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Discontinued Operations
 12 Months Ended
Dec. 31, 2014
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations
DISCONTINUED OPERATIONS
REAL
On August 30, 2013, the Company entered into a purchase agreement with Munich to sell REAL and, on October 1, 2013, the Company 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 conjunction with the sale, including related direct expenses.
U.S.-Based Insurance Operations
On November 18, 2010, RenaissanceRe entered into a Stock Purchase Agreement with QBE Holdings, Inc. (“QBE”) to sell substantially all of its U.S.-based insurance operations, including its U.S. property and casualty business underwritten through managing general agents, its crop insurance business underwritten through Agro National, its commercial property insurance operations and its claims operations.  At December 31, 2010, the Company classified the assets and liabilities associated with this transaction as held for sale and the assets and liabilities were recorded at the lower of the carrying value or fair value less costs to sell. The financial results for these operations have been presented as discontinued operations in the Company’s consolidated statements of operations for all periods presented.
Consideration for the transaction was book value at December 31, 2010, for the aforementioned businesses, payable in cash at closing and subject to adjustment for certain tax and other items.
The transaction closed on March 4, 2011 and net consideration of $269.5 million was received by RenaissanceRe.
Pursuant to the stock purchase agreement, RenaissanceRe’s U.S.-based insurance operations were subject to a post-closing review following December 31, 2011 of the net reserve for claims and claim expenses for loss events occurring on or prior to December 31, 2010 (the “Reserve Collar”). Effective May 23, 2012, RenaissanceRe and QBE reached an agreement in respect of the Reserve Collar, and RenaissanceRe paid QBE the sum of $9.0 million on June 1, 2012, representing full and final settlement of the Reserve Collar.
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 shareholders’ equity of discontinued operations held for sale related to REAL or the Company’s former U.S.-based insurance operations at December 31, 2014 or 2013.
The Company did not have any income (loss) from discontinued operations held for sale for the year ended December 31, 2014. Details of the income (loss) from discontinued operations for the years ended December 31, 2013 and 2012 are as follows:
 
 
 
 
 
Year ended December 31, 2013
REAL
 
 
Revenues
 
 
 
Net investment income
$
1,150

 
 
Net foreign exchange gains
849

 
 
Other income
701

 
 
Net realized and unrealized losses on investments
(18
)
 
 
Total revenues
2,682

 
 
Expenses
 
 
 
Operational expenses
89

 
 
Corporate expenses
104

 
 
Total expenses
193

 
 
Income before taxes
2,489

 
 
Income tax expense
(67
)
 
 
Income from discontinued operations
$
2,422

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year ended December 31, 2012
REAL
 
U.S.-based insurance operations
 
Total
 
 
Revenues
 
 
 
 
 
 
 
Net investment income
$
2,517

 
$
—

 
$
2,517

 
 
Net foreign exchange losses
(96
)
 
—

 
(96
)
 
 
Other (loss) income
(20,785
)
 
2,730

 
(18,055
)
 
 
Net realized and unrealized gains on investments
3

 
—

 
3

 
 
Total revenues
(18,361
)
 
2,730

 
(15,631
)
 
 
Expenses
 
 
 
 
 
 
 
Operational expenses
150

 
436

 
586

 
 
Corporate expenses
236

 
—

 
236

 
 
Total expenses
386

 
436

 
822

 
 
(Loss) income before taxes
(18,747
)
 
2,294

 
(16,453
)
 
 
Income tax expense
(16
)
 
(7
)
 
(23
)
 
 
(Loss) income from discontinued operations
$
(18,763
)
 
$
2,287

 
$
(16,476
)