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Condensed Consolidating Financial Information Provided in Connection with Outstanding Debt of Subsidiaries (Tables)
9 Months Ended
Sep. 30, 2020
Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries [Abstract]  
Schedule of Condensed Consolidating Balance Sheets
Condensed Consolidating Balance Sheet
at September 30, 2020
RenaissanceRe
Holdings Ltd.
(Parent
Guarantor)
RenaissanceRe Finance Inc. (Subsidiary Issuer)Other
RenaissanceRe
Holdings Ltd.
Subsidiaries and
Eliminations
(Non-guarantor
Subsidiaries) 
(1)
Consolidating
Adjustments 
(2)
RenaissanceRe
Consolidated
Assets
Total investments
$263,640 $33,702 $20,021,991 $— $20,319,333 
Cash and cash equivalents
10,523 11,125 1,265,730 — 1,287,378 
Investments in subsidiaries
6,493,407 1,517,062 736,150 (8,746,619)— 
Due from subsidiaries and affiliates
7,984 (106,263)98,284 (5)— 
Premiums receivable
— — 3,337,120 — 3,337,120 
Prepaid reinsurance premiums
— — 1,082,270 — 1,082,270 
Reinsurance recoverable
— — 2,883,808 — 2,883,808 
Accrued investment income
491 11 71,445 — 71,947 
Deferred acquisition costs
— — 697,346 — 697,346 
Receivable for investments sold
— — 752,936 — 752,936 
Other assets
924,023 13,733 400,402 (1,031,893)306,265 
Goodwill and other intangible assets
113,136 — 144,301 — 257,437 
Total assets$7,813,204 $1,469,370 $31,491,783 $(9,778,517)$30,995,840 
Liabilities, Noncontrolling Interests and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses
$— $— $9,900,615 $— $9,900,615 
Unearned premiums
— — 3,276,156 — 3,276,156 
Debt
392,161 772,300 1,003,695 (1,032,416)1,135,740 
Reinsurance balances payable
— — 3,915,804 — 3,915,804 
Payable for investments purchased
9,988 2,497 1,585,408 — 1,597,893 
Other liabilities
20,234 8,228 3,359,021 (2,995,989)391,494 
Total liabilities422,383 783,025 23,040,699 (4,028,405)20,217,702 
Redeemable noncontrolling interests
— — 3,387,317 — 3,387,317 
Shareholders’ Equity
Total shareholders’ equity
7,390,821 686,345 5,063,767 (5,750,112)7,390,821 
Total liabilities, noncontrolling interests and shareholders’ equity
$7,813,204 $1,469,370 $31,491,783 $(9,778,517)$30,995,840 
(1)Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.
(2)Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.
Condensed Consolidating Balance Sheet
at December 31, 2019
RenaissanceRe
Holdings Ltd.
(Parent
Guarantor)
RenaissanceRe Finance Inc. (Subsidiary Issuer)Other
RenaissanceRe
Holdings Ltd.
