Condensed Consolidating Financial Information Provided in Connection with Outstanding Debt of Subsidiaries (Tables)

9 Months Ended

Sep. 30, 2018

Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries [Abstract]

Condensed Consolidating Balance Sheets


(1)	Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.


(2)	Includes Parent Guarantor, Subsidiary Guarantor and Subsidiary Issuer consolidating adjustments.



Condensed Consolidating Balance Sheet at December 31, 2017	RenaissanceRe Holdings Ltd. (Parent Guarantor)		RenRe North America Holdings Inc. (Subsidiary Issuer)		RenaissanceRe Finance, Inc. (Subsidiary Issuer)		Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1)		Consolidating Adjustments (2)			RenaissanceRe Consolidated
Assets
Total investments	$	225,266	$	129,732	$	31,255	$	9,117,186	$	—		$	9,503,439
Cash and cash equivalents	14,656		139		1,469		1,345,328		—			1,361,592
Investments in subsidiaries	4,105,760		36,140		1,141,733		—		(5,283,633		)	—
Due from subsidiaries and affiliates	4,602		91,891		—		—		(96,493		)	—
Premiums receivable	—		—		—		1,304,622		—			1,304,622
Prepaid reinsurance premiums	—		—		—		533,546		—			533,546
Reinsurance recoverable	—		—		—		1,586,630		—			1,586,630
Accrued investment income	405		428		82		41,320		—			42,235
Deferred acquisition costs	—		—		—		426,551		—			426,551
Receivable for investments sold	135		51		8		102,951		—			103,145
Other assets	433,468		21,342		430,481		76,703		(840,768		)	121,226
Goodwill and other intangible assets	124,960		—		—		118,185		—			243,145
Total assets	$	4,909,252	$	279,723	$	1,605,028	$	14,653,022	$	(6,220,894	)	$	15,226,131
Liabilities, Redeemable Noncontrolling Interest and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses	$	—	$	—	$	—	$	5,080,408	$	—		$	5,080,408
Unearned premiums	—		—		—		1,477,609		—			1,477,609
Debt	417,000		—		841,892		147,731		(417,000		)	989,623
Amounts due to subsidiaries and affiliates	82,579		54		92,794		—		(175,427		)	—
Reinsurance balances payable	—		—		—		989,090		—			989,090
Payable for investments purchased	—		—		—		208,749		—			208,749
Other liabilities	18,298		1,053		14,117		764,432		(5,129		)	792,771
Total liabilities	517,877		1,107		948,803		8,668,019		(597,556		)	9,538,250
Redeemable noncontrolling interests	—		—		—		1,296,506		—			1,296,506
Shareholders’ Equity
Total shareholders’ equity	4,391,375		278,616		656,225		4,688,497		(5,623,338		)	4,391,375
Total liabilities, redeemable noncontrolling interest and shareholders’ equity	$	4,909,252	$	279,723	$	1,605,028	$	14,653,022	$	(6,220,894	)	$	15,226,131


(1)	Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.


(2)	Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.

Condensed Consolidating Statements of Operations



Condensed Consolidating Statement of Operations for the nine months ended September 30, 2017	RenaissanceRe Holdings Ltd. (Parent Guarantor)			RenRe North America Holdings Inc. (Subsidiary Issuer)			Platinum Underwriters Finance, Inc. (Subsidiary Issuer)			RenaissanceRe Finance, Inc. (Subsidiary Issuer)			Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1)			Consolidating Adjustments (2)			RenaissanceRe Consolidated
Revenues
Net premiums earned	$	—		$	—		$	—		$	—		$	1,296,102		$	—		$	1,296,102
Net investment income	16,466			1,436			1,373			1,843			146,816			(19,189		)	148,745
Net foreign exchange (losses) gains	(1		)	—			—			—			11,119			—			11,118
Equity in (losses) earnings of other ventures	—			—			—			(412		)	6,242			—			5,830
Other income	—			—			—			—			7,053			—			7,053
Net realized and unrealized gains (losses) on investments	155			6,528			4,916			(217		)	132,156			—			143,538
Total revenues	16,620			7,964			6,289			1,214			1,599,488			(19,189		)	1,612,386
Expenses
Net claims and claim expenses incurred	—			—			—			—			1,557,364			—			1,557,364
Acquisition expenses	—			—			—			—			248,294			—			248,294
Operational expenses	9,398			57			86			20,892			116,212			(15,059		)	131,586
Corporate expenses	14,640			—			—			—			(305		)	—			14,335
Interest expense	464			—			2,461			22,401			7,554			(464		)	32,416
Total expenses	24,502			57			2,547			43,293			1,929,119			(15,523		)	1,983,995
(Loss) income before equity in net (loss) income of subsidiaries and taxes	(7,882		)	7,907			3,742			(42,079		)	(329,631		)	(3,666		)	(371,609		)
Equity in net (loss) income of subsidiaries	(219,309		)	3,234			28,028			20,584			—			167,463			—
(Loss) income before taxes	(227,191		)	11,141			31,770			(21,495		)	(329,631		)	163,797			(371,609		)
Income tax benefit (expense)	2,659			(2,572		)	(1,175		)	9,281			6,546			—			14,739
Net (loss) income	(224,532		)	8,569			30,595			(12,214		)	(323,085		)	163,797			(356,870		)
Net loss attributable to redeemable noncontrolling interests	—			—			—			—			132,338			—			132,338
Net (loss) income attributable to RenaissanceRe	(224,532		)	8,569			30,595			(12,214		)	(190,747		)	163,797			(224,532		)
Dividends on preference shares	(16,786		)	—			—			—			—			—			(16,786		)
Net (loss) income (attributable) available to RenaissanceRe common shareholders	$	(241,318	)	$	8,569		$	30,595		$	(12,214	)	$	(190,747	)	$	163,797		$	(241,318	)


(1)	Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.


(2)	Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.



Condensed Consolidating Statement of Operations for the nine months ended September 30, 2018	RenaissanceRe Holdings Ltd. (Parent Guarantor)			RenRe North America Holdings Inc. (Subsidiary Issuer)			RenaissanceRe Finance, Inc. (Subsidiary Issuer)			Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1)			Consolidating Adjustments (2)			RenaissanceRe Consolidated
Revenues
Net premiums earned	$	—		$	—		$	—		$	1,401,516		$	—		$	1,401,516
Net investment income	18,504			1,629			3,981			208,034			(23,620		)	208,528
Net foreign exchange losses	(1		)	—			—			(11,495		)	—			(11,496		)
Equity in earnings of other ventures	—			—			2,045			12,286			—			14,331
Other income	—			—			—			480			—			480
Net realized and unrealized (losses) gains on investments	(821		)	4,906			(399		)	(90,101		)	—			(86,415		)
Total revenues	17,682			6,535			5,627			1,520,720			(23,620		)	1,526,944
Expenses
Net claims and claim expenses incurred	—			—			—			642,380			—			642,380
Acquisition expenses	—			—			—			312,524			—			312,524
Operational expenses	7,551			60			26,737			113,721			(28,661		)	119,408
Corporate expenses	12,498			—			7			9,370			—			21,875
Interest expense	3,694			—			27,763			7,541			(3,694		)	35,304
Total expenses	23,743			60			54,507			1,085,536			(32,355		)	1,131,491
(Loss) income before equity in net income of subsidiaries and taxes	(6,061		)	6,475			(48,880		)	435,184			8,735			395,453
Equity in net income of subsidiaries	310,081			4,285			29,005			—			(343,371		)	—
Income (loss) before taxes	304,020			10,760			(19,875		)	435,184			(334,636		)	395,453
Income tax (expense) benefit	(1,939		)	(1,273		)	5,677			(5,015		)	—			(2,550		)
Net income (loss)	302,081			9,487			(14,198		)	430,169			(334,636		)	392,903
Net income attributable to redeemable noncontrolling interests	—			—			—			(90,822		)	—			(90,822		)
Net income (loss) attributable to RenaissanceRe	302,081			9,487			(14,198		)	339,347			(334,636		)	302,081
Dividends on preference shares	(20,899		)	—			—			—			—			(20,899		)
Net income (loss) available (attributable) to RenaissanceRe common shareholders	$	281,182		$	9,487		$	(14,198	)	$	339,347		$	(334,636	)	$	281,182


(1)	Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.


(2)	Includes Parent Guarantor, Subsidiary Guarantor and Subsidiary Issuer consolidating adjustments.

Condensed Consolidating Statement of Comprehensive Income (Loss)



Condensed Consolidating Statement of Comprehensive (Loss) Income for the nine months ended September 30, 2017	RenaissanceRe Holdings Ltd. (Parent Guarantor)			RenRe North America Holdings Inc. (Subsidiary Issuer)		Platinum Underwriters Finance, Inc. (Subsidiary Issuer)		RenaissanceRe Finance, Inc. (Subsidiary Issuer)			Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1)			Consolidating Adjustments (2)		RenaissanceRe Consolidated
Comprehensive (loss) income
Net (loss) income	$	(224,532	)	$	8,569	$	30,595	$	(12,214	)	$	(323,085	)	$	163,797	$	(356,870	)
Change in net unrealized gains on investments	—			—		—		—			(972		)	—		(972		)
Comprehensive (loss) income	(224,532		)	8,569		30,595		(12,214		)	(324,057		)	163,797		(357,842		)
Net loss attributable to redeemable noncontrolling interests	—			—		—		—			132,338			—		132,338
Comprehensive loss attributable to noncontrolling interests	—			—		—		—			132,338			—		132,338
Comprehensive (loss) income attributable to RenaissanceRe	$	(224,532	)	$	8,569	$	30,595	$	(12,214	)	$	(191,719	)	$	163,797	$	(225,504	)


(1)	Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.


(2)	Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.



Condensed Consolidating Statement of Comprehensive Income (Loss) for the nine months ended September 30, 2018	RenaissanceRe Holdings Ltd. (Parent Guarantor)		RenRe North America Holdings Inc. (Subsidiary Issuer)		RenaissanceRe Finance, Inc. (Subsidiary Issuer)			Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1)			Consolidating Adjustments (2)			RenaissanceRe Consolidated
Comprehensive income (loss)
Net income (loss)	$	302,081	$	9,487	$	(14,198	)	$	430,169		$	(334,636	)	$	392,903
Change in net unrealized gains on investments	—		—		—			(1,707		)	—			(1,707		)
Comprehensive income (loss)	302,081		9,487		(14,198		)	428,462			(334,636		)	391,196
Net income attributable to redeemable noncontrolling interests	—		—		—			(90,822		)	—			(90,822		)
Comprehensive income attributable to noncontrolling interests	—		—		—			(90,822		)	—			(90,822		)
Comprehensive income (loss) attributable to RenaissanceRe	$	302,081	$	9,487	$	(14,198	)	$	337,640		$	(334,636	)	$	300,374


(1)	Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.


(2)	Includes Parent Guarantor, Subsidiary Guarantor and Subsidiary Issuer consolidating adjustments.

Condensed Consolidating Statements of Cash Flows



Condensed Consolidating Statement of Cash Flows for the nine months ended September 30, 2018	RenaissanceRe Holdings Ltd. (Parent Guarantor)			RenRe North America Holdings Inc. (Subsidiary Issuer)			RenaissanceRe Finance, Inc. (Subsidiary Issuer)			Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1)			RenaissanceRe Consolidated
Cash flows (used in) provided by operating activities
Net cash (used in) provided by operating activities	$	(5,869	)	$	1,496		$	16,194		$	876,705		$	888,526
Cash flows used in investing activities
Proceeds from sales and maturities of fixed maturity investments trading	384,818			91,118			45,459			7,700,086			8,221,481
Purchases of fixed maturity investments trading	(281,994		)	(65,988		)	(20,806		)	(8,323,900		)	(8,692,688		)
Net (purchases) sales of equity investments trading	—			(624		)	—			16,114			15,490
Net sales (purchases) of short term investments	85,598			360			(9,206		)	(1,542,203		)	(1,465,451		)
Net purchases of other investments	—			—			—			(130,649		)	(130,649		)
Net purchases of investments in other ventures	—			—			—			(20,952		)	(20,952		)
Return of investment from investments in other ventures	—			—			—			8,464			8,464
Dividends and return of capital from subsidiaries	511,098			—			—			(511,098		)	—
Contributions to subsidiaries	(686,106		)	(16,847		)	(65,000		)	767,953			—
Due (from) to subsidiary	(193,249		)	(9,598		)	36,262			166,585			—
Net cash used in investing activities	(179,835		)	(1,579		)	(13,291		)	(1,869,600		)	(2,064,305		)
Cash flows provided by financing activities
Dividends paid – RenaissanceRe common shares	(39,611		)	—			—			—			(39,611		)
Dividends paid – preference shares	(20,899		)	—			—			—			(20,899		)
Issuance of preference shares, net of expenses	242,371			—			—			—			242,371
Net third party redeemable noncontrolling interest share transactions	—			—			—			96,021			96,021
Taxes paid on withholding shares	(7,079		)	—			—			—			(7,079		)
Net cash provided by financing activities	174,782			—			—			96,021			270,803
Effect of exchange rate changes on foreign currency cash	—			—			—			(3,575		)	(3,575		)
Net (decrease) increase in cash and cash equivalents	(10,922		)	(83		)	2,903			(900,449		)	(908,551		)
Cash and cash equivalents, beginning of period	14,656			139			1,469			1,345,328			1,361,592
Cash and cash equivalents, end of period	$	3,734		$	56		$	4,372		$	444,879		$	453,041


