rnr-20220725
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 25, 2022
 RenaissanceRe Holdings Ltd.
(Exact name of registrant as specified in its charter)
Bermuda 001-14428 98-0141974
(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)
Renaissance House, 12 Crow Lane, Pembroke, Bermuda         HM 19
(Address of Principal Executive Office)         (Zip Code)
(441) 295-4513
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report).
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
symbol
Name of each exchange on which registered
Common Shares, Par Value $1.00 per share
RNRNew York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a Series F 5.750% Preference Share, Par Value $1.00 per share
RNR PRFNew York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a Series G 4.20% Preference Share, Par Value $1.00 per shareRNR PRGNew York Stock Exchange




Item 2.02    Results of Operations and Financial Condition.

On July 25, 2022, RenaissanceRe Holdings Ltd. (the “Company”) issued a press release announcing its financial results for the three months ended June 30, 2022 and the availability of its corresponding financial supplement. Copies of the press release and the financial supplement are attached as Exhibit 99.1 and 99.2, respectively, to this Form 8-K. This Form 8-K and Exhibits 99.1 and 99.2 hereto are each being furnished to the Securities and Exchange Commission (the “SEC”) pursuant to Item 2.02 of Form 8-K and are therefore not to be considered “filed” with the SEC.

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits.

Exhibit #    Description
99.1*    Copy of the Company’s press release, issued July 25, 2022.
99.2*    Copy of the Company’s Financial Supplement.
101    Pursuant to Rule 406 of Regulation S-T, the cover page information is formatted in Inline XBRL.
104    Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).

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









SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
RENAISSANCERE HOLDINGS LTD.
 
Date:By:/s/ Robert Qutub
July 25, 2022Robert Qutub
Executive Vice President and Chief Financial Officer



Document


https://cdn.kscope.io/8d9568f2ccaf9a50dc3a652c50cb6662-renretitle.jpg
RenaissanceRe Reports Q2 2022 Net Loss Attributable to Common Shareholders of $324.9 Million; Operating Income Available to Common Shareholders of $238.1 Million. Combined ratio of 78.3% with strong performance across both segments.
93.8% Casualty and Specialty combined ratio, an improvement of 4 percentage points from Q2 2021.
32.5% growth in net investment income.
23.2% growth in net premiums written; 37.6% growth in Casualty and Specialty and 10.5% in Property.
Annualized return on average common equity of (25.1)% driven by significant mark-to-market losses in the investment portfolio.
18.4% annualized operating return on average common equity showing strong underwriting performance and increased net investment income.
Pembroke, Bermuda, July 25, 2022 - RenaissanceRe Holdings Ltd. (NYSE: RNR) (“RenaissanceRe” or the “Company”) today announced its financial results for the second quarter of 2022.
Net Loss Attributable to Common Shareholders per Diluted Common Share: $(7.53)
Operating Income Available to Common Shareholders per Diluted Common Share*: $5.51
Underwriting Income
$316.4M
Fee Income
$34.3M
Net Investment Income
$107.2M
Change in Book Value per Common Share: (6.4)%
Change in Tangible Book Value per Common Share Plus Change in Accum. Dividends*: (6.4)%
*Operating Return on Average Common Equity, Operating Income (Loss) Available (Attributable) to Common Shareholders, Operating Income (Loss) Available (Attributable) to Common Shareholders per Diluted Common Share and Change in Tangible Book Value per Common Share Plus Change in Accumulated Dividends are non-GAAP financial measures; see “Comments on Regulation G” for a reconciliation of non-GAAP financial measures.



Kevin J. O’Donnell, President and Chief Executive Officer, said, “We reported a strong quarter, with continuing top line growth and solid operating profitability demonstrating the power of our diversified platform. Our financial results were driven by strong performance across both underwriting segments, a significant increase in net investment income and an expanding Capital Partners business. We are pleased with our 18.4% annualized operating return on average common equity during the quarter, and are confident that our consistent strategy, leadership in a strengthening market and robust capital position will enable us to continue maximizing shareholder value.”


1



Consolidated Financial Results
Consolidated Highlights

Three months ended June 30
(in thousands, except per share amounts and percentages)20222021
Gross premiums written
$2,464,639$2,094,158
Net premiums written1,863,6161,512,292
Underwriting income (loss)316,386328,976
Combined ratio
78.3 %72.4 %
Net Income (Loss)
Available (Attributable) to common shareholders
(324,913)456,818
Available (Attributable) to common shareholders per diluted common share
$(7.53)$9.35
Operating Income (Loss) (1)
Available (Attributable) to common shareholders
238,132278,050
Available (Attributable) to common shareholders per diluted common share
$5.51$5.64
Book value per common share
$113.69$139.35
Change in book value per share
(6.4)%6.3 %
Tangible book value per common share plus accumulated dividends (1)
$132.05$156.55
Change in tangible book value per common share plus change in accumulated dividends (1)
(6.4)%6.7%
Return on average common equity - annualized
(25.1)%27.6%
Operating return on average common equity - annualized (1)
18.4%16.8%
(1)See “Comments on Regulation G” for a reconciliation of non-GAAP financial measures.

2


Three Drivers of Profit: Underwriting, Fee and Investment Income
Underwriting Results - Property Segment: Combined ratio of 57.6% and growth in net premiums written of 10.5%
Property Segment
Three months ended June 30
Q/Q Change
(in thousands, except percentages)20222021
Gross premiums written
$1,218,321$1,183,5562.9%
Net premiums written887,975803,33510.5%
Underwriting income (loss)
264,463315,122
Underwriting Ratios
Net claims and claim expense ratio - current accident year
33.2 %26.4 %6.8 pts
Net claims and claim expense ratio - prior accident years
(5.6)%(9.1)%3.5 pts
Net claims and claim expense ratio - calendar year
27.6 %17.3 %10.3 pts
Underwriting expense ratio
30.0 %26.5 %3.5 pts
Combined ratio
57.6 %43.8 %13.8 pts
Gross premiums written increased by $34.8 million, or 2.9%, driven by an improving rate environment, in addition to new opportunities, notably within the property catastrophe class of business.
Net premiums written increased by $84.6 million, or 10.5%, driven by the increase in gross premiums written, as well as a reduction in ceded premiums written of $49.9 million due to lower levels of retrocessional purchases as a part of the Company’s gross-to-net strategy.
The net claims and claim expense ratio - current accident year reflects the relatively low level of catastrophe activity in the quarter. The increase from the second quarter of 2021 was driven by:
the continued impact of the other property class of business on the segment which has a relatively higher attritional loss ratio than the property catastrophe class of business; and
catastrophe activity, which was relatively low in both periods, but slightly higher in the second quarter of 2022.
The net claims and claim expense ratio - prior accident years reflects net favorable development primarily from weather-related large losses in the 2017 to 2021 accident years.
Underwriting expense ratio increased 3.5 percentage points driven by:
continued impact of the other property class of business on the segment, which has a relatively higher expense ratio than the catastrophe class of business; and
a reduced benefit to the ratio following a reduction in management fees largely due to the reduced size of the Company’s structured reinsurance products and lower capital managed at Upsilon.
3


