RenaissanceRe Reports Net Income of $128.0 Million for the First Quarter of 2016 or $2.95 Per Diluted Common Share; Quarterly Operating Income of $66.3 Million or $1.51 Per Diluted Common Share
PEMBROKE,
Mr. O'Donnell continued: "The market remains difficult and we continue to see reductions to rates. With this backdrop, we will continue to exercise the same level of underwriting discipline as we have in the past, focusing on superior execution and helping our clients pursue opportunities and addressing their needs."
FIRST QUARTER 2016 HIGHLIGHTS
-
Gross premiums written of
$862.1 million increased$218.6 million , or 34.0%, in the first quarter of 2016, compared to the first quarter of 2015, with the Company’s Specialty Reinsurance and Lloyd’s segments experiencing increases of$244.7 million , or 196.9%, and$2.6 million , or 2.0%, respectively, in the first quarter of 2016, offset in part by a decrease of$28.8 million , or 7.4%, in the Company’s Catastrophe Reinsurance segment. Impacting gross premiums written in the first quarter of 2016 was the inclusion of gross premiums written associated with entities acquired in connection with the Company’s acquisition ofPlatinum Underwriters Holdings, Ltd. (“Platinum”), for the period fromJanuary 1, 2016 throughMarch 31, 2016 , compared to the first quarter of 2015, which included gross premiums written from the acquired entities for the period fromMarch 2, 2015 (the date of acquisition) through March 31, 2015. -
The Company generated underwriting income of
$105.2 million and a combined ratio of 70.3% in the first quarter of 2016, compared to$130.9 million and 55.9%, respectively, in the first quarter of 2015. The increase in the combined ratio in the first quarter of 2016, compared to the first quarter of 2015, was primarily driven by an increase in net claims and claim expenses and acquisition expenses, adding 9.9 and 4.5 percentage points, respectively, to the combined ratio, principally driven by the Company’s Specialty Reinsurance segment. -
The Company’s total investment result, which includes the sum of net
investment income and net realized and unrealized gains on
investments, was
$90.2 million in the first quarter of 2016, compared to$81.3 million in the first quarter of 2015, an increase of$9.0 million . The total investment result during the first quarter of 2016 was primarily driven by net unrealized gains in the Company’s portfolio of fixed maturity investments trading, principally the result of a decrease in U.S. treasury yields and a flattening of the yield curve during the quarter, combined with an increase in net investment income in the Company’s portfolio of fixed maturity investments, driven by an increase in average invested assets. Partially offsetting these items were net realized and unrealized losses in the Company’s portfolios of equity investments trading and private equity investments, and net realized and unrealized losses on investments-related derivatives due to the flattening of the yield curve, noted above. -
During the first quarter of 2016, the Company repurchased an aggregate
of 769 thousand common shares in open market transactions at an
aggregate cost of
$85.2 million and at an average share price of$110.72 .
Underwriting Results by Segment
Catastrophe Reinsurance Segment
Gross premiums written in the Catastrophe Reinsurance segment were
Managed catastrophe premiums were
The Catastrophe Reinsurance segment generated underwriting income of
The Company experienced
Specialty Reinsurance Segment
Gross premiums written in the Specialty Reinsurance segment were
The Specialty Reinsurance segment incurred an underwriting loss of
In addition, the Specialty Reinsurance segment underwriting expense ratio increased 5.1 percentage points in the first quarter of 2016, compared to the first quarter of 2015, primarily driven by the increase in gross premiums written in the credit lines of business which incur higher acquisition expenses than other lines of business within the Specialty Reinsurance segment. Operational expenses in the Company’s Specialty Reinsurance segment have increased to support the growth in this segment.
Lloyd’s Segment
Gross premiums written in the Lloyd’s segment were
The Lloyd’s segment generated underwriting income of
The Lloyd’s segment experienced
Other Items
-
Net income attributable to noncontrolling interests in the first
quarter of 2016 was
$44.6 million , an increase from$39.7 million in the first quarter of 2015, principally due to an increase in the profitability of DaVinciRe. The Company’s ownership in DaVinciRe was 24.0% at March 31, 2016, compared to 26.3% at March 31, 2015. -
Corporate expenses decreased
$37.3 million to $8.2 million in the first quarter of 2016, compared to$45.5 million in the first quarter of 2015, primarily due to$40.4 million of corporate expenses associated with the acquisition of Platinum incurred during the first quarter of 2015, compared to$1.6 million in the first quarter of 2016.
