RenaissanceRe Holdings Ltd. | ||
Contents |
Page | |||||||||||
Basis of Presentation | |||||||||||
Financial Highlights | |||||||||||
Summary Consolidated Financial Statements | |||||||||||
a. | Consolidated Statements of Operations | ||||||||||
b. | Consolidated Balance Sheets | ||||||||||
Underwriting and Reserves | |||||||||||
a. | Consolidated Segment Underwriting Results | ||||||||||
b. | Segment Underwriting Results | ||||||||||
c. | Property Segment - Catastrophe and Other Property Underwriting Results | ||||||||||
d. | Gross Premiums Written | ||||||||||
e. | Reserves for Claims and Claim Expenses | ||||||||||
f. | Paid to Incurred Analysis | ||||||||||
Managed Joint Ventures and Fee Income | |||||||||||
a. | Fee Income | ||||||||||
b. | Noncontrolling Interests | ||||||||||
c. | DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations | ||||||||||
Investments | |||||||||||
a. | Total Investment Result | ||||||||||
b. | Investment Portfolio - Composition | ||||||||||
c. | Investment Portfolio - Fixed Maturity Investments | ||||||||||
d. | Investment Portfolio - Weighted Average Yield to Maturity and Credit Rating | ||||||||||
e. | Retained Investment Information | ||||||||||
Other Items | |||||||||||
a. | Earnings per Share | ||||||||||
Comments on Regulation G |
RenaissanceRe Holdings Ltd. | ||
Basis of Presentation |
i |
Financial Highlights | |||||||||||||||||||||||||||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | June 30, 2021 | June 30, 2020 | |||||||||||||||||||||||||||||||||||
Highlights | |||||||||||||||||||||||||||||||||||||||||
Gross premiums written | $ | 2,094,158 | $ | 2,652,442 | $ | 935,514 | $ | 1,143,058 | $ | 1,701,872 | $ | 4,746,600 | $ | 3,727,593 | |||||||||||||||||||||||||||
Underwriting income (loss) | $ | 328,976 | $ | (35,760) | $ | (151,655) | $ | (206,072) | $ | 217,137 | $ | 293,216 | $ | 281,216 | |||||||||||||||||||||||||||
Net investment income | $ | 80,925 | $ | 79,804 | $ | 81,717 | $ | 83,543 | $ | 89,305 | $ | 160,729 | $ | 188,778 | |||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 191,018 | (345,563) | 258,745 | 224,208 | 448,390 | (154,545) | 337,683 | ||||||||||||||||||||||||||||||||||
Total investment result | $ | 271,943 | $ | (265,759) | $ | 340,462 | $ | 307,751 | $ | 537,695 | $ | 6,184 | $ | 526,461 | |||||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 456,818 | $ | (290,934) | $ | 189,812 | $ | 47,799 | $ | 575,845 | $ | 165,884 | $ | 493,871 | |||||||||||||||||||||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1) | $ | 278,050 | $ | 4,395 | $ | (77,122) | $ | (131,724) | $ | 190,076 | $ | 282,445 | $ | 223,486 | |||||||||||||||||||||||||||
Per share data | |||||||||||||||||||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic | $ | 9.36 | $ | (5.87) | $ | 3.75 | $ | 0.94 | $ | 12.64 | $ | 3.36 | $ | 11.04 | |||||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 9.35 | $ | (5.87) | $ | 3.74 | $ | 0.94 | $ | 12.63 | $ | 3.35 | $ | 11.02 | |||||||||||||||||||||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1) | $ | 5.64 | $ | 0.09 | $ | (1.59) | $ | (2.64) | $ | 4.06 | $ | 5.73 | $ | 4.91 | |||||||||||||||||||||||||||
Book value per common share | $ | 139.35 | $ | 131.15 | $ | 138.46 | $ | 135.13 | $ | 134.27 | $ | 139.35 | $ | 134.27 | |||||||||||||||||||||||||||
Tangible book value per common share (1) | $ | 133.75 | $ | 125.73 | $ | 133.09 | $ | 129.60 | $ | 128.71 | $ | 133.75 | $ | 128.71 | |||||||||||||||||||||||||||
Tangible book value per common share plus accumulated dividends (1) | $ | 156.55 | $ | 148.17 | $ | 155.17 | $ | 151.33 | $ | 150.09 | $ | 156.55 | $ | 150.09 | |||||||||||||||||||||||||||
Change in tangible book value per common share plus change in accumulated dividends (1) | 6.7 | % | (5.3) | % | 3.0 | % | 1.0 | % | 16.6 | % | 1.0 | % | 13.5 | % | |||||||||||||||||||||||||||
Financial ratios | |||||||||||||||||||||||||||||||||||||||||
Combined ratio | 72.4 | % | 103.1 | % | 114.7 | % | 120.6 | % | 78.5 | % | 87.5 | % | 85.4 | % | |||||||||||||||||||||||||||
Return on average common equity - annualized | 27.6 | % | (17.1) | % | 10.9 | % | 2.8 | % | 38.5 | % | 4.9 | % | 17.1 | % | |||||||||||||||||||||||||||
Operating return on average common equity - annualized (1) | 16.8 | % | 0.3 | % | (4.4) | % | (7.7) | % | 12.7 | % | 8.4 | % | 7.8 | % | |||||||||||||||||||||||||||
Total investment return - annualized | 5.2 | % | (4.9) | % | 6.6 | % | 6.2 | % | 11.8 | % | 0.1 | % | 5.8 | % |
1 | ![]() |
Summary Consolidated Financial Statements | |||||||||||||||||||||||||||||||||||||||||
Consolidated Statements of Operations | |||||||||||||||||||||||||||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | June 30, 2021 | June 30, 2020 | |||||||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||||||||
Gross premiums written | $ | 2,094,158 | $ | 2,652,442 | $ | 935,514 | $ | 1,143,058 | $ | 1,701,872 | $ | 4,746,600 | $ | 3,727,593 | |||||||||||||||||||||||||||
Net premiums written | $ | 1,512,292 | $ | 1,824,083 | $ | 746,311 | $ | 899,411 | $ | 1,180,803 | $ | 3,336,375 | $ | 2,450,611 | |||||||||||||||||||||||||||
(Increase) decrease in unearned premiums | (319,502) | (670,247) | 282,774 | 100,772 | (170,707) | (989,749) | (527,417) | ||||||||||||||||||||||||||||||||||
Net premiums earned | 1,192,790 | 1,153,836 | 1,029,085 | 1,000,183 | 1,010,096 | 2,346,626 | 1,923,194 | ||||||||||||||||||||||||||||||||||
Net investment income | 80,925 | 79,804 | 81,717 | 83,543 | 89,305 | 160,729 | 188,778 | ||||||||||||||||||||||||||||||||||
Net foreign exchange gains (losses) | 3,234 | (22,788) | 23,270 | 17,426 | (7,195) | (19,554) | (12,923) | ||||||||||||||||||||||||||||||||||
Equity in earnings (losses) of other ventures | 8,732 | (5,558) | (1,868) | 5,457 | 9,041 | 3,174 | 13,605 | ||||||||||||||||||||||||||||||||||
Other income (loss) | 586 | 2,171 | 4,374 | 1,476 | (1,201) | 2,757 | (5,637) | ||||||||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 191,018 | (345,563) | 258,745 | 224,208 | 448,390 | (154,545) | 337,683 | ||||||||||||||||||||||||||||||||||
Total revenues | 1,477,285 | 861,902 | 1,395,323 | 1,332,293 | 1,548,436 | 2,339,187 | 2,444,700 | ||||||||||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||||||||||||
Net claims and claim expenses incurred | 520,021 | 867,051 | 901,353 | 942,030 | 510,272 | 1,387,072 | 1,081,226 | ||||||||||||||||||||||||||||||||||
Acquisition expenses | 285,590 | 267,234 | 238,283 | 215,180 | 233,610 | 552,824 | 444,214 | ||||||||||||||||||||||||||||||||||
Operational expenses | 58,203 | 55,311 | 41,104 | 49,045 | 49,077 | 113,514 | 116,538 | ||||||||||||||||||||||||||||||||||
Corporate expenses | 10,125 | 10,405 | 21,031 | 48,050 | 11,898 | 20,530 | 27,889 | ||||||||||||||||||||||||||||||||||
Interest expense | 11,833 | 11,912 | 11,841 | 11,843 | 11,842 | 23,745 | 26,769 | ||||||||||||||||||||||||||||||||||
Total expenses | 885,772 | 1,211,913 | 1,213,612 | 1,266,148 | 816,699 | 2,097,685 | 1,696,636 | ||||||||||||||||||||||||||||||||||
Income (loss) before taxes | 591,513 | (350,011) | 181,711 | 66,145 | 731,737 | 241,502 | 748,064 | ||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | (13,862) | 19,516 | 9,923 | 8,244 | (29,875) | 5,654 | (21,029) | ||||||||||||||||||||||||||||||||||
Net income (loss) | 577,651 | (330,495) | 191,634 | 74,389 | 701,862 | 247,156 | 727,035 | ||||||||||||||||||||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests | (113,544) | 46,850 | 5,467 | (19,301) | (118,728) | (66,694) | (216,819) | ||||||||||||||||||||||||||||||||||
Net income (loss) attributable to RenaissanceRe | 464,107 | (283,645) | 197,101 | 55,088 | 583,134 | 180,462 | 510,216 | ||||||||||||||||||||||||||||||||||
Dividends on preference shares | (7,289) | (7,289) | (7,289) | (7,289) | (7,289) | (14,578) | (16,345) | ||||||||||||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 456,818 | $ | (290,934) | $ | 189,812 | $ | 47,799 | $ | 575,845 | $ | 165,884 | $ | 493,871 | |||||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic | $ | 9.36 | $ | (5.87) | $ | 3.75 | $ | 0.94 | $ | 12.64 | $ | 3.36 | $ | 11.04 | |||||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 9.35 | $ | (5.87) | $ | 3.74 | $ | 0.94 | $ | 12.63 | $ | 3.35 | $ | 11.02 | |||||||||||||||||||||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1) | $ | 5.64 | $ | 0.09 | $ | (1.59) | $ | (2.64) | $ | 4.06 | $ | 5.73 | $ | 4.91 | |||||||||||||||||||||||||||
