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		%