XML 45 R26.htm IDEA: XBRL DOCUMENT
v3.25.0.1

STATUTORY REQUIREMENTS | 12 Months Ended
--- | ---
Dec. 31, 2024
Insurance [Abstract] |
STATUTORY REQUIREMENTS | STATUTORY REQUIREMENTS The Company’s (re)insurance operations are subject to insurance laws and regulations in the jurisdictions in which they operate, the most significant of which currently include Bermuda, Switzerland, the U.K. and the U.S. These regulations include certain restrictions on the amount of dividends or other distributions, such as loans or cash advances, available to shareholders without prior approval of the respective regulatory authorities. The following table summarizes the statutory capital and surplus and required minimum statutory capital and surplus of the Company’s primary regulated insurance operations in its most significant regulatory jurisdictions:
|  | Bermuda (1) |  | Switzerland (2) |  | U.K. (3) |  | U.S. (4) |
| At December 31, | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |
| Statutory capital and surplus | $ | 11,793,261 |  |  | $ | 12,141,907 |  |  | $ | 1,908,106 |  |  | $ | 2,644,998 |  |  | $ | 952,309 |  |  | $ | 935,776 |  |  | $ | 1,255,304 |  |  | $ | 1,044,010 |  |
| Required statutory capital and surplus | 2,686,108 |  |  | 2,284,208 |  |  | 1,049,922 |  |  | 987,707 |  |  | 952,309 |  |  | 935,776 |  |  | 967,735 |  |  | 794,061 |  |
(1)Includes Renaissance Reinsurance, DaVinci Reinsurance, RenaissanceRe Specialty U.S., Vermeer, Fontana and Validus Re (which was acquired in on November 1, 2023). The Company’s primary Bermuda-domiciled insurance subsidiaries’ required statutory capital and surplus is based on the minimum solvency margin. On October 1, 2024, Renaissance Reinsurance and Validus Re were amalgamated. The previously reported statutory capital and surplus and required statutory capital and surplus at December 31, 2023 have been updated to actual amounts filed and reflect guidance received by the BMA on February 23, 2024 related to the impact of the CIT in the statutory financial statements. (2)Includes RREAG and its branches in Australia, Bermuda, the U.K. and the U.S., and Validus Switzerland (which was acquired on November 1, 2023) and its Bermuda branch. On June 21, 2024, Validus Switzerland merged into RREAG. (3)Includes Syndicate 1458. With respect to statutory capital and surplus and required statutory capital and surplus, underwriting capacity of a member of Lloyd’s must be supported by providing a deposit in the form of cash, securities or letters of credit, which are referred to as FAL. Syndicate 1458 is capitalized by its FAL, with the related assets not held on its balance sheet. (4)Includes Renaissance Reinsurance U.S. The following table summarizes the statutory net income (loss) of the Company’s primary regulated insurance operations in its most significant regulatory jurisdictions:
|  | Statutory Net Income (Loss) |
|  | Bermuda (1) |  | Switzerland (2) |  | U.K. (3) |  | U.S. (4) |
| Year ended December 31, 2024 | $ | 2,056,265 |  |  | $ | 312,000 |  |  | $ | 89,169 |  |  | $ | (87,897) |  |
| Year ended December 31, 2023 | 2,699,083 |  |  | 225,751 |  |  | 158,258 |  |  | (17,618) |  |
| Year ended December 31, 2022 | (706,676) |  |  | (244,035) |  |  | (24,573) |  |  | 35,344 |  |
(1)Includes Renaissance Reinsurance, DaVinci Reinsurance, RenaissanceRe Specialty U.S., Vermeer, Fontana and Validus Re (which was acquired in on November 1, 2023). On October 1, 2024, Renaissance Reinsurance and Validus Re were amalgamated. (2)Includes RREAG and its branches in Australia, Bermuda, the U.K. and the U.S., and Validus Switzerland and its Bermuda branch (which was acquired on November 1, 2023). On June 21, 2024 Validus Switzerland merged into RREAG. (3)Includes Syndicate 1458. (4)Includes Renaissance Reinsurance U.S. The difference between statutory financial statements and statements prepared in accordance with GAAP varies by jurisdiction; however, the primary difference is that for the Company’s regulated entities the statutory financial statements generally do not reflect goodwill and intangible assets. Also, in the U.S., fixed maturity investments are generally recorded at amortized cost and deferred income tax is charged directly to equity. In the U.S. and Bermuda, deferred acquisition costs are generally not reflected in the statutory financial statements. In Switzerland, currency translation adjustment losses are directly charged to net income (loss), while translation gains are not admissible and reflected as translation reserve on the statutory balance sheet. In addition, fixed maturity investments are carried at the lower of amortized cost and market value and recognition of equalization reserves is allowed. The prudence principle standard also allows for valuating certain assets below their nominal value. None of the Company’s insurance subsidiaries used permitted practices that prevented the trigger of a regulatory event during the years ended December 31, 2024, 2023 and 2022. Dividend Restrictions of RenaissanceRe As a Bermuda-domiciled holding company, RenaissanceRe has limited operations of its own. Its assets consist primarily of investments in subsidiaries and cash and securities. As a result, the Company relies primarily on dividends and distributions (and other statutorily permissible payments) from