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 | Nine months ended | ||||||||||||||||||||||
September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | ||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 1,173,644 | $ | 193,988 | $ | 2,033,488 | $ | 949,075 | |||||||||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1) | $ | 540,322 | $ | 426,320 | $ | 1,827,549 | $ | 1,201,800 | |||||||||||||||
Underwriting income | |||||||||||||||||||||||
Gross premiums written | $ | 2,400,136 | $ | 1,618,443 | $ | 9,816,315 | $ | 7,060,325 | |||||||||||||||
Net premiums written | 2,162,504 | 1,421,260 | 8,200,588 | 5,880,766 | |||||||||||||||||||
Net premiums earned | 2,582,969 | 1,755,876 | 7,568,194 | 5,221,688 | |||||||||||||||||||
Underwriting income (loss) | 393,756 | 385,804 | 1,413,774 | 1,106,438 | |||||||||||||||||||
Net claims and claim expense ratio: | |||||||||||||||||||||||
Current accident year | 64.5 | % | 58.1 | % | 57.4 | % | 55.3 | % | |||||||||||||||
Prior accident years | (11.3) | % | (9.0) | % | (6.5) | % | (5.6) | % | |||||||||||||||
Calendar year | 53.2 | % | 49.1 | % | 50.9 | % | 49.7 | % | |||||||||||||||
Acquisition expense ratio | 26.8 | % | 24.2 | % | 25.9 | % | 24.5 | % | |||||||||||||||
Operating expense ratio | 4.8 | % | 4.7 | % | 4.5 | % | 4.6 | % | |||||||||||||||
Combined ratio | 84.8 | % | 78.0 | % | 81.3 | % | 78.8 | % | |||||||||||||||
Adjusted combined ratio (1) | 82.4 | % | 77.8 | % | 78.9 | % | 78.6 | % | |||||||||||||||
Fee income | |||||||||||||||||||||||
Management fee income | $ | 54,945 | $ | 44,486 | $ | 166,325 | $ | 128,830 | |||||||||||||||
Performance fee income | 27,120 | 20,072 | 83,367 | 37,181 | |||||||||||||||||||
Total fee income | $ | 82,065 | $ | 64,558 | $ | 249,692 | $ | 166,011 | |||||||||||||||
Investment results - managed | |||||||||||||||||||||||
Net investment income | $ | 423,859 | $ | 329,108 | $ | 1,225,479 | $ | 876,148 | |||||||||||||||
Net realized and unrealized gains (losses) on investments | 943,745 | (228,087) | 602,507 | (171,417) | |||||||||||||||||||
Total investment result | $ | 1,367,604 | $ | 101,021 | $ | 1,827,986 | $ | 704,731 | |||||||||||||||
Total investment return - annualized | 18.3 | % | 2.0 | % | 8.2 | % | 4.2 | % | |||||||||||||||
Investment results - retained (1) | |||||||||||||||||||||||
Net investment income | $ | 291,899 | $ | 216,764 | $ | 842,791 | $ | 574,088 | |||||||||||||||
Net realized and unrealized gains (losses) on investments | 786,067 | (220,486) | 510,469 | (204,622) | |||||||||||||||||||
Total investment result | $ | 1,077,966 | $ | (3,722) | $ | 1,353,260 | $ | 369,466 | |||||||||||||||
Total investment return - annualized | 20.2 | % | — | % | 8.4 | % | 3.1 | % |
1 |
Financial Highlights - Per Share Data & ROE | |||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | ||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic | $ | 22.68 | $ | 3.81 | $ | 38.95 | $ | 20.17 | |||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 22.62 | $ | 3.80 | $ | 38.84 | $ | 20.13 | |||||||||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1) | $ | 10.23 | $ | 8.41 | $ | 34.86 | $ | 25.58 | |||||||||||||||
Average shares outstanding - basic | 50,959 | 50,261 | 51,439 | 46,345 | |||||||||||||||||||
Average shares outstanding - diluted | 51,104 | 50,358 | 51,582 | 46,451 | |||||||||||||||||||
Return on average common equity - annualized | 47.1 | % | 11.5 | % | 28.8 | % | 22.1 | % | |||||||||||||||
Operating return on average common equity - annualized (1) | 21.7 | % | 25.3 | % | 26.0 | % | 28.0 | % | |||||||||||||||
September 30, 2024 | December 31, 2023 | ||||||||||||||||||||||
Book value per common share | $ | 202.01 | $ | 165.20 | |||||||||||||||||||
Tangible book value per common share (1) | $ | 182.76 | $ | 141.87 | |||||||||||||||||||
Tangible book value per common share plus accumulated dividends (1) | $ | 210.45 | $ | 168.39 | |||||||||||||||||||
Year to date change in book value per common share plus change in accumulated dividends | 23.0 | % | 59.3 | % | |||||||||||||||||||
Year to date change in tangible book value per common share plus change in accumulated dividends (1) | 29.6 | % | 47.6 | % |
2 |
Summary Consolidated Financial Statements | |||||||||||||||||||||||
Consolidated Statements of Operations | |||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Gross premiums written | $ | 2,400,136 | $ | 1,618,443 | $ | 9,816,315 | $ | 7,060,325 | |||||||||||||||
Net premiums written | $ | 2,162,504 | $ | 1,421,260 | $ | 8,200,588 | $ | 5,880,766 | |||||||||||||||
Decrease (increase) in unearned premiums | 420,465 | 334,616 | (632,394) | (659,078) | |||||||||||||||||||
Net premiums earned | 2,582,969 | 1,755,876 | 7,568,194 | 5,221,688 | |||||||||||||||||||
Net investment income | 423,859 | 329,108 | 1,225,479 | 876,148 | |||||||||||||||||||
Net foreign exchange gains (losses) | 16,804 | (25,886) | (27,694) | (53,877) | |||||||||||||||||||
Equity in earnings (losses) of other ventures | 5,718 | 10,842 | 32,435 | 28,072 | |||||||||||||||||||
Other income (loss) | 680 | (5,866) | 799 | (6,296) | |||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 943,745 | (228,087) | 602,507 | (171,417) | |||||||||||||||||||
Total revenues | 3,973,775 | 1,835,987 | 9,401,720 | 5,894,318 | |||||||||||||||||||
Expenses | |||||||||||||||||||||||
Net claims and claim expenses incurred | 1,373,614 | 861,576 | 3,849,239 | 2,593,987 | |||||||||||||||||||
Acquisition expenses | 690,338 | 425,745 | 1,965,697 | 1,280,547 | |||||||||||||||||||
Operational expenses | 125,261 | 82,751 | 339,484 | 240,716 | |||||||||||||||||||
Corporate expenses | 26,078 | 17,143 | 100,489 | 53,357 | |||||||||||||||||||
Interest expense | 23,809 | 22,951 | 70,522 | 49,980 | |||||||||||||||||||
Total expenses | 2,239,100 | 1,410,166 | 6,325,431 | 4,218,587 | |||||||||||||||||||
Income (loss) before taxes | 1,734,675 | 425,821 | 3,076,289 | 1,675,731 | |||||||||||||||||||
Income tax benefit (expense) | (102,012) | (9,295) | (96,536) | (44,139) | |||||||||||||||||||
Net income (loss) | 1,632,663 | 416,526 | 2,979,753 | 1,631,592 | |||||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests | (450,176) | (213,695) | (919,734) | (655,986) | |||||||||||||||||||
Net income (loss) attributable to RenaissanceRe | 1,182,487 | 202,831 | 2,060,019 | 975,606 | |||||||||||||||||||
Dividends on preference shares | (8,843) | (8,843) | (26,531) | (26,531) | |||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 1,173,644 | $ | 193,988 | $ | 2,033,488 | $ | 949,075 | |||||||||||||||
3 |
Summary Consolidated Financial Statements | |||||||||||
Consolidated Balance Sheets | |||||||||||
September 30, 2024 | December 31, 2023 | ||||||||||
Assets | |||||||||||
Fixed maturity investments trading, at fair value – amortized cost $23,927,291 at September 30, 2024 (December 31, 2023 – $20,872,450) | $ | 24,287,185 | $ | 20,877,108 | |||||||
Short term investments, at fair value – amortized cost $4,302,346 at September 30, 2024 (December 31, 2023 – $4,603,340) | 4,302,991 | 4,604,079 | |||||||||
Equity investments, at fair value | 133,091 | 106,766 | |||||||||
Other investments, at fair value | 4,172,451 | 3,515,566 | |||||||||
Investments in other ventures, under equity method | 137,959 | 112,624 | |||||||||
Total investments | 33,033,677 | 29,216,143 | |||||||||
Cash and cash equivalents | 1,572,911 | 1,877,518 | |||||||||
Premiums receivable | 8,226,928 | 7,280,682 | |||||||||
Prepaid reinsurance premiums | 1,197,533 | 924,777 | |||||||||
Reinsurance recoverable | 4,738,637 | 5,344,286 | |||||||||
Accrued investment income | 223,003 | 205,713 | |||||||||
Deferred acquisition costs and value of business acquired | 1,719,100 | 1,751,437 | |||||||||
Deferred tax asset | 650,712 | 685,040 | |||||||||
Receivable for investments sold | 332,048 | 622,197 | |||||||||
Other assets | 344,383 | 323,960 | |||||||||
Goodwill and other intangibles | 717,478 | 775,352 | |||||||||
Total assets | $ | 52,756,410 | $ | 49,007,105 | |||||||
Liabilities, Noncontrolling Interests and Shareholders’ Equity | |||||||||||
Liabilities | |||||||||||
Reserve for claims and claim expenses | $ | 21,221,194 | $ | 20,486,869 | |||||||
Unearned premiums | 7,041,149 | 6,136,135 | |||||||||
Debt | 1,935,928 | 1,958,655 | |||||||||
Reinsurance balances payable | 3,179,282 | 3,186,174 | |||||||||
Payable for investments purchased | 606,601 | 661,611 | |||||||||
Other liabilities | 668,673 | 1,021,872 | |||||||||
Total liabilities | 34,652,827 | 33,451,316 | |||||||||
Redeemable noncontrolling interests | 6,860,999 | 6,100,831 | |||||||||
Shareholders’ Equity | |||||||||||
Preference shares: $1.00 par value – 30,000 shares issued and outstanding at September 30, 2024 (December 31, 2023 – 30,000) | 750,000 | 750,000 | |||||||||
Common shares: $1.00 par value – 51,940,355 shares issued and outstanding at September 30, 2024 (December 31, 2023 – 52,693,887) | 51,940 | 52,694 | |||||||||
Additional paid-in capital | 1,959,061 | 2,144,459 | |||||||||
Accumulated other comprehensive loss | (13,027) | (14,211) | |||||||||
Retained earnings | 8,494,610 | 6,522,016 | |||||||||
Total shareholders’ equity attributable to RenaissanceRe | 11,242,584 | 9,454,958 | |||||||||
Total liabilities, noncontrolling interests and shareholders’ equity | $ | 52,756,410 | $ | 49,007,105 | |||||||
Book value per common share | $ | 202.01 | $ | 165.20 |
4 |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||
