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 Non-GAAP Financial Measures |
RenaissanceRe Holdings Ltd. | ||
Basis of Presentation |
Cautionary Statement Regarding Forward-Looking Statements |
i |
ii |
RenaissanceRe Holdings Ltd. | |||||||||||||||||||||||
Financial Highlights | |||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 193,988 | $ | (825,344) | $ | 949,075 | $ | (1,544,670) | |||||||||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1) | $ | 422,303 | $ | (396,674) | $ | 1,189,746 | $ | (6,597) | |||||||||||||||
Underwriting income | |||||||||||||||||||||||
Gross premiums written | $ | 1,618,443 | $ | 2,220,661 | $ | 7,060,325 | $ | 7,628,264 | |||||||||||||||
Net premiums written | 1,421,260 | 1,821,711 | 5,880,766 | 5,850,544 | |||||||||||||||||||
Underwriting income (loss) | 385,804 | (683,114) | 1,106,438 | (166,450) | |||||||||||||||||||
Net claims and claim expense ratio: | |||||||||||||||||||||||
Current accident year | 58.1 | % | 113.2 | % | 55.3 | % | 76.6 | % | |||||||||||||||
Prior accident years | (9.0) | % | (1.8) | % | (5.6) | % | (1.9) | % | |||||||||||||||
Calendar year | 49.1 | % | 111.4 | % | 49.7 | % | 74.7 | % | |||||||||||||||
Acquisition expense ratio | 24.2 | % | 23.6 | % | 24.5 | % | 24.5 | % | |||||||||||||||
Operating expense ratio | 4.7 | % | 3.7 | % | 4.6 | % | 4.4 | % | |||||||||||||||
Combined ratio | 78.0 | % | 138.7 | % | 78.8 | % | 103.6 | % | |||||||||||||||
Fee income | |||||||||||||||||||||||
Management fee income | $ | 44,486 | $ | 24,989 | $ | 128,830 | $ | 82,918 | |||||||||||||||
Performance fee income | 20,072 | 739 | 37,181 | 5,414 | |||||||||||||||||||
Total fee income | $ | 64,558 | $ | 25,728 | $ | 166,011 | $ | 88,332 | |||||||||||||||
Investment results - managed | |||||||||||||||||||||||
Net investment income | $ | 329,108 | $ | 157,793 | $ | 876,148 | $ | 348,695 | |||||||||||||||
Net realized and unrealized gains (losses) on investments | (228,087) | (641,500) | (171,417) | (1,968,624) | |||||||||||||||||||
Total investment result | $ | 101,021 | $ | (483,707) | $ | 704,731 | $ | (1,619,929) | |||||||||||||||
Total investment return - annualized | 2.0 | % | (8.9) | % | 4.2 | % | (10.1) | % | |||||||||||||||
Investment results - retained (1) | |||||||||||||||||||||||
Net investment income | $ | 216,764 | $ | 110,105 | $ | 574,088 | $ | 247,763 | |||||||||||||||
Net realized and unrealized gains (losses) on investments | (220,486) | (453,242) | (204,622) | (1,613,936) | |||||||||||||||||||
Total investment result | $ | (3,722) | $ | (343,137) | $ | 369,466 | $ | (1,366,173) | |||||||||||||||
Total investment return - annualized | 0.0 | % | (9.6) | % | 3.1 | % | (12.7) | % | |||||||||||||||
1 | ![]() |
Financial Highlights - Per Share Data & ROE | |||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic | $ | 3.81 | $ | (19.27) | $ | 20.17 | $ | (35.84) | |||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 3.80 | $ | (19.27) | $ | 20.13 | $ | (35.84) | |||||||||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1) | $ | 8.33 | $ | (9.27) | $ | 25.32 | $ | (0.16) | |||||||||||||||
Average shares outstanding - basic | 50,261 | 42,837 | 46,345 | 43,121 | |||||||||||||||||||
Average shares outstanding - diluted | 50,358 | 42,837 | 46,451 | 43,121 | |||||||||||||||||||
Return on average common equity - annualized | 11.5 | % | (72.4) | % | 22.1 | % | (40.5) | % | |||||||||||||||
Operating return on average common equity - annualized (1) | 25.0 | % | (34.8) | % | 27.7 | % | (0.2) | % | |||||||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Book value per common share | $ | 133.63 | $ | 104.65 | |||||||||||||||||||
Tangible book value per common share (1) | $ | 128.71 | $ | 98.81 | |||||||||||||||||||
Tangible book value per common share plus accumulated dividends (1) | $ | 154.85 | $ | 123.81 | |||||||||||||||||||
Year to date change in book value per common share plus change in accumulated dividends | 28.8 | % | (19.7) | % | |||||||||||||||||||
Year to date change in tangible book value per common share plus change in accumulated dividends (1) | 31.4 | % | (20.6) | % |
2 | ![]() |
Summary Consolidated Financial Statements | |||||||||||||||||||||||
Consolidated Statements of Operations | |||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Gross premiums written | $ | 1,618,443 | $ | 2,220,661 | $ | 7,060,325 | $ | 7,628,264 | |||||||||||||||
Net premiums written | $ | 1,421,260 | $ | 1,821,711 | $ | 5,880,766 | $ | 5,850,544 | |||||||||||||||
Decrease (increase) in unearned premiums | 334,616 | (54,690) | (659,078) | (1,140,715) | |||||||||||||||||||
Net premiums earned | 1,755,876 | 1,767,021 | 5,221,688 | 4,709,829 | |||||||||||||||||||
Net investment income | 329,108 | 157,793 | 876,148 | 348,695 | |||||||||||||||||||
Net foreign exchange gains (losses) | (25,886) | (1,383) | (53,877) | (67,690) | |||||||||||||||||||
Equity in earnings (losses) of other ventures | 10,842 | 1,739 | 28,072 | 2,732 | |||||||||||||||||||
Other income (loss) | (5,866) | 2,834 | (6,296) | 4,950 | |||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (228,087) | (641,500) | (171,417) | (1,968,624) | |||||||||||||||||||
Total revenues | 1,835,987 | 1,286,504 | 5,894,318 | 3,029,892 | |||||||||||||||||||
Expenses | |||||||||||||||||||||||
Net claims and claim expenses incurred | 861,576 | 1,967,931 | 2,593,987 | 3,515,903 | |||||||||||||||||||
Acquisition expenses | 425,745 | 417,644 | 1,280,547 | 1,155,389 | |||||||||||||||||||
Operational expenses | 82,751 | 64,560 | 240,716 | 204,987 | |||||||||||||||||||
Corporate expenses | 17,143 | 10,384 | 53,357 | 35,238 | |||||||||||||||||||
Interest expense | 22,951 | 12,101 | 49,980 | 35,951 | |||||||||||||||||||
Total expenses | 1,410,166 | 2,472,620 | 4,218,587 | 4,947,468 | |||||||||||||||||||
Income (loss) before taxes | 425,821 | (1,186,116) | 1,675,731 | (1,917,576) | |||||||||||||||||||
Income tax benefit (expense) | (9,295) | (2,814) | (44,139) | 64,427 | |||||||||||||||||||
Net income (loss) | 416,526 | (1,188,930) | 1,631,592 | (1,853,149) | |||||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests | (213,695) | 372,429 | (655,986) | 335,010 | |||||||||||||||||||
Net income (loss) attributable to RenaissanceRe | 202,831 | (816,501) | 975,606 | (1,518,139) | |||||||||||||||||||
Dividends on preference shares | (8,843) | (8,843) | (26,531) | (26,531) | |||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 193,988 | $ | (825,344) | $ | 949,075 | $ | (1,544,670) | |||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic | $ | 3.81 | $ | (19.27) | $ | 20.17 | $ | (35.84) | |||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 3.80 | $ | (19.27) | $ | 20.13 | $ | (35.84) | |||||||||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1) | $ | 8.33 | $ | (9.27) | $ | 25.32 | $ | (0.16) | |||||||||||||||
Return on average common equity - annualized | 11.5 | % | (72.4) | % | 22.1 | % | (40.5) | % | |||||||||||||||
Operating return on average common equity - annualized (1) | 25.0 | % | (34.8) | % | 27.7 | % | (0.2) | % |
3 | ![]() |
Summary Consolidated Financial Statements | |||||||||||
Consolidated Balance Sheets | |||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||
Assets | |||||||||||
Fixed maturity investments trading, at fair value – amortized cost $16,754,568 at September 30, 2023 (December 31, 2022 – $15,038,551) | $ | 16,083,046 | $ | 14,351,402 | |||||||
Short term investments, at fair value - amortized cost $6,521,007 at September 30, 2023 (December 31, 2022 - $4,671,581) | 6,519,207 | 4,669,272 | |||||||||
Equity investments, at fair value | 95,342 | 625,058 | |||||||||
Other investments, at fair value | 3,167,941 | 2,494,954 | |||||||||
Investments in other ventures, under equity method | 101,103 | 79,750 | |||||||||
Total investments | 25,966,639 | 22,220,436 | |||||||||
Cash and cash equivalents | 1,195,884 | 1,194,339 | |||||||||
Premiums receivable | 5,928,809 | 5,139,471 | |||||||||
Prepaid reinsurance premiums | 1,028,916 | 1,021,412 | |||||||||
Reinsurance recoverable | 4,253,259 | 4,710,925 | |||||||||
Accrued investment income | 153,573 | 121,501 | |||||||||
Deferred acquisition costs | 1,267,088 | 1,171,738 | |||||||||
Receivable for investments sold | 480,727 | 350,526 | |||||||||
Other assets | 334,284 | 384,702 | |||||||||
Goodwill and other intangibles | 233,897 | 237,828 | |||||||||
Total assets | $ | 40,843,076 | $ | 36,552,878 | |||||||
Liabilities, Noncontrolling Interests and Shareholders' Equity | |||||||||||
Liabilities | |||||||||||
Reserve for claims and claim expenses | $ | 15,955,165 | $ | 15,892,573 | |||||||
Unearned premiums | 5,222,496 | 4,559,107 | |||||||||
Debt | 1,882,893 | 1,170,442 | |||||||||
Reinsurance balances payable | 3,323,606 | 3,928,281 | |||||||||
Payable for investments purchased | 811,578 | 493,776 | |||||||||
Other liabilities | 396,487 | 648,036 | |||||||||
Total liabilities | 27,592,225 | 26,692,215 | |||||||||
Redeemable noncontrolling interests | 5,662,234 | 4,535,389 | |||||||||
Shareholders' Equity | |||||||||||
Preference shares: $1.00 par value – 30,000 shares issued and outstanding at September 30, 2023 (December 31, 2022 – 30,000) | 750,000 | 750,000 | |||||||||
Common shares: $1.00 par value – 51,173,930 shares issued and outstanding at September 30, 2023 (December 31, 2022 – 43,717,836) | 51,174 | 43,718 | |||||||||
Additional paid-in capital | 1,836,742 | 475,647 | |||||||||
Accumulated other comprehensive loss | (14,506) | (15,462) | |||||||||
Retained earnings | 4,965,207 | 4,071,371 | |||||||||
Total shareholders' equity attributable to RenaissanceRe | 7,588,617 | 5,325,274 | |||||||||
Total liabilities, noncontrolling interests and shareholders' equity | $ | 40,843,076 | $ | 36,552,878 | |||||||
Book value per common share | $ | 133.63 | $ | 104.65 |
4 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||
Consolidated Segment Underwriting Results | |||||||||||||||||||||||||||||||||||
Three months ended September 30, 2023 | Three months ended September 30, 2022 | ||||||||||||||||||||||||||||||||||
Property | Casualty and Specialty | Total | Property | Casualty and Specialty | Total | ||||||||||||||||||||||||||||||
Gross premiums written | $ | 511,012 | $ | 1,107,431 | $ | 1,618,443 | $ | 800,330 | $ | 1,420,331 | $ | 2,220,661 | |||||||||||||||||||||||
Net premiums written | $ | 444,872 | $ | 976,388 | $ | 1,421,260 | $ | 696,520 | $ | 1,125,191 | $ | 1,821,711 | |||||||||||||||||||||||
Net premiums earned | $ | 760,365 | $ | 995,511 | $ | 1,755,876 | $ | 839,817 | $ | 927,204 | $ | 1,767,021 | |||||||||||||||||||||||
Net claims and claim expenses incurred | 206,361 | 655,215 | 861,576 | 1,372,583 | 595,348 | 1,967,931 | |||||||||||||||||||||||||||||
Acquisition expenses | 143,348 | 282,397 | 425,745 | 141,675 | 275,969 | 417,644 | |||||||||||||||||||||||||||||
Operational expenses | 54,624 | 28,127 | 82,751 | 48,158 | 16,402 | 64,560 | |||||||||||||||||||||||||||||
Underwriting income (loss) | $ | 356,032 | $ | 29,772 | $ | 385,804 | $ | (722,599) | $ | 39,485 | $ | (683,114) | |||||||||||||||||||||||
Net claims and claim expenses incurred: | |||||||||||||||||||||||||||||||||||
Current accident year | $ | 350,238 | $ | 669,285 | $ | 1,019,523 | $ | 1,396,842 | $ | 602,995 | $ | 1,999,837 | |||||||||||||||||||||||
Prior accident years | (143,877) | (14,070) | (157,947) | (24,259) | (7,647) | (31,906) | |||||||||||||||||||||||||||||
Total | $ | 206,361 | $ | 655,215 | $ | 861,576 | $ | 1,372,583 | $ | 595,348 | $ | 1,967,931 | |||||||||||||||||||||||
Net claims and claim expense ratio: | |||||||||||||||||||||||||||||||||||
Current accident year | 46.1 | % | 67.2 | % | 58.1 | % | 166.3 | % | 65.0 | % | 113.2 | % | |||||||||||||||||||||||
Prior accident years | (19.0) | % | (1.4) | % | (9.0) | % | (2.9) | % | (0.8) | % | (1.8) | % | |||||||||||||||||||||||
Calendar year | 27.1 | % | 65.8 | % | 49.1 | % | 163.4 | % | 64.2 | % | 111.4 | % | |||||||||||||||||||||||
Acquisition expense ratio | 18.9 | % | 28.4 | % | 24.2 | % | 16.9 | % | 29.7 | % | 23.6 | % | |||||||||||||||||||||||
Operating expense ratio | 7.2 | % | 2.8 | % | 4.7 | % | 5.7 | % | 1.8 | % | 3.7 | % | |||||||||||||||||||||||
Combined ratio | 53.2 | % | 97.0 | % | 78.0 | % | 186.0 | % | 95.7 | % | 138.7 | % | |||||||||||||||||||||||
5 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||
Consolidated Segment Underwriting Results | |||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2023 | Nine months ended September 30, 2022 | ||||||||||||||||||||||||||||||||||
Property | Casualty and Specialty | Total | Property | Casualty and Specialty | Total | ||||||||||||||||||||||||||||||
Gross premiums written | $ | 3,217,817 | $ | 3,842,508 | $ | 7,060,325 | $ | 3,362,159 | $ | 4,266,105 | $ | 7,628,264 | |||||||||||||||||||||||
Net premiums written | $ | 2,609,356 | $ | 3,271,410 | $ | 5,880,766 | $ | 2,474,661 | $ | 3,375,883 | $ | 5,850,544 | |||||||||||||||||||||||
Net premiums earned | $ | 2,206,471 | $ | 3,015,217 | $ | 5,221,688 | $ | 2,081,989 | $ | 2,627,840 | $ | 4,709,829 | |||||||||||||||||||||||
Net claims and claim expenses incurred | 675,963 | 1,918,024 | 2,593,987 | 1,804,268 | 1,711,635 | 3,515,903 | |||||||||||||||||||||||||||||
Acquisition expenses | 429,273 | 851,274 | 1,280,547 | 406,338 | 749,051 | 1,155,389 | |||||||||||||||||||||||||||||
Operational expenses | 165,514 | 75,202 | 240,716 | 144,717 | 60,270 | 204,987 | |||||||||||||||||||||||||||||
Underwriting income (loss) | $ | 935,721 | $ | 170,717 | $ | 1,106,438 | $ | (273,334) | $ | 106,884 | $ | (166,450) | |||||||||||||||||||||||
Net claims and claim expenses incurred: | |||||||||||||||||||||||||||||||||||
Current accident year | $ | 933,172 | $ | 1,955,612 | $ | 2,888,784 | $ | 1,880,337 | $ | 1,728,262 | $ | 3,608,599 | |||||||||||||||||||||||
Prior accident years | (257,209) | (37,588) | (294,797) | (76,069) | (16,627) | (92,696) | |||||||||||||||||||||||||||||
Total | $ | 675,963 | $ | 1,918,024 | $ | 2,593,987 | $ | 1,804,268 | $ | 1,711,635 | $ | 3,515,903 | |||||||||||||||||||||||
Net claims and claim expense ratio: | |||||||||||||||||||||||||||||||||||
Current accident year | 42.3 | % | 64.9 | % | 55.3 | % | 90.3 | % | 65.8 | % | 76.6 | % | |||||||||||||||||||||||
Prior accident years | (11.7) | % | (1.3) | % | (5.6) | % | (3.6) | % | (0.7) | % | (1.9) | % | |||||||||||||||||||||||
Calendar year | 30.6 | % | 63.6 | % | 49.7 | % | 86.7 | % | 65.1 | % | 74.7 | % | |||||||||||||||||||||||
Acquisition expense ratio | 19.5 | % | 28.2 | % | 24.5 | % | 19.4 | % | 28.5 | % | 24.5 | % | |||||||||||||||||||||||
Operating expense ratio | 7.5 | % | 2.5 | % | 4.6 | % | 7.0 | % | 2.3 | % | 4.4 | % | |||||||||||||||||||||||
Combined ratio | 57.6 | % | 94.3 | % | 78.8 | % | 113.1 | % | 95.9 | % | 103.6 | % | |||||||||||||||||||||||
6 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||
Consolidated Underwriting Results - Five Quarter Trend | |||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | September 30, 2022 | |||||||||||||||||||||||||
Gross premiums written | $ | 1,618,443 | $ | 2,651,621 | $ | 2,790,261 | $ | 1,585,276 | $ | 2,220,661 | |||||||||||||||||||
Net premiums written | $ | 1,421,260 | $ | 2,195,803 | $ | 2,263,703 | $ | 1,345,616 | $ | 1,821,711 | |||||||||||||||||||
Net premiums earned | $ | 1,755,876 | $ | 1,785,262 | $ | 1,680,550 | $ | 1,624,160 | $ | 1,767,021 | |||||||||||||||||||
Net claims and claim expenses incurred | 861,576 | 931,211 | 801,200 | 822,937 | 1,967,931 | ||||||||||||||||||||||||
Acquisition expenses | 425,745 | 422,545 | 432,257 | 413,217 | 417,644 | ||||||||||||||||||||||||
Operational expenses | 82,751 | 80,491 | 77,474 | 71,704 | 64,560 | ||||||||||||||||||||||||
Underwriting income (loss) | $ | 385,804 | $ | 351,015 | $ | 369,619 | $ | 316,302 | $ | (683,114) | |||||||||||||||||||
Net claims and claim expenses incurred: | |||||||||||||||||||||||||||||
Current accident year | $ | 1,019,523 | $ | 963,309 | $ | 905,952 | $ | 977,823 | $ | 1,999,837 | |||||||||||||||||||
Prior accident years | (157,947) | (32,098) | (104,752) | (154,886) | (31,906) | ||||||||||||||||||||||||
Total | $ | 861,576 | $ | 931,211 | $ | 801,200 | $ | 822,937 | $ | 1,967,931 | |||||||||||||||||||
Net claims and claim expense ratio: | |||||||||||||||||||||||||||||
Current accident year | 58.1 | % | 54.0 | % | 53.9 | % | 60.2 | % | 113.2 | % | |||||||||||||||||||
Prior accident years | (9.0) | % | (1.8) | % | (6.2) | % | (9.5) | % | (1.8) | % | |||||||||||||||||||
Calendar year | 49.1 | % | 52.2 | % | 47.7 | % | 50.7 | % | 111.4 | % | |||||||||||||||||||
Acquisition expense ratio | 24.2 | % | 23.6 | % | 25.7 | % | 25.4 | % | 23.6 | % | |||||||||||||||||||
Operating expense ratio | 4.7 | % | 4.5 | % | 4.6 | % | 4.4 | % | 3.7 | % | |||||||||||||||||||
Combined ratio | 78.0 | % | 80.3 | % | 78.0 | % | 80.5 | % | 138.7 | % |
7 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||
Property Underwriting Results - Five Quarter Trend | |||||||||||||||||||||||||||||
Property | |||||||||||||||||||||||||||||
September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | September 30, 2022 | |||||||||||||||||||||||||
Gross premiums written | $ | 511,012 | $ | 1,402,606 | $ | 1,304,199 | $ | 372,082 | $ | 800,330 | |||||||||||||||||||
Net premiums written | $ | 444,872 | $ | 1,144,655 | $ | 1,019,829 | $ | 372,998 | $ | 696,520 | |||||||||||||||||||
Net premiums earned | $ | 760,365 | $ | 758,686 | $ | 687,420 | $ | 688,238 | $ | 839,817 | |||||||||||||||||||
Net claims and claim expenses incurred | 206,361 | 281,993 | 187,609 | 240,503 | 1,372,583 | ||||||||||||||||||||||||
Acquisition expenses | 143,348 | 140,606 | 145,319 | 140,872 | 141,675 | ||||||||||||||||||||||||
Operational expenses | 54,624 | 55,077 | 55,813 | 49,638 | 48,158 | ||||||||||||||||||||||||
Underwriting income (loss) | $ | 356,032 | $ | 281,010 | $ | 298,679 | $ | 257,225 | $ | (722,599) | |||||||||||||||||||
Net claims and claim expenses incurred: | |||||||||||||||||||||||||||||
Current accident year | $ | 350,238 | $ | 313,632 | $ | 269,302 | $ | 370,175 | $ | 1,396,842 | |||||||||||||||||||
Prior accident years | (143,877) | (31,639) | (81,693) | (129,672) | (24,259) | ||||||||||||||||||||||||
Total | $ | 206,361 | $ | 281,993 | $ | 187,609 | $ | 240,503 | $ | 1,372,583 | |||||||||||||||||||
Net claims and claim expense ratio: | |||||||||||||||||||||||||||||
Current accident year | 46.1 | % | 41.3 | % | 39.2 | % | 53.8 | % | 166.3 | % | |||||||||||||||||||
Prior accident years | (19.0) | % | (4.1) | % | (11.9) | % | (18.9) | % | (2.9) | % | |||||||||||||||||||
Calendar year | 27.1 | % | 37.2 | % | 27.3 | % | 34.9 | % | 163.4 | % | |||||||||||||||||||
Acquisition expense ratio | 18.9 | % | 18.5 | % | 21.2 | % | 20.5 | % | 16.9 | % | |||||||||||||||||||
Operating expense ratio | 7.2 | % | 7.3 | % | 8.1 | % | 7.2 | % | 5.7 | % | |||||||||||||||||||
Combined ratio | 53.2 | % | 63.0 | % | 56.6 | % | 62.6 | % | 186.0 | % | |||||||||||||||||||
8 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||
Casualty and Specialty Underwriting Results - Five Quarter Trend | |||||||||||||||||||||||||||||
Casualty and Specialty | |||||||||||||||||||||||||||||
September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | September 30, 2022 | |||||||||||||||||||||||||
Gross premiums written | $ | 1,107,431 | $ | 1,249,015 | $ | 1,486,062 | $ | 1,213,194 | $ | 1,420,331 | |||||||||||||||||||
Net premiums written | $ | 976,388 | $ | 1,051,148 | $ | 1,243,874 | $ | 972,618 | $ | 1,125,191 | |||||||||||||||||||
Net premiums earned | $ | 995,511 | $ | 1,026,576 | $ | 993,130 | $ | 935,922 | $ | 927,204 | |||||||||||||||||||
Net claims and claim expenses incurred | 655,215 | 649,218 | 613,591 | 582,434 | 595,348 | ||||||||||||||||||||||||
Acquisition expenses | 282,397 | 281,939 | 286,938 | 272,345 | 275,969 | ||||||||||||||||||||||||
Operational expenses | 28,127 | 25,414 | 21,661 | 22,066 | 16,402 | ||||||||||||||||||||||||
Underwriting income (loss) | $ | 29,772 | $ | 70,005 | $ | 70,940 | $ | 59,077 | $ | 39,485 | |||||||||||||||||||
Net claims and claim expenses incurred: | |||||||||||||||||||||||||||||
Current accident year | $ | 669,285 | $ | 649,677 | $ | 636,650 | $ | 607,648 | $ | 602,995 | |||||||||||||||||||
Prior accident years | (14,070) | (459) | (23,059) | (25,214) | (7,647) | ||||||||||||||||||||||||
Total | $ | 655,215 | $ | 649,218 | $ | 613,591 | $ | 582,434 | $ | 595,348 | |||||||||||||||||||
Net claims and claim expense ratio: | |||||||||||||||||||||||||||||
Current accident year | 67.2 | % | 63.3 | % | 64.1 | % | 64.9 | % | 65.0 | % | |||||||||||||||||||
Prior accident years | (1.4) | % | (0.1) | % | (2.3) | % | (2.7) | % | (0.8) | % | |||||||||||||||||||
Calendar year | 65.8 | % | 63.2 | % | 61.8 | % | 62.2 | % | 64.2 | % | |||||||||||||||||||
Acquisition expense ratio | 28.4 | % | 27.5 | % | 28.9 | % | 29.1 | % | 29.7 | % | |||||||||||||||||||
Operating expense ratio | 2.8 | % | 2.5 | % | 2.2 | % | 2.4 | % | 1.8 | % | |||||||||||||||||||
Combined ratio | 97.0 | % | 93.2 | % | 92.9 | % | 93.7 | % | 95.7 | % |
9 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||
Property Segment - Catastrophe and Other Property Underwriting Results | |||||||||||||||||||||||||||||||||||
Three months ended September 30, 2023 | Three months ended September 30, 2022 | ||||||||||||||||||||||||||||||||||
Catastrophe | Other Property | Total | Catastrophe | Other Property | Total | ||||||||||||||||||||||||||||||
Gross premiums written | $ | 160,821 | $ | 350,191 | $ | 511,012 | $ | 391,347 | $ | 408,983 | $ | 800,330 | |||||||||||||||||||||||
Net premiums written | $ | 95,483 | $ | 349,389 | $ | 444,872 | $ | 324,265 | $ | 372,255 | $ | 696,520 | |||||||||||||||||||||||
Net premiums earned | $ | 407,738 | $ | 352,627 | $ | 760,365 | $ | 506,749 | $ | 333,068 | $ | 839,817 | |||||||||||||||||||||||
Net claims and claim expenses incurred | 33,476 | 172,885 | 206,361 | 828,628 | 543,955 | 1,372,583 | |||||||||||||||||||||||||||||
Acquisition expenses | 50,779 | 92,569 | 143,348 | 37,666 | 104,009 | 141,675 | |||||||||||||||||||||||||||||
Operational expenses | 44,343 | 10,281 | 54,624 | 39,078 | 9,080 | 48,158 | |||||||||||||||||||||||||||||
Underwriting income (loss) | $ | 279,140 | $ | 76,892 | $ | 356,032 | $ | (398,623) | $ | (323,976) | $ | (722,599) | |||||||||||||||||||||||
Net claims and claim expenses incurred: | |||||||||||||||||||||||||||||||||||
Current accident year | $ | 116,377 | $ | 233,861 | $ | 350,238 | $ | 865,112 | $ | 531,730 | $ | 1,396,842 | |||||||||||||||||||||||
Prior accident years | (82,901) | (60,976) | (143,877) | (36,484) | 12,225 | (24,259) | |||||||||||||||||||||||||||||
Total | $ | 33,476 | $ | 172,885 | $ | 206,361 | $ | 828,628 | $ | 543,955 | $ | 1,372,583 | |||||||||||||||||||||||
Net claims and claim expense ratio: | |||||||||||||||||||||||||||||||||||
Current accident year | 28.5 | % | 66.3 | % | 46.1 | % | 170.7 | % | 159.6 | % | 166.3 | % | |||||||||||||||||||||||
Prior accident years | (20.3) | % | (17.3) | % | (19.0) | % | (7.2) | % | 3.7 | % | (2.9) | % | |||||||||||||||||||||||
Calendar year | 8.2 | % | 49.0 | % | 27.1 | % | 163.5 | % | 163.3 | % | 163.4 | % | |||||||||||||||||||||||
Acquisition expense ratio | 12.4 | % | 26.3 | % | 18.9 | % | 7.5 | % | 31.3 | % | 16.9 | % | |||||||||||||||||||||||
Operating expense ratio | 10.9 | % | 2.9 | % | 7.2 | % | 7.7 | % | 2.7 | % | 5.7 | % | |||||||||||||||||||||||
Combined ratio | 31.5 | % | 78.2 | % | 53.2 | % | 178.7 | % | 197.3 | % | 186.0 | % | |||||||||||||||||||||||
10 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||
Property Segment - Catastrophe and Other Property Underwriting Results | |||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2023 | Nine months ended September 30, 2022 | ||||||||||||||||||||||||||||||||||
Catastrophe | Other Property | Total | Catastrophe | Other Property | Total | ||||||||||||||||||||||||||||||
Gross premiums written | $ | 2,091,255 | $ | 1,126,562 | $ | 3,217,817 | $ | 2,080,771 | $ | 1,281,388 | $ | 3,362,159 | |||||||||||||||||||||||
Net premiums written | $ | 1,683,906 | $ | 925,450 | $ | 2,609,356 | $ | 1,424,556 | $ | 1,050,105 | $ | 2,474,661 | |||||||||||||||||||||||
Net premiums earned | $ | 1,184,224 | $ | 1,022,247 | $ | 2,206,471 | $ | 1,065,516 | $ | 1,016,473 | $ | 2,081,989 | |||||||||||||||||||||||
Net claims and claim expenses incurred | 138,757 | 537,206 | 675,963 | 900,135 | 904,133 | 1,804,268 | |||||||||||||||||||||||||||||
Acquisition expenses | 143,466 | 285,807 | 429,273 | 110,108 | 296,230 | 406,338 | |||||||||||||||||||||||||||||
Operational expenses | 134,304 | 31,210 | 165,514 | 117,612 | 27,105 | 144,717 | |||||||||||||||||||||||||||||
Underwriting income (loss) | $ | 767,697 | $ | 168,024 | $ | 935,721 | $ | (62,339) | $ | (210,995) | $ | (273,334) | |||||||||||||||||||||||
Net claims and claim expenses incurred: | |||||||||||||||||||||||||||||||||||
Current accident year | $ | 323,172 | $ | 610,000 | $ | 933,172 | $ | 997,230 | $ | 883,107 | $ | 1,880,337 | |||||||||||||||||||||||
Prior accident years | (184,415) | (72,794) | (257,209) | (97,095) | 21,026 | (76,069) | |||||||||||||||||||||||||||||
Total | $ | 138,757 | $ | 537,206 | $ | 675,963 | $ | 900,135 | $ | 904,133 | $ | 1,804,268 | |||||||||||||||||||||||
Net claims and claim expense ratio: | |||||||||||||||||||||||||||||||||||
Current accident year | 27.3 | % | 59.7 | % | 42.3 | % | 93.6 | % | 86.9 | % | 90.3 | % | |||||||||||||||||||||||
Prior accident years | (15.6) | % | (7.1) | % | (11.7) | % | (9.1) | % | 2.0 | % | (3.6) | % | |||||||||||||||||||||||
Calendar year | 11.7 | % | 52.6 | % | 30.6 | % | 84.5 | % | 88.9 | % | 86.7 | % | |||||||||||||||||||||||
Acquisition expense ratio | 12.2 | % | 27.9 | % | 19.5 | % | 10.4 | % | 29.2 | % | 19.4 | % | |||||||||||||||||||||||
Operating expense ratio | 11.3 | % | 3.1 | % | 7.5 | % | 11.0 | % | 2.7 | % | 7.0 | % | |||||||||||||||||||||||
Combined ratio | 35.2 | % | 83.6 | % | 57.6 | % | 105.9 | % | 120.8 | % | 113.1 | % |
11 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||||||||||||||
Gross Premiums Written | |||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | Q/Q $ Change | Q/Q % Change | Nine months ended | Y/Y $ Change | Y/Y % Change | ||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Property Segment | |||||||||||||||||||||||||||||||||||||||||||||||
Catastrophe | $ | 168,896 | $ | 162,960 | $ | 5,936 | 3.6 | % | $ | 2,096,530 | $ | 1,829,509 | $ | 267,021 | 14.6 | % | |||||||||||||||||||||||||||||||
Catastrophe - gross reinstatement premiums | (8,075) | 228,387 | (236,462) | (103.5) | % | (5,275) | 251,262 | (256,537) | (102.1) | % | |||||||||||||||||||||||||||||||||||||
Total catastrophe gross premiums written | 160,821 | 391,347 | (230,526) | (58.9) | % | 2,091,255 | 2,080,771 | 10,484 | 0.5 | % | |||||||||||||||||||||||||||||||||||||
Other property | 346,703 | 406,003 | (59,300) | (14.6) | % | 1,125,498 | 1,274,450 | (148,952) | (11.7) | % | |||||||||||||||||||||||||||||||||||||
Other property - gross reinstatement premiums | 3,488 | 2,980 | 508 | 17.0 | % | 1,064 | 6,938 | (5,874) | (84.7) | % | |||||||||||||||||||||||||||||||||||||
Total other property gross premiums written | 350,191 | 408,983 | (58,792) | (14.4) | % | 1,126,562 | 1,281,388 | (154,826) | (12.1) | % | |||||||||||||||||||||||||||||||||||||
Property segment gross premiums written | $ | 511,012 | $ | 800,330 | $ | (289,318) | (36.1) | % | $ | 3,217,817 | $ | 3,362,159 | $ | (144,342) | (4.3) | % | |||||||||||||||||||||||||||||||
Casualty and Specialty Segment | |||||||||||||||||||||||||||||||||||||||||||||||
General casualty (1) | $ | 350,954 | $ | 397,818 | $ | (46,864) | (11.8) | % | $ | 1,194,791 | $ | 1,200,693 | $ | (5,902) | (0.5) | % | |||||||||||||||||||||||||||||||
Professional liability (2) | 281,259 | 380,125 | (98,866) | (26.0) | % | 971,796 | 1,378,645 | (406,849) | (29.5) | % | |||||||||||||||||||||||||||||||||||||
Credit (3) | 139,184 | 365,863 | (226,679) | (62.0) | % | 562,845 | 844,447 | (281,602) | (33.3) | % | |||||||||||||||||||||||||||||||||||||
Other specialty (4) | 336,034 | 276,525 | 59,509 | 21.5 | % | 1,113,076 | 842,320 | 270,756 | 32.1 | % | |||||||||||||||||||||||||||||||||||||
Casualty and Specialty segment gross premiums written | $ | 1,107,431 | $ | 1,420,331 | $ | (312,900) | (22.0) | % | $ | 3,842,508 | $ | 4,266,105 | $ | (423,597) | (9.9) | % | |||||||||||||||||||||||||||||||
(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 | |||||||||||||||||||||||||||||||||||||||||||||||
Net Premiums Written | |||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | Q/Q $ Change | Q/Q % Change | Nine months ended | Y/Y $ Change | Y/Y % Change | ||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Property Segment | |||||||||||||||||||||||||||||||||||||||||||||||
Catastrophe | $ | 100,381 | $ | 120,834 | $ | (20,453) | (16.9) | % | $ | 1,682,336 | $ | 1,198,957 | $ | 483,379 | 40.3 | % | |||||||||||||||||||||||||||||||
Catastrophe - net reinstatement premiums | (4,898) | 203,431 | (208,329) | (102.4) | % | 1,570 | 225,599 | (224,029) | (99.3) | % | |||||||||||||||||||||||||||||||||||||
Total catastrophe net premiums written | 95,483 | 324,265 | (228,782) | (70.6) | % | 1,683,906 | 1,424,556 | 259,350 | 18.2 | % | |||||||||||||||||||||||||||||||||||||
Other property | 337,944 | 401,440 | (63,496) | (15.8) | % | 917,770 | 1,075,562 | (157,792) | (14.7) | % | |||||||||||||||||||||||||||||||||||||
Other property - net reinstatement premiums | 11,445 | (29,185) | 40,630 | (139.2) | % | 7,680 | (25,457) | 33,137 | (130.2) | % | |||||||||||||||||||||||||||||||||||||
Total other property net premiums written | 349,389 | 372,255 | (22,866) | (6.1) | % | 925,450 | 1,050,105 | (124,655) | (11.9) | % | |||||||||||||||||||||||||||||||||||||
Property segment net premiums written | $ | 444,872 | $ | 696,520 | $ | (251,648) | (36.1) | % | $ | 2,609,356 | $ | 2,474,661 | $ | 134,695 | 5.4 | % | |||||||||||||||||||||||||||||||
Casualty and Specialty Segment | |||||||||||||||||||||||||||||||||||||||||||||||
General casualty (1) | $ | 321,685 | $ | 330,005 | $ | (8,320) | (2.5) | % | $ | 1,083,185 | $ | 1,002,357 | $ | 80,828 | 8.1 | % | |||||||||||||||||||||||||||||||
Professional liability (2) | 251,200 | 298,977 | (47,777) | (16.0) | % | 829,776 | 1,086,205 | (256,429) | (23.6) | % | |||||||||||||||||||||||||||||||||||||
Credit (3) | 108,857 | 260,189 | (151,332) | (58.2) | % | 403,965 | 593,315 | (189,350) | (31.9) | % | |||||||||||||||||||||||||||||||||||||
Other specialty (4) | 294,646 | 236,020 | 58,626 | 24.8 | % | 954,484 | 694,006 | 260,478 | 37.5 | % | |||||||||||||||||||||||||||||||||||||
Casualty and Specialty segment net premiums written | $ | 976,388 | $ | 1,125,191 | $ | (148,803) | (13.2) | % | $ | 3,271,410 | 3,375,883 | $ | (104,473) | (3.1) | % |
(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. |
13 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||||||||||||||
Net Premiums Earned | |||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | Q/Q $ Change | Q/Q % Change | Nine months ended | Y/Y $ Change | Y/Y % Change | ||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Property Segment | |||||||||||||||||||||||||||||||||||||||||||||||
Catastrophe | $ | 412,636 | $ | 303,318 | $ | 109,318 | 36.0 | % | $ | 1,182,654 | $ | 839,917 | $ | 342,737 | 40.8 | % | |||||||||||||||||||||||||||||||
Catastrophe - net reinstatement premiums | (4,898) | 203,431 | (208,329) | (102.4) | % | 1,570 | 225,599 | (224,029) | (99.3) | % | |||||||||||||||||||||||||||||||||||||
Total catastrophe net premiums earned | 407,738 | 506,749 | (99,011) | (19.5) | % | 1,184,224 | 1,065,516 | 118,708 | 11.1 | % | |||||||||||||||||||||||||||||||||||||
Other property | 341,182 | 362,253 | (21,071) | (5.8) | % | 1,014,567 | 1,041,930 | (27,363) | (2.6) | % | |||||||||||||||||||||||||||||||||||||
Other property - net reinstatement premiums | 11,445 | (29,185) | 40,630 | (139.2) | % | 7,680 | (25,457) | 33,137 | (130.2) | % | |||||||||||||||||||||||||||||||||||||
Total other property net premiums earned | 352,627 | 333,068 | 19,559 | 5.9 | % | 1,022,247 | 1,016,473 | 5,774 | 0.6 | % | |||||||||||||||||||||||||||||||||||||
Property segment net premiums earned | $ | 760,365 | $ | 839,817 | $ | (79,452) | (9.5) | % | $ | 2,206,471 | $ | 2,081,989 | $ | 124,482 | 6.0 | % | |||||||||||||||||||||||||||||||
Casualty and Specialty Segment | |||||||||||||||||||||||||||||||||||||||||||||||
General casualty (1) | $ | 334,597 | $ | 315,064 | $ | 19,533 | 6.2 | % | $ | 1,013,498 | $ | 891,345 | $ | 122,153 | 13.7 | % | |||||||||||||||||||||||||||||||
Professional liability (2) | 265,471 | 283,653 | (18,182) | (6.4) | % | 841,267 | 867,293 | (26,026) | (3.0) | % | |||||||||||||||||||||||||||||||||||||
Credit (3) | 116,524 | 112,840 | 3,684 | 3.3 | % | 364,617 | 283,330 | 81,287 | 28.7 | % | |||||||||||||||||||||||||||||||||||||
Other specialty (4) | 278,919 | 215,647 | 63,272 | 29.3 | % | 795,835 | 585,872 | 209,963 | 35.8 | % | |||||||||||||||||||||||||||||||||||||
Casualty and Specialty segment net premiums earned | $ | 995,511 | $ | 927,204 | $ | 68,307 | 7.4 | % | $ | 3,015,217 | $ | 2,627,840 | $ | 387,377 | 14.7 | % |
(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 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||
Reserves for Claims and Claim Expenses | |||||||||||||||||||||||
Case Reserves | Additional Case Reserves | IBNR | Total | ||||||||||||||||||||
September 30, 2023 | |||||||||||||||||||||||
Property | $ | 1,944,257 | $ | 1,791,160 | $ | 2,647,186 | $ | 6,382,603 | |||||||||||||||
Casualty and Specialty | 2,039,068 | 214,082 | 7,319,412 | 9,572,562 | |||||||||||||||||||
Total | $ | 3,983,325 | $ | 2,005,242 | $ | 9,966,598 | $ | 15,955,165 | |||||||||||||||
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 | |||||||||||||||
15 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||
Paid to Incurred Analysis | |||||||||||||||||||||||||||||||||||
Three months ended September 30, 2023 | Three months ended September 30, 2022 | ||||||||||||||||||||||||||||||||||
Gross | Recoveries | Net | Gross | Recoveries | Net | ||||||||||||||||||||||||||||||
Reserve for claims and claim expenses, beginning of period | $ | 16,138,128 | $ | 4,689,351 | $ | 11,448,777 | $ | 13,442,806 | $ | 4,206,459 | $ | 9,236,347 | |||||||||||||||||||||||
Incurred claims and claim expenses | |||||||||||||||||||||||||||||||||||
Current year | 1,157,972 | 138,449 | 1,019,523 | 3,196,128 | 1,196,291 | 1,999,837 | |||||||||||||||||||||||||||||
Prior years | (364,103) | (206,156) | (157,947) | (99,588) | (67,682) | (31,906) | |||||||||||||||||||||||||||||
Total incurred claims and claim expenses | 793,869 | (67,707) | 861,576 | 3,096,540 | 1,128,609 | 1,967,931 | |||||||||||||||||||||||||||||
Paid claims and claim expenses | |||||||||||||||||||||||||||||||||||
Current year | 105,457 | 17,211 | 88,246 | 73,028 | 12,894 | 60,134 | |||||||||||||||||||||||||||||
Prior years | 823,494 | 349,478 | 474,016 | 655,646 | 330,648 | 324,998 | |||||||||||||||||||||||||||||
Total paid claims and claim expenses | 928,951 | 366,689 | 562,262 | 728,674 | 343,542 | 385,132 | |||||||||||||||||||||||||||||
Foreign exchange (1) | (47,881) | (1,696) | (46,185) | (147,717) | (22,282) | (125,435) | |||||||||||||||||||||||||||||
Reserve for claims and claim expenses, end of period | $ | 15,955,165 | $ | 4,253,259 | $ | 11,701,906 | $ | 15,662,955 | $ | 4,969,244 | $ | 10,693,711 | |||||||||||||||||||||||
Nine months ended September 30, 2023 | Nine months ended September 30, 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 | 3,334,721 | 445,937 | 2,888,784 | 5,099,492 | 1,490,893 | 3,608,599 | |||||||||||||||||||||||||||||
Prior years | (491,492) | (196,695) | (294,797) | (186,179) | (93,483) | (92,696) | |||||||||||||||||||||||||||||
Total incurred claims and claim expenses | 2,843,229 | 249,242 | 2,593,987 | 4,913,313 | 1,397,410 | 3,515,903 | |||||||||||||||||||||||||||||
Paid claims and claim expenses | |||||||||||||||||||||||||||||||||||
Current year | 209,938 | 28,783 | 181,155 | 118,612 | 17,354 | 101,258 | |||||||||||||||||||||||||||||
Prior years | 2,570,546 | 689,846 | 1,880,700 | 2,077,584 | 622,607 | 1,454,977 | |||||||||||||||||||||||||||||
Total paid claims and claim expenses | 2,780,484 | 718,629 | 2,061,855 | 2,196,196 | 639,961 | 1,556,235 | |||||||||||||||||||||||||||||
Foreign exchange (1) | (153) | 11,721 | (11,874) | (348,792) | (56,874) | (291,918) | |||||||||||||||||||||||||||||
Reserve for claims and claim expenses, end of period | $ | 15,955,165 | $ | 4,253,259 | $ | 11,701,906 | $ | 15,662,955 | $ | 4,969,244 | $ | 10,693,711 |
16 | ![]() |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
Management fee income | |||||||||||||||||||||||
Joint ventures | $ | 31,463 | $ | 12,271 | $ | 89,774 | $ | 43,369 | |||||||||||||||
Structured reinsurance products and other | 7,053 | 6,377 | 20,676 | 20,250 | |||||||||||||||||||
Managed funds | 5,970 | 6,341 | 18,380 | 19,299 | |||||||||||||||||||
Total management fee income | 44,486 | 24,989 | 128,830 | 82,918 | |||||||||||||||||||
Performance fee income (loss) | |||||||||||||||||||||||
Joint ventures | 17,152 | 1,915 | 32,039 | 2,849 | |||||||||||||||||||
Structured reinsurance products and other | 2,854 | (1,360) | 4,412 | 2,060 | |||||||||||||||||||
Managed funds | 66 | 184 | 730 | 505 | |||||||||||||||||||
Total performance fee income (loss) (1) | 20,072 | 739 | 37,181 | 5,414 | |||||||||||||||||||
Total fee income | $ | 64,558 | $ | 25,728 | $ | 166,011 | $ | 88,332 |
Three months ended | Nine months ended | ||||||||||||||||||||||
Fee income contributing to: | September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | |||||||||||||||||||
Underwriting income (loss) (1) | $ | 6,873 | $ | 11,366 | $ | 28,198 | $ | 36,278 | |||||||||||||||
Earnings from equity method investments (2) | (446) | 19 | (1,004) | 69 | |||||||||||||||||||
Redeemable noncontrolling interests (3) | 58,131 | 14,343 | 138,817 | 51,985 | |||||||||||||||||||
Total fee income | $ | 64,558 | $ | 25,728 | $ | 166,011 | $ | 88,332 |
17 | ![]() |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee Income - Five Quarter Trend | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | September 30, 2022 | |||||||||||||||||||||||||
Management fee income | |||||||||||||||||||||||||||||
Joint ventures | $ | 31,463 | $ | 30,313 | $ | 27,998 | $ | 13,377 | $ | 12,271 | |||||||||||||||||||
Structured reinsurance products and other | 7,053 | 6,985 | 6,638 | 6,342 | 6,377 | ||||||||||||||||||||||||
Managed funds | 5,970 | 6,141 | 6,269 | 6,265 | 6,341 | ||||||||||||||||||||||||
Total management fee income | 44,486 | 43,439 | 40,905 | 25,984 | 24,989 | ||||||||||||||||||||||||
Performance fee income (loss) | |||||||||||||||||||||||||||||
Joint ventures | 17,152 | 13,132 | 1,755 | 1,505 | 1,915 | ||||||||||||||||||||||||
Structured reinsurance products and other | 2,854 | (197) | 1,755 | 2,391 | (1,360) | ||||||||||||||||||||||||
Managed funds | 66 | 307 | 357 | 467 | 184 | ||||||||||||||||||||||||
Total performance fee income (loss) (1) | 20,072 | 13,242 | 3,867 | 4,363 | 739 | ||||||||||||||||||||||||
Total fee income | $ | 64,558 | $ | 56,681 | $ | 44,772 | $ | 30,347 | $ | 25,728 |
Three months ended | |||||||||||||||||||||||||||||
Fee income contributing to: | September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | September 30, 2022 | ||||||||||||||||||||||||
Underwriting income (loss) (1) | $ | 6,873 | $ | 8,184 | $ | 13,141 | $ | 13,668 | $ | 11,366 | |||||||||||||||||||
Earnings from equity method investments (2) | (446) | (417) | (141) | 25 | 19 | ||||||||||||||||||||||||
Redeemable noncontrolling interests (3) | 58,131 | 48,914 | 31,772 | 16,654 | 14,343 | ||||||||||||||||||||||||
Total fee income | $ | 64,558 | $ | 56,681 | $ | 44,772 | $ | 30,347 | $ | 25,728 |
18 | ![]() |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
Redeemable noncontrolling interests - DaVinci | $ | (107,881) | $ | 219,191 | $ | (333,490) | $ | 185,692 | |||||||||||||||
Redeemable noncontrolling interests - Medici | (60,022) | 107,461 | (167,281) | 139,635 | |||||||||||||||||||
Redeemable noncontrolling interests - Vermeer | (51,959) | 39,164 | (151,527) | (2,471) | |||||||||||||||||||
Redeemable noncontrolling interests - Fontana | 6,167 | 6,613 | (3,688) | 12,154 | |||||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests (1) | $ | (213,695) | $ | 372,429 | $ | (655,986) | $ | 335,010 |
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
Operating (income) loss attributable to redeemable noncontrolling interests (2) | $ | (265,152) | $ | 277,939 | $ | (741,148) | $ | 74,013 | |||||||||||||||
Non-operating (income) loss attributable to redeemable noncontrolling interests | 51,457 | 94,490 | 85,162 | 260,997 | |||||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests (1) | $ | (213,695) | $ | 372,429 | $ | (655,986) | $ | 335,010 | |||||||||||||||
19 | ![]() |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||
Redeemable noncontrolling interests - DaVinci | $ | 2,331,952 | $ | 1,740,300 | |||||||
Redeemable noncontrolling interests - Medici | 1,591,196 | 1,036,218 | |||||||||
Redeemable noncontrolling interests - Vermeer | 1,467,367 | 1,490,840 | |||||||||
Redeemable noncontrolling interests - Fontana | 271,719 | 268,031 | |||||||||
Redeemable noncontrolling interests | $ | 5,662,234 | $ | 4,535,389 |
September 30, 2023 | December 31, 2022 | ||||||||||
DaVinci | 72.2 | % | 69.1 | % | |||||||
Medici | 89.2 | % | 87.2 | % | |||||||
Vermeer | 100.0 | % | 100.0 | % | |||||||
Fontana | 68.4 | % | 68.4 | % |
20 | ![]() |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||
DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations | |||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Gross premiums written | $ | 71,414 | $ | 181,804 | $ | 1,091,850 | $ | 914,121 | |||||||||||||||
Net premiums written | $ | 56,810 | $ | 169,168 | $ | 1,012,462 | $ | 844,110 | |||||||||||||||
Decrease (increase) in unearned premiums | 196,643 | 126,396 | (299,067) | (208,410) | |||||||||||||||||||
Net premiums earned | 253,453 | 295,564 | 713,395 | 635,700 | |||||||||||||||||||
Net investment income | 54,367 | 25,994 | 147,240 | 51,977 | |||||||||||||||||||
Net foreign exchange gains (losses) | (2,439) | 4,165 | (2,922) | 5,162 | |||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (38,706) | (98,706) | (57,824) | (292,377) | |||||||||||||||||||
Total revenues | 266,675 | 227,017 | 799,889 | 400,462 | |||||||||||||||||||
Expenses | |||||||||||||||||||||||
Net claims and claim expenses incurred | 22,850 | 512,073 | 117,845 | 552,916 | |||||||||||||||||||
Acquisition expenses | 60,061 | 20,394 | 134,237 | 62,649 | |||||||||||||||||||
Operational and corporate expenses | 31,058 | 9,839 | 86,656 | 44,343 | |||||||||||||||||||
Interest expense | 1,859 | 1,859 | 5,575 | 5,575 | |||||||||||||||||||
Total expenses | 115,828 | 544,165 | 344,313 | 665,483 | |||||||||||||||||||
Income (loss) before taxes | 150,847 | (317,148) | 455,576 | (265,021) | |||||||||||||||||||
Income tax benefit (expense) | (1,593) | (5) | (3,249) | (5) | |||||||||||||||||||
Net income (loss) available (attributable) to DaVinci common shareholders | $ | 149,254 | $ | (317,153) | $ | 452,327 | $ | (265,026) | |||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 74,850 | $ | 524,996 | $ | 209,103 | $ | 615,664 | |||||||||||||||
Net claims and claim expenses incurred - prior accident years | (52,000) | (12,923) | (91,258) | (62,748) | |||||||||||||||||||
Net claims and claim expenses incurred - total | $ | 22,850 | $ | 512,073 | $ | 117,845 | $ | 552,916 | |||||||||||||||
Net claims and claim expense ratio - current accident year | 29.5 | % | 177.6 | % | 29.3 | % | 96.8 | % | |||||||||||||||
Net claims and claim expense ratio - prior accident years | (20.5) | % | (4.3) | % | (12.8) | % | (9.8) | % | |||||||||||||||
Net claims and claim expense ratio - calendar year | 9.0 | % | 173.3 | % | 16.5 | % | 87.0 | % | |||||||||||||||
Underwriting expense ratio | 36.0 | % | 10.2 | % | 31.0 | % | 16.8 | % | |||||||||||||||
Combined ratio | 45.0 | % | 183.5 | % | 47.5 | % | 103.8 | % |
21 | ![]() |
Investments | |||||||||||||||||||||||
Total Investment Result | |||||||||||||||||||||||
Managed (1) | Retained (2) | ||||||||||||||||||||||
Three months ended | Three months ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
Fixed maturity investments trading | $ | 188,781 | $ | 107,182 | $ | 150,871 | $ | 87,326 | |||||||||||||||
Short term investments | 66,722 | 11,601 | 39,189 | 4,733 | |||||||||||||||||||
Equity investments | 510 | 6,120 | 510 | 6,120 | |||||||||||||||||||
Other investments | |||||||||||||||||||||||
Catastrophe bonds | 54,583 | 25,748 | 6,682 | 3,707 | |||||||||||||||||||
Other | 20,031 | 11,258 | 20,031 | 11,258 | |||||||||||||||||||
Cash and cash equivalents | 4,160 | 1,386 | 3,882 | 1,261 | |||||||||||||||||||
334,787 | 163,295 | 221,165 | 114,405 | ||||||||||||||||||||
Investment expenses | (5,679) | (5,502) | (4,401) | (4,300) | |||||||||||||||||||
Net investment income | $ | 329,108 | $ | 157,793 | $ | 216,764 | $ | 110,105 | |||||||||||||||
Net investment income return - annualized | 5.7 | % | 3.2 | % | 4.9 | % | 3.2 | % | |||||||||||||||
Net realized gains (losses) on fixed maturity investments trading | $ | (121,112) | $ | (213,493) | $ | (95,934) | $ | (164,791) | |||||||||||||||
Net unrealized gains (losses) on fixed maturity investments trading | (158,226) | (210,665) | (138,664) | (180,596) | |||||||||||||||||||
Net realized and unrealized gains (losses) on investment-related derivatives | 30,594 | (55,580) | 22,227 | (56,422) | |||||||||||||||||||
Net realized gains (losses) on equity investments | (10) | 3,066 | (10) | 3,066 | |||||||||||||||||||
Net unrealized gains (losses) on equity investments | 2,261 | (46,301) | 2,256 | (46,297) | |||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - catastrophe bonds | 32,474 | (126,992) | 3,707 | (16,667) | |||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - other | (14,068) | 8,465 | (14,068) | 8,465 | |||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (228,087) | (641,500) | (220,486) | (453,242) | |||||||||||||||||||
Total investment result | $ | 101,021 | $ | (483,707) | $ | (3,722) | $ | (343,137) | |||||||||||||||
Average invested assets | $ | 25,751,710 | $ | 20,745,479 | $ | 17,451,582 | $ | 13,752,864 | |||||||||||||||
Total investment return - annualized | 2.0 | % | (8.9) | % | 0.0 | % | (9.6) | % |
22 | ![]() |
Investments | |||||||||||||||||||||||
Total Investment Result | |||||||||||||||||||||||
Managed (1) | Retained (2) | ||||||||||||||||||||||
Nine months ended | Nine months ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
Fixed maturity investments trading | $ | 514,020 | $ | 246,146 | $ | 406,126 | $ | 206,294 | |||||||||||||||
Short term investments | 149,903 | 17,134 | 76,864 | 6,836 | |||||||||||||||||||
Equity investments | 6,675 | 13,390 | 6,675 | 13,390 | |||||||||||||||||||
Other investments | |||||||||||||||||||||||
Catastrophe bonds | 142,936 | 63,343 | 19,181 | 9,379 | |||||||||||||||||||
Other | 65,422 | 23,704 | 65,422 | 23,704 | |||||||||||||||||||
Cash and cash equivalents | 13,009 | 1,250 | 12,244 | 1,137 | |||||||||||||||||||
891,965 | 364,967 | 586,512 | 260,740 | ||||||||||||||||||||
Investment expenses | (15,817) | (16,272) | (12,424) | (12,977) | |||||||||||||||||||
Net investment income | $ | 876,148 | $ | 348,695 | $ | 574,088 | $ | 247,763 | |||||||||||||||
Net investment income return - annualized | 5.1 | % | 2.3 | % | 4.7 | % | 2.4 | % | |||||||||||||||
Net realized gains (losses) on fixed maturity investments trading | $ | (300,089) | $ | (621,799) | $ | (250,141) | $ | (512,583) | |||||||||||||||
Net unrealized gains (losses) on fixed maturity investments trading | 14,007 | (824,662) | 18,324 | (716,116) | |||||||||||||||||||
Net realized and unrealized gains (losses) on investment-related derivatives | (22,295) | (161,946) | (26,373) | (163,517) | |||||||||||||||||||
Net realized gains (losses) on equity investments | (27,503) | 38,638 | (27,503) | 38,638 | |||||||||||||||||||
Net unrealized gains (losses) on equity investments | 62,039 | (222,074) | 62,042 | (222,076) | |||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - catastrophe bonds | 94,786 | (159,913) | 11,391 | (21,414) | |||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - other | 7,638 | (16,868) | 7,638 | (16,868) | |||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (171,417) | (1,968,624) | (204,622) | (1,613,936) | |||||||||||||||||||
Total investment result | $ | 704,731 | $ | (1,619,929) | $ | 369,466 | $ | (1,366,173) | |||||||||||||||
Average invested assets | $ | 24,233,329 | $ | 20,946,208 | $ | 16,210,884 | $ | 14,087,633 | |||||||||||||||
Total investment return - annualized | 4.2 | % | (10.1) | % | 3.1 | % | (12.7) | % |
23 | ![]() |
Investments | ||
Investments Composition |
September 30, 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 | $ | 8,587,946 | $ | (241,754) | $ | 7,001,514 | $ | (225,495) | $ | 7,180,129 | $ | (186,451) | $ | 5,772,302 | $ | (168,146) | |||||||||||||||||||||||||||||||
Corporate (3) | 4,482,082 | (276,457) | 3,395,024 | (242,885) | 4,390,568 | (331,461) | 3,392,129 | (300,245) | |||||||||||||||||||||||||||||||||||||||
Other (4) | 3,013,018 | (153,311) | 2,433,368 | (116,767) | 2,780,705 | (169,237) | 2,339,897 | (140,789) | |||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments trading, at fair value | 16,083,046 | (671,522) | 12,829,906 | (585,147) | 14,351,402 | (687,149) | 11,504,328 | (609,180) | |||||||||||||||||||||||||||||||||||||||
Short term investments, at fair value | 6,519,207 | (1,800) | 2,949,456 | (427) | 4,669,272 | (2,309) | 1,131,408 | (817) | |||||||||||||||||||||||||||||||||||||||
Equity investments, at fair value | 95,342 | 51,448 | 95,118 | 51,441 | 625,058 | (10,590) | 624,870 | (10,600) | |||||||||||||||||||||||||||||||||||||||
Other investments, at fair value | |||||||||||||||||||||||||||||||||||||||||||||||
Catastrophe bonds | 1,697,810 | (85,921) | 204,596 | (37,643) | 1,241,468 | (182,798) | 209,114 | (51,841) | |||||||||||||||||||||||||||||||||||||||
Fund investments | 1,303,740 | 139,252 | 1,303,740 | 139,252 | 1,086,706 | 111,423 | 1,086,706 | 111,423 | |||||||||||||||||||||||||||||||||||||||
Term loans | 98,876 | — | 98,876 | — | 100,000 | — | 100,000 | — | |||||||||||||||||||||||||||||||||||||||
Direct private equity investments | 67,515 | (30,749) | 67,515 | (30,749) | 66,780 | (31,484) | 66,780 | (31,484) | |||||||||||||||||||||||||||||||||||||||
Total other investments, at fair value | 3,167,941 | 22,582 | 1,674,727 | 70,860 | 2,494,954 | (102,859) | 1,462,600 | 28,098 | |||||||||||||||||||||||||||||||||||||||
Investments in other ventures, under equity method | 101,103 | — | 101,103 | — | 79,750 | — | 79,750 | — | |||||||||||||||||||||||||||||||||||||||
Total investments | $ | 25,966,639 | $ | (599,292) | $ | 17,650,310 | $ | (463,273) | $ | 22,220,436 | $ | (802,907) | $ | 14,802,956 | $ | (592,499) | |||||||||||||||||||||||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Managed (1) | Retained (2) | Managed (1) | Retained (2) | ||||||||||||||||||||
Weighted average yield to maturity of investments (5) | 6.3 | % | 6.0 | % | 5.7 | % | 5.6 | % | |||||||||||||||
Average duration of investments, in years (5) | 2.1 | 2.6 | 2.5 | 3.2 | |||||||||||||||||||
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (6) | $ | (11.43) | $ | (13.93) |
24 | ![]() |
Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||
Managed Investments - Credit Rating (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Rating (2) | Investments not subject to credit ratings | |||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | Fair value | AAA | AA | A | BBB | Non- Investment grade | Not rated | |||||||||||||||||||||||||||||||||||||||||||
Fixed maturity investments trading, at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasuries | $ | 8,587,946 | $ | — | $ | 8,587,946 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Corporate (3) | 4,482,082 | 174,022 | 253,377 | 1,426,187 | 1,590,435 | 1,016,133 | 21,928 | — | ||||||||||||||||||||||||||||||||||||||||||
Agencies | 460,936 | — | 460,056 | — | — | — | 880 | — | ||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government | 403,758 | 223,698 | 178,560 | 1,500 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 806,120 | 95,639 | 545,664 | 3,537 | 7,274 | 86,406 | 67,600 | — | ||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 210,942 | 161,996 | 33,545 | 2,165 | 5,938 | 3,789 | 3,509 | — | ||||||||||||||||||||||||||||||||||||||||||
Asset-backed | 1,131,262 | 831,570 | 207,486 | 70,921 | 18,911 | 1,961 | 413 | — | ||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments trading, at fair value | 16,083,046 | 1,486,925 | 10,266,634 | 1,504,310 | 1,622,558 | 1,108,289 | 94,330 | — | ||||||||||||||||||||||||||||||||||||||||||
Short term investments, at fair value | 6,519,207 | 6,431,272 | 81,045 | 275 | 4,769 | 1,846 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Equity investments, at fair value | 95,342 | — | — | — | — | — | — | 95,342 | ||||||||||||||||||||||||||||||||||||||||||
Other investments, at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||
Catastrophe bonds | 1,697,810 | — | — | — | — | 1,697,810 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Fund investments: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Private credit funds | 928,961 | — | — | — | — | — | — | 928,961 | ||||||||||||||||||||||||||||||||||||||||||
Private equity funds | 374,779 | — | — | — | — | — | — | 374,779 | ||||||||||||||||||||||||||||||||||||||||||
Term loans | 98,876 | — | — | 98,876 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Direct private equity investments | 67,515 | — | — | — | — | — | — | 67,515 | ||||||||||||||||||||||||||||||||||||||||||
Total other investments, at fair value | 3,167,941 | — | — | 98,876 | — | 1,697,810 | — | 1,371,255 | ||||||||||||||||||||||||||||||||||||||||||
Investments in other ventures, under equity method | 101,103 | — | — | — | — | — | — | 101,103 | ||||||||||||||||||||||||||||||||||||||||||
Total investments | $ | 25,966,639 | $ | 7,918,197 | $ | 10,347,679 | $ | 1,603,461 | $ | 1,627,327 | $ | 2,807,945 | $ | 94,330 | $ | 1,567,700 | ||||||||||||||||||||||||||||||||||
100.0 | % | 30.5 | % | 39.8 | % | 6.2 | % | 6.3 | % | 10.8 | % | 0.4 | % | 6.0 | % | |||||||||||||||||||||||||||||||||||
25 | ![]() |
Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||
Retained Investments - Credit Rating (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Rating (2) | Investments not subject to credit ratings | |||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | Fair value | AAA | AA | A | BBB | Non- Investment grade | Not rated | |||||||||||||||||||||||||||||||||||||||||||
Fixed maturity investments trading, at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasuries | $ | 7,001,514 | $ | — | $ | 7,001,514 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Corporate (3) | 3,395,024 | 128,525 | 203,584 | 1,060,871 | 1,112,321 | 871,815 | 17,908 | — | ||||||||||||||||||||||||||||||||||||||||||
Agencies | 347,524 | — | 346,644 | — | — | — | 880 | — | ||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government | 331,219 | 187,347 | 142,372 | 1,500 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 576,873 | 71,192 | 340,864 | 3,537 | 7,274 | 86,406 | 67,600 | — | ||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 139,098 | 96,185 | 27,512 | 2,165 | 5,938 | 3,789 | 3,509 | — | ||||||||||||||||||||||||||||||||||||||||||
Asset-backed | 1,038,654 | 740,726 | 206,660 | 69,983 | 18,911 | 1,961 | 413 | — | ||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments trading, at fair value | 12,829,906 | 1,223,975 | 8,269,150 | 1,138,056 | 1,144,444 | 963,971 | 90,310 | — | ||||||||||||||||||||||||||||||||||||||||||
Short term investments, at fair value | 2,949,456 | 2,874,704 | 68,552 | 76 | 4,769 | 1,355 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Equity investments, at fair value | 95,118 | — | — | — | — | — | — | 95,118 | ||||||||||||||||||||||||||||||||||||||||||
Other investments, at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||
Catastrophe bonds | 204,596 | — | — | — | — | 204,596 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Fund investments: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Private credit funds | 928,961 | — | — | — | — | — | — | 928,961 | ||||||||||||||||||||||||||||||||||||||||||
Private equity funds | 374,779 | — | — | — | — | — | — | 374,779 | ||||||||||||||||||||||||||||||||||||||||||
Term loans | 98,876 | — | — | 98,876 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Direct private equity investments | 67,515 | — | — | — | — | — | — | 67,515 | ||||||||||||||||||||||||||||||||||||||||||
Total other investments, at fair value | 1,674,727 | — | — | 98,876 | — | 204,596 | — | 1,371,255 | ||||||||||||||||||||||||||||||||||||||||||
Investments in other ventures, under equity method | 101,103 | — | — | — | — | — | — | 101,103 | ||||||||||||||||||||||||||||||||||||||||||
Total investments | $ | 17,650,310 | $ | 4,098,679 | $ | 8,337,702 | $ | 1,237,008 | $ | 1,149,213 | $ | 1,169,922 | $ | 90,310 | $ | 1,567,476 | ||||||||||||||||||||||||||||||||||
100.0 | % | 23.2 | % | 47.2 | % | 7.0 | % | 6.5 | % | 6.6 | % | 0.5 | % | 8.9 | % | |||||||||||||||||||||||||||||||||||
26 | ![]() |
Other Items | |||||||||||||||||||||||
Earnings per Share | |||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||
(common shares in thousands) | September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | |||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 193,988 | $ | (825,344) | $ | 949,075 | $ | (1,544,670) | |||||||||||||||
Amount allocated to participating common shareholders (1) | (2,637) | (306) | (14,108) | (813) | |||||||||||||||||||
Net income (loss) allocated to RenaissanceRe common shareholders | $ | 191,351 | $ | (825,650) | $ | 934,967 | $ | (1,545,483) | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Denominator for basic income (loss) per RenaissanceRe common share - weighted average common shares (2) | 50,261 | 42,837 | 46,345 | 43,121 | |||||||||||||||||||
Per common share equivalents of non-vested shares (2) | 97 | — | 106 | — | |||||||||||||||||||
Denominator for diluted income (loss) per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions (2) | 50,358 | 42,837 | 46,451 | 43,121 | |||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic | $ | 3.81 | $ | (19.27) | $ | 20.17 | $ | (35.84) | |||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 3.80 | $ | (19.27) | $ | 20.13 | $ | (35.84) | |||||||||||||||
27 | ![]() |
Comments on Non-GAAP Financial Measures |
28 | ![]() |
Comments on Non-GAAP Financial Measures |
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 193,988 | $ | (825,344) | $ | 949,075 | $ | (1,544,670) | |||||||||||||||
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds | 260,561 | 514,508 | 266,203 | 1,808,711 | |||||||||||||||||||
Adjustment for net foreign exchange losses (gains) | 25,886 | 1,383 | 53,877 | 67,690 | |||||||||||||||||||
Adjustment for corporate expenses associated with the acquisition of Validus | 3,373 | — | 14,714 | — | |||||||||||||||||||
Adjustment for income tax expense (benefit) (1) | (10,048) | 7,269 | (8,961) | (77,331) | |||||||||||||||||||
Adjustment for net income (loss) attributable to redeemable noncontrolling interests (2) | (51,457) | (94,490) | (85,162) | (260,997) | |||||||||||||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 422,303 | $ | (396,674) | $ | 1,189,746 | $ | (6,597) | |||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 3.80 | $ | (19.27) | $ | 20.13 | $ | (35.84) | |||||||||||||||
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds | 5.17 | 12.01 | 5.73 | 41.95 | |||||||||||||||||||
Adjustment for net foreign exchange losses (gains) | 0.51 | 0.03 | 1.16 | 1.57 | |||||||||||||||||||
Adjustment for corporate expenses associated with the acquisition of Validus | 0.07 | — | 0.32 | — | |||||||||||||||||||
Adjustment for income tax expense (benefit) (1) | (0.20) | 0.17 | (0.19) | (1.79) | |||||||||||||||||||
Adjustment for net income (loss) attributable to redeemable noncontrolling interests (2) | (1.02) | (2.21) | (1.83) | (6.05) | |||||||||||||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 8.33 | $ | (9.27) | $ | 25.32 | $ | (0.16) | |||||||||||||||
Return on average common equity - annualized | 11.5 | % | (72.4) | % | 22.1 | % | (40.5) | % | |||||||||||||||
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds | 15.5 | % | 45.2 | % | 6.2 | % | 47.3 | % | |||||||||||||||
Adjustment for net foreign exchange losses (gains) | 1.5 | % | 0.1 | % | 1.3 | % | 1.8 | % | |||||||||||||||
Adjustment for corporate expenses associated with the acquisition of Validus | 0.2 | % | — | % | 0.3 | % | — | % | |||||||||||||||
Adjustment for income tax expense (benefit) (1) | (0.6) | % | 0.6 | % | (0.2) | % | (2.0) | % | |||||||||||||||
Adjustment for net income (loss) attributable to redeemable noncontrolling interests (2) | (3.1) | % | (8.3) | % | (2.0) | % | (6.8) | % | |||||||||||||||
Operating return on average common equity - annualized | 25.0 | % | (34.8) | % | 27.7 | % | (0.2) | % |
29 | ![]() |
Comments on Non-GAAP Financial Measures |
September 30, 2023 | December 31, 2022 | ||||||||||
Book value per common share | $ | 133.63 | $ | 104.65 | |||||||
Adjustment for goodwill and other intangibles (1) | (4.92) | (5.84) | |||||||||
Tangible book value per common share | 128.71 | 98.81 | |||||||||
Adjustment for accumulated dividends | 26.14 | 25.00 | |||||||||
Tangible book value per common share plus accumulated dividends | $ | 154.85 | $ | 123.81 | |||||||
Year to date change in book value per common share | 27.7 | % | (20.8) | % | |||||||
Year to date change in book value per common share plus change in accumulated dividends | 28.8 | % | (19.7) | % | |||||||
Year to date change in tangible book value per common share plus change in accumulated dividends | 31.4 | % | (20.6) | % |
30 | ![]() |
Comments on Non-GAAP Financial Measures |
Three months ended September 30, 2023 | Three months ended September 30, 2022 | ||||||||||||||||||||||||||||||||||
Managed (1) | Adjustment (2) | Retained (3) | Managed (1) | Adjustment (2) | Retained (3) | ||||||||||||||||||||||||||||||
Fixed maturity investments trading | $ | 188,781 | $ | (37,910) | $ | 150,871 | $ | 107,182 | $ | (19,856) | $ | 87,326 | |||||||||||||||||||||||
Short term investments | 66,722 | (27,533) | 39,189 | 11,601 | (6,868) | 4,733 | |||||||||||||||||||||||||||||
Equity investments | 510 | — | 510 | 6,120 | — | 6,120 | |||||||||||||||||||||||||||||
Other investments | |||||||||||||||||||||||||||||||||||
Catastrophe bonds | 54,583 | (47,901) | 6,682 | 25,748 | (22,041) | 3,707 | |||||||||||||||||||||||||||||
Other | 20,031 | — | 20,031 | 11,258 | — | 11,258 | |||||||||||||||||||||||||||||
Cash and cash equivalents | 4,160 | (278) | 3,882 | 1,386 | (125) | 1,261 | |||||||||||||||||||||||||||||
334,787 | (113,622) | 221,165 | 163,295 | (48,890) | 114,405 | ||||||||||||||||||||||||||||||
Investment expenses | (5,679) | 1,278 | (4,401) | (5,502) | 1,202 | (4,300) | |||||||||||||||||||||||||||||
Net investment income | $ | 329,108 | $ | (112,344) | $ | 216,764 | $ | 157,793 | $ | (47,688) | $ | 110,105 | |||||||||||||||||||||||
Net investment income return - annualized | 5.7 | % | (0.8) | % | 4.9 | % | 3.2 | % | 0.0 | % | 3.2 | % | |||||||||||||||||||||||
Net realized gains (losses) on fixed maturity investments trading | $ | (121,112) | $ | 25,178 | $ | (95,934) | $ | (213,493) | $ | 48,702 | $ | (164,791) | |||||||||||||||||||||||
Net unrealized gains (losses) on fixed maturity investments trading | (158,226) | 19,562 | (138,664) | (210,665) | 30,069 | (180,596) | |||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investment-related derivatives | 30,594 | (8,367) | 22,227 | (55,580) | (842) | (56,422) | |||||||||||||||||||||||||||||
Net realized gains (losses) on equity investments | (10) | — | (10) | 3,066 | — | 3,066 | |||||||||||||||||||||||||||||
Net unrealized gains (losses) on equity investments | 2,261 | (5) | 2,256 | (46,301) | 4 | (46,297) | |||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - catastrophe bonds | 32,474 | (28,767) | 3,707 | (126,992) | 110,325 | (16,667) | |||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - other | (14,068) | — | (14,068) | 8,465 | — | 8,465 | |||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (228,087) | 7,601 | (220,486) | (641,500) | 188,258 | (453,242) | |||||||||||||||||||||||||||||
Total investment result | $ | 101,021 | $ | (104,743) | $ | (3,722) | $ | (483,707) | $ | 140,570 | $ | (343,137) | |||||||||||||||||||||||
Average invested assets | $ | 25,751,710 | $ | (8,300,128) | $ | 17,451,582 | $ | 20,745,479 | $ | (6,992,615) | $ | 13,752,864 | |||||||||||||||||||||||
Total investment return - annualized | 2.0 | % | (2.0) | % | 0.0 | % | (8.9) | % | (0.7) | % | (9.6) | % |
31 | ![]() |
Comments on Non-GAAP Financial Measures |
Nine months ended September 30, 2023 | Nine months ended September 30, 2022 | ||||||||||||||||||||||||||||||||||
Managed (1) | Adjustment (2) | Retained (3) | Managed (1) | Adjustment (2) | Retained (3) | ||||||||||||||||||||||||||||||
Fixed maturity investments trading | $ | 514,020 | $ | (107,894) | $ | 406,126 | $ | 246,146 | $ | (39,852) | $ | 206,294 | |||||||||||||||||||||||
Short term investments | 149,903 | (73,039) | 76,864 | 17,134 | (10,298) | 6,836 | |||||||||||||||||||||||||||||
Equity investments | 6,675 | — | 6,675 | 13,390 | — | 13,390 | |||||||||||||||||||||||||||||
Other investments | |||||||||||||||||||||||||||||||||||
Catastrophe bonds | 142,936 | (123,755) | 19,181 | 63,343 | (53,964) | 9,379 | |||||||||||||||||||||||||||||
Other | 65,422 | — | 65,422 | 23,704 | — | 23,704 | |||||||||||||||||||||||||||||
Cash and cash equivalents | 13,009 | (765) | 12,244 | 1,250 | (113) | 1,137 | |||||||||||||||||||||||||||||
891,965 | (305,453) | 586,512 | 364,967 | (104,227) | 260,740 | ||||||||||||||||||||||||||||||
Investment expenses | (15,817) | 3,393 | (12,424) | (16,272) | 3,295 | (12,977) | |||||||||||||||||||||||||||||
Net investment income | $ | 876,148 | $ | (302,060) | $ | 574,088 | $ | 348,695 | $ | (100,932) | $ | 247,763 | |||||||||||||||||||||||
Net investment income return - annualized | 5.1 | % | (0.4) | % | 4.7 | % | 2.3 | % | 0.1 | % | 2.4 | % | |||||||||||||||||||||||
Net realized gains (losses) on fixed maturity investments trading | $ | (300,089) | $ | 49,948 | $ | (250,141) | $ | (621,799) | $ | 109,216 | $ | (512,583) | |||||||||||||||||||||||
Net unrealized gains (losses) on fixed maturity investments trading | 14,007 | 4,317 | 18,324 | (824,662) | 108,546 | (716,116) | |||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investment-related derivatives | (22,295) | (4,078) | (26,373) | (161,946) | (1,571) | (163,517) | |||||||||||||||||||||||||||||
Net realized gains (losses) on equity investments | (27,503) | — | (27,503) | 38,638 | — | 38,638 | |||||||||||||||||||||||||||||
Net unrealized gains (losses) on equity investments | 62,039 | 3 | 62,042 | (222,074) | (2) | (222,076) | |||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - catastrophe bonds | 94,786 | (83,395) | 11,391 | (159,913) | 138,499 | (21,414) | |||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - other | 7,638 | — | 7,638 | (16,868) | — | (16,868) | |||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (171,417) | (33,205) | (204,622) | (1,968,624) | 354,688 | (1,613,936) | |||||||||||||||||||||||||||||
Total investment result | $ | 704,731 | $ | (335,265) | $ | 369,466 | $ | (1,619,929) | $ | 253,756 | $ | (1,366,173) | |||||||||||||||||||||||
Average invested assets | $ | 24,233,329 | $ | (8,022,445) | $ | 16,210,884 | $ | 20,946,208 | $ | (6,858,575) | $ | 14,087,633 | |||||||||||||||||||||||
Total investment return - annualized | 4.2 | % | (1.1) | % | 3.1 | % | (10.1) | % | (2.6) | % | (12.7) | % |
32 | ![]() |
Comments on Non-GAAP Financial Measures |
September 30, 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 | $ | 8,587,946 | $ | (1,586,432) | $ | 7,001,514 | $ | 7,180,129 | $ | (1,407,827) | $ | 5,772,302 | |||||||||||||||||||||||
Corporate (4) | 4,482,082 | (1,087,058) | 3,395,024 | 4,390,568 | (998,439) | 3,392,129 | |||||||||||||||||||||||||||||
Agencies | 460,936 | (113,412) | 347,524 | 395,149 | (81,312) | 313,837 | |||||||||||||||||||||||||||||
Non-U.S. government | 403,758 | (72,539) | 331,219 | 383,838 | (51,582) | 332,256 | |||||||||||||||||||||||||||||
Residential mortgage-backed | 806,120 | (229,247) | 576,873 | 710,429 | (192,368) | 518,061 | |||||||||||||||||||||||||||||
Commercial mortgage-backed | 210,942 | (71,844) | 139,098 | 213,987 | (64,006) | 149,981 | |||||||||||||||||||||||||||||
Asset-backed | 1,131,262 | (92,608) | 1,038,654 | 1,077,302 | (51,540) | 1,025,762 | |||||||||||||||||||||||||||||
Total fixed maturity investments trading, at fair value | 16,083,046 | (3,253,140) | 12,829,906 | 14,351,402 | (2,847,074) | 11,504,328 | |||||||||||||||||||||||||||||
Short term investments, at fair value | 6,519,207 | (3,569,751) | 2,949,456 | 4,669,272 | (3,537,864) | 1,131,408 | |||||||||||||||||||||||||||||
Equity investments, at fair value | 95,342 | (224) | 95,118 | 625,058 | (188) | 624,870 | |||||||||||||||||||||||||||||
Other investments, at fair value | |||||||||||||||||||||||||||||||||||
Catastrophe bonds | 1,697,810 | (1,493,214) | 204,596 | 1,241,468 | (1,032,354) | 209,114 | |||||||||||||||||||||||||||||
Fund investments: | |||||||||||||||||||||||||||||||||||
Private credit funds | 928,961 | — | 928,961 | 771,383 | — | 771,383 | |||||||||||||||||||||||||||||
Private equity funds | 374,779 | — | 374,779 | 315,323 | — | 315,323 | |||||||||||||||||||||||||||||
Term loans | 98,876 | — | 98,876 | 100,000 | — | 100,000 | |||||||||||||||||||||||||||||
Direct private equity investments | 67,515 | — | 67,515 | 66,780 | — | 66,780 | |||||||||||||||||||||||||||||
Total other investments, at fair value | 3,167,941 | (1,493,214) | 1,674,727 | 2,494,954 | (1,032,354) | 1,462,600 | |||||||||||||||||||||||||||||
Investments in other ventures, under equity method | 101,103 | — | 101,103 | 79,750 | — | 79,750 | |||||||||||||||||||||||||||||
Total investments | $ | 25,966,639 | $ | (8,316,329) | $ | 17,650,310 | $ | 22,220,436 | $ | (7,417,480) | $ | 14,802,956 |
33 | ![]() |
Comments on Non-GAAP Financial Measures |
September 30, 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 | $ | (241,754) | $ | 16,259 | $ | (225,495) | $ | (186,451) | $ | 18,305 | $ | (168,146) | |||||||||||||||||||||||
Corporate (4) | (276,457) | 33,572 | (242,885) | (331,461) | 31,216 | (300,245) | |||||||||||||||||||||||||||||
Other (5) | (153,311) | 36,544 | (116,767) | (169,237) | 28,448 | (140,789) | |||||||||||||||||||||||||||||
Total fixed maturity investments trading, at fair value | (671,522) | 86,375 | (585,147) | (687,149) | 77,969 | (609,180) | |||||||||||||||||||||||||||||
Short term investments, at fair value | (1,800) | 1,373 | (427) | (2,309) | 1,492 | (817) | |||||||||||||||||||||||||||||
Equity investments, at fair value | 51,448 | (7) | 51,441 | (10,590) | (10) | (10,600) | |||||||||||||||||||||||||||||
Other investments, at fair value | |||||||||||||||||||||||||||||||||||
Catastrophe bonds | (85,921) | 48,278 | (37,643) | (182,798) | 130,957 | (51,841) | |||||||||||||||||||||||||||||
Fund investments | 139,252 | — | 139,252 | 111,423 | — | 111,423 | |||||||||||||||||||||||||||||
Direct private equity investments | (30,749) | — | (30,749) | (31,484) | — | (31,484) | |||||||||||||||||||||||||||||
Total other investments, at fair value | 22,582 | 48,278 | 70,860 | (102,859) | 130,957 | 28,098 | |||||||||||||||||||||||||||||
Total investments | $ | (599,292) | $ | 136,019 | $ | (463,273) | $ | (802,907) | $ | 210,408 | $ | (592,499) | |||||||||||||||||||||||
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (6) | $ | (11.43) | $ | (13.93) | |||||||||||||||||||||||||||||||
34 | ![]() |
Comments on Non-GAAP Financial Measures |
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests (1) | $ | (213,695) | $ | 372,429 | $ | (655,986) | $ | 335,010 | |||||||||||||||
Adjustment for the portion of net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds attributable to redeemable noncontrolling interests | 35,449 | 80,550 | 49,404 | 216,169 | |||||||||||||||||||
Adjustment for the portion of net foreign exchange losses (gains) attributable to redeemable noncontrolling interests | 16,008 | 13,940 | 35,758 | 44,828 | |||||||||||||||||||
Adjustment for non-operating (income) loss attributable to redeemable noncontrolling interests (2) | 51,457 | 94,490 | 85,162 | 260,997 | |||||||||||||||||||
Operating (income) loss attributable to redeemable noncontrolling interests | $ | (265,152) | $ | 277,939 | $ | (741,148) | $ | 74,013 |
35 | ![]() |