RenaissanceRe Reports Net Income of $167.8 Million for the First Quarter of 2015 or $4.14 Per Diluted Common Share; Quarterly Operating Income of $126.1 Million or $3.10 Per Diluted Common Share
PEMBROKE,
Mr. O'Donnell continued: "This has been a milestone quarter for
Acquisition of
FIRST QUARTER 2015 HIGHLIGHTS
-
The Company generated underwriting income of
$130.9 million and a combined ratio of 55.9% in the first quarter of 2015, compared to$151.3 million and 47.2%, respectively, in the first quarter of 2014. Underwriting income in the first quarter of 2015 was driven by a relatively light catastrophe loss quarter and$22.1 million of favorable development on prior accident years net claims and claims expenses, principally in the Company’s Catastrophe Reinsurance and Specialty Reinsurance segments. -
Gross premiums written of
$643.6 million decreased$61.7 million , or 8.7%, in the first quarter of 2015, compared to the first quarter of 2014, with the Company’s Catastrophe Reinsurance and Specialty Reinsurance segments experiencing decreases of$78.5 million and$30.0 million , respectively, partially offset by a$46.9 million increase in the Company’s Lloyd’s segment, each as discussed below. -
The Company’s total investment result, which principally includes the
sum of net investment income and net realized and unrealized gains on
investments, was
$81.3 million in the first quarter of 2015, compared to$53.7 million in the first quarter of 2014. The total investment result was primarily driven by higher net realized gains in the Company’s portfolio of fixed maturity investments and higher returns in the Company’s portfolio of public equity investments during the first quarter of 2015, compared to the first quarter of 2014.
Underwriting Results by Segment
Catastrophe Reinsurance Segment
Gross premiums written in the Catastrophe Reinsurance segment were
Managed catastrophe premiums decreased
The Catastrophe Reinsurance segment generated underwriting income of
The Catastrophe Reinsurance segment experienced
Specialty Reinsurance Segment
Gross premiums written in the Specialty Reinsurance segment were
The Specialty Reinsurance segment generated underwriting income of
Lloyd’s Segment
Gross premiums written in the Lloyd’s segment were
The Lloyd’s segment generated underwriting income of
The
Other Items
-
Subsequent to March 31, 2015 and through the period ended May 4, 2015,
the Company repurchased 3 thousand common shares in open market
transactions at an aggregate cost of
$0.3 million and at an average share price of$99.91 . -
Net income attributable to noncontrolling interests in the first
quarter of 2015 was
$39.7 million and decreased from$42.8 million in the first quarter of 2014, principally due to a modest decrease in the profitability ofDaVinciRe Holdings Ltd. (“DaVinciRe”). The Company’s ownership in DaVinciRe was 26.3% at March 31, 2015, compared to 26.5% at March 31, 2014. -
On
May 4, 2015 , DaVinciRe issued$150.0 million of its 4.750% Senior Notes due May 1, 2025, with interest on the notes payable onMay 1 andNovember 1 , commencing withNovember 1, 2015 . The notes may be redeemed prior to maturity, subject to the payment of a “make-whole” premium if the notes are redeemed beforeFebruary 1, 2025 . The notes contain various covenants including, among others, limitations on mergers, amalgamations and consolidations, limitations on third party investor redemptions, a leverage covenant and maintenance of certain ratings. The net proceeds from this offering were used to repay, in full,$100.0 million outstanding under an existing loan agreement withRenaissanceRe , and the remainder of the net proceeds may be used to repurchase DaVinciRe shares or for general corporate purposes. -
On
April 16, 2015 ,A.M. Best removed from under review with negative implications, and affirmed its respective ratings of,RenaissanceRe and RenaissanceRe’s existing operating subsidiaries. The outlook for Renaissance Reinsurance Ltd.’s and Renaissance Reinsurance of Europe’s issuer financial strength ratings is negative, while the outlook for RenaissanceRe’s other existing operating subsidiaries’ issuer financial strength ratings is stable. In addition,A.M. Best removed from under review with developing implications, affirmed its respective ratings of, and assigned an outlook of stable to, the issuer financial strength ratings ofPlatinum Underwriters Bermuda, Ltd. andRenaissance Reinsurance U.S. Inc. , formerly known asPlatinum Underwriters Reinsurance, Inc.
This Press Release includes certain non-GAAP financial measures
including “operating income available to
Please refer to the “Investor Information - Financial Reports - Financial Supplements” section of the Company’s website at www.renre.com for a copy of the Financial Supplement which includes additional information on the Company’s financial performance.
