(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading symbol | Name of each exchange on which registered | ||||||
RENAISSANCERE HOLDINGS LTD. | ||||||||||||||
Date: | By: | /s/ Robert Qutub | ||||||||||||
April 28, 2021 | Robert Qutub | |||||||||||||
Executive Vice President and Chief Financial Officer |
Net Loss Attributable to Common Shareholders per Diluted Common Share: $(5.87) Operating Income Available to Common Shareholders per Diluted Common Share*: $0.09 | ||||||||
Underwriting Loss $(35.8)M | Fee Income $24.0M | Net Investment Income $79.8M | ||||||
Change in Book Value per Common Share: (5.3)% Change in Tangible Book Value per Common Share Plus Change in Accum. Dividends*: (5.3)% |
Kevin J. O’Donnell, President and Chief Executive Officer, said, “We materially grew our underwriting portfolio while returning significant capital to our shareholders during a quarter that was negatively impacted by Winter Storm Uri and volatile capital markets. Going forward, we anticipate additional opportunities to grow into a broadly improving market by matching desirable risk with efficient capital, both on our wholly owned balance sheets and in our industry-leading RenaissanceRe Capital Partners business. Together with improved yields in our investment portfolio, this diligent execution of our strategy will further contribute to shareholder value creation.” |
Consolidated Financial Results - First Quarter |
Consolidated Highlights | ||||||||||||||
Three months ended March 31 | ||||||||||||||
(in thousands, except per share amounts and percentages) | 2021 | 2020 | ||||||||||||
Gross premiums written | $ | 2,652,442 | $ | 2,025,721 | ||||||||||
Underwriting (loss) income | (35,760) | 64,079 | ||||||||||||
Combined ratio | 103.1 | % | 93.0 | % | ||||||||||
Net Loss | ||||||||||||||
Attributable to common shareholders | (290,934) | (81,974) | ||||||||||||
Attributable to common shareholders per diluted common share | $ | (5.87) | $ | (1.89) | ||||||||||
Operating income (1) | ||||||||||||||
Available to common shareholders | 4,395 | 33,410 | ||||||||||||
Available to common shareholders per diluted common share | $ | 0.09 | $ | 0.76 | ||||||||||
Book value per common share | $ | 131.15 | $ | 117.15 | ||||||||||
Change in book value per share | (5.3) | % | (2.8) | % | ||||||||||
Tangible book value per common share plus accumulated dividends (1) | $ | 148.17 | $ | 131.72 | ||||||||||
Change in tangible book value per common share plus change in accumulated dividends (1) | (5.3)% | (2.6)% | ||||||||||||
Return on average common equity - annualized | (17.1)% | (6.3)% | ||||||||||||
Operating return on average common equity - annualized (1) | 0.3% | 2.6% |
Three months ended March 31, 2021 | Winter Storm Uri | ||||||||||
(in thousands) | |||||||||||
Net claims and claims expenses incurred | $ | (372,894) | |||||||||
Assumed reinstatement premiums earned | 91,191 | ||||||||||
Ceded reinstatement premiums earned | (10,570) | ||||||||||
Earned profit commissions | 773 | ||||||||||
Net negative impact on underwriting result | (291,500) | ||||||||||
Redeemable noncontrolling interest | 111,666 | ||||||||||
Net negative impact on net loss attributable to RenaissanceRe common shareholders | $ | (179,834) | |||||||||
Three months ended March 31, 2021 | Winter Storm Uri | ||||||||||
(in thousands, except percentages) | |||||||||||
Net negative impact on Property segment underwriting result | $ | (288,470) | |||||||||
Net negative impact on Casualty and Specialty segment underwriting result | (3,030) | ||||||||||
Net negative impact on underwriting result | $ | (291,500) | |||||||||
Percentage point impact on consolidated combined ratio | 26.9 | ||||||||||
Three Drivers of Profit: Underwriting, Fee and Investment Income |
Property Segment | ||||||||||||||||||||
Three months ended March 31 | Q/Q Change | |||||||||||||||||||
(in thousands, except percentages) | 2021 | 2020 | ||||||||||||||||||
Gross premiums written | $ | 1,616,819 | $ | 1,220,526 | 32.5% | |||||||||||||||
Underwriting (loss) income | (41,795) | 147,232 | ||||||||||||||||||
Underwriting Ratios | ||||||||||||||||||||
Net claims and claim expense ratio - current accident year | 83.3 | % | 31.1 | % | 52.2 | pts | ||||||||||||||
Net claims and claim expense ratio - prior accident years | (0.9) | % | 3.3 | % | (4.2) | pts | ||||||||||||||
Net claims and claim expense ratio - calendar year | 82.4 | % | 34.4 | % | 48.0 | pts | ||||||||||||||
Underwriting expense ratio | 24.5 | % | 30.7 | % | (6.2) | pts | ||||||||||||||
Combined ratio | 106.9 | % | 65.1 | % | 41.8 | pts |
Casualty and Specialty Segment | ||||||||||||||||||||
Three months ended March 31 | Q/Q Change | |||||||||||||||||||
(in thousands, except percentages) | 2021 | 2020 | ||||||||||||||||||
Gross premiums written | $ | 1,035,623 | $ | 805,195 | 28.6 | % | ||||||||||||||
Underwriting income (loss) | 6,035 | (83,153) | ||||||||||||||||||
Underwriting Ratios | ||||||||||||||||||||
Net claims and claim expense ratio - current accident year | 67.8 | % | 86.7 | % | (18.9) | pts | ||||||||||||||
Net claims and claim expense ratio - prior accident years | (0.7) | % | — | % | (0.7) | pts | ||||||||||||||
Net claims and claim expense ratio - calendar year | 67.1 | % | 86.7 | % | (19.6) | pts | ||||||||||||||
Underwriting expense ratio | 31.8 | % | 30.2 | % | 1.6 | pts | ||||||||||||||
Combined ratio | 98.9 | % | 116.9 | % | (18.0) | pts |
Fee Income | ||||||||||||||||||||
Three months ended March 31 | Q/Q Change | |||||||||||||||||||
(in thousands, except percentages) | 2021 | 2020 | ||||||||||||||||||
Total management fee income | $ | 28,524 | $ | 26,796 | $ | 1,728 | ||||||||||||||
Total performance fee (loss) income (1) | (4,535) | 18,566 | (23,101) | |||||||||||||||||
Total fee income | $ | 23,989 | $ | 45,362 | $ | (21,373) |
Investment Results | ||||||||||||||||||||
Three months ended March 31 | Q/Q Change | |||||||||||||||||||
(in thousands, except percentages) | 2021 | 2020 | ||||||||||||||||||
Net investment income | $ | 79,804 | $ | 99,473 | $ | (19,669) | ||||||||||||||
Net realized and unrealized losses on investments | (345,563) | (110,707) | (234,856) | |||||||||||||||||
Total investment result | (265,759) | (11,234) | (254,525) | |||||||||||||||||
Total investment return - annualized | (4.9) | % | (0.1) | % | (4.8) | pts |
Other Items of Note in the Quarter |
Conference Call Details and Additional Information |
INVESTOR CONTACT: Keith McCue Senior Vice President, Finance & Investor Relations RenaissanceRe Holdings Ltd. (441) 239-4830 | MEDIA CONTACT: Keil Gunther Senior Vice President, Head of Global Marketing & Client Communication RenaissanceRe Holdings Ltd. (441) 239-4932 or Kekst CNC Dawn Dover (212) 521-4800 |
RenaissanceRe Holdings Ltd. | |||||||||||
Summary Consolidated Statements of Operations | |||||||||||
(in thousands of United States Dollars, except per share amounts and percentages) | |||||||||||
(Unaudited) | |||||||||||
Three months ended | |||||||||||
March 31, 2021 | March 31, 2020 | ||||||||||
Revenues | |||||||||||
Gross premiums written | $ | 2,652,442 | $ | 2,025,721 | |||||||
Net premiums written | $ | 1,824,083 | $ | 1,269,808 | |||||||
Increase in unearned premiums | (670,247) | (356,710) | |||||||||
Net premiums earned | 1,153,836 | 913,098 | |||||||||
Net investment income | 79,804 | 99,473 | |||||||||
Net foreign exchange losses | (22,788) | (5,728) | |||||||||
Equity in (losses) earnings of other ventures | (5,558) | 4,564 | |||||||||
Other income (loss) | 2,171 | (4,436) | |||||||||
Net realized and unrealized losses on investments | (345,563) | (110,707) | |||||||||
Total revenues | 861,902 | 896,264 | |||||||||
Expenses | |||||||||||
Net claims and claim expenses incurred | 867,051 | 570,954 | |||||||||
Acquisition expenses | 267,234 | 210,604 | |||||||||
Operational expenses | 55,311 | 67,461 | |||||||||
Corporate expenses | 10,405 | 15,991 | |||||||||
Interest expense | 11,912 | 14,927 | |||||||||
Total expenses | 1,211,913 | 879,937 | |||||||||
(Loss) income before taxes | (350,011) | 16,327 | |||||||||
Income tax benefit | 19,516 | 8,846 | |||||||||
Net (loss) income | (330,495) | 25,173 | |||||||||
Net loss (income) attributable to redeemable noncontrolling interests | 46,850 | (98,091) | |||||||||
Net loss attributable to RenaissanceRe | (283,645) | (72,918) | |||||||||
Dividends on preference shares | (7,289) | (9,056) | |||||||||
Net loss attributable to RenaissanceRe common shareholders | $ | (290,934) | $ | (81,974) | |||||||
Net loss attributable to RenaissanceRe common shareholders per common share – basic | $ | (5.87) | $ | (1.89) | |||||||
Net loss attributable to RenaissanceRe common shareholders per common share – diluted | $ | (5.87) | $ | (1.89) | |||||||
Operating income available to RenaissanceRe common shareholders per common share - diluted (1) | $ | 0.09 | $ | 0.76 | |||||||
Average shares outstanding - basic | 49,579 | 43,441 | |||||||||
Average shares outstanding - diluted | 49,579 | 43,441 | |||||||||
Net claims and claim expense ratio | 75.1 | % | 62.5 | % | |||||||
Underwriting expense ratio | 28.0 | % | 30.5 | % | |||||||
Combined ratio | 103.1 | % | 93.0 | % | |||||||
Return on average common equity - annualized | (17.1) | % | (6.3) | % | |||||||
Operating return on average common equity - annualized (1) | 0.3 | % | 2.6 | % |
RenaissanceRe Holdings Ltd. | |||||||||||