This Press Release includes certain non-GAAP financial measures
including “operating income available to
Please refer to the “Investor Information - Financial Reports - Financial Supplements” section of the Company’s website at www.renre.com for a copy of the Financial Supplement which includes additional information on the Company’s financial performance.
Cautionary Statement Regarding Forward Looking Statements
Any forward-looking statements made in this Press Release reflect
RenaissanceRe’s current views with respect to future events and
financial performance and are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These statements are subject to numerous factors that could cause actual
results to differ materially from those set forth in or implied by such
forward-looking statements, including the following: the frequency and
severity of catastrophic and other events that the Company covers; the
effectiveness of the Company’s claims and claim expense reserving
process; the Company’s ability to maintain its financial strength
ratings; the effect of climate change on the Company’s business; the
effect of emerging claims and coverage issues; 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; continued soft reinsurance underwriting
market conditions; 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, | March 31, | |||||||
2016 | 2015 | |||||||
Revenues | ||||||||
Gross premiums written | $ | 862,133 | $ | 643,578 | ||||
Net premiums written | $ | 511,675 | $ | 404,035 | ||||
Increase in unearned premiums | (158,069 | ) | (107,275 | ) | ||||
Net premiums earned | 353,606 | 296,760 | ||||||
Net investment income | 28,863 | 39,707 | ||||||
Net foreign exchange losses | (1,692 | ) | (3,130 | ) | ||||
Equity in earnings of other ventures | 1,611 | 5,295 | ||||||
Other income | 4,079 | 1,539 | ||||||
Net realized and unrealized gains on investments | 61,653 | 41,749 | ||||||
Total revenues | 448,120 | 381,920 | ||||||
Expenses | ||||||||
Net claims and claim expenses incurred | 126,605 | 76,853 | ||||||
Acquisition expenses | 65,592 | 43,401 | ||||||
Operational expenses | 56,235 | 45,621 | ||||||
Corporate expenses | 8,225 | 45,533 | ||||||
Interest expense | 10,538 | 5,316 | ||||||
Total expenses | 267,195 | 216,724 | ||||||
Income before taxes | 180,925 | 165,196 | ||||||
Income tax (expense) benefit | (2,744 | ) | 47,904 | |||||
Net income | 178,181 | 213,100 | ||||||
Net income attributable to noncontrolling interests | (44,591 | ) | (39,662 | ) | ||||
Net income available to RenaissanceRe | 133,590 | 173,438 | ||||||
Dividends on preference shares | (5,595 | ) | (5,595 | ) | ||||
Net income available to RenaissanceRe common shareholders | $ | 127,995 | $ | 167,843 | ||||
Net income available to RenaissanceRe common shareholders per common share - basic | $ | 2.97 | $ | 4.18 | ||||
Net income available to RenaissanceRe common shareholders per common share - diluted | $ | 2.95 | $ | 4.14 | ||||
Average shares outstanding - basic | 42,577 | 39,631 | ||||||
Average shares outstanding - diluted | 42,912 | 40,021 | ||||||
Net claims and claim expense ratio | 35.8 | % | 25.9 | % | ||||
Underwriting expense ratio | 34.5 | % | 30.0 | % | ||||
Combined ratio | 70.3 | % | 55.9 | % | ||||
Operating income available to RenaissanceRe common shareholders per common share - diluted (1) | $ | 1.51 | $ | 3.10 | ||||
Operating return on average common equity - annualized (1) | 6.1 | % | 12.9 | % | ||||
(1) See Comments on Regulation G for a reconciliation of non-GAAP financial measures. |
RenaissanceRe Holdings Ltd. | |||||||
Summary Consolidated Balance Sheets | |||||||
(in thousands of United States Dollars, except per share amounts) | |||||||
March 31, | December 31, | ||||||
2016 | 2015 | ||||||
Assets | (Unaudited) | (Audited) | |||||
Fixed maturity investments trading, at fair value | $ | 6,890,592 | $ | 6,765,005 | |||
Fixed maturity investments available for sale, at fair value | 13,985 | 17,813 | |||||
Total fixed maturity investments, at fair value | 6,904,577 | 6,782,818 | |||||
Short term investments, at fair value | 1,171,523 | 1,208,401 | |||||
Equity investments trading, at fair value | 335,509 | 393,877 | |||||
Other investments, at fair value | 496,900 | 481,621 | |||||
Investments in other ventures, under equity method | 131,692 | 132,351 | |||||
Total investments | 9,040,201 | 8,999,068 | |||||
Cash and cash equivalents | 449,149 | 506,885 | |||||
Premiums receivable | 1,094,116 | 778,009 | |||||
Prepaid reinsurance premiums | 444,954 | 230,671 | |||||
Reinsurance recoverable | 167,228 | 134,526 | |||||
Accrued investment income | 37,492 | 39,749 | |||||
Deferred acquisition costs | 287,291 | 199,380 | |||||
Receivable for investments sold | 204,306 | 220,834 | |||||
Other assets | 167,514 | 181,011 | |||||
Goodwill and other intangibles | 261,662 | 265,154 | |||||
Total assets | $ | 12,153,913 | $ | 11,555,287 | |||
Liabilities, Noncontrolling Interests and Shareholders’ Equity | |||||||
Liabilities | |||||||
Reserve for claims and claim expenses | $ | 2,811,523 | $ | 2,767,045 | |||
Unearned premiums | 1,261,454 | 889,102 | |||||
Debt | 957,536 | 960,495 | |||||
Reinsurance balances payable | 618,344 | 523,974 | |||||
Payable for investments purchased | 454,593 | 391,378 | |||||
Other liabilities | 208,533 | 245,145 | |||||
Total liabilities | 6,311,983 | 5,777,139 | |||||
Redeemable noncontrolling interest | 1,081,337 | 1,045,964 | |||||
Shareholders’ Equity | |||||||
Preference shares | 400,000 | 400,000 | |||||
Common shares | 43,095 | 43,701 | |||||
Additional paid-in capital | 422,422 | 507,674 | |||||
Accumulated other comprehensive income | 1,665 | 2,108 | |||||
Retained earnings | 3,893,411 | 3,778,701 | |||||
Total shareholders’ equity attributable to RenaissanceRe | 4,760,593 | 4,732,184 | |||||
Total liabilities, noncontrolling interests and shareholders’ equity | $ | 12,153,913 | $ | 11,555,287 | |||
Book value per common share | $ | 101.19 | $ | 99.13 |
RenaissanceRe Holdings Ltd. | |||||||||||||||||||||
Supplemental Financial Data - Segment Information | |||||||||||||||||||||
(in thousands of United States Dollars, except percentages) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Three months ended March 31, 2016 | |||||||||||||||||||||
Catastrophe | Specialty | ||||||||||||||||||||
Reinsurance | Reinsurance | Lloyd’s | Other | Total | |||||||||||||||||
Gross premiums written | $ | 360,423 | $ | 368,989 | $ | 132,721 | $ | — | $ | 862,133 | |||||||||||
Net premiums written | $ | 188,785 | $ | 260,091 | $ | 62,799 | $ | — | $ | 511,675 | |||||||||||
Net premiums earned | $ | 136,985 | $ | 155,318 | $ | 61,303 | $ | — | $ | 353,606 | |||||||||||
Net claims and claim expenses incurred | 7,820 | 91,852 | 27,016 | (83 | ) | 126,605 | |||||||||||||||
Acquisition expenses | 9,580 | 41,725 | 14,287 | — | 65,592 | ||||||||||||||||
Operational expenses | 20,268 | 21,773 | 14,134 | 60 | 56,235 | ||||||||||||||||
Underwriting income (loss) | $ | 99,317 | $ | (32 | ) | $ | 5,866 | $ | 23 | 105,174 | |||||||||||
Net investment income | 28,863 | 28,863 | |||||||||||||||||||
Net foreign exchange losses | (1,692 | ) | (1,692 | ) | |||||||||||||||||
Equity in earnings of other ventures | 1,611 | 1,611 | |||||||||||||||||||
Other income | 4,079 | 4,079 | |||||||||||||||||||
Net realized and unrealized gains on investments | 61,653 | 61,653 | |||||||||||||||||||
Corporate expenses | (8,225 | ) | (8,225 | ) | |||||||||||||||||
Interest expense | (10,538 | ) | (10,538 | ) | |||||||||||||||||
Income before taxes and redeemable noncontrolling interests | 180,925 | ||||||||||||||||||||
Income tax expense | (2,744 | ) | (2,744 | ) | |||||||||||||||||
Net income attributable to redeemable noncontrolling interests | (44,591 | ) | (44,591 | ) | |||||||||||||||||
Dividends on preference shares | (5,595 | ) | (5,595 | ) | |||||||||||||||||
Net income available to RenaissanceRe common shareholders | $ | 127,995 | |||||||||||||||||||
Net claims and claim expenses incurred – current accident year | $ | 13,883 | $ | 88,378 | $ | 25,948 | $ | — | $ | 128,209 | |||||||||||
Net claims and claim expenses incurred – prior accident years | (6,063 | ) | 3,474 | 1,068 | (83 | ) | (1,604 | ) | |||||||||||||
Net claims and claim expenses incurred – total | $ | 7,820 | $ | 91,852 | $ | 27,016 | $ | (83 | ) | $ | 126,605 | ||||||||||
Net claims and claim expense ratio – current accident year | 10.1 | % | 56.9 | % | 42.3 | % | 36.3 | % | |||||||||||||
Net claims and claim expense ratio – prior accident years | (4.4 | )% | 2.2 | % | 1.8 | % | (0.5 | )% | |||||||||||||
Net claims and claim expense ratio – calendar year | 5.7 | % | 59.1 | % | 44.1 | % | 35.8 | % | |||||||||||||
Underwriting expense ratio | 21.8 | % | 40.9 | % | 46.3 | % | 34.5 | % | |||||||||||||
Combined ratio | 27.5 | % | 100.0 | % | 90.4 | % | 70.3 | % | |||||||||||||
Three months ended March 31, 2015 | |||||||||||||||||||||
Catastrophe | Specialty | ||||||||||||||||||||
Reinsurance | Reinsurance | Lloyd’s | Other | Total | |||||||||||||||||
Gross premiums written (1) | $ | 389,247 | $ | 124,291 | $ | 130,130 | $ | (90 | ) | $ | 643,578 | ||||||||||
Net premiums written | $ | 222,640 | $ | 103,915 | $ | 77,569 | $ | (89 | ) | $ | 404,035 | ||||||||||
Net premiums earned | $ | 143,767 | $ | 94,876 | $ | 58,206 | $ | (89 | ) | $ | 296,760 | ||||||||||
Net claims and claim expenses incurred | 7,594 | 39,588 | 29,843 | (172 | ) | 76,853 | |||||||||||||||
Acquisition expenses | 7,654 | 20,689 | 14,693 | 365 | 43,401 | ||||||||||||||||
Operational expenses | 20,363 | 13,290 | 11,940 | 28 | 45,621 | ||||||||||||||||
Underwriting income (loss) | $ | 108,156 | $ | 21,309 | $ | 1,730 | $ | (310 | ) | 130,885 | |||||||||||
Net investment income | 39,707 | 39,707 | |||||||||||||||||||
Net foreign exchange losses | (3,130 | ) | (3,130 | ) | |||||||||||||||||
Equity in earnings of other ventures | 5,295 | 5,295 | |||||||||||||||||||
Other income | 1,539 | 1,539 | |||||||||||||||||||
Net realized and unrealized gains on investments | 41,749 | 41,749 | |||||||||||||||||||
Corporate expenses | (45,533 | ) | (45,533 | ) | |||||||||||||||||
Interest expense | (5,316 | ) | (5,316 | ) | |||||||||||||||||
Income before taxes and redeemable noncontrolling interests | 165,196 | ||||||||||||||||||||
Income tax benefit | 47,904 | 47,904 | |||||||||||||||||||
Net income attributable to redeemable noncontrolling interests | (39,662 | ) | (39,662 | ) | |||||||||||||||||
Dividends on preference shares | (5,595 | ) | (5,595 | ) | |||||||||||||||||
Net income available to RenaissanceRe common shareholders | $ | 167,843 | |||||||||||||||||||
Net claims and claim expenses incurred – current accident year | $ | 24,124 | $ | 49,264 | $ | 25,610 | $ | — | $ | 98,998 | |||||||||||
Net claims and claim expenses incurred – prior accident years | (16,530 | ) | (9,676 | ) | 4,233 | (172 | ) | (22,145 | ) | ||||||||||||
Net claims and claim expenses incurred – total | $ | 7,594 | $ | 39,588 | $ | 29,843 | $ | (172 | ) | $ | 76,853 | ||||||||||
Net claims and claim expense ratio – current accident year | 16.8 | % | 51.9 | % | 44.0 | % | 33.4 | % | |||||||||||||
Net claims and claim expense ratio – prior accident years | (11.5 | )% | (10.2 | )% | 7.3 | % | (7.5 | )% | |||||||||||||
Net claims and claim expense ratio – calendar year | 5.3 | % | 41.7 | % | 51.3 | % | 25.9 | % | |||||||||||||
Underwriting expense ratio | 19.5 | % | 35.8 | % | 45.7 | % | 30.0 | % | |||||||||||||
Combined ratio | 24.8 | % | 77.5 | % | 97.0 | % | 55.9 | % | |||||||||||||
