

	September 30, 2020		December 31, 2019
Redeemable noncontrolling interest - DaVinciRe	$	1,594,683	$	1,435,581
Redeemable noncontrolling interest - Medici	696,999		632,112
Redeemable noncontrolling interest - Vermeer	1,095,635		1,003,615
Redeemable noncontrolling interests	$	3,387,317	$	3,071,308



	Three months ended				Nine months ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Redeemable noncontrolling interest - DaVinciRe	$	(26,616)	$	30,558	$	146,664	$	152,946
Redeemable noncontrolling interest - Medici	33,963		15,211		42,436		19,396
Redeemable noncontrolling interest - Vermeer	11,954		16,288		47,020		31,749
Net income attributable to redeemable noncontrolling interests	$	19,301	$	62,057	$	236,120	$	204,091

RenaissanceRe owns a noncontrolling economic interest in DaVinciRe; however, because RenaissanceRe controls a majority of DaVinciRe’s outstanding voting rights, the consolidated financial statements of DaVinciRe are included in the consolidated financial statements of the Company. The portion of DaVinciRe’s earnings owned by third parties is recorded in the consolidated statements of operations as net income attributable to redeemable noncontrolling interests. The Company’s noncontrolling economic ownership in DaVinciRe was 21.4% at September 30, 2020 (December 31, 2019 - 21.9%).

DaVinciRe shareholders are party to a shareholders agreement which provides DaVinciRe shareholders, excluding RenaissanceRe, with certain redemption rights that enable each shareholder to notify DaVinciRe of such shareholder’s desire for DaVinciRe to repurchase up to half of such shareholder’s initial aggregate number of shares held, subject to certain limitations, such as limiting the aggregate of all share repurchase requests to 25% of DaVinciRe’s capital in any given year and satisfying all applicable regulatory

requirements. If total shareholder requests exceed 25% of DaVinciRe’s capital, the number of shares repurchased will be reduced among the requesting shareholders pro-rata, based on the amounts desired to be repurchased. Shareholders desiring to have DaVinci repurchase their shares must notify DaVinciRe before March 1 of each year. The repurchase price will be based on GAAP book value as of the end of the year in which the shareholder notice is given, and the repurchase will be effective as of January 1 of the following year. The repurchase price is generally subject to a true-up for potential development on outstanding loss reserves after settlement of all claims relating to the applicable years.

Effective January 1, 2020, the Company sold an aggregate of $10.0 million of its shares in DaVinciRe to an existing third-party investor. The Company’s noncontrolling economic ownership in DaVinciRe subsequent to this transaction was 21.4%.

Effective June 1, 2019, DaVinciRe completed an equity capital raise of $349.2 million, comprised of $263.1 million from third-party investors and $86.1 million from RenaissanceRe. In addition, RenaissanceRe sold an aggregate of $11.6 million of its shares in DaVinciRe to a third-party investor. The Company’s noncontrolling economic ownership in DaVinciRe subsequent to these transactions was 21.9%, effective June 1, 2019.



	Three months ended				Nine months ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Beginning balance	$	1,621,300	$	1,431,101	$	1,435,581	$	1,034,946
Redemption of shares from redeemable noncontrolling interest, net of adjustments	(1)		1,018		2,447		86
Sale of shares to redeemable noncontrolling interests	—		—		9,991		274,699

Net (loss) income attributable to redeemable noncontrolling interest	(26,616)		30,558		146,664		152,946

Ending balance	$	1,594,683	$	1,462,677	$	1,594,683	$	1,462,677

Medici is an exempted company incorporated under the laws of Bermuda and registered as an institutional fund. Medici’s objective is to seek to invest substantially all of its assets in various insurance-based investment instruments that have returns primarily tied to property catastrophe risk. RenaissanceRe owns a noncontrolling economic interest in Medici; however, because RenaissanceRe controls all of Medici’s outstanding voting rights, the financial statements of Medici are included in the consolidated financial statements of the Company. The portion of Medici’s earnings owned by third parties is recorded in the consolidated statements of operations as net income attributable to redeemable noncontrolling interests. Any shareholder may redeem all or any portion of its shares as of the last day of any calendar month, upon at least 30 calendar days’ prior irrevocable written notice to Medici.

During the nine months ended September 30, 2020, third-party investors subscribed for $102.9 million and redeemed $80.4 million of the participating, non-voting common shares of Medici. As a result of these net subscriptions, the Company’s noncontrolling economic ownership in Medici was 11.5% at September 30, 2020.

During the nine months ended September 30, 2019, third-party investors subscribed for $142.9 million and redeemed $44.4 million of the participating, non-voting common shares of Medici. As a result of these net subscriptions, the Company’s noncontrolling economic ownership in Medici was 13.7% at September 30, 2019.



	Three months ended				Nine months ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Beginning balance	$	682,118	$	515,915	$	632,112	$	416,765
Redemption of shares from redeemable noncontrolling interest, net of adjustments	(31,174)		(7,008)		(80,412)		(44,448)
Sale of shares to redeemable noncontrolling interests	12,092		10,500		102,863		142,905
Net income attributable to redeemable noncontrolling interest	33,963		15,211		42,436		19,396


Ending balance	$	696,999	$	534,618	$	696,999	$	534,618

Vermeer is an exempted Bermuda reinsurer that provides capacity focused on risk remote layers in the U.S. property catastrophe market. Vermeer is managed by RUM in return for a management fee. The Company maintains majority voting control of Vermeer, while the sole third-party investor, PGGM, retains all of the economic benefits. The Company concluded that Vermeer is a VIE as it has voting rights that are not proportional to its participating rights, and the Company is the primary beneficiary. As a result, the Company consolidates Vermeer and all significant inter-company transactions have been eliminated. The portion of Vermeer’s earnings owned by PGGM is recorded in the consolidated statements of operations as net income attributable to redeemable noncontrolling interests. The Company has not provided any financial or other support to Vermeer that it was not contractually required to provide.



	Three months ended				Nine months ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Beginning balance	$	1,083,681	$	765,450	$	1,003,615	$	599,989

Sale of shares to redeemable noncontrolling interest	—		—		45,000		150,000

Net income attributable to redeemable noncontrolling interest	11,954		16,288		47,020		31,749

Ending balance	$	1,095,635	$	781,738	$	1,095,635	$	781,738