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 | Nine months ended | ||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | September 30, 2021 | September 30, 2020 | |||||||||||||||||||||||||||||||||||
Highlights | |||||||||||||||||||||||||||||||||||||||||
Gross premiums written | $ | 1,774,180 | $ | 2,094,158 | $ | 2,652,442 | $ | 935,514 | $ | 1,143,058 | $ | 6,520,780 | $ | 4,870,651 | |||||||||||||||||||||||||||
Underwriting (loss) income | $ | (678,825) | $ | 328,976 | $ | (35,760) | $ | (151,655) | $ | (206,072) | $ | (385,609) | $ | 75,144 | |||||||||||||||||||||||||||
Net investment income | $ | 78,267 | $ | 80,925 | $ | 79,804 | $ | 81,717 | $ | 83,543 | $ | 238,996 | $ | 272,321 | |||||||||||||||||||||||||||
Net realized and unrealized (losses) gains on investments | (42,071) | 191,018 | (345,563) | 258,745 | 224,208 | (196,616) | 561,891 | ||||||||||||||||||||||||||||||||||
Total investment result | $ | 36,196 | $ | 271,943 | $ | (265,759) | $ | 340,462 | $ | 307,751 | $ | 42,380 | $ | 834,212 | |||||||||||||||||||||||||||
Net (loss) income (attributable) available to RenaissanceRe common shareholders | $ | (450,222) | $ | 456,818 | $ | (290,934) | $ | 189,812 | $ | 47,799 | $ | (284,338) | $ | 541,670 | |||||||||||||||||||||||||||
Operating (loss) income (attributable) available to RenaissanceRe common shareholders (1) | $ | (414,538) | $ | 278,050 | $ | 4,395 | $ | (77,122) | $ | (131,724) | $ | (132,093) | $ | 91,762 | |||||||||||||||||||||||||||
Per share data | |||||||||||||||||||||||||||||||||||||||||
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - basic | $ | (9.75) | $ | 9.36 | $ | (5.87) | $ | 3.75 | $ | 0.94 | $ | (5.94) | $ | 11.60 | |||||||||||||||||||||||||||
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted | $ | (9.75) | $ | 9.35 | $ | (5.87) | $ | 3.74 | $ | 0.94 | $ | (5.94) | $ | 11.58 | |||||||||||||||||||||||||||
Operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted (1) | $ | (8.98) | $ | 5.64 | $ | 0.09 | $ | (1.59) | $ | (2.64) | $ | (2.77) | $ | 1.84 | |||||||||||||||||||||||||||
Book value per common share | $ | 128.91 | $ | 139.35 | $ | 131.15 | $ | 138.46 | $ | 135.13 | $ | 128.91 | $ | 135.13 | |||||||||||||||||||||||||||
Tangible book value per common share (1) | $ | 123.24 | $ | 133.75 | $ | 125.73 | $ | 133.09 | $ | 129.60 | $ | 123.24 | $ | 129.60 | |||||||||||||||||||||||||||
Tangible book value per common share plus accumulated dividends (1) | $ | 146.40 | $ | 156.55 | $ | 148.17 | $ | 155.17 | $ | 151.33 | $ | 146.40 | $ | 151.33 | |||||||||||||||||||||||||||
Change in tangible book value per common share plus change in accumulated dividends (1) | (7.6) | % | 6.7 | % | (5.3) | % | 3.0 | % | 1.0 | % | (6.6) | % | 14.6 | % | |||||||||||||||||||||||||||
Financial ratios | |||||||||||||||||||||||||||||||||||||||||
Combined ratio | 145.1 | % | 72.4 | % | 103.1 | % | 114.7 | % | 120.6 | % | 110.0 | % | 97.4 | % | |||||||||||||||||||||||||||
Return on average common equity - annualized | (28.4) | % | 27.6 | % | (17.1) | % | 10.9 | % | 2.8 | % | (5.8) | % | 12.0 | % | |||||||||||||||||||||||||||
Operating return on average common equity - annualized (1) | (26.1) | % | 16.8 | % | 0.3 | % | (4.4) | % | (7.7) | % | (2.7) | % | 2.0 | % | |||||||||||||||||||||||||||
Total investment return - annualized | 0.7 | % | 5.2 | % | (4.9) | % | 6.6 | % | 6.2 | % | 0.3 | % | 5.8 | % |
1 | ![]() |
Summary Consolidated Financial Statements | |||||||||||||||||||||||||||||||||||||||||
Consolidated Statements of Operations | |||||||||||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | September 30, 2021 | September 30, 2020 | |||||||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||||||||
Gross premiums written | $ | 1,774,180 | $ | 2,094,158 | $ | 2,652,442 | $ | 935,514 | $ | 1,143,058 | $ | 6,520,780 | $ | 4,870,651 | |||||||||||||||||||||||||||
Net premiums written | $ | 1,486,440 | $ | 1,512,292 | $ | 1,824,083 | $ | 746,311 | $ | 899,411 | $ | 4,822,815 | $ | 3,350,022 | |||||||||||||||||||||||||||
Decrease (increase) in unearned premiums | 19,825 | (319,502) | (670,247) | 282,774 | 100,772 | (969,924) | (426,645) | ||||||||||||||||||||||||||||||||||
Net premiums earned | 1,506,265 | 1,192,790 | 1,153,836 | 1,029,085 | 1,000,183 | 3,852,891 | 2,923,377 | ||||||||||||||||||||||||||||||||||
Net investment income | 78,267 | 80,925 | 79,804 | 81,717 | 83,543 | 238,996 | 272,321 | ||||||||||||||||||||||||||||||||||
Net foreign exchange (losses) gains | (4,755) | 3,234 | (22,788) | 23,270 | 17,426 | (24,309) | 4,503 | ||||||||||||||||||||||||||||||||||
Equity in earnings (losses) of other ventures | 5,305 | 8,732 | (5,558) | (1,868) | 5,457 | 8,479 | 19,062 | ||||||||||||||||||||||||||||||||||
Other income (loss) | 1,692 | 586 | 2,171 | 4,374 | 1,476 | 4,449 | (4,161) | ||||||||||||||||||||||||||||||||||
Net realized and unrealized (losses) gains on investments | (42,071) | 191,018 | (345,563) | 258,745 | 224,208 | (196,616) | 561,891 | ||||||||||||||||||||||||||||||||||
Total revenues | 1,544,703 | 1,477,285 | 861,902 | 1,395,323 | 1,332,293 | 3,883,890 | 3,776,993 | ||||||||||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||||||||||||
Net claims and claim expenses incurred | 1,798,045 | 520,021 | 867,051 | 901,353 | 942,030 | 3,185,117 | 2,023,256 | ||||||||||||||||||||||||||||||||||
Acquisition expenses | 328,048 | 285,590 | 267,234 | 238,283 | 215,180 | 880,872 | 659,394 | ||||||||||||||||||||||||||||||||||
Operational expenses | 58,997 | 58,203 | 55,311 | 41,104 | 49,045 | 172,511 | 165,583 | ||||||||||||||||||||||||||||||||||
Corporate expenses | 10,196 | 10,125 | 10,405 | 21,031 | 48,050 | 30,726 | 75,939 | ||||||||||||||||||||||||||||||||||
Interest expense | 11,919 | 11,833 | 11,912 | 11,841 | 11,843 | 35,664 | 38,612 | ||||||||||||||||||||||||||||||||||
Total expenses | 2,207,205 | 885,772 | 1,211,913 | 1,213,612 | 1,266,148 | 4,304,890 | 2,962,784 | ||||||||||||||||||||||||||||||||||
(Loss) income before taxes | (662,502) | 591,513 | (350,011) | 181,711 | 66,145 | (421,000) | 814,209 | ||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | 23,630 | (13,862) | 19,516 | 9,923 | 8,244 | 29,284 | (12,785) | ||||||||||||||||||||||||||||||||||
Net (loss) income | (638,872) | 577,651 | (330,495) | 191,634 | 74,389 | (391,716) | 801,424 | ||||||||||||||||||||||||||||||||||
Net loss (income) attributable to redeemable noncontrolling interests | 198,495 | (113,544) | 46,850 | 5,467 | (19,301) | 131,801 | (236,120) | ||||||||||||||||||||||||||||||||||
Net (loss) income attributable to RenaissanceRe | (440,377) | 464,107 | (283,645) | 197,101 | 55,088 | (259,915) | 565,304 | ||||||||||||||||||||||||||||||||||
Dividends on preference shares | (9,845) | (7,289) | (7,289) | (7,289) | (7,289) | (24,423) | (23,634) | ||||||||||||||||||||||||||||||||||
Net (loss) income (attributable) available to RenaissanceRe common shareholders | $ | (450,222) | $ | 456,818 | $ | (290,934) | $ | 189,812 | $ | 47,799 | $ | (284,338) | $ | 541,670 | |||||||||||||||||||||||||||
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - basic | $ | (9.75) | $ | 9.36 | $ | (5.87) | $ | 3.75 | $ | 0.94 | $ | (5.94) | $ | 11.60 | |||||||||||||||||||||||||||
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted | $ | (9.75) | $ | 9.35 | $ | (5.87) | $ | 3.74 | $ | 0.94 | $ | (5.94) | $ | 11.58 | |||||||||||||||||||||||||||
Operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted (1) | $ | (8.98) | $ | 5.64 | $ | 0.09 | $ | (1.59) | $ | (2.64) | $ | (2.77) | $ | 1.84 | |||||||||||||||||||||||||||
Return on average common equity - annualized | (28.4) | % | 27.6 | % | (17.1) | % | 10.9 | % | 2.8 | % | (5.8) | % | 12.0 | % | |||||||||||||||||||||||||||
Operating return on average common equity - annualized (1) | (26.1) | % | 16.8 | % | 0.3 | % | (4.4) | % | (7.7) | % | (2.7) | % | 2.0 | % |
2 | ![]() |
Summary Consolidated Financial Statements | |||||||||||||||||||||||||||||
Consolidated Balance Sheets | |||||||||||||||||||||||||||||
September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Fixed maturity investments trading, at fair value | $ | 13,839,248 | $ | 13,418,389 | $ | 13,309,234 | $ | 13,506,503 | $ | 13,391,318 | |||||||||||||||||||
Short term investments, at fair value | 4,667,273 | 4,392,652 | 5,091,143 | 4,993,735 | 5,158,961 | ||||||||||||||||||||||||
Equity investments trading, at fair value | 527,839 | 577,090 | 503,137 | 702,617 | 547,381 | ||||||||||||||||||||||||
Other investments, at fair value | 1,738,737 | 1,585,036 | 1,379,056 | 1,256,948 | 1,122,683 | ||||||||||||||||||||||||
Investments in other ventures, under equity method | 93,344 | 91,938 | 91,362 | 98,373 | 98,990 | ||||||||||||||||||||||||
Total investments | 20,866,441 | 20,065,105 | 20,373,932 | 20,558,176 | 20,319,333 | ||||||||||||||||||||||||
Cash and cash equivalents | 1,440,734 | 1,789,756 | 1,286,661 | 1,736,813 | 1,287,378 | ||||||||||||||||||||||||
Premiums receivable | 4,141,899 | 4,481,492 | 3,928,122 | 2,894,631 | 3,337,120 | ||||||||||||||||||||||||
Prepaid reinsurance premiums | 1,137,556 | 1,361,041 | 1,229,716 | 823,582 | 1,082,270 | ||||||||||||||||||||||||
Reinsurance recoverable | 4,192,758 | 3,187,638 | 3,160,667 | 2,926,010 | 2,883,808 | ||||||||||||||||||||||||
Accrued investment income | 55,620 | 56,804 | 62,573 | 66,743 | 71,947 | ||||||||||||||||||||||||
Deferred acquisition costs and value of business acquired | 893,265 | 883,926 | 786,941 | 633,521 | 697,346 | ||||||||||||||||||||||||
Receivable for investments sold | 322,553 | 457,458 | 841,156 | 568,293 | 752,936 | ||||||||||||||||||||||||
Other assets | 240,491 | 196,959 | 318,249 | 363,170 | 306,265 | ||||||||||||||||||||||||
Goodwill and other intangibles | 245,015 | 246,576 | 248,080 | 249,641 | 257,437 | ||||||||||||||||||||||||
Total assets | $ | 33,536,332 | $ | 32,726,755 | $ | 32,236,097 | $ | 30,820,580 | $ | 30,995,840 | |||||||||||||||||||
Liabilities, Noncontrolling Interests and Shareholders' Equity | |||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Reserve for claims and claim expenses | $ | 13,233,244 | $ | 10,944,742 | $ | 10,953,383 | $ | 10,381,138 | $ | 9,900,615 | |||||||||||||||||||
Unearned premiums | 4,039,546 | 4,284,260 | 3,833,155 | 2,763,599 | 3,276,156 | ||||||||||||||||||||||||
Debt | 1,137,829 | 1,137,304 | 1,136,783 | 1,136,265 | 1,135,740 | ||||||||||||||||||||||||
Reinsurance balances payable | 3,964,137 | 4,489,841 | 4,254,645 | 3,488,352 | 3,915,804 | ||||||||||||||||||||||||
Payable for investments purchased | 718,099 | 795,185 | 1,133,787 | 1,132,538 | 1,597,893 | ||||||||||||||||||||||||
Other liabilities | 235,665 | 201,398 | 436,437 | 970,121 | 391,494 | ||||||||||||||||||||||||
Total liabilities | 23,328,520 | 21,852,730 | 21,748,190 | 19,872,013 | 20,217,702 | ||||||||||||||||||||||||
Redeemable noncontrolling interests | 3,458,298 | 3,656,419 | 3,409,570 | 3,388,319 | 3,387,317 | ||||||||||||||||||||||||
Shareholders' Equity | |||||||||||||||||||||||||||||
Preference shares | 750,000 | 525,000 | 525,000 | 525,000 | 525,000 | ||||||||||||||||||||||||
Common shares | 46,540 | 48,026 | 49,970 | 50,811 | 50,810 | ||||||||||||||||||||||||
Additional paid-in capital | 927,862 | 1,153,881 | 1,450,627 | 1,623,206 | 1,615,328 | ||||||||||||||||||||||||
Accumulated other comprehensive loss | (12,709) | (14,061) | (12,382) | (12,642) | (2,083) | ||||||||||||||||||||||||
Retained earnings | 5,037,821 | 5,504,760 | 5,065,122 | 5,373,873 | 5,201,766 | ||||||||||||||||||||||||
Total shareholders' equity attributable to RenaissanceRe | 6,749,514 | 7,217,606 | 7,078,337 | 7,560,248 | 7,390,821 | ||||||||||||||||||||||||
Total liabilities, noncontrolling interests and shareholders' equity | $ | 33,536,332 | $ | 32,726,755 | $ | 32,236,097 | $ | 30,820,580 | $ | 30,995,840 | |||||||||||||||||||
Book value per common share | $ | 128.91 | $ | 139.35 | $ | 131.15 | $ | 138.46 | $ | 135.13 |
3 | ![]() |
Underwriting and Reserves | ||||||||||||||||||||
Consolidated Segment Underwriting Results | ||||||||||||||||||||
Three months ended September 30, 2021 | ||||||||||||||||||||
Property | Casualty and Specialty | Total | ||||||||||||||||||
Gross premiums written | $ | 773,692 | $ | 1,000,488 | $ | 1,774,180 | ||||||||||||||
Net premiums written | $ | 681,095 | $ | 805,345 | $ | 1,486,440 | ||||||||||||||
Net premiums earned | $ | 816,376 | $ | 689,889 | $ | 1,506,265 | ||||||||||||||
Net claims and claim expenses incurred | 1,323,678 | 474,367 | 1,798,045 | |||||||||||||||||
Acquisition expenses | 134,179 | 193,869 | 328,048 | |||||||||||||||||
Operational expenses | 40,448 | 18,549 | 58,997 | |||||||||||||||||
Underwriting (loss) income | $ | (681,929) | $ | 3,104 | $ | (678,825) | ||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 1,469,613 | $ | 476,082 | $ | 1,945,695 | ||||||||||||||
Net claims and claim expenses incurred - prior accident years | (145,935) | (1,715) | (147,650) | |||||||||||||||||
Net claims and claim expenses incurred - total | $ | 1,323,678 | $ | 474,367 | $ | 1,798,045 | ||||||||||||||
Net claims and claim expense ratio - current accident year | 180.0 | % | 69.0 | % | 129.2 | % | ||||||||||||||
Net claims and claim expense ratio - prior accident years | (17.9) | % | (0.2) | % | (9.8) | % | ||||||||||||||
Net claims and claim expense ratio - calendar year | 162.1 | % | 68.8 | % | 119.4 | % | ||||||||||||||
Underwriting expense ratio | 21.4 | % | 30.8 | % | 25.7 | % | ||||||||||||||
Combined ratio | 183.5 | % | 99.6 | % | 145.1 | % | ||||||||||||||
Three months ended September 30, 2020 | ||||||||||||||||||||
Property | Casualty and Specialty | Total | ||||||||||||||||||
Gross premiums written | $ | 427,765 | $ | 715,293 | $ | 1,143,058 | ||||||||||||||
Net premiums written | $ | 378,708 | $ | 520,703 | $ | 899,411 | ||||||||||||||
Net premiums earned | $ | 516,623 | $ | 483,560 | $ | 1,000,183 | ||||||||||||||
Net claims and claim expenses incurred | 590,978 | 351,052 | 942,030 | |||||||||||||||||
Acquisition expenses | 98,545 | 116,636 | 215,180 | |||||||||||||||||
Operational expenses | 33,725 | 15,319 | 49,045 | |||||||||||||||||
Underwriting (loss) income | $ | (206,625) | $ | 553 | $ | (206,072) | ||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 629,827 | $ | 366,080 | $ | 995,907 | ||||||||||||||
Net claims and claim expenses incurred - prior accident years | (38,849) | (15,028) | (53,877) | |||||||||||||||||
Net claims and claim expenses incurred - total | $ | 590,978 | $ | 351,052 | $ | 942,030 | ||||||||||||||
Net claims and claim expense ratio - current accident year | 121.9 | % | 75.7 | % | 99.6 | % | ||||||||||||||
Net claims and claim expense ratio - prior accident years | (7.5) | % | (3.1) | % | (5.4) | % | ||||||||||||||
Net claims and claim expense ratio - calendar year | 114.4 | % | 72.6 | % | 94.2 | % | ||||||||||||||
Underwriting expense ratio | 25.6 | % | 27.3 | % | 26.4 | % | ||||||||||||||
Combined ratio | 140.0 | % | 99.9 | % | 120.6 | % |
4 | ![]() |
Underwriting and Reserves | |||||||||||||||||
Consolidated Segment Underwriting Results | |||||||||||||||||
Nine months ended September 30, 2021 | |||||||||||||||||
Property | Casualty and Specialty | Total | |||||||||||||||
Gross premiums written | $ | 3,574,067 | $ | 2,946,713 | $ | 6,520,780 | |||||||||||
Net premiums written | $ | 2,492,890 | $ | 2,329,925 | $ | 4,822,815 | |||||||||||
Net premiums earned | $ | 1,981,939 | $ | 1,870,952 | $ | 3,852,891 | |||||||||||
Net claims and claim expenses incurred | 1,919,660 | 1,265,457 | 3,185,117 | ||||||||||||||
Acquisition expenses | 356,171 | 524,701 | 880,872 | ||||||||||||||
Operational expenses | 114,710 | 57,801 | 172,511 | ||||||||||||||
Underwriting (loss) income | $ | (408,602) | $ | 22,993 | $ | (385,609) | |||||||||||
Net claims and claim expenses incurred - current accident year | $ | 2,121,740 | $ | 1,272,088 | $ | 3,393,828 | |||||||||||
Net claims and claim expenses incurred - prior accident years | (202,080) | (6,631) | (208,711) | ||||||||||||||
Net claims and claim expenses incurred - total | $ | 1,919,660 | $ | 1,265,457 | $ | 3,185,117 | |||||||||||
