Form: 8-K

Current report filing

May 3, 2022

Documents



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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. Retained Investment Information
c. Investment Portfolio - Composition
d. Investment Portfolio - Fixed Maturity Investments
e. Investment Portfolio - Weighted Average Yield to Maturity and Credit Rating
Other Items
a. Earnings per Share
Comments on Regulation G
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RenaissanceRe Holdings Ltd.
Basis of Presentation
RenaissanceRe Holdings Ltd. (the “Company” or “RenaissanceRe”) is a global provider of reinsurance and insurance. The Company provides property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, the Company has offices in Bermuda, Australia, Ireland, Singapore, Switzerland, the United Kingdom and the United States.
This financial supplement includes certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S. (“GAAP”) including “operating income (loss) available (attributable) to RenaissanceRe common shareholders,” “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted,” “operating return on average common equity - annualized,” “tangible book value per common share,” “tangible book value per common share plus accumulated dividends,” “retained investment result” and “retained fixed maturity and short term investments, at fair value.” A reconciliation of such measures to the most comparable GAAP figures in accordance with Regulation G is presented in the attached supplemental financial data. See pages 19 through 23 for “Comments on Regulation G.”
Cautionary Statement under “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995; Statements made in this financial supplement contain information about the Company's future business prospects. These statements may be considered “forward-looking.” These statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. For further information regarding cautionary statements and factors affecting future results, please refer to RenaissanceRe Holdings Ltd.'s filings with the U.S. Securities and Exchange Commission, including its Annual Reports on Form 10-K and its Quarterly Reports on Form 10-Q.
All information contained herein is unaudited. Unless otherwise noted, amounts are in thousands of United States Dollars, except for share and per share amounts and ratio information. Certain prior period comparatives have been reclassified to conform to the current presentation. This supplement is being provided for informational purposes only. It should be read in conjunction with documents filed by RenaissanceRe with the U.S. Securities and Exchange Commission, including its Annual Reports on Form 10-K and its Quarterly Reports on Form 10-Q. Please refer to the Company's website at www.renre.com for further information about RenaissanceRe.
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Financial Highlights
Three months ended
March 31,
2022		 December 31,
2021		 September 30,
2021		 June 30,
2021		 March 31,
2021
Highlights
Gross premiums written $ 2,942,964  $ 1,313,018  $ 1,774,180  $ 2,094,158  $ 2,652,442 
Underwriting income (loss) $ 200,278  $ 276,661  $ (678,825) $ 328,976  $ (35,760)
Net investment income $ 83,691  $ 80,483  $ 78,267  $ 80,925  $ 79,804 
Net realized and unrealized gains (losses) on investments (673,017) (21,518) (42,071) 191,018  (345,563)
Total investment result
 $ (589,326) $ 58,965  $ 36,196  $ 271,943  $ (265,759)
Net income (loss) available (attributable) to RenaissanceRe common shareholders $ (394,413) $ 210,917  $ (450,222) $ 456,818  $ (290,934)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1)
$ 151,945  $ 213,692  $ (414,538) $ 278,050  $ 4,395 
Per share data
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic $ (9.10) $ 4.65  $ (9.75) $ 9.36  $ (5.87)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted $ (9.10) $ 4.65  $ (9.75) $ 9.35  $ (5.87)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)
$ 3.50  $ 4.71  $ (8.98) $ 5.64  $ 0.09 
Book value per common share $ 121.44  $ 132.17  $ 128.91  $ 139.35  $ 131.15 
Tangible book value per common share (1)
$ 115.55  $ 126.27  $ 123.24  $ 133.75  $ 125.73 
Tangible book value per common share plus accumulated dividends (1)
$ 139.44  $ 149.79  $ 146.40  $ 156.55  $ 148.17 
Change in tangible book value per common share plus change in accumulated dividends (1)
(8.2) % 2.8  % (7.6) % 6.7  % (5.3) %
Financial ratios
 Combined ratio 86.5  % 79.4  % 145.1  % 72.4  % 103.1  %
 Return on average common equity - annualized (28.1) % 14.2  % (28.4) % 27.6  % (17.1) %
 Operating return on average common equity - annualized (1)
10.8  % 14.4  % (26.1) % 16.8  % 0.3  %
 Total investment return - annualized (10.2) % 1.1  % 0.7  % 5.2  % (4.9) %
(1)    See “Comments on Regulation G” for a reconciliation of non-GAAP financial measures.
                 
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Summary Consolidated Financial Statements
Consolidated Statements of Operations
Three months ended
March 31,
2022		 December 31,
2021		 September 30,
2021		 June 30,
2021		 March 31,
2021
Revenues
Gross premiums written $ 2,942,964  $ 1,313,018  $ 1,774,180  $ 2,094,158  $ 2,652,442 
Net premiums written $ 2,165,217  $ 1,116,560  $ 1,486,440  $ 1,512,292  $ 1,824,083 
Decrease (increase) in unearned premiums (678,792) 224,730  19,825  (319,502) (670,247)
Net premiums earned 1,486,425  1,341,290  1,506,265  1,192,790  1,153,836 
Net investment income 83,691  80,483  78,267  80,925  79,804 
Net foreign exchange gains (losses) (15,486) (16,697) (4,755) 3,234  (22,788)
Equity in earnings (losses) of other ventures (6,390) 3,830  5,305  8,732  (5,558)
Other income (loss) 1,193  6,431  1,692  586  2,171 
Net realized and unrealized gains (losses) on investments (673,017) (21,518) (42,071) 191,018  (345,563)
Total revenues 876,416  1,393,819  1,544,703  1,477,285  861,902 
Expenses
Net claims and claim expenses incurred 841,733  690,970  1,798,045  520,021  867,051 
Acquisition expenses 376,507  333,986  328,048  285,590  267,234 
Operational expenses 67,907  39,673  58,997  58,203  55,311 
Corporate expenses 12,502  10,426  10,196  10,125  10,405 
Interest expense 11,955  11,872  11,919  11,833  11,912 
Total expenses 1,310,604  1,086,927  2,207,205  885,772  1,211,913 
Income (loss) before taxes (434,188) 306,892  (662,502) 591,513  (350,011)
Income tax benefit (expense) 36,707  (18,616) 23,630  (13,862) 19,516 
Net income (loss) (397,481) 288,276  (638,872) 577,651  (330,495)
Net (income) loss attributable to redeemable noncontrolling interests 11,912  (68,516) 198,495  (113,544) 46,850 
Net income (loss) attributable to RenaissanceRe (385,569) 219,760  (440,377) 464,107  (283,645)
Dividends on preference shares (8,844) (8,843) (9,845) (7,289) (7,289)
Net income (loss) available (attributable) to RenaissanceRe common shareholders $ (394,413) $ 210,917  $ (450,222) $ 456,818  $ (290,934)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic $ (9.10) $ 4.65  $ (9.75) $ 9.36  $ (5.87)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted $ (9.10) $ 4.65  $ (9.75) $ 9.35  $ (5.87)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)
$ 3.50  $ 4.71  $ (8.98) $ 5.64  $ 0.09 
Return on average common equity - annualized
 (28.1) % 14.2  % (28.4) % 27.6  % (17.1) %
Operating return on average common equity - annualized (1)
10.8  % 14.4  % (26.1) % 16.8  % 0.3  %
                 