Consolidated Segment Underwriting Results | |||||||||||||||||||||||||||||||||||
Three months ended September 30, 2024 | Three months ended September 30, 2023 | ||||||||||||||||||||||||||||||||||
Property | Casualty and Specialty | Total | Property | Casualty and Specialty | Total | ||||||||||||||||||||||||||||||
Gross premiums written | $ | 790,709 | $ | 1,609,427 | $ | 2,400,136 | $ | 511,012 | $ | 1,107,431 | $ | 1,618,443 | |||||||||||||||||||||||
Net premiums written | $ | 701,222 | $ | 1,461,282 | $ | 2,162,504 | $ | 444,872 | $ | 976,388 | $ | 1,421,260 | |||||||||||||||||||||||
Net premiums earned | $ | 994,777 | $ | 1,588,192 | $ | 2,582,969 | $ | 760,365 | $ | 995,511 | $ | 1,755,876 | |||||||||||||||||||||||
Net claims and claim expenses incurred | 329,967 | 1,043,647 | 1,373,614 | 206,361 | 655,215 | 861,576 | |||||||||||||||||||||||||||||
Acquisition expenses | 192,439 | 497,899 | 690,338 | 143,348 | 282,397 | 425,745 | |||||||||||||||||||||||||||||
Operational expenses | 77,688 | 47,573 | 125,261 | 54,624 | 28,127 | 82,751 | |||||||||||||||||||||||||||||
Underwriting income (loss) | $ | 394,683 | $ | (927) | $ | 393,756 | $ | 356,032 | $ | 29,772 | $ | 385,804 | |||||||||||||||||||||||
Net claims and claim expenses incurred: | |||||||||||||||||||||||||||||||||||
Current accident year | $ | 621,710 | $ | 1,044,410 | $ | 1,666,120 | $ | 350,238 | $ | 669,285 | $ | 1,019,523 | |||||||||||||||||||||||
Prior accident years | (291,743) | (763) | (292,506) | (143,877) | (14,070) | (157,947) | |||||||||||||||||||||||||||||
Total | $ | 329,967 | $ | 1,043,647 | $ | 1,373,614 | $ | 206,361 | $ | 655,215 | $ | 861,576 | |||||||||||||||||||||||
Net claims and claim expense ratio: | |||||||||||||||||||||||||||||||||||
Current accident year | 62.5 | % | 65.8 | % | 64.5 | % | 46.1 | % | 67.2 | % | 58.1 | % | |||||||||||||||||||||||
Prior accident years | (29.3) | % | (0.1) | % | (11.3) | % | (19.0) | % | (1.4) | % | (9.0) | % | |||||||||||||||||||||||
Calendar year | 33.2 | % | 65.7 | % | 53.2 | % | 27.1 | % | 65.8 | % | 49.1 | % | |||||||||||||||||||||||
Acquisition expense ratio | 19.3 | % | 31.4 | % | 26.8 | % | 18.9 | % | 28.4 | % | 24.2 | % | |||||||||||||||||||||||
Operating expense ratio | 7.8 | % | 3.0 | % | 4.8 | % | 7.2 | % | 2.8 | % | 4.7 | % | |||||||||||||||||||||||
Combined ratio | 60.3 | % | 100.1 | % | 84.8 | % | 53.2 | % | 97.0 | % | 78.0 | % | |||||||||||||||||||||||
Adjusted combined ratio (1) | 58.1 | % | 97.7 | % | 82.4 | % | 53.0 | % | 96.7 | % | 77.8 | % | |||||||||||||||||||||||
5 |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||
Consolidated Segment Underwriting Results | |||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2024 | Nine months ended September 30, 2023 | ||||||||||||||||||||||||||||||||||
Property | Casualty and Specialty | Total | Property | Casualty and Specialty | Total | ||||||||||||||||||||||||||||||
Gross premiums written | $ | 4,433,688 | $ | 5,382,627 | $ | 9,816,315 | $ | 3,217,817 | $ | 3,842,508 | $ | 7,060,325 | |||||||||||||||||||||||
Net premiums written | $ | 3,457,500 | $ | 4,743,088 | $ | 8,200,588 | $ | 2,609,356 | $ | 3,271,410 | $ | 5,880,766 | |||||||||||||||||||||||
Net premiums earned | $ | 2,911,694 | $ | 4,656,500 | $ | 7,568,194 | $ | 2,206,471 | $ | 3,015,217 | $ | 5,221,688 | |||||||||||||||||||||||
Net claims and claim expenses incurred | 757,570 | 3,091,669 | 3,849,239 | 675,963 | 1,918,024 | 2,593,987 | |||||||||||||||||||||||||||||
Acquisition expenses | 566,566 | 1,399,131 | 1,965,697 | 429,273 | 851,274 | 1,280,547 | |||||||||||||||||||||||||||||
Operational expenses | 206,737 | 132,747 | 339,484 | 165,514 | 75,202 | 240,716 | |||||||||||||||||||||||||||||
Underwriting income (loss) | $ | 1,380,821 | $ | 32,953 | $ | 1,413,774 | $ | 935,721 | $ | 170,717 | $ | 1,106,438 | |||||||||||||||||||||||
Net claims and claim expenses incurred: | |||||||||||||||||||||||||||||||||||
Current accident year | $ | 1,228,371 | $ | 3,118,726 | $ | 4,347,097 | $ | 933,172 | $ | 1,955,612 | $ | 2,888,784 | |||||||||||||||||||||||
Prior accident years | (470,801) | (27,057) | (497,858) | (257,209) | (37,588) | (294,797) | |||||||||||||||||||||||||||||
Total | $ | 757,570 | $ | 3,091,669 | $ | 3,849,239 | $ | 675,963 | $ | 1,918,024 | $ | 2,593,987 | |||||||||||||||||||||||
Net claims and claim expense ratio: | |||||||||||||||||||||||||||||||||||
Current accident year | 42.2 | % | 67.0 | % | 57.4 | % | 42.3 | % | 64.9 | % | 55.3 | % | |||||||||||||||||||||||
Prior accident years | (16.2) | % | (0.6) | % | (6.5) | % | (11.7) | % | (1.3) | % | (5.6) | % | |||||||||||||||||||||||
Calendar year | 26.0 | % | 66.4 | % | 50.9 | % | 30.6 | % | 63.6 | % | 49.7 | % | |||||||||||||||||||||||
Acquisition expense ratio | 19.5 | % | 30.0 | % | 25.9 | % | 19.5 | % | 28.2 | % | 24.5 | % | |||||||||||||||||||||||
Operating expense ratio | 7.1 | % | 2.9 | % | 4.5 | % | 7.5 | % | 2.5 | % | 4.6 | % | |||||||||||||||||||||||
Combined ratio | 52.6 | % | 99.3 | % | 81.3 | % | 57.6 | % | 94.3 | % | 78.8 | % | |||||||||||||||||||||||
Adjusted combined ratio (1) | 50.2 | % | 96.8 | % | 78.9 | % | 57.4 | % | 94.1 | % | 78.6 | % | |||||||||||||||||||||||
6 |
Underwriting and Reserves | |||||||||||||||||||||||||||||
Consolidated Underwriting Results - Five Quarter Trend | |||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | |||||||||||||||||||||||||
Gross premiums written | $ | 2,400,136 | $ | 3,425,495 | $ | 3,990,684 | $ | 1,802,041 | $ | 1,618,443 | |||||||||||||||||||
Net premiums written | $ | 2,162,504 | $ | 2,838,511 | $ | 3,199,573 | $ | 1,587,047 | $ | 1,421,260 | |||||||||||||||||||
Net premiums earned | $ | 2,582,969 | $ | 2,541,315 | $ | 2,443,910 | $ | 2,249,445 | $ | 1,755,876 | |||||||||||||||||||
Net claims and claim expenses incurred | 1,373,614 | 1,309,502 | 1,166,123 | 979,522 | 861,576 | ||||||||||||||||||||||||
Acquisition expenses | 690,338 | 644,438 | 630,921 | 594,487 | 425,745 | ||||||||||||||||||||||||
Operational expenses | 125,261 | 108,039 | 106,184 | 134,466 | 82,751 | ||||||||||||||||||||||||
Underwriting income (loss) | $ | 393,756 | $ | 479,336 | $ | 540,682 | $ | 540,970 | $ | 385,804 | |||||||||||||||||||
Net claims and claim expenses incurred: | |||||||||||||||||||||||||||||
Current accident year | $ | 1,666,120 | $ | 1,417,773 | $ | 1,263,204 | $ | 1,135,332 | $ | 1,019,523 | |||||||||||||||||||
Prior accident years | (292,506) | (108,271) | (97,081) | (155,810) | (157,947) | ||||||||||||||||||||||||
Total | $ | 1,373,614 | $ | 1,309,502 | $ | 1,166,123 | $ | 979,522 | $ | 861,576 | |||||||||||||||||||
Net claims and claim expense ratio: | |||||||||||||||||||||||||||||
Current accident year | 64.5 | % | 55.8 | % | 51.7 | % | 50.5 | % | 58.1 | % | |||||||||||||||||||
Prior accident years | (11.3) | % | (4.3) | % | (4.0) | % | (7.0) | % | (9.0) | % | |||||||||||||||||||
Calendar year | 53.2 | % | 51.5 | % | 47.7 | % | 43.5 | % | 49.1 | % | |||||||||||||||||||
Acquisition expense ratio | 26.8 | % | 25.3 | % | 25.9 | % | 26.5 | % | 24.2 | % | |||||||||||||||||||
Operating expense ratio | 4.8 | % | 4.3 | % | 4.3 | % | 6.0 | % | 4.7 | % | |||||||||||||||||||
Combined ratio | 84.8 | % | 81.1 | % | 77.9 | % | 76.0 | % | 78.0 | % | |||||||||||||||||||
Adjusted combined ratio (1) | 82.4 | % | 78.6 | % | 75.4 | % | 73.6 | % | 77.8 | % |
7 |
Underwriting and Reserves | |||||||||||||||||||||||||||||
Property Underwriting Results - Five Quarter Trend | |||||||||||||||||||||||||||||
Property | |||||||||||||||||||||||||||||
September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | |||||||||||||||||||||||||
Gross premiums written | $ | 790,709 | $ | 1,753,098 | $ | 1,889,881 | $ | 344,597 | $ | 511,012 | |||||||||||||||||||
Net premiums written | $ | 701,222 | $ | 1,358,660 | $ | 1,397,618 | $ | 357,953 | $ | 444,872 | |||||||||||||||||||
Net premiums earned | $ | 994,777 | $ | 980,834 | $ | 936,083 | $ | 884,321 | $ | 760,365 | |||||||||||||||||||
Net claims and claim expenses incurred | 329,967 | 273,354 | 154,249 | 123,942 | 206,361 | ||||||||||||||||||||||||
Acquisition expenses | 192,439 | 188,345 | 185,782 | 170,854 | 143,348 | ||||||||||||||||||||||||
Operational expenses | 77,688 | 67,425 | 61,624 | 85,919 | 54,624 | ||||||||||||||||||||||||
Underwriting income (loss) | $ | 394,683 | $ | 451,710 | $ | 534,428 | $ | 503,606 | $ | 356,032 | |||||||||||||||||||
Net claims and claim expenses incurred: | |||||||||||||||||||||||||||||
Current accident year | $ | 621,710 | $ | 357,745 | $ | 248,916 | $ | 275,638 | $ | 350,238 | |||||||||||||||||||
Prior accident years | (291,743) | (84,391) | (94,667) | (151,696) | (143,877) | ||||||||||||||||||||||||
Total | $ | 329,967 | $ | 273,354 | $ | 154,249 | $ | 123,942 | $ | 206,361 | |||||||||||||||||||
Net claims and claim expense ratio: | |||||||||||||||||||||||||||||
Current accident year | 62.5 | % | 36.5 | % | 26.6 | % | 31.2 | % | 46.1 | % | |||||||||||||||||||
Prior accident years | (29.3) | % | (8.6) | % | (10.1) | % | (17.2) | % | (19.0) | % | |||||||||||||||||||
Calendar year | 33.2 | % | 27.9 | % | 16.5 | % | 14.0 | % | 27.1 | % | |||||||||||||||||||
Acquisition expense ratio | 19.3 | % | 19.1 | % | 19.9 | % | 19.4 | % | 18.9 | % | |||||||||||||||||||
Operating expense ratio | 7.8 | % | 6.9 | % | 6.5 | % | 9.7 | % | 7.2 | % | |||||||||||||||||||
Combined ratio | 60.3 | % | 53.9 | % | 42.9 | % | 43.1 | % | 53.2 | % | |||||||||||||||||||
Adjusted combined ratio (1) | 58.1 | % | 51.7 | % | 40.5 | % | 41.7 | % | 53.0 | % | |||||||||||||||||||
8 |
Underwriting and Reserves | |||||||||||||||||||||||||||||
Casualty and Specialty Underwriting Results - Five Quarter Trend | |||||||||||||||||||||||||||||
Casualty and Specialty | |||||||||||||||||||||||||||||
September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | |||||||||||||||||||||||||
Gross premiums written | $ | 1,609,427 | $ | 1,672,397 | $ | 2,100,803 | $ | 1,457,444 | $ | 1,107,431 | |||||||||||||||||||
Net premiums written | $ | 1,461,282 | $ | 1,479,851 | $ | 1,801,955 | $ | 1,229,094 | $ | 976,388 | |||||||||||||||||||
Net premiums earned | $ | 1,588,192 | $ | 1,560,481 | $ | 1,507,827 | $ | 1,365,124 | $ | 995,511 | |||||||||||||||||||
Net claims and claim expenses incurred | 1,043,647 | 1,036,148 | 1,011,874 | 855,580 | 655,215 | ||||||||||||||||||||||||
Acquisition expenses | 497,899 | 456,093 | 445,139 | 423,633 | 282,397 | ||||||||||||||||||||||||
Operational expenses | 47,573 | 40,614 | 44,560 | 48,547 | 28,127 | ||||||||||||||||||||||||
Underwriting income (loss) | $ | (927) | $ | 27,626 | $ | 6,254 | $ | 37,364 | $ | 29,772 | |||||||||||||||||||
Net claims and claim expenses incurred: | |||||||||||||||||||||||||||||
Current accident year | $ | 1,044,410 | $ | 1,060,028 | $ | 1,014,288 | $ | 859,694 | $ | 669,285 | |||||||||||||||||||
Prior accident years | (763) | (23,880) | (2,414) | (4,114) | (14,070) | ||||||||||||||||||||||||
Total | $ | 1,043,647 | $ | 1,036,148 | $ | 1,011,874 | $ | 855,580 | $ | 655,215 | |||||||||||||||||||
Net claims and claim expense ratio: | |||||||||||||||||||||||||||||
Current accident year | 65.8 | % | 67.9 | % | 67.3 | % | 63.0 | % | 67.2 | % | |||||||||||||||||||
Prior accident years | (0.1) | % | (1.5) | % | (0.2) | % | (0.3) | % | (1.4) | % | |||||||||||||||||||
Calendar year | 65.7 | % | 66.4 | % | 67.1 | % | 62.7 | % | 65.8 | % | |||||||||||||||||||
Acquisition expense ratio | 31.4 | % | 29.2 | % | 29.5 | % | 31.0 | % | 28.4 | % | |||||||||||||||||||
Operating expense ratio | 3.0 | % | 2.6 | % | 3.0 | % | 3.6 | % | 2.8 | % | |||||||||||||||||||
Combined ratio | 100.1 | % | 98.2 | % | 99.6 | % | 97.3 | % | 97.0 | % | |||||||||||||||||||
Adjusted combined ratio (1) | 97.7 | % | 95.6 | % | 97.1 | % | 94.3 | % | 96.7 | % |
9 |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||
Property Segment - Catastrophe and Other Property Underwriting Results | |||||||||||||||||||||||||||||||||||
Three months ended September 30, 2024 | Three months ended September 30, 2023 | ||||||||||||||||||||||||||||||||||
Catastrophe | Other Property | Total | Catastrophe | Other Property | Total | ||||||||||||||||||||||||||||||
Gross premiums written | $ | 344,005 | $ | 446,704 | $ | 790,709 | $ | 160,821 | $ | 350,191 | $ | 511,012 | |||||||||||||||||||||||
Net premiums written | $ | 262,133 | $ | 439,089 | $ | 701,222 | $ | 95,483 | $ | 349,389 | $ | 444,872 | |||||||||||||||||||||||
Net premiums earned | $ | 592,156 | $ | 402,621 | $ | 994,777 | $ | 407,738 | $ | 352,627 | $ | 760,365 | |||||||||||||||||||||||
Net claims and claim expenses incurred | 117,096 | 212,871 | 329,967 | 33,476 | 172,885 | 206,361 | |||||||||||||||||||||||||||||
Acquisition expenses | 74,934 | 117,505 | 192,439 | 50,779 | 92,569 | 143,348 | |||||||||||||||||||||||||||||
Operational expenses | 63,591 | 14,097 | 77,688 | 44,343 | 10,281 | 54,624 | |||||||||||||||||||||||||||||
Underwriting income (loss) | $ | 336,535 | $ | 58,148 | $ | 394,683 | $ | 279,140 | $ | 76,892 | $ | 356,032 | |||||||||||||||||||||||
Net claims and claim expenses incurred: | |||||||||||||||||||||||||||||||||||
Current accident year | $ | 330,056 | $ | 291,654 | $ | 621,710 | $ | 116,377 | $ | 233,861 | $ | 350,238 | |||||||||||||||||||||||
Prior accident years | (212,960) | (78,783) | (291,743) | (82,901) | (60,976) | (143,877) | |||||||||||||||||||||||||||||
Total | $ | 117,096 | $ | 212,871 | $ | 329,967 | $ | 33,476 | $ | 172,885 | $ | 206,361 | |||||||||||||||||||||||
Net claims and claim expense ratio: | |||||||||||||||||||||||||||||||||||
Current accident year | 55.7 | % | 72.4 | % | 62.5 | % | 28.5 | % | 66.3 | % | 46.1 | % | |||||||||||||||||||||||
Prior accident years | (35.9) | % | (19.5) | % | (29.3) | % | (20.3) | % | (17.3) | % | (19.0) | % | |||||||||||||||||||||||
Calendar year | 19.8 | % | 52.9 | % | 33.2 | % | 8.2 | % | 49.0 | % | 27.1 | % | |||||||||||||||||||||||
Acquisition expense ratio | 12.7 | % | 29.2 | % | 19.3 | % | 12.4 | % | 26.3 | % | 18.9 | % | |||||||||||||||||||||||
Operating expense ratio | 10.7 | % | 3.5 | % | 7.8 | % | 10.9 | % | 2.9 | % | 7.2 | % | |||||||||||||||||||||||
Combined ratio | 43.2 | % | 85.6 | % | 60.3 | % | 31.5 | % | 78.2 | % | 53.2 | % | |||||||||||||||||||||||
Adjusted combined ratio (1) | 40.3 | % | 84.3 | % | 58.1 | % | 31.3 | % | 78.1 | % | 53.0 | % | |||||||||||||||||||||||
10 |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||
Property Segment - Catastrophe and Other Property Underwriting Results | |||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2024 | Nine months ended September 30, 2023 | ||||||||||||||||||||||||||||||||||
Catastrophe | Other Property | Total | Catastrophe | Other Property | Total | ||||||||||||||||||||||||||||||
Gross premiums written | $ | 2,949,731 | $ | 1,483,957 | $ | 4,433,688 | $ | 2,091,255 | $ | 1,126,562 | $ | 3,217,817 | |||||||||||||||||||||||
Net premiums written | $ | 2,224,004 | $ | 1,233,496 | $ | 3,457,500 | $ | 1,683,906 | $ | 925,450 | $ | 2,609,356 | |||||||||||||||||||||||
Net premiums earned | $ | 1,717,139 | $ | 1,194,555 | $ | 2,911,694 | $ | 1,184,224 | $ | 1,022,247 | $ | 2,206,471 | |||||||||||||||||||||||
Net claims and claim expenses incurred | 119,416 | 638,154 | 757,570 | 138,757 | 537,206 | 675,963 | |||||||||||||||||||||||||||||
Acquisition expenses | 237,913 | 328,653 | 566,566 | 143,466 | 285,807 | 429,273 | |||||||||||||||||||||||||||||
Operational expenses | 168,925 | 37,812 | 206,737 | 134,304 | 31,210 | 165,514 | |||||||||||||||||||||||||||||
Underwriting income (loss) | $ | 1,190,885 | $ | 189,936 | $ | 1,380,821 | $ | 767,697 | $ | 168,024 | $ | 935,721 | |||||||||||||||||||||||
Net claims and claim expenses incurred: | |||||||||||||||||||||||||||||||||||
Current accident year | $ | 464,858 | $ | 763,513 | $ | 1,228,371 | $ | 323,172 | $ | 610,000 | $ | 933,172 | |||||||||||||||||||||||
Prior accident years | (345,442) | (125,359) | (470,801) | (184,415) | (72,794) | (257,209) | |||||||||||||||||||||||||||||
Total | $ | 119,416 | $ | 638,154 | $ | 757,570 | $ | 138,757 | $ | 537,206 | $ | 675,963 | |||||||||||||||||||||||
Net claims and claim expense ratio: | |||||||||||||||||||||||||||||||||||
Current accident year | 27.1 | % | 63.9 | % | 42.2 | % | 27.3 | % | 59.7 | % | 42.3 | % | |||||||||||||||||||||||
Prior accident years | (20.1) | % | (10.5) | % | (16.2) | % | (15.6) | % | (7.1) | % | (11.7) | % | |||||||||||||||||||||||
Calendar year | 7.0 | % | 53.4 | % | 26.0 | % | 11.7 | % | 52.6 | % | 30.6 | % | |||||||||||||||||||||||
Acquisition expense ratio | 13.8 | % | 27.5 | % | 19.5 | % | 12.2 | % | 27.9 | % | 19.5 | % | |||||||||||||||||||||||
Operating expense ratio | 9.8 | % | 3.2 | % | 7.1 | % | 11.3 | % | 3.1 | % | 7.5 | % | |||||||||||||||||||||||
Combined ratio | 30.6 | % | 84.1 | % | 52.6 | % | 35.2 | % | 83.6 | % | 57.6 | % | |||||||||||||||||||||||
Adjusted combined ratio (1) | 27.4 | % | 83.2 | % | 50.2 | % | 35.0 | % | 83.5 | % | 57.4 | % |
11 |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||||||||||||||
Gross Premiums Written | |||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | Q/Q $ Change | Q/Q % Change | Nine months ended | Y/Y $ Change | Y/Y % Change | ||||||||||||||||||||||||||||||||||||||||||
September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Property Segment | |||||||||||||||||||||||||||||||||||||||||||||||
Catastrophe | $ | 277,788 | $ | 168,896 | $ | 108,892 | 64.5 | % | $ | 2,890,349 | $ | 2,096,530 | $ | 793,819 | 37.9 | % | |||||||||||||||||||||||||||||||
Catastrophe - gross reinstatement premiums | 66,217 | (8,075) | 74,292 | (920.0) | % | 59,382 | (5,275) | 64,657 | (1225.7) | % | |||||||||||||||||||||||||||||||||||||
Total catastrophe gross premiums written | 344,005 | 160,821 | 183,184 | 113.9 | % | 2,949,731 | 2,091,255 | 858,476 | 41.1 | % | |||||||||||||||||||||||||||||||||||||
Other property | 440,018 | 346,703 | 93,315 | 26.9 | % | 1,464,163 | 1,125,498 | 338,665 | 30.1 | % | |||||||||||||||||||||||||||||||||||||
Other property - gross reinstatement premiums | 6,686 | 3,488 | 3,198 | 91.7 | % | 19,794 | 1,064 | 18,730 | 1760.3 | % | |||||||||||||||||||||||||||||||||||||
Total other property gross premiums written | 446,704 | 350,191 | 96,513 | 27.6 | % | 1,483,957 | 1,126,562 | 357,395 | 31.7 | % | |||||||||||||||||||||||||||||||||||||
Property segment gross premiums written | $ | 790,709 | $ | 511,012 | $ | 279,697 | 54.7 | % | $ | 4,433,688 | $ | 3,217,817 | $ | 1,215,871 | 37.8 | % | |||||||||||||||||||||||||||||||
Casualty and Specialty Segment | |||||||||||||||||||||||||||||||||||||||||||||||
General casualty (1) | $ | 519,555 | $ | 350,954 | $ | 168,601 | 48.0 | % | $ | 1,739,464 | $ | 1,194,791 | $ | 544,673 | 45.6 | % | |||||||||||||||||||||||||||||||
Professional liability (2) | 331,610 | 281,259 | 50,351 | 17.9 | % | 916,196 | 971,796 | (55,600) | (5.7) | % | |||||||||||||||||||||||||||||||||||||
