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 June 30, 2015	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd’s			Other			Total
Gross premiums written	$	385,366		$	160,013		$	116,618		$	—		$	661,997
Net premiums written	$	270,490		$	139,867		$	98,320		$	—		$	508,677
Net premiums earned	$	162,705		$	155,584		$	61,539		$	—		$	379,828
Net claims and claim expenses incurred	55,376			86,062			27,683			223			169,344
Acquisition expenses	19,314			28,251			14,210			(109		)	61,666
Operational expenses	22,090			18,747			13,719			117			54,673
Underwriting income (loss)	$	65,925		$	22,524		$	5,927		$	(231	)	94,145
Net investment income										38,604			38,604
Net foreign exchange losses										(1,740		)	(1,740		)
Equity in earnings of other ventures										6,160			6,160
Other income										1,427			1,427
Net realized and unrealized losses on investments										(26,712		)	(26,712		)
Corporate expenses										(13,032		)	(13,032		)
Interest expense										(9,698		)	(9,698		)
Income before taxes and noncontrolling interests													89,154
Income tax expense										1,842			1,842
Net income attributable to noncontrolling interests										(12,167		)	(12,167		)
Dividends on preference shares										(5,596		)	(5,596		)
Net income available to RenaissanceRe common shareholders													$	73,233

Net claims and claim expenses incurred – current accident year	$	67,334		$	104,315		$	30,771		$	—		$	202,420
Net claims and claim expenses incurred – prior accident years	(11,958		)	(18,253		)	(3,088		)	223			(33,076		)
Net claims and claim expenses incurred – total	$	55,376		$	86,062		$	27,683		$	223		$	169,344

Net claims and claim expense ratio – current accident year	41.4		%	67.0		%	50.0		%	—		%	53.3		%
Net claims and claim expense ratio – prior accident years	(7.4		)%	(11.7		)%	(5.0		)%	—		%	(8.7		)%
Net claims and claim expense ratio – calendar year	34.0		%	55.3		%	45.0		%	—		%	44.6		%
Underwriting expense ratio	25.5		%	30.2		%	45.4		%	—		%	30.6		%
Combined ratio	59.5		%	85.5		%	90.4		%	—		%	75.2		%




Six months ended June 30, 2015	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd’s			Other			Total
Gross premiums written (1)	$	774,613		$	284,304		$	246,748		$	(90	)	$	1,305,575
Net premiums written	$	493,130		$	243,782		$	175,889		$	(89	)	$	912,712
Net premiums earned	$	306,472		$	250,460		$	119,745		$	(89	)	$	676,588
Net claims and claim expenses incurred	62,970			125,650			57,526			51			246,197
Acquisition expenses	26,968			48,940			28,903			256			105,067
Operational expenses	42,453			32,037			25,659			145			100,294
Underwriting income (loss)	$	174,081		$	43,833		$	7,657		$	(541	)	225,030
Net investment income										78,311			78,311
Net foreign exchange losses										(4,870		)	(4,870		)
Equity in earnings of other ventures										11,455			11,455
Other income										2,966			2,966
Net realized and unrealized gains on investments										15,037			15,037
Corporate expenses										(58,630		)	(58,630		)
Interest expense										(14,949		)	(14,949		)
Income before taxes and noncontrolling interests													254,350
Income tax benefit										49,746			49,746
Net income attributable to noncontrolling interests										(51,829		)	(51,829		)
Dividends on preference shares										(11,191		)	(11,191		)
Net income available to RenaissanceRe common shareholders													$	241,076

Net claims and claim expenses incurred – current accident year	$	91,458		$	153,579		$	56,381		$	—		$	301,418
Net claims and claim expenses incurred – prior accident years	(28,488		)	(27,929		)	1,145			51			(55,221		)
Net claims and claim expenses incurred – total	$	62,970		$	125,650		$	57,526		$	51		$	246,197

Net claims and claim expense ratio – current accident year	29.8		%	61.3		%	47.1		%	—		%	44.5		%
Net claims and claim expense ratio – prior accident years	(9.3		)%	(11.1		)%	0.9		%	(57.3		)%	(8.1		)%
Net claims and claim expense ratio – calendar year	20.5		%	50.2		%	48.0		%	(57.3		)%	36.4		%
Underwriting expense ratio	22.7		%	32.3		%	45.6		%	(450.6		)%	30.3		%
Combined ratio	43.2		%	82.5		%	93.6		%	(507.9		)%	66.7		%

(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 six months ended June 30, 2015.




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		%