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Summary Consolidated Financial Statements
Consolidated Balance Sheets
March 31,
2022		 December 31,
2021		 September 30,
2021		 June 30,
2021		 March 31,
2021
Assets
Fixed maturity investments trading, at fair value $ 13,029,085  $ 13,507,131  $ 13,839,248  $ 13,418,389  $ 13,309,234 
Short term investments, at fair value 4,685,280  5,298,385  4,667,273  4,392,652  5,091,143 
Equity investments trading, at fair value 873,268  546,016  527,839  577,090  503,137 
Other investments, at fair value 2,182,479  1,993,059  1,738,737  1,585,036  1,379,056 
Investments in other ventures, under equity method 81,106  98,068  93,344  91,938  91,362 
Total investments 20,851,218  21,442,659  20,866,441  20,065,105  20,373,932 
Cash and cash equivalents 1,563,056  1,859,019  1,440,734  1,789,756  1,286,661 
Premiums receivable 4,851,513  3,781,542  4,141,899  4,481,492  3,928,122 
Prepaid reinsurance premiums 1,185,982  854,722  1,137,556  1,361,041  1,229,716 
Reinsurance recoverable 4,319,490  4,268,669  4,192,758  3,187,638  3,160,667 
Accrued investment income 60,802  55,740  55,620  56,804  62,573 
Deferred acquisition costs and value of business acquired 999,712  849,160  893,265  883,926  786,941 
Receivable for investments sold 486,705  380,442  322,553  457,458  841,156 
Other assets 287,485  224,053  240,491  196,959  318,249 
Goodwill and other intangibles 242,116  243,496  245,015  246,576  248,080 
Total assets $ 34,848,079  $ 33,959,502  $ 33,536,332  $ 32,726,755  $ 32,236,097 
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses $ 13,510,304  $ 13,294,630  $ 13,233,244  $ 10,944,742  $ 10,953,383 
Unearned premiums 4,546,305  3,531,213  4,039,546  4,284,260  3,833,155 
Debt 1,168,872  1,168,353  1,137,829  1,137,304  1,136,783 
Reinsurance balances payable 4,319,657  3,860,963  3,964,137  4,489,841  4,254,645 
Payable for investments purchased 907,945  1,170,568  718,099  795,185  1,133,787 
Other liabilities 314,141  755,441  235,665  201,398  436,437 
Total liabilities 24,767,224  23,781,168  23,328,520  21,852,730  21,748,190 
Redeemable noncontrolling interests 3,963,895  3,554,053  3,458,298  3,656,419  3,409,570 
Shareholders' Equity
Preference shares 750,000  750,000  750,000  525,000  525,000 
Common shares 44,193  44,445  46,540  48,026  49,970 
Additional paid-in capital 513,631  608,121  927,862  1,153,881  1,450,627 
Accumulated other comprehensive loss (12,834) (10,909) (12,709) (14,061) (12,382)
Retained earnings 4,821,970  5,232,624  5,037,821  5,504,760  5,065,122 
Total shareholders' equity attributable to RenaissanceRe 6,116,960  6,624,281  6,749,514  7,217,606  7,078,337 
Total liabilities, noncontrolling interests and shareholders' equity $ 34,848,079  $ 33,959,502  $ 33,536,332  $ 32,726,755  $ 32,236,097 
Book value per common share $ 121.44  $ 132.17  $ 128.91  $ 139.35  $ 131.15 
                 
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Underwriting and Reserves
Consolidated Segment Underwriting Results
Three months ended March 31, 2022
Property Casualty and Specialty Total
Gross premiums written $ 1,343,508  $ 1,599,456  $ 2,942,964 
Net premiums written $ 890,166  $ 1,275,051  $ 2,165,217 
Net premiums earned $ 618,591  $ 867,834  $ 1,486,425 
Net claims and claim expenses incurred 259,761  581,972  841,733 
Acquisition expenses 127,096  249,411  376,507 
Operational expenses 46,932  20,975  67,907 
Underwriting income (loss) $ 184,802  $ 15,476  $ 200,278 
Net claims and claim expenses incurred - current accident year $ 276,519  $ 583,047  $ 859,566 
Net claims and claim expenses incurred - prior accident years (16,758) (1,075) (17,833)
Net claims and claim expenses incurred - total $ 259,761  $ 581,972  $ 841,733 
Net claims and claim expense ratio - current accident year 44.7  % 67.2  % 57.8  %
Net claims and claim expense ratio - prior accident years (2.7) % (0.1) % (1.2) %
Net claims and claim expense ratio - calendar year 42.0  % 67.1  % 56.6  %
Underwriting expense ratio 28.1  % 31.1  % 29.9  %
Combined ratio 70.1  % 98.2  % 86.5  %
Three months ended March 31, 2021
Property Casualty and Specialty Total
Gross premiums written $ 1,616,819  $ 1,035,623  $ 2,652,442 
Net premiums written $ 1,008,460  $ 815,623  $ 1,824,083 
Net premiums earned $ 605,166  $ 548,670  $ 1,153,836 
Net claims and claim expenses incurred 498,832  368,219  867,051 
Acquisition expenses 112,754  154,480  267,234 
Operational expenses 35,375  19,936  55,311 
Underwriting income (loss) $ (41,795) $ 6,035  $ (35,760)
Net claims and claim expenses incurred - current accident year $ 503,994  $ 372,089  $ 876,083 
Net claims and claim expenses incurred - prior accident years (5,162) (3,870) (9,032)
Net claims and claim expenses incurred - total $ 498,832  $ 368,219  $ 867,051 
Net claims and claim expense ratio - current accident year 83.3  % 67.8  % 75.9  %
Net claims and claim expense ratio - prior accident years (0.9) % (0.7) % (0.8) %
Net claims and claim expense ratio - calendar year 82.4  % 67.1  % 75.1  %
Underwriting expense ratio 24.5  % 31.8  % 28.0  %
Combined ratio 106.9  % 98.9  % 103.1  %

                 
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Underwriting and Reserves
Segment Underwriting Results
Three months ended
Property Segment March 31,
2022		 December 31,
2021		 September 30,
2021		 June 30,
2021		 March 31,
2021
Gross premiums written $ 1,343,508  $ 384,657  $ 773,692  $ 1,183,556  $ 1,616,819 
Net premiums written $ 890,166  $ 375,112  $ 681,095  $ 803,335  $ 1,008,460 
Net premiums earned $ 618,591  $ 626,359  $ 816,376  $ 560,397  $ 605,166 
Net claims and claim expenses incurred 259,761  243,356  1,323,678  97,150  498,832 
Acquisition expenses 127,096  131,007  134,179  109,238  112,754 
Operational expenses 46,932  28,898  40,448  38,887  35,375 
Underwriting income (loss) $ 184,802  $ 223,098  $ (681,929) $ 315,122  $ (41,795)
Net claims and claim expenses incurred - current accident year $ 276,519  $ 274,649  $ 1,469,613  $ 148,133  $ 503,994 
Net claims and claim expenses incurred - prior accident years (16,758) (31,293) (145,935) (50,983) (5,162)
Net claims and claim expenses incurred - total $ 259,761  $ 243,356  $ 1,323,678  $ 97,150  $ 498,832 
Net claims and claim expense ratio - current accident year 44.7  % 43.8  % 180.0  % 26.4  % 83.3  %
Net claims and claim expense ratio - prior accident years (2.7) % (4.9) % (17.9) % (9.1) % (0.9) %
Net claims and claim expense ratio - calendar year 42.0  % 38.9  % 162.1  % 17.3  % 82.4  %
Underwriting expense ratio 28.1  % 25.5  % 21.4  % 26.5  % 24.5  %
Combined ratio 70.1  % 64.4  % 183.5  % 43.8  % 106.9  %
Three months ended
Casualty and Specialty Segment March 31,
2022		 December 31,
2021		 September 30,
2021		 June 30,
2021		 March 31,
2021
Gross premiums written $ 1,599,456  $ 928,361  $ 1,000,488  $ 910,602  $ 1,035,623 
Net premiums written $ 1,275,051  $ 741,448  $ 805,345  $ 708,957  $ 815,623 
Net premiums earned $ 867,834  $ 714,931  $ 689,889  $ 632,393  $ 548,670 
Net claims and claim expenses incurred 581,972  447,614  474,367  422,871  368,219 
Acquisition expenses 249,411  202,979  193,869  176,352  154,480 
Operational expenses 20,975  10,775  18,549  19,316  19,936 
Underwriting income (loss) $ 15,476  $ 53,563  $ 3,104  $ 13,854  $ 6,035 
Net claims and claim expenses incurred - current accident year $ 583,047  $ 457,080  $ 476,082  $ 423,917  $ 372,089 
Net claims and claim expenses incurred - prior accident years (1,075) (9,466) (1,715) (1,046) (3,870)
Net claims and claim expenses incurred - total $ 581,972  $ 447,614  $ 474,367  $ 422,871  $ 368,219 
Net claims and claim expense ratio - current accident year 67.2  % 63.9  % 69.0  % 67.0  % 67.8  %
Net claims and claim expense ratio - prior accident years (0.1) % (1.3) % (0.2) % (0.1) % (0.7) %
Net claims and claim expense ratio - calendar year 67.1  % 62.6  % 68.8  % 66.9  % 67.1  %
Underwriting expense ratio 31.1  % 29.9  % 30.8  % 30.9  % 31.8  %
Combined ratio 98.2  % 92.5  % 99.6  % 97.8  % 98.9  %

                 
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Underwriting and Reserves
Property Segment - Catastrophe and Other Property Underwriting Results
Three months ended March 31, 2022 Three months ended March 31, 2021
Catastrophe Other Property Total Catastrophe Other Property Total
Gross premiums written $ 886,091  $ 457,417  $ 1,343,508  $ 1,131,125  $ 485,694  $ 1,616,819 
Net premiums written $ 601,787  $ 288,379  $ 890,166  $ 660,120  $ 348,340  $ 1,008,460 
Net premiums earned $ 278,997  $ 339,594  $ 618,591  $ 340,980  $ 264,186  $ 605,166 
Net claims and claim expenses incurred 75,255  184,506  259,761  334,011  164,821  498,832 
Acquisition expenses 34,808  92,288  127,096  41,378  71,376  112,754 
Operational expenses 38,142  8,790  46,932  28,366  7,009  35,375 
Underwriting income (loss) $ 130,792  $ 54,010  $ 184,802  $ (62,775) $ 20,980  $ (41,795)
Net claims and claim expenses incurred - current accident year $ 103,565  $ 172,954  $ 276,519  $ 338,475  $ 165,519  $ 503,994 
Net claims and claim expenses incurred - prior accident years (28,310) 11,552  (16,758) (4,464) (698) (5,162)
Net claims and claim expenses incurred - total $ 75,255  $ 184,506  $ 259,761  $ 334,011  $ 164,821  $ 498,832 
Net claims and claim expense ratio - current accident year 37.1  % 50.9  % 44.7  % 99.3  % 62.7  % 83.3  %
Net claims and claim expense ratio - prior accident years (10.1) % 3.4  % (2.7) % (1.3) % (0.3) % (0.9) %
Net claims and claim expense ratio - calendar year 27.0  % 54.3  % 42.0  % 98.0  % 62.4  % 82.4  %
Underwriting expense ratio 26.1  % 29.8  % 28.1  % 20.4  % 29.7  % 24.5  %
Combined ratio 53.1  % 84.1  % 70.1  % 118.4  % 92.1  % 106.9  %

                 
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Underwriting and Reserves
Gross Premiums Written
Three months ended
March 31,
2022		 December 31,
2021		 September 30,
2021		 June 30,
2021		 March 31,
2021
Property Segment
Catastrophe $ 886,091  $ 7,795  $ 335,493  $ 761,323  $ 1,131,125 
Other property 457,417  376,862  438,199  422,233  485,694 
Property segment gross premiums written
 $ 1,343,508  $ 384,657  $ 773,692  $ 1,183,556  $ 1,616,819 
Casualty and Specialty Segment
General casualty (1)
$ 480,142  $ 281,926  $ 346,754  $ 286,686  $ 343,170 
Professional liability (2)
549,719  333,257  329,848  306,387  314,372 
Financial lines (3)
259,104  139,799  128,586  86,175  144,386 
Other (4)
310,491  173,379  195,300  231,354  233,695 
Casualty and Specialty segment gross premiums written
 $ 1,599,456  $ 928,361  $ 1,000,488  $ 910,602  $ 1,035,623 
(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.




                 
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Underwriting and Reserves
Reserves for Claims and Claim Expenses
Case Reserves Additional Case Reserves IBNR Total
March 31, 2022
Property $ 1,679,877  $ 1,956,369  $ 2,597,013  $ 6,233,259 
Casualty and Specialty 1,839,996  127,342  5,309,707  7,277,045 
Total $ 3,519,873  $ 2,083,711  $ 7,906,720  $ 13,510,304 
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 
                 
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Underwriting and Reserves
Paid to Incurred Analysis
Three months ended March 31, 2022 Three months ended March 31, 2021
Gross Recoveries Net Gross Recoveries Net
Reserve for claims and claim expenses, beginning of period $ 13,294,630  $ 4,268,669  $ 9,025,961  $ 10,381,138  $ 2,926,010  $ 7,455,128 
Incurred claims and claim expenses
Current year 1,019,596  160,030  859,566  1,221,981  345,898  876,083 
Prior years (2,041) 15,792  (17,833) 28,265  37,297  (9,032)
Total incurred claims and claim expenses 1,017,555  175,822  841,733  1,250,246  383,195  867,051 
Paid claims and claim expenses
Current year 19,776  1,986  17,790  18,069  3,318  14,751 
Prior years 731,325  122,520  608,805  622,819  136,331  486,488 
Total paid claims and claim expenses 751,101  124,506  626,595  640,888  139,649  501,239 
Foreign exchange (1)
(50,780) (495) (50,285) (37,113) (8,889) (28,224)
Reserve for claims and claim expenses, end of period $ 13,510,304  $ 4,319,490  $ 9,190,814  $ 10,953,383  $ 3,160,667  $ 7,792,716 
(1)    Reflects the impact of the foreign exchange revaluation of the net reserve for claims and claim expenses denominated in non-U.S. dollars as at the balance sheet date.
                 
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Managed Joint Ventures and Fee Income
Fee Income
The table below reflects the total fee income earned through third-party capital management as well as various joint ventures and certain structured retrocession agreements to which the Company is a party. Joint ventures include DaVinciRe Holdings Ltd. (“DaVinciRe”), Top Layer Reinsurance Ltd., Vermeer Reinsurance Ltd. (“Vermeer”) and certain entities investing in Langhorne Holdings LLC. Managed funds include RenaissanceRe Upsilon Fund Ltd. and RenaissanceRe Medici Fund Ltd. (“Medici”). Structured reinsurance products and other include certain other vehicles and reinsurance contracts which transfer risk to capital.
Three months ended
March 31,
2022		 December 31,
2021		 September 30,
2021		 June 30,
2021		 March 31,
2021
Management fee income
Joint ventures $ 13,395  $ 8,603  $ 8,602  $ 14,741  $ 11,128 
Structured reinsurance products and other 7,224  8,542  8,646  8,677  8,774 
Managed funds 6,603  7,578  6,606  8,552  8,622 
Total management fee income 27,222  24,723  23,854  31,970  28,524 
Performance fee income (loss)
Joint ventures (103) 2,352  2,980  7,347  1,556 
Structured reinsurance products and other 934  2,392  1,237  2,581  (1,293)
Managed funds 296  555  264  4,259  (4,798)
Total performance fee income (loss) (1)
1,127  5,299  4,481  14,187  (4,535)
Total fee income $ 28,349  $ 30,022  $ 28,335  $ 46,157  $ 23,989 
(1)Performance fees are based on the performance of the individual vehicles or products, and may be negative in a particular period if, for example, large losses occur, which can potentially result in no performance fees or the reversal of previously accrued performance fees.

The table below shows how the total fee income described above contributes to the Company's consolidated results of operations.
Three months ended
Fee income contributing to: March 31,
2022		 December 31,
2021		 September 30,
2021		 June 30,
2021		 March 31,
2021
Underwriting income (loss) (1)
12,161  18,074  19,444  19,239  10,530 
Earnings from equity method investments (2)
23  —  17  17  16 
Redeemable noncontrolling interest (3)
16,165  11,948  8,874  26,901  13,443 
Total fee income $ 28,349  $ 30,022  $ 28,335  $ 46,157  $ 23,989 
(1)The fees recorded through underwriting income (loss) are recorded as a reduction (increase) to operating expenses or acquisition expenses.
(2)The fees reflected as earnings from equity method investments are recorded through equity in earnings (losses) of other ventures.
(3)The fee income reflected as redeemable noncontrolling interest is recorded through net (income) loss attributable to redeemable noncontrolling interest. A positive number represents the fee income earned from third-party investors in the Company's Consolidated Managed Joint Ventures (as defined herein). Conversely, a negative number represents a reduction in fee income earned from third-party investors in the Company's Consolidated Managed Joint Ventures.
                 
10
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Managed Joint Ventures and Fee Income
Noncontrolling Interests
The Company consolidates the results of certain of its joint ventures and managed capital vehicles, namely, DaVinciRe, Medici and Vermeer (collectively, the “Consolidated Managed Joint Ventures”), on its consolidated balance sheets and statements of operations. Redeemable noncontrolling interests on the Company's consolidated balance sheets represents the portion of the net assets of the Consolidated Managed Joint Ventures attributable to third-party investors in these Consolidated Managed Joint Ventures. Net (income) loss attributable to redeemable noncontrolling interests on the Company's consolidated statements of operations represents the portion of the (income) loss associated with the Consolidated Managed Joint Ventures included on the Company's consolidated statements of operations that is attributable to third-party investors in these Consolidated Managed Joint Ventures.
A summary of the redeemable noncontrolling interests on the Company's consolidated statements of operations is set forth below:
Three months ended
March 31,
2022		 December 31,
2021		 September 30,
2021		 June 30,
2021		 March 31,
2021
Redeemable noncontrolling interest - DaVinciRe
 $ 25,323  $ (55,098) $ 202,362  $ (84,266) $ 39,934 
Redeemable noncontrolling interest - Medici
 5,287  3,580  (6,526) (11,989) 13,443 
Redeemable noncontrolling interest - Vermeer
 (18,698) (16,998) 2,659  (17,289) (6,527)
Net loss (income) attributable to redeemable noncontrolling interests (1)
$ 11,912  $ (68,516) $ 198,495  $ (113,544) $ 46,850 
(1)A negative number in the table above represents net income earned by the Consolidated Managed Joint Ventures allocated to third-party investors. Conversely, a positive number represents net losses incurred by the Consolidated Managed Joint Ventures allocated to third-party investors.
A summary of the Company’s redeemable noncontrolling interests on its consolidated balance sheets is set forth below:
March 31,
2022		 December 31,
2021		 September 30,
2021		 June 30,
2021		 March 31,
2021
Redeemable noncontrolling interest - DaVinciRe $ 1,775,503  $ 1,499,451  $ 1,443,589  $ 1,642,656  $ 1,555,714 
Redeemable noncontrolling interest - Medici 941,912  856,820  883,925  880,320  737,702 
Redeemable noncontrolling interest - Vermeer 1,246,480  1,197,782  1,130,784  1,133,443  1,116,154 
Redeemable noncontrolling interests $ 3,963,895  $ 3,554,053  $ 3,458,298  $ 3,656,419  $ 3,409,570 


A summary of the redeemable noncontrolling economic ownership of third parties in the Consolidated Managed Joint Ventures is set forth below:
March 31,
2022		 December 31,
2021		 September 30,
2021		 June 30,
2021		 March 31,
2021
DaVinciRe 69.1  % 71.3  % 71.3  % 71.3  % 71.3  %
Medici 86.4  % 85.3  % 86.6  % 86.6  % 84.6  %
Vermeer 100.0  % 100.0  % 100.0  % 100.0  % 100.0  %

                 
11
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Managed Joint Ventures and Fee Income
DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations
Three months ended
March 31,
2022		 December 31,
2021		 September 30,
2021		 June 30,
2021		 March 31,
2021
Revenues
Gross premiums written $ 425,315  $ 2,240  $ 168,770  $ 243,627  $ 342,033 
Net premiums written $ 399,189  $ 1,109  $ 159,697  $ 205,907  $ 315,476 
Decrease (increase) in unearned premiums (233,158) 134,218  79,853  (69,833) (154,894)
Net premiums earned 166,031  135,327  239,550  136,074  160,582 
Net investment income 8,968  6,937  6,549  7,118  8,261 
Net foreign exchange gains (losses) 412  (561) (818) 597  (590)
Net realized and unrealized gains (losses) on investments (117,651) (20,486) (2,670) 4,389  (26,798)
Total revenues 57,760  121,217  242,611  148,178  141,455 
Expenses
Net claims and claim expenses incurred 57,859  14,977  501,695  (19,754) 167,543 
Acquisition expenses 19,582  19,242  14,490  31,593  16,317 
Operational and corporate expenses 15,066  7,916  8,190  16,377  11,706 
Interest expense 1,858  1,859  1,859  1,858  1,858 
Total expenses 94,365  43,994  526,234  30,074  197,424 
Income (loss) before taxes (36,605) 77,223  (283,623) 118,104  (55,969)
Income tax benefit (expense) —  —  —  (1) — 
Net income (loss) available (attributable) to DaVinciRe common shareholders $ (36,605) $ 77,223  $ (283,623) $ 118,103  $ (55,969)
Net claims and claim expenses incurred - current accident year
 $ 68,135  $ 26,746  $ 561,674  $ 8,270  $ 181,716 
Net claims and claim expenses incurred - prior accident years
 (10,276) (11,769) (59,979) (28,024) (14,173)
Net claims and claim expenses incurred - total
 $ 57,859  $ 14,977  $ 501,695  $ (19,754) $ 167,543 
Net claims and claim expense ratio - current accident year
 41.0  % 19.8  % 234.5  % 6.1  % 113.2  %
Net claims and claim expense ratio - prior accident years
 (6.2) % (8.7) % (25.1) % (20.6) % (8.9) %
Net claims and claim expense ratio - calendar year
 34.8  % 11.1  % 209.4  % (14.5) % 104.3  %
Underwriting expense ratio
 20.9  % 20.0  % 9.5  % 35.2  % 17.5  %
Combined ratio
 55.7  % 31.1  % 218.9  % 20.7  % 121.8  %
                 
12
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RenaissanceRe Holdings Ltd.
Investments
Total Investment Result
Three months ended
March 31,
2022		 December 31,
2021		 September 30,
2021		 June 30,
2021		 March 31,
2021
Fixed maturity investments trading
 $ 62,417  $ 55,643  $ 56,825  $ 59,510  $ 62,933 
Short term investments
 1,136  464  514  782  573 
Equity investments trading
 2,754  4,077  1,823  1,626  1,491 
Other investments
Catastrophe bonds 17,360  16,527  17,184  16,681  14,468 
Other 5,552  8,100  7,571  9,339  3,801 
Cash and cash equivalents
 (41) 74  (38) 159  102 
89,178  84,885  83,879  88,097  83,368 
Investment expenses
 (5,487) (4,402) (5,612) (7,172) (3,564)
Net investment income 83,691  80,483  78,267  80,925  79,804 
Net realized and unrealized gains (losses) on:
Fixed maturity investments trading, net of investments-related derivatives (1)
(618,253) (116,689) (31,424) 87,847  (261,759)
Equity investments trading, net of investments-related derivatives (1)
(56,053) 73,645  (21,680) 65,566  (67,922)
Other investments
Catastrophe bonds (8,261) (9,958) (5,994) 2  (19,083)
Other 9,550  31,484  17,027  37,603  3,201 
Net realized and unrealized gains (losses) on investments (673,017) (21,518) (42,071) 191,018  (345,563)
Total investment result
 $ (589,326) $ 58,965  $ 36,196  $ 271,943  $ (265,759)
Total investment return - annualized
 (10.2) % 1.1  % 0.7  % 5.2  % (4.9) %
(1)Net realized and unrealized gains (losses) on fixed maturity investments trading includes the impacts of interest rate futures, interest rate swaps, credit default swaps and total return swaps. Net realized and unrealized gains (losses) on equity investments trading includes the impact of equity futures.
                 
13
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Investments
Retained Investment Information
“Retained total investment result” is defined as consolidated total investment result less the portion attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures.
Three months ended
March 31,
2022		 December 31,
2021		 September 30,
2021		 June 30,
2021		 March 31,
2021
Total investment result
Net investment income $ 83,691  $ 80,483  $ 78,267  $ 80,925  $ 79,804 
Net realized and unrealized gains (losses) on investments (673,017) (21,518) (42,071) 191,018  (345,563)
Total investment result $ (589,326) $ 58,965  $ 36,196  $ 271,943  $ (265,759)
Retained total investment result (1)
Retained net investment income $ 62,676  $ 61,930  $ 60,105  $ 62,982  $ 62,598 
Retained net realized and unrealized gains (losses) on investments (584,624) 1,653  (37,975) 187,391  (318,688)
Retained total investment result $ (521,948) $ 63,583  $ 22,130  $ 250,373  $ (256,090)
(1)Includes total investment return, less the portion attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures. See “Comments on Regulation G” for a reconciliation of non-GAAP financial measures.
“Retained fixed maturity and short term investments, at fair value” is defined as total consolidated fixed maturity and short term investments, at fair value, less the portion of fixed maturity and short term investments, at fair value attributable to redeemable noncontrolling interests, certain third party vehicles and joint ventures.
March 31,
2022		 December 31,
2021		 September 30,
2021		 June 30,
2021		 March 31,
2021
Managed fixed maturity and short term investments portfolio (1)
Total consolidated fixed maturity and short term investments, at fair value $ 17,714,365  $ 18,805,516  $ 18,506,521  $ 17,811,041  $ 18,400,377 
Weighted average yield to maturity of fixed maturity and short term investments 2.3  % 1.2  % 1.1  % 1.0  % 1.2  %
Average duration of fixed maturities and short term investments, in years 2.8  3.0  3.0  3.0  2.9 
Retained fixed maturity and short term investments portfolio (2)
Retained fixed maturity and short term investments, at fair value $ 12,087,801  $ 12,867,560  $ 13,032,675  $ 12,569,024  $ 12,736,000 
Weighted average yield to maturity of retained fixed maturity and short term investments
 2.7  % 1.6  % 1.3  % 1.3  % 1.5  %
Average duration of retained fixed maturities and short term investments, in years 3.5  3.7  3.7  3.8  3.7 
(1)Includes total consolidated fixed maturity and short term investments, at fair value, as presented on the Company's consolidated balance sheets.
(2)Includes total consolidated fixed maturity and short term investments, at fair value, less the portion of fixed maturity and short term investments, at fair value attributable to redeemable noncontrolling interests, certain third party vehicles and joint ventures. See “Comments on Regulation G” for a reconciliation of non-GAAP financial measures.
                 
14
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Investments
Investment Portfolio - Composition
Type of Investment March 31, 2022 December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021
U.S. treasuries $ 5,792,746  27.8  % $ 6,247,779  29.1  % $ 6,730,967  32.3  % $ 6,327,895  31.5  % $ 5,107,878  25.1  %
Agencies 363,256  1.8  % 361,684  1.7  % 297,057  1.4  % 325,051  1.6  % 227,184  1.1  %
Non-U.S. government 485,193  2.3  % 549,613  2.6  % 495,243  2.4  % 508,320  2.5  % 518,162  2.5  %
Non-U.S. government-backed corporate 431,008  2.1  % 474,848  2.2  % 409,322  2.0  % 396,966  2.0  % 335,662  1.6  %
Corporate 3,420,946  16.4  % 3,214,438  15.0  % 3,346,556  16.0  % 3,387,433  16.9  % 4,289,072  21.1  %
Agency mortgage-backed 714,176  3.4  % 721,955  3.4  % 754,118  3.6  % 703,757  3.5  % 957,563  4.7  %
Non-agency mortgage-backed 212,145  1.0  % 233,346  1.1  % 243,654  1.2  % 260,432  1.3  % 272,529  1.3  %
Commercial mortgage-backed 567,186  2.7  % 634,925  3.0  % 621,153  3.0  % 588,262  2.9  % 713,044  3.5  %
Asset-backed 1,042,429  5.0  % 1,068,543  5.0  % 941,178  4.5  % 920,273  4.6  % 888,140  4.4  %
Total fixed maturity investments, at fair value 13,029,085  62.5  % 13,507,131  63.1  % 13,839,248  66.4  % 13,418,389  66.8  % 13,309,234  65.3  %
Short term investments, at fair value 4,685,280  22.5  % 5,298,385  24.7  % 4,667,273  22.4  % 4,392,652  21.9  % 5,091,143  25.0  %
Total consolidated fixed maturity and short term investments, at fair value
 17,714,365  85.0  % 18,805,516  87.8  % 18,506,521  88.8  % 17,811,041  88.7  % 18,400,377  90.3  %
Equity investments trading, at fair value 873,268  4.2  % 546,016  2.5  % 527,839  2.5  % 577,090  2.9  % 503,137  2.5  %
Catastrophe bonds 1,233,023  5.9  % 1,104,034  5.1  % 1,037,640  5.0  % 1,026,397  5.1  % 941,604  4.6  %
Direct private investments 80,213  0.4  % 88,373  0.4  % 84,587  0.4  % 81,344  0.4  % 75,874  0.4  %
Fund investments 784,243  3.8  % 725,802  3.4  % 616,510  3.0  % 477,295  2.4  % 361,578  1.8  %
Term loans 85,000  0.4  % 74,850  0.3  % —  —  % —  —  % —  —  %
Total other investments, at fair value 2,182,479  10.5  % 1,993,059  9.2  % 1,738,737  8.4  % 1,585,036  8.0  % 1,379,056  6.8  %
Total managed investment portfolio 20,770,112  99.7  % 21,344,591  99.5  % 20,773,097  99.7  % 19,973,167  99.6  % 20,282,570  99.6  %
Investments in other ventures, under equity method 81,106  0.3  % 98,068  0.5  % 93,344  0.3  % 91,938  0.4  % 91,362  0.4  %
Total investments $ 20,851,218  100.0  % $ 21,442,659  100.0  % $ 20,866,441  100.0  % $ 20,065,105  100.0  % $ 20,373,932  100.0  %
                 
15
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Investments
Investment Portfolio - Fixed Maturity Investments
Credit Quality of Fixed Maturity Investments March 31, 2022 December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021
AAA $ 1,673,213  12.8  % $ 1,857,331  13.8  % $ 1,825,727  13.2  % $ 1,793,720  13.4  % $ 1,859,370  14.0  %
AA 7,672,599  59.0  % 8,155,048  60.3  % 8,449,810  61.0  % 7,982,119  59.5  % 7,022,443  52.8  %
A 1,295,601  9.9  % 1,114,771  8.3  % 1,063,127  7.7  % 1,060,647  7.9  % 1,504,569  11.3  %
BBB 1,149,953  8.8  % 1,073,103  7.9  % 1,133,307  8.2  % 1,171,756  8.7  % 1,509,280  11.3  %
Non-investment grade and not rated 1,237,719  9.5  % 1,306,878  9.7  % 1,367,277  9.9  % 1,410,147  10.5  % 1,413,572  10.6  %
Total fixed maturity investments, at fair value $ 13,029,085  100.0  % $ 13,507,131  100.0  % $ 13,839,248  100.0  % $ 13,418,389  100.0  % $ 13,309,234  100.0  %
Maturity Profile of Fixed Maturity Investments
Due in less than one year $ 434,040  3.3  % $ 365,418  2.7  % $ 388,647  2.8  % $ 365,154  2.7  % $ 572,443  4.3  %
Due after one through five years 6,147,438  47.2  % 6,297,063  46.6  % 6,540,886  47.3  % 6,191,724  46.1  % 5,569,638  41.9  %
Due after five through ten years 3,650,795  28.0  % 3,877,715  28.7  % 4,003,465  28.9  % 4,060,205  30.3  % 3,786,423  28.4  %
Due after ten years 260,876  2.0  % 308,166  2.3  % 346,146  2.5  % 328,582  2.4  % 549,453  4.1  %
Mortgage-backed securities 1,493,507  11.5  % 1,590,226  11.8  % 1,618,926  11.7  % 1,552,451  11.6  % 1,943,137  14.6  %
Asset-backed securities 1,042,429  8.0  % 1,068,543  7.9  % 941,178  6.8  % 920,273  6.9  % 888,140  6.7  %
Total fixed maturity investments, at fair value $ 13,029,085  100.0  % $ 13,507,131  100.0  % $ 13,839,248  100.0  % $ 13,418,389  100.0  % $ 13,309,234  100.0  %

