Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 17, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | RENAISSANCERE HOLDINGS LTD. | ||
Trading Symbol | RNR | ||
Entity Central Index Key | 913,144 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 40,944,207 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 4,756.6 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Fixed maturity investments trading, at fair value - amortized cost $6,920,690 at December 31, 2016 (2015 - $6,825,877) | $ 6,891,244 | $ 6,765,005 |
Fixed maturity investments available for sale, at fair value - amortized cost $Nil at December 31, 2016 (2015 - $15,943) | 0 | 17,813 |
Short term investments, at fair value | 1,368,379 | 1,208,401 |
Equity investments trading, at fair value | 383,313 | 393,877 |
Other investments, at fair value | 549,805 | 481,621 |
Investments in other ventures, under equity method | 124,227 | 132,351 |
Total investments | 9,316,968 | 8,999,068 |
Cash and cash equivalents | 421,157 | 506,885 |
Premiums receivable | 987,323 | 778,009 |
Prepaid reinsurance premiums | 441,260 | 230,671 |
Reinsurance recoverable | 279,564 | 134,526 |
Accrued investment income | 38,076 | 39,749 |
Deferred acquisition costs | 335,325 | 199,380 |
Receivable for investments sold | 105,841 | 220,834 |
Other assets | 175,382 | 181,011 |
Goodwill and other intangible assets | 251,186 | 265,154 |
Total assets | 12,352,082 | 11,555,287 |
Liabilities | ||
Reserve for claims and claim expenses | 2,848,294 | 2,767,045 |
Unearned premiums | 1,231,573 | 889,102 |
Debt | 948,663 | 960,495 |
Reinsurance balances payable | 673,983 | 523,974 |
Payable for investments purchased | 305,714 | 391,378 |
Other liabilities | 301,684 | 245,145 |
Total liabilities | 6,309,911 | 5,777,139 |
Commitments and Contingencies | ||
Redeemable noncontrolling interests | 1,175,594 | 1,045,964 |
Shareholders' Equity | ||
Preference shares: $1.00 par value – 16,000,000 shares issued and outstanding at December 31, 2016 (2015 – 16,000,000) | 400,000 | 400,000 |
Common shares: $1.00 par value – 41,187,413 shares issued and outstanding at December 31, 2016 (2015 – 43,701,064) | 41,187 | 43,701 |
Additional paid-in capital | 216,558 | 507,674 |
Accumulated other comprehensive income | 1,133 | 2,108 |
Retained earnings | 4,207,699 | 3,778,701 |
Total shareholders’ equity attributable to RenaissanceRe | 4,866,577 | 4,732,184 |
Total liabilities, noncontrolling interests and shareholders’ equity | $ 12,352,082 | $ 11,555,287 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Fixed maturity investments trading, Amortized cost | $ 6,920,690 | $ 6,825,877 |
Fixed maturity investments available-for-sale, Amortized cost | $ 0 | $ 15,943 |
Preference Shares, Par Value (In dollars per share) | $ 1 | $ 1 |
Preference Shares, Shares issued (In shares) | 16,000,000 | 16,000,000 |
Preference shares, Shares outstanding (In shares) | 16,000,000 | 16,000,000 |
Common Shares, Par Value (In dollars per share) | $ 1 | $ 1 |
Common Shares, Shares issued (In shares) | 41,187,413 | 43,701,064 |
Common Shares, Shares outstanding (In shares) | 41,187,413 | 43,701,064 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues | |||||||||||
Gross premiums written | $ 323,091 | $ 430,224 | $ 759,128 | $ 862,133 | $ 336,093 | $ 369,642 | $ 661,997 | $ 643,578 | $ 2,374,576 | $ 2,011,310 | $ 1,550,572 |
Net premiums written | 219,499 | 284,222 | 519,916 | 511,675 | 236,651 | 266,820 | 508,677 | 404,035 | 1,535,312 | 1,416,183 | 1,068,236 |
Increase in unearned premiums | 132,402 | 62,299 | (168,514) | (158,069) | 124,924 | 95,568 | (128,849) | (107,275) | (131,882) | (15,632) | (5,820) |
Net premiums earned | 351,901 | 346,521 | 351,402 | 353,606 | 361,575 | 362,388 | 379,828 | 296,760 | 1,403,430 | 1,400,551 | 1,062,416 |
Net investment income | 47,316 | 51,423 | 54,124 | 28,863 | 45,918 | 28,338 | 38,604 | 39,707 | 181,726 | 152,567 | 124,316 |
Net foreign exchange (losses) gains | (5,420) | (5,986) | (690) | (1,692) | 1,203 | 616 | (1,740) | (3,130) | (13,788) | (3,051) | 6,260 |
Equity in earnings of other ventures | 4,960 | (11,630) | 6,022 | 1,611 | 3,296 | 5,730 | 6,160 | 5,295 | 963 | 20,481 | 26,075 |
Other income (loss) | 5,177 | 2,268 | 2,654 | 4,079 | 8,200 | 2,306 | 1,427 | 1,539 | 14,178 | 13,472 | (423) |
Net realized and unrealized gains (losses) on investments | (49,967) | 59,870 | 69,772 | 61,653 | (42,817) | (41,138) | (26,712) | 41,749 | 141,328 | (68,918) | 41,433 |
Total revenues | 353,967 | 442,466 | 483,284 | 448,120 | 377,375 | 358,240 | 397,567 | 381,920 | 1,727,837 | 1,515,102 | 1,260,077 |
Expenses | |||||||||||
Net claims and claim expenses incurred | 123,901 | 112,575 | 167,750 | 126,605 | 102,013 | 100,028 | 169,344 | 76,853 | 530,831 | 448,238 | 197,947 |
Acquisition expenses | 74,146 | 80,580 | 69,005 | 65,592 | 55,399 | 78,126 | 61,666 | 43,401 | 289,323 | 238,592 | 144,476 |
Operational expenses | 49,948 | 40,493 | 51,073 | 56,235 | 64,300 | 54,518 | 54,673 | 45,621 | 197,749 | 219,112 | 190,639 |
Corporate expenses | 11,888 | 11,537 | 5,752 | 8,225 | 10,791 | 7,322 | 12,868 | 45,533 | 37,402 | 76,514 | 22,749 |
Interest expense | 10,534 | 10,536 | 10,536 | 10,538 | 10,550 | 10,542 | 9,862 | 5,316 | 42,144 | 36,270 | 17,402 |
Total expenses | 270,417 | 255,721 | 304,116 | 267,195 | 243,053 | 250,536 | 308,413 | 216,724 | 1,097,449 | 1,018,726 | 573,213 |
Income before taxes | 83,550 | 186,745 | 179,168 | 180,925 | 134,322 | 107,704 | 89,154 | 165,196 | 630,388 | 496,376 | 686,864 |
Income tax (expense) benefit | 7,700 | 1,316 | (6,612) | (2,744) | (8,453) | 4,573 | 1,842 | 47,904 | (340) | 45,866 | (608) |
Net income | 91,250 | 188,061 | 172,556 | 178,181 | 125,869 | 112,277 | 90,996 | 213,100 | 630,048 | 542,242 | 686,256 |
Net income attributable to noncontrolling interests | (16,219) | (35,641) | (30,635) | (44,591) | (28,068) | (31,153) | (12,167) | (39,662) | (127,086) | (111,050) | (153,538) |
Net income attributable to RenaissanceRe | 75,031 | 152,420 | 141,921 | 133,590 | 97,801 | 81,124 | 78,829 | 173,438 | 502,962 | 431,192 | 532,718 |
Dividends on preference shares | (5,595) | (5,595) | (5,596) | (5,595) | (5,595) | (5,595) | (5,596) | (5,595) | (22,381) | (22,381) | (22,381) |
Net income available to RenaissanceRe common shareholders | $ 69,436 | $ 146,825 | $ 136,325 | $ 127,995 | $ 92,206 | $ 75,529 | $ 73,233 | $ 167,843 | $ 480,581 | $ 408,811 | $ 510,337 |
Net income available to RenaissanceRe common shareholders per common share – basic, in dollars per share | $ 1.70 | $ 3.58 | $ 3.23 | $ 2.97 | $ 2.11 | $ 1.68 | $ 1.60 | $ 4.18 | $ 11.50 | $ 9.36 | $ 12.77 |
Net income available to RenaissanceRe common shareholders per common share – diluted, in dollars per share | $ 1.69 | $ 3.56 | $ 3.22 | $ 2.95 | $ 2.09 | $ 1.66 | $ 1.59 | $ 4.14 | 11.43 | 9.28 | 12.60 |
Dividends per common share, in dollars per share | $ 1.24 | $ 1.2 | $ 1.16 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Comprehensive income | |||
Net income | $ 630,048 | $ 542,242 | $ 686,256 |
Change in net unrealized gains on investments | (975) | (1,308) | (715) |
Comprehensive income | 629,073 | 540,934 | 685,541 |
Net income attributable to redeemable noncontrolling interests | (127,086) | (111,050) | (153,538) |
Comprehensive income attributable to redeemable noncontrolling interests | (127,086) | (111,050) | (153,538) |
Comprehensive income attributable to RenaissanceRe | 501,987 | 429,884 | 532,003 |
Disclosure regarding net unrealized gains | |||
Total net realized and unrealized holding gains (losses) on investments | 403 | (982) | (715) |
Net realized gains on fixed maturity investments available for sale | (1,378) | (326) | 0 |
Change in net unrealized gains on investments | $ (975) | $ (1,308) | $ (715) |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Shareholders' Equity - USD ($) $ in Thousands | Total | Preference shares | Common shares | Additional paid-in capital | Accumulated other comprehensive income | Retained earnings |
Beginning of period at Dec. 31, 2013 | $ 400,000 | $ 43,646 | $ 0 | $ 4,131 | $ 3,456,607 | |
Statement of Changes in Stockholders' Equity | ||||||
Issuance of shares | 0 | 0 | ||||
Repurchase of shares | (5,355) | (11,702) | (497,175) | |||
Change in redeemable noncontrolling interest | 1,274 | |||||
Exercise of options and issuance of restricted stock awards | 151 | 10,428 | ||||
Change in net unrealized gains on investments | $ 715 | (715) | ||||
Net income | 686,256 | 686,256 | ||||
Net income attributable to noncontrolling interests | (153,538) | (153,538) | ||||
Dividends on common shares | (45,912) | |||||
Dividends on preference shares | (22,381) | (22,381) | ||||
End of period at Dec. 31, 2014 | 400,000 | 38,442 | 0 | 3,416 | 3,423,857 | |
Statement of Changes in Stockholders' Equity | ||||||
Total shareholders’ equity | 3,865,715 | |||||
Issuance of shares | 7,435 | 754,384 | ||||
Repurchase of shares | (2,473) | (257,401) | 0 | |||
Change in redeemable noncontrolling interest | (762) | |||||
Exercise of options and issuance of restricted stock awards | 297 | 11,453 | ||||
Change in net unrealized gains on investments | 1,308 | (1,308) | ||||
Net income | 542,242 | 542,242 | ||||
Net income attributable to noncontrolling interests | (111,050) | (111,050) | ||||
Dividends on common shares | (53,967) | |||||
Dividends on preference shares | (22,381) | (22,381) | ||||
End of period at Dec. 31, 2015 | 4,732,184 | 400,000 | 43,701 | 507,674 | 2,108 | 3,778,701 |
Statement of Changes in Stockholders' Equity | ||||||
Total shareholders’ equity | 4,732,184 | |||||
Issuance of shares | 0 | 0 | ||||
Repurchase of shares | (2,741) | (306,693) | 0 | |||
Change in redeemable noncontrolling interest | (1,655) | |||||
Exercise of options and issuance of restricted stock awards | 227 | 17,232 | ||||
Change in net unrealized gains on investments | 975 | (975) | ||||
Net income | 630,048 | 630,048 | ||||
Net income attributable to noncontrolling interests | (127,086) | |||||
Dividends on common shares | (51,583) | |||||
Dividends on preference shares | (22,381) | |||||
End of period at Dec. 31, 2016 | 4,866,577 | $ 400,000 | $ 41,187 | $ 216,558 | $ 1,133 | $ 4,207,699 |
Statement of Changes in Stockholders' Equity | ||||||
Total shareholders’ equity | $ 4,866,577 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows provided by operating activities | |||
Net income | $ 630,048 | $ 542,242 | $ 686,256 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Amortization, accretion and depreciation | 29,304 | 18,179 | 47,771 |
Equity in undistributed losses (earnings) of other ventures | 5,504 | (10,087) | (19,990) |
Net realized and unrealized (gains) losses on investments | (141,328) | 68,918 | (41,433) |
Net unrealized (gains) losses included in net investment income | (11,542) | 13,549 | 1,393 |
Net unrealized losses included in other income (loss) | 0 | 426 | 1,612 |
Change in: | |||
Premiums receivable | (209,314) | (105,281) | 34,080 |
Prepaid reinsurance premiums | (210,589) | (128,410) | (28,678) |
Reinsurance recoverable | (145,038) | (64,104) | 34,331 |
Deferred acquisition costs | (135,945) | (89,241) | (28,375) |
Reserve for claims and claim expenses | 81,249 | (43,310) | (151,220) |
Unearned premiums | 342,471 | 144,040 | 34,498 |
Reinsurance balances payable | 150,009 | 64,924 | 161,558 |
Other | 85,000 | 2,892 | (71,146) |
Net cash provided by operating activities | 469,829 | 414,737 | 660,657 |
Cash flows (used in) provided by investing activities | |||
Proceeds from sales and maturities of fixed maturity investments trading | 8,102,514 | 9,481,742 | 7,682,573 |
Purchases of fixed maturity investments trading | (8,282,720) | (9,683,068) | (7,639,178) |
Proceeds from sales and maturities of fixed maturity investments available for sale | 17,692 | 8,688 | 7,088 |
Net sales (purchases) of equity investments trading | 184,788 | (147,558) | (20,003) |
Net (purchases) sales of short term investments | (118,617) | 669,116 | 45,023 |
Net (purchases) sales of other investments | (68,589) | 15,843 | 59,120 |
Net (purchases) sales of investments in other ventures | 0 | (10,150) | 1,030 |
Net sales of other assets | 400 | 4,500 | 6,000 |
Net purchase of Platinum | 0 | (678,152) | 0 |
Net cash (used in) provided by investing activities | (164,532) | (339,039) | 141,653 |
Cash flows used in financing activities | |||
Dividends paid – RenaissanceRe common shares | (51,583) | (53,967) | (45,912) |
Dividends paid – preference shares | (22,381) | (22,381) | (22,381) |
RenaissanceRe common share repurchases | (309,434) | (259,874) | (514,678) |
Issuance of debt | 0 | 445,589 | 0 |
Net third party redeemable noncontrolling interest share transactions | (2,990) | (193,032) | (111,707) |
Net cash used in financing activities | (386,388) | (83,665) | (694,678) |
Effect of exchange rate changes on foreign currency cash | (4,637) | (10,732) | 9,920 |
Net (decrease) increase in cash and cash equivalents | (85,728) | (18,699) | 117,552 |
Cash and cash equivalents, beginning of period | 506,885 | 525,584 | 408,032 |
Cash and cash equivalents, end of period | $ 421,157 | $ 506,885 | $ 525,584 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | ORGANIZATION RenaissanceRe Holdings Ltd. (“RenaissanceRe”) was formed under the laws of Bermuda on June 7, 1993. Together with its wholly owned and majority-owned subsidiaries and DaVinciRe (as defined below), which are collectively referred to herein as the “Company”, RenaissanceRe provides reinsurance and insurance coverages and related services to a broad range of customers. • On March 2, 2015, RenaissanceRe completed its acquisition of Platinum Underwriters Holdings, Ltd. (“Platinum”). As a result of the acquisition, Platinum and its subsidiaries became wholly owned subsidiaries of RenaissanceRe, including Renaissance Reinsurance U.S. Inc., formerly known as Platinum Underwriters Reinsurance, Inc. ("Renaissance Reinsurance U.S."). The Company accounted for the acquisition of Platinum under the acquisition method of accounting in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic Business Combinations and the Company's consolidated results of operations include those of Platinum from March 2, 2015. Refer to “Note 3 . Acquisition of Platinum” for more information. • Renaissance Reinsurance Ltd. (“Renaissance Reinsurance”), a Bermuda-domiciled reinsurance company, is the Company’s principal reinsurance subsidiary and provides property and casualty and specialty reinsurance coverages to insurers and reinsurers on a worldwide basis. Effective October 1, 2016, each of Renaissance Reinsurance Specialty Risks Ltd. (“RenaissanceRe Specialty Risks”) and Platinum Underwriters Bermuda, Ltd. (“Platinum Bermuda”) merged into Renaissance Reinsurance, with Renaissance Reinsurance being the sole surviving entity. • Renaissance Reinsurance U.S. is a reinsurance company domiciled in the state of Maryland that provides property and casualty and specialty reinsurance coverages to insurers and reinsurers, primarily in the Americas. • RenaissanceRe Underwriting Managers U.S. LLC, a specialty reinsurance agency domiciled in the state of Connecticut, provides specialty treaty reinsurance solutions on both a quota share and excess of loss basis; and writes business on behalf of RenaissanceRe Specialty U.S. Ltd. (“RenaissanceRe Specialty U.S.”), a Bermuda-domiciled reinsurer, which operates subject to U.S. federal income tax, and RenaissanceRe Syndicate 1458 (“Syndicate 1458”). • Syndicate 1458 is the Company’s Lloyd’s syndicate. RenaissanceRe Corporate Capital (UK) Limited (“RenaissanceRe CCL”), a wholly owned subsidiary of RenaissanceRe, is Syndicate 1458’s sole corporate member and RenaissanceRe Syndicate Management Ltd. (“RSML”), a wholly owned subsidiary of RenaissanceRe, is the managing agent for Syndicate 1458. • The Company also manages property, casualty and specialty reinsurance business written on behalf of joint ventures, which principally include Top Layer Reinsurance Ltd. (“Top Layer Re”), recorded under the equity method of accounting, and DaVinci Reinsurance Ltd. (“DaVinci”). Because the Company owns a noncontrolling equity interest in, but controls a majority of the outstanding voting power of DaVinci’s parent, DaVinciRe Holdings Ltd. (“DaVinciRe”), the results of DaVinci and DaVinciRe are consolidated in the Company’s financial statements. Redeemable noncontrolling interest – DaVinciRe represents the interests of external parties with respect to the net income and shareholders’ equity of DaVinciRe. Renaissance Underwriting Managers, Ltd. (“RUM”), a wholly owned subsidiary, acts as exclusive underwriting manager for these joint ventures in return for fee-based income and profit participation. • RenaissanceRe Medici Fund Ltd. (“Medici”) is an exempted fund, incorporated under the laws of Bermuda. Medici’s objective is to seek to invest substantially all of its assets in various insurance based investment instruments that have returns primarily tied to property catastrophe risk. Third party investors have subscribed for the majority of the participating, non-voting common shares of Medici. Because the Company owns a noncontrolling equity interest in, but controls a majority of the outstanding voting power of Medici, the results of Medici are consolidated in the Company’s financial statements and all significant inter-company transactions have been eliminated. Redeemable noncontrolling interest - Medici represents the interests of external parties with respect to the net income and shareholders’ equity of Medici. • Effective January 1, 2013, the Company formed and launched a managed joint venture, Upsilon RFO Re Ltd., formerly known as Upsilon Reinsurance II Ltd. (“Upsilon RFO”), a Bermuda domiciled special purpose insurer (“SPI”), to provide additional capacity to the worldwide aggregate and per-occurrence primary and retrocessional property catastrophe excess of loss market. Upsilon RFO is considered a variable interest entity (“VIE”) and the Company is considered the primary beneficiary. As a result, Upsilon RFO is consolidated by the Company and all significant inter-company transactions have been eliminated. • Effective November 13, 2014, the Company incorporated RenaissanceRe Upsilon Fund Ltd. (“Upsilon Fund”), an exempted Bermuda limited segregated accounts company. Upsilon Fund was formed to provide a fund structure through which third party investors can invest in reinsurance risk managed by the Company. As a segregated accounts company, Upsilon Fund is permitted to establish segregated accounts to invest in and hold identified pools of assets and liabilities. Each pool of assets and liabilities in each segregated account is structured to be ring-fenced from any claims from the creditors of Upsilon Fund’s general account and from the creditors of other segregated accounts within Upsilon Fund. Third party investors purchase redeemable, non-voting preference shares linked to specific segregated accounts of Upsilon Fund and own 100% of these shares. Upsilon Fund is an investment company and is considered a VIE. The Company is not considered the primary beneficiary of Upsilon Fund and, as a result, the Company does not consolidate the financial position and results of operations of Upsilon Fund. • Effective November 7, 2016 , Fibonacci Reinsurance Ltd. ("Fibonacci Re"), a Bermuda-domiciled SPI, was formed to provide collateralized capacity to Renaissance Reinsurance and its affiliates. Fibonacci Re raised capital from third party investors and the Company, via a private placement of participating notes which are listed on the Bermuda Stock Exchange. Fibonacci Re is considered a VIE. The Company is not considered the primary beneficiary of Fibonacci Re and, as a result, the Company does not consolidate the financial position and results of operations of Fibonacci Re. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION These consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the United States (“GAAP”). All significant intercompany accounts and transactions have been eliminated from these statements. Certain comparative information has been reclassified to conform to the current presentation. USE OF ESTIMATES IN FINANCIAL STATEMENTS The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. The major estimates reflected in the Company’s consolidated financial statements include, but are not limited to, the reserve for claims and claim expenses; reinsurance recoverables, including allowances for reinsurance recoverables deemed uncollectible; estimates of written and earned premiums; fair value, including the fair value of investments, financial instruments and derivatives; impairment charges; and the Company’s deferred tax valuation allowance. PREMIUMS AND RELATED EXPENSES Premiums are recognized as income, net of any applicable reinsurance or retrocessional coverage purchased, over the terms of the related contracts and policies. Premiums written are based on contract and policy terms and include estimates based on information received from both insureds and ceding companies. Subsequent differences arising on such estimates are recorded in the period in which they are determined. Unearned premiums represent the portion of premiums written that relate to the unexpired terms of contracts and policies in force. Amounts are computed by pro rata methods based on statistical data or reports received from ceding companies. Reinstatement premiums are estimated after the occurrence of a significant loss and are recorded in accordance with the contract terms based upon paid losses and case reserves. Reinstatement premiums are earned when written. Acquisition costs are incurred when a contract or policy is issued and only the costs directly related to the successful acquisition of new and renewal contract or policies are deferred and amortized over the same period in which the related premiums are earned. Acquisition costs are shown net of commissions and profit commissions earned on ceded reinsurance, and consist principally of commissions, brokerage and premium tax expenses incurred at the time a contract or policy is issued. Deferred policy acquisition costs are limited to their estimated realizable value based on the related unearned premiums. Anticipated claims and claim expenses, based on historical and current experience, and anticipated investment income related to those premiums are considered in determining the recoverability of deferred acquisition costs. CLAIMS AND CLAIM EXPENSES The reserve for claims and claim expenses includes estimates for unpaid claims and claim expenses on reported losses as well as an estimate of losses incurred but not reported. The reserve is based on individual claims, case reserves and other reserve estimates reported by insureds and ceding companies as well as management estimates of ultimate losses. Inherent in the estimates of ultimate losses are expected trends in claim severity and frequency and other factors which could vary significantly as claims are settled. Also, during the past few years, the Company has increased its casualty and specialty reinsurance businesses, but does not have the benefit of a significant amount of its own historical experience in certain of these lines of business. Accordingly, the reserving for incurred losses in these lines of business could be subject to greater variability. Ultimate losses may vary materially from the amounts provided in the consolidated financial statements. These estimates are reviewed regularly and, as experience develops and new information becomes known, the reserves are adjusted as necessary. Such adjustments, if any, are reflected in the consolidated statements of operations in the period in which they become known and are accounted for as changes in estimates. REINSURANCE Amounts recoverable from reinsurers are estimated in a manner consistent with the claim liability associated with the reinsured policies. For multi-year retrospectively rated contracts, the Company accrues amounts (either assets or liabilities) that are due to or from assuming companies based on estimated contract experience. If the Company determines that adjustments to earlier estimates are appropriate, such adjustments are recorded in the period in which they are determined. Reinsurance recoverables on dual trigger reinsurance contracts require the Company to estimate its ultimate losses applicable to these contracts as well as estimate the ultimate amount of insured industry losses that will be reported by the applicable statistical reporting agency, as per the contract terms. Amounts recoverable from reinsurers are recorded net of a valuation allowance for estimated uncollectible recoveries. Assumed and ceded reinsurance contracts that lack a significant transfer of risk are treated as deposits. Certain assumed and ceded reinsurance contracts that do not meet all of the criteria to be accounted for as reinsurance in accordance with FASB ASC Topic Financial Services - Insurance have been accounted for at fair value under the fair value option in accordance with FASB ASC Topic Financial Instruments. INVESTMENTS, CASH AND CASH EQUIVALENTS Fixed Maturity Investments Investments in fixed maturities are classified as trading or available for sale and are reported at fair value. Investment transactions are recorded on the trade date with balances pending settlement reflected in the balance sheet as a receivable for investments sold or a payable for investments purchased. Net investment income includes interest and dividend income together with amortization of market premiums and discounts and is net of investment management and custody fees. The amortization of premium and accretion of discount for fixed maturity securities is computed using the effective yield method. For mortgage-backed securities and other holdings for which there is prepayment risk, prepayment assumptions are evaluated quarterly and revised as necessary. Any adjustments required due to the change in effective yields and maturities are recognized on a prospective basis through yield adjustments. Fair values of investments are based on quoted market prices, or when such prices are not available, by reference to broker or underwriter bid indications and/or internal pricing valuation techniques. The net unrealized appreciation or depreciation on fixed maturity investments trading is included in net realized and unrealized gains (losses) on investments in the consolidated statements of operations. The net unrealized appreciation or depreciation on fixed maturity investments available for sale is included in accumulated other comprehensive income. Realized gains or losses on the sale of investments are determined on the basis of the first in first out cost method and, for fixed maturity investments available for sale, include adjustments to the cost basis of investments for declines in value that are considered to be other-than-temporary. Short Term Investments Short term investments, which are managed as part of the Company’s investment portfolio and have a maturity of one year or less when purchased, are carried at fair value. The net unrealized appreciation or depreciation on short term investments is included in net realized and unrealized gains on investments in the consolidated statements of operations. Equity Investments, Classified as Trading Equity investments are accounted for at fair value in accordance with FASB ASC Topic Financial Instruments. Fair values are primarily priced by pricing services, reflecting the closing price quoted for the final trading day of the period. Net investment income includes dividend income and the net realized and unrealized appreciation or depreciation on equity investments is included in net realized and unrealized gains (losses) on investments in the consolidated statements of operations. Other Investments The Company accounts for its other investments at fair value in accordance with FASB ASC Topic Financial Instruments with interest, dividend income, income distributions and realized and unrealized gains and losses included in net investment income. The fair value of certain of the Company’s fund investments, which principally include private equity funds, senior secured bank loan funds and hedge funds, is recorded on its balance sheet in other investments, and is generally established on the basis of the net valuation criteria established by the managers of such investments, if applicable. The net valuation criteria established by the managers of such investments is established in accordance with the governing documents of such investments. Certain of the Company’s fund managers, fund administrators, or both, are unable to provide final fund valuations as of the Company’s current reporting date. The typical reporting lag experienced by the Company to receive a final net asset value report is one month for hedge funds and senior secured bank loan funds and three months for private equity funds, although, in the past, in respect of certain of the Company’s private equity funds, the Company has on occasion experienced delays of up to six months at year end, as the private equity funds typically complete their respective year-end audits before releasing their final net asset value statements. In circumstances where there is a reporting lag between the current period end reporting date and the reporting date of the latest fund valuation, the Company estimates the fair value of these funds by starting with the prior month or quarter-end fund valuations, adjusting these valuations for actual capital calls, redemptions or distributions, as well as the impact of changes in foreign currency exchange rates, and then estimating the return for the current period. In circumstances in which the Company estimates the return for the current period, all information available to the Company is utilized. This principally includes preliminary estimates reported to the Company by its fund managers, obtaining the valuation of underlying portfolio investments where such underlying investments are publicly traded and therefore have a readily observable price, using information that is available to the Company with respect to the underlying investments, reviewing various indices for similar investments or asset classes, as well as estimating returns based on the results of similar types of investments for which the Company has obtained reported results, or other valuation methods, where possible. Actual final fund valuations may differ, perhaps materially so, from the Company’s estimates and these differences are recorded in the Company’s statement of operations in the period in which they are reported to the Company as a change in estimate. The Company’s other investments also include investments in catastrophe bonds which are recorded at fair value and the fair value is based on broker or underwriter bid indications. Investments in Other Ventures, Under Equity Method Investments in which the Company has significant influence over the operating and financial policies of the investee are classified as investments in other ventures, under equity method, and are accounted for under the equity method of accounting. Under this method, the Company records its proportionate share of income or loss from such investments in its results for the period. Any decline in value of investments in other ventures, under equity method considered by management to be other-than-temporary is charged to income in the period in which it is determined. Cash and Cash Equivalents Cash equivalents include money market instruments with a maturity of ninety days or less when purchased. STOCK INCENTIVE COMPENSATION The Company is authorized to issue restricted stock awards and units, performance shares, stock options and other equity-based awards to its employees and directors. The fair value of the compensation cost is measured at the grant date and expensed over the period for which the employee is required to provide services in exchange for the award. In addition, the Company is authorized to issue cash settled restricted stock units (“CSRSU”) to its employees. The fair value of CSRSUs is determined using the fair market value of RenaissanceRe common shares at the end of each reporting period and is expensed over the period for which the employee is required to provide service in exchange for the award. The fair value of these awards is recorded on the Company’s consolidated balance sheet as a liability as it is expensed and until the point payment is made to the employee. Forfeiture benefits are estimated on a quarterly basis and incorporated in the determination of stock-based compensation. DERIVATIVES The Company enters into derivative instruments such as futures, options, swaps, forward contracts and other derivative contracts in order to manage its foreign currency exposure, obtain exposure to a particular financial market, for yield enhancement, or for trading and speculation. The Company accounts for its derivatives in accordance with FASB ASC Topic Derivatives and Hedging , which requires all derivatives to be recorded at fair value on the Company’s balance sheet as either assets or liabilities, depending on their rights or obligations, with changes in fair value reflected in current earnings. The Company does not currently apply hedge accounting. The fair value of the Company’s derivatives is estimated by reference to quoted prices or broker quotes, where available, or in the absence of quoted prices or broker quotes, the use of industry or internal valuation models. FAIR VALUE The Company accounts for certain of its assets and liabilities at fair value in accordance with FASB ASC Topic Fair Value Measurement s and Disclosures . The Company recognizes the change in unrealized gains and losses arising from changes in fair value in its statements of operations, with the exception of changes in unrealized gains and losses on its fixed maturity investments available for sale, which are recognized as a component of accumulated other comprehensive income in shareholders’ equity. BUSINESS COMBINATIONS, GOODWILL AND OTHER INTANGIBLE ASSETS The Company accounts for business combinations in accordance with FASB ASC Topic Business Combinations , and goodwill and other intangible assets that arise from business combinations in accordance with FASB ASC Topic Intangibles – Goodwill and Other . A purchase price that is in excess of the fair value of the net assets acquired arising from a business combination is recorded as goodwill, and is not amortized. Other intangible assets with a finite life are amortized over the estimated useful life of the asset. Other intangible assets with an indefinite useful life are not amortized. Goodwill and other indefinite life intangible assets are tested for impairment on an annual basis or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable. Finite life intangible assets are reviewed for indicators of impairment on an annual basis or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable, and tested for impairment if appropriate. For purposes of the annual impairment evaluation, goodwill is assigned to the applicable reporting unit of the acquired entities giving rise to the goodwill. Goodwill and other intangible assets recorded in connection with investments accounted for under the equity method, are recorded as “Investments in other ventures, under equity method” on the Company’s consolidated balance sheets. The Company has established the beginning of the fourth quarter as the date for performing its annual impairment tests. The Company has the option to first assess qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test. Under this option, the Company would not be required to calculate the fair value of a reporting unit unless the Company determines, based on its qualitative assessment, that it is more likely than not that a reporting unit’s fair value is less than its carrying amount. If goodwill or other intangible assets are impaired, they are written down to their estimated fair value with a corresponding expense reflected in the Company’s consolidated statements of operations. NONCONTROLLING INTERESTS The Company accounts for redeemable noncontrolling interests in the mezzanine section of the Company’s consolidated balance sheet in accordance with United States Securities and Exchange Commission (“SEC”) guidance which is applicable to SEC registrants. The SEC guidance requires shares, not required to be accounted for in accordance with FASB ASC Topic Distinguishing Liabilities from Equity , and having redemption features that are not solely within the control of the issuer, to be classified outside of permanent equity in the mezzanine section of the balance sheet. Because the share classes related to the redeemable noncontrolling interest portion of the issuer are not considered liabilities in accordance with FASB ASC Topic Distinguishing Liabilities from Equity and have redemption features that are not solely within the control of the issuer, the redeemable noncontrolling interests are presented in the mezzanine section on the Company’s consolidated balance sheet in accordance with the SEC guidance noted above. The SEC guidance does not impact the accounting for redeemable noncontrolling interest on the consolidated statements of operations; therefore, the provisions of FASB ASC Topic Consolidation with respect to the consolidated statements of operations still apply, and net income attributable to redeemable noncontrolling interests is presented separately in the Company’s consolidated statements of operations. VARIABLE INTEREST ENTITIES The Company accounts for VIEs in accordance with FASB ASC Topic Consolidation , which requires the consolidation of all VIEs by the primary beneficiary, that being the investor that has the power to direct the activities of the VIE and that will absorb a portion of the VIE’s expected losses or residual returns that could potentially be significant to the VIE. For VIEs the Company determines it has a variable interest in, it determines whether it is the primary beneficiary of a VIE by performing an analysis that principally considers: (i) the VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders; (ii) the VIE’s capital structure; (iii) the terms between the VIE and its variable interest holders and other parties involved with the VIE; (iv) which variable interest holders have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; (v) which variable interest holders have the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE; and (vi) related party relationships. The Company reassesses its initial determination of whether the Company is the primary beneficiary of a VIE upon changes in facts and circumstances that could potentially alter the Company’s assessment. EARNINGS PER SHARE The Company calculates earnings per share in accordance with FASB ASC Topic Earnings per Share. Basic earnings per share are based on weighted average common shares and exclude any dilutive effects of options and restricted stock. Diluted earnings per share assumes the exercise of all dilutive stock options and restricted stock grants. The two-class method is used to determine earnings per share based on dividends declared on common shares and participating securities (i.e., distributed earnings) and participation rights of participating securities in any undistributed earnings. Each unvested restricted share granted by the Company to its employees is considered a participating security and the Company uses the two-class method to calculate its net income available to RenaissanceRe common shareholders per common share – basic and diluted. FOREIGN EXCHANGE The Company’s functional currency is the U.S. dollar. Revenues and expenses denominated in foreign currencies are revalued at the prevailing exchange rate at the transaction date. Monetary assets and liabilities denominated in foreign currencies are remeasured at exchange rates in effect at the balance sheet date, which may result in the recognition of exchange gains or losses which are included in the determination of net income. TAXATION Income taxes have been provided for in accordance with the provisions of FASB ASC Topic Income Taxes . Deferred tax assets and liabilities result from temporary differences between the amounts recorded in the consolidated financial statements and the tax basis of the Company’s assets and liabilities. Such temporary differences are primarily due to net operating loss carryforwards and GAAP versus tax basis accounting differences relating to interest expense, underwriting results, accrued expenses and investments. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance against deferred tax assets is recorded if it is more likely than not that all, or some portion, of the benefits related to deferred tax assets will not be realized. Uncertain tax positions are also accounted for in accordance with FASB ASC Topic Income Taxes . Uncertain tax positions must meet a more likely than not recognition threshold to be recognized. RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period In June 2014, the FASB issued ASU No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (“ASU 2014-12”). The objective of ASU 2014-12 is to resolve the diverse accounting treatment of share-based payment awards in situations where an employee would be eligible to vest in the award regardless of whether the employee is rendering service on the date the performance target is achieved. For example, if an employee is eligible to retire or otherwise terminate employment before the end of the period in which a performance target could be achieved and still be eligible to vest in the award, ASU 2014-12 will resolve if and when the performance target is achieved. ASU 2014-12 became effective for all entities in annual and interim periods beginning after December 15, 2015. Early adoption was permitted. The Company adopted ASU 2014-12 effective January 1, 2016, and prospectively applied the amendments in ASU 2014-12 to all awards granted or modified after the effective date. The adoption of ASU 2014-12 did not have a material impact on the Company’s consolidated statements of operations and financial position. Amendments to the Consolidation Analysis In February 2015, the FASB issued ASU No. 2015-02, Amendments to the Consolidation Analysis (“ASU 2015-02”). ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under ASU 2015-02. ASU 2015-02 set forth amendments: modifying the evaluation of whether limited partnerships and similar legal entities are VIEs; eliminating the presumption that a general partner should consolidate a limited partnership; affecting the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangement and related party relationships; and providing a scope exception from consolidation guidance for reporting entities with interests in certain investment funds. ASU 2015-02 became effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption was permitted. The Company adopted ASU 2015-02 effective January 1, 2016 and it did not have a material impact on the Company’s consolidated statements of operations and financial position. Simplifying the Presentation of Debt Issuance Costs In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). The objective of ASU 2015-03 is to simplify the presentation of debt issuance costs by requiring debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in ASU 2015-03. ASU 2015-03 became effective for public business entities in annual and interim periods beginning after December 15, 2015 with retroactive application. The Company retrospectively adopted ASU 2015-03 effective January 1, 2016 and the impact on the Company’s consolidated balance sheet at December 31, 2015 was to reduce each of other assets and debt by $5.6 million , respectively, which represented the deferred debt issuance costs previously recorded in other assets and reclassified as an offset to debt. In addition, for the year ended December 31, 2015, corporate expense was reduced by $0.6 million and interest expense was increased by $0.6 million ( 2014 - $0.2 million and $0.2 million , respectively) to reclassify the amortization of deferred debt issuance costs from corporate expense to interest expense. There was no net impact on the Company’s consolidated statements of operations or financial position as a result of the retrospective adoption of ASU 2015-03. Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) In May 2015, the FASB issued ASU No. 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) (“ASU 2015-07”). ASU 2015-07 removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. ASU 2015-07 also removes the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient. ASU 2015-07 became effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. A reporting entity should apply the amendments retrospectively to all periods presented. The retrospective approach requires that an investment for which fair value is measured using the net asset value per share practical expedient be removed from the fair value hierarchy in all periods presented in an entity’s financial statements. Earlier application was permitted. The Company retrospectively adopted ASU 2015-07 effective January 1, 2016; since this update is disclosure-related only, it did not have a material impact on the Company’s statements of operations and financial position. Disclosures about Short-Duration Contracts In May 2015, the FASB issued ASU No. 2015-09, Disclosures about Short-Duration Contracts (“ASU 2015-09”). ASU 2015-09 requires insurance entities to disclose for annual reporting periods additional information about the liability for unpaid claims and claim adjustment expenses, including: (1) incurred and paid claims development information by accident year, on a net basis, for the number of years for which claims incurred typically remain outstanding, not exceeding 10 years; (2) a reconciliation of incurred and paid claims development information to the aggregate carrying amount of the liability for claims and claim adjustment expenses, with separate disclosure of reinsurance recoverable on unpaid claims for each period presented in the statement of financial position; (3) for each accident year presented of incurred claims development information, the total of incurred but not reported liabilities plus expected development on reported claims including in the liability for unpaid claims and claim adjustment expenses, accompanied by a description of the reserving methodologies; (4) for each accident year presented of incurred claims development information, quantitative information about claim frequency accompanied by a qualitative description of methodologies used for determining claim frequency information; and (5) for all claims, the average annual percentage payout of incurred claims by age for the same number of accident years presented in (3) and (4) above. ASU 2015-09 also requires insurance entities to disclose information about significant changes in methodologies and assumptions used to calculate the liability for unpaid claims and claim adjustment expenses, including the reasons for the change and the effects on the financial statements. In addition, ASU 2015-09 requires insurance entities to disclose for annual and interim reporting periods a rollforward of the liability for unpaid claims and claim adjustment expenses. ASU 2015-09 is effective for public business entities in annual periods beginning after December 31, 2015, and interim periods within annual periods beginning after December 31, 2016. Early adoption was permitted. ASU 2015-09 should be applied retrospectively by providing comparative disclosures for each period presented, except for those requirements that apply only to the current period. The Company adopted ASU 2015-09 effective December 31, 2016. As this guidance is disclosure-related only, the adoption of this guidance did not have a material impact on the Company’s consolidated statements of operations and financial position. Simplifying the Accounting for Measurement-Period Adjustments In September 2015, the FASB issued ASU No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”). ASU 2015-16 removes the requirement to retrospectively account for adjustments made to provisional amounts recognized in a business combination. Rather, those adjustments are to be recognized by the acquirer in the reporting period in which the adjustment amounts are determined. A reporting entity is also required to disclose, in the reporting period in which the adjustment amounts are recorded, the effect on earnings of changes in depreciation, amortization, or other income effects, as a result of the change to provisional amounts, calculated as if the accounting had been completed at the acquisition date. In addition, the reporting entity would present on the face of the income statement or disclose in the notes the amounts that would have been recorded in previous reporting periods if the adjustment to provisional amounts had been recognized as of the acquisition date. ASU 2015-16 was effective for public business entities in annual and interim periods beginning after December 15, 2015. ASU 2015-16 should be applied prospectively to adjustments for provisional amounts that occur after the effective date, with earlier application permitted for financial statements that have not been issued. The Company adopted ASU 2015-16 effective January 1, 2016 and it did not have a material impact on the Company’s consolidated statements of operations and financial position. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED Revenue from Contracts with Customers In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 provides comprehensive guidance on the recognition of revenue from customers arising from the transfer of goods and services. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to w |