Summary Consolidated Balance Sheets | |||||||||||
(in thousands of United States Dollars, except per share amounts) | |||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||
Assets | (Unaudited) | (Audited) | |||||||||
Fixed maturity investments trading, at fair value | $ | 13,309,234 | $ | 13,506,503 | |||||||
Short term investments, at fair value | 5,091,143 | 4,993,735 | |||||||||
Equity investments trading, at fair value | 503,137 | 702,617 | |||||||||
Other investments, at fair value | 1,379,056 | 1,256,948 | |||||||||
Investments in other ventures, under equity method | 91,362 | 98,373 | |||||||||
Total investments | 20,373,932 | 20,558,176 | |||||||||
Cash and cash equivalents | 1,286,661 | 1,736,813 | |||||||||
Premiums receivable | 3,928,122 | 2,894,631 | |||||||||
Prepaid reinsurance premiums | 1,229,716 | 823,582 | |||||||||
Reinsurance recoverable | 3,160,667 | 2,926,010 | |||||||||
Accrued investment income | 62,573 | 66,743 | |||||||||
Deferred acquisition costs and value of business acquired | 786,941 | 633,521 | |||||||||
Receivable for investments sold | 841,156 | 568,293 | |||||||||
Other assets | 318,249 | 363,170 | |||||||||
Goodwill and other intangible assets | 248,080 | 249,641 | |||||||||
Total assets | $ | 32,236,097 | $ | 30,820,580 | |||||||
Liabilities, Noncontrolling Interests and Shareholders’ Equity | |||||||||||
Liabilities | |||||||||||
Reserve for claims and claim expenses | $ | 10,953,383 | $ | 10,381,138 | |||||||
Unearned premiums | 3,833,155 | 2,763,599 | |||||||||
Debt | 1,136,783 | 1,136,265 | |||||||||
Reinsurance balances payable | 4,254,645 | 3,488,352 | |||||||||
Payable for investments purchased | 1,133,787 | 1,132,538 | |||||||||
Other liabilities | 436,437 | 970,121 | |||||||||
Total liabilities | 21,748,190 | 19,872,013 | |||||||||
Redeemable noncontrolling interests | 3,409,570 | 3,388,319 | |||||||||
Shareholders’ Equity | |||||||||||
Preference shares | 525,000 | 525,000 | |||||||||
Common shares | 49,970 | 50,811 | |||||||||
Additional paid-in capital | 1,450,627 | 1,623,206 | |||||||||
Accumulated other comprehensive loss | (12,382) | (12,642) | |||||||||
Retained earnings | 5,065,122 | 5,373,873 | |||||||||
Total shareholders’ equity attributable to RenaissanceRe | 7,078,337 | 7,560,248 | |||||||||
Total liabilities, noncontrolling interests and shareholders’ equity | $ | 32,236,097 | $ | 30,820,580 | |||||||
Book value per common share | $ | 131.15 | $ | 138.46 |
RenaissanceRe Holdings Ltd. | |||||||||||||||||||||||
Supplemental Financial Data - Segment Information | |||||||||||||||||||||||
(in thousands of United States Dollars, except percentages) | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three months ended March 31, 2021 | |||||||||||||||||||||||
Property | Casualty and Specialty | Other | Total | ||||||||||||||||||||
Gross premiums written | $ | 1,616,819 | $ | 1,035,623 | $ | — | $ | 2,652,442 | |||||||||||||||
Net premiums written | $ | 1,008,460 | $ | 815,623 | $ | — | $ | 1,824,083 | |||||||||||||||
Net premiums earned | $ | 605,166 | $ | 548,670 | $ | — | $ | 1,153,836 | |||||||||||||||
Net claims and claim expenses incurred | 498,832 | 368,219 | — | 867,051 | |||||||||||||||||||
Acquisition expenses | 112,754 | 154,480 | — | 267,234 | |||||||||||||||||||
Operational expenses | 35,375 | 19,936 | — | 55,311 | |||||||||||||||||||
Underwriting (loss) income | $ | (41,795) | $ | 6,035 | $ | — | (35,760) | ||||||||||||||||
Net investment income | 79,804 | 79,804 | |||||||||||||||||||||
Net foreign exchange losses | (22,788) | (22,788) | |||||||||||||||||||||
Equity in losses of other ventures | (5,558) | (5,558) | |||||||||||||||||||||
Other income | 2,171 | 2,171 | |||||||||||||||||||||
Net realized and unrealized losses on investments | (345,563) | (345,563) | |||||||||||||||||||||
Corporate expenses | (10,405) | (10,405) | |||||||||||||||||||||
Interest expense | (11,912) | (11,912) | |||||||||||||||||||||
Loss before taxes and redeemable noncontrolling interests | (350,011) | ||||||||||||||||||||||
Income tax benefit | 19,516 | 19,516 | |||||||||||||||||||||
Net loss attributable to redeemable noncontrolling interests | 46,850 | 46,850 | |||||||||||||||||||||
Dividends on preference shares | (7,289) | (7,289) | |||||||||||||||||||||
Net loss attributable to RenaissanceRe common shareholders | $ | (290,934) | |||||||||||||||||||||
Net claims and claim expenses incurred – current accident year | $ | 503,994 | $ | 372,089 | $ | — | $ | 876,083 | |||||||||||||||
Net claims and claim expenses incurred – prior accident years | (5,162) | (3,870) | — | (9,032) | |||||||||||||||||||
Net claims and claim expenses incurred – total | $ | 498,832 | $ | 368,219 | $ | — | $ | 867,051 | |||||||||||||||
Net claims and claim expense ratio – current accident year | 83.3 | % | 67.8 | % | 75.9 | % | |||||||||||||||||
Net claims and claim expense ratio – prior accident years | (0.9) | % | (0.7) | % | (0.8) | % | |||||||||||||||||
Net claims and claim expense ratio – calendar year | 82.4 | % | 67.1 | % | 75.1 | % | |||||||||||||||||
Underwriting expense ratio | 24.5 | % | 31.8 | % | 28.0 | % | |||||||||||||||||
Combined ratio | 106.9 | % | 98.9 | % | 103.1 | % | |||||||||||||||||
Three months ended March 31, 2020 | |||||||||||||||||||||||
Property | Casualty and Specialty | Other | Total | ||||||||||||||||||||
Gross premiums written | $ | 1,220,526 | $ | 805,195 | $ | — | $ | 2,025,721 | |||||||||||||||
Net premiums written | $ | 674,581 | $ | 595,227 | $ | — | $ | 1,269,808 | |||||||||||||||
Net premiums earned | $ | 421,335 | $ | 491,763 | $ | — | $ | 913,098 | |||||||||||||||
Net claims and claim expenses incurred | 144,745 | 426,209 | — | 570,954 | |||||||||||||||||||
Acquisition expenses | 85,351 | 125,253 | — | 210,604 | |||||||||||||||||||
Operational expenses | 44,007 | 23,454 | — | 67,461 | |||||||||||||||||||
Underwriting income (loss) | $ | 147,232 | $ | (83,153) | $ | — | 64,079 | ||||||||||||||||
Net investment income | 99,473 | 99,473 | |||||||||||||||||||||
Net foreign exchange losses | (5,728) | (5,728) | |||||||||||||||||||||
Equity in earnings of other ventures | 4,564 | 4,564 | |||||||||||||||||||||
Other loss | (4,436) | (4,436) | |||||||||||||||||||||
Net realized and unrealized losses on investments | (110,707) | (110,707) | |||||||||||||||||||||
Corporate expenses | (15,991) | (15,991) | |||||||||||||||||||||
Interest expense | (14,927) | (14,927) | |||||||||||||||||||||
Income before taxes and redeemable noncontrolling interests | 16,327 | ||||||||||||||||||||||
Income tax expense | 8,846 | 8,846 | |||||||||||||||||||||
Net income attributable to redeemable noncontrolling interests | (98,091) | (98,091) | |||||||||||||||||||||
Dividends on preference shares | (9,056) | (9,056) | |||||||||||||||||||||
Net loss available to RenaissanceRe common shareholders | $ | (81,974) | |||||||||||||||||||||
Net claims and claim expenses incurred – current accident year | $ | 130,844 | $ | 426,210 | $ | — | $ | 557,054 | |||||||||||||||
Net claims and claim expenses incurred – prior accident years | 13,901 | (1) | — | 13,900 | |||||||||||||||||||
Net claims and claim expenses incurred – total | $ | 144,745 | $ | 426,209 | $ | — | $ | 570,954 | |||||||||||||||
Net claims and claim expense ratio – current accident year | 31.1 | % | 86.7 | % | 61.0 | % | |||||||||||||||||
Net claims and claim expense ratio – prior accident years | 3.3 | % | — | % | 1.5 | % | |||||||||||||||||
Net claims and claim expense ratio – calendar year | 34.4 | % | 86.7 | % | 62.5 | % | |||||||||||||||||
Underwriting expense ratio | 30.7 | % | 30.2 | % | 30.5 | % | |||||||||||||||||
Combined ratio | 65.1 | % | 116.9 | % | 93.0 | % |
RenaissanceRe Holdings Ltd. | |||||||||||
Supplemental Financial Data - Gross Premiums Written | |||||||||||
(in thousands of United States Dollars) | |||||||||||
(Unaudited) | |||||||||||
Three months ended | |||||||||||
March 31, 2021 | March 31, 2020 | ||||||||||
Property Segment | |||||||||||
Catastrophe | $ | 1,131,125 | $ | 936,190 | |||||||
Other property | 485,694 | 284,336 | |||||||||
Property segment gross premiums written | $ | 1,616,819 | $ | 1,220,526 | |||||||
Casualty and Specialty Segment | |||||||||||
General casualty (1) | $ | 343,170 | $ | 246,667 | |||||||
Professional liability (2) | 314,372 | 230,487 | |||||||||
Financial lines (3) | 144,386 | 147,079 | |||||||||
Other (4) | 233,695 | 180,962 | |||||||||
Casualty and Specialty segment gross premiums written | $ | 1,035,623 | $ | 805,195 |
(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, 2021 | March 31, 2020 | ||||||||||
Fixed maturity investments trading | $ | 62,933 | $ | 73,338 | |||||||
Short term investments | 573 | 12,092 | |||||||||
Equity investments trading | 1,491 | 1,551 | |||||||||
Other investments | |||||||||||
Catastrophe bonds | 14,468 | 14,139 | |||||||||
Other | 3,801 | 1,629 | |||||||||
Cash and cash equivalents | 102 | 1,504 | |||||||||
83,368 | 104,253 | ||||||||||
Investment expenses | (3,564) | (4,780) | |||||||||
Net investment income | 79,804 | 99,473 | |||||||||
Net realized and unrealized (losses) gains on: | |||||||||||
Fixed maturity investments trading (1) | (261,759) | 101,221 | |||||||||
Equity investments trading (1) | (67,922) | (151,882) | |||||||||
Other investments | |||||||||||
Catastrophe bonds | (19,083) | (14,352) | |||||||||
Other | 3,201 | (45,694) | |||||||||
Net realized and unrealized losses on investments | (345,563) | (110,707) | |||||||||
Total investment result | $ | (265,759) | $ | (11,234) | |||||||
Total investment return - annualized | (4.9) | % | (0.1) | % |
Comments on Regulation G |
Three months ended | |||||||||||
(in thousands of United States Dollars, except per share amounts and percentages) | March 31, 2021 | March 31, 2020 | |||||||||
Net loss attributable to RenaissanceRe common shareholders | $ | (290,934) | $ | (81,974) | |||||||
Adjustment for net realized and unrealized losses on investments, excluding other investments - catastrophe bonds | 326,480 | 96,355 | |||||||||
Adjustment for net foreign exchange losses | 22,788 | 5,728 | |||||||||
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK | 135 | 4,423 | |||||||||
Adjustment for income tax benefit (1) | (19,965) | (4,141) | |||||||||
Adjustment for net (loss) income (attributable) available to redeemable noncontrolling interests(2) | (34,109) | 13,019 | |||||||||
Operating income available to RenaissanceRe common shareholders | $ | 4,395 | $ | 33,410 | |||||||
Net loss attributable to RenaissanceRe common shareholders per common share - diluted | $ | (5.87) | $ | (1.89) | |||||||
Adjustment for net realized and unrealized losses on investments, excluding other investments - catastrophe bonds | 6.59 | 2.22 | |||||||||
Adjustment for net foreign exchange losses | 0.46 | 0.13 | |||||||||
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK | — | 0.10 | |||||||||
Adjustment for income tax benefit (1) | (0.40) | (0.10) | |||||||||
Adjustment for net (loss) income (attributable) available to redeemable noncontrolling interests(2) | (0.69) | 0.30 | |||||||||
Operating income available to RenaissanceRe common shareholders per common share - diluted | $ | 0.09 | $ | 0.76 | |||||||
Return on average common equity - annualized | (17.1) | % | (6.3) | % | |||||||
Adjustment for net realized and unrealized losses on investments, excluding other investments - catastrophe bonds | 19.2 | % | 7.5 | % | |||||||
Adjustment for net foreign exchange losses | 1.4 | % | 0.4 | % | |||||||
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK | — | % | 0.3 | % | |||||||
Adjustment for income tax benefit (1) | (1.2) | % | (0.3) | % | |||||||
Adjustment for net (loss) income (attributable) available to redeemable noncontrolling interests(2) | (2.0) | % | 1.0 | % | |||||||
Operating return on average common equity - annualized | 0.3 | % | 2.6 | % |
March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||||||||||||||||||
Book value per common share | $ | 131.15 | $ | 138.46 | $ | 135.13 | $ | 134.27 | $ | 117.15 | |||||||||||||||||||
Adjustment for goodwill and other intangibles (1) | (5.42) | (5.37) | (5.53) | (5.56) | (6.46) | ||||||||||||||||||||||||
Tangible book value per common share | 125.73 | 133.09 | 129.60 | 128.71 | 110.69 | ||||||||||||||||||||||||
Adjustment for accumulated dividends | 22.44 | 22.08 | 21.73 | 21.38 | 21.03 | ||||||||||||||||||||||||
Tangible book value per common share plus accumulated dividends | $ | 148.17 | $ | 155.17 | $ | 151.33 | $ | 150.09 | $ | 131.72 | |||||||||||||||||||
Quarterly change in book value per common share | (5.3) | % | 2.5 | % | 0.6 | % | 14.6 | % | (2.8) | % | |||||||||||||||||||
Quarterly change in tangible book value per common share plus change in accumulated dividends | (5.3) | % | 3.0 | % | 1.0 | % | 16.6 | % | (2.6) | % | |||||||||||||||||||
Year to date change in book value per common share | (5.3) | % | 14.9 | % | 12.1 | % | 11.4 | % | (2.8) | % | |||||||||||||||||||
Year to date change in tangible book value per common share plus change in accumulated dividends | (5.3) | % | 17.9 | % | 14.6 | % | 13.5 | % | (2.6) | % |
RenaissanceRe Holdings Ltd. | ||
Contents |
Page | |||||||||||
Basis of Presentation | |||||||||||
Financial Highlights | |||||||||||
Summary Consolidated Financial Statements | |||||||||||
a. | Consolidated Statements of Operations | ||||||||||
b. | Consolidated Balance Sheets | ||||||||||
Underwriting and Reserves | |||||||||||
a. | Consolidated Segment Underwriting Results | ||||||||||
b. | Segment Underwriting Results | ||||||||||
c. | Property Segment - Catastrophe and Other Property Underwriting Results | ||||||||||
d. | Gross Premiums Written | ||||||||||
e. | Reserves for Claims and Claim Expenses | ||||||||||
f. | Paid to Incurred Analysis | ||||||||||
Managed Joint Ventures and Fee Income | |||||||||||
a. | Fee Income | ||||||||||
b. | Noncontrolling Interests | ||||||||||
c. | DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations | ||||||||||
Investments | |||||||||||
a. | Total Investment Result | ||||||||||
b. | Investment Portfolio - Composition | ||||||||||
c. | Investment Portfolio - Fixed Maturity Investments | ||||||||||
d. | Investment Portfolio - Weighted Average Yield to Maturity and Credit Rating | ||||||||||
e. | Retained Investment Information | ||||||||||
Other Items | |||||||||||
a. | Earnings per Share | ||||||||||
Comments on Regulation G |
RenaissanceRe Holdings Ltd. | ||
Basis of Presentation |
i |
Financial Highlights | |||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||||||||||||||||||
Highlights | |||||||||||||||||||||||||||||
Gross premiums written | $ | 2,652,442 | $ | 935,514 | $ | 1,143,058 | $ | 1,701,872 | $ | 2,025,721 | |||||||||||||||||||
Underwriting (loss) income | $ | (35,760) | $ | (151,655) | $ | (206,072) | $ | 217,137 | $ | 64,079 | |||||||||||||||||||
Net investment income | $ | 79,804 | $ | 81,717 | $ | 83,543 | $ | 89,305 | $ | 99,473 | |||||||||||||||||||
Net realized and unrealized (losses) gains on investments | (345,563) | 258,745 | 224,208 | 448,390 | (110,707) | ||||||||||||||||||||||||
Total investment result | $ | (265,759) | $ | 340,462 | $ | 307,751 | $ | 537,695 | $ | (11,234) | |||||||||||||||||||
Net (loss) income (attributable) available to RenaissanceRe common shareholders | $ | (290,934) | $ | 189,812 | $ | 47,799 | $ | 575,845 | $ | (81,974) | |||||||||||||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1) | $ | 4,395 | $ | (77,122) | $ | (131,724) | $ | 190,076 | $ | 33,410 | |||||||||||||||||||
Per share data | |||||||||||||||||||||||||||||
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - basic | $ | (5.87) | $ | 3.75 | $ | 0.94 | $ | 12.64 | $ | (1.89) | |||||||||||||||||||
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted | $ | (5.87) | $ | 3.74 | $ | 0.94 | $ | 12.63 | $ | (1.89) | |||||||||||||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1) | $ | 0.09 | $ | (1.59) | $ | (2.64) | $ | 4.06 | $ | 0.76 | |||||||||||||||||||
Book value per common share | $ | 131.15 | $ | 138.46 | $ | 135.13 | $ | 134.27 | $ | 117.15 | |||||||||||||||||||
Tangible book value per common share (1) | $ | 125.73 | $ | 133.09 | $ | 129.60 | $ | 128.71 | $ | 110.69 | |||||||||||||||||||
Tangible book value per common share plus accumulated dividends (1) | $ | 148.17 | $ | 155.17 | $ | 151.33 | $ | 150.09 | $ | 131.72 | |||||||||||||||||||
Change in tangible book value per common share plus change in accumulated dividends (1) | (5.3) | % | 3.0 | % | 1.0 | % | 16.6 | % | (2.6) | % | |||||||||||||||||||
Financial ratios | |||||||||||||||||||||||||||||
Combined ratio | 103.1 | % | 114.7 | % | 120.6 | % | 78.5 | % | 93.0 | % | |||||||||||||||||||
Return on average common equity - annualized | (17.1) | % | 10.9 | % | 2.8 | % | 38.5 | % | (6.3) | % | |||||||||||||||||||
Operating return on average common equity - annualized (1) | 0.3 | % | (4.4) | % | (7.7) | % | 12.7 | % | 2.6 | % | |||||||||||||||||||
Total investment return - annualized | (4.9) | % | 6.6 | % | 6.2 | % | 11.8 | % | (0.1) | % |
1 |
Summary Consolidated Financial Statements | |||||||||||||||||||||||||||||
Consolidated Statements of Operations | |||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Gross premiums written | $ | 2,652,442 | $ | 935,514 | $ | 1,143,058 | $ | 1,701,872 | $ | 2,025,721 | |||||||||||||||||||
Net premiums written | $ | 1,824,083 | $ | 746,311 | $ | 899,411 | $ | 1,180,803 | $ | 1,269,808 | |||||||||||||||||||
(Increase) decrease in unearned premiums | (670,247) | 282,774 | 100,772 | (170,707) | (356,710) | ||||||||||||||||||||||||
Net premiums earned | 1,153,836 | 1,029,085 | 1,000,183 | 1,010,096 | 913,098 | ||||||||||||||||||||||||
Net investment income | 79,804 | 81,717 | 83,543 | 89,305 | 99,473 | ||||||||||||||||||||||||
Net foreign exchange (losses) gains | (22,788) | 23,270 | 17,426 | (7,195) | (5,728) | ||||||||||||||||||||||||
Equity in (losses) earnings of other ventures | (5,558) | (1,868) | 5,457 | 9,041 | 4,564 | ||||||||||||||||||||||||
Other income (loss) | 2,171 | 4,374 | 1,476 | (1,201) | (4,436) | ||||||||||||||||||||||||
Net realized and unrealized (losses) gains on investments | (345,563) | 258,745 | 224,208 | 448,390 | (110,707) | ||||||||||||||||||||||||
Total revenues | 861,902 | 1,395,323 | 1,332,293 | 1,548,436 | 896,264 | ||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||
Net claims and claim expenses incurred | 867,051 | 901,353 | 942,030 | 510,272 | 570,954 | ||||||||||||||||||||||||
Acquisition expenses | 267,234 | 238,283 | 215,180 | 233,610 | 210,604 | ||||||||||||||||||||||||
Operational expenses | 55,311 | 41,104 | 49,045 | 49,077 | 67,461 | ||||||||||||||||||||||||
Corporate expenses | 10,405 | 21,031 | 48,050 | 11,898 | 15,991 | ||||||||||||||||||||||||
