Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2019

Segment Reporting, Measurement Disclosures [Abstract]

Schedule of Significant Components of the Company's Revenues and Expenses by Segment

A summary of the significant components of the Company’s revenues and expenses by segment is as follows:




Three months ended September 30, 2019	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	314,400		$	546,668		$	—		$	861,068
Net premiums written	$	302,982		$	401,148		$	—		$	704,130
Net premiums earned	$	444,332		$	462,416		$	—		$	906,748
Net claims and claim expenses incurred	338,260			316,099			161			654,520
Acquisition expenses	79,521			122,654			6			202,181
Operational expenses	34,238			19,198			(21		)	53,415
Underwriting (loss) income	$	(7,687	)	$	4,465		$	(146	)	(3,368		)
Net investment income							113,844			113,844
Net foreign exchange losses							(8,275		)	(8,275		)
Equity in earnings of other ventures							5,877			5,877
Other income							1,016			1,016
Net realized and unrealized gains on investments							31,938			31,938
Corporate expenses							(13,844		)	(13,844		)
Interest expense							(15,580		)	(15,580		)
Income before taxes and redeemable noncontrolling interests										111,608
Income tax expense							(3,664		)	(3,664		)
Net income attributable to redeemable noncontrolling interests							(62,057		)	(62,057		)
Dividends on preference shares							(9,189		)	(9,189		)
Net income available to RenaissanceRe common shareholders										$	36,698

Net claims and claim expenses incurred – current accident year	$	345,880		$	319,087		$	—		$	664,967
Net claims and claim expenses incurred – prior accident years	(7,620		)	(2,988		)	161			(10,447		)
Net claims and claim expenses incurred – total	$	338,260		$	316,099		$	161		$	654,520

Net claims and claim expense ratio – current accident year	77.8		%	69.0		%				73.3		%
Net claims and claim expense ratio – prior accident years	(1.7		)%	(0.6		)%				(1.1		)%
Net claims and claim expense ratio – calendar year	76.1		%	68.4		%				72.2		%
Underwriting expense ratio	25.6		%	30.6		%				28.2		%
Combined ratio	101.7		%	99.0		%				100.4		%




Nine months ended September 30, 2019	Property			Casualty and Specialty			Other			Total
Gross premiums written	$	2,185,984		$	1,716,287		$	—		$	3,902,271
Net premiums written	$	1,411,327		$	1,244,799		$	—		$	2,656,126
Net premiums earned	$	1,160,090		$	1,208,188		$	—		$	2,368,278
Net claims and claim expenses incurred	541,217			793,533			178			1,334,928
Acquisition expenses	222,971			330,829			(186		)	553,614
Operational expenses	99,546			58,603			13			158,162
Underwriting income (loss)	$	296,356		$	25,223		$	(5	)	321,574
Net investment income							311,138			311,138
Net foreign exchange losses							(1,812		)	(1,812		)
Equity in earnings of other ventures							17,350			17,350
Other income							5,109			5,109
Net realized and unrealized gains on investments							396,586			396,586
Corporate expenses							(76,480		)	(76,480		)
Interest expense							(42,868		)	(42,868		)
Income before taxes and redeemable noncontrolling interests										930,597
Income tax expense							(20,670		)	(20,670		)
Net income attributable to redeemable noncontrolling interests							(204,091		)	(204,091		)
Dividends on preference shares							(27,567		)	(27,567		)
Net income available to RenaissanceRe common shareholders										$	678,269

Net claims and claim expenses incurred – current accident year	$	536,197		$	813,251		$	—		$	1,349,448
Net claims and claim expenses incurred – prior accident years	5,020			(19,718		)	178			(14,520		)
Net claims and claim expenses incurred – total	$	541,217		$	793,533		$	178		$	1,334,928

Net claims and claim expense ratio – current accident year	46.2		%	67.3		%				57.0		%
Net claims and claim expense ratio – prior accident years	0.5		%	(1.6		)%				(0.6		)%
Net claims and claim expense ratio – calendar year	46.7		%	65.7		%				56.4		%
Underwriting expense ratio	27.8		%	32.2		%				30.0		%
Combined ratio	74.5		%	97.9		%				86.4		%




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		%