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, discontinued operations related to REAL 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 expenses related to the acquisition of Platinum.

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:




Year ended December 31, 2015	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd’s			Other			Total
Gross premiums written (1)	$	868,631		$	766,051		$	376,718		$	(90	)	$	2,011,310
Net premiums written	$	557,369		$	582,909		$	275,953		$	(48	)	$	1,416,183
Net premiums earned	$	622,714		$	548,810		$	229,075		$	(48	)	$	1,400,551
Net claims and claim expenses incurred	75,574			244,495			128,667			(498		)	448,238
Acquisition expenses	47,264			135,811			55,269			248			238,592
Operational expenses	93,494			70,525			54,827			266			219,112
Underwriting income (loss)	$	406,382		$	97,979		$	(9,688	)	$	(64	)	494,609
Net investment income										152,567			152,567
Net foreign exchange losses										(3,051		)	(3,051		)
Equity in earnings of other ventures										20,481			20,481
Other income										13,472			13,472
Net realized and unrealized losses on investments										(68,918		)	(68,918		)
Corporate expenses										(77,114		)	(77,114		)
Interest expense										(35,670		)	(35,670		)
Income before taxes and noncontrolling interests													496,376
Income tax benefit										45,866			45,866
Net income attributable to noncontrolling interests										(111,050		)	(111,050		)
Dividends on preference shares										(22,381		)	(22,381		)
Net income available to RenaissanceRe common shareholders													$	408,811

Net claims and claim expenses incurred – current accident year	$	145,951		$	336,407		$	128,327		$	—		$	610,685
Net claims and claim expenses incurred – prior accident years	(70,377		)	(91,912		)	340			(498		)	(162,447		)
Net claims and claim expenses incurred – total	$	75,574		$	244,495		$	128,667		$	(498	)	$	448,238

Net claims and claim expense ratio – current accident year	23.4		%	61.3		%	56.0		%				43.6		%
Net claims and claim expense ratio – prior accident years	(11.3		)%	(16.7		)%	0.2		%				(11.6		)%
Net claims and claim expense ratio – calendar year	12.1		%	44.6		%	56.2		%				32.0		%
Underwriting expense ratio	22.6		%	37.5		%	48.0		%				32.7		%
Combined ratio	34.7		%	82.1		%	104.2		%				64.7		%

(1) Included in gross premiums written in the Other category is inter-segment gross premiums written of $0.1 million.




Year ended December 31, 2014	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd’s			Other			Total
Gross premiums written (1)	$	933,969		$	346,638		$	269,656		$	309		$	1,550,572
Net premiums written	$	541,608		$	295,855		$	230,429		$	344		$	1,068,236
Net premiums earned	$	590,845		$	253,537		$	217,666		$	368		$	1,062,416
Net claims and claim expenses incurred	1,757			88,502			113,825			(6,137		)	197,947
Acquisition expenses	43,161			60,936			46,927			(6,548		)	144,476
Operational expenses	95,851			43,370			51,115			303			190,639
Underwriting income	$	450,076		$	60,729		$	5,799		$	12,750		529,354
Net investment income										124,316			124,316
Net foreign exchange gains										6,260			6,260
Equity in earnings of other ventures										26,075			26,075
Other loss										(423		)	(423		)
Net realized and unrealized gains on investments										41,433			41,433
Corporate expenses										(22,987		)	(22,987		)
Interest expense										(17,164		)	(17,164		)
Income before taxes and noncontrolling interests													686,864
Income tax expense										(608		)	(608		)
Net income attributable to noncontrolling interests										(153,538		)	(153,538		)
Dividends on preference shares										(22,381		)	(22,381		)
Net income available to RenaissanceRe common shareholders													$	510,337

Net claims and claim expenses incurred – current accident year	$	67,268		$	144,411		$	130,066		$	—		$	341,745
Net claims and claim expenses incurred – prior accident years	(65,511		)	(55,909		)	(16,241		)	(6,137		)	(143,798		)
Net claims and claim expenses incurred – total	$	1,757		$	88,502		$	113,825		$	(6,137	)	$	197,947

Net claims and claim expense ratio – current accident year	11.4		%	57.0		%	59.8		%				32.2		%
Net claims and claim expense ratio – prior accident years	(11.1		)%	(22.1		)%	(7.5		)%				(13.6		)%
Net claims and claim expense ratio – calendar year	0.3		%	34.9		%	52.3		%				18.6		%
Underwriting expense ratio	23.5		%	41.1		%	45.0		%				31.6		%
Combined ratio	23.8		%	76.0		%	97.3		%				50.2		%

(1) Included in gross premiums written in the Other category is inter-segment gross premiums written of $0.3 million.




Year ended December 31, 2013	Catastrophe Reinsurance			Specialty Reinsurance			Lloyd’s			Other			Total
Gross premiums written (1)	$	1,120,379		$	259,489		$	226,532		$	(988	)	$	1,605,412
Net premiums written	$	753,078		$	248,562		$	201,697		$	610		$	1,203,947
Net premiums earned	$	723,705		$	214,306		$	176,029		$	586		$	1,114,626
Net claims and claim expenses incurred	7,908			67,236			95,693			450			171,287
Acquisition expenses	49,161			41,538			34,823			(21		)	125,501
Operational expenses	108,130			31,780			50,540			655			191,105
Underwriting income (loss)	$	558,506		$	73,752		$	(5,027	)	$	(498	)	626,733
Net investment income										208,028			208,028
Net foreign exchange gains										1,917			1,917
Equity in earnings of other ventures										23,194			23,194
Other loss										(2,359		)	(2,359		)
Net realized and unrealized gains on investments										35,076			35,076
Corporate expenses										(33,622		)	(33,622		)
Interest expense										(17,929		)	(17,929		)
Income from continuing operations before taxes and noncontrolling interests													841,038
Income tax expense										(1,692		)	(1,692		)
Income from discontinued operations										2,422			2,422
Net income attributable to noncontrolling interests										(151,144		)	(151,144		)
Dividends on preference shares										(24,948		)	(24,948		)
Net income available to RenaissanceRe common shareholders													$	665,676

Net claims and claim expenses incurred – current accident year	$	109,945		$	101,347		$	103,949		$	—		$	315,241
Net claims and claim expenses incurred – prior accident years	(102,037		)	(34,111		)	(8,256		)	450			(143,954		)
Net claims and claim expenses incurred – total	$	7,908		$	67,236		$	95,693		$	450		$	171,287

Net claims and claim expense ratio – current accident year	15.2		%	47.3		%	59.1		%				28.3		%
Net claims and claim expense ratio – prior accident years	(14.1		)%	(15.9		)%	(4.7		)%				(12.9		)%
Net claims and claim expense ratio – calendar year	1.1		%	31.4		%	54.4		%				15.4		%
Underwriting expense ratio	21.7		%	34.2		%	48.5		%				28.4		%
Combined ratio	22.8		%	65.6		%	102.9		%				43.8		%

(1) Included in gross premiums written in the Other category is inter-segment gross premiums written of $1.0 million.

The following is a summary of the Company’s gross premiums written allocated to the territory of coverage exposure:




Year ended December 31,	2015			2014		2013
Catastrophe Reinsurance
U.S. and Caribbean	$	565,115		$	573,696	$	782,211
Worldwide	168,447			157,674		99,179
Worldwide (excluding U.S.) (1)	65,390			123,476		146,048
Japan	29,959			31,484		39,060
Europe	17,625			25,353		25,659
Australia and New Zealand	15,185			20,807		22,460
Other	6,910			1,479		5,762
Total Catastrophe Reinsurance	868,631			933,969		1,120,379
Specialty Reinsurance
U.S. and Caribbean	475,447			169,045		91,203
Worldwide	200,693			161,329		151,879
Worldwide (excluding U.S.) (1)	83,681			7,506		1,661
Europe	3,362			460		2,612
Australia and New Zealand	1,145			6,898		12,068
Other	1,723			1,400		66
Total Specialty Reinsurance	766,051			346,638		259,489
Lloyd’s
Worldwide	186,113			118,190		104,249
U.S. and Caribbean	154,104			120,066		88,535
Worldwide (excluding U.S.) (1)	14,896			13,655		8,071
Europe	12,922			7,609		14,763
Japan	2,432			2,695		1,907
Australia and New Zealand	1,166			2,907		2,948
Other	5,085			4,534		6,059
Total Lloyd’s	376,718			269,656		226,532
Other category (2)	(90		)	309		(988		)
Total gross premiums written	$	2,011,310		$	1,550,572	$	1,605,412


(1)	The category “Worldwide (excluding U.S.)” consists of contracts that cover more than one geographic region (other than the U.S.).


(2)	The Other category consists of contracts that are primarily exposed to U.S. risks and includes inter-segment gross premiums written of $(0.1) million for 2015 (2014 - $0.3 million, 2013 - $(1.0) million).