Interest expense | 11,912 | 11,841 | 11,843 | 11,842 | 14,927 | ||||||||||||||||||||||||
Total expenses | 1,211,913 | 1,213,612 | 1,266,148 | 816,699 | 879,937 | ||||||||||||||||||||||||
(Loss) income before taxes | (350,011) | 181,711 | 66,145 | 731,737 | 16,327 | ||||||||||||||||||||||||
Income tax benefit (expense) | 19,516 | 9,923 | 8,244 | (29,875) | 8,846 | ||||||||||||||||||||||||
Net (loss) income | (330,495) | 191,634 | 74,389 | 701,862 | 25,173 | ||||||||||||||||||||||||
Net loss (income) attributable to redeemable noncontrolling interests | 46,850 | 5,467 | (19,301) | (118,728) | (98,091) | ||||||||||||||||||||||||
Net (loss) income attributable to RenaissanceRe | (283,645) | 197,101 | 55,088 | 583,134 | (72,918) | ||||||||||||||||||||||||
Dividends on preference shares | (7,289) | (7,289) | (7,289) | (7,289) | (9,056) | ||||||||||||||||||||||||
Net (loss) income (attributable) available to RenaissanceRe common shareholders | $ | (290,934) | $ | 189,812 | $ | 47,799 | $ | 575,845 | $ | (81,974) | |||||||||||||||||||
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - basic | $ | (5.87) | $ | 3.75 | $ | 0.94 | $ | 12.64 | $ | (1.89) | |||||||||||||||||||
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted | $ | (5.87) | $ | 3.74 | $ | 0.94 | $ | 12.63 | $ | (1.89) | |||||||||||||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1) | $ | 0.09 | $ | (1.59) | $ | (2.64) | $ | 4.06 | $ | 0.76 | |||||||||||||||||||
Return on average common equity - annualized | (17.1) | % | 10.9 | % | 2.8 | % | 38.5 | % | (6.3) | % | |||||||||||||||||||
Operating return on average common equity - annualized (1) | 0.3 | % | (4.4) | % | (7.7) | % | 12.7 | % | 2.6 | % |
2 |
Summary Consolidated Financial Statements | |||||||||||||||||||||||||||||
Consolidated Balance Sheets | |||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Fixed maturity investments trading, at fair value | $ | 13,309,234 | $ | 13,506,503 | $ | 13,391,318 | $ | 12,495,135 | $ | 11,045,801 | |||||||||||||||||||
Short term investments, at fair value | 5,091,143 | 4,993,735 | 5,158,961 | 5,570,804 | 5,263,242 | ||||||||||||||||||||||||
Equity investments trading, at fair value | 503,137 | 702,617 | 547,381 | 470,087 | 360,444 | ||||||||||||||||||||||||
Other investments, at fair value | 1,379,056 | 1,256,948 | 1,122,683 | 1,093,338 | 1,058,714 | ||||||||||||||||||||||||
Investments in other ventures, under equity method | 91,362 | 98,373 | 98,990 | 94,285 | 90,396 | ||||||||||||||||||||||||
Total investments | 20,373,932 | 20,558,176 | 20,319,333 | 19,723,649 | 17,818,597 | ||||||||||||||||||||||||
Cash and cash equivalents | 1,286,661 | 1,736,813 | 1,287,378 | 1,185,844 | 896,216 | ||||||||||||||||||||||||
Premiums receivable | 3,928,122 | 2,894,631 | 3,337,120 | 3,519,965 | 3,105,441 | ||||||||||||||||||||||||
Prepaid reinsurance premiums | 1,229,716 | 823,582 | 1,082,270 | 1,266,203 | 1,151,926 | ||||||||||||||||||||||||
Reinsurance recoverable | 3,160,667 | 2,926,010 | 2,883,808 | 2,774,358 | 2,765,583 | ||||||||||||||||||||||||
Accrued investment income | 62,573 | 66,743 | 71,947 | 70,004 | 73,496 | ||||||||||||||||||||||||
Deferred acquisition costs and value of business acquired | 786,941 | 633,521 | 697,346 | 734,286 | 739,875 | ||||||||||||||||||||||||
Receivable for investments sold | 841,156 | 568,293 | 752,936 | 648,458 | 341,786 | ||||||||||||||||||||||||
Other assets | 318,249 | 363,170 | 306,265 | 298,396 | 312,523 | ||||||||||||||||||||||||
Goodwill and other intangibles | 248,080 | 249,641 | 257,437 | 258,591 | 260,076 | ||||||||||||||||||||||||
Total assets | $ | 32,236,097 | $ | 30,820,580 | $ | 30,995,840 | $ | 30,479,754 | $ | 27,465,519 | |||||||||||||||||||
Liabilities, Noncontrolling Interests and Shareholders' Equity | |||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Reserve for claims and claim expenses | $ | 10,953,383 | $ | 10,381,138 | $ | 9,900,615 | $ | 9,365,469 | $ | 9,406,707 | |||||||||||||||||||
Unearned premiums | 3,833,155 | 2,763,599 | 3,276,156 | 3,549,641 | 3,245,914 | ||||||||||||||||||||||||
Debt | 1,136,783 | 1,136,265 | 1,135,740 | 1,135,216 | 1,134,695 | ||||||||||||||||||||||||
Reinsurance balances payable | 4,254,645 | 3,488,352 | 3,915,804 | 4,094,027 | 3,775,375 | ||||||||||||||||||||||||
Payable for investments purchased | 1,133,787 | 1,132,538 | 1,597,893 | 1,259,116 | 636,136 | ||||||||||||||||||||||||
Other liabilities | 436,437 | 970,121 | 391,494 | 342,014 | 351,320 | ||||||||||||||||||||||||
Total liabilities | 21,748,190 | 19,872,013 | 20,217,702 | 19,745,483 | 18,550,147 | ||||||||||||||||||||||||
Redeemable noncontrolling interests | 3,409,570 | 3,388,319 | 3,387,317 | 3,387,099 | 3,231,846 | ||||||||||||||||||||||||
Shareholders' Equity | |||||||||||||||||||||||||||||
Preference shares | 525,000 | 525,000 | 525,000 | 525,000 | 525,000 | ||||||||||||||||||||||||
Common shares | 49,970 | 50,811 | 50,810 | 50,811 | 44,034 | ||||||||||||||||||||||||
Additional paid-in capital | 1,450,627 | 1,623,206 | 1,615,328 | 1,602,738 | 502,608 | ||||||||||||||||||||||||
Accumulated other comprehensive loss | (12,382) | (12,642) | (2,083) | (3,066) | (1,664) | ||||||||||||||||||||||||
Retained earnings | 5,065,122 | 5,373,873 | 5,201,766 | 5,171,689 | 4,613,548 | ||||||||||||||||||||||||
Total shareholders' equity attributable to RenaissanceRe | 7,078,337 | 7,560,248 | 7,390,821 | 7,347,172 | 5,683,526 | ||||||||||||||||||||||||
Total liabilities, noncontrolling interests and shareholders' equity | $ | 32,236,097 | $ | 30,820,580 | $ | 30,995,840 | $ | 30,479,754 | $ | 27,465,519 | |||||||||||||||||||
Book value per common share | $ | 131.15 | $ | 138.46 | $ | 135.13 | $ | 134.27 | $ | 117.15 |
3 |
Underwriting and Reserves | |||||||||||||||||
Consolidated Segment Underwriting Results | |||||||||||||||||
Three months ended March 31, 2021 | |||||||||||||||||
Property | Casualty and Specialty | Total | |||||||||||||||
Gross premiums written | $ | 1,616,819 | $ | 1,035,623 | $ | 2,652,442 | |||||||||||
Net premiums written | $ | 1,008,460 | $ | 815,623 | $ | 1,824,083 | |||||||||||
Net premiums earned | $ | 605,166 | $ | 548,670 | $ | 1,153,836 | |||||||||||
Net claims and claim expenses incurred | 498,832 | 368,219 | 867,051 | ||||||||||||||
Acquisition expenses | 112,754 | 154,480 | 267,234 | ||||||||||||||
Operational expenses | 35,375 | 19,936 | 55,311 | ||||||||||||||
Underwriting (loss) income | $ | (41,795) | $ | 6,035 | $ | (35,760) | |||||||||||
Net claims and claim expenses incurred - current accident year | $ | 503,994 | $ | 372,089 | $ | 876,083 | |||||||||||
Net claims and claim expenses incurred - prior accident years | (5,162) | (3,870) | (9,032) | ||||||||||||||
Net claims and claim expenses incurred - total | $ | 498,832 | $ | 368,219 | $ | 867,051 | |||||||||||
Net claims and claim expense ratio - current accident year | 83.3 | % | 67.8 | % | 75.9 | % | |||||||||||
Net claims and claim expense ratio - prior accident years | (0.9) | % | (0.7) | % | (0.8) | % | |||||||||||
Net claims and claim expense ratio - calendar year | 82.4 | % | 67.1 | % | 75.1 | % | |||||||||||
Underwriting expense ratio | 24.5 | % | 31.8 | % | 28.0 | % | |||||||||||
Combined ratio | 106.9 | % | 98.9 | % | 103.1 | % | |||||||||||
Three months ended March 31, 2020 | |||||||||||||||||
Property | Casualty and Specialty | Total | |||||||||||||||
Gross premiums written | $ | 1,220,526 | $ | 805,195 | $ | 2,025,721 | |||||||||||
Net premiums written | $ | 674,581 | $ | 595,227 | $ | 1,269,808 | |||||||||||
Net premiums earned | $ | 421,335 | $ | 491,763 | $ | 913,098 | |||||||||||
Net claims and claim expenses incurred | 144,745 | 426,209 | 570,954 | ||||||||||||||
Acquisition expenses | 85,351 | 125,253 | 210,604 | ||||||||||||||
Operational expenses | 44,007 | 23,454 | 67,461 | ||||||||||||||
Underwriting income (loss) | $ | 147,232 | $ | (83,153) | $ | 64,079 | |||||||||||
Net claims and claim expenses incurred - current accident year | $ | 130,844 | $ | 426,210 | $ | 557,054 | |||||||||||
Net claims and claim expenses incurred - prior accident years | 13,901 | (1) | 13,900 | ||||||||||||||
Net claims and claim expenses incurred - total | $ | 144,745 | $ | 426,209 | $ | 570,954 | |||||||||||
Net claims and claim expense ratio - current accident year | 31.1 | % | 86.7 | % | 61.0 | % | |||||||||||
Net claims and claim expense ratio - prior accident years | 3.3 | % | — | % | 1.5 | % | |||||||||||
Net claims and claim expense ratio - calendar year | 34.4 | % | 86.7 | % | 62.5 | % | |||||||||||
Underwriting expense ratio | 30.7 | % | 30.2 | % | 30.5 | % | |||||||||||
Combined ratio | 65.1 | % | 116.9 | % | 93.0 | % |
4 |
Underwriting and Reserves | |||||||||||||||||||||||||||||
Segment Underwriting Results | |||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
Property Segment | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | ||||||||||||||||||||||||
Gross premiums written | $ | 1,616,819 | $ | 308,315 | $ | 427,765 | $ | 1,042,536 | $ | 1,220,526 | |||||||||||||||||||
Net premiums written | $ | 1,008,460 | $ | 279,773 | $ | 378,708 | $ | 704,138 | $ | 674,581 | |||||||||||||||||||
Net premiums earned | $ | 605,166 | $ | 507,141 | $ | 516,623 | $ | 491,116 | $ | 421,335 | |||||||||||||||||||
Net claims and claim expenses incurred | 498,832 | 536,218 | 590,979 | 164,005 | 144,745 | ||||||||||||||||||||||||
Acquisition expenses | 112,754 | 75,032 | 98,545 | 94,772 | 85,351 | ||||||||||||||||||||||||
Operational expenses | 35,375 | 26,160 | 33,724 | 31,656 | 44,007 | ||||||||||||||||||||||||
Underwriting (loss) income | $ | (41,795) | $ | (130,269) | $ | (206,625) | $ | 200,683 | $ | 147,232 | |||||||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 503,994 | $ | 661,711 | $ | 629,827 | $ | 170,614 | $ | 130,844 | |||||||||||||||||||
Net claims and claim expenses incurred - prior accident years | (5,162) | (125,493) | (38,848) | (6,608) | 13,901 | ||||||||||||||||||||||||
Net claims and claim expenses incurred - total | $ | 498,832 | $ | 536,218 | $ | 590,979 | $ | 164,006 | $ | 144,745 | |||||||||||||||||||
Net claims and claim expense ratio - current accident year | 83.3 | % | 130.4 | % | 121.9 | % | 34.7 | % | 31.1 | % | |||||||||||||||||||
Net claims and claim expense ratio - prior accident years | (0.9) | % | (24.7) | % | (7.5) | % | (1.3) | % | 3.3 | % | |||||||||||||||||||
Net claims and claim expense ratio - calendar year | 82.4 | % | 105.7 | % | 114.4 | % | 33.4 | % | 34.4 | % | |||||||||||||||||||
Underwriting expense ratio | 24.5 | % | 20.0 | % | 25.6 | % | 25.7 | % | 30.7 | % | |||||||||||||||||||
Combined ratio | 106.9 | % | 125.7 | % | 140.0 | % | 59.1 | % | 65.1 | % | |||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
Casualty and Specialty Segment | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | ||||||||||||||||||||||||
Gross premiums written | $ | 1,035,623 | $ | 627,199 | $ | 715,293 | $ | 659,336 | $ | 805,195 | |||||||||||||||||||
Net premiums written | $ | 815,623 | $ | 466,538 | $ | 520,703 | $ | 476,665 | $ | 595,227 | |||||||||||||||||||
Net premiums earned | $ | 548,670 | $ | 521,944 | $ | 483,560 | $ | 518,980 | $ | 491,763 | |||||||||||||||||||
Net claims and claim expenses incurred | 368,219 | 365,135 | 351,052 | 346,266 | 426,209 | ||||||||||||||||||||||||
Acquisition expenses | 154,480 | 163,251 | 116,636 | 138,837 | 125,253 | ||||||||||||||||||||||||
Operational expenses | 19,936 | 14,945 | 15,319 | 17,422 | 23,454 | ||||||||||||||||||||||||
Underwriting income (loss) | $ | 6,035 | $ | (21,387) | $ | 553 | $ | 16,455 | $ | (83,153) | |||||||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 372,089 | $ | 368,071 | $ | 366,080 | $ | 355,064 | $ | 426,210 | |||||||||||||||||||
Net claims and claim expenses incurred - prior accident years | (3,870) | (2,936) | (15,028) | (8,798) | (1) | ||||||||||||||||||||||||
Net claims and claim expenses incurred - total | $ | 368,219 | $ | 365,135 | $ | 351,052 | $ | 346,266 | $ | 426,209 | |||||||||||||||||||
Net claims and claim expense ratio - current accident year | 67.8 | % | 70.5 | % | 75.7 | % | 68.4 | % | 86.7 | % | |||||||||||||||||||
Net claims and claim expense ratio - prior accident years | (0.7) | % | (0.5) | % | (3.1) | % | (1.7) | % | — | % | |||||||||||||||||||
Net claims and claim expense ratio - calendar year | 67.1 | % | 70.0 | % | 72.6 | % | 66.7 | % | 86.7 | % | |||||||||||||||||||
Underwriting expense ratio | 31.8 | % | 34.1 | % | 27.3 | % | 30.1 | % | 30.2 | % | |||||||||||||||||||
Combined ratio | 98.9 | % | 104.1 | % | 99.9 | % | 96.8 | % | 116.9 | % |
5 |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||
Property Segment - Catastrophe and Other Property Underwriting Results | |||||||||||||||||||||||||||||||||||
Three months ended March 31, 2021 | Three months ended March 31, 2020 | ||||||||||||||||||||||||||||||||||
Catastrophe | Other Property | Total | Catastrophe | Other Property | Total | ||||||||||||||||||||||||||||||
Gross premiums written | $ | 1,131,125 | $ | 485,694 | $ | 1,616,819 | $ | 936,190 | $ | 284,336 | $ | 1,220,526 | |||||||||||||||||||||||
Net premiums written | $ | 660,120 | $ | 348,340 | $ | 1,008,460 | $ | 477,457 | $ | 197,124 | $ | 674,581 | |||||||||||||||||||||||
Net premiums earned | $ | 340,980 | $ | 264,186 | $ | 605,166 | $ | 220,655 | $ | 200,680 | $ | 421,335 | |||||||||||||||||||||||
Net claims and claim expenses incurred | 334,011 | 164,821 | 498,832 | (2,201) | 146,946 | 144,745 | |||||||||||||||||||||||||||||
Acquisition expenses | 41,378 | 71,376 | 112,754 | 28,707 | 56,644 | 85,351 | |||||||||||||||||||||||||||||
Operational expenses | 28,366 | 7,009 | 35,375 | 35,545 | 8,462 | 44,007 | |||||||||||||||||||||||||||||
Underwriting (loss) income | $ | (62,775) | $ | 20,980 | $ | (41,795) | $ | 158,604 | $ | (11,372) | $ | 147,232 | |||||||||||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 338,475 | $ | 165,519 | $ | 503,994 | $ | 23,382 | $ | 107,462 | $ | 130,844 | |||||||||||||||||||||||
Net claims and claim expenses incurred - prior accident years | (4,464) | (698) | (5,162) | (25,583) | 39,484 | 13,901 | |||||||||||||||||||||||||||||
Net claims and claim expenses incurred - total | $ | 334,011 | $ | 164,821 | $ | 498,832 | $ | (2,201) | $ | 146,946 | $ | 144,745 | |||||||||||||||||||||||
Net claims and claim expense ratio - current accident year | 99.3 | % | 62.7 | % | 83.3 | % | 10.6 | % | 53.5 | % | 31.1 | % | |||||||||||||||||||||||
Net claims and claim expense ratio - prior accident years | (1.3) | % | (0.3) | % | (0.9) | % | (11.6) | % | 19.7 | % | 3.3 | % | |||||||||||||||||||||||
Net claims and claim expense ratio - calendar year | 98.0 | % | 62.4 | % | 82.4 | % | (1.0) | % | 73.2 | % | 34.4 | % | |||||||||||||||||||||||
Underwriting expense ratio | 20.4 | % | 29.7 | % | 24.5 | % | 29.1 | % | 32.5 | % | 30.7 | % | |||||||||||||||||||||||
Combined ratio | 118.4 | % | 92.1 | % | 106.9 | % | 28.1 | % | 105.7 | % | 65.1 | % |
6 |
Underwriting and Reserves | |||||||||||||||||||||||||||||
Gross Premiums Written | |||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||||||||||||||||||
Property Segment | |||||||||||||||||||||||||||||
Catastrophe | $ | 1,131,125 | $ | 59,120 | $ | 179,689 | $ | 711,786 | $ | 936,190 | |||||||||||||||||||
Other property | 485,694 | 249,195 | 248,076 | 330,750 | 284,336 | ||||||||||||||||||||||||
Property segment gross premiums written | $ | 1,616,819 | $ | 308,315 | $ | 427,765 | $ | 1,042,536 | $ | 1,220,526 | |||||||||||||||||||
Casualty and Specialty Segment | |||||||||||||||||||||||||||||
General casualty (1) | $ | 343,170 | $ | 190,996 | $ | 260,265 | $ | 206,666 | $ | 246,667 | |||||||||||||||||||
Professional liability (2) | 314,372 | 207,437 | 175,459 | 222,737 | 230,487 | ||||||||||||||||||||||||
Financial lines (3) | 144,386 | 122,023 | 143,455 | 101,635 | 147,079 | ||||||||||||||||||||||||
Other (4) | 233,695 | 106,743 | 136,114 | 128,298 | 180,962 | ||||||||||||||||||||||||
Casualty and Specialty segment gross premiums written | $ | 1,035,623 | $ | 627,199 | $ | 715,293 | $ | 659,336 | $ | 805,195 |
(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. |
7 |
Underwriting and Reserves | |||||||||||||||||||||||
Reserves for Claims and Claim Expenses | |||||||||||||||||||||||
Case Reserves | Additional Case Reserves | IBNR | Total | ||||||||||||||||||||
March 31, 2021 | |||||||||||||||||||||||
Property | $ | 1,292,683 | $ | 1,333,734 | $ | 2,145,953 | $ | 4,772,370 | |||||||||||||||
Casualty and Specialty | 1,801,362 | 147,822 | 4,231,829 | 6,181,013 | |||||||||||||||||||
Total | $ | 3,094,045 | $ | 1,481,556 | $ | 6,377,782 | $ | 10,953,383 | |||||||||||||||
December 31, 2020 | |||||||||||||||||||||||
Property | $ | 1,127,909 | $ | 1,617,003 | $ | 1,627,541 | $ | 4,372,453 | |||||||||||||||
Casualty and Specialty | 1,651,150 | 133,843 | 4,223,692 | 6,008,685 | |||||||||||||||||||
Total | $ | 2,779,059 | $ | 1,750,846 | $ | 5,851,233 | $ | 10,381,138 | |||||||||||||||
September 30, 2020 | |||||||||||||||||||||||
Property | $ | 1,037,858 | $ | 1,752,260 | $ | 1,238,478 | $ | 4,028,596 | |||||||||||||||
Casualty and Specialty | 1,625,554 | 123,001 | 4,123,464 | 5,872,019 | |||||||||||||||||||
Total | $ | 2,663,412 | $ | 1,875,261 | $ | 5,361,942 | $ | 9,900,615 | |||||||||||||||
June 30, 2020 | |||||||||||||||||||||||
Property | $ | 1,095,843 | $ | 1,650,244 | $ | 842,395 | $ | 3,588,482 | |||||||||||||||
Casualty and Specialty | 1,682,299 | 127,588 | 3,967,100 | 5,776,987 | |||||||||||||||||||
Total | $ | 2,778,142 | $ | 1,777,832 | $ | 4,809,495 | $ | 9,365,469 | |||||||||||||||
March 31, 2020 | |||||||||||||||||||||||
Property | $ | 1,096,170 | $ | 1,707,754 | $ | 958,827 | $ | 3,762,751 | |||||||||||||||
Casualty and Specialty | 1,644,402 | 105,505 | 3,894,049 | 5,643,956 | |||||||||||||||||||
Total | $ | 2,740,572 | $ | 1,813,259 | $ | 4,852,876 | $ | 9,406,707 |
8 |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||
Paid to Incurred Analysis | |||||||||||||||||||||||||||||||||||
Three months ended March 31, 2021 | Three months ended March 31, 2020 | ||||||||||||||||||||||||||||||||||
Gross | Recoveries | Net | Gross | Recoveries | Net | ||||||||||||||||||||||||||||||
Reserve for claims and claim expenses, beginning of period | $ | 10,381,138 | $ | 2,926,010 | $ | 7,455,128 | $ | 9,384,349 | $ | 2,791,297 | $ | 6,593,052 | |||||||||||||||||||||||
Incurred claims and claim expenses | |||||||||||||||||||||||||||||||||||
Current year | 1,221,981 | 345,898 | 876,083 | 790,010 | 232,956 | 557,054 | |||||||||||||||||||||||||||||
Prior years | 28,265 | 37,297 | (9,032) | (42,295) | (56,195) | 13,900 | |||||||||||||||||||||||||||||
Total incurred claims and claim expenses | 1,250,246 | 383,195 | 867,051 | 747,715 | 176,761 | 570,954 | |||||||||||||||||||||||||||||
Paid claims and claim expenses | |||||||||||||||||||||||||||||||||||
Current year | 18,069 | 3,318 | 14,751 | 34,310 | 3,109 | 31,201 | |||||||||||||||||||||||||||||
Prior years | 622,819 | 136,331 | 486,488 | 635,378 | 199,092 | 436,286 | |||||||||||||||||||||||||||||
Total paid claims and claim expenses | 640,888 | 139,649 | 501,239 | 669,688 | 202,201 | 467,487 | |||||||||||||||||||||||||||||
Foreign exchange (1) | (37,113) | (8,889) | (28,224) | (55,669) | (274) | (55,395) | |||||||||||||||||||||||||||||
Reserve for claims and claim expenses, end of period | $ | 10,953,383 | $ | 3,160,667 | $ | 7,792,716 | $ | 9,406,707 | $ | 2,765,583 | $ | 6,641,124 |
9 |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||||||||||||||||||
Management fee income | |||||||||||||||||||||||||||||
Joint ventures | $ | 11,128 | $ | 8,458 | $ | 13,070 | $ | 12,190 | $ | 11,781 | |||||||||||||||||||
Structured reinsurance products and other | 8,774 | 8,830 | 8,785 | 8,739 | 8,597 | ||||||||||||||||||||||||
Managed funds | 8,622 | 9,490 | 8,610 | 6,508 | 6,418 | ||||||||||||||||||||||||
Total management fee income | 28,524 | 26,778 | 30,465 | 27,437 | 26,796 | ||||||||||||||||||||||||
Performance fee income (loss) | |||||||||||||||||||||||||||||
Joint ventures | 1,556 | (1,984) | (1,842) | 6,165 | 7,828 | ||||||||||||||||||||||||
Structured reinsurance products and other | (1,293) | 1,570 | (10,414) | 7,994 | 8,375 | ||||||||||||||||||||||||
Managed funds | (4,798) | 9,542 | 175 | 3,914 | 2,363 | ||||||||||||||||||||||||
Total performance fee (loss) income (1) | (4,535) | 9,128 | (12,081) | 18,073 | 18,566 | ||||||||||||||||||||||||
Total fee income | $ | 23,989 | $ | 35,906 | $ | 18,384 | $ | 45,510 | $ | 45,362 |
10 |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||||||||||||||||||
Redeemable noncontrolling interest - DaVinciRe | $ | 39,934 | $ | 32,993 | $ | 26,616 | $ | (88,374) | $ | (84,906) | |||||||||||||||||||
Redeemable noncontrolling interest - Medici | 13,443 | (13,534) | (33,963) | (13,151) | 4,678 | ||||||||||||||||||||||||
Redeemable noncontrolling interest - Vermeer | (6,527) | (13,992) | (11,954) | (17,203) | (17,863) | ||||||||||||||||||||||||
Net loss (income) attributable to redeemable noncontrolling interests (1) | $ | 46,850 | $ | 5,467 | $ | (19,301) | $ | (118,728) | $ | (98,091) |
March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||||||||||||||||||
Redeemable noncontrolling interest - DaVinciRe | $ | 1,555,714 | $ | 1,560,693 | $ | 1,594,683 | $ | 1,621,300 | $ | 1,533,085 | |||||||||||||||||||
Redeemable noncontrolling interest - Medici | 737,702 | 717,999 | 696,999 | 682,118 | 677,283 | ||||||||||||||||||||||||
Redeemable noncontrolling interest - Vermeer | 1,116,154 | 1,109,627 | 1,095,635 | 1,083,681 | 1,021,478 | ||||||||||||||||||||||||
Redeemable noncontrolling interests | $ | 3,409,570 | $ | 3,388,319 | $ | 3,387,317 | $ | 3,387,099 | $ | 3,231,846 |
March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||||||||||||||||||
DaVinciRe | 71.3 | % | 78.6 | % | 78.6 | % | 78.6 | % | 78.6 | % | |||||||||||||||||||
Medici | 84.6 | % | 84.3 | % | 88.5 | % | 88.6 | % | 88.8 | % | |||||||||||||||||||
Vermeer | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
11 |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||||||||
DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations | |||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Gross premiums written | $ | 342,033 | $ | 21,996 | $ | 77,866 | $ | 222,306 | $ | 255,640 | |||||||||||||||||||
Net premiums written | $ | 315,476 | $ | 22,266 | $ | 78,025 | $ | 177,116 | $ | 241,641 | |||||||||||||||||||
(Increase) decrease in unearned premiums | (154,894) | 120,081 | 62,486 | (58,172) | (135,933) | ||||||||||||||||||||||||
Net premiums earned | 160,582 | 142,347 | 140,511 | 118,944 | 105,708 | ||||||||||||||||||||||||
Net investment income | 8,261 | 8,848 | 9,339 | 11,557 | 15,087 | ||||||||||||||||||||||||
Net foreign exchange (losses) gains | (590) | 149 | (511) | 8 | (1,180) | ||||||||||||||||||||||||
Net realized and unrealized (losses) gains on investments | (26,798) | 3,436 | 5,439 | 34,674 | 18,529 | ||||||||||||||||||||||||
Total revenues | 141,455 | 154,780 | 154,778 | 165,183 | 138,144 | ||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||
Net claims and claim expenses incurred | 167,543 | 184,787 | 171,271 | 9,829 | (13,726) | ||||||||||||||||||||||||
Acquisition expenses | 16,317 | 3,138 | 2,384 | 29,208 | 30,112 | ||||||||||||||||||||||||
Operational and corporate expenses | 11,706 | 6,955 | 13,123 | 11,862 | 11,889 | ||||||||||||||||||||||||
Interest expense | 1,858 | 1,859 | 1,859 | 1,859 | 1,858 | ||||||||||||||||||||||||
Total expenses | 197,424 | 196,739 | 188,637 | 52,758 | 30,133 | ||||||||||||||||||||||||
(Loss) income before taxes | (55,969) | (41,959) | (33,859) | 112,425 | 108,011 | ||||||||||||||||||||||||
Income tax (expense) benefit | — | (12) | — | (2) | 2 | ||||||||||||||||||||||||
Net (loss) income (attributable) available to DaVinciRe common shareholders | $ | (55,969) | $ | (41,971) | $ | (33,859) | $ | 112,423 | $ | 108,013 | |||||||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 181,716 | $ | 209,903 | $ | 196,188 | $ | 14,728 | $ | 4,967 | |||||||||||||||||||
Net claims and claim expenses incurred - prior accident years | (14,173) | (25,116) | (24,917) | (4,899) | (18,693) | ||||||||||||||||||||||||
Net claims and claim expenses incurred - total | $ | 167,543 | $ | 184,787 | $ | 171,271 | $ | 9,829 | $ | (13,726) | |||||||||||||||||||
Net claims and claim expense ratio - current accident year | 113.2 | % | 147.5 | % | 139.6 | % | 12.4 | % | 4.7 | % | |||||||||||||||||||
Net claims and claim expense ratio - prior accident years | (8.9) | % | (17.7) | % | (17.7) | % | (4.1) | % | (17.7) | % | |||||||||||||||||||
Net claims and claim expense ratio - calendar year | 104.3 | % | 129.8 | % | 121.9 | % | 8.3 | % | (13.0) | % | |||||||||||||||||||
Underwriting expense ratio | 17.5 | % | 7.1 | % | 11.0 | % | 34.5 | % | 39.7 | % | |||||||||||||||||||
Combined ratio | 121.8 | % | 136.9 | % | 132.9 | % | 42.8 | % | 26.7 | % |
12 |
RenaissanceRe Holdings Ltd. | |||||||||||||||||||||||||||||
Investments | |||||||||||||||||||||||||||||
Total Investment Result | |||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||||||||||||||||||
Fixed maturity investments trading | $ | 62,933 | $ | 66,912 | $ | 68,022 | $ | 69,943 | $ | 73,338 | |||||||||||||||||||
Short term investments | 573 | 1,047 | 1,611 | 6,049 | 12,092 | ||||||||||||||||||||||||
Equity investments trading | 1,491 | 1,628 | 1,559 | 1,666 | 1,551 | ||||||||||||||||||||||||
Other investments | |||||||||||||||||||||||||||||
Catastrophe bonds | 14,468 | 13,500 | 13,626 | 13,519 | 14,139 | ||||||||||||||||||||||||
Other | 3,801 | 4,083 | 2,598 | 1,107 | 1,629 | ||||||||||||||||||||||||
Cash and cash equivalents | 102 | 192 | 441 | 837 | 1,504 | ||||||||||||||||||||||||
83,368 | 87,362 | 87,857 | 93,121 | 104,253 | |||||||||||||||||||||||||
Investment expenses | (3,564) | (5,645) | (4,314) | (3,816) | (4,780) | ||||||||||||||||||||||||
Net investment income | 79,804 | 81,717 | 83,543 | 89,305 | 99,473 | ||||||||||||||||||||||||
Net realized and unrealized (losses) gains on: | |||||||||||||||||||||||||||||
Fixed maturity investments trading (1) | (261,759) | 90,132 | 78,348 | 322,711 | 101,221 | ||||||||||||||||||||||||
Equity investments trading (1) | (67,922) | 154,306 | 119,622 | 113,506 | (151,882) | ||||||||||||||||||||||||
Other investments | |||||||||||||||||||||||||||||
Catastrophe bonds | (19,083) | (9,742) | 12,611 | 4,452 | (14,352) | ||||||||||||||||||||||||
Other | 3,201 | 24,049 | 13,627 | 7,721 | (45,694) | ||||||||||||||||||||||||
Net realized and unrealized (losses) gains on investments | (345,563) | 258,745 | 224,208 | 448,390 | (110,707) | ||||||||||||||||||||||||
Total investment result | $ | (265,759) | $ | 340,462 | $ | 307,751 | $ | 537,695 | $ | (11,234) | |||||||||||||||||||
Total investment return - annualized | (4.9) | % | 6.6 | % | 6.2 | % | 11.8 | % | (0.1) | % | |||||||||||||||||||
13 |
Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Portfolio - Composition | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Type of Investment | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasuries | $ | 5,107,878 | 25.1 | % | $ | 4,960,409 | 24.1 | % | $ | 4,350,971 | 21.4 | % | $ | 4,258,675 | 21.6 | % | $ | 3,915,130 | 22.0 | % | |||||||||||||||||||||||||||||||||||||||
Agencies | 227,184 | 1.1 | % | 368,032 | 1.8 | % | 437,681 | 2.1 | % | 505,038 | 2.6 | % | 537,490 | 3.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government | 518,162 | 2.5 | % | 491,531 | 2.4 | % | 568,960 | 2.8 | % | 584,206 | 3.0 | % | 635,282 | 3.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government-backed corporate | 335,662 | 1.6 | % | 338,014 | 1.6 | % | 401,449 | 2.0 | % | 314,833 | 1.6 | % | 283,577 | 1.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Corporate | 4,289,072 | 21.1 | % | 4,261,025 | 20.7 | % | 4,655,765 | 22.9 | % | 4,428,553 | 22.5 | % | 3,259,780 | 18.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Agency mortgage-backed | 957,563 | 4.7 | % | 1,113,792 | 5.4 | % | 1,086,474 | 5.3 | % | 985,851 | 5.0 | % | 1,056,272 | 5.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
Non-agency mortgage-backed | 272,529 | 1.3 | % | 291,444 | 1.4 | % | 293,953 | 1.4 | % | 276,300 | 1.4 | % | 275,026 | 1.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 713,044 | 3.5 | % | 791,272 | 3.8 | % | 788,995 | 3.9 | % | 591,238 | 3.0 | % | 540,502 | 3.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Asset-backed | 888,140 | 4.4 | % | 890,984 | 4.3 | % | 807,070 | 4.0 | % | 550,441 | 2.8 | % | 542,742 | 3.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments, at fair value | 13,309,234 | 65.3 | % | 13,506,503 | 65.5 | % | 13,391,318 | 65.8 | % | 12,495,135 | 63.5 | % | 11,045,801 | 62.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Short term investments, at fair value | 5,091,143 | 25.0 | % | 4,993,735 | 24.3 | % | 5,158,961 | 25.4 | % | 5,570,804 | 28.2 | % | 5,263,242 | 29.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total consolidated fixed maturity and short term investments, at fair value | 18,400,377 | 90.3 | % | 18,500,238 | 89.8 | % | 18,550,279 | 91.2 | % | 18,065,939 | 91.7 | % | 16,309,043 | 91.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Equity investments trading, at fair value | 503,137 | 2.5 | % | 702,617 | 3.4 | % | 547,381 | 2.7 | % | 470,087 | 2.4 | % | 360,444 | 2.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Other investments, at fair value | 1,379,056 | 6.8 | % | 1,256,948 | 6.2 | % | 1,122,683 | 5.5 | % | 1,093,338 | 5.5 | % | 1,058,714 | 5.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total managed investment portfolio | 20,282,570 | 99.6 | % | 20,459,803 | 99.4 | % | 20,220,343 | 99.4 | % | 19,629,364 | 99.6 | % | 17,728,201 | 99.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Investments in other ventures, under equity method | 91,362 | 0.4 | % | 98,373 | 0.6 | % | 98,990 | 0.6 | % | 94,285 | 0.4 | % | 90,396 | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total investments | $ | 20,373,932 | 100.0 | % | $ | 20,558,176 | 100.0 | % | $ | 20,319,333 | 100.0 | % | $ | 19,723,649 | 100.0 | % | $ | 17,818,597 | 100.0 | % | |||||||||||||||||||||||||||||||||||||||
14 |
Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Portfolio - Fixed Maturity Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Quality of Fixed Maturity Investments | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
AAA | $ | 1,859,370 | 14.0 | % | $ | 1,915,147 | 14.2 | % | $ | 1,972,894 | 14.7 | % | $ | 1,392,417 | 11.1 | % | $ | 1,590,824 | 14.4 | % | |||||||||||||||||||||||||||||||||||||||
AA | 7,022,443 | 52.8 | % | 7,210,622 | 53.4 | % | 6,721,098 | 50.2 | % | 6,670,927 | 53.4 | % | 6,212,689 | 56.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
A | 1,504,569 | 11.3 | % | 1,485,463 | 11.0 | % | 1,777,861 | 13.3 | % | 1,864,066 | 14.9 | % | 1,491,504 | 13.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
BBB | 1,509,280 | 11.3 | % | 1,538,681 | 11.4 | % | 1,648,049 | 12.3 | % | 1,433,297 | 11.5 | % | 915,375 | 8.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Non-investment grade and not rated | 1,413,572 | 10.6 | % | 1,356,590 | 10.0 | % | 1,271,416 | 9.5 | % | 1,134,428 | 9.1 | % | 835,409 | 7.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments, at fair value | $ | 13,309,234 | 100.0 | % | $ | 13,506,503 | 100.0 | % | $ | 13,391,318 | 100.0 | % | $ | 12,495,135 | 100.0 | % | $ | 11,045,801 | 100.0 | % | |||||||||||||||||||||||||||||||||||||||
Maturity Profile of Fixed Maturity Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Due in less than one year | $ | 572,443 | 4.3 | % | $ | 637,418 | 4.7 | % | $ | 621,610 | 4.6 | % | $ | 638,686 | 5.1 | % | $ | 723,397 | 6.5 | % | |||||||||||||||||||||||||||||||||||||||
Due after one through five years | 5,569,638 | 41.9 | % | 5,391,122 | 39.9 | % | 5,749,128 | 43.0 | % | 5,513,103 | 44.1 | % | 5,039,456 | 45.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Due after five through ten years | 3,786,423 | 28.4 | % | 3,806,564 | 28.2 | % | 3,374,898 | 25.2 | % | 3,312,749 | 26.6 | % | 2,612,031 | 23.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Due after ten years | 549,453 | 4.1 | % | 583,908 | 4.3 | % | 669,190 | 5.0 | % | 626,768 | 5.0 | % | 256,375 | 2.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 1,943,137 | 14.6 | % | 2,196,507 | 16.3 | % | 2,169,422 | 16.2 | % | 1,853,388 | 14.8 | % | 1,871,800 | 16.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | 888,140 | 6.7 | % | 890,984 | 6.6 | % | 807,070 | 6.0 | % | 550,441 | 4.4 | % | 542,742 | 4.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments, at fair value | $ | 13,309,234 | 100.0 | % | $ | 13,506,503 | 100.0 | % | $ | 13,391,318 | 100.0 | % | $ | 12,495,135 | 100.0 | % | $ | 11,045,801 | 100.0 | % |
15 |
Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Portfolio - Weighted Average Yield to Maturity and Credit Rating | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Rating (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | Amortized Cost | Fair Value | Weighted Average Yield to Maturity | AAA | AA | A | BBB | Non- Investment Grade | Not Rated | ||||||||||||||||||||||||||||||||||||||||||||
Short term investments | $ | 5,091,143 | $ | 5,091,143 | 0.1 | % | $ | 5,070,274 | $ | 4,686 | $ | 11,169 | $ | 2,135 | $ | 2,703 | $ | 176 | |||||||||||||||||||||||||||||||||||
100.0 | % | 99.6 | % | 0.1 | % | 0.2 | % | — | % | 0.1 | % | — | % | ||||||||||||||||||||||||||||||||||||||||
Fixed maturity investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasuries | 5,134,561 | 5,107,878 | 0.7 | % | — | 5,107,878 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Agencies | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fannie Mae and Freddie Mac | 66,016 | 63,787 | 1.3 | % | — | 63,787 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Other agencies | 165,843 | 163,397 | 1.5 | % | — | 163,397 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Total agencies | 231,859 | 227,184 | 1.4 | % | — | 227,184 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government | 522,411 | 518,162 | 1.0 | % | 327,980 | 149,009 | 17,524 | 22,068 | 1,581 | — | |||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government-backed corporate | 337,967 | 335,662 | 1.2 | % | 135,942 | 173,922 | 10,848 | 7,338 | 5,644 | 1,968 | |||||||||||||||||||||||||||||||||||||||||||
Corporate | 4,225,023 | 4,289,072 | 2.5 | % | 76,940 | 161,869 | 1,446,018 | 1,410,658 | 1,137,879 | 55,708 | |||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency securities | 955,262 | 957,563 | 1.7 | % | — | 957,563 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Non-agency securities | 267,591 | 272,529 | 3.0 | % | 64,642 | 13,424 | 2,520 | 7,170 | 133,512 | 51,261 | |||||||||||||||||||||||||||||||||||||||||||
Total residential mortgage-backed | 1,222,853 | 1,230,092 | 2.0 | % | 64,642 | 970,987 | 2,520 | 7,170 | 133,512 | 51,261 | |||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 699,472 | 713,044 | 1.8 | % | 557,036 | 120,566 | 5,392 | 24,347 | 2,528 | 3,175 | |||||||||||||||||||||||||||||||||||||||||||
Total mortgage-backed | 1,922,325 | 1,943,136 | 1.9 | % | 621,678 | 1,091,553 | 7,912 | 31,517 | 136,040 | 54,436 | |||||||||||||||||||||||||||||||||||||||||||
Asset-backed | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized loan obligations | 795,020 | 797,409 | 1.8 | % | 612,855 | 108,905 | 20,395 | 37,644 | 7,993 | 9,617 | |||||||||||||||||||||||||||||||||||||||||||
Other | 89,819 | 90,731 | 0.8 | % | 83,975 | 2,123 | 1,872 | 55 | 1,279 | 1,427 | |||||||||||||||||||||||||||||||||||||||||||
Total asset-backed | 884,839 | 888,140 | 1.7 | % | 696,830 | 111,028 | 22,267 | 37,699 | 9,272 | 11,044 | |||||||||||||||||||||||||||||||||||||||||||
Total securitized assets | 2,807,164 | 2,831,276 | 1.8 | % | 1,318,508 | 1,202,581 | 30,179 | 69,216 | 145,312 | 65,480 | |||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments | 13,258,985 | 13,309,234 | 1.6 | % | 1,859,370 | 7,022,443 | 1,504,569 | 1,509,280 | 1,290,416 | 123,156 | |||||||||||||||||||||||||||||||||||||||||||
100.0 | % | 14.0 | % | 52.8 | % | 11.3 | % | 11.3 | % | 9.7 | % | 0.9 | % | ||||||||||||||||||||||||||||||||||||||||
Total consolidated fixed maturity and short term investments, at fair value | $ | 18,350,128 | $ | 18,400,377 | 1.2 | % | $ | 6,929,644 | $ | 7,027,129 | $ | 1,515,738 | $ | 1,511,415 | $ | 1,293,119 | $ | 123,332 | |||||||||||||||||||||||||||||||||||
100.0 | % | 37.8 | % | 38.2 | % | 8.2 | % | 8.2 | % | 7.0 | % | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||
16 |
Investments | ||
Retained Investment Information |
Three months ended | |||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||||||||||||||||||
Total investment result | |||||||||||||||||||||||||||||
Net investment income | $ | 79,804 | $ | 81,717 | $ | 83,543 | $ | 89,305 | $ | 99,473 | |||||||||||||||||||
Net realized and unrealized (losses) gains on investments | (345,563) | 258,745 | 224,208 | 448,390 | (110,707) | ||||||||||||||||||||||||
Total investment result | $ | (265,759) | $ | 340,462 | $ | 307,751 | $ | 537,695 | $ | (11,234) | |||||||||||||||||||
Retained total investment result (1) | |||||||||||||||||||||||||||||
Retained net investment income | $ | 62,598 | $ | 64,250 | $ | 64,971 | $ | 67,189 | $ | 72,603 | |||||||||||||||||||
Retained net realized and unrealized (losses) gains on investments | (318,688) | 258,293 | 201,699 | 418,046 | (113,261) | ||||||||||||||||||||||||
Retained total investment result | $ | (256,090) | $ | 322,543 | $ | 266,670 | $ | 485,235 | $ | (40,658) |
March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||||||||||||||||||
Managed fixed maturity and short term investments portfolio (1) | |||||||||||||||||||||||||||||
Total consolidated fixed maturity and short term investments, at fair value | $ | 18,400,377 | $ | 18,500,238 | $ | 18,550,279 | $ | 18,065,939 | $ | 16,309,043 | |||||||||||||||||||
Weighted average yield to maturity of fixed maturity and short term investments | 1.2 | % | 0.9 | % | 1.0 | % | 1.1 | % | 1.5 | % | |||||||||||||||||||
Average duration of fixed maturities and short term investments, in years | 2.9 | 2.9 | 2.9 | 2.9 | 2.8 | ||||||||||||||||||||||||
Retained fixed maturity and short term investments portfolio (2) | |||||||||||||||||||||||||||||
Retained fixed maturity and short term investments, at fair value | $ | 12,736,000 | $ | 13,219,754 | $ | 13,046,376 | $ | 12,703,423 | $ | 11,124,214 | |||||||||||||||||||
Weighted average yield to maturity of retained fixed maturity and short term investments | 1.5 | % | 1.2 | % | 1.3 | % | 1.4 | % | 1.9 | % | |||||||||||||||||||
Average duration of retained fixed maturities and short term investments, in years | 3.7 | 3.6 | 3.7 | 3.7 | 3.5 |
17 |
Other Items | |||||||||||||||||||||||||||||
Earnings per Share | |||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
(common shares in thousands) | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | ||||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||||||||
Net (loss) income (attributable) available to RenaissanceRe common shareholders | $ | (290,934) | $ | 189,812 | $ | 47,799 | $ | 575,845 | $ | (81,974) | |||||||||||||||||||
Amount allocated to participating common shareholders (1) | (129) | (2,285) | (582) | (7,593) | (146) | ||||||||||||||||||||||||
Net (loss) income allocated to RenaissanceRe common shareholders | $ | (291,063) | $ | 187,527 | $ | 47,217 | $ | 568,252 | $ | (82,120) | |||||||||||||||||||
Denominator: | |||||||||||||||||||||||||||||
Denominator for basic income per RenaissanceRe common share - | |||||||||||||||||||||||||||||
Weighted average common shares | 49,579 | 50,022 | 50,009 | 44,939 | 43,441 | ||||||||||||||||||||||||
Per common share equivalents of non-vested shares | — | 89 | 85 | 64 | — | ||||||||||||||||||||||||
Denominator for diluted income (loss) per RenaissanceRe common share - | |||||||||||||||||||||||||||||
Adjusted weighted average common shares and assumed conversions | 49,579 | 50,111 | 50,094 | 45,003 | 43,441 | ||||||||||||||||||||||||
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - basic | $ | (5.87) | $ | 3.75 | $ | 0.94 | $ | 12.64 | $ | (1.89) | |||||||||||||||||||
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted | $ | (5.87) | $ | 3.74 | $ | 0.94 | $ | 12.63 | $ | (1.89) | |||||||||||||||||||
18 |
Comments on Regulation G |
19 |
Comments on Regulation G |
Three months ended | |||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||||||||||||||||||
Net (loss) income (attributable) available to RenaissanceRe common shareholders | $ | (290,934) | $ | 189,812 | $ | 47,799 | $ | 575,845 | $ | (81,974) | |||||||||||||||||||
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds | 326,480 | (268,487) | (211,597) | (443,938) | 96,355 | ||||||||||||||||||||||||
Adjustment for net foreign exchange losses (gains) | 22,788 | (23,270) | (17,426) | 7,195 | 5,728 | ||||||||||||||||||||||||
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK (1) | 135 | 7,346 | 33,916 | 2,279 | 4,423 | ||||||||||||||||||||||||
Adjustment for income tax (benefit) expense (2) | (19,965) | 7,723 | 5,058 | 21,223 | (4,141) | ||||||||||||||||||||||||
Adjustment for net (loss) income (attributable) available to redeemable noncontrolling interests (3) | (34,109) | 9,754 | 10,526 | 27,472 | 13,019 | ||||||||||||||||||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 4,395 | $ | (77,122) | $ | (131,724) | $ | 190,076 | $ | 33,410 | |||||||||||||||||||
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted | $ | (5.87) | $ | 3.74 | $ | 0.94 | $ | 12.63 | $ | (1.89) | |||||||||||||||||||
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds | 6.59 | (5.36) | (4.22) | (9.86) | 2.22 | ||||||||||||||||||||||||
Adjustment for net foreign exchange losses (gains) | 0.46 | (0.46) | (0.35) | 0.16 | 0.13 | ||||||||||||||||||||||||
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK (1) | — | 0.15 | 0.68 | 0.05 | 0.10 | ||||||||||||||||||||||||
Adjustment for income tax (benefit) expense (2) | (0.40) | 0.15 | 0.10 | 0.47 | (0.10) | ||||||||||||||||||||||||
Adjustment for net (loss) income (attributable) available to redeemable noncontrolling interests (3) | (0.69) | 0.19 | 0.21 | 0.61 | 0.30 | ||||||||||||||||||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 0.09 | $ | (1.59) | $ | (2.64) | $ | 4.06 | $ | 0.76 | |||||||||||||||||||
Return on average common equity - annualized | (17.1) | % | 10.9 | % | 2.8 | % | 38.5 | % | (6.3) | % | |||||||||||||||||||
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds | 19.2 | % | (15.4) | % | (12.4) | % | (29.7) | % | 7.5 | % | |||||||||||||||||||
Adjustment for net foreign exchange losses (gains) | 1.4 | % | (1.3) | % | (1.0) | % | 0.5 | % | 0.4 | % | |||||||||||||||||||
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK (1) | — | % | 0.4 | % | 2.0 | % | 0.2 | % | 0.3 | % | |||||||||||||||||||
Adjustment for income tax (benefit) expense (2) | (1.2) | % | 0.4 | % | 0.3 | % | 1.4 | % | (0.3) | % | |||||||||||||||||||
Adjustment for net (loss) income (attributable) available to redeemable noncontrolling interests (3) | (2.0) | % | 0.6 | % | 0.6 | % | 1.8 | % | 1.0 | % | |||||||||||||||||||
Operating return on average common equity - annualized | 0.3 | % | (4.4) | % | (7.7) | % | 12.7 | % | 2.6 | % |
20 |
Comments on Regulation G |
March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||||||||||||||||||
Book value per common share | $ | 131.15 | $ | 138.46 | $ | 135.13 | $ | 134.27 | $ | 117.15 | |||||||||||||||||||
Adjustment for goodwill and other intangibles (1) | (5.42) | (5.37) | (5.53) | (5.56) | (6.46) | ||||||||||||||||||||||||
Tangible book value per common share | 125.73 | 133.09 | 129.60 | 128.71 | 110.69 | ||||||||||||||||||||||||
Adjustment for accumulated dividends | 22.44 | 22.08 | 21.73 | 21.38 | 21.03 | ||||||||||||||||||||||||
Tangible book value per common share plus accumulated dividends | $ | 148.17 | $ | 155.17 | $ | 151.33 | $ | 150.09 | $ | 131.72 | |||||||||||||||||||
Quarterly change in book value per common share | (5.3) | % | 2.5 | % | 0.6 | % | 14.6 | % | (2.8) | % | |||||||||||||||||||
Quarterly change in tangible book value per common share plus change in accumulated dividends | (5.3) | % | 3.0 | % | 1.0 | % | 16.6 | % | (2.6) | % | |||||||||||||||||||
Year to date change in book value per common share | (5.3) | % | 14.9 | % | 12.1 | % | 11.4 | % | (2.8) | % | |||||||||||||||||||
Year to date change in tangible book value per common share plus change in accumulated dividends | (5.3) | % | 17.9 | % | 14.6 | % | 13.5 | % | (2.6) | % |
21 |
Comments on Regulation G |
Three months ended | |||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||||||||||||||||||
Net investment income | $ | 79,804 | $ | 81,717 | $ | 83,543 | $ | 89,305 | 99,473 | ||||||||||||||||||||
Adjustment for net investment income attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures | (17,206) | (17,467) | (18,572) | (22,116) | $ | (26,870) | |||||||||||||||||||||||
Retained net investment income | 62,598 | 64,250 | 64,971 | 67,189 | 72,603 | ||||||||||||||||||||||||
Net realized and unrealized (losses) gains on investments | (345,563) | 258,745 | 224,208 | 448,390 | (110,707) | ||||||||||||||||||||||||
Adjustment for net realized and unrealized (gains) losses on investments attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures | 26,875 | (452) | (22,509) | (30,344) | (2,554) | ||||||||||||||||||||||||
Retained net realized and unrealized (losses) gains on investments | (318,688) | 258,293 | 201,699 | 418,046 | (113,261) | ||||||||||||||||||||||||
Total investment result | (265,759) | 340,462 | 307,751 | 537,695 | (11,234) | ||||||||||||||||||||||||
Adjustment for investment result attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures | 9,669 | (17,919) | (41,081) | (52,460) | (29,424) | ||||||||||||||||||||||||
Retained total investment result | $ | (256,090) | $ | 322,543 | $ | 266,670 | $ | 485,235 | $ | (40,658) |
22 |
Comments on Regulation G |
March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||||||||||||||||||
Fixed maturity investments, at fair value | $ | 13,309,234 | $ | 13,506,503 | $ | 13,391,318 | $ | 12,495,135 | $ | 11,045,801 | |||||||||||||||||||
Short term investments, at fair value | 5,091,143 | 4,993,735 | 5,158,961 | 5,570,804 | 5,263,242 | ||||||||||||||||||||||||
Total consolidated fixed maturity and short term investments, at fair value | $ | 18,400,377 | $ | 18,500,238 | $ | 18,550,279 | $ | 18,065,939 | $ | 16,309,043 | |||||||||||||||||||
Adjustment for fixed maturity and short term investments attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures | (5,664,377) | (5,280,484) | (5,503,903) | (5,362,516) | (5,184,829) | ||||||||||||||||||||||||
Retained fixed maturity and short term investments, at fair value | $ | 12,736,000 | $ | 13,219,754 | $ | 13,046,376 | $ | 12,703,423 | $ | 11,124,214 |
23 |