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Discontinued Operations
 6 Months Ended
Jun. 30, 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 June 30, 2014 or December 31, 2013.
Details of the income from discontinued operations for the three and six months ended June 30, 2014 and 2013 are as follows and relate entirely to REAL:
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended June 30,
 
Six months ended June 30,
 
 
 
2014
 
2013
 
2014
 
2013
 
 
Revenues
 
 
 
 
 
 
 
 
 
Net investment income
$
—

 
$
1,161

 
$
—

 
$
1,153

 
 
Net foreign exchange (losses) gains
—

 
(153
)
 
—

 
989

 
 
Other income
—

 
1,759

 
—

 
10,472

 
 
Net realized and unrealized losses on investments
—

 
(15
)
 
—

 
(13
)
 
 
Total revenues
—

 
2,752

 
—

 
12,601

 
 
Expenses
 
 
 
 
 
 
 
 
 
Operational expenses
—

 
31

 
—

 
59

 
 
Corporate expenses
—

 
59

 
—

 
106

 
 
Total expenses
—

 
90

 
—

 
165

 
 
Income before taxes
—

 
2,662

 
—

 
12,436

 
 
Income tax expense
—

 
(236
)
 
—

 
(236
)
 
 
Income from discontinued operations
$
—

 
$
2,426

 
$
—

 
$
12,200