Bermuda | 98-0141974 | ||||
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification Number) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
Common Shares, Par Value $1.00 per share | RNR | New York Stock Exchange | ||||||
Series E 5.375% Preference Shares, Par Value $1.00 per share | RNR PRE | New York Stock Exchange | ||||||
Depositary Shares, each representing a 1/1,000th interest in a Series F 5.750% Preference Share, Par Value $1.00 per share | RNR PRF | New York Stock Exchange |
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June 30, 2020 | December 31, 2019 | ||||||||||
Assets | (Unaudited) | (Audited) | |||||||||
Fixed maturity investments trading, at fair value – amortized cost $12,188,507 at June 30, 2020 (December 31, 2019 – $11,067,414) | $ | 12,495,135 | $ | 11,171,655 | |||||||
Short term investments, at fair value | 5,570,804 | 4,566,277 | |||||||||
Equity investments trading, at fair value | 470,087 | 436,931 | |||||||||
Other investments, at fair value | 1,093,338 | 1,087,377 | |||||||||
Investments in other ventures, under equity method | 94,285 | 106,549 | |||||||||
Total investments | 19,723,649 | 17,368,789 | |||||||||
Cash and cash equivalents | 1,185,844 | 1,379,068 | |||||||||
Premiums receivable | 3,519,965 | 2,599,896 | |||||||||
Prepaid reinsurance premiums | 1,266,203 | 767,781 | |||||||||
Reinsurance recoverable | 2,774,358 | 2,791,297 | |||||||||
Accrued investment income | 70,004 | 72,461 | |||||||||
Deferred acquisition costs and value of business acquired | 734,286 | 663,991 | |||||||||
Receivable for investments sold | 648,458 | 78,369 | |||||||||
Other assets | 298,396 | 346,216 | |||||||||
Goodwill and other intangible assets | 258,591 | 262,226 | |||||||||
Total assets | $ | 30,479,754 | $ | 26,330,094 | |||||||
Liabilities, Noncontrolling Interests and Shareholders’ Equity | |||||||||||
Liabilities | |||||||||||
Reserve for claims and claim expenses | $ | 9,365,469 | $ | 9,384,349 | |||||||
Unearned premiums | 3,549,641 | 2,530,975 | |||||||||
Debt | 1,135,216 | 1,384,105 | |||||||||
Reinsurance balances payable | 4,094,027 | 2,830,691 | |||||||||
Payable for investments purchased | 1,259,116 | 225,275 | |||||||||
Other liabilities | 342,014 | 932,024 | |||||||||
Total liabilities | 19,745,483 | 17,287,419 | |||||||||
Commitments and Contingencies | |||||||||||
Redeemable noncontrolling interests | 3,387,099 | 3,071,308 | |||||||||
Shareholders’ Equity | |||||||||||
Preference shares: $1.00 par value – 11,010,000 shares issued and outstanding at June 30, 2020 (December 31, 2019 – 16,010,000) | 525,000 | 650,000 | |||||||||
Common shares: $1.00 par value – 50,811,098 shares issued and outstanding at June 30, 2020 (December 31, 2019 – 44,148,116) | 50,811 | 44,148 | |||||||||
Additional paid-in capital | 1,602,738 | 568,277 | |||||||||
Accumulated other comprehensive loss | (3,066) | (1,939) | |||||||||
Retained earnings | 5,171,689 | 4,710,881 | |||||||||
Total shareholders’ equity attributable to RenaissanceRe | 7,347,172 | 5,971,367 | |||||||||
Total liabilities, noncontrolling interests and shareholders’ equity | $ | 30,479,754 | $ | 26,330,094 |
September 30, 2019 | December 31, 2018 | ||||||
Assets | (Unaudited) | (Audited) | |||||
Fixed maturity investments trading, at fair value – amortized cost $11,214,394 at September 30, 2019 (December 31, 2018 – $8,163,962) | $ | 11,386,228 | $ | 8,088,870 | |||
Short term investments, at fair value | 4,116,156 | 2,586,520 | |||||
Equity investments trading, at fair value | 379,422 | 310,252 | |||||
Other investments, at fair value | 962,109 | 784,933 | |||||
Investments in other ventures, under equity method | 103,978 | 115,172 | |||||
Total investments | 16,947,893 | 11,885,747 | |||||
Cash and cash equivalents | 871,251 | 1,107,922 | |||||
Premiums receivable | 2,799,954 | 1,537,188 | |||||
Prepaid reinsurance premiums | 972,047 | 616,185 | |||||
Reinsurance recoverable | 2,438,299 | 2,372,221 | |||||
Accrued investment income | 73,509 | 51,311 | |||||
Deferred acquisition costs and value of business acquired | 708,258 | 476,661 | |||||
Receivable for investments sold | 225,147 | 256,416 | |||||
Other assets | 344,593 | 135,127 | |||||
Goodwill and other intangible assets | 263,259 | 237,418 | |||||
Total assets | $ | 25,644,210 | $ | 18,676,196 | |||
Liabilities, Noncontrolling Interests and Shareholders’ Equity | |||||||
Liabilities | |||||||
Reserve for claims and claim expenses | $ | 8,602,437 | $ | 6,076,271 | |||
Unearned premiums | 2,967,535 | 1,716,021 | |||||
Debt | 1,383,498 | 991,127 | |||||
Reinsurance balances payable | 2,910,601 | 1,902,056 | |||||
Payable for investments purchased | 654,685 | 380,332 | |||||
Other liabilities | 395,186 | 513,609 | |||||
Total liabilities | 16,913,942 | 11,579,416 | |||||
Commitments and Contingencies | |||||||
Redeemable noncontrolling interests | 2,779,033 | 2,051,700 | |||||
Shareholders’ Equity | |||||||
Preference shares: $1.00 par value – 16,010,000 shares issued and outstanding at September 30, 2019 (December 31, 2018 – 16,010,000) | 650,000 | 650,000 | |||||
Common shares: $1.00 par value – 44,151,949 shares issued and outstanding at September 30, 2019 (December 31, 2018 – 42,207,390) | 44,152 | 42,207 | |||||
Additional paid-in capital | 560,166 | 296,099 | |||||
Accumulated other comprehensive income (loss) | 4,988 | (1,433 | ) | ||||
Retained earnings | 4,691,929 | 4,058,207 | |||||
Total shareholders’ equity attributable to RenaissanceRe | 5,951,235 | 5,045,080 | |||||
Total liabilities, noncontrolling interests and shareholders’ equity | $ | 25,644,210 | $ | 18,676,196 |
Three months ended | Nine months ended | Three months ended | Six months ended | |||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2019 | September 30, 2018 | September 30, 2019 | September 30, 2018 | June 30, 2020 | June 30, 2019 | June 30, 2020 | June 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||
Revenues | Revenues | |||||||||||||||||||||||||||||||||||||||||||||||||
Gross premiums written | $ | 861,068 | $ | 625,677 | $ | 3,902,271 | $ | 2,762,672 | Gross premiums written | $ | 1,701,872 | $ | 1,476,908 | $ | 3,727,593 | $ | 3,041,203 | |||||||||||||||||||||||||||||||||
Net premiums written | $ | 704,130 | $ | 453,255 | $ | 2,656,126 | $ | 1,720,808 | Net premiums written | $ | 1,180,803 | $ | 1,022,965 | $ | 2,450,611 | $ | 1,951,996 | |||||||||||||||||||||||||||||||||
Decrease (increase) in unearned premiums | 202,618 | 78,594 | (287,848 | ) | (319,292 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Increase in unearned premiums | Increase in unearned premiums | (170,707) | (111,463) | (527,417) | (490,466) | |||||||||||||||||||||||||||||||||||||||||||||
Net premiums earned | 906,748 | 531,849 | 2,368,278 | 1,401,516 | Net premiums earned | 1,010,096 | 911,502 | 1,923,194 | 1,461,530 | |||||||||||||||||||||||||||||||||||||||||
Net investment income | 113,844 | 80,696 | 311,138 | 208,528 | Net investment income | 89,305 | 118,588 | 188,778 | 200,682 | |||||||||||||||||||||||||||||||||||||||||
Net foreign exchange losses | (8,275 | ) | (4,566 | ) | (1,812 | ) | (11,496 | ) | ||||||||||||||||||||||||||||||||||||||||||
Net foreign exchange (losses) gains | Net foreign exchange (losses) gains | (7,195) | 9,309 | (12,923) | 6,463 | |||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings of other ventures | 5,877 | 7,648 | 17,350 | 14,331 | Equity in earnings of other ventures | 9,041 | 6,812 | 13,605 | 11,473 | |||||||||||||||||||||||||||||||||||||||||
Other income | 1,016 | 497 | 5,109 | 480 | ||||||||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 31,938 | 13,630 | 396,586 | (86,415 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Other (loss) income | Other (loss) income | (1,201) | 922 | (5,637) | 4,093 | |||||||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gains on investments | Net realized and unrealized gains on investments | 448,390 | 191,247 | 337,683 | 361,260 | |||||||||||||||||||||||||||||||||||||||||||||
Total revenues | 1,051,148 | 629,754 | 3,096,649 | 1,526,944 | Total revenues | 1,548,436 | 1,238,380 | 2,444,700 | 2,045,501 | |||||||||||||||||||||||||||||||||||||||||
Expenses | Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||
Net claims and claim expenses incurred | 654,520 | 410,510 | 1,334,928 | 642,380 | Net claims and claim expenses incurred | 510,272 | 453,373 | 1,081,226 | 680,408 | |||||||||||||||||||||||||||||||||||||||||
Acquisition expenses | 202,181 | 109,761 | 553,614 | 312,524 | Acquisition expenses | 233,610 | 227,482 | 444,214 | 351,433 | |||||||||||||||||||||||||||||||||||||||||
Operational expenses | 53,415 | 40,593 | 158,162 | 119,408 | Operational expenses | 49,077 | 59,814 | 116,538 | 104,747 | |||||||||||||||||||||||||||||||||||||||||
Corporate expenses | 13,844 | 6,841 | 76,480 | 21,875 | Corporate expenses | 11,898 | 23,847 | 27,889 | 62,636 | |||||||||||||||||||||||||||||||||||||||||
Interest expense | 15,580 | 11,769 | 42,868 | 35,304 | Interest expense | 11,842 | 15,534 | 26,769 | 27,288 | |||||||||||||||||||||||||||||||||||||||||
Total expenses | 939,540 | 579,474 | 2,166,052 | 1,131,491 | Total expenses | 816,699 | 780,050 | 1,696,636 | 1,226,512 | |||||||||||||||||||||||||||||||||||||||||
Income before taxes | 111,608 | 50,280 | 930,597 | 395,453 | Income before taxes | 731,737 | 458,330 | 748,064 | 818,989 | |||||||||||||||||||||||||||||||||||||||||
Income tax expense | (3,664 | ) | (1,451 | ) | (20,670 | ) | (2,550 | ) | Income tax expense | (29,875) | (9,475) | (21,029) | (17,006) | |||||||||||||||||||||||||||||||||||||
Net income | 107,944 | 48,829 | 909,927 | 392,903 | Net income | 701,862 | 448,855 | 727,035 | 801,983 | |||||||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable noncontrolling interests | (62,057 | ) | (6,440 | ) | (204,091 | ) | (90,822 | ) | Net income attributable to redeemable noncontrolling interests | (118,728) | (71,812) | (216,819) | (142,034) | |||||||||||||||||||||||||||||||||||||
Net income attributable to RenaissanceRe | 45,887 | 42,389 | 705,836 | 302,081 | Net income attributable to RenaissanceRe | 583,134 | 377,043 | 510,216 | 659,949 | |||||||||||||||||||||||||||||||||||||||||
Dividends on preference shares | (9,189 | ) | (9,708 | ) | (27,567 | ) | (20,899 | ) | Dividends on preference shares | (7,289) | (9,189) | (16,345) | (18,378) | |||||||||||||||||||||||||||||||||||||
Net income available to RenaissanceRe common shareholders | $ | 36,698 | $ | 32,681 | $ | 678,269 | $ | 281,182 | Net income available to RenaissanceRe common shareholders | $ | 575,845 | $ | 367,854 | $ | 493,871 | $ | 641,571 | |||||||||||||||||||||||||||||||||
Net income available to RenaissanceRe common shareholders per common share – basic | $ | 0.83 | $ | 0.82 | $ | 15.58 | $ | 7.02 | Net income available to RenaissanceRe common shareholders per common share – basic | $ | 12.64 | $ | 8.36 | $ | 11.04 | $ | 14.82 | |||||||||||||||||||||||||||||||||
Net income available to RenaissanceRe common shareholders per common share – diluted | $ | 0.83 | $ | 0.82 | $ | 15.57 | $ | 7.02 | Net income available to RenaissanceRe common shareholders per common share – diluted | $ | 12.63 | $ | 8.35 | $ | 11.02 | $ | 14.81 | |||||||||||||||||||||||||||||||||
Dividends per common share | $ | 0.34 | $ | 0.33 | $ | 1.02 | $ | 0.99 | Dividends per common share | $ | 0.35 | $ | 0.34 | $ | 0.70 | $ | 0.68 |
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||||
June 30, 2020 | June 30, 2019 | June 30, 2020 | June 30, 2019 | ||||||||||||||||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||||||||||||||
Net income | $ | 701,862 | $ | 448,855 | $ | 727,035 | $ | 801,983 | |||||||||||||||||||||||||||
Change in net unrealized (losses) gains on investments, net of tax | (1,488) | 1,309 | (2,145) | 1,272 | |||||||||||||||||||||||||||||||
Foreign currency translation adjustments, net of tax | 86 | (3,708) | 1,018 | (3,708) | |||||||||||||||||||||||||||||||
Comprehensive income | 700,460 | 446,456 | 725,908 | 799,547 | |||||||||||||||||||||||||||||||
Net income attributable to redeemable noncontrolling interests | (118,728) | (71,812) | (216,819) | (142,034) | |||||||||||||||||||||||||||||||
Comprehensive income attributable to redeemable noncontrolling interests | (118,728) | (71,812) | (216,819) | (142,034) | |||||||||||||||||||||||||||||||
Comprehensive income attributable to RenaissanceRe | $ | 581,732 | $ | 374,644 | $ | 509,089 | $ | 657,513 | |||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||
September 30, 2019 | September 30, 2018 | September 30, 2019 | September 30, 2018 | ||||||||||||
Comprehensive income | |||||||||||||||
Net income | $ | 107,944 | $ | 48,829 | $ | 909,927 | $ | 392,903 | |||||||
Change in net unrealized gains on investments, net of tax | 608 | (382 | ) | 1,880 | (1,707 | ) | |||||||||
Foreign currency translation adjustments, net of tax | 8,249 | — | 4,541 | — | |||||||||||
Comprehensive income | 116,801 | 48,447 | 916,348 | 391,196 | |||||||||||
Net income attributable to redeemable noncontrolling interests | (62,057 | ) | (6,440 | ) | (204,091 | ) | (90,822 | ) | |||||||
Comprehensive income attributable to redeemable noncontrolling interests | (62,057 | ) | (6,440 | ) | (204,091 | ) | (90,822 | ) | |||||||
Comprehensive income attributable to RenaissanceRe | $ | 54,744 | $ | 42,007 | $ | 712,257 | $ | 300,374 |
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||||
June 30, 2020 | June 30, 2019 | June 30, 2020 | June 30, 2019 | ||||||||||||||||||||||||||||||||
Preference shares | |||||||||||||||||||||||||||||||||||
Beginning balance | $ | 525,000 | $ | 650,000 | $ | 650,000 | $ | 650,000 | |||||||||||||||||||||||||||
Repurchase of shares | — | — | (125,000) | — | |||||||||||||||||||||||||||||||
Ending balance | 525,000 | 650,000 | 525,000 | 650,000 | |||||||||||||||||||||||||||||||
Common shares | |||||||||||||||||||||||||||||||||||
Beginning balance | 44,034 | 44,159 | 44,148 | 42,207 | |||||||||||||||||||||||||||||||
Issuance of shares | 6,777 | — | 6,777 | 1,739 | |||||||||||||||||||||||||||||||
Repurchase of shares | — | — | (406) | — | |||||||||||||||||||||||||||||||
Exercise of options and issuance of restricted stock awards | — | 3 | 292 | 216 | |||||||||||||||||||||||||||||||
Ending balance | 50,811 | 44,162 | 50,811 | 44,162 | |||||||||||||||||||||||||||||||
Additional paid-in capital | |||||||||||||||||||||||||||||||||||
Beginning balance | 502,608 | 543,889 | 568,277 | 296,099 | |||||||||||||||||||||||||||||||
Issuance of shares | 1,088,772 | — | 1,088,772 | 248,259 | |||||||||||||||||||||||||||||||
Repurchase of shares | — | — | (62,215) | — | |||||||||||||||||||||||||||||||
Change in redeemable noncontrolling interests | (4) | (213) | (353) | (216) | |||||||||||||||||||||||||||||||
Exercise of options and issuance of restricted stock awards | 11,362 | 8,534 | 8,257 | 8,068 | |||||||||||||||||||||||||||||||
Ending balance | 1,602,738 | 552,210 | 1,602,738 | 552,210 | |||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | |||||||||||||||||||||||||||||||||||
Beginning balance | (1,664) | (1,470) | (1,939) | (1,433) | |||||||||||||||||||||||||||||||
Change in net unrealized losses on investments, net of tax | (1,488) | 1,309 | (2,145) | 1,272 | |||||||||||||||||||||||||||||||
Foreign currency translation adjustments, net of tax | 86 | (3,708) | 1,018 | (3,708) | |||||||||||||||||||||||||||||||
Ending balance | (3,066) | (3,869) | (3,066) | (3,869) | |||||||||||||||||||||||||||||||
Retained earnings | |||||||||||||||||||||||||||||||||||
Beginning balance | 4,613,548 | 4,317,455 | 4,710,881 | 4,058,207 | |||||||||||||||||||||||||||||||
Net income | 701,862 | 448,855 | 727,035 | 801,983 | |||||||||||||||||||||||||||||||
Net income attributable to redeemable noncontrolling interests | (118,728) | (71,812) | (216,819) | (142,034) | |||||||||||||||||||||||||||||||
Dividends on common shares | (17,704) | (14,970) | (33,063) | (29,439) | |||||||||||||||||||||||||||||||
Dividends on preference shares | (7,289) | (9,189) | (16,345) | (18,378) | |||||||||||||||||||||||||||||||
Ending balance | 5,171,689 | 4,670,339 | 5,171,689 | 4,670,339 | |||||||||||||||||||||||||||||||
Total shareholders’ equity | $ | 7,347,172 | $ | 5,912,842 | $ | 7,347,172 | $ | 5,912,842 |
Three months ended | Nine months ended | ||||||||||||||
September 30, 2019 | September 30, 2018 | September 30, 2019 | September 30, 2018 | ||||||||||||
Preference shares | |||||||||||||||
Beginning balance | $ | 650,000 | $ | 650,000 | $ | 650,000 | $ | 400,000 | |||||||
Issuance of shares | — | — | — | 250,000 | |||||||||||
Ending balance | 650,000 | 650,000 | 650,000 | 650,000 | |||||||||||
Common shares | |||||||||||||||
Beginning balance | 44,162 | 40,263 | 42,207 | 40,024 | |||||||||||
Issuance of shares | — | — | 1,739 | — | |||||||||||
Exercise of options and issuance of restricted stock awards | (10 | ) | 3 | 206 | 242 | ||||||||||
Ending balance | 44,152 | 40,266 | 44,152 | 40,266 | |||||||||||
Additional paid-in capital | |||||||||||||||
Beginning balance | 552,210 | 35,094 | 296,099 | 37,355 | |||||||||||
Issuance of shares | — | — | 248,259 | — | |||||||||||
Offering expenses | — | 615 | — | (7,883 | ) | ||||||||||
Change in redeemable noncontrolling interests | (145 | ) | 13 | (361 | ) | 340 | |||||||||
Exercise of options and issuance of restricted stock awards | 8,101 | 6,673 | 16,169 | 12,583 | |||||||||||
Ending balance | 560,166 | 42,395 | 560,166 | 42,395 | |||||||||||
Accumulated other comprehensive income (loss) | |||||||||||||||
Beginning balance | (3,869 | ) | (1,101 | ) | (1,433 | ) | 224 | ||||||||
Change in net unrealized gains on investments, net of tax | 608 | (382 | ) | 1,880 | (1,707 | ) | |||||||||
Foreign currency translation adjustments, net of tax | 8,249 | — | 4,541 | — | |||||||||||
Ending balance | 4,988 | (1,483 | ) | 4,988 | (1,483 | ) | |||||||||
Retained earnings | |||||||||||||||
Beginning balance | 4,670,339 | 4,135,805 | 4,058,207 | 3,913,772 | |||||||||||
Net income | 107,944 | 48,829 | 909,927 | 392,903 | |||||||||||
Net income attributable to redeemable noncontrolling interests | (62,057 | ) | (6,440 | ) | (204,091 | ) | (90,822 | ) | |||||||
Dividends on common shares | (15,108 | ) | (13,143 | ) | (44,547 | ) | (39,611 | ) | |||||||
Dividends on preference shares | (9,189 | ) | (9,708 | ) | (27,567 | ) | (20,899 | ) | |||||||
Ending balance | 4,691,929 | 4,155,343 | 4,691,929 | 4,155,343 | |||||||||||
Total shareholders’ equity | $ | 5,951,235 | $ | 4,886,521 | $ | 5,951,235 | $ | 4,886,521 |
Nine months ended | |||||||
September 30, 2019 | September 30, 2018 | ||||||
Cash flows provided by operating activities | |||||||
Net income | $ | 909,927 | $ | 392,903 | |||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||
Amortization, accretion and depreciation | (27,239 | ) | 30,936 | ||||
Equity in undistributed earnings of other ventures | 1,754 | (13,016 | ) | ||||
Net realized and unrealized (gains) losses on investments | (396,586 | ) | 86,415 | ||||
Net unrealized gains included in net investment income | (7,284 | ) | (17,778 | ) | |||
Change in: | |||||||
Premiums receivable | (625,031 | ) | (482,473 | ) | |||
Prepaid reinsurance premiums | (216,064 | ) | (261,950 | ) | |||
Reinsurance recoverable | 482,663 | 382,571 | |||||
Deferred acquisition costs | 74,409 | (71,182 | ) | ||||
Reserve for claims and claim expenses | 118,650 | (127,910 | ) | ||||
Unearned premiums | 487,903 | 581,242 | |||||
Reinsurance balances payable | 738,442 | 981,823 | |||||
Other | (277,112 | ) | (593,055 | ) | |||
Net cash provided by operating activities | 1,264,432 | 888,526 | |||||
Cash flows used in investing activities | |||||||
Proceeds from sales and maturities of fixed maturity investments trading | 12,835,916 | 8,221,481 | |||||
Purchases of fixed maturity investments trading | (13,403,711 | ) | (8,692,688 | ) | |||
Net (purchases) sales of equity investments trading | (6,937 | ) | 15,490 | ||||
Net purchases of short term investments | (1,362,151 | ) | (1,465,451 | ) | |||
Net purchases of other investments | (130,476 | ) | (130,649 | ) | |||
Net purchases of investments in other ventures | (2,341 | ) | (20,952 | ) | |||
Return of investment from investment in other ventures | 11,250 | 8,464 | |||||
Net purchase of other assets | (4,108 | ) | — | ||||
Net purchase of the TMR Group Entities | (276,206 | ) | — | ||||
Net cash used in investing activities | (2,338,764 | ) | (2,064,305 | ) | |||
Cash flows provided by financing activities | |||||||
Dividends paid – RenaissanceRe common shares | (44,547 | ) | (39,611 | ) | |||
Dividends paid – preference shares | (27,567 | ) | (20,899 | ) | |||
Issuance of debt, net of expenses | 396,411 | — | |||||
Issuance of preference shares, net of expenses | — | 242,371 | |||||
Net third party redeemable noncontrolling interest share transactions | 515,952 | 96,021 | |||||
Taxes paid on withholding shares | (7,229 | ) | (7,079 | ) | |||
Net cash provided by financing activities | 833,020 | 270,803 | |||||
Effect of exchange rate changes on foreign currency cash | 4,641 | (3,575 | ) | ||||
Net decrease in cash and cash equivalents | (236,671 | ) | (908,551 | ) | |||
Cash and cash equivalents, beginning of period | 1,107,922 | 1,361,592 | |||||
Cash and cash equivalents, end of period | $ | 871,251 | $ | 453,041 |
Six months ended | |||||||||||||||||
June 30, 2020 | June 30, 2019 | ||||||||||||||||
Cash flows provided by operating activities | |||||||||||||||||
Net income | $ | 727,035 | $ | 801,983 | |||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||||||||
Amortization, accretion and depreciation | (8,526) | (16,529) | |||||||||||||||
Equity in undistributed earnings of other ventures | 1,388 | 5,380 | |||||||||||||||
Net realized and unrealized gains on investments | (337,683) | (361,260) | |||||||||||||||
Change in: | |||||||||||||||||
Premiums receivable | (920,069) | (965,765) | |||||||||||||||
Prepaid reinsurance premiums | (498,422) | (402,551) | |||||||||||||||
Reinsurance recoverable | 16,939 | 55,812 | |||||||||||||||
Deferred acquisition costs | (70,295) | 1,911 | |||||||||||||||
Reserve for claims and claim expenses | (18,880) | 1,061 | |||||||||||||||
Unearned premiums | 1,018,666 | 882,888 | |||||||||||||||
Reinsurance balances payable | 1,263,336 | 1,107,889 | |||||||||||||||
Other | (316,524) | (326,850) | |||||||||||||||
Net cash provided by operating activities | 856,965 | 783,969 | |||||||||||||||
Cash flows used in investing activities | |||||||||||||||||
Proceeds from sales and maturities of fixed maturity investments trading | 8,340,351 | 9,405,348 | |||||||||||||||
Purchases of fixed maturity investments trading | (8,949,454) | (9,230,000) | |||||||||||||||
Net (purchases) sales of equity investments trading | (45,008) | 125,597 | |||||||||||||||
Net purchases of short term investments | (990,604) | (1,972,717) | |||||||||||||||
Net purchases of other investments | (90,010) | (133,889) | |||||||||||||||
Net purchases of investments in other ventures | (1,994) | (2,249) | |||||||||||||||
Return of investment from investment in other ventures | 9,157 | 11,250 | |||||||||||||||
Net purchase of other assets | — | (4,108) | |||||||||||||||
Net purchase of TMR | — | (276,206) | |||||||||||||||
Net cash used in investing activities | (1,727,562) | (2,076,974) | |||||||||||||||
Cash flows provided by financing activities | |||||||||||||||||
Dividends paid – RenaissanceRe common shares | (33,063) | (29,439) | |||||||||||||||
Dividends paid – preference shares | (16,345) | (18,378) | |||||||||||||||
RenaissanceRe common share issuance, net of expenses | 1,095,549 | — | |||||||||||||||
RenaissanceRe common share repurchases | (62,621) | — | |||||||||||||||
Issuance of debt, net of expenses | — | 396,411 | |||||||||||||||
Repayment of debt | (250,000) | — | |||||||||||||||
Redemption of 6.08% Series C preference shares | (125,000) | — | |||||||||||||||
Net third-party redeemable noncontrolling interest share transactions | 79,283 | 514,732 | |||||||||||||||
Taxes paid on withholding shares | (10,243) | (7,083) | |||||||||||||||
Net cash provided by financing activities | 677,560 | 856,243 | |||||||||||||||
Effect of exchange rate changes on foreign currency cash | (187) | (534) | |||||||||||||||
Net decrease in cash and cash equivalents | (193,224) | (437,296) | |||||||||||||||
Cash and cash equivalents, beginning of period | 1,379,068 | 1,107,922 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 1,185,844 | $ | 670,626 |
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 | |||||||
Shareholders’ equity of the TMR Group Entities 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 the TMR Group Entities | (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 the TMR Group Entities 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 | |||
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 the TMR Group Entities, at March 22, 2019 | 18,000 | ||||||
Accumulated amortization (from March 22, 2019 through September 30, 2019) | 540 | ||||||
Net identifiable intangible assets related to the acquisition of the TMR Group Entities at September 30, 2019 | $ | 17,460 | |||||
Three months ended September 30, 2019 | Nine months ended September 30, 2019 (1) | ||||||||
Total revenues | $ | 313,250 | $ | 730,080 | |||||
Net income available to RenaissanceRe common shareholders (2) | $ | 31,672 | $ | 97,068 | |||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, 2019 | September 30, 2018 | September 30, 2019 | September 30, 2018 | ||||||||||||||
Total revenues | $ | 1,051,148 | $ | 930,825 | $ | 3,437,674 | $ | 2,478,934 | |||||||||
Net income available to RenaissanceRe common shareholders | $ | 36,698 | $ | 59,174 | $ | 734,946 | $ | 309,715 | |||||||||
September 30, 2019 | December 31, 2018 | ||||||||
U.S. treasuries | $ | 4,314,006 | $ | 3,331,411 | |||||
Agencies | 507,903 | 174,883 | |||||||
Municipal | 1,629 | 6,854 | |||||||
Non-U.S. government | 379,154 | 279,818 | |||||||
Non-U.S. government-backed corporate | 263,170 | 160,063 | |||||||
Corporate | 3,453,222 | 2,450,244 | |||||||
Agency mortgage-backed | 1,248,722 | 817,880 | |||||||
Non-agency mortgage-backed | 261,850 | 278,680 | |||||||
Commercial mortgage-backed | 406,268 | 282,294 | |||||||
Asset-backed | 550,304 | 306,743 | |||||||
Total fixed maturity investments trading | $ | 11,386,228 | $ | 8,088,870 | |||||
June 30, 2020 | December 31, 2019 | ||||||||||||||||
U.S. treasuries | $ | 4,258,675 | $ | 4,467,345 | |||||||||||||
Agencies | 505,038 | 343,031 | |||||||||||||||
Non-U.S. government | 584,206 | 497,392 | |||||||||||||||
Non-U.S. government-backed corporate | 314,833 | 321,356 | |||||||||||||||
Corporate | 4,428,553 | 3,075,660 | |||||||||||||||
Agency mortgage-backed | 985,851 | 1,148,499 | |||||||||||||||
Non-agency mortgage-backed | 276,300 | 294,604 | |||||||||||||||
Commercial mortgage-backed | 591,238 | 468,698 | |||||||||||||||
Asset-backed | 550,441 | 555,070 | |||||||||||||||
Total fixed maturity investments trading | $ | 12,495,135 | $ | 11,171,655 | |||||||||||||
September 30, 2019 | Amortized Cost | Fair Value | |||||||
Due in less than one year | $ | 605,595 | $ | 603,806 | |||||
Due after one through five years | 5,820,074 | 5,893,946 | |||||||
Due after five through ten years | 2,170,132 | 2,232,264 | |||||||
Due after ten years | 179,147 | 189,068 | |||||||
Mortgage-backed | 1,888,719 | 1,916,840 | |||||||
Asset-backed | 550,727 | 550,304 | |||||||
Total | $ | 11,214,394 | $ | 11,386,228 | |||||
June 30, 2020 | Amortized Cost | Fair Value | |||||||||||||||||||||||||||||||||||||||
Due in less than one year | $ | 632,668 | $ | 638,686 | |||||||||||||||||||||||||||||||||||||
Due after one through five years | 5,388,088 | 5,513,103 | |||||||||||||||||||||||||||||||||||||||
Due after five through ten years | 3,185,015 | 3,312,749 | |||||||||||||||||||||||||||||||||||||||
Due after ten years | 602,473 | 626,768 | |||||||||||||||||||||||||||||||||||||||
Mortgage-backed | 1,820,084 | 1,853,388 | |||||||||||||||||||||||||||||||||||||||
Asset-backed | 560,179 | 550,441 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 12,188,507 | $ | 12,495,135 | |||||||||||||||||||||||||||||||||||||
September 30, 2019 | December 31, 2018 | ||||||||
Financials | $ | 207,073 | $ | 200,357 | |||||
Communications and technology | 70,057 | 42,333 | |||||||
Industrial, utilities and energy | 36,703 | 24,520 | |||||||
Consumer | 34,384 | 20,639 | |||||||
Healthcare | 26,051 | 18,925 | |||||||
Basic materials | 5,154 | 3,478 | |||||||
Total | $ | 379,422 | $ | 310,252 | |||||
June 30, 2020 | December 31, 2019 | ||||||||||||||||
Financials | $ | 228,710 | $ | 248,189 | |||||||||||||
Communications and technology | 114,650 | 79,206 | |||||||||||||||
Consumer | 44,057 | 35,987 | |||||||||||||||
Industrial, utilities and energy | 38,625 | 38,583 | |||||||||||||||
Healthcare | 37,449 | 29,510 | |||||||||||||||
Basic materials | 6,596 | 5,456 | |||||||||||||||
Total | $ | 470,087 | $ | 436,931 | |||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, 2019 | September 30, 2018 | September 30, 2019 | September 30, 2018 | ||||||||||||||
Fixed maturity investments | $ | 82,977 | $ | 55,725 | $ | 232,566 | $ | 151,784 | |||||||||
Short term investments | 15,061 | 9,403 | 44,712 | 22,340 | |||||||||||||
Equity investments | 1,326 | 903 | 3,269 | 3,091 | |||||||||||||
Other investments | |||||||||||||||||
Private equity investments | (4,597 | ) | 8,723 | 8,166 | 12,149 | ||||||||||||
Other | 22,538 | 8,665 | 30,413 | 27,346 | |||||||||||||
Cash and cash equivalents | 1,978 | 1,104 | 5,801 | 2,708 | |||||||||||||
119,283 | 84,523 | 324,927 | 219,418 | ||||||||||||||
Investment expenses | (5,439 | ) | (3,827 | ) | (13,789 | ) | (10,890 | ) | |||||||||
Net investment income | $ | 113,844 | $ | 80,696 | $ | 311,138 | $ | 208,528 | |||||||||
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||||||||||
June 30, 2020 | June 30, 2019 | June 30, 2020 | June 30, 2019 | ||||||||||||||||||||||||||||||||||||||
Fixed maturity investments | $ | 69,943 | $ | 88,106 | $ | 143,281 | $ | 149,589 | |||||||||||||||||||||||||||||||||
Short term investments | 6,049 | 17,807 | 18,141 | 29,651 | |||||||||||||||||||||||||||||||||||||
Equity investments | 1,666 | 916 | 3,217 | 1,943 | |||||||||||||||||||||||||||||||||||||
Other investments | |||||||||||||||||||||||||||||||||||||||||
Catastrophe bonds | 13,519 | 11,781 | 27,658 | 20,472 | |||||||||||||||||||||||||||||||||||||
Other | 1,107 | 1,914 | 2,736 | 3,554 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 837 | 2,306 | 2,341 | 3,823 | |||||||||||||||||||||||||||||||||||||
93,121 | 122,830 | 197,374 | 209,032 | ||||||||||||||||||||||||||||||||||||||
Investment expenses | (3,816) | (4,242) | (8,596) | (8,350) | |||||||||||||||||||||||||||||||||||||
Net investment income | $ | 89,305 | $ | 118,588 | $ | 188,778 | $ | 200,682 | |||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, 2019 | September 30, 2018 | September 30, 2019 | September 30, 2018 | ||||||||||||||
Gross realized gains | $ | 34,710 | $ | 5,229 | $ | 87,595 | $ | 14,945 | |||||||||
Gross realized losses | (4,609 | ) | (15,327 | ) | (34,769 | ) | (67,699 | ) | |||||||||
Net realized gains (losses) on fixed maturity investments | 30,101 | (10,098 | ) | 52,826 | (52,754 | ) | |||||||||||
Net unrealized gains (losses) on fixed maturity investments trading | 17,226 | (8,730 | ) | 243,139 | (73,522 | ) | |||||||||||
Net realized and unrealized gains (losses) on investments-related derivatives | 11,134 | 2,563 | 62,103 | (763 | ) | ||||||||||||
Net realized (losses) gains on equity investments trading sold during the period | (72 | ) | 21,259 | 30,666 | 21,841 | ||||||||||||
Net unrealized (losses) gains on equity investments trading still held at reporting date | (26,451 | ) | 8,636 | 7,852 | 18,783 | ||||||||||||
Net realized and unrealized (losses) gains on equity investments trading | (26,523 | ) | 29,895 | 38,518 | 40,624 | ||||||||||||
Net realized and unrealized gains (losses) on investments | $ | 31,938 | $ | 13,630 | $ | 396,586 | $ | (86,415 | ) | ||||||||
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||||||||||
June 30, 2020 | June 30, 2019 | June 30, 2020 | June 30, 2019 | ||||||||||||||||||||||||||||||||||||||
Net realized gains on fixed maturity investments trading | $ | 105,849 | $ | 21,295 | $ | 163,336 | $ | 22,725 | |||||||||||||||||||||||||||||||||
Net unrealized gains on fixed maturity investments trading | 197,678 | 121,991 | 177,333 | 225,913 | |||||||||||||||||||||||||||||||||||||
Net realized and unrealized gains on fixed maturity investments trading | 303,527 | 143,286 | 340,669 | 248,638 | |||||||||||||||||||||||||||||||||||||
Net realized and unrealized gains on investments-related derivatives | 24,372 | 37,173 | 57,553 | 50,969 | |||||||||||||||||||||||||||||||||||||
Net realized gains (losses) on equity investments trading | 422 | 31,899 | (14,625) | 30,738 | |||||||||||||||||||||||||||||||||||||
Net unrealized gains (losses) on equity investments trading | 107,896 | (18,355) | 1,959 | 34,303 | |||||||||||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on equity investments trading | 108,318 | 13,544 | (12,666) | 65,041 | |||||||||||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - catastrophe bonds | 4,452 | (11,902) | (9,900) | (14,112) | |||||||||||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - other | 7,721 | 9,146 | (37,973) | 10,724 | |||||||||||||||||||||||||||||||||||||
Net realized and unrealized gains on investments | $ | 448,390 | $ | 191,247 | $ | 337,683 | $ | 361,260 | |||||||||||||||||||||||||||||||||
At June 30, 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 | $ | 4,258,675 | $ | 4,258,675 | $ | — | $ | — | |||||||||||||||||||||
Agencies | 505,038 | — | 505,038 | — | |||||||||||||||||||||||||
Non-U.S. government | 584,206 | — | 584,206 | — | |||||||||||||||||||||||||
Non-U.S. government-backed corporate | 314,833 | — | 314,833 | — | |||||||||||||||||||||||||
Corporate | 4,428,553 | — | 4,428,553 | — | |||||||||||||||||||||||||
Agency mortgage-backed | 985,851 | — | 985,851 | — | |||||||||||||||||||||||||
Non-agency mortgage-backed | 276,300 | — | 276,300 | — | |||||||||||||||||||||||||
Commercial mortgage-backed | 591,238 | — | 591,238 | — | |||||||||||||||||||||||||
Asset-backed | 550,441 | — | 550,441 | — | |||||||||||||||||||||||||
Total fixed maturity investments | 12,495,135 | 4,258,675 | 8,236,460 | — | |||||||||||||||||||||||||
Short term investments | 5,570,804 | — | 5,570,804 | — | |||||||||||||||||||||||||
Equity investments trading | 470,087 | 470,087 | — | — | |||||||||||||||||||||||||
Other investments | |||||||||||||||||||||||||||||
Catastrophe bonds | 807,162 | — | 807,162 | — | |||||||||||||||||||||||||
Private equity investments (1) | 254,257 | — | — | 71,450 | |||||||||||||||||||||||||
Senior secured bank loan funds (1) | 22,261 | — | — | — | |||||||||||||||||||||||||
Hedge funds (1) | 9,658 | — | — | — | |||||||||||||||||||||||||
Total other investments | 1,093,338 | — | 807,162 | 71,450 | |||||||||||||||||||||||||
Other assets and (liabilities) | |||||||||||||||||||||||||||||
Assumed and ceded (re)insurance contracts (2) | (6,711) | — | — | (6,711) | |||||||||||||||||||||||||
Derivatives (3) | 4,075 | (310) | 4,385 | — | |||||||||||||||||||||||||
Total other assets and (liabilities) | (2,636) | (310) | 4,385 | (6,711) | |||||||||||||||||||||||||
$ | 19,626,728 | $ | 4,728,452 | $ | 14,618,811 | $ | 64,739 | ||||||||||||||||||||||
At September 30, 2019 | 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 | $ | 4,314,006 | $ | 4,314,006 | $ | — | $ | — | |||||||||
Agencies | 507,903 | — | 507,903 | — | |||||||||||||
Municipal | 1,629 | — | 1,629 | — | |||||||||||||
Non-U.S. government | 379,154 | — | 379,154 | — | |||||||||||||
Non-U.S. government-backed corporate | 263,170 | — | 263,170 | — | |||||||||||||
Corporate | 3,453,222 | — | 3,453,222 | — | |||||||||||||
Agency mortgage-backed | 1,248,722 | — | 1,248,722 | — | |||||||||||||
Non-agency mortgage-backed | 261,850 | — | 261,850 | — | |||||||||||||
Commercial mortgage-backed | 406,268 | — | 406,268 | — | |||||||||||||
Asset-backed | 550,304 | — | 550,304 | — | |||||||||||||
Total fixed maturity investments | 11,386,228 | 4,314,006 | 7,072,222 | — | |||||||||||||
Short term investments | 4,116,156 | — | 4,116,156 | — | |||||||||||||
Equity investments trading | 379,422 | 379,422 | — | — | |||||||||||||
Other investments | |||||||||||||||||
Catastrophe bonds | 659,466 | — | 659,466 | — | |||||||||||||
Private equity investments (1) | 266,048 | — | — | 74,210 | |||||||||||||
Senior secured bank loan funds (1) | 24,567 | — | — | — | |||||||||||||
Hedge funds (1) | 12,028 | — | — | — | |||||||||||||
Total other investments | 962,109 | — | 659,466 | 74,210 | |||||||||||||
Other assets and (liabilities) | |||||||||||||||||
Assumed and ceded (re)insurance contracts (2) | 6,219 | — | — | 6,219 | |||||||||||||
Derivatives (3) | 18,565 | 212 | 18,353 | — | |||||||||||||
Total other assets and (liabilities) | 24,784 | 212 | 18,353 | 6,219 | |||||||||||||
$ | 16,868,699 | $ | 4,693,640 | $ | 11,866,197 | $ | 80,429 | ||||||||||
At December 31, 2019 | 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 | $ | 4,467,345 | $ | 4,467,345 | $ | — | $ | — | |||||||||||||||||||||
Agencies | 343,031 | — | 343,031 | — | |||||||||||||||||||||||||
Non-U.S. government | 497,392 | — | 497,392 | — | |||||||||||||||||||||||||
Non-U.S. government-backed corporate | 321,356 | — | 321,356 | — | |||||||||||||||||||||||||
Corporate | 3,075,660 | — | 3,075,660 | — | |||||||||||||||||||||||||
Agency mortgage-backed | 1,148,499 | — | 1,148,499 | — | |||||||||||||||||||||||||
Non-agency mortgage-backed | 294,604 | — | 294,604 | — | |||||||||||||||||||||||||
Commercial mortgage-backed | 468,698 | — | 468,698 | — | |||||||||||||||||||||||||
Asset-backed | 555,070 | — | 555,070 | — | |||||||||||||||||||||||||
Total fixed maturity investments | 11,171,655 | 4,467,345 | 6,704,310 | — | |||||||||||||||||||||||||
Short term investments | 4,566,277 | — | 4,566,277 | — | |||||||||||||||||||||||||
Equity investments trading | 436,931 | 436,931 | — | — | |||||||||||||||||||||||||
Other investments | |||||||||||||||||||||||||||||
Catastrophe bonds | 781,641 | — | 781,641 | — | |||||||||||||||||||||||||
Private equity investments (1) | 271,047 | — | — | 74,634 | |||||||||||||||||||||||||
Senior secured bank loan funds (1) | 22,598 | — | — | — | |||||||||||||||||||||||||
Hedge funds (1) | 12,091 | — | — | — | |||||||||||||||||||||||||
Total other investments | 1,087,377 | — | 781,641 | 74,634 | |||||||||||||||||||||||||
Other assets and (liabilities) | |||||||||||||||||||||||||||||
Assumed and ceded (re)insurance contracts (2) | 4,731 | — | — | 4,731 | |||||||||||||||||||||||||
Derivatives (3) | 16,937 | (1,020) | 17,957 | — | |||||||||||||||||||||||||
Total other assets and (liabilities) | 21,668 | (1,020) | 17,957 | 4,731 | |||||||||||||||||||||||||
$ | 17,283,908 | $ | 4,903,256 | $ | 12,070,185 | $ | 79,365 | ||||||||||||||||||||||
At December 31, 2018 | 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 | $ | 3,331,411 | $ | 3,331,411 | $ | — | $ | — | |||||||||
Agencies | 174,883 | — | 174,883 | — | |||||||||||||
Municipal | 6,854 | — | 6,854 | — | |||||||||||||
Non-U.S. government | 279,818 | — | 279,818 | — | |||||||||||||
Non-U.S. government-backed corporate | 160,063 | — | 160,063 | — | |||||||||||||
Corporate | 2,450,244 | — | 2,450,244 | — | |||||||||||||
Agency mortgage-backed | 817,880 | — | 817,880 | — | |||||||||||||
Non-agency mortgage-backed | 278,680 | — | 278,680 | — | |||||||||||||
Commercial mortgage-backed | 282,294 | — | 282,294 | — | |||||||||||||
Asset-backed | 306,743 | — | 306,743 | — | |||||||||||||
Total fixed maturity investments | 8,088,870 | 3,331,411 | 4,757,459 | — | |||||||||||||
Short term investments | 2,586,520 | — | 2,586,520 | — | |||||||||||||
Equity investments trading | 310,252 | 310,252 | — | — | |||||||||||||
Other investments | |||||||||||||||||
Catastrophe bonds | 516,571 | — | 516,571 | — | |||||||||||||
Private equity investments (1) | 242,647 | — | — | 54,545 | |||||||||||||
Senior secured bank loan funds (1) | 14,482 | — | — | — | |||||||||||||
Hedge funds (1) | 11,233 | — | — | — | |||||||||||||
Total other investments | 784,933 | — | 516,571 | 54,545 | |||||||||||||
Other assets and (liabilities) | |||||||||||||||||
Assumed and ceded (re)insurance contracts (2) | (8,359 | ) | — | — | (8,359 | ) | |||||||||||
Derivatives (3) | 12,399 | 484 | 11,915 | — | |||||||||||||
Total other assets and (liabilities) | 4,040 | 484 | 11,915 | (8,359 | ) | ||||||||||||
$ | 11,774,615 | $ | 3,642,147 | $ | 7,872,465 | $ | 46,186 | ||||||||||
At September 30, 2019 | Fair Value (Level 3) | Valuation Technique | Unobservable Inputs | Low | High | Weighted Average or Actual | |||||||||||||||
Other investments | |||||||||||||||||||||
Private equity investment | $ | 10,455 | External valuation model | Indicative pricing | $ | — | $ | 105.12 | $ | 104.55 | |||||||||||
Private equity investments | 63,755 | Internal valuation model | Liquidity discount | n/a | n/a | 12.5 | % | ||||||||||||||
Total other investments | 74,210 | ||||||||||||||||||||
Other assets and (liabilities) | |||||||||||||||||||||
Assumed and ceded (re)insurance contracts | 484 | Internal valuation model | Bond price | $ | 100.32 | $ | 106.08 | $ | 103.49 | ||||||||||||
Liquidity discount | n/a | n/a | 1.3 | % | |||||||||||||||||
Assumed and ceded (re)insurance contracts | (9,242 | ) | Internal valuation model | Net undiscounted cash flows | n/a | n/a | $ | (11,028 | ) | ||||||||||||
Expected loss ratio | n/a | n/a | 34.9 | % | |||||||||||||||||
Discount rate | n/a | n/a | 1.6 | % | |||||||||||||||||
Assumed and ceded (re)insurance contracts | 14,977 | Internal valuation model | Expected loss ratio | n/a | n/a | 0.0 | % | ||||||||||||||
Total other assets and (liabilities) | 6,219 | ||||||||||||||||||||
Total other assets and (liabilities) measured at fair value on a recurring basis using Level 3 inputs | $ | 80,429 | |||||||||||||||||||
At June 30, 2020 | Fair Value (Level 3) | Valuation Technique | Unobservable Inputs | Low | High | Weighted Average or Actual | |||||||||||||||||||||||||||||||||||
Other investments | |||||||||||||||||||||||||||||||||||||||||
Private equity investment | $ | 1,143 | External valuation model | Manager pricing | $ | 277.73 | $ | 369.09 | $ | 323.41 | |||||||||||||||||||||||||||||||
Private equity investments | 70,307 | Internal valuation model | Discount rate | n/a | n/a | 8.0 | % | ||||||||||||||||||||||||||||||||||
Liquidity discount | n/a | n/a | 15.0 | % | |||||||||||||||||||||||||||||||||||||
Total other investments | 71,450 | ||||||||||||||||||||||||||||||||||||||||
Other assets and (liabilities) | |||||||||||||||||||||||||||||||||||||||||
Assumed and ceded (re)insurance contracts | (1,442) | Internal valuation model | Bond price | $ | 88.09 | $ | 99.25 | $ | 93.59 | ||||||||||||||||||||||||||||||||
Liquidity discount | n/a | n/a | 1.3 | % | |||||||||||||||||||||||||||||||||||||
Assumed and ceded (re)insurance contracts | (8,232) | Internal valuation model | Net undiscounted cash flows | n/a | n/a | $ | 11,752 | ||||||||||||||||||||||||||||||||||
Expected loss ratio | n/a | n/a | 28.3 | % | |||||||||||||||||||||||||||||||||||||
Discount rate | n/a | n/a | 0.3 | % | |||||||||||||||||||||||||||||||||||||
Assumed and ceded (re)insurance contracts | 2,963 | Internal valuation model | Expected loss ratio | n/a | n/a | 0.0 | % | ||||||||||||||||||||||||||||||||||
Total other assets and (liabilities) | (6,711) | ||||||||||||||||||||||||||||||||||||||||
Total assets and (liabilities) measured at fair value on a recurring basis using Level 3 inputs | $ | 64,739 | |||||||||||||||||||||||||||||||||||||||
Other investments | Other assets and (liabilities) | Total | |||||||||||
Balance - July 1, 2019 | $ | 74,810 | $ | 7,942 | $ | 82,752 | |||||||
Total realized and unrealized losses | |||||||||||||
Included in other income | (592 | ) | (1,188 | ) | (1,780 | ) | |||||||
Total foreign exchange losses | (8 | ) | — | (8 | ) | ||||||||
Purchases | — | (535 | ) | (535 | ) | ||||||||
Balance - September 30, 2019 | $ | 74,210 | $ | 6,219 | $ | 80,429 | |||||||
Other investments | Other assets and (liabilities) | Total | |||||||||||
Balance - January 1, 2019 | $ | 54,545 | $ | (8,359 | ) | $ | 46,186 | ||||||
Total realized and unrealized gains (losses) | |||||||||||||
Included in other income | 1,790 | (1,030 | ) | 760 | |||||||||
Total foreign exchange losses | (16 | ) | — | (16 | ) | ||||||||
Purchases | 17,891 | (4,382 | ) | 13,509 | |||||||||
Settlements | — | 20 | 20 | ||||||||||
Amounts acquired (1) | — | 19,970 | 19,970 | ||||||||||
Balance - September 30, 2019 | $ | 74,210 | $ | 6,219 | $ | 80,429 | |||||||
Other assets and (liabilities) | |||||
Balance - July 1, 2018 | $ | (2,018 | ) | ||
Total realized and unrealized gains | |||||
Included in other income | 1,754 | ||||
Purchases | (9,668 | ) | |||
Settlements | 983 | ||||
Balance - September 30, 2018 | $ | (8,949 | ) | ||
Other assets and (liabilities) | |||||
Balance - January 1, 2018 | $ | (2,952 | ) | ||
Total realized and unrealized gains | |||||
Included in other income | 2,399 | ||||
Purchases | (9,379 | ) | |||
Settlements | 983 | ||||
Balance - September 30, 2018 | $ | (8,949 | ) | ||
Other investments | Other assets and (liabilities) | Total | |||||||||||||||||||||||||||
Balance - April 1, 2020 | $ | 72,620 | $ | 1,223 | $ | 73,843 | |||||||||||||||||||||||
Total realized and unrealized losses | |||||||||||||||||||||||||||||
Included in net realized and unrealized gains on investments | (380) | — | (380) | ||||||||||||||||||||||||||
Included in other (loss) income | — | (1,713) | (1,713) | ||||||||||||||||||||||||||
Purchases | — | (482) | (482) | ||||||||||||||||||||||||||
Sales | (790) | — | (790) | ||||||||||||||||||||||||||
Settlements | — | (5,739) | (5,739) | ||||||||||||||||||||||||||
Balance - June 30, 2020 | $ | 71,450 | $ | (6,711) | $ | 64,739 | |||||||||||||||||||||||
Other investments | Other assets and (liabilities) | Total | |||||||||||||||||||||||||||
Balance - January 1, 2020 | $ | 74,634 | $ | 4,731 | $ | 79,365 | |||||||||||||||||||||||
Total realized and unrealized losses | |||||||||||||||||||||||||||||
Included in net realized and unrealized gains on investments | (14,536) | — | (14,536) | ||||||||||||||||||||||||||
Included in other (loss) income | — | (4,610) | (4,610) | ||||||||||||||||||||||||||
Total foreign exchange losses | (21) | — | (21) | ||||||||||||||||||||||||||
Purchases | 20,962 | (1,093) | 19,869 | ||||||||||||||||||||||||||
Sales | (9,589) | — | (9,589) | ||||||||||||||||||||||||||
Settlements | — | (5,739) | (5,739) | ||||||||||||||||||||||||||
Balance - June 30, 2020 | $ | 71,450 | $ | (6,711) | $ | 64,739 | |||||||||||||||||||||||
Other investments | Other assets and (liabilities) | Total | |||||||||||||||||||||||||||
Balance - April 1, 2019 | $ | 63,695 | $ | 11,827 | $ | 75,522 | |||||||||||||||||||||||
Total realized and unrealized gains (losses) | |||||||||||||||||||||||||||||
Included in net realized and unrealized gains on investments | 3,493 | — | 3,493 | ||||||||||||||||||||||||||
Included in other (loss) income | — | (935) | (935) | ||||||||||||||||||||||||||
Total foreign exchange losses | (7) | — | (7) | ||||||||||||||||||||||||||
Purchases | 7,629 | (2,950) | 4,679 | ||||||||||||||||||||||||||
Balance - June 30, 2019 | $ | 74,810 | $ | 7,942 | $ | 82,752 | |||||||||||||||||||||||
Other investments | Other assets and (liabilities) | Total | |||||||||||||||||||||||||||
Balance - January 1, 2019 | $ | 54,545 | $ | (8,359) | $ | 46,186 | |||||||||||||||||||||||
Total realized and unrealized gains | |||||||||||||||||||||||||||||
Included in net realized and unrealized gains on investments | 2,382 | — | 2,382 | ||||||||||||||||||||||||||
Included in other (loss) income | — | 158 | 158 | ||||||||||||||||||||||||||
Total foreign exchange losses | (8) | — | (8) | ||||||||||||||||||||||||||
Purchases | 17,891 | (3,847) | 14,044 | ||||||||||||||||||||||||||
Settlements | — | 20 | 20 | ||||||||||||||||||||||||||
Amounts acquired (1) | — | 19,970 | 19,970 | ||||||||||||||||||||||||||
Balance - June 30, 2019 | $ | 74,810 | $ | 7,942 | $ | 82,752 | |||||||||||||||||||||||
September 30, 2019 | December 31, 2018 | ||||||||
Other investments | $ | 962,109 | $ | 784,933 | |||||
Other assets | $ | 37,820 | $ | 4,968 | |||||
Other liabilities | $ | 31,601 | $ | 13,327 | |||||
June 30, 2020 | December 31, 2019 | ||||||||||||||||
Other investments | $ | 1,093,338 | $ | 1,087,377 | |||||||||||||
Other assets | $ | 12,537 | $ | 32,944 | |||||||||||||
Other liabilities | $ | 19,248 | $ | 28,213 | |||||||||||||
At September 30, 2019 | Fair Value | Unfunded Commitments | Redemption Frequency | Redemption Notice Period (Minimum Days) | Redemption Notice Period (Maximum Days) | ||||||||||
Private equity investments | $ | 191,838 | $ | 359,470 | See below | See below | See below | ||||||||
Senior secured bank loan funds | 24,567 | 7,400 | See below | See below | See below | ||||||||||
Hedge funds | 12,028 | — | See below | See below | See below | ||||||||||
Total other investments measured using net asset valuations | $ | 228,433 | $ | 366,870 | |||||||||||
At June 30, 2020 | Fair Value | Unfunded Commitments | Redemption Frequency | Redemption Notice Period (Minimum Days) | Redemption Notice Period (Maximum Days) | ||||||||||||||||||||||||||||||
Private equity investments | $ | 182,807 | $ | 455,883 | See below | See below | See below | ||||||||||||||||||||||||||||
Senior secured bank loan funds | 22,261 | 6,995 | See below | See below | See below | ||||||||||||||||||||||||||||||
Hedge funds | 9,658 | — | See below | See below | See below | ||||||||||||||||||||||||||||||
Total other investments measured using net asset valuations | $ | 214,726 | $ | 462,878 | |||||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, 2019 | September 30, 2018 | September 30, 2019 | September 30, 2018 | ||||||||||||||
Premiums written | |||||||||||||||||
Direct | $ | 108,478 | $ | 74,635 | $ | 318,984 | $ | 250,375 | |||||||||
Assumed | 752,590 | 551,042 | 3,583,287 | 2,512,297 | |||||||||||||
Ceded | (156,938 | ) | (172,422 | ) | (1,246,145 | ) | (1,041,864 | ) | |||||||||
Net premiums written | $ | 704,130 | $ | 453,255 | $ | 2,656,126 | $ | 1,720,808 | |||||||||
Premiums earned | |||||||||||||||||
Direct | $ | 103,446 | $ | 73,356 | $ | 283,898 | $ | 213,292 | |||||||||
Assumed | 1,146,831 | 760,920 | 3,114,408 | 1,968,138 | |||||||||||||
Ceded | (343,529 | ) | (302,427 | ) | (1,030,028 | ) | (779,914 | ) | |||||||||
Net premiums earned | $ | 906,748 | $ | 531,849 | $ | 2,368,278 | $ | 1,401,516 | |||||||||
Claims and claim expenses | |||||||||||||||||
Gross claims and claim expenses incurred | $ | 714,714 | $ | 514,873 | $ | 1,804,889 | $ | 817,560 | |||||||||
Claims and claim expenses recovered | (60,194 | ) | (104,363 | ) | (469,961 | ) | (175,180 | ) | |||||||||
Net claims and claim expenses incurred | $ | 654,520 | $ | 410,510 | $ | 1,334,928 | $ | 642,380 | |||||||||
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||||||||||
June 30, 2020 | June 30, 2019 | June 30, 2020 | June 30, 2019 | ||||||||||||||||||||||||||||||||||||||
Premiums written | |||||||||||||||||||||||||||||||||||||||||
Direct | $ | 177,562 | $ | 99,538 | $ | 325,254 | $ | 210,506 | |||||||||||||||||||||||||||||||||
Assumed | 1,524,310 | 1,377,370 | 3,402,339 | 2,830,697 | |||||||||||||||||||||||||||||||||||||
Ceded | (521,069) | (453,943) | (1,276,982) | (1,089,207) | |||||||||||||||||||||||||||||||||||||
Net premiums written | $ | 1,180,803 | $ | 1,022,965 | $ | 2,450,611 | $ | 1,951,996 | |||||||||||||||||||||||||||||||||
Premiums earned | |||||||||||||||||||||||||||||||||||||||||
Direct | $ | 138,327 | $ | 90,638 | $ | 272,556 | $ | 180,452 | |||||||||||||||||||||||||||||||||
Assumed | 1,281,357 | 1,202,144 | 2,431,090 | 1,967,577 | |||||||||||||||||||||||||||||||||||||
Ceded | (409,588) | (381,280) | (780,452) | (686,499) | |||||||||||||||||||||||||||||||||||||
Net premiums earned | $ | 1,010,096 | $ | 911,502 | $ | 1,923,194 | $ | 1,461,530 | |||||||||||||||||||||||||||||||||
Claims and claim expenses | |||||||||||||||||||||||||||||||||||||||||
Gross claims and claim expenses incurred | $ | 647,226 | $ | 752,056 | $ | 1,394,941 | $ | 1,090,175 | |||||||||||||||||||||||||||||||||
Claims and claim expenses recovered | (136,954) | (298,683) | (313,715) | (409,767) | |||||||||||||||||||||||||||||||||||||
Net claims and claim expenses incurred | $ | 510,272 | $ | 453,373 | $ | 1,081,226 | $ | 680,408 | |||||||||||||||||||||||||||||||||
At June 30, 2020 | Case Reserves | Additional Case Reserves | IBNR | Total | |||||||||||||||||||||||||
Property | $ | 1,095,511 | $ | 1,650,244 | $ | 842,395 | $ | 3,588,150 | |||||||||||||||||||||
Casualty and Specialty | 1,682,299 | 127,588 | 3,967,100 | 5,776,987 | |||||||||||||||||||||||||
Other | 332 | — | — | 332 | |||||||||||||||||||||||||
Total | $ | 2,778,142 | $ | 1,777,832 | $ | 4,809,495 | $ | 9,365,469 | |||||||||||||||||||||
At December 31, 2019 | |||||||||||||||||||||||||||||
Property | $ | 1,253,406 | $ | 1,631,223 | $ | 1,189,221 | $ | 4,073,850 | |||||||||||||||||||||
Casualty and Specialty | 1,596,426 | 129,720 | 3,583,913 | 5,310,059 | |||||||||||||||||||||||||
Other | 440 | — | — | 440 | |||||||||||||||||||||||||
Total | $ | 2,850,272 | $ | 1,760,943 | $ | 4,773,134 | $ | 9,384,349 | |||||||||||||||||||||
At September 30, 2019 | Case Reserves | Additional Case Reserves | IBNR | Total | |||||||||||||
Property | $ | 1,170,009 | $ | 1,493,600 | $ | 916,314 | $ | 3,579,923 | |||||||||
Casualty and Specialty | 1,475,505 | 151,555 | 3,389,344 | 5,016,404 | |||||||||||||
Other | 2,944 | — | 3,166 | 6,110 | |||||||||||||
Total | $ | 2,648,458 | $ | 1,645,155 | $ | 4,308,824 | $ | 8,602,437 | |||||||||
At December 31, 2018 | |||||||||||||||||
Property | $ | 690,718 | $ | 1,308,307 | $ | 1,087,229 | $ | 3,086,254 | |||||||||
Casualty and Specialty | 771,537 | 116,877 | 2,096,979 | 2,985,393 | |||||||||||||
Other | 1,458 | — | 3,166 | 4,624 | |||||||||||||
Total | $ | 1,463,713 | $ | 1,425,184 | $ | 3,187,374 | $ | 6,076,271 | |||||||||
Nine months ended September 30, | 2019 | 2018 | |||||||
Net reserves as of beginning of period | $ | 3,704,050 | $ | 3,493,778 | |||||
Net incurred related to: | |||||||||
Current year | 1,349,448 | 839,360 | |||||||
Prior years | (14,520 | ) | (196,980 | ) | |||||
Total net incurred | 1,334,928 | 642,380 | |||||||
Net paid related to: | |||||||||
Current year | 128,471 | 48,075 | |||||||
Prior years | 563,539 | 326,692 | |||||||
Total net paid | 692,010 | 374,767 | |||||||
Amounts acquired (1) | 1,858,775 | — | |||||||
Foreign exchange (2) | (41,605 | ) | (12,952 | ) | |||||
Net reserves as of end of period | 6,164,138 | 3,748,439 | |||||||
Reinsurance recoverable as of end of period | 2,438,299 | 1,204,059 | |||||||
Gross reserves as of end of period | $ | 8,602,437 | $ | 4,952,498 | |||||
Six months ended June 30, | 2020 | 2019 | |||||||||||||||
Net reserves as of beginning of period | $ | 6,593,052 | $ | 3,704,050 | |||||||||||||
Net incurred related to: | |||||||||||||||||
Current year | 1,082,732 | 684,481 | |||||||||||||||
Prior years | (1,506) | (4,073) | |||||||||||||||
Total net incurred | 1,081,226 | 680,408 | |||||||||||||||
Net paid related to: | |||||||||||||||||
Current year | 61,625 | 52,332 | |||||||||||||||
Prior years | 1,007,916 | 570,561 | |||||||||||||||
Total net paid | 1,069,541 | 622,893 | |||||||||||||||
Foreign exchange (1) | (13,626) | (642) | |||||||||||||||
Amounts acquired (2) | — | 1,858,775 | |||||||||||||||
Net reserves as of end of period | 6,591,111 | 5,619,698 | |||||||||||||||
Reinsurance recoverable as of end of period | 2,774,358 | 2,865,150 | |||||||||||||||
Gross reserves as of end of period | $ | 9,365,469 | $ | 8,484,848 | |||||||||||||
Nine months ended September 30, | 2019 | 2018 | |||||||
(Favorable) adverse development | (Favorable) adverse development | ||||||||
Property | $ | 5,020 | $ | (172,872 | ) | ||||
Casualty and Specialty | (19,718 | ) | (24,020 | ) | |||||
Other | 178 | (88 | ) | ||||||
Total net favorable development of prior accident years net claims and claim expenses | $ | (14,520 | ) | $ | (196,980 | ) | |||
Six months ended June 30, | 2020 | 2019 | |||||||||||||||
(Favorable) adverse development | (Favorable) adverse development | ||||||||||||||||
Property | $ | 7,444 | $ | 12,640 | |||||||||||||
Casualty and Specialty | (8,799) | (16,730) | |||||||||||||||
Other | (151) | 17 | |||||||||||||||
Total net favorable development of prior accident years net claims and claim expenses | $ | (1,506) | $ | (4,073) | |||||||||||||
Nine months ended September 30, | 2019 | ||||
(Favorable) adverse development | |||||
Catastrophe net claims and claim expenses | |||||
Large catastrophe events | |||||
2017 Large Loss Events | $ | (90,817 | ) | ||
New Zealand Earthquake (2011) | (7,497 | ) | |||
Tohoku Earthquake and Tsunami (2011) | (4,693 | ) | |||
New Zealand Earthquake (2010) | 46,741 | ||||
2018 Large Loss Events | 61,592 | ||||
Other | (10,717 | ) | |||
Total large catastrophe events | (5,391 | ) | |||
Small catastrophe events and attritional loss movements | |||||
Other small catastrophe events and attritional loss movements | 1,166 | ||||
Total small catastrophe events and attritional loss movements | 1,166 | ||||
Total catastrophe and attritional net claims and claim expenses | (4,225 | ) | |||
Actuarial assumption changes | 9,245 | ||||
Total net adverse development of prior accident years net claims and claim expenses | $ | 5,020 | |||
Six months ended June 30, | 2020 | ||||||||||
(Favorable) adverse development | |||||||||||
Catastrophe net claims and claim expenses | |||||||||||
Large catastrophe events | |||||||||||
2019 Large Loss Events | $ | (19,940) | |||||||||
2018 Large Loss Events | (12,306) | ||||||||||
2017 Large Loss Events | (3,825) | ||||||||||
Other | 7,004 | ||||||||||
Total large catastrophe events | (29,067) | ||||||||||
Small catastrophe events and attritional loss movements | |||||||||||
Other small catastrophe events and attritional loss movements | 36,511 | ||||||||||
Total small catastrophe events and attritional loss movements | 36,511 | ||||||||||
Total net adverse development of prior accident years net claims and claim expenses | $ | 7,444 | |||||||||
Nine months ended September 30, | 2018 | ||||
(Favorable) adverse development | |||||
Catastrophe net claims and claim expenses | |||||
Large catastrophe events | |||||
2017 Large Loss Events | $ | (151,155 | ) | ||
Other | (7,313 | ) | |||
Total large catastrophe events | (158,468 | ) | |||
Small catastrophe events and attritional loss movements | |||||
Other small catastrophe events and attritional loss movements | (8,722 | ) | |||
Total small catastrophe events and attritional loss movements | (8,722 | ) | |||
Total catastrophe and attritional net claims and claim expenses | (167,190 | ) | |||
Actuarial assumption changes | (5,682 | ) | |||
Total net favorable development of prior accident years net claims and claim expenses | $ | (172,872 | ) | ||
Six months ended June 30, | 2019 | ||||||||||
(Favorable) adverse development | |||||||||||
Catastrophe net claims and claim expenses | |||||||||||
Large catastrophe events | |||||||||||
2017 Large Loss Events | $ | (56,234) | |||||||||
2018 Large Loss Events | 52,132 | ||||||||||
Other | 1,412 | ||||||||||
Total large catastrophe events | (2,690) | ||||||||||
Small catastrophe events and attritional loss movements | |||||||||||
Other small catastrophe events and attritional loss movements | 9,521 | ||||||||||
Total small catastrophe events and attritional loss movements | 9,521 | ||||||||||
Total catastrophe and attritional net claims and claim expenses | 6,831 | ||||||||||
Actuarial assumption changes | 5,809 | ||||||||||
Total net adverse development of prior accident years net claims and claim expenses | $ | 12,640 | |||||||||
Nine months ended September 30, | 2019 | 2018 | |||||||
(Favorable) adverse development | (Favorable) adverse development | ||||||||
Actuarial methods | $ | (54,527 | ) | $ | (16,234 | ) | |||
Actuarial assumption changes | 34,809 | (7,786 | ) | ||||||
Total net favorable development of prior accident years net claims and claim expenses | $ | (19,718 | ) | $ | (24,020 | ) | |||
Six months ended June 30, | 2020 | 2019 | |||||||||||||||
(Favorable) adverse development | (Favorable) adverse development | ||||||||||||||||
Actuarial methods | $ | (8,799) | $ | (28,850) | |||||||||||||
Actuarial assumption changes | — | 12,120 | |||||||||||||||
Total net favorable development of prior accident years net claims and claim expenses | $ | (8,799) | $ | (16,730) | |||||||||||||
September 30, 2019 | December 31, 2018 | ||||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | ||||||||||||||
3.600% Senior Notes due 2029 | $ | 419,000 | $ | 391,245 | $ | — | $ | — | |||||||||
3.450% Senior Notes due 2027 | 309,480 | 296,167 | 283,680 | 295,797 | |||||||||||||
3.700% Senior Notes due 2025 | 315,837 | 297,964 | 292,557 | 297,688 | |||||||||||||
5.750% Senior Notes due 2020 | 259,600 | 249,850 | 255,938 | 249,602 | |||||||||||||
4.750% Senior Notes due 2025 (DaVinciRe) (1) | 156,267 | 148,272 | 142,539 | 148,040 | |||||||||||||
Total debt | $ | 1,460,184 | $ | 1,383,498 | $ | 974,714 | $ | 991,127 | |||||||||
June 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | ||||||||||||||||||||||||||||||||||||||
3.600% Senior Notes due 2029 | $ | 439,136 | $ | 391,932 | $ | 424,920 | $ | 391,475 | |||||||||||||||||||||||||||||||||
3.450% Senior Notes due 2027 | 318,138 | 296,538 | 314,070 | 296,292 | |||||||||||||||||||||||||||||||||||||
3.700% Senior Notes due 2025 | 317,055 | 298,242 | 318,567 | 298,057 | |||||||||||||||||||||||||||||||||||||
5.75% Senior Notes due 2020 | — | — | 251,030 | 249,931 | |||||||||||||||||||||||||||||||||||||
4.750% Senior Notes due 2025 (DaVinciRe) (1) | 159,924 | 148,504 | 160,031 | 148,350 | |||||||||||||||||||||||||||||||||||||
Total debt | $ | 1,234,253 | $ | 1,135,216 | $ | 1,468,618 | $ | 1,384,105 | |||||||||||||||||||||||||||||||||
At September 30, 2019 | Issued or Drawn | ||||
RenaissanceRe Revolving Credit Facility (1) | $ | — | |||
Uncommitted Standby Letter of Credit Facility with Wells Fargo | 31,820 | ||||
Secured Letter of Credit Facility with Citibank Europe | 234,606 | ||||
Renaissance Reinsurance FAL Facility | 255,000 | ||||
Mizuho Letters of Credit (2) | 139,379 | ||||
Mitsubishi Letters of Credit (2) | 77,637 | ||||
Credit Suisse Letter of Credit Facility | 110,051 | ||||
Uncommitted, Unsecured Letter of Credit Facility with Citibank Europe | 218,684 | ||||
Total credit facilities in U.S. dollars | $ | 1,067,177 | |||
Specialty Risks FAL Facility (1) | £ | — | |||
Total credit facilities in pound sterling | £ | — | |||
Issued or Drawn | |||||||||||
Revolving Credit Facility (1) | $ | — | |||||||||
Bilateral Letter of | |||||||||||
Secured | 329,341 | ||||||||||
Unsecured | 367,771 | ||||||||||
Funds at Lloyd’s Letter of | 290,000 | ||||||||||
$ | 987,112 | ||||||||||
September 30, 2019 | December 31, 2018 | ||||||||
Redeemable noncontrolling interest - DaVinciRe | $ | 1,462,677 | $ | 1,034,946 | |||||
Redeemable noncontrolling interest - Medici | 534,618 | 416,765 | |||||||
Redeemable noncontrolling interest - Vermeer | 781,738 | 599,989 | |||||||
Redeemable noncontrolling interests | $ | 2,779,033 | $ | 2,051,700 | |||||
June 30, 2020 | December 31, 2019 | ||||||||||||||||
Redeemable noncontrolling interest - DaVinciRe | $ | 1,621,300 | $ | 1,435,581 | |||||||||||||
Redeemable noncontrolling interest - Medici | 682,118 | 632,112 | |||||||||||||||
Redeemable noncontrolling interest - Vermeer | 1,083,681 | 1,003,615 | |||||||||||||||
Redeemable noncontrolling interests | $ | 3,387,099 | $ | 3,071,308 | |||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, 2019 | September 30, 2018 | September 30, 2019 | September 30, 2018 | ||||||||||||||
Redeemable noncontrolling interest - DaVinciRe | $ | 30,558 | $ | 3,730 | $ | 152,946 | $ | 74,935 | |||||||||
Redeemable noncontrolling interest - Medici | 15,211 | 2,710 | 19,396 | 15,887 | |||||||||||||
Redeemable noncontrolling interest - Vermeer | 16,288 | — | 31,749 | — | |||||||||||||
Net income attributable to redeemable noncontrolling interests | $ | 62,057 | $ | 6,440 | $ | 204,091 | $ | 90,822 | |||||||||
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||||||||||
June 30, 2020 | June 30, 2019 | June 30, 2020 | June 30, 2019 | ||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interest - DaVinciRe | $ | 88,374 | $ | 59,855 | $ | 173,280 | $ | 122,388 | |||||||||||||||||||||||||||||||||
Redeemable noncontrolling interest - Medici | 13,151 | 1,704 | 8,473 | 4,185 | |||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interest - Vermeer | 17,203 | 10,253 | 35,066 | 15,461 | |||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable noncontrolling interests | $ | 118,728 | $ | 71,812 | $ | 216,819 | $ | 142,034 | |||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, 2019 | September 30, 2018 | September 30, 2019 | September 30, 2018 | ||||||||||||||
Beginning balance | $ | 1,431,101 | $ | 1,082,425 | $ | 1,034,946 | $ | 1,011,659 | |||||||||
Redemption of shares from redeemable noncontrolling interest, net of adjustments | 1,018 | (170 | ) | 86 | (609 | ) | |||||||||||
Sale of shares to redeemable noncontrolling interests | — | — | 274,699 | — | |||||||||||||
Net income attributable to redeemable noncontrolling interest | 30,558 | 3,730 | 152,946 | 74,935 | |||||||||||||
Ending balance | $ | 1,462,677 | $ | 1,085,985 | $ | 1,462,677 | $ | 1,085,985 | |||||||||
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||||||||||
June 30, 2020 | June 30, 2019 | June 30, 2020 | June 30, 2019 | ||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 1,533,085 | $ | 1,097,245 | $ | 1,435,581 | $ | 1,034,946 | |||||||||||||||||||||||||||||||||
Redemption of shares from redeemable noncontrolling interest, net of adjustments | (159) | (698) | 2,448 | (932) | |||||||||||||||||||||||||||||||||||||
Sale of shares to redeemable noncontrolling interests | — | 274,699 | 9,991 | 274,699 | |||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable noncontrolling interest | 88,374 | 59,855 | 173,280 | 122,388 | |||||||||||||||||||||||||||||||||||||
Ending balance | $ | 1,621,300 | $ | 1,431,101 | $ | 1,621,300 | $ | 1,431,101 | |||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, 2019 | September 30, 2018 | September 30, 2019 | September 30, 2018 | ||||||||||||||
Beginning balance | $ | 515,915 | $ | 411,003 | $ | 416,765 | $ | 284,847 | |||||||||
Redemption of shares from redeemable noncontrolling interest, net of adjustments | (7,008 | ) | (8,720 | ) | (44,448 | ) | (52,223 | ) | |||||||||
Sale of shares to redeemable noncontrolling interests | 10,500 | 43,000 | 142,905 | 199,482 | |||||||||||||
Net income attributable to redeemable noncontrolling interest | 15,211 | 2,710 | 19,396 | 15,887 | |||||||||||||
Ending balance | $ | 534,618 | $ | 447,993 | $ | 534,618 | $ | 447,993 | |||||||||
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||||||||||
June 30, 2020 | June 30, 2019 | June 30, 2020 | June 30, 2019 | ||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 677,283 | $ | 406,958 | $ | 632,112 | $ | 416,765 | |||||||||||||||||||||||||||||||||
Redemption of shares from redeemable noncontrolling interest, net of adjustments | (44,474) | (21,556) | (49,238) | (37,440) | |||||||||||||||||||||||||||||||||||||
Sale of shares to redeemable noncontrolling interests | 36,158 | 128,809 | 90,771 | 132,405 | |||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable noncontrolling interest | 13,151 | 1,704 | 8,473 | 4,185 | |||||||||||||||||||||||||||||||||||||
Ending balance | $ | 682,118 | $ | 515,915 | $ | 682,118 | $ | 515,915 | |||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, 2019 | September 30, 2018 | September 30, 2019 | September 30, 2018 | ||||||||||||||
Beginning balance | $ | 765,450 | $ | — | $ | 599,989 | $ | — | |||||||||
Sale of shares to redeemable noncontrolling interest | — | — | 150,000 | — | |||||||||||||
Net income attributable to redeemable noncontrolling interest | 16,288 | — | 31,749 | — | |||||||||||||
Ending balance | $ | 781,738 | $ | — | $ | 781,738 | $ | — | |||||||||
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||||||||||
June 30, 2020 | June 30, 2019 | June 30, 2020 | June 30, 2019 | ||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 1,021,478 | $ | 605,197 | $ | 1,003,615 | $ | 599,989 | |||||||||||||||||||||||||||||||||
Sale of shares to redeemable noncontrolling interest | 45,000 | 150,000 | 45,000 | 150,000 | |||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable noncontrolling interest | 17,203 | 10,253 | 35,066 | 15,461 | |||||||||||||||||||||||||||||||||||||
Ending balance | $ | 1,083,681 | $ | 765,450 | $ | 1,083,681 | $ | 765,450 | |||||||||||||||||||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||||||||||
(common shares in thousands) | June 30, 2020 | June 30, 2019 | June 30, 2020 | June 30, 2019 | |||||||||||||||||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||||||||||||||||||||
Net income available to RenaissanceRe common shareholders | $ | 575,845 | $ | 367,854 | $ | 493,871 | $ | 641,571 | |||||||||||||||||||||||||||||||||
Amount allocated to participating common shareholders (1) | (7,593) | (4,393) | (6,153) | (7,483) | |||||||||||||||||||||||||||||||||||||
Net income allocated to RenaissanceRe common shareholders | $ | 568,252 | $ | 363,461 | $ | 487,718 | $ | 634,088 | |||||||||||||||||||||||||||||||||
Denominator: | |||||||||||||||||||||||||||||||||||||||||
Denominator for basic income per RenaissanceRe common share - weighted average common shares | 44,939 | 43,483 | 44,190 | 42,774 | |||||||||||||||||||||||||||||||||||||
Per common share equivalents of employee stock options and non-vested shares | 64 | 38 | 63 | 32 | |||||||||||||||||||||||||||||||||||||
Denominator for diluted income per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions | 45,003 | 43,521 | 44,253 | 42,806 | |||||||||||||||||||||||||||||||||||||
Net income available to RenaissanceRe common shareholders per common share – basic | $ | 12.64 | $ | 8.36 | $ | 11.04 | $ | 14.82 | |||||||||||||||||||||||||||||||||
Net income available to RenaissanceRe common shareholders per common share – diluted | $ | 12.63 | $ | 8.35 | $ | 11.02 | $ | 14.81 | |||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
(common shares in thousands) | September 30, 2019 | September 30, 2018 | September 30, 2019 | September 30, 2018 | |||||||||||||
Numerator: | |||||||||||||||||
Net income available to RenaissanceRe common shareholders | $ | 36,698 | $ | 32,681 | $ | 678,269 | $ | 281,182 | |||||||||
Amount allocated to participating common shareholders (1) | (446 | ) | (294 | ) | (8,074 | ) | (2,977 | ) | |||||||||
Net income allocated to RenaissanceRe common shareholders | $ | 36,252 | $ | 32,387 | $ | 670,195 | $ | 278,205 | |||||||||
Denominator: | |||||||||||||||||
Denominator for basic income per RenaissanceRe common share - weighted average common shares | 43,462 | 39,624 | 43,003 | 39,606 | |||||||||||||
Per common share equivalents of employee stock options and non-vested shares | 75 | 13 | 46 | 21 | |||||||||||||
Denominator for diluted income per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions | 43,537 | 39,637 | 43,049 | 39,627 | |||||||||||||
Net income available to RenaissanceRe common shareholders per common share – basic | $ | 0.83 | $ | 0.82 | $ | 15.58 | $ | 7.02 | |||||||||
Net income available to RenaissanceRe common shareholders per common share – diluted | $ | 0.83 | $ | 0.82 | $ | 15.57 | $ | 7.02 | |||||||||
Three months ended September 30, 2019 | Property | Casualty and Specialty | Other | Total | |||||||||||||
Gross premiums written | $ | 314,400 | $ | 546,668 | $ | — | $ | 861,068 | |||||||||
Net premiums written | $ | 302,982 | $ | 401,148 | $ | — | $ | 704,130 | |||||||||
Net premiums earned | $ | 444,332 | $ | 462,416 | $ | — | $ | 906,748 | |||||||||
Net claims and claim expenses incurred | 338,260 | 316,099 | 161 | 654,520 | |||||||||||||
Acquisition expenses | 79,521 | 122,654 | 6 | 202,181 | |||||||||||||
Operational expenses | 34,238 | 19,198 | (21 | ) | 53,415 | ||||||||||||
Underwriting (loss) income | $ | (7,687 | ) | $ | 4,465 | $ | (146 | ) | (3,368 | ) | |||||||
Net investment income | 113,844 | 113,844 | |||||||||||||||
Net foreign exchange losses | (8,275 | ) | (8,275 | ) | |||||||||||||
Equity in earnings of other ventures | 5,877 | 5,877 | |||||||||||||||
Other income | 1,016 | 1,016 | |||||||||||||||
Net realized and unrealized gains on investments | 31,938 | 31,938 | |||||||||||||||
Corporate expenses | (13,844 | ) | (13,844 | ) | |||||||||||||
Interest expense | (15,580 | ) | (15,580 | ) | |||||||||||||
Income before taxes and redeemable noncontrolling interests | 111,608 | ||||||||||||||||
Income tax expense | (3,664 | ) | (3,664 | ) | |||||||||||||
Net income attributable to redeemable noncontrolling interests | (62,057 | ) | (62,057 | ) | |||||||||||||
Dividends on preference shares | (9,189 | ) | (9,189 | ) | |||||||||||||
Net income available to RenaissanceRe common shareholders | $ | 36,698 | |||||||||||||||
Net claims and claim expenses incurred – current accident year | $ | 345,880 | $ | 319,087 | $ | — | $ | 664,967 | |||||||||
Net claims and claim expenses incurred – prior accident years | (7,620 | ) | (2,988 | ) | 161 | (10,447 | ) | ||||||||||
Net claims and claim expenses incurred – total | $ | 338,260 | $ | 316,099 | $ | 161 | $ | 654,520 | |||||||||
Net claims and claim expense ratio – current accident year | 77.8 | % | 69.0 | % | 73.3 | % | |||||||||||
Net claims and claim expense ratio – prior accident years | (1.7 | )% | (0.6 | )% | (1.1 | )% | |||||||||||
Net claims and claim expense ratio – calendar year | 76.1 | % | 68.4 | % | 72.2 | % | |||||||||||
Underwriting expense ratio | 25.6 | % | 30.6 | % | 28.2 | % | |||||||||||
Combined ratio | 101.7 | % | 99.0 | % | 100.4 | % | |||||||||||
Three months ended June 30, 2020 | Property | Casualty and Specialty | Other | Total | |||||||||||||||||||||||||
Gross premiums written | $ | 1,042,536 | $ | 659,336 | $ | — | $ | 1,701,872 | |||||||||||||||||||||
Net premiums written | $ | 704,138 | $ | 476,665 | $ | — | $ | 1,180,803 | |||||||||||||||||||||
Net premiums earned | $ | 491,116 | $ | 518,980 | $ | — | $ | 1,010,096 | |||||||||||||||||||||
Net claims and claim expenses incurred | 164,050 | 346,266 | (44) | 510,272 | |||||||||||||||||||||||||
Acquisition expenses | 94,772 | 138,837 | 1 | 233,610 | |||||||||||||||||||||||||
Operational expenses | 31,656 | 17,422 | (1) | 49,077 | |||||||||||||||||||||||||
Underwriting income | $ | 200,638 | $ | 16,455 | $ | 44 | 217,137 | ||||||||||||||||||||||
Net investment income | 89,305 | 89,305 | |||||||||||||||||||||||||||
Net foreign exchange losses | (7,195) | (7,195) | |||||||||||||||||||||||||||
Equity in earnings of other ventures | 9,041 | 9,041 | |||||||||||||||||||||||||||
Other loss | (1,201) | (1,201) | |||||||||||||||||||||||||||
Net realized and unrealized gains on investments | 448,390 | 448,390 | |||||||||||||||||||||||||||
Corporate expenses | (11,898) | (11,898) | |||||||||||||||||||||||||||
Interest expense | (11,842) | (11,842) | |||||||||||||||||||||||||||
Income before taxes | 731,737 | ||||||||||||||||||||||||||||
Income tax expense | (29,875) | (29,875) | |||||||||||||||||||||||||||
Net income attributable to redeemable noncontrolling interests | (118,728) | (118,728) | |||||||||||||||||||||||||||
Dividends on preference shares | (7,289) | (7,289) | |||||||||||||||||||||||||||
Net income available to RenaissanceRe common shareholders | $ | 575,845 | |||||||||||||||||||||||||||
Net claims and claim expenses incurred – current accident year | $ | 170,614 | $ | 355,064 | $ | — | $ | 525,678 | |||||||||||||||||||||
Net claims and claim expenses incurred – prior accident years | (6,564) | (8,798) | (44) | (15,406) | |||||||||||||||||||||||||
Net claims and claim expenses incurred – total | $ | 164,050 | $ | 346,266 | $ | (44) | $ | 510,272 | |||||||||||||||||||||
Net claims and claim expense ratio – current accident year | 34.7 | % | 68.4 | % | 52.0 | % | |||||||||||||||||||||||
Net claims and claim expense ratio – prior accident years | (1.3) | % | (1.7) | % | (1.5) | % | |||||||||||||||||||||||
Net claims and claim expense ratio – calendar year | 33.4 | % | 66.7 | % | 50.5 | % | |||||||||||||||||||||||
Underwriting expense ratio | 25.7 | % | 30.1 | % | 28.0 | % | |||||||||||||||||||||||
Combined ratio | 59.1 | % | 96.8 | % | 78.5 | % | |||||||||||||||||||||||
Nine months ended September 30, 2019 | Property | Casualty and Specialty | Other | Total | |||||||||||||
Gross premiums written | $ | 2,185,984 | $ | 1,716,287 | $ | — | $ | 3,902,271 | |||||||||
Net premiums written | $ | 1,411,327 | $ | 1,244,799 | $ | — | $ | 2,656,126 | |||||||||
Net premiums earned | $ | 1,160,090 | $ | 1,208,188 | $ | — | $ | 2,368,278 | |||||||||
Net claims and claim expenses incurred | 541,217 | 793,533 | 178 | 1,334,928 | |||||||||||||
Acquisition expenses | 222,971 | 330,829 | (186 | ) | 553,614 | ||||||||||||
Operational expenses | 99,546 | 58,603 | 13 | 158,162 | |||||||||||||
Underwriting income (loss) | $ | 296,356 | $ | 25,223 | $ | (5 | ) | 321,574 | |||||||||
Net investment income | 311,138 | 311,138 | |||||||||||||||
Net foreign exchange losses | (1,812 | ) | (1,812 | ) | |||||||||||||
Equity in earnings of other ventures | 17,350 | 17,350 | |||||||||||||||
Other income | 5,109 | 5,109 | |||||||||||||||
Net realized and unrealized gains on investments | 396,586 | 396,586 | |||||||||||||||
Corporate expenses | (76,480 | ) | (76,480 | ) | |||||||||||||
Interest expense | (42,868 | ) | (42,868 | ) | |||||||||||||
Income before taxes and redeemable noncontrolling interests | 930,597 | ||||||||||||||||
Income tax expense | (20,670 | ) | (20,670 | ) | |||||||||||||
Net income attributable to redeemable noncontrolling interests | (204,091 | ) | (204,091 | ) | |||||||||||||
Dividends on preference shares | (27,567 | ) | (27,567 | ) | |||||||||||||
Net income available to RenaissanceRe common shareholders | $ | 678,269 | |||||||||||||||
Net claims and claim expenses incurred – current accident year | $ | 536,197 | $ | 813,251 | $ | — | $ | 1,349,448 | |||||||||
Net claims and claim expenses incurred – prior accident years | 5,020 | (19,718 | ) | 178 | (14,520 | ) | |||||||||||
Net claims and claim expenses incurred – total | $ | 541,217 | $ | 793,533 | $ | 178 | $ | 1,334,928 | |||||||||
Net claims and claim expense ratio – current accident year | 46.2 | % | 67.3 | % | 57.0 | % | |||||||||||
Net claims and claim expense ratio – prior accident years | 0.5 | % | (1.6 | )% | (0.6 | )% | |||||||||||
Net claims and claim expense ratio – calendar year | 46.7 | % | 65.7 | % | 56.4 | % | |||||||||||
Underwriting expense ratio | 27.8 | % | 32.2 | % | 30.0 | % | |||||||||||
Combined ratio | 74.5 | % | 97.9 | % | 86.4 | % | |||||||||||
Three months ended September 30, 2018 | Property | Casualty and Specialty | Other | Total | |||||||||||||
Gross premiums written | $ | 301,413 | $ | 324,264 | $ | — | $ | 625,677 | |||||||||
Net premiums written | $ | 232,632 | $ | 220,623 | $ | — | $ | 453,255 | |||||||||
Net premiums earned | $ | 293,059 | $ | 238,791 | $ | (1 | ) | $ | 531,849 | ||||||||
Net claims and claim expenses incurred | 265,857 | 144,671 | (18 | ) | 410,510 | ||||||||||||
Acquisition expenses | 45,524 | 64,238 | (1 | ) | 109,761 | ||||||||||||
Operational expenses | 25,577 | 14,976 | 40 | 40,593 | |||||||||||||
Underwriting (loss) income | $ | (43,899 | ) | $ | 14,906 | $ | (22 | ) | (29,015 | ) | |||||||
Net investment income | 80,696 | 80,696 | |||||||||||||||
Net foreign exchange losses | (4,566 | ) | (4,566 | ) | |||||||||||||
Equity in earnings of other ventures | 7,648 | 7,648 | |||||||||||||||
Other income | 497 | 497 | |||||||||||||||
Net realized and unrealized gains on investments | 13,630 | 13,630 | |||||||||||||||
Corporate expenses | (6,841 | ) | (6,841 | ) | |||||||||||||
Interest expense | (11,769 | ) | (11,769 | ) | |||||||||||||
Income before taxes and redeemable noncontrolling interests | 50,280 | ||||||||||||||||
Income tax expense | (1,451 | ) | (1,451 | ) | |||||||||||||
Net income attributable to redeemable noncontrolling interests | (6,440 | ) | (6,440 | ) | |||||||||||||
Dividends on preference shares | (9,708 | ) | (9,708 | ) | |||||||||||||
Net income available to RenaissanceRe common shareholders | $ | 32,681 | |||||||||||||||
Net claims and claim expenses incurred – current accident year | $ | 268,022 | $ | 151,904 | $ | — | $ | 419,926 | |||||||||
Net claims and claim expenses incurred – prior accident years | (2,165 | ) | (7,233 | ) | (18 | ) | (9,416 | ) | |||||||||
Net claims and claim expenses incurred – total | $ | 265,857 | $ | 144,671 | $ | (18 | ) | $ | 410,510 | ||||||||
Net claims and claim expense ratio – current accident year | 91.5 | % | 63.6 | % | 79.0 | % | |||||||||||
Net claims and claim expense ratio – prior accident years | (0.8 | )% | (3.0 | )% | (1.8 | )% | |||||||||||
Net claims and claim expense ratio – calendar year | 90.7 | % | 60.6 | % | 77.2 | % | |||||||||||
Underwriting expense ratio | 24.3 | % | 33.2 | % | 28.3 | % | |||||||||||
Combined ratio | 115.0 | % | 93.8 | % | 105.5 | % | |||||||||||
Six months ended June 30, 2020 | Property | Casualty and Specialty | Other | Total | |||||||||||||||||||||||||
Gross premiums written | $ | 2,263,062 | $ | 1,464,531 | $ | — | $ | 3,727,593 | |||||||||||||||||||||
Net premiums written | $ | 1,378,719 | $ | 1,071,892 | $ | — | $ | 2,450,611 | |||||||||||||||||||||
Net premiums earned | $ | 912,451 | $ | 1,010,743 | $ | — | $ | 1,923,194 | |||||||||||||||||||||
Net claims and claim expenses incurred | 308,902 | 772,475 | (151) | 1,081,226 | |||||||||||||||||||||||||
Acquisition expenses | 180,123 | 264,090 | 1 | 444,214 | |||||||||||||||||||||||||
Operational expenses | 75,663 | 40,876 | (1) | 116,538 | |||||||||||||||||||||||||
Underwriting income (loss) | $ | 347,763 | $ | (66,698) | $ | 151 | 281,216 | ||||||||||||||||||||||
Net investment income | 188,778 | 188,778 | |||||||||||||||||||||||||||
Net foreign exchange losses | (12,923) | (12,923) | |||||||||||||||||||||||||||
Equity in earnings of other ventures | 13,605 | 13,605 | |||||||||||||||||||||||||||
Other loss | (5,637) | (5,637) | |||||||||||||||||||||||||||
Net realized and unrealized gains on investments | 337,683 | 337,683 | |||||||||||||||||||||||||||
Corporate expenses | (27,889) | (27,889) | |||||||||||||||||||||||||||
Interest expense | (26,769) | (26,769) | |||||||||||||||||||||||||||
Income before taxes | 748,064 | ||||||||||||||||||||||||||||
Income tax expense | (21,029) | (21,029) | |||||||||||||||||||||||||||
Net income attributable to redeemable noncontrolling interests | (216,819) | (216,819) | |||||||||||||||||||||||||||
Dividends on preference shares | (16,345) | (16,345) | |||||||||||||||||||||||||||
Net income available to RenaissanceRe common shareholders | $ | 493,871 | |||||||||||||||||||||||||||
Net claims and claim expenses incurred – current accident year | $ | 301,458 | $ | 781,274 | $ | — | $ | 1,082,732 | |||||||||||||||||||||
Net claims and claim expenses incurred – prior accident years | 7,444 | (8,799) | (151) | (1,506) | |||||||||||||||||||||||||
Net claims and claim expenses incurred – total | $ | 308,902 | $ | 772,475 | $ | (151) | $ | 1,081,226 | |||||||||||||||||||||
Net claims and claim expense ratio – current accident year | 33.0 | % | 77.3 | % | 56.3 | % | |||||||||||||||||||||||
Net claims and claim expense ratio – prior accident years | 0.9 | % | (0.9) | % | (0.1) | % | |||||||||||||||||||||||
Net claims and claim expense ratio – calendar year | 33.9 | % | 76.4 | % | 56.2 | % | |||||||||||||||||||||||
Underwriting expense ratio | 28.0 | % | 30.2 | % | 29.2 | % | |||||||||||||||||||||||
Combined ratio | 61.9 | % | 106.6 | % | 85.4 | % | |||||||||||||||||||||||
Nine months ended September 30, 2018 | Property | Casualty and Specialty | Other | Total | |||||||||||||
Gross premiums written | $ | 1,561,008 | $ | 1,201,664 | $ | — | $ | 2,762,672 | |||||||||
Net premiums written | $ | 884,541 | $ | 836,267 | $ | — | $ | 1,720,808 | |||||||||
Net premiums earned | $ | 722,246 | $ | 679,271 | $ | (1 | ) | $ | 1,401,516 | ||||||||
Net claims and claim expenses incurred | 222,195 | 420,273 | (88 | ) | 642,380 | ||||||||||||
Acquisition expenses | 127,095 | 185,429 | — | 312,524 | |||||||||||||
Operational expenses | 75,933 | 43,121 | 354 | 119,408 | |||||||||||||
Underwriting income (loss) | $ | 297,023 | $ | 30,448 | $ | (267 | ) | 327,204 | |||||||||
Net investment income | 208,528 | 208,528 | |||||||||||||||
Net foreign exchange losses | (11,496 | ) | (11,496 | ) | |||||||||||||
Equity in earnings of other ventures | 14,331 | 14,331 | |||||||||||||||
Other income | 480 | 480 | |||||||||||||||
Net realized and unrealized losses on investments | (86,415 | ) | (86,415 | ) | |||||||||||||
Corporate expenses | (21,875 | ) | (21,875 | ) | |||||||||||||
Interest expense | (35,304 | ) | (35,304 | ) | |||||||||||||
Income before taxes and redeemable noncontrolling interests | 395,453 | ||||||||||||||||
Income tax expense | (2,550 | ) | (2,550 | ) | |||||||||||||
Net income attributable to redeemable noncontrolling interests | (90,822 | ) | (90,822 | ) | |||||||||||||
Dividends on preference shares | (20,899 | ) | (20,899 | ) | |||||||||||||
Net income available to RenaissanceRe common shareholders | $ | 281,182 | |||||||||||||||
Net claims and claim expenses incurred – current accident year | $ | 395,067 | $ | 444,293 | $ | — | $ | 839,360 | |||||||||
Net claims and claim expenses incurred – prior accident years | (172,872 | ) | (24,020 | ) | (88 | ) | (196,980 | ) | |||||||||
Net claims and claim expenses incurred – total | $ | 222,195 | $ | 420,273 | $ | (88 | ) | $ | 642,380 | ||||||||
Net claims and claim expense ratio – current accident year | 54.7 | % | 65.4 | % | 59.9 | % | |||||||||||
Net claims and claim expense ratio – prior accident years | (23.9 | )% | (3.5 | )% | (14.1 | )% | |||||||||||
Net claims and claim expense ratio – calendar year | 30.8 | % | 61.9 | % | 45.8 | % | |||||||||||
Underwriting expense ratio | 28.1 | % | 33.6 | % | 30.9 | % | |||||||||||
Combined ratio | 58.9 | % | 95.5 | % | 76.7 | % | |||||||||||
Three months ended June 30, 2019 | Property | Casualty and Specialty | Other | Total | |||||||||||||||||||||||||
Gross premiums written | $ | 839,200 | $ | 637,708 | $ | — | $ | 1,476,908 | |||||||||||||||||||||
Net premiums written | $ | 544,115 | $ | 478,850 | $ | — | $ | 1,022,965 | |||||||||||||||||||||
Net premiums earned | $ | 425,013 | $ | 486,489 | $ | — | $ | 911,502 | |||||||||||||||||||||
Net claims and claim expenses incurred | 146,874 | 306,501 | (2) | 453,373 | |||||||||||||||||||||||||
Acquisition expenses | 89,711 | 137,963 | (192) | 227,482 | |||||||||||||||||||||||||
Operational expenses | 36,764 | 23,016 | 34 | 59,814 | |||||||||||||||||||||||||
Underwriting income | $ | 151,664 | $ | 19,009 | $ | 160 | 170,833 | ||||||||||||||||||||||
Net investment income | 118,588 | 118,588 | |||||||||||||||||||||||||||
Net foreign exchange gains | 9,309 | 9,309 | |||||||||||||||||||||||||||
Equity in earnings of other ventures | 6,812 | 6,812 | |||||||||||||||||||||||||||
Other income | 922 | 922 | |||||||||||||||||||||||||||
Net realized and unrealized gains on investments | 191,247 | 191,247 | |||||||||||||||||||||||||||
Corporate expenses | (23,847) | (23,847) | |||||||||||||||||||||||||||
Interest expense | (15,534) | (15,534) | |||||||||||||||||||||||||||
Income before taxes | 458,330 | ||||||||||||||||||||||||||||
Income tax expense | (9,475) | (9,475) | |||||||||||||||||||||||||||
Net income attributable to redeemable noncontrolling interests | (71,812) | (71,812) | |||||||||||||||||||||||||||
Dividends on preference shares | (9,189) | (9,189) | |||||||||||||||||||||||||||
Net income available to RenaissanceRe common shareholders | $ | 367,854 | |||||||||||||||||||||||||||
Net claims and claim expenses incurred – current accident year | $ | 136,111 | $ | 317,029 | $ | — | $ | 453,140 | |||||||||||||||||||||
Net claims and claim expenses incurred – prior accident years | 10,763 | (10,528) | (2) | 233 | |||||||||||||||||||||||||
Net claims and claim expenses incurred – total | $ | 146,874 | $ | 306,501 | $ | (2) | $ | 453,373 | |||||||||||||||||||||
Net claims and claim expense ratio – current accident year | 32.0 | % | 65.2 | % | 49.7 | % | |||||||||||||||||||||||
Net claims and claim expense ratio – prior accident years | 2.6 | % | (2.2) | % | — | % | |||||||||||||||||||||||
Net claims and claim expense ratio – calendar year | 34.6 | % | 63.0 | % | 49.7 | % | |||||||||||||||||||||||
Underwriting expense ratio | 29.7 | % | 33.1 | % | 31.6 | % | |||||||||||||||||||||||
Combined ratio | 64.3 | % | 96.1 | % | 81.3 | % | |||||||||||||||||||||||
Six months ended June 30, 2019 | Property | Casualty and Specialty | Other | Total | |||||||||||||||||||||||||
Gross premiums written | $ | 1,871,584 | $ | 1,169,619 | $ | — | $ | 3,041,203 | |||||||||||||||||||||
Net premiums written | $ | 1,108,345 | $ | 843,651 | $ | — | $ | 1,951,996 | |||||||||||||||||||||
Net premiums earned | $ | 715,758 | $ | 745,772 | $ | — | $ | 1,461,530 | |||||||||||||||||||||
Net claims and claim expenses incurred | 202,957 | 477,434 | 17 | 680,408 | |||||||||||||||||||||||||
Acquisition expenses | 143,450 | 208,175 | (192) | 351,433 | |||||||||||||||||||||||||
Operational expenses | 65,308 | 39,405 | 34 | 104,747 | |||||||||||||||||||||||||
Underwriting income | $ | 304,043 | $ | 20,758 | $ | 141 | 324,942 | ||||||||||||||||||||||
Net investment income | 200,682 | 200,682 | |||||||||||||||||||||||||||
Net foreign exchange gains | 6,463 | 6,463 | |||||||||||||||||||||||||||
Equity in earnings of other ventures | 11,473 | 11,473 | |||||||||||||||||||||||||||
Other income | 4,093 | 4,093 | |||||||||||||||||||||||||||
Net realized and unrealized gains on investments | 361,260 | 361,260 | |||||||||||||||||||||||||||
Corporate expenses | (62,636) | (62,636) | |||||||||||||||||||||||||||
Interest expense | (27,288) | (27,288) | |||||||||||||||||||||||||||
Income before taxes | 818,989 | ||||||||||||||||||||||||||||
Income tax expense | (17,006) | (17,006) | |||||||||||||||||||||||||||
Net income attributable to redeemable noncontrolling interests | (142,034) | (142,034) | |||||||||||||||||||||||||||
Dividends on preference shares | (18,378) | (18,378) | |||||||||||||||||||||||||||
Net income available to RenaissanceRe common shareholders | $ | 641,571 | |||||||||||||||||||||||||||
Net claims and claim expenses incurred – current accident year | $ | 190,317 | $ | 494,164 | $ | — | $ | 684,481 | |||||||||||||||||||||
Net claims and claim expenses incurred – prior accident years | 12,640 | (16,730) | 17 | (4,073) | |||||||||||||||||||||||||
Net claims and claim expenses incurred – total | $ | 202,957 | $ | 477,434 | $ | 17 | $ | 680,408 | |||||||||||||||||||||
Net claims and claim expense ratio – current accident year | 26.6 | % | 66.3 | % | 46.8 | % | |||||||||||||||||||||||
Net claims and claim expense ratio – prior accident years | 1.8 | % | (2.3) | % | (0.2) | % | |||||||||||||||||||||||
Net claims and claim expense ratio – calendar year | 28.4 | % | 64.0 | % | 46.6 | % | |||||||||||||||||||||||
Underwriting expense ratio | 29.1 | % | 33.2 | % | 31.2 | % | |||||||||||||||||||||||
Combined ratio | 57.5 | % | 97.2 | % | 77.8 | % | |||||||||||||||||||||||
Derivative Assets | |||||||||||||||||||||||
At September 30, 2019 | 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 | $ | 175 | $ | 145 | $ | 30 | Other assets | $ | — | $ | 30 | ||||||||||||
Interest rate swaps | 5 | — | 5 | Other assets | — | 5 | |||||||||||||||||
Foreign currency forward contracts (1) | 21,822 | — | 21,822 | Other assets | — | 21,822 | |||||||||||||||||
Foreign currency forward contracts (2) | 1,105 | 368 | 737 | Other assets | — | 737 | |||||||||||||||||
Credit default swaps | 209 | — | 209 | Other assets | — | 209 | |||||||||||||||||
Total return swaps | 1,177 | — | 1,177 | Other assets | — | 1,177 | |||||||||||||||||
Equity futures | 555 | — | 555 | Other assets | — | 555 | |||||||||||||||||
Total derivative instruments not designated as hedges | 25,048 | 513 | 24,535 | — | 24,535 | ||||||||||||||||||
Derivative instruments designated as hedges | |||||||||||||||||||||||
Foreign currency forward contracts (3) | 1,072 | — | 1,072 | Other assets | — | 1,072 | |||||||||||||||||
Total derivative instruments designated as hedges | 1,072 | — | 1,072 | — | 1,072 | ||||||||||||||||||
Total | $ | 26,120 | $ | 513 | $ | 25,607 | $ | — | $ | 25,607 | |||||||||||||
Derivative Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At June 30, 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 | $ | 492 | $ | (932) | $ | 1,424 | Other assets | $ | — | $ | 1,424 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency forward contracts (1) | 16,104 | 3,366 | 12,738 | Other assets | — | 12,738 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency forward contracts (2) | 209 | 76 | 133 | Other assets | — | 133 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit default swaps | 261 | — | 261 | Other assets | — | 261 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total derivative instruments not designated as hedges | 17,066 | 2,510 | 14,556 | — | 14,556 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments designated as hedges | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency forward contracts (3) | — | 3,953 | (3,953) | Other assets | — | (3,953) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 17,066 | $ | 6,463 | $ | 10,603 | $ | — | $ | 10,603 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At June 30, 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 | $ | 196 | $ | (932) | $ | 1,128 | Other liabilities | $ | 1,128 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | 37 | — | 37 | Other assets | 37 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency forward contracts (1) | 2,102 | 967 | 1,135 | Other liabilities | — | 1,135 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency forward contracts (2) | 2,919 | 76 | 2,843 | Other liabilities | — | 2,843 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit default swaps | — | — | — | Other assets | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total return swaps | 779 | — | 779 | Other assets | 779 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity futures | 606 | — | 606 | Other liabilities | 606 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 6,639 | $ | 111 | $ | 6,528 | $ | 2,550 | $ | 3,978 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2019 | 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 | $ | 234 | $ | 122 | $ | 112 | Other assets | $ | — | $ | 112 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency forward contracts (1) | 22,702 | 2,418 | 20,284 | Other assets | — | 20,284 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency forward contracts (2) | 1,082 | 622 | 460 | Other assets | — | 460 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit default swaps | 37 | — | 37 | Other assets | — | 37 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total return swaps | 3,744 | — | 3,744 | Other assets | 3,601 | 143 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity futures | 291 | — | 291 | Other assets | — | 291 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total derivative instruments not designated as hedges | 28,090 | 3,162 | 24,928 | 3,601 | 21,327 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments designated as hedges | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency forward contracts (3) | 64 | 667 | (603) | Other assets | — | (603) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 28,154 | $ | 3,829 | $ | 24,325 | $ | 3,601 | $ | 20,724 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2019 | 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 | $ | 1,545 | $ | 122 | $ | 1,423 | Other liabilities | $ | 1,423 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | 50 | — | 50 | Other liabilities | 50 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency forward contracts (1) | 3,808 | 28 | 3,780 | Other liabilities | — | 3,780 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency forward contracts (2) | 939 | 622 | 317 | Other liabilities | — | 317 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total derivative instruments not designated as hedges | 6,342 | 772 | 5,570 | 1,473 | 4,097 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments designated as hedges | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency forward contracts (3) | 1,818 | — | 1,818 | Other liabilities | — | 1,818 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 8,160 | $ | 772 | $ | 7,388 | $ | 1,473 | $ | 5,915 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Liabilities | |||||||||||||||||||||||
At September 30, 2019 | 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 | $ | 518 | $ | 145 | $ | 373 | Other liabilities | $ | 373 | $ | — | ||||||||||||
Interest rate swaps | 16 | — | 16 | Other liabilities | 16 | — | |||||||||||||||||
Foreign currency forward contracts (1) | 6,676 | 497 | 6,179 | Other liabilities | — | 6,179 | |||||||||||||||||
Foreign currency forward contracts (2) | 1,078 | 368 | 710 | Other liabilities | — | 710 | |||||||||||||||||
Total return swaps | 180 | — | 180 | Other liabilities | — | 180 | |||||||||||||||||
Total derivative instruments not designated as hedges | 8,468 | 1,010 | 7,458 | 389 | 7,069 | ||||||||||||||||||
Derivative instruments designated as hedges | |||||||||||||||||||||||
Foreign currency forward contracts (3) | — | 416 | (416 | ) | Other liabilities | — | (416 | ) | |||||||||||||||
Total | $ | 8,468 | $ | 1,426 | $ | 7,042 | $ | 389 | $ | 6,653 | |||||||||||||
Derivative Assets | |||||||||||||||||||||||
At December 31, 2018 | 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 | $ | 971 | $ | 636 | $ | 335 | Other assets | $ | — | $ | 335 | ||||||||||||
Interest rate swaps | 860 | — | 860 | Other assets | — | 860 | |||||||||||||||||
Foreign currency forward contracts (1) | 16,459 | 2,260 | 14,199 | Other assets | — | 14,199 | |||||||||||||||||
Foreign currency forward contracts (2) | 3,194 | 71 | 3,123 | Other assets | — | 3,123 | |||||||||||||||||
Equity futures | 1,390 | 977 | 413 | Other assets | — | 413 | |||||||||||||||||
Total | $ | 22,874 | $ | 3,944 | $ | 18,930 | $ | — | $ | 18,930 | |||||||||||||
Derivative Liabilities | |||||||||||||||||||||||
At December 31, 2018 | 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 | $ | 910 | $ | 636 | $ | 273 | Other liabilities | $ | 273 | $ | — | ||||||||||||
Interest rate swaps | 506 | — | 506 | Other liabilities | 254 | 252 | |||||||||||||||||
Foreign currency forward contracts (1) | 4,154 | — | 4,154 | Other liabilities | — | 4,154 | |||||||||||||||||
Foreign currency forward contracts (2) | 72 | 71 | 1 | Other liabilities | — | 1 | |||||||||||||||||
Credit default swaps | 1,606 | — | 1,606 | Other liabilities | 1,605 | 1 | |||||||||||||||||
Equity futures | 977 | 977 | — | Other liabilities | — | — | |||||||||||||||||
Total | $ | 8,225 | $ | 1,684 | $ | 6,540 | $ | 2,132 | $ | 4,408 | |||||||||||||
Location of gain (loss) recognized on derivatives | Amount of gain (loss) recognized on derivatives | |||||||||||||||||||||||||
Three months ended June 30, | 2020 | 2019 | ||||||||||||||||||||||||
Derivative instruments not designated as hedges | ||||||||||||||||||||||||||
Interest rate futures | Net realized and unrealized gains on investments | $ | 2,557 | $ | 22,253 | |||||||||||||||||||||
Interest rate swaps | Net realized and unrealized gains on investments | 502 | 835 | |||||||||||||||||||||||
Foreign currency forward contracts (1) | Net foreign exchange (losses) gains | 6,908 | (11,616) | |||||||||||||||||||||||
Foreign currency forward contracts (2) | Net foreign exchange (losses) gains | (7,613) | 590 | |||||||||||||||||||||||
Credit default swaps | Net realized and unrealized gains on investments | 1,974 | 1,046 | |||||||||||||||||||||||
Total return swaps | Net realized and unrealized gains on investments | 14,151 | 4,501 | |||||||||||||||||||||||
Equity futures | Net realized and unrealized gains on investments | 5,188 | 8,538 | |||||||||||||||||||||||
Total derivative instruments not designated as hedges | 23,667 | 26,147 | ||||||||||||||||||||||||
Derivative instruments designated as hedges | ||||||||||||||||||||||||||
Foreign currency forward contracts (3) | Accumulated other comprehensive loss | (8,694) | 844 | |||||||||||||||||||||||
Total derivative instruments designated as hedges | (8,694) | 844 | ||||||||||||||||||||||||
Total | $ | 14,973 | $ | 26,991 | ||||||||||||||||||||||
Location of gain (loss) recognized on derivatives | Amount of gain (loss) recognized on derivatives | |||||||||||||||||||||||||
Six months ended June 30, | 2020 | 2019 | ||||||||||||||||||||||||
Derivative instruments not designated as hedges | ||||||||||||||||||||||||||
Interest rate futures | Net realized and unrealized gains on investments | $ | 90,563 | $ | 28,307 | |||||||||||||||||||||
Interest rate swaps | Net realized and unrealized gains on investments | 2,609 | 1,184 | |||||||||||||||||||||||
Foreign currency forward contracts (1) | Net foreign exchange (losses) gains | 6,578 | (7,174) | |||||||||||||||||||||||
Foreign currency forward contracts (2) | Net foreign exchange (losses) gains | (1,213) | (2,281) | |||||||||||||||||||||||
Credit default swaps | Net realized and unrealized gains on investments | (2,923) | 5,456 | |||||||||||||||||||||||
Total return swaps | Net realized and unrealized gains on investments | (6,986) | 5,035 | |||||||||||||||||||||||
Equity futures | Net realized and unrealized gains on investments | (25,710) | 10,987 | |||||||||||||||||||||||
Total derivative instruments not designated as hedges | 62,918 | 41,514 | ||||||||||||||||||||||||
Derivative instruments designated as hedges | ||||||||||||||||||||||||||
Foreign currency forward contracts (3) | Accumulated other comprehensive loss | 2,150 | 844 | |||||||||||||||||||||||
Total derivative instruments designated as hedges | 2,150 | 844 | ||||||||||||||||||||||||
Total | $ | 65,068 | $ | 42,358 | ||||||||||||||||||||||
Location of gain (loss) recognized on derivatives | Amount of gain (loss) recognized on derivatives | |||||||||
Three months ended September 30, | 2019 | 2018 | ||||||||
Derivative instruments not designated as hedges | ||||||||||
Interest rate futures | Net realized and unrealized gains (losses) on investments | $ | 7,199 | $ | 2,731 | |||||
Interest rate swaps | Net realized and unrealized gains (losses) on investments | 887 | (6 | ) | ||||||
Foreign currency forward contracts (1) | Net foreign exchange losses | (5,912 | ) | (2,596 | ) | |||||
Foreign currency forward contracts (2) | Net foreign exchange losses | 911 | 650 | |||||||
Credit default swaps | Net realized and unrealized gains (losses) on investments | 65 | (191 | ) | ||||||
Total return swaps | Net realized and unrealized gains (losses) on investments | 1,960 | — | |||||||
Equity futures | Net realized and unrealized gains (losses) on investments | 1,023 | 29 | |||||||
Total derivative instruments not designated as hedges | 6,133 | 617 | ||||||||
Derivative instruments designated as hedges | ||||||||||
Foreign currency forward contracts (3) | Accumulated other comprehensive income (loss) | 3,264 | — | |||||||
Total | $ | 9,397 | $ | 617 | ||||||
Location of gain (loss) recognized on derivatives | Amount of gain (loss) recognized on derivatives | |||||||||
Nine months ended September 30, | 2019 | 2018 | ||||||||
Derivative instruments not designated as hedges | ||||||||||
Interest rate futures | Net realized and unrealized gains (losses) on investments | $ | 35,136 | $ | 292 | |||||
Interest rate swaps | Net realized and unrealized gains (losses) on investments | 2,071 | 129 | |||||||
Foreign currency forward contracts (1) | Net foreign exchange losses | (13,086 | ) | (2,227 | ) | |||||
Foreign currency forward contracts (2) | Net foreign exchange losses | (1,370 | ) | 1,302 | ||||||
Credit default swaps | Net realized and unrealized gains (losses) on investments | 5,521 | (1,228 | ) | ||||||
Total return swaps | Net realized and unrealized gains (losses) on investments | 6,995 | — | |||||||
Equity futures | Net realized and unrealized gains (losses) on investments | 12,380 | 44 | |||||||
Total derivative instruments not designated as hedges | 47,647 | (1,688 | ) | |||||||
Derivative instruments designated as hedges | ||||||||||
Foreign currency forward contracts (3) | Accumulated other comprehensive income (loss) | 4,108 | — | |||||||
Total | $ | 51,755 | $ | (1,688 | ) | |||||
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||||||||||
June 30, 2020 | June 30, 2019 | June 30, 2020 | June 30, 2019 | ||||||||||||||||||||||||||||||||||||||
Weighted average of U.S. dollar equivalent of foreign denominated net assets | $ | 74,451 | $ | 80,037 | $ | 77,683 | $ | 80,037 | |||||||||||||||||||||||||||||||||
Derivative (losses) gains (1) | $ | (8,694) | $ | 844 | $ | 2,150 | $ | 844 | |||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, 2019 | September 30, 2018 | September 30, 2019 | September 30, 2018 | ||||||||||||||
Weighted average of U.S. dollar equivalent of foreign denominated net assets | $ | 79,538 | $ | — | $ | 80,303 | $ | — | |||||||||
Derivative gains (1) | $ | 3,264 | $ | — | $ | 4,108 | $ | — | |||||||||
Future minimum lease payments | |||||||||
Operating leases | Finance leases | ||||||||
2019 (remaining) | $ | 2,256 | $ | 833 | |||||
2020 | 6,625 | 3,336 | |||||||
2021 | 6,397 | 3,336 | |||||||
2022 | 5,681 | 3,336 | |||||||
2023 | 2,690 | 2,830 | |||||||
2024 | 1,301 | 2,661 | |||||||
After 2024 | 923 | 10,129 | |||||||
Future minimum lease payments under existing leases | $ | 25,873 | $ | 26,461 | |||||
June 30, 2020 | December 31, 2019 | ||||||||||||||||
Assets of RenaissanceRe UK held for sale | |||||||||||||||||
Total investments | $ | 316,401 | $ | 458,731 | |||||||||||||
Other assets | 22,527 | 40,284 | |||||||||||||||
Total assets held for sale | $ | 338,928 | $ | 499,015 | |||||||||||||
Liabilities of RenaissanceRe UK held for sale | |||||||||||||||||
Reserve for claims and claim expenses | $ | 158,826 | $ | 199,436 | |||||||||||||
Other liabilities | 3,054 | 925 | |||||||||||||||
Total liabilities held for sale | $ | 161,880 | $ | 200,361 | |||||||||||||
Condensed Consolidating Balance Sheet at June 30, 2020 | RenaissanceRe Holdings Ltd. (Parent Guarantor) | RenaissanceRe Finance Inc. (Subsidiary Issuer) | Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1) | Consolidating Adjustments (2) | RenaissanceRe Consolidated | ||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Total investments | $ | 312,238 | $ | 122,960 | $ | 19,288,451 | $ | — | $ | 19,723,649 | |||||||||||||||||||||||||||||||
Cash and cash equivalents | 5,466 | 8,374 | 1,172,004 | — | 1,185,844 | ||||||||||||||||||||||||||||||||||||
Investments in subsidiaries | 6,355,699 | 1,384,968 | 718,374 | (8,459,041) | — | ||||||||||||||||||||||||||||||||||||
Due from subsidiaries and affiliates | 117,917 | (131,162) | 13,000 | 245 | — | ||||||||||||||||||||||||||||||||||||
Premiums receivable | — | — | 3,519,965 | — | 3,519,965 | ||||||||||||||||||||||||||||||||||||
Prepaid reinsurance premiums | — | — | 1,266,203 | — | 1,266,203 | ||||||||||||||||||||||||||||||||||||
Reinsurance recoverable | — | — | 2,774,358 | — | 2,774,358 | ||||||||||||||||||||||||||||||||||||
Accrued investment income | 366 | — | 69,638 | — | 70,004 | ||||||||||||||||||||||||||||||||||||
Deferred acquisition costs | — | — | 734,286 | — | 734,286 | ||||||||||||||||||||||||||||||||||||
Receivable for investments sold | 2,522 | 2,505 | 643,431 | — | 648,458 | ||||||||||||||||||||||||||||||||||||
Other assets | 848,856 | 8,447 | 394,545 | (953,452) | 298,396 | ||||||||||||||||||||||||||||||||||||
Goodwill and other intangible assets | 114,161 | — | 144,430 | — | 258,591 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 7,757,225 | $ | 1,396,092 | $ | 30,738,685 | $ | (9,412,248) | $ | 30,479,754 | |||||||||||||||||||||||||||||||
Liabilities, Noncontrolling Interests and Shareholders’ Equity | |||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Reserve for claims and claim expenses | $ | — | $ | — | $ | 9,365,469 | $ | — | $ | 9,365,469 | |||||||||||||||||||||||||||||||
Unearned premiums | — | — | 3,549,641 | — | 3,549,641 | ||||||||||||||||||||||||||||||||||||
Debt | 391,932 | 720,754 | 972,283 | (949,753) | 1,135,216 | ||||||||||||||||||||||||||||||||||||
Reinsurance balances payable | — | — | 4,094,027 | — | 4,094,027 | ||||||||||||||||||||||||||||||||||||
Payable for investments purchased | 2,505 | — | 1,256,611 | — | 1,259,116 | ||||||||||||||||||||||||||||||||||||
Other liabilities | 15,616 | 8,262 | 2,554,907 | (2,236,771) | 342,014 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 410,053 | 729,016 | 21,792,938 | (3,186,524) | 19,745,483 | ||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests | — | — | 3,387,099 | — | 3,387,099 | ||||||||||||||||||||||||||||||||||||
Shareholders’ Equity | |||||||||||||||||||||||||||||||||||||||||
Total shareholders’ equity | 7,347,172 | 667,076 | 5,558,648 | (6,225,724) | 7,347,172 | ||||||||||||||||||||||||||||||||||||
Total liabilities, noncontrolling interests and shareholders’ equity | $ | 7,757,225 | $ | 1,396,092 | $ | 30,738,685 | $ | (9,412,248) | $ | 30,479,754 |
Condensed Consolidating Balance Sheet at September 30, 2019 | 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 | $ | 138,084 | $ | 117,077 | $ | 18,987 | $ | 16,673,745 | $ | — | $ | 16,947,893 | |||||||||||
Cash and cash equivalents | 5,099 | 3,691 | 3,324 | 859,137 | — | 871,251 | |||||||||||||||||
Investments in subsidiaries | 5,579,191 | 50,786 | 1,279,042 | — | (6,909,019 | ) | — | ||||||||||||||||
Due from subsidiaries and affiliates | 8,595 | 101,579 | — | — | (110,174 | ) | — | ||||||||||||||||
Premiums receivable | — | — | — | 2,799,954 | — | 2,799,954 | |||||||||||||||||
Prepaid reinsurance premiums | — | — | — | 972,047 | — | 972,047 | |||||||||||||||||
Reinsurance recoverable | — | — | — | 2,438,299 | — | 2,438,299 | |||||||||||||||||
Accrued investment income | 39 | 208 | 9 | 73,253 | — | 73,509 | |||||||||||||||||
Deferred acquisition costs | — | — | — | 708,258 | — | 708,258 | |||||||||||||||||
Receivable for investments sold | 482 | 1 | — | 224,664 | — | 225,147 | |||||||||||||||||
Other assets | 795,636 | 13,853 | 295,885 | (1,806,661 | ) | 1,045,880 | 344,593 | ||||||||||||||||
Goodwill and other intangible assets | 117,278 | — | — | 145,981 | — | 263,259 | |||||||||||||||||
Total assets | $ | 6,644,404 | $ | 287,195 | $ | 1,597,247 | $ | 23,088,677 | $ | (5,973,313 | ) | $ | 25,644,210 | ||||||||||
Liabilities, Noncontrolling Interests and Shareholders’ Equity | |||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Reserve for claims and claim expenses | $ | — | $ | — | $ | — | $ | 8,602,437 | $ | — | $ | 8,602,437 | |||||||||||
Unearned premiums | — | — | — | 2,967,535 | — | 2,967,535 | |||||||||||||||||
Debt | 691,245 | — | 843,981 | 148,272 | (300,000 | ) | 1,383,498 | ||||||||||||||||
Amounts due to subsidiaries and affiliates | 2,803 | 92 | 101,827 | — | (104,722 | ) | — | ||||||||||||||||
Reinsurance balances payable | — | — | — | 2,910,601 | — | 2,910,601 | |||||||||||||||||
Payable for investments purchased | — | 10 | — | 654,675 | — | 654,685 | |||||||||||||||||
Other liabilities | (879 | ) | 328 | 9,381 | 375,211 | 11,145 | 395,186 | ||||||||||||||||
Total liabilities | 693,169 | 430 | 955,189 | 15,658,731 | (393,577 | ) | 16,913,942 | ||||||||||||||||
Redeemable noncontrolling interests | — | — | — | 2,779,033 | — | 2,779,033 | |||||||||||||||||
Shareholders’ Equity | |||||||||||||||||||||||
Total shareholders’ equity | 5,951,235 | 286,765 | 642,058 | 4,650,913 | (5,579,736 | ) | 5,951,235 | ||||||||||||||||
Total liabilities, noncontrolling interests and shareholders’ equity | $ | 6,644,404 | $ | 287,195 | $ | 1,597,247 | $ | 23,088,677 | $ | (5,973,313 | ) | $ | 25,644,210 |
Condensed Consolidating Balance Sheet at December 31, 2019 | RenaissanceRe Holdings Ltd. (Parent Guarantor) | RenaissanceRe Finance Inc. (Subsidiary Issuer) | Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1) | Consolidating Adjustments (2) | RenaissanceRe Consolidated | ||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Total investments | $ | 190,451 | $ | 288,137 | $ | 16,890,201 | $ | — | $ | 17,368,789 | |||||||||||||||||||||||||||||||
Cash and cash equivalents | 26,460 | 8,731 | 1,343,877 | — | 1,379,068 | ||||||||||||||||||||||||||||||||||||
Investments in subsidiaries | 5,204,260 | 1,426,838 | 48,247 | (6,679,345) | — | ||||||||||||||||||||||||||||||||||||
Due from subsidiaries and affiliates | 10,725 | — | 101,579 | (112,304) | — | ||||||||||||||||||||||||||||||||||||
Premiums receivable | — | — | 2,599,896 | — | 2,599,896 | ||||||||||||||||||||||||||||||||||||
Prepaid reinsurance premiums | — | — | 767,781 | — | 767,781 | ||||||||||||||||||||||||||||||||||||
Reinsurance recoverable | — | — | 2,791,297 | — | 2,791,297 | ||||||||||||||||||||||||||||||||||||
Accrued investment income | — | 1,171 | 71,290 | — | 72,461 | ||||||||||||||||||||||||||||||||||||
Deferred acquisition costs | — | — | 663,991 | — | 663,991 | ||||||||||||||||||||||||||||||||||||
Receivable for investments sold | 173 | — | 78,196 | — | 78,369 | ||||||||||||||||||||||||||||||||||||
Other assets | 847,406 | 12,211 | 312,556 | (825,957) | 346,216 | ||||||||||||||||||||||||||||||||||||
Goodwill and other intangible assets | 116,212 | — | 146,014 | — | 262,226 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 6,395,687 | $ | 1,737,088 | $ | 25,814,925 | $ | (7,617,606) | $ | 26,330,094 | |||||||||||||||||||||||||||||||
Liabilities, Noncontrolling Interest and Shareholders’ Equity | |||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Reserve for claims and claim expenses | $ | — | $ | — | $ | 9,384,349 | $ | — | $ | 9,384,349 | |||||||||||||||||||||||||||||||
Unearned premiums | — | — | 2,530,975 | — | 2,530,975 | ||||||||||||||||||||||||||||||||||||
Debt | 391,475 | 970,255 | 148,349 | (125,974) | 1,384,105 | ||||||||||||||||||||||||||||||||||||
Amounts due to subsidiaries and affiliates | 6,708 | 102,493 | 51 | (109,252) | — | ||||||||||||||||||||||||||||||||||||
Reinsurance balances payable | — | — | 2,830,691 | — | 2,830,691 | ||||||||||||||||||||||||||||||||||||
Payable for investments purchased | — | — | 225,275 | — | 225,275 | ||||||||||||||||||||||||||||||||||||
Other liabilities | 26,137 | 14,162 | 899,960 | (8,235) | 932,024 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 424,320 | 1,086,910 | 16,019,650 | (243,461) | 17,287,419 | ||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests | — | — | 3,071,308 | — | 3,071,308 | ||||||||||||||||||||||||||||||||||||
Shareholders’ Equity | |||||||||||||||||||||||||||||||||||||||||
Total shareholders’ equity | 5,971,367 | 650,178 | 6,723,967 | (7,374,145) | 5,971,367 | ||||||||||||||||||||||||||||||||||||
Total liabilities, redeemable noncontrolling interest and shareholders’ equity | $ | 6,395,687 | $ | 1,737,088 | $ | 25,814,925 | $ | (7,617,606) | $ | 26,330,094 |
Condensed Consolidating Balance Sheet at December 31, 2018 | 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 | $ | 313,360 | $ | 77,842 | $ | 28,885 | $ | 11,465,660 | $ | — | $ | 11,885,747 | |||||||||||
Cash and cash equivalents | 3,534 | 3,350 | 9,604 | 1,091,434 | — | 1,107,922 | |||||||||||||||||
Investments in subsidiaries | 4,414,475 | 58,458 | 1,215,663 | — | (5,688,596 | ) | — | ||||||||||||||||
Due from subsidiaries and affiliates | 57,039 | 101,579 | — | — | (158,618 | ) | — | ||||||||||||||||
Premiums receivable | — | — | — | 1,537,188 | — | 1,537,188 | |||||||||||||||||
Prepaid reinsurance premiums | — | — | — | 616,185 | — | 616,185 | |||||||||||||||||
Reinsurance recoverable | — | — | — | 2,372,221 | — | 2,372,221 | |||||||||||||||||
Accrued investment income | 1,046 | 310 | 127 | 49,828 | — | 51,311 | |||||||||||||||||
Deferred acquisition costs | — | — | — | 476,661 | — | 476,661 | |||||||||||||||||
Receivable for investments sold | 203 | 23,885 | — | 232,328 | — | 256,416 | |||||||||||||||||
Other assets | 458,842 | 22,571 | 313,636 | (1,403,636 | ) | 743,714 | 135,127 | ||||||||||||||||
Goodwill and other intangible assets | 120,476 | — | — | 116,942 | — | 237,418 | |||||||||||||||||
Total assets | $ | 5,368,975 | $ | 287,995 | $ | 1,567,915 | $ | 16,554,811 | $ | (5,103,500 | ) | $ | 18,676,196 | ||||||||||
Liabilities, Redeemable Noncontrolling Interest and Shareholders’ Equity | |||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Reserve for claims and claim expenses | $ | — | $ | — | $ | — | $ | 6,076,271 | $ | — | $ | 6,076,271 | |||||||||||
Unearned premiums | — | — | — | 1,716,021 | — | 1,716,021 | |||||||||||||||||
Debt | 300,000 | — | 843,086 | 148,041 | (300,000 | ) | 991,127 | ||||||||||||||||
Amounts due to subsidiaries and affiliates | 6,453 | 217 | 102,243 | — | (108,913 | ) | — | ||||||||||||||||
Reinsurance balances payable | — | — | — | 1,902,056 | — | 1,902,056 | |||||||||||||||||
Payable for investments purchased | — | 24 | — | 380,308 | — | 380,332 | |||||||||||||||||
Other liabilities | 17,442 | 5,362 | 13,918 | 482,422 | (5,535 | ) | 513,609 | ||||||||||||||||
Total liabilities | 323,895 | 5,603 | 959,247 | 10,705,119 | (414,448 | ) | 11,579,416 | ||||||||||||||||
Redeemable noncontrolling interests | — | — | — | 2,051,700 | — | 2,051,700 | |||||||||||||||||
Shareholders’ Equity | |||||||||||||||||||||||
Total shareholders’ equity | 5,045,080 | 282,392 | 608,668 | 3,797,992 | (4,689,052 | ) | 5,045,080 | ||||||||||||||||
Total liabilities, redeemable noncontrolling interest and shareholders’ equity | $ | 5,368,975 | $ | 287,995 | $ | 1,567,915 | $ | 16,554,811 | $ | (5,103,500 | ) | $ | 18,676,196 |
Condensed Consolidating Statement of Operations for the three months ended June 30, 2020 | RenaissanceRe Holdings Ltd. (Parent Guarantor) | 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 | $ | — | $ | — | $ | 1,010,096 | $ | — | $ | 1,010,096 | |||||||||||||||||||||||||||||||
Net investment income | 10,415 | 110 | 89,488 | (10,708) | 89,305 | ||||||||||||||||||||||||||||||||||||
Net foreign exchange gains (losses) | 6,695 | — | (13,218) | (672) | (7,195) | ||||||||||||||||||||||||||||||||||||
Equity in earnings of other ventures | — | 787 | 8,254 | — | 9,041 | ||||||||||||||||||||||||||||||||||||
Other (loss) income | (372) | — | 12,392 | (13,221) | (1,201) | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gains on investments | 15,035 | 53 | 433,302 | — | 448,390 | ||||||||||||||||||||||||||||||||||||
Total revenues | 31,773 | 950 | 1,540,314 | (24,601) | 1,548,436 | ||||||||||||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||||||||||||
Net claims and claim expenses incurred | — | — | 510,272 | — | 510,272 | ||||||||||||||||||||||||||||||||||||
Acquisition expenses | 2,051 | — | 231,559 | — | 233,610 | ||||||||||||||||||||||||||||||||||||
Operational expenses | 2,390 | 13,966 | 46,278 | (13,557) | 49,077 | ||||||||||||||||||||||||||||||||||||
Corporate expenses | 8,534 | — | 3,364 | — | 11,898 | ||||||||||||||||||||||||||||||||||||
Interest expense | 4,096 | 6,906 | 11,525 | (10,685) | 11,842 | ||||||||||||||||||||||||||||||||||||
Total expenses | 17,071 | 20,872 | 802,998 | (24,242) | 816,699 | ||||||||||||||||||||||||||||||||||||
Income (loss) before equity in net income (loss) of subsidiaries and taxes | 14,702 | (19,922) | 737,316 | (359) | 731,737 | ||||||||||||||||||||||||||||||||||||
Equity in net income (loss) of subsidiaries | 567,028 | 93,652 | (7,388) | (653,292) | — | ||||||||||||||||||||||||||||||||||||
Income before taxes | 581,730 | 73,730 | 729,928 | (653,651) | 731,737 | ||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | 1,404 | 1,338 | (32,617) | — | (29,875) | ||||||||||||||||||||||||||||||||||||
Net income | 583,134 | 75,068 | 697,311 | (653,651) | 701,862 | ||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable noncontrolling interests | — | — | (118,728) | — | (118,728) | ||||||||||||||||||||||||||||||||||||
Net income attributable to RenaissanceRe | 583,134 | 75,068 | 578,583 | (653,651) | 583,134 | ||||||||||||||||||||||||||||||||||||
Dividends on preference shares | (7,289) | — | — | — | (7,289) | ||||||||||||||||||||||||||||||||||||
Net income available attributable to RenaissanceRe common shareholders | $ | 575,845 | $ | 75,068 | $ | 578,583 | $ | (653,651) | $ | 575,845 |
Condensed Consolidating Statement of Comprehensive Income for the three months ended June 30, 2020 | RenaissanceRe Holdings Ltd. (Parent Guarantor) | 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 | $ | 583,134 | $ | 75,068 | $ | 697,311 | $ | (653,651) | $ | 701,862 | |||||||||||||||||||||||||||||||
Change in net unrealized (losses) gains on investments, net of tax | (1,488) | 6,934 | 7,088 | (14,022) | (1,488) | ||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments, net of tax | 86 | — | — | — | 86 | ||||||||||||||||||||||||||||||||||||
Comprehensive income | 581,732 | 82,002 | 704,399 | (667,673) | 700,460 | ||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable noncontrolling interests | — | — | (118,728) | — | (118,728) | ||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to redeemable noncontrolling interests | — | — | (118,728) | — | (118,728) | ||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to RenaissanceRe | $ | 581,732 | $ | 82,002 | $ | 585,671 | $ | (667,673) | $ | 581,732 |
Condensed Consolidating Statement of Operations for the six months ended June 30, 2020 | RenaissanceRe Holdings Ltd. (Parent Guarantor) | 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 | $ | — | $ | — | $ | 1,923,194 | $ | — | $ | 1,923,194 | |||||||||||||||||||||||||||||||
Net investment income | 20,903 | 993 | 188,030 | (21,148) | 188,778 | ||||||||||||||||||||||||||||||||||||
Net foreign exchange losses | (635) | — | (11,616) | (672) | (12,923) | ||||||||||||||||||||||||||||||||||||
Equity in earnings of other ventures | — | 1,176 | 12,429 | — | 13,605 | ||||||||||||||||||||||||||||||||||||
Other income (loss) | — | — | 23,465 | (29,102) | (5,637) | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized (losses) gains on investments | (6,083) | 169 | 343,597 | — | 337,683 | ||||||||||||||||||||||||||||||||||||
Total revenues | 14,185 | 2,338 | 2,479,099 | (50,922) | 2,444,700 | ||||||||||||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||||||||||||
Net claims and claim expenses incurred | — | — | 1,081,226 | — | 1,081,226 | ||||||||||||||||||||||||||||||||||||
Acquisition expenses | 2,051 | — | 442,163 | — | 444,214 | ||||||||||||||||||||||||||||||||||||
Operational expenses | 5,122 | 31,284 | 109,197 | (29,065) | 116,538 | ||||||||||||||||||||||||||||||||||||
Corporate expenses | 17,213 | — | 10,676 | — | 27,889 | ||||||||||||||||||||||||||||||||||||
Interest expense | 7,924 | 16,875 | 23,042 | (21,072) | 26,769 | ||||||||||||||||||||||||||||||||||||
Total expenses | 32,310 | 48,159 | 1,666,304 | (50,137) | 1,696,636 | ||||||||||||||||||||||||||||||||||||
(Loss) income before equity in net income of subsidiaries and taxes | (18,125) | (45,821) | 812,795 | (785) | 748,064 | ||||||||||||||||||||||||||||||||||||
Equity in net income of subsidiaries | 527,355 | 59,983 | 9,251 | (596,589) | — | ||||||||||||||||||||||||||||||||||||
Income before taxes | 509,230 | 14,162 | 822,046 | (597,374) | 748,064 | ||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | 986 | 3,524 | (25,539) | — | (21,029) | ||||||||||||||||||||||||||||||||||||
Net income | 510,216 | 17,686 | 796,507 | (597,374) | 727,035 | ||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable noncontrolling interests | — | — | (216,819) | — | (216,819) | ||||||||||||||||||||||||||||||||||||
Net income attributable to RenaissanceRe | 510,216 | 17,686 | 579,688 | (597,374) | 510,216 | ||||||||||||||||||||||||||||||||||||
Dividends on preference shares | (16,345) | — | — | — | (16,345) | ||||||||||||||||||||||||||||||||||||
Net income available to RenaissanceRe common shareholders | $ | 493,871 | $ | 17,686 | $ | 579,688 | $ | (597,374) | $ | 493,871 |
Condensed Consolidating Statement of Comprehensive Income for the six months ended June 30, 2020 | RenaissanceRe Holdings Ltd. (Parent Guarantor) | 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 | $ | 510,216 | $ | 17,686 | $ | 796,507 | $ | (597,374) | $ | 727,035 | |||||||||||||||||||||||||||||||
Change in net unrealized (losses) gains on investments, net of tax | (2,145) | 7,679 | (7,474) | (205) | (2,145) | ||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments, net of tax | 1,018 | — | — | 1,018 | |||||||||||||||||||||||||||||||||||||
Comprehensive income | 509,089 | 25,365 | 789,033 | (597,579) | 725,908 | ||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable noncontrolling interests | — | — | (216,819) | — | (216,819) | ||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | (216,819) | — | (216,819) | ||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to RenaissanceRe | $ | 509,089 | $ | 25,365 | $ | 572,214 | $ | (597,579) | $ | 509,089 |
Condensed Consolidating Statement of Operations for the three months ended September 30, 2019 | 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 | |||||||||||||||||
Revenues | |||||||||||||||||||||||
Net premiums earned | $ | — | $ | — | $ | — | $ | 906,748 | $ | — | $ | 906,748 | |||||||||||
Net investment income | 10,263 | 570 | 1,906 | 113,705 | (12,600 | ) | 113,844 | ||||||||||||||||
Net foreign exchange (losses) gains | (14,786 | ) | — | — | 6,511 | — | (8,275 | ) | |||||||||||||||
Equity in earnings of other ventures | — | — | 1,298 | 4,579 | — | 5,877 | |||||||||||||||||
Other income (loss) | 1,234 | — | — | (218 | ) | — | 1,016 | ||||||||||||||||
Net realized and unrealized gains on investments | 1,983 | 1,147 | 20 | 28,788 | — | 31,938 | |||||||||||||||||
Total revenues | (1,306 | ) | 1,717 | 3,224 | 1,060,113 | (12,600 | ) | 1,051,148 | |||||||||||||||
Expenses | |||||||||||||||||||||||
Net claims and claim expenses incurred | — | — | — | 654,520 | — | 654,520 | |||||||||||||||||
Acquisition expenses | — | — | — | �� | 202,181 | — | 202,181 | ||||||||||||||||
Operational expenses | 2,039 | 11 | 9,018 | 34,814 | 7,533 | 53,415 | |||||||||||||||||
Corporate expenses | 6,948 | — | 7 | 5,010 | 1,879 | 13,844 | |||||||||||||||||
Interest expense | 5,708 | — | 9,257 | 615 | — | 15,580 | |||||||||||||||||
Total expenses | 14,695 | 11 | 18,282 | 897,140 | 9,412 | 939,540 | |||||||||||||||||
(Loss) income before equity in net income of subsidiaries and taxes | (16,001 | ) | 1,706 | (15,058 | ) | 162,973 | (22,012 | ) | 111,608 | ||||||||||||||
Equity in net income of subsidiaries | 61,021 | 1,456 | 14,365 | — | (76,842 | ) | — | ||||||||||||||||
Income (loss) before taxes | 45,020 | 3,162 | (693 | ) | 162,973 | (98,854 | ) | 111,608 | |||||||||||||||
Income tax benefit (expense) | 867 | (319 | ) | 1,562 | (5,774 | ) | — | (3,664 | ) | ||||||||||||||
Net income | 45,887 | 2,843 | 869 | 157,199 | (98,854 | ) | 107,944 | ||||||||||||||||
Net income attributable to redeemable noncontrolling interests | — | — | — | (62,057 | ) | — | (62,057 | ) | |||||||||||||||
Net income attributable to RenaissanceRe | 45,887 | 2,843 | 869 | 95,142 | (98,854 | ) | 45,887 | ||||||||||||||||
Dividends on preference shares | (9,189 | ) | — | — | — | — | (9,189 | ) | |||||||||||||||
Net income available attributable to RenaissanceRe common shareholders | $ | 36,698 | $ | 2,843 | $ | 869 | $ | 95,142 | $ | (98,854 | ) | $ | 36,698 |
(1)Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. (2) Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.
(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 three months ended September 30, 2019 | 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 | |||||||||||||||||
Comprehensive income | |||||||||||||||||||||||
Net income | $ | 45,887 | $ | 2,843 | $ | 869 | $ | 157,199 | $ | (98,854 | ) | $ | 107,944 | ||||||||||
Change in net unrealized gains on investments | — | — | — | 608 | — | 608 | |||||||||||||||||
Foreign currency translation adjustments, net of tax | — | — | — | 8,249 | — | 8,249 | |||||||||||||||||
Comprehensive income | 45,887 | 2,843 | 869 | 166,056 | (98,854 | ) | 116,801 | ||||||||||||||||
Net income attributable to redeemable noncontrolling interests | — | — | — | (62,057 | ) | — | (62,057 | ) | |||||||||||||||
Comprehensive income attributable to redeemable noncontrolling interests | — | — | — | (62,057 | ) | — | (62,057 | ) | |||||||||||||||
Comprehensive income attributable to RenaissanceRe | $ | 45,887 | $ | 2,843 | $ | 869 | $ | 103,999 | $ | (98,854 | ) | $ | 54,744 |
Condensed Consolidating Statement of Operations for the six months ended June 30, 2019 | RenaissanceRe Holdings Ltd. (Parent Guarantor) | 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 | $ | — | $ | — | $ | 1,461,530 | $ | — | $ | 1,461,530 | |||||||||||||||||||||||||||||||
Net investment income | 18,953 | 4,077 | 198,803 | (21,151) | 200,682 | ||||||||||||||||||||||||||||||||||||
Net foreign exchange (losses) gains | (6,060) | — | 12,523 | — | 6,463 | ||||||||||||||||||||||||||||||||||||
Equity in earnings of other ventures | — | 1,617 | 9,856 | — | 11,473 | ||||||||||||||||||||||||||||||||||||
Other income | — | — | 4,093 | — | 4,093 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gains on investments | 5,518 | 211 | 355,531 | — | 361,260 | ||||||||||||||||||||||||||||||||||||
Total revenues | 18,411 | 5,905 | 2,042,336 | (21,151) | 2,045,501 | ||||||||||||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||||||||||||
Net claims and claim expenses incurred | — | — | 680,408 | — | 680,408 | ||||||||||||||||||||||||||||||||||||
Acquisition expenses | — | — | 351,433 | — | 351,433 | ||||||||||||||||||||||||||||||||||||
Operational expenses | 2,604 | 20,940 | 63,826 | 17,377 | 104,747 | ||||||||||||||||||||||||||||||||||||
Corporate expenses | 42,670 | 9 | 16,162 | 3,795 | 62,636 | ||||||||||||||||||||||||||||||||||||
Interest expense | 7,576 | 18,506 | 1,206 | — | 27,288 | ||||||||||||||||||||||||||||||||||||
Total expenses | 52,850 | 39,455 | 1,113,035 | 21,172 | 1,226,512 | ||||||||||||||||||||||||||||||||||||
(Loss) income before equity in net income of subsidiaries and taxes | (34,439) | (33,550) | 929,301 | (42,323) | 818,989 | ||||||||||||||||||||||||||||||||||||
Equity in net income of subsidiaries | 693,613 | 62,187 | 2,545 | (758,345) | — | ||||||||||||||||||||||||||||||||||||
Income before taxes | 659,174 | 28,637 | 931,846 | (800,668) | 818,989 | ||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | 775 | 3,394 | (21,175) | — | (17,006) | ||||||||||||||||||||||||||||||||||||
Net income | 659,949 | 32,031 | 910,671 | (800,668) | 801,983 | ||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable noncontrolling interests | — | — | (142,034) | — | (142,034) | ||||||||||||||||||||||||||||||||||||
Net income attributable to RenaissanceRe | 659,949 | 32,031 | 768,637 | (800,668) | 659,949 | ||||||||||||||||||||||||||||||||||||
Dividends on preference shares | (18,378) | — | — | — | (18,378) | ||||||||||||||||||||||||||||||||||||
Net income available to RenaissanceRe common shareholders | $ | 641,571 | $ | 32,031 | $ | 768,637 | $ | (800,668) | $ | 641,571 |
Condensed Consolidating Statement of Comprehensive Income for the six months ended June 30, 2019 | RenaissanceRe Holdings Ltd. (Parent Guarantor) | 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 | $ | 659,949 | $ | 32,031 | $ | 910,671 | $ | (800,668) | $ | 801,983 | |||||||||||||||||||||||||||||||
Change in net unrealized losses on investments | — | — | 1,272 | — | 1,272 | ||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments, net of tax | — | — | (3,708) | — | (3,708) | ||||||||||||||||||||||||||||||||||||
Comprehensive income | 659,949 | 32,031 | 908,235 | (800,668) | 799,547 | ||||||||||||||||||||||||||||||||||||
Net income attributable to redeemable noncontrolling interests | — | — | (142,034) | — | (142,034) | ||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | (142,034) | — | (142,034) | ||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to RenaissanceRe | $ | 659,949 | $ | 32,031 | $ | 766,201 | $ | (800,668) | $ | 657,513 |
Condensed Consolidating Statement of Cash Flows for the six months ended June 30, 2020 | RenaissanceRe Holdings Ltd. (Parent Guarantor) | RenaissanceRe Finance Inc. (Subsidiary Issuer) | Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1) | RenaissanceRe Consolidated | |||||||||||||||||||||||||||||||
Cash flows provided by (used in) operating activities | |||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 8,180 | $ | (41,978) | $ | 890,763 | $ | 856,965 | |||||||||||||||||||||||||||
Cash flows (used in) provided by investing activities | |||||||||||||||||||||||||||||||||||
Proceeds from sales and maturities of fixed maturity investments trading | 52,093 | 30,793 | 8,257,465 | 8,340,351 | |||||||||||||||||||||||||||||||
Purchases of fixed maturity investments trading | (220,197) | (30,725) | (8,698,532) | (8,949,454) | |||||||||||||||||||||||||||||||
Net purchases of equity investments trading | — | — | (45,008) | (45,008) | |||||||||||||||||||||||||||||||
Net sales (purchases) of short term investments | 47,098 | 161,823 | (1,199,525) | (990,604) | |||||||||||||||||||||||||||||||
Net purchases of other investments | — | — | (90,010) | (90,010) | |||||||||||||||||||||||||||||||
Net purchases of investments in other ventures | — | — | (1,994) | (1,994) | |||||||||||||||||||||||||||||||
Return of investment from investments in other ventures | — | — | 9,157 | 9,157 | |||||||||||||||||||||||||||||||
Dividends and return of capital from subsidiaries | 499,704 | 101,061 | (600,765) | — | |||||||||||||||||||||||||||||||
Contributions to subsidiaries | (1,139,323) | — | 1,139,323 | — | |||||||||||||||||||||||||||||||
Due (from) to subsidiary | (116,826) | 28,669 | 88,157 | — | |||||||||||||||||||||||||||||||
Net cash (used in) provided by investing activities | (877,451) | 291,621 | (1,141,732) | (1,727,562) | |||||||||||||||||||||||||||||||
Cash flows provided by (used in) financing activities | |||||||||||||||||||||||||||||||||||
Dividends paid – RenaissanceRe common shares | (33,063) | — | — | (33,063) | |||||||||||||||||||||||||||||||
Dividends paid – preference shares | (16,345) | — | — | (16,345) | |||||||||||||||||||||||||||||||
RenaissanceRe common share issuance, net of expenses | 1,095,549 | — | — | 1,095,549 | |||||||||||||||||||||||||||||||
RenaissanceRe common share repurchases | (62,621) | — | — | (62,621) | |||||||||||||||||||||||||||||||
Redemption of 6.08% Series C preference shares | (125,000) | — | — | (125,000) | |||||||||||||||||||||||||||||||
Repayment of debt | — | (250,000) | — | (250,000) | |||||||||||||||||||||||||||||||
Net third-party redeemable noncontrolling interest share transactions | — | — | 79,283 | 79,283 | |||||||||||||||||||||||||||||||
Taxes paid on withholding shares | (10,243) | — | — | (10,243) | |||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | 848,277 | (250,000) | 79,283 | 677,560 | |||||||||||||||||||||||||||||||
Effect of exchange rate changes on foreign currency cash | — | — | (187) | (187) | |||||||||||||||||||||||||||||||
Net decrease in cash and cash equivalents | (20,994) | (357) | (171,873) | (193,224) | |||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 26,460 | 8,731 | 1,343,877 | 1,379,068 | |||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 5,466 | $ | 8,374 | $ | 1,172,004 | $ | 1,185,844 |
Condensed Consolidating Statement of Operations for the nine months ended September 30, 2019 | 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 | |||||||||||||||||
Revenues | |||||||||||||||||||||||
Net premiums earned | $ | — | $ | — | $ | — | $ | 2,368,278 | $ | — | $ | 2,368,278 | |||||||||||
Net investment income | 29,216 | 1,689 | 5,983 | 308,001 | (33,751 | ) | 311,138 | ||||||||||||||||
Net foreign exchange (losses) gains | (20,846 | ) | — | — | 19,034 | — | (1,812 | ) | |||||||||||||||
Equity in earnings of other ventures | — | — | 2,915 | 14,435 | — | 17,350 | |||||||||||||||||
Other income | 1,234 | — | — | 3,875 | — | 5,109 | |||||||||||||||||
Net realized and unrealized gains on investments | 7,501 | 15,369 | 231 | 373,485 | — | 396,586 | |||||||||||||||||
Total revenues | 17,105 | 17,058 | 9,129 | 3,087,108 | (33,751 | ) | 3,096,649 | ||||||||||||||||
Expenses | |||||||||||||||||||||||
Net claims and claim expenses incurred | — | — | — | 1,334,928 | — | 1,334,928 | |||||||||||||||||
Acquisition expenses | — | — | — | 553,614 | — | 553,614 | |||||||||||||||||
Operational expenses | 4,643 | 38 | 29,958 | 98,613 | 24,910 | 158,162 | |||||||||||||||||
Corporate expenses | 49,618 | — | 16 | 21,172 | 5,674 | 76,480 | |||||||||||||||||
Interest expense | 13,284 | — | 27,763 | 1,821 | — | 42,868 | |||||||||||||||||
Total expenses | 67,545 | 38 | 57,737 | 2,010,148 | 30,584 | 2,166,052 | |||||||||||||||||
(Loss) income before equity in net income of subsidiaries and taxes | (50,440 | ) | 17,020 | (48,608 | ) | 1,076,960 | (64,335 | ) | 930,597 | ||||||||||||||
Equity in net income of subsidiaries | 754,634 | 4,001 | 76,552 | — | (835,187 | ) | — | ||||||||||||||||
Income before taxes | 704,194 | 21,021 | 27,944 | 1,076,960 | (899,522 | ) | 930,597 | ||||||||||||||||
Income tax benefit (expense) | 1,642 | (3,472 | ) | 4,956 | (23,796 | ) | — | (20,670 | ) | ||||||||||||||
Net income | 705,836 | 17,549 | 32,900 | 1,053,164 | (899,522 | ) | 909,927 | ||||||||||||||||
Net income attributable to redeemable noncontrolling interests | — | — | — | (204,091 | ) | — | (204,091 | ) | |||||||||||||||
Net income attributable to RenaissanceRe | 705,836 | 17,549 | 32,900 | 849,073 | (899,522 | ) | 705,836 | ||||||||||||||||
Dividends on preference shares | (27,567 | ) | — | — | — | — | (27,567 | ) | |||||||||||||||
Net income available to RenaissanceRe common shareholders | $ | 678,269 | $ | 17,549 | $ | 32,900 | $ | 849,073 | $ | (899,522 | ) | $ | 678,269 |
Condensed Consolidating Statement of Comprehensive Income for the nine months ended September 30, 2019 | 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 | |||||||||||||||||
Comprehensive income | |||||||||||||||||||||||
Net income | $ | 705,836 | $ | 17,549 | $ | 32,900 | $ | 1,053,164 | $ | (899,522 | ) | $ | 909,927 | ||||||||||
Change in net unrealized gains on investments | — | — | — | 1,880 | — | 1,880 | |||||||||||||||||
Foreign currency translation adjustments, net of tax | — | — | — | 4,541 | — | 4,541 | |||||||||||||||||
Comprehensive income | 705,836 | 17,549 | 32,900 | 1,059,585 | (899,522 | ) | 916,348 | ||||||||||||||||
Net income attributable to redeemable noncontrolling interests | — | — | — | (204,091 | ) | — | (204,091 | ) | |||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | — | (204,091 | ) | — | (204,091 | ) | |||||||||||||||
Comprehensive income attributable to RenaissanceRe | $ | 705,836 | $ | 17,549 | $ | 32,900 | $ | 855,494 | $ | (899,522 | ) | $ | 712,257 |
Condensed Consolidating Statement of Operations for the three months ended September 30, 2018 | 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 | |||||||||||||||||
Revenues | |||||||||||||||||||||||
Net premiums earned | $ | — | $ | — | $ | — | $ | 531,849 | $ | — | $ | 531,849 | |||||||||||
Net investment income | 6,542 | 539 | 1,541 | 80,472 | (8,398 | ) | 80,696 | ||||||||||||||||
Net foreign exchange gains (losses) | 3 | — | — | (4,569 | ) | — | (4,566 | ) | |||||||||||||||
Equity in earnings of other ventures | — | — | 290 | 7,358 | — | 7,648 | |||||||||||||||||
Other income | — | — | — | 497 | — | 497 | |||||||||||||||||
Net realized and unrealized (losses) gains on investments | (176 | ) | 4,479 | (73 | ) | 9,400 | — | 13,630 | |||||||||||||||
Total revenues | 6,369 | 5,018 | 1,758 | 625,007 | (8,398 | ) | 629,754 | ||||||||||||||||
Expenses | |||||||||||||||||||||||
Net claims and claim expenses incurred | — | — | — | 410,510 | — | 410,510 | |||||||||||||||||
Acquisition expenses | — | — | — | 109,761 | — | 109,761 | |||||||||||||||||
Operational expenses | 3,570 | 29 | 7,493 | 42,682 | (13,181 | ) | 40,593 | ||||||||||||||||
Corporate expenses | 3,778 | — | — | 3,063 | — | 6,841 | |||||||||||||||||
Interest expense | 1,478 | — | 9,257 | 2,512 | (1,478 | ) | 11,769 | ||||||||||||||||
Total expenses | 8,826 | 29 | 16,750 | 568,528 | (14,659 | ) | 579,474 | ||||||||||||||||
(Loss) income before equity in net income of subsidiaries and taxes | (2,457 | ) | 4,989 | (14,992 | ) | 56,479 | 6,261 | 50,280 | |||||||||||||||
Equity in net income of subsidiaries | 45,130 | 2,735 | 11,666 | — | (59,531 | ) | — | ||||||||||||||||
Income before taxes | 42,673 | 7,724 | (3,326 | ) | 56,479 | (53,270 | ) | 50,280 | |||||||||||||||
Income tax (expense) benefit | (284 | ) | (1,026 | ) | 1,840 | (1,981 | ) | — | (1,451 | ) | |||||||||||||
Net income (loss) | 42,389 | 6,698 | (1,486 | ) | 54,498 | (53,270 | ) | 48,829 | |||||||||||||||
Net income attributable to redeemable noncontrolling interests | — | — | — | (6,440 | ) | — | (6,440 | ) | |||||||||||||||
Net income (loss) attributable to RenaissanceRe | 42,389 | 6,698 | (1,486 | ) | 48,058 | (53,270 | ) | 42,389 | |||||||||||||||
Dividends on preference shares | (9,708 | ) | — | — | — | — | (9,708 | ) | |||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 32,681 | $ | 6,698 | $ | (1,486 | ) | $ | 48,058 | $ | (53,270 | ) | $ | 32,681 |
Condensed Consolidating Statement of Comprehensive Income (Loss) for the three months ended September 30, 2018 | 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 | |||||||||||||||||
Comprehensive income (loss) | |||||||||||||||||||||||
Net income (loss) | $ | 42,389 | $ | 6,698 | $ | (1,486 | ) | $ | 54,498 | $ | (53,270 | ) | $ | 48,829 | |||||||||
Change in net unrealized gains on investments | — | — | — | (382 | ) | — | (382 | ) | |||||||||||||||
Comprehensive income (loss) | 42,389 | 6,698 | (1,486 | ) | 54,116 | (53,270 | ) | 48,447 | |||||||||||||||
Net income attributable to redeemable noncontrolling interests | — | — | — | (6,440 | ) | — | (6,440 | ) | |||||||||||||||
Comprehensive income attributable to redeemable noncontrolling interests | — | — | — | (6,440 | ) | — | (6,440 | ) | |||||||||||||||
Comprehensive income (loss) attributable to RenaissanceRe | $ | 42,389 | $ | 6,698 | $ | (1,486 | ) | $ | 47,676 | $ | (53,270 | ) | $ | 42,007 |
Condensed Consolidating Statement of Operations for the nine months ended September 30, 2018 | 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 | |||||||||||||||||
Revenues | |||||||||||||||||||||||
Net premiums earned | $ | — | $ | — | $ | — | $ | 1,401,516 | $ | — | $ | 1,401,516 | |||||||||||
Net investment income | 18,504 | 1,629 | 3,981 | 208,034 | (23,620 | ) | 208,528 | ||||||||||||||||
Net foreign exchange losses | (1 | ) | — | — | (11,495 | ) | — | (11,496 | ) | ||||||||||||||
Equity in earnings of other ventures | — | — | 2,045 | 12,286 | — | 14,331 | |||||||||||||||||
Other income | — | — | — | 480 | — | 480 | |||||||||||||||||
Net realized and unrealized (losses) gains on investments | (821 | ) | 4,906 | (399 | ) | (90,101 | ) | — | (86,415 | ) | |||||||||||||
Total revenues | 17,682 | 6,535 | 5,627 | 1,520,720 | (23,620 | ) | 1,526,944 | ||||||||||||||||
Expenses | |||||||||||||||||||||||
Net claims and claim expenses incurred | — | — | — | 642,380 | — | 642,380 | |||||||||||||||||
Acquisition expenses | — | — | — | 312,524 | — | 312,524 | |||||||||||||||||
Operational expenses | 7,551 | 60 | 26,737 | 113,721 | (28,661 | ) | 119,408 | ||||||||||||||||
Corporate expenses | 12,498 | — | 7 | 9,370 | — | 21,875 | |||||||||||||||||
Interest expense | 3,694 | — | 27,763 | 7,541 | (3,694 | ) | 35,304 | ||||||||||||||||
Total expenses | 23,743 | 60 | 54,507 | 1,085,536 | (32,355 | ) | 1,131,491 | ||||||||||||||||
(Loss) income before equity in net income of subsidiaries and taxes | (6,061 | ) | 6,475 | (48,880 | ) | 435,184 | 8,735 | 395,453 | |||||||||||||||
Equity in net income of subsidiaries | 310,081 | 4,285 | 29,005 | — | (343,371 | ) | — | ||||||||||||||||
Income (loss) before taxes | 304,020 | 10,760 | (19,875 | ) | 435,184 | (334,636 | ) | 395,453 | |||||||||||||||
Income tax (expense) benefit | (1,939 | ) | (1,273 | ) | 5,677 | (5,015 | ) | — | (2,550 | ) | |||||||||||||
Net income (loss) | 302,081 | 9,487 | (14,198 | ) | 430,169 | (334,636 | ) | 392,903 | |||||||||||||||
Net income attributable to redeemable noncontrolling interests | — | — | — | (90,822 | ) | — | (90,822 | ) | |||||||||||||||
Net income (loss) attributable to RenaissanceRe | 302,081 | 9,487 | (14,198 | ) | 339,347 | (334,636 | ) | 302,081 | |||||||||||||||
Dividends on preference shares | (20,899 | ) | — | — | — | — | (20,899 | ) | |||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 281,182 | $ | 9,487 | $ | (14,198 | ) | $ | 339,347 | $ | (334,636 | ) | $ | 281,182 |
Condensed Consolidating Statement of Comprehensive Income (Loss) for the nine months ended September 30, 2018 | 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 | |||||||||||||||||
Comprehensive income (loss) | |||||||||||||||||||||||
Net income (loss) | $ | 302,081 | $ | 9,487 | $ | (14,198 | ) | $ | 430,169 | $ | (334,636 | ) | $ | 392,903 | |||||||||
Change in net unrealized gains on investments | — | — | — | (1,707 | ) | — | (1,707 | ) | |||||||||||||||
Comprehensive income (loss) | 302,081 | 9,487 | (14,198 | ) | 428,462 | (334,636 | ) | 391,196 | |||||||||||||||
Net income attributable to redeemable noncontrolling interests | — | — | — | (90,822 | ) | — | (90,822 | ) | |||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | — | (90,822 | ) | — | (90,822 | ) | |||||||||||||||
Comprehensive income (loss) attributable to RenaissanceRe | $ | 302,081 | $ | 9,487 | $ | (14,198 | ) | $ | 337,640 | $ | (334,636 | ) | $ | 300,374 |
Condensed Consolidating Statement of Cash Flows for the nine months ended September 30, 2019 | 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) | RenaissanceRe Consolidated | ||||||||||||||
Cash flows (used in) provided by operating activities | |||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (381,508 | ) | $ | 1,316 | $ | (30,943 | ) | $ | 1,675,567 | $ | 1,264,432 | |||||||
Cash flows provided by (used in) investing activities | |||||||||||||||||||
Proceeds from sales and maturities of fixed maturity investments trading | 277,030 | 51,669 | 43,746 | 12,463,471 | 12,835,916 | ||||||||||||||
Purchases of fixed maturity investments trading | (66,740 | ) | (50,549 | ) | (15,910 | ) | (13,270,512 | ) | (13,403,711 | ) | |||||||||
Net purchases of equity investments trading | — | (2,476 | ) | — | (4,461 | ) | (6,937 | ) | |||||||||||
Net (purchases) sales of short term investments | (34,209 | ) | 506 | (16,257 | ) | (1,312,191 | ) | (1,362,151 | ) | ||||||||||
Net purchases of other investments | — | — | — | (130,476 | ) | (130,476 | ) | ||||||||||||
Net purchases of investments in other ventures | — | — | — | (2,341 | ) | (2,341 | ) | ||||||||||||
Return of investment from investments in other ventures | — | — | — | 11,250 | 11,250 | ||||||||||||||
Net purchases of other assets | — | — | — | (4,108 | ) | (4,108 | ) | ||||||||||||
Dividends and return of capital from subsidiaries | 855,396 | — | 13,500 | (868,896 | ) | — | |||||||||||||
Contributions to subsidiaries | (1,013,916 | ) | — | — | 1,013,916 | — | |||||||||||||
Due (from) to subsidiary | 48,444 | (125 | ) | (416 | ) | (47,903 | ) | — | |||||||||||
Net purchase of the TMR Group Entities | — | — | — | (276,206 | ) | (276,206 | ) | ||||||||||||
Net cash provided by (used in) investing activities | 66,005 | (975 | ) | 24,663 | (2,428,457 | ) | (2,338,764 | ) | |||||||||||
Cash flows provided by financing activities | |||||||||||||||||||
Dividends paid – RenaissanceRe common shares | (44,547 | ) | — | — | — | (44,547 | ) | ||||||||||||
Dividends paid – preference shares | (27,567 | ) | — | — | — | (27,567 | ) | ||||||||||||
Issuance of debt, net of expenses | 396,411 | — | — | — | 396,411 | ||||||||||||||
Net third party redeemable noncontrolling interest share transactions | — | — | — | 515,952 | 515,952 | ||||||||||||||
Taxes paid on withholding shares | (7,229 | ) | — | — | — | (7,229 | ) | ||||||||||||
Net cash provided by financing activities | 317,068 | — | — | 515,952 | 833,020 | ||||||||||||||
Effect of exchange rate changes on foreign currency cash | — | — | — | 4,641 | 4,641 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 1,565 | 341 | (6,280 | ) | (232,297 | ) | (236,671 | ) | |||||||||||
Cash and cash equivalents, beginning of period | 3,534 | 3,350 | 9,604 | 1,091,434 | 1,107,922 | ||||||||||||||
Cash and cash equivalents, end of period | $ | 5,099 | $ | 3,691 | $ | 3,324 | $ | 859,137 | $ | 871,251 |
Condensed Consolidating Statement of Cash Flows for the six months ended June 30, 2019 | Condensed Consolidating Statement of Cash Flows for the six months ended June 30, 2019 | RenaissanceRe Holdings Ltd. (Parent Guarantor) | 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 | Cash flows (used in) provided by operating activities | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | Net cash (used in) provided by operating activities | $ | (359,699) | $ | (33,592) | $ | 1,177,260 | $ | 783,969 | |||||||||||||||||||||||||||||||||||||||||||||
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 | Proceeds from sales and maturities of fixed maturity investments trading | 277,030 | 43,746 | 9,084,572 | 9,405,348 | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of fixed maturity investments trading | Purchases of fixed maturity investments trading | (36,905) | (14,098) | (9,178,997) | (9,230,000) | |||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows for the nine months ended September 30, 2018 | 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) | RenaissanceRe Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash flows (used in) provided by operating activities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (5,869 | ) | $ | 1,496 | $ | 16,194 | $ | 876,705 | $ | 888,526 | |||||||||||||||||||||||||||||||||||||||||||
Cash flows used in investing activities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from sales and maturities of fixed maturity investments trading | 384,818 | 91,118 | 45,459 | 7,700,086 | 8,221,481 | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of fixed maturity investments trading | (281,994 | ) | (65,988 | ) | (20,806 | ) | (8,323,900 | ) | (8,692,688 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Net (purchases) sales of equity investments trading | — | (624 | ) | — | 16,114 | 15,490 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net sales of equity investments trading | Net sales of equity investments trading | — | — | 125,597 | 125,597 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net sales (purchases) of short term investments | 85,598 | 360 | (9,206 | ) | (1,542,203 | ) | (1,465,451 | ) | Net sales (purchases) of short term investments | 4,212 | (8,544) | (1,968,385) | (1,972,717) | |||||||||||||||||||||||||||||||||||||||||
Net purchases of other investments | — | — | — | (130,649 | ) | (130,649 | ) | Net purchases of other investments | — | — | (133,889) | (133,889) | ||||||||||||||||||||||||||||||||||||||||||
Net purchases of investments in other ventures | — | — | — | (20,952 | ) | (20,952 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Net purchases of investment in other venture | Net purchases of investment in other venture | — | — | (2,249) | (2,249) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net purchases of other assets | Net purchases of other assets | — | — | (4,108) | (4,108) | |||||||||||||||||||||||||||||||||||||||||||||||||
Return of investment from investment in other ventures | — | — | — | 8,464 | 8,464 | Return of investment from investment in other ventures | — | — | 11,250 | 11,250 | ||||||||||||||||||||||||||||||||||||||||||||
Dividends and return of capital from subsidiaries | 511,098 | — | — | (511,098 | ) | — | Dividends and return of capital from subsidiaries | 587,264 | — | (587,264) | — | |||||||||||||||||||||||||||||||||||||||||||
Contributions to subsidiaries | (686,106 | ) | (16,847 | ) | (65,000 | ) | 767,953 | — | Contributions to subsidiaries | (850,807) | — | 850,807 | — | |||||||||||||||||||||||||||||||||||||||||
Due (from) to subsidiaries | (193,249 | ) | (9,598 | ) | 36,262 | 166,585 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Net cash used in investing activities | (179,835 | ) | (1,579 | ) | (13,291 | ) | (1,869,600 | ) | (2,064,305 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Due to (from) subsidiaries | Due to (from) subsidiaries | 39,056 | 7,340 | (46,396) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Net purchase of TMR | Net purchase of TMR | — | — | (276,206) | (276,206) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | Net cash provided by (used in) investing activities | 19,850 | 28,444 | (2,125,268) | (2,076,974) | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash flows provided by financing activities | Cash flows provided by financing activities | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid – RenaissanceRe common shares | (39,611 | ) | — | — | — | (39,611 | ) | Dividends paid – RenaissanceRe common shares | (29,439) | — | — | (29,439) | ||||||||||||||||||||||||||||||||||||||||||
Dividends paid – preference shares | (20,899 | ) | — | — | — | (20,899 | ) | Dividends paid – preference shares | (18,378) | — | — | (18,378) | ||||||||||||||||||||||||||||||||||||||||||
Issuance of preference shares, net of expenses | 242,371 | — | — | — | 242,371 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net third party redeemable noncontrolling interest share transactions | — | — | — | 96,021 | 96,021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of debt, net of expenses | Issuance of debt, net of expenses | 396,411 | — | — | 396,411 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net third-party redeemable noncontrolling interest share transactions | Net third-party redeemable noncontrolling interest share transactions | — | — | 514,732 | 514,732 | |||||||||||||||||||||||||||||||||||||||||||||||||
Taxes paid on withholding shares | (7,079 | ) | — | — | — | (7,079 | ) | Taxes paid on withholding shares | (7,083) | — | — | (7,083) | ||||||||||||||||||||||||||||||||||||||||||
Net cash provided by financing activities | 174,782 | — | — | 96,021 | 270,803 | Net cash provided by financing activities | 341,511 | — | 514,732 | 856,243 | ||||||||||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on foreign currency cash | — | — | — | (3,575 | ) | (3,575 | ) | Effect of exchange rate changes on foreign currency cash | — | — | (534) | (534) | ||||||||||||||||||||||||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (10,922 | ) | (83 | ) | 2,903 | (900,449 | ) | (908,551 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | Net increase (decrease) in cash and cash equivalents | 1,662 | (5,148) | (433,810) | (437,296) | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 14,656 | 139 | 1,469 | 1,345,328 | 1,361,592 | Cash and cash equivalents, beginning of period | 3,534 | 9,604 | 1,094,784 | 1,107,922 | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 3,734 | $ | 56 | $ | 4,372 | $ | 444,879 | $ | 453,041 | Cash and cash equivalents, end of period | $ | 5,196 | $ | 4,456 | $ | 660,974 | $ | 670,626 |
Page | |||||
Three months ended June 30, | 2020 | 2019 | Change | |||||||||||||||||||||||
(in thousands, except per share amounts and percentages) | ||||||||||||||||||||||||||
Statement of operations highlights | ||||||||||||||||||||||||||
Gross premiums written | $ | 1,701,872 | $ | 1,476,908 | $ | 224,964 | ||||||||||||||||||||
Net premiums written | $ | 1,180,803 | $ | 1,022,965 | $ | 157,838 | ||||||||||||||||||||
Net premiums earned | $ | 1,010,096 | $ | 911,502 | $ | 98,594 | ||||||||||||||||||||
Net claims and claim expenses incurred | 510,272 | 453,373 | 56,899 | |||||||||||||||||||||||
Acquisition expenses | 233,610 | 227,482 | 6,128 | |||||||||||||||||||||||
Operational expenses | 49,077 | 59,814 | (10,737) | |||||||||||||||||||||||
Underwriting income | $ | 217,137 | $ | 170,833 | $ | 46,304 | ||||||||||||||||||||
Net investment income | $ | 89,305 | $ | 118,588 | $ | (29,283) | ||||||||||||||||||||
Net realized and unrealized gains on investments | 448,390 | 191,247 | 257,143 | |||||||||||||||||||||||
Total investment result | $ | 537,695 | $ | 309,835 | $ | 227,860 | ||||||||||||||||||||
Net income | $ | 701,862 | $ | 448,855 | $ | 253,007 | ||||||||||||||||||||
Net income available to RenaissanceRe common shareholders | $ | 575,845 | $ | 367,854 | $ | 207,991 | ||||||||||||||||||||
Net income available to RenaissanceRe common shareholders per common share – diluted | $ | 12.63 | $ | 8.35 | $ | 4.28 | ||||||||||||||||||||
Dividends per common share | $ | 0.35 | $ | 0.34 | $ | 0.01 | ||||||||||||||||||||
Key ratios | ||||||||||||||||||||||||||
Net claims and claim expense ratio – current accident year | 52.0 | % | 49.7 | % | 2.3 | % | ||||||||||||||||||||
Net claims and claim expense ratio – prior accident years | (1.5) | % | — | % | (1.5) | % | ||||||||||||||||||||
Net claims and claim expense ratio – calendar year | 50.5 | % | 49.7 | % | 0.8 | % | ||||||||||||||||||||
Underwriting expense ratio | 28.0 | % | 31.6 | % | (3.6) | % | ||||||||||||||||||||
Combined ratio | 78.5 | % | 81.3 | % | (2.8) | % | ||||||||||||||||||||
Return on average common equity - annualized | 38.5 | % | 28.9 | % | 9.6 | % | ||||||||||||||||||||
Book value | June 30, 2020 | March 31, 2020 | Change | |||||||||||||||||||||||
Book value per common share | $ | 134.27 | $ | 117.15 | $ | 17.12 | ||||||||||||||||||||
Accumulated dividends per common share | 21.38 | 21.03 | 0.35 | |||||||||||||||||||||||
Book value per common share plus accumulated dividends | $ | 155.65 | $ | 138.18 | $ | 17.47 | ||||||||||||||||||||
Change in book value per common share plus change in accumulated dividends | 14.9 | % | ||||||||||||||||||||||||
Three months ended September 30, | 2019 | 2018 | Change | ||||||||||
(in thousands, except per share amounts and percentages) | |||||||||||||
Statement of operations highlights | |||||||||||||
Gross premiums written | $ | 861,068 | $ | 625,677 | $ | 235,391 | |||||||
Net premiums written | $ | 704,130 | $ | 453,255 | $ | 250,875 | |||||||
Net premiums earned | $ | 906,748 | $ | 531,849 | $ | 374,899 | |||||||
Net claims and claim expenses incurred | 654,520 | 410,510 | 244,010 | ||||||||||
Acquisition expenses | 202,181 | 109,761 | 92,420 | ||||||||||
Operational expenses | 53,415 | 40,593 | 12,822 | ||||||||||
Underwriting loss | $ | (3,368 | ) | $ | (29,015 | ) | $ | 25,647 | |||||
Net investment income | $ | 113,844 | $ | 80,696 | $ | 33,148 | |||||||
Net realized and unrealized gains on investments | 31,938 | 13,630 | 18,308 | ||||||||||
Total investment result | $ | 145,782 | $ | 94,326 | $ | 51,456 | |||||||
Net income | $ | 107,944 | $ | 48,829 | $ | 59,115 | |||||||
Net income available to RenaissanceRe common shareholders | $ | 36,698 | $ | 32,681 | $ | 4,017 | |||||||
Net income available to RenaissanceRe common shareholders per common share – diluted | $ | 0.83 | $ | 0.82 | $ | 0.01 | |||||||
Dividends per common share | $ | 0.34 | $ | 0.33 | $ | 0.01 | |||||||
Key ratios | |||||||||||||
Net claims and claim expense ratio – current accident year | 73.3 | % | 79.0 | % | (5.7 | )% | |||||||
Net claims and claim expense ratio – prior accident years | (1.1 | )% | (1.8 | )% | 0.7 | % | |||||||
Net claims and claim expense ratio – calendar year | 72.2 | % | 77.2 | % | (5.0 | )% | |||||||
Underwriting expense ratio | 28.2 | % | 28.3 | % | (0.1 | )% | |||||||
Combined ratio | 100.4 | % | 105.5 | % | (5.1 | )% | |||||||
Return on average common equity - annualized | 2.8 | % | 3.1 | % | (0.3 | )% | |||||||
Book value | September 30, 2019 | June 30, 2019 | Change | ||||||||||
Book value per common share | $ | 120.07 | $ | 119.17 | $ | 0.90 | |||||||
Accumulated dividends per common share | 20.34 | 20.00 | 0.34 | ||||||||||
Book value per common share plus accumulated dividends | $ | 140.41 | $ | 139.17 | $ | 1.24 | |||||||
Change in book value per common share plus change in accumulated dividends | 1.0 | % | |||||||||||
• |
Investment Results - our total investment result, which |
Three months ended September 30, 2019 | Hurricane Dorian | Typhoon Faxai | Total Q3 2019 Catastrophe Events | ||||||||||
(in thousands, except percentages) | |||||||||||||
Net claims and claims expenses incurred | $ | (60,784 | ) | $ | (148,127 | ) | $ | (208,911 | ) | ||||
Assumed reinstatement premiums earned | 5,106 | 18,332 | 23,438 | ||||||||||
Ceded reinstatement premiums earned | (364 | ) | (118 | ) | (482 | ) | |||||||
Lost profit commissions | 92 | 3,943 | 4,035 | ||||||||||
Net negative impact on underwriting result | (55,950 | ) | (125,970 | ) | (181,920 | ) | |||||||
Redeemable noncontrolling interest - DaVinciRe | 3,659 | 23,335 | 26,994 | ||||||||||
Net negative impact on net income available to RenaissanceRe common shareholders | $ | (52,291 | ) | $ | (102,635 | ) | $ | (154,926 | ) | ||||
Percentage point impact on consolidated combined ratio | 6.2 | 14.2 | 20.6 | ||||||||||
Net negative impact on Property segment underwriting result | $ | (53,378 | ) | $ | (125,540 | ) | $ | (178,918 | ) | ||||
Net negative impact on Casualty and Specialty segment underwriting result | (2,572 | ) | (430 | ) | (3,002 | ) | |||||||
Net negative impact on underwriting result | $ | (55,950 | ) | $ | (125,970 | ) | $ | (181,920 | ) | ||||
Three months ended September 30, 2018 | Typhoon Jebi | Hurricane Florence | Other Q3 2018 Catastrophe Events (1) | Total Q3 2018 Catastrophe Events | |||||||||||||
(in thousands, except percentages) | |||||||||||||||||
Net claims and claims expenses incurred | $ | (90,228 | ) | $ | (74,040 | ) | $ | (32,763 | ) | $ | (197,031 | ) | |||||
Assumed reinstatement premiums earned | 6,997 | 9,067 | 866 | 16,930 | |||||||||||||
Ceded reinstatement premiums earned | — | (112 | ) | — | (112 | ) | |||||||||||
Lost profit commissions | 1,973 | 313 | (109 | ) | 2,177 | ||||||||||||
Net negative impact on underwriting result | (81,258 | ) | (64,772 | ) | (32,006 | ) | (178,036 | ) | |||||||||
Redeemable noncontrolling interest - DaVinciRe | 13,507 | 8,593 | 3,987 | 26,087 | |||||||||||||
Net negative impact on net income available to RenaissanceRe common shareholders | $ | (67,751 | ) | $ | (56,179 | ) | $ | (28,019 | ) | $ | (151,949 | ) | |||||
Percentage point impact on consolidated combined ratio | 15.5 | 12.3 | 6.1 | 34.4 | |||||||||||||
Net negative impact on Property segment underwriting result | $ | (80,258 | ) | $ | (64,772 | ) | $ | (32,006 | ) | $ | (177,036 | ) | |||||
Net negative impact on Casualty and Specialty segment underwriting result | (1,000 | ) | — | — | (1,000 | ) | |||||||||||
Net negative impact on underwriting result | $ | (81,258 | ) | $ | (64,772 | ) | $ | (32,006 | ) | $ | (178,036 | ) | |||||
Three months ended September 30, | 2019 | 2018 | Change | ||||||||||
(in thousands, except percentages) | |||||||||||||
Gross premiums written | $ | 314,400 | $ | 301,413 | $ | 12,987 | |||||||
Net premiums written | $ | 302,982 | $ | 232,632 | $ | 70,350 | |||||||
Net premiums earned | $ | 444,332 | $ | 293,059 | $ | 151,273 | |||||||
Net claims and claim expenses incurred | 338,260 | 265,857 | 72,403 | ||||||||||
Acquisition expenses | 79,521 | 45,524 | 33,997 | ||||||||||
Operational expenses | 34,238 | 25,577 | 8,661 | ||||||||||
Underwriting loss | $ | (7,687 | ) | $ | (43,899 | ) | $ | 36,212 | |||||
Net claims and claim expenses incurred – current accident year | $ | 345,880 | $ | 268,022 | $ | 77,858 | |||||||
Net claims and claim expenses incurred – prior accident years | (7,620 | ) | (2,165 | ) | (5,455 | ) | |||||||
Net claims and claim expenses incurred – total | $ | 338,260 | $ | 265,857 | $ | 72,403 | |||||||
Net claims and claim expense ratio – current accident year | 77.8 | % | 91.5 | % | (13.7 | )% | |||||||
Net claims and claim expense ratio – prior accident years | (1.7 | )% | (0.8 | )% | (0.9 | )% | |||||||
Net claims and claim expense ratio – calendar year | 76.1 | % | 90.7 | % | (14.6 | )% | |||||||
Underwriting expense ratio | 25.6 | % | 24.3 | % | 1.3 | % | |||||||
Combined ratio | 101.7 | % | 115.0 | % | (13.3 | )% | |||||||
Three months ended June 30, | 2020 | 2019 | Change | ||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
Gross premiums written | $ | 1,042,536 | $ | 839,200 | $ | 203,336 | |||||||||||||||||
Net premiums written | $ | 704,138 | $ | 544,115 | $ | 160,023 | |||||||||||||||||
Net premiums earned | $ | 491,116 | $ | 425,013 | $ | 66,103 | |||||||||||||||||
Net claims and claim expenses incurred | 164,050 | 146,874 | 17,176 | ||||||||||||||||||||
Acquisition expenses | 94,772 | 89,711 | 5,061 | ||||||||||||||||||||
Operational expenses | 31,656 | 36,764 | (5,108) | ||||||||||||||||||||
Underwriting income | $ | 200,638 | $ | 151,664 | $ | 48,974 | |||||||||||||||||
Net claims and claim expenses incurred – current accident year | $ | 170,614 | $ | 136,111 | $ | 34,503 | |||||||||||||||||
Net claims and claim expenses incurred – prior accident years | (6,564) | 10,763 | (17,327) | ||||||||||||||||||||
Net claims and claim expenses incurred – total | $ | 164,050 | $ | 146,874 | $ | 17,176 | |||||||||||||||||
Net claims and claim expense ratio – current accident year | 34.7 | % | 32.0 | % | 2.7 | % | |||||||||||||||||
Net claims and claim expense ratio – prior accident years | (1.3) | % | 2.6 | % | (3.9) | % | |||||||||||||||||
Net claims and claim expense ratio – calendar year | 33.4 | % | 34.6 | % | (1.2) | % | |||||||||||||||||
Underwriting expense ratio | 25.7 | % | 29.7 | % | (4.0) | % | |||||||||||||||||
Combined ratio | 59.1 | % | 64.3 | % | (5.2) | % | |||||||||||||||||
Three months ended September 30, | 2019 | 2018 | Change | ||||||||||
(in thousands) | |||||||||||||
Ceded premiums written - Property | $ | 11,418 | $ | 68,781 | $ | (57,363 | ) | ||||||
Three months ended June 30, | 2020 | 2019 | Change | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Ceded premiums written - Property | $ | 338,398 | $ | 295,085 | $ | 43,313 | |||||||||||||||||
Three months ended September 30, | 2019 | 2018 | Change | ||||||||||
(in thousands, except percentages) | |||||||||||||
Gross premiums written | $ | 546,668 | $ | 324,264 | $ | 222,404 | |||||||
Net premiums written | $ | 401,148 | $ | 220,623 | $ | 180,525 | |||||||
Net premiums earned | $ | 462,416 | $ | 238,791 | $ | 223,625 | |||||||
Net claims and claim expenses incurred | 316,099 | 144,671 | 171,428 | ||||||||||
Acquisition expenses | 122,654 | 64,238 | 58,416 | ||||||||||
Operational expenses | 19,198 | 14,976 | 4,222 | ||||||||||
Underwriting income | $ | 4,465 | $ | 14,906 | $ | (10,441 | ) | ||||||
Net claims and claim expenses incurred – current accident year | $ | 319,087 | $ | 151,904 | $ | 167,183 | |||||||
Net claims and claim expenses incurred – prior accident years | (2,988 | ) | (7,233 | ) | 4,245 | ||||||||
Net claims and claim expenses incurred – total | $ | 316,099 | $ | 144,671 | $ | 171,428 | |||||||
Net claims and claim expense ratio – current accident year | 69.0 | % | 63.6 | % | 5.4 | % | |||||||
Net claims and claim expense ratio – prior accident years | (0.6 | )% | (3.0 | )% | 2.4 | % | |||||||
Net claims and claim expense ratio – calendar year | 68.4 | % | 60.6 | % | 7.8 | % | |||||||
Underwriting expense ratio | 30.6 | % | 33.2 | % | (2.6 | )% | |||||||
Combined ratio | 99.0 | % | 93.8 | % | 5.2 | % | |||||||
Three months ended June 30, | 2020 | 2019 | Change | ||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
Gross premiums written | $ | 659,336 | $ | 637,708 | $ | 21,628 | |||||||||||||||||
Net premiums written | $ | 476,665 | $ | 478,850 | $ | (2,185) | |||||||||||||||||
Net premiums earned | $ | 518,980 | $ | 486,489 | $ | 32,491 | |||||||||||||||||
Net claims and claim expenses incurred | 346,266 | 306,501 | 39,765 | ||||||||||||||||||||
Acquisition expenses | 138,837 | 137,963 | 874 | ||||||||||||||||||||
Operational expenses | 17,422 | 23,016 | (5,594) | ||||||||||||||||||||
Underwriting income | $ | 16,455 | $ | 19,009 | $ | (2,554) | |||||||||||||||||
Net claims and claim expenses incurred – current accident year | $ | 355,064 | $ | 317,029 | $ | 38,035 | |||||||||||||||||
Net claims and claim expenses incurred – prior accident years | (8,798) | (10,528) | 1,730 | ||||||||||||||||||||
Net claims and claim expenses incurred – total | $ | 346,266 | $ | 306,501 | $ | 39,765 | |||||||||||||||||
Net claims and claim expense ratio – current accident year | 68.4 | % | 65.2 | % | 3.2 | % | |||||||||||||||||
Net claims and claim expense ratio – prior accident years | (1.7) | % | (2.2) | % | 0.5 | % | |||||||||||||||||
Net claims and claim expense ratio – calendar year | 66.7 | % | 63.0 | % | 3.7 | % | |||||||||||||||||
Underwriting expense ratio | 30.1 | % | 33.1 | % | (3.0) | % | |||||||||||||||||
Combined ratio | 96.8 | % | 96.1 | % | 0.7 | % | |||||||||||||||||
Three months ended September 30, | 2019 | 2018 | Change | ||||||||||
(in thousands) | |||||||||||||
Ceded premiums written - Casualty and Specialty | $ | 145,520 | $ | 103,641 | $ | 41,879 | |||||||
Three months ended June 30, | 2020 | 2019 | Change | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Ceded premiums written - Casualty and Specialty | $ | 182,671 | $ | 158,858 | $ | 23,813 | |||||||||||||||||
Three months ended September 30, | 2019 | 2018 | Change | ||||||||||
(in thousands) | |||||||||||||
Management fee income | |||||||||||||
Joint ventures | $ | 11,434 | $ | 9,265 | $ | 2,169 | |||||||
Managed funds | 4,558 | 3,260 | 1,298 | ||||||||||
Structured reinsurance products and other | 8,765 | 8,530 | 235 | ||||||||||
Total management fee income | 24,757 | 21,055 | 3,702 | ||||||||||
Performance fee income | |||||||||||||
Joint ventures | 5,278 | 853 | 4,425 | ||||||||||
Managed funds | 1,688 | 2,539 | (851 | ) | |||||||||
Structured reinsurance products and other | 275 | (1,568 | ) | 1,843 | |||||||||
Total performance fee income | 7,241 | 1,824 | 5,417 | ||||||||||
Total fee income | $ | 31,998 | $ | 22,879 | $ | 9,119 | |||||||
Three months ended June 30, | 2020 | 2019 | Change | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Management fee income | |||||||||||||||||||||||
Joint ventures | $ | 12,190 | $ | 9,519 | $ | 2,671 | |||||||||||||||||
Structured reinsurance products and other | 8,739 | 9,976 | (1,237) | ||||||||||||||||||||
Managed funds | 6,508 | 6,467 | 41 | ||||||||||||||||||||
Total management fee income | 27,437 | 25,962 | 1,475 | ||||||||||||||||||||
Performance fee income | |||||||||||||||||||||||
Joint ventures | 6,165 | 5,218 | 947 | ||||||||||||||||||||
Structured reinsurance products and other | 7,994 | 8,541 | (547) | ||||||||||||||||||||
Managed funds | 3,914 | 470 | 3,444 | ||||||||||||||||||||
Total performance fee income | 18,073 | 14,229 | 3,844 | ||||||||||||||||||||
Total fee income | $ | 45,510 | $ | 40,191 | $ | 5,319 | |||||||||||||||||
Three months ended September 30, | 2019 | 2018 | Change | ||||||||||
(in thousands) | |||||||||||||
Fixed maturity investments | $ | 82,977 | $ | 55,725 | $ | 27,252 | |||||||
Short term investments | 15,061 | 9,403 | 5,658 | ||||||||||
Equity investments trading | 1,326 | 903 | 423 | ||||||||||
Other investments | |||||||||||||
Private equity investments | (4,597 | ) | 8,723 | (13,320 | ) | ||||||||
Other | 22,538 | 8,665 | 13,873 | ||||||||||
Cash and cash equivalents | 1,978 | 1,104 | 874 | ||||||||||
119,283 | 84,523 | 34,760 | |||||||||||
Investment expenses | (5,439 | ) | (3,827 | ) | (1,612 | ) | |||||||
Net investment income | $ | 113,844 | $ | 80,696 | $ | 33,148 | |||||||
Three months ended June 30, | 2020 | 2019 | Change | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Fixed maturity investments trading | $ | 69,943 | $ | 88,106 | $ | (18,163) | |||||||||||||||||
Short term investments | 6,049 | 17,807 | (11,758) | ||||||||||||||||||||
Equity investments trading | 1,666 | 916 | 750 | ||||||||||||||||||||
Other investments | |||||||||||||||||||||||
Catastrophe bonds | 13,519 | 11,781 | 1,738 | ||||||||||||||||||||
Other | 1,107 | 1,914 | (807) | ||||||||||||||||||||
Cash and cash equivalents | 837 | 2,306 | (1,469) | ||||||||||||||||||||
93,121 | 122,830 | (29,709) | |||||||||||||||||||||
Investment expenses | (3,816) | (4,242) | 426 | ||||||||||||||||||||
Net investment income | $ | 89,305 | $ | 118,588 | $ | (29,283) | |||||||||||||||||
Three months ended September 30, | 2019 | 2018 | Change | ||||||||||
(in thousands) | |||||||||||||
Gross realized gains | $ | 34,710 | $ | 5,229 | $ | 29,481 | |||||||
Gross realized losses | (4,609 | ) | (15,327 | ) | 10,718 | ||||||||
Net realized gains (losses) on fixed maturity investments | 30,101 | (10,098 | ) | 40,199 | |||||||||
Net unrealized gains (losses) on fixed maturity investments trading | 17,226 | (8,730 | ) | 25,956 | |||||||||
Net realized and unrealized gains on investments-related derivatives | 11,134 | 2,563 | 8,571 | ||||||||||
Net realized (losses) gains on equity investments trading | (72 | ) | 21,259 | (21,331 | ) | ||||||||
Net unrealized (losses) gains on equity investments trading | (26,451 | ) | 8,636 | (35,087 | ) | ||||||||
Net realized and unrealized gains on investments | $ | 31,938 | $ | 13,630 | $ | 18,308 | |||||||
Three months ended June 30, | 2020 | 2019 | Change | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Net realized gains on fixed maturity investments trading | 105,849 | 21,295 | 84,554 | ||||||||||||||||||||
Net unrealized gains on fixed maturity investments trading | 197,678 | 121,991 | 75,687 | ||||||||||||||||||||
Net realized and unrealized gains on fixed maturity investments trading | 303,527 | 143,286 | 160,241 | ||||||||||||||||||||
Net realized and unrealized gains on investments-related derivatives | 24,372 | 37,173 | (12,801) | ||||||||||||||||||||
Net realized gains on equity investments trading | 422 | 31,899 | (31,477) | ||||||||||||||||||||
Net unrealized gains (losses) on equity investments trading | 107,896 | (18,355) | 126,251 | ||||||||||||||||||||
Net realized and unrealized gains on equity investments trading | 108,318 | 13,544 | 94,774 | ||||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - catastrophe bonds | 4,452 | (11,902) | 16,354 | ||||||||||||||||||||
Net realized and unrealized gains on other investments - other | 7,721 | 9,146 | (1,425) | ||||||||||||||||||||
Net realized and unrealized gains on investments | $ | 448,390 | $ | 191,247 | $ | 257,143 | |||||||||||||||||
Three months ended September 30, | 2019 | 2018 | Change | ||||||||||
(in thousands) | |||||||||||||
Net foreign exchange losses | $ | (8,275 | ) | $ | (4,566 | ) | $ | (3,709 | ) | ||||
Three months ended June 30, | 2020 | 2019 | Change | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Net foreign exchange (losses) gains | $ | (7,195) | $ | 9,309 | $ | (16,504) | |||||||||||||||||
Three months ended September 30, | 2019 | 2018 | Change | ||||||||||
(in thousands) | |||||||||||||
Tower Hill Companies | $ | 4,068 | $ | 4,629 | $ | (561 | ) | ||||||
Top Layer Re | 1,943 | 2,170 | (227 | ) | |||||||||
Other | (134 | ) | 849 | (983 | ) | ||||||||
Total equity in earnings of other ventures | $ | 5,877 | $ | 7,648 | $ | (1,771 | ) | ||||||
Three months ended June 30, | 2020 | 2019 | Change | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Tower Hill Companies | $ | 4,904 | $ | 3,953 | $ | 951 | |||||||||||||||||
Top Layer Re | 2,510 | 2,342 | 168 | ||||||||||||||||||||
Other | 1,627 | 517 | 1,110 | ||||||||||||||||||||
Total equity in earnings of other ventures | $ | 9,041 | $ | 6,812 | $ | 2,229 | |||||||||||||||||
Three months ended September 30, | 2019 | 2018 | Change | ||||||||||
(in thousands) | |||||||||||||
Assumed and ceded reinsurance contracts accounted for as derivatives and deposits | $ | (318 | ) | $ | 543 | $ | (861 | ) | |||||
Other items | 1,334 | (46 | ) | 1,380 | |||||||||
Total other income | $ | 1,016 | $ | 497 | $ | 519 | |||||||
Three months ended June 30, | 2020 | 2019 | Change | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Assumed and ceded reinsurance contracts accounted for as derivatives and deposits | $ | (1,632) | $ | 759 | $ | (2,391) | |||||||||||||||||
Other items | 431 | 163 | 268 | ||||||||||||||||||||
Total other (loss) income | $ | (1,201) | $ | 922 | $ | (2,123) | |||||||||||||||||
Three months ended September 30, | 2019 | 2018 | Change | ||||||||||
(in thousands) | |||||||||||||
Corporate expenses | $ | 13,844 | $ | 6,841 | $ | 7,003 | |||||||
Three months ended June 30, | 2020 | 2019 | Change | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Corporate expenses | $ | 11,898 | $ | 23,847 | $ | (11,949) | |||||||||||||||||
Three months ended September 30, | 2019 | 2018 | Change | ||||||||||
(in thousands) | |||||||||||||
Income tax expense | $ | (3,664 | ) | $ | (1,451 | ) | $ | (2,213 | ) | ||||
Three months ended June 30, | 2020 | 2019 | Change | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Income tax expense | $ | (29,875) | $ | (9,475) | $ | (20,400) | |||||||||||||||||
Three months ended September 30, | 2019 | 2018 | Change | ||||||||||
(in thousands) | |||||||||||||
Net income attributable to redeemable noncontrolling interests | $ | (62,057 | ) | $ | (6,440 | ) | $ | (55,617 | ) | ||||
Three months ended June 30, | 2020 | 2019 | Change | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Net income attributable to redeemable noncontrolling interests | $ | (118,728) | $ | (71,812) | $ | (46,916) | |||||||||||||||||
Six months ended June 30, | 2020 | 2019 | Change | ||||||||||||||||||||
(in thousands, except per share amounts and percentages) | |||||||||||||||||||||||
Statement of operations highlights | |||||||||||||||||||||||
Gross premiums written | $ | 3,727,593 | $ | 3,041,203 | $ | 686,390 | |||||||||||||||||
Net premiums written | $ | 2,450,611 | $ | 1,951,996 | $ | 498,615 | |||||||||||||||||
Net premiums earned | $ | 1,923,194 | $ | 1,461,530 | $ | 461,664 | |||||||||||||||||
Net claims and claim expenses incurred | 1,081,226 | 680,408 | 400,818 | ||||||||||||||||||||
Acquisition expenses | 444,214 | 351,433 | 92,781 | ||||||||||||||||||||
Operational expenses | 116,538 | 104,747 | 11,791 | ||||||||||||||||||||
Underwriting income | $ | 281,216 | $ | 324,942 | $ | (43,726) | |||||||||||||||||
Net investment income | $ | 188,778 | $ | 200,682 | $ | (11,904) | |||||||||||||||||
Net realized and unrealized gains on investments | 337,683 | 361,260 | (23,577) | ||||||||||||||||||||
Total investment result | $ | 526,461 | $ | 561,942 | $ | (35,481) | |||||||||||||||||
Net income | $ | 727,035 | $ | 801,983 | $ | (74,948) | |||||||||||||||||
Net income available to RenaissanceRe common shareholders | $ | 493,871 | $ | 641,571 | $ | (147,700) | |||||||||||||||||
Net income available to RenaissanceRe common shareholders per common share – diluted | $ | 11.02 | $ | 14.81 | $ | (3.79) | |||||||||||||||||
Dividends per common share | $ | 0.70 | $ | 0.68 | $ | 0.02 | |||||||||||||||||
Key ratios | |||||||||||||||||||||||
Net claims and claim expense ratio – current accident year | 56.3 | % | 46.8 | % | 9.5 | % | |||||||||||||||||
Net claims and claim expense ratio – prior accident years | (0.1) | % | (0.2) | % | 0.1 | % | |||||||||||||||||
Net claims and claim expense ratio – calendar year | 56.2 | % | 46.6 | % | 9.6 | % | |||||||||||||||||
Underwriting expense ratio | 29.2 | % | 31.2 | % | (2.0) | % | |||||||||||||||||
Combined ratio | 85.4 | % | 77.8 | % | 7.6 | % | |||||||||||||||||
Return on average common equity - annualized | 17.1 | % | 26.4 | % | (9.3) | % | |||||||||||||||||
Book value | June 30, 2020 | December 31, 2019 | Change | ||||||||||||||||||||
Book value per common share | $ | 134.27 | $ | 120.53 | $ | 13.74 | |||||||||||||||||
Accumulated dividends per common share | 21.38 | 20.68 | 0.70 | ||||||||||||||||||||
Book value per common share plus accumulated dividends | $ | 155.65 | $ | 141.21 | $ | 14.44 | |||||||||||||||||
Change in book value per common share plus change in accumulated dividends | 12.0 | % | |||||||||||||||||||||
Nine months ended September 30, | 2019 | 2018 | Change | ||||||||||
(in thousands, except per share amounts and percentages) | |||||||||||||
Statement of operations highlights | |||||||||||||
Gross premiums written | $ | 3,902,271 | $ | 2,762,672 | $ | 1,139,599 | |||||||
Net premiums written | $ | 2,656,126 | $ | 1,720,808 | $ | 935,318 | |||||||
Net premiums earned | $ | 2,368,278 | $ | 1,401,516 | $ | 966,762 | |||||||
Net claims and claim expenses incurred | 1,334,928 | 642,380 | 692,548 | ||||||||||
Acquisition expenses | 553,614 | 312,524 | 241,090 | ||||||||||
Operational expenses | 158,162 | 119,408 | 38,754 | ||||||||||
Underwriting income | $ | 321,574 | $ | 327,204 | $ | (5,630 | ) | ||||||
Net investment income | $ | 311,138 | $ | 208,528 | $ | 102,610 | |||||||
Net realized and unrealized gains (losses) on investments | 396,586 | (86,415 | ) | 483,001 | |||||||||
Total investment result | $ | 707,724 | $ | 122,113 | $ | 585,611 | |||||||
Net income | $ | 909,927 | $ | 392,903 | $ | 517,024 | |||||||
Net income available to RenaissanceRe common shareholders | $ | 678,269 | $ | 281,182 | $ | 397,087 | |||||||
Net income available to RenaissanceRe common shareholders per common share – diluted | $ | 15.57 | $ | 7.02 | $ | 8.55 | |||||||
Dividends per common share | $ | 1.02 | $ | 0.99 | $ | 0.03 | |||||||
Key ratios | |||||||||||||
Net claims and claim expense ratio – current accident year | 57.0 | % | 59.9 | % | (2.9 | )% | |||||||
Net claims and claim expense ratio – prior accident years | (0.6 | )% | (14.1 | )% | 13.5 | % | |||||||
Net claims and claim expense ratio – calendar year | 56.4 | % | 45.8 | % | 10.6 | % | |||||||
Underwriting expense ratio | 30.0 | % | 30.9 | % | (0.9 | )% | |||||||
Combined ratio | 86.4 | % | 76.7 | % | 9.7 | % | |||||||
Return on average common equity - annualized | 18.2 | % | 9.1 | % | 9.1 | % | |||||||
Book value | September 30, 2019 | December 31, 2018 | Change | ||||||||||
Book value per common share | $ | 120.07 | $ | 104.13 | $ | 15.94 | |||||||
Accumulated dividends per common share | 20.34 | 19.32 | 1.02 | ||||||||||
Book value per common share plus accumulated dividends | $ | 140.41 | $ | 123.45 | $ | 16.96 | |||||||
Change in book value per common share plus change in accumulated dividends | 16.3 | % | |||||||||||
Nine months ended September 30, 2019 | Hurricane Dorian | Typhoon Faxai | Total Q3 2019 Catastrophe Events | ||||||||||
(in thousands, except percentages) | |||||||||||||
Net claims and claims expenses incurred | $ | (60,784 | ) | $ | (148,127 | ) | $ | (208,911 | ) | ||||
Assumed reinstatement premiums earned | 5,106 | 18,332 | 23,438 | ||||||||||
Ceded reinstatement premiums earned | (364 | ) | (118 | ) | (482 | ) | |||||||
Lost profit commissions | 92 | 3,943 | 4,035 | ||||||||||
Net negative impact on underwriting result | (55,950 | ) | (125,970 | ) | (181,920 | ) | |||||||
Redeemable noncontrolling interest - DaVinciRe | 3,659 | 23,335 | 26,994 | ||||||||||
Net negative impact on net income available to RenaissanceRe common shareholders | $ | (52,291 | ) | $ | (102,635 | ) | $ | (154,926 | ) | ||||
Percentage point impact on consolidated combined ratio | 2.4 | 5.4 | 7.9 | ||||||||||
Net negative impact on Property segment underwriting result | $ | (53,378 | ) | $ | (125,540 | ) | $ | (178,918 | ) | ||||
Net negative impact on Casualty and Specialty segment underwriting result | (2,572 | ) | (430 | ) | (3,002 | ) | |||||||
Net negative impact on underwriting result | $ | (55,950 | ) | $ | (125,970 | ) | $ | (181,920 | ) | ||||
Nine months ended September 30, 2018 | Typhoon Jebi | Hurricane Florence | Other Q3 2018 Catastrophe Events (1) | Total Q3 2018 Catastrophe Events | Change in Estimates of the 2017 Large Loss Events (2) | Total | |||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||||
(Increase) decrease in net claims and claims expenses incurred | $ | (90,228 | ) | $ | (74,040 | ) | $ | (32,763 | ) | $ | (197,031 | ) | $ | 158,461 | $ | (38,570 | ) | ||||||||
Assumed reinstatement premiums earned | 6,997 | 9,067 | 866 | 16,930 | (24,976 | ) | (8,046 | ) | |||||||||||||||||
Ceded reinstatement premiums earned | — | (112 | ) | — | (112 | ) | 758 | 646 | |||||||||||||||||
Lost (earned) profit commissions | 1,973 | 313 | (109 | ) | 2,177 | (6,577 | ) | (4,400 | ) | ||||||||||||||||
Net (negative) positive impact on underwriting result | (81,258 | ) | (64,772 | ) | (32,006 | ) | (178,036 | ) | 127,666 | (50,370 | ) | ||||||||||||||
Redeemable noncontrolling interest - DaVinciRe | 13,507 | 8,593 | 3,987 | 26,087 | (17,284 | ) | 8,803 | ||||||||||||||||||
Net (negative) positive impact on net income available to RenaissanceRe common shareholders | $ | (67,751 | ) | $ | (56,179 | ) | $ | (28,019 | ) | $ | (151,949 | ) | $ | 110,382 | $ | (41,567 | ) | ||||||||
Percentage point impact on consolidated combined ratio | 6.0 | 4.8 | 2.3 | 13.2 | (9.3 | ) | 3.5 | ||||||||||||||||||
Net (negative) positive impact on Property segment underwriting result | $ | (80,258 | ) | $ | (64,772 | ) | $ | (32,006 | ) | $ | (177,036 | ) | $ | 120,895 | $ | (56,141 | ) | ||||||||
Net (negative) positive impact on Casualty and Specialty segment underwriting result | (1,000 | ) | — | — | (1,000 | ) | 6,771 | 5,771 | |||||||||||||||||
Net (negative) positive impact on underwriting result | $ | (81,258 | ) | $ | (64,772 | ) | $ | (32,006 | ) | $ | (178,036 | ) | $ | 127,666 | $ | (50,370 | ) | ||||||||
Nine months ended September 30, | 2019 | 2018 | Change | ||||||||||
(in thousands, except percentages) | |||||||||||||
Gross premiums written | $ | 2,185,984 | $ | 1,561,008 | $ | 624,976 | |||||||
Net premiums written | $ | 1,411,327 | $ | 884,541 | $ | 526,786 | |||||||
Net premiums earned | $ | 1,160,090 | $ | 722,246 | $ | 437,844 | |||||||
Net claims and claim expenses incurred | 541,217 | 222,195 | 319,022 | ||||||||||
Acquisition expenses | 222,971 | 127,095 | 95,876 | ||||||||||
Operational expenses | 99,546 | 75,933 | 23,613 | ||||||||||
Underwriting income | $ | 296,356 | $ | 297,023 | $ | (667 | ) | ||||||
Net claims and claim expenses incurred – current accident year | $ | 536,197 | $ | 395,067 | $ | 141,130 | |||||||
Net claims and claim expenses incurred – prior accident years | 5,020 | (172,872 | ) | 177,892 | |||||||||
Net claims and claim expenses incurred – total | $ | 541,217 | $ | 222,195 | $ | 319,022 | |||||||
Net claims and claim expense ratio – current accident year | 46.2 | % | 54.7 | % | (8.5 | )% | |||||||
Net claims and claim expense ratio – prior accident years | 0.5 | % | (23.9 | )% | 24.4 | % | |||||||
Net claims and claim expense ratio – calendar year | 46.7 | % | 30.8 | % | 15.9 | % | |||||||
Underwriting expense ratio | 27.8 | % | 28.1 | % | (0.3 | )% | |||||||
Combined ratio | 74.5 | % | 58.9 | % | 15.6 | % | |||||||
Six months ended June 30, | 2020 | 2019 | Change | ||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
Gross premiums written | $ | 2,263,062 | $ | 1,871,584 | $ | 391,478 | |||||||||||||||||
Net premiums written | $ | 1,378,719 | $ | 1,108,345 | $ | 270,374 | |||||||||||||||||
Net premiums earned | $ | 912,451 | $ | 715,758 | $ | 196,693 | |||||||||||||||||
Net claims and claim expenses incurred | 308,902 | 202,957 | 105,945 | ||||||||||||||||||||
Acquisition expenses | 180,123 | 143,450 | 36,673 | ||||||||||||||||||||
Operational expenses | 75,663 | 65,308 | 10,355 | ||||||||||||||||||||
Underwriting income | $ | 347,763 | $ | 304,043 | $ | 43,720 | |||||||||||||||||
Net claims and claim expenses incurred – current accident year | $ | 301,458 | $ | 190,317 | $ | 111,141 | |||||||||||||||||
Net claims and claim expenses incurred – prior accident years | 7,444 | 12,640 | (5,196) | ||||||||||||||||||||
Net claims and claim expenses incurred – total | $ | 308,902 | $ | 202,957 | $ | 105,945 | |||||||||||||||||
Net claims and claim expense ratio – current accident year | 33.0 | % | 26.6 | % | 6.4 | % | |||||||||||||||||
Net claims and claim expense ratio – prior accident years | 0.9 | % | 1.8 | % | (0.9) | % | |||||||||||||||||
Net claims and claim expense ratio – calendar year | 33.9 | % | 28.4 | % | 5.5 | % | |||||||||||||||||
Underwriting expense ratio | 28.0 | % | 29.1 | % | (1.1) | % | |||||||||||||||||
Combined ratio | 61.9 | % | 57.5 | % | 4.4 | % | |||||||||||||||||
Nine months ended September 30, | 2019 | 2018 | Change | ||||||||||
(in thousands) | |||||||||||||
Ceded premiums written - Property | $ | 774,657 | $ | 676,467 | $ | 98,190 | |||||||
Six months ended June 30, | 2020 | 2019 | Change | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Ceded premiums written - Property | $ | 884,343 | $ | 763,239 | $ | 121,104 | |||||||||||||||||
Nine months ended September 30, | 2019 | 2018 | Change | ||||||||||
(in thousands, except percentages) | |||||||||||||
Gross premiums written | $ | 1,716,287 | $ | 1,201,664 | $ | 514,623 | |||||||
Net premiums written | $ | 1,244,799 | $ | 836,267 | $ | 408,532 | |||||||
Net premiums earned | $ | 1,208,188 | $ | 679,271 | $ | 528,917 | |||||||
Net claims and claim expenses incurred | 793,533 | 420,273 | 373,260 | ||||||||||
Acquisition expenses | 330,829 | 185,429 | 145,400 | ||||||||||
Operational expenses | 58,603 | 43,121 | 15,482 | ||||||||||
Underwriting income | $ | 25,223 | $ | 30,448 | $ | (5,225 | ) | ||||||
Net claims and claim expenses incurred – current accident year | $ | 813,251 | $ | 444,293 | $ | 368,958 | |||||||
Net claims and claim expenses incurred – prior accident years | (19,718 | ) | (24,020 | ) | 4,302 | ||||||||
Net claims and claim expenses incurred – total | $ | 793,533 | $ | 420,273 | $ | 373,260 | |||||||
Net claims and claim expense ratio – current accident year | 67.3 | % | 65.4 | % | 1.9 | % | |||||||
Net claims and claim expense ratio – prior accident years | (1.6 | )% | (3.5 | )% | 1.9 | % | |||||||
Net claims and claim expense ratio – calendar year | 65.7 | % | 61.9 | % | 3.8 | % | |||||||
Underwriting expense ratio | 32.2 | % | 33.6 | % | (1.4 | )% | |||||||
Combined ratio | 97.9 | % | 95.5 | % | 2.4 | % | |||||||
Six months ended June 30, | 2020 | 2019 | Change | ||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
Gross premiums written | $ | 1,464,531 | $ | 1,169,619 | $ | 294,912 | |||||||||||||||||
Net premiums written | $ | 1,071,892 | $ | 843,651 | $ | 228,241 | |||||||||||||||||
Net premiums earned | $ | 1,010,743 | $ | 745,772 | $ | 264,971 | |||||||||||||||||
Net claims and claim expenses incurred | 772,475 | 477,434 | 295,041 | ||||||||||||||||||||
Acquisition expenses | 264,090 | 208,175 | 55,915 | ||||||||||||||||||||
Operational expenses | 40,876 | 39,405 | 1,471 | ||||||||||||||||||||
Underwriting (loss) income | $ | (66,698) | $ | 20,758 | $ | (87,456) | |||||||||||||||||
Net claims and claim expenses incurred – current accident year | $ | 781,274 | $ | 494,164 | $ | 287,110 | |||||||||||||||||
Net claims and claim expenses incurred – prior accident years | (8,799) | (16,730) | 7,931 | ||||||||||||||||||||
Net claims and claim expenses incurred – total | $ | 772,475 | $ | 477,434 | $ | 295,041 | |||||||||||||||||
Net claims and claim expense ratio – current accident year | 77.3 | % | 66.3 | % | 11.0 | % | |||||||||||||||||
Net claims and claim expense ratio – prior accident years | (0.9) | % | (2.3) | % | 1.4 | % | |||||||||||||||||
Net claims and claim expense ratio – calendar year | 76.4 | % | 64.0 | % | 12.4 | % | |||||||||||||||||
Underwriting expense ratio | 30.2 | % | 33.2 | % | (3.0) | % | |||||||||||||||||
Combined ratio | 106.6 | % | 97.2 | % | 9.4 | % | |||||||||||||||||
Nine months ended September 30, | 2019 | 2018 | Change | ||||||||||
(in thousands) | |||||||||||||
Ceded premiums written - Casualty and Specialty | $ | 471,488 | $ | 365,397 | $ | 106,091 | |||||||
Six months ended June 30, | 2020 | 2019 | Change | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Ceded premiums written - Casualty and Specialty | $ | 392,639 | $ | 325,968 | $ | 66,671 | |||||||||||||||||
Nine months ended September 30, | 2019 | 2018 | Change | ||||||||||
(in thousands) | |||||||||||||
Management fee income | |||||||||||||
Joint ventures | $ | 30,688 | $ | 22,759 | $ | 7,929 | |||||||
Managed funds | 14,822 | 8,411 | 6,411 | ||||||||||
Structured reinsurance products and other | 26,986 | 25,099 | 1,887 | ||||||||||
Total management fee income | 72,496 | 56,269 | 16,227 | ||||||||||
Performance fee income | |||||||||||||
Joint ventures | 13,034 | 11,900 | 1,134 | ||||||||||
Managed funds | 2,456 | 4,492 | (2,036 | ) | |||||||||
Structured reinsurance products and other | 13,007 | 8,600 | 4,407 | ||||||||||
Total performance fee income | 28,497 | 24,992 | 3,505 | ||||||||||
Total fee income | $ | 100,993 | $ | 81,261 | $ | 19,732 | |||||||
Six months ended June 30, | 2020 | 2019 | Change | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Management fee income | |||||||||||||||||||||||
Joint ventures | $ | 23,971 | $ | 19,254 | $ | 4,717 | |||||||||||||||||
Structured reinsurance products and other | 17,336 | 18,221 | (885) | ||||||||||||||||||||
Managed funds | 12,926 | 10,264 | 2,662 | ||||||||||||||||||||
Total management fee income | 54,233 | 47,739 | 6,494 | ||||||||||||||||||||
Performance fee income | |||||||||||||||||||||||
Joint ventures | 13,993 | 7,756 | 6,237 | ||||||||||||||||||||
Structured reinsurance products and other | 16,369 | 12,732 | 3,637 | ||||||||||||||||||||
Managed funds | 6,277 | 768 | 5,509 | ||||||||||||||||||||
Total performance fee income | 36,639 | 21,256 | 15,383 | ||||||||||||||||||||
Total fee income | $ | 90,872 | $ | 68,995 | $ | 21,877 | |||||||||||||||||
Nine months ended September 30, | 2019 | 2018 | Change | ||||||||||
(in thousands) | |||||||||||||
Fixed maturity investments | $ | 232,566 | $ | 151,784 | $ | 80,782 | |||||||
Short term investments | 44,712 | 22,340 | 22,372 | ||||||||||
Equity investments trading | 3,269 | 3,091 | 178 | ||||||||||
Other investments | |||||||||||||
Private equity investments | 8,166 | 12,149 | (3,983 | ) | |||||||||
Other | 30,413 | 27,346 | 3,067 | ||||||||||
Cash and cash equivalents | 5,801 | 2,708 | 3,093 | ||||||||||
324,927 | 219,418 | 105,509 | |||||||||||
Investment expenses | (13,789 | ) | (10,890 | ) | (2,899 | ) | |||||||
Net investment income | $ | 311,138 | $ | 208,528 | $ | 102,610 | |||||||
Six months ended June 30, | 2020 | 2019 | Change | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Fixed maturity investments trading | $ | 143,281 | $ | 149,589 | $ | (6,308) | |||||||||||||||||
Short term investments | 18,141 | 29,651 | (11,510) | ||||||||||||||||||||
Equity investments trading | 3,217 | 1,943 | 1,274 | ||||||||||||||||||||
Other investments | |||||||||||||||||||||||
Catastrophe bonds | 27,658 | 20,472 | 7,186 | ||||||||||||||||||||
Other | 2,736 | 3,554 | (818) | ||||||||||||||||||||
Cash and cash equivalents | 2,341 | 3,823 | (1,482) | ||||||||||||||||||||
197,374 | 209,032 | (11,658) | |||||||||||||||||||||
Investment expenses | (8,596) | (8,350) | (246) | ||||||||||||||||||||
Net investment income | $ | 188,778 | $ | 200,682 | $ | (11,904) | |||||||||||||||||
Nine months ended September 30, | 2019 | 2018 | Change | ||||||||||
(in thousands) | |||||||||||||
Gross realized gains | $ | 87,595 | $ | 14,945 | $ | 72,650 | |||||||
Gross realized losses | (34,769 | ) | (67,699 | ) | 32,930 | ||||||||
Net realized gains (losses) on fixed maturity investments | 52,826 | (52,754 | ) | 105,580 | |||||||||
Net unrealized gains (losses) on fixed maturity investments trading | 243,139 | (73,522 | ) | 316,661 | |||||||||
Net realized and unrealized gains (losses) on investments-related derivatives | 62,103 | (763 | ) | 62,866 | |||||||||
Net realized gains on equity investments trading | 30,666 | 21,841 | 8,825 | ||||||||||
Net unrealized gains on equity investments trading | 7,852 | 18,783 | (10,931 | ) | |||||||||
Net realized and unrealized gains (losses) on investments | $ | 396,586 | $ | (86,415 | ) | $ | 483,001 | ||||||
Six months ended June 30, | 2020 | 2019 | Change | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Net realized gains on fixed maturity investments trading | $ | 163,336 | $ | 22,725 | $ | 140,611 | |||||||||||||||||
Net unrealized gains on fixed maturity investments trading | 177,333 | 225,913 | (48,580) | ||||||||||||||||||||
Net realized and unrealized gains on fixed maturity investments trading | 340,669 | 248,638 | 92,031 | ||||||||||||||||||||
Net realized and unrealized gains on investments-related derivatives | 57,553 | 50,969 | 6,584 | ||||||||||||||||||||
Net realized (losses) gains on equity investments trading | (14,625) | 30,738 | (45,363) | ||||||||||||||||||||
Net unrealized gains on equity investments trading | 1,959 | 34,303 | (32,344) | ||||||||||||||||||||
Net realized and unrealized (losses) gains on equity investments trading | (12,666) | 65,041 | (77,707) | ||||||||||||||||||||
Net realized and unrealized losses on other investments - catastrophe bonds | (9,900) | (14,112) | 4,212 | ||||||||||||||||||||
Net realized and unrealized (losses) gains on other investments - other | (37,973) | 10,724 | (48,697) | ||||||||||||||||||||
Net realized and unrealized gains on investments | $ | 337,683 | $ | 361,260 | $ | (23,577) | |||||||||||||||||
Nine months ended September 30, | 2019 | 2018 | Change | ||||||||||
(in thousands) | |||||||||||||
Net foreign exchange losses | $ | (1,812 | ) | $ | (11,496 | ) | $ | 9,684 | |||||
Six months ended June 30, | 2020 | 2019 | Change | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Net foreign exchange (losses) gains | $ | (12,923) | $ | 6,463 | $ | (19,386) | |||||||||||||||||
Nine months ended September 30, | 2019 | 2018 | Change | ||||||||||
(in thousands) | |||||||||||||
Tower Hill Companies | $ | 8,522 | $ | 8,274 | $ | 248 | |||||||
Top Layer Re | 6,550 | 6,202 | 348 | ||||||||||
Other | 2,278 | (145 | ) | 2,423 | |||||||||
Total equity in earnings of other ventures | $ | 17,350 | $ | 14,331 | $ | 3,019 | |||||||
Six months ended June 30, | 2020 | 2019 | Change | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Tower Hill Companies | $ | 5,313 | $ | 4,454 | $ | 859 | |||||||||||||||||
Top Layer Re | 4,916 | 4,607 | 309 | ||||||||||||||||||||
Other | 3,376 | 2,412 | 964 | ||||||||||||||||||||
Total equity in earnings of other ventures | $ | 13,605 | $ | 11,473 | $ | 2,132 | |||||||||||||||||
Nine months ended September 30, | 2019 | 2018 | Change | ||||||||||
(in thousands) | |||||||||||||
Assumed and ceded reinsurance contracts accounted for as derivatives and deposits | $ | 3,547 | $ | (193 | ) | 3,740 | |||||||
Other | 1,562 | 673 | 889 | ||||||||||
Total other income | $ | 5,109 | $ | 480 | $ | 4,629 | |||||||
Six months ended June 30, | 2020 | 2019 | Change | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Assumed and ceded reinsurance contracts accounted for as derivatives and deposits | $ | (6,639) | $ | 3,865 | (10,504) | ||||||||||||||||||
Other | 1,002 | 228 | 774 | ||||||||||||||||||||
Total other (loss) income | $ | (5,637) | $ | 4,093 | $ | (9,730) | |||||||||||||||||
Nine months ended September 30, | 2019 | 2018 | Change | ||||||||||
(in thousands) | |||||||||||||
Corporate expenses | $ | 76,480 | $ | 21,875 | $ | 54,605 | |||||||
Six months ended June 30, | 2020 | 2019 | Change | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Corporate expenses | $ | 27,889 | $ | 62,636 | $ | (34,747) | |||||||||||||||||
Nine months ended September 30, | 2019 | 2018 | Change | ||||||||||
(in thousands) | |||||||||||||
Income tax expense | $ | (20,670 | ) | $ | (2,550 | ) | $ | (18,120 | ) | ||||
Six months ended June 30, | 2020 | 2019 | Change | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Income tax expense | $ | (21,029) | $ | (17,006) | $ | (4,023) | |||||||||||||||||
Nine months ended September 30, | 2019 | 2018 | Change | ||||||||||
(in thousands) | |||||||||||||
Net income attributable to redeemable noncontrolling interests | $ | (204,091 | ) | $ | (90,822 | ) | $ | (113,269 | ) | ||||
Six months ended June 30, | 2020 | 2019 | Change | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Net income attributable to redeemable noncontrolling interests | $ | (216,819) | $ | (142,034) | $ | (74,785) | |||||||||||||||||
At June 30, 2020 | Issued or Drawn | ||||||||||
Revolving Credit Facility (1) | $ | — | |||||||||
Bilateral Letter of Credit Facilities | |||||||||||
Secured | 329,341 | ||||||||||
Unsecured | 367,771 | ||||||||||
Funds at Lloyd’s Letter of Credit Facility | 290,000 | ||||||||||
$ | 987,112 | ||||||||||
Six months ended June 30, | 2020 | 2019 | |||||||||||||||
(in thousands) | |||||||||||||||||
Net cash provided by operating activities | $ | 856,965 | $ | 783,969 | |||||||||||||
Net cash used in investing activities | (1,727,562) | (2,076,974) | |||||||||||||||
Net cash provided by financing activities | 677,560 | 856,243 | |||||||||||||||
Effect of exchange rate changes on foreign currency cash | (187) | (534) | |||||||||||||||
Net decrease in cash and cash equivalents | (193,224) | (437,296) | |||||||||||||||
Cash and cash equivalents, beginning of period | 1,379,068 | 1,107,922 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 1,185,844 | $ | 670,626 | |||||||||||||
Nine months ended September 30, | 2019 | 2018 | |||||||
(in thousands) | |||||||||
Net cash provided by operating activities | $ | 1,264,432 | $ | 888,526 | |||||
Net cash used in investing activities | (2,338,764 | ) | (2,064,305 | ) | |||||
Net cash provided by financing activities | 833,020 | 270,803 | |||||||
Effect of exchange rate changes on foreign currency cash | 4,641 | (3,575 | ) | ||||||
Net decrease in cash and cash equivalents | (236,671 | ) | (908,551 | ) | |||||
Cash and cash equivalents, beginning of period | 1,107,922 | 1,361,592 | |||||||
Cash and cash equivalents, end of period | $ | 871,251 | $ | 453,041 | |||||
• |
At September 30, 2019 | At December 31, 2018 | Change | |||||||||||
(in thousands) | |||||||||||||
Common shareholders’ equity | $ | 5,301,235 | $ | 4,395,080 | $ | 906,155 | |||||||
Preference shares | 650,000 | 650,000 | — | ||||||||||
Total shareholders’ equity attributable to RenaissanceRe | 5,951,235 | 5,045,080 | 906,155 | ||||||||||
3.600% Senior Notes due 2029 | 391,245 | — | 391,245 | ||||||||||
3.450% Senior Notes due 2027 | 296,167 | 295,797 | 370 | ||||||||||
3.700% Senior Notes due 2025 | 297,964 | 297,688 | 276 | ||||||||||
5.750% Senior Notes due 2020 | 249,850 | 249,602 | 248 | ||||||||||
4.750% Senior Notes due 2025 (DaVinciRe) (1) | 148,272 | 148,040 | 232 | ||||||||||
Total debt | $ | 1,383,498 | $ | 991,127 | $ | 392,371 | |||||||
Total shareholders’ equity attributable to RenaissanceRe and debt | $ | 7,334,733 | $ | 6,036,207 | $ | 1,298,526 | |||||||
At June 30, 2020 | At December 31, 2019 | Change | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Common shareholders’ equity | $ | 6,822,172 | $ | 5,321,367 | $ | 1,500,805 | ||||||||||||||||||||
Preference shares | 525,000 | 650,000 | (125,000) | |||||||||||||||||||||||
Total shareholders’ equity attributable to RenaissanceRe | 7,347,172 | 5,971,367 | 1,375,805 | |||||||||||||||||||||||
3.600% Senior Notes due 2029 | 391,932 | 391,475 | 457 | |||||||||||||||||||||||
3.450% Senior Notes due 2027 | 296,538 | 296,292 | 246 | |||||||||||||||||||||||
3.700% Senior Notes due 2025 | 298,242 | 298,057 | 185 | |||||||||||||||||||||||
5.750% Senior Notes due 2020 (2) | — | 249,931 | (249,931) | |||||||||||||||||||||||
4.750% Senior Notes due 2025 (DaVinciRe) (1) | 148,504 | 148,350 | 154 | |||||||||||||||||||||||
Total debt | $ | 1,135,216 | $ | 1,384,105 | $ | (248,889) | ||||||||||||||||||||
Total shareholders’ equity attributable to RenaissanceRe and debt | $ | 8,482,388 | $ | 7,355,472 | $ | 1,126,916 | ||||||||||||||||||||
• |
At September 30, 2019 | Issued or Drawn | ||||
RenaissanceRe Revolving Credit Facility (1) | $ | — | |||
Uncommitted Standby Letter of Credit Facility with Wells Fargo | 31,820 | ||||
Secured Letter of Credit Facility with Citibank Europe | 234,606 | ||||
Renaissance Reinsurance FAL Facility | 255,000 | ||||
Mizuho Letters of Credit (2) | 139,379 | ||||
Mitsubishi Letters of Credit (2) | 77,637 | ||||
Credit Suisse Letter of Credit Facility | 110,051 | ||||
Uncommitted, Unsecured Letter of Credit Facility with Citibank Europe | 218,684 | ||||
Total credit facilities in U.S. dollars | $ | 1,067,177 | |||
Specialty Risks FAL Facility (1) | £ | — | |||
Total credit facilities in pound sterling | £ | — | |||
September 30, 2019 | December 31, 2018 | Change | |||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||
U.S. treasuries | $ | 4,314,006 | 25.4 | % | $ | 3,331,411 | 28.0 | % | $ | 982,595 | |||||||||
Agencies | 507,903 | 3.0 | % | 174,883 | 1.5 | % | 333,020 | ||||||||||||
Municipal | 1,629 | — | % | 6,854 | 0.1 | % | (5,225 | ) | |||||||||||
Non-U.S. government | 379,154 | 2.2 | % | 279,818 | 2.4 | % | 99,336 | ||||||||||||
Non-U.S. government-backed corporate | 263,170 | 1.6 | % | 160,063 | 1.3 | % | 103,107 | ||||||||||||
Corporate | 3,453,222 | 20.4 | % | 2,450,244 | 20.6 | % | 1,002,978 | ||||||||||||
Agency mortgage-backed | 1,248,722 | 7.4 | % | 817,880 | 6.8 | % | 430,842 | ||||||||||||
Non-agency mortgage-backed | 261,850 | 1.5 | % | 278,680 | 2.4 | % | (16,830 | ) | |||||||||||
Commercial mortgage-backed | 406,268 | 2.4 | % | 282,294 | 2.4 | % | 123,974 | ||||||||||||
Asset-backed | 550,304 | 3.3 | % | 306,743 | 2.6 | % | 243,561 | ||||||||||||
Total fixed maturity investments, at fair value | 11,386,228 | 67.2 | % | 8,088,870 | 68.1 | % | 3,297,358 | ||||||||||||
Short term investments, at fair value | 4,116,156 | 24.3 | % | 2,586,520 | 21.8 | % | 1,529,636 | ||||||||||||
Equity investments trading, at fair value | 379,422 | 2.2 | % | 310,252 | 2.6 | % | 69,170 | ||||||||||||
Other investments, at fair value | 962,109 | 5.7 | % | 784,933 | 6.5 | % | 177,176 | ||||||||||||
Total managed investment portfolio | 16,843,915 | 99.4 | % | 11,770,575 | 99.0 | % | 5,073,340 | ||||||||||||
Investments in other ventures, under equity method | 103,978 | 0.6 | % | 115,172 | 1.0 | % | (11,194 | ) | |||||||||||
Total investments | $ | 16,947,893 | 100.0 | % | $ | 11,885,747 | 100.0 | % | $ | 5,062,146 | |||||||||
June 30, 2020 | December 31, 2019 | Change | |||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasuries | $ | 4,258,675 | 21.6 | % | $ | 4,467,345 | 25.7 | % | $ | (208,670) | |||||||||||||||||||||||||||||||||||||
Agencies | 505,038 | 2.6 | % | 343,031 | 1.9 | % | 162,007 | ||||||||||||||||||||||||||||||||||||||||
Non-U.S. government | 584,206 | 3.0 | % | 497,392 | 2.9 | % | 86,814 | ||||||||||||||||||||||||||||||||||||||||
Non-U.S. government-backed corporate | 314,833 | 1.6 | % | 321,356 | 1.9 | % | (6,523) | ||||||||||||||||||||||||||||||||||||||||
Corporate | 4,428,553 | 22.5 | % | 3,075,660 | 17.7 | % | 1,352,893 | ||||||||||||||||||||||||||||||||||||||||
Agency mortgage-backed | 985,851 | 5.0 | % | 1,148,499 | 6.6 | % | (162,648) | ||||||||||||||||||||||||||||||||||||||||
Non-agency mortgage-backed | 276,300 | 1.4 | % | 294,604 | 1.7 | % | (18,304) | ||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 591,238 | 3.0 | % | 468,698 | 2.7 | % | 122,540 | ||||||||||||||||||||||||||||||||||||||||
Asset-backed | 550,441 | 2.8 | % | 555,070 | 3.2 | % | (4,629) | ||||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments, at fair value | 12,495,135 | 63.5 | % | 11,171,655 | 64.3 | % | 1,323,480 | ||||||||||||||||||||||||||||||||||||||||
Short term investments, at fair value | 5,570,804 | 28.2 | % | 4,566,277 | 26.3 | % | 1,004,527 | ||||||||||||||||||||||||||||||||||||||||
Equity investments trading, at fair value | 470,087 | 2.4 | % | 436,931 | 2.5 | % | 33,156 | ||||||||||||||||||||||||||||||||||||||||
Other investments, at fair value | 1,093,338 | 5.5 | % | 1,087,377 | 6.3 | % | 5,961 | ||||||||||||||||||||||||||||||||||||||||
Total managed investment portfolio | 19,629,364 | 99.6 | % | 17,262,240 | 99.4 | % | 2,367,124 | ||||||||||||||||||||||||||||||||||||||||
Investments in other ventures, under equity method | 94,285 | 0.4 | % | 106,549 | 0.6 | % | (12,264) | ||||||||||||||||||||||||||||||||||||||||
Total investments | $ | 19,723,649 | 100.0 | % | $ | 17,368,789 | 100.0 | % | $ | 2,354,860 | |||||||||||||||||||||||||||||||||||||
September 30, 2019 | December 31, 2018 | Change | |||||||||||
(in thousands) | |||||||||||||
Catastrophe bonds | $ | 659,466 | $ | 516,571 | $ | 142,895 | |||||||
Private equity investments | 266,048 | 242,647 | 23,401 | ||||||||||
Senior secured bank loan funds | 24,567 | 14,482 | 10,085 | ||||||||||
Hedge funds | 12,028 | 11,233 | 795 | ||||||||||
Total other investments | $ | 962,109 | $ | 784,933 | $ | 177,176 | |||||||
June 30, 2020 | December 31, 2019 | Change | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Catastrophe bonds | $ | 807,162 | $ | 781,641 | $ | 25,521 | |||||||||||||||||
Private equity investments | 254,257 | 271,047 | (16,790) | ||||||||||||||||||||
Senior secured bank loan funds | 22,261 | 22,598 | (337) | ||||||||||||||||||||
Hedge funds | 9,658 | 12,091 | (2,433) | ||||||||||||||||||||
Total other investments | $ | 1,093,338 | $ | 1,087,377 | $ | 5,961 | |||||||||||||||||
A.M. Best (1) | S&P (2) | Moody's (3) | Fitch (4) | ||||||||||||||||||||||||||
Renaissance Reinsurance Ltd. | A+ | A+ | A1 | A+ | |||||||||||||||||||||||||
DaVinci Reinsurance Ltd. | A | A+ | A3 | — | |||||||||||||||||||||||||
Renaissance Reinsurance of Europe Unlimited Company | A+ | A+ | — | — | |||||||||||||||||||||||||
Renaissance Reinsurance U.S. Inc. | A+ | A+ | — | — | |||||||||||||||||||||||||
RenaissanceRe Europe AG | A+ | A+ | — | — | |||||||||||||||||||||||||
RenaissanceRe Specialty U.S. | A+ | A+ | — | — | |||||||||||||||||||||||||
Top Layer Reinsurance Ltd. | A+ | AA | — | — | |||||||||||||||||||||||||
Vermeer Reinsurance Ltd. | A | — | — | — | |||||||||||||||||||||||||
RenaissanceRe Syndicate 1458 | — | — | — | — | |||||||||||||||||||||||||
Lloyd's Overall Market Rating | A | A+ | — | AA- | |||||||||||||||||||||||||
RenaissanceRe | Very Strong | Very Strong | — | — | |||||||||||||||||||||||||
Total shares purchased | Other shares purchased | Shares purchased under publicly announced repurchase program | Dollar maximum 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 thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning dollar amount available to be repurchased | $ | 437,379 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
April 1 - 30, 2020 | — | $ | — | — | $ | — | — | $ | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
May 1 - 31, 2020 | 284 | $ | 155.32 | 284 | $ | 155.32 | — | $ | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 1 - 30, 2020 | 129 | $ | 146.10 | 129 | $ | 146.10 | — | $ | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 413 | $ | 152.44 | 413 | $ | 152.44 | — | $ | — | $ | 437,379 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total shares purchased | Other shares purchased | Shares purchased under publicly announced repurchase program | Dollar maximum 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 thousands) | ||||||||||||||||||||||||||
Beginning dollar amount available to be repurchased | $ | 500,000 | ||||||||||||||||||||||||
July 1 - 31, 2019 | 99 | $ | 181.96 | 99 | $ | 181.96 | — | $ | — | — | ||||||||||||||||
August 1 - 31, 2019 | — | $ | — | — | $ | — | — | $ | — | — | ||||||||||||||||
September 1 - 30, 2019 | 688 | $ | 186.27 | 688 | $ | 186.27 | — | $ | — | — | ||||||||||||||||
Total | 787 | $ | 185.73 | 787 | $ | 185.73 | — | $ | — | $ | 500,000 | |||||||||||||||
Investment Agreement, dated June 2, 2020, by and between RenaissanceRe Holdings Ltd. and State Farm Mutual Automobile Insurance. (1) | |||||
10.2 | Amended and Restated Registration Rights Agreement, dated June 2, 2020, by and between RenaissanceRe Holdings Ltd. and State Farm Mutual Automobile Insurance. (1) | ||||
10.3 | |||||
31.1 | |||||
31.2 |
32.1 |
32.2 | |||||
101.INS | 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.DEF | Inline XBRL Taxonomy Extension Definition Linkbase |
Document. | |||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101). |
Date: July 29, 2020 /s/ Robert Qutub |
Date: July 29, 2020 /s/ James C. Fraser |