RenaissanceRe Reports First Quarter 2019 Net Income Available to Common Shareholders of $273.7 Million, or $6.43 Per Diluted Common Share; Operating Income Available to Common Shareholders of $154.4 Million, or $3.60 Per Diluted Common Share
PEMBROKE,
Kevin J. O’Donnell, President and Chief Executive Officer of
Acquisition of Tokio Millennium Re
On
During the first quarter of 2019, the Company recorded
| March 31, 2019 | ||||
| Top broker relationships | $ | 10,000 | ||
| Renewal rights | 1,200 | |||
| Insurance licenses | 6,800 | |||
| Net identifiable intangible assets at March 31, 2019 related to the acquisition of the TMR Group Entities | 18,000 | |||
| Excess purchase price over the fair value of net assets acquired assigned to goodwill | 13,094 | |||
| Total net identifiable intangible assets and goodwill recognized related to the acquisition of the TMR Group Entities | $ | 31,094 | ||
First Quarter of 2019 Summary
- Underwriting income of
$154.1 million and a combined ratio of 72.0% in the first quarter of 2019, compared to$129.6 million and 70.6%, respectively, in the first quarter of 2018. The Property segment generated underwriting income of$152.4 million and had a combined ratio of 47.6%. The Casualty and Specialty segment generated underwriting income of$1.7 million and had a combined ratio of 99.3%. - Gross premiums written increased by
$404.6 million , or 34.9%, to$1.6 billion , in the first quarter of 2019, compared to the first quarter of 2018, driven by an increase of$325.4 million in the Property segment and an increase of$79.2 million in the Casualty and Specialty segment. - Total investment result was a gain of
$252.1 million in the first quarter of 2019, generating an annualized total investment return of 8.0%.
Underwriting Results by Segment
Property Segment
Gross premiums written in the Property segment were
Gross premiums written in the catastrophe class of business were
Gross premiums written in the other property class of business were
Ceded premiums written in the Property segment were
The Property segment generated underwriting income of
Casualty and Specialty Segment
Gross premiums written in the Casualty and Specialty segment were
The Casualty and Specialty segment generated underwriting income of
During the first quarter of 2019, the Casualty and Specialty segment experienced net favorable development on prior accident years net claims and claim expenses of
Other Items
- The Company’s total investment result, which includes the sum of net investment income and net realized and unrealized gains and losses on investments, was a gain of
$252.1 million in the first quarter of 2019, compared to a loss of$25.7 million in the first quarter of 2018, an increase of$277.8 million . The increase in the total investment result was principally due to significant net unrealized gains from the Company’s fixed maturity and public equity portfolios and higher net investment income primarily driven by the Company’s fixed maturity, short term and private equity investments. - Net income attributable to redeemable noncontrolling interests in the first quarter of 2019 was
$70.2 million , compared to$29.9 million in the first quarter of 2018. The result for the first quarter of 2019 was primarily driven by DaVinciRe generating net income of$80.3 million in the first quarter of 2019, compared to$26.9 million in the first quarter of 2018. The Company’s ownership in DaVinciRe was 22.1% at bothMarch 31, 2019 andMarch 31, 2018 . The Company expects its noncontrolling economic ownership in DaVinciRe to fluctuate over time. - In connection with the TMR Stock Purchase, the Company issued 1,739,071 of its common shares to
Tokio Marine & Nichido Fire Insurance Co. Ltd. - On
April 2, 2019 , the Company issued$400.0 million of its 3.600% Senior Notes dueApril 15, 2029 . A portion of the net proceeds were used to repay, in full,$200.0 million outstanding under the Company’s revolving credit facility, which was drawn onMarch 20, 2019 in connection with the acquisition of the TMR Group Entities. The remainder of the net proceeds will be used for general corporate purposes.
This Press Release includes certain non-GAAP financial measures including “operating income available to
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.
