XML 32 R20.htm IDEA: XBRL DOCUMENT
v3.20.2

Segment Reporting | 6 Months Ended
--- | ---
Jun. 30, 2020
Segment Reporting, Measurement Disclosures [Abstract] |
Segment Reporting | 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, certain expenses related to acquisitions 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 currently 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 June 30, 2020 | Property |  | Casualty and Specialty |  | Other |  | Total |
| Gross premiums written | $ | 1,042,536 |  |  | $ | 659,336 |  |  | $ | — |  |  | $ | 1,701,872 |  |
| Net premiums written | $ | 704,138 |  |  | $ | 476,665 |  |  | $ | — |  |  | $ | 1,180,803 |  |
| Net premiums earned | $ | 491,116 |  |  | $ | 518,980 |  |  | $ | — |  |  | $ | 1,010,096 |  |
| Net claims and claim expenses incurred | 164,050 |  |  | 346,266 |  |  | (44) |  |  | 510,272 |  |
| Acquisition expenses | 94,772 |  |  | 138,837 |  |  | 1 |  |  | 233,610 |  |
| Operational expenses | 31,656 |  |  | 17,422 |  |  | (1) |  |  | 49,077 |  |
| Underwriting income | $ | 200,638 |  |  | $ | 16,455 |  |  | $ | 44 |  |  | 217,137 |  |
| Net investment income |  |  |  |  | 89,305 |  |  | 89,305 |  |
| Net foreign exchange losses |  |  |  |  | (7,195) |  |  | (7,195) |  |
| Equity in earnings of other ventures |  |  |  |  | 9,041 |  |  | 9,041 |  |
| Other loss |  |  |  |  | (1,201) |  |  | (1,201) |  |
| Net realized and unrealized gains on investments |  |  |  |  | 448,390 |  |  | 448,390 |  |
| Corporate expenses |  |  |  |  | (11,898) |  |  | (11,898) |  |
| Interest expense |  |  |  |  | (11,842) |  |  | (11,842) |  |
| Income before taxes |  |  |  |  |  |  | 731,737 |  |
| Income tax expense |  |  |  |  | (29,875) |  |  | (29,875) |  |
| Net income attributable to redeemable noncontrolling interests |  |  |  |  | (118,728) |  |  | (118,728) |  |
| Dividends on preference shares |  |  |  |  | (7,289) |  |  | (7,289) |  |
| Net income available to RenaissanceRe common shareholders |  |  |  |  |  |  | $ | 575,845 |  |
| Net claims and claim expenses incurred – current accident year | $ | 170,614 |  |  | $ | 355,064 |  |  | $ | — |  |  | $ | 525,678 |  |
| Net claims and claim expenses incurred – prior accident years | (6,564) |  |  | (8,798) |  |  | (44) |  |  | (15,406) |  |
| Net claims and claim expenses incurred – total | $ | 164,050 |  |  | $ | 346,266 |  |  | $ | (44) |  |  | $ | 510,272 |  |
| Net claims and claim expense ratio – current accident year | 34.7 | % |  | 68.4 | % |  |  |  | 52.0 | % |
| Net claims and claim expense ratio – prior accident years | (1.3) | % |  | (1.7) | % |  |  |  | (1.5) | % |
| Net claims and claim expense ratio – calendar year | 33.4 | % |  | 66.7 | % |  |  |  | 50.5 | % |
| Underwriting expense ratio | 25.7 | % |  | 30.1 | % |  |  |  | 28.0 | % |
| Combined ratio | 59.1 | % |  | 96.8 | % |  |  |  | 78.5 | % |
| Six months ended June 30, 2020 | Property |  | Casualty and Specialty |  | Other |  | Total |
| Gross premiums written | $ | 2,263,062 |  |  | $ | 1,464,531 |  |  | $ | — |  |  | $ | 3,727,593 |  |
| Net premiums written | $ | 1,378,719 |  |  | $ | 1,071,892 |  |  | $ | — |  |  | $ | 2,450,611 |  |
| Net premiums earned | $ | 912,451 |  |  | $ | 1,010,743 |  |  | $ | — |  |  | $ | 1,923,194 |  |
| Net claims and claim expenses incurred | 308,902 |  |  | 772,475 |  |  | (151) |  |  | 1,081,226 |  |
| Acquisition expenses | 180,123 |  |  | 264,090 |  |  | 1 |  |  | 444,214 |  |
| Operational expenses | 75,663 |  |  | 40,876 |  |  | (1) |  |  | 116,538 |  |