Acquisition of Platinum
Acquisition of Platinum | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisition of Platinum | ACQUISITION OF PLATINUM Overview On March 2, 2015, RenaissanceRe acquired 100% of the outstanding common shares of Platinum for $76 per Platinum common share, or aggregate consideration of $1.93 billion . In connection with an intercompany restructuring, effective July 1, 2015, Platinum was merged with RenaissanceRe, with RenaissanceRe continuing as the surviving company. Prior to the closing of the acquisition of Platinum, Platinum was a publicly traded company listed on the New York Stock Exchange and headquartered in Bermuda. Platinum, through its wholly owned subsidiaries, provided property and casualty reinsurance coverage through reinsurance brokers to insurers and select reinsurers on a worldwide basis. The Company believes the acquisition of Platinum has benefited the combined companies’ clients through an expanded product offering and enhanced broker relationships and it has also accelerated the growth of the Company’s U.S. specialty and casualty reinsurance platform. The aggregate consideration for the transaction consisted of the issuance of 7.435 million RenaissanceRe common shares valued at $761.8 million (based on the share price as of March 2, 2015) and $1.16 billion of cash. The cash consideration was partially funded through a pre-closing dividend from Platinum of $10.00 per share, or $253.2 million (the “Special Dividend”), RenaissanceRe available funds of $604.4 million and a short term bridge loan of $300.0 million . On March 24, 2015, RenaissanceRe Finance Inc. (“RenaissanceRe Finance”), a wholly owned subsidiary of RenaissanceRe, issued $300.0 million of its 3.700% Senior Notes due 2025 (together with cash on hand) to replace the short term bridge loan used to fund part of the cash consideration. Refer to “Note 9 . Debt and Credit Facilities” for additional information related to the 3.700% Senior Notes due 2025 . In connection with the acquisition of Platinum, RenaissanceRe incurred transaction, integration and compensation related expenses totaling $2.1 million during 2016 ( 2015 - $53.5 million ). These expenses have all been reported as a component of corporate expenses. Purchase Price The Company's total purchase price for Platinum at March 2, 2015 was calculated as follows: Special Dividend Number of Platinum common shares and Platinum equity awards canceled in the acquisition of Platinum 25,320,312 Special Dividend per outstanding common share of Platinum and Platinum equity award $ 10.00 Special Dividend paid to common shareholders of Platinum and holders of Platinum equity awards $ 253,203 RenaissanceRe common shares Common shares issued by RenaissanceRe 7,434,561 Common share price of RenaissanceRe as of March 2, 2015 $ 102.47 Market value of RenaissanceRe common shares issued by RenaissanceRe to common shareholders of Platinum and holders of Platinum equity awards 761,819 Platinum common shares Fair value of Platinum common shares owned by RenaissanceRe and canceled in connection with the acquisition of Platinum 12,950 Cash consideration Number of Platinum common shares and Platinum equity awards canceled in the acquisition of Platinum 25,320,312 Platinum common shares owned by RenaissanceRe and canceled in connection with the acquisition of Platinum (169,220 ) Number of Platinum common shares and Platinum equity awards canceled in the acquisition of Platinum excluding those owned by RenaissanceRe and canceled in connection with the acquisition of Platinum 25,151,092 Agreed cash price paid to common shareholders of Platinum and holders of Platinum equity awards $ 35.96 Cash consideration paid by RenaissanceRe to common shareholders of Platinum and holders of Platinum equity awards 904,433 Total purchase price 1,932,405 Less: Special Dividend paid by Platinum (253,203 ) Net purchase price $ 1,679,202 Fair Value of Net Assets Acquired and Liabilities Assumed The purchase price was allocated to the acquired assets and liabilities of Platinum based on estimated fair values on March 2, 2015 , the date the transaction closed, as detailed below. The Company recognized goodwill of $191.7 million primarily attributable to Platinum’s assembled workforce and synergies expected to result upon integration of Platinum into the Company’s operations. There were no other adjustments to carried goodwill during the period ended December 31, 2016 reflected on the Company’s consolidated balance sheet at December 31, 2016 . The Company recognized identifiable finite lived intangible assets of $75.2 million , which are being amortized over a weighted average period of eight years , identifiable indefinite lived intangible assets of $8.4 million , and certain other adjustments to the fair values of the assets acquired, liabilities assumed and shareholders’ equity of Platinum at March 2, 2015 as summarized in the table below: Shareholders’ equity of Platinum prior to Special Dividend $ 1,737,278 Cash and cash equivalents (Special Dividend on Platinum common shares and Platinum equity awards) (253,203 ) Adjusted shareholders’ equity of Platinum at March 2, 2015 1,484,075 Adjustments for fair value, by applicable balance sheet caption: Deferred acquisition costs (44,486 ) Debt (28,899 ) Reserve for claims and claim expenses (21,725 ) Other assets - deferred debt issuance costs (1,046 ) Total adjustments for fair value by applicable balance sheet caption before tax impact (96,156 ) Other assets - net deferred tax asset related to fair value adjustments 29,069 Total adjustments for fair value by applicable balance sheet caption (67,087 ) Adjustments for fair value of the identifiable intangible assets: Identifiable indefinite lived intangible assets (insurance licenses) 8,400 Identifiable finite lived intangible assets (non-contractual relationships, renewal rights, value of business acquired, trade name, internally developed and used computer software and covenants not to compete) 75,200 Identifiable intangible assets before tax impact 83,600 Other liabilities - deferred tax liability on identifiable intangible assets (13,115 ) Total adjustments for fair value of the identifiable intangible assets 70,485 Total adjustments for fair value by applicable balance sheet caption and identifiable intangible assets 3,398 Shareholders’ equity of Platinum at fair value 1,487,473 Total net purchase price paid by RenaissanceRe 1,679,202 Excess purchase price over the fair value of net assets acquired assigned to goodwill $ 191,729 An explanation of the significant fair value adjustments is as follows: • Deferred acquisition costs - to eliminate Platinum’s deferred acquisition costs; • Debt - to reflect Platinum’s existing senior notes at fair value using indicative market pricing obtained from third-party service providers; • Reserve for claims and claim expenses - to reflect an increase in net claims and claim expenses due to the addition of a market based risk margin that represented the cost of capital required by a market participant to assume the net claims and claim expenses of Platinum, partially offset by a deduction which represents the discount due to the present value calculation of the unpaid claims and claim expenses based on the expected payout of the net unpaid claims and claim expenses; • Other assets - to eliminate deferred debt issuance costs related to Platinum’s existing senior notes and to reflect net deferred tax assets related to fair value adjustments; • Identifiable indefinite lived and finite lived intangible assets - to establish the fair value of identifiable intangible assets related to the acquisition of Platinum described in detail below; and • Other liabilities - to reflect the deferred tax liability on identifiable intangible assets. Identifiable intangible assets at March 2, 2015 and at December 31, 2016 , consisted of the following, and are included in goodwill and other intangible assets on the Company’s consolidated balance sheet: Amount Economic Useful Life Key non-contractual relationships $ 30,400 10 years Value of business acquired 20,200 2 years Renewal rights 15,800 15 years Insurance licenses 8,400 Indefinite Internally developed and used computer software 3,500 2 years Other non-contractual relationships 2,300 3 years Non-compete agreements 1,900 2.5 years Trade name 1,100 6 months Identifiable intangible assets, before amortization, at March 2, 2015 83,600 Amortization (from March 2, 2015 through December 31, 2016) (31,873 ) Net identifiable intangible assets at December 31, 2016 related to the acquisition of Platinum $ 51,727 An explanation of the identifiable intangible assets is as follows: • Key non-contractual relationships - these relationships included Platinum’s top four brokers (Aon plc, Marsh & McLennan Companies, Inc., Willis Group Holdings plc. and Jardine Lloyd Thompson Group plc.) and consideration was given to the expectation of the renewal of these relationships and the associated expenses; • Value of business acquired (“VOBA”) - the expected future losses and expenses associated with the policies that were in-force as of the closing date of the transaction were estimated and compared to the future premium remaining expected to be earned. The difference between the risk-adjusted future loss and expenses, discounted to present value and the unearned premium reserve, was estimated to be the VOBA; • Renewal rights - the value of policy renewal rights taking into consideration written premium on assumed retention ratios and the insurance cash flows and the associated equity cash flows from these renewal policies over the expected life of the renewals; • Insurance licenses - the value of insurance licenses acquired providing the ability to write reinsurance in all 50 states of the U.S. and the District of Columbia; • Internally developed and used computer software - represents the value of internally developed and used computer software to be utilized by the Company; • Other non-contractual relationships - these relationships consisted of Platinum’s brokers with the exception of those previously listed above as key non-contractual relationships and consideration was given to the expectation of the renewal of these relationships and the associated expenses; • Non-compete agreements - represent non-compete agreements with key employees of Platinum; and • Trade name - represents the value of the Platinum brand acquired. As part of the allocation of the purchase price, included in the adjustment to other assets in the table above is a deferred tax asset of $29.1 million related to certain other adjustments to the fair values of the assets acquired, liabilities assumed and shareholders’ equity, summarized in the table above, which was partially offset by a deferred tax liability of $13.1 million related to the estimated fair value of the intangible assets recorded. Other net deferred tax assets recorded primarily relate to differences between financial reporting and tax basis of the acquired assets and liabilities as of the acquisition date, March 2, 2015 . The Company estimates that none of the goodwill that was recorded will be deductible for income tax purposes. Financial Results FASB ASC Topic Business Combinations prescribes disclosure of the amounts of revenue and earnings of the acquiree since the acquisition date included in the consolidated statement of operations for the reporting period. However, the Company believes this disclosure has become impracticable given the acquired subsidiaries of Platinum have been fully integrated into the Company’s organizational structure through an internal reorganization, resulting in capital and assets being reallocated throughout the organization. In addition, reinsurance contracts have been renewed using both previously existing and acquired subsidiaries and the Company does not discretely manage the Platinum subsidiaries acquired, thereby rendering it impracticable to accurately estimate the amounts of revenue and earnings of Platinum since March 2, 2015 included in the consolidated statement of operations for the reporting period. Supplemental Pro Forma Information Platinum’s results are included in the Company's consolidated financial statements from March 2, 2015 to December 31, 2015 and for the year ended December 31, 2016. As such, the following table presents unaudited pro forma consolidated financial information for the years ended December 31, 2015 and 2014, and assumes the acquisition of Platinum occurred on January 1, 2014. 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, 2014 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 Platinum. 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 Platinum, as they are nonrecurring. Year ended December 31, 2015 2014 Total revenues $ 1,593,735 $ 1,872,612 Net income available to RenaissanceRe common shareholders 423,768 685,735 Among other adjustments, and in addition to the fair value adjustments and recognition of goodwill and identifiable intangible assets noted above, other material nonrecurring pro forma adjustments directly attributable to the acquisition of Platinum principally included certain adjustments to recognize transaction related costs, align accounting policies, amortize fair value adjustments, amortize identifiable indefinite lived intangible assets and recognize related tax impacts. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS The following table shows an analysis of goodwill and other intangible assets: Goodwill and other intangible assets Goodwill Other intangible assets Total Balance as of December 31, 2014 Gross amount $ 8,160 $ 12,999 $ 21,159 Accumulated impairment losses and amortization (2,299 ) (10,958 ) (13,257 ) 5,861 2,041 7,902 Acquired during the year 191,729 83,600 275,329 Amortization — (18,077 ) (18,077 ) Balance as of December 31, 2015 Gross amount 199,889 96,599 296,488 Accumulated impairment losses and amortization (2,299 ) (29,035 ) (31,334 ) 197,590 67,564 265,154 Amortization — (13,968 ) (13,968 ) Balance as of December 31, 2016 Gross amount 199,889 96,599 296,488 Accumulated impairment losses and amortization (2,299 ) (43,003 ) (45,302 ) $ 197,590 $ 53,596 $ 251,186 During the first quarter of 2015, the Company recognized goodwill of $191.7 million primarily attributable to Platinum’s assembled workforce and synergies expected to result upon integration of Platinum into the Company’s operations. Also during 2015, the Company recognized identifiable finite lived intangible assets of $75.2 million and identifiable indefinite lived intangible assets of $8.4 million in connection with its acquisition of Platinum. There were no adjustments to carried goodwill reflected in the above table during the year ended December 31, 2016 . See “Note 3 . Acquisition of Platinum” for additional information related to the Company’s acquisition of Platinum and other intangible assets acquired. The following table shows an analysis of goodwill and other intangible assets included in investments in other ventures, under equity method: Goodwill and other intangible assets included in investments in other ventures, under equity method Goodwill Other intangible assets Total Balance as of December 31, 2014 Gross amount $ 12,318 $ 45,400 $ 57,718 Accumulated impairment losses and amortization — (32,466 ) (32,466 ) 12,318 12,934 25,252 Acquired during the year — 6,396 6,396 Amortization — (2,900 ) (2,900 ) Impairment losses (4,500 ) (1,094 ) (5,594 ) Balance as of December 31, 2015 Gross amount 12,318 51,796 64,114 Accumulated impairment losses and amortization (4,500 ) (36,460 ) (40,960 ) 7,818 15,336 23,154 Amortization — (3,474 ) (3,474 ) Balance as of December 31, 2016 Gross amount 12,318 51,796 64,114 Accumulated impairment losses and amortization (4,500 ) (39,934 ) (44,434 ) $ 7,818 $ 11,862 $ 19,680 During the fourth quarter of 2015, the Company recognized impairment losses in corporate expenses of $4.5 million and $1.1 million related to goodwill and other intangible assets, respectively, associated with its investment in a commodity related risk management company. The other intangible assets primarily related to customer lists. In accordance with the Company’s established accounting policy, the beginning of the fourth quarter was used as the date for performing the annual impairment test. The Company first assessed qualitative factors to determine whether it was necessary to perform a quantitative impairment test. Based on its qualitative assessment, the Company determined it was more likely than not that the fair value of the goodwill and other intangible assets in question were less than their respective carrying amounts. The qualitative assessment included the following factors which the Company determined had significantly deteriorated given specific facts and circumstances: macroeconomic conditions; industry and market conditions; costs factors; and overall financial performance. In light of the qualitative assessment, the Company performed a quantitative analysis using a discounted cash flow model and concluded that the full amount of the goodwill and other intangible assets associated with this equity method investment were impaired. The gross carrying value and accumulated amortization by major category of other intangible assets is shown below: Other intangible assets At December 31, 2016 Gross carrying value Accumulated amortization and impairment losses Total Customer relationships and customer lists $ 95,458 $ (42,142 ) $ 53,316 Value of business acquired 20,200 (19,527 ) 673 Licenses 10,267 — 10,267 Software 12,230 (11,938 ) 292 Patents and intellectual property 4,500 (4,500 ) — Covenants not-to-compete 4,030 (3,523 ) 507 Trademarks and trade names 1,710 (1,307 ) 403 $ 148,395 $ (82,937 ) $ 65,458 Other intangible assets At December 31, 2015 Gross carrying value Accumulated amortization and impairment losses Total Customer relationships and customer lists $ 95,458 $ (33,294 ) $ 62,164 Value of business acquired 20,200 (13,467 ) 6,733 Software 12,230 (10,188 ) 2,042 Licenses 10,267 — 10,267 Patents and intellectual property 4,500 (4,500 ) — Covenants not-to-compete 4,030 (2,763 ) 1,267 Trademarks and trade names 1,710 (1,283 ) 427 $ 148,395 $ (65,495 ) $ 82,900 The remaining useful life of intangible assets with finite lives ranges from one to 17 years, with a weighted-average amortization period of 8.5 years. Expected amortization of the other intangible assets, including other intangible assets recorded in investments in other ventures, under equity method, is shown below: Other intangibles Other intangible assets included in investments in other ventures, under equity method Total 2017 $ 8,041 $ 2,935 $ 10,976 2018 5,727 2,596 8,323 2019 5,446 2,427 7,873 2020 5,237 1,564 6,801 2021 4,910 702 5,612 2022 and thereafter 13,968 1,638 15,606 Total remaining amortization expense $ 43,329 $ 11,862 $ 55,191 Indefinite lived 10,267 — 10,267 Total $ 53,596 $ 11,862 $ 65,458 |
Investments
Investments | 12 Months Ended |
Dec. 31, 2016 | |
Investments [Abstract] | |
Investments | INVESTMENTS Fixed Maturity Investments Trading The following table summarizes the fair value of fixed maturity investments trading: December 31, December 31, U.S. treasuries $ 2,617,894 $ 2,064,944 Agencies 90,972 137,976 Municipal 519,069 583,282 Non-U.S. government (Sovereign debt) 333,224 334,981 Non-U.S. government-backed corporate 133,300 138,994 Corporate 1,877,243 2,055,323 Agency mortgage-backed 462,493 504,368 Non-agency mortgage-backed 258,944 262,235 Commercial mortgage-backed 409,747 554,625 Asset-backed 188,358 128,277 Total fixed maturity investments trading $ 6,891,244 $ 6,765,005 Contractual maturities of fixed maturity investments trading are described in the following table. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. At December 31, 2016 Amortized Cost Fair Value Due in less than one year $ 485,939 $ 483,642 Due after one through five years 3,927,373 3,900,915 Due after five through ten years 1,024,285 1,028,249 Due after ten years 161,405 158,896 Mortgage-backed 1,133,746 1,131,184 Asset-backed 187,942 188,358 Total $ 6,920,690 $ 6,891,244 Fixed Maturity Investments Available For Sale The Company did not have any fixed maturity investments available for sale at December 31, 2016 and at December 31, 2015, the Company did not have any fixed maturity investments available for sale in an unrealized loss position. The following table summarizes the amortized cost, fair value and related unrealized gains and losses and non-credit other-than-temporary impairments of fixed maturity investments available for sale at December 31, 2015: Included in Accumulated Other Comprehensive Income At December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Non-Credit Other-Than- Temporary Impairments (1) Agency mortgage-backed $ 143 $ 7 $ — $ 150 $ — Non-agency mortgage-backed 7,005 1,523 — 8,528 550 Commercial mortgage-backed 6,578 293 — 6,871 — Asset-backed 2,217 47 — 2,264 — Total fixed maturity investments available for sale $ 15,943 $ 1,870 $ — $ 17,813 $ 550 (1) Represents the non-credit component of other-than-temporary impairments recognized in accumulated other comprehensive income adjusted for subsequent sales of securities. It does not include the change in fair value subsequent to the impairment measurement date. Equity Investments Trading The following table summarizes the fair value of equity investments trading: December 31, December 31, Financials $ 275,065 $ 193,716 Communications and technology 36,770 65,833 Industrial, utilities and energy 30,303 51,168 Consumer 20,501 40,918 Healthcare 17,245 36,148 Basic materials 3,429 6,094 Total $ 383,313 $ 393,877 Pledged Investments At December 31, 2016 , $2.7 billion of cash and investments at fair value were on deposit with, or in trust accounts for the benefit of, various counterparties, including with respect to the Company’s standby letter of credit facility and bilateral letter of credit facility ( 2015 - $2.5 billion ). Of this amount, $842.6 million is on deposit with, or in trust accounts for the benefit of, U.S. state regulatory authorities ( 2015 - $664.6 million ). Reverse Repurchase Agreements At December 31, 2016 , the Company held $78.7 million ( 2015 - $26.2 million ) of reverse repurchase agreements. These loans are fully collateralized, are generally outstanding for a short period of time and are presented on a gross basis as part of short term investments on the Company’s consolidated balance sheets. The required collateral for these loans typically include high-quality, readily marketable instruments at a minimum amount of 102% of the loan principal. Upon maturity, the Company receives principal and interest income. Net Investment Income The components of net investment income are as follows: Year ended December 31, 2016 2015 2014 Fixed maturity investments $ 160,661 $ 134,800 $ 100,855 Short term investments 5,127 1,227 944 Equity investments 4,235 8,346 3,450 Other investments Private equity investments 6,155 9,455 18,974 Other 20,181 12,472 11,037 Cash and cash equivalents 788 467 395 197,147 166,767 135,655 Investment expenses (15,421 ) (14,200 ) (11,339 ) Net investment income $ 181,726 $ 152,567 $ 124,316 Net Realized and Unrealized Gains (Losses) on Investments Net realized and unrealized gains (losses) on investments are as follows: Year ended December 31, 2016 2015 2014 Gross realized gains $ 72,739 $ 50,488 $ 45,568 Gross realized losses (38,315 ) (53,630 ) (14,868 ) Net realized gains (losses) on fixed maturity investments 34,424 (3,142 ) 30,700 Net unrealized gains (losses) on fixed maturity investments trading 26,954 (64,908 ) 19,680 Net realized and unrealized (losses) gains on investments-related derivatives (15,414 ) 5,443 (30,931 ) Net realized gains on equity investments trading 14,190 16,348 10,908 Net unrealized gains (losses) on equity investments trading 81,174 (22,659 ) 11,076 Net realized and unrealized gains (losses) on investments $ 141,328 $ (68,918 ) $ 41,433 Other Investments The table below shows the fair value of the Company’s portfolio of other investments: At December 31, 2016 2015 Catastrophe bonds $ 335,209 $ 241,253 Private equity partnerships 191,061 214,848 Senior secured bank loan funds 22,040 23,231 Hedge funds 1,495 2,289 Total other investments $ 549,805 $ 481,621 Interest income, income distributions and net realized and unrealized gains on other investments are included in net investment income and totaled $26.3 million ( 2015 – $21.9 million , 2014 – $30.0 million ) of which $11.5 million related to net unrealized gains ( 2015 – gains of $10.4 million , 2014 – gains of $17.7 million ). Included in net investment income for 2016 is a loss of $3.4 million ( 2015 - $2.5 million , 2014 - $0.6 million ) representing the change in estimate during the period related to the difference between the Company’s estimated fair value due to the lag in reporting, as discussed in “Note 2 . Significant Accounting Policies,” and the actual amount as reported in the final net asset values provided by the Company’s fund managers. The Company has committed capital to private equity partnerships and other entities of $794.2 million , of which $554.7 million has been contributed at December 31, 2016 . The Company’s remaining commitments to these funds at December 31, 2016 totaled $249.4 million . In the future, the Company may enter into additional commitments in respect of private equity partnerships or individual portfolio company investment opportunities. Investments in Other Ventures, under Equity Method The table below shows the Company’s portfolio of investments in other ventures, under equity method: 2016 2015 At December 31, Investment Ownership % Carrying Value Investment Ownership % Carrying Value THIG $ 50,000 25.0 % $ 19,286 $ 50,000 25.0 % $ 19,155 Tower Hill 10,000 32.3 % 21,590 10,000 31.3 % 19,981 Tower Hill Re 4,250 25.0 % 2,903 4,250 25.0 % 4,136 Tower Hill Signature 500 25.0 % 9,085 500 25.0 % 7,315 Total Tower Hill Companies 64,750 52,864 64,750 50,587 Top Layer Re 65,375 50.0 % 60,360 65,375 50.0 % 68,936 Other 23,923 41.8 % 11,003 23,607 43.5 % 12,828 Total investments in other ventures, under equity method $ 154,048 $ 124,227 $ 153,732 $ 132,351 On July 1, 2008, the Company invested $50.0 million in Tower Hill Insurance Group, LLC (“THIG”) representing a 25.0% equity ownership. Included in the purchase price was $40.0 million of other intangibles and $7.8 million of goodwill, which, in accordance with generally accepted accounting principles, are recorded as “Investments in other ventures, under equity method” rather than “Goodwill and other intangibles” on the Company’s consolidated balance sheet. The Company originally invested $13.1 million in Top Layer Re, representing a 50.0% ownership. In December 2010, March 2011 and December 2011, primarily as a result of net claims and claim expenses incurred by Top Layer Re with respect to the September 2010 New Zealand Earthquake, the February 2011 New Zealand Earthquake and the Tohoku Earthquake and Tsunami, respectively, the Company invested an additional $13.8 million , $20.5 million and $18.0 million , respectively, in Top Layer Re, maintaining the Company’s 50.0% ownership interest. The table below shows the Company’s equity in earnings of other ventures, under equity method: Year ended December 31, 2016 2015 2014 Tower Hill Companies $ 10,379 $ 13,116 $ 18,376 Top Layer Re (8,576 ) 8,026 10,411 Other (840 ) (661 ) (2,712 ) Total equity in earnings of other ventures $ 963 $ 20,481 $ 26,075 During 2016 , the Company received $9.4 million of dividends from its investments in other ventures, under equity method ( 2015 – $13.3 million , 2014 – $10.3 million ). Losses from the Company’s investments in other ventures, under equity method, net of dividends and distributions received, were $5.5 million at December 31, 2016 ( 2015 - earnings of $10.1 million ). Except for Top Layer Re, the equity in earnings of the Company’s investments in other ventures are reported one quarter in arrears. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS The use of fair value to measure certain assets and liabilities with resulting unrealized gains or losses is pervasive within the Company’s consolidated financial statements. Fair value is defined under accounting guidance currently applicable to the Company to be the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between open market participants at the measurement date. The Company recognizes the change in unrealized gains and losses arising from changes in fair value in its consolidated statements of operations, with the exception of changes in unrealized gains and losses on its fixed maturity investments available for sale, which are recognized as a component of accumulated other comprehensive income in shareholders’ equity. FASB ASC Topic Fair Value Measurements and Disclosures prescribes a fair value hierarchy that prioritizes the inputs to the respective valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to valuation techniques that use at least one significant input that is unobservable (Level 3). The three levels of the fair value hierarchy are described below: • Fair values determined by Level 1 inputs utilize unadjusted quoted prices obtained from active markets for identical assets or liabilities for which the Company has access. The fair value is determined by multiplying the quoted price by the quantity held by the Company; • Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals, broker quotes and certain pricing indices; and • Level 3 inputs are based all or in part on significant unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In these cases, significant management assumptions can be used to establish management’s best estimate of the assumptions used by other market participants in determining the fair value of the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement of the asset or liability. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and the Company considers factors specific to the asset or liability. In order to determine if a market is active or inactive for a security, the Company considers a number of factors, including, but not limited to, the spread between what a seller is asking for a security and what a buyer is bidding for the same security, the volume of trading activity for the security in question, the price of the security compared to its par value (for fixed maturity investments), and other factors that may be indicative of market activity. There have been no material changes in the Company’s valuation techniques, nor have there been any transfers between Level 1 and Level 2, or Level 2 and Level 3 during the period represented by these consolidated financial statements. Below is a summary of the assets and liabilities that are measured at fair value on a recurring basis and also represents the carrying amount on the Company’s consolidated balance sheets: At December 31, 2016 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fixed maturity investments U.S. treasuries $ 2,617,894 $ 2,617,894 $ — $ — Agencies 90,972 — 90,972 — Municipal 519,069 — 519,069 — Non-U.S. government (Sovereign debt) 333,224 — 333,224 — Non-U.S. government-backed corporate 133,300 — 133,300 — Corporate 1,877,243 — 1,877,243 — Agency mortgage-backed 462,493 — 462,493 — Non-agency mortgage-backed 258,944 — 258,944 — Commercial mortgage-backed 409,747 — 409,747 — Asset-backed 188,358 — 188,358 — Total fixed maturity investments 6,891,244 2,617,894 4,273,350 — Short term investments 1,368,379 — 1,368,379 — Equity investments trading 383,313 383,313 — — Other investments Catastrophe bonds 335,209 — 335,209 — Private equity partnerships (1) 191,061 — — — Senior secured bank loan funds (1) 22,040 — — — Hedge funds (1) 1,495 — — — Total other investments 549,805 — 335,209 — Other assets and (liabilities) Assumed and ceded (re)insurance contracts (2) (13,004 ) — — (13,004 ) Derivatives (3) (8,922 ) (646 ) (8,276 ) — Other (13,105 ) — (13,105 ) — Total other assets and (liabilities) (35,031 ) (646 ) (21,381 ) (13,004 ) $ 9,157,710 $ 3,000,561 $ 5,955,557 $ (13,004 ) (1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. (2) Included in assumed and ceded (re)insurance contracts at December 31, 2016 are $4.4 million and $17.4 million of other assets and other liabilities, respectively. (3) See “Note 19 . Derivative Instruments” for additional information related to the fair value, by type of contract, of derivatives entered into by the Company. At December 31, 2015 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fixed maturity investments U.S. treasuries $ 2,064,944 $ 2,064,944 $ — $ — Agencies 137,976 — 137,976 — Municipal 583,282 — 583,282 — Non-U.S. government (Sovereign debt) 334,981 — 334,981 — Non-U.S. government-backed corporate 138,994 — 138,994 — Corporate 2,055,323 — 2,047,705 7,618 Agency mortgage-backed 504,518 — 504,518 — Non-agency mortgage-backed 270,763 — 270,763 — Commercial mortgage-backed 561,496 — 561,496 — Asset-backed 130,541 — 130,541 — Total fixed maturity investments 6,782,818 2,064,944 4,710,256 7,618 Short term investments 1,208,401 — 1,208,401 — Equity investments trading 393,877 393,877 — — Other investments Catastrophe bonds 241,253 — 241,253 — Private equity partnerships (1) 214,848 — — — Senior secured bank loan fund (1) 23,231 — — — Hedge funds (1) 2,289 — — — Total other investments 481,621 — 241,253 — Other assets and (liabilities) Assumed and ceded (re)insurance contracts (2) (5,899 ) — — (5,899 ) Derivatives (3) 1,486 (1,234 ) 2,720 — Other (12,320 ) — (12,320 ) — Total other assets and (liabilities) (16,733 ) (1,234 ) (9,600 ) (5,899 ) $ 8,849,984 $ 2,457,587 $ 6,150,310 $ 1,719 (1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. (2) Included in assumed and ceded (re)insurance contracts at December 31, 2015 are $3.5 million and $9.4 million of other assets and other liabilities, respectively. (2) See “Note 19 . Derivative Instruments” for additional information related to the fair value by type of contract, of derivatives entered into by the Company. Level 1 and Level 2 Assets and Liabilities Measured at Fair Value Fixed Maturity Investments Fixed maturity investments included in Level 1 consist of the Company’s investments in U.S. treasuries. Fixed maturity investments included in Level 2 are agencies, municipal, non-U.S. government, non-U.S. government-backed corporate, corporate, agency mortgage-backed, non-agency mortgage-backed, commercial mortgage-backed and asset-backed. The Company’s fixed maturity investments are primarily priced using pricing services, such as index providers and pricing vendors, as well as broker quotations. In general, the pricing vendors provide pricing for a high volume of liquid securities that are actively traded. For securities that do not trade on an exchange, the pricing services generally utilize market data and other observable inputs in matrix pricing models to determine month end prices. Observable inputs include benchmark yields, reported trades, broker-dealer quotes, issuer spreads, bids, offers, reference data and industry and economic events. Index pricing generally relies on market traders as the primary source for pricing; however, models are also utilized to provide prices for all index eligible securities. The models use a variety of observable inputs such as benchmark yields, transactional data, dealer runs, broker-dealer quotes and corporate actions. Prices are generally verified using third party data. Securities which are priced by an index provider are generally included in the index. In general, broker-dealers value securities through their trading desks based on observable inputs. The methodologies include mapping securities based on trade data, bids or offers, observed spreads, and performance on newly issued securities. Broker-dealers also determine valuations by observing secondary trading of similar securities. Prices obtained from broker quotations are considered non-binding, however they are based on observable inputs and by observing secondary trading of similar securities obtained from active, non-distressed markets. The Company considers these Level 2 inputs as they are corroborated with other market observable inputs. The techniques generally used to determine the fair value of the Company’s fixed maturity investments are detailed below by asset class. U.S. treasuries Level 1 - At December 31, 2016 , the Company’s U.S. treasuries fixed maturity investments were primarily priced by pricing services and had a weighted average effective yield of 1.4% and a weighted average credit quality of AA ( 2015 - 1.3% and AA, respectively). When pricing these securities, the pricing services utilize daily data from many real time market sources, including active broker dealers. Certain data sources are regularly reviewed for accuracy to attempt to ensure the most reliable price source is used for each issue and maturity date. Agencies Level 2 - At December 31, 2016 , the Company’s agency fixed maturity investments had a weighted average effective yield of 2.0% and a weighted average credit quality of AA ( 2015 - 1.7% and AA, respectively). The issuers of the Company’s agency fixed maturity investments primarily consist of the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and other agencies. Fixed maturity investments included in agencies are primarily priced by pricing services. When evaluating these securities, the pricing services gather information from market sources and integrate other observations from markets and sector news. Evaluations are updated by obtaining broker dealer quotes and other market information including actual trade volumes, when available. The fair value of each security is individually computed using analytical models which incorporate option adjusted spreads and other daily interest rate data. Municipal Level 2 - At December 31, 2016 , the Company’s municipal fixed maturity investments had a weighted average effective yield of 2.4% and a weighted average credit quality of AA ( 2015 - 2.0% and AA, respectively). The Company’s municipal fixed maturity investments are primarily priced by pricing services. When evaluating these securities, the pricing services gather information regarding the security from third party sources such as trustees, paying agents or issuers. Evaluations are updated by obtaining broker dealer quotes and other market information including actual trade volumes, when available. The pricing services also consider the specific terms and conditions of the securities, including any specific features which may influence risk. In certain instances, securities are individually evaluated using a spread over widely accepted market benchmarks. Non-U.S. government (Sovereign debt) Level 2 - At December 31, 2016 , the Company’s non-U.S. government fixed maturity investments had a weighted average effective yield of 1.6% and a weighted average credit quality of AAA ( 2015 - 1.4% and AA, respectively). The issuers of securities in this sector are non-U.S. governments and their respective agencies as well as supranational organizations. Securities held in these sectors are primarily priced by pricing services that employ proprietary discounted cash flow models to value the securities. Key quantitative inputs for these models are daily observed benchmark curves for treasury, swap and high issuance credits. The pricing services then apply a credit spread for each security which is developed by in-depth and real time market analysis. For securities in which trade volume is low, the pricing services utilize data from more frequently traded securities with similar attributes. These models may also be supplemented by daily market and credit research for international markets. Non-U.S. government-backed corporate Level 2 - At December 31, 2016 , the Company’s non-U.S. government-backed corporate fixed maturity investments had a weighted average effective yield of 1.5% and a weighted average credit quality of AAA ( 2015 - 1.3% and AA, respectively). Non-U.S. government-backed fixed maturity investments are primarily priced by pricing services that employ proprietary discounted cash flow models to value the securities. Key quantitative inputs for these models are daily observed benchmark curves for treasury, swap and high issuance credits. The pricing services then apply a credit spread to the respective curve for each security which is developed by in-depth and real time market analysis. For securities in which trade volume is low, the pricing services utilize data from more frequently traded securities with similar attributes. These models may also be supplemented by daily market and credit research for international markets. Corporate Level 2 - At December 31, 2016 , the Company’s corporate fixed maturity investments principally consisted of U.S. and international corporations and had a weighted average effective yield of 3.7% and a weighted average credit quality of BBB ( 2015 - 3.8% and BBB, respectively). The Company’s corporate fixed maturity investments are primarily priced by pricing services. When evaluating these securities, the pricing services gather information from market sources regarding the issuer of the security and obtain credit data, as well as other observations, from markets and sector news. Evaluations are updated by obtaining broker dealer quotes and other market information including actual trade volumes, when available. The pricing services also consider the specific terms and conditions of the securities, including any specific features which may influence risk. In certain instances, securities are individually evaluated using a spread which is added to the U.S. treasury curve or a security specific swap curve as appropriate. Agency mortgage-backed Level 2 - At December 31, 2016 , the Company’s agency mortgage-backed fixed maturity investments included agency residential mortgage-backed securities with a weighted average effective yield of 2.9% , a weighted average credit quality of AA and a weighted average life of 6.9 years ( 2015 - 2.7% , AA and 6.1 years, respectively). The Company’s agency mortgage-backed fixed maturity investments are primarily priced by pricing services using a mortgage pool specific model which utilizes daily inputs from the active to be announced market which is very liquid, as well as the U.S. treasury market. The model also utilizes additional information, such as the weighted average maturity, weighted average coupon and other available pool level data which is provided by the sponsoring agency. Valuations are also corroborated with daily active market quotes. Non-agency mortgage-backed Level 2 - The Company’s non-agency mortgage-backed fixed maturity investments include non-agency prime residential mortgage-backed and non-agency Alt-A fixed maturity investments. The Company has no fixed maturity investments that were classified as sub-prime held at the time of purchase in its fixed maturity investments portfolio. At December 31, 2016 , the Company’s non-agency prime residential mortgage-backed fixed maturity investments had a weighted average effective yield of 4.3% , a weighted average credit quality of BBB, and a weighted average life of 5.1 years ( 2015 - 3.8% , non-investment grade and 4.3 years, respectively). The Company’s non-agency Alt-A fixed maturity investments held at December 31, 2016 had a weighted average effective yield of 5.2% , a weighted average credit quality of non-investment grade and a weighted average life of 6.0 years ( 2015 - 4.7% , non-investment grade and 5.4 years, respectively). Securities held in these sectors are primarily priced by pricing services using an option adjusted spread model or other relevant models, which principally utilize inputs including benchmark yields, available trade information or broker quotes, and issuer spreads. The pricing services also review collateral prepayment speeds, loss severity and delinquencies among other collateral performance indicators for the securities valuation, when applicable. Commercial mortgage-backed Level 2 - At December 31, 2016 , the Company’s commercial mortgage-backed fixed maturity investments had a weighted average effective yield of 2.6% , a weighted average credit quality of AAA, and a weighted average life of 3.9 years ( 2015 - 2.9% , AAA and 3.7 years, respectively). Securities held in these sectors are primarily priced by pricing services. The pricing services apply dealer quotes and other available trade information such as bids and offers, prepayment speeds which may be adjusted for the underlying collateral or current price data, the U.S. treasury curve and swap curve as well as cash settlement. The pricing services discount the expected cash flows for each security held in this sector using a spread adjusted benchmark yield based on the characteristics of the security. Asset-backed Level 2 - At December 31, 2016 , the Company’s asset-backed fixed maturity investments had a weighted average effective yield of 2.3% , a weighted average credit quality of AAA and a weighted average life of 2.6 years ( 2015 - 2.1% , AAA and 2.5 years, respectively). The underlying collateral for the Company’s asset-backed fixed maturity investments primarily consists of student loans, credit card receivables, auto loans and other receivables. Securities held in these sectors are primarily priced by pricing services. The pricing services apply dealer quotes and other available trade information such as bids and offers, prepayment speeds which may be adjusted for the underlying collateral or current price data, the U.S. treasury curve and swap curve as well as cash settlement. The pricing services determine the expected cash flows for each security held in this sector using historical prepayment and default projections for the underlying collateral and current market data. In addition, a spread is applied to the relevant benchmark and used to discount the cash flows noted above to determine the fair value of the securities held in this sector. Short Term Investments Level 2 - At December 31, 2016 , the Company’s short term investments had a weighted average effective yield of 0.7% and a weighted average credit quality of AAA ( 2015 - 0.4% and AAA, respectively). The fair value of the Company’s portfolio of short term investments is generally determined using amortized cost which approximates fair value and, in certain cases, in a manner similar to the Company’s fixed maturity investments noted above. Equity Investments, Classified as Trading Level 1 - The fair value of the Company’s portfolio of equity investments, classified as trading is primarily priced by pricing services, reflecting the closing price quoted for the final trading day of the period. When pricing these securities, the pricing services utilize daily data from many real time market sources, including applicable securities exchanges. All data sources are regularly reviewed for accuracy to attempt to ensure the most reliable price source was used for each security. Other investments Catastrophe bonds Level 2 - The Company’s other investments include investments in catastrophe bonds which are recorded at fair value based on broker or underwriter bid indications. Other assets and liabilities Derivatives Level 1 and Level 2 - Other assets and liabilities include certain derivatives entered into by the Company. The fair value of these transactions includes certain exchange traded futures contracts which are considered Level 1, and foreign currency contracts and certain credit derivatives, determined using standard industry valuation models and considered Level 2, as the inputs to the valuation model are based on observable market inputs. For credit derivatives, these inputs include credit spreads, credit ratings of the underlying referenced security, the risk free rate and the contract term. For foreign currency contracts, these inputs include spot rates and interest rate curves. Other Level 2 - The liabilities measured at fair value and included in Level 2 at December 31, 2016 of $13.1 million are comprised of cash settled restricted stock units (“CSRSU”) that form part of the Company’s compensation program. The fair value of the Company’s CSRSUs is determined using observable exchange traded prices for the Company’s common shares. Level 3 Assets and Liabilities Measured at Fair Value Below is a summary of quantitative information regarding the significant observable and unobservable inputs (Level 3) used in determining the fair value of assets and liabilities measured at fair value on a recurring basis: December 31, 2016 Fair Value Valuation Technique Unobservable (U) Low High Weighted Average or Actual Other assets and (liabilities) Assumed and ceded (re)insurance contracts $ (574 ) Internal valuation model Bond price (U) $ 100.82 $ 103.58 $ 102.29 Liquidity discount (U) n/a n/a 1.3 % Assumed and ceded (re)insurance contracts (12,430 ) Internal valuation model Net undiscounted cash flows (U) n/a n/a $ (12,396 ) Expected loss ratio (U) n/a n/a 35.2 % Net acquisition expense ratio (O) n/a n/a (20.7 )% Contract period (O) 2.0 years 4.7 years 4.5 years Discount rate (U) n/a n/a 1.9 % Total other assets and (liabilities) $ (13,004 ) Fixed Maturity Investments Corporate Level 3 - Previously included in the Company’s corporate fixed maturity investments was an investment in the preferred equity of an insurance holding company. The Company measured the fair value of this investment using a discounted cash flow model and sold this investment during the year ended December 31, 2016 as detailed in the fixed maturity investments trading column in the rollforward table below. Other assets and liabilities Assumed and ceded (re)insurance contracts Level 3 - At December 31, 2016 the Company had a $0.6 million net liability related to an assumed reinsurance contract accounted for at fair value, with the fair value obtained through the use of an internal valuation model. The inputs to the internal valuation model are principally based on indicative pricing obtained from independent brokers and pricing vendors for similarly structured marketable securities. The most significant unobservable inputs include prices for similar marketable securities and a liquidity premium. The Company considers the prices for similar securities to be unobservable, as there is little, if any market activity for these similar assets. In addition, the Company has estimated a liquidity premium that would be required if the Company attempted to effectively exit its position by executing a short sale of these securities. Generally, an increase in the prices for similar marketable securities or a decrease in the liquidity premium would result in an increase in the expected profit and ultimate fair value of this assumed reinsurance contract. Level 3 - At December 31, 2016 the Company had a $12.4 million net liability related to assumed and ceded (re)insurance contracts accounted for at fair value, with the fair value obtained through the use of an internal valuation model. The inputs to the internal valuation model are principally based on proprietary data as observable market inputs are generally not available. The most significant unobservable inputs include the assumed and ceded expected net cash flows related to the contracts, including the expected premium, acquisition expenses and losses; the expected loss ratio and the relevant discount rate used to present value the net cash flows. The contract period and acquisition expense ratio are considered observable inputs as each is defined in the contract. The negative acquisition expense ratio used to determine the fair value of the contracts at December 31, 2016 is the result of override commissions on the contracts being higher than the gross acquisition expenses. Generally, an increase in the net expected cash flows and expected term of the contract and a decrease in the discount rate, expected loss ratio or acquisition expense ratio, would result in an increase in the expected profit and ultimate fair value of these assumed and ceded (re)insurance contracts. Below is a reconciliation of the beginning and ending balances, for the periods shown, of assets and liabilities measured at fair value on a recurring basis using Level 3 inputs. Interest and dividend income are included in net investment income and are excluded from the reconciliation. Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Fixed maturity Other assets and (liabilities) Total Balance - January 1, 2015 $ 15,660 $ (8,934 ) $ 6,726 Total unrealized (losses) gains Included in net investment income (542 ) 183 (359 ) Included in other income (loss) — (426 ) (426 ) Total realized gains Included in other income (loss) — 6,628 6,628 Total foreign exchange gains — 7 7 Purchases — 80,996 80,996 Sales — (84,353 ) (84,353 ) Settlements (7,500 ) — (7,500 ) Balance - December 31, 2015 $ 7,618 $ (5,899 ) $ 1,719 Change in unrealized gains for the period included in earnings for assets held at the end of the period included in net investment income $ (359 ) $ — $ (359 ) Change in unrealized losses for the period included in earnings for assets held at the end of the period included in other loss $ — $ (426 ) $ (426 ) Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Fixed maturity investments trading Other assets and (liabilities) Total Balance - January 1, 2016 $ 7,618 $ (5,899 ) $ 1,719 Total unrealized losses Included in net investment income (118 ) — (118 ) Total realized gains Included in other income (loss) — 6,339 6,339 Purchases — (13,444 ) (13,444 ) Settlements (7,500 ) — (7,500 ) Balance - December 31, 2016 $ — $ (13,004 ) $ (13,004 ) Financial Instruments Disclosed, But Not Carried, at Fair Value The Company uses various financial instruments in the normal course of its business. The Company’s insurance contracts are excluded from the fair value of financial instruments accounting guidance, unless the Company elects the fair value option, and therefore, are not included in the amounts discussed herein. The carrying values of cash and cash equivalents, accrued investment income, receivables for investments sold, certain other assets, payables for investments purchased, certain other liabilities, and other financial instruments not included herein approximated their fair values. Debt Included on the Company’s consolidated balance sheet at December 31, 2016 were debt obligations of $948.7 million ( December 31, 2015 - $960.5 million ). At December 31, 2016 , the fair value of the Company’s debt obligations was $964.8 million ( December 31, 2015 – $973.3 million ). The fair value of the Company’s debt obligations is determined using indicative market pricing obtained from third-party service providers, which the Company considers Level 2 in the fair value hierarchy. There have been no changes during the period in the Company’s valuation technique used to determine the fair value of the Company’s debt obligations. Refer to “Note 9 . Debt and Credit Facilities” for additional information related to the Company’s debt obligations. The Fair Value Option for Financial Assets and Financial Liabilities The Company has elected to account for certain financial assets and financial liabilities at fair value using the guidance under FASB ASC Topic Financial Instruments as the Company believes it represents the most meaningful measurement basis for these assets and liabilities. Below is a summary of the balances the Company has elected to account for at fair value: 2016 2015 Other investments $ 549,805 $ 481,621 Other assets $ 4,379 $ 3,463 Other liabilities $ 17,383 $ 9,362 Included in net investment income for 2016 was net unrealized gains of $11.5 million related to the changes in fair value of other investments ( 2015 – gains of $10.4 million , 2014 – gains of $17.7 million ). Included in other income (loss) for 2016 were net unrealized gains of $Nil related to the changes in the fair value of other assets and liabilities ( 2015 – losses of $0.4 million , 2014 – $Nil ). Measuring the Fair Value of Other Investments Using Net Asset Valuations The table below shows the Company’s portfolio of other investments measured using net asset valuations as a practical expedient: At December 31, 2016 Fair Value Unfunded Redemption Frequency Redemption Redemption Private equity partnerships $ 191,061 $ 223,636 See below See below See below Senior secured bank loan funds 22,040 25,806 See below See below See below Hedge funds 1,495 — See below See below See below Total other investments measured using net asset valuations $ 214,596 $ 249,442 Private equity partnerships – The Company’s investments in private equity partnerships included alternative asset limited partnerships (or similar corporate structures) that invest in certain private equity asset classes including U.S. and global leveraged buyouts; mezzanine investments; distressed securities; real estate; and oil, gas and power. The Company generally has no right to redeem its interest in any of these private equity partnerships in advance of dissolution of the applicable private equity partnership. Instead, the nature of these investments is that distributions are received by the Company in connection with the liquidation of the underlying assets of the respective private equity partnership. It is estimated that the majority of the underlying assets of the limited partnerships would liquidate over 7 to 10 years from inception of the respective limited partnership. Senior secured bank loan funds – At December 31, 2016 the Company had $22.0 million invested in closed end funds which invests primarily in loans. The Company has no right to redeem its investment in these funds. It is estimated that the majority of the underlying assets in these closed end funds would liquidate over 4 to 5 years from inception of the fund. Hedge funds – The Company invests in hedge funds that pursue multiple strategies. The Company’s investments in hedge funds at December 31, 2016 were $1.5 million of “side pocket” investments which are not redeemable at the option of the shareholder. The Company will retain its interest in the side pocket investments until the underlying investments attributable to such side pockets are liquidated, realized or deemed realized at the discretion of the fund manager. |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract] | |
Reinsurance | REINSURANCE The Company purchases reinsurance and other protection to manage its risk portfolio and to reduce its exposure to large losses. The Company currently has in place contracts that provide for recovery of a portion of certain claims and claim expenses, generally in excess of various retentions or on a proportional basis. In addition to loss recoveries, certain of the Company’s ceded reinsurance contracts provide for payments of additional premiums, for reinstatement premiums and for lost no-claims bonuses, which are incurred when losses are ceded to the respective reinsurance contracts. The Company remains liable to the extent that any reinsurance company fails to meet its obligations. The following table sets forth the effect of reinsurance and retrocessional activity on premiums written and earned and on net claims and claim expenses incurred: Year ended December 31, 2016 2015 2014 Premiums written Direct $ 208,282 $ 130,681 $ 76,511 Assumed 2,166,294 1,880,629 1,474,061 Ceded (839,264 ) (595,127 ) (482,336 ) Net premiums written $ 1,535,312 $ 1,416,183 $ 1,068,236 Premiums earned Direct $ 157,112 $ 98,182 $ 66,027 Assumed 1,874,993 1,769,088 1,450,047 Ceded (628,675 ) (466,719 ) (453,658 ) Net premiums earned $ 1,403,430 $ 1,400,551 $ 1,062,416 Claims and claim expenses Gross claims and claim expenses incurred $ 710,651 $ 544,972 $ 228,581 Claims and claim expenses recovered (179,820 ) (96,734 ) (30,634 ) Net claims and claim expenses incurred $ 530,831 $ 448,238 $ 197,947 The reinsurers with the three largest balances accounted for 27.1% , 19.9% and 7.7% , respectively, of the Company’s reinsurance recoverable balance at December 31, 2016 ( 2015 - 21.5% , 13.8% and 13.1% , respectively). The valuation allowance recorded against reinsurance recoverable was $4.2 million at December 31, 2016 ( 2015 - $1.6 million ). The three largest company-specific components of the valuation allowance represented 27.1% , 17.9% and 5.6% , respectively, of the Company’s total valuation allowance at December 31, 2016 ( 2015 - 22.7% , 8.3% and 3.2% , respectively). |
Reserve for Claims and Claim Ex
Reserve for Claims and Claim Expenses | 12 Months Ended |
Dec. 31, 2016 | |
Insurance Loss Reserves [Abstract] | |
Reserve for Claims and Claim Expenses | RESERVE FOR CLAIMS AND CLAIM EXPENSES General Description The Company believes the most significant accounting judgment made by management is its estimate of claims and claim expense reserves. Claims and claim expense reserves represent estimates, including actuarial and statistical projections at a given point in time, of the ultimate settlement and administration costs for unpaid claims and claim expenses arising from the insurance and reinsurance contracts the Company sells. The Company establishes its claims and claim expense reserves by taking claims reported to the Company by insureds and ceding companies, but which have not yet been paid (“case reserves”), adding estimates for the anticipated cost of claims incurred but not yet reported to the Company, or incurred but not enough reported to the Company (collectively referred to as “IBNR”) and, if deemed necessary, adding costs for additional case reserves which represent the Company’s estimates for claims related to specific contracts previously reported to the Company which it believes may not be adequately estimated by the client as of that date, or adequately covered in the application of IBNR. On March 2, 2015 the Company acquired Platinum and the transaction was accounted under the acquisition method of accounting in accordance with FASB ASC Topic Business Combinations. Total consideration paid was allocated among acquired assets and assumed liabilities based on their fair values, including Platinum’s claims and claim expense reserves, which totaled $1.4 billion at March 2, 2015, and consisted of $179.7 million and $1.2 billion included in the Company’s Property and Casualty and Specialty segments, respectively. These claims and claim expense reserves are subject to the reserving methodologies for each respective line of business as described below. The following table summarizes the Company’s claims and claim expense reserves by segment, allocated between case reserves, additional case reserves and IBNR: At December 31, 2016 Case Reserves Additional Case Reserves IBNR Total Property $ 214,954 $ 186,308 $ 226,512 $ 627,774 Casualty and Specialty 591,705 105,419 1,498,002 2,195,126 Other 6,935 — 18,459 25,394 Total $ 813,594 $ 291,727 $ 1,742,973 $ 2,848,294 At December 31, 2015 Property $ 298,687 $ 165,838 $ 241,676 $ 706,201 Casualty and Specialty 553,574 129,866 1,349,726 2,033,166 Other 2,071 — 25,607 27,678 Total $ 854,332 $ 295,704 $ 1,617,009 $ 2,767,045 Activity in the liability for unpaid claims and claim expenses is summarized as follows: Year ended December 31, 2016 2015 2014 Net reserves as of January 1 $ 2,632,519 $ 1,345,816 $ 1,462,705 Net incurred related to: Current year 694,957 610,685 341,745 Prior years (164,126 ) (162,447 ) (143,798 ) Total net incurred 530,831 448,238 197,947 Net paid related to: Current year 83,015 95,747 39,830 Prior years 506,279 425,565 241,286 Total net paid 589,294 521,312 281,116 Amounts acquired (1) — 1,394,117 — Foreign exchange (5,326 ) (34,340 ) (33,720 ) Net reserves as of December 31 2,568,730 2,632,519 1,345,816 Reinsurance recoverable as of December 31 279,564 134,526 66,694 Gross reserves as of December 31 $ 2,848,294 $ 2,767,045 $ 1,412,510 (1) Represents the fair value of Platinum's reserve for claims and claim expenses and reinsurance recoverable acquired at March 2, 2015. The Company’s reserving methodology for each line of business uses a loss reserving process that calculates a point estimate for its ultimate settlement and administration costs for claims and claim expenses. The Company does not calculate a range of estimates and does not discount any of its reserves for claims and claim expenses. The Company uses this point estimate, along with paid claims and case reserves, to record its best estimate of additional case reserves and IBNR in its consolidated financial statements. Under GAAP, the Company is not permitted to establish estimates for catastrophe claims and claim expense reserves until an event occurs that gives rise to a loss. Reserving for reinsurance claims involves other uncertainties, such as the dependence on information from ceding companies, the time lag inherent in reporting information from the primary insurer to the Company or to the Company’s ceding companies, and differing reserving practices among ceding companies. The information received from ceding companies is typically in the form of bordereaux, broker notifications of loss and/or discussions with ceding companies or their brokers. This information may be received on a monthly, quarterly or transactional basis and normally includes paid claims and estimates of case reserves. The Company sometimes also receives an estimate or provision for IBNR. This information is often updated and adjusted from time to time during the loss settlement period as new data or facts in respect of initial claims, client accounts, industry or event trends may be reported or emerge in addition to changes in applicable statutory and case laws. The Company’s estimates of losses from large events are based on factors including currently available information derived from claims information from certain customers and brokers, industry assessments of losses from the events, proprietary models, and the terms and conditions of the Company’s contracts. The uncertainty of the Company’s estimates for large events is also impacted by the preliminary nature of the information available, the magnitude and relative infrequency of the events, the expected duration of the respective claims development period, inadequacies in the data provided to the relevant date by industry participants and the potential for further reporting lags or insufficiencies; and in certain large events, significant uncertainty as to the form of the claims and legal issues, under the relevant terms of insurance and reinsurance contracts. In addition, a significant portion of the net claims and claim expenses associated with certain large events can be concentrated with a few large clients and therefore the loss estimates for these events may vary significantly based on the claims experience of those clients. The contingent nature of business interruption and other exposures will also impact losses in a meaningful way, which may give rise to significant complexity in respect of claims handling, claims adjustment and other coverage issues, over time. Given the magnitude of certain events, there can be meaningful uncertainty regarding total covered losses for the insurance industry and, accordingly, several of the key assumptions underlying the Company's loss estimates. Loss reserve estimation in respect of the Company's retrocessional contracts poses further challenges compared to directly assumed reinsurance. In addition, the Company’s actual net losses from these events may increase if the Company’s reinsurers or other obligors fail to meet their obligations. Because of the inherent uncertainties discussed above, the Company has developed a reserving philosophy that attempts to incorporate prudent assumptions and estimates, and the Company has generally experienced favorable net development on prior accident years net claims and claim expenses in the last several years. However, there is no assurance that this favorable development on prior accident years net claims and claim expenses will occur in future periods. The Company establishes a provision for unallocated loss adjustment expenses ("ULAE") when the related reserve for claims and claim expenses is established. ULAE are expenses that cannot be associated with a specific claim but are related to claims paid or in the process of settlement, such as internal costs of the claims function, and are included in the reserve for claims and claim expenses. The determination of the ULAE provision is subject to judgment. The Company reevaluates its actuarial reserving techniques on a periodic basis. Typically, the quarterly review procedures include reviewing paid and reported claims in the most recent reporting period, reviewing the development of paid and reported claims from prior periods, and reviewing the Company’s overall experience by underwriting year and in the aggregate. The Company monitors its expected ultimate claims and claim expense ratios and expected claims reporting assumptions on a quarterly basis and compares them to its actual experience. These actuarial assumptions are generally reviewed annually, based on input from the Company’s actuaries, underwriters, claims personnel and finance professionals, although adjustments may be made more frequently if needed. Assumption changes are made to adjust for changes in the pricing and terms of coverage the Company provides, changes in industry results for similar business, as well as its actual experience to the extent the Company has enough data to rely on its own experience. If the Company determines that adjustments to an earlier estimate are appropriate, such adjustments are recorded in the period in which they are identified. Incurred and Paid Claims Development and Reserving Methodology The information provided herein about incurred and paid accident year claims development for the years ended prior to December 31, 2016 on a consolidated basis and by segment is presented as supplementary information. The Company has applied a retrospective approach with respect to its acquisition of Platinum, presenting all relevant historical information for all periods presented. In addition, included in the incurred claims and claim expenses and cumulated paid claims and claim expenses tables below is a reconciling item that represents the unamortized balance of fair value adjustments recorded in connection with the acquisition of Platinum to reflect an increase in net claims and claim expenses due to the addition of a market based risk margin that represented the cost of capital required by a market participant to assume the net claims and claim expenses of Platinum. For incurred and paid accident year claims denominated in foreign currency, the Company has used the current year-end balance sheet foreign exchange rate for all periods provided, thereby eliminating the effects of changes in foreign currency translation rates from the incurred and paid accident year claims development information included in the tables below. The following table details the Company’s consolidated incurred claims and claim expenses and cumulative paid claims and claim expenses as of December 31, 2016 , net of reinsurance, as well as IBNR plus ACR included within the net incurred claims amounts. Incurred claims and claim expenses, net of reinsurance For the year ended December 31, At December 31, 2016 Accident Year 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 IBNR and ACR (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) 2007 $ 1,113,667 $ 1,025,247 $ 958,206 $ 911,337 $ 868,747 $ 806,487 $ 778,185 $ 766,845 $ 774,396 $ 770,219 $ 67,726 2008 — 1,469,251 1,429,241 1,408,748 1,390,282 1,317,055 1,294,396 1,272,298 1,262,048 1,247,506 48,658 2009 — — 704,560 639,182 622,181 582,725 557,623 536,393 527,374 522,566 30,006 2010 — — — 988,403 946,271 898,572 867,523 864,328 854,924 863,129 79,809 2011 — — — — 1,611,509 1,533,946 1,454,063 1,377,450 1,349,227 1,314,451 113,383 2012 — — — — — 862,333 767,534 705,316 679,446 651,764 132,561 2013 — — — — — — 614,066 552,965 504,401 465,948 127,969 2014 — — — — — — — 657,958 613,360 600,956 155,602 2015 — — — — — — — — 635,553 620,623 343,935 2016 — — — — — — — — — 675,378 542,083 Total $ 7,732,540 $ 1,641,732 Cumulative paid claims and claim expenses, net of reinsurance For the year ended December 31, Accident Year 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) 2007 $ 91,877 $ 281,119 $ 371,280 $ 469,657 $ 541,511 $ 588,997 $ 613,200 $ 638,348 $ 657,017 $ 682,644 2008 — 275,968 591,482 797,242 937,678 1,013,041 1,060,160 1,090,977 1,118,434 1,140,094 2009 — — 96,378 267,983 319,313 363,190 395,580 434,257 455,919 462,192 2010 — — — 126,401 309,807 425,914 495,847 549,898 620,545 709,672 2011 — — — — 249,556 522,071 861,359 1,013,577 1,101,596 1,145,239 2012 — — — — — 165,581 265,612 356,102 415,911 459,269 2013 — — — — — — 86,344 177,423 240,046 283,707 2014 — — — — — — — 110,863 199,632 268,806 2015 — — — — — — — — 95,712 192,864 2016 — — — — — — — — — 79,422 Total $ 5,423,909 Outstanding liabilities from accident year 2006 and prior, net of reinsurance 226,695 Claims and claim expenses, net of reinsurance, from the Company's former Bermuda-based insurance operations 2,114 Adjustment for unallocated claim expenses 20,256 Unamortized fair value adjustments recorded in connection with the acquisition of Platinum 11,034 Liability for claims and claim expenses, net of reinsurance $ 2,568,730 Property Segment Within the Property segment, the Company principally writes property catastrophe excess of loss reinsurance contracts to insure insurance and reinsurance companies against natural and man-made catastrophes. Under these contracts, the Company indemnifies an insurer or reinsurer when its aggregate paid claims and claim expenses from a single occurrence of a covered peril exceeds the attachment point specified in the contract, up to an amount per loss specified in the contract. The Company's most significant exposure is to losses from hurricanes, earthquakes and other windstorms, although the Company is also exposed to claims arising from other catastrophes, such as tsunamis, winter storms, freezes, floods, fires, tornadoes, explosions and acts of terrorism. The Company's predominant exposure under such coverage is to property damage. However, other risks, including business interruption and other non-property losses, may also be covered under the Company's catastrophe contracts when arising from a covered peril. The Company's coverages are offered on either a worldwide basis or are limited to selected geographic areas. Coverage can also vary from “all property” perils to limited coverage on selected perils, such as “earthquake only” coverage. The Company also enters into retrocessional contracts that provide property catastrophe coverage to other reinsurers or retrocedants. This coverage is generally in the form of excess of loss retrocessional contracts and may cover all perils and exposures on a worldwide basis or be limited in scope to selected geographic areas, perils and/or exposures. The exposures the Company assumes from retrocessional business can change within a contract term as the underwriters of a retrocedant may alter their book of business after the retrocessional coverage has been bound. The Company also offers dual trigger reinsurance contracts which require the Company to pay claims based on claims incurred by insurers and reinsurers in addition to the estimate of insured industry losses as reported by referenced statistical reporting agencies. Also included in the Property segment is property per risk, property (re)insurance, binding facilities and regional U.S. multi-line reinsurance. The Company's predominant exposure under such coverage is to property damage. However, other risks, including business interruption and other non-property losses, may also be covered when arising from a covered peril. The Company's coverages are offered on either a worldwide basis or are limited to selected geographic areas. The exposures assumed from retrocessional business can change within a contract term as the underwriters of a retrocedant may alter their book of business after the retrocessional coverage has been bound. The Company offers these products principally through proportional coverage. In a proportional reinsurance arrangement (also referred to as quota share reinsurance or pro rata reinsurance), the reinsurer shares a proportional part of the original premiums and losses of the reinsured. Claims and claim expenses in the Company's Property segment are generally characterized by loss events of low frequency and high severity. Initial reporting of paid and incurred claims in general, tends to be relatively prompt. The Company considers this business “short-tail” as compared to the reporting of claims for “long-tail” products, which tends to be slower. However, the timing of claims payment and reporting also varies depending on various factors, including: whether the claims arise under reinsurance of primary insurance companies or reinsurance of other reinsurance companies; the nature of the events (e.g., hurricanes, earthquakes or terrorism); the geographic area involved; post-event inflation which may cause the cost to repair damaged property to increase significantly from current estimates, or for property claims to remain open for a longer period of time, due to limitations on the supply of building materials, labor and other resources; complex policy coverage and other legal issues; and the quality of each client’s claims management and reserving practices. Management’s judgments regarding these factors are reflected in the Company's reserve for claims and claim expenses. Reserving for most of the Company's Property segment generally does not involve the use of traditional actuarial techniques. Rather, claims and claim expense reserves are estimated by management after a catastrophe occurs by completing an in-depth analysis of the individual contracts which may potentially be impacted by the catastrophic event. The in-depth analysis generally involves: 1) estimating the size of insured industry losses from the catastrophic event; 2) reviewing reinsurance contract portfolios to identify contracts which are exposed to the catastrophic event; 3) reviewing information reported by customers and brokers; 4) discussing the event with customers and brokers; and 5) estimating the ultimate expected cost to settle all claims and administrative costs arising from the catastrophic event on a contract-by-contract basis and in aggregate for the event. Once an event has occurred, during the then current reporting period, the Company records its best estimate of the ultimate expected cost to settle all claims arising from the event. The Company's estimate of claims and claim expense reserves is then determined by deducting cumulative paid losses from its estimate of the ultimate expected loss for an event. The Company’s estimate of IBNR is determined by deducting cumulative paid losses, case reserves and additional case reserves from its estimate of the ultimate expected loss for an event. Once the Company receives a notice of loss or payment request under a catastrophe reinsurance contract, it is generally able to process and pay such claims promptly. Because the events from which claims arise under policies written within the Property segment are typically prominent, public occurrences such as hurricanes and earthquakes, the Company is often able to use independent reports as part of its loss reserve estimation process. The Company also reviews catastrophe bulletins published by various statistical reporting agencies to assist in determining the size of the industry loss, although these reports may not be available for some time after an event. For smaller events including localized severe weather events such as windstorms, hail, ice, snow, flooding, freezing and tornadoes, which are not necessarily prominent, public occurrences, the Company initially places greater reliance on catastrophe bulletins published by statistical reporting agencies to assist in determining what events occurred during the reporting period than the Company does for large events. This includes reviewing catastrophe bulletins published by Property Claim Services (“PCS”) for U.S. catastrophes. The Company sets its initial estimates of reserves for claims and claim expenses for these smaller events based on a combination of its historical market share for these types of losses and the estimate of the total insured industry property losses as reported by statistical reporting agencies, although management may make significant adjustments based on the Company's current exposure to the geographic region involved as well as the size of the loss and the peril involved. This approach supplements the Company's approach for estimating losses for larger catastrophes, which as discussed above, includes discussions with brokers and ceding companies and reviewing individual contracts impacted by the event. Approximately one year from the date of loss for these small events, the Company typically estimates IBNR for these events by using the paid Bornhuetter-Ferguson actuarial method. The loss development factors for the paid Bornhuetter-Ferguson actuarial method are selected based on a review of the Company's historical experience and these factors are reviewed at least annually. There were no significant changes to the Company's paid loss development factors over the last three years. In general, reserves for the Company's more recent reinsured catastrophic events are subject to greater uncertainty and, therefore, greater potential variability, and are likely to experience material changes from one period to the next. This is due to the uncertainty as to the size of the industry losses from the event, uncertainty as to which contracts have been exposed to the catastrophic event, uncertainty due to complex legal and coverage issues that can arise out of large or complex catastrophic events, and uncertainty as to the magnitude of claims incurred by the Company's customers. As the Company's claims age, more information becomes available and the Company believes its estimates become more certain. The following table details the Company’s Property segment incurred claims and claim expenses and cumulative paid claims and claim expenses as of December 31, 2016 , net of reinsurance, as well as IBNR plus ACR included within the net incurred claims amounts. Incurred claims and claim expenses, net of reinsurance For the year ended December 31, At December 31, 2016 Accident Year 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 IBNR and ACR (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) 2007 $ 387,866 $ 309,228 $ 250,975 $ 246,823 $ 234,120 $ 213,228 $ 206,168 $ 199,792 $ 198,666 $ 199,383 $ 397 2008 — 851,049 752,349 752,501 748,918 715,285 700,312 691,030 683,658 684,281 919 2009 — — 218,607 163,124 144,352 138,131 134,013 134,722 134,059 134,359 411 2010 — — — 605,753 557,062 522,678 527,126 545,333 549,097 558,982 35,715 2011 — — — — 1,230,463 1,153,960 1,103,441 1,056,822 1,036,122 1,007,368 48,082 2012 — — — — — 436,244 343,561 310,842 293,136 275,504 38,243 2013 — — — — — — 223,542 192,681 170,629 149,197 15,879 2014 — — — — — — — 182,518 153,770 146,689 14,820 2015 — — — — — — — — 224,669 192,593 62,748 2016 — — — — — — — — — 251,774 178,466 Total $ 3,600,130 $ 395,680 Cumulative paid claims and claim expenses, net of reinsurance For the year ended December 31, Accident Year 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) 2007 $ 45,530 $ 150,938 $ 172,512 $ 187,998 $ 190,603 $ 194,327 $ 197,533 $ 197,735 $ 198,654 $ 199,893 2008 — 247,162 391,008 538,944 628,673 661,664 675,595 679,303 681,131 682,539 2009 — — 56,065 99,400 113,279 120,839 126,433 130,858 131,823 132,731 2010 — — — 91,585 211,124 289,918 332,275 367,495 393,497 469,028 2011 — — — — 201,650 409,111 716,364 838,968 896,001 921,820 2012 — — — — — 100,044 144,861 188,744 208,115 218,060 2013 — — — — — — 48,550 91,436 115,043 125,744 2014 — — — — — — — 55,101 95,758 118,304 2015 — — — — — — — — 62,173 108,173 2016 — — — — — — — — — 47,480 Total $ 3,023,772 Outstanding liabilities from accident year 2006 and prior, net of reinsurance 3,865 Adjustment for unallocated claim expenses 2,394 Unamortized fair value adjustments recorded in connection with the acquisition of Platinum 1,419 Liability for claims and claim expenses, net of reinsurance $ 584,036 Casualty and Specialty Segment The Company offers its casualty and specialty reinsurance products principally on a proportional basis, and it also provides excess of loss coverage. The Company offers casualty and specialty reinsurance products to insurance and reinsurance companies and provides coverage for specific geographic regions or on a worldwide basis. Principally all of the business is reinsurance, although from time to time, the Company writes direct insurance business. As with the Company's Property segment, its Casualty and Specialty segment reinsurance contracts can include coverage for relatively large limits or exposures. As a result of the foregoing, the Company's casualty and specialty reinsurance business can be subject to significant claims volatility. In periods of low claims frequency or severity, the Company's results will generally be favorably impacted while in periods of high claims frequency or severity the Company's results will generally be negatively impacted. More recently, the Company has accepted a wider range of proportional risks, facilitating the Company's efforts to expand its product offerings. In addition, on March 2, 2015 the Company acquired Platinum and recorded $1.4 billion of claims and claim expense reserves related to the acquisition, of which $1.2 billion was recorded in the Casualty and Specialty segment, with the balance recorded in the Company's Property segment. While the Company remains focused on underwriting discipline, and seeks to remain focused on opportunities amenable to stochastic representation and supported by strong data and analytics, the Company's expanded casualty and specialty product suite and the addition of the claims and claim expense reserves acquired through the Platinum transaction, may pose new, unmodelled or unforeseen risks for which the Company may not be adequately compensated and may also result in a higher level of attritional claims and claim expenses and the potential for reserve development, either adverse or favorable. The Company's processes and methodologies in respect of loss estimation for the coverages offered through its Casualty and Specialty segment differ from those used for its Property segment. For example, the Company's casualty and specialty coverages are more likely to be impacted by factors such as long-term inflation and changes in the social and legal environment, which the Company believes gives rise to greater uncertainty in its reserves for claims and claim expenses. Moreover, in many lines of business the Company does not have the benefit of a significant amount of its own historical experience and may have little or no related corporate reserving history in many of its newer or growing lines of business. The Company believes this makes its Casualty and Specialty segment reserving subject to greater uncertainty than its Property segment. The Company calculates multiple point estimates for claims and claim expense reserves using a variety of actuarial reserving techniques for many, but not all, of its classes of business for each underwriting year within the Casualty and Specialty segment. The Company does not believe that these multiple point estimates are, or should be considered a range. Rather, the Company considers each class of business and determines the most appropriate point estimate for each underwriting year based on the characteristics of the particular class including: (1) loss development patterns derived from historical data; (2) the credibility of the selected loss development pattern; (3) the stability of the loss development patterns; (4) how developed the underwriting year is; and (5) the observed loss development of other underwriting years for the same class. The Company also considers other relevant factors, including: (1) historical ultimate loss ratios; (2) the presence of individual large losses; and (3) known occurrences that have not yet resulted in reported losses. The Company makes determinations of the most appropriate point estimate of loss for each class based on an evaluation of relevant information and do not ascribe any particular portion of the estimate to a particular factor or consideration. In addition, the Company believes that a review of individual contract information improves the loss estimates for some classes of business. When developing claims and claims expense reserves for the Company's Casualty and Specialty segment, it considers several actuarial techniques such as the expected loss ratio method, the Bornhuetter-Ferguson actuarial method and the paid and reported chain ladder actuarial method. For classes of business and underwriting years where the Company has limited historical claims experience, estimates of ultimate losses that are not related to a specific event are generally initially determined based on the loss ratio method applied to each underwriting year and to each class of business. Unless the Company has credible claims experience or unfavorable development, it generally selects an ultimate loss based on its initial view of the loss. The selected ultimate losses are determined by multiplying the initial expected loss ratio by the earned premium. The initial expected loss ratios are key inputs that involve management judgment and are based on a variety of factors, including: (1) contract by contract expected loss ratios developed during the Company’s pricing process; (2) historical loss ratios and combined ratios adjusted for rate change and trend; and (3) industry benchmarks for similar business. These judgments take into account management’s view of past, current and future factors that may influence ultimate losses, including: (1) market conditions; (2) changes in the business underwritten; (3) changes in timing of the emergence of claims; and (4) other factors that may influence ultimate loss ratios and losses. The determination of when reported losses are sufficient and credible to warrant selection of an ultimate loss ratio different from the initial expected loss ratios also requires judgment. The Company generally makes adjustments for reported loss experience indicating unfavorable variances from initial expected loss ratios sooner than reported loss experience indicating favorable variances. This is because the reporting of losses in excess of expectations tends to have greater credibility than an absence or lower than expected level of reported losses. Over time, as a greater number of claims are reported and the credibility of reported losses improves, actuarial estimates of IBNR are typically based on the Bornhuetter-Ferguson actuarial method or the reported chain ladder actuarial method. The Bornhuetter-Ferguson method allows for greater weight to be applied to expected results in periods where little or no actual experience is available, and, hence, is less susceptible to the potential pitfall of being excessively swayed by one year or one quarter of actual paid and/or reported loss data, compared to the chain ladder actuarial method. The Bornhuetter-Ferguson method uses initial expected loss ratio expectations to the extent that the expected paid or reported losses are zero, and it assumes that past experience is not fully representative of the future. As the Company’s reserves for claims and claim expenses age, and actual claims experience becomes available, this method places less weight on expected experience and places more weight on actual experience. This experience, which represents the difference between expected reported claims and actual reported claims, is reflected in the respective reporting period as a change in estimate. The utilization of the Bornhuetter-Ferguson method requires the Company to estimate an expected ultimate claims and claim expense ratio and select an expected loss reporting pattern. The Company selects its estimates of the expected ultimate claims and claim expense ratios as described above and selects its expected loss reporting patterns by utilizing actuarial analysis, including management’s judgment, and historical patterns of paid losses and reporting of case reserves to the Company, as well as industry loss development patterns. The estimated expected claims and claim expense ratio may be modified to the extent that reported losses at a given point in time differ from what would be expected based on the selected loss reporting pattern. The reported chain ladder actuarial method utilizes actual reported losses and a loss development pattern to determine a |
Debt and Credit Facilities
Debt and Credit Facilities | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt and Credit Facilities | DEBT AND CREDIT FACILITIES Debt Obligations A summary of the Company’s debt obligations on its consolidated balance sheets is set forth below: December 31, 2016 December 31, 2015 Fair Value Carrying Value Fair Value Carrying Value 3.700% Senior Notes due 2025 $ 291,750 $ 296,948 $ 287,100 $ 296,577 5.75% Senior Notes due 2020 270,875 248,941 270,000 248,610 Series B 7.50% Senior Notes due 2017 257,500 255,352 267,500 268,196 4.750% Senior Notes due 2025 (DaVinciRe) 144,675 147,422 148,742 147,112 $ 964,800 $ 948,663 $ 973,342 $ 960,495 3.700% Senior Notes due 2025 of RenaissanceRe Finance On March 24, 2015 , RenaissanceRe Finance issued $300.0 million of its 3.700% Senior Notes due April 1, 2025 , with interest on the notes payable on April 1 and October 1 of each year. The notes are fully and unconditionally guaranteed by RenaissanceRe and may be redeemed by RenaissanceRe Finance prior to maturity, subject to the payment of a “make-whole” premium if the notes are redeemed prior to January 1, 2025. The notes contain various covenants, including limitations on mergers and consolidations, and restrictions as to the disposition of, and the placing of liens on, stock of designated subsidiaries. The net proceeds from the offering of the notes (together with cash on hand) were applied by RenaissanceRe to repay in full a $300.0 million bridge loan that Barclays Bank PLC provided to RenaissanceRe on February 25, 2015 in order to finance a portion of the cash consideration paid by RenaissanceRe in connection with the acquisition of Platinum. Refer to “Note 3 . Acquisition of Platinum” for additional information related to the cash consideration paid by RenaissanceRe in connection with the acquisition of Platinum. 5.75% Senior Notes due 2020 of RenRe North America Holdings Inc. (“RRNAH”) and RenaissanceRe Finance On March 17, 2010, RenRe North America Holdings Inc. (“RRNAH”) issued $250.0 million of its 5.75% Senior Notes due March 15, 2020 (the “RRNAH Notes”), with interest on the notes payable on March 15 and September 15 of each year. RenaissanceRe Finance became a co-obligor of the notes as of July 3, 2015. The notes, which are senior obligations, are fully and unconditionally guaranteed by RenaissanceRe and may be redeemed prior to maturity, subject to the payment of a “make-whole” premium. The notes contain various covenants, including limitations on mergers and consolidations, and restrictions as to the disposition of, and the placing of liens on, stock of designated subsidiaries. Series B 7.50% Notes due 2017 of Platinum Underwriters Finance, Inc. On November 2, 2005, Platinum Underwriters Finance, Inc. (“Platinum Finance”) issued $250.0 million in aggregate principal amount of its Series B 7.50% Notes due June 1, 2017 (the “Platinum Finance Notes”). Interest on the Platinum Finance Notes is payable on June 1 and December 1 of each year. The Platinum Finance Notes, which are senior obligations, are fully and unconditionally guaranteed by RenaissanceRe, and may be redeemed by Platinum Finance prior to maturity, subject to the payment of a “make-whole” premium. The Platinum Finance Notes contain various covenants, including limitations on mergers and consolidations, and restrictions as to the disposition of, and the placing of liens on, the stock of designated subsidiaries. DaVinciRe Senior Notes On May 4, 2015 , DaVinciRe issued $150.0 million of its 4.750% Senior Notes due May 1, 2025 , with interest on the notes payable on May 1 and November 1, commencing with November 1, 2015 (the “DaVinciRe Senior Notes”). The DaVinciRe Senior Notes, which are senior obligations, may be redeemed prior to maturity, subject to the payment of a “make-whole” premium if the notes are redeemed before February 1, 2025. The DaVinciRe Senior Notes contain various covenants including restrictions as to the disposition of, and the placing of liens on, the stock of designated subsidiaries, limitations on mergers, amalgamations and consolidations, limitations on third party investor redemptions, a leverage covenant and a covenant to maintain certain ratings. The net proceeds from this offering were used to repay, in full, $100.0 million outstanding under the loan agreement, dated as of March 30, 2011, between DaVinciRe and RenaissanceRe, and the remainder of the net proceeds may be used to repurchase DaVinciRe shares or for general corporate purposes. Credit Facilities The outstanding amounts issued or drawn under each of the Company’s significant credit facilities is set forth below: At December 31, 2016 Issued or Drawn RenaissanceRe Revolving Credit Facility $ — Uncommitted Standby Letter of Credit Facility with Wells Fargo 140,829 Uncommitted Standby Letter of Credit Facility with NAB 4,855 Bilateral Letter of Credit Facility with Citibank Europe 244,909 Funds at Lloyd’s Letter of Credit Facilities Renaissance Reinsurance FAL Facility 380,000 Total credit facilities in U.S. dollars $ 770,593 Funds at Lloyd’s Letter of Credit Facilities Renaissance Reinsurance FAL Facility £ 90,000 Specialty Risks FAL Facility 10,000 Total credit facilities in British Pounds £ 100,000 RenaissanceRe Revolving Credit Facility On May 15, 2015, RenaissanceRe entered into an amended and restated credit agreement (the “Revolving Credit Agreement”) with various banks, financial institutions and Wells Fargo Bank, National Association (“Wells Fargo”) as administrative agent, which amended and restated the credit agreement, dated as of May 17, 2012, as amended. The Revolving Credit Agreement provides for a revolving commitment to RenaissanceRe of $250.0 million . RenaissanceRe has the right, subject to satisfying certain conditions, to increase the size of the facility to $350.0 million . Amounts borrowed under the Revolving Credit Agreement bear interest at a rate selected by RenaissanceRe equal to the Base Rate or LIBOR (each as defined in the Revolving Credit Agreement) plus a margin, as more fully set forth in the Revolving Credit Agreement. At December 31, 2016 , RenaissanceRe had $Nil outstanding under the Revolving Credit Agreement. The Revolving Credit Agreement contains representations, warranties and covenants customary for bank loan facilities of this type, including limits on the ability of RenaissanceRe and its subsidiaries to merge, consolidate, sell a substantial amount of assets, incur liens and declare or pay dividends under certain circumstances. The Revolving Credit Agreement also contains certain financial covenants which generally provide that the ratio of consolidated debt to capital shall not exceed 0.35 : 1 and that the consolidated net worth of RenaissanceRe shall equal or exceed approximately $2.9 billion . The net worth requirement is recalculated effective as of the end of each fiscal year. If certain events of default occur, in some circumstances the lenders’ obligations to make loans may be terminated and the outstanding obligations of RenaissanceRe under the Revolving Credit Agreement may be accelerated. The scheduled commitment maturity date of the Revolving Credit Agreement is May 15, 2020. RRNAH, RenaissanceRe Finance, and Platinum Finance guarantee RenaissanceRe’s obligations under the Revolving Credit Agreement. Subject to certain exceptions, additional subsidiaries of RenaissanceRe are required to become guarantors if such subsidiaries issue or incur certain types of indebtedness. Uncommitted Standby Letter of Credit Facility with Wells Fargo Bank, National Association Renaissance Reinsurance, DaVinci and Renaissance Reinsurance U.S. (collectively, the “Applicants”) and RenaissanceRe are parties to a Standby Letter of Credit Agreement, as amended (the “Standby Letter of Credit Agreement”) with Wells Fargo which provides for a secured, uncommitted facility under which letters of credit may be issued from time to time for the respective accounts of the Applicants. RenaissanceRe has unconditionally guaranteed the payment obligations of the Applicants, other than DaVinci. The Standby Letter of Credit Agreement contains representations, warranties and covenants that are customary for facilities of this type. At all times during which it is a party to the Standby Letter of Credit Agreement, each Applicant is required to pledge to Wells Fargo eligible collateral having a value (determined as provided in such agreement) that equals or exceeds the aggregate face amount of the outstanding letters of credit issued for its account plus all of such Applicant’s payment and reimbursement obligations in respect of such letters of credit. In the case of an event of default, Wells Fargo may exercise certain remedies, including conversion of collateral of a defaulting Applicant into cash. On May 15, 2015, all amounts outstanding under the Third Amended and Restated Credit Agreement, dated as of April 9, 2014, among Platinum, the subsidiaries of Platinum party thereto, the lenders party thereto, and Wells Fargo, as administrative agent were repaid and satisfied in full, the facility was terminated and all letters of credit that were issued and outstanding under the facility were transferred over to, and are now governed by the terms and conditions of, the Standby Letter of Credit Agreement. Effective October 12, 2016, in connection with the merger of RenaissanceRe Specialty Risks and Platinum Bermuda into Renaissance Reinsurance, Renaissance Reinsurance assumed all of the obligations of RenaissanceRe Specialty Risks and Platinum Bermuda under the Standby Letter of Credit Agreement. At December 31, 2016 , the Applicants had $140.8 million of letters of credit outstanding under the Standby Letter of Credit Agreement. National Australia Bank Limited Standby Letter of Credit Agreement Effective as of May 19, 2015, Renaissance Reinsurance, RenaissanceRe Specialty Risks, DaVinci and Platinum Bermuda (collectively, the “NAB Facility Applicants”) and RenaissanceRe entered into a Standby Letter of Credit Agreement (the “NAB Standby Letter of Credit Agreement”) with National Australia Bank Limited (“NAB”). The NAB Standby Letter of Credit Agreement provides for a secured, uncommitted facility under which letters of credit may be issued from time to time for the respective accounts of the NAB Facility Applicants in multiple currencies. RenaissanceRe has unconditionally guaranteed the payment obligations of the NAB Facility Applicants, other than DaVinci. The NAB Standby Letter of Credit Agreement contains representations, warranties and covenants that are customary for facilities of this type. At all times during which it is a party to the NAB Standby Letter of Credit Agreement, each NAB Facility Applicant is required to pledge to NAB eligible collateral having a value (determined as provided in such agreement) that equals or exceeds the aggregate stated amount of the letters of credit issued thereunder for its account, plus all of its reimbursement and payment obligations under the NAB Standby Letter of Credit Agreement. In the case of an event of default under the NAB Standby Letter of Credit Agreement, NAB may exercise certain remedies, including conversion of collateral of a defaulting NAB Facility Applicant into cash. Concurrently with the effectiveness of the NAB Standby Letter of Credit Agreement, all amounts outstanding under the Facility Agreement, dated as of July 31, 2012, among Platinum Bermuda, Platinum, the lenders party thereto and NAB, as agent for the finance parties were repaid and satisfied in full, the facility was terminated and all letters of credit that were issued and outstanding under the facility were transferred over to, and are now governed by the terms and conditions of, the NAB Standby Letter of Credit Agreement. Effective October 3, 2016, in connection with the merger of RenaissanceRe Specialty Risks and Platinum Bermuda into Renaissance Reinsurance, Renaissance Reinsurance assumed all of the obligations of RenaissanceRe Specialty Risks and Platinum Bermuda under the NAB Standby Letter of Credit Agreement. At December 31, 2016 , the NAB Facility Applicants had $4.9 million outstanding under the NAB Standby Letter of Credit Agreement. Bilateral Letter of Credit Facility with Citibank Europe Pursuant to the facility letter, dated September 17, 2010, as amended, among Citibank Europe plc (“CEP”) and certain subsidiaries and affiliates of RenaissanceRe (the “Facility Letter”), CEP has established a letter of credit facility (the “Bilateral Facility”) under which CEP provides a commitment to issue letters of credit for the account of one or more of the Bilateral Facility Participants (as defined below) and their respective subsidiaries in multiple currencies. The “Bilateral Facility Participants” include Renaissance Reinsurance, DaVinci, RenaissanceRe Specialty Risks, Renaissance Reinsurance of Europe, RenaissanceRe Specialty U.S., Platinum Bermuda and Renaissance Reinsurance U.S. The aggregate commitment amount is $300.0 million , subject to a combined sublimit of $25.0 million for letters of credit issued for the accounts of Platinum Bermuda and Renaissance Reinsurance U.S. Effective March 31, 2015, the principal agreements evidencing the bilateral letter of credit facility that had previously been in place among CEP, Platinum Bermuda and Renaissance Reinsurance U.S. (the “Platinum/CEP Bilateral Facility”) were terminated. In addition, effective March 31, 2015, certain letters of credit issued on behalf of Platinum Bermuda and Renaissance Reinsurance U.S. under the Platinum/CEP Bilateral Facility were deemed to be letters of credit issued under, and governed by the terms of, the Bilateral Facility. The Bilateral Facility is scheduled to expire on December 31, 2018. At all times during which it is a party to the Bilateral Facility, each Bilateral Facility Participant is obligated to pledge to CEP securities with a value (determined as provided in such facility) that equals or exceeds the aggregate face amount of its then-outstanding letters of credit. In the case of an event of default under the Bilateral Facility with respect to a Bilateral Facility Participant, CEP may exercise certain remedies, including terminating its commitment to such Bilateral Facility Participant and taking certain actions with respect to the collateral pledged by such Bilateral Facility Participant (including the sale thereof). In the Facility Letter, each Bilateral Facility Participant makes representations and warranties that are customary for facilities of this type and agrees that it will comply with certain informational and other undertakings, including those regarding the delivery of quarterly and annual financial statements. Effective October 1, 2016, in connection with the merger of RenaissanceRe Specialty Risks and Platinum Bermuda into Renaissance Reinsurance, Renaissance Reinsurance assumed all of the obligations of RenaissanceRe Specialty Risks and Platinum Bermuda under the Bilateral Facility. At December 31, 2016 , $244.9 million aggregate face amount of letters of credit was outstanding and, subject to the sublimits described above, $55.1 million remained unused and available to the Bilateral Facility Participants under the Bilateral Facility. Funds at Lloyd’s Letter of Credit Facilities Effective November 23, 2015, Renaissance Reinsurance entered into a letter of credit facility with Bank of Montreal (“BMO”), CEP and ING Bank N.V. (“ING”) as lenders (the “Renaissance Reinsurance FAL Facility”), evidenced by a letter of credit reimbursement agreement (the “Reimbursement Agreement”), which provides for the issuance by the lenders of two letters of credit to support the business written by Syndicate 1458. Effective May 31, 2016, the Funds at Lloyd’s letters of credit issued for the account of Renaissance Reinsurance were increased from $360.0 million and £85.0 million to $380.0 million and £90.0 million , respectively. The Renaissance Reinsurance FAL Facility and the letters of credit issued thereunder replaced the letter of credit facility established to support Syndicate 1458 by Renaissance Reinsurance with CEP on April 29, 2009, pursuant to an Insurance Letters of Credit Master Agreement and related agreements, and the two letters of credit previously issued thereunder. At all times during the term of the Renaissance Reinsurance FAL Facility, Renaissance Reinsurance is obligated to pledge to the lenders certain eligible securities with a collateral value (determined as provided in the Reimbursement Agreement) that, until a Full Collateralization Event (as defined in the Reimbursement Agreement) occurs, is at Renaissance Reinsurance’s election, either (i) greater than or equal to 100% of the aggregate amount of its then-outstanding letters of credit or (ii) greater than or equal to 60% but less than 100% of the aggregate amount of its then-outstanding letters of credit. Upon the occurrence of a Full Collateralization Event, Renaissance Reinsurance is obligated to collateralize the Renaissance Reinsurance FAL Facility at 100% . Effective as of November 8, 2016, the latest date upon which Renaissance Reinsurance will become obligated to collateralize the Facility at 100% was extended to December 31, 2017 from December 31, 2016. In the Reimbursement Agreement, Renaissance Reinsurance makes representations and warranties that are customary for facilities of this type and agrees that it will comply with certain informational undertakings and other covenants, including maintaining a minimum net worth. In the case of an event of default under the Renaissance Reinsurance FAL Facility, the lenders may exercise certain remedies, including declaring all outstanding obligations of Renaissance Reinsurance under the Reimbursement Agreement and related credit documents due and payable and taking certain actions with respect to the collateral pledged by Renaissance Reinsurance (including the sale thereof). At December 31, 2016 , letters of credit issued by CEP under the Renaissance Reinsurance FAL Facility were outstanding in the face amount of $380.0 million and £90.0 million , respectively. Effective November 24, 2014, RenaissanceRe Specialty Risks and CEP entered into a letter of credit facility (the “Specialty Risks FAL Facility”), evidenced by a Master Agreement (the “Specialty Risks Master Agreement”), and a related Pledge Agreement (the “Specialty Risks Pledge Agreement”), which provide for the issuance and renewal by CEP for the account of RenaissanceRe Specialty Risks of letters of credit that are used to support business written by Syndicate 1458. Effective October 1, 2016, in connection with the merger of RenaissanceRe Specialty Risks and Platinum Bermuda into Renaissance Reinsurance, Renaissance Reinsurance assumed all of the obligations of RenaissanceRe Specialty Risks and Platinum Bermuda under the Specialty Risks FAL Facility. At all times during the term of the Specialty Risks FAL Facility, RenaissanceRe Specialty Risks has agreed to pledge to CEP certain qualifying securities with a value (determined as provided in the Specialty Risks Pledge Agreement) equal to the aggregate face amount of the then-outstanding letters of credit. The Specialty Risks Master Agreement and the Specialty Risks Pledge Agreement contain representations, warranties and covenants that are customary for facilities of this type. At December 31, 2016 , letters of credit issued by CEP under the Specialty Risks FAL Facility were outstanding in the face amount of £10.0 million . Top Layer Re Renaissance Reinsurance is party to a collateralized letter of credit and reimbursement agreement in the amount of $37.5 million that supports the Company’s Top Layer Re joint venture. Renaissance Reinsurance is obligated to make a mandatory capital contribution of up to $50.0 million in the event that a loss reduces Top Layer Re’s capital below a specified level. Interest Paid and Scheduled Debt Maturity Interest paid on the Company’s debt totaled $54.0 million for 2016 ( 2015 – $40.8 million , 2014 – $17.2 million ). The following table sets forth the scheduled maturity of the Company’s aggregate amount of its debt obligation reflected on its consolidated balance sheet at December 31, 2016 : 2017 $ 250,000 2018 — 2019 — 2020 250,000 2021 — After 2021 450,000 Unamortized fair value adjustments 5,352 Unamortized discount on debt issuance (6,689 ) $ 948,663 |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2016 | |
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | NONCONTROLLING INTERESTS A summary of the Company’s redeemable noncontrolling interests on its consolidated balance sheets is set forth below: December 31, December 31, Redeemable noncontrolling interest - DaVinciRe $ 994,458 $ 930,955 Redeemable noncontrolling interest - Medici 181,136 115,009 Redeemable noncontrolling interests $ 1,175,594 $ 1,045,964 A summary of the Company’s redeemable noncontrolling interests on its consolidated statements of operations is set forth below: 2016 2015 2014 Redeemable noncontrolling interest - DaVinciRe $ 118,748 $ 106,399 $ 149,817 Redeemable noncontrolling interest - Medici 8,338 4,651 3,721 Net income attributable to redeemable noncontrolling interests $ 127,086 $ 111,050 $ 153,538 Redeemable Noncontrolling Interest – DaVinciRe In October 2001, the Company formed DaVinciRe and DaVinci with other equity investors. RenaissanceRe owns a noncontrolling economic interest in DaVinciRe; however, because RenaissanceRe controls a majority of DaVinciRe’s outstanding voting rights, the consolidated financial statements of DaVinciRe are included in the consolidated financial statements of the Company. The portion of DaVinciRe’s earnings owned by third parties is recorded in the consolidated statements of operations as net income attributable to redeemable noncontrolling interests. The Company’s noncontrolling economic ownership in DaVinciRe was 24.0% at December 31, 2016 ( 2015 - 26.3% ). DaVinciRe shareholders are party to a shareholders agreement which provides DaVinciRe shareholders, excluding RenaissanceRe, with certain redemption rights that enable each shareholder to notify DaVinciRe of such shareholder’s desire for DaVinciRe to repurchase up to half of such shareholder’s initial aggregate number of shares held, subject to certain limitations, such as limiting the aggregate of all share repurchase requests to 25% of DaVinciRe’s capital in any given year and satisfying all applicable regulatory requirements. If total shareholder requests exceed 25% of DaVinciRe’s capital, the number of shares repurchased will be reduced among the requesting shareholders pro-rata, based on the amounts desired to be repurchased. Shareholders desiring to have DaVinci repurchase their shares must notify DaVinciRe before March 1 of each year. The repurchase price will be based on GAAP book value as of the end of the year in which the shareholder notice is given, and the repurchase will be effective as of January 1 of the following year. The repurchase price is generally subject to a true-up for potential development on outstanding loss reserves after settlement of all claims relating to the applicable years. 2015 During January 2015, DaVinciRe redeemed a portion of its outstanding shares from certain existing DaVinciRe shareholders, including the RenaissanceRe. The net redemption as a result of these transactions was $225.0 million . In connection with the redemption, DaVinciRe retained a $22.5 million holdback. The Company’s noncontrolling economic ownership in DaVinciRe subsequent to these transactions was 26.3% , effective January 1, 2015. 2016 During January 2016, DaVinciRe redeemed a portion of its outstanding shares from certain existing DaVinciRe shareholders, including RenaissanceRe, while new DaVinciRe shareholders purchased shares in DaVinciRe from RenaissanceRe. The net redemption as a result of these transactions was $100.0 million . In connection with the redemption, DaVinciRe retained a $10.0 million holdback. The Company’s noncontrolling economic ownership in DaVinciRe subsequent to these transactions was 24.0% , effective January 1, 2016. The Company expects its noncontrolling economic ownership in DaVinciRe to fluctuate over time. See “Note 23 . Subsequent Events” for additional information related to DaVinciRe shareholder transactions which occurred subsequent to December 31, 2016 . The activity in redeemable noncontrolling interest – DaVinciRe is detailed in the table below: 2016 2015 Balance – January 1 $ 930,955 $ 1,037,306 Redemption of shares from redeemable noncontrolling interest (98,285 ) (212,750 ) Sale of shares to redeemable noncontrolling interest 43,040 — Net income attributable to redeemable noncontrolling interest 118,748 106,399 Balance – December 31 $ 994,458 $ 930,955 Redeemable Noncontrolling Interest - Medici Medici is an exempted company incorporated under the laws of Bermuda and its objective is to seek to invest substantially all of its assets in various insurance-based investment instruments that have returns primarily tied to property catastrophe risk. RenaissanceRe owns a noncontrolling economic interest in Medici; however, because RenaissanceRe controls all of Medici’s outstanding voting rights, the financial statements of Medici are included in the consolidated financial statements of the Company. The portion of Medici’s earnings owned by third parties is recorded in the consolidated statements of operations as net income attributable to redeemable noncontrolling interests. Any shareholder may redeem all or any portion of its shares as of the last day of any calendar month, upon at least 30 calendar days’ prior irrevocable written notice to Medici. 2015 During 2015, third-party investors subscribed for $36.1 million and redeemed $20.1 million of the participating, non-voting common shares of Medici. As a result of these net subscriptions, the Company’s noncontrolling economic ownership in Medici was 46.1% , effective December 31, 2015 . 2016 During the year ended December 31, 2016 , third-party investors subscribed for $79.5 million and redeemed $21.7 million of the participating, non-voting common shares of Medici. As a result of these net subscriptions, the Company’s noncontrolling economic ownership in Medici was 36.5% at December 31, 2016 . The Company expects its noncontrolling economic ownership in Medici to fluctuate over time. See “Note 23 . Subsequent Events” for additional information related to Medici transactions which occurred subsequent to December 31, 2016 . The activity in redeemable noncontrolling interest – Medici is detailed in the table below: 2016 2015 Balance – January 1 $ 115,009 $ 94,402 Redemption of shares from redeemable noncontrolling interest (21,729 ) (20,117 ) Sale of shares to redeemable noncontrolling interest 79,518 36,073 Net income attributable to redeemable noncontrolling interest 8,338 4,651 Balance – December 31 $ 181,136 $ 115,009 |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | VARIABLE INTEREST ENTITIES Upsilon RFO Effective January 1, 2013, the Company formed and launched Upsilon RFO, a managed joint venture, and a Bermuda domiciled SPI, to provide additional capacity to the worldwide aggregate and per-occurrence primary and retrocessional property catastrophe excess of loss market. The shareholders (other than the Class A shareholder) participate in substantially all of the profits or losses of Upsilon RFO while their shares remain outstanding. The shareholders (other than the Class A shareholder) indemnify Upsilon RFO against losses relating to insurance risk and therefore these shares have been accounted for as prospective reinsurance under FASB ASC Topic Financial Services - Insurance . Upsilon RFO is considered a VIE as it has insufficient equity capital to finance its activities without additional financial support. The Company is the primary beneficiary of Upsilon RFO as it: (i) has the power over the activities that most significantly impact the economic performance of Upsilon RFO and (ii) has the obligation to absorb expected losses and the right to receive expected benefits that could be significant to Upsilon RFO, in accordance with the accounting guidance. As a result, the Company consolidates Upsilon RFO and all significant inter-company transactions have been eliminated. Other than its equity investment in Upsilon RFO, the Company has not provided financial or other support to Upsilon RFO that it was not contractually required to provide. 2015 During 2015, Upsilon RFO returned capital to all of the investors who participated in risks incepting during 2014, including the Company. The total amount of capital returned was $420.2 million , including $132.3 million to the Company. In conjunction with risks incepting during 2015, $153.7 million of Upsilon RFO non-voting preference shares were issued to unaffiliated third-party investors through their investment in Upsilon Fund. Additionally, $42.5 million of the non-voting preference shares were issued to the Company, representing a 21.7% participation in the risks assumed by Upsilon RFO incepting during 2015. At December 31, 2015 , the Company’s consolidated total assets included $135.7 million of capital raised from third party investors and received by Upsilon RFO prior to December 31, 2014 for risks incepted during the first quarter of 2015. 2016 During 2016, Upsilon RFO returned $242.5 million of capital to its investors, including $59.8 million to the Company. In addition, during 2016, $166.6 million of Upsilon RFO non-voting preference shares were issued to existing investors therein, including $55.2 million to the Company. At December 31, 2016, the Company’s participation in the risks assumed by Upsilon RFO was 28.8% . At December 31, 2016 , the Company’s consolidated balance sheet included total assets and total liabilities of Upsilon RFO of $193.0 million and $193.0 million , respectively ( 2015 - $250.6 million and $250.5 million , respectively). See “Note 23 . Subsequent Events” for additional information related to Upsilon RFO transactions which occurred subsequent to December 31, 2016 . Mona Lisa Re Ltd. (“Mona Lisa Re”) On March 14, 2013, Mona Lisa Re was licensed as a Bermuda domiciled SPI to provide reinsurance capacity to subsidiaries of RenaissanceRe, namely Renaissance Reinsurance and DaVinci, through reinsurance agreements which will be collateralized and funded by Mona Lisa Re through the issuance of one or more series of principal-at-risk variable rate notes to third-party investors. Upon issuance of a series of notes by Mona Lisa Re, all of the proceeds from the issuance were deposited into collateral accounts, separated by series, to fund any potential obligation under the reinsurance agreements entered into with Renaissance Reinsurance and/or DaVinci underlying such series of notes. The outstanding principal amount of each series of notes generally will be returned to holders of such notes upon the expiration of the risk period underlying such notes, unless an event occurs which causes a loss under the applicable series of notes, in which case the amount returned will be reduced by such noteholder’s pro rata share of such loss, as specified in the applicable governing documents of such notes. In addition, holders of such notes are generally entitled to interest payments, payable quarterly, as determined by the applicable governing documents of each series of notes. The Company concluded that Mona Lisa Re meets the definition of a VIE as it does not have sufficient equity capital to finance its activities. The Company evaluated its relationship with Mona Lisa Re and concluded it does not have a variable interest in Mona Lisa Re. As a result, the financial position and results of operations of Mona Lisa Re are not consolidated by the Company. The Company has not provided financial or other support to Mona Lisa Re that it was not contractually required to provide. At December 31, 2016 , the total assets and total liabilities of Mona Lisa Re were $184.2 million and $184.2 million , respectively ( 2015 - $184.0 million and $184.0 million , respectively). The only transactions related to Mona Lisa Re that are recorded in the Company’s consolidated financial statements are the ceded reinsurance agreements entered into by Renaissance Reinsurance and DaVinci which are accounted for as prospective reinsurance under FASB ASC Topic Financial Services - Insurance . Renaissance Reinsurance and DaVinci have together entered into ceded reinsurance contracts with Mona Lisa Re with gross premiums ceded of $7.4 million and $5.1 million , respectively, during 2016 ( 2015 - $7.3 million and $5.0 million , respectively). In addition, Renaissance Reinsurance and DaVinci recognized ceded premiums earned related to the ceded reinsurance contracts with Mona Lisa Re of $7.3 million and $5.0 million , respectively, during 2016 ( 2015 - $7.3 million and $5.0 million , respectively). Fibonacci Re Effective November 7, 2016 , Fibonacci Re, a Bermuda-domiciled SPI, was formed to provide collateralized capacity to Renaissance Reinsurance and its affiliates. Fibonacci Re raised capital from third party investors and the Company via a private placement of participating notes that are listed on the Bermuda Stock Exchange. Under the terms of this arrangement, RUM receives an origination and structuring fee. Upon issuance of a series of notes by Fibonacci Re, all of the proceeds from the issuance are deposited into collateral accounts, separated by series, to fund any potential obligation under the reinsurance agreements entered into with Renaissance Reinsurance underlying such series of notes. The outstanding principal amount of each series of notes generally will be returned to holders of such notes upon the expiration of the risk period underlying such notes, unless an event occurs which causes a loss under the applicable series of notes, in which case the amount returned will be reduced by such noteholder’s pro rata share of such loss, as specified in the applicable governing documents of such notes. In addition, holders of such notes are generally entitled to interest payments, payable quarterly, as determined by the applicable governing documents of each series of notes. The Company concluded that Fibonacci Re meets the definition of a VIE as it does not have sufficient equity capital to finance its activities. The Company evaluated its relationship with Fibonacci Re and concluded it is not the primary beneficiary of Fibonacci Re as it does not have power over the activities that most significantly impact the economic performance of Fibonacci Re. As a result, the Company does not consolidate the financial position or results of operations of Fibonacci Re. The only transactions related to Fibonacci Re that will be recorded in the Company’s consolidated financial statements will be the ceded reinsurance agreements entered into by Renaissance Reinsurance that are accounted for as prospective reinsurance under FASB ASC Topic Financial Services - Insurance, and the fair value of the participating notes owned by the Company. There were no material balances included in the financial statements of Fibonacci Re at December 31, 2016. Other than its investment in the participating notes of Fibonacci Re, the Company has not provided financial or other support to Fibonacci Re that it was not contractually required to provide. See “Note 23 . Subsequent Events” for additional information related to Fibonacci Re transactions which occurred subsequent to December 31, 2016 . |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | SHAREHOLDERS’ EQUITY Authorized Capital The aggregate authorized capital of RenaissanceRe is 325 million shares consisting of 225 million common shares and 100 million preference shares. The following table is a summary of changes in common shares issued and outstanding: Year ended December 31, 2016 2015 2014 (thousands of shares) Issued and outstanding shares – January 1 43,701 38,442 43,646 Issuance of shares — 7,435 — Repurchase of shares (2,741 ) (2,473 ) (5,355 ) Exercise of options and issuance of restricted stock awards 227 297 151 Issued and outstanding shares – December 31 41,187 43,701 38,442 Dividends The Board of Directors of RenaissanceRe declared a dividend of $0.31 per common share to common shareholders of record on March 15, 2016, June 15, 2016, September 15, 2016 and December 15, 2016 , respectively, and RenaissanceRe paid a dividend of $0.31 per common share to common shareholders on March 31, 2016, June 30, 2016, September 30, 2016 and December 30, 2016, respectively. Dividends declared and paid on common shares amounted to $1.24 per common share for 2016 ( 2015 - $1.20 , 2014 - $1.16 ), or $51.6 million on all common shares outstanding ( 2015 - $54.0 million , 2014 - $45.9 million ). During 2016 , RenaissanceRe declared and paid $22.4 million in preference share dividends ( 2015 - $22.4 million , 2014 - $22.4 million ). Share Repurchases The Company’s share repurchase program may be effected from time to time, depending on market conditions and other factors, through open market purchases and privately negotiated transactions. On August 2, 2016 , RenaissanceRe’s Board of Directors approved a renewal of the authorized share repurchase program to an aggregate amount of $500.0 million . Unless terminated earlier by resolution of RenaissanceRe’s Board of Directors, the program will expire when the Company has repurchased the full value of the shares authorized. The Company’s decision to repurchase common shares will depend on, among other matters, the market price of the common shares and the capital requirements of the Company. During 2016 , the Company repurchased an aggregate of 2.7 million shares in open market transactions at an aggregate cost of $309.4 million , and at an average share price of $112.87 . At December 31, 2016 , $500.0 million remained available for repurchase under the Board authorized share repurchase program. See “Note 23 . Subsequent Events” for additional information related to share repurchases subsequent to December 31, 2016 and an increase in the Company’s authorized share repurchase program. Preference Shares In March 2004, RenaissanceRe raised $250.0 million through the issuance of 10 million Series C Preference Shares at $25 per share and in May 2013, RenaissanceRe raised $275.0 million through the issuance of 11 million Series E Preference Shares at $25 per share. On June 27, 2013, RenaissanceRe redeemed 5 million Series C Preference Shares for $125.0 million plus accrued and unpaid dividends thereon. Following the redemption, 5 million Series C Preference Shares remain outstanding. The Series E Preference Shares and the remaining Series C Preference Shares may be redeemed at $25 per share plus certain dividends at RenaissanceRe’s option on or after June 1, 2018 and March 23, 2009, respectively. Dividends on the Series C Preference Shares are cumulative from the date of original issuance and are payable quarterly in arrears at 6.08% per annum, when, if, and as declared by the Board of Directors. Dividends on the Series E Preference Shares are payable from the date of original issuance on a non-cumulative basis, only when, as and if declared by the Board of Directors, quarterly in arrears at 5.375% per annum. Unless certain dividend payments are made on the preference shares, RenaissanceRe will be restricted from paying any dividends on its common shares. The preference shares have no stated maturity and are not convertible into any other securities of RenaissanceRe. Generally, the preference shares have no voting rights. Whenever dividends payable on the preference shares are in arrears (whether or not such dividends have been earned or declared) in an amount equivalent to dividends for six full dividend periods (whether or not consecutive), the holders of the preference shares, voting as a single class regardless of class or series, will have the right to elect two directors to the Board of Directors of RenaissanceRe. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per common share: Year ended December 31, 2016 2015 2014 (thousands of shares) Numerator: Net income available to RenaissanceRe common shareholders $ 480,581 $ 408,811 $ 510,337 Amount allocated to participating common shareholders (1) (5,666 ) (4,721 ) (6,760 ) Net income allocated to RenaissanceRe common shareholders $ 474,915 $ 404,090 $ 503,577 Denominator: Denominator for basic income per RenaissanceRe common share - weighted average common shares 41,314 43,157 39,425 Per common share equivalents of employee stock options and performance shares 245 369 543 Denominator for diluted income per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions 41,559 43,526 39,968 Basic income per RenaissanceRe common share $ 11.50 $ 9.36 $ 12.77 Diluted income per RenaissanceRe common share $ 11.43 $ 9.28 $ 12.60 (1) Represents earnings attributable to holders of unvested restricted shares issued under the Company’s 2001 Stock Incentive Plan, 2010 Performance-Based Equity Incentive Plan, 2016 Long-Term Incentive Plan and to the Company’s non-employee directors. |
Related Party Transactions and
Related Party Transactions and Major Customers | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions and Major Customers | RELATED PARTY TRANSACTIONS AND MAJOR CUSTOMERS The Company has equity interests in the Tower Hill Companies as described in “Note 5 . Investments”. The Company has entered into reinsurance arrangements with certain subsidiaries and affiliates of Tower Hill and has also entered into reinsurance arrangements with respect to business produced by the Tower Hill Companies. For 2016 , the Company recorded $32.8 million ( 2015 - $32.2 million , 2014 - $40.0 million ) of gross premium written assumed from Tower Hill and its subsidiaries and affiliates. Gross premiums earned totaled $32.3 million ( 2015 - $35.8 million , 2014 - $41.9 million ) and expenses incurred were $3.8 million ( 2015 - $4.1 million , 2014 - $4.7 million ) for 2016 . The Company had a net related outstanding receivable balance of $14.2 million as of December 31, 2016 ( 2015 - $14.3 million ). During 2016 , the Company recovered net claims and claim expenses of $1.5 million ( 2015 - assumed net claims and claim expenses of $1.6 million , 2014 - assumed net claims and claim expenses of $3.6 million ) and, as of December 31, 2016 , had a net reserve for claims and claim expenses of $36.8 million ( 2015 - $38.2 million ). In addition, the Company received distributions of $9.0 million from THIG during 2016 ( 2015 - $13.1 million ). During 2016 , the Company received distributions from Top Layer Re of $Nil ( 2015 - $Nil , 2014 - $Nil ), and recorded a management fee of $2.6 million ( 2015 - $2.6 million , 2014 - $2.8 million ). The management fee reimburses the Company for services it provides to Top Layer Re. During 2016 , the Company received 80.8% of its gross premiums written ( 2015 - 81.5% , 2014 - 87.2% ) from three brokers. Subsidiaries and affiliates of AON, Marsh, and Willis Towers Watson accounted for approximately 46.4% , 23.6% and 10.8% , respectively, of gross premiums written in 2016 ( 2015 - 48.1% , 21.7% and 11.7% , respectively, 2014 - 51.5% , 21.5% and 14.2% , respectively). |
Taxation
Taxation | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Taxation | TAXATION Under current Bermuda law, RenaissanceRe and its Bermuda subsidiaries are not subject to any income or capital gains taxes. In the event that such taxes are imposed, RenaissanceRe and its Bermuda subsidiaries would be exempted from any such tax until March 2035 pursuant to the Bermuda Exempted Undertakings Tax Protection Act 1966, and Amended Acts of 1987 and 2011, respectively. RenaissanceRe Finance and its subsidiaries are subject to income taxes imposed by U.S. federal and state authorities and file a consolidated U.S. federal income tax return. Should the U.S. subsidiaries pay a dividend to RenaissanceRe, withholding taxes would apply to the extent of current year or accumulated earnings and profits at an expected tax rate of 5.0% . The Company also has operations in Ireland, the U.K., and Singapore which are subject to income taxes imposed by the respective jurisdictions in which they operate. Withholding taxes would not be expected to apply to dividends paid to RenaissanceRe from its subsidiaries in Ireland, the U.K., and Singapore. The following is a summary of the Company’s income (loss) before taxes allocated between domestic and foreign operations: Year ended December 31, 2016 2015 2014 Domestic Bermuda $ 652,758 $ 511,114 $ 701,476 Foreign U.K. (24,278 ) (22,712 ) (3,166 ) U.S. (1,236 ) 12,523 (10,977 ) Ireland 964 188 1,549 Singapore 2,180 (4,737 ) (2,018 ) Income before taxes $ 630,388 $ 496,376 $ 686,864 Income tax (expense) benefit is comprised as follows: Year ended December 31, 2016 Current Deferred Total Total income tax (expense) benefit $ (2,090 ) $ 1,750 $ (340 ) Year ended December 31, 2015 Total income tax (expense) benefit $ (3,471 ) $ 49,337 $ 45,866 Year ended December 31, 2014 Total income tax (expense) benefit $ (699 ) $ 91 $ (608 ) The Company’s expected income tax provision computed on pre-tax income at the weighted average tax rate has been calculated as the sum of the pre-tax income in each jurisdiction multiplied by that jurisdiction’s applicable statutory tax rate. Statutory tax rates of 0.0% , 35.0% , 12.5% , 20.0% and 17.0% have been used for Bermuda, the U.S., Ireland, the U.K. and Singapore, respectively. The Company’s effective income tax rate, which it calculates as income tax expense divided by net income before taxes, may fluctuate significantly from period to period depending on the geographic distribution of pre-tax net income (loss) in any given period between different jurisdictions with comparatively higher tax rates and those with comparatively lower tax rates. The geographic distribution of pre-tax net income (loss) can vary significantly between periods due to, but not limited to, the following factors: the business mix of net premiums written and earned; the geographic location, the size and the nature of net claims and claim expenses incurred; the amount and geographic location of operating expenses, net investment income, net realized and unrealized gains (losses) on investments; outstanding debt and related interest expense; and the amount of specific adjustments to determine the income tax basis in each of the Company’s operating jurisdictions. In addition, a significant portion of the Company’s gross and net premiums are currently written and earned in Bermuda, which does not have a corporate income tax, including the majority of the Company’s catastrophe business, which can result in significant volatility to its pre-tax net income (loss) in any given period. A reconciliation of the difference between the provision for income taxes and the expected tax provision at the weighted average tax rate is as follows: Year ended December 31, 2016 2015 2014 Expected income tax benefit $ 4,856 $ 1,011 $ 4,725 Tax exempt income 4,487 4,939 671 Transaction costs (131 ) 3,654 — Change in valuation allowance (924 ) 43,808 (5,554 ) Non-taxable foreign exchange (losses) gains (1,126 ) (1,897 ) 885 Withholding tax (2,578 ) (3,036 ) (327 ) Other (4,924 ) (2,613 ) (1,008 ) Income tax (expense) benefit $ (340 ) $ 45,866 $ (608 ) The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below: At December 31, 2016 2015 Deferred tax assets Tax loss and credit carryforwards $ 51,620 $ 40,512 Reserve for claims and claim expenses 26,265 29,833 Deferred interest expense 18,408 18,901 Accrued expenses 9,386 15,730 Unearned premiums 7,496 8,946 Deferred underwriting results — 421 113,175 114,343 Deferred tax liabilities Deferred acquisition expenses (7,485 ) (10,741 ) Amortization and depreciation (3,605 ) (5,899 ) Deferred underwriting results (2,964 ) — Investments (223 ) (1,479 ) (14,277 ) (18,119 ) Net deferred tax asset before valuation allowance 98,898 96,224 Valuation allowance (18,776 ) (17,852 ) Net deferred tax asset $ 80,122 $ 78,372 During 2016 , the Company recorded a net increase to the valuation allowance of $0.9 million ( 2015 – decrease of $43.8 million , 2014 – increase of $5.6 million ). The Company’s net deferred tax asset primarily relates to net operating loss carryforwards and GAAP versus tax basis accounting differences relating to reserves for claims and claim expenses, deferred interest expense, accrued expenses, unearned premiums, deferred underwriting results, deferred acquisition expenses, amortization and depreciation and investments. The Company’s valuation allowance assessment is based on all available information including projections of future GAAP taxable income from each tax-paying component in each tax jurisdiction. Losses incurred within the U.S. tax-paying subsidiaries in the fourth quarter of 2011 were significant enough to result in a cumulative GAAP taxable loss at the U.S. tax-paying subsidiaries for the three year period ended December 31, 2011. The Company concluded that a valuation allowance was required from 2011 through the period ended December 31, 2014 based on the relevant evidence during that time period, primarily that the Company remained in a cumulative GAAP taxable loss position for this period, among other facts. As of December 31, 2014, the U.S. valuation allowance was $48.5 million . In the first quarter of 2015, as a result of expected profits in the U.S. based operations due principally to the Platinum acquisition, the Company determined it was more likely than not it would be able to recover a substantial portion of the U.S. net deferred tax asset and thus reduced the U.S. valuation allowance from $48.5 million to $1.0 million . Factors that led to this determination included the combined cumulative GAAP taxable income position of the Company’s U.S.-based operations (including the entities acquired) along with the future expected profits of the combined operations . A valuation allowance has been provided against deferred tax assets in Ireland, the U.K., and Singapore. These deferred tax assets relate primarily to net operating loss carryforwards. In the U.S., the Company has net operating loss carryforwards of $91.4 million . Under applicable law, the U.S. net operating loss carryforwards will begin to expire in 2031 . In the U.K., Ireland and Singapore, the Company has net operating loss carryforwards of $90.9 million , $10.4 million and $7.6 million , respectively. Under applicable law, the U.K., Irish and Singapore net operating losses can be carried forward for an indefinite period. The Company had a net refund for U.S. federal, Irish, U.K. and Singapore income taxes of $1.1 million for the year ended 2016 ( 2015 – net payment of $10.3 million , 2014 – net payment of $1.1 million ). The Company has unrecognized tax benefits of $Nil as of December 31, 2016 ( 2015 – $Nil ). Interest and penalties related to unrecognized tax benefits would be recognized in income tax expense. At December 31, 2016 , interest and penalties accrued on unrecognized tax benefits were $Nil ( 2015 – $Nil ). Income tax returns filed for tax years 2013 through 2015, 2012 through 2015, 2015, and 2012 through 2015, are open for examination by the IRS, Irish tax authorities, U.K. tax authorities, and Singapore tax authorities, respectively. The Company does not expect the resolution of these open years to have a significant impact on its results from operations and financial condition. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Segment Reporting | SEGMENT REPORTING The Company continually monitors and reviews its segment reporting structure in accordance with authoritative guidance to determine whether any changes have occurred that would impact its reportable segments. As a result of the evolution of the Company following its acquisition of Platinum, the integration of Platinum’s activities within the Company, the growth of the Company’s casualty and specialty lines of business, the current management structure including recent management changes and current underwriting platforms, the Company has changed its reportable segments to “Property” and “Casualty and Specialty”. Comparative segment reporting information has been reclassified to conform to the current presentation, however the change in reportable segments had no impact on the Company’s historical consolidated financial positions, results of operations or cash flows, as previously reported. 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 managed by the Company’s ventures unit, 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 managed by the Company’s ventures unit. 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, certain expenses related to the acquisition of Platinum, and the remnants of its former Bermuda-based insurance operations. 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 the Chief Underwriting Officer - Property and Chief Underwriting Officer - Casualty and Specialty 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 underwriting results of Platinum are included in the Company’s Property and Casualty and Specialty segments from March 2, 2015, as appropriate. 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 is as follows: Year ended December 31, 2016 Property Casualty and Specialty Other Total Gross premiums written $ 1,111,263 $ 1,263,313 $ — $ 2,374,576 Net premiums written $ 725,321 $ 809,848 $ 143 $ 1,535,312 Net premiums earned $ 720,951 $ 682,337 $ 142 $ 1,403,430 Net claims and claim expenses incurred 151,545 380,396 (1,110 ) 530,831 Acquisition expenses 97,594 191,729 — 289,323 Operational expenses 108,642 88,984 123 197,749 Underwriting income $ 363,170 $ 21,228 $ 1,129 385,527 Net investment income 181,726 181,726 Net foreign exchange losses (13,788 ) (13,788 ) Equity in earnings of other ventures 963 963 Other income 14,178 14,178 Net realized and unrealized gains on investments 141,328 141,328 Corporate expenses (37,402 ) (37,402 ) Interest expense (42,144 ) (42,144 ) Income before taxes and redeemable noncontrolling interests 630,388 Income tax expense (340 ) (340 ) Net income attributable to redeemable noncontrolling interests (127,086 ) (127,086 ) Dividends on preference shares (22,381 ) (22,381 ) Net income available to RenaissanceRe common shareholders $ 480,581 Net claims and claim expenses incurred – current accident year $ 256,421 $ 438,536 $ — $ 694,957 Net claims and claim expenses incurred – prior accident years (104,876 ) (58,140 ) (1,110 ) (164,126 ) Net claims and claim expenses incurred – total $ 151,545 $ 380,396 $ (1,110 ) $ 530,831 Net claims and claim expense ratio – current accident year 35.6 % 64.3 % 49.5 % Net claims and claim expense ratio – prior accident years (14.6 )% (8.6 )% (11.7 )% Net claims and claim expense ratio – calendar year 21.0 % 55.7 % 37.8 % Underwriting expense ratio 28.6 % 41.2 % 34.7 % Combined ratio 49.6 % 96.9 % 72.5 % Year ended December 31, 2015 Property Casualty and Specialty Other Total Gross premiums written $ 1,072,159 $ 939,241 $ (90 ) $ 2,011,310 Net premiums written $ 726,145 $ 690,086 $ (48 ) $ 1,416,183 Net premiums earned $ 805,985 $ 594,614 $ (48 ) $ 1,400,551 Net claims and claim expenses incurred 128,290 320,818 (870 ) 448,238 Acquisition expenses 94,249 144,095 248 238,592 Operational expenses 118,666 100,180 266 219,112 Underwriting income $ 464,780 $ 29,521 $ 308 494,609 Net investment income 152,567 152,567 Net foreign exchange losses (3,051 ) (3,051 ) Equity in earnings of other ventures 20,481 20,481 Other income 13,472 13,472 Net realized and unrealized losses on investments (68,918 ) (68,918 ) Corporate expenses (76,514 ) (76,514 ) Interest expense (36,270 ) (36,270 ) Income before taxes and redeemable noncontrolling interests 496,376 Income tax benefit 45,866 45,866 Net income attributable to redeemable noncontrolling interests (111,050 ) (111,050 ) Dividends on preference shares (22,381 ) (22,381 ) Net income available to RenaissanceRe common shareholders $ 408,811 Net claims and claim expenses incurred – current accident year $ 222,076 $ 388,609 $ — $ 610,685 Net claims and claim expenses incurred – prior accident years (93,786 ) (67,791 ) (870 ) (162,447 ) Net claims and claim expenses incurred – total $ 128,290 $ 320,818 $ (870 ) $ 448,238 Net claims and claim expense ratio – current accident year 27.6 % 65.4 % 43.6 % Net claims and claim expense ratio – prior accident years (11.7 )% (11.4 )% (11.6 )% Net claims and claim expense ratio – calendar year 15.9 % 54.0 % 32.0 % Underwriting expense ratio 26.4 % 41.0 % 32.7 % Combined ratio 42.3 % 95.0 % 64.7 % Year ended December 31, 2014 Property Casualty and Specialty Other Total Gross premiums written $ 1,074,890 $ 475,373 $ 309 $ 1,550,572 Net premiums written $ 662,552 $ 405,340 $ 344 $ 1,068,236 Net premiums earned $ 698,416 $ 363,632 $ 368 $ 1,062,416 Net claims and claim expenses incurred 16,643 187,441 (6,137 ) 197,947 Acquisition expenses 66,262 84,762 (6,548 ) 144,476 Operational expenses 117,943 72,393 303 190,639 Underwriting income $ 497,568 $ 19,036 $ 12,750 529,354 Net investment income 124,316 124,316 Net foreign exchange gains 6,260 6,260 Equity in earnings of other ventures 26,075 26,075 Other loss (423 ) (423 ) Net realized and unrealized gains on investments 41,433 41,433 Corporate expenses (22,749 ) (22,749 ) Interest expense (17,402 ) (17,402 ) Income before taxes and redeemable noncontrolling interests 686,864 Income tax expense (608 ) (608 ) Net income attributable to redeemable noncontrolling interests (153,538 ) (153,538 ) Dividends on preference shares (22,381 ) (22,381 ) Net income available to RenaissanceRe common shareholders $ 510,337 Net claims and claim expenses incurred – current accident year $ 103,901 $ 237,844 $ — $ 341,745 Net claims and claim expenses incurred – prior accident years (87,258 ) (50,403 ) (6,137 ) (143,798 ) Net claims and claim expenses incurred – total $ 16,643 $ 187,441 $ (6,137 ) $ 197,947 Net claims and claim expense ratio – current accident year 14.9 % 65.4 % 32.2 % Net claims and claim expense ratio – prior accident years (12.5 )% (13.9 )% (13.6 )% Net claims and claim expense ratio – calendar year 2.4 % 51.5 % 18.6 % Underwriting expense ratio 26.4 % 43.3 % 31.6 % Combined ratio 28.8 % 94.8 % 50.2 % The following is a summary of the Company’s gross premiums written allocated to the territory of coverage exposure: Year ended December 31, 2016 2015 2014 Property U.S. and Caribbean $ 743,226 $ 671,887 $ 635,069 Worldwide 210,168 234,801 210,441 Worldwide (excluding U.S.) (1) 55,043 76,370 137,466 Japan 44,536 32,830 33,967 Europe 37,611 32,973 33,115 Australia and New Zealand 13,729 15,869 22,746 Other 6,950 7,429 2,086 Total Property 1,111,263 1,072,159 1,074,890 Casualty and Specialty U.S. and Caribbean 757,052 522,778 228,062 Worldwide 471,301 320,452 226,652 Worldwide (excluding U.S.) (1) 13,840 87,597 6,946 Europe 5,541 936 238 Australia and New Zealand 5,073 1,627 7,865 Other 10,506 5,851 5,610 Total Casualty and Specialty 1,263,313 939,241 475,373 Other category — (90 ) 309 Total gross premiums written $ 2,374,576 $ 2,011,310 $ 1,550,572 (1) The category “Worldwide (excluding U.S.)” consists of contracts that cover more than one geographic region (other than the U.S.). |