Cautionary Statement Regarding Forward Looking Statements
Any forward-looking statements made in this Press Release reflect
RenaissanceRe’s current views with respect to future events and
financial performance and are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These statements are subject to numerous factors that could cause actual
results to differ materially from those set forth in or implied by such
forward-looking statements, including the following: the ability to
recognize the benefits of the acquisition; the frequency and severity of
catastrophic and other events; uncertainties in RenaissanceRe’s
reserving processes; the lowering or loss of any of the financial
strength, claims paying or enterprise wide risk management ratings of
RenaissanceRe Holdings Ltd. | ||||||||
Summary Consolidated Statements of Operations | ||||||||
(in thousands of United States Dollars, except per share amounts and percentages) | ||||||||
(Unaudited) | ||||||||
Three months ended | ||||||||
March 31, 2015 |
March 31, 2014 |
|||||||
Revenues | ||||||||
Gross premiums written | $ | 643,578 | $ | 705,260 | ||||
Net premiums written | $ | 404,035 | $ | 450,347 | ||||
Increase in unearned premiums | (107,275 | ) | (163,813 | ) | ||||
Net premiums earned | 296,760 | 286,534 | ||||||
Net investment income | 39,707 | 38,948 | ||||||
Net foreign exchange losses | (3,130 | ) | (1,061 | ) | ||||
Equity in earnings of other ventures | 5,295 | 4,199 | ||||||
Other income | 1,539 | 62 | ||||||
Net realized and unrealized gains on investments | 41,749 | 14,927 | ||||||
Total revenues | 381,920 | 343,609 | ||||||
Expenses | ||||||||
Net claims and claim expenses incurred | 76,853 | 58,915 | ||||||
Acquisition expenses | 43,401 | 33,700 | ||||||
Operational expenses | 45,621 | 42,624 | ||||||
Corporate expenses | 45,598 | 4,545 | ||||||
Interest expense | 5,251 | 4,293 | ||||||
Total expenses | 216,724 | 144,077 | ||||||
Income before taxes | 165,196 | 199,532 | ||||||
Income tax benefit (expense) | 47,904 | (166 | ) | |||||
Net income | 213,100 | 199,366 | ||||||
Net income attributable to noncontrolling interests | (39,662 | ) | (42,768 | ) | ||||
Net income available to RenaissanceRe | 173,438 | 156,598 | ||||||
Dividends on preference shares | (5,595 | ) | (5,595 | ) | ||||
Net income available to RenaissanceRe common shareholders | $ | 167,843 | $ | 151,003 | ||||
Net income available to RenaissanceRe common shareholders per common share - basic | $ | 4.18 | $ | 3.61 | ||||
Net income available to RenaissanceRe common shareholders per common share - diluted | $ | 4.14 | $ | 3.56 | ||||
Average shares outstanding - basic | 39,631 | 41,238 | ||||||
Average shares outstanding - diluted | 40,021 | 41,903 | ||||||
Net claims and claim expense ratio | 25.9 | % | 20.6 | % | ||||
Underwriting expense ratio | 30.0 | % | 26.6 | % | ||||
Combined ratio | 55.9 | % | 47.2 | % | ||||
Operating income available to RenaissanceRe common shareholders per common share - diluted (1) | $ | 3.10 | $ | 3.20 | ||||
Operating return on average common equity - annualized (1) | 12.9 | % | 15.9 | % | ||||
(1) | See Comments on Regulation G for a reconciliation of non-GAAP financial measures. | |
RenaissanceRe Holdings Ltd. | |||||||
Summary Consolidated Balance Sheets | |||||||
(in thousands of United States Dollars, except per share amounts) | |||||||
March 31, 2015 |
December 31, 2014 |
||||||
Assets | (Unaudited) | (Audited) | |||||
Fixed maturity investments trading, at fair value | $ | 5,982,843 | $ | 4,756,685 | |||
Fixed maturity investments available for sale, at fair value | 25,086 | 26,885 | |||||
Total fixed maturity investments, at fair value | 6,007,929 | 4,783,570 | |||||
Short term investments, at fair value | 1,775,819 | 1,013,222 | |||||
Equity investments trading, at fair value | 261,656 | 322,098 | |||||
Other investments, at fair value | 514,906 | 504,147 | |||||
Investments in other ventures, under equity method | 123,743 | 120,713 | |||||
Total investments | 8,684,053 | 6,743,750 | |||||
Cash and cash equivalents | 557,618 | 525,584 | |||||
Premiums receivable | 866,418 | 440,007 | |||||
Prepaid reinsurance premiums | 233,062 | 94,810 | |||||
Reinsurance recoverable | 82,696 | 66,694 | |||||
Accrued investment income | 40,583 | 26,509 | |||||
Deferred acquisition costs | 146,053 | 110,059 | |||||
Receivable for investments sold | 121,530 | 52,390 | |||||
Other assets | 273,851 | 135,845 | |||||
Goodwill and other intangibles | 281,334 | 7,902 | |||||
Total assets | $ | 11,287,198 | $ | 8,203,550 | |||
Liabilities, Noncontrolling Interests and Shareholders’ Equity | |||||||
Liabilities | |||||||
Reserve for claims and claim expenses | $ | 2,781,568 | $ | 1,412,510 | |||
Unearned premiums | 983,137 | 512,386 | |||||
Debt | 826,774 | 249,522 | |||||
Reinsurance balances payable | 495,045 | 454,580 | |||||
Payable for investments purchased | 217,986 | 203,021 | |||||
Other liabilities | 231,968 | 374,108 | |||||
Total liabilities | 5,536,478 | 3,206,127 | |||||
Redeemable noncontrolling interest | 968,431 | 1,131,708 | |||||
Shareholders’ Equity | |||||||
Preference shares | 400,000 | 400,000 | |||||
Common shares | 46,026 | 38,442 | |||||
Additional paid-in capital | 754,941 |
— |
|||||
Accumulated other comprehensive income | 3,342 | 3,416 | |||||
Retained earnings | 3,577,980 | 3,423,857 | |||||
Total shareholders’ equity attributable to RenaissanceRe | 4,782,289 | 3,865,715 | |||||
Total liabilities, noncontrolling interests and shareholders’ equity | $ | 11,287,198 | $ | 8,203,550 | |||
Book value per common share | $ | 95.21 | $ | 90.15 | |||
RenaissanceRe Holdings Ltd. | ||||||||||||||||||||
Supplemental Financial Data - Segment Information | ||||||||||||||||||||
(in thousands of United States Dollars, except percentages) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Three months ended March 31, 2015 | ||||||||||||||||||||
Catastrophe |
Specialty |
Lloyd’s | Other | Total | ||||||||||||||||
Gross premiums written (1) | $ | 389,247 | $ | 124,291 | $ | 130,130 | $ | (90 | ) | $ | 643,578 | |||||||||
Net premiums written | $ | 222,640 | $ | 103,915 | $ | 77,569 | $ | (89 | ) | $ | 404,035 | |||||||||
Net premiums earned | $ | 143,767 | $ | 94,876 | $ | 58,206 | $ | (89 | ) | $ | 296,760 | |||||||||
Net claims and claim expenses incurred | 7,594 | 39,588 | 29,843 | (172 | ) | 76,853 | ||||||||||||||
Acquisition expenses | 7,654 | 20,689 | 14,693 | 365 | 43,401 | |||||||||||||||
Operational expenses | 20,363 | 13,290 | 11,940 | 28 | 45,621 | |||||||||||||||
Underwriting income (loss) | $ | 108,156 | $ | 21,309 | $ | 1,730 | $ | (310 | ) | 130,885 | ||||||||||
Net investment income | 39,707 | 39,707 | ||||||||||||||||||
Net foreign exchange losses | (3,130 | ) | (3,130 | ) | ||||||||||||||||
Equity in earnings of other ventures | 5,295 | 5,295 | ||||||||||||||||||
Other income | 1,539 | 1,539 | ||||||||||||||||||
Net realized and unrealized gains on investments | 41,749 | 41,749 | ||||||||||||||||||
Corporate expenses | (45,598 | ) | (45,598 | ) | ||||||||||||||||
Interest expense | (5,251 | ) | (5,251 | ) | ||||||||||||||||
Income before taxes and noncontrolling interests | 165,196 | |||||||||||||||||||
Income tax benefit | 47,904 | 47,904 | ||||||||||||||||||
Net income attributable to noncontrolling interests | (39,662 | ) | (39,662 | ) | ||||||||||||||||
Dividends on preference shares | (5,595 | ) | (5,595 | ) | ||||||||||||||||
Net income available to RenaissanceRe common shareholders | $ | 167,843 | ||||||||||||||||||
Net claims and claim expenses incurred – current accident year | $ | 24,124 | $ | 49,264 | $ | 25,610 | $ |
— |
$ | 98,998 | ||||||||||