| Underwriting income (loss) | $ | 347,763 |  |  | $ | (66,698) |  |  | $ | 151 |  |  | 281,216 |  |
| Net investment income |  |  |  |  | 188,778 |  |  | 188,778 |  |
| Net foreign exchange losses |  |  |  |  | (12,923) |  |  | (12,923) |  |
| Equity in earnings of other ventures |  |  |  |  | 13,605 |  |  | 13,605 |  |
| Other loss |  |  |  |  | (5,637) |  |  | (5,637) |  |
| Net realized and unrealized gains on investments |  |  |  |  | 337,683 |  |  | 337,683 |  |
| Corporate expenses |  |  |  |  | (27,889) |  |  | (27,889) |  |
| Interest expense |  |  |  |  | (26,769) |  |  | (26,769) |  |
| Income before taxes |  |  |  |  |  |  | 748,064 |  |
| Income tax expense |  |  |  |  | (21,029) |  |  | (21,029) |  |
| Net income attributable to redeemable noncontrolling interests |  |  |  |  | (216,819) |  |  | (216,819) |  |
| Dividends on preference shares |  |  |  |  | (16,345) |  |  | (16,345) |  |
| Net income available to RenaissanceRe common shareholders |  |  |  |  |  |  | $ | 493,871 |  |
| Net claims and claim expenses incurred – current accident year | $ | 301,458 |  |  | $ | 781,274 |  |  | $ | — |  |  | $ | 1,082,732 |  |
| Net claims and claim expenses incurred – prior accident years | 7,444 |  |  | (8,799) |  |  | (151) |  |  | (1,506) |  |
| Net claims and claim expenses incurred – total | $ | 308,902 |  |  | $ | 772,475 |  |  | $ | (151) |  |  | $ | 1,081,226 |  |
| Net claims and claim expense ratio – current accident year | 33.0 | % |  | 77.3 | % |  |  |  | 56.3 | % |
| Net claims and claim expense ratio – prior accident years | 0.9 | % |  | (0.9) | % |  |  |  | (0.1) | % |
| Net claims and claim expense ratio – calendar year | 33.9 | % |  | 76.4 | % |  |  |  | 56.2 | % |
| Underwriting expense ratio | 28.0 | % |  | 30.2 | % |  |  |  | 29.2 | % |
| Combined ratio | 61.9 | % |  | 106.6 | % |  |  |  | 85.4 | % |
| Three months ended June 30, 2019 | Property |  | Casualty and Specialty |  | Other |  | Total |
| Gross premiums written | $ | 839,200 |  |  | $ | 637,708 |  |  | $ | — |  |  | $ | 1,476,908 |  |
| Net premiums written | $ | 544,115 |  |  | $ | 478,850 |  |  | $ | — |  |  | $ | 1,022,965 |  |
| Net premiums earned | $ | 425,013 |  |  | $ | 486,489 |  |  | $ | — |  |  | $ | 911,502 |  |
| Net claims and claim expenses incurred | 146,874 |  |  | 306,501 |  |  | (2) |  |  | 453,373 |  |
| Acquisition expenses | 89,711 |  |  | 137,963 |  |  | (192) |  |  | 227,482 |  |
| Operational expenses | 36,764 |  |  | 23,016 |  |  | 34 |  |  | 59,814 |  |
| Underwriting income | $ | 151,664 |  |  | $ | 19,009 |  |  | $ | 160 |  |  | 170,833 |  |
| Net investment income |  |  |  |  | 118,588 |  |  | 118,588 |  |
| Net foreign exchange gains |  |  |  |  | 9,309 |  |  | 9,309 |  |
| Equity in earnings of other ventures |  |  |  |  | 6,812 |  |  | 6,812 |  |
| Other income |  |  |  |  | 922 |  |  | 922 |  |
| Net realized and unrealized gains on investments |  |  |  |  | 191,247 |  |  | 191,247 |  |
| Corporate expenses |  |  |  |  | (23,847) |  |  | (23,847) |  |
| Interest expense |  |  |  |  | (15,534) |  |  | (15,534) |  |
| Income before taxes |  |  |  |  |  |  | 458,330 |  |
| Income tax expense |  |  |  |  | (9,475) |  |  | (9,475) |  |
| Net income attributable to redeemable noncontrolling interests |  |  |  |  | (71,812) |  |  | (71,812) |  |
| Dividends on preference shares |  |  |  |  | (9,189) |  |  | (9,189) |  |
| Net income available to RenaissanceRe common shareholders |  |  |  |  |  |  | $ | 367,854 |  |
| Net claims and claim expenses incurred – current accident year | $ | 136,111 |  |  | $ | 317,029 |  |  | $ | — |  |  | $ | 453,140 |  |
| Net claims and claim expenses incurred – prior accident years | 10,763 |  |  | (10,528) |  |  | (2) |  |  | 233 |  |
| Net claims and claim expenses incurred – total | $ | 146,874 |  |  | $ | 306,501 |  |  | $ | (2) |  |  | $ | 453,373 |  |
| Net claims and claim expense ratio – current accident year | 32.0 | % |  | 65.2 | % |  |  |  | 49.7 | % |
| Net claims and claim expense ratio – prior accident years | 2.6 | % |  | (2.2) | % |  |  |  | — | % |
| Net claims and claim expense ratio – calendar year | 34.6 | % |  | 63.0 | % |  |  |  | 49.7 | % |
| Underwriting expense ratio | 29.7 | % |  | 33.1 | % |  |  |  | 31.6 | % |
| Combined ratio | 64.3 | % |  | 96.1 | % |  |  |  | 81.3 | % |
| Six months ended June 30, 2019 | Property |  | Casualty and Specialty |  | Other |  | Total |
| Gross premiums written | $ | 1,871,584 |  |  | $ | 1,169,619 |  |  | $ | — |  |  | $ | 3,041,203 |  |
| Net premiums written | $ | 1,108,345 |  |  | $ | 843,651 |  |  | $ | — |  |  | $ | 1,951,996 |  |
| Net premiums earned | $ | 715,758 |  |  | $ | 745,772 |  |  | $ | — |  |  | $ | 1,461,530 |  |
| Net claims and claim expenses incurred | 202,957 |  |  | 477,434 |  |  | 17 |  |  | 680,408 |  |
| Acquisition expenses | 143,450 |  |  | 208,175 |  |  | (192) |  |  | 351,433 |  |
| Operational expenses | 65,308 |  |  | 39,405 |  |  | 34 |  |  | 104,747 |  |
| Underwriting income | $ | 304,043 |  |  | $ | 20,758 |  |  | $ | 141 |  |  | 324,942 |  |
| Net investment income |  |  |  |  | 200,682 |  |  | 200,682 |  |
| Net foreign exchange gains |  |  |  |  | 6,463 |  |  | 6,463 |  |
| Equity in earnings of other ventures |  |  |  |  | 11,473 |  |  | 11,473 |  |
| Other income |  |  |  |  | 4,093 |  |  | 4,093 |  |
| Net realized and unrealized gains on investments |  |  |  |  | 361,260 |  |  | 361,260 |  |
| Corporate expenses |  |  |  |  | (62,636) |  |  | (62,636) |  |
| Interest expense |  |  |  |  | (27,288) |  |  | (27,288) |  |
| Income before taxes |  |  |  |  |  |  | 818,989 |  |
| Income tax expense |  |  |  |  | (17,006) |  |  | (17,006) |  |
| Net income attributable to redeemable noncontrolling interests |  |  |  |  | (142,034) |  |  | (142,034) |  |
| Dividends on preference shares |  |  |  |  | (18,378) |  |  | (18,378) |  |
| Net income available to RenaissanceRe common shareholders |  |  |  |  |  |  | $ | 641,571 |  |
| Net claims and claim expenses incurred – current accident year | $ | 190,317 |  |  | $ | 494,164 |  |  | $ | — |  |  | $ | 684,481 |  |
| Net claims and claim expenses incurred – prior accident years | 12,640 |  |  | (16,730) |  |  | 17 |  |  | (4,073) |  |
| Net claims and claim expenses incurred – total | $ | 202,957 |  |  | $ | 477,434 |  |  | $ | 17 |  |  | $ | 680,408 |  |
| Net claims and claim expense ratio – current accident year | 26.6 | % |  | 66.3 | % |  |  |  | 46.8 | % |
| Net claims and claim expense ratio – prior accident years | 1.8 | % |  | (2.3) | % |  |  |  | (0.2) | % |
| Net claims and claim expense ratio – calendar year | 28.4 | % |  | 64.0 | % |  |  |  | 46.6 | % |
| Underwriting expense ratio | 29.1 | % |  | 33.2 | % |  |  |  | 31.2 | % |
| Combined ratio | 57.5 | % |  | 97.2 | % |  |  |  | 77.8 | % |

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingMeasurementDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration