, the Company had outstanding underwriting related foreign currency contracts of ~~$215.4~~$915.0 million in notional long positions and ~~$44.2~~$329.3 million in notional short positions, denominated in U.S. dollars (~~2016~~(2020 – ~~$184.2~~$0.7 billion and $504.2 million, ~~and~~ ~~$91.4 million~~, respectively).

Investment Portfolio Related Foreign Currency Forward Contracts

The Company’s investment operations are exposed to currency fluctuations through its investments in non-U.S. dollar fixed maturity investments, short term investments and other investments. From time to time, the Company may employ foreign currency forward contracts in its investment portfolio to either assume foreign currency risk or to economically hedge its exposure to currency fluctuations from these investments. The fair value of the Company’s investment portfolio related foreign currency forward contracts is determined using an interpolated rate based on closing forward market rates. At December 31, ~~2017~~,2021, the Company had outstanding investment portfolio related foreign currency contracts of ~~$16.6~~$245.8 million in notional long positions and ~~$5.1~~$131.0 million in notional short positions, denominated in U.S. dollars (~~2016~~(2020 – ~~$26.9~~$269.5 million and ~~$57.3~~$117.5 million,, respectively).

Credit Derivatives

The Company’s exposure to credit risk is primarily due to its fixed maturity investments, short term investments, premiums receivable and reinsurance recoverable. From time to time, the Company ~~purchases~~may purchase credit derivatives to ~~hedge~~manage its exposures in the insurance industry, and to assist in managing the credit risk associated with ceded reinsurance. The Company also employs credit derivatives in its investment portfolio to either assume credit risk or ~~hedge~~manage its credit exposure.

Credit Default Swaps

The fair value of the Company credit ~~derivatives~~default swaps is determined using industry valuation models, broker bid indications or internal pricing valuation techniques. The fair value of these credit ~~derivatives~~default swaps can change based on a variety of factors including changes in credit spreads, default rates and recovery rates, the correlation of credit risk between the referenced credit and the counterparty, and market rate inputs such as interest rates. At December 31, ~~2017~~,2021, the Company had outstanding credit ~~derivatives~~default swaps of ~~$1.0 million~~$Nil in notional positions to hedge credit risk and ~~$18.8~~$218.5 million in notional positions to assume credit risk, denominated in U.S. dollars (~~2016~~(2020 – ~~$Nil~~$Nil and ~~$75.2~~$96.8 million,, respectively).

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Total Return Swaps

From time to time, the Company uses total return swaps as a means to manage spread duration and credit exposure in its investment portfolio. The fair value of the Company’s total return swaps is determined using broker-dealer bid quotations, market-based prices from pricing vendors or valuation models. At December 31, 2021 and December 31, 2020, the Company had no outstanding total return swaps, respectively.

Equity Derivatives

Equity Futures

From time to time, the Company uses equity derivatives in its investment portfolio to either assume equity risk or hedge its equity exposure. The fair value of the Company’s equity futures is determined using market-based prices from pricing vendors. At December 31, 2021, the Company had a $74.3 million notional long position of equity futures, denominated in U.S. dollars (2020 - $Nil).

Derivative Instruments Designated as Hedges of Net Investments in Foreign Operations

Foreign Currency Derivatives

Hedges of Net Investments in Foreign Operations

Certain of the Company’s subsidiaries use non-U.S. dollar functional currencies. The Company, from time to time, enters into foreign exchange forwards to hedge currencies, which, as of December 31, 2021 and 2020, includes the Australian dollar and Euro net investment in foreign operations, on an after-tax basis, from changes in the exchange rate between the U.S. dollar and these currencies.

The Company utilizes foreign exchange forward contracts to hedge the fair value of its net investment in a foreign operation. The Company has entered into foreign exchange forward contracts that were formally designated as hedges of its investment in subsidiaries with non-U.S. dollar functional currencies. There was no ineffectiveness in these transactions.

The table below provides a summary of derivative instruments designated as hedges of net investments in foreign operations, including the weighted average U.S. dollar equivalent of foreign denominated net (liabilities) assets that were hedged and the resulting derivative gain that are recorded in foreign currency translation adjustments, net of tax, within accumulated other comprehensive loss on the Company’s consolidated statements of changes in shareholders’ equity:



Year ended December 31,	2021		2020
Weighted average of U.S. dollar equivalent of foreign denominated net assets (liabilities)	$	(66,438)	$	(45,803)
Derivative gains (losses) (1)	$	(4,535)	$	11,685

(1) Derivative gains (losses) from derivative instruments designated as hedges of the net investment in a foreign operation are recorded in foreign currency translation adjustments, net of tax, within accumulated other comprehensive income (loss) on the Company’s consolidated statements of changes in shareholders’ equity.

NOTE 20.COMMITMENTS, CONTINGENCIES AND OTHER ITEMS

~~CONCENTRATION OF CREDIT RISK~~Concentration of Credit Risk

Instruments which potentially subject the Company to concentration of credit risk consist principally of investments, including the Company’s equity method investments, cash, premiums receivable and reinsurance balances. The Company limits the amount of credit exposure to any one financial institution and, except for the securities of the U.S. Government and U.S. Government related entities, and money market securities, none of the Company’s fixed-maturity and short-term investments exceeded 10% of shareholders’ equity at December 31, ~~2017. See~~2021. Refer to “Note 7~~. Reinsurance”,~~7. Reinsurance,” for information with respect to reinsurance recoverable.

~~EMPLOYMENT AGREEMENTS~~

F-89

Employment Agreements

The Board of Directors has authorized the execution of employment agreements between the Company and certain officers. These agreements provide for, among other things, severance payments under certain circumstances, as well as accelerated vesting of options and certain restricted stock grants, upon a change in control, as defined in the employment agreements and the Company’s stock incentive ~~plans.~~plan.

Letters of Credit and Other Commitments

~~LETTERS OF CREDIT AND OTHER COMMITMENTS~~

At December 31, ~~2017~~,2021, the Company’s banks have issued secured and unsecured letters of credit of ~~$501.4 million~~totaling $1.1 billion in favor of certain ceding ~~companies, including the Renaissance Reinsurance FAL Facility and Specialty Risks FAL Facility, each noted below.~~companies. In connection with the Company’s Top Layer Re joint venture, Renaissance Reinsurance has committed ~~$37.5~~$37.5 million of collateral to support a letter of credit and is obligated to make a mandatory capital contribution of up to ~~$50.0~~$50.0 million in the event that a loss reduces Top Layer Re’s capital and surplus below a specified level. ~~The letters of credit are secured by cash and investments of similar amounts.~~

At ~~December 31, 2017, letters of credit in the amounts of $180.0 million were issued pursuant~~Refer to ~~the Renaissance Reinsurance FAL Facility and £10.0 million issued pursuant to the Specialty Risks FAL Facility.~~

~~See~~ “Note 9. Debt and Credit Facilities” for additional information related to the Company’s debt and credit facilities.

~~PRIVATE EQUITY AND INVESTMENT COMMITMENTS~~Investment Commitments

The Company has committed capital to direct private equity ~~partnerships~~investments, fund investments, term loans and investments in other ~~entities~~ventures of ~~$1.0~~$2.7 billion,, of which ~~$585.2 million~~$1.3 billion has been contributed at December 31, ~~2017~~.2021. The Company’s remaining commitments to these ~~funds~~investments at December 31, ~~2017~~2021 totaled ~~$429.9 million~~.$1.4 billion. These commitments do not have a defined contractual commitment date.

~~INDEMNIFICATIONS AND WARRANTIES~~Indemnifications and Warranties

In the ordinary course of its business, the Company may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that lead to the execution of these provisions against the Company. Based on past experience, management currently believes that the likelihood of such an event is remote.

~~OPERATING AND CAPITAL LEASES~~Leases

The ~~Company~~Company’s operating leases primarily relate to office space ~~under operating~~for its global underwriting platforms principally in Bermuda, Australia, Ireland, Singapore, Switzerland, the U.K. and the U.S. These leases ~~which~~ expire at various dates through ~~2023. Future minimum~~2031 with a weighted average lease ~~payments under existing~~term of 4.7 years. Included in other assets and other liabilities at December 31, 2021 is a right-to-use asset of $22.9 million and a lease liability of $23.1 million, respectively, associated with the Company’s operating leases ~~are expected to be~~and reflected as ~~follows:~~

a result of the Company’s adoption of FASB ASC Topic Leases (2020 - $29.8 million and $29.9 million, respectively). During 2021, the Company recorded an operating lease expense of $8.4 million included in operating expenses (2020 - $9.8 million).

Minimum
lease payments

2018 $ 7,604

2019 6,937

2020 5,249

2021 4,925

2022 4,249

After 2022 1,841

Future minimum lease payments under existing operating leases $ 30,805

The Company’s ~~capital~~financing leases primarily relate to office space in Bermuda with an initial lease term of 20 years, ending in 2028, and a bargain renewal option for an additional 30 years. ~~The future~~Included in other assets and other liabilities at December 31, 2021 is a right-to-use asset of $28.0 million and a lease liability of $22.5 million, respectively, associated with the Company’s finance leases (2020 - $18.0 million and $22.9 million, respectively). During 2021, the Company recorded interest expense of $2.3 million associated with its finance leases (2020 - $2.3 million) included in other income and amortization of its finance leases right-to-use asset of $0.5 million included in operating expenses (2020 - $0.5 million).

F-90

Future minimum lease payments ~~of the Company’s capital~~under existing operating and finance leases are detailed below, ~~and relate principally to the transaction noted above,~~ excluding the bargain renewal ~~option.~~option on the finance lease related to office space in Bermuda:



	Future Minimum Lease Payments
	Operating Leases		Finance Leases

2022	$	8,515	$	2,661
2023	7,440		2,661
2024	6,186		2,661
2025	5,998		2,661
2026	5,588		2,661
After 2026	21,143		4,807
Future minimum lease payments under existing leases	$	54,870	$	18,112

Minimum
lease payments

2018 $ 3,150

2019 3,331

2020 3,336

2021 3,336

2022 3,336

After 2022 15,620

Future minimum lease payments under existing capital leases $ 32,109

~~FOREIGN TO FOREIGN RETROCESSIONS~~

During the fourth quarter of 2015, the Company recognized a recovery and corresponding reduction to acquisition expenses in its Property segment of $7.7 million associated with the December 2015 decision by the IRS to revoke its position that federal excise tax applies on foreign to foreign retrocessions.

~~LITIGATION~~Legal Proceedings

The Company and its subsidiaries are subject to lawsuits and regulatory actions in the normal course of business that do not arise from or directly relate to claims on reinsurance treaties or contracts or direct surplus lines insurance policies. In the Company’s industry, business litigation may involve allegations of underwriting or claims-handling errors or misconduct, disputes relating to the scope of, or compliance with, the terms of delegated underwriting agreements, employment claims, regulatory actions or disputes arising from the Company’s business ventures. The Company’s operating subsidiaries are subject to claims litigation involving, among other things, disputed interpretations of policy coverages. Generally, the Company’s direct surplus lines insurance operations are subject to greater frequency and diversity of claims and claims-related litigation than its reinsurance operations and, in some jurisdictions, may be subject to direct actions by allegedly injured persons or entities seeking damages from policyholders. These lawsuits, involving or arising out of claims on policies issued by the Company’s subsidiaries which are typical to the insurance industry in general and in the normal course of business, are considered in its ~~claims~~loss and ~~claim~~loss expense ~~reserves which are discussed in “Note 8. Reserve for Claims and Claim Expenses”.~~reserves. In addition, the Company may from time to time engage in litigation or arbitration related to its claims for payment in respect of ceded reinsurance, including disputes that challenge the Company’s ability to enforce its underwriting intent. Such matters could result, directly or indirectly, in providers of protection not meeting their obligations to the Company or not doing so on a timely basis. The Company may also be subject to other disputes from time to time, relating to operational or other matters distinct from insurance or reinsurance claims. Any litigation or arbitration, or regulatory process, contains an element of uncertainty, and the value of an exposure or a gain contingency related to a dispute is difficult to ~~estimate accordingly. Currently, the~~estimate. The Company believes that no individual litigation or arbitration to which it is presently a party is likely to have a material adverse effect on its financial condition, business or operations.