Subsidiaries and
Eliminations
(Non-guarantor
Subsidiaries) 
(1)
Consolidating
Adjustments 
(2)
RenaissanceRe
Consolidated
Assets
Total investments
$190,451 $288,137 $16,890,201 $— $17,368,789 
Cash and cash equivalents
26,460 8,731 1,343,877 — 1,379,068 
Investments in subsidiaries
5,204,260 1,426,838 48,247 (6,679,345)— 
Due from subsidiaries and affiliates
10,725 — 101,579 (112,304)— 
Premiums receivable
— — 2,599,896 — 2,599,896 
Prepaid reinsurance premiums
— — 767,781 — 767,781 
Reinsurance recoverable
— — 2,791,297 — 2,791,297 
Accrued investment income
— 1,171 71,290 — 72,461 
Deferred acquisition costs
— — 663,991 — 663,991 
Receivable for investments sold
173 — 78,196 — 78,369 
Other assets
847,406 12,211 312,556 (825,957)346,216 
Goodwill and other intangible assets
116,212 — 146,014 — 262,226 
Total assets$6,395,687 $1,737,088 $25,814,925 $(7,617,606)$26,330,094 
Liabilities, Noncontrolling Interest and Shareholders’ Equity
Liabilities
Reserve for claims and claim expenses
$— $— $9,384,349 $— $9,384,349 
Unearned premiums
— — 2,530,975 — 2,530,975 
Debt
391,475 970,255 148,349 (125,974)1,384,105 
Amounts due to subsidiaries and affiliates
6,708 102,493 51 (109,252)— 
Reinsurance balances payable
— — 2,830,691 — 2,830,691 
Payable for investments purchased
— — 225,275 — 225,275 
Other liabilities
26,137 14,162 899,960 (8,235)932,024 
Total liabilities424,320 1,086,910 16,019,650 (243,461)17,287,419 
Redeemable noncontrolling interests
— — 3,071,308 — 3,071,308 
Shareholders’ Equity
Total shareholders’ equity
5,971,367 650,178 6,723,967 (7,374,145)5,971,367 
Total liabilities, redeemable noncontrolling interest and shareholders’ equity
$6,395,687 $1,737,088 $25,814,925 $(7,617,606)$26,330,094 
(1)Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.
(2)Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.
Schedule of Condensed Consolidating Statements of Operations
Condensed Consolidating Statement of Operations for the three months ended September 30, 2020RenaissanceRe
Holdings Ltd.
(Parent
Guarantor)
RenaissanceRe Finance Inc. (Subsidiary Issuer)Other
RenaissanceRe
Holdings Ltd.
Subsidiaries and
Eliminations
(Non-guarantor
Subsidiaries) 
(1)
Consolidating
Adjustments 
(2)
RenaissanceRe
Consolidated
Revenues
Net premiums earned
$— $— $1,000,183 $— $1,000,183 
Net investment income
10,199 16 84,285 (10,957)83,543 
Net foreign exchange gains (losses)
4,233 — 12,731 462 17,426 
Equity in earnings of other ventures
— 1,527 3,930 — 5,457 
Other (loss) income
— — 1,531 (55)1,476 
Net realized and unrealized gains on investments
1,324 (21)222,905 — 224,208 
Total revenues15,756 1,522 1,325,565 (10,550)1,332,293 
Expenses
Net claims and claim expenses incurred
— — 942,030 — 942,030 
Acquisition expenses
1,025 — 214,155 — 215,180 
Operational expenses
2,335 602 46,200 (92)49,045 
Corporate expenses
11,446 36,597 — 48,050 
Interest expense
3,829 6,993 12,009 (10,988)11,843 
Total expenses18,635 7,602 1,250,991 (11,080)1,266,148 
Income (loss) before equity in net income (loss) of subsidiaries and taxes(2,879)(6,080)74,574 530 66,145 
Equity in net income (loss) of subsidiaries
58,695 18,605 (14,182)(63,118)— 
Income before taxes
55,816 12,525 60,392 (62,588)66,145 
Income tax benefit (expense)
(728)6,531 2,441 — 8,244 
Net income55,088 19,056 62,833 (62,588)74,389 
Net income attributable to redeemable noncontrolling interests
— — (19,301)— (19,301)
Net income attributable to RenaissanceRe
55,088 19,056 43,532 (62,588)55,088 
Dividends on preference shares
(7,289)— — — (7,289)
Net income available attributable to RenaissanceRe common shareholders
$47,799 $19,056 $43,532 $(62,588)$47,799 
(1)Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.
(2)Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.
Condensed Consolidating Statement of Operations for the nine months ended September 30, 2020RenaissanceRe
Holdings Ltd.
(Parent
Guarantor)
RenaissanceRe Finance Inc. (Subsidiary Issuer)Other
RenaissanceRe
Holdings Ltd.
