Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

July 25, 2019

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
OR
  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number: 001-14428
RENAISSANCERE HOLDINGS LTD.
(Exact Name Of Registrant As Specified In Its Charter)
Bermuda
98-0141974
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification Number)
Renaissance House, 12 Crow Lane, Pembroke, Bermuda         HM 19
(Address of Principal Executive Office)         (Zip Code)
(441) 295-4513
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
symbol
Name of each exchange on which registered
Common Shares, Par Value $1.00 per share
RNR
New York Stock Exchange
Series C 6.08% Preference Shares, Par Value $1.00 per share
RNR PRC
New York Stock Exchange
Series E 5.375% Preference Shares, Par Value $1.00 per share
RNR PRE
New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a Series F 5.750% Preference Share, Par Value $1.00 per share
RNR PRF
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No
Indicate by check mark whether the registrant has submitted electronically, if any, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Act.
Large accelerated filer , Accelerated filer , Non-accelerated filer (do not check if a smaller reporting company), Smaller reporting company , Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes   No
The number of Common Shares, par value US $1.00 per share, outstanding at July 19, 2019 was 44,162,192.
 





RENAISSANCERE HOLDINGS LTD.
TABLE OF CONTENTS
 
 
 
Page
 
 
 
 
 
ITEM 1.
 
 
 
 
 
 
 
ITEM 2.
ITEM 3.
ITEM 4.
 
 
 
 
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 5.
ITEM 6.
 
 
 


2




NOTE ON FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q (this “Form 10-Q”) of RenaissanceRe Holdings Ltd. (the “Company” or “RenaissanceRe”) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which, with respect to future business decisions, are subject to change. These uncertainties and contingencies can affect actual results and could cause actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, us. In particular, statements using words such as “may”, “should”, “estimate”, “expect”, “anticipate”, “intend”, “believe”, “predict”, “potential”, or words of similar import generally involve forward-looking statements. For example, we may include certain forward-looking statements in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” with regard to trends in results, prices, volumes, operations, investment results, margins, combined ratios, fees, reserves, market conditions, risk management and exchange rates. This Form 10-Q also contains forward-looking statements with respect to our business and industry, such as those relating to our strategy and management objectives, market standing and product volumes, competition and new entrants in our industry, industry capital, insured losses from loss events, government initiatives and regulatory matters affecting the reinsurance and insurance industries.
The inclusion of forward-looking statements in this report should not be considered as a representation by us or any other person that our current objectives or plans will be achieved. Numerous factors could cause our actual results to differ materially from those addressed by the forward-looking statements, including the following:
the frequency and severity of catastrophic and other events we cover;
the effectiveness of our claims and claim expense reserving process;
our ability to maintain our financial strength ratings;  
the effect of climate change on our business, including the trend towards increasingly frequent and severe climate events;
collection on claimed retrocessional coverage, and new retrocessional reinsurance being available on acceptable terms and providing the coverage that we intended to obtain;
the effect of emerging claims and coverage issues;
the effects of United States (“U.S.”) tax reform legislation and possible future tax reform legislation and regulations, including changes to the tax treatment of our shareholders or investors in our joint ventures or other entities we manage;
soft reinsurance underwriting market conditions;
our reliance on a small and decreasing number of reinsurance brokers and other distribution services for the preponderance of our revenue;
our exposure to credit loss from counterparties in the normal course of business;
the effect of continued challenging economic conditions throughout the world;
a contention by the Internal Revenue Service (the “IRS”) that Renaissance Reinsurance Ltd. (“Renaissance Reinsurance”), or any of our other Bermuda subsidiaries, is subject to taxation in the U.S.;
the success of any of our strategic investments or acquisitions, including our ability to manage our operations as our product and geographical diversity increases;
our ability to retain our key senior officers and to attract or retain the executives and employees necessary to manage our business;
the performance of our investment portfolio;
losses we could face from terrorism, political unrest or war;
the effect of cybersecurity risks, including technology breaches or failure, on our business;
our ability to successfully implement our business strategies and initiatives;

3




our ability to determine the impairments taken on our investments;
the effects of inflation;
the ability of our ceding companies and delegated authority counterparties to accurately assess the risks they underwrite;
the effect of operational risks, including system or human failures;
our ability to effectively manage capital on behalf of investors in joint ventures or other entities we manage;
foreign currency exchange rate fluctuations;
our ability to raise capital if necessary;
our ability to comply with covenants in our debt agreements;
changes to the regulatory systems under which we operate, including as a result of increased global regulation of the insurance and reinsurance industries;
changes in Bermuda laws and regulations and the political environment in Bermuda;
our dependence on the ability of our operating subsidiaries to declare and pay dividends;
aspects of our corporate structure that may discourage third-party takeovers and other transactions;
the cyclical nature of the reinsurance and insurance industries;
adverse legislative developments that reduce the size of the private markets we serve or impede their future growth;
consolidation of competitors, customers and insurance and reinsurance brokers;
the effect on our business of the highly competitive nature of our industry, including the effect of new entrants to, competing products for and consolidation in the (re)insurance industry;
other political, regulatory or industry initiatives adversely impacting us;
increasing barriers to free trade and the free flow of capital;
our ability to comply with applicable sanctions and foreign corrupt practices laws;
international restrictions on the writing of reinsurance by foreign companies and government intervention in the natural catastrophe market;
the effect of Organisation for Economic Co-operation and Development (the “OECD”) or European Union (“EU”) measures to increase our taxes and reporting requirements;
the effect of the vote by the United Kingdom (the “U.K.”) to leave the EU;
changes in regulatory regimes and accounting rules that may impact financial results irrespective of business operations;
our need to make many estimates and judgments in the preparation of our financial statements;
risks that the ongoing integration of the TMR Group Entities (as defined herein) disrupts or distracts from current plans and operations; and
our ability to recognize the benefits of the TMR Stock Purchase (as defined herein).
As a consequence, our future financial condition and results may differ from those expressed in any forward-looking statements made by or on behalf of us. The factors listed above, which are discussed in more detail in our filings with the U.S. Securities and Exchange Commission (“SEC”), including our Annual Report on Form 10-K (“Form 10-K”) for the year ended December 31, 2018, should not be construed as exhaustive. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to revise or update forward-looking statements to reflect new information, events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

4




PART I        FINANCIAL INFORMATION
ITEM 1.        FINANCIAL STATEMENTS
RenaissanceRe Holdings Ltd. and Subsidiaries
Consolidated Balance Sheets
(in thousands of United States Dollars, except share and per share amounts)
 
June 30,
2019
 
December 31,
2018
Assets
(Unaudited)
 
(Audited)
Fixed maturity investments trading, at fair value – amortized cost $10,324,318 at June 30, 2019 (December 31, 2018 – $8,163,962)
$
10,479,666

 
$
8,088,870

Short term investments, at fair value
4,579,171

 
2,586,520

Equity investments trading, at fair value
273,646

 
310,252

Other investments, at fair value
955,437

 
784,933

Investments in other ventures, under equity method
100,396

 
115,172

Total investments
16,388,316

 
11,885,747

Cash and cash equivalents
670,626

 
1,107,922

Premiums receivable
3,140,688

 
1,537,188

Prepaid reinsurance premiums
1,158,534

 
616,185

Reinsurance recoverable
2,865,150

 
2,372,221

Accrued investment income
76,949

 
51,311

Deferred acquisition costs and value of business acquired
780,756

 
476,661

Receivable for investments sold
395,787

 
256,416

Other assets
344,938

 
135,127

Goodwill and other intangible assets
265,217

 
237,418

Total assets
$
26,086,961

 
$
18,676,196

Liabilities, Noncontrolling Interests and Shareholders’ Equity
 
 
 
Liabilities
 
 
 
Reserve for claims and claim expenses
$
8,484,848

 
$
6,076,271

Unearned premiums
3,362,520

 
1,716,021

Debt
1,382,890

 
991,127

Reinsurance balances payable
3,280,048

 
1,902,056

Payable for investments purchased
554,696

 
380,332

Other liabilities
396,651

 
513,609

Total liabilities
17,461,653

 
11,579,416

Commitments and Contingencies


 


Redeemable noncontrolling interests
2,712,466

 
2,051,700

Shareholders’ Equity
 
 
 
Preference shares: $1.00 par value – 16,010,000 shares issued and outstanding at June 30, 2019 (December 31, 2018 – 16,010,000)
650,000

 
650,000

Common shares: $1.00 par value – 44,162,192 shares issued and outstanding at June 30, 2019 (December 31, 2018 – 42,207,390)
44,162

 
42,207

Additional paid-in capital
552,210

 
296,099

Accumulated other comprehensive loss
(3,869
)
 
