rnr-20201027
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 27, 2020
 RenaissanceRe Holdings Ltd.
(Exact name of registrant as specified in its charter)
Bermuda 001-14428 98-0141974
(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)
Renaissance House, 12 Crow Lane, Pembroke, Bermuda         HM 19
(Address of Principal Executive Office)         (Zip Code)
(441) 295-4513
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report).
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
symbol
Name of each exchange on which registered
Common Shares, Par Value $1.00 per share
RNRThe New York Stock Exchange
Series E 5.375% Preference Shares, Par Value $1.00 per share
RNR PREThe New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a Series F 5.750% Preference Share, Par Value $1.00 per share
RNR PRFThe New York Stock Exchange






Item 2.02    Results of Operations and Financial Condition.

On October 27, 2020, RenaissanceRe Holdings Ltd. (the “Company”) issued a press release announcing its financial results for the three months ended September 30, 2020 and the availability of its corresponding financial supplement. Copies of the press release and the financial supplement are attached as Exhibit 99.1 and 99.2, respectively, to this Form 8-K. This Form 8-K and Exhibits 99.1 and 99.2 hereto are each being furnished to the Securities and Exchange Commission (the “SEC”) pursuant to Item 2.02 of Form 8-K and are therefore not to be considered “filed” with the SEC.

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits.

Exhibit #    Description
99.1*        Copy of the Company’s press release, issued October 27, 2020.
99.2*        Copy of the Company’s Financial Supplement.
101        Pursuant to Rule 406 of Regulation S-T, the cover page information is formatted in Inline XBRL.
104        Cover Page Interactive Data File (embedded within the Inline XBRL document and included in             Exhibit 101).

* Exhibits 99.1 and 99.2 are being furnished to the SEC pursuant to Item 2.02 and are not being filed with the SEC. Therefore, these exhibits are not incorporated by reference in any of the registrant’s other SEC filings.









SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. 
RENAISSANCERE HOLDINGS LTD.
 
Date:By:/s/ Robert Qutub
October 27, 2020Robert Qutub
Executive Vice President and Chief Financial Officer



Document

https://cdn.kscope.io/debb1ba80ca7dbe4f5e9a387d94e5242-renaissanceresmalla361.jpg
RenaissanceRe Reports Third Quarter 2020 Net Income Available to Common Shareholders of
$47.8 Million, or $0.94 Per Diluted Common Share; Operating Loss Attributable to Common Shareholders of $131.7 Million, or $2.64 Per Diluted Common Share
Pembroke, Bermuda, October 27, 2020 -- RenaissanceRe Holdings Ltd. (NYSE: RNR) (the “Company” or “RenaissanceRe”) today reported net income available to RenaissanceRe common shareholders of $47.8 million, or $0.94 per diluted common share, in the third quarter of 2020, compared to $36.7 million, or $0.83 per diluted common share, in the third quarter of 2019. Operating loss attributable to RenaissanceRe common shareholders was $131.7 million, or $2.64 per diluted common share, in the third quarter of 2020, compared to operating income available to RenaissanceRe common shareholders of $32.7 million, or $0.73 per diluted common share, in the third quarter of 2019. The Company reported an annualized return on average common equity of 2.8% and an annualized operating return on average common equity of negative 7.7% in the third quarter of 2020, compared to 2.8% and 2.5%, respectively, in the third quarter of 2019. Book value per common share increased $0.86, or 0.6%, to $135.13 in the third quarter of 2020, compared to a 0.8% increase in the third quarter of 2019. Tangible book value per common share plus accumulated dividends increased $1.24, or 1.0%, to $151.33 in the third quarter of 2020, compared to a 1.1% increase in the third quarter of 2019.

Kevin J. O’Donnell, President and Chief Executive Officer of RenaissanceRe, commented: “Another active quarter further confirms the critical role RenaissanceRe plays in helping communities rebuild. Our results for the third quarter reflect the climate-change driven frequency of catastrophic events impacting the world, but these are risks that we understand well and are paid to take. As we approach the January renewal, I am confident we will successfully execute our strategy and profitably deploy significant capital by helping our customers solve their biggest problems.”
Third Quarter of 2020 Summary
Net negative impact on net income available to RenaissanceRe common shareholders of $321.7 million resulting from Hurricane Laura, Hurricane Sally, the wildfires occurring in California, Oregon and Washington (the “Q3 2020 Wildfires”), other catastrophe events including the August 2020 derecho which impacted the U.S. Midwest, Hurricane Isaias, and Typhoon Maysak (the “Other Q3 2020 Catastrophe Events”), and loss estimates associated with aggregate loss contracts on these and other events in the third quarter of 2020 (collectively, the “Q3 2020 Large Loss Events”).
Gross premiums written increased by $282.0 million, or 32.7%, to $1.1 billion, in the third quarter of 2020 compared to the third quarter of 2019, driven by an increase of $168.6 million in the Casualty and Specialty segment and an increase of $113.4 million in the Property segment.
Underwriting loss of $206.1 million and a combined ratio of 120.6% in the third quarter of 2020, compared to an underwriting loss of $3.4 million and a combined ratio of 100.4% in the third quarter of 2019. The Property segment incurred an underwriting loss of $206.6 million and had a combined ratio of 140.0% in the third quarter of 2020. The Casualty and Specialty segment generated underwriting income of $0.6 million and had a combined ratio of 99.9% in the third quarter of 2020. The Company’s underwriting result in the third quarter of 2020 was principally impacted by the Q3 2020 Large Loss Events, which resulted in a net negative impact on the underwriting result of $422.4 million and added 43.4 percentage points to the combined ratio, primarily in the Property segment. The third quarter of 2019 included the impacts of Hurricane Dorian and Typhoon Faxai (collectively, the “Q3 2019 Catastrophe Events”), which resulted in an underwriting loss of $181.9 million and added 20.6 percentage points to the combined ratio.
Total investment result was $307.8 million in the third quarter of 2020, generating an annualized total investment return of 6.2%, compared to $145.8 million and an annualized total investment return of 3.6% in the third quarter of 2019.
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Net Negative Impact
Net negative impact includes the sum of estimates of net claims and claim expenses incurred, earned reinstatement premiums assumed and ceded, lost profit commissions and redeemable noncontrolling interest. The Company’s estimates of net negative impact are based on a review of its potential exposures, preliminary discussions with certain counterparties and catastrophe modeling techniques. The Company’s actual net negative impact, both individually and in the aggregate, may vary from these estimates, perhaps materially. Changes in these estimates will be recorded in the period in which they occur.
There remains meaningful uncertainty regarding the estimates and the nature and extent of the losses from catastrophe events, driven by the magnitude and recent occurrence of each event, the geographic areas in which the events occurred, relatively limited claims data received to date, the contingent nature of business interruption and other exposures, potential uncertainties relating to reinsurance recoveries and other factors inherent in loss estimation, among other things.
The financial data in the table below provides additional information detailing the net negative impact of the Q3 2020 Large Loss Events on the Company’s consolidated financial statements in the third quarter of 2020.
Three months ended September 30, 2020Hurricane LauraHurricane SallyQ3 2020 WildfiresOther Q3 2020 Catastrophe EventsAggregate LossesTotal Q3 2020 Large Loss Events
(in thousands)
Net claims and claims expenses incurred$(123,076)$(72,531)$(91,107)$(61,586)$(120,118)$(468,418)
Assumed reinstatement premiums earned18,282 5,110 17,604 7,407 5,123 53,526 
Ceded reinstatement premiums earned(334)(236)— — — (570)
Lost profit commissions(254)(418)(491)(549)(5,179)(6,891)
Net negative impact on underwriting result(105,382)(68,075)(73,994)(54,728)(120,174)(422,353)
Redeemable noncontrolling interest20,008 11,834 19,580 17,958 31,262 100,642 
Net negative impact on net income available to RenaissanceRe common shareholders$(85,374)$(56,241)$(54,414)$(36,770)$(88,912)$(321,711)
The financial data below provides additional information detailing the net negative impact of the Q3 2020 Large Loss Events on the Company’s segment underwriting results and consolidated combined ratio in the third quarter of 2020.
Three months ended September 30, 2020Hurricane LauraHurricane SallyQ3 2020 WildfiresOther Q3 2020 Catastrophe EventsAggregate LossesTotal Q3 2020 Large Loss Events
(in thousands, except percentages)
Net negative impact on Property segment underwriting result$(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 ratio10.3 6.7 7.2 5.4 12.0 43.4 
Underwriting Results by Segment
Property Segment
Gross premiums written in the Property segment were $427.8 million in the third quarter of 2020, an increase of $113.4 million, or 36.1%, compared to $314.4 million in the third quarter of 2019.
Gross premiums written in the catastrophe class of business were $179.7 million in the third quarter of 2020, an increase of $76.9 million, or 74.8%, compared to the third quarter of 2019. Gross written premiums in the third quarter of 2020 included $52.9 million of reinstatement premiums associated with the Q3 2020 Large Loss Events, as compared to $23.1 million of reinstatement premiums written in the third quarter of 2019 associated with the Q3 2019 Catastrophe Events. In addition, gross written premiums in the third quarter of 2019 included $26.4 million of negative premium adjustments related to the business of the third-party capital vehicles that the Company manages as a result of the acquisition of Tokio Millennium Re AG (now known as RenaissanceRe Europe AG), Tokio
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Millennium Re (UK) Limited (now known as RenaissanceRe (UK) Limited) (“RenaissanceRe UK”) and their subsidiaries (collectively, "TMR"). The negative premium adjustments were fully ceded and were reflected in ceded premiums written, resulting in no impact to the Company’s results of operations in the third quarter of 2019.
Gross premiums written in the other property class of business were $248.1 million in the third quarter of 2020, an increase of $36.5 million, or 17.2%, compared to the third quarter of 2019. The increase in gross premiums written in the other property class of business was primarily driven by growth from existing relationships and new opportunities across a number of the Company’s underwriting platforms.