Subsidiaries and
Eliminations
(Non-guarantor
Subsidiaries) 
(1)
Consolidating
Adjustments 
(2)
RenaissanceRe
Consolidated
Revenues
Net premiums earned
$— $— $2,923,377 $— $2,923,377 
Net investment income
31,102 1,009 272,315 (32,105)272,321 
Net foreign exchange losses
3,598 — 1,115 (210)4,503 
Equity in earnings of other ventures
— 2,703 16,359 — 19,062 
Other income (loss)
— — 24,996 (29,157)(4,161)
Net realized and unrealized (losses) gains on investments
(4,759)148 566,502 — 561,891 
Total revenues29,941 3,860 3,804,664 (61,472)3,776,993 
Expenses
Net claims and claim expenses incurred
— — 2,023,256 — 2,023,256 
Acquisition expenses
3,076 — 656,318 — 659,394 
Operational expenses
7,457 31,886 155,397 (29,157)165,583 
Corporate expenses
28,659 47,273 — 75,939 
Interest expense
11,753 23,868 35,051 (32,060)38,612 
Total expenses50,945 55,761 2,917,295 (61,217)2,962,784 
(Loss) income before equity in net income of subsidiaries and taxes
(21,004)(51,901)887,369 (255)814,209 
Equity in net income of subsidiaries
586,050 78,588 (4,931)(659,707)— 
Income before taxes
565,046 26,687 882,438 (659,962)814,209 
Income tax benefit (expense)
258 10,055 (23,098)— (12,785)
Net income565,304 36,742 859,340 (659,962)801,424 
Net income attributable to redeemable noncontrolling interests
— — (236,120)— (236,120)
Net income attributable to RenaissanceRe
565,304 36,742 623,220 (659,962)565,304 
Dividends on preference shares
(23,634)— — — (23,634)
Net income available to RenaissanceRe common shareholders
$541,670 $36,742 $623,220 $(659,962)$541,670 
(1)Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.
(2)Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.
Condensed Consolidating Statement of Operations for the three months ended September 30, 2019RenaissanceRe
Holdings Ltd.
(Parent
Guarantor)
RenaissanceRe Finance Inc. (Subsidiary Issuer)Other
RenaissanceRe
Holdings Ltd.
Subsidiaries and
Eliminations
(Non-guarantor
Subsidiaries) 
(1)
Consolidating
Adjustments 
(2)
RenaissanceRe
Consolidated
Revenues
Net premiums earned
$— $— $906,748 $— $906,748 
Net investment income
10,263 1,906 111,818 (12,600)111,387 
Net foreign exchange (losses) gains
(14,786)— 6,511 — (8,275)
Equity in earnings of other ventures
— 1,298 4,579 — 5,877 
Other income (loss)1,234 — (218)— 1,016 
Net realized and unrealized gains on investments
1,983 20 32,392 — 34,395 
Total revenues(1,306)3,224 1,061,830 (12,600)1,051,148 
Expenses
Net claims and claim expenses incurred
— — 654,520 — 654,520 
Acquisition expenses
— — 202,181 — 202,181 
Operational expenses
2,039 9,018 34,825 7,533 53,415 
Corporate expenses
6,948 5,010 1,879 13,844 
Interest expense5,708 9,257 615 — 15,580 
Total expenses14,695 18,282 897,151 9,412 939,540 
(Loss) income before equity in net income of subsidiaries and taxes
(16,001)(15,058)164,679 (22,012)111,608 
Equity in net income of subsidiaries
61,021 14,365 1,456 (76,842)— 
Income before taxes
45,020 (693)166,135 (98,854)111,608 
Income tax benefit (expense)
867 1,562 (6,093)— (3,664)
Net income45,887 869 160,042 (98,854)107,944 
Net income attributable to redeemable noncontrolling interests
— — (62,057)— (62,057)
Net income attributable to RenaissanceRe
45,887 869 97,985 (98,854)45,887 
Dividends on preference shares
(9,189)— — — (9,189)
Net income available to RenaissanceRe common shareholders
$36,698 $869 $97,985 $(98,854)$36,698 
(1)Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.
(2)    Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.
Condensed Consolidating Statement of Operations for the nine months ended September 30, 2019RenaissanceRe
Holdings Ltd.
