A summary of the significant components of the Company's revenues and expenses is as follows:




Three months ended March 31, 2012	Reinsurance			Lloyd’s			Insurance			Eliminations (1)			Other			Total
Gross premiums written	$	609,762		$	54,817		$	—		$	(428	)	$	—		$	664,151
Net premiums written	$	458,638		$	33,937		$	—					—			$	492,575
Net premiums earned	$	253,818		$	24,822		$	25					—			$	278,665
Net claims and claim expenses incurred	8,324			9,001			(1,773		)				—			15,552
Acquisition expenses	19,386			4,668			57						—			24,111
Operational expenses	32,044			10,057			282						—			42,383
Underwriting income	$	194,064		$	1,096		$	1,459					—			196,619
Net investment income													66,971			66,971
Net foreign exchange losses													(1,460		)	(1,460		)
Equity in earnings of other ventures													5,470			5,470
Other loss													(39,094		)	(39,094		)
Net realized and unrealized gains on investments													46,113			46,113
Net other-than-temporary impairments													(134		)	(134		)
Corporate expenses													(4,811		)	(4,811		)
Interest expense													(5,718		)	(5,718		)
Income from continuing operations before taxes																263,956
Income tax benefit													37			37
Loss from discontinued operations													(173		)	(173		)
Net income attributable to noncontrolling interests													(53,641		)	(53,641		)
Dividends on preference shares													(8,750		)	(8,750		)
Net income attributable to RenaissanceRe common shareholders																$	201,429

Net claims and claim expenses incurred – current accident year	$	55,144		$	16,280		$	—								$	71,424
Net claims and claim expenses incurred – prior accident years	(46,820		)	(7,279		)	(1,773		)							(55,872		)
Net claims and claim expenses incurred – total	$	8,324		$	9,001		$	(1,773	)							$	15,552

Net claims and claim expense ratio – current accident year	21.7		%	65.6		%	—		%							25.6		%
Net claims and claim expense ratio – prior accident years	(18.4		)%	(29.3		)%	(7,092.0		)%							(20.0		)%
Net claims and claim expense ratio – calendar year	3.3		%	36.3		%	(7,092.0		)%							5.6		%
Underwriting expense ratio	20.2		%	59.3		%	1,356.0		%							23.8		%
Combined ratio	23.5		%	95.6		%	(5,736.0		)%							29.4		%


(1)	Represents $0.4 million of gross premiums ceded from the Reinsurance segment to the Lloyd’s segment.




Three months ended March 31, 2011	Reinsurance			Lloyd’s			Insurance			Eliminations (1)			Other			Total
Gross premiums written	$	573,682		$	36,620		$	280		$	(77	)	$	—		$	610,505
Net premiums written	$	423,566		$	28,737		$	272					—			$	452,575
Net premiums earned	$	289,429		$	15,674		$	438					—			$	305,541
Net claims and claim expenses incurred	595,404			30,523			2,610						—			628,537
Acquisition expenses	29,792			2,461			82						—			32,335
Operational expenses	32,363			8,972			495						—			41,830
Underwriting loss	$	(368,130	)	$	(26,282	)	$	(2,749	)				—			(397,161		)
Net investment income													60,281			60,281
Net foreign exchange gains													660			660
Equity in losses of other ventures													(23,753		)	(23,753		)
Other income													50,145			50,145
Net realized and unrealized losses on investments													(5,214		)	(5,214		)
Corporate expenses													(2,064		)	(2,064		)
Interest expense													(6,195		)	(6,195		)
Loss from continuing operations before taxes																(323,301		)
Income tax benefit													52			52
Loss from discontinued operations													(1,526		)	(1,526		)
Net loss attributable to redeemable noncontrolling interest – DaVinciRe													85,492			85,492
Dividends on preference shares													(8,750		)	(8,750		)
Net loss attributable to RenaissanceRe common shareholders																$	(248,033	)

Net claims and claim expenses incurred – current accident year	$	667,362		$	29,326		$	9								$	696,697
Net claims and claim expenses incurred – prior accident years	(71,958		)	1,197			2,601									(68,160		)
Net claims and claim expenses incurred – total	$	595,404		$	30,523		$	2,610								$	628,537

Net claims and claim expense ratio – current accident year	230.6		%	187.1		%	2.1		%							228.0		%
Net claims and claim expense ratio – prior accident years	(24.9		)%	7.6		%	593.8		%							(22.3		)%
Net claims and claim expense ratio – calendar year	205.7		%	194.7		%	595.9		%							205.7		%
Underwriting expense ratio	21.5		%	73.0		%	131.7		%							24.3		%
Combined ratio	227.2		%	267.7		%	727.6		%							230.0		%


(1)	Represents $0.1 million of gross premiums ceded from the Reinsurance segment to the Lloyd’s segment.