Ceded premiums written in the Property segment were $49.1 million in the third quarter of 2020, an increase of $37.6 million, or 329.6%, compared to the third quarter of 2019. In the third quarter of 2020, ceded premiums written included certain of the gross premiums written ceded to third-party investors in the Company’s managed vehicles, primarily RenaissanceRe Upsilon Fund Ltd. Ceded premiums written in the third quarter of 2019 included $26.4 million negative premium adjustments related to the business of the third-party capital vehicles that the Company manages as a result of the acquisition of TMR, as discussed above.
The Property segment incurred an underwriting loss of $206.6 million in the third quarter of 2020, compared to an underwriting loss of $7.7 million in the third quarter of 2019. In the third quarter of 2020, the Property segment generated a net claims and claim expense ratio of 114.4%, an underwriting expense ratio of 25.6% and a combined ratio of 140.0%, compared to 76.1%, 25.6% and 101.7%, respectively, in the third quarter of 2019. The underwriting result and combined ratio in the third quarter of 2020 were principally impacted by the Q3 2020 Large Loss Events, which resulted in a net negative impact on the Property segment underwriting result of $412.8 million and added 84.4 percentage points to the Property segment combined ratio. In comparison, the third quarter of 2019 was impacted by the Q3 2019 Catastrophe Events, which resulted in a net negative impact on the Property segment underwriting result of $178.9 million and added 42.3 percentage points to the Property segment combined ratio.