Net claims and claim expenses incurred – prior accident years | (16,530 | ) | (9,676 | ) | 4,233 | (172 | ) | (22,145 | ) | |||||||||||
Net claims and claim expenses incurred – total | $ | 7,594 | $ | 39,588 | $ | 29,843 | $ | (172 | ) | $ | 76,853 | |||||||||
Net claims and claim expense ratio – current accident year | 16.8 | % | 51.9 | % | 44.0 | % |
— |
% | 33.4 | % | ||||||||||
Net claims and claim expense ratio – prior accident years | (11.5 | )% | (10.2 | )% | 7.3 | % | 193.3 | % | (7.5 | )% | ||||||||||
Net claims and claim expense ratio – calendar year | 5.3 | % | 41.7 | % | 51.3 | % | 193.3 | % | 25.9 | % | ||||||||||
Underwriting expense ratio | 19.5 | % | 35.8 | % | 45.7 | % | (441.6 | )% | 30.0 | % | ||||||||||
Combined ratio | 24.8 | % | 77.5 | % | 97.0 | % | (248.3 | )% | 55.9 | % | ||||||||||
Three months ended March 31, 2014 | ||||||||||||||||||||
Catastrophe |
Specialty |
Lloyd’s | Other | Total | ||||||||||||||||
Gross premiums written | $ | 467,711 | $ | 154,290 | $ | 83,259 | $ |
— |
$ | 705,260 | ||||||||||
Net premiums written | $ | 259,489 | $ | 125,489 | $ | 65,369 | $ |
— |
$ | 450,347 | ||||||||||
Net premiums earned | $ | 164,584 | $ | 69,630 | $ | 52,297 | $ | 23 | $ | 286,534 | ||||||||||
Net claims and claim expenses incurred | 6,455 | 26,081 | 26,281 | 98 | 58,915 | |||||||||||||||
Acquisition expenses | 7,126 | 16,547 | 10,567 | (540 | ) | 33,700 | ||||||||||||||
Operational expenses | 20,419 | 10,106 | 12,033 | 66 | 42,624 | |||||||||||||||
Underwriting income | $ | 130,584 | $ | 16,896 | $ | 3,416 | $ | 399 | 151,295 | |||||||||||
Net investment income | 38,948 | 38,948 | ||||||||||||||||||
Net foreign exchange losses | (1,061 | ) | (1,061 | ) | ||||||||||||||||
Equity in earnings of other ventures | 4,199 | 4,199 | ||||||||||||||||||
Other income | 62 | 62 | ||||||||||||||||||
Net realized and unrealized gains on investments | 14,927 | 14,927 | ||||||||||||||||||
Corporate expenses | (4,545 | ) | (4,545 | ) | ||||||||||||||||
Interest expense | (4,293 | ) | (4,293 | ) | ||||||||||||||||
Income before taxes and noncontrolling interests | 199,532 | |||||||||||||||||||
Income tax expense | (166 | ) | (166 | ) | ||||||||||||||||
Net income attributable to noncontrolling interests | (42,768 | ) | (42,768 | ) | ||||||||||||||||
Dividends on preference shares | (5,595 | ) | (5,595 | ) | ||||||||||||||||
Net income available to RenaissanceRe common shareholders | $ | 151,003 | ||||||||||||||||||
Net claims and claim expenses incurred – current accident year | $ | 12,529 | $ | 41,922 | $ | 21,157 | $ |
— |
$ | 75,608 | ||||||||||
Net claims and claim expenses incurred – prior accident years | (6,074 | ) | (15,841 | ) | 5,124 | 98 | (16,693 | ) | ||||||||||||
Net claims and claim expenses incurred – total | $ | 6,455 | $ | 26,081 | $ | 26,281 | $ | 98 | $ | 58,915 | ||||||||||
Net claims and claim expense ratio – current accident year | 7.6 | % | 60.2 | % | 40.5 | % |
— |
% | 26.4 | % | ||||||||||
Net claims and claim expense ratio – prior accident years | (3.7 | )% | (22.7 | )% | 9.8 | % | 426.1 | % | (5.8 | )% | ||||||||||
Net claims and claim expense ratio – calendar year | 3.9 | % | 37.5 | % | 50.3 | % | 426.1 | % | 20.6 | % | ||||||||||
Underwriting expense ratio | 16.8 | % | 38.2 | % | 43.2 | % | (2,060.9 | )% | 26.6 | % | ||||||||||
Combined ratio | 20.7 | % | 75.7 | % | 93.5 | % | (1,634.8 | )% | 47.2 | % | ||||||||||
(1) | Included in gross premiums written in the Other category is the elimination of inter-segment gross premiums written of $0.1 million for the three months ended March 31, 2015. | |
RenaissanceRe Holdings Ltd. | ||||||||
Supplemental Financial Data - Gross Premiums Written and Managed Premiums | ||||||||
(in thousands of United States Dollars) | ||||||||
(Unaudited) | ||||||||
Three months ended | ||||||||
March 31, |
March 31, |
|||||||
Catastrophe Reinsurance Segment |
||||||||
Renaissance catastrophe premiums | $ | 265,730 | $ | 322,748 | ||||
DaVinci catastrophe premiums | 123,517 | 144,963 | ||||||
Total Catastrophe Reinsurance segment gross premiums written | $ | 389,247 | $ | 467,711 | ||||
Specialty Reinsurance Segment |
||||||||
Casualty | $ | 62,105 | $ | 27,361 | ||||
Credit | 28,711 | 97,774 | ||||||
Property Other | 5,209 | 5,482 | ||||||
Other | 28,266 | 23,673 | ||||||
Total Specialty Reinsurance segment gross premiums written | $ | 124,291 | $ | 154,290 | ||||
Lloyd’s Segment |
||||||||
Casualty | $ | 61,971 | $ | 34,572 | ||||
Catastrophe | 25,645 | 21,555 | ||||||
Property Other | 23,769 | 12,583 | ||||||
Credit | 2,585 | 15 | ||||||
Other | 16,160 | 14,534 | ||||||
Total Lloyd’s segment gross premiums written | $ | 130,130 | $ | 83,259 | ||||
Managed Premiums (1) |
||||||||
Total Catastrophe Reinsurance segment gross premiums written | $ | 389,247 | $ | 467,711 | ||||
Catastrophe premiums written on behalf of the Company’s joint venture, Top Layer Re (2) | 14,164 | 14,115 | ||||||
Catastrophe premiums written in the Lloyd’s segment | 25,645 | 21,555 | ||||||
Catastrophe premiums written by the Company in its Catastrophe Reinsurance segment and ceded to Top Layer Re | (5,950 | ) | (7,355 | ) | ||||
Total managed catastrophe premiums (1) | $ | 423,106 | $ | 496,026 | ||||
(1) | See Comments on Regulation G for a reconciliation of non-GAAP financial measures. | |
(2) | Top Layer Re is accounted for under the equity method of accounting. | |
RenaissanceRe Holdings Ltd. | ||||||||
Supplemental Financial Data - Total Investment Result | ||||||||
(in thousands of United States Dollars) | ||||||||
(Unaudited) | ||||||||
Three months ended | ||||||||
March 31, 2015 |
March 31, 2014 |
|||||||
Fixed maturity investments | $ | 25,939 | $ | 23,860 | ||||
Short term investments | 197 | 190 | ||||||
Equity investments trading | 2,604 | 796 | ||||||
Other investments | ||||||||
Hedge funds and private equity investments | 10,413 | 12,317 | ||||||
Other | 3,508 | 4,528 | ||||||
Cash and cash equivalents | 148 | 91 | ||||||
42,809 | 41,782 | |||||||
Investment expenses | (3,102 | ) | (2,834 | ) | ||||
Net investment income | 39,707 | 38,948 | ||||||
Gross realized gains | 21,532 | 13,467 | ||||||
Gross realized losses | (4,871 | ) | (5,564 | ) | ||||
Net realized gains on fixed maturity investments | 16,661 | 7,903 | ||||||
Net unrealized gains on fixed maturity investments trading | 25,972 | 27,882 | ||||||
Net realized and unrealized losses on investments-related derivatives | (4,208 | ) | (10,899 | ) | ||||
Net realized gains (losses) on equity investments trading | 7,481 | (79 | ) | |||||
Net unrealized losses on equity investments trading | (4,157 | ) | (9,880 | ) | ||||
Net realized and unrealized gains on investments | 41,749 | 14,927 | ||||||
Change in net unrealized gains on fixed maturity investments available for sale | (183 | ) | (165 | ) | ||||
Total investment result | $ | 81,273 | $ | 53,710 | ||||
Total investment return - annualized | 4.2 | % | 3.2 | % | ||||
Comments on Regulation G
In addition to the GAAP financial measures set forth in this Press
Release, the Company has included certain non-GAAP financial measures
within the meaning of Regulation
The Company uses “operating income available to
Three months ended | ||||||||
(in thousands of United States Dollars, except percentages) |
March 31, 2015 |
March 31, 2014 |
||||||
Net income available to RenaissanceRe common shareholders | $ | 167,843 | $ | 151,003 | ||||
Adjustment for net realized and unrealized gains on investments | (41,749 | ) | (14,927 | ) | ||||
Operating income available to RenaissanceRe common shareholders | $ | 126,094 | $ | 136,076 | ||||
Net income available to RenaissanceRe common shareholders per common share - diluted | $ | 4.14 | $ | 3.56 | ||||
Adjustment for net realized and unrealized gains on investments | (1.04 | ) | (0.36 | ) | ||||
Operating income available to RenaissanceRe common shareholders per common share - diluted | $ | 3.10 | $ | 3.20 | ||||
Return on average common equity - annualized | 17.1 | % | 17.6 | % | ||||
Adjustment for net realized and unrealized gains on investments | (4.2 | )% | (1.7 | )% | ||||
Operating return on average common equity - annualized | 12.9 | % | 15.9 | % | ||||
The Company has also included in this Press Release “managed catastrophe premiums”. “Managed catastrophe premiums” is defined as gross catastrophe premiums written by the Company and its related joint ventures. “Managed catastrophe premiums” differs from total Catastrophe Reinsurance segment gross premiums written, which the Company believes is the most directly comparable GAAP measure, due to the inclusion of catastrophe premiums written on behalf of the Company’s joint venture Top Layer Re, which is accounted for under the equity method of accounting, and the inclusion of catastrophe premiums written on behalf of the Company’s Lloyd’s segment. The Company’s management believes “managed catastrophe premiums” is useful to investors and other interested parties because it provides a measure of total catastrophe premiums assumed by the Company through its consolidated subsidiaries and related joint ventures.
The Company has also included in this Press Release “tangible book value per common share” and “tangible book value per common share plus accumulated dividends”. “Tangible book value per common share” is defined as book value per common share excluding goodwill and intangible assets per share. “Tangible book value per common share plus accumulated dividends” is defined as book value per common share excluding goodwill and intangible assets per share, plus accumulated dividends. “Tangible book value per common share” differs from book value per common share, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of goodwill and intangible assets per share. The Company’s management believes “tangible book value per common share” and “tangible book value per common share plus accumulated dividends” are useful to investors because they provide a more accurate measure of the realizable value of shareholder returns, excluding the impact of goodwill and intangible assets.
The following is a reconciliation of book value per common share to tangible book value per common share and tangible book value per common share plus accumulated dividends:
At | ||||||||||||||||||||
March 31, 2015 |
December 31, 2014 |
September 30, 2014 |
June 30, 2014 |
March 31, 2014 |
||||||||||||||||
Book value per common share | $ | 95.21 | $ | 90.15 | $ | 85.78 | $ | 84.79 | $ | 82.30 | ||||||||||
Adjustment for goodwill and other intangibles (1) | (6.64 | ) | (0.86 | ) | (0.88 | ) | (0.86 | ) | (0.89 | ) | ||||||||||
Tangible book value per common share | 88.57 | 89.29 | 84.90 | 83.93 | 81.41 | |||||||||||||||
Adjustment for accumulated dividends | 14.58 | 14.28 | 13.99 | 13.70 | 13.41 | |||||||||||||||
Tangible book value per common share plus accumulated dividends | $ | 103.15 | $ | 103.57 | $ | 98.89 | $ | 97.63 | $ | 94.82 | ||||||||||
Quarterly change in book value per common share | 5.6 | % | 5.1 | % | 1.2 | % | 3.0 | % | 2.5 | % | ||||||||||
Quarterly change in tangible book value per common share plus change in accumulated dividends | (0.5 | )% | 5.5 | % | 1.5 | % | 3.5 | % | 2.8 | % | ||||||||||
(1) | At March 31, 2015, December 31, 2014, September 30, 2014, June 30, 2014 and March 31, 2014, goodwill and other intangibles included $24.4 million, $25.3 million, $26.1 million, $27.0 million and $28.3 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method. |
Source:
INVESTOR CONTACT:
RenaissanceRe Holdings Ltd.
Rohan Pai
Director
- Corporate Finance
441-295-4513
or
MEDIA CONTACT:
Kekst
and Company
Peter Hill or Dawn Dover
212-521-4800