v2.3.0.15

Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries

9 Months Ended

Sep. 30, 2011

Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries

Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries

NOTE 12. CONDENSED CONSOLIDATING FINANCIAL INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT OF SUBSIDIARIES

The following tables present condensed consolidating balance sheets at September 30, 2011 and December 31, 2010, condensed consolidating statements of operations for the three and nine months ended September 30, 2011 and 2010, and statements of cash flows for the nine months ended September 30, 2011 and 2010, respectively, for RenaissanceRe, RRNAH and RenaissanceRe's other subsidiaries. RRNAH is a wholly owned subsidiary of RenaissanceRe.

On March 17, 2010, RRNAH issued, and RenaissanceRe guaranteed, $250.0 million of 5.75% Senior Notes due March 15, 2020, with interest on the notes payable on March 15 and September 15. The notes can be redeemed by RRNAH prior to maturity subject to payment of a "make-whole" premium. The notes, which are senior obligations, contain various covenants, including limitations on mergers and consolidations, restrictions as to the disposition of the stock of designated subsidiaries and limitations on liens of the stock of designated subsidiaries.

Condensed Consolidating Balance Sheet September 30, 2011		RenaissanceRe Holdings Ltd. (Parent Guarantor)				RenRe North America Holdings Inc. (Subsidiary Issuer)				Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1)				Consolidating Adjustments (2)				RenaissanceRe Consolidated
Assets
Total investments		$	609,060			$	126,002			$	5,520,948			$	—			$	6,256,010
Cash and cash equivalents			7,706				5,166				222,186				—				235,058
Investments in subsidiaries			2,801,567				131,967				—				(2,933,534	)			—
Due from subsidiaries and affiliates			55,016				—				—				(55,016	)			—
Premiums receivable			—				—				695,163				—				695,163
Prepaid reinsurance premiums			—				—				164,547				—				164,547
Reinsurance recoverable			—				—				434,553				—				434,553
Accrued investment income			5,240				703				28,294				—				34,237
Deferred acquisition costs			—				—				71,225				—				71,225
Other assets			207,912				17,880				200,424				(202,081	)			224,135
Assets of discontinued operations held for sale			—				2,481				—				—				2,481
Total assets		$	3,686,501			$	284,199			$	7,337,340			$	(3,190,631	)		$	8,117,409
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses		$	—			$	—			$	2,226,005			$	—			$	2,226,005
Unearned premiums			—				—				623,596				—				623,596
Debt			124,000				249,224				—				(24,000	)			349,224
Amounts due to subsidiaries and affiliates			—				3,222				—				(3,222	)			—
Reinsurance balances payable			—				—				317,627				—				317,627
Other liabilities			14,687				11,496				381,731				(208	)			407,706
Liabilities of discontinued operations held for sale			—				9,098				—				—				9,098
Total liabilities			138,687				273,040				3,548,959				(27,430	)			3,933,256
Redeemable noncontrolling interest - DaVinciRe			—				—				633,112				—				633,112
Shareholders' Equity
Total shareholders' equity			3,547,814				11,159				3,155,269				(3,163,201	)			3,551,041
Total liabilities, noncontrolling interests and shareholders' equity		$	3,686,501			$	284,199			$	7,337,340			$	(3,190,631	)		$	8,117,409

(1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

(2) Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.

Condensed Consolidating Balance Sheet December 31, 2010		RenaissanceRe Holdings Ltd. (Parent Guarantor)				RenRe North America Holdings Inc. (Subsidiary Issuer)				Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1)				Consolidating Adjustments (2)				RenaissanceRe Consolidated
Assets
Total investments		$	517,640			$	12,560			$	5,570,012			$	—			$	6,100,212
Cash and cash equivalents			3,414				3,940				270,384				—				277,738
Investments in subsidiaries			3,533,266				140,923				—				(3,674,189	)			—
Due from subsidiaries and affiliates			145,298				—				—				(145,298	)			—
Premiums receivable			—				—				322,080				—				322,080
Prepaid reinsurance premiums			—				—				60,643				—				60,643
Reinsurance recoverable			—				—				101,711				—				101,711
Accrued investment income			3,720				5				30,835				—				34,560
Deferred acquisition costs			—				—				35,648				—				35,648
Other assets			139,654				2,307				318,077				(126,499	)			333,539
Assets of discontinued operations held for sale			—				872,147				—				—				872,147
Total assets		$	4,342,992			$	1,031,882			$	6,709,390			$	(3,945,986	)		$	8,138,278
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses		$	—			$	—			$	1,257,843			$	—			$	1,257,843
Unearned premiums			—				—				286,183				—				286,183
Debt			377,512				374,196				200,000				(402,553	)			549,155
Amounts due to subsidiaries and affiliates			—				843				—				(843	)			—
Reinsurance balances payable			—				—				318,024				—				318,024
Other liabilities			29,155				22,623				379,915				—				431,693
Liabilities of discontinued operations held for sale			—				598,511				—				—				598,511
Total liabilities			406,667				996,173				2,441,965				(403,396	)			3,441,409
Redeemable noncontrolling interest - DaVinciRe			—				—				757,655				—				757,655
Shareholders' Equity
Total shareholders' equity			3,936,325				35,709				3,509,770				(3,542,590	)			3,939,214
Total liabilities, noncontrolling interests and shareholders' equity		$	4,342,992			$	1,031,882			$	6,709,390			$	(3,945,986	)		$	8,138,278

(1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

(2) Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.

Condensed Consolidating Statement of Operations For the three months ended September 30, 2011		RenaissanceRe Holdings Ltd. (Parent Guarantor)				RenRe North America Holdings Inc. (Subsidiary Issuer)				Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1)				Consolidating Adjustments (2)				RenaissanceRe Consolidated
Revenues
Net premiums earned		$	—			$	—			$	229,224			$	—			$	229,224
Net investment income (loss)			5,266				423				(31,756	)			(1,873	)			(27,940	)
Net foreign exchange losses			(120	)			—				(2,530	)			—				(2,650	)
Equity in earnings of other ventures			—				—				4,794				—				4,794
Other loss			(367	)			—				(1,648	)			—				(2,015	)
Net realized and unrealized gains on investments			9,741				3,067				4,175				—				16,983
Net other-than-temporary impairments			—				—				(449	)			—				(449	)
Total revenues			14,520				3,490				201,810				(1,873	)			217,947
Expenses
Net claims and claim expenses incurred			—				—				77,830				—				77,830
Acquisition expenses			—				—				26,057				—				26,057
Operational expenses			(979	)			2,197				40,951				—				42,169
Corporate expenses			3,045				60				477				—				3,582
Interest expense			1,469				3,616				(8,557	)			9,194				5,722
Total expenses			3,535				5,873				136,758				9,194				155,360
Income (loss) before equity in net income (loss) of subsidiaries and taxes			10,985				(2,383	)			65,052				(11,067	)			62,587
Equity in net income (loss) of subsidiaries			47,028				(2,689	)			—				(44,339	)			—
Income (loss) from continuing operations before taxes			58,013				(5,072	)			65,052				(55,406	)			62,587
Income tax benefit			—				1,077				358				—				1,435
Income (loss) from continuing operations			58,013				(3,995	)			65,410				(55,406	)			64,022
Loss from discontinued operations			—				(965	)			—				—				(965	)
Net income (loss)			58,013				(4,960	)			65,410				(55,406	)			63,057
Net income attributable to noncontrolling interests			—				—				(5,044	)			—				(5,044	)
Net income (loss) attributable to RenaissanceRe			58,013				(4,960	)			60,366				(55,406	)			58,013
Dividends on preference shares			(8,750	)			—				—				—				(8,750	)
Net income (loss) available (attributable) to RenaissanceRe common shareholders		$	49,263			$	(4,960	)		$	60,366			$	(55,406	)		$	49,263

(1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

(2) Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.

Condensed Consolidating Statement of Operations For the nine months ended September 30, 2011		RenaissanceRe Holdings Ltd. (Parent Guarantor)				RenRe North America Holdings Inc. (Subsidiary Issuer)				Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1)				Consolidating Adjustments (2)				RenaissanceRe Consolidated
Revenues
Net premiums earned		$	—			$	—			$	751,940			$	—			$	751,940
Net investment income			16,016				642				52,887				(3,876	)			65,669
Net foreign exchange losses			(24	)			—				(6,487	)			—				(6,511	)
Equity in losses of other ventures			—				—				(13,831	)			—				(13,831	)
Other (loss) income			(172	)			—				43,135				—				42,963
Net realized and unrealized gains on investments			12,073				3,028				31,647				—				46,748
Net other-than-temporary impairments			—				—				(449	)			—				(449	)
Total revenues			27,893				3,670				858,842				(3,876	)			886,529
Expenses
Net claims and claim expenses incurred			—				—				857,628				—				857,628
Acquisition expenses			—				—				72,275				—				72,275
Operational expenses			(3,395	)			5,241				124,452				—				126,298
Corporate expenses			8,560				169				928				—				9,657
Interest expense			9,003				10,951				(6,803	)			4,496				17,647
Total expenses			14,168				16,361				1,048,480				4,496				1,083,505
Income (loss) before equity in net loss of subsidiaries and taxes			13,725				(12,691	)			(189,638	)			(8,372	)			(196,976	)
Equity in net loss of subsidiaries			(161,771	)			(3,421	)			—				165,192				—
Loss from continuing operations before taxes			(148,046	)			(16,112	)			(189,638	)			156,820				(196,976	)
Income tax benefit (expense)			290				4,154				(1,184	)			—				3,260
Loss from continuing operations			(147,756	)			(11,958	)			(190,822	)			156,820				(193,716	)
Loss from discontinued operations			—				(12,585	)			—				—				(12,585	)
Net loss			(147,756	)			(24,543	)			(190,822	)			156,820				(206,301	)
Net loss attributable to noncontrolling interests			—				—				58,545				—				58,545
Net loss attributable to RenaissanceRe			(147,756	)			(24,543	)			(132,277	)			156,820				(147,756	)
Dividends on preference shares			(26,250	)			—				—				—				(26,250	)
Net loss attributable to RenaissanceRe common shareholders		$	(174,006	)		$	(24,543	)		$	(132,277	)		$	156,820			$	(174,006	)

(1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

(2) Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.

Condensed Consolidating Statement of Operations For the three months ended September 30, 2010		RenaissanceRe Holdings Ltd. (Parent Guarantor)				RenRe North America Holdings Inc. (Subsidiary Issuer)				Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1)				Consolidating Adjustments (2)				RenaissanceRe Consolidated
Revenues
Net premiums earned		$	—			$	—			$	212,355			$	—			$	212,355
Net investment income			1,559				21				57,990				—				59,570
Net foreign exchange gains (losses)			197				—				(726	)			—				(529	)
Equity in losses of other ventures			—				—				(6,740	)			—				(6,740	)
Other income			212				(34	)			24,843				—				25,021
Net realized and unrealized gains on fixed maturity investments			12,683				—				79,659				—				92,342
Total revenues			14,651				(13	)			367,381				—				382,019
Expenses
Net claims and claim expenses incurred			—				—				77,936				—				77,936
Acquisition expenses			—				—				26,143				—				26,143
Operational expenses			(1,176	)			2,162				37,392				(1,408	)			36,970
Corporate expenses			4,908				63				619				—				5,590
Interest expense			1,469				3,537				4,695				(3,537	)			6,164
Total expenses			5,201				5,762				146,785				(4,945	)			152,803
Income (loss) before equity in net income (loss) of subsidiaries and taxes			9,450				(5,775	)			220,596				4,945				229,216
Equity in net income (loss) of subsidiaries			205,875				(19,506	)			—				(186,369	)			—
Income (loss) from continuing operations before taxes			215,325				(25,281	)			220,596				(181,424	)			229,216
Income tax benefit (expense)			—				6,758				(4,359	)			—				2,399
Income (loss) from continuing operations			215,325				(18,523	)			216,237				(181,424	)			231,615
Income from discontinued operations			—				21,234				—				—				21,234
Net income			215,325				2,711				216,237				(181,424	)			252,849
Net income attributable to redeemable noncontrolling interest - DaVinciRe			—				—				(37,524	)			—				(37,524	)
Net income attributable to RenaissanceRe			215,325				2,711				178,713				(181,424	)			215,325
Dividends on preference shares			(10,575	)			—				—				—				(10,575	)
Net income available to RenaissanceRe common shareholders		$	204,750			$	2,711			$	178,713			$	(181,424	)		$	204,750

(1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

(2) Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.

Condensed Consolidating Statement of Operations For the nine months ended September 30, 2010		RenaissanceRe Holdings Ltd. (Parent Guarantor)				RenRe North America Holdings Inc. (Subsidiary Issuer)				Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1)				Consolidating Adjustments (2)				RenaissanceRe Consolidated
Revenues
Net premiums earned		$	—			$	—			$	675,179			$	—			$	675,179
Net investment income			4,614				901				145,937				—				151,452
Net foreign exchange losses			(498	)			—				(11,982	)			—				(12,480	)
Equity in losses of other ventures			—				—				(1,424	)			—				(1,424	)
Other income			479				(34	)			14,643				—				15,088
Net realized and unrealized gains (losses) on fixed maturity investments			19,248				(2,432	)			193,777				—				210,593
Net other-than-temporary impairments			—				—				(829	)			—				(829	)
Total revenues			23,843				(1,565	)			1,015,301				—				1,037,579
Expenses
Net claims and claim expenses incurred			—				—				156,473				—				156,473
Acquisition expenses			—				—				76,158				—				76,158
Operational expenses			(2,584	)			3,696				119,048				—				120,160
Corporate expenses			13,281				136				1,975				—				15,392
Interest expense			4,374				10,860				11,152				(10,860	)			15,526
Total expenses			15,071				14,692				364,806				(10,860	)			383,709
Income (loss) before equity in net income (loss) of subsidiaries and taxes			8,772				(16,257	)			650,495				10,860				653,870
Equity in net income (loss) of subsidiaries			602,991				(47,756	)			—				(555,235	)			—
Income (loss) before taxes			611,763				(64,013	)			650,495				(544,375	)			653,870
Income tax benefit (expense)			—				10,684				(4,364	)			—				6,320
Income (loss) from continuing operations			611,763				(53,329	)			646,131				(544,375	)			660,190
Income from discontinued operations							51,562												51,562
Net income (loss)			611,763				(1,767	)			646,131				(544,375	)			711,752
Net income attributable to noncontrolling interests			—				—				(99,989	)			—				(99,989	)
Net income (loss) attributable to RenaissanceRe			611,763				(1,767	)			546,142				(544,375	)			611,763
Dividends on preference shares			(31,725	)			—				—				—				(31,725	)
Net income (loss) available (attributable) to RenaissanceRe common shareholders		$	580,038			$	(1,767	)		$	546,142			$	(544,375	)		$	580,038

(1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

(2) Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.

Condensed Consolidating Statement of Cash Flows For the nine months ended September 30, 2011		RenaissanceRe Holdings Ltd. (Parent Guarantor)				RenRe North America Holdings Inc. (Subsidiary Issuer)				Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1)				RenaissanceRe Consolidated
Cash flows (used in) provided by operating activities
Net cash (used in) provided by operating activities		$	(71,737	)		$	(32,579	)		$	298,802			$	194,486
Cash flows provided by investing activities
Proceeds from sales and maturities of fixed maturity investments trading			279,923				198,641				4,293,064				4,771,628
Purchases of fixed maturity investments trading			(489,766	)			(282,627	)			(3,581,256	)			(4,353,649	)
Proceeds from sales and maturities of fixed maturity investments available for sale			—				—				97,302				97,302
Purchases of fixed maturity investments available for sale			—				—				(4,092	)			(4,092	)
Purchases of equity investments trading			—				—				(47,996	)			(47,996	)
Net sales (purchases) of short term investments			26,329				(26,926	)			(534,458	)			(535,055	)
Net sales of other investments			102,717				—				(75,839	)			26,878
Net purchases of investments in other ventures			—				—				(21,000	)			(21,000	)
Net sales of other assets			—				—				58,568				58,568
Dividends and return of capital from subsidiaries			945,196				9,306				(954,502	)			—
Contributions to subsidiaries			(301,334	)			(8,294	)			309,628				—
Due to (from) subsidiary			7,617				(843	)			(6,774	)			—
Net proceeds from sale of discontinued operations held for sale			—				269,520				—				269,520
Net cash provided by investing activities			570,682				158,777				(467,355	)			262,104
Cash flows used in financing activities
Dividends paid - RenaissanceRe common shares			(40,099	)			—				—				(40,099	)
Dividends paid - preference shares			(26,250	)			—				—				(26,250	)
RenaissanceRe common share repurchases			(174,792	)			—				—				(174,792	)
Third party DaVinciRe share transactions			—				—				(59,357	)			(59,357	)
Net repayment of debt			(253,512	)			(124,972	)			178,484				(200,000	)
Net cash used in financing activities			(494,653	)			(124,972	)			119,127				(500,498	)
Effect of exchange rate changes on foreign currency cash			—				—				1,228				1,228
Net increase (decrease) in cash and cash equivalents			4,292				1,226				(48,198	)			(42,680	)
Cash and cash equivalents, beginning of year			3,414				3,940				270,384				277,738
Cash and cash equivalents, end of year		$	7,706			$	5,166			$	222,186			$	235,058