Net claims and claim expense ratio - current accident year | 107.1 | % | 68.0 | % | 88.1 | % | |||||||||||
Net claims and claim expense ratio - prior accident years | (10.2) | % | (0.4) | % | (5.4) | % | |||||||||||
Net claims and claim expense ratio - calendar year | 96.9 | % | 67.6 | % | 82.7 | % | |||||||||||
Underwriting expense ratio | 23.7 | % | 31.2 | % | 27.3 | % | |||||||||||
Combined ratio | 120.6 | % | 98.8 | % | 110.0 | % | |||||||||||
Nine months ended September 30, 2020 | |||||||||||||||||
Property | Casualty and Specialty | Total | |||||||||||||||
Gross premiums written | $ | 2,690,827 | $ | 2,179,824 | $ | 4,870,651 | |||||||||||
Net premiums written | $ | 1,757,427 | $ | 1,592,595 | $ | 3,350,022 | |||||||||||
Net premiums earned | $ | 1,429,074 | $ | 1,494,303 | $ | 2,923,377 | |||||||||||
Net claims and claim expenses incurred | 899,729 | 1,123,527 | 2,023,256 | ||||||||||||||
Acquisition expenses | 278,668 | 380,726 | 659,394 | ||||||||||||||
Operational expenses | 109,388 | 56,195 | 165,583 | ||||||||||||||
Underwriting income (loss) | $ | 141,289 | $ | (66,145) | $ | 75,144 | |||||||||||
Net claims and claim expenses incurred - current accident year | $ | 931,285 | $ | 1,147,354 | $ | 2,078,639 | |||||||||||
Net claims and claim expenses incurred - prior accident years | (31,556) | (23,827) | (55,383) | ||||||||||||||
Net claims and claim expenses incurred - total | $ | 899,729 | $ | 1,123,527 | $ | 2,023,256 | |||||||||||
Net claims and claim expense ratio - current accident year | 65.2 | % | 76.8 | % | 71.1 | % | |||||||||||
Net claims and claim expense ratio - prior accident years | (2.2) | % | (1.6) | % | (1.9) | % | |||||||||||
Net claims and claim expense ratio - calendar year | 63.0 | % | 75.2 | % | 69.2 | % | |||||||||||
Underwriting expense ratio | 27.1 | % | 29.2 | % | 28.2 | % | |||||||||||
Combined ratio | 90.1 | % | 104.4 | % | 97.4 | % |
5 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||
Segment Underwriting Results | |||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
Property Segment | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | ||||||||||||||||||||||||
Gross premiums written | $ | 773,692 | $ | 1,183,556 | $ | 1,616,819 | $ | 308,315 | $ | 427,765 | |||||||||||||||||||
Net premiums written | $ | 681,095 | $ | 803,335 | $ | 1,008,460 | $ | 279,773 | $ | 378,708 | |||||||||||||||||||
Net premiums earned | $ | 816,376 | $ | 560,397 | $ | 605,166 | $ | 507,141 | $ | 516,623 | |||||||||||||||||||
Net claims and claim expenses incurred | 1,323,678 | 97,150 | 498,832 | 536,218 | 590,978 | ||||||||||||||||||||||||
Acquisition expenses | 134,179 | 109,238 | 112,754 | 75,032 | 98,545 | ||||||||||||||||||||||||
Operational expenses | 40,448 | 38,887 | 35,375 | 26,160 | 33,725 | ||||||||||||||||||||||||
Underwriting (loss) income | $ | (681,929) | $ | 315,122 | $ | (41,795) | $ | (130,269) | $ | (206,625) | |||||||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 1,469,613 | $ | 148,133 | $ | 503,994 | $ | 661,711 | $ | 629,827 | |||||||||||||||||||
Net claims and claim expenses incurred - prior accident years | (145,935) | (50,983) | (5,162) | (125,493) | (38,849) | ||||||||||||||||||||||||
Net claims and claim expenses incurred - total | $ | 1,323,678 | $ | 97,150 | $ | 498,832 | $ | 536,218 | $ | 590,978 | |||||||||||||||||||
Net claims and claim expense ratio - current accident year | 180.0 | % | 26.4 | % | 83.3 | % | 130.4 | % | 121.9 | % | |||||||||||||||||||
Net claims and claim expense ratio - prior accident years | (17.9) | % | (9.1) | % | (0.9) | % | (24.7) | % | (7.5) | % | |||||||||||||||||||
Net claims and claim expense ratio - calendar year | 162.1 | % | 17.3 | % | 82.4 | % | 105.7 | % | 114.4 | % | |||||||||||||||||||
Underwriting expense ratio | 21.4 | % | 26.5 | % | 24.5 | % | 20.0 | % | 25.6 | % | |||||||||||||||||||
Combined ratio | 183.5 | % | 43.8 | % | 106.9 | % | 125.7 | % | 140.0 | % | |||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
Casualty and Specialty Segment | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | ||||||||||||||||||||||||
Gross premiums written | $ | 1,000,488 | $ | 910,602 | $ | 1,035,623 | $ | 627,199 | $ | 715,293 | |||||||||||||||||||
Net premiums written | $ | 805,345 | $ | 708,957 | $ | 815,623 | $ | 466,538 | $ | 520,703 | |||||||||||||||||||
Net premiums earned | $ | 689,889 | $ | 632,393 | $ | 548,670 | $ | 521,944 | $ | 483,560 | |||||||||||||||||||
Net claims and claim expenses incurred | 474,367 | 422,871 | 368,219 | 365,135 | 351,052 | ||||||||||||||||||||||||
Acquisition expenses | 193,869 | 176,352 | 154,480 | 163,251 | 116,636 | ||||||||||||||||||||||||
Operational expenses | 18,549 | 19,316 | 19,936 | 14,945 | 15,319 | ||||||||||||||||||||||||
Underwriting income (loss) | $ | 3,104 | $ | 13,854 | $ | 6,035 | $ | (21,387) | $ | 553 | |||||||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 476,082 | $ | 423,917 | $ | 372,089 | $ | 368,071 | $ | 366,080 | |||||||||||||||||||
Net claims and claim expenses incurred - prior accident years | (1,715) | (1,046) | (3,870) | (2,936) | (15,028) | ||||||||||||||||||||||||
Net claims and claim expenses incurred - total | $ | 474,367 | $ | 422,871 | $ | 368,219 | $ | 365,135 | $ | 351,052 | |||||||||||||||||||
Net claims and claim expense ratio - current accident year | 69.0 | % | 67.0 | % | 67.8 | % | 70.5 | % | 75.7 | % | |||||||||||||||||||
Net claims and claim expense ratio - prior accident years | (0.2) | % | (0.1) | % | (0.7) | % | (0.5) | % | (3.1) | % | |||||||||||||||||||
Net claims and claim expense ratio - calendar year | 68.8 | % | 66.9 | % | 67.1 | % | 70.0 | % | 72.6 | % | |||||||||||||||||||
Underwriting expense ratio | 30.8 | % | 30.9 | % | 31.8 | % | 34.1 | % | 27.3 | % | |||||||||||||||||||
Combined ratio | 99.6 | % | 97.8 | % | 98.9 | % | 104.1 | % | 99.9 | % |
6 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||
Property Segment - Catastrophe and Other Property Underwriting Results | |||||||||||||||||||||||||||||||||||
Three months ended September 30, 2021 | Three months ended September 30, 2020 | ||||||||||||||||||||||||||||||||||
Catastrophe | Other Property | Total | Catastrophe | Other Property | Total | ||||||||||||||||||||||||||||||
Gross premiums written | $ | 335,493 | $ | 438,199 | $ | 773,692 | $ | 179,689 | $ | 248,076 | $ | 427,765 | |||||||||||||||||||||||
Net premiums written | $ | 254,032 | $ | 427,063 | $ | 681,095 | $ | 146,377 | $ | 232,331 | $ | 378,708 | |||||||||||||||||||||||
Net premiums earned | $ | 446,508 | $ | 369,868 | $ | 816,376 | $ | 302,946 | $ | 213,677 | $ | 516,623 | |||||||||||||||||||||||
Net claims and claim expenses incurred | 927,399 | 396,279 | 1,323,678 | 416,018 | 174,960 | 590,978 | |||||||||||||||||||||||||||||
Acquisition expenses | 28,114 | 106,065 | 134,179 | 37,481 | 61,064 | 98,545 | |||||||||||||||||||||||||||||
Operational expenses | 33,200 | 7,248 | 40,448 | 28,530 | 5,195 | 33,725 | |||||||||||||||||||||||||||||
Underwriting loss | $ | (542,205) | $ | (139,724) | $ | (681,929) | $ | (179,083) | $ | (27,542) | $ | (206,625) | |||||||||||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 1,053,963 | $ | 415,650 | $ | 1,469,613 | $ | 449,113 | $ | 180,714 | $ | 629,827 | |||||||||||||||||||||||
Net claims and claim expenses incurred - prior accident years | (126,564) | (19,371) | (145,935) | (33,095) | (5,754) | (38,849) | |||||||||||||||||||||||||||||
Net claims and claim expenses incurred - total | $ | 927,399 | $ | 396,279 | $ | 1,323,678 | $ | 416,018 | $ | 174,960 | $ | 590,978 | |||||||||||||||||||||||
Net claims and claim expense ratio - current accident year | 236.0 | % | 112.4 | % | 180.0 | % | 148.3 | % | 84.5 | % | 121.9 | % | |||||||||||||||||||||||
Net claims and claim expense ratio - prior accident years | (28.3) | % | (5.3) | % | (17.9) | % | (11.0) | % | (2.6) | % | (7.5) | % | |||||||||||||||||||||||
Net claims and claim expense ratio - calendar year | 207.7 | % | 107.1 | % | 162.1 | % | 137.3 | % | 81.9 | % | 114.4 | % | |||||||||||||||||||||||
Underwriting expense ratio | 13.7 | % | 30.7 | % | 21.4 | % | 21.8 | % | 31.0 | % | 25.6 | % | |||||||||||||||||||||||
