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 |
RenaissanceRe Holdings Ltd. | ||
Basis of Presentation |
Cautionary Statement Regarding Forward-Looking Statements |
i |
ii |
RenaissanceRe Holdings Ltd. | |||||||||||
Financial Highlights | |||||||||||
Three months ended | |||||||||||
March 31, 2023 | March 31, 2022 | ||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 564,062 | $ | (394,413) | |||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1) | $ | 360,008 | $ | 151,945 | |||||||
Underwriting income | |||||||||||
Gross premiums written | $ | 2,790,261 | $ | 2,942,964 | |||||||
Net premiums written | 2,263,703 | 2,165,217 | |||||||||
Underwriting income (loss) | 369,619 | 200,278 | |||||||||
Net claims and claim expense ratio: | |||||||||||
Current accident year | 53.9 | % | 57.8 | % | |||||||
Prior accident years | (6.2) | % | (1.2) | % | |||||||
Calendar year | 47.7 | % | 56.6 | % | |||||||
Acquisition expense ratio | 25.7 | % | 25.3 | % | |||||||
Operating expense ratio | 4.6 | % | 4.6 | % | |||||||
Combined ratio | 78.0 | % | 86.5 | % | |||||||
Fee income | |||||||||||
Management fee income | $ | 40,905 | $ | 27,222 | |||||||
Performance fee income | 3,867 | 1,127 | |||||||||
Total fee income | $ | 44,772 | $ | 28,349 | |||||||
Investment results - managed | |||||||||||
Net investment income | $ | 254,378 | $ | 83,691 | |||||||
Net realized and unrealized gains (losses) on investments | 279,451 | (673,017) | |||||||||
Total investment result | $ | 533,829 | $ | (589,326) | |||||||
Total investment return - annualized | 10.0 | % | (10.2) | % | |||||||
Investment results - retained (1) | |||||||||||
Net investment income | $ | 168,009 | $ | 62,676 | |||||||
Net realized and unrealized gains (losses) on investments | 225,547 | (584,624) | |||||||||
Total investment result | $ | 393,556 | $ | (521,948) | |||||||
Total investment return - annualized | 10.8 | % | (13.7) | % | |||||||
1 | ![]() |
Financial Highlights - Per Share Data & ROE | |||||||||||
Three months ended | |||||||||||
March 31, 2023 | March 31, 2022 | ||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic | $ | 12.95 | $ | (9.10) | |||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 12.91 | $ | (9.10) | |||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1) | $ | 8.16 | $ | 3.50 | |||||||
Average shares outstanding - basic | 42,876 | 43,357 | |||||||||
Average shares outstanding - diluted | 43,006 | 43,357 | |||||||||
Return on average common equity - annualized | 46.6 | % | (28.1) | % | |||||||
Operating return on average common equity - annualized (1) | 29.7 | % | 10.8 | % | |||||||
March 31, 2023 | December 31, 2022 | ||||||||||
Book value per common share | $ | 116.44 | $ | 104.65 | |||||||
Tangible book value per common share (1) | $ | 110.66 | $ | 98.81 | |||||||
Tangible book value per common share plus accumulated dividends (1) | $ | 136.04 | $ | 123.81 | |||||||
Year to date change in tangible book value per common share plus change in accumulated dividends (1) | 12.4 | % | (20.6) | % | |||||||
2 | ![]() |
Summary Consolidated Financial Statements | |||||||||||
Consolidated Statements of Operations | |||||||||||
Three months ended | |||||||||||
March 31, 2023 | March 31, 2022 | ||||||||||
Revenues | |||||||||||
Gross premiums written | $ | 2,790,261 | $ | 2,942,964 | |||||||
Net premiums written | $ | 2,263,703 | $ | 2,165,217 | |||||||
Decrease (increase) in unearned premiums | (583,153) | (678,792) | |||||||||
Net premiums earned | 1,680,550 | 1,486,425 | |||||||||
Net investment income | 254,378 | 83,691 | |||||||||
Net foreign exchange gains (losses) | (14,503) | (15,486) | |||||||||
Equity in earnings (losses) of other ventures | 9,530 | (6,390) | |||||||||
Other income (loss) | (4,306) | 1,193 | |||||||||
Net realized and unrealized gains (losses) on investments | 279,451 | (673,017) | |||||||||
Total revenues | 2,205,100 | 876,416 | |||||||||
Expenses | |||||||||||
Net claims and claim expenses incurred | 801,200 | 841,733 | |||||||||
Acquisition expenses | 432,257 | 376,507 | |||||||||
Operational expenses | 77,474 | 67,907 | |||||||||
Corporate expenses | 12,843 | 12,502 | |||||||||
Interest expense | 12,134 | 11,955 | |||||||||
Total expenses | 1,335,908 | 1,310,604 | |||||||||
Income (loss) before taxes | 869,192 | (434,188) | |||||||||
Income tax benefit (expense) | (28,902) | 36,707 | |||||||||
Net income (loss) | 840,290 | (397,481) | |||||||||
Net (income) loss attributable to redeemable noncontrolling interests | (267,384) | 11,912 | |||||||||
Net income (loss) attributable to RenaissanceRe | 572,906 | (385,569) | |||||||||
Dividends on preference shares | (8,844) | (8,844) | |||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 564,062 | $ | (394,413) | |||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic | $ | 12.95 | $ | (9.10) | |||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 12.91 | $ | (9.10) | |||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1) | $ | 8.16 | $ | 3.50 | |||||||
Return on average common equity - annualized | 46.6 | % | (28.1) | % | |||||||
Operating return on average common equity - annualized (1) | 29.7 | % | 10.8 | % |
3 | ![]() |
Summary Consolidated Financial Statements | |||||||||||
Consolidated Balance Sheets | |||||||||||
March 31, 2023 | December 31, 2022 | ||||||||||
Assets | |||||||||||
Fixed maturity investments trading, at fair value – amortized cost $15,067,873 at March 31, 2023 (December 31, 2022 – $15,038,551) | $ | 14,695,585 | $ | 14,351,402 | |||||||
Short term investments, at fair value - amortized cost $5,177,881 at March 31, 2023 (December 31, 2022 - $4,671,581) | 5,177,095 | 4,669,272 | |||||||||
Equity investments, at fair value | 551,394 | 625,058 | |||||||||
Other investments, at fair value | 2,700,655 | 2,494,954 | |||||||||
Investments in other ventures, under equity method | 84,731 | 79,750 | |||||||||
Total investments | 23,209,460 | 22,220,436 | |||||||||
Cash and cash equivalents | 1,063,707 | 1,194,339 | |||||||||
Premiums receivable | 5,933,701 | 5,139,471 | |||||||||
Prepaid reinsurance premiums | 1,130,831 | 1,021,412 | |||||||||
Reinsurance recoverable | 4,706,671 | 4,710,925 | |||||||||
Accrued investment income | 121,681 | 121,501 | |||||||||
Deferred acquisition costs | 1,242,395 | 1,171,738 | |||||||||
Receivable for investments sold | 267,161 | 350,526 | |||||||||
Other assets | 358,203 | 384,702 | |||||||||
Goodwill and other intangibles | 236,517 | 237,828 | |||||||||
Total assets | $ | 38,270,327 | $ | 36,552,878 | |||||||
Liabilities, Noncontrolling Interests and Shareholders' Equity | |||||||||||
Liabilities | |||||||||||
Reserve for claims and claim expenses | $ | 15,996,826 | $ | 15,892,573 | |||||||
Unearned premiums | 5,250,642 | 4,559,107 | |||||||||
Debt | 1,140,960 | 1,170,442 | |||||||||
Reinsurance balances payable | 3,989,660 | 3,928,281 | |||||||||
Payable for investments purchased | 389,440 | 493,776 | |||||||||
Other liabilities | 279,878 | 648,036 | |||||||||
Total liabilities | 27,047,406 | 26,692,215 | |||||||||
Redeemable noncontrolling interests | 5,357,386 | 4,535,389 | |||||||||
Shareholders' Equity | |||||||||||
Preference shares: $1.00 par value – 30,000 shares issued and outstanding at March 31, 2023 (December 31, 2022 – 30,000) | 750,000 | 750,000 | |||||||||
Common shares: $1.00 par value – 43,931,597 shares issued and outstanding at March 31, 2023 (December 31, 2022 – 43,717,836) | 43,932 | 43,718 | |||||||||
Additional paid-in capital | 467,623 | 475,647 | |||||||||
Accumulated other comprehensive loss | (14,838) | (15,462) | |||||||||
Retained earnings | 4,618,818 | 4,071,371 | |||||||||
Total shareholders' equity attributable to RenaissanceRe | 5,865,535 | 5,325,274 | |||||||||
Total liabilities, noncontrolling interests and shareholders' equity | $ | 38,270,327 | $ | 36,552,878 | |||||||
Book value per common share | $ | 116.44 | $ | 104.65 |
4 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||
Consolidated Segment Underwriting Results | |||||||||||||||||||||||||||||||||||
Three months ended March 31, 2023 | Three months ended March 31, 2022 | ||||||||||||||||||||||||||||||||||
Property | Casualty and Specialty | Total | Property | Casualty and Specialty | Total | ||||||||||||||||||||||||||||||
Gross premiums written | $ | 1,304,199 | $ | 1,486,062 | $ | 2,790,261 | $ | 1,343,508 | $ | 1,599,456 | $ | 2,942,964 | |||||||||||||||||||||||
Net premiums written | $ | 1,019,829 | $ | 1,243,874 | $ | 2,263,703 | $ | 890,166 | $ | 1,275,051 | $ | 2,165,217 | |||||||||||||||||||||||
Net premiums earned | $ | 687,420 | $ | 993,130 | $ | 1,680,550 | $ | 618,591 | $ | 867,834 | $ | 1,486,425 | |||||||||||||||||||||||
Net claims and claim expenses incurred | 187,609 | 613,591 | 801,200 | 259,761 | 581,972 | 841,733 | |||||||||||||||||||||||||||||
Acquisition expenses | 145,319 | 286,938 | 432,257 | 127,096 | 249,411 | 376,507 | |||||||||||||||||||||||||||||
Operational expenses | 55,813 | 21,661 | 77,474 | 46,932 | 20,975 | 67,907 | |||||||||||||||||||||||||||||
Underwriting income (loss) | $ | 298,679 | $ | 70,940 | $ | 369,619 | $ | 184,802 | $ | 15,476 | $ | 200,278 | |||||||||||||||||||||||
Net claims and claim expenses incurred: | |||||||||||||||||||||||||||||||||||
Current accident year | $ | 269,302 | $ | 636,650 | $ | 905,952 | $ | 276,519 | $ | 583,047 | $ | 859,566 | |||||||||||||||||||||||
Prior accident years | (81,693) | (23,059) | (104,752) | (16,758) | (1,075) | (17,833) | |||||||||||||||||||||||||||||
Total | $ | 187,609 | $ | 613,591 | $ | 801,200 | $ | 259,761 | $ | 581,972 | $ | 841,733 | |||||||||||||||||||||||
Net claims and claim expense ratio: | |||||||||||||||||||||||||||||||||||
Current accident year | 39.2 | % | 64.1 | % | 53.9 | % | 44.7 | % | 67.2 | % | 57.8 | % | |||||||||||||||||||||||
Prior accident years | (11.9) | % | (2.3) | % | (6.2) | % | (2.7) | % | (0.1) | % | (1.2) | % | |||||||||||||||||||||||
Calendar year | 27.3 | % | 61.8 | % | 47.7 | % | 42.0 | % | 67.1 | % | 56.6 | % | |||||||||||||||||||||||
Acquisition expense ratio | 21.2 | % | 28.9 | % | 25.7 | % | 20.5 | % | 28.7 | % | 25.3 | % | |||||||||||||||||||||||
Operating expense ratio | 8.1 | % | 2.2 | % | 4.6 | % | 7.6 | % | 2.4 | % | 4.6 | % | |||||||||||||||||||||||
Combined ratio | 56.6 | % | 92.9 | % | 78.0 | % | 70.1 | % | 98.2 | % | 86.5 | % | |||||||||||||||||||||||
5 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||
Consolidated Underwriting Results - Five Quarter Trend | |||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
March 31, 2023 | December 31, 2022 | September 30, 2022 | June 30, 2022 | March 31, 2022 | |||||||||||||||||||||||||
Gross premiums written | $ | 2,790,261 | $ | 1,585,276 | $ | 2,220,661 | $ | 2,464,639 | $ | 2,942,964 | |||||||||||||||||||
Net premiums written | $ | 2,263,703 | $ | 1,345,616 | $ | 1,821,711 | $ | 1,863,616 | $ | 2,165,217 | |||||||||||||||||||
Net premiums earned | $ | 1,680,550 | $ | 1,624,160 | $ | 1,767,021 | $ | 1,456,383 | $ | 1,486,425 | |||||||||||||||||||
Net claims and claim expenses incurred | 801,200 | 822,937 | 1,967,931 | 706,239 | 841,733 | ||||||||||||||||||||||||
Acquisition expenses | 432,257 | 413,217 | 417,644 | 361,238 | 376,507 | ||||||||||||||||||||||||
Operational expenses | 77,474 | 71,704 | 64,560 | 72,520 | 67,907 | ||||||||||||||||||||||||
Underwriting income (loss) | $ | 369,619 | $ | 316,302 | $ | (683,114) | $ | 316,386 | $ | 200,278 | |||||||||||||||||||
Net claims and claim expenses incurred: | |||||||||||||||||||||||||||||
Current accident year | $ | 905,952 | $ | 977,823 | $ | 1,999,837 | $ | 749,196 | $ | 859,566 | |||||||||||||||||||
Prior accident years | (104,752) | (154,886) | (31,906) | (42,957) | (17,833) | ||||||||||||||||||||||||
Total | $ | 801,200 | $ | 822,937 | $ | 1,967,931 | $ | 706,239 | $ | 841,733 | |||||||||||||||||||
Net claims and claim expense ratio: | |||||||||||||||||||||||||||||
Current accident year | 53.9 | % | 60.2 | % | 113.2 | % | 51.4 | % | 57.8 | % | |||||||||||||||||||
Prior accident years | (6.2) | % | (9.5) | % | (1.8) | % | (2.9) | % | (1.2) | % | |||||||||||||||||||
Calendar year | 47.7 | % | 50.7 | % | 111.4 | % | 48.5 | % | 56.6 | % | |||||||||||||||||||
Acquisition expense ratio | 25.7 | % | 25.4 | % | 23.6 | % | 24.8 | % | 25.3 | % | |||||||||||||||||||
Operating expense ratio | 4.6 | % | 4.4 | % | 3.7 | % | 5.0 | % | 4.6 | % | |||||||||||||||||||
Combined ratio | 78.0 | % | 80.5 | % | 138.7 | % | 78.3 | % | 86.5 | % |
6 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||
Property Underwriting Results - Five Quarter Trend | |||||||||||||||||||||||||||||
Property | |||||||||||||||||||||||||||||
March 31, 2023 | December 31, 2022 | September 30, 2022 | June 30, 2022 | March 31, 2022 | |||||||||||||||||||||||||
Gross premiums written | $ | 1,304,199 | $ | 372,082 | $ | 800,330 | $ | 1,218,321 | $ | 1,343,508 | |||||||||||||||||||
Net premiums written | $ | 1,019,829 | $ | 372,998 | $ | 696,520 | $ | 887,975 | $ | 890,166 | |||||||||||||||||||
Net premiums earned | $ | 687,420 | $ | 688,238 | $ | 839,817 | $ | 623,581 | $ | 618,591 | |||||||||||||||||||
Net claims and claim expenses incurred | 187,609 | 240,503 | 1,372,583 | 171,924 | 259,761 | ||||||||||||||||||||||||
Acquisition expenses | 145,319 | 140,872 | 141,675 | 137,567 | 127,096 | ||||||||||||||||||||||||
Operational expenses | 55,813 | 49,638 | 48,158 | 49,627 | 46,932 | ||||||||||||||||||||||||
Underwriting income (loss) | $ | 298,679 | $ | 257,225 | $ | (722,599) | $ | 264,463 | $ | 184,802 | |||||||||||||||||||
Net claims and claim expenses incurred: | |||||||||||||||||||||||||||||
Current accident year | $ | 269,302 | $ | 370,175 | $ | 1,396,842 | $ | 206,976 | $ | 276,519 | |||||||||||||||||||
Prior accident years | (81,693) | (129,672) | (24,259) | (35,052) | (16,758) | ||||||||||||||||||||||||
Total | $ | 187,609 | $ | 240,503 | $ | 1,372,583 | $ | 171,924 | $ | 259,761 | |||||||||||||||||||
Net claims and claim expense ratio: | |||||||||||||||||||||||||||||
Current accident year | 39.2 | % | 53.8 | % | 166.3 | % | 33.2 | % | 44.7 | % | |||||||||||||||||||
Prior accident years | (11.9) | % | (18.9) | % | (2.9) | % | (5.6) | % | (2.7) | % | |||||||||||||||||||
Calendar year | 27.3 | % | 34.9 | % | 163.4 | % | 27.6 | % | 42.0 | % | |||||||||||||||||||
Acquisition expense ratio | 21.1 | % | 20.5 | % | 16.9 | % | 22.0 | % | 20.5 | % | |||||||||||||||||||
Operating expense ratio | 8.1 | % | 7.2 | % | 5.7 | % | 8.0 | % | 7.6 | % | |||||||||||||||||||
Combined ratio | 56.6 | % | 62.6 | % | 186.0 | % | 57.6 | % | 70.1 | % | |||||||||||||||||||
7 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||
Casualty and Specialty Underwriting Results - Five Quarter Trend | |||||||||||||||||||||||||||||
Casualty and Specialty | |||||||||||||||||||||||||||||
March 31, 2023 | December 31, 2022 | September 30, 2022 | June 30, 2022 | March 31, 2022 | |||||||||||||||||||||||||
Gross premiums written | $ | 1,486,062 | $ | 1,213,194 | $ | 1,420,331 | $ | 1,246,318 | $ | 1,599,456 | |||||||||||||||||||
Net premiums written | $ | 1,243,874 | $ | 972,618 | $ | 1,125,191 | $ | 975,641 | $ | 1,275,051 | |||||||||||||||||||
Net premiums earned | $ | 993,130 | $ | 935,922 | $ | 927,204 | $ | 832,802 | $ | 867,834 | |||||||||||||||||||
Net claims and claim expenses incurred | 613,591 | 582,434 | 595,348 | 534,315 | 581,972 | ||||||||||||||||||||||||
Acquisition expenses | 286,938 | 272,345 | 275,969 | 223,671 | 249,411 | ||||||||||||||||||||||||
Operational expenses | 21,661 | 22,066 | 16,402 | 22,893 | 20,975 | ||||||||||||||||||||||||
Underwriting income (loss) | $ | 70,940 | $ | 59,077 | $ | 39,485 | $ | 51,923 | $ | 15,476 | |||||||||||||||||||
Net claims and claim expenses incurred: | |||||||||||||||||||||||||||||
Current accident year | $ | 636,650 | $ | 607,648 | $ | 602,995 | $ | 542,220 | $ | 583,047 | |||||||||||||||||||
Prior accident years | (23,059) | (25,214) | (7,647) | (7,905) | (1,075) | ||||||||||||||||||||||||
Total | $ | 613,591 | $ | 582,434 | $ | 595,348 | $ | 534,315 | $ | 581,972 | |||||||||||||||||||
Net claims and claim expense ratio: | |||||||||||||||||||||||||||||
Current accident year | 64.1 | % | 64.9 | % | 65.0 | % | 65.1 | % | 67.2 | % | |||||||||||||||||||
Prior accident years | (2.3) | % | (2.7) | % | (0.8) | % | (0.9) | % | (0.1) | % | |||||||||||||||||||
Calendar year | 61.8 | % | 62.2 | % | 64.2 | % | 64.2 | % | 67.1 | % | |||||||||||||||||||
Acquisition expense ratio | 28.9 | % | 29.1 | % | 29.7 | % | 26.9 | % | 28.7 | % | |||||||||||||||||||
Operating expense ratio | 2.2 | % | 2.4 | % | 1.8 | % | 2.7 | % | 2.4 | % | |||||||||||||||||||
Combined ratio | 92.9 | % | 93.7 | % | 95.7 | % | 93.8 | % | 98.2 | % |
8 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||
Property Segment - Catastrophe and Other Property Underwriting Results | |||||||||||||||||||||||||||||||||||
Three months ended March 31, 2023 | Three months ended March 31, 2022 | ||||||||||||||||||||||||||||||||||
Catastrophe | Other Property | Total | Catastrophe | Other Property | Total | ||||||||||||||||||||||||||||||
Gross premiums written | $ | 928,595 | $ | 375,604 | $ | 1,304,199 | $ | 886,091 | $ | 457,417 | $ | 1,343,508 | |||||||||||||||||||||||
Net premiums written | $ | 816,487 | $ | 203,342 | $ | 1,019,829 | $ | 601,787 | $ | 288,379 | $ | 890,166 | |||||||||||||||||||||||
Net premiums earned | $ | 352,753 | $ | 334,667 | $ | 687,420 | $ | 278,997 | $ | 339,594 | $ | 618,591 | |||||||||||||||||||||||
Net claims and claim expenses incurred | (12,812) | 200,421 | 187,609 | 75,255 | 184,506 | 259,761 | |||||||||||||||||||||||||||||
Acquisition expenses | 42,050 | 103,269 | 145,319 | 34,808 | 92,288 | 127,096 | |||||||||||||||||||||||||||||
Operational expenses | 45,809 | 10,004 | 55,813 | 38,142 | 8,790 | 46,932 | |||||||||||||||||||||||||||||
Underwriting income (loss) | $ | 277,706 | $ | 20,973 | $ | 298,679 | $ | 130,792 | $ | 54,010 | $ | 184,802 | |||||||||||||||||||||||
Net claims and claim expenses incurred: | |||||||||||||||||||||||||||||||||||
Current accident year | $ | 67,599 | $ | 201,703 | $ | 269,302 | $ | 103,565 | $ | 172,954 | $ | 276,519 | |||||||||||||||||||||||
Prior accident years | (80,411) | (1,282) | (81,693) | (28,310) | 11,552 | (16,758) | |||||||||||||||||||||||||||||
Total | $ | (12,812) | $ | 200,421 | $ | 187,609 | $ | 75,255 | $ | 184,506 | $ | 259,761 | |||||||||||||||||||||||
Net claims and claim expense ratio: | |||||||||||||||||||||||||||||||||||
Current accident year | 19.2 | % | 60.3 | % | 39.2 | % | 37.1 | % | 50.9 | % | 44.7 | % | |||||||||||||||||||||||
Prior accident years | (22.8) | % | (0.4) | % | (11.9) | % | (10.1) | % | 3.4 | % | (2.7) | % | |||||||||||||||||||||||
Calendar year | (3.6) | % | 59.9 | % | 27.3 | % | 27.0 | % | 54.3 | % | 42.0 | % | |||||||||||||||||||||||
Acquisition expense ratio | 11.9 | % | 30.8 | % | 21.2 | % | 12.4 | % | 27.2 | % | 20.5 | % | |||||||||||||||||||||||
Operating expense ratio | 13.0 | % | 3.0 | % | 8.1 | % | 13.7 | % | 2.6 | % | 7.6 | % | |||||||||||||||||||||||
Combined ratio | 21.3 | % | 93.7 | % | 56.6 | % | 53.1 | % | 84.1 | % | 70.1 | % | |||||||||||||||||||||||
9 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||
Gross Premiums Written | |||||||||||||||||||||||
Three months ended | Q/Q $ Change | Q/Q % Change | |||||||||||||||||||||
March 31, 2023 | March 31, 2022 | ||||||||||||||||||||||
Property Segment | |||||||||||||||||||||||
Catastrophe | $ | 954,987 | $ | 862,997 | $ | 91,990 | 10.7 | % | |||||||||||||||
Catastrophe - gross reinstatement premiums | (26,392) | 23,094 | (49,486) | (214.3) | % | ||||||||||||||||||
Total catastrophe gross premiums written | $ | 928,595 | $ | 886,091 | $ | 42,504 | 4.8 | % | |||||||||||||||
Other property | 377,851 | 455,413 | (77,562) | (17.0) | % | ||||||||||||||||||
Other property - gross reinstatement premiums | (2,247) | 2,004 | (4,251) | (212.1) | % | ||||||||||||||||||
Total other property gross premiums written | $ | 375,604 | $ | 457,417 | $ | (81,813) | (17.9) | % | |||||||||||||||
Property segment gross premiums written | $ | 1,304,199 | $ | 1,343,508 | $ | (39,309) | (2.9) | % | |||||||||||||||
Casualty and Specialty Segment | |||||||||||||||||||||||
General casualty (1) | $ | 467,892 | $ | 480,142 | $ | (12,250) | (2.6) | % | |||||||||||||||
Professional liability (2) | 382,253 | 549,719 | (167,466) | (30.5) | % | ||||||||||||||||||
Credit (3) | 231,676 | 259,104 | (27,428) | (10.6) | % | ||||||||||||||||||
Other specialty (4) | 404,241 | 310,491 | 93,750 | 30.2 | % | ||||||||||||||||||
Casualty and Specialty segment gross premiums written | $ | 1,486,062 | $ | 1,599,456 | $ | (113,394) | (7.1) | % | |||||||||||||||
(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. |
10 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||
Net Premiums Written | |||||||||||||||||||||||
Three months ended | Q/Q $ Change | Q/Q % Change | |||||||||||||||||||||
March 31, 2023 | March 31, 2022 | ||||||||||||||||||||||
Property Segment | |||||||||||||||||||||||
Catastrophe | $ | 840,126 | $ | 580,592 | $ | 259,534 | 44.7 | % | |||||||||||||||
Catastrophe - net reinstatement premiums | (23,639) | 21,195 | (44,834) | (211.5) | % | ||||||||||||||||||
Total catastrophe net premiums written | $ | 816,487 | $ | 601,787 | $ | 214,700 | 35.7 | % | |||||||||||||||
Other property | 207,247 | 286,108 | (78,861) | (27.6) | % | ||||||||||||||||||
Other property - net reinstatement premiums | (3,905) | 2,271 | (6,176) | (272.0) | % | ||||||||||||||||||
Total other property net premiums written | $ | 203,342 | $ | 288,379 | $ | (85,037) | (29.5) | % | |||||||||||||||
Property segment net premiums written | $ | 1,019,829 | $ | 890,166 | $ | 129,663 | 14.6 | % | |||||||||||||||
Casualty and Specialty Segment | |||||||||||||||||||||||
General casualty (1) | $ | 422,420 | $ | 404,276 | $ | 18,144 | 4.5 | % | |||||||||||||||
Professional liability (2) | 310,912 | 432,156 | (121,244) | (28.1) | % | ||||||||||||||||||
Credit (3) | 165,544 | 180,430 | (14,886) | (8.3) | % | ||||||||||||||||||
Other specialty (4) | 344,998 | 258,189 | 86,809 | 33.6 | % | ||||||||||||||||||
Casualty and Specialty segment net premiums written | $ | 1,243,874 | $ | 1,275,051 | $ | (31,177) | (2.4) | % | |||||||||||||||
(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. |
11 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||
Net Premiums Earned | |||||||||||||||||||||||
Three months ended | Q/Q $ Change | Q/Q % Change | |||||||||||||||||||||
March 31, 2023 | March 31, 2022 | ||||||||||||||||||||||
Property Segment | |||||||||||||||||||||||
Catastrophe | $ | 376,392 | $ | 257,802 | $ | 118,590 | 46.0 | % | |||||||||||||||
Catastrophe - net reinstatement premiums | (23,639) | 21,195 | (44,834) | (211.5) | % | ||||||||||||||||||
Total catastrophe net premiums earned | $ | 352,753 | $ | 278,997 | $ | 73,756 | 26.4 | % | |||||||||||||||
Other property | 338,572 | 337,323 | 1,249 | 0.4 | % | ||||||||||||||||||
Other property - net reinstatement premiums | (3,905) | 2,271 | (6,176) | (272.0) | % | ||||||||||||||||||
Total other property net premiums earned | $ | 334,667 | $ | 339,594 | $ | (4,927) | (1.5) | % | |||||||||||||||
Property segment net premiums earned | $ | 687,420 | $ | 618,591 | $ | 68,829 | 11.1 | % | |||||||||||||||
Casualty and Specialty Segment | |||||||||||||||||||||||
General casualty (1) | $ | 326,628 | $ | 290,755 | $ | 35,873 | 12.3 | % | |||||||||||||||
Professional liability (2) | 292,831 | 311,237 | (18,406) | (5.9) | % | ||||||||||||||||||
Credit (3) | 127,331 | 83,839 | 43,492 | 51.9 | % | ||||||||||||||||||
Other specialty (4) | 246,340 | 182,003 | 64,337 | 35.3 | % | ||||||||||||||||||
Casualty and Specialty segment net premiums earned | $ | 993,130 | $ | 867,834 | $ | 125,296 | 14.4 | % |
(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 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||
Reserves for Claims and Claim Expenses | |||||||||||||||||||||||
Case Reserves | Additional Case Reserves | IBNR | Total | ||||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||
Property | $ | 2,017,567 | $ | 2,069,014 | $ | 3,100,878 | $ | 7,187,459 | |||||||||||||||
Casualty and Specialty | 1,917,179 | 189,794 | 6,702,394 | 8,809,367 | |||||||||||||||||||
Total | $ | 3,934,746 | $ | 2,258,808 | $ | 9,803,272 | $ | 15,996,826 | |||||||||||||||
December 31, 2022 | |||||||||||||||||||||||
Property | $ | 1,956,688 | $ | 2,008,891 | $ | 3,570,253 | $ | 7,535,832 | |||||||||||||||
Casualty and Specialty | 1,864,365 | 167,993 | 6,324,383 | 8,356,741 | |||||||||||||||||||
Total | $ | 3,821,053 | $ | 2,176,884 | $ | 9,894,636 | $ | 15,892,573 | |||||||||||||||
13 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||
Paid to Incurred Analysis | |||||||||||||||||||||||||||||||||||
Three months ended March 31, 2023 | Three months ended March 31, 2022 | ||||||||||||||||||||||||||||||||||
Gross | Recoveries | Net | Gross | Recoveries | Net | ||||||||||||||||||||||||||||||
Reserve for claims and claim expenses, beginning of period | $ | 15,892,573 | $ | 4,710,925 | $ | 11,181,648 | $ | 13,294,630 | $ | 4,268,669 | $ | 9,025,961 | |||||||||||||||||||||||
Incurred claims and claim expenses | |||||||||||||||||||||||||||||||||||
Current year | 1,067,128 | 161,176 | 905,952 | 1,019,596 | 160,030 | 859,566 | |||||||||||||||||||||||||||||
Prior years | (107,424) | (2,672) | (104,752) | (2,041) | 15,792 | (17,833) | |||||||||||||||||||||||||||||
Total incurred claims and claim expenses | 959,704 | 158,504 | 801,200 | 1,017,555 | 175,822 | 841,733 | |||||||||||||||||||||||||||||
Paid claims and claim expenses | |||||||||||||||||||||||||||||||||||
Current year | 30,982 | 4,013 | 26,969 | 19,776 | 1,986 | 17,790 | |||||||||||||||||||||||||||||
Prior years | 857,853 | 166,985 | 690,868 | 731,325 | 122,520 | 608,805 | |||||||||||||||||||||||||||||
Total paid claims and claim expenses | 888,835 | 170,998 | 717,837 | 751,101 | 124,506 | 626,595 | |||||||||||||||||||||||||||||
Foreign exchange (1) | 33,384 | 8,240 | 25,144 | (50,780) | (495) | (50,285) | |||||||||||||||||||||||||||||
Reserve for claims and claim expenses, end of period | $ | 15,996,826 | $ | 4,706,671 | $ | 11,290,155 | $ | 13,510,304 | $ | 4,319,490 | $ | 9,190,814 | |||||||||||||||||||||||
14 | ![]() |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | |||||||||||
March 31, 2023 | March 31, 2022 | ||||||||||
Management fee income | |||||||||||
Joint ventures | $ | 27,998 | $ | 13,395 | |||||||
Structured reinsurance products and other | 6,638 | 7,224 | |||||||||
Managed funds | 6,269 | 6,603 | |||||||||
Total management fee income | 40,905 | 27,222 | |||||||||
Performance fee income (loss) | |||||||||||
Joint ventures | 1,755 | (103) | |||||||||
Structured reinsurance products and other | 1,755 | 934 | |||||||||
Managed funds | 357 | 296 | |||||||||
Total performance fee income (loss) (1) | 3,867 | 1,127 | |||||||||
Total fee income | $ | 44,772 | $ | 28,349 |
Three months ended | |||||||||||
Fee income contributing to: | March 31, 2023 | March 31, 2022 | |||||||||
Underwriting income (loss) (1) | $ | 13,141 | $ | 12,161 | |||||||
Earnings from equity method investments (2) | (141) | 23 | |||||||||
Redeemable noncontrolling interests (3) | 31,772 | 16,165 | |||||||||
Total fee income | $ | 44,772 | $ | 28,349 | |||||||
15 | ![]() |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee Income - Five Quarter Trend | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
March 31, 2023 | December 31, 2022 | September 30, 2022 | June 30, 2022 | March 31, 2022 | |||||||||||||||||||||||||
Management fee income | |||||||||||||||||||||||||||||
Joint ventures | $ | 27,998 | $ | 13,377 | $ | 12,271 | $ | 17,703 | $ | 13,395 | |||||||||||||||||||
Structured reinsurance products and other | 6,638 | 6,342 | 6,377 | 6,649 | 7,224 | ||||||||||||||||||||||||
Managed funds | 6,269 | 6,265 | 6,341 | 6,355 | 6,603 | ||||||||||||||||||||||||
Total management fee income | 40,905 | 25,984 | 24,989 | 30,707 | 27,222 | ||||||||||||||||||||||||
Performance fee income (loss) | |||||||||||||||||||||||||||||
Joint ventures | 1,755 | 1,505 | 1,915 | 1,037 | (103) | ||||||||||||||||||||||||
Structured reinsurance products and other | 1,755 | 2,391 | (1,360) | 2,486 | 934 | ||||||||||||||||||||||||
Managed funds | 357 | 467 | 184 | 25 | 296 | ||||||||||||||||||||||||
Total performance fee income (loss) (1) | 3,867 | 4,363 | 739 | 3,548 | 1,127 | ||||||||||||||||||||||||
Total fee income | $ | 44,772 | $ | 30,347 | $ | 25,728 | $ | 34,255 | $ | 28,349 |
Three months ended | |||||||||||||||||||||||||||||
Fee income contributing to: | March 31, 2023 | December 31, 2022 | September 30, 2022 | June 30, 2022 | March 31, 2022 | ||||||||||||||||||||||||
Underwriting income (loss) (1) | $ | 13,141 | $ | 13,668 | $ | 11,366 | $ | 12,751 | $ | 12,161 | |||||||||||||||||||
Earnings from equity method investments (2) | (141) | 25 | 19 | 27 | 23 | ||||||||||||||||||||||||
Redeemable noncontrolling interests (3) | 31,772 | 16,654 | 14,343 | 21,477 | 16,165 | ||||||||||||||||||||||||
Total fee income | $ | 44,772 | $ | 30,347 | $ | 25,728 | $ | 34,255 | $ | 28,349 | |||||||||||||||||||
16 | ![]() |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||||||||||||||||||||||
Three months ended | |||||||||||
March 31, 2023 | March 31, 2022 | ||||||||||
Redeemable noncontrolling interests - DaVinci | $ | (166,082) | $ | 25,323 | |||||||
Redeemable noncontrolling interests - Medici | (45,069) | 5,287 | |||||||||
Redeemable noncontrolling interests - Vermeer | (47,405) | (18,698) | |||||||||
Redeemable noncontrolling interests - Fontana | (8,828) | — | |||||||||
Net (income) loss attributable to redeemable noncontrolling interests (1) | $ | (267,384) | $ | 11,912 |
Three months ended | |||||||||||
March 31, 2023 | March 31, 2022 | ||||||||||
Operating (income) loss attributable to redeemable noncontrolling interests (2) | $ | (241,938) | $ | (80,098) | |||||||
Non-operating (income) loss attributable to redeemable noncontrolling interests | (25,446) | 92,010 | |||||||||
Net (income) loss attributable to redeemable noncontrolling interests (1) | $ | (267,384) | $ | 11,912 | |||||||
17 | ![]() |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | December 31, 2022 | ||||||||||
Redeemable noncontrolling interests - DaVinci | $ | 2,234,541 | $ | 1,740,300 | |||||||
Redeemable noncontrolling interests - Medici | 1,307,741 | 1,036,218 | |||||||||
Redeemable noncontrolling interests - Vermeer | 1,538,245 | 1,490,840 | |||||||||
Redeemable noncontrolling interests - Fontana | 276,859 | 268,031 | |||||||||
Redeemable noncontrolling interests | $ | 5,357,386 | $ | 4,535,389 |
March 31, 2023 | December 31, 2022 | ||||||||||
DaVinci | 74.6 | % | 69.1 | % | |||||||
Medici | 89.2 | % | 87.2 | % | |||||||
Vermeer | 100.0 | % | 100.0 | % | |||||||
Fontana | 68.4 | % | 68.4 | % |
18 | ![]() |
Managed Joint Ventures and Fee Income | |||||||||||
DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations | |||||||||||
Three months ended | |||||||||||
March 31, 2023 | March 31, 2022 | ||||||||||
Revenues | |||||||||||
Gross premiums written | $ | 528,779 | $ | 425,315 | |||||||
Net premiums written | $ | 519,169 | $ | 399,189 | |||||||
Decrease (increase) in unearned premiums | (311,282) | (233,158) | |||||||||
Net premiums earned | 207,887 | 166,031 | |||||||||
Net investment income | 43,898 | 8,968 | |||||||||
Net foreign exchange gains (losses) | (1,507) | 412 | |||||||||
Net realized and unrealized gains (losses) on investments | 38,379 | (117,651) | |||||||||
Total revenues | 288,657 | 57,760 | |||||||||
Expenses | |||||||||||
Net claims and claim expenses incurred | 9,691 | 57,859 | |||||||||
Acquisition expenses | 26,334 | 19,582 | |||||||||
Operational and corporate expenses | 26,803 | 15,066 | |||||||||
Interest expense | 1,858 | 1,858 | |||||||||
Total expenses | 64,686 | 94,365 | |||||||||
Income (loss) before taxes | 223,971 | (36,605) | |||||||||
Income tax benefit (expense) | (1,589) | — | |||||||||
Net income (loss) available (attributable) to DaVinci common shareholders | $ | 222,382 | $ | (36,605) | |||||||
Net claims and claim expenses incurred - current accident year | $ | 46,999 | $ | 68,135 | |||||||
Net claims and claim expenses incurred - prior accident years | (37,308) | (10,276) | |||||||||
Net claims and claim expenses incurred - total | $ | 9,691 | $ | 57,859 | |||||||
Net claims and claim expense ratio - current accident year | 22.6 | % | 41.0 | % | |||||||
Net claims and claim expense ratio - prior accident years | (17.9) | % | (6.2) | % | |||||||
Net claims and claim expense ratio - calendar year | 4.7 | % | 34.8 | % | |||||||
Underwriting expense ratio | 25.5 | % | 20.9 | % | |||||||
Combined ratio | 30.2 | % | 55.7 | % |
19 | ![]() |
Investments | |||||||||||||||||||||||
Total Investment Result | |||||||||||||||||||||||
Managed (1) | Retained (2) | ||||||||||||||||||||||
Three months ended | Three months ended | ||||||||||||||||||||||
March 31, 2023 | March 31, 2022 | March 31, 2023 | March 31, 2022 | ||||||||||||||||||||
Fixed maturity investments trading | $ | 155,500 | $ | 62,417 | $ | 121,893 | $ | 55,674 | |||||||||||||||
Short term investments | 32,950 | 1,136 | 12,456 | 642 | |||||||||||||||||||
Equity investments | 3,399 | 2,754 | 3,399 | 2,754 | |||||||||||||||||||
Other investments | |||||||||||||||||||||||
Catastrophe bonds | 38,831 | 17,360 | 6,029 | 2,686 | |||||||||||||||||||
Other | 24,571 | 5,552 | 24,571 | 5,552 | |||||||||||||||||||
Cash and cash equivalents | 4,264 | (41) | 4,012 | (24) | |||||||||||||||||||
259,515 | 89,178 | 172,360 | 67,284 | ||||||||||||||||||||
Investment expenses | (5,137) | (5,487) | (4,351) | (4,608) | |||||||||||||||||||
Net investment income | $ | 254,378 | $ | 83,691 | $ | 168,009 | $ | 62,676 | |||||||||||||||
Net investment income return - annualized | 4.9 | % | 1.5 | % | 4.5 | % | 1.7 | % | |||||||||||||||
Net realized gains (losses) on fixed maturity investments trading | $ | (104,765) | $ | (121,152) | $ | (87,407) | $ | (106,989) | |||||||||||||||
Net unrealized gains (losses) on fixed maturity investments trading | 312,026 | (464,177) | 259,095 | (397,426) | |||||||||||||||||||
Net realized and unrealized gains (losses) on investments-related derivatives | 12,162 | (40,288) | 14,479 | (39,737) | |||||||||||||||||||
Net realized gains (losses) on equity investments | (8,738) | (20) | (8,738) | (20) | |||||||||||||||||||
Net unrealized gains (losses) on equity investments | 39,151 | (48,669) | 39,152 | (48,720) | |||||||||||||||||||
Other investments | |||||||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - catastrophe bonds | 24,126 | (8,261) | 3,477 | (1,282) | |||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - other | 5,489 | 9,550 | 5,489 | 9,550 | |||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 279,451 | (673,017) | 225,547 | (584,624) | |||||||||||||||||||
Total investment result | $ | 533,829 | $ | (589,326) | $ | 393,556 | $ | (521,948) | |||||||||||||||
Average invested assets | $ | 22,714,948 | $ | 21,146,938 | $ | 14,970,187 | $ | 14,422,403 | |||||||||||||||
Total investment return - annualized | 10.0 | % | (10.2) | % | 10.8 | % | (13.7) | % |
20 | ![]() |
Investments | ||
Investments Composition |
March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Managed (1) | Retained (2) | Managed (1) | Retained (2) | ||||||||||||||||||||||||||||||||||||||||||||
Type of Investment | Fair Value | Unrealized Gain (Loss) | Fair Value | Unrealized Gain (Loss) | Fair Value | Unrealized Gain (Loss) | Fair Value | Unrealized Gain (Loss) | |||||||||||||||||||||||||||||||||||||||
Fixed maturity investments trading, at fair value | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasuries | $ | 7,331,398 | $ | (22,800) | $ | 5,750,433 | $ | (27,208) | $ | 7,180,129 | $ | (186,451) | $ | 5,772,302 | $ | (168,146) | |||||||||||||||||||||||||||||||
Corporate (3) | 4,474,372 | (221,900) | 3,388,545 | (209,502) | 4,390,568 | (331,461) | 3,392,129 | (300,245) | |||||||||||||||||||||||||||||||||||||||
Other (4) | 2,889,815 | (127,588) | 2,346,051 | (104,954) | 2,780,705 | (169,237) | 2,339,897 | (140,789) | |||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments trading, at fair value | 14,695,585 | (372,288) | 11,485,029 | (341,664) | 14,351,402 | (687,149) | 11,504,328 | (609,180) | |||||||||||||||||||||||||||||||||||||||
Short term investments, at fair value | 5,177,095 | (786) | 1,493,812 | (257) | 4,669,272 | (2,309) | 1,131,408 | (817) | |||||||||||||||||||||||||||||||||||||||
Equity investments, at fair value | 551,394 | 28,566 | 551,190 | 28,553 | 625,058 | (10,590) | 624,870 | (10,600) | |||||||||||||||||||||||||||||||||||||||
Other investments, at fair value | |||||||||||||||||||||||||||||||||||||||||||||||
Catastrophe bonds | 1,388,579 | (158,690) | 210,579 | (45,581) | 1,241,468 | (182,798) | 209,114 | (51,841) | |||||||||||||||||||||||||||||||||||||||
Fund investments | 1,144,544 | 125,059 | 1,144,544 | 125,059 | 1,086,706 | 111,423 | 1,086,706 | 111,423 | |||||||||||||||||||||||||||||||||||||||
Term loans | 100,000 | — | 100,000 | — | 100,000 | — | 100,000 | — | |||||||||||||||||||||||||||||||||||||||
Direct private equity investments | 67,532 | (30,732) | 67,532 | (30,732) | 66,780 | (31,484) | 66,780 | (31,484) | |||||||||||||||||||||||||||||||||||||||
Total other investments, at fair value | 2,700,655 | (64,363) | 1,522,655 | 48,746 | 2,494,954 | (102,859) | 1,462,600 | 28,098 | |||||||||||||||||||||||||||||||||||||||
Investments in other ventures, under equity method | 84,731 | — | 84,731 | — | 79,750 | — | 79,750 | — | |||||||||||||||||||||||||||||||||||||||
Total investments | $ | 23,209,460 | $ | (408,871) | $ | 15,137,417 | $ | (264,622) | $ | 22,220,436 | $ | (802,907) | $ | 14,802,956 | $ | (592,499) | |||||||||||||||||||||||||||||||
March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
Managed (1) | Retained (2) | Managed (1) | Retained (2) | ||||||||||||||||||||
Weighted average yield to maturity of investments (5) | 5.7 | % | 5.4 | % | 5.7 | % | 5.6 | % | |||||||||||||||
Average duration of investments, in years (5) | 2.4 | 3.1 | 2.5 | 3.2 | |||||||||||||||||||
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (6) | $ | (7.78) | $ | (13.93) |
21 | ![]() |
Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||
Managed Investments - Credit Rating (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Rating (2) | Investments not subject to credit ratings | |||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | Fair Value | AAA | AA | A | BBB | Non- Investment Grade | Not Rated | |||||||||||||||||||||||||||||||||||||||||||
Fixed maturity investments trading, at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasuries | $ | 7,331,398 | $ | — | $ | 7,331,398 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Corporate (3) | 4,474,372 | 223,012 | 366,487 | 1,406,060 | 1,495,150 | 952,915 | 30,748 | — | ||||||||||||||||||||||||||||||||||||||||||
Agencies | 481,850 | 31,726 | 450,124 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government | 364,048 | 145,306 | 213,794 | 3,796 | — | 1,152 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 786,680 | 60,339 | 554,688 | 4,736 | 8,254 | 89,318 | 69,345 | — | ||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 215,655 | 164,042 | 34,783 | 895 | 8,891 | 3,486 | 3,558 | — | ||||||||||||||||||||||||||||||||||||||||||
Asset-backed | 1,041,582 | 703,799 | 197,531 | 63,246 | 37,024 | 38,825 | 1,157 | — | ||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments trading, at fair value | 14,695,585 | 1,328,224 | 9,148,805 | 1,478,733 | 1,549,319 | 1,085,696 | 104,808 | — | ||||||||||||||||||||||||||||||||||||||||||
Short term investments, at fair value | 5,177,095 | 4,895,073 | 192,464 | 85,503 | 3,124 | 931 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Equity investments, at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed income exchange traded funds (4) | 296,049 | — | — | — | 207,830 | 88,219 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Other equity investments | 255,345 | — | — | — | — | — | — | 255,345 | ||||||||||||||||||||||||||||||||||||||||||
Total equity investments, at fair value | 551,394 | — | — | — | 207,830 | 88,219 | — | 255,345 | ||||||||||||||||||||||||||||||||||||||||||
Other investments, at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||
Catastrophe bonds | 1,388,579 | — | — | — | — | 1,388,579 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Fund investments: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Private credit funds | 806,495 | — | — | — | — | — | — | 806,495 | ||||||||||||||||||||||||||||||||||||||||||
Private equity funds | 338,049 | — | — | — | — | — | — | 338,049 | ||||||||||||||||||||||||||||||||||||||||||
Term loans | 100,000 | — | — | 100,000 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Direct private equity investments | 67,532 | — | — | — | — | — | — | 67,532 | ||||||||||||||||||||||||||||||||||||||||||
Total other investments, at fair value | 2,700,655 | — | — | 100,000 | — | 1,388,579 | — | 1,212,076 | ||||||||||||||||||||||||||||||||||||||||||
Investments in other ventures, under equity method | 84,731 | — | — | — | — | — | — | 84,731 | ||||||||||||||||||||||||||||||||||||||||||
Total investments | $ | 23,209,460 | $ | 6,223,297 | $ | 9,341,269 | $ | 1,664,236 | $ | 1,760,273 | $ | 2,563,425 | $ | 104,808 | $ | 1,552,152 | ||||||||||||||||||||||||||||||||||
100.0 | % | 26.8 | % | 40.2 | % | 7.2 | % | 7.6 | % | 11.0 | % | 0.5 | % | 6.7 | % | |||||||||||||||||||||||||||||||||||
22 | ![]() |
Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||
Retained Investments - Credit Rating (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Rating (2) | Investments not subject to credit ratings | |||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | Fair Value | AAA | AA | A | BBB | Non- Investment Grade | Not Rated | |||||||||||||||||||||||||||||||||||||||||||
Fixed maturity investments trading, at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasuries | $ | 5,750,433 | $ | — | $ | 5,750,433 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Corporate (3) | 3,388,545 | 162,466 | 268,819 | 1,050,593 | 1,059,591 | 822,173 | 24,903 | — | ||||||||||||||||||||||||||||||||||||||||||
Agencies | 353,369 | 26,973 | 326,396 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government | 308,004 | 128,001 | 175,055 | 3,796 | — | 1,152 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 561,275 | 42,986 | 346,636 | 4,736 | 8,254 | 89,318 | 69,345 | — | ||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 142,247 | 97,398 | 28,019 | 895 | 8,891 | 3,486 | 3,558 | — | ||||||||||||||||||||||||||||||||||||||||||
Asset-backed | 981,156 | 645,205 | 196,678 | 62,265 | 37,024 | 38,825 | 1,159 | — | ||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments trading, at fair value | 11,485,029 | 1,103,029 | 7,092,036 | 1,122,285 | 1,113,760 | 954,954 | 98,965 | — | ||||||||||||||||||||||||||||||||||||||||||
Short term investments, at fair value | 1,493,812 | 1,299,048 | 112,252 | 78,849 | 3,124 | 539 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Equity investments, at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed income exchange traded funds (4) | 296,049 | — | — | — | 207,830 | 88,219 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Other equity investments | 255,141 | — | — | — | — | — | — | 255,141 | ||||||||||||||||||||||||||||||||||||||||||
Total equity investments, at fair value | 551,190 | — | — | — | 207,830 | 88,219 | — | 255,141 | ||||||||||||||||||||||||||||||||||||||||||
Other investments, at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||
Catastrophe bonds | 210,579 | — | — | — | — | 210,579 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Fund investments: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Private credit funds | 806,495 | — | — | — | — | — | — | 806,495 | ||||||||||||||||||||||||||||||||||||||||||
Private equity funds | 338,049 | — | — | — | — | — | — | 338,049 | ||||||||||||||||||||||||||||||||||||||||||
Term loans | 100,000 | — | — | 100,000 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Direct private equity investments | 67,532 | — | — | — | — | — | — | 67,532 | ||||||||||||||||||||||||||||||||||||||||||
Total other investments, at fair value | 1,522,655 | — | — | 100,000 | — | 210,579 | — | 1,212,076 | ||||||||||||||||||||||||||||||||||||||||||
Investments in other ventures, under equity method | 84,731 | — | — | — | — | — | — | 84,731 | ||||||||||||||||||||||||||||||||||||||||||
Total investments | $ | 15,137,417 | $ | 2,402,077 | $ | 7,204,288 | $ | 1,301,134 | $ | 1,324,714 | $ | 1,254,291 | $ | 98,965 | $ | 1,551,948 | ||||||||||||||||||||||||||||||||||
100.0 | % | 15.9 | % | 47.6 | % | 8.6 | % | 8.8 | % | 8.3 | % | 0.6 | % | 10.2 | % | |||||||||||||||||||||||||||||||||||
23 | ![]() |
Other Items | |||||||||||
Earnings per Share | |||||||||||
Three months ended | |||||||||||
(common shares in thousands) | March 31, 2023 | March 31, 2022 | |||||||||
Numerator: | |||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 564,062 | $ | (394,413) | |||||||
Amount allocated to participating common shareholders (1) | (8,854) | (235) | |||||||||
Net income (loss) allocated to RenaissanceRe common shareholders | $ | 555,208 | $ | (394,648) | |||||||
Denominator: | |||||||||||
Denominator for basic income (loss) per RenaissanceRe common share - weighted average common shares (2) | 42,876 | 43,357 | |||||||||
Per common share equivalents of non-vested shares (2) | 130 | — | |||||||||
Denominator for diluted income (loss) per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions (2) | 43,006 | 43,357 | |||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic | $ | 12.95 | $ | (9.10) | |||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 12.91 | $ | (9.10) | |||||||
24 | ![]() |
Comments on Regulation G |
25 | ![]() |
Comments on Regulation G |
Three months ended | |||||||||||
March 31, 2023 | March 31, 2022 | ||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 564,062 | $ | (394,413) | |||||||
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds | (255,325) | 664,756 | |||||||||
Adjustment for net foreign exchange losses (gains) | 14,503 | 15,486 | |||||||||
Adjustment for income tax expense (benefit) (1) | 11,322 | (41,874) | |||||||||
Adjustment for net income (loss) attributable to redeemable noncontrolling interests (2) | 25,446 | (92,010) | |||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 360,008 | $ | 151,945 | |||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 12.91 | $ | (9.10) | |||||||
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds | (5.94) | 15.33 | |||||||||
Adjustment for net foreign exchange losses (gains) | 0.34 | 0.36 | |||||||||
Adjustment for income tax expense (benefit) (1) | 0.26 | (0.97) | |||||||||
Adjustment for net income (loss) attributable to redeemable noncontrolling interests (2) | 0.59 | (2.12) | |||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 8.16 | $ | 3.50 | |||||||
Return on average common equity - annualized | 46.6 | % | (28.1) | % | |||||||
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds | (21.1) | % | 47.3 | % | |||||||
Adjustment for net foreign exchange losses (gains) | 1.2 | % | 1.1 | % | |||||||
Adjustment for income tax expense (benefit) (1) | 0.9 | % | (3.0) | % | |||||||
Adjustment for net income (loss) attributable to redeemable noncontrolling interests (2) | 2.1 | % | (6.5) | % | |||||||
Operating return on average common equity - annualized | 29.7 | % | 10.8 | % |
26 | ![]() |
Comments on Regulation G |
March 31, 2023 | December 31, 2022 | ||||||||||
Book value per common share | $ | 116.44 | $ | 104.65 | |||||||
Adjustment for goodwill and other intangibles (1) | (5.78) | (5.84) | |||||||||
Tangible book value per common share | 110.66 | 98.81 | |||||||||
Adjustment for accumulated dividends | 25.38 | 25.00 | |||||||||
Tangible book value per common share plus accumulated dividends | $ | 136.04 | $ | 123.81 | |||||||
Year to date change in book value per common share | 11.3 | % | (20.8) | % | |||||||
Year to date change in tangible book value per common share plus change in accumulated dividends | 12.4 | % | (20.6) | % |
27 | ![]() |
Comments on Regulation G |
Three months ended March 31, 2023 | Three months ended March 31, 2022 | ||||||||||||||||||||||||||||||||||
Managed (1) | Adjustment (2) | Retained (3) | Managed (1) | Adjustment (2) | Retained (3) | ||||||||||||||||||||||||||||||
Fixed maturity investments trading | $ | 155,500 | $ | (33,607) | $ | 121,893 | $ | 62,417 | $ | (6,743) | $ | 55,674 | |||||||||||||||||||||||
Short term investments | 32,950 | (20,494) | 12,456 | 1,136 | (494) | 642 | |||||||||||||||||||||||||||||
Equity investments | 3,399 | — | 3,399 | 2,754 | — | 2,754 | |||||||||||||||||||||||||||||
Other investments | |||||||||||||||||||||||||||||||||||
Catastrophe bonds | 38,831 | (32,802) | 6,029 | 17,360 | (14,674) | 2,686 | |||||||||||||||||||||||||||||
Other | 24,571 | — | 24,571 | 5,552 | — | 5,552 | |||||||||||||||||||||||||||||
Cash and cash equivalents | 4,264 | (252) | 4,012 | (41) | 17 | (24) | |||||||||||||||||||||||||||||
259,515 | (87,155) | 172,360 | 89,178 | (21,894) | 67,284 | ||||||||||||||||||||||||||||||
Investment expenses | (5,137) | 786 | (4,351) | (5,487) | 879 | (4,608) | |||||||||||||||||||||||||||||
Net investment income | $ | 254,378 | $ | (86,369) | $ | 168,009 | $ | 83,691 | $ | (21,015) | $ | 62,676 | |||||||||||||||||||||||
Net investment income return - annualized | 4.9 | % | (0.4) | % | 4.5 | % | 1.5 | % | 0.2 | % | 1.7 | % | |||||||||||||||||||||||
Net realized gains (losses) on fixed maturity investments trading | $ | (104,765) | $ | 17,358 | $ | (87,407) | $ | (121,152) | $ | 14,163 | $ | (106,989) | |||||||||||||||||||||||
Net unrealized gains (losses) on fixed maturity investments trading | 312,026 | (52,931) | 259,095 | (464,177) | 66,751 | (397,426) | |||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investments-related derivatives | 12,162 | 2,317 | 14,479 | (40,288) | 551 | (39,737) | |||||||||||||||||||||||||||||
Net realized gains (losses) on equity investments | (8,738) | — | (8,738) | (20) | — | (20) | |||||||||||||||||||||||||||||
Net unrealized gains (losses) on equity investments | 39,151 | 1 | 39,152 | (48,669) | (51) | (48,720) | |||||||||||||||||||||||||||||
Other investments | |||||||||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - catastrophe bonds | 24,126 | (20,649) | 3,477 | (8,261) | 6,979 | (1,282) | |||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - other | 5,489 | — | 5,489 | 9,550 | — | 9,550 | |||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 279,451 | (53,904) | 225,547 | (673,017) | 88,393 | (584,624) | |||||||||||||||||||||||||||||
Total investment result | $ | 533,829 | $ | (140,273) | $ | 393,556 | $ | (589,326) | $ | 67,378 | $ | (521,948) | |||||||||||||||||||||||
Average invested assets | $ | 22,714,948 | $ | (7,744,761) | $ | 14,970,187 | $ | 21,146,938 | $ | (6,724,535) | $ | 14,422,403 | |||||||||||||||||||||||
Total investment return - annualized | 10.0 | % | 0.8 | % | 10.8 | % | (10.2) | % | (3.5) | % | (13.7) | % |
28 | ![]() |
Comments on Regulation G |
March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
Managed (1) | Adjustment (2) | Retained (3) | Managed (1) | Adjustment (2) | Retained (3) | ||||||||||||||||||||||||||||||
Fixed maturity investments trading, at fair value | |||||||||||||||||||||||||||||||||||
U.S. treasuries | $ | 7,331,398 | $ | (1,580,965) | $ | 5,750,433 | $ | 7,180,129 | $ | (1,407,827) | $ | 5,772,302 | |||||||||||||||||||||||
Corporate (4) | 4,474,372 | (1,085,827) | 3,388,545 | 4,390,568 | (998,439) | 3,392,129 | |||||||||||||||||||||||||||||
Agencies | 481,850 | (128,481) | 353,369 | 395,149 | (81,312) | 313,837 | |||||||||||||||||||||||||||||
Non-U.S. government | 364,048 | (56,044) | 308,004 | 383,838 | (51,582) | 332,256 | |||||||||||||||||||||||||||||
Residential mortgage-backed | 786,680 | (225,405) | 561,275 | 710,429 | (192,368) | 518,061 | |||||||||||||||||||||||||||||
Commercial mortgage-backed | 215,655 | (73,408) | 142,247 | 213,987 | (64,006) | 149,981 | |||||||||||||||||||||||||||||
Asset-backed | 1,041,582 | (60,426) | 981,156 | 1,077,302 | (51,540) | 1,025,762 | |||||||||||||||||||||||||||||
Total fixed maturity investments trading, at fair value | 14,695,585 | (3,210,556) | 11,485,029 | 14,351,402 | (2,847,074) | 11,504,328 | |||||||||||||||||||||||||||||
Short term investments, at fair value | 5,177,095 | (3,683,283) | 1,493,812 | 4,669,272 | (3,537,864) | 1,131,408 | |||||||||||||||||||||||||||||
Equity investments, at fair value | |||||||||||||||||||||||||||||||||||
Fixed income exchange traded funds | 296,049 | — | 296,049 | 295,481 | — | 295,481 | |||||||||||||||||||||||||||||
Other equity investments | 255,345 | (204) | 255,141 | 329,577 | (188) | 329,389 | |||||||||||||||||||||||||||||
Total equity investments trading, at fair value | 551,394 | (204) | 551,190 | 625,058 | (188) | 624,870 | |||||||||||||||||||||||||||||
Other investments, at fair value | |||||||||||||||||||||||||||||||||||
Catastrophe bonds | 1,388,579 | (1,178,000) | 210,579 | 1,241,468 | (1,032,354) | 209,114 | |||||||||||||||||||||||||||||
Fund investments: | |||||||||||||||||||||||||||||||||||
Private credit funds | 806,495 | — | 806,495 | 771,383 | — | 771,383 | |||||||||||||||||||||||||||||
Private equity funds | 338,049 | — | 338,049 | 315,323 | — | 315,323 | |||||||||||||||||||||||||||||
Term loans | 100,000 | — | 100,000 | 100,000 | — | 100,000 | |||||||||||||||||||||||||||||
Direct private equity investments | 67,532 | — | 67,532 | 66,780 | — | 66,780 | |||||||||||||||||||||||||||||
Total other investments, at fair value | 2,700,655 | (1,178,000) | 1,522,655 | 2,494,954 | (1,032,354) | 1,462,600 | |||||||||||||||||||||||||||||
Investments in other ventures, under equity method | 84,731 | — | 84,731 | 79,750 | — | 79,750 | |||||||||||||||||||||||||||||
Total investments | $ | 23,209,460 | $ | (8,072,043) | $ | 15,137,417 | $ | 22,220,436 | $ | (7,417,480) | $ | 14,802,956 |
29 | ![]() |
Comments on Regulation G |
March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
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 | $ | (22,800) | $ | (4,408) | $ | (27,208) | $ | (186,451) | $ | 18,305 | $ | (168,146) | |||||||||||||||||||||||
Corporate (4) | (221,900) | 12,398 | (209,502) | (331,461) | 31,216 | (300,245) | |||||||||||||||||||||||||||||
Other (5) | (127,588) | 22,634 | (104,954) | (169,237) | 28,448 | (140,789) | |||||||||||||||||||||||||||||
Total fixed maturity investments trading, at fair value | (372,288) | 30,624 | (341,664) | (687,149) | 77,969 | (609,180) | |||||||||||||||||||||||||||||
Short term investments, at fair value | (786) | 529 | (257) | (2,309) | 1,492 | (817) | |||||||||||||||||||||||||||||
Equity investments, at fair value | 28,566 | (13) | 28,553 | (10,590) | (10) | (10,600) | |||||||||||||||||||||||||||||
Other investments, at fair value | |||||||||||||||||||||||||||||||||||
Catastrophe bonds | (158,690) | 113,109 | (45,581) | (182,798) | 130,957 | (51,841) | |||||||||||||||||||||||||||||
Fund investments | 125,059 | — | 125,059 | 111,423 | — | 111,423 | |||||||||||||||||||||||||||||
Direct private equity investments | (30,732) | — | (30,732) | (31,484) | — | (31,484) | |||||||||||||||||||||||||||||
Total other investments, at fair value | (64,363) | 113,109 | 48,746 | (102,859) | 130,957 | 28,098 | |||||||||||||||||||||||||||||
Total investments | $ | (408,871) | $ | 144,249 | $ | (264,622) | $ | (802,907) | $ | 210,408 | $ | (592,499) | |||||||||||||||||||||||
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (6) | $ | (7.78) | $ | (13.93) | |||||||||||||||||||||||||||||||
30 | ![]() |
Comments on Regulation G |
Three months ended | |||||||||||
March 31, 2023 | March 31, 2022 | ||||||||||
Net (income) loss attributable to redeemable noncontrolling interests (1) | $ | (267,384) | $ | 11,912 | |||||||
Adjustment for the portion of net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds attributable to redeemable noncontrolling interests | 32,747 | (81,392) | |||||||||
Adjustment for the portion of net foreign exchange losses (gains) attributable to redeemable noncontrolling interests | (7,301) | (10,619) | |||||||||
Adjustment for non-operating (income) loss attributable to redeemable noncontrolling interests (2) | 25,446 | (92,011) | |||||||||
Operating (income) loss attributable to redeemable noncontrolling interests | $ | (292,830) | $ | 103,923 |
31 | ![]() |