Stock Incentive Compensation an
Stock Incentive Compensation and Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Incentive Compensation and Employee Benefit Plans | STOCK INCENTIVE COMPENSATION AND EMPLOYEE BENEFIT PLANS Stock Incentive Compensation Plans and Awards The Company is authorized to issue restricted stock awards and units, performance shares, stock options and other equity-based awards to its employees and directors pursuant to various stock incentive compensation plans. On May 16, 2016, the Company’s shareholders approved the Company’s 2016 Long-Term Incentive Plan (the “2016 Long-Term Incentive Plan”). Pursuant to the 2016 Long-Term Incentive Plan, the Company is authorized to issue up to 1,625,000 common shares plus the number of shares that were subject to awards outstanding under the Company’s 2001 Stock Incentive Plan, as amended (the “2001 Stock Incentive Plan”) and the Company’s 2010 Performance-Based Equity Incentive Plan, as amended (the “2010 Performance Plan”) as of the effective date of the 2016 Long-Term Incentive Plan that are forfeited, canceled, settled in cash, or otherwise terminated without delivery after the effective date. The 2016 Long-Term Incentive Plan permits the grant of stock options, restricted stock, restricted stock units, performance awards (including cash-based performance awards) and other share-based awards to employees, officers, non-employee directors and consultants or advisors of the Company and its affiliates. The 2001 Stock Incentive Plan, which permitted the grant of stock options, restricted stock awards and other share-based awards to employees of RenaissanceRe and its subsidiaries, expired in accordance with its terms on February 6, 2016 and no additional awards may be made under this plan. The 2010 Performance Plan, pursuant to which the Company granted performance shares, was terminated on May 16, 2016 upon approval of the 2016 Long-Term Incentive Plan, and no additional awards will be made under this plan. The terms and conditions of outstanding awards granted under the 2001 Share Incentive Plan and the 2010 Performance Plan were not affected by the respective expiration and termination of these plans. In 2010, the Company instituted a cash settled restricted stock unit (“CSRSU”) plan, the 2010 Restricted Stock Unit Plan, which allowed for the issuance of equity awards in the form of CSRSUs. In November 2016, the 2010 Restricted Stock Plan was terminated and replaced with a new cash settled restricted stock unit plan, the 2016 Restricted Stock Unit Plan. The terms and conditions of CSRSU awards outstanding under the 2010 Restricted Stock Unit Plan at the time of termination were not affected, but no additional awards will be made under the 2010 Restricted Stock Unit Plan. The Company’s 2004 Stock Option Incentive Plan (the “Premium Option Plan”) was terminated on August 15, 2007 with respect to future option grants. Options outstanding at the time of the termination remained outstanding and unmodified until they expired. The Premium Option Plan expired on May 20, 2014 and at December 31, 2014, 2015 and 2016, there were no options outstanding under the Premium Option Plan. Options The Company has not granted stock options since 2008. Outstanding stock options were granted pursuant to the 2001 Stock Incentive Plan and allow for the purchase of RenaissanceRe common shares at a price that is equal to, or not less than, the fair market value of RenaissanceRe common shares as of the effective grant date. Options generally vested over four years and expire 10 years from the date of grant. Restricted Stock Awards Restricted stock awards granted periodically under the 2001 Stock Incentive Plan and the 2016 Long-Term Incentive Plan generally vest ratably over a four year period. The Company has also granted restricted stock awards to non-employee directors, which generally vest ratably over a three year period. Performance Shares Performance share awards made periodically to certain of the Company’s executive officers pursuant to the 2010 Performance Plan, 2001 Share Incentive Plan and 2016 Long-Term Incentive Plan are subject to vesting conditions based on both continued service and the attainment of pre-established performance goals. If performance goals are achieved, the performance shares will vest up to a maximum of 250% of target. Grants under this plan generally cliff vest at the end of a three year vesting period based on the attainment of annual performance goals over the vesting period. The performance shares have a market condition, which is the Company’s total shareholder return relative to its peer group. Total shareholder return is based on the average closing share price over the 20 trading days preceding and including the start and end of the annual performance period. In 2012 and 2013, the Chief Executive Officer received certain special equity awards relating to promotions, which included grants of performance shares which vest over a period of four years, but otherwise have similar terms to other performance share awards. Cash Settled Restricted Stock Units CSRSUs are liability awards with fair value measurement based on the fair market value of the Company’s common shares at the end of each reporting period. CSRSUs granted periodically by the Board of Directors pursuant to the 2010 Restricted Stock Unit Plan and 2016 Restricted Stock Unit Plan generally vest ratably over four years. Valuation Assumptions Performance Shares The fair value of performance shares is measured on the date of grant using a Monte Carlo simulation model which requires certain of the same inputs underlying the Black-Scholes methodology, that being: share price; expected volatility; expected term; expected dividend yield; and risk-free interest rates. The following are the weighted average-assumptions used to estimate the fair value for all performance shares issued in each respective year. Performance Shares Year ended December 31, 2016 2015 Expected volatility (1) 14.3% - 14.7% 14.3% - 14.4% Expected term (in years) n/a n/a Expected dividend yield n/a n/a Risk-free interest rate (1) 0.38% - 1.18% 0.07% - 1.02% (1) The expected volatility and risk-free interest rate applied are specific to each tranche of performance shares. Expected volatility: The expected volatility is estimated by the Company based on RenaissanceRe’s historical stock volatility. Expected term: The expected term is not applicable as the length of the performance periods are fixed and not subject to future employee behavior. Each tranche of the performance shares has a one year period during which performance is measured. Expected dividend yield: The expected dividend yield is not applicable to performance shares as dividends are paid at the end of the vesting period and do not affect the value of the performance shares. Risk-free interest rate: The risk free rate is estimated based on the yield on a U.S. treasury zero-coupon issued with a remaining term equal to the vesting period of the performance shares. The total cost of the performance shares is determined on the grant date based on the fair value calculated by the Monte Carlo simulation model. The Company recognizes cost equal to fair value per performance share multiplied by the target number of performance shares on the grant date. The cost is then amortized as an expense over the requisite service period net of estimated service-based forfeitures. When estimating forfeitures, the Company considers its historical forfeitures as well as expectations about employee behavior. For 2016 , the Company used a 0% forfeiture rate for performance shares ( 2015 - 0% ). Restricted Stock Awards The fair value of restricted stock awards is determined based on the fair market value of RenaissanceRe common shares on the grant date. The estimated fair value of restricted stock awards, net of estimated forfeitures, is amortized as an expense over the requisite service period net of estimated service-based forfeitures. When estimating forfeitures, the Company considers its historical forfeitures as well as expectations about employee behavior. For 2016 , the Company used a 0% forfeiture rate for restricted stock awards ( 2015 - 0% ). Cash Settled Restricted Stock Units CSRSUs are revalued at the end of each quarterly reporting period based on the then fair market value of RenaissanceRe’s common shares. The total cost is adjusted each quarter for unvested CSRSUs to reflect the current share price, and this total cost is amortized as an expense over the requisite service period, net of estimated forfeitures. When estimating forfeitures, the Company considers its historical forfeitures as well as expectations about employee behavior. For 2016 , the Company used a 13% forfeiture rate for its CSRSUs ( 2015 - 13% ). Summary of Stock Compensation Activity The following is a summary of activity under the Company’s stock compensation plans. Options Weighted options outstanding Weighted average exercise price Weighted average remaining contractual life Aggregate intrinsic value Range of exercise prices Balance, December 31, 2013 828,092 $ 48.77 2.9 $ 40,221 $37.51 - $59.66 Options granted — — — Options forfeited — — Options expired — — Options exercised (60,262 ) 49.52 $ 2,900 Balance, December 31, 2014 767,830 $ 48.71 2.0 $ 37,246 $37.51 - $59.66 Options granted — — — Options forfeited — — Options expired — — Options exercised (359,618 ) 45.09 $ 21,205 Balance, December 31, 2015 408,212 $ 51.90 1.6 $ 25,020 $42.66 - $59.66 Options granted — — — Options forfeited — — Options expired — — Options exercised (201,417 ) $ 50.59 $ 14,806 Balance, December 31, 2016 206,795 $ 53.17 0.9 $ 17,174 $50.71 - $59.66 Total options exercisable at December 31, 2016 206,795 $ 53.17 0.9 $ 17,174 $50.71 - $59.66 Premium Option Plan Awards Weighted options outstanding Weighted average exercise price Weighted average remaining contractual life Aggregate intrinsic value Range of exercise prices Balance, December 31, 2013 572,000 $ 73.62 $ 13,567 $73.06 - $74.24 Options granted — — Options forfeited — — Options expired — — Options exercised (572,000 ) 73.62 13,414 Balance, December 31, 2014 — $ — $ — $ — Options granted — — Options forfeited — — Options expired — — Options exercised — — — Balance, December 31, 2015 — $ — $ — $ — Options granted — — Options forfeited — — Options expired — — Options exercised — — — Balance, December 31, 2016 — $ — 0.0 $ — $ — Total options exercisable at December 31, 2016 — $ — 0.0 $ — $ — Cash Settled Restricted Stock Units Number of shares Nonvested at December 31, 2013 394,145 Awards granted 119,382 Awards vested (159,094 ) Awards forfeited (16,110 ) Nonvested at December 31, 2014 338,323 Awards granted 160,817 Awards vested (144,440 ) Awards forfeited (28,622 ) Nonvested at December 31, 2015 326,078 Awards granted 135,119 Awards vested (133,278 ) Awards forfeited (19,575 ) Nonvested at December 31, 2016 308,344 Performance Shares Number of shares (1) Weighted average grant-date fair value Nonvested at December 31, 2013 359,543 $ 30.55 Awards granted 102,668 $ 46.45 Awards vested — Awards forfeited (213,639 ) Nonvested at December 31, 2014 248,572 $ 39.62 Awards granted 103,024 $ 44.98 Awards vested — Awards forfeited (121,325 ) Nonvested at December 31, 2015 230,271 $ 41.40 Awards granted 77,045 $ 48.31 Awards vested (58,032 ) $ 38.80 Awards forfeited (37,903 ) Nonvested at December 31, 2016 211,381 $ 44.63 (1) For performance shares, the number of shares is stated at the maximum number that can be attained if the performance conditions are fully met. Forfeitures represent shares forfeited due to vesting below the maximum attainable as a result of the Company not fully meeting the performance conditions. Restricted Stock Awards Employee restricted stock awards Non-employee director restricted stock awards Total restricted stock awards Number of shares Weighted average grant date fair value Number of shares Weighted Number of shares Weighted Nonvested at December 31, 2013 569,492 $ 76.11 31,486 $ 78.57 600,978 $ 76.24 Awards granted 215,054 95.79 14,455 95.06 229,509 95.74 Awards vested (332,725 ) 73.74 (15,886 ) 74.96 (348,611 ) 73.79 Awards forfeited (99 ) 55.80 — — (99 ) 55.80 Nonvested at December 31, 2014 451,722 $ 87.29 30,055 $ 88.41 481,777 $ 87.36 Awards granted 195,337 102.17 14,575 102.90 209,912 102.22 Awards vested (168,019 ) 82.75 (17,744 ) 86.37 (185,763 ) 83.10 Awards forfeited — — — — — — Nonvested at December 31, 2015 479,040 $ 94.95 26,886 $ 97.61 505,926 $ 95.09 Awards granted 179,003 112.41 14,727 114.71 193,730 112.59 Awards vested (255,873 ) 93.98 (16,068 ) 96.83 (271,941 ) 94.15 Awards forfeited — — — — — — Nonvested at December 31, 2016 402,170 $ 103.34 25,545 $ 107.95 427,715 $ 103.61 There were 1,762,185 shares available for issuance under the 2016 Long-Term Incentive Plan at December 31, 2016 and no shares available for issuance under the 2001 Stock Incentive Plan or 2010 Performance Share Plan at December 31, 2016 . The aggregate fair value of restricted stock awards, performance shares and CSRSUs vested during 2016 was $54.5 million ( 2015 – $34.0 million , 2014 – $48.7 million ). Cash in the amount of $Nil was received from employees as a result of employee stock option exercises during 2016 ( 2015 – $0.1 million , 2014 – $0.5 million ). In connection with share vestings and option exercises, there was no excess windfall tax benefit realized by the Company due to its net operating loss position in the taxable jurisdictions in which it operates. RenaissanceRe issues new shares upon the exercise of an option. The total stock compensation expense recognized in the Company’s consolidated statements of operations during 2016 was $47.4 million ( 2015 – $38.3 million , 2014 – $37.6 million ). As of December 31, 2016 , there was $28.9 million of total unrecognized compensation cost related to restricted stock awards, $28.9 million related to CSRSUs and $3.4 million related to performance shares, which will be recognized, on a weighted average basis, during the next 1.6 , 1.7 and 1.6 years, respectively. All of the Company’s employees are eligible for defined contribution pension plans. Contributions are primarily based upon a percentage of eligible compensation. The Company contributed $4.0 million to its defined contribution pension plans in 2016 ( 2015 – $4.3 million , 2014 – $3.6 million ). |
Statutory Requirements
Statutory Requirements | 12 Months Ended |
Dec. 31, 2016 | |
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, the U.S. and the U.K. 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. Group Supervision The Bermuda Monetary Authority (“BMA”) is the group supervisor of the Company. Under the Insurance Act 1978, amendments thereto and related regulations of Bermuda (collectively, the “Insurance Act”), the Company shall ensure that it can meet its minimum solvency margin (“MSM”), defined as the minimum amount by which the value of the assets of the Company must exceed the value of its liabilities, the breach of which represents an unacceptable level of risk and triggers the strongest supervisory actions. In addition, the Company is required to maintain capital at a level equal to its enhanced capital requirement (“ECR”) which is established by reference to the Bermuda Solvency Capital Requirement (the “BSCR”) model. The BSCR is a mathematical model designed to give the BMA robust methods for determining an insurer’s capital adequacy. The ECR is equal to the greater of the MSM or required capital calculated by reference to the BSCR. Effective January 1, 2016, the BMA embedded the Economic Balance Sheet (“EBS”) framework in the Bermuda legislative and regulatory regime. This modified the reporting requirements applicable to commercial insurers and insurance groups. Under the EBS framework, the BMA prescribes the use of financial statements prepared in accordance with GAAP as the basis on which statutory financial statements are prepared, and those statutory financial statements form the starting basis for the EBS. The ECR is then calculated based on the EBS, as opposed to the statutory financial statements on which it was previously based. The BMA expects the Company to operate at or above a target level capital (“TCL”) which is set at 120% of the ECR, the breach of which may trigger additional reporting requirements or other enhanced oversight. The Company is currently completing its 2016 group BSCR, which must be filed with the BMA on or before May 31, 2017 , and at this time, the Company believes it will exceed the target level of required economic statutory capital. The actual statutory capital and surplus, required minimum statutory capital and surplus and restricted net assets of the Company’s regulated insurance operations in its most significant regulatory jurisdictions are detailed below: Bermuda (1) U.S. U.K. (2) (3) At December 31, 2016 2015 2016 2015 2016 2015 Actual statutory capital and surplus $ 4,212,787 $ 4,878,811 $ 523,340 $ 521,522 $ 491,213 $ 485,256 Required statutory capital and surplus 807,108 1,782,778 221,023 219,164 491,213 485,256 Restricted net assets 1,779,319 838,633 324,567 321,362 — — (1) Required statutory capital and surplus of the Company's Bermuda-domiciled insurance subsidiaries is calculated as the greater of the MSM and the ECR, with the ECR being equal to the higher of each insurer's MSM or required capital calculated by reference to the BSCR. The Company's Bermuda-domiciled insurance subsidiaries’ BSCR for the year ended December 31, 2016 will not be filed with the BMA until April 30, 2017. Therefore, at December 31, 2016, actual capital and surplus is based on the relevant insurer’s statutory financial statements and required statutory capital and surplus is based on the MSM of all relevant insurers. Required capital and surplus presented above at December 31, 2015 reflects the higher of the MSM and ECR for all relevant insurers, as described above. (2) With respect to actual and required statutory capital and surplus, and as described below, 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 Funds at Lloyd’s (“FAL”). FAL is determined by Lloyd’s and is based on Syndicate 1458’s solvency and capital requirements as calculated through its internal model. (3) Syndicate 1458 is capitalized by its FAL, with the related assets not held on its balance sheet. As such, restricted net assets is not applicable to Syndicate 1458; however, the Company can make an application to obtain approval from Lloyd’s to have funds released to RenaissanceRe from Syndicate 1458, subject to passing a Lloyd’s release test. Statutory net income of the Company’s regulated insurance operations in its most significant regulatory jurisdictions are detailed below: Statutory Net Income Bermuda U.S. (1) U.K. Year ended December 31, 2016 $ 625,371 $ 43,292 $ 28,007 Year ended December 31, 2015 355,132 58,752 1,627 Year ended December 31, 2014 623,931 — 24,433 (1) Prior to the Company’s acquisition of Platinum on March 2, 2015, the Company did not have any U.S.-domiciled insurance subsidiaries. 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 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 the U.K., deferred acquisition costs are generally not reflected in the statutory financial statements. None of the Company’s insurance subsidiaries used permitted practices that prevented the trigger of a regulatory event during the years ended December 31, 2016 , 2015 and 2014 . Dividend Restrictions of RenaissanceRe As a Bermuda-domiciled holding company, RenaissanceRe has limited operations of its own and its assets consist primarily of investments in subsidiaries, and to a degree, cash and securities. Accordingly, RenaissanceRe’s future cash flows largely depend on the availability of dividends or other statutorily permissible payments from subsidiaries. The ability to pay such dividends is limited by the applicable laws and regulations of the various countries and states in which these subsidiaries operate, including, among others, Bermuda, the U.S., the U.K. and Ireland. RenaissanceRe’s ability to pay dividends and distribute capital to shareholders is limited by the Bermuda Companies Act 1981, insofar as after the payment, RenaissanceRe must still be able to pay its liabilities as they come due and the realizable value of its assets must be greater than its liabilities. At December 31, 2016 , $1.4 billion of RenaissanceRe’s retained earnings would be unrestricted and available for payment of dividends or distribution to shareholders of RenaissanceRe. Bermuda-Domiciled Insurance Entities Under the Insurance Act, certain subsidiaries of RenaissanceRe are required to prepare and file statutory financial statements. Effective January 1, 2016, the BMA prescribed the use of financial statements prepared in accordance with GAAP as the basis on which the statutory financial statements are prepared, subject to the application of certain prudential filters. These statutory financial statements are used to prepare the EBS. In addition, Bermuda insurance subsidiaries of RenaissanceRe are required to maintain certain measures of solvency and liquidity and file a BSCR return. Class 3B and Class 4 Insurers Under the Insurance Act, RenaissanceRe Specialty U.S. is defined as a Class 3B insurer, and Renaissance Reinsurance and DaVinci are classified as Class 4 insurers, and therefore must maintain statutory economic capital at a level equal to its ECR which is the greater of its MSM and the required capital calculated by reference to the BSCR. Class 3B and Class 4 insurers are prohibited from declaring or paying any dividends if in breach of the required minimum solvency margin or minimum liquidity ratio (the “Relevant Margins”) or if the declaration or payment of such dividend would cause the insurer to fail to meet the Relevant Margins. Where an insurer fails to meet its Relevant Margins on the last day of any financial year, it is prohibited from declaring or paying any dividends during the next financial year without the prior approval of the BMA. Further, Class 3B and Class 4 insurers are prohibited from declaring or paying in any financial year dividends of more than 25% of its total statutory capital and surplus (as shown on its previous financial year’s statutory balance sheet) unless it files (at least seven days before payment of such dividends) with the BMA an affidavit stating that it will continue to meet its Relevant Margins. Class 3B and Class 4 insurers must obtain the BMA’s prior approval for a reduction by 15% or more of the total statutory capital as set forth in its previous year’s financial statements. 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 which apply to all Bermuda companies. In addition, an insurer engaged in general business is also required to maintain the value of its relevant assets at not less than 75% of the amount of its relevant liabilities. The Company is currently completing its 2016 Bermuda-domiciled statutory filings for Renaissance Reinsurance, DaVinci and RenaissanceRe Specialty U.S., which must be filed with the BMA on or before April 30, 2017 , and at this time, the Company believes each of Renaissance Reinsurance, DaVinci and RenaissanceRe Specialty U.S. will exceed the target level of required statutory economic capital. As a result of the acquisition of Platinum and the potential for organizational and capital changes, Renaissance Reinsurance and RenaissanceRe Specialty Risks each received a request from the BMA, on February 24, 2015 and March 27, 2015, respectively, to obtain written approval prior to paying dividends or returning capital to RenaissanceRe during 2015. Subsequent to these requests and through December 31, 2015, Renaissance Reinsurance and RenaissanceRe Specialty Risks returned capital, which included dividends declared and return of capital, of $245.0 million and $680.0 million , respectively. Effective October 1, 2016, each of RenaissanceRe Specialty Risks and Platinum Bermuda merged into Renaissance Reinsurance, with Renaissance Reinsurance being the sole surviving entity. As part of the merger, Renaissance Reinsurance applied for, and effective November 18, 2016 received, approval from the BMA to reduce its statutory capital by $500.0 million through a return of capital. The return of capital was completed prior to December 31, 2016. For the year ended December 31, 2015 , Renaissance Reinsurance submitted applications to the BMA, and received approval, to exempt it from recording and recognizing certain third party guarantees as statutory liabilities and corresponding reductions of statutory capital and surplus for purposes of filing its statutory financial statements. The maximum monetary impact of including the third party guarantees in Renaissance Reinsurance’s statutory financial statements at December 31, 2015 would have been an increase to statutory liabilities $390.4 million , and a corresponding decrease to statutory capital and surplus. If these amounts were included in Renaissance Reinsurance’s statutory financial statements, Renaissance Reinsurance would have still exceeded the required measures of solvency and liquidity, and the target level of required statutory capital, as discussed above. During 2016, certain of these guarantees ceased to exist as a result of the merger of RenaissanceRe Specialty Risks into Renaissance Reinsurance. In addition, under the new statutory reporting regime in effect for the year ended December 31, 2016, as described above, applications to the BMA in respect of such guarantees are no longer required. Instead, such guarantees are valued based on the expected present value of future cash flows required to settle the contingent liability over the lifetime of that contingent liability, using the basic risk-free interest rate. SPIs Under the Insurance Act, Upsilon RFO is considered an SPI. See “Note 11 . Variable Interest Entities” for additional information related to Upsilon RFO. Unlike other (re)insurers, such as the Class 3B and Class 4 insurers discussed above, SPIs are fully funded to meet their (re)insurance obligations and are not exposed to insolvency, therefore the application and supervision processes are streamlined to facilitate the transparent structure. Further, the BMA has the discretion to modify such insurer’s reporting requirements under the Insurance Act. Like other (re)insurers, the principal representative of an SPI has a duty to inform the BMA in relation to solvency matters, where applicable. Upsilon RFO applied for and received a direction from the BMA, which, subject to specified conditions, modifies its filing requirements in respect of statutory financial statements for the year ended December 31, 2016 . U.S.-Domiciled Insurance Entities The Company has a U.S.-domiciled insurance subsidiary, Renaissance Reinsurance U.S., which was acquired on March 2, 2015 and is subject to statutory accounting principles as defined by the National Association of Insurance Commissioners (the “NAIC”). The NAIC uses a risk-based capital ("RBC") model to monitor and regulate the solvency of licensed life, health, and property and casualty insurance and reinsurance companies. Renaissance Reinsurance U.S. is domiciled in Maryland, which has adopted the NAIC's model law. Laws and regulations in the U.S. establish minimum capital adequacy levels and grant regulators the authority to take specific actions based on the level of impairment. For Renaissance Reinsurance U.S., this amount is the Company Action Level (“CAL”) based on the RBC model of the NAIC and represents the first level at which regulatory action is triggered. Under Maryland insurance law, Renaissance Reinsurance U.S. must notify the Maryland Insurance Commissioner (the "Commissioner") within five business days after the declaration of any dividend or distribution, other than an extraordinary dividend or extraordinary distribution, and notify the Commissioner at least ten days prior to the payment or distribution thereof. The Commissioner has the right to prevent payment of such a dividend or such a distribution if the Commissioner determines, in the Commissioner's discretion, that after the payment thereof, the policyholders' surplus of Renaissance Reinsurance U.S. would be inadequate or could cause Renaissance Reinsurance U.S. to be in a hazardous financial condition. Renaissance Reinsurance U.S. must give at least 30 days prior notice to the Commissioner before paying an extraordinary dividend or making an extraordinary distribution from other than earned surplus. Extraordinary dividends and extraordinary distributions are dividends or distributions which, together with any other dividends and distributions paid during the immediately preceding twelve-month period, would exceed the lesser of: • 10% of the insurer's statutory policyholders' surplus (as determined under statutory accounting principles) as of December 31 of the prior year; or • the insurer's net investment income excluding realized capital gains (as determined under statutory accounting principles) for the twelve-month period ending on December 31 of the prior year and pro rata distributions of any class of the insurer's 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. During 2017 , Renaissance Reinsurance U.S. will have ordinary dividend capacity of $25.4 million ( 2016 - $26.0 million ). State insurance laws and regulations require Renaissance Reinsurance U.S. to file statutory basis financial statements with insurance regulators in each state where it is licensed, authorized or accredited to do business. The operations of Renaissance Reinsurance U.S. are subject to examination by those state insurance regulators at any time. The Company is currently completing the 2016 statutory basis financial statements for Renaissance Reinsurance U.S., which must be filed with the NAIC, on or before March 1, 2017 . At this time, the Company believes Renaissance Reinsurance U.S. will exceed the CAL. U.K.-Domiciled Syndicate 1458 RenaissanceRe CCL and Syndicate 1458 are subject to oversight by the Council of Lloyd’s. RSML is authorized by the U.K.’s Prudential Regulation Authority and regulated by the Financial Conduct Authority under the Financial Services and Markets Act 2000. 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. This amount is determined by Lloyd’s and is based on Syndicate 1458’s solvency and capital requirement as calculated through its internal model. In addition, if the FAL are not sufficient to cover all losses, the Lloyd’s Central Fund provides an additional level of security for policyholders. Multi-Beneficiary Reinsurance Trusts Each of Renaissance Reinsurance and DaVinci was approved as a Trusteed Reinsurer in the state of New York and established a multi-beneficiary reinsurance trust (“MBRT”) to collateralize its (re)insurance liabilities associated with U.S. domiciled cedants. The MBRTs are subject to the rules and regulations of the state of New York and the respective deed of trust, including but not limited to certain minimum capital funding requirements, investment guidelines, capital distribution restrictions and regulatory reporting requirements. Assets held under trust at December 31, 2016 with respect to the MBRTs totaled $673.2 million and $136.7 million for Renaissance Reinsurance and DaVinci, respectively ( 2015 – $505.0 million and $135.3 million , respectively), compared to the minimum amount required under U.S. state regulations of $608.3 million and $90.4 million , respectively ( 2015 – $378.8 million and $100.1 million , respectively). Multi-Beneficiary Reduced Collateral Reinsurance Trusts Each of Renaissance Reinsurance and DaVinci has been approved as an “eligible reinsurer” in the state of Florida, and are authorized to provide reduced collateral equal to 20% and 50% , respectively, of their net outstanding insurance liabilities to Florida-domiciled insurers. Each of Renaissance Reinsurance and DaVinci has established a multi-beneficiary reduced collateral reinsurance trust (“RCT”) to collateralize its (re)insurance liabilities associated with Florida-domiciled cedants. Because the RCTs were established in New York, they are subject to the rules and regulations of the state of New York including but not limited to certain minimum capital funding requirements, investment guidelines, capital distribution restrictions and regulatory reporting requirements. Assets held under trust at December 31, 2016 with respect to the RCTs totaled $39.5 million and $19.1 million for Renaissance Reinsurance and DaVinci, respectively ( 2015 - $41.7 million and $18.9 million , respectively), compared to the minimum amount required under U.S. state regulations of $14.9 million and $14.1 million , respectively ( 2015 - $15.2 million and $10.4 million , respectively). |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Derivative Instruments [Abstract] | |
Derivative Instruments | DERIVATIVE INSTRUMENTS The Company enters into derivative instruments such as futures, options, swaps, forward contracts and other derivative contracts primarily to manage its foreign currency exposure, obtain exposure to a particular financial market, for yield enhancement, or for trading and speculation. The Company’s derivative instruments are generally traded under International Swaps and Derivatives Association master agreements, which establish the terms of the transactions entered into with the Company’s derivative counterparties. In the event one party becomes insolvent or otherwise defaults on its obligations, a master agreement generally permits the non-defaulting party to accelerate and terminate all outstanding transactions and net the transactions’ marked-to-market values so that a single sum in a single currency will be owed by, or owed to, the non-defaulting party. Effectively, this contractual close-out netting reduces credit exposure from gross to net exposure. Where the Company has entered into master netting agreements with counterparties, or the Company has the legal and contractual right to offset positions, the derivative positions are generally netted by counterparty and are reported accordingly in other assets and other liabilities. The tables below show the gross and net amounts of recognized derivative assets and liabilities at fair value, including the location on the consolidated balance sheets of the Company’s principal derivative instruments: Derivative Assets At December 31, 2016 Gross Amounts of Recognized Assets Gross Amounts Offset in the Balance Sheet Net Amounts of Assets Presented in the Balance Sheet Balance Sheet Location Collateral Net Amount Interest rate futures $ 1,384 1,235 $ 149 Other assets $ — $ 149 Foreign currency forward contracts (1) 774 — 774 Other assets — 774 Foreign currency forward contracts (2) 621 447 174 Other assets — 174 Credit default swaps 1,429 23 1,406 Other assets — 1,406 Total $ 4,208 $ 1,705 $ 2,503 $ — $ 2,503 Derivative Liabilities At December 31, 2016 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Balance Sheet Net Amounts of Liabilities Presented in the Balance Sheet Balance Sheet Location Collateral Pledged Net Amount Interest rate futures $ 2,030 1,235 $ 795 Other liabilities $ 789 $ 6 Foreign currency forward contracts (1) 10,550 397 10,153 Other liabilities — 10,153 Foreign currency forward contracts (2) 766 447 319 Other liabilities — 319 Credit default swaps 181 23 158 Other liabilities — 158 Total $ 13,527 $ 2,102 $ 11,425 $ 789 $ 10,636 (1) Contracts used to manage foreign currency risks in underwriting and non-investment operations. (2) Contracts used to manage foreign currency risks in investment operations. Derivative Assets At December 31, 2015 Gross Amounts of Recognized Assets Gross Amounts Offset in the Balance Sheet Net Amounts of Assets Presented in the Balance Sheet Balance Sheet Location Collateral Net Amount Interest rate futures $ 1,059 937 $ 122 Other assets $ — $ 122 Foreign currency forward contracts (1) 4,645 82 4,563 Other assets — 4,563 Foreign currency forward contracts (2) 1,007 599 408 Other assets — 408 Credit default swaps 257 44 213 Other assets — 213 Total $ 6,968 $ 1,662 $ 5,306 $ — $ 5,306 Derivative Liabilities At December 31, 2015 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Balance Sheet Net Amounts of Liabilities Presented in the Balance Sheet Balance Sheet Location Collateral Pledged Net Amount Interest rate futures $ 2,293 937 $ 1,356 Other liabilities $ 1,356 $ — Foreign currency forward contracts (1) 1,891 81 1,810 Other liabilities — 1,810 Foreign currency forward contracts (2) 806 599 207 Other liabilities — 207 Credit default swaps 491 44 447 Other liabilities 447 — Total $ 5,481 $ 1,661 $ 3,820 $ 1,803 $ 2,017 (1) Contracts used to manage foreign currency risks in underwriting and non-investment operations. (2) Contracts used to manage foreign currency risks in investment operations. Refer to “Note 5 . Investments” for information on reverse repurchase agreements. The location and amount of the gain (loss) recognized in the Company’s consolidated statements of operations related to its principal derivative instruments are shown in the following table: Location of gain (loss) recognized on derivatives Amount of gain (loss) recognized on derivatives Year ended December 31, 2016 2015 2014 Interest rate futures Net realized and unrealized gains (losses) on investments $ (17,379 ) $ 5,573 $ (32,713 ) Foreign currency forward contracts (1) Net foreign exchange (losses) gains (6,937 ) (1,943 ) 4,457 Foreign currency forward contracts (2) Net foreign exchange (losses) gains (1,591 ) 8,862 12,623 Credit default swaps Net realized and unrealized gains (losses) on investments 1,965 (313 ) 328 Weather contract Net realized and unrealized gains (losses) on investments — 183 1,454 Total $ (23,942 ) $ 12,362 $ (13,851 ) (1) Contracts used to manage foreign currency risks in underwriting and non-investment operations. (2) Contracts used to manage foreign currency risks in investment operations. The Company is not aware of the existence of any credit-risk related contingent features that it believes would be triggered in its derivative instruments that are in a net liability position at December 31, 2016 . Interest Rate Futures The Company uses interest rate futures within its portfolio of fixed maturity investments to manage its exposure to interest rate risk, which may result in increasing or decreasing its exposure to this risk. At December 31, 2016 , the Company had $1,208.3 million of notional long positions and $727.9 million of notional short positions of primarily Eurodollar, U.S. treasury and non-U.S. dollar futures contracts ( 2015 – $1,012.5 million and $1,115.9 million , respectively). The fair value of these derivatives is determined using exchange traded prices. Foreign Currency Derivatives The Company’s functional currency is the U.S. dollar. The Company writes a portion of its business in currencies other than U.S. dollars and may, from time to time, experience foreign exchange gains and losses in the Company’s consolidated financial statements. All changes in exchange rates, with the exception of non-monetary assets and liabilities, are recognized in the Company’s consolidated statements of operations. Underwriting Operations Related Foreign Currency Contracts The Company’s foreign currency policy with regard to its underwriting operations is generally to hold foreign currency assets, including cash, investments and receivables that approximate the foreign currency liabilities, including claims and claim expense reserves and reinsurance balances payable. When necessary, the Company may use foreign currency forward and option contracts to minimize the effect of fluctuating foreign currencies on the value of non-U.S. dollar denominated assets and liabilities associated with its underwriting operations. The fair value of the Company’s underwriting operations related foreign currency contracts is determined using indicative pricing obtained from counterparties or broker quotes. At December 31, 2016 , the Company had outstanding underwriting related foreign currency contracts of $184.2 million in notional long positions and $91.4 million in notional short positions, denominated in U.S. dollars ( 2015 – $172.4 million and $101.5 million , respectively). Investment Portfolio Related Foreign Currency Forward Contracts The Company’s investment operations are exposed to currency fluctuations through its investments in non-U.S. dollar fixed maturity investments, short term investments and other investments. From time to time, the Company may employ foreign currency forward contracts in its investment portfolio to either assume foreign currency risk or to economically hedge its exposure to currency fluctuations from these investments. The fair value of the Company’s investment portfolio related foreign currency forward contracts is determined using an interpolated rate based on closing forward market rates. At December 31, 2016 , the Company had outstanding investment portfolio related foreign currency contracts of $26.9 million in notional long positions and $57.3 million in notional short positions, denominated in U.S. dollars ( 2015 – $31.3 million and $143.4 million , respectively). Credit Derivatives The Company’s exposure to credit risk is primarily due to its fixed maturity investments, short term investments, premiums receivable and reinsurance recoverable. From time to time, the Company purchases credit derivatives to hedge its exposures in the insurance industry, and to assist in managing the credit risk associated with ceded reinsurance. The Company also employs credit derivatives in its investment portfolio to either assume credit risk or hedge its credit exposure. The fair value of credit derivatives is determined using industry valuation models, broker bid indications or internal pricing valuation techniques. The fair value of these credit derivatives can change based on a variety of factors including changes in credit spreads, default rates and recovery rates, the correlation of credit risk between the referenced credit and the counterparty, and market rate inputs such as interest rates. At December 31, 2016 , the Company had outstanding credit derivatives of $Nil in notional long positions and $75.2 million in notional short positions, denominated in U.S. dollars ( 2015 – $Nil and $46.1 million , respectively). Weather Contract The Company, from time to time, transacts in certain derivative-based risk management products that address weather-related risks. The fair value of these contracts is determined through the use of an internal valuation model with the inputs to the internal valuation model based on proprietary data as observable market inputs are not available. The most significant unobservable input is the potential payment that would become due to a counterparty following the occurrence of a triggering event as reported by an external agency. Generally, the Company’s portfolio of such derivatives is relatively small and such derivatives are frequently seasonal in nature. During 2015, the Company settled an outstanding weather contract with an insurance company and at December 31, 2016 and 2015, did not have any outstanding weather contract positions. |
Commitments, Contingencies and
