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 | Six months ended | ||||||||||||||||||||||
June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 495,046 | $ | 191,025 | $ | 859,844 | $ | 755,087 | |||||||||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1) | $ | 650,846 | $ | 411,453 | $ | 1,287,225 | $ | 775,481 | |||||||||||||||
Underwriting income | |||||||||||||||||||||||
Gross premiums written | $ | 3,425,495 | $ | 2,651,621 | $ | 7,416,179 | $ | 5,441,882 | |||||||||||||||
Net premiums written | 2,838,511 | 2,195,803 | 6,038,084 | 4,459,506 | |||||||||||||||||||
Net premiums earned | 2,541,315 | 1,785,262 | 4,985,225 | 3,465,812 | |||||||||||||||||||
Underwriting income (loss) | 479,336 | 351,015 | 1,020,018 | 720,634 | |||||||||||||||||||
Net claims and claim expense ratio: | |||||||||||||||||||||||
Current accident year | 55.8 | % | 54.0 | % | 53.8 | % | 53.9 | % | |||||||||||||||
Prior accident years | (4.3) | % | (1.8) | % | (4.1) | % | (3.9) | % | |||||||||||||||
Calendar year | 51.5 | % | 52.2 | % | 49.7 | % | 50.0 | % | |||||||||||||||
Acquisition expense ratio | 25.3 | % | 23.6 | % | 25.5 | % | 24.6 | % | |||||||||||||||
Operating expense ratio | 4.3 | % | 4.5 | % | 4.3 | % | 4.6 | % | |||||||||||||||
Combined ratio | 81.1 | % | 80.3 | % | 79.5 | % | 79.2 | % | |||||||||||||||
Adjusted combined ratio (1) | 78.6 | % | 80.1 | % | 77.1 | % | 78.9 | % | |||||||||||||||
Fee income | |||||||||||||||||||||||
Management fee income | $ | 55,327 | $ | 43,439 | $ | 111,380 | $ | 84,344 | |||||||||||||||
Performance fee income | 28,750 | 13,242 | 56,247 | 17,109 | |||||||||||||||||||
Total fee income | $ | 84,077 | $ | 56,681 | $ | 167,627 | $ | 101,453 | |||||||||||||||
Investment results - managed | |||||||||||||||||||||||
Net investment income | $ | 410,845 | $ | 292,662 | $ | 801,620 | $ | 547,040 | |||||||||||||||
Net realized and unrealized gains (losses) on investments | (127,584) | (222,781) | (341,238) | 56,670 | |||||||||||||||||||
Total investment result | $ | 283,261 | $ | 69,881 | $ | 460,382 | $ | 603,710 | |||||||||||||||
Total investment return - annualized | 4.1 | % | 1.6 | % | 3.2 | % | 5.5 | % | |||||||||||||||
Investment results - retained (1) | |||||||||||||||||||||||
Net investment income | $ | 283,415 | $ | 189,315 | $ | 550,892 | $ | 357,324 | |||||||||||||||
Net realized and unrealized gains (losses) on investments | (81,759) | (209,683) | (275,598) | 15,864 | |||||||||||||||||||
Total investment result | $ | 201,656 | $ | (20,368) | $ | 275,294 | $ | 373,188 | |||||||||||||||
Total investment return - annualized | 3.6 | % | (0.4) | % | 2.6 | % | 4.9 | % | |||||||||||||||
1 | ![]() |
Financial Highlights - Per Share Data & ROE | |||||||||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||||||||
June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic | $ | 9.44 | $ | 4.10 | $ | 16.39 | $ | 16.75 | |||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 9.41 | $ | 4.09 | $ | 16.35 | $ | 16.71 | |||||||||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1) | $ | 12.41 | $ | 8.88 | $ | 24.59 | $ | 17.16 | |||||||||||||||
Average shares outstanding - basic | 51,680 | 45,898 | 51,679 | 44,387 | |||||||||||||||||||
Average shares outstanding - diluted | 51,814 | 45,990 | 51,821 | 44,498 | |||||||||||||||||||
Return on average common equity - annualized | 21.4 | % | 13.5 | % | 19.0 | % | 28.9 | % | |||||||||||||||
Operating return on average common equity - annualized (1) | 28.2 | % | 29.1 | % | 28.4 | % | 29.7 | % | |||||||||||||||
June 30, 2024 | December 31, 2023 | ||||||||||||||||||||||
Book value per common share | $ | 179.87 | $ | 165.20 | |||||||||||||||||||
Tangible book value per common share (1) | $ | 159.22 | $ | 141.87 | |||||||||||||||||||
Tangible book value per common share plus accumulated dividends (1) | $ | 186.52 | $ | 168.39 | |||||||||||||||||||
Year to date change in book value per common share plus change in accumulated dividends | 9.4 | % | 59.3 | % | |||||||||||||||||||
Year to date change in tangible book value per common share plus change in accumulated dividends (1) | 12.8 | % | 47.6 | % |
2 | ![]() |
Summary Consolidated Financial Statements | |||||||||||||||||||||||
Consolidated Statements of Operations | |||||||||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||||||||
June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Gross premiums written | $ | 3,425,495 | $ | 2,651,621 | $ | 7,416,179 | $ | 5,441,882 | |||||||||||||||
Net premiums written | $ | 2,838,511 | $ | 2,195,803 | $ | 6,038,084 | $ | 4,459,506 | |||||||||||||||
Decrease (increase) in unearned premiums | (297,196) | (410,541) | (1,052,859) | (993,694) | |||||||||||||||||||
Net premiums earned | 2,541,315 | 1,785,262 | 4,985,225 | 3,465,812 | |||||||||||||||||||
Net investment income | 410,845 | 292,662 | 801,620 | 547,040 | |||||||||||||||||||
Net foreign exchange gains (losses) | (8,815) | (13,488) | (44,498) | (27,991) | |||||||||||||||||||
Equity in earnings (losses) of other ventures | 12,590 | 7,700 | 26,717 | 17,230 | |||||||||||||||||||
Other income (loss) | 169 | 3,876 | 119 | (430) | |||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (127,584) | (222,781) | (341,238) | 56,670 | |||||||||||||||||||
Total revenues | 2,828,520 | 1,853,231 | 5,427,945 | 4,058,331 | |||||||||||||||||||
Expenses | |||||||||||||||||||||||
Net claims and claim expenses incurred | 1,309,502 | 931,211 | 2,475,625 | 1,732,411 | |||||||||||||||||||
Acquisition expenses | 644,438 | 422,545 | 1,275,359 | 854,802 | |||||||||||||||||||
Operational expenses | 108,039 | 80,491 | 214,223 | 157,965 | |||||||||||||||||||
Corporate expenses | 35,159 | 23,371 | 74,411 | 36,214 | |||||||||||||||||||
Interest expense | 23,609 | 14,895 | 46,713 | 27,029 | |||||||||||||||||||
Total expenses | 2,120,747 | 1,472,513 | 4,086,331 | 2,808,421 | |||||||||||||||||||
Income (loss) before taxes | 707,773 | 380,718 | 1,341,614 | 1,249,910 | |||||||||||||||||||
Income tax benefit (expense) | 20,848 | (5,942) | 5,476 | (34,844) | |||||||||||||||||||
Net income (loss) | 728,621 | 374,776 | 1,347,090 | 1,215,066 | |||||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests | (224,731) | (174,907) | (469,558) | (442,291) | |||||||||||||||||||
Net income (loss) attributable to RenaissanceRe | 503,890 | 199,869 | 877,532 | 772,775 | |||||||||||||||||||
Dividends on preference shares | (8,844) | (8,844) | (17,688) | (17,688) | |||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 495,046 | $ | 191,025 | $ | 859,844 | $ | 755,087 | |||||||||||||||
3 | ![]() |
Summary Consolidated Financial Statements | |||||||||||
Consolidated Balance Sheets | |||||||||||
June 30, 2024 | December 31, 2023 | ||||||||||
Assets | |||||||||||
Fixed maturity investments trading, at fair value – amortized cost $22,327,625 at June 30, 2024 (December 31, 2023 – $20,872,450) | $ | 22,092,071 | $ | 20,877,108 | |||||||
Short term investments, at fair value – amortized cost $4,361,704 at June 30, 2024 (December 31, 2023 – $4,603,340) | 4,361,052 | 4,604,079 | |||||||||
Equity investments, at fair value | 114,405 | 106,766 | |||||||||
Other investments, at fair value | 3,809,421 | 3,515,566 | |||||||||
Investments in other ventures, under equity method | 151,608 | 112,624 | |||||||||
Total investments | 30,528,557 | 29,216,143 | |||||||||
Cash and cash equivalents | 1,627,147 | 1,877,518 | |||||||||
Premiums receivable | 8,792,401 | 7,280,682 | |||||||||
Prepaid reinsurance premiums | 1,433,967 | 924,777 | |||||||||
Reinsurance recoverable | 4,854,735 | 5,344,286 | |||||||||
Accrued investment income | 225,671 | 205,713 | |||||||||
Deferred acquisition costs and value of business acquired | 1,815,617 | 1,751,437 | |||||||||
Deferred tax asset | 703,097 | 685,040 | |||||||||
Receivable for investments sold | 558,917 | 622,197 | |||||||||
Other assets | 290,018 | 323,960 | |||||||||
Goodwill and other intangibles | 737,462 | 775,352 | |||||||||
Total assets | $ | 51,567,589 | $ | 49,007,105 | |||||||
Liabilities, Noncontrolling Interests and Shareholders’ Equity | |||||||||||
Liabilities | |||||||||||
Reserve for claims and claim expenses | $ | 20,740,928 | $ | 20,486,869 | |||||||
Unearned premiums | 7,696,980 | 6,136,135 | |||||||||
Debt | 1,960,167 | 1,958,655 | |||||||||
Reinsurance balances payable | 3,387,484 | 3,186,174 | |||||||||
Payable for investments purchased | 778,369 | 661,611 | |||||||||
Other liabilities | 489,458 | 1,021,872 | |||||||||
Total liabilities | 35,053,386 | 33,451,316 | |||||||||
Redeemable noncontrolling interests | 6,335,308 | 6,100,831 | |||||||||
Shareholders’ Equity | |||||||||||
Preference shares: $1.00 par value – 30,000 shares issued and outstanding at June 30, 2024 (December 31, 2023 – 30,000) | 750,000 | 750,000 | |||||||||
Common shares: $1.00 par value – 52,420,586 shares issued and outstanding at June 30, 2024 (December 31, 2023 – 52,693,887) | 52,421 | 52,694 | |||||||||
Additional paid-in capital | 2,048,921 | 2,144,459 | |||||||||
Accumulated other comprehensive loss | (13,409) | (14,211) | |||||||||
Retained earnings | 7,340,962 | 6,522,016 | |||||||||
Total shareholders’ equity attributable to RenaissanceRe | 10,178,895 | 9,454,958 | |||||||||
Total liabilities, noncontrolling interests and shareholders’ equity | $ | 51,567,589 | $ | 49,007,105 | |||||||
Book value per common share | $ | 179.87 | $ | 165.20 |
4 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||
Consolidated Segment Underwriting Results | |||||||||||||||||||||||||||||||||||
Three months ended June 30, 2024 | Three months ended June 30, 2023 | ||||||||||||||||||||||||||||||||||
Property | Casualty and Specialty | Total | Property | Casualty and Specialty | Total | ||||||||||||||||||||||||||||||
Gross premiums written | $ | 1,753,098 | $ | 1,672,397 | $ | 3,425,495 | $ | 1,402,606 | $ | 1,249,015 | $ | 2,651,621 | |||||||||||||||||||||||
Net premiums written | $ | 1,358,660 | $ | 1,479,851 | $ | 2,838,511 | $ | 1,144,655 | $ | 1,051,148 | $ | 2,195,803 | |||||||||||||||||||||||
Net premiums earned | $ | 980,834 | $ | 1,560,481 | $ | 2,541,315 | $ | 758,686 | $ | 1,026,576 | $ | 1,785,262 | |||||||||||||||||||||||
Net claims and claim expenses incurred | 273,354 | 1,036,148 | 1,309,502 | 281,993 | 649,218 | 931,211 | |||||||||||||||||||||||||||||
Acquisition expenses | 188,345 | 456,093 | 644,438 | 140,606 | 281,939 | 422,545 | |||||||||||||||||||||||||||||
Operational expenses | 67,425 | 40,614 | 108,039 | 55,077 | 25,414 | 80,491 | |||||||||||||||||||||||||||||
Underwriting income (loss) | $ | 451,710 | $ | 27,626 | $ | 479,336 | $ | 281,010 | $ | 70,005 | $ | 351,015 | |||||||||||||||||||||||
Net claims and claim expenses incurred: | |||||||||||||||||||||||||||||||||||
Current accident year | $ | 357,745 | $ | 1,060,028 | $ | 1,417,773 | $ | 313,632 | $ | 649,677 | $ | 963,309 | |||||||||||||||||||||||
Prior accident years | (84,391) | (23,880) | (108,271) | (31,639) | (459) | (32,098) | |||||||||||||||||||||||||||||
Total | $ | 273,354 | $ | 1,036,148 | $ | 1,309,502 | $ | 281,993 | $ | 649,218 | $ | 931,211 | |||||||||||||||||||||||
Net claims and claim expense ratio: | |||||||||||||||||||||||||||||||||||
Current accident year | 36.5 | % | 67.9 | % | 55.8 | % | 41.3 | % | 63.3 | % | 54.0 | % | |||||||||||||||||||||||
Prior accident years | (8.6) | % | (1.5) | % | (4.3) | % | (4.1) | % | (0.1) | % | (1.8) | % | |||||||||||||||||||||||
Calendar year | 27.9 | % | 66.4 | % | 51.5 | % | 37.2 | % | 63.2 | % | 52.2 | % | |||||||||||||||||||||||
Acquisition expense ratio | 19.1 | % | 29.2 | % | 25.3 | % | 18.5 | % | 27.5 | % | 23.6 | % | |||||||||||||||||||||||
Operating expense ratio | 6.9 | % | 2.6 | % | 4.3 | % | 7.3 | % | 2.5 | % | 4.5 | % | |||||||||||||||||||||||
Combined ratio | 53.9 | % | 98.2 | % | 81.1 | % | 63.0 | % | 93.2 | % | 80.3 | % | |||||||||||||||||||||||
Adjusted combined ratio (1) | 51.7 | % | 95.6 | % | 78.6 | % | 62.8 | % | 92.9 | % | 80.1 | % | |||||||||||||||||||||||
5 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||
Consolidated Segment Underwriting Results | |||||||||||||||||||||||||||||||||||
Six months ended June 30, 2024 | Six months ended June 30, 2023 | ||||||||||||||||||||||||||||||||||
Property | Casualty and Specialty | Total | Property | Casualty and Specialty | Total | ||||||||||||||||||||||||||||||
Gross premiums written | $ | 3,642,979 | $ | 3,773,200 | $ | 7,416,179 | $ | 2,706,805 | $ | 2,735,077 | $ | 5,441,882 | |||||||||||||||||||||||
Net premiums written | $ | 2,756,278 | $ | 3,281,806 | $ | 6,038,084 | $ | 2,164,484 | $ | 2,295,022 | $ | 4,459,506 | |||||||||||||||||||||||
Net premiums earned | $ | 1,916,917 | $ | 3,068,308 | $ | 4,985,225 | $ | 1,446,106 | $ | 2,019,706 | $ | 3,465,812 | |||||||||||||||||||||||
Net claims and claim expenses incurred | 427,603 | 2,048,022 | 2,475,625 | 469,602 | 1,262,809 | 1,732,411 | |||||||||||||||||||||||||||||
Acquisition expenses | 374,127 | 901,232 | 1,275,359 | 285,925 | 568,877 | 854,802 | |||||||||||||||||||||||||||||
Operational expenses | 129,049 | 85,174 | 214,223 | 110,890 | 47,075 | 157,965 | |||||||||||||||||||||||||||||
Underwriting income (loss) | $ | 986,138 | $ | 33,880 | $ | 1,020,018 | $ | 579,689 | $ | 140,945 | $ | 720,634 | |||||||||||||||||||||||
Net claims and claim expenses incurred: | |||||||||||||||||||||||||||||||||||
Current accident year | $ | 606,661 | $ | 2,074,316 | $ | 2,680,977 | $ | 582,934 | $ | 1,286,327 | $ | 1,869,261 | |||||||||||||||||||||||
Prior accident years | (179,058) | (26,294) | (205,352) | (113,332) | (23,518) | (136,850) | |||||||||||||||||||||||||||||
Total | $ | 427,603 | $ | 2,048,022 | $ | 2,475,625 | $ | 469,602 | $ | 1,262,809 | $ | 1,732,411 | |||||||||||||||||||||||
Net claims and claim expense ratio: | |||||||||||||||||||||||||||||||||||
Current accident year | 31.6 | % | 67.6 | % | 53.8 | % | 40.3 | % | 63.7 | % | 53.9 | % | |||||||||||||||||||||||
Prior accident years | (9.3) | % | (0.9) | % | (4.1) | % | (7.8) | % | (1.2) | % | (3.9) | % | |||||||||||||||||||||||
Calendar year | 22.3 | % | 66.7 | % | 49.7 | % | 32.5 | % | 62.5 | % | 50.0 | % | |||||||||||||||||||||||
Acquisition expense ratio | 19.6 | % | 29.4 | % | 25.5 | % | 19.7 | % | 28.2 | % | 24.6 | % | |||||||||||||||||||||||
Operating expense ratio | 6.7 | % | 2.8 | % | 4.3 | % | 7.7 | % | 2.3 | % | 4.6 | % | |||||||||||||||||||||||
Combined ratio | 48.6 | % | 98.9 | % | 79.5 | % | 59.9 | % | 93.0 | % | 79.2 | % | |||||||||||||||||||||||
Adjusted combined ratio (1) | 46.2 | % | 96.3 | % | 77.1 | % | 59.7 | % | 92.8 | % | 78.9 | % | |||||||||||||||||||||||
6 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||
Consolidated Underwriting Results - Five Quarter Trend | |||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||
Gross premiums written | $ | 3,425,495 | $ | 3,990,684 | $ | 1,802,041 | $ | 1,618,443 | $ | 2,651,621 | |||||||||||||||||||
Net premiums written | $ | 2,838,511 | $ | 3,199,573 | $ | 1,587,047 | $ | 1,421,260 | $ | 2,195,803 | |||||||||||||||||||
Net premiums earned | $ | 2,541,315 | $ | 2,443,910 | $ | 2,249,445 | $ | 1,755,876 | $ | 1,785,262 | |||||||||||||||||||
Net claims and claim expenses incurred | 1,309,502 | 1,166,123 | 979,522 | 861,576 | 931,211 | ||||||||||||||||||||||||
Acquisition expenses | 644,438 | 630,921 | 594,487 | 425,745 | 422,545 | ||||||||||||||||||||||||
Operational expenses | 108,039 | 106,184 | 134,466 | 82,751 | 80,491 | ||||||||||||||||||||||||
Underwriting income (loss) | $ | 479,336 | $ | 540,682 | $ | 540,970 | $ | 385,804 | $ | 351,015 | |||||||||||||||||||
Net claims and claim expenses incurred: | |||||||||||||||||||||||||||||
Current accident year | $ | 1,417,773 | $ | 1,263,204 | $ | 1,135,332 | $ | 1,019,523 | $ | 963,309 | |||||||||||||||||||
Prior accident years | (108,271) | (97,081) | (155,810) | (157,947) | (32,098) | ||||||||||||||||||||||||
Total | $ | 1,309,502 | $ | 1,166,123 | $ | 979,522 | $ | 861,576 | $ | 931,211 | |||||||||||||||||||
Net claims and claim expense ratio: | |||||||||||||||||||||||||||||
Current accident year | 55.8 | % | 51.7 | % | 50.5 | % | 58.1 | % | 54.0 | % | |||||||||||||||||||
Prior accident years | (4.3) | % | (4.0) | % | (7.0) | % | (9.0) | % | (1.8) | % | |||||||||||||||||||
Calendar year | 51.5 | % | 47.7 | % | 43.5 | % | 49.1 | % | 52.2 | % | |||||||||||||||||||
Acquisition expense ratio | 25.3 | % | 25.9 | % | 26.5 | % | 24.2 | % | 23.6 | % | |||||||||||||||||||
Operating expense ratio | 4.3 | % | 4.3 | % | 6.0 | % | 4.7 | % | 4.5 | % | |||||||||||||||||||
Combined ratio | 81.1 | % | 77.9 | % | 76.0 | % | 78.0 | % | 80.3 | % | |||||||||||||||||||
Adjusted combined ratio (1) | 78.6 | % | 75.4 | % | 73.6 | % | 77.8 | % | 80.1 | % |
7 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||
Property Underwriting Results - Five Quarter Trend | |||||||||||||||||||||||||||||
Property | |||||||||||||||||||||||||||||
June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||
Gross premiums written | $ | 1,753,098 | $ | 1,889,881 | $ | 344,597 | $ | 511,012 | $ | 1,402,606 | |||||||||||||||||||
Net premiums written | $ | 1,358,660 | $ | 1,397,618 | $ | 357,953 | $ | 444,872 | $ | 1,144,655 | |||||||||||||||||||
Net premiums earned | $ | 980,834 | $ | 936,083 | $ | 884,321 | $ | 760,365 | $ | 758,686 | |||||||||||||||||||
Net claims and claim expenses incurred | 273,354 | 154,249 | 123,942 | 206,361 | 281,993 | ||||||||||||||||||||||||
Acquisition expenses | 188,345 | 185,782 | 170,854 | 143,348 | 140,606 | ||||||||||||||||||||||||
Operational expenses | 67,425 | 61,624 | 85,919 | 54,624 | 55,077 | ||||||||||||||||||||||||
Underwriting income (loss) | $ | 451,710 | $ | 534,428 | $ | 503,606 | $ | 356,032 | $ | 281,010 | |||||||||||||||||||
Net claims and claim expenses incurred: | |||||||||||||||||||||||||||||
Current accident year | $ | 357,745 | $ | 248,916 | $ | 275,638 | $ | 350,238 | $ | 313,632 | |||||||||||||||||||
Prior accident years | (84,391) | (94,667) | (151,696) | (143,877) | (31,639) | ||||||||||||||||||||||||
Total | $ | 273,354 | $ | 154,249 | $ | 123,942 | $ | 206,361 | $ | 281,993 | |||||||||||||||||||
Net claims and claim expense ratio: | |||||||||||||||||||||||||||||
Current accident year | 36.5 | % | 26.6 | % | 31.2 | % | 46.1 | % | 41.3 | % | |||||||||||||||||||
Prior accident years | (8.6) | % | (10.1) | % | (17.2) | % | (19.0) | % | (4.1) | % | |||||||||||||||||||
Calendar year | 27.9 | % | 16.5 | % | 14.0 | % | 27.1 | % | 37.2 | % | |||||||||||||||||||
Acquisition expense ratio | 19.1 | % | 19.9 | % | 19.4 | % | 18.9 | % | 18.5 | % | |||||||||||||||||||
Operating expense ratio | 6.9 | % | 6.5 | % | 9.7 | % | 7.2 | % | 7.3 | % | |||||||||||||||||||
Combined ratio | 53.9 | % | 42.9 | % | 43.1 | % | 53.2 | % | 63.0 | % | |||||||||||||||||||
Adjusted combined ratio (1) | 51.7 | % | 40.5 | % | 41.7 | % | 53.0 | % | 62.8 | % | |||||||||||||||||||
8 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||
Casualty and Specialty Underwriting Results - Five Quarter Trend | |||||||||||||||||||||||||||||
Casualty and Specialty | |||||||||||||||||||||||||||||
June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||
Gross premiums written | $ | 1,672,397 | $ | 2,100,803 | $ | 1,457,444 | $ | 1,107,431 | $ | 1,249,015 | |||||||||||||||||||
Net premiums written | $ | 1,479,851 | $ | 1,801,955 | $ | 1,229,094 | $ | 976,388 | $ | 1,051,148 | |||||||||||||||||||
Net premiums earned | $ | 1,560,481 | $ | 1,507,827 | $ | 1,365,124 | $ | 995,511 | $ | 1,026,576 | |||||||||||||||||||
Net claims and claim expenses incurred | 1,036,148 | 1,011,874 | 855,580 | 655,215 | 649,218 | ||||||||||||||||||||||||
