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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.Consolidated and Segment Underwriting Results - Five Quarter Trend
c.Property Segment - Catastrophe and Other Property Underwriting Results
d.Gross Premiums Written
e.Net Premiums Written
f.Net Premiums Earned
g.Reserves for Claims and Claim Expenses
h.Paid to Incurred Analysis
Managed Joint Ventures and Fee Income
a.Fee Income
b.Fee income - Five Quarter Trend
c.Noncontrolling Interests
d.DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations
Investments
a.Total Investment Result
b.Investments Composition
c.Managed Investments - Credit Rating
d.Retained Investments - 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 that specializes in matching well-structured risks with efficient sources of capital. 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 total investment result,” “retained investments, at fair value,” “retained investments, unrealized gain (loss)” and “operating (income) loss attributable to redeemable noncontrolling interests.” 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 28 through 35 for “Comments on Regulation G.”
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.

Cautionary Statement Regarding Forward-Looking Statements
Any forward-looking statements made in this Financial Supplement reflect RenaissanceRe’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are subject to numerous factors that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements, including the following: the Company’s exposure to natural and non-natural catastrophic events and circumstances and the variance it may cause in the Company’s financial results; the effect of climate change on the Company’s business, including the trend towards increasingly frequent and severe climate events; the effectiveness of the Company’s claims and claim expense reserving process; the effect of emerging claims and coverage issues; the historically cyclical nature of the (re)insurance industries; collection on claimed retrocessional coverage, and new retrocessional reinsurance being available on acceptable terms; the ability of the Company’s ceding companies and delegated authority counterparties to accurately assess the risks they underwrite; the Company’s ability to maintain its financial strength ratings; the performance of the
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Company’s investment portfolio and financial market volatility; the effects of inflation; the highly competitive nature of the Company’s industry, resulting in consolidation of competitors, customers and (re)insurance brokers, and the Company’s reliance on a small and decreasing number of brokers; the impact of large non-recurring contracts and reinstatement premiums on the Company’s financial results; the Company’s ability to attract and retain key executives and employees; the effect of cybersecurity risks, including technology breaches or failure; the Company’s ability to successfully implement its business strategies and initiatives, and the success of any of the Company’s strategic investments or acquisitions, including its ability to manage its operations as its product and geographical diversity increases; the Company’s exposure to credit loss from counterparties; the Company’s need to make many estimates and judgments in the preparation of its financial statements; the Company’s ability to effectively manage capital on behalf of investors in joint ventures or other entities it manages; changes to the accounting rules and regulatory systems applicable to the Company’s business, including changes in Bermuda laws or regulations or as a result of increased global regulation of the insurance and reinsurance industries; other political, regulatory or industry initiatives adversely impacting the Company; the Company’s ability to comply with covenants in its debt agreements; a contention by the U.S. Internal Revenue Service that any of the Company’s Bermuda subsidiaries are subject to taxation in the U.S.; the effects of possible future tax reform legislation and regulations, including changes to the tax treatment of the Company’s shareholders or investors in its joint ventures or other entities it manages; the Company’s ability to determine any impairments taken on its investments; the uncertainty of the continuing and future impact of the COVID-19 pandemic, including measures taken in response thereto and the effect of legislative, regulatory and judicial influences on the Company’s potential reinsurance, insurance and investment exposures, or other effects that it may have; foreign currency exchange rate fluctuations; the Company’s ability to raise capital if necessary; the Company’s ability to comply with applicable sanctions and foreign corrupt practices laws; the Company’s dependence on the ability of its operating subsidiaries to declare and pay dividends; aspects of the Company’s corporate structure that may discourage third-party takeovers and other transactions; difficulties investors may have in serving process or enforcing judgments against the Company in the U.S.; and other factors affecting future results disclosed in RenaissanceRe’s filings with the SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.
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RenaissanceRe Holdings Ltd.
Financial Highlights
Three months endedNine months ended
September 30,
2022
September 30,
2021
September 30,
2022
September 30,
2021
Net income (loss) available (attributable) to RenaissanceRe common shareholders$(825,344)$(450,222)$(1,544,670)$(284,338)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1)
$(396,674)$(414,538)$(6,597)$(132,093)
Underwriting income
Gross premiums written$2,220,661 $1,774,180 $7,628,264 $6,520,780 
Net premiums written1,821,711 1,486,440 5,850,544 4,822,815 
Underwriting income (loss) (683,114)(678,825)(166,450)(385,609)
Net claims and claim expense ratio:
Current accident year113.2 %129.2 %76.6 %88.1 %
Prior accident years(1.8)%(9.8)%(1.9)%(5.4)%
Calendar year111.4 %119.4 %74.7 %82.7 %
Acquisition expense ratio23.6 %21.8 %24.5 %22.9 %
Operating expense ratio3.7 %3.9 %4.4 %4.5 %
 Combined ratio138.7 %145.1 %103.6 %110.0 %
Fee income
Management fee income$24,989 $23,854 $82,918 $84,348 
Performance fee income739 4,481 5,414 14,133 
Total fee income$25,728 $28,335 $88,332 $98,481 
Investment results - managed
Net investment income$157,793 $78,267 $348,695 $238,996 
Net realized and unrealized gains (losses) on investments(641,500)(42,071)(1,968,624)(196,616)
Total investment result$(483,707)$36,196 $(1,619,929)$42,380 
Total investment return - annualized(8.9)%0.7 %(10.1)%0.3 %
Investment results - retained (1)
Net investment income$110,105 $60,105 $247,763 $185,685 
Net realized and unrealized gains (losses) on investments(453,242)(37,975)(1,613,936)(169,272)
Total investment result$(343,137)$22,130 $(1,366,173)$16,413 
Total investment return - annualized(9.6)%0.6 %(12.7)%0.2 %
(1)    See “Comments on Regulation G” for a reconciliation of non-GAAP financial measures.
                 
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Financial Highlights - Per Share Data & ROE
Three months endedNine months ended
September 30,
2022
September 30,
2021
September 30,
2022
September 30,
2021
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic$(19.27)$(9.75)$(35.84)$(5.94)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted$(19.27)$(9.75)$(35.84)$(5.94)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)
$(9.27)$(8.98)$(0.16)$(2.77)
Average shares outstanding - basic42,837 46,223 43,121 47,988 
Average shares outstanding - diluted42,837 46,223 43,121 47,988 
Return on average common equity - annualized(72.4)%(28.4)%(40.5)%(5.8)%
Operating return on average common equity - annualized (1)
(34.8)%(26.1)%(0.2)%(2.7)%
September 30,
2022
December 31,
2021
Book value per common share$94.55 $132.17 
Tangible book value per common share (1)
$88.66 $126.27 
Tangible book value per common share plus accumulated dividends (1)
$113.29 $149.79 
Year to date change in tangible book value per common share plus change in accumulated dividends (1)
(28.9)%(4.0)%
(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 endedNine months ended
September 30,
2022
September 30,
2021
September 30,
2022
September 30,
2021
Revenues
Gross premiums written$2,220,661 $1,774,180 $7,628,264 $6,520,780 
Net premiums written$1,821,711 $1,486,440 $5,850,544 $4,822,815 
Decrease (increase) in unearned premiums(54,690)19,825 (1,140,715)(969,924)
Net premiums earned1,767,021 1,506,265 4,709,829 3,852,891 
Net investment income157,793 78,267 348,695 238,996 
Net foreign exchange gains (losses) (1,383)(4,755)(67,690)(24,309)
Equity in earnings (losses) of other ventures1,739 5,305 2,732 8,479 
Other income (loss) 2,834 1,692 4,950 4,449 
Net realized and unrealized gains (losses) on investments(641,500)(42,071)(1,968,624)(196,616)
Total revenues1,286,504 1,544,703 3,029,892 3,883,890 
Expenses
Net claims and claim expenses incurred1,967,931 1,798,045 3,515,903 3,185,117 
Acquisition expenses417,644 328,048 1,155,389 880,872 
Operational expenses64,560 58,997 204,987 172,511 
Corporate expenses10,384 10,196 35,238 30,726 
Interest expense12,101 11,919 35,951 35,664 
Total expenses2,472,620 2,207,205 4,947,468 4,304,890 
Income (loss) before taxes(1,186,116)(662,502)(1,917,576)(421,000)
Income tax benefit (expense)(2,814)23,630 64,427 29,284 
Net income (loss) (1,188,930)(638,872)(1,853,149)(391,716)
Net (income) loss attributable to redeemable noncontrolling interests372,429 198,495 335,010 131,801 
Net income (loss) attributable to RenaissanceRe(816,501)(440,377)(1,518,139)(259,915)
Dividends on preference shares(8,843)(9,845)(26,531)(24,423)
Net income (loss) available (attributable) to RenaissanceRe common shareholders$(825,344)$(450,222)$(1,544,670)$(284,338)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic$(19.27)$(9.75)$(35.84)$(5.94)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted$(19.27)$(9.75)$(35.84)$(5.94)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)
$(9.27)$(8.98)$(0.16)$(2.77)
Return on average common equity - annualized
(72.4)%(28.4)%(40.5)%(5.8)%
Operating return on average common equity - annualized (1)
(34.8)%(26.1)%(0.2)%(2.7)%
                 
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Summary Consolidated Financial Statements
Consolidated Balance Sheets
September 30,
2022
December 31,
2021
Assets
Fixed maturity investments trading, at fair value – amortized cost $13,555,195 at September 30, 2022 (December 31, 2021 – $13,552,579)
$12,671,098 $13,507,131 
Short term investments, at fair value4,935,960 5,298,385 
Equity investments trading, at fair value950,393 546,016 
Other investments, at fair value2,263,164 1,993,059 
Investments in other ventures, under equity method72,535 98,068 
Total investments20,893,150 21,442,659 
Cash and cash equivalents1,204,241 1,859,019 
Premiums receivable5,479,305 3,781,542 
Prepaid reinsurance premiums1,233,551 854,722 
Reinsurance recoverable4,969,244 4,268,669 
Accrued investment income84,508 55,740 
Deferred acquisition costs and value of business acquired1,181,156 849,160 
Receivable for investments sold298,346 380,442 
Other assets353,147 224,053 
Goodwill and other intangibles239,187 243,496 
Total assets$35,935,835 $33,959,502 
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses$15,662,955 $13,294,630 
Unearned premiums5,046,150 3,531,213 
Debt1,169,917 1,168,353 
Reinsurance balances payable4,158,610 3,860,963 
Payable for investments purchased589,886 1,170,568 
Other liabilities251,485 755,441 
Total liabilities26,879,003 23,781,168 
Redeemable noncontrolling interests4,174,960 3,554,053 
Shareholders' Equity
Preference shares: $1.00 par value – 30,000 shares issued and outstanding at September 30, 2022 (December 31, 2021 – 30,000)
750,000 750,000 
Common shares: $1.00 par value – 43,701,890 shares issued and outstanding at September 30, 2022 (December 31, 2021 – 44,444,831)
43,702 44,445 
Additional paid-in capital465,565 608,121 
Accumulated other comprehensive loss(16,773)(10,909)
Retained earnings3,639,378 5,232,624 
Total shareholders' equity attributable to RenaissanceRe4,881,872 6,624,281 
Total liabilities, noncontrolling interests and shareholders' equity$35,935,835 $33,959,502 
Book value per common share$94.55 $132.17 
                 
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Underwriting and Reserves
Consolidated Segment Underwriting Results
Three months ended September 30, 2022Three months ended September 30, 2021
PropertyCasualty and SpecialtyTotalPropertyCasualty and SpecialtyTotal
Gross premiums written$800,330 $1,420,331 $2,220,661 $773,692 $1,000,488 $1,774,180 
Net premiums written$696,520 $1,125,191 $1,821,711 $681,095 $805,345 $1,486,440 
Net premiums earned$839,817 $927,204 $1,767,021 $816,376 $689,889 $1,506,265 
Net claims and claim expenses incurred1,372,583 595,348 1,967,931 1,323,678 474,367 1,798,045 
Acquisition expenses141,675 275,969 417,644 134,179 193,869 328,048 
Operational expenses48,158 16,402 64,560 40,448 18,549 58,997 
Underwriting income (loss) $(722,599)$39,485 $(683,114)$(681,929)$3,104 $(678,825)
Net claims and claim expenses incurred:
Current accident year$1,396,842 $602,995 $1,999,837 $1,469,613 $476,082 $1,945,695 
Prior accident years(24,259)(7,647)(31,906)(145,935)(1,715)(147,650)
Total$1,372,583 $595,348 $1,967,931 $1,323,678 $474,367 $1,798,045 
Net claims and claim expense ratio:
Current accident year166.3 %65.0 %113.2 %180.0 %69.0 %129.2 %
Prior accident years(2.9)%(0.8)%(1.8)%(17.9)%(0.2)%(9.8)%
Calendar year163.4 %64.2 %111.4 %162.1 %68.8 %119.4 %
Acquisition expense ratio16.9 %29.7 %23.6 %16.4 %28.1 %21.8 %
Operating expense ratio5.7 %1.8 %3.7 %5.0 %2.7 %3.9 %
Combined ratio186.0 %95.7 %138.7 %183.5 %99.6 %145.1 %

                 
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Underwriting and Reserves
Consolidated Segment Underwriting Results
Nine months ended September 30, 2022Nine months ended September 30, 2021
PropertyCasualty and SpecialtyTotalPropertyCasualty and SpecialtyTotal
Gross premiums written$3,362,159 $4,266,105 $7,628,264 $3,574,067 $2,946,713 $6,520,780 
Net premiums written$2,474,661 $3,375,883 $5,850,544 $2,492,890 $2,329,925 $4,822,815 
Net premiums earned$2,081,989 $2,627,840 $4,709,829 $1,981,939 $1,870,952 $3,852,891 
Net claims and claim expenses incurred1,804,268 1,711,635 3,515,903 1,919,660 1,265,457 3,185,117 
Acquisition expenses406,338 749,051 1,155,389 356,171 524,701 880,872 
Operational expenses144,717 60,270 204,987 114,710 57,801 172,511 
Underwriting income (loss)$(273,334)$106,884 $(166,450)$(408,602)$22,993 $(385,609)
Net claims and claim expenses incurred:
Current accident year$1,880,337 $1,728,262 $3,608,599 $2,121,740 $1,272,088 $3,393,828 
Prior accident years(76,069)(16,627)(92,696)(202,080)(6,631)(208,711)
Total$1,804,268 $1,711,635 $3,515,903 $1,919,660 $1,265,457 $3,185,117 
Net claims and claim expense ratio:
Current accident year90.3 %65.8 %76.6 %107.1 %68.0 %88.1 %
Prior accident years(3.6)%(0.7)%(1.9)%(10.2)%(0.4)%(5.4)%
Calendar year86.7 %65.1 %74.7 %96.9 %67.6 %82.7 %
Acquisition expense ratio19.4 %28.5 %24.5 %17.9 %28.0 %22.9 %
Operating expense ratio7.0 %2.3 %4.4 %5.8 %3.1 %4.5 %
Combined ratio113.1 %95.9 %103.6 %120.6 %98.8 %110.0 %

                 
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Underwriting and Reserves
Consolidated Underwriting Results - Five Quarter Trend
Total
September 30,
2022
June 30,
2022
March 31,
2022
December 31,
2021
September 30,
2021
Gross premiums written$2,220,661 $2,464,639 $2,942,964 $1,313,018 $1,774,180 
Net premiums written$1,821,711 $1,863,616 $2,165,217 $1,116,560 $1,486,440 
Net premiums earned$1,767,021 $1,456,383 $1,486,425 $1,341,290 $1,506,265 
Net claims and claim expenses incurred1,967,931 706,239 841,733 690,970 1,798,045 
Acquisition expenses417,644 361,238 376,507 333,986 328,048 
Operational expenses64,560 72,520 67,907 39,673 58,997 
Underwriting income (loss)$(683,114)$316,386 $200,278 $276,661 $(678,825)
Net claims and claim expenses incurred:
Current accident year$1,999,837 $749,196 $859,566 $731,729 $1,945,695 
Prior accident years(31,906)(42,957)(17,833)(40,759)(147,650)
Total$1,967,931 $706,239 $841,733 $690,970 $1,798,045 
Net claims and claim expense ratio:
Current accident year113.2 %51.4 %57.8 %54.6 %129.2 %
Prior accident years(1.8)%(2.9)%(1.2)%(3.1)%(9.8)%
Calendar year111.4 %48.5 %56.6 %51.5 %119.4 %
Acquisition expense ratio23.6 %24.8 %25.3 %24.9 %21.8 %
Operating expense ratio3.7 %5.0 %4.6 %3.0 %3.9 %
Combined ratio138.7 %78.3 %86.5 %79.4 %145.1 %















                 
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Underwriting and Reserves
Property Underwriting Results - Five Quarter Trend
Property
September 30,
2022
June 30,
2022
March 31,
2022
December 31,
2021
September 30,
2021
Gross premiums written$800,330 $1,218,321 $1,343,508 $384,657 $773,692 
Net premiums written$696,520 $887,975 $890,166 $375,112 $681,095 
Net premiums earned$839,817 $623,581 $618,591 $626,359 $816,376 
Net claims and claim expenses incurred1,372,583 171,924 259,761 243,356 1,323,678 
Acquisition expenses141,675 137,567 127,096 131,007 134,179 
Operational expenses48,158 49,627 46,932 28,898 40,448 
Underwriting income (loss) $(722,599)$264,463 $184,802 $223,098 $(681,929)
Net claims and claim expenses incurred:
Current accident year$1,396,842 $206,976 $276,519 $274,649 $1,469,613 
Prior accident years(24,259)(35,052)(16,758)(31,293)(145,935)
Total$1,372,583 $171,924 $259,761 $243,356 $1,323,678 
Net claims and claim expense ratio:
Current accident year166.3 %33.2 %44.7 %43.8 %180.0 %
Prior accident years(2.9)%(5.6)%(2.7)%(4.9)%(17.9)%
Calendar year163.4 %27.6 %42.0 %38.9 %162.1 %
Acquisition expense ratio16.9 %22.0 %20.5 %20.9 %16.4 %
Operating expense ratio5.7 %8.0 %7.6 %4.6 %5.0 %
Combined ratio186.0 %57.6 %70.1 %64.4 %183.5 %

                 
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Underwriting and Reserves
Casualty and Specialty Underwriting Results - Five Quarter Trend
Casualty and Specialty
September 30,
2022
June 30,
2022
March 31,
2022
December 31,
2021
September 30,
2021
Gross premiums written$1,420,331 $1,246,318 $1,599,456 $928,361 $1,000,488 
Net premiums written$1,125,191 $975,641 $1,275,051 $741,448 $805,345 
Net premiums earned$927,204 $832,802 $867,834 $714,931 $689,889 
Net claims and claim expenses incurred595,348 534,315 581,972 447,614 474,367 
Acquisition expenses275,969 223,671 249,411 202,979 193,869 
Operational expenses16,402 22,893 20,975 10,775 18,549 
Underwriting income (loss)$39,485 $51,923 $15,476 $53,563 $3,104 
Net claims and claim expenses incurred:
Current accident year$602,995 $542,220 $583,047 $457,080 $476,082 
Prior accident years(7,647)(7,905)(1,075)(9,466)(1,715)
Total$595,348 $534,315 $581,972 $447,614 $474,367 
Net claims and claim expense ratio:
Current accident year65.0 %65.1 %67.2 %63.9 %69.0 %
Prior accident years(0.8)%(0.9)%(0.1)%(1.3)%(0.2)%
Calendar year64.2 %64.2 %67.1 %62.6 %68.8 %
Acquisition expense ratio29.7 %26.9 %28.7 %28.4 %28.1 %
Operating expense ratio1.8 %2.7 %2.4 %1.5 %2.7 %
Combined ratio95.7 %93.8 %98.2 %92.5 %99.6 %










                 
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Underwriting and Reserves
Property Segment - Catastrophe and Other Property Underwriting Results
Three months ended September 30, 2022Three months ended September 30, 2021
CatastropheOther PropertyTotalCatastropheOther PropertyTotal
Gross premiums written$391,347 $408,983 $800,330 $335,493 $438,199 $773,692 
Net premiums written$324,265 $372,255 $696,520 $254,032 $427,063 $681,095 
Net premiums earned$506,749 $333,068 $839,817 $446,508 $369,868 $816,376 
Net claims and claim expenses incurred828,628 543,955 1,372,583 927,399 396,279 1,323,678 
Acquisition expenses37,666 104,009 141,675 28,114 106,065 134,179 
Operational expenses39,078 9,080 48,158 33,200 7,248 40,448 
Underwriting income (loss)$(398,623)$(323,976)$(722,599)$(542,205)$(139,724)$(681,929)
Net claims and claim expenses incurred:
Current accident year$865,112 $531,730 $1,396,842 $1,053,963 $415,650 $1,469,613 
Prior accident years(36,484)12,225 (24,259)(126,564)(19,371)(145,935)
Total$828,628 $543,955 $1,372,583 $927,399 $396,279 $1,323,678 
Net claims and claim expense ratio:
Current accident year170.7 %159.6 %166.3 %236.0 %112.4 %180.0 %
Prior accident years(7.2)%3.7 %(2.9)%(28.3)%(5.3)%(17.9)%
Calendar year163.5 %163.3 %163.4 %207.7 %107.1 %162.1 %
Acquisition expense ratio7.5 %31.3 %16.9 %6.3 %28.7 %16.4 %
Operating expense ratio7.7 %2.7 %5.7 %7.4 %2.0 %5.0 %
Combined ratio178.7 %197.3 %186.0 %221.4 %137.8 %183.5 %
                 
10
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Underwriting and Reserves
Property Segment - Catastrophe and Other Property Underwriting Results
Nine months ended September 30, 2022Nine months ended September 30, 2021
CatastropheOther PropertyTotalCatastropheOther PropertyTotal
Gross premiums written$2,080,771 $1,281,388 $3,362,159 $2,227,941 $1,346,126 $3,574,067 
Net premiums written$1,424,556 $1,050,105 $2,474,661 $1,317,424 $1,175,466 $2,492,890 
Net premiums earned$1,065,516 $1,016,473 $2,081,989 $1,059,797 $922,142 $1,981,939 
Net claims and claim expenses incurred900,135 904,133 1,804,268 1,227,342 692,318 1,919,660 
Acquisition expenses110,108 296,230 406,338 101,595 254,576 356,171 
Operational expenses117,612 27,105 144,717 92,176 22,534 114,710 
Underwriting income (loss)$(62,339)$(210,995)$(273,334)$(361,316)$(47,286)$(408,602)
Net claims and claim expenses incurred:
Current accident year$997,230 $883,107 $1,880,337 $1,409,011 $712,729 $2,121,740 
Prior accident years(97,095)21,026 (76,069)(181,669)(20,411)(202,080)
Total$900,135 $904,133 $1,804,268 $1,227,342 $692,318 $1,919,660 
Net claims and claim expense ratio:
Current accident year93.6 %86.9 %90.3 %133.0 %77.3 %107.1 %
Prior accident years(9.1)%2.0 %(3.6)%(17.2)%(2.2)%(10.2)%
Calendar year84.5 %88.9 %86.7 %115.8 %75.1 %96.9 %
Acquisition expense ratio10.4 %29.2 %19.4 %9.6 %27.6 %17.9 %
Operating expense ratio11.0 %2.7 %7.0 %8.7 %2.4 %5.8 %
Combined ratio105.9 %120.8 %113.1 %134.1 %105.1 %120.6 %
                 
11
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Underwriting and Reserves
Gross Premiums Written
Three months endedNine months ended
September 30,
2022
September 30,
2021
September 30,
2022
September 30,
2021
Property Segment
Catastrophe$162,960 $106,850 $1,829,509 $1,899,907 
Catastrophe - gross reinstatement premiums228,387 228,643 251,262 328,034 
Total catastrophe gross premiums written$391,347 $335,493 $2,080,771 $2,227,941 
Other property406,003 427,492 1,274,450 1,334,416 
Other property - gross reinstatement premiums2,980 10,707 6,938 11,710 
Total other property gross premiums written$408,983 $438,199 $1,281,388 $1,346,126 
Property segment gross premiums written$800,330 $773,692 $3,362,159 $3,574,067 
Casualty and Specialty Segment
General casualty (1)
$397,818 $346,754 $1,200,693 $976,610 
Professional liability (2)
380,125 329,848 1,378,645 950,607 
Financial lines (3)
365,863 128,586 844,447 359,147 
Other (4)
276,525 195,300 842,320 660,349 
Casualty and Specialty segment gross premiums written$1,420,331 $1,000,488 $4,266,105 $2,946,713 
(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.
                 
12
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Underwriting and Reserves
Net Premiums Written
Three months endedNine months ended
September 30,
2022
September 30,
2021
September 30,
2022
September 30,
2021
Property Segment
Catastrophe$120,834 $57,660 $1,198,957 $1,028,352 
Catastrophe - net reinstatement premiums203,431 196,371 225,599 289,071 
Total catastrophe net premiums written$324,265 $254,031 $1,424,556 $1,317,423 
Other property401,440 421,790 1,075,562 1,169,624 
Other property - net reinstatement premiums(29,185)5,273 (25,457)5,842 
Total other property net premiums written$372,255 $427,063 $1,050,105 $1,175,466 
Property segment net premiums written$696,520 $681,094 $2,474,661 $2,492,889 
Casualty and Specialty Segment
General casualty (1)
$330,005 $292,026 $1,002,357 $811,566 
Professional liability (2)
298,977 255,405 1,086,205 738,419 
Financial lines (3)
260,189 90,371 593,315 247,145 
Other (4)
236,020 167,543 694,006 532,795 
Casualty and Specialty segment net premiums written$1,125,191 $805,345 $3,375,883 2,329,925 
(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.
                 
13
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Underwriting and Reserves
Net Premiums Earned
Three months endedNine months ended
September 30,
2022
September 30,
2021
September 30,
2022
September 30,
2021
Property Segment
Catastrophe$303,318 $250,137 $839,917 $770,726 
Catastrophe - net reinstatement premiums203,431 196,371 225,599 289,071 
Total catastrophe net premiums earned$506,749 $446,508 $1,065,516 $1,059,797 
Other property362,253 364,595 1,041,930 916,300 
Other property - net reinstatement premiums(29,185)5,273 (25,457)5,842 
Total other property net premiums earned$333,068 $369,868 $1,016,473 $922,142 
Property segment net premiums earned$839,817 $816,376 $2,081,989 $1,981,939 
Casualty and Specialty Segment
General casualty (1)
$315,064 $236,362 $891,345 $633,245 
Professional liability (2)
283,653 220,324 867,293 582,955 
Financial lines (3)
112,840 69,210 283,330 234,908 
Other (4)
215,647 163,993 585,872 419,844 
Casualty and Specialty segment net premiums earned$927,204 $689,889 $2,627,840 $1,870,952 
(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.




                 
14
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Underwriting and Reserves
Reserves for Claims and Claim Expenses
Case ReservesAdditional Case ReservesIBNRTotal
September 30, 2022
Property$1,835,138 $1,722,667 $4,214,919 $7,772,724 
Casualty and Specialty1,875,979 144,419 5,869,833 7,890,231 
Total$3,711,117 $1,867,086 $10,084,752 $15,662,955 
December 31, 2021
Property$1,555,210 $1,996,760 $2,825,718 $6,377,688 
Casualty and Specialty1,784,334 128,065 5,004,543 6,916,942 
Total$3,339,544 $2,124,825 $7,830,261 $13,294,630 
                 
15
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Underwriting and Reserves
Paid to Incurred Analysis
Three months ended September 30, 2022Three months ended September 30, 2021
GrossRecoveriesNetGrossRecoveriesNet
Reserve for claims and claim expenses, beginning of period$13,442,806 $4,206,459 $9,236,347 $10,944,742 $3,187,638 $7,757,104 
Incurred claims and claim expenses
Current year3,196,128 1,196,291 1,999,837 3,342,005 1,396,310 1,945,695 
Prior years(99,588)(67,682)(31,906)(278,179)(130,529)(147,650)
Total incurred claims and claim expenses3,096,540 1,128,609 1,967,931 3,063,826 1,265,781 1,798,045 
Paid claims and claim expenses
Current year73,028 12,894 60,134 220,568 35,451 185,117 
Prior years655,646 330,648 324,998 515,272 228,203 287,069 
Total paid claims and claim expenses728,674 343,542 385,132 735,840 263,654 472,186 
Foreign exchange (1)
(147,717)(22,282)(125,435)(39,484)2,993 (42,477)
Reserve for claims and claim expenses, end of period$15,662,955 $4,969,244 $10,693,711 $13,233,244 $4,192,758 $9,040,486 
Nine months ended September 30, 2022Nine months ended September 30, 2021
GrossRecoveriesNetGrossRecoveriesNet
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 year5,099,492 1,490,893 3,608,599 5,261,594 1,867,766 3,393,828 
Prior years(186,179)(93,483)(92,696)(281,416)(72,705)(208,711)
Total incurred claims and claim expenses4,913,313 1,397,410 3,515,903 4,980,178 1,795,061 3,185,117 
Paid claims and claim expenses
Current year118,612 17,354 101,258 293,541 43,146 250,395 
Prior years2,077,584 622,607 1,454,977 1,764,951 482,056 1,282,895 
Total paid claims and claim expenses2,196,196 639,961 1,556,235 2,058,492 525,202 1,533,290 
Foreign exchange (1)
(348,792)(56,874)(291,918)(69,580)(3,111)(66,469)
Reserve for claims and claim expenses, end of period$15,662,955 $4,969,244 $10,693,711 $13,233,244 $4,192,758 $9,040,486 
(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.
                 
16
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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”), Fontana Holdings L.P. and its subsidiaries (“Fontana”), and certain entities investing in Langhorne Holdings LLC. Managed funds include RenaissanceRe Upsilon Fund Ltd. ("Upsilon Fund") and RenaissanceRe Medici Fund Ltd. (“Medici”). Structured reinsurance products and other include certain reinsurance contracts which transfer risk to capital.
Three months endedNine months ended
September 30,
2022
September 30,
2021
September 30,
2022
September 30,
2021
Management fee income
Joint ventures $12,271 $8,602 $43,369 $34,471 
Structured reinsurance products and other6,377 8,646 20,250 26,097 
Managed funds 6,341 6,606 19,299 23,780 
Total management fee income24,989 23,854 82,918 84,348 
Performance fee income (loss)
Joint ventures 1,915 2,980 2,849 11,883 
Structured reinsurance products and other(1,360)1,237 2,060 2,525 
Managed funds 184 264 505 (275)
Total performance fee income (loss) (1)
739 4,481 5,414 14,133 
Total fee income$25,728 $28,335 $88,332 $98,481 
(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 endedNine months ended
Fee income contributing to:September 30,
2022
September 30,
2021
September 30,
2022
September 30,
2021
Underwriting income (loss) (1)
$11,366 $19,444 $36,278 $49,213 
Earnings from equity method investments (2)
19 17 69 50 
Redeemable noncontrolling interests (3)
14,343 8,874 51,985 49,218 
Total fee income$25,728 $28,335 $88,332 $98,481 
(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.
                 
17
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Managed Joint Ventures and Fee Income
Fee Income - Five Quarter Trend
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, Top Layer Reinsurance Ltd., Vermeer, Fontana, and certain entities investing in Langhorne Holdings LLC. Managed funds include Upsilon Fund and Medici. Structured reinsurance products and other include certain reinsurance contracts which transfer risk to capital.
Three months ended
September 30,
2022
June 30,
2022
March 31,
2022
December 31,
2021
September 30,
2021
Management fee income
Joint ventures $12,271 $17,703 $13,395 $8,603 $8,602 
Structured reinsurance products and other6,377 6,649 7,224 8,542 8,646 
Managed funds 6,341 6,355 6,603 7,578 6,606 
Total management fee income24,989 30,707 27,222 24,723 23,854 
Performance fee income (loss)
Joint ventures 1,915 1,037 (103)2,352 2,980 
Structured reinsurance products and other(1,360)2,486 934 2,392 1,237 
Managed funds 184 25 296 555 264 
Total performance fee income (loss) (1)
739 3,548 1,127 5,299 4,481 
Total fee income$25,728 $34,255 $28,349 $30,022 $28,335 
(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:September 30,
2022
June 30,
2022
March 31,
2022
December 31,
2021
September 30,
2021
Underwriting income (loss) (1)
$11,366 $12,751 $12,161 $18,074 $19,444 
Earnings from equity method investments (2)
19 27 23 — 17 
Redeemable noncontrolling interests (3)
14,343 21,477 16,165 11,948 8,874 
Total fee income$25,728 $34,255 $28,349 $30,022 $28,335 
(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.
                 
18
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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, Vermeer and Fontana (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 endedNine months ended
September 30,
2022
September 30,
2021
September 30,
2022
September 30,
2021
Redeemable noncontrolling interests - DaVinciRe$219,191 $202,362 $185,692 $158,030 
Redeemable noncontrolling interests - Medici107,461 (6,526)139,635 (5,072)
Redeemable noncontrolling interests - Vermeer39,164 2,659 (2,471)(21,157)
Redeemable noncontrolling interests - Fontana6,613 — 12,154 — 
Net (income) loss attributable to redeemable noncontrolling interests (1)
$372,429 $198,495 $335,010 $131,801 
Three months endedNine months ended
September 30,
2022
September 30,
2021
September 30,
2022
September 30,
2021
Operating (income) loss attributable to redeemable noncontrolling interests (2)
$277,939 $193,061 $74,013 $95,954 
Non-operating (income) loss attributable to redeemable noncontrolling interests94,490 5,434 260,997 35,847 
Net (income) loss attributable to redeemable noncontrolling interests (1)
$372,429 $198,495 $335,010 $131,801 
(1)A negative number in the tables 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.
(2)See “Comments on Regulation G” for a reconciliation of non-GAAP financial measures.








                 
19
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Managed Joint Ventures and Fee Income
Noncontrolling Interests

A summary of the Company’s redeemable noncontrolling interests on its consolidated balance sheets is set forth below:
September 30,
2022
December 31,
2021
Redeemable noncontrolling interests - DaVinciRe$1,618,490 $1,499,451 
Redeemable noncontrolling interests - Medici964,687 856,820 
Redeemable noncontrolling interests - Vermeer1,330,253 1,197,782 
Redeemable noncontrolling interests - Fontana261,530 — 
Redeemable noncontrolling interests$4,174,960 $3,554,053 
A summary of the redeemable noncontrolling economic ownership of third parties in the Company’s Consolidated Managed Joint Ventures is set forth below:
September 30,
2022
December 31,
2021
DaVinciRe69.1 %71.3 %
Medici87.0 %85.3 %
Vermeer100.0 %100.0 %
Fontana68.4 %— %
                 
20
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Managed Joint Ventures and Fee Income
DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations
Three months endedNine months ended
September 30,
2022
September 30,
2021
September 30,
2022
September 30,
2021
Revenues
Gross premiums written$181,804 $168,770 $914,121 $754,430 
Net premiums written$169,168 $159,697 $844,110 $681,080 
Decrease (increase) in unearned premiums126,396 79,853 (208,410)(144,874)
Net premiums earned295,564 239,550 635,700 536,206 
Net investment income25,994 6,549 51,977 21,928 
Net foreign exchange gains (losses) 4,165 (818)5,162 (811)
Net realized and unrealized gains (losses) on investments(98,706)(2,670)(292,377)(25,079)
Total revenues227,017 242,611 400,462 532,244 
Expenses
Net claims and claim expenses incurred512,073 501,695 552,916 649,484 
Acquisition expenses20,394 14,490 62,649 62,400 
Operational and corporate expenses9,839 8,190 44,343 36,273 
Interest expense1,859 1,859 5,575 5,575 
Total expenses544,165 526,234 665,483 753,732 
Income (loss) before taxes(317,148)(283,623)(265,021)(221,488)
Income tax benefit (expense)(5)— (5)(1)
Net income (loss) available (attributable) to DaVinciRe common shareholders$(317,153)$(283,623)$(265,026)$(221,489)
Net claims and claim expenses incurred - current accident year
$524,996 $561,674 $615,664 $751,660 
Net claims and claim expenses incurred - prior accident years
(12,923)(59,979)(62,748)(102,176)
Net claims and claim expenses incurred - total
$512,073 $501,695 $552,916 $649,484 
Net claims and claim expense ratio - current accident year
177.6 %234.5 %96.8 %140.2 %
Net claims and claim expense ratio - prior accident years
(4.3)%(25.1)%(9.8)%(19.1)%
Net claims and claim expense ratio - calendar year
173.3 %209.4 %87.0 %121.1 %
Underwriting expense ratio
10.2 %9.5 %16.8 %18.4 %
Combined ratio
183.5 %218.9 %103.8 %139.5 %
                 
21
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Investments
Total Investment Result
Managed (1)
Retained (2)
Three months endedThree months ended
September 30,
2022
September 30,
2021
September 30,
2022
September 30,
2021
Fixed maturity investments trading
$107,182 $56,825 $87,326 $51,404 
Short term investments
11,601 514 4,733 388 
Equity investments trading
6,120 1,823 6,120 1,823 
Other investments
Catastrophe bonds25,748 17,184 3,707 3,541 
Other11,258 7,571 11,258 7,571 
Cash and cash equivalents
1,386 (38)1,261 (26)
163,295 83,879 114,405 64,701 
Investment expenses
(5,502)(5,612)(4,300)(4,596)
Net investment income$157,793 $78,267 $110,105 $60,105 
Net investment income return - annualized3.2 %1.4 %3.2 %1.7 %
Net realized gains (losses) on fixed maturity investments trading(213,493)27,501 (164,791)24,521 
Net unrealized gains (losses) on fixed maturity investments trading(210,665)(56,869)(180,596)(51,675)
Net realized and unrealized gains (losses) on investments-related derivatives(55,580)(2,056)(56,422)(2,380)
Net realized gains (losses) on equity investments trading3,066 52,604 3,066 52,604 
Net unrealized gains (losses) on equity investments trading(46,301)(74,284)(46,297)(74,269)
Other investments
Net realized and unrealized gains (losses) on other investments - catastrophe bonds(126,992)(5,994)(16,667)(3,803)
Net realized and unrealized gains (losses) on other investments - other8,465 17,027 8,465 17,027 
Net realized and unrealized gains (losses) on investments(641,500)(42,071)(453,242)(37,975)
Total investment result
$(483,707)$36,196 $(343,137)$22,130 
Average invested assets$20,745,479 $21,908,291 $13,752,864 $14,257,183 
Total investment return - annualized
(8.9)%0.7 %(9.6)%0.6 %
(1)Managed represents the consolidated total investment result, which is comprised of net investment income and net realized and unrealized gains (losses) on investments as presented on the Company’s consolidated statements of operations.
(2)Retained represents the consolidated total investment result, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. See “Comments on Regulation G” for a reconciliation of non-GAAP financial measures.
                 
22
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Investments
Total Investment Result
Managed (1)
Retained (2)
Nine months endedNine months ended
September 30,
2022
September 30,
2021
September 30,
2022
September 30,
2021
Fixed maturity investments trading
$246,146 $179,268 $206,294 $161,833 
Short term investments
17,134 1,869 6,836 1,265 
Equity investments trading
13,390 4,940 13,390 4,940 
Other investments
Catastrophe bonds63,343 48,333 9,379 10,413 
Other23,704 20,711 23,704 20,711 
Cash and cash equivalents
1,250 223 1,137 254 
364,967 255,344 260,740 199,416 
Investment expenses
(16,272)(16,348)(12,977)(13,731)
Net investment income$348,695 $238,996 $247,763 $185,685 
Net investment income return - annualized2.3 %1.5 %2.4 %1.7 %
Net realized gains (losses) on fixed maturity investments trading(621,799)81,060 (512,583)71,513 
Net unrealized gains (losses) on fixed maturity investments trading(824,662)(289,872)(716,116)(263,975)
Net realized and unrealized gains (losses) on investments-related derivatives(161,946)3,476 (163,517)5,117 
Net realized gains (losses) on equity investments trading38,638 255,902 38,638 256,064 
Net unrealized gains (losses) on equity investments trading(222,074)(279,938)(222,076)(280,197)
Other investments
Net realized and unrealized gains (losses) on other investments - catastrophe bonds(159,913)(25,075)(21,414)(15,625)
Net realized and unrealized gains (losses) on other investments - other(16,868)57,831 (16,868)57,831 
Net realized and unrealized gains (losses) on investments(1,968,624)(196,616)(1,613,936)(169,272)
Total investment result
$(1,619,929)$42,380 $(1,366,173)$16,413 
Average invested assets$20,946,208 $21,645,496 $14,087,633 $14,264,445 
Total investment return - annualized
(10.1)%0.3 %(12.7)%0.2 %
(1)“Managed” represents the consolidated total investment result, which is comprised of net investment income and net realized and unrealized gains (losses) on investments as presented on the Company’s consolidated statements of operations.
(2)“Retained” represents the consolidated total investment result, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. See “Comments on Regulation G” for a reconciliation of non-GAAP financial measures.
                 
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Investments
Investments Composition

September 30, 2022December 31, 2021
Managed (1)
Retained (2)
Managed (1)
Retained (2)
Type of InvestmentFair ValueUnrealized Gain (Loss)Fair ValueUnrealized Gain (Loss)Fair ValueUnrealized Gain (Loss)Fair ValueUnrealized Gain (Loss)
Fixed maturity investments trading, at fair value
U.S. treasuries$5,745,880 $(239,857)$4,665,776 $(218,727)$6,247,779 $(54,534)$5,175,003 $(47,562)
Corporate4,121,508 $(440,148)3,211,115 (382,655)3,689,286 10,472 3,156,556 11,969 
Other (3)
2,803,710 (204,092)2,337,524 (166,795)3,570,066 (1,386)3,085,843 (2,084)
Total fixed maturity investments trading, at fair value12,671,098 (884,097)10,214,415 (768,177)13,507,131 (45,448)11,417,402 (37,677)
Short term investments, at fair value4,935,960 — 1,309,375 — 5,298,385 — 1,450,158 — 
Equity investments trading, at fair value950,393 (65,852)950,107 (65,962)546,016 156,245 545,708 156,120 
Other investments, at fair value
Catastrophe bonds1,135,053 (217,779)175,961 (56,354)1,104,034 (63,665)217,493 (36,249)
Direct private equity investments69,923 (28,218)69,923 (28,218)88,373 (4,768)88,373 (4,768)
Fund investments958,188 105,285 958,188 105,285 725,802 138,045 725,803 138,046 
Term loans100,000 — 100,000 — 74,850 — 74,850 — 
Total other investments, at fair value2,263,164 (140,712)1,304,072 20,713 1,993,059 69,612 1,106,519 97,029 
Investments in other ventures, under equity method72,535 — 72,535 — 98,068 — 98,068 — 
Total investments$20,893,150 $(1,090,661)$13,850,504 $(813,426)$21,442,659 $180,409 $14,617,855 $215,472 

September 30, 2022December 31, 2021
Managed (1)
Retained (2)
Managed (1)
Retained (2)
Weighted average yield to maturity of investments (4)
5.1 %5.3 %1.6 %1.8 %
Average duration of investments, in years (4)
2.5 3.3 2.8 3.5 
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (5)
$(17.58)$(0.85)
(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.
(2)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. See “Comments on Regulation G” for a reconciliation of non-GAAP financial measures.
(3)Includes agencies, non-U.S. government, residential mortgage-backed, commercial mortgage-backed and asset-backed securities within the Company's fixed maturity investments trading.
(4)Excludes equity investments trading, at fair value, direct private equity investments, private equity funds and investments in other ventures, under equity method as these investments have no final maturity, yield to maturity or duration.
(5)Represents the impact to book value per common share of the unrealized gain (loss) on total fixed maturity investments trading, at fair value. See "Comments on Regulation G" for reconciliation of non-GAAP financial measures.
                 
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Investments
Managed Investments - Credit Rating (1)
Credit Rating (2)
Investments not subject to credit ratings
September 30, 2022Fair ValueAAAAAABBBNon-
Investment
Grade
Not Rated
Fixed maturity investments trading, at fair value
U.S. treasuries$5,745,880 $— $5,745,880 $— $— $— $— $— 
Corporate (3)
4,121,508 179,981 358,713 1,385,122 1,225,631 941,231 30,830 — 
Agencies375,894 30,950 344,944 — — — — — 
Non-U.S. government443,869 230,646 196,234 8,607 7,330 1,052 — — 
Residential mortgage-backed698,496 38,254 503,381 2,540 8,427 94,979 50,915 — 
Commercial mortgage-backed257,827 198,068 33,846 5,592 11,694 4,533 4,094 — 
Asset-backed1,027,624 667,602 187,198 60,293 38,884 64,815 8,832 — 
Total fixed maturity investments trading, at fair value12,671,098 1,345,501 7,370,196 1,462,154 1,291,966 1,106,610 94,671  
Short term investments, at fair value4,935,960 4,861,621 71,672 758 156 75 1,678  
Equity investments trading, at fair value
Fixed income exchange traded funds (4)
394,851 — — — 196,296 198,555 — — 
Other equity investments trading555,542       555,542 
Total equity investments trading, at fair value950,393    196,296 198,555  555,542 
Other investments, at fair value
Catastrophe bonds1,135,053 — — — — 1,135,053 — — 
Direct private equity investments69,923 — — — — — — 69,923 
Fund investments:
Private credit funds677,499 — — — — — — 677,499 
Private equity funds280,689 — — — — — — 280,689 
Term loans100,000 — — 100,000 — — — — 
Total other investments, at fair value2,263,164   100,000  1,135,053  1,028,111 
Investments in other ventures, under equity method72,535       72,535 
Total investments$20,893,150 $6,207,122 $7,441,868 $1,562,912 $1,488,418 $2,440,293 $96,349 $1,656,188 
100.0 %29.7 %35.6 %7.5 %7.1 %11.7 %0.5 %7.9 %
(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.
(2)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 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.
(3)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.
(4)The credit ratings included in this table are based on the credit rating of the underlying investment held in the exchange traded funds.
                 
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Investments
Retained Investments - Credit Rating (1)
Credit Rating (2)
Investments not subject to credit ratings
September 30, 2022Fair ValueAAAAAABBBNon-
Investment
Grade
Not Rated
Fixed maturity investments trading, at fair value
U.S. treasuries$4,665,776 $— $4,665,776 $— $— $— $— $— 
Corporate (3)
3,211,115 131,284 279,665 1,039,203 927,696 806,715 26,552 — 
Agencies296,304 26,683 269,621 — — — — — 
Non-U.S. government368,803 190,539 161,275 8,607 7,330 1,052 — — 
Residential mortgage-backed509,827 29,101 323,865 2,540 8,427 94,979 50,915 — 
Commercial mortgage-backed175,672 121,561 29,522 4,268 11,694 4,533 4,094 — 
Asset-backed986,918 628,555 186,423 59,409 38,884 64,815 8,832 — 
Total fixed maturity investments trading, at fair value10,214,415 1,127,723 5,916,147 1,114,027 994,031 972,094 90,393  
Short term investments, at fair value1,309,375 1,258,623 48,049 987 156 75 1,485  
Equity investments trading, at fair value
Fixed income exchange traded funds (4)
394,851 — — — 196,296 198,555 — — 
Other equity investments trading555,256       555,256 
Total equity investments trading, at fair value950,107    196,296 198,555  555,256 
Other investments, at fair value
Catastrophe bonds175,961 — — — — 175,961 — — 
Direct private equity investments69,923 — — — — — — 69,923 
Fund investments:
Private credit funds677,499 — — — — — — 677,499 
Private equity funds280,689 — — — — — — 280,689 
Term loans100,000 — — 100,000 — — — — 
Total other investments, at fair value1,304,072   100,000  175,961  1,028,111 
Investments in other ventures, under equity method72,535       72,535 
Total investments$13,850,504 $2,386,346 $5,964,196 $1,215,014 $1,190,483 $1,346,685 $91,878 $1,655,902 
100.0 %17.2 %43.1 %8.8 %8.6 %9.7 %0.6 %12.0 %
(1)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. See “Comments on Regulation G” for a reconciliation of non-GAAP financial measures.
(2)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 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.
(3)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.
(4)The credit ratings included in this table are based on the credit rating of the underlying investment held in the exchange traded funds.
                 
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Other Items
Earnings per Share
Three months endedNine months ended
(common shares in thousands)September 30,
2022
September 30,
2021
September 30,
2022
September 30,
2021
Numerator:
Net income (loss) available (attributable) to RenaissanceRe common shareholders$(825,344)$(450,222)$(1,544,670)$(284,338)
Amount allocated to participating common shareholders (1)
(306)(229)(813)(485)
Net income (loss) allocated to RenaissanceRe common shareholders$(825,650)$(450,451)$(1,545,483)$(284,823)
Denominator:
Denominator for basic income (loss) per RenaissanceRe common share - weighted average common shares (2)
42,837 46,223 43,121 47,988 
Per common share equivalents of non-vested shares (2)
— — — — 
Denominator for diluted income (loss) per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions (2)
42,837 46,223 43,121 47,988 
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic$(19.27)$(9.75)$(35.84)$(5.94)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted$(19.27)$(9.75)$(35.84)$(5.94)
(1)Represents earnings and dividends attributable to holders of unvested shares issued pursuant to the Company’s stock compensation plans.
(2)In periods for which the Company has net loss allocated to RenaissanceRe common shareholders, the denominator used in calculating net loss attributable to RenaissanceRe common shareholders per common share - basic is also used in calculating net loss attributable to RenaissanceRe common shareholders per common share - diluted. For the three and nine months ended September 30, 2022, per common share equivalents of non-vested shares of 94 thousand and 81 thousand, respectively, could potentially be dilutive in future periods if the Company reports net income allocated to RenaissanceRe common shareholders.
                 
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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 provided certain of these financial measures in previous investor communications and the Company’s management believes that such 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 or outside the industry. These measures may not, however, be comparable to similarly titled measures used by companies within or 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 (1) net realized and unrealized gains and losses on investments, excluding other investments - catastrophe bonds, (2) net foreign exchange gains and losses, (3) corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK, (4) the income tax expense or benefit associated with these adjustments and (5) 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 these adjustments. 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 endedNine months ended
September 30,
2022
September 30,
2021
September 30,
2022
September 30,
2021
Net income (loss) available (attributable) to RenaissanceRe common shareholders$(825,344)$(450,222)$(1,544,670)$(284,338)
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds514,508 36,077 1,808,711 171,541 
Adjustment for net foreign exchange losses (gains)1,383 4,755 67,690 24,309 
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)
7,269 286 (77,331)(7,893)
Adjustment for net (loss) income attributable to redeemable noncontrolling interests (2)
(94,490)(5,434)(260,997)(35,847)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders$(396,674)$(414,538)$(6,597)$(132,093)
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted$(19.27)$(9.75)$(35.84)$(5.94)
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds12.01 0.78 41.95 3.57 
Adjustment for net foreign exchange losses (gains)0.03 0.10 1.57 0.51 
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK— — — — 
Adjustment for income tax expense (benefit) (1)
0.17 0.01 (1.79)(0.16)
Adjustment for net (loss) income attributable to redeemable noncontrolling interests (2)
(2.21)(0.12)(6.05)(0.75)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted$(9.27)$(8.98)$(0.16)$(2.77)
Return on average common equity - annualized(72.4)%(28.4)%(40.5)%(5.8)%
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds45.2 %2.3 %47.3 %3.5 %
Adjustment for net foreign exchange losses (gains)0.1 %0.3 %1.8 %0.5 %
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK— %— %— %— %
Adjustment for income tax expense (benefit) (1)
0.6 %— %(2.0)%(0.2)%
Adjustment for net (loss) income attributable to redeemable noncontrolling interests (2)
(8.3)%(0.3)%(6.8)%(0.7)%
Operating return on average common equity - annualized(34.8)%(26.1)%(0.2)%(2.7)%
(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 the adjustments above 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.”
September 30,
2022
December 31,
2021
Book value per common share
$94.55 $132.17 
Adjustment for goodwill and other intangibles (1)
(5.89)(5.90)
Tangible book value per common share
88.66 126.27 
Adjustment for accumulated dividends
24.63 23.52 
Tangible book value per common share plus accumulated dividends
$113.29 $149.79 
Year to date change in book value per common share(28.5)%(4.5)%
Year to date change in tangible book value per common share plus change in accumulated dividends
(28.9)%(4.0)%
(1)At September 30, 2022 and December 31, 2021, the adjustment for goodwill and other intangibles included $18.0 million and $18.6 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 the consolidated total investment result less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. “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 portions of the consolidated total investment result attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. The Company’s management believes “retained total investment result” is useful to investors because it provides a measure of the portion of the Company’s investment result that impacts 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 September 30, 2022Three months ended September 30, 2021
Managed (1)
Adjustment (2)
Retained (3)
Managed (1)
Adjustment (2)
Retained (3)
Fixed maturity investments trading$107,182 $(19,856)$87,326 $56,825 $(5,421)$51,404 
Short term investments11,601 (6,868)4,733 514 (126)388 
Equity investments trading6,120 — 6,120 1,823 — 1,823 
Other investments
Catastrophe bonds25,748 (22,041)3,707 17,184 (13,643)3,541 
Other11,258 — 11,258 7,571 — 7,571 
Cash and cash equivalents1,386 (125)1,261 (38)12 (26)
163,295 (48,890)114,405 83,879 (19,178)64,701 
Investment expenses(5,502)1,202 (4,300)(5,612)1,016 (4,596)
Net investment income$157,793 $(47,688)$110,105 $78,267 $(18,162)$60,105 
Net investment income return - annualized3.2 %— %3.2 %1.4 %0.3 %1.7 %
Net realized gains (losses) on fixed maturity investments trading(213,493)48,702 (164,791)27,501 (2,980)24,521 
Net unrealized gains (losses) on fixed maturity investments trading(210,665)30,069 (180,596)(56,869)5,194 (51,675)
Net realized and unrealized gains (losses) on investments-related derivatives(55,580)(842)(56,422)(2,056)(324)(2,380)
Net realized gains (losses) on equity investments trading3,066 — 3,066 52,604 — 52,604 
Net unrealized gains (losses) on equity investments trading(46,301)(46,297)(74,284)15 (74,269)
Other investments
Net realized and unrealized gains (losses) on other investments - catastrophe bonds(126,992)110,325 (16,667)(5,994)2,191 (3,803)
Net realized and unrealized gains (losses) on other investments - other8,465 — 8,465 17,027 — 17,027 
Net realized and unrealized gains (losses) on investments(641,500)188,258 (453,242)(42,071)4,096 (37,975)
Total investment result$(483,707)$140,570 $(343,137)$36,196 $(14,066)$22,130 
Average invested assets$20,745,479 $(6,992,615)$13,752,864 $21,908,291 $(7,651,108)$14,257,183 
Total investment return - annualized(8.9)%(0.7)%(9.6)%0.7 %(0.1)%0.6 %
(1)“Managed” represents the consolidated total investment result, which is comprised of net investment income and net realized and unrealized gains (losses) on investments as presented on the Company’s consolidated statements of operations.
(2)Adjustment for the portions of the consolidated total investment result attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds
(3)“Retained” represents the consolidated total investment result, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.
                 
31
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Comments on Regulation G
Retained Total Investment Result

Nine months ended September 30, 2022Nine months ended September 30, 2021
Managed (1)
Adjustment (2)
Retained (3)
Managed (1)
Adjustment (2)
Retained (3)
Fixed maturity investments trading$246,146 $(39,852)$206,294 $179,268 $(17,435)$161,833 
Short term investments17,134 (10,298)6,836 1,869 (604)1,265 
Equity investments trading13,390 — 13,390 4,940 — 4,940 
Other investments
Catastrophe bonds63,343 (53,964)9,379 48,333 (37,920)10,413 
Other23,704 — 23,704 20,711 — 20,711 
Cash and cash equivalents1,250 (113)1,137 223 31 254 
364,967 (104,227)260,740 255,344 (55,928)199,416 
Investment expenses(16,272)3,295 (12,977)(16,348)2,617 (13,731)
Net investment income$348,695 $(100,932)$247,763 $238,996 $(53,311)$185,685 
Net investment income return - annualized2.3 %0.1 %2.4 %1.5 %0.2 %1.7 %
Net realized gains (losses) on fixed maturity investments trading(621,799)109,216 (512,583)81,060 (9,547)71,513 
Net unrealized gains (losses) on fixed maturity investments trading(824,662)108,546 (716,116)(289,872)25,897 (263,975)
Net realized and unrealized gains (losses) on investments-related derivatives(161,946)(1,571)(163,517)3,476 1,641 5,117 
Net realized gains (losses) on equity investments trading38,638 — 38,638 255,902 162 256,064 
Net unrealized gains (losses) on equity investments trading(222,074)(2)(222,076)(279,938)(259)(280,197)
Other investments
Net realized and unrealized gains (losses) on other investments - catastrophe bonds(159,913)138,499 (21,414)(25,075)9,450 (15,625)
Net realized and unrealized gains (losses) on other investments - other(16,868)— (16,868)57,831 — 57,831 
Net realized and unrealized gains (losses) on investments(1,968,624)354,688 (1,613,936)(196,616)27,344 (169,272)
Total investment result$(1,619,929)$253,756 $(1,366,173)$42,380 $(25,967)$16,413 
Average invested assets$20,946,208 $(6,858,575)$14,087,633 $21,645,496 $(7,381,051)$14,264,445 
Total investment return - annualized(10.1)%(2.6)%(12.7)%0.3 %(0.1)%0.2 %
(1)“Managed” represents the consolidated total investment result, which is comprised of net investment income and net realized and unrealized gains (losses) on investments as presented on the Company’s consolidated statements of operations.
(2)Adjustment for the portions of the consolidated total investment result attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds
(3)“Retained” represents the consolidated total investment result, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.
                 
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Comments on Regulation G
Retained Total Investments
The Company has included in this Financial Supplement “retained total investments.” “Retained total investments” is defined as the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. “Retained total investments” differs from consolidated total investments, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. The Company’s management believes the “retained total investments” is useful to investors because it provides a measure of the portion of the Company’s total investments 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 investments to "retained total investments."
September 30, 2022December 31, 2021
Managed (1)
Adjustment (2)
Retained (3)
Managed (1)
Adjustment (2)
Retained (3)
Fixed maturity investments trading, at fair value
U.S. treasuries5,745,880 (1,080,104)4,665,776 6,247,779 (1,072,776)5,175,003 
Corporate (4)
4,121,508 (910,393)3,211,115 3,689,286 (532,730)3,156,556 
Agencies375,894 (79,590)296,304 361,684 (58,997)302,687 
Non-U.S. government443,869 (75,066)368,803 549,613 (83,792)465,821 
Residential mortgage-backed698,496 (188,669)509,827 955,301 (222,661)732,640 
Commercial mortgage-backed257,827 (82,155)175,672 634,925 (74,577)560,348 
Asset-backed1,027,624 (40,706)986,918 1,068,543 (44,196)1,024,347 
Total fixed maturity investments trading, at fair value12,671,098 (2,456,683)10,214,415 13,507,131 (2,089,729)11,417,402 
Short term investments, at fair value$4,935,960 $(3,626,585)$1,309,375 $5,298,385 $(3,848,227)$1,450,158 
Equity investments trading, at fair value
Fixed income exchange traded funds394,851 — 394,851 90,422 — 90,422 
Other equity investments trading555,542 (286)555,256 455,594 (308)455,286 
Total equity investments trading, at fair value950,393 (286)950,107 546,016 (308)545,708 
Other investments, at fair value
Catastrophe bonds1,135,053 (959,092)175,961 1,104,034 (886,541)217,493 
Direct private equity investments69,923 — 69,923 88,373 — 88,373 
Fund investments:
Private credit funds677,499 — 677,499 473,112 — 473,112 
Private equity funds280,689 — 280,689 241,297 — 241,297 
Hedge funds— — — 11,393 11,394 
Term loans100,000 — 100,000 74,850 — 74,850 
Total other investments, at fair value2,263,164 (959,092)1,304,072 1,993,059 (886,540)1,106,519 
Investments in other ventures, under equity method72,535 — 72,535 98,068 — 98,068 
Total investments $20,893,150 (7,042,646)$13,850,504 21,442,659 (6,824,804)14,617,855 
(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.
(2)Adjustment for the portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.
(3)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.
(4)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.
                 
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Comments on Regulation G
Retained Total Investments, Unrealized Gain (Loss)
The Company has included in this Financial Supplement “retained total investments, unrealized gain (loss).” “Retained total investments, unrealized gain (loss)” is defined as the unrealized gain (loss) of the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. Unrealized gain (loss) of the consolidated total investments is the difference between fair value and amortized cost or equivalent of the respective investments as at the balance sheet date. “Retained total investments, unrealized gain (loss)” differs from the unrealized gain (loss) of the consolidated total investments, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. The Company’s management believes the “retained total investments, unrealized gain (loss)” is useful to investors because it provides a measure of the portion of the unrealized gain (loss) of investments in the Company’s consolidated total investments that is available (attributable) to RenaissanceRe common shareholders. The following table is a reconciliation of the total unrealized gain (loss) of investments, to “retained total investments, unrealized gain (loss)".
September 30, 2022December 31, 2021
Type of Investment
Unrealized Gain (Loss) - Managed (1)
Adjustment (2)
Unrealized Gain (Loss) - Retained (3)
Unrealized Gain (Loss) - Managed (1)
Adjustment (2)
Unrealized Gain (Loss) - Retained (3)
Fixed maturity investments trading, at fair value
U.S. treasuries$(239,857)$21,130 $(218,727)$(54,534)$6,972 $(47,562)
Corporate(440,148)57,493 (382,655)10,472 1,497 11,969 
Other (4)
(204,092)37,297 (166,795)(1,386)(698)(2,084)
Total fixed maturity investments trading, at fair value(884,097)115,920 (768,177)(45,448)7,771 (37,677)
Equity investments trading, at fair value(65,852)(110)(65,962)156,245 (125)156,120 
Other investments, at fair value
Catastrophe bonds(217,779)161,425 (56,354)(63,665)27,416 (36,249)
Direct private equity investments(28,218)— (28,218)(4,768)— (4,768)
Fund investments105,285 — 105,285 138,045 138,046 
Total other investments, at fair value(140,712)161,425 20,713 69,612 27,417 97,029 
Total investments$(1,090,661)$277,235 $(813,426)$180,409 $35,063 $215,472 
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (5)
$(17.58)$(0.85)
(1)“Managed” represents the consolidated total investments as presented on the Company’s consolidated balance sheets.
(2)Adjustment for the portions of the consolidated total investments attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.
(3)“Retained” represents the consolidated total investments, less the portions attributable to redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds.
(4)Includes agencies, non-U.S. government, residential mortgage-backed, commercial mortgage-backed and asset-backed securities within the Company's fixed maturity investments trading.
(5)Represents the impact to book value per common share of the unrealized gain (loss) on total fixed maturity investments trading, at fair value, of $768.2 million and $37.7 million at September 30, 2022 and December 31, 2021, respectively. Book value per common share is calculated net of redeemable noncontrolling interests and third-party investors in certain joint ventures and managed funds. Accordingly, there is no corresponding managed metric for the unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share.
                 
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Comments on Regulation G

Operating (income) loss attributable to redeemable noncontrolling interests
The Company has included in this Financial Supplement “operating (income) loss attributable to redeemable noncontrolling interests.” “Operating (income) loss attributable to redeemable noncontrolling interests” is defined as net (income) loss attributable to redeemable noncontrolling interests as adjusted for the portion of the adjustments to the Company’s redeemable noncontrolling interests which are excluded from net income (loss) available (attributable) to RenaissanceRe common shareholders in calculating the Company’s operating income (loss) available (attributable) to RenaissanceRe common shareholders. The Company’s management believes that “operating (income) loss attributable to redeemable noncontrolling interests” is useful to investors because it provides additional information on the operations and financial results of the Company’s Managed Joint Ventures and how noncontrolling interests impact the Company’s results. The following table is a reconciliation of net (income) loss attributable to redeemable noncontrolling interests, the most directly comparable GAAP measure, to "operating (income) loss attributable to redeemable noncontrolling interests."

Three months endedNine months ended
September 30,
2022
September 30,
2021
September 30,
2022
September 30,
2021
Net (income) loss attributable to redeemable noncontrolling interests (1)
$372,429 $198,495 $335,010 $131,801 
Adjustment for the portion of net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds attributable to redeemable noncontrolling interests 80,550 1,905 216,169 17,894 
Adjustment for the portion of net foreign exchange losses (gains) attributable to redeemable noncontrolling interests13,940 3,528 44,828 17,953 
Adjustment for non-operating (income) loss attributable to redeemable noncontrolling interests (2)
94,490 5,433 260,997 35,847 
Operating (income) loss attributable to redeemable noncontrolling interests$277,939 $193,062 $74,013 $95,954 
(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.
(2)Represents the total portion of adjustments attributable to the Company’s redeemable noncontrolling interests which are excluded from net income (loss) available (attributable) to RenaissanceRe common shareholders when calculating the Company’s operating income (loss) available (attributable) to RenaissanceRe common shareholders. These adjustments include (1) net realized and unrealized gains and losses on investments, excluding other investments - catastrophe bonds and (2) net foreign exchange gains and losses.
                 
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