its subsidiaries, investment income and fee income to meet its liquidity requirements, which primarily include making principal and interest payments on its debt, and dividend payments to its preference and common shareholders. The payment of dividends by the Company’s subsidiaries is, under certain circumstances, limited by the applicable laws and regulations in the various jurisdictions in which the subsidiaries operate, including Bermuda, the U.S., the U.K., Switzerland, Australia, Singapore and Ireland. In addition, insurance laws require the Company’s insurance subsidiaries to maintain certain measures of solvency and liquidity. Bermuda Bermuda-registered insurance companies are regulated under the Bermuda Insurance Act 1978, as amended, and related regulations (collectively, the “Insurance Act”), which impose various requirements depending on a company’s classification under the Insurance Act. The Company and certain of its Bermuda-registered insurers are generally required to maintain available statutory economic capital and surplus at a level at least equal to their enhanced capital requirement (“ECR”), which is established by reference to the Bermuda Capital and Solvency Ratio (“BSCR”) model. The ECR may be adjusted by the BMA if it concludes that the insurer’s risk profile deviates significantly from the assumptions underlying its ECR or the insurer’s assessment of its risk management policies and practices used to calculate the ECR. The BMA has established a target capital level applicable to certain registration categories, and to insurance groups, equal to 120% of the applicable ECR. Failure to maintain statutory capital at least equal to the target capital level would likely result in increased BMA regulatory oversight. The Company and certain of its Bermuda-registered insurers are generally required to file an annual BSCR with the BMA. The Company’s 2023 group BSCR was filed with the BMA on May 31, 2024 with a BSCR ratio of 263%. Renaissance Reinsurance and DaVinci Reinsurance are registered as Class 4 general business insurers, RenaissanceRe Specialty U.S. and Vermeer are registered as Class 3B general business insurers, and Fontana Reinsurance Ltd. and Fontana Reinsurance U.S. Ltd. are registered as Class 3A general business insurers under the Insurance Act. Class 4, Class 3B and Class 3A insurers are required to maintain available statutory economic capital and surplus at a target capital level equal to 120% of the ECR. Unlike other (re)insurers, special purpose insurers and collateralized insurers are fully funded to meet their (re)insurance obligations. RenaissanceRe Europe AG, Bermuda Branch, a Class 3B general business insurer, has modified requirements, which are addressed under Switzerland, below. Class 4, Class 3B and Class 3A insurers are prohibited from declaring or paying any dividends if in breach of the required minimum solvency margin or minimum liquidity ratio, or if the declaration or payment of such dividend would cause the insurer to fail to meet the required minimum solvency margin or minimum liquidity ratio. Further, certain categories of insurers are prohibited to declare or pay dividends over certain thresholds without the BMA’s approval. These restrictions on declaring or paying dividends and distributions under the Insurance Act are in addition to the solvency requirements under the Bermuda Companies Act 1981. Switzerland RREAG is a reinsurance company licensed and supervised by the Swiss Financial Market Supervisory Authority FINMA (“FINMA”).The minimum capital requirement for a Swiss reinsurance company under the Insurance Supervisory Act for reinsurance license class C1 is CHF 10 million. RREAG must further maintain adequate solvency and provide for sufficient free and unencumbered capital in relation to its activities in accordance with the Swiss Solvency Test (“SST”). The solvency requirement is met if the available risk-bearing capital exceeds the required target capital. It is then assessed whether the identified available capital can meet the SST requirements and is sufficient to cover the company’s obligations in less favorable scenarios. RREAG maintains branch operations in Australia, Bermuda, the U.K. and the U.S., each in accordance with applicable local regulations, which may include statutory capital requirements. RREAG may only distribute dividends out of its retained earnings or distributable reserves based on the audited annual accounts of the company. Any distribution of dividends remains subject to the approval of FINMA (as a change of the regulatory business plan) if they have a bearing on the solvency of the reinsurer and/or the interests of the insured. The solvency and capital requirements must still be met following any distribution. U.K. The underwriting capacity of a member of Lloyd’s must be supported by providing a deposit, referred to as “Funds at Lloyd’s” or “FAL,” in the form of cash, securities or letters of credit in an amount determined under the capital adequacy regime of the U.K. Prudential Regulatory Authority (“PRA”). The amount of such deposit is calculated for each member through the completion of a quarterly capital adequacy exercise. Under these requirements, Lloyd’s must demonstrate that each member has sufficient assets to meet its underwriting liabilities plus