Acquisition expenses | 456,093 | 445,139 | 423,633 | 282,397 | 281,939 | ||||||||||||||||||||||||
Operational expenses | 40,614 | 44,560 | 48,547 | 28,127 | 25,414 | ||||||||||||||||||||||||
Underwriting income (loss) | $ | 27,626 | $ | 6,254 | $ | 37,364 | $ | 29,772 | $ | 70,005 | |||||||||||||||||||
Net claims and claim expenses incurred: | |||||||||||||||||||||||||||||
Current accident year | $ | 1,060,028 | $ | 1,014,288 | $ | 859,694 | $ | 669,285 | $ | 649,677 | |||||||||||||||||||
Prior accident years | (23,880) | (2,414) | (4,114) | (14,070) | (459) | ||||||||||||||||||||||||
Total | $ | 1,036,148 | $ | 1,011,874 | $ | 855,580 | $ | 655,215 | $ | 649,218 | |||||||||||||||||||
Net claims and claim expense ratio: | |||||||||||||||||||||||||||||
Current accident year | 67.9 | % | 67.3 | % | 63.0 | % | 67.2 | % | 63.3 | % | |||||||||||||||||||
Prior accident years | (1.5) | % | (0.2) | % | (0.3) | % | (1.4) | % | (0.1) | % | |||||||||||||||||||
Calendar year | 66.4 | % | 67.1 | % | 62.7 | % | 65.8 | % | 63.2 | % | |||||||||||||||||||
Acquisition expense ratio | 29.2 | % | 29.5 | % | 31.0 | % | 28.4 | % | 27.5 | % | |||||||||||||||||||
Operating expense ratio | 2.6 | % | 3.0 | % | 3.6 | % | 2.8 | % | 2.5 | % | |||||||||||||||||||
Combined ratio | 98.2 | % | 99.6 | % | 97.3 | % | 97.0 | % | 93.2 | % | |||||||||||||||||||
Adjusted combined ratio (1) | 95.6 | % | 97.1 | % | 94.3 | % | 96.7 | % | 92.9 | % |
9 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||
Property Segment - Catastrophe and Other Property Underwriting Results | |||||||||||||||||||||||||||||||||||
Three months ended June 30, 2024 | Three months ended June 30, 2023 | ||||||||||||||||||||||||||||||||||
Catastrophe | Other Property | Total | Catastrophe | Other Property | Total | ||||||||||||||||||||||||||||||
Gross premiums written | $ | 1,264,589 | $ | 488,509 | $ | 1,753,098 | $ | 1,001,839 | $ | 400,767 | $ | 1,402,606 | |||||||||||||||||||||||
Net premiums written | $ | 898,148 | $ | 460,512 | $ | 1,358,660 | $ | 771,936 | $ | 372,719 | $ | 1,144,655 | |||||||||||||||||||||||
Net premiums earned | $ | 578,788 | $ | 402,046 | $ | 980,834 | $ | 423,733 | $ | 334,953 | $ | 758,686 | |||||||||||||||||||||||
Net claims and claim expenses incurred | 27,149 | 246,205 | 273,354 | 118,093 | 163,900 | 281,993 | |||||||||||||||||||||||||||||
Acquisition expenses | 80,189 | 108,156 | 188,345 | 50,637 | 89,969 | 140,606 | |||||||||||||||||||||||||||||
Operational expenses | 55,194 | 12,231 | 67,425 | 44,152 | 10,925 | 55,077 | |||||||||||||||||||||||||||||
Underwriting income (loss) | $ | 416,256 | $ | 35,454 | $ | 451,710 | $ | 210,851 | $ | 70,159 | $ | 281,010 | |||||||||||||||||||||||
Net claims and claim expenses incurred: | |||||||||||||||||||||||||||||||||||
Current accident year | $ | 107,120 | $ | 250,625 | $ | 357,745 | $ | 139,196 | $ | 174,436 | $ | 313,632 | |||||||||||||||||||||||
Prior accident years | (79,971) | (4,420) | (84,391) | (21,103) | (10,536) | (31,639) | |||||||||||||||||||||||||||||
Total | $ | 27,149 | $ | 246,205 | $ | 273,354 | $ | 118,093 | $ | 163,900 | $ | 281,993 | |||||||||||||||||||||||
Net claims and claim expense ratio: | |||||||||||||||||||||||||||||||||||
Current accident year | 18.5 | % | 62.3 | % | 36.5 | % | 32.8 | % | 52.1 | % | 41.3 | % | |||||||||||||||||||||||
Prior accident years | (13.8) | % | (1.1) | % | (8.6) | % | (4.9) | % | (3.2) | % | (4.1) | % | |||||||||||||||||||||||
Calendar year | 4.7 | % | 61.2 | % | 27.9 | % | 27.9 | % | 48.9 | % | 37.2 | % | |||||||||||||||||||||||
Acquisition expense ratio | 13.9 | % | 27.0 | % | 19.1 | % | 11.9 | % | 26.9 | % | 18.5 | % | |||||||||||||||||||||||
Operating expense ratio | 9.5 | % | 3.0 | % | 6.9 | % | 10.4 | % | 3.3 | % | 7.3 | % | |||||||||||||||||||||||
Combined ratio | 28.1 | % | 91.2 | % | 53.9 | % | 50.2 | % | 79.1 | % | 63.0 | % | |||||||||||||||||||||||
Adjusted combined ratio (1) | 24.9 | % | 90.3 | % | 51.7 | % | 50.0 | % | 78.9 | % | 62.8 | % | |||||||||||||||||||||||
10 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||
Property Segment - Catastrophe and Other Property Underwriting Results | |||||||||||||||||||||||||||||||||||
Six months ended June 30, 2024 | Six months ended June 30, 2023 | ||||||||||||||||||||||||||||||||||
Catastrophe | Other Property | Total | Catastrophe | Other Property | Total | ||||||||||||||||||||||||||||||
Gross premiums written | $ | 2,605,726 | $ | 1,037,253 | $ | 3,642,979 | $ | 1,930,434 | $ | 776,371 | $ | 2,706,805 | |||||||||||||||||||||||
Net premiums written | $ | 1,961,871 | $ | 794,407 | $ | 2,756,278 | $ | 1,588,423 | $ | 576,061 | $ | 2,164,484 | |||||||||||||||||||||||
Net premiums earned | $ | 1,124,983 | $ | 791,934 | $ | 1,916,917 | $ | 776,486 | $ | 669,620 | $ | 1,446,106 | |||||||||||||||||||||||
Net claims and claim expenses incurred | 2,320 | 425,283 | 427,603 | 105,281 | 364,321 | 469,602 | |||||||||||||||||||||||||||||
Acquisition expenses | 162,979 | 211,148 | 374,127 | 92,687 | 193,238 | 285,925 | |||||||||||||||||||||||||||||
Operational expenses | 105,334 | 23,715 | 129,049 | 89,961 | 20,929 | 110,890 | |||||||||||||||||||||||||||||
Underwriting income (loss) | $ | 854,350 | $ | 131,788 | $ | 986,138 | $ | 488,557 | $ | 91,132 | $ | 579,689 | |||||||||||||||||||||||
Net claims and claim expenses incurred: | |||||||||||||||||||||||||||||||||||
Current accident year | $ | 134,802 | $ | 471,859 | $ | 606,661 | $ | 206,795 | $ | 376,139 | $ | 582,934 | |||||||||||||||||||||||
Prior accident years | (132,482) | (46,576) | (179,058) | (101,514) | (11,818) | (113,332) | |||||||||||||||||||||||||||||
Total | $ | 2,320 | $ | 425,283 | $ | 427,603 | $ | 105,281 | $ | 364,321 | $ | 469,602 | |||||||||||||||||||||||
Net claims and claim expense ratio: | |||||||||||||||||||||||||||||||||||
Current accident year | 12.0 | % | 59.6 | % | 31.6 | % | 26.6 | % | 56.2 | % | 40.3 | % | |||||||||||||||||||||||
Prior accident years | (11.8) | % | (5.9) | % | (9.3) | % | (13.0) | % | (1.8) | % | (7.8) | % | |||||||||||||||||||||||
Calendar year | 0.2 | % | 53.7 | % | 22.3 | % | 13.6 | % | 54.4 | % | 32.5 | % | |||||||||||||||||||||||
Acquisition expense ratio | 14.5 | % | 26.7 | % | 19.6 | % | 11.9 | % | 28.9 | % | 19.7 | % | |||||||||||||||||||||||
Operating expense ratio | 9.4 | % | 3.0 | % | 6.7 | % | 11.6 | % | 3.1 | % | 7.7 | % | |||||||||||||||||||||||
Combined ratio | 24.1 | % | 83.4 | % | 48.6 | % | 37.1 | % | 86.4 | % | 59.9 | % | |||||||||||||||||||||||
Adjusted combined ratio (1) | 20.7 | % | 82.5 | % | 46.2 | % | 36.8 | % | 86.2 | % | 59.7 | % |
11 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||||||||||||||
Gross Premiums Written | |||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | Q/Q $ Change | Q/Q % Change | Six months ended | Y/Y $ Change | Y/Y % Change | ||||||||||||||||||||||||||||||||||||||||||
June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Property Segment | |||||||||||||||||||||||||||||||||||||||||||||||
Catastrophe | $ | 1,247,888 | $ | 972,647 | $ | 275,241 | 28.3 | % | $ | 2,612,561 | $ | 1,927,634 | $ | 684,927 | 35.5 | % | |||||||||||||||||||||||||||||||
Catastrophe - gross reinstatement premiums | 16,701 | 29,192 | (12,491) | (42.8) | % | (6,835) | 2,800 | (9,635) | (344.1) | % | |||||||||||||||||||||||||||||||||||||
Total catastrophe gross premiums written | 1,264,589 | 1,001,839 | 262,750 | 26.2 | % | 2,605,726 | 1,930,434 | 675,292 | 35.0 | % | |||||||||||||||||||||||||||||||||||||
Other property | 481,994 | 400,944 | 81,050 | 20.2 | % | 1,024,145 | 778,795 | 245,350 | 31.5 | % | |||||||||||||||||||||||||||||||||||||
Other property - gross reinstatement premiums | 6,515 | (177) | 6,692 | (3780.8) | % | 13,108 | (2,424) | 15,532 | (640.8) | % | |||||||||||||||||||||||||||||||||||||
Total other property gross premiums written | 488,509 | 400,767 | 87,742 | 21.9 | % | 1,037,253 | 776,371 | 260,882 | 33.6 | % | |||||||||||||||||||||||||||||||||||||
Property segment gross premiums written | $ | 1,753,098 | $ | 1,402,606 | $ | 350,492 | 25.0 | % | $ | 3,642,979 | $ | 2,706,805 | $ | 936,174 | 34.6 | % | |||||||||||||||||||||||||||||||
Casualty and Specialty Segment | |||||||||||||||||||||||||||||||||||||||||||||||
General casualty (1) | $ | 631,343 | $ | 375,945 | $ | 255,398 | 67.9 | % | $ | 1,219,909 | $ | 843,837 | $ | 376,072 | 44.6 | % | |||||||||||||||||||||||||||||||
Professional liability (2) | 214,105 | 308,284 | (94,179) | (30.5) | % | 584,586 | 690,537 | (105,951) | (15.3) | % | |||||||||||||||||||||||||||||||||||||
Credit (3) | 206,346 | 191,985 | 14,361 | 7.5 | % | 551,478 | 423,661 | 127,817 | 30.2 | % | |||||||||||||||||||||||||||||||||||||
Other specialty (4) | 620,603 | 372,801 | 247,802 | 66.5 | % | 1,417,227 | 777,042 | 640,185 | 82.4 | % | |||||||||||||||||||||||||||||||||||||
Casualty and Specialty segment gross premiums written | $ | 1,672,397 | $ | 1,249,015 | $ | 423,382 | 33.9 | % | $ | 3,773,200 | $ | 2,735,077 | $ | 1,038,123 | 38.0 | % | |||||||||||||||||||||||||||||||
(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 lines of business, and are allocated accordingly. |
12 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||||||||||||||
Net Premiums Written | |||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | Q/Q $ Change | Q/Q % Change | Six months ended | Y/Y $ Change | Y/Y % Change | ||||||||||||||||||||||||||||||||||||||||||
June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Property Segment | |||||||||||||||||||||||||||||||||||||||||||||||
Catastrophe | $ | 889,237 | $ | 741,829 | $ | 147,408 | 19.9 | % | $ | 1,973,418 | $ | 1,581,955 | $ | 391,463 | 24.7 | % | |||||||||||||||||||||||||||||||
Catastrophe - net reinstatement premiums | 8,911 | 30,107 | (21,196) | (70.4) | % | (11,547) | 6,468 | (18,015) | (278.5) | % | |||||||||||||||||||||||||||||||||||||
Total catastrophe net premiums written | 898,148 | 771,936 | 126,212 | 16.4 | % | 1,961,871 | 1,588,423 | 373,448 | 23.5 | % | |||||||||||||||||||||||||||||||||||||
Other property | 456,747 | 372,579 | 84,168 | 22.6 | % | 785,561 | 579,826 | 205,735 | 35.5 | % | |||||||||||||||||||||||||||||||||||||
Other property - net reinstatement premiums | 3,765 | 140 | 3,625 | 2589.3 | % | 8,846 | (3,765) | 12,611 | (335.0) | % | |||||||||||||||||||||||||||||||||||||
Total other property net premiums written | 460,512 | 372,719 | 87,793 | 23.6 | % | 794,407 | 576,061 | 218,346 | 37.9 | % | |||||||||||||||||||||||||||||||||||||
Property segment net premiums written | $ | 1,358,660 | $ | 1,144,655 | $ | 214,005 | 18.7 | % | $ | 2,756,278 | $ | 2,164,484 | $ | 591,794 | 27.3 | % | |||||||||||||||||||||||||||||||
Casualty and Specialty Segment | |||||||||||||||||||||||||||||||||||||||||||||||
General casualty (1) | $ | 603,960 | $ | 339,080 | $ | 264,880 | 78.1 | % | $ | 1,168,386 | $ | 761,500 | $ | 406,886 | 53.4 | % | |||||||||||||||||||||||||||||||
Professional liability (2) | 212,742 | 267,664 | (54,922) | (20.5) | % | 555,810 | 578,576 | (22,766) | (3.9) | % | |||||||||||||||||||||||||||||||||||||
Credit (3) | 116,721 | 129,564 | (12,843) | (9.9) | % | 392,071 | 295,108 | 96,963 | 32.9 | % | |||||||||||||||||||||||||||||||||||||
Other specialty (4) | 546,428 | 314,840 | 231,588 | 73.6 | % | 1,165,539 | 659,838 | 505,701 | 76.6 | % | |||||||||||||||||||||||||||||||||||||
Casualty and Specialty segment net premiums written | $ | 1,479,851 | $ | 1,051,148 | $ | 428,703 | 40.8 | % | $ | 3,281,806 | 2,295,022 | $ | 986,784 | 43.0 | % |
(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 lines of business, and are allocated accordingly. |
13 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||||||||||||||
Net Premiums Earned | |||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | Q/Q $ Change | Q/Q % Change | Six months ended | Y/Y $ Change | Y/Y % Change | ||||||||||||||||||||||||||||||||||||||||||
June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Property Segment | |||||||||||||||||||||||||||||||||||||||||||||||
Catastrophe | $ | 569,877 | $ | 393,626 | $ | 176,251 | 44.8 | % | $ | 1,136,530 | $ | 770,018 | $ | 366,512 | 47.6 | % | |||||||||||||||||||||||||||||||
Catastrophe - net reinstatement premiums | 8,911 | 30,107 | (21,196) | (70.4) | % | (11,547) | 6,468 | (18,015) | (278.5) | % | |||||||||||||||||||||||||||||||||||||
Total catastrophe net premiums earned | 578,788 | 423,733 | 155,055 | 36.6 | % | 1,124,983 | 776,486 | 348,497 | 44.9 | % | |||||||||||||||||||||||||||||||||||||
Other property | 398,281 | 334,813 | 63,468 | 19.0 | % | 783,088 | 673,385 | 109,703 | 16.3 | % | |||||||||||||||||||||||||||||||||||||
Other property - net reinstatement premiums | 3,765 | 140 | 3,625 | 2589.3 | % | 8,846 | (3,765) | 12,611 | (335.0) | % | |||||||||||||||||||||||||||||||||||||
Total other property net premiums earned | 402,046 | 334,953 | 67,093 | 20.0 | % | 791,934 | 669,620 | 122,314 | 18.3 | % | |||||||||||||||||||||||||||||||||||||
Property segment net premiums earned | $ | 980,834 | $ | 758,686 | $ | 222,148 | 29.3 | % | $ | 1,916,917 | $ | 1,446,106 | $ | 470,811 | 32.6 | % | |||||||||||||||||||||||||||||||
Casualty and Specialty Segment | |||||||||||||||||||||||||||||||||||||||||||||||
General casualty (1) | $ | 611,619 | $ | 352,273 | $ | 259,346 | 73.6 | % | $ | 1,124,161 | $ | 678,901 | $ | 445,260 | 65.6 | % | |||||||||||||||||||||||||||||||
Professional liability (2) | 237,953 | 282,965 | (45,012) | (15.9) | % | 547,063 | 575,796 | (28,733) | (5.0) | % | |||||||||||||||||||||||||||||||||||||
Credit (3) | 183,930 | 120,762 | 63,168 | 52.3 | % | 386,010 | 248,093 | 137,917 | 55.6 | % | |||||||||||||||||||||||||||||||||||||
Other specialty (4) | 526,979 | 270,576 | 256,403 | 94.8 | % | 1,011,074 | 516,916 | 494,158 | 95.6 | % | |||||||||||||||||||||||||||||||||||||
Casualty and Specialty segment net premiums earned | $ | 1,560,481 | $ | 1,026,576 | $ | 533,905 | 52.0 | % | $ | 3,068,308 | $ | 2,019,706 | $ | 1,048,602 | 51.9 | % |
(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 lines of business, and are allocated accordingly. |
14 | ![]() |
Underwriting and Reserves | |||||||||||||||||||||||
Reserves for Claims and Claim Expenses | |||||||||||||||||||||||
Case Reserves | Additional Case Reserves | IBNR | Total | ||||||||||||||||||||
June 30, 2024 | |||||||||||||||||||||||
Property | $ | 2,059,363 | $ | 1,425,623 | $ | 3,511,286 | $ | 6,996,272 | |||||||||||||||
Casualty and Specialty | 2,914,646 | 204,062 | 10,625,948 | 13,744,656 | |||||||||||||||||||
Total | $ | 4,974,009 | $ | 1,629,685 | $ | 14,137,234 | $ | 20,740,928 | |||||||||||||||
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 | |||||||||||||||
15 | ![]() |
RenaissanceRe Holdings Ltd. | |||||||||||||||||||||||||||||||||||
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||
Paid to Incurred Analysis | |||||||||||||||||||||||||||||||||||
Three months ended June 30, 2024 | Three months ended June 30, 2023 | ||||||||||||||||||||||||||||||||||
Gross | Recoveries | Net | Gross | Recoveries | Net | ||||||||||||||||||||||||||||||
Reserve for claims and claim expenses, beginning of period | $ | 20,369,610 | $ | 4,993,680 | $ | 15,375,930 | $ | 15,996,826 | $ | 4,706,671 | $ | 11,290,155 | |||||||||||||||||||||||
Incurred claims and claim expenses | |||||||||||||||||||||||||||||||||||
Current year | 1,584,616 | 166,843 | 1,417,773 | 1,109,621 | 146,312 | 963,309 | |||||||||||||||||||||||||||||
Prior years | (125,105) | (16,834) | (108,271) | (19,965) | 12,133 | (32,098) | |||||||||||||||||||||||||||||
Total incurred claims and claim expenses | 1,459,511 | 150,009 | 1,309,502 | 1,089,656 | 158,445 | 931,211 | |||||||||||||||||||||||||||||
Paid claims and claim expenses | |||||||||||||||||||||||||||||||||||
Current year | 64,780 | 5,415 | 59,365 | 73,499 | 7,559 | 65,940 | |||||||||||||||||||||||||||||
Prior years | 1,016,929 | 274,563 | 742,366 | 889,199 | 173,383 | 715,816 | |||||||||||||||||||||||||||||
Total paid claims and claim expenses | 1,081,709 | 279,978 | 801,731 | 962,698 | 180,942 | 781,756 | |||||||||||||||||||||||||||||
Foreign exchange and other (1) | (6,484) | (8,976) | 2,492 | 14,344 | 5,177 | 9,167 | |||||||||||||||||||||||||||||
Reserve for claims and claim expenses, end of period | $ | 20,740,928 | $ | 4,854,735 | $ | 15,886,193 | $ | 16,138,128 | $ | 4,689,351 | $ | 11,448,777 | |||||||||||||||||||||||
Six months ended June 30, 2024 | Six months ended June 30, 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 | 3,021,305 | 340,328 | 2,680,977 | 2,176,749 | 307,488 | 1,869,261 | |||||||||||||||||||||||||||||
Prior years | (402,171) | (196,819) | (205,352) | (127,389) | 9,461 | (136,850) | |||||||||||||||||||||||||||||
Total incurred claims and claim expenses | 2,619,134 | 143,509 | 2,475,625 | 2,049,360 | 316,949 | 1,732,411 | |||||||||||||||||||||||||||||
Paid claims and claim expenses | |||||||||||||||||||||||||||||||||||
Current year | 109,792 | 9,770 | 100,022 | 104,481 | 11,572 | 92,909 | |||||||||||||||||||||||||||||
Prior years | 2,211,581 | 597,010 | 1,614,571 | 1,747,052 | 340,368 | 1,406,684 | |||||||||||||||||||||||||||||
Total paid claims and claim expenses | 2,321,373 | 606,780 | 1,714,593 | 1,851,533 | 351,940 | 1,499,593 | |||||||||||||||||||||||||||||
Foreign exchange and other (1) | (43,702) | (26,280) | (17,422) | 47,728 | 13,417 | 34,311 | |||||||||||||||||||||||||||||
Reserve for claims and claim expenses, end of period | $ | 20,740,928 | $ | 4,854,735 | $ | 15,886,193 | $ | 16,138,128 | $ | 4,689,351 | $ | 11,448,777 |
16 | ![]() |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||||||||
June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||||||||||||||
Management fee income | $ | 55,327 | $ | 43,439 | $ | 111,380 | $ | 84,344 | |||||||||||||||
Performance fee income (loss) (1) | 28,750 | 13,242 | 56,247 | 17,109 | |||||||||||||||||||
Total fee income | $ | 84,077 | $ | 56,681 | $ | 167,627 | $ | 101,453 |
Three months ended | Six months ended | ||||||||||||||||||||||
June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||||||||||||||
Fee income contributing to: | |||||||||||||||||||||||
Underwriting income (loss) (1) | $ | 12,992 | $ | 8,184 | $ | 27,686 | $ | 21,325 | |||||||||||||||
Earnings from equity method investments (2) | (343) | (417) | (698) | (558) | |||||||||||||||||||
Redeemable noncontrolling interests (3) | 71,428 | 48,914 | 140,639 | 80,686 | |||||||||||||||||||
Total fee income | $ | 84,077 | $ | 56,681 | $ | 167,627 | $ | 101,453 |
17 | ![]() |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee Income - Five Quarter Trend | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||
Management fee income | $ | 55,327 | $ | 56,053 | $ | 47,769 | $ | 44,486 | $ | 43,439 | |||||||||||||||||||
Performance fee income (loss) (1) | 28,750 | 27,497 | 23,014 | 20,072 | 13,242 | ||||||||||||||||||||||||
Total fee income | $ | 84,077 | $ | 83,550 | $ | 70,783 | $ | 64,558 | $ | 56,681 |
Three months ended | |||||||||||||||||||||||||||||
June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||
Fee income contributing to: | |||||||||||||||||||||||||||||
Underwriting income (loss) (1) | $ | 12,992 | $ | 14,694 | $ | 6,234 | $ | 6,873 | $ | 8,184 | |||||||||||||||||||
Earnings from equity method investments (2) | (343) | (355) | (419) | (446) | (417) | ||||||||||||||||||||||||
Redeemable noncontrolling interests (3) | 71,428 | 69,211 | 64,968 | 58,131 | 48,914 | ||||||||||||||||||||||||
Total fee income | $ | 84,077 | $ | 83,550 | $ | 70,783 | $ | 64,558 | $ | 56,681 |
18 | ![]() |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||||||||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||||||||
June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||||||||||||||
Redeemable noncontrolling interests - DaVinci | $ | (152,511) | $ | (59,527) | $ | (300,524) | $ | (225,609) | |||||||||||||||
Redeemable noncontrolling interests - Medici | (13,249) | (62,190) | (59,518) | (107,259) | |||||||||||||||||||
Redeemable noncontrolling interests - Vermeer | (56,624) | (52,163) | (109,595) | (99,568) | |||||||||||||||||||
Redeemable noncontrolling interests - Fontana | (2,347) | (1,027) | 79 | (9,855) | |||||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests (1) | $ | (224,731) | $ | (174,907) | $ | (469,558) | $ | (442,291) |
Three months ended | Six months ended | ||||||||||||||||||||||
June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||||||||||||||
Operating (income) loss attributable to redeemable noncontrolling interests (2) | $ | (245,138) | $ | (234,058) | $ | (546,792) | $ | (475,996) | |||||||||||||||
Non-operating (income) loss attributable to redeemable noncontrolling interests | 20,407 | 59,151 | 77,234 | 33,705 | |||||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests (1) | $ | (224,731) | $ | (174,907) | $ | (469,558) | $ | (442,291) | |||||||||||||||
19 | ![]() |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||||||||||||||||||||||
June 30, 2024 | December 31, 2023 | ||||||||||
Redeemable noncontrolling interests - DaVinci | $ | 2,760,164 | $ | 2,541,482 | |||||||
Redeemable noncontrolling interests - Medici | 1,631,508 | 1,650,229 | |||||||||
Redeemable noncontrolling interests - Vermeer | 1,489,892 | 1,555,297 | |||||||||
Redeemable noncontrolling interests - Fontana | 453,744 | 353,823 | |||||||||
Redeemable noncontrolling interests | $ | 6,335,308 | $ | 6,100,831 |
June 30, 2024 | December 31, 2023 | ||||||||||
DaVinci | 75.3 | % | 72.2 | % | |||||||
Medici | 87.6 | % | 88.3 | % | |||||||
Vermeer | 100.0 | % | 100.0 | % | |||||||
Fontana | 73.5 | % | 68.4 | % |
20 | ![]() |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||
DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations | |||||||||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||||||||
June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Gross premiums written | $ | 502,194 | $ | 491,657 | $ | 1,192,429 | $ | 1,020,436 | |||||||||||||||
Net premiums written | $ | 438,501 | $ | 436,483 | $ | 1,089,073 | $ | 955,652 | |||||||||||||||
Decrease (increase) in unearned premiums | (141,293) | (184,428) | (503,039) | (495,710) | |||||||||||||||||||
Net premiums earned | 297,208 | 252,055 | 586,034 | 459,942 | |||||||||||||||||||
Net investment income | 60,431 | 48,975 | 118,007 | 92,873 | |||||||||||||||||||
Net foreign exchange gains (losses) | 668 | 1,024 | (1,299) | (483) | |||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (17,254) | (57,497) | (55,974) | (19,118) | |||||||||||||||||||
Total revenues | 341,053 | 244,557 | 646,768 | 533,214 | |||||||||||||||||||
Expenses | |||||||||||||||||||||||
Net claims and claim expenses incurred | 28,302 | 85,304 | 34,699 | 94,995 | |||||||||||||||||||
Acquisition expenses | 71,278 | 47,842 | 138,363 | 74,176 | |||||||||||||||||||
Operational and corporate expenses | 37,063 | 28,795 | 72,163 | 55,598 | |||||||||||||||||||
Interest expense | 1,859 | 1,858 | 3,717 | 3,716 | |||||||||||||||||||
Total expenses | 138,502 | 163,799 | 248,942 | 228,485 | |||||||||||||||||||
Income (loss) before taxes | 202,551 | 80,758 | 397,826 | 304,729 | |||||||||||||||||||
Income tax benefit (expense) | (155) | (67) | (953) | (1,656) | |||||||||||||||||||
Net income (loss) available (attributable) to DaVinci common shareholders | $ | 202,396 | $ | 80,691 | $ | 396,873 | $ | 303,073 | |||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 63,608 | $ | 87,254 | $ | 121,521 | $ | 134,253 | |||||||||||||||
Net claims and claim expenses incurred - prior accident years | (35,306) | (1,950) | (86,822) | (39,258) | |||||||||||||||||||
Net claims and claim expenses incurred - total | $ | 28,302 | $ | 85,304 | $ | 34,699 | $ | 94,995 | |||||||||||||||
Net claims and claim expense ratio - current accident year | 21.4 | % | 34.6 | % | 20.7 | % | 29.2 | % | |||||||||||||||
Net claims and claim expense ratio - prior accident years | (11.9) | % | (0.8) | % | (14.8) | % | (8.5) | % | |||||||||||||||
Net claims and claim expense ratio - calendar year | 9.5 | % | 33.8 | % | 5.9 | % | 20.7 | % | |||||||||||||||
Underwriting expense ratio | 36.5 | % | 30.4 | % | 35.9 | % | 28.2 | % | |||||||||||||||
Combined ratio | 46.0 | % | 64.2 | % | 41.8 | % | 48.9 | % |
21 | ![]() |
Investments | |||||||||||||||||||||||
Total Investment Result | |||||||||||||||||||||||
Managed (1) | Retained (2) | ||||||||||||||||||||||
Three months ended | Three months ended | ||||||||||||||||||||||
June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||||||||||||||
Fixed maturity investments trading | $ | 273,900 | $ | 169,739 | $ | 221,949 | $ | 133,362 | |||||||||||||||
Short term investments | 48,386 | 50,231 | 22,931 | 25,219 | |||||||||||||||||||
Equity investments | 589 | 2,766 | 589 | 2,766 | |||||||||||||||||||
Other investments | |||||||||||||||||||||||
Catastrophe bonds | 58,436 | 49,522 | 7,382 | 6,470 | |||||||||||||||||||
Other | 20,663 | 20,820 | 20,663 | 20,820 | |||||||||||||||||||
Cash and cash equivalents | 15,399 | 4,585 | 15,017 | 4,350 | |||||||||||||||||||
417,373 | 297,663 | 288,531 | 192,987 | ||||||||||||||||||||
Investment expenses | (6,528) | (5,001) | (5,116) | (3,672) | |||||||||||||||||||
Net investment income | $ | 410,845 | $ | 292,662 | $ | 283,415 | $ | 189,315 | |||||||||||||||
Net investment income return - annualized | 5.7 | % | 5.3 | % | 5.3 | % | 4.9 | % | |||||||||||||||
Net realized gains (losses) on fixed maturity investments trading | $ | (65,813) | $ | (74,212) | $ | (50,574) | $ | (66,800) | |||||||||||||||
Net unrealized gains (losses) on fixed maturity investments trading | (24,848) | (139,793) | (23,179) | (102,107) | |||||||||||||||||||
Net realized and unrealized gains (losses) on investment-related derivatives | 10,374 | (65,051) | 9,090 | (63,079) | |||||||||||||||||||
Net realized gains (losses) on equity investments | 15 | (18,755) | 15 | (18,755) | |||||||||||||||||||
Net unrealized gains (losses) on equity investments | (5,507) | 20,627 | (5,525) | 20,634 | |||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - catastrophe bonds | (34,107) | 38,186 | (3,888) | 4,207 | |||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - other | (7,698) | 16,217 | (7,698) | 16,217 | |||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (127,584) | (222,781) | (81,759) | (209,683) | |||||||||||||||||||
Total investment result | $ | 283,261 | $ | 69,881 | $ | 201,656 | $ | (20,368) | |||||||||||||||
Average invested assets | $ | 30,082,570 | $ | 24,373,121 | $ | 21,503,853 | $ | 16,195,136 | |||||||||||||||
Total investment return - annualized | 4.1 | % | 1.6 | % | 3.6 | % | (0.4) | % |
22 | ![]() |
Investments | |||||||||||||||||||||||
Total Investment Result | |||||||||||||||||||||||
Managed (1) | Retained (2) | ||||||||||||||||||||||
Six months ended | Six months ended | ||||||||||||||||||||||
June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||||||||||||||
Fixed maturity investments trading | $ | 531,189 | $ | 325,239 | $ | 430,173 | $ | 255,255 | |||||||||||||||
Short term investments | 95,177 | 83,181 | 45,799 | 37,675 | |||||||||||||||||||
Equity investments | 1,149 | 6,165 | 1,149 | 6,165 | |||||||||||||||||||
Other investments | |||||||||||||||||||||||
Catastrophe bonds | 116,685 | 88,353 | 14,812 | 12,499 | |||||||||||||||||||
Other | 38,588 | 45,391 | 38,588 | 45,391 | |||||||||||||||||||
Cash and cash equivalents | 30,121 | 8,849 | 28,893 | 8,362 | |||||||||||||||||||
812,909 | 557,178 | 559,414 | 365,347 | ||||||||||||||||||||
Investment expenses | (11,289) | (10,138) | (8,522) | (8,023) | |||||||||||||||||||
Net investment income | $ | 801,620 | $ | 547,040 | $ | 550,892 | $ | 357,324 | |||||||||||||||
Net investment income return - annualized | 5.7 | % | 5.1 | % | 5.3 | % | 4.7 | % | |||||||||||||||
Net realized gains (losses) on fixed maturity investments trading | $ | (56,017) | $ | (178,977) | $ | (38,057) | $ | (154,207) | |||||||||||||||
Net unrealized gains (losses) on fixed maturity investments trading | (236,844) | 172,233 | (199,731) | 156,988 | |||||||||||||||||||
Net realized and unrealized gains (losses) on investment-related derivatives | (47,432) | (52,889) | (50,105) | (48,600) | |||||||||||||||||||
Net realized gains (losses) on equity investments | 15 | (27,493) | 15 | (27,493) | |||||||||||||||||||
Net unrealized gains (losses) on equity investments | 7,590 | 59,778 | 7,565 | 59,786 | |||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - catastrophe bonds | (15,200) | 62,312 | (1,935) | 7,684 | |||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - other | 6,650 | 21,706 | 6,650 | 21,706 | |||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (341,238) | 56,670 | (275,598) | 15,864 | |||||||||||||||||||
Total investment result | $ | 460,382 | $ | 603,710 | $ | 275,294 | $ | 373,188 | |||||||||||||||
Average invested assets | $ | 29,793,761 | $ | 23,655,559 | $ | 21,255,863 | $ | 15,731,076 | |||||||||||||||
Total investment return - annualized | 3.2 | % | 5.5 | % | 2.6 | % | 4.9 | % |
23 | ![]() |
Investments | ||
Investments Composition |
June 30, 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 | $ | 10,165,179 | $ | (57,770) | $ | 7,761,489 | $ | (56,752) | $ | 10,060,203 | $ | 66,743 | $ | 8,013,451 | $ | 49,476 | |||||||||||||||||||||||||||||||
Corporate (3) | 7,253,535 | (97,897) | 6,007,957 | (95,535) | 6,499,075 | (41,016) | 5,340,330 | (54,622) | |||||||||||||||||||||||||||||||||||||||
Other (4) | 4,673,357 | (79,887) | 4,030,087 | (61,469) | 4,317,830 | (21,069) | 3,738,758 | (4,321) | |||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments trading, at fair value | 22,092,071 | (235,554) | 17,799,533 | (213,756) | 20,877,108 | 4,658 | 17,092,539 | (9,467) | |||||||||||||||||||||||||||||||||||||||
Short term investments, at fair value | 4,361,052 | (652) | 1,726,079 | (440) | 4,604,079 | 739 | 1,624,407 | 718 | |||||||||||||||||||||||||||||||||||||||
Equity investments, at fair value | 114,405 | 70,244 | 114,168 | 70,236 | 106,766 | 62,660 | 106,562 | 62,673 | |||||||||||||||||||||||||||||||||||||||
Other investments, at fair value | |||||||||||||||||||||||||||||||||||||||||||||||
Catastrophe bonds | 1,901,612 | (86,932) | 239,779 | (38,705) | 1,942,199 | (76,684) | 250,384 | (36,995) | |||||||||||||||||||||||||||||||||||||||
Fund investments | 1,765,892 | 215,672 | 1,765,892 | 215,672 | 1,415,804 | 184,744 | 1,415,804 | 184,744 | |||||||||||||||||||||||||||||||||||||||
Term loans | 96,639 | — | 96,639 | — | 97,658 | — | 97,658 | — | |||||||||||||||||||||||||||||||||||||||
Direct private equity investments | 45,278 | (52,986) | 45,278 | (52,986) | 59,905 | (38,359) | 59,905 | (38,359) | |||||||||||||||||||||||||||||||||||||||
Total other investments, at fair value | 3,809,421 | 75,754 | 2,147,588 | 123,981 | 3,515,566 | 69,701 | 1,823,751 | 109,390 | |||||||||||||||||||||||||||||||||||||||
Investments in other ventures, under equity method | 151,608 | — | 151,608 | — | 112,624 | — | 112,624 | — | |||||||||||||||||||||||||||||||||||||||
Total investments | $ | 30,528,557 | $ | (90,208) | $ | 21,938,976 | $ | (19,979) | $ | 29,216,143 | $ | 137,758 | $ | 20,759,883 | $ | 163,314 | |||||||||||||||||||||||||||||||
June 30, 2024 | December 31, 2023 | ||||||||||||||||||||||
Managed (1) | Retained (2) | Managed (1) | Retained (2) | ||||||||||||||||||||
Weighted average yield to maturity of investments (5) | 6.0 | % | 5.7 | % | 5.8 | % | 5.4 | % | |||||||||||||||
Average duration of investments, in years (5) | 2.8 | 3.3 | 2.6 | 3.2 | |||||||||||||||||||
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (6) | $ | (4.08) | $ | (0.18) |
24 | ![]() |
Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||
Managed Investments - Credit Rating (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Rating (2) | Investments not subject to credit ratings | |||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2024 | Fair value | AAA | AA | A | BBB | Non- Investment grade | Not rated | |||||||||||||||||||||||||||||||||||||||||||
Fixed maturity investments trading, at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasuries | $ | 10,165,179 | $ | — | $ | 10,165,179 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Corporate (3) | 7,253,535 | 175,648 | 373,007 | 2,635,962 | 2,826,395 | 1,232,253 | 10,270 | — | ||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 1,762,405 | 145,754 | 1,468,145 | 835 | 8,033 | 76,245 | 63,393 | — | ||||||||||||||||||||||||||||||||||||||||||
Asset-backed | 1,458,394 | 1,189,481 | 182,755 | 63,632 | 19,573 | — | 2,953 | — | ||||||||||||||||||||||||||||||||||||||||||
Agencies | 568,308 | — | 568,308 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government | 563,512 | 372,460 | 164,295 | 24,210 | 2,547 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 320,738 | 265,515 | 52,446 | 272 | — | 2,505 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments trading, at fair value | 22,092,071 | 2,148,858 | 12,974,135 | 2,724,911 | 2,856,548 | 1,311,003 | 76,616 | — | ||||||||||||||||||||||||||||||||||||||||||
Short term investments, at fair value | 4,361,052 | 2,601,960 | 1,746,113 | 846 | 8,161 | 3,972 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Equity investments, at fair value | 114,405 | — | — | — | — | — | — | 114,405 | ||||||||||||||||||||||||||||||||||||||||||
Other investments, at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||
Catastrophe bonds | 1,901,612 | — | — | — | — | 1,901,612 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Fund investments: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Private credit funds | 1,063,707 | — | — | — | — | — | — | 1,063,707 | ||||||||||||||||||||||||||||||||||||||||||
Private equity funds | 507,004 | — | — | — | — | — | — | 507,004 | ||||||||||||||||||||||||||||||||||||||||||
Hedge funds | 195,181 | — | — | — | — | — | — | 195,181 | ||||||||||||||||||||||||||||||||||||||||||
Term loans | 96,639 | — | — | 96,639 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Direct private equity investments | 45,278 | — | — | — | — | — | — | 45,278 | ||||||||||||||||||||||||||||||||||||||||||
Total other investments, at fair value | 3,809,421 | — | — | 96,639 | — | 1,901,612 | — | 1,811,170 | ||||||||||||||||||||||||||||||||||||||||||
Investments in other ventures, under equity method | 151,608 | — | — | — | — | — | — | 151,608 | ||||||||||||||||||||||||||||||||||||||||||
Total investments | $ | 30,528,557 | $ | 4,750,818 | $ | 14,720,248 | $ | 2,822,396 | $ | 2,864,709 | $ | 3,216,587 | $ | 76,616 | $ | 2,077,183 | ||||||||||||||||||||||||||||||||||
100.0 | % | 15.6 | % | 48.2 | % | 9.2 | % | 9.4 | % | 10.5 | % | 0.3 | % | 6.8 | % |
25 | ![]() |
Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||
Retained Investments - Credit Rating (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Rating (2) | Investments not subject to credit ratings | |||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2024 | Fair value | AAA | AA | A | BBB | Non- Investment grade | Not rated | |||||||||||||||||||||||||||||||||||||||||||
Fixed maturity investments trading, at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasuries | $ | 7,761,489 | $ | — | $ | 7,761,489 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Corporate (3) | 6,007,957 | 126,721 | 308,009 | 2,246,393 | 2,292,027 | 1,026,880 | 7,927 | — | ||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 1,506,971 | 121,407 | 1,238,422 | 835 | 8,033 | 76,245 | 62,029 | — | ||||||||||||||||||||||||||||||||||||||||||
Asset-backed | 1,365,141 | 1,096,599 | 182,384 | 63,632 | 19,573 | — | 2,953 | — | ||||||||||||||||||||||||||||||||||||||||||
Agencies | 421,035 | — | 421,035 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government | 474,107 | 305,149 | 145,216 | 21,195 | 2,547 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 262,833 | 214,738 | 45,318 | 272 | — | 2,505 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments trading, at fair value | 17,799,533 | 1,864,614 | 10,101,873 | 2,332,327 | 2,322,180 | 1,105,630 | 72,909 | — | ||||||||||||||||||||||||||||||||||||||||||
Short term investments, at fair value | 1,726,079 | 902,472 | 812,777 | 846 | 6,012 | 3,972 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Equity investments, at fair value | 114,168 | — | — | — | — | — | — | 114,168 | ||||||||||||||||||||||||||||||||||||||||||
Other investments, at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||
Catastrophe bonds | 239,779 | — | — | — | — | 239,779 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Fund investments: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Private credit funds | 1,063,707 | — | — | — | — | — | — | 1,063,707 | ||||||||||||||||||||||||||||||||||||||||||
Private equity funds | 507,004 | — | — | — | — | — | — | 507,004 | ||||||||||||||||||||||||||||||||||||||||||
Hedge funds | 195,181 | — | — | — | — | — | — | 195,181 | ||||||||||||||||||||||||||||||||||||||||||
Term loans | 96,639 | — | — | 96,639 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Direct private equity investments | 45,278 | — | — | — | — | — | — | 45,278 | ||||||||||||||||||||||||||||||||||||||||||
Total other investments, at fair value | 2,147,588 | — | — | 96,639 | — | 239,779 | — | 1,811,170 | ||||||||||||||||||||||||||||||||||||||||||
Investments in other ventures, under equity method | 151,608 | — | — | — | — | — | — | 151,608 | ||||||||||||||||||||||||||||||||||||||||||
Total investments | $ | 21,938,976 | $ | 2,767,086 | $ | 10,914,650 | $ | 2,429,812 | $ | 2,328,192 | $ | 1,349,381 | $ | 72,909 | $ | 2,076,946 | ||||||||||||||||||||||||||||||||||
100.0 | % | 12.6 | % | 49.7 | % | 11.1 | % | 10.6 | % | 6.2 | % | 0.3 | % | 9.5 | % |
26 | ![]() |
Other Items | |||||||||||||||||||||||
Earnings per Share | |||||||||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||||||||
(common shares in thousands) | June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | |||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 495,046 | $ | 191,025 | $ | 859,844 | $ | 755,087 | |||||||||||||||
Amount allocated to participating common shareholders (1) | (7,322) | (2,889) | (12,573) | (11,650) | |||||||||||||||||||
Net income (loss) allocated to RenaissanceRe common shareholders | $ | 487,724 | $ | 188,136 | $ | 847,271 | $ | 743,437 | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Denominator for basic income (loss) per RenaissanceRe common share - weighted average common shares (2) | 51,680 | 45,898 | 51,679 | 44,387 | |||||||||||||||||||
Per common share equivalents of non-vested shares (2) | 134 | 92 | 142 | 111 | |||||||||||||||||||
Denominator for diluted income (loss) per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions (2) | 51,814 | 45,990 | 51,821 | 44,498 | |||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic | $ | 9.44 | $ | 4.10 | $ | 16.39 | $ | 16.75 | |||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 9.41 | $ | 4.09 | $ | 16.35 | $ | 16.71 | |||||||||||||||
27 | ![]() |
Comments on Non-GAAP Financial Measures |
28 | ![]() |
Comments on Non-GAAP Financial Measures |
29 | ![]() |
Comments on Non-GAAP Financial Measures |
Three months ended | |||||||||||
June 30, 2024 | June 30, 2023 | ||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 495,046 | $ | 191,025 | |||||||
Adjustment for: | |||||||||||
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds | 93,477 | 260,967 | |||||||||
Net foreign exchange losses (gains) | 8,815 | 13,488 | |||||||||
Corporate expenses associated with acquisitions and dispositions | 17,300 | 11,341 | |||||||||
Acquisition related purchase accounting adjustments (1) | 62,803 | 4,018 | |||||||||
Income tax expense (benefit) (2) | (6,188) | (10,235) | |||||||||
Net income (loss) attributable to redeemable noncontrolling interests (3) | (20,407) | (59,151) | |||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 650,846 | $ | 411,453 | |||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 9.41 | $ | 4.09 | |||||||
Adjustment for: | |||||||||||
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds | 1.80 | 5.67 | |||||||||
Net foreign exchange losses (gains) | 0.17 | 0.29 | |||||||||
Corporate expenses associated with acquisitions and dispositions | 0.33 | 0.25 | |||||||||
Acquisition related purchase accounting adjustments (1) | 1.21 | 0.09 | |||||||||
Income tax expense (benefit) (2) | (0.12) | (0.22) | |||||||||
Net income (loss) attributable to redeemable noncontrolling interests (3) | (0.39) | (1.29) | |||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 12.41 | $ | 8.88 | |||||||
Return on average common equity - annualized | 21.4 | % | 13.5 | % | |||||||
Adjustment for: | |||||||||||
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds | 4.1 | % | 18.4 | % | |||||||
Net foreign exchange losses (gains) | 0.4 | % | 1.0 | % | |||||||
Corporate expenses associated with acquisitions and dispositions | 0.8 | % | 0.8 | % | |||||||
Acquisition related purchase accounting adjustments (1) | 2.7 | % | 0.3 | % | |||||||
Income tax expense (benefit) (2) | (0.3) | % | (0.7) | % | |||||||
Net income (loss) attributable to redeemable noncontrolling interests (3) | (0.9) | % | (4.2) | % | |||||||
Operating return on average common equity - annualized | 28.2 | % | 29.1 | % |
30 | ![]() |
Comments on Non-GAAP Financial Measures |
Six months ended | |||||||||||
June 30, 2024 | June 30, 2023 | ||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 859,844 | $ | 755,087 | |||||||
Adjustment for: | |||||||||||
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds | 326,038 | 5,642 | |||||||||
Net foreign exchange losses (gains) | 44,498 | 27,991 | |||||||||
Corporate expenses associated with acquisitions and dispositions | 37,566 | 11,341 | |||||||||
Acquisition related purchase accounting adjustments (1) | 123,363 | 8,038 | |||||||||
Bermuda net deferred tax asset (2) | (7,890) | — | |||||||||
Income tax expense (benefit) (3) | (18,960) | 1,087 | |||||||||
Net income (loss) attributable to redeemable noncontrolling interests (4) | (77,234) | (33,705) | |||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 1,287,225 | $ | 775,481 | |||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 16.35 | $ | 16.71 | |||||||
Adjustment for: | |||||||||||
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds | 6.29 | 0.13 | |||||||||
Net foreign exchange losses (gains) | 0.86 | 0.63 | |||||||||
Corporate expenses associated with acquisitions and dispositions | 0.72 | 0.25 | |||||||||
Acquisition related purchase accounting adjustments (1) | 2.38 | 0.18 | |||||||||
Bermuda net deferred tax asset (2) | (0.15) | — | |||||||||
Income tax expense (benefit) (3) | (0.37) | 0.02 | |||||||||
Net income (loss) attributable to redeemable noncontrolling interests (4) | (1.49) | (0.76) | |||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 24.59 | $ | 17.16 | |||||||
Return on average common equity - annualized | 19.0 | % | 28.9 | % | |||||||
Adjustment for: | |||||||||||
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds | 7.2 | % | 0.3 | % | |||||||
Net foreign exchange losses (gains) | 1.0 | % | 1.1 | % | |||||||
Corporate expenses associated with acquisitions and dispositions | 0.8 | % | 0.4 | % | |||||||
Acquisition related purchase accounting adjustments (1) | 2.7 | % | 0.3 | % | |||||||
Bermuda net deferred tax asset (2) | (0.2) | % | — | % | |||||||
Income tax expense (benefit) (3) | (0.4) | % | — | % | |||||||
Net income (loss) attributable to redeemable noncontrolling interests (4) | (1.7) | % | (1.3) | % | |||||||
Operating return on average common equity - annualized | 28.4 | % | 29.7 | % |
31 | ![]() |
Comments on Non-GAAP Financial Measures |
June 30, 2024 | December 31, 2023 | ||||||||||
Book value per common share | $ | 179.87 | $ | 165.20 | |||||||
Adjustment for: | |||||||||||
Acquisition related goodwill and other intangible assets (1) | (14.07) | (14.71) | |||||||||
Other goodwill and intangible assets (2) | (0.34) | (0.35) | |||||||||
Acquisition related purchase accounting adjustments (3) | (6.24) | (8.27) | |||||||||
Tangible book value per common share | 159.22 | 141.87 | |||||||||
Adjustment for accumulated dividends | 27.30 | 26.52 | |||||||||
Tangible book value per common share plus accumulated dividends | $ | 186.52 | $ | 168.39 | |||||||
Year to date change in book value per common share | 8.9 | % | 57.9 | % | |||||||
Year to date change in book value per common share plus change in accumulated dividends | 9.4 | % | 59.3 | % | |||||||
Year to date change in tangible book value per common share plus change in accumulated dividends | 12.8 | % | 47.6 | % |
32 | ![]() |
Comments on Non-GAAP Financial Measures |
Three months ended June 30, 2024 | |||||||||||||||||||||||||||||
Catastrophe | Other Property | Property | Casualty and Specialty | Total | |||||||||||||||||||||||||
Combined ratio | 28.1 | % | 91.2 | % | 53.9 | % | 98.2 | % | 81.1 | % | |||||||||||||||||||
Adjustment for acquisition related purchase accounting adjustments (1) | (3.2) | % | (0.9) | % | (2.2) | % | (2.6) | % | (2.5) | % | |||||||||||||||||||
Adjusted combined ratio | 24.9 | % | 90.3 | % | 51.7 | % | 95.6 | % | 78.6 | % | |||||||||||||||||||
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 December 31, 2023 | |||||||||||||||||||||||||||||
Catastrophe | Other Property | Property | Casualty and Specialty | Total | |||||||||||||||||||||||||
Combined ratio | 17.8 | % | 79.9 | % | 43.1 | % | 97.3 | % | 76.0 | % | |||||||||||||||||||
Adjustment for acquisition related purchase accounting adjustments (1) | (2.0) | % | (0.5) | % | (1.4) | % | (3.0) | % | (2.4) | % | |||||||||||||||||||
Adjusted combined ratio | 15.8 | % | 79.4 | % | 41.7 | % | 94.3 | % | 73.6 | % | |||||||||||||||||||
Three months ended September 30, 2023 | |||||||||||||||||||||||||||||
Catastrophe | Other Property | Property | Casualty and Specialty | Total | |||||||||||||||||||||||||
Combined ratio | 31.5 | % | 78.2 | % | 53.2 | % | 97.0 | % | 78.0 | % | |||||||||||||||||||
Adjustment for acquisition related purchase accounting adjustments (1) | (0.2) | % | (0.1) | % | (0.2) | % | (0.3) | % | (0.2) | % | |||||||||||||||||||
Adjusted combined ratio | 31.3 | % | 78.1 | % | 53.0 | % | 96.7 | % | 77.8 | % | |||||||||||||||||||
Three months ended June 30, 2023 | |||||||||||||||||||||||||||||
Catastrophe | Other Property | Property | Casualty and Specialty | Total | |||||||||||||||||||||||||
Combined ratio | 50.2 | % | 79.1 | % | 63.0 | % | 93.2 | % | 80.3 | % | |||||||||||||||||||
Adjustment for acquisition related purchase accounting adjustments (1) | (0.2) | % | (0.2) | % | (0.2) | % | (0.3) | % | (0.2) | % | |||||||||||||||||||
Adjusted combined ratio | 50.0 | % | 78.9 | % | 62.8 | % | 92.9 | % | 80.1 | % |
33 | ![]() |
Comments on Non-GAAP Financial Measures |
Six months ended June 30, 2024 | |||||||||||||||||||||||||||||
Catastrophe | Other Property | Property | Casualty and Specialty | Total | |||||||||||||||||||||||||
Combined ratio | 24.1 | % | 83.4 | % | 48.6 | % | 98.9 | % | 79.5 | % | |||||||||||||||||||
Adjustment for acquisition related purchase accounting adjustments (1) | (3.4) | % | (0.9) | % | (2.4) | % | (2.6) | % | (2.4) | % | |||||||||||||||||||
Adjusted combined ratio | 20.7 | % | 82.5 | % | 46.2 | % | 96.3 | % | 77.1 | % | |||||||||||||||||||
Six months ended June 30, 2023 | |||||||||||||||||||||||||||||
Catastrophe | Other Property | Property | Casualty and Specialty | Total | |||||||||||||||||||||||||
Combined ratio | 37.1 | % | 86.4 | % | 59.9 | % | 93.0 | % | 79.2 | % | |||||||||||||||||||
Adjustment for acquisition related purchase accounting adjustments (1) | (0.3) | % | (0.2) | % | (0.2) | % | (0.2) | % | (0.3) | % | |||||||||||||||||||
Adjusted combined ratio | 36.8 | % | 86.2 | % | 59.7 | % | 92.8 | % | 78.9 | % |
34 | ![]() |
Comments on Non-GAAP Financial Measures |
Three months ended June 30, 2024 | Three months ended June 30, 2023 | ||||||||||||||||||||||||||||||||||
Managed (1) | Adjustment (2) | Retained (3) | Managed (1) | Adjustment (2) | Retained (3) | ||||||||||||||||||||||||||||||
Fixed maturity investments trading | $ | 273,900 | $ | (51,951) | $ | 221,949 | $ | 169,739 | $ | (36,377) | $ | 133,362 | |||||||||||||||||||||||
Short term investments | 48,386 | (25,455) | 22,931 | 50,231 | (25,012) | 25,219 | |||||||||||||||||||||||||||||
Equity investments | 589 | — | 589 | 2,766 | — | 2,766 | |||||||||||||||||||||||||||||
Other investments | |||||||||||||||||||||||||||||||||||
Catastrophe bonds | 58,436 | (51,054) | 7,382 | 49,522 | (43,052) | 6,470 | |||||||||||||||||||||||||||||
Other | 20,663 | — | 20,663 | 20,820 | — | 20,820 | |||||||||||||||||||||||||||||
Cash and cash equivalents | 15,399 | (382) | 15,017 | 4,585 | (235) | 4,350 | |||||||||||||||||||||||||||||
417,373 | (128,842) | 288,531 | 297,663 | (104,676) | 192,987 | ||||||||||||||||||||||||||||||
Investment expenses | (6,528) | 1,412 | (5,116) | (5,001) | 1,329 | (3,672) | |||||||||||||||||||||||||||||
Net investment income | $ | 410,845 | $ | (127,430) | $ | 283,415 | $ | 292,662 | $ | (103,347) | $ | 189,315 | |||||||||||||||||||||||
Net investment income return - annualized | 5.7 | % | (0.4) | % | 5.3 | % | 5.3 | % | (0.4) | % | 4.9 | % | |||||||||||||||||||||||
Net realized gains (losses) on fixed maturity investments trading | $ | (65,813) | $ | 15,239 | $ | (50,574) | $ | (74,212) | $ | 7,412 | $ | (66,800) | |||||||||||||||||||||||
Net unrealized gains (losses) on fixed maturity investments trading | (24,848) | 1,669 | (23,179) | (139,793) | 37,686 | (102,107) | |||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investment-related derivatives | 10,374 | (1,284) | 9,090 | (65,051) | 1,972 | (63,079) | |||||||||||||||||||||||||||||
Net realized gains (losses) on equity investments | 15 | — | 15 | (18,755) | — | (18,755) | |||||||||||||||||||||||||||||
Net unrealized gains (losses) on equity investments | (5,507) | (18) | (5,525) | 20,627 | 7 | 20,634 | |||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - catastrophe bonds | (34,107) | 30,219 | (3,888) | 38,186 | (33,979) | 4,207 | |||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - other | (7,698) | — | (7,698) | 16,217 | — | 16,217 | |||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (127,584) | 45,825 | (81,759) | (222,781) | 13,098 | (209,683) | |||||||||||||||||||||||||||||
Total investment result | $ | 283,261 | $ | (81,605) | $ | 201,656 | $ | 69,881 | $ | (90,249) | $ | (20,368) | |||||||||||||||||||||||
Average invested assets | $ | 30,082,570 | $ | (8,578,717) | $ | 21,503,853 | $ | 24,373,121 | $ | (8,177,985) | $ | 16,195,136 | |||||||||||||||||||||||
Total investment return - annualized | 4.1 | % | (0.5) | % | 3.6 | % | 1.6 | % | (2.0) | % | (0.4) | % |
35 | ![]() |
Comments on Non-GAAP Financial Measures |
Six months ended June 30, 2024 | Six months ended June 30, 2023 | ||||||||||||||||||||||||||||||||||
Managed (1) | Adjustment (2) | Retained (3) | Managed (1) | Adjustment (2) | Retained (3) | ||||||||||||||||||||||||||||||
Fixed maturity investments trading | $ | 531,189 | $ | (101,016) | $ | 430,173 | $ | 325,239 | $ | (69,984) | $ | 255,255 | |||||||||||||||||||||||
Short term investments | 95,177 | (49,378) | 45,799 | 83,181 | (45,506) | 37,675 | |||||||||||||||||||||||||||||
Equity investments | 1,149 | — | 1,149 | 6,165 | — | 6,165 | |||||||||||||||||||||||||||||
Other investments | |||||||||||||||||||||||||||||||||||
Catastrophe bonds | 116,685 | (101,873) | 14,812 | 88,353 | (75,854) | 12,499 | |||||||||||||||||||||||||||||
Other | 38,588 | — | 38,588 | 45,391 | — | 45,391 | |||||||||||||||||||||||||||||
Cash and cash equivalents | 30,121 | (1,228) | 28,893 | 8,849 | (487) | 8,362 | |||||||||||||||||||||||||||||
812,909 | (253,495) | 559,414 | 557,178 | (191,831) | 365,347 | ||||||||||||||||||||||||||||||
Investment expenses | (11,289) | 2,767 | (8,522) | (10,138) | 2,115 | (8,023) | |||||||||||||||||||||||||||||
Net investment income | $ | 801,620 | $ | (250,728) | $ | 550,892 | $ | 547,040 | $ | (189,716) | $ | 357,324 | |||||||||||||||||||||||
Net investment income return - annualized | 5.7 | % | (0.4) | % | 5.3 | % | 5.1 | % | (0.4) | % | 4.7 | % | |||||||||||||||||||||||
Net realized gains (losses) on fixed maturity investments trading | $ | (56,017) | $ | 17,960 | $ | (38,057) | $ | (178,977) | $ | 24,770 | $ | (154,207) | |||||||||||||||||||||||
Net unrealized gains (losses) on fixed maturity investments trading | (236,844) | 37,113 | (199,731) | 172,233 | (15,245) | 156,988 | |||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investment-related derivatives | (47,432) | (2,673) | (50,105) | (52,889) | 4,289 | (48,600) | |||||||||||||||||||||||||||||
Net realized gains (losses) on equity investments | 15 | — | 15 | (27,493) | — | (27,493) | |||||||||||||||||||||||||||||
Net unrealized gains (losses) on equity investments | 7,590 | (25) | 7,565 | 59,778 | 8 | 59,786 | |||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - catastrophe bonds | (15,200) | 13,265 | (1,935) | 62,312 | (54,628) | 7,684 | |||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - other | 6,650 | — | 6,650 | 21,706 | — | 21,706 | |||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (341,238) | 65,640 | (275,598) | 56,670 | (40,806) | 15,864 | |||||||||||||||||||||||||||||
Total investment result | $ | 460,382 | $ | (185,088) | $ | 275,294 | $ | 603,710 | $ | (230,522) | $ | 373,188 | |||||||||||||||||||||||
Average invested assets | $ | 29,793,761 | $ | (8,537,898) | $ | 21,255,863 | $ | 23,655,559 | $ | (7,924,483) | $ | 15,731,076 | |||||||||||||||||||||||
Total investment return - annualized | 3.2 | % | (0.6) | % | 2.6 | % | 5.5 | % | (0.6) | % | 4.9 | % |
36 | ![]() |
Comments on Non-GAAP Financial Measures |
June 30, 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 | $ | 10,165,179 | $ | (2,403,690) | $ | 7,761,489 | $ | 10,060,203 | $ | (2,046,752) | $ | 8,013,451 | |||||||||||||||||||||||
Corporate (4) | 7,253,535 | (1,245,578) | 6,007,957 | 6,499,075 | (1,158,745) | 5,340,330 | |||||||||||||||||||||||||||||
Residential mortgage-backed | 1,762,405 | (255,434) | 1,506,971 | 1,420,362 | (246,468) | 1,173,894 | |||||||||||||||||||||||||||||
Asset-backed | 1,458,394 | (93,253) | 1,365,141 | 1,491,695 | (86,622) | 1,405,073 | |||||||||||||||||||||||||||||
Agencies | 568,308 | (147,273) | 421,035 | 489,117 | (119,518) | 369,599 | |||||||||||||||||||||||||||||
Non-U.S. government | 563,512 | (89,405) | 474,107 | 483,576 | (54,100) | 429,476 | |||||||||||||||||||||||||||||
Commercial mortgage-backed | 320,738 | (57,905) | 262,833 | 433,080 | (72,364) | 360,716 | |||||||||||||||||||||||||||||
Total fixed maturity investments trading, at fair value | 22,092,071 | (4,292,538) | 17,799,533 | 20,877,108 | (3,784,569) | 17,092,539 | |||||||||||||||||||||||||||||
Short term investments, at fair value | 4,361,052 | (2,634,973) | 1,726,079 | 4,604,079 | (2,979,672) | 1,624,407 | |||||||||||||||||||||||||||||
Equity investments, at fair value | 114,405 | (237) | 114,168 | 106,766 | (204) | 106,562 | |||||||||||||||||||||||||||||
Other investments, at fair value | |||||||||||||||||||||||||||||||||||
Catastrophe bonds | 1,901,612 | (1,661,833) | 239,779 | 1,942,199 | (1,691,815) | 250,384 | |||||||||||||||||||||||||||||
Fund investments: | |||||||||||||||||||||||||||||||||||
Private credit funds | 1,063,707 | — | 1,063,707 | 982,016 | — | 982,016 | |||||||||||||||||||||||||||||
Private equity funds | 507,004 | — | 507,004 | 433,788 | — | 433,788 | |||||||||||||||||||||||||||||
Hedge funds | 195,181 | — | 195,181 | — | — | — | |||||||||||||||||||||||||||||
Term loans | 96,639 | — | 96,639 | 97,658 | — | 97,658 | |||||||||||||||||||||||||||||
Direct private equity investments | 45,278 | — | 45,278 | 59,905 | — | 59,905 | |||||||||||||||||||||||||||||
Total other investments, at fair value | 3,809,421 | (1,661,833) | 2,147,588 | 3,515,566 | (1,691,815) | 1,823,751 | |||||||||||||||||||||||||||||
Investments in other ventures, under equity method | 151,608 | — | 151,608 | 112,624 | — | 112,624 | |||||||||||||||||||||||||||||
Total investments | $ | 30,528,557 | $ | (8,589,581) | $ | 21,938,976 | $ | 29,216,143 | $ | (8,456,260) | $ | 20,759,883 |
37 | ![]() |
Comments on Non-GAAP Financial Measures |
June 30, 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 | $ | (57,770) | $ | 1,018 | $ | (56,752) | $ | 66,743 | $ | (17,267) | $ | 49,476 | |||||||||||||||||||||||
Corporate (4) | (97,897) | 2,362 | (95,535) | (41,016) | (13,606) | (54,622) | |||||||||||||||||||||||||||||
Other (5) | (79,887) | 18,418 | (61,469) | (21,069) | 16,748 | (4,321) | |||||||||||||||||||||||||||||
Total fixed maturity investments trading, at fair value | (235,554) | 21,798 | (213,756) | 4,658 | (14,125) | (9,467) | |||||||||||||||||||||||||||||
Short term investments, at fair value | (652) | 212 | (440) | 739 | (21) | 718 | |||||||||||||||||||||||||||||
Equity investments, at fair value | 70,244 | (8) | 70,236 | 62,660 | 13 | 62,673 | |||||||||||||||||||||||||||||
Other investments, at fair value | |||||||||||||||||||||||||||||||||||
Catastrophe bonds | (86,932) | 48,227 | (38,705) | (76,684) | 39,689 | (36,995) | |||||||||||||||||||||||||||||
Fund investments | 215,672 | — | 215,672 | 184,744 | — | 184,744 | |||||||||||||||||||||||||||||
Direct private equity investments | (52,986) | — | (52,986) | (38,359) | — | (38,359) | |||||||||||||||||||||||||||||
Total other investments, at fair value | 75,754 | 48,227 | 123,981 | 69,701 | 39,689 | 109,390 | |||||||||||||||||||||||||||||
Total investments | $ | (90,208) | $ | 70,229 | $ | (19,979) | $ | 137,758 | $ | 25,556 | $ | 163,314 | |||||||||||||||||||||||
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (6) | $ | (4.08) | $ | (0.18) |
38 | ![]() |
Comments on Non-GAAP Financial Measures |
Three months ended | Six months ended | ||||||||||||||||||||||
June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests (1) | $ | (224,731) | $ | (174,907) | $ | (469,558) | $ | (442,291) | |||||||||||||||
Adjustment for the portion of net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds attributable to redeemable noncontrolling interests | 15,412 | 46,701 | 51,863 | 13,954 | |||||||||||||||||||
Adjustment for the portion of net foreign exchange losses (gains) attributable to redeemable noncontrolling interests | 4,995 | 12,450 | 25,371 | 19,751 | |||||||||||||||||||
Adjustment for non-operating (income) loss attributable to redeemable noncontrolling interests (2) | 20,407 | 59,151 | 77,234 | 33,705 | |||||||||||||||||||
Operating (income) loss attributable to redeemable noncontrolling interests | $ | (245,138) | $ | (234,058) | $ | (546,792) | $ | (475,996) |
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