Return on average common equity - annualized | 27.6 | % | (17.1) | % | 10.9 | % | 2.8 | % | 38.5 | % | 4.9 | % | 17.1 | % | |||||||||||||||||||||||||||
Operating return on average common equity - annualized (1) | 16.8 | % | 0.3 | % | (4.4) | % | (7.7) | % | 12.7 | % | 8.4 | % | 7.8 | % |
2 | ![]() |
Summary Consolidated Financial Statements | |||||||||||||||||||||||||||||
Consolidated Balance Sheets | |||||||||||||||||||||||||||||
June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Fixed maturity investments trading, at fair value | $ | 13,418,389 | $ | 13,309,234 | $ | 13,506,503 | $ | 13,391,318 | $ | 12,495,135 | |||||||||||||||||||
Short term investments, at fair value | 4,392,652 | 5,091,143 | 4,993,735 | 5,158,961 | 5,570,804 | ||||||||||||||||||||||||
Equity investments trading, at fair value | 577,090 | 503,137 | 702,617 | 547,381 | 470,087 | ||||||||||||||||||||||||
Other investments, at fair value | 1,585,036 | 1,379,056 | 1,256,948 | 1,122,683 | 1,093,338 | ||||||||||||||||||||||||
Investments in other ventures, under equity method | 91,938 | 91,362 | 98,373 | 98,990 | 94,285 | ||||||||||||||||||||||||
Total investments | 20,065,105 | 20,373,932 | 20,558,176 | 20,319,333 | 19,723,649 | ||||||||||||||||||||||||
Cash and cash equivalents | 1,789,756 | 1,286,661 | 1,736,813 | 1,287,378 | 1,185,844 | ||||||||||||||||||||||||
Premiums receivable | 4,481,492 | 3,928,122 | 2,894,631 | 3,337,120 | 3,519,965 | ||||||||||||||||||||||||
Prepaid reinsurance premiums | 1,361,041 | 1,229,716 | 823,582 | 1,082,270 | 1,266,203 | ||||||||||||||||||||||||
Reinsurance recoverable | 3,187,638 | 3,160,667 | 2,926,010 | 2,883,808 | 2,774,358 | ||||||||||||||||||||||||
Accrued investment income | 56,804 | 62,573 | 66,743 | 71,947 | 70,004 | ||||||||||||||||||||||||
Deferred acquisition costs and value of business acquired | 883,926 | 786,941 | 633,521 | 697,346 | 734,286 | ||||||||||||||||||||||||
Receivable for investments sold | 457,458 | 841,156 | 568,293 | 752,936 | 648,458 | ||||||||||||||||||||||||
Other assets | 196,959 | 318,249 | 363,170 | 306,265 | 298,396 | ||||||||||||||||||||||||
Goodwill and other intangibles | 246,576 | 248,080 | 249,641 | 257,437 | 258,591 | ||||||||||||||||||||||||
Total assets | $ | 32,726,755 | $ | 32,236,097 | $ | 30,820,580 | $ | 30,995,840 | $ | 30,479,754 | |||||||||||||||||||
Liabilities, Noncontrolling Interests and Shareholders' Equity | |||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Reserve for claims and claim expenses | $ | 10,944,742 | $ | 10,953,383 | $ | 10,381,138 | $ | 9,900,615 | $ | 9,365,469 | |||||||||||||||||||
Unearned premiums | 4,284,260 | 3,833,155 | 2,763,599 | 3,276,156 | 3,549,641 | ||||||||||||||||||||||||
Debt | 1,137,304 | 1,136,783 | 1,136,265 | 1,135,740 | 1,135,216 | ||||||||||||||||||||||||
Reinsurance balances payable | 4,489,841 | 4,254,645 | 3,488,352 | 3,915,804 | 4,094,027 | ||||||||||||||||||||||||
Payable for investments purchased | 795,185 | 1,133,787 | 1,132,538 | 1,597,893 | 1,259,116 | ||||||||||||||||||||||||
Other liabilities | 201,398 | 436,437 | 970,121 | 391,494 | 342,014 | ||||||||||||||||||||||||
Total liabilities | 21,852,730 | 21,748,190 | 19,872,013 | 20,217,702 | 19,745,483 | ||||||||||||||||||||||||
Redeemable noncontrolling interests | 3,656,419 | 3,409,570 | 3,388,319 | 3,387,317 | 3,387,099 | ||||||||||||||||||||||||
Shareholders' Equity | |||||||||||||||||||||||||||||
Preference shares | 525,000 | 525,000 | 525,000 | 525,000 | 525,000 | ||||||||||||||||||||||||
Common shares | 48,026 | 49,970 | 50,811 | 50,810 | 50,811 | ||||||||||||||||||||||||
Additional paid-in capital | 1,153,881 | 1,450,627 | 1,623,206 | 1,615,328 | 1,602,738 | ||||||||||||||||||||||||
Accumulated other comprehensive loss | (14,061) | (12,382) | (12,642) | (2,083) | (3,066) | ||||||||||||||||||||||||
Retained earnings | 5,504,760 | 5,065,122 | 5,373,873 | 5,201,766 | 5,171,689 | ||||||||||||||||||||||||
Total shareholders' equity attributable to RenaissanceRe | 7,217,606 | 7,078,337 | 7,560,248 | 7,390,821 | 7,347,172 | ||||||||||||||||||||||||
Total liabilities, noncontrolling interests and shareholders' equity | $ | 32,726,755 | $ | 32,236,097 | $ | 30,820,580 | $ | 30,995,840 | $ | 30,479,754 | |||||||||||||||||||
Book value per common share | $ | 139.35 | $ | 131.15 | $ | 138.46 | $ | 135.13 | $ | 134.27 |
3 | ![]() |
Underwriting and Reserves | ||||||||||||||||||||
Consolidated Segment Underwriting Results | ||||||||||||||||||||
Three months ended June 30, 2021 | ||||||||||||||||||||
Property | Casualty and Specialty | Total | ||||||||||||||||||
Gross premiums written | $ | 1,183,556 | $ | 910,602 | $ | 2,094,158 | ||||||||||||||
Net premiums written | $ | 803,335 | $ | 708,957 | $ | 1,512,292 | ||||||||||||||
Net premiums earned | $ | 560,397 | $ | 632,393 | $ | 1,192,790 | ||||||||||||||
Net claims and claim expenses incurred | 97,150 | 422,871 | 520,021 | |||||||||||||||||
Acquisition expenses | 109,238 | 176,352 | 285,590 | |||||||||||||||||
Operational expenses | 38,887 | 19,316 | 58,203 | |||||||||||||||||
Underwriting income | $ | 315,122 | $ | 13,854 | $ | 328,976 | ||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 148,133 | $ | 423,917 | $ | 572,050 | ||||||||||||||
Net claims and claim expenses incurred - prior accident years | (50,983) | (1,046) | (52,029) | |||||||||||||||||
Net claims and claim expenses incurred - total | $ | 97,150 | $ | 422,871 | $ | 520,021 | ||||||||||||||
Net claims and claim expense ratio - current accident year | 26.4 | % | 67.0 | % | 48.0 | % | ||||||||||||||
Net claims and claim expense ratio - prior accident years | (9.1) | % | (0.1) | % | (4.4) | % | ||||||||||||||
Net claims and claim expense ratio - calendar year | 17.3 | % | 66.9 | % | 43.6 | % | ||||||||||||||
Underwriting expense ratio | 26.5 | % | 30.9 | % | 28.8 | % | ||||||||||||||
Combined ratio | 43.8 | % | 97.8 | % | 72.4 | % | ||||||||||||||
Three months ended June 30, 2020 | ||||||||||||||||||||
Property | Casualty and Specialty | Total | ||||||||||||||||||
Gross premiums written | $ | 1,042,536 | $ | 659,336 | $ | 1,701,872 | ||||||||||||||
Net premiums written | $ | 704,138 | $ | 476,665 | $ | 1,180,803 | ||||||||||||||
Net premiums earned | $ | 491,116 | $ | 518,980 | $ | 1,010,096 | ||||||||||||||
Net claims and claim expenses incurred | 164,006 | 346,266 | 510,272 | |||||||||||||||||
Acquisition expenses | 94,773 | 138,837 | 233,610 | |||||||||||||||||
Operational expenses | 31,655 | 17,422 | 49,077 | |||||||||||||||||
Underwriting income | $ | 200,682 | $ | 16,455 | $ | 217,137 | ||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 170,614 | $ | 355,064 | $ | 525,678 | ||||||||||||||
Net claims and claim expenses incurred - prior accident years | (6,608) | (8,798) | (15,406) | |||||||||||||||||
Net claims and claim expenses incurred - total | $ | 164,006 | $ | 346,266 | $ | 510,272 | ||||||||||||||
Net claims and claim expense ratio - current accident year | 34.7 | % | 68.4 | % | 52.0 | % | ||||||||||||||
Net claims and claim expense ratio - prior accident years | (1.3) | % | (1.7) | % | (1.5) | % | ||||||||||||||
Net claims and claim expense ratio - calendar year | 33.4 | % | 66.7 | % | 50.5 | % | ||||||||||||||
Underwriting expense ratio | 25.7 | % | 30.1 | % | 28.0 | % | ||||||||||||||
Combined ratio | 59.1 | % | 96.8 | % | 78.5 | % |
4 | ![]() |
Underwriting and Reserves | |||||||||||||||||
Consolidated Segment Underwriting Results | |||||||||||||||||
Six months ended June 30, 2021 | |||||||||||||||||
Property | Casualty and Specialty | Total | |||||||||||||||
Gross premiums written | $ | 2,800,375 | $ | 1,946,225 | $ | 4,746,600 | |||||||||||
Net premiums written | $ | 1,811,795 | $ | 1,524,580 | $ | 3,336,375 | |||||||||||
Net premiums earned | $ | 1,165,563 | $ | 1,181,063 | $ | 2,346,626 | |||||||||||
Net claims and claim expenses incurred | 595,982 | 791,090 | 1,387,072 | ||||||||||||||
Acquisition expenses | 221,992 | 330,832 | 552,824 | ||||||||||||||
Operational expenses | 74,262 | 39,252 | 113,514 | ||||||||||||||
Underwriting income | $ | 273,327 | $ | 19,889 | $ | 293,216 | |||||||||||
Net claims and claim expenses incurred - current accident year | $ | 652,127 | $ | 796,006 | $ | 1,448,133 | |||||||||||
Net claims and claim expenses incurred - prior accident years | (56,145) | (4,916) | (61,061) | ||||||||||||||
Net claims and claim expenses incurred - total | $ | 595,982 | $ | 791,090 | $ | 1,387,072 | |||||||||||
Net claims and claim expense ratio - current accident year | 55.9 | % | 67.4 | % | 61.7 | % | |||||||||||
Net claims and claim expense ratio - prior accident years | (4.8) | % | (0.4) | % | (2.6) | % | |||||||||||
Net claims and claim expense ratio - calendar year | 51.1 | % | 67.0 | % | 59.1 | % | |||||||||||
Underwriting expense ratio | 25.4 | % | 31.3 | % | 28.4 | % | |||||||||||
Combined ratio | 76.5 | % | 98.3 | % | 87.5 | % | |||||||||||
Six months ended June 30, 2020 | |||||||||||||||||
Property | Casualty and Specialty | Total | |||||||||||||||
Gross premiums written | $ | 2,263,062 | $ | 1,464,531 | $ | 3,727,593 | |||||||||||
Net premiums written | $ | 1,378,719 | $ | 1,071,892 | $ | 2,450,611 | |||||||||||
Net premiums earned | $ | 912,451 | $ | 1,010,743 | $ | 1,923,194 | |||||||||||
Net claims and claim expenses incurred | 308,751 | 772,475 | 1,081,226 | ||||||||||||||
Acquisition expenses | 180,124 | 264,090 | 444,214 | ||||||||||||||
Operational expenses | 75,662 | 40,876 | 116,538 | ||||||||||||||
Underwriting income (loss) | $ | 347,914 | $ | (66,698) | $ | 281,216 | |||||||||||
Net claims and claim expenses incurred - current accident year | $ | 301,458 | $ | 781,274 | $ | 1,082,732 | |||||||||||
Net claims and claim expenses incurred - prior accident years | 7,293 | (8,799) | (1,506) | ||||||||||||||
Net claims and claim expenses incurred - total | $ | 308,751 | $ | 772,475 | $ | 1,081,226 | |||||||||||
Net claims and claim expense ratio - current accident year | 33.0 | % | 77.3 | % | 56.3 | % | |||||||||||
Net claims and claim expense ratio - prior accident years | 0.8 | % | (0.9) | % | (0.1) | % | |||||||||||
Net claims and claim expense ratio - calendar year | 33.8 | % | 76.4 | % | 56.2 | % | |||||||||||
Underwriting expense ratio | 28.1 | % | 30.2 | % | 29.2 | % | |||||||||||
Combined ratio | 61.9 | % | 106.6 | % | 85.4 | % |
5 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||
Segment Underwriting Results | |||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
Property Segment | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | ||||||||||||||||||||||||
Gross premiums written | $ | 1,183,556 | $ | 1,616,819 | $ | 308,315 | $ | 427,765 | $ | 1,042,536 | |||||||||||||||||||
Net premiums written | $ | 803,335 | $ | 1,008,460 | $ | 279,773 | $ | 378,708 | $ | 704,138 | |||||||||||||||||||
Net premiums earned | $ | 560,397 | $ | 605,166 | $ | 507,141 | $ | 516,623 | $ | 491,116 | |||||||||||||||||||
Net claims and claim expenses incurred | 97,150 | 498,832 | 536,218 | 590,979 | 164,006 | ||||||||||||||||||||||||
Acquisition expenses | 109,238 | 112,754 | 75,032 | 98,545 | 94,773 | ||||||||||||||||||||||||
Operational expenses | 38,887 | 35,375 | 26,160 | 33,724 | 31,655 | ||||||||||||||||||||||||
Underwriting income (loss) | $ | 315,122 | $ | (41,795) | $ | (130,269) | $ | (206,625) | $ | 200,682 | |||||||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 148,133 | $ | 503,994 | $ | 661,711 | $ | 629,827 | $ | 170,614 | |||||||||||||||||||
Net claims and claim expenses incurred - prior accident years | (50,983) | (5,162) | (125,493) | (38,848) | (6,608) | ||||||||||||||||||||||||
Net claims and claim expenses incurred - total | $ | 97,150 | $ | 498,832 | $ | 536,218 | $ | 590,979 | $ | 164,006 | |||||||||||||||||||
Net claims and claim expense ratio - current accident year | 26.4 | % | 83.3 | % | 130.4 | % | 121.9 | % | 34.7 | % | |||||||||||||||||||
Net claims and claim expense ratio - prior accident years | (9.1) | % | (0.9) | % | (24.7) | % | (7.5) | % | (1.3) | % | |||||||||||||||||||
Net claims and claim expense ratio - calendar year | 17.3 | % | 82.4 | % | 105.7 | % | 114.4 | % | 33.4 | % | |||||||||||||||||||
Underwriting expense ratio | 26.5 | % | 24.5 | % | 20.0 | % | 25.6 | % | 25.7 | % | |||||||||||||||||||
Combined ratio | 43.8 | % | 106.9 | % | 125.7 | % | 140.0 | % | 59.1 | % | |||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
Casualty and Specialty Segment | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | ||||||||||||||||||||||||
Gross premiums written | $ | 910,602 | $ | 1,035,623 | $ | 627,199 | $ | 715,293 | $ | 659,336 | |||||||||||||||||||
Net premiums written | $ | 708,957 | $ | 815,623 | $ | 466,538 | $ | 520,703 | $ | 476,665 | |||||||||||||||||||
Net premiums earned | $ | 632,393 | $ | 548,670 | $ | 521,944 | $ | 483,560 | $ | 518,980 | |||||||||||||||||||
Net claims and claim expenses incurred | 422,871 | 368,219 | 365,135 | 351,052 | 346,266 | ||||||||||||||||||||||||
Acquisition expenses | 176,352 | 154,480 | 163,251 | 116,636 | 138,837 | ||||||||||||||||||||||||
Operational expenses | 19,316 | 19,936 | 14,945 | 15,319 | 17,422 | ||||||||||||||||||||||||
Underwriting income (loss) | $ | 13,854 | $ | 6,035 | $ | (21,387) | $ | 553 | $ | 16,455 | |||||||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 423,917 | $ | 372,089 | $ | 368,071 | $ | 366,080 | $ | 355,064 | |||||||||||||||||||
Net claims and claim expenses incurred - prior accident years | (1,046) | (3,870) | (2,936) | (15,028) | (8,798) | ||||||||||||||||||||||||
Net claims and claim expenses incurred - total | $ | 422,871 | $ | 368,219 | $ | 365,135 | $ | 351,052 | $ | 346,266 | |||||||||||||||||||
Net claims and claim expense ratio - current accident year | 67.0 | % | 67.8 | % | 70.5 | % | 75.7 | % | 68.4 | % | |||||||||||||||||||
Net claims and claim expense ratio - prior accident years | (0.1) | % | (0.7) | % | (0.5) | % | (3.1) | % | (1.7) | % | |||||||||||||||||||
Net claims and claim expense ratio - calendar year | 66.9 | % | 67.1 | % | 70.0 | % | 72.6 | % | 66.7 | % | |||||||||||||||||||
Underwriting expense ratio | 30.9 | % | 31.8 | % | 34.1 | % | 27.3 | % | 30.1 | % | |||||||||||||||||||
Combined ratio | 97.8 | % | 98.9 | % | 104.1 | % | 99.9 | % | 96.8 | % |
6 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||
Property Segment - Catastrophe and Other Property Underwriting Results | |||||||||||||||||||||||||||||||||||
Three months ended June 30, 2021 | Three months ended June 30, 2020 | ||||||||||||||||||||||||||||||||||
Catastrophe | Other Property | Total | Catastrophe | Other Property | Total | ||||||||||||||||||||||||||||||
Gross premiums written | $ | 761,323 | $ | 422,233 | $ | 1,183,556 | $ | 711,786 | $ | 330,750 | $ | 1,042,536 | |||||||||||||||||||||||
Net premiums written | $ | 403,272 | $ | 400,063 | $ | 803,335 | $ | 391,350 | $ | 312,788 | $ | 704,138 | |||||||||||||||||||||||
Net premiums earned | $ | 272,309 | $ | 288,088 | $ | 560,397 | $ | 245,518 | $ | 245,598 | $ | 491,116 | |||||||||||||||||||||||
Net claims and claim expenses incurred | (34,068) | 131,218 | 97,150 | 22,467 | 141,539 | 164,006 | |||||||||||||||||||||||||||||
Acquisition expenses | 32,103 | 77,135 | 109,238 | 31,728 | 63,045 | 94,773 | |||||||||||||||||||||||||||||
Operational expenses | 30,610 | 8,277 | 38,887 | 25,652 | 6,003 | 31,655 | |||||||||||||||||||||||||||||
Underwriting income | $ | 243,664 | $ | 71,458 | $ | 315,122 | $ | 165,671 | $ | 35,011 | $ | 200,682 | |||||||||||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 16,573 | $ | 131,560 | $ | 148,133 | $ | 37,528 | $ | 133,086 | $ | 170,614 | |||||||||||||||||||||||
Net claims and claim expenses incurred - prior accident years | (50,641) | (342) | (50,983) | (15,061) | 8,453 | (6,608) | |||||||||||||||||||||||||||||
Net claims and claim expenses incurred - total | $ | (34,068) | $ | 131,218 | $ | 97,150 | $ | 22,467 | $ | 141,539 | $ | 164,006 | |||||||||||||||||||||||
Net claims and claim expense ratio - current accident year | 6.1 | % | 45.7 | % | 26.4 | % | 15.3 | % | 54.2 | % | 34.7 | % | |||||||||||||||||||||||
Net claims and claim expense ratio - prior accident years | (18.6) | % | (0.2) | % | (9.1) | % | (6.1) | % | 3.4 | % | (1.3) | % | |||||||||||||||||||||||
Net claims and claim expense ratio - calendar year | (12.5) | % | 45.5 | % | 17.3 | % | 9.2 | % | 57.6 | % | 33.4 | % | |||||||||||||||||||||||
Underwriting expense ratio | 23.0 | % | 29.7 | % | 26.5 | % | 23.3 | % | 28.1 | % | 25.7 | % | |||||||||||||||||||||||
Combined ratio | 10.5 | % | 75.2 | % | 43.8 | % | 32.5 | % | 85.7 | % | 59.1 | % | |||||||||||||||||||||||
Six months ended June 30, 2021 | Six months ended June 30, 2020 | ||||||||||||||||||||||||||||||||||
Catastrophe | Other Property | Total | Catastrophe | Other Property | Total | ||||||||||||||||||||||||||||||
Gross premiums written | $ | 1,892,448 | $ | 907,927 | $ | 2,800,375 | $ | 1,647,976 | $ | 615,086 | $ | 2,263,062 | |||||||||||||||||||||||
Net premiums written | $ | 1,063,392 | $ | 748,403 | $ | 1,811,795 | $ | 868,807 | $ | 509,912 | $ | 1,378,719 | |||||||||||||||||||||||
Net premiums earned | $ | 613,289 | $ | 552,274 | $ | 1,165,563 | $ | 466,173 | $ | 446,278 | $ | 912,451 | |||||||||||||||||||||||
Net claims and claim expenses incurred | 299,943 | 296,039 | 595,982 | 20,266 | 288,485 | 308,751 | |||||||||||||||||||||||||||||
Acquisition expenses | 73,481 | 148,511 | 221,992 | 60,434 | 119,690 | 180,124 | |||||||||||||||||||||||||||||
Operational expenses | 58,976 | 15,286 | 74,262 | 61,198 | 14,464 | 75,662 | |||||||||||||||||||||||||||||
Underwriting income | $ | 180,889 | $ | 92,438 | $ | 273,327 | $ | 324,275 | $ | 23,639 | $ | 347,914 | |||||||||||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 355,048 | $ | 297,079 | $ | 652,127 | $ | 60,910 | $ | 240,548 | $ | 301,458 | |||||||||||||||||||||||
Net claims and claim expenses incurred - prior accident years | (55,105) | (1,040) | (56,145) | (40,644) | 47,937 | 7,293 | |||||||||||||||||||||||||||||
Net claims and claim expenses incurred - total | $ | 299,943 | $ | 296,039 | $ | 595,982 | $ | 20,266 | $ | 288,485 | $ | 308,751 | |||||||||||||||||||||||
Net claims and claim expense ratio - current accident year | 57.9 | % | 53.8 | % | 55.9 | % | 13.1 | % | 53.9 | % | 33.0 | % | |||||||||||||||||||||||
Net claims and claim expense ratio - prior accident years | (9.0) | % | (0.2) | % | (4.8) | % | (8.8) | % | 10.7 | % | 0.8 | % | |||||||||||||||||||||||
Net claims and claim expense ratio - calendar year | 48.9 | % | 53.6 | % | 51.1 | % | 4.3 | % | 64.6 | % | 33.8 | % | |||||||||||||||||||||||
Underwriting expense ratio | 21.6 | % | 29.7 | % | 25.4 | % | 26.1 | % | 30.1 | % | 28.1 | % | |||||||||||||||||||||||
Combined ratio | 70.5 | % | 83.3 | % | 76.5 | % | 30.4 | % | 94.7 | % | 61.9 | % |
7 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||||||||
Gross Premiums Written | |||||||||||||||||||||||||||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | June 30, 2021 | June 30, 2020 | |||||||||||||||||||||||||||||||||||
Property Segment | |||||||||||||||||||||||||||||||||||||||||
Catastrophe | $ | 761,323 | $ | 1,131,125 | $ | 59,120 | $ | 179,689 | $ | 711,786 | $ | 1,892,448 | $ | 1,647,976 | |||||||||||||||||||||||||||
Other property | 422,233 | 485,694 | 249,195 | 248,076 | 330,750 | 907,927 | 615,086 | ||||||||||||||||||||||||||||||||||
Property segment gross premiums written | $ | 1,183,556 | $ | 1,616,819 | $ | 308,315 | $ | 427,765 | $ | 1,042,536 | $ | 2,800,375 | $ | 2,263,062 | |||||||||||||||||||||||||||
Casualty and Specialty Segment | |||||||||||||||||||||||||||||||||||||||||
General casualty (1) | $ | 286,686 | $ | 343,170 | $ | 190,996 | $ | 260,265 | $ | 206,666 | $ | 629,856 | $ | 453,333 | |||||||||||||||||||||||||||
Professional liability (2) | 306,387 | 314,372 | 207,437 | 175,459 | 222,737 | 620,759 | 453,224 | ||||||||||||||||||||||||||||||||||
Financial lines (3) | 86,175 | 144,386 | 122,023 | 143,455 | 101,635 | 230,561 | 248,714 | ||||||||||||||||||||||||||||||||||
Other (4) | 231,354 | 233,695 | 106,743 | 136,114 | 128,298 | 465,049 | 309,260 | ||||||||||||||||||||||||||||||||||
Casualty and Specialty segment gross premiums written | $ | 910,602 | $ | 1,035,623 | $ | 627,199 | $ | 715,293 | $ | 659,336 | $ | 1,946,225 | $ | 1,464,531 |
(1) | Includes automobile liability, casualty clash, employer’s liability, umbrella or excess casualty, workers’ compensation and general liability. | ||||
(2) | Includes directors and officers, medical malpractice, and professional indemnity. | ||||
(3) | Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit. | ||||
(4) | Includes accident and health, agriculture, aviation, cyber, energy, marine, satellite and terrorism. Lines of business such as regional multi-line and whole account may have characteristics of various other classes of business, and are allocated accordingly. |
8 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||
Reserves for Claims and Claim Expenses | |||||||||||||||||||||||
Case Reserves | Additional Case Reserves | IBNR | Total | ||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||
Property | $ | 1,383,754 | $ | 1,513,549 | $ | 1,773,492 | $ | 4,670,795 | |||||||||||||||
Casualty and Specialty | 1,727,051 | 133,041 | 4,413,855 | 6,273,947 | |||||||||||||||||||
Total | $ | 3,110,805 | $ | 1,646,590 | $ | 6,187,347 | $ | 10,944,742 | |||||||||||||||
March 31, 2021 | |||||||||||||||||||||||
Property | $ | 1,292,683 | $ | 1,333,734 | $ | 2,145,953 | $ | 4,772,370 | |||||||||||||||
Casualty and Specialty | 1,801,362 | 147,822 | 4,231,829 | 6,181,013 | |||||||||||||||||||
Total | $ | 3,094,045 | $ | 1,481,556 | $ | 6,377,782 | $ | 10,953,383 | |||||||||||||||
December 31, 2020 | |||||||||||||||||||||||
Property | $ | 1,127,909 | $ | 1,617,003 | $ | 1,627,541 | $ | 4,372,453 | |||||||||||||||
Casualty and Specialty | 1,651,150 | 133,843 | 4,223,692 | 6,008,685 | |||||||||||||||||||
Total | $ | 2,779,059 | $ | 1,750,846 | $ | 5,851,233 | $ | 10,381,138 | |||||||||||||||
September 30, 2020 | |||||||||||||||||||||||
Property | $ | 1,037,858 | $ | 1,752,260 | $ | 1,238,478 | $ | 4,028,596 | |||||||||||||||
Casualty and Specialty | 1,625,554 | 123,001 | 4,123,464 | 5,872,019 | |||||||||||||||||||
Total | $ | 2,663,412 | $ | 1,875,261 | $ | 5,361,942 | $ | 9,900,615 | |||||||||||||||
June 30, 2020 | |||||||||||||||||||||||
Property | $ | 1,095,843 | $ | 1,650,244 | $ | 842,395 | $ | 3,588,482 | |||||||||||||||
Casualty and Specialty | 1,682,299 | 127,588 | 3,967,100 | 5,776,987 | |||||||||||||||||||
Total | $ | 2,778,142 | $ | 1,777,832 | $ | 4,809,495 | $ | 9,365,469 |
9 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||
Paid to Incurred Analysis | |||||||||||||||||||||||||||||||||||
Three months ended June 30, 2021 | Three months ended June 30, 2020 | ||||||||||||||||||||||||||||||||||
Gross | Recoveries | Net | Gross | Recoveries | Net | ||||||||||||||||||||||||||||||
Reserve for claims and claim expenses, beginning of period | $ | 10,953,383 | $ | 3,160,667 | $ | 7,792,716 | $ | 9,406,707 | $ | 2,765,583 | $ | 6,641,124 | |||||||||||||||||||||||
Incurred claims and claim expenses | |||||||||||||||||||||||||||||||||||
Current year | 697,608 | 125,558 | 572,050 | 650,900 | 125,222 | 525,678 | |||||||||||||||||||||||||||||
Prior years | (31,502) | 20,527 | (52,029) | (3,674) | 11,732 | (15,406) | |||||||||||||||||||||||||||||
Total incurred claims and claim expenses | 666,106 | 146,085 | 520,021 | 647,226 | 136,954 | 510,272 | |||||||||||||||||||||||||||||
Paid claims and claim expenses | |||||||||||||||||||||||||||||||||||
Current year | 54,904 | 4,377 | 50,527 | 32,182 | 1,758 | 30,424 | |||||||||||||||||||||||||||||
Prior years | 626,860 | 117,522 | 509,338 | 701,647 | 130,017 | 571,630 | |||||||||||||||||||||||||||||
Total paid claims and claim expenses | 681,764 | 121,899 | 559,865 | 733,829 | 131,775 | 602,054 | |||||||||||||||||||||||||||||
Foreign exchange (1) | 7,017 | 2,785 | 4,232 | 45,365 | 3,596 | 41,769 | |||||||||||||||||||||||||||||
Reserve for claims and claim expenses, end of period | $ | 10,944,742 | $ | 3,187,638 | $ | 7,757,104 | $ | 9,365,469 | $ | 2,774,358 | $ | 6,591,111 | |||||||||||||||||||||||
Six months ended June 30, 2021 | Six months ended June 30, 2020 | ||||||||||||||||||||||||||||||||||
Gross | Recoveries | Net | Gross | Recoveries | Net | ||||||||||||||||||||||||||||||
Reserve for claims and claim expenses, beginning of period | $ | 10,381,138 | $ | 2,926,010 | $ | 7,455,128 | $ | 9,384,349 | $ | 2,791,297 | $ | 6,593,052 | |||||||||||||||||||||||
Incurred claims and claim expenses | |||||||||||||||||||||||||||||||||||
Current year | 1,919,589 | 471,456 | 1,448,133 | 1,440,910 | 358,178 | 1,082,732 | |||||||||||||||||||||||||||||
Prior years | (3,237) | 57,824 | (61,061) | (45,969) | (44,463) | (1,506) | |||||||||||||||||||||||||||||
Total incurred claims and claim expenses | 1,916,352 | 529,280 | 1,387,072 | 1,394,941 | 313,715 | 1,081,226 | |||||||||||||||||||||||||||||
Paid claims and claim expenses | |||||||||||||||||||||||||||||||||||
Current year | 72,973 | 7,695 | 65,278 | 66,492 | 4,867 | 61,625 | |||||||||||||||||||||||||||||
Prior years | 1,249,679 | 253,853 | 995,826 | 1,337,025 | 329,109 | 1,007,916 | |||||||||||||||||||||||||||||
Total paid claims and claim expenses | 1,322,652 | 261,548 | 1,061,104 | 1,403,517 | 333,976 | 1,069,541 | |||||||||||||||||||||||||||||
Foreign exchange (1) | (30,096) | (6,104) | (23,992) | (10,304) | 3,322 | (13,626) | |||||||||||||||||||||||||||||
Reserve for claims and claim expenses, end of period | $ | 10,944,742 | $ | 3,187,638 | $ | 7,757,104 | $ | 9,365,469 | $ | 2,774,358 | $ | 6,591,111 |
10 | ![]() |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | Twelve months ended | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||
Management fee income | |||||||||||||||||||||||||||||||||||||||||||||||
Joint ventures | $ | 14,741 | $ | 11,128 | $ | 8,458 | $ | 13,070 | $ | 12,190 | $ | 11,781 | $ | 45,499 | $ | 42,546 | |||||||||||||||||||||||||||||||
Structured reinsurance products and other | 8,677 | 8,774 | 8,830 | 8,785 | 8,739 | 8,597 | 34,951 | 35,238 | |||||||||||||||||||||||||||||||||||||||
Managed funds | 8,552 | 8,622 | 9,490 | 8,610 | 6,508 | 6,418 | 31,026 | 18,636 | |||||||||||||||||||||||||||||||||||||||
Total management fee income | 31,970 | 28,524 | 26,778 | 30,465 | 27,437 | 26,796 | 111,476 | 96,420 | |||||||||||||||||||||||||||||||||||||||
Performance fee income (loss) | |||||||||||||||||||||||||||||||||||||||||||||||
Joint ventures | 7,347 | 1,556 | (1,984) | (1,842) | 6,165 | 7,828 | 10,167 | 9,660 | |||||||||||||||||||||||||||||||||||||||
Structured reinsurance products and other | 2,581 | (1,293) | 1,570 | (10,414) | 7,994 | 8,375 | 7,525 | 7,693 | |||||||||||||||||||||||||||||||||||||||
Managed funds | 4,259 | (4,798) | 9,542 | 175 | 3,914 | 2,363 | 15,994 | 420 | |||||||||||||||||||||||||||||||||||||||
Total performance fee income (loss) (1) | 14,187 | (4,535) | 9,128 | (12,081) | 18,073 | 18,566 | 33,686 | 17,773 | |||||||||||||||||||||||||||||||||||||||
Total fee income | $ | 46,157 | $ | 23,989 | $ | 35,906 | $ | 18,384 | $ | 45,510 | $ | 45,362 | $ | 145,162 | $ | 114,193 |
Three months ended | Twelve months ended | ||||||||||||||||||||||||||||||||||||||||||||||
Fee income contributing to: | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||
Underwriting income (loss) (1) | 19,239 | 10,530 | 36,100 | 13,372 | 19,894 | 18,399 | 87,764 | 60,046 | |||||||||||||||||||||||||||||||||||||||
Earnings from equity method investments (2) | 17 | 16 | (4) | 11 | 24 | 39 | 70 | 105 | |||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interest (3) | 26,901 | 13,443 | (190) | 5,001 | 25,592 | 26,924 | 57,328 | 54,042 | |||||||||||||||||||||||||||||||||||||||
Total fee income | $ | 46,157 | $ | 23,989 | $ | 35,906 | $ | 18,384 | $ | 45,510 | $ | 45,362 | $ | 145,162 | $ | 114,193 | |||||||||||||||||||||||||||||||
11 | ![]() |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||||||||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | June 30, 2021 | June 30, 2020 | |||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interest - DaVinciRe | $ | (84,266) | $ | 39,934 | $ | 32,993 | $ | 26,616 | $ | (88,374) | $ | (44,332) | $ | (173,280) | |||||||||||||||||||||||||||
Redeemable noncontrolling interest - Medici | (11,989) | 13,443 | (13,534) | (33,963) | (13,151) | 1,454 | (8,473) | ||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interest - Vermeer | (17,289) | (6,527) | (13,992) | (11,954) | (17,203) | (23,816) | (35,066) | ||||||||||||||||||||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests (1) | $ | (113,544) | $ | 46,850 | $ | 5,467 | $ | (19,301) | $ | (118,728) | $ | (66,694) | $ | (216,819) |
June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | |||||||||||||||||||||||||
Redeemable noncontrolling interest - DaVinciRe | $ | 1,642,656 | $ | 1,555,714 | $ | 1,560,693 | $ | 1,594,683 | $ | 1,621,300 | |||||||||||||||||||
Redeemable noncontrolling interest - Medici | 880,320 | 737,702 | 717,999 | 696,999 | 682,118 | ||||||||||||||||||||||||
Redeemable noncontrolling interest - Vermeer | 1,133,443 | 1,116,154 | 1,109,627 | 1,095,635 | 1,083,681 | ||||||||||||||||||||||||
Redeemable noncontrolling interests | $ | 3,656,419 | $ | 3,409,570 | $ | 3,388,319 | $ | 3,387,317 | $ | 3,387,099 |
June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | |||||||||||||||||||||||||
DaVinciRe | 71.3 | % | 71.3 | % | 78.6 | % | 78.6 | % | 78.6 | % | |||||||||||||||||||
Medici | 86.6 | % | 84.6 | % | 84.3 | % | 88.5 | % | 88.6 | % | |||||||||||||||||||
Vermeer | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
12 | ![]() |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||||||||||||||||||||
DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations | |||||||||||||||||||||||||||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | June 30, 2021 | June 30, 2020 | |||||||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||||||||
Gross premiums written | $ | 243,627 | $ | 342,033 | $ | 21,996 | $ | 77,866 | $ | 222,306 | $ | 585,660 | $ | 477,946 | |||||||||||||||||||||||||||
Net premiums written | $ | 205,907 | $ | 315,476 | $ | 22,266 | $ | 78,025 | $ | 177,116 | $ | 521,383 | $ | 418,757 | |||||||||||||||||||||||||||
(Increase) decrease in unearned premiums | (69,833) | (154,894) | 120,081 | 62,486 | (58,172) | (224,727) | (194,105) | ||||||||||||||||||||||||||||||||||
Net premiums earned | 136,074 | 160,582 | 142,347 | 140,511 | 118,944 | 296,656 | 224,652 | ||||||||||||||||||||||||||||||||||
Net investment income | 7,118 | 8,261 | 8,848 | 9,339 | 11,557 | 15,379 | 26,644 | ||||||||||||||||||||||||||||||||||
Net foreign exchange gains (losses) | 597 | (590) | 149 | (511) | 8 | 7 | (1,172) | ||||||||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 4,389 | (26,798) | 3,436 | 5,439 | 34,674 | (22,409) | 53,203 | ||||||||||||||||||||||||||||||||||
Total revenues | 148,178 | 141,455 | 154,780 | 154,778 | 165,183 | 289,633 | 303,327 | ||||||||||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||||||||||||
Net claims and claim expenses incurred | (19,754) | 167,543 | 184,787 | 171,271 | 9,829 | 147,789 | (3,897) | ||||||||||||||||||||||||||||||||||
Acquisition expenses | 31,593 | 16,317 | 3,138 | 2,384 | 29,208 | 47,910 | 59,320 | ||||||||||||||||||||||||||||||||||
Operational and corporate expenses | 16,377 | 11,706 | 6,955 | 13,123 | 11,862 | 28,083 | 23,751 | ||||||||||||||||||||||||||||||||||
Interest expense | 1,858 | 1,858 | 1,859 | 1,859 | 1,859 | 3,716 | 3,717 | ||||||||||||||||||||||||||||||||||
Total expenses | 30,074 | 197,424 | 196,739 | 188,637 | 52,758 | 227,498 | 82,891 | ||||||||||||||||||||||||||||||||||
Income (loss) before taxes | 118,104 | (55,969) | (41,959) | (33,859) | 112,425 | 62,135 | 220,436 | ||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | (1) | — | (12) | — | (2) | (1) | — | ||||||||||||||||||||||||||||||||||
Net income (loss) available (attributable) to DaVinciRe common shareholders | $ | 118,103 | $ | (55,969) | $ | (41,971) | $ | (33,859) | $ | 112,423 | $ | 62,134 | $ | 220,436 | |||||||||||||||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 8,270 | $ | 181,716 | $ | 209,903 | $ | 196,188 | $ | 14,728 | $ | 189,986 | $ | 19,695 | |||||||||||||||||||||||||||
Net claims and claim expenses incurred - prior accident years | (28,024) | (14,173) | (25,116) | (24,917) | (4,899) | (42,197) | (23,592) | ||||||||||||||||||||||||||||||||||
Net claims and claim expenses incurred - total | $ | (19,754) | $ | 167,543 | $ | 184,787 | $ | 171,271 | $ | 9,829 | $ | 147,789 | $ | (3,897) | |||||||||||||||||||||||||||
Net claims and claim expense ratio - current accident year | 6.1 | % | 113.2 | % | 147.5 | % | 139.6 | % | 12.4 | % | 64.0 | % | 8.8 | % | |||||||||||||||||||||||||||
Net claims and claim expense ratio - prior accident years | (20.6) | % | (8.9) | % | (17.7) | % | (17.7) | % | (4.1) | % | (14.2) | % | (10.5) | % | |||||||||||||||||||||||||||
Net claims and claim expense ratio - calendar year | (14.5) | % | 104.3 | % | 129.8 | % | 121.9 | % | 8.3 | % | 49.8 | % | (1.7) | % | |||||||||||||||||||||||||||
Underwriting expense ratio | 35.2 | % | 17.5 | % | 7.1 | % | 11.0 | % | 34.5 | % | 25.6 | % | 36.9 | % | |||||||||||||||||||||||||||
Combined ratio | 20.7 | % | 121.8 | % | 136.9 | % | 132.9 | % | 42.8 | % | 75.4 | % | 35.2 | % |
13 | ![]() |
RenaissanceRe Holdings Ltd. | |||||||||||||||||||||||||||||||||||||||||
Investments | |||||||||||||||||||||||||||||||||||||||||
Total Investment Result | |||||||||||||||||||||||||||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | June 30, 2021 | June 30, 2020 | |||||||||||||||||||||||||||||||||||
Fixed maturity investments trading | $ | 59,510 | $ | 62,933 | $ | 66,912 | $ | 68,022 | $ | 69,943 | $ | 122,443 | $ | 143,281 | |||||||||||||||||||||||||||
Short term investments | 782 | 573 | 1,047 | 1,611 | 6,049 | 1,355 | 18,141 | ||||||||||||||||||||||||||||||||||
Equity investments trading | 1,626 | 1,491 | 1,628 | 1,559 | 1,666 | 3,117 | 3,217 | ||||||||||||||||||||||||||||||||||
Other investments | |||||||||||||||||||||||||||||||||||||||||
Catastrophe bonds | 16,681 | 14,468 | 13,500 | 13,626 | 13,519 | 31,149 | 27,658 | ||||||||||||||||||||||||||||||||||
Other | 9,339 | 3,801 | 4,083 | 2,598 | 1,107 | 13,140 | 2,736 | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 159 | 102 | 192 | 441 | 837 | 261 | 2,341 | ||||||||||||||||||||||||||||||||||
88,097 | 83,368 | 87,362 | 87,857 | 93,121 | 171,465 | 197,374 | |||||||||||||||||||||||||||||||||||
Investment expenses | (7,172) | (3,564) | (5,645) | (4,314) | (3,816) | (10,736) | (8,596) | ||||||||||||||||||||||||||||||||||
Net investment income | 80,925 | 79,804 | 81,717 | 83,543 | 89,305 | 160,729 | 188,778 | ||||||||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on: | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity investments trading, net of investments-related derivatives (1) | 87,847 | (261,759) | 90,132 | 78,348 | 322,711 | (173,912) | 423,932 | ||||||||||||||||||||||||||||||||||
Equity investments trading, net of investments-related derivatives (1) | 65,566 | (67,922) | 154,306 | 119,622 | 113,506 | (2,356) | (38,376) | ||||||||||||||||||||||||||||||||||
Other investments | |||||||||||||||||||||||||||||||||||||||||
Catastrophe bonds | 2 | (19,083) | (9,742) | 12,611 | 4,452 | (19,081) | (9,900) | ||||||||||||||||||||||||||||||||||
Other | 37,603 | 3,201 | 24,049 | 13,627 | 7,721 | 40,804 | (37,973) | ||||||||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 191,018 | (345,563) | 258,745 | 224,208 | 448,390 | (154,545) | 337,683 | ||||||||||||||||||||||||||||||||||
Total investment result | $ | 271,943 | $ | (265,759) | $ | 340,462 | $ | 307,751 | $ | 537,695 | $ | 6,184 | $ | 526,461 | |||||||||||||||||||||||||||
Total investment return - annualized | 5.2 | % | (4.9) | % | 6.6 | % | 6.2 | % | 11.8 | % | 0.1 | % | 5.8 | % | |||||||||||||||||||||||||||
14 | ![]() |
Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Portfolio - Composition | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Type of Investment | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasuries | $ | 6,327,895 | 31.5 | % | $ | 5,107,878 | 25.1 | % | $ | 4,960,409 | 24.1 | % | $ | 4,350,971 | 21.4 | % | $ | 4,258,675 | 21.6 | % | |||||||||||||||||||||||||||||||||||||||
Agencies | 325,051 | 1.6 | % | 227,184 | 1.1 | % | 368,032 | 1.8 | % | 437,681 | 2.1 | % | 505,038 | 2.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government | 508,320 | 2.5 | % | 518,162 | 2.5 | % | 491,531 | 2.4 | % | 568,960 | 2.8 | % | 584,206 | 3.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government-backed corporate | 396,966 | 2.0 | % | 335,662 | 1.6 | % | 338,014 | 1.6 | % | 401,449 | 2.0 | % | 314,833 | 1.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Corporate | 3,387,433 | 16.9 | % | 4,289,072 | 21.1 | % | 4,261,025 | 20.7 | % | 4,655,765 | 22.9 | % | 4,428,553 | 22.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Agency mortgage-backed | 703,757 | 3.5 | % | 957,563 | 4.7 | % | 1,113,792 | 5.4 | % | 1,086,474 | 5.3 | % | 985,851 | 5.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Non-agency mortgage-backed | 260,432 | 1.3 | % | 272,529 | 1.3 | % | 291,444 | 1.4 | % | 293,953 | 1.4 | % | 276,300 | 1.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 588,262 | 2.9 | % | 713,044 | 3.5 | % | 791,272 | 3.8 | % | 788,995 | 3.9 | % | 591,238 | 3.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Asset-backed | 920,273 | 4.6 | % | 888,140 | 4.4 | % | 890,984 | 4.3 | % | 807,070 | 4.0 | % | 550,441 | 2.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments, at fair value | 13,418,389 | 66.8 | % | 13,309,234 | 65.3 | % | 13,506,503 | 65.5 | % | 13,391,318 | 65.8 | % | 12,495,135 | 63.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Short term investments, at fair value | 4,392,652 | 21.9 | % | 5,091,143 | 25.0 | % | 4,993,735 | 24.3 | % | 5,158,961 | 25.4 | % | 5,570,804 | 28.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total consolidated fixed maturity and short term investments, at fair value | 17,811,041 | 88.7 | % | 18,400,377 | 90.3 | % | 18,500,238 | 89.8 | % | 18,550,279 | 91.2 | % | 18,065,939 | 91.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Equity investments trading, at fair value | 577,090 | 2.9 | % | 503,137 | 2.5 | % | 702,617 | 3.4 | % | 547,381 | 2.7 | % | 470,087 | 2.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Other investments, at fair value | 1,585,036 | 8.0 | % | 1,379,056 | 6.8 | % | 1,256,948 | 6.2 | % | 1,122,683 | 5.5 | % | 1,093,338 | 5.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total managed investment portfolio | 19,973,167 | 99.6 | % | 20,282,570 | 99.6 | % | 20,459,803 | 99.4 | % | 20,220,343 | 99.4 | % | 19,629,364 | 99.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Investments in other ventures, under equity method | 91,938 | 0.4 | % | 91,362 | 0.4 | % | 98,373 | 0.6 | % | 98,990 | 0.6 | % | 94,285 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total investments | $ | 20,065,105 | 100.0 | % | $ | 20,373,932 | 100.0 | % | $ | 20,558,176 | 100.0 | % | $ | 20,319,333 | 100.0 | % | $ | 19,723,649 | 100.0 | % | |||||||||||||||||||||||||||||||||||||||
15 | ![]() |
Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Portfolio - Fixed Maturity Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Quality of Fixed Maturity Investments | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
AAA | $ | 1,793,720 | 13.4 | % | $ | 1,859,370 | 14.0 | % | $ | 1,915,147 | 14.2 | % | $ | 1,972,894 | 14.7 | % | $ | 1,392,417 | 11.1 | % | |||||||||||||||||||||||||||||||||||||||
AA | 7,982,119 | 59.5 | % | 7,022,443 | 52.8 | % | 7,210,622 | 53.4 | % | 6,721,098 | 50.2 | % | 6,670,927 | 53.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
A | 1,060,647 | 7.9 | % | 1,504,569 | 11.3 | % | 1,485,463 | 11.0 | % | 1,777,861 | 13.3 | % | 1,864,066 | 14.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
BBB | 1,171,756 | 8.7 | % | 1,509,280 | 11.3 | % | 1,538,681 | 11.4 | % | 1,648,049 | 12.3 | % | 1,433,297 | 11.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Non-investment grade and not rated | 1,410,147 | 10.5 | % | 1,413,572 | 10.6 | % | 1,356,590 | 10.0 | % | 1,271,416 | 9.5 | % | 1,134,428 | 9.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments, at fair value | $ | 13,418,389 | 100.0 | % | $ | 13,309,234 | 100.0 | % | $ | 13,506,503 | 100.0 | % | $ | 13,391,318 | 100.0 | % | $ | 12,495,135 | 100.0 | % | |||||||||||||||||||||||||||||||||||||||
Maturity Profile of Fixed Maturity Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Due in less than one year | $ | 365,154 | 2.7 | % | $ | 572,443 | 4.3 | % | $ | 637,418 | 4.7 | % | $ | 621,610 | 4.6 | % | $ | 638,686 | 5.1 | % | |||||||||||||||||||||||||||||||||||||||
Due after one through five years | 6,191,724 | 46.1 | % | 5,569,638 | 41.9 | % | 5,391,122 | 39.9 | % | 5,749,128 | 43.0 | % | 5,513,103 | 44.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Due after five through ten years | 4,060,205 | 30.3 | % | 3,786,423 | 28.4 | % | 3,806,564 | 28.2 | % | 3,374,898 | 25.2 | % | 3,312,749 | 26.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Due after ten years | 328,582 | 2.4 | % | 549,453 | 4.1 | % | 583,908 | 4.3 | % | 669,190 | 5.0 | % | 626,768 | 5.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 1,552,451 | 11.6 | % | 1,943,137 | 14.6 | % | 2,196,507 | 16.3 | % | 2,169,422 | 16.2 | % | 1,853,388 | 14.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | 920,273 | 6.9 | % | 888,140 | 6.7 | % | 890,984 | 6.6 | % | 807,070 | 6.0 | % | 550,441 | 4.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments, at fair value | $ | 13,418,389 | 100.0 | % | $ | 13,309,234 | 100.0 | % | $ | 13,506,503 | 100.0 | % | $ | 13,391,318 | 100.0 | % | $ | 12,495,135 | 100.0 | % |
16 | ![]() |
Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Portfolio - Weighted Average Yield to Maturity and Credit Rating | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Rating (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | Amortized Cost | Fair Value | Weighted Average Yield to Maturity | AAA | AA | A | BBB | Non- Investment Grade | Not Rated | ||||||||||||||||||||||||||||||||||||||||||||
Short term investments | $ | 4,392,652 | $ | 4,392,652 | — | % | $ | 4,355,715 | $ | 11,147 | $ | 25,092 | $ | 12 | $ | 686 | $ | — | |||||||||||||||||||||||||||||||||||
100.0 | % | 99.1 | % | 0.3 | % | 0.6 | % | — | % | — | % | — | % | ||||||||||||||||||||||||||||||||||||||||
Fixed maturity investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasuries | 6,327,120 | 6,327,895 | 0.7 | % | — | 6,327,895 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Agencies | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fannie Mae and Freddie Mac | 16,707 | 16,126 | 1.3 | % | — | 16,126 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Other agencies | 308,908 | 308,925 | 1.1 | % | 55,282 | 253,643 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Total agencies | 325,615 | 325,051 | 1.1 | % | 55,282 | 269,769 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government | 506,667 | 508,320 | 0.8 | % | 348,311 | 146,238 | 2,686 | 9,742 | 1,343 | — | |||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government-backed corporate | 395,435 | 396,966 | 1.3 | % | 153,130 | 205,520 | 25,129 | 3,938 | 9,249 | — | |||||||||||||||||||||||||||||||||||||||||||
Corporate | 3,302,460 | 3,387,433 | 2.4 | % | 33,732 | 107,265 | 1,001,698 | 1,085,992 | 1,119,939 | 38,807 | |||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency securities | 697,707 | 703,757 | 1.2 | % | — | 703,757 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Non-agency securities | 256,426 | 260,432 | 2.6 | % | 55,092 | 15,392 | 2,376 | 7,234 | 127,333 | 53,005 | |||||||||||||||||||||||||||||||||||||||||||
Total residential mortgage-backed | 954,133 | 964,189 | 1.6 | % | 55,092 | 719,149 | 2,376 | 7,234 | 127,333 | 53,005 | |||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 574,205 | 588,262 | 1.6 | % | 433,390 | 110,248 | 6,431 | 24,218 | 2,563 | 11,412 | |||||||||||||||||||||||||||||||||||||||||||
Total mortgage-backed | 1,528,338 | 1,552,451 | 1.6 | % | 488,482 | 829,397 | 8,807 | 31,452 | 129,896 | 64,417 | |||||||||||||||||||||||||||||||||||||||||||
Asset-backed | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized loan obligations | 824,636 | 825,930 | 1.8 | % | 626,382 | 94,162 | 18,291 | 40,599 | 12,542 | 33,954 | |||||||||||||||||||||||||||||||||||||||||||
Other | 93,584 | 94,343 | 0.8 | % | 88,401 | 1,873 | 4,036 | 33 | — | — | |||||||||||||||||||||||||||||||||||||||||||
Total asset-backed | 918,220 | 920,273 | 1.7 | % | 714,783 | 96,035 | 22,327 | 40,632 | 12,542 | 33,954 | |||||||||||||||||||||||||||||||||||||||||||
Total securitized assets | 2,446,558 | 2,472,724 | 1.6 | % | 1,203,265 | 925,432 | 31,134 | 72,084 | 142,438 | 98,371 | |||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments | 13,303,855 | 13,418,389 | 1.4 | % | 1,793,720 | 7,982,119 | 1,060,647 | 1,171,756 | 1,272,969 | 137,178 | |||||||||||||||||||||||||||||||||||||||||||
100.0 | % | 13.4 | % | 59.5 | % | 7.9 | % | 8.7 | % | 9.5 | % | 1.0 | % | ||||||||||||||||||||||||||||||||||||||||
Total consolidated fixed maturity and short term investments, at fair value | $ | 17,696,507 | $ | 17,811,041 | 1.0 | % | $ | 6,149,435 | $ | 7,993,266 | $ | 1,085,739 | $ | 1,171,768 | $ | 1,273,655 | $ | 137,178 | |||||||||||||||||||||||||||||||||||
100.0 | % | 34.4 | % | 44.9 | % | 6.1 | % | 6.6 | % | 7.2 | % | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||
17 | ![]() |
Investments | ||
Retained Investment Information |
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | June 30, 2021 | June 30, 2020 | |||||||||||||||||||||||||||||||||||
Total investment result | |||||||||||||||||||||||||||||||||||||||||
Net investment income | $ | 80,925 | $ | 79,804 | $ | 81,717 | $ | 83,543 | $ | 89,305 | $ | 160,729 | $ | 188,778 | |||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 191,018 | (345,563) | 258,745 | 224,208 | 448,390 | (154,545) | 337,683 | ||||||||||||||||||||||||||||||||||
Total investment result | $ | 271,943 | $ | (265,759) | $ | 340,462 | $ | 307,751 | $ | 537,695 | $ | 6,184 | $ | 526,461 | |||||||||||||||||||||||||||
Retained total investment result (1) | |||||||||||||||||||||||||||||||||||||||||
Retained net investment income | $ | 62,982 | $ | 62,598 | $ | 64,250 | $ | 64,971 | $ | 67,189 | $ | 125,580 | $ | 139,792 | |||||||||||||||||||||||||||
Retained net realized and unrealized gains (losses) on investments | 187,391 | (318,688) | 258,293 | 201,699 | 418,046 | (131,297) | 304,785 | ||||||||||||||||||||||||||||||||||
Retained total investment result | $ | 250,373 | $ | (256,090) | $ | 322,543 | $ | 266,670 | $ | 485,235 | $ | (5,717) | $ | 444,577 |
June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | |||||||||||||||||||||||||
Managed fixed maturity and short term investments portfolio (1) | |||||||||||||||||||||||||||||
Total consolidated fixed maturity and short term investments, at fair value | $ | 17,811,041 | $ | 18,400,377 | $ | 18,500,238 | $ | 18,550,279 | $ | 18,065,939 | |||||||||||||||||||
Weighted average yield to maturity of fixed maturity and short term investments | 1.0 | % | 1.2 | % | 0.9 | % | 1.0 | % | 1.1 | % | |||||||||||||||||||
Average duration of fixed maturities and short term investments, in years | 3.0 | 2.9 | 2.9 | 2.9 | 2.9 | ||||||||||||||||||||||||
Retained fixed maturity and short term investments portfolio (2) | |||||||||||||||||||||||||||||
Retained fixed maturity and short term investments, at fair value | $ | 12,569,024 | $ | 12,736,000 | $ | 13,219,754 | $ | 13,046,376 | $ | 12,703,423 | |||||||||||||||||||
Weighted average yield to maturity of retained fixed maturity and short term investments | 1.3 | % | 1.5 | % | 1.2 | % | 1.3 | % | 1.4 | % | |||||||||||||||||||
Average duration of retained fixed maturities and short term investments, in years | 3.8 | 3.7 | 3.6 | 3.7 | 3.7 |
18 | ![]() |
Other Items | |||||||||||||||||||||||||||||
Earnings per Share | |||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
(common shares in thousands) | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | ||||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 456,818 | $ | (290,934) | $ | 189,812 | $ | 47,799 | $ | 575,845 | |||||||||||||||||||
Amount allocated to participating common shareholders (1) | (5,809) | (129) | (2,285) | (582) | (7,593) | ||||||||||||||||||||||||
Net income (loss) allocated to RenaissanceRe common shareholders | $ | 451,009 | $ | (291,063) | $ | 187,527 | $ | 47,217 | $ | 568,252 | |||||||||||||||||||
Denominator: | |||||||||||||||||||||||||||||
Denominator for basic income per RenaissanceRe common share - | |||||||||||||||||||||||||||||
Weighted average common shares | 48,163 | 49,579 | 50,022 | 50,009 | 44,939 | ||||||||||||||||||||||||
Per common share equivalents of non-vested shares | 63 | — | 89 | 85 | 64 | ||||||||||||||||||||||||
Denominator for diluted income (loss) per RenaissanceRe common share - | |||||||||||||||||||||||||||||
Adjusted weighted average common shares and assumed conversions | 48,226 | 49,579 | 50,111 | 50,094 | 45,003 | ||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic | $ | 9.36 | $ | (5.87) | $ | 3.75 | $ | 0.94 | $ | 12.64 | |||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 9.35 | $ | (5.87) | $ | 3.74 | $ | 0.94 | $ | 12.63 | |||||||||||||||||||
Six months ended | |||||||||||||||||||||||||||||
(common shares in thousands) | June 30, 2021 | June 30, 2020 | |||||||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||||||||
Net income available to RenaissanceRe common shareholders | $ | 165,884 | $ | 493,871 | |||||||||||||||||||||||||
Amount allocated to participating common shareholders (1) | (1,864) | (6,153) | |||||||||||||||||||||||||||
Net income allocated to RenaissanceRe common shareholders | $ | 164,020 | $ | 487,718 | |||||||||||||||||||||||||
Denominator: | |||||||||||||||||||||||||||||
Denominator for basic income per RenaissanceRe common share - | |||||||||||||||||||||||||||||
Weighted average common shares | 48,871 | 44,190 | |||||||||||||||||||||||||||
Per common share equivalents of non-vested shares | 69 | 63 | |||||||||||||||||||||||||||
Denominator for diluted income per RenaissanceRe common share - | |||||||||||||||||||||||||||||
Adjusted weighted average common shares and assumed conversions | 48,940 | 44,253 | |||||||||||||||||||||||||||
Net income available to RenaissanceRe common shareholders per common share - basic | $ | 3.36 | $ | 11.04 | |||||||||||||||||||||||||
Net income available to RenaissanceRe common shareholders per common share - diluted | $ | 3.35 | $ | 11.02 |
19 | ![]() |
Comments on Regulation G |
20 | ![]() |
Comments on Regulation G |
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | June 30, 2021 | June 30, 2020 | |||||||||||||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 456,818 | $ | (290,934) | $ | 189,812 | $ | 47,799 | $ | 575,845 | $ | 165,884 | $ | 493,871 | |||||||||||||||||||||||||||
Adjustment for net realized and unrealized (gains) losses on investments, excluding other investments - catastrophe bonds | (191,016) | 326,480 | (268,487) | (211,597) | (443,938) | 135,464 | (347,583) | ||||||||||||||||||||||||||||||||||
Adjustment for net foreign exchange (gains) losses | (3,234) | 22,788 | (23,270) | (17,426) | 7,195 | 19,554 | 12,923 | ||||||||||||||||||||||||||||||||||
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK (1) | — | 135 | 7,346 | 33,916 | 2,279 | 135 | 6,702 | ||||||||||||||||||||||||||||||||||
Adjustment for income tax expense (benefit) (2) | 11,786 | (19,965) | 7,723 | 5,058 | 21,223 | (8,179) | 17,082 | ||||||||||||||||||||||||||||||||||
Adjustment for net income (loss) available (attributable) to redeemable noncontrolling interests (3) | 3,696 | (34,109) | 9,754 | 10,526 | 27,472 | (30,413) | 40,491 | ||||||||||||||||||||||||||||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 278,050 | $ | 4,395 | $ | (77,122) | $ | (131,724) | $ | 190,076 | $ | 282,445 | $ | 223,486 | |||||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 9.35 | $ | (5.87) | $ | 3.74 | $ | 0.94 | $ | 12.63 | $ | 3.35 | $ | 11.02 | |||||||||||||||||||||||||||
Adjustment for net realized and unrealized (gains) losses on investments, excluding other investments - catastrophe bonds | (3.96) | 6.59 | (5.36) | (4.22) | (9.86) | 2.77 | (7.85) | ||||||||||||||||||||||||||||||||||
Adjustment for net foreign exchange (gains) losses | (0.07) | 0.46 | (0.46) | (0.35) | 0.16 | 0.40 | 0.29 | ||||||||||||||||||||||||||||||||||
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK (1) | — | — | 0.15 | 0.68 | 0.05 | — | 0.15 | ||||||||||||||||||||||||||||||||||
Adjustment for income tax expense (benefit) (2) | 0.24 | (0.40) | 0.15 | 0.10 | 0.47 | (0.17) | 0.39 | ||||||||||||||||||||||||||||||||||
Adjustment for net income (loss) available (attributable) to redeemable noncontrolling interests (3) | 0.08 | (0.69) | 0.19 | 0.21 | 0.61 | (0.62) | 0.91 | ||||||||||||||||||||||||||||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 5.64 | $ | 0.09 | $ | (1.59) | $ | (2.64) | $ | 4.06 | $ | 5.73 | $ | 4.91 | |||||||||||||||||||||||||||
Return on average common equity - annualized | 27.6 | % | (17.1) | % | 10.9 | % | 2.8 | % | 38.5 | % | 4.9 | % | 17.1 | % | |||||||||||||||||||||||||||
Adjustment for net realized and unrealized (gains) losses on investments, excluding other investments - catastrophe bonds | (11.5) | % | 19.2 | % | (15.4) | % | (12.4) | % | (29.7) | % | 4.0 | % | (11.9) | % | |||||||||||||||||||||||||||
Adjustment for net foreign exchange (gains) losses | (0.2) | % | 1.4 | % | (1.3) | % | (1.0) | % | 0.5 | % | 0.6 | % | 0.4 | % | |||||||||||||||||||||||||||
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK (1) | — | % | — | % | 0.4 | % | 2.0 | % | 0.2 | % | — | % | 0.2 | % | |||||||||||||||||||||||||||
Adjustment for income tax expense (benefit) (2) | 0.7 | % | (1.2) | % | 0.4 | % | 0.3 | % | 1.4 | % | (0.2) | % | 0.6 | % | |||||||||||||||||||||||||||
Adjustment for net income (loss) available (attributable) to redeemable noncontrolling interests (3) | 0.2 | % | (2.0) | % | 0.6 | % | 0.6 | % | 1.8 | % | (0.9) | % | 1.4 | % | |||||||||||||||||||||||||||
Operating return on average common equity - annualized | 16.8 | % | 0.3 | % | (4.4) | % | (7.7) | % | 12.7 | % | 8.4 | % | 7.8 | % |
21 | ![]() |
Comments on Regulation G |
June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | |||||||||||||||||||||||||
Book value per common share | $ | 139.35 | $ | 131.15 | $ | 138.46 | $ | 135.13 | $ | 134.27 | |||||||||||||||||||
Adjustment for goodwill and other intangibles (1) | (5.60) | (5.42) | (5.37) | (5.53) | (5.56) | ||||||||||||||||||||||||
Tangible book value per common share | 133.75 | 125.73 | 133.09 | 129.60 | 128.71 | ||||||||||||||||||||||||
Adjustment for accumulated dividends | 22.80 | 22.44 | 22.08 | 21.73 | 21.38 | ||||||||||||||||||||||||
Tangible book value per common share plus accumulated dividends | $ | 156.55 | $ | 148.17 | $ | 155.17 | $ | 151.33 | $ | 150.09 | |||||||||||||||||||
Quarterly change in book value per common share | 6.3 | % | (5.3) | % | 2.5 | % | 0.6 | % | 14.6 | % | |||||||||||||||||||
Quarterly change in tangible book value per common share plus change in accumulated dividends | 6.7 | % | (5.3) | % | 3.0 | % | 1.0 | % | 16.6 | % | |||||||||||||||||||
Year to date change in book value per common share | 0.6 | % | (5.3) | % | 14.9 | % | 12.1 | % | 11.4 | % | |||||||||||||||||||
Year to date change in tangible book value per common share plus change in accumulated dividends | 1.0 | % | (5.3) | % | 17.9 | % | 14.6 | % | 13.5 | % |
22 | ![]() |
Comments on Regulation G |
Three months ended | Six months ended | ||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | June 30, 2021 | June 30, 2020 | |||||||||||||||||||||||||||||||||||
Net investment income | $ | 80,925 | $ | 79,804 | $ | 81,717 | $ | 83,543 | $ | 89,305 | $ | 160,729 | $ | 188,778 | |||||||||||||||||||||||||||
Adjustment for net investment income attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures | (17,943) | (17,206) | (17,467) | (18,572) | (22,116) | (35,149) | (48,986) | ||||||||||||||||||||||||||||||||||
Retained net investment income | 62,982 | 62,598 | 64,250 | 64,971 | 67,189 | 125,580 | 139,792 | ||||||||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 191,018 | (345,563) | 258,745 | 224,208 | 448,390 | (154,545) | 337,683 | ||||||||||||||||||||||||||||||||||
Adjustment for net realized and unrealized (gains) losses on investments attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures | (3,627) | 26,875 | (452) | (22,509) | (30,344) | 23,248 | (32,898) | ||||||||||||||||||||||||||||||||||
Retained net realized and unrealized gains (losses) on investments | 187,391 | (318,688) | 258,293 | 201,699 | 418,046 | (131,297) | 304,785 | ||||||||||||||||||||||||||||||||||
Total investment result | 271,943 | (265,759) | 340,462 | 307,751 | 537,695 | 6,184 | 526,461 | ||||||||||||||||||||||||||||||||||
Adjustment for investment result attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures | (21,570) | 9,669 | (17,919) | (41,081) | (52,460) | (11,901) | (81,884) | ||||||||||||||||||||||||||||||||||
Retained total investment result | $ | 250,373 | $ | (256,090) | $ | 322,543 | $ | 266,670 | $ | 485,235 | $ | (5,717) | $ | 444,577 |
23 | ![]() |
Comments on Regulation G |
June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | |||||||||||||||||||||||||
Fixed maturity investments, at fair value | $ | 13,418,389 | $ | 13,309,234 | $ | 13,506,503 | $ | 13,391,318 | $ | 12,495,135 | |||||||||||||||||||
Short term investments, at fair value | 4,392,652 | 5,091,143 | 4,993,735 | 5,158,961 | 5,570,804 | ||||||||||||||||||||||||
Total consolidated fixed maturity and short term investments, at fair value | $ | 17,811,041 | $ | 18,400,377 | $ | 18,500,238 | $ | 18,550,279 | $ | 18,065,939 | |||||||||||||||||||
Adjustment for fixed maturity and short term investments attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures | (5,242,017) | (5,664,377) | (5,280,484) | (5,503,903) | (5,362,516) | ||||||||||||||||||||||||
Retained fixed maturity and short term investments, at fair value | $ | 12,569,024 | $ | 12,736,000 | $ | 13,219,754 | $ | 13,046,376 | $ | 12,703,423 |
24 | ![]() |