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Segment Reporting
 9 Months Ended
Sep. 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 September 30, 2020PropertyCasualty and SpecialtyOtherTotal
Gross premiums written$427,765 $715,293 $— $1,143,058 
Net premiums written$378,708 $520,703 $— $899,411 
Net premiums earned$516,623 $483,560 $— $1,000,183 
Net claims and claim expenses incurred
590,958 351,052 20 942,030 
Acquisition expenses98,545 116,636 (1)215,180 
Operational expenses33,672 15,319 54 49,045 
Underwriting (loss) income$(206,552)$553 $(73)(206,072)
Net investment income83,543 83,543 
Net foreign exchange gains17,426 17,426 
Equity in earnings of other ventures
5,457 5,457 
Other income1,476 1,476 
Net realized and unrealized gains on investments
224,208 224,208 
Corporate expenses(48,050)(48,050)
Interest expense(11,843)(11,843)
Income before taxes
66,145 
Income tax benefit8,244 8,244 
Net income attributable to redeemable noncontrolling interests
(19,301)(19,301)
Dividends on preference shares(7,289)(7,289)
Net income available to RenaissanceRe common shareholders
$47,799 
Net claims and claim expenses incurred – current accident year
$629,827 $366,080 $— $995,907 
Net claims and claim expenses incurred – prior accident years
(38,869)(15,028)20 (53,877)
Net claims and claim expenses incurred – total
$590,958 $351,052 $20 $942,030 
Net claims and claim expense ratio – current accident year
121.9 %75.7 %99.6 %
Net claims and claim expense ratio – prior accident years
(7.5)%(3.1)%(5.4)%
Net claims and claim expense ratio – calendar year
114.4 %72.6 %94.2 %
Underwriting expense ratio25.6 %27.3 %26.4 %
Combined ratio140.0 %99.9 %120.6 %
Nine months ended September 30, 2020PropertyCasualty and SpecialtyOtherTotal
Gross premiums written$2,690,827 $2,179,824 $— $4,870,651 
Net premiums written$1,757,427 $1,592,595 $— $3,350,022 
Net premiums earned$1,429,074 $1,494,303 $— $2,923,377 
Net claims and claim expenses incurred
899,860 1,123,527 (131)2,023,256 
Acquisition expenses278,668 380,726 — 659,394 
Operational expenses109,335 56,195 53 165,583 
Underwriting income (loss)$141,211 $(66,145)$78 75,144 
Net investment income272,321 272,321 
Net foreign exchange gains4,503 4,503 
Equity in earnings of other ventures
19,062 19,062 
Other loss(4,161)(4,161)
Net realized and unrealized gains on investments
561,891 561,891 
Corporate expenses(75,939)(75,939)
Interest expense(38,612)(38,612)
Income before taxes
814,209 
Income tax expense(12,785)(12,785)
Net income attributable to redeemable noncontrolling interests
(236,120)(236,120)
Dividends on preference shares(23,634)(23,634)
Net income available to RenaissanceRe common shareholders
$541,670 
Net claims and claim expenses incurred – current accident year
$931,285 $1,147,354 $— $2,078,639 
Net claims and claim expenses incurred – prior accident years
(31,425)(23,827)(131)(55,383)
Net claims and claim expenses incurred – total
$899,860 $1,123,527 $(131)$2,023,256 
Net claims and claim expense ratio – current accident year
65.2 %76.8 %71.1 %
Net claims and claim expense ratio – prior accident years
(2.2)%(1.6)%(1.9)%
Net claims and claim expense ratio – calendar year
63.0 %75.2 %69.2 %
Underwriting expense ratio27.1 %29.2 %28.2 %
Combined ratio90.1 %104.4 %97.4 %
Three months ended September 30, 2019PropertyCasualty and SpecialtyOtherTotal
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 $— $906,748 
Net claims and claim expenses incurred
338,260 316,099 161 654,520 
Acquisition expenses79,521 122,654 6 202,181 
Operational expenses34,238 19,198 (21)53,415 
Underwriting (loss) income$(7,687)$4,465 $(146)(3,368)
Net investment income111,387 111,387 
Net foreign exchange losses(8,275)(8,275)
Equity in earnings of other ventures
5,877 5,877 
Other income1,016 1,016 
Net realized and unrealized gains on investments
34,395 34,395 
Corporate expenses(13,844)(13,844)
Interest expense(15,580)(15,580)
Income before taxes
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, 2019PropertyCasualty and SpecialtyOtherTotal
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 expenses222,971 330,829 (186)553,614 
Operational expenses99,546 58,603 13 158,162 
Underwriting income (loss)$296,356 $25,223 $(5)321,574 
Net investment income312,069 312,069 
Net foreign exchange losses(1,812)(1,812)
Equity in earnings of other ventures
17,350 17,350 
Other income5,109 5,109 
Net realized and unrealized gains on investments
395,655 395,655 
Corporate expenses(76,480)(76,480)
Interest expense(42,868)(42,868)
Income before taxes
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 %