Commitments, Contingencies and Other Items | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Other Items | COMMITMENTS, CONTINGENCIES AND OTHER ITEMS CONCENTRATION OF CREDIT RISK Instruments which potentially subject the Company to concentration of credit risk consist principally of investments, including the Company’s equity method investments, cash, premiums receivable and reinsurance balances. The Company limits the amount of credit exposure to any one financial institution and, except for U.S. Government securities, none of the Company’s investments exceeded 10% of shareholders’ equity at December 31, 2016 . See “Note 7 . Reinsurance”, for information with respect to reinsurance recoverable. EMPLOYMENT AGREEMENTS The Board of Directors has authorized the execution of employment agreements between the Company and certain officers. These agreements provide for, among other things, severance payments under certain circumstances, as well as accelerated vesting of options and certain restricted stock grants, upon a change in control, as defined in the employment agreements and the Company’s stock incentive plans. LETTERS OF CREDIT AND OTHER COMMITMENTS At December 31, 2016 , the Company’s banks have issued letters of credit of $894.2 million in favor of certain ceding companies, including the Renaissance Reinsurance FAL Facility and Specialty Risks FAL Facility, each noted below. In connection with the Company’s Top Layer Re joint venture, Renaissance Reinsurance has committed $37.5 million of collateral to support a letter of credit and is obligated to make a mandatory capital contribution of up to $50.0 million in the event that a loss reduces Top Layer Re’s capital and surplus below a specified level. The letters of credit are secured by cash and investments of similar amounts. At December 31, 2016 , letters of credit in the amounts of $380.0 million and £90.0 million were issued pursuant to the Renaissance Reinsurance FAL Facility and £10.0 million issued pursuant to the Specialty Risks FAL Facility. See “Note 9 . Debt and Credit Facilities” for additional information related to the Company’s debt and credit facilities. PRIVATE EQUITY AND INVESTMENT COMMITMENTS The Company has committed capital to private equity partnerships and other entities of $794.2 million , of which $554.7 million has been contributed at December 31, 2016 . The Company’s remaining commitments to these funds at December 31, 2016 totaled $249.4 million . These commitments do not have a defined contractual commitment date. INDEMNIFICATIONS AND WARRANTIES In the ordinary course of its business, the Company may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that lead to the execution of these provisions against the Company. Based on past experience, management currently believes that the likelihood of such an event is remote. OPERATING AND CAPITAL LEASES The Company leases office space under operating leases which expire at various dates through 2023 . Future minimum lease payments under existing operating leases are expected to be as follows: Minimum lease payments 2017 $ 7,553 2018 7,078 2019 6,159 2020 4,634 2021 4,308 After 2021 4,819 Future minimum lease payments under existing operating leases $ 34,551 The Company’s capital leases primarily relate to office space in Bermuda with an initial lease term of 20 years, ending in 2028, and a bargain renewal option for an additional 30 years. The future minimum lease payments of the Company’s capital leases are detailed below, and relate principally to the transaction noted above, excluding the bargain renewal option. Minimum lease payments 2017 $ 3,017 2018 2,539 2019 2,661 2020 2,661 2021 2,661 After 2021 17,297 Future minimum lease payments under existing capital leases $ 30,836 FOREIGN TO FOREIGN RETROCESSIONS During the fourth quarter of 2015, the Company recognized a recovery and corresponding reduction to acquisition expenses in its Property segment of $7.7 million associated with the December 2015 decision by the IRS to revoke its position that federal excise tax applies on foreign to foreign retrocessions. LITIGATION The Company and its subsidiaries are subject to lawsuits and regulatory actions in the normal course of business that do not arise from or directly relate to claims on reinsurance treaties or contracts or direct surplus lines insurance policies. In the Company’s industry, business litigation may involve allegations of underwriting or claims-handling errors or misconduct, disputes relating to the scope of, or compliance with, the terms of delegated underwriting agreements, employment claims, regulatory actions or disputes arising from the Company’s business ventures. The Company’s operating subsidiaries are subject to claims litigation involving, among other things, disputed interpretations of policy coverages. Generally, the Company’s direct surplus lines insurance operations are subject to greater frequency and diversity of claims and claims-related litigation than its reinsurance operations and, in some jurisdictions, may be subject to direct actions by allegedly injured persons or entities seeking damages from policyholders. These lawsuits, involving or arising out of claims on policies issued by the Company’s subsidiaries which are typical to the insurance industry in general and in the normal course of business, are considered in its claims and claim expense reserves which are discussed in “Note 8 . Reserve for Claims and Claim Expenses”. In addition, the Company may from time to time engage in litigation or arbitration related to its claims for payment in respect of ceded reinsurance, including disputes that challenge the Company’s ability to enforce its underwriting intent. Such matters could result, directly or indirectly, in providers of protection not meeting their obligations to the Company or not doing so on a timely basis. The Company may also be subject to other disputes from time to time, relating to operational or other matters distinct from insurance or reinsurance claims. Any litigation or arbitration, or regulatory process, contains an element of uncertainty, and the value of an exposure or a gain contingency related to a dispute is difficult to estimate accordingly. Currently, the Company believes that no individual litigation or arbitration to which it is presently a party is likely to have a material adverse effect on its financial condition, business or operations. |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Information (Unaudited) | QUARTERLY FINANCIAL INFORMATION (UNAUDITED) Quarter Ended March 31, Quarter Ended June 30, Quarter Ended September 30, Quarter Ended December 31, 2016 2015 2016 2015 2016 2015 2016 2015 Revenues Gross premiums written $ 862,133 $ 643,578 $ 759,128 $ 661,997 $ 430,224 $ 369,642 $ 323,091 $ 336,093 Net premiums written $ 511,675 $ 404,035 $ 519,916 $ 508,677 $ 284,222 $ 266,820 $ 219,499 $ 236,651 (Increase) decrease in unearned premiums (158,069 ) (107,275 ) (168,514 ) (128,849 ) 62,299 95,568 132,402 124,924 Net premiums earned 353,606 296,760 351,402 379,828 346,521 362,388 351,901 361,575 Net investment income 28,863 39,707 54,124 38,604 51,423 28,338 47,316 45,918 Net foreign exchange (losses) gains (1,692 ) (3,130 ) (690 ) (1,740 ) (5,986 ) 616 (5,420 ) 1,203 Equity in earnings (losses) of other ventures 1,611 5,295 6,022 6,160 (11,630 ) 5,730 4,960 3,296 Other income 4,079 1,539 2,654 1,427 2,268 2,306 5,177 8,200 Net realized and unrealized gains (losses) on investments 61,653 41,749 69,772 (26,712 ) 59,870 (41,138 ) (49,967 ) (42,817 ) Total revenues 448,120 381,920 483,284 397,567 442,466 358,240 353,967 377,375 Expenses Net claims and claim expenses incurred 126,605 76,853 167,750 169,344 112,575 100,028 123,901 102,013 Acquisition costs 65,592 43,401 69,005 61,666 80,580 78,126 74,146 55,399 Operational expenses 56,235 45,621 51,073 54,673 40,493 54,518 49,948 64,300 Corporate expenses 8,225 45,533 5,752 12,868 11,537 7,322 11,888 10,791 Interest expense 10,538 5,316 10,536 9,862 10,536 10,542 10,534 10,550 Total expenses 267,195 216,724 304,116 308,413 255,721 250,536 270,417 243,053 Income before taxes 180,925 165,196 179,168 89,154 186,745 107,704 83,550 134,322 Income tax (expense) benefit (2,744 ) 47,904 (6,612 ) 1,842 1,316 4,573 7,700 (8,453 ) Net income 178,181 213,100 172,556 90,996 188,061 112,277 91,250 125,869 Net income attributable to redeemable noncontrolling interests (44,591 ) (39,662 ) (30,635 ) (12,167 ) (35,641 ) (31,153 ) (16,219 ) (28,068 ) Net income available to RenaissanceRe 133,590 173,438 141,921 78,829 152,420 81,124 75,031 97,801 Dividends on preference shares (5,595 ) (5,595 ) (5,596 ) (5,596 ) (5,595 ) (5,595 ) (5,595 ) (5,595 ) Net income available to RenaissanceRe common shareholders $ 127,995 $ 167,843 $ 136,325 $ 73,233 $ 146,825 $ 75,529 $ 69,436 $ 92,206 Net income available to RenaissanceRe common shareholders per common share – basic $ 2.97 $ 4.18 $ 3.23 $ 1.60 $ 3.58 $ 1.68 $ 1.70 $ 2.11 Net income available to RenaissanceRe common shareholders per common share – diluted $ 2.95 $ 4.14 $ 3.22 $ 1.59 $ 3.56 $ 1.66 $ 1.69 $ 2.09 Average shares outstanding – basic 42,577 39,631 41,693 45,303 40,513 44,564 40,474 43,131 Average shares outstanding – diluted 42,912 40,021 41,885 45,657 40,733 44,913 40,707 43,513 |
Condensed Consolidating Financi
Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries | 12 Months Ended |
Dec. 31, 2016 | |
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 present condensed consolidating balance sheets at December 31, 2016 and 2015 , condensed consolidating statements of operations, condensed consolidating statements of comprehensive income and condensed consolidating statements of cash flows for the three months and year ended December 31, 2016 , 2015 and 2014 , respectively. Each of RRNAH, Platinum Finance and RenaissanceRe Finance is a 100% owned subsidiary of RenaissanceRe. 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, 2016 RenaissanceRe RenRe North Platinum Underwriters Finance, Inc. (Subsidiary Issuer) RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other Consolidating RenaissanceRe Assets Total investments $ 387,274 $ 119,163 $ 267,556 $ 45,027 $ 8,497,948 $ — $ 9,316,968 Cash and cash equivalents 7,067 162 6,671 9,397 397,860 — 421,157 Investments in subsidiaries 4,074,769 34,761 843,089 1,165,413 — (6,118,032 ) — Due from subsidiaries and affiliates 7,413 91,892 — — — (99,305 ) — Premiums receivable — — — — 987,323 — 987,323 Prepaid reinsurance premiums — — — — 441,260 — 441,260 Reinsurance recoverable — — — — 279,564 — 279,564 Accrued investment income 105 289 551 106 37,025 — 38,076 Deferred acquisition costs — — — — 335,325 — 335,325 Receivable for investments sold 136 2 99 45 105,559 — 105,841 Other assets 410,757 37,204 4,689 127,572 118,098 (522,938 ) 175,382 Goodwill and other intangible assets 130,407 — — — 120,779 — 251,186 Total assets $ 5,017,928 $ 283,473 $ 1,122,655 $ 1,347,560 $ 11,320,741 $ (6,740,275 ) $ 12,352,082 Liabilities, Noncontrolling Interests and Shareholders’ Equity Liabilities Reserve for claims and claim expenses $ — $ — $ — $ — $ 2,848,294 $ — $ 2,848,294 Unearned premiums — — — — 1,231,573 — 1,231,573 Debt 117,000 — 255,352 545,889 147,422 (117,000 ) 948,663 Amounts due to subsidiaries and affiliates 14,644 42 123 96,061 — (110,870 ) — Reinsurance balances payable — — — — 673,983 — 673,983 Payable for investments purchased — — — — 305,714 — 305,714 Other liabilities 19,707 10,544 — 13,350 270,610 (12,527 ) 301,684 Total liabilities 151,351 10,586 255,475 655,300 5,477,596 (240,397 ) 6,309,911 Redeemable noncontrolling interests — — — — 1,175,594 — 1,175,594 Shareholders’ Equity Total shareholders’ equity 4,866,577 272,887 867,180 692,260 4,667,551 (6,499,878 ) 4,866,577 Total liabilities, noncontrolling interests and shareholders’ equity $ 5,017,928 $ 283,473 $ 1,122,655 $ 1,347,560 $ 11,320,741 $ (6,740,275 ) $ 12,352,082 (1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. (2) Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments. Condensed Consolidating Balance Sheet at December 31, 2015 RenaissanceRe Holdings Ltd. (Parent Guarantor) RenRe North Platinum Underwriters Finance, Inc. (Subsidiary Issuer) RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1) Consolidating Adjustments (2) RenaissanceRe Consolidated Assets Total investments $ 349,892 $ 127,087 $ 205,777 $ — $ 8,316,312 $ — $ 8,999,068 Cash and cash equivalents 10,185 5,908 7,103 677 483,012 — 506,885 Investments in subsidiaries 3,902,519 48,754 867,909 1,185,736 — (6,004,918 ) — Due from subsidiaries and affiliates 81,282 69,739 — — — (151,021 ) — Premiums receivable — — — — 778,009 — 778,009 Prepaid reinsurance premiums — — — — 230,671 — 230,671 Reinsurance recoverable — — — — 134,526 — 134,526 Accrued investment income 1,253 169 348 — 37,979 — 39,749 Deferred acquisition costs — — — — 199,380 — 199,380 Receivable for investments sold 26 1 68,537 — 152,270 — 220,834 Other assets 390,302 29,532 12,852 115,456 124,215 (491,346 ) 181,011 Goodwill and other intangible assets 137,064 — — — 128,090 — 265,154 Total assets $ 4,872,523 $ 281,190 $ 1,162,526 $ 1,301,869 $ 10,584,464 $ (6,647,285 ) $ 11,555,287 Liabilities, Redeemable Noncontrolling Interest and Shareholders’ Equity Liabilities Reserve for claims and claim expenses $ — $ — $ — $ — $ 2,767,045 $ — $ 2,767,045 Unearned premiums — — — — 889,102 — 889,102 Debt 117,000 — 268,196 545,187 147,112 (117,000 ) 960,495 Amounts due to subsidiaries and affiliates 2,641 202 204 68,204 — (71,251 ) — Reinsurance balances payable — — — — 523,974 — 523,974 Payable for investments purchased 999 6 25 — 390,348 — 391,378 Other liabilities 19,699 1,148 6,620 — 222,320 (4,642 ) 245,145 Total liabilities 140,339 1,356 275,045 613,391 4,939,901 (192,893 ) 5,777,139 Redeemable noncontrolling interests — — — — 1,045,964 — 1,045,964 Shareholders’ Equity Total shareholders’ equity 4,732,184 279,834 887,481 688,478 4,598,599 (6,454,392 ) 4,732,184 Total liabilities, redeemable noncontrolling interest and shareholders’ equity $ 4,872,523 $ 281,190 $ 1,162,526 $ 1,301,869 $ 10,584,464 $ (6,647,285 ) $ 11,555,287 (1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. (2) Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments. Condensed Consolidating Statement of Operations for RenaissanceRe RenRe North Platinum Underwriters Finance, Inc. (Subsidiary Issuer) RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other Consolidating RenaissanceRe Revenues Net premiums earned $ — $ — $ — $ — $ 1,403,430 $ — $ 1,403,430 Net investment income 24,178 1,852 3,989 569 175,407 (24,269 ) 181,726 Net foreign exchange losses (2 ) — — — (13,786 ) — (13,788 ) Equity in earnings of other ventures — — — — 963 — 963 Other (loss) income (772 ) — — — 14,950 — 14,178 Net realized and unrealized gains on investments 4,151 4,659 8,193 46 124,279 — 141,328 Total revenues 27,555 6,511 12,182 615 1,705,243 (24,269 ) 1,727,837 Expenses Net claims and claim expenses incurred — — — — 530,831 — 530,831 Acquisition expenses — — — — 289,323 — 289,323 Operational expenses 13,716 (112 ) 296 22,152 176,041 (14,344 ) 197,749 Corporate expenses 26,848 203 — 7 10,344 — 37,402 Interest expense 562 — 5,906 26,176 10,062 (562 ) 42,144 Total expenses 41,126 91 6,202 48,335 1,016,601 (14,906 ) 1,097,449 (Loss) income before equity in net income of subsidiaries and taxes (13,571 ) 6,420 5,980 (47,720 ) 688,642 (9,363 ) 630,388 Equity in net income of subsidiaries 516,533 3,857 25,073 38,628 — (584,091 ) — Income (loss) before taxes 502,962 10,277 31,053 (9,092 ) 688,642 (593,454 ) 630,388 Income tax (expense) benefit — (2,275 ) (1,462 ) 11,014 (7,617 ) — (340 ) Net income 502,962 8,002 29,591 1,922 681,025 (593,454 ) 630,048 Net income attributable to redeemable noncontrolling interests — — — — (127,086 ) — (127,086 ) Net income attributable to RenaissanceRe 502,962 8,002 29,591 1,922 553,939 (593,454 ) 502,962 Dividends on preference shares (22,381 ) — — — — — (22,381 ) Net income attributable to RenaissanceRe common shareholders $ 480,581 $ 8,002 $ 29,591 $ 1,922 $ 553,939 $ (593,454 ) $ 480,581 (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 year ended December 31, 2016 RenaissanceRe RenRe North Platinum Underwriters Finance, Inc. (Subsidiary Issuer) RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other Consolidating RenaissanceRe Comprehensive income Net income $ 502,962 $ 8,002 $ 29,591 $ 1,922 $ 681,025 $ (593,454 ) $ 630,048 Change in net unrealized gains on investments — — — — (975 ) — (975 ) Comprehensive income 502,962 8,002 29,591 1,922 680,050 (593,454 ) 629,073 Net income attributable to redeemable noncontrolling interests — — — — (127,086 ) — (127,086 ) Comprehensive income attributable to redeemable noncontrolling interests — — — — (127,086 ) — (127,086 ) Comprehensive income attributable to RenaissanceRe $ 502,962 $ 8,002 $ 29,591 $ 1,922 $ 552,964 $ (593,454 ) $ 501,987 (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 RenaissanceRe RenRe North Inc. Platinum Underwriters Finance, Inc. (Subsidiary Issuer) RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other Consolidating RenaissanceRe Revenues Net premiums earned $ — $ — $ — $ — $ 1,400,551 $ — $ 1,400,551 Net investment income 15,391 1,251 4,063 996 144,642 (13,776 ) 152,567 Net foreign exchange gains (losses) 4 — — — (3,055 ) — (3,051 ) Equity in earnings of other ventures — — — — 20,481 — 20,481 Other income 663 — — — 13,472 (663 ) 13,472 Net realized and unrealized (losses) gains on investments (2,080 ) 566 (2,600 ) — (64,804 ) — (68,918 ) Total revenues 13,978 1,817 1,463 996 1,511,287 (14,439 ) 1,515,102 Expenses Net claims and claim expenses incurred — — — — 448,238 — 448,238 Acquisition expenses — — — — 238,592 — 238,592 Operational expenses 4,249 4,561 3 2,503 207,802 (6 ) 219,112 Corporate expenses 40,808 312 3 — 35,391 — 76,514 Interest expense 1,255 7,233 4,922 16,179 7,677 (996 ) 36,270 Total expenses 46,312 12,106 4,928 18,682 937,700 (1,002 ) 1,018,726 (Loss) income before equity in net income of subsidiaries and taxes (32,334 ) (10,289 ) (3,465 ) (17,686 ) 573,587 (13,437 ) 496,376 Equity in net income of subsidiaries 463,526 5,493 35,329 72,925 — (577,273 ) — Income (loss) before taxes 431,192 (4,796 ) 31,864 55,239 573,587 (590,710 ) 496,376 Income tax benefit — 32,005 1,985 6,190 5,686 — 45,866 Net income 431,192 27,209 33,849 61,429 579,273 (590,710 ) 542,242 Net income attributable to redeemable noncontrolling interests — — — — (111,050 ) — (111,050 ) Net income attributable to RenaissanceRe 431,192 27,209 33,849 61,429 468,223 (590,710 ) 431,192 Dividends on preference shares (22,381 ) — — — — — (22,381 ) Net income available to RenaissanceRe common shareholders $ 408,811 $ 27,209 $ 33,849 $ 61,429 $ 468,223 $ (590,710 ) $ 408,811 (1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. (2) Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments. Condensed Consolidating Statement of Comprehensive Income for the year ended December 31, 2015 RenaissanceRe RenRe North Inc. Platinum Underwriters Finance, Inc. (Subsidiary Issuer) RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other Consolidating RenaissanceRe Comprehensive income Net income $ 431,192 $ 27,209 $ 33,849 $ 61,429 $ 579,273 $ (590,710 ) $ 542,242 Change in net unrealized gains on investments — — — — (1,308 ) — (1,308 ) Comprehensive income 431,192 27,209 33,849 61,429 577,965 (590,710 ) 540,934 Net income attributable to redeemable noncontrolling interests — — — — (111,050 ) — (111,050 ) Comprehensive income attributable to redeemable noncontrolling interests — — — — (111,050 ) — (111,050 ) Comprehensive income available to RenaissanceRe $ 431,192 $ 27,209 $ 33,849 $ 61,429 $ 466,915 $ (590,710 ) $ 429,884 (1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. (2) Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments. Condensed Consolidating Statement of Operations RenaissanceRe Holdings Ltd. (Parent Guarantor) RenRe North America Holdings Inc. (Subsidiary Issuer) Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1) Consolidating Adjustments (2) RenaissanceRe Consolidated Revenues Net premiums earned $ — $ — $ 1,062,416 $ — $ 1,062,416 Net investment income 2,706 1,765 123,582 (3,737 ) 124,316 Net foreign exchange (losses) gains (13 ) — 6,273 — 6,260 Equity in earnings of other ventures — — 26,075 — 26,075 Other loss — (7 ) (416 ) — (423 ) Net realized and unrealized gains on investments 83 9,069 32,281 — 41,433 Total revenues 2,776 10,827 1,250,211 (3,737 ) 1,260,077 Expenses Net claims and claim expenses incurred — — 197,947 — 197,947 Acquisition expenses — — 144,476 — 144,476 Operational expenses (4,890 ) 7,004 188,857 (332 ) 190,639 Corporate expenses 20,787 238 1,724 — 22,749 Interest expense — 14,467 2,935 — 17,402 Total expenses 15,897 21,709 535,939 (332 ) 573,213 (Loss) income before equity in net earnings of subsidiaries and taxes (13,121 ) (10,882 ) 714,272 (3,405 ) 686,864 Equity in net earnings of subsidiaries 545,839 6,491 — (552,330 ) — Income (loss) before taxes 532,718 (4,391 ) 714,272 (555,735 ) 686,864 Income tax benefit (expense) — 4,064 (4,672 ) — (608 ) Net income (loss) 532,718 (327 ) 709,600 (555,735 ) 686,256 Net income attributable to redeemable noncontrolling interests — — (153,538 ) — (153,538 ) Net income (loss) attributable to RenaissanceRe 532,718 (327 ) 556,062 (555,735 ) 532,718 Dividends on preference shares (22,381 ) — — — (22,381 ) Net income (loss) available (attributable) to RenaissanceRe common shareholders $ 510,337 $ (327 ) $ 556,062 $ (555,735 ) $ 510,337 (1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. (2) Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments. Condensed Consolidating Statement of Comprehensive Income (Loss) for the year ended December 31, 2014 RenaissanceRe Holdings Ltd. (Parent Guarantor) RenRe North America Holdings 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) $ 532,718 $ (327 ) $ 709,600 $ (555,735 ) $ 686,256 Change in net unrealized gains on investments — — (715 ) — (715 ) Comprehensive income (loss) 532,718 (327 ) 708,885 (555,735 ) 685,541 Net income attributable to redeemable noncontrolling interests — — (153,538 ) — (153,538 ) Comprehensive income attributable to redeemable noncontrolling interests — — (153,538 ) — (153,538 ) Comprehensive income (loss) attributable to RenaissanceRe $ 532,718 $ (327 ) $ 555,347 $ (555,735 ) $ 532,003 (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, 2016 RenaissanceRe RenRe North Platinum Underwriters Finance, Inc. (Subsidiary Issuer) RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other RenaissanceRe Consolidated Cash flows (used in) provided by operating activities Net cash (used in) provided by operating activities $ (18,452 ) $ 1,477 $ (14,501 ) $ (34,607 ) $ 535,912 $ 469,829 Cash flows provided by (used in) investing activities Proceeds from sales and maturities of fixed maturity investments trading 314,568 69,941 145,082 — 7,572,923 8,102,514 Purchases of fixed maturity investments trading (336,345 ) (123,046 ) (291,053 ) — (7,532,276 ) (8,282,720 ) Proceeds from sales and maturities of fixed maturity investments available for sale — — — — 17,692 17,692 Net (purchases) sales of equity investments trading — (2,389 ) 193,022 — (5,845 ) 184,788 Net (purchases) sales of short term investments (111,814 ) 67,684 (32,901 ) — (41,586 ) (118,617 ) Net purchases of other investments — — — — (68,589 ) (68,589 ) Net sales of other assets — — — — 400 400 Dividends and return of capital from subsidiaries 617,239 2,900 — 13,125 (633,264 ) — Contributions to subsidiaries (108,674 ) — — — 108,674 — Due to (from) subsidiary 23,758 (22,313 ) (81 ) 30,202 (31,566 ) — Net cash provided by (used in) investing activities 398,732 (7,223 ) 14,069 43,327 (613,437 ) (164,532 ) Cash flows used in financing activities Dividends paid – RenaissanceRe common shares (51,583 ) — — — — (51,583 ) Dividends paid – preference shares (22,381 ) — — — — (22,381 ) RenaissanceRe common share repurchases (309,434 ) — — — — (309,434 ) Net third party redeemable noncontrolling interest share transactions — — — — (2,990 ) (2,990 ) Net cash used in financing activities (383,398 ) — — — (2,990 ) (386,388 ) Effect of exchange rate changes on foreign currency cash — — — — (4,637 ) (4,637 ) Net (decrease) increase in cash and cash equivalents (3,118 ) (5,746 ) (432 ) 8,720 (85,152 ) (85,728 ) Cash and cash equivalents, beginning of period 10,185 5,908 7,103 677 483,012 506,885 Cash and cash equivalents, end of period $ 7,067 $ 162 $ 6,671 $ 9,397 $ 397,860 $ 421,157 (1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. Condensed Consolidating Statement of Cash Flows for the year ended December 31, 2015 RenaissanceRe RenRe North Inc. Platinum Underwriters Finance, Inc. (Subsidiary Issuer) 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 $ (39,213 ) $ (9,201 ) $ (6,830 ) $ (17,871 ) $ 487,852 $ 414,737 Cash flows provided by (used in) investing activities Proceeds from sales and maturities of fixed maturity investments trading 63,824 49,807 45,087 — 9,323,024 9,481,742 Purchases of fixed maturity investments trading (161,183 ) (59,040 ) — — (9,462,845 ) (9,683,068 ) Proceeds from sales and maturities of fixed maturity investments available for sale — — — — 8,688 8,688 Net sales (purchases) of equity investments trading — 33,693 (269,244 ) — 87,993 (147,558 ) Net (purchases) sales of short term investments (116,461 ) (63,305 ) 238,177 — 610,705 669,116 Net sales of other investments — — — — 15,843 15,843 Net purchases of investments in other ventures — — — — (10,150 ) (10,150 ) Net sales of other assets — — — — 4,500 4,500 Dividends and return of capital from subsidiaries 1,584,624 180,000 65,000 87,553 (1,917,177 ) — Contributions to subsidiaries (294,733 ) (8,550 ) (66,753 ) (185,000 ) 555,036 — Due to (from) subsidiaries 207,996 (118,529 ) 129 (183,405 ) 93,809 — Net purchase of Platinum (904,433 ) — 1,537 — 224,744 (678,152 ) Net cash provided by (used in) investing activities 379,634 14,076 13,933 (280,852 ) (465,830 ) (339,039 ) Cash flows (used in) provided by financing activities Dividends paid – RenaissanceRe common shares (53,967 ) — — — — (53,967 ) Dividends paid – preference shares (22,381 ) — — — — (22,381 ) RenaissanceRe common share repurchases (259,874 ) — — — — (259,874 ) Net issuance of debt — — — 299,400 146,189 445,589 Net third party redeemable noncontrolling interest share transactions — — — — (193,032 ) (193,032 ) Net cash (used in) provided by financing activities (336,222 ) — — 299,400 (46,843 ) (83,665 ) Effect of exchange rate changes on foreign currency cash — — — — (10,732 ) (10,732 ) Net increase (decrease) in cash and cash equivalents 4,199 4,875 7,103 677 (35,553 ) (18,699 ) Cash and cash equivalents, beginning of period 5,986 1,033 — — 518,565 525,584 Cash and cash equivalents, end of period $ 10,185 $ 5,908 $ 7,103 $ 677 $ 483,012 $ 506,885 (1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. Condensed Consolidating Statement of Cash Flows RenaissanceRe Holdings Ltd. (Parent Guarantor) RenRe North America Holdings Inc. (Subsidiary Issuer) Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1) RenaissanceRe Consolidated Cash flows provided by (used in) operating activities Net cash provided by (used in) operating activities $ 429 $ (18,114 ) $ 678,342 $ 660,657 Cash flows provided by (used in) investing activities Proceeds from sales and maturities of fixed maturity investments trading 88,273 20,487 7,573,813 7,682,573 Purchases of fixed maturity investments trading (88,341 ) (14,969 ) (7,535,868 ) (7,639,178 ) Proceeds from sales and maturities of fixed maturity investments available for sale — — 7,088 7,088 Net sales (purchases) of equity investments trading — 13,761 (33,764 ) (20,003 ) Net sales (purchases) of short term investments 73,717 225 (28,919 ) 45,023 Net sales of other investments — — 59,120 59,120 Net sales of investments in other ventures — — 1,030 1,030 Net sales of other assets — — 6,000 6,000 Dividends and return of capital from subsidiaries 1,259,224 11,204 (1,270,428 ) — Contributions to subsidiaries (759,456 ) (1,949 ) 761,405 — Due to (from) subsidiary 6,315 (13,639 ) 7,324 — Net cash provided by (used in) investing activities 579,732 15,120 (453,199 ) 141,653 Cash flows used in financing activities Dividends paid – RenaissanceRe common shares (45,912 ) — — (45,912 ) Dividends paid – preference shares (22,381 ) — — (22,381 ) RenaissanceRe common share repurchases (514,678 ) — — (514,678 ) Net third party redeemable noncontrolling interest share transactions — — (111,707 ) (111,707 ) Net cash used in financing activities (582,971 ) — (111,707 ) (694,678 ) Effect of exchange rate changes on foreign currency cash — — 9,920 9,920 Net (decrease) increase in cash and cash equivalents (2,810 ) (2,994 ) 123,356 117,552 Cash and cash equivalents, beginning of year 8,796 4,027 395,209 408,032 Cash and cash equivalents, end of year $ 5,986 $ 1,033 $ 518,565 $ 525,584 (1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS During January 2017, DaVinciRe redeemed $75.0 million of its outstanding shares from certain existing DaVinciRe shareholders, including RenaissanceRe. In connection with the redemption, DaVinciRe retained a $15.0 million holdback. In addition, RenaissanceRe sold an aggregate of $24.0 million of its shares in DaVinciRe to an existing shareholder and a new shareholder. The Company’s noncontrolling economic ownership in DaVinciRe subsequent to these transactions was 22.6% , effective January 1, 2017. During January 2017, Upsilon RFO returned $41.8 million of capital to its investors, including $9.5 million to the Company. In addition, $134.1 million of Upsilon RFO non-voting preference shares were issued to existing investors, including $9.5 million to the Company. During February 2017, an existing third party investor purchased $7.5 million of Upsilon RFO non-voting preference shares from the Company. Effective February 1, 2017, the Company’s participation in the risks assumed by Upsilon RFO was 16.6% . Effective with the risk period incepting on January 1, 2017, Fibonacci Re raised $140.0 million of capital from third party investors and the Company, via participating notes which are listed on the Bermuda Stock Exchange. Effective February 1, 2017, the Company’s net retained economic ownership interest in Fibonacci Re was 7.2% . Subsequent to December 31, 2016 and through the period ended February 17, 2017 , third-party investors subscribed for and redeemed an aggregate of $25.9 million and $1.5 million , respectively, of the participating, non-voting common shares of Medici. In addition, the Company subscribed for and redeemed an aggregate of $10.2 million and $10.0 million , respectively, of the participating, non-voting common shares of Medici. As a result of these net subscriptions, the Company’s noncontrolling economic ownership in Medici was 33.7% , effective February 1, 2017. Subsequent to December 31, 2016 and through the period ended February 17, 2017 , the Company repurchased 281 thousand common shares in open market transactions at an aggregate cost of $40.0 million and at an average share price of $142.40 . On February 22, 2017 , RenaissanceRe’s Board of Directors approved an increase in the authorized share repurchase program to an aggregate amount of $500.0 million . Unless terminated earlier by resolution of RenaissanceRe’s Board of Directors, the program will expire when the Company has repurchased the full value of the shares authorized. |
Schedule I. Summary of Investme
Schedule I. Summary of Investments Other Than Investments in Related Parties | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Investments, Other than Investments in Related Parties [Abstract] | |
Summary of Investments, Other than Investments in Related Parties | SCHEDULE I RENAISSANCERE HOLDINGS LTD. AND SUBSIDIARIES SUMMARY OF INVESTMENTS OTHER THAN INVESTMENTS IN RELATED PARTIES (THOUSANDS OF UNITED STATES DOLLARS) December 31, 2016 Amortized Cost or Cost Fair Value Amount at which shown in the Balance Sheet Type of investment: Fixed maturity investments U.S. treasuries $ 2,635,282 $ 2,617,894 $ 2,617,894 Agencies 91,905 90,972 90,972 Municipal 524,559 519,069 519,069 Non-U.S. government (Sovereign debt) 342,108 333,224 333,224 Non-U.S. government-backed corporate 137,024 133,300 133,300 Corporate 1,868,125 1,877,243 1,877,243 Agency mortgage-backed 471,235 462,493 462,493 Non-agency mortgage-backed 252,829 258,944 258,944 Commercial mortgage-backed 409,682 409,747 409,747 Asset-backed 187,941 188,358 188,358 Total fixed maturity investments $ 6,920,690 6,891,244 6,891,244 Short term investments 1,368,379 1,368,379 Equity investments 383,313 383,313 Other investments 549,805 549,805 Investments in other ventures, under equity method 124,227 124,227 Total investments $ 9,316,968 $ 9,316,968 |
Schedule II. Condensed Financia
Schedule II. Condensed Financial Information Of Registrant | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only 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, 2016 AND 2015 (PARENT COMPANY) (THOUSANDS OF UNITED STATES DOLLARS) At December 31, 2016 2015 Assets Fixed maturity investments trading, at fair value - amortized cost $22,402 at December 31, 2016 (2015 - $96,957) $ 22,119 $ 96,441 Short term investments, at fair value 365,155 253,451 Cash and cash equivalents 7,067 10,185 Investments in subsidiaries 4,074,769 3,902,519 Due from subsidiaries 7,413 19,168 Dividends due from subsidiaries — 62,114 Accrued investment income 105 1,253 Receivable for investments sold 136 26 Other assets 410,757 390,302 Goodwill and other intangible assets 130,407 137,064 Total assets $ 5,017,928 $ 4,872,523 Liabilities and Shareholders’ Equity Liabilities Notes and bank loans payable $ 117,000 $ 117,000 Due to subsidiaries 14,644 2,641 Payable for investments purchased — 999 Other liabilities 19,707 19,699 Total liabilities 151,351 140,339 Shareholders’ Equity Preference shares: $1.00 par value – 16,000,000 shares issued and outstanding at December 31, 2016 (2015 – 16,000,000) 400,000 400,000 Common shares: $1.00 par value – 41,187,413 shares issued and outstanding at December 31, 2016 (2015 – 43,701,064) 41,187 43,701 Additional paid-in capital 216,558 507,674 Accumulated other comprehensive income 1,133 2,108 Retained earnings 4,207,699 3,778,701 Total shareholders’ equity 4,866,577 4,732,184 Total liabilities and shareholders’ equity $ 5,017,928 $ 4,872,523 SCHEDULE II RENAISSANCERE HOLDINGS LTD. CONDENSED FINANCIAL INFORMATION OF REGISTRANT – CONTINUED RENAISSANCERE HOLDINGS LTD. STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31, 2016 , 2015 AND 2014 (PARENT COMPANY) (THOUSANDS OF UNITED STATES DOLLARS) Year ended December 31, 2016 2015 2014 Revenues Net investment income $ 24,178 $ 15,391 $ 2,706 Net foreign exchange (losses) gains (2 ) 4 (13 ) Other (loss) income (772 ) 663 — Net realized and unrealized gains (losses) on investments 4,151 (2,080 ) 83 Total revenues 27,555 13,978 2,776 Expenses Interest expense 562 1,255 — Operational expenses 13,716 4,249 (4,890 ) Corporate expenses 26,848 40,808 20,787 Total expenses 41,126 46,312 15,897 Loss before equity in net income of subsidiaries (13,571 ) (32,334 ) (13,121 ) Equity in net income of subsidiaries 516,533 463,526 545,839 Net income 502,962 431,192 532,718 Dividends on preference shares (22,381 ) (22,381 ) (22,381 ) Net income available to RenaissanceRe common shareholders $ 480,581 $ 408,811 $ 510,337 RENAISSANCERE HOLDINGS LTD. STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2016 , 2015 AND 2014 (PARENT COMPANY) (THOUSANDS OF UNITED STATES DOLLARS) Year ended December 31, 2016 2015 2014 Comprehensive income Net income $ 502,962 $ 431,192 $ 532,718 Comprehensive income attributable to RenaissanceRe $ 502,962 $ 431,192 $ 532,718 SCHEDULE II RENAISSANCERE HOLDINGS LTD. CONDENSED FINANCIAL INFORMATION OF REGISTRANT – CONTINUED RENAISSANCERE HOLDINGS LTD. STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2016 , 2015 AND 2014 (PARENT COMPANY) (THOUSANDS OF UNITED STATES DOLLARS) Year ended December 31, 2016 2015 2014 Cash flows used in operating activities: Net income $ 502,962 $ 431,192 $ 532,718 Less: equity in net income of subsidiaries (516,533 ) (463,526 ) (545,839 ) (13,571 ) (32,334 ) (13,121 ) Adjustments to reconcile net income to net cash (used in) provided by operating activities Net realized and unrealized (gains) losses on investments (4,151 ) 2,080 (83 ) Other (730 ) (8,959 ) 13,633 Net cash (used in) provided by operating activities (18,452 ) (39,213 ) 429 Cash flows provided by investing activities: Proceeds from maturities and sales of fixed maturity investments trading 314,568 63,824 88,273 Purchases of fixed maturity investments trading (336,345 ) (161,183 ) (88,341 ) Net (purchases) sales of short term investments (111,814 ) (116,461 ) 73,717 Dividends and return of capital from subsidiaries 617,239 1,584,624 1,259,224 Contributions to subsidiaries (108,674 ) (294,733 ) (759,456 ) Due to (from) subsidiary 23,758 207,996 6,315 Net purchase of Platinum — (904,433 ) — Net cash provided by investing activities 398,732 379,634 579,732 Cash flows used in financing activities: Dividends paid – RenaissanceRe common shares (51,583 ) (53,967 ) (45,912 ) Dividends paid – preference shares (22,381 ) (22,381 ) (22,381 ) RenaissanceRe common share repurchases (309,434 ) (259,874 ) (514,678 ) Net cash used in financing activities (383,398 ) (336,222 ) (582,971 ) Net (decrease) increase in cash and cash equivalents (3,118 ) 4,199 (2,810 ) Cash and cash equivalents, beginning of year 10,185 5,986 8,796 Cash and cash equivalents, end of year $ 7,067 $ 10,185 $ 5,986 |
Schedule III. Supplementary Ins
Schedule III. Supplementary Insurance Information | 12 Months Ended |
Dec. 31, 2016 | |
Supplementary Insurance Information [Abstract] | |
Supplementary Insurance Information | SCHEDULE III RENAISSANCERE HOLDINGS LTD. AND SUBSIDIARIES SUPPLEMENTARY INSURANCE INFORMATION (THOUSANDS OF UNITED STATES DOLLARS) December 31, 2016 Year ended December 31, 2016 Deferred Policy Acquisition Costs Future Policy Benefits, Losses, Claims and Loss Expenses Unearned Premiums Premium Revenue Net Investment Income Benefits, Claims, Losses and Settlement Expenses Amortization of Deferred Policy Acquisition Costs Other Operating Expenses Net Written Premiums Property $ 46,938 $ 627,774 $ 289,080 $ 720,951 $ — $ 151,545 $ 97,594 $ 108,642 $ 725,321 Casualty and Specialty 288,387 2,195,126 942,493 682,337 — 380,396 191,729 88,984 809,848 Other — 25,394 — 142 181,726 (1,110 ) — 123 143 Total $ 335,325 $ 2,848,294 $ 1,231,573 $ 1,403,430 $ 181,726 $ 530,831 $ 289,323 $ 197,749 $ 1,535,312 December 31, 2015 Year ended December 31, 2015 Deferred Future Policy Unearned Premium Net Benefits, Amortization Other Net Written Property $ 39,763 $ 706,199 $ 272,050 $ 805,985 $ — $ 128,290 $ 94,249 $ 118,666 $ 726,145 Casualty and Specialty 159,617 2,033,168 617,052 594,614 — 320,818 144,095 100,180 690,086 Other — 27,678 — (48 ) 152,567 (870 ) 248 266 (48 ) Total $ 199,380 $ 2,767,045 $ 889,102 $ 1,400,551 $ 152,567 $ 448,238 $ 238,592 $ 219,112 $ 1,416,183 December 31, 2014 Year ended December 31, 2014 Deferred Future Policy Unearned Premium Net Benefits, Amortization Other Net Written Property $ 41,161 $ 634,725 $ 280,238 $ 698,416 $ — $ 16,643 $ 66,262 $ 117,943 $ 662,552 Casualty and Specialty 68,898 736,099 232,148 363,632 — 187,441 84,762 72,393 405,340 Other — 41,686 — 368 124,316 (6,137 ) (6,548 ) 303 344 Total $ 110,059 $ 1,412,510 $ 512,386 $ 1,062,416 $ 124,316 $ 197,947 $ 144,476 $ 190,639 $ 1,068,236 |
Schedule IV. Supplemental Sched
Schedule IV. Supplemental Schedule of Reinsurance Premiums | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract] | |
Supplemental Schedule of Reinsurance Premiums | SCHEDULE IV RENAISSANCERE HOLDINGS LTD. AND SUBSIDIARIES SUPPLEMENTAL SCHEDULE OF REINSURANCE PREMIUMS (THOUSANDS OF UNITED STATES DOLLARS) Gross Amounts Ceded to Other Companies Assumed From Other Companies Net Amount Percentage of Amount Assumed to Net Year ended December 31, 2016 Property and liability premiums earned $ 157,112 $ 628,675 $ 1,874,993 $ 1,403,430 134 % Year ended December 31, 2015 Property and liability premiums earned $ 98,182 $ 466,719 $ 1,769,088 $ 1,400,551 126 % Year ended December 31, 2014 Property and liability premiums earned $ 66,027 $ 453,658 $ 1,450,047 $ 1,062,416 136 % |
Schedule VI. Supplementary Insu
Schedule VI. Supplementary Insurance Information Concerning Property-Casualty Insurance Operations | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Information for Property, Casualty Insurance Underwriters [Abstract] | |
Supplemental Insurance Information Concerning Property-Casualty Insurance Operations | SCHEDULE VI RENAISSANCERE HOLDINGS LTD. AND SUBSIDIARIES SUPPLEMENTARY INSURANCE INFORMATION CONCERNING PROPERTY-CASUALTY INSURANCE OPERATIONS (THOUSANDS OF UNITED STATES DOLLARS) Affiliation with Registrant Deferred Policy Acquisition Costs Reserves for Unpaid Claims and Claim Adjustment Expenses Discount, if any, Deducted Unearned Premiums Earned Premiums Net Investment Income Consolidated Subsidiaries Year ended December 31, 2016 $ 335,325 $ 2,848,294 $ — $ 1,231,573 $ 1,403,430 $ 181,726 Year ended December 31, 2015 $ 199,380 $ 2,767,045 $ — $ 889,102 $ 1,400,551 $ 152,567 Year ended December 31, 2014 $ 110,059 $ 1,412,510 $ — $ 512,386 $ 1,062,416 $ 124,316 Claims and Claim Adjustment Expenses Incurred Related to Amortization of Deferred Policy Acquisition Costs Paid Claims and Claim Adjustment Expenses Net Premiums Written Affiliation with Registrant Current Year Prior Year Consolidated Subsidiaries Year ended December 31, 2016 $ 694,957 $ (164,126 ) $ 289,323 $ 589,294 $ 1,535,312 Year ended December 31, 2015 $ 610,685 $ (162,447 ) $ 238,592 $ 521,312 $ 1,416,183 Year ended December 31, 2014 $ 341,745 $ (143,798 ) $ 144,476 $ 281,116 $ 1,068,236 |
Significant Accounting Polici36
Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION These consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the United States (“GAAP”). All significant intercompany accounts and transactions have been eliminated from these statements. Certain comparative information has been reclassified to conform to the current presentation. |
Use of Estimates in Financial Statements | USE OF ESTIMATES IN FINANCIAL STATEMENTS The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. The major estimates reflected in the Company’s consolidated financial statements include, but are not limited to, the reserve for claims and claim expenses; reinsurance recoverables, including allowances for reinsurance recoverables deemed uncollectible; estimates of written and earned premiums; fair value, including the fair value of investments, financial instruments and derivatives; impairment charges; and the Company’s deferred tax valuation allowance. |
Premiums and Related Expenses | PREMIUMS AND RELATED EXPENSES Premiums are recognized as income, net of any applicable reinsurance or retrocessional coverage purchased, over the terms of the related contracts and policies. Premiums written are based on contract and policy terms and include estimates based on information received from both insureds and ceding companies. Subsequent differences arising on such estimates are recorded in the period in which they are determined. Unearned premiums represent the portion of premiums written that relate to the unexpired terms of contracts and policies in force. Amounts are computed by pro rata methods based on statistical data or reports received from ceding companies. Reinstatement premiums are estimated after the occurrence of a significant loss and are recorded in accordance with the contract terms based upon paid losses and case reserves. Reinstatement premiums are earned when written. Acquisition costs are incurred when a contract or policy is issued and only the costs directly related to the successful acquisition of new and renewal contract or policies are deferred and amortized over the same period in which the related premiums are earned. Acquisition costs are shown net of commissions and profit commissions earned on ceded reinsurance, and consist principally of commissions, brokerage and premium tax expenses incurred at the time a contract or policy is issued. Deferred policy acquisition costs are limited to their estimated realizable value based on the related unearned premiums. Anticipated claims and claim expenses, based on historical and current experience, and anticipated investment income related to those premiums are considered in determining the recoverability of deferred acquisition costs. |
Claims and Claim Expenses | CLAIMS AND CLAIM EXPENSES The reserve for claims and claim expenses includes estimates for unpaid claims and claim expenses on reported losses as well as an estimate of losses incurred but not reported. The reserve is based on individual claims, case reserves and other reserve estimates reported by insureds and ceding companies as well as management estimates of ultimate losses. Inherent in the estimates of ultimate losses are expected trends in claim severity and frequency and other factors which could vary significantly as claims are settled. Also, during the past few years, the Company has increased its casualty and specialty reinsurance businesses, but does not have the benefit of a significant amount of its own historical experience in certain of these lines of business. Accordingly, the reserving for incurred losses in these lines of business could be subject to greater variability. Ultimate losses may vary materially from the amounts provided in the consolidated financial statements. These estimates are reviewed regularly and, as experience develops and new information becomes known, the reserves are adjusted as necessary. Such adjustments, if any, are reflected in the consolidated statements of operations in the period in which they become known and are accounted for as changes in estimates. |
Reinsurance | REINSURANCE Amounts recoverable from reinsurers are estimated in a manner consistent with the claim liability associated with the reinsured policies. For multi-year retrospectively rated contracts, the Company accrues amounts (either assets or liabilities) that are due to or from assuming companies based on estimated contract experience. If the Company determines that adjustments to earlier estimates are appropriate, such adjustments are recorded in the period in which they are determined. Reinsurance recoverables on dual trigger reinsurance contracts require the Company to estimate its ultimate losses applicable to these contracts as well as estimate the ultimate amount of insured industry losses that will be reported by the applicable statistical reporting agency, as per the contract terms. Amounts recoverable from reinsurers are recorded net of a valuation allowance for estimated uncollectible recoveries. Assumed and ceded reinsurance contracts that lack a significant transfer of risk are treated as deposits. Certain assumed and ceded reinsurance contracts that do not meet all of the criteria to be accounted for as reinsurance in accordance with FASB ASC Topic Financial Services - Insurance have been accounted for at fair value under the fair value option in accordance with FASB ASC Topic Financial Instruments. |
Fixed Maturity Investments, Short Term Investments and Equity Investments, Classified as Trading | INVESTMENTS, CASH AND CASH EQUIVALENTS Fixed Maturity Investments Investments in fixed maturities are classified as trading or available for sale and are reported at fair value. Investment transactions are recorded on the trade date with balances pending settlement reflected in the balance sheet as a receivable for investments sold or a payable for investments purchased. Net investment income includes interest and dividend income together with amortization of market premiums and discounts and is net of investment management and custody fees. The amortization of premium and accretion of discount for fixed maturity securities is computed using the effective yield method. For mortgage-backed securities and other holdings for which there is prepayment risk, prepayment assumptions are evaluated quarterly and revised as necessary. Any adjustments required due to the change in effective yields and maturities are recognized on a prospective basis through yield adjustments. Fair values of investments are based on quoted market prices, or when such prices are not available, by reference to broker or underwriter bid indications and/or internal pricing valuation techniques. The net unrealized appreciation or depreciation on fixed maturity investments trading is included in net realized and unrealized gains (losses) on investments in the consolidated statements of operations. The net unrealized appreciation or depreciation on fixed maturity investments available for sale is included in accumulated other comprehensive income. Realized gains or losses on the sale of investments are determined on the basis of the first in first out cost method and, for fixed maturity investments available for sale, include adjustments to the cost basis of investments for declines in value that are considered to be other-than-temporary. Short Term Investments Short term investments, which are managed as part of the Company’s investment portfolio and have a maturity of one year or less when purchased, are carried at fair value. The net unrealized appreciation or depreciation on short term investments is included in net realized and unrealized gains on investments in the consolidated statements of operations. Equity Investments, Classified as Trading Equity investments are accounted for at fair value in accordance with FASB ASC Topic Financial Instruments. Fair values are primarily priced by pricing services, reflecting the closing price quoted for the final trading day of the period. Net investment income includes dividend income and the net realized and unrealized appreciation or depreciation on equity investments is included in net realized and unrealized gains (losses) on investments in the consolidated statements of operations. |