Underwriting Results - Casualty and Specialty Segment: Combined ratio of 93.8% and growth in net premiums written of 37.6%
Casualty and Specialty Segment

Three months ended June 30
Q/Q Change
(in thousands, except percentages)
20222021
Gross premiums written
$1,246,318$910,60236.9%
Net premiums written975,641708,95737.6%
Underwriting income (loss)
51,92313,854
Underwriting Ratios
Net claims and claim expense ratio - current accident year
65.1 %67.0 %(1.9)pts
Net claims and claim expense ratio - prior accident years
(0.9)%(0.1)%(0.8)pts
Net claims and claim expense ratio - calendar year
64.2 %66.9 %(2.7)pts
Underwriting expense ratio
29.6 %30.9 %(1.3)pts
Combined ratio
93.8 %97.8 %(4.0)pts
Gross premiums written increased 36.9%, principally in the professional liability and financial lines classes of business. This growth was primarily driven by increases in new and existing business written in the current and prior periods, combined with rate improvements.
Net premiums written increased 37.6%, primarily driven by growth in the professional liability and financial lines classes of business, consistent with the changes in gross premiums written.
Net claims and claim expense ratio improved by 2.7 percentage points principally as a result of lower current accident year losses. The net claims and claim expense ratio was also positively impacted by higher favorable prior accident year loss development as compared to the second quarter of 2021.
Underwriting expense ratio decreased 1.3 percentage points, principally due to a 1.0 percentage point decrease in the net acquisition expense ratio due to changes in estimated profit commissions.


4


Fee Income: $34.3 million of fee income primarily driven by stable management fee income
Fee Income

Three months ended June 30
Q/Q Change
(in thousands, except percentages)
20222021
Total management fee income
$30,707 $31,970 $(1,263)
Total performance fee income (loss) (1)
3,548 14,187 (10,639)
Total fee income
$34,255 $46,157 $(11,902)
(1)Performance fees are based on the performance of the individual vehicles or products, and may be negative in a particular period if, for example, large losses occur, which can potentially result in no performance fees or the reversal of previously accrued performance fees.
Management fee income was relatively stable in comparison to the second quarter of 2021, with reductions in the Company’s structured reinsurance products and lower capital managed at Upsilon, largely offset by increased capital managed at DaVinciRe Holdings Ltd., Vermeer Reinsurance Ltd., Medici, and Fontana Holdings L.P. and its subsidiaries (“Fontana”), which was launched in the second quarter of 2022.
Performance fee income was lower in the second quarter of 2022 compared to the second quarter of 2021. Performance fee income continued to be impacted by the underwriting deficit carried forward from the weather-related losses in 2021 in the current period, although to a lesser extent than in recent quarters.
Investment Results: Growth in net investment income; total investment result driven by net realized and unrealized losses, primarily in the fixed maturity investments portfolio
Investment Results

Three months ended June 30
Q/Q Change
(in thousands, except percentages)
20222021
Net investment income$107,211$80,925$26,286
Net realized and unrealized gains (losses) on investments(654,107)191,018(845,125)
Total investment result
$(546,896)$271,943$(818,839)
Total investment return - annualized
(10.1)%5.2 %(15.3)pts
Net investment income increased $26.3 million, primarily driven by higher investment yields from:
increasing interest rates in the Company’s fixed maturity trading and short term investment portfolios, and
higher average invested assets and yields in the catastrophe bond and equity trading investment portfolios.
Net realized and unrealized gains (losses) on investments decreased $845.1 million principally driven by:
net realized and unrealized losses on fixed maturity investments trading of $437.0 million from the significant increase in interest rates as compared to net realized and unrealized gains of $97.2 million in the second quarter of 2021, which was driven by decreasing interest rates.
5


net realized and unrealized losses on equity investments trading of $91.5 million principally driven by broad equity market declines, as compared to gains of $65.6 million in the second quarter of 2021 which was driven by gains in the Company’s strategic investment portfolio.
Total investments of $20.6 billion at June 30, 2022. Weighted average yield to maturity and duration on investments, which exclude investments that have no final maturity, anticipated yield to maturity or duration, was 3.9% and 2.6 years.
Other Items of Note
Net income attributable to redeemable noncontrolling interests of $49.3 million was primarily driven by:
Strong underwriting performance in DaVinci and Vermeer; and
Increase in the capital managed at the Company’s joint ventures, including the launch of Fontana during the quarter; partially offset by
Realized and unrealized losses on investments in the Company’s joint ventures driven by the significant increase in interest rates; and
Foreign exchange losses on hedges related to foreign currency share classes held by third-party investors in RenaissanceRe Medici Fund Ltd. (“Medici”).
Income tax benefit of $30.5 million was primarily driven by unrealized investment losses in the Company’s U.S.-based operations.
Net foreign exchange losses of $50.8 million primarily driven by losses attributable to third-party investors in Medici which are allocated through noncontrolling interests, as discussed above, and the impact of certain foreign exchange exposures related to the Company’s underwriting activities, which the Company does not anticipate will recur.
Share repurchases of 298.2 thousand common shares at an aggregate cost of $44.1 million and an average price of $147.85 per common share in the second quarter of 2022. Repurchased an additional 175.7 thousand of common shares at an aggregate cost of $25.3 million from July 1, 2022 through July 22, 2022.
Raised capital of $567.7 million in the second quarter of 2022 through Medici and the previously announced launch of Fontana, including $136.3 million from the Company.
6


