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Discontinued Operations
 3 Months Ended
Mar. 31, 2014
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations
DISCONTINUED OPERATIONS
REAL
On August 30, 2013, RenaissanceRe entered into a purchase agreement with Munich to sell REAL and, on October 1, 2013, RenaissanceRe closed the sale of REAL to Munich. In the third quarter of 2013, the Company classified the assets and liabilities associated with this transaction as held for sale and the financial results are reflected in the Company’s consolidated financial statements as “discontinued operations.”  Consideration for the transaction was $60.0 million, paid in cash at closing, subject to post-closing adjustments for certain tax and other items. The Company recorded a loss on sale of $8.8 million in the third quarter of 2013 in conjunction with the sale, including related direct expenses.
Except as explicitly described as held for sale or as discontinued operations, and unless otherwise noted, all discussions and amounts presented herein relate to the Company’s continuing operations. All prior periods presented have been reclassified to conform to this form of presentation.
The Company did not have any assets, liabilities or shareholder’s equity of discontinued operations held for sale related to REAL at March 31, 2014 or December 31, 2013.
Details of the income from discontinued operations for the three months ended March 31, 2014 and 2013 are as follows and relate entirely to REAL:
 
 
 
 
 
 
 
 
Three months ended
 
 
 
March 31,
2014
 
March 31,
2013
 
 
Revenues
 
 
 
 
 
Net investment loss
$
—

 
$
(8
)
 
 
Net foreign exchange gains
—

 
1,142

 
 
Other income
—

 
8,713

 
 
Net realized and unrealized gains on investments
—

 
2

 
 
Total revenues
—

 
9,849

 
 
Expenses
 
 
 
 
 
Operational expenses
—

 
28

 
 
Corporate expenses
—

 
47

 
 
Total expenses
—

 
75

 
 
Income from discontinued operations
$
—

 
$
9,774

 
 
 
 
 
 
 

Renaissance Trading Guarantees
At March 31, 2014, RenaissanceRe had provided guarantees in the aggregate amount of $32.6 million to certain counterparties of the weather and energy risk operations of Renaissance Trading, subsequently renamed Munich Re Trading LLC, one of the entities acquired by Munich in the REAL transaction. Although certain guarantees issued by RenaissanceRe to certain counterparties of Renaissance Trading remained in effect at March 31, 2014, in conjunction with the purchase agreement of REAL, Munich has agreed, effective October 1, 2013, to indemnify RenaissanceRe against any liabilities, losses and damages that may arise as a result of any transaction between Renaissance Trading and a counterparty that has been provided a guarantee by RenaissanceRe.