Other Investments | Other Investments The Company accounts for its other investments at fair value in accordance with FASB ASC Topic Financial Instruments with interest, dividend income, income distributions and realized and unrealized gains and losses included in net investment income. The fair value of certain of the Company’s fund investments, which principally include private equity funds, senior secured bank loan funds and hedge funds, is recorded on its balance sheet in other investments, and is generally established on the basis of the net valuation criteria established by the managers of such investments, if applicable. The net valuation criteria established by the managers of such investments is established in accordance with the governing documents of such investments. Certain of the Company’s fund managers, fund administrators, or both, are unable to provide final fund valuations as of the Company’s current reporting date. The typical reporting lag experienced by the Company to receive a final net asset value report is one month for hedge funds and senior secured bank loan funds and three months for private equity funds, although, in the past, in respect of certain of the Company’s private equity funds, the Company has on occasion experienced delays of up to six months at year end, as the private equity funds typically complete their respective year-end audits before releasing their final net asset value statements. In circumstances where there is a reporting lag between the current period end reporting date and the reporting date of the latest fund valuation, the Company estimates the fair value of these funds by starting with the prior month or quarter-end fund valuations, adjusting these valuations for actual capital calls, redemptions or distributions, as well as the impact of changes in foreign currency exchange rates, and then estimating the return for the current period. In circumstances in which the Company estimates the return for the current period, all information available to the Company is utilized. This principally includes preliminary estimates reported to the Company by its fund managers, obtaining the valuation of underlying portfolio investments where such underlying investments are publicly traded and therefore have a readily observable price, using information that is available to the Company with respect to the underlying investments, reviewing various indices for similar investments or asset classes, as well as estimating returns based on the results of similar types of investments for which the Company has obtained reported results, or other valuation methods, where possible. Actual final fund valuations may differ, perhaps materially so, from the Company’s estimates and these differences are recorded in the Company’s statement of operations in the period in which they are reported to the Company as a change in estimate. The Company’s other investments also include investments in catastrophe bonds which are recorded at fair value and the fair value is based on broker or underwriter bid indications. |
Investments in Other Ventures, Under Equity Method | Investments in Other Ventures, Under Equity Method Investments in which the Company has significant influence over the operating and financial policies of the investee are classified as investments in other ventures, under equity method, and are accounted for under the equity method of accounting. Under this method, the Company records its proportionate share of income or loss from such investments in its results for the period. Any decline in value of investments in other ventures, under equity method considered by management to be other-than-temporary is charged to income in the period in which it is determined. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents include money market instruments with a maturity of ninety days or less when purchased. |
Stock Incentive Compensation | STOCK INCENTIVE COMPENSATION The Company is authorized to issue restricted stock awards and units, performance shares, stock options and other equity-based awards to its employees and directors. The fair value of the compensation cost is measured at the grant date and expensed over the period for which the employee is required to provide services in exchange for the award. In addition, the Company is authorized to issue cash settled restricted stock units (“CSRSU”) to its employees. The fair value of CSRSUs is determined using the fair market value of RenaissanceRe common shares at the end of each reporting period and is expensed over the period for which the employee is required to provide service in exchange for the award. The fair value of these awards is recorded on the Company’s consolidated balance sheet as a liability as it is expensed and until the point payment is made to the employee. Forfeiture benefits are estimated on a quarterly basis and incorporated in the determination of stock-based compensation. |
Derivatives | DERIVATIVES The Company enters into derivative instruments such as futures, options, swaps, forward contracts and other derivative contracts in order to manage its foreign currency exposure, obtain exposure to a particular financial market, for yield enhancement, or for trading and speculation. The Company accounts for its derivatives in accordance with FASB ASC Topic Derivatives and Hedging , which requires all derivatives to be recorded at fair value on the Company’s balance sheet as either assets or liabilities, depending on their rights or obligations, with changes in fair value reflected in current earnings. The Company does not currently apply hedge accounting. The fair value of the Company’s derivatives is estimated by reference to quoted prices or broker quotes, where available, or in the absence of quoted prices or broker quotes, the use of industry or internal valuation models. |
Fair Value | FAIR VALUE The Company accounts for certain of its assets and liabilities at fair value in accordance with FASB ASC Topic Fair Value Measurement s and Disclosures . The Company recognizes the change in unrealized gains and losses arising from changes in fair value in its statements of operations, with the exception of changes in unrealized gains and losses on its fixed maturity investments available for sale, which are recognized as a component of accumulated other comprehensive income in shareholders’ equity. The use of fair value to measure certain assets and liabilities with resulting unrealized gains or losses is pervasive within the Company’s consolidated financial statements. Fair value is defined under accounting guidance currently applicable to the Company to be the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between open market participants at the measurement date. The Company recognizes the change in unrealized gains and losses arising from changes in fair value in its consolidated statements of operations, with the exception of changes in unrealized gains and losses on its fixed maturity investments available for sale, which are recognized as a component of accumulated other comprehensive income in shareholders’ equity. FASB ASC Topic Fair Value Measurements and Disclosures prescribes a fair value hierarchy that prioritizes the inputs to the respective valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to valuation techniques that use at least one significant input that is unobservable (Level 3). The three levels of the fair value hierarchy are described below: • Fair values determined by Level 1 inputs utilize unadjusted quoted prices obtained from active markets for identical assets or liabilities for which the Company has access. The fair value is determined by multiplying the quoted price by the quantity held by the Company; • Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals, broker quotes and certain pricing indices; and • Level 3 inputs are based all or in part on significant unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In these cases, significant management assumptions can be used to establish management’s best estimate of the assumptions used by other market participants in determining the fair value of the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement of the asset or liability. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and the Company considers factors specific to the asset or liability. In order to determine if a market is active or inactive for a security, the Company considers a number of factors, including, but not limited to, the spread between what a seller is asking for a security and what a buyer is bidding for the same security, the volume of trading activity for the security in question, the price of the security compared to its par value (for fixed maturity investments), and other factors that may be indicative of market activity. There have been no material changes in the Company’s valuation techniques, nor have there been any transfers between Level 1 and Level 2, or Level 2 and Level 3 during the period represented by these consolidated financial statements |
Business Combinations | The Company accounts for business combinations in accordance with FASB ASC Topic Business Combinations , and goodwill and other intangible assets that arise from business combinations in accordance with FASB ASC Topic Intangibles – Goodwill and Other . |
Goodwill and Other Intangible Assets | A purchase price that is in excess of the fair value of the net assets acquired arising from a business combination is recorded as goodwill, and is not amortized. Other intangible assets with a finite life are amortized over the estimated useful life of the asset. Other intangible assets with an indefinite useful life are not amortized. Goodwill and other indefinite life intangible assets are tested for impairment on an annual basis or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable. Finite life intangible assets are reviewed for indicators of impairment on an annual basis or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable, and tested for impairment if appropriate. For purposes of the annual impairment evaluation, goodwill is assigned to the applicable reporting unit of the acquired entities giving rise to the goodwill. Goodwill and other intangible assets recorded in connection with investments accounted for under the equity method, are recorded as “Investments in other ventures, under equity method” on the Company’s consolidated balance sheets. The Company has established the beginning of the fourth quarter as the date for performing its annual impairment tests. The Company has the option to first assess qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test. Under this option, the Company would not be required to calculate the fair value of a reporting unit unless the Company determines, based on its qualitative assessment, that it is more likely than not that a reporting unit’s fair value is less than its carrying amount. If goodwill or other intangible assets are impaired, they are written down to their estimated fair value with a corresponding expense reflected in the Company’s consolidated statements of operations. |
Noncontrolling Interests | NONCONTROLLING INTERESTS The Company accounts for redeemable noncontrolling interests in the mezzanine section of the Company’s consolidated balance sheet in accordance with United States Securities and Exchange Commission (“SEC”) guidance which is applicable to SEC registrants. The SEC guidance requires shares, not required to be accounted for in accordance with FASB ASC Topic Distinguishing Liabilities from Equity , and having redemption features that are not solely within the control of the issuer, to be classified outside of permanent equity in the mezzanine section of the balance sheet. Because the share classes related to the redeemable noncontrolling interest portion of the issuer are not considered liabilities in accordance with FASB ASC Topic Distinguishing Liabilities from Equity and have redemption features that are not solely within the control of the issuer, the redeemable noncontrolling interests are presented in the mezzanine section on the Company’s consolidated balance sheet in accordance with the SEC guidance noted above. The SEC guidance does not impact the accounting for redeemable noncontrolling interest on the consolidated statements of operations; therefore, the provisions of FASB ASC Topic Consolidation with respect to the consolidated statements of operations still apply, and net income attributable to redeemable noncontrolling interests is presented separately in the Company’s consolidated statements of operations. |
Variable Interest Entities | VARIABLE INTEREST ENTITIES The Company accounts for VIEs in accordance with FASB ASC Topic Consolidation , which requires the consolidation of all VIEs by the primary beneficiary, that being the investor that has the power to direct the activities of the VIE and that will absorb a portion of the VIE’s expected losses or residual returns that could potentially be significant to the VIE. For VIEs the Company determines it has a variable interest in, it determines whether it is the primary beneficiary of a VIE by performing an analysis that principally considers: (i) the VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders; (ii) the VIE’s capital structure; (iii) the terms between the VIE and its variable interest holders and other parties involved with the VIE; (iv) which variable interest holders have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; (v) which variable interest holders have the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE; and (vi) related party relationships. The Company reassesses its initial determination of whether the Company is the primary beneficiary of a VIE upon changes in facts and circumstances that could potentially alter the Company’s assessment. |
Earnings Per Share | EARNINGS PER SHARE The Company calculates earnings per share in accordance with FASB ASC Topic Earnings per Share. Basic earnings per share are based on weighted average common shares and exclude any dilutive effects of options and restricted stock. Diluted earnings per share assumes the exercise of all dilutive stock options and restricted stock grants. The two-class method is used to determine earnings per share based on dividends declared on common shares and participating securities (i.e., distributed earnings) and participation rights of participating securities in any undistributed earnings. Each unvested restricted share granted by the Company to its employees is considered a participating security and the Company uses the two-class method to calculate its net income available to RenaissanceRe common shareholders per common share – basic and diluted. |
Foreign Exchange | FOREIGN EXCHANGE The Company’s functional currency is the U.S. dollar. Revenues and expenses denominated in foreign currencies are revalued at the prevailing exchange rate at the transaction date. Monetary assets and liabilities denominated in foreign currencies are remeasured at exchange rates in effect at the balance sheet date, which may result in the recognition of exchange gains or losses which are included in the determination of net income. |
Taxation | TAXATION Income taxes have been provided for in accordance with the provisions of FASB ASC Topic Income Taxes . Deferred tax assets and liabilities result from temporary differences between the amounts recorded in the consolidated financial statements and the tax basis of the Company’s assets and liabilities. Such temporary differences are primarily due to net operating loss carryforwards and GAAP versus tax basis accounting differences relating to interest expense, underwriting results, accrued expenses and investments. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance against deferred tax assets is recorded if it is more likely than not that all, or some portion, of the benefits related to deferred tax assets will not be realized. |
Taxation, Uncertainties | Uncertain tax positions are also accounted for in accordance with FASB ASC Topic Income Taxes . Uncertain tax positions must meet a more likely than not recognition threshold to be recognized. |
Recently Adopted Accounting Pronouncements | RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period In June 2014, the FASB issued ASU No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (“ASU 2014-12”). The objective of ASU 2014-12 is to resolve the diverse accounting treatment of share-based payment awards in situations where an employee would be eligible to vest in the award regardless of whether the employee is rendering service on the date the performance target is achieved. For example, if an employee is eligible to retire or otherwise terminate employment before the end of the period in which a performance target could be achieved and still be eligible to vest in the award, ASU 2014-12 will resolve if and when the performance target is achieved. ASU 2014-12 became effective for all entities in annual and interim periods beginning after December 15, 2015. Early adoption was permitted. The Company adopted ASU 2014-12 effective January 1, 2016, and prospectively applied the amendments in ASU 2014-12 to all awards granted or modified after the effective date. The adoption of ASU 2014-12 did not have a material impact on the Company’s consolidated statements of operations and financial position. Amendments to the Consolidation Analysis In February 2015, the FASB issued ASU No. 2015-02, Amendments to the Consolidation Analysis (“ASU 2015-02”). ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under ASU 2015-02. ASU 2015-02 set forth amendments: modifying the evaluation of whether limited partnerships and similar legal entities are VIEs; eliminating the presumption that a general partner should consolidate a limited partnership; affecting the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangement and related party relationships; and providing a scope exception from consolidation guidance for reporting entities with interests in certain investment funds. ASU 2015-02 became effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption was permitted. The Company adopted ASU 2015-02 effective January 1, 2016 and it did not have a material impact on the Company’s consolidated statements of operations and financial position. Simplifying the Presentation of Debt Issuance Costs In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). The objective of ASU 2015-03 is to simplify the presentation of debt issuance costs by requiring debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in ASU 2015-03. ASU 2015-03 became effective for public business entities in annual and interim periods beginning after December 15, 2015 with retroactive application. The Company retrospectively adopted ASU 2015-03 effective January 1, 2016 and the impact on the Company’s consolidated balance sheet at December 31, 2015 was to reduce each of other assets and debt by $5.6 million , respectively, which represented the deferred debt issuance costs previously recorded in other assets and reclassified as an offset to debt. In addition, for the year ended December 31, 2015, corporate expense was reduced by $0.6 million and interest expense was increased by $0.6 million ( 2014 - $0.2 million and $0.2 million , respectively) to reclassify the amortization of deferred debt issuance costs from corporate expense to interest expense. There was no net impact on the Company’s consolidated statements of operations or financial position as a result of the retrospective adoption of ASU 2015-03. Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) In May 2015, the FASB issued ASU No. 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) (“ASU 2015-07”). ASU 2015-07 removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. ASU 2015-07 also removes the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient. ASU 2015-07 became effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. A reporting entity should apply the amendments retrospectively to all periods presented. The retrospective approach requires that an investment for which fair value is measured using the net asset value per share practical expedient be removed from the fair value hierarchy in all periods presented in an entity’s financial statements. Earlier application was permitted. The Company retrospectively adopted ASU 2015-07 effective January 1, 2016; since this update is disclosure-related only, it did not have a material impact on the Company’s statements of operations and financial position. Disclosures about Short-Duration Contracts In May 2015, the FASB issued ASU No. 2015-09, Disclosures about Short-Duration Contracts (“ASU 2015-09”). ASU 2015-09 requires insurance entities to disclose for annual reporting periods additional information about the liability for unpaid claims and claim adjustment expenses, including: (1) incurred and paid claims development information by accident year, on a net basis, for the number of years for which claims incurred typically remain outstanding, not exceeding 10 years; (2) a reconciliation of incurred and paid claims development information to the aggregate carrying amount of the liability for claims and claim adjustment expenses, with separate disclosure of reinsurance recoverable on unpaid claims for each period presented in the statement of financial position; (3) for each accident year presented of incurred claims development information, the total of incurred but not reported liabilities plus expected development on reported claims including in the liability for unpaid claims and claim adjustment expenses, accompanied by a description of the reserving methodologies; (4) for each accident year presented of incurred claims development information, quantitative information about claim frequency accompanied by a qualitative description of methodologies used for determining claim frequency information; and (5) for all claims, the average annual percentage payout of incurred claims by age for the same number of accident years presented in (3) and (4) above. ASU 2015-09 also requires insurance entities to disclose information about significant changes in methodologies and assumptions used to calculate the liability for unpaid claims and claim adjustment expenses, including the reasons for the change and the effects on the financial statements. In addition, ASU 2015-09 requires insurance entities to disclose for annual and interim reporting periods a rollforward of the liability for unpaid claims and claim adjustment expenses. ASU 2015-09 is effective for public business entities in annual periods beginning after December 31, 2015, and interim periods within annual periods beginning after December 31, 2016. Early adoption was permitted. ASU 2015-09 should be applied retrospectively by providing comparative disclosures for each period presented, except for those requirements that apply only to the current period. The Company adopted ASU 2015-09 effective December 31, 2016. As this guidance is disclosure-related only, the adoption of this guidance did not have a material impact on the Company’s consolidated statements of operations and financial position. Simplifying the Accounting for Measurement-Period Adjustments In September 2015, the FASB issued ASU No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”). ASU 2015-16 removes the requirement to retrospectively account for adjustments made to provisional amounts recognized in a business combination. Rather, those adjustments are to be recognized by the acquirer in the reporting period in which the adjustment amounts are determined. A reporting entity is also required to disclose, in the reporting period in which the adjustment amounts are recorded, the effect on earnings of changes in depreciation, amortization, or other income effects, as a result of the change to provisional amounts, calculated as if the accounting had been completed at the acquisition date. In addition, the reporting entity would present on the face of the income statement or disclose in the notes the amounts that would have been recorded in previous reporting periods if the adjustment to provisional amounts had been recognized as of the acquisition date. ASU 2015-16 was effective for public business entities in annual and interim periods beginning after December 15, 2015. ASU 2015-16 should be applied prospectively to adjustments for provisional amounts that occur after the effective date, with earlier application permitted for financial statements that have not been issued. The Company adopted ASU 2015-16 effective January 1, 2016 and it did not have a material impact on the Company’s consolidated statements of operations and financial position. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED Revenue from Contracts with Customers In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 provides comprehensive guidance on the recognition of revenue from customers arising from the transfer of goods and services. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also provides guidance on accounting for certain contract costs and will also require new disclosures. ASU 2014-09 was to be effective for public business entities in annual and interim periods beginning after December 15, 2016, however in July 2015, the FASB decided to defer by one year the effective dates of ASU 2014-09, and as a result, ASU 2014-09 will be effective for public business entities in annual and interim period beginning after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the impact of this guidance; however, it is not expected to have a material impact on the Company’s consolidated statements of operations and financial position. Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting or those that result in the consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, simplifies the impairment assessment of equity investments without readily determinable values by requiring a qualitative assessment to identify impairment, eliminates the requirement to disclose the methods and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost, requires the use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate presentation in other comprehensive income of the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the organization has elected to measure the liabilities in accordance with the fair value option, requires the separate presentation of financial assets and financial liabilities by measurement category and for form of financial asset on the balance sheet or the accompanying notes to the financial statements and clarifies that the reporting organization should evaluate the need for a valuation allowance on a deferred tax asset related to available for sale securities in combination with the organization’s other deferred tax assets. ASU 2016-01 is effective for public business entities in annual and interim periods beginning after December 15, 2017. Earlier adoption is generally not permitted, except for certain specific provisions of ASU 2016-01. The Company is currently evaluating the impact of this guidance; however, it is not expected to have a material impact on the Company’s consolidated statements of operations and financial position. Improvements to Employee Share-Based Payment Accounting In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). ASU 2016-09 was issued to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statements of cash flows. ASU 2016-09 is effective for public business entities in annual and interim periods beginning after December 15, 2016. Early adoption is permitted. The Company is currently evaluating the impact of this guidance; however, it is not expected to have a material impact on the Company’s consolidated statements of operations and financial position. |
Acquisition of Platinum (Tables
Acquisition of Platinum (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions | The Company's total purchase price for Platinum at March 2, 2015 was calculated as follows: Special Dividend Number of Platinum common shares and Platinum equity awards canceled in the acquisition of Platinum 25,320,312 Special Dividend per outstanding common share of Platinum and Platinum equity award $ 10.00 Special Dividend paid to common shareholders of Platinum and holders of Platinum equity awards $ 253,203 RenaissanceRe common shares Common shares issued by RenaissanceRe 7,434,561 Common share price of RenaissanceRe as of March 2, 2015 $ 102.47 Market value of RenaissanceRe common shares issued by RenaissanceRe to common shareholders of Platinum and holders of Platinum equity awards 761,819 Platinum common shares Fair value of Platinum common shares owned by RenaissanceRe and canceled in connection with the acquisition of Platinum 12,950 Cash consideration Number of Platinum common shares and Platinum equity awards canceled in the acquisition of Platinum 25,320,312 Platinum common shares owned by RenaissanceRe and canceled in connection with the acquisition of Platinum (169,220 ) Number of Platinum common shares and Platinum equity awards canceled in the acquisition of Platinum excluding those owned by RenaissanceRe and canceled in connection with the acquisition of Platinum 25,151,092 Agreed cash price paid to common shareholders of Platinum and holders of Platinum equity awards $ 35.96 Cash consideration paid by RenaissanceRe to common shareholders of Platinum and holders of Platinum equity awards 904,433 Total purchase price 1,932,405 Less: Special Dividend paid by Platinum (253,203 ) Net purchase price $ 1,679,202 |
Schedule of Identifiable Intangible Assets Acquired | The purchase price was allocated to the acquired assets and liabilities of Platinum based on estimated fair values on March 2, 2015 , the date the transaction closed, as detailed below. The Company recognized goodwill of $191.7 million primarily attributable to Platinum’s assembled workforce and synergies expected to result upon integration of Platinum into the Company’s operations. There were no other adjustments to carried goodwill during the period ended December 31, 2016 reflected on the Company’s consolidated balance sheet at December 31, 2016 . The Company recognized identifiable finite lived intangible assets of $75.2 million , which are being amortized over a weighted average period of eight years , identifiable indefinite lived intangible assets of $8.4 million , and certain other adjustments to the fair values of the assets acquired, liabilities assumed and shareholders’ equity of Platinum at March 2, 2015 as summarized in the table below: Shareholders’ equity of Platinum prior to Special Dividend $ 1,737,278 Cash and cash equivalents (Special Dividend on Platinum common shares and Platinum equity awards) (253,203 ) Adjusted shareholders’ equity of Platinum at March 2, 2015 1,484,075 Adjustments for fair value, by applicable balance sheet caption: Deferred acquisition costs (44,486 ) Debt (28,899 ) Reserve for claims and claim expenses (21,725 ) Other assets - deferred debt issuance costs (1,046 ) Total adjustments for fair value by applicable balance sheet caption before tax impact (96,156 ) Other assets - net deferred tax asset related to fair value adjustments 29,069 Total adjustments for fair value by applicable balance sheet caption (67,087 ) Adjustments for fair value of the identifiable intangible assets: Identifiable indefinite lived intangible assets (insurance licenses) 8,400 Identifiable finite lived intangible assets (non-contractual relationships, renewal rights, value of business acquired, trade name, internally developed and used computer software and covenants not to compete) 75,200 Identifiable intangible assets before tax impact 83,600 Other liabilities - deferred tax liability on identifiable intangible assets (13,115 ) Total adjustments for fair value of the identifiable intangible assets 70,485 Total adjustments for fair value by applicable balance sheet caption and identifiable intangible assets 3,398 Shareholders’ equity of Platinum at fair value 1,487,473 Total net purchase price paid by RenaissanceRe 1,679,202 Excess purchase price over the fair value of net assets acquired assigned to goodwill $ 191,729 Identifiable intangible assets at March 2, 2015 and at December 31, 2016 , consisted of the following, and are included in goodwill and other intangible assets on the Company’s consolidated balance sheet: Amount Economic Useful Life Key non-contractual relationships $ 30,400 10 years Value of business acquired 20,200 2 years Renewal rights 15,800 15 years Insurance licenses 8,400 Indefinite Internally developed and used computer software 3,500 2 years Other non-contractual relationships 2,300 3 years Non-compete agreements 1,900 2.5 years Trade name 1,100 6 months Identifiable intangible assets, before amortization, at March 2, 2015 83,600 Amortization (from March 2, 2015 through December 31, 2016) (31,873 ) Net identifiable intangible assets at December 31, 2016 related to the acquisition of Platinum $ 51,727 |
Schedule of Pro Forma Information | As such, the following table presents unaudited pro forma consolidated financial information for the years ended December 31, 2015 and 2014, and assumes the acquisition of Platinum occurred on January 1, 2014. 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, 2014 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 Platinum. 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 Platinum, as they are nonrecurring. Year ended December 31, 2015 2014 Total revenues $ 1,593,735 $ 1,872,612 Net income available to RenaissanceRe common shareholders 423,768 685,735 |
Goodwill and Other Intangible38
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | The following table shows an analysis of goodwill and other intangible assets: Goodwill and other intangible assets Goodwill Other intangible assets Total Balance as of December 31, 2014 Gross amount $ 8,160 $ 12,999 $ 21,159 Accumulated impairment losses and amortization (2,299 ) (10,958 ) (13,257 ) 5,861 2,041 7,902 Acquired during the year 191,729 83,600 275,329 Amortization — (18,077 ) (18,077 ) Balance as of December 31, 2015 Gross amount 199,889 96,599 296,488 Accumulated impairment losses and amortization (2,299 ) (29,035 ) (31,334 ) 197,590 67,564 265,154 Amortization — (13,968 ) (13,968 ) Balance as of December 31, 2016 Gross amount 199,889 96,599 296,488 Accumulated impairment losses and amortization (2,299 ) (43,003 ) (45,302 ) $ 197,590 $ 53,596 $ 251,186 |
Schedule of Goodwill and Other Intangible Assets Included In Equity Method Investments | The following table shows an analysis of goodwill and other intangible assets included in investments in other ventures, under equity method: Goodwill and other intangible assets included in investments in other ventures, under equity method Goodwill Other intangible assets Total Balance as of December 31, 2014 Gross amount $ 12,318 $ 45,400 $ 57,718 Accumulated impairment losses and amortization — (32,466 ) (32,466 ) 12,318 12,934 25,252 Acquired during the year — 6,396 6,396 Amortization — (2,900 ) (2,900 ) Impairment losses (4,500 ) (1,094 ) (5,594 ) Balance as of December 31, 2015 Gross amount 12,318 51,796 64,114 Accumulated impairment losses and amortization (4,500 ) (36,460 ) (40,960 ) 7,818 15,336 23,154 Amortization — (3,474 ) (3,474 ) Balance as of December 31, 2016 Gross amount 12,318 51,796 64,114 Accumulated impairment losses and amortization (4,500 ) (39,934 ) (44,434 ) $ 7,818 $ 11,862 $ 19,680 |
Schedule of Other Intangible Assets By Major Class | The gross carrying value and accumulated amortization by major category of other intangible assets is shown below: Other intangible assets At December 31, 2016 Gross carrying value Accumulated amortization and impairment losses Total Customer relationships and customer lists $ 95,458 $ (42,142 ) $ 53,316 Value of business acquired 20,200 (19,527 ) 673 Licenses 10,267 — 10,267 Software 12,230 (11,938 ) 292 Patents and intellectual property 4,500 (4,500 ) — Covenants not-to-compete 4,030 (3,523 ) 507 Trademarks and trade names 1,710 (1,307 ) 403 $ 148,395 $ (82,937 ) $ 65,458 Other intangible assets At December 31, 2015 Gross carrying value Accumulated amortization and impairment losses Total Customer relationships and customer lists $ 95,458 $ (33,294 ) $ 62,164 Value of business acquired 20,200 (13,467 ) 6,733 Software 12,230 (10,188 ) 2,042 Licenses 10,267 — 10,267 Patents and intellectual property 4,500 (4,500 ) — Covenants not-to-compete 4,030 (2,763 ) 1,267 Trademarks and trade names 1,710 (1,283 ) 427 $ 148,395 $ (65,495 ) $ 82,900 |
Schedule of Expected Amortization Expense | Expected amortization of the other intangible assets, including other intangible assets recorded in investments in other ventures, under equity method, is shown below: Other intangibles Other intangible assets included in investments in other ventures, under equity method Total 2017 $ 8,041 $ 2,935 $ 10,976 2018 5,727 2,596 8,323 2019 5,446 2,427 7,873 2020 5,237 1,564 6,801 2021 4,910 702 5,612 2022 and thereafter 13,968 1,638 15,606 Total remaining amortization expense $ 43,329 $ 11,862 $ 55,191 Indefinite lived 10,267 — 10,267 Total $ 53,596 $ 11,862 $ 65,458 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investments [Abstract] | |
Schedule of Fair Value of Fixed Maturity Investments Trading | The following table summarizes the fair value of fixed maturity investments trading: December 31, December 31, U.S. treasuries $ 2,617,894 $ 2,064,944 Agencies 90,972 137,976 Municipal 519,069 583,282 Non-U.S. government (Sovereign debt) 333,224 334,981 Non-U.S. government-backed corporate 133,300 138,994 Corporate 1,877,243 2,055,323 Agency mortgage-backed 462,493 504,368 Non-agency mortgage-backed 258,944 262,235 Commercial mortgage-backed 409,747 554,625 Asset-backed 188,358 128,277 Total fixed maturity investments trading $ 6,891,244 $ 6,765,005 |
Schedule of Contractual Maturities of Fixed Maturity Investments | Contractual maturities of fixed maturity investments trading are described in the following table. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. At December 31, 2016 Amortized Cost Fair Value Due in less than one year $ 485,939 $ 483,642 Due after one through five years 3,927,373 3,900,915 Due after five through ten years 1,024,285 1,028,249 Due after ten years 161,405 158,896 Mortgage-backed 1,133,746 1,131,184 Asset-backed 187,942 188,358 Total $ 6,920,690 $ 6,891,244 |
Schedule of Fair Value of Fixed Maturity Investments Available For Sale | The following table summarizes the amortized cost, fair value and related unrealized gains and losses and non-credit other-than-temporary impairments of fixed maturity investments available for sale at December 31, 2015: Included in Accumulated Other Comprehensive Income At December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Non-Credit Other-Than- Temporary Impairments (1) Agency mortgage-backed $ 143 $ 7 $ — $ 150 $ — Non-agency mortgage-backed 7,005 1,523 — 8,528 550 Commercial mortgage-backed 6,578 293 — 6,871 — Asset-backed 2,217 47 — 2,264 — Total fixed maturity investments available for sale $ 15,943 $ 1,870 $ — $ 17,813 $ 550 (1) Represents the non-credit component of other-than-temporary impairments recognized in accumulated other comprehensive income adjusted for subsequent sales of securities. It does not include the change in fair value subsequent to the impairment measurement date. |
Schedule of Fair Value of Equity Investments Trading | The following table summarizes the fair value of equity investments trading: December 31, December 31, Financials $ 275,065 $ 193,716 Communications and technology 36,770 65,833 Industrial, utilities and energy 30,303 51,168 Consumer 20,501 40,918 Healthcare 17,245 36,148 Basic materials 3,429 6,094 Total $ 383,313 $ 393,877 |
Schedule of Net Investment Income | The components of net investment income are as follows: Year ended December 31, 2016 2015 2014 Fixed maturity investments $ 160,661 $ 134,800 $ 100,855 Short term investments 5,127 1,227 944 Equity investments 4,235 8,346 3,450 Other investments Private equity investments 6,155 9,455 18,974 Other 20,181 12,472 11,037 Cash and cash equivalents 788 467 395 197,147 166,767 135,655 Investment expenses (15,421 ) (14,200 ) (11,339 ) Net investment income $ 181,726 $ 152,567 $ 124,316 |
Schedule of Net Realized and Unrealized Gains On Investments and Net Other-Than-Temporary Impairments | Net realized and unrealized gains (losses) on investments are as follows: Year ended December 31, 2016 2015 2014 Gross realized gains $ 72,739 $ 50,488 $ 45,568 Gross realized losses (38,315 ) (53,630 ) (14,868 ) Net realized gains (losses) on fixed maturity investments 34,424 (3,142 ) 30,700 Net unrealized gains (losses) on fixed maturity investments trading 26,954 (64,908 ) 19,680 Net realized and unrealized (losses) gains on investments-related derivatives (15,414 ) 5,443 (30,931 ) Net realized gains on equity investments trading 14,190 16,348 10,908 Net unrealized gains (losses) on equity investments trading 81,174 (22,659 ) 11,076 Net realized and unrealized gains (losses) on investments $ 141,328 $ (68,918 ) $ 41,433 |
Schedule of Other Investments | The table below shows the fair value of the Company’s portfolio of other investments: At December 31, 2016 2015 Catastrophe bonds $ 335,209 $ 241,253 Private equity partnerships 191,061 214,848 Senior secured bank loan funds 22,040 23,231 Hedge funds 1,495 2,289 Total other investments $ 549,805 $ 481,621 |
Schedule of Equity Method Investments | The table below shows the Company’s portfolio of investments in other ventures, under equity method: 2016 2015 At December 31, Investment Ownership % Carrying Value Investment Ownership % Carrying Value THIG $ 50,000 25.0 % $ 19,286 $ 50,000 25.0 % $ 19,155 Tower Hill 10,000 32.3 % 21,590 10,000 31.3 % 19,981 Tower Hill Re 4,250 25.0 % 2,903 4,250 25.0 % 4,136 Tower Hill Signature 500 25.0 % 9,085 500 25.0 % 7,315 Total Tower Hill Companies 64,750 52,864 64,750 50,587 Top Layer Re 65,375 50.0 % 60,360 65,375 50.0 % 68,936 Other 23,923 41.8 % 11,003 23,607 43.5 % 12,828 Total investments in other ventures, under equity method $ 154,048 $ 124,227 $ 153,732 $ 132,351 |
Schedule of Equity In Earnings (Losses) of Equity Method Investments | The table below shows the Company’s equity in earnings of other ventures, under equity method: Year ended December 31, 2016 2015 2014 Tower Hill Companies $ 10,379 $ 13,116 $ 18,376 Top Layer Re (8,576 ) 8,026 10,411 Other (840 ) (661 ) (2,712 ) Total equity in earnings of other ventures $ 963 $ 20,481 $ 26,075 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis | Below is a summary of the assets and liabilities that are measured at fair value on a recurring basis and also represents the carrying amount on the Company’s consolidated balance sheets: At December 31, 2016 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fixed maturity investments U.S. treasuries $ 2,617,894 $ 2,617,894 $ — $ — Agencies 90,972 — 90,972 — Municipal 519,069 — 519,069 — Non-U.S. government (Sovereign debt) 333,224 — 333,224 — Non-U.S. government-backed corporate 133,300 — 133,300 — Corporate 1,877,243 — 1,877,243 — Agency mortgage-backed 462,493 — 462,493 — Non-agency mortgage-backed 258,944 — 258,944 — Commercial mortgage-backed 409,747 — 409,747 — Asset-backed 188,358 — 188,358 — Total fixed maturity investments 6,891,244 2,617,894 4,273,350 — Short term investments 1,368,379 — 1,368,379 — Equity investments trading 383,313 383,313 — — Other investments Catastrophe bonds 335,209 — 335,209 — Private equity partnerships (1) 191,061 — — — Senior secured bank loan funds (1) 22,040 — — — Hedge funds (1) 1,495 — — — Total other investments 549,805 — 335,209 — Other assets and (liabilities) Assumed and ceded (re)insurance contracts (2) (13,004 ) — — (13,004 ) Derivatives (3) (8,922 ) (646 ) (8,276 ) — Other (13,105 ) — (13,105 ) — Total other assets and (liabilities) (35,031 ) (646 ) (21,381 ) (13,004 ) $ 9,157,710 $ 3,000,561 $ 5,955,557 $ (13,004 ) (1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. (2) Included in assumed and ceded (re)insurance contracts at December 31, 2016 are $4.4 million and $17.4 million of other assets and other liabilities, respectively. (3) See “Note 19 . Derivative Instruments” for additional information related to the fair value, by type of contract, of derivatives entered into by the Company. At December 31, 2015 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fixed maturity investments U.S. treasuries $ 2,064,944 $ 2,064,944 $ — $ — Agencies 137,976 — 137,976 — Municipal 583,282 — 583,282 — Non-U.S. government (Sovereign debt) 334,981 — 334,981 — Non-U.S. government-backed corporate 138,994 — 138,994 — Corporate 2,055,323 — 2,047,705 7,618 Agency mortgage-backed 504,518 — 504,518 — Non-agency mortgage-backed 270,763 — 270,763 — Commercial mortgage-backed 561,496 — 561,496 — Asset-backed 130,541 — 130,541 — Total fixed maturity investments 6,782,818 2,064,944 4,710,256 7,618 Short term investments 1,208,401 — 1,208,401 — Equity investments trading 393,877 393,877 — — Other investments Catastrophe bonds 241,253 — 241,253 — Private equity partnerships (1) 214,848 — — — Senior secured bank loan fund (1) 23,231 — — — Hedge funds (1) 2,289 — — — Total other investments 481,621 — 241,253 — Other assets and (liabilities) Assumed and ceded (re)insurance contracts (2) (5,899 ) — — (5,899 ) Derivatives (3) 1,486 (1,234 ) 2,720 — Other (12,320 ) — (12,320 ) — Total other assets and (liabilities) (16,733 ) (1,234 ) (9,600 ) (5,899 ) $ 8,849,984 $ 2,457,587 $ 6,150,310 $ 1,719 (1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. (2) Included in assumed and ceded (re)insurance contracts at December 31, 2015 are $3.5 million and $9.4 million of other assets and other liabilities, respectively. (2) See “Note 19 . Derivative Instruments” for additional information related to the fair value by type of contract, of derivatives entered into by the Company. |
Schedule Of Quantitative Information Used As Level 3 Inputs | Below is a summary of quantitative information regarding the significant observable and unobservable inputs (Level 3) used in determining the fair value of assets and liabilities measured at fair value on a recurring basis: December 31, 2016 Fair Value Valuation Technique Unobservable (U) Low High Weighted Average or Actual Other assets and (liabilities) Assumed and ceded (re)insurance contracts $ (574 ) Internal valuation model Bond price (U) $ 100.82 $ 103.58 $ 102.29 Liquidity discount (U) n/a n/a 1.3 % Assumed and ceded (re)insurance contracts (12,430 ) Internal valuation model Net undiscounted cash flows (U) n/a n/a $ (12,396 ) Expected loss ratio (U) n/a n/a 35.2 % Net acquisition expense ratio (O) n/a n/a (20.7 )% Contract period (O) 2.0 years 4.7 years 4.5 years Discount rate (U) n/a n/a 1.9 % Total other assets and (liabilities) $ (13,004 ) |
Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Level 3 Inputs | Below is a reconciliation of the beginning and ending balances, for the periods shown, of assets and liabilities measured at fair value on a recurring basis using Level 3 inputs. Interest and dividend income are included in net investment income and are excluded from the reconciliation. Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Fixed maturity Other assets and (liabilities) Total Balance - January 1, 2015 $ 15,660 $ (8,934 ) $ 6,726 Total unrealized (losses) gains Included in net investment income (542 ) 183 (359 ) Included in other income (loss) — (426 ) (426 ) Total realized gains Included in other income (loss) — 6,628 6,628 Total foreign exchange gains — 7 7 Purchases — 80,996 80,996 Sales — (84,353 ) (84,353 ) Settlements (7,500 ) — (7,500 ) Balance - December 31, 2015 $ 7,618 $ (5,899 ) $ 1,719 Change in unrealized gains for the period included in earnings for assets held at the end of the period included in net investment income $ (359 ) $ — $ (359 ) Change in unrealized losses for the period included in earnings for assets held at the end of the period included in other loss $ — $ (426 ) $ (426 ) Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Fixed maturity investments trading Other assets and (liabilities) Total Balance - January 1, 2016 $ 7,618 $ (5,899 ) $ 1,719 Total unrealized losses Included in net investment income (118 ) — (118 ) Total realized gains Included in other income (loss) — 6,339 6,339 Purchases — (13,444 ) (13,444 ) Settlements (7,500 ) — (7,500 ) Balance - December 31, 2016 $ — $ (13,004 ) $ (13,004 ) |