Credit (3) | 213,826 | 139,184 | 74,642 | 53.6 | % | 765,304 | 562,845 | 202,459 | 36.0 | % | |||||||||||||||||||||||||||||||||||||
Other specialty (4) | 544,436 | 336,034 | 208,402 | 62.0 | % | 1,961,663 | 1,113,076 | 848,587 | 76.2 | % | |||||||||||||||||||||||||||||||||||||
Casualty and Specialty segment gross premiums written | $ | 1,609,427 | $ | 1,107,431 | $ | 501,996 | 45.3 | % | $ | 5,382,627 | $ | 3,842,508 | $ | 1,540,119 | 40.1 | % | |||||||||||||||||||||||||||||||
(1) | Includes automobile liability, casualty clash, employer’s liability, umbrella or excess casualty, workers’ compensation and general liability. | ||||
(2) | Includes directors and officers, medical malpractice, 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 | Nine months ended | Y/Y $ Change | Y/Y % Change | ||||||||||||||||||||||||||||||||||||||||||
September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Property Segment | |||||||||||||||||||||||||||||||||||||||||||||||
Catastrophe | $ | 214,383 | $ | 100,381 | $ | 114,002 | 113.6 | % | $ | 2,187,801 | $ | 1,682,336 | $ | 505,465 | 30.0 | % | |||||||||||||||||||||||||||||||
Catastrophe - net reinstatement premiums | 47,750 | (4,898) | 52,648 | (1074.9) | % | 36,203 | 1,570 | 34,633 | 2205.9 | % | |||||||||||||||||||||||||||||||||||||
Total catastrophe net premiums written | 262,133 | 95,483 | 166,650 | 174.5 | % | 2,224,004 | 1,683,906 | 540,098 | 32.1 | % | |||||||||||||||||||||||||||||||||||||
Other property | 434,782 | 337,944 | 96,838 | 28.7 | % | 1,220,343 | 917,770 | 302,573 | 33.0 | % | |||||||||||||||||||||||||||||||||||||
Other property - net reinstatement premiums | 4,307 | 11,445 | (7,138) | (62.4) | % | 13,153 | 7,680 | 5,473 | 71.3 | % | |||||||||||||||||||||||||||||||||||||
Total other property net premiums written | 439,089 | 349,389 | 89,700 | 25.7 | % | 1,233,496 | 925,450 | 308,046 | 33.3 | % | |||||||||||||||||||||||||||||||||||||
Property segment net premiums written | $ | 701,222 | $ | 444,872 | $ | 256,350 | 57.6 | % | $ | 3,457,500 | $ | 2,609,356 | $ | 848,144 | 32.5 | % | |||||||||||||||||||||||||||||||
Casualty and Specialty Segment | |||||||||||||||||||||||||||||||||||||||||||||||
General casualty (1) | $ | 503,911 | $ | 321,685 | $ | 182,226 | 56.6 | % | $ | 1,672,297 | $ | 1,083,185 | $ | 589,112 | 54.4 | % | |||||||||||||||||||||||||||||||
Professional liability (2) | 318,691 | 251,200 | 67,491 | 26.9 | % | 874,501 | 829,776 | 44,725 | 5.4 | % | |||||||||||||||||||||||||||||||||||||
Credit (3) | 164,233 | 108,857 | 55,376 | 50.9 | % | 556,304 | 403,965 | 152,339 | 37.7 | % | |||||||||||||||||||||||||||||||||||||
Other specialty (4) | 474,447 | 294,646 | 179,801 | 61.0 | % | 1,639,986 | 954,484 | 685,502 | 71.8 | % | |||||||||||||||||||||||||||||||||||||
Casualty and Specialty segment net premiums written | $ | 1,461,282 | $ | 976,388 | $ | 484,894 | 49.7 | % | $ | 4,743,088 | 3,271,410 | $ | 1,471,678 | 45.0 | % |
(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 | Nine months ended | Y/Y $ Change | Y/Y % Change | ||||||||||||||||||||||||||||||||||||||||||
September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Property Segment | |||||||||||||||||||||||||||||||||||||||||||||||
Catastrophe | $ | 544,406 | $ | 412,636 | $ | 131,770 | 31.9 | % | $ | 1,680,936 | $ | 1,182,654 | $ | 498,282 | 42.1 | % | |||||||||||||||||||||||||||||||
Catastrophe - net reinstatement premiums | 47,750 | (4,898) | 52,648 | (1074.9) | % | 36,203 | 1,570 | 34,633 | 2205.9 | % | |||||||||||||||||||||||||||||||||||||
Total catastrophe net premiums earned | 592,156 | 407,738 | 184,418 | 45.2 | % | 1,717,139 | 1,184,224 | 532,915 | 45.0 | % | |||||||||||||||||||||||||||||||||||||
Other property | 398,314 | 341,182 | 57,132 | 16.7 | % | 1,181,402 | 1,014,567 | 166,835 | 16.4 | % | |||||||||||||||||||||||||||||||||||||
Other property - net reinstatement premiums | 4,307 | 11,445 | (7,138) | (62.4) | % | 13,153 | 7,680 | 5,473 | 71.3 | % | |||||||||||||||||||||||||||||||||||||
Total other property net premiums earned | 402,621 | 352,627 | 49,994 | 14.2 | % | 1,194,555 | 1,022,247 | 172,308 | 16.9 | % | |||||||||||||||||||||||||||||||||||||
Property segment net premiums earned | $ | 994,777 | $ | 760,365 | $ | 234,412 | 30.8 | % | $ | 2,911,694 | $ | 2,206,471 | $ | 705,223 | 32.0 | % | |||||||||||||||||||||||||||||||
Casualty and Specialty Segment | |||||||||||||||||||||||||||||||||||||||||||||||
General casualty (1) | $ | 568,044 | $ | 334,597 | $ | 233,447 | 69.8 | % | $ | 1,692,205 | $ | 1,013,498 | $ | 678,707 | 67.0 | % | |||||||||||||||||||||||||||||||
Professional liability (2) | 311,985 | 265,471 | 46,514 | 17.5 | % | 859,048 | 841,267 | 17,781 | 2.1 | % | |||||||||||||||||||||||||||||||||||||
Credit (3) | 195,963 | 116,524 | 79,439 | 68.2 | % | 581,973 | 364,617 | 217,356 | 59.6 | % | |||||||||||||||||||||||||||||||||||||
Other specialty (4) | 512,200 | 278,919 | 233,281 | 83.6 | % | 1,523,274 | 795,835 | 727,439 | 91.4 | % | |||||||||||||||||||||||||||||||||||||
Casualty and Specialty segment net premiums earned | $ | 1,588,192 | $ | 995,511 | $ | 592,681 | 59.5 | % | $ | 4,656,500 | $ | 3,015,217 | $ | 1,641,283 | 54.4 | % |
(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 lines of business, and are allocated accordingly. |
14 |
Underwriting and Reserves | |||||||||||||||||||||||
Reserves for Claims and Claim Expenses | |||||||||||||||||||||||
Case Reserves | Additional Case Reserves | IBNR | Total | ||||||||||||||||||||
September 30, 2024 | |||||||||||||||||||||||
Property | $ | 1,998,266 | $ | 1,988,935 | $ | 2,952,955 | $ | 6,940,156 | |||||||||||||||
Casualty and Specialty | 2,994,087 | 285,466 | 11,001,485 | 14,281,038 | |||||||||||||||||||
Total | $ | 4,992,353 | $ | 2,274,401 | $ | 13,954,440 | $ | 21,221,194 | |||||||||||||||
December 31, 2023 | |||||||||||||||||||||||
Property (1) | $ | 2,461,580 | $ | 2,401,911 | $ | 2,970,129 | $ | 7,833,620 | |||||||||||||||
Casualty and Specialty (1) | 2,801,016 | 331,345 | 9,520,888 | 12,653,249 | |||||||||||||||||||
Total | $ | 5,262,596 | $ | 2,733,256 | $ | 12,491,017 | $ | 20,486,869 | |||||||||||||||
15 |
RenaissanceRe Holdings Ltd. | |||||||||||||||||||||||||||||||||||
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||
Paid to Incurred Analysis | |||||||||||||||||||||||||||||||||||
Three months ended September 30, 2024 | Three months ended September 30, 2023 | ||||||||||||||||||||||||||||||||||
Gross | Recoveries | Net | Gross | Recoveries | Net | ||||||||||||||||||||||||||||||
Reserve for claims and claim expenses, beginning of period | $ | 20,740,928 | $ | 4,854,735 | $ | 15,886,193 | $ | 16,138,128 | $ | 4,689,351 | $ | 11,448,777 | |||||||||||||||||||||||
Incurred claims and claim expenses | |||||||||||||||||||||||||||||||||||
Current year | 1,846,357 | 180,237 | 1,666,120 | 1,157,972 | 138,449 | 1,019,523 | |||||||||||||||||||||||||||||
Prior years | (396,239) | (103,733) | (292,506) | (364,103) | (206,156) | (157,947) | |||||||||||||||||||||||||||||
Total incurred claims and claim expenses | 1,450,118 | 76,504 | 1,373,614 | 793,869 | (67,707) | 861,576 | |||||||||||||||||||||||||||||
Paid claims and claim expenses | |||||||||||||||||||||||||||||||||||
Current year | 191,780 | 39,699 | 152,081 | 105,457 | 17,211 | 88,246 | |||||||||||||||||||||||||||||
Prior years | 941,897 | 220,466 | 721,431 | 823,494 | 349,478 | 474,016 | |||||||||||||||||||||||||||||
Total paid claims and claim expenses | 1,133,677 | 260,165 | 873,512 | 928,951 | 366,689 | 562,262 | |||||||||||||||||||||||||||||
Foreign exchange and other (1) | 163,825 | 67,563 | 96,262 | (47,881) | (1,696) | (46,185) | |||||||||||||||||||||||||||||
Reserve for claims and claim expenses, end of period | $ | 21,221,194 | $ | 4,738,637 | $ | 16,482,557 | $ | 15,955,165 | $ | 4,253,259 | $ | 11,701,906 | |||||||||||||||||||||||
Nine months ended September 30, 2024 | Nine months ended September 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 | 4,867,662 | 520,565 | 4,347,097 | 3,334,721 | 445,937 | 2,888,784 | |||||||||||||||||||||||||||||
Prior years | (798,410) | (300,552) | (497,858) | (491,492) | (196,695) | (294,797) | |||||||||||||||||||||||||||||
Total incurred claims and claim expenses | 4,069,252 | 220,013 | 3,849,239 | 2,843,229 | 249,242 | 2,593,987 | |||||||||||||||||||||||||||||
Paid claims and claim expenses | |||||||||||||||||||||||||||||||||||
Current year | 301,572 | 49,469 | 252,103 | 209,938 | 28,783 | 181,155 | |||||||||||||||||||||||||||||
Prior years | 3,153,478 | 817,476 | 2,336,002 | 2,570,546 | 689,846 | 1,880,700 | |||||||||||||||||||||||||||||
Total paid claims and claim expenses | 3,455,050 | 866,945 | 2,588,105 | 2,780,484 | 718,629 | 2,061,855 | |||||||||||||||||||||||||||||
Foreign exchange and other (1) | 120,123 | 41,283 | 78,840 | (153) | 11,721 | (11,874) | |||||||||||||||||||||||||||||
Reserve for claims and claim expenses, end of period | $ | 21,221,194 | $ | 4,738,637 | $ | 16,482,557 | $ | 15,955,165 | $ | 4,253,259 | $ | 11,701,906 |
16 |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | ||||||||||||||||||||
Management fee income | $ | 54,945 | $ | 44,486 | $ | 166,325 | $ | 128,830 | |||||||||||||||
Performance fee income (loss) (1) | 27,120 | 20,072 | 83,367 | 37,181 | |||||||||||||||||||
Total fee income | $ | 82,065 | $ | 64,558 | $ | 249,692 | $ | 166,011 |
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | ||||||||||||||||||||
Fee income contributing to: | |||||||||||||||||||||||
Underwriting income (loss) (1) | $ | 12,345 | $ | 6,873 | $ | 40,030 | $ | 28,198 | |||||||||||||||
Equity in earnings (losses) of other ventures | — | (446) | (698) | (1,004) | |||||||||||||||||||
Net income (loss) attributable to redeemable noncontrolling interests | 69,720 | 58,131 | 210,360 | 138,817 | |||||||||||||||||||
Total fee income | $ | 82,065 | $ | 64,558 | $ | 249,692 | $ | 166,011 |
17 |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee Income - Five Quarter Trend | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | |||||||||||||||||||||||||
Management fee income | $ | 54,945 | $ | 55,327 | $ | 56,053 | $ | 47,769 | $ | 44,486 | |||||||||||||||||||
Performance fee income (loss) (1) | 27,120 | 28,750 | 27,497 | 23,014 | 20,072 | ||||||||||||||||||||||||
Total fee income | $ | 82,065 | $ | 84,077 | $ | 83,550 | $ | 70,783 | $ | 64,558 |
Three months ended | |||||||||||||||||||||||||||||
September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | |||||||||||||||||||||||||
Fee income contributing to: | |||||||||||||||||||||||||||||
Underwriting income (loss) (1) | $ | 12,345 | $ | 12,992 | $ | 14,694 | $ | 6,234 | $ | 6,873 | |||||||||||||||||||
Equity in earnings (losses) of other ventures | — | (343) | (355) | (419) | (446) | ||||||||||||||||||||||||
Net income (loss) attributable to redeemable noncontrolling interests | 69,720 | 71,428 | 69,211 | 64,968 | 58,131 | ||||||||||||||||||||||||
Total fee income | $ | 82,065 | $ | 84,077 | $ | 83,550 | $ | 70,783 | $ | 64,558 |
18 |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | ||||||||||||||||||||
Redeemable noncontrolling interests - DaVinci | $ | (223,288) | $ | (107,881) | $ | (523,812) | $ | (333,490) | |||||||||||||||
Redeemable noncontrolling interests - Medici | (123,497) | (60,022) | (183,015) | (167,281) | |||||||||||||||||||
Redeemable noncontrolling interests - Vermeer | (73,534) | (51,959) | (183,129) | (151,527) | |||||||||||||||||||
Redeemable noncontrolling interests - Fontana | (29,857) | 6,167 | (29,778) | (3,688) | |||||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests (1) | $ | (450,176) | $ | (213,695) | $ | (919,734) | $ | (655,986) |
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | ||||||||||||||||||||
Operating (income) loss attributable to redeemable noncontrolling interests (2) | $ | (331,737) | $ | (265,152) | $ | (878,529) | $ | (741,148) | |||||||||||||||
Non-operating (income) loss attributable to redeemable noncontrolling interests | (118,439) | 51,457 | (41,205) | 85,162 | |||||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests (1) | $ | (450,176) | $ | (213,695) | $ | (919,734) | $ | (655,986) | |||||||||||||||
19 |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||||||||||||||||||||||
September 30, 2024 | December 31, 2023 | ||||||||||
Redeemable noncontrolling interests - DaVinci | $ | 2,958,452 | $ | 2,541,482 | |||||||
Redeemable noncontrolling interests - Medici | 1,680,520 | 1,650,229 | |||||||||
Redeemable noncontrolling interests - Vermeer | 1,738,426 | 1,555,297 | |||||||||
Redeemable noncontrolling interests - Fontana | 483,601 | 353,823 | |||||||||
Redeemable noncontrolling interests | $ | 6,860,999 | $ | 6,100,831 |
September 30, 2024 | December 31, 2023 | ||||||||||
DaVinci | 74.6 | % | 72.2 | % | |||||||
Medici | 84.9 | % | 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 | Nine months ended | ||||||||||||||||||||||
September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Gross premiums written | $ | 132,088 | $ | 71,414 | $ | 1,324,517 | $ | 1,091,850 | |||||||||||||||
Net premiums written | $ | 125,828 | $ | 56,810 | $ | 1,214,901 | $ | 1,012,462 | |||||||||||||||
Decrease (increase) in unearned premiums | 195,059 | 196,643 | (307,980) | (299,067) | |||||||||||||||||||
Net premiums earned | 320,887 | 253,453 | 906,921 | 713,395 | |||||||||||||||||||
Net investment income | 62,840 | 54,367 | 180,847 | 147,240 | |||||||||||||||||||
Net foreign exchange gains (losses) | (3,036) | (2,439) | (4,335) | (2,922) | |||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 104,122 | (38,706) | 48,148 | (57,824) | |||||||||||||||||||
Total revenues | 484,813 | 266,675 | 1,131,581 | 799,889 | |||||||||||||||||||
Expenses | |||||||||||||||||||||||
Net claims and claim expenses incurred | 76,302 | 22,850 | 111,001 | 117,845 | |||||||||||||||||||
Acquisition expenses | 68,156 | 60,061 | 206,519 | 134,237 | |||||||||||||||||||
Operational and corporate expenses | 36,405 | 31,058 | 108,568 | 86,656 | |||||||||||||||||||
Interest expense | 1,859 | 1,859 | 5,576 | 5,575 | |||||||||||||||||||
Total expenses | 182,722 | 115,828 | 431,664 | 344,313 | |||||||||||||||||||
Income (loss) before taxes | 302,091 | 150,847 | 699,917 | 455,576 | |||||||||||||||||||
Income tax benefit (expense) | (3,061) | (1,593) | (4,014) | (3,249) | |||||||||||||||||||
Net income (loss) available (attributable) to DaVinci common shareholders | $ | 299,030 | $ | 149,254 | $ | 695,903 | $ | 452,327 | |||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 176,040 | $ | 74,850 | $ | 297,561 | $ | 209,103 | |||||||||||||||
Net claims and claim expenses incurred - prior accident years | (99,738) | (52,000) | (186,560) | (91,258) | |||||||||||||||||||
Net claims and claim expenses incurred - total | $ | 76,302 | $ | 22,850 | $ | 111,001 | $ | 117,845 | |||||||||||||||
Net claims and claim expense ratio - current accident year | 54.9 | % | 29.5 | % | 32.8 | % | 29.3 | % | |||||||||||||||
Net claims and claim expense ratio - prior accident years | (31.1) | % | (20.5) | % | (20.6) | % | (12.8) | % | |||||||||||||||
Net claims and claim expense ratio - calendar year | 23.8 | % | 9.0 | % | 12.2 | % | 16.5 | % | |||||||||||||||
Underwriting expense ratio | 32.6 | % | 36.0 | % | 34.8 | % | 31.0 | % | |||||||||||||||
Combined ratio | 56.4 | % | 45.0 | % | 47.0 | % | 47.5 | % |
21 |
Investments | |||||||||||||||||||||||
Total Investment Result | |||||||||||||||||||||||
Managed (1) | Retained (2) | ||||||||||||||||||||||
Three months ended | Three months ended | ||||||||||||||||||||||
September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | ||||||||||||||||||||
Fixed maturity investments trading | $ | 289,687 | $ | 188,781 | $ | 235,284 | $ | 150,871 | |||||||||||||||
Short term investments | 46,746 | 66,722 | 20,417 | 39,189 | |||||||||||||||||||
Equity investments | 670 | 510 | 670 | 510 | |||||||||||||||||||
Other investments | |||||||||||||||||||||||
Catastrophe bonds | 61,175 | 54,583 | 9,239 | 6,682 | |||||||||||||||||||
Other | 20,937 | 20,031 | 20,937 | 20,031 | |||||||||||||||||||
Cash and cash equivalents | 10,226 | 4,160 | 9,677 | 3,882 | |||||||||||||||||||
429,441 | 334,787 | 296,224 | 221,165 | ||||||||||||||||||||
Investment expenses | (5,582) | (5,679) | (4,325) | (4,401) | |||||||||||||||||||
Net investment income | $ | 423,859 | $ | 329,108 | $ | 291,899 | $ | 216,764 | |||||||||||||||
Net investment income return - annualized | 5.7 | % | 5.7 | % | 5.3 | % | 4.9 | % | |||||||||||||||
Net realized gains (losses) on fixed maturity investments trading | $ | 22,052 | $ | (121,112) | $ | 18,496 | $ | (95,934) | |||||||||||||||
Net unrealized gains (losses) on fixed maturity investments trading | 590,309 | (158,226) | 492,004 | (138,664) | |||||||||||||||||||
Net realized and unrealized gains (losses) on investment-related derivatives | 97,534 | 30,594 | 97,226 | 22,227 | |||||||||||||||||||
Net realized gains (losses) on equity investments | 340 | (10) | 198 | (10) | |||||||||||||||||||
Net unrealized gains (losses) on equity investments | 18,778 | 2,261 | 18,844 | 2,256 | |||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - catastrophe bonds | 66,291 | 32,474 | 10,858 | 3,707 | |||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - other | 148,441 | (14,068) | 148,441 | (14,068) | |||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 943,745 | (228,087) | 786,067 | (220,486) | |||||||||||||||||||
Total investment result | $ | 1,367,604 | $ | 101,021 | $ | 1,077,966 | $ | (3,722) | |||||||||||||||
Average invested assets | $ | 31,781,118 | $ | 25,751,710 | $ | 22,867,593 | $ | 17,451,582 | |||||||||||||||
Total investment return - annualized | 18.3 | % | 2.0 | % | 20.2 | % | 0.0 | % |
22 |
Investments | |||||||||||||||||||||||
Total Investment Result | |||||||||||||||||||||||
Managed (1) | Retained (2) | ||||||||||||||||||||||
Nine months ended | Nine months ended | ||||||||||||||||||||||
September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | ||||||||||||||||||||
Fixed maturity investments trading | $ | 820,876 | $ | 514,020 | $ | 665,457 | $ | 406,126 | |||||||||||||||
Short term investments | 141,923 | 149,903 | 66,216 | 76,864 | |||||||||||||||||||
Equity investments | 1,819 | 6,675 | 1,819 | 6,675 | |||||||||||||||||||
Other investments | |||||||||||||||||||||||
Catastrophe bonds | 177,860 | 142,936 | 24,051 | 19,181 | |||||||||||||||||||
Other | 59,525 | 65,422 | 59,525 | 65,422 | |||||||||||||||||||
Cash and cash equivalents | 40,347 | 13,009 | 38,570 | 12,244 | |||||||||||||||||||
1,242,350 | 891,965 | 855,638 | 586,512 | ||||||||||||||||||||
Investment expenses | (16,871) | (15,817) | (12,847) | (12,424) | |||||||||||||||||||
Net investment income | $ | 1,225,479 | $ | 876,148 | $ | 842,791 | $ | 574,088 | |||||||||||||||
Net investment income return - annualized | 5.5 | % | 5.1 | % | 5.1 | % | 4.7 | % | |||||||||||||||
Net realized gains (losses) on fixed maturity investments trading | $ | (33,965) | $ | (300,089) | $ | (19,561) | $ | (250,141) | |||||||||||||||
Net unrealized gains (losses) on fixed maturity investments trading | 353,465 | 14,007 | 292,273 | 18,324 | |||||||||||||||||||
Net realized and unrealized gains (losses) on investment-related derivatives | 50,102 | (22,295) | 47,121 | (26,373) | |||||||||||||||||||
Net realized gains (losses) on equity investments | 355 | (27,503) | 213 | (27,503) | |||||||||||||||||||
Net unrealized gains (losses) on equity investments | 26,368 | 62,039 | 26,409 | 62,042 | |||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - catastrophe bonds | 51,091 | 94,786 | 8,923 | 11,391 | |||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - other | 155,091 | 7,638 | 155,091 | 7,638 | |||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 602,507 | (171,417) | 510,469 | (204,622) | |||||||||||||||||||
Total investment result | $ | 1,827,986 | $ | 704,731 | $ | 1,353,260 | $ | 369,466 | |||||||||||||||
Average invested assets | $ | 30,603,740 | $ | 24,233,329 | $ | 21,890,949 | $ | 16,210,884 | |||||||||||||||
Total investment return - annualized | 8.2 | % | 4.2 | % | 8.4 | % | 3.1 | % |
23 |
Investments | ||
Investments Composition |
September 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 | $ | 11,736,158 | $ | 236,991 | $ | 9,150,229 | $ | 187,432 | $ | 10,060,203 | $ | 66,743 | $ | 8,013,451 | $ | 49,476 | |||||||||||||||||||||||||||||||
Corporate (3) | 7,790,634 | 98,503 | 6,483,226 | 69,794 | 6,499,075 | (41,016) | 5,340,330 | (54,622) | |||||||||||||||||||||||||||||||||||||||
Other (4) | 4,760,393 | 24,400 | 4,115,473 | 26,153 | 4,317,830 | (21,069) | 3,738,758 | (4,321) | |||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments trading, at fair value | 24,287,185 | 359,894 | 19,748,928 | 283,379 | 20,877,108 | 4,658 | 17,092,539 | (9,467) | |||||||||||||||||||||||||||||||||||||||
Short term investments, at fair value | 4,302,991 | 645 | 1,208,526 | 527 | 4,604,079 | 739 | 1,624,407 | 718 | |||||||||||||||||||||||||||||||||||||||
Equity investments, at fair value | 133,091 | 89,029 | 132,944 | 89,083 | 106,766 | 62,660 | 106,562 | 62,673 | |||||||||||||||||||||||||||||||||||||||
Other investments, at fair value | |||||||||||||||||||||||||||||||||||||||||||||||
Catastrophe bonds | 1,896,075 | (19,390) | 291,476 | (28,991) | 1,942,199 | (76,684) | 250,384 | (36,995) | |||||||||||||||||||||||||||||||||||||||
Fund investments | 1,982,762 | 229,865 | 1,982,762 | 229,865 | 1,415,804 | 184,744 | 1,415,804 | 184,744 | |||||||||||||||||||||||||||||||||||||||
Term loans | 94,575 | — | 94,575 | — | 97,658 | — | 97,658 | — | |||||||||||||||||||||||||||||||||||||||
Direct private equity investments | 199,039 | 86,646 | 199,039 | 86,646 | 59,905 | (38,359) | 59,905 | (38,359) | |||||||||||||||||||||||||||||||||||||||
Total other investments, at fair value | 4,172,451 | 297,121 | 2,567,852 | 287,520 | 3,515,566 | 69,701 | 1,823,751 | 109,390 | |||||||||||||||||||||||||||||||||||||||
Investments in other ventures, under equity method | 137,959 | (10,000) | 137,959 | (10,000) | 112,624 | — | 112,624 | — | |||||||||||||||||||||||||||||||||||||||
Total investments | $ | 33,033,677 | $ | 736,689 | $ | 23,796,209 | $ | 650,509 | $ | 29,216,143 | $ | 137,758 | $ | 20,759,883 | $ | 163,314 | |||||||||||||||||||||||||||||||
September 30, 2024 | December 31, 2023 | ||||||||||||||||||||||
Managed (1) | Retained (2) | Managed (1) | Retained (2) | ||||||||||||||||||||
Weighted average yield to maturity of investments (5) | 5.1 | % | 4.9 | % | 5.8 | % | 5.4 | % | |||||||||||||||
Average duration of investments, in years (5) | 2.9 | 3.4 | 2.6 | 3.2 | |||||||||||||||||||
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (6) | $ | 5.46 | $ | (0.18) |
24 |
Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||
Managed Investments - Credit Rating (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Rating (2) | Investments not subject to credit ratings | |||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2024 | Fair value | AAA | AA | A | BBB | Non- Investment grade | Not rated | |||||||||||||||||||||||||||||||||||||||||||
Fixed maturity investments trading, at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasuries | $ | 11,736,158 | $ | — | $ | 11,736,158 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Corporate (3) | 7,790,634 | 207,103 | 434,567 | 2,850,909 | 2,955,625 | 1,325,420 | 17,010 | — | ||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 1,753,318 | 141,663 | 1,464,976 | 3,765 | 7,854 | 75,755 | 59,305 | — | ||||||||||||||||||||||||||||||||||||||||||
Asset-backed | 1,440,194 | 1,180,151 | 169,621 | 67,940 | 20,063 | — | 2,419 | — | ||||||||||||||||||||||||||||||||||||||||||
Agencies | 615,627 | — | 615,627 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government | 609,355 | 402,839 | 178,276 | 25,569 | 2,671 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 341,899 | 283,017 | 54,767 | 822 | — | 1,977 | 1,316 | — | ||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments trading, at fair value | 24,287,185 | 2,214,773 | 14,653,992 | 2,949,005 | 2,986,213 | 1,403,152 | 80,050 | — | ||||||||||||||||||||||||||||||||||||||||||
Short term investments, at fair value | 4,302,991 | 2,655,887 | 1,638,511 | 638 | 4,330 | 3,625 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Equity investments, at fair value | 133,091 | — | — | — | — | — | — | 133,091 | ||||||||||||||||||||||||||||||||||||||||||
Other investments, at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||
Catastrophe bonds | 1,896,075 | — | — | — | — | 1,896,075 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Fund investments: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Private credit funds | 1,107,258 | — | — | — | — | — | — | 1,107,258 | ||||||||||||||||||||||||||||||||||||||||||
Private equity funds | 541,995 | — | — | — | — | — | — | 541,995 | ||||||||||||||||||||||||||||||||||||||||||
Hedge funds | 333,509 | — | — | — | — | — | — | 333,509 | ||||||||||||||||||||||||||||||||||||||||||
Term loans | 94,575 | — | — | 94,575 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Direct private equity investments | 199,039 | — | — | — | — | — | — | 199,039 | ||||||||||||||||||||||||||||||||||||||||||
Total other investments, at fair value | 4,172,451 | — | — | 94,575 | — | 1,896,075 | — | 2,181,801 | ||||||||||||||||||||||||||||||||||||||||||
Investments in other ventures, under equity method | 137,959 | — | — | — | — | — | — | 137,959 | ||||||||||||||||||||||||||||||||||||||||||
Total investments | $ | 33,033,677 | $ | 4,870,660 | $ | 16,292,503 | $ | 3,044,218 | $ | 2,990,543 | $ | 3,302,852 | $ | 80,050 | $ | 2,452,851 | ||||||||||||||||||||||||||||||||||
100.0 | % | 14.8 | % | 49.3 | % | 9.2 | % | 9.1 | % | 10.0 | % | 0.2 | % | 7.4 | % |
25 |
Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||
Retained Investments - Credit Rating (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Rating (2) | Investments not subject to credit ratings | |||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2024 | Fair value | AAA | AA | A | BBB | Non- Investment grade | Not rated | |||||||||||||||||||||||||||||||||||||||||||
Fixed maturity investments trading, at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasuries | $ | 9,150,229 | $ | — | $ | 9,150,229 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Corporate (3) | 6,483,226 | 156,179 | 369,007 | 2,464,059 | 2,372,830 | 1,107,539 | 13,612 | — | ||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 1,485,523 | 115,867 | 1,222,977 | 3,765 | 7,854 | 75,755 | 59,305 | — | ||||||||||||||||||||||||||||||||||||||||||
Asset-backed | 1,353,490 | 1,093,449 | 169,621 | 67,938 | 20,063 | — | 2,419 | — | ||||||||||||||||||||||||||||||||||||||||||
Agencies | 473,789 | — | 473,789 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government | 517,377 | 333,040 | 159,239 | 22,427 | 2,671 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 285,294 | 233,579 | 47,600 | 822 | — | 1,977 | 1,316 | — | ||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments trading, at fair value | 19,748,928 | 1,932,114 | 11,592,462 | 2,559,011 | 2,403,418 | 1,185,271 | 76,652 | — | ||||||||||||||||||||||||||||||||||||||||||
Short term investments, at fair value | 1,208,526 | 514,363 | 688,036 | 638 | 2,160 | 3,329 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Equity investments, at fair value | 132,944 | — | — | — | — | — | — | 132,944 | ||||||||||||||||||||||||||||||||||||||||||
Other investments, at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||
Catastrophe bonds | 291,476 | — | — | — | — | 291,476 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Fund investments: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Private credit funds | 1,107,258 | — | — | — | — | — | — | 1,107,258 | ||||||||||||||||||||||||||||||||||||||||||
Private equity funds | 541,995 | — | — | — | — | — | — | 541,995 | ||||||||||||||||||||||||||||||||||||||||||
Hedge funds | 333,509 | — | — | — | — | — | — | 333,509 | ||||||||||||||||||||||||||||||||||||||||||
Term loans | 94,575 | — | — | 94,575 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Direct private equity investments | 199,039 | — | — | — | — | — | — | 199,039 | ||||||||||||||||||||||||||||||||||||||||||
Total other investments, at fair value | 2,567,852 | — | — | 94,575 | — | 291,476 | — | 2,181,801 | ||||||||||||||||||||||||||||||||||||||||||
Investments in other ventures, under equity method | 137,959 | — | — | — | — | — | — | 137,959 | ||||||||||||||||||||||||||||||||||||||||||
Total investments | $ | 23,796,209 | $ | 2,446,477 | $ | 12,280,498 | $ | 2,654,224 | $ | 2,405,578 | $ | 1,480,076 | $ | 76,652 | $ | 2,452,704 | ||||||||||||||||||||||||||||||||||
100.0 | % | 10.3 | % | 51.6 | % | 11.2 | % | 10.1 | % | 6.2 | % | 0.3 | % | 10.3 | % |
26 |
Other Items | |||||||||||||||||||||||
Earnings per Share | |||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||
(common shares in thousands) | September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | |||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 1,173,644 | $ | 193,988 | $ | 2,033,488 | $ | 949,075 | |||||||||||||||
Amount allocated to participating common shareholders (1) | (17,850) | (2,637) | (30,042) | (14,108) | |||||||||||||||||||
Net income (loss) allocated to RenaissanceRe common shareholders | $ | 1,155,794 | $ | 191,351 | $ | 2,003,446 | $ | 934,967 | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Denominator for basic income (loss) per RenaissanceRe common share - weighted average common shares (2) | 50,959 | 50,261 | 51,439 | 46,345 | |||||||||||||||||||
Per common share equivalents of non-vested shares (2) | 145 | 97 | 143 | 106 | |||||||||||||||||||
Denominator for diluted income (loss) per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions (2) | 51,104 | 50,358 | 51,582 | 46,451 | |||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic | $ | 22.68 | $ | 3.81 | $ | 38.95 | $ | 20.17 | |||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 22.62 | $ | 3.80 | $ | 38.84 | $ | 20.13 | |||||||||||||||
27 |
Comments on Non-GAAP Financial Measures |
28 |
Comments on Non-GAAP Financial Measures |
29 |
Comments on Non-GAAP Financial Measures |
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | ||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 1,173,644 | $ | 193,988 | $ | 2,033,488 | $ | 949,075 | |||||||||||||||
Adjustment for: | |||||||||||||||||||||||
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds | (877,454) | 260,561 | (551,416) | 266,203 | |||||||||||||||||||
Net foreign exchange losses (gains) | (16,804) | 25,886 | 27,694 | 53,877 | |||||||||||||||||||
Expenses (revenues) associated with acquisitions, dispositions and impairments (1) | 17,400 | 3,373 | 54,968 | 14,714 | |||||||||||||||||||
Acquisition related purchase accounting adjustments (2) | 59,812 | 4,017 | 183,175 | 12,054 | |||||||||||||||||||
Bermuda net deferred tax asset (3) | — | — | (7,890) | — | |||||||||||||||||||
Income tax expense (benefit) (4) | 65,285 | (10,048) | 46,325 | (8,961) | |||||||||||||||||||
Net income (loss) attributable to redeemable noncontrolling interests (5) | 118,439 | (51,457) | 41,205 | (85,162) | |||||||||||||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 540,322 | $ | 426,320 | $ | 1,827,549 | $ | 1,201,800 | |||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 22.62 | $ | 3.80 | $ | 38.84 | $ | 20.13 | |||||||||||||||
Adjustment for: | |||||||||||||||||||||||
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds | (17.17) | 5.17 | (10.69) | 5.73 | |||||||||||||||||||
Net foreign exchange losses (gains) | (0.33) | 0.51 | 0.54 | 1.16 | |||||||||||||||||||
Expenses (revenues) associated with acquisitions, dispositions and impairments (1) | 0.34 | 0.07 | 1.07 | 0.32 | |||||||||||||||||||
Acquisition related purchase accounting adjustments (2) | 1.17 | 0.08 | 3.55 | 0.26 | |||||||||||||||||||
Bermuda net deferred tax asset (3) | — | — | (0.15) | — | |||||||||||||||||||
Income tax expense (benefit) (4) | 1.28 | (0.20) | 0.90 | (0.19) | |||||||||||||||||||
Net income (loss) attributable to redeemable noncontrolling interests (5) | 2.32 | (1.02) | 0.80 | (1.83) | |||||||||||||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 10.23 | $ | 8.41 | $ | 34.86 | $ | 25.58 | |||||||||||||||
Return on average common equity - annualized | 47.1 | % | 11.5 | % | 28.8 | % | 22.1 | % | |||||||||||||||
Adjustment for: | |||||||||||||||||||||||
Net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds | (35.2) | % | 15.5 | % | (7.8) | % | 6.2 | % | |||||||||||||||
Net foreign exchange losses (gains) | (0.7) | % | 1.5 | % | 0.4 | % | 1.3 | % | |||||||||||||||
Expenses (revenues) associated with acquisitions, dispositions and impairments (1) | 0.7 | % | 0.2 | % | 0.8 | % | 0.3 | % | |||||||||||||||
Acquisition related purchase accounting adjustments (2) | 2.4 | % | 0.3 | % | 2.6 | % | 0.3 | % | |||||||||||||||
Bermuda net deferred tax asset (3) | — | % | — | % | (0.1) | % | — | % | |||||||||||||||
Income tax expense (benefit) (4) | 2.6 | % | (0.6) | % | 0.7 | % | (0.2) | % | |||||||||||||||
Net income (loss) attributable to redeemable noncontrolling interests (5) | 4.8 | % | (3.1) | % | 0.6 | % | (2.0) | % | |||||||||||||||
Operating return on average common equity - annualized | 21.7 | % | 25.3 | % | 26.0 | % | 28.0 | % |
30 |
Comments on Non-GAAP Financial Measures |
September 30, 2024 | December 31, 2023 | ||||||||||
Book value per common share | $ | 202.01 | $ | 165.20 | |||||||
Adjustment for: | |||||||||||
Acquisition related goodwill and other intangible assets (1) | (13.81) | (14.71) | |||||||||
Other goodwill and intangible assets (2) | (0.17) | (0.35) | |||||||||
Acquisition related purchase accounting adjustments (3) | (5.27) | (8.27) | |||||||||
Tangible book value per common share | 182.76 | 141.87 | |||||||||
Adjustment for accumulated dividends | 27.69 | 26.52 | |||||||||
Tangible book value per common share plus accumulated dividends | $ | 210.45 | $ | 168.39 | |||||||
Year to date change in book value per common share | 22.3 | % | 57.9 | % | |||||||
Year to date change in book value per common share plus change in accumulated dividends | 23.0 | % | 59.3 | % | |||||||
Year to date change in tangible book value per common share plus change in accumulated dividends | 29.6 | % | 47.6 | % |
31 |
Comments on Non-GAAP Financial Measures |
Three months ended September 30, 2024 | |||||||||||||||||||||||||||||
Catastrophe | Other Property | Property | Casualty and Specialty | Total | |||||||||||||||||||||||||
Combined ratio | 43.2 | % | 85.6 | % | 60.3 | % | 100.1 | % | 84.8 | % | |||||||||||||||||||
Adjustment for acquisition related purchase accounting adjustments (1) | (2.9) | % | (1.3) | % | (2.2) | % | (2.4) | % | (2.4) | % | |||||||||||||||||||
Adjusted combined ratio | 40.3 | % | 84.3 | % | 58.1 | % | 97.7 | % | 82.4 | % | |||||||||||||||||||
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 | % |
32 |
Comments on Non-GAAP Financial Measures |
Nine months ended September 30, 2024 | |||||||||||||||||||||||||||||
Catastrophe | Other Property | Property | Casualty and Specialty | Total | |||||||||||||||||||||||||
Combined ratio | 30.6 | % | 84.1 | % | 52.6 | % | 99.3 | % | 81.3 | % | |||||||||||||||||||
Adjustment for acquisition related purchase accounting adjustments (1) | (3.2) | % | (0.9) | % | (2.4) | % | (2.5) | % | (2.4) | % | |||||||||||||||||||
Adjusted combined ratio | 27.4 | % | 83.2 | % | 50.2 | % | 96.8 | % | 78.9 | % | |||||||||||||||||||
Nine months ended September 30, 2023 | |||||||||||||||||||||||||||||
Catastrophe | Other Property | Property | Casualty and Specialty | Total | |||||||||||||||||||||||||
Combined ratio | 35.2 | % | 83.6 | % | 57.6 | % | 94.3 | % | 78.8 | % | |||||||||||||||||||
Adjustment for acquisition related purchase accounting adjustments (1) | (0.2) | % | (0.1) | % | (0.2) | % | (0.2) | % | (0.2) | % | |||||||||||||||||||
Adjusted combined ratio | 35.0 | % | 83.5 | % | 57.4 | % | 94.1 | % | 78.6 | % |
33 |
Comments on Non-GAAP Financial Measures |
Three months ended September 30, 2024 | Three months ended September 30, 2023 | ||||||||||||||||||||||||||||||||||
Managed (1) | Adjustment (2) | Retained (3) | Managed (1) | Adjustment (2) | Retained (3) | ||||||||||||||||||||||||||||||
Fixed maturity investments trading | $ | 289,687 | $ | (54,403) | $ | 235,284 | $ | 188,781 | $ | (37,910) | $ | 150,871 | |||||||||||||||||||||||
Short term investments | 46,746 | (26,329) | 20,417 | 66,722 | (27,533) | 39,189 | |||||||||||||||||||||||||||||
Equity investments | 670 | — | 670 | 510 | — | 510 | |||||||||||||||||||||||||||||
Other investments | |||||||||||||||||||||||||||||||||||
Catastrophe bonds | 61,175 | (51,936) | 9,239 | 54,583 | (47,901) | 6,682 | |||||||||||||||||||||||||||||
Other | 20,937 | — | 20,937 | 20,031 | — | 20,031 | |||||||||||||||||||||||||||||
Cash and cash equivalents | 10,226 | (549) | 9,677 | 4,160 | (278) | 3,882 | |||||||||||||||||||||||||||||
429,441 | (133,217) | 296,224 | 334,787 | (113,622) | 221,165 | ||||||||||||||||||||||||||||||
Investment expenses | (5,582) | 1,257 | (4,325) | (5,679) | 1,278 | (4,401) | |||||||||||||||||||||||||||||
Net investment income | $ | 423,859 | $ | (131,960) | $ | 291,899 | $ | 329,108 | $ | (112,344) | $ | 216,764 | |||||||||||||||||||||||
Net investment income return - annualized | 5.7 | % | (0.4) | % | 5.3 | % | 5.7 | % | (0.8) | % | 4.9 | % | |||||||||||||||||||||||
Net realized gains (losses) on fixed maturity investments trading | $ | 22,052 | $ | (3,556) | $ | 18,496 | $ | (121,112) | $ | 25,178 | $ | (95,934) | |||||||||||||||||||||||
Net unrealized gains (losses) on fixed maturity investments trading | 590,309 | (98,305) | 492,004 | (158,226) | 19,562 | (138,664) | |||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investment-related derivatives | 97,534 | (308) | 97,226 | 30,594 | (8,367) | 22,227 | |||||||||||||||||||||||||||||
Net realized gains (losses) on equity investments | 340 | (142) | 198 | (10) | — | (10) | |||||||||||||||||||||||||||||
Net unrealized gains (losses) on equity investments | 18,778 | 66 | 18,844 | 2,261 | (5) | 2,256 | |||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - catastrophe bonds | 66,291 | (55,433) | 10,858 | 32,474 | (28,767) | 3,707 | |||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - other | 148,441 | — | 148,441 | (14,068) | — | (14,068) | |||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 943,745 | (157,678) | 786,067 | (228,087) | 7,601 | (220,486) | |||||||||||||||||||||||||||||
Total investment result | $ | 1,367,604 | $ | (289,638) | $ | 1,077,966 | $ | 101,021 | $ | (104,743) | $ | (3,722) | |||||||||||||||||||||||
Average invested assets | $ | 31,781,118 | $ | (8,913,525) | $ | 22,867,593 | $ | 25,751,710 | $ | (8,300,128) | $ | 17,451,582 | |||||||||||||||||||||||
Total investment return - annualized | 18.3 | % | 1.9 | % | 20.2 | % | 2.0 | % | (2.0) | % | 0.0 | % |
34 |
Comments on Non-GAAP Financial Measures |
Nine months ended September 30, 2024 | Nine months ended September 30, 2023 | ||||||||||||||||||||||||||||||||||
Managed (1) | Adjustment (2) | Retained (3) | Managed (1) | Adjustment (2) | Retained (3) | ||||||||||||||||||||||||||||||
Fixed maturity investments trading | $ | 820,876 | $ | (155,419) | $ | 665,457 | $ | 514,020 | $ | (107,894) | $ | 406,126 | |||||||||||||||||||||||
Short term investments | 141,923 | (75,707) | 66,216 | 149,903 | (73,039) | 76,864 | |||||||||||||||||||||||||||||
Equity investments | 1,819 | — | 1,819 | 6,675 | — | 6,675 | |||||||||||||||||||||||||||||
Other investments | |||||||||||||||||||||||||||||||||||
Catastrophe bonds | 177,860 | (153,809) | 24,051 | 142,936 | (123,755) | 19,181 | |||||||||||||||||||||||||||||
Other | 59,525 | — | 59,525 | 65,422 | — | 65,422 | |||||||||||||||||||||||||||||
Cash and cash equivalents | 40,347 | (1,777) | 38,570 | 13,009 | (765) | 12,244 | |||||||||||||||||||||||||||||
1,242,350 | (386,712) | 855,638 | 891,965 | (305,453) | 586,512 | ||||||||||||||||||||||||||||||
Investment expenses | (16,871) | 4,024 | (12,847) | (15,817) | 3,393 | (12,424) | |||||||||||||||||||||||||||||
Net investment income | $ | 1,225,479 | $ | (382,688) | $ | 842,791 | $ | 876,148 | $ | (302,060) | $ | 574,088 | |||||||||||||||||||||||
Net investment income return - annualized | 5.5 | % | (0.4) | % | 5.1 | % | 5.1 | % | (0.4) | % | 4.7 | % | |||||||||||||||||||||||
Net realized gains (losses) on fixed maturity investments trading | $ | (33,965) | $ | 14,404 | $ | (19,561) | $ | (300,089) | $ | 49,948 | $ | (250,141) | |||||||||||||||||||||||
Net unrealized gains (losses) on fixed maturity investments trading | 353,465 | (61,192) | 292,273 | 14,007 | 4,317 | 18,324 | |||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investment-related derivatives | 50,102 | (2,981) | 47,121 | (22,295) | (4,078) | (26,373) | |||||||||||||||||||||||||||||
Net realized gains (losses) on equity investments | 355 | (142) | 213 | (27,503) | — | (27,503) | |||||||||||||||||||||||||||||
Net unrealized gains (losses) on equity investments | 26,368 | 41 | 26,409 | 62,039 | 3 | 62,042 | |||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - catastrophe bonds | 51,091 | (42,168) | 8,923 | 94,786 | (83,395) | 11,391 | |||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - other | 155,091 | — | 155,091 | 7,638 | — | 7,638 | |||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 602,507 | (92,038) | 510,469 | (171,417) | (33,205) | (204,622) | |||||||||||||||||||||||||||||
Total investment result | $ | 1,827,986 | $ | (474,726) | $ | 1,353,260 | $ | 704,731 | $ | (335,265) | $ | 369,466 | |||||||||||||||||||||||
Average invested assets | $ | 30,603,740 | $ | (8,712,791) | $ | 21,890,949 | $ | 24,233,329 | $ | (8,022,445) | $ | 16,210,884 | |||||||||||||||||||||||
Total investment return - annualized | 8.2 | % | 0.2 | % | 8.4 | % | 4.2 | % | (1.1) | % | 3.1 | % |
35 |
Comments on Non-GAAP Financial Measures |
September 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 | $ | 11,736,158 | $ | (2,585,929) | $ | 9,150,229 | $ | 10,060,203 | $ | (2,046,752) | $ | 8,013,451 | |||||||||||||||||||||||
Corporate (4) | 7,790,634 | (1,307,408) | 6,483,226 | 6,499,075 | (1,158,745) | 5,340,330 | |||||||||||||||||||||||||||||
Residential mortgage-backed | 1,753,318 | (267,795) | 1,485,523 | 1,420,362 | (246,468) | 1,173,894 | |||||||||||||||||||||||||||||
Asset-backed | 1,440,194 | (86,704) | 1,353,490 | 1,491,695 | (86,622) | 1,405,073 | |||||||||||||||||||||||||||||
Agencies | 615,627 | (141,838) | 473,789 | 489,117 | (119,518) | 369,599 | |||||||||||||||||||||||||||||
Non-U.S. government | 609,355 | (91,978) | 517,377 | 483,576 | (54,100) | 429,476 | |||||||||||||||||||||||||||||
Commercial mortgage-backed | 341,899 | (56,605) | 285,294 | 433,080 | (72,364) | 360,716 | |||||||||||||||||||||||||||||
Total fixed maturity investments trading, at fair value | 24,287,185 | (4,538,257) | 19,748,928 | 20,877,108 | (3,784,569) | 17,092,539 | |||||||||||||||||||||||||||||
Short term investments, at fair value | 4,302,991 | (3,094,465) | 1,208,526 | 4,604,079 | (2,979,672) | 1,624,407 | |||||||||||||||||||||||||||||
Equity investments, at fair value | 133,091 | (147) | 132,944 | 106,766 | (204) | 106,562 | |||||||||||||||||||||||||||||
Other investments, at fair value | |||||||||||||||||||||||||||||||||||
Catastrophe bonds | 1,896,075 | (1,604,599) | 291,476 | 1,942,199 | (1,691,815) | 250,384 | |||||||||||||||||||||||||||||
Fund investments: | |||||||||||||||||||||||||||||||||||
Private credit funds | 1,107,258 | — | 1,107,258 | 982,016 | — | 982,016 | |||||||||||||||||||||||||||||
Private equity funds | 541,995 | — | 541,995 | 433,788 | — | 433,788 | |||||||||||||||||||||||||||||
Hedge funds | 333,509 | — | 333,509 | — | — | — | |||||||||||||||||||||||||||||
Term loans | 94,575 | — | 94,575 | 97,658 | — | 97,658 | |||||||||||||||||||||||||||||
Direct private equity investments | 199,039 | — | 199,039 | 59,905 | — | 59,905 | |||||||||||||||||||||||||||||
Total other investments, at fair value | 4,172,451 | (1,604,599) | 2,567,852 | 3,515,566 | (1,691,815) | 1,823,751 | |||||||||||||||||||||||||||||
Investments in other ventures, under equity method | 137,959 | — | 137,959 | 112,624 | — | 112,624 | |||||||||||||||||||||||||||||
Total investments | $ | 33,033,677 | $ | (9,237,468) | $ | 23,796,209 | $ | 29,216,143 | $ | (8,456,260) | $ | 20,759,883 |
36 |
Comments on Non-GAAP Financial Measures |
September 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 | $ | 236,991 | $ | (49,559) | $ | 187,432 | $ | 66,743 | $ | (17,267) | $ | 49,476 | |||||||||||||||||||||||
Corporate (4) | 98,503 | (28,709) | 69,794 | (41,016) | (13,606) | (54,622) | |||||||||||||||||||||||||||||
Other (5) | 24,400 | 1,753 | 26,153 | (21,069) | 16,748 | (4,321) | |||||||||||||||||||||||||||||
Total fixed maturity investments trading, at fair value | 359,894 | (76,515) | 283,379 | 4,658 | (14,125) | (9,467) | |||||||||||||||||||||||||||||
Short term investments, at fair value | 645 | (118) | 527 | 739 | (21) | 718 | |||||||||||||||||||||||||||||
Equity investments, at fair value | 89,029 | 54 | 89,083 | 62,660 | 13 | 62,673 | |||||||||||||||||||||||||||||
Other investments, at fair value | |||||||||||||||||||||||||||||||||||
Catastrophe bonds | (19,390) | (9,601) | (28,991) | (76,684) | 39,689 | (36,995) | |||||||||||||||||||||||||||||
Fund investments | 229,865 | — | 229,865 | 184,744 | — | 184,744 | |||||||||||||||||||||||||||||
Direct private equity investments | 86,646 | — | 86,646 | (38,359) | — | (38,359) | |||||||||||||||||||||||||||||
Total other investments, at fair value | 297,121 | (9,601) | 287,520 | 69,701 | 39,689 | 109,390 | |||||||||||||||||||||||||||||
Investments in other ventures, under equity method | (10,000) | $ | — | (10,000) | — | $ | — | — | |||||||||||||||||||||||||||
Total investments | $ | 736,689 | $ | (86,180) | $ | 650,509 | $ | 137,758 | $ | 25,556 | $ | 163,314 | |||||||||||||||||||||||
Unrealized gain (loss) on total fixed maturity investments trading, at fair value, per common share (6) | $ | 5.46 | $ | (0.18) |
37 |
Comments on Non-GAAP Financial Measures |
Three months ended | Nine months ended | ||||||||||||||||||||||
September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | ||||||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests (1) | $ | (450,176) | $ | (213,695) | $ | (919,734) | $ | (655,986) | |||||||||||||||
Adjustment for the portion of net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds attributable to redeemable noncontrolling interests | (101,588) | 35,449 | (49,723) | 49,404 | |||||||||||||||||||
Adjustment for the portion of net foreign exchange losses (gains) attributable to redeemable noncontrolling interests | (16,851) | 16,008 | 8,518 | 35,758 | |||||||||||||||||||
Adjustment for non-operating (income) loss attributable to redeemable noncontrolling interests (2) | (118,439) | 51,457 | (41,205) | 85,162 | |||||||||||||||||||
Operating (income) loss attributable to redeemable noncontrolling interests | $ | (331,737) | $ | (265,152) | $ | (878,529) | $ | (741,148) |
38 |