Bermuda | 98-0141974 | ||||
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification Number) |
Title of each class | Trading symbol | Name of each exchange on which registered | ||||||
Common Shares, Par Value $1.00 per share | RNR | New York Stock Exchange | ||||||
Depositary Shares, each representing a 1/1,000th interest in a Series F 5.750% Preference Share, Par Value $1.00 per share | RNR PRF | New York Stock Exchange | ||||||
Depositary Shares, each representing a 1/1,000th interest in a Series G 4.20% Preference Share, Par Value $1.00 per share | RNR PRG | New York Stock Exchange |
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Year ended December 31, | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||
(in thousands, except percentages) |
Gross
Premiums Written |
Percentage
of Gross Premiums Written |
Gross
Premiums Written |
Percentage
of Gross Premiums Written |
Gross
Premiums Written |
Percentage
of Gross Premiums Written |
|||||||||||||||||||||||||||||||||||
Property | $ | 3,958,724 | 50.5 | % | $ | 2,999,142 | 51.7 | % | $ | 2,430,985 | 50.6 | % | |||||||||||||||||||||||||||||
Casualty and Specialty | 3,875,074 | 49.5 | % | 2,807,023 | 48.3 | % | 2,376,765 | 49.4 | % | ||||||||||||||||||||||||||||||||
Total gross premiums written | $ | 7,833,798 | 100.0 | % | $ | 5,806,165 | 100.0 | % | $ | 4,807,750 | 100.0 | % | |||||||||||||||||||||||||||||
Year ended December 31, 2021 | Property | Casualty and Specialty | Total | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Excess of loss | $ | 2,485,999 | $ | 663,749 | $ | 3,149,748 | |||||||||||||||||||||||
Proportional | 924,342 | 2,853,339 | 3,777,681 | ||||||||||||||||||||||||||
Delegated authority | 548,383 | 357,986 | 906,369 | ||||||||||||||||||||||||||
Total gross premiums written | $ | 3,958,724 | $ | 3,875,074 | $ | 7,833,798 | |||||||||||||||||||||||
Year ended December 31, 2020 | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Excess of loss | $ | 2,075,961 | $ | 626,468 | $ | 2,702,429 | |||||||||||||||||||||||
Proportional | 656,653 | 1,925,884 | 2,582,537 | ||||||||||||||||||||||||||
Delegated authority | 266,528 | 254,671 | 521,199 | ||||||||||||||||||||||||||
Total gross premiums written | $ | 2,999,142 | $ | 2,807,023 | $ | 5,806,165 | |||||||||||||||||||||||
Year ended December 31, 2019 | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Excess of loss | $ | 1,758,787 | $ | 508,515 | $ | 2,267,302 | |||||||||||||||||||||||
Proportional | 546,405 | 1,583,554 | 2,129,959 | ||||||||||||||||||||||||||
Delegated authority | 125,793 | 284,696 | 410,489 | ||||||||||||||||||||||||||
Total gross premiums written | $ | 2,430,985 | $ | 2,376,765 | $ | 4,807,750 | |||||||||||||||||||||||
Year ended December 31, | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||
(in thousands, except percentages) |
Gross
Premiums Written |
Percentage
of Gross Premiums Written |
Gross
Premiums Written |
Percentage
of Gross Premiums Written |
Gross
Premiums Written |
Percentage
of Gross Premiums Written |
|||||||||||||||||||||||||||||||||||
Catastrophe | $ | 2,235,736 | 56.5 | % | $ | 1,886,785 | 62.9 | % | $ | 1,595,472 | 65.6 | % | |||||||||||||||||||||||||||||
Other property | 1,722,988 | 43.5 | % | 1,112,357 | 37.1 | % | 835,513 | 34.4 | % | ||||||||||||||||||||||||||||||||
Total Property segment gross premiums written
|
$ | 3,958,724 | 100.0 | % | $ | 2,999,142 | 100.0 | % | $ | 2,430,985 | 100.0 | % | |||||||||||||||||||||||||||||
Year ended December 31, | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||
(in thousands, except percentages) |
Gross
Premiums Written |
Percentage
of Gross Premiums Written |
Gross
Premiums Written |
Percentage
of Gross Premiums Written |
Gross
Premiums Written |
Percentage
of Gross Premiums Written |
|||||||||||||||||||||||||||||||||||
General casualty (1) | $ | 1,258,536 | 32.5 | % | $ | 904,594 | 32.2 | % | $ | 807,901 | 34.0 | % | |||||||||||||||||||||||||||||
Professional liability (2) | 1,283,864 | 33.1 | % | 836,120 | 29.8 | % | 650,750 | 27.4 | % | ||||||||||||||||||||||||||||||||
Financial lines (3) | 498,946 | 12.9 | % | 514,192 | 18.3 | % | 457,000 | 19.2 | % | ||||||||||||||||||||||||||||||||
Other (4) | 833,728 | 21.5 | % | 552,117 | 19.7 | % | 461,114 | 19.4 | % | ||||||||||||||||||||||||||||||||
Total Casualty and Specialty segment gross premiums written
|
$ | 3,875,074 | 100.0 | % | $ | 2,807,023 | 100.0 | % | $ | 2,376,765 | 100.0 | % | |||||||||||||||||||||||||||||
(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, and professional indemnity.
|
||||
(3) |
Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.
|
||||
(4) |
Includes accident and health, agriculture, aviation, cyber, energy, marine, satellite and terrorism. Lines of business such as regional multi-line and whole account may have characteristics of various other classes of business, and are allocated accordingly.
|
Year ended December 31, | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||
(in thousands, except percentages) |
Gross
Premiums Written |
Percentage
of Gross Premiums Written |
Gross
Premiums Written |
Percentage
of Gross Premiums Written |
Gross
Premiums Written |
Percentage
of Gross Premiums Written |
|||||||||||||||||||||||||||||||||||
Property Segment | |||||||||||||||||||||||||||||||||||||||||
U.S. and Caribbean | $ | 2,257,088 | 28.8 | % | $ | 1,683,538 | 29.0 | % | $ | 1,368,205 | 28.4 | % | |||||||||||||||||||||||||||||
Worldwide | 1,188,737 | 15.2 | % | 889,917 | 15.3 | % | 643,744 | 13.4 | % | ||||||||||||||||||||||||||||||||
Europe | 253,678 | 3.2 | % | 189,587 | 3.3 | % | 182,544 | 3.8 | % | ||||||||||||||||||||||||||||||||
Japan | 114,981 | 1.5 | % | 102,228 | 1.8 | % | 90,328 | 1.9 | % | ||||||||||||||||||||||||||||||||
Worldwide (excluding U.S.) (1) | 34,742 | 0.4 | % | 62,058 | 1.1 | % | 79,393 | 1.7 | % | ||||||||||||||||||||||||||||||||
Australia and New Zealand | 69,188 | 0.9 | % | 40,243 | 0.7 | % | 32,203 | 0.7 | % | ||||||||||||||||||||||||||||||||
Other | 40,310 | 0.5 | % | 31,571 | 0.5 | % | 34,568 | 0.7 | % | ||||||||||||||||||||||||||||||||
Total Property Segment
|
3,958,724 | 50.5 | % | 2,999,142 | 51.7 | % | 2,430,985 | 50.6 | % | ||||||||||||||||||||||||||||||||
Casualty and Specialty Segment | |||||||||||||||||||||||||||||||||||||||||
Worldwide | 1,746,450 | 22.3 | % | 1,315,386 | 22.6 | % | 935,626 | 19.5 | % | ||||||||||||||||||||||||||||||||
U.S. and Caribbean | 1,721,663 | 22.0 | % | 1,248,981 | 21.5 | % | 1,071,170 | 22.3 | % | ||||||||||||||||||||||||||||||||
Europe | 217,721 | 2.8 | % | 121,369 | 2.1 | % | 227,178 | 4.7 | % | ||||||||||||||||||||||||||||||||
Worldwide (excluding U.S.) (1) | 108,376 | 1.4 | % | 56,225 | 1.0 | % | 25,291 | 0.5 | % | ||||||||||||||||||||||||||||||||
Australia and New Zealand | 29,001 | 0.4 | % | 12,429 | 0.2 | % | 34,053 | 0.7 | % | ||||||||||||||||||||||||||||||||
Other | 51,863 | 0.6 | % | 52,633 | 0.9 | % | 83,447 | 1.7 | % | ||||||||||||||||||||||||||||||||
Total Casualty and Specialty Segment | 3,875,074 | 49.5 | % | 2,807,023 | 48.3 | % | 2,376,765 | 49.4 | % | ||||||||||||||||||||||||||||||||
Total gross premiums written | $ | 7,833,798 | 100.0 | % | $ | 5,806,165 | 100.0 | % | $ | 4,807,750 | 100.0 | % | |||||||||||||||||||||||||||||
Year ended December 31, 2021 | Property | Casualty and Specialty | Total | ||||||||||||||||||||
Aon plc | 41.8 | % | 29.7 | % | 35.8 | % | |||||||||||||||||
Marsh & McLennan Companies, Inc. | 25.6 | % | 34.5 | % | 30.0 | % | |||||||||||||||||
Arthur J. Gallagher (1)
|
5.8 | % | 18.7 | % | 12.2 | % | |||||||||||||||||
Total of largest brokers | 73.2 | % | 82.9 | % | 78.0 | % | |||||||||||||||||
All others | 26.8 | % | 17.1 | % | 22.0 | % | |||||||||||||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||||||||
“2017 Large Loss Events”
|
Hurricanes Harvey, Irma and Maria, the Mexico City Earthquake, the wildfires in California during the fourth quarter of 2017 and certain losses associated with aggregate loss contracts
|
||||
“2018 Large Loss Events”
|
Typhoons Jebi, Mangkhut and Trami, Hurricane Florence, the wildfires in California during the third and fourth quarters of 2018, Hurricane Michael and certain losses associated with aggregate loss contracts
|
||||
“2019 Aggregate Losses”
|
certain losses associated with aggregate loss contracts in 2019
|
||||
“2019 Large Loss Events”
|
Hurricane Dorian and Typhoons Faxai and Hagibis and certain losses associated with aggregate loss contracts
|
||||
“2020 Aggregate Losses”
|
loss estimates associated with aggregate loss contracts triggered during 2021 primarily as a result of losses associated with the Q3 2020 Weather-Related Catastrophe Events and Q4 2020 Weather-Related Catastrophe Events.
|
||||
“2020 Weather-Related Large Loss Events” |
Hurricanes Laura, Sally, Isaias, Delta, Zeta and Eta, the California, Oregon and Washington wildfires, Typhoon Maysak, the August 2020 Derecho, and losses associated with aggregate loss contracts
|
“2021 Weather-Related Large Losses”
|
Winter Storm Uri, the European Floods, Hurricane Ida, Other 2021 Catastrophe Events and loss estimates associated with certain aggregate loss contracts triggered during 2021 as a result of weather-related catastrophe events
|
||||
“A.M. Best”
|
A.M. Best Company, Inc.
|
||||
“APRA”
|
Australian Prudential Regulation Authority
|
||||
“BMA”
|
Bermuda Monetary Authority
|
||||
“BSCR”
|
Bermuda solvency and capital requirement
|
||||
“Code of Ethics”
|
RenaissanceRe’s Code of Ethics and Conduct
|
||||
“DaVinci”
|
DaVinci Reinsurance Ltd.
|
||||
“DaVinciRe”
|
DaVinciRe Holdings Ltd.
|
||||
“DEI”
|
Diversity, Equity and Inclusion
|
||||
“ECR”
|
Enhanced Capital Requirement
|
||||
“ERM”
|
enterprise risk management
|
||||
“EU”
|
European Union
|
||||
“Exchange Act”
|
the Securities Exchange Act of 1934, as amended
|
||||
“FAL”
|
a deposit that must be submitted to support the underwriting capacity of a member of Lloyd’s
|
||||
“FASB”
|
Financial Accounting Standards Board
|
||||
“FCA”
|
U.K. Financial Conduct Authority
|
||||
“FCR”
|
financial condition report
|
||||
“FINMA”
|
Swiss Financial Market Supervisory Authority
|
||||
“Fitch”
|
Fitch Ratings Ltd.
|
||||
“Form 10-K”
|
this Annual Report on Form 10-K for the year ended December 31, 2021
|
||||
“GAAP”
|
generally accepted accounting principles in the U.S.
|
||||
“IFRS”
|
International Financial Reporting Standards
|
||||
“IRS”
|
United States Internal Revenue Service
|
||||
“MIA” |
Maryland Insurance Administration
|
||||
“Medici”
|
RenaissanceRe Medici Fund Ltd.
|
||||
“Moody’s”
|
Moody’s Investors Service
|
||||
“NAIC”
|
National Association of Insurance Commissioners
|
||||
“NYDFS”
|
New York State Department of Financial Services
|
||||
“NYSE”
|
New York Stock Exchange
|
||||
“OECD”
|
Organisation for Economic Co-operation and Development
|
||||
“OFAC” |
U.S. Treasury’s Office of Foreign Assets Control
|
||||
“ORSA”
|
Own Risk and Solvency Assessment
|
||||
“Other 2021 Catastrophe Events”
|
the hail storm in Europe in late June 2021, the wildfires in California during the third quarter of 2021, the tornadoes in the Central and Midwest U.S. in December 2021, and the Midwest Derecho in December 2021.
|
||||
“PFIC”
|
passive foreign investment company
|
||||
“PGGM”
|
PGGM Vermogensbeheer B.V.
|
||||
“Platinum” | Platinum Underwriters Holdings, Ltd. | ||||
“PRA” | U.K. Prudential Regulatory Authority | ||||
“Proxy Statement” | Proxy Statement for the Annual General Meeting of Shareholders to be held on May 16, 2022 | ||||
“Q3 2020 Weather-Related Catastrophe Events”
|
Hurricane Laura, Hurricane Sally, the third quarter 2020 wildfires in California, Oregon and Washington, other third quarter catastrophe events including the August 2020 derecho which impacted the U.S. Midwest, Hurricane Isaias, and Typhoon Maysak
|
“Q4 2020 Weather-Related Catastrophe Events”
|
Hurricanes Zeta, Delta, Hurricane Eta and wildfires on the West Coast of the United States during the fourth quarter of 2021
|
||||
“REMS©”
|
Renaissance Exposure Management System
|
||||
“Renaissance Reinsurance”
|
Renaissance Reinsurance Ltd.
|
||||
“Renaissance Reinsurance of Europe” | Renaissance Reinsurance of Europe Unlimited Company | ||||
“Renaissance Reinsurance U.S.” | Renaissance Reinsurance U.S. Inc. | ||||
“RenaissanceRe CCL”
|
RenaissanceRe Corporate Capital (UK) Limited
|
||||
“RenaissanceRe Group”
|
RenaissanceRe group of companies
|
||||
“RenaissanceRe Specialty U.S.”
|
RenaissanceRe Specialty U.S. Ltd.
|
||||
“RenaissanceRe UK”
|
RenaissanceRe (UK) Limited
|
||||
“RenaissanceRe”
|
RenaissanceRe Holdings Ltd.
|
||||
“RFM”
|
RenaissanceRe Fund Management Ltd.
|
||||
“RREAG, Australia Branch”
|
RenaissanceRe Europe AG, Australia Branch
|
||||
“RREAG, Bermuda Branch”
|
RenaissanceRe Europe AG, Bermuda Branch
|
||||
“RREAG, UK Branch”
|
RenaissanceRe Europe AG, UK Branch
|
||||
“RREAG, US Branch”
|
RenaissanceRe Europe AG, US Branch
|
||||
“RREAG”
|
RenaissanceRe Europe AG
|
||||
“RSML”
|
RenaissanceRe Syndicate Management Ltd.
|
||||
“RUM”
|
Renaissance Underwriting Managers, Ltd.
|
||||
“S&P”
|
Standard and Poor’s Rating Services
|
||||
“SEC”
|
U.S. Securities and Exchange Commission
|
||||
“Securities Act”
|
Securities Act of 1933, as amended
|
||||
“SPI”
|
special purpose insurer
|
||||
“SST”
|
Swiss Solvency Test
|
||||
“State Farm”
|
State Farm Mutual Automobile Insurance Company
|
||||
“Syndicate 1458”
|
RenaissanceRe Syndicate 1458
|
||||
“TMR”
|
collectively, Tokio Millennium Re AG and certain associated entities and subsidiaries
|
||||
“Top Layer Re”
|
Top Layer Reinsurance Ltd.
|
||||
“Tower Hill Companies”
|
collectively, our investments in a group of Tower Hill affiliated companies including Bluegrass Insurance Management, LLC, Tower Hill Claims Service, LLC, Tower Hill Holdings, Inc., Tower Hill Insurance Group, LLC, Tower Hill Insurance Managers, LLC, Tower Hill Re Holdings, Inc., Tower Hill Signature Insurance Holdings, Inc., Tower Hill Risk Management LLC and Tomoka Re Holdings, Inc.
|
||||
“U.K.”
|
United Kingdom
|
||||
“U.S. persons”
|
a citizen or resident of the United States, a U.S. partnership or corporation, or an estate or trust that is not a foreign estate or trust
|
||||
“U.S. Treasury”
|
U.S. Department of the Treasury
|
||||
“U.S.”
|
United States of America
|
||||
“Upsilon Fund”
|
RenaissanceRe Upsilon Fund Ltd.
|
||||
“Upsilon RFO”
|
Upsilon RFO Re Ltd.
|
||||
“Vermeer”
|
Vermeer Reinsurance Ltd.
|
||||
“VOBA”
|
value of business acquired
|
Accident year | Year of occurrence of a loss. Claim payments and reserves for claims and claim expenses are allocated to the year in which the loss occurred for losses occurring contracts and in the year the loss was reported for claims made contracts. |
Acquisition expenses | The aggregate expenses incurred by a company for acquiring new business, including commissions, underwriting expenses, premium taxes and administrative expenses. |
Additional case reserves | Additional case reserves represent management’s estimate of reserves for claims and claim expenses that are allocated to specific contracts, less paid and reported losses by the client. |
Attachment point | The dollar amount of loss (per occurrence or in the aggregate, as the case may be) above which excess of loss reinsurance becomes operative. |
Bordereaux | A report providing premium or loss data with respect to identified specific risks. This report is periodically furnished to a reinsurer by the ceding insurers or reinsurers. |
Bound | A (re)insurance contract is considered bound, and the (re)insurer responsible for the risks of the contract, when both parties agree to the terms and conditions set forth in the contract. |
Broker | An intermediary who negotiates contracts of insurance or reinsurance, receiving a commission for placement and other services rendered, between (1) a policy holder and a primary insurer, on behalf of the insured party, (2) a primary insurer and reinsurer, on behalf of the primary insurer, or (3) a reinsurer and a retrocessionaire, on behalf of the reinsurer. |
Capacity | The percentage of surplus, or the dollar amount of exposure, that an insurer or reinsurer is willing or able to place at risk. Capacity may apply to a single risk, a program, a line of business or an entire book of business. Capacity may be constrained by legal restrictions, corporate restrictions or indirect restrictions. |
Case reserves | Loss reserves, established with respect to specific, individual reported claims. |
Casualty insurance or reinsurance | Insurance or reinsurance that is primarily concerned with the losses caused by injuries to third persons and their property (in other words, persons other than the policyholder) and the legal liability imposed on the insured resulting therefrom. Also referred to as liability insurance. |
Catastrophe | A severe loss, typically involving multiple claimants. Common perils include earthquakes, hurricanes, hailstorms, severe winter weather, floods, fires, tornadoes, typhoons, explosions and other natural or man-made disasters. Catastrophe losses may also arise from acts of war, acts of terrorism and political instability. |
Catastrophe excess of loss reinsurance | A form of excess of loss reinsurance that, subject to a specified limit, indemnifies the ceding company for the amount of loss in excess of a specified retention with respect to an accumulation of losses resulting from a “catastrophe.” |
Catastrophe-linked securities; cat-linked securities | Cat-linked securities are generally privately placed fixed income securities where all or a portion of the repayment of the principal is linked to catastrophic events. This includes securities where the repayment is linked to the occurrence and/or size of, for example, one or more hurricanes or earthquakes, or insured industry losses associated with these catastrophic events. |
Cede; cedant; ceding company | When a party reinsures its liability with another, it “cedes” business and is referred to as the “cedant” or “ceding company.” |
Claim | Request by an insured or reinsured for indemnification by an insurance company or a reinsurance company for losses incurred from an insured peril or event. |
Claims made contracts | Contracts that cover claims for losses occurring during a specified period that are reported during the term of the contract. |
Claims and claim expense ratio, net | The ratio of net claims and claim expenses to net premiums earned determined in accordance with either statutory accounting principles or GAAP. |
Claim reserves | Liabilities established by insurers and reinsurers to reflect the estimated costs of claim payments and the related expenses that the insurer or reinsurer will ultimately be required to pay in respect of insurance or reinsurance policies it has issued. Claims reserves consist of case reserves, established with respect to individual reported claims, additional case reserves and “IBNR” reserves. For reinsurers, loss expense reserves are generally not significant because substantially all of the loss expenses associated with particular claims are incurred by the primary insurer and reported to reinsurers as losses. |
Combined ratio | The combined ratio is the sum of the net claims and claim expense ratio and the underwriting expense ratio. A combined ratio below 100% generally indicates profitable underwriting prior to the consideration of investment income. A combined ratio over 100% generally indicates unprofitable underwriting prior to the consideration of investment income. |
Delegated authority | A contractual arrangement between an insurer or reinsurer and an agent whereby the agent is authorized to bind insurance or reinsurance on behalf of the insurer or reinsurer. The authority is normally limited to a particular class or classes of business and a particular territory. The exercise of the authority to bind insurance or reinsurance is normally subject to underwriting guidelines and other restrictions such as maximum premium income. Under the delegated authority, the agent is responsible for issuing policy documentation, the collection of premium and may also be responsible for the settlement of claims. |
Excess of loss reinsurance or insurance | Reinsurance or insurance that indemnifies the reinsured or insured against all or a specified portion of losses on underlying insurance policies in excess of a specified amount, which is called a “level” or “retention.” Also known as non-proportional reinsurance. Excess of loss reinsurance is written in layers. A reinsurer or group of reinsurers accepts a layer of coverage up to a specified amount. The total coverage purchased by the cedant is referred to as a “program” and will typically be placed with predetermined reinsurers in pre-negotiated layers. Any liability exceeding the outer limit of the program reverts to the ceding company, which also bears the credit risk of a reinsurer’s insolvency. |
Exclusions | Those risks, perils, or classes of insurance with respect to which the reinsurer will not pay loss or provide reinsurance, notwithstanding the other terms and conditions of reinsurance. |
Expense override | An amount paid to a ceding company in addition to the acquisition cost to compensate for overhead expenses. |
Frequency | The number of claims occurring during a given coverage period. |
Funds at Lloyd’s | Funds of an approved form that are lodged and held in trust at Lloyd’s as security for a member’s underwriting activities. They comprise the members’ deposit, personal reserve fund and special reserve fund and may be drawn down in the event that the member’s syndicate level premium trust funds are insufficient to cover its liabilities. The amount of the deposit is related to the member’s premium income limit and also the nature of the underwriting account. |
Generally Accepted Accounting Principles in the United States | Accounting principles as set forth in the statements of the Financial Accounting Standards Board and related guidance, which are applicable in the circumstances as of the date in question. |
Gross premiums written | Total premiums for insurance written and assumed reinsurance during a given period. |
Incurred but not reported; IBNR | Reserves for estimated losses that have been incurred by insureds and reinsureds but not yet reported to the insurer or reinsurer, including unknown future developments on losses that are known to the insurer or reinsurer. |
Insurance-linked securities | Financial instruments whose values are driven by (re)insurance loss events. Our investments in insurance-linked securities are generally linked to property losses due to natural catastrophes. |
International Financial Reporting Standards | Accounting principles, standards and interpretations as set forth in opinions of the International Accounting Standards Board which are applicable in the circumstances as of the date in question. |
Layer | The interval between the retention or attachment point and the maximum limit of indemnity for which a reinsurer is responsible. |
Line | The amount of excess of loss reinsurance protection provided to an insurer or another reinsurer, often referred to as limit. |
Line of business |
The general classification of insurance written by insurers and reinsurers, e.g., fire, allied lines, homeowners and surety, among others.
|
Lloyd’s | Depending on the context, this term may refer to (a) the society of individual and corporate underwriting members that insure and reinsure risks as members of one or more syndicates (i.e., Lloyd’s is not an insurance company); (b) the underwriting room in the Lloyd’s building in which managing agents underwrite insurance and reinsurance on behalf of their syndicate members (in this sense Lloyd’s should be understood as a market place); or (c) the Corporation of Lloyd’s which regulates and provides support services to the Lloyd’s market. |
Loss; losses | An occurrence that is the basis for submission and/or payment of a claim. Whether losses are covered, limited or excluded from coverage is dependent on the terms of the policy. |
Loss reserve | For an individual loss, an estimate of the amount the insurer expects to pay for the reported claim. For total losses, estimates of expected payments for reported and unreported claims. These may include amounts for claims expenses. |
Managing agent | An underwriting agent which has permission from Lloyd’s to manage a syndicate and carry on underwriting and other functions for a member. |
Net claims and claim expenses | The expenses of settling claims, net of recoveries, including legal and other fees and the portion of general expenses allocated to claim settlement costs (also known as claim adjustment expenses or loss adjustment expenses) plus losses incurred with respect to net claims. |
Net claims and claim expense ratio | Net claims and claim expenses incurred expressed as a percentage of net earned premiums. |
Net premiums earned | The portion of net premiums written during or prior to a given period that was actually recognized as income during such period. |
Net premiums written | Gross premiums written for a given period less premiums ceded to reinsurers and retrocessionaires during such period. |
Perils | This term refers to the causes of possible loss in the property field, such as fire, windstorm, collision, hail, etc. In the casualty field, the term “hazard” is more frequently used. |
Profit commission | A provision found in some reinsurance agreements that provides for profit sharing. Parties agree to a formula for calculating profit, an allowance for the reinsurer’s expenses, and the cedant’s share of such profit after expenses. |
Property insurance or reinsurance | Insurance or reinsurance that provides coverage to a person with an insurable interest in tangible property for that person’s property loss, damage or loss of use. |
Property per risk | Reinsurance on a treaty basis of individual property risks insured by a ceding company. |
Proportional reinsurance |
A generic term describing all forms of reinsurance in which the reinsurer shares a proportional part of the original premiums and losses of the reinsured. (Also known as pro rata reinsurance, quota share reinsurance or participating reinsurance.) In proportional reinsurance, the reinsurer generally pays the ceding company a ceding commission. The ceding commission generally is based on the ceding company’s cost of acquiring the business being reinsured (including commissions, premium taxes, assessments and miscellaneous administrative expense) and also may include a profit factor. See also “Quota Share Reinsurance.”
|
Quota share reinsurance |
A form of proportional reinsurance in which the reinsurer assumes an agreed percentage of each insurance policy being reinsured and shares all premiums and losses accordingly with the reinsured. See also “Proportional Reinsurance.”
|
Reinstatement premium | The premium charged for the restoration of the reinsurance limit of a catastrophe contract to its full amount after payment by the reinsurer of losses as a result of an occurrence. |
Reinsurance | An arrangement in which an insurance company, the reinsurer, agrees to indemnify another insurance or reinsurance company, the ceding company, against all or a portion of the insurance or reinsurance risks underwritten by the ceding company under one or more policies. Reinsurance can provide a ceding company with several benefits, including a reduction in net liability on insurances and catastrophe protection from large or multiple losses. Reinsurance also provides a ceding company with additional underwriting capacity by permitting it to accept larger risks and write more business than would be possible without an equivalent increase in capital and surplus, and facilitates the maintenance of acceptable financial ratios by the ceding company. Reinsurance does not legally discharge the primary insurer from its liability with respect to its obligations to the insured. |
Reinsurance to Close | Also referred to as a RITC, it is a contract to transfer the responsibility for discharging all the liabilities that attach to one year of account of a syndicate into a later year of account of the same or different syndicate in return for a premium. |
Retention | The amount or portion of risk that an insurer retains for its own account. Losses in excess of the retention level are paid by the reinsurer. In proportional treaties, the retention may be a percentage of the original policy’s limit. In excess of loss business, the retention is a dollar amount of loss, a loss ratio or a percentage. |
Retrocedant | A reinsurer who cedes all or a portion of its assumed insurance to another reinsurer. |
Retrocessional reinsurance; Retrocessionaire | A transaction whereby a reinsurer cedes to another reinsurer, the retrocessionaire, all or part of the reinsurance that the first reinsurer has assumed. Retrocessional reinsurance does not legally discharge the ceding reinsurer from its liability with respect to its obligations to the reinsured. Reinsurance companies cede risks to retrocessionaires for reasons similar to those that cause primary insurers to purchase reinsurance: to reduce net liability on insurances, to protect against catastrophic losses, to stabilize financial ratios and to obtain additional underwriting capacity. |
Risks | A term used to denote the physical units of property at risk or the object of insurance protection that are not perils or hazards. Also defined as chance of loss or uncertainty of loss. |
Solvency II | A set of regulatory requirements that codify and harmonize the EU insurance and reinsurance regulation. Among other things, these requirements impact the amount of capital that EU insurance and reinsurance companies are required to hold. Solvency II came into effect on January 1, 2016. |
Specialty lines | Lines of insurance and reinsurance that provide coverage for risks that are often unusual or difficult to place and do not fit the underwriting criteria of standard commercial products carriers. |
Statutory accounting principles | Recording transactions and preparing financial statements in accordance with the rules and procedures prescribed or permitted by Bermuda, U.S. state insurance regulatory authorities including the NAIC and/or in accordance with Lloyd’s specific principles, all of which generally reflect a liquidating, rather than going concern, concept of accounting. |
Stop loss | A form of reinsurance under which the reinsurer pays some or all of a cedant’s aggregate retained losses in excess of a predetermined dollar amount or in excess of a percentage of premium. |
Submission | An unprocessed application for (i) insurance coverage forwarded to a primary insurer by a prospective policyholder or by a broker on behalf of such prospective policyholder, (ii) reinsurance coverage forwarded to a reinsurer by a prospective ceding insurer or by a broker or intermediary on behalf of such prospective ceding insurer or (iii) retrocessional coverage forwarded to a retrocessionaire by a prospective ceding reinsurer or by a broker or intermediary on behalf of such prospective ceding reinsurer. |
Surplus lines insurance | Any type of coverage that cannot be placed with an insurer admitted to do business in a certain jurisdiction. Risks placed in excess and surplus lines markets are often substandard in respect to adverse loss experience, unusual, or unable to be placed in conventional markets due to a shortage of capacity. | ||||
Syndicate | A member or group of members underwriting (re)insurance business at Lloyd’s through the agency of a managing agent or substitute agent to which a syndicate number is assigned. |
Treaty | A reinsurance agreement covering a book or class of business that is automatically accepted on a bulk basis by a reinsurer. A treaty contains common contract terms along with a specific risk definition, data on limit and retention, and provisions for premium and duration. |
Underwriting | The insurer’s or reinsurer’s process of reviewing applications submitted for insurance coverage, deciding whether to accept all or part of the coverage requested and determining the applicable premiums. |
Underwriting capacity | The maximum amount that an insurance company can underwrite. The limit is generally determined by a company’s retained earnings and investment capital. Reinsurance serves to increase a company’s underwriting capacity by reducing its exposure from particular risks. |
Underwriting expense ratio | The ratio of the sum of the acquisition expenses and operational expenses to net premiums earned. |
Underwriting expenses | The aggregate of policy acquisition costs, including commissions, and the portion of administrative, general and other expenses attributable to underwriting operations. |
Unearned premium | The portion of premiums written representing the unexpired portions of the policies or contracts that the insurer or reinsurer has on its books as of a certain date. |
Total Shares Purchased | Other Shares Purchased |
Shares Purchased
Under Repurchase Program |
Dollar
Amount Still Available Under Repurchase Program |
||||||||||||||||||||||||||||||||||||||||||||
|
Shares
Purchased |
Average
Price per Share |
Shares
Purchased |
Average
Price per Share |
Shares
Purchased |
Average
Price per Share |
|||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Beginning dollar amount available to be repurchased
|
$ | 421.8 | |||||||||||||||||||||||||||||||||||||||||||||
October 1 - 31, 2021 | 684,654 | $ | 146.52 | 145 | $ | 141.80 | 684,509 | $ | 146.52 | 321.5 | |||||||||||||||||||||||||||||||||||||
November 1 - 10, 2021 | 216,275 | $ | 153.52 | — | $ | — | 216,275 | $ | 153.52 | 288.3 | |||||||||||||||||||||||||||||||||||||
November 11 - renewal of authorized share repurchase program of $500.0 million | 500.0 | ||||||||||||||||||||||||||||||||||||||||||||||
November 11 - 30, 2021 | 311,066 | $ | 160.80 | 87 | $ | 152.55 | 310,979 | $ | 160.80 | 450.0 | |||||||||||||||||||||||||||||||||||||
December 1 - 31, 2021 | 876,867 | $ | 165.99 | 12,945 | $ | 169.33 | 863,922 | $ | 165.94 | 306.6 | |||||||||||||||||||||||||||||||||||||
Total | 2,088,862 | $ | 157.54 | 13,177 | $ | 168.92 | 2,075,685 | $ | 157.47 | $ | 306.6 | ||||||||||||||||||||||||||||||||||||
Page | |||||
Year ended December 31, | 2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||||||||||
(in thousands, except share and per share data and percentages)
|
|||||||||||||||||||||||||||||||||||
Statements of Operations Data: | |||||||||||||||||||||||||||||||||||
Gross premiums written
|
$ | 7,833,798 | $ | 5,806,165 | $ | 4,807,750 | $ | 3,310,427 | $ | 2,797,540 | |||||||||||||||||||||||||
Net premiums written
|
5,939,375 | 4,096,333 | 3,381,493 | 2,131,902 | 1,871,325 | ||||||||||||||||||||||||||||||
Net premiums earned
|
5,194,181 | 3,952,462 | 3,338,403 | 1,976,129 | 1,717,575 | ||||||||||||||||||||||||||||||
Net investment income | 319,479 | 354,038 | 424,207 | 269,965 | 197,775 | ||||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investments
|
(218,134) | 820,636 | 414,109 | (183,168) | 160,256 | ||||||||||||||||||||||||||||||
Net claims and claim expenses incurred
|
3,876,087 | 2,924,609 | 2,097,021 | 1,120,018 | 1,861,428 | ||||||||||||||||||||||||||||||
Acquisition expenses
|
1,214,858 | 897,677 | 762,232 | 432,989 | 346,892 | ||||||||||||||||||||||||||||||
Operational expenses
|
212,184 | 206,687 | 222,733 | 178,267 | 160,778 | ||||||||||||||||||||||||||||||
Underwriting income (loss) | (108,948) | (76,511) | 256,417 | 244,855 | (651,523) | ||||||||||||||||||||||||||||||
Net income (loss)
|
(103,440) | 993,058 | 950,267 | 268,917 | (354,671) | ||||||||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders
|
(73,421) | 731,482 | 712,042 | 197,276 | (244,770) | ||||||||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted
|
(1.57) | 15.31 | 16.29 | 4.91 | (6.15) | ||||||||||||||||||||||||||||||
Dividends per common share
|
1.44 | 1.40 | 1.36 | 1.32 | 1.28 | ||||||||||||||||||||||||||||||
Weighted average common shares outstanding – diluted
|
47,171 | 47,178 | 43,175 | 39,755 | 39,854 | ||||||||||||||||||||||||||||||
Return on average common equity
|
(1.1) | % | 11.7 | % | 14.1 | % | 4.7 | % | (5.7) | % | |||||||||||||||||||||||||
Combined ratio
|
102.1 | % | 101.9 | % | 92.3 | % | 87.6 | % | 137.9 | % | |||||||||||||||||||||||||
At December 31, | 2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||||||||||
Balance Sheet Data: | |||||||||||||||||||||||||||||||||||
Total investments
|
$ | 21,442,659 | $ | 20,558,176 | $ | 17,368,789 | $ | 11,885,747 | $ | 9,503,439 | |||||||||||||||||||||||||
Total assets
|
33,959,502 | 30,820,580 | 26,330,094 | 18,676,196 | 15,226,131 | ||||||||||||||||||||||||||||||
Reserve for claims and claim expenses
|
13,294,630 | 10,381,138 | 9,384,349 | 6,076,271 | 5,080,408 | ||||||||||||||||||||||||||||||
Unearned premiums
|
3,531,213 | 2,763,599 | 2,530,975 | 1,716,021 | 1,477,609 | ||||||||||||||||||||||||||||||
Debt
|
1,168,353 | 1,136,265 | 1,384,105 | 991,127 | 989,623 | ||||||||||||||||||||||||||||||
Capital leases
|
22,459 | 22,853 | 25,072 | 25,853 | 26,387 | ||||||||||||||||||||||||||||||
Preference shares
|
750,000 | 525,000 | 650,000 | 650,000 | 400,000 | ||||||||||||||||||||||||||||||
Total shareholders’ equity attributable to RenaissanceRe
|
6,624,281 | 7,560,248 | 5,971,367 | 5,045,080 | 4,391,375 | ||||||||||||||||||||||||||||||
Common shares outstanding
|
44,445 | 50,811 | 44,148 | 42,207 | 40,024 | ||||||||||||||||||||||||||||||
Book value per common share
|
$ | 132.17 | $ | 138.46 | $ | 120.53 | $ | 104.13 | $ | 99.72 | |||||||||||||||||||||||||
Accumulated dividends
|
23.52 | 22.08 | 20.68 | 19.32 | 18.00 | ||||||||||||||||||||||||||||||
Book value per common share plus accumulated dividends
|
$ | 155.69 | $ | 160.54 | $ | 141.21 | $ | 123.45 | $ | 117.72 | |||||||||||||||||||||||||
Change in book value per common share plus change in accumulated dividends
|
(3.5) | % | 16.0 | % | 17.1 | % | 5.7 | % | (6.9) | % | |||||||||||||||||||||||||
At December 31, 2021 |
Case
Reserves |
Additional
Case Reserves |
IBNR | Total | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Property | $ | 1,555,210 | $ | 1,996,760 | $ | 2,825,718 | $ | 6,377,688 | |||||||||||||||||||||
Casualty and Specialty | 1,784,334 | 128,065 | 5,004,543 | 6,916,942 | |||||||||||||||||||||||||
Total | $ | 3,339,544 | $ | 2,124,825 | $ | 7,830,261 | $ | 13,294,630 | |||||||||||||||||||||
At December 31, 2020 | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Property | $ | 1,127,909 | $ | 1,617,003 | $ | 1,627,541 | $ | 4,372,453 | |||||||||||||||||||||
Casualty and Specialty | 1,651,150 | 133,843 | 4,223,692 | 6,008,685 | |||||||||||||||||||||||||
Total | $ | 2,779,059 | $ | 1,750,846 | $ | 5,851,233 | $ | 10,381,138 | |||||||||||||||||||||
Year ended December 31, | 2021 | 2020 | 2019 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Reserve for claims and claim expenses, net of reinsurance recoverable, as of beginning of period | $ | 7,455,128 | $ | 6,593,052 | $ | 3,704,050 | |||||||||||||||||
Net incurred related to: | |||||||||||||||||||||||
Current year | 4,125,557 | 3,108,421 | 2,123,876 | ||||||||||||||||||||
Prior years | (249,470) | (183,812) | (26,855) | ||||||||||||||||||||
Total net incurred | 3,876,087 | 2,924,609 | 2,097,021 | ||||||||||||||||||||
Net paid related to: | |||||||||||||||||||||||
Current year | 574,230 | 412,172 | 265,649 | ||||||||||||||||||||
Prior years | 1,649,872 | 1,592,456 | 832,405 | ||||||||||||||||||||
Total net paid | 2,224,102 | 2,004,628 | 1,098,054 | ||||||||||||||||||||
Foreign exchange (1)
|
(81,152) | 97,273 | 31,260 | ||||||||||||||||||||
Amounts disposed (2)
|
— | (155,178) | — | ||||||||||||||||||||
Amounts acquired (3)
|
— | — | 1,858,775 | ||||||||||||||||||||
Reserve for claims and claim expenses, net of reinsurance recoverable, as of end of period | 9,025,961 | 7,455,128 | 6,593,052 | ||||||||||||||||||||
Reinsurance recoverable as of end of period | 4,268,669 | 2,926,010 | 2,791,297 | ||||||||||||||||||||
Reserve for claims and claim expenses as of end of period | $ | 13,294,630 | $ | 10,381,138 | $ | 9,384,349 | |||||||||||||||||
Year ended December 31, | 2021 | 2020 | 2019 | ||||||||||||||||||||
(in thousands) | (Favorable) adverse development | (Favorable) adverse development | (Favorable) adverse development | ||||||||||||||||||||
Property | $ | (233,373) | $ | (157,049) | $ | (2,973) | |||||||||||||||||
Casualty and Specialty | (16,097) | (26,763) | (23,882) | ||||||||||||||||||||
Total favorable development of prior accident years net claims and claim expenses | $ | (249,470) | $ | (183,812) | $ | (26,855) | |||||||||||||||||
Incurred Claims and Claim Expenses, Net of Reinsurance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | For the year ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accident
Year |
2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | $ | 560,348 | $ | 429,885 | $ | 395,605 | $ | 375,439 | $ | 358,509 | $ | 346,756 | $ | 338,877 | $ | 334,347 | $ | 325,042 | $ | 322,871 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | — | 318,033 | 294,315 | 272,191 | 250,014 | 238,734 | 235,016 | 235,356 | 238,404 | 240,779 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | — | — | 302,158 | 278,813 | 265,569 | 260,542 | 259,379 | 256,845 | 250,647 | 247,708 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2015 | — | — | — | 372,338 | 357,065 | 334,099 | 323,211 | 311,964 | 305,847 | 295,081 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2016 | — | — | — | — | 455,503 | 469,120 | 452,922 | 434,706 | 415,572 | 411,698 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | — | — | — | — | — | 1,644,982 | 1,461,953 | 1,350,684 | 1,328,419 | 1,273,461 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | — | — | — | — | — | — | 938,309 | 1,020,102 | 979,598 | 857,217 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | — | — | — | — | — | — | — | 992,526 | 956,445 | 898,472 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | — | — | — | — | — | — | — | — | 1,580,564 | 1,600,743 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | — | — | — | — | — | — | — | — | — | 2,370,891 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 8,518,921 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Incurred Claims and Claim Expenses, Net of Reinsurance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | For the year ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accident
Year |
2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | $ | 578,130 | $ | 592,453 | $ | 563,062 | $ | 551,958 | $ | 540,732 | $ | 554,391 | $ | 568,888 | $ | 577,474 | $ | 569,186 | $ | 570,741 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | — | 594,425 | 592,861 | 564,622 | 540,484 | 527,719 | 512,923 | 490,856 | 482,099 | 485,498 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | — | — | 700,597 | 695,827 | 700,137 | 681,191 | 663,280 | 675,424 | 646,998 | 640,914 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2015 | — | — | — | 767,250 | 787,882 | 827,103 | 807,386 | 793,509 | 811,403 | 816,906 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2016 | — | — | — | — | 962,878 | 995,833 | 994,781 | 986,009 | 950,960 | 962,173 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | — | — | — | — | — | 1,309,433 | 1,286,751 | 1,313,703 | 1,274,909 | 1,285,920 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | — | — | — | — | — | — | 1,260,481 | 1,322,850 | 1,318,322 | 1,331,532 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | — | — | — | — | — | — | — | 1,262,941 | 1,256,812 | 1,255,990 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | — | — | — | — | — | — | — | — | 1,510,390 | 1,475,979 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | — | — | — | — | — | — | — | — | — | 1,709,700 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 10,535,353 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except percentages) |
Estimated
Loss Reporting Pattern |
$ Impact of
Change on Reserves for Claims and Claim Expenses at December 31, 2021 |
% Impact of
Change on Reserve for Claims and Claim Expenses at December 31, 2021 |
% Impact of
Change on Net Income (Loss) for the Year Ended December 31, 2021 |
% Impact of
Change on Shareholders’ Equity at December 31, 2021 |
||||||||||||||||||||||||||||||
Increase expected claims and claim expense ratio by 10%
|
Slower
reporting |
$ | 1,143,914 | 8.6 | % | 1,105.9 | % | (17.3) | % | ||||||||||||||||||||||||||
Increase expected claims and claim expense ratio by 10%
|
Expected
reporting |
$ | 500,454 | 3.8 | % | 483.8 | % | (7.6) | % | ||||||||||||||||||||||||||
Increase expected claims and claim expense ratio by 10%
|
Faster
reporting |
$ | 141,739 | 1.1 | % | 137.0 | % | (2.1) | % | ||||||||||||||||||||||||||
Expected claims and claim expense ratio
|
Slower
reporting |
$ | 584,963 | 4.4 | % | 565.5 | % | (8.8) | % | ||||||||||||||||||||||||||
Expected claims and claim expense ratio
|
Expected
reporting |
$ | — | — | % | — | % | — | % | ||||||||||||||||||||||||||
Expected claims and claim expense ratio
|
Faster
reporting |
$ | (326,104) | (2.5) | % | (315.3) | % | 4.9 | % | ||||||||||||||||||||||||||
Decrease expected claims and claim expense ratio by 10%
|
Slower
reporting |
$ | 26,013 | 0.2 | % | 25.1 | % | (0.4) | % | ||||||||||||||||||||||||||
Decrease expected claims and claim expense ratio by 10%
|
Expected
reporting |
$ | (500,454) | (3.8) | % | (483.8) | % | 7.6 | % | ||||||||||||||||||||||||||
Decrease expected claims and claim expense ratio by 10%
|
Faster
reporting |
$ | (793,948) | (6.0) | % | (767.5) | % | 12.0 | % | ||||||||||||||||||||||||||
(in thousands, except per share amounts and percentages) | |||||||||||||||||||||||
Statements of Operations Highlights | |||||||||||||||||||||||
Year ended December 31, | 2021 | 2020 | 2019 | ||||||||||||||||||||
Gross premiums written
|
$ | 7,833,798 | $ | 5,806,165 | $ | 4,807,750 | |||||||||||||||||
Net premiums written
|
$ | 5,939,375 | $ | 4,096,333 | $ | 3,381,493 | |||||||||||||||||
Net premiums earned
|
$ | 5,194,181 | $ | 3,952,462 | $ | 3,338,403 | |||||||||||||||||
Net claims and claim expenses incurred
|
3,876,087 | 2,924,609 | 2,097,021 | ||||||||||||||||||||
Acquisition expenses
|
1,214,858 | 897,677 | 762,232 | ||||||||||||||||||||
Operational expenses
|
212,184 | 206,687 | 222,733 | ||||||||||||||||||||
Underwriting income (loss) | $ | (108,948) | $ | (76,511) | $ | 256,417 | |||||||||||||||||
Net investment income | $ | 319,479 | $ | 354,038 | $ | 424,207 | |||||||||||||||||
Net realized and unrealized gains (losses) on investments
|
(218,134) | 820,636 | 414,109 | ||||||||||||||||||||
Total investment result | $ | 101,345 | $ | 1,174,674 | $ | 838,316 | |||||||||||||||||
Net income (loss) | $ | (103,440) | $ | 993,058 | $ | 950,267 | |||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | (73,421) | $ | 731,482 | $ | 712,042 | |||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted | $ | (1.57) | $ | 15.31 | $ | 16.29 | |||||||||||||||||
Dividends per common share
|
$ | 1.44 | $ | 1.40 | $ | 1.36 | |||||||||||||||||
Key Ratios | |||||||||||||||||||||||
Year ended December 31, | 2021 | 2020 | 2019 | ||||||||||||||||||||
Net claims and claim expense ratio – current accident year
|
79.4 | % | 78.6 | % | 63.6 | % | |||||||||||||||||
Net claims and claim expense ratio – prior accident years
|
(4.8) | % | (4.6) | % | (0.8) | % | |||||||||||||||||
Net claims and claim expense ratio – calendar year | 74.6 | % | 74.0 | % | 62.8 | % | |||||||||||||||||
Underwriting expense ratio | 27.5 | % | 27.9 | % | 29.5 | % | |||||||||||||||||
Combined ratio | 102.1 | % | 101.9 | % | 92.3 | % | |||||||||||||||||
Return on average common equity | (1.1) | % | 11.7 | % | 14.1 | % | |||||||||||||||||
Book Value | |||||||||||||||||||||||
At December 31, | 2021 | 2020 | 2019 | ||||||||||||||||||||
Book value per common share
|
$ | 132.17 | $ | 138.46 | $ | 120.53 | |||||||||||||||||
Accumulated dividends per common share
|
23.52 | 22.08 | 20.68 | ||||||||||||||||||||
Book value per common share plus accumulated dividends
|
$ | 155.69 | $ | 160.54 | $ | 141.21 | |||||||||||||||||
Change in book value per common share plus change in accumulated dividends
|
(3.5) | % | 16.0 | % | 17.1 | % | |||||||||||||||||
Balance Sheet Highlights | |||||||||||||||||||||||
At December 31, | 2021 | 2020 | 2019 | ||||||||||||||||||||
Total assets
|
$ | 33,959,502 | $ | 30,820,580 | $ | 26,330,094 | |||||||||||||||||
Total shareholders’ equity attributable to RenaissanceRe
|
$ | 6,624,281 | $ | 7,560,248 | $ | 5,971,367 | |||||||||||||||||
Year ended December 31, 2021 | Winter Storm Uri | European Floods | Hurricane Ida |
Other 2021 Catastrophe Events (1)
|
Aggregate Losses (2)
|
Total 2021 Weather-Related Large Losses (3)
|
|||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||
Net claims and claims expenses incurred | $ | (358,937) | $ | (360,644) | $ | (741,285) | $ | (85,941) | $ | (161,093) | $ | (1,707,900) | |||||||||||||||||||||||||||||
Assumed reinstatement premiums earned | 86,626 | 90,346 | 156,061 | 9,939 | 6,140 | 349,112 | |||||||||||||||||||||||||||||||||||
Ceded reinstatement premiums earned | (11,045) | (16,372) | (27,467) | — | — | (54,884) | |||||||||||||||||||||||||||||||||||
Earned (lost) profit commissions | 773 | 8,084 | — | 1,645 | — | 10,502 | |||||||||||||||||||||||||||||||||||
Net negative impact on underwriting result | (282,583) | (278,586) | (612,691) | (74,357) | (154,953) | (1,403,170) | |||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interest - DaVinciRe | 91,966 | 84,082 | 179,403 | 15,660 | 37,175 | 408,286 | |||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interest - Vermeer | 10,000 | — | 21,403 | 1,422 | — | 32,825 | |||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interest | 101,966 | 84,082 | 200,806 | 17,082 | 37,175 | 441,111 | |||||||||||||||||||||||||||||||||||
Net negative impact on net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | (180,617) | $ | (194,504) | $ | (411,885) | $ | (57,275) | $ | (117,778) | $ | (962,059) | |||||||||||||||||||||||||||||
Year ended December 31, 2021 | Winter Storm Uri | European Floods | Hurricane Ida |
Other 2021 Catastrophe Events (1)
|
Aggregate Losses (2)
|
Total 2021 Weather-Related Large Losses (3)
|
|||||||||||||||||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||||||||||||||||||||
Net negative impact on Property segment underwriting result | $ | (275,566) | $ | (276,317) | $ | (596,271) | $ | (74,357) | $ | (154,953) | $ | (1,377,464) | |||||||||||||||||||||||||||||
Net negative impact on Casualty and Specialty segment underwriting result | (7,017) | (2,269) | (16,420) | — | — | (25,706) | |||||||||||||||||||||||||||||||||||
Net negative impact on underwriting result | $ | (282,583) | $ | (278,586) | $ | (612,691) | $ | (74,357) | $ | (154,953) | $ | (1,403,170) | |||||||||||||||||||||||||||||
Percentage point impact on consolidated combined ratio | 5.5 | 5.4 | 12.0 | 1.4 | 3.0 | 28.5 | |||||||||||||||||||||||||||||||||||
Year ended December 31, 2020 |
Q3 2020 Weather-Related Catastrophe Events (1)
|
Q4 2020 Weather-Related Catastrophe Events (2)
|
2020 Aggregate Losses (3)
|
Total 2020 Weather-Related Large Loss Events (4)
|
|||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||
Net claims and claims expenses incurred | $ | (456,425) | $ | (129,394) | $ | (153,757) | $ | (739,576) | |||||||||||||||||||||||||||||||||
Assumed reinstatement premiums earned | 68,094 | 6,323 | 4,997 | 79,414 | |||||||||||||||||||||||||||||||||||||
Ceded reinstatement premiums earned | (4,019) | (1,678) | — | (5,697) | |||||||||||||||||||||||||||||||||||||
Earned (lost) profit commissions | 837 | 2,774 | (6,270) | (2,659) | |||||||||||||||||||||||||||||||||||||
Net negative impact on underwriting result | (391,513) | (121,975) | (155,030) | (668,518) | |||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interest | 92,823 | 36,811 | 45,270 | 174,904 | |||||||||||||||||||||||||||||||||||||
Net negative impact on net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | (298,690) | $ | (85,164) | $ | (109,760) | $ | (493,614) | |||||||||||||||||||||||||||||||||
Year ended December 31, 2020 |
Q3 2020 Weather-Related Catastrophe Events (1)
|
Q4 2020 Weather-Related Catastrophe Events (2)
|
2020 Aggregate Losses (3)
|
Total 2020 Weather-Related Large Loss Events (4)
|
|||||||||||||||||||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||||||||||||||||||||
Net negative impact on Property segment underwriting result | $ | (378,674) | $ | (118,150) | $ | (155,030) | $ | (651,854) | |||||||||||||||||||||||||||||||||
Net negative impact on Casualty and Specialty segment underwriting result | (12,839) | (3,825) | — | (16,664) | |||||||||||||||||||||||||||||||||||||
Net negative impact on underwriting result | $ | (391,513) | $ | (121,975) | $ | (155,030) | $ | (668,518) | |||||||||||||||||||||||||||||||||
Percentage point impact on consolidated combined ratio | 10.0 | 3.1 | 3.9 | 17.2 | |||||||||||||||||||||||||||||||||||||
Year ended December 31, 2019 | Typhoon Hagibis | Q3 2019 Catastrophe Events | 2019 Aggregate Losses | Total 2019 Large Loss Events | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Net claims and claims expenses incurred | $ | (199,305) | $ | (187,188) | $ | (97,591) | $ | (484,084) | |||||||||||||||||||||
Assumed reinstatement premiums earned | 28,829 | 24,596 | 183 | 53,608 | |||||||||||||||||||||||||
Ceded reinstatement premiums earned | (219) | (574) | — | (793) | |||||||||||||||||||||||||
Earned (lost) profit commissions | 7,509 | 3,100 | 1,740 | 12,349 | |||||||||||||||||||||||||
Net negative impact on underwriting result | (163,186) | (160,066) | (95,668) | (418,920) | |||||||||||||||||||||||||
Redeemable noncontrolling interest - DaVinciRe | 35,078 | 22,677 | 12,932 | 70,687 | |||||||||||||||||||||||||
Net negative impact on net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | (128,108) | $ | (137,389) | $ | (82,736) | $ | (348,233) | |||||||||||||||||||||
Year ended December 31, 2019 | Typhoon Hagibis | Q3 2019 Catastrophe Events | 2019 Aggregate Losses | Total 2019 Large Loss Events | |||||||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||||||||
Net negative impact on Property segment underwriting result | $ | (161,654) | $ | (157,064) | $ | (95,668) | $ | (414,386) | |||||||||||||||||||||
Net negative impact on Casualty and Specialty segment underwriting result | (1,532) | (3,002) | — | (4,534) | |||||||||||||||||||||||||
Net negative impact on underwriting result | $ | (163,186) | $ | (160,066) | $ | (95,668) | $ | (418,920) | |||||||||||||||||||||
Percentage point impact on consolidated combined ratio | 5.0 | 4.9 | 2.8 | 12.9 | |||||||||||||||||||||||||
Year ended December 31, | 2021 | 2020 | 2019 | ||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
Gross premiums written | $ | 3,958,724 | $ | 2,999,142 | $ | 2,430,985 | |||||||||||||||||
Net premiums written | $ | 2,868,002 | $ | 2,037,200 | $ | 1,654,259 | |||||||||||||||||
Net premiums earned | $ | 2,608,298 | $ | 1,936,215 | $ | 1,627,494 | |||||||||||||||||
Net claims and claim expenses incurred | 2,163,016 | 1,435,947 | 965,384 | ||||||||||||||||||||
Acquisition expenses | 487,178 | 353,700 | 313,554 | ||||||||||||||||||||
Operational expenses | 143,608 | 135,547 | 138,187 | ||||||||||||||||||||
Underwriting income (loss) | $ | (185,504) | $ | 11,021 | $ | 210,369 | |||||||||||||||||
Net claims and claim expenses incurred – current accident year
|
$ | 2,396,389 | $ | 1,592,996 | $ | 968,357 | |||||||||||||||||
Net claims and claim expenses incurred – prior accident years
|
(233,373) | (157,049) | (2,973) | ||||||||||||||||||||
Net claims and claim expenses incurred – total
|
$ | 2,163,016 | $ | 1,435,947 | $ | 965,384 | |||||||||||||||||
Net claims and claim expense ratio – current accident year
|
91.9 | % | 82.3 | % | 59.5 | % | |||||||||||||||||
Net claims and claim expense ratio – prior accident years
|
(9.0) | % | (8.1) | % | (0.2) | % | |||||||||||||||||
Net claims and claim expense ratio – calendar year
|
82.9 | % | 74.2 | % | 59.3 | % | |||||||||||||||||
Underwriting expense ratio
|
24.2 | % | 25.2 | % | 27.8 | % | |||||||||||||||||
Combined ratio
|
107.1 | % | 99.4 | % | 87.1 | % | |||||||||||||||||
Year ended December 31, | 2021 | 2020 | 2019 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Ceded premiums written - Property
|
$ | 1,090,722 | $ | 961,942 | $ | 776,726 | |||||||||||||||||
Year ended December 31, | 2021 | 2020 | 2019 | ||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
Gross premiums written | $ | 3,875,074 | $ | 2,807,023 | $ | 2,376,765 | |||||||||||||||||
Net premiums written | $ | 3,071,373 | $ | 2,059,133 | $ | 1,727,234 | |||||||||||||||||
Net premiums earned | $ | 2,585,883 | $ | 2,016,247 | $ | 1,710,909 | |||||||||||||||||
Net claims and claim expenses incurred | 1,713,071 | 1,488,662 | 1,131,637 | ||||||||||||||||||||
Acquisition expenses | 727,680 | 543,977 | 448,678 | ||||||||||||||||||||
Operational expenses | 68,576 | 71,140 | 84,546 | ||||||||||||||||||||
Underwriting income (loss) | $ | 76,556 | $ | (87,532) | $ | 46,048 | |||||||||||||||||
Net claims and claim expenses incurred – current accident year
|
$ | 1,729,168 | $ | 1,515,425 | $ | 1,155,519 | |||||||||||||||||
Net claims and claim expenses incurred – prior accident years
|
(16,097) | (26,763) | (23,882) | ||||||||||||||||||||
Net claims and claim expenses incurred – total
|
$ | 1,713,071 | $ | 1,488,662 | $ | 1,131,637 | |||||||||||||||||
Net claims and claim expense ratio – current accident year
|
66.9 | % | 75.2 | % | 67.5 | % | |||||||||||||||||
Net claims and claim expense ratio – prior accident years
|
(0.7) | % | (1.4) | % | (1.4) | % | |||||||||||||||||
Net claims and claim expense ratio – calendar year
|
66.2 | % | 73.8 | % | 66.1 | % | |||||||||||||||||
Underwriting expense ratio
|
30.8 | % | 30.5 | % | 31.2 | % | |||||||||||||||||
Combined ratio
|
97.0 | % | 104.3 | % | 97.3 | % | |||||||||||||||||
Year ended December 31, | 2021 | 2020 | 2019 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Ceded premiums written - Casualty and Specialty
|
$ | 803,701 | $ | 747,890 | $ | 649,531 | |||||||||||||||||
Year ended December 31, | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Management Fee Income | |||||||||||||||||||||||||||||||||||||||||||||||
Joint ventures
|
$ | 43,074 | $ | 45,499 | $ | 42,546 | |||||||||||||||||||||||||||||||||||||||||
Structured reinsurance products
|
34,639 | 34,951 | 35,238 | ||||||||||||||||||||||||||||||||||||||||||||
Managed funds
|
31,358 | 31,026 | 18,636 | ||||||||||||||||||||||||||||||||||||||||||||
Total management fee income
|
$ | 109,071 | $ | 111,476 | $ | 96,420 | |||||||||||||||||||||||||||||||||||||||||
Performance Fee Income | |||||||||||||||||||||||||||||||||||||||||||||||
Joint ventures
|
$ | 14,235 | $ | 10,167 | $ | 9,660 | |||||||||||||||||||||||||||||||||||||||||
Structured reinsurance products
|
4,917 | 7,525 | 7,693 | ||||||||||||||||||||||||||||||||||||||||||||
Managed funds
|
280 | 15,994 | 420 | ||||||||||||||||||||||||||||||||||||||||||||
Total performance fee income
|
$ | 19,432 | $ | 33,686 | $ | 17,773 | |||||||||||||||||||||||||||||||||||||||||
Total fee income
|
$ | 128,503 | $ | 145,162 | $ | 114,193 | |||||||||||||||||||||||||||||||||||||||||
Twelve months ended December 31 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Underwriting income (loss) - fee income on third-party capital management activities(1)
|
$ | 67,287 | $ | 87,764 | $ | 60,046 | |||||||||||||||||||||||
Equity in earnings of other ventures | 50 | 70 | 105 | ||||||||||||||||||||||||||
Net income (loss) attributable to redeemable noncontrolling interest | 61,166 | 57,328 | 54,042 | ||||||||||||||||||||||||||
Total fee income | $ | 128,503 | $ | 145,162 | $ | 114,193 | |||||||||||||||||||||||
Twelve months ended December 31 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Underwriting income (loss) - fee income on third-party capital management activities | $ | 67,287 | $ | 87,764 | $ | 60,046 | |||||||||||||||||||||||
Underwriting income (loss) - additional fees on other underwriting-related activities | 73,418 | 59,080 | 47,828 | ||||||||||||||||||||||||||
Total fees recorded through underwriting income (loss) | 140,705 | 146,844 | 107,874 | ||||||||||||||||||||||||||
Impact of Total fees recorded through underwriting income (loss) on the combined ratio | 2.7 | % | 3.7 | % | 3.2 | % | |||||||||||||||||||||||
Year ended December 31, | 2021 | 2020 | 2019 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Fixed maturity investments | $ | 234,911 | $ | 278,215 | $ | 318,503 | |||||||||||||||||
Short term investments | 2,333 | 20,799 | 56,264 | ||||||||||||||||||||
Equity investments trading | 9,017 | 6,404 | 4,808 | ||||||||||||||||||||
Other investments | |||||||||||||||||||||||
Catastrophe bonds | 64,860 | 54,784 | 46,154 | ||||||||||||||||||||
Other | 28,811 | 9,417 | 8,447 | ||||||||||||||||||||
Cash and cash equivalents | 297 | 2,974 | 7,676 | ||||||||||||||||||||
340,229 | 372,593 | 441,852 | |||||||||||||||||||||
Investment expenses | (20,750) | (18,555) | (17,645) | ||||||||||||||||||||
Net investment income | $ | 319,479 | $ | 354,038 | $ | 424,207 | |||||||||||||||||
Year ended December 31, | 2021 | 2020 | 2019 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Gross realized gains | $ | 177,314 | $ | 323,425 | $ | 133,409 | |||||||||||||||||
Gross realized losses | (97,726) | (46,524) | (43,149) | ||||||||||||||||||||
Net realized gains (losses) on fixed maturity investments | 79,588 | 276,901 | 90,260 | ||||||||||||||||||||
Net unrealized gains (losses) on fixed maturity investments trading
|
(389,376) | 216,859 | 170,183 | ||||||||||||||||||||
Net realized and unrealized gains (losses) on investments-related derivatives (1)
|
(12,237) | 68,608 | 58,891 | ||||||||||||||||||||
Net realized gains (losses) on equity investments trading | 335,491 | 3,532 | 31,062 | ||||||||||||||||||||
Net unrealized gains (losses) on equity investments trading
|
(285,882) | 262,064 | 64,087 | ||||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - catastrophe bonds | (35,033) | (7,031) | (9,392) | ||||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - other | 89,315 | (297) | 9,018 | ||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | $ | (218,134) | $ | 820,636 | $ | 414,109 | |||||||||||||||||
Year ended December 31, | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Total foreign exchange gains (losses) | $ | (41,006) | $ | 27,773 | $ | (2,938) | |||||||||||||||||||||||
Year ended December 31, | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Top Layer Re | $ | 8,286 | $ | 9,595 | $ | 8,801 | |||||||||||||||||||||||
Tower Hill Companies | (2,073) | 3,104 | 10,337 | ||||||||||||||||||||||||||
Other | 6,096 | 4,495 | 4,086 | ||||||||||||||||||||||||||
Total equity in earnings of other ventures | $ | 12,309 | $ | 17,194 | $ | 23,224 | |||||||||||||||||||||||
Year ended December 31, | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Assumed and ceded reinsurance contracts accounted for as derivatives and deposits
|
$ | 5,905 | $ | (1,177) | $ | 4,473 | |||||||||||||||||||||||
Other | 4,975 | 1,390 | 476 | ||||||||||||||||||||||||||
Total other income (loss) | $ | 10,880 | $ | 213 | $ | 4,949 | |||||||||||||||||||||||
Year ended December 31, | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Total corporate expenses | $ | 41,152 | $ | 96,970 | $ | 94,122 | |||||||||||||||||||||||
Year ended December 31, | 2021 | 2020 | 2019 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Interest Expense | |||||||||||||||||||||||
$250.0 million 5.75% Senior Notes due 2020 | $ | — | $ | 2,995 | $ | 14,375 | |||||||||||||||||
$300.0 million 3.700% Senior Notes due 2025 | 11,100 | 11,100 | 11,100 | ||||||||||||||||||||
$300.0 million 3.450% Senior Notes due 2027 | 10,350 | 10,350 | 10,350 | ||||||||||||||||||||
$400.0 million 3.600% Senior Notes due 2029 | 14,400 | 14,400 | 10,720 | ||||||||||||||||||||
$150.0 million 4.750% Senior Notes due 2025 (DaVinciRe) | 7,125 | 7,125 | 7,125 | ||||||||||||||||||||
Other | 4,561 | 4,483 | 4,694 | ||||||||||||||||||||
Total interest expense | 47,536 | 50,453 | 58,364 | ||||||||||||||||||||
Preferred Share Dividends | |||||||||||||||||||||||
$125.0 million 6.08% Series C Preference Shares | — | 1,767 | 7,600 | ||||||||||||||||||||
$275.0 million 5.375% Series E Preference Shares | 9,033 | 14,781 | 14,781 | ||||||||||||||||||||
$250.0 million 5.750% Series F Preference Shares | 14,375 | 14,375 | 14,375 | ||||||||||||||||||||
$500.0 million 4.20% Series G Preference Shares | 9,858 | — | — | ||||||||||||||||||||
Total preferred share dividends | 33,266 | 30,923 | 36,756 | ||||||||||||||||||||
Total interest expense and preferred share dividends | $ | 80,802 | $ | 81,376 | $ | 95,120 | |||||||||||||||||
Year ended December 31, | 2021 | 2020 | 2019 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Income tax (expense) benefit | $ | 10,668 | $ | (2,862) | $ | (17,215) | |||||||||||||||||
Year ended December 31, | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Redeemable noncontrolling interest - DaVinciRe | $ | (102,932) | $ | 113,671 | $ | 127,084 | |||||||||||||||||||||||
Redeemable noncontrolling interest - Medici | 1,492 | 55,970 | 25,759 | ||||||||||||||||||||||||||
Redeemable noncontrolling interest - Vermeer | 38,155 | 61,012 | 48,626 | ||||||||||||||||||||||||||
Net income (loss) attributable to redeemable noncontrolling interests | $ | (63,285) | $ | 230,653 | $ | 201,469 | |||||||||||||||||||||||
At December 31, 2021 | Issued or Drawn | ||||||||||
(in thousands) | |||||||||||
Revolving Credit Facility (1)
|
$ | — | |||||||||
Medici Revolving Credit Facility (2)
|
30,000 | ||||||||||
Bilateral Letter of Credit Facilities
|
|||||||||||
Secured
|
410,440 | ||||||||||
Unsecured
|
369,324 | ||||||||||
Funds at Lloyd’s Letter of Credit Facility
|
275,000 | ||||||||||
$ | 1,084,764 | ||||||||||
At December 31, 2021 | Total |
Less Than 1
Year |
1-3 Years | 3-5 Years |
More Than 5
Years |
||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
Long term debt obligations (1)
|
|||||||||||||||||||||||||||||||||||
3.600% Senior Notes due 2029 | $ | 504,942 | $ | 14,400 | $ | 28,800 | $ | 28,800 | $ | 432,942 | |||||||||||||||||||||||||
3.450% Senior Notes due 2027 | 356,911 | 10,350 | 20,700 | 20,700 | 305,161 | ||||||||||||||||||||||||||||||
3.700% Senior Notes due 2025 | 336,067 | 11,100 | 22,200 | 302,767 | — | ||||||||||||||||||||||||||||||
4.750% Senior Notes due 2025 (DaVinciRe) | 173,737 | 7,125 | 14,250 | 152,362 | — | ||||||||||||||||||||||||||||||
Total long term debt obligations | 1,371,657 | 42,975 | 85,950 | 504,629 | 738,103 | ||||||||||||||||||||||||||||||
Investment commitments (2)
|
1,411,306 | 1,411,306 | — | — | — | ||||||||||||||||||||||||||||||
Operating lease obligations | 54,870 | 8,515 | 13,626 | 11,586 | 21,143 | ||||||||||||||||||||||||||||||
Capital lease obligations | 18,112 | 2,661 | 5,322 | 5,322 | 4,807 | ||||||||||||||||||||||||||||||
Payable for investments purchased
|
1,170,568 | 1,170,568 | — | — | — | ||||||||||||||||||||||||||||||
Reserve for claims and claim expenses (3)
|
13,294,630 | 3,988,389 | 4,254,281 | 2,127,141 | 2,924,819 | ||||||||||||||||||||||||||||||
Total contractual obligations
|
$ | 17,321,143 | $ | 6,624,414 | $ | 4,359,179 | $ | 2,648,678 | $ | 3,688,872 | |||||||||||||||||||||||||
Year ended December 31, | 2021 | 2020 | 2019 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 1,234,815 | $ | 1,992,735 | $ | 2,137,195 | |||||||||||||||||
Net cash provided by (used in) investing activities | (816,296) | (2,304,689) | (2,988,644) | ||||||||||||||||||||
Net cash provided by (used in) financing activities | (302,461) | 665,214 | 1,120,117 | ||||||||||||||||||||
Effect of exchange rate changes on foreign currency cash | 6,148 | 4,485 | 2,478 | ||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 122,206 | 357,745 | 271,146 | ||||||||||||||||||||
Cash and cash equivalents, beginning of period | 1,736,813 | 1,379,068 | 1,107,922 | ||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 1,859,019 | $ | 1,736,813 | $ | 1,379,068 | |||||||||||||||||
At December 31, | 2021 | 2020 | Change | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Common shareholders’ equity | $ | 5,874,281 | $ | 7,035,248 | $ | (1,160,967) | ||||||||||||||||||||
Preference shares | 750,000 | 525,000 | 225,000 | |||||||||||||||||||||||
Total shareholders’ equity attributable to RenaissanceRe | 6,624,281 | 7,560,248 | (935,967) | |||||||||||||||||||||||
3.600% Senior Notes due 2029 | 393,305 | 392,391 | 914 | |||||||||||||||||||||||
3.450% Senior Notes due 2027 | 297,281 | 296,787 | 494 | |||||||||||||||||||||||
3.700% Senior Notes due 2025 | 298,798 | 298,428 | 370 | |||||||||||||||||||||||
4.750% Senior Notes due 2025 (DaVinciRe) (1)
|
148,969 | 148,659 | 310 | |||||||||||||||||||||||
Total senior notes | 1,138,353 | 1,136,265 | 2,088 | |||||||||||||||||||||||
Medici Revolving Credit Facility (2)
|
30,000 | — | 30,000 | |||||||||||||||||||||||
Total debt
|
$ | 1,168,353 | $ | 1,136,265 | $ | 32,088 | ||||||||||||||||||||
At December 31, | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||||||||||||||
U.S. treasuries | $ | 6,247,779 | 29.1 | % | $ | 4,960,409 | 24.1 | % | $ | 1,287,370 | |||||||||||||||||||||||||
Agencies | 361,684 | 1.7 | % | 368,032 | 1.8 | % | (6,348) | ||||||||||||||||||||||||||||
Non-U.S. government | 549,613 | 2.6 | % | 491,531 | 2.4 | % | 58,082 | ||||||||||||||||||||||||||||
Non-U.S. government-backed corporate | 474,848 | 2.2 | % | 338,014 | 1.6 | % | 136,834 | ||||||||||||||||||||||||||||
Corporate | 3,214,438 | 15.0 | % | 4,261,025 | 20.7 | % | (1,046,587) | ||||||||||||||||||||||||||||
Agency mortgage-backed | 721,955 | 3.4 | % | 1,113,792 | 5.4 | % | (391,837) | ||||||||||||||||||||||||||||
Non-agency mortgage-backed | 233,346 | 1.1 | % | 291,444 | 1.4 | % | (58,098) | ||||||||||||||||||||||||||||
Commercial mortgage-backed | 634,925 | 3.0 | % | 791,272 | 3.8 | % | (156,347) | ||||||||||||||||||||||||||||
Asset-backed | 1,068,543 | 5.0 | % | 890,984 | 4.3 | % | 177,559 | ||||||||||||||||||||||||||||
Total fixed maturity investments, at fair value
|
13,507,131 | 63.1 | % | 13,506,503 | 65.5 | % | 628 | ||||||||||||||||||||||||||||
Short term investments, at fair value | 5,298,385 | 24.7 | % | 4,993,735 | 24.3 | % | 304,650 | ||||||||||||||||||||||||||||
Equity investments trading, at fair value | 546,016 | 2.5 | % | 702,617 | 3.4 | % | (156,601) | ||||||||||||||||||||||||||||
Catastrophe bonds | 1,104,034 | 5.1 | % | 881,290 | 4.3 | % | 222,744 | ||||||||||||||||||||||||||||
Direct private equity investments | 88,373 | 0.4 | % | 79,807 | 0.4 | % | 8,566 | ||||||||||||||||||||||||||||
Fund investments | 725,802 | 3.4 | % | 295,851 | 1.4 | % | 429,951 | ||||||||||||||||||||||||||||
Term loans | 74,850 | 0.3 | % | — | — | % | 74,850 | ||||||||||||||||||||||||||||
Total other investments, at fair value | 1,993,059 | 9.2 | % | 1,256,948 | 6.2 | % | 736,111 | ||||||||||||||||||||||||||||
Total managed investment portfolio | 19,351,532 | 90.3 | % | 19,202,855 | 93.2 | % | 148,677 | ||||||||||||||||||||||||||||
Investments in other ventures, under equity method
|
98,068 | 0.5 | % | 98,373 | 0.6 | % | (305) | ||||||||||||||||||||||||||||
Total investments
|
$ | 21,442,659 | 90.8 | % | $ | 20,558,176 | 93.8 | % | $ | 884,483 | |||||||||||||||||||||||||
Credit Rating (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 |
Amortized
Cost |
Fair Value |
% of Total
Investment Portfolio |
Weighted Average Yield to Maturity | AAA | AA | A | BBB |
Non-
Investment Grade |
Not Rated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short term investments
|
