EX-99.2
Published on January 29, 2019
RenaissanceRe Holdings Ltd.
Contents
Page |
||||
Basis of Presentation |
||||
Financial Highlights |
||||
Statements of Operations |
||||
a. |
Summary Consolidated Statements of Operations |
|||
b. |
Consolidated Segment Underwriting Results |
|||
c. |
Segment Underwriting Results |
|||
d. |
DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations |
|||
Balance Sheets |
||||
a. |
Summary Consolidated Balance Sheets |
|||
Investments |
||||
a. |
Investment Portfolio - Composition |
|||
b. |
Investment Portfolio - Fixed Maturity Investments |
|||
c. |
Summary of Other Investments |
|||
d. |
Total Investment Result |
|||
e. |
Investment Portfolio - Effective Yield and Credit Rating |
|||
Loss Reserve Analysis |
||||
a. |
Reserves for Claims and Claim Expenses |
|||
b. |
Paid to Incurred Analysis |
|||
Other Items |
||||
a. |
Fee Income |
|||
b. |
Earnings per Share |
|||
c. |
Equity in Earnings of Other Ventures |
|||
d. |
Other Income (Loss) |
|||
e. |
Ratings |
|||
Supplemental Information |
||||
a. |
Gross Premiums Written |
|||
b. |
Property Segment Supplemental Underwriting Results |
|||
Comments on Regulation G |
||||
RenaissanceRe Holdings Ltd.
Basis of Presentation
RenaissanceRe Holdings Ltd. (the "Company" or "RenaissanceRe") is a global provider of reinsurance and insurance. 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, Ireland, Singapore, Switzerland, the United Kingdom and the United States.
This financial supplement includes certain non-GAAP financial measures 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 fixed maturity and short term investments, at fair value" and “managed catastrophe premium.” 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 21 through 25 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, dollar amounts are in thousands, 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 ended |
Year ended |
||||||||||||||||||||||||||
December 31, 2018 |
September 30, 2018 |
June 30, 2018 |
March 31, 2018 |
December 31, 2017 |
December 31, 2018 |
December 31, 2017 |
|||||||||||||||||||||
Highlights |
|||||||||||||||||||||||||||
Gross premiums written |
$ |
547,755 |
$ |
625,677 |
$ |
977,343 |
$ |
1,159,652 |
$ |
407,766 |
$ |
3,310,427 |
$ |
2,797,540 |
|||||||||||||
Net premiums written |
$ |
411,094 |
$ |
453,255 |
$ |
604,509 |
$ |
663,044 |
$ |
288,223 |
$ |
2,131,902 |
$ |
1,871,325 |
|||||||||||||
Net premiums earned |
$ |
574,613 |
$ |
531,849 |
$ |
429,385 |
$ |
440,282 |
$ |
421,473 |
$ |
1,976,129 |
$ |
1,717,575 |
|||||||||||||
Net claims and claim expenses incurred |
477,638 |
410,510 |
60,167 |
171,703 |
304,064 |
1,120,018 |
1,861,428 |
||||||||||||||||||||
Acquisition expenses |
120,465 |
109,761 |
105,052 |
97,711 |
98,598 |
432,989 |
346,892 |
||||||||||||||||||||
Operating expenses |
58,859 |
40,593 |
37,543 |
41,272 |
29,192 |
178,267 |
160,778 |
||||||||||||||||||||
Underwriting (loss) income |
$ |
(82,349 |
) |
$ |
(29,015 |
) |
$ |
226,623 |
$ |
129,596 |
$ |
(10,381 |
) |
$ |
244,855 |
$ |
(651,523 |
) |
|||||||||
Net investment income |
$ |
53,338 |
$ |
80,696 |
$ |
71,356 |
$ |
56,476 |
$ |
73,464 |
$ |
261,866 |
$ |
222,209 |
|||||||||||||
Net realized and unrealized (losses) gains on investments |
(88,654 |
) |
13,630 |
(17,901 |
) |
(82,144 |
) |
(7,716 |
) |
(175,069 |
) |
135,822 |
|||||||||||||||
Total investment result |
$ |
(35,316 |
) |
$ |
94,326 |
$ |
53,455 |
$ |
(25,668 |
) |
$ |
65,748 |
$ |
86,797 |
$ |
358,031 |
|||||||||||
Net (loss) income (attributable) available to RenaissanceRe common shareholders |
$ |
(83,906 |
) |
$ |
32,681 |
$ |
191,788 |
$ |
56,713 |
$ |
(3,452 |
) |
$ |
197,276 |
$ |
(244,770 |
) |
||||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1) |
$ |
1,168 |
$ |
20,587 |
$ |
209,631 |
$ |
135,209 |
$ |
41,353 |
$ |
366,595 |
$ |
(332,300 |
) |
||||||||||||
Total assets |
$ |
18,676,196 |
$ |
17,096,394 |
$ |
17,023,378 |
$ |
15,922,202 |
$ |
15,226,131 |
$ |
18,676,196 |
$ |
15,226,131 |
|||||||||||||
Total shareholders' equity attributable to RenaissanceRe |
$ |
5,045,080 |
$ |
4,886,521 |
$ |
4,860,061 |
$ |
4,436,253 |
$ |
4,391,375 |
$ |
5,045,080 |
$ |
4,391,375 |
|||||||||||||
Per share data |
|||||||||||||||||||||||||||
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted |
$ |
(2.10 |
) |
$ |
0.82 |
$ |
4.78 |
$ |
1.42 |
$ |
(0.09 |
) |
$ |
4.91 |
$ |
(6.15 |
) |
||||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1) |
$ |
0.02 |
$ |
0.52 |
$ |
5.23 |
$ |
3.40 |
$ |
1.05 |
$ |
9.17 |
$ |
(8.35 |
) |
||||||||||||
Dividends per common share |
$ |
0.33 |
$ |
0.33 |
$ |
0.33 |
$ |
0.33 |
$ |
0.32 |
$ |
1.32 |
$ |
1.28 |
|||||||||||||
Book value per common share |
$ |
104.13 |
$ |
105.21 |
$ |
104.56 |
$ |
100.29 |
$ |
99.72 |
$ |
104.13 |
$ |
99.72 |
|||||||||||||
Tangible book value per common share (1) |
$ |
97.85 |
$ |
98.58 |
$ |
97.87 |
$ |
93.63 |
$ |
93.23 |
$ |
97.85 |
$ |
93.23 |
|||||||||||||
Tangible book value per common share plus accumulated dividends (1) |
$ |
117.17 |
$ |
117.57 |
$ |
116.53 |
$ |
111.96 |
$ |
111.23 |
$ |
117.17 |
$ |
111.23 |
|||||||||||||
Change in tangible book value per common share plus change in accumulated dividends (1) |
(0.4 |
)% |
1.1 |
% |
4.9 |
% |
0.8 |
% |
0.1 |
% |
6.4 |
% |
(7.2 |
)% |
|||||||||||||
Financial ratios |
|||||||||||||||||||||||||||
Net claims and claim expense ratio - current accident year |
96.0 |
% |
79.0 |
% |
50.4 |
% |
46.1 |
% |
81.0 |
% |
70.4 |
% |
110.8 |
% |
|||||||||||||
Net claims and claim expense ratio - prior accident years |
(12.9 |
)% |
(1.8 |
)% |
(36.4 |
)% |
(7.1 |
)% |
(8.9 |
)% |
(13.7 |
)% |
(2.4 |
)% |
|||||||||||||
Net claims and claim expense ratio - calendar year |
83.1 |
% |
77.2 |
% |
14.0 |
% |
39.0 |
% |
72.1 |
% |
56.7 |
% |
108.4 |
% |
|||||||||||||
Underwriting expense ratio |
31.2 |
% |
28.3 |
% |
33.2 |
% |
31.6 |
% |
30.4 |
% |
30.9 |
% |
29.5 |
% |
|||||||||||||
Combined ratio |
114.3 |
% |
105.5 |
% |
47.2 |
% |
70.6 |
% |
102.5 |
% |
87.6 |
% |
137.9 |
% |
|||||||||||||
Return on average common equity - annualized |
(7.8 |
)% |
3.1 |
% |
18.6 |
% |
5.7 |
% |
(0.3 |
)% |
4.7 |
% |
(5.7 |
)% |
|||||||||||||
Operating return on average common equity - annualized (1) |
0.1 |
% |
1.9 |
% |
20.3 |
% |
13.5 |
% |
4.2 |
% |
8.8 |
% |
(7.7 |
)% |
|||||||||||||
Total investment return - annualized |
(1.2 |
)% |
3.3 |
% |
2.0 |
% |
(1.0 |
)% |
2.6 |
% |
0.8 |
% |
3.6 |
% |
|||||||||||||
(1) |
See Comments on Regulation G for a reconciliation of non-GAAP financial measures. |
1 |
|
|
RenaissanceRe Holdings Ltd. | |||||||||||||||||||||||||||
Summary Consolidated Statements of Operations | |||||||||||||||||||||||||||
Three months ended |
Year ended |
||||||||||||||||||||||||||
December 31, 2018 |
September 30, 2018 |
June 30, 2018 |
March 31, 2018 |
December 31, 2017 |
December 31, 2018 |
December 31, 2017 |
|||||||||||||||||||||
Revenues |
|||||||||||||||||||||||||||
Gross premiums written |
$ |
547,755 |
$ |
625,677 |
$ |
977,343 |
$ |
1,159,652 |
$ |
407,766 |
$ |
3,310,427 |
$ |
2,797,540 |
|||||||||||||
Net premiums written |
$ |
411,094 |
$ |
453,255 |
$ |
604,509 |
$ |
663,044 |
$ |
288,223 |
$ |
2,131,902 |
$ |
1,871,325 |
|||||||||||||
Decrease (increase) in unearned premiums |
163,519 |
78,594 |
(175,124 |
) |
(222,762 |
) |
133,250 |
(155,773 |
) |
(153,750 |
) |
||||||||||||||||
Net premiums earned |
574,613 |
531,849 |
429,385 |
440,282 |
421,473 |
1,976,129 |
1,717,575 |
||||||||||||||||||||
Net investment income |
53,338 |
80,696 |
71,356 |
56,476 |
73,464 |
261,866 |
222,209 |
||||||||||||||||||||
Net foreign exchange (losses) gains |
(932 |
) |
(4,566 |
) |
(10,687 |
) |
3,757 |
(490 |
) |
(12,428 |
) |
10,628 |
|||||||||||||||
Equity in earnings of other ventures |
4,143 |
7,648 |
5,826 |
857 |
2,200 |
18,474 |
8,030 |
||||||||||||||||||||
Other income (loss) |
5,489 |
497 |
1,225 |
(1,242 |
) |
2,362 |
5,969 |
9,415 |
|||||||||||||||||||
Net realized and unrealized (losses) gains on investments |
(88,654 |
) |
13,630 |
(17,901 |
) |
(82,144 |
) |
(7,716 |
) |
(175,069 |
) |
135,822 |
|||||||||||||||
Total revenues |
547,997 |
629,754 |
479,204 |
417,986 |
491,293 |
2,074,941 |
2,103,679 |
||||||||||||||||||||
Expenses |
|||||||||||||||||||||||||||
Net claims and claim expenses incurred |
477,638 |
410,510 |
60,167 |
171,703 |
304,064 |
1,120,018 |
1,861,428 |
||||||||||||||||||||
Acquisition expenses |
120,465 |
109,761 |
105,052 |
97,711 |
98,598 |
432,989 |
346,892 |
||||||||||||||||||||
Operational expenses |
58,859 |
40,593 |
37,543 |
41,272 |
29,192 |
178,267 |
160,778 |
||||||||||||||||||||
Corporate expenses |
12,108 |
6,841 |
8,301 |
6,733 |
4,237 |
33,983 |
18,572 |
||||||||||||||||||||
Interest expense |
11,765 |
11,769 |
11,768 |
11,767 |
11,777 |
47,069 |
44,193 |
||||||||||||||||||||
Total expenses |
680,835 |
579,474 |
222,831 |
329,186 |
447,868 |
1,812,326 |
2,431,863 |
||||||||||||||||||||
(Loss) income before taxes |
(132,838 |
) |
50,280 |
256,373 |
88,800 |
43,425 |
262,615 |
(328,184 |
) |
||||||||||||||||||
