(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading symbol | Name of each exchange on which registered | ||||||
RENAISSANCERE HOLDINGS LTD. | ||||||||||||||
Date: | By: | /s/ Robert Qutub | ||||||||||||
October 27, 2020 | Robert Qutub | |||||||||||||
Executive Vice President and Chief Financial Officer |
Three months ended September 30, 2020 | Hurricane Laura | Hurricane Sally | Q3 2020 Wildfires | Other Q3 2020 Catastrophe Events | Aggregate Losses | Total Q3 2020 Large Loss Events | |||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||
Net claims and claims expenses incurred | $ | (123,076) | $ | (72,531) | $ | (91,107) | $ | (61,586) | $ | (120,118) | $ | (468,418) | |||||||||||||||||||||||||||||
Assumed reinstatement premiums earned | 18,282 | 5,110 | 17,604 | 7,407 | 5,123 | 53,526 | |||||||||||||||||||||||||||||||||||
Ceded reinstatement premiums earned | (334) | (236) | — | — | — | (570) | |||||||||||||||||||||||||||||||||||
Lost profit commissions | (254) | (418) | (491) | (549) | (5,179) | (6,891) | |||||||||||||||||||||||||||||||||||
Net negative impact on underwriting result | (105,382) | (68,075) | (73,994) | (54,728) | (120,174) | (422,353) | |||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interest | 20,008 | 11,834 | 19,580 | 17,958 | 31,262 | 100,642 | |||||||||||||||||||||||||||||||||||
Net negative impact on net income available to RenaissanceRe common shareholders | $ | (85,374) | $ | (56,241) | $ | (54,414) | $ | (36,770) | $ | (88,912) | $ | (321,711) | |||||||||||||||||||||||||||||
Three months ended September 30, 2020 | Hurricane Laura | Hurricane Sally | Q3 2020 Wildfires | Other Q3 2020 Catastrophe Events | Aggregate Losses | Total Q3 2020 Large Loss Events | |||||||||||||||||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||||||||||||||||||||
Net negative impact on Property segment underwriting result | $ | (95,845) | $ | (68,075) | $ | (73,994) | $ | (54,728) | $ | (120,174) | $ | (412,816) | |||||||||||||||||||||||||||||
Net negative impact on Casualty and Specialty segment underwriting result | (9,537) | — | — | — | — | (9,537) | |||||||||||||||||||||||||||||||||||
Net negative impact on underwriting result | $ | (105,382) | $ | (68,075) | $ | (73,994) | $ | (54,728) | $ | (120,174) | $ | (422,353) | |||||||||||||||||||||||||||||
Percentage point impact on consolidated combined ratio | 10.3 | 6.7 | 7.2 | 5.4 | 12.0 | 43.4 | |||||||||||||||||||||||||||||||||||
INVESTOR CONTACT: | MEDIA CONTACT: | ||||
Keith McCue | Keil Gunther | ||||
Senior Vice President, Finance & Investor Relations | Vice President, Head of Global Marketing & Client | ||||
RenaissanceRe Holdings Ltd. | Communication | ||||
(441) 239-4830 | RenaissanceRe Holdings Ltd. | ||||
(441) 239-4932 | |||||
or | |||||
Kekst CNC | |||||
Dawn Dover | |||||
(212) 521-4800 |
RenaissanceRe Holdings Ltd. | |||||||||||||||||||||||
Summary Consolidated Statements of Operations | |||||||||||||||||||||||
(in thousands of United States Dollars, except per share amounts and percentages) | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, 2020 | September 30, 2019 | September 30, 2020 | September 30, 2019 | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Gross premiums written | $ | 1,143,058 | $ | 861,068 | $ | 4,870,651 | $ | 3,902,271 | |||||||||||||||
Net premiums written | $ | 899,411 | $ | 704,130 | $ | 3,350,022 | $ | 2,656,126 | |||||||||||||||
Decrease (increase) in unearned premiums | 100,772 | 202,618 | (426,645) | (287,848) | |||||||||||||||||||
Net premiums earned | 1,000,183 | 906,748 | 2,923,377 | 2,368,278 | |||||||||||||||||||
Net investment income | 83,543 | 111,387 | 272,321 | 312,069 | |||||||||||||||||||
Net foreign exchange gains (losses) | 17,426 | (8,275) | 4,503 | (1,812) | |||||||||||||||||||
Equity in earnings of other ventures | 5,457 | 5,877 | 19,062 | 17,350 | |||||||||||||||||||
Other income (loss) | 1,476 | 1,016 | (4,161) | 5,109 | |||||||||||||||||||
Net realized and unrealized gains on investments | 224,208 | 34,395 | 561,891 | 395,655 | |||||||||||||||||||
Total revenues | 1,332,293 | 1,051,148 | 3,776,993 | 3,096,649 | |||||||||||||||||||
Expenses | |||||||||||||||||||||||
Net claims and claim expenses incurred | 942,030 | 654,520 | 2,023,256 | 1,334,928 | |||||||||||||||||||
Acquisition expenses | 215,180 | 202,181 | 659,394 | 553,614 | |||||||||||||||||||
Operational expenses | 49,045 | 53,415 | 165,583 | 158,162 | |||||||||||||||||||
Corporate expenses | 48,050 | 13,844 | 75,939 | 76,480 | |||||||||||||||||||
Interest expense | 11,843 | 15,580 | 38,612 | 42,868 | |||||||||||||||||||
Total expenses | 1,266,148 | 939,540 | 2,962,784 | 2,166,052 | |||||||||||||||||||
Income before taxes | 66,145 | 111,608 | 814,209 | 930,597 | |||||||||||||||||||
Income tax benefit (expense) | 8,244 | (3,664) | (12,785) | (20,670) | |||||||||||||||||||
Net income | 74,389 | 107,944 | 801,424 | 909,927 | |||||||||||||||||||
Net income attributable to noncontrolling interests | (19,301) | (62,057) | (236,120) | (204,091) | |||||||||||||||||||
Net income attributable to RenaissanceRe | 55,088 | 45,887 | 565,304 | 705,836 | |||||||||||||||||||
Dividends on preference shares | (7,289) | (9,189) | (23,634) | (27,567) | |||||||||||||||||||
Net income available to RenaissanceRe common shareholders | $ | 47,799 | $ | 36,698 | $ | 541,670 | $ | 678,269 | |||||||||||||||
Net income available to RenaissanceRe common shareholders per common share – basic | $ | 0.94 | $ | 0.83 | $ | 11.60 | $ | 15.58 | |||||||||||||||
Net income available to RenaissanceRe common shareholders per common share – diluted | $ | 0.94 | $ | 0.83 | $ | 11.58 | $ | 15.57 | |||||||||||||||
Operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted | $ | (2.64) | $ | 0.73 | $ | 1.84 | $ | 8.76 | |||||||||||||||
Average shares outstanding - basic | 50,009 | 43,462 | 46,130 | 43,003 | |||||||||||||||||||
Average shares outstanding - diluted | 50,094 | 43,537 | 46,200 | 43,049 | |||||||||||||||||||
Net claims and claim expense ratio | 94.2 | % | 72.2 | % | 69.2 | % | 56.4 | % | |||||||||||||||
Underwriting expense ratio | 26.4 | % | 28.2 | % | 28.2 | % | 30.0 | % | |||||||||||||||
Combined ratio | 120.6 | % | 100.4 | % | 97.4 | % | 86.4 | % | |||||||||||||||
Return on average common equity - annualized | 2.8 | % | 2.8 | % | 12.0 | % | 18.2 | % | |||||||||||||||
Operating return on average common equity - annualized (1) | (7.7) | % | 2.5 | % | 2.0 | % | 10.2 | % |
RenaissanceRe Holdings Ltd. | |||||||||||
Summary Consolidated Balance Sheets | |||||||||||
(in thousands of United States Dollars, except per share amounts) | |||||||||||
September 30, 2020 | December 31, 2019 | ||||||||||
Assets | (Unaudited) | (Audited) | |||||||||
Fixed maturity investments trading, at fair value | $ | 13,391,318 | $ | 11,171,655 | |||||||
Short term investments, at fair value | 5,158,961 | 4,566,277 | |||||||||
Equity investments trading, at fair value | 547,381 | 436,931 | |||||||||
Other investments, at fair value | 1,122,683 | 1,087,377 | |||||||||
Investments in other ventures, under equity method | 98,990 | 106,549 | |||||||||
Total investments | 20,319,333 | 17,368,789 | |||||||||
Cash and cash equivalents | 1,287,378 | 1,379,068 | |||||||||
Premiums receivable | 3,337,120 | 2,599,896 | |||||||||
Prepaid reinsurance premiums | 1,082,270 | 767,781 | |||||||||
Reinsurance recoverable | 2,883,808 | 2,791,297 | |||||||||
Accrued investment income | 71,947 | 72,461 | |||||||||
Deferred acquisition costs and value of business acquired | 697,346 | 663,991 | |||||||||
Receivable for investments sold | 752,936 | 78,369 | |||||||||
Other assets | 306,265 | 346,216 | |||||||||
Goodwill and other intangibles | 257,437 | 262,226 | |||||||||
Total assets | $ | 30,995,840 | $ | 26,330,094 | |||||||
Liabilities, Noncontrolling Interests and Shareholders’ Equity | |||||||||||
Liabilities | |||||||||||
Reserve for claims and claim expenses | $ | 9,900,615 | $ | 9,384,349 | |||||||
Unearned premiums | 3,276,156 | 2,530,975 | |||||||||
Debt | 1,135,740 | 1,384,105 | |||||||||
Reinsurance balances payable | 3,915,804 | 2,830,691 | |||||||||
Payable for investments purchased | 1,597,893 | 225,275 | |||||||||
Other liabilities | 391,494 | 932,024 | |||||||||
Total liabilities | 20,217,702 | 17,287,419 | |||||||||
Redeemable noncontrolling interest | 3,387,317 | 3,071,308 | |||||||||
Shareholders’ Equity | |||||||||||
Preference shares | 525,000 | 650,000 | |||||||||
Common shares | 50,810 | 44,148 | |||||||||
Additional paid-in capital | 1,615,328 | 568,277 | |||||||||
Accumulated other comprehensive loss | (2,083) | (1,939) | |||||||||
Retained earnings | 5,201,766 | 4,710,881 | |||||||||
Total shareholders’ equity attributable to RenaissanceRe | 7,390,821 | 5,971,367 | |||||||||
Total liabilities, noncontrolling interests and shareholders’ equity | $ | 30,995,840 | $ | 26,330,094 | |||||||
Book value per common share | $ | 135.13 | $ | 120.53 |
RenaissanceRe Holdings Ltd. | |||||||||||||||||||||||
Supplemental Financial Data - Segment Information | |||||||||||||||||||||||
(in thousands of United States Dollars, except percentages) | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three months ended September 30, 2020 | |||||||||||||||||||||||
Property | Casualty and Specialty | Other | Total | ||||||||||||||||||||
Gross premiums written | $ | 427,765 | $ | 715,293 | $ | — | $ | 1,143,058 | |||||||||||||||
Net premiums written | $ | 378,708 | $ | 520,703 | $ | — | $ | 899,411 | |||||||||||||||
Net premiums earned | $ | 516,623 | $ | 483,560 | $ | — | $ | 1,000,183 | |||||||||||||||
Net claims and claim expenses incurred | 590,958 | 351,052 | 20 | 942,030 | |||||||||||||||||||
Acquisition expenses | 98,545 | 116,636 | (1) | 215,180 | |||||||||||||||||||
Operational expenses | 33,672 | 15,319 | 54 | 49,045 | |||||||||||||||||||
Underwriting (loss) income | $ | (206,552) | $ | 553 | $ | (73) | (206,072) | ||||||||||||||||
Net investment income | 83,543 | 83,543 | |||||||||||||||||||||
Net foreign exchange gains | 17,426 | 17,426 | |||||||||||||||||||||
Equity in earnings of other ventures | 5,457 | 5,457 | |||||||||||||||||||||
Other income | 1,476 | 1,476 | |||||||||||||||||||||
Net realized and unrealized gains on investments | 224,208 | 224,208 | |||||||||||||||||||||
Corporate expenses | (48,050) | (48,050) | |||||||||||||||||||||
Interest expense | (11,843) | (11,843) | |||||||||||||||||||||
Income before taxes and redeemable noncontrolling interests | 66,145 | ||||||||||||||||||||||
Income tax benefit | 8,244 | 8,244 | |||||||||||||||||||||
Net income attributable to redeemable noncontrolling interests | (19,301) | (19,301) | |||||||||||||||||||||
Dividends on preference shares | (7,289) | (7,289) | |||||||||||||||||||||
Net income available to RenaissanceRe common shareholders | $ | 47,799 | |||||||||||||||||||||
Net claims and claim expenses incurred – current accident year | $ | 629,827 | $ | 366,080 | $ | — | $ | 995,907 | |||||||||||||||
Net claims and claim expenses incurred – prior accident years | (38,869) | (15,028) | 20 | (53,877) | |||||||||||||||||||
Net claims and claim expenses incurred – total | $ | 590,958 | $ | 351,052 | $ | 20 | $ | 942,030 | |||||||||||||||
Net claims and claim expense ratio – current accident year | 121.9 | % | 75.7 | % | 99.6 | % | |||||||||||||||||
Net claims and claim expense ratio – prior accident years | (7.5) | % | (3.1) | % | (5.4) | % | |||||||||||||||||
Net claims and claim expense ratio – calendar year | 114.4 | % | 72.6 | % | 94.2 | % | |||||||||||||||||
Underwriting expense ratio | 25.6 | % | 27.3 | % | 26.4 | % | |||||||||||||||||
Combined ratio | 140.0 | % | 99.9 | % | 120.6 | % | |||||||||||||||||
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 | 111,387 | 111,387 | |||||||||||||||||||||
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 | 34,395 | 34,395 | |||||||||||||||||||||
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 | % |
RenaissanceRe Holdings Ltd. | |||||||||||||||||||||||
Supplemental Financial Data - Segment Information | |||||||||||||||||||||||
(in thousands of United States Dollars, except percentages) | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Nine months ended September 30, 2020 | |||||||||||||||||||||||
Property | Casualty and Specialty | Other | Total | ||||||||||||||||||||
Gross premiums written | $ | 2,690,827 | $ | 2,179,824 | $ | — | $ | 4,870,651 | |||||||||||||||
Net premiums written | $ | 1,757,427 | $ | 1,592,595 | $ | — | $ | 3,350,022 | |||||||||||||||
Net premiums earned | $ | 1,429,074 | $ | 1,494,303 | $ | — | $ | 2,923,377 | |||||||||||||||
Net claims and claim expenses incurred | 899,860 | 1,123,527 | (131) | 2,023,256 | |||||||||||||||||||
Acquisition expenses | 278,668 | 380,726 | — | 659,394 | |||||||||||||||||||
Operational expenses | 109,335 | 56,195 | 53 | 165,583 | |||||||||||||||||||
Underwriting income (loss) | $ | 141,211 | $ | (66,145) | $ | 78 | 75,144 | ||||||||||||||||
Net investment income | 272,321 | 272,321 | |||||||||||||||||||||
Net foreign exchange gains | 4,503 | 4,503 | |||||||||||||||||||||
Equity in earnings of other ventures | 19,062 | 19,062 | |||||||||||||||||||||
Other loss | (4,161) | (4,161) | |||||||||||||||||||||
Net realized and unrealized gains on investments | 561,891 | 561,891 | |||||||||||||||||||||
Corporate expenses | (75,939) | (75,939) | |||||||||||||||||||||
Interest expense | (38,612) | (38,612) | |||||||||||||||||||||
Income before taxes and redeemable noncontrolling interests | 814,209 | ||||||||||||||||||||||
Income tax expense | (12,785) | (12,785) | |||||||||||||||||||||
Net income attributable to redeemable noncontrolling interests | (236,120) | (236,120) | |||||||||||||||||||||
Dividends on preference shares | (23,634) | (23,634) | |||||||||||||||||||||
Net income attributable to RenaissanceRe common shareholders | $ | 541,670 | |||||||||||||||||||||
Net claims and claim expenses incurred – current accident year | $ | 931,285 | $ | 1,147,354 | $ | — | $ | 2,078,639 | |||||||||||||||
Net claims and claim expenses incurred – prior accident years | (31,425) | (23,827) | (131) | (55,383) | |||||||||||||||||||
Net claims and claim expenses incurred – total | $ | 899,860 | $ | 1,123,527 | $ | (131) | $ | 2,023,256 | |||||||||||||||
Net claims and claim expense ratio – current accident year | 65.2 | % | 76.8 | % | 71.1 | % | |||||||||||||||||
Net claims and claim expense ratio – prior accident years | (2.2) | % | (1.6) | % | (1.9) | % | |||||||||||||||||
Net claims and claim expense ratio – calendar year | 63.0 | % | 75.2 | % | 69.2 | % | |||||||||||||||||
Underwriting expense ratio | 27.1 | % | 29.2 | % | 28.2 | % | |||||||||||||||||
Combined ratio | 90.1 | % | 104.4 | % | 97.4 | % | |||||||||||||||||
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 | 312,069 | 312,069 | |||||||||||||||||||||
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 | 395,655 | 395,655 | |||||||||||||||||||||
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 | % |
RenaissanceRe Holdings Ltd. | |||||||||||||||||||||||
Supplemental Financial Data - Gross Premiums Written | |||||||||||||||||||||||
(in thousands of United States Dollars) | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, 2020 | September 30, 2019 | September 30, 2020 | September 30, 2019 | ||||||||||||||||||||
Property Segment | |||||||||||||||||||||||
Catastrophe | $ | 179,689 | $ | 102,779 | $ | 1,827,665 | $ | 1,550,648 | |||||||||||||||
Other property | 248,076 | 211,621 | 863,162 | 635,336 | |||||||||||||||||||
Property segment gross premiums written | $ | 427,765 | $ | 314,400 | $ | 2,690,827 | $ | 2,185,984 | |||||||||||||||
Casualty and Specialty Segment | |||||||||||||||||||||||
General casualty (1) | $ | 260,265 | $ | 191,447 | $ | 713,598 | $ | 610,563 | |||||||||||||||
Professional liability (2) | 175,459 | 151,754 | 628,683 | 460,912 | |||||||||||||||||||
Financial lines (3) | 143,455 | 111,459 | 392,169 | 330,017 | |||||||||||||||||||
Other (4) | 136,114 | 92,008 | 445,374 | 314,795 | |||||||||||||||||||
Casualty and Specialty segment gross premiums written | $ | 715,293 | $ | 546,668 | $ | 2,179,824 | $ | 1,716,287 |
(1) | Includes automobile liability, casualty clash, employer’s liability, umbrella or excess casualty, workers’ compensation and general liability. | ||||
(2) | Includes directors and officers, medical malpractice, and professional indemnity. | ||||
(3) | Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit. | ||||
(4) | Includes accident and health, agriculture, aviation, cyber, energy, marine, satellite and terrorism. Lines of business such as regional multi-line and whole account may have characteristics of various other classes of business, and are allocated accordingly. |
RenaissanceRe Holdings Ltd. | |||||||||||||||||||||||
Supplemental Financial Data - Total Investment Result | |||||||||||||||||||||||
(in thousands of United States Dollars, except percentages) | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, 2020 | September 30, 2019 | September 30, 2020 | September 30, 2019 | ||||||||||||||||||||
Fixed maturity investments trading | $ | 68,022 | $ | 82,977 | $ | 211,303 | $ | 232,566 | |||||||||||||||
Short term investments | 1,611 | 15,061 | 19,752 | 44,712 | |||||||||||||||||||
Equity investments trading | 1,559 | 1,326 | 4,776 | 3,269 | |||||||||||||||||||
Other investments | |||||||||||||||||||||||
Catastrophe bonds | 13,626 | 12,812 | 41,284 | 33,284 | |||||||||||||||||||
Other | 2,598 | 2,672 | 5,334 | 6,226 | |||||||||||||||||||
Cash and cash equivalents | 441 | 1,978 | 2,782 | 5,801 | |||||||||||||||||||
87,857 | 116,826 | 285,231 | 325,858 | ||||||||||||||||||||
Investment expenses | (4,314) | (5,439) | (12,910) | (13,789) | |||||||||||||||||||
Net investment income | 83,543 | 111,387 | 272,321 | 312,069 | |||||||||||||||||||
Net realized and unrealized gains (losses) on: | |||||||||||||||||||||||
Fixed maturity investments trading (1) | 78,348 | 57,502 | 502,280 | 346,123 | |||||||||||||||||||
Equity investments trading (1) | 119,622 | (25,564) | 81,246 | 50,463 | |||||||||||||||||||
Other investments | |||||||||||||||||||||||
Catastrophe bonds | 12,611 | 9,242 | 2,711 | (4,870) | |||||||||||||||||||
Other | 13,627 | (6,785) | (24,346) | 3,939 | |||||||||||||||||||
Net realized and unrealized gains on investments | 224,208 | 34,395 | 561,891 | 395,655 | |||||||||||||||||||
Total investment result | $ | 307,751 | $ | 145,782 | $ | 834,212 | $ | 707,724 | |||||||||||||||
Total investment return - annualized | 6.2 | % | 3.6 | % | 5.8 | % | 6.0 | % |
Three months ended | Nine months ended | ||||||||||||||||||||||
(in thousands of United States Dollars, except per share amounts and percentages) | September 30, 2020 | September 30, 2019 | September 30, 2020 | September 30, 2019 | |||||||||||||||||||
Net income available to RenaissanceRe common shareholders | $ | 47,799 | $ | 36,698 | $ | 541,670 | $ | 678,269 | |||||||||||||||
Adjustment for net realized and unrealized gains on investments, excluding other investments - catastrophe bonds | (211,597) | (25,153) | (559,180) | (400,525) | |||||||||||||||||||
Adjustment for net foreign exchange (gains) losses | (17,426) | 8,275 | (4,503) | 1,812 | |||||||||||||||||||
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK (1) | 33,916 | 4,022 | 40,618 | 44,025 | |||||||||||||||||||
Adjustment for income tax expense (2) | 5,058 | 5,298 | 22,140 | 24,074 | |||||||||||||||||||
Adjustment for net income attributable to redeemable noncontrolling interests (3) | 10,526 | 3,541 | 51,017 | 37,473 | |||||||||||||||||||
Operating (loss) income (attributable) available to RenaissanceRe common shareholders | $ | (131,724) | $ | 32,681 | $ | 91,762 | $ | 385,128 | |||||||||||||||
Net income available to RenaissanceRe common shareholders per common share - diluted | $ | 0.94 | $ | 0.83 | $ | 11.58 | $ | 15.57 | |||||||||||||||
Adjustment for net realized and unrealized gains on investments, excluding other investments - catastrophe bonds | (4.22) | (0.58) | (12.10) | (9.30) | |||||||||||||||||||
Adjustment for net foreign exchange (gains) losses | (0.35) | 0.19 | (0.10) | 0.04 | |||||||||||||||||||
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK (1) | 0.68 | 0.09 | 0.88 | 1.02 | |||||||||||||||||||
Adjustment for income tax expense (2) | 0.10 | 0.12 | 0.48 | 0.56 | |||||||||||||||||||
Adjustment for net income attributable to redeemable noncontrolling interests (3) | 0.21 | 0.08 | 1.10 | 0.87 | |||||||||||||||||||
Operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted | $ | (2.64) | $ | 0.73 | $ | 1.84 | $ | 8.76 | |||||||||||||||
Return on average common equity - annualized | 2.8 | % | 2.8 | % | 12.0 | % | 18.2 | % | |||||||||||||||
Adjustment for net realized and unrealized gains on investments, excluding other investments - catastrophe bonds | (12.4) | % | (1.9) | % | (12.4) | % | (10.8) | % | |||||||||||||||
Adjustment for net foreign exchange (gains) losses | (1.0) | % | 0.6 | % | (0.1) | % | — | % | |||||||||||||||
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK (1) | 2.0 | % | 0.3 | % | 0.9 | % | 1.2 | % | |||||||||||||||
Adjustment for income tax expense (2) | 0.3 | % | 0.4 | % | 0.5 | % | 0.6 | % | |||||||||||||||
Adjustment for net income attributable to redeemable noncontrolling interests (3) | 0.6 | % | 0.3 | % | 1.1 | % | 1.0 | % | |||||||||||||||
Operating return on average common equity - annualized | (7.7) | % | 2.5 | % | 2.0 | % | 10.2 | % |
September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | September 30, 2019 | |||||||||||||||||||||||||
Book value per common share | $ | 135.13 | $ | 134.27 | $ | 117.15 | $ | 120.53 | $ | 120.07 | |||||||||||||||||||
Adjustment for goodwill and other intangibles (1) | (5.53) | (5.56) | (6.46) | (6.50) | (6.55) | ||||||||||||||||||||||||