$ | 5,298,385 | $ | 5,298,385 | 24.7 | % | 0.1 | % | $ | 5,261,431 | $ | 21,682 | $ | 13,431 | $ | 203 | $ | 177 | $ | 1,461 | |||||||||||||||||||||||||||||||||||||||||||||
100.0 | % | 99.3 | % | 0.4 | % | 0.3 | % | — | % | — | % | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity investments
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasuries
|
6,302,313 | 6,247,779 | 29.1 | % | 1.1 | % | — | 6,247,779 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Agencies
|
364,429 | 361,684 | 1.7 | % | 1.2 | % | 56,067 | 305,617 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government
|
552,935 | 549,613 | 2.6 | % | 1.2 | % | 286,810 | 202,067 | 45,192 | 14,257 | 1,287 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government-backed corporate
|
476,200 | 474,848 | 2.2 | % | 1.4 | % | 168,177 | 272,297 | 24,480 | 3,702 | 6,192 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate
|
3,202,614 | 3,214,438 | 15.0 | % | 2.8 | % | 31,603 | 113,253 | 979,752 | 996,288 | 1,053,867 | 39,675 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency mortgage-backed
|
721,711 | 721,955 | 3.4 | % | 1.9 | % | — | 721,955 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-agency mortgage-backed
|
232,144 | 233,346 | 1.1 | % | 3.2 | % | 51,279 | 11,749 | 1,810 | 5,751 | 110,459 | 52,298 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed
|
631,016 | 634,925 | 3.0 | % | 1.9 | % | 492,903 | 113,736 | 4,191 | 15,835 | 2,514 | 5,746 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed
|
1,069,217 | 1,068,543 | 5.0 | % | 1.8 | % | 770,492 | 166,595 | 59,346 | 37,270 | 22,935 | 11,905 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments | 13,552,579 | 13,507,131 | 63.1 | % | 1.7 | % | 1,857,331 | 8,155,048 | 1,114,771 | 1,073,103 | 1,197,254 | 109,624 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
100.0 | % | 13.8 | % | 60.3 | % | 8.3 | % | 7.9 | % | 8.9 | % | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity investments trading
|
546,016 | 2.5 | % | — | — | — | — | — | 546,016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
100.0 | % | — | % | — | % | — | % | — | % | — | % | 100.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investments
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Catastrophe bonds
|
1,104,034 | 5.1 | % | — | — | — | — | 1,104,034 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Direct private equity investments | 88,373 | 0.4 | % | — | — | — | — | — | 88,373 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total fund investments | 725,802 | 3.4 | % | — | — | — | — | — | 725,802 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term loans | 74,850 | 0.3 | % | — | — | 74,850 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other investments | 1,993,059 | 9.2 | % | — | — | 74,850 | — | 1,104,034 | 814,175 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
100.0 | % | — | % | — | % | 3.8 | % | — | % | 55.4 | % | 40.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in other ventures
|
98,068 | 0.5 | % | — | — | — | — | — | 98,068 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
100.0 | % | — | % | — | % | — | % | — | % | — | % | 100.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total investment portfolio
|
$ | 21,442,659 | 100.0 | % | $ | 7,118,762 | $ | 8,176,730 | $ | 1,203,052 | $ | 1,073,306 | $ | 2,301,465 | $ | 1,569,344 | |||||||||||||||||||||||||||||||||||||||||||||||||
100.0 | % | 33.3 | % | 38.1 | % | 5.6 | % | 5.0 | % | 10.7 | % | 7.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, | 2021 | 2020 | Change | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Financials | $ | 146,615 | $ | 452,765 | $ | (306,150) | |||||||||||||||||
Communications and technology | 82,444 | 119,592 | (37,148) | ||||||||||||||||||||
Consumer | 51,083 | 44,477 | 6,606 | ||||||||||||||||||||
Industrial, utilities and energy | 26,645 | 43,380 | (16,735) | ||||||||||||||||||||
Healthcare | 28,796 | 35,140 | (6,344) | ||||||||||||||||||||
Basic materials | 5,092 | 7,263 | (2,171) | ||||||||||||||||||||
Equity exchange traded funds | 114,919 | — | 114,919 | ||||||||||||||||||||
Fixed income exchange traded funds | 90,422 | — | 90,422 | ||||||||||||||||||||
Total equity investments trading | $ | 546,016 | $ | 702,617 | $ | (156,601) | |||||||||||||||||
At December 31, | 2021 | 2020 | Change | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Catastrophe bonds | $ | 1,104,034 | $ | 881,290 | $ | 222,744 | |||||||||||||||||
Direct private equity investments | 88,373 | 79,807 | 8,566 | ||||||||||||||||||||
Fund investments | 725,802 | 295,851 | 429,951 | ||||||||||||||||||||
Term loans | 74,850 | — | 74,850 | ||||||||||||||||||||
Total other investments
|
$ | 1,993,059 | $ | 1,256,948 | $ | 736,111 | |||||||||||||||||
At December 31, | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||
(in thousands, except percentages) | Investment | Ownership % | Carrying Value | Investment | Ownership % | Carrying Value | |||||||||||||||||||||||||||||||||||
Tower Hill Companies | $ | 78,698 |
2.0% - 25.0%
|
$ | 25,575 | $ | 64,750 |
2.0% - 25.0%
|
$ | 30,470 | |||||||||||||||||||||||||||||||
Top Layer Re | 65,375 | 50.0 | % | 25,903 | 65,375 | 50.0 | % | 26,958 | |||||||||||||||||||||||||||||||||
Other | 46,698 | 22.4 | % | 46,590 | 42,652 | 25.0 | % | 40,945 | |||||||||||||||||||||||||||||||||
Total investments in other ventures, under equity method
|
$ | 190,771 | $ | 98,068 | $ | 172,777 | $ | 98,373 | |||||||||||||||||||||||||||||||||
A.M. Best (1) | S&P (2) | Moody's (3) | Fitch (4) | ||||||||||||||||||||||||||
Renaissance Reinsurance Ltd. | A+ | A+ | A1 | A+ | |||||||||||||||||||||||||
DaVinci Reinsurance Ltd. | A | A+ | A3 | — | |||||||||||||||||||||||||
Renaissance Reinsurance of Europe Unlimited Company | A+ | A+ | — | — | |||||||||||||||||||||||||
Renaissance Reinsurance U.S. Inc. | A+ | A+ | — | — | |||||||||||||||||||||||||
RenaissanceRe Europe AG | A+ | A+ | — | — | |||||||||||||||||||||||||
RenaissanceRe Specialty U.S. Ltd. | A+ | A+ | — | — | |||||||||||||||||||||||||
Top Layer Reinsurance Ltd. | A+ | AA | — | — | |||||||||||||||||||||||||
Vermeer Reinsurance Ltd. | A | — | — | — | |||||||||||||||||||||||||
RenaissanceRe Syndicate 1458 | — | — | — | — | |||||||||||||||||||||||||
Lloyd's Overall Market Rating | A | A+ | — | AA- | |||||||||||||||||||||||||
RenaissanceRe ERM Score | Very Strong | Very Strong | — | — | |||||||||||||||||||||||||
(in thousands) | December 31, 2021 | ||||||||||||||||
Assets | |||||||||||||||||
Receivables due from non-obligor subsidiaries | $ | 9,550 | |||||||||||||||
Other current assets | 106,482 | ||||||||||||||||
Total current assets | $ | 116,032 | |||||||||||||||
Goodwill and other intangibles | $ | 108,261 | |||||||||||||||
Loan receivable from non-obligor subsidiaries | 840,298 | ||||||||||||||||
Other noncurrent assets | 1,866,059 | ||||||||||||||||
Total noncurrent assets | $ | 2,814,618 | |||||||||||||||
Liabilities | |||||||||||||||||
Payables due to non-obligor subsidiaries | $ | 160,703 | |||||||||||||||
Other current liabilities | 28,680 | ||||||||||||||||
Total current liabilities | $ | 189,383 | |||||||||||||||
Loan payable to non-obligor subsidiaries | $ | 201,380 | |||||||||||||||
Other noncurrent liabilities | 1,088,288 | ||||||||||||||||
Total noncurrent liabilities | $ | 1,289,668 | |||||||||||||||
(in thousands) | Year ended December 31, 2021 | ||||||||||||||||
Revenues | |||||||||||||||||
Intercompany revenue with non-obligor subsidiaries | $ | 100,933 | |||||||||||||||
Other revenue | 245 | ||||||||||||||||
Total revenues | 101,178 | ||||||||||||||||
Expenses | |||||||||||||||||
Intercompany expense with non-obligor subsidiaries | 38,960 | ||||||||||||||||
Other expense | 67,493 | ||||||||||||||||
Total expenses | 106,453 | ||||||||||||||||
Income tax benefit (expense) | (44) | ||||||||||||||||
Net income (loss) | (5,319) | ||||||||||||||||
Dividends on RenaissanceRe preference shares | (33,266) | ||||||||||||||||
Net income (loss) attributable to Obligor Group | $ | (38,585) | |||||||||||||||
Interest Rate Shift in Basis Points | |||||||||||||||||||||||||||||||||||
At December 31, 2021 | -100 | -50 | Base | 50 | 100 | ||||||||||||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||||||||||||||
Fair value of fixed maturity and short term investments
|
$ | 18,805,516 | |||||||||||||||||||||||||||||||||
Fair value of private credit funds | 473,112 | ||||||||||||||||||||||||||||||||||
Fair value of term loans | 74,850 | ||||||||||||||||||||||||||||||||||
Total fair value | $ | 19,848,073 | $ | 19,600,750 | $ | 19,353,478 | $ | 19,106,257 | $ | 18,859,086 | |||||||||||||||||||||||||
Net increase (decrease) in fair value
|
$ | 494,595 | $ | 247,272 | $ | — | $ | (247,221) | $ | (494,392) | |||||||||||||||||||||||||
Percentage change in fair value
|
2.6 | % | 1.3 | % | — | % | (1.3) | % | (2.6) | % | |||||||||||||||||||||||||
Interest Rate Shift in Basis Points | |||||||||||||||||||||||||||||||||||
At December 31, 2020 | -100 | -50 | Base | 50 | 100 | ||||||||||||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||||||||||||||
Fair value of fixed maturity and short term investments
|
$ | 18,500,238 | |||||||||||||||||||||||||||||||||
Fair value of private credit funds | $ | 144,556 | |||||||||||||||||||||||||||||||||
Fair value of term loans | $ | — | |||||||||||||||||||||||||||||||||
Total fair value | $ | 19,168,368 | $ | 18,904,916 | $ | 18,644,794 | $ | 18,387,651 | $ | 18,132,236 | |||||||||||||||||||||||||
Net increase (decrease) in fair value
|
$ | 523,574 | $ | 260,122 | $ | — | $ | (257,143) | $ | (512,558) | |||||||||||||||||||||||||
Percentage change in fair value
|
2.8 | % | 1.4 | % | — | % | (1.4) | % | (2.7) | % | |||||||||||||||||||||||||
At December 31, 2021 | AUD | CAD | EUR | GBP | JPY | NZD | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except for percentages) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net assets (liabilities) denominated in foreign currencies
|
$ | 92,683 | $ | 59,000 | $ | (372,987) | $ | (322,628) | $ | 4,053 | $ | (20,167) | $ | (74,000) | $ | (634,046) | |||||||||||||||||||||||||||||||||||||
Net foreign currency derivatives notional amounts
|
(108,168) | (58,725) | 369,335 | 327,339 | (313) | 19,760 | 56,052 | 605,280 | |||||||||||||||||||||||||||||||||||||||||||||
Total net foreign currency exposure
|
$ | (15,485) | $ | 275 | $ | (3,652) | $ | 4,711 | $ | 3,740 | $ | (407) | $ | (17,948) | $ | (28,766) | |||||||||||||||||||||||||||||||||||||
Net foreign currency exposure as a percentage of total shareholders’ equity attributable to RenaissanceRe
|
(0.2) | % | — | % | (0.1) | % | 0.1 | % | 0.1 | % | — | % | (0.3) | % | (0.4) | % | |||||||||||||||||||||||||||||||||||||
Impact of a hypothetical 10% change in total net foreign currency exposure
|
$ | 1,549 | $ | (28) | $ | 365 | $ | (471) | $ | (374) | $ | 41 | $ | 1,795 | $ | 2,877 | |||||||||||||||||||||||||||||||||||||
At December 31, 2020 | AUD | CAD | EUR | GBP | JPY | NZD | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except for percentages) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (liabilities) assets denominated in foreign currencies
|
$ | 103,401 | $ | 34,294 | $ | (4,254) | $ | (322,565) | $ | (28,649) | $ | (62,892) | $ | (28,707) | $ | (309,372) | |||||||||||||||||||||||||||||||||||||
Net foreign currency derivatives notional amounts
|
(61,228) | (35,024) | (103,426) | 312,790 | 86,314 | 66,649 | 36,217 | 302,292 | |||||||||||||||||||||||||||||||||||||||||||||
Total net foreign currency exposure
|
$ | 42,173 | $ | (730) | $ | (107,680) | $ | (9,775) | $ | 57,665 | $ | 3,757 | $ | 7,510 | $ | (7,080) | |||||||||||||||||||||||||||||||||||||
Net foreign currency exposure as a percentage of total shareholders’ equity attributable to RenaissanceRe
|
0.6 | % | — | % | (1.4) | % | (0.1) | % | 0.8 | % | — | % | 0.1 | % | (0.1) | % | |||||||||||||||||||||||||||||||||||||
Impact of a hypothetical 10% change in total net foreign currency exposure
|
$ | (4,217) | $ | 73 | $ | 10,768 | $ | 978 | $ | (5,767) | $ | (376) | $ | (751) | $ | 708 | |||||||||||||||||||||||||||||||||||||
At December 31, | 2021 | 2020 | |||||||||||||||
AAA
|
37.7 | % | 36.9 | % | |||||||||||||
AA
|
43.3 | % | 39.5 | % | |||||||||||||
A
|
6.4 | % | 8.0 | % | |||||||||||||
BBB
|
5.7 | % | 8.3 | % | |||||||||||||
Non-investment grade
|
6.3 | % | 6.8 | % | |||||||||||||
Not rated
|
0.6 | % | 0.5 | % | |||||||||||||
Total | 100.0 | % | 100.0 | % | |||||||||||||
Credit Spread Shift in Basis Points | |||||||||||||||||||||||||||||||||||
At December 31, 2021 | -100 | -50 | Base | 50 | 100 | ||||||||||||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||||||||||||||
Fair value of fixed income and short term investments
|
$ | 18,805,516 | |||||||||||||||||||||||||||||||||
Fair value of private credit | $ | 473,112 | |||||||||||||||||||||||||||||||||
Fair value of term loans | $ | 74,850 | |||||||||||||||||||||||||||||||||
Total fair value | $ | 19,546,182 | $ | 19,467,319 | $ | 19,353,478 | $ | 19,206,525 | $ | 19,059,573 | |||||||||||||||||||||||||
Net increase (decrease) in fair value
|
$ | 192,704 | $ | 113,841 | $ | — | $ | (146,953) | $ | (293,905) | |||||||||||||||||||||||||
Percentage change in fair value
|
1.0 | % | 0.6 | % | — | % | (0.8) | % | (1.5) | % | |||||||||||||||||||||||||
Credit Spread Shift in Basis Points | |||||||||||||||||||||||||||||||||||
At December 31, 2020 | -100 | -50 | Base | 50 | 100 | ||||||||||||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||||||||||||||
Fair value of fixed income and short term investments
|
$ | 18,500,238 | |||||||||||||||||||||||||||||||||
Fair value of private credit | $ | 144,556 | |||||||||||||||||||||||||||||||||
Fair value of term loans | $ | — | |||||||||||||||||||||||||||||||||
Total fair value | $ | 18,900,852 | $ | 18,803,290 | $ | 18,644,794 | $ | 18,456,750 | $ | 18,269,003 | |||||||||||||||||||||||||
Net increase (decrease) in fair value
|
$ | 256,058 | $ | 158,496 | $ | — | $ | (188,044) | $ | (375,791) | |||||||||||||||||||||||||
Percentage change in fair value
|
1.4 | % | 0.9 | % | — | % | (1.0) | % | (2.0) | % | |||||||||||||||||||||||||
At December 31, | 2021 | 2020 | |||||||||||||||
(in thousands, except for percentages) | |||||||||||||||||
Equity investments trading, at fair value
|
$ | 546,016 | $ | 702,617 | |||||||||||||
Direct private equity investments | 88,373 | 79,807 | |||||||||||||||
Private equity funds, at fair value | 241,297 | 140,743 | |||||||||||||||
Hedge funds, at fair value | 11,394 | 10,553 | |||||||||||||||
Total carrying value of investments exposed to equity price risk
|
$ | 887,080 | $ | 933,720 | |||||||||||||
Impact of a hypothetical 10% increase in the carrying value of investments exposed to equity price risk
|
$ | 88,708 | $ | 93,372 | |||||||||||||
Impact of a hypothetical 10% decrease in the carrying value of investments exposed to equity price risk
|
$ | (88,708) | $ | (93,372) | |||||||||||||
Exhibit Number | Description | ||||
3.1 | Memorandum of Association, incorporated by reference to the Registration Statement on Form S-1 of RenaissanceRe Holdings Ltd. (Registration No. 33-70008) which was declared effective by the SEC on July 26, 1995. (P) | ||||
3.2 | |||||
3.3 | |||||
3.4 | Specimen Common Share certificate, incorporated by reference to the Registration Statement on Form S-1 of RenaissanceRe Holdings Ltd. (Registration No. 33-70008) which was declared effective by the SEC on July 26, 1995. (P) | ||||
4.1 | |||||
4.1(a) | |||||
4.1(b) | |||||
4.1(c) | |||||
4.2 | |||||
4.2(a) | |||||
4.2(b) | |||||
4.2(c) | |||||
4.3 | |||||
4.3(a) |
4.3(b) | |||||
4.4 | |||||
4.4(a) | |||||
4.4(b) | |||||
4.4(c) | |||||
4.5 | |||||
4.5(a) | |||||
4.6 | |||||
10.1* | |||||
10.2* | |||||
10.3* | |||||
10.4* |
10.5* | |||||
10.6* | |||||
10.7* | |||||
10.7(a)* | |||||
10.7(b)* | |||||
10.7(c)* | |||||
10.7(d)* | |||||
10.8 | |||||
10.8(a) | |||||
10.9* | |||||
10.9(a)* | |||||
10.10* | |||||
10.11* |
10.17 | |||||
10.17(a) | |||||
10.17(b) | |||||
10.18 | |||||
10.19 | |||||
10.20+ | |||||
10.21+ | |||||
10.22 | |||||
21.1 | |||||
22.1 | |||||
23.1 | |||||
31.1 | |||||
31.2 | |||||
32.1 | |||||
32.2 |
Date: | February 4, 2022 | RENAISSANCERE HOLDINGS LTD. | |||||||||
/s/ Kevin J. O’Donnell | |||||||||||
Kevin J. O’Donnell | |||||||||||
Chief Executive Officer and President |
Signature | Title | Date | ||||||||||||
/s/ Kevin J. O’Donnell |
Chief Executive Officer, President and Director (Principal Executive Officer)
|
February 4, 2022 | ||||||||||||
Kevin J. O’Donnell
|
||||||||||||||
/s/ Robert Qutub |
Executive Vice President and Chief Financial Officer (Principal Financial Officer)
|
February 4, 2022 | ||||||||||||
Robert Qutub | ||||||||||||||
/s/ James C. Fraser |
Senior Vice President and Chief Accounting Officer (Principal Accounting Officer)
|
February 4, 2022 | ||||||||||||
James C. Fraser | ||||||||||||||
/s/ James L. Gibbons |
Non-Executive Chair of the Board of Directors
|
February 4, 2022 | ||||||||||||
James L. Gibbons
|
||||||||||||||
/s/ David C. Bushnell | Director | February 4, 2022 | ||||||||||||
David C. Bushnell | ||||||||||||||
/s/ Brian G. J. Gray | Director | February 4, 2022 | ||||||||||||
Brian G. J. Gray
|
||||||||||||||
/s/ Jean D. Hamilton | Director | February 4, 2022 | ||||||||||||
Jean D. Hamilton
|
||||||||||||||
/s/ Duncan P. Hennes | Director | February 4, 2022 | ||||||||||||
Duncan P. Hennes | ||||||||||||||
/s/ Henry Klehm, III | Director | February 4, 2022 | ||||||||||||
Henry Klehm, III | ||||||||||||||
/s/ Valerie Rahmani | Director | February 4, 2022 | ||||||||||||
Valerie Rahmani | ||||||||||||||
/s/ Carol P. Sanders | Director | February 4, 2022 | ||||||||||||
Carol P. Sanders | ||||||||||||||
/s/ Anthony M. Santomero | Director | February 4, 2022 | ||||||||||||
Anthony M. Santomero
|
||||||||||||||
/s/ Cynthia Trudell | Director | February 4, 2022 | ||||||||||||
Cynthia Trudell
|
Page | |||||
Report of Independent Registered Public Accounting Firm (PCAOB ID: 1277)
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Valuation of Reserve for Incurred But Not Reported Claim Reserves | |||||
Description of the Matter
|
At December 31, 2021, the liability for incurred but not reported (IBNR) claim reserves, including additional case reserves (ACR) (collectively referred to as IBNR claim reserves) represented $9,955 million of the total $13,295 million of reserves for claims and claim expenses. The IBNR claim reserves for the property segment was $4,823 million and for the casualty and specialty segment was $5,132 million. As disclosed in Notes 2 and 8 of the consolidated financial statements, reserves for claims and claim expenses represent estimates that are established by management based on actuarial and statistical projections at a given point in time, of the ultimate settlement and administration costs for unpaid claims and claim expenses arising from the insurance and reinsurance contracts the Company sells for both their casualty and specialty segment and their property segment.
|
||||
There is significant uncertainty inherent in estimating IBNR claim reserves. In determining management’s estimate of the IBNR claim reserves for the casualty and specialty segment, management’s analysis includes consideration of loss development patterns; historical ultimate loss ratios; and the presence of individual large losses. In particular, the estimate is sensitive to the selection and weighting of actuarial methods, expected trends in claim severity and frequency, the time lag inherent in reporting information and industry or event trends. In determining management’s estimate of the ultimate loss settlement costs which is used to determine the IBNR claim reserves for the property segment, which generally involve catastrophic events, management’s analysis includes available information derived from claims information from certain customers and brokers, industry assessments of losses from the events, proprietary models, and the terms and conditions of the Company’s contracts. In particular, the estimate is sensitive to the preliminary nature of the information available, the magnitude and relative infrequency of the events, the expected duration of the respective claims development period, inadequacies in the data provided to the relevant date by industry participants and the potential for further reporting lags or insufficiencies, and in certain large events, significant uncertainty as to the form of the claims and legal issues under the relevant terms of insurance and reinsurance contracts.
|
|||||
Auditing management’s estimate for IBNR claim reserves was complex and required the involvement of our actuarial specialists due to the high degree of subjectivity inherent in management’s methods and assumptions used in the calculations which have a significant effect on the valuation of the reserves.
|
|||||
How We Addressed the Matter in Our Audit
|
We obtained an understanding, evaluated the design and tested the operating effectiveness of the relevant controls over the estimation process for IBNR claim reserves. This included, among others, evaluating management’s review controls over the actuarial methods selected to determine the estimate and the assumptions and methods used for the Company’s determination of their recorded estimate.
|
||||
To test the IBNR claim reserves that are included in claims and claim expense reserves, our audit procedures included, among others, utilizing the assistance of actuarial specialists. Our actuarial specialists evaluated the selection of standard reserving methods applied, considering the methods used in prior periods and those applied in the broader insurance industry. To evaluate the significant assumptions used by management in the reserving methods for the casualty and specialty segment, we compared the significant assumptions, including loss development patterns, ultimate loss ratios, and the impact of individual large losses, to company experience and current industry benchmarks. To evaluate the significant assumptions used by management in their actuarial methods in the property segment we compared the significant assumptions, including the severity of industry losses by event and development patterns, to current industry benchmarks such as incurred to ultimate loss ratios and industry loss levels. In addition, for casualty, specialty and property claims and claims expense reserves, we developed a range of reasonable reserve estimates including performing independent projections for a significant portion of the Company’s classes of business and compared the range of reserve estimates to the Company’s recorded claims and claim expense reserves.
|
December 31,
2021 |
December 31,
2020 |
||||||||||
Assets | |||||||||||
Fixed maturity investments trading, at fair value - amortized cost $13,552,579 at December 31, 2021 (2020 - $13,155,035) (Notes 5 and 6)
|
$ | 13,507,131 | $ | 13,506,503 | |||||||
Short term investments, at fair value (Notes 5 and 6) | 5,298,385 | 4,993,735 | |||||||||
Equity investments trading, at fair value (Notes 5 and 6) | 546,016 | 702,617 | |||||||||
Other investments, at fair value (Notes 5 and 6) | 1,993,059 | 1,256,948 | |||||||||
Investments in other ventures, under equity method (Note 5) | 98,068 | 98,373 | |||||||||
Total investments | 21,442,659 | 20,558,176 | |||||||||
Cash and cash equivalents | 1,859,019 | 1,736,813 | |||||||||
Premiums receivable (Note 7) | 3,781,542 | 2,894,631 | |||||||||
Prepaid reinsurance premiums (Note 7) | 854,722 | 823,582 | |||||||||
Reinsurance recoverable (Notes 7 and 8) | 4,268,669 | 2,926,010 | |||||||||
Accrued investment income | 55,740 | 66,743 | |||||||||
Deferred acquisition costs and value of business acquired | 849,160 | 633,521 | |||||||||
Receivable for investments sold | 380,442 | 568,293 | |||||||||
Other assets | 224,053 | 363,170 | |||||||||
Goodwill and other intangible assets (Note 4) | 243,496 | 249,641 | |||||||||
Total assets | $ | 33,959,502 | $ | 30,820,580 | |||||||
Liabilities, Noncontrolling Interests and Shareholders’ Equity | |||||||||||
Liabilities | |||||||||||
Reserve for claims and claim expenses (Note 8) | $ | 13,294,630 | $ | 10,381,138 | |||||||
Unearned premiums | 3,531,213 | 2,763,599 | |||||||||
Debt (Note 9) | 1,168,353 | 1,136,265 | |||||||||
Reinsurance balances payable | 3,860,963 | 3,488,352 | |||||||||
Payable for investments purchased | 1,170,568 | 1,132,538 | |||||||||
Other liabilities | 755,441 | 970,121 | |||||||||
Total liabilities | 23,781,168 | 19,872,013 | |||||||||
Commitments and Contingencies (Note 20) | |||||||||||
Redeemable noncontrolling interests (Note 10) | 3,554,053 | 3,388,319 | |||||||||
Shareholders’ Equity (Note 12)
|
|||||||||||
Preference shares: $1.00 par value – 30,000 shares issued and outstanding at December 31, 2021 (2020 – 11,010,000)
|
750,000 | 525,000 | |||||||||
Common shares: $1.00 par value – 44,444,831 shares issued and outstanding at December 31, 2021 (2020 – 50,810,618)
|
44,445 | 50,811 | |||||||||
Additional paid-in capital | 608,121 | 1,623,206 | |||||||||
Accumulated other comprehensive income (loss) | (10,909) | (12,642) | |||||||||
Retained earnings | 5,232,624 | 5,373,873 | |||||||||
Total shareholders’ equity attributable to RenaissanceRe | 6,624,281 | 7,560,248 | |||||||||
Total liabilities, noncontrolling interests and shareholders’ equity
|
$ | 33,959,502 | $ | 30,820,580 |
2021 | 2020 | 2019 | |||||||||||||||
Revenues | |||||||||||||||||
Gross premiums written (Note 7) | $ | 7,833,798 | $ | 5,806,165 | $ | 4,807,750 | |||||||||||
Net premiums written (Note 7)
|
$ | 5,939,375 | $ | 4,096,333 | $ | 3,381,493 | |||||||||||
Increase in unearned premiums
|
(745,194) | (143,871) | (43,090) | ||||||||||||||
Net premiums earned (Note 7)
|
5,194,181 | 3,952,462 | 3,338,403 | ||||||||||||||
Net investment income (Note 5)
|
319,479 | 354,038 | 424,207 | ||||||||||||||
Net foreign exchange gains (losses) | (41,006) | 27,773 | (2,938) | ||||||||||||||
Equity in earnings of other ventures (Note 5)
|
12,309 | 17,194 | 23,224 | ||||||||||||||
Other income
|
10,880 | 213 | 4,949 | ||||||||||||||
Net realized and unrealized gains (losses) on investments (Note 5)
|
(218,134) | 820,636 | 414,109 | ||||||||||||||
Total revenues | 5,277,709 | 5,172,316 | 4,201,954 | ||||||||||||||
Expenses | |||||||||||||||||
Net claims and claim expenses incurred (Notes 7 and 8) | 3,876,087 | 2,924,609 | 2,097,021 | ||||||||||||||
Acquisition expenses | 1,214,858 | 897,677 | 762,232 | ||||||||||||||
Operational expenses | 212,184 | 206,687 | 222,733 | ||||||||||||||
Corporate expenses | 41,152 | 96,970 | 94,122 | ||||||||||||||
Interest expense (Note 9) | 47,536 | 50,453 | 58,364 | ||||||||||||||
Total expenses | 5,391,817 | 4,176,396 | 3,234,472 | ||||||||||||||
Income (loss) before taxes | (114,108) | 995,920 | 967,482 | ||||||||||||||
Income tax benefit (expense) (Note 15) | 10,668 | (2,862) | (17,215) | ||||||||||||||
Net income (loss) | (103,440) | 993,058 | 950,267 | ||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests (Note 10) | 63,285 | (230,653) | (201,469) | ||||||||||||||
Net income (loss) attributable to RenaissanceRe | (40,155) | 762,405 | 748,798 | ||||||||||||||
Dividends on preference shares (Note 12) | (33,266) | (30,923) | (36,756) | ||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | (73,421) | $ | 731,482 | $ | 712,042 | |||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – basic (Note 13) | $ | (1.57) | $ | 15.34 | $ | 16.32 | |||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted (Note 13) | $ | (1.57) | $ | 15.31 | $ | 16.29 | |||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Comprehensive income (loss) | |||||||||||||||||
Net income (loss) | $ | (103,440) | $ | 993,058 | $ | 950,267 | |||||||||||
Change in net unrealized gains (losses) on investments, net of tax | (2,492) | 606 | 2,173 | ||||||||||||||
Foreign currency translation adjustments, net of tax
|
4,225 | (11,309) | (2,679) | ||||||||||||||
Comprehensive income (loss) | (101,707) | 982,355 | 949,761 | ||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests | 63,285 | (230,653) | (201,469) | ||||||||||||||
Comprehensive income (loss) attributable to redeemable noncontrolling interests | 63,285 | (230,653) | (201,469) | ||||||||||||||
Comprehensive income (loss) attributable to RenaissanceRe | $ | (38,422) | $ | 751,702 | $ | 748,292 | |||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Preference shares | |||||||||||||||||
Balance – January 1 | $ | 525,000 | $ | 650,000 | $ | 650,000 | |||||||||||
Issuance of shares (Note 12) | 500,000 | — | — | ||||||||||||||
Repurchase of shares (Note 12) | (275,000) | (125,000) | — | ||||||||||||||
Balance – December 31 | 750,000 | 525,000 | 650,000 | ||||||||||||||
Common shares | |||||||||||||||||
Balance – January 1 | 50,811 | 44,148 | 42,207 | ||||||||||||||
Issuance of shares (Note 12) | — | 6,777 | 1,739 | ||||||||||||||
Repurchase of shares (Note 12) | (6,579) | (406) | — | ||||||||||||||
Exercise of options and issuance of restricted stock awards (Notes 12 and 17)
|
213 | 292 | 202 | ||||||||||||||
Balance – December 31 | 44,445 | 50,811 | 44,148 | ||||||||||||||
Additional paid-in capital | |||||||||||||||||
Balance – January 1 | 1,623,206 | 568,277 | 296,099 | ||||||||||||||
Issuance of shares (Note 12) | — | 1,088,730 | 248,259 | ||||||||||||||
Repurchase of shares (Note 12) | (1,024,751) | (62,215) | — | ||||||||||||||
Offering expenses (Note 12) | (11,347) | — | — | ||||||||||||||
Change in redeemable noncontrolling interest
|
(6,994) | (334) | (342) | ||||||||||||||
Exercise of options and issuance of restricted stock awards (Notes 12 and 17)
|
28,007 | 28,748 | 24,261 | ||||||||||||||
Balance – December 31 | 608,121 | 1,623,206 | 568,277 | ||||||||||||||
Accumulated other comprehensive income (loss) | |||||||||||||||||
Balance – January 1 | (12,642) | (1,939) | (1,433) | ||||||||||||||
Change in net unrealized gains (loss) on investments, net of tax | (2,492) | 606 | 2,173 | ||||||||||||||
Foreign currency translation adjustments, net of tax
|
4,225 | (11,309) | (2,679) | ||||||||||||||
Balance – December 31 | (10,909) | (12,642) | (1,939) | ||||||||||||||
Retained earnings | |||||||||||||||||
Balance – January 1 | 5,373,873 | 4,710,881 | 4,058,207 | ||||||||||||||
Net income (loss) | (103,440) | 993,058 | 950,267 | ||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests (Note 10) | 63,285 | (230,653) | (201,469) | ||||||||||||||
Dividends on common shares (Note 12) | (67,828) | (68,490) | (59,368) | ||||||||||||||
Dividends on preference shares (Note 12) | (33,266) | (30,923) | (36,756) | ||||||||||||||
Balance – December 31 | 5,232,624 | 5,373,873 | 4,710,881 | ||||||||||||||
Total shareholders’ equity | $ | 6,624,281 | $ | 7,560,248 | $ | 5,971,367 |
2021 | 2020 | 2019 | |||||||||||||||
Cash flows provided by (used in) operating activities | |||||||||||||||||
Net income (loss) | $ | (103,440) | $ | 993,058 | $ | 950,267 | |||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||||||||||||||||
Amortization, accretion and depreciation | (20,989) | 16,652 | (58,964) | ||||||||||||||
Equity in undistributed (earnings) losses of other ventures | 13,200 | 1,561 | (762) | ||||||||||||||
Net realized and unrealized (gains) losses on investments
|
205,897 | (820,636) | (414,109) | ||||||||||||||
Loss on sale of RenaissanceRe UK | — | 30,242 | — | ||||||||||||||
Change in: | |||||||||||||||||
Premiums receivable | (886,911) | (293,581) | (424,973) | ||||||||||||||
Prepaid reinsurance premiums | (31,140) | (55,801) | (11,798) | ||||||||||||||
Reinsurance recoverable | (1,342,659) | (138,361) | 129,665 | ||||||||||||||
Deferred acquisition costs | (215,639) | 30,442 | 118,676 | ||||||||||||||
Reserve for claims and claim expenses | 2,913,492 | 1,155,615 | 900,562 | ||||||||||||||
Unearned premiums | 767,614 | 232,949 | 51,343 | ||||||||||||||
Reinsurance balances payable | 372,611 | 662,281 | 658,532 | ||||||||||||||
Other | (437,221) | 178,314 | 238,756 | ||||||||||||||
Net cash provided by (used in) operating activities | 1,234,815 | 1,992,735 | 2,137,195 | ||||||||||||||
Cash flows provided by (used in) investing activities | |||||||||||||||||
Proceeds from sales and maturities of fixed maturity investments trading | 15,543,565 | 15,186,952 | 17,313,940 | ||||||||||||||
Purchases of fixed maturity investments trading | (15,680,351) | (16,836,538) | (17,919,343) | ||||||||||||||
Net sales (purchases) of equity investments trading | 206,595 | 829 | (7,841) | ||||||||||||||
Net sales (purchases) of short term investments | (252,833) | (581,473) | (1,900,741) | ||||||||||||||
Net sales (purchases) of other investments | (617,782) | (216,760) | (202,878) | ||||||||||||||
Net sales (purchases) of investments in other ventures | (23,835) | (3,698) | (2,717) | ||||||||||||||
Return of investment from investment in other ventures | 8,345 | 9,255 | 11,250 | ||||||||||||||
Net sales (purchases) of other assets | — | — | (4,108) | ||||||||||||||
Net proceeds from sale of RenaissanceRe UK | — | 136,744 | — | ||||||||||||||
Net purchase of TMR | — | — | (276,206) | ||||||||||||||
Net cash provided by (used in) investing activities | (816,296) | (2,304,689) | (2,988,644) | ||||||||||||||
Cash flows provided by (used in) financing activities | |||||||||||||||||
Dividends paid – RenaissanceRe common shares | (67,828) | (68,490) | (59,368) | ||||||||||||||
Dividends paid – preference shares | (32,889) | (30,923) | (36,756) | ||||||||||||||
RenaissanceRe common share repurchases | (1,027,505) | (62,621) | — | ||||||||||||||
RenaissanceRe common share issuance | — | 1,095,507 | — | ||||||||||||||
Issuance of debt, net of expenses | — | — | 396,411 | ||||||||||||||
Repayment of debt | — | (250,000) | — | ||||||||||||||
Drawdown of Medici Revolving Credit Facility | 30,000 | — | — | ||||||||||||||
Redemption of preference shares | (275,000) | (125,000) | — | ||||||||||||||
Issuance of preference shares, net of expenses | 488,653 | — | — | ||||||||||||||
Net third-party redeemable noncontrolling interest share transactions | 594,279 | 119,071 | 827,083 | ||||||||||||||
Taxes paid on withholding shares | (12,171) | (12,330) | (7,253) | ||||||||||||||
Net cash provided by (used in) financing activities | (302,461) | 665,214 | 1,120,117 | ||||||||||||||
Effect of exchange rate changes on foreign currency cash | 6,148 | 4,485 | 2,478 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 122,206 | 357,745 | 271,146 | ||||||||||||||
Cash and cash equivalents, beginning of year | 1,736,813 | 1,379,068 | 1,107,922 | ||||||||||||||
Cash and cash equivalents, end of year | $ | 1,859,019 | $ | 1,736,813 | $ | 1,379,068 | |||||||||||
Supplemental disclosure of cash flow information | |||||||||||||||||
Income taxes paid (refunded) | $ | (4,261) | $ | 5,668 | $ | 9,749 | |||||||||||
Interest paid | $ | 21,172 | $ | 48,805 | $ | 53,220 |
Special Dividend | |||||||||||||||||
Special Dividend paid to common shareholders of Tokio and holders of Tokio equity awards
|
$ | 500,000 | |||||||||||||||
RenaissanceRe Common Shares | |||||||||||||||||
Common shares issued by RenaissanceRe to Tokio
|
1,739,071 | ||||||||||||||||
Common share price of RenaissanceRe (1)
|
$ | 143.75 | |||||||||||||||
Market value of RenaissanceRe common shares issued by RenaissanceRe to Tokio
|
249,998 | ||||||||||||||||
Cash Consideration | |||||||||||||||||
Cash consideration paid by RenaissanceRe as acquisition consideration
|
813,595 | ||||||||||||||||
Total purchase price
|
1,563,593 | ||||||||||||||||
Less: Special Dividend paid to Tokio
|
(500,000) | ||||||||||||||||
Net purchase price
|
$ | 1,063,593 | |||||||||||||||
Shareholders’ equity of TMR at March 22, 2019
|
$ | 1,032,961 | |||||||||
Adjustments for fair value, by applicable balance sheet caption:
|
|||||||||||
Net deferred acquisition costs and value of business acquired
|
(56,788) | ||||||||||
Net reserve for claims and claim expenses
|
67,782 | ||||||||||
Goodwill and intangible assets at March 22, 2019 of TMR
|
(6,569) | ||||||||||
Total adjustments for fair value by applicable balance sheet caption before tax impact
|
4,425 | ||||||||||
Other assets - net deferred tax liability related to fair value adjustments and value of business acquired
|
(2,606) | ||||||||||
Total adjustments for fair value by applicable balance sheet caption, net of tax
|
1,819 | ||||||||||
Adjustments for fair value of the identifiable intangible assets:
|
|||||||||||
Identifiable indefinite lived intangible assets (insurance licenses)
|
6,800 | ||||||||||
Identifiable finite lived intangible assets (top broker relationships and renewal rights)
|
11,200 | ||||||||||
Identifiable intangible assets before tax impact
|
18,000 | ||||||||||
Other assets - deferred tax liability on identifiable intangible assets
|
(2,281) | ||||||||||
Total adjustments for fair value of the identifiable intangible assets and value of business acquired, net of tax
|
15,719 | ||||||||||
Total adjustments for fair value by applicable balance sheet caption, identifiable intangible assets and value of business acquired, net of tax
|
17,538 | ||||||||||
Shareholders’ equity of TMR at fair value
|
1,050,499 | ||||||||||
Total net purchase price paid by RenaissanceRe
|
1,063,593 | ||||||||||
Excess purchase price over the fair value of net assets acquired assigned to goodwill
|
$ | 13,094 | |||||||||
Amount | Economic Useful Life | ||||||||||||||||
Top broker relationships
|
$ | 10,000 | 10.0 years | ||||||||||||||
Renewal rights
|
1,200 | 15.0 years | |||||||||||||||
Insurance licenses
|
6,800 | Indefinite | |||||||||||||||
Gross identifiable intangible assets related to the acquisition of TMR, at March 22, 2019
|
18,000 | ||||||||||||||||
Accumulated amortization (from March 22, 2019 through December 31, 2021), net of foreign exchange | 2,851 | ||||||||||||||||
Impairment loss on insurance licenses | 6,800 | ||||||||||||||||
Net identifiable intangible assets related to the acquisition of TMR at December 31, 2021 | $ | 8,349 | |||||||||||||||
Year ended December 31, 2019 (1)
|
|||||||||||||||||
Total revenues | $ | 922,727 | |||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders (2)
|
$ | 99,169 | |||||||||||||||
Year ended December 31, | 2019 | 2018 | |||||||||||||||||||||||||||
Total revenues | $ | 4,542,979 | $ | 3,338,903 | |||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 768,719 | $ | 281,974 | |||||||||||||||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||||||
At December 31, | 2021 | 2020 | |||||||||||||||
Goodwill, net | $ | 210,920 | $ | 211,013 | |||||||||||||
Other intangible assets, net | 32,576 | 38,628 | |||||||||||||||
Total goodwill and other intangible assets | $ | 243,496 | $ | 249,641 | |||||||||||||
Goodwill and Other Intangible Assets Included in Investments in Other Ventures, Under Equity Method | |||||||||||||||||
At December 31, | 2021 | 2020 | |||||||||||||||
Goodwill, net | $ | 9,903 | $ | 10,598 | |||||||||||||
Other intangible assets, net | 8,716 | 12,368 | |||||||||||||||
Total goodwill and other intangible assets | $ | 18,619 | $ | 22,966 | |||||||||||||
Goodwill | |||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Included in Investments in Other Ventures, Under Equity Method | ||||||||||||||||
Balance at December 31, 2019, net | $ | 210,665 | $ | 10,598 | |||||||||||||
Foreign currency translation | 348 | — | |||||||||||||||
Balance at December 31, 2020, net | 211,013 | 10,598 | |||||||||||||||
Acquired | — | (695) | |||||||||||||||
Foreign currency translation | (93) | — | |||||||||||||||
Balance at December 31, 2021, net | $ | 210,920 | $ | 9,903 | |||||||||||||
Other Intangible Assets | |||||||||||||||||||||||||||||||||||
At December 31, 2021 |
Gross
Carrying Value |
Accumulated
Amortization |
Accumulated Impairment Losses | Net | |||||||||||||||||||||||||||||||
Customer relationships and customer lists | $ | 108,742 | $ | (83,307) | $ | (1,403) | $ | 24,032 | |||||||||||||||||||||||||||
Licenses (1)
|
23,779 | — | (6,800) | 16,979 | |||||||||||||||||||||||||||||||
Value of business acquired | 20,200 | (20,200) | — | — | |||||||||||||||||||||||||||||||
Software | 12,230 | (12,230) | — | — | |||||||||||||||||||||||||||||||
Patents and intellectual property | 4,500 | (1,875) | (2,625) | — | |||||||||||||||||||||||||||||||
Covenants not-to-compete | 4,030 | (4,030) | — | — | |||||||||||||||||||||||||||||||
Trademarks and trade names | 1,710 | (1,429) | — | 281 | |||||||||||||||||||||||||||||||
$ | 175,191 | $ | (123,071) | $ | (10,828) | $ | 41,292 | ||||||||||||||||||||||||||||
Other Intangible Assets | ||||||||||||||||||||||||||||||||
At December 31, 2020 |
Gross
Carrying Value |
Accumulated
Amortization |
Accumulated Impairment Losses | Net | ||||||||||||||||||||||||||||
Customer relationships and customer lists | $ | 108,798 | $ | (76,118) | $ | (1,403) | $ | 31,277 | ||||||||||||||||||||||||
Licenses (1)
|
26,214 | — | (6,800) | 19,414 | ||||||||||||||||||||||||||||
Value of business acquired | 20,200 | (20,200) | — | — | ||||||||||||||||||||||||||||
Software | 12,230 | (12,230) | — | — | ||||||||||||||||||||||||||||
Patents and intellectual property | 4,500 | (1,875) | (2,625) | — | ||||||||||||||||||||||||||||
Covenants not-to-compete | 4,030 | (4,030) | — | — | ||||||||||||||||||||||||||||
Trademarks and trade names | 1,710 | (1,405) | — | 305 | ||||||||||||||||||||||||||||
$ | 177,682 | $ | (115,858) | $ | (10,828) | $ | 50,996 | |||||||||||||||||||||||||
Other
Intangibles Assets |
Other Intangible Assets Included in Investments in Other Ventures, Under Equity Method | Total | |||||||||||||||||||||
2022 | $ | 5,602 | $ | 997 | $ | 6,599 | |||||||||||||||||
2023 | 5,173 | 606 | 5,779 | ||||||||||||||||||||
2024 | 4,716 | 194 | 4,910 | ||||||||||||||||||||
2025 | 1,976 | 24 | 2,000 | ||||||||||||||||||||
2026 | 1,377 | 24 | 1,401 | ||||||||||||||||||||
2027 and thereafter | 3,465 | 159 | 3,624 | ||||||||||||||||||||
Total remaining amortization expense | 22,309 | 2,004 | 24,313 | ||||||||||||||||||||
Indefinite lived | 10,267 | 6,712 | 16,979 | ||||||||||||||||||||
Total | $ | 32,576 | $ | 8,716 | $ | 41,292 | |||||||||||||||||
At December 31. | 2021 | 2020 | |||||||||||||||
U.S. treasuries | $ | 6,247,779 | $ | 4,960,409 | |||||||||||||
Agencies | 361,684 | 368,032 | |||||||||||||||
Non-U.S. government | 549,613 | 491,531 | |||||||||||||||
Non-U.S. government-backed corporate | 474,848 | 338,014 | |||||||||||||||
Corporate | 3,214,438 | 4,261,025 | |||||||||||||||
Agency mortgage-backed | 721,955 | 1,113,792 | |||||||||||||||
Non-agency mortgage-backed | 233,346 | 291,444 | |||||||||||||||
Commercial mortgage-backed | 634,925 | 791,272 | |||||||||||||||
Asset-backed | 1,068,543 | 890,984 | |||||||||||||||
Total fixed maturity investments trading | $ | 13,507,131 | $ | 13,506,503 | |||||||||||||
At December 31, 2021 |
Amortized
Cost |
Fair Value | |||||||||||||||||||||||||||||||||||||||
Due in less than one year
|
$ | 363,795 | $ | 365,418 | |||||||||||||||||||||||||||||||||||||
Due after one through five years
|
6,317,351 | 6,297,063 | |||||||||||||||||||||||||||||||||||||||
Due after five through ten years
|
3,911,221 | 3,877,715 | |||||||||||||||||||||||||||||||||||||||
Due after ten years
|
306,123 | 308,166 | |||||||||||||||||||||||||||||||||||||||
Mortgage-backed
|
1,584,871 | 1,590,226 | |||||||||||||||||||||||||||||||||||||||
Asset-backed | 1,069,218 | 1,068,543 | |||||||||||||||||||||||||||||||||||||||
Total
|
$ | 13,552,579 | $ | 13,507,131 | |||||||||||||||||||||||||||||||||||||
At December 31. | 2021 | 2020 | |||||||||||||||
Financials | $ | 146,615 | $ | 452,765 | |||||||||||||
Communications and technology | 82,444 | 119,592 | |||||||||||||||
Consumer | 51,083 | 44,477 | |||||||||||||||
Industrial, utilities and energy | 26,645 | 43,380 | |||||||||||||||
Healthcare | 28,796 | 35,140 | |||||||||||||||
Basic materials | 5,092 | 7,263 | |||||||||||||||
Equity exchange traded funds | 114,919 | — | |||||||||||||||
Fixed income exchange traded funds | 90,422 | — | |||||||||||||||
Total
|
$ | 546,016 | $ | 702,617 | |||||||||||||
Year ended December 31, | 2021 | 2020 | 2019 | ||||||||||||||||||||
Fixed maturity investments | $ | 234,911 | $ | 278,215 | $ | 318,503 | |||||||||||||||||
Short term investments | 2,333 | 20,799 | 56,264 | ||||||||||||||||||||
Equity investments | 9,017 | 6,404 | 4,808 | ||||||||||||||||||||
Other investments | |||||||||||||||||||||||
Catastrophe bonds | 64,860 | 54,784 | 46,154 | ||||||||||||||||||||
Other | 28,811 | 9,417 | 8,447 | ||||||||||||||||||||
Cash and cash equivalents | 297 | 2,974 | 7,676 | ||||||||||||||||||||
340,229 | 372,593 | 441,852 | |||||||||||||||||||||
Investment expenses | (20,750) | (18,555) | (17,645) | ||||||||||||||||||||
Net investment income | $ | 319,479 | $ | 354,038 | $ | 424,207 | |||||||||||||||||
Year ended December 31, | 2021 | 2020 | 2019 | ||||||||||||||||||||
Net realized gains (losses) on fixed maturity investments | $ | 79,588 | $ | 276,901 | $ | 90,260 | |||||||||||||||||
Net unrealized gains (losses) on fixed maturity investments trading
|
(389,376) | 216,859 | 170,183 | ||||||||||||||||||||
Net realized and unrealized gains (loss) on fixed maturity investments trading | (309,788) | 493,760 | 260,443 | ||||||||||||||||||||
Net realized and unrealized gains (losses) on investments-related derivatives (1)
|
(12,237) | 68,608 | 58,891 | ||||||||||||||||||||
Net realized gains (losses) on equity investments trading sold during the period | 335,491 | 3,532 | 31,062 | ||||||||||||||||||||
Net unrealized gains (losses) on equity investments trading still held at reporting date
|
(285,882) | 262,064 | 64,087 | ||||||||||||||||||||
Net realized and unrealized gains (losses) on equity investments trading
|
49,609 | 265,596 | 95,149 | ||||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - catastrophe bonds | (35,033) | (7,031) | (9,392) | ||||||||||||||||||||
Net realized and unrealized gains (losses) on other investments - other | 89,315 | (297) | 9,018 | ||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | $ | (218,134) | $ | 820,636 | $ | 414,109 | |||||||||||||||||
At December 31, | 2021 | 2020 | |||||||||||||||
Catastrophe bonds | $ | 1,104,034 | $ | 881,290 | |||||||||||||
Direct private equity investments | 88,373 | 79,807 | |||||||||||||||
Fund investments | 725,802 | 295,851 | |||||||||||||||
Term loans | 74,850 | — | |||||||||||||||
Total other investments | $ | 1,993,059 | $ | 1,256,948 | |||||||||||||
Year ended December 31, | 2021 | 2020 | 2019 | ||||||||||||||||||||
Top Layer Re | $ | 8,286 | $ | 9,595 | $ | 8,801 | |||||||||||||||||
Tower Hill Companies | (2,073) | 3,104 | 10,337 | ||||||||||||||||||||
Other | 6,096 | 4,495 | 4,086 | ||||||||||||||||||||
Total equity in earnings of other ventures, under equity method | $ | 12,309 | $ | 17,194 | $ | 23,224 | |||||||||||||||||
At December 31, 2021 | Total |
Quoted
Prices in Active Markets for Identical Assets (Level 1) |
Significant
Other Observable Inputs (Level 2) |
Significant
Unobservable Inputs (Level 3) |
|||||||||||||||||||||||||
Fixed maturity investments | |||||||||||||||||||||||||||||
U.S. treasuries | $ | 6,247,779 | $ | 6,247,779 | $ | — | $ | — | |||||||||||||||||||||
Agencies | 361,684 | — | 361,684 | — | |||||||||||||||||||||||||
Non-U.S. government | 549,613 | — | 549,613 | — | |||||||||||||||||||||||||
Non-U.S. government-backed corporate | 474,848 | — | 474,848 | — | |||||||||||||||||||||||||
Corporate | 3,214,438 | — | 3,214,438 | — | |||||||||||||||||||||||||
Agency mortgage-backed | 721,955 | — | 721,955 | — | |||||||||||||||||||||||||
Non-agency mortgage-backed | 233,346 | — | 233,346 | — | |||||||||||||||||||||||||
Commercial mortgage-backed | 634,925 | — | 634,925 | — | |||||||||||||||||||||||||
Asset-backed | 1,068,543 | — | 1,068,543 | — | |||||||||||||||||||||||||
Total fixed maturity investments | 13,507,131 | 6,247,779 | 7,259,352 | — | |||||||||||||||||||||||||
Short term investments | 5,298,385 | — | 5,298,385 | — | |||||||||||||||||||||||||
Equity investments trading | 546,016 | 546,016 | — | — | |||||||||||||||||||||||||
Other investments | |||||||||||||||||||||||||||||
Catastrophe bonds | 1,104,034 | — | 1,104,034 | — | |||||||||||||||||||||||||
Direct private equity investments | 88,373 | — | — | 88,373 | |||||||||||||||||||||||||
Term loans | 74,850 | 74,850 | |||||||||||||||||||||||||||
1,267,257 | — | 1,104,034 | 163,223 | ||||||||||||||||||||||||||
Fund investments (1)
|
725,802 | ||||||||||||||||||||||||||||
Total other investments | 1,993,059 | — | 1,104,034 | 163,223 | |||||||||||||||||||||||||
Other assets and (liabilities) | |||||||||||||||||||||||||||||
Assumed and ceded (re)insurance contracts (2)
|
(4,727) | — | — | (4,727) | |||||||||||||||||||||||||
Derivative assets (3)
|
17,889 | 1,067 | 16,822 | — | |||||||||||||||||||||||||
Derivatives liabilities (3)
|
(16,954) | (1,598) | (15,356) | — | |||||||||||||||||||||||||
Total other assets and (liabilities) | (3,792) | (531) | 1,466 | (4,727) | |||||||||||||||||||||||||
|
$ | 21,340,799 | $ | 6,793,264 | $ | 13,663,237 | $ | 158,496 | |||||||||||||||||||||
At December 31, 2020 | Total |
Quoted
Prices in Active Markets for Identical Assets (Level 1) |
Significant
Other Observable Inputs (Level 2) |
Significant
Unobservable Inputs (Level 3) |
|||||||||||||||||||||||||
Fixed maturity investments | |||||||||||||||||||||||||||||
U.S. treasuries | $ | 4,960,409 | $ | 4,960,409 | $ | — | $ | — | |||||||||||||||||||||
Agencies | 368,032 | — | 368,032 | — | |||||||||||||||||||||||||
Non-U.S. government | 491,531 | — | 491,531 | — | |||||||||||||||||||||||||
Non-U.S. government-backed corporate | 338,014 | — | 338,014 | — | |||||||||||||||||||||||||
Corporate | 4,261,025 | — | 4,261,025 | — | |||||||||||||||||||||||||
Agency mortgage-backed | 1,113,792 | — | 1,113,792 | — | |||||||||||||||||||||||||
Non-agency mortgage-backed | 291,444 | — | 291,444 | — | |||||||||||||||||||||||||
Commercial mortgage-backed | 791,272 | — | 791,272 | — | |||||||||||||||||||||||||
Asset-backed | 890,984 | — | 890,984 | — | |||||||||||||||||||||||||
Total fixed maturity investments | 13,506,503 | 4,960,409 | 8,546,094 | — | |||||||||||||||||||||||||
Short term investments | 4,993,735 | — | 4,993,735 | — | |||||||||||||||||||||||||
Equity investments trading | 702,617 | 702,617 | — | — | |||||||||||||||||||||||||
Other investments | |||||||||||||||||||||||||||||
Catastrophe bonds | 881,290 | — | 881,290 | — | |||||||||||||||||||||||||
Direct private equity investments (1)
|
79,807 | — | — | 79,807 | |||||||||||||||||||||||||
961,097 | — | 881,290 | 79,807 | ||||||||||||||||||||||||||
Fund investments (1)
|
295,851 | ||||||||||||||||||||||||||||
Total other investments | 1,256,948 | — | 881,290 | 79,807 | |||||||||||||||||||||||||
Other assets and (liabilities) | |||||||||||||||||||||||||||||
Assumed and ceded (re)insurance contracts (2)
|
(6,211) | — | — | (6,211) | |||||||||||||||||||||||||
Derivative assets | 45,233 | 156 | 45,077 | — | |||||||||||||||||||||||||
Derivative liabilities (3)
|
(22,360) | (567) | (21,793) | — | |||||||||||||||||||||||||
Total other assets and (liabilities) | 16,662 | (411) | 23,284 | (6,211) | |||||||||||||||||||||||||
$ | 20,476,465 | $ | 5,662,615 | $ | 14,444,403 | $ | 73,596 | ||||||||||||||||||||||
At December 31, 2021 |
Fair Value
(Level 3) |
Valuation Technique | Unobservable Inputs | Low | High | Weighted Average or Actual | |||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||
Other investments
|
|||||||||||||||||||||||||||||||||||||||||
Direct private equity investments | $ | 88,373 | Internal valuation model | Discount rate | n/a | n/a | 7.5 | % | |||||||||||||||||||||||||||||||||
Liquidity discount | n/a | n/a | 15.0 | % | |||||||||||||||||||||||||||||||||||||
Term loans | 74,850 | Yield analysis | Transaction yield | n/a | n/a | 2.78 | % | ||||||||||||||||||||||||||||||||||
Total other investments | 163,223 | ||||||||||||||||||||||||||||||||||||||||
Other assets and (liabilities)
|
|||||||||||||||||||||||||||||||||||||||||
Assumed and ceded (re)insurance contracts
|
(4,727) | Internal valuation model | Net undiscounted cash flows | n/a | n/a | $ | 14,920 | ||||||||||||||||||||||||||||||||||
Expected loss ratio | n/a | n/a | 14.7 | % | |||||||||||||||||||||||||||||||||||||
Discount rate | n/a | n/a | 1.3 | % | |||||||||||||||||||||||||||||||||||||
Total other assets and (liabilities)
|
(4,727) | ||||||||||||||||||||||||||||||||||||||||
Total other assets and (liabilities) measured at fair value on a recurring basis using Level 3 inputs
|
$ | 158,496 | |||||||||||||||||||||||||||||||||||||||
At December 31, 2020 |
Fair Value
(Level 3) |
Valuation Technique | Unobservable Inputs | Low | High | Weighted Average or Actual | |||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||
Other investments
|
|||||||||||||||||||||||||||||||||||||||||
Private equity investment | $ | 79,807 | Internal valuation model | Discount rate | n/a | n/a | 9.0 | % | |||||||||||||||||||||||||||||||||
Liquidity discount | n/a | n/a | 15.0 | % | |||||||||||||||||||||||||||||||||||||
Total other investments | 79,807 | ||||||||||||||||||||||||||||||||||||||||
Other assets and (liabilities)
|
|||||||||||||||||||||||||||||||||||||||||
Assumed and ceded (re)insurance contracts
|
(190) | Internal valuation model | Bond price | n/a | n/a | $ | 99.31 | ||||||||||||||||||||||||||||||||||
Liquidity discount | n/a | n/a | 1.3 | % | |||||||||||||||||||||||||||||||||||||
Assumed and ceded (re)insurance contracts
|
(7,395) | Internal valuation model | Net undiscounted cash flows | n/a | n/a | $ | 12,514 | ||||||||||||||||||||||||||||||||||
Expected loss ratio | n/a | n/a | 24.0 | % | |||||||||||||||||||||||||||||||||||||
Discount rate | n/a | n/a | 0.4 | % | |||||||||||||||||||||||||||||||||||||
Assumed and ceded (re)insurance contracts
|
1,374 | Internal valuation model | Expected loss ratio | n/a | n/a | 0.0 | % | ||||||||||||||||||||||||||||||||||
Total other assets and (liabilities)
|
(6,211) | ||||||||||||||||||||||||||||||||||||||||
Total other assets and (liabilities) measured at fair value on a recurring basis using Level 3 inputs
|
$ | 73,596 | |||||||||||||||||||||||||||||||||||||||
|
Other
Investments |
Other Assets
and (Liabilities) |
Total | ||||||||||||||||||||||||||||||||
Direct private equity investments | Term loans | ||||||||||||||||||||||||||||||||||
Balance - January 1, 2021 | $ | 79,807 | $ | — | $ | (6,211) | $ | 73,596 | |||||||||||||||||||||||||||
Total realized and unrealized gains (losses) | |||||||||||||||||||||||||||||||||||
Included in net realized and unrealized gains (losses) on investments | (159) | — | — | (159) | |||||||||||||||||||||||||||||||
Included in other income | — | — | 2,624 | 2,624 | |||||||||||||||||||||||||||||||
Total foreign exchange gains | (3) | — | — | (3) | |||||||||||||||||||||||||||||||
Purchases | 9,676 | 74,850 | (1,140) | 83,386 | |||||||||||||||||||||||||||||||
Sales | (948) | — | — | (948) | |||||||||||||||||||||||||||||||
Settlements | — | — | — | — | |||||||||||||||||||||||||||||||
Balance - December 31, 2021 | $ | 88,373 | $ | 74,850 | $ | (4,727) | $ | 158,496 | |||||||||||||||||||||||||||
|
Other
Investments |
Other Assets
and (Liabilities) |
Total | |||||||||||||||||||||||||||||
Direct private equity investments | Term loans | |||||||||||||||||||||||||||||||
Balance - January 1, 2020 | $ | 74,634 | $ | — | $ | 4,731 | $ | 79,365 | ||||||||||||||||||||||||
Total realized and unrealized gains (losses) | ||||||||||||||||||||||||||||||||
Included in net realized and unrealized gains (losses) on investments | (5,662) | — | — | (5,662) | ||||||||||||||||||||||||||||
Included in other income | — | — | (3,191) | (3,191) | ||||||||||||||||||||||||||||
Total foreign exchange gains | 10 | — | — | 10 | ||||||||||||||||||||||||||||
Purchases | 20,962 | — | (2,012) | 18,950 | ||||||||||||||||||||||||||||
Sales | (10,137) | — | — | (10,137) | ||||||||||||||||||||||||||||
Settlements | — | — | (5,739) | (5,739) | ||||||||||||||||||||||||||||
Balance - December 31, 2020 | $ | 79,807 | $ | — | $ | (6,211) | $ | 73,596 | ||||||||||||||||||||||||
At December 31, | 2021 | 2020 | |||||||||||||||
Other investments | $ | 1,993,059 | $ | 1,256,948 | |||||||||||||
Other assets | $ | 6,100 | $ | 8,982 | |||||||||||||
Other liabilities | $ | 10,827 | $ | 15,193 | |||||||||||||
At December 31, 2021 | Fair Value |
Unfunded
Commitments |
Redemption Frequency |
Redemption
Notice Period (Minimum Days) |
Redemption
Notice Period (Maximum Days) |
||||||||||||||||||||||||||||||
Private equity funds | $ | 241,297 | $ | 458,566 | See below | See below | See below | ||||||||||||||||||||||||||||
Private credit funds | 473,112 | 868,571 | See below | See below | See below | ||||||||||||||||||||||||||||||
Hedge funds
|
11,394 | — | See below | See below | See below | ||||||||||||||||||||||||||||||
Total other investments measured using net asset valuations
|
$ | 725,803 | $ | 1,327,137 | |||||||||||||||||||||||||||||||
At December 31, 2020 | Fair Value |
Unfunded
Commitments |
Redemption Frequency |
Redemption
Notice Period (Minimum Days) |
Redemption
Notice Period (Maximum Days) |
||||||||||||||||||||||||||||||
Private equity funds | $ | 140,743 | $ | 286,893 | See below | See below | See below | ||||||||||||||||||||||||||||
Private credit funds | 144,556 | 692,425 | See below | See below | See below | ||||||||||||||||||||||||||||||
Hedge funds
|
10,553 | — | See below | See below | See below | ||||||||||||||||||||||||||||||
Total other investments measured using net asset valuations
|
$ | 295,852 | $ | 979,318 | |||||||||||||||||||||||||||||||
Maximum Exposure to Loss | ||||||||||||||||||||
At December 31, 2021 | Carrying amount | Unfunded Commitments | Total | |||||||||||||||||
Other investments | $ | 539,866 | $ | 1,282,451 | $ | 1,822,317 | ||||||||||||||
At December 31, 2020 | ||||||||||||||||||||
Other investments | $ | 240,058 | $ | 659,119 | $ | 899,177 | ||||||||||||||
Year ended December 31, | 2021 | 2020 | 2019 | ||||||||||||||||||||
Premiums Written | |||||||||||||||||||||||
Direct | $ | 994,286 | $ | 612,172 | $ | 461,409 | |||||||||||||||||
Assumed | 6,839,512 | 5,193,993 | 4,346,341 | ||||||||||||||||||||
Ceded | (1,894,423) | (1,709,832) | (1,426,257) | ||||||||||||||||||||
Net premiums written | $ | 5,939,375 | $ | 4,096,333 | $ | 3,381,493 | |||||||||||||||||
Premiums Earned | |||||||||||||||||||||||
Direct | $ | 799,717 | $ | 536,595 | $ | 404,525 | |||||||||||||||||
Assumed | 6,257,814 | 5,078,682 | 4,348,261 | ||||||||||||||||||||
Ceded | (1,863,350) | (1,662,815) | (1,414,383) | ||||||||||||||||||||
Net premiums earned | $ | 5,194,181 | $ | 3,952,462 | $ | 3,338,403 | |||||||||||||||||
Claims and Claim Expenses | |||||||||||||||||||||||
Gross claims and claim expenses incurred | $ | 5,905,616 | $ | 3,893,204 | $ | 3,221,778 | |||||||||||||||||
Claims and claim expenses recovered | (2,029,529) | (968,595) | (1,124,757) | ||||||||||||||||||||
Net claims and claim expenses incurred | $ | 3,876,087 | $ | 2,924,609 | $ | 2,097,021 | |||||||||||||||||
Year ended December 31, | 2021 | ||||||||||
Beginning balance | $ | 5,961 | |||||||||
Provision for allowance | (3,185) | ||||||||||
Ending balance | $ | 2,776 | |||||||||
Year ended December 31, | 2021 | ||||||||||
Beginning balance | $ | 6,334 | |||||||||
Provision for allowance | 2,010 | ||||||||||
Ending balance | $ | 8,344 | |||||||||
At December 31, 2021 |
Case
Reserves |
Additional
Case Reserves |
IBNR | Total | |||||||||||||||||||||||||
Property | $ | 1,555,210 | $ | 1,996,760 | $ | 2,825,718 | $ | 6,377,688 | |||||||||||||||||||||
Casualty and Specialty | 1,784,334 | 128,065 | 5,004,543 | 6,916,942 | |||||||||||||||||||||||||
Total
|
$ | 3,339,544 | $ | 2,124,825 | $ | 7,830,261 | $ | 13,294,630 | |||||||||||||||||||||
At December 31, 2020 | |||||||||||||||||||||||||||||
Property | $ | 1,127,909 | $ | 1,617,003 | $ | 1,627,541 | $ | 4,372,453 | |||||||||||||||||||||
Casualty and Specialty | 1,651,150 | 133,843 | 4,223,692 | 6,008,685 | |||||||||||||||||||||||||
Total
|
$ | 2,779,059 | $ | 1,750,846 | $ | 5,851,233 | $ | 10,381,138 | |||||||||||||||||||||
Year ended December 31, | 2021 | 2020 | 2019 | ||||||||||||||||||||
Reserve for claims and claim expenses, net of reinsurance recoverable, as of beginning of period | $ | 7,455,128 | $ | 6,593,052 | $ | 3,704,050 | |||||||||||||||||
Net incurred related to: | |||||||||||||||||||||||
Current year | 4,125,557 | 3,108,421 | 2,123,876 | ||||||||||||||||||||
Prior years | (249,470) | (183,812) | (26,855) | ||||||||||||||||||||
Total net incurred | 3,876,087 | 2,924,609 | 2,097,021 | ||||||||||||||||||||
Net paid related to: | |||||||||||||||||||||||
Current year | 574,230 | 412,172 | 265,649 | ||||||||||||||||||||
Prior years | 1,649,872 | 1,592,456 | 832,405 | ||||||||||||||||||||
Total net paid | 2,224,102 | 2,004,628 | 1,098,054 | ||||||||||||||||||||
Foreign exchange (1)
|
(81,152) | 97,273 | 31,260 | ||||||||||||||||||||
Amounts disposed (2)
|
— | (155,178) | — | ||||||||||||||||||||
Amounts acquired (3)
|
— | — | 1,858,775 | ||||||||||||||||||||
Reserve for claims and claim expenses, net of reinsurance recoverable, as of end of period | 9,025,961 | 7,455,128 | 6,593,052 | ||||||||||||||||||||
Reinsurance recoverable as of end of period | 4,268,669 | 2,926,010 | 2,791,297 | ||||||||||||||||||||
Reserve for claims and claim expenses as of end of period | $ | 13,294,630 | $ | 10,381,138 | $ | 9,384,349 | |||||||||||||||||
Incurred Claims and Claim Expenses, Net of Reinsurance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, | At December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accident
Year |
2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
IBNR
and ACR |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | $ | 1,138,478 | $ | 1,022,338 | $ | 958,667 | $ | 927,397 | $ | 899,241 | $ | 901,147 | $ | 907,765 | $ | 911,821 | $ | 894,228 | $ | 893,612 | $ | 28,520 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | — | 912,458 | 887,176 | 836,813 | 790,498 | 766,453 | 747,939 | 726,212 | 720,503 | 726,277 | 16,529 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | — | — | 1,002,755 | 974,640 | 965,706 | 941,733 | 922,659 | 932,269 | 897,645 | 888,622 | 57,970 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2015 | — | — | — | 1,139,588 | 1,144,947 | 1,161,202 | 1,130,597 | 1,105,473 | 1,117,250 | 1,111,987 | 73,388 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2016 | — | — | — | — | 1,418,381 | 1,464,953 | 1,447,703 | 1,420,715 | 1,366,532 | 1,373,871 | 59,360 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | — | — | — | — | — | 2,954,415 | 2,748,704 | 2,664,387 | 2,603,328 | 2,559,381 | 342,654 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | — | — | — | — | — | — | 2,198,790 | 2,342,952 | 2,297,920 | 2,188,749 | 371,723 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | — | — | — | — | — | — | — | 2,255,467 | 2,213,257 | 2,154,462 | 834,344 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | — | — | — | — | — | — | — | — | 3,090,954 | 3,076,722 | 1,562,397 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | — | — | — | — | — | — | — | — | — | 4,080,591 | 3,091,130 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 19,054,274 | $ | 6,438,015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative Paid Claims and Claim Expenses, Net of Reinsurance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accident
Year |
2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | $ | 267,808 | $ | 417,140 | $ | 522,714 | $ | 597,103 | $ | 648,754 | $ | 723,431 | $ | 754,527 | $ | 785,271 | $ | 792,519 | $ | 808,734 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | — | 132,207 | 341,769 | 434,633 | 497,296 | 556,485 | 589,784 | 617,109 | 633,689 | 648,716 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | — | — | 231,084 | 435,331 | 557,091 | 633,294 | 694,155 | 741,271 | 767,927 | 788,590 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2015 | — | — | — | 262,301 | 496,234 | 660,456 | 775,007 | 870,708 | 934,337 | 982,966 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2016 | — | — | — | — | 287,753 | 625,995 | 831,642 | 973,074 | 1,087,441 | 1,184,679 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | — | — | — | — | — | 747,272 | 1,073,216 | 1,370,642 | 1,735,535 | 1,905,621 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | — | — | — | — | — | — | 590,671 | 800,773 | 1,172,692 | 1,452,144 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | — | — | — | — | — | — | — | 285,660 | 692,429 | 986,835 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | — | — | — | — | — | — | — | — | 410,482 | 1,023,330 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | — | — | — | — | — | — | — | — | — | 572,076 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 10,353,691 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding liabilities from accident year 2011 and prior, net of reinsurance | 341,797 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment for unallocated loss adjustment expenses | 61,251 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized fair value adjustments recorded in connection with acquisitions | (77,670) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liability for claims and claim expenses, net of reinsurance | $ | 9,025,961 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Incurred Claims and Claim Expenses, Net of Reinsurance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, | At December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accident
Year |
2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
IBNR
and ACR |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | $ | 560,348 | $ | 429,885 | $ | 395,605 | $ | 375,439 | $ | 358,509 | $ | 346,756 | $ | 338,877 | $ | 334,347 | $ | 325,042 | $ | 322,871 | $ | 1,180 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | — | 318,033 | 294,315 | 272,191 | 250,014 | 238,734 | 235,016 | 235,356 | 238,404 | 240,779 | 1,113 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | — | — | 302,158 | 278,813 | 265,569 | 260,542 | 259,379 | 256,845 | 250,647 | 247,708 | 372 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2015 | — | — | — | 372,338 | 357,065 | 334,099 | 323,211 | 311,964 | 305,847 | 295,081 | 71 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2016 | — | — | — | — | 455,503 | 469,120 | 452,922 | 434,706 | 415,572 | 411,698 | 16,889 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | — | — | — | — | — | 1,644,982 | 1,461,953 | 1,350,684 | 1,328,419 | 1,273,461 | 217,210 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | — | — | — | — | — | — | 938,309 | 1,020,102 | 979,598 | 857,217 | 105,483 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | — | — | — | — | — | — | — | 992,526 | 956,445 | 898,472 | 254,099 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | — | — | — | — | — | — | — | — | 1,580,564 | 1,600,743 | 585,134 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | — | — | — | — | — | — | — | — | — | 2,370,891 | 1,552,621 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 8,518,921 | $ | 2,734,172 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative Paid Claims and Claim Expenses, Net of Reinsurance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accident
Year |
2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | $ | 165,951 | $ | 205,814 | $ | 254,000 | $ | 280,519 | $ | 291,901 | $ | 306,718 | $ | 309,133 | $ | 314,418 | $ | 314,720 | $ | 318,295 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | — | 80,397 | 156,204 | 192,225 | 207,963 | 215,758 | 218,446 | 221,255 | 226,035 | 226,353 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | — | — | 106,781 | 184,711 | 223,197 | 234,933 | 241,266 | 244,721 | 243,885 | 246,690 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2015 | — | — | — | 126,972 | 226,722 | 260,858 | 278,452 | 288,678 | 292,033 | 294,651 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2016 | — | — | — | — | 120,506 | 259,131 | 327,034 | 351,523 | 374,160 | 384,932 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | — | — | — | — | — | 534,631 | 663,381 | 820,148 | 946,934 | 972,239 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | — | — | — | — | — | — | 434,358 | 439,783 | 611,268 | 638,149 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | — | — | — | — | — | — | — | 160,141 | 364,761 | 526,314 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | — | — | — | — | — | — | — | — | 255,268 | 676,472 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | — | — | — | — | — | — | — | — | — | 499,796 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 4,783,891 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding liabilities from accident year 2011 and prior, net of reinsurance | 89,538 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment for unallocated loss adjustment expenses | 16,266 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized fair value adjustments recorded in connection with acquisitions | (11,642) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liability for claims and claim expenses, net of reinsurance | $ | 3,829,192 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Incurred Claims and Claim Expenses, Net of Reinsurance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, | At December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accident
Year |
2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
IBNR
and ACR |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | $ | 578,130 | $ | 592,453 | $ | 563,062 | $ | 551,958 | $ | 540,732 | $ | 554,391 | $ | 568,888 | $ | 577,474 | $ | 569,186 | $ | 570,741 | $ | 27,340 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | — | 594,425 | 592,861 | 564,622 | 540,484 | 527,719 | 512,923 | 490,856 | 482,099 | 485,498 | 15,416 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | — | — | 700,597 | 695,827 | 700,137 | 681,191 | 663,280 | 675,424 | 646,998 | 640,914 | 57,598 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2015 | — | — | — | 767,250 | 787,882 | 827,103 | 807,386 | 793,509 | 811,403 | 816,906 | 73,317 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2016 | — | — | — | — | 962,878 | 995,833 | 994,781 | 986,009 | 950,960 | 962,173 | 42,471 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | — | — | — | — | — | 1,309,433 | 1,286,751 | 1,313,703 | 1,274,909 | 1,285,920 | 125,444 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | — | — | — | — | — | — | 1,260,481 | 1,322,850 | 1,318,322 | 1,331,532 | 266,240 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | — | — | — | — | — | — | — | 1,262,941 | 1,256,812 | 1,255,990 | 580,245 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | — | — | — | — | — | — | — | — | 1,510,390 | 1,475,979 | 977,263 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | — | — | — | — | — | — | — | — | — | 1,709,700 | 1,538,509 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 10,535,353 | $ | 3,703,843 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative Paid Claims and Claim Expenses, Net of Reinsurance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accident
Year |
2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | $ | 101,857 | $ | 211,326 | $ | 268,714 | $ | 316,584 | $ | 356,853 | $ | 416,713 | $ | 445,394 | $ | 470,853 | $ | 477,799 | $ | 490,439 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | — | 51,810 | 185,565 | 242,408 | 289,333 | 340,727 | 371,338 | 395,854 | 407,654 | 422,363 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | — | — | 124,303 | 250,620 | 333,894 | 398,361 | 452,889 | 496,550 | 524,042 | 541,900 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2015 | — | — | — | 135,329 | 269,512 | 399,598 | 496,555 | 582,030 | 642,304 | 688,315 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2016 | — | — | — | — | 167,247 | 366,864 | 504,608 | 621,551 | 713,281 | 799,747 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | — | — | — | — | — | 212,641 | 409,835 | 550,494 | 788,601 | 933,382 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | — | — | — | — | — | — | 156,313 | 360,990 | 561,424 | 813,995 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | — | — | — | — | — | — | — | 125,519 | 327,668 | 460,521 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | — | — | — | — | — | — | — | — | 155,214 | 346,858 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | — | — | — | — | — | — | — | — | — | 72,280 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 5,569,800 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding liabilities from accident year 2011 and prior, net of reinsurance | 252,259 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment for unallocated loss adjustment expenses | 44,985 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized fair value adjustments recorded in connection with acquisitions | (66,028) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liability for claims and claim expenses, net of reinsurance | $ | 5,196,769 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended December 31, | 2021 | 2020 | 2019 | ||||||||||||||||||||
(Favorable) adverse development | (Favorable) adverse development | (Favorable) adverse development | |||||||||||||||||||||
Property | $ | (233,373) | $ | (157,049) | $ | (2,973) | |||||||||||||||||
Casualty and Specialty | (16,097) | (26,763) | (23,882) | ||||||||||||||||||||
Total net (favorable) adverse development of prior accident years net claims and claim expenses | $ | (249,470) | $ | (183,812) | $ | (26,855) | |||||||||||||||||
Year ended December 31, | 2021 | ||||||||||
(Favorable) adverse development | |||||||||||
Catastrophe net claims and claim expenses | |||||||||||
Large catastrophe events | |||||||||||
2020 Weather-Related Large Loss Events | $ | 17,140 | |||||||||
2019 Large Loss Events | (61,634) | ||||||||||
2018 Large Loss Events | (101,096) | ||||||||||
2017 Large Loss Events | (49,090) | ||||||||||
Other | (9,392) | ||||||||||
Total large catastrophe events
|
(204,072) | ||||||||||
Small catastrophe events and attritional loss movements | |||||||||||
Other small catastrophe events and attritional loss movements | (34,751) | ||||||||||
Total small catastrophe events and attritional loss movements
|
(34,751) | ||||||||||
Total catastrophe and attritional net claims and claim expenses
|
(238,823) | ||||||||||
Actuarial assumption changes | 5,450 | ||||||||||
Total net (favorable) adverse development of prior accident years net claims and claim expenses | $ | (233,373) | |||||||||
Year ended December 31, | 2020 | ||||||||||
(Favorable) adverse development | |||||||||||
Catastrophe net claims and claim expenses | |||||||||||
Large catastrophe events | |||||||||||
2019 Large Loss Events | $ | (44,389) | |||||||||
2018 Large Loss Events | (43,991) | ||||||||||
2017 Large Loss Events | (32,649) | ||||||||||
Other | 124 | ||||||||||
Total large catastrophe events | (120,905) | ||||||||||
Small catastrophe events and attritional loss movements | |||||||||||
Other small catastrophe events and attritional loss movements | (41,589) | ||||||||||
Total small catastrophe events and attritional loss movements | (41,589) | ||||||||||
Total catastrophe and attritional net claims and claim expenses | (162,494) | ||||||||||
Actuarial assumption changes | 5,445 | ||||||||||
Total net (favorable) adverse development of prior accident years net claims and claim expenses | $ | (157,049) | |||||||||
Year ended December 31, | 2019 | ||||||||||
(Favorable) adverse development | |||||||||||
Catastrophe net claims and claim expenses | |||||||||||
Large catastrophe events | |||||||||||
2017 Large Loss Events | $ | (101,572) | |||||||||
New Zealand Earthquake (2011) | (7,497) | ||||||||||
Tohoku Earthquake and Tsunami (2011) | (5,198) | ||||||||||
New Zealand Earthquake (2010) | 47,071 | ||||||||||
2018 Large Loss Events | 81,555 | ||||||||||
Other | (31,916) | ||||||||||
Total large catastrophe events | (17,557) | ||||||||||
Small catastrophe events and attritional loss movements | |||||||||||
Other small catastrophe events and attritional loss movements | 5,339 | ||||||||||
Total small catastrophe events and attritional loss movements | 5,339 | ||||||||||
Total catastrophe and attritional net claims and claim expenses | (12,218) | ||||||||||
Actuarial assumption changes | 9,245 | ||||||||||
Total net (favorable) adverse development of prior accident years net claims and claim expenses | $ | (2,973) | |||||||||
Year ended December 31, | 2021 | 2020 | 2019 | ||||||||||||||||||||
(Favorable) adverse development | (Favorable) adverse development | (Favorable) adverse development | |||||||||||||||||||||
Actuarial methods - actual reported claims less than expected claims
|
$ | (19,078) | $ | (29,280) | $ | (52,796) | |||||||||||||||||
Actuarial assumption changes
|
2,981 | 2,517 | 28,914 | ||||||||||||||||||||
Total net (favorable) adverse development of prior accident years net claims and claim expenses | $ | (16,097) | $ | (26,763) | $ | (23,882) | |||||||||||||||||
At December 31, 2021 | |||||||||||
Net Reserve for Claims and Claim Expenses | |||||||||||
Property | $ | 3,829,192 | |||||||||
Casualty and Specialty
|
5,196,769 | ||||||||||
Other
|
— | ||||||||||
Total net reserve for claims and claim expenses
|
9,025,961 | ||||||||||
Reinsurance Recoverable | |||||||||||
Property
|
$ | 2,548,496 | |||||||||
Casualty and Specialty
|
1,720,173 | ||||||||||
Other
|
— | ||||||||||
Total reinsurance recoverable
|
4,268,669 | ||||||||||
Total reserve for claims and claim expenses | $ | 13,294,630 | |||||||||
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Number of Years) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2021 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property | 29.2 | % | 19.4 | % | 15.7 | % | 6.8 | % | 3.0 | % | 2.3 | % | 0.6 | % | 1.6 | % | 0.1 | % | 1.1 | % | |||||||||||||||||||||||||||||||||||||||||||||
Casualty and Specialty
|
12.4 | % | 17.0 | % | 12.8 | % | 14.2 | % | 9.8 | % | 8.1 | % | 5.0 | % | 3.2 | % | 2.1 | % | 2.2 | % | |||||||||||||||||||||||||||||||||||||||||||||
At December 31, 2021 | ||||||||||||||||||||
Cumulative Number of Reported Claims | ||||||||||||||||||||
Accident Year | Property | Casualty and Specialty | ||||||||||||||||||
2012 | 922 | 2,559 | ||||||||||||||||||
2013 | 812 | 3,030 | ||||||||||||||||||
2014 | 762 | 3,914 | ||||||||||||||||||
2015 | 783 | 4,419 | ||||||||||||||||||
2016 | 1,206 | 5,164 | ||||||||||||||||||
2017 | 2,596 | 4,753 | ||||||||||||||||||
2018 | 2,516 | 3,921 | ||||||||||||||||||
2019 | 1,704 | 3,392 | ||||||||||||||||||
2020 | 2,298 | 1,777 | ||||||||||||||||||
2021 | 1,203 | 725 | ||||||||||||||||||
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | ||||||||||||||||||||||||||
3.600% Senior Notes due 2029
|
$ | 432,316 | $ | 393,305 | $ | 453,932 | $ | 392,391 | |||||||||||||||||||||
3.450% Senior Notes due 2027
|
321,204 | 297,281 | 329,661 | 296,787 | |||||||||||||||||||||||||
3.700% Senior Notes due 2025
|
318,852 | 298,798 | 315,273 | 298,428 | |||||||||||||||||||||||||
4.750% Senior Notes due 2025 (DaVinciRe) (1)
|
166,071 | 148,969 | 162,203 | 148,659 | |||||||||||||||||||||||||
Total senior notes | 1,238,443 | 1,138,353 | 1,261,069 | 1,136,265 | |||||||||||||||||||||||||
Medici Revolving Credit Facility (2)
|
30,000 | 30,000 | — | — | |||||||||||||||||||||||||
Total debt | $ | 1,268,443 | $ | 1,168,353 | $ | 1,261,069 | $ | 1,136,265 | |||||||||||||||||||||
2022 | $ | 30,000 | |||||||||
2023 | — | ||||||||||
2024 | — | ||||||||||
2025 | 450,000 | ||||||||||
2026 | — | ||||||||||
After 2026 | 700,000 | ||||||||||
Unamortized fair value adjustments | — | ||||||||||
Unamortized discount and debt issuance expenses | (11,647) | ||||||||||
$ | 1,168,353 | ||||||||||
At December 31, 2021 | Issued or Drawn | ||||||||||
Revolving Credit Facility (1)
|
$ | — | |||||||||
Medici Revolving Credit Facility (2)
|
30,000 | ||||||||||
Bilateral Letter of Credit Facilities
|
|||||||||||
Secured
|
410,440 | ||||||||||
Unsecured
|
369,324 | ||||||||||
Funds at Lloyd’s Letter of Credit Facility
|
275,000 | ||||||||||
$ | 1,084,764 | ||||||||||
At December 31, | 2021 | 2020 | |||||||||||||||
Redeemable noncontrolling interest - DaVinciRe | $ | 1,499,451 | $ | 1,560,693 | |||||||||||||
Redeemable noncontrolling interest - Medici
|
856,820 | 717,999 | |||||||||||||||
Redeemable noncontrolling interest - Vermeer
|
1,197,782 | 1,109,627 | |||||||||||||||
Redeemable noncontrolling interests | $ | 3,554,053 | $ | 3,388,319 | |||||||||||||
Year ended December 31, | 2021 | 2020 | 2019 | ||||||||||||||||||||
Redeemable noncontrolling interest - DaVinciRe | $ | (102,932) | $ | 113,671 | $ | 127,084 | |||||||||||||||||
Redeemable noncontrolling interest - Medici
|
1,492 | 55,970 | 25,759 | ||||||||||||||||||||
Redeemable noncontrolling interest - Vermeer
|
38,155 | 61,012 | 48,626 | ||||||||||||||||||||
Net income (loss) attributable to redeemable noncontrolling interests | $ | (63,285) | $ | 230,653 | $ | 201,469 | |||||||||||||||||
Year ended December 31, | 2021 | 2020 | |||||||||||||||
Beginning balance | $ | 1,560,693 | $ | 1,435,581 | |||||||||||||
Redemption of shares from redeemable noncontrolling interests, net of adjustments
|
(157,864) | 1,450 | |||||||||||||||
Sale of shares to redeemable noncontrolling interests | 199,554 | 9,991 | |||||||||||||||
Net income (loss) attributable to redeemable noncontrolling interests | (102,932) | 113,671 | |||||||||||||||
Ending balance | $ | 1,499,451 | $ | 1,560,693 | |||||||||||||
Year ended December 31, | 2021 | 2020 | |||||||||||||||
Beginning balance | $ | 717,999 | $ | 632,112 | |||||||||||||
Redemption of shares from redeemable noncontrolling interests, net of adjustments
|
(64,191) | (107,386) | |||||||||||||||
Sale of shares to redeemable noncontrolling interests
|
201,520 | 137,303 | |||||||||||||||
Net income (loss) attributable to redeemable noncontrolling interests | 1,492 | 55,970 | |||||||||||||||
Ending balance | $ | 856,820 | $ | 717,999 | |||||||||||||
Year ended December 31, | 2021 | 2020 | |||||||||||||||
Beginning balance | $ | 1,109,627 | $ | 1,003,615 | |||||||||||||
Sale of shares to redeemable noncontrolling interest | 50,000 | 45,000 | |||||||||||||||
Net income (loss) attributable to redeemable noncontrolling interest | 38,155 | 61,012 | |||||||||||||||
Ending balance | $ | 1,197,782 | $ | 1,109,627 | |||||||||||||
Year ended December 31, | 2021 | 2020 | 2019 | ||||||||||||||||||||
(thousands of shares) | |||||||||||||||||||||||
Beginning balance | 50,811 | 44,148 | 42,207 | ||||||||||||||||||||
Issuance of shares
|
— | 6,777 | 1,739 | ||||||||||||||||||||
Repurchase of shares
|
(6,579) | (406) | — | ||||||||||||||||||||
Exercise of options and issuance of restricted stock awards
|
213 | 292 | 202 | ||||||||||||||||||||
Ending balance | 44,445 | 50,811 | 44,148 | ||||||||||||||||||||
Year ended December 31, | 2021 | 2020 | 2019 | ||||||||||||||||||||
(common shares in thousands) | |||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | (73,421) | $ | 731,482 | $ | 712,042 | |||||||||||||||||
Amount allocated to participating common shareholders (1) | (727) | (8,968) | (8,545) | ||||||||||||||||||||
Net income (loss) allocated to RenaissanceRe common shareholders | $ | (74,148) | $ | 722,514 | $ | 703,497 | |||||||||||||||||
Denominator: | |||||||||||||||||||||||
Denominator for basic income (loss) per RenaissanceRe common share - weighted average common shares | 47,171 | 47,103 | 43,119 | ||||||||||||||||||||
Per common share equivalents of non-vested shares | — | 75 | 56 | ||||||||||||||||||||
Denominator for diluted income (loss) per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions | 47,171 | 47,178 | 43,175 | ||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – basic
|
$ | (1.57) | $ | 15.34 | $ | 16.32 | |||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted | $ | (1.57) | $ | 15.31 | $ | 16.29 | |||||||||||||||||
Year ended December 31, | 2021 | 2020 | 2019 | ||||||||||||||||||||
Domestic | |||||||||||||||||||||||
Bermuda
|
$ | 156,031 | $ | 1,122,261 | $ | 861,068 | |||||||||||||||||
Foreign | |||||||||||||||||||||||
Singapore
|
4,420 | 16,416 | (6,334) | ||||||||||||||||||||
Ireland
|
101 | 1,315 | (388) | ||||||||||||||||||||
U.S.
|
(92,335) | 286 | 102,724 | ||||||||||||||||||||
Australia
|
7,148 | (1,689) | 3,390 | ||||||||||||||||||||
Switzerland
|
(106,249) | (40,502) | 14,255 | ||||||||||||||||||||
U.K.
|
(83,224) | (102,167) | (7,233) | ||||||||||||||||||||
Income (loss) before taxes | $ | (114,108) | $ | 995,920 | $ | 967,482 | |||||||||||||||||
Year ended December 31, 2021 | Current | Deferred | Total | ||||||||||||||||||||
Total income tax (expense) benefit | $ | (992) | $ | 11,660 | $ | 10,668 | |||||||||||||||||
Year ended December 31, 2020 | |||||||||||||||||||||||
Total income tax (expense) benefit | $ | (6,313) | $ | 3,451 | $ | (2,862) | |||||||||||||||||
Year ended December 31, 2019 | |||||||||||||||||||||||
Total income tax (expense) benefit | $ | (2,128) | $ | (15,087) | $ | (17,215) | |||||||||||||||||
Year ended December 31, | 2021 | 2020 | 2019 | ||||||||||||||||||||
Expected income tax benefit (expense) | $ | 53,093 | $ | 25,489 | $ | (22,874) | |||||||||||||||||
Nondeductible expenses | (334) | 5,074 | (7,059) | ||||||||||||||||||||
Reinsurance adjustment | (4,604) | — | — | ||||||||||||||||||||
Income tax audit adjustment | — | 3,424 | — | ||||||||||||||||||||
Effect of change in tax rate | 14,904 | 3,055 | (262) | ||||||||||||||||||||
Transfer pricing | 224 | 206 | 2,503 | ||||||||||||||||||||
GAAP to statutory accounting difference | — | — | 6,553 | ||||||||||||||||||||
U.S. base erosion and anti-abuse tax | (1,725) | (36) | — | ||||||||||||||||||||
Withholding tax | (1,013) | (1,822) | (665) | ||||||||||||||||||||
Non-taxable loss on sale of RenaissanceRe UK | — | (6,091) | — | ||||||||||||||||||||
Change in valuation allowance | (42,819) | (13,003) | (5,481) | ||||||||||||||||||||
Foreign branch adjustments | (5,491) | (17,821) | 7,315 | ||||||||||||||||||||
Other | (1,567) | (1,337) | 2,755 | ||||||||||||||||||||
Income tax benefit (expense) | $ | 10,668 | $ | (2,862) | $ | (17,215) | |||||||||||||||||
At December 31, | 2021 | 2020 | |||||||||||||||
Deferred tax assets | |||||||||||||||||
Tax loss and credit carryforwards | $ | 149,739 | $ | 128,561 | |||||||||||||
Unearned premiums | 36,962 | 20,854 | |||||||||||||||
Reserve for claims and claim expenses | 22,611 | 14,983 | |||||||||||||||
Deferred finance charges | 17,962 | 11,427 | |||||||||||||||
Deferred underwriting results | 12,483 | 7,228 | |||||||||||||||
Accrued expenses | 1,788 | 4,826 | |||||||||||||||
Amortization and depreciation | 6,969 | — | |||||||||||||||
248,514 | 187,879 | ||||||||||||||||
Deferred tax liabilities | |||||||||||||||||
Investments | (2,180) | (23,598) | |||||||||||||||
Deferred acquisition expenses | (49,661) | (23,040) | |||||||||||||||
Intangible assets | (4,242) | (1,142) | |||||||||||||||
Amortization and depreciation | — | (1,130) | |||||||||||||||
VOBA | — | (1,017) | |||||||||||||||
(56,083) | (49,927) | ||||||||||||||||
Net deferred tax asset (liability) before valuation allowance | 192,431 | 137,952 | |||||||||||||||
Valuation allowance | (131,507) | (88,688) | |||||||||||||||
Net deferred tax asset (liability) | $ | 60,924 | $ | 49,264 | |||||||||||||
Year ended December 31, 2021 | Property | Casualty and Specialty | Other | Total | |||||||||||||||||||||||||
Gross premiums written | $ | 3,958,724 | $ | 3,875,074 | $ | — | $ | 7,833,798 | |||||||||||||||||||||
Net premiums written | $ | 2,868,002 | $ | 3,071,373 | $ | — | $ | 5,939,375 | |||||||||||||||||||||
Net premiums earned | $ | 2,608,298 | $ | 2,585,883 | $ | — | $ | 5,194,181 | |||||||||||||||||||||
Net claims and claim expenses incurred
|
2,163,016 | 1,713,071 | — | 3,876,087 | |||||||||||||||||||||||||
Acquisition expenses | 487,178 | 727,680 | — | 1,214,858 | |||||||||||||||||||||||||
Operational expenses | 143,608 | 68,576 | — | 212,184 | |||||||||||||||||||||||||
Underwriting income (loss) | $ | (185,504) | $ | 76,556 | $ | — | (108,948) | ||||||||||||||||||||||
Net investment income | 319,479 | 319,479 | |||||||||||||||||||||||||||
Net foreign exchange gains (losses) | (41,006) | (41,006) | |||||||||||||||||||||||||||
Equity in earnings of other ventures
|
12,309 | 12,309 | |||||||||||||||||||||||||||
Other income (loss) | 10,880 | 10,880 | |||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | (218,134) | (218,134) | |||||||||||||||||||||||||||
Corporate expenses | (41,152) | (41,152) | |||||||||||||||||||||||||||
Interest expense | (47,536) | (47,536) | |||||||||||||||||||||||||||
Income (loss) before taxes and redeemable noncontrolling interests | (114,108) | ||||||||||||||||||||||||||||
Income tax (expense) benefit | 10,668 | 10,668 | |||||||||||||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests | 63,285 | 63,285 | |||||||||||||||||||||||||||
Dividends on preference shares | (33,266) | (33,266) | |||||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | (73,421) | |||||||||||||||||||||||||||
Net claims and claim expenses incurred – current accident year
|
$ | 2,396,389 | $ | 1,729,168 | $ | — | $ | 4,125,557 | |||||||||||||||||||||
Net claims and claim expenses incurred – prior accident years
|
(233,373) | (16,097) | — | (249,470) | |||||||||||||||||||||||||
Net claims and claim expenses incurred – total
|
$ | 2,163,016 | $ | 1,713,071 | $ | — | $ | 3,876,087 | |||||||||||||||||||||
Net claims and claim expense ratio – current accident year
|
91.9 | % | 66.9 | % | 79.4 | % | |||||||||||||||||||||||
Net claims and claim expense ratio – prior accident years
|
(9.0) | % | (0.7) | % | (4.8) | % | |||||||||||||||||||||||
Net claims and claim expense ratio – calendar year
|
82.9 | % | 66.2 | % | 74.6 | % | |||||||||||||||||||||||
Underwriting expense ratio | 24.2 | % | 30.8 | % | 27.5 | % | |||||||||||||||||||||||
Combined ratio | 107.1 | % | 97.0 | % | 102.1 | % | |||||||||||||||||||||||
Year ended December 31, 2020 | Property | Casualty and Specialty | Other | Total | |||||||||||||||||||||||||
Gross premiums written | $ | 2,999,142 | $ | 2,807,023 | $ | — | $ | 5,806,165 | |||||||||||||||||||||
Net premiums written | $ | 2,037,200 | $ | 2,059,133 | $ | — | $ | 4,096,333 | |||||||||||||||||||||
Net premiums earned | $ | 1,936,215 | $ | 2,016,247 | $ | — | $ | 3,952,462 | |||||||||||||||||||||
Net claims and claim expenses incurred
|
1,435,947 | 1,488,662 | — | 2,924,609 | |||||||||||||||||||||||||
Acquisition expenses | 353,700 | 543,977 | — | 897,677 | |||||||||||||||||||||||||
Operational expenses | 135,547 | 71,140 | — | 206,687 | |||||||||||||||||||||||||
Underwriting income (loss) | $ | 11,021 | $ | (87,532) | $ | — | (76,511) | ||||||||||||||||||||||
Net investment income | 354,038 | 354,038 | |||||||||||||||||||||||||||
Net foreign exchange gains (losses) | 27,773 | 27,773 | |||||||||||||||||||||||||||
Equity in earnings of other ventures
|
17,194 | 17,194 | |||||||||||||||||||||||||||
Other income (loss) | 213 | 213 | |||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 820,636 | 820,636 | |||||||||||||||||||||||||||
Corporate expenses | (96,970) | (96,970) | |||||||||||||||||||||||||||
Interest expense | (50,453) | (50,453) | |||||||||||||||||||||||||||
Income (loss) before taxes and redeemable noncontrolling interests | 995,920 | ||||||||||||||||||||||||||||
Income tax (expense) benefit | (2,862) | (2,862) | |||||||||||||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests | (230,653) | (230,653) | |||||||||||||||||||||||||||
Dividends on preference shares | (30,923) | (30,923) | |||||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 731,482 | |||||||||||||||||||||||||||
Net claims and claim expenses incurred – current accident year
|
$ | 1,592,996 | $ | 1,515,425 | $ | — | $ | 3,108,421 | |||||||||||||||||||||
Net claims and claim expenses incurred – prior accident years
|
(157,049) | (26,763) | — | (183,812) | |||||||||||||||||||||||||
Net claims and claim expenses incurred – total
|
$ | 1,435,947 | $ | 1,488,662 | $ | — | $ | 2,924,609 | |||||||||||||||||||||
Net claims and claim expense ratio – current accident year
|
82.3 | % | 75.2 | % | 78.6 | % | |||||||||||||||||||||||
Net claims and claim expense ratio – prior accident years
|
(8.1) | % | (1.4) | % | (4.6) | % | |||||||||||||||||||||||
Net claims and claim expense ratio – calendar year
|
74.2 | % | 73.8 | % | 74.0 | % | |||||||||||||||||||||||
Underwriting expense ratio | 25.2 | % | 30.5 | % | 27.9 | % | |||||||||||||||||||||||
Combined ratio | 99.4 | % | 104.3 | % | 101.9 | % | |||||||||||||||||||||||
Year ended December 31, 2019 | Property | Casualty and Specialty | Other | Total | |||||||||||||||||||||||||
Gross premiums written | $ | 2,430,985 | $ | 2,376,765 | $ | — | $ | 4,807,750 | |||||||||||||||||||||
Net premiums written | $ | 1,654,259 | $ | 1,727,234 | $ | — | $ | 3,381,493 | |||||||||||||||||||||
Net premiums earned | $ | 1,627,494 | $ | 1,710,909 | $ | — | $ | 3,338,403 | |||||||||||||||||||||
Net claims and claim expenses incurred
|
965,384 | 1,131,637 | — | 2,097,021 | |||||||||||||||||||||||||
Acquisition expenses | 313,554 | 448,678 | — | 762,232 | |||||||||||||||||||||||||
Operational expenses | 138,187 | 84,546 | — | 222,733 | |||||||||||||||||||||||||
Underwriting income (loss) | $ | 210,369 | $ | 46,048 | $ | — | 256,417 | ||||||||||||||||||||||
Net investment income | 424,207 | 424,207 | |||||||||||||||||||||||||||
