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




Three months ended June 30, 2012	Reinsurance			Lloyd’s			Insurance			Other			Total
Gross premiums written	$	617,039		$	50,297		$	—		$	—		$	667,336
Net premiums written	$	379,369		$	48,510		$	(249	)	—			$	427,630
Net premiums earned	$	214,296		$	30,369		$	(249	)	—			$	244,416
Net claims and claim expenses incurred	35,488			14,960			(897		)	—			49,551
Acquisition expenses	20,098			5,510			—			—			25,608
Operational expenses	30,346			10,806			255			—			41,407
Underwriting income (loss)	$	128,364		$	(907	)	$	393		—			127,850
Net investment income										14,743			14,743
Net foreign exchange gains										2,410			2,410
Equity in earnings of other ventures										6,846			6,846
Other income										11,289			11,289
Net realized and unrealized gains on investments										31,003			31,003
Net other-than-temporary impairments										(209		)	(209		)
Corporate expenses										(4,067		)	(4,067		)
Interest expense										(5,716		)	(5,716		)
Income from continuing operations before taxes													184,149
Income tax expense										(898		)	(898		)
Income from discontinued operations										1,393			1,393
Net income attributable to noncontrolling interests										(33,624		)	(33,624		)
Dividends on preference shares										(8,750		)	(8,750		)
Net income available to RenaissanceRe common shareholders													$	142,270

Net claims and claim expenses incurred – current accident year	$	76,631		$	18,366		$	—					$	94,997
Net claims and claim expenses incurred – prior accident years	(41,143		)	(3,406		)	(897		)				(45,446		)
Net claims and claim expenses incurred – total	$	35,488		$	14,960		$	(897	)				$	49,551

Net claims and claim expense ratio – current accident year	35.8		%	60.5		%	—		%				38.9		%
Net claims and claim expense ratio – prior accident years	(19.2		)%	(11.2		)%	360.2		%				(18.6		)%
Net claims and claim expense ratio – calendar year	16.6		%	49.3		%	360.2		%				20.3		%
Underwriting expense ratio	23.5		%	53.7		%	(102.4		)%				27.4		%
Combined ratio	40.1		%	103.0		%	257.8		%				47.7		%




Six months ended June 30, 2012	Reinsurance			Lloyd’s			Insurance			Eliminations (1)			Other			Total
Gross premiums written	$	1,226,801		$	105,114		$	—		$	(428	)	$	—		$	1,331,487
Net premiums written	$	838,007		$	82,447		$	(249	)				—			$	920,205
Net premiums earned	$	468,114		$	55,191		$	(224	)				—			$	523,081
Net claims and claim expenses incurred	43,812			23,961			(2,670		)				—			65,103
Acquisition expenses	39,484			10,178			57						—			49,719
Operational expenses	62,390			20,863			537						—			83,790
Underwriting income	$	322,428		$	189		$	1,852					—			324,469
Net investment income													81,714			81,714
Net foreign exchange gains													950			950
Equity in earnings of other ventures													12,316			12,316
Other loss													(27,805		)	(27,805		)
Net realized and unrealized gains on investments													77,116			77,116
Net other-than-temporary impairments													(343		)	(343		)
Corporate expenses													(8,878		)	(8,878		)
Interest expense													(11,434		)	(11,434		)
Income from continuing operations before taxes																448,105
Income tax expense													(861		)	(861		)
Income from discontinued operations													1,220			1,220
Net income attributable to noncontrolling interests													(87,265		)	(87,265		)
Dividends on preference shares													(17,500		)	(17,500		)
Net income available to RenaissanceRe common shareholders																$	343,699

Net claims and claim expenses incurred – current accident year	$	131,775		$	34,646		$	—								$	166,421
Net claims and claim expenses incurred – prior accident years	(87,963		)	(10,685		)	(2,670		)							(101,318		)
Net claims and claim expenses incurred – total	$	43,812		$	23,961		$	(2,670	)							$	65,103

Net claims and claim expense ratio – current accident year	28.2		%	62.8		%	—		%							31.8		%
Net claims and claim expense ratio – prior accident years	(18.8		)%	(19.4		)%	1,192.0		%							(19.4		)%
Net claims and claim expense ratio – calendar year	9.4		%	43.4		%	1,192.0		%							12.4		%
Underwriting expense ratio	21.7		%	56.3		%	(265.2		)%							25.6		%
Combined ratio	31.1		%	99.7		%	926.8		%							38.0		%


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




Three months ended June 30, 2011	Reinsurance			Lloyd’s			Insurance			Other			Total
Gross premiums written	$	607,404		$	34,126		$	33		$	—		$	641,563
Net premiums written	$	395,856		$	32,084		$	55		—			$	427,995
Net premiums earned	$	199,461		$	17,233		$	481		—			$	217,175
Net claims and claim expenses incurred	143,219			8,619			(577		)	—			151,261
Acquisition expenses	10,431			3,305			147			—			13,883
Operational expenses	32,901			8,635			763			—			42,299
Underwriting income (loss)	$	12,910		$	(3,326	)	$	148		—			9,732
Net investment income										33,328			33,328
Net foreign exchange losses										(4,521		)	(4,521		)
Equity in earnings of other ventures										5,128			5,128
Other loss										(5,167		)	(5,167		)
Net realized and unrealized gains on investments										34,979			34,979
Corporate expenses										(4,011		)	(4,011		)
Interest expense										(5,730		)	(5,730		)
Income from continuing operations before taxes													63,738
Income tax benefit										1,773			1,773
Loss from discontinued operations										(10,094		)	(10,094		)
Net income attributable to redeemable noncontrolling interest – DaVinciRe										(21,903		)	(21,903		)
Dividends on preference shares										(8,750		)	(8,750		)
Net income available to RenaissanceRe common shareholders													$	24,764

Net claims and claim expenses incurred – current accident year	$	162,398		$	9,612		$	(78	)				$	171,932
Net claims and claim expenses incurred – prior accident years	(19,179		)	(993		)	(499		)				(20,671		)
Net claims and claim expenses incurred – total	$	143,219		$	8,619		$	(577	)				$	151,261

Net claims and claim expense ratio – current accident year	81.4		%	55.8		%	(16.2		)%				79.2		%
Net claims and claim expense ratio – prior accident years	(9.6		)%	(5.8		)%	(103.8		)%				(9.6		)%
Net claims and claim expense ratio – calendar year	71.8		%	50.0		%	(120.0		)%				69.6		%
Underwriting expense ratio	21.7		%	69.3		%	189.2		%				25.9		%
Combined ratio	93.5		%	119.3		%	69.2		%				95.5		%




Six months ended June 30, 2011	Reinsurance			Lloyd’s			Insurance			Eliminations (1)			Other			Total
Gross premiums written	$	1,181,086		$	70,746		$	313		$	(77	)	$	—		$	1,252,068
Net premiums written	$	819,422		$	60,821		$	327					—			$	880,570
Net premiums earned	$	488,890		$	32,907		$	919					—			$	522,716
Net claims and claim expenses incurred	738,623			39,142			2,033						—			779,798
Acquisition expenses	40,223			5,766			229						—			46,218
Operational expenses	65,264			17,607			1,258						—			84,129
Underwriting loss	$	(355,220	)	$	(29,608	)	$	(2,601	)				—			(387,429		)
Net investment income													93,609			93,609
Net foreign exchange losses													(3,861		)	(3,861		)
Equity in losses of other ventures													(18,625		)	(18,625		)
Other income													44,978			44,978
Net realized and unrealized gains on investments													29,765			29,765
Corporate expenses													(6,075		)	(6,075		)
Interest expense													(11,925		)	(11,925		)
Loss from continuing operations before taxes																(259,563		)
Income tax benefit													1,825			1,825
Loss from discontinued operations													(11,620		)	(11,620		)
Net loss attributable to redeemable noncontrolling interest – DaVinciRe													63,589			63,589
Dividends on preference shares													(17,500		)	(17,500		)
Net loss attributable to RenaissanceRe common shareholders																$	(223,269	)

Net claims and claim expenses incurred – current accident year	$	829,760		$	38,938		$	(69	)							$	868,629
Net claims and claim expenses incurred – prior accident years	(91,137		)	204			2,102									(88,831		)
Net claims and claim expenses incurred – total	$	738,623		$	39,142		$	2,033								$	779,798

Net claims and claim expense ratio – current accident year	169.7		%	118.3		%	(7.5		)%							166.2		%
Net claims and claim expense ratio – prior accident years	(18.6		)%	0.6		%	228.7		%							(17.0		)%
Net claims and claim expense ratio – calendar year	151.1		%	118.9		%	221.2		%							149.2		%
Underwriting expense ratio	21.6		%	71.1		%	161.8		%							24.9		%
Combined ratio	172.7		%	190.0		%	383.0		%							174.1		%


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