| Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries |
CONDENSED CONSOLIDATING FINANCIAL INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT OF SUBSIDIARIES The following tables present condensed consolidating balance sheets at June 30, 2012 and December 31, 2011, condensed consolidating statements of operations and condensed consolidating statements of comprehensive income (loss) for the three and six months ended June 30, 2012 and 2011, and condensed consolidating statements of cash flows for the six months ended June 30, 2012 and 2011, 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 at June 30, 2012 | 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 | $ | 348,875 |
| | $ | 41,934 |
| | $ | 6,199,801 |
| | $ | — |
| | $ | 6,590,610 |
| Cash and cash equivalents | 4,749 |
| | 871 |
| | 258,612 |
| | — |
| | 264,232 |
| Investments in subsidiaries | 3,277,526 |
| | 104,976 |
| | — |
| | (3,382,502 | ) | | — |
| Due from subsidiaries and affiliates | 117,128 |
| | — |
| | — |
| | (117,128 | ) | | — |
| Premiums receivable | — |
| | — |
| | 971,546 |
| | — |
| | 971,546 |
| Prepaid reinsurance premiums | — |
| | — |
| | 278,242 |
| | — |
| | 278,242 |
| Reinsurance recoverable | — |
| | — |
| | 198,777 |
| | — |
| | 198,777 |
| Accrued investment income | 3,030 |
| | 79 |
| | 32,829 |
| | — |
| | 35,938 |
| Deferred acquisition costs | — |
| | — |
| | 106,027 |
| | — |
| | 106,027 |
| Other assets | 209,827 |
| | 27,710 |
| | 495,109 |
| | (218,500 | ) | | 514,146 |
| Total assets | $ | 3,961,135 |
| | $ | 175,570 |
| | $ | 8,540,943 |
| | $ | (3,718,130 | ) | | $ | 8,959,518 |
| Liabilities, Noncontrolling Interests and Shareholders’ Equity | | | | | | | | | | Liabilities | | | | | | | | | | Reserve for claims and claim expenses | $ | — |
| | $ | — |
| | $ | 1,801,247 |
| | $ | — |
| | $ | 1,801,247 |
| Unearned premiums | — |
| | — |
| | 964,499 |
| | — |
| | 964,499 |
| Debt | 100,000 |
| | 249,293 |
| | 5,000 |
| | — |
| | 354,293 |
| Amounts due to subsidiaries and affiliates | — |
| | 5,215 |
| | — |
| | (5,215 | ) | | — |
| Reinsurance balances payable | — |
| | — |
| | 396,669 |
| | — |
| | 396,669 |
| Other liabilities | 18,125 |
| | 5,571 |
| | 670,814 |
| | (1,458 | ) | | 693,052 |
| Liabilities of discontinued operations held for sale | — |
| | 1,959 |
| | — |
| | — |
| | 1,959 |
| Total liabilities | 118,125 |
| | 262,038 |
| | 3,838,229 |
| | (6,673 | ) | | 4,211,719 |
| Redeemable noncontrolling interest – DaVinciRe | — |
| | — |
| | 900,878 |
| | — |
| | 900,878 |
| Shareholders’ Equity | | | | | | | | | | Total shareholders’ equity | 3,843,010 |
| | (86,468 | ) | | 3,801,836 |
| | (3,711,457 | ) | | 3,846,921 |
| Total liabilities, noncontrolling interests and shareholders’ equity | $ | 3,961,135 |
| | $ | 175,570 |
| | $ | 8,540,943 |
| | $ | (3,718,130 | ) | | $ | 8,959,518 |
|
| | (1) | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. |
| | (2) | Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments. |
| | | | | | | | | | | | | | | | | | | | | Condensed Consolidating Balance Sheet at December 31, 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 | $ | 593,973 |
| | $ | 104,869 |
| | $ | 5,510,410 |
| | $ | — |
| | $ | 6,209,252 |
| Cash and cash equivalents | 10,606 |
| | 4,920 |
| | 201,458 |
| | — |
| | 216,984 |
| Investments in subsidiaries | 2,776,997 |
| | 83,031 |
| | — |
| | (2,860,028 | ) | | — |
| Due from subsidiaries and affiliates | 172,069 |
| | 846 |
| | — |
| | (172,915 | ) | | — |
| Premiums receivable | — |
| | — |
| | 471,878 |
| | — |
| | 471,878 |
| Prepaid reinsurance premiums | — |
| | — |
| | 58,522 |
| | — |
| | 58,522 |
| Reinsurance recoverable | — |
| | — |
| | 404,029 |
| | — |
| | 404,029 |
| Accrued investment income | 4,106 |
| | 311 |
| | 29,106 |
| | — |
| | 33,523 |
| Deferred acquisition costs | — |
| | — |
| | 43,721 |
| | — |
| | 43,721 |
| Other assets | 206,171 |
| | 27,198 |
| | 275,092 |
| | (201,458 | ) | | 307,003 |
| Total assets | $ | 3,763,922 |
| | $ | 221,175 |
| | $ | 6,994,216 |
| | $ | (3,234,401 | ) | | $ | 7,744,912 |
| Liabilities, Redeemable Noncontrolling Interest and Shareholders’ Equity | | | | | | | | | | Liabilities | | | | | | | | | | Reserve for claims and claim expenses | $ | — |
| | $ | — |
| | $ | 1,992,354 |
| | $ | — |
| | $ | 1,992,354 |
| Unearned premiums | — |
| | — |
| | 347,655 |
| | — |
| | 347,655 |
| Debt | 100,000 |
| | 249,247 |
| | 4,373 |
| | — |
| | 353,620 |
| Amounts due to subsidiaries and affiliates | 30,519 |
| | 6,081 |
| | — |
| | (36,600 | ) | | — |
| Reinsurance balances payable | — |
| | — |
| | 256,883 |
| | — |
| | 256,883 |
| Other liabilities | 28,210 |
| | 3,755 |
| | 482,668 |
| | — |
| | 514,633 |
| Liabilities of discontinued operations held for sale | — |
| | 13,507 |
| | — |
| | — |
| | 13,507 |
| Total liabilities | 158,729 |
| | 272,590 |
| | 3,083,933 |
| | (36,600 | ) | | 3,478,652 |
| Redeemable noncontrolling interest – DaVinciRe | — |
| | — |
| | 657,727 |
| | — |
| | 657,727 |
| Shareholders’ Equity | | | | | | | | | | Total shareholders’ equity | 3,605,193 |
| | (51,415 | ) | | 3,252,556 |
| | (3,197,801 | ) | | 3,608,533 |
| Total liabilities, redeemable noncontrolling interest and shareholders’ equity | $ | 3,763,922 |
| | $ | 221,175 |
| | $ | 6,994,216 |
| | $ | (3,234,401 | ) | | $ | 7,744,912 |
|
| | (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 June 30, 2012 | 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 | $ | — |
| | $ | — |
| | $ | 244,416 |
| | $ | — |
| | $ | 244,416 |
| Net investment income | 3,243 |
| | 206 |
| | 13,338 |
| | (2,044 | ) | | 14,743 |
| Net foreign exchange (losses) gains | (13 | ) | | — |
| | 2,423 |
| | — |
| | 2,410 |
| Equity in earnings of other ventures | — |
| | — |
| | 6,846 |
| | — |
| | 6,846 |
| Other income | 60 |
| | — |
| | 11,229 |
| | — |
| | 11,289 |
| Net realized and unrealized gains on investments | 4,907 |
| | 8 |
| | 26,088 |
| | — |
| | 31,003 |
| Net other-than-temporary impairments | — |
| | — |
| | (209 | ) | | — |
| | (209 | ) | Total revenues | 8,197 |
| | 214 |
| | 304,131 |
| | (2,044 | ) | | 310,498 |
| Expenses | | | | | | | | | | Net claims and claim expenses incurred | — |
| | — |
| | 49,551 |
| | — |
| | 49,551 |
| Acquisition expenses | — |
| | — |
| | 25,608 |
| | — |
| | 25,608 |
| Operational expenses | (1,303 | ) | | 1,749 |
| | 40,961 |
| | — |
| | 41,407 |
| Corporate expenses | 3,501 |
| | 59 |
| | 507 |
| | — |
| | 4,067 |
| Interest expense | 1,469 |
| | 3,616 |
| | 631 |
| | — |
| | 5,716 |
| Total expenses | 3,667 |
| | 5,424 |
| | 117,258 |
| | — |
| | 126,349 |
| Income (loss) before equity in net income of subsidiaries and taxes | 4,530 |
| | (5,210 | ) | | 186,873 |
| | (2,044 | ) | | 184,149 |
| Equity in net income of subsidiaries | 146,490 |
| | 6,511 |
| | — |
| | (153,001 | ) | | — |
| Income from continuing operations before taxes | 151,020 |
| | 1,301 |
| | 186,873 |
| | (155,045 | ) | | 184,149 |
| Income tax expense | — |
| | (400 | ) | | (498 | ) | | — |
| | (898 | ) | Income from continuing operations | 151,020 |
| | 901 |
| | 186,375 |
| | (155,045 | ) | | 183,251 |
| Income from discontinued operations | — |
| | 1,393 |
| | — |
| | — |
| | 1,393 |
| Net income | 151,020 |
| | 2,294 |
| | 186,375 |
| | (155,045 | ) | | 184,644 |
| Net income attributable to noncontrolling interests | — |
| | — |
| | (33,624 | ) | | — |
| | (33,624 | ) | Net income attributable to RenaissanceRe | 151,020 |
| | 2,294 |
| | 152,751 |
| | (155,045 | ) | | 151,020 |
| Dividends on preference shares | (8,750 | ) | | — |
| | — |
| | — |
| | (8,750 | ) | Net income attributable to RenaissanceRe common shareholders | $ | 142,270 |
| | $ | 2,294 |
| | $ | 152,751 |
| | $ | (155,045 | ) | | $ | 142,270 |
|
| | (1) | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. |
| | (2) | Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments. |
| | | | | | | | | | | | | | | | | | | | | Condensed Consolidating Statement of Comprehensive Income for the three months ended June 30, 2012 | 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 | Comprehensive income | | | | | | | | | | Net income | $ | 151,020 |
| | $ | 2,294 |
| | $ | 186,375 |
| | $ | (155,045 | ) | | $ | 184,644 |
| Change in net unrealized gains on investments | — |
| | — |
| | (432 | ) | | — |
| | (432 | ) | Portion of other-than-temporary impairments recognized in other comprehensive income | — |
| | — |
| | (25 | ) | | — |
| | (25 | ) | Comprehensive income | 151,020 |
| | 2,294 |
| | 185,918 |
| | (155,045 | ) | | 184,187 |
| Net income attributable to noncontrolling interests | — |
| | — |
| | (33,624 | ) | | — |
| | (33,624 | ) | Change in net unrealized gains on fixed maturity investments available for sale attributable to noncontrolling interests | — |
| | — |
| | — |
| | — |
| | — |
| Comprehensive income attributable to noncontrolling interests | — |
|
| — |
| | (33,624 | ) | | — |
| | (33,624 | ) | Comprehensive income attributable to RenaissanceRe | $ | 151,020 |
| | $ | 2,294 |
| | $ | 152,294 |
| | $ | (155,045 | ) | | $ | 150,563 |
|
| | (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 six months ended June 30, 2012 | 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 | $ | — |
| | $ | — |
| | $ | 523,081 |
| | $ | — |
| | $ | 523,081 |
| Net investment income | 7,691 |
| | 475 |
| | 77,697 |
| | (4,149 | ) | | 81,714 |
| Net foreign exchange gains | 7 |
| | — |
| | 943 |
| | — |
| | 950 |
| Equity in earnings of other ventures | — |
| | — |
| | 12,316 |
| | — |
| | 12,316 |
| Other income (loss) | 152 |
| | — |
| | (27,957 | ) | | — |