Net foreign exchange gains (losses) | (2,938) | (2,938) | |||||||||||||||||||||||||||
Equity in earnings of other ventures
|
23,224 | 23,224 | |||||||||||||||||||||||||||
Other income (loss) | 4,949 | 4,949 | |||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 414,109 | 414,109 | |||||||||||||||||||||||||||
Corporate expenses | (94,122) | (94,122) | |||||||||||||||||||||||||||
Interest expense | (58,364) | (58,364) | |||||||||||||||||||||||||||
Income (loss) before taxes and redeemable noncontrolling interests | 967,482 | ||||||||||||||||||||||||||||
Income tax (expense) benefit | (17,215) | (17,215) | |||||||||||||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests | (201,469) | (201,469) | |||||||||||||||||||||||||||
Dividends on preference shares | (36,756) | (36,756) | |||||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 712,042 | |||||||||||||||||||||||||||
Net claims and claim expenses incurred – current accident year
|
$ | 968,357 | $ | 1,155,519 | $ | — | $ | 2,123,876 | |||||||||||||||||||||
Net claims and claim expenses incurred – prior accident years
|
(2,973) | (23,882) | — | (26,855) | |||||||||||||||||||||||||
Net claims and claim expenses incurred – total
|
$ | 965,384 | $ | 1,131,637 | $ | — | $ | 2,097,021 | |||||||||||||||||||||
Net claims and claim expense ratio – current accident year
|
59.5 | % | 67.5 | % | 63.6 | % | |||||||||||||||||||||||
Net claims and claim expense ratio – prior accident years
|
(0.2) | % | (1.4) | % | (0.8) | % | |||||||||||||||||||||||
Net claims and claim expense ratio – calendar year
|
59.3 | % | 66.1 | % | 62.8 | % | |||||||||||||||||||||||
Underwriting expense ratio | 27.8 | % | 31.2 | % | 29.5 | % | |||||||||||||||||||||||
Combined ratio | 87.1 | % | 97.3 | % | 92.3 | % | |||||||||||||||||||||||
Year ended December 31, | 2021 | 2020 | 2019 | ||||||||||||||||||||
Property | |||||||||||||||||||||||
U.S. and Caribbean | $ | 2,257,088 | $ | 1,683,538 | $ | 1,368,205 | |||||||||||||||||
Worldwide | 1,188,737 | 889,917 | 643,744 | ||||||||||||||||||||
Europe | 253,678 | 189,587 | 182,544 | ||||||||||||||||||||
Japan | 114,981 | 102,228 | 90,328 | ||||||||||||||||||||
Worldwide (excluding U.S.) (1)
|
34,742 | 62,058 | 79,393 | ||||||||||||||||||||
Australia and New Zealand | 69,188 | 40,243 | 32,203 | ||||||||||||||||||||
Other | 40,310 | 31,571 | 34,568 | ||||||||||||||||||||
Total Property | 3,958,724 | 2,999,142 | 2,430,985 | ||||||||||||||||||||
Casualty and Specialty | |||||||||||||||||||||||
Worldwide | 1,746,450 | 1,315,386 | 935,626 | ||||||||||||||||||||
U.S. and Caribbean | 1,721,663 | 1,248,981 | 1,071,170 | ||||||||||||||||||||
Europe | 217,721 | 121,369 | 227,178 | ||||||||||||||||||||
Worldwide (excluding U.S.) (1)
|
108,376 | 56,225 | 25,291 | ||||||||||||||||||||
Australia and New Zealand | 29,001 | 12,429 | 34,053 | ||||||||||||||||||||
Other | 51,863 | 52,633 | 83,447 | ||||||||||||||||||||
Total Casualty and Specialty | 3,875,074 | 2,807,023 | 2,376,765 | ||||||||||||||||||||
Total gross premiums written | $ | 7,833,798 | $ | 5,806,165 | $ | 4,807,750 | |||||||||||||||||
Number of
Shares |
|||||||||||||||||||||||
Nonvested at December 31, 2018 | 146,917 | ||||||||||||||||||||||
Awards granted | — | ||||||||||||||||||||||
Awards vested | (80,012) | ||||||||||||||||||||||
Awards forfeited | (3,161) | ||||||||||||||||||||||
Nonvested at December 31, 2019 | 63,744 | ||||||||||||||||||||||
Awards granted | — | ||||||||||||||||||||||
Awards vested | (44,734) | ||||||||||||||||||||||
Awards forfeited | (529) | ||||||||||||||||||||||
Nonvested at December 31, 2020 | 18,481 | ||||||||||||||||||||||
Awards granted | — | ||||||||||||||||||||||
Awards vested | (18,481) | ||||||||||||||||||||||
Awards forfeited | — | ||||||||||||||||||||||
Nonvested at December 31, 2021 | — | ||||||||||||||||||||||
Number of
Shares (1) |
Weighted
Average Grant Date Fair Value |
||||||||||||||||
Nonvested at December 31, 2018 | 152,451 | $ | 57.21 | ||||||||||||||
Awards granted | 58,050 | 146.1 | |||||||||||||||
Awards vested | (21,730) | 49.9 | |||||||||||||||
Awards forfeited | (43,924) | — | |||||||||||||||
Nonvested at December 31, 2019 | 144,847 | $ | 94.70 | ||||||||||||||
Awards granted | 65,840 | 170.40 | |||||||||||||||
Awards vested | (48,997) | 61.48 | |||||||||||||||
Awards forfeited | (9,976) | — | |||||||||||||||
Nonvested at December 31, 2020 | 151,714 | $ | 140.96 | ||||||||||||||
Awards granted | 55,876 | 162.61 | |||||||||||||||
Awards vested | (49,792) | 130.73 | |||||||||||||||
Awards forfeited | (16,730) | — | |||||||||||||||
Nonvested at December 31, 2021 | 141,068 | $ | 163.98 | ||||||||||||||
Employee
Restricted Stock Awards |
Non-Employee Director
Restricted Stock Awards |
Total
Restricted Stock Awards |
|||||||||||||||||||||||||||||||||||||||
Number of
Shares |
Weighted
Average Grant Date Fair Value |
Number of
Shares |
Weighted
Average Grant Date Fair Value |
Number of
Shares |
Weighted
Average Grant Date Fair Value |
||||||||||||||||||||||||||||||||||||
Nonvested at December 31, 2018 | 447,740 | $ | 130.37 | 22,534 | $ | 132.29 | 470,274 | $ | 130.46 | ||||||||||||||||||||||||||||||||
Awards granted | 242,832 | 146.92 | 11,444 | 147.43 | 254,276 | 146.94 | |||||||||||||||||||||||||||||||||||
Awards vested | (165,245) | 124.71 | (12,972) | 131.88 | (178,217) | 125.23 | |||||||||||||||||||||||||||||||||||
Awards forfeited | (14,467) | 136.16 | — | — | (14,467) | 136.16 | |||||||||||||||||||||||||||||||||||
Nonvested at December 31, 2019 | 510,860 | $ | 139.91 | 21,006 | $ | 140.79 | 531,866 | $ | 139.94 | ||||||||||||||||||||||||||||||||
Awards granted | 309,892 | 145.03 | 9,970 | 170.40 | 319,862 | 145.82 | |||||||||||||||||||||||||||||||||||
Awards vested | (213,488) | 138.35 | (10,316) | 141.12 | (223,804) | 138.47 | |||||||||||||||||||||||||||||||||||
Awards forfeited | (14,517) | 140.11 | — | — | (14,517) | 140.11 | |||||||||||||||||||||||||||||||||||
Nonvested at December 31, 2020 | 592,747 | $ | 143.14 | 20,660 | $ | 155.03 | 613,407 | $ | 143.54 | ||||||||||||||||||||||||||||||||
Awards granted | 252,625 | 167.92 | 10,452 | 162.61 | 263,077 | 167.71 | |||||||||||||||||||||||||||||||||||
Awards vested | (207,264) | 142.52 | (10,511) | 147.72 | (217,775) | 142.77 | |||||||||||||||||||||||||||||||||||
Awards forfeited | (14,776) | 158.97 | — | — | (14,776) | 158.97 | |||||||||||||||||||||||||||||||||||
Nonvested at December 31, 2021 | 623,332 | $ | 153.02 | 20,601 | $ | 162.60 | 643,933 | $ | 152.32 | ||||||||||||||||||||||||||||||||
Bermuda (1) | Switzerland (2) | U.K. (3) | U.S. (4) | ||||||||||||||||||||||||||||||||||||||||||||||||||
At December 31, | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||
Statutory capital and surplus
|
$ | 7,462,710 | $ | 6,698,377 | $ | 874,665 | $ | 814,837 | $ | 983,449 | $ | 874,170 | $ | 819,811 | $ | 722,721 | |||||||||||||||||||||||||||||||||||||
Required statutory capital and surplus
|
1,753,078 | 1,391,621 | 780,000 | 587,300 | 983,449 | 874,170 | 716,118 | 474,622 | |||||||||||||||||||||||||||||||||||||||||||||
Unrestricted net assets
|
1,575,526 | 1,705,739 | 300,438 | 232,917 | — | — | 81,981 | 72,272 | |||||||||||||||||||||||||||||||||||||||||||||
Statutory Net Income (Loss) | |||||||||||||||||||||||||||||
Bermuda (1) | Switzerland (2) | U.K. (3) | U.S. (4) | ||||||||||||||||||||||||||
Year ended December 31, 2021 | $ | (89,267) | $ | 80,500 | $ | (46,352) | $ | 10,465 | |||||||||||||||||||||
Year ended December 31, 2020 | 836,707 | 71,829 | (37,427) | 17,403 | |||||||||||||||||||||||||
Year ended December 31, 2019 | 705,808 | (52,699) | (667) | 37,827 | |||||||||||||||||||||||||
Year ended December 31, | 2021 | 2020 | |||||||||||||||
Weighted average of U.S. dollar equivalent of foreign denominated net assets (liabilities) | $ | (66,438) | $ | (45,803) | |||||||||||||
Derivative gains (losses) (1)
|
$ | (4,535) | $ | 11,685 | |||||||||||||
Future Minimum Lease Payments | |||||||||||||||||
Operating Leases | Finance Leases | ||||||||||||||||
2022 | $ | 8,515 | $ | 2,661 | |||||||||||||
2023 | 7,440 | 2,661 | |||||||||||||||
2024 | 6,186 | 2,661 | |||||||||||||||
2025 | 5,998 | 2,661 | |||||||||||||||
2026 | 5,588 | 2,661 | |||||||||||||||
After 2026 | 21,143 | 4,807 | |||||||||||||||
Future minimum lease payments under existing leases
|
$ | 54,870 | $ | 18,112 | |||||||||||||
Page | |||||||||||
I | |||||||||||
II | |||||||||||
III | |||||||||||
IV | |||||||||||
VI |
December 31, 2021 | |||||||||||||||||
Amortized Cost or Cost | Fair Value |
Amount at
Which Shown in the Balance Sheet |
|||||||||||||||
Type of investment: | |||||||||||||||||
Fixed maturity investments | |||||||||||||||||
U.S. treasuries | $ | 6,302,313 | $ | 6,247,779 | $ | 6,247,779 | |||||||||||
Agencies | 364,429 | 361,684 | 361,684 | ||||||||||||||
Non-U.S. government | 552,935 | 549,613 | 549,613 | ||||||||||||||
Non-U.S. government-backed corporate | 476,200 | 474,848 | 474,848 | ||||||||||||||
Corporate | 3,202,614 | 3,214,438 | 3,214,438 | ||||||||||||||
Agency mortgage-backed | 721,711 | 721,955 | 721,955 | ||||||||||||||
Non-agency mortgage-backed | 232,144 | 233,346 | 233,346 | ||||||||||||||
Commercial mortgage-backed | 631,016 | 634,925 | 634,925 | ||||||||||||||
Asset-backed | 1,069,217 | 1,068,543 | 1,068,543 | ||||||||||||||
Total fixed maturity investments | $ | 13,552,579 | 13,507,131 | 13,507,131 | |||||||||||||
Short term investments | 5,298,385 | 5,298,385 | |||||||||||||||
Equity investments | 546,016 | 546,016 | |||||||||||||||
Catastrophe bonds | 1,104,034 | 1,104,034 | |||||||||||||||
Direct private equity investments | 88,373 | 88,373 | |||||||||||||||
Fund investments | 725,802 | 725,802 | |||||||||||||||
Term loans | 74,850 | 74,850 | |||||||||||||||
Total other investments | 1,993,059 | 1,993,059 | |||||||||||||||
Investments in other ventures, under equity method | 98,068 | 98,068 | |||||||||||||||
Total investments | $ | 21,442,659 | $ | 21,442,659 |
At December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Assets | ||||||||||||||
Fixed maturity investments trading, at fair value - amortized cost $0 at December 31, 2021 (2020 - $14,840)
|
$ | — | $ | 14,790 | ||||||||||
Short term investments, at fair value
|
46,503 | 125,392 | ||||||||||||
Cash and cash equivalents
|
35,834 | 29,830 | ||||||||||||
Investments in subsidiaries
|
6,137,229 | 6,757,962 | ||||||||||||
Due from subsidiaries
|
9,468 | 2,435 | ||||||||||||
Accrued investment income
|
6 | 34 | ||||||||||||
Receivable for investments sold
|
3 | 18 | ||||||||||||
Other assets
|
859,176 | 932,153 | ||||||||||||
Goodwill and other intangible assets
|
108,261 | 112,110 | ||||||||||||
Total assets | $ | 7,196,480 | $ | 7,974,724 | ||||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||
Liabilities | ||||||||||||||
Notes and bank loans payable
|
$ | 393,306 | $ | 392,391 | ||||||||||
Due to subsidiaries
|
156,353 | — | ||||||||||||
Other liabilities
|
22,540 | 22,085 | ||||||||||||
Total liabilities | 572,199 | 414,476 | ||||||||||||
Shareholders’ Equity | ||||||||||||||
Preference shares: $1.00 par value – 30,000 shares issued and outstanding at December 31, 2021 (2020 – 11,010,000)
|
750,000 | 525,000 | ||||||||||||
Common shares: $1.00 par value – 44,444,831 shares issued and outstanding at December 31, 2021 (2020 – 50,810,618)
|
44,445 | 50,811 | ||||||||||||
Additional paid-in capital | 608,121 | 1,623,206 | ||||||||||||
Accumulated other comprehensive income (loss) | (10,909) | (12,642) | ||||||||||||
Retained earnings | 5,232,624 | 5,373,873 | ||||||||||||
Total shareholders’ equity | 6,624,281 | 7,560,248 | ||||||||||||
Total liabilities and shareholders’ equity | $ | 7,196,480 | $ | 7,974,724 |
Year ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Revenues | |||||||||||||||||
Net investment income
|
$ | 38,347 | $ | 40,502 | $ | 39,629 | |||||||||||
Net foreign exchange gains (losses)
|
(10,740) | 10,729 | 7,342 | ||||||||||||||
Net realized and unrealized gains (losses) on investments | 6,212 | (4,556) | 12,393 | ||||||||||||||
Total revenues | 33,819 | 46,675 | 59,364 | ||||||||||||||
Expenses | |||||||||||||||||
Interest expense
|
15,315 | 15,583 | 18,086 | ||||||||||||||
Operational expenses
|
12,043 | 8,016 | 7,506 | ||||||||||||||
Corporate expenses
|
35,946 | 47,223 | 58,393 | ||||||||||||||
Total expenses
|
63,304 | 70,822 | 83,985 | ||||||||||||||
Income (loss) before equity in net income of subsidiaries | (29,485) | (24,147) | (24,621) | ||||||||||||||
Equity in net income (loss) of subsidiaries | (10,670) | 786,552 | 773,419 | ||||||||||||||
Net income (loss) | (40,155) | 762,405 | 748,798 | ||||||||||||||
Dividends on preference shares
|
(33,266) | (30,923) | (36,756) | ||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | (73,421) | $ | 731,482 | $ | 712,042 |
Year ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Comprehensive income (loss) | |||||||||||||||||
Net income (loss) | $ | (40,155) | $ | 762,405 | $ | 748,798 | |||||||||||
Change in net unrealized gains (losses) on investments, net of tax | (2,492) | 606 | 2,173 | ||||||||||||||
Foreign currency translation adjustments, net of tax
|
4,225 | (11,309) | (2,679) | ||||||||||||||
Comprehensive income (loss) attributable to RenaissanceRe | $ | (38,422) | $ | 751,702 | $ | 748,292 |
Year ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Cash flows provided by (used in) operating activities: | |||||||||||||||||
Net income (loss) | $ | (40,155) | $ | 762,405 | $ | 748,798 | |||||||||||
Less: equity in net income of subsidiaries | 10,670 | (786,552) | (773,419) | ||||||||||||||
(29,485) | (24,147) | (24,621) | |||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||||||||||||||||
Net realized and unrealized (gains) losses on investments | 4,898 | 4,556 | (12,393) | ||||||||||||||
Other | 59,873 | 37,782 | 34,153 | ||||||||||||||
Net cash provided by (used in) operating activities | 35,286 | 18,191 | (2,861) | ||||||||||||||
Cash flows provided by (used in) investing activities: | |||||||||||||||||
Proceeds from maturities and sales of fixed maturity investments trading | 436,122 | 370,905 | 306,579 | ||||||||||||||
Purchases of fixed maturity investments trading | (421,323) | (384,415) | (66,740) | ||||||||||||||
Net sales (purchases) of short term investments | 78,904 | 64,209 | (116,499) | ||||||||||||||
Dividends and return of capital from subsidiaries | 1,104,831 | 827,626 | 1,400,944 | ||||||||||||||
Contributions to subsidiaries | (351,548) | (1,623,708) | (1,165,607) | ||||||||||||||
Due (to) from subsidiary | 50,472 | (65,438) | (625,924) | ||||||||||||||
Net cash provided by (used in) investing activities | 897,458 | (810,821) | (267,247) | ||||||||||||||
Cash flows provided by (used in) financing activities: | |||||||||||||||||
Dividends paid – RenaissanceRe common shares | (67,828) | (68,490) | (59,368) | ||||||||||||||
Dividends paid – preference shares | (32,889) | (30,923) | (36,756) | ||||||||||||||
Issuance of debt, net of expenses | — | — | 396,411 | ||||||||||||||
RenaissanceRe common share repurchases | (1,027,505) | (62,621) | — | ||||||||||||||
RenaissanceRe common share issuance | — | 1,095,507 | — | ||||||||||||||
Redemption of preference shares | (275,000) | (125,000) | — | ||||||||||||||
Issuance of preference shares, net of expenses | 488,653 | — | — | ||||||||||||||
Taxes paid on withholding shares | (12,171) | (12,330) | (7,253) | ||||||||||||||
Net cash provided by (used in) financing activities | (926,740) | 796,143 | 293,034 | ||||||||||||||
Effect of exchange rate changes on foreign currency cash | — | (143) | — | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 6,004 | 3,370 | 22,926 | ||||||||||||||
Cash and cash equivalents, beginning of year | 29,830 | 26,460 | 3,534 | ||||||||||||||
Cash and cash equivalents, end of year | $ | 35,834 | $ | 29,830 | $ | 26,460 |
December 31, 2021 | Year ended December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred
Policy Acquisition Costs |
Future Policy
Benefits, Losses, Claims and Loss Expenses |
Unearned
Premiums |
Premium
Revenue |
Net
Investment Income |
Benefits,
Claims, Losses and Settlement Expenses |
Amortization
of Deferred Policy Acquisition Costs |
Other
Operating Expenses |
Net Written
Premiums |
|||||||||||||||||||||||||||||||||||||||||||||
Property | $ | 195,423 | $ | 6,377,688 | $ | 931,938 | $ | 2,608,298 | $ | — | $ | 2,163,016 | $ | 487,178 | $ | 143,608 | $ | 2,868,002 | |||||||||||||||||||||||||||||||||||
Casualty and Specialty
|
653,737 | 6,916,942 | 2,599,275 | 2,585,883 | 1,713,071 | 727,680 | 68,576 | 3,071,373 | |||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | 319,479 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 849,160 | $ | 13,294,630 | $ | 3,531,213 | $ | 5,194,181 | $ | 319,479 | $ | 3,876,087 | $ | 1,214,858 | $ | 212,184 | $ | 5,939,375 | |||||||||||||||||||||||||||||||||||
December 31, 2020 | Year ended December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred
Policy Acquisition Costs |
Future Policy
Benefits, Losses, Claims and Loss Expenses |
Unearned
Premiums |
Premium
Revenue |
Net
Investment Income |
Benefits,
Claims, Losses and Settlement Expenses |
Amortization
of Deferred Policy Acquisition Costs |
Other
Operating Expenses |
Net Written
Premiums |
|||||||||||||||||||||||||||||||||||||||||||||
Property | $ | 118,327 | $ | 4,372,453 | $ | 659,236 | $ | 1,936,215 | $ | — | $ | 1,435,947 | $ | 353,700 | $ | 135,547 | $ | 2,037,200 | |||||||||||||||||||||||||||||||||||
Casualty and Specialty
|
515,194 | 6,008,685 | 2,104,363 | 2,016,247 | — | 1,488,662 | 543,977 | 71,140 | 2,059,133 | ||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | 354,038 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 633,521 | $ | 10,381,138 | $ | 2,763,599 | $ | 3,952,462 | $ | 354,038 | $ | 2,924,609 | $ | 897,677 | $ | 206,687 | $ | 4,096,333 | |||||||||||||||||||||||||||||||||||
December 31, 2019 | Year ended December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred
Policy Acquisition Costs |
Future Policy
Benefits, Losses, Claims and Loss Expenses |
Unearned
Premiums |
Premium
Revenue |
Net
Investment Income |
Benefits,
Claims, Losses and Settlement Expenses |
Amortization
of Deferred Policy Acquisition Costs |
Other
Operating Expenses |
Net Written
Premiums |
|||||||||||||||||||||||||||||||||||||||||||||
Property | $ | 79,795 | $ | 4,074,290 | $ | 539,183 | $ | 1,627,494 | $ | — | $ | 965,384 | $ | 313,554 | $ | 138,187 | $ | 1,654,259 | |||||||||||||||||||||||||||||||||||
Casualty and Specialty
|
584,196 | 5,310,059 | 1,991,792 | 1,710,909 | — | 1,131,637 | 448,678 | 84,546 | 1,727,234 | ||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | 424,207 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 663,991 | $ | 9,384,349 | $ | 2,530,975 | $ | 3,338,403 | $ | 424,207 | $ | 2,097,021 | $ | 762,232 | $ | 222,733 | $ | 3,381,493 |
Gross
Amounts
|
Ceded to
Other Companies |
Assumed
From Other Companies |
Net Amount |
Percentage
of Amount Assumed to Net |
|||||||||||||||||||||||||
Year ended December 31, 2021 | |||||||||||||||||||||||||||||
Property and liability premiums earned
|
$ | 799,717 | $ | 1,863,350 | $ | 6,257,814 | $ | 5,194,181 | 120 | % | |||||||||||||||||||
Year ended December 31, 2020 | |||||||||||||||||||||||||||||
Property and liability premiums earned
|
$ | 536,595 | $ | 1,662,815 | $ | 5,078,682 | $ | 3,952,462 | 128 | % | |||||||||||||||||||
Year ended December 31, 2019 | |||||||||||||||||||||||||||||
Property and liability premiums earned
|
$ | 404,525 | $ | 1,414,383 | $ | 4,348,261 | $ | 3,338,403 | 130 | % |
Affiliation with Registrant |
Deferred
Policy Acquisition Costs |
Reserves for
Unpaid Claims and Claim Adjustment Expenses |
Discount, if
any, Deducted |
Unearned
Premiums |
Earned
Premiums |
Net
Investment Income |
|||||||||||||||||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||
Year ended December 31, 2021 | $ | 849,160 | $ | 13,294,630 | $ | — | $ | 3,531,213 | $ | 5,194,181 | $ | 319,479 | |||||||||||||||||||||||
Year ended December 31, 2020 | $ | 633,521 | $ | 10,381,138 | $ | — | $ | 2,763,599 | $ | 3,952,462 | $ | 354,038 | |||||||||||||||||||||||
Year ended December 31, 2019 | $ | 663,991 | $ | 9,384,349 | $ | — | $ | 2,530,975 | $ | 3,338,403 | $ | 424,207 | |||||||||||||||||||||||
Claims and Claim Adjustment Expenses Incurred Related to |
Amortization
of Deferred Policy Acquisition Costs |
Paid Claims
and Claim Adjustment Expenses |
Net
Premiums Written |
||||||||||||||||||||||||||||||||
Affiliation with Registrant | Current Year | Prior Year | |||||||||||||||||||||||||||||||||
Consolidated Subsidiaries | |||||||||||||||||||||||||||||||||||
Year ended December 31, 2021 | $ | 4,125,557 | $ | (249,470) | $ | 1,214,858 | $ | 2,224,102 | $ | 5,939,375 | |||||||||||||||||||||||||
Year ended December 31, 2020 | $ | 3,108,421 | $ | (183,812) | $ | 897,677 | $ | 2,004,628 | $ | 4,096,333 | |||||||||||||||||||||||||
Year ended December 31, 2019 | $ | 2,123,876 | $ | (26,855) | $ | 762,232 | $ | 1,098,054 | $ | 3,381,493 |
Name | Jurisdiction | Ownership Interest Held Directly or Indirectly by RenaissanceRe Holdings Ltd. | ||||||||||||
DaVinci Reinsurance Ltd. | Bermuda | (1) | ||||||||||||
DaVinciRe Holdings Ltd. | Bermuda | (1) | ||||||||||||
Renaissance Investment Holdings Ltd. | Bermuda | 100% | ||||||||||||
Renaissance Investment Holdings II Ltd. | Bermuda | 100% | ||||||||||||
Renaissance Investment Management Company Limited | Bermuda | 100% | ||||||||||||
Renaissance Other Investments Holdings Ltd. | Bermuda | 100% | ||||||||||||
Renaissance Other Investments Holdings II Ltd. | Bermuda | 100% | ||||||||||||
Renaissance Other Investments Holdings III Ltd. | Bermuda | 100% | ||||||||||||
Renaissance Reinsurance Ltd. | Bermuda | 100% | ||||||||||||
Renaissance Reinsurance of Europe Unlimited Company | Ireland | 100% | ||||||||||||
Renaissance Reinsurance U.S. Inc. | Maryland | 100% | ||||||||||||
Renaissance Services of Europe Unlimited Company | Ireland | 100% | ||||||||||||
Renaissance Underwriting Managers, Ltd. | Bermuda | 100% | ||||||||||||
RenaissanceRe Corporate Capital (UK) Limited (2) | U.K. | 100% | ||||||||||||
RenaissanceRe Europe AG | Switzerland | 100% | ||||||||||||
RenaissanceRe Finance Inc. | Delaware | 100% | ||||||||||||
RenaissanceRe Fund Holdings Ltd. | Bermuda | 100% | ||||||||||||
RenaissanceRe Fund Management Ltd. | Bermuda | 100% | ||||||||||||
RenaissanceRe Medici Fund Ltd. | Bermuda | (3) | ||||||||||||
RenaissanceRe Services Ltd. | Bermuda | 100% | ||||||||||||
RenaissanceRe Specialty Holdings (UK) Limited | Bermuda | 100% | ||||||||||||
RenaissanceRe Specialty U.S. Ltd. | Bermuda | 100% | ||||||||||||
RenaissanceRe Syndicate Management Limited | U.K. | 100% | ||||||||||||
RenaissanceRe Upsilon Co-Invest Ltd. | Bermuda | 100% | ||||||||||||
RenaissanceRe Ventures Ltd. | Bermuda | 100% | ||||||||||||
RenRe Insurance Holdings Ltd. | Bermuda | 100% | ||||||||||||
RenRe North America Holdings Inc. | Delaware | 100% | ||||||||||||
Top Layer Reinsurance Ltd. | Bermuda | 50% | ||||||||||||
Upsilon RFO Re Ltd. | Bermuda | (4) | ||||||||||||
Vermeer Reinsurance Ltd. | Bermuda | (5) | ||||||||||||
RenaissanceRe Risk Sciences Inc. | Virginia | 100% |
Date: | February 4, 2022 | /s/ Kevin J. O'Donnell | |||||||||
Kevin J. O'Donnell | |||||||||||
Chief Executive Officer |
Date: | February 4, 2022 | /s/ Robert Qutub | |||||||||
Robert Qutub | |||||||||||
Chief Financial Officer |
/s/ Kevin J. O'Donnell | |||||
Kevin J. O'Donnell | |||||
Chief Executive Officer | |||||
February 4, 2022 |
/s/ Robert Qutub | |||||
Robert Qutub | |||||
Chief Financial Officer | |||||
February 4, 2022 |