(1) Included in gross premiums written in the Other category is the elimination of inter-segment gross premiums written of $0.1 million for the three months ended March 31, 2015. |
RenaissanceRe Holdings Ltd. | ||||||||
Supplemental Financial Data - Gross Premiums Written and Managed Premiums | ||||||||
(in thousands of United States Dollars) | ||||||||
(Unaudited) | ||||||||
Three months ended | ||||||||
March 31, | March 31, | |||||||
2016 | 2015 | |||||||
Catastrophe Reinsurance Segment |
||||||||
Renaissance catastrophe premiums | $ | 246,089 | $ | 265,730 | ||||
DaVinci catastrophe premiums | 114,334 | 123,517 | ||||||
Total Catastrophe Reinsurance segment gross premiums written | $ | 360,423 | $ | 389,247 | ||||
Specialty Reinsurance Segment |
||||||||
Casualty | $ | 147,801 | $ | 62,105 | ||||
Credit | 138,630 | 28,711 | ||||||
Property | 39,624 | 5,209 | ||||||
Other | 42,934 | 28,266 | ||||||
Total Specialty Reinsurance segment gross premiums written | $ | 368,989 | $ | 124,291 | ||||
Lloyd’s Segment |
||||||||
Casualty | $ | 70,928 | $ | 61,971 | ||||
Catastrophe | 23,033 | 25,645 | ||||||
Property | 21,879 | 23,769 | ||||||
Credit | 4,204 | 2,585 | ||||||
Other | 12,677 | 16,160 | ||||||
Total Lloyd’s segment gross premiums written | $ | 132,721 | $ | 130,130 | ||||
Managed Premiums (1) | ||||||||
Total Catastrophe Reinsurance segment gross premiums written | $ | 360,423 | $ | 389,247 | ||||
Catastrophe premiums written in the Lloyd’s segment | 23,033 | 25,645 | ||||||
Catastrophe premiums written on behalf of the Company’s joint venture, Top Layer Re (2) | 11,096 | 14,164 | ||||||
Catastrophe premiums written by the Company in its Catastrophe
Reinsurance segment and ceded to |
(8,367 | ) | (5,950 | ) | ||||
Total managed catastrophe premiums (1) | $ | 386,185 | $ | 423,106 | ||||
(1) See Comments on Regulation G for a reconciliation of non-GAAP financial measures. | ||||||||
(2) Top Layer Re is accounted for under the equity method of accounting. |
RenaissanceRe Holdings Ltd. | ||||||||
Supplemental Financial Data - Total Investment Result | ||||||||
(in thousands of United States Dollars) | ||||||||
(Unaudited) | ||||||||
Three months ended | ||||||||
March 31, | March 31, | |||||||
2016 | 2015 | |||||||
Fixed maturity investments | $ | 36,006 | $ | 25,939 | ||||
Short term investments | 1,000 | 197 | ||||||
Equity investments trading | 1,663 | 2,604 | ||||||
Other investments | ||||||||
Private equity investments | (9,358 | ) | 10,413 | |||||
Other | 3,309 | 3,508 | ||||||
Cash and cash equivalents | 129 | 148 | ||||||
32,749 | 42,809 | |||||||
Investment expenses | (3,886 | ) | (3,102 | ) | ||||
Net investment income | 28,863 | 39,707 | ||||||
Gross realized gains | 17,750 | 21,532 | ||||||
Gross realized losses | (14,665 | ) | (4,871 | ) | ||||
Net realized gains on fixed maturity investments | 3,085 | 16,661 | ||||||
Net unrealized gains on fixed maturity investments trading | 85,465 | 25,972 | ||||||
Net realized and unrealized losses on investments-related derivatives | (19,449 | ) | (4,208 | ) | ||||
Net realized (losses) gains on equity investments trading | (818 | ) | 7,481 | |||||
Net unrealized losses on equity investments trading | (6,630 | ) | (4,157 | ) | ||||
Net realized and unrealized gains on investments | 61,653 | 41,749 | ||||||
Change in net unrealized gains on fixed maturity investments available for sale | (269 | ) | (183 | ) | ||||
Total investment result | $ | 90,247 | $ | 81,273 | ||||
Total investment return - annualized | 4.0 | % | 4.2 | % |
Comments on Regulation G
In addition to the GAAP financial measures set forth in this Press
Release, the Company has included certain non-GAAP financial measures
within the meaning of Regulation
The Company uses “operating income available to
Three months ended | ||||||||
March 31, | March 31, | |||||||
(in thousands of United States Dollars, except percentages) | 2016 | 2015 | ||||||
Net income available to RenaissanceRe common shareholders | $ | 127,995 | $ | 167,843 | ||||
Adjustment for net realized and unrealized gains on investments | (61,653 | ) | (41,749 | ) | ||||
Operating income available to RenaissanceRe common shareholders | $ | 66,342 | $ | 126,094 | ||||
Net income available to RenaissanceRe common shareholders per common share - diluted | $ | 2.95 | $ | 4.14 | ||||
Adjustment for net realized and unrealized gains on investments | (1.44 | ) | (1.04 | ) | ||||
Operating income available to RenaissanceRe common shareholders per common share - diluted | $ | 1.51 | $ | 3.10 | ||||
Return on average common equity - annualized | 11.8 | % | 17.1 | % | ||||
Adjustment for net realized and unrealized gains on investments | (5.7 | )% | (4.2 | )% | ||||
Operating return on average common equity - annualized | 6.1 | % | 12.9 | % |
The Company has also included in this Press Release “managed catastrophe premiums”. “Managed catastrophe premiums” is defined as gross catastrophe premiums written by the Company and its related joint ventures. “Managed catastrophe premiums” differs from total Catastrophe Reinsurance segment gross premiums written, which the Company believes is the most directly comparable GAAP measure, due to the inclusion of catastrophe premiums written on behalf of the Company’s joint venture Top Layer Re, which is accounted for under the equity method of accounting, and the inclusion of catastrophe premiums written on behalf of the Company’s Lloyd’s segment. The Company’s management believes “managed catastrophe premiums” is useful to investors and other interested parties because it provides a measure of total catastrophe premiums assumed by the Company through its consolidated subsidiaries and related joint ventures.
The Company has also included in this Press Release “tangible book value per common share” and “tangible book value per common share plus accumulated dividends”. “Tangible book value per common share” is defined as book value per common share excluding goodwill and intangible assets per share. “Tangible book value per common share plus accumulated dividends” is defined as book value per common share excluding goodwill and intangible assets per share, plus accumulated dividends. 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, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||||
2016 | 2015 | 2015 | 2015 | 2015 | |||||||||||||||||
Book value per common share | $ | 101.19 | $ | 99.13 | $ | 97.41 | $ | 96.43 | $ | 95.21 | |||||||||||
Adjustment for goodwill and other intangibles (1) | (6.59 | ) | (6.59 | ) | (6.65 | ) | (6.51 | ) | (6.64 | ) | |||||||||||
Tangible book value per common share | 94.60 | 92.54 | 90.76 | 89.92 | 88.57 | ||||||||||||||||
Adjustment for accumulated dividends | 15.79 | 15.48 | 15.18 | 14.88 | 14.58 | ||||||||||||||||
Tangible book value per common share plus accumulated dividends | $ | 110.39 | $ | 108.02 | $ | 105.94 | $ | 104.80 | $ | 103.15 | |||||||||||
Quarterly change in book value per common share | 2.1 | % | 1.8 | % | 1.0 | % | 1.3 | % | 5.6 | % | |||||||||||
Quarterly change in tangible book value per common share plus change in accumulated dividends | 2.6 | % | 2.3 | % | 1.3 | % | 1.9 | % | (0.5 | )% |
(1) | At March 31, 2016, December 31, 2015, September 30, 2015, June 30, 2015 and March 31, 2015, goodwill and other intangibles included $22.3 million, $23.2 million, $22.9 million, $23.5 million and $24.4 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method. |
View source version on businesswire.com: http://www.businesswire.com/news/home/20160426006894/en/
Source:
INVESTOR:
RenaissanceRe Holdings Ltd.
Rohan Pai
Director
- Corporate Finance
(441) 295-4513
or
MEDIA:
RenaissanceRe
Holdings Ltd.
Elizabeth Tillman
Director - Communications
(212)
238-9224
or
Kekst and Company
Peter Hill or Dawn Dover
(212)
521-4800