Casualty and Specialty Segment
Gross premiums written in the Casualty and Specialty segment were $715.3 million in the third quarter of 2020, an increase of $168.6 million, or 30.8%, as compared to the third quarter of 2019. This increase was primarily due to growth from new and existing business opportunities written in the current and prior periods across various classes of business within the segment, partially offset by the non-renewal of a portion of the business acquired in connection with the acquisition of TMR.
The Casualty and Specialty segment generated underwriting income of $0.6 million in the third quarter of 2020, compared to $4.5 million in the third quarter of 2019. In the third quarter of 2020, the Casualty and Specialty segment generated a net claims and claim expense ratio of 72.6%, an underwriting expense ratio of 27.3% and a combined ratio of 99.9%, compared to 68.4%, 30.6% and 99.0%, respectively, in the third quarter of 2019.
The increase in the net claims and claim expense ratio of 4.2 percentage points was principally the result of higher current accident year losses in the third quarter of 2020 compared to the third quarter of 2019. The net claims and claim expense ratio was impacted by net losses resulting from the impact of Hurricane Laura and the purchase of an adverse development cover associated with RenaissanceRe Syndicate 1458’s casualty reserves, which combined to add 3.2 percentage points. While the net claims and claim expense ratio was also impacted by increased reserves in our mortgage guaranty book within our financial lines business, there was an offsetting impact to acquisition expenses as a result of reduced profit commission expense associated with this business. The underwriting expense ratio in the Casualty and Specialty segment decreased 3.3 percentage points, to 27.3%, in the third quarter of 2020 compared to the third quarter of 2019, driven by lower acquisition and operating expense ratios. The decrease in profit commission expense noted above was the principal driver of the decrease in acquisition costs. Operating expenses were impacted by reduced travel, marketing and office operational expenses as a result of the COVID-19 pandemic.
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COVID-19
The Company continues to evaluate industry trends and its own potential exposure associated with the ongoing COVID-19 pandemic, and expects historically significant industry losses to emerge over time as the full impact of the pandemic and its effects on the global economy are realized. Among other things, the Company continues to actively monitor information received from or reported by clients, brokers, industry actuaries, regulators, courts, and others, and to assess that information in the context of its own portfolio. Our loss estimates represent our best estimate based on currently available information, and actual losses may vary materially from these estimates.
Other Items
The Company’s total investment result, which includes the sum of net investment income and net realized and unrealized gains on investments, was a gain of $307.8 million in the third quarter of 2020, compared to a gain of $145.8 million in the third quarter of 2019, an increase of $162.0 million. The primary driver of the total investment result in the third quarter of 2020 was net realized and unrealized gains on investments of $224.2 million, principally within the equity and fixed maturity investments trading portfolios.
Net income attributable to redeemable noncontrolling interests in the third quarter of 2020 was $19.3 million, compared to $62.1 million in the third quarter of 2019. The decrease was primarily driven by underwriting losses in DaVinciRe Holdings Ltd., partially offset by an increase in the net income of RenaissanceRe Medici Fund Ltd. (“Medici”) compared to the third quarter of 2019.
In the third quarter of 2020, total fee income decreased by $13.6 million, to $18.4 million, compared to $32.0 million in the third quarter of 2019, primarily driven by a decrease in performance fee income due to lower underlying performance of the Company’s joint ventures and structured reinsurance products, primarily related to the Q3 2020 Large Loss Events, partially offset by an increase in the dollar value of managed capital compared to the third quarter of 2019.
In the third quarter of 2020, corporate expenses increased by $34.2 million, to $48.1 million, compared to $13.8 million in the third quarter of 2019, primarily driven by the $30.2 million loss on the sale of RenaissanceRe UK on August 18, 2020, as well as related transaction and other expenses, and expenses associated with senior management departures during the quarter. The loss on sale includes amounts related to prior purchase GAAP adjustments and cumulative currency translation adjustments recorded since the acquisition of RenaissanceRe UK.
Income tax benefit was $8.2 million in the third quarter of 2020 compared to income tax expense of $3.7 million in the third quarter of 2019. The income tax benefit was principally driven by lower underwriting performance and other miscellaneous items in the U.S., including amounts resulting from the continued impacts of U.S. tax reform, partially offset by investment gains, primarily in the U.S. based operations.
Net foreign exchange gains of $17.4 million in the third quarter of 2020 compared to net foreign exchange losses of $8.3 million in the third quarter of 2019. The net foreign exchange gains were primarily driven by gains attributable to third-party investors in Medici and miscellaneous foreign exchange gains in the Company’s operations with non-U.S. dollar functional currencies.
Hurricane Delta, a Category 2 hurricane, made landfall on the Yucatán Peninsula on October 7, 2020, and subsequently in Louisiana on October 9, 2020, causing widespread flooding and damage, including in the region impacted by Hurricane Laura. The Company is also monitoring Hurricane Zeta, which made landfall on October 26, 2020 on the Yucatán Peninsula and is currently in the Gulf of Mexico. Additionally, wildfires impacting several Western U.S. states are ongoing.
This Press Release includes certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S. (“GAAP”) including “operating (loss) income (attributable) available to RenaissanceRe common shareholders,” “operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted,” “operating return on average common equity - annualized,” “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.” A reconciliation of such measures to the most comparable GAAP figures in accordance with Regulation G is presented in the attached supplemental financial data.
Please refer to the “Investors - Financial Reports - Financial Supplements” section of the Company’s website at www.renre.com for a copy of the Financial Supplement which includes additional information on the Company’s financial performance.
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RenaissanceRe will host a conference call on Wednesday, October 28, 2020 at 11:00 a.m. ET to discuss this release. Live broadcast of the conference call will be available through the “Investors - Webcasts & Presentations” section of the Company’s website at www.renre.com.
About RenaissanceRe
RenaissanceRe is a global provider of reinsurance and insurance that specializes in matching well-structured risks with efficient sources of capital. The Company provides property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, the Company has offices in Bermuda, Australia, Ireland, Singapore, Switzerland, the United Kingdom and the United States.
Cautionary Statement Regarding Forward-Looking Statements
Any forward-looking statements made in this Press Release reflect RenaissanceRe’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are subject to numerous factors that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements, including the following: the uncertainty of the continuing impact of the COVID-19 pandemic and measures taken in response thereto; the effect of legislative, regulatory, judicial or social influences related to the COVID-19 pandemic on the Company’s financial performance, including the emergence of unexpected or un-modeled insurance or reinsurance losses, and the Company’s ability to conduct its business; the impact and potential future impacts of the COVID-19 pandemic on the value of the Company’s investments and its access to capital in the future or the pricing or terms of available financing; the effect that measures taken to mitigate the COVID-19 pandemic have on the Company’s operations and those of its counterparties; the frequency and severity of catastrophic and other events the Company covers; the effectiveness of the Company’s claims and claim expense reserving process; the effect of climate change on the Company’s business, including the trend towards increasingly frequent and severe climate events; the Company’s ability to maintain its financial strength ratings; the effect of emerging claims and coverage issues; collection on claimed retrocessional coverage, and new retrocessional reinsurance being available on acceptable terms and providing the coverage that the Company intended to obtain; the Company’s reliance on a small and decreasing number of reinsurance brokers and other distribution services for the preponderance of its revenue; the Company’s exposure to credit loss from counterparties in the normal course of business; the effect of continued challenging economic conditions throughout the world; the performance of the Company’s investment portfolio; a contention by the U.S. Internal Revenue Service that Renaissance Reinsurance Ltd., or any of the Company’s other Bermuda subsidiaries, is subject to taxation in the U.S.; the effects of U.S. tax reform legislation and possible future tax reform legislation and regulations, including changes to the tax treatment of the Company’s shareholders or investors in its joint ventures or other entities it manages; the effect of cybersecurity risks, including technology breaches or failure, on the Company’s business; the success of any of the Company’s strategic investments or acquisitions, including its ability to manage its operations as its product and geographical diversity increases; the Company’s ability to retain its key senior officers and to attract or retain the executives and employees necessary to manage its business; the Company’s ability to effectively manage capital on behalf of investors in joint ventures or other entities it manages; foreign currency exchange rate fluctuations; soft reinsurance underwriting market conditions; changes in the method for determining the London Inter-bank Offered Rate (“LIBOR”) and the potential replacement of LIBOR; losses the Company could face from terrorism, political unrest or war; the Company’s ability to successfully implement its business strategies and initiatives; the Company’s ability to determine any impairments taken on its investments; the effects of inflation; the ability of the Company’s ceding companies and delegated authority counterparties to accurately assess the risks they underwrite; the effect of operational risks, including system or human failures; the Company’s ability to raise capital if necessary; the Company’s ability to comply with covenants in its debt agreements; changes to the regulatory systems under which the Company operates, including as a result of increased global regulation of the insurance and reinsurance industries; changes in Bermuda laws and regulations and the political environment in Bermuda; the Company’s dependence on the ability of its operating subsidiaries to declare and pay dividends; aspects of the Company’s corporate structure that may discourage third-party takeovers and other transactions; difficulties investors may have in servicing process or enforcing judgments against the Company in the U.S.; the cyclical nature of the reinsurance and insurance industries; adverse legislative developments that reduce the size of the private markets the Company serves or impede their future growth; consolidation of competitors, customers and insurance and reinsurance brokers; the effect on the Company’s business of the highly competitive nature of its industry, including the effect of new entrants to, competing products for and consolidation in the (re)insurance industry; other political, regulatory or industry initiatives adversely impacting the Company; the Company’s ability to comply with applicable sanctions and foreign corrupt practices laws; increasing barriers to free trade and the free flow of capital; international restrictions on the writing of reinsurance by foreign companies and government intervention in the natural catastrophe market;
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the effect of Organisation for Economic Co-operation and Development or European Union (“EU”) measures to increase the Company’s taxes and reporting requirements; changes in regulatory regimes and accounting rules that may impact financial results irrespective of business operations; the Company’s need to make many estimates and judgments in the preparation of its financial statements; the effect of the exit by the United Kingdom from the EU; and other factors affecting future results disclosed in RenaissanceRe’s filings with the Securities and Exchange Commission, including its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and prospectus supplement filed on June 4, 2020.
INVESTOR CONTACT:MEDIA CONTACT:
Keith McCueKeil Gunther
Senior Vice President, Finance & Investor Relations
Vice President, Head of Global Marketing & Client
RenaissanceRe Holdings Ltd.Communication
(441) 239-4830RenaissanceRe Holdings Ltd.
(441) 239-4932
or
Kekst CNC
Dawn Dover
(212) 521-4800
6


RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations
(in thousands of United States Dollars, except per share amounts and percentages)
(Unaudited)
Three months endedNine 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 premiums100,772 202,618 (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 income74,389 107,944 801,424 909,927 
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 %
(1)     See Comments on Regulation G for a reconciliation of non-GAAP financial measures.
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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 value5,158,961 4,566,277 
Equity investments trading, at fair value547,381 436,931 
Other investments, at fair value1,122,683 1,087,377 
Investments in other ventures, under equity method98,990 106,549 
Total investments20,319,333 17,368,789 
Cash and cash equivalents1,287,378 1,379,068 
Premiums receivable3,337,120 2,599,896 
Prepaid reinsurance premiums1,082,270 767,781 
Reinsurance recoverable2,883,808 2,791,297 
Accrued investment income71,947 72,461 
Deferred acquisition costs and value of business acquired697,346 663,991 
Receivable for investments sold752,936 78,369 
Other assets306,265 346,216 
Goodwill and other intangibles257,437 262,226 
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 premiums3,276,156 2,530,975 
Debt1,135,740 1,384,105 
Reinsurance balances payable3,915,804 2,830,691 
Payable for investments purchased1,597,893 225,275 
Other liabilities391,494 932,024 
Total liabilities20,217,702 17,287,419 
Redeemable noncontrolling interest3,387,317 3,071,308 
Shareholders’ Equity
Preference shares525,000 650,000 
Common shares50,810 44,148 
Additional paid-in capital1,615,328 568,277 
Accumulated other comprehensive loss(2,083)(1,939)
Retained earnings5,201,766 4,710,881 
Total shareholders’ equity attributable to RenaissanceRe7,390,821 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 


8


RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Segment Information
(in thousands of United States Dollars, except percentages)
(Unaudited)
Three months ended September 30, 2020
PropertyCasualty and SpecialtyOtherTotal
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 $— $1,000,183 
Net claims and claim expenses incurred590,958 351,052 20 942,030 
Acquisition expenses98,545 116,636 (1)215,180 
Operational expenses33,672 15,319 54 49,045 
Underwriting (loss) income$(206,552)$553 $(73)(206,072)
Net investment income83,543 83,543 
Net foreign exchange gains17,426 17,426 
Equity in earnings of other ventures5,457 5,457 
Other income1,476 1,476 
Net realized and unrealized gains on investments224,208 224,208 
Corporate expenses(48,050)(48,050)
Interest expense(11,843)(11,843)
Income before taxes and redeemable noncontrolling interests66,145 
Income tax benefit8,244 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 year121.9 %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 year114.4 %72.6 %94.2 %
Underwriting expense ratio25.6 %27.3 %26.4 %
Combined ratio140.0 %99.9 %120.6 %
Three months ended September 30, 2019
PropertyCasualty and SpecialtyOtherTotal
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 $— $906,748 
Net claims and claim expenses incurred338,260 316,099 161 654,520 
Acquisition expenses79,521 122,654 202,181 
Operational expenses34,238 19,198 (21)53,415 
Underwriting (loss) income$(7,687)$4,465 $(146)(3,368)
Net investment income111,387 111,387 
Net foreign exchange losses(8,275)(8,275)
Equity in earnings of other ventures5,877 5,877 
Other income1,016 1,016 
Net realized and unrealized gains on investments34,395 34,395 
Corporate expenses(13,844)(13,844)
Interest expense(15,580)(15,580)
Income before taxes and redeemable noncontrolling interests111,608 
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 year77.8 %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 year76.1 %68.4 %72.2 %
Underwriting expense ratio25.6 %30.6 %28.2 %
Combined ratio101.7 %99.0 %100.4 %
9


RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Segment Information
(in thousands of United States Dollars, except percentages)
(Unaudited)
Nine months ended September 30, 2020
PropertyCasualty and SpecialtyOtherTotal
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 incurred899,860 1,123,527 (131)2,023,256 
Acquisition expenses278,668 380,726 — 659,394 
Operational expenses109,335 56,195 53 165,583 
Underwriting income (loss)$141,211 $(66,145)$78 75,144 
Net investment income272,321 272,321 
Net foreign exchange gains4,503 4,503 
Equity in earnings of other ventures19,062 19,062 
Other loss(4,161)(4,161)
Net realized and unrealized gains on investments561,891 561,891 
Corporate expenses(75,939)(75,939)
Interest expense(38,612)(38,612)
Income before taxes and redeemable noncontrolling interests814,209 
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 year65.2 %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 year63.0 %75.2 %69.2 %
Underwriting expense ratio27.1 %29.2 %28.2 %
Combined ratio90.1 %104.4 %97.4 %
Nine months ended September 30, 2019
PropertyCasualty and SpecialtyOtherTotal
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 incurred541,217 793,533 178 1,334,928 
Acquisition expenses222,971 330,829 (186)553,614 
Operational expenses99,546 58,603 13 158,162 
Underwriting income (loss)$296,356 $25,223 $(5)321,574 
Net investment income312,069 312,069 
Net foreign exchange losses(1,812)(1,812)
Equity in earnings of other ventures17,350 17,350 
Other income5,109 5,109 
Net realized and unrealized gains on investments395,655 395,655 
Corporate expenses(76,480)(76,480)
Interest expense(42,868)(42,868)
Income before taxes and redeemable noncontrolling interests930,597 
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 years5,020 (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 year46.2 %67.3 %57.0 %
Net claims and claim expense ratio – prior accident years0.5 %(1.6)%(0.6)%
Net claims and claim expense ratio – calendar year46.7 %65.7 %56.4 %
Underwriting expense ratio27.8 %32.2 %30.0 %
Combined ratio74.5 %97.9 %86.4 %
10


RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Gross Premiums Written
(in thousands of United States Dollars)
(Unaudited)
Three months endedNine 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 property248,076 211,621 863,162 635,336 
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.
11


RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Total Investment Result
(in thousands of United States Dollars, except percentages)
(Unaudited)
Three months endedNine 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 investments1,611 15,061 19,752 44,712 
Equity investments trading1,559 1,326 4,776 3,269 
Other investments
Catastrophe bonds13,626 12,812 41,284 33,284 
Other2,598 2,672 5,334 6,226 
Cash and cash equivalents441 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 income83,543 111,387 272,321 312,069 
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 bonds12,611 9,242 2,711 (4,870)
Other13,627 (6,785)(24,346)3,939 
Net realized and unrealized gains on investments224,208 34,395 561,891 395,655 
Total investment result$307,751 $145,782 $834,212 $707,724 
Total investment return - annualized6.2 %3.6 %5.8 %6.0 %
(1)    Net realized and unrealized gains (losses) on fixed maturity investments trading includes the impacts of interest rate futures, interest rate swaps, credit default swaps and total return swaps. Net realized and unrealized gains (losses) on equity investments trading includes the impact of equity futures.
12


Comments on Regulation G
In addition to the GAAP financial measures set forth in this Press Release, the Company has included certain non-GAAP financial measures within the meaning of Regulation G. The Company has provided these financial measures in previous investor communications and the Company’s management believes that these measures are important to investors and other interested persons, and that investors and such other persons benefit from having a consistent basis for comparison between quarters and for comparison with other companies within the industry. These measures may not, however, be comparable to similarly titled measures used by companies outside of the insurance industry. Investors are cautioned not to place undue reliance on these non-GAAP measures in assessing the Company’s overall financial performance.
Operating (Loss) Income (Attributable) Available to RenaissanceRe Common Shareholders and Operating Return on Average Common Equity - Annualized
The Company uses “operating (loss) income (attributable) available to RenaissanceRe common shareholders” as a measure to evaluate the underlying fundamentals of its operations and believes it to be a useful measure of its corporate performance. “Operating (loss) income (attributable) available to RenaissanceRe common shareholders” as used herein differs from “net income available to RenaissanceRe common shareholders,” which the Company believes is the most directly comparable GAAP measure, by the exclusion of net realized and unrealized gains and losses on investments, excluding other investments - catastrophe bonds, net foreign exchange gains and losses, corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK, the income tax expense or benefit associated with these adjustments and the portion of these adjustments attributable to the Company's redeemable noncontrolling interests." The Company’s management believes that “operating (loss) income (attributable) available to RenaissanceRe common shareholders” is useful to investors because it more accurately measures and predicts the Company’s results of operations by removing the variability arising from: fluctuations in the fair value of the Company’s fixed maturity investment portfolio, equity investments trading, other investments (excluding catastrophe bonds) and investments-related derivatives; fluctuations in foreign exchange rates; corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK; the associated income tax expense or benefit of these adjustments; and the portion of these adjustments attributable to the Company's redeemable noncontrolling interests. The Company also uses “operating (loss) income (attributable) available to RenaissanceRe common shareholders” to calculate “operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized.” The following table is a reconciliation of: (1) net income available to RenaissanceRe common shareholders to “operating (loss) income (attributable) available to RenaissanceRe common shareholders”; (2) net income available to RenaissanceRe common shareholders per common share - diluted to “operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted”; and (3) return on average common equity - annualized to “operating return on average common equity - annualized.” Comparative information for all prior periods has been updated to conform to the current methodology and presentation.
13


Three months endedNine 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 - annualized2.8 %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 %
(1)    Included in the three and nine months ended September 30, 2020 is the loss on sale of RenaissanceRe UK of $30.2 million.
(2)    Adjustment for income tax expense represents the income tax expense associated with the adjustments to net income available to RenaissanceRe common shareholders. The income tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors.
(3)    Represents the portion of these adjustments that are attributable to the Company's redeemable noncontrolling interests, including the income tax impact of those adjustments.
14


Tangible Book Value Per Common Share and Tangible Book Value Per Common Share Plus Accumulated Dividends
The Company has included in this Press Release “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.” “Tangible book value per common share” is defined as book value per common share excluding goodwill and intangible assets per share. “Tangible book value per common share plus accumulated dividends” is defined as book value per common share excluding goodwill and intangible assets per share, plus accumulated dividends. The Company’s management believes “tangible book value per common share” and “tangible book value per common share plus accumulated dividends” are useful to investors because they provide a more accurate measure of the realizable value of shareholder returns, excluding the impact of goodwill and intangible assets. The following table is a reconciliation of book value per common share to “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.”
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 share12.1 %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 %
(1)     At September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019, and September 30, 2019, goodwill and other intangibles included $23.2 million, $23.5 million, $24.2 million, $24.9 million and $25.6 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.



15
Document


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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
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RenaissanceRe Holdings Ltd.
Basis of Presentation
RenaissanceRe Holdings Ltd. (the "Company" or "RenaissanceRe") is a global provider of reinsurance and insurance. The Company provides property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, the Company has offices in Bermuda, Australia, Ireland, Singapore, Switzerland, the United Kingdom and the United States.
On March 22, 2019, the Company's wholly owned subsidiary RenaissanceRe Specialty Holdings (UK) Limited completed its previously announced purchase of all the share capital of RenaissanceRe Europe AG (formerly known as Tokio Millennium Re AG), RenaissanceRe (UK) Limited (formerly known as Tokio Millennium Re (UK) Limited) ("RenaissanceRe UK") and their subsidiaries (collectively, “TMR”). The three months ended June 30, 2019, was the first full period that reflected the results of TMR on the Company’s results of operations. On August 18, 2020, the Company completed the sale of RenaissanceRe UK to an investment vehicle managed by AXA Liabilities Managers, an affiliate of AXA XL. This Financial Supplement should be read in that context.
This financial supplement includes certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S ("GAAP") including “operating (loss) income (attributable) available to RenaissanceRe common shareholders,” “operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted,” “operating return on average common equity - annualized,” “tangible book value per common share,” “tangible book value per common share plus accumulated dividends," "retained investment result" and "retained fixed maturity and short term investments, at fair value." A reconciliation of such measures to the most comparable GAAP figures in accordance with Regulation G is presented in the attached supplemental financial data. See pages 21 through 25 for "Comments on Regulation G."
Cautionary Statement under “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995; Statements made in this financial supplement contain information about the Company's future business prospects. These statements may be considered “forward-looking.” These statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. For further information regarding cautionary statements and factors affecting future results, please refer to RenaissanceRe Holdings Ltd.'s filings with the U.S. Securities and Exchange Commission, including its Annual Reports on Form 10-K, its Quarterly Reports on Form 10-Q and prospectus supplement dated June 4, 2020.
All information contained herein is unaudited. Unless otherwise noted, amounts are in thousands of United States Dollars, except for share and per share amounts and ratio information. Certain prior period comparatives have been reclassified to conform to the current presentation. This supplement is being provided for informational purposes only. It should be read in conjunction with documents filed by RenaissanceRe with the U.S. Securities and Exchange Commission, including its Annual Reports on Form 10-K and its Quarterly Reports on Form 10-Q. Please refer to the Company's website at www.renre.com for further information about RenaissanceRe.
i



Financial Highlights
Three months endedNine 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 %