000091314412-312021Q1FALSE00009131442021-01-012021-03-310000913144us-gaap:CommonStockMember2021-01-012021-03-310000913144rnr:SeriesE5.375PreferenceSharesParValue1.00pershareMember2021-01-012021-03-310000913144rnr:DepositaryShareseachrepresentinga11000thinterestinaSeriesF5.Member2021-01-012021-03-31xbrli:shares00009131442021-04-23iso4217:USD00009131442021-03-3100009131442020-12-31iso4217:USDxbrli:shares00009131442020-01-012020-03-310000913144us-gaap:PreferredStockMember2020-12-310000913144us-gaap:PreferredStockMember2019-12-310000913144us-gaap:PreferredStockMember2021-01-012021-03-310000913144us-gaap:PreferredStockMember2020-01-012020-03-310000913144us-gaap:PreferredStockMember2021-03-310000913144us-gaap:PreferredStockMember2020-03-310000913144us-gaap:CommonStockMember2020-12-310000913144us-gaap:CommonStockMember2019-12-310000913144us-gaap:CommonStockMember2021-01-012021-03-310000913144us-gaap:CommonStockMember2020-01-012020-03-310000913144us-gaap:CommonStockMember2021-03-310000913144us-gaap:CommonStockMember2020-03-310000913144us-gaap:AdditionalPaidInCapitalMember2020-12-310000913144us-gaap:AdditionalPaidInCapitalMember2019-12-310000913144us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310000913144us-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-310000913144us-gaap:AdditionalPaidInCapitalMember2021-03-310000913144us-gaap:AdditionalPaidInCapitalMember2020-03-310000913144us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000913144us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310000913144us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310000913144us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310000913144us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310000913144us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310000913144us-gaap:RetainedEarningsMember2020-12-310000913144us-gaap:RetainedEarningsMember2019-12-310000913144us-gaap:RetainedEarningsMember2021-01-012021-03-310000913144us-gaap:RetainedEarningsMember2020-01-012020-03-310000913144us-gaap:RetainedEarningsMember2021-03-310000913144us-gaap:RetainedEarningsMember2020-03-3100009131442020-03-31xbrli:pure0000913144us-gaap:SeriesCPreferredStockMember2021-01-012021-03-3100009131442019-12-310000913144us-gaap:USTreasurySecuritiesMember2021-03-310000913144us-gaap:USTreasurySecuritiesMember2020-12-310000913144us-gaap:AgencySecuritiesMember2021-03-310000913144us-gaap:AgencySecuritiesMember2020-12-310000913144us-gaap:ForeignGovernmentDebtSecuritiesMember2021-03-310000913144us-gaap:ForeignGovernmentDebtSecuritiesMember2020-12-310000913144rnr:NonUSGovernmentBackedCorporateDebtSecuritiesMember2021-03-310000913144rnr:NonUSGovernmentBackedCorporateDebtSecuritiesMember2020-12-310000913144us-gaap:CorporateDebtSecuritiesMember2021-03-310000913144us-gaap:CorporateDebtSecuritiesMember2020-12-310000913144us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2021-03-310000913144us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2020-12-310000913144us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2021-03-310000913144us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2020-12-310000913144us-gaap:CommercialMortgageBackedSecuritiesMember2021-03-310000913144us-gaap:CommercialMortgageBackedSecuritiesMember2020-12-310000913144us-gaap:AssetBackedSecuritiesMember2021-03-310000913144us-gaap:AssetBackedSecuritiesMember2020-12-310000913144us-gaap:MortgageBackedSecuritiesMember2021-03-310000913144us-gaap:FinancialServicesSectorMember2021-03-310000913144us-gaap:FinancialServicesSectorMember2020-12-310000913144us-gaap:TechnologySectorMember2021-03-310000913144us-gaap:TechnologySectorMember2020-12-310000913144rnr:ConsumerSectorMember2021-03-310000913144rnr:ConsumerSectorMember2020-12-310000913144us-gaap:CommercialAndIndustrialSectorMember2021-03-310000913144us-gaap:CommercialAndIndustrialSectorMember2020-12-310000913144us-gaap:HealthcareSectorMember2021-03-310000913144us-gaap:HealthcareSectorMember2020-12-310000913144rnr:BasicMaterialsSectorMember2021-03-310000913144rnr:BasicMaterialsSectorMember2020-12-310000913144us-gaap:FixedMaturitiesMember2021-01-012021-03-310000913144us-gaap:FixedMaturitiesMember2020-01-012020-03-310000913144us-gaap:ShortTermInvestmentsMember2021-01-012021-03-310000913144us-gaap:ShortTermInvestmentsMember2020-01-012020-03-310000913144us-gaap:EquitySecuritiesMember2021-01-012021-03-310000913144us-gaap:EquitySecuritiesMember2020-01-012020-03-310000913144rnr:CatastropheBondsMember2021-01-012021-03-310000913144rnr:CatastropheBondsMember2020-01-012020-03-310000913144rnr:OtherInvestmentsOtherMember2021-01-012021-03-310000913144rnr:OtherInvestmentsOtherMember2020-01-012020-03-310000913144us-gaap:CashAndCashEquivalentsMember2021-01-012021-03-310000913144us-gaap:CashAndCashEquivalentsMember2020-01-012020-03-310000913144us-gaap:FixedMaturitiesMember2021-01-012021-03-310000913144us-gaap:FixedMaturitiesMember2020-01-012020-03-310000913144us-gaap:DerivativeMember2021-01-012021-03-310000913144us-gaap:DerivativeMember2020-01-012020-03-310000913144us-gaap:EquitySecuritiesMember2021-01-012021-03-310000913144us-gaap:EquitySecuritiesMember2020-01-012020-03-310000913144us-gaap:OtherInvestmentsMemberrnr:CatastropheBondsMember2021-01-012021-03-310000913144us-gaap:OtherInvestmentsMemberrnr:CatastropheBondsMember2020-01-012020-03-310000913144us-gaap:OtherInvestmentsMemberrnr:OtherInvestmentsOtherMember2021-01-012021-03-310000913144us-gaap:OtherInvestmentsMemberrnr:OtherInvestmentsOtherMember2020-01-012020-03-310000913144us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:FairValueInputsLevel1Memberus-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:AgencySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:FairValueInputsLevel1Memberus-gaap:AgencySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:AgencySecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:FairValueInputsLevel3Memberus-gaap:AgencySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:FairValueInputsLevel1Memberus-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144rnr:NonUSGovernmentBackedCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:FairValueInputsLevel1Memberrnr:NonUSGovernmentBackedCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144rnr:NonUSGovernmentBackedCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144rnr:NonUSGovernmentBackedCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:FairValueInputsLevel2Memberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:FairValueInputsLevel3Memberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:FairValueInputsLevel1Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:FairValueInputsLevel1Memberus-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144rnr:CatastropheBondsMemberus-gaap:FairValueInputsLevel12And3Memberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:FairValueInputsLevel1Memberrnr:CatastropheBondsMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144rnr:CatastropheBondsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:FairValueInputsLevel3Memberrnr:CatastropheBondsMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:PrivateEquityFundsMemberus-gaap:FairValueInputsLevel12And3Memberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:FairValueInputsLevel1Memberus-gaap:PrivateEquityFundsMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:FairValueInputsLevel2Memberus-gaap:PrivateEquityFundsMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:FairValueInputsLevel3Memberus-gaap:PrivateEquityFundsMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:FairValueInputsLevel12And3Memberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberrnr:FundInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:FairValueInputsLevel3Memberus-gaap:OtherAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:FairValueInputsLevel3Memberus-gaap:OtherLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:FairValueInputsLevel1Memberus-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:AgencySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:FairValueInputsLevel1Memberus-gaap:AgencySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:AgencySecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:FairValueInputsLevel3Memberus-gaap:AgencySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:FairValueInputsLevel1Memberus-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144rnr:NonUSGovernmentBackedCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:FairValueInputsLevel1Memberrnr:NonUSGovernmentBackedCorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144rnr:NonUSGovernmentBackedCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144rnr:NonUSGovernmentBackedCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:FairValueInputsLevel2Memberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:FairValueInputsLevel3Memberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:FairValueInputsLevel1Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:FairValueInputsLevel1Memberus-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144rnr:CatastropheBondsMemberus-gaap:FairValueInputsLevel12And3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:FairValueInputsLevel1Memberrnr:CatastropheBondsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144rnr:CatastropheBondsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:FairValueInputsLevel3Memberrnr:CatastropheBondsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:PrivateEquityFundsMemberus-gaap:FairValueInputsLevel12And3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:FairValueInputsLevel1Memberus-gaap:PrivateEquityFundsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:FairValueInputsLevel2Memberus-gaap:PrivateEquityFundsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:FairValueInputsLevel3Memberus-gaap:PrivateEquityFundsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:FairValueInputsLevel12And3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberrnr:FundInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:FairValueInputsLevel3Memberus-gaap:OtherAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:FairValueInputsLevel3Memberus-gaap:OtherLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:USTreasurySecuritiesMember2021-03-310000913144us-gaap:USTreasurySecuritiesMember2020-12-310000913144us-gaap:AgencySecuritiesMember2021-03-310000913144us-gaap:AgencySecuritiesMember2020-12-310000913144us-gaap:ForeignGovernmentDebtSecuritiesMember2021-03-310000913144us-gaap:ForeignGovernmentDebtSecuritiesMember2020-12-310000913144rnr:NonUSGovernmentBackedCorporateDebtSecuritiesMember2021-03-310000913144rnr:NonUSGovernmentBackedCorporateDebtSecuritiesMember2020-12-310000913144us-gaap:CorporateDebtSecuritiesMember2021-03-310000913144us-gaap:CorporateDebtSecuritiesMember2020-12-310000913144us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2021-03-310000913144us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2021-01-012021-03-310000913144us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2020-12-310000913144us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2020-01-012020-12-310000913144rnr:NonAgencyPrimeResidentialMortgageBackedSecuritiesMember2021-03-310000913144rnr:NonAgencyPrimeResidentialMortgageBackedSecuritiesMember2021-01-012021-03-310000913144rnr:NonAgencyPrimeResidentialMortgageBackedSecuritiesMember2020-12-310000913144rnr:NonAgencyPrimeResidentialMortgageBackedSecuritiesMember2020-01-012020-12-310000913144us-gaap:CommercialMortgageBackedSecuritiesMember2021-03-310000913144us-gaap:CommercialMortgageBackedSecuritiesMember2021-01-012021-03-310000913144us-gaap:CommercialMortgageBackedSecuritiesMember2020-12-310000913144us-gaap:CommercialMortgageBackedSecuritiesMember2020-01-012020-12-310000913144us-gaap:AssetBackedSecuritiesMember2021-03-310000913144us-gaap:AssetBackedSecuritiesMember2021-01-012021-03-310000913144us-gaap:AssetBackedSecuritiesMember2020-12-310000913144us-gaap:AssetBackedSecuritiesMember2020-01-012020-12-310000913144us-gaap:ShortTermInvestmentsMember2021-03-310000913144us-gaap:ShortTermInvestmentsMember2020-12-310000913144us-gaap:FairValueInputsLevel3Memberrnr:InternalValuationModelValuationTechniqueMemberus-gaap:PrivateEquityFundsMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberrnr:InternalValuationModelValuationTechniqueMemberus-gaap:PrivateEquityFundsMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144rnr:MeasurementInputLiquidityMemberus-gaap:FairValueInputsLevel3Memberrnr:InternalValuationModelValuationTechniqueMemberus-gaap:PrivateEquityFundsMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:FairValueInputsLevel3Memberrnr:InternalValuationModelValuationTechniqueMemberrnr:AssumedAndCededReInsuranceContractsGroupOneMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputOfferedPriceMemberrnr:InternalValuationModelValuationTechniqueMemberrnr:AssumedAndCededReInsuranceContractsGroupOneMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144rnr:MeasurementInputLiquidityMemberus-gaap:FairValueInputsLevel3Memberrnr:InternalValuationModelValuationTechniqueMemberrnr:AssumedAndCededReInsuranceContractsGroupOneMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:FairValueInputsLevel3Memberrnr:InternalValuationModelValuationTechniqueMemberrnr:AssumedandCededReInsuranceContractsGroupTwoMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:FairValueInputsLevel3Memberrnr:InternalValuationModelValuationTechniqueMemberrnr:AssumedandCededReInsuranceContractsGroupTwoMembersrt:WeightedAverageMemberrnr:MeasurementInputUndiscountedCashFlowsMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144rnr:MeasurementInputExpectedLossRatioMemberus-gaap:FairValueInputsLevel3Memberrnr:InternalValuationModelValuationTechniqueMemberrnr:AssumedandCededReInsuranceContractsGroupTwoMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberrnr:InternalValuationModelValuationTechniqueMemberrnr:AssumedandCededReInsuranceContractsGroupTwoMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:FairValueInputsLevel3Memberrnr:AssumedandCededReInsuranceContractsGroupThreeMemberrnr:InternalValuationModelValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144rnr:MeasurementInputExpectedLossRatioMemberus-gaap:FairValueInputsLevel3Memberrnr:AssumedandCededReInsuranceContractsGroupThreeMemberrnr:InternalValuationModelValuationTechniqueMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144rnr:AssumedAndCededReInsuranceContractsMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:FairValueInputsLevel3Memberrnr:InternalValuationModelValuationTechniqueMemberus-gaap:PrivateEquityFundsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberrnr:InternalValuationModelValuationTechniqueMemberus-gaap:PrivateEquityFundsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144rnr:MeasurementInputLiquidityMemberus-gaap:FairValueInputsLevel3Memberrnr:InternalValuationModelValuationTechniqueMemberus-gaap:PrivateEquityFundsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:FairValueInputsLevel3Memberrnr:InternalValuationModelValuationTechniqueMemberrnr:AssumedAndCededReInsuranceContractsGroupOneMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputOfferedPriceMemberrnr:InternalValuationModelValuationTechniqueMemberrnr:AssumedAndCededReInsuranceContractsGroupOneMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144rnr:MeasurementInputLiquidityMemberus-gaap:FairValueInputsLevel3Memberrnr:InternalValuationModelValuationTechniqueMemberrnr:AssumedAndCededReInsuranceContractsGroupOneMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:FairValueInputsLevel3Memberrnr:InternalValuationModelValuationTechniqueMemberrnr:AssumedandCededReInsuranceContractsGroupTwoMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:FairValueInputsLevel3Memberrnr:InternalValuationModelValuationTechniqueMemberrnr:AssumedandCededReInsuranceContractsGroupTwoMemberrnr:MeasurementInputUndiscountedCashFlowsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144rnr:MeasurementInputExpectedLossRatioMemberus-gaap:FairValueInputsLevel3Memberrnr:InternalValuationModelValuationTechniqueMemberrnr:AssumedandCededReInsuranceContractsGroupTwoMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueInputsLevel3Memberrnr:InternalValuationModelValuationTechniqueMemberrnr:AssumedandCededReInsuranceContractsGroupTwoMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:FairValueInputsLevel3Memberrnr:AssumedandCededReInsuranceContractsGroupThreeMemberrnr:InternalValuationModelValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144rnr:MeasurementInputExpectedLossRatioMemberus-gaap:FairValueInputsLevel3Memberrnr:AssumedandCededReInsuranceContractsGroupThreeMemberrnr:InternalValuationModelValuationTechniqueMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144rnr:AssumedAndCededReInsuranceContractsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:FairValueInputsLevel3Memberus-gaap:OtherInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:FairValueInputsLevel3Memberrnr:OtherAssetsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000913144us-gaap:FairValueInputsLevel3Memberus-gaap:OtherInvestmentsMemberus-gaap:GainLossOnInvestmentsMember1us-gaap:FairValueMeasurementsRecurringMember2021-01-012021-03-310000913144us-gaap:FairValueInputsLevel3Memberrnr:OtherAssetsLiabilitiesMemberus-gaap:GainLossOnInvestmentsMember1us-gaap:FairValueMeasurementsRecurringMember2021-01-012021-03-310000913144us-gaap:FairValueInputsLevel3Memberus-gaap:GainLossOnInvestmentsMember1us-gaap:FairValueMeasurementsRecurringMember2021-01-012021-03-310000913144us-gaap:FairValueInputsLevel3Memberus-gaap:OtherOperatingIncomeExpenseMemberus-gaap:OtherInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2021-01-012021-03-310000913144us-gaap:FairValueInputsLevel3Memberrnr:OtherAssetsLiabilitiesMemberus-gaap:OtherOperatingIncomeExpenseMemberus-gaap:FairValueMeasurementsRecurringMember2021-01-012021-03-310000913144us-gaap:FairValueInputsLevel3Memberus-gaap:OtherOperatingIncomeExpenseMemberus-gaap:FairValueMeasurementsRecurringMember2021-01-012021-03-310000913144us-gaap:FairValueInputsLevel3Memberus-gaap:OtherInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2021-01-012021-03-310000913144us-gaap:FairValueInputsLevel3Memberrnr:OtherAssetsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-01-012021-03-310000913144us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-01-012021-03-310000913144us-gaap:FairValueInputsLevel3Memberus-gaap:OtherInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:FairValueInputsLevel3Memberrnr:OtherAssetsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-03-310000913144us-gaap:FairValueInputsLevel3Memberus-gaap:OtherInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000913144us-gaap:FairValueInputsLevel3Memberrnr:OtherAssetsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000913144us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310000913144us-gaap:FairValueInputsLevel3Memberus-gaap:OtherInvestmentsMemberus-gaap:GainLossOnInvestmentsMember1us-gaap:FairValueMeasurementsRecurringMember2020-01-012020-03-310000913144us-gaap:FairValueInputsLevel3Memberrnr:OtherAssetsLiabilitiesMemberus-gaap:GainLossOnInvestmentsMember1us-gaap:FairValueMeasurementsRecurringMember2020-01-012020-03-310000913144us-gaap:FairValueInputsLevel3Memberus-gaap:GainLossOnInvestmentsMember1us-gaap:FairValueMeasurementsRecurringMember2020-01-012020-03-310000913144us-gaap:FairValueInputsLevel3Memberus-gaap:OtherOperatingIncomeExpenseMemberus-gaap:OtherInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2020-01-012020-03-310000913144us-gaap:FairValueInputsLevel3Memberrnr:OtherAssetsLiabilitiesMemberus-gaap:OtherOperatingIncomeExpenseMemberus-gaap:FairValueMeasurementsRecurringMember2020-01-012020-03-310000913144us-gaap:FairValueInputsLevel3Memberus-gaap:OtherOperatingIncomeExpenseMemberus-gaap:FairValueMeasurementsRecurringMember2020-01-012020-03-310000913144us-gaap:FairValueInputsLevel3Memberus-gaap:OtherInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2020-01-012020-03-310000913144us-gaap:FairValueInputsLevel3Memberrnr:OtherAssetsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-01-012020-03-310000913144us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-01-012020-03-310000913144us-gaap:FairValueInputsLevel3Memberus-gaap:OtherInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2020-03-310000913144us-gaap:FairValueInputsLevel3Memberrnr:OtherAssetsLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2020-03-310000913144us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-03-310000913144us-gaap:InvestmentIncomeMemberus-gaap:OtherInvestmentsMember2021-01-012021-03-310000913144us-gaap:InvestmentIncomeMemberus-gaap:OtherInvestmentsMember2020-01-012020-03-310000913144us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PrivateEquityFundsMember2021-03-310000913144us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberrnr:SeniorSecuredBankLoanFundsMember2021-03-310000913144us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:HedgeFundsMember2021-03-310000913144us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2021-03-310000913144us-gaap:PrivateEquityFundsMembersrt:MinimumMember2021-01-012021-03-310000913144us-gaap:PrivateEquityFundsMembersrt:MaximumMember2021-01-012021-03-310000913144rnr:SeniorSecuredBankLoanFundsMember2021-03-310000913144rnr:SeniorSecuredBankLoanFundsMembersrt:MinimumMember2021-01-012021-03-310000913144rnr:SeniorSecuredBankLoanFundsMembersrt:MaximumMember2021-01-012021-03-310000913144us-gaap:CededCreditRiskSecuredMemberus-gaap:ReinsurerConcentrationRiskMemberus-gaap:ReinsuranceRecoverableMember2021-01-012021-03-310000913144srt:StandardPoorsAMinusRatingMemberus-gaap:ReinsurerConcentrationRiskMemberus-gaap:ReinsuranceRecoverableMemberus-gaap:CededCreditRiskUnsecuredMember2021-01-012021-03-310000913144us-gaap:ReinsurerConcentrationRiskMemberus-gaap:ReinsuranceRecoverableMemberus-gaap:CededCreditRiskUnsecuredMembersrt:StandardPoorsBBBPlusRatingMember2021-01-012021-03-310000913144us-gaap:CededCreditRiskSecuredMemberus-gaap:ReinsurerConcentrationRiskMemberus-gaap:ReinsuranceRecoverableMember2020-01-012020-12-310000913144srt:StandardPoorsAMinusRatingMemberus-gaap:ReinsurerConcentrationRiskMemberus-gaap:ReinsuranceRecoverableMemberus-gaap:CededCreditRiskUnsecuredMember2020-01-012020-12-310000913144us-gaap:ReinsurerConcentrationRiskMemberus-gaap:ReinsuranceRecoverableMemberus-gaap:CededCreditRiskUnsecuredMembersrt:StandardPoorsBBBPlusRatingMember2020-01-012020-12-310000913144us-gaap:ReinsuranceRecoverableMemberrnr:CustomerConcentrationRiskCustomerOneMember2021-01-012021-03-310000913144rnr:CustomerConcentrationRiskCustomerTwoMemberus-gaap:ReinsuranceRecoverableMember2021-01-012021-03-310000913144us-gaap:ReinsuranceRecoverableMemberrnr:CustomerConcentrationRiskCustomerThreeMember2021-01-012021-03-310000913144us-gaap:ReinsuranceRecoverableMemberrnr:CustomerConcentrationRiskCustomerOneMember2020-01-012020-12-310000913144rnr:CustomerConcentrationRiskCustomerTwoMemberus-gaap:ReinsuranceRecoverableMember2020-01-012020-12-310000913144us-gaap:ReinsuranceRecoverableMemberrnr:CustomerConcentrationRiskCustomerThreeMember2020-01-012020-12-310000913144us-gaap:AllowanceForReinsuranceRecoverableMemberrnr:CustomerConcentrationRiskCustomerOneMember2021-01-012021-03-310000913144rnr:CustomerConcentrationRiskCustomerTwoMemberus-gaap:AllowanceForReinsuranceRecoverableMember2021-01-012021-03-310000913144us-gaap:AllowanceForReinsuranceRecoverableMemberrnr:CustomerConcentrationRiskCustomerThreeMember2021-01-012021-03-310000913144us-gaap:AllowanceForReinsuranceRecoverableMemberrnr:CustomerConcentrationRiskCustomerOneMember2020-01-012020-12-310000913144rnr:CustomerConcentrationRiskCustomerTwoMemberus-gaap:AllowanceForReinsuranceRecoverableMember2020-01-012020-12-310000913144us-gaap:AllowanceForReinsuranceRecoverableMemberrnr:CustomerConcentrationRiskCustomerThreeMember2020-01-012020-12-310000913144us-gaap:OperatingSegmentsMemberrnr:PropertySegmentMember2021-03-310000913144us-gaap:OperatingSegmentsMemberrnr:CasualtyandSpecialtySegmentMember2021-03-310000913144us-gaap:OperatingSegmentsMemberrnr:PropertySegmentMember2020-12-310000913144us-gaap:OperatingSegmentsMemberrnr:CasualtyandSpecialtySegmentMember2020-12-310000913144us-gaap:OperatingSegmentsMemberrnr:PropertySegmentMember2021-01-012021-03-310000913144us-gaap:OperatingSegmentsMemberrnr:PropertySegmentMember2020-01-012020-03-310000913144us-gaap:OperatingSegmentsMemberrnr:CasualtyandSpecialtySegmentMember2021-01-012021-03-310000913144us-gaap:OperatingSegmentsMemberrnr:CasualtyandSpecialtySegmentMember2020-01-012020-03-310000913144rnr:A2019LargeLossEventsMemberrnr:PropertySegmentMember2021-01-012021-03-310000913144rnr:A2018LargeLossEventsMemberrnr:PropertySegmentMember2021-01-012021-03-310000913144rnr:A2017LargeLossEventsMemberrnr:PropertySegmentMember2021-01-012021-03-310000913144rnr:OtherLargeCatastropheEventsMemberrnr:PropertySegmentMember2021-01-012021-03-310000913144rnr:LargeCatastropheEventsMemberrnr:PropertySegmentMember2021-01-012021-03-310000913144rnr:OtherSmallCatastropheEventsAndAttritionalLossMovementsMemberrnr:PropertySegmentMember2021-01-012021-03-310000913144rnr:SmallCatastropheEventsAndAttritionalLossMovementsMemberrnr:PropertySegmentMember2021-01-012021-03-310000913144rnr:LargeandSmallCatastropheEventsAndAttritionalLossMovementsMemberrnr:PropertySegmentMember2021-01-012021-03-310000913144rnr:PropertySegmentMember2021-01-012021-03-310000913144rnr:A2019LargeLossEventsMemberrnr:PropertySegmentMember2020-01-012020-03-310000913144rnr:A2018LargeLossEventsMemberrnr:PropertySegmentMember2020-01-012020-03-310000913144rnr:A2017LargeLossEventsMemberrnr:PropertySegmentMember2020-01-012020-03-310000913144rnr:OtherLargeCatastropheEventsMemberrnr:PropertySegmentMember2020-01-012020-03-310000913144rnr:LargeCatastropheEventsMemberrnr:PropertySegmentMember2020-01-012020-03-310000913144rnr:OtherSmallCatastropheEventsAndAttritionalLossMovementsMemberrnr:PropertySegmentMember2020-01-012020-03-310000913144rnr:SmallCatastropheEventsAndAttritionalLossMovementsMemberrnr:PropertySegmentMember2020-01-012020-03-310000913144rnr:PropertySegmentMember2020-01-012020-03-310000913144rnr:ReportedClaimsLessThanExpectedMemberrnr:PropertySegmentMember2020-01-012020-03-310000913144rnr:CasualtyandSpecialtySegmentMemberrnr:ReportedClaimsLessThanExpectedMember2021-01-012021-03-310000913144rnr:CasualtyandSpecialtySegmentMemberrnr:ReportedClaimsLessThanExpectedMember2020-01-012020-03-310000913144rnr:CasualtyandSpecialtySegmentMember2021-01-012021-03-310000913144rnr:CasualtyandSpecialtySegmentMember2020-01-012020-03-310000913144rnr:A3.600SeniorNotesDue2029Member2021-03-310000913144rnr:A3.600SeniorNotesDue2029Memberus-gaap:SeniorNotesMemberrnr:RenaissanceReFinanceInc.Member2021-03-310000913144rnr:A3.600SeniorNotesDue2029Memberus-gaap:SeniorNotesMemberrnr:RenaissanceReFinanceInc.Member2020-12-310000913144rnr:A3.450SeniorNotesDueJuly12027Member2021-03-310000913144us-gaap:SeniorNotesMemberrnr:RenaissanceReFinanceInc.Memberrnr:A3.450SeniorNotesDueJuly12027Member2021-03-310000913144us-gaap:SeniorNotesMemberrnr:RenaissanceReFinanceInc.Memberrnr:A3.450SeniorNotesDueJuly12027Member2020-12-310000913144rnr:A3.700SeniorNotesDueApril12025Member2021-03-310000913144rnr:A3.700SeniorNotesDueApril12025Memberus-gaap:SeniorNotesMemberrnr:RenaissanceReFinanceInc.Member2021-03-310000913144rnr:A3.700SeniorNotesDueApril12025Memberus-gaap:SeniorNotesMemberrnr:RenaissanceReFinanceInc.Member2020-12-310000913144rnr:A4.750SeniorNotesDueMay12025Memberrnr:DaVinciReHoldingsLtd.Member2021-03-310000913144us-gaap:SeniorNotesMemberrnr:A4.750SeniorNotesDueMay12025Memberrnr:DaVinciReHoldingsLtd.Member2021-03-310000913144us-gaap:SeniorNotesMemberrnr:A4.750SeniorNotesDueMay12025Memberrnr:DaVinciReHoldingsLtd.Member2020-12-310000913144us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2021-03-310000913144us-gaap:LetterOfCreditMemberus-gaap:LineOfCreditMemberrnr:SecuredBilateralFacilityMember2021-03-310000913144us-gaap:LetterOfCreditMemberus-gaap:LineOfCreditMemberrnr:UnsecuredBilateralFacilityMember2021-03-310000913144us-gaap:LetterOfCreditMemberus-gaap:LineOfCreditMemberrnr:BankOfMontrealCitibankEuropePlcANDINGBankN.V.Member2021-03-310000913144rnr:DaVinciReHoldingsLtd.Member2021-03-310000913144rnr:DaVinciReHoldingsLtd.Member2020-12-310000913144rnr:RenaissanceReMediciFundLtd.Member2021-03-310000913144rnr:RenaissanceReMediciFundLtd.Member2020-12-310000913144rnr:VermeerReinsuranceLtd.Member2021-03-310000913144rnr:VermeerReinsuranceLtd.Member2020-12-310000913144rnr:DaVinciReHoldingsLtd.Member2021-01-012021-03-310000913144rnr:DaVinciReHoldingsLtd.Member2020-01-012020-03-310000913144rnr:RenaissanceReMediciFundLtd.Member2021-01-012021-03-310000913144rnr:RenaissanceReMediciFundLtd.Member2020-01-012020-03-310000913144rnr:VermeerReinsuranceLtd.Member2021-01-012021-03-310000913144rnr:VermeerReinsuranceLtd.Member2020-01-012020-03-310000913144rnr:DaVinciReinsuranceLtd.Member2021-03-310000913144rnr:DaVinciReinsuranceLtd.Member2020-12-310000913144srt:MaximumMemberrnr:DaVinciReHoldingsLtd.Member2021-03-310000913144rnr:ThirdPartyInvestorsMemberrnr:DaVinciReHoldingsLtd.Member2021-01-012021-03-310000913144rnr:RenaissanceReHoldingsLtd.Memberrnr:DaVinciReHoldingsLtd.Member2021-01-012021-03-310000913144rnr:DaVinciReinsuranceLtd.Member2021-01-012021-03-310000913144rnr:ThirdPartyInvestorsMember2021-01-012021-03-310000913144rnr:DaVinciReinsuranceLtd.Member2020-01-012020-01-010000913144rnr:DaVinciReinsuranceLtd.Member2020-01-010000913144rnr:DaVinciReHoldingsLtd.Member2019-12-310000913144rnr:ThirdPartyInvestorsAndRenaissanceReMemberrnr:DaVinciReHoldingsLtd.Member2021-01-012021-03-310000913144rnr:ThirdPartyInvestorsAndRenaissanceReMemberrnr:DaVinciReHoldingsLtd.Member2020-01-012020-03-310000913144rnr:DaVinciReHoldingsLtd.Member2020-03-310000913144rnr:RenaissanceReMediciFundLtd.Member2021-03-310000913144rnr:RenaissanceReMediciFundLtd.Member2020-03-310000913144rnr:RenaissanceReMediciFundLtd.Member2019-12-310000913144rnr:RenaissanceReMediciFundLtd.Member2020-03-310000913144rnr:VotingNonparticipatingSharesMemberrnr:RenaissanceReMediciFundLtd.Memberrnr:VermeerReinsuranceLtd.Member2021-03-310000913144rnr:PFZWMemberrnr:ParticipatingNonvotingCommonSharesMemberrnr:VermeerReinsuranceLtd.Member2021-03-310000913144rnr:VermeerReinsuranceLtd.Member2019-12-310000913144rnr:VermeerReinsuranceLtd.Member2020-03-310000913144us-gaap:InvestorMemberus-gaap:PreferredStockMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrnr:UpsilonRFOReLtd.Member2021-01-012021-03-310000913144us-gaap:PreferredStockMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrnr:RenaissanceReHoldingsLtd.Memberrnr:UpsilonRFOReLtd.Member2021-01-012021-03-310000913144us-gaap:InvestorMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrnr:UpsilonRFOReLtd.Member2021-01-012021-03-310000913144us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrnr:RenaissanceReHoldingsLtd.Memberrnr:UpsilonRFOReLtd.Member2021-01-012021-03-310000913144us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrnr:UpsilonRFOReLtd.Member2021-03-310000913144us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrnr:UpsilonRFOReLtd.Member2020-12-310000913144us-gaap:InvestorMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrnr:UpsilonRFOReLtd.Member2021-03-310000913144us-gaap:InvestorMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrnr:UpsilonRFOReLtd.Member2020-01-012020-03-310000913144us-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrnr:RenaissanceReHoldingsLtd.Memberrnr:UpsilonRFOReLtd.Member2020-01-012020-03-310000913144us-gaap:InvestorMemberus-gaap:PreferredStockMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrnr:UpsilonRFOReLtd.Member2020-01-012020-03-310000913144us-gaap:PreferredStockMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMemberrnr:RenaissanceReHoldingsLtd.Memberrnr:UpsilonRFOReLtd.Member2020-01-012020-03-310000913144rnr:VermeerReinsuranceLtd.Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2021-03-310000913144rnr:VermeerReinsuranceLtd.Memberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2020-12-310000913144us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrnr:MonaLisaReMemberrnr:RenaissanceReinsuranceLtd.Member2021-01-012021-03-310000913144rnr:DaVinciReinsuranceLtd.Memberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrnr:MonaLisaReMember2021-01-012021-03-310000913144us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrnr:MonaLisaReMemberrnr:RenaissanceReinsuranceLtd.Member2020-01-012020-03-310000913144rnr:DaVinciReinsuranceLtd.Memberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrnr:MonaLisaReMember2020-01-012020-03-310000913144us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrnr:MonaLisaReMember2021-03-310000913144us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrnr:MonaLisaReMember2020-12-310000913144us-gaap:OtherInvestmentsMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrnr:MonaLisaReMember2021-03-310000913144us-gaap:OtherInvestmentsMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrnr:MonaLisaReMember2020-12-310000913144us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrnr:FibonacciReinsuranceLtd.Memberrnr:RenaissanceReinsuranceLtd.Member2021-01-012021-03-310000913144us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrnr:FibonacciReinsuranceLtd.Memberrnr:RenaissanceReinsuranceLtd.Member2020-01-012020-03-310000913144us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrnr:FibonacciReinsuranceLtd.Memberrnr:RenaissanceReinsuranceLtd.Member2021-03-310000913144us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrnr:FibonacciReinsuranceLtd.Memberrnr:RenaissanceReinsuranceLtd.Member2020-12-310000913144us-gaap:OtherInvestmentsMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrnr:FibonacciReinsuranceLtd.Member2021-03-310000913144us-gaap:OtherInvestmentsMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrnr:FibonacciReinsuranceLtd.Member2020-12-310000913144us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrnr:LanghorneHoldingsLLCMember2021-03-310000913144us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrnr:LanghorneHoldingsLLCMember2020-12-310000913144us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrnr:LanghornePartnersLLCMember2021-03-310000913144us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberrnr:LanghornePartnersLLCMember2020-12-310000913144rnr:UnderwrittenFollowOnOfferingMemberus-gaap:CommonStockMember2020-06-052020-06-050000913144rnr:UnderwrittenFollowOnOfferingMemberus-gaap:CommonStockMember2020-06-050000913144us-gaap:PrivatePlacementMemberus-gaap:CommonStockMember2020-06-052020-06-050000913144us-gaap:CommonStockMember2020-06-052020-06-050000913144us-gaap:SeriesCPreferredStockMember2020-03-260000913144us-gaap:SeriesCPreferredStockMember2021-03-310000913144us-gaap:CommonStockMember2021-03-152021-03-1500009131442021-03-312021-03-310000913144us-gaap:SeriesEPreferredStockMember2021-01-012021-03-310000913144us-gaap:SeriesFPreferredStockMember2021-01-012021-03-310000913144us-gaap:SeriesEPreferredStockMember2021-03-310000913144us-gaap:SeriesFPreferredStockMember2021-03-310000913144rnr:DepositarySharesMember2021-03-310000913144us-gaap:CommonStockMember2021-02-050000913144us-gaap:CommonStockMember2021-03-310000913144us-gaap:CorporateNonSegmentMember2021-01-012021-03-310000913144us-gaap:CorporateNonSegmentMember2020-01-012020-03-310000913144us-gaap:OtherAssetsMemberus-gaap:InterestRateContractMemberus-gaap:NondesignatedMember2021-03-310000913144us-gaap:OtherAssetsMemberus-gaap:NondesignatedMemberus-gaap:InterestRateSwapMember2021-03-310000913144us-gaap:OtherAssetsMemberus-gaap:NondesignatedMemberrnr:ForeignCurrencyForwardContractsUnderwritingAndNonInvestmentOperationsMember2021-03-310000913144rnr:ForeignCurrencyForwardContractsInvestmentOperationsMemberus-gaap:OtherAssetsMemberus-gaap:NondesignatedMember2021-03-310000913144us-gaap:CreditDefaultSwapMemberus-gaap:OtherAssetsMemberus-gaap:NondesignatedMember2021-03-310000913144us-gaap:OtherAssetsMemberus-gaap:NondesignatedMember2021-03-310000913144rnr:ForeignCurrencyForwardContractsInvestmentOperationsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMember2021-03-310000913144us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMember2021-03-310000913144us-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMemberrnr:ForeignCurrencyForwardContractsUnderwritingAndNonInvestmentOperationsMember2021-03-310000913144rnr:ForeignCurrencyForwardContractsInvestmentOperationsMemberus-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMember2021-03-310000913144us-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMember2021-03-310000913144rnr:ForeignCurrencyForwardContractsInvestmentOperationsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherLiabilitiesMember2021-03-310000913144us-gaap:OtherAssetsMemberus-gaap:InterestRateContractMemberus-gaap:NondesignatedMember2020-12-310000913144us-gaap:OtherAssetsMemberus-gaap:NondesignatedMemberus-gaap:InterestRateSwapMember2020-12-310000913144us-gaap:OtherAssetsMemberus-gaap:NondesignatedMemberrnr:ForeignCurrencyForwardContractsUnderwritingAndNonInvestmentOperationsMember2020-12-310000913144rnr:ForeignCurrencyForwardContractsInvestmentOperationsMemberus-gaap:OtherAssetsMemberus-gaap:NondesignatedMember2020-12-310000913144us-gaap:CreditDefaultSwapMemberus-gaap:OtherAssetsMemberus-gaap:NondesignatedMember2020-12-310000913144us-gaap:OtherAssetsMemberus-gaap:NondesignatedMember2020-12-310000913144rnr:ForeignCurrencyForwardContractsInvestmentOperationsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMember2020-12-310000913144us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMember2020-12-310000913144us-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMemberrnr:ForeignCurrencyForwardContractsUnderwritingAndNonInvestmentOperationsMember2020-12-310000913144rnr:ForeignCurrencyForwardContractsInvestmentOperationsMemberus-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMember2020-12-310000913144us-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMember2020-12-310000913144rnr:ForeignCurrencyForwardContractsInvestmentOperationsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherLiabilitiesMember2020-12-310000913144us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberus-gaap:GainLossOnInvestmentsMember12021-01-012021-03-310000913144us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberus-gaap:GainLossOnInvestmentsMember12020-01-012020-03-310000913144us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMemberus-gaap:GainLossOnInvestmentsMember12021-01-012021-03-310000913144us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMemberus-gaap:GainLossOnInvestmentsMember12020-01-012020-03-310000913144us-gaap:NondesignatedMemberus-gaap:ForeignCurrencyGainLossMemberrnr:ForeignCurrencyForwardContractsUnderwritingAndNonInvestmentOperationsMember2021-01-012021-03-310000913144us-gaap:NondesignatedMemberus-gaap:ForeignCurrencyGainLossMemberrnr:ForeignCurrencyForwardContractsUnderwritingAndNonInvestmentOperationsMember2020-01-012020-03-310000913144rnr:ForeignCurrencyForwardContractsInvestmentOperationsMemberus-gaap:NondesignatedMemberus-gaap:ForeignCurrencyGainLossMember2021-01-012021-03-310000913144rnr:ForeignCurrencyForwardContractsInvestmentOperationsMemberus-gaap:NondesignatedMemberus-gaap:ForeignCurrencyGainLossMember2020-01-012020-03-310000913144us-gaap:CreditDefaultSwapMemberus-gaap:NondesignatedMemberus-gaap:GainLossOnInvestmentsMember12021-01-012021-03-310000913144us-gaap:CreditDefaultSwapMemberus-gaap:NondesignatedMemberus-gaap:GainLossOnInvestmentsMember12020-01-012020-03-310000913144us-gaap:TotalReturnSwapMemberus-gaap:NondesignatedMemberus-gaap:GainLossOnInvestmentsMember12021-01-012021-03-310000913144us-gaap:TotalReturnSwapMemberus-gaap:NondesignatedMemberus-gaap:GainLossOnInvestmentsMember12020-01-012020-03-310000913144us-gaap:EquityContractMemberus-gaap:NondesignatedMemberus-gaap:GainLossOnInvestmentsMember12021-01-012021-03-310000913144us-gaap:EquityContractMemberus-gaap:NondesignatedMemberus-gaap:GainLossOnInvestmentsMember12020-01-012020-03-310000913144us-gaap:NondesignatedMember2021-01-012021-03-310000913144us-gaap:NondesignatedMember2020-01-012020-03-310000913144rnr:ForeignCurrencyForwardContractsInvestmentOperationsMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-01-012021-03-310000913144rnr:ForeignCurrencyForwardContractsInvestmentOperationsMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-01-012020-03-310000913144us-gaap:DesignatedAsHedgingInstrumentMember2021-01-012021-03-310000913144us-gaap:DesignatedAsHedgingInstrumentMember2020-01-012020-03-310000913144us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberus-gaap:LongMember2021-03-310000913144us-gaap:ShortMemberus-gaap:InterestRateContractMemberus-gaap:NondesignatedMember2021-03-310000913144us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberus-gaap:LongMember2020-12-310000913144us-gaap:ShortMemberus-gaap:InterestRateContractMemberus-gaap:NondesignatedMember2020-12-310000913144currency:USDrnr:PayingaFixedRateMemberus-gaap:NondesignatedMemberus-gaap:InterestRateSwapMember2021-03-310000913144rnr:ReceivingaFixedRateMembercurrency:USDus-gaap:NondesignatedMemberus-gaap:InterestRateSwapMember2021-03-310000913144currency:USDrnr:PayingaFixedRateMemberus-gaap:NondesignatedMemberus-gaap:InterestRateSwapMember2020-12-310000913144rnr:ReceivingaFixedRateMembercurrency:USDus-gaap:NondesignatedMemberus-gaap:InterestRateSwapMember2020-12-310000913144us-gaap:NondesignatedMemberus-gaap:LongMemberrnr:ForeignCurrencyForwardContractsUnderwritingAndNonInvestmentOperationsMember2021-03-310000913144us-gaap:ShortMemberus-gaap:NondesignatedMemberrnr:ForeignCurrencyForwardContractsUnderwritingAndNonInvestmentOperationsMember2021-03-310000913144us-gaap:NondesignatedMemberus-gaap:LongMemberrnr:ForeignCurrencyForwardContractsUnderwritingAndNonInvestmentOperationsMember2020-12-310000913144us-gaap:ShortMemberus-gaap:NondesignatedMemberrnr:ForeignCurrencyForwardContractsUnderwritingAndNonInvestmentOperationsMember2020-12-310000913144rnr:ForeignCurrencyForwardContractsInvestmentOperationsMemberus-gaap:NondesignatedMemberus-gaap:LongMember2021-03-310000913144rnr:ForeignCurrencyForwardContractsInvestmentOperationsMemberus-gaap:ShortMemberus-gaap:NondesignatedMember2021-03-310000913144rnr:ForeignCurrencyForwardContractsInvestmentOperationsMemberus-gaap:NondesignatedMemberus-gaap:LongMember2020-12-310000913144rnr:ForeignCurrencyForwardContractsInvestmentOperationsMemberus-gaap:ShortMemberus-gaap:NondesignatedMember2020-12-310000913144us-gaap:CreditDefaultSwapMemberus-gaap:NondesignatedMemberus-gaap:LongMember2021-03-310000913144us-gaap:CreditDefaultSwapMemberus-gaap:ShortMemberus-gaap:NondesignatedMember2021-03-310000913144us-gaap:CreditDefaultSwapMemberus-gaap:NondesignatedMemberus-gaap:LongMember2020-12-310000913144us-gaap:CreditDefaultSwapMemberus-gaap:ShortMemberus-gaap:NondesignatedMember2020-12-310000913144us-gaap:TotalReturnSwapMemberus-gaap:NondesignatedMember2021-03-310000913144us-gaap:TotalReturnSwapMemberus-gaap:NondesignatedMember2020-12-310000913144us-gaap:EquityContractMemberus-gaap:NondesignatedMember2021-03-310000913144us-gaap:EquityContractMemberus-gaap:NondesignatedMember2020-12-310000913144us-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeForwardMember2021-01-012021-03-310000913144us-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeForwardMember2020-01-012020-03-310000913144rnr:RenaissanceReMediciFundLtd.Memberus-gaap:SubsequentEventMember2021-04-012021-04-010000913144rnr:RenaissanceReMediciFundLtd.Memberus-gaap:SubsequentEventMember2021-04-010000913144us-gaap:SubsequentEventMemberus-gaap:CommonStockMember2021-04-012021-04-23
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 March 31, 2021
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 Offices) (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(s) |
Name of each exchange on which registered |
Common Shares, Par Value $1.00 per share |
RNR |
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 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 Exchange Act.
Large accelerated filer ☒, Accelerated filer ☐, Non-accelerated filer ☐, 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 Exchange Act). Yes ☐ No ☒
The number of Common Shares, par value US $1.00 per share, outstanding at April 23, 2021 was 49,637,716.
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. |
|
|
|
|
|
|
|
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 uncertainty of the continuing and future impact of the COVID-19 pandemic, including measures taken in response thereto and the effect of legislative, regulatory and judicial influences on our financial performance and our ability to conduct our business;
•the frequency and severity of catastrophic and other events we cover;
•the effectiveness of our claims and claim expense reserving process;
•the effect of climate change on our business, including the trend towards increasingly frequent and severe climate events;
•our ability to maintain our financial strength ratings;
•the effect of emerging claims and coverage issues;
•collection on claimed retrocessional coverage, and new retrocessional reinsurance being available on acceptable terms and providing the coverage that we intended to obtain;
•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;
•the performance of our investment portfolio and financial market volatility;
•a contention by the United States (the “U.S.”) Internal Revenue Service that Renaissance Reinsurance Ltd. (“Renaissance Reinsurance”), or any of our other Bermuda subsidiaries, is subject to taxation in the U.S.;
•the effects of 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;
•the effect of cybersecurity risks, including technology breaches or failure, on our business;
•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;
•our ability to effectively manage capital on behalf of investors in joint ventures or other entities we manage;
•foreign currency exchange rate fluctuations;
•soft reinsurance underwriting market conditions;
•changes in the method for determining the London Inter-bank Offered Rate (“LIBOR”) and the replacement of LIBOR;
•losses we could face from terrorism, political unrest or war;
•our ability to successfully implement our business strategies and initiatives;
•our ability to determine any 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 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;
•difficulties investors may have in serving process or enforcing judgments against us in the U.S.;
•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;
•our ability to comply with applicable sanctions and foreign corrupt practices laws;
•increasing barriers to free trade and the free flow of capital;
•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 or European Union (“EU”) measures to increase our taxes and reporting requirements;
•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; and
•the effect of the exit by the United Kingdom (the “U.K.”) from the EU.
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, 2020, should not be construed as exhaustive. The effects of the events and circumstances described in the risk factors contained in this Form 10-Q may have the effect of heightening many of the risks contained in our Form 10-K. 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.
PART I FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
RenaissanceRe Holdings Ltd. and Subsidiaries
Consolidated Balance Sheets
(in thousands of United States Dollars, except share and per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2021 |
|
December 31, 2020 |
Assets |
(Unaudited) |
|
(Audited) |
Fixed maturity investments trading, at fair value – amortized cost $13,258,985 at March 31, 2021 (December 31, 2020 – $13,155,035) |
$ |
13,309,234 |
|
|
$ |
13,506,503 |
|
|
|
|
|
Short term investments, at fair value |
5,091,143 |
|
|
4,993,735 |
|
Equity investments trading, at fair value |
503,137 |
|
|
702,617 |
|
Other investments, at fair value |
1,379,056 |
|
|
1,256,948 |
|
Investments in other ventures, under equity method |
91,362 |
|
|
98,373 |
|
Total investments |
20,373,932 |
|
|
20,558,176 |
|
Cash and cash equivalents |
1,286,661 |
|
|
1,736,813 |
|
Premiums receivable |
3,928,122 |
|
|
2,894,631 |
|
Prepaid reinsurance premiums |
1,229,716 |
|
|
823,582 |
|
Reinsurance recoverable |
3,160,667 |
|
|
2,926,010 |
|
Accrued investment income |
62,573 |
|
|
66,743 |
|
Deferred acquisition costs and value of business acquired |
786,941 |
|
|
633,521 |
|
Receivable for investments sold |
841,156 |
|
|
568,293 |
|
Other assets |
318,249 |
|
|
363,170 |
|
Goodwill and other intangible assets |
248,080 |
|
|
249,641 |
|
|
|
|
|
Total assets |
$ |
32,236,097 |
|
|
$ |
30,820,580 |
|
Liabilities, Noncontrolling Interests and Shareholders’ Equity |
|
|
|
Liabilities |
|
|
|
Reserve for claims and claim expenses |
$ |
10,953,383 |
|
|
$ |
10,381,138 |
|
Unearned premiums |
3,833,155 |
|
|
2,763,599 |
|
Debt |
1,136,783 |
|
|
1,136,265 |
|
Reinsurance balances payable |
4,254,645 |
|
|
3,488,352 |
|
Payable for investments purchased |
1,133,787 |
|
|
1,132,538 |
|
Other liabilities |
436,437 |
|
|
970,121 |
|
|
|
|
|
Total liabilities |
21,748,190 |
|
|
19,872,013 |
|
Commitments and Contingencies |
|
|
|
Redeemable noncontrolling interests |
3,409,570 |
|
|
3,388,319 |
|
Shareholders’ Equity |
|
|
|
Preference shares: $1.00 par value – 11,010,000 shares issued and outstanding at March 31, 2021 (December 31, 2020 – 11,010,000) |
525,000 |
|
|
525,000 |
|
Common shares: $1.00 par value – 49,969,717 shares issued and outstanding at March 31, 2021 (December 31, 2020 – 50,810,618) |
49,970 |
|
|
50,811 |
|
Additional paid-in capital |
1,450,627 |
|
|
1,623,206 |
|
Accumulated other comprehensive loss |
(12,382) |
|
|
(12,642) |
|
Retained earnings |
5,065,122 |
|
|
5,373,873 |
|
Total shareholders’ equity attributable to RenaissanceRe |
7,078,337 |
|
|
7,560,248 |
|
|
|
|
|
|
|
|
|
Total liabilities, noncontrolling interests and shareholders’ equity |
$ |
32,236,097 |
|
|
$ |
30,820,580 |
|
See accompanying notes to the consolidated financial statements
RenaissanceRe Holdings Ltd. and Subsidiaries
Consolidated Statements of Operations
For the three months ended March 31, 2021 and 2020
(in thousands of United States Dollars, except per share amounts) (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
|
|
March 31, 2021 |
|
March 31, 2020 |
Revenues |
|
|
|
|
|
|
|
Gross premiums written |
|
|
|
|
$ |
2,652,442 |
|
|
$ |
2,025,721 |
|
Net premiums written |
|
|
|
|
$ |
1,824,083 |
|
|
$ |
1,269,808 |
|
Increase in unearned premiums |
|
|
|
|
(670,247) |
|
|
(356,710) |
|
Net premiums earned |
|
|
|
|
1,153,836 |
|
|
913,098 |
|
Net investment income |
|
|
|
|
79,804 |
|
|
99,473 |
|
Net foreign exchange losses |
|
|
|
|
(22,788) |
|
|
(5,728) |
|
Equity in (losses) earnings of other ventures |
|
|
|
|
(5,558) |
|
|
4,564 |
|
Other income (loss) |
|
|
|
|
2,171 |
|
|
(4,436) |
|
Net realized and unrealized losses on investments |
|
|
|
|
(345,563) |
|
|
(110,707) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
|
|
|
|
861,902 |
|
|
896,264 |
|
Expenses |
|
|
|
|
|
|
|
Net claims and claim expenses incurred |
|
|
|
|
867,051 |
|
|
570,954 |
|
Acquisition expenses |
|
|
|
|
267,234 |
|
|
210,604 |
|
Operational expenses |
|
|
|
|
55,311 |
|
|
67,461 |
|
Corporate expenses |
|
|
|
|
10,405 |
|
|
15,991 |
|
Interest expense |
|
|
|
|
11,912 |
|
|
14,927 |
|
Total expenses |
|
|
|
|
1,211,913 |
|
|
879,937 |
|
(Loss) income before taxes |
|
|
|
|
(350,011) |
|
|
16,327 |
|
Income tax benefit |
|
|
|
|
19,516 |
|
|
8,846 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
|
|
|
|
(330,495) |
|
|
25,173 |
|
Net loss (income) attributable to redeemable noncontrolling interests |
|
|
|
|
46,850 |
|
|
(98,091) |
|
Net loss attributable to RenaissanceRe |
|
|
|
|
(283,645) |
|
|
(72,918) |
|
Dividends on preference shares |
|
|
|
|
(7,289) |
|
|
(9,056) |
|
Net loss attributable to RenaissanceRe common shareholders |
|
|
|
|
$ |
(290,934) |
|
|
$ |
(81,974) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to RenaissanceRe common shareholders per common share – basic |
|
|
|
|
$ |
(5.87) |
|
|
$ |
(1.89) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to RenaissanceRe common shareholders per common share – diluted |
|
|
|
|
$ |
(5.87) |
|
|
$ |
(1.89) |
|
Dividends per common share |
|
|
|
|
$ |
0.36 |
|
|
$ |
0.35 |
|
See accompanying notes to the consolidated financial statements
RenaissanceRe Holdings Ltd. and Subsidiaries
Consolidated Statements of Comprehensive Loss
For the three months ended March 31, 2021 and 2020
(in thousands of United States Dollars) (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
|
|
March 31, 2021 |
|
March 31, 2020 |
Comprehensive loss |
|
|
|
|
|
|
|
Net (loss) income |
|
|
|
|
$ |
(330,495) |
|
|
$ |
25,173 |
|
Change in net unrealized losses on investments, net of tax |
|
|
|
|
(1,811) |
|
|
(657) |
|
Foreign currency translation adjustments, net of tax |
|
|
|
|
2,071 |
|
|
932 |
|
|
|
|
|
|
|
|
|
Comprehensive (loss) income |
|
|
|
|
(330,235) |
|
|
25,448 |
|
Net loss (income) attributable to redeemable noncontrolling interests |
|
|
|
|
46,850 |
|
|
(98,091) |
|
|
|
|
|
|
|
|
|
Comprehensive loss (income) attributable to redeemable noncontrolling interests |
|
|
|
|
46,850 |
|
|
(98,091) |
|
Comprehensive loss attributable to RenaissanceRe |
|
|
|
|
$ |
(283,385) |
|
|
$ |
(72,643) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to the consolidated financial statements
RenaissanceRe Holdings Ltd. and Subsidiaries
Consolidated Statements of Changes in Shareholders’ Equity
For the three months ended March 31, 2021 and 2020
(in thousands of United States Dollars) (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
|
|
March 31, 2021 |
|
March 31, 2020 |
Preference shares |
|
|
|
|
|
|
|
Beginning balance |
|
|
|
|
$ |
525,000 |
|
|
$ |
650,000 |
|
|
|
|
|
|
|
|
|
Repurchase of shares |
|
|
|
|
— |
|
|
(125,000) |
|
Ending balance |
|
|
|
|
525,000 |
|
|
525,000 |
|
Common shares |
|
|
|
|
|
|
|
Beginning balance |
|
|
|
|
50,811 |
|
|
44,148 |
|
|
|
|
|
|
|
|
|
Repurchase of shares |
|
|
|
|
(1,076) |
|
|
(406) |
|
Issuance of restricted stock awards |
|
|
|
|
235 |
|
|
292 |
|
Ending balance |
|
|
|
|
49,970 |
|
|
44,034 |
|
Additional paid-in capital |
|
|
|
|
|
|
|
Beginning balance |
|
|
|
|
1,623,206 |
|
|
568,277 |
|
|
|
|
|
|
|
|
|
Repurchase of shares |
|
|
|
|
(170,569) |
|
|
(62,215) |
|
|
|
|
|
|
|
|
|
Change in redeemable noncontrolling interests |
|
|
|
|
(1,865) |
|
|
(349) |
|
Issuance of restricted stock awards |
|
|
|
|
(145) |
|
|
(3,105) |
|
Ending balance |
|
|
|
|
1,450,627 |
|
|
502,608 |
|
Accumulated other comprehensive loss |
|
|
|
|
|
|
|
Beginning balance |
|
|
|
|
(12,642) |
|
|
(1,939) |
|
Change in net unrealized losses on investments, net of tax |
|
|
|
|
(1,811) |
|
|
(657) |
|
Foreign currency translation adjustments, net of tax |
|
|
|
|
2,071 |
|
|
932 |
|
|
|
|
|
|
|
|
|
Ending balance |
|
|
|
|
(12,382) |
|
|
(1,664) |
|
Retained earnings |
|
|
|
|
|
|
|
Beginning balance |
|
|
|
|
5,373,873 |
|
|
4,710,881 |
|
|
|
|
|
|
|
|
|
Net (loss) income |
|
|
|
|
(330,495) |
|
|
25,173 |
|
Net loss (income) attributable to redeemable noncontrolling interests |
|
|
|
|
46,850 |
|
|
(98,091) |
|
|
|
|
|
|
|
|
|
Dividends on common shares |
|
|
|
|
(17,817) |
|
|
(15,359) |
|
Dividends on preference shares |
|
|
|
|
(7,289) |
|
|
(9,056) |
|
Ending balance |
|
|
|
|
5,065,122 |
|
|
4,613,548 |
|
|
|
|
|
|
|
|
|
Total shareholders’ equity |
|
|
|
|
$ |
7,078,337 |
|
|
$ |
5,683,526 |
|
See accompanying notes to the consolidated financial statements
RenaissanceRe Holdings Ltd. and Subsidiaries
Consolidated Statements of Cash Flows
For the three months ended March 31, 2021 and 2020
(in thousands of United States Dollars) (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
March 31, 2021 |
|
March 31, 2020 |
Cash flows provided by operating activities |
|
|
|
Net (loss) income |
$ |
(330,495) |
|
|
$ |
25,173 |
|
Adjustments to reconcile net income to net cash provided by operating activities |
|
|
|
Amortization, accretion and depreciation |
1,747 |
|
|
(4,405) |
|
Equity in undistributed earnings of other ventures |
17,891 |
|
|
7,398 |
|
Net realized and unrealized losses on investments |
360,424 |
|
|
110,707 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in: |
|
|
|
Premiums receivable |
(1,033,491) |
|
|
(505,545) |
|
Prepaid reinsurance premiums |
(406,134) |
|
|
(384,145) |
|
Reinsurance recoverable |
(234,657) |
|
|
25,714 |
|
Deferred acquisition costs and value of business acquired |
(153,420) |
|
|
(75,884) |
|
Reserve for claims and claim expenses |
572,245 |
|
|
22,358 |
|
Unearned premiums |
1,069,556 |
|
|
714,939 |
|
Reinsurance balances payable |
766,293 |
|
|
944,684 |
|
Other |
(423,421) |
|
|
(405,528) |
|
Net cash provided by operating activities |
206,538 |
|
|
475,466 |
|
Cash flows used in investing activities |
|
|
|
Proceeds from sales and maturities of fixed maturity investments trading |
3,469,130 |
|
|
3,661,294 |
|
Purchases of fixed maturity investments trading |
(3,808,597) |
|
|
(3,370,394) |
|
|
|
|
|
|
|
|
|
Net sales (purchases) of equity investments trading |
128,020 |
|
|
(44,514) |
|
Net purchases of short term investments |
(111,085) |
|
|
(704,226) |
|
Net purchases of other investments |
(127,661) |
|
|
(79,711) |
|
Net purchases of investments in other ventures |
(15,542) |
|
|
(1,888) |
|
Return of investment from investment in other ventures |
2,604 |
|
|
9,157 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities |
(463,131) |
|
|
(530,282) |
|
Cash flows used in financing activities |
|
|
|
Dividends paid – RenaissanceRe common shares |
(17,817) |
|
|
(15,359) |
|
Dividends paid – preference shares |
(7,289) |
|
|
(9,056) |
|
|
|
|
|
RenaissanceRe common share repurchases |
(171,645) |
|
|
(62,621) |
|
|
|
|
|
Repayment of debt |
— |
|
|
(250,000) |
|
|
|
|
|
Redemption of 6.08% Series C preference shares |
— |
|
|
(125,000) |
|
|
|
|
|
|
|
|
|
Net third-party redeemable noncontrolling interest share transactions |
13,006 |
|
|
42,599 |
|
Taxes paid on withholding shares |
(9,834) |
|
|
(10,180) |
|
|
|
|
|
Net cash used in financing activities |
(193,579) |
|
|
(429,617) |
|
Effect of exchange rate changes on foreign currency cash |
20 |
|
|
1,581 |
|
Net decrease in cash and cash equivalents |
(450,152) |
|
|
(482,852) |
|
|
|
|
|
Cash and cash equivalents, beginning of period |
1,736,813 |
|
|
1,379,068 |
|
Cash and cash equivalents, end of period |
$ |
1,286,661 |
|
|
$ |
896,216 |
|
See accompanying notes to the consolidated financial statements
RENAISSANCERE HOLDINGS LTD. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2021
(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 RenaissanceRe’s Annual Report on Form 10-K (“Form 10-K”) for the fiscal year ended December 31, 2020. RenaissanceRe was formed under the laws of Bermuda on June 7, 1993. Together with its wholly owned and majority-owned subsidiaries, joint ventures and managed funds, the Company provides property, casualty and specialty reinsurance and certain insurance solutions to its customers.
•Renaissance Reinsurance Ltd. (“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. 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 Syndicate 1458 (“Syndicate 1458”) is the Company’s Lloyd’s syndicate. RenaissanceRe Corporate Capital (UK) Limited, a wholly owned subsidiary of RenaissanceRe, is Syndicate 1458’s sole corporate member. RenaissanceRe Syndicate Management Ltd., a wholly owned subsidiary of RenaissanceRe, is the managing agent for Syndicate 1458.
•RenaissanceRe Europe AG (“RREAG”), a Swiss-domiciled reinsurance company, which has branches in Australia, Bermuda, the U.K. and the U.S., provides property, casualty and specialty reinsurance coverages to insurers and reinsurers on a worldwide basis.
•RenaissanceRe Specialty U.S. Ltd., a Bermuda-domiciled insurer, which operates subject to U.S. federal income tax.
•DaVinci Reinsurance Ltd. (“DaVinci”), a wholly-owned subsidiary of DaVinciRe Holdings Ltd. (“DaVinciRe”), is a managed joint venture formed by the Company to principally write property catastrophe reinsurance and certain casualty and specialty reinsurance lines of business on a global basis.
•Top Layer Reinsurance Ltd. is a managed joint venture formed by the Company to write high excess non-U.S. property catastrophe reinsurance.
•RenaissanceRe Underwriting Managers U.S. LLC, is licensed as a reinsurance intermediary broker in the State of Connecticut and underwrites specialty treaty reinsurance solutions on both a quota share and excess of loss basis on behalf of affiliates.
•Renaissance Underwriting Managers, Ltd. (“RUM”), a wholly owned subsidiary of RenaissanceRe, acts as exclusive underwriting manager for certain of our joint ventures or managed funds in return for fee-based income and profit participation.
•RenaissanceRe Fund Management Ltd. (“RFM”) is a wholly-owned Bermuda exempted company and acts as the exclusive investment fund manager for several of the Company’s joint ventures or managed funds, in return for a management fee, a performance based incentive fee, or both. RFM is registered as an Exempt Reporting Adviser with the Securities and Exchange Commission and serves as the investment adviser to third-party investors in the various private investment partnerships and insurance-related investment products offered by the Company.
•RenaissanceRe Medici Fund Ltd. (“Medici”) is an exempted company, incorporated under the laws of Bermuda and registered as an institutional fund. Medici invests, primarily on behalf of third-party investors, in various instruments that have returns primarily tied to property catastrophe risk.
•Upsilon RFO Re Ltd., formerly known as Upsilon Reinsurance II Ltd. (“Upsilon RFO”), a Bermuda domiciled special purpose insurer (“SPI”), is a managed fund formed by the Company principally to
provide additional capacity to the worldwide aggregate and per-occurrence primary and retrocessional property catastrophe excess of loss market.
•RenaissanceRe Upsilon Fund Ltd., an exempted Bermuda segregated accounts company registered as a Class A Professional Fund provides a fund structure through which third-party investors can invest in reinsurance risk managed by the Company.
•Vermeer Reinsurance Ltd. (“Vermeer”), an exempted Bermuda reinsurer, provides capacity focused on risk remote layers in the U.S. property catastrophe market. The Company maintains a majority voting control of Vermeer, while Stichting Pensioenfonds Zorg en Welzijn (“PFZW”), a pension fund represented by PGGM Vermogensbeheer B.V., a Dutch pension fund manager, retains economic benefits.
•Fibonacci Reinsurance Ltd. ("Fibonacci Re"), a Bermuda-domiciled SPI, provides collateralized capacity to Renaissance Reinsurance and its affiliates. Fibonacci Re raises capital from third-party investors and the Company, via private placements of participating notes which are listed on the Bermuda Stock Exchange.
•The Company and Reinsurance Group of America, Incorporated are engaged in an initiative (“Langhorne”) to source third-party capital to support reinsurers targeting large in-force life and annuity blocks. Langhorne Holdings LLC (“Langhorne Holdings”) was incorporated to own and manage certain reinsurance entities within Langhorne. Langhorne Partners LLC (“Langhorne Partners”) is the general partner for Langhorne and manages the third-parties investing in Langhorne Holdings.
•Mona Lisa Re Ltd. (“Mona Lisa Re”), a Bermuda domiciled SPI, provides reinsurance capacity to subsidiaries of RenaissanceRe, namely Renaissance Reinsurance and DaVinci, through reinsurance agreements which are collateralized and funded by Mona Lisa Re through the issuance of one or more series of principal-at-risk variable rate notes.
•Following the acquisition of Tokio Millennium Re AG and certain associated entities and subsidiaries (collectively, “TMR”) on March 22, 2019, the Company managed Shima Reinsurance Ltd. (“Shima Re”), Norwood Re Ltd. (“Norwood Re”) and Blizzard Re Ltd. (“Blizzard,” together with Shima Re and Norwood Re, the “TMR managed third-party capital vehicles”), which provided third-party investors with access to reinsurance risk. The TMR managed third-party capital vehicles no longer write new business. The Company ceased providing management services to Blizzard effective November 1, 2020, and Shima Re and Norwood Re effective December 1, 2020.
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
There have been no material changes to the Company’s significant accounting policies as described in its Form 10-K for the year ended December 31, 2020, except as described below.
BASIS OF PRESENTATION
These consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the U.S. (“GAAP”) for interim financial information and in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, these unaudited consolidated financial statements reflect all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the Company’s financial position and results of operations as at the end of and for the periods presented. All significant intercompany accounts and transactions have been eliminated from these statements.
Certain comparative information has been reclassified to conform to the current presentation. Because of the seasonality of the Company’s business, the results of operations and cash flows for any interim period will not necessarily be indicative of the results of operations and cash flows for the full fiscal year or subsequent quarters.
USE OF ESTIMATES IN FINANCIAL STATEMENTS
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. The major estimates reflected in the Company’s consolidated financial statements include, but are not limited to, the reserve for claims and claim expenses; reinsurance recoverable and premiums receivable, including provisions for reinsurance recoverable and premiums receivable to reflect expected credit losses; estimates of written and earned premiums; fair value, including the fair value of investments, financial instruments and derivatives; impairment charges; deferred acquisition costs and the value of business acquired and the Company’s deferred tax valuation allowance.
RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS
Simplifying the Accounting for Income Taxes
In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (”ASU 2019-12”). Among other things, ASU 2019-12 eliminates certain exceptions for recognizing deferred taxes for investments, performing intraperiod tax allocation and calculating income taxes in interim periods. ASU 2019-12 also clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. ASU 2019-12 is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Accordingly, the Company adopted ASU 2019-12 effective January 1, 2021. The adoption of ASU 2019-12 did not have a material impact on the Company’s consolidated statements of operations and financial position.
NOTE 3. INVESTMENTS
Fixed Maturity Investments Trading
The following table summarizes the fair value of fixed maturity investments trading:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2021 |
|
December 31, 2020 |
|
|
U.S. treasuries |
$ |
5,107,878 |
|
|
$ |
4,960,409 |
|
|
|
Agencies |
227,184 |
|
|
368,032 |
|
|
|
|
|
|
|
|
|
Non-U.S. government |
518,162 |
|
|
491,531 |
|
|
|
|
|
|
|
|
|
Non-U.S. government-backed corporate |
335,662 |
|
|
338,014 |
|
|
|
Corporate |
4,289,072 |
|
|
4,261,025 |
|
|
|
Agency mortgage-backed |
957,563 |
|
|
1,113,792 |
|
|
|
Non-agency mortgage-backed |
272,529 |
|
|
291,444 |
|
|
|
Commercial mortgage-backed |
713,044 |
|
|
791,272 |
|
|
|
Asset-backed |
888,140 |
|
|
890,984 |
|
|
|
Total fixed maturity investments trading |
$ |
13,309,234 |
|
|
$ |
13,506,503 |
|
|
|
|
|
|
|
|
Contractual maturities of fixed maturity investments trading are described in the following table. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2021 |
Amortized Cost |
|
Fair Value |
|
|
|
|
|
|
|
|
|
|
Due in less than one year |
$ |
568,444 |
|
|
$ |
572,443 |
|
|
|
|
|
|
|
|
|
|
|
Due after one through five years |
5,498,414 |
|
|
5,569,638 |
|
|
|
|
|
|
|
|
|
|
|
Due after five through ten years |
3,822,345 |
|
|
3,786,423 |
|
|
|
|
|
|
|
|
|
|
|
Due after ten years |
562,618 |
|
|
549,453 |
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed |
1,922,325 |
|
|
1,943,137 |
|
|
|
|
|
|
|
|
|
|
|
Asset-backed |
884,839 |
|
|
888,140 |
|
|
|
|
|
|
|
|
|
|
|
Total |
$ |
13,258,985 |
|
|
$ |
13,309,234 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Investments Trading
The following table summarizes the fair value of equity investments trading:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2021 |
|
December 31, 2020 |
|
|
Financials |
$ |
241,360 |
|
|
$ |
452,765 |
|
|
|
Communications and technology |
123,204 |
|
|
119,592 |
|
|
|
Consumer |
45,586 |
|
|
44,477 |
|
|
|
Industrial, utilities and energy |
48,935 |
|
|
43,380 |
|
|
|
Healthcare |
36,248 |
|
|
35,140 |
|
|
|
Basic materials |
7,804 |
|
|
7,263 |
|
|
|
Total |
$ |
503,137 |
|
|
$ |
702,617 |
|
|
|
|
|
|
|
|
Pledged Investments
At March 31, 2021, $8.4 billion of cash and investments at fair value were on deposit with, or in trust accounts for the benefit of, various counterparties, including with respect to the Company’s letter of credit facilities (December 31, 2020 - $8.1 billion). Of this amount, $2.5 billion is on deposit with, or in trust accounts for the benefit of, U.S. state regulatory authorities (December 31, 2020 - $2.5 billion).
Reverse Repurchase Agreements
At March 31, 2021, the Company held $25.0 million (December 31, 2020 - $126.5 million) of reverse repurchase agreements. These loans are fully collateralized, are generally outstanding for a short period of time and are presented on a gross basis as part of short term investments on the Company’s consolidated balance sheets. The required collateral for these loans typically includes high-quality, readily marketable instruments at a minimum amount of 102% of the loan principal. Upon maturity, the Company receives principal and interest income.
Net Investment Income
The components of net investment income are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
|
|
|
|
March 31, 2021 |
|
March 31, 2020 |
|
|
Fixed maturity investments |
|
|
|
|
$ |
62,933 |
|
|
$ |
73,338 |
|
|
|
Short term investments |
|
|
|
|
573 |
|
|
12,092 |
|
|
|
Equity investments |
|
|
|
|
1,491 |
|
|
1,551 |
|
|
|
Other investments |
|
|
|
|
|
|
|
|
|
Catastrophe bonds |
|
|
|
|
14,468 |
|
|
14,139 |
|
|
|
Other |
|
|
|
|
3,801 |
|
|
1,629 |
|
|
|
Cash and cash equivalents |
|
|
|
|
102 |
|
|
1,504 |
|
|
|
|
|
|
|
|
83,368 |
|
|
104,253 |
|
|
|
Investment expenses |
|
|
|
|
(3,564) |
|
|
(4,780) |
|
|
|
Net investment income |
|
|
|
|
$ |
79,804 |
|
|
$ |
99,473 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Realized and Unrealized Losses on Investments
Net realized and unrealized losses on investments are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
|
|
|
|
March 31, 2021 |
|
March 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gains on fixed maturity investments trading |
|
|
|
|
$ |
20,398 |
|
|
$ |
57,487 |
|
|
|
Net unrealized losses on fixed maturity investments trading |
|
|
|
|
(297,018) |
|
|
(20,345) |
|
|
|
Net realized and unrealized (losses) gains on fixed maturity investments trading |
|
|
|
|
(276,620) |
|
|
37,142 |
|
|
|
Net realized and unrealized gains on investments-related derivatives |
|
|
|
|
14,861 |
|
|
33,181 |
|
|
|
Net realized gains (losses) on equity investments trading |
|
|
|
|
109,887 |
|
|
(15,047) |
|
|
|
Net unrealized losses on equity investments trading |
|
|
|
|
(177,809) |
|
|
(105,937) |
|
|
|
Net realized and unrealized losses on equity investments trading |
|
|
|
|
(67,922) |
|
|
(120,984) |
|
|
|
Net realized and unrealized losses on other investments - catastrophe bonds |
|
|
|
|
(19,083) |
|
|
(14,352) |
|
|
|
Net realized and unrealized gains (losses) on other investments - other |
|
|
|
|
3,201 |
|
|
(45,694) |
|
|
|
Net realized and unrealized losses on investments |
|
|
|
|
$ |
(345,563) |
|
|
$ |
(110,707) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE 4. FAIR VALUE MEASUREMENTS
The use of fair value to measure certain assets and liabilities with resulting unrealized gains or losses is pervasive within the Company’s consolidated financial statements. Fair value is defined under accounting guidance currently applicable to the Company as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between open market participants at the measurement date. The Company recognizes the change in unrealized gains and losses arising from changes in fair value in its consolidated statements of operations.
FASB ASC Topic Fair Value Measurements and Disclosures prescribes a fair value hierarchy that prioritizes the inputs to the respective valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to valuation techniques that use at least one significant input that is unobservable (Level 3). The three levels of the fair value hierarchy are described below:
•Fair values determined by Level 1 inputs utilize unadjusted quoted prices obtained from active markets for identical assets or liabilities for which the Company has access at the measurement date. The fair value is determined by multiplying the quoted price by the quantity held by the Company;
•Fair values determined by Level 2 inputs utilize inputs (other than quoted prices included in Level 1) that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals, broker quotes and certain pricing indices; and
•Level 3 inputs are based all or in part on significant unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In these cases, significant management assumptions can be used to establish management’s best estimate of the assumptions used by other market participants in determining the fair value of the asset or liability.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement of the asset or liability. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and the Company considers factors specific to the asset or liability.
In order to determine if a market is active or inactive for a security, the Company considers a number of factors, including, but not limited to, the spread between what a seller is asking for a security and what a buyer is bidding for the same security, the volume of trading activity for the security in question, the price of the security compared to its par value (for fixed maturity investments), and other factors that may be indicative of market activity.
There have been no material changes in the Company’s valuation techniques, nor have there been any transfers between Level 1 and Level 2, or Level 2 and Level 3 during the period represented by these consolidated financial statements.
Below is a summary of the assets and liabilities that are measured at fair value on a recurring basis and also represents the carrying amount on the Company’s consolidated balance sheets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At March 31, 2021 |
Total |
|
Quoted Prices in Active Markets for Identical Assets (Level 1) |
|
Significant Other Observable Inputs (Level 2) |
|
Significant Unobservable Inputs (Level 3) |
|
|
Fixed maturity investments |
|
|
|
|
|
|
|
|
|
U.S. treasuries |
$ |
5,107,878 |
|
|
$ |
5,107,878 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
Agencies |
227,184 |
|
|
— |
|
|
227,184 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-U.S. government |
518,162 |
|
|
— |
|
|
518,162 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-U.S. government-backed corporate |
335,662 |
|
|
— |
|
|
335,662 |
|
|
— |
|
|
|
Corporate |
4,289,072 |
|
|
— |
|
|
4,289,072 |
|
|
— |
|
|
|
Agency mortgage-backed |
957,563 |
|
|
— |
|
|
957,563 |
|
|
— |
|
|
|
Non-agency mortgage-backed |
272,529 |
|
|
— |
|
|
272,529 |
|
|
— |
|
|
|
Commercial mortgage-backed |
713,044 |
|
|
— |
|
|
713,044 |
|
|
— |
|
|
|
Asset-backed |
888,140 |
|
|
— |
|
|
888,140 |
|
|
— |
|
|
|
Total fixed maturity investments |
13,309,234 |
|
|
5,107,878 |
|
|
8,201,356 |
|
|
— |
|
|
|
Short term investments |
5,091,143 |
|
|
— |
|
|
5,091,143 |
|
|
— |
|
|
|
Equity investments trading |
503,137 |
|
|
503,137 |
|
|
— |
|
|
— |
|
|
|
Other investments |
|
|
|
|
|
|
|
|
|
Catastrophe bonds |
941,604 |
|
|
— |
|
|
941,604 |
|
|
— |
|
|
|
Private equity investments |
75,874 |
|
|
— |
|
|
— |
|
|
75,874 |
|
|
|
|
1,017,478 |
|
|
— |
|
|
941,604 |
|
|
75,874 |
|
|
|
Fund investments (1) |
361,578 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other investments |
1,379,056 |
|
|
— |
|
|
941,604 |
|
|
75,874 |
|
|
|
Other assets and (liabilities) |
|
|
|
|
|
|
|
|
|
Assumed and ceded (re)insurance contracts (2) |
(6,421) |
|
|
— |
|
|
— |
|
|
(6,421) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative assets (3) |
20,449 |
|
|
2,317 |
|
|
18,132 |
|
|
— |
|
|
|
Derivative liabilities (3) |
(26,464) |
|
|
(2,494) |
|
|
(23,970) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other assets and (liabilities) |
(12,436) |
|
|
(177) |
|
|
(5,838) |
|
|
(6,421) |
|
|
|
|
$ |
20,270,134 |
|
|
$ |
5,610,838 |
|
|
$ |
14,228,265 |
|
|
$ |
69,453 |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Fund investments, which are comprised of private equity funds, senior secured bank loan funds and hedge funds, are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.
(2) Included in assumed and ceded (re)insurance contracts at March 31, 2021 was $0.6 million of other assets and $7.0 million of other liabilities.
(3) See “Note 13. Derivative Instruments” for additional information related to the fair value, by type of contract, of derivatives entered into by the Company.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2020 |
Total |
|
Quoted Prices in Active Markets for Identical Assets (Level 1) |
|
Significant Other Observable Inputs (Level 2) |
|
Significant Unobservable Inputs (Level 3) |
|
|
Fixed maturity investments |
|
|
|
|
|
|
|
|
|
U.S. treasuries |
$ |
4,960,409 |
|
|
$ |
4,960,409 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
Agencies |
368,032 |
|
|
— |
|
|
368,032 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-U.S. government |
491,531 |
|