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 September 30, 2015	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd’s			Other			Total
Gross premiums written	$	81,692		$	214,372		$	73,578		$	—		$	369,642
Net premiums written	$	55,182		$	155,987		$	55,651		$	—		$	266,820
Net premiums earned	$	159,641		$	146,213		$	56,534		$	—		$	362,388
Net claims and claim expenses incurred	22,319			41,005			36,425			279			100,028
Acquisition expenses	14,048			50,432			13,654			(8		)	78,126
Operational expenses	23,513			17,542			13,427			36			54,518
Underwriting income (loss)	$	99,761		$	37,234		$	(6,972	)	$	(307	)	129,716
Net investment income										28,338			28,338
Net foreign exchange gains										616			616
Equity in earnings of other ventures										5,730			5,730
Other income										2,306			2,306
Net realized and unrealized losses on investments										(41,138		)	(41,138		)
Corporate expenses										(7,502		)	(7,502		)
Interest expense										(10,362		)	(10,362		)
Income before taxes and noncontrolling interests													107,704
Income tax expense										4,573			4,573
Net income attributable to noncontrolling interests										(31,153		)	(31,153		)
Dividends on preference shares										(5,595		)	(5,595		)
Net income available to RenaissanceRe common shareholders													$	75,529

Net claims and claim expenses incurred – current accident year	$	36,244		$	96,737		$	37,397		$	—		$	170,378
Net claims and claim expenses incurred – prior accident years	(13,925		)	(55,732		)	(972		)	279			(70,350		)
Net claims and claim expenses incurred – total	$	22,319		$	41,005		$	36,425		$	279		$	100,028

Net claims and claim expense ratio – current accident year	22.7		%	66.2		%	66.1		%				47.0		%
Net claims and claim expense ratio – prior accident years	(8.7		)%	(38.2		)%	(1.7		)%				(19.4		)%
Net claims and claim expense ratio – calendar year	14.0		%	28.0		%	64.4		%				27.6		%
Underwriting expense ratio	23.5		%	46.5		%	47.9		%				36.6		%
Combined ratio	37.5		%	74.5		%	112.3		%				64.2		%




Nine months ended September 30, 2015	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd’s			Other			Total
Gross premiums written (1)	$	856,305		$	498,676		$	320,326		$	(90	)	$	1,675,217
Net premiums written	$	548,312		$	399,769		$	231,540		$	(89	)	$	1,179,532
Net premiums earned	$	466,113		$	396,673		$	176,279		$	(89	)	$	1,038,976
Net claims and claim expenses incurred	85,289			166,655			93,951			330			346,225
Acquisition expenses	41,016			99,372			42,557			248			183,193
Operational expenses	65,966			49,579			39,086			181			154,812
Underwriting income (loss)	$	273,842		$	81,067		$	685		$	(848	)	354,746
Net investment income										106,649			106,649
Net foreign exchange losses										(4,254		)	(4,254		)
Equity in earnings of other ventures										17,185			17,185
Other income										5,272			5,272
Net realized and unrealized losses on investments										(26,101		)	(26,101		)
Corporate expenses										(66,132		)	(66,132		)
Interest expense										(25,311		)	(25,311		)
Income before taxes and noncontrolling interests													362,054
Income tax benefit										54,319			54,319
Net income attributable to noncontrolling interests										(82,982		)	(82,982		)
Dividends on preference shares										(16,786		)	(16,786		)
Net income available to RenaissanceRe common shareholders													$	316,605

Net claims and claim expenses incurred – current accident year	$	127,702		$	250,316		$	93,778		$	—		$	471,796
Net claims and claim expenses incurred – prior accident years	(42,413		)	(83,661		)	173			330			(125,571		)
Net claims and claim expenses incurred – total	$	85,289		$	166,655		$	93,951		$	330		$	346,225

Net claims and claim expense ratio – current accident year	27.4		%	63.1		%	53.2		%				45.4		%
Net claims and claim expense ratio – prior accident years	(9.1		)%	(21.1		)%	0.1		%				(12.1		)%
Net claims and claim expense ratio – calendar year	18.3		%	42.0		%	53.3		%				33.3		%
Underwriting expense ratio	22.9		%	37.6		%	46.3		%				32.6		%
Combined ratio	41.2		%	79.6		%	99.6		%				65.9		%

(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 nine months ended September 30, 2015.




Three months ended September 30, 2014	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd’s			Other			Total
Gross premiums written	$	68,252		$	68,883		$	63,857		$	—		$	200,992
Net premiums written	$	41,807		$	61,879		$	56,027		$	—		$	159,713
Net premiums earned	$	136,719		$	63,473		$	58,788		$	(1	)	$	258,979
Net claims and claim expenses incurred	(666		)	31,759			39,027			(473		)	69,647
Acquisition expenses	9,131			15,806			12,614			(1		)	37,550
Operational expenses	24,154			10,234			12,475			109			46,972
Underwriting income (loss)	$	104,100		$	5,674		$	(5,328	)	$	364		104,810
Net investment income										24,941			24,941
Net foreign exchange gains										5,036			5,036
Equity in earnings of other ventures										9,806			9,806
Other loss										(1,169		)	(1,169		)
Net realized and unrealized losses on investments										(31,097		)	(31,097		)
Corporate expenses										(3,905		)	(3,905		)
Interest expense										(4,290		)	(4,290		)
Income before taxes and noncontrolling interests													104,132
Income tax expense										(245		)	(245		)
Net income attributable to noncontrolling interests										(30,477		)	(30,477		)
Dividends on preference shares										(5,595		)	(5,595		)
Net income available to RenaissanceRe common shareholders													$	67,815

Net claims and claim expenses incurred – current accident year	$	9,661		$	46,444		$	38,882		$	—		$	94,987
Net claims and claim expenses incurred – prior accident years	(10,327		)	(14,685		)	145			(473		)	(25,340		)
Net claims and claim expenses incurred – total	$	(666	)	$	31,759		$	39,027		$	(473	)	$	69,647

Net claims and claim expense ratio – current accident year	7.1		%	73.2		%	66.1		%				36.7		%
Net claims and claim expense ratio – prior accident years	(7.6		)%	(23.2		)%	0.3		%				(9.8		)%
Net claims and claim expense ratio – calendar year	(0.5		)%	50.0		%	66.4		%				26.9		%
Underwriting expense ratio	24.4		%	41.1		%	42.7		%				32.6		%
Combined ratio	23.9		%	91.1		%	109.1		%				59.5		%




Nine months ended September 30, 2014	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd’s			Other			Total
Gross premiums written	$	924,046		$	274,727		$	219,019		$	—		$	1,417,792
Net premiums written	$	534,994		$	233,622		$	187,848		$	3		$	956,467
Net premiums earned	$	460,455		$	186,691		$	158,757		$	26		$	805,929
Net claims and claim expenses incurred	42,519			77,915			90,419			(903		)	209,950
Acquisition expenses	34,063			44,052			33,303			(6,691		)	104,727
Operational expenses	66,773			30,854			37,566			244			135,437
Underwriting income (loss)	$	317,100		$	33,870		$	(2,531	)	$	7,376		355,815
Net investment income										98,430			98,430
Net foreign exchange gains										6,367			6,367
Equity in earnings of other ventures										21,237			21,237
Other loss										(1,642		)	(1,642		)
Net realized and unrealized gains on investments										10,958			10,958
Corporate expenses										(12,404		)	(12,404		)
Interest expense										(12,875		)	(12,875		)
Income before taxes and noncontrolling interests													465,886
Income tax expense										(207		)	(207		)
Net income attributable to noncontrolling interests										(109,323		)	(109,323		)
Dividends on preference shares										(16,786		)	(16,786		)
Net income available to RenaissanceRe common shareholders													$	339,570

Net claims and claim expenses incurred – current accident year	$	60,663		$	113,809		$	94,594		$	—		$	269,066
Net claims and claim expenses incurred – prior accident years	(18,144		)	(35,894		)	(4,175		)	(903		)	(59,116		)
Net claims and claim expenses incurred – total	$	42,519		$	77,915		$	90,419		$	(903	)	$	209,950

Net claims and claim expense ratio – current accident year	13.2		%	61.0		%	59.6		%				33.4		%
Net claims and claim expense ratio – prior accident years	(4.0		)%	(19.3		)%	(2.6		)%				(7.3		)%
Net claims and claim expense ratio – calendar year	9.2		%	41.7		%	57.0		%				26.1		%
Underwriting expense ratio	21.9		%	40.2		%	44.6		%				29.8		%
Combined ratio	31.1		%	81.9		%	101.6		%				55.9		%