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Segment Reporting
 3 Months Ended
Mar. 31, 2015
Segment Reporting, Measurement Disclosures [Abstract]  
Segment Reporting
SEGMENT REPORTING
The Company has the following reportable segments: (1) Catastrophe Reinsurance, which includes catastrophe reinsurance and certain property catastrophe joint ventures managed by the Company’s ventures unit; (2) Specialty Reinsurance, which includes specialty reinsurance and certain specialty joint ventures managed by the Company’s ventures unit; and (3) Lloyd’s, which includes reinsurance and insurance business written through Syndicate 1458. RenaissanceRe CCL, an indirect wholly owned subsidiary of RenaissanceRe, is the sole corporate member of Syndicate 1458.
The underwriting results of Platinum are included in the Company’s Catastrophe Reinsurance and Specialty Reinsurance segments from March 2, 2015.
The financial results of the Company’s strategic investments, former Insurance segment and current noncontrolling interests are included in the Other category of the Company’s segment results. Also included in the Other category of the Company’s segment results are the Company’s investments in other ventures, investments unit, corporate expenses, capital servicing costs and certain acquisition related expenses.
The Company does not manage its assets by segment; accordingly, net investment income and total assets are not allocated to the segments.
A summary of the significant components of the Company’s revenues and expenses is as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended March 31, 2015
Catastrophe Reinsurance
 
Specialty Reinsurance
 
Lloyd’s
 
Other
 
Total
 
 
Gross premiums written (1)
$
389,247

 
$
124,291

 
$
130,130

 
$
(90
)
 
$
643,578

 
 
Net premiums written
$
222,640

 
$
103,915

 
$
77,569

 
$
(89
)
 
$
404,035

 
 
Net premiums earned
$
143,767

 
$
94,876

 
$
58,206

 
$
(89
)
 
$
296,760

 
 
Net claims and claim expenses incurred
7,594

 
39,588

 
29,843

 
(172
)
 
76,853

 
 
Acquisition expenses
7,654

 
20,689

 
14,693

 
365

 
43,401

 
 
Operational expenses
20,363

 
13,290

 
11,940

 
28

 
45,621

 
 
Underwriting income (loss)
$
108,156

 
$
21,309

 
$
1,730

 
$
(310
)
 
130,885

 
 
Net investment income
 
 
 
 
 
 
39,707

 
39,707

 
 
Net foreign exchange losses
 
 
 
 
 
 
(3,130
)
 
(3,130
)
 
 
Equity in earnings of other ventures
 
 
 
 
 
 
5,295

 
5,295

 
 
Other income
 
 
 
 
 
 
1,539

 
1,539

 
 
Net realized and unrealized gains on investments
 
 
 
 
 
 
41,749

 
41,749

 
 
Corporate expenses
 
 
 
 
 
 
(45,598
)
 
(45,598
)
 
 
Interest expense
 
 
 
 
 
 
(5,251
)
 
(5,251
)
 
 
Income before taxes and noncontrolling interests
 
 
 
 
 
 
 
 
165,196

 
 
Income tax benefit
 
 
 
 
 
 
47,904

 
47,904

 
 
Net income attributable to noncontrolling interests
 
 
 
 
 
 
(39,662
)
 
(39,662
)
 
 
Dividends on preference shares
 
 
 
 
 
 
(5,595
)
 
(5,595
)
 
 
Net income available to RenaissanceRe common shareholders
 
 
 
 
 
 
 
 
$
167,843

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net claims and claim expenses incurred – current accident year
$
24,124

 
$
49,264

 
$
25,610

 
$
—

 
$
98,998

 
 
Net claims and claim expenses incurred – prior accident years
(16,530
)
 
(9,676
)
 
4,233

 
(172
)
 
(22,145
)
 
 
Net claims and claim expenses incurred – total
$
7,594

 
$
39,588

 
$
29,843

 
$
(172
)
 
$
76,853

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net claims and claim expense ratio – current accident year
16.8
 %
 
51.9
 %
 
44.0
%
 
—
 %
 
33.4
 %
 
 
Net claims and claim expense ratio – prior accident years
(11.5
)%
 
(10.2
)%
 
7.3
%
 
193.3
 %
 
(7.5
)%
 
 
Net claims and claim expense ratio – calendar year
5.3
 %
 
41.7
 %
 
51.3
%
 
193.3
 %
 
25.9
 %
 
 
Underwriting expense ratio
19.5
 %
 
35.8
 %
 
45.7
%
 
(441.6
)%
 
30.0
 %
 
 
Combined ratio
24.8
 %
 
77.5
 %
 
97.0
%
 
(248.3
)%
 
55.9
 %
 
 
 
 
 
 
 
 
 
 
 
 
 

(1) Included in gross premiums written in the Other category is the elimination of inter-segment gross premiums written of $0.1 million for the three months ended March 31, 2015.



 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended March 31, 2014
Catastrophe Reinsurance
 
Specialty Reinsurance
 
Lloyd’s
 
Other
 
Total
 
 
Gross premiums written
$
467,711

 
$
154,290

 
$
83,259

 
$
—

 
$
705,260

 
 
Net premiums written
$
259,489

 
$
125,489

 
$
65,369

 
$
—

 
$
450,347

 
 
Net premiums earned
$
164,584

 
$
69,630

 
$
52,297

 
$
23

 
$
286,534

 
 
Net claims and claim expenses incurred
6,455

 
26,081

 
26,281

 
98

 
58,915

 
 
Acquisition expenses
7,126

 
16,547

 
10,567

 
(540
)
 
33,700

 
 
Operational expenses
20,419

 
10,106

 
12,033

 
66

 
42,624

 
 
Underwriting income
$
130,584

 
$
16,896

 
$
3,416

 
$
399

 
151,295

 
 
Net investment income
 
 
 
 
 
 
38,948

 
38,948

 
 
Net foreign exchange losses
 
 
 
 
 
 
(1,061
)
 
(1,061
)
 
 
Equity in earnings of other ventures
 
 
 
 
 
 
4,199

 
4,199

 
 
Other income
 
 
 
 
 
 
62

 
62

 
 
Net realized and unrealized gains on investments
 
 
 
 
 
 
14,927

 
14,927

 
 
Corporate expenses
 
 
 
 
 
 
(4,545
)
 
(4,545
)
 
 
Interest expense
 
 
 
 
 
 
(4,293
)
 
(4,293
)
 
 
Income before taxes and noncontrolling interests
 
 
 
 
 
 
 
 
199,532

 
 
Income tax expense
 
 
 
 
 
 
(166
)
 
(166
)
 
 
Net income attributable to noncontrolling interests
 
 
 
 
 
 
(42,768
)
 
(42,768
)
 
 
Dividends on preference shares
 
 
 
 
 
 
(5,595
)
 
(5,595
)
 
 
Net income available to RenaissanceRe common shareholders
 
 
 
 
 
 
 
 
$
151,003

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net claims and claim expenses incurred – current accident year
$
12,529

 
$
41,922

 
$
21,157

 
$
—

 
$
75,608

 
 
Net claims and claim expenses incurred – prior accident years
(6,074
)
 
(15,841
)
 
5,124

 
98

 
(16,693
)
 
 
Net claims and claim expenses incurred – total
$
6,455

 
$
26,081

 
$
26,281

 
$
98

 
$
58,915

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net claims and claim expense ratio – current accident year
7.6
 %
 
60.2
 %
 
40.5
%
 
—
 %
 
26.4
 %
 
 
Net claims and claim expense ratio – prior accident years
(3.7
)%
 
(22.7
)%
 
9.8
%
 
426.1
 %
 
(5.8
)%
 
 
Net claims and claim expense ratio – calendar year
3.9
 %
 
37.5
 %
 
50.3
%
 
426.1
 %
 
20.6
 %
 
 
Underwriting expense ratio
16.8
 %
 
38.2
 %
 
43.2
%
 
(2,060.9
)%
 
26.6
 %
 
 
Combined ratio
20.7
 %
 
75.7
 %
 
93.5
%
 
(1,634.8
)%
 
47.2
 %