(1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

Condensed Consolidating Statement of Cash Flows For the nine months ended September 30, 2010		RenaissanceRe Holdings Ltd. (Parent Guarantor)				RenRe North America Holdings Inc. (Subsidiary Issuer)				Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1)				RenaissanceRe Consolidated
Cash flows provided by (used in) operating activities
Net cash provided by (used in) operating activities		$	8,710			$	(24,709	)		$	512,440			$	496,441
Cash flows provided by (used in) investing activities
Proceeds from sales and maturities of investments trading			524,506				—				4,894,098				5,418,604
Purchases of investments trading			(597,999	)			—				(8,341,655	)			(8,939,654	)
Proceeds from sales and maturities of investments available for sale			37,457				244,147				3,384,620				3,666,224
Purchases of investments available for sale			(240	)			(246,570	)			(155,714	)			(402,524	)
Net sales (purchases) of short term investments			105,460				(145	)			12,204				117,519
Net (purchases) sales of other investments			(2,814	)			—				88,863				86,049
Net sales of investments in other ventures			—				—				13,835				13,835
Net sales of other assets			—				—				2,730				2,730
Dividends and return of capital from subsidiaries			826,974				38,727				(865,701	)			—
Contributions to subsidiaries			(591,742	)			(18,728	)			610,470				—
Due (from) to subsidiary			(76,766	)			(691	)			77,457				—
Net cash provided by (used in) investing activities			224,836				16,740				(278,793	)			(37,217	)
Cash flows (used in) provided by financing activities
Dividends paid - RenaissanceRe common shares			(42,381	)			—				—				(42,381	)
Dividends paid - preference shares			(31,725	)			—				—				(31,725	)
RenaissanceRe common share repurchases			(411,335	)			—				—				(411,335	)
Return of additional paid in capital to parent company			—				(149,600	)			149,600				—
Net issuance of debt			249,046				169,132				(169,132	)			249,046
Third party DaVinciRe share transactions			—				—				(131,370	)			(131,370	)
Net cash (used in) provided by financing activities			(236,395	)			19,532				(150,902	)			(367,765	)
Effect of exchange rate changes on foreign currency cash			(594	)			—				194				(400	)
Net (decrease) increase in cash and cash equivalents			(3,443	)			11,563				82,939				91,059
Net increase in cash and cash equivalents of discontinued operations			—				—				(46,051	)			(46,051	)
Cash and cash equivalents, beginning of year			15,206				7,606				180,300				203,112
Cash and cash equivalents, end of year		$	11,763			$	19,169			$	217,188			$	248,120

(1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

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- Definition

Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries [Abstract]

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- Definition

Tabular disclosure of the condensed financial statements (balance sheet, income statement and statement of cash flows), normally using the registrant (parent) as the sole domain member. If condensed consolidating financial statements are being presented, other domain members (in addition to parent) such as guarantor subsidiaries, non-guarantor subsidiaries, and the consolidation eliminations, will be included in order that the respective monetary amounts for each of the domains will aggregate to the respective amounts on the consolidated financial statements. The line items are the various captions used to compile the condensed financial statements. Using extensions, most, if not all, of the elements representing condensed financial statement captions will be the same as those used for the consolidated financial statements captions.

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