(1)	Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.



Condensed Consolidating Statement of Cash Flows for the nine months ended September 30, 2017	RenaissanceRe Holdings Ltd. (Parent Guarantor)			RenRe North America Holdings Inc. (Subsidiary Issuer)			Platinum Underwriters Finance, Inc. (Subsidiary Issuer)			RenaissanceRe Finance, Inc. (Subsidiary Issuer)			Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1)			RenaissanceRe Consolidated
Cash flows (used in) provided by operating activities
Net cash (used in) provided by operating activities	$	(6,870	)	$	(8,209	)	$	(2,262	)	$	(343,093	)	$	962,136		$	601,702
Cash flows provided by (used in) investing activities
Proceeds from sales and maturities of fixed maturity investments trading	106,761			74,455			289,741			279,830			6,912,215			7,663,002
Purchases of fixed maturity investments trading	(118,402		)	(69,168		)	(143,991		)	(270,785		)	(7,195,939		)	(7,798,285		)
Net (purchases) sales of equity investments trading	—			(1,708		)	85,324			—			(22,045		)	61,571
Net sales (purchases) of short term investments	205,864			(4,495		)	41,299			(305		)	(388,689		)	(146,326		)
Net sales of other investments	—			—			—			—			5,181			5,181
Return of investment from investment in other ventures	—			—			—			—			20,000			20,000
Dividends and return of capital from subsidiaries	285,515			9,175			—			41,866			(336,556		)	—
Contributions to subsidiaries	(500,000		)	—			(26,649		)	(9,175		)	535,824			—
Due (from) to subsidiaries	290,130			14			(123		)	4,062			(294,083		)	—
Net cash provided by (used in) investing activities	269,868			8,273			245,601			45,493			(764,092		)	(194,857		)
Cash flows (used in) provided by financing activities
Dividends paid – RenaissanceRe common shares	(38,624		)	—			—			—			—			(38,624		)
Dividends paid – preference shares	(16,786		)	—			—			—			—			(16,786		)
RenaissanceRe common share repurchases	(188,591		)	—			—			—			—			(188,591		)
Repayment of debt	—			—			(250,000		)	—			—			(250,000		)
Issuance of debt, net of expenses	—			—			—			295,866			—			295,866
Net third party redeemable noncontrolling interest share transactions	—			—			—			—			(44,193		)	(44,193		)
Taxes paid on withholding shares	(13,694		)	—			—			—			—			(13,694		)
Net cash (used in) provided by financing activities	(257,695		)	—			(250,000		)	295,866			(44,193		)	(256,022		)
Effect of exchange rate changes on foreign currency cash	—			—			—			—			9,596			9,596
Net increase (decrease) in cash and cash equivalents	5,303			64			(6,661		)	(1,734		)	163,447			160,419
Cash and cash equivalents, beginning of period	7,067			162			6,671			9,397			397,860			421,157
Cash and cash equivalents, end of period	$	12,370		$	226		$	10		$	7,663		$	561,307		$	581,576

(1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.