                 
16
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Investments
Investment Portfolio - Weighted Average Yield to Maturity and Credit Rating
Credit Rating (1)
March 31, 2022 Amortized
Cost		 Fair Value Weighted Average Yield to Maturity AAA AA A BBB Non-
Investment
Grade		 Not Rated
Short term investments $ 4,685,280  $ 4,685,280  0.5  % $ 4,660,983  $ 14,553  $ 8,310  $ 201  $ —  $ 1,233 
  100.0  % 99.5  % 0.3  % 0.2  % —  % —  % —  %
Fixed maturity investments
U.S. treasuries 6,055,874  5,792,746  2.4  % —  5,792,746  —  —  —  — 
Agencies
Fannie Mae and Freddie Mac 14,382  13,700  2.6  % —  13,700  —  —  —  — 
Other agencies 365,783  349,556  2.5  % 55,082  294,474  —  —  —  — 
Total agencies 380,165  363,256  2.5  % 55,082  308,174  —  —  —  — 
Non-U.S. government 502,209  485,193  2.5  % 211,074  201,677  57,983  13,198  1,261  — 
Non-U.S. government-backed corporate 449,831  431,008  2.7  % 164,555  231,336  28,564  2,150  4,403  — 
Corporate 3,563,755  3,420,946  3.9  % 22,287  145,002  1,140,343  1,077,806  1,003,343  32,165 
Mortgage-backed
Residential mortgage-backed
Agency securities 741,536  714,176  3.0  % 1,748  712,428  —  —  —  — 
Non-agency securities 207,014  212,145  3.9  % 41,011  10,144  1,792  6,309  104,323  48,566 
Total residential mortgage-backed 948,550  926,321  3.2  % 42,759  722,572  1,792  6,309  104,323  48,566 
Commercial mortgage-backed 586,780  567,186  3.3  % 451,078  84,833  7,116  15,979  2,374  5,806 
Total mortgage-backed 1,535,330  1,493,507  3.3  % 493,837  807,405  8,908  22,288  106,697  54,372 
Asset-backed
Collateralized loan obligations 953,962  945,401  2.7  % 644,063  182,153  51,512  33,864  23,245  10,564 
Other 99,775  97,028  2.6  % 82,315  4,106  8,291  647  1,669  — 
Total asset-backed 1,053,737  1,042,429  2.7  % 726,378  186,259  59,803  34,511  24,914  10,564 
Total securitized assets 2,589,067  2,535,936  3.0  % 1,220,215  993,664  68,711  56,799  131,611  64,936 
Total fixed maturity investments 13,540,901  13,029,085  2.9  % 1,673,213  7,672,599  1,295,601  1,149,953  1,140,618  97,101 
  100.0  % 12.8  % 59.0  % 9.9  % 8.8  % 8.8  % 0.7  %
Total consolidated fixed maturity and short term investments, at fair value
 $ 18,226,181  $ 17,714,365  2.3  % $ 6,334,196  $ 7,687,152  $ 1,303,911  $ 1,150,154  $ 1,140,618  $ 98,334 
100.0  % 35.8  % 43.3  % 7.4  % 6.5  % 6.4  % 0.6  %
(1) The credit ratings included in this table are those assigned by Standard & Poor’s Corporation (“S&P”). When ratings provided by S&P were not available, ratings from other nationally recognized rating agencies were used. The Company has grouped short term investments with an A-1+ and A-1 short term issue credit rating as AAA, short term investments with an A-2 short term issue credit rating as AA and short term investments with an A-3 short term issue credit rating as A.
                 
17
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Other Items
Earnings per Share
Three months ended
(common shares in thousands) March 31,
2022		 December 31,
2021		 September 30,
2021		 June 30,
2021		 March 31,
2021
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders $ (394,413) $ 210,917  $ (450,222) $ 456,818  $ (290,934)
Amount allocated to participating common shareholders (1)
(235) (3,022) (229) (5,809) (129)
Net income (loss) allocated to RenaissanceRe common shareholders $ (394,648) $ 207,895  $ (450,451) $ 451,009  $ (291,063)
Denominator:
Denominator for basic income (loss) per RenaissanceRe common share -
Weighted average common shares 43,357  44,722  46,223  48,163  49,579 
Per common share equivalents of non-vested shares —  26  —  63  — 
Denominator for diluted income (loss) per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions 43,357  44,748  46,223  48,226  49,579 
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic $ (9.10) $ 4.65  $ (9.75) $ 9.36  $ (5.87)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted $ (9.10) $ 4.65  $ (9.75) $ 9.35  $ (5.87)
(1)Represents earnings and dividends attributable to holders of unvested shares issued pursuant to the Company's stock compensation plans.
                 
18
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Comments on Regulation G
In addition to the GAAP financial measures set forth in this Financial Supplement, the Company has included certain non-GAAP financial measures within the meaning of Regulation G. The Company has consistently provided these financial measures in previous investor communications and the Company's management believes that these measures are important to investors and other interested persons, and that investors and such other persons benefit from having a consistent basis for comparison between quarters and for comparison with other companies within the industry. These measures may not, however, be comparable to similarly titled measures used by companies outside of the insurance industry. Investors are cautioned not to place undue reliance on these non-GAAP measures in assessing the Company's overall financial performance.
Operating Income (Loss) Available (Attributable) to RenaissanceRe Common Shareholders and Operating Return on Average Common Equity - Annualized
The Company uses “operating income (loss) available (attributable) to RenaissanceRe common shareholders” as a measure to evaluate the underlying fundamentals of its operations and believes it to be a useful measure of its corporate performance. “Operating income (loss) available (attributable) to RenaissanceRe common shareholders” as used herein differs from “net income (loss) available (attributable) to RenaissanceRe common shareholders,” which the Company believes is the most directly comparable GAAP measure, by the exclusion of net realized and unrealized gains and losses on investments, excluding other investments - catastrophe bonds, net foreign exchange gains and losses, corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK, the income tax expense or benefit associated with these adjustments and the portion of these adjustments attributable to the Company's redeemable noncontrolling interests. The Company's management believes that “operating income (loss) available (attributable) to RenaissanceRe common shareholders” is useful to investors because it more accurately measures and predicts the Company's results of operations by removing the variability arising from: fluctuations in the fair value of the Company's fixed maturity investment portfolio, equity investments trading, other investments (excluding catastrophe bonds) and investments-related derivatives; fluctuations in foreign exchange rates; corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK; the associated income tax expense or benefit of these adjustments; and the portion of these adjustments attributable to the Company's redeemable noncontrolling interests. The Company also uses “operating income (loss) available (attributable) to RenaissanceRe common shareholders” to calculate “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized.” The following table is a reconciliation of: (1) net income (loss) available (attributable) to RenaissanceRe common shareholders to “operating income (loss) available (attributable) to RenaissanceRe common shareholders”; (2) net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted to “operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted”; and (3) return on average common equity - annualized to “operating return on average common equity - annualized.” Comparative information for all prior periods has been updated to conform to the current methodology and presentation.