a required solvency margin. The amount of FAL for Syndicate 1458 is determined by Lloyd’s and is based on Syndicate 1458’s solvency and capital requirement as calculated through its internal model. Dividends from a Lloyd’s managing agent and a Lloyd’s corporate member can be declared and paid provided the relevant company has sufficient profits available for distribution. U.S. Renaissance Reinsurance U.S. is required to meet certain minimum statutory capital and surplus requirements under Maryland law. Renaissance Reinsurance U.S. is also subject to risk-based capital (“RBC”) requirements under Maryland law, and must file an annual report of its RBC levels. If the report shows Renaissance Reinsurance U.S.’s statutory capital and surplus or total adjusted capital is below certain levels, Renaissance Reinsurance U.S. may be required to take certain corrective action or the Maryland Insurance Administration (“MIA”) may be permitted or required to take certain regulatory action. Maryland law places limitations on the amounts of dividends or distributions payable by Renaissance Reinsurance U.S. At December 31, 2024, Renaissance Reinsurance U.S. had an ordinary dividend capacity of $125.5 million which can be paid in 2025. Payment of ordinary dividends by Renaissance Reinsurance U.S. requires notice to the MIA. Declaration of an extraordinary dividend, which must be paid out of earned surplus, generally requires thirty days’ prior notice to and approval or non-disapproval of the MIA. An extraordinary dividend includes any dividend whose fair market value together with that of other dividends or distributions made within the preceding twelve months exceeds the lesser of (1) ten percent of the insurer’s surplus as regards policyholders as of December 31 of the preceding year or (2) the insurer’s net investment income, excluding realized capital gains (as determined under statutory accounting principles), for the twelve month period ending December 31 of the preceding year and pro rata distributions of any class of the insurer’s own securities, plus any amounts of net investment income (subject to the foregoing exclusions), in the three calendar years prior to the preceding year which have not been distributed. Multi-Beneficiary Reinsurance Trusts Each of Renaissance Reinsurance, DaVinci Reinsurance, and RREAG was approved as a Trusteed Reinsurer and established a multi-beneficiary reinsurance trust (“MBRT”) to collateralize its (re)insurance liabilities. The MBRTs are subject to rules and regulations including but not limited to certain minimum capital funding requirements, investment guidelines, capital distribution restrictions and regulatory reporting requirements. The following table summarizes the assets held under trust and minimum amount required with respect to the MBRTs:
| At December 31. | 2024 |  | 2023 |
|  | Assets Held Under Trust |  | Minimum Amount Required |  | Assets Held Under Trust |  | Minimum Amount Required |
| Renaissance Reinsurance (1) | $ | 954,114 |  |  | $ | 554,119 |  |  | $ | 1,209,808 |  |  | $ | 910,646 |  |
| DaVinci Reinsurance | 179,849 |  |  | 47,179 |  |  | 174,352 |  |  | 114,203 |  |
| RREAG (2) | 1,463,275 |  |  | 1,312,796 |  |  | 1,342,339 |  |  | 1,298,712 |  |
(1) Renaissance Reinsurance and Validus Re amalgamated on October 1, 2024. Comparative information for 2023 has been reclassified to include Validus Re. (2) RREAG and Validus Switzerland merged on June 21, 2024, with RREAG being the successor to the MBRTs held by Validus Switzerland. Multi-Beneficiary Reduced Collateral Reinsurance Trusts Each of Renaissance Reinsurance, RREAG and DaVinci Reinsurance has been approved as a “certified reinsurer” eligible for collateral reduction in certain states, and are authorized to provide reduced collateral equal to 20%, 20% and 50%, respectively, of their net outstanding insurance liabilities to insurers domiciled in each of those states. Each of Renaissance Reinsurance, RREAG and DaVinci Reinsurance has established a multi-beneficiary reduced collateral reinsurance trust to collateralize its (re)insurance liabilities associated with cedants domiciled in those states. The reduced collateral reinsurance trusts are subject to rules and regulations including but not limited to certain minimum capital funding requirements, investment guidelines, capital distribution restrictions and regulatory reporting requirements. The following table summarizes the assets held under trust and minimum amount required with respect to the reduced collateral reinsurance trusts:
| At December 31. | 2024 |  | 2023 |
|  | Assets Held Under Trust |  | Minimum Amount Required |  | Assets Held Under Trust |  | Minimum Amount Required |
| Renaissance Reinsurance | $ | 187,742 |  |  | $ | 83,622 |  |  | $ | 193,922 |  |  | $ | 129,380 |  |
| DaVinci Reinsurance | 220,542 |  |  | 73,210 |  |  | 215,560 |  |  | 125,184 |  |
| RREAG | 101,252 |  |  | $ | 67,671 |  |  | 103,632 |  |  | 75,380 |  |

X
- Definition Dividend Restrictions and Statutory Requirements Disclosure [Text Block] + References No definition available. + Details
Name: | rnr_DividendRestrictionsandStatutoryRequirementsDisclosureTextBlock
Namespace Prefix: | rnr_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InsuranceAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration