SEGMENT REPORTING

The Company’s reportable segments are defined as follows: (1) Property, which is comprised of catastrophe and other property reinsurance and insurance written on behalf of the Company’s operating subsidiaries and certain joint ventures managed by the Company’s ventures unit, and (2) Casualty and Specialty, which is comprised of casualty and specialty reinsurance and insurance written on behalf of the Company’s operating subsidiaries and certain joint ventures managed by the Company’s ventures unit. In addition to its reportable segments, the Company has an Other category, which primarily includes its strategic investments, investments unit, corporate expenses, capital servicing costs, noncontrolling interests and the remnants of its former Bermuda-based insurance operations.

The Company’s Property segment is managed by the Chief Underwriting Officer - Property and the Casualty and Specialty segment is managed by the Chief Underwriting Officer - Casualty and Specialty, each of whom operate under the direction of the Company’s Group Chief Underwriting Officer, who in turn reports to the Company’s President and Chief Executive Officer.

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 by segment is as follows:




Three months ended September 30, 2018	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	301,413		$	324,264		$	—		$	625,677
Net premiums written	$	232,632		$	220,623		$	—		$	453,255
Net premiums earned	$	293,059		$	238,791		$	(1	)	$	531,849
Net claims and claim expenses incurred	265,857			144,671			(18		)	410,510
Acquisition expenses	45,524			64,238			(1		)	109,761
Operational expenses	25,577			14,976			40			40,593
Underwriting (loss) income	$	(43,899	)	$	14,906		$	(22	)	(29,015		)
Net investment income							80,696			80,696
Net foreign exchange losses							(4,566		)	(4,566		)
Equity in earnings of other ventures							7,648			7,648
Other income							497			497
Net realized and unrealized gains on investments							13,630			13,630
Corporate expenses							(6,841		)	(6,841		)
Interest expense							(11,769		)	(11,769		)
Income before taxes and redeemable noncontrolling interests										50,280
Income tax expense							(1,451		)	(1,451		)
Net income attributable to redeemable noncontrolling interests							(6,440		)	(6,440		)
Dividends on preference shares							(9,708		)	(9,708		)
Net income available to RenaissanceRe common shareholders										$	32,681

Net claims and claim expenses incurred – current accident year	$	268,022		$	151,904		$	—		$	419,926
Net claims and claim expenses incurred – prior accident years	(2,165		)	(7,233		)	(18		)	(9,416		)
Net claims and claim expenses incurred – total	$	265,857		$	144,671		$	(18	)	$	410,510

Net claims and claim expense ratio – current accident year	91.5		%	63.6		%				79.0		%
Net claims and claim expense ratio – prior accident years	(0.8		)%	(3.0		)%				(1.8		)%
Net claims and claim expense ratio – calendar year	90.7		%	60.6		%				77.2		%
Underwriting expense ratio	24.3		%	33.2		%				28.3		%
Combined ratio	115.0		%	93.8		%				105.5		%



Nine months ended September 30, 2018	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	1,561,008		$	1,201,664		$	—		$	2,762,672
Net premiums written	$	884,541		$	836,267		$	—		$	1,720,808
Net premiums earned	$	722,246		$	679,271		$	(1	)	$	1,401,516
Net claims and claim expenses incurred	222,195			420,273			(88		)	642,380
Acquisition expenses	127,095			185,429			—			312,524
Operational expenses	75,933			43,121			354			119,408
Underwriting income (loss)	$	297,023		$	30,448		$	(267	)	327,204
Net investment income							208,528			208,528
Net foreign exchange losses							(11,496		)	(11,496		)
Equity in earnings of other ventures							14,331			14,331
Other income							480			480
Net realized and unrealized losses on investments							(86,415		)	(86,415		)
Corporate expenses							(21,875		)	(21,875		)
Interest expense							(35,304		)	(35,304		)
Income before taxes and redeemable noncontrolling interests										395,453
Income tax expense							(2,550		)	(2,550		)
Net income attributable to redeemable noncontrolling interests							(90,822		)	(90,822		)
Dividends on preference shares							(20,899		)	(20,899		)
Net income available to RenaissanceRe common shareholders										$	281,182

Net claims and claim expenses incurred – current accident year	$	395,067		$	444,293		$	—		$	839,360
Net claims and claim expenses incurred – prior accident years	(172,872		)	(24,020		)	(88		)	(196,980		)
Net claims and claim expenses incurred – total	$	222,195		$	420,273		$	(88	)	$	642,380

Net claims and claim expense ratio – current accident year	54.7		%	65.4		%				59.9		%
Net claims and claim expense ratio – prior accident years	(23.9		)%	(3.5		)%				(14.1		)%
Net claims and claim expense ratio – calendar year	30.8		%	61.9		%				45.8		%
Underwriting expense ratio	28.1		%	33.6		%				30.9		%
Combined ratio	58.9		%	95.5		%				76.7		%




Three months ended September 30, 2017	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	325,395		$	314,881		$	(7	)	$	640,269
Net premiums written	$	269,393		$	213,835		$	(7	)	$	483,221
Net premiums earned	$	336,838		$	210,961		$	(7	)	$	547,792
Net claims and claim expenses incurred	1,044,418			177,433			(155		)	1,221,696
Acquisition expenses	17,514			59,248			(1		)	76,761
Operational expenses	25,123			17,389			25			42,537
Underwriting (loss) income	$	(750,217	)	$	(43,109	)	$	124		(793,202		)
Net investment income							40,257			40,257
Net foreign exchange losses							(156		)	(156		)
Equity in earnings of other ventures							1,794			1,794
Other income							2,996			2,996
Net realized and unrealized gains on investments							42,052			42,052
Corporate expenses							(4,413		)	(4,413		)
Interest expense							(11,799		)	(11,799		)
Loss before taxes and redeemable noncontrolling interests										(722,471		)
Income tax benefit							18,977			18,977
Net loss attributable to redeemable noncontrolling interests							204,277			204,277
Dividends on preference shares							(5,595		)	(5,595		)
Net loss attributable to RenaissanceRe common shareholders										$	(504,812	)

Net claims and claim expenses incurred – current accident year	$	1,036,586		$	172,675		$	—		$	1,209,261
Net claims and claim expenses incurred – prior accident years	7,832			4,758			(155		)	12,435
Net claims and claim expenses incurred – total	$	1,044,418		$	177,433		$	(155	)	$	1,221,696

Net claims and claim expense ratio – current accident year	307.7		%	81.9		%				220.8		%
Net claims and claim expense ratio – prior accident years	2.4		%	2.2		%				2.2		%
Net claims and claim expense ratio – calendar year	310.1		%	84.1		%				223.0		%
Underwriting expense ratio	12.6		%	36.3		%				21.8		%
Combined ratio	322.7		%	120.4		%				244.8		%




Nine months ended September 30, 2017	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	1,345,271		$	1,044,510		$	(7	)	$	2,389,774
Net premiums written	$	895,728		$	687,381		$	(7	)	$	1,583,102
Net premiums earned	$	716,024		$	580,085		$	(7	)	$	1,296,102
Net claims and claim expenses incurred	1,116,273			441,801			(710		)	1,557,364
Acquisition expenses	75,117			173,179			(2		)	248,294
Operational expenses	76,841			54,708			37			131,586
Underwriting (loss) income	$	(552,207	)	$	(89,603	)	$	668		(641,142		)
Net investment income							148,745			148,745
Net foreign exchange gains							11,118			11,118
Equity in earnings of other ventures							5,830			5,830
Other income							7,053			7,053
Net realized and unrealized gains on investments							143,538			143,538
Corporate expenses							(14,335		)	(14,335		)
Interest expense							(32,416		)	(32,416		)
Loss before taxes and redeemable noncontrolling interests										(371,609		)
Income tax benefit							14,739			14,739
Net loss attributable to RenaissanceRe common shareholders							132,338			132,338
Dividends on preference shares							(16,786		)	(16,786		)
Net loss attributable to RenaissanceRe common shareholders										$	(241,318	)

Net claims and claim expenses incurred – current accident year	$	1,133,241		$	427,786		$	—		$	1,561,027
Net claims and claim expenses incurred – prior accident years	(16,968		)	14,015			(710		)	(3,663		)
Net claims and claim expenses incurred – total	$	1,116,273		$	441,801		$	(710	)	$	1,557,364

Net claims and claim expense ratio – current accident year	158.3		%	73.7		%				120.4		%
Net claims and claim expense ratio – prior accident years	(2.4		)%	2.5		%				(0.2		)%
Net claims and claim expense ratio – calendar year	155.9		%	76.2		%				120.2		%
Underwriting expense ratio	21.2		%	39.2		%				29.3		%
Combined ratio	177.1		%	115.4		%				149.5		%