About
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 frequency and severity of catastrophic and other events that the Company covers; the effectiveness of the Company’s claims and claim expense reserving process; risks that the TMR Stock Purchase disrupts or distracts from current plans and operations; the ability to recognize the benefits of the TMR Stock Purchase; the amount of the costs, fees, expenses and charges related to the TMR Stock Purchase; the Company’s ability to maintain its financial strength ratings; the effect of climate change on the Company’s business; collection on claimed retrocessional coverage, and new retrocessional reinsurance being available on acceptable terms and providing the coverage that we intended to obtain; 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 the Company’s joint ventures or other entities the Company manages; the effect of emerging claims and coverage issues; soft reinsurance underwriting market conditions; 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; a contention by the
| RenaissanceRe Holdings Ltd. | ||||||||
| Summary Consolidated Statements of Operations | ||||||||
| (in thousands of United States Dollars, except per share amounts and percentages) | ||||||||
| (Unaudited) | ||||||||
| Three months ended | ||||||||
| March 31, 2019 |
March 31, 2018 |
|||||||
| Revenues | ||||||||
| Gross premiums written | $ | 1,564,295 | $ | 1,159,652 | ||||
| Net premiums written | $ | 929,031 | $ | 663,044 | ||||
| Increase in unearned premiums | (379,003 | ) | (222,762 | ) | ||||
| Net premiums earned | 550,028 | 440,282 | ||||||
| Net investment income | 81,462 | 56,476 | ||||||
| Net foreign exchange (losses) gains | (2,846 | ) | 3,757 | |||||
| Equity in earnings of other ventures | 4,661 | 857 | ||||||
| Other income (loss) | 3,171 | (1,242 | ) | |||||
| Net realized and unrealized gains (losses) on investments | 170,645 | (82,144 | ) | |||||
| Total revenues | 807,121 | 417,986 | ||||||
| Expenses | ||||||||
| Net claims and claim expenses incurred | 227,035 | 171,703 | ||||||
| Acquisition expenses | 123,951 | 97,711 | ||||||
| Operational expenses | 44,933 | 41,272 | ||||||
| Corporate expenses | 38,789 | 6,733 | ||||||
| Interest expense | 11,754 | 11,767 | ||||||
| Total expenses | 446,462 | 329,186 | ||||||
| Income before taxes | 360,659 | 88,800 | ||||||
| Income tax (expense) benefit | (7,531 | ) | 3,407 | |||||
| Net income | 353,128 | 92,207 | ||||||
| Net income attributable to noncontrolling interests | (70,222 | ) | (29,899 | ) | ||||
| Net income attributable to RenaissanceRe | 282,906 | 62,308 | ||||||
| Dividends on preference shares | (9,189 | ) | (5,595 | ) | ||||
| Net income available to RenaissanceRe common shareholders | $ | 273,717 | $ | 56,713 | ||||
| Net income available to RenaissanceRe common shareholders per common share - basic | $ | 6.43 | $ | 1.42 | ||||
| Net income available to RenaissanceRe common shareholders per common share - diluted | $ | 6.43 | $ | 1.42 | ||||
| Operating income available to RenaissanceRe common shareholders per common share - diluted (1) | $ | 3.60 | $ | 3.07 | ||||
| Average shares outstanding - basic | 42,065 | 39,552 | ||||||
| Average shares outstanding - diluted | 42,091 | 39,599 | ||||||
| Net claims and claim expense ratio | 41.3 | % | 39.0 | % | ||||
| Underwriting expense ratio | 30.7 | % | 31.6 | % | ||||
| Combined ratio | 72.0 | % | 70.6 | % | ||||
| Return on average common equity - annualized | 23.5 | % | 5.7 | % | ||||
| Operating return on average common equity - annualized (1) | 13.3 | % | 12.2 | % | ||||
| (1) | See Comments on Regulation G for a reconciliation of non-GAAP financial measures. | |
| RenaissanceRe Holdings Ltd. | ||||||||
| Summary Consolidated Balance Sheets | ||||||||
| (in thousands of United States Dollars, except per share amounts) | ||||||||
| March 31, 2019 |
December 31, 2018 |
|||||||
| Assets | (Unaudited) | (Audited) | ||||||
| Fixed maturity investments trading, at fair value | $ | 9,473,160 | $ | 8,088,870 | ||||
| Short term investments, at fair value | 4,012,815 | 2,586,520 | ||||||
| Equity investments trading, at fair value | 389,937 | 310,252 | ||||||
| Other investments, at fair value | 878,373 | 784,933 | ||||||
| Investments in other ventures, under equity method | 98,563 | 115,172 | ||||||
| Total investments | 14,852,848 | 11,885,747 | ||||||
| Cash and cash equivalents | 1,021,275 | 1,107,922 | ||||||
| Premiums receivable | 2,753,098 | 1,537,188 | ||||||
| Prepaid reinsurance premiums | 1,086,027 | 616,185 | ||||||
| Reinsurance recoverable | 2,908,343 | 2,372,221 | ||||||
| Accrued investment income | 64,615 | 51,311 | ||||||
| Deferred acquisition costs and value of business acquired | 841,528 | 476,661 | ||||||
| Receivable for investments sold | 411,172 | 256,416 | ||||||
| Other assets | 353,543 | 135,127 | ||||||
| Goodwill and other intangibles | 267,151 | 237,418 | ||||||
| Total assets | $ | 24,559,600 | $ | 18,676,196 | ||||
| Liabilities, Noncontrolling Interests and Shareholders’ Equity | ||||||||
| Liabilities | ||||||||
| Reserve for claims and claim expenses | $ | 8,391,484 | $ | 6,076,271 | ||||
| Unearned premiums | 3,188,678 | 1,716,021 | ||||||
| Debt | 1,191,499 | 991,127 | ||||||
| Reinsurance balances payable | 3,009,492 | 1,902,056 | ||||||
| Payable for investments purchased | 679,596 | 380,332 | ||||||
| Other liabilities | 435,418 | 513,609 | ||||||
| Total liabilities | 16,896,167 | 11,579,416 | ||||||
| Redeemable noncontrolling interest | 2,109,400 | 2,051,700 | ||||||
| Shareholders’ Equity | ||||||||
| Preference shares | 650,000 | 650,000 | ||||||
| Common shares | 44,159 | 42,207 | ||||||
| Additional paid-in capital | 543,889 | 296,099 | ||||||
| Accumulated other comprehensive loss | (1,470 | ) | (1,433 | ) | ||||
| Retained earnings | 4,317,455 | 4,058,207 | ||||||
| Total shareholders’ equity attributable to RenaissanceRe | 5,554,033 | 5,045,080 | ||||||
| Total liabilities, noncontrolling interests and shareholders’ equity | $ | 24,559,600 | $ | 18,676,196 | ||||
| Book value per common share | $ | 111.05 | $ | 104.13 | ||||
| RenaissanceRe Holdings Ltd. | ||||||||||||||||
| Supplemental Financial Data - Segment Information | ||||||||||||||||
| (in thousands of United States Dollars, except percentages) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Three months ended March 31, 2019 | ||||||||||||||||
| Property |
Casualty and |
Other | Total | |||||||||||||
| Gross premiums written | $ | 1,032,384 | $ | 531,911 | $ | — | $ | 1,564,295 | ||||||||
| Net premiums written | $ | 564,230 | $ | 364,801 | $ | — | $ | 929,031 | ||||||||
| Net premiums earned | $ | 290,745 | $ | 259,283 | $ | — | $ | 550,028 | ||||||||
| Net claims and claim expenses incurred | 56,083 | 170,933 | 19 | 227,035 | ||||||||||||
| Acquisition expenses | 53,739 | 70,212 | — | 123,951 | ||||||||||||
| Operational expenses | 28,544 | 16,389 | — | 44,933 | ||||||||||||
| Underwriting income (loss) | $ | 152,379 | $ | 1,749 | $ | (19 | ) | 154,109 | ||||||||
| Net investment income | 81,462 | 81,462 | ||||||||||||||
| Net foreign exchange losses | (2,846 | ) | (2,846 | ) | ||||||||||||
| Equity in earnings of other ventures | 4,661 | 4,661 | ||||||||||||||
| Other income | 3,171 | 3,171 | ||||||||||||||
| Net realized and unrealized gains on investments | 170,645 | 170,645 | ||||||||||||||
| Corporate expenses | (38,789 | ) | (38,789 | ) | ||||||||||||
| Interest expense | (11,754 | ) | (11,754 | ) | ||||||||||||
| Income before taxes and redeemable noncontrolling interests | 360,659 | |||||||||||||||
| Income tax expense | (7,531 | ) | (7,531 | ) | ||||||||||||
| Net income attributable to redeemable noncontrolling interests | (70,222 | ) | (70,222 | ) | ||||||||||||
| Dividends on preference shares | (9,189 | ) | (9,189 | ) | ||||||||||||
| Net income available to RenaissanceRe common shareholders | $ | 273,717 | ||||||||||||||
| Net claims and claim expenses incurred – current accident year | $ | 54,206 | $ | 177,135 | $ | — | $ | 231,341 | ||||||||
| Net claims and claim expenses incurred – prior accident years | 1,877 | (6,202 | ) | 19 | (4,306 | ) | ||||||||||
| Net claims and claim expenses incurred – total | $ | 56,083 | $ | 170,933 | $ | 19 | $ | 227,035 | ||||||||
| Net claims and claim expense ratio – current accident year | 18.6 | % | 68.3 | % | 42.1 | % | ||||||||||
| Net claims and claim expense ratio – prior accident years | 0.7 | % | (2.4 | )% | (0.8 | )% | ||||||||||
| Net claims and claim expense ratio – calendar year | 19.3 | % | 65.9 | % | 41.3 | % | ||||||||||
| Underwriting expense ratio | 28.3 | % | 33.4 | % | 30.7 | % | ||||||||||
| Combined ratio | 47.6 | % | 99.3 | % | 72.0 | % | ||||||||||
| Three months ended March 31, 2018 | ||||||||||||||||
| Property |
Casualty and |
Other | Total | |||||||||||||
| Gross premiums written | $ | 706,968 | $ | 452,684 | $ | — | $ | 1,159,652 | ||||||||
| Net premiums written | $ | 354,077 | $ | 308,967 | $ | — | $ | 663,044 | ||||||||
| Net premiums earned | $ | 225,049 | $ | 215,233 | $ | — | $ | 440,282 | ||||||||
| Net claims and claim expenses incurred | 30,607 | 141,078 | 18 | 171,703 | ||||||||||||
| Acquisition expenses | 40,721 | 56,990 | — | 97,711 | ||||||||||||
| Operational expenses | 26,546 | 14,593 | 133 | 41,272 | ||||||||||||
| Underwriting income (loss) | $ | 127,175 | $ | 2,572 | $ | (151 | ) | 129,596 | ||||||||
| Net investment income | 56,476 | 56,476 | ||||||||||||||
| Net foreign exchange gains | 3,757 | 3,757 | ||||||||||||||
| Equity in earnings of other ventures | 857 | 857 | ||||||||||||||
| Other loss | (1,242 | ) | (1,242 | ) | ||||||||||||
| Net realized and unrealized losses on investments | (82,144 | ) | (82,144 | ) | ||||||||||||
| Corporate expenses | (6,733 | ) | (6,733 | ) | ||||||||||||
| Interest expense | (11,767 | ) | (11,767 | ) | ||||||||||||
| Income before taxes and redeemable noncontrolling interests | 88,800 | |||||||||||||||
| Income tax benefit | 3,407 | 3,407 | ||||||||||||||
| Net income attributable to redeemable noncontrolling interests | (29,899 | ) | (29,899 | ) | ||||||||||||
| Dividends on preference shares | (5,595 | ) | (5,595 | ) | ||||||||||||
| Net income available to RenaissanceRe common shareholders | $ | 56,713 | ||||||||||||||
| Net claims and claim expenses incurred – current accident year | $ | 58,169 | $ | 144,869 | $ | — | $ | 203,038 | ||||||||
| Net claims and claim expenses incurred – prior accident years | (27,562 | ) | (3,791 | ) | 18 | (31,335 | ) | |||||||||
| Net claims and claim expenses incurred – total | $ | 30,607 | $ | 141,078 | $ | 18 | $ | 171,703 | ||||||||
| Net claims and claim expense ratio – current accident year | 25.8 | % | 67.3 | % | 46.1 | % | ||||||||||
| Net claims and claim expense ratio – prior accident years | (12.2 | )% | (1.8 | )% | (7.1 | )% | ||||||||||
| Net claims and claim expense ratio – calendar year | 13.6 | % | 65.5 | % | 39.0 | % | ||||||||||
| Underwriting expense ratio | 29.9 | % | 33.3 | % | 31.6 | % | ||||||||||
| Combined ratio | 43.5 | % | 98.8 | % | 70.6 | % | ||||||||||
| RenaissanceRe Holdings Ltd. | ||||||||
| Supplemental Financial Data - Gross Premiums Written | ||||||||
| (in thousands of United States Dollars) | ||||||||
| (Unaudited) | ||||||||
| Three months ended | ||||||||
| March 31, 2019 |
March 31, 2018 |
|||||||
|
Property Segment |
||||||||
| Catastrophe | $ | 845,213 | $ | 590,337 | ||||
| Other property | 187,171 | 116,631 | ||||||
| Property segment gross premiums written | $ | 1,032,384 | $ | 706,968 | ||||
|
Casualty and Specialty Segment |
||||||||
| General casualty (1) | $ | 153,334 | $ | 126,626 | ||||
| Professional liability (2) | 149,377 | 157,113 | ||||||
| Financial lines (3) | 127,356 | 93,267 | ||||||
| Other (4) | 101,844 | 75,678 | ||||||
| Casualty and Specialty segment gross premiums written | $ | 531,911 | $ | 452,684 | ||||
| (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 | ||||||||
| March 31, 2019 |
March 31, 2018 |
|||||||
| Fixed maturity investments | $ | 61,483 | $ | 45,643 | ||||
| Short term investments | 11,844 | 5,304 | ||||||
| Equity investments trading | 1,027 | 698 | ||||||
| Other investments | ||||||||
| Private equity investments | 2,454 | (434 | ) | |||||
| Other | 7,245 | 8,023 | ||||||
| Cash and cash equivalents | 1,517 | 565 | ||||||
| 85,570 | 59,799 | |||||||
| Investment expenses | (4,108 | ) | (3,323 | ) | ||||
| Net investment income | 81,462 | 56,476 | ||||||
| Gross realized gains | 24,373 | 4,583 | ||||||
| Gross realized losses | (22,943 | ) | (25,853 | ) | ||||
| Net realized gains (losses) on fixed maturity investments | 1,430 | (21,270 | ) | |||||
| Net unrealized gains (losses) on fixed maturity investments trading | 103,922 | (55,372 | ) | |||||
| Net realized and unrealized gains (losses) on investments-related derivatives | 13,796 | (4,364 | ) | |||||
| Net realized (losses) gains on equity investments trading | (1,161 | ) | 234 | |||||
| Net unrealized gains (losses) on equity investments trading | 52,658 | (1,372 | ) | |||||
| Net realized and unrealized gains (losses) on investments | 170,645 | (82,144 | ) | |||||
| Total investment result | $ | 252,107 | $ | (25,668 | ) | |||
| Total investment return - annualized (1) | 8.0 | % | (1.0 | )% | ||||
| (1) | Total investment return for the three months ended March 31, 2019 does not include the investment results related to the invested assets of the TMR Group Entities, which were acquired on March 22, 2019. | |
Comments on Regulation G
In addition to the GAAP financial measures set forth in this Press Release, the Company has included certain non-GAAP financial measures within the meaning of Regulation
The Company uses “operating income available to
| Three months ended | ||||||||
| (in thousands of United States Dollars, except per share amounts and percentages) | March 31, 2019 |
March 31, 2018 |
||||||
| Net income available to RenaissanceRe common shareholders | $ | 273,717 | $ | 56,713 | ||||
| Adjustment for net realized and unrealized (gains) losses on investments attributable to RenaissanceRe common shareholders (1) | (153,164 | ) | 69,028 | |||||
| Adjustment for transaction and integration expenses associated with the acquisition of Tokio Millennium Re (2) | 25,520 | — | ||||||
| Adjustment for income tax expense (benefit) (3) | 8,287 | (3,648 | ) | |||||
| Operating income available to RenaissanceRe common shareholders | $ | 154,360 | $ | 122,093 | ||||
| Net income available to RenaissanceRe common shareholders per common share - diluted | $ | 6.43 | $ | 1.42 | ||||
| Adjustment for net realized and unrealized (gains) losses on investments attributable to RenaissanceRe common shareholders (1) | (3.64 | ) | 1.74 | |||||
| Adjustment for transaction and integration expenses associated with the acquisition of Tokio Millennium Re (2) | 0.61 | — | ||||||
| Adjustment for income tax expense (benefit) (3) | 0.20 | (0.09 | ) | |||||
| Operating income available to RenaissanceRe common shareholders per common share - diluted | $ | 3.60 | $ | 3.07 | ||||
| Return on average common equity - annualized | 23.5 | % | 5.7 | % | ||||
| Adjustment for net realized and unrealized (gains) losses on investments attributable to RenaissanceRe common shareholders (1) | (13.2 | )% | 6.9 | % | ||||
| Adjustment for transaction and integration expenses associated with the acquisition of Tokio Millennium Re (2) | 2.2 | % | — | % | ||||
| Adjustment for income tax expense (benefit) (3) | 0.8 | % | (0.4 | )% | ||||
| Operating return on average common equity - annualized | 13.3 | % | 12.2 | % | ||||
| (1) | Adjustment for net realized and unrealized (gains) losses on investments attributable to RenaissanceRe common shareholders represents: net realized and unrealized gains (losses) on investments as set forth in the Company's consolidated statement of operations less net realized and unrealized gains (losses) attributable to redeemable noncontrolling interests, which is included in net income attributable to redeemable noncontrolling interests in the Company's consolidated statement of operations. Comparative information for all prior periods has been updated to conform to the current methodology and presentation. | |
| (2) |
Adjustment for transaction and integration expenses associated with the acquisition of Tokio Millennium Re for the three months ended March 31, 2019 represents $25.5 million of corporate expenses associated with the acquisition, comprised of $12.9 million of transaction-related costs, $5.9 million of integration-related costs, and $6.7 million of compensation-related costs. Comparative information for all prior periods has been updated to conform to the current methodology and presentation. |
|
| (3) | Adjustment for income tax expense (benefit) represents the income tax expense (benefit) associated with the adjustment for net realized and unrealized (gains) losses on investments attributable to RenaissanceRe common shareholders. The income tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors. | |
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 is a reconciliation of book value per common share to tangible book value per common share and tangible book value per common share plus accumulated dividends:
| At | ||||||||||||||||||||
| March 31, 2019 |
December 31, 2018 |
September 30, 2018 |
June 30, 2018 |
March 31, 2018 |
||||||||||||||||
| Book value per common share | $ | 111.05 | $ | 104.13 | $ | 105.21 | $ | 104.56 | $ | 100.29 | ||||||||||
| Adjustment for goodwill and other intangibles (1) (2) | (6.66 | ) | (6.28 | ) | (6.63 | ) | (6.69 | ) | (6.66 | ) | ||||||||||
| Tangible book value per common share | 104.39 | 97.85 | 98.58 | 97.87 | 93.63 | |||||||||||||||
| Adjustment for accumulated dividends | 19.66 | 19.32 | 18.99 | 18.66 | 18.33 | |||||||||||||||
| Tangible book value per common share plus accumulated dividends | $ | 124.05 | $ | 117.17 | $ | 117.57 | $ | 116.53 | $ | 111.96 | ||||||||||
| Quarterly change in book value per common share | 6.6 | % | (1.0 | )% | 0.6 | % | 4.3 | % | 0.6 | % | ||||||||||
| Quarterly change in tangible book value per common share plus change in accumulated dividends | 7.0 | % | (0.4 | )% | 1.1 | % | 4.9 | % | 0.8 | % | ||||||||||
| Year to date change in book value per common share | 6.6 | % | 4.4 | % | 5.5 | % | 4.9 | % | 0.6 | % | ||||||||||
| Year to date change in tangible book value per common share plus change in accumulated dividends | 7.0 | % | 6.4 | % | 6.8 | % | 5.7 | % | 0.8 | % | ||||||||||
| (1) | At March 31, 2019, December 31, 2018, September 30, 2018, June 30, 2018 and March 31, 2018, goodwill and other intangibles included $27.0 million, $27.7 million, $28.4 million, $29.1 million and $26.3 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method. | |
| (2) | At March 31, 2019, goodwill and other intangibles included $18.0 million of identifiable intangible assets and $13.1 million of goodwill, respectively, recognized by the Company in connection with the acquisition of the TMR Group Entities on March 22, 2019. |
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INVESTOR CONTACT:
Keith McCue
Senior Vice President, Finance & Investor Relations
RenaissanceRe Holdings Ltd.
(441) 239-4830
MEDIA CONTACT:
Keil Gunther
Vice President, Marketing & Communications
RenaissanceRe Holdings Ltd.
(441) 239-4932
or
Kekst CNC
Dawn Dover
(212) 521-4800