                 
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Comments on Regulation G
Three months ended
March 31,
2022		 December 31,
2021		 September 30,
2021		 June 30,
2021		 March 31,
2021
Net income (loss) available (attributable) to RenaissanceRe common shareholders $ (394,413) $ 210,917  $ (450,222) $ 456,818  $ (290,934)
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds 664,756  11,560  36,077  (191,016) 326,480 
Adjustment for net foreign exchange losses (gains) 15,486  16,697  4,755  (3,234) 22,788 
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK —  —  —  —  135 
Adjustment for income tax expense (benefit) (1)
(41,874) (3,628) 286  11,786  (19,965)
Adjustment for net (loss) income attributable to redeemable noncontrolling interests (2)
(92,010) (21,854) (5,434) 3,696  (34,109)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders $ 151,945  $ 213,692  $ (414,538) $ 278,050  $ 4,395 
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted $ (9.10) $ 4.65  $ (9.75) $ 9.35  $ (5.87)
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds 15.33  0.26  0.78  (3.96) 6.59 
Adjustment for net foreign exchange losses (gains) 0.36  0.37  0.10  (0.07) 0.46 
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK —  —  —  —  — 
Adjustment for income tax expense (benefit) (1)
(0.97) (0.08) 0.01  0.24  (0.40)
Adjustment for net (loss) income attributable to redeemable noncontrolling interests (2)
(2.12) (0.49) (0.12) 0.08  (0.69)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted $ 3.50  $ 4.71  $ (8.98) $ 5.64  $ 0.09 
Return on average common equity - annualized (28.1) % 14.2  % (28.4) % 27.6  % (17.1) %
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds 47.3  % 0.8  % 2.3  % (11.5) % 19.2  %
Adjustment for net foreign exchange losses (gains) 1.1  % 1.1  % 0.3  % (0.2) % 1.4  %
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK —  % —  % —  % —  % —  %
Adjustment for income tax expense (benefit) (1)
(3.0) % (0.2) % —  % 0.7  % (1.2) %
Adjustment for net (loss) income attributable to redeemable noncontrolling interests (2)
(6.5) % (1.5) % (0.3) % 0.2  % (2.0) %
Operating return on average common equity - annualized 10.8  % 14.4  % (26.1) % 16.8  % 0.3  %
(1)Represents the income tax (expense) benefit associated with the adjustments to net income (loss) available (attributable) to RenaissanceRe common shareholders. The income tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors.
(2)Represents the portion of these adjustments that are attributable to the Company's redeemable noncontrolling interests, including the income tax impact of those adjustments.
                 
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Comments on Regulation G

Tangible Book Value Per Common Share and Tangible Book Value Per Common Share Plus Accumulated Dividends
The Company has included in this Financial Supplement “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.” “Tangible book value per common share” is defined as book value per common share excluding goodwill and intangible assets per share. “Tangible book value per common share plus accumulated dividends” is defined as book value per common share excluding goodwill and intangible assets per share, plus accumulated dividends. The Company's management believes “tangible book value per common share” and “tangible book value per common share plus accumulated dividends” are useful to investors because they provide a more accurate measure of the realizable value of shareholder returns, excluding the impact of goodwill and intangible assets. The following table is a reconciliation of book value per common share to “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.”
March 31,
2022		 December 31,
2021		 September 30,
2021		 June 30,
2021		 March 31,
2021
Book value per common share
 $ 121.44  $ 132.17  $ 128.91  $ 139.35  $ 131.15 
Adjustment for goodwill and other intangibles (1)
(5.89) (5.90) (5.67) (5.60) (5.42)
Tangible book value per common share
 115.55  126.27  123.24  133.75  125.73 
Adjustment for accumulated dividends
 23.89  23.52  23.16  22.80  22.44 
Tangible book value per common share plus accumulated dividends
 $ 139.44  $ 149.79  $ 146.40  $ 156.55  $ 148.17 
Quarterly change in book value per common share
 (8.1) % 2.5  % (7.5) % 6.3  % (5.3) %
Quarterly change in tangible book value per common share plus change in accumulated dividends
 (8.2) % 2.8  % (7.6) % 6.7  % (5.3) %
Year to date change in book value per common share (8.1) % (4.5) % (6.9) % 0.6  % (5.3) %
Year to date change in tangible book value per common share plus change in accumulated dividends
 (8.2) % (4.0) % (6.6) % 1.0  % (5.3) %
(1)At March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021, and March 31, 2021, goodwill and other intangibles included $18.4 million, $18.6 million, $19.0 million, $22.4 million, and $22.7 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.

                 
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Comments on Regulation G
Retained Total Investment Result
The Company has included in this Financial Supplement “retained total investment result.” “Retained total investment result" is defined as consolidated total investment result less the portion attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures. “Retained total investment result” differs from consolidated total investment result, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of the investment result attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures. The Company's management believes “retained total investment result” is useful to investors and other interested parties because it provides a measure of the portion of the Company's investment result, that impacts the investment result included in net income (loss) available (attributable) to RenaissanceRe common shareholders. The following table is a reconciliation of consolidated total investment result to “retained total investment result.”
Three months ended
March 31,
2022		 December 31,
2021		 September 30,
2021		 June 30,
2021		 March 31,
2021
Net investment income
 $ 83,691  $ 80,483  $ 78,267  $ 80,925  $ 79,804 
Adjustment for net investment income attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures
 (21,015) (18,553) (18,162) (17,943) (17,206)
Retained net investment income
 62,676  61,930  60,105  62,982  62,598 
Net realized and unrealized gains (losses) on investments (673,017) (21,518) (42,071) 191,018  (345,563)
Adjustment for net realized and unrealized losses (gains) on investments attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures 88,393  23,171  4,096  (3,627) 26,875 
Retained net realized and unrealized gains (losses) on investments (584,624) 1,653  (37,975) 187,391  (318,688)
Total investment result
 (589,326) 58,965  36,196  271,943  (265,759)
Adjustment for investment result attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures
 67,378  4,618  (14,066) (21,570) 9,669 
Retained total investment result
 $ (521,948) $ 63,583  $ 22,130  $ 250,373  $ (256,090)


                 
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Comments on Regulation G
Retained Fixed Maturity and Short Term Investments, at Fair Value
The Company has included in this Financial Supplement “retained fixed maturity and short term investments, at fair value.” “Retained fixed maturity and short term investments, at fair value” is defined as total consolidated fixed maturity and short term investments, at fair value, less the portion of fixed maturity and short term investments, at fair value attributable to redeemable noncontrolling interests, certain third party vehicles and joint ventures. “Retained fixed maturity and short term investments, at fair value” differs from total consolidated fixed maturity and short term investments, at fair value, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of fixed maturity and short term investments, at fair value, attributable to redeemable noncontrolling interests, certain third party vehicles and joint ventures. The Company's management believes “retained fixed maturity and short term investments, at fair value” is useful to investors and other interested parties because it provides a measure of the portion of the Company's fixed maturity and short term investments, at fair value, that impacts the investment result included in net income (loss) available (attributable) to RenaissanceRe common shareholders. The following table is a reconciliation of total consolidated fixed maturity and short term investments, at fair value, to “retained fixed maturity and short term investments, at fair value.”
March 31,
2022		 December 31,
2021		 September 30,
2021		 June 30,
2021		 March 31,
2021
Fixed maturity investments, at fair value $ 13,029,085  $ 13,507,131  $ 13,839,248  $ 13,418,389  $ 13,309,234 
Short term investments, at fair value 4,685,280  5,298,385  4,667,273  4,392,652  5,091,143 
Total consolidated fixed maturity and short term investments, at fair value
 $ 17,714,365  $ 18,805,516  $ 18,506,521  $ 17,811,041  $ 18,400,377 
Adjustment for fixed maturity and short term investments attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures
 (5,626,564) (5,937,956) (5,473,846) (5,242,017) (5,664,377)
Retained fixed maturity and short term investments, at fair value
 $ 12,087,801  $ 12,867,560  $ 13,032,675  $ 12,569,024  $ 12,736,000 

                 
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