(1,433
)
Retained earnings
4,670,339

 
4,058,207

Total shareholders’ equity attributable to RenaissanceRe
5,912,842

 
5,045,080

Total liabilities, noncontrolling interests and shareholders’ equity
$
26,086,961

 
$
18,676,196



See accompanying notes to the consolidated financial statements

5




RenaissanceRe Holdings Ltd. and Subsidiaries
Consolidated Statements of Operations
For the three and six months ended June 30, 2019 and 2018
(in thousands of United States Dollars, except per share amounts) (Unaudited)
 
Three months ended
 
Six months ended
 
June 30,
2019
 
June 30,
2018
 
June 30,
2019
 
June 30,
2018
Revenues
 
 
 
 
 
 
 
Gross premiums written
$
1,476,908

 
$
977,343

 
$
3,041,203

 
$
2,136,995

Net premiums written
$
1,022,965

 
$
604,509

 
$
1,951,996

 
$
1,267,553

Increase in unearned premiums
(111,463
)
 
(175,124
)
 
(490,466
)
 
(397,886
)
Net premiums earned
911,502

 
429,385

 
1,461,530

 
869,667

Net investment income
115,832

 
71,356

 
197,294

 
127,832

Net foreign exchange gains (losses)
9,309

 
(10,687
)
 
6,463

 
(6,930
)
Equity in earnings of other ventures
6,812

 
5,826

 
11,473

 
6,683

Other income (loss)
922

 
1,225

 
4,093

 
(17
)
Net realized and unrealized gains (losses) on investments
194,003

 
(17,901
)
 
364,648

 
(100,045
)
Total revenues
1,238,380

 
479,204

 
2,045,501

 
897,190

Expenses
 
 
 
 
 
 
 
Net claims and claim expenses incurred
453,373

 
60,167

 
680,408

 
231,870

Acquisition expenses
227,482

 
105,052

 
351,433

 
202,763

Operational expenses
59,814

 
37,543

 
104,747

 
78,815

Corporate expenses
23,847

 
8,301

 
62,636

 
15,034

Interest expense
15,534

 
11,768

 
27,288

 
23,535

Total expenses
780,050

 
222,831

 
1,226,512

 
552,017

Income before taxes
458,330

 
256,373

 
818,989

 
345,173

Income tax expense
(9,475
)
 
(4,506
)
 
(17,006
)
 
(1,099
)
Net income
448,855

 
251,867

 
801,983

 
344,074

Net income attributable to redeemable noncontrolling interests
(71,812
)
 
(54,483
)
 
(142,034
)
 
(84,382
)
Net income attributable to RenaissanceRe
377,043

 
197,384

 
659,949

 
259,692

Dividends on preference shares
(9,189
)
 
(5,596
)
 
(18,378
)
 
(11,191
)
Net income available to RenaissanceRe common shareholders
$
367,854

 
$
191,788

 
$
641,571

 
$
248,501

Net income available to RenaissanceRe common shareholders per common share – basic
$
8.36

 
$
4.78

 
$
14.82

 
$
6.21

Net income available to RenaissanceRe common shareholders per common share – diluted
$
8.35

 
$
4.78

 
$
14.81

 
$
6.21

Dividends per common share
$
0.34

 
$
0.33

 
$
0.68

 
$
0.66












See accompanying notes to the consolidated financial statements

6




RenaissanceRe Holdings Ltd. and Subsidiaries
Consolidated Statements of Comprehensive Income
For the three and six months ended June 30, 2019 and 2018
(in thousands of United States Dollars) (Unaudited)
 
 
Three months ended
 
Six months ended
 
June 30,
2019
 
June 30,
2018
 
June 30,
2019
 
June 30,
2018
Comprehensive income
 
 
 
 
 
 
 
Net income
$
448,855

 
$
251,867

 
$
801,983

 
$
344,074

Change in net unrealized gains on investments, net of tax
1,309

 
(1,295
)
 
1,272

 
(1,325
)
Foreign currency translation adjustments, net of tax
(3,708
)
 

 
(3,708
)
 

Comprehensive income
446,456

 
250,572

 
799,547

 
342,749

Net income attributable to redeemable noncontrolling interests
(71,812
)
 
(54,483
)
 
(142,034
)
 
(84,382
)
Comprehensive income attributable to redeemable noncontrolling interests
(71,812
)
 
(54,483
)
 
(142,034
)
 
