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




Three months ended March 31, 2013	Reinsurance			Lloyd’s			Other			Total
Gross premiums written	$	561,126		$	74,292		$	—		$	635,418
Net premiums written	$	380,872		$	55,924		$	17		$	436,813
Net premiums earned	$	233,460		$	37,779		$	16		$	271,255
Net claims and claim expenses incurred	13,400			14,528			(677		)	27,251
Acquisition expenses	18,059			6,916			34			25,009
Operational expenses	33,675			12,178			161			46,014
Underwriting income	$	168,326		$	4,157		$	498		172,981
Net investment income							43,615			43,615
Net foreign exchange gains							1,756			1,756
Equity in earnings of other ventures							5,835			5,835
Other income							7,004			7,004
Net realized and unrealized gains on investments							13,850			13,850
Corporate expenses							(4,529		)	(4,529		)
Interest expense							(5,034		)	(5,034		)
Income from continuing operations before taxes										235,478
Income tax expense							(122		)	(122		)
Net income attributable to noncontrolling interests							(38,607		)	(38,607		)
Dividends on preference shares							(6,275		)	(6,275		)
Net income available to RenaissanceRe common shareholders										$	190,474

Net claims and claim expenses incurred – current accident year	$	47,029		$	17,871		$	—		$	64,900
Net claims and claim expenses incurred – prior accident years	(33,629		)	(3,343		)	(677		)	(37,649		)
Net claims and claim expenses incurred – total	$	13,400		$	14,528		$	(677	)	$	27,251

Net claims and claim expense ratio – current accident year	20.1		%	47.3		%	—		%	23.9		%
Net claims and claim expense ratio – prior accident years	(14.4		)%	(8.8		)%	(4,231.3		)%	(13.9		)%
Net claims and claim expense ratio – calendar year	5.7		%	38.5		%	(4,231.3		)%	10.0		%
Underwriting expense ratio	22.2		%	50.5		%	1,218.8		%	26.2		%
Combined ratio	27.9		%	89.0		%	(3,012.5		)%	36.2		%




Three months ended March 31, 2012	Reinsurance			Lloyd’s			Other			Eliminations (1)			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 available 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.