(Parent
Guarantor)
RenaissanceRe
Finance Inc.
(Subsidiary
Issuer)
Other
RenaissanceRe
Holdings Ltd.
Subsidiaries and
Eliminations
(Non-guarantor
Subsidiaries) 
(1)
Consolidating
Adjustments 
(2)
RenaissanceRe
Consolidated
Revenues
Net premiums earned
$— $— $2,368,278 $— $2,368,278 
Net investment income
29,216 5,983 310,621 (33,751)312,069 
Net foreign exchange (losses) gains
(20,846)— 19,034 — (1,812)
Equity in earnings of other ventures
— 2,915 14,435 — 17,350 
Other income
1,234 — 3,875 — 5,109 
Net realized and unrealized gains on investments
7,501 231 387,923 — 395,655 
Total revenues17,105 9,129 3,104,166 (33,751)3,096,649 
Expenses
Net claims and claim expenses incurred
— — 1,334,928 — 1,334,928 
Acquisition expenses
— — 553,614 — 553,614 
Operational expenses
4,643 29,958 98,651 24,910 158,162 
Corporate expenses
49,618 16 21,172 5,674 76,480 
Interest expense
13,284 27,763 1,821 — 42,868 
Total expenses67,545 57,737 2,010,186 30,584 2,166,052 
(Loss) income before equity in net income of subsidiaries and taxes
(50,440)(48,608)1,093,980 (64,335)930,597 
Equity in net income of subsidiaries
754,634 76,552 4,001 (835,187)— 
Income before taxes
704,194 27,944 1,097,981 (899,522)930,597 
Income tax benefit (expense)
1,642 4,956 (27,268)— (20,670)
Net income705,836 32,900 1,070,713 (899,522)909,927 
Net income attributable to redeemable noncontrolling interests
— — (204,091)— (204,091)
Net income attributable to RenaissanceRe
705,836 32,900 866,622 (899,522)705,836 
Dividends on preference shares
(27,567)— — — (27,567)
Net income available to RenaissanceRe common shareholders
$678,269 $32,900 $866,622 $(899,522)$678,269 
(1)Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.
(2)    Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.
Schedule of Condensed Consolidating Statement of Comprehensive Income (Loss)
Condensed Consolidating Statement of Comprehensive Income for the three months ended September 30, 2020RenaissanceRe
Holdings Ltd.
(Parent
Guarantor)
RenaissanceRe Finance, Inc. (Subsidiary Issuer)Other
RenaissanceRe
Holdings Ltd.
Subsidiaries and
Eliminations
(Non-guarantor
Subsidiaries) 
(1)
Consolidating
Adjustments 
(2)
RenaissanceRe
Consolidated
Comprehensive income
Net income
$55,088 $19,056 $62,833 $(62,588)$74,389 
Change in net unrealized (losses) gains on investments, net of tax
2,186 (4,062)3,849 213 2,186 
Foreign currency translation adjustments, net of tax
(1,203)— — — (1,203)
Comprehensive income
56,071 14,994 66,682 (62,375)75,372 
Net income attributable to redeemable noncontrolling interests
— — (19,301)— (19,301)
Comprehensive income attributable to redeemable noncontrolling interests
— — (19,301)— (19,301)
Comprehensive income attributable to RenaissanceRe
$56,071 $14,994 $47,381 $(62,375)$56,071 
(1)Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.
(2)Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.
Condensed Consolidating Statement of Comprehensive Income for the nine months ended September 30, 2020RenaissanceRe
Holdings Ltd.
(Parent
Guarantor)
RenaissanceRe Finance Inc. (Subsidiary Issuer)Other
RenaissanceRe
Holdings Ltd.
Subsidiaries and
Eliminations
(Non-guarantor
Subsidiaries) 
(1)
Consolidating
Adjustments 
(2)
RenaissanceRe
Consolidated
Comprehensive income
Net income
$565,304 $36,742 $859,340 $(659,962)$801,424 
Change in net unrealized (losses) gains on investments, net of tax
41 3,617 (3,625)41 
Foreign currency translation adjustments, net of tax
(185)— — (185)
Comprehensive income
565,160 40,359 855,715 (659,954)801,280 
Net income attributable to redeemable noncontrolling interests
— — (236,120)— (236,120)
Comprehensive income attributable to noncontrolling interests
— — (236,120)— (236,120)
Comprehensive income attributable to RenaissanceRe
$565,160 $40,359 $619,595 $(659,954)$565,160 
(1)Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.
(2)Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.
Condensed Consolidating Statement of Comprehensive Income for the three months ended September 30, 2019RenaissanceRe
Holdings Ltd.
(Parent
Guarantor)
RenaissanceRe Finance Inc. (Subsidiary Issuer)Other
RenaissanceRe
Holdings Ltd.
Subsidiaries and
Eliminations
(Non-guarantor
Subsidiaries) 
(1)
Consolidating
Adjustments 
(2)
RenaissanceRe
Consolidated
Comprehensive income
Net income
$45,887 $869 $160,042 $(98,854)$107,944 
Change in net unrealized losses on investments, net of tax
— — 608 — 608 
Foreign currency translation adjustments, net of tax
— — 8,249 — 8,249 
Comprehensive income
45,887 869 168,899 (98,854)116,801 
Net income attributable to redeemable noncontrolling interests
— — (62,057)— (62,057)
Comprehensive income attributable to redeemable noncontrolling interests
— — (62,057)— (62,057)
Comprehensive income attributable to RenaissanceRe
$45,887 $869 $106,842 $(98,854)$54,744 
(1)Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.
(2)    Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.
Condensed Consolidating Statement of Comprehensive Income for the nine months ended September 30, 2019RenaissanceRe
Holdings Ltd.
(Parent
Guarantor)
RenaissanceRe
Finance Inc.
(Subsidiary
Issuer)
Other
RenaissanceRe
Holdings Ltd.
Subsidiaries and
Eliminations
(Non-guarantor
Subsidiaries) 
(1)
Consolidating
Adjustments 
(2)
RenaissanceRe
Consolidated
Comprehensive income
Net income
$705,836 $32,900 $1,070,713 $(899,522)$909,927 
Change in net unrealized losses on investments, net of tax— — 1,880 — 1,880 
Foreign currency translation adjustments, net of tax
— — 4,541 — 4,541 
Comprehensive income
705,836 32,900 1,077,134 (899,522)916,348 
Net income attributable to redeemable noncontrolling interests
— — (204,091)— (204,091)
Comprehensive income attributable to noncontrolling interests
— — (204,091)— (204,091)
Comprehensive income attributable to RenaissanceRe
$705,836 $32,900 $873,043 $(899,522)$712,257 
(1)Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.
(2)Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.
Schedule of Condensed Consolidating Statements of Cash Flows
Condensed Consolidating Statement of Cash Flows for the nine months ended September 30, 2020RenaissanceRe
Holdings Ltd.
(Parent
Guarantor)
RenaissanceRe Finance Inc. (Subsidiary Issuer)Other
RenaissanceRe
Holdings Ltd.
