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ACQUISITION OF VALIDUS (Tables) | 12 Months Ended
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Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract] |
Schedule of Acquisition Purchase Price and Financial Results | The Company’s total consideration for Validus was calculated as follows:
| RenaissanceRe Common Shares |  |  |  |
| Common shares issued by RenaissanceRe to AIG | 1,323 |  |  |  |
| Common share price of RenaissanceRe (1) | $ | 215.62 |  |  |  |
| Market value of RenaissanceRe common shares issued by RenaissanceRe to AIG |  |  | $ | 285,168 |  |
| Cash Consideration |  |  |  |
| Cash consideration funded by net proceeds from the issuance of common shares of RenaissanceRe to the public market | $ | 1,351,608 |  |  |  |
| Cash consideration funded by net proceeds from the issuance of Senior Notes | 740,581 |  |  |  |
| Cash consideration funded by available cash resources | 642,811 |  |  |  |
| Total cash consideration paid by RenaissanceRe as acquisition consideration |  |  | 2,735,000 |  |
| Total purchase price |  |  | $ | 3,020,168 |  |
(1) The common share price of RenaissanceRe is based on the closing price of $226.97 per RenaissanceRe common share on the closing date of the Validus Acquisition, November 1, 2023 with a 5% discount to reflect restrictions on the transfer of those shares. The following table summarizes the net contribution from the acquisition of Validus since November 1, 2023 that was included in the Company’s consolidated statements of operations and comprehensive income for the year ended December 31, 2023. Operating activities of Validus from the acquisition date, November 1, 2023, through December 31, 2023 are included in the Company’s consolidated statements of operations for the year ended December 31, 2023. The unaudited net contribution of the acquisition and integration of Validus is provided for informational purposes only and is not necessarily, and should not be assumed to be, an indication of the results that may be achieved in the future. These results are not used as a part of management’s analysis of the financial performance of the Company’s business. These results primarily reflect items recorded directly by Validus from November 1, 2023 through December 31, 2023, including: 1) net premiums earned and net underwriting income on the in-force portfolio acquired with the acquisition of Validus and previously retained on Validus entities’ balance sheets; 2) net premiums earned and net underwriting income for those contracts which renewed post-acquisition on one of the acquired Validus entities’ balance sheets; 3) net investment income and net realized and unrealized gains recorded directly by Validus; and 4) certain direct costs incurred directly by Validus. In addition, these results, where possible, were adjusted for transaction and integration related costs incurred by the Company. However, these results do not reflect on-going operating costs incurred by the Company in supporting Validus unless such costs were incurred directly by Validus. These results also do not give consideration to the impact of possible revenue enhancements, expense efficiencies, synergies or asset dispositions that may be achieved in the future. These results involve significant estimates and are not indicative of the future results of the acquired Validus entities which have been, and will continue to be impacted by potential changes in targeted business mix, investment management strategies, and synergies recognized from changes in the combined entity’s operating structure, as well as the impact of changes in other business and capital management strategies.
|  |  |  | Year ended December 31, 2023 (1) |
| Total revenues |  |  | $ | 696,888 |  |
| Net income (loss) available (attributable) to RenaissanceRe common shareholders (2) |  |  | $ | 307,802 |  |
(1) Includes the net contribution from the acquisition of Validus since November 1, 2023 that was included in the Company’s consolidated statements of operations and comprehensive income through December 31, 2023. (2) Includes $76.4 million of corporate expenses associated with the acquisition and integration of Validus for the year ended December 31, 2023.
Schedule of Fair Value of Net Assets Acquired and Liabilities Assumed | The purchase price was allocated to the acquired assets and liabilities of the Company based on estimated fair values on November 1, 2023, the date the transaction closed, as detailed in the table below:
Assets: |  |  |
Cash and cash equivalents |  | $ | 301,253 |  |
Investments trading |  | 3,248,242 |  |
Short term investments |  | 1,659,902 |  |
Investments in other ventures, under equity method |  | 3,997 |  |
Reinsurance premiums receivable |  | 2,014,359 |  |
Prepaid reinsurance premiums |  | 126,750 |  |
Losses recoverable (1) |  | 1,297,270 |  |
Accrued investment income |  | 21,441 |  |
Deferred acquisition costs and value of business acquired |  | 617,000 |  |
Other assets |  | 70,557 |  |
Identifiable intangible assets |  | 460,884 |  |
Total assets |  | 9,821,655 |  |
Liabilities: |  |  |
Reserve for claims and claim expenses (1) |  | 4,628,952 |  |
Reserve for unearned premiums |  | 1,804,029 |  |
Reinsurance balances payable |  | 298,003 |  |
Accounts payable and accrued liabilities |  | 120,994 |  |
Deferred tax liability |  | 39,157 |  |
Total liabilities |  | 6,891,135 |  |
Total identifiable net assets acquired |  | 2,930,520 |  |
Total purchase price |  | 3,020,168 |  |
Goodwill |  | $ | 89,648 |  |
(1)Includes the net fair value adjustment of $192.0 million to net claims and claim expenses on November 1, 2023, which was made up of a $76.8 million decrease to losses recoverable and a $268.9 million decrease to reserve for claims and claim expenses.
Schedule of Identifiable Intangible Assets Acquired | Identifiable indefinite lived and finite lived intangible assets consisted of the following and are included in goodwill and other intangible assets on the Company’s consolidated balance sheet:
|  | Amount |  | Economic Useful Life |
| Agent relationships - top four | $ | 195,000 |  |  | 15 years |
| Agent relationships - other | $ | 9,000 |  |  | 5 years |
| Managing General Agent (“MGA”) relationships | $ | 3,000 |  |  | 15 years |
| Trade name | 5,000 |  |  | 0.5 years |
| Renewal rights | 215,000 |  |  | 15 years |
| Asset management contracts | 20,000 |  |  | 4 years |
| Insurance licenses | 13,884 |  |  | Indefinite |
| Gross identifiable intangible assets related to the acquisition of Validus, at November 1, 2023 | 460,884 |  |  |  |
| Accumulated amortization (from November 1, 2023 through December 31, 2023), net of foreign exchange | 7,818 |  |  |  |
| Net identifiable intangible assets related to the acquisition of Validus at December 31, 2023 | $ | 453,066 |  |  |  |
Schedule of Pro Forma Information | The following table presents unaudited pro forma consolidated financial information for the years ended December 31, 2023 and 2022, respectively, and assumes the acquisition of Validus occurred on January 1, 2022. The unaudited pro forma consolidated financial information is provided for informational purposes only and is not necessarily, and should not be assumed to be, an indication of the results that would have been achieved had the transaction been completed as of January 1, 2022 or that may be achieved in the future. The unaudited pro forma consolidated financial information does not give consideration to the impact of possible revenue enhancements, expense efficiencies, synergies or asset dispositions that may result from the acquisition of Validus. In addition, unaudited pro forma consolidated financial information does not include the effects of costs associated with any restructuring or integration activities resulting from the acquisition of Validus, as they are nonrecurring.
| Year ended December 31, |  |  |  |  | 2023 |  | 2022 |
| Total revenues |  |  |  |  | $ | 11,611,682 |  |  | $ | 7,169,338 |  |
| Net income (loss) available (attributable) to RenaissanceRe common shareholders |  |  |  |  | $ | 2,926,518 |  |  | $ | (1,552,425) |  |

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