| | (27,805 | ) | Net realized and unrealized gains on investments | 8,419 |
| | 1,052 |
| | 67,645 |
| | — |
| | 77,116 |
| Net other-than-temporary impairments | — |
| | — |
| | (343 | ) | | — |
| | (343 | ) | Total revenues | 16,269 |
| | 1,527 |
| | 653,382 |
| | (4,149 | ) | | 667,029 |
| Expenses | | | | | | | | | | Net claims and claim expenses incurred | — |
| | — |
| | 65,103 |
| | — |
| | 65,103 |
| Acquisition expenses | — |
| | — |
| | 49,719 |
| | — |
| | 49,719 |
| Operational expenses | (2,614 | ) | | 3,757 |
| | 82,647 |
| | — |
| | 83,790 |
| Corporate expenses | 7,679 |
| | 152 |
| | 1,047 |
| | — |
| | 8,878 |
| Interest expense | 2,938 |
| | 7,233 |
| | 1,263 |
| | — |
| | 11,434 |
| Total expenses | 8,003 |
| | 11,142 |
| | 199,779 |
| | — |
| | 218,924 |
| Income (loss) before equity in net income (loss) of subsidiaries and taxes | 8,266 |
| | (9,615 | ) | | 453,603 |
| | (4,149 | ) | | 448,105 |
| Equity in net income (loss) of subsidiaries | 352,933 |
| | (23,757 | ) | | — |
| | (329,176 | ) | | — |
| Income (loss) from continuing operations before taxes | 361,199 |
| | (33,372 | ) | | 453,603 |
| | (333,325 | ) | | 448,105 |
| Income tax (expense) benefit | — |
| | (2,968 | ) | | 2,107 |
| | — |
| | (861 | ) | Income (loss) from continuing operations | 361,199 |
| | (36,340 | ) | | 455,710 |
| | (333,325 | ) | | 447,244 |
| Income from discontinued operations | — |
| | 1,220 |
| | — |
| | — |
| | 1,220 |
| Net income (loss) | 361,199 |
| | (35,120 | ) | | 455,710 |
| | (333,325 | ) | | 448,464 |
| Net income attributable to noncontrolling interests | — |
| | — |
| | (87,265 | ) | | — |
| | (87,265 | ) | Net income (loss) attributable to RenaissanceRe | 361,199 |
| | (35,120 | ) | | 368,445 |
| | (333,325 | ) | | 361,199 |
| Dividends on preference shares | (17,500 | ) | | — |
| | — |
| | — |
| | (17,500 | ) | Net income (loss) attributable to RenaissanceRe common shareholders | $ | 343,699 |
| | $ | (35,120 | ) | | $ | 368,445 |
| | $ | (333,325 | ) | | $ | 343,699 |
|
| | (1) | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. |
| | (2) | Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments. |
| | | | | | | | | | | | | | | | | | | | | Condensed Consolidating Statement of Comprehensive Income (Loss) for the six months ended June 30, 2012 | 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 | Comprehensive income (loss) | | | | | | | | | | Net income (loss) | $ | 361,199 |
| | $ | (35,120 | ) | | $ | 455,710 |
| | $ | (333,325 | ) | | $ | 448,464 |
| Change in net unrealized gains on investments | — |
| | — |
| | 823 |
| | — |
| | 823 |
| Portion of other-than-temporary impairments recognized in other comprehensive income | — |
| | — |
| | (52 | ) | | — |
| | (52 | ) | Comprehensive income (loss) | 361,199 |
| | (35,120 | ) | | 456,481 |
| | (333,325 | ) | | 449,235 |
| Net income attributable to noncontrolling interests | — |
| | — |
| | (87,265 | ) | | — |
| | (87,265 | ) | Change in net unrealized gains on fixed maturity investments available for sale attributable to noncontrolling interests | — |
| | — |
| | — |
| | — |
| | — |
| Comprehensive income attributable to noncontrolling interests | — |
| | — |
| | (87,265 | ) | | — |
| | (87,265 | ) | Comprehensive income (loss) attributable to RenaissanceRe | $ | 361,199 |
| | $ | (35,120 | ) | | $ | 369,216 |
| | $ | (333,325 | ) | | $ | 361,970 |
|
| | (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 June 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 | $ | — |
| | $ | — |
| | $ | 217,175 |
| | $ | — |
| | $ | 217,175 |
| Net investment income | 5,586 |
| | 203 |
| | 29,441 |
| | (1,902 | ) | | 33,328 |
| Net foreign exchange gains (losses) | 5 |
| | — |
| | (4,526 | ) | | — |
| | (4,521 | ) | Equity in earnings of other ventures | — |
| | — |
| | 5,128 |
| | — |
| | 5,128 |
| Other income (loss) | 29 |
| | — |
| | (5,196 | ) | | — |
| | (5,167 | ) | Net realized and unrealized gains (losses) on investments | 3,324 |
| | (39 | ) | | 31,694 |
| | — |
| | 34,979 |
| Total revenues | 8,944 |
| | 164 |
| | 273,716 |
| | (1,902 | ) | | 280,922 |
| Expenses | | | | | | | | | | Net claims and claim expenses incurred | — |
| | — |
| | 151,261 |
| | — |
| | 151,261 |
| Acquisition expenses | — |
| | — |
| | 13,883 |
| | — |
| | 13,883 |
| Operational expenses | (1,196 | ) | | 1,542 |
| | 41,953 |
| | — |
| | 42,299 |
| Corporate expenses | 3,474 |
| | 48 |
| | 489 |
| | — |
| | 4,011 |
| Interest expense | 2,559 |
| | 3,617 |
| | 645 |
| | (1,091 | ) | | 5,730 |
| Total expenses | 4,837 |
| | 5,207 |
| | 208,231 |
| | (1,091 | ) | | 217,184 |
| Income (loss) before equity in net loss of subsidiaries and taxes | 4,107 |
| | (5,043 | ) | | 65,485 |
| | (811 | ) | | 63,738 |
| Equity in net income (loss) of subsidiaries | 29,407 |
| | (2,568 | ) | | — |
| | (26,839 | ) | | — |
| Income (loss) from continuing operations before taxes | 33,514 |
| | (7,611 | ) | | 65,485 |
| | (27,650 | ) | | 63,738 |
| Income tax benefit | — |
| | 1,512 |
| | 261 |
| | — |
| | 1,773 |
| Income (loss) from continuing operations | 33,514 |
| | (6,099 | ) | | 65,746 |
| | (27,650 | ) | | 65,511 |
| Loss from discontinued operations | — |
| | (10,094 | ) | | — |
| | — |
| | (10,094 | ) | Net income (loss) | 33,514 |
| | (16,193 | ) | | 65,746 |
| | (27,650 | ) | | 55,417 |
| Net income attributable to noncontrolling interest | — |
| | — |
| | (21,903 | ) | | — |
| | (21,903 | ) | Net income (loss) attributable to RenaissanceRe | 33,514 |
| | (16,193 | ) | | 43,843 |
| | (27,650 | ) | | 33,514 |
| Dividends on preference shares | (8,750 | ) | | — |
| | — |
| | — |
| | (8,750 | ) | Net income (loss) attributable to RenaissanceRe common shareholders | $ | 24,764 |
| | $ | (16,193 | ) | | $ | 43,843 |
| | $ | (27,650 | ) | | $ | 24,764 |
|
| | (1) | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. |
| | (2) | Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments. |
| | | | | | | | | | | | | | | | | | | | | Condensed Consolidating Statement of Comprehensive Income (Loss) for the three months ended June 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 | Comprehensive income (loss) | | | | | | | | | | Net income (loss) | $ | 33,514 |
| | $ | (16,193 | ) | | $ | 65,746 |
| | $ | (27,650 | ) | | $ | 55,417 |
| Change in net unrealized gains on investments | — |
| | — |
| | (1,817 | ) | | — |
| | (1,817 | ) | Portion of other-than-temporary impairments recognized in other comprehensive income (loss) | — |
