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Condensed Consolidating Financial Information Provided in Connection with Outstanding Debt of Subsidiaries | 12 Months Ended
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Dec. 31, 2020
Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries [Abstract] |
Condensed Consolidating Financial Information Provided in Connection with Outstanding Debt of Subsidiaries | CONDENSED CONSOLIDATING FINANCIAL INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT OF SUBSIDIARIES The following tables are provided in connection with outstanding debt of the Company’s subsidiaries and present condensed consolidating balance sheets at December 31, 2020 and 2019, condensed consolidating statements of operations, condensed consolidating statements of comprehensive income (loss) and condensed consolidating statements of cash flows for the years ended December 31, 2020, 2019 and 2018, respectively. RenaissanceRe Finance is a 100% owned subsidiary of RenaissanceRe and has outstanding debt securities. For additional information related to the terms of the Company’s outstanding debt securities, see “Note 9. Debt and Credit Facilities.”
Condensed Consolidating Balance Sheet at December 31, 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 | $ | 140,182 |  |  |  |  |  |  | $ | 48,981 |  |  | $ | 20,369,013 |  |  | $ | — |  |  | $ | 20,558,176 |
Cash and cash equivalents | 29,830 |  |  |  |  |  |  | 16,205 |  |  | 1,690,778 |  |  | — |  |  | 1,736,813 |
Investments in subsidiaries | 6,757,962 |  |  |  |  |  |  | 1,521,829 |  |  | 700,249 |  |  | (8,980,040) |  |  | — |
Due from subsidiaries and affiliates | 2,435 |  |  |  |  |  |  | (102,618) |  |  | 100,183 |  |  | — |  |  | — |
Premiums receivable | — |  |  |  |  |  |  | — |  |  | 2,894,631 |  |  | — |  |  | 2,894,631 |
Prepaid reinsurance premiums | — |  |  |  |  |  |  | — |  |  | 823,582 |  |  | — |  |  | 823,582 |
Reinsurance recoverable | — |  |  |  |  |  |  | — |  |  | 2,926,010 |  |  | — |  |  | 2,926,010 |
Accrued investment income | 34 |  |  |  |  |  |  | 35 |  |  | 66,674 |  |  | — |  |  | 66,743 |
Deferred acquisition costs and value of business acquired | — |  |  |  |  |  |  | — |  |  | 633,521 |  |  | — |  |  | 633,521 |
Receivable for investments sold | 18 |  |  |  |  |  |  | — |  |  | 568,275 |  |  | — |  |  | 568,293 |
Other assets | 932,153 |  |  |  |  |  |  | 13,315 |  |  | 510,179 |  |  | (1,092,477) |  |  | 363,170 |
Goodwill and other intangible assets | 112,110 |  |  |  |  |  |  | — |  |  | 137,531 |  |  | — |  |  | 249,641 |
Total assets | $ | 7,974,724 |  |  |  |  |  |  | $ | 1,497,747 |  |  | $ | 31,420,626 |  |  | $ | (10,072,517) |  |  | $ | 30,820,580 |
Liabilities, Noncontrolling Interests and Shareholders’ Equity |  |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |
Reserve for claims and claim expenses | $ | — |  |  |  |  |  |  | $ | — |  |  | $ | 10,381,138 |  |  | $ | — |  |  | $ | 10,381,138 |
Unearned premiums | — |  |  |  |  |  |  | — |  |  | 2,763,599 |  |  | — |  |  | 2,763,599 |
Debt | 392,391 |  |  |  |  |  |  | 846,277 |  |  | 986,609 |  |  | (1,089,012) |  |  | 1,136,265 |
Reinsurance balances payable | — |  |  |  |  |  |  | — |  |  | 3,488,352 |  |  | — |  |  | 3,488,352 |
Payable for investments purchased | — |  |  |  |  |  |  | — |  |  | 1,132,538 |  |  | — |  |  | 1,132,538 |
Other liabilities | 22,085 |  |  |  |  |  |  | 2,020 |  |  | 3,868,855 |  |  | (2,922,839) |  |  | 970,121 |
Total liabilities | 414,476 |  |  |  |  |  |  | 848,297 |  |  | 22,621,091 |  |  | (4,011,851) |  |  | 19,872,013 |
Redeemable noncontrolling interests | — |  |  |  |  |  |  | — |  |  | 3,388,319 |  |  | — |  |  | 3,388,319 |
Shareholders’ Equity |  |  |  |  |  |  |  |  |  |  |  |  |
Total shareholders’ equity | 7,560,248 |  |  |  |  |  |  | 649,450 |  |  | 5,411,216 |  |  | (6,060,666) |  |  | 7,560,248 |
Total liabilities, noncontrolling interests and shareholders’ equity | $ | 7,974,724 |  |  |  |  |  |  | $ | 1,497,747 |  |  | $ | 31,420,626 |  |  | $ | (10,072,517) |  |  | $ | 30,820,580 |
(1)Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. (2)Includes Parent Guarantor, Subsidiary 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, Redeemable 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 liabilities | 424,320 |  |  |  |  |  |  | 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, Subsidiary Guarantor and Subsidiary Issuer consolidating adjustments.
Condensed Consolidating Statement of Operations for the year ended December 31, 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
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |
Net premiums earned | $ | — |  |  |  |  |  |  | $ | — |  |  | $ | 3,952,462 |  |  | $ | — |  |  | $ | 3,952,462 |
Net investment income | 40,502 |  |  |  |  |  |  | 1,010 |  |  | 355,466 |  |  | (42,940) |  |  | 354,038 |
Net foreign exchange gains (losses) | 10,729 |  |  |  |  |  |  | — |  |  | 17,255 |  |  | (211) |  |  | 27,773 |
Equity in earnings of other ventures | — |  |  |  |  |  |  | 3,103 |  |  | 14,091 |  |  | — |  |  | 17,194 |
Other income | — |  |  |  |  |  |  | — |  |  | 29,430 |  |  | (29,217) |  |  | 213 |
Net realized and unrealized (losses) gains on investments | (4,556) |  |  |  |  |  |  | 109 |  |  | 825,083 |  |  | — |  |  | 820,636 |
Total revenues | 46,675 |  |  |  |  |  |  | 4,222 |  |  | 5,193,787 |  |  | (72,368) |  |  | 5,172,316 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Net claims and claim expenses incurred | — |  |  |  |  |  |  | — |  |  | 2,924,609 |  |  | — |  |  | 2,924,609 |
Acquisition expenses | — |  |  |  |  |  |  | — |  |  | 897,677 |  |  | — |  |  | 897,677 |
Operational expenses | 8,016 |  |  |  |  |  |  | 32,945 |  |  | 194,943 |  |  | (29,217) |  |  | 206,687 |
Corporate expenses | 47,223 |  |  |  |  |  |  | 15 |  |  | 49,732 |  |  | — |  |  | 96,970 |
Interest expense | 15,583 |  |  |  |  |  |  | 30,864 |  |  | 46,900 |  |  | (42,894) |  |  | 50,453 |
Total expenses | 70,822 |  |  |  |  |  |  | 63,824 |  |  | 4,113,861 |  |  | (72,111) |  |  | 4,176,396 |
(Loss) income before equity in net income (loss) of subsidiaries and taxes | (24,147) |  |  |  |  |  |  | (59,602) |  |  | 1,079,926 |  |  | (257) |  |  | 995,920 |
Equity in net income (loss) of subsidiaries | 786,552 |  |  |  |  |  |  | 47,295 |  |  | (102,884) |  |  | (730,963) |  |  | — |
Income (loss) before taxes | 762,405 |  |  |  |  |  |  | (12,307) |  |  | 977,042 |  |  | (731,220) |  |  | 995,920 |
Income tax benefit (expense) | — |  |  |  |  |  |  | 12,015 |  |  | (14,877) |  |  | — |  |  | (2,862) |
Net income (loss) | 762,405 |  |  |  |  |  |  | (292) |  |  | 962,165 |  |  | (731,220) |  |  | 993,058 |
Net income attributable to redeemable noncontrolling interests | — |  |  |  |  |  |  | — |  |  | (230,653) |  |  | — |  |  | (230,653) |
Net income (loss) attributable to RenaissanceRe | 762,405 |  |  |  |  |  |  | (292) |  |  | 731,512 |  |  | (731,220) |  |  | 762,405 |
Dividends on preference shares | (30,923) |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | (30,923) |
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 731,482 |  |  |  |  |  |  | $ | (292) |  |  | $ | 731,512 |  |  | $ | (731,220) |  |  | $ | 731,482 |
(1)Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. (2)Includes Parent Guarantor, Subsidiary Guarantor and Subsidiary Issuer consolidating adjustments.
Condensed Consolidating Statement of Comprehensive Income (Loss) for the twelve months ended December 31, 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
Comprehensive income (loss) |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | $ | 762,405 |  |  |  |  |  |  | $ | (292) |  |  | $ | 962,165 |  |  | $ | (731,220) |  |  | $ | 993,058 |
Change in net unrealized gains on investments, net of tax | 606 |  |  |  |  |  |  | (435) |  |  | — |  |  | 435 |  |  | 606 |
Foreign currency translation adjustments, net of tax | (11,309) |  |  |  |  |  |  | — |  |  | (22,072) |  |  | 22,072 |  |  | (11,309) |
Comprehensive income | 751,702 |  |  |  |  |  |  | (727) |  |  | 940,093 |  |  | (708,713) |  |  | 982,355 |
Net income attributable to redeemable noncontrolling interests | — |  |  |  |  |  |  | — |  |  | (230,653) |  |  | — |  |  | (230,653) |
Comprehensive income attributable to redeemable noncontrolling interests | — |  |  |  |  |  |  | — |  |  | (230,653) |  |  | — |  |  | (230,653) |
Comprehensive income available to RenaissanceRe | $ | 751,702 |  |  |  |  |  |  | $ | (727) |  |  | $ | 709,440 |  |  | $ | (708,713) |  |  | $ | 751,702 |
(1)Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. (2)Includes Parent Guarantor, Subsidiary Guarantor and Subsidiary Issuer consolidating adjustments.
Condensed Consolidating Statement of Operations for the year ended 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
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |
Net premiums earned | $ | — |  |  |  |  |  |  | $ | — |  |  | $ | 3,338,403 |  |  | $ | — |  |  | $ | 3,338,403 |
Net investment income | 39,629 |  |  |  |  |  |  | 7,547 |  |  | 422,194 |  |  | (45,163) |  |  | 424,207 |
Net foreign exchange gains (losses) | 7,342 |  |  |  |  |  |  | — |  |  | (10,280) |  |  | — |  |  | (2,938) |
Equity in earnings of other ventures | — |  |  |  |  |  |  | 3,886 |  |  | 19,338 |  |  | — |  |  | 23,224 |
Other income | — |  |  |  |  |  |  | — |  |  | 4,949 |  |  | — |  |  | 4,949 |
Net realized and unrealized gains on investments | 12,393 |  |  |  |  |  |  | 151 |  |  | 401,565 |  |  | — |  |  | 414,109 |
Total revenues | 59,364 |  |  |  |  |  |  | 11,584 |  |  | 4,176,169 |  |  | (45,163) |  |  | 4,201,954 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Net claims and claim expenses incurred | — |  |  |  |  |  |  | — |  |  | 2,097,021 |  |  | — |  |  | 2,097,021 |
Acquisition expenses | — |  |  |  |  |  |  | — |  |  | 762,232 |  |  | — |  |  | 762,232 |
Operational expenses | 7,506 |  |  |  |  |  |  | 38,487 |  |  | 208,037 |  |  | (31,297) |  |  | 222,733 |
Corporate expenses | 58,393 |  |  |  |  |  |  | 16 |  |  | 43,413 |  |  | (7,700) |  |  | 94,122 |
Interest expense | 18,086 |  |  |  |  |  |  | 37,993 |  |  | 2,285 |  |  | — |  |  | 58,364 |
Total expenses | 83,985 |  |  |  |  |  |  | 76,496 |  |  | 3,112,988 |  |  | (38,997) |  |  | 3,234,472 |
(Loss) income before equity in net income of subsidiaries and taxes | (24,621) |  |  |  |  |  |  | (64,912) |  |  | 1,063,181 |  |  | (6,166) |  |  | 967,482 |
Equity in net income of subsidiaries | 773,419 |  |  |  |  |  |  | 99,148 |  |  | 5,611 |  |  | (878,178) |  |  | — |
Income before taxes | 748,798 |  |  |  |  |  |  | 34,236 |  |  | 1,068,792 |  |  | (884,344) |  |  | 967,482 |
Income tax benefit (expense) | — |  |  |  |  |  |  | 6,510 |  |  | (23,725) |  |  | — |  |  | (17,215) |
Net income | 748,798 |  |  |  |  |  |  | 40,746 |  |  | 1,045,067 |  |  | (884,344) |  |  | 950,267 |
Net income attributable to redeemable noncontrolling interests | — |  |  |  |  |  |  | — |  |  | (201,469) |  |  | — |  |  | (201,469) |
Net income attributable to RenaissanceRe | 748,798 |  |  |  |  |  |  | 40,746 |  |  | 843,598 |  |  | (884,344) |  |  | 748,798 |
Dividends on preference shares | (36,756) |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | (36,756) |
Net income available to RenaissanceRe common shareholders | $ | 712,042 |  |  |  |  |  |  | $ | 40,746 |  |  | $ | 843,598 |  |  | $ | (884,344) |  |  | $ | 712,042 |
(1)Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. (2) Includes Parent Guarantor, Subsidiary Guarantor and Subsidiary Issuer consolidating adjustments.
Condensed Consolidating Statement of Comprehensive Income for the year ended 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
Comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  |
Net income | $ | 748,798 |  |  |  |  |  |  | $ | 40,746 |  |  | $ | 1,045,067 |  |  | $ | (884,344) |  |  | $ | 950,267 |
Change in net unrealized gains on investments, net of tax | 2,173 |  |  |  |  |  |  | 764 |  |  | 528 |  |  | (1,292) |  |  | 2,173 |
Comprehensive income | 748,292 |  |  |  |  |  |  | 41,510 |  |  | 1,045,595 |  |  | (885,636) |  |  | 949,761 |
Net income attributable to redeemable noncontrolling interests | — |  |  |  |  |  |  | — |  |  | (201,469) |  |  | — |  |  | (201,469) |
Comprehensive income attributable to redeemable noncontrolling interests | — |  |  |  |  |  |  | — |  |  | (201,469) |  |  | — |  |  | (201,469) |
Comprehensive income available to RenaissanceRe | $ | 748,292 |  |  |  |  |  |  | $ | 41,510 |  |  | $ | 844,126 |  |  | $ | (885,636) |  |  | $ | 748,292 |
(1)Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. (2) Includes Parent Guarantor, Subsidiary Guarantor and Subsidiary Issuer consolidating adjustments.
Condensed Consolidating Statement of Operations for the year ended December 31, 2018 | 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
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |
Net premiums earned | $ | — |  |  |  |  |  |  | $ | — |  |  | $ | 1,976,129 |  |  | $ | — |  |  | $ | 1,976,129 |
Net investment income | 24,791 |  |  |  |  |  |  | 6,219 |  |  | 269,291 |  |  | (32,529) |  |  | 269,965 |
Net foreign exchange losses | (3) |  |  |  |  |  |  | — |  |  | (12,425) |  |  | — |  |  | (12,428) |
Equity in earnings of other ventures | — |  |  |  |  |  |  | 3,065 |  |  | 15,409 |  |  | — |  |  | 18,474 |
Other income | — |  |  |  |  |  |  | — |  |  | 5,969 |  |  | — |  |  | 5,969 |
Net realized and unrealized gains (losses) on investments | 633 |  |  |  |  |  |  | (329) |  |  | (179,112) |  |  | — |  |  | (183,168) |
Total revenues | 25,421 |  |  |  |  |  |  | 8,955 |  |  | 2,075,261 |  |  | (32,529) |  |  | 2,074,941 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Net claims and claim expenses incurred | — |  |  |  |  |  |  | — |  |  | 1,120,018 |  |  | — |  |  | 1,120,018 |
Acquisition expenses | — |  |  |  |  |  |  | — |  |  | 432,989 |  |  | — |  |  | 432,989 |
Operational expenses | 7,679 |  |  |  |  |  |  | 34,534 |  |  | 164,605 |  |  | (28,661) |  |  | 178,267 |
Corporate expenses | 25,190 |  |  |  |  |  |  | 7 |  |  | 3,103 |  |  | 5,683 |  |  | 33,983 |
Interest expense | 5,683 |  |  |  |  |  |  | 37,019 |  |  | 4,367 |  |  | — |  |  | 47,069 |
Total expenses | 38,552 |  |  |  |  |  |  | 71,560 |  |  | 1,725,082 |  |  | (22,978) |  |  | 1,812,326 |
(Loss) income before equity in net income of subsidiaries and taxes | (13,131) |  |  |  |  |  |  | (62,605) |  |  | 350,179 |  |  | (9,551) |  |  | 262,615 |
Equity in net income of subsidiaries | 240,495 |  |  |  |  |  |  | 9,091 |  |  | — |  |  | (255,217) |  |  | — |
Income (loss) before taxes | 227,364 |  |  |  |  |  |  | (53,514) |  |  | 350,179 |  |  | (264,768) |  |  | 262,615 |
Income tax benefit | — |  |  |  |  |  |  | 6,119 |  |  | (399) |  |  | — |  |  | 6,302 |
Net income (loss) | 227,364 |  |  |  |  |  |  | (47,395) |  |  | 349,780 |  |  | (264,768) |  |  | 268,917 |
Net income attributable to redeemable noncontrolling interests | — |  |  |  |  |  |  | — |  |  | (41,553) |  |  | — |  |  | (41,553) |
Net income (loss) attributable to RenaissanceRe | 227,364 |  |  |  |  |  |  | (47,395) |  |  | 308,227 |  |  | (264,768) |  |  | 227,364 |
Dividends on preference shares | (30,088) |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | (30,088) |
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 197,276 |  |  |  |  |  |  | $ | (47,395) |  |  | $ | 308,227 |  |  | $ | (264,768) |  |  | $ | 197,276 |
(1)Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. (2) Includes Parent Guarantor, Subsidiary Guarantor and Subsidiary Issuer consolidating adjustments.
Condensed Consolidating Statement of Comprehensive Income (Loss) for the year ended December 31, 2018 | 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
Comprehensive income (loss) |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | $ | 227,364 |  |  |  |  |  |  | $ | (47,395) |  |  | $ | 349,780 |  |  | $ | (264,768) |  |  | $ | 268,917 |
Change in net unrealized gains on investments, net of tax | (1,657) |  |  |  |  |  |  | (162) |  |  | — |  |  | 322 |  |  | (1,657) |
Comprehensive income (loss) | 225,707 |  |  |  |  |  |  | (47,557) |  |  | 349,780 |  |  | (264,446) |  |  | 267,260 |
Net income attributable to redeemable noncontrolling interests | — |  |  |  |  |  |  | — |  |  | (41,553) |  |  | — |  |  | (41,553) |
Comprehensive income attributable to redeemable noncontrolling interests | — |  |  |  |  |  |  | — |  |  | (41,553) |  |  | — |  |  | (41,553) |
Comprehensive income (loss) attributable to RenaissanceRe | $ | 225,707 |  |  |  |  |  |  | $ | (47,557) |  |  | $ | 308,227 |  |  | $ | (264,446) |  |  | $ | 225,707 |
(1)Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. (2)Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.
Condensed Consolidating Statement of Cash Flows for the year ended December 31, 2020 | RenaissanceRe 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 | $ | 18,191 |  |  |  |  |  |  | $ | (59,160) |  |  | $ | 2,033,704 |  |  | $ | 1,992,735 |
Cash flows provided by (used in) investing activities |  |  |  |  |  |  |  |  |  |  |
Proceeds from sales and maturities of fixed maturity investments trading | 370,905 |  |  |  |  |  |  | 52,954 |  |  | 14,763,093 |  |  | 15,186,952 |
Purchases of fixed maturity investments trading | (384,415) |  |  |  |  |  |  | (52,948) |  |  | (16,399,175) |  |  | (16,836,538) |
Net purchases of equity investments trading | — |  |  |  |  |  |  | — |  |  | 829 |  |  | 829 |
Net (purchases) sales of short term investments | 64,209 |  |  |  |  |  |  | 238,376 |  |  | (884,058) |  |  | (581,473) |
Net purchases of other investments | — |  |  |  |  |  |  | — |  |  | (216,760) |  |  | (216,760) |
Net purchases of investments in other ventures | — |  |  |  |  |  |  | — |  |  | (3,698) |  |  | (3,698) |
Return of investment from investment in other ventures | — |  |  |  |  |  |  | — |  |  | 9,255 |  |  | 9,255 |
Dividends and return of capital from subsidiaries | 827,626 |  |  |  |  |  |  | 124,105 |  |  | (951,731) |  |  | — |
Contributions to subsidiaries | (1,623,708) |  |  |  |  |  |  | (172,000) |  |  | 1,795,708 |  |  | — |
Due (to) from subsidiary | (65,438) |  |  |  |  |  |  | 126,147 |  |  | (60,709) |  |  | — |
Net proceeds from sale of discontinued operations | — |  |  |  |  |  |  | — |  |  | 136,744 |  |  | 136,744 |
Net cash provided by (used in) investing activities | (810,821) |  |  |  |  |  |  | 316,634 |  |  | (1,810,502) |  |  | (2,304,689) |
Cash flows provided by financing activities |  |  |  |  |  |  |  |  |  |  |
Dividends paid – RenaissanceRe common shares | (68,490) |  |  |  |  |  |  | — |  |  | — |  |  | (68,490) |
Dividends paid – preference shares | (30,923) |  |  |  |  |  |  | — |  |  | — |  |  | (30,923) |
RenaissanceRe common share repurchases | (62,621) |  |  |  |  |  |  | — |  |  | — |  |  | (62,621) |
RenaissanceRe common share issuance | 1,095,507 |  |  |  |  |  |  | — |  |  | — |  |  | 1,095,507 |
Redemption of preference shares | (125,000) |  |  |  |  |  |  | — |  |  | — |  |  | (125,000) |
Repayment of debt | — |  |  |  |  |  |  | (250,000) |  |  | — |  |  | (250,000) |
Net third-party redeemable noncontrolling interest share transactions | — |  |  |  |  |  |  | — |  |  | 119,071 |  |  | 119,071 |
Taxes paid on withholding shares | (12,330) |  |  |  |  |  |  | — |  |  | — |  |  | (12,330) |
Net cash provided by financing activities | 796,143 |  |  |  |  |  |  | (250,000) |  |  | 119,071 |  |  | 665,214 |
Effect of exchange rate changes on foreign currency cash | (143) |  |  |  |  |  |  | — |  |  | 4,628 |  |  | 4,485 |
Net increase in cash and cash equivalents | 3,370 |  |  |  |  |  |  | 7,474 |  |  | 346,901 |  |  | 357,745 |
Cash and cash equivalents, beginning of year | 26,460 |  |  |  |  |  |  | 8,731 |  |  | 1,343,877 |  |  | 1,379,068 |
Cash and cash equivalents, end of year | $ | 29,830 |  |  |  |  |  |  | $ | 16,205 |  |  | $ | 1,690,778 |  |  | $ | 1,736,813 |
(1)Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.
Condensed Consolidating Statement of Cash Flows for the year ended December 31, 2019 | RenaissanceRe 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 | $ | (2,861) |  |  |  |  |  |  | $ | 366,934 |  |  | $ | 1,773,122 |  |  | $ | 2,137,195 |
Cash flows used in investing activities |  |  |  |  |  |  |  |  |  |  |
Proceeds from sales and maturities of fixed maturity investments trading | 306,579 |  |  |  |  |  |  | 60,737 |  |  | 16,946,624 |  |  | 17,313,940 |
Purchases of fixed maturity investments trading | (66,740) |  |  |  |  |  |  | (33,577) |  |  | (17,819,026) |  |  | (17,919,343) |
Net purchases of equity investments trading | — |  |  |  |  |  |  | — |  |  | (7,841) |  |  | (7,841) |
Net purchases of short term investments | (116,499) |  |  |  |  |  |  | (283,717) |  |  | (1,500,525) |  |  | (1,900,741) |
Net purchases of other investments | — |  |  |  |  |  |  | — |  |  | (202,878) |  |  | (202,878) |
Net purchases of investments in other ventures | — |  |  |  |  |  |  | — |  |  | (2,717) |  |  | (2,717) |
Return of investment from investment in other ventures | — |  |  |  |  |  |  | — |  |  | 11,250 |  |  | 11,250 |
Net purchases of other assets | — |  |  |  |  |  |  | — |  |  | (4,108) |  |  | (4,108) |
Dividends and return of capital from subsidiaries | 1,400,944 |  |  |  |  |  |  | 13,500 |  |  | (1,414,444) |  |  | — |
Contributions to subsidiaries | (1,165,607) |  |  |  |  |  |  | (125,000) |  |  | 1,290,607 |  |  | — |
Due (to) from subsidiaries | (625,924) |  |  |  |  |  |  | 250 |  |  | 625,674 |  |  | — |
Net cash used in investing activities | (267,247) |  |  |  |  |  |  | (367,807) |  |  | (2,353,590) |  |  | (2,988,644) |
Cash flows provided by financing activities |  |  |  |  |  |  |  |  |  |  |
Dividends paid – RenaissanceRe common shares | (59,368) |  |  |  |  |  |  | — |  |  | — |  |  | (59,368) |
Dividends paid – preference shares | (36,756) |  |  |  |  |  |  | — |  |  | — |  |  | (36,756) |
Issuance of debt, net of expenses | 396,411 |  |  |  |  |  |  | — |  |  | — |  |  | 396,411 |
Net third-party redeemable noncontrolling interest share transactions | — |  |  |  |  |  |  | — |  |  | 827,083 |  |  | 827,083 |
Taxes paid on withholding shares | (7,253) |  |  |  |  |  |  | — |  |  | — |  |  | (7,253) |
Net cash provided by financing activities | 293,034 |  |  |  |  |  |  | — |  |  | 827,083 |  |  | 1,120,117 |
Effect of exchange rate changes on foreign currency cash | — |  |  |  |  |  |  | — |  |  | 2,478 |  |  | 2,478 |
Net increase (decrease) in cash and cash equivalents | 22,926 |  |  |  |  |  |  | (873) |  |  | 249,093 |  |  | 271,146 |
Cash and cash equivalents, beginning of year | 3,534 |  |  |  |  |  |  | 9,604 |  |  | 1,094,784 |  |  | 1,107,922 |
Cash and cash equivalents, end of year | $ | 26,460 |  |  |  |  |  |  | $ | 8,731 |  |  | $ | 1,343,877 |  |  | $ | 1,379,068 |
(1)Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.
Condensed Consolidating Statement of Cash Flows for the year ended December 31, 2018 | RenaissanceRe 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 operating activities |  |  |  |  |  |  |  |  |  |  |
Net cash provided by operating activities | $ | 17,187 |  |  |  |  |  |  | $ | 62,645 |  |  | $ | 1,141,869 |  |  | $ | 1,221,701 |
Cash flows used in investing activities |  |  |  |  |  |  |  |  |  |  |
Proceeds from sales and maturities of fixed maturity investments trading | 384,818 |  |  |  |  |  |  | 56,518 |  |  | 11,144,240 |  |  | 11,585,576 |
Purchases of fixed maturity investments trading | (520,935) |  |  |  |  |  |  | (55,932) |  |  | (11,913,105) |  |  | (12,489,972) |
Net sales of equity investments trading | — |  |  |  |  |  |  | — |  |  | 14,156 |  |  | 14,156 |
Net sales (purchases) of short term investments | 48,600 |  |  |  |  |  |  | 455 |  |  | (1,485,444) |  |  | (1,436,389) |
Net purchases of other investments | — |  |  |  |  |  |  | — |  |  | (199,475) |  |  | (199,475) |
Net purchases of investments in other ventures | — |  |  |  |  |  |  | — |  |  | (21,473) |  |  | (21,473) |
Net sales of other assets | — |  |  |  |  |  |  | — |  |  | 2,500 |  |  | 2,500 |
Return of investment from investment in other ventures | — |  |  |  |  |  |  | — |  |  | 8,464 |  |  | 8,464 |
Dividends and return of capital from subsidiaries | 672,098 |  |  |  |  |  |  | — |  |  | (672,098) |  |  | — |
Contributions to subsidiaries | (785,785) |  |  |  |  |  |  | (65,000) |  |  | 850,785 |  |  | — |
Due (to) from to subsidiary | (227,762) |  |  |  |  |  |  | 9,449 |  |  | 218,313 |  |  | — |
Net cash used in investing activities | (428,966) |  |  |  |  |  |  | (54,510) |  |  | (2,053,137) |  |  | (2,536,613) |
Cash flows provided by financing activities |  |  |  |  |  |  |  |  |  |  |
Dividends paid – RenaissanceRe common shares | (52,841) |  |  |  |  |  |  | — |  |  | — |  |  | (52,841) |
Dividends paid – preference shares | (30,088) |  |  |  |  |  |  | — |  |  | — |  |  | (30,088) |
RenaissanceRe common share issuance | 250,000 |  |  |  |  |  |  | — |  |  | — |  |  | 250,000 |
Issuance of preference shares, net of expenses | 241,448 |  |  |  |  |  |  | — |  |  | — |  |  | 241,448 |
Net third-party redeemable noncontrolling interest share transactions | — |  |  |  |  |  |  | — |  |  | 665,683 |  |  | 665,683 |
Taxes paid on withholding shares | (7,862) |  |  |  |  |  |  | — |  |  | — |  |  | (7,862) |
Net cash provided by financing activities | 400,657 |  |  |  |  |  |  | — |  |  | 665,683 |  |  | 1,066,340 |
Effect of exchange rate changes on foreign currency cash | — |  |  |  |  |  |  | — |  |  | (5,098) |  |  | (5,098) |
Net (decrease) increase in cash and cash equivalents | (11,122) |  |  |  |  |  |  | 8,135 |  |  | (250,683) |  |  | (253,670) |
Cash and cash equivalents, beginning of year | 14,656 |  |  |  |  |  |  | 1,469 |  |  | 1,345,467 |  |  | 1,361,592 |
Cash and cash equivalents, end of year | $ | 3,534 |  |  |  |  |  |  | $ | 9,604 |  |  | $ | 1,094,784 |  |  | $ | 1,107,922 |
(1)Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.

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