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Assets and Liabilities Held For Sale
6 Months Ended
Jun. 30, 2020
Transfers and Servicing [Abstract]  
Assets and Liabilities Held For Sale ASSETS AND LIABILITIES HELD FOR SALE
On February 4, 2020, RenaissanceRe Specialty Holdings entered into an agreement to sell its wholly owned subsidiary, RenaissanceRe UK, a U.K. run-off company, to an investment vehicle managed by AXA Liabilities Managers, an affiliate of AXA XL. The sale received regulatory approval on July 17, 2020 and is expected to close in the third quarter of 2020. The estimated purchase price was calculated based on preliminary book value. The ultimate purchase price will be determined following receipt of regulatory approval, based on the closing book value. The Company classified the assets and liabilities of RenaissanceRe UK as held for sale. The financial results of RenaissanceRe UK are recorded in the Company’s consolidated statements of operations as part of net income (loss) available (attributable) to RenaissanceRe common shareholders for the three and six months ended June 30, 2020. The underwriting activities of RenaissanceRe UK are principally all within the Company’s Casualty and Specialty segment.
The carrying value of the major classes of assets and liabilities held for sale at June 30, 2020 and December 31, 2019 are as follows:
June 30,
2020
December 31,
2019
Assets of RenaissanceRe UK held for sale
Total investments$316,401  $458,731  
Other assets22,527  40,284  
Total assets held for sale$338,928  $499,015  
Liabilities of RenaissanceRe UK held for sale
Reserve for claims and claim expenses$158,826  $199,436  
Other liabilities3,054  925  
Total liabilities held for sale$161,880  $200,361