Combined ratio | 221.4 | % | 137.8 | % | 183.5 | % | 159.1 | % | 112.9 | % | 140.0 | % | |||||||||||||||||||||||
Nine months ended September 30, 2021 | Nine months ended September 30, 2020 | ||||||||||||||||||||||||||||||||||
Catastrophe | Other Property | Total | Catastrophe | Other Property | Total | ||||||||||||||||||||||||||||||
Gross premiums written | $ | 2,227,941 | $ | 1,346,126 | $ | 3,574,067 | $ | 1,827,665 | $ | 863,162 | $ | 2,690,827 | |||||||||||||||||||||||
Net premiums written | $ | 1,317,424 | $ | 1,175,466 | $ | 2,492,890 | $ | 1,015,184 | $ | 742,243 | $ | 1,757,427 | |||||||||||||||||||||||
Net premiums earned | $ | 1,059,797 | $ | 922,142 | $ | 1,981,939 | $ | 769,119 | $ | 659,955 | $ | 1,429,074 | |||||||||||||||||||||||
Net claims and claim expenses incurred | 1,227,342 | 692,318 | 1,919,660 | 436,284 | 463,445 | 899,729 | |||||||||||||||||||||||||||||
Acquisition expenses | 101,595 | 254,576 | 356,171 | 97,915 | 180,753 | 278,668 | |||||||||||||||||||||||||||||
Operational expenses | 92,176 | 22,534 | 114,710 | 89,728 | 19,660 | 109,388 | |||||||||||||||||||||||||||||
Underwriting (loss) income | $ | (361,316) | $ | (47,286) | $ | (408,602) | $ | 145,192 | $ | (3,903) | $ | 141,289 | |||||||||||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 1,409,011 | $ | 712,729 | $ | 2,121,740 | $ | 510,022 | $ | 421,263 | $ | 931,285 | |||||||||||||||||||||||
Net claims and claim expenses incurred - prior accident years | (181,669) | (20,411) | (202,080) | (73,738) | 42,182 | (31,556) | |||||||||||||||||||||||||||||
Net claims and claim expenses incurred - total | $ | 1,227,342 | $ | 692,318 | $ | 1,919,660 | $ | 436,284 | $ | 463,445 | $ | 899,729 | |||||||||||||||||||||||
Net claims and claim expense ratio - current accident year | 133.0 | % | 77.3 | % | 107.1 | % | 66.3 | % | 63.8 | % | 65.2 | % | |||||||||||||||||||||||
Net claims and claim expense ratio - prior accident years | (17.2) | % | (2.2) | % | (10.2) | % | (9.6) | % | 6.4 | % | (2.2) | % | |||||||||||||||||||||||
Net claims and claim expense ratio - calendar year | 115.8 | % | 75.1 | % | 96.9 | % | 56.7 | % | 70.2 | % | 63.0 | % | |||||||||||||||||||||||
Underwriting expense ratio | 18.3 | % | 30.0 | % | 23.7 | % | 24.4 | % | 30.4 | % | 27.1 | % | |||||||||||||||||||||||
Combined ratio | 134.1 | % | 105.1 | % | 120.6 | % | 81.1 | % | 100.6 | % | 90.1 | % |
7 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||||||||
Gross Premiums Written | |||||||||||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | September 30, 2021 | September 30, 2020 | |||||||||||||||||||||||||||||||||||
Property Segment | |||||||||||||||||||||||||||||||||||||||||
Catastrophe | $ | 335,493 | $ | 761,323 | $ | 1,131,125 | $ | 59,120 | $ | 179,689 | $ | 2,227,941 | $ | 1,827,665 | |||||||||||||||||||||||||||
Other property | 438,199 | 422,233 | 485,694 | 249,195 | 248,076 | 1,346,126 | 863,162 | ||||||||||||||||||||||||||||||||||
Property segment gross premiums written | $ | 773,692 | $ | 1,183,556 | $ | 1,616,819 | $ | 308,315 | $ | 427,765 | $ | 3,574,067 | $ | 2,690,827 | |||||||||||||||||||||||||||
Casualty and Specialty Segment | |||||||||||||||||||||||||||||||||||||||||
General casualty (1) | $ | 346,754 | $ | 286,686 | $ | 343,170 | $ | 190,996 | $ | 260,265 | $ | 976,610 | $ | 713,598 | |||||||||||||||||||||||||||
Professional liability (2) | 329,848 | 306,387 | 314,372 | 207,437 | 175,459 | 950,607 | 628,683 | ||||||||||||||||||||||||||||||||||
Financial lines (3) | 128,586 | 86,175 | 144,386 | 122,023 | 143,455 | 359,147 | 392,169 | ||||||||||||||||||||||||||||||||||
Other (4) | 195,300 | 231,354 | 233,695 | 106,743 | 136,114 | 660,349 | 445,374 | ||||||||||||||||||||||||||||||||||
Casualty and Specialty segment gross premiums written | $ | 1,000,488 | $ | 910,602 | $ | 1,035,623 | $ | 627,199 | $ | 715,293 | $ | 2,946,713 | $ | 2,179,824 |
(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 | ||||||||||||||||||||
September 30, 2021 | |||||||||||||||||||||||
Property | $ | 1,265,040 | $ | 1,319,022 | $ | 4,005,279 | $ | 6,589,341 | |||||||||||||||
Casualty and Specialty | 1,768,649 | 151,263 | 4,723,991 | 6,643,903 | |||||||||||||||||||
Total | $ | 3,033,689 | $ | 1,470,285 | $ | 8,729,270 | $ | 13,233,244 | |||||||||||||||
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 |
9 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||
Paid to Incurred Analysis | |||||||||||||||||||||||||||||||||||
Three months ended September 30, 2021 | Three months ended September 30, 2020 | ||||||||||||||||||||||||||||||||||
Gross | Recoveries | Net | Gross | Recoveries | Net | ||||||||||||||||||||||||||||||
Reserve for claims and claim expenses, beginning of period | $ | 10,944,742 | $ | 3,187,638 | $ | 7,757,104 | $ | 9,365,469 | $ | 2,774,358 | $ | 6,591,111 | |||||||||||||||||||||||
Incurred claims and claim expenses | |||||||||||||||||||||||||||||||||||
Current year | 3,342,005 | 1,396,310 | 1,945,695 | 1,301,183 | 305,276 | 995,907 | |||||||||||||||||||||||||||||
Prior years | (278,179) | (130,529) | (147,650) | (109,051) | (55,174) | (53,877) | |||||||||||||||||||||||||||||
Total incurred claims and claim expenses | 3,063,826 | 1,265,781 | 1,798,045 | 1,192,132 | 250,102 | 942,030 | |||||||||||||||||||||||||||||
Paid claims and claim expenses | |||||||||||||||||||||||||||||||||||
Current year | 220,568 | 35,451 | 185,117 | 140,093 | 10,505 | 129,588 | |||||||||||||||||||||||||||||
Prior years | 515,272 | 228,203 | 287,069 | 397,448 | 112,350 | 285,098 | |||||||||||||||||||||||||||||
Total paid claims and claim expenses | 735,840 | 263,654 | 472,186 | 537,541 | 122,855 | 414,686 | |||||||||||||||||||||||||||||
Foreign exchange (1) | (39,484) | 2,993 | (42,477) | 39,381 | (14,149) | 53,530 | |||||||||||||||||||||||||||||
Amounts disposed (2) | — | — | — | (158,826) | (3,648) | (155,178) | |||||||||||||||||||||||||||||
Reserve for claims and claim expenses, end of period | $ | 13,233,244 | $ | 4,192,758 | $ | 9,040,486 | $ | 9,900,615 | $ | 2,883,808 | $ | 7,016,807 | |||||||||||||||||||||||
Nine months ended September 30, 2021 | Nine months ended September 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 | 5,261,594 | 1,867,766 | 3,393,828 | 2,742,093 | 663,454 | 2,078,639 | |||||||||||||||||||||||||||||
Prior years | (281,416) | (72,705) | (208,711) | (155,020) | (99,637) | (55,383) | |||||||||||||||||||||||||||||
Total incurred claims and claim expenses | 4,980,178 | 1,795,061 | 3,185,117 | 2,587,073 | 563,817 | 2,023,256 | |||||||||||||||||||||||||||||
Paid claims and claim expenses | |||||||||||||||||||||||||||||||||||
Current year | 293,541 | 43,146 | 250,395 | 206,585 | 15,372 | 191,213 | |||||||||||||||||||||||||||||
Prior years | 1,764,951 | 482,056 | 1,282,895 | 1,734,473 | 441,459 | 1,293,014 | |||||||||||||||||||||||||||||
Total paid claims and claim expenses | 2,058,492 | 525,202 | 1,533,290 | 1,941,058 | 456,831 | 1,484,227 | |||||||||||||||||||||||||||||
Foreign exchange (1) | (69,580) | (3,111) | (66,469) | 29,077 | (10,827) | 39,904 | |||||||||||||||||||||||||||||
Amounts disposed (2) | — | — | — | (158,826) | (3,648) | (155,178) | |||||||||||||||||||||||||||||
Reserve for claims and claim expenses, end of period | $ | 13,233,244 | $ | 4,192,758 | $ | 9,040,486 | $ | 9,900,615 | $ | 2,883,808 | $ | 7,016,807 |
10 | ![]() |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | Twelve months ended | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | March 31, 2020 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||
Management fee income | |||||||||||||||||||||||||||||||||||||||||||||||
Joint ventures | $ | 8,602 | $ | 14,741 | $ | 11,128 | $ | 8,458 | $ | 13,070 | $ | 11,781 | $ | 45,499 | $ | 42,546 | |||||||||||||||||||||||||||||||
Structured reinsurance products and other | 8,646 | 8,677 | 8,774 | 8,830 | 8,785 | 8,597 | 34,951 | 35,238 | |||||||||||||||||||||||||||||||||||||||
Managed funds | 6,606 | 8,552 | 8,622 | 9,490 | 8,610 | 6,418 | 31,026 | 18,636 | |||||||||||||||||||||||||||||||||||||||
Total management fee income | 23,854 | 31,970 | 28,524 | 26,778 | 30,465 | 26,796 | 111,476 | 96,420 | |||||||||||||||||||||||||||||||||||||||
Performance fee income (loss) | |||||||||||||||||||||||||||||||||||||||||||||||
Joint ventures | 2,980 | 7,347 | 1,556 | (1,984) | (1,842) | 7,828 | 10,167 | 9,660 | |||||||||||||||||||||||||||||||||||||||
Structured reinsurance products and other | 1,237 | 2,581 | (1,293) | 1,570 | (10,414) | 8,375 | 7,525 | 7,693 | |||||||||||||||||||||||||||||||||||||||
Managed funds | 264 | 4,259 | (4,798) | 9,542 | 175 | 2,363 | 15,994 | 420 | |||||||||||||||||||||||||||||||||||||||
Total performance fee income (loss) (1) | 4,481 | 14,187 | (4,535) | 9,128 | (12,081) | 18,566 | 33,686 | 17,773 | |||||||||||||||||||||||||||||||||||||||
Total fee income | $ | 28,335 | $ | 46,157 | $ | 23,989 | $ | 35,906 | $ | 18,384 | $ | 45,362 | $ | 145,162 | $ | 114,193 |
Three months ended | Twelve months ended | ||||||||||||||||||||||||||||||||||||||||||||||
Fee income contributing to: | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | March 31, 2020 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||
Underwriting income (loss) (1) | 19,444 | 19,239 | 10,530 | 36,100 | 13,372 | 19,894 | 87,764 | 60,046 | |||||||||||||||||||||||||||||||||||||||
Earnings from equity method investments (2) | 17 | 17 | 16 | (4) | 11 | 24 | 70 | 105 | |||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interest (3) | 8,874 | 26,901 | 13,443 | (190) | 5,001 | 25,592 | 57,328 | 54,042 | |||||||||||||||||||||||||||||||||||||||
Total fee income | $ | 28,335 | $ | 46,157 | $ | 23,989 | $ | 35,906 | $ | 18,384 | $ | 45,510 | $ | 145,162 | $ | 114,193 | |||||||||||||||||||||||||||||||
11 | ![]() |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | September 30, 2021 | September 30, 2020 | |||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interest - DaVinciRe | $ | 202,362 | $ | (84,266) | $ | 39,934 | $ | 32,993 | $ | 26,616 | $ | 158,030 | $ | (146,664) | |||||||||||||||||||||||||||
Redeemable noncontrolling interest - Medici | (6,526) | (11,989) | 13,443 | (13,534) | (33,963) | (5,072) | (42,436) | ||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interest - Vermeer | 2,659 | (17,289) | (6,527) | (13,992) | (11,954) | (21,157) | (47,020) | ||||||||||||||||||||||||||||||||||
Net loss (income) attributable to redeemable noncontrolling interests (1) | $ | 198,495 | $ | (113,544) | $ | 46,850 | $ | 5,467 | $ | (19,301) | $ | 131,801 | $ | (236,120) |
September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | |||||||||||||||||||||||||
Redeemable noncontrolling interest - DaVinciRe | $ | 1,443,589 | $ | 1,642,656 | $ | 1,555,714 | $ | 1,560,693 | $ | 1,594,683 | |||||||||||||||||||
Redeemable noncontrolling interest - Medici | 883,925 | 880,320 | 737,702 | 717,999 | 696,999 | ||||||||||||||||||||||||
Redeemable noncontrolling interest - Vermeer | 1,130,784 | 1,133,443 | 1,116,154 | 1,109,627 | 1,095,635 | ||||||||||||||||||||||||
Redeemable noncontrolling interests | $ | 3,458,298 | $ | 3,656,419 | $ | 3,409,570 | $ | 3,388,319 | $ | 3,387,317 |
September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | |||||||||||||||||||||||||
DaVinciRe | 71.3 | % | 71.3 | % | 71.3 | % | 78.6 | % | 78.6 | % | |||||||||||||||||||
Medici | 86.6 | % | 86.6 | % | 84.6 | % | 84.3 | % | 88.5 | % | |||||||||||||||||||
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 | Nine months ended | ||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | September 30, 2021 | September 30, 2020 | |||||||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||||||||
Gross premiums written | $ | 168,770 | $ | 243,627 | $ | 342,033 | $ | 21,996 | $ | 77,866 | $ | 754,430 | $ | 555,812 | |||||||||||||||||||||||||||
Net premiums written | $ | 159,697 | $ | 205,907 | $ | 315,476 | $ | 22,266 | $ | 78,025 | $ | 681,080 | $ | 496,782 | |||||||||||||||||||||||||||
Decrease (increase) in unearned premiums | 79,853 | (69,833) | (154,894) | 120,081 | 62,486 | (144,874) | (131,619) | ||||||||||||||||||||||||||||||||||
Net premiums earned | 239,550 | 136,074 | 160,582 | 142,347 | 140,511 | 536,206 | 365,163 | ||||||||||||||||||||||||||||||||||
Net investment income | 6,549 | 7,118 | 8,261 | 8,848 | 9,339 | 21,928 | 35,983 | ||||||||||||||||||||||||||||||||||
Net foreign exchange (losses) gains | (818) | 597 | (590) | 149 | (511) | (811) | (1,683) | ||||||||||||||||||||||||||||||||||
Net realized and unrealized (losses) gains on investments | (2,670) | 4,389 | (26,798) | 3,436 | 5,439 | (25,079) | 58,642 | ||||||||||||||||||||||||||||||||||
Total revenues | 242,611 | 148,178 | 141,455 | 154,780 | 154,778 | 532,244 | 458,105 | ||||||||||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||||||||||||
Net claims and claim expenses incurred | 501,695 | (19,754) | 167,543 | 184,787 | 171,271 | 649,484 | 167,374 | ||||||||||||||||||||||||||||||||||
Acquisition expenses | 14,490 | 31,593 | 16,317 | 3,138 | 2,384 | 62,400 | 61,704 | ||||||||||||||||||||||||||||||||||
Operational and corporate expenses | 8,190 | 16,377 | 11,706 | 6,955 | 13,123 | 36,273 | 36,874 | ||||||||||||||||||||||||||||||||||
Interest expense | 1,859 | 1,858 | 1,858 | 1,859 | 1,859 | 5,575 | 5,576 | ||||||||||||||||||||||||||||||||||
Total expenses | 526,234 | 30,074 | 197,424 | 196,739 | 188,637 | 753,732 | 271,528 | ||||||||||||||||||||||||||||||||||
(Loss) income before taxes | (283,623) | 118,104 | (55,969) | (41,959) | (33,859) | (221,488) | 186,577 | ||||||||||||||||||||||||||||||||||
Income tax expense | — | (1) | — | (12) | — | (1) | — | ||||||||||||||||||||||||||||||||||
Net (loss) income (attributable) available to DaVinciRe common shareholders | $ | (283,623) | $ | 118,103 | $ | (55,969) | $ | (41,971) | $ | (33,859) | $ | (221,489) | $ | 186,577 | |||||||||||||||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 561,674 | $ | 8,270 | $ | 181,716 | $ | 209,903 | $ | 196,188 | $ | 751,660 | $ | 215,883 | |||||||||||||||||||||||||||
Net claims and claim expenses incurred - prior accident years | (59,979) | (28,024) | (14,173) | (25,116) | (24,917) | (102,176) | (48,509) | ||||||||||||||||||||||||||||||||||
Net claims and claim expenses incurred - total | $ | 501,695 | $ | (19,754) | $ | 167,543 | $ | 184,787 | $ | 171,271 | $ | 649,484 | $ | 167,374 | |||||||||||||||||||||||||||
Net claims and claim expense ratio - current accident year | 234.5 | % | 6.1 | % | 113.2 | % | 147.5 | % | 139.6 | % | 140.2 | % | 59.1 | % | |||||||||||||||||||||||||||
Net claims and claim expense ratio - prior accident years | (25.1) | % | (20.6) | % | (8.9) | % | (17.7) | % | (17.7) | % | (19.1) | % | (13.3) | % | |||||||||||||||||||||||||||
Net claims and claim expense ratio - calendar year | 209.4 | % | (14.5) | % | 104.3 | % | 129.8 | % | 121.9 | % | 121.1 | % | 45.8 | % | |||||||||||||||||||||||||||
Underwriting expense ratio | 9.5 | % | 35.2 | % | 17.5 | % | 7.1 | % | 11.0 | % | 18.4 | % | 27.0 | % | |||||||||||||||||||||||||||
Combined ratio | 218.9 | % | 20.7 | % | 121.8 | % | 136.9 | % | 132.9 | % | 139.5 | % | 72.8 | % |
13 | ![]() |
RenaissanceRe Holdings Ltd. | |||||||||||||||||||||||||||||||||||||||||
Investments | |||||||||||||||||||||||||||||||||||||||||
Total Investment Result | |||||||||||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | September 30, 2021 | September 30, 2020 | |||||||||||||||||||||||||||||||||||
Fixed maturity investments trading | $ | 56,825 | $ | 59,510 | $ | 62,933 | $ | 66,912 | $ | 68,022 | $ | 179,268 | $ | 211,303 | |||||||||||||||||||||||||||
Short term investments | 514 | 782 | 573 | 1,047 | 1,611 | 1,869 | 19,752 | ||||||||||||||||||||||||||||||||||
Equity investments trading | 1,823 | 1,626 | 1,491 | 1,628 | 1,559 | 4,940 | 4,776 | ||||||||||||||||||||||||||||||||||
Other investments | |||||||||||||||||||||||||||||||||||||||||
Catastrophe bonds | 17,184 | 16,681 | 14,468 | 13,500 | 13,626 | 48,333 | 41,284 | ||||||||||||||||||||||||||||||||||
Other | 7,571 | 9,339 | 3,801 | 4,083 | 2,598 | 20,711 | 5,334 | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents | (38) | 159 | 102 | 192 | 441 | 223 | 2,782 | ||||||||||||||||||||||||||||||||||
83,879 | 88,097 | 83,368 | 87,362 | 87,857 | 255,344 | 285,231 | |||||||||||||||||||||||||||||||||||
Investment expenses | (5,612) | (7,172) | (3,564) | (5,645) | (4,314) | (16,348) | (12,910) | ||||||||||||||||||||||||||||||||||
Net investment income | 78,267 | 80,925 | 79,804 | 81,717 | 83,543 | 238,996 | 272,321 | ||||||||||||||||||||||||||||||||||
Net realized and unrealized (losses) gains on: | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity investments trading, net of investments-related derivatives (1) | (31,424) | 87,847 | (261,759) | 90,132 | 78,348 | (205,336) | 502,280 | ||||||||||||||||||||||||||||||||||
Equity investments trading, net of investments-related derivatives (1) | (21,680) | 65,566 | (67,922) | 154,306 | 119,622 | (24,036) | 81,246 | ||||||||||||||||||||||||||||||||||
Other investments | |||||||||||||||||||||||||||||||||||||||||
Catastrophe bonds | (5,994) | 2 | (19,083) | (9,742) | 12,611 | (25,075) | 2,711 | ||||||||||||||||||||||||||||||||||
Other | 17,027 | 37,603 | 3,201 | 24,049 | 13,627 | 57,831 | (24,346) | ||||||||||||||||||||||||||||||||||
Net realized and unrealized (losses) gains on investments | (42,071) | 191,018 | (345,563) | 258,745 | 224,208 | (196,616) | 561,891 | ||||||||||||||||||||||||||||||||||
Total investment result | $ | 36,196 | $ | 271,943 | $ | (265,759) | $ | 340,462 | $ | 307,751 | $ | 42,380 | $ | 834,212 | |||||||||||||||||||||||||||
Total investment return - annualized | 0.7 | % | 5.2 | % | (4.9) | % | 6.6 | % | 6.2 | % | 0.3 | % | 5.8 | % | |||||||||||||||||||||||||||
14 | ![]() |
Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Portfolio - Composition | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Type of Investment | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasuries | $ | 6,730,967 | 32.3 | % | $ | 6,327,895 | 31.5 | % | $ | 5,107,878 | 25.1 | % | $ | 4,960,409 | 24.1 | % | $ | 4,350,971 | 21.4 | % | |||||||||||||||||||||||||||||||||||||||
Agencies | 297,057 | 1.4 | % | 325,051 | 1.6 | % | 227,184 | 1.1 | % | 368,032 | 1.8 | % | 437,681 | 2.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government | 495,243 | 2.4 | % | 508,320 | 2.5 | % | 518,162 | 2.5 | % | 491,531 | 2.4 | % | 568,960 | 2.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government-backed corporate | 409,322 | 2.0 | % | 396,966 | 2.0 | % | 335,662 | 1.6 | % | 338,014 | 1.6 | % | 401,449 | 2.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Corporate | 3,346,556 | 16.0 | % | 3,387,433 | 16.9 | % | 4,289,072 | 21.1 | % | 4,261,025 | 20.7 | % | 4,655,765 | 22.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
Agency mortgage-backed | 754,118 | 3.6 | % | 703,757 | 3.5 | % | 957,563 | 4.7 | % | 1,113,792 | 5.4 | % | 1,086,474 | 5.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Non-agency mortgage-backed | 243,654 | 1.2 | % | 260,432 | 1.3 | % | 272,529 | 1.3 | % | 291,444 | 1.4 | % | 293,953 | 1.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 621,153 | 3.0 | % | 588,262 | 2.9 | % | 713,044 | 3.5 | % | 791,272 | 3.8 | % | 788,995 | 3.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
Asset-backed | 941,178 | 4.5 | % | 920,273 | 4.6 | % | 888,140 | 4.4 | % | 890,984 | 4.3 | % | 807,070 | 4.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments, at fair value | 13,839,248 | 66.4 | % | 13,418,389 | 66.8 | % | 13,309,234 | 65.3 | % | 13,506,503 | 65.5 | % | 13,391,318 | 65.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Short term investments, at fair value | 4,667,273 | 22.4 | % | 4,392,652 | 21.9 | % | 5,091,143 | 25.0 | % | 4,993,735 | 24.3 | % | 5,158,961 | 25.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total consolidated fixed maturity and short term investments, at fair value | 18,506,521 | 88.8 | % | 17,811,041 | 88.7 | % | 18,400,377 | 90.3 | % | 18,500,238 | 89.8 | % | 18,550,279 | 91.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Equity investments trading, at fair value | 527,839 | 2.5 | % | 577,090 | 2.9 | % | 503,137 | 2.5 | % | 702,617 | 3.4 | % | 547,381 | 2.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Other investments, at fair value | 1,738,737 | 8.4 | % | 1,585,036 | 8.0 | % | 1,379,056 | 6.8 | % | 1,256,948 | 6.2 | % | 1,122,683 | 5.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total managed investment portfolio | 20,773,097 | 99.7 | % | 19,973,167 | 99.6 | % | 20,282,570 | 99.6 | % | 20,459,803 | 99.4 | % | 20,220,343 | 99.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Investments in other ventures, under equity method | 93,344 | 0.3 | % | 91,938 | 0.4 | % | 91,362 | 0.4 | % | 98,373 | 0.6 | % | 98,990 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total investments | $ | 20,866,441 | 100.0 | % | $ | 20,065,105 | 100.0 | % | $ | 20,373,932 | 100.0 | % | $ | 20,558,176 | 100.0 | % | $ | 20,319,333 | 100.0 | % | |||||||||||||||||||||||||||||||||||||||
15 | ![]() |
Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Portfolio - Fixed Maturity Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Quality of Fixed Maturity Investments | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
AAA | $ | 1,825,727 | 13.2 | % | $ | 1,793,720 | 13.4 | % | $ | 1,859,370 | 14.0 | % | $ | 1,915,147 | 14.2 | % | $ | 1,972,894 | 14.7 | % | |||||||||||||||||||||||||||||||||||||||
AA | 8,449,810 | 61.0 | % | 7,982,119 | 59.5 | % | 7,022,443 | 52.8 | % | 7,210,622 | 53.4 | % | 6,721,098 | 50.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
A | 1,063,127 | 7.7 | % | 1,060,647 | 7.9 | % | 1,504,569 | 11.3 | % | 1,485,463 | 11.0 | % | 1,777,861 | 13.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
BBB | 1,133,307 | 8.2 | % | 1,171,756 | 8.7 | % | 1,509,280 | 11.3 | % | 1,538,681 | 11.4 | % | 1,648,049 | 12.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Non-investment grade and not rated | 1,367,277 | 9.9 | % | 1,410,147 | 10.5 | % | 1,413,572 | 10.6 | % | 1,356,590 | 10.0 | % | 1,271,416 | 9.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments, at fair value | $ | 13,839,248 | 100.0 | % | $ | 13,418,389 | 100.0 | % | $ | 13,309,234 | 100.0 | % | $ | 13,506,503 | 100.0 | % | $ | 13,391,318 | 100.0 | % | |||||||||||||||||||||||||||||||||||||||
Maturity Profile of Fixed Maturity Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Due in less than one year | $ | 388,647 | 2.8 | % | $ | 365,154 | 2.7 | % | $ | 572,443 | 4.3 | % | $ | 637,418 | 4.7 | % | $ | 621,610 | 4.6 | % | |||||||||||||||||||||||||||||||||||||||
Due after one through five years | 6,540,886 | 47.3 | % | 6,191,724 | 46.1 | % | 5,569,638 | 41.9 | % | 5,391,122 | 39.9 | % | 5,749,128 | 43.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Due after five through ten years | 4,003,465 | 28.9 | % | 4,060,205 | 30.3 | % | 3,786,423 | 28.4 | % | 3,806,564 | 28.2 | % | 3,374,898 | 25.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Due after ten years | 346,146 | 2.5 | % | 328,582 | 2.4 | % | 549,453 | 4.1 | % | 583,908 | 4.3 | % | 669,190 | 5.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 1,618,926 | 11.7 | % | 1,552,451 | 11.6 | % | 1,943,137 | 14.6 | % | 2,196,507 | 16.3 | % | 2,169,422 | 16.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | 941,178 | 6.8 | % | 920,273 | 6.9 | % | 888,140 | 6.7 | % | 890,984 | 6.6 | % | 807,070 | 6.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments, at fair value | $ | 13,839,248 | 100.0 | % | $ | 13,418,389 | 100.0 | % | $ | 13,309,234 | 100.0 | % | $ | 13,506,503 | 100.0 | % | $ | 13,391,318 | 100.0 | % |
16 | ![]() |
Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Portfolio - Weighted Average Yield to Maturity and Credit Rating | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Rating (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | Amortized Cost | Fair Value | Weighted Average Yield to Maturity | AAA | AA | A | BBB | Non- Investment Grade | Not Rated | ||||||||||||||||||||||||||||||||||||||||||||
Short term investments | $ | 4,667,273 | $ | 4,667,273 | — | % | $ | 4,633,010 | $ | 22,466 | $ | 10,187 | $ | 126 | $ | 982 | $ | 502 | |||||||||||||||||||||||||||||||||||
100.0 | % | 99.3 | % | 0.5 | % | 0.2 | % | — | % | — | % | — | % | ||||||||||||||||||||||||||||||||||||||||
Fixed maturity investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasuries | 6,747,505 | 6,730,967 | 0.8 | % | — | 6,730,967 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Agencies | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fannie Mae and Freddie Mac | 4,505 | 4,448 | 0.9 | % | — | 4,448 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Other agencies | 293,207 | 292,609 | 1.0 | % | 56,457 | 236,152 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Total agencies | 297,712 | 297,057 | 1.0 | % | 56,457 | 240,600 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government | 495,511 | 495,243 | 0.9 | % | 301,919 | 161,306 | 14,768 | 15,929 | 1,321 | — | |||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government-backed corporate | 409,225 | 409,322 | 1.2 | % | 174,855 | 205,620 | 14,878 | 5,163 | 8,806 | — | |||||||||||||||||||||||||||||||||||||||||||
Corporate | 3,293,126 | 3,346,556 | 2.5 | % | 38,536 | 112,002 | 997,291 | 1,051,412 | 1,113,510 | 33,805 | |||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency securities | 753,063 | 754,118 | 1.8 | % | — | 754,118 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Non-agency securities | 239,999 | 243,654 | 2.9 | % | 49,218 | 14,088 | 1,943 | 6,320 | 119,314 | 52,771 | |||||||||||||||||||||||||||||||||||||||||||
Total residential mortgage-backed | 993,062 | 997,772 | 2.0 | % | 49,218 | 768,206 | 1,943 | 6,320 | 119,314 | 52,771 | |||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 610,098 | 621,153 | 1.6 | % | 462,978 | 119,414 | 5,731 | 18,351 | 2,548 | 12,131 | |||||||||||||||||||||||||||||||||||||||||||
Total mortgage-backed | 1,603,160 | 1,618,925 | 1.9 | % | 512,196 | 887,620 | 7,674 | 24,671 | 121,862 | 64,902 | |||||||||||||||||||||||||||||||||||||||||||
Asset-backed | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized loan obligations | 837,744 | 838,694 | 1.6 | % | 650,780 | 110,164 | 22,255 | 35,504 | 14,814 | 5,177 | |||||||||||||||||||||||||||||||||||||||||||
Other | 101,890 | 102,484 | 0.9 | % | 90,984 | 1,531 | 6,261 | 628 | 1,770 | 1,310 | |||||||||||||||||||||||||||||||||||||||||||
Total asset-backed | 939,634 | 941,178 | 1.6 | % | 741,764 | 111,695 | 28,516 | 36,132 | 16,584 | 6,487 | |||||||||||||||||||||||||||||||||||||||||||
Total securitized assets | 2,542,794 | 2,560,103 | 1.8 | % | 1,253,960 | 999,315 | 36,190 | 60,803 | 138,446 | 71,389 | |||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments | 13,785,873 | 13,839,248 | 1.4 | % | 1,825,727 | 8,449,810 | 1,063,127 | 1,133,307 | 1,262,083 | 105,194 | |||||||||||||||||||||||||||||||||||||||||||
100.0 | % | 13.2 | % | 61.0 | % | 7.7 | % | 8.2 | % | 9.1 | % | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||
Total consolidated fixed maturity and short term investments, at fair value | $ | 18,453,146 | $ | 18,506,521 | 1.1 | % | $ | 6,458,737 | $ | 8,472,276 | $ | 1,073,314 | $ | 1,133,433 | $ | 1,263,065 | $ | 105,696 | |||||||||||||||||||||||||||||||||||
100.0 | % | 34.9 | % | 45.8 | % | 5.8 | % | 6.1 | % | 6.8 | % | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||
17 | ![]() |
Investments | ||
Retained Investment Information |
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | September 30, 2021 | September 30, 2020 | |||||||||||||||||||||||||||||||||||
Total investment result | |||||||||||||||||||||||||||||||||||||||||
Net investment income | $ | 78,267 | $ | 80,925 | $ | 79,804 | $ | 81,717 | $ | 83,543 | $ | 238,996 | $ | 272,321 | |||||||||||||||||||||||||||
Net realized and unrealized (losses) gains on investments | (42,071) | 191,018 | (345,563) | 258,745 | 224,208 | (196,616) | 561,891 | ||||||||||||||||||||||||||||||||||
Total investment result | $ | 36,196 | $ | 271,943 | $ | (265,759) | $ | 340,462 | $ | 307,751 | $ | 42,380 | $ | 834,212 | |||||||||||||||||||||||||||
Retained total investment result (1) | |||||||||||||||||||||||||||||||||||||||||
Retained net investment income | $ | 60,105 | $ | 62,982 | $ | 62,598 | $ | 64,250 | $ | 64,971 | $ | 185,685 | $ | 204,763 | |||||||||||||||||||||||||||
Retained net realized and unrealized (losses) gains on investments | (37,975) | 187,391 | (318,688) | 258,293 | 201,699 | (169,272) | 506,484 | ||||||||||||||||||||||||||||||||||
Retained total investment result | $ | 22,130 | $ | 250,373 | $ | (256,090) | $ | 322,543 | $ | 266,670 | $ | 16,413 | $ | 711,247 |
September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | |||||||||||||||||||||||||
Managed fixed maturity and short term investments portfolio (1) | |||||||||||||||||||||||||||||
Total consolidated fixed maturity and short term investments, at fair value | $ | 18,506,521 | $ | 17,811,041 | $ | 18,400,377 | $ | 18,500,238 | $ | 18,550,279 | |||||||||||||||||||
Weighted average yield to maturity of fixed maturity and short term investments | 1.1 | % | 1.0 | % | 1.2 | % | 0.9 | % | 1.0 | % | |||||||||||||||||||
Average duration of fixed maturities and short term investments, in years | 3.0 | 3.0 | 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 | $ | 13,032,675 | $ | 12,569,024 | $ | 12,736,000 | $ | 13,219,754 | $ | 13,046,376 | |||||||||||||||||||
Weighted average yield to maturity of retained fixed maturity and short term investments | 1.3 | % | 1.3 | % | 1.5 | % | 1.2 | % | 1.3 | % | |||||||||||||||||||
Average duration of retained fixed maturities and short term investments, in years | 3.7 | 3.8 | 3.7 | 3.6 | 3.7 |
18 | ![]() |
Other Items | |||||||||||||||||||||||||||||
Earnings per Share | |||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
(common shares in thousands) | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | ||||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||||||||
Net (loss) income (attributable) available to RenaissanceRe common shareholders | $ | (450,222) | $ | 456,818 | $ | (290,934) | $ | 189,812 | $ | 47,799 | |||||||||||||||||||
Amount allocated to participating common shareholders (1) | (229) | (5,809) | (129) | (2,285) | (582) | ||||||||||||||||||||||||
Net (loss) income allocated to RenaissanceRe common shareholders | $ | (450,451) | $ | 451,009 | $ | (291,063) | $ | 187,527 | $ | 47,217 | |||||||||||||||||||
Denominator: | |||||||||||||||||||||||||||||
Denominator for basic (loss) income per RenaissanceRe common share - | |||||||||||||||||||||||||||||
Weighted average common shares | 46,223 | 48,163 | 49,579 | 50,022 | 50,009 | ||||||||||||||||||||||||
Per common share equivalents of non-vested shares | — | 63 | — | 89 | 85 | ||||||||||||||||||||||||
Denominator for diluted (loss) income per RenaissanceRe common share - | |||||||||||||||||||||||||||||
Adjusted weighted average common shares and assumed conversions | 46,223 | 48,226 | 49,579 | 50,111 | 50,094 | ||||||||||||||||||||||||
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - basic | $ | (9.75) | $ | 9.36 | $ | (5.87) | $ | 3.75 | $ | 0.94 | |||||||||||||||||||
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted | $ | (9.75) | $ | 9.35 | $ | (5.87) | $ | 3.74 | $ | 0.94 | |||||||||||||||||||
Nine months ended | |||||||||||||||||||||||||||||
(common shares in thousands) | September 30, 2021 | September 30, 2020 | |||||||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||||||||
Net (loss) income (attributable) available to RenaissanceRe common shareholders | $ | (284,338) | $ | 541,670 | |||||||||||||||||||||||||
Amount allocated to participating common shareholders (1) | (485) | (6,677) | |||||||||||||||||||||||||||
Net (loss) income allocated to RenaissanceRe common shareholders | $ | (284,823) | $ | 534,993 | |||||||||||||||||||||||||
Denominator: | |||||||||||||||||||||||||||||
Denominator for basic (loss) income per RenaissanceRe common share - | |||||||||||||||||||||||||||||
Weighted average common shares | 47,988 | 46,130 | |||||||||||||||||||||||||||
Per common share equivalents of non-vested shares | — | 70 | |||||||||||||||||||||||||||
Denominator for diluted (loss) income per RenaissanceRe common share - | |||||||||||||||||||||||||||||
Adjusted weighted average common shares and assumed conversions | 47,988 | 46,200 | |||||||||||||||||||||||||||
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - basic | $ | (5.94) | $ | 11.60 | |||||||||||||||||||||||||
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted | $ | (5.94) | $ | 11.58 |
19 | ![]() |
Comments on Regulation G |
20 | ![]() |
Comments on Regulation G |
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | September 30, 2021 | September 30, 2020 | |||||||||||||||||||||||||||||||||||
Net (loss) income (attributable) available to RenaissanceRe common shareholders | $ | (450,222) | $ | 456,818 | $ | (290,934) | $ | 189,812 | $ | 47,799 | $ | (284,338) | $ | 541,670 | |||||||||||||||||||||||||||
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds | 36,077 | (191,016) | 326,480 | (268,487) | (211,597) | 171,541 | (559,180) | ||||||||||||||||||||||||||||||||||
Adjustment for net foreign exchange losses (gains) | 4,755 | (3,234) | 22,788 | (23,270) | (17,426) | 24,309 | (4,503) | ||||||||||||||||||||||||||||||||||
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK (1) | — | — | 135 | 7,346 | 33,916 | 135 | 40,618 | ||||||||||||||||||||||||||||||||||
Adjustment for income tax expense (benefit) (2) | 286 | 11,786 | (19,965) | 7,723 | 5,058 | (7,893) | 22,140 | ||||||||||||||||||||||||||||||||||
Adjustment for net (loss) income attributable to redeemable noncontrolling interests (3) | (5,434) | 3,696 | (34,109) | 9,754 | 10,526 | (35,847) | 51,017 | ||||||||||||||||||||||||||||||||||
Operating (loss) income (attributable) available to RenaissanceRe common shareholders | $ | (414,538) | $ | 278,050 | $ | 4,395 | $ | (77,122) | $ | (131,724) | $ | (132,093) | $ | 91,762 | |||||||||||||||||||||||||||
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted | $ | (9.75) | $ | 9.35 | $ | (5.87) | $ | 3.74 | $ | 0.94 | $ | (5.94) | $ | 11.58 | |||||||||||||||||||||||||||
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds | 0.78 | (3.96) | 6.59 | (5.36) | (4.22) | 3.57 | (12.10) | ||||||||||||||||||||||||||||||||||
Adjustment for net foreign exchange losses (gains) | 0.10 | (0.07) | 0.46 | (0.46) | (0.35) | 0.51 | (0.10) | ||||||||||||||||||||||||||||||||||
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK (1) | — | — | — | 0.15 | 0.68 | — | 0.88 | ||||||||||||||||||||||||||||||||||
Adjustment for income tax expense (benefit) (2) | 0.01 | 0.24 | (0.40) | 0.15 | 0.10 | (0.16) | 0.48 | ||||||||||||||||||||||||||||||||||
Adjustment for net (loss) income attributable to redeemable noncontrolling interests (3) | (0.12) | 0.08 | (0.69) | 0.19 | 0.21 | (0.75) | 1.10 | ||||||||||||||||||||||||||||||||||
Operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted | $ | (8.98) | $ | 5.64 | $ | 0.09 | $ | (1.59) | $ | (2.64) | $ | (2.77) | $ | 1.84 | |||||||||||||||||||||||||||
Return on average common equity - annualized | (28.4) | % | 27.6 | % | (17.1) | % | 10.9 | % | 2.8 | % | (5.8) | % | 12.0 | % | |||||||||||||||||||||||||||
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds | 2.3 | % | (11.5) | % | 19.2 | % | (15.4) | % | (12.4) | % | 3.5 | % | (12.4) | % | |||||||||||||||||||||||||||
Adjustment for net foreign exchange losses (gains) | 0.3 | % | (0.2) | % | 1.4 | % | (1.3) | % | (1.0) | % | 0.5 | % | (0.1) | % | |||||||||||||||||||||||||||
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK (1) | — | % | — | % | — | % | 0.4 | % | 2.0 | % | — | % | 0.9 | % | |||||||||||||||||||||||||||
Adjustment for income tax expense (benefit) (2) | — | % | 0.7 | % | (1.2) | % | 0.4 | % | 0.3 | % | (0.2) | % | 0.5 | % | |||||||||||||||||||||||||||
Adjustment for net (loss) income attributable to redeemable noncontrolling interests (3) | (0.3) | % | 0.2 | % | (2.0) | % | 0.6 | % | 0.6 | % | (0.7) | % | 1.1 | % | |||||||||||||||||||||||||||
Operating return on average common equity - annualized | (26.1) | % | 16.8 | % | 0.3 | % | (4.4) | % | (7.7) | % | (2.7) | % | 2.0 | % |
21 | ![]() |
Comments on Regulation G |
September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | |||||||||||||||||||||||||
Book value per common share | $ | 128.91 | $ | 139.35 | $ | 131.15 | $ | 138.46 | $ | 135.13 | |||||||||||||||||||
Adjustment for goodwill and other intangibles (1) | (5.67) | (5.60) | (5.42) | (5.37) | (5.53) | ||||||||||||||||||||||||
Tangible book value per common share | 123.24 | 133.75 | 125.73 | 133.09 | 129.60 | ||||||||||||||||||||||||
Adjustment for accumulated dividends | 23.16 | 22.80 | 22.44 | 22.08 | 21.73 | ||||||||||||||||||||||||
Tangible book value per common share plus accumulated dividends | $ | 146.40 | $ | 156.55 | $ | 148.17 | $ | 155.17 | $ | 151.33 | |||||||||||||||||||
Quarterly change in book value per common share | (7.5) | % | 6.3 | % | (5.3) | % | 2.5 | % | 0.6 | % | |||||||||||||||||||
Quarterly change in tangible book value per common share plus change in accumulated dividends | (7.6) | % | 6.7 | % | (5.3) | % | 3.0 | % | 1.0 | % | |||||||||||||||||||
Year to date change in book value per common share | (6.9) | % | 0.6 | % | (5.3) | % | 14.9 | % | 12.1 | % | |||||||||||||||||||
Year to date change in tangible book value per common share plus change in accumulated dividends | (6.6) | % | 1.0 | % | (5.3) | % | 17.9 | % | 14.6 | % |
22 | ![]() |
Comments on Regulation G |
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | September 30, 2021 | September 30, 2020 | |||||||||||||||||||||||||||||||||||
Net investment income | $ | 78,267 | $ | 80,925 | $ | 79,804 | $ | 81,717 | $ | 83,543 | $ | 238,996 | $ | 272,321 | |||||||||||||||||||||||||||
Adjustment for net investment income attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures | (18,162) | (17,943) | (17,206) | (17,467) | (18,572) | (53,311) | (67,558) | ||||||||||||||||||||||||||||||||||
Retained net investment income | 60,105 | 62,982 | 62,598 | 64,250 | 64,971 | 185,685 | 204,763 | ||||||||||||||||||||||||||||||||||
Net realized and unrealized (losses) gains on investments | (42,071) | 191,018 | (345,563) | 258,745 | 224,208 | (196,616) | 561,891 | ||||||||||||||||||||||||||||||||||
Adjustment for net realized and unrealized losses (gains) on investments attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures | 4,096 | (3,627) | 26,875 | (452) | (22,509) | 27,344 | (55,407) | ||||||||||||||||||||||||||||||||||
Retained net realized and unrealized (losses) gains on investments | (37,975) | 187,391 | (318,688) | 258,293 | 201,699 | (169,272) | 506,484 | ||||||||||||||||||||||||||||||||||
Total investment result | 36,196 | 271,943 | (265,759) | 340,462 | 307,751 | 42,380 | 834,212 | ||||||||||||||||||||||||||||||||||
Adjustment for investment result attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures | (14,066) | (21,570) | 9,669 | (17,919) | (41,081) | (25,967) | (122,965) | ||||||||||||||||||||||||||||||||||
Retained total investment result | $ | 22,130 | $ | 250,373 | $ | (256,090) | $ | 322,543 | $ | 266,670 | $ | 16,413 | $ | 711,247 |
23 | ![]() |
Comments on Regulation G |
September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | |||||||||||||||||||||||||
Fixed maturity investments, at fair value | $ | 13,839,248 | $ | 13,418,389 | $ | 13,309,234 | $ | 13,506,503 | $ | 13,391,318 | |||||||||||||||||||
Short term investments, at fair value | 4,667,273 | 4,392,652 | 5,091,143 | 4,993,735 | 5,158,961 | ||||||||||||||||||||||||
Total consolidated fixed maturity and short term investments, at fair value | $ | 18,506,521 | $ | 17,811,041 | $ | 18,400,377 | $ | 18,500,238 | $ | 18,550,279 | |||||||||||||||||||
Adjustment for fixed maturity and short term investments attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures | (5,473,846) | (5,242,017) | (5,664,377) | (5,280,484) | (5,503,903) | ||||||||||||||||||||||||
Retained fixed maturity and short term investments, at fair value | $ | 13,032,675 | $ | 12,569,024 | $ | 12,736,000 | $ | 13,219,754 | $ | 13,046,376 |
24 | ![]() |