EXHIBIT 99.1
Published on December 6, 2016
Supplemental Financial Data - Segment Information
EXHIBIT 99.1
Property |
|||||||||||||||||||||||||
Three months ended March 31, 2016 |
Catastrophe |
Other
Property
|
Total |
Casualty and Specialty |
Other |
Total |
|||||||||||||||||||
Gross premiums written |
$ |
373,017 |
$ |
71,942 |
$ |
444,959 |
$ |
417,174 |
$ |
— |
$ |
862,133 |
|||||||||||||
Net premiums written |
$ |
184,267 |
$ |
48,592 |
$ |
232,859 |
$ |
278,816 |
$ |
— |
$ |
511,675 |
|||||||||||||
Net premiums earned |
$ |
143,111 |
$ |
32,121 |
$ |
175,232 |
$ |
178,374 |
$ |
— |
$ |
353,606 |
|||||||||||||
Net claims and claim expenses incurred |
4,722 |
17,082 |
21,804 |
104,883 |
(82 |
) |
126,605 |
||||||||||||||||||
Acquisition expenses |
10,829 |
9,295 |
20,124 |
45,468 |
— |
65,592 |
|||||||||||||||||||
Operational expenses |
23,050 |
5,607 |
28,657 |
27,518 |
60 |
56,235 |
|||||||||||||||||||
Underwriting income (loss) |
$ |
104,510 |
$ |
137 |
$ |
104,647 |
$ |
505 |
$ |
22 |
105,174 |
||||||||||||||
Net investment income |
28,863 |
28,863 |
|||||||||||||||||||||||
Net foreign exchange losses |
(1,692 |
) |
(1,692 |
) |
|||||||||||||||||||||
Equity in earnings of other ventures |
1,611 |
1,611 |
|||||||||||||||||||||||
Other income |
4,079 |
4,079 |
|||||||||||||||||||||||
Net realized and unrealized gains on investments |
61,653 |
61,653 |
|||||||||||||||||||||||
Corporate expenses |
(8,225 |
) |
(8,225 |
) |
|||||||||||||||||||||
Interest expense |
(10,538 |
) |
(10,538 |
) |
|||||||||||||||||||||
Income before taxes and noncontrolling interests |
180,925 |
||||||||||||||||||||||||
Income tax expense |
(2,744 |
) |
(2,744 |
) |
|||||||||||||||||||||
Net income attributable to noncontrolling interests |
(44,591 |
) |
(44,591 |
) |
|||||||||||||||||||||
Dividends on preference shares |
(5,595 |
) |
(5,595 |
) |
|||||||||||||||||||||
Net income available to RenaissanceRe common shareholders |
$ |
127,995 |
|||||||||||||||||||||||
Net claims and claim expenses incurred – current accident year |
$ |
11,352 |
$ |
16,380 |
$ |
27,732 |
$ |
100,477 |
$ |
— |
$ |
128,209 |
|||||||||||||
Net claims and claim expenses incurred – prior accident years |
(6,630 |
) |
702 |
(5,928 |
) |
4,406 |
(82 |
) |
(1,604 |
) |
|||||||||||||||
Net claims and claim expenses incurred – total |
$ |
4,722 |
$ |
17,082 |
$ |
21,804 |
$ |
104,883 |
$ |
(82 |
) |
$ |
126,605 |
||||||||||||
Net claims and claim expense ratio – current accident year |
7.9 |
% |
51.0 |
% |
15.8 |
% |
56.3 |
% |
36.3 |
% |
|||||||||||||||
Net claims and claim expense ratio – prior accident years |
(4.6 |
)% |
2.2 |
% |
(3.4 |
)% |
2.5 |
% |
(0.5 |
)% |
|||||||||||||||
Net claims and claim expense ratio – calendar year |
3.3 |
% |
53.2 |
% |
12.4 |
% |
58.8 |
% |
35.8 |
% |
|||||||||||||||
Underwriting expense ratio |
23.7 |
% |
46.4 |
% |
27.9 |
% |
40.9 |
% |
34.5 |
% |
|||||||||||||||
Combined ratio |
27.0 |
% |
99.6 |
% |
40.3 |
% |
99.7 |
% |
70.3 |
% |
|||||||||||||||
Supplemental Financial Data - Segment Information
EXHIBIT 99.1
Property |
|||||||||||||||||||||||||
Three months ended June 30, 2016 |
Catastrophe |
Other
Property
|
Total |
Casualty and Specialty |
Other |
Total |
|||||||||||||||||||
Gross premiums written |
$ |
432,033 |
$ |
61,920 |
$ |
493,953 |
$ |
265,175 |
$ |
— |
$ |
759,128 |
|||||||||||||
Net premiums written |
$ |
290,195 |
$ |
60,398 |
$ |
350,593 |
$ |
169,323 |
$ |
— |
$ |
519,916 |
|||||||||||||
Net premiums earned |
$ |
151,201 |
$ |
39,859 |
$ |
191,060 |
$ |
160,342 |
$ |
— |
$ |
351,402 |
|||||||||||||
Net claims and claim expenses incurred |
59,505 |
20,770 |
80,275 |
87,390 |
85 |
167,750 |
|||||||||||||||||||
Acquisition expenses |
18,817 |
10,572 |
29,389 |
39,616 |
— |
69,005 |
|||||||||||||||||||
Operational expenses |
21,080 |
5,446 |
26,526 |
24,526 |
21 |
51,073 |
|||||||||||||||||||
Underwriting income (loss) |
$ |
51,799 |
$ |
3,071 |
$ |
54,870 |
$ |
8,810 |
$ |
(106 |
) |
63,574 |
|||||||||||||
Net investment income |
54,124 |
54,124 |
|||||||||||||||||||||||
Net foreign exchange losses |
(690 |
) |
(690 |
) |
|||||||||||||||||||||
Equity in earnings of other ventures |
6,022 |
6,022 |
|||||||||||||||||||||||
Other income |
2,654 |
2,654 |
|||||||||||||||||||||||
Net realized and unrealized gains on investments |
69,772 |
69,772 |
|||||||||||||||||||||||
Corporate expenses |
(5,752 |
) |
(5,752 |
) |
|||||||||||||||||||||
Interest expense |
(10,536 |
) |
(10,536 |
) |
|||||||||||||||||||||
Income before taxes and noncontrolling interests |
179,168 |
||||||||||||||||||||||||
Income tax expense |
(6,612 |
) |
(6,612 |
) |
|||||||||||||||||||||
Net income attributable to noncontrolling interests |
(30,635 |
) |
(30,635 |
) |
|||||||||||||||||||||
Dividends on preference shares |
(5,596 |
) |
(5,596 |
) |
|||||||||||||||||||||
Net income available to RenaissanceRe common shareholders |
$ |
136,325 |
|||||||||||||||||||||||
Net claims and claim expenses incurred – current accident year |
$ |
73,311 |
$ |
20,025 |
$ |
93,336 |
$ |
103,669 |
$ |
— |
$ |
197,005 |
|||||||||||||
Net claims and claim expenses incurred – prior accident years |
(13,806 |
) |
745 |
(13,061 |
) |
(16,279 |
) |
85 |
(29,255 |
) |
|||||||||||||||
Net claims and claim expenses incurred – total |
$ |
59,505 |
$ |
20,770 |
$ |
80,275 |
$ |
87,390 |
$ |
85 |
$ |
167,750 |
|||||||||||||
Net claims and claim expense ratio – current accident year |
48.5 |
% |
50.2 |
% |
48.9 |
% |
64.7 |
% |
56.1 |
% |
|||||||||||||||
Net claims and claim expense ratio – prior accident years |
(9.1 |
)% |
1.9 |
% |
(6.9 |
)% |
(10.2 |
)% |
(8.4 |
)% |
|||||||||||||||
Net claims and claim expense ratio – calendar year |
39.4 |
% |
52.1 |
% |
42.0 |
% |
54.5 |
% |
47.7 |
% |
|||||||||||||||
Underwriting expense ratio |
26.3 |
% |
40.2 |
% |
29.3 |
% |
40.0 |
% |
34.2 |
% |
|||||||||||||||
Combined ratio |
65.7 |
% |
92.3 |
% |
71.3 |
% |
94.5 |
% |
81.9 |
% |
|||||||||||||||
Property |
|||||||||||||||||||||||||
Six months ended June 30, 2016 |
Catastrophe |
Other
Property
|
Total |
Casualty and Specialty |
Other |
Total |
|||||||||||||||||||
Gross premiums written |
$ |
805,050 |
$ |
133,862 |
$ |
938,912 |
$ |
682,349 |
$ |
— |
$ |
1,621,261 |
|||||||||||||
Net premiums written |
$ |
474,462 |
$ |
108,990 |
$ |
583,452 |
$ |
448,139 |
$ |
— |
$ |
1,031,591 |
|||||||||||||
Net premiums earned |
$ |
294,312 |
$ |
71,980 |
$ |
366,292 |
$ |
338,716 |
$ |
— |
$ |
705,008 |
|||||||||||||
Net claims and claim expenses incurred |
64,227 |
37,852 |
102,079 |
192,273 |
3 |
294,355 |
|||||||||||||||||||
Acquisition expenses |
29,646 |
19,867 |
49,513 |
85,084 |
— |
134,597 |
|||||||||||||||||||
Operational expenses |
44,130 |
11,053 |
55,183 |
52,044 |
81 |
107,308 |
|||||||||||||||||||
Underwriting income (loss) |
$ |
156,309 |
$ |
3,208 |
$ |
159,517 |
$ |
9,315 |
$ |
(84 |
) |
168,748 |
|||||||||||||
Net investment income |
82,987 |
82,987 |
|||||||||||||||||||||||
Net foreign exchange losses |
(2,382 |
) |
(2,382 |
) |
|||||||||||||||||||||