Conference Call Details and Additional Information
Non-GAAP Financial Measures and Additional Financial Information
This Press Release includes certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S. (“GAAP”) including “operating income (loss) available (attributable) to RenaissanceRe common shareholders,” “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted,” “operating return on average common equity - annualized,” “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.” A reconciliation of such measures to the most comparable GAAP figures in accordance with Regulation G is presented in the attached supplemental financial data.
Please refer to the “Investors - Financial Reports - Financial Supplements” section of the Company’s website at www.renre.com for a copy of the Financial Supplement which includes additional information on the Company’s financial performance.
Conference Call Information
RenaissanceRe will host a conference call on Tuesday, July 26, 2022 at 10:00 a.m. ET to discuss this release. Live broadcast of the conference call will be available through the “Investors - Webcasts & Presentations” section of the Company’s website at www.renre.com.
About RenaissanceRe
RenaissanceRe is a global provider of reinsurance and insurance that specializes in matching well-structured risks with efficient sources of capital. The Company provides property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, RenaissanceRe has offices in Bermuda, Australia, Ireland, Singapore, Switzerland, the United Kingdom and the United States.
Cautionary Statement Regarding Forward-Looking Statements
Any forward-looking statements made in this Press Release reflect RenaissanceRe’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are subject to numerous factors that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements, including the following: the Company’s exposure to natural and non-natural catastrophic events and circumstances and the variance it may cause in the Company’s financial results; the effect of climate change on the Company’s business, including the trend towards increasingly frequent and severe climate events; the effectiveness of the Company’s claims and claim expense reserving process; the effect of emerging claims and coverage issues; the historically cyclical nature of the (re)insurance industries; collection on claimed retrocessional coverage, and new retrocessional reinsurance being available on acceptable terms; the ability of the Company’s ceding companies and delegated authority counterparties to accurately assess the risks they underwrite; the Company’s ability to maintain its financial strength ratings; the performance of the Company’s investment portfolio and financial market volatility; the effects of inflation; the highly competitive nature of the Company’s industry, resulting in consolidation of competitors, customers and (re)insurance brokers, and the Company’s reliance on a small and decreasing number of brokers; the impact of large non-recurring contracts and reinstatement premiums on the Company’s financial results; the Company’s ability to attract and retain key executives and employees; the effect of cybersecurity risks, including technology breaches or failure; the Company’s ability to successfully implement its business strategies and initiatives, and the success of any of the Company’s strategic investments or acquisitions, including its ability to manage its operations as its product and geographical diversity increases; the Company’s exposure to credit loss from counterparties; the Company’s need to make many estimates and judgments in the preparation of its
7


financial statements; the Company’s ability to effectively manage capital on behalf of investors in joint ventures or other entities it manages; changes to the accounting rules and regulatory systems applicable to the Company’s business, including changes in Bermuda laws or regulations or as a result of increased global regulation of the insurance and reinsurance industries; other political, regulatory or industry initiatives adversely impacting the Company; the Company’s ability to comply with covenants in its debt agreements; a contention by the U.S. Internal Revenue Service that any of the Company’s Bermuda subsidiaries are subject to taxation in the U.S.; the effects of possible future tax reform legislation and regulations, including changes to the tax treatment of the Company’s shareholders or investors in its joint ventures or other entities it manages; the Company’s ability to determine any impairments taken on its investments; the uncertainty of the continuing and future impact of the COVID-19 pandemic, including measures taken in response thereto and the effect of legislative, regulatory and judicial influences on the Company’s potential reinsurance, insurance and investment exposures, or other effects that it may have; foreign currency exchange rate fluctuations; the Company’s ability to raise capital if necessary; the Company’s ability to comply with applicable sanctions and foreign corrupt practices laws; the Company’s dependence on the ability of its operating subsidiaries to declare and pay dividends; aspects of the Company’s corporate structure that may discourage third-party takeovers and other transactions; difficulties investors may have in serving process or enforcing judgments against the Company in the U.S.; and other factors affecting future results disclosed in RenaissanceRe’s filings with the SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.

INVESTOR CONTACT:
RenaissanceRe Holdings Ltd.
Keith McCue
Senior Vice President, Finance & Investor Relations
(441) 239-4830
MEDIA CONTACT:
RenaissanceRe Holdings Ltd.
Hayden Kenny
Vice President, Investor Relations & Communications
(441) 239-4946
or
Kekst CNC
Dawn Dover
(212) 521-4800


8


RenaissanceRe Holdings Ltd.
Summary Consolidated Statements of Operations
(in thousands of United States Dollars, except per share amounts and percentages)
(Unaudited)
Three months endedSix months ended
June 30,
2022
June 30,
2021
June 30,
2022
June 30,
2021
Revenues
Gross premiums written$2,464,639 $2,094,158 $5,407,603 $4,746,600 
Net premiums written$1,863,616 $1,512,292 $4,028,833 $3,336,375 
Decrease (increase) in unearned premiums(407,233)(319,502)(1,086,025)(989,749)
Net premiums earned1,456,383 1,192,790 2,942,808 2,346,626 
Net investment income107,211 80,925 190,902 160,729 
Net foreign exchange gains (losses)(50,821)3,234 (66,307)(19,554)
Equity in earnings (losses) of other ventures7,383 8,732 993 3,174 
Other income (loss)923 586 2,116 2,757 
Net realized and unrealized gains (losses) on investments(654,107)191,018 (1,327,124)(154,545)
Total revenues
866,972 1,477,285 1,743,388 2,339,187 
Expenses
Net claims and claim expenses incurred706,239 520,021 1,547,972 1,387,072 
Acquisition expenses361,238 285,590 737,745 552,824 
Operational expenses72,520 58,203 140,427 113,514 
Corporate expenses12,352 10,125 24,854 20,530 
Interest expense11,895 11,833 23,850 23,745 
Total expenses
1,164,244 885,772 2,474,848 2,097,685 
Income (loss) before taxes(297,272)591,513 (731,460)241,502 
Income tax benefit (expense)30,534 (13,862)67,241 5,654 
Net income (loss)(266,738)577,651 (664,219)247,156 
Net (income) loss attributable to redeemable noncontrolling interests(49,331)(113,544)(37,419)(66,694)
Net income (loss) attributable to RenaissanceRe(316,069)464,107 (701,638)180,462 
Dividends on preference shares(8,844)(7,289)(17,688)(14,578)
Net income (loss) available (attributable) to RenaissanceRe common shareholders$(324,913)$456,818 $(719,326)$165,884 
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – basic$(7.53)$9.36 $(16.64)$3.36 
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted$(7.53)$9.35 $(16.64)$3.35 
Operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted (1)
$5.51 $5.64 $8.99 $5.73 
Average shares outstanding - basic
43,170 48,163 43,264 48,871 
Average shares outstanding - diluted
43,170 48,226 43,264 48,940 
Net claims and claim expense ratio
48.5 %43.6 %52.6 %59.1 %
Underwriting expense ratio
29.8 %28.8 %29.8 %28.4 %
Combined ratio
78.3 %72.4 %82.4 %87.5 %
Return on average common equity - annualized
(25.1)%27.6 %(26.6)%4.9 %
Operating return on average common equity - annualized (1)
18.4 %16.8 %14.4 %8.4 %
(1)See Comments on Regulation G for a reconciliation of non-GAAP financial measures.
9


RenaissanceRe Holdings Ltd.
Summary Consolidated Balance Sheets
(in thousands of United States Dollars, except per share amounts)
June 30,
2022
December 31,
2021
Assets(Unaudited)(Audited)
Fixed maturity investments trading, at fair value$13,085,367 $13,507,131 
Short term investments, at fair value4,429,483 5,298,385 
Equity investments trading, at fair value692,747 546,016 
Other investments, at fair value2,314,232 1,993,059 
Investments in other ventures, under equity method75,979 98,068 
Total investments20,597,808 21,442,659 
Cash and cash equivalents1,398,095 1,859,019 
Premiums receivable5,408,217 3,781,542 
Prepaid reinsurance premiums1,354,565 854,722 
Reinsurance recoverable4,206,459 4,268,669 
Accrued investment income75,302 55,740 
Deferred acquisition costs and value of business acquired1,089,426 849,160 
Receivable for investments sold279,442 380,442 
Other assets384,436 224,053 
Goodwill and other intangible assets240,647 243,496 
Total assets$35,034,397 $33,959,502 
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses$13,442,806 $13,294,630 
Unearned premiums5,117,217 3,531,213 
Debt1,169,393 1,168,353 
Reinsurance balances payable4,385,834 3,860,963 
Payable for investments purchased517,753 1,170,568 
Other liabilities309,938 755,441 
Total liabilities24,942,941 23,781,168 
Redeemable noncontrolling interests4,352,797 3,554,053 
Shareholders’ Equity
Preference shares750,000 750,000 
Common shares43,881 44,445 
Additional paid-in capital479,085 608,121 
Accumulated other comprehensive income (loss)(15,168)(10,909)
Retained earnings4,480,861 5,232,624 
Total shareholders’ equity attributable to RenaissanceRe5,738,659 6,624,281 
Total liabilities, noncontrolling interests and shareholders’ equity$35,034,397 $33,959,502 
Book value per common share$113.69 $132.17 


10


RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Segment Information
(in thousands of United States Dollars, except percentages)
(Unaudited)
Three months ended June 30, 2022
PropertyCasualty and SpecialtyOtherTotal
Gross premiums written$1,218,321 $1,246,318 $— $2,464,639 
Net premiums written$887,975 $975,641 $— $1,863,616 
Net premiums earned$623,581 $832,802 $— $1,456,383 
Net claims and claim expenses incurred171,924 534,315 — 706,239 
Acquisition expenses137,567 223,671 — 361,238 
Operational expenses49,627 22,893 — 72,520 
Underwriting income (loss)$264,463 $51,923 $— 316,386 
Net investment income107,211 107,211 
Net foreign exchange gains (losses)(50,821)(50,821)
Equity in earnings of other ventures7,383 7,383 
Other income (loss)923 923 
Net realized and unrealized gains (losses) on investments(654,107)(654,107)
Corporate expenses(12,352)(12,352)
Interest expense(11,895)(11,895)
Income (loss) before taxes and redeemable noncontrolling interests(297,272)
Income tax benefit (expense)30,534 30,534 
Net (income) loss attributable to redeemable noncontrolling interests(49,331)(49,331)
Dividends on preference shares(8,844)(8,844)
Net income (loss) available (attributable) to RenaissanceRe common shareholders$(324,913)
Net claims and claim expenses incurred – current accident year$206,976 $542,220 $— $749,196 
Net claims and claim expenses incurred – prior accident years(35,052)(7,905)— (42,957)
Net claims and claim expenses incurred – total$171,924 $534,315 $— $706,239 
Net claims and claim expense ratio – current accident year33.2 %65.1 %51.4 %
Net claims and claim expense ratio – prior accident years(5.6)%(0.9)%(2.9)%
Net claims and claim expense ratio – calendar year27.6 %64.2 %48.5 %
Underwriting expense ratio30.0 %29.6 %29.8 %
Combined ratio57.6 %93.8 %78.3 %
Three months ended June 30, 2021
PropertyCasualty and SpecialtyOtherTotal
Gross premiums written$1,183,556 $910,602 $— $2,094,158 
Net premiums written$803,335 $708,957 $— $1,512,292 
Net premiums earned$560,397 $632,393 $— $1,192,790 
Net claims and claim expenses incurred97,150 422,871 — 520,021 
Acquisition expenses109,238 176,352 — 285,590 
Operational expenses38,887 19,316 — 58,203 
Underwriting income (loss)$315,122 $13,854 $— 328,976 
Net investment income80,925 80,925 
Net foreign exchange gains (losses)3,234 3,234 
Equity in earnings of other ventures8,732 8,732 
Other income (loss)586 586 
Net realized and unrealized gains (losses) on investments191,018 191,018 
Corporate expenses(10,125)(10,125)
Interest expense(11,833)(11,833)
Income (loss) before taxes and redeemable noncontrolling interests591,513 
Income tax benefit (expense)(13,862)(13,862)
Net (income) loss attributable to redeemable noncontrolling interests(113,544)(113,544)
Dividends on preference shares(7,289)(7,289)
Net income (loss) available (attributable) to RenaissanceRe common shareholders$456,818 
Net claims and claim expenses incurred – current accident year$148,133 $423,917 $— $572,050 
Net claims and claim expenses incurred – prior accident years(50,983)(1,046)— (52,029)
Net claims and claim expenses incurred – total$97,150 $422,871 $— $520,021 
Net claims and claim expense ratio – current accident year26.4 %67.0 %48.0 %
Net claims and claim expense ratio – prior accident years(9.1)%(0.1)%(4.4)%
Net claims and claim expense ratio – calendar year17.3 %66.9 %43.6 %
Underwriting expense ratio26.5 %30.9 %28.8 %
Combined ratio43.8 %97.8 %72.4 %
11


RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Segment Information
(in thousands of United States Dollars, except percentages)
(Unaudited)
Six months ended June 30, 2022
PropertyCasualty and SpecialtyOtherTotal
Gross premiums written$2,561,829 $2,845,774 $— $5,407,603 
Net premiums written$1,778,141 $2,250,692 $— $4,028,833 
Net premiums earned$1,242,172 $1,700,636 $— $2,942,808 
Net claims and claim expenses incurred431,685 1,116,287 — 1,547,972 
Acquisition expenses264,663 473,082 — 737,745 
Operational expenses96,559 43,868 — 140,427 
Underwriting income (loss)$449,265 $67,399 $— 516,664 
Net investment income190,902 190,902 
Net foreign exchange gain (loss)(66,307)(66,307)
Equity in earnings of other ventures993 993 
Other income (loss)2,116 2,116 
Net realized and unrealized gain (loss) on investments(1,327,124)(1,327,124)
Corporate expenses(24,854)(24,854)
Interest expense(23,850)(23,850)
Income (loss) before taxes and redeemable noncontrolling interests(731,460)
Income tax benefit (expense)67,241 67,241 
Net (income) loss attributable to redeemable noncontrolling interests(37,419)(37,419)
Dividends on preference shares(17,688)(17,688)
Net income (loss) available (attributable) to RenaissanceRe common shareholders$(719,326)
Net claims and claim expenses incurred – current accident year$483,495 $1,125,267 $— $1,608,762 
Net claims and claim expenses incurred – prior accident years(51,810)(8,980)— (60,790)
Net claims and claim expenses incurred – total$431,685 $1,116,287 $— $1,547,972 
Net claims and claim expense ratio – current accident year38.9 %66.2 %54.7 %
Net claims and claim expense ratio – prior accident years(4.1)%(0.6)%(2.1)%
Net claims and claim expense ratio – calendar year34.8 %65.6 %52.6 %
Underwriting expense ratio29.0 %30.4 %29.8 %
Combined ratio63.8 %96.0 %82.4 %
Six months ended June 30, 2021
PropertyCasualty and SpecialtyOtherTotal
Gross premiums written$2,800,375 $1,946,225 $— $4,746,600 
Net premiums written$1,811,795 $1,524,580 $— $3,336,375 
Net premiums earned$1,165,563 $1,181,063 $— $2,346,626 
Net claims and claim expenses incurred595,982 791,090 — 1,387,072 
Acquisition expenses221,992 330,832 — 552,824 
Operational expenses74,262 39,252 — 113,514 
Underwriting income (loss)$273,327 $19,889 $— 293,216 
Net investment income160,729 160,729 
Net foreign exchange gain (loss)(19,554)(19,554)
Equity in earnings of other ventures3,174 3,174 
Other income (loss)2,757 2,757 
Net realized and unrealized gain (loss) on investments(154,545)(154,545)
Corporate expenses(20,530)(20,530)
Interest expense(23,745)(23,745)
Income (loss) before taxes and redeemable noncontrolling interests241,502 
Income tax benefit (expense)5,654 5,654 
Net (income) loss attributable to redeemable noncontrolling interests(66,694)(66,694)
Dividends on preference shares(14,578)(14,578)
Net income (loss) available (attributable) to RenaissanceRe common shareholders$165,884 
Net claims and claim expenses incurred – current accident year$652,127 $796,006 $— $1,448,133 
Net claims and claim expenses incurred – prior accident years(56,145)(4,916)— (61,061)
Net claims and claim expenses incurred – total$595,982 $791,090 $— $1,387,072 
Net claims and claim expense ratio – current accident year55.9 %67.4 %61.7 %
Net claims and claim expense ratio – prior accident years(4.8)%(0.4)%(2.6)%
Net claims and claim expense ratio – calendar year51.1 %67.0 %59.1 %
Underwriting expense ratio25.4 %31.3 %28.4 %
Combined ratio76.5 %98.3 %87.5 %
12


RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Gross Premiums Written
(in thousands of United States Dollars)
(Unaudited)
Three months endedSix months ended
June 30,
2022
June 30,
2021
June 30,
2022
June 30,
2021
Property Segment
Catastrophe$803,333 $761,323 $1,689,424 $1,892,448 
Other property414,988 422,232 872,405 907,927 
Property segment gross premiums written
$1,218,321 $1,183,555 $2,561,829 $2,800,375 
Casualty and Specialty Segment
General casualty (1)
$322,733 $286,686 $802,875 $629,856 
Professional liability (2)
448,801 306,387 998,520 620,759 
Financial lines (3)
219,480 86,175 478,584 230,561 
Other (4)
255,304 231,354 565,795 465,049 
Casualty and Specialty segment gross premiums written
$1,246,318 $910,602 $2,845,774 $1,946,225 
(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.

13


RenaissanceRe Holdings Ltd.
Supplemental Financial Data - Total Investment Result
(in thousands of United States Dollars, except percentages)
(Unaudited)
Three months endedSix months ended
June 30,
2022
June 30,
2021
June 30,
2022
June 30,
2021
Fixed maturity investments trading$76,547 $59,510 $138,964 $122,443 
Short term investments4,397 782 5,533 1,355 
Equity investments trading4,516 1,626 7,270 3,117 
Other investments
Catastrophe bonds20,235 16,681 37,595 31,149 
Other6,894 9,339 12,446 13,140 
Cash and cash equivalents(95)159 (136)261 
112,494 88,097 201,672 171,465 
Investment expenses(5,283)(7,172)(10,770)(10,736)
Net investment income107,211 80,925 190,902 160,729 
Net investment income return - annualized2.1 %1.5 %1.8 %1.5 %
Net realized and unrealized gains (losses) on:
Fixed maturity investments trading(436,974)97,176 (1,022,303)(179,444)
Investments-related derivatives(66,078)(9,329)(106,366)5,532 
Equity investments trading(91,512)65,566 (140,201)(2,356)
Other investments
Catastrophe bonds(24,660)(32,921)(19,081)
Other(34,883)37,603 (25,333)40,804 
Net realized and unrealized gains (losses) on investments(654,107)191,018 (1,327,124)(154,545)
Total investment result$(546,896)$271,943 $(1,136,222)$6,184 
Total investment return - annualized(10.1)%5.2 %(10.5)%0.1 %
14


Comments on Regulation G
In addition to the GAAP financial measures set forth in this Press Release, the Company has included certain non-GAAP financial measures within the meaning of Regulation G. The Company has provided these financial measures in previous investor communications and the Company’s management believes that these measures are important to investors and other interested persons, and that investors and such other persons benefit from having a consistent basis for comparison between quarters and for comparison with other companies within or outside the industry. These measures may not, however, be comparable to similarly titled measures used by companies within or outside of the insurance industry. Investors are cautioned not to place undue reliance on these non-GAAP measures in assessing the Company’s overall financial performance.
Operating Income (Loss) Available (Attributable) to RenaissanceRe Common Shareholders and Operating Return on Average Common Equity - Annualized
The Company uses “operating income (loss) available (attributable) to RenaissanceRe common shareholders” as a measure to evaluate the underlying fundamentals of its operations and believes it to be a useful measure of its corporate performance. “Operating income (loss) available (attributable) to RenaissanceRe common shareholders” as used herein differs from “net income (loss) attributable to RenaissanceRe common shareholders,” which the Company believes is the most directly comparable GAAP measure, by the exclusion of net realized and unrealized gains and losses on investments, excluding other investments - catastrophe bonds, net foreign exchange gains and losses, corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe (UK) Limited (“RenaissanceRe UK”), the income tax expense or benefit associated with these adjustments and the portion of these adjustments attributable to the Company’s redeemable noncontrolling interests. The Company’s management believes that “operating income (loss) available (attributable) to RenaissanceRe common shareholders” is useful to investors because it more accurately measures and predicts the Company’s results of operations by removing the variability arising from: fluctuations in the fair value of the Company’s fixed maturity investment portfolio, equity investments trading, other investments (excluding catastrophe bonds) and investments-related derivatives; fluctuations in foreign exchange rates; corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK; the associated income tax expense or benefit of these adjustments; and the portion of these adjustments attributable to the Company’s redeemable noncontrolling interests. The Company also uses “operating income (loss) available (attributable) to RenaissanceRe common shareholders” to calculate “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized.” The following table is a reconciliation of: (1) net income (loss) attributable to RenaissanceRe common shareholders to “operating income (loss) available (attributable) to RenaissanceRe common shareholders”; (2) net income (loss) attributable to RenaissanceRe common shareholders per common share - diluted to “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted”; and (3) return on average common equity - annualized to “operating return on average common equity - annualized.” Comparative information for all prior periods has been updated to conform to the current methodology and presentation.
15


Three months endedSix months ended
(in thousands of United States Dollars, except per share amounts and percentages)June 30,
2022
June 30,
2021
June 30,
2022
June 30,
2021
Net income (loss) available (attributable) to RenaissanceRe common shareholders$(324,913)$456,818 $(719,326)$165,884 
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds629,447 (191,016)1,294,203 135,464 
Adjustment for net foreign exchange losses (gains)50,821 (3,234)66,307 19,554 
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK— — — 135 
Adjustment for income tax expense (benefit) (1)
(42,726)11,786 (84,600)(8,179)
Adjustment for net income (loss) attributable to redeemable noncontrolling interests (2)
(74,497)3,696 (166,507)(30,413)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders$238,132 $278,050 $390,077 $282,445 
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted$(7.53)$9.35 $(16.64)$3.35 
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds14.58 (3.96)29.91 2.77 
Adjustment for net foreign exchange losses (gains)1.18 (0.07)1.53 0.40 
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK— — — — 
Adjustment for income tax expense (benefit) (1)
(0.99)0.24 (1.96)(0.17)
Adjustment for net income (loss) attributable to redeemable noncontrolling interests (2)
(1.73)0.08 (3.85)(0.62)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted$5.51 $5.64 $8.99 $5.73 
Return on average common equity - annualized(25.1)%27.6 %(26.6)%4.9 %
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds48.7 %(11.5)%47.8 %4.0 %
Adjustment for net foreign exchange losses (gains)3.9 %(0.2)%2.5 %0.6 %
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK— %— %— %— %
Adjustment for income tax expense (benefit) (1)
(3.3)%0.7 %(3.1)%(0.2)%
Adjustment for net income (loss) attributable to redeemable noncontrolling interests (2)
(5.8)%0.2 %(6.2)%(0.9)%
Operating return on average common equity - annualized
18.4 %16.8 %14.4 %8.4 %
(1)Represents the income tax (expense) benefit associated with the adjustments to net income (loss) available (attributable) to RenaissanceRe common shareholders. The income tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors.
(2)Represents the portion of the adjustments above that are attributable to the Company’s redeemable noncontrolling interests, including the income tax impact of those adjustments.
16


Tangible Book Value Per Common Share and Tangible Book Value Per Common Share Plus Accumulated Dividends
The Company has included in this Press Release “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.” “Tangible book value per common share” is defined as book value per common share excluding goodwill and intangible assets per share. “Tangible book value per common share plus accumulated dividends” is defined as book value per common share excluding goodwill and intangible assets per share, plus accumulated dividends. The Company’s management believes “tangible book value per common share” and “tangible book value per common share plus accumulated dividends” are useful to investors because they provide a more accurate measure of the realizable value of shareholder returns, excluding the impact of goodwill and intangible assets. The following table is a reconciliation of book value per common share to “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.”
June 30,
2022
March 31,
2022
December 31,
2021
September 30,
2021
June 30,
2021
Book value per common share
$113.69 $121.44 $132.17 $128.91 $139.35 
Adjustment for goodwill and other intangibles (1)
(5.90)(5.89)(5.90)(5.67)(5.60)
Tangible book value per common share
107.79 115.55 126.27 123.24 133.75 
Adjustment for accumulated dividends
24.26 23.89 23.52 23.16 22.80 
Tangible book value per common share plus accumulated dividends
$132.05 $139.44 $149.79 $146.40 $156.55 
Quarterly change in book value per common share
(6.4)%(8.1)%2.5 %(7.5)%6.3 %
Quarterly change in tangible book value per common share plus change in accumulated dividends
(6.4)%(8.2)%2.8 %(7.6)%6.7 %
Year to date change in book value per common share(14.0)%(8.1)%(4.5)%(6.9)%0.6 %
Year to date change in tangible book value per common share plus change in accumulated dividends
(14.0)%(8.2)%(4.0)%(6.6)%1.0 %
(1)At June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021, and June 30, 2021, goodwill and other intangibles included $18.3 million, $18.4 million, $18.6 million, $19.0 million, and $22.4 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.




17
Document


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RenaissanceRe Holdings Ltd.
Contents
Page
Basis of Presentation
Financial Highlights
Summary Consolidated Financial Statements
a.Consolidated Statements of Operations
b.Consolidated Balance Sheets
Underwriting and Reserves
a.Consolidated Segment Underwriting Results
b.Consolidated and Segment Underwriting Results - Five Quarter Trend
c.Property Segment - Catastrophe and Other Property Underwriting Results
d.Gross Premiums Written
e.Net Premiums Written
f.Net Premiums Earned
g.Reserves for Claims and Claim Expenses
h.Paid to Incurred Analysis
Managed Joint Ventures and Fee Income
a.Fee Income
b.Fee income - Five Quarter Trend
c.Noncontrolling Interests
d.DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations
Investments
a.Total Investment Result
b.Investments Composition
c.Managed Investments - Credit Rating
d.Retained Investments - Credit Rating
Other Items
a.Earnings per Share
Comments on Regulation G
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RenaissanceRe Holdings Ltd.
Basis of Presentation
RenaissanceRe Holdings Ltd. (the “Company” or “RenaissanceRe”) is a global provider of reinsurance and insurance that specializes in matching well-structured risks with efficient sources of capital. The Company provides property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, the Company has offices in Bermuda, Australia, Ireland, Singapore, Switzerland, the United Kingdom and the United States.
This financial supplement includes certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S. (“GAAP”) including “operating income (loss) available (attributable) to RenaissanceRe common shareholders,” “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted,” “operating return on average common equity - annualized,” “tangible book value per common share,” “tangible book value per common share plus accumulated dividends,” “retained total investment result,” “retained investments, at fair value,” “retained investments, unrealized gain (loss)” and “operating (income) loss attributable to redeemable noncontrolling interests.” A reconciliation of such measures to the most comparable GAAP figures in accordance with Regulation G is presented in the attached supplemental financial data. See pages 28 through 35 for “Comments on Regulation G.”
Cautionary Statement under “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995; Statements made in this financial supplement contain information about the Company's future business prospects. These statements may be considered “forward-looking.” These statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. For further information regarding cautionary statements and factors affecting future results, please refer to RenaissanceRe Holdings Ltd.’s filings with the U.S. Securities and Exchange Commission, including its Annual Reports on Form 10-K and its Quarterly Reports on Form 10-Q.
All information contained herein is unaudited. Unless otherwise noted, amounts are in thousands of United States Dollars, except for share and per share amounts and ratio information. Certain prior period comparatives have been reclassified to conform to the current presentation. This supplement is being provided for informational purposes only. It should be read in conjunction with documents filed by RenaissanceRe with the U.S. Securities and Exchange Commission, including its Annual Reports on Form 10-K and its Quarterly Reports on Form 10-Q. Please refer to the Company’s website at www.renre.com for further information about RenaissanceRe.
i



RenaissanceRe Holdings Ltd.
Financial Highlights
Three months endedSix months ended
June 30,
2022
June 30,
2021
June 30,
2022
June 30,
2021
Net income (loss) available (attributable) to RenaissanceRe common shareholders$(324,913)$456,818 $(719,326)$165,884 
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1)
$238,132 $278,050 $390,077 $282,445 
Underwriting income
Gross premiums written$2,464,639 $2,094,158 $5,407,603 $4,746,600 
Net premiums written1,863,616 1,512,292 4,028,833 3,336,375 
Underwriting income (loss) 316,386 328,976 516,664 293,216 
Net claims and claim expense ratio:
Current accident year51.4 %48.0 %54.7 %61.7 %
Prior accident years(2.9)%(4.4)%(2.1)%(2.6)%
Calendar year48.5 %43.6 %52.6 %59.1 %
Acquisition expense ratio24.8 %23.9 %25.0 %23.6 %
Operating expense ratio5.0 %4.9 %4.8 %4.8 %
 Combined ratio78.3 %72.4 %82.4 %87.5 %
Fee income
Management fee income$30,707 $31,970 $57,929 $60,494 
Performance fee income3,548 14,187 4,676 9,652 
Total fee income$34,255 $46,157 $62,605 $70,146 
Investment Results - Managed
Net investment income$107,211 $80,925 $190,902 $160,729 
Net realized and unrealized gains (losses) on investments(654,107)191,018 (1,327,124)(154,545)
Total investment result$(546,896)$271,943 $(1,136,222)$6,184 
Total investment return - annualized(10.1)%5.2 %(10.5)%0.1 %
Investment Results - Retained (1)
Net investment income$74,983 $62,982 $137,658 $125,580 
Net realized and unrealized gains (losses) on investments(576,071)187,391 (1,160,694)(131,297)
Total investment result$(501,088)$250,373 $(1,023,036)$(5,717)
Total investment return - annualized(13.6)%7.4 %(13.9)%(0.1)%
(1)    See “Comments on Regulation G” for a reconciliation of non-GAAP financial measures.
                 
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Financial Highlights - Per Share Data & ROE
Three months endedSix months ended
June 30,
2022
June 30,
2021
June 30,
2022
June 30,
2021
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic$(7.53)$9.36 $(16.64)$3.36 
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted$(7.53)$9.35 $(16.64)$3.35 
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)
$5.51 $5.64 $8.99 $5.73 
Book value per common share$113.69 $139.35 $113.69 $139.35 
Tangible book value per common share (1)
$107.79 $133.75 $107.79 $133.75 
Tangible book value per common share plus accumulated dividends (1)
$132.05 $156.55 $132.05 $156.55 
Change in tangible book value per common share plus change in accumulated dividends (1)
(6.4)%6.7 %(14.0)%1.0 %
Average shares outstanding - basic43,170 48,163 43,264 48,871 
Average shares outstanding - diluted43,170 48,226 43,264 48,940 
Return on average common equity - annualized(25.1)%27.6 %(26.6)%4.9 %
 Operating return on average common equity - annualized (1)
18.4 %16.8 %14.4 %8.4 %
(1)    See “Comments on Regulation G” for a reconciliation of non-GAAP financial measures.
                 
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Summary Consolidated Financial Statements
Consolidated Statements of Operations
Three months endedSix months ended
June 30,
2022
June 30,
2021
June 30,
2022
June 30,
2021
Revenues
Gross premiums written$2,464,639 $2,094,158 $5,407,603 $4,746,600 
Net premiums written$1,863,616 $1,512,292 $4,028,833 $3,336,375 
Decrease (increase) in unearned premiums(407,233)(319,502)(1,086,025)(989,749)
Net premiums earned1,456,383 1,192,790 2,942,808 2,346,626 
Net investment income107,211 80,925 190,902 160,729 
Net foreign exchange gains (losses) (50,821)3,234 (66,307)(19,554)
Equity in earnings (losses) of other ventures7,383 8,732 993 3,174 
Other income (loss) 923 586 2,116 2,757 
Net realized and unrealized gains (losses) on investments(654,107)191,018 (1,327,124)(154,545)
Total revenues866,972 1,477,285 1,743,388 2,339,187 
Expenses
Net claims and claim expenses incurred706,239 520,021 1,547,972 1,387,072 
Acquisition expenses361,238 285,590 737,745 552,824 
Operational expenses72,520 58,203 140,427 113,514 
Corporate expenses12,352 10,125 24,854 20,530 
Interest expense11,895 11,833 23,850 23,745 
Total expenses1,164,244 885,772 2,474,848 2,097,685 
Income (loss) before taxes(297,272)591,513 (731,460)241,502 
Income tax benefit (expense)30,534 (13,862)67,241 5,654 
Net income (loss) (266,738)577,651 (664,219)247,156 
Net (income) loss attributable to redeemable noncontrolling interests(49,331)(113,544)(37,419)(66,694)
Net income (loss) attributable to RenaissanceRe(316,069)464,107 (701,638)180,462 
Dividends on preference shares(8,844)(7,289)(17,688)(14,578)
Net income (loss) available (attributable) to RenaissanceRe common shareholders$(324,913)$456,818 $(719,326)$165,884 
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic$(7.53)$9.36 $(16.64)$3.36 
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted$(7.53)$9.35 $(16.64)$3.35 
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)
$5.51 $5.64 $8.99 $5.73 
Return on average common equity - annualized
(25.1)%27.6 %(26.6)%4.9 %
Operating return on average common equity - annualized (1)
18.4 %16.8 %14.4 %8.4 %
                 
3
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Summary Consolidated Financial Statements
Consolidated Balance Sheets
June 30,
2022
December 31,
2021
Assets
Fixed maturity investments trading, at fair value – amortized cost $13,749,254 at June 30, 2022 (December 31, 2021 – $13,552,579)
$13,085,367 $13,507,131 
Short term investments, at fair value4,429,483 5,298,385 
Equity investments trading, at fair value692,747 546,016 
Other investments, at fair value2,314,232 1,993,059 
Investments in other ventures, under equity method75,979 98,068 
Total investments20,597,808 21,442,659 
Cash and cash equivalents1,398,095 1,859,019 
Premiums receivable5,408,217 3,781,542 
Prepaid reinsurance premiums1,354,565 854,722 
Reinsurance recoverable4,206,459 4,268,669 
Accrued investment income75,302 55,740 
Deferred acquisition costs and value of business acquired1,089,426 849,160 
Receivable for investments sold279,442 380,442 
Other assets384,436 224,053 
Goodwill and other intangibles240,647 243,496 
Total assets$35,034,397 $33,959,502 
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses$13,442,806 $13,294,630 
Unearned premiums5,117,217 3,531,213 
Debt1,169,393 1,168,353 
Reinsurance balances payable4,385,834 3,860,963 
Payable for investments purchased517,753 1,170,568 
Other liabilities309,938 755,441 
Total liabilities24,942,941 23,781,168 
Redeemable noncontrolling interests4,352,797 3,554,053 
Shareholders' Equity
Preference shares: $1.00 par value – 30,000 shares issued and outstanding at June 30, 2022 (December 31, 2021 – 30,000)
750,000 750,000 
Common shares: $1.00 par value – 43,881,035 shares issued and outstanding at June 30, 2022 (December 31, 2021 – 44,444,831)
43,881 44,445 
Additional paid-in capital479,085 608,121 
Accumulated other comprehensive loss(15,168)(10,909)
Retained earnings4,480,861 5,232,624 
Total shareholders' equity attributable to RenaissanceRe5,738,659 6,624,281 
Total liabilities, noncontrolling interests and shareholders' equity$35,034,397 $33,959,502 
Book value per common share$113.69 $132.17 
                 
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Underwriting and Reserves
Consolidated Segment Underwriting Results
Three months ended June 30, 2022Three months ended June 30, 2021
PropertyCasualty and SpecialtyTotalPropertyCasualty and SpecialtyTotal
Gross premiums written$1,218,321 $1,246,318 $2,464,639 $1,183,556 $910,602 $2,094,158 
Net premiums written$887,975 $975,641 $1,863,616 $803,335 $708,957 $1,512,292 
Net premiums earned$623,581 $832,802 $1,456,383 $560,397 $632,393 $1,192,790 
Net claims and claim expenses incurred171,924 534,315 706,239 97,150 422,871 520,021 
Acquisition expenses137,567