NOTE 21.~~QUARTERLY FINANCIAL INFORMATION (UNAUDITED)~~

SALE OF RENAISSANCERE UK

Quarter Ended
March 31,

Quarter Ended
June 30,

Quarter Ended
September 30,

Quarter Ended
December 31,

2017 2016 2017 2016 2017 2016 2017 2016
Revenues
Gross premiums written $ 922,090
$ 862,133
$ 827,415
$ 759,128
$ 640,269
$ 430,224
$ 407,766
$ 323,091

Net premiums written $ 544,136
$ 511,675
$ 555,745
$ 519,916
$ 483,221
$ 284,222
$ 288,223
$ 219,499

(Increase) decrease in unearned premiums (178,091 ) (158,069 ) (173,480 ) (168,514 ) 64,571
62,299
133,250
132,402

Net premiums earned 366,045
353,606
382,265
351,402
547,792
346,521
421,473
351,901

Net investment income 54,325
28,863
54,163
54,124
40,257
51,423
73,464
47,316

Net foreign exchange gains (losses) 8,165
(1,692 ) 3,109
(690 ) (156 ) (5,986 ) (490 ) (5,420 )
Equity in (losses) earnings of other ventures (1,507 ) 1,611
5,543
6,022
1,794
(11,630 ) 2,200
4,960

Other income 1,665
4,079
2,392
2,654
2,996
2,268
2,362
5,177

Net realized and unrealized gains (losses) on investments 43,373
61,653
58,113
69,772
42,052
59,870
(7,716 ) (49,967 )
Total revenues 472,066
448,120
505,585
483,284
634,735
442,466
491,293
353,967

Expenses
Net claims and claim expenses incurred 193,081
126,605
142,587
167,750
1,221,696
112,575
304,064
123,901

Acquisition costs 83,282
65,592
88,251
69,005
76,761
80,580
98,598
74,146

Operational expenses 47,283
56,235
41,766
51,073
42,537
40,493
29,192
49,948

Corporate expenses 5,286
8,225
4,636
5,752
4,413
11,537
4,237
11,888

Interest expense 10,526
10,538
10,091
10,536
11,799
10,536
11,777
10,534

Total expenses 339,458
267,195
287,331
304,116
1,357,206
255,721
447,868
270,417

Income (loss) before taxes 132,608
180,925
218,254
179,168
(722,471 ) 186,745
43,425
83,550

Income tax (expense) benefit (334 ) (2,744 ) (3,904 ) (6,612 ) 18,977
1,316
(41,226 ) 7,700

Net income (loss) 132,274
178,181
214,350
172,556
(703,494 ) 188,061
2,199
91,250

Net (income) loss attributable to redeemable noncontrolling interests (34,327 ) (44,591 ) (37,612 ) (30,635 ) 204,277
(35,641 ) (56 ) (16,219 )
Net income (loss) available (attributable) to RenaissanceRe 97,947
133,590
176,738
141,921
(499,217 ) 152,420
2,143
75,031

Dividends on preference shares (5,595 ) (5,595 ) (5,596 ) (5,596 ) (5,595 ) (5,595 ) (5,595 ) (5,595 )
Net income (loss) available (attributable) to RenaissanceRe common shareholders $ 92,352
$ 127,995
$ 171,142
$ 136,325
$ (504,812 ) $ 146,825
$ (3,452 ) $ 69,436

Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – basic $ 2.26
$ 2.97
$ 4.25
$ 3.23
$ (12.75 ) $ 3.58
$ (0.09 ) $ 1.70

Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted $ 2.25
$ 2.95
$ 4.24
$ 3.22
$ (12.75 ) $ 3.56
$ (0.09 ) $ 1.69

Average shares outstanding – basic 40,408
42,577
39,937
41,693
39,591
40,513
39,478
40,474

Average shares outstanding – diluted 40,623
42,912
40,024
41,885
39,591
40,733
39,478
40,707

~~NOTE 22. CONDENSED CONSOLIDATING FINANCIAL INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT OF SUBSIDIARIES~~

On February 4, 2020, RenaissanceRe Specialty Holdings (UK) Limited entered into an agreement to sell its wholly owned subsidiary, RenaissanceRe UK, a U.K. run-off company, to an investment vehicle managed by AXA Liabilities Managers, an affiliate of AXA XL. The ~~following tables present condensed consolidating balance sheets at~~ ~~December 31, 2017~~sale received regulatory approval on July 17, 2020 and ~~2016, condensed consolidating~~closed on August 18, 2020. The Company recognized a pre-tax loss on the sale of RenaissanceRe UK of $30.2 million, which is included in corporate expenses in the Company’s consolidated statements of operations ~~condensed consolidating~~for 2020. The loss on sale includes amounts related to prior purchase GAAP adjustments and cumulative currency translation adjustments recorded since the acquisition of RenaissanceRe UK. The financial results of RenaissanceRe UK for the period from January 1, 2020 through August 18, 2020, are recorded in the Company’s consolidated statements of ~~comprehensive (loss)~~operations as part of net income available to RenaissanceRe common shareholders for 2020. Prior to the sale, the underwriting activities of RenaissanceRe UK were principally all within the Company’s Casualty and ~~condensed consolidating~~Specialty segment.

F-91

NOTE 22. SUBSEQUENT EVENTS

Effective January 1, 2022, DaVinciRe completed an equity capital raise of $500.0 million, comprised of $284.8 million from third-party investors and $215.2 million from RenaissanceRe. In addition, RenaissanceRe sold an aggregate of $102.9 million of its shares in DaVinciRe to third-party investors and purchased an aggregate of $87.4 million of shares from third-party investors. At December 31, 2021, $387.8 million, representing the net amount received from investors other than the Company prior to December 31, 2021, is included in other liabilities on the Company's consolidated balance sheet, and also included in other operating cash flows on the Company's consolidated statements of cash flows for the ~~years~~year ended December 31, ~~2017~~2021. The Company’s noncontrolling economic ownership in DaVinciRe subsequent to these transactions was 30.9%, ~~2016~~ ~~and~~ ~~2015, respectively. Each of RRNAH and RenaissanceRe Finance is a 100% owned subsidiary of RenaissanceRe. On June~~effective January 1, 2017, the Platinum Finance Notes matured and the Company repaid the aggregate principal amount plus applicable accrued interest in full. Platinum Finance was subsequently dissolved on November 30, 2017. Prior to the liquidation of Platinum Finance, it was a 100% owned subsidiary of RenaissanceRe. For additional information related to the terms of the Company’s outstanding debt securities, see “Note 9. Debt and Credit Facilities”.

Condensed Consolidating Balance Sheet at December 31, 2017 RenaissanceRe
Holdings Ltd.
(Parent
Guarantor) RenRe North
America
Holdings Inc.
(Subsidiary
Issuer) RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other
RenaissanceRe
Holdings Ltd.
Subsidiaries and
Eliminations
(Non-guarantor
Subsidiaries)
(1) Consolidating
Adjustments
(2) RenaissanceRe
Consolidated
Assets
Total investments $ 225,266
$ 129,732
$ 31,255
$ 9,117,186
$ —
$ 9,503,439
Cash and cash equivalents 14,656
139
1,469
1,345,328
—
1,361,592
Investments in subsidiaries 4,105,760
36,140
1,141,733
—
(5,283,633 ) —
Due from subsidiaries and affiliates 4,602
91,891
—
—
(96,493 ) —
Premiums receivable —
—
—
1,304,622
—
1,304,622
Prepaid reinsurance premiums —
—
—
533,546
—
533,546
Reinsurance recoverable —
—
—
1,586,630
—
1,586,630
Accrued investment income 405
428
82
41,320
—
42,235
Deferred acquisition costs —
—
—
426,551
—
426,551
Receivable for investments sold 135
51
8
102,951
—
103,145
Other assets 433,468
21,342
430,481
76,703
(840,768 ) 121,226
Goodwill and other intangible assets 124,960
—
—
118,185
—
243,145
Total assets $ 4,909,252
$ 279,723
$ 1,605,028
$ 14,653,022
$ (6,220,894 ) $ 15,226,131
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses $ —
$ —
$ —
$ 5,080,408
$ —
$ 5,080,408
Unearned premiums —
—
—
1,477,609
—
1,477,609
Debt 417,000
—
841,892
147,731
(417,000 ) 989,623
Amounts due to subsidiaries and affiliates 82,579
54
92,794
—
(175,427 ) —
Reinsurance balances payable —
—
—
989,090
—
989,090
Payable for investments purchased —
—
—
208,749
—
208,749
Other liabilities 18,298
1,053
14,117
764,432
(5,129 ) 792,771
Total liabilities 517,877
1,107
948,803
8,668,019
(597,556 ) 9,538,250
Redeemable noncontrolling interests —
—
—
1,296,506
—
1,296,506
Shareholders’ Equity
Total shareholders’ equity 4,391,375
278,616
656,225
4,688,497
(5,623,338 ) 4,391,375
Total liabilities, noncontrolling interests and shareholders’ equity $ 4,909,252
$ 279,723
$ 1,605,028
$ 14,653,022
$ (6,220,894 ) $ 15,226,131


~~(1)~~	~~Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.~~


~~(2)~~	~~Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.~~

Condensed Consolidating Balance Sheet at December 31, 2016
RenaissanceRe
Holdings Ltd.
(Parent
Guarantor)
RenRe North
America
Holdings Inc.
(Subsidiary
Issuer) Platinum Underwriters Finance, Inc. (Subsidiary Issuer) RenaissanceRe Finance, Inc. (Subsidiary Issuer)
Other
RenaissanceRe
Holdings Ltd.
Subsidiaries and
Eliminations
(Non-guarantor
Subsidiaries)
(1)

Consolidating
Adjustments
(2)

RenaissanceRe
Consolidated
Assets
Total investments $ 387,274
$ 119,163
$ 267,556
$ 45,027
$ 8,497,948
$ —
$ 9,316,968
Cash and cash equivalents 7,067
162
6,671
9,397
397,860
—
421,157
Investments in subsidiaries 4,074,769
34,761
843,089
1,165,413
—
(6,118,032 ) —
Due from subsidiaries and affiliates 7,413
91,892
—
—
—
(99,305 ) —
Premiums receivable —
—
—
—
987,323
—
987,323
Prepaid reinsurance premiums —
—
—
—
441,260
—
441,260
Reinsurance recoverable —
—
—
—
279,564
—
279,564
Accrued investment income 105
289
551
106
37,025
—
38,076
Deferred acquisition costs —
—
—
—
335,325
—
335,325
Receivable for investments sold 136
2
99
45
105,559
—
105,841
Other assets 410,757
37,204
4,689
127,572
118,098
(522,938 ) 175,382
Goodwill and other intangible assets 130,407
—
—
—
120,779
—
251,186
Total assets $ 5,017,928
$ 283,473
$ 1,122,655
$ 1,347,560
$ 11,320,741
$ (6,740,275 ) $ 12,352,082
Liabilities, Redeemable Noncontrolling Interest and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses $ —
$ —
$ —
$ —
$ 2,848,294
$ —
$ 2,848,294
Unearned premiums —
—
—
—
1,231,573
—
1,231,573
Debt 117,000
—
255,352
545,889
147,422
(117,000 ) 948,663
Amounts due to subsidiaries and affiliates 14,644
42
123
96,061
—
(110,870 ) —
Reinsurance balances payable —
—
—
—
673,983
—
673,983
Payable for investments purchased —
—
—
—
305,714
—
305,714
Other liabilities 19,707
10,544
—
13,350
270,610
(12,527 ) 301,684
Total liabilities 151,351
10,586
255,475
655,300
5,477,596
(240,397 ) 6,309,911
Redeemable noncontrolling interests —
—
—
—
1,175,594
—
1,175,594
Shareholders’ Equity
Total shareholders’ equity 4,866,577
272,887
867,180
692,260
4,667,551
(6,499,878 ) 4,866,577
Total liabilities, redeemable noncontrolling interest and shareholders’ equity $ 5,017,928
$ 283,473
$ 1,122,655
$ 1,347,560
$ 11,320,741
$ (6,740,275 ) $ 12,352,082


~~(1)~~	~~Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.~~


~~(2)~~	~~Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.~~

Condensed Consolidating Statement of Operations for
the year ended December 31, 2017 RenaissanceRe
Holdings Ltd.
(Parent
Guarantor) RenRe North
America
Holdings Inc.
(Subsidiary
Issuer) Platinum Underwriters Finance, Inc. (Subsidiary Issuer) RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other
RenaissanceRe
Holdings Ltd.
Subsidiaries and
Eliminations
(Non-guarantor
Subsidiaries)
(1) Consolidating
Adjustments
(2) RenaissanceRe
Consolidated
Revenues
Net premiums earned $ —
$ —
$ —
$ —
$ 1,717,575
$ —
$ 1,717,575
Net investment income 23,109
1,947
1,373
3,090
219,490
(26,800 ) 222,209
Net foreign exchange (losses) gains (1 ) —
—
—
10,629
—
10,628
Equity in (losses) earnings of other ventures —
—
—
(223 ) 8,253
—
8,030
Other income —
—
—
—
9,415
—
9,415
Net realized and unrealized (losses) gains on investments (1,357 ) 9,621
4,916
(479 ) 123,121
—
135,822
Total revenues 21,751
11,568
6,289
2,388
2,088,483
(26,800 ) 2,103,679
Expenses
Net claims and claim expenses incurred —
—
—
—
1,861,428
—
1,861,428
Acquisition expenses —
—
—
—
346,892
—
346,892
Operational expenses 11,314
103
85
26,063
141,572
(18,359 ) 160,778
Corporate expenses 18,546
—
—
—
26
—
18,572
Interest expense 1,572
—
2,461
31,657
10,075
(1,572 ) 44,193
Total expenses 31,432
103
2,546
57,720
2,359,993
(19,931 ) 2,431,863
(Loss) income before equity in net (loss) income of subsidiaries and taxes (9,681 ) 11,465
3,743
(55,332 ) (271,510 ) (6,869 ) (328,184 )
Equity in net (loss) income of subsidiaries (212,708 ) 756
28,028
9,298
—
174,626
—
(Loss) income before taxes (222,389 ) 12,221
31,771
(46,034 ) (271,510 ) 167,757
(328,184 )
Income tax (expense) benefit —
(18,147 ) (1,175 ) 7,163
(14,328 ) —
(26,487 )
Net (loss) income (222,389 ) (5,926 ) 30,596
(38,871 ) (285,838 ) 167,757
(354,671 )
Net loss attributable to redeemable noncontrolling interests —
—
—
—
132,282
—
132,282
Net (loss) income attributable to RenaissanceRe (222,389 ) (5,926 ) 30,596
(38,871 ) (153,556 ) 167,757
(222,389 )
Dividends on preference shares (22,381 ) —
—
—
—
—
(22,381 )
Net (loss) income (attributable) available to RenaissanceRe common shareholders $ (244,770 ) $ (5,926 ) $ 30,596
$ (38,871 ) $ (153,556 ) $ 167,757
$ (244,770 )


~~(1)~~	~~Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.~~


~~(2)~~	~~Includes Parent Guarantor, Subsidiary Guarantor and Subsidiary Issuer consolidating adjustments.~~

Condensed Consolidating Statement of Comprehensive (Loss) Income for the year ended December 31, 2017 RenaissanceRe
Holdings Ltd.
(Parent
Guarantor) RenRe North
America
Holdings Inc.
(Subsidiary
Issuer) Platinum Underwriters Finance, Inc. (Subsidiary Issuer) RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other
RenaissanceRe
Holdings Ltd.
Subsidiaries and
Eliminations
(Non-guarantor
Subsidiaries)
(1) Consolidating
Adjustments
(2) RenaissanceRe
Consolidated
Comprehensive (loss) income
Net (loss) income $ (222,389 ) $ (5,926 ) $ 30,596
$ (38,871 ) $ (285,838 ) $ 167,757
$ (354,671 )
Change in net unrealized gains on investments —
—
—
—
(909 ) —
(909 )
Comprehensive (loss) income (222,389 ) (5,926 ) 30,596
(38,871 ) (286,747 ) 167,757
(355,580 )
Net loss attributable to redeemable noncontrolling interests —
—
—
—
132,282
—
132,282
Comprehensive loss attributable to redeemable noncontrolling interests —
—
—
—
132,282
—
132,282
Comprehensive (loss) income (attributable) available to RenaissanceRe $ (222,389 ) $ (5,926 ) $ 30,596
$ (38,871 ) $ (154,465 ) $ 167,757
$ (223,298 )


~~(1)~~	~~Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.~~


~~(2)~~	~~Includes Parent Guarantor, Subsidiary Guarantor and Subsidiary Issuer consolidating adjustments.~~

Condensed Consolidating Statement of Operations for the year ended December 31, 2016 RenaissanceRe
Holdings Ltd.
(Parent
Guarantor)
RenRe
North
America
Holdings
Inc.
(Subsidiary
Issuer)

Platinum
Underwriters
Finance, Inc.
(Subsidiary
Issuer)

RenaissanceRe
Finance, Inc.
(Subsidiary
Issuer)
Other
RenaissanceRe
Holdings Ltd.
Subsidiaries and
Eliminations
(Non-guarantor
Subsidiaries)
(1) Consolidating
Adjustments
(2) RenaissanceRe
Consolidated
Revenues
Net premiums earned $ —
$ —
$ —
$ —
$ 1,403,430
$ —
$ 1,403,430
Net investment income 24,178
1,852
3,989
569
175,407
(24,269 ) 181,726
Net foreign exchange losses (2 ) —
—
—
(13,786 ) —
(13,788 )
Equity in earnings of other ventures —
—
—
—
963
—
963
Other (loss) income (772 ) —
—
—
14,950
—
14,178
Net realized and unrealized gains on investments 4,151
4,659
8,193
46
124,279
—
141,328
Total revenues 27,555
6,511
12,182
615
1,705,243
(24,269 ) 1,727,837
Expenses
Net claims and claim expenses incurred —
—
—
—
530,831
—
530,831
Acquisition expenses —
—
—
—
289,323
—
289,323
Operational expenses 13,716
(112 ) 296
22,152
176,041
(14,344 ) 197,749
Corporate expenses 26,848
203
—
7
10,344
—
37,402
Interest expense 562
—
5,906
26,176
10,062
(562 ) 42,144
Total expenses 41,126
91
6,202
48,335
1,016,601
(14,906 ) 1,097,449
(Loss) income before equity in net income of subsidiaries and taxes (13,571 ) 6,420
5,980
(47,720 ) 688,642
(9,363 ) 630,388
Equity in net income of subsidiaries 516,533
3,857
25,073
38,628
—
(584,091 ) —
Income (loss) before taxes 502,962
10,277
31,053
(9,092 ) 688,642
(593,454 ) 630,388
Income tax (expense) benefit —
(2,275 ) (1,462 ) 11,014
(7,617 ) —
(340 )
Net income 502,962
8,002
29,591
1,922
681,025
(593,454 ) 630,048
Net income attributable to redeemable noncontrolling interests —
—
—
—
(127,086 ) —
(127,086 )
Net income attributable to RenaissanceRe 502,962
8,002
29,591
1,922
553,939
(593,454 ) 502,962
Dividends on preference shares (22,381 ) —
—
—
—
—
(22,381 )
Net income available to RenaissanceRe common shareholders $ 480,581
$ 8,002
$ 29,591
$ 1,922
$ 553,939
$ (593,454 ) $ 480,581


~~(1)~~	~~Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.~~


~~(2)~~	~~Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.~~

Condensed Consolidating Statement of Comprehensive Income for the year ended December 31, 2016 RenaissanceRe
Holdings Ltd.
(Parent
Guarantor)
RenRe
North
America
Holdings
Inc.
(Subsidiary
Issuer)

Platinum
Underwriters
Finance, Inc.
(Subsidiary
Issuer)

RenaissanceRe
Finance, Inc.
(Subsidiary
Issuer)
Other
RenaissanceRe
Holdings Ltd.
Subsidiaries and
Eliminations
(Non-guarantor
Subsidiaries)
(1) Consolidating
Adjustments
(2) RenaissanceRe
Consolidated
Comprehensive income
Net income $ 502,962
$ 8,002
$ 29,591
$ 1,922
$ 681,025
$ (593,454 ) $ 630,048
Change in net unrealized gains on investments —
—
—
—
(975 ) —
(975 )
Comprehensive income 502,962
8,002
29,591
1,922
680,050
(593,454 ) 629,073
Net income attributable to redeemable noncontrolling interests —
—
—
—
(127,086 ) —
(127,086 )
Comprehensive income attributable to redeemable noncontrolling interests —
—
—
—
(127,086 ) —
(127,086 )
Comprehensive income available to RenaissanceRe $ 502,962
$ 8,002
$ 29,591
$ 1,922
$ 552,964
$ (593,454 ) $ 501,987


~~(1)~~	~~Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.~~


~~(2)~~	~~Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.~~

Condensed Consolidating Statement of Operations
for the year ended December 31, 2015
RenaissanceRe
Holdings Ltd.
(Parent
Guarantor)

RenRe
North
America
Holdings
Inc.
(Subsidiary
Issuer)
Platinum
Underwriters
Finance, Inc.
(Subsidiary
Issuer) RenaissanceRe
Finance, Inc.
(Subsidiary
Issuer)
Other
RenaissanceRe
Holdings Ltd.
Subsidiaries
and
Eliminations
(Non-guarantor
Subsidiaries)
(1)

Consolidating
Adjustments
(2)

RenaissanceRe
Consolidated
Revenues
Net premiums earned $ —
$ —
$ —
$ —
$ 1,400,551
$ —
$ 1,400,551
Net investment income 15,391
1,251
4,063
996
144,642
(13,776 ) 152,567
Net foreign exchange gains (losses) 4
—
—
—
(3,055 ) —
(3,051 )
Equity in earnings of other ventures —
—
—
—
20,481
—
20,481
Other income 663
—
—
—
13,472
(663 ) 13,472
Net realized and unrealized (losses) gains on investments (2,080 ) 566
(2,600 ) —
(64,804 ) —
(68,918 )
Total revenues 13,978
1,817
1,463
996
1,511,287
(14,439 ) 1,515,102
Expenses
Net claims and claim expenses incurred —
—
—
—
448,238
—
448,238
Acquisition expenses —
—
—
—
238,592
—
238,592
Operational expenses 4,249
4,561
3
2,503
207,802
(6 ) 219,112
Corporate expenses 40,808
312
3
—
35,391
—
76,514
Interest expense 1,255
7,233
4,922
16,179
7,677
(996 ) 36,270
Total expenses 46,312
12,106
4,928
18,682
937,700
(1,002 ) 1,018,726
(Loss) income before equity in net income of subsidiaries and taxes (32,334 ) (10,289 ) (3,465 ) (17,686 ) 573,587
(13,437 ) 496,376
Equity in net income of subsidiaries 463,526
5,493
35,329
72,925
—
(577,273 ) —
Income (loss) before taxes 431,192
(4,796 ) 31,864
55,239
573,587
(590,710 ) 496,376
Income tax benefit —
32,005
1,985
6,190
5,686
—
45,866
Net income 431,192
27,209
33,849
61,429
579,273
(590,710 ) 542,242
Net income attributable to redeemable noncontrolling interests —
—
—
—
(111,050 ) —
(111,050 )
Net income attributable to RenaissanceRe 431,192
27,209
33,849
61,429
468,223
(590,710 ) 431,192
Dividends on preference shares (22,381 ) —
—
—
—
—
(22,381 )
Net income available to RenaissanceRe common shareholders $ 408,811
$ 27,209
$ 33,849
$ 61,429
$ 468,223
$ (590,710 ) $ 408,811


~~(1)~~	~~Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.~~


~~(2)~~	~~Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.~~

Condensed Consolidating Statement of Comprehensive Income for the year ended December 31, 2015
RenaissanceRe
Holdings Ltd.
(Parent
Guarantor)

RenRe
North
America
Holdings
Inc.
(Subsidiary
Issuer)
Platinum
Underwriters
Finance, Inc.
(Subsidiary
Issuer) RenaissanceRe
Finance, Inc.
(Subsidiary
Issuer)
Other
RenaissanceRe
Holdings Ltd.
Subsidiaries
and
Eliminations
(Non-guarantor
Subsidiaries)
(1)

Consolidating
Adjustments
(2)

RenaissanceRe
Consolidated
Comprehensive income
Net income $ 431,192
$ 27,209
$ 33,849
$ 61,429
$ 579,273
$ (590,710 ) $ 542,242
Change in net unrealized gains on investments —
—
—
—
(1,308 ) —
(1,308 )
Comprehensive income 431,192
27,209
33,849
61,429
577,965
(590,710 ) 540,934
Net income attributable to redeemable noncontrolling interests —
—
—
—
(111,050 ) —
(111,050 )
Comprehensive income attributable to redeemable noncontrolling interests —
—
—
—
(111,050 ) —
(111,050 )
Comprehensive income attributable to RenaissanceRe $ 431,192
$ 27,209
$ 33,849
$ 61,429
$ 466,915
$ (590,710 ) $ 429,884


~~(1)~~	~~Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.~~


~~(2)~~	~~Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.~~

Condensed Consolidating Statement of Cash Flows for the year ended December 31, 2017 RenaissanceRe
Holdings Ltd.
(Parent
Guarantor) RenRe North
America
Holdings Inc.
(Subsidiary
Issuer) Platinum Underwriters Finance, Inc. (Subsidiary Issuer) RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other
RenaissanceRe
Holdings Ltd.
Subsidiaries and
Eliminations
(Non-guarantor
Subsidiaries)
(1)
RenaissanceRe
Consolidated
Cash flows (used in) provided by operating activities
Net cash (used in) provided by operating activities $ (4,109 ) $ (8,253 ) $ (2,272 ) $ (347,890 ) $ 1,408,311
$ 1,045,787
Cash flows provided by (used in) investing activities
Proceeds from sales and maturities of fixed maturity investments trading 261,601
100,248
289,741
288,900
8,550,179
9,490,669
Purchases of fixed maturity investments trading (344,463 ) (99,568 ) (143,991 ) (275,778 ) (9,229,732 ) (10,093,532 )
Net (purchases) sales of equity investments trading —
(1,752 ) 85,324
—
32,265
115,837
Net sales (purchases) of short term investments 243,571
114
41,299
(493 ) 79,520
364,011
Net purchases of other investments —
—
—
—
(19,419 ) (19,419 )
Dividends and return of capital from subsidiaries 478,496
9,175
—
41,866
(529,537 ) —
Contributions to subsidiaries (669,672 ) —
(26,649 ) (9,890 ) 706,211
—
Due to (from) subsidiary 319,646
13
(123 ) (509 ) (319,027 ) —
Net cash provided by (used in) investing activities 289,179
8,230
245,601
44,096
(729,540 ) (142,434 )
Cash flows (used in) provided by financing activities
Dividends paid – RenaissanceRe common shares (51,370 ) —
—
—
—
(51,370 )
Dividends paid – preference shares (22,381 ) —
—
—
—
(22,381 )
RenaissanceRe common share repurchases (188,591 ) —
—
—
—
(188,591 )
Issuance of debt —
—
—
295,866
—
295,866
Repayment of debt —
—
(250,000 ) —
—
(250,000 )
Net third party redeemable noncontrolling interest share transactions —
—
—
—
260,475
260,475
Taxes paid on withholding shares (15,139 ) —
—
—
—
(15,139 )
Net cash (used in) provided by financing activities (277,481 ) —
(250,000 ) 295,866
260,475
28,860
Effect of exchange rate changes on foreign currency cash —
—
—
—
8,222
8,222
Net increase (decrease) in cash and cash equivalents 7,589
(23 ) (6,671 ) (7,928 ) 947,468
940,435
Cash and cash equivalents, beginning of period 7,067
162
6,671
9,397
397,860
421,157
Cash and cash equivalents, end of period $ 14,656
$ 139
$ —
$ 1,469
$ 1,345,328
$ 1,361,592


~~(1)~~	~~Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.~~

Condensed Consolidating Statement of Cash Flows for the year ended December 31, 2016 RenaissanceRe
Holdings Ltd.
(Parent
Guarantor)
RenRe
North
America
Holdings
Inc.
(Subsidiary
Issuer)

Platinum
Underwriters
Finance, Inc.
(Subsidiary
Issuer)

RenaissanceRe
Finance, Inc.
(Subsidiary
Issuer)

Other
RenaissanceRe
Holdings Ltd.
Subsidiaries
and
Eliminations
(Non-guarantor
Subsidiaries)
(1)

RenaissanceRe
Consolidated
Cash flows (used in) provided by operating activities
Net cash (used in) provided by operating activities $ (3,509 ) $ 1,477
$ (14,501 ) $ (34,607 ) $ 535,912
$ 484,772
Cash flows provided by (used in) investing activities
Proceeds from sales and maturities of fixed maturity investments trading 314,568
69,941
145,082
—
7,572,923
8,102,514
Purchases of fixed maturity investments trading (336,345 ) (123,046 ) (291,053 ) —
(7,532,276 ) (8,282,720 )
Proceeds from sales and maturities of fixed maturity investments available for sale —
—
—
—
17,692
17,692
Net (purchases) sales of equity investments trading —
(2,389 ) 193,022
—
(5,845 ) 184,788
Net (purchases) sales of short term investments (111,814 ) 67,684
(32,901 ) —
(41,586 ) (118,617 )
Net purchases of other investments —
—
—
—
(68,589 ) (68,589 )
Net purchases of investments in other ventures —
—
—
—
—
—
Net sales of other assets —
—
—
—
400
400
Dividends and return of capital from subsidiaries 617,239
2,900
—
13,125
(633,264 ) —
Contributions to subsidiaries (108,674 ) —
—
—
108,674
—
Due to (from) subsidiaries 23,758
(22,313 ) (81 ) 30,202
(31,566 ) —
Net cash provided by (used in) investing activities 398,732
(7,223 ) 14,069
43,327
(613,437 ) (164,532 )
Cash flows used in financing activities
Dividends paid – RenaissanceRe common shares (51,583 ) —
—
—
—
(51,583 )
Dividends paid – preference shares (22,381 ) —
—
—
—
(22,381 )
RenaissanceRe common share repurchases (309,434 ) —
—
—
—
(309,434 )
Net third party redeemable noncontrolling interest share transactions —
—
—
—
(2,990 ) (2,990 )
Taxes paid on withholding shares (14,943 ) —
—
—
—
(14,943 )
Net cash used in financing activities (398,341 ) —
—
—
(2,990 ) (401,331 )
Effect of exchange rate changes on foreign currency cash —
—
—
—
(4,637 ) (4,637 )
Net (decrease) increase in cash and cash equivalents (3,118 ) (5,746 ) (432 ) 8,720
(85,152 ) (85,728 )
Cash and cash equivalents, beginning of period 10,185
5,908
7,103
677
483,012
506,885
Cash and cash equivalents, end of period $ 7,067
$ 162
$ 6,671
$ 9,397
$ 397,860
$ 421,157

~~(1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.~~

Condensed Consolidating Statement of Cash Flows for the year ended December 31, 2015 RenaissanceRe
Holdings Ltd.
(Parent
Guarantor) RenRe North
America
Holdings Inc.
(Subsidiary
Issuer) Platinum Underwriters Finance, Inc. (Subsidiary Issuer) RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other
RenaissanceRe
Holdings Ltd.
Subsidiaries
and
Eliminations
(Non-guarantor
Subsidiaries)
(1) RenaissanceRe
Consolidated
Cash flows (used in) provided by operating activities
Net cash (used in) provided by operating activities $ (28,965 ) $ (9,201 ) $ (6,830 ) $ (17,871 ) $ 487,852
$ 424,985
Cash flows provided by (used in) investing activities
Proceeds from sales and maturities of fixed maturity investments trading 63,824
49,807
45,087
—
9,323,024
9,481,742
Purchases of fixed maturity investments trading (161,183 ) (59,040 ) —
—
(9,462,845 ) (9,683,068 )
Proceeds from sales and maturities of fixed maturity investments available for sale —
—
—
—
8,688
8,688
Net sales (purchases) of equity investments trading —
33,693
(269,244 ) —
87,993
(147,558 )
Net (purchases) sales of short term investments (116,461 ) (63,305 ) 238,177
—
610,705
669,116
Net sales of other investments —
—
—
—
15,843
15,843
Net purchases of investments in other ventures —
—
—
—
(10,150 ) (10,150 )
Net sales of other assets —
—
—
—
4,500
4,500
Dividends and return of capital from subsidiaries 1,584,624
180,000
65,000
87,553
(1,917,177 ) —
Contributions to subsidiaries (294,733 ) (8,550 ) (66,753 ) (185,000 ) 555,036
—
Due to (from) subsidiary 207,996
(118,529 ) 129
(183,405 ) 93,809
—
Net purchase of Platinum (904,433 ) —
1,537
—
224,744
(678,152 )
Net cash provided by (used in) investing activities 379,634
14,076
13,933
(280,852 ) (465,830 ) (339,039 )
Cash flows (used in) provided by financing activities
Dividends paid – RenaissanceRe common shares (53,967 ) —
—
—
—
(53,967 )
Dividends paid – preference shares (22,381 ) —
—
—
—
(22,381 )
RenaissanceRe common share repurchases (259,874 ) —
—
—
—
(259,874 )
Net repayment of debt —
—
—
299,400
146,189
445,589
Net third party redeemable noncontrolling interest share transactions —
—
—
—
(193,032 ) (193,032 )
Taxes paid on withholding shares (10,248 ) —
—
—
—
(10,248 )
Net cash (used in) provided by financing activities (346,470 ) —
—
299,400
(46,843 ) (93,913 )
Effect of exchange rate changes on foreign currency cash —
—
—
—
(10,732 ) (10,732 )
Net increase (decrease) in cash and cash equivalents 4,199
4,875
7,103
677
(35,553 ) (18,699 )
Cash and cash equivalents, beginning of year 5,986
1,033
—
—
518,565
525,584
Cash and cash equivalents, end of year $ 10,185
$ 5,908
$ 7,103
$ 677
$ 483,012
$ 506,885


~~(1)~~	~~Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.~~

~~NOTE 23.SUBSEQUENT EVENTS~~2022.