| | — |
| | — |
| | — |
| | — |
| Comprehensive income (loss) | 33,514 |
| | (16,193 | ) | | 63,929 |
| | (27,650 | ) | | 53,600 |
| Net income attributable to noncontrolling interests | — |
| | — |
| | (21,903 | ) | | — |
| | (21,903 | ) | Change in net unrealized gains on fixed maturity investments available for sale attributable to noncontrolling interests | — |
| | — |
| | 3 |
| | — |
| | 3 |
| Comprehensive income attributable to noncontrolling interests | — |
| | — |
| | (21,900 | ) | | — |
| | (21,900 | ) | Comprehensive income (loss) attributable to RenaissanceRe | $ | 33,514 |
| | $ | (16,193 | ) | | $ | 42,029 |
| | $ | (27,650 | ) | | $ | 31,700 |
|
| | (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 six months ended June 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 | $ | — |
| | $ | — |
| | $ | 522,716 |
| | $ | — |
| | $ | 522,716 |
| Net investment income | 10,750 |
| | 219 |
| | 84,643 |
| | (2,003 | ) | | 93,609 |
| Net foreign exchange gains (losses) | 96 |
| | — |
| | (3,957 | ) | | — |
| | (3,861 | ) | Equity in losses of other ventures | — |
| | — |
| | (18,625 | ) | | — |
| | (18,625 | ) | Other income | 195 |
| | — |
| | 44,783 |
| | — |
| | 44,978 |
| Net realized and unrealized gains (losses) on investments | 2,332 |
| | (39 | ) | | 27,472 |
| | — |
| | 29,765 |
| Total revenues | 13,373 |
| | 180 |
| | 657,032 |
| | (2,003 | ) | | 668,582 |
| Expenses | | | | | | | | | | Net claims and claim expenses incurred | — |
| | — |
| | 779,798 |
| | — |
| | 779,798 |
| Acquisition expenses | — |
| | — |
| | 46,218 |
| | — |
| | 46,218 |
| Operational expenses | (2,416 | ) | | 3,044 |
| | 83,501 |
| | — |
| | 84,129 |
| Corporate expenses | 5,515 |
| | 109 |
| | 451 |
| | — |
| | 6,075 |
| Interest expense | 7,534 |
| | 7,335 |
| | 1,754 |
| | (4,698 | ) | | 11,925 |
| Total expenses | 10,633 |
| | 10,488 |
| | 911,722 |
| | (4,698 | ) | | 928,145 |
| Income (loss) before equity in net loss of subsidiaries and taxes | 2,740 |
| | (10,308 | ) | | (254,690 | ) | | 2,695 |
| | (259,563 | ) | Equity in net loss subsidiaries | (208,799 | ) | | (732 | ) | | — |
| | 209,531 |
| | — |
| Loss from continuing operations before taxes | (206,059 | ) | | (11,040 | ) | | (254,690 | ) | | 212,226 |
| | (259,563 | ) | Income tax benefit (expense) | 290 |
| | 3,077 |
| | (1,542 | ) | | — |
| | 1,825 |
| Loss from continuing operations | (205,769 | ) | | (7,963 | ) | | (256,232 | ) | | 212,226 |
| | (257,738 | ) | Loss from discontinued operations | — |
| | (11,620 | ) | | — |
| | — |
| | (11,620 | ) | Net loss | (205,769 | ) | | (19,583 | ) | | (256,232 | ) | | 212,226 |
| | (269,358 | ) | Net loss attributable to redeemable noncontrolling interest – DaVinciRe | — |
| | — |
| | 63,589 |
| | — |
| | 63,589 |
| Net loss attributable to RenaissanceRe | (205,769 | ) | | (19,583 | ) | | (192,643 | ) | | 212,226 |
| | (205,769 | ) | Dividends on preference shares | (17,500 | ) | | — |
| | — |
| | — |
| | (17,500 | ) | Net loss attributable to RenaissanceRe common shareholders | $ | (223,269 | ) | | $ | (19,583 | ) | | $ | (192,643 | ) | | $ | 212,226 |
| | $ | (223,269 | ) |
| | (1) | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. |
| | (2) | Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments. |
| | | | | | | | | | | | | | | | | | | | | Condensed Consolidating Statement of Comprehensive Loss for the six months ended June 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 | Comprehensive loss | | | | | | | | | | Net loss | $ | (205,769 | ) | | $ | (19,583 | ) | | $ | (256,232 | ) | | $ | 212,226 |
| | $ | (269,358 | ) | Change in net unrealized gains on investments | — |
| | — |
| | (1,798 | ) | | — |
| | (1,798 | ) | Portion of other-than-temporary impairments recognized in other comprehensive loss | — |
| | — |
| | — |
| | — |
| | — |
| Comprehensive loss | (205,769 | ) | | (19,583 | ) | | (258,030 | ) | | 212,226 |
| | (271,156 | ) | Net loss attributable to noncontrolling interests | — |
| | — |
| | 63,589 |
| | — |
| | 63,589 |
| Change in net unrealized gains on fixed maturity investments available for sale attributable to noncontrolling interests | — |
| | — |
| | 6 |
| | — |
| | 6 |
| Comprehensive loss attributable to noncontrolling interests | — |
| | — |
| | 63,595 |
| | — |
| | 63,595 |
| Comprehensive loss attributable to RenaissanceRe | $ | (205,769 | ) | | $ | (19,583 | ) | | $ | (194,435 | ) | | $ | 212,226 |
| | $ | (207,561 | ) |
| | (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 six months ended June 30, 2012 | 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 | $ | 9,361 |
| | $ | (21,004 | ) | | $ | 315,420 |
| | $ | 303,777 |
| Cash flows provided by (used in) investing activities | | | | | | | | Proceeds from sales and maturities of fixed maturity investments trading | 507,082 |
| | 124,658 |
| | 4,160,962 |
| | 4,792,702 |
| Purchases of fixed maturity investments trading | (405,809 | ) | | (57,652 | ) | | (4,849,441 | ) | | (5,312,902 | ) | Proceeds from sales and maturities of fixed maturity investments available for sale | — |
| | — |
| | 37,530 |
| | 37,530 |
| Net sales (purchases) of short term investments | 141,196 |
| | (3,483 | ) | | 45,892 |
| | 183,605 |
| Net sales of other investments | — |
| | — |
| | 18,681 |
| | 18,681 |
| Net sales of other assets | — |
| | — |
| | (166 | ) | | (166 | ) | Dividends and return of capital from subsidiaries | 256,153 |
| | 4,298 |
| | (260,451 | ) | | — |
| Contributions to subsidiaries | (372,700 | ) | | (50,000 | ) | | 422,700 |
| | — |
| Due to (from) subsidiary | (5,856 | ) | | (866 | ) | | 6,722 |
| | — |
| Net cash provided by (used in) investing activities | 120,066 |
| | 16,955 |
| | (417,571 | ) | | (280,550 | ) | Cash flows (used in) provided by financing activities | | | | | | | | Dividends paid – RenaissanceRe common shares | (27,673 | ) | | — |
| | — |
| | (27,673 | ) | Dividends paid – preference shares | (17,500 | ) | | — |
| | — |
| | (17,500 | ) | RenaissanceRe common share repurchases | (90,111 | ) | | — |
| | — |
| | (90,111 | ) | Third party DaVinciRe share transactions | — |
| | — |
| | 160,864 |
| | 160,864 |
| Net cash (used in) provided by financing activities | (135,284 | ) | | — |
| | 160,864 |
| | 25,580 |
| Effect of exchange rate changes on foreign currency cash | — |
| | — |
| | (1,559 | ) | | (1,559 | ) | Net (decrease) increase in cash and cash equivalents | (5,857 | ) | | (4,049 | ) | | 57,154 |
