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Noncontrolling Interests | 6 Months Ended
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Jun. 30, 2012
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest [Abstract] |
Noncontrolling Interests | NONCONTROLLING INTERESTS Redeemable Noncontrolling Interest – DaVinciRe In October 2001, the Company formed DaVinciRe and DaVinci with other equity investors. RenaissanceRe owns a noncontrolling economic interest in DaVinciRe; however, because RenaissanceRe controls a majority of DaVinciRe’s outstanding voting rights, the consolidated financial statements of DaVinciRe are included in the consolidated financial statements of the Company. The portion of DaVinciRe’s earnings owned by third parties is recorded in the consolidated statements of operations as net (income) loss attributable to noncontrolling interests. The Company's ownership in DaVinciRe was 31.5% at June 30, 2012 (December 31, 2011 - 42.8%). DaVinciRe shareholders are party to a shareholders agreement (the “Shareholders Agreement”) which provides DaVinciRe shareholders, excluding RenaissanceRe, with certain redemption rights that enable each shareholder to notify DaVinciRe of such shareholder’s desire for DaVinciRe to repurchase up to half of such shareholder’s initial aggregate number of shares held, subject to certain limitations, such as limiting the aggregate of all share repurchase requests to 25% of DaVinciRe’s capital in any given year and satisfying all applicable regulatory requirements. If total shareholder requests exceed 25% of DaVinciRe’s capital, the number of shares repurchased will be reduced among the requesting shareholders pro-rata, based on the amounts desired to be repurchased. Shareholders desiring to have DaVinci repurchase their shares must notify DaVinciRe before March 1 of each year. The repurchase price will be based on GAAP book value as of the end of the year in which the shareholder notice is given, and the repurchase will be effective as of such date. Payment will be made by April 1 of the following year, following delivery of the audited financial statements for the year in which the repurchase was effective. The repurchase price is subject to a true-up for development on outstanding loss reserves after settlement of all claims relating to the applicable years. Certain third party shareholders of DaVinciRe submitted repurchase notices on or before the required annual redemption notice date of March 1, 2011, in accordance with the Shareholders Agreement. The repurchase notices submitted on or before March 1, 2011, were for shares of DaVinciRe with a GAAP book value of $9.2 million at December 31, 2011. Effective January 1, 2012, DaVinciRe redeemed the shares for $9.2 million, less a $1.8 million reserve holdback. On June 1, 2011, DaVinciRe completed an equity raise of $100.0 million from new and existing shareholders, including $30.0 million contributed by the Company. As a result of the equity raise, the Company's ownership in DaVinciRe decreased to 42.8% effective June 1, 2011. Effective January 1, 2012, an existing third party shareholder sold a portion of its shares in DaVinciRe to a new third party shareholder. In connection with the sale by the existing third party shareholder, DaVinciRe retained a $4.9 million holdback. In addition, effective January 1, 2012, the Company sold a portion of its shares of DaVinciRe to a separate new third party shareholder. The Company sold these shares for $98.9 million, net of a $10.0 million reserve holdback due from DaVinciRe. The Company's ownership in DaVinciRe was 42.8% at December 31, 2011 and subsequent to the above transactions, its ownership interest in DaVinciRe decreased to 34.7% effective January 1, 2012. Certain third party shareholders of DaVinciRe submitted repurchase notices on or before the required annual redemption notice date of March 1, 2012, in accordance with the Shareholders Agreement. The repurchase notices submitted on or before March 1, 2012, were for shares of DaVinciRe with a GAAP book value of $50.0 million at June 30, 2012. On June 1, 2012, DaVinciRe completed an equity raise of $49.3 million from a new third party investor. In addition, the Company and an existing third party investor each sold $24.7 million in common shares of DaVinciRe to another existing third party investor, for a total of $49.4 million. In connection with the sale by the Company and the existing third party investor, DaVinciRe retained a $5.0 million holdback, $2.5 million of which is payable to the Company. As a result of the above transactions, the Company's ownership in DaVinciRe decreased to 31.5% effective January 1, 2012. The Company expects its ownership in DaVinciRe to fluctuate over time. The activity in redeemable noncontrolling interest – DaVinciRe is detailed in the table below:
|  | 2012 |  | 2011 |
| Balance – April 1 | $ | 796,743 |  |  | $ | 536,717 |  |
| Purchase of shares from redeemable noncontrolling interest | — |  |  | (446 | ) |
| Sale of shares to redeemable noncontrolling interests | 70,501 |  |  | 70,000 |  |
| Comprehensive income: |  |  |  |
| Net income attributable to redeemable noncontrolling interest | 33,634 |  |  | 21,733 |  |
| Other comprehensive loss attributable to redeemable noncontrolling interest | — |  |  | (3 | ) |
| Balance – June 30 | $ | 900,878 |  |  | $ | 628,001 |  |
|  | 2012 |  | 2011 |
| Balance – January 1 | $ | 657,727 |  |  | $ | 757,655 |  |
| Purchase of shares from redeemable noncontrolling interest | — |  |  | (135,618 | ) |
| Sale of shares to redeemable noncontrolling interests | 156,169 |  |  | 70,000 |  |
| Comprehensive income: |  |  |  |
| Net income (loss) attributable to redeemable noncontrolling interest | 86,982 |  |  | (64,030 | ) |
| Other comprehensive loss attributable to redeemable noncontrolling interest | — |  |  | (6 | ) |
| Balance – June 30 | $ | 900,878 |  |  | $ | 628,001 |  |
Noncontrolling Interest - Angus Fund L.P. (the “Angus Fund”) In December 2010, REAL and RenRe Commodity Advisors Inc. (“RRCA”), both wholly owned subsidiaries of the Company, formed the Angus Fund with other equity investors. REAL, the general partner of the Angus Fund, has invested $55 thousand in the Angus Fund, representing a 1.0% ownership interest at June 30, 2012 (December 31, 2011 - $41 thousand and 1.0%, respectively), and RRCA, a limited partner, has invested $2.0 million in the Angus Fund, representing a 35.1% ownership interest at June 30, 2012 (December 31, 2011 - $1.0 million and 24.2%, respectively). The Angus Fund was formed to provide capital to and make investments in companies primarily in the heating oil and propane distribution industries to supplement the Company’s weather and energy risk management operations. The Angus Fund meets the definition of a variable interest entity ("VIE"), therefore the Company evaluated its ownership in the Angus Fund to determine if it is the primary beneficiary. The Company has concluded it is the primary beneficiary of the Angus Fund as it has the power to direct, and has a more than insignificant economic interest in, the activities of the Angus Fund and as such, the financial position and results of operations of the Angus Fund are consolidated. The portion of the Angus Fund's earnings owned by third parties is recorded in the consolidated statements of operations as net (income) loss attributable to noncontrolling interest. The Company expects its ownership in the Angus Fund to fluctuate over time. The activity in noncontrolling interest is detailed in the table below:
|  | 2012 |  | 2011 |
| Balance – April 1 | $ | 3,892 |  |  | $ | 3,160 |  |
| Sale of shares by noncontrolling interest | — |  |  | 100 |  |
| Comprehensive income: |  |  |  |
| Net (loss) income attributable to noncontrolling interest | (10 | ) |  | 170 |  |
| Dividends on common shares | 29 |  |  | — |  |
| Balance – June 30 | $ | 3,911 |  |  | $ | 3,430 |  |
|  | 2012 |  | 2011 |
| Balance – January 1 | $ | 3,340 |  |  | $ | 2,889 |  |
| Sale of shares by noncontrolling interest | 300 |  |  | 100 |  |
| Comprehensive income: |  |  |  |
| Net income attributable to noncontrolling interest | 283 |  |  | 441 |  |
| Dividends on common shares | (12 | ) |  | — |  |
| Balance – June 30 | $ | 3,911 |  |  | $ | 3,430 |  |

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- Definition The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=6921930&loc=SL4573702-111684 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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