|
Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries (Tables)
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3 Months Ended |
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Mar. 31, 2013
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| Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries [Abstract] |
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| Condensed Consolidating Balance Sheet |
| | | | | | | | | | | | | | | | | | | | | Condensed Consolidating Balance Sheet at March 31, 2013 | 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 | $ | 215,197 |
| | $ | 40,137 |
| | $ | 6,045,105 |
| | $ | — |
| | $ | 6,300,439 |
| Cash and cash equivalents | 2,842 |
| | 1,484 |
| | 331,299 |
| | — |
| | 335,625 |
| Investments in subsidiaries | 3,133,836 |
| | 124,129 |
| | — |
| | (3,257,965 | ) | | — |
| Due from subsidiaries and affiliates | 177,136 |
| | 88 |
| | — |
| | (177,224 | ) | | — |
| Premiums receivable | — |
| | — |
| | 654,368 |
| | — |
| | 654,368 |
| Prepaid reinsurance premiums | — |
| | — |
| | 170,216 |
| | — |
| | 170,216 |
| Reinsurance recoverable | — |
| | — |
| | 162,948 |
| | — |
| | 162,948 |
| Accrued investment income | 123 |
| | 98 |
| | 29,700 |
| | — |
| | 29,921 |
| Deferred acquisition costs | — |
| | — |
| | 77,914 |
| | — |
| | 77,914 |
| Other assets | 112,284 |
| | 15,701 |
| | 351,752 |
| | (114,248 | ) | | 365,489 |
| Total assets | $ | 3,641,418 |
| | $ | 181,637 |
| | $ | 7,823,302 |
| | $ | (3,549,437 | ) | | $ | 8,096,920 |
| Liabilities, Noncontrolling Interests and Shareholders’ Equity | | | | | | | | | | Liabilities | | | | | | | | | | Reserve for claims and claim expenses | $ | — |
| | $ | — |
| | $ | 1,755,783 |
| | $ | — |
| | $ | 1,755,783 |
| Unearned premiums | — |
| | — |
| | 658,209 |
| | — |
| | 658,209 |
| Debt | — |
| | 249,362 |
| | 4,953 |
| | — |
| | 254,315 |
| Amounts due to subsidiaries and affiliates | 71,330 |
| | 5,047 |
| | — |
| | (76,377 | ) | | — |
| Reinsurance balances payable | — |
| | — |
| | 380,939 |
| | — |
| | 380,939 |
| Other liabilities | 6,983 |
| | 758 |
| | 597,519 |
| | (208 | ) | | 605,052 |
| Total liabilities | 78,313 |
| | 255,167 |
| | 3,397,403 |
| | (76,585 | ) | | 3,654,298 |
| Redeemable noncontrolling interest – DaVinciRe | — |
| | — |
| | 875,770 |
| | — |
| | 875,770 |
| Shareholders’ Equity | | | | | | | | | | Total shareholders’ equity | 3,563,105 |
| | (73,530 | ) | | 3,550,129 |
| | (3,472,852 | ) | | 3,566,852 |
| Total liabilities, noncontrolling interests and shareholders’ equity | $ | 3,641,418 |
| | $ | 181,637 |
| | $ | 7,823,302 |
| | $ | (3,549,437 | ) | | $ | 8,096,920 |
|
| | (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, 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 | $ | 572,139 |
| | $ | 49,618 |
| | $ | 5,738,890 |
| | $ | — |
| | $ | 6,360,647 |
| Cash and cash equivalents | 6,298 |
| | 1,528 |
| | 317,532 |
| | — |
| | 325,358 |
| Investments in subsidiaries | 2,864,793 |
| | 113,856 |
| | — |
| | (2,978,649 | ) | | — |
| Due from subsidiaries and affiliates | 53,296 |
| | 117 |
| | — |
| | (53,413 | ) | | — |
| Premiums receivable | — |
| | — |
| | 491,365 |
| | — |
| | 491,365 |
| Prepaid reinsurance premiums | — |
| | — |
| | 77,082 |
| | — |
| | 77,082 |
| Reinsurance recoverable | — |
| | — |
| | 192,512 |
| | — |
| | 192,512 |
| Accrued investment income | 2,535 |
| | 69 |
| | 30,874 |
| | — |
| | 33,478 |
| Deferred acquisition costs | — |
| | — |
| | 52,622 |
| | — |
| | 52,622 |
| Other assets | 175,105 |
| | 15,754 |
| | 320,198 |
| | (115,493 | ) | | 395,564 |
| Total assets | $ | 3,674,166 |
| | $ | 180,942 |
| | $ | 7,221,075 |
| | $ | (3,147,555 | ) | | $ | 7,928,628 |
| Liabilities, Redeemable Noncontrolling Interest and Shareholders’ Equity | | | | | | | | | | Liabilities | | | | | | | | | | Reserve for claims and claim expenses | $ | — |
| | $ | — |
| | $ | 1,879,377 |
| | $ | — |
| | $ | 1,879,377 |
| Unearned premiums | — |
| | — |
| | 399,517 |
| | — |
| | 399,517 |
| Debt | 100,000 |
| | 249,339 |
| | 2,436 |
| | — |
| | 351,775 |
| Amounts due to subsidiaries and affiliates | 11,371 |
| | 5,593 |
| | — |
| | (16,964 | ) | | — |
| Reinsurance balances payable | — |
| | — |
| | 290,419 |
| | — |
| | 290,419 |
| Other liabilities | 59,730 |
| | 4,572 |
| | 469,381 |
| | (1,458 | ) | | 532,225 |
| Total liabilities | 171,101 |
| | 259,504 |
| | 3,041,130 |
| | (18,422 | ) | | 3,453,313 |
| Redeemable noncontrolling interest – DaVinciRe | — |
| | — |
| | 968,259 |
| | — |
| | 968,259 |
| Shareholders’ Equity | | | | | | | | | | Total shareholders’ equity | 3,503,065 |
| | (78,562 | ) | | 3,211,686 |
| | (3,129,133 | ) | | 3,507,056 |
| Total liabilities, redeemable noncontrolling interest and shareholders’ equity | $ | 3,674,166 |
| | $ | 180,942 |
| | $ | 7,221,075 |
| | $ | (3,147,555 | ) | | $ | 7,928,628 |
|
| | (1) | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. |
| | (2) | Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments. |
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| Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) |
| | | | | | | | | | | | | | | | | | | | | Condensed Consolidating Statement of Operations for
the three months ended March 31, 2013 | 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 | $ | — |
| | $ | — |
| | $ | 271,255 |
| | $ | — |
| | $ | 271,255 |
| Net investment income | 1,550 |
| | 239 |
| | 42,818 |
| | (992 | ) | | 43,615 |
| Net foreign exchange (losses) gains | (50 | ) | | — |
| | 1,806 |
| | — |
| | 1,756 |
| Equity in earnings of other ventures | — |
| | — |
| | 5,835 |
| | — |
| | 5,835 |
| Other income (loss) | 106 |
| | (1,195 | ) | | 8,093 |
| | — |
| | 7,004 |
| Net realized and unrealized (losses) gains on investments | (1,286 | ) | | 31 |
| | 15,105 |
| | — |
| | 13,850 |
| Total revenues | 320 |
| | (925 | ) | | 344,912 |
| | (992 | ) | | 343,315 |
| Expenses | | | | | | | | | | Net claims and claim expenses incurred | — |
| | — |
| | 27,251 |
| | — |
| | 27,251 |
| Acquisition expenses | — |
| | — |
| | 25,009 |
| | — |
| | 25,009 |
| Operational expenses | (1,222 | ) | | 2,449 |
| | 44,935 |
| | (148 | ) | | 46,014 |
| Corporate expenses | 3,902 |
| | 59 |
| | 568 |
| | — |
| | 4,529 |
| Interest expense | 734 |
| | 3,617 |
| | 683 |
| | — |
| | 5,034 |
| Total expenses | 3,414 |
| | 6,125 |
| | 98,446 |
| | (148 | ) | | 107,837 |
| (Loss) income before equity in net income of subsidiaries and taxes | (3,094 | ) | | (7,050 | ) | | 246,466 |
| | (844 | ) | | 235,478 |
| Equity in net income of subsidiaries | 199,843 |
| | 11,288 |
| | — |
| | (211,131 | ) | | — |
| Income before taxes | 196,749 |
| | 4,238 |
| | 246,466 |
| | (211,975 | ) | | 235,478 |
| Income tax benefit (expense) | — |
| | 308 |
| | (430 | ) | | — |
| | (122 | ) | Net income | 196,749 |
| | 4,546 |
| | 246,036 |
| | (211,975 | ) | | 235,356 |
| Net loss attributable to noncontrolling interests | — |
| | — |
| | (38,607 | ) | | — |
| | (38,607 | ) | Net income attributable to RenaissanceRe | 196,749 |
| | 4,546 |
| | 207,429 |
| | (211,975 | ) | | 196,749 |
| Dividends on preference shares | (6,275 | ) | | — |
| | — |
| | — |
| | (6,275 | ) | Net income attributable to RenaissanceRe common shareholders | $ | 190,474 |
| | $ | 4,546 |
| | $ | 207,429 |
| | $ | (211,975 | ) | | $ | 190,474 |
|
| | (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 March 31, 2013 | 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 | $ | 196,749 |
| | $ | 4,546 |
| | $ | 246,036 |
| | $ | (211,975 | ) | | $ | 235,356 |
| Change in net unrealized gains on investments | — |
| | — |
| | (7,572 | ) | | — |
| | (7,572 | ) | Comprehensive income | 196,749 |
| | 4,546 |
| | 238,464 |
| | (211,975 | ) | | 227,784 |
| Net income attributable to noncontrolling interests | — |
| | — |
| | (38,607 | ) | | — |
| | (38,607 | ) | Comprehensive income attributable to noncontrolling interests | — |
| | — |
| | (38,607 | ) | | — |
| | (38,607 | ) | Comprehensive income attributable to RenaissanceRe | $ | 196,749 |
| | $ | 4,546 |
| | $ | 199,857 |
| | $ | (211,975 | ) | | $ | 189,177 |
|
| | (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 March 31, 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 | $ | — |
| | $ | — |
| | $ | 278,665 |
| | $ | — |
| | $ | 278,665 |
| Net investment income | 4,448 |
| | 269 |
| | 64,359 |
| | (2,105 | ) | | 66,971 |
| Net foreign exchange gains (losses) | 20 |
| | — |
| | (1,480 | ) | | — |
| | (1,460 | ) | Equity in earnings of other ventures | — |
| | — |
| | 5,470 |
| | — |
| | 5,470 |
| Other income (loss) | 92 |
| | — |
| | (39,186 | ) | | — |
| | (39,094 | ) | Net realized and unrealized gains on investments | 3,512 |
| | 1,044 |
| | 41,557 |
| | — |
| | 46,113 |
| Net other-than-temporary impairments | — |
| | — |
| | (134 | ) | | — |
| | (134 | ) | Total revenues | 8,072 |
| | 1,313 |
| | 349,251 |
| | (2,105 | ) | | 356,531 |
| Expenses | | | | | | | | | | Net claims and claim expenses incurred | — |
| | — |
| | 15,552 |
| | — |
| | 15,552 |
| Acquisition expenses | — |
| | — |
| | 24,111 |
| | — |
| | 24,111 |
| Operational expenses | (1,311 | ) | | 2,008 |
| | 41,686 |
| | — |
| | 42,383 |
| Corporate expenses | 4,178 |
| | 93 |
| | 540 |
| | — |
| | 4,811 |
| Interest expense | 1,469 |
| | 3,617 |
| | 632 |
| | — |
| | 5,718 |
| Total expenses | 4,336 |
| | 5,718 |
| | 82,521 |
| | — |
| | 92,575 |
| Income (loss) before equity in net loss of subsidiaries and taxes | 3,736 |
| | (4,405 | ) | | 266,730 |
| | (2,105 | ) | | 263,956 |
| Equity in net income (loss) of subsidiaries | 206,443 |
| | (30,268 | ) | | — |
| | (176,175 | ) | | — |
| Income (loss) from continuing operations before taxes | 210,179 |
| | (34,673 | ) | | 266,730 |
| | (178,280 | ) | | 263,956 |
| Income tax (expense) benefit | — |
| | (2,568 | ) | | 2,605 |
| | — |
| | 37 |
| Income (loss) from continuing operations | 210,179 |
| | (37,241 | ) | | 269,335 |
| | (178,280 | ) | | 263,993 |
| Loss from discontinued operations | — |
| | (173 | ) | | — |
| | — |
| | (173 | ) | Net income (loss) | 210,179 |
| | (37,414 | ) | | 269,335 |
| | (178,280 | ) | | 263,820 |
| Net income attributable to redeemable noncontrolling interest – DaVinciRe | — |
| | — |
| | (53,641 | ) | | — |
| | (53,641 | ) | Net income (loss) attributable to RenaissanceRe | 210,179 |
| | (37,414 | ) | | 215,694 |
| | (178,280 | ) | | 210,179 |
| Dividends on preference shares | (8,750 | ) | | — |
| | — |
| | — |
| | (8,750 | ) | Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 201,429 |
| | $ | (37,414 | ) | | $ | 215,694 |
| | $ | (178,280 | ) | | $ | 201,429 |
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| | (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 March 31, 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) | $ | 210,179 |
| | $ | (37,414 | ) | | $ | 269,335 |
| | $ | (178,280 | ) | | $ | 263,820 |
| Change in net unrealized gains on investments | — |
| | — |
| | 1,255 |
| | — |
| | 1,255 |
| Portion of other-than-temporary impairments recognized in other comprehensive income (loss) | — |
| | — |
| | (27 | ) | | — |
| | (27 | ) | Comprehensive income (loss) | 210,179 |
| | (37,414 | ) | | 270,563 |
| | (178,280 | ) | | 265,048 |
| Net income attributable to noncontrolling interests | — |
| | — |
| | (53,641 | ) | | — |
| | (53,641 | ) | Comprehensive income attributable to noncontrolling interests | — |
| | — |
| | (53,641 | ) | | — |
| | (53,641 | ) | Comprehensive income (loss) attributable to RenaissanceRe | $ | 210,179 |
| | $ | (37,414 | ) | | $ | 216,922 |
| | $ | (178,280 | ) | | $ | 211,407 |
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| | (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 |
| | | | | | | | | | | | | | | | | Condensed Consolidating Statement of Cash Flows
for the three months ended March 31, 2013 | 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 (used in) provided by operating activities | | | | | | | | Net cash (used in) provided by operating activities | $ | (38,748 | ) | | $ | (10,446 | ) | | $ | 177,696 |
| | $ | 128,502 |
| Cash flows provided by investing activities | | | | | | | | Proceeds from sales and maturities of fixed maturity investments trading | 398,658 |
| | 41,451 |
| | 1,909,557 |
| | 2,349,666 |
| Purchases of fixed maturity investments trading | (20,604 | ) | | (27,121 | ) | | (2,027,363 | ) | | (2,075,088 | ) | Proceeds from sales and maturities of fixed maturity investments available for sale | — |
| | — |
| | 37,699 |
| | 37,699 |
| Sales of equity investments trading | — |
| | — |
| | 67,073 |
| | 67,073 |
| Net sales (purchases) of short term investments | 27,794 |
| | (4,912 | ) | | (215,439 | ) | | (192,557 | ) | Net sales of other investments | — |
| | — |
| | 33,080 |
| | 33,080 |
| Dividends and return of capital from subsidiaries | 32,152 |
| | 2,126 |
| | (34,278 | ) | | — |
| Contributions to subsidiaries | (184,115 | ) | | (625 | ) | | 184,740 |
| | — |
| Due to (from) subsidiary | 11,310 |
| | (517 | ) | | (10,793 | ) | | — |
| Net cash provided by investing activities | 265,195 |
| | 10,402 |
| | (55,724 | ) | | 219,873 |
| Cash flows used in financing activities | | | | | | | | Dividends paid – RenaissanceRe common shares | (12,329 | ) | | — |
| | — |
| | (12,329 | ) | Dividends paid – preference shares | (6,275 | ) | | — |
| | — |
| | (6,275 | ) | RenaissanceRe common share repurchases | (111,299 | ) | | — |
| | — |
| | (111,299 | ) | Net (repayment) drawdown of debt | (100,000 | ) | | — |
| | 2,517 |
| | (97,483 | ) | Third party DaVinciRe share transactions | — |
| | — |
| | (114,154 | ) | | (114,154 | ) | Net cash used in financing activities | (229,903 | ) | | — |
| | (111,637 | ) | | (341,540 | ) | Effect of exchange rate changes on foreign currency cash | — |
| | — |
| | 3,432 |
| | 3,432 |
| Net (decrease) increase in cash and cash equivalents | (3,456 | ) | | (44 | ) | | 13,767 |
| | 10,267 |
| Cash and cash equivalents, beginning of period | 6,298 |
| | 1,528 |
| | 317,532 |
| | 325,358 |
| Cash and cash equivalents, end of period | $ | 2,842 |
| | $ | 1,484 |
| | $ | 331,299 |
| | $ | 335,625 |
|
| | (1) | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. |
| | | | | | | | | | | | | | | | | Condensed Consolidating Statement of Cash Flows
for the three months ended March 31, 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 (used in) provided by operating activities | | | | | | | | Net cash (used in) provided by operating activities | $ | (74 | ) | | $ | (11,568 | ) | | $ | 182,746 |
| | $ | 171,104 |
| Cash flows provided by (used in) investing activities | | | | | | | | Proceeds from sales and maturities of fixed maturity investments trading | 382,538 |
| | 92,508 |
| | 2,181,250 |
| | 2,656,296 |
| Purchases of fixed maturity investments trading | (302,878 | ) | | (49,796 | ) | | (2,198,575 | ) | | (2,551,249 | ) | Proceeds from sales and maturities of fixed maturity investments available for sale | — |
| | — |
| | 20,385 |
| | 20,385 |
| Net purchases of short term investments | (43,739 | ) | | (1,729 | ) | | (260,399 | ) | | (305,867 | ) | Net purchases of other investments | — |
| | — |
| | (9,663 | ) | | (9,663 | ) | Net sales of other assets | — |
| | — |
| | 125 |
| | 125 |
| Dividends and return of capital from subsidiaries | 185,961 |
| | 4,299 |
| | (190,260 | ) | | — |
| Contributions to subsidiaries | (200,769 | ) | | (36,700 | ) | | 237,469 |
| | — |
| Due to (from) subsidiaries | 7,965 |
| | (1,194 | ) | | (6,771 | ) | | — |
| Net cash provided by (used in) investing activities | 29,078 |
| | 7,388 |
| | (226,439 | ) | | (189,973 | ) | Cash flows (used in) provided by financing activities | | | | | | | | Dividends paid – RenaissanceRe common shares | (13,886 | ) | | — |
| | — |
| | (13,886 | ) | Dividends paid – preference shares | (8,750 | ) | | — |
| | — |
| | (8,750 | ) | RenaissanceRe common share repurchases | (3,635 | ) | | — |
| | — |
| | (3,635 | ) | Third party DaVinciRe share transactions | — |
| | — |
| | 88,146 |
| | 88,146 |
| Net cash (used in) provided by financing activities | (26,271 | ) | | — |
| | 88,146 |
| | 61,875 |
| Effect of exchange rate changes on foreign currency cash | — |
| | — |
| | 992 |
| | 992 |
| Net increase (decrease) in cash and cash equivalents | 2,733 |
| | (4,180 | ) | | 45,445 |
| | 43,998 |
| Cash and cash equivalents, beginning of period | 10,606 |
| | 4,920 |
| | 201,458 |
| | 216,984 |
| Cash and cash equivalents, end of period | $ | 13,339 |
| | $ | 740 |
| | $ | 246,903 |
| | $ | 260,982 |
|
| | (1) | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. |
|