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Segment Reporting
 3 Months Ended
Mar. 31, 2021
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 and managed funds, 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 and managed funds. 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 and certain expenses related to acquisitions and disposals.
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 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 March 31, 2021PropertyCasualty and SpecialtyOtherTotal
Gross premiums written$1,616,819 $1,035,623 $— $2,652,442 
Net premiums written$1,008,460 $815,623 $— $1,824,083 
Net premiums earned$605,166 $548,670 $— $1,153,836 
Net claims and claim expenses incurred
498,832 368,219 — 867,051 
Acquisition expenses112,754 154,480 — 267,234 
Operational expenses35,375 19,936 — 55,311 
Underwriting (loss) income$(41,795)$6,035 $— (35,760)
Net investment income79,804 79,804 
Net foreign exchange losses(22,788)(22,788)
Equity in earnings of other ventures
(5,558)(5,558)
Other income2,171 2,171 
Net realized and unrealized losses on investments(345,563)(345,563)
Corporate expenses(10,405)(10,405)
Interest expense(11,912)(11,912)
Loss before taxes(350,011)
Income tax benefit19,516 19,516 
Net loss attributable to redeemable noncontrolling interests46,850 46,850 
Dividends on preference shares(7,289)(7,289)
Net loss attributable to RenaissanceRe common shareholders$(290,934)
Net claims and claim expenses incurred – current accident year
$503,994 $372,089 $— $876,083 
Net claims and claim expenses incurred – prior accident years
(5,162)(3,870)— (9,032)
Net claims and claim expenses incurred – total
$498,832 $368,219 $— $867,051 
Net claims and claim expense ratio – current accident year
83.3 %67.8 %75.9 %
Net claims and claim expense ratio – prior accident years
(0.9)%(0.7)%(0.8)%
Net claims and claim expense ratio – calendar year
82.4 %67.1 %75.1 %
Underwriting expense ratio24.5 %31.8 %28.0 %
Combined ratio106.9 %98.9 %103.1 %
Three months ended March 31, 2020PropertyCasualty and SpecialtyOtherTotal
Gross premiums written$1,220,526 $805,195 $— $2,025,721 
Net premiums written$674,581 $595,227 $— $1,269,808 
Net premiums earned$421,335 $491,763 $— $913,098 
Net claims and claim expenses incurred
144,745 426,209 — 570,954 
Acquisition expenses85,351 125,253 — 210,604 
Operational expenses44,007 23,454 — 67,461 
Underwriting income (loss)$147,232 $(83,153)$— 64,079 
Net investment income99,473 99,473 
Net foreign exchange losses(5,728)(5,728)
Equity in earnings of other ventures
4,564 4,564 
Other loss(4,436)(4,436)
Net realized and unrealized losses on investments(110,707)(110,707)
Corporate expenses(15,991)(15,991)
Interest expense(14,927)(14,927)
Income before taxes
16,327 
Income tax benefit8,846 8,846 
Net income attributable to redeemable noncontrolling interests
(98,091)(98,091)
Dividends on preference shares(9,056)(9,056)
Net loss attributable to RenaissanceRe common shareholders$(81,974)
Net claims and claim expenses incurred – current accident year
$130,844 $426,210 $— $557,054 
Net claims and claim expenses incurred – prior accident years
13,901 (1)— 13,900 
Net claims and claim expenses incurred – total
$144,745 $426,209 $— $570,954 
Net claims and claim expense ratio – current accident year
31.1 %86.7 %61.0 %
Net claims and claim expense ratio – prior accident years
3.3 %— %1.5 %
Net claims and claim expense ratio – calendar year
34.4 %86.7 %62.5 %
Underwriting expense ratio
30.7 %30.2 %30.5 %
Combined ratio
65.1 %116.9 %93.0 %