XML 50 R34.htm IDEA: XBRL DOCUMENT v3.20.4

Schedule II. Condensed Financial Information Of Registrant

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information of Registrant

SCHEDULE II

RENAISSANCERE HOLDINGS LTD.

CONDENSED FINANCIAL INFORMATION OF REGISTRANT

RENAISSANCERE HOLDINGS LTD.

BALANCE SHEETS

AT DECEMBER 31, 2020 AND 2019

(PARENT COMPANY)

(THOUSANDS OF UNITED STATES DOLLARS)

			At December 31,
			2020						2019
Assets
Fixed maturity investments trading, at fair value - amortized cost $14,840 at December 31, 2020 (2019 - $998)			$	14,790					$	1,005
Short term investments, at fair value			125,392						189,446
Cash and cash equivalents			29,830						26,460
Investments in subsidiaries			6,757,962						5,204,260
Due from subsidiaries			2,435						10,725
Accrued investment income			34						—
Receivable for investments sold			18						173
Other assets			932,153						847,406
Goodwill and other intangible assets			112,110						116,212
Total assets			$	7,974,724					$	6,395,687
Liabilities and Shareholders’ Equity
Liabilities
Notes and bank loans payable			$	392,391					$	391,475
Due to subsidiaries			—						6,708
Other liabilities			22,085						26,137
Total liabilities			414,476						424,320
Shareholders’ Equity
Preference shares: $1.00 par value – 11,010,000 shares issued and outstanding at December 31, 2020 (2019 – 16,010,000)			525,000						650,000
Common shares: $1.00 par value – 50,810,618 shares issued and outstanding at December 31, 2020 (2019 – 44,148,116)			50,811						44,148
Additional paid-in capital			1,623,206						568,277
Accumulated other comprehensive loss			(12,642)						(1,939)
Retained earnings			5,373,873						4,710,881
Total shareholders’ equity			7,560,248						5,971,367
Total liabilities and shareholders’ equity			$	7,974,724					$	6,395,687

SCHEDULE II

RENAISSANCERE HOLDINGS LTD.

CONDENSED FINANCIAL INFORMATION OF REGISTRANT – CONTINUED

RENAISSANCERE HOLDINGS LTD.

STATEMENTS OF OPERATIONS

FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

(PARENT COMPANY)

(THOUSANDS OF UNITED STATES DOLLARS) 

			Year ended December 31,
			2020						2019						2018
Revenues
Net investment income			$	40,502					$	39,629					$	24,791
Net foreign exchange gains (losses)			10,729						7,342						(3)
Net realized and unrealized (losses) gains on investments			(4,556)						12,393						633
Total revenues			46,675						59,364						25,421
Expenses
Interest expense			15,583						18,086						5,683
Operational expenses			8,016						7,506						7,679
Corporate expenses			47,223						58,393						25,190
Total expenses			70,822						83,985						38,552
Loss before equity in net income of subsidiaries			(24,147)						(24,621)						(13,131)
Equity in net income of subsidiaries			786,552						773,419						240,495
Net income			762,405						748,798						227,364
Dividends on preference shares			(30,923)						(36,756)						(30,088)
Net income available to RenaissanceRe common shareholders			$	731,482					$	712,042					$	197,276

RENAISSANCERE HOLDINGS LTD.

STATEMENTS OF COMPREHENSIVE INCOME

FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

(PARENT COMPANY)

(THOUSANDS OF UNITED STATES DOLLARS) 

			Year ended December 31,
			2020						2019						2018
Comprehensive income
Net income			$	762,405					$	748,798					$	227,364
Change in net unrealized gains on investments, net of tax			606						2,173						(1,657)
Foreign currency translation adjustments, net of tax			(11,309)						(2,679)						—
Comprehensive income attributable to RenaissanceRe			$	751,702					$	748,292					$	225,707

SCHEDULE II

RENAISSANCERE HOLDINGS LTD.

CONDENSED FINANCIAL INFORMATION OF REGISTRANT – CONTINUED

RENAISSANCERE HOLDINGS LTD.

STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018

(PARENT COMPANY)

(THOUSANDS OF UNITED STATES DOLLARS)

			Year ended December 31,
			2020						2019						2018
Cash flows provided by (used in) operating activities:
Net income			$	762,405					$	748,798					$	227,364
Less: equity in net income of subsidiaries			(786,552)						(773,419)						(240,495)
			(24,147)						(24,621)						(13,131)
Adjustments to reconcile net income to net cash used in operating activities
Net realized and unrealized losses (gains) on investments			4,556						(12,393)						(633)
Other			37,782						34,153						30,951
Net cash provided by (used in) operating activities			18,191						(2,861)						17,187
Cash flows used in investing activities:
Proceeds from maturities and sales of fixed maturity investments trading			370,905						306,579						384,818
Purchases of fixed maturity investments trading			(384,415)						(66,740)						(520,935)
Net sales (purchases) of short term investments			64,209						(116,499)						48,600
Dividends and return of capital from subsidiaries			827,626						1,400,944						672,098
Contributions to subsidiaries			(1,623,708)						(1,165,607)						(785,785)
Due (to) from subsidiary			(65,438)						(625,924)						(227,762)
Net cash used in investing activities			(810,821)						(267,247)						(428,966)
Cash flows provided by financing activities:
Dividends paid – RenaissanceRe common shares			(68,490)						(59,368)						(52,841)
Dividends paid – preference shares			(30,923)						(36,756)						(30,088)
Issuance of debt, net of expenses			—						396,411						—
RenaissanceRe common share repurchases			(62,621)						—						—
RenaissanceRe common share issuance			1,095,507						—						250,000
Redemption of preference shares			(125,000)						—						—
Issuance of preference shares, net of expenses			—						—						241,448
Taxes paid on withholding shares			(12,330)						(7,253)						(7,862)
Net cash provided by financing activities			796,143						293,034						400,657
Effect of exchange rate changes on foreign currency cash			(143)						—						—
Net increase (decrease) in cash and cash equivalents			3,370						22,926						(11,122)
Cash and cash equivalents, beginning of year			26,460						3,534						14,656
Cash and cash equivalents, end of year			$	29,830					$	26,460					$	3,534

X

- References

No definition available.

+ Details

Name:	srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix:	srt_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section S99
-Paragraph 6
-Subparagraph (SX 210.5-04(Schedule I))
-URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

+ Details

Name:	us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration