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 |
i |
Cautionary Statement Regarding Forward-Looking Statements |
ii |
RenaissanceRe Holdings Ltd. | |||||||||||
Financial Highlights | |||||||||||
Three months ended | |||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 364,798 | $ | 564,062 | |||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1) | $ | 636,379 | $ | 364,027 | |||||||
Underwriting income | |||||||||||
Gross premiums written | $ | 3,990,684 | $ | 2,790,261 | |||||||
Net premiums written | 3,199,573 | 2,263,703 | |||||||||
Net premiums earned | 2,443,910 | 1,680,550 | |||||||||
Underwriting income (loss) | 540,682 | 369,619 | |||||||||
Net claims and claim expense ratio: | |||||||||||
Current accident year | 51.7 | % | 53.9 | % | |||||||
Prior accident years | (4.0) | % | (6.2) | % | |||||||
Calendar year | 47.7 | % | 47.7 | % | |||||||
Acquisition expense ratio | 25.9 | % | 25.7 | % | |||||||
Operating expense ratio | 4.3 | % | 4.6 | % | |||||||
Combined ratio | 77.9 | % | 78.0 | % | |||||||
Adjusted combined ratio (1) | 75.4 | % | 77.8 | % | |||||||
Fee income | |||||||||||
Management fee income | $ | 56,053 | $ | 40,905 | |||||||
Performance fee income | 27,497 | 3,867 | |||||||||
Total fee income | $ | 83,550 | $ | 44,772 | |||||||
Investment results - managed | |||||||||||
Net investment income | $ | 390,775 | $ | 254,378 | |||||||
Net realized and unrealized gains (losses) on investments | (213,654) | 279,451 | |||||||||
Total investment result | $ | 177,121 | $ | 533,829 | |||||||
Total investment return - annualized | 2.8 | % | 10.0 | % | |||||||
Investment results - retained (1) | |||||||||||
Net investment income | $ | 267,477 | $ | 168,009 | |||||||
Net realized and unrealized gains (losses) on investments | (193,839) | 225,547 | |||||||||
Total investment result | $ | 73,638 | $ | 393,556 | |||||||
Total investment return - annualized | 1.6 | % | 10.8 | % | |||||||
1 | ![]() |
Financial Highlights - Per Share Data & ROE | |||||||||||
Three months ended | |||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic | $ | 6.96 | $ | 12.95 | |||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 6.94 | $ | 12.91 | |||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1) | $ | 12.18 | $ | 8.25 | |||||||
Average shares outstanding - basic | 51,678 | 42,876 | |||||||||
Average shares outstanding - diluted | 51,828 | 43,006 | |||||||||
Return on average common equity - annualized | 16.4 | % | 46.6 | % | |||||||
Operating return on average common equity - annualized (1) | 28.7 | % | 30.0 | % | |||||||
March 31, 2024 | December 31, 2023 | ||||||||||
Book value per common share | $ | 170.92 | $ | 165.20 | |||||||
Tangible book value per common share (1) | $ | 149.01 | $ | 141.87 | |||||||
Tangible book value per common share plus accumulated dividends (1) | $ | 175.92 | $ | 168.39 | |||||||
Year to date change in book value per common share plus change in accumulated dividends | 3.7 | % | 59.3 | % | |||||||
Year to date change in tangible book value per common share plus change in accumulated dividends (1) | 5.3 | % | 47.6 | % |
2 | ![]() |
Summary Consolidated Financial Statements | |||||||||||
Consolidated Statements of Operations | |||||||||||
Three months ended | |||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||
Revenues | |||||||||||
Gross premiums written | $ | 3,990,684 | $ | 2,790,261 | |||||||
Net premiums written | $ | 3,199,573 | $ | 2,263,703 | |||||||
Decrease (increase) in unearned premiums | (755,663) | (583,153) | |||||||||
Net premiums earned | 2,443,910 | 1,680,550 | |||||||||
Net investment income | 390,775 | 254,378 | |||||||||
Net foreign exchange gains (losses) | (35,683) | (14,503) | |||||||||
Equity in earnings (losses) of other ventures | 14,127 | 9,530 | |||||||||
Other income (loss) | (50) | (4,306) | |||||||||
Net realized and unrealized gains (losses) on investments | (213,654) | 279,451 | |||||||||
Total revenues | 2,599,425 | 2,205,100 | |||||||||
Expenses | |||||||||||
Net claims and claim expenses incurred | 1,166,123 | 801,200 | |||||||||
Acquisition expenses | 630,921 | 432,257 | |||||||||
Operational expenses | 106,184 | 77,474 | |||||||||
Corporate expenses | 39,252 | 12,843 | |||||||||
Interest expense | 23,104 | 12,134 | |||||||||
Total expenses | 1,965,584 | 1,335,908 | |||||||||
Income (loss) before taxes | 633,841 | 869,192 | |||||||||
Income tax benefit (expense) | (15,372) | (28,902) | |||||||||
Net income (loss) | 618,469 | 840,290 | |||||||||
Net (income) loss attributable to redeemable noncontrolling interests | (244,827) | (267,384) | |||||||||
Net income (loss) attributable to RenaissanceRe | 373,642 | 572,906 | |||||||||
Dividends on preference shares | (8,844) | (8,844) | |||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 364,798 | $ | 564,062 | |||||||
3 | ![]() |
Summary Consolidated Financial Statements | |||||||||||
Consolidated Balance Sheets | |||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
Assets | |||||||||||
Fixed maturity investments trading, at fair value – amortized cost $21,519,144 at March 31, 2024 (December 31, 2023 – $20,872,450) | $ | 21,309,460 | $ | 20,877,108 | |||||||
Short term investments, at fair value - amortized cost $4,639,713 at March 31, 2024 (December 31, 2023 - $4,603,340) | 4,639,165 | 4,604,079 | |||||||||
Equity investments, at fair value | 119,992 | 106,766 | |||||||||
Other investments, at fair value | 3,468,281 | 3,515,566 | |||||||||
Investments in other ventures, under equity method | 99,684 | 112,624 | |||||||||
Total investments | 29,636,582 | 29,216,143 | |||||||||
Cash and cash equivalents | 1,606,739 | 1,877,518 | |||||||||
Premiums receivable | 8,431,335 | 7,280,682 | |||||||||
Prepaid reinsurance premiums | 1,282,860 | 924,777 | |||||||||
Reinsurance recoverable | 4,993,680 | 5,344,286 | |||||||||
Accrued investment income | 196,893 | 205,713 | |||||||||
Deferred acquisition costs and value of business acquired | 1,822,163 | 1,751,437 | |||||||||
Deferred tax asset | 669,635 | 685,040 | |||||||||
Receivable for investments sold | 1,168,305 | 622,197 | |||||||||
Other assets | 377,268 | 323,960 | |||||||||
Goodwill and other intangibles | 758,874 | 775,352 | |||||||||
Total assets | $ | 50,944,334 | $ | 49,007,105 | |||||||
Liabilities, Noncontrolling Interests and Shareholders’ Equity | |||||||||||
Liabilities | |||||||||||
Reserve for claims and claim expenses | $ | 20,369,610 | $ | 20,486,869 | |||||||
Unearned premiums | 7,247,615 | 6,136,135 | |||||||||
Debt | 1,884,411 | 1,958,655 | |||||||||
Reinsurance balances payable | 3,353,834 | 3,186,174 | |||||||||
Payable for investments purchased | 1,427,932 | 661,611 | |||||||||
Other liabilities | 570,164 | 1,021,872 | |||||||||
Total liabilities | 34,853,566 | 33,451,316 | |||||||||
Redeemable noncontrolling interests | 6,297,983 | 6,100,831 | |||||||||
Shareholders’ Equity | |||||||||||
Preference shares: $1.00 par value – 30,000 shares issued and outstanding at March 31, 2024 (December 31, 2023 – 30,000) | 750,000 | 750,000 | |||||||||
Common shares: $1.00 par value – 52,907,663 shares issued and outstanding at March 31, 2024 (December 31, 2023 – 52,693,887) | 52,908 | 52,694 | |||||||||
Additional paid-in capital | 2,137,343 | 2,144,459 | |||||||||
Accumulated other comprehensive loss | (13,778) | (14,211) | |||||||||
Retained earnings | 6,866,312 | 6,522,016 | |||||||||
Total shareholders’ equity attributable to RenaissanceRe | 9,792,785 | 9,454,958 | |||||||||
Total liabilities, noncontrolling interests and shareholders’ equity | $ | 50,944,334 | $ | 49,007,105 | |||||||
Book value per common share | $ | 170.92 | $ | 165.20 |
4 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||
Consolidated Segment Underwriting Results | |||||||||||||||||||||||||||||||||||
Three months ended March 31, 2024 | Three months ended March 31, 2023 | ||||||||||||||||||||||||||||||||||
Property | Casualty and Specialty | Total | Property | Casualty and Specialty | Total | ||||||||||||||||||||||||||||||
Gross premiums written | $ | 1,889,881 | $ | 2,100,803 | $ | 3,990,684 | $ | 1,304,199 | $ | 1,486,062 | $ | 2,790,261 | |||||||||||||||||||||||
Net premiums written | $ | 1,397,618 | $ | 1,801,955 | $ | 3,199,573 | $ | 1,019,829 | $ | 1,243,874 | $ | 2,263,703 | |||||||||||||||||||||||
Net premiums earned | $ | 936,083 | $ | 1,507,827 | $ | 2,443,910 | $ | 687,420 | $ | 993,130 | $ | 1,680,550 | |||||||||||||||||||||||
Net claims and claim expenses incurred | 154,249 | 1,011,874 | 1,166,123 | 187,609 | 613,591 | 801,200 | |||||||||||||||||||||||||||||
Acquisition expenses | 185,782 | 445,139 | 630,921 | 145,319 | 286,938 | 432,257 | |||||||||||||||||||||||||||||
Operational expenses | 61,624 | 44,560 | 106,184 | 55,813 | 21,661 | 77,474 | |||||||||||||||||||||||||||||
Underwriting income (loss) | $ | 534,428 | $ | 6,254 | $ | 540,682 | $ | 298,679 | $ | 70,940 | $ | 369,619 | |||||||||||||||||||||||
Net claims and claim expenses incurred: | |||||||||||||||||||||||||||||||||||
Current accident year | $ | 248,916 | $ | 1,014,288 | $ | 1,263,204 | $ | 269,302 | $ | 636,650 | $ | 905,952 | |||||||||||||||||||||||
Prior accident years | (94,667) | (2,414) | (97,081) | (81,693) | (23,059) | (104,752) | |||||||||||||||||||||||||||||
Total | $ | 154,249 | $ | 1,011,874 | $ | 1,166,123 | $ | 187,609 | $ | 613,591 | $ | 801,200 | |||||||||||||||||||||||
Net claims and claim expense ratio: | |||||||||||||||||||||||||||||||||||
Current accident year | 26.6 | % | 67.3 | % | 51.7 | % | 39.2 | % | 64.1 | % | 53.9 | % | |||||||||||||||||||||||
Prior accident years | (10.1) | % | (0.2) | % | (4.0) | % | (11.9) | % | (2.3) | % | (6.2) | % | |||||||||||||||||||||||
Calendar year | 16.5 | % | 67.1 | % | 47.7 | % | 27.3 | % | 61.8 | % | 47.7 | % | |||||||||||||||||||||||
Acquisition expense ratio | 19.9 | % | 29.5 | % | 25.9 | % | 21.2 | % | 28.9 | % | 25.7 | % | |||||||||||||||||||||||
Operating expense ratio | 6.5 | % | 3.0 | % | 4.3 | % | 8.1 | % | 2.2 | % | 4.6 | % | |||||||||||||||||||||||
Combined ratio | 42.9 | % | 99.6 | % | 77.9 | % | 56.6 | % | 92.9 | % | 78.0 | % | |||||||||||||||||||||||
Adjusted combined ratio (1) | 40.5 | % | 97.1 | % | 75.4 | % | 56.3 | % | 92.6 | % | 77.8 | % | |||||||||||||||||||||||
5 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||
Consolidated Underwriting Results - Five Quarter Trend | |||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | |||||||||||||||||||||||||
Gross premiums written | $ | 3,990,684 | $ | 1,802,041 | $ | 1,618,443 | $ | 2,651,621 | $ | 2,790,261 | |||||||||||||||||||
Net premiums written | $ | 3,199,573 | $ | 1,587,047 | $ | 1,421,260 | $ | 2,195,803 | $ | 2,263,703 | |||||||||||||||||||
Net premiums earned | $ | 2,443,910 | $ | 2,249,445 | $ | 1,755,876 | $ | 1,785,262 | $ | 1,680,550 | |||||||||||||||||||
Net claims and claim expenses incurred | 1,166,123 | 979,522 | 861,576 | 931,211 | 801,200 | ||||||||||||||||||||||||
Acquisition expenses | 630,921 | 594,487 | 425,745 | 422,545 | 432,257 | ||||||||||||||||||||||||
Operational expenses | 106,184 | 134,466 | 82,751 | 80,491 | 77,474 | ||||||||||||||||||||||||
Underwriting income (loss) | $ | 540,682 | $ | 540,970 | $ | 385,804 | $ | 351,015 | $ | 369,619 | |||||||||||||||||||
Net claims and claim expenses incurred: | |||||||||||||||||||||||||||||
Current accident year | $ | 1,263,204 | $ | 1,135,332 | $ | 1,019,523 | $ | 963,309 | $ | 905,952 | |||||||||||||||||||
Prior accident years | (97,081) | (155,810) | (157,947) | (32,098) | (104,752) | ||||||||||||||||||||||||
Total | $ | 1,166,123 | $ | 979,522 | $ | 861,576 | $ | 931,211 | $ | 801,200 | |||||||||||||||||||
Net claims and claim expense ratio: | |||||||||||||||||||||||||||||
Current accident year | 51.7 | % | 50.5 | % | 58.1 | % | 54.0 | % | 53.9 | % | |||||||||||||||||||
Prior accident years | (4.0) | % | (7.0) | % | (9.0) | % | (1.8) | % | (6.2) | % | |||||||||||||||||||
Calendar year | 47.7 | % | 43.5 | % | 49.1 | % | 52.2 | % | 47.7 | % | |||||||||||||||||||
Acquisition expense ratio | 25.9 | % | 26.5 | % | 24.2 | % | 23.6 | % | 25.7 | % | |||||||||||||||||||
Operating expense ratio | 4.3 | % | 6.0 | % | 4.7 | % | 4.5 | % | 4.6 | % | |||||||||||||||||||
Combined ratio | 77.9 | % | 76.0 | % | 78.0 | % | 80.3 | % | 78.0 | % |
6 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||
Property Underwriting Results - Five Quarter Trend | |||||||||||||||||||||||||||||
Property | |||||||||||||||||||||||||||||
March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | |||||||||||||||||||||||||
Gross premiums written | $ | 1,889,881 | $ | 344,597 | $ | 511,012 | $ | 1,402,606 | $ | 1,304,199 | |||||||||||||||||||
Net premiums written | $ | 1,397,618 | $ | 357,953 | $ | 444,872 | $ | 1,144,655 | $ | 1,019,829 | |||||||||||||||||||
Net premiums earned | $ | 936,083 | $ | 884,321 | $ | 760,365 | $ | 758,686 | $ | 687,420 | |||||||||||||||||||
Net claims and claim expenses incurred | 154,249 | 123,942 | 206,361 | 281,993 | 187,609 | ||||||||||||||||||||||||
Acquisition expenses | 185,782 | 170,854 | 143,348 | 140,606 | 145,319 | ||||||||||||||||||||||||
Operational expenses | 61,624 | 85,919 | 54,624 | 55,077 | 55,813 | ||||||||||||||||||||||||
Underwriting income (loss) | $ | 534,428 | $ | 503,606 | $ | 356,032 | $ | 281,010 | $ | 298,679 | |||||||||||||||||||
Net claims and claim expenses incurred: | |||||||||||||||||||||||||||||
Current accident year | $ | 248,916 | $ | 275,638 | $ | 350,238 | $ | 313,632 | $ | 269,302 | |||||||||||||||||||
Prior accident years | (94,667) | (151,696) | (143,877) | (31,639) | (81,693) | ||||||||||||||||||||||||
Total | $ | 154,249 | $ | 123,942 | $ | 206,361 | $ | 281,993 | $ | 187,609 | |||||||||||||||||||
Net claims and claim expense ratio: | |||||||||||||||||||||||||||||
Current accident year | 26.6 | % | 31.2 | % | 46.1 | % | 41.3 | % | 39.2 | % | |||||||||||||||||||
Prior accident years | (10.1) | % | (17.2) | % | (19.0) | % | (4.1) | % | (11.9) | % | |||||||||||||||||||
Calendar year | 16.5 | % | 14.0 | % | 27.1 | % | 37.2 | % | 27.3 | % | |||||||||||||||||||
Acquisition expense ratio | 19.9 | % | 19.4 | % | 18.9 | % | 18.5 | % | 21.2 | % | |||||||||||||||||||
Operating expense ratio | 6.5 | % | 9.7 | % | 7.2 | % | 7.3 | % | 8.1 | % | |||||||||||||||||||
Combined ratio | 42.9 | % | 43.1 | % | 53.2 | % | 63.0 | % | 56.6 | % | |||||||||||||||||||
7 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||
Casualty and Specialty Underwriting Results - Five Quarter Trend | |||||||||||||||||||||||||||||
Casualty and Specialty | |||||||||||||||||||||||||||||
March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | |||||||||||||||||||||||||
Gross premiums written | $ | 2,100,803 | $ | 1,457,444 | $ | 1,107,431 | $ | 1,249,015 | $ | 1,486,062 | |||||||||||||||||||
Net premiums written | $ | 1,801,955 | $ | 1,229,094 | $ | 976,388 | $ | 1,051,148 | $ | 1,243,874 | |||||||||||||||||||
Net premiums earned | $ | 1,507,827 | $ | 1,365,124 | $ | 995,511 | $ | 1,026,576 | $ | 993,130 | |||||||||||||||||||
Net claims and claim expenses incurred | 1,011,874 | 855,580 | 655,215 | 649,218 | 613,591 | ||||||||||||||||||||||||
Acquisition expenses | 445,139 | 423,633 | 282,397 | 281,939 | 286,938 | ||||||||||||||||||||||||
Operational expenses | 44,560 | 48,547 | 28,127 | 25,414 | 21,661 | ||||||||||||||||||||||||
Underwriting income (loss) | $ | 6,254 | $ | 37,364 | $ | 29,772 | $ | 70,005 | $ | 70,940 | |||||||||||||||||||
Net claims and claim expenses incurred: | |||||||||||||||||||||||||||||
Current accident year | $ | 1,014,288 | $ | 859,694 | $ | 669,285 | $ | 649,677 | $ | 636,650 | |||||||||||||||||||
Prior accident years | (2,414) | (4,114) | (14,070) | (459) | (23,059) | ||||||||||||||||||||||||
Total | $ | 1,011,874 | $ | 855,580 | $ | 655,215 | $ | 649,218 | $ | 613,591 | |||||||||||||||||||
Net claims and claim expense ratio: | |||||||||||||||||||||||||||||
Current accident year | 67.3 | % | 63.0 | % | 67.2 | % | 63.3 | % | 64.1 | % | |||||||||||||||||||
Prior accident years | (0.2) | % | (0.3) | % | (1.4) | % | (0.1) | % | (2.3) | % | |||||||||||||||||||
Calendar year | 67.1 | % | 62.7 | % | 65.8 | % | 63.2 | % | 61.8 | % | |||||||||||||||||||
Acquisition expense ratio | 29.5 | % | 31.0 | % | 28.4 | % | 27.5 | % | 28.9 | % | |||||||||||||||||||
Operating expense ratio | 3.0 | % | 3.6 | % | 2.8 | % | 2.5 | % | 2.2 | % | |||||||||||||||||||
Combined ratio | 99.6 | % | 97.3 | % | 97.0 | % | 93.2 | % | 92.9 | % |
8 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||
Property Segment - Catastrophe and Other Property Underwriting Results | |||||||||||||||||||||||||||||||||||
Three months ended March 31, 2024 | Three months ended March 31, 2023 | ||||||||||||||||||||||||||||||||||
Catastrophe | Other Property | Total | Catastrophe | Other Property | Total | ||||||||||||||||||||||||||||||
Gross premiums written | $ | 1,341,137 | $ | 548,744 | $ | 1,889,881 | $ | 928,595 | $ | 375,604 | $ | 1,304,199 | |||||||||||||||||||||||
Net premiums written | $ | 1,063,723 | $ | 333,895 | $ | 1,397,618 | $ | 816,487 | $ | 203,342 | $ | 1,019,829 | |||||||||||||||||||||||
Net premiums earned | $ | 546,195 | $ | 389,888 | $ | 936,083 | $ | 352,753 | $ | 334,667 | $ | 687,420 | |||||||||||||||||||||||
Net claims and claim expenses incurred | (24,829) | 179,078 | 154,249 | (12,812) | 200,421 | 187,609 | |||||||||||||||||||||||||||||
Acquisition expenses | 82,790 | 102,992 | 185,782 | 42,050 | 103,269 | 145,319 | |||||||||||||||||||||||||||||
Operational expenses | 50,140 | 11,484 | 61,624 | 45,809 | 10,004 | 55,813 | |||||||||||||||||||||||||||||
Underwriting income (loss) | $ | 438,094 | $ | 96,334 | $ | 534,428 | $ | 277,706 | $ | 20,973 | $ | 298,679 | |||||||||||||||||||||||
Net claims and claim expenses incurred: | |||||||||||||||||||||||||||||||||||
Current accident year | $ | 27,682 | $ | 221,234 | $ | 248,916 | $ | 67,599 | $ | 201,703 | $ | 269,302 | |||||||||||||||||||||||
Prior accident years | (52,511) | (42,156) | (94,667) | (80,411) | (1,282) | (81,693) | |||||||||||||||||||||||||||||
Total | $ | (24,829) | $ | 179,078 | $ | 154,249 | $ | (12,812) | $ | 200,421 | $ | 187,609 | |||||||||||||||||||||||
Net claims and claim expense ratio: | |||||||||||||||||||||||||||||||||||
Current accident year | 5.1 | % | 56.7 | % | 26.6 | % | 19.2 | % | 60.3 | % | 39.2 | % | |||||||||||||||||||||||
Prior accident years | (9.6) | % | (10.8) | % | (10.1) | % | (22.8) | % | (0.4) | % | (11.9) | % | |||||||||||||||||||||||
Calendar year | (4.5) | % | 45.9 | % | 16.5 | % | (3.6) | % | 59.9 | % | 27.3 | % | |||||||||||||||||||||||
Acquisition expense ratio | 15.2 | % | 26.4 | % | 19.9 | % | 11.9 | % | 30.8 | % | 21.2 | % | |||||||||||||||||||||||
Operating expense ratio | 9.2 | % | 2.9 | % | 6.5 | % | 13.0 | % | 3.0 | % | 8.1 | % | |||||||||||||||||||||||
Combined ratio | 19.8 | % | 75.3 | % | 42.9 | % | 21.3 | % | 93.7 | % | 56.6 | % | |||||||||||||||||||||||
Adjusted combined ratio (1) | 16.2 | % | 74.6 | % | 40.5 | % | 21.0 | % | 93.6 | % | 56.3 | % | |||||||||||||||||||||||
9 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||
Gross Premiums Written | |||||||||||||||||||||||
Three months ended | Q/Q $ Change | Q/Q % Change | |||||||||||||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||||||||||||||
Property Segment | |||||||||||||||||||||||
Catastrophe | $ | 1,364,673 | $ | 954,987 | $ | 409,686 | 42.9 | % | |||||||||||||||
Catastrophe - gross reinstatement premiums | (23,536) | (26,392) | 2,856 | (10.8) | % | ||||||||||||||||||
Total catastrophe gross premiums written | 1,341,137 | 928,595 | 412,542 | 44.4 | % | ||||||||||||||||||
Other property | 542,151 | 377,851 | 164,300 | 43.5 | % | ||||||||||||||||||
Other property - gross reinstatement premiums | 6,593 | (2,247) | 8,840 | (393.4) | % | ||||||||||||||||||
Total other property gross premiums written | 548,744 | 375,604 | 173,140 | 46.1 | % | ||||||||||||||||||
Property segment gross premiums written | $ | 1,889,881 | $ | 1,304,199 | $ | 585,682 | 44.9 | % | |||||||||||||||
Casualty and Specialty Segment | |||||||||||||||||||||||
General casualty (1) | $ | 588,566 | $ | 467,892 | $ | 120,674 | 25.8 | % | |||||||||||||||
Professional liability (2) | 370,481 | 382,253 | (11,772) | (3.1) | % | ||||||||||||||||||
Credit (3) | 345,132 | 231,676 | 113,456 | 49.0 | % | ||||||||||||||||||
Other specialty (4) | 796,624 | 404,241 | 392,383 | 97.1 | % | ||||||||||||||||||
Casualty and Specialty segment gross premiums written | $ | 2,100,803 | $ | 1,486,062 | $ | 614,741 | 41.4 | % | |||||||||||||||
(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, professional indemnity and transactional liability. | ||||
(3) | Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit. | ||||
(4) | Includes accident and health, agriculture, aviation, construction, 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, 2024 | March 31, 2023 | ||||||||||||||||||||||
Property Segment | |||||||||||||||||||||||
Catastrophe | $ | 1,084,181 | $ | 840,126 | $ | 244,055 | 29.0 | % | |||||||||||||||
Catastrophe - net reinstatement premiums | (20,458) | (23,639) | 3,181 | (13.5) | % | ||||||||||||||||||
Total catastrophe net premiums written | 1,063,723 | 816,487 | 247,236 | 30.3 | % | ||||||||||||||||||
Other property | 328,814 | 207,247 | 121,567 | 58.7 | % | ||||||||||||||||||
Other property - net reinstatement premiums | 5,081 | (3,905) | 8,986 | (230.1) | % | ||||||||||||||||||
Total other property net premiums written | 333,895 | 203,342 | 130,553 | 64.2 | % | ||||||||||||||||||
Property segment net premiums written | $ | 1,397,618 | $ | 1,019,829 | $ | 377,789 | 37.0 | % | |||||||||||||||
Casualty and Specialty Segment | |||||||||||||||||||||||
General casualty (1) | $ | 564,426 | $ | 422,420 | $ | 142,006 | 33.6 | % | |||||||||||||||
Professional liability (2) | 343,068 | 310,912 | 32,156 | 10.3 | % | ||||||||||||||||||
Credit (3) | 275,350 | 165,544 | 109,806 | 66.3 | % | ||||||||||||||||||
Other specialty (4) | 619,111 | 344,998 | 274,113 | 79.5 | % | ||||||||||||||||||
Casualty and Specialty segment net premiums written | $ | 1,801,955 | $ | 1,243,874 | $ | 558,081 | 44.9 | % |
(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, professional indemnity and transactional liability. | ||||
(3) | Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit. | ||||
(4) | Includes accident and health, agriculture, aviation, construction, 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, 2024 | March 31, 2023 | ||||||||||||||||||||||
Property Segment | |||||||||||||||||||||||
Catastrophe | $ | 566,653 | $ | 376,392 | $ | 190,261 | 50.5 | % | |||||||||||||||
Catastrophe - net reinstatement premiums | (20,458) | (23,639) | 3,181 | (13.5) | % | ||||||||||||||||||
Total catastrophe net premiums earned | 546,195 | 352,753 | 193,442 | 54.8 | % | ||||||||||||||||||
Other property | 384,807 | 338,572 | 46,235 | 13.7 | % | ||||||||||||||||||
Other property - net reinstatement premiums | 5,081 | (3,905) | 8,986 | (230.1) | % | ||||||||||||||||||
Total other property net premiums earned | 389,888 | 334,667 | 55,221 | 16.5 | % | ||||||||||||||||||
Property segment net premiums earned | $ | 936,083 | $ | 687,420 | $ | 248,663 | 36.2 | % | |||||||||||||||
Casualty and Specialty Segment | |||||||||||||||||||||||
General casualty (1) | $ | 512,542 | $ | 326,628 | $ | 185,914 | 56.9 | % | |||||||||||||||
Professional liability (2) | 309,110 | 292,831 | 16,279 | 5.6 | % | ||||||||||||||||||
Credit (3) | 202,080 | 127,331 | 74,749 | 58.7 | % | ||||||||||||||||||
Other specialty (4) | 484,095 | 246,340 | 237,755 | 96.5 | % | ||||||||||||||||||
Casualty and Specialty segment net premiums earned | $ | 1,507,827 | $ | 993,130 | $ | 514,697 | 51.8 | % |
(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, professional indemnity and transactional liability. | ||||
(3) | Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit. | ||||
(4) | Includes accident and health, agriculture, aviation, construction, 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, 2024 | |||||||||||||||||||||||
Property | $ | 2,280,896 | $ | 1,337,581 | $ | 3,584,236 | $ | 7,202,713 | |||||||||||||||
Casualty and Specialty | 2,846,731 | 176,242 | 10,143,924 | 13,166,897 | |||||||||||||||||||
Total | $ | 5,127,627 | $ | 1,513,823 | $ | 13,728,160 | $ | 20,369,610 | |||||||||||||||
December 31, 2023 | |||||||||||||||||||||||
Property | $ | 2,461,580 | $ | 1,459,010 | $ | 3,913,030 | $ | 7,833,620 | |||||||||||||||
Casualty and Specialty | 2,801,016 | 203,560 | 9,648,673 | 12,653,249 | |||||||||||||||||||
Total | $ | 5,262,596 | $ | 1,662,570 | $ | 13,561,703 | $ | 20,486,869 | |||||||||||||||
13 | ![]() |
RenaissanceRe Holdings Ltd. | |||||||||||||||||||||||||||||||||||
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||
Paid to Incurred Analysis | |||||||||||||||||||||||||||||||||||
Three months ended March 31, 2024 | Three months ended March 31, 2023 | ||||||||||||||||||||||||||||||||||
Gross | Recoveries | Net | Gross | Recoveries | Net | ||||||||||||||||||||||||||||||
Reserve for claims and claim expenses, beginning of period | $ | 20,486,869 | $ | 5,344,286 | $ | 15,142,583 | $ | 15,892,573 | $ | 4,710,925 | $ | 11,181,648 | |||||||||||||||||||||||
Incurred claims and claim expenses | |||||||||||||||||||||||||||||||||||
Current year | 1,436,689 | 173,485 | 1,263,204 | 1,067,128 | 161,176 | 905,952 | |||||||||||||||||||||||||||||
Prior years | (277,066) | (179,985) | (97,081) | (107,424) | (2,672) | (104,752) | |||||||||||||||||||||||||||||
Total incurred claims and claim expenses | 1,159,623 | (6,500) | 1,166,123 | 959,704 | 158,504 | 801,200 | |||||||||||||||||||||||||||||
Paid claims and claim expenses | |||||||||||||||||||||||||||||||||||
Current year | 45,012 | 4,355 | 40,657 | 30,982 | 4,013 | 26,969 | |||||||||||||||||||||||||||||
Prior years | 1,194,652 | 322,447 | 872,205 | 857,853 | 166,985 | 690,868 | |||||||||||||||||||||||||||||
Total paid claims and claim expenses | 1,239,664 | 326,802 | 912,862 | 888,835 | 170,998 | 717,837 | |||||||||||||||||||||||||||||
Foreign exchange and other (1) | (37,218) | (17,304) | (19,914) | 33,384 | 8,240 | 25,144 | |||||||||||||||||||||||||||||
Reserve for claims and claim expenses, end of period | $ | 20,369,610 | $ | 4,993,680 | $ | 15,375,930 | $ | 15,996,826 | $ | 4,706,671 | $ | 11,290,155 | |||||||||||||||||||||||
14 | ![]() |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | |||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||
Management fee income | $ | 56,053 | $ | 40,905 | |||||||
Performance fee income (loss) (1) | 27,497 | 3,867 | |||||||||
Total fee income | $ | 83,550 | $ | 44,772 |
Three months ended | |||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||
Fee income contributing to: | |||||||||||
Underwriting income (loss) (1) | $ | 14,694 | $ | 13,141 | |||||||
Earnings from equity method investments (2) | (355) | (141) | |||||||||
Redeemable noncontrolling interests (3) | 69,211 | 31,772 | |||||||||
Total fee income | $ | 83,550 | $ | 44,772 |
15 | ![]() |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee Income - Five Quarter Trend | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | |||||||||||||||||||||||||
Management fee income | $ | 56,053 | $ | 47,769 | $ | 44,486 | $ | 43,439 | $ | 40,905 | |||||||||||||||||||
Performance fee income (loss) (1) | 27,497 | 23,014 | 20,072 | 13,242 | 3,867 | ||||||||||||||||||||||||
Total fee income | $ | 83,550 | $ | 70,783 | $ | 64,558 | $ | 56,681 | $ | 44,772 |
Three months ended | |||||||||||||||||||||||||||||
March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | |||||||||||||||||||||||||
Fee income contributing to: | |||||||||||||||||||||||||||||
Underwriting income (loss) (1) | $ | 14,694 | $ | 6,234 | $ | 6,873 | $ | 8,184 | $ | 13,141 | |||||||||||||||||||
Earnings from equity method investments (2) | (355) | (419) | (446) | (417) | (141) | ||||||||||||||||||||||||
Redeemable noncontrolling interests (3) | 69,211 | 64,968 | 58,131 | 48,914 | 31,772 | ||||||||||||||||||||||||
Total fee income | $ | 83,550 | $ | 70,783 | $ | 64,558 | $ | 56,681 | $ | 44,772 |
16 | ![]() |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||||||||||||||||||||||
Three months ended | |||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||
Redeemable noncontrolling interests - DaVinci | $ | (148,013) | $ | (166,082) | |||||||
Redeemable noncontrolling interests - Medici | (46,269) | (45,069) | |||||||||
Redeemable noncontrolling interests - Vermeer | (52,971) | (47,405) | |||||||||
Redeemable noncontrolling interests - Fontana | 2,426 | (8,828) | |||||||||
Net (income) loss attributable to redeemable noncontrolling interests (1) | $ | (244,827) | $ | (267,384) |
Three months ended | |||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||
Operating (income) loss attributable to redeemable noncontrolling interests (2) | $ | (301,654) | $ | (241,938) | |||||||
Non-operating (income) loss attributable to redeemable noncontrolling interests | 56,827 | (25,446) | |||||||||
Net (income) loss attributable to redeemable noncontrolling interests (1) | $ | (244,827) | $ | (267,384) | |||||||
17 | ![]() |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||||||||||||||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
Redeemable noncontrolling interests - DaVinci | $ | 2,634,555 | $ | 2,541,482 | |||||||
Redeemable noncontrolling interests - Medici | 1,778,763 | 1,650,229 | |||||||||
Redeemable noncontrolling interests - Vermeer | 1,433,268 | 1,555,297 | |||||||||
Redeemable noncontrolling interests - Fontana | 451,397 | 353,823 | |||||||||
Redeemable noncontrolling interests | $ | 6,297,983 | $ | 6,100,831 |
March 31, 2024 | December 31, 2023 | ||||||||||
DaVinci | 76.1 | % | 72.2 | % | |||||||
Medici | 88.6 | % | 88.3 | % | |||||||
Vermeer | 100.0 | % | 100.0 | % | |||||||
Fontana | 73.5 | % | 68.4 | % |
18 | ![]() |
Managed Joint Ventures and Fee Income | |||||||||||
DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations | |||||||||||
Three months ended | |||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||
Revenues | |||||||||||
Gross premiums written | $ | 690,235 | $ | 528,779 | |||||||
Net premiums written | $ | 650,572 | $ | 519,169 | |||||||
Decrease (increase) in unearned premiums | (361,746) | (311,282) | |||||||||
Net premiums earned | 288,826 | 207,887 | |||||||||
Net investment income | 57,576 | 43,898 | |||||||||
Net foreign exchange gains (losses) | (1,967) | (1,507) | |||||||||
Net realized and unrealized gains (losses) on investments | (38,720) | 38,379 | |||||||||
Total revenues | 305,715 | 288,657 | |||||||||
Expenses | |||||||||||
Net claims and claim expenses incurred | 6,397 | 9,691 | |||||||||
Acquisition expenses | 67,085 | 26,334 | |||||||||
Operational and corporate expenses | 35,100 | 26,803 | |||||||||
Interest expense | 1,858 | 1,858 | |||||||||
Total expenses | 110,440 | 64,686 | |||||||||
Income (loss) before taxes | 195,275 | 223,971 | |||||||||
Income tax benefit (expense) | (798) | (1,589) | |||||||||
Net income (loss) available (attributable) to DaVinci common shareholders | $ | 194,477 | $ | 222,382 | |||||||
Net claims and claim expenses incurred - current accident year | $ | 57,913 | $ | 46,999 | |||||||
Net claims and claim expenses incurred - prior accident years | (51,516) | (37,308) | |||||||||
Net claims and claim expenses incurred - total | $ | 6,397 | $ | 9,691 | |||||||
Net claims and claim expense ratio - current accident year | 20.1 | % | 22.6 | % | |||||||
Net claims and claim expense ratio - prior accident years | (17.9) | % | (17.9) | % | |||||||
Net claims and claim expense ratio - calendar year | 2.2 | % | 4.7 | % | |||||||
Underwriting expense ratio | 35.4 | % | 25.5 | % | |||||||
Combined ratio | 37.6 | % | 30.2 | % |
19 | ![]() |
Investments | |||||||||||||||||||||||
Total Investment Result | |||||||||||||||||||||||
Managed (1) | Retained (2) | ||||||||||||||||||||||
Three months ended | Three months ended | ||||||||||||||||||||||
March 31, 2024 | March 31, 2023 | March 31, 2024 | March 31, 2023 | ||||||||||||||||||||
Fixed maturity investments trading | $ | 257,289 | $ | 155,500 | $ | 208,224 | $ | 121,893 | |||||||||||||||
Short term investments | 46,791 | 32,950 | 22,868 | 12,456 | |||||||||||||||||||
Equity investments | 560 | 3,399 | 560 | 3,399 | |||||||||||||||||||
Other investments | |||||||||||||||||||||||
Catastrophe bonds | 58,249 | 38,831 | 7,430 | 6,029 | |||||||||||||||||||
Other | 17,925 | 24,571 | 17,925 | 24,571 | |||||||||||||||||||
Cash and cash equivalents | 14,722 | 4,264 | 13,876 | 4,012 | |||||||||||||||||||
395,536 | 259,515 | 270,883 | 172,360 | ||||||||||||||||||||
Investment expenses | (4,761) | (5,137) | (3,406) | (4,351) | |||||||||||||||||||
Net investment income | $ | 390,775 | $ | 254,378 | $ | 267,477 | $ | 168,009 | |||||||||||||||
Net investment income return - annualized | 5.7 | % | 4.9 | % | 5.3 | % | 4.5 | % | |||||||||||||||
Net realized gains (losses) on fixed maturity investments trading | $ | 9,796 | $ | (104,765) | $ | 12,517 | $ | (87,407) | |||||||||||||||
Net unrealized gains (losses) on fixed maturity investments trading | (211,996) | 312,026 | (176,552) | 259,095 | |||||||||||||||||||
Net realized and unrealized gains (losses) on investment-related derivatives | (57,806) | 12,162 | (59,195) | 14,479 | |||||||||||||||||||
Net realized gains (losses) on equity investments | — | (8,738) | — | (8,738) | |||||||||||||||||||
Net unrealized gains (losses) on equity investments | 13,097 | 39,151 | 13,090 | 39,152 | |||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - catastrophe bonds | 18,907 | 24,126 | 1,953 | 3,477 | |||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - other | 14,348 | 5,489 | 14,348 | 5,489 | |||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (213,654) | 279,451 | (193,839) | 225,547 | |||||||||||||||||||
Total investment result | $ | 177,121 | $ | 533,829 | $ | 73,638 | $ | 393,556 | |||||||||||||||
Average invested assets | $ | 29,426,362 | $ | 22,714,948 | $ | 20,914,306 | $ | 14,970,187 | |||||||||||||||
Total investment return - annualized | 2.8 | % | 10.0 | % | 1.6 | % | 10.8 | % |
20 | ![]() |
Investments | ||
Investments Composition |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 9,793,911 | $ | (57,496) | $ | 7,608,786 | $ | (53,113) | $ | 10,060,203 | $ | 66,743 | $ | 8,013,451 | $ | 49,476 | |||||||||||||||||||||||||||||||
Corporate (3) | 7,064,030 | (85,219) | 5,785,498 | (87,937) | 6,499,075 | (41,016) | 5,340,330 | (54,622) | |||||||||||||||||||||||||||||||||||||||
Other (4) | 4,451,519 | (66,969) | 3,804,012 | (48,324) | 4,317,830 | (21,069) | 3,738,758 | (4,321) | |||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments trading, at fair value | 21,309,460 | (209,684) | 17,198,296 | (189,374) | 20,877,108 | 4,658 | 17,092,539 | (9,467) | |||||||||||||||||||||||||||||||||||||||
Short term investments, at fair value | 4,639,165 | (548) | 1,789,401 | (198) | 4,604,079 | 739 | 1,624,407 | 718 | |||||||||||||||||||||||||||||||||||||||
Equity investments, at fair value | 119,992 | 75,752 | 119,771 | 75,762 | 106,766 | 62,660 | 106,562 | 62,673 | |||||||||||||||||||||||||||||||||||||||
Other investments, at fair value | |||||||||||||||||||||||||||||||||||||||||||||||
Catastrophe bonds | 1,828,155 | (60,319) | 221,450 | (35,156) | 1,942,199 | (76,684) | 250,384 | (36,995) | |||||||||||||||||||||||||||||||||||||||
Fund investments | 1,482,729 | 199,843 | 1,482,729 | 199,843 | 1,415,804 | 184,744 | 1,415,804 | 184,744 | |||||||||||||||||||||||||||||||||||||||
Term loans | 97,433 | — | 97,433 | — | 97,658 | — | 97,658 | — | |||||||||||||||||||||||||||||||||||||||
Direct private equity investments | 59,964 | (38,300) | 59,964 | (38,300) | 59,905 | (38,359) | 59,905 | (38,359) | |||||||||||||||||||||||||||||||||||||||
Total other investments, at fair value | 3,468,281 | 101,224 | 1,861,576 | 126,387 | 3,515,566 | 69,701 | 1,823,751 | 109,390 | |||||||||||||||||||||||||||||||||||||||
Investments in other ventures, under equity method | 99,684 | — | 99,684 | — | 112,624 | — | 112,624 | — | |||||||||||||||||||||||||||||||||||||||
Total investments | $ | 29,636,582 | $ | (33,256) | $ | 21,068,728 | $ | 12,577 | $ | 29,216,143 | $ | 137,758 | $ | 20,759,883 | $ | 163,314 | |||||||||||||||||||||||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
Managed (1) | Retained (2) | Managed (1) | Retained (2) | ||||||||||||||||||||
Weighted average yield to maturity of investments (5) | 5.8 | % | 5.5 | % | 5.8 | % | 5.4 | % | |||||||||||||||
Average duration of investments, in years (5) | 2.6 | 3.1 | 2.6 | 3.2 | |||||||||||||||||||
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (6) | $ | (3.58) | $ | (0.18) |
21 | ![]() |
Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||
Managed Investments - Credit Rating (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Rating (2) | Investments not subject to credit ratings | |||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2024 | Fair value | AAA | AA | A | BBB | Non- Investment grade | Not rated | |||||||||||||||||||||||||||||||||||||||||||
Fixed maturity investments trading, at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasuries | $ | 9,793,911 | $ | — | $ | 9,793,911 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Corporate (3) | 7,064,030 | 185,924 | 298,010 | 2,451,673 | 2,910,355 | 1,207,946 | 10,122 | — | ||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 1,616,444 | 170,273 | 1,291,099 | 977 | 8,270 | 77,896 | 67,929 | — | ||||||||||||||||||||||||||||||||||||||||||
Asset-backed | 1,428,513 | 1,126,299 | 209,727 | 58,554 | 16,569 | 838 | 16,526 | — | ||||||||||||||||||||||||||||||||||||||||||
Agencies | 594,522 | — | 593,608 | — | — | — | 914 | — | ||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government | 495,426 | 322,766 | 156,807 | 12,283 | 3,570 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 316,614 | 267,022 | 46,681 | 362 | 1,309 | 1,240 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments trading, at fair value | 21,309,460 | 2,072,284 | 12,389,843 | 2,523,849 | 2,940,073 | 1,287,920 | 95,491 | — | ||||||||||||||||||||||||||||||||||||||||||
Short term investments, at fair value | 4,639,165 | 2,686,154 | 1,936,488 | 742 | 12,837 | 2,944 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Equity investments, at fair value | 119,992 | — | — | — | — | — | — | 119,992 | ||||||||||||||||||||||||||||||||||||||||||
Other investments, at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||
Catastrophe bonds | 1,828,155 | — | — | — | — | 1,828,155 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Fund investments: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Private credit funds | 996,702 | — | — | — | — | — | — | 996,702 | ||||||||||||||||||||||||||||||||||||||||||
Private equity funds | 486,027 | — | — | — | — | — | — | 486,027 | ||||||||||||||||||||||||||||||||||||||||||
Term loans | 97,433 | — | — | 97,433 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Direct private equity investments | 59,964 | — | — | — | — | — | — | 59,964 | ||||||||||||||||||||||||||||||||||||||||||
Total other investments, at fair value | 3,468,281 | — | — | 97,433 | — | 1,828,155 | — | 1,542,693 | ||||||||||||||||||||||||||||||||||||||||||
Investments in other ventures, under equity method | 99,684 | — | — | — | — | — | — | 99,684 | ||||||||||||||||||||||||||||||||||||||||||
Total investments | $ | 29,636,582 | $ | 4,758,438 | $ | 14,326,331 | $ | 2,622,024 | $ | 2,952,910 | $ | 3,119,019 | $ | 95,491 | $ | 1,762,369 | ||||||||||||||||||||||||||||||||||
100.0 | % | 16.1 | % | 48.3 | % | 8.9 | % | 10.0 | % | 10.5 | % | 0.3 | % | 5.9 | % |
22 | ![]() |
Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||
Retained Investments - Credit Rating (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Rating (2) | Investments not subject to credit ratings | |||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2024 | Fair value | AAA | AA | A | BBB | Non- Investment grade | Not rated | |||||||||||||||||||||||||||||||||||||||||||
Fixed maturity investments trading, at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasuries | $ | 7,608,786 | $ | — | $ | 7,608,786 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Corporate (3) | 5,785,498 | 135,895 | 251,475 | 2,061,627 | 2,318,665 | 1,009,685 | 8,151 | — | ||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 1,352,987 | 144,682 | 1,054,664 | 977 | 8,270 | 77,896 | 66,498 | — | ||||||||||||||||||||||||||||||||||||||||||
Asset-backed | 1,336,194 | 1,035,115 | 209,351 | 58,556 | 16,569 | 838 | 15,765 | — | ||||||||||||||||||||||||||||||||||||||||||
Agencies | 439,474 | — | 438,560 | — | — | — | 914 | — | ||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government | 422,681 | 268,897 | 137,931 | 12,283 | 3,570 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 252,676 | 210,893 | 38,872 | 362 | 1,309 | 1,240 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments trading, at fair value | 17,198,296 | 1,795,482 | 9,739,639 | 2,133,805 | 2,348,383 | 1,089,659 | 91,328 | — | ||||||||||||||||||||||||||||||||||||||||||
Short term investments, at fair value | 1,789,401 | 917,932 | 857,180 | 742 | 10,700 | 2,847 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Equity investments, at fair value | 119,771 | — | — | — | — | — | — | 119,771 | ||||||||||||||||||||||||||||||||||||||||||
Other investments, at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||
Catastrophe bonds | 221,450 | — | — | — | — | 221,450 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Fund investments: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Private credit funds | 996,702 | — | — | — | — | — | — | 996,702 | ||||||||||||||||||||||||||||||||||||||||||
Private equity funds | 486,027 | — | — | — | — | — | — | 486,027 | ||||||||||||||||||||||||||||||||||||||||||
Term loans | 97,433 | — | — | 97,433 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Direct private equity investments | 59,964 | — | — | — | — | — | — | 59,964 | ||||||||||||||||||||||||||||||||||||||||||
Total other investments, at fair value | 1,861,576 | — | — | 97,433 | — | 221,450 | — | 1,542,693 | ||||||||||||||||||||||||||||||||||||||||||
Investments in other ventures, under equity method | 99,684 | — | — | — | — | — | — | 99,684 | ||||||||||||||||||||||||||||||||||||||||||
Total investments | $ | 21,068,728 | $ | 2,713,414 | $ | 10,596,819 | $ | 2,231,980 | $ | 2,359,083 | $ | 1,313,956 | $ | 91,328 | $ | 1,762,148 | ||||||||||||||||||||||||||||||||||
100.0 | % | 12.9 | % | 50.3 | % | 10.6 | % | 11.2 | % | 6.2 | % | 0.4 | % | 8.4 | % |
23 | ![]() |
Other Items | |||||||||||
Earnings per Share | |||||||||||
Three months ended | |||||||||||
(common shares in thousands) | March 31, 2024 | March 31, 2023 | |||||||||
Numerator: | |||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 364,798 | $ | 564,062 | |||||||
Amount allocated to participating common shareholders (1) | (5,273) | (8,854) | |||||||||
Net income (loss) allocated to RenaissanceRe common shareholders | $ | 359,525 | $ | 555,208 | |||||||
Denominator: | |||||||||||
Denominator for basic income (loss) per RenaissanceRe common share - weighted average common shares (2) | 51,678 | 42,876 | |||||||||
Per common share equivalents of non-vested shares (2) | 150 | 130 | |||||||||
Denominator for diluted income (loss) per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions (2) | 51,828 | 43,006 | |||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic | $ | 6.96 | $ | 12.95 | |||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 6.94 | $ | 12.91 | |||||||
24 | ![]() |
Comments on Non-GAAP Financial Measures |
25 | ![]() |
Comments on Non-GAAP Financial Measures |
26 | ![]() |
Comments on Non-GAAP Financial Measures |
Three months ended | |||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 364,798 | $ | 564,062 | |||||||
Adjustment for: | |||||||||||
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds | 232,561 | (255,325) | |||||||||
Net foreign exchange losses (gains) | 35,683 | 14,503 | |||||||||
Corporate expenses associated with acquisitions and dispositions | 20,266 | — | |||||||||
Acquisition related purchase accounting adjustments (1) | 60,560 | 4,019 | |||||||||
Bermuda net deferred tax asset (2) | (7,890) | — | |||||||||
Income tax expense (benefit) (3) | (12,772) | 11,322 | |||||||||
Net income (loss) attributable to redeemable noncontrolling interests (4) | (56,827) | 25,446 | |||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 636,379 | $ | 364,027 | |||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 6.94 | $ | 12.91 | |||||||
Adjustment for: | |||||||||||
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds | 4.49 | (5.94) | |||||||||
Net foreign exchange losses (gains) | 0.69 | 0.34 | |||||||||
Corporate expenses associated with acquisitions and dispositions | 0.39 | — | |||||||||
Acquisition related purchase accounting adjustments (1) | 1.17 | 0.09 | |||||||||
Bermuda net deferred tax asset (2) | (0.15) | — | |||||||||
Income tax expense (benefit) (3) | (0.25) | 0.26 | |||||||||
Net income (loss) attributable to redeemable noncontrolling interests (4) | (1.10) | 0.59 | |||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 12.18 | $ | 8.25 | |||||||
Return on average common equity - annualized | 16.4 | % | 46.6 | % | |||||||
Adjustment for: | |||||||||||
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds | 10.7 | % | (21.1) | % | |||||||
Net foreign exchange losses (gains) | 1.6 | % | 1.2 | % | |||||||
Corporate expenses associated with acquisitions and dispositions | 0.9 | % | — | % | |||||||
Acquisition related purchase accounting adjustments (1) | 2.7 | % | 0.3 | % | |||||||
Bermuda net deferred tax asset (2) | (0.4) | % | — | % | |||||||
Income tax expense (benefit) (3) | (0.6) | % | 0.9 | % | |||||||
Net income (loss) attributable to redeemable noncontrolling interests (4) | (2.6) | % | 2.1 | % | |||||||
Operating return on average common equity - annualized | 28.7 | % | 30.0 | % |
27 | ![]() |
Comments on Non-GAAP Financial Measures |
March 31, 2024 | December 31, 2023 | ||||||||||
Book value per common share | $ | 170.92 | $ | 165.20 | |||||||
Adjustment for: | |||||||||||
Acquisition related goodwill and other intangible assets (1) | (14.35) | (14.71) | |||||||||
Other goodwill and intangible assets (2) | (0.34) | (0.35) | |||||||||
Acquisition related purchase accounting adjustments (3) | (7.22) | (8.27) | |||||||||
Tangible book value per common share | 149.01 | 141.87 | |||||||||
Adjustment for accumulated dividends | 26.91 | 26.52 | |||||||||
Tangible book value per common share plus accumulated dividends | $ | 175.92 | $ | 168.39 | |||||||
Year to date change in book value per common share | 3.5 | % | 57.9 | % | |||||||
Year to date change in book value per common share plus change in accumulated dividends | 3.7 | % | 59.3 | % | |||||||
Year to date change in tangible book value per common share plus change in accumulated dividends | 5.3 | % | 47.6 | % |
28 | ![]() |
Comments on Non-GAAP Financial Measures |
Three months ended March 31, 2024 | |||||||||||||||||||||||||||||
Catastrophe | Other Property | Property | Casualty and Specialty | Total | |||||||||||||||||||||||||
Combined ratio | 19.8 | % | 75.3 | % | 42.9 | % | 99.6 | % | 77.9 | % | |||||||||||||||||||
Adjustment for acquisition related purchase accounting adjustments (1) | (3.6) | % | (0.7) | % | (2.4) | % | (2.5) | % | (2.5) | % | |||||||||||||||||||
Adjusted combined ratio | 16.2 | % | 74.6 | % | 40.5 | % | 97.1 | % | 75.4 | % | |||||||||||||||||||
Three months ended March 31, 2023 | |||||||||||||||||||||||||||||
Catastrophe | Other Property | Property | Casualty and Specialty | Total | |||||||||||||||||||||||||
Combined ratio | 21.3 | % | 93.7 | % | 56.6 | % | 92.9 | % | 78.0 | % | |||||||||||||||||||
Adjustment for acquisition related purchase accounting adjustments (1) | (0.3) | % | (0.1) | % | (0.3) | % | (0.3) | % | (0.2) | % | |||||||||||||||||||
Adjusted combined ratio | 21.0 | % | 93.6 | % | 56.3 | % | 92.6 | % | 77.8 | % | |||||||||||||||||||
29 | ![]() |
Comments on Non-GAAP Financial Measures |
Three months ended March 31, 2024 | Three months ended March 31, 2023 | ||||||||||||||||||||||||||||||||||
Managed (1) | Adjustment (2) | Retained (3) | Managed (1) | Adjustment (2) | Retained (3) | ||||||||||||||||||||||||||||||
Fixed maturity investments trading | $ | 257,289 | $ | (49,065) | $ | 208,224 | $ | 155,500 | $ | (33,607) | $ | 121,893 | |||||||||||||||||||||||
Short term investments | 46,791 | (23,923) | 22,868 | 32,950 | (20,494) | 12,456 | |||||||||||||||||||||||||||||
Equity investments | 560 | — | 560 | 3,399 | — | 3,399 | |||||||||||||||||||||||||||||
Other investments | |||||||||||||||||||||||||||||||||||
Catastrophe bonds | 58,249 | (50,819) | 7,430 | 38,831 | (32,802) | 6,029 | |||||||||||||||||||||||||||||
Other | 17,925 | — | 17,925 | 24,571 | — | 24,571 | |||||||||||||||||||||||||||||
Cash and cash equivalents | 14,722 | (846) | 13,876 | 4,264 | (252) | 4,012 | |||||||||||||||||||||||||||||
395,536 | (124,653) | 270,883 | 259,515 | (87,155) | 172,360 | ||||||||||||||||||||||||||||||
Investment expenses | (4,761) | 1,355 | (3,406) | (5,137) | 786 | (4,351) | |||||||||||||||||||||||||||||
Net investment income | $ | 390,775 | $ | (123,298) | $ | 267,477 | $ | 254,378 | $ | (86,369) | $ | 168,009 | |||||||||||||||||||||||
Net investment income return - annualized | 5.7 | % | (0.4) | % | 5.3 | % | 4.9 | % | (0.4) | % | 4.5 | % | |||||||||||||||||||||||
Net realized gains (losses) on fixed maturity investments trading | $ | 9,796 | $ | 2,721 | $ | 12,517 | $ | (104,765) | $ | 17,358 | $ | (87,407) | |||||||||||||||||||||||
Net unrealized gains (losses) on fixed maturity investments trading | (211,996) | 35,444 | (176,552) | 312,026 | (52,931) | 259,095 | |||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investment-related derivatives | (57,806) | (1,389) | (59,195) | 12,162 | 2,317 | 14,479 | |||||||||||||||||||||||||||||
Net realized gains (losses) on equity investments | — | — | — | (8,738) | — | (8,738) | |||||||||||||||||||||||||||||
Net unrealized gains (losses) on equity investments | 13,097 | (7) | 13,090 | 39,151 | 1 | 39,152 | |||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - catastrophe bonds | 18,907 | (16,954) | 1,953 | 24,126 | (20,649) | 3,477 | |||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - other | 14,348 | — | 14,348 | 5,489 | — | 5,489 | |||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (213,654) | 19,815 | (193,839) | 279,451 | (53,904) | 225,547 | |||||||||||||||||||||||||||||
Total investment result | $ | 177,121 | $ | (103,483) | $ | 73,638 | $ | 533,829 | $ | (140,273) | $ | 393,556 | |||||||||||||||||||||||
Average invested assets | $ | 29,426,362 | $ | (8,512,056) | $ | 20,914,306 | $ | 22,714,948 | $ | (7,744,761) | $ | 14,970,187 | |||||||||||||||||||||||
Total investment return - annualized | 2.8 | % | (1.2) | % | 1.6 | % | 10.0 | % | 0.8 | % | 10.8 | % |
30 | ![]() |
Comments on Non-GAAP Financial Measures |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||
Managed (1) | Adjustment (2) | Retained (3) | Managed (1) | Adjustment (2) | Retained (3) | ||||||||||||||||||||||||||||||
Fixed maturity investments trading, at fair value | |||||||||||||||||||||||||||||||||||
U.S. treasuries | $ | 9,793,911 | $ | (2,185,125) | $ | 7,608,786 | $ | 10,060,203 | $ | (2,046,752) | $ | 8,013,451 | |||||||||||||||||||||||
Corporate (4) | 7,064,030 | (1,278,532) | 5,785,498 | 6,499,075 | (1,158,745) | 5,340,330 | |||||||||||||||||||||||||||||
Residential mortgage-backed | 1,616,444 | (263,457) | 1,352,987 | 1,420,362 | (246,468) | 1,173,894 | |||||||||||||||||||||||||||||
Asset-backed | 1,428,513 | (92,319) | 1,336,194 | 1,491,695 | (86,622) | 1,405,073 | |||||||||||||||||||||||||||||
Agencies | 594,522 | (155,048) | 439,474 | 489,117 | (119,518) | 369,599 | |||||||||||||||||||||||||||||
Non-U.S. government | 495,426 | (72,745) | 422,681 | 483,576 | (54,100) | 429,476 | |||||||||||||||||||||||||||||
Commercial mortgage-backed | 316,614 | (63,938) | 252,676 | 433,080 | (72,364) | 360,716 | |||||||||||||||||||||||||||||
Total fixed maturity investments trading, at fair value | 21,309,460 | (4,111,164) | 17,198,296 | 20,877,108 | (3,784,569) | 17,092,539 | |||||||||||||||||||||||||||||
Short term investments, at fair value | 4,639,165 | (2,849,764) | 1,789,401 | 4,604,079 | (2,979,672) | 1,624,407 | |||||||||||||||||||||||||||||
Equity investments, at fair value | 119,992 | (221) | 119,771 | 106,766 | (204) | 106,562 | |||||||||||||||||||||||||||||
Other investments, at fair value | |||||||||||||||||||||||||||||||||||
Catastrophe bonds | 1,828,155 | (1,606,705) | 221,450 | 1,942,199 | (1,691,815) | 250,384 | |||||||||||||||||||||||||||||
Fund investments: | |||||||||||||||||||||||||||||||||||
Private credit funds | 996,702 | — | 996,702 | 982,016 | — | 982,016 | |||||||||||||||||||||||||||||
Private equity funds | 486,027 | — | 486,027 | 433,788 | — | 433,788 | |||||||||||||||||||||||||||||
Term loans | 97,433 | — | 97,433 | 97,658 | — | 97,658 | |||||||||||||||||||||||||||||
Direct private equity investments | 59,964 | — | 59,964 | 59,905 | — | 59,905 | |||||||||||||||||||||||||||||
Total other investments, at fair value | 3,468,281 | (1,606,705) | 1,861,576 | 3,515,566 | (1,691,815) | 1,823,751 | |||||||||||||||||||||||||||||
Investments in other ventures, under equity method | 99,684 | — | 99,684 | 112,624 | — | 112,624 | |||||||||||||||||||||||||||||
Total investments | $ | 29,636,582 | $ | (8,567,854) | $ | 21,068,728 | $ | 29,216,143 | $ | (8,456,260) | $ | 20,759,883 |
31 | ![]() |
Comments on Non-GAAP Financial Measures |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||
Unrealized gain (loss) - managed (1) | Adjustment (2) | Unrealized gain (loss) - retained (3) | Unrealized gain (loss) - managed (1) | Adjustment (2) | Unrealized gain (loss) - retained (3) | ||||||||||||||||||||||||||||||
Type of Investment | |||||||||||||||||||||||||||||||||||
Fixed maturity investments trading, at fair value | |||||||||||||||||||||||||||||||||||
U.S. treasuries | $ | (57,496) | $ | 4,383 | $ | (53,113) | $ | 66,743 | $ | (17,267) | $ | 49,476 | |||||||||||||||||||||||
Corporate (4) | (85,219) | (2,718) | (87,937) | (41,016) | (13,606) | (54,622) | |||||||||||||||||||||||||||||
Other (5) | (66,969) | 18,645 | (48,324) | (21,069) | 16,748 | (4,321) | |||||||||||||||||||||||||||||
Total fixed maturity investments trading, at fair value | (209,684) | 20,310 | (189,374) | 4,658 | (14,125) | (9,467) | |||||||||||||||||||||||||||||
Short term investments, at fair value | (548) | 350 | (198) | 739 | (21) | 718 | |||||||||||||||||||||||||||||
Equity investments, at fair value | 75,752 | 10 | 75,762 | 62,660 | 13 | 62,673 | |||||||||||||||||||||||||||||
Other investments, at fair value | |||||||||||||||||||||||||||||||||||
Catastrophe bonds | (60,319) | 25,163 | (35,156) | (76,684) | 39,689 | (36,995) | |||||||||||||||||||||||||||||
Fund investments | 199,843 | — | 199,843 | 184,744 | — | 184,744 | |||||||||||||||||||||||||||||
Direct private equity investments | (38,300) | — | (38,300) | (38,359) | — | (38,359) | |||||||||||||||||||||||||||||
Total other investments, at fair value | 101,224 | 25,163 | 126,387 | 69,701 | 39,689 | 109,390 | |||||||||||||||||||||||||||||
Total investments | $ | (33,256) | $ | 45,833 | $ | 12,577 | $ | 137,758 | $ | 25,556 | $ | 163,314 | |||||||||||||||||||||||
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (6) | $ | (3.58) | $ | (0.18) |
32 | ![]() |
Comments on Non-GAAP Financial Measures |
Three months ended | |||||||||||
March 31, 2024 | March 31, 2023 | ||||||||||
Net (income) loss attributable to redeemable noncontrolling interests (1) | $ | (244,827) | $ | (267,384) | |||||||
Adjustment for the portion of net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds attributable to redeemable noncontrolling interests | 36,448 | (32,747) | |||||||||
Adjustment for the portion of net foreign exchange losses (gains) attributable to redeemable noncontrolling interests | 20,379 | 7,301 | |||||||||
Adjustment for non-operating (income) loss attributable to redeemable noncontrolling interests (2) | 56,827 | (25,446) | |||||||||
Operating (income) loss attributable to redeemable noncontrolling interests | $ | (301,654) | $ | (241,938) |
33 | ![]() |