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Discontinued Operations
 9 Months Ended
Sep. 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 September 30, 2014 or December 31, 2013.
Details of the income from discontinued operations for the three and nine months ended September 30, 2014 and 2013 are as follows and relate entirely to REAL:
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended
 
Nine months ended
 
 
 
September 30, 2014
 
September 30, 2013
 
September 30, 2014
 
September 30, 2013
 
 
Revenues
 
 
 
 
 
 
 
 
 
Net investment (loss) income
$
—

 
$
(3
)
 
$
—

 
$
1,150

 
 
Net foreign exchange (losses) gains
—

 
(140
)
 
—

 
849

 
 
Other (loss) income
—

 
(1,001
)
 
—

 
9,471

 
 
Net realized and unrealized losses on investments
—

 
(5
)
 
—

 
(18
)
 
 
Total revenues
—

 
(1,149
)
 
—

 
11,452

 
 
Expenses
 
 
 
 
 
 
 
 
 
Operational expenses
—

 
30

 
—

 
89

 
 
Corporate expenses
—

 
(2
)
 
—

 
104

 
 
Total expenses
—

 
28

 
—

 
193

 
 
Loss on sale of REAL
—

 
(8,770
)
 
—

 
(8,770
)
 
 
(Loss) income before taxes
—

 
(9,947
)
 
—

 
2,489

 
 
Income tax expense
—

 
168

 
—

 
(67
)
 
 
(Loss) income from discontinued operations
$
—

 
$
(9,779
)
 
$
—

 
$
2,422