| | 47,248 |
| Cash and cash equivalents, beginning of period | 10,606 |
| | 4,920 |
| | 201,458 |
| | 216,984 |
| Cash and cash equivalents, end of period | $ | 4,749 |
| | $ | 871 |
| | $ | 258,612 |
| | $ | 264,232 |
|
| | (1) | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. |
| | | | | | | | | | | | | | | | | Condensed Consolidating Statement of Cash Flows
for the six months ended June 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 provided by (used in) operating activities | | | | | | | | Net cash provided by (used in) operating activities | $ | 123,220 |
| | $ | (25,043 | ) | | $ | (67,181 | ) | | $ | 30,996 |
| Cash flows provided by investing activities | | | | | | | | Proceeds from sales and maturities of fixed maturity investments trading | 28,749 |
| | 72,982 |
| | 2,777,484 |
| | 2,879,215 |
| Purchases of fixed maturity investments trading | (33,626 | ) | | (208,847 | ) | | (2,569,205 | ) | | (2,811,678 | ) | Proceeds from sales and maturities of fixed maturity investments available for sale | — |
| | — |
| | 48,135 |
| | 48,135 |
| Purchases of fixed maturity investments available for sale | — |
| | — |
| | (4,078 | ) | | (4,078 | ) | Net purchases of equity investments trading | — |
| | — |
| | (32,676 | ) | | (32,676 | ) | Net sales of short term investments | 24,965 |
| | 7,468 |
| | 18,419 |
| | 50,852 |
| Net sales (purchases) of other investments | 102,717 |
| | — |
| | (126,598 | ) | | (23,881 | ) | Net purchases of investments in other ventures | — |
| | — |
| | (21,000 | ) | | (21,000 | ) | Net sales of other assets | — |
| | — |
| | 46,984 |
| | 46,984 |
| Dividends and return of capital from subsidiaries | 718,294 |
| | 9,306 |
| | (727,600 | ) | | — |
| Contributions to subsidiaries | (262,115 | ) | | (5,700 | ) | | 267,815 |
| | — |
| Due (from) to subsidiaries | (230,079 | ) | | 1,645 |
| | 228,434 |
| | — |
| Net proceeds from sale of discontinued operations held for sale | — |
| | 269,520 |
| | — |
| | 269,520 |
| Net cash provided by investing activities | 348,905 |
| | 146,374 |
| | (93,886 | ) | | 401,393 |
| Cash flows used in financing activities | | | | | | | | Dividends paid – RenaissanceRe common shares | (26,721 | ) | | — |
| | — |
| | (26,721 | ) | Dividends paid – preference shares | (17,500 | ) | | — |
| | — |
| | (17,500 | ) | RenaissanceRe common share repurchases | (174,792 | ) | | — |
| | — |
| | (174,792 | ) | Net repayment of debt | (253,512 | ) | | (124,995 | ) | | 178,507 |
| | (200,000 | ) | Third party DaVinciRe share transactions | — |
| | — |
| | (56,708 | ) | | (56,708 | ) | Net cash used in financing activities | (472,525 | ) | | (124,995 | ) | | 121,799 |
| | (475,721 | ) | Effect of exchange rate changes on foreign currency cash | — |
| | — |
| | 3,331 |
| | 3,331 |
| Net decrease in cash and cash equivalents | (400 | ) | | (3,664 | ) | | (35,937 | ) | | (40,001 | ) | Cash and cash equivalents, beginning of period | 3,414 |
| | 3,940 |
| | 270,384 |
| | 277,738 |
| Cash and cash equivalents, end of period | $ | 3,014 |
| | $ | 276 |
| | $ | 234,447 |
| | $ | 237,737 |
|
| | (1) | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. |
|