Effective January 1, ~~2018,~~2022, Upsilon RFO issued ~~$600.5~~$89.0 million of non-voting preference shares to investors, including ~~$75.0~~$10.0 million to the Company. ~~This~~At December 31, 2021, $79.0 million, representing the amount ~~was~~ received byfrom investors other than the Company prior to December 31, ~~2017 and~~2021, is included in other liabilities on the Company’s consolidated balance sheet, ~~at December 31, 2017,~~ and also included in other operating cash flows on the Company’s consolidated statements of cash flows for the year ended December 31, ~~2017.~~2021. Effective January 1, ~~2018,~~2022, the Company’s participation in the risks assumed by Upsilon RFO was ~~14.1%~~13.6%.

Effective January 1, 2022, Medici issued $73.7 million of non-voting preference shares to investors, including $nil to the Company. At December 31, 2021, $73.7 million, representing the amount received from investors other than the Company prior to December 31, 2021, is included in other liabilities on the Company’s consolidated balance sheet, and also included in other operating cash flows on the Company’s consolidated statements of cash flows for the year ended December 31, 2021. The Company’s noncontrolling economic ownership in Medici subsequent to these transactions was 13.7%, effective January 1, 2022.

Subsequent to December 31, ~~2017~~2021 and through the period ended February 2, ~~2018, third-party investors subscribed for $81.0~~2022, the Company repurchased 462,350 common shares at an aggregate cost of $76.1 million and an average price of $164.52 per common share. On February 4, 2022, the Company’s Board of Directors approved a renewal of the ~~participating, non-voting common shares of Medici. In addition, the Company redeemed~~authorized share repurchase program to an aggregate amount of $25.0 million of the participating, non-voting common shares of Medici. As a result of these transactions, the Company’s noncontrolling economic ownership in Medici was 17.8%, effective February 1, 2018.

up to $500.0 million.

F-92

RENAISSANCERE HOLDINGS LTD. AND SUBSIDIARIES

INDEX TO SCHEDULES TO CONSOLIDATED FINANCIAL STATEMENTS



		Page
Report of Independent Registered Public Accounting Firm on Schedules		~~S-2~~S-2

I	Summary of Investments other than Investments in Related Parties	~~S-3~~S-3

II	Condensed Financial Information of Registrant	~~S-4~~S-4

III	Supplementary Insurance Information	~~S-7~~S-7

IV	Supplemental Schedule of Reinsurance Premiums	~~S-8~~S-8

VI	Supplementary Insurance Information Concerning Property-Casualty Insurance Operations	~~S-8~~S-8

Schedules other than those listed above are omitted for the reason that they are not applicable.

S-1

~~REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM~~Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of RenaissanceRe Holdings Ltd.

We have audited the consolidated financial statements of RenaissanceRe Holdings Ltd. and ~~Subsidiaries~~subsidiaries (the Company) as of December 31, ~~2017~~2021 and ~~2016, and~~2020, for each of the three years in the period ended December 31, ~~2017,~~2021, and have issued our report thereon dated February ~~8, 2018 (included~~4, 2022 included elsewhere in this ~~Annual Report on~~ Form ~~10-K).~~10-K. Our audits ~~also~~of the consolidated financial statements included the financial statement schedules listed in Item 15 of this ~~Annual Report on~~ Form 10-K. In our opinion, the financial statement schedules, when considered in relation to the basic financial statements taken as a whole, presents fairly, in all material respects the information set forth therein.

~~Basis for Opinion~~

10-K (the schedules). These schedules are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s schedules, based on our audits. ~~We believe that~~

In our ~~audits provide a reasonable basis for our opinion.~~opinion, the schedules present fairly, in all material respects, the information set forth therein when considered in conjunction with the consolidated financial statements.

/s/ Ernst & Young Ltd.

Hamilton, Bermuda

February ~~8, 2018~~

4, 2022

S-2

SCHEDULE I

RENAISSANCERE HOLDINGS LTD. AND SUBSIDIARIES

SUMMARY OF INVESTMENTS

OTHER THAN INVESTMENTS IN RELATED PARTIES

(THOUSANDS OF UNITED STATES DOLLARS)


	December 31, 2021
	Amortized Cost or Cost		Fair Value		Amount at Which Shown in the Balance Sheet
Type of investment:
Fixed maturity investments
U.S. treasuries	$	6,302,313	$	6,247,779	$	6,247,779
Agencies	364,429		361,684		361,684

Non-U.S. government	552,935		549,613		549,613

Non-U.S. government-backed corporate	476,200		474,848		474,848
Corporate	3,202,614		3,214,438		3,214,438
Agency mortgage-backed	721,711		721,955		721,955
Non-agency mortgage-backed	232,144		233,346		233,346
Commercial mortgage-backed	631,016		634,925		634,925
Asset-backed	1,069,217		1,068,543		1,068,543
Total fixed maturity investments	$	13,552,579	13,507,131		13,507,131
Short term investments			5,298,385		5,298,385
Equity investments			546,016		546,016

Catastrophe bonds			1,104,034		1,104,034
Direct private equity investments			88,373		88,373
Fund investments			725,802		725,802
Term loans			74,850		74,850
Total other investments			1,993,059		1,993,059
Investments in other ventures, under equity method			98,068		98,068
Total investments			$	21,442,659	$	21,442,659

S-3

December 31, 2017
Amortized Cost or Cost Fair Value
Amount at
which shown
in the
Balance Sheet
Type of investment:
Fixed maturity investments
U.S. treasuries $ 3,195,767
$ 3,168,763
$ 3,168,763
Agencies 48,151
47,646
47,646
Municipal 506,486
509,802
509,802
Non-U.S. government (Sovereign debt) 287,641
287,660
287,660
Non-U.S. government-backed corporate 164,312
163,651
163,651
Corporate 2,057,219
2,063,459
2,063,459
Agency mortgage-backed 507,250
500,456
500,456
Non-agency mortgage-backed 283,303
300,331
300,331
Commercial mortgage-backed 202,452
202,062
202,062
Asset-backed 182,289
182,725
182,725
Total fixed maturity investments $ 7,434,870
7,426,555
7,426,555
Short term investments 991,863
991,863
Equity investments 388,254
388,254
Other investments 594,793
594,793
Investments in other ventures, under equity method 101,974
101,974
Total investments $ 9,503,439
$ 9,503,439

SCHEDULE II

RENAISSANCERE HOLDINGS LTD.

CONDENSED FINANCIAL INFORMATION OF REGISTRANT

RENAISSANCERE HOLDINGS LTD.

BALANCE SHEETS

AT DECEMBER 31, ~~2017~~2021 AND ~~2016~~2020

(PARENT COMPANY)

(THOUSANDS OF UNITED STATES DOLLARS)


	At December 31,
	2021		2020
Assets
Fixed maturity investments trading, at fair value - amortized cost $0 at December 31, 2021 (2020 - $14,840)	$	—	$	14,790
Short term investments, at fair value	46,503		125,392

Cash and cash equivalents	35,834		29,830
Investments in subsidiaries	6,137,229		6,757,962
Due from subsidiaries	9,468		2,435

Accrued investment income	6		34
Receivable for investments sold	3		18
Other assets	859,176		932,153
Goodwill and other intangible assets	108,261		112,110
Total assets	$	7,196,480	$	7,974,724
Liabilities and Shareholders’ Equity
Liabilities
Notes and bank loans payable	$	393,306	$	392,391
Due to subsidiaries	156,353		—

Other liabilities	22,540		22,085
Total liabilities	572,199		414,476
Shareholders’ Equity
Preference shares: $1.00 par value – 30,000 shares issued and outstanding at December 31, 2021 (2020 – 11,010,000)	750,000		525,000
Common shares: $1.00 par value – 44,444,831 shares issued and outstanding at December 31, 2021 (2020 – 50,810,618)	44,445		50,811
Additional paid-in capital	608,121		1,623,206
Accumulated other comprehensive income (loss)	(10,909)		(12,642)
Retained earnings	5,232,624		5,373,873
Total shareholders’ equity	6,624,281		7,560,248
Total liabilities and shareholders’ equity	$	7,196,480	$	7,974,724

S-4

At December 31,
2017 2016
Assets
Fixed maturity investments trading, at fair value - amortized cost $104,521 at December 31, 2017 (2016 - $22,402) $ 103,638
$ 22,119
Short term investments, at fair value 121,628
365,155
Cash and cash equivalents 14,656
7,067
Investments in subsidiaries 4,105,760
4,074,769
Due from subsidiaries 4,602
7,413
Accrued investment income 405
105
Receivable for investments sold 135
136
Other assets 433,468
410,757
Goodwill and other intangible assets 124,960
130,407
Total assets $ 4,909,252
$ 5,017,928
Liabilities and Shareholders’ Equity
Liabilities
Notes and bank loans payable $ 417,000
$ 117,000
Due to subsidiaries 82,579
14,644
Other liabilities 18,298
19,707
Total liabilities 517,877
151,351
Shareholders’ Equity
Preference shares: $1.00 par value – 16,000,000 shares issued and outstanding at December 31, 2017 (2016 – 16,000,000) 400,000
400,000
Common shares: $1.00 par value – 40,023,789 shares issued and outstanding at December 31, 2017 (2016 – 41,187,413) 40,024
41,187
Additional paid-in capital 37,355
216,558
Accumulated other comprehensive income 224
1,133
Retained earnings 3,913,772
4,207,699
Total shareholders’ equity 4,391,375
4,866,577
Total liabilities and shareholders’ equity $ 4,909,252
$ 5,017,928

SCHEDULE II

RENAISSANCERE HOLDINGS LTD.

CONDENSED FINANCIAL INFORMATION OF REGISTRANT – CONTINUED

RENAISSANCERE HOLDINGS LTD.

STATEMENTS OF OPERATIONS

FOR THE YEARS ENDED DECEMBER 31, ~~2017~~, ~~2016~~2021, 2020 AND ~~2015~~2019

(PARENT COMPANY)

(THOUSANDS OF UNITED STATES DOLLARS)


	Year ended December 31,
	2021		2020		2019
Revenues
Net investment income	$	38,347	$	40,502	$	39,629
Net foreign exchange gains (losses)	(10,740)		10,729		7,342

Net realized and unrealized gains (losses) on investments	6,212		(4,556)		12,393



Total revenues	33,819		46,675		59,364
Expenses
Interest expense	15,315		15,583		18,086
Operational expenses	12,043		8,016		7,506
Corporate expenses	35,946		47,223		58,393
Total expenses	63,304		70,822		83,985
Income (loss) before equity in net income of subsidiaries	(29,485)		(24,147)		(24,621)
Equity in net income (loss) of subsidiaries	(10,670)		786,552		773,419


Net income (loss)	(40,155)		762,405		748,798
Dividends on preference shares	(33,266)		(30,923)		(36,756)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	(73,421)	$	731,482	$	712,042

Year ended December 31,
2017 2016 2015
Revenues
Net investment income $ 23,109
$ 24,178
$ 15,391
Net foreign exchange (losses) gains (1 ) (2 ) 4
Other (loss) income —
(772 ) 663
Net realized and unrealized (losses) gains on investments (1,357 ) 4,151
(2,080 )
Total revenues 21,751
27,555
13,978
Expenses
Interest expense 1,572
562
1,255
Operational expenses 11,314
13,716
4,249
Corporate expenses 18,546
26,848
40,808
Total expenses 31,432
41,126
46,312
Loss before equity in net (loss) income of subsidiaries (9,681 ) (13,571 ) (32,334 )
Equity in net (loss) income of subsidiaries (212,708 ) 516,533
463,526
Net (loss) income (222,389 ) 502,962
431,192
Dividends on preference shares (22,381 ) (22,381 ) (22,381 )
Net (loss) income (attributable) available to RenaissanceRe common shareholders $ (244,770 ) $ 480,581
$ 408,811

RENAISSANCERE HOLDINGS LTD.

STATEMENTS OF COMPREHENSIVE INCOME (LOSS) ~~INCOME~~

FOR THE YEARS ENDED DECEMBER 31, ~~2017~~, ~~2016~~2021, 2020 AND ~~2015~~2019

(PARENT COMPANY)

(THOUSANDS OF UNITED STATES DOLLARS)



	Year ended December 31,
	2021		2020		2019
Comprehensive income (loss)
Net income (loss)	$	(40,155)	$	762,405	$	748,798
Change in net unrealized gains (losses) on investments, net of tax	(2,492)		606		2,173
Foreign currency translation adjustments, net of tax	4,225		(11,309)		(2,679)





Comprehensive income (loss) attributable to RenaissanceRe	$	(38,422)	$	751,702	$	748,292

S-5

Year ended December 31,
2017 2016 2015
Comprehensive (loss) income
Net (loss) income $ (222,389 ) $ 502,962
$ 431,192
Comprehensive (loss) income (attributable) available to RenaissanceRe $ (222,389 ) $ 502,962
$ 431,192

SCHEDULE II

RENAISSANCERE HOLDINGS LTD.

CONDENSED FINANCIAL INFORMATION OF REGISTRANT – CONTINUED

RENAISSANCERE HOLDINGS LTD.

STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, ~~2017~~, ~~2016~~2021, 2020 AND ~~2015~~2019

(PARENT COMPANY)

(THOUSANDS OF UNITED STATES DOLLARS)


	Year ended December 31,
	2021		2020		2019
Cash flows provided by (used in) operating activities:
Net income (loss)	$	(40,155)	$	762,405	$	748,798
Less: equity in net income of subsidiaries	10,670		(786,552)		(773,419)
	(29,485)		(24,147)		(24,621)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Net realized and unrealized (gains) losses on investments	4,898		4,556		(12,393)
Other	59,873		37,782		34,153
Net cash provided by (used in) operating activities	35,286		18,191		(2,861)
Cash flows provided by (used in) investing activities:
Proceeds from maturities and sales of fixed maturity investments trading	436,122		370,905		306,579
Purchases of fixed maturity investments trading	(421,323)		(384,415)		(66,740)
Net sales (purchases) of short term investments	78,904		64,209		(116,499)

Dividends and return of capital from subsidiaries	1,104,831		827,626		1,400,944
Contributions to subsidiaries	(351,548)		(1,623,708)		(1,165,607)
Due (to) from subsidiary	50,472		(65,438)		(625,924)

Net cash provided by (used in) investing activities	897,458		(810,821)		(267,247)
Cash flows provided by (used in) financing activities:
Dividends paid – RenaissanceRe common shares	(67,828)		(68,490)		(59,368)
Dividends paid – preference shares	(32,889)		(30,923)		(36,756)
Issuance of debt, net of expenses	—		—		396,411
RenaissanceRe common share repurchases	(1,027,505)		(62,621)		—
RenaissanceRe common share issuance	—		1,095,507		—
Redemption of preference shares	(275,000)		(125,000)		—
Issuance of preference shares, net of expenses	488,653		—		—
Taxes paid on withholding shares	(12,171)		(12,330)		(7,253)
Net cash provided by (used in) financing activities	(926,740)		796,143		293,034
Effect of exchange rate changes on foreign currency cash	—		(143)		—
Net increase (decrease) in cash and cash equivalents	6,004		3,370		22,926
Cash and cash equivalents, beginning of year	29,830		26,460		3,534
Cash and cash equivalents, end of year	$	35,834	$	29,830	$	26,460

S-6

Year ended December 31,
2017 2016 2015
Cash flows used in operating activities:
Net (loss) income $ (222,389 ) $ 502,962
$ 431,192
Less: equity in net loss (income) of subsidiaries 212,708
(516,533 ) (463,526 )
(9,681 ) (13,571 ) (32,334 )
Adjustments to reconcile net (loss) income to net cash used in operating activities
Net realized and unrealized losses (gains) on investments 1,357
(4,151 ) 2,080
Other 4,215
14,213
1,289
Net cash used in operating activities (4,109 ) (3,509 ) (28,965 )
Cash flows provided by investing activities:
Proceeds from maturities and sales of fixed maturity investments trading 261,601
314,568
63,824
Purchases of fixed maturity investments trading (344,463 ) (336,345 ) (161,183 )
Net sales (purchases) of short term investments 243,571
(111,814 ) (116,461 )
Dividends and return of capital from subsidiaries 478,496
617,239
1,584,624
Contributions to subsidiaries (669,672 ) (108,674 ) (294,733 )
Due to (from) subsidiary 319,646
23,758
207,996
Net purchase of Platinum —
—
(904,433 )
Net cash provided by investing activities 289,179
398,732
379,634
Cash flows used in financing activities:
Dividends paid – RenaissanceRe common shares (51,370 ) (51,583 ) (53,967 )
Dividends paid – preference shares (22,381 ) (22,381 ) (22,381 )
RenaissanceRe common share repurchases (188,591 ) (309,434 ) (259,874 )
Taxes paid on withholding shares (15,139 ) (14,943 ) (10,248 )
Net cash used in financing activities (277,481 ) (398,341 ) (346,470 )
Net increase (decrease) in cash and cash equivalents 7,589
(3,118 ) 4,199
Cash and cash equivalents, beginning of year 7,067
10,185
5,986
Cash and cash equivalents, end of year $ 14,656
$ 7,067
$ 10,185

SCHEDULE III

RENAISSANCERE HOLDINGS LTD. AND SUBSIDIARIES

SUPPLEMENTARY INSURANCE INFORMATION

(THOUSANDS OF UNITED STATES DOLLARS)


	December 31, 2021						Year ended December 31, 2021
	Deferred Policy Acquisition Costs		Future Policy Benefits, Losses, Claims and Loss Expenses		Unearned Premiums		Premium Revenue		Net Investment Income		Benefits, Claims, Losses and Settlement Expenses		Amortization of Deferred Policy Acquisition Costs		Other Operating Expenses		Net Written Premiums
Property	$	195,423	$	6,377,688	$	931,938	$	2,608,298	$	—	$	2,163,016	$	487,178	$	143,608	$	2,868,002
Casualty and Specialty	653,737		6,916,942		2,599,275		2,585,883		0		1,713,071		727,680		68,576		3,071,373
Other	—		—		—		—		319,479		—		—		—		—
Total	$	849,160	$	13,294,630	$	3,531,213	$	5,194,181	$	319,479	$	3,876,087	$	1,214,858	$	212,184	$	5,939,375

	December 31, 2020						Year ended December 31, 2020
	Deferred Policy Acquisition Costs		Future Policy Benefits, Losses, Claims and Loss Expenses		Unearned Premiums		Premium Revenue		Net Investment Income		Benefits, Claims, Losses and Settlement Expenses		Amortization of Deferred Policy Acquisition Costs		Other Operating Expenses		Net Written Premiums
Property	$	118,327	$	4,372,453	$	659,236	$	1,936,215	$	—	$	1,435,947	$	353,700	$	135,547	$	2,037,200
Casualty and Specialty	515,194		6,008,685		2,104,363		2,016,247		—		1,488,662		543,977		71,140		2,059,133
Other	—		—		—		—		354,038		—		—		—		—
Total	$	633,521	$	10,381,138	$	2,763,599	$	3,952,462	$	354,038	$	2,924,609	$	897,677	$	206,687	$	4,096,333

	December 31, 2019						Year ended December 31, 2019
	Deferred Policy Acquisition Costs		Future Policy Benefits, Losses, Claims and Loss Expenses		Unearned Premiums		Premium Revenue		Net Investment Income		Benefits, Claims, Losses and Settlement Expenses		Amortization of Deferred Policy Acquisition Costs		Other Operating Expenses		Net Written Premiums
Property	$	79,795	$	4,074,290	$	539,183	$	1,627,494	$	—	$	965,384	$	313,554	$	138,187	$	1,654,259
Casualty and Specialty	584,196		5,310,059		1,991,792		1,710,909		—		1,131,637		448,678		84,546		1,727,234
Other	—		—		—		—		424,207		—		—		—		—
Total	$	663,991	$	9,384,349	$	2,530,975	$	3,338,403	$	424,207	$	2,097,021	$	762,232	$	222,733	$	3,381,493

S-7

December 31, 2017 Year ended December 31, 2017

Deferred
Policy
Acquisition
Costs

Future Policy
Benefits,
Losses,
Claims and
Loss Expenses

Unearned
Premiums

Premium
Revenue

Net
Investment
Income

Benefits,
Claims,
Losses and
Settlement
Expenses

Amortization
of Deferred
Policy
Acquisition
Costs

Other
Operating
Expenses

Net Written
Premiums
Property $ 63,583
$ 2,486,390
$ 347,032
$ 931,070
$ —
$ 1,297,985
$ 113,816
$ 94,194
$ 978,014
Casualty and Specialty 362,968
2,575,492
1,130,577
786,501
—
565,026
233,077
66,548
893,307
Other —
18,526
—
4
222,209
(1,583 ) (1 ) 36
4
Total $ 426,551
$ 5,080,408
$ 1,477,609
$ 1,717,575
$ 222,209
$ 1,861,428
$ 346,892
$ 160,778
$ 1,871,325

December 31, 2016 Year ended December 31, 2016
Deferred
Policy
Acquisition
Costs Future Policy
Benefits,
Losses,
Claims and
Loss Expenses Unearned
Premiums �� Premium
Revenue Net
Investment
Income Benefits,
Claims,
Losses and
Settlement
Expenses Amortization
of Deferred
Policy
Acquisition
Costs Other
Operating
Expenses Net Written
Premiums
Property $ 46,938
$ 627,774
$ 289,080
$ 720,951
$ —
$ 151,545
$ 97,594
$ 108,642
$ 725,321
Casualty and Specialty 288,387
2,195,126
942,493
682,337
—
380,396
191,729
88,984
809,848
Other —
25,394
—
142
181,726
(1,110 ) —
123
143
Total $ 335,325
$ 2,848,294
$ 1,231,573
$ 1,403,430
$ 181,726
$ 530,831
$ 289,323
$ 197,749
$ 1,535,312

December 31, 2015 Year ended December 31, 2015
Deferred
Policy
Acquisition
Costs Future Policy
Benefits,
Losses,
Claims and
Loss Expenses Unearned
Premiums Premium
Revenue Net
Investment
Income Benefits,
Claims,
Losses and
Settlement
Expenses Amortization
of Deferred
Policy
Acquisition
Costs Other
Operating
Expenses Net Written
Premiums
Property $ 39,763
$ 706,199
$ 272,050
$ 805,985
$ —
$ 128,290
$ 94,249
$ 118,666
$ 726,145
Casualty and Specialty 159,617
2,033,168
617,052
594,614
—
320,818
144,095
100,180
690,086
Other —
27,678
—
(48 ) 152,567
(870 ) 248
266
(48 )
Total $ 199,380
$ 2,767,045
$ 889,102
$ 1,400,551
$ 152,567
$ 448,238
$ 238,592
$ 219,112
$ 1,416,183

SCHEDULE IV

RENAISSANCERE HOLDINGS LTD. AND SUBSIDIARIES

SUPPLEMENTAL SCHEDULE OF REINSURANCE PREMIUMS

(THOUSANDS OF UNITED STATES DOLLARS)


	Gross Amounts		Ceded to Other Companies		Assumed From Other Companies		Net Amount		Percentage of Amount Assumed to Net
Year ended December 31, 2021
Property and liability premiums earned	$	799,717	$	1,863,350	$	6,257,814	$	5,194,181	120	%
Year ended December 31, 2020
Property and liability premiums earned	$	536,595	$	1,662,815	$	5,078,682	$	3,952,462	128	%
Year ended December 31, 2019
Property and liability premiums earned	$	404,525	$	1,414,383	$	4,348,261	$	3,338,403	130	%

Gross
Amounts

Ceded to
Other
Companies

Assumed
From Other
Companies
Net Amount
Percentage
of Amount
Assumed
to Net
Year ended December 31, 2017
Property and liability premiums earned $ 244,285
$ 833,929
$ 2,307,219
$ 1,717,575
134 %
Year ended December 31, 2016
Property and liability premiums earned $ 157,112
$ 628,675
$ 1,874,993
$ 1,403,430
134 %
Year ended December 31, 2015
Property and liability premiums earned $ 98,182
$ 466,719
$ 1,769,088
$ 1,400,551
126 %

SCHEDULE VI

RENAISSANCERE HOLDINGS LTD. AND SUBSIDIARIES

SUPPLEMENTARY INSURANCE INFORMATION CONCERNING

PROPERTY-CASUALTY INSURANCE OPERATIONS

(THOUSANDS OF UNITED STATES DOLLARS)


Affiliation with Registrant	Deferred Policy Acquisition Costs		Reserves for Unpaid Claims and Claim Adjustment Expenses		Discount, if any, Deducted		Unearned Premiums		Earned Premiums		Net Investment Income
Consolidated Subsidiaries
Year ended December 31, 2021	$	849,160	$	13,294,630	$	—	$	3,531,213	$	5,194,181	$	319,479
Year ended December 31, 2020	$	633,521	$	10,381,138	$	—	$	2,763,599	$	3,952,462	$	354,038
Year ended December 31, 2019	$	663,991	$	9,384,349	$	—	$	2,530,975	$	3,338,403	$	424,207

	Claims and Claim Adjustment Expenses Incurred Related to				Amortization of Deferred Policy Acquisition Costs		Paid Claims and Claim Adjustment Expenses		Net Premiums Written
Affiliation with Registrant	Current Year		Prior Year
Consolidated Subsidiaries
Year ended December 31, 2021	$	4,125,557	$	(249,470)	$	1,214,858	$	2,224,102	$	5,939,375
Year ended December 31, 2020	$	3,108,421	$	(183,812)	$	897,677	$	2,004,628	$	4,096,333
Year ended December 31, 2019	$	2,123,876	$	(26,855)	$	762,232	$	1,098,054	$	3,381,493

Affiliation with Registrant
Deferred
Policy
Acquisition
Costs

Reserves for
Unpaid Claims
and Claim
Adjustment
Expenses

Discount, if
any,
Deducted

Unearned
Premiums

Earned
Premiums

Net
Investment
Income
Consolidated Subsidiaries
Year ended December 31, 2017 $ 426,551
$ 5,080,408
$ —
$ 1,477,609
$ 1,717,575
$ 222,209
Year ended December 31, 2016 $ 335,325
$ 2,848,294
$ —
$ 1,231,573
$ 1,403,430
$ 181,726
Year ended December 31, 2015 $ 199,380
$ 2,767,045
$ —
$ 889,102
$ 1,400,551
$ 152,567

Claims and Claim Adjustment Expenses Incurred Related to
Amortization
of Deferred
Policy
Acquisition
Costs

Paid Claims
and Claim
Adjustment
Expenses

Net
Premiums
Written

Affiliation with Registrant Current Year Prior Year
Consolidated Subsidiaries
Year ended December 31, 2017 $ 1,902,424
$ (40,996 ) $ 346,892
$ 974,825
$ 1,871,325

Year ended December 31, 2016 $ 694,957
$ (164,126 ) $ 289,323
$ 589,294
$ 1,535,312

Year ended December 31, 2015 $ 610,685
$ (162,447 ) $ 238,592
$ 521,312
$ 1,416,183

S-8



Bermuda			~~98-014-1974~~98-0141974
(State or Other Jurisdiction of Incorporation or Organization)			(I.R.S. Employer Identification Number)



Title of each class	Trading symbol	Name of each exchange on which registered
Common Shares, Par Value $1.00 per share	RNR	New York Stock Exchange ~~Inc.~~
Depositary Shares, each representing a 1/1,000th interest in a Series ~~C 6.08%~~F 5.750% Preference ~~Shares,~~Share, Par Value $1.00 per share	RNR PRF	New York Stock Exchange ~~Inc.~~
Depositary Shares, each representing a 1/1,000th interest in a Series ~~E 5.375%~~G 4.20% Preference ~~Shares,~~Share, Par Value $1.00 per share	RNR PRG	New York Stock Exchange ~~Inc.~~



Year ended December 31, 2021	Property		Casualty and Specialty		Total
(in thousands)
Excess of loss	$	2,485,999	$	663,749	$	3,149,748
Proportional	924,342		2,853,339		3,777,681
Delegated authority	548,383		357,986		906,369
Total gross premiums written	$	3,958,724	$	3,875,074	$	7,833,798

Year ended December 31, 2020
(in thousands)
Excess of loss	$	2,075,961	$	626,468	$	2,702,429
Proportional	656,653		1,925,884		2,582,537
Delegated authority	266,528		254,671		521,199
Total gross premiums written	$	2,999,142	$	2,807,023	$	5,806,165

Year ended December 31, 2019
(in thousands)
Excess of loss	$	1,758,787	$	508,515	$	2,267,302
Proportional	546,405		1,583,554		2,129,959
Delegated authority	125,793		284,696		410,489
Total gross premiums written	$	2,430,985	$	2,376,765	$	4,807,750




Year ended December 31,	2017		2016		2015
(in thousands)
Professional liability (1)	$	452,310	$	377,580	$	287,591
General casualty (2)	417,880		327,939		258,234
Financial lines (3)	303,800		413,068		265,170
Other (4)	183,120		144,726		128,246
Total Casualty and Specialty segment gross premiums written	$	1,357,110	$	1,263,313	$	939,241


“2021 Weather-Related Large Losses”			Winter Storm Uri, the European Floods, Hurricane Ida, Other 2021 Catastrophe Events and loss estimates associated with certain aggregate loss contracts triggered during 2021 as a result of weather-related catastrophe events
“A.M. Best”			A.M. Best Company, Inc.
“APRA”			Australian Prudential Regulation Authority
“BMA”			Bermuda Monetary Authority
“BSCR”			Bermuda solvency and capital requirement
“Code of Ethics”			RenaissanceRe’s Code of Ethics and Conduct
“DaVinci”			DaVinci Reinsurance Ltd.
“DaVinciRe”			DaVinciRe Holdings Ltd.
“DEI”			Diversity, Equity and Inclusion
“ECR”			Enhanced Capital Requirement
“ERM”			enterprise risk management
“EU”			European Union
“Exchange Act”			the Securities Exchange Act of 1934, as amended
“FAL”			a deposit that must be submitted to support the underwriting capacity of a member of Lloyd’s
“FASB”			Financial Accounting Standards Board
“FCA”			U.K. Financial Conduct Authority
“FCR”			financial condition report
“FINMA”			Swiss Financial Market Supervisory Authority
“Fitch”			Fitch Ratings Ltd.
“Form 10-K”			this Annual Report on Form 10-K for the year ended December 31, 2021
“GAAP”			generally accepted accounting principles in the U.S.
“IFRS”			International Financial Reporting Standards
“IRS”			United States Internal Revenue Service
“MIA”			Maryland Insurance Administration
“Medici”			RenaissanceRe Medici Fund Ltd.
“Moody’s”			Moody’s Investors Service
“NAIC”			National Association of Insurance Commissioners
“NYDFS”			New York State Department of Financial Services
“NYSE”			New York Stock Exchange
“OECD”			Organisation for Economic Co-operation and Development
“OFAC”			U.S. Treasury’s Office of Foreign Assets Control
“ORSA”			Own Risk and Solvency Assessment
“Other 2021 Catastrophe Events”			the hail storm in Europe in late June 2021, the wildfires in California during the third quarter of 2021, the tornadoes in the Central and Midwest U.S. in December 2021, and the Midwest Derecho in December 2021.
“PFIC”			passive foreign investment company
“PGGM”			PGGM Vermogensbeheer B.V.
“Platinum”			Platinum Underwriters Holdings, Ltd.
“PRA”			U.K. Prudential Regulatory Authority
“Proxy Statement”			Proxy Statement for the Annual General Meeting of Shareholders to be held on May 16, 2022
“Q3 2020 Weather-Related Catastrophe Events”			Hurricane Laura, Hurricane Sally, the third quarter 2020 wildfires in California, Oregon and Washington, other third quarter catastrophe events including the August 2020 derecho which impacted the U.S. Midwest, Hurricane Isaias, and Typhoon Maysak


				Page
			NOTE ON FORWARD-LOOKING STATEMENTS	1

					~~Page~~
	~~NOTE ON FORWARD-LOOKING STATEMENTS~~PART I	13
ITEM 1.			~~PART I~~BUSINESS	3
ITEM 1.1A.			~~BUSINESS~~RISK FACTORS	338
ITEM ~~1A.~~1B.			~~RISK FACTORS~~	34
~~ITEM 1B.~~	UNRESOLVED STAFF COMMENTS	50
ITEM 2.			PROPERTIES	50
ITEM 3.			LEGAL PROCEEDINGS	5051
ITEM 4.			MINE SAFETY DISCLOSURES	51

PART II				5152
ITEM 5.			MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER REPURCHASES OF EQUITY SECURITIES	5152
ITEM 6.			~~SELECTED CONSOLIDATED FINANCIAL DATA~~RESERVED	5453
ITEM 7.			MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	5554
ITEM 7A.			QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	~~102~~108
ITEM 8.			FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA	~~108~~114
ITEM 9.			CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE	~~108~~114
ITEM 9A.			CONTROLS AND PROCEDURES	~~108~~114
ITEM 9B.			OTHER INFORMATION	~~111~~117