Schedule Of The Balances The Company Has Elected To Account For At Fair Value | Below is a summary of the balances the Company has elected to account for at fair value: 2016 2015 Other investments $ 549,805 $ 481,621 Other assets $ 4,379 $ 3,463 Other liabilities $ 17,383 $ 9,362 |
Schedule Of Other Investments Measured Using Net Asset Valuations | The table below shows the Company’s portfolio of other investments measured using net asset valuations as a practical expedient: At December 31, 2016 Fair Value Unfunded Redemption Frequency Redemption Redemption Private equity partnerships $ 191,061 $ 223,636 See below See below See below Senior secured bank loan funds 22,040 25,806 See below See below See below Hedge funds 1,495 — See below See below See below Total other investments measured using net asset valuations $ 214,596 $ 249,442 |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract] | |
Effect Of Reinsurance And Retrocessional Activity On Premiums Written And Earned And On Net Claims And Claim Expenses Incurred | The following table sets forth the effect of reinsurance and retrocessional activity on premiums written and earned and on net claims and claim expenses incurred: Year ended December 31, 2016 2015 2014 Premiums written Direct $ 208,282 $ 130,681 $ 76,511 Assumed 2,166,294 1,880,629 1,474,061 Ceded (839,264 ) (595,127 ) (482,336 ) Net premiums written $ 1,535,312 $ 1,416,183 $ 1,068,236 Premiums earned Direct $ 157,112 $ 98,182 $ 66,027 Assumed 1,874,993 1,769,088 1,450,047 Ceded (628,675 ) (466,719 ) (453,658 ) Net premiums earned $ 1,403,430 $ 1,400,551 $ 1,062,416 Claims and claim expenses Gross claims and claim expenses incurred $ 710,651 $ 544,972 $ 228,581 Claims and claim expenses recovered (179,820 ) (96,734 ) (30,634 ) Net claims and claim expenses incurred $ 530,831 $ 448,238 $ 197,947 |
Reserve for Claims and Claim 42
Reserve for Claims and Claim Expenses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Insurance Loss Reserves [Abstract] | |
Schedule of Liability for Unpaid Claims and Claim Expenses | The following table details the Company’s prior year development by segment of its liability for unpaid claims and claim expenses: Year ended December 31, 2016 2015 2014 Property $ (104,876 ) $ (93,786 ) $ (87,258 ) Casualty and Specialty (58,140 ) (67,791 ) (50,403 ) Other (1,110 ) (870 ) (6,137 ) Total favorable development of prior accident years net claims and claim expenses $ (164,126 ) $ (162,447 ) $ (143,798 ) The reconciliation of the net incurred and paid claims development tables to the reserve for claims and claim expenses in the consolidated balance sheet is as follows: At December 31, 2016 Net reserve for claims and claim expenses Property $ 584,036 Casualty and Specialty 1,982,580 Other 2,114 Total net reserve for claims and claim expenses 2,568,730 Reinsurance recoverable Property $ 43,738 Casualty and Specialty 212,546 Other 23,280 Total reinsurance recoverable 279,564 Total gross reserve for claims and claim expenses $ 2,848,294 The following table details the development of the Company’s liability for unpaid claims and claim expenses for its Property segment, allocated between large and small catastrophe net claims and claim expenses and attritional net claims and claim expenses, included in the other line item: Year ended December 31, 2016 2015 2014 (Favorable) adverse development (Favorable) adverse development (Favorable) adverse development Catastrophe net claims and claim expenses Large catastrophe events Thailand Floods (2011) $ (15,131 ) $ (18,823 ) $ (11,754 ) Tohoku Earthquake and Tsunami (2011) (7,314 ) (5,313 ) (5,408 ) New Zealand Earthquake (2011) 1,987 22,754 (3,088 ) 2011 International Events (20,458 ) (1,382 ) (20,250 ) Storm Sandy (2012) (10,849 ) (12,503 ) (24,232 ) April and May U.S. Tornadoes (2011) (4,213 ) (10,190 ) (14,272 ) New Zealand Earthquake (2010) 6,904 1,095 24,692 Other (5,310 ) (11,300 ) (23,947 ) Total large catastrophe events (33,926 ) (34,280 ) (58,009 ) Small catastrophe events U.S. PCS 13/14 Wind and Thunderstorm (2013) (6,286 ) (1,882 ) (4,239 ) Tianjin Explosion (2015) (5,686 ) — — U.S. PCS 15 Wind and Thunderstorm (2013) (5,648 ) 418 2,400 U.S. PCS 81 Wind and Thunderstorm (2015) (5,098 ) — — U.S. PCS 70 and 73 Wind and Thunderstorm (2012) (3,772 ) (1,220 ) 13,362 U.S. PCS 24 Wind and Thunderstorm (2013) (229 ) (809 ) (6,712 ) European Floods (2013) (40 ) (2,466 ) (8,496 ) Other (44,191 ) (52,046 ) (25,564 ) Total small catastrophe events (70,950 ) (58,005 ) (29,249 ) Total catastrophe net claims and claim expenses (104,876 ) (92,285 ) (87,258 ) Actuarial assumption changes — (1,501 ) — Total net favorable development of prior accident years net claims and claim expenses $ (104,876 ) $ (93,786 ) $ (87,258 ) The following table details the development of the Company’s liability for unpaid claims and claim expenses for its Other category: Year ended December 31, 2016 2015 2014 (Favorable) adverse development (Favorable) adverse development (Favorable) adverse development Other $ (1,110 ) $ (870 ) $ (6,137 ) The following table summarizes the Company’s claims and claim expense reserves by segment, allocated between case reserves, additional case reserves and IBNR: At December 31, 2016 Case Reserves Additional Case Reserves IBNR Total Property $ 214,954 $ 186,308 $ 226,512 $ 627,774 Casualty and Specialty 591,705 105,419 1,498,002 2,195,126 Other 6,935 — 18,459 25,394 Total $ 813,594 $ 291,727 $ 1,742,973 $ 2,848,294 At December 31, 2015 Property $ 298,687 $ 165,838 $ 241,676 $ 706,201 Casualty and Specialty 553,574 129,866 1,349,726 2,033,166 Other 2,071 — 25,607 27,678 Total $ 854,332 $ 295,704 $ 1,617,009 $ 2,767,045 Activity in the liability for unpaid claims and claim expenses is summarized as follows: Year ended December 31, 2016 2015 2014 Net reserves as of January 1 $ 2,632,519 $ 1,345,816 $ 1,462,705 Net incurred related to: Current year 694,957 610,685 341,745 Prior years (164,126 ) (162,447 ) (143,798 ) Total net incurred 530,831 448,238 197,947 Net paid related to: Current year 83,015 95,747 39,830 Prior years 506,279 425,565 241,286 Total net paid 589,294 521,312 281,116 Amounts acquired (1) — 1,394,117 — Foreign exchange (5,326 ) (34,340 ) (33,720 ) Net reserves as of December 31 2,568,730 2,632,519 1,345,816 Reinsurance recoverable as of December 31 279,564 134,526 66,694 Gross reserves as of December 31 $ 2,848,294 $ 2,767,045 $ 1,412,510 (1) Represents the fair value of Platinum's reserve for claims and claim expenses and reinsurance recoverable acquired at March 2, 2015. The following table details the development of the Company’s liability for unpaid claims and claim expenses for its Casualty and Specialty segment: Year ended December 31, 2016 2015 2014 (Favorable) adverse development (Favorable) adverse development (Favorable) adverse development Actuarial methods - actual reported claims less than expected claims $ (52,601 ) $ (72,551 ) $ (50,403 ) Actuarial assumption changes (5,539 ) 4,760 — Total favorable development of prior accident years net claims and claim expenses $ (58,140 ) $ (67,791 ) $ (50,403 ) |
Short-duration Insurance Contracts, Claims Development | The following table details the Company’s consolidated incurred claims and claim expenses and cumulative paid claims and claim expenses as of December 31, 2016 , net of reinsurance, as well as IBNR plus ACR included within the net incurred claims amounts. Incurred claims and claim expenses, net of reinsurance For the year ended December 31, At December 31, 2016 Accident Year 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 IBNR and ACR (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) 2007 $ 1,113,667 $ 1,025,247 $ 958,206 $ 911,337 $ 868,747 $ 806,487 $ 778,185 $ 766,845 $ 774,396 $ 770,219 $ 67,726 2008 — 1,469,251 1,429,241 1,408,748 1,390,282 1,317,055 1,294,396 1,272,298 1,262,048 1,247,506 48,658 2009 — — 704,560 639,182 622,181 582,725 557,623 536,393 527,374 522,566 30,006 2010 — — — 988,403 946,271 898,572 867,523 864,328 854,924 863,129 79,809 2011 — — — — 1,611,509 1,533,946 1,454,063 1,377,450 1,349,227 1,314,451 113,383 2012 — — — — — 862,333 767,534 705,316 679,446 651,764 132,561 2013 — — — — — — 614,066 552,965 504,401 465,948 127,969 2014 — — — — — — — 657,958 613,360 600,956 155,602 2015 — — — — — — — — 635,553 620,623 343,935 2016 — — — — — — — — — 675,378 542,083 Total $ 7,732,540 $ 1,641,732 Cumulative paid claims and claim expenses, net of reinsurance For the year ended December 31, Accident Year 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) 2007 $ 91,877 $ 281,119 $ 371,280 $ 469,657 $ 541,511 $ 588,997 $ 613,200 $ 638,348 $ 657,017 $ 682,644 2008 — 275,968 591,482 797,242 937,678 1,013,041 1,060,160 1,090,977 1,118,434 1,140,094 2009 — — 96,378 267,983 319,313 363,190 395,580 434,257 455,919 462,192 2010 — — — 126,401 309,807 425,914 495,847 549,898 620,545 709,672 2011 — — — — 249,556 522,071 861,359 1,013,577 1,101,596 1,145,239 2012 — — — — — 165,581 265,612 356,102 415,911 459,269 2013 — — — — — — 86,344 177,423 240,046 283,707 2014 — — — — — — — 110,863 199,632 268,806 2015 — — — — — — — — 95,712 192,864 2016 — — — — — — — — — 79,422 Total $ 5,423,909 Outstanding liabilities from accident year 2006 and prior, net of reinsurance 226,695 Claims and claim expenses, net of reinsurance, from the Company's former Bermuda-based insurance operations 2,114 Adjustment for unallocated claim expenses 20,256 Unamortized fair value adjustments recorded in connection with the acquisition of Platinum 11,034 Liability for claims and claim expenses, net of reinsurance $ 2,568,730 The following table details the Company's cumulative number of reported claims for its excess of loss reinsurance contracts allocated by segment: At December 31, 2016 Cumulative number of reported claims Accident Year Property Casualty and Specialty 2007 908 1,388 2008 1,350 1,368 2009 742 1,082 2010 781 1,030 2011 1,178 1,356 2012 667 1,253 2013 622 1,187 2014 523 1,353 2015 555 988 2016 548 365 The following table details the Company’s Casualty and Specialty segment incurred claims and claim expenses and cumulative paid claims and claim expenses as of December 31, 2016 , net of reinsurance, as well as IBNR plus ACR included within the net incurred claims amounts. Incurred claims and claim expenses, net of reinsurance For the year ended December 31, At December 31, 2016 Accident Year 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 IBNR and ACR (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) 2007 $ 725,801 $ 716,019 $ 707,231 $ 664,514 $ 634,627 $ 593,259 $ 572,017 $ 567,053 $ 575,730 $ 570,836 $ 67,329 2008 — 618,202 676,892 656,247 641,364 601,770 594,084 581,268 578,390 563,225 47,739 2009 — — 485,953 476,058 477,829 444,594 423,610 401,671 393,315 388,207 29,595 2010 — — — 382,650 389,209 375,894 340,397 318,995 305,827 304,147 44,094 2011 — — — — 381,046 379,986 350,622 320,628 313,105 307,083 65,301 2012 — — — — — 426,089 423,973 394,474 386,310 376,260 94,318 2013 — — — — — — 390,524 360,284 333,772 316,751 112,090 2014 — — — — — — — 475,440 459,590 454,267 140,782 2015 — — — — — — — — 410,884 428,030 281,187 2016 — — — — — — — — — 423,604 363,617 Total $ 4,132,410 $ 1,246,052 Cumulative paid claims and claim expenses, net of reinsurance For the year ended December 31, Accident Year 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) 2007 $ 46,347 $ 130,181 $ 198,768 $ 281,659 $ 350,908 $ 394,670 $ 415,667 $ 440,613 $ 458,363 $ 482,751 2008 — 28,806 200,474 258,298 309,005 351,377 384,565 411,674 437,303 457,555 2009 — — 40,313 168,583 206,034 242,351 269,147 303,399 324,096 329,461 2010 — — — 34,816 98,683 135,996 163,572 182,403 227,048 240,644 2011 — — — — 47,906 112,960 144,995 174,609 205,595 223,419 2012 — — — — — 65,537 120,751 167,358 207,796 241,209 2013 — — — — — — 37,794 85,987 125,003 157,963 2014 — — — — — — — 55,762 103,874 150,502 2015 — — — — — — — — 33,539 84,691 2016 — — — — — — — — — 31,942 Total $ 2,400,137 Outstanding liabilities from accident year 2006 and prior, net of reinsurance 222,830 Adjustment for unallocated claim expenses 17,862 Unamortized fair value adjustments recorded in connection with the acquisition of Platinum 9,615 Liability for claims and claim expenses, net of reinsurance $ 1,982,580 The following table details the Company’s Property segment incurred claims and claim expenses and cumulative paid claims and claim expenses as of December 31, 2016 , net of reinsurance, as well as IBNR plus ACR included within the net incurred claims amounts. Incurred claims and claim expenses, net of reinsurance For the year ended December 31, At December 31, 2016 Accident Year 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 IBNR and ACR (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) 2007 $ 387,866 $ 309,228 $ 250,975 $ 246,823 $ 234,120 $ 213,228 $ 206,168 $ 199,792 $ 198,666 $ 199,383 $ 397 2008 — 851,049 752,349 752,501 748,918 715,285 700,312 691,030 683,658 684,281 919 2009 — — 218,607 163,124 144,352 138,131 134,013 134,722 134,059 134,359 411 2010 — — — 605,753 557,062 522,678 527,126 545,333 549,097 558,982 35,715 2011 — — — — 1,230,463 1,153,960 1,103,441 1,056,822 1,036,122 1,007,368 48,082 2012 — — — — — 436,244 343,561 310,842 293,136 275,504 38,243 2013 — — — — — — 223,542 192,681 170,629 149,197 15,879 2014 — — — — — — — 182,518 153,770 146,689 14,820 2015 — — — — — — — — 224,669 192,593 62,748 2016 — — — — — — — — — 251,774 178,466 Total $ 3,600,130 $ 395,680 Cumulative paid claims and claim expenses, net of reinsurance For the year ended December 31, Accident Year 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) 2007 $ 45,530 $ 150,938 $ 172,512 $ 187,998 $ 190,603 $ 194,327 $ 197,533 $ 197,735 $ 198,654 $ 199,893 2008 — 247,162 391,008 538,944 628,673 661,664 675,595 679,303 681,131 682,539 2009 — — 56,065 99,400 113,279 120,839 126,433 130,858 131,823 132,731 2010 — — — 91,585 211,124 289,918 332,275 367,495 393,497 469,028 2011 — — — — 201,650 409,111 716,364 838,968 896,001 921,820 2012 — — — — — 100,044 144,861 188,744 208,115 218,060 2013 — — — — — — 48,550 91,436 115,043 125,744 2014 — — — — — — — 55,101 95,758 118,304 2015 — — — — — — — — 62,173 108,173 2016 — — — — — — — — — 47,480 Total $ 3,023,772 Outstanding liabilities from accident year 2006 and prior, net of reinsurance 3,865 Adjustment for unallocated claim expenses 2,394 Unamortized fair value adjustments recorded in connection with the acquisition of Platinum 1,419 Liability for claims and claim expenses, net of reinsurance $ 584,036 |
Short-duration Insurance Contracts, Schedule of Historical Claims Duration | The following is unaudited supplementary information about average historical claims duration by segment: Average annual percentage payout of incurred claims by age, net of reinsurance (number of years) At December 31, 2016 1 2 3 4 5 6 7 8 9 10 Property 26.5 % 23.7 % 20.9 % 10.2 % 5.0 % 2.9 % 5.3 % 0.3 % 0.3 % 0.6 % Casualty and Specialty 10.2 % 19.3 % 11.1 % 10.6 % 8.8 % 8.1 % 4.5 % 3.7 % 3.4 % 4.3 % |
Debt and Credit Facilities (Tab
Debt and Credit Facilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | A summary of the Company’s debt obligations on its consolidated balance sheets is set forth below: December 31, 2016 December 31, 2015 Fair Value Carrying Value Fair Value Carrying Value 3.700% Senior Notes due 2025 $ 291,750 $ 296,948 $ 287,100 $ 296,577 5.75% Senior Notes due 2020 270,875 248,941 270,000 248,610 Series B 7.50% Senior Notes due 2017 257,500 255,352 267,500 268,196 4.750% Senior Notes due 2025 (DaVinciRe) 144,675 147,422 148,742 147,112 $ 964,800 $ 948,663 $ 973,342 $ 960,495 |
Schedule of Line of Credit Facilities | At December 31, 2016 Issued or Drawn RenaissanceRe Revolving Credit Facility $ — Uncommitted Standby Letter of Credit Facility with Wells Fargo 140,829 Uncommitted Standby Letter of Credit Facility with NAB 4,855 Bilateral Letter of Credit Facility with Citibank Europe 244,909 Funds at Lloyd’s Letter of Credit Facilities Renaissance Reinsurance FAL Facility 380,000 Total credit facilities in U.S. dollars $ 770,593 Funds at Lloyd’s Letter of Credit Facilities Renaissance Reinsurance FAL Facility £ 90,000 Specialty Risks FAL Facility 10,000 Total credit facilities in British Pounds £ 100,000 |
Schedule of Aggregate Amount of Maturities Related to the Company's Debt Obligations | The following table sets forth the scheduled maturity of the Company’s aggregate amount of its debt obligation reflected on its consolidated balance sheet at December 31, 2016 : 2017 $ 250,000 2018 — 2019 — 2020 250,000 2021 — After 2021 450,000 Unamortized fair value adjustments 5,352 Unamortized discount on debt issuance (6,689 ) $ 948,663 |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Noncontrolling Interest [Line Items] | |
Schedule Of Noncontrolling Interest | A summary of the Company’s redeemable noncontrolling interests on its consolidated balance sheets is set forth below: December 31, December 31, Redeemable noncontrolling interest - DaVinciRe $ 994,458 $ 930,955 Redeemable noncontrolling interest - Medici 181,136 115,009 Redeemable noncontrolling interests $ 1,175,594 $ 1,045,964 A summary of the Company’s redeemable noncontrolling interests on its consolidated statements of operations is set forth below: 2016 2015 2014 Redeemable noncontrolling interest - DaVinciRe $ 118,748 $ 106,399 $ 149,817 Redeemable noncontrolling interest - Medici 8,338 4,651 3,721 Net income attributable to redeemable noncontrolling interests $ 127,086 $ 111,050 $ 153,538 |
DaVinciRe Holdings Ltd. | |
Noncontrolling Interest [Line Items] | |
Schedule Of Redeemable Noncontrolling Interest | The activity in redeemable noncontrolling interest – DaVinciRe is detailed in the table below: 2016 2015 Balance – January 1 $ 930,955 $ 1,037,306 Redemption of shares from redeemable noncontrolling interest (98,285 ) (212,750 ) Sale of shares to redeemable noncontrolling interest 43,040 — Net income attributable to redeemable noncontrolling interest 118,748 106,399 Balance – December 31 $ 994,458 $ 930,955 |
RenaissanceRe Medici Fund Ltd. | |
Noncontrolling Interest [Line Items] | |
Schedule Of Redeemable Noncontrolling Interest | The activity in redeemable noncontrolling interest – Medici is detailed in the table below: 2016 2015 Balance – January 1 $ 115,009 $ 94,402 Redemption of shares from redeemable noncontrolling interest (21,729 ) (20,117 ) Sale of shares to redeemable noncontrolling interest 79,518 36,073 Net income attributable to redeemable noncontrolling interest 8,338 4,651 Balance – December 31 $ 181,136 $ 115,009 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Rollforward of Common Stock Issued and Outstanding | The following table is a summary of changes in common shares issued and outstanding: Year ended December 31, 2016 2015 2014 (thousands of shares) Issued and outstanding shares – January 1 43,701 38,442 43,646 Issuance of shares — 7,435 — Repurchase of shares (2,741 ) (2,473 ) (5,355 ) Exercise of options and issuance of restricted stock awards 227 297 151 Issued and outstanding shares – December 31 41,187 43,701 38,442 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule Of Computation Of Basic And Diluted Earnings Per Common Share | The following table sets forth the computation of basic and diluted earnings per common share: Year ended December 31, 2016 2015 2014 (thousands of shares) Numerator: Net income available to RenaissanceRe common shareholders $ 480,581 $ 408,811 $ 510,337 Amount allocated to participating common shareholders (1) (5,666 ) (4,721 ) (6,760 ) Net income allocated to RenaissanceRe common shareholders $ 474,915 $ 404,090 $ 503,577 Denominator: Denominator for basic income per RenaissanceRe common share - weighted average common shares 41,314 43,157 39,425 Per common share equivalents of employee stock options and performance shares 245 369 543 Denominator for diluted income per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions 41,559 43,526 39,968 Basic income per RenaissanceRe common share $ 11.50 $ 9.36 $ 12.77 Diluted income per RenaissanceRe common share $ 11.43 $ 9.28 $ 12.60 (1) Represents earnings attributable to holders of unvested restricted shares issued under the Company’s 2001 Stock Incentive Plan, 2010 Performance-Based Equity Incentive Plan, 2016 Long-Term Incentive Plan and to the Company’s non-employee directors. |
Taxation (Tables)
Taxation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | The following is a summary of the Company’s income (loss) before taxes allocated between domestic and foreign operations: Year ended December 31, 2016 2015 2014 Domestic Bermuda $ 652,758 $ 511,114 $ 701,476 Foreign U.K. (24,278 ) (22,712 ) (3,166 ) U.S. (1,236 ) 12,523 (10,977 ) Ireland 964 188 1,549 Singapore 2,180 (4,737 ) (2,018 ) Income before taxes $ 630,388 $ 496,376 $ 686,864 |
Schedule of Components of Income Tax (Expense) Benefit | Income tax (expense) benefit is comprised as follows: Year ended December 31, 2016 Current Deferred Total Total income tax (expense) benefit $ (2,090 ) $ 1,750 $ (340 ) Year ended December 31, 2015 Total income tax (expense) benefit $ (3,471 ) $ 49,337 $ 45,866 Year ended December 31, 2014 Total income tax (expense) benefit $ (699 ) $ 91 $ (608 ) |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the difference between the provision for income taxes and the expected tax provision at the weighted average tax rate is as follows: Year ended December 31, 2016 2015 2014 Expected income tax benefit $ 4,856 $ 1,011 $ 4,725 Tax exempt income 4,487 4,939 671 Transaction costs (131 ) 3,654 — Change in valuation allowance (924 ) 43,808 (5,554 ) Non-taxable foreign exchange (losses) gains (1,126 ) (1,897 ) 885 Withholding tax (2,578 ) (3,036 ) (327 ) Other (4,924 ) (2,613 ) (1,008 ) Income tax (expense) benefit $ (340 ) $ 45,866 $ (608 ) |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below: At December 31, 2016 2015 Deferred tax assets Tax loss and credit carryforwards $ 51,620 $ 40,512 Reserve for claims and claim expenses 26,265 29,833 Deferred interest expense 18,408 18,901 Accrued expenses 9,386 15,730 Unearned premiums 7,496 8,946 Deferred underwriting results — 421 113,175 114,343 Deferred tax liabilities Deferred acquisition expenses (7,485 ) (10,741 ) Amortization and depreciation (3,605 ) (5,899 ) Deferred underwriting results (2,964 ) — Investments (223 ) (1,479 ) (14,277 ) (18,119 ) Net deferred tax asset before valuation allowance 98,898 96,224 Valuation allowance (18,776 ) (17,852 ) Net deferred tax asset $ 80,122 $ 78,372 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Schedule Of Significant Components Of The Company's Revenues And Expenses | A summary of the significant components of the Company’s revenues and expenses is as follows: Year ended December 31, 2016 Property Casualty and Specialty Other Total Gross premiums written $ 1,111,263 $ 1,263,313 $ — $ 2,374,576 Net premiums written $ 725,321 $ 809,848 $ 143 $ 1,535,312 Net premiums earned $ 720,951 $ 682,337 $ 142 $ 1,403,430 Net claims and claim expenses incurred 151,545 380,396 (1,110 ) 530,831 Acquisition expenses 97,594 191,729 — 289,323 Operational expenses 108,642 88,984 123 197,749 Underwriting income $ 363,170 $ 21,228 $ 1,129 385,527 Net investment income 181,726 181,726 Net foreign exchange losses (13,788 ) (13,788 ) Equity in earnings of other ventures 963 963 Other income 14,178 14,178 Net realized and unrealized gains on investments 141,328 141,328 Corporate expenses (37,402 ) (37,402 ) Interest expense (42,144 ) (42,144 ) Income before taxes and redeemable noncontrolling interests 630,388 Income tax expense (340 ) (340 ) Net income attributable to redeemable noncontrolling interests (127,086 ) (127,086 ) Dividends on preference shares (22,381 ) (22,381 ) Net income available to RenaissanceRe common shareholders $ 480,581 Net claims and claim expenses incurred – current accident year $ 256,421 $ 438,536 $ — $ 694,957 Net claims and claim expenses incurred – prior accident years (104,876 ) (58,140 ) (1,110 ) (164,126 ) Net claims and claim expenses incurred – total $ 151,545 $ 380,396 $ (1,110 ) $ 530,831 Net claims and claim expense ratio – current accident year 35.6 % 64.3 % 49.5 % Net claims and claim expense ratio – prior accident years (14.6 )% (8.6 )% (11.7 )% Net claims and claim expense ratio – calendar year 21.0 % 55.7 % 37.8 % Underwriting expense ratio 28.6 % 41.2 % 34.7 % Combined ratio 49.6 % 96.9 % 72.5 % Year ended December 31, 2015 Property Casualty and Specialty Other Total Gross premiums written $ 1,072,159 $ 939,241 $ (90 ) $ 2,011,310 Net premiums written $ 726,145 $ 690,086 $ (48 ) $ 1,416,183 Net premiums earned $ 805,985 $ 594,614 $ (48 ) $ 1,400,551 Net claims and claim expenses incurred 128,290 320,818 (870 ) 448,238 Acquisition expenses 94,249 144,095 248 238,592 Operational expenses 118,666 100,180 266 219,112 Underwriting income $ 464,780 $ 29,521 $ 308 494,609 Net investment income 152,567 152,567 Net foreign exchange losses (3,051 ) (3,051 ) Equity in earnings of other ventures 20,481 20,481 Other income 13,472 13,472 Net realized and unrealized losses on investments (68,918 ) (68,918 ) Corporate expenses (76,514 ) (76,514 ) Interest expense (36,270 ) (36,270 ) Income before taxes and redeemable noncontrolling interests 496,376 Income tax benefit 45,866 45,866 Net income attributable to redeemable noncontrolling interests (111,050 ) (111,050 ) Dividends on preference shares (22,381 ) (22,381 ) Net income available to RenaissanceRe common shareholders $ 408,811 Net claims and claim expenses incurred – current accident year $ 222,076 $ 388,609 $ — $ 610,685 Net claims and claim expenses incurred – prior accident years (93,786 ) (67,791 ) (870 ) (162,447 ) Net claims and claim expenses incurred – total $ 128,290 $ 320,818 $ (870 ) $ 448,238 Net claims and claim expense ratio – current accident year 27.6 % 65.4 % 43.6 % Net claims and claim expense ratio – prior accident years (11.7 )% (11.4 )% (11.6 )% Net claims and claim expense ratio – calendar year 15.9 % 54.0 % 32.0 % Underwriting expense ratio 26.4 % 41.0 % 32.7 % Combined ratio 42.3 % 95.0 % 64.7 % Year ended December 31, 2014 Property Casualty and Specialty Other Total Gross premiums written $ 1,074,890 $ 475,373 $ 309 $ 1,550,572 Net premiums written $ 662,552 $ 405,340 $ 344 $ 1,068,236 Net premiums earned $ 698,416 $ 363,632 $ 368 $ 1,062,416 Net claims and claim expenses incurred 16,643 187,441 (6,137 ) 197,947 Acquisition expenses 66,262 84,762 (6,548 ) 144,476 Operational expenses 117,943 72,393 303 190,639 Underwriting income $ 497,568 $ 19,036 $ 12,750 529,354 Net investment income 124,316 124,316 Net foreign exchange gains 6,260 6,260 Equity in earnings of other ventures 26,075 26,075 Other loss (423 ) (423 ) Net realized and unrealized gains on investments 41,433 41,433 Corporate expenses (22,749 ) (22,749 ) Interest expense (17,402 ) (17,402 ) Income before taxes and redeemable noncontrolling interests 686,864 Income tax expense (608 ) (608 ) Net income attributable to redeemable noncontrolling interests (153,538 ) (153,538 ) Dividends on preference shares (22,381 ) (22,381 ) Net income available to RenaissanceRe common shareholders $ 510,337 Net claims and claim expenses incurred – current accident year $ 103,901 $ 237,844 $ — $ 341,745 Net claims and claim expenses incurred – prior accident years (87,258 ) (50,403 ) (6,137 ) (143,798 ) Net claims and claim expenses incurred – total $ 16,643 $ 187,441 $ (6,137 ) $ 197,947 Net claims and claim expense ratio – current accident year 14.9 % 65.4 % 32.2 % Net claims and claim expense ratio – prior accident years (12.5 )% (13.9 )% (13.6 )% Net claims and claim expense ratio – calendar year 2.4 % 51.5 % 18.6 % Underwriting expense ratio 26.4 % 43.3 % 31.6 % Combined ratio 28.8 % 94.8 % 50.2 % |
Schedule of Gross Premiums Written Allocated to the Territory of Coverage Exposure | The following is a summary of the Company’s gross premiums written allocated to the territory of coverage exposure: Year ended December 31, 2016 2015 2014 Property U.S. and Caribbean $ 743,226 $ 671,887 $ 635,069 Worldwide 210,168 234,801 210,441 Worldwide (excluding U.S.) (1) 55,043 76,370 137,466 Japan 44,536 32,830 33,967 Europe 37,611 32,973 33,115 Australia and New Zealand 13,729 15,869 22,746 Other 6,950 7,429 2,086 Total Property 1,111,263 1,072,159 1,074,890 Casualty and Specialty U.S. and Caribbean 757,052 522,778 228,062 Worldwide 471,301 320,452 226,652 Worldwide (excluding U.S.) (1) 13,840 87,597 6,946 Europe 5,541 936 238 Australia and New Zealand 5,073 1,627 7,865 Other 10,506 5,851 5,610 Total Casualty and Specialty 1,263,313 939,241 475,373 Other category — (90 ) 309 Total gross premiums written $ 2,374,576 $ 2,011,310 $ 1,550,572 (1) The category “Worldwide (excluding U.S.)” consists of contracts that cover more than one geographic region (other than the U.S.). |
Stock Incentive Compensation 49
Stock Incentive Compensation and Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Payment Award, Performance Shares, Valuation Assumptions | The following are the weighted average-assumptions used to estimate the fair value for all performance shares issued in each respective year. Performance Shares Year ended December 31, 2016 2015 Expected volatility (1) 14.3% - 14.7% 14.3% - 14.4% Expected term (in years) n/a n/a Expected dividend yield n/a n/a Risk-free interest rate (1) 0.38% - 1.18% 0.07% - 1.02% (1) The expected volatility and risk-free interest rate applied are specific to each tranche of performance shares. |
Schedule of Share-based Compensation, Options and Premium Option Plan Awards | Premium Option Plan Awards Weighted options outstanding Weighted average exercise price Weighted average remaining contractual life Aggregate intrinsic value Range of exercise prices Balance, December 31, 2013 572,000 $ 73.62 $ 13,567 $73.06 - $74.24 Options granted — — Options forfeited — — Options expired — — Options exercised (572,000 ) 73.62 13,414 Balance, December 31, 2014 — $ — $ — $ — Options granted — — Options forfeited — — Options expired — — Options exercised — — — Balance, December 31, 2015 — $ — $ — $ — Options granted — — Options forfeited — — Options expired — — Options exercised — — — Balance, December 31, 2016 — $ — 0.0 $ — $ — Total options exercisable at December 31, 2016 — $ — 0.0 $ — $ — Options Weighted options outstanding Weighted average exercise price Weighted average remaining contractual life Aggregate intrinsic value Range of exercise prices Balance, December 31, 2013 828,092 $ 48.77 2.9 $ 40,221 $37.51 - $59.66 Options granted — — — Options forfeited — — Options expired — — Options exercised (60,262 ) 49.52 $ 2,900 Balance, December 31, 2014 767,830 $ 48.71 2.0 $ 37,246 $37.51 - $59.66 Options granted — — — Options forfeited — — Options expired — — Options exercised (359,618 ) 45.09 $ 21,205 Balance, December 31, 2015 408,212 $ 51.90 1.6 $ 25,020 $42.66 - $59.66 Options granted — — — Options forfeited — — Options expired — — Options exercised (201,417 ) $ 50.59 $ 14,806 Balance, December 31, 2016 206,795 $ 53.17 0.9 $ 17,174 $50.71 - $59.66 Total options exercisable at December 31, 2016 206,795 $ 53.17 0.9 $ 17,174 $50.71 - $59.66 |
Schedule of Share-based Compensation, Cash Settled Restricted Stock Units and Performance Shares | Cash Settled Restricted Stock Units Number of shares Nonvested at December 31, 2013 394,145 Awards granted 119,382 Awards vested (159,094 ) Awards forfeited (16,110 ) Nonvested at December 31, 2014 338,323 Awards granted 160,817 Awards vested (144,440 ) Awards forfeited (28,622 ) Nonvested at December 31, 2015 326,078 Awards granted 135,119 Awards vested (133,278 ) Awards forfeited (19,575 ) Nonvested at December 31, 2016 308,344 Performance Shares Number of shares (1) Weighted average grant-date fair value Nonvested at December 31, 2013 359,543 $ 30.55 Awards granted 102,668 $ 46.45 Awards vested — Awards forfeited (213,639 ) Nonvested at December 31, 2014 248,572 $ 39.62 Awards granted 103,024 $ 44.98 Awards vested — Awards forfeited (121,325 ) Nonvested at December 31, 2015 230,271 $ 41.40 Awards granted 77,045 $ 48.31 Awards vested (58,032 ) $ 38.80 Awards forfeited (37,903 ) Nonvested at December 31, 2016 211,381 $ 44.63 (1) For performance shares, the number of shares is stated at the maximum number that can be attained if the performance conditions are fully met. Forfeitures represent shares forfeited due to vesting below the maximum attainable as a result of the Company not fully meeting the performance conditions. |
Schedule of Share-based Compensation, Restricted Stock Awards | Restricted Stock Awards Employee restricted stock awards Non-employee director restricted stock awards Total restricted stock awards Number of shares Weighted average grant date fair value Number of shares Weighted Number of shares Weighted Nonvested at December 31, 2013 569,492 $ 76.11 31,486 $ 78.57 600,978 $ 76.24 Awards granted 215,054 95.79 14,455 95.06 229,509 95.74 Awards vested (332,725 ) 73.74 (15,886 ) 74.96 (348,611 ) 73.79 Awards forfeited (99 ) 55.80 — — (99 ) 55.80 Nonvested at December 31, 2014 451,722 $ 87.29 30,055 $ 88.41 481,777 $ 87.36 Awards granted 195,337 102.17 14,575 102.90 209,912 102.22 Awards vested (168,019 ) 82.75 (17,744 ) 86.37 (185,763 ) 83.10 Awards forfeited — — — — — — Nonvested at December 31, 2015 479,040 $ 94.95 26,886 $ 97.61 505,926 $ 95.09 Awards granted 179,003 112.41 14,727 114.71 193,730 112.59 Awards vested (255,873 ) 93.98 (16,068 ) 96.83 (271,941 ) 94.15 Awards forfeited — — — — — — Nonvested at December 31, 2016 402,170 $ 103.34 25,545 $ 107.95 427,715 $ 103.61 |
Statutory Requirements (Tables)
Statutory Requirements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Insurance [Abstract] | |
Schedule of Actual and Required Statutory Capital and Surplus | The actual statutory capital and surplus, required minimum statutory capital and surplus and restricted net assets of the Company’s regulated insurance operations in its most significant regulatory jurisdictions are detailed below: Bermuda (1) U.S. U.K. (2) (3) At December 31, 2016 2015 2016 2015 2016 2015 Actual statutory capital and surplus $ 4,212,787 $ 4,878,811 $ 523,340 $ 521,522 $ 491,213 $ 485,256 Required statutory capital and surplus 807,108 1,782,778 221,023 219,164 491,213 485,256 Restricted net assets 1,779,319 838,633 324,567 321,362 — — (1) Required statutory capital and surplus of the Company's Bermuda-domiciled insurance subsidiaries is calculated as the greater of the MSM and the ECR, with the ECR being equal to the higher of each insurer's MSM or required capital calculated by reference to the BSCR. The Company's Bermuda-domiciled insurance subsidiaries’ BSCR for the year ended December 31, 2016 will not be filed with the BMA until April 30, 2017. Therefore, at December 31, 2016, actual capital and surplus is based on the relevant insurer’s statutory financial statements and required statutory capital and surplus is based on the MSM of all relevant insurers. Required capital and surplus presented above at December 31, 2015 reflects the higher of the MSM and ECR for all relevant insurers, as described above. (2) With respect to actual and required statutory capital and surplus, and as described below, 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 Funds at Lloyd’s (“FAL”). FAL is determined by Lloyd’s and is based on Syndicate 1458’s solvency and capital requirements as calculated through its internal model. (3) Syndicate 1458 is capitalized by its FAL, with the related assets not held on its balance sheet. As such, restricted net assets is not applicable to Syndicate 1458; however, the Company can make an application to obtain approval from Lloyd’s to have funds released to RenaissanceRe from Syndicate 1458, subject to passing a Lloyd’s release test. |
Schedule of Statutory Net Income | Statutory net income of the Company’s regulated insurance operations in its most significant regulatory jurisdictions are detailed below: Statutory Net Income Bermuda U.S. (1) U.K. Year ended December 31, 2016 $ 625,371 $ 43,292 $ 28,007 Year ended December 31, 2015 355,132 58,752 1,627 Year ended December 31, 2014 623,931 — 24,433 (1) Prior to the Company’s acquisition of Platinum on March 2, 2015, the Company did not have any U.S.-domiciled insurance subsidiaries. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Derivative Instruments [Abstract] | |
Schedule of Location on Consolidated Balance Sheets and Fair Value Of Principal Derivative Instruments | The tables below show the gross and net amounts of recognized derivative assets and liabilities at fair value, including the location on the consolidated balance sheets of the Company’s principal derivative instruments: Derivative Assets At December 31, 2016 Gross Amounts of Recognized Assets Gross Amounts Offset in the Balance Sheet Net Amounts of Assets Presented in the Balance Sheet Balance Sheet Location Collateral Net Amount Interest rate futures $ 1,384 1,235 $ 149 Other assets $ — $ 149 Foreign currency forward contracts (1) 774 — 774 Other assets — 774 Foreign currency forward contracts (2) 621 447 174 Other assets — 174 Credit default swaps 1,429 23 1,406 Other assets — 1,406 Total $ 4,208 $ 1,705 $ 2,503 $ — $ 2,503 Derivative Liabilities At December 31, 2016 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Balance Sheet Net Amounts of Liabilities Presented in the Balance Sheet Balance Sheet Location Collateral Pledged Net Amount Interest rate futures $ 2,030 1,235 $ 795 Other liabilities $ 789 $ 6 Foreign currency forward contracts (1) 10,550 397 10,153 Other liabilities — 10,153 Foreign currency forward contracts (2) 766 447 319 Other liabilities — 319 Credit default swaps 181 23 158 Other liabilities — 158 Total $ 13,527 $ 2,102 $ 11,425 $ 789 $ 10,636 (1) Contracts used to manage foreign currency risks in underwriting and non-investment operations. (2) Contracts used to manage foreign currency risks in investment operations. Derivative Assets At December 31, 2015 Gross Amounts of Recognized Assets Gross Amounts Offset in the Balance Sheet Net Amounts of Assets Presented in the Balance Sheet Balance Sheet Location Collateral Net Amount Interest rate futures $ 1,059 937 $ 122 Other assets $ — $ 122 Foreign currency forward contracts (1) 4,645 82 4,563 Other assets — 4,563 Foreign currency forward contracts (2) 1,007 599 408 Other assets — 408 Credit default swaps 257 44 213 Other assets — 213 Total $ 6,968 $ 1,662 $ 5,306 $ — $ 5,306 Derivative Liabilities At December 31, 2015 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Balance Sheet Net Amounts of Liabilities Presented in the Balance Sheet Balance Sheet Location Collateral Pledged Net Amount Interest rate futures $ 2,293 937 $ 1,356 Other liabilities $ 1,356 $ — Foreign currency forward contracts (1) 1,891 81 1,810 Other liabilities — 1,810 Foreign currency forward contracts (2) 806 599 207 Other liabilities — 207 Credit default swaps 491 44 447 Other liabilities 447 — Total $ 5,481 $ 1,661 $ 3,820 $ 1,803 $ 2,017 (1) Contracts used to manage foreign currency risks in underwriting and non-investment operations. (2) Contracts used to manage foreign currency risks in investment operations. |
Schedule of Gain (Loss) Recognized In Consolidated Statements Of Operations Related To Principal Derivative Instruments | The location and amount of the gain (loss) recognized in the Company’s consolidated statements of operations related to its principal derivative instruments are shown in the following table: Location of gain (loss) recognized on derivatives Amount of gain (loss) recognized on derivatives Year ended December 31, 2016 2015 2014 Interest rate futures Net realized and unrealized gains (losses) on investments $ (17,379 ) $ 5,573 $ (32,713 ) Foreign currency forward contracts (1) Net foreign exchange (losses) gains (6,937 ) (1,943 ) 4,457 Foreign currency forward contracts (2) Net foreign exchange (losses) gains (1,591 ) 8,862 12,623 Credit default swaps Net realized and unrealized gains (losses) on investments 1,965 (313 ) 328 Weather contract Net realized and unrealized gains (losses) on investments — 183 1,454 Total $ (23,942 ) $ 12,362 $ (13,851 ) (1) Contracts used to manage foreign currency risks in underwriting and non-investment operations. (2) Contracts used to manage foreign currency risks in investment operations. |
Commitments, Contingencies an52
Commitments, Contingencies and Other Items (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments for Operating Leases | Future minimum lease payments under existing operating leases are expected to be as follows: Minimum lease payments 2017 $ 7,553 2018 7,078 2019 6,159 2020 4,634 2021 4,308 After 2021 4,819 Future minimum lease payments under existing operating leases $ 34,551 |
Schedule of Future Minimum Lease Payments for Capital Leases | The future minimum lease payments of the Company’s capital leases are detailed below, and relate principally to the transaction noted above, excluding the bargain renewal option. Minimum lease payments 2017 $ 3,017 2018 2,539 2019 2,661 2020 2,661 2021 2,661 After 2021 17,297 Future minimum lease payments under existing capital leases $ 30,836 |
Quarterly Financial Informati53
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Information (Unaudited) | Quarter Ended March 31, Quarter Ended June 30, Quarter Ended September 30, Quarter Ended December 31, 2016 2015 2016 2015 2016 2015 2016 2015 Revenues Gross premiums written $ 862,133 $ 643,578 $ 759,128 $ 661,997 $ 430,224 $ 369,642 $ 323,091 $ 336,093 Net premiums written $ 511,675 $ 404,035 $ 519,916 $ 508,677 $ 284,222 $ 266,820 $ 219,499 $ 236,651 (Increase) decrease in unearned premiums (158,069 ) (107,275 ) (168,514 ) (128,849 ) 62,299 95,568 132,402 124,924 Net premiums earned 353,606 296,760 351,402 379,828 346,521 362,388 351,901 361,575 Net investment income 28,863 39,707 54,124 38,604 51,423 28,338 47,316 45,918 Net foreign exchange (losses) gains (1,692 ) (3,130 ) (690 ) (1,740 ) (5,986 ) 616 (5,420 ) 1,203 Equity in earnings (losses) of other ventures 1,611 5,295 6,022 6,160 (11,630 ) 5,730 4,960 3,296 Other income 4,079 1,539 2,654 1,427 2,268 2,306 5,177 8,200 Net realized and unrealized gains (losses) on investments 61,653 41,749 69,772 (26,712 ) 59,870 (41,138 ) (49,967 ) (42,817 ) Total revenues 448,120 381,920 483,284 397,567 442,466 358,240 353,967 377,375 Expenses Net claims and claim expenses incurred 126,605 76,853 167,750 169,344 112,575 100,028 123,901 102,013 Acquisition costs 65,592 43,401 69,005 61,666 80,580 78,126 74,146 55,399 Operational expenses 56,235 45,621 51,073 54,673 40,493 54,518 49,948 64,300 Corporate expenses 8,225 45,533 5,752 12,868 11,537 7,322 11,888 10,791 Interest expense 10,538 5,316 10,536 9,862 10,536 10,542 10,534 10,550 Total expenses 267,195 216,724 304,116 308,413 255,721 250,536 270,417 243,053 Income before taxes 180,925 165,196 179,168 89,154 186,745 107,704 83,550 134,322 Income tax (expense) benefit (2,744 ) 47,904 (6,612 ) 1,842 1,316 4,573 7,700 (8,453 ) Net income 178,181 213,100 172,556 90,996 188,061 112,277 91,250 125,869 Net income attributable to redeemable noncontrolling interests (44,591 ) (39,662 ) (30,635 ) (12,167 ) (35,641 ) (31,153 ) (16,219 ) (28,068 ) Net income available to RenaissanceRe 133,590 173,438 141,921 78,829 152,420 81,124 75,031 97,801 Dividends on preference shares (5,595 ) (5,595 ) (5,596 ) (5,596 ) (5,595 ) (5,595 ) (5,595 ) (5,595 ) Net income available to RenaissanceRe common shareholders $ 127,995 $ 167,843 $ 136,325 $ 73,233 $ 146,825 $ 75,529 $ 69,436 $ 92,206 Net income available to RenaissanceRe common shareholders per common share – basic $ 2.97 $ 4.18 $ 3.23 $ 1.60 $ 3.58 $ 1.68 $ 1.70 $ 2.11 Net income available to RenaissanceRe common shareholders per common share – diluted $ 2.95 $ 4.14 $ 3.22 $ 1.59 $ 3.56 $ 1.66 $ 1.69 $ 2.09 Average shares outstanding – basic 42,577 39,631 41,693 45,303 40,513 44,564 40,474 43,131 Average shares outstanding – diluted 42,912 40,021 41,885 45,657 40,733 44,913 40,707 43,513 |
Condensed Consolidating Finan54
Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries [Abstract] | |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet at December 31, 2016 RenaissanceRe RenRe North Platinum Underwriters Finance, Inc. (Subsidiary Issuer) RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other Consolidating RenaissanceRe Assets Total investments $ 387,274 $ 119,163 $ 267,556 $ 45,027 $ 8,497,948 $ — $ 9,316,968 Cash and cash equivalents 7,067 162 6,671 9,397 397,860 — 421,157 Investments in subsidiaries 4,074,769 34,761 843,089 1,165,413 — (6,118,032 ) — Due from subsidiaries and affiliates 7,413 91,892 — — — (99,305 ) — Premiums receivable — — — — 987,323 — 987,323 Prepaid reinsurance premiums — — — — 441,260 — 441,260 Reinsurance recoverable — — — — 279,564 — 279,564 Accrued investment income 105 289 551 106 37,025 — 38,076 Deferred acquisition costs — — — — 335,325 — 335,325 Receivable for investments sold 136 2 99 45 105,559 — 105,841 Other assets 410,757 37,204 4,689 127,572 118,098 (522,938 ) 175,382 Goodwill and other intangible assets 130,407 — — — 120,779 — 251,186 Total assets $ 5,017,928 $ 283,473 $ 1,122,655 $ 1,347,560 $ 11,320,741 $ (6,740,275 ) $ 12,352,082 Liabilities, Noncontrolling Interests and Shareholders’ Equity Liabilities Reserve for claims and claim expenses $ — $ — $ — $ — $ 2,848,294 $ — $ 2,848,294 Unearned premiums — — — — 1,231,573 — 1,231,573 Debt 117,000 — 255,352 545,889 147,422 (117,000 ) 948,663 Amounts due to subsidiaries and affiliates 14,644 42 123 96,061 — (110,870 ) — Reinsurance balances payable — — — — 673,983 — 673,983 Payable for investments purchased — — — — 305,714 — 305,714 Other liabilities 19,707 10,544 — 13,350 270,610 (12,527 ) 301,684 Total liabilities 151,351 10,586 255,475 655,300 5,477,596 (240,397 ) 6,309,911 Redeemable noncontrolling interests — — — — 1,175,594 — 1,175,594 Shareholders’ Equity Total shareholders’ equity 4,866,577 272,887 867,180 692,260 4,667,551 (6,499,878 ) 4,866,577 Total liabilities, noncontrolling interests and shareholders’ equity $ 5,017,928 $ 283,473 $ 1,122,655 $ 1,347,560 $ 11,320,741 $ (6,740,275 ) $ 12,352,082 (1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. (2) Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments. Condensed Consolidating Balance Sheet at December 31, 2015 RenaissanceRe Holdings Ltd. (Parent Guarantor) RenRe North Platinum Underwriters Finance, Inc. (Subsidiary Issuer) RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1) Consolidating Adjustments (2) RenaissanceRe Consolidated Assets Total investments $ 349,892 $ 127,087 $ 205,777 $ — $ 8,316,312 $ — $ 8,999,068 Cash and cash equivalents 10,185 5,908 7,103 677 483,012 — 506,885 Investments in subsidiaries 3,902,519 48,754 867,909 1,185,736 — (6,004,918 ) — Due from subsidiaries and affiliates 81,282 69,739 — — — (151,021 ) — Premiums receivable — — — — 778,009 — 778,009 Prepaid reinsurance premiums — — — — 230,671 — 230,671 Reinsurance recoverable — — — — 134,526 — 134,526 Accrued investment income 1,253 169 348 — 37,979 — 39,749 Deferred acquisition costs — — — — 199,380 — 199,380 Receivable for investments sold 26 1 68,537 — 152,270 — 220,834 Other assets 390,302 29,532 12,852 115,456 124,215 (491,346 ) 181,011 Goodwill and other intangible assets 137,064 — — — 128,090 — 265,154 Total assets $ 4,872,523 $ 281,190 $ 1,162,526 $ 1,301,869 $ 10,584,464 $ (6,647,285 ) $ 11,555,287 Liabilities, Redeemable Noncontrolling Interest and Shareholders’ Equity Liabilities Reserve for claims and claim expenses $ — $ — $ — $ — $ 2,767,045 $ — $ 2,767,045 Unearned premiums — — — — 889,102 — 889,102 Debt 117,000 — 268,196 545,187 147,112 (117,000 ) 960,495 Amounts due to subsidiaries and affiliates 2,641 202 204 68,204 — (71,251 ) — Reinsurance balances payable — — — — 523,974 — 523,974 Payable for investments purchased 999 6 25 — 390,348 — 391,378 Other liabilities 19,699 1,148 6,620 — 222,320 (4,642 ) 245,145 Total liabilities 140,339 1,356 275,045 613,391 4,939,901 (192,893 ) 5,777,139 Redeemable noncontrolling interests — — — — 1,045,964 — 1,045,964 Shareholders’ Equity Total shareholders’ equity 4,732,184 279,834 887,481 688,478 4,598,599 (6,454,392 ) 4,732,184 Total liabilities, redeemable noncontrolling interest and shareholders’ equity $ 4,872,523 $ 281,190 $ 1,162,526 $ 1,301,869 $ 10,584,464 $ (6,647,285 ) $ 11,555,287 (1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. (2) Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments. |
Condensed Consolidating Statement of Operations | Condensed Consolidating Statement of Operations RenaissanceRe Holdings Ltd. (Parent Guarantor) RenRe North America Holdings Inc. (Subsidiary Issuer) Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1) Consolidating Adjustments (2) RenaissanceRe Consolidated Revenues Net premiums earned $ — $ — $ 1,062,416 $ — $ 1,062,416 Net investment income 2,706 1,765 123,582 (3,737 ) 124,316 Net foreign exchange (losses) gains (13 ) — 6,273 — 6,260 Equity in earnings of other ventures — — 26,075 — 26,075 Other loss — (7 ) (416 ) — (423 ) Net realized and unrealized gains on investments 83 9,069 32,281 — 41,433 Total revenues 2,776 10,827 1,250,211 (3,737 ) 1,260,077 