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 | Twelve months ended | ||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||
Highlights | |||||||||||||||||||||||||||||||||||||||||
Gross premiums written | $ | 1,313,018 | $ | 1,774,180 | $ | 2,094,158 | $ | 2,652,442 | $ | 935,514 | $ | 7,833,798 | $ | 5,806,165 | |||||||||||||||||||||||||||
Underwriting income (loss) | $ | 276,661 | $ | (678,825) | $ | 328,976 | $ | (35,760) | $ | (151,655) | $ | (108,948) | $ | (76,511) | |||||||||||||||||||||||||||
Net investment income | $ | 80,483 | $ | 78,267 | $ | 80,925 | $ | 79,804 | $ | 81,717 | $ | 319,479 | $ | 354,038 | |||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (21,518) | (42,071) | 191,018 | (345,563) | 258,745 | (218,134) | 820,636 | ||||||||||||||||||||||||||||||||||
Total investment result | $ | 58,965 | $ | 36,196 | $ | 271,943 | $ | (265,759) | $ | 340,462 | $ | 101,345 | $ | 1,174,674 | |||||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 210,917 | $ | (450,222) | $ | 456,818 | $ | (290,934) | $ | 189,812 | $ | (73,421) | $ | 731,482 | |||||||||||||||||||||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1) | $ | 213,692 | $ | (414,538) | $ | 278,050 | $ | 4,395 | $ | (77,122) | $ | 81,599 | $ | 14,640 | |||||||||||||||||||||||||||
Per share data | |||||||||||||||||||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic | $ | 4.65 | $ | (9.75) | $ | 9.36 | $ | (5.87) | $ | 3.75 | $ | (1.57) | $ | 15.34 | |||||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 4.65 | $ | (9.75) | $ | 9.35 | $ | (5.87) | $ | 3.74 | $ | (1.57) | $ | 15.31 | |||||||||||||||||||||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1) | $ | 4.71 | $ | (8.98) | $ | 5.64 | $ | 0.09 | $ | (1.59) | $ | 1.72 | $ | 0.12 | |||||||||||||||||||||||||||
Book value per common share | $ | 132.17 | $ | 128.91 | $ | 139.35 | $ | 131.15 | $ | 138.46 | $ | 132.17 | $ | 138.46 | |||||||||||||||||||||||||||
Tangible book value per common share (1) | $ | 126.27 | $ | 123.24 | $ | 133.75 | $ | 125.73 | $ | 133.09 | $ | 126.27 | $ | 133.09 | |||||||||||||||||||||||||||
Tangible book value per common share plus accumulated dividends (1) | $ | 149.79 | $ | 146.40 | $ | 156.55 | $ | 148.17 | $ | 155.17 | $ | 149.79 | $ | 155.17 | |||||||||||||||||||||||||||
Change in tangible book value per common share plus change in accumulated dividends (1) | 2.8 | % | (7.6) | % | 6.7 | % | (5.3) | % | 3.0 | % | (4.0) | % | 17.9 | % | |||||||||||||||||||||||||||
Financial ratios | |||||||||||||||||||||||||||||||||||||||||
Combined ratio | 79.4 | % | 145.1 | % | 72.4 | % | 103.1 | % | 114.7 | % | 102.1 | % | 101.9 | % | |||||||||||||||||||||||||||
Return on average common equity - annualized | 14.2 | % | (28.4) | % | 27.6 | % | (17.1) | % | 10.9 | % | (1.1) | % | 11.7 | % | |||||||||||||||||||||||||||
Operating return on average common equity - annualized (1) | 14.4 | % | (26.1) | % | 16.8 | % | 0.3 | % | (4.4) | % | 1.3 | % | 0.2 | % | |||||||||||||||||||||||||||
Total investment return - annualized | 1.1 | % | 0.7 | % | 5.2 | % | (4.9) | % | 6.6 | % | 0.5 | % | 5.9 | % |
1 | ![]() |
Summary Consolidated Financial Statements | |||||||||||||||||||||||||||||||||||||||||
Consolidated Statements of Operations | |||||||||||||||||||||||||||||||||||||||||
Three months ended | Twelve months ended | ||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||||||||
Gross premiums written | $ | 1,313,018 | $ | 1,774,180 | $ | 2,094,158 | $ | 2,652,442 | $ | 935,514 | $ | 7,833,798 | $ | 5,806,165 | |||||||||||||||||||||||||||
Net premiums written | $ | 1,116,560 | $ | 1,486,440 | $ | 1,512,292 | $ | 1,824,083 | $ | 746,311 | $ | 5,939,375 | $ | 4,096,333 | |||||||||||||||||||||||||||
Decrease (increase) in unearned premiums | 224,730 | 19,825 | (319,502) | (670,247) | 282,774 | (745,194) | (143,871) | ||||||||||||||||||||||||||||||||||
Net premiums earned | 1,341,290 | 1,506,265 | 1,192,790 | 1,153,836 | 1,029,085 | 5,194,181 | 3,952,462 | ||||||||||||||||||||||||||||||||||
Net investment income | 80,483 | 78,267 | 80,925 | 79,804 | 81,717 | 319,479 | 354,038 | ||||||||||||||||||||||||||||||||||
Net foreign exchange gains (losses) | (16,697) | (4,755) | 3,234 | (22,788) | 23,270 | (41,006) | 27,773 | ||||||||||||||||||||||||||||||||||
Equity in earnings (losses) of other ventures | 3,830 | 5,305 | 8,732 | (5,558) | (1,868) | 12,309 | 17,194 | ||||||||||||||||||||||||||||||||||
Other income (loss) | 6,431 | 1,692 | 586 | 2,171 | 4,374 | 10,880 | 213 | ||||||||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (21,518) | (42,071) | 191,018 | (345,563) | 258,745 | (218,134) | 820,636 | ||||||||||||||||||||||||||||||||||
Total revenues | 1,393,819 | 1,544,703 | 1,477,285 | 861,902 | 1,395,323 | 5,277,709 | 5,172,316 | ||||||||||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||||||||||||
Net claims and claim expenses incurred | 690,970 | 1,798,045 | 520,021 | 867,051 | 901,353 | 3,876,087 | 2,924,609 | ||||||||||||||||||||||||||||||||||
Acquisition expenses | 333,986 | 328,048 | 285,590 | 267,234 | 238,283 | 1,214,858 | 897,677 | ||||||||||||||||||||||||||||||||||
Operational expenses | 39,673 | 58,997 | 58,203 | 55,311 | 41,104 | 212,184 | 206,687 | ||||||||||||||||||||||||||||||||||
Corporate expenses | 10,426 | 10,196 | 10,125 | 10,405 | 21,031 | 41,152 | 96,970 | ||||||||||||||||||||||||||||||||||
Interest expense | 11,872 | 11,919 | 11,833 | 11,912 | 11,841 | 47,536 | 50,453 | ||||||||||||||||||||||||||||||||||
Total expenses | 1,086,927 | 2,207,205 | 885,772 | 1,211,913 | 1,213,612 | 5,391,817 | 4,176,396 | ||||||||||||||||||||||||||||||||||
Income (loss) before taxes | 306,892 | (662,502) | 591,513 | (350,011) | 181,711 | (114,108) | 995,920 | ||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | (18,616) | 23,630 | (13,862) | 19,516 | 9,923 | 10,668 | (2,862) | ||||||||||||||||||||||||||||||||||
Net income (loss) | 288,276 | (638,872) | 577,651 | (330,495) | 191,634 | (103,440) | 993,058 | ||||||||||||||||||||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests | (68,516) | 198,495 | (113,544) | 46,850 | 5,467 | 63,285 | (230,653) | ||||||||||||||||||||||||||||||||||
Net income (loss) attributable to RenaissanceRe | 219,760 | (440,377) | 464,107 | (283,645) | 197,101 | (40,155) | 762,405 | ||||||||||||||||||||||||||||||||||
Dividends on preference shares | (8,843) | (9,845) | (7,289) | (7,289) | (7,289) | (33,266) | (30,923) | ||||||||||||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 210,917 | $ | (450,222) | $ | 456,818 | $ | (290,934) | $ | 189,812 | $ | (73,421) | $ | 731,482 | |||||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic | $ | 4.65 | $ | (9.75) | $ | 9.36 | $ | (5.87) | $ | 3.75 | $ | (1.57) | $ | 15.34 | |||||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 4.65 | $ | (9.75) | $ | 9.35 | $ | (5.87) | $ | 3.74 | $ | (1.57) | $ | 15.31 | |||||||||||||||||||||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1) | $ | 4.71 | $ | (8.98) | $ | 5.64 | $ | 0.09 | $ | (1.59) | $ | 1.72 | $ | 0.12 | |||||||||||||||||||||||||||
Return on average common equity - annualized | 14.2 | % | (28.4) | % | 27.6 | % | (17.1) | % | 10.9 | % | (1.1) | % | 11.7 | % | |||||||||||||||||||||||||||
Operating return on average common equity - annualized (1) | 14.4 | % | (26.1) | % | 16.8 | % | 0.3 | % | (4.4) | % | 1.3 | % | 0.2 | % |
2 | ![]() |
Summary Consolidated Financial Statements | |||||||||||||||||||||||||||||
Consolidated Balance Sheets | |||||||||||||||||||||||||||||
December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Fixed maturity investments trading, at fair value | $ | 13,507,131 | $ | 13,839,248 | $ | 13,418,389 | $ | 13,309,234 | $ | 13,506,503 | |||||||||||||||||||
Short term investments, at fair value | 5,298,385 | 4,667,273 | 4,392,652 | 5,091,143 | 4,993,735 | ||||||||||||||||||||||||
Equity investments trading, at fair value | 546,016 | 527,839 | 577,090 | 503,137 | 702,617 | ||||||||||||||||||||||||
Other investments, at fair value | 1,993,059 | 1,738,737 | 1,585,036 | 1,379,056 | 1,256,948 | ||||||||||||||||||||||||
Investments in other ventures, under equity method | 98,068 | 93,344 | 91,938 | 91,362 | 98,373 | ||||||||||||||||||||||||
Total investments | 21,442,659 | 20,866,441 | 20,065,105 | 20,373,932 | 20,558,176 | ||||||||||||||||||||||||
Cash and cash equivalents | 1,859,019 | 1,440,734 | 1,789,756 | 1,286,661 | 1,736,813 | ||||||||||||||||||||||||
Premiums receivable | 3,781,542 | 4,141,899 | 4,481,492 | 3,928,122 | 2,894,631 | ||||||||||||||||||||||||
Prepaid reinsurance premiums | 854,722 | 1,137,556 | 1,361,041 | 1,229,716 | 823,582 | ||||||||||||||||||||||||
Reinsurance recoverable | 4,268,669 | 4,192,758 | 3,187,638 | 3,160,667 | 2,926,010 | ||||||||||||||||||||||||
Accrued investment income | 55,740 | 55,620 | 56,804 | 62,573 | 66,743 | ||||||||||||||||||||||||
Deferred acquisition costs and value of business acquired | 849,160 | 893,265 | 883,926 | 786,941 | 633,521 | ||||||||||||||||||||||||
Receivable for investments sold | 380,442 | 322,553 | 457,458 | 841,156 | 568,293 | ||||||||||||||||||||||||
Other assets | 224,053 | 240,491 | 196,959 | 318,249 | 363,170 | ||||||||||||||||||||||||
Goodwill and other intangibles | 243,496 | 245,015 | 246,576 | 248,080 | 249,641 | ||||||||||||||||||||||||
Total assets | $ | 33,959,502 | $ | 33,536,332 | $ | 32,726,755 | $ | 32,236,097 | $ | 30,820,580 | |||||||||||||||||||
Liabilities, Noncontrolling Interests and Shareholders' Equity | |||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Reserve for claims and claim expenses | $ | 13,294,630 | $ | 13,233,244 | $ | 10,944,742 | $ | 10,953,383 | $ | 10,381,138 | |||||||||||||||||||
Unearned premiums | 3,531,213 | 4,039,546 | 4,284,260 | 3,833,155 | 2,763,599 | ||||||||||||||||||||||||
Debt | 1,168,353 | 1,137,829 | 1,137,304 | 1,136,783 | 1,136,265 | ||||||||||||||||||||||||
Reinsurance balances payable | 3,860,963 | 3,964,137 | 4,489,841 | 4,254,645 | 3,488,352 | ||||||||||||||||||||||||
Payable for investments purchased | 1,170,568 | 718,099 | 795,185 | 1,133,787 | 1,132,538 | ||||||||||||||||||||||||
Other liabilities | 755,441 | 235,665 | 201,398 | 436,437 | 970,121 | ||||||||||||||||||||||||
Total liabilities | 23,781,168 | 23,328,520 | 21,852,730 | 21,748,190 | 19,872,013 | ||||||||||||||||||||||||
Redeemable noncontrolling interests | 3,554,053 | 3,458,298 | 3,656,419 | 3,409,570 | 3,388,319 | ||||||||||||||||||||||||
Shareholders' Equity | |||||||||||||||||||||||||||||
Preference shares | 750,000 | 750,000 | 525,000 | 525,000 | 525,000 | ||||||||||||||||||||||||
Common shares | 44,445 | 46,540 | 48,026 | 49,970 | 50,811 | ||||||||||||||||||||||||
Additional paid-in capital | 608,121 | 927,862 | 1,153,881 | 1,450,627 | 1,623,206 | ||||||||||||||||||||||||
Accumulated other comprehensive loss | (10,909) | (12,709) | (14,061) | (12,382) | (12,642) | ||||||||||||||||||||||||
Retained earnings | 5,232,624 | 5,037,821 | 5,504,760 | 5,065,122 | 5,373,873 | ||||||||||||||||||||||||
Total shareholders' equity attributable to RenaissanceRe | 6,624,281 | 6,749,514 | 7,217,606 | 7,078,337 | 7,560,248 | ||||||||||||||||||||||||
Total liabilities, noncontrolling interests and shareholders' equity | $ | 33,959,502 | $ | 33,536,332 | $ | 32,726,755 | $ | 32,236,097 | $ | 30,820,580 | |||||||||||||||||||
Book value per common share | $ | 132.17 | $ | 128.91 | $ | 139.35 | $ | 131.15 | $ | 138.46 |
3 | ![]() |
Underwriting and Reserves | ||||||||||||||||||||
Consolidated Segment Underwriting Results | ||||||||||||||||||||
Three months ended December 31, 2021 | ||||||||||||||||||||
Property | Casualty and Specialty | Total | ||||||||||||||||||
Gross premiums written | $ | 384,657 | $ | 928,361 | $ | 1,313,018 | ||||||||||||||
Net premiums written | $ | 375,112 | $ | 741,448 | $ | 1,116,560 | ||||||||||||||
Net premiums earned | $ | 626,359 | $ | 714,931 | $ | 1,341,290 | ||||||||||||||
Net claims and claim expenses incurred | 243,356 | 447,614 | 690,970 | |||||||||||||||||
Acquisition expenses | 131,007 | 202,979 | 333,986 | |||||||||||||||||
Operational expenses | 28,898 | 10,775 | 39,673 | |||||||||||||||||
Underwriting income (loss) | $ | 223,098 | $ | 53,563 | $ | 276,661 | ||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 274,649 | $ | 457,080 | $ | 731,729 | ||||||||||||||
Net claims and claim expenses incurred - prior accident years | (31,293) | (9,466) | (40,759) | |||||||||||||||||
Net claims and claim expenses incurred - total | $ | 243,356 | $ | 447,614 | $ | 690,970 | ||||||||||||||
Net claims and claim expense ratio - current accident year | 43.8 | % | 63.9 | % | 54.6 | % | ||||||||||||||
Net claims and claim expense ratio - prior accident years | (4.9) | % | (1.3) | % | (3.1) | % | ||||||||||||||
Net claims and claim expense ratio - calendar year | 38.9 | % | 62.6 | % | 51.5 | % | ||||||||||||||
Underwriting expense ratio | 25.5 | % | 29.9 | % | 27.9 | % | ||||||||||||||
Combined ratio | 64.4 | % | 92.5 | % | 79.4 | % | ||||||||||||||
Three months ended December 31, 2020 | ||||||||||||||||||||
Property | Casualty and Specialty | Total | ||||||||||||||||||
Gross premiums written | $ | 308,315 | $ | 627,199 | $ | 935,514 | ||||||||||||||
Net premiums written | $ | 279,773 | $ | 466,538 | $ | 746,311 | ||||||||||||||
Net premiums earned | $ | 507,141 | $ | 521,944 | $ | 1,029,085 | ||||||||||||||
Net claims and claim expenses incurred | 536,218 | 365,135 | 901,353 | |||||||||||||||||
Acquisition expenses | 75,032 | 163,251 | 238,283 | |||||||||||||||||
Operational expenses | 26,159 | 14,945 | 41,104 | |||||||||||||||||
Underwriting income (loss) | $ | (130,268) | $ | (21,387) | $ | (151,655) | ||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 661,711 | $ | 368,071 | $ | 1,029,782 | ||||||||||||||
Net claims and claim expenses incurred - prior accident years | (125,493) | (2,936) | (128,429) | |||||||||||||||||
Net claims and claim expenses incurred - total | $ | 536,218 | $ | 365,135 | $ | 901,353 | ||||||||||||||
Net claims and claim expense ratio - current accident year | 130.5 | % | 70.5 | % | 100.1 | % | ||||||||||||||
Net claims and claim expense ratio - prior accident years | (24.8) | % | (0.5) | % | (12.5) | % | ||||||||||||||
Net claims and claim expense ratio - calendar year | 105.7 | % | 70.0 | % | 87.6 | % | ||||||||||||||
Underwriting expense ratio | 19.9 | % | 34.1 | % | 27.1 | % | ||||||||||||||
Combined ratio | 125.6 | % | 104.1 | % | 114.7 | % |
4 | ![]() |
Underwriting and Reserves | |||||||||||||||||
Consolidated Segment Underwriting Results | |||||||||||||||||
Year ended December 31, 2021 | |||||||||||||||||
Property | Casualty and Specialty | Total | |||||||||||||||
Gross premiums written | $ | 3,958,724 | $ | 3,875,074 | $ | 7,833,798 | |||||||||||
Net premiums written | $ | 2,868,002 | $ | 3,071,373 | $ | 5,939,375 | |||||||||||
Net premiums earned | $ | 2,608,298 | $ | 2,585,883 | $ | 5,194,181 | |||||||||||
Net claims and claim expenses incurred | 2,163,016 | 1,713,071 | 3,876,087 | ||||||||||||||
Acquisition expenses | 487,178 | 727,680 | 1,214,858 | ||||||||||||||
Operational expenses | 143,608 | 68,576 | 212,184 | ||||||||||||||
Underwriting income (loss) | $ | (185,504) | $ | 76,556 | $ | (108,948) | |||||||||||
Net claims and claim expenses incurred - current accident year | $ | 2,396,389 | $ | 1,729,168 | $ | 4,125,557 | |||||||||||
Net claims and claim expenses incurred - prior accident years | (233,373) | (16,097) | (249,470) | ||||||||||||||
Net claims and claim expenses incurred - total | $ | 2,163,016 | $ | 1,713,071 | $ | 3,876,087 | |||||||||||
Net claims and claim expense ratio - current accident year | 91.9 | % | 66.9 | % | 79.4 | % | |||||||||||
Net claims and claim expense ratio - prior accident years | (9.0) | % | (0.7) | % | (4.8) | % | |||||||||||
Net claims and claim expense ratio - calendar year | 82.9 | % | 66.2 | % | 74.6 | % | |||||||||||
Underwriting expense ratio | 24.2 | % | 30.8 | % | 27.5 | % | |||||||||||
Combined ratio | 107.1 | % | 97.0 | % | 102.1 | % | |||||||||||
Year ended December 31, 2020 | |||||||||||||||||
Property | Casualty and Specialty | Total | |||||||||||||||
Gross premiums written | $ | 2,999,142 | $ | 2,807,023 | $ | 5,806,165 | |||||||||||
Net premiums written | $ | 2,037,200 | $ | 2,059,133 | $ | 4,096,333 | |||||||||||
Net premiums earned | $ | 1,936,215 | $ | 2,016,247 | $ | 3,952,462 | |||||||||||
Net claims and claim expenses incurred | 1,435,947 | 1,488,662 | 2,924,609 | ||||||||||||||
Acquisition expenses | 353,700 | 543,977 | 897,677 | ||||||||||||||
Operational expenses | 135,547 | 71,140 | 206,687 | ||||||||||||||
Underwriting income (loss) | $ | 11,021 | $ | (87,532) | $ | (76,511) | |||||||||||
Net claims and claim expenses incurred - current accident year | $ | 1,592,996 | $ | 1,515,425 | $ | 3,108,421 | |||||||||||
Net claims and claim expenses incurred - prior accident years | (157,049) | (26,763) | (183,812) | ||||||||||||||
Net claims and claim expenses incurred - total | $ | 1,435,947 | $ | 1,488,662 | $ | 2,924,609 | |||||||||||
Net claims and claim expense ratio - current accident year | 82.3 | % | 75.2 | % | 78.6 | % | |||||||||||
Net claims and claim expense ratio - prior accident years | (8.1) | % | (1.4) | % | (4.6) | % | |||||||||||
Net claims and claim expense ratio - calendar year | 74.2 | % | 73.8 | % | 74.0 | % | |||||||||||
Underwriting expense ratio | 25.2 | % | 30.5 | % | 27.9 | % | |||||||||||
Combined ratio | 99.4 | % | 104.3 | % | 101.9 | % |
5 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||
Segment Underwriting Results | |||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
Property Segment | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||
Gross premiums written | $ | 384,657 | $ | 773,692 | $ | 1,183,556 | $ | 1,616,819 | $ | 308,315 | |||||||||||||||||||
Net premiums written | $ | 375,112 | $ | 681,095 | $ | 803,335 | $ | 1,008,460 | $ | 279,773 | |||||||||||||||||||
Net premiums earned | $ | 626,359 | $ | 816,376 | $ | 560,397 | $ | 605,166 | $ | 507,141 | |||||||||||||||||||
Net claims and claim expenses incurred | 243,356 | 1,323,678 | 97,150 | 498,832 | 536,218 | ||||||||||||||||||||||||
Acquisition expenses | 131,007 | 134,179 | 109,238 | 112,754 | 75,032 | ||||||||||||||||||||||||
Operational expenses | 28,898 | 40,448 | 38,887 | 35,375 | 26,159 | ||||||||||||||||||||||||
Underwriting income (loss) | $ | 223,098 | $ | (681,929) | $ | 315,122 | $ | (41,795) | $ | (130,268) | |||||||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 274,649 | $ | 1,469,613 | $ | 148,133 | $ | 503,994 | $ | 661,711 | |||||||||||||||||||
Net claims and claim expenses incurred - prior accident years | (31,293) | (145,935) | (50,983) | (5,162) | (125,493) | ||||||||||||||||||||||||
Net claims and claim expenses incurred - total | $ | 243,356 | $ | 1,323,678 | $ | 97,150 | $ | 498,832 | $ | 536,218 | |||||||||||||||||||
Net claims and claim expense ratio - current accident year | 43.8 | % | 180.0 | % | 26.4 | % | 83.3 | % | 130.5 | % | |||||||||||||||||||
Net claims and claim expense ratio - prior accident years | (4.9) | % | (17.9) | % | (9.1) | % | (0.9) | % | (24.8) | % | |||||||||||||||||||
Net claims and claim expense ratio - calendar year | 38.9 | % | 162.1 | % | 17.3 | % | 82.4 | % | 105.7 | % | |||||||||||||||||||
Underwriting expense ratio | 25.5 | % | 21.4 | % | 26.5 | % | 24.5 | % | 19.9 | % | |||||||||||||||||||
Combined ratio | 64.4 | % | 183.5 | % | 43.8 | % | 106.9 | % | 125.6 | % | |||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
Casualty and Specialty Segment | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||
Gross premiums written | $ | 928,361 | $ | 1,000,488 | $ | 910,602 | $ | 1,035,623 | $ | 627,199 | |||||||||||||||||||
Net premiums written | $ | 741,448 | $ | 805,345 | $ | 708,957 | $ | 815,623 | $ | 466,538 | |||||||||||||||||||
Net premiums earned | $ | 714,931 | $ | 689,889 | $ | 632,393 | $ | 548,670 | $ | 521,944 | |||||||||||||||||||
Net claims and claim expenses incurred | 447,614 | 474,367 | 422,871 | 368,219 | 365,135 | ||||||||||||||||||||||||
Acquisition expenses | 202,979 | 193,869 | 176,352 | 154,480 | 163,251 | ||||||||||||||||||||||||
Operational expenses | 10,775 | 18,549 | 19,316 | 19,936 | 14,945 | ||||||||||||||||||||||||
Underwriting income (loss) | $ | 53,563 | $ | 3,104 | $ | 13,854 | $ | 6,035 | $ | (21,387) | |||||||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 457,080 | $ | 476,082 | $ | 423,917 | $ | 372,089 | $ | 368,071 | |||||||||||||||||||
Net claims and claim expenses incurred - prior accident years | (9,466) | (1,715) | (1,046) | (3,870) | (2,936) | ||||||||||||||||||||||||
Net claims and claim expenses incurred - total | $ | 447,614 | $ | 474,367 | $ | 422,871 | $ | 368,219 | $ | 365,135 | |||||||||||||||||||
Net claims and claim expense ratio - current accident year | 63.9 | % | 69.0 | % | 67.0 | % | 67.8 | % | 70.5 | % | |||||||||||||||||||
Net claims and claim expense ratio - prior accident years | (1.3) | % | (0.2) | % | (0.1) | % | (0.7) | % | (0.5) | % | |||||||||||||||||||
Net claims and claim expense ratio - calendar year | 62.6 | % | 68.8 | % | 66.9 | % | 67.1 | % | 70.0 | % | |||||||||||||||||||
Underwriting expense ratio | 29.9 | % | 30.8 | % | 30.9 | % | 31.8 | % | 34.1 | % | |||||||||||||||||||
Combined ratio | 92.5 | % | 99.6 | % | 97.8 | % | 98.9 | % | 104.1 | % |
6 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||
Property Segment - Catastrophe and Other Property Underwriting Results | |||||||||||||||||||||||||||||||||||
Three months ended December 31, 2021 | Three months ended December 31, 2020 | ||||||||||||||||||||||||||||||||||
Catastrophe | Other Property | Total | Catastrophe | Other Property | Total | ||||||||||||||||||||||||||||||
Gross premiums written | $ | 7,795 | $ | 376,862 | $ | 384,657 | $ | 59,120 | $ | 249,195 | $ | 308,315 | |||||||||||||||||||||||
Net premiums written | $ | 632 | $ | 374,480 | $ | 375,112 | $ | 50,206 | $ | 229,567 | $ | 279,773 | |||||||||||||||||||||||
Net premiums earned | $ | 260,044 | $ | 366,315 | $ | 626,359 | $ | 301,980 | $ | 205,161 | $ | 507,141 | |||||||||||||||||||||||
Net claims and claim expenses incurred | 55,992 | 187,364 | 243,356 | 324,474 | 211,744 | 536,218 | |||||||||||||||||||||||||||||
Acquisition expenses | 29,107 | 101,900 | 131,007 | 17,721 | 57,311 | 75,032 | |||||||||||||||||||||||||||||
Operational expenses | 23,262 | 5,636 | 28,898 | 20,767 | 5,392 | 26,159 | |||||||||||||||||||||||||||||
Underwriting income (loss) | $ | 151,683 | $ | 71,415 | $ | 223,098 | $ | (60,982) | $ | (69,286) | $ | (130,268) | |||||||||||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 76,196 | $ | 198,453 | $ | 274,649 | $ | 415,248 | $ | 246,463 | $ | 661,711 | |||||||||||||||||||||||
Net claims and claim expenses incurred - prior accident years | (20,204) | (11,089) | (31,293) | (90,774) | (34,719) | (125,493) | |||||||||||||||||||||||||||||
Net claims and claim expenses incurred - total | $ | 55,992 | $ | 187,364 | $ | 243,356 | $ | 324,474 | $ | 211,744 | $ | 536,218 | |||||||||||||||||||||||
Net claims and claim expense ratio - current accident year | 29.3 | % | 54.2 | % | 43.8 | % | 137.5 | % | 120.1 | % | 130.5 | % | |||||||||||||||||||||||
Net claims and claim expense ratio - prior accident years | (7.8) | % | (3.1) | % | (4.9) | % | (30.2) | % | (16.9) | % | (24.8) | % | |||||||||||||||||||||||
Net claims and claim expense ratio - calendar year | 21.5 | % | 51.1 | % | 38.9 | % | 107.3 | % | 103.2 | % | 105.7 | % | |||||||||||||||||||||||
Underwriting expense ratio | 20.2 | % | 29.4 | % | 25.5 | % | 12.8 | % | 30.6 | % | 19.9 | % | |||||||||||||||||||||||
Combined ratio | 41.7 | % | 80.5 | % | 64.4 | % | 120.1 | % | 133.8 | % | 125.6 | % | |||||||||||||||||||||||
Year ended December 31, 2021 | Year ended December 31, 2020 | ||||||||||||||||||||||||||||||||||
Catastrophe | Other Property | Total | Catastrophe | Other Property | Total | ||||||||||||||||||||||||||||||
Gross premiums written | $ | 2,235,736 | $ | 1,722,988 | $ | 3,958,724 | $ | 1,886,785 | $ | 1,112,357 | $ | 2,999,142 | |||||||||||||||||||||||
Net premiums written | $ | 1,318,056 | $ | 1,549,946 | $ | 2,868,002 | $ | 1,065,390 | $ | 971,810 | $ | 2,037,200 | |||||||||||||||||||||||
Net premiums earned | $ | 1,319,841 | $ | 1,288,457 | $ | 2,608,298 | $ | 1,071,099 | $ | 865,116 | $ | 1,936,215 | |||||||||||||||||||||||
Net claims and claim expenses incurred | 1,283,334 | 879,682 | 2,163,016 | 760,758 | 675,189 | 1,435,947 | |||||||||||||||||||||||||||||
Acquisition expenses | 130,702 | 356,476 | 487,178 | 115,636 | 238,064 | 353,700 | |||||||||||||||||||||||||||||
Operational expenses | 115,438 | 28,170 | 143,608 | 110,495 | 25,052 | 135,547 | |||||||||||||||||||||||||||||
Underwriting income (loss) | $ | (209,633) | $ | 24,129 | $ | (185,504) | $ | 84,210 | $ | (73,189) | $ | 11,021 | |||||||||||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 1,485,207 | $ | 911,182 | $ | 2,396,389 | $ | 925,401 | $ | 667,595 | $ | 1,592,996 | |||||||||||||||||||||||
Net claims and claim expenses incurred - prior accident years | (201,873) | (31,500) | (233,373) | (164,643) | 7,594 | (157,049) | |||||||||||||||||||||||||||||
Net claims and claim expenses incurred - total | $ | 1,283,334 | $ | 879,682 | $ | 2,163,016 | $ | 760,758 | $ | 675,189 | $ | 1,435,947 | |||||||||||||||||||||||
Net claims and claim expense ratio - current accident year | 112.5 | % | 70.7 | % | 91.9 | % | 86.4 | % | 77.2 | % | 82.3 | % | |||||||||||||||||||||||
Net claims and claim expense ratio - prior accident years | (15.3) | % | (2.4) | % | (9.0) | % | (15.4) | % | 0.8 | % | (8.1) | % | |||||||||||||||||||||||
Net claims and claim expense ratio - calendar year | 97.2 | % | 68.3 | % | 82.9 | % | 71.0 | % | 78.0 | % | 74.2 | % | |||||||||||||||||||||||
Underwriting expense ratio | 18.7 | % | 29.8 | % | 24.2 | % | 21.1 | % | 30.5 | % | 25.2 | % | |||||||||||||||||||||||
Combined ratio | 115.9 | % | 98.1 | % | 107.1 | % | 92.1 | % | 108.5 | % | 99.4 | % |
7 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||||||||
Gross Premiums Written | |||||||||||||||||||||||||||||||||||||||||
Three months ended | Twelve months ended | ||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||
Property Segment | |||||||||||||||||||||||||||||||||||||||||
Catastrophe | $ | 7,795 | $ | 335,493 | $ | 761,323 | $ | 1,131,125 | $ | 59,120 | $ | 2,235,736 | $ | 1,886,785 | |||||||||||||||||||||||||||
Other property | 376,862 | 438,199 | 422,233 | 485,694 | 249,195 | 1,722,988 | 1,112,357 | ||||||||||||||||||||||||||||||||||
Property segment gross premiums written | $ | 384,657 | $ | 773,692 | $ | 1,183,556 | $ | 1,616,819 | $ | 308,315 | $ | 3,958,724 | $ | 2,999,142 | |||||||||||||||||||||||||||
Casualty and Specialty Segment | |||||||||||||||||||||||||||||||||||||||||
General casualty (1) | $ | 281,926 | $ | 346,754 | $ | 286,686 | $ | 343,170 | $ | 190,996 | $ | 1,258,536 | $ | 904,594 | |||||||||||||||||||||||||||
Professional liability (2) | 333,257 | 329,848 | 306,387 | 314,372 | 207,437 | 1,283,864 | 836,120 | ||||||||||||||||||||||||||||||||||
Financial lines (3) | 139,799 | 128,586 | 86,175 | 144,386 | 122,023 | 498,946 | 514,192 | ||||||||||||||||||||||||||||||||||
Other (4) | 173,379 | 195,300 | 231,354 | 233,695 | 106,743 | 833,728 | 552,117 | ||||||||||||||||||||||||||||||||||
Casualty and Specialty segment gross premiums written | $ | 928,361 | $ | 1,000,488 | $ | 910,602 | $ | 1,035,623 | $ | 627,199 | $ | 3,875,074 | $ | 2,807,023 |
(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 | ||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||
Property | $ | 1,555,210 | $ | 1,996,760 | $ | 2,825,718 | $ | 6,377,688 | |||||||||||||||
Casualty and Specialty | 1,784,334 | 128,065 | 5,004,543 | 6,916,942 | |||||||||||||||||||
Total | $ | 3,339,544 | $ | 2,124,825 | $ | 7,830,261 | $ | 13,294,630 | |||||||||||||||
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 |
9 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||
Paid to Incurred Analysis | |||||||||||||||||||||||||||||||||||
Three months ended December 31, 2021 | Three months ended December 31, 2020 | ||||||||||||||||||||||||||||||||||
Gross | Recoveries | Net | Gross | Recoveries | Net | ||||||||||||||||||||||||||||||
Reserve for claims and claim expenses, beginning of period | $ | 13,233,244 | $ | 4,192,758 | $ | 9,040,486 | $ | 9,900,615 | $ | 2,883,808 | $ | 7,016,807 | |||||||||||||||||||||||
Incurred claims and claim expenses | |||||||||||||||||||||||||||||||||||
Current year | 1,028,496 | 296,767 | 731,729 | 1,555,246 | 525,464 | 1,029,782 | |||||||||||||||||||||||||||||
Prior years | (103,058) | (62,299) | (40,759) | (249,115) | (120,686) | (128,429) | |||||||||||||||||||||||||||||
Total incurred claims and claim expenses | 925,438 | 234,468 | 690,970 | 1,306,131 | 404,778 | 901,353 | |||||||||||||||||||||||||||||
Paid claims and claim expenses | |||||||||||||||||||||||||||||||||||
Current year | 366,464 | 42,629 | 323,835 | 253,693 | 32,734 | 220,959 | |||||||||||||||||||||||||||||
Prior years | 476,322 | 109,345 | 366,977 | 638,762 | 339,320 | 299,442 | |||||||||||||||||||||||||||||
Total paid claims and claim expenses | 842,786 | 151,974 | 690,812 | 892,455 | 372,054 | 520,401 | |||||||||||||||||||||||||||||
Foreign exchange (1) | (21,266) | (6,583) | (14,683) | 66,847 | 9,478 | 57,369 | |||||||||||||||||||||||||||||
Reserve for claims and claim expenses, end of period | $ | 13,294,630 | $ | 4,268,669 | $ | 9,025,961 | $ | 10,381,138 | $ | 2,926,010 | $ | 7,455,128 | |||||||||||||||||||||||
Year ended December 31, 2021 | Year ended December 31, 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 | 6,290,090 | 2,164,533 | 4,125,557 | 4,297,339 | 1,188,918 | 3,108,421 | |||||||||||||||||||||||||||||
Prior years | (384,474) | (135,004) | (249,470) | (404,135) | (220,323) | (183,812) | |||||||||||||||||||||||||||||
Total incurred claims and claim expenses | 5,905,616 | 2,029,529 | 3,876,087 | 3,893,204 | 968,595 | 2,924,609 | |||||||||||||||||||||||||||||
Paid claims and claim expenses | |||||||||||||||||||||||||||||||||||
Current year | 660,005 | 85,775 | 574,230 | 460,278 | 48,106 | 412,172 | |||||||||||||||||||||||||||||
Prior years | 2,241,273 | 591,401 | 1,649,872 | 2,373,235 | 780,779 | 1,592,456 | |||||||||||||||||||||||||||||
Total paid claims and claim expenses | 2,901,278 | 677,176 | 2,224,102 | 2,833,513 | 828,885 | 2,004,628 | |||||||||||||||||||||||||||||
Foreign exchange (1) | (90,846) | (9,694) | (81,152) | 95,924 | (1,349) | 97,273 | |||||||||||||||||||||||||||||
Amounts disposed (2) | — | — | — | (158,826) | (3,648) | (155,178) | |||||||||||||||||||||||||||||
Reserve for claims and claim expenses, end of period | $ | 13,294,630 | $ | 4,268,669 | $ | 9,025,961 | $ | 10,381,138 | $ | 2,926,010 | $ | 7,455,128 |
10 | ![]() |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | Twelve months ended | ||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||
Management fee income | |||||||||||||||||||||||||||||||||||||||||
Joint ventures | $ | 8,603 | $ | 8,602 | $ | 14,741 | $ | 11,128 | $ | 8,458 | $ | 43,074 | $ | 45,499 | |||||||||||||||||||||||||||
Structured reinsurance products and other | 8,542 | 8,646 | 8,677 | 8,774 | 8,830 | 34,639 | 34,951 | ||||||||||||||||||||||||||||||||||
Managed funds | 7,578 | 6,606 | 8,552 | 8,622 | 9,490 | 31,358 | 31,026 | ||||||||||||||||||||||||||||||||||
Total management fee income | 24,723 | 23,854 | 31,970 | 28,524 | 26,778 | 109,071 | 111,476 | ||||||||||||||||||||||||||||||||||
Performance fee income (loss) | |||||||||||||||||||||||||||||||||||||||||
Joint ventures | 2,352 | 2,980 | 7,347 | 1,556 | (1,984) | 14,235 | 10,167 | ||||||||||||||||||||||||||||||||||
Structured reinsurance products and other | 2,392 | 1,237 | 2,581 | (1,293) | 1,570 | 4,917 | 7,525 | ||||||||||||||||||||||||||||||||||
Managed funds | 555 | 264 | 4,259 | (4,798) | 9,542 | 280 | 15,994 | ||||||||||||||||||||||||||||||||||
Total performance fee income (loss) (1) | 5,299 | 4,481 | 14,187 | (4,535) | 9,128 | 19,432 | 33,686 | ||||||||||||||||||||||||||||||||||
Total fee income | $ | 30,022 | $ | 28,335 | $ | 46,157 | $ | 23,989 | $ | 35,906 | $ | 128,503 | $ | 145,162 |
Three months ended | Twelve months ended | ||||||||||||||||||||||||||||||||||||||||
Fee income contributing to: | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||
Underwriting income (loss) (1) | 18,074 | 19,444 | 19,239 | 10,530 | 36,100 | 67,287 | 87,764 | ||||||||||||||||||||||||||||||||||
Earnings from equity method investments (2) | — | 17 | 17 | 16 | (4) | 50 | 70 | ||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interest (3) | 11,948 | 8,874 | 26,901 | 13,443 | (190) | 61,166 | 57,328 | ||||||||||||||||||||||||||||||||||
Total fee income | $ | 30,022 | $ | 28,335 | $ | 46,157 | $ | 23,989 | $ | 35,906 | $ | 128,503 | $ | 145,162 | |||||||||||||||||||||||||||
11 | ![]() |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||||||||||||||||||||||
Three months ended | Twelve months ended | ||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interest - DaVinciRe | $ | (55,098) | $ | 202,362 | $ | (84,266) | $ | 39,934 | $ | 32,993 | $ | 102,932 | $ | (113,671) | |||||||||||||||||||||||||||
Redeemable noncontrolling interest - Medici | 3,580 | (6,526) | (11,989) | 13,443 | (13,534) | (1,492) | (55,970) | ||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interest - Vermeer | (16,998) | 2,659 | (17,289) | (6,527) | (13,992) | (38,155) | (61,012) | ||||||||||||||||||||||||||||||||||
Net loss (income) attributable to redeemable noncontrolling interests (1) | $ | (68,516) | $ | 198,495 | $ | (113,544) | $ | 46,850 | $ | 5,467 | $ | 63,285 | $ | (230,653) |
December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||
Redeemable noncontrolling interest - DaVinciRe | $ | 1,499,451 | $ | 1,443,589 | $ | 1,642,656 | $ | 1,555,714 | $ | 1,560,693 | |||||||||||||||||||
Redeemable noncontrolling interest - Medici | 856,820 | 883,925 | 880,320 | 737,702 | 717,999 | ||||||||||||||||||||||||
Redeemable noncontrolling interest - Vermeer | 1,197,782 | 1,130,784 | 1,133,443 | 1,116,154 | 1,109,627 | ||||||||||||||||||||||||
Redeemable noncontrolling interests | $ | 3,554,053 | $ | 3,458,298 | $ | 3,656,419 | $ | 3,409,570 | $ | 3,388,319 |
December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||
DaVinciRe | 71.3 | % | 71.3 | % | 71.3 | % | 71.3 | % | 78.6 | % | |||||||||||||||||||
Medici | 85.3 | % | 86.6 | % | 86.6 | % | 84.6 | % | 84.3 | % | |||||||||||||||||||
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 | Twelve months ended | ||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||||||||
Gross premiums written | $ | 2,240 | $ | 168,770 | $ | 243,627 | $ | 342,033 | $ | 21,996 | $ | 756,670 | $ | 577,808 | |||||||||||||||||||||||||||
Net premiums written | $ | 1,109 | $ | 159,697 | $ | 205,907 | $ | 315,476 | $ | 22,266 | $ | 682,189 | $ | 519,048 | |||||||||||||||||||||||||||
Decrease (increase) in unearned premiums | 134,218 | 79,853 | (69,833) | (154,894) | 120,081 | (10,656) | (11,538) | ||||||||||||||||||||||||||||||||||
Net premiums earned | 135,327 | 239,550 | 136,074 | 160,582 | 142,347 | 671,533 | 507,510 | ||||||||||||||||||||||||||||||||||
Net investment income | 6,937 | 6,549 | 7,118 | 8,261 | 8,848 | 28,865 | 44,831 | ||||||||||||||||||||||||||||||||||
Net foreign exchange gains (losses) | (561) | (818) | 597 | (590) | 149 | (1,372) | (1,534) | ||||||||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (20,486) | (2,670) | 4,389 | (26,798) | 3,436 | (45,565) | 62,078 | ||||||||||||||||||||||||||||||||||
Total revenues | 121,217 | 242,611 | 148,178 | 141,455 | 154,780 | 653,461 | 612,885 | ||||||||||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||||||||||||
Net claims and claim expenses incurred | 14,977 | 501,695 | (19,754) | 167,543 | 184,787 | 664,461 | 352,161 | ||||||||||||||||||||||||||||||||||
Acquisition expenses | 19,242 | 14,490 | 31,593 | 16,317 | 3,138 | 81,642 | 64,842 | ||||||||||||||||||||||||||||||||||
Operational and corporate expenses | 7,916 | 8,190 | 16,377 | 11,706 | 6,955 | 44,189 | 43,829 | ||||||||||||||||||||||||||||||||||
Interest expense | 1,859 | 1,859 | 1,858 | 1,858 | 1,859 | 7,434 | 7,435 | ||||||||||||||||||||||||||||||||||
Total expenses | 43,994 | 526,234 | 30,074 | 197,424 | 196,739 | 797,726 | 468,267 | ||||||||||||||||||||||||||||||||||
Income (loss) before taxes | 77,223 | (283,623) | 118,104 | (55,969) | (41,959) | (144,265) | 144,618 | ||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | — | — | (1) | — | (12) | (1) | (12) | ||||||||||||||||||||||||||||||||||
Net income (loss) available (attributable) to DaVinciRe common shareholders | $ | 77,223 | $ | (283,623) | $ | 118,103 | $ | (55,969) | $ | (41,971) | $ | (144,266) | $ | 144,606 | |||||||||||||||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 26,746 | $ | 561,674 | $ | 8,270 | $ | 181,716 | $ | 209,903 | $ | 778,406 | $ | 425,786 | |||||||||||||||||||||||||||
Net claims and claim expenses incurred - prior accident years | (11,769) | (59,979) | (28,024) | (14,173) | (25,116) | (113,945) | (73,625) | ||||||||||||||||||||||||||||||||||
Net claims and claim expenses incurred - total | $ | 14,977 | $ | 501,695 | $ | (19,754) | $ | 167,543 | $ | 184,787 | $ | 664,461 | $ | 352,161 | |||||||||||||||||||||||||||
Net claims and claim expense ratio - current accident year | 19.8 | % | 234.5 | % | 6.1 | % | 113.2 | % | 147.5 | % | 115.9 | % | 83.9 | % | |||||||||||||||||||||||||||
Net claims and claim expense ratio - prior accident years | (8.7) | % | (25.1) | % | (20.6) | % | (8.9) | % | (17.7) | % | (17.0) | % | (14.5) | % | |||||||||||||||||||||||||||
Net claims and claim expense ratio - calendar year | 11.1 | % | 209.4 | % | (14.5) | % | 104.3 | % | 129.8 | % | 98.9 | % | 69.4 | % | |||||||||||||||||||||||||||
Underwriting expense ratio | 20.0 | % | 9.5 | % | 35.2 | % | 17.5 | % | 7.1 | % | 18.8 | % | 21.4 | % | |||||||||||||||||||||||||||
Combined ratio | 31.1 | % | 218.9 | % | 20.7 | % | 121.8 | % | 136.9 | % | 117.7 | % | 90.8 | % |
13 | ![]() |
RenaissanceRe Holdings Ltd. | |||||||||||||||||||||||||||||||||||||||||
Investments | |||||||||||||||||||||||||||||||||||||||||
Total Investment Result | |||||||||||||||||||||||||||||||||||||||||
Three months ended | Twelve months ended | ||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||
Fixed maturity investments trading | $ | 55,643 | $ | 56,825 | $ | 59,510 | $ | 62,933 | $ | 66,912 | $ | 234,911 | $ | 278,215 | |||||||||||||||||||||||||||
Short term investments | 464 | 514 | 782 | 573 | 1,047 | 2,333 | 20,799 | ||||||||||||||||||||||||||||||||||
Equity investments trading | 4,077 | 1,823 | 1,626 | 1,491 | 1,628 | 9,017 | 6,404 | ||||||||||||||||||||||||||||||||||
Other investments | |||||||||||||||||||||||||||||||||||||||||
Catastrophe bonds | 16,527 | 17,184 | 16,681 | 14,468 | 13,500 | 64,860 | 54,784 | ||||||||||||||||||||||||||||||||||
Other | 8,100 | 7,571 | 9,339 | 3,801 | 4,083 | 28,811 | 9,417 | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 74 | (38) | 159 | 102 | 192 | 297 | 2,974 | ||||||||||||||||||||||||||||||||||
84,885 | 83,879 | 88,097 | 83,368 | 87,362 | 340,229 | 372,593 | |||||||||||||||||||||||||||||||||||
Investment expenses | (4,402) | (5,612) | (7,172) | (3,564) | (5,645) | (20,750) | (18,555) | ||||||||||||||||||||||||||||||||||
Net investment income | 80,483 | 78,267 | 80,925 | 79,804 | 81,717 | 319,479 | 354,038 | ||||||||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on: | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity investments trading, net of investments-related derivatives (1) | (116,689) | (31,424) | 87,847 | (261,759) | 90,132 | (322,025) | 592,412 | ||||||||||||||||||||||||||||||||||
Equity investments trading, net of investments-related derivatives (1) | 73,645 | (21,680) | 65,566 | (67,922) | 154,306 | 49,609 | 235,552 | ||||||||||||||||||||||||||||||||||
Other investments | |||||||||||||||||||||||||||||||||||||||||
Catastrophe bonds | (9,958) | (5,994) | 2 | (19,083) | (9,742) | (35,033) | (7,031) | ||||||||||||||||||||||||||||||||||
Other | 31,484 | 17,027 | 37,603 | 3,201 | 24,049 | 89,315 | (297) | ||||||||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (21,518) | (42,071) | 191,018 | (345,563) | 258,745 | (218,134) | 820,636 | ||||||||||||||||||||||||||||||||||
Total investment result | $ | 58,965 | $ | 36,196 | $ | 271,943 | $ | (265,759) | $ | 340,462 | $ | 101,345 | $ | 1,174,674 | |||||||||||||||||||||||||||
Total investment return - annualized | 1.1 | % | 0.7 | % | 5.2 | % | (4.9) | % | 6.6 | % | 0.5 | % | 5.9 | % | |||||||||||||||||||||||||||
14 | ![]() |
Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Portfolio - Composition | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Type of Investment | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasuries | $ | 6,247,779 | 29.1 | % | $ | 6,730,967 | 32.3 | % | $ | 6,327,895 | 31.5 | % | $ | 5,107,878 | 25.1 | % | $ | 4,960,409 | 24.1 | % | |||||||||||||||||||||||||||||||||||||||
Agencies | 361,684 | 1.7 | % | 297,057 | 1.4 | % | 325,051 | 1.6 | % | 227,184 | 1.1 | % | 368,032 | 1.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government | 549,613 | 2.6 | % | 495,243 | 2.4 | % | 508,320 | 2.5 | % | 518,162 | 2.5 | % | 491,531 | 2.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government-backed corporate | 474,848 | 2.2 | % | 409,322 | 2.0 | % | 396,966 | 2.0 | % | 335,662 | 1.6 | % | 338,014 | 1.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Corporate | 3,214,438 | 15.0 | % | 3,346,556 | 16.0 | % | 3,387,433 | 16.9 | % | 4,289,072 | 21.1 | % | 4,261,025 | 20.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Agency mortgage-backed | 721,955 | 3.4 | % | 754,118 | 3.6 | % | 703,757 | 3.5 | % | 957,563 | 4.7 | % | 1,113,792 | 5.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Non-agency mortgage-backed | 233,346 | 1.1 | % | 243,654 | 1.2 | % | 260,432 | 1.3 | % | 272,529 | 1.3 | % | 291,444 | 1.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 634,925 | 3.0 | % | 621,153 | 3.0 | % | 588,262 | 2.9 | % | 713,044 | 3.5 | % | 791,272 | 3.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Asset-backed | 1,068,543 | 5.0 | % | 941,178 | 4.5 | % | 920,273 | 4.6 | % | 888,140 | 4.4 | % | 890,984 | 4.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments, at fair value | 13,507,131 | 63.1 | % | 13,839,248 | 66.4 | % | 13,418,389 | 66.8 | % | 13,309,234 | 65.3 | % | 13,506,503 | 65.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Short term investments, at fair value | 5,298,385 | 24.7 | % | 4,667,273 | 22.4 | % | 4,392,652 | 21.9 | % | 5,091,143 | 25.0 | % | 4,993,735 | 24.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total consolidated fixed maturity and short term investments, at fair value | 18,805,516 | 87.8 | % | 18,506,521 | 88.8 | % | 17,811,041 | 88.7 | % | 18,400,377 | 90.3 | % | 18,500,238 | 89.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Equity investments trading, at fair value | 546,016 | 2.5 | % | 527,839 | 2.5 | % | 577,090 | 2.9 | % | 503,137 | 2.5 | % | 702,617 | 3.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Catastrophe bonds | 1,104,034 | 5.1 | % | 1,037,640 | 5.0 | % | 1,026,397 | 5.1 | % | 941,604 | 4.6 | % | 881,290 | 4.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Direct private investments | 88,373 | 0.4 | % | 84,587 | 0.4 | % | 81,344 | 0.4 | % | 75,874 | 0.4 | % | 79,807 | 0.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Fund investments | 725,802 | 3.4 | % | 616,510 | 3.0 | % | 477,295 | 2.4 | % | 361,578 | 1.8 | % | 295,851 | 1.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Term Loan | 74,850 | 0.3 | % | — | — | % | — | — | % | — | — | % | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||
Total other investments, at fair value | 1,993,059 | 9.2 | % | 1,738,737 | 8.4 | % | 1,585,036 | 8.0 | % | 1,379,056 | 6.8 | % | 1,256,948 | 6.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total managed investment portfolio | 21,344,591 | 99.5 | % | 20,773,097 | 99.7 | % | 19,973,167 | 99.6 | % | 20,282,570 | 99.6 | % | 20,459,803 | 99.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Investments in other ventures, under equity method | 98,068 | 0.5 | % | 93,344 | 0.3 | % | 91,938 | 0.4 | % | 91,362 | 0.4 | % | 98,373 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total investments | $ | 21,442,659 | 100.0 | % | $ | 20,866,441 | 100.0 | % | $ | 20,065,105 | 100.0 | % | $ | 20,373,932 | 100.0 | % | $ | 20,558,176 | 100.0 | % | |||||||||||||||||||||||||||||||||||||||
15 | ![]() |
Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Portfolio - Fixed Maturity Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Quality of Fixed Maturity Investments | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
AAA | $ | 1,857,331 | 13.8 | % | $ | 1,825,727 | 13.2 | % | $ | 1,793,720 | 13.4 | % | $ | 1,859,370 | 14.0 | % | $ | 1,915,147 | 14.2 | % | |||||||||||||||||||||||||||||||||||||||
AA | 8,155,048 | 60.3 | % | 8,449,810 | 61.0 | % | 7,982,119 | 59.5 | % | 7,022,443 | 52.8 | % | 7,210,622 | 53.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
A | 1,114,771 | 8.3 | % | 1,063,127 | 7.7 | % | 1,060,647 | 7.9 | % | 1,504,569 | 11.3 | % | 1,485,463 | 11.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
BBB | 1,073,103 | 7.9 | % | 1,133,307 | 8.2 | % | 1,171,756 | 8.7 | % | 1,509,280 | 11.3 | % | 1,538,681 | 11.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Non-investment grade and not rated | 1,306,878 | 9.7 | % | 1,367,277 | 9.9 | % | 1,410,147 | 10.5 | % | 1,413,572 | 10.6 | % | 1,356,590 | 10.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments, at fair value | $ | 13,507,131 | 100.0 | % | $ | 13,839,248 | 100.0 | % | $ | 13,418,389 | 100.0 | % | $ | 13,309,234 | 100.0 | % | $ | 13,506,503 | 100.0 | % | |||||||||||||||||||||||||||||||||||||||
Maturity Profile of Fixed Maturity Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Due in less than one year | $ | 365,418 | 2.7 | % | $ | 388,647 | 2.8 | % | $ | 365,154 | 2.7 | % | $ | 572,443 | 4.3 | % | $ | 637,418 | 4.7 | % | |||||||||||||||||||||||||||||||||||||||
Due after one through five years | 6,297,063 | 46.6 | % | 6,540,886 | 47.3 | % | 6,191,724 | 46.1 | % | 5,569,638 | 41.9 | % | 5,391,122 | 39.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
Due after five through ten years | 3,877,715 | 28.7 | % | 4,003,465 | 28.9 | % | 4,060,205 | 30.3 | % | 3,786,423 | 28.4 | % | 3,806,564 | 28.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Due after ten years | 308,166 | 2.3 | % | 346,146 | 2.5 | % | 328,582 | 2.4 | % | 549,453 | 4.1 | % | 583,908 | 4.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 1,590,226 | 11.8 | % | 1,618,926 | 11.7 | % | 1,552,451 | 11.6 | % | 1,943,137 | 14.6 | % | 2,196,507 | 16.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | 1,068,543 | 7.9 | % | 941,178 | 6.8 | % | 920,273 | 6.9 | % | 888,140 | 6.7 | % | 890,984 | 6.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments, at fair value | $ | 13,507,131 | 100.0 | % | $ | 13,839,248 | 100.0 | % | $ | 13,418,389 | 100.0 | % | $ | 13,309,234 | 100.0 | % | $ | 13,506,503 | 100.0 | % |
16 | ![]() |
Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Portfolio - Weighted Average Yield to Maturity and Credit Rating | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Rating (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | Amortized Cost | Fair Value | Weighted Average Yield to Maturity | AAA | AA | A | BBB | Non- Investment Grade | Not Rated | ||||||||||||||||||||||||||||||||||||||||||||
Short term investments | $ | 5,298,385 | $ | 5,298,385 | 0.1 | % | $ | 5,261,431 | $ | 21,682 | $ | 13,431 | $ | 203 | $ | 177 | $ | 1,461 | |||||||||||||||||||||||||||||||||||
100.0 | % | 99.3 | % | 0.4 | % | 0.3 | % | — | % | — | % | — | % | ||||||||||||||||||||||||||||||||||||||||
Fixed maturity investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasuries | 6,302,313 | 6,247,779 | 1.1 | % | — | 6,247,779 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Agencies | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fannie Mae and Freddie Mac | 4,455 | 4,353 | 1.2 | % | — | 4,353 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Other agencies | 359,974 | 357,331 | 1.2 | % | 56,067 | 301,264 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Total agencies | 364,429 | 361,684 | 1.2 | % | 56,067 | 305,617 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government | 552,935 | 549,613 | 1.2 | % | 286,810 | 202,067 | 45,192 | 14,257 | 1,287 | — | |||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government-backed corporate | 476,200 | 474,848 | 1.4 | % | 168,177 | 272,297 | 24,480 | 3,702 | 6,192 | — | |||||||||||||||||||||||||||||||||||||||||||
Corporate | 3,202,614 | 3,214,438 | 2.8 | % | 31,603 | 113,253 | 979,752 | 996,288 | 1,053,867 | 39,675 | |||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency securities | 721,711 | 721,955 | 1.9 | % | — | 721,955 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Non-agency securities | 232,144 | 233,346 | 3.2 | % | 51,279 | 11,749 | 1,810 | 5,751 | 110,459 | 52,298 | |||||||||||||||||||||||||||||||||||||||||||
Total residential mortgage-backed | 953,855 | 955,301 | 2.2 | % | 51,279 | 733,704 | 1,810 | 5,751 | 110,459 | 52,298 | |||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 631,016 | 634,925 | 1.9 | % | 492,903 | 113,736 | 4,191 | 15,835 | 2,514 | 5,746 | |||||||||||||||||||||||||||||||||||||||||||
Total mortgage-backed | 1,584,871 | 1,590,226 | 2.1 | % | 544,182 | 847,440 | 6,001 | 21,586 | 112,973 | 58,044 | |||||||||||||||||||||||||||||||||||||||||||
Asset-backed | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized loan obligations | 955,057 | 954,512 | 1.8 | % | 672,310 | 162,176 | 50,457 | 36,639 | 21,223 | 11,707 | |||||||||||||||||||||||||||||||||||||||||||
Other | 114,160 | 114,031 | 1.3 | % | 98,182 | 4,419 | 8,889 | 631 | 1,712 | 198 | |||||||||||||||||||||||||||||||||||||||||||
Total asset-backed | 1,069,217 | 1,068,543 | 1.8 | % | 770,492 | 166,595 | 59,346 | 37,270 | 22,935 | 11,905 | |||||||||||||||||||||||||||||||||||||||||||
Total securitized assets | 2,654,088 | 2,658,769 | 2.0 | % | 1,314,674 | 1,014,035 | 65,347 | 58,856 | 135,908 | 69,949 | |||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments | 13,552,579 | 13,507,131 | 1.7 | % | 1,857,331 | 8,155,048 | 1,114,771 | 1,073,103 | 1,197,254 | 109,624 | |||||||||||||||||||||||||||||||||||||||||||
100.0 | % | 13.8 | % | 60.3 | % | 8.3 | % | 7.9 | % | 8.9 | % | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||
Total consolidated fixed maturity and short term investments, at fair value | $ | 18,850,964 | $ | 18,805,516 | 1.2 | % | $ | 7,118,762 | $ | 8,176,730 | $ | 1,128,202 | $ | 1,073,306 | $ | 1,197,431 | $ | 111,085 | |||||||||||||||||||||||||||||||||||
100.0 | % | 37.9 | % | 43.4 | % | 6.0 | % | 5.7 | % | 6.4 | % | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||
17 | ![]() |
Investments | ||
Retained Investment Information |
Three months ended | Twelve months ended | ||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||
Total investment result | |||||||||||||||||||||||||||||||||||||||||
Net investment income | $ | 80,483 | $ | 78,267 | $ | 80,925 | $ | 79,804 | $ | 81,717 | $ | 319,479 | $ | 354,038 | |||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (21,518) | (42,071) | 191,018 | (345,563) | 258,745 | (218,134) | 820,636 | ||||||||||||||||||||||||||||||||||
Total investment result | $ | 58,965 | $ | 36,196 | $ | 271,943 | $ | (265,759) | $ | 340,462 | $ | 101,345 | $ | 1,174,674 | |||||||||||||||||||||||||||
Retained total investment result (1) | |||||||||||||||||||||||||||||||||||||||||
Retained net investment income | $ | 61,930 | $ | 60,105 | $ | 62,982 | $ | 62,598 | $ | 64,250 | $ | 247,615 | $ | 269,013 | |||||||||||||||||||||||||||
Retained net realized and unrealized gains (losses) on investments | 1,653 | (37,975) | 187,391 | (318,688) | 258,293 | (167,619) | 764,777 | ||||||||||||||||||||||||||||||||||
Retained total investment result | $ | 63,583 | $ | 22,130 | $ | 250,373 | $ | (256,090) | $ | 322,543 | $ | 79,996 | $ | 1,033,790 |
December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||
Managed fixed maturity and short term investments portfolio (1) | |||||||||||||||||||||||||||||
Total consolidated fixed maturity and short term investments, at fair value | $ | 18,805,516 | $ | 18,506,521 | $ | 17,811,041 | $ | 18,400,377 | $ | 18,500,238 | |||||||||||||||||||
Weighted average yield to maturity of fixed maturity and short term investments | 1.2 | % | 1.1 | % | 1.0 | % | 1.2 | % | 0.9 | % | |||||||||||||||||||
Average duration of fixed maturities and short term investments, in years | 3.0 | 3.0 | 3.0 | 2.9 | 2.9 | ||||||||||||||||||||||||
Retained fixed maturity and short term investments portfolio (2) | |||||||||||||||||||||||||||||
Retained fixed maturity and short term investments, at fair value | $ | 12,867,560 | $ | 13,032,675 | $ | 12,569,024 | $ | 12,736,000 | $ | 13,219,754 | |||||||||||||||||||
Weighted average yield to maturity of retained fixed maturity and short term investments | 1.6 | % | 1.3 | % | 1.3 | % | 1.5 | % | 1.2 | % | |||||||||||||||||||
Average duration of retained fixed maturities and short term investments, in years | 3.7 | 3.7 | 3.8 | 3.7 | 3.6 |
18 | ![]() |
Other Items | |||||||||||||||||||||||||||||
Earnings per Share | |||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
(common shares in thousands) | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 210,917 | $ | (450,222) | $ | 456,818 | $ | (290,934) | $ | 189,812 | |||||||||||||||||||
Amount allocated to participating common shareholders (1) | (3,022) | (229) | (5,809) | (129) | (2,285) | ||||||||||||||||||||||||
Net income (loss) allocated to RenaissanceRe common shareholders | $ | 207,895 | $ | (450,451) | $ | 451,009 | $ | (291,063) | $ | 187,527 | |||||||||||||||||||
Denominator: | |||||||||||||||||||||||||||||
Denominator for basic income (loss) per RenaissanceRe common share - | |||||||||||||||||||||||||||||
Weighted average common shares | 44,722 | 46,223 | 48,163 | 49,579 | 50,022 | ||||||||||||||||||||||||
Per common share equivalents of non-vested shares | 26 | — | 63 | — | 89 | ||||||||||||||||||||||||
Denominator for diluted income (loss) per RenaissanceRe common share - | |||||||||||||||||||||||||||||
Adjusted weighted average common shares and assumed conversions | 44,748 | 46,223 | 48,226 | 49,579 | 50,111 | ||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic | $ | 4.65 | $ | (9.75) | $ | 9.36 | $ | (5.87) | $ | 3.75 | |||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 4.65 | $ | (9.75) | $ | 9.35 | $ | (5.87) | $ | 3.74 | |||||||||||||||||||
Twelve months ended | |||||||||||||||||||||||||||||
(common shares in thousands) | December 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | (73,421) | $ | 731,482 | |||||||||||||||||||||||||
Amount allocated to participating common shareholders (1) | (727) | (8,968) | |||||||||||||||||||||||||||
Net income (loss) allocated to RenaissanceRe common shareholders | $ | (74,148) | $ | 722,514 | |||||||||||||||||||||||||
Denominator: | |||||||||||||||||||||||||||||
Denominator for basic income (loss) per RenaissanceRe common share - | |||||||||||||||||||||||||||||
Weighted average common shares | 47,171 | 47,103 | |||||||||||||||||||||||||||
Per common share equivalents of non-vested shares | — | 75 | |||||||||||||||||||||||||||
Denominator for diluted income (loss) per RenaissanceRe common share - | |||||||||||||||||||||||||||||
Adjusted weighted average common shares and assumed conversions | 47,171 | 47,178 | |||||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic | $ | (1.57) | $ | 15.34 | |||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | (1.57) | $ | 15.31 |
19 | ![]() |
Comments on Regulation G |
20 | ![]() |
Comments on Regulation G |
Three months ended | Twelve months ended | ||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 210,917 | $ | (450,222) | $ | 456,818 | $ | (290,934) | $ | 189,812 | $ | (73,421) | $ | 731,482 | |||||||||||||||||||||||||||
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds | 11,560 | 36,077 | (191,016) | 326,480 | (268,487) | 183,101 | (827,667) | ||||||||||||||||||||||||||||||||||
Adjustment for net foreign exchange losses (gains) | 16,697 | 4,755 | (3,234) | 22,788 | (23,270) | 41,006 | (27,773) | ||||||||||||||||||||||||||||||||||
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK (1) | — | — | — | 135 | 7,346 | 135 | 47,964 | ||||||||||||||||||||||||||||||||||
Adjustment for income tax expense (benefit) (2) | (3,628) | 286 | 11,786 | (19,965) | 7,723 | (11,521) | 29,863 | ||||||||||||||||||||||||||||||||||
Adjustment for net (loss) income attributable to redeemable noncontrolling interests (3) | (21,854) | (5,434) | 3,696 | (34,109) | 9,754 | (57,701) | 60,771 | ||||||||||||||||||||||||||||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 213,692 | $ | (414,538) | $ | 278,050 | $ | 4,395 | $ | (77,122) | $ | 81,599 | $ | 14,640 | |||||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 4.65 | $ | (9.75) | $ | 9.35 | $ | (5.87) | $ | 3.74 | $ | (1.57) | $ | 15.31 | |||||||||||||||||||||||||||
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds | 0.26 | 0.78 | (3.96) | 6.59 | (5.36) | 3.88 | (17.54) | ||||||||||||||||||||||||||||||||||
Adjustment for net foreign exchange losses (gains) | 0.37 | 0.10 | (0.07) | 0.46 | (0.46) | 0.87 | (0.59) | ||||||||||||||||||||||||||||||||||
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK (1) | — | — | — | — | 0.15 | — | 1.02 | ||||||||||||||||||||||||||||||||||
Adjustment for income tax expense (benefit) (2) | (0.08) | 0.01 | 0.24 | (0.40) | 0.15 | (0.24) | 0.63 | ||||||||||||||||||||||||||||||||||
Adjustment for net (loss) income attributable to redeemable noncontrolling interests (3) | (0.49) | (0.12) | 0.08 | (0.69) | 0.19 | (1.22) | 1.29 | ||||||||||||||||||||||||||||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 4.71 | $ | (8.98) | $ | 5.64 | $ | 0.09 | $ | (1.59) | $ | 1.72 | $ | 0.12 | |||||||||||||||||||||||||||
Return on average common equity - annualized | 14.2 | % | (28.4) | % | 27.6 | % | (17.1) | % | 10.9 | % | (1.1) | % | 11.7 | % | |||||||||||||||||||||||||||
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds | 0.8 | % | 2.3 | % | (11.5) | % | 19.2 | % | (15.4) | % | 2.9 | % | (13.4) | % | |||||||||||||||||||||||||||
Adjustment for net foreign exchange losses (gains) | 1.1 | % | 0.3 | % | (0.2) | % | 1.4 | % | (1.3) | % | 0.6 | % | (0.4) | % | |||||||||||||||||||||||||||
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK (1) | — | % | — | % | — | % | — | % | 0.4 | % | — | % | 0.8 | % | |||||||||||||||||||||||||||
Adjustment for income tax expense (benefit) (2) | (0.2) | % | — | % | 0.7 | % | (1.2) | % | 0.4 | % | (0.2) | % | 0.5 | % | |||||||||||||||||||||||||||
Adjustment for net (loss) income attributable to redeemable noncontrolling interests (3) | (1.5) | % | (0.3) | % | 0.2 | % | (2.0) | % | 0.6 | % | (0.9) | % | 1.0 | % | |||||||||||||||||||||||||||
Operating return on average common equity - annualized | 14.4 | % | (26.1) | % | 16.8 | % | 0.3 | % | (4.4) | % | 1.3 | % | 0.2 | % |
21 | ![]() |
Comments on Regulation G |
December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||
Book value per common share | $ | 132.17 | $ | 128.91 | $ | 139.35 | $ | 131.15 | $ | 138.46 | |||||||||||||||||||
Adjustment for goodwill and other intangibles (1) | (5.90) | (5.67) | (5.60) | (5.42) | (5.37) | ||||||||||||||||||||||||
Tangible book value per common share | 126.27 | 123.24 | 133.75 | 125.73 | 133.09 | ||||||||||||||||||||||||
Adjustment for accumulated dividends | 23.52 | 23.16 | 22.80 | 22.44 | 22.08 | ||||||||||||||||||||||||
Tangible book value per common share plus accumulated dividends | $ | 149.79 | $ | 146.40 | $ | 156.55 | $ | 148.17 | $ | 155.17 | |||||||||||||||||||
Quarterly change in book value per common share | 2.5 | % | (7.5) | % | 6.3 | % | (5.3) | % | 2.5 | % | |||||||||||||||||||
Quarterly change in tangible book value per common share plus change in accumulated dividends | 2.8 | % | (7.6) | % | 6.7 | % | (5.3) | % | 3.0 | % | |||||||||||||||||||
Year to date change in book value per common share | (4.5) | % | (6.9) | % | 0.6 | % | (5.3) | % | 14.9 | % | |||||||||||||||||||
Year to date change in tangible book value per common share plus change in accumulated dividends | (4.0) | % | (6.6) | % | 1.0 | % | (5.3) | % | 17.9 | % |
22 | ![]() |
Comments on Regulation G |
Three months ended | Twelve months ended | ||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||
Net investment income | $ | 80,483 | $ | 78,267 | $ | 80,925 | $ | 79,804 | $ | 81,717 | $ | 319,479 | $ | 354,038 | |||||||||||||||||||||||||||
Adjustment for net investment income attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures | (18,553) | (18,162) | (17,943) | (17,206) | (17,467) | (71,864) | (85,025) | ||||||||||||||||||||||||||||||||||
Retained net investment income | 61,930 | 60,105 | 62,982 | 62,598 | 64,250 | 247,615 | 269,013 | ||||||||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (21,518) | (42,071) | 191,018 | (345,563) | 258,745 | (218,134) | 820,636 | ||||||||||||||||||||||||||||||||||
Adjustment for net realized and unrealized losses (gains) on investments attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures | 23,171 | 4,096 | (3,627) | 26,875 | (452) | 50,515 | (55,859) | ||||||||||||||||||||||||||||||||||
Retained net realized and unrealized gains (losses) on investments | 1,653 | (37,975) | 187,391 | (318,688) | 258,293 | (167,619) | 764,777 | ||||||||||||||||||||||||||||||||||
Total investment result | 58,965 | 36,196 | 271,943 | (265,759) | 340,462 | 101,345 | 1,174,674 | ||||||||||||||||||||||||||||||||||
Adjustment for investment result attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures | 4,618 | (14,066) | (21,570) | 9,669 | (17,919) | (21,349) | (140,884) | ||||||||||||||||||||||||||||||||||
Retained total investment result | $ | 63,583 | $ | 22,130 | $ | 250,373 | $ | (256,090) | $ | 322,543 | $ | 79,996 | $ | 1,033,790 |
23 | ![]() |
Comments on Regulation G |
December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||
Fixed maturity investments, at fair value | $ | 13,507,131 | $ | 13,839,248 | $ | 13,418,389 | $ | 13,309,234 | $ | 13,506,503 | |||||||||||||||||||
Short term investments, at fair value | 5,298,385 | 4,667,273 | 4,392,652 | 5,091,143 | 4,993,735 | ||||||||||||||||||||||||
Total consolidated fixed maturity and short term investments, at fair value | $ | 18,805,516 | $ | 18,506,521 | $ | 17,811,041 | $ | 18,400,377 | $ | 18,500,238 | |||||||||||||||||||
Adjustment for fixed maturity and short term investments attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures | (5,937,956) | (5,473,846) | (5,242,017) | (5,664,377) | (5,280,484) | ||||||||||||||||||||||||
Retained fixed maturity and short term investments, at fair value | $ | 12,867,560 | $ | 13,032,675 | $ | 12,569,024 | $ | 12,736,000 | $ | 13,219,754 |
24 | ![]() |