PART III				~~111~~118
ITEM 10.			DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE	~~111~~118
ITEM 11.			EXECUTIVE COMPENSATION	~~111~~118
ITEM 12.			SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS	~~111~~118
ITEM 13.			CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE	~~111~~118
ITEM 14.			PRINCIPAL ACCOUNTANT FEES AND SERVICES	~~111~~118

PART IV				~~111~~118
ITEM 15.			EXHIBITS AND FINANCIAL STATEMENT SCHEDULES	~~111~~118
ITEM 16.			10-K SUMMARY	~~119~~126

SIGNATURES				~~120~~127
			INDEX TO CONSOLIDATED FINANCIAL STATEMENTS	~~F-1~~F-1
			INDEX TO SCHEDULES TO CONSOLIDATED FINANCIAL STATEMENTS	~~S-1~~S-1




Year ended December 31, 2017	Property		Casualty and Specialty		Other			Total
(in thousands)
Excess of loss	$	1,192,980	$	262,415	$	(7	)	$	1,455,388
Proportional	195,473		894,810		—			1,090,283
Delegated authority	51,984		199,885		—			251,869
Total gross premiums written	$	1,440,437	$	1,357,110	$	(7	)	$	2,797,540

Year ended December 31, 2016
Excess of loss	$	932,725	$	218,816	$	—		$	1,151,541
Proportional	148,555		900,819		—			1,049,374
Delegated authority	29,983		143,678		—			173,661
Total gross premiums written	$	1,111,263	$	1,263,313	$	—		$	2,374,576

Year ended December 31, 2015
Excess of loss	$	919,986	$	206,522	$	(90	)	$	1,126,418
Proportional	132,522		647,733		—			780,255
Delegated authority	19,651		84,986		—			104,637
Total gross premiums written	$	1,072,159	$	939,241	$	(90	)	$	2,011,310


(1)			~~Includes directors and officers, medical malpractice, and professional indemnity.~~


~~(2)~~	Includes automobile liability, casualty clash, employer’s liability, umbrella or excess casualty, workers’ compensation and general liability.

(2)			Includes directors and officers, medical malpractice, and professional indemnity.
(3)			Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.

(4)
~~(4)~~	Includes accident and health, agriculture, aviation, cyber, energy, marine, satellite and terrorism. Lines of business such as regional multi-line and whole account may have characteristics of various other classes of business, and are allocated accordingly.


“2017 Large Loss Events”			Hurricanes Harvey, Irma and Maria, the Mexico City Earthquake, the wildfires in California during the fourth quarter of 2017 and certain losses associated with aggregate loss contracts
“2018 Large Loss Events”			Typhoons Jebi, Mangkhut and Trami, Hurricane Florence, the wildfires in California during the third and fourth quarters of 2018, Hurricane Michael and certain losses associated with aggregate loss contracts
“2019 Aggregate Losses”			certain losses associated with aggregate loss contracts in 2019
“2019 Large Loss Events”			Hurricane Dorian and Typhoons Faxai and Hagibis and certain losses associated with aggregate loss contracts
“2020 Aggregate Losses”			loss estimates associated with aggregate loss contracts triggered during 2021 primarily as a result of losses associated with the Q3 2020 Weather-Related Catastrophe Events and Q4 2020 Weather-Related Catastrophe Events.
“2020 Weather-Related Large Loss Events”			Hurricanes Laura, Sally, Isaias, Delta, Zeta and Eta, the California, Oregon and Washington wildfires, Typhoon Maysak, the August 2020 Derecho, and losses associated with aggregate loss contracts


“Q4 2020 Weather-Related Catastrophe Events”			Hurricanes Zeta, Delta, Hurricane Eta and wildfires on the West Coast of the United States during the fourth quarter of 2021
“REMS©”			Renaissance Exposure Management System
“Renaissance Reinsurance”			Renaissance Reinsurance Ltd.
“Renaissance Reinsurance of Europe”			Renaissance Reinsurance of Europe Unlimited Company
“Renaissance Reinsurance U.S.”			Renaissance Reinsurance U.S. Inc.
“RenaissanceRe CCL”			RenaissanceRe Corporate Capital (UK) Limited
“RenaissanceRe Group”			RenaissanceRe group of companies
“RenaissanceRe Specialty U.S.”			RenaissanceRe Specialty U.S. Ltd.
“RenaissanceRe UK”			RenaissanceRe (UK) Limited
“RenaissanceRe”			RenaissanceRe Holdings Ltd.
“RFM”			RenaissanceRe Fund Management Ltd.
“RREAG, Australia Branch”			RenaissanceRe Europe AG, Australia Branch
“RREAG, Bermuda Branch”			RenaissanceRe Europe AG, Bermuda Branch
“RREAG, UK Branch”			RenaissanceRe Europe AG, UK Branch
“RREAG, US Branch”			RenaissanceRe Europe AG, US Branch
“RREAG”			RenaissanceRe Europe AG
“RSML”			RenaissanceRe Syndicate Management Ltd.
“RUM”			Renaissance Underwriting Managers, Ltd.
“S&P”			Standard and Poor’s Rating Services
“SEC”			U.S. Securities and Exchange Commission
“Securities Act”			Securities Act of 1933, as amended
“SPI”			special purpose insurer
“SST”			Swiss Solvency Test
“State Farm”			State Farm Mutual Automobile Insurance Company
“Syndicate 1458”			RenaissanceRe Syndicate 1458
“TMR”			collectively, Tokio Millennium Re AG and certain associated entities and subsidiaries
“Top Layer Re”			Top Layer Reinsurance Ltd.
“Tower Hill Companies”			collectively, our investments in a group of Tower Hill affiliated companies including Bluegrass Insurance Management, LLC, Tower Hill Claims Service, LLC, Tower Hill Holdings, Inc., Tower Hill Insurance Group, LLC, Tower Hill Insurance Managers, LLC, Tower Hill Re Holdings, Inc., Tower Hill Signature Insurance Holdings, Inc., Tower Hill Risk Management LLC and Tomoka Re Holdings, Inc.
“U.K.”			United Kingdom
“U.S. persons”			a citizen or resident of the United States, a U.S. partnership or corporation, or an estate or trust that is not a foreign estate or trust
“U.S. Treasury”			U.S. Department of the Treasury
“U.S.”			United States of America
“Upsilon Fund”			RenaissanceRe Upsilon Fund Ltd.
“Upsilon RFO”			Upsilon RFO Re Ltd.
“Vermeer”			Vermeer Reinsurance Ltd.
“VOBA”			value of business acquired



Accident year			Year of occurrence of a loss. Claim payments and reserves for claims and claim expenses are allocated to the year in which the loss occurred for losses occurring contracts and in the year the loss was reported for claims made contracts.



Acquisition expenses			The aggregate expenses incurred by a company for acquiring new business, including commissions, underwriting expenses, premium taxes and administrative expenses.



Additional case reserves			Additional case reserves represent management’s estimate of reserves for claims and claim expenses that are allocated to specific contracts, less paid and reported losses by the client.



Attachment point			The dollar amount of loss (per occurrence or in the aggregate, as the case may be) above which excess of loss reinsurance becomes operative.



~~Bordereau~~Bordereaux			A report providing premium or loss data with respect to identified specific risks. This report is periodically furnished to a reinsurer by the ceding insurers or reinsurers.



Bound			A (re)insurance contract is considered bound, and the (re)insurer responsible for the risks of the contract, when both parties agree to the terms and conditions set forth in the contract.



Broker			An intermediary who negotiates contracts of insurance or reinsurance, receiving a commission for placement and other services rendered, between (1) a policy holder and a primary insurer, on behalf of the insured party, (2) a primary insurer and reinsurer, on behalf of the primary insurer, or (3) a reinsurer and a retrocessionaire, on behalf of the reinsurer.



Capacity			The percentage of surplus, or the dollar amount of exposure, that an insurer or reinsurer is willing or able to place at risk. Capacity may apply to a single risk, a program, a line of business or an entire book of business. Capacity may be constrained by legal restrictions, corporate restrictions or indirect restrictions.



Case reserves			Loss reserves, established with respect to specific, individual reported claims.



Casualty insurance or reinsurance			Insurance or reinsurance that is primarily concerned with the losses caused by injuries to third persons and their property (in other words, persons other than the policyholder) and the legal liability imposed on the insured resulting therefrom. Also referred to as liability insurance.



Catastrophe			A severe loss, typically involving multiple claimants. Common perils include earthquakes, hurricanes, hailstorms, severe winter weather, floods, fires, tornadoes, typhoons, explosions and other natural or man-made disasters. Catastrophe losses may also arise from acts of war, acts of terrorism and political instability.



Catastrophe excess of loss reinsurance			A form of excess of loss reinsurance that, subject to a specified limit, indemnifies the ceding company for the amount of loss in excess of a specified retention with respect to an accumulation of losses resulting from a “catastrophe.”



Catastrophe-linked securities; cat-linked securities			Cat-linked securities are generally privately placed fixed income securities where all or a portion of the repayment of the principal is linked to catastrophic events. This includes securities where the repayment is linked to the occurrence and/or size of, for example, one or more hurricanes or earthquakes, or insured industry losses associated with these catastrophic events.



Cede; cedant; ceding company			When a party reinsures its liability with another, it “cedes” business and is referred to as the “cedant” or “ceding company.”



Claim			Request by an insured or reinsured for indemnification by an insurance company or a reinsurance company for losses incurred from an insured peril or event.



Claims made contracts			Contracts that cover claims for losses occurring during a specified period that are reported during the term of the contract.



Claims and claim expense ratio, net			The ratio of net claims and claim expenses to net premiums earned determined in accordance with either statutory accounting principles or GAAP.



Claim reserves			Liabilities established by insurers and reinsurers to reflect the estimated costs of claim payments and the related expenses that the insurer or reinsurer will ultimately be required to pay in respect of insurance or reinsurance policies it has issued. Claims reserves consist of case reserves, established with respect to individual reported claims, additional case reserves and “IBNR” reserves. For reinsurers, loss expense reserves are generally not significant because substantially all of the loss expenses associated with particular claims are incurred by the primary insurer and reported to reinsurers as losses.



Combined ratio			The combined ratio is the sum of the net claims and claim expense ratio and the underwriting expense ratio. A combined ratio below 100% generally indicates profitable underwriting prior to the consideration of investment income. A combined ratio over 100% generally indicates unprofitable underwriting prior to the consideration of investment income.



~~Decadal~~			~~Refers to events occurring over a 10-year period, such as an oscillation whose period is roughly 10 years.~~



Delegated authority	A contractual arrangement between an insurer or reinsurer and an agent whereby the agent is authorized to bind insurance or reinsurance on behalf of the insurer or reinsurer. The authority is normally limited to a particular class or classes of business and a particular territory. The exercise of the authority to bind insurance or reinsurance is normally subject to underwriting guidelines and other restrictions such as maximum premium income. Under the delegated authority, the agent is responsible for issuing policy documentation, the collection of premium and may also be responsible for the settlement of claims.



~~Excess and surplus lines reinsurance~~			Any type of coverage that cannot be placed with an insurer admitted to do business in a certain jurisdiction. Risks placed in excess and surplus lines markets are often substandard in respect to adverse loss experience, unusual, or unable to be placed in conventional markets due to a shortage of capacity.