Income tax benefit (expense) |
8,852 |
(1,451 |
) |
(4,506 |
) |
3,407 |
(41,226 |
) |
6,302 |
(26,487 |
) |
||||||||||||||||
Net (loss) income |
(123,986 |
) |
48,829 |
251,867 |
92,207 |
2,199 |
268,917 |
(354,671 |
) |
||||||||||||||||||
Net loss (income) attributable to noncontrolling interests |
49,269 |
(6,440 |
) |
(54,483 |
) |
(29,899 |
) |
(56 |
) |
(41,553 |
) |
132,282 |
|||||||||||||||
Net (loss) income attributable to RenaissanceRe |
(74,717 |
) |
42,389 |
197,384 |
62,308 |
2,143 |
227,364 |
(222,389 |
) |
||||||||||||||||||
Dividends on preference shares |
(9,189 |
) |
(9,708 |
) |
(5,596 |
) |
(5,595 |
) |
(5,595 |
) |
(30,088 |
) |
(22,381 |
) |
|||||||||||||
Net (loss) income (attributable) available to RenaissanceRe common shareholders |
$ |
(83,906 |
) |
$ |
32,681 |
$ |
191,788 |
$ |
56,713 |
$ |
(3,452 |
) |
$ |
197,276 |
$ |
(244,770 |
) |
||||||||||
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - basic |
$ |
(2.10 |
) |
$ |
0.82 |
$ |
4.78 |
$ |
1.42 |
$ |
(0.09 |
) |
$ |
4.91 |
$ |
(6.15 |
) |
||||||||||
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted |
$ |
(2.10 |
) |
$ |
0.82 |
$ |
4.78 |
$ |
1.42 |
$ |
(0.09 |
) |
$ |
4.91 |
$ |
(6.15 |
) |
||||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1) |
$ |
0.02 |
$ |
0.52 |
$ |
5.23 |
$ |
3.40 |
$ |
1.05 |
$ |
9.17 |
$ |
(8.35 |
) |
||||||||||||
Return on average common equity - annualized |
(7.8 |
)% |
3.1 |
% |
18.6 |
% |
5.7 |
% |
(0.3 |
)% |
4.7 |
% |
(5.7 |
)% |
|||||||||||||
Operating return on average common equity - annualized (1) |
0.1 |
% |
1.9 |
% |
20.3 |
% |
13.5 |
% |
4.2 |
% |
8.8 |
% |
(7.7 |
)% |
|||||||||||||
(1) |
See Comments on Regulation G for a reconciliation of non-GAAP financial measures. |
2 |
|
|
RenaissanceRe Holdings Ltd. | |||||||||||||||
Consolidated Segment Underwriting Results | |||||||||||||||
Three months ended December 31, 2018 |
|||||||||||||||
Property |
Casualty and Specialty |
Other |
Total |
||||||||||||
Gross premiums written |
$ |
199,918 |
$ |
347,837 |
$ |
— |
$ |
547,755 |
|||||||
Net premiums written |
$ |
170,647 |
$ |
240,447 |
$ |
— |
$ |
411,094 |
|||||||
Net premiums earned |
$ |
328,585 |
$ |
246,027 |
$ |
1 |
$ |
574,613 |
|||||||
Net claims and claim expenses incurred |
275,700 |
202,047 |
(109 |
) |
477,638 |
||||||||||
Acquisition expenses |
50,817 |
69,650 |
(2 |
) |
120,465 |
||||||||||
Operational expenses |
37,021 |
21,762 |
76 |
58,859 |
|||||||||||
Underwriting (loss) income |
$ |
(34,953 |
) |
$ |
(47,432 |
) |
$ |
36 |
$ |
(82,349 |
) |
||||
Net claims and claim expenses incurred - current accident year |
$ |
324,118 |
$ |
227,289 |
$ |
— |
$ |
551,407 |
|||||||
Net claims and claim expenses incurred - prior accident years |
(48,418 |
) |
(25,242 |
) |
(109 |
) |
(73,769 |
) |
|||||||
Net claims and claim expenses incurred - total |
$ |
275,700 |
$ |
202,047 |
$ |
(109 |
) |
$ |
477,638 |
||||||
Net claims and claim expense ratio - current accident year |
98.6 |
% |
92.4 |
% |
96.0 |
% |
|||||||||
Net claims and claim expense ratio - prior accident years |
(14.7 |
)% |
(10.3 |
)% |
(12.9 |
)% |
|||||||||
Net claims and claim expense ratio - calendar year |
83.9 |
% |
82.1 |
% |
83.1 |
% |
|||||||||
Underwriting expense ratio |
26.7 |
% |
37.2 |
% |
31.2 |
% |
|||||||||
Combined ratio |
110.6 |
% |
119.3 |
% |
114.3 |
% |
|||||||||
Three months ended December 31, 2017 |
|||||||||||||||
Property |
Casualty and Specialty |
Other |
Total |
||||||||||||
Gross premiums written |
$ |
95,166 |
$ |
312,600 |
$ |
— |
$ |
407,766 |
|||||||
Net premiums written |
$ |
82,286 |
$ |
205,926 |
$ |
11 |
$ |
288,223 |
|||||||
Net premiums earned |
$ |
215,046 |
$ |
206,416 |
$ |
11 |
$ |
421,473 |
|||||||
Net claims and claim expenses incurred |
181,712 |
123,225 |
(873 |
) |
304,064 |
||||||||||
Acquisition expenses |
38,699 |
59,898 |
1 |
98,598 |
|||||||||||
Operational expenses |
17,353 |
11,840 |
(1 |
) |
29,192 |
||||||||||
Underwriting (loss) income |
$ |
(22,718 |
) |
$ |
11,453 |
$ |
884 |
$ |
(10,381 |
) |
|||||
Net claims and claim expenses incurred - current accident year |
$ |
210,340 |
$ |
131,057 |
$ |
— |
$ |
341,397 |
|||||||
Net claims and claim expenses incurred - prior accident years |
(28,628 |
) |
(7,832 |
) |
(873 |
) |
(37,333 |
) |
|||||||
Net claims and claim expenses incurred - total |
$ |
181,712 |
$ |
123,225 |
$ |
(873 |
) |
$ |
304,064 |
||||||
Net claims and claim expense ratio - current accident year |
97.8 |
% |
63.5 |
% |
81.0 |
% |
|||||||||
Net claims and claim expense ratio - prior accident years |
(13.3 |
)% |
(3.8 |
)% |
(8.9 |
)% |
|||||||||
Net claims and claim expense ratio - calendar year |
84.5 |
% |
59.7 |
% |
72.1 |
% |
|||||||||
Underwriting expense ratio |
26.1 |
% |
34.8 |
% |
30.4 |
% |
|||||||||
Combined ratio |
110.6 |
% |
94.5 |
% |
102.5 |
% |
|||||||||
3 |
|
|
RenaissanceRe Holdings Ltd. | |||||||||||||||
Consolidated Segment Underwriting Results | |||||||||||||||
Year ended December 31, 2018 |
|||||||||||||||
Property |
Casualty and Specialty |
Other |
Total |
||||||||||||
Gross premiums written |
$ |
1,760,926 |
$ |
1,549,501 |
$ |
— |
$ |
3,310,427 |
|||||||
Net premiums written |
$ |
1,055,188 |
$ |
1,076,714 |
$ |
— |
$ |
2,131,902 |
|||||||
Net premiums earned |
$ |
1,050,831 |
$ |
925,298 |
$ |
— |
$ |
1,976,129 |
|||||||
Net claims and claim expenses incurred |
497,895 |
622,320 |
(197 |
) |
1,120,018 |
||||||||||
Acquisition expenses |
177,912 |
255,079 |
(2 |
) |
432,989 |
||||||||||
Operational expenses |
112,954 |
64,883 |
430 |
178,267 |
|||||||||||
Underwriting income (loss) |
$ |
262,070 |
$ |
(16,984 |
) |
$ |
(231 |
) |
$ |
244,855 |
|||||
Net claims and claim expenses incurred - current accident year |
$ |
719,185 |
$ |
671,582 |
$ |
— |
$ |
1,390,767 |
|||||||
Net claims and claim expenses incurred - prior accident years |
(221,290 |
) |
(49,262 |
) |
(197 |
) |
(270,749 |
) |
|||||||
Net claims and claim expenses incurred - total |
$ |
497,895 |
$ |
622,320 |
$ |
(197 |
) |
$ |
1,120,018 |
||||||
Net claims and claim expense ratio - current accident year |
68.4 |
% |
72.6 |
% |
70.4 |
% |
|||||||||
Net claims and claim expense ratio - prior accident years |
(21.0 |
)% |
(5.3 |
)% |
(13.7 |
)% |
|||||||||
Net claims and claim expense ratio - calendar year |
47.4 |
% |
67.3 |
% |
56.7 |
% |
|||||||||
Underwriting expense ratio |
27.7 |
% |
34.5 |
% |
30.9 |
% |
|||||||||
Combined ratio |
75.1 |
% |
101.8 |
% |
87.6 |
% |
|||||||||
Year ended December 31, 2017 |
|||||||||||||||
Property |
Casualty and Specialty |
Other |
Total |
||||||||||||
Gross premiums written |
$ |
1,440,437 |
$ |
1,357,110 |
$ |
(7 |
) |
$ |
2,797,540 |
||||||
Net premiums written |
$ |
978,014 |
$ |
893,307 |
$ |
4 |
$ |
1,871,325 |
|||||||
Net premiums earned |
$ |
931,070 |
$ |
786,501 |
$ |
4 |
$ |
1,717,575 |
|||||||
Net claims and claim expenses incurred |
1,297,985 |
565,026 |
(1,583 |
) |
1,861,428 |
||||||||||
Acquisition expenses |
113,816 |
233,077 |
(1 |
) |
346,892 |
||||||||||
Operational expenses |
94,194 |
66,548 |
36 |
160,778 |
|||||||||||
Underwriting (loss) income |
$ |
(574,925 |
) |
$ |
(78,150 |
) |
$ |
1,552 |
$ |
(651,523 |
) |
||||
Net claims and claim expenses incurred - current accident year |
$ |
1,343,581 |
$ |
558,843 |
$ |
— |
$ |
1,902,424 |
|||||||
Net claims and claim expenses incurred - prior accident years |
(45,596 |
) |
6,183 |
(1,583 |
) |
(40,996 |
) |
||||||||
Net claims and claim expenses incurred - total |
$ |
1,297,985 |
$ |
565,026 |
$ |
(1,583 |
) |
$ |
1,861,428 |
||||||
Net claims and claim expense ratio - current accident year |
144.3 |
% |
71.1 |
% |
110.8 |
% |
|||||||||
Net claims and claim expense ratio - prior accident years |
(4.9 |
)% |
0.7 |
% |
(2.4 |
)% |
|||||||||
Net claims and claim expense ratio - calendar year |
139.4 |
% |
71.8 |
% |
108.4 |
% |
|||||||||
Underwriting expense ratio |
22.3 |
% |
38.1 |
% |
29.5 |
% |
|||||||||
Combined ratio |
161.7 |
% |
109.9 |
% |
137.9 |
% |
|||||||||
4 |
|
|
RenaissanceRe Holdings Ltd. | |||||||||||||||||||
Segment Underwriting Results | |||||||||||||||||||
Three months ended |
|||||||||||||||||||
Property Segment |
December 31, 2018 |
September 30, 2018 |
June 30, 2018 |
March 31, 2018 |
December 31, 2017 |
||||||||||||||
Gross premiums written |
$ |
199,918 |
$ |
301,413 |
$ |
552,627 |
$ |
706,968 |
$ |
95,166 |
|||||||||
Net premiums written |
$ |
170,647 |
$ |
232,632 |
$ |
297,832 |
$ |
354,077 |
$ |
82,286 |
|||||||||
Net premiums earned |
$ |
328,585 |
$ |
293,059 |
$ |
204,138 |
$ |
225,049 |
$ |
215,046 |
|||||||||
Net claims and claim expenses incurred |
275,700 |
265,857 |
(74,269 |
) |
30,607 |
181,712 |
|||||||||||||
Acquisition expenses |
50,817 |
45,524 |
40,850 |
40,721 |
38,699 |
||||||||||||||
Operational expenses |
37,021 |
25,577 |
23,810 |
26,546 |
17,353 |
||||||||||||||
Underwriting (loss) income |
$ |
(34,953 |
) |
$ |
(43,899 |
) |
$ |
213,747 |
$ |
127,175 |
$ |
(22,718 |
) |
||||||
Net claims and claim expenses incurred - current accident year |
$ |
324,118 |
$ |
268,022 |
$ |
68,876 |
$ |
58,169 |
$ |
210,340 |
|||||||||
Net claims and claim expenses incurred - prior accident years |
(48,418 |
) |
(2,165 |
) |
(143,145 |
) |
(27,562 |
) |
(28,628 |
) |
|||||||||
Net claims and claim expenses incurred - total |
$ |
275,700 |
$ |
265,857 |
$ |
(74,269 |
) |
$ |
30,607 |
$ |
181,712 |
||||||||
Net claims and claim expense ratio - current accident year |
98.6 |
% |
91.5 |
% |
33.7 |
% |
25.8 |
% |
97.8 |
% |
|||||||||
Net claims and claim expense ratio - prior accident years |
(14.7 |
)% |
(0.8 |
)% |
(70.1 |
)% |
(12.2 |
)% |
(13.3 |
)% |
|||||||||
Net claims and claim expense ratio - calendar year |
83.9 |
% |
90.7 |
% |
(36.4 |
)% |
13.6 |
% |
84.5 |
% |
|||||||||
Underwriting expense ratio |
26.7 |
% |
24.3 |
% |
31.7 |
% |
29.9 |
% |
26.1 |
% |
|||||||||
Combined ratio |
110.6 |
% |
115.0 |
% |
(4.7 |
)% |
43.5 |
% |
110.6 |
% |
|||||||||
Three months ended |
|||||||||||||||||||
Casualty and Specialty Segment |
December 31, 2018 |
September 30, 2018 |
June 30, 2018 |
March 31, 2018 |
December 31, 2017 |
||||||||||||||
Gross premiums written |
$ |
347,837 |
$ |
324,264 |
$ |
424,716 |
$ |
452,684 |
$ |
312,600 |
|||||||||
Net premiums written |
$ |
240,447 |
$ |
220,623 |
$ |
306,677 |
$ |
308,967 |
$ |
205,926 |
|||||||||
Net premiums earned |
$ |
246,027 |
$ |
238,791 |
$ |
225,247 |
$ |
215,233 |
$ |
206,416 |
|||||||||
Net claims and claim expenses incurred |
202,047 |
144,671 |
134,524 |
141,078 |
123,225 |
||||||||||||||
Acquisition expenses |
69,650 |
64,238 |
64,201 |
56,990 |
59,898 |
||||||||||||||
Operational expenses |
21,762 |
14,976 |
13,552 |
14,593 |
11,840 |
||||||||||||||
Underwriting (loss) income |
$ |
(47,432 |
) |
$ |
14,906 |
$ |
12,970 |
$ |
2,572 |
$ |
11,453 |
||||||||
Net claims and claim expenses incurred - current accident year |
$ |
227,289 |
$ |
151,904 |
$ |
147,520 |
$ |
144,869 |
$ |
131,057 |
|||||||||
Net claims and claim expenses incurred - prior accident years |
(25,242 |
) |
(7,233 |
) |
(12,996 |
) |
(3,791 |
) |
(7,832 |
) |
|||||||||
Net claims and claim expenses incurred - total |
$ |
202,047 |
$ |
144,671 |
$ |
134,524 |
$ |
141,078 |
$ |
123,225 |
|||||||||
Net claims and claim expense ratio - current accident year |
92.4 |
% |
63.6 |
% |
65.5 |
% |
67.3 |
% |
63.5 |
% |
|||||||||
Net claims and claim expense ratio - prior accident years |
(10.3 |
)% |
(3.0 |
)% |
(5.8 |
)% |
(1.8 |
)% |
(3.8 |
)% |
|||||||||
Net claims and claim expense ratio - calendar year |
82.1 |
% |
60.6 |
% |
59.7 |
% |
65.5 |
% |
59.7 |
% |
|||||||||
Underwriting expense ratio |
37.2 |
% |
33.2 |
% |
34.5 |
% |
33.3 |
% |
34.8 |
% |
|||||||||
Combined ratio |
119.3 |
% |
93.8 |
% |
94.2 |
% |
98.8 |
% |
94.5 |
% |
|||||||||
5 |
|
|
DaVinciRe Holdings Ltd. and Subsidiary | |||||||||||||||||||||||||||
Consolidated Statements of Operations | |||||||||||||||||||||||||||
Three months ended |
Year ended |
||||||||||||||||||||||||||
December 31, 2018 |
September 30, 2018 |
June 30, 2018 |
March 31, 2018 |
December 31, 2017 |
December 31, 2018 |
December 31, 2017 |
|||||||||||||||||||||
Revenues |
|||||||||||||||||||||||||||
Gross premiums written |
$ |
33,940 |
$ |
53,328 |
$ |
159,864 |
$ |
139,664 |
$ |
5,145 |
$ |
386,796 |
$ |
322,186 |
|||||||||||||
Net premiums written |
$ |
26,108 |
$ |
50,994 |
$ |
123,074 |
$ |
116,996 |
$ |
2,832 |
$ |
317,172 |
$ |
281,492 |
|||||||||||||
Decrease (increase) in unearned premiums |
72,709 |
39,717 |
(68,497 |
) |
(52,623 |
) |
60,210 |
(8,694 |
) |
2,750 |
|||||||||||||||||
Net premiums earned |
98,817 |
90,711 |
54,577 |
64,373 |
63,042 |
308,478 |
284,242 |
||||||||||||||||||||
Net investment income |
13,543 |
12,327 |
11,111 |
10,078 |
9,488 |
47,059 |
33,643 |
||||||||||||||||||||
Net foreign exchange (losses) gains |
(244 |
) |
131 |
50 |
505 |
(70 |
) |
442 |
436 |
||||||||||||||||||
Other income |
209 |
210 |
69 |
1 |
— |
489 |
680 |
||||||||||||||||||||
Net realized and unrealized gains (losses) on investments |
427 |
(3,517 |
) |
(6,853 |
) |
(16,832 |
) |
(10,641 |
) |
(26,775 |
) |
(5,845 |
) |
||||||||||||||
Total revenues |
112,752 |
99,862 |
58,954 |
58,125 |
61,819 |
329,693 |
313,156 |
||||||||||||||||||||
Expenses |
|||||||||||||||||||||||||||
Net claims and claim expenses incurred |
169,716 |
72,818 |
(39,479 |
) |
4,592 |
61,444 |
207,647 |
475,687 |
|||||||||||||||||||
Acquisition expenses |
(2,591 |
) |
9,284 |
22,616 |
16,007 |
7,518 |
45,316 |
(12,838 |
) |
||||||||||||||||||
Operational and corporate expenses |
4,490 |
11,560 |
8,721 |
8,409 |
719 |
33,180 |
20,715 |
||||||||||||||||||||
Interest expense |
1,859 |
1,859 |
1,858 |
1,858 |
1,859 |
7,434 |
7,434 |
||||||||||||||||||||
Total expenses |
173,474 |
95,521 |
(6,284 |
) |
30,866 |
71,540 |
293,577 |
490,998 |
|||||||||||||||||||
(Loss) income before taxes |
(60,722 |
) |
4,341 |
65,238 |
27,259 |
(9,721 |
) |
36,116 |
(177,842 |
) |
|||||||||||||||||
Income tax benefit (expense) |
21 |
448 |
(747 |
) |
(368 |
) |
(157 |
) |
(646 |
) |
711 |
||||||||||||||||
Net (loss) income (attributable) available to DaVinciRe common shareholders |
$ |
(60,701 |
) |
$ |
4,789 |
$ |
64,491 |
$ |
26,891 |
$ |
(9,878 |
) |
$ |
35,470 |
$ |
(177,131 |
) |
||||||||||
Net claims and claim expenses incurred - current accident year |
$ |
206,323 |
$ |
74,632 |
$ |
9,867 |
$ |
7,943 |
$ |
68,096 |
$ |
298,765 |
$ |
497,961 |
|||||||||||||
Net claims and claim expenses incurred - prior accident years |
(36,607 |
) |
(1,814 |
) |
(49,346 |
) |
(3,351 |
) |
(6,652 |
) |
(91,118 |
) |
(22,274 |
) |
|||||||||||||
Net claims and claim expenses incurred - total |
$ |
169,716 |
$ |
72,818 |
$ |
(39,479 |
) |
$ |
4,592 |
$ |
61,444 |
$ |
207,647 |
$ |
475,687 |
||||||||||||
Net claims and claim expense ratio - current accident year |
208.8 |
% |
82.3 |
% |
18.1 |
% |
12.3 |
% |
108.0 |
% |
96.9 |
% |
175.2 |
% |
|||||||||||||
Net claims and claim expense ratio - prior accident years |
(37.1 |
)% |
(2.0 |
)% |
(90.4 |
)% |
(5.2 |
)% |
(10.5 |
)% |
(29.6 |
)% |
(7.8 |
)% |
|||||||||||||
Net claims and claim expense ratio - calendar year |
171.7 |
% |
80.3 |
% |
(72.3 |
)% |
7.1 |
% |
97.5 |
% |
67.3 |
% |
167.4 |
% |
|||||||||||||
Underwriting expense ratio |
2.0 |
% |
23.0 |
% |
57.4 |
% |
38.0 |
% |
13.0 |
% |
25.5 |
% |
2.7 |
% |
|||||||||||||
Combined ratio |
173.7 |
% |
103.3 |
% |
(14.9 |
)% |
45.1 |
% |
110.5 |
% |
92.8 |
% |
170.1 |
% |
|||||||||||||
6 |
|
|
RenaissanceRe Holdings Ltd. | |||||||||||||||||||
Summary Consolidated Balance Sheets | |||||||||||||||||||
December 31, 2018 |
September 30, 2018 |
June 30, 2018 |
March 31, 2018 |
December 31, 2017 |
|||||||||||||||
Assets |
|||||||||||||||||||
Fixed maturity investments trading, at fair value |
$ |
8,088,870 |
$ |
7,814,779 |
$ |
7,420,778 |
$ |
7,404,761 |
$ |
7,426,555 |
|||||||||
Short term investments, at fair value |
2,586,520 |
2,461,415 |
2,031,943 |
1,616,597 |
991,863 |
||||||||||||||
Equity investments trading, at fair value |
310,252 |
413,271 |
432,804 |
387,462 |
388,254 |
||||||||||||||
Other investments, at fair value |
784,933 |
738,919 |
713,200 |
692,652 |
594,793 |
||||||||||||||
Investments in other ventures, under equity method |
115,172 |
117,307 |
111,935 |
120,232 |
101,974 |
||||||||||||||
Total investments |
11,885,747 |
11,545,691 |
10,710,660 |
10,221,704 |
9,503,439 |
||||||||||||||
Cash and cash equivalents |
1,107,922 |
453,041 |
548,472 |
647,973 |
1,361,592 |
||||||||||||||
Premiums receivable |
1,537,188 |
1,787,095 |
1,959,647 |
1,684,630 |
1,304,622 |
||||||||||||||
Prepaid reinsurance premiums |
616,185 |
795,496 |
925,501 |
794,921 |
533,546 |
||||||||||||||
Reinsurance recoverable |
2,372,221 |
1,204,059 |
1,454,991 |
1,572,321 |
1,586,630 |
||||||||||||||
Accrued investment income |
51,311 |
46,690 |
44,810 |
43,069 |
42,235 |
||||||||||||||
Deferred acquisition costs |
476,661 |
497,733 |
511,155 |
477,010 |
426,551 |
||||||||||||||
Receivable for investments sold |
256,416 |
406,062 |
505,907 |
111,431 |
103,145 |
||||||||||||||
Other assets |
135,127 |
121,724 |
122,048 |
127,571 |
121,226 |
||||||||||||||
Goodwill and other intangibles |
237,418 |
238,803 |
240,187 |
241,572 |
243,145 |
||||||||||||||
Total assets |
$ |
18,676,196 |
$ |
17,096,394 |
$ |
17,023,378 |
$ |
15,922,202 |
$ |
15,226,131 |
|||||||||
Liabilities, Noncontrolling Interests and Shareholders' Equity |
|||||||||||||||||||
Liabilities |
|||||||||||||||||||
Reserve for claims and claim expenses |
$ |
6,076,271 |
$ |
4,952,498 |
$ |
4,702,345 |
$ |
4,912,727 |
$ |
5,080,408 |
|||||||||
Unearned premiums |
1,716,021 |
2,058,851 |
2,267,450 |
1,961,746 |
1,477,609 |
||||||||||||||
Debt |
991,127 |
990,749 |
990,371 |
989,995 |
989,623 |
||||||||||||||
Reinsurance balances payable |
1,902,056 |
1,970,913 |
2,085,034 |
1,758,948 |
989,090 |
||||||||||||||
Payable for investments purchased |
380,332 |
555,556 |
490,589 |
306,664 |
208,749 |
||||||||||||||
Other liabilities |
513,609 |
147,328 |
134,100 |
130,505 |
792,771 |
||||||||||||||
Total liabilities |
11,579,416 |
10,675,895 |
10,669,889 |
10,060,585 |
9,538,250 |
||||||||||||||
Redeemable noncontrolling interest |
2,051,700 |
1,533,978 |
1,493,428 |
1,425,364 |
1,296,506 |
||||||||||||||
Shareholders' Equity |
|||||||||||||||||||
Preference shares |
650,000 |
650,000 |
650,000 |
400,000 |
400,000 |
||||||||||||||
Common shares |
42,207 |
40,266 |
40,263 |
40,246 |
40,024 |
||||||||||||||
Additional paid-in capital |
296,099 |
42,395 |
35,094 |
38,552 |
37,355 |
||||||||||||||
Accumulated other comprehensive (loss) income |
(1,433 |
) |
(1,483 |
) |
(1,101 |
) |
194 |
224 |
|||||||||||
Retained earnings |
4,058,207 |
4,155,343 |
4,135,805 |
3,957,261 |
3,913,772 |
||||||||||||||
Total shareholders' equity attributable to RenaissanceRe |
5,045,080 |
4,886,521 |
4,860,061 |
4,436,253 |
4,391,375 |
||||||||||||||
Total liabilities, noncontrolling interests and shareholders' equity |
$ |
18,676,196 |
$ |
17,096,394 |
$ |
17,023,378 |
$ |
15,922,202 |
$ |
15,226,131 |
|||||||||
Book value per common share |
$ |
104.13 |
$ |
105.21 |
$ |
104.56 |
$ |
100.29 |
$ |
99.72 |
|||||||||
7 |
|
|
RenaissanceRe Holdings Ltd. | ||||||||||||||||||||||||||||||||||
Investment Portfolio - Composition | ||||||||||||||||||||||||||||||||||
Type of Investment |
December 31, 2018 |
September 30, 2018 |
June 30, 2018 |
March 31, 2018 |
December 31, 2017 |
|||||||||||||||||||||||||||||
U.S. treasuries |
$ |
3,331,411 |
28.0 |
% |
$ |
3,117,911 |
27.0 |
% |
$ |
2,968,855 |
27.7 |
% |
$ |
2,834,487 |
27.7 |
% |
$ |
3,168,763 |
33.3 |
% |
||||||||||||||
Agencies |
174,883 |
1.5 |
% |
143,980 |
1.2 |
% |
55,199 |
0.5 |
% |
45,365 |
0.5 |
% |
47,646 |
0.5 |
% |
|||||||||||||||||||
Municipal |
6,854 |
0.1 |
% |
7,061 |
0.1 |
% |
6,164 |
0.1 |
% |
506,470 |
5.0 |
% |
509,802 |
5.4 |
% |
|||||||||||||||||||
Non-U.S. government |
279,818 |
2.4 |
% |
254,169 |
2.2 |
% |
298,811 |
2.8 |
% |
303,056 |
3.0 |
% |
287,660 |
3.0 |
% |
|||||||||||||||||||
Non-U.S. government-backed corporate |
160,063 |
1.3 |
% |
137,512 |
1.2 |
% |
185,640 |
1.7 |
% |
191,202 |
1.9 |
% |
163,651 |
1.7 |
% |
|||||||||||||||||||
Corporate |
2,450,244 |
20.6 |
% |
2,448,795 |
21.2 |
% |
2,280,080 |
21.3 |
% |
2,147,578 |
21.0 |
% |
2,063,459 |
21.7 |
% |
|||||||||||||||||||
Agency mortgage-backed |
817,880 |
6.8 |
% |
836,376 |
7.2 |
% |
762,077 |
7.1 |
% |
693,377 |
6.8 |
% |
500,456 |
5.3 |
% |
|||||||||||||||||||
Non-agency mortgage-backed |
278,680 |
2.4 |
% |
289,649 |
2.5 |
% |
300,311 |
2.8 |
% |
302,638 |
2.9 |
% |
300,331 |
3.1 |
% |
|||||||||||||||||||
Commercial mortgage-backed |
282,294 |
2.4 |
% |
257,434 |
2.2 |
% |
248,590 |
2.3 |
% |
197,126 |
1.9 |
% |
202,062 |
2.1 |
% |
|||||||||||||||||||
Asset-backed |
306,743 |
2.6 |
% |
321,892 |
2.9 |
% |
315,051 |
3.0 |
% |
183,462 |
1.7 |
% |
182,725 |
2.0 |
% |
|||||||||||||||||||
Total fixed maturity investments, at fair value |
8,088,870 |
68.1 |
% |
7,814,779 |
67.7 |
% |
7,420,778 |
69.3 |
% |
7,404,761 |
72.4 |
% |
7,426,555 |
78.1 |
% |
|||||||||||||||||||
Short term investments, at fair value |
2,586,520 |
21.8 |
% |
2,461,415 |
21.3 |
% |
2,031,943 |
19.0 |
% |
1,616,597 |
15.8 |
% |
991,863 |
10.4 |
% |
|||||||||||||||||||
Total consolidated fixed maturity and short term investments, at fair value |
10,675,390 |
89.9 |
% |
10,276,194 |
89.0 |
% |
9,452,721 |
88.3 |
% |
9,021,358 |
88.2 |
% |
8,418,418 |
88.5 |
% |
|||||||||||||||||||
Equity investments trading, at fair value |
310,252 |
2.6 |
% |
413,271 |
3.6 |
% |
432,804 |
4.1 |
% |
387,462 |
3.8 |
% |
388,254 |
4.1 |
% |
|||||||||||||||||||
Other investments, at fair value |
784,933 |
6.5 |
% |
738,919 |
6.4 |
% |
713,200 |
6.6 |
% |
692,652 |
6.8 |
% |
594,793 |
6.3 |
% |
|||||||||||||||||||
Total managed investment portfolio |
11,770,575 |
99.0 |
% |
11,428,384 |
99.0 |
% |
10,598,725 |
99.0 |
% |
10,101,472 |
98.8 |
% |
9,401,465 |
98.9 |
% |
|||||||||||||||||||
Investments in other ventures, under equity method |
115,172 |
1.0 |
% |
117,307 |
1.0 |
% |
111,935 |
1.0 |
% |
120,232 |
1.2 |
% |
101,974 |
1.1 |
% |
|||||||||||||||||||
Total investments |
$ |
11,885,747 |
100.0 |
% |
$ |
11,545,691 |
100.0 |
% |
$ |
10,710,660 |
100.0 |
% |
$ |
10,221,704 |
100.0 |
% |
$ |
9,503,439 |
100.0 |
% |
||||||||||||||
Managed fixed maturity and short term investments portfolio (1) |
||||||||||||||||||||||||||||||||||
Total consolidated fixed maturity and short term investments, at fair value |
$ |
10,675,390 |
$ |
10,276,194 |
$ |
9,452,721 |
$ |
9,021,358 |
$ |
8,418,418 |
||||||||||||||||||||||||
Weighted average yield to maturity of fixed maturity and short term investments |
3.2 |
% |
3.1 |
% |
3.0 |
% |
2.9 |
% |
2.5 |
% |
||||||||||||||||||||||||
Average duration of fixed maturities and short term investments |
2.1 |
2.0 |
2.2 |
2.4 |
2.5 |
|||||||||||||||||||||||||||||
Retained fixed maturity and short term investments portfolio (2) |
||||||||||||||||||||||||||||||||||
Retained fixed maturity and short term investments, at fair value |
$ |
7,647,460 |
$ |
7,600,044 |
$ |
7,056,577 |
$ |
6,804,618 |
$ |
6,760,383 |
||||||||||||||||||||||||
Weighted average yield to maturity of retained fixed maturity and short term investments |
3.4 |
% |
3.3 |
% |
3.1 |
% |
3.0 |
% |
2.6 |
% |
||||||||||||||||||||||||
Average duration of retained fixed maturities and short term investments |
2.3 |
2.4 |
2.3 |
2.5 |
2.5 |
|||||||||||||||||||||||||||||
(1) |
Includes total consolidated fixed maturity and short term investments, at fair value, as presented on the Company's consolidated balance sheets. |
(2) |
Includes total consolidated fixed maturity and short term investments, at fair value, less the portion of fixed maturity and short term investments, at fair value attributable to redeemable noncontrolling interests, certain third party vehicles and joint ventures. See Comments on Regulation G for a reconciliation of non-GAAP financial measures. |
8 |
|
|
RenaissanceRe Holdings Ltd. | ||||||||||||||||||||||||||||||||||
Investment Portfolio - Fixed Maturity Investments | ||||||||||||||||||||||||||||||||||
Credit Quality of Fixed Maturity Investments |
December 31, 2018 |
September 30, 2018 |
June 30, 2018 |
March 31, 2018 |
December 31, 2017 |
|||||||||||||||||||||||||||||
AAA |
$ |
769,757 |
9.5 |
% |
$ |
732,294 |
9.4 |
% |
$ |
792,956 |
10.7 |
% |
$ |
723,897 |
9.7 |
% |
$ |
739,822 |
10.0 |
% |
||||||||||||||
AA |
4,745,307 |
58.7 |
% |
4,496,120 |
57.5 |
% |
4,181,431 |
56.3 |
% |
4,204,030 |
56.8 |
% |
4,341,541 |
58.5 |
% |
|||||||||||||||||||
A |
928,205 |
11.5 |
% |
880,744 |
11.3 |
% |
853,862 |
11.5 |
% |
889,814 |
12.0 |
% |
813,953 |
11.0 |
% |
|||||||||||||||||||
BBB |
658,825 |
8.1 |
% |
631,290 |
8.1 |
% |
516,911 |
7.0 |
% |
540,639 |
7.3 |
% |
522,601 |
7.0 |
% |
|||||||||||||||||||
Non-investment grade and not rated |
986,776 |
12.2 |
% |
1,074,331 |
13.7 |
% |
1,075,618 |
14.5 |
% |
1,046,381 |
14.2 |
% |
1,008,638 |
13.5 |
% |
|||||||||||||||||||
Total fixed maturity investments, at fair value |
$ |
8,088,870 |
100.0 |
% |
$ |
7,814,779 |
100.0 |
% |
$ |
7,420,778 |
100.0 |
% |
$ |
7,404,761 |
100.0 |
% |
$ |
7,426,555 |
100.0 |
% |
||||||||||||||
Maturity Profile of Fixed Maturity Investments |
||||||||||||||||||||||||||||||||||
Due in less than one year |
$ |
507,728 |
6.3 |
% |
$ |
301,817 |
3.9 |
% |
$ |
383,353 |
5.2 |
% |
$ |
495,143 |
6.7 |
% |
$ |
546,255 |
7.3 |
% |
||||||||||||||
Due after one through five years |
4,762,712 |
58.9 |
% |
4,694,059 |
60.0 |
% |
4,421,536 |
59.5 |
% |
4,324,744 |
58.4 |
% |
4,521,930 |
60.9 |
% |
|||||||||||||||||||
Due after five through ten years |
1,056,087 |
13.1 |
% |
1,020,157 |
13.1 |
% |
904,070 |
12.2 |
% |
1,064,575 |
14.4 |
% |
1,007,656 |
13.6 |
% |
|||||||||||||||||||
Due after ten years |
76,746 |
0.9 |
% |
93,395 |
1.2 |
% |
85,790 |
1.2 |
% |
143,696 |
1.9 |
% |
165,140 |
2.2 |
% |
|||||||||||||||||||
Mortgage-backed securities |
1,378,854 |
17.0 |
% |
1,383,459 |
17.7 |
% |
1,310,978 |
17.7 |
% |
1,193,141 |
16.1 |
% |
1,002,849 |
13.5 |
% |
|||||||||||||||||||
Asset-backed securities |
306,743 |
3.8 |
% |
321,892 |
4.1 |
% |
315,051 |
4.2 |
% |
183,462 |
2.5 |
% |
182,725 |
2.5 |
% |
|||||||||||||||||||
Total fixed maturity investments, at fair value |
$ |
8,088,870 |
100.0 |
% |
$ |
7,814,779 |
100.0 |
% |
$ |
7,420,778 |
100.0 |
% |
$ |
7,404,761 |
100.0 |
% |
$ |
7,426,555 |
100.0 |
% |
||||||||||||||
9 |
|
|
RenaissanceRe Holdings Ltd. | |||||||||||||||||||
Summary of Other Investments | |||||||||||||||||||
December 31, 2018 |
September 30, 2018 |
June 30, 2018 |
March 31, 2018 |
December 31, 2017 |
|||||||||||||||
Type of Investment |
|||||||||||||||||||
Catastrophe bonds |
$ |
516,571 |
$ |
525,126 |
$ |
501,025 |
$ |
476,534 |
$ |
380,475 |
|||||||||
Private equity investments |
242,647 |
185,121 |
186,200 |
190,067 |
196,220 |
||||||||||||||
Senior secured bank loan funds |
14,482 |
17,057 |
14,414 |
13,771 |
17,574 |
||||||||||||||
Hedge funds |
11,233 |
11,615 |
11,561 |
12,280 |
524 |
||||||||||||||
Total other investments, at fair value |
$ |
784,933 |
$ |
738,919 |
$ |
713,200 |
$ |
692,652 |
$ |
594,793 |
|||||||||
Type of Investment |
|||||||||||||||||||
Catastrophe bonds |
65.9 |
% |
71.1 |
% |
70.3 |
% |
68.8 |
% |
64.0 |
% |
|||||||||
Private equity investments |
30.9 |
% |
25.0 |
% |
26.1 |
% |
27.4 |
% |
32.9 |
% |
|||||||||
Senior secured bank loan funds |
1.8 |
% |
2.3 |
% |
2.0 |
% |
2.0 |
% |
3.0 |
% |
|||||||||
Hedge funds |
1.4 |
% |
1.6 |
% |
1.6 |
% |
1.8 |
% |
0.1 |
% |
|||||||||
Total other investments, at fair value |
100.0 |
% |
100.0 |
% |
100.0 |
% |
100.0 |
% |
100.0 |
% |
|||||||||
10 |
|
|
RenaissanceRe Holdings Ltd. | |||||||||||||||||||||||||||
Total Investment Result | |||||||||||||||||||||||||||
Three months ended |
Year ended |
||||||||||||||||||||||||||
December 31, 2018 |
September 30, 2018 |
June 30, 2018 |
March 31, 2018 |
December 31, 2017 |
December 31, 2018 |
December 31, 2017 |
|||||||||||||||||||||
Fixed maturity investments |
$ |
60,189 |
$ |
55,725 |
$ |
50,416 |
$ |
45,643 |
$ |
46,544 |
$ |
211,973 |
$ |
179,624 |
|||||||||||||
Short term investments |
11,231 |
9,403 |
7,633 |
5,304 |
3,606 |
33,571 |
11,082 |
||||||||||||||||||||
Equity investments trading |
1,383 |
903 |
1,490 |
698 |
998 |
4,474 |
3,628 |
||||||||||||||||||||
Other investments |
|||||||||||||||||||||||||||
Private equity investments |
(11,672 |
) |
8,723 |
3,860 |
(434 |
) |
13,215 |
477 |
33,999 |
||||||||||||||||||
Other |
(4,871 |
) |
8,665 |
10,658 |
8,023 |
12,587 |
22,475 |
8,067 |
|||||||||||||||||||
Cash and cash equivalents |
1,102 |
1,104 |
1,039 |
565 |
360 |
3,810 |
1,196 |
||||||||||||||||||||
57,362 |
84,523 |
75,096 |
59,799 |
77,310 |
276,780 |
237,596 |
|||||||||||||||||||||
Investment expenses |
(4,024 |
) |
(3,827 |
) |
(3,740 |
) |
(3,323 |
) |
(3,846 |
) |
(14,914 |
) |
(15,387 |
) |
|||||||||||||
Net investment income |
53,338 |
80,696 |
71,356 |
56,476 |
73,464 |
261,866 |
222,209 |
||||||||||||||||||||
Gross realized gains |
6,339 |
5,229 |
5,133 |
4,583 |
6,068 |
21,284 |
49,121 |
||||||||||||||||||||
Gross realized losses |
(23,399 |
) |
(15,327 |
) |
(26,519 |
) |
(25,853 |
) |
(8,930 |
) |
(91,098 |
) |
(38,832 |
) |
|||||||||||||
Net realized (losses) gains on fixed maturity investments |
(17,060 |
) |
(10,098 |
) |
(21,386 |
) |
(21,270 |
) |
(2,862 |
) |
(69,814 |
) |
10,289 |
||||||||||||||
Net unrealized gains (losses) on fixed maturity investments trading |
16,212 |
(8,730 |
) |
(9,420 |
) |
(55,372 |
) |
(40,461 |
) |
(57,310 |
) |
8,479 |
|||||||||||||||
Net realized and unrealized (losses) gains on investments-related derivatives |
(8,021 |
) |
2,563 |
1,038 |
(4,364 |
) |
1,854 |
(8,784 |
) |
(2,490 |
) |
||||||||||||||||
Net realized gains on equity investments trading |
5,898 |
21,259 |
348 |
234 |
30,291 |
27,739 |
80,027 |
||||||||||||||||||||
Net unrealized (losses) gains on equity investments trading |
(85,683 |
) |
8,636 |
11,519 |
(1,372 |
) |
3,462 |
(66,900 |
) |
39,517 |
|||||||||||||||||
Net realized and unrealized (losses) gains on investments |
(88,654 |
) |
13,630 |
(17,901 |
) |
(82,144 |
) |
(7,716 |
) |
(175,069 |
) |
135,822 |
|||||||||||||||
Total investment result |
$ |
(35,316 |
) |
$ |
94,326 |
$ |
53,455 |
$ |
(25,668 |
) |
$ |
65,748 |
$ |
86,797 |
$ |
358,031 |
|||||||||||
Total investment return - annualized |
(1.2 |
)% |
3.3 |
% |
2.0 |
% |
(1.0 |
)% |
2.6 |
% |
0.8 |
% |
3.6 |
% |
|||||||||||||
11 |
|
|
RenaissanceRe Holdings Ltd. | |||||||||||||||||||||||||||||||||||||
Investment Portfolio - Effective Yield and Credit Rating | |||||||||||||||||||||||||||||||||||||
Credit Rating (1) |
|||||||||||||||||||||||||||||||||||||
December 31, 2018 |
Amortized Cost |
Fair Value |
% of Total Investment Portfolio |
Weighted Average Yield to Maturity |
AAA |
AA |
A |
BBB |
Non- Investment Grade |
Not Rated |
|||||||||||||||||||||||||||
Short term investments |
$ |
2,586,520 |
$ |
2,586,520 |
21.8 |
% |
2.1 |
% |
$ |
2,579,900 |
$ |
2,541 |
$ |
553 |
$ |
1,511 |
$ |
751 |
$ |
1,264 |
|||||||||||||||||
100.0 |
% |
99.8 |
% |
0.1 |
% |
— |
% |
0.1 |
% |
— |
% |
— |
% |
||||||||||||||||||||||||
Fixed maturity investments |
|||||||||||||||||||||||||||||||||||||
U.S. treasuries |
3,336,969 |
3,331,411 |
28.0 |
% |
2.5 |
% |
— |
3,331,411 |
— |
— |
— |
— |
|||||||||||||||||||||||||
Agencies |
|||||||||||||||||||||||||||||||||||||
Fannie Mae and Freddie Mac |
118,638 |
118,476 |
1.0 |
% |
3.1 |
% |
— |
118,476 |
— |
— |
— |
— |
|||||||||||||||||||||||||
Other agencies |
56,547 |
56,407 |
0.5 |
% |
2.9 |
% |
— |
56,407 |
— |
— |
— |
— |
|||||||||||||||||||||||||
Total agencies |
175,185 |
174,883 |
1.5 |
% |
3.0 |
% |
— |
174,883 |
— |
— |
— |
— |
|||||||||||||||||||||||||
Municipal |
6,070 |
6,854 |
0.1 |
% |
4.8 |
% |
— |
1,044 |
4,546 |
504 |
— |
760 |
|||||||||||||||||||||||||
Non-U.S. government |
284,965 |
279,818 |
2.4 |
% |
2.7 |
% |
207,103 |
61,233 |
8,216 |
— |
3,266 |
— |
|||||||||||||||||||||||||
Non-U.S. government-backed corporate |
160,286 |
160,063 |
1.3 |
% |
2.8 |
% |
55,843 |
49,635 |
54,188 |
397 |
— |
— |
|||||||||||||||||||||||||
Corporate |
2,513,434 |
2,450,244 |
20.6 |
% |
4.9 |
% |
41,668 |
197,653 |
854,801 |
607,745 |
719,459 |
28,918 |
|||||||||||||||||||||||||
Mortgage-backed |
|||||||||||||||||||||||||||||||||||||
Residential mortgage-backed |
|||||||||||||||||||||||||||||||||||||
Agency securities |
825,365 |
817,880 |
6.8 |
% |
3.5 |
% |
262 |
817,618 |
— |
— |
— |
— |
|||||||||||||||||||||||||
Non-agency securities - Alt A |
213,888 |
223,889 |
1.9 |
% |
4.7 |
% |
11,407 |
9,312 |
2,448 |
9,132 |
155,553 |
36,037 |
|||||||||||||||||||||||||
Non-agency securities - Prime |
52,817 |
54,791 |
0.5 |
% |
4.4 |
% |
7,114 |
3,173 |
1,442 |
2,084 |
22,416 |
18,562 |
|||||||||||||||||||||||||
Total residential mortgage-backed |
1,092,070 |
1,096,560 |
9.2 |
% |
3.8 |
% |
18,783 |
830,103 |
3,890 |
11,216 |
177,969 |
54,599 |
|||||||||||||||||||||||||
Commercial mortgage-backed |
284,495 |
282,294 |
2.4 |
% |
3.6 |
% |
214,161 |
57,704 |
895 |
9,534 |
— |
— |
|||||||||||||||||||||||||
Total mortgage-backed |
1,376,565 |
1,378,854 |
11.6 |
% |
3.7 |
% |
232,944 |
887,807 |
4,785 |
20,750 |
177,969 |
54,599 |
|||||||||||||||||||||||||
Asset-backed |
|||||||||||||||||||||||||||||||||||||
Collateralized loan obligations |
269,947 |
266,389 |
2.2 |
% |
4.5 |
% |
197,084 |
41,641 |
— |
27,664 |
— |
— |
|||||||||||||||||||||||||
Credit cards |
11,864 |
11,857 |
0.1 |
% |
3.0 |
% |
11,857 |
— |
— |
— |
— |
— |
|||||||||||||||||||||||||
Auto loans |
18,065 |
17,942 |
0.2 |
% |
3.1 |
% |
17,942 |
— |
— |
— |
— |
— |
|||||||||||||||||||||||||
Student loans |
2,559 |
2,557 |
— |
% |
3.3 |
% |
2,557 |
— |
— |
— |
— |
— |
|||||||||||||||||||||||||
Other |
8,053 |
7,998 |
0.1 |
% |
3.7 |
% |
2,759 |
— |
1,669 |
1,765 |
— |
1,805 |
|||||||||||||||||||||||||
Total asset-backed |
310,488 |
306,743 |
2.6 |
% |
4.3 |
% |
232,199 |
41,641 |
1,669 |
29,429 |
— |
1,805 |
|||||||||||||||||||||||||
Total securitized assets |
1,687,053 |
1,685,597 |
14.2 |
% |
3.8 |
% |
465,143 |
929,448 |
6,454 |
50,179 |
177,969 |
56,404 |
|||||||||||||||||||||||||
Total fixed maturity investments |
8,163,962 |
8,088,870 |
68.1 |
% |
3.5 |
% |
769,757 |
4,745,307 |
928,205 |
658,825 |
900,694 |
86,082 |
|||||||||||||||||||||||||
100.0 |
% |
9.5 |
% |
58.7 |
% |
11.5 |
% |
8.1 |
% |
11.1 |
% |
1.1 |
% |
||||||||||||||||||||||||
Equity investments trading |
310,252 |
2.6 |
% |
— |
— |
— |
— |
— |
310,252 |
||||||||||||||||||||||||||||
100.0 |
% |
— |
% |
— |
% |
— |
% |
— |
% |
— |
% |
100.0 |
% |
||||||||||||||||||||||||
Other investments |
|||||||||||||||||||||||||||||||||||||
Catastrophe bonds |
516,571 |
4.3 |
% |
— |
— |
— |
— |
516,571 |
— |
||||||||||||||||||||||||||||
Private equity investments |
242,647 |
2.0 |
% |
— |
— |
— |
— |
— |
242,647 |
||||||||||||||||||||||||||||
Senior secured bank loan funds |
14,482 |
0.1 |
% |
— |
— |
— |
— |
— |
14,482 |
||||||||||||||||||||||||||||
Hedge funds |
11,233 |
0.1 |
% |
— |
— |
— |
— |
— |
11,233 |
||||||||||||||||||||||||||||
Total other investments |
784,933 |
6.5 |
% |
— |
— |
— |
— |
516,571 |
268,362 |
||||||||||||||||||||||||||||
100.0 |
% |
— |
% |
— |
% |
— |
% |
— |
% |
65.8 |
% |
34.2 |
% |
||||||||||||||||||||||||
Investments in other ventures |
115,172 |
1.0 |
% |
— |
— |
— |
— |
— |
115,172 |
||||||||||||||||||||||||||||
100.0 |
% |
— |
% |
— |
% |
— |
% |
— |
% |
— |
% |
100.0 |
% |
||||||||||||||||||||||||
Total investment portfolio |
$ |
11,885,747 |
100.0 |
% |
$ |
3,349,657 |
$ |
4,747,848 |
$ |
928,758 |
$ |
660,336 |
$ |
1,418,016 |
$ |
781,132 |
|||||||||||||||||||||
100.0 |
% |
28.2 |
% |
39.9 |
% |
7.8 |
% |
5.6 |
% |
11.9 |
% |
6.6 |
% |
||||||||||||||||||||||||
(1) |
The credit ratings included in this table are those assigned by Standard & Poor’s Corporation ("S&P"). When ratings provided by S&P were not available, ratings from other nationally recognized rating agencies were used. The Company has grouped short term investments with an A-1+ and A-1 short term issue credit rating as AAA, short term investments with an A-2 short term issue credit rating as AA and short term investments with an A-3 short term issue credit rating as A.
|
12 |
|
|
RenaissanceRe Holdings Ltd. | |||||||||||||||
Reserves for Claims and Claim Expenses | |||||||||||||||
Case Reserves |
Additional Case Reserves |
IBNR |
Total |
||||||||||||
December 31, 2018 |
|||||||||||||||
Property |
$ |
690,718 |
$ |
1,308,307 |
$ |
1,087,229 |
$ |
3,086,254 |
|||||||
Casualty and Specialty |
771,537 |
116,877 |
2,096,979 |
2,985,393 |
|||||||||||
Other |
1,458 |
— |
3,166 |
4,624 |
|||||||||||
Total |
$ |
1,463,713 |
$ |
1,425,184 |
$ |
3,187,374 |
$ |
6,076,271 |
|||||||
September 30, 2018 |
|||||||||||||||
Property |
$ |
610,932 |
$ |
744,391 |
$ |
774,220 |
$ |
2,129,543 |
|||||||
Casualty and Specialty |
773,732 |
102,631 |
1,940,244 |
2,816,607 |
|||||||||||
Other |
3,240 |
— |
3,108 |
6,348 |
|||||||||||
Total |
$ |
1,387,904 |
$ |
847,022 |
$ |
2,717,572 |
$ |
4,952,498 |
|||||||
June 30, 2018 |
|||||||||||||||
Property |
$ |
631,642 |
$ |
766,450 |
$ |
568,642 |
$ |
1,966,734 |
|||||||
Casualty and Specialty |
750,149 |
105,066 |
1,871,468 |
2,726,683 |
|||||||||||
Other |
4,433 |
— |
4,495 |
8,928 |
|||||||||||
Total |
$ |
1,386,224 |
$ |
871,516 |
$ |
2,444,605 |
$ |
4,702,345 |
|||||||
March 31, 2018 |
|||||||||||||||
Property |
$ |
701,202 |
$ |
850,498 |
$ |
687,209 |
$ |
2,238,909 |
|||||||
Casualty and Specialty |
740,809 |
118,380 |
1,801,361 |
2,660,550 |
|||||||||||
Other |
4,999 |
— |
8,269 |
13,268 |
|||||||||||
Total |
$ |
1,447,010 |
$ |
968,878 |
$ |
2,496,839 |
$ |
4,912,727 |
|||||||
December 31, 2017 |
|||||||||||||||
Property |
$ |
696,285 |
$ |
896,522 |
$ |
893,583 |
$ |
2,486,390 |
|||||||
Casualty and Specialty |
689,962 |
124,923 |
1,760,607 |
2,575,492 |
|||||||||||
Other |
6,605 |
— |
11,921 |
18,526 |
|||||||||||
Total |
$ |
1,392,852 |
$ |
1,021,445 |
$ |
2,666,111 |
$ |
5,080,408 |
|||||||
13 |
|
|
RenaissanceRe Holdings Ltd. | |||||||||||||||||||||||
Paid to Incurred Analysis | |||||||||||||||||||||||
Three months ended December 31, 2018 |
Three months ended December 31, 2017 |
||||||||||||||||||||||
Gross |
Recoveries |
Net |
Gross |
Recoveries |
Net |
||||||||||||||||||
Reserve for claims and claim expenses, beginning of period |
$ |
4,952,498 |
$ |
1,204,059 |
$ |
3,748,439 |
$ |
5,192,313 |
$ |
1,588,304 |
$ |
3,604,009 |
|||||||||||
Incurred claims and claim expenses |
|||||||||||||||||||||||
Current year |
1,843,454 |
1,292,047 |
551,407 |
538,023 |
196,626 |
341,397 |
|||||||||||||||||
Prior years |
(82,478 |
) |
(8,709 |
) |
(73,769 |
) |
(41,852 |
) |
(4,519 |
) |
(37,333 |
) |
|||||||||||
Total incurred claims and claim expenses |
1,760,976 |
1,283,338 |
477,638 |
496,171 |
192,107 |
304,064 |
|||||||||||||||||
Paid claims and claim expenses |
|||||||||||||||||||||||
Current year |
386,378 |
43,392 |
342,986 |
472,687 |
180,845 |
291,842 |
|||||||||||||||||
Prior years |
248,798 |
71,782 |
177,016 |
140,827 |
12,940 |
127,887 |
|||||||||||||||||
Total paid claims and claim expenses |
635,176 |
115,174 |
520,002 |
613,514 |
193,785 |
419,729 |
|||||||||||||||||
Foreign exchange |
(2,027 |
) |
(2 |
) |
(2,025 |
) |
5,438 |
4 |
5,434 |
||||||||||||||
Reserve for claims and claim expenses, end of period |
$ |
6,076,271 |
$ |
2,372,221 |
$ |
3,704,050 |
$ |
5,080,408 |
$ |
1,586,630 |
$ |
3,493,778 |
|||||||||||
Year ended December 31, 2018 |
Year ended December 31, 2017 |
||||||||||||||||||||||
Gross |
Recoveries |
Net |
Gross |
Recoveries |
Net |
||||||||||||||||||
Reserve for claims and claim expenses, beginning of period |
$ |
5,080,408 |
$ |
1,586,630 |
$ |
3,493,778 |
$ |
2,848,294 |
$ |
279,564 |
$ |
2,568,730 |
|||||||||||
Incurred claims and claim expenses |
|||||||||||||||||||||||
Current year |
2,910,525 |
1,519,758 |
1,390,767 |
3,464,548 |
1,562,124 |
1,902,424 |
|||||||||||||||||
Prior years |
(331,989 |
) |
(61,240 |
) |
(270,749 |
) |
(44,160 |
) |
(3,164 |
) |
(40,996 |
) |
|||||||||||
Total incurred claims and claim expenses |
2,578,536 |
1,458,518 |
1,120,018 |
3,420,388 |
1,558,960 |
1,861,428 |
|||||||||||||||||
Paid claims and claim expenses |
|||||||||||||||||||||||
Current year |
445,756 |
54,695 |
391,061 |
642,344 |
191,817 |
450,527 |
|||||||||||||||||
Prior years |
1,121,930 |
618,222 |
503,708 |
584,484 |
60,186 |
524,298 |
|||||||||||||||||
Total paid claims and claim expenses |
1,567,686 |
672,917 |
894,769 |
1,226,828 |
252,003 |
974,825 |
|||||||||||||||||
Foreign exchange |
(14,987 |
) |
(10 |
) |
(14,977 |
) |
38,554 |
109 |
38,445 |
||||||||||||||
Reserve for claims and claim expenses, end of period |
$ |
6,076,271 |
$ |
2,372,221 |
$ |
3,704,050 |
$ |
5,080,408 |
$ |
1,586,630 |
$ |
3,493,778 |
|||||||||||
14 |
|
|
RenaissanceRe Holdings Ltd. | |||||||||||||||||||||
Fee Income | |||||||||||||||||||||
The table below reflects the total fee income earned through third-party capital management as well as various joint ventures and certain structured retrocession agreements to which the Company is a party. Joint ventures include DaVinciRe Holdings Ltd. ("DaVinciRe"), Top Layer Reinsurance Ltd. ("Top Layer Re") and certain entities investing in Langhorne Holdings LLC. Managed funds include RenaissanceRe Upsilon Fund Ltd. and RenaissanceRe Medici Fund Ltd. Structured reinsurance products include Fibonacci Reinsurance Ltd., as well as certain other reinsurance contracts which transfer risk to capital.
Three months ended |
Year ended |
||||||||||||||||||||||||||
December 31, 2018 |
September 30, 2018 |
June 30, 2018 |
March 31, 2018 |
December 31, 2017 |
December 31, 2018 |
December 31, 2017 |
|||||||||||||||||||||
Management fee income |
|||||||||||||||||||||||||||
Joint ventures |
$ |
3,628 |
$ |
9,265 |
$ |
7,125 |
$ |
6,369 |
$ |
423 |
$ |
26,387 |
$ |
15,358 |
|||||||||||||
Managed funds |
3,051 |
3,260 |
2,745 |
2,406 |
713 |
11,462 |
3,659 |
||||||||||||||||||||
Structured reinsurance products |
8,213 |
8,530 |
7,958 |
8,611 |
8,944 |
33,312 |
31,177 |
||||||||||||||||||||
Total management fee income |
14,892 |
21,055 |
17,828 |
17,386 |
10,080 |
71,161 |
50,194 |
||||||||||||||||||||
Performance fee income (loss) |
|||||||||||||||||||||||||||
Joint ventures |
3,193 |
853 |
6,869 |
4,178 |
845 |
15,093 |
9,429 |
||||||||||||||||||||
Managed funds |
(4,430 |
) |
2,539 |
1,175 |
778 |
145 |
62 |
197 |
|||||||||||||||||||
Structured reinsurance products |
(5,020 |
) |
(1,568 |
) |
6,802 |
3,366 |
1,185 |
3,580 |
4,719 |
||||||||||||||||||
Total performance fee (loss) income (1) |
(6,257 |
) |
1,824 |
14,846 |
8,322 |
2,175 |
18,735 |
14,345 |
|||||||||||||||||||
Total fee income |
$ |
8,635 |
$ |
22,879 |
$ |
32,674 |
$ |
25,708 |
$ |
12,255 |
$ |
89,896 |
$ |
64,539 |
|||||||||||||
(1) |
Performance fees are based on the performance of the individual vehicles and/or product, and could be negative in any given quarter when large losses occur, which can result in the reversal of previously accrued performance fees.
|
15 |
|
|
RenaissanceRe Holdings Ltd. | |||||||||||||||||||
Earnings per Share | |||||||||||||||||||
Three months ended |
|||||||||||||||||||
(common shares in thousands) |
December 31, 2018 |
September 30, 2018 |
June 30, 2018 |
March 31, 2018 |
December 31, 2017 |
||||||||||||||
Numerator: |
|||||||||||||||||||
Net (loss) income (attributable) available to RenaissanceRe common shareholders |
$ |
(83,906 |
) |
$ |
32,681 |
$ |
191,788 |
$ |
56,713 |
$ |
(3,452 |
) |
|||||||
Amount allocated to participating common shareholders (1) |
(157 |
) |
(294 |
) |
(2,174 |
) |
(546 |
) |
(113 |
) |
|||||||||
$ |
(84,063 |
) |
$ |
32,387 |
$ |
189,614 |
$ |
56,167 |
$ |
(3,565 |
) |
||||||||
Denominator: |
|||||||||||||||||||
Denominator for basic (loss) income per RenaissanceRe common share - |
|||||||||||||||||||
Weighted average common shares |
40,111 |
39,624 |
39,641 |
39,552 |
39,478 |
||||||||||||||
Per common share equivalents of employee stock options and restricted shares |
— |
13 |
13 |
47 |
— |
||||||||||||||
Denominator for diluted (loss) income per RenaissanceRe common share - |
|||||||||||||||||||
Adjusted weighted average common shares and assumed conversions |
40,111 |
39,637 |
39,654 |
39,599 |
39,478 |
||||||||||||||
Basic (loss) income per RenaissanceRe common share |
$ |
(2.10 |
) |
$ |
0.82 |
$ |
4.78 |
$ |
1.42 |
$ |
(0.09 |
) |
|||||||
Diluted (loss) income per RenaissanceRe common share |
$ |
(2.10 |
) |
$ |
0.82 |
$ |
4.78 |
$ |
1.42 |
$ |
(0.09 |
) |
|||||||
Year ended |
|||||||||||||||||||
(common shares in thousands) |
December 31, 2018 |
December 31, 2017 |
|||||||||||||||||
Numerator: |
|||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders |
$ |
197,276 |
$ |
(244,770 |
) |
||||||||||||||
Amount allocated to participating common shareholders (1) |
(2,121 |
) |
(457 |
) |
|||||||||||||||
$ |
195,155 |
$ |
(245,227 |
) |
|||||||||||||||
Denominator: |
|||||||||||||||||||
Denominator for basic income (loss) per RenaissanceRe common share - |
|||||||||||||||||||
Weighted average common shares |
39,732 |
39,854 |
|||||||||||||||||
Per common share equivalents of employee stock options and restricted shares |
23 |
— |
|||||||||||||||||
Denominator for diluted income (loss) per RenaissanceRe common share - |
|||||||||||||||||||
Adjusted weighted average common shares and assumed conversions |
39,755 |
39,854 |
|||||||||||||||||
Basic income (loss) per RenaissanceRe common share |
$ |
4.91 |
$ |
(6.15 |
) |
||||||||||||||
Diluted income (loss) per RenaissanceRe common share |
$ |
4.91 |
$ |
(6.15 |
) |
||||||||||||||
(1) |
Represents earnings attributable to holders of unvested restricted shares issued pursuant to the Company's 2001 Stock Incentive Plan, 2010 Performance-Based Equity Incentive Plan, 2016 Long-Term Incentive Plan and to the Company's non-employee directors. |
16 |
|
|
RenaissanceRe Holdings Ltd. | |||||||||||||||||||||||||||
Equity in Earnings of Other Ventures | |||||||||||||||||||||||||||
Three months ended |
Year ended |
||||||||||||||||||||||||||
December 31, 2018 |
September 30, 2018 |
June 30, 2018 |
March 31, 2018 |
December 31, 2017 |
December 31, 2018 |
December 31, 2017 |
|||||||||||||||||||||
Tower Hill Companies |
$ |
1,331 |
$ |
4,629 |
$ |
4,555 |
$ |
(910 |
) |
$ |
(412 |
) |
$ |
9,605 |
$ |
(1,647 |
) |
||||||||||
Top Layer Re |
2,650 |
2,170 |
1,999 |
2,033 |
1,987 |
8,852 |
9,851 |
||||||||||||||||||||
Other |
162 |
849 |
(728 |
) |
(266 |
) |
625 |
17 |
(174 |
) |
|||||||||||||||||
Total equity in earnings of other ventures |
$ |
4,143 |
$ |
7,648 |
$ |
5,826 |
$ |
857 |
$ |
2,200 |
$ |
18,474 |
$ |
8,030 |
|||||||||||||
Other Income (Loss) | |||||||||||||||||||||||||||
Three months ended |
Year ended |
||||||||||||||||||||||||||
December 31, 2018 |
September 30, 2018 |
June 30, 2018 |
March 31, 2018 |
December 31, 2017 |
December 31, 2018 |
December 31, 2017 |
|||||||||||||||||||||
Assumed and ceded reinsurance contracts accounted for at fair value or as deposits |
$ |
5,000 |
$ |
543 |
$ |
787 |
$ |
(1,523 |
) |
$ |
1,230 |
$ |
4,807 |
$ |
8,655 |
||||||||||||
Other items |
489 |
(46 |
) |
438 |
281 |
1,132 |
1,162 |
760 |
|||||||||||||||||||
Total other income (loss) |
$ |
5,489 |
$ |
497 |
$ |
1,225 |
$ |
(1,242 |
) |
$ |
2,362 |
$ |
5,969 |
$ |
9,415 |
||||||||||||
17 |
|
|
RenaissanceRe Holdings Ltd. | |||||||
Ratings | |||||||
A.M. Best |
S&P |
Moody's |
Fitch |
||||
Renaissance Reinsurance (1) |
A+ |
A+ |
A1 |
A+ |
|||
DaVinci (1) |
A |
A+ |
A3 |
— |
|||
Renaissance Reinsurance U.S. (1) |
A+ |
A+ |
— |
— |
|||
RenaissanceRe Specialty U.S. (1) |
A+ |
A+ |
— |
— |
|||
Renaissance Reinsurance of Europe (1) |
A+ |
A+ |
— |
— |
|||
Top Layer Re (1) |
A+ |
AA |
— |
— |
|||
Vermeer Reinsurance Ltd. (1) |
A |
— |
— |
— |
|||
Syndicate 1458 |
— |
— |
— |
— |
|||
Lloyd's Overall Market Rating (2) |
A |
A+ |
— |
AA- |
|||
RenaissanceRe (3) |
Very Strong |
Very Strong |
— |
— |
|||
(1) The A.M. Best, S&P, Moody's and Fitch ratings for the companies set forth in the table above reflect the insurer's financial strength rating and, in addition to the insurer’s financial strength rating, the S&P ratings reflect the insurer's issuer credit rating.
(2) The A.M. Best, S&P and Fitch ratings for the Lloyd's Overall Market Rating represent Syndicate 1458's financial strength rating.
(3) The A.M. Best rating for RenaissanceRe refers to the Enterprise Risk Management ("ERM") A.M. Best score within A.M. Best’s credit ratings methodology. The S&P rating for RenaissanceRe represents the rating on its ERM practices.
18 |
|
|
RenaissanceRe Holdings Ltd. | |||||||||||||||||||||||||||
Gross Premiums Written | |||||||||||||||||||||||||||
Three months ended |
Year ended |
||||||||||||||||||||||||||
December 31, 2018 |
September 30, 2018 |
June 30, 2018 |
March 31, 2018 |
December 31, 2017 |
December 31, 2018 |
December 31, 2017 |
|||||||||||||||||||||
Property Segment |
|||||||||||||||||||||||||||
Catastrophe |
$ |
108,937 |
$ |
212,330 |
$ |
437,720 |
$ |
590,337 |
$ |
35,012 |
$ |
1,349,324 |
$ |
1,104,450 |
|||||||||||||
Other property |
90,981 |
89,083 |
114,907 |
116,631 |
60,154 |
411,602 |
335,987 |
||||||||||||||||||||
Property segment gross premiums written |
$ |
199,918 |
$ |
301,413 |
$ |
552,627 |
$ |
706,968 |
$ |
95,166 |
$ |
1,760,926 |
$ |
1,440,437 |
|||||||||||||
Casualty and Specialty Segment |
|||||||||||||||||||||||||||
Professional liability (1) |
$ |
119,391 |
$ |
111,536 |
$ |
97,811 |
$ |
157,113 |
$ |
117,075 |
$ |
485,851 |
$ |
452,310 |
|||||||||||||
General casualty (2) |
75,797 |
97,026 |
153,648 |
126,626 |
80,538 |
453,097 |
417,880 |
||||||||||||||||||||
Financial lines (3) |
102,167 |
69,253 |
88,215 |
93,267 |
83,157 |
352,902 |
303,800 |
||||||||||||||||||||
Other (4) |
50,482 |
46,449 |
85,042 |
75,678 |
31,830 |
257,651 |
183,120 |
||||||||||||||||||||
Casualty and Specialty segment gross premiums written |
$ |
347,837 |
$ |
324,264 |
$ |
424,716 |
$ |
452,684 |
$ |
312,600 |
$ |
1,549,501 |
$ |
1,357,110 |
|||||||||||||
(1) |
Includes directors and officers, medical malpractice, and professional indemnity. |
(2) |
Includes automobile liability, casualty clash, employer’s liability, umbrella or excess casualty, workers’ compensation and general liability |
(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. |
19 |
|
|
RenaissanceRe Holdings Ltd. | |||||||||||||||||||||||
Property Segment Supplemental Underwriting Results | |||||||||||||||||||||||
Three months ended December 31, 2018 |
Three months ended December 31, 2017 |
||||||||||||||||||||||
Catastrophe |
Other Property |
Total |
Catastrophe |
Other Property |
Total |
||||||||||||||||||
Gross premiums written |
$ |
108,937 |
$ |
90,981 |
$ |
199,918 |
$ |
35,012 |
$ |
60,154 |
$ |
95,166 |
|||||||||||
Net premiums written |
$ |
79,209 |
$ |
91,438 |
$ |
170,647 |
$ |
22,564 |
$ |
59,722 |
$ |
82,286 |
|||||||||||
Net premiums earned |
$ |
233,107 |
$ |
95,478 |
$ |
328,585 |
$ |
150,688 |
$ |
64,358 |
$ |
215,046 |
|||||||||||
Net claims and claim expenses incurred |
192,810 |
82,890 |
275,700 |
145,237 |
36,475 |
181,712 |
|||||||||||||||||
Acquisition expenses |
23,165 |
27,652 |
50,817 |
18,787 |
19,912 |
38,699 |
|||||||||||||||||
Operational expenses |
30,984 |
6,037 |
37,021 |
13,930 |
3,423 |
17,353 |
|||||||||||||||||
Underwriting (loss) income |
$ |
(13,852 |
) |
$ |
(21,101 |
) |
$ |
(34,953 |
) |
$ |
(27,266 |
) |
$ |
4,548 |
$ |
(22,718 |
) |
||||||
Net claims and claim expenses incurred - current accident year |
$ |
238,402 |
$ |
85,716 |
$ |
324,118 |
$ |
165,171 |
$ |
45,169 |
$ |
210,340 |
|||||||||||
Net claims and claim expenses incurred - prior accident years |
(45,592 |
) |
(2,826 |
) |
(48,418 |
) |
(19,934 |
) |
(8,694 |
) |
(28,628 |
) |
|||||||||||
Net claims and claim expenses incurred - total |
$ |
192,810 |
$ |
82,890 |
$ |
275,700 |
$ |
145,237 |
$ |
36,475 |
$ |
181,712 |
|||||||||||
Net claims and claim expense ratio - current accident year |
102.3 |
% |
89.8 |
% |
98.6 |
% |
109.6 |
% |
70.2 |
% |
97.8 |
% |
|||||||||||
Net claims and claim expense ratio - prior accident years |
(19.6 |
)% |
(3.0 |
)% |
(14.7 |
)% |
(13.2 |
)% |
(13.5 |
)% |
(13.3 |
)% |
|||||||||||
Net claims and claim expense ratio - calendar year |
82.7 |
% |
86.8 |
% |
83.9 |
% |
96.4 |
% |
56.7 |
% |
84.5 |
% |
|||||||||||
Underwriting expense ratio |
23.2 |
% |
35.3 |
% |
26.7 |
% |
21.7 |
% |
36.2 |
% |
26.1 |
% |
|||||||||||
Combined ratio |
105.9 |
% |
122.1 |
% |
110.6 |
% |
118.1 |
% |
92.9 |
% |
110.6 |
% |
|||||||||||
Year ended December 31, 2018 |
Year ended December 31, 2017 |
||||||||||||||||||||||
Catastrophe |
Other Property |
Total |
Catastrophe |
Other Property |
Total |
||||||||||||||||||
Gross premiums written |
$ |
1,349,324 |
$ |
411,602 |
$ |
1,760,926 |
$ |
1,104,450 |
$ |
335,987 |
$ |
1,440,437 |
|||||||||||
Net premiums written |
$ |
699,255 |
$ |
355,933 |
$ |
1,055,188 |
$ |
694,607 |
$ |
283,407 |
$ |
978,014 |
|||||||||||
Net premiums earned |
$ |
710,417 |
$ |
340,414 |
$ |
1,050,831 |
$ |
700,990 |
$ |
230,080 |
$ |
931,070 |
|||||||||||
Net claims and claim expenses incurred |
282,713 |
215,182 |
497,895 |
1,083,376 |
214,609 |
1,297,985 |
|||||||||||||||||
Acquisition expenses |
77,950 |
99,962 |
177,912 |
36,928 |
76,888 |
113,816 |
|||||||||||||||||
Operational expenses |
93,897 |
19,057 |
112,954 |
77,052 |
17,142 |
94,194 |
|||||||||||||||||
Underwriting income (loss) |
$ |
255,857 |
$ |
6,213 |
$ |
262,070 |
$ |
(496,366 |
) |
$ |
(78,559 |
) |
$ |
(574,925 |
) |
||||||||
Net claims and claim expenses incurred - current accident year |
$ |
476,190 |
$ |
242,995 |
$ |
719,185 |
$ |
1,127,699 |
$ |
215,882 |
$ |
1,343,581 |
|||||||||||
Net claims and claim expenses incurred - prior accident years |
(193,477 |
) |
(27,813 |
) |
(221,290 |
) |
(44,323 |
) |
(1,273 |
) |
(45,596 |
) |
|||||||||||
Net claims and claim expenses incurred - total |
$ |
282,713 |
$ |
215,182 |
$ |
497,895 |
$ |
1,083,376 |
$ |
214,609 |
$ |
1,297,985 |
|||||||||||
Net claims and claim expense ratio - current accident year |
67.0 |
% |
71.4 |
% |
68.4 |
% |
160.9 |
% |
93.8 |
% |
144.3 |
% |
|||||||||||
Net claims and claim expense ratio - prior accident years |
(27.2 |
)% |
(8.2 |
)% |
(21.0 |
)% |
(6.4 |
)% |
(0.5 |
)% |
(4.9 |
)% |
|||||||||||
Net claims and claim expense ratio - calendar year |
39.8 |
% |
63.2 |
% |
47.4 |
% |
154.5 |
% |
93.3 |
% |
139.4 |
% |
|||||||||||
Underwriting expense ratio |
24.2 |
% |
35.0 |
% |
27.7 |
% |
16.3 |
% |
40.8 |
% |
22.3 |
% |
|||||||||||
Combined ratio |
64.0 |
% |
98.2 |
% |
75.1 |
% |
170.8 |
% |
134.1 |
% |
161.7 |
% |
|||||||||||
20 |
|
|
RenaissanceRe Holdings Ltd.
Comments on Regulation G
In addition to the GAAP financial measures set forth in this Financial Supplement, the Company has included certain non-GAAP financial measures within the meaning of Regulation G. The Company has consistently 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 the industry. These measures may not, however, be comparable to similarly titled measures used by companies 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.
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 (loss) income (attributable) available 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, and the associated income tax expense or benefit, and the exclusion of the write-down of a portion of the Company's deferred tax asset as a result of the reduction in the U.S. corporate tax rate from 35% to 21% effective January 1, 2018 pursuant to the Tax Cuts and Jobs Act of 2017 (the "Tax Bill"), which was enacted on December 22, 2017. 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 Company's fixed maturity investment portfolio, equity investments trading and investments-related derivatives, the associated income tax expense or benefit of those fluctuations, and the non-recurring impact of the write-down of a portion of the Company's deferred tax assets as a result of the Tax Bill. 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 is a reconciliation of: 1) net (loss) income (attributable) available to RenaissanceRe common shareholders to operating income (loss) available (attributable) to RenaissanceRe common shareholders; 2) net (loss) income (attributable) available 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:
Three months ended |
Year ended |
||||||||||||||||||||||||||
December 31, 2018 |
September 30, 2018 |
June 30, 2018 |
March 31, 2018 |
December 31, 2017 |
December 31, 2018 |
December 31, 2017 |
|||||||||||||||||||||
Net (loss) income (attributable) available to RenaissanceRe common shareholders |
$ |
(83,906 |
) |
$ |
32,681 |
$ |
191,788 |
$ |
56,713 |
$ |
(3,452 |
) |
$ |
197,276 |
$ |
(244,770 |
) |
||||||||||
Adjustment for net realized and unrealized losses (gains) on investments |
88,654 |
(13,630 |
) |
17,901 |
82,144 |
7,716 |
175,069 |
(135,822 |
) |
||||||||||||||||||
Adjustment for deferred tax asset write-down (1) |
— |
— |
— |
— |
36,705 |
— |
36,705 |
||||||||||||||||||||
Adjustment for income tax (benefit) expense (2) |
(3,580 |
) |
1,536 |
(58 |
) |
(3,648 |
) |
384 |
(5,750 |
) |
11,587 |
||||||||||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders |
$ |
1,168 |
$ |
20,587 |
$ |
209,631 |
$ |
135,209 |
$ |
41,353 |
$ |
366,595 |
$ |
(332,300 |
) |
||||||||||||
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted |
$ |
(2.10 |
) |
$ |
0.82 |
$ |
4.78 |
$ |
1.42 |
$ |
(0.09 |
) |
$ |
4.91 |
$ |
(6.15 |
) |
||||||||||
Adjustment for net realized and unrealized losses (gains) on investments |
2.21 |
(0.34 |
) |
0.45 |
2.07 |
0.20 |
4.40 |
(3.41 |
) |
||||||||||||||||||
Adjustment for deferred tax asset write-down (1) |
— |
— |
— |
— |
0.93 |
— |
0.92 |
||||||||||||||||||||
Adjustment for income tax (benefit) expense (2) |
(0.09 |
) |
0.04 |
— |
(0.09 |
) |
0.01 |
(0.14 |
) |
0.29 |
|||||||||||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted |
$ |
0.02 |
$ |
0.52 |
$ |
5.23 |
$ |
3.40 |
$ |
1.05 |
$ |
9.17 |
$ |
(8.35 |
) |
||||||||||||
Return on average common equity - annualized |
(7.8 |
)% |
3.1 |
% |
18.6 |
% |
5.7 |
% |
(0.3 |
)% |
4.7 |
% |
(5.7 |
)% |
|||||||||||||
Adjustment for net realized and unrealized losses (gains) on investments |
8.2 |
% |
(1.3 |
)% |
1.7 |
% |
8.2 |
% |
0.8 |
% |
4.2 |
% |
(3.2 |
)% |
|||||||||||||
Adjustment for deferred tax asset write-down (1) |
— |
% |
— |
% |
— |
% |
— |
% |
3.7 |
% |
— |
% |
0.9 |
% |
|||||||||||||
Adjustment for income tax (benefit) expense (2) |
(0.3 |
)% |
0.1 |
% |
— |
% |
(0.4 |
)% |
— |
% |
(0.1 |
)% |
0.3 |
% |
|||||||||||||
Operating return on average common equity - annualized |
0.1 |
% |
1.9 |
% |
20.3 |
% |
13.5 |
% |
4.2 |
% |
8.8 |
% |
(7.7 |
)% |
|||||||||||||
(1) |
Adjustment for deferred tax asset write-down represents the write-down of a portion of the Company's deferred tax asset as a result of the reduction in the U.S. corporate tax rate from 35% to 21% effective January 1, 2018 pursuant to the Tax Bill, which was enacted on December 22, 2017.
|
(2) |
Adjustment for income tax (benefit) expense represents the income tax benefit (expense) associated with the adjustment for net realized and unrealized losses (gains) on investments. The income tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors.
|
21 |
|
|
RenaissanceRe Holdings Ltd.
Comments on Regulation G
The Company has included in this Financial Supplement “tangible book value per common share” and “tangible book value per common share plus accumulated dividends”. “Tangible book value per common share” is defined as book value per common share excluding goodwill and intangible assets per share. “Tangible book value per common share plus accumulated dividends” is defined as book value per common share excluding goodwill and intangible assets per share, plus accumulated dividends. The Company's management believes “tangible book value per common share” and “tangible book value per common share plus accumulated dividends” are useful to investors because they provide a more accurate measure of the realizable value of shareholder returns, excluding the impact of goodwill and intangible assets. The following is a reconciliation of book value per common share to tangible book value per common share and tangible book value per common share plus accumulated dividends:
At |
|||||||||||||||||||
December 31, 2018 |
September 30, 2018 |
June 30, 2018 |
March 31, 2018 |
December 31, 2017 |
|||||||||||||||
Book value per common share |
$ |
104.13 |
$ |
105.21 |
$ |
104.56 |
$ |
100.29 |
$ |
99.72 |
|||||||||
Adjustment for goodwill and other intangibles (1) |
(6.28 |
) |
(6.63 |
) |
(6.69 |
) |
(6.66 |
) |
(6.49 |
) |
|||||||||
Tangible book value per common share |
97.85 |
98.58 |
97.87 |
93.63 |
93.23 |
||||||||||||||
Adjustment for accumulated dividends |
19.32 |
18.99 |
18.66 |
18.33 |
18.00 |
||||||||||||||
Tangible book value per common share plus accumulated dividends |
$ |
117.17 |
$ |
117.57 |
$ |
116.53 |
$ |
111.96 |
$ |
111.23 |
|||||||||
Quarterly change in book value per common share |
(1.0 |
)% |
0.6 |
% |
4.3 |
% |
0.6 |
% |
(0.3 |
)% |
|||||||||
Quarterly change in tangible book value per common share plus change in accumulated dividends |
(0.4 |
)% |
1.1 |
% |
4.9 |
% |
0.8 |
% |
0.1 |
% |
|||||||||
Year to date change in book value per common share |
4.4 |
% |
5.5 |
% |
4.9 |
% |
0.6 |
% |
(8.0 |
)% |
|||||||||
Year to date change in tangible book value per common share plus change in accumulated dividends |
6.4 |
% |
6.8 |
% |
5.7 |
% |
0.8 |
% |
(7.2 |
)% |
|||||||||
(1) |
At December 31, 2018, September 30, 2018, June 30, 2018, March 31, 2018 and December 31, 2017, goodwill and other intangibles included $27.7 million, $28.4 million, $29.1 million, $26.3 million and $16.7 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.
|
22 |
|
|
RenaissanceRe Holdings Ltd.
Comments on Regulation G
The Company has included in this Financial Supplement “retained fixed maturity and short term investments, at fair value.” “Retained fixed maturity and short term investments, at fair value" is defined as total consolidated fixed maturity and short term investments, at fair value, less the portion of fixed maturity and short term investments, at fair value attributable to redeemable noncontrolling interests, certain third party vehicles and joint ventures. “Retained fixed maturity and short term investments, at fair value” differs from total consolidated fixed maturity and short term investments, at fair value, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of fixed maturity and short term investments, at fair value, attributable to redeemable noncontrolling interests, certain third party vehicles and joint ventures. The Company's management believes “retained fixed maturity and short term investments, at fair value” is useful to investors and other interested parties because it provides a measure of the portion of the Company's fixed maturity and short term investments, at fair value, that impacts the investment results included in net (loss) income (attributable) available to RenaissanceRe common shareholders. A reconciliation of total consolidated fixed maturity and short term investments, at fair value, to “retained fixed maturity and short term investments, at fair value” is included below:
At |
|||||||||||||||||||
December 31, 2018 |
September 30, 2018 |
June 30, 2018 |
March 31, 2018 |
December 31, 2017 |
|||||||||||||||
Fixed maturity investments, at fair value |
$ |
8,088,870 |
$ |
7,814,779 |
$ |
7,420,778 |
$ |
7,404,761 |
$ |
7,426,555 |
|||||||||
Short term investments, at fair value |
2,586,520 |
2,461,415 |
2,031,943 |
1,616,597 |
991,863 |
||||||||||||||
Total consolidated fixed maturity and short term investments, at fair value |
$ |
10,675,390 |
$ |
10,276,194 |
$ |
9,452,721 |
$ |
9,021,358 |
$ |
8,418,418 |
|||||||||
Adjustment for fixed maturity and short term investments attributable to redeemable noncontrolling interests, certain third party vehicles and joint ventures |
(3,027,930 |
) |
(2,676,150 |
) |
(2,396,144 |
) |
(2,216,740 |
) |
(1,658,035 |
) |
|||||||||
Retained fixed maturity and short term investments, at fair value |
$ |
7,647,460 |
$ |
7,600,044 |
$ |
7,056,577 |
$ |
6,804,618 |
$ |
6,760,383 |
|||||||||
23 |
|
|
RenaissanceRe Holdings Ltd.
Comments on Regulation G
From time to time, the Company discusses “managed catastrophe premiums” which is defined as gross catastrophe premiums written by the Company and its related joint ventures. “Managed catastrophe premiums” differs from Property segment gross premiums written, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of other property gross premiums written and the inclusion of catastrophe premiums written on behalf of the Company's joint venture Top Layer Re, which is accounted for under the equity method of accounting. The Company's management believes “managed catastrophe premiums” is useful to investors and other interested parties because it provides a measure of total catastrophe premiums assumed by the Company through its consolidated subsidiaries and related joint ventures. A reconciliation of “managed catastrophe premiums” to Property segment gross premiums written is included below:
Three months ended |
Year ended |
||||||||||||||||||||||||||
December 31, 2018 |
September 30, 2018 |
June 30, 2018 |
March 31, 2018 |
December 31, 2017 |
December 31, 2018 |
December 31, 2017 |
|||||||||||||||||||||
Property Segment |
|||||||||||||||||||||||||||
Catastrophe |
$ |
108,937 |
$ |
212,330 |
$ |
437,720 |
$ |
590,337 |
$ |
35,012 |
$ |
1,349,324 |
$ |
1,104,450 |
|||||||||||||
Other property |
90,981 |
89,083 |
114,907 |
116,631 |
60,154 |
411,602 |
335,987 |
||||||||||||||||||||
Property segment gross premiums written |
$ |
199,918 |
$ |
301,413 |
$ |
552,627 |
$ |
706,968 |
$ |
95,166 |
$ |
1,760,926 |
$ |
1,440,437 |
|||||||||||||
Managed Catastrophe Premiums |
|||||||||||||||||||||||||||
Property segment gross premiums written |
$ |
199,918 |
$ |
301,413 |
$ |
552,627 |
$ |
706,968 |
$ |
95,166 |
$ |
1,760,926 |
$ |
1,440,437 |
|||||||||||||
Other property gross premiums written |
(90,981 |
) |
(89,083 |
) |
(114,907 |
) |
(116,631 |
) |
(60,154 |
) |
(411,602 |
) |
(335,987 |
) |
|||||||||||||
Catastrophe gross premiums written |
$ |
108,937 |
$ |
212,330 |
$ |
437,720 |
$ |
590,337 |
$ |
35,012 |
$ |
1,349,324 |
$ |
1,104,450 |
|||||||||||||
Catastrophe premiums written on behalf of the Company's joint venture, Top Layer Re |
797 |
1,475 |
26,027 |
13,660 |
1,540 |
41,959 |
41,772 |
||||||||||||||||||||
Managed catastrophe premiums |
$ |
109,734 |
$ |
213,805 |
$ |
463,747 |
$ |
603,997 |
$ |
36,552 |
$ |
1,391,283 |
$ |
1,146,222 |
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24 |
|
|