Tangible book value per common share | 129.60 | 128.71 | 110.69 | 114.03 | 113.52 | ||||||||||||||||||||||||
Adjustment for accumulated dividends | 21.73 | 21.38 | 21.03 | 20.68 | 20.34 | ||||||||||||||||||||||||
Tangible book value per common share plus accumulated dividends | $ | 151.33 | $ | 150.09 | $ | 131.72 | $ | 134.71 | $ | 133.86 | |||||||||||||||||||
Quarterly change in book value per common share | 0.6 | % | 14.6 | % | (2.8) | % | 0.4 | % | 0.8 | % | |||||||||||||||||||
Quarterly change in tangible book value per common share plus change in accumulated dividends | 1.0 | % | 16.6 | % | (2.6) | % | 0.7 | % | 1.1 | % | |||||||||||||||||||
Year to date change in book value per common share | 12.1 | % | 11.4 | % | (2.8) | % | 15.7 | % | 15.3 | % | |||||||||||||||||||
Year to date change in tangible book value per common share plus change in accumulated dividends | 14.6 | % | 13.5 | % | (2.6) | % | 17.9 | % | 17.1 | % |
RenaissanceRe Holdings Ltd. | ||
Contents |
Page | |||||||||||
Basis of Presentation | |||||||||||
Financial Highlights | |||||||||||
Summary Consolidated Financial Statements | |||||||||||
a. | Consolidated Statements of Operations | ||||||||||
b. | Consolidated Balance Sheets | ||||||||||
Underwriting and Reserves | |||||||||||
a. | Consolidated Segment Underwriting Results | ||||||||||
b. | Segment Underwriting Results | ||||||||||
c. | Property Segment - Catastrophe and Other Property Underwriting Results | ||||||||||
d. | Gross Premiums Written | ||||||||||
e. | Reserves for Claims and Claim Expenses | ||||||||||
f. | Paid to Incurred Analysis | ||||||||||
Managed Joint Ventures and Fee Income | |||||||||||
a. | Fee Income | ||||||||||
b. | Noncontrolling Interests | ||||||||||
c. | DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations | ||||||||||
Investments | |||||||||||
a. | Total Investment Result | ||||||||||
b. | Investment Portfolio - Composition | ||||||||||
c. | Investment Portfolio - Fixed Maturity Investments | ||||||||||
d. | Investment Portfolio - Weighted Average Yield to Maturity and Credit Rating | ||||||||||
e. | Retained Investment Information | ||||||||||
Other Items | |||||||||||
a. | Earnings per Share | ||||||||||
Comments on Regulation G |
RenaissanceRe Holdings Ltd. | ||
Basis of Presentation |
i |
Financial Highlights | |||||||||||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | September 30, 2019 | September 30, 2020 | September 30, 2019 | |||||||||||||||||||||||||||||||||||
Highlights | |||||||||||||||||||||||||||||||||||||||||
Gross premiums written | $ | 1,143,058 | $ | 1,701,872 | $ | 2,025,721 | $ | 905,479 | $ | 861,068 | $ | 4,870,651 | $ | 3,902,271 | |||||||||||||||||||||||||||
Underwriting (loss) income | $ | (206,072) | $ | 217,137 | $ | 64,079 | $ | (65,157) | $ | (3,368) | $ | 75,144 | $ | 321,574 | |||||||||||||||||||||||||||
Net investment income | $ | 83,543 | $ | 89,305 | $ | 99,473 | $ | 112,138 | $ | 111,387 | $ | 272,321 | $ | 312,069 | |||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 224,208 | 448,390 | (110,707) | 18,454 | 34,395 | 561,891 | 395,655 | ||||||||||||||||||||||||||||||||||
Total investment result | $ | 307,751 | $ | 537,695 | $ | (11,234) | $ | 130,592 | $ | 145,782 | $ | 834,212 | $ | 707,724 | |||||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 47,799 | $ | 575,845 | $ | (81,974) | $ | 33,773 | $ | 36,698 | $ | 541,670 | $ | 678,269 | |||||||||||||||||||||||||||
Operating (loss) income (attributable) available to RenaissanceRe common shareholders (1) | $ | (131,724) | $ | 190,076 | $ | 33,410 | $ | 12,623 | $ | 32,681 | $ | 91,762 | $ | 385,128 | |||||||||||||||||||||||||||
Per share data | |||||||||||||||||||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic | $ | 0.94 | $ | 12.64 | $ | (1.89) | $ | 0.77 | $ | 0.83 | $ | 11.60 | $ | 15.58 | |||||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 0.94 | $ | 12.63 | $ | (1.89) | $ | 0.77 | $ | 0.83 | $ | 11.58 | $ | 15.57 | |||||||||||||||||||||||||||
Operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted (1) | $ | (2.64) | $ | 4.06 | $ | 0.76 | $ | 0.28 | $ | 0.73 | $ | 1.84 | $ | 8.76 | |||||||||||||||||||||||||||
Book value per common share | $ | 135.13 | $ | 134.27 | $ | 117.15 | $ | 120.53 | $ | 120.07 | $ | 135.13 | $ | 120.07 | |||||||||||||||||||||||||||
Tangible book value per common share (1) | $ | 129.60 | $ | 128.71 | $ | 110.69 | $ | 114.03 | $ | 113.52 | $ | 129.60 | $ | 113.52 | |||||||||||||||||||||||||||
Tangible book value per common share plus accumulated dividends (1) | $ | 151.33 | $ | 150.09 | $ | 131.72 | $ | 134.71 | $ | 133.86 | $ | 151.33 | $ | 133.86 | |||||||||||||||||||||||||||
Change in tangible book value per common share plus change in accumulated dividends (1) | 1.0 | % | 16.6 | % | (2.6) | % | 0.7 | % | 1.1 | % | 14.6 | % | 17.1 | % | |||||||||||||||||||||||||||
Financial ratios | |||||||||||||||||||||||||||||||||||||||||
Combined ratio | 120.6 | % | 78.5 | % | 93.0 | % | 106.7 | % | 100.4 | % | 97.4 | % | 86.4 | % | |||||||||||||||||||||||||||
Return on average common equity - annualized | 2.8 | % | 38.5 | % | (6.3) | % | 2.5 | % | 2.8 | % | 12.0 | % | 18.2 | % | |||||||||||||||||||||||||||
Operating return on average common equity - annualized (1) | (7.7) | % | 12.7 | % | 2.6 | % | 0.9 | % | 2.5 | % | 2.0 | % | 10.2 | % | |||||||||||||||||||||||||||
Total investment return - annualized | 6.2 | % | 11.8 | % | (0.1) | % | 3.1 | % | 3.6 | % | 5.8 | % | 6.0 | % |
1 |
Summary Consolidated Financial Statements | |||||||||||||||||||||||||||||||||||||||||
Consolidated Statements of Operations | |||||||||||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | September 30, 2019 | September 30, 2020 | September 30, 2019 | |||||||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||||||||
Gross premiums written | $ | 1,143,058 | $ | 1,701,872 | $ | 2,025,721 | $ | 905,479 | $ | 861,068 | $ | 4,870,651 | $ | 3,902,271 | |||||||||||||||||||||||||||
Net premiums written | $ | 899,411 | $ | 1,180,803 | $ | 1,269,808 | $ | 725,367 | $ | 704,130 | $ | 3,350,022 | $ | 2,656,126 | |||||||||||||||||||||||||||
Decrease (increase) in unearned premiums | 100,772 | (170,707) | (356,710) | 244,758 | 202,618 | (426,645) | (287,848) | ||||||||||||||||||||||||||||||||||
Net premiums earned | 1,000,183 | 1,010,096 | 913,098 | 970,125 | 906,748 | 2,923,377 | 2,368,278 | ||||||||||||||||||||||||||||||||||
Net investment income | 83,543 | 89,305 | 99,473 | 112,138 | 111,387 | 272,321 | 312,069 | ||||||||||||||||||||||||||||||||||
Net foreign exchange gains (losses) | 17,426 | (7,195) | (5,728) | (1,126) | (8,275) | 4,503 | (1,812) | ||||||||||||||||||||||||||||||||||
Equity in earnings of other ventures | 5,457 | 9,041 | 4,564 | 5,874 | 5,877 | 19,062 | 17,350 | ||||||||||||||||||||||||||||||||||
Other income (loss) | 1,476 | (1,201) | (4,436) | (160) | 1,016 | (4,161) | 5,109 | ||||||||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 224,208 | 448,390 | (110,707) | 18,454 | 34,395 | 561,891 | 395,655 | ||||||||||||||||||||||||||||||||||
Total revenues | 1,332,293 | 1,548,436 | 896,264 | 1,105,305 | 1,051,148 | 3,776,993 | 3,096,649 | ||||||||||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||||||||||||
Net claims and claim expenses incurred | 942,030 | 510,272 | 570,954 | 762,093 | 654,520 | 2,023,256 | 1,334,928 | ||||||||||||||||||||||||||||||||||
Acquisition expenses | 215,180 | 233,610 | 210,604 | 208,618 | 202,181 | 659,394 | 553,614 | ||||||||||||||||||||||||||||||||||
Operational expenses | 49,045 | 49,077 | 67,461 | 64,571 | 53,415 | 165,583 | 158,162 | ||||||||||||||||||||||||||||||||||
Corporate expenses | 48,050 | 11,898 | 15,991 | 17,642 | 13,844 | 75,939 | 76,480 | ||||||||||||||||||||||||||||||||||
Interest expense | 11,843 | 11,842 | 14,927 | 15,496 | 15,580 | 38,612 | 42,868 | ||||||||||||||||||||||||||||||||||
Total expenses | 1,266,148 | 816,699 | 879,937 | 1,068,420 | 939,540 | 2,962,784 | 2,166,052 | ||||||||||||||||||||||||||||||||||
Income before taxes | 66,145 | 731,737 | 16,327 | 36,885 | 111,608 | 814,209 | 930,597 | ||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | 8,244 | (29,875) | 8,846 | 3,455 | (3,664) | (12,785) | (20,670) | ||||||||||||||||||||||||||||||||||
Net income | 74,389 | 701,862 | 25,173 | 40,340 | 107,944 | 801,424 | 909,927 | ||||||||||||||||||||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests | (19,301) | (118,728) | (98,091) | 2,622 | (62,057) | (236,120) | (204,091) | ||||||||||||||||||||||||||||||||||
Net income (loss) attributable to RenaissanceRe | 55,088 | 583,134 | (72,918) | 42,962 | 45,887 | 565,304 | 705,836 | ||||||||||||||||||||||||||||||||||
Dividends on preference shares | (7,289) | (7,289) | (9,056) | (9,189) | (9,189) | (23,634) | (27,567) | ||||||||||||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 47,799 | $ | 575,845 | $ | (81,974) | $ | 33,773 | $ | 36,698 | $ | 541,670 | $ | 678,269 | |||||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic | $ | 0.94 | $ | 12.64 | $ | (1.89) | $ | 0.77 | $ | 0.83 | $ | 11.60 | $ | 15.58 | |||||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 0.94 | $ | 12.63 | $ | (1.89) | $ | 0.77 | $ | 0.83 | $ | 11.58 | $ | 15.57 | |||||||||||||||||||||||||||
Operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted (1) | $ | (2.64) | $ | 4.06 | $ | 0.76 | $ | 0.28 | $ | 0.73 | $ | 1.84 | $ | 8.76 | |||||||||||||||||||||||||||
Return on average common equity - annualized | 2.8 | % | 38.5 | % | (6.3) | % | 2.5 | % | 2.8 | % | 12.0 | % | 18.2 | % | |||||||||||||||||||||||||||
Operating return on average common equity - annualized (1) | (7.7) | % | 12.7 | % | 2.6 | % | 0.9 | % | 2.5 | % | 2.0 | % | 10.2 | % |
2 |
Summary Consolidated Financial Statements | |||||||||||||||||||||||||||||
Consolidated Balance Sheets | |||||||||||||||||||||||||||||
September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | September 30, 2019 | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Fixed maturity investments trading, at fair value | $ | 13,391,318 | $ | 12,495,135 | $ | 11,045,801 | $ | 11,171,655 | $ | 11,386,228 | |||||||||||||||||||
Short term investments, at fair value | 5,158,961 | 5,570,804 | 5,263,242 | 4,566,277 | 4,116,156 | ||||||||||||||||||||||||
Equity investments trading, at fair value | 547,381 | 470,087 | 360,444 | 436,931 | 379,422 | ||||||||||||||||||||||||
Other investments, at fair value | 1,122,683 | 1,093,338 | 1,058,714 | 1,087,377 | 962,109 | ||||||||||||||||||||||||
Investments in other ventures, under equity method | 98,990 | 94,285 | 90,396 | 106,549 | 103,978 | ||||||||||||||||||||||||
Total investments | 20,319,333 | 19,723,649 | 17,818,597 | 17,368,789 | 16,947,893 | ||||||||||||||||||||||||
Cash and cash equivalents | 1,287,378 | 1,185,844 | 896,216 | 1,379,068 | 871,251 | ||||||||||||||||||||||||
Premiums receivable | 3,337,120 | 3,519,965 | 3,105,441 | 2,599,896 | 2,799,954 | ||||||||||||||||||||||||
Prepaid reinsurance premiums | 1,082,270 | 1,266,203 | 1,151,926 | 767,781 | 972,047 | ||||||||||||||||||||||||
Reinsurance recoverable | 2,883,808 | 2,774,358 | 2,765,583 | 2,791,297 | 2,438,299 | ||||||||||||||||||||||||
Accrued investment income | 71,947 | 70,004 | 73,496 | 72,461 | 73,509 | ||||||||||||||||||||||||
Deferred acquisition costs and value of business acquired | 697,346 | 734,286 | 739,875 | 663,991 | 708,258 | ||||||||||||||||||||||||
Receivable for investments sold | 752,936 | 648,458 | 341,786 | 78,369 | 225,147 | ||||||||||||||||||||||||
Other assets | 306,265 | 298,396 | 312,523 | 346,216 | 344,593 | ||||||||||||||||||||||||
Goodwill and other intangibles | 257,437 | 258,591 | 260,076 | 262,226 | 263,259 | ||||||||||||||||||||||||
Total assets | $ | 30,995,840 | $ | 30,479,754 | $ | 27,465,519 | $ | 26,330,094 | $ | 25,644,210 | |||||||||||||||||||
Liabilities, Noncontrolling Interests and Shareholders' Equity | |||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Reserve for claims and claim expenses | $ | 9,900,615 | $ | 9,365,469 | $ | 9,406,707 | $ | 9,384,349 | $ | 8,602,437 | |||||||||||||||||||
Unearned premiums | 3,276,156 | 3,549,641 | 3,245,914 | 2,530,975 | 2,967,535 | ||||||||||||||||||||||||
Debt | 1,135,740 | 1,135,216 | 1,134,695 | 1,384,105 | 1,383,498 | ||||||||||||||||||||||||
Reinsurance balances payable | 3,915,804 | 4,094,027 | 3,775,375 | 2,830,691 | 2,910,601 | ||||||||||||||||||||||||
Payable for investments purchased | 1,597,893 | 1,259,116 | 636,136 | 225,275 | 654,685 | ||||||||||||||||||||||||
Other liabilities | 391,494 | 342,014 | 351,320 | 932,024 | 395,186 | ||||||||||||||||||||||||
Total liabilities | 20,217,702 | 19,745,483 | 18,550,147 | 17,287,419 | 16,913,942 | ||||||||||||||||||||||||
Redeemable noncontrolling interest | 3,387,317 | 3,387,099 | 3,231,846 | 3,071,308 | 2,779,033 | ||||||||||||||||||||||||
Shareholders' Equity | |||||||||||||||||||||||||||||
Preference shares | 525,000 | 525,000 | 525,000 | 650,000 | 650,000 | ||||||||||||||||||||||||
Common shares | 50,810 | 50,811 | 44,034 | 44,148 | 44,152 | ||||||||||||||||||||||||
Additional paid-in capital | 1,615,328 | 1,602,738 | 502,608 | 568,277 | 560,166 | ||||||||||||||||||||||||
Accumulated other comprehensive (loss) income | (2,083) | (3,066) | (1,664) | (1,939) | 4,988 | ||||||||||||||||||||||||
Retained earnings | 5,201,766 | 5,171,689 | 4,613,548 | 4,710,881 | 4,691,929 | ||||||||||||||||||||||||
Total shareholders' equity attributable to RenaissanceRe | 7,390,821 | 7,347,172 | 5,683,526 | 5,971,367 | 5,951,235 | ||||||||||||||||||||||||
Total liabilities, noncontrolling interests and shareholders' equity | $ | 30,995,840 | $ | 30,479,754 | $ | 27,465,519 | $ | 26,330,094 | $ | 25,644,210 | |||||||||||||||||||
Book value per common share | $ | 135.13 | $ | 134.27 | $ | 117.15 | $ | 120.53 | $ | 120.07 |
3 |
Underwriting and Reserves | |||||||||||||||||||||||
Consolidated Segment Underwriting Results | |||||||||||||||||||||||
Three months ended September 30, 2020 | |||||||||||||||||||||||
Property | Casualty and Specialty | Other | Total | ||||||||||||||||||||
Gross premiums written | $ | 427,765 | $ | 715,293 | $ | — | $ | 1,143,058 | |||||||||||||||
Net premiums written | $ | 378,708 | $ | 520,703 | $ | — | $ | 899,411 | |||||||||||||||
Net premiums earned | $ | 516,623 | $ | 483,560 | $ | — | $ | 1,000,183 | |||||||||||||||
Net claims and claim expenses incurred | 590,958 | 351,052 | 20 | 942,030 | |||||||||||||||||||
Acquisition expenses | 98,545 | 116,636 | (1) | 215,180 | |||||||||||||||||||
Operational expenses | 33,672 | 15,319 | 54 | 49,045 | |||||||||||||||||||
Underwriting (loss) income | $ | (206,552) | $ | 553 | $ | (73) | $ | (206,072) | |||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 629,827 | $ | 366,080 | $ | — | $ | 995,907 | |||||||||||||||
Net claims and claim expenses incurred - prior accident years | (38,869) | (15,028) | 20 | (53,877) | |||||||||||||||||||
Net claims and claim expenses incurred - total | $ | 590,958 | $ | 351,052 | $ | 20 | $ | 942,030 | |||||||||||||||
Net claims and claim expense ratio - current accident year | 121.9 | % | 75.7 | % | 99.6 | % | |||||||||||||||||
Net claims and claim expense ratio - prior accident years | (7.5) | % | (3.1) | % | (5.4) | % | |||||||||||||||||
Net claims and claim expense ratio - calendar year | 114.4 | % | 72.6 | % | 94.2 | % | |||||||||||||||||
Underwriting expense ratio | 25.6 | % | 27.3 | % | 26.4 | % | |||||||||||||||||
Combined ratio | 140.0 | % | 99.9 | % | 120.6 | % | |||||||||||||||||
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 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 | % |
4 |
Underwriting and Reserves | |||||||||||||||||||||||
Consolidated Segment Underwriting Results | |||||||||||||||||||||||
Nine months ended September 30, 2020 | |||||||||||||||||||||||
Property | Casualty and Specialty | Other | Total | ||||||||||||||||||||
Gross premiums written | $ | 2,690,827 | $ | 2,179,824 | $ | — | $ | 4,870,651 | |||||||||||||||
Net premiums written | $ | 1,757,427 | $ | 1,592,595 | $ | — | $ | 3,350,022 | |||||||||||||||
Net premiums earned | $ | 1,429,074 | $ | 1,494,303 | $ | — | $ | 2,923,377 | |||||||||||||||
Net claims and claim expenses incurred | 899,860 | 1,123,527 | (131) | 2,023,256 | |||||||||||||||||||
Acquisition expenses | 278,668 | 380,726 | — | 659,394 | |||||||||||||||||||
Operational expenses | 109,335 | 56,195 | 53 | 165,583 | |||||||||||||||||||
Underwriting income (loss) | $ | 141,211 | $ | (66,145) | $ | 78 | $ | 75,144 | |||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 931,285 | $ | 1,147,354 | $ | — | $ | 2,078,639 | |||||||||||||||
Net claims and claim expenses incurred - prior accident years | (31,425) | (23,827) | (131) | (55,383) | |||||||||||||||||||
Net claims and claim expenses incurred - total | $ | 899,860 | $ | 1,123,527 | $ | (131) | $ | 2,023,256 | |||||||||||||||
Net claims and claim expense ratio - current accident year | 65.2 | % | 76.8 | % | 71.1 | % | |||||||||||||||||
Net claims and claim expense ratio - prior accident years | (2.2) | % | (1.6) | % | (1.9) | % | |||||||||||||||||
Net claims and claim expense ratio - calendar year | 63.0 | % | 75.2 | % | 69.2 | % | |||||||||||||||||
Underwriting expense ratio | 27.1 | % | 29.2 | % | 28.2 | % | |||||||||||||||||
Combined ratio | 90.1 | % | 104.4 | % | 97.4 | % | |||||||||||||||||
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 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 | % |
5 |
Underwriting and Reserves | |||||||||||||||||||||||||||||
Segment Underwriting Results | |||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
Property Segment | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | September 30, 2019 | ||||||||||||||||||||||||
Gross premiums written | $ | 427,765 | $ | 1,042,536 | $ | 1,220,526 | $ | 245,001 | $ | 314,400 | |||||||||||||||||||
Net premiums written | $ | 378,708 | $ | 704,138 | $ | 674,581 | $ | 242,932 | $ | 302,982 | |||||||||||||||||||
Net premiums earned | $ | 516,623 | $ | 491,116 | $ | 421,335 | $ | 467,404 | $ | 444,332 | |||||||||||||||||||
Net claims and claim expenses incurred | 590,958 | 164,050 | 144,852 | 424,207 | 338,260 | ||||||||||||||||||||||||
Acquisition expenses | 98,545 | 94,772 | 85,351 | 90,790 | 79,521 | ||||||||||||||||||||||||
Operational expenses | 33,672 | 31,656 | 44,007 | 39,469 | 34,238 | ||||||||||||||||||||||||
Underwriting (loss) income | $ | (206,552) | $ | 200,638 | $ | 147,125 | $ | (87,062) | $ | (7,687) | |||||||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 629,827 | $ | 170,614 | $ | 130,844 | $ | 432,160 | $ | 345,880 | |||||||||||||||||||
Net claims and claim expenses incurred - prior accident years | (38,869) | (6,564) | 14,008 | (7,953) | (7,620) | ||||||||||||||||||||||||
Net claims and claim expenses incurred - total | $ | 590,958 | $ | 164,050 | $ | 144,852 | $ | 424,207 | $ | 338,260 | |||||||||||||||||||
Net claims and claim expense ratio - current accident year | 121.9 | % | 34.7 | % | 31.1 | % | 92.5 | % | 77.8 | % | |||||||||||||||||||
Net claims and claim expense ratio - prior accident years | (7.5) | % | (1.3) | % | 3.3 | % | (1.7) | % | (1.7) | % | |||||||||||||||||||
Net claims and claim expense ratio - calendar year | 114.4 | % | 33.4 | % | 34.4 | % | 90.8 | % | 76.1 | % | |||||||||||||||||||
Underwriting expense ratio | 25.6 | % | 25.7 | % | 30.7 | % | 27.8 | % | 25.6 | % | |||||||||||||||||||
Combined ratio | 140.0 | % | 59.1 | % | 65.1 | % | 118.6 | % | 101.7 | % | |||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
Casualty and Specialty Segment | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | September 30, 2019 | ||||||||||||||||||||||||
Gross premiums written | $ | 715,293 | $ | 659,336 | $ | 805,195 | $ | 660,478 | $ | 546,668 | |||||||||||||||||||
Net premiums written | $ | 520,703 | $ | 476,665 | $ | 595,227 | $ | 482,435 | $ | 401,148 | |||||||||||||||||||
Net premiums earned | $ | 483,560 | $ | 518,980 | $ | 491,763 | $ | 502,721 | $ | 462,416 | |||||||||||||||||||
Net claims and claim expenses incurred | 351,052 | 346,266 | 426,209 | 338,104 | 316,099 | ||||||||||||||||||||||||
Acquisition expenses | 116,636 | 138,837 | 125,253 | 117,849 | 122,654 | ||||||||||||||||||||||||
Operational expenses | 15,319 | 17,422 | 23,454 | 25,943 | 19,198 | ||||||||||||||||||||||||
Underwriting income (loss) | $ | 553 | $ | 16,455 | $ | (83,153) | $ | 20,825 | $ | 4,465 | |||||||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 366,080 | $ | 355,064 | $ | 426,210 | $ | 342,268 | $ | 319,087 | |||||||||||||||||||
Net claims and claim expenses incurred - prior accident years | (15,028) | (8,798) | (1) | (4,164) | (2,988) | ||||||||||||||||||||||||
Net claims and claim expenses incurred - total | $ | 351,052 | $ | 346,266 | $ | 426,209 | $ | 338,104 | $ | 316,099 | |||||||||||||||||||
Net claims and claim expense ratio - current accident year | 75.7 | % | 68.4 | % | 86.7 | % | 68.1 | % | 69.0 | % | |||||||||||||||||||
Net claims and claim expense ratio - prior accident years | (3.1) | % | (1.7) | % | — | % | (0.8) | % | (0.6) | % | |||||||||||||||||||
Net claims and claim expense ratio - calendar year | 72.6 | % | 66.7 | % | 86.7 | % | 67.3 | % | 68.4 | % | |||||||||||||||||||
Underwriting expense ratio | 27.3 | % | 30.1 | % | 30.2 | % | 28.6 | % | 30.6 | % | |||||||||||||||||||
Combined ratio | 99.9 | % | 96.8 | % | 116.9 | % | 95.9 | % | 99.0 | % |
6 |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||
Property Segment - Catastrophe and Other Property Underwriting Results | |||||||||||||||||||||||||||||||||||
Three months ended September 30, 2020 | Three months ended September 30, 2019 | ||||||||||||||||||||||||||||||||||
Catastrophe | Other Property | Total | Catastrophe | Other Property | Total | ||||||||||||||||||||||||||||||
Gross premiums written | $ | 179,689 | $ | 248,076 | $ | 427,765 | $ | 102,779 | $ | 211,621 | $ | 314,400 | |||||||||||||||||||||||
Net premiums written | $ | 146,377 | $ | 232,331 | $ | 378,708 | $ | 96,264 | $ | 206,718 | $ | 302,982 | |||||||||||||||||||||||
Net premiums earned | $ | 302,946 | $ | 213,677 | $ | 516,623 | $ | 241,408 | $ | 202,924 | $ | 444,332 | |||||||||||||||||||||||
Net claims and claim expenses incurred | 415,998 | 174,960 | 590,958 | 159,510 | 178,750 | 338,260 | |||||||||||||||||||||||||||||
Acquisition expenses | 37,481 | 61,064 | 98,545 | 30,074 | 49,447 | 79,521 | |||||||||||||||||||||||||||||
Operational expenses | 28,477 | 5,195 | 33,672 | 27,682 | 6,556 | 34,238 | |||||||||||||||||||||||||||||
Underwriting (loss) income | $ | (179,010) | $ | (27,542) | $ | (206,552) | $ | 24,142 | $ | (31,829) | $ | (7,687) | |||||||||||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 449,243 | $ | 180,584 | $ | 629,827 | $ | 193,002 | $ | 152,878 | $ | 345,880 | |||||||||||||||||||||||
Net claims and claim expenses incurred - prior accident years | (33,245) | (5,624) | (38,869) | (33,492) | 25,872 | (7,620) | |||||||||||||||||||||||||||||
Net claims and claim expenses incurred - total | $ | 415,998 | $ | 174,960 | $ | 590,958 | $ | 159,510 | $ | 178,750 | $ | 338,260 | |||||||||||||||||||||||
Net claims and claim expense ratio - current accident year | 148.3 | % | 84.5 | % | 121.9 | % | 79.9 | % | 75.3 | % | 77.8 | % | |||||||||||||||||||||||
Net claims and claim expense ratio - prior accident years | (11.0) | % | (2.6) | % | (7.5) | % | (13.8) | % | 12.8 | % | (1.7) | % | |||||||||||||||||||||||
Net claims and claim expense ratio - calendar year | 137.3 | % | 81.9 | % | 114.4 | % | 66.1 | % | 88.1 | % | 76.1 | % | |||||||||||||||||||||||
Underwriting expense ratio | 21.8 | % | 31.0 | % | 25.6 | % | 23.9 | % | 27.6 | % | 25.6 | % | |||||||||||||||||||||||
Combined ratio | 159.1 | % | 112.9 | % | 140.0 | % | 90.0 | % | 115.7 | % | 101.7 | % | |||||||||||||||||||||||
Nine months ended September 30, 2020 | Nine months ended September 30, 2019 | ||||||||||||||||||||||||||||||||||
Catastrophe | Other Property | Total | Catastrophe | Other Property | Total | ||||||||||||||||||||||||||||||
Gross premiums written | $ | 1,827,665 | $ | 863,162 | $ | 2,690,827 | $ | 1,550,648 | $ | 635,336 | $ | 2,185,984 | |||||||||||||||||||||||
Net premiums written | $ | 1,015,184 | $ | 742,243 | $ | 1,757,427 | $ | 859,408 | $ | 551,919 | $ | 1,411,327 | |||||||||||||||||||||||
Net premiums earned | $ | 769,119 | $ | 659,955 | $ | 1,429,074 | $ | 644,172 | $ | 515,918 | $ | 1,160,090 | |||||||||||||||||||||||
Net claims and claim expenses incurred | 436,415 | 463,445 | 899,860 | 183,273 | 357,944 | 541,217 | |||||||||||||||||||||||||||||
Acquisition expenses | 97,915 | 180,753 | 278,668 | 89,480 | 133,491 | 222,971 | |||||||||||||||||||||||||||||
Operational expenses | 89,675 | 19,660 | 109,335 | 80,131 | 19,415 | 99,546 | |||||||||||||||||||||||||||||
Underwriting income (loss) | $ | 145,114 | $ | (3,903) | $ | 141,211 | $ | 291,288 | $ | 5,068 | $ | 296,356 | |||||||||||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 510,153 | $ | 421,132 | $ | 931,285 | $ | 234,667 | $ | 301,530 | $ | 536,197 | |||||||||||||||||||||||
Net claims and claim expenses incurred - prior accident years | (73,738) | 42,313 | (31,425) | (51,394) | 56,414 | 5,020 | |||||||||||||||||||||||||||||
Net claims and claim expenses incurred - total | $ | 436,415 | $ | 463,445 | $ | 899,860 | $ | 183,273 | $ | 357,944 | $ | 541,217 | |||||||||||||||||||||||
Net claims and claim expense ratio - current accident year | 66.3 | % | 63.8 | % | 65.2 | % | 36.4 | % | 58.4 | % | 46.2 | % | |||||||||||||||||||||||
Net claims and claim expense ratio - prior accident years | (9.6) | % | 6.4 | % | (2.2) | % | (7.9) | % | 11.0 | % | 0.5 | % | |||||||||||||||||||||||
Net claims and claim expense ratio - calendar year | 56.7 | % | 70.2 | % | 63.0 | % | 28.5 | % | 69.4 | % | 46.7 | % | |||||||||||||||||||||||
Underwriting expense ratio | 24.4 | % | 30.4 | % | 27.1 | % | 26.3 | % | 29.6 | % | 27.8 | % | |||||||||||||||||||||||
Combined ratio | 81.1 | % | 100.6 | % | 90.1 | % | 54.8 | % | 99.0 | % | 74.5 | % |
7 |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||||||||
Gross Premiums Written | |||||||||||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | September 30, 2019 | September 30, 2020 | September 30, 2019 | |||||||||||||||||||||||||||||||||||
Property Segment | |||||||||||||||||||||||||||||||||||||||||
Catastrophe | $ | 179,689 | $ | 711,786 | $ | 936,190 | $ | 44,824 | $ | 102,779 | $ | 1,827,665 | $ | 1,550,648 | |||||||||||||||||||||||||||
Other property | 248,076 | 330,750 | 284,336 | 200,177 | 211,621 | 863,162 | 635,336 | ||||||||||||||||||||||||||||||||||
Property segment gross premiums written | $ | 427,765 | $ | 1,042,536 | $ | 1,220,526 | $ | 245,001 | $ | 314,400 | $ | 2,690,827 | $ | 2,185,984 | |||||||||||||||||||||||||||
Casualty and Specialty Segment | |||||||||||||||||||||||||||||||||||||||||
General casualty (1) | $ | 260,265 | $ | 206,666 | $ | 246,667 | $ | 197,338 | $ | 191,447 | $ | 713,598 | $ | 610,563 | |||||||||||||||||||||||||||
Professional liability (2) | 175,459 | 222,737 | 230,487 | 189,838 | 151,754 | 628,683 | 460,912 | ||||||||||||||||||||||||||||||||||
Financial lines (3) | 143,455 | 101,635 | 147,079 | 126,983 | 111,459 | 392,169 | 330,017 | ||||||||||||||||||||||||||||||||||
Other (4) | 136,114 | 128,298 | 180,962 | 146,319 | 92,008 | 445,374 | 314,795 | ||||||||||||||||||||||||||||||||||
Casualty and Specialty segment gross premiums written | $ | 715,293 | $ | 659,336 | $ | 805,195 | $ | 660,478 | $ | 546,668 | $ | 2,179,824 | $ | 1,716,287 |
(1) | Includes automobile liability, casualty clash, employer’s liability, umbrella or excess casualty, workers’ compensation and general liability. | ||||
(2) | Includes directors and officers, medical malpractice, and professional indemnity. | ||||
(3) | Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit. | ||||
(4) | Includes accident and health, agriculture, aviation, cyber, energy, marine, satellite and terrorism. Lines of business such as regional multi-line and whole account may have characteristics of various other classes of business, and are allocated accordingly. |
8 |
Underwriting and Reserves | |||||||||||||||||||||||
Reserves for Claims and Claim Expenses | |||||||||||||||||||||||
Case Reserves | Additional Case Reserves | IBNR | Total | ||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||
Property | $ | 1,037,526 | $ | 1,752,260 | $ | 1,238,478 | $ | 4,028,264 | |||||||||||||||
Casualty and Specialty | 1,625,554 | 123,001 | 4,123,464 | 5,872,019 | |||||||||||||||||||
Other | 332 | — | — | 332 | |||||||||||||||||||
Total | $ | 2,663,412 | $ | 1,875,261 | $ | 5,361,942 | $ | 9,900,615 | |||||||||||||||
June 30, 2020 | |||||||||||||||||||||||
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 | |||||||||||||||
March 31, 2020 | |||||||||||||||||||||||
Property | $ | 1,095,840 | $ | 1,707,754 | $ | 958,827 | $ | 3,762,421 | |||||||||||||||
Casualty and Specialty | 1,644,402 | 105,505 | 3,894,049 | 5,643,956 | |||||||||||||||||||
Other | 330 | — | — | 330 | |||||||||||||||||||
Total | $ | 2,740,572 | $ | 1,813,259 | $ | 4,852,876 | $ | 9,406,707 | |||||||||||||||
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 | |||||||||||||||
September 30, 2019 | |||||||||||||||||||||||
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 |
9 |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||
Paid to Incurred Analysis | |||||||||||||||||||||||||||||||||||
Three months ended September 30, 2020 | Three months ended September 30, 2019 | ||||||||||||||||||||||||||||||||||
Gross | Recoveries | Net | Gross | Recoveries | Net | ||||||||||||||||||||||||||||||
Reserve for claims and claim expenses, beginning of period | $ | 9,365,469 | $ | 2,774,358 | $ | 6,591,111 | $ | 8,484,848 | $ | 2,865,150 | $ | 5,619,698 | |||||||||||||||||||||||
Incurred claims and claim expenses | |||||||||||||||||||||||||||||||||||
Current year | 1,301,183 | 305,276 | 995,907 | 800,627 | 135,660 | 664,967 | |||||||||||||||||||||||||||||
Prior years | (109,051) | (55,174) | (53,877) | (85,913) | (75,466) | (10,447) | |||||||||||||||||||||||||||||
Total incurred claims and claim expenses | 1,192,132 | 250,102 | 942,030 | 714,714 | 60,194 | 654,520 | |||||||||||||||||||||||||||||
Paid claims and claim expenses | |||||||||||||||||||||||||||||||||||
Current year | 140,093 | 10,505 | 129,588 | 82,427 | 6,288 | 76,139 | |||||||||||||||||||||||||||||
Prior years | 397,448 | 112,350 | 285,098 | 472,148 | 479,170 | (7,022) | |||||||||||||||||||||||||||||
Total paid claims and claim expenses | 537,541 | 122,855 | 414,686 | 554,575 | 485,458 | 69,117 | |||||||||||||||||||||||||||||
Foreign exchange (1) | 39,381 | (14,149) | 53,530 | (42,550) | (1,587) | (40,963) | |||||||||||||||||||||||||||||
Amounts disposed of (2) | (158,826) | (3,648) | (155,178) | — | — | — | |||||||||||||||||||||||||||||
Reserve for claims and claim expenses, end of period | $ | 9,900,615 | $ | 2,883,808 | $ | 7,016,807 | $ | 8,602,437 | $ | 2,438,299 | $ | 6,164,138 | |||||||||||||||||||||||
Nine months ended September 30, 2020 | Nine months ended September 30, 2019 | ||||||||||||||||||||||||||||||||||
Gross | Recoveries | Net | Gross | Recoveries | Net | ||||||||||||||||||||||||||||||
Reserve for claims and claim expenses, beginning of period | $ | 9,384,349 | $ | 2,791,297 | $ | 6,593,052 | $ | 6,076,271 | $ | 2,372,221 | $ | 3,704,050 | |||||||||||||||||||||||
Incurred claims and claim expenses | |||||||||||||||||||||||||||||||||||
Current year | 2,742,093 | 663,454 | 2,078,639 | 1,627,026 | 277,578 | 1,349,448 | |||||||||||||||||||||||||||||
Prior years | (155,020) | (99,637) | (55,383) | 177,863 | 192,383 | (14,520) | |||||||||||||||||||||||||||||
Total incurred claims and claim expenses | 2,587,073 | 563,817 | 2,023,256 | 1,804,889 | 469,961 | 1,334,928 | |||||||||||||||||||||||||||||
Paid claims and claim expenses | |||||||||||||||||||||||||||||||||||
Current year | 206,585 | 15,372 | 191,213 | 138,368 | 9,897 | 128,471 | |||||||||||||||||||||||||||||
Prior years | 1,734,473 | 441,459 | 1,293,014 | 1,484,390 | 920,851 | 563,539 | |||||||||||||||||||||||||||||
Total paid claims and claim expenses | 1,941,058 | 456,831 | 1,484,227 | 1,622,758 | 930,748 | 692,010 | |||||||||||||||||||||||||||||
Foreign exchange (1) | 29,077 | (10,827) | 39,904 | (44,175) | (2,570) | (41,605) | |||||||||||||||||||||||||||||
Amounts disposed of (2) | (158,826) | (3,648) | (155,178) | — | — | — | |||||||||||||||||||||||||||||
Amounts acquired (3) | — | — | — | 2,388,210 | 529,435 | 1,858,775 | |||||||||||||||||||||||||||||
Reserve for claims and claim expenses, end of period | $ | 9,900,615 | $ | 2,883,808 | $ | 7,016,807 | $ | 8,602,437 | $ | 2,438,299 | $ | 6,164,138 |
10 |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | September 30, 2019 | September 30, 2020 | September 30, 2019 | |||||||||||||||||||||||||||||||||||
Management fee income | |||||||||||||||||||||||||||||||||||||||||
Joint ventures | $ | 13,070 | $ | 12,190 | $ | 11,781 | $ | 11,858 | $ | 11,434 | $ | 37,041 | $ | 30,688 | |||||||||||||||||||||||||||
Structured reinsurance products and other | 8,785 | 8,739 | 8,597 | 8,252 | 8,765 | 26,121 | 26,986 | ||||||||||||||||||||||||||||||||||
Managed funds | 8,610 | 6,508 | 6,418 | 3,814 | 4,558 | 21,536 | 14,822 | ||||||||||||||||||||||||||||||||||
Total management fee income | 30,465 | 27,437 | 26,796 | 23,924 | 24,757 | 84,698 | 72,496 | ||||||||||||||||||||||||||||||||||
Performance fee income (loss) | |||||||||||||||||||||||||||||||||||||||||
Joint ventures | (1,842) | 6,165 | 7,828 | (3,374) | 5,278 | 12,151 | 13,034 | ||||||||||||||||||||||||||||||||||
Structured reinsurance products and other | (10,414) | 7,994 | 8,375 | (5,314) | 275 | 5,955 | 13,007 | ||||||||||||||||||||||||||||||||||
Managed funds | 175 | 3,914 | 2,363 | (2,036) | 1,688 | 6,452 | 2,456 | ||||||||||||||||||||||||||||||||||
Total performance fee income (loss) (1) | (12,081) | 18,073 | 18,566 | (10,724) | 7,241 | 24,558 | 28,497 | ||||||||||||||||||||||||||||||||||
Total fee income | $ | 18,384 | $ | 45,510 | $ | 45,362 | $ | 13,200 | $ | 31,998 | $ | 109,256 | $ | 100,993 |
11 |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | September 30, 2019 | September 30, 2020 | September 30, 2019 | |||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interest - DaVinciRe | $ | 26,616 | $ | (88,374) | $ | (84,906) | $ | 25,862 | $ | (30,558) | $ | (146,664) | $ | (152,946) | |||||||||||||||||||||||||||
Redeemable noncontrolling interest - Medici | (33,963) | (13,151) | 4,678 | (6,363) | (15,211) | (42,436) | (19,396) | ||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interest - Vermeer | (11,954) | (17,203) | (17,863) | (16,877) | (16,288) | (47,020) | (31,749) | ||||||||||||||||||||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests (1) | $ | (19,301) | $ | (118,728) | $ | (98,091) | $ | 2,622 | $ | (62,057) | $ | (236,120) | $ | (204,091) |
September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | September 30, 2019 | |||||||||||||||||||||||||
Redeemable noncontrolling interest - DaVinciRe | $ | 1,594,683 | $ | 1,621,300 | $ | 1,533,085 | $ | 1,435,581 | $ | 1,462,677 | |||||||||||||||||||
Redeemable noncontrolling interest - Medici | 696,999 | 682,118 | 677,283 | 632,112 | 534,618 | ||||||||||||||||||||||||
Redeemable noncontrolling interest - Vermeer | 1,095,635 | 1,083,681 | 1,021,478 | 1,003,615 | 781,738 | ||||||||||||||||||||||||
Redeemable noncontrolling interests | $ | 3,387,317 | $ | 3,387,099 | $ | 3,231,846 | $ | 3,071,308 | $ | 2,779,033 |
September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | September 30, 2019 | |||||||||||||||||||||||||
DaVinciRe | 78.6 | % | 78.6 | % | 78.6 | % | 78.1 | % | 78.1 | % | |||||||||||||||||||
Medici | 88.5 | % | 88.6 | % | 88.8 | % | 87.9 | % | 86.3 | % | |||||||||||||||||||
Vermeer | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
12 |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||||||||||||||||||||
DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations | |||||||||||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | September 30, 2019 | September 30, 2020 | September 30, 2019 | |||||||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||||||||
Gross premiums written | $ | 77,866 | $ | 222,306 | $ | 255,640 | $ | 15,566 | $ | 32,986 | $ | 555,812 | $ | 425,152 | |||||||||||||||||||||||||||
Net premiums written | $ | 78,025 | $ | 177,116 | $ | 241,641 | $ | 15,210 | $ | 30,605 | $ | 496,782 | $ | 363,918 | |||||||||||||||||||||||||||
Decrease (increase) in unearned premiums | 62,486 | (58,172) | (135,933) | 90,674 | 63,671 | (131,619) | (104,692) | ||||||||||||||||||||||||||||||||||
Net premiums earned | 140,511 | 118,944 | 105,708 | 105,884 | 94,276 | 365,163 | 259,226 | ||||||||||||||||||||||||||||||||||
Net investment income | 9,339 | 11,557 | 15,087 | 13,506 | 13,813 | 35,983 | 40,233 | ||||||||||||||||||||||||||||||||||
Net foreign exchange (losses) gains | (511) | 8 | (1,180) | (399) | (174) | (1,683) | (1,366) | ||||||||||||||||||||||||||||||||||
Other income | — | — | — | — | — | — | 344 | ||||||||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 5,439 | 34,674 | 18,529 | (1,307) | 6,493 | 58,642 | 49,842 | ||||||||||||||||||||||||||||||||||
Total revenues | 154,778 | 165,183 | 138,144 | 117,684 | 114,408 | 458,105 | 348,279 | ||||||||||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||||||||||||
Net claims and claim expenses incurred | 171,271 | 9,829 | (13,726) | 135,397 | 45,325 | 167,374 | 59,974 | ||||||||||||||||||||||||||||||||||
Acquisition expenses | 2,384 | 29,208 | 30,112 | 1,313 | 15,762 | 61,704 | 53,939 | ||||||||||||||||||||||||||||||||||
Operational and corporate expenses | 13,123 | 11,862 | 11,889 | 12,238 | 12,139 | 36,874 | 32,566 | ||||||||||||||||||||||||||||||||||
Interest expense | 1,859 | 1,859 | 1,858 | 1,859 | 1,859 | 5,576 | 5,575 | ||||||||||||||||||||||||||||||||||
Total expenses | 188,637 | 52,758 | 30,133 | 150,807 | 75,085 | 271,528 | 152,054 | ||||||||||||||||||||||||||||||||||
(Loss) income before taxes | (33,859) | 112,425 | 108,011 | (33,123) | 39,323 | 186,577 | 196,225 | ||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | — | (2) | 2 | (6) | (177) | — | (76) | ||||||||||||||||||||||||||||||||||
Net (loss) income (attributable) available to DaVinciRe common shareholders | $ | (33,859) | $ | 112,423 | $ | 108,013 | $ | (33,129) | $ | 39,146 | $ | 186,577 | $ | 196,149 | |||||||||||||||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 196,188 | $ | 14,728 | $ | 4,967 | $ | 113,743 | $ | 80,022 | $ | 215,883 | $ | 95,945 | |||||||||||||||||||||||||||
Net claims and claim expenses incurred - prior accident years | (24,917) | (4,899) | (18,693) | 21,654 | (34,697) | (48,509) | (35,971) | ||||||||||||||||||||||||||||||||||
Net claims and claim expenses incurred - total | $ | 171,271 | $ | 9,829 | $ | (13,726) | $ | 135,397 | $ | 45,325 | $ | 167,374 | $ | 59,974 | |||||||||||||||||||||||||||
Net claims and claim expense ratio - current accident year | 139.6 | % | 12.4 | % | 4.7 | % | 107.4 | % | 84.9 | % | 59.1 | % | 37.0 | % | |||||||||||||||||||||||||||
Net claims and claim expense ratio - prior accident years | (17.7) | % | (4.1) | % | (17.7) | % | 20.5 | % | (36.8) | % | (13.3) | % | (13.9) | % | |||||||||||||||||||||||||||
Net claims and claim expense ratio - calendar year | 121.9 | % | 8.3 | % | (13.0) | % | 127.9 | % | 48.1 | % | 45.8 | % | 23.1 | % | |||||||||||||||||||||||||||
Underwriting expense ratio | 11.0 | % | 34.5 | % | 39.7 | % | 12.8 | % | 29.6 | % | 27.0 | % | 33.4 | % | |||||||||||||||||||||||||||
Combined ratio | 132.9 | % | 42.8 | % | 26.7 | % | 140.7 | % | 77.7 | % | 72.8 | % | 56.5 | % |
13 |
RenaissanceRe Holdings Ltd. | |||||||||||||||||||||||||||||||||||||||||
Investments | |||||||||||||||||||||||||||||||||||||||||
Total Investment Result | |||||||||||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | September 30, 2019 | September 30, 2020 | September 30, 2019 | |||||||||||||||||||||||||||||||||||
Fixed maturity investments trading | $ | 68,022 | $ | 69,943 | $ | 73,338 | $ | 85,937 | $ | 82,977 | $ | 211,303 | $ | 232,566 | |||||||||||||||||||||||||||
Short term investments | 1,611 | 6,049 | 12,092 | 11,552 | 15,061 | 19,752 | 44,712 | ||||||||||||||||||||||||||||||||||
Equity investments trading | 1,559 | 1,666 | 1,551 | 1,539 | 1,326 | 4,776 | 3,269 | ||||||||||||||||||||||||||||||||||
Other investments | |||||||||||||||||||||||||||||||||||||||||
Catastrophe bonds | 13,626 | 13,519 | 14,139 | 12,870 | 12,812 | 41,284 | 33,284 | ||||||||||||||||||||||||||||||||||
Other | 2,598 | 1,107 | 1,629 | 2,221 | 2,672 | 5,334 | 6,226 | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 441 | 837 | 1,504 | 1,875 | 1,978 | 2,782 | 5,801 | ||||||||||||||||||||||||||||||||||
87,857 | 93,121 | 104,253 | 115,994 | 116,826 | 285,231 | 325,858 | |||||||||||||||||||||||||||||||||||
Investment expenses | (4,314) | (3,816) | (4,780) | (3,856) | (5,439) | (12,910) | (13,789) | ||||||||||||||||||||||||||||||||||
Net investment income | 83,543 | 89,305 | 99,473 | 112,138 | 111,387 | 272,321 | 312,069 | ||||||||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on: | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity investments trading (1) | 78,348 | 322,711 | 101,221 | (48,146) | 57,502 | 502,280 | 346,123 | ||||||||||||||||||||||||||||||||||
Equity investments trading (1) | 119,622 | 113,506 | (151,882) | 66,043 | (25,564) | 81,246 | 50,463 | ||||||||||||||||||||||||||||||||||
Other investments | |||||||||||||||||||||||||||||||||||||||||
Catastrophe bonds | 12,611 | 4,452 | (14,352) | (4,522) | 9,242 | 2,711 | (4,870) | ||||||||||||||||||||||||||||||||||
Other | 13,627 | 7,721 | (45,694) | 5,079 | (6,785) | (24,346) | 3,939 | ||||||||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 224,208 | 448,390 | (110,707) | 18,454 | 34,395 | 561,891 | 395,655 | ||||||||||||||||||||||||||||||||||
Total investment result | $ | 307,751 | $ | 537,695 | $ | (11,234) | $ | 130,592 | $ | 145,782 | $ | 834,212 | $ | 707,724 | |||||||||||||||||||||||||||
Total investment return - annualized | 6.2 | % | 11.8 | % | (0.1) | % | 3.1 | % | 3.6 | % | 5.8 | % | 6.0 | % | |||||||||||||||||||||||||||
14 |
Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Portfolio - Composition | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Type of Investment | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | September 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasuries | $ | 4,350,971 | 21.4 | % | $ | 4,258,675 | 21.6 | % | $ | 3,915,130 | 22.0 | % | $ | 4,467,345 | 25.7 | % | $ | 4,314,006 | 25.4 | % | |||||||||||||||||||||||||||||||||||||||
Agencies | 437,681 | 2.1 | % | 505,038 | 2.6 | % | 537,490 | 3.1 | % | 343,031 | 1.9 | % | 507,903 | 3.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Municipal | — | — | % | — | — | % | — | — | % | — | — | % | 1,629 | — | % | ||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government | 568,960 | 2.8 | % | 584,206 | 3.0 | % | 635,282 | 3.6 | % | 497,392 | 2.9 | % | 379,154 | 2.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government-backed corporate | 401,449 | 2.0 | % | 314,833 | 1.6 | % | 283,577 | 1.6 | % | 321,356 | 1.9 | % | 263,170 | 1.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Corporate | 4,655,765 | 22.9 | % | 4,428,553 | 22.5 | % | 3,259,780 | 18.3 | % | 3,075,660 | 17.7 | % | 3,453,222 | 20.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Agency mortgage-backed | 1,086,474 | 5.3 | % | 985,851 | 5.0 | % | 1,056,272 | 5.9 | % | 1,148,499 | 6.6 | % | 1,248,722 | 7.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Non-agency mortgage-backed | 293,953 | 1.4 | % | 276,300 | 1.4 | % | 275,026 | 1.6 | % | 294,604 | 1.7 | % | 261,850 | 1.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 788,995 | 3.9 | % | 591,238 | 3.0 | % | 540,502 | 3.0 | % | 468,698 | 2.7 | % | 406,268 | 2.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Asset-backed | 807,070 | 4.0 | % | 550,441 | 2.8 | % | 542,742 | 3.1 | % | 555,070 | 3.2 | % | 550,304 | 3.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments, at fair value | 13,391,318 | 65.8 | % | 12,495,135 | 63.5 | % | 11,045,801 | 62.2 | % | 11,171,655 | 64.3 | % | 11,386,228 | 67.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Short term investments, at fair value | 5,158,961 | 25.4 | % | 5,570,804 | 28.2 | % | 5,263,242 | 29.4 | % | 4,566,277 | 26.3 | % | 4,116,156 | 24.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total consolidated fixed maturity and short term investments, at fair value | 18,550,279 | 91.2 | % | 18,065,939 | 91.7 | % | 16,309,043 | 91.6 | % | 15,737,932 | 90.6 | % | 15,502,384 | 91.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Equity investments trading, at fair value | 547,381 | 2.7 | % | 470,087 | 2.4 | % | 360,444 | 2.0 | % | 436,931 | 2.5 | % | 379,422 | 2.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Other investments, at fair value | 1,122,683 | 5.5 | % | 1,093,338 | 5.5 | % | 1,058,714 | 5.9 | % | 1,087,377 | 6.3 | % | 962,109 | 5.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total managed investment portfolio | 20,220,343 | 99.4 | % | 19,629,364 | 99.6 | % | 17,728,201 | 99.5 | % | 17,262,240 | 99.4 | % | 16,843,915 | 99.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Investments in other ventures, under equity method | 98,990 | 0.6 | % | 94,285 | 0.4 | % | 90,396 | 0.5 | % | 106,549 | 0.6 | % | 103,978 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total investments | $ | 20,319,333 | 100.0 | % | $ | 19,723,649 | 100.0 | % | $ | 17,818,597 | 100.0 | % | $ | 17,368,789 | 100.0 | % | $ | 16,947,893 | 100.0 | % | |||||||||||||||||||||||||||||||||||||||
15 |
Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Portfolio - Fixed Maturity Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Quality of Fixed Maturity Investments | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | September 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
AAA | $ | 1,972,894 | 14.7 | % | $ | 1,392,417 | 11.1 | % | $ | 1,590,824 | 14.4 | % | $ | 1,338,265 | 12.0 | % | $ | 1,215,518 | 10.7 | % | |||||||||||||||||||||||||||||||||||||||
AA | 6,721,098 | 50.2 | % | 6,670,927 | 53.4 | % | 6,212,689 | 56.3 | % | 6,677,219 | 59.8 | % | 6,699,860 | 58.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
A | 1,777,861 | 13.3 | % | 1,864,066 | 14.9 | % | 1,491,504 | 13.5 | % | 1,453,212 | 13.0 | % | 1,671,934 | 14.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
BBB | 1,648,049 | 12.3 | % | 1,433,297 | 11.5 | % | 915,375 | 8.3 | % | 874,730 | 7.8 | % | 967,928 | 8.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Non-investment grade and not rated | 1,271,416 | 9.5 | % | 1,134,428 | 9.1 | % | 835,409 | 7.5 | % | 828,229 | 7.4 | % | 830,988 | 7.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments, at fair value | $ | 13,391,318 | 100.0 | % | $ | 12,495,135 | 100.0 | % | $ | 11,045,801 | 100.0 | % | $ | 11,171,655 | 100.0 | % | $ | 11,386,228 | 100.0 | % | |||||||||||||||||||||||||||||||||||||||
Maturity Profile of Fixed Maturity Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Due in less than one year | $ | 621,610 | 4.6 | % | $ | 638,686 | 5.1 | % | $ | 723,397 | 6.5 | % | $ | 544,636 | 4.9 | % | $ | 603,806 | 5.3 | % | |||||||||||||||||||||||||||||||||||||||
Due after one through five years | 5,749,128 | 43.0 | % | 5,513,103 | 44.1 | % | 5,039,456 | 45.7 | % | 5,522,769 | 49.4 | % | 5,893,946 | 51.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Due after five through ten years | 3,374,898 | 25.2 | % | 3,312,749 | 26.6 | % | 2,612,031 | 23.7 | % | 2,420,602 | 21.7 | % | 2,232,264 | 19.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Due after ten years | 669,190 | 5.0 | % | 626,768 | 5.0 | % | 256,375 | 2.3 | % | 216,777 | 1.9 | % | 189,068 | 1.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 2,169,422 | 16.2 | % | 1,853,388 | 14.8 | % | 1,871,800 | 16.9 | % | 1,911,801 | 17.1 | % | 1,916,840 | 16.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | 807,070 | 6.0 | % | 550,441 | 4.4 | % | 542,742 | 4.9 | % | 555,070 | 5.0 | % | 550,304 | 4.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments, at fair value | $ | 13,391,318 | 100.0 | % | $ | 12,495,135 | 100.0 | % | $ | 11,045,801 | 100.0 | % | $ | 11,171,655 | 100.0 | % | $ | 11,386,228 | 100.0 | % |
16 |
Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Portfolio - Weighted Average Yield to Maturity and Credit Rating | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Rating (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | Amortized Cost | Fair Value | Weighted Average Yield to Maturity | AAA | AA | A | BBB | Non- Investment Grade | Not Rated | ||||||||||||||||||||||||||||||||||||||||||||
Short term investments | $ | 5,158,961 | $ | 5,158,961 | 0.1 | % | $ | 4,975,689 | $ | 175,067 | $ | 1,829 | $ | 2,312 | $ | 3,921 | $ | 143 | |||||||||||||||||||||||||||||||||||
100.0 | % | 96.5 | % | 3.4 | % | — | % | — | % | 0.1 | % | — | % | ||||||||||||||||||||||||||||||||||||||||
Fixed maturity investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasuries | 4,223,245 | 4,350,971 | 0.3 | % | — | 4,350,971 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Agencies | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fannie Mae and Freddie Mac | 270,662 | 270,612 | 0.7 | % | — | 270,612 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Other agencies | 163,218 | 167,069 | 0.9 | % | — | 167,069 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Total agencies | 433,880 | 437,681 | 0.8 | % | — | 437,681 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government | 558,934 | 568,960 | 0.7 | % | 394,217 | 132,346 | 32,059 | 8,547 | 1,654 | 137 | |||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government-backed corporate | 397,261 | 401,449 | 0.9 | % | 175,120 | 198,442 | 14,273 | 8,011 | 5,603 | — | |||||||||||||||||||||||||||||||||||||||||||
Corporate | 4,524,338 | 4,655,765 | 2.4 | % | 63,975 | 264,707 | 1,701,827 | 1,565,845 | 1,032,329 | 27,082 | |||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency securities | 1,068,638 | 1,086,474 | 1.0 | % | — | 1,086,474 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Non-agency securities - Alt A | 231,387 | 232,570 | 3.5 | % | 53,921 | 5,457 | 494 | 6,537 | 130,333 | 35,828 | |||||||||||||||||||||||||||||||||||||||||||
Non-agency securities - Prime | 60,742 | 61,383 | 2.3 | % | 26,857 | 2,611 | 2,306 | 1,194 | 16,302 | 12,113 | |||||||||||||||||||||||||||||||||||||||||||
Total residential mortgage-backed | 1,360,767 | 1,380,427 | 1.5 | % | 80,778 | 1,094,542 | 2,800 | 7,731 | 146,635 | 47,941 | |||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 763,794 | 788,995 | 1.6 | % | 632,054 | 127,947 | 4,636 | 20,808 | 1,511 | 2,039 | |||||||||||||||||||||||||||||||||||||||||||
Total mortgage-backed | 2,124,561 | 2,169,422 | 1.5 | % | 712,832 | 1,222,489 | 7,436 | 28,539 | 148,146 | 49,980 | |||||||||||||||||||||||||||||||||||||||||||
Asset-backed | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized loan obligations | 727,849 | 725,130 | 2.1 | % | 550,235 | 111,642 | 20,379 | 36,389 | 6,485 | — | |||||||||||||||||||||||||||||||||||||||||||
Other | 80,689 | 81,940 | 0.8 | % | 76,515 | 2,820 | 1,887 | 718 | — | — | |||||||||||||||||||||||||||||||||||||||||||
Total asset-backed | 808,538 | 807,070 | 2.0 | % | 626,750 | 114,462 | 22,266 | 37,107 | 6,485 | — | |||||||||||||||||||||||||||||||||||||||||||
Total securitized assets | 2,933,099 | 2,976,492 | 1.7 | % | 1,339,582 | 1,336,951 | 29,702 | 65,646 | 154,631 | 49,980 | |||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments | 13,070,757 | 13,391,318 | 1.4 | % | 1,972,894 | 6,721,098 | 1,777,861 | 1,648,049 | 1,194,217 | 77,199 | |||||||||||||||||||||||||||||||||||||||||||
100.0 | % | 14.7 | % | 50.2 | % | 13.3 | % | 12.3 | % | 8.9 | % | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||
Total consolidated fixed maturity and short term investments, at fair value | $ | 18,229,718 | $ | 18,550,279 | 1.0 | % | $ | 6,948,583 | $ | 6,896,165 | $ | 1,779,690 | $ | 1,650,361 | $ | 1,198,138 | $ | 77,342 | |||||||||||||||||||||||||||||||||||
100.0 | % | 37.4 | % | 37.2 | % | 9.6 | % | 8.9 | % | 6.5 | % | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||
17 |
Investments | ||
Retained Investment Information |
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | September 30, 2019 | September 30, 2020 | September 30, 2019 | |||||||||||||||||||||||||||||||||||
Total investment result | |||||||||||||||||||||||||||||||||||||||||
Net investment income | $ | 83,543 | $ | 89,305 | $ | 99,473 | $ | 112,138 | $ | 111,387 | $ | 272,321 | $ | 312,069 | |||||||||||||||||||||||||||
Net realized and unrealized (losses) gains on investments | 224,208 | 448,390 | (110,707) | 18,454 | 34,395 | 561,891 | 395,655 | ||||||||||||||||||||||||||||||||||
Total investment result | $ | 307,751 | $ | 537,695 | $ | (11,234) | $ | 130,592 | $ | 145,782 | $ | 834,212 | $ | 707,724 | |||||||||||||||||||||||||||
Retained total investment result (1) | |||||||||||||||||||||||||||||||||||||||||
Retained net investment income | $ | 64,971 | $ | 67,189 | $ | 72,603 | $ | 87,739 | $ | 86,408 | $ | 204,763 | $ | 243,250 | |||||||||||||||||||||||||||
Retained net realized and unrealized (losses) gains on investments | 201,699 | 418,046 | (113,261) | 21,751 | 21,764 | 506,484 | 359,449 | ||||||||||||||||||||||||||||||||||
Retained total investment result | $ | 266,670 | $ | 485,235 | $ | (40,658) | $ | 109,490 | $ | 108,172 | $ | 711,247 | $ | 602,699 |
September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | September 30, 2019 | |||||||||||||||||||||||||
Managed fixed maturity and short term investments portfolio (1) | |||||||||||||||||||||||||||||
Total consolidated fixed maturity and short term investments, at fair value | $ | 18,550,279 | $ | 18,065,939 | $ | 16,309,043 | $ | 15,737,932 | $ | 15,502,384 | |||||||||||||||||||
Weighted average yield to maturity of fixed maturity and short term investments | 1.0 | % | 1.1 | % | 1.5 | % | 2.1 | % | 2.2 | % | |||||||||||||||||||
Average duration of fixed maturities and short term investments, in years | 2.9 | 2.9 | 2.8 | 2.9 | 2.8 | ||||||||||||||||||||||||
Retained fixed maturity and short term investments portfolio (2) | |||||||||||||||||||||||||||||
Retained fixed maturity and short term investments, at fair value | $ | 13,046,376 | $ | 12,703,423 | $ | 11,124,214 | $ | 11,154,174 | $ | 11,075,699 | |||||||||||||||||||
Weighted average yield to maturity of retained fixed maturity and short term investments | 1.3 | % | 1.4 | % | 1.9 | % | 2.2 | % | 2.3 | % | |||||||||||||||||||
Average duration of retained fixed maturities and short term investments, in years | 3.7 | 3.7 | 3.5 | 3.6 | 3.5 |
18 |
Other Items | |||||||||||||||||||||||||||||
Earnings per Share | |||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
(common shares in thousands) | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | September 30, 2019 | ||||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 47,799 | $ | 575,845 | $ | (81,974) | $ | 33,773 | $ | 36,698 | |||||||||||||||||||
Amount allocated to participating common shareholders (1) | (582) | (7,593) | (146) | (409) | (446) | ||||||||||||||||||||||||
$ | 47,217 | $ | 568,252 | $ | (82,120) | $ | 33,364 | $ | 36,252 | ||||||||||||||||||||
Denominator: | |||||||||||||||||||||||||||||
Denominator for basic income (loss) per RenaissanceRe common share - | |||||||||||||||||||||||||||||
Weighted average common shares | 50,009 | 44,939 | 43,441 | 43,467 | 43,462 | ||||||||||||||||||||||||
Per common share equivalents of employee stock options and non-vested shares | 85 | 64 | — | 85 | 75 | ||||||||||||||||||||||||
Denominator for diluted (loss) income per RenaissanceRe common share - | |||||||||||||||||||||||||||||
Adjusted weighted average common shares and assumed conversions | 50,094 | 45,003 | 43,441 | 43,552 | 43,537 | ||||||||||||||||||||||||
Basic income (loss) per RenaissanceRe common share | $ | 0.94 | $ | 12.64 | $ | (1.89) | $ | 0.77 | $ | 0.83 | |||||||||||||||||||
Diluted income (loss) per RenaissanceRe common share | $ | 0.94 | $ | 12.63 | $ | (1.89) | $ | 0.77 | $ | 0.83 | |||||||||||||||||||
Nine months ended | |||||||||||||||||||||||||||||
(common shares in thousands) | September 30, 2020 | September 30, 2019 | |||||||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||||||||
Net income available to RenaissanceRe common shareholders | $ | 541,670 | $ | 678,269 | |||||||||||||||||||||||||
Amount allocated to participating common shareholders (1) | (6,677) | (8,074) | |||||||||||||||||||||||||||
$ | 534,993 | $ | 670,195 | ||||||||||||||||||||||||||
Denominator: | |||||||||||||||||||||||||||||
Denominator for basic income per RenaissanceRe common share - | |||||||||||||||||||||||||||||
Weighted average common shares | 46,130 | 43,003 | |||||||||||||||||||||||||||
Per common share equivalents of employee stock options and non-vested shares | 70 | 46 | |||||||||||||||||||||||||||
Denominator for diluted income per RenaissanceRe common share - | |||||||||||||||||||||||||||||
Adjusted weighted average common shares and assumed conversions | 46,200 | 43,049 | |||||||||||||||||||||||||||
Basic income per RenaissanceRe common share | $ | 11.60 | $ | 15.58 | |||||||||||||||||||||||||
Diluted income per RenaissanceRe common share | $ | 11.58 | $ | 15.57 |
19 |
Comments on Regulation G |
20 |
Comments on Regulation G |
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | September 30, 2019 | September 30, 2020 | September 30, 2019 | |||||||||||||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 47,799 | $ | 575,845 | $ | (81,974) | $ | 33,773 | $ | 36,698 | $ | 541,670 | $ | 678,269 | |||||||||||||||||||||||||||
Adjustment for net realized and unrealized (gains) losses on investments, excluding other investments - catastrophe bonds | (211,597) | (443,938) | 96,355 | (22,976) | (25,153) | (559,180) | (400,525) | ||||||||||||||||||||||||||||||||||
Adjustment for net foreign exchange (gains) losses | (17,426) | 7,195 | 5,728 | 1,126 | 8,275 | (4,503) | 1,812 | ||||||||||||||||||||||||||||||||||
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK (1) | 33,916 | 2,279 | 4,423 | 5,700 | 4,022 | 40,618 | 44,025 | ||||||||||||||||||||||||||||||||||
Adjustment for income tax expense (benefit) (2) | 5,058 | 21,223 | (4,141) | (3,707) | 5,298 | 22,140 | 24,074 | ||||||||||||||||||||||||||||||||||
Adjustment for net income (loss) attributable to redeemable noncontrolling interests (3) | 10,526 | 27,472 | 13,019 | (1,293) | 3,541 | 51,017 | 37,473 | ||||||||||||||||||||||||||||||||||
Operating (loss) income (attributable) available to RenaissanceRe common shareholders | $ | (131,724) | $ | 190,076 | $ | 33,410 | $ | 12,623 | $ | 32,681 | $ | 91,762 | $ | 385,128 | |||||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 0.94 | $ | 12.63 | $ | (1.89) | $ | 0.77 | $ | 0.83 | $ | 11.58 | $ | 15.57 | |||||||||||||||||||||||||||
Adjustment for net realized and unrealized (gains) losses on investments, excluding other investments - catastrophe bonds | (4.22) | (9.86) | 2.22 | (0.53) | (0.58) | (12.10) | (9.30) | ||||||||||||||||||||||||||||||||||
Adjustment for net foreign exchange (gains) losses | (0.35) | 0.16 | 0.13 | 0.03 | 0.19 | (0.10) | 0.04 | ||||||||||||||||||||||||||||||||||
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK (1) | 0.68 | 0.05 | 0.10 | 0.13 | 0.09 | 0.88 | 1.02 | ||||||||||||||||||||||||||||||||||
Adjustment for income tax expense (benefit) (2) | 0.10 | 0.47 | (0.10) | (0.09) | 0.12 | 0.48 | 0.56 | ||||||||||||||||||||||||||||||||||
Adjustment for net income (loss) attributable to redeemable noncontrolling interests (3) | 0.21 | 0.61 | 0.30 | (0.03) | 0.08 | 1.10 | 0.87 | ||||||||||||||||||||||||||||||||||
Operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted | $ | (2.64) | $ | 4.06 | $ | 0.76 | $ | 0.28 | $ | 0.73 | $ | 1.84 | $ | 8.76 | |||||||||||||||||||||||||||
Return on average common equity - annualized | 2.8 | % | 38.5 | % | (6.3) | % | 2.5 | % | 2.8 | % | 12.0 | % | 18.2 | % | |||||||||||||||||||||||||||
Adjustment for net realized and unrealized (gains) losses on investments, excluding other investments - catastrophe bonds | (12.4) | % | (29.7) | % | 7.5 | % | (1.7) | % | (1.9) | % | (12.4) | % | (10.8) | % | |||||||||||||||||||||||||||
Adjustment for net foreign exchange (gains) losses | (1.0) | % | 0.5 | % | 0.4 | % | 0.1 | % | 0.6 | % | (0.1) | % | — | % | |||||||||||||||||||||||||||
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK (1) | 2.0 | % | 0.2 | % | 0.3 | % | 0.4 | % | 0.3 | % | 0.9 | % | 1.2 | % | |||||||||||||||||||||||||||
Adjustment for income tax expense (benefit) (2) | 0.3 | % | 1.4 | % | (0.3) | % | (0.3) | % | 0.4 | % | 0.5 | % | 0.6 | % | |||||||||||||||||||||||||||
Adjustment for net income (loss) attributable to redeemable noncontrolling interests (3) | 0.6 | % | 1.8 | % | 1.0 | % | (0.1) | % | 0.3 | % | 1.1 | % | 1.0 | % | |||||||||||||||||||||||||||
Operating return on average common equity - annualized | (7.7) | % | 12.7 | % | 2.6 | % | 0.9 | % | 2.5 | % | 2.0 | % | 10.2 | % |
21 |
Comments on Regulation G |
September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | September 30, 2019 | |||||||||||||||||||||||||
Book value per common share | $ | 135.13 | $ | 134.27 | $ | 117.15 | $ | 120.53 | $ | 120.07 | |||||||||||||||||||
Adjustment for goodwill and other intangibles (1) | (5.53) | (5.56) | (6.46) | (6.50) | (6.55) | ||||||||||||||||||||||||
Tangible book value per common share | 129.60 | 128.71 | 110.69 | 114.03 | 113.52 | ||||||||||||||||||||||||
Adjustment for accumulated dividends | 21.73 | 21.38 | 21.03 | 20.68 | 20.34 | ||||||||||||||||||||||||
Tangible book value per common share plus accumulated dividends | $ | 151.33 | $ | 150.09 | $ | 131.72 | $ | 134.71 | $ | 133.86 | |||||||||||||||||||
Quarterly change in book value per common share | 0.6 | % | 14.6 | % | (2.8) | % | 0.4 | % | 0.8 | % | |||||||||||||||||||
Quarterly change in tangible book value per common share plus change in accumulated dividends | 1.0 | % | 16.6 | % | (2.6) | % | 0.7 | % | 1.1 | % | |||||||||||||||||||
Year to date change in book value per common share | 12.1 | % | 11.4 | % | (2.8) | % | 15.7 | % | 15.3 | % | |||||||||||||||||||
Year to date change in tangible book value per common share plus change in accumulated dividends | 14.6 | % | 13.5 | % | (2.6) | % | 17.9 | % | 17.1 | % |
22 |
Comments on Regulation G |
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | September 30, 2019 | September 30, 2020 | September 30, 2019 | |||||||||||||||||||||||||||||||||||
Net investment income | $ | 83,543 | $ | 89,305 | $ | 99,473 | 112,138 | $ | 111,387 | $ | 272,321 | $ | 312,069 | ||||||||||||||||||||||||||||
Adjustment for net investment income attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures | (18,572) | (22,116) | (26,870) | $ | (24,399) | (24,979) | (67,558) | (68,819) | |||||||||||||||||||||||||||||||||
Retained net investment income | 64,971 | 67,189 | 72,603 | 87,739 | 86,408 | 204,763 | 243,250 | ||||||||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 224,208 | 448,390 | (110,707) | 18,454 | 34,395 | 561,891 | 395,655 | ||||||||||||||||||||||||||||||||||
Adjustment for net realized and unrealized losses (gains) on investments attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures | (22,509) | (30,344) | (2,554) | 3,297 | (12,631) | (55,407) | (36,206) | ||||||||||||||||||||||||||||||||||
Retained net realized and unrealized gains (losses) on investments | 201,699 | 418,046 | (113,261) | 21,751 | 21,764 | 506,484 | 359,449 | ||||||||||||||||||||||||||||||||||
Total investment result | 307,751 | 537,695 | (11,234) | 130,592 | 145,782 | 834,212 | 707,724 | ||||||||||||||||||||||||||||||||||
Adjustment for investment result attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures | (41,081) | (52,460) | (29,424) | (21,102) | (37,610) | (122,965) | (105,025) | ||||||||||||||||||||||||||||||||||
Retained total investment result | $ | 266,670 | $ | 485,235 | $ | (40,658) | $ | 109,490 | $ | 108,172 | $ | 711,247 | $ | 602,699 |
23 |
Comments on Regulation G |
At | |||||||||||||||||||||||||||||
September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | September 30, 2019 | |||||||||||||||||||||||||
Fixed maturity investments, at fair value | $ | 13,391,318 | $ | 12,495,135 | $ | 11,045,801 | $ | 11,171,655 | $ | 11,386,228 | |||||||||||||||||||
Short term investments, at fair value | 5,158,961 | 5,570,804 | 5,263,242 | 4,566,277 | 4,116,156 | ||||||||||||||||||||||||
Total consolidated fixed maturity and short term investments, at fair value | $ | 18,550,279 | $ | 18,065,939 | $ | 16,309,043 | $ | 15,737,932 | $ | 15,502,384 | |||||||||||||||||||
Adjustment for fixed maturity and short term investments attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures | (5,503,903) | (5,362,516) | (5,184,829) | (4,583,758) | (4,426,685) | ||||||||||||||||||||||||
Retained fixed maturity and short term investments, at fair value | $ | 13,046,376 | $ | 12,703,423 | $ | 11,124,214 | $ | 11,154,174 | $ | 11,075,699 |
24 |