Subsidiaries and
Eliminations
(Non-guarantor
Subsidiaries) 
(1)
RenaissanceRe
Consolidated
Cash flows provided by (used in) operating activities
Net cash provided by (used in) operating activities
$19,787 $(47,993)$1,357,985 $1,329,779 
Cash flows (used in) provided by investing activities
Proceeds from sales and maturities of fixed maturity investments trading
210,973 36,302 11,317,724 11,564,999 
Purchases of fixed maturity investments trading
(346,002)(45,955)(12,722,775)(13,114,732)
Net sales of equity investments trading— — 1,842 1,842 
Net sales (purchases) of short term investments
72,479 266,199 (887,896)(549,218)
Net purchases of other investments
— — (101,302)(101,302)
Net purchases of investments in other ventures
— — (2,407)(2,407)
Return of investment from investments in other ventures
— — 9,255 9,255 
Dividends and return of capital from subsidiaries
827,626 118,026 (945,652)— 
Contributions to subsidiaries
(1,538,708)(130,000)1,668,708 — 
Due (from) to subsidiary
(85,151)55,815 29,336 — 
Net proceeds from RenaissanceRe UK— — 136,744 136,744 
Net cash (used in) provided by investing activities
(858,783)300,387 (1,496,423)(2,054,819)
Cash flows provided by (used in) financing activities
Dividends paid – RenaissanceRe common shares
(50,785)— — (50,785)
Dividends paid – preference shares
(23,634)— — (23,634)
RenaissanceRe common share issuance, net of expenses
1,095,507 — — 1,095,507 
RenaissanceRe common share repurchases
(62,621)— — (62,621)
Redemption of 6.08% Series C preference shares
(125,000)— — (125,000)
Repayment of debt
— (250,000)— (250,000)
Net third-party redeemable noncontrolling interest share transactions
— — 59,104 59,104 
Taxes paid on withholding shares
(10,264)— — (10,264)
Net cash provided by (used in) financing activities
823,203 (250,000)59,104 632,307 
Effect of exchange rate changes on foreign currency cash
(144)— 1,187 1,043 
Net (decrease) increase in cash and cash equivalents(15,937)2,394 (78,147)(91,690)
Cash and cash equivalents, beginning of period
26,460 8,731 1,343,877 1,379,068 
Cash and cash equivalents, end of period
$10,523 $11,125 $1,265,730 $1,287,378 
(1)Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.
Condensed Consolidating Statement of Cash Flows for the nine months ended September 30, 2019RenaissanceRe
Holdings Ltd.
(Parent
Guarantor)
RenaissanceRe
Finance Inc.
(Subsidiary
Issuer)
Other
RenaissanceRe
Holdings Ltd.
Subsidiaries
and
Eliminations
(Non-guarantor
Subsidiaries)
(1)
RenaissanceRe
Consolidated
Cash flows (used in) provided by operating activities
Net cash (used in) provided by operating activities
$(381,508)$(30,943)$1,676,883 $1,264,432 
Cash flows provided by (used in) investing activities
Proceeds from sales and maturities of fixed maturity investments trading
277,030 43,746 12,515,140 12,835,916 
Purchases of fixed maturity investments trading
(66,740)(15,910)(13,321,061)(13,403,711)
Net sales of equity investments trading
— — (6,937)(6,937)
Net purchases of short term investments(34,209)(16,257)(1,311,685)(1,362,151)
Net purchases of other investments
— — (130,476)(130,476)
Net purchases of investment in other venture
— — (2,341)(2,341)
Net purchases of other assets
— — (4,108)(4,108)
Return of investment from investment in other ventures
— — 11,250 11,250 
Dividends and return of capital from subsidiaries
855,396 13,500 (868,896)— 
Contributions to subsidiaries
(1,013,916)— 1,013,916 — 
Due to (from) subsidiaries
48,444 (416)(48,028)— 
Net purchase of TMR
— — (276,206)(276,206)
Net cash provided by (used in) investing activities
66,005 24,663 (2,429,432)(2,338,764)
Cash flows provided by financing activities
Dividends paid – RenaissanceRe common shares
(44,547)— — (44,547)
Dividends paid – preference shares
(27,567)— — (27,567)
Issuance of debt, net of expenses
396,411 — — 396,411 
Net third-party redeemable noncontrolling interest share transactions
— — 515,952 515,952 
Taxes paid on withholding shares
(7,229)— — (7,229)
Net cash provided by financing activities
317,068 — 515,952 833,020 
Effect of exchange rate changes on foreign currency cash
— — 4,641 4,641 
Net increase (decrease) in cash and cash equivalents
1,565 (6,280)(231,956)(236,671)
Cash and cash equivalents, beginning of period
3,534 9,604 1,094,784 1,107,922 
Cash and cash equivalents, end of period
$5,099 $3,324 $862,828 $871,251 
(1)Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.