(84,382
)
Comprehensive income attributable to RenaissanceRe
$
374,644

 
$
196,089

 
$
657,513

 
$
258,367

 

































See accompanying notes to the consolidated financial statements

7




RenaissanceRe Holdings Ltd. and Subsidiaries
Consolidated Statements of Changes in Shareholders’ Equity
For the three and six months ended June 30, 2019 and 2018
(in thousands of United States Dollars) (Unaudited)
 
 
Three months ended
 
Six months ended
 
June 30,
2019
 
June 30,
2018
 
June 30,
2019
 
June 30,
2018
Preference shares
 
 
 
 
 
 
 
Beginning balance
$
650,000

 
$
400,000

 
$
650,000

 
$
400,000

Issuance of shares

 
250,000

 

 
250,000

Ending balance
650,000

 
650,000

 
650,000

 
650,000

Common shares
 
 
 
 
 
 
 
Beginning balance
44,159

 
40,246

 
42,207

 
40,024

Issuance of shares

 

 
1,739

 

Exercise of options and issuance of restricted stock awards
3

 
17

 
216

 
239

Ending balance
44,162

 
40,263

 
44,162

 
40,263

Additional paid-in capital
 
 
 
 
 
 
 
Beginning balance
543,889

 
38,552

 
296,099

 
37,355

Issuance of shares

 

 
248,259

 

Offering expenses

 
(8,498
)
 

 
(8,498
)
Change in redeemable noncontrolling interests
(213
)
 
271

 
(216
)
 
327

Exercise of options and issuance of restricted stock awards
8,534

 
4,769

 
8,068

 
5,910

Ending balance
552,210

 
35,094

 
552,210

 
35,094

Accumulated other comprehensive loss
 
 
 
 
 
 
 
Beginning balance
(1,470
)
 
194

 
(1,433
)
 
224

Change in net unrealized gains on investments, net of tax
1,309

 
(1,295
)
 
1,272

 
(1,325
)
Foreign currency translation adjustments, net of tax
(3,708
)
 

 
(3,708
)
 

Ending balance
(3,869
)
 
(1,101
)
 
(3,869
)
 
(1,101
)
Retained earnings
 
 
 
 
 
 
 
Beginning balance
4,317,455

 
3,957,261

 
4,058,207

 
3,913,772

Net income
448,855

 
251,867

 
801,983

 
344,074

Net income attributable to redeemable noncontrolling interests
(71,812
)
 
(54,483
)
 
(142,034
)
 
(84,382
)
Dividends on common shares
(14,970
)
 
(13,244
)
 
(29,439
)
 
(26,468
)
Dividends on preference shares
(9,189
)
 
(5,596
)
 
(18,378
)
 
(11,191
)
Ending balance
4,670,339

 
4,135,805

 
4,670,339

 
4,135,805

Total shareholders’ equity
$
5,912,842

 
$
4,860,061

 
$
5,912,842

 
$
4,860,061

 





See accompanying notes to the consolidated financial statements

8




RenaissanceRe Holdings Ltd. and Subsidiaries
Consolidated Statements of Cash Flows
For the six months ended June 30, 2019 and 2018
(in thousands of United States Dollars) (Unaudited)
 
Six months ended
 
June 30,
2019
 
June 30,
2018
Cash flows provided by operating activities
 
 
 
Net income
$
801,983

 
$
344,074

Adjustments to reconcile net income to net cash provided by operating activities
 
 
 
Amortization, accretion and depreciation
(16,529
)
 
24,741

Equity in undistributed earnings of other ventures
5,380

 
(7,262
)
Net realized and unrealized (gains) losses on investments
(364,648
)
 
100,045

Net unrealized gains included in net investment income
(2,181
)
 
(8,714
)
Change in:
 
 
 
Premiums receivable
(965,765
)
 
(655,025
)
Prepaid reinsurance premiums
(402,551
)
 
(391,955
)
Reinsurance recoverable
55,812

 
131,639

Deferred acquisition costs
1,911

 
(84,604
)
Reserve for claims and claim expenses
1,061

 
(378,063
)
Unearned premiums
882,888

 
789,841

Reinsurance balances payable
1,107,889

 
1,095,944

Other
(321,281
)
 
(611,550
)
Net cash provided by operating activities
783,969

 
349,111

Cash flows used in investing activities
 
 
 
Proceeds from sales and maturities of fixed maturity investments trading
9,405,348

 
4,813,208

Purchases of fixed maturity investments trading
(9,230,000
)
 
(5,014,011
)
Net sales (purchases) of equity investments trading
125,597

 
(34,298
)
Net purchases of short term investments
(1,972,717
)
 
(1,062,422
)
Net purchases of other investments
(133,889
)
 
(111,921
)
Net purchases of investments in other ventures
(2,249
)
 
(20,952
)
Return of investment from investment in other ventures
11,250

 
8,464

Net purchase of other assets
(4,108
)
 

Net purchase of the TMR Group Entities
(276,206
)
 

Net cash used in investing activities
(2,076,974
)
 
(1,421,932
)
Cash flows provided by financing activities
 
 
 
Dividends paid – RenaissanceRe common shares
(29,439
)
 
(26,468
)
Dividends paid – preference shares
(18,378
)
 
(11,191
)
Issuance of debt, net of expenses
396,411

 

Issuance of preference shares, net of expenses

 
242,371

Net third party redeemable noncontrolling interest share transactions
514,732

 
64,534

Taxes paid on withholding shares
(7,083
)
 
(7,044
)
Net cash provided by financing activities
856,243

 
262,202

Effect of exchange rate changes on foreign currency cash
(534
)
 
(2,501
)
Net decrease in cash and cash equivalents
(437,296
)
 
(813,120
)
Cash and cash equivalents, beginning of period
1,107,922

 
1,361,592

Cash and cash equivalents, end of period
$
670,626

 
$
548,472






See accompanying notes to the consolidated financial statements

9




RENAISSANCERE HOLDINGS LTD. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2019
(unless otherwise noted, amounts in tables expressed in thousands of United States (“U.S.”) dollars,
except shares, per share amounts and percentages) (Unaudited)
NOTE 1.    ORGANIZATION
This report on Form 10-Q should be read in conjunction with the RenaissanceRe’s Annual Report on Form 10-K (“Form 10-K”) for the fiscal year ended December 31, 2018.
RenaissanceRe was formed under the laws of Bermuda on June 7, 1993. Together with its wholly owned and majority-owned subsidiaries and joint ventures, the Company provides property, casualty and specialty reinsurance and certain insurance solutions to its customers.
On March 22, 2019, the Company’s wholly owned subsidiary, RenaissanceRe Specialty Holdings (UK) Limited, completed its previously announced purchase of all of the share capital of Tokio Millennium Re AG (now known as RenaissanceRe Europe AG) (“RenaissanceRe Europe”), Tokio Millennium Re (UK) Limited (now known as RenaissanceRe (UK) Limited) (“RenaissanceRe UK”), and their respective subsidiaries (collectively, the “TMR Group Entities”) pursuant to a Stock Purchase Agreement by and among the Company, Tokio Marine & Nichido Fire Insurance Co. Ltd. (“Tokio”) and, with respect to certain sections only, Tokio Marine Holdings, Inc. entered into on October 30, 2018 (the “TMR Stock Purchase Agreement”) (the “TMR Stock Purchase”). See “Note 3. Acquisition of Tokio Millennium Re” for additional information regarding the TMR Stock Purchase.
Renaissance Reinsurance, a Bermuda-domiciled reinsurance company, is the Company’s principal reinsurance subsidiary and provides property, casualty and specialty reinsurance coverages to insurers and reinsurers on a worldwide basis.
Renaissance Reinsurance U.S. Inc. (“Renaissance Reinsurance U.S.”) is a reinsurance company domiciled in the state of Maryland that provides property, casualty and specialty reinsurance coverages to insurers and reinsurers, primarily in the Americas.
RenaissanceRe Underwriting Managers U.S. LLC, a specialty reinsurance agency domiciled in the state of Connecticut, provides specialty treaty reinsurance solutions on both a quota share and excess of loss basis; and writes business on behalf of RenaissanceRe Specialty U.S. Ltd. (“RenaissanceRe Specialty U.S.”), a Bermuda-domiciled reinsurer, which operates subject to U.S. federal income tax, and RenaissanceRe Syndicate 1458 (“Syndicate 1458”).
Syndicate 1458 is the Company’s Lloyd’s syndicate. RenaissanceRe Corporate Capital (UK) Limited (“RenaissanceRe CCL”), a wholly owned subsidiary of RenaissanceRe, is Syndicate 1458’s sole corporate member and RenaissanceRe Syndicate Management Ltd. (“RSML”), a wholly owned subsidiary of RenaissanceRe, is the managing agent for Syndicate 1458.