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




Three months ended June 30, 2014	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd’s			Other			Total
Gross premiums written	$	388,083		$	51,554		$	71,903		$	—		$	511,540
Net premiums written	$	233,698		$	46,254		$	66,452		$	3		$	346,407
Net premiums earned	$	159,152		$	53,588		$	47,672		$	4		$	260,416
Net claims and claim expenses incurred	36,730			20,075			25,111			(528		)	81,388
Acquisition expenses	17,806			11,699			10,122			(6,150		)	33,477
Operational expenses	22,200			10,514			13,058			69			45,841
Underwriting income (loss)	$	82,416		$	11,300		$	(619	)	$	6,613		99,710
Net investment income										34,541			34,541
Net foreign exchange gains										2,392			2,392
Equity in earnings of other ventures										7,232			7,232
Other loss										(535		)	(535		)
Net realized and unrealized gains on investments										27,128			27,128
Corporate expenses										(3,954		)	(3,954		)
Interest expense										(4,292		)	(4,292		)
Income before taxes and noncontrolling interests													162,222
Income tax benefit										204			204
Net income attributable to noncontrolling interests										(36,078		)	(36,078		)
Dividends on preference shares										(5,596		)	(5,596		)
Net income available to RenaissanceRe common shareholders													$	120,752

Net claims and claim expenses incurred – current accident year	$	38,473		$	25,443		$	34,555		$	—		$	98,471
Net claims and claim expenses incurred – prior accident years	(1,743		)	(5,368		)	(9,444		)	(528		)	(17,083		)
Net claims and claim expenses incurred – total	$	36,730		$	20,075		$	25,111		$	(528	)	$	81,388

Net claims and claim expense ratio – current accident year	24.2		%	47.5		%	72.5		%	—		%	37.8		%
Net claims and claim expense ratio – prior accident years	(1.1		)%	(10.0		)%	(19.8		)%	(13,200.0		)%	(6.5		)%
Net claims and claim expense ratio – calendar year	23.1		%	37.5		%	52.7		%	(13,200.0		)%	31.3		%
Underwriting expense ratio	25.1		%	41.4		%	48.6		%	(152,025.0		)%	30.4		%
Combined ratio	48.2		%	78.9		%	101.3		%	(165,225.0		)%	61.7		%




Six months ended June 30, 2014	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd’s			Other			Total
Gross premiums written	$	855,794		$	205,844		$	155,162		$	—		$	1,216,800
Net premiums written	$	493,187		$	171,743		$	131,821		$	3		$	796,754
Net premiums earned	$	323,736		$	123,218		$	99,969		$	27		$	546,950
Net claims and claim expenses incurred	43,185			46,156			51,392			(430		)	140,303
Acquisition expenses	24,932			28,246			20,689			(6,690		)	67,177
Operational expenses	42,619			20,620			25,091			135			88,465
Underwriting income	$	213,000		$	28,196		$	2,797		$	7,012		251,005
Net investment income										73,489			73,489
Net foreign exchange gains										1,331			1,331
Equity in earnings of other ventures										11,431			11,431
Other loss										(473		)	(473		)
Net realized and unrealized gains on investments										42,055			42,055
Corporate expenses										(8,499		)	(8,499		)
Interest expense										(8,585		)	(8,585		)
Income before taxes and noncontrolling interests													361,754
Income tax benefit										38			38
Net income attributable to noncontrolling interests										(78,846		)	(78,846		)
Dividends on preference shares										(11,191		)	(11,191		)
Net income available to RenaissanceRe common shareholders													$	271,755

Net claims and claim expenses incurred – current accident year	$	51,002		$	67,365		$	55,712		$	—		$	174,079
Net claims and claim expenses incurred – prior accident years	(7,817		)	(21,209		)	(4,320		)	(430		)	(33,776		)
Net claims and claim expenses incurred – total	$	43,185		$	46,156		$	51,392		$	(430	)	$	140,303

Net claims and claim expense ratio – current accident year	15.8		%	54.7		%	55.7		%	—		%	31.8		%
Net claims and claim expense ratio – prior accident years	(2.5		)%	(17.2		)%	(4.3		)%	(1,592.6		)%	(6.1		)%
Net claims and claim expense ratio – calendar year	13.3		%	37.5		%	51.4		%	(1,592.6		)%	25.7		%
Underwriting expense ratio	20.9		%	39.6		%	45.8		%	(24,277.8		)%	28.4		%
Combined ratio	34.2		%	77.1		%	97.2		%	(25,870.4		)%	54.1		%




Three months ended June 30, 2013	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd’s			Other			Total
Gross premiums written (1)	$	576,903		$	58,539		$	68,769		$	(988	)	$	703,223
Net premiums written	$	436,852		$	57,348		$	64,643		$	266		$	559,109
Net premiums earned	$	200,483		$	49,206		$	41,933		$	267		$	291,889
Net claims and claim expenses incurred	52,915			25,511			25,536			—			103,962
Acquisition expenses	14,197			9,009			8,484			77			31,767
Operational expenses	23,599			7,595			11,456			139			42,789
Underwriting income (loss)	$	109,772		$	7,091		$	(3,543	)	$	51		113,371
Net investment income										26,163			26,163
Net foreign exchange losses										(932		)	(932		)
Equity in earnings of other ventures										3,772			3,772
Other loss										(1,128		)	(1,128		)
Net realized and unrealized losses on investments										(69,529		)	(69,529		)
Corporate expenses										(21,529		)	(21,529		)
Interest expense										(4,300		)	(4,300		)
Income from continuing operations before taxes													45,888
Income tax expense										(11		)	(11		)
Income from discontinued operations										2,427			2,427
Net income attributable to noncontrolling interests										(14,015		)	(14,015		)
Dividends on preference shares										(7,483		)	(7,483		)
Net income attributable to RenaissanceRe common shareholders													$	26,806

Net claims and claim expenses incurred – current accident year	$	71,369		$	30,903		$	28,517		$	—		$	130,789
Net claims and claim expenses incurred – prior accident years	(18,454		)	(5,392		)	(2,981		)	—			(26,827		)
Net claims and claim expenses incurred – total	$	52,915		$	25,511		$	25,536		$	—		$	103,962

Net claims and claim expense ratio – current accident year	35.6		%	62.8		%	68.0		%	—		%	44.8		%
Net claims and claim expense ratio – prior accident years	(9.2		)%	(11.0		)%	(7.1		)%	—		%	(9.2		)%
Net claims and claim expense ratio – calendar year	26.4		%	51.8		%	60.9		%	—		%	35.6		%
Underwriting expense ratio	18.8		%	33.8		%	47.5		%	80.9		%	25.6		%
Combined ratio	45.2		%	85.6		%	108.4		%	80.9		%	61.2		%

(1) Included in gross premiums written in the Other category is the elimination of inter-segment gross premiums written of $1.0 million.




Six months ended June 30, 2013	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd’s			Other			Total
Gross premiums written (1)	$	1,055,699		$	140,869		$	143,061		$	(988	)	$	1,338,641
Net premiums written	$	742,205		$	132,867		$	120,567		$	283		$	995,922
Net premiums earned	$	387,134		$	96,015		$	79,712		$	283		$	563,144
Net claims and claim expenses incurred	55,623			36,203			40,064			(677		)	131,213
Acquisition expenses	23,817			17,448			15,400			111			56,776
Operational expenses	49,714			15,155			23,634			272			88,775
Underwriting income	$	257,980		$	27,209		$	614		$	577		286,380
Net investment income										69,365			69,365
Net foreign exchange losses										(318		)	(318		)
Equity in earnings of other ventures										9,607			9,607
Other loss										(2,837		)	(2,837		)
Net realized and unrealized losses on investments										(55,260		)	(55,260		)
Corporate expenses										(26,011		)	(26,011		)
Interest expense										(9,334		)	(9,334		)
Income from continuing operations before taxes													271,592
Income tax expense										(133		)	(133		)
Income from discontinued operations										12,201			12,201
Net income attributable to noncontrolling interests										(52,622		)	(52,622		)
Dividends on preference shares										(13,758		)	(13,758		)
Net income attributable to RenaissanceRe common shareholders													$	217,280

Net claims and claim expenses incurred – current accident year	$	92,545		$	56,756		$	46,388		$	—		$	195,689
Net claims and claim expenses incurred – prior accident years	(36,922		)	(20,553		)	(6,324		)	(677		)	(64,476		)
Net claims and claim expenses incurred – total	$	55,623		$	36,203		$	40,064		$	(677	)	$	131,213

Net claims and claim expense ratio – current accident year	23.9		%	59.1		%	58.2		%	—		%	34.7		%
Net claims and claim expense ratio – prior accident years	(9.5		)%	(21.4		)%	(7.9		)%	(239.2		)%	(11.4		)%
Net claims and claim expense ratio – calendar year	14.4		%	37.7		%	50.3		%	(239.2		)%	23.3		%
Underwriting expense ratio	19.0		%	34.0		%	48.9		%	135.3		%	25.9		%
Combined ratio	33.4		%	71.7		%	99.2		%	(103.9		)%	49.2		%

(1) Included in gross premiums written in the Other category is the elimination of inter-segment gross premiums written of $1.0 million.