Equity in earnings of other ventures |
7,633 |
7,633 |
|||||||||||||||||||||||
Other income |
6,733 |
6,733 |
|||||||||||||||||||||||
Net realized and unrealized gains on investments |
131,425 |
131,425 |
|||||||||||||||||||||||
Corporate expenses |
(13,977 |
) |
(13,977 |
) |
|||||||||||||||||||||
Interest expense |
(21,074 |
) |
(21,074 |
) |
|||||||||||||||||||||
Income before taxes and noncontrolling interests |
360,093 |
||||||||||||||||||||||||
Income tax expense |
(9,356 |
) |
(9,356 |
) |
|||||||||||||||||||||
Net income attributable to noncontrolling interests |
(75,226 |
) |
(75,226 |
) |
|||||||||||||||||||||
Dividends on preference shares |
(11,191 |
) |
(11,191 |
) |
|||||||||||||||||||||
Net income available to RenaissanceRe common shareholders |
$ |
264,320 |
|||||||||||||||||||||||
Net claims and claim expenses incurred – current accident year |
$ |
84,663 |
$ |
36,405 |
$ |
121,068 |
$ |
204,146 |
$ |
— |
$ |
325,214 |
|||||||||||||
Net claims and claim expenses incurred – prior accident years |
(20,436 |
) |
1,447 |
(18,989 |
) |
(11,873 |
) |
3 |
(30,859 |
) |
|||||||||||||||
Net claims and claim expenses incurred – total |
$ |
64,227 |
$ |
37,852 |
$ |
102,079 |
$ |
192,273 |
$ |
3 |
$ |
294,355 |
|||||||||||||
Net claims and claim expense ratio – current accident year |
28.8 |
% |
50.6 |
% |
33.1 |
% |
60.3 |
% |
46.1 |
% |
|||||||||||||||
Net claims and claim expense ratio – prior accident years |
(7.0 |
)% |
2.0 |
% |
(5.2 |
)% |
(3.5 |
)% |
(4.3 |
)% |
|||||||||||||||
Net claims and claim expense ratio – calendar year |
21.8 |
% |
52.6 |
% |
27.9 |
% |
56.8 |
% |
41.8 |
% |
|||||||||||||||
Underwriting expense ratio |
25.1 |
% |
42.9 |
% |
28.6 |
% |
40.4 |
% |
34.3 |
% |
|||||||||||||||
Combined ratio |
46.9 |
% |
95.5 |
% |
56.5 |
% |
97.2 |
% |
76.1 |
% |
|||||||||||||||
Supplemental Financial Data - Segment Information
EXHIBIT 99.1
Property |
|||||||||||||||||||||||||
Three months ended September 30, 2016 |
Catastrophe |
Other
Property
|
Total |
Casualty and Specialty |
Other |
Total |
|||||||||||||||||||
Gross premiums written |
$ |
71,606 |
$ |
48,298 |
$ |
119,904 |
$ |
310,320 |
$ |
— |
$ |
430,224 |
|||||||||||||
Net premiums written |
$ |
42,033 |
$ |
48,876 |
$ |
90,909 |
$ |
193,313 |
$ |
— |
$ |
284,222 |
|||||||||||||
Net premiums earned |
$ |
130,014 |
$ |
42,647 |
$ |
172,661 |
$ |
173,860 |
$ |
— |
$ |
346,521 |
|||||||||||||
Net claims and claim expenses incurred |
1,906 |
21,633 |
23,539 |
89,844 |
(808 |
) |
112,575 |
||||||||||||||||||
Acquisition expenses |
9,195 |
12,468 |
21,663 |
58,917 |
— |
80,580 |
|||||||||||||||||||
Operational expenses |
19,208 |
5,050 |
24,258 |
16,217 |
18 |
40,493 |
|||||||||||||||||||
Underwriting income |
$ |
99,705 |
$ |
3,496 |
$ |
103,201 |
$ |
8,882 |
$ |
790 |
112,873 |
||||||||||||||
Net investment income |
51,423 |
51,423 |
|||||||||||||||||||||||
Net foreign exchange losses |
(5,986 |
) |
(5,986 |
) |
|||||||||||||||||||||
Equity in losses of other ventures |
(11,630 |
) |
(11,630 |
) |
|||||||||||||||||||||
Other income |
2,268 |
2,268 |
|||||||||||||||||||||||
Net realized and unrealized gains on investments |
59,870 |
59,870 |
|||||||||||||||||||||||
Corporate expenses |
(11,537 |
) |
(11,537 |
) |
|||||||||||||||||||||
Interest expense |
(10,536 |
) |
(10,536 |
) |
|||||||||||||||||||||
Income before taxes and noncontrolling interests |
186,745 |
||||||||||||||||||||||||
Income tax benefit |
1,316 |
1,316 |
|||||||||||||||||||||||
Net income attributable to noncontrolling interests |
(35,641 |
) |
(35,641 |
) |
|||||||||||||||||||||
Dividends on preference shares |
(5,595 |
) |
(5,595 |
) |
|||||||||||||||||||||
Net income available to RenaissanceRe common shareholders |
$ |
146,825 |
|||||||||||||||||||||||
Net claims and claim expenses incurred – current accident year |
$ |
18,275 |
$ |
23,787 |
$ |
42,062 |
$ |
116,298 |
$ |
— |
$ |
158,360 |
|||||||||||||
Net claims and claim expenses incurred – prior accident years |
(16,369 |
) |
(2,154 |
) |
(18,523 |
) |
(26,454 |
) |
(808 |
) |
(45,785 |
) |
|||||||||||||
Net claims and claim expenses incurred – total |
$ |
1,906 |
$ |
21,633 |
$ |
23,539 |
$ |
89,844 |
$ |
(808 |
) |
$ |
112,575 |
||||||||||||
Net claims and claim expense ratio – current accident year |
14.1 |
% |
55.8 |
% |
24.4 |
% |
66.9 |
% |
45.7 |
% |
|||||||||||||||
Net claims and claim expense ratio – prior accident years |
(12.6 |
)% |
(5.1 |
)% |
(10.8 |
)% |
(15.2 |
)% |
(13.2 |
)% |
|||||||||||||||
Net claims and claim expense ratio – calendar year |
1.5 |
% |
50.7 |
% |
13.6 |
% |
51.7 |
% |
32.5 |
% |
|||||||||||||||
Underwriting expense ratio |
21.8 |
% |
41.1 |
% |
26.6 |
% |
43.2 |
% |
34.9 |
% |
|||||||||||||||
Combined ratio |
23.3 |
% |
91.8 |
% |
40.2 |
% |
94.9 |
% |
67.4 |
% |
|||||||||||||||
Property |
|||||||||||||||||||||||||
Nine months ended September 30, 2016 |
Catastrophe |
Other
Property
|
Total |
Casualty and Specialty |
Other |
Total |
|||||||||||||||||||
Gross premiums written |
$ |
876,656 |
$ |
182,160 |
$ |
1,058,816 |
$ |
992,669 |
$ |
— |
$ |
2,051,485 |
|||||||||||||
Net premiums written |
$ |
516,495 |
$ |
157,866 |
$ |
674,361 |
$ |
641,452 |
$ |
— |
$ |
1,315,813 |
|||||||||||||
Net premiums earned |
$ |
424,326 |
$ |
114,627 |
$ |
538,953 |
$ |
512,576 |
$ |
— |
$ |
1,051,529 |
|||||||||||||
Net claims and claim expenses incurred |
66,133 |
59,485 |
125,618 |
282,117 |
(805 |
) |
406,930 |
||||||||||||||||||
Acquisition expenses |
38,841 |
32,335 |
71,176 |
144,001 |
— |
215,177 |
|||||||||||||||||||
Operational expenses |
63,338 |
16,103 |
79,441 |
68,261 |
99 |
147,801 |
|||||||||||||||||||
Underwriting income |
$ |
256,014 |
$ |
6,704 |
$ |
262,718 |
$ |
18,197 |
$ |
706 |
281,621 |
||||||||||||||
Net investment income |
134,410 |
134,410 |
|||||||||||||||||||||||
Net foreign exchange losses |
(8,368 |
) |
(8,368 |
) |
|||||||||||||||||||||
Equity in losses of other ventures |
(3,997 |
) |
(3,997 |
) |
|||||||||||||||||||||
Other income |
9,001 |
9,001 |
|||||||||||||||||||||||
Net realized and unrealized gains on investments |
191,295 |
191,295 |
|||||||||||||||||||||||
Corporate expenses |
(25,514 |
) |
(25,514 |
) |
|||||||||||||||||||||
Interest expense |
(31,610 |
) |
(31,610 |
) |
|||||||||||||||||||||
Income before taxes and noncontrolling interests |
546,838 |
||||||||||||||||||||||||
Income tax expense |
(8,040 |
) |
(8,040 |
) |
|||||||||||||||||||||
Net income attributable to noncontrolling interests |
(110,867 |
) |
(110,867 |
) |
|||||||||||||||||||||
Dividends on preference shares |
(16,786 |
) |
(16,786 |
) |
|||||||||||||||||||||
Net income available to RenaissanceRe common shareholders |
$ |
411,145 |
|||||||||||||||||||||||
Net claims and claim expenses incurred – current accident year |
$ |
102,938 |
$ |
60,192 |
$ |
163,130 |
$ |
320,444 |
$ |
— |
$ |
483,574 |
|||||||||||||
Net claims and claim expenses incurred – prior accident years |
(36,805 |
) |
(707 |
) |
(37,512 |
) |
(38,327 |
) |
(805 |
) |
(76,644 |
) |
|||||||||||||
Net claims and claim expenses incurred – total |
$ |
66,133 |
$ |
59,485 |
$ |
125,618 |
$ |
282,117 |
$ |
(805 |
) |
$ |
406,930 |
||||||||||||
Net claims and claim expense ratio – current accident year |
24.3 |
% |
52.5 |
% |
30.3 |
% |
62.5 |
% |
46.0 |
% |
|||||||||||||||
Net claims and claim expense ratio – prior accident years |
(8.7 |
)% |
(0.6 |
)% |
(7.0 |
)% |
(7.5 |
)% |
(7.3 |
)% |
|||||||||||||||
Net claims and claim expense ratio – calendar year |
15.6 |
% |
51.9 |
% |
23.3 |
% |
55.0 |
% |
38.7 |
% |
|||||||||||||||
Underwriting expense ratio |
24.1 |
% |
42.3 |
% |
28.0 |
% |
41.4 |
% |
34.5 |
% |
|||||||||||||||
Combined ratio |
39.7 |
% |
94.2 |
% |
51.3 |
% |
96.4 |
% |
73.2 |
% |
|||||||||||||||
Supplemental Financial Data - Segment Information
EXHIBIT 99.1
Property |
|||||||||||||||||||||||||
Three months ended March 31, 2015 |
Catastrophe |
Other
Property
|
Total |
Casualty and Specialty |
Other |
Total |
|||||||||||||||||||
Gross premiums written |
$ |
410,325 |
$ |
33,545 |
$ |
443,870 |
$ |
199,798 |
$ |
(90 |
) |
$ |
643,578 |
||||||||||||
Net premiums written |
$ |
227,444 |
$ |
20,144 |
$ |
247,588 |
$ |
156,536 |
$ |
(89 |
) |
$ |
404,035 |
||||||||||||
Net premiums earned |
$ |
153,154 |
$ |
28,397 |
$ |
181,551 |
$ |
115,298 |
$ |
(89 |
) |
$ |
296,760 |
||||||||||||
Net claims and claim expenses incurred |
6,757 |
12,764 |
19,521 |
57,755 |
(423 |
) |
76,853 |
||||||||||||||||||
Acquisition expenses |
9,389 |
7,787 |
17,176 |
25,860 |
365 |
43,401 |
|||||||||||||||||||
Operational expenses |
20,704 |
4,330 |
25,034 |
20,559 |
28 |
45,621 |
|||||||||||||||||||
Underwriting income (loss) |
$ |
116,304 |
$ |
3,516 |
$ |
119,820 |
$ |
11,124 |
$ |
(59 |
) |
130,885 |
|||||||||||||
Net investment income |
39,707 |
39,707 |
|||||||||||||||||||||||
Net foreign exchange losses |
(3,130 |
) |
(3,130 |
) |
|||||||||||||||||||||
Equity in earnings of other ventures |
5,295 |
5,295 |
|||||||||||||||||||||||
Other income |
1,539 |
1,539 |
|||||||||||||||||||||||
Net realized and unrealized gains on investments |
41,749 |
41,749 |
|||||||||||||||||||||||
Corporate expenses |
(45,533 |
) |
(45,533 |
) |
|||||||||||||||||||||
Interest expense |
(5,316 |
) |
(5,316 |
) |
|||||||||||||||||||||
Income before taxes and noncontrolling interests |
165,196 |
||||||||||||||||||||||||
Income tax benefit |
47,904 |
47,904 |
|||||||||||||||||||||||
Net income attributable to noncontrolling interests |
(39,662 |
) |
(39,662 |
) |
|||||||||||||||||||||
Dividends on preference shares |
(5,595 |
) |
(5,595 |
) |
|||||||||||||||||||||
Net income available to RenaissanceRe common shareholders |
$ |
167,843 |
|||||||||||||||||||||||
Net claims and claim expenses incurred – current accident year |
$ |
23,638 |
$ |
10,504 |
$ |
34,142 |
$ |
64,856 |
$ |
— |
$ |
98,998 |
|||||||||||||
Net claims and claim expenses incurred – prior accident years |
(16,881 |
) |
2,260 |
(14,621 |
) |
(7,101 |
) |
(423 |
) |
(22,145 |
) |
||||||||||||||
Net claims and claim expenses incurred – total |
$ |
6,757 |
$ |
12,764 |
$ |
19,521 |
$ |
57,755 |
$ |
(423 |
) |
$ |
76,853 |
||||||||||||
Net claims and claim expense ratio – current accident year |
15.4 |
% |
37.0 |
% |
18.8 |
% |
56.3 |
% |
33.4 |
% |
|||||||||||||||
Net claims and claim expense ratio – prior accident years |
(11.0 |
)% |
7.9 |
% |
(8.0 |
)% |
(6.2 |
)% |
(7.5 |
)% |
|||||||||||||||
Net claims and claim expense ratio – calendar year |
4.4 |
% |
44.9 |
% |
10.8 |
% |
50.1 |
% |
25.9 |
% |
|||||||||||||||
Underwriting expense ratio |
19.7 |
% |
42.7 |
% |
23.2 |
% |
40.3 |
% |
30.0 |
% |
|||||||||||||||
Combined ratio |
24.1 |
% |
87.6 |
% |
34.0 |
% |
90.4 |
% |
55.9 |
% |
|||||||||||||||
Supplemental Financial Data - Segment Information
EXHIBIT 99.1
Property |
|||||||||||||||||||||||||
Three months ended June 30, 2015 |
Catastrophe |
Other
Property
|
Total |
Casualty and Specialty |
Other |
Total |
|||||||||||||||||||
Gross premiums written |
$ |
416,716 |
$ |
49,374 |
$ |
466,090 |
$ |
195,907 |
$ |
— |
$ |
661,997 |
|||||||||||||
Net premiums written |
$ |
302,122 |
$ |
46,416 |
$ |
348,538 |
$ |
160,139 |
$ |
— |
$ |
508,677 |
|||||||||||||
Net premiums earned |
$ |
172,858 |
$ |
43,620 |
$ |
216,478 |
$ |
163,350 |
$ |
— |
$ |
379,828 |
|||||||||||||
Net claims and claim expenses incurred |
54,582 |
9,910 |
64,492 |
104,628 |
224 |
169,344 |
|||||||||||||||||||
Acquisition expenses |
21,207 |
10,764 |
31,971 |
29,804 |
(109 |
) |
61,666 |
||||||||||||||||||
Operational expenses |
23,918 |
5,064 |
28,982 |
25,574 |
117 |
54,673 |
|||||||||||||||||||
Underwriting income (loss) |
$ |
73,151 |
$ |
17,882 |
$ |
91,033 |
$ |
3,344 |
$ |
(232 |
) |
94,145 |
|||||||||||||
Net investment income |
38,604 |
38,604 |
|||||||||||||||||||||||
Net foreign exchange losses |
(1,740 |
) |
(1,740 |
) |
|||||||||||||||||||||
Equity in earnings of other ventures |
6,160 |
6,160 |
|||||||||||||||||||||||
Other income |
1,427 |
1,427 |
|||||||||||||||||||||||
Net realized and unrealized losses on investments |
(26,712 |
) |
(26,712 |
) |
|||||||||||||||||||||
Corporate expenses |
(12,868 |
) |
(12,868 |
) |
|||||||||||||||||||||
Interest expense |
(9,862 |
) |
(9,862 |
) |
|||||||||||||||||||||
Income before taxes and noncontrolling interests |
89,154 |
||||||||||||||||||||||||
Income tax benefit |
1,842 |
1,842 |
|||||||||||||||||||||||
Net income attributable to noncontrolling interests |
(12,167 |
) |
(12,167 |
) |
|||||||||||||||||||||
Dividends on preference shares |
(5,596 |
) |
(5,596 |
) |
|||||||||||||||||||||
Net income available to RenaissanceRe common shareholders |
$ |
73,233 |
|||||||||||||||||||||||
Net claims and claim expenses incurred – current accident year |
$ |
66,555 |
$ |
21,076 |
$ |
87,631 |
$ |
114,789 |
$ |
— |
$ |
202,420 |
|||||||||||||
Net claims and claim expenses incurred – prior accident years |
(11,973 |
) |
(11,166 |
) |
(23,139 |
) |
(10,161 |
) |
224 |
(33,076 |
) |
||||||||||||||
Net claims and claim expenses incurred – total |
$ |
54,582 |
$ |
9,910 |
$ |
64,492 |
$ |
104,628 |
$ |
224 |
$ |
169,344 |
|||||||||||||
Net claims and claim expense ratio – current accident year |
38.5 |
% |
48.3 |
% |
40.5 |
% |
70.3 |
% |
53.3 |
% |
|||||||||||||||
Net claims and claim expense ratio – prior accident years |
(6.9 |
)% |
(25.6 |
)% |
(10.7 |
)% |
(6.2 |
)% |
(8.7 |
)% |
|||||||||||||||
Net claims and claim expense ratio – calendar year |
31.6 |
% |
22.7 |
% |
29.8 |
% |
64.1 |
% |
44.6 |
% |
|||||||||||||||
Underwriting expense ratio |
26.1 |
% |
36.3 |
% |
28.1 |
% |
33.9 |
% |
30.6 |
% |
|||||||||||||||
Combined ratio |
57.7 |
% |
59.0 |
% |
57.9 |
% |
98.0 |
% |
75.2 |
% |
|||||||||||||||
Property |
|||||||||||||||||||||||||
Six months ended June 30, 2015 |
Catastrophe |
Other
Property
|
Total |
Casualty and Specialty |
Other |
Total |
|||||||||||||||||||
Gross premiums written |
$ |
827,041 |
$ |
82,919 |
$ |
909,960 |
$ |
395,705 |
$ |
(90 |
) |
$ |
1,305,575 |
||||||||||||
Net premiums written |
$ |
529,566 |
$ |
66,560 |
$ |
596,126 |
$ |
316,675 |
$ |
(89 |
) |
$ |
912,712 |
||||||||||||
Net premiums earned |
$ |
326,012 |
$ |
72,017 |
$ |
398,029 |
$ |
278,648 |
$ |
(89 |
) |
$ |
676,588 |
||||||||||||
Net claims and claim expenses incurred |
61,339 |
22,674 |
84,013 |
162,383 |
(199 |
) |
246,197 |
||||||||||||||||||
Acquisition expenses |
30,596 |
18,551 |
49,147 |
55,664 |
256 |
105,067 |
|||||||||||||||||||
Operational expenses |
44,622 |
9,394 |
54,016 |
46,133 |
145 |
100,294 |
|||||||||||||||||||
Underwriting income (loss) |
$ |
189,455 |
$ |
21,398 |
$ |
210,853 |
$ |
14,468 |
$ |
(291 |
) |
225,030 |
|||||||||||||
Net investment income |
78,311 |
78,311 |
|||||||||||||||||||||||
Net foreign exchange losses |
(4,870 |
) |
(4,870 |
) |
|||||||||||||||||||||
Equity in earnings of other ventures |
11,455 |
11,455 |
|||||||||||||||||||||||
Other income |
2,966 |
2,966 |
|||||||||||||||||||||||
Net realized and unrealized gains on investments |
15,037 |
15,037 |
|||||||||||||||||||||||
Corporate expenses |
(58,401 |
) |
(58,401 |
) |
|||||||||||||||||||||
Interest expense |
(15,178 |
) |
(15,178 |
) |
|||||||||||||||||||||
Income before taxes and noncontrolling interests |
254,350 |
||||||||||||||||||||||||
Income tax benefit |
49,746 |
49,746 |
|||||||||||||||||||||||
Net income attributable to noncontrolling interests |
(51,829 |
) |
(51,829 |
) |
|||||||||||||||||||||
Dividends on preference shares |
(11,191 |
) |
(11,191 |
) |
|||||||||||||||||||||
Net income available to RenaissanceRe common shareholders |
$ |
241,076 |
|||||||||||||||||||||||
Net claims and claim expenses incurred – current accident year |
$ |
90,193 |
$ |
31,580 |
$ |
121,773 |
$ |
179,645 |
$ |
— |
$ |
301,418 |
|||||||||||||
Net claims and claim expenses incurred – prior accident years |
(28,854 |
) |
(8,906 |
) |
(37,760 |
) |
(17,262 |
) |
(199 |
) |
(55,221 |
) |
|||||||||||||
Net claims and claim expenses incurred – total |
$ |
61,339 |
$ |
22,674 |
$ |
84,013 |
$ |
162,383 |
$ |
(199 |
) |
$ |
246,197 |
||||||||||||
Net claims and claim expense ratio – current accident year |
27.7 |
% |
43.9 |
% |
30.6 |
% |
64.5 |
% |
44.5 |
% |
|||||||||||||||
Net claims and claim expense ratio – prior accident years |
(8.9 |
)% |
(12.4 |
)% |
(9.5 |
)% |
(6.2 |
)% |
(8.1 |
)% |
|||||||||||||||
Net claims and claim expense ratio – calendar year |
18.8 |
% |
31.5 |
% |
21.1 |
% |
58.3 |
% |
36.4 |
% |
|||||||||||||||
Underwriting expense ratio |
23.1 |
% |
38.8 |
% |
25.9 |
% |
36.5 |
% |
30.3 |
% |
|||||||||||||||
Combined ratio |
41.9 |
% |
70.3 |
% |
47.0 |
% |
94.8 |
% |
66.7 |
% |
|||||||||||||||
Supplemental Financial Data - Segment Information
EXHIBIT 99.1
Property |
|||||||||||||||||||||||||
Three months ended September 30, 2015 |
Catastrophe |
Other
Property
|
Total |
Casualty and Specialty |
Other |
Total |
|||||||||||||||||||
Gross premiums written |
$ |
88,273 |
$ |
30,006 |
$ |
118,279 |
$ |
251,363 |
$ |
— |
$ |
369,642 |
|||||||||||||
Net premiums written |
$ |
59,991 |
$ |
29,433 |
$ |
89,424 |
$ |
177,396 |
$ |
— |
$ |
266,820 |
|||||||||||||
Net premiums earned |
$ |
170,415 |
$ |
35,205 |
$ |
205,620 |
$ |
156,768 |
$ |
— |
$ |
362,388 |
|||||||||||||
Net claims and claim expenses incurred |
17,781 |
23,270 |
41,051 |
58,698 |
279 |
100,028 |
|||||||||||||||||||
Acquisition expenses |
16,559 |
10,020 |
26,579 |
51,555 |
(8 |
) |
78,126 |
||||||||||||||||||
Operational expenses |
25,041 |
4,860 |
29,901 |
24,581 |
36 |
54,518 |
|||||||||||||||||||
Underwriting income (loss) |
$ |
111,034 |
$ |
(2,945 |
) |
$ |
108,089 |
$ |
21,934 |
$ |
(307 |
) |
129,716 |
||||||||||||
Net investment income |
28,338 |
28,338 |
|||||||||||||||||||||||
Net foreign exchange gains |
616 |
616 |
|||||||||||||||||||||||
Equity in earnings of other ventures |
5,730 |
5,730 |
|||||||||||||||||||||||
Other income |
2,306 |
2,306 |
|||||||||||||||||||||||
Net realized and unrealized losses on investments |
(41,138 |
) |
(41,138 |
) |
|||||||||||||||||||||
Corporate expenses |
(7,322 |
) |
(7,322 |
) |
|||||||||||||||||||||
Interest expense |
(10,542 |
) |
(10,542 |
) |
|||||||||||||||||||||
Income before taxes and noncontrolling interests |
107,704 |
||||||||||||||||||||||||
Income tax benefit |
4,573 |
4,573 |
|||||||||||||||||||||||
Net income attributable to noncontrolling interests |
(31,153 |
) |
(31,153 |
) |
|||||||||||||||||||||
Dividends on preference shares |
(5,595 |
) |
(5,595 |
) |
|||||||||||||||||||||
Net income available to RenaissanceRe common shareholders |
$ |
75,529 |
|||||||||||||||||||||||
Net claims and claim expenses incurred – current accident year |
$ |
31,723 |
$ |
29,844 |
$ |
61,567 |
$ |
108,811 |
$ |
— |
$ |
170,378 |
|||||||||||||
Net claims and claim expenses incurred – prior accident years |
(13,942 |
) |
(6,574 |
) |
(20,516 |
) |
(50,113 |
) |
279 |
(70,350 |
) |
||||||||||||||
Net claims and claim expenses incurred – total |
$ |
17,781 |
$ |
23,270 |
$ |
41,051 |
$ |
58,698 |
$ |
279 |
$ |
100,028 |
|||||||||||||
Net claims and claim expense ratio – current accident year |
18.6 |
% |
84.8 |
% |
29.9 |
% |
69.4 |
% |
47.0 |
% |
|||||||||||||||
Net claims and claim expense ratio – prior accident years |
(8.2 |
)% |
(18.7 |
)% |
(9.9 |
)% |
(32.0 |
)% |
(19.4 |
)% |
|||||||||||||||
Net claims and claim expense ratio – calendar year |
10.4 |
% |
66.1 |
% |
20.0 |
% |
37.4 |
% |
27.6 |
% |
|||||||||||||||
Underwriting expense ratio |
24.4 |
% |
42.3 |
% |
27.4 |
% |
48.6 |
% |
36.6 |
% |
|||||||||||||||
Combined ratio |
34.8 |
% |
108.4 |
% |
47.4 |
% |
86.0 |
% |
64.2 |
% |
|||||||||||||||
Property |
|||||||||||||||||||||||||
Nine months ended September 30, 2015 |
Catastrophe |
Other
Property
|
Total |
Casualty and Specialty |
Other |
Total |
|||||||||||||||||||
Gross premiums written |
$ |
915,314 |
$ |
112,925 |
$ |
1,028,239 |
$ |
647,068 |
$ |
(90 |
) |
$ |
1,675,217 |
||||||||||||
Net premiums written |
$ |
589,557 |
$ |
95,993 |
$ |
685,550 |
$ |
494,071 |
$ |
(89 |
) |
$ |
1,179,532 |
||||||||||||
Net premiums earned |
$ |
496,427 |
$ |
107,222 |
$ |
603,649 |
$ |
435,416 |
$ |
(89 |
) |
$ |
1,038,976 |
||||||||||||
Net claims and claim expenses incurred |
79,120 |
45,944 |
125,064 |
221,081 |
80 |
346,225 |
|||||||||||||||||||
Acquisition expenses |
47,155 |
28,571 |
75,726 |
107,219 |
248 |
183,193 |
|||||||||||||||||||
Operational expenses |
69,663 |
14,254 |
83,917 |
70,714 |
181 |
154,812 |
|||||||||||||||||||
Underwriting income (loss) |
$ |
300,489 |
$ |
18,453 |
$ |
318,942 |
$ |
36,402 |
$ |
(598 |
) |
354,746 |
|||||||||||||
Net investment income |
106,649 |
106,649 |
|||||||||||||||||||||||
Net foreign exchange losses |
(4,254 |
) |
(4,254 |
) |
|||||||||||||||||||||
Equity in earnings of other ventures |
17,185 |
17,185 |
|||||||||||||||||||||||
Other income |
5,272 |
5,272 |
|||||||||||||||||||||||
Net realized and unrealized losses on investments |
(26,101 |
) |
(26,101 |
) |
|||||||||||||||||||||
Corporate expenses |
(65,723 |
) |
(65,723 |
) |
|||||||||||||||||||||
Interest expense |
(25,720 |
) |
(25,720 |
) |
|||||||||||||||||||||
Income before taxes and noncontrolling interests |
362,054 |
||||||||||||||||||||||||
Income tax benefit |
54,319 |
54,319 |
|||||||||||||||||||||||
Net income attributable to noncontrolling interests |
(82,982 |
) |
(82,982 |
) |
|||||||||||||||||||||
Dividends on preference shares |
(16,786 |
) |
(16,786 |
) |
|||||||||||||||||||||
Net income available to RenaissanceRe common shareholders |
$ |
316,605 |
|||||||||||||||||||||||
Net claims and claim expenses incurred – current accident year |
$ |
121,916 |
$ |
61,424 |
$ |
183,340 |
$ |
288,456 |
$ |
— |
$ |
471,796 |
|||||||||||||
Net claims and claim expenses incurred – prior accident years |
(42,796 |
) |
(15,480 |
) |
(58,276 |
) |
(67,375 |
) |
80 |
(125,571 |
) |
||||||||||||||
Net claims and claim expenses incurred – total |
$ |
79,120 |
$ |
45,944 |
$ |
125,064 |
$ |
221,081 |
$ |
80 |
$ |
346,225 |
|||||||||||||
Net claims and claim expense ratio – current accident year |
24.6 |
% |
57.3 |
% |
30.4 |
% |
66.2 |
% |
45.4 |
% |
|||||||||||||||
Net claims and claim expense ratio – prior accident years |
(8.7 |
)% |
(14.5 |
)% |
(9.7 |
)% |
(15.4 |
)% |
(12.1 |
)% |
|||||||||||||||
Net claims and claim expense ratio – calendar year |
15.9 |
% |
42.8 |
% |
20.7 |
% |
50.8 |
% |
33.3 |
% |
|||||||||||||||
Underwriting expense ratio |
23.6 |
% |
40.0 |
% |
26.5 |
% |
40.8 |
% |
32.6 |
% |
|||||||||||||||
Combined ratio |
39.5 |
% |
82.8 |
% |
47.2 |
% |
91.6 |
% |
65.9 |
% |
|||||||||||||||
Supplemental Financial Data - Segment Information
EXHIBIT 99.1
Property |
|||||||||||||||||||||||||
Three months ended December 31, 2015 |
Catastrophe |
Other
Property
|
Total |
Casualty and Specialty |
Other |
Total |
|||||||||||||||||||
Gross premiums written |
$ |
15,264 |
$ |
28,656 |
$ |
43,920 |
$ |
292,173 |
$ |
— |
$ |
336,093 |
|||||||||||||
Net premiums written |
$ |
11,992 |
$ |
28,603 |
$ |
40,595 |
$ |
196,015 |
$ |
41 |
$ |
236,651 |
|||||||||||||
Net premiums earned |
$ |
168,177 |
$ |
34,159 |
$ |
202,336 |
$ |
159,198 |
$ |
41 |
$ |
361,575 |
|||||||||||||
Net claims and claim expenses incurred |
(8,924 |
) |
12,150 |
3,226 |
99,737 |
(950 |
) |
102,013 |
|||||||||||||||||
Acquisition expenses |
8,656 |
9,867 |
18,523 |
36,876 |
— |
55,399 |
|||||||||||||||||||
Operational expenses |
28,717 |
6,032 |
34,749 |
29,466 |
85 |
64,300 |
|||||||||||||||||||
Underwriting income (loss) |
$ |
139,728 |
$ |
6,110 |
$ |
145,838 |
$ |
(6,881 |
) |
$ |
906 |
139,863 |
|||||||||||||
Net investment income |
45,918 |
45,918 |
|||||||||||||||||||||||
Net foreign exchange gains |
1,203 |
1,203 |
|||||||||||||||||||||||
Equity in earnings of other ventures |
3,296 |
3,296 |
|||||||||||||||||||||||
Other income |
8,200 |
8,200 |
|||||||||||||||||||||||
Net realized and unrealized losses on investments |
(42,817 |
) |
(42,817 |
) |
|||||||||||||||||||||
Corporate expenses |
(10,791 |
) |
(10,791 |
) |
|||||||||||||||||||||
Interest expense |
(10,550 |
) |
(10,550 |
) |
|||||||||||||||||||||
Income before taxes and noncontrolling interests |
134,322 |
||||||||||||||||||||||||
Income tax expense |
(8,453 |
) |
(8,453 |
) |
|||||||||||||||||||||
Net income attributable to noncontrolling interests |
(28,068 |
) |
(28,068 |
) |
|||||||||||||||||||||
Dividends on preference shares |
(5,595 |
) |
(5,595 |
) |
|||||||||||||||||||||
Net income available to RenaissanceRe common shareholders |
$ |
92,206 |
|||||||||||||||||||||||
Net claims and claim expenses incurred – current accident year |
$ |
19,828 |
$ |
18,908 |
$ |
38,736 |
$ |
100,153 |
$ |
— |
$ |
138,889 |
|||||||||||||
Net claims and claim expenses incurred – prior accident years |
(28,752 |
) |
(6,758 |
) |
(35,510 |
) |
(416 |
) |
(950 |
) |
(36,876 |
) |
|||||||||||||
Net claims and claim expenses incurred – total |
$ |
(8,924 |
) |
$ |
12,150 |
$ |
3,226 |
$ |
99,737 |
$ |
(950 |
) |
$ |
102,013 |
|||||||||||
Net claims and claim expense ratio – current accident year |
11.8 |
% |
55.4 |
% |
19.1 |
% |
62.9 |
% |
38.4 |
% |
|||||||||||||||
Net claims and claim expense ratio – prior accident years |
(17.1 |
)% |
(19.8 |
)% |
(17.5 |
)% |
(0.3 |
)% |
(10.2 |
)% |
|||||||||||||||
Net claims and claim expense ratio – calendar year |
(5.3 |
)% |
35.6 |
% |
1.6 |
% |
62.6 |
% |
28.2 |
% |
|||||||||||||||
Underwriting expense ratio |
22.2 |
% |
46.5 |
% |
26.3 |
% |
41.7 |
% |
33.1 |
% |
|||||||||||||||
Combined ratio |
16.9 |
% |
82.1 |
% |
27.9 |
% |
104.3 |
% |
61.3 |
% |
|||||||||||||||
Property |
|||||||||||||||||||||||||
Year ended December 31, 2015 |
Catastrophe |
Other
Property
|
Total |
Casualty and Specialty |
Other |
Total |
|||||||||||||||||||
Gross premiums written |
$ |
930,578 |
$ |
141,581 |
$ |
1,072,159 |
$ |
939,241 |
$ |
(90 |
) |
$ |
2,011,310 |
||||||||||||
Net premiums written |
$ |
601,549 |
$ |
124,596 |
$ |
726,145 |
$ |
690,086 |
$ |
(48 |
) |
$ |
1,416,183 |
||||||||||||
Net premiums earned |
$ |
664,604 |
$ |
141,381 |
$ |
805,985 |
$ |
594,614 |
$ |
(48 |
) |
$ |
1,400,551 |
||||||||||||
Net claims and claim expenses incurred |
70,196 |
58,094 |
128,290 |
320,818 |
(870 |
) |
448,238 |
||||||||||||||||||
Acquisition expenses |
55,811 |
38,438 |
94,249 |
144,095 |
248 |
238,592 |
|||||||||||||||||||
Operational expenses |
98,380 |
20,286 |
118,666 |
100,180 |
266 |
219,112 |
|||||||||||||||||||
Underwriting income |
$ |
440,217 |
$ |
24,563 |
$ |
464,780 |
$ |
29,521 |
$ |
308 |
494,609 |
||||||||||||||
Net investment income |
152,567 |
152,567 |
|||||||||||||||||||||||
Net foreign exchange losses |
(3,051 |
) |
(3,051 |
) |
|||||||||||||||||||||
Equity in earnings of other ventures |
20,481 |
20,481 |
|||||||||||||||||||||||
Other income |
13,472 |
13,472 |
|||||||||||||||||||||||
Net realized and unrealized losses on investments |
(68,918 |
) |
(68,918 |
) |
|||||||||||||||||||||
Corporate expenses |
(76,514 |
) |
(76,514 |
) |
|||||||||||||||||||||
Interest expense |
(36,270 |
) |
(36,270 |
) |
|||||||||||||||||||||
Income before taxes and noncontrolling interests |
496,376 |
||||||||||||||||||||||||
Income tax benefit |
45,866 |
45,866 |
|||||||||||||||||||||||
Net income attributable to noncontrolling interests |
(111,050 |
) |
(111,050 |
) |
|||||||||||||||||||||
Dividends on preference shares |
(22,381 |
) |
(22,381 |
) |
|||||||||||||||||||||
Net income available to RenaissanceRe common shareholders |
$ |
408,811 |
|||||||||||||||||||||||
Net claims and claim expenses incurred – current accident year |
$ |
141,744 |
$ |
80,332 |
$ |
222,076 |
$ |
388,609 |
$ |
— |
$ |
610,685 |
|||||||||||||
Net claims and claim expenses incurred – prior accident years |
(71,548 |
) |
(22,238 |
) |
(93,786 |
) |
(67,791 |
) |
(870 |
) |
(162,447 |
) |
|||||||||||||
Net claims and claim expenses incurred – total |
$ |
70,196 |
$ |
58,094 |
$ |
128,290 |
$ |
320,818 |
$ |
(870 |
) |
$ |
448,238 |
||||||||||||
Net claims and claim expense ratio – current accident year |
21.3 |
% |
56.8 |
% |
27.6 |
% |
65.4 |
% |
43.6 |
% |
|||||||||||||||
Net claims and claim expense ratio – prior accident years |
(10.7 |
)% |
(15.7 |
)% |
(11.7 |
)% |
(11.4 |
)% |
(11.6 |
)% |
|||||||||||||||
Net claims and claim expense ratio – calendar year |
10.6 |
% |
41.1 |
% |
15.9 |
% |
54.0 |
% |
32.0 |
% |
|||||||||||||||
Underwriting expense ratio |
23.2 |
% |
41.5 |
% |
26.4 |
% |
41.0 |
% |
32.7 |
% |
|||||||||||||||
Combined ratio |
33.8 |
% |
82.6 |
% |
42.3 |
% |
95.0 |
% |
64.7 |
% |
|||||||||||||||
Supplemental Financial Data - Segment Information
EXHIBIT 99.1
Property |
|||||||||||||||||||||||||
Three months ended March 31, 2014 |
Catastrophe |
Other
Property
|
Total |
Casualty and Specialty |
Other |
Total |
|||||||||||||||||||
Gross premiums written |
$ |
489,266 |
$ |
18,065 |
$ |
507,331 |
$ |
197,929 |
$ |
— |
$ |
705,260 |
|||||||||||||
Net premiums written |
$ |
272,104 |
$ |
11,804 |
$ |
283,908 |
$ |
166,439 |
$ |
— |
$ |
450,347 |
|||||||||||||
Net premiums earned |
$ |
172,311 |
$ |
18,302 |
$ |
190,613 |
$ |
95,898 |
$ |
23 |
$ |
286,534 |
|||||||||||||
Net claims and claim expenses incurred |
5,771 |
(1,356 |
) |
4,415 |
54,402 |
98 |
58,915 |
||||||||||||||||||
Acquisition expenses |
8,396 |
3,407 |
11,803 |
22,437 |
(540 |
) |
33,700 |
||||||||||||||||||
Operational expenses |
21,830 |
3,717 |
25,547 |
17,011 |
66 |
42,624 |
|||||||||||||||||||
Underwriting income |
$ |
136,314 |
$ |
12,534 |
$ |
148,848 |
$ |
2,048 |
$ |
399 |
151,295 |
||||||||||||||
Net investment income |
38,948 |
38,948 |
|||||||||||||||||||||||
Net foreign exchange losses |
(1,061 |
) |
(1,061 |
) |
|||||||||||||||||||||
Equity in earnings of other ventures |
4,199 |
4,199 |
|||||||||||||||||||||||
Other income |
62 |
62 |
|||||||||||||||||||||||
Net realized and unrealized gains on investments |
14,927 |
14,927 |
|||||||||||||||||||||||
Corporate expenses |
(4,486 |
) |
(4,486 |
) |
|||||||||||||||||||||
Interest expense |
(4,352 |
) |
(4,352 |
) |
|||||||||||||||||||||
Income before taxes and noncontrolling interests |
199,532 |
||||||||||||||||||||||||
Income tax expense |
(166 |
) |
(166 |
) |
|||||||||||||||||||||
Net income attributable to noncontrolling interests |
(42,768 |
) |
(42,768 |
) |
|||||||||||||||||||||
Dividends on preference shares |
(5,595 |
) |
(5,595 |
) |
|||||||||||||||||||||
Net income available to RenaissanceRe common shareholders |
$ |
151,003 |
|||||||||||||||||||||||
Net claims and claim expenses incurred – current accident year |
$ |
12,529 |
$ |
3,754 |
$ |
16,283 |
$ |
59,325 |
$ |
— |
$ |
75,608 |
|||||||||||||
Net claims and claim expenses incurred – prior accident years |
(6,758 |
) |
(5,110 |
) |
(11,868 |
) |
(4,923 |
) |
98 |
(16,693 |
) |
||||||||||||||
Net claims and claim expenses incurred – total |
$ |
5,771 |
$ |
(1,356 |
) |
$ |
4,415 |
$ |
54,402 |
$ |
98 |
$ |
58,915 |
||||||||||||
Net claims and claim expense ratio – current accident year |
7.3 |
% |
20.5 |
% |
8.5 |
% |
61.9 |
% |
26.4 |
% |
|||||||||||||||
Net claims and claim expense ratio – prior accident years |
(4.0 |
)% |
(27.9 |
)% |
(6.2 |
)% |
(5.2 |
)% |
(5.8 |
)% |
|||||||||||||||
Net claims and claim expense ratio – calendar year |
3.3 |
% |
(7.4 |
)% |
2.3 |
% |
56.7 |
% |
20.6 |
% |
|||||||||||||||
Underwriting expense ratio |
17.6 |
% |
38.9 |
% |
19.6 |
% |
41.2 |
% |
26.6 |
% |
|||||||||||||||
Combined ratio |
20.9 |
% |
31.5 |
% |
21.9 |
% |
97.9 |
% |
47.2 |
% |
|||||||||||||||
Supplemental Financial Data - Segment Information
EXHIBIT 99.1
Property |
|||||||||||||||||||||||||
Three months ended June 30, 2014 |
Catastrophe |
Other
Property
|
Total |
Casualty and Specialty |
Other |
Total |
|||||||||||||||||||
Gross premiums written |
$ |
414,748 |
$ |
16,249 |
$ |
430,997 |
$ |
80,543 |
$ |
— |
$ |
511,540 |
|||||||||||||
Net premiums written |
$ |
258,263 |
$ |
14,575 |
$ |
272,838 |
$ |
73,566 |
$ |
3 |
$ |
346,407 |
|||||||||||||
Net premiums earned |
$ |
167,955 |
$ |
12,341 |
$ |
180,296 |
$ |
80,116 |
$ |
4 |
$ |
260,416 |
|||||||||||||
Net claims and claim expenses incurred |
36,689 |
6,620 |
43,309 |
38,608 |
(529 |
) |
81,388 |
||||||||||||||||||
Acquisition expenses |
19,237 |
3,055 |
22,292 |
17,335 |
(6,150 |
) |
33,477 |
||||||||||||||||||
Operational expenses |
23,925 |
3,860 |
27,785 |
17,987 |
69 |
45,841 |
|||||||||||||||||||
Underwriting income (loss) |
$ |
88,104 |
$ |
(1,194 |
) |
$ |
86,910 |
$ |
6,186 |
$ |
6,614 |
99,710 |
|||||||||||||
Net investment income |
34,541 |
34,541 |
|||||||||||||||||||||||
Net foreign exchange gains |
2,392 |
2,392 |
|||||||||||||||||||||||
Equity in earnings of other ventures |
7,232 |
7,232 |
|||||||||||||||||||||||
Other loss |
(535 |
) |
(535 |
) |
|||||||||||||||||||||
Net realized and unrealized gains on investments |
27,128 |
27,128 |
|||||||||||||||||||||||
Corporate expenses |
(3,895 |
) |
(3,895 |
) |
|||||||||||||||||||||
Interest expense |
(4,351 |
) |
(4,351 |
) |
|||||||||||||||||||||
Income before taxes and noncontrolling interests |
162,222 |
||||||||||||||||||||||||
Income tax benefit |
204 |
204 |
|||||||||||||||||||||||
Net income attributable to noncontrolling interests |
(36,078 |
) |
(36,078 |
) |
|||||||||||||||||||||
Dividends on preference shares |
(5,596 |
) |
(5,596 |
) |
|||||||||||||||||||||
Net income available to RenaissanceRe common shareholders |
$ |
120,752 |
|||||||||||||||||||||||
Net claims and claim expenses incurred – current accident year |
$ |
38,969 |
$ |
9,091 |
$ |
48,060 |
$ |
50,411 |
$ |
— |
$ |
98,471 |
|||||||||||||
Net claims and claim expenses incurred – prior accident years |
(2,280 |
) |
(2,471 |
) |
(4,751 |
) |
(11,803 |
) |
(529 |
) |
(17,083 |
) |
|||||||||||||
Net claims and claim expenses incurred – total |
$ |
36,689 |
$ |
6,620 |
$ |
43,309 |
$ |
38,608 |
$ |
(529 |
) |
$ |
81,388 |
||||||||||||
Net claims and claim expense ratio – current accident year |
23.2 |
% |
73.7 |
% |
26.7 |
% |
62.9 |
% |
37.8 |
% |
|||||||||||||||
Net claims and claim expense ratio – prior accident years |
(1.4 |
)% |
(20.1 |
)% |
(2.7 |
)% |
(14.7 |
)% |
(6.5 |
)% |
|||||||||||||||
Net claims and claim expense ratio – calendar year |
21.8 |
% |
53.6 |
% |
24.0 |
% |
48.2 |
% |
31.3 |
% |
|||||||||||||||
Underwriting expense ratio |
25.7 |
% |
56.1 |
% |
27.8 |
% |
44.1 |
% |
30.4 |
% |
|||||||||||||||
Combined ratio |
47.5 |
% |
109.7 |
% |
51.8 |
% |
92.3 |
% |
61.7 |
% |
|||||||||||||||
Property |
|||||||||||||||||||||||||
Six months ended June 30, 2014 |
Catastrophe |
Other
Property
|
Total |
Casualty and Specialty |
Other |
Total |
|||||||||||||||||||
Gross premiums written |
$ |
904,014 |
$ |
34,314 |
$ |
938,328 |
$ |
278,472 |
$ |
— |
$ |
1,216,800 |
|||||||||||||
Net premiums written |
$ |
530,367 |
$ |
26,379 |
$ |
556,746 |
$ |
240,005 |
$ |
3 |
$ |
796,754 |
|||||||||||||
Net premiums earned |
$ |
340,266 |
$ |
30,643 |
$ |
370,909 |
$ |
176,014 |
$ |
27 |
$ |
546,950 |
|||||||||||||
Net claims and claim expenses incurred |
42,460 |
5,264 |
47,724 |
93,010 |
(431 |
) |
140,303 |
||||||||||||||||||
Acquisition expenses |
27,633 |
6,462 |
34,095 |
39,772 |
(6,690 |
) |
67,177 |
||||||||||||||||||
Operational expenses |
45,755 |
7,577 |
53,332 |
34,998 |
135 |
88,465 |
|||||||||||||||||||
Underwriting income |
$ |
224,418 |
$ |
11,340 |
$ |
235,758 |
$ |
8,234 |
$ |
7,013 |
251,005 |
||||||||||||||
Net investment income |
73,489 |
73,489 |
|||||||||||||||||||||||
Net foreign exchange gains |
1,331 |
1,331 |
|||||||||||||||||||||||
Equity in earnings of other ventures |
11,431 |
11,431 |
|||||||||||||||||||||||
Other loss |
(473 |
) |
(473 |
) |
|||||||||||||||||||||
Net realized and unrealized gains on investments |
42,055 |
42,055 |
|||||||||||||||||||||||
Corporate expenses |
(8,381 |
) |
(8,381 |
) |
|||||||||||||||||||||
Interest expense |
(8,703 |
) |
(8,703 |
) |
|||||||||||||||||||||
Income before taxes and noncontrolling interests |
361,754 |
||||||||||||||||||||||||
Income tax benefit |
38 |
38 |
|||||||||||||||||||||||
Net income attributable to noncontrolling interests |
(78,846 |
) |
(78,846 |
) |
|||||||||||||||||||||
Dividends on preference shares |
(11,191 |
) |
(11,191 |
) |
|||||||||||||||||||||
Net income available to RenaissanceRe common shareholders |
$ |
271,755 |
|||||||||||||||||||||||
Net claims and claim expenses incurred – current accident year |
$ |
51,498 |
$ |
12,845 |
$ |
64,343 |
$ |
109,736 |
$ |
— |
$ |
174,079 |
|||||||||||||
Net claims and claim expenses incurred – prior accident years |
(9,038 |
) |
(7,581 |
) |
(16,619 |
) |
(16,726 |
) |
(431 |
) |
(33,776 |
) |
|||||||||||||
Net claims and claim expenses incurred – total |
$ |
42,460 |
$ |
5,264 |
$ |
47,724 |
$ |
93,010 |
$ |
(431 |
) |
$ |
140,303 |
||||||||||||
Net claims and claim expense ratio – current accident year |
15.1 |
% |
41.9 |
% |
17.3 |
% |
62.3 |
% |
31.8 |
% |
|||||||||||||||
Net claims and claim expense ratio – prior accident years |
(2.6 |
)% |
(24.7 |
)% |
(4.4 |
)% |
(9.5 |
)% |
(6.1 |
)% |
|||||||||||||||
Net claims and claim expense ratio – calendar year |
12.5 |
% |
17.2 |
% |
12.9 |
% |
52.8 |
% |
25.7 |
% |
|||||||||||||||
Underwriting expense ratio |
21.5 |
% |
45.8 |
% |
23.5 |
% |
42.5 |
% |
28.4 |
% |
|||||||||||||||
Combined ratio |
34.0 |
% |
63.0 |
% |
36.4 |
% |
95.3 |
% |
54.1 |
% |
|||||||||||||||
Supplemental Financial Data - Segment Information
EXHIBIT 99.1
Property |
|||||||||||||||||||||||||
Three months ended September 30, 2014 |
Catastrophe |
Other
Property
|
Total |
Casualty and Specialty |
Other |
Total |
|||||||||||||||||||
Gross premiums written |
$ |
73,413 |
$ |
26,410 |
$ |
99,823 |
$ |
101,169 |
$ |
— |
$ |
200,992 |
|||||||||||||
Net premiums written |
$ |
46,967 |
$ |
26,177 |
$ |
73,144 |
$ |
86,569 |
$ |
— |
$ |
159,713 |
|||||||||||||
Net premiums earned |
$ |
147,126 |
$ |
17,984 |
$ |
165,110 |
$ |
93,870 |
$ |
(1 |
) |
$ |
258,979 |
||||||||||||
Net claims and claim expenses incurred |
(1,522 |
) |
9,507 |
7,985 |
62,134 |
(472 |
) |
69,647 |
|||||||||||||||||
Acquisition expenses |
10,887 |
4,306 |
15,193 |
22,358 |
(1 |
) |
37,550 |
||||||||||||||||||
Operational expenses |
25,901 |
3,733 |
29,634 |
17,229 |
109 |
46,972 |
|||||||||||||||||||
Underwriting income (loss) |
$ |
111,860 |
$ |
438 |
$ |
112,298 |
$ |
(7,851 |
) |
$ |
363 |
104,810 |
|||||||||||||
Net investment income |
24,941 |
24,941 |
|||||||||||||||||||||||
Net foreign exchange gains |
5,036 |
5,036 |
|||||||||||||||||||||||
Equity in earnings of other ventures |
9,806 |
9,806 |
|||||||||||||||||||||||
Other loss |
(1,169 |
) |
(1,169 |
) |
|||||||||||||||||||||
Net realized and unrealized losses on investments |
(31,097 |
) |
(31,097 |
) |
|||||||||||||||||||||
Corporate expenses |
(3,845 |
) |
(3,845 |
) |
|||||||||||||||||||||
Interest expense |
(4,350 |
) |
(4,350 |
) |
|||||||||||||||||||||
Income before taxes and noncontrolling interests |
104,132 |
||||||||||||||||||||||||
Income tax expense |
(245 |
) |
(245 |
) |
|||||||||||||||||||||
Net income attributable to noncontrolling interests |
(30,477 |
) |
(30,477 |
) |
|||||||||||||||||||||
Dividends on preference shares |
(5,595 |
) |
(5,595 |
) |
|||||||||||||||||||||
Net income available to RenaissanceRe common shareholders |
$ |
67,815 |
|||||||||||||||||||||||
Net claims and claim expenses incurred – current accident year |
$ |
10,126 |
$ |
8,539 |
$ |
18,665 |
$ |
76,322 |
$ |
— |
$ |
94,987 |
|||||||||||||
Net claims and claim expenses incurred – prior accident years |
(11,648 |
) |
968 |
(10,680 |
) |
(14,188 |
) |
(472 |
) |
(25,340 |
) |
||||||||||||||
Net claims and claim expenses incurred – total |
$ |
(1,522 |
) |
$ |
9,507 |
$ |
7,985 |
$ |
62,134 |
$ |
(472 |
) |
$ |
69,647 |
|||||||||||
Net claims and claim expense ratio – current accident year |
6.9 |
% |
47.5 |
% |
11.3 |
% |
81.3 |
% |
36.7 |
% |
|||||||||||||||
Net claims and claim expense ratio – prior accident years |
(7.9 |
)% |
5.4 |
% |
(6.5 |
)% |
(15.1 |
)% |
(9.8 |
)% |
|||||||||||||||
Net claims and claim expense ratio – calendar year |
(1.0 |
)% |
52.9 |
% |
4.8 |
% |
66.2 |
% |
26.9 |
% |
|||||||||||||||
Underwriting expense ratio |
25.0 |
% |
44.7 |
% |
27.2 |
% |
42.2 |
% |
32.6 |
% |
|||||||||||||||
Combined ratio |
24.0 |
% |
97.6 |
% |
32.0 |
% |
108.4 |
% |
59.5 |
% |
|||||||||||||||
Property |
|||||||||||||||||||||||||
Nine months ended September 30, 2014 |
Catastrophe |
Other
Property
|
Total |
Casualty and Specialty |
Other |
Total |
|||||||||||||||||||
Gross premiums written |
$ |
977,427 |
$ |
60,724 |
$ |
1,038,151 |
$ |
379,641 |
$ |
— |
$ |
1,417,792 |
|||||||||||||
Net premiums written |
$ |
577,334 |
$ |
52,556 |
$ |
629,890 |
$ |
326,574 |
$ |
3 |
$ |
956,467 |
|||||||||||||
Net premiums earned |
$ |
487,392 |
$ |
48,627 |
$ |
536,019 |
$ |
269,884 |
$ |
26 |
$ |
805,929 |
|||||||||||||
Net claims and claim expenses incurred |
40,938 |
14,771 |
55,709 |
155,144 |
(903 |
) |
209,950 |
||||||||||||||||||
Acquisition expenses |
38,520 |
10,768 |
49,288 |
62,130 |
(6,691 |
) |
104,727 |
||||||||||||||||||
Operational expenses |
71,656 |
11,310 |
82,966 |
52,227 |
244 |
135,437 |
|||||||||||||||||||
Underwriting income |
$ |
336,278 |
$ |
11,778 |
$ |
348,056 |
$ |
383 |
$ |
7,376 |
355,815 |
||||||||||||||
Net investment income |
98,430 |
98,430 |
|||||||||||||||||||||||
Net foreign exchange gains |
6,367 |
6,367 |
|||||||||||||||||||||||
Equity in earnings of other ventures |
21,237 |
21,237 |
|||||||||||||||||||||||
Other loss |
(1,642 |
) |
(1,642 |
) |
|||||||||||||||||||||
Net realized and unrealized gains on investments |
10,958 |
10,958 |
|||||||||||||||||||||||
Corporate expenses |
(12,226 |
) |
(12,226 |
) |
|||||||||||||||||||||
Interest expense |
(13,053 |
) |
(13,053 |
) |
|||||||||||||||||||||
Income before taxes and noncontrolling interests |
465,886 |
||||||||||||||||||||||||
Income tax expense |
(207 |
) |
(207 |
) |
|||||||||||||||||||||
Net income attributable to noncontrolling interests |
(109,323 |
) |
(109,323 |
) |
|||||||||||||||||||||
Dividends on preference shares |
(16,786 |
) |
(16,786 |
) |
|||||||||||||||||||||
Net income available to RenaissanceRe common shareholders |
$ |
339,570 |
|||||||||||||||||||||||
Net claims and claim expenses incurred – current accident year |
$ |
61,624 |
$ |
21,384 |
$ |
83,008 |
$ |
186,058 |
$ |
— |
$ |
269,066 |
|||||||||||||
Net claims and claim expenses incurred – prior accident years |
(20,686 |
) |
(6,613 |
) |
(27,299 |
) |
(30,914 |
) |
(903 |
) |
(59,116 |
) |
|||||||||||||
Net claims and claim expenses incurred – total |
$ |
40,938 |
$ |
14,771 |
$ |
55,709 |
$ |
155,144 |
$ |
(903 |
) |
$ |
209,950 |
||||||||||||
Net claims and claim expense ratio – current accident year |
12.6 |
% |
44.0 |
% |
15.5 |
% |
68.9 |
% |
33.4 |
% |
|||||||||||||||
Net claims and claim expense ratio – prior accident years |
(4.2 |
)% |
(13.6 |
)% |
(5.1 |
)% |
(11.4 |
)% |
(7.3 |
)% |
|||||||||||||||
Net claims and claim expense ratio – calendar year |
8.4 |
% |
30.4 |
% |
10.4 |
% |
57.5 |
% |
26.1 |
% |
|||||||||||||||
Underwriting expense ratio |
22.6 |
% |
45.4 |
% |
24.7 |
% |
42.4 |
% |
29.8 |
% |
|||||||||||||||
Combined ratio |
31.0 |
% |
75.8 |
% |
35.1 |
% |
99.9 |
% |
55.9 |
% |
|||||||||||||||
Supplemental Financial Data - Segment Information
EXHIBIT 99.1
Property |
|||||||||||||||||||||||||
Three months ended December 31, 2014 |
Catastrophe |
Other
Property
|
Total |
Casualty and Specialty |
Other |
Total |
|||||||||||||||||||
Gross premiums written |
$ |
11,908 |
$ |
24,831 |
$ |
36,739 |
$ |
95,732 |
$ |
309 |
$ |
132,780 |
|||||||||||||
Net premiums written |
$ |
8,687 |
$ |
23,975 |
$ |
32,662 |
$ |
78,766 |
$ |
341 |
$ |
111,769 |
|||||||||||||
Net premiums earned |
$ |
140,986 |
$ |
21,411 |
$ |
162,397 |
$ |
93,748 |
$ |
342 |
$ |
256,487 |
|||||||||||||
Net claims and claim expenses incurred |
(44,024 |
) |
4,958 |
(39,066 |
) |
32,297 |
(5,234 |
) |
(12,003 |
) |
|||||||||||||||
Acquisition expenses |
10,882 |
6,092 |
16,974 |
22,632 |
143 |
39,749 |
|||||||||||||||||||
Operational expenses |
30,480 |
4,497 |
34,977 |
20,166 |
59 |
55,202 |
|||||||||||||||||||
Underwriting income |
$ |
143,648 |
$ |
5,864 |
$ |
149,512 |
$ |
18,653 |
$ |
5,374 |
173,539 |
||||||||||||||
Net investment income |
25,886 |
25,886 |
|||||||||||||||||||||||
Net foreign exchange losses |
(107 |
) |
(107 |
) |
|||||||||||||||||||||
Equity in earnings of other ventures |
4,838 |
4,838 |
|||||||||||||||||||||||
Other income |
1,219 |
1,219 |
|||||||||||||||||||||||
Net realized and unrealized gains on investments |
30,475 |
30,475 |
|||||||||||||||||||||||
Corporate expenses |
(10,523 |
) |
(10,523 |
) |
|||||||||||||||||||||
Interest expense |
(4,349 |
) |
(4,349 |
) |
|||||||||||||||||||||
Income before taxes and noncontrolling interests |
220,978 |
||||||||||||||||||||||||
Income tax expense |
(401 |
) |
(401 |
) |
|||||||||||||||||||||
Net income attributable to noncontrolling interests |
(44,215 |
) |
(44,215 |
) |
|||||||||||||||||||||
Dividends on preference shares |
(5,595 |
) |
(5,595 |
) |
|||||||||||||||||||||
Net income available to RenaissanceRe common shareholders |
$ |
170,767 |
|||||||||||||||||||||||
Net claims and claim expenses incurred – current accident year |
$ |
6,605 |
$ |
14,288 |
$ |
20,893 |
$ |
51,786 |
$ |
— |
$ |
72,679 |
|||||||||||||
Net claims and claim expenses incurred – prior accident years |
(50,629 |
) |
(9,330 |
) |
(59,959 |
) |
(19,489 |
) |
(5,234 |
) |
(84,682 |
) |
|||||||||||||
Net claims and claim expenses incurred – total |
$ |
(44,024 |
) |
$ |
4,958 |
$ |
(39,066 |
) |
$ |
32,297 |
$ |
(5,234 |
) |
$ |
(12,003 |
) |
|||||||||
Net claims and claim expense ratio – current accident year |
4.7 |
% |
66.7 |
% |
12.9 |
% |
55.2 |
% |
28.3 |
% |
|||||||||||||||
Net claims and claim expense ratio – prior accident years |
(35.9 |
)% |
(43.5 |
)% |
(37.0 |
)% |
(20.7 |
)% |
(33.0 |
)% |
|||||||||||||||
Net claims and claim expense ratio – calendar year |
(31.2 |
)% |
23.2 |
% |
(24.1 |
)% |
34.5 |
% |
(4.7 |
)% |
|||||||||||||||
Underwriting expense ratio |
29.3 |
% |
49.4 |
% |
32.0 |
% |
45.6 |
% |
37.0 |
% |
|||||||||||||||
Combined ratio |
(1.9 |
)% |
72.6 |
% |
7.9 |
% |
80.1 |
% |
32.3 |
% |
|||||||||||||||
Property |
|||||||||||||||||||||||||
Year ended December 31, 2014 |
Catastrophe |
Other
Property
|
Total |
Casualty and Specialty |
Other |
Total |
|||||||||||||||||||
Gross premiums written |
$ |
989,335 |
$ |
85,555 |
$ |
1,074,890 |
$ |
475,373 |
$ |
309 |
$ |
1,550,572 |
|||||||||||||
Net premiums written |
$ |
586,021 |
$ |
76,531 |
$ |
662,552 |
$ |
405,340 |
$ |
344 |
$ |
1,068,236 |
|||||||||||||
Net premiums earned |
$ |
628,378 |
$ |
70,038 |
$ |
698,416 |
$ |
363,632 |
$ |
368 |
$ |
1,062,416 |
|||||||||||||
Net claims and claim expenses incurred |
(3,086 |
) |
19,729 |
16,643 |
187,441 |
(6,137 |
) |
197,947 |
|||||||||||||||||
Acquisition expenses |
49,402 |
16,860 |
66,262 |
84,762 |
(6,548 |
) |
144,476 |
||||||||||||||||||
Operational expenses |
102,136 |
15,807 |
117,943 |
72,393 |
303 |
190,639 |
|||||||||||||||||||
Underwriting income |
$ |
479,926 |
$ |
17,642 |
$ |
497,568 |
$ |
19,036 |
$ |
12,750 |
529,354 |
||||||||||||||
Net investment income |
124,316 |
124,316 |
|||||||||||||||||||||||
Net foreign exchange gains |
6,260 |
6,260 |
|||||||||||||||||||||||
Equity in earnings of other ventures |
26,075 |
26,075 |
|||||||||||||||||||||||
Other loss |
(423 |
) |
(423 |
) |
|||||||||||||||||||||
Net realized and unrealized gains on investments |
41,433 |
41,433 |
|||||||||||||||||||||||
Corporate expenses |
(22,749 |
) |
(22,749 |
) |
|||||||||||||||||||||
Interest expense |
(17,402 |
) |
(17,402 |
) |
|||||||||||||||||||||
Income before taxes and noncontrolling interests |
686,864 |
||||||||||||||||||||||||
Income tax expense |
(608 |
) |
(608 |
) |
|||||||||||||||||||||
Net income attributable to noncontrolling interests |
(153,538 |
) |
(153,538 |
) |
|||||||||||||||||||||
Dividends on preference shares |
(22,381 |
) |
(22,381 |
) |
|||||||||||||||||||||
Net income available to RenaissanceRe common shareholders |
$ |
510,337 |
|||||||||||||||||||||||
Net claims and claim expenses incurred – current accident year |
$ |
68,229 |
$ |
35,672 |
$ |
103,901 |
$ |
237,844 |
$ |
— |
$ |
341,745 |
|||||||||||||
Net claims and claim expenses incurred – prior accident years |
(71,315 |
) |
(15,943 |
) |
(87,258 |
) |
(50,403 |
) |
(6,137 |
) |
(143,798 |
) |
|||||||||||||
Net claims and claim expenses incurred – total |
$ |
(3,086 |
) |
$ |
19,729 |
$ |
16,643 |
$ |
187,441 |
$ |
(6,137 |
) |
$ |
197,947 |
|||||||||||
Net claims and claim expense ratio – current accident year |
10.9 |
% |
50.9 |
% |
14.9 |
% |
65.4 |
% |
32.2 |
% |
|||||||||||||||
Net claims and claim expense ratio – prior accident years |
(11.4 |
)% |
(22.7 |
)% |
(12.5 |
)% |
(13.9 |
)% |
(13.6 |
)% |
|||||||||||||||
Net claims and claim expense ratio – calendar year |
(0.5 |
)% |
28.2 |
% |
2.4 |
% |
51.5 |
% |
18.6 |
% |
|||||||||||||||
Underwriting expense ratio |
24.1 |
% |
46.6 |
% |
26.4 |
% |
43.3 |
% |
31.6 |
% |
|||||||||||||||
Combined ratio |
23.6 |
% |
74.8 |
% |
28.8 |
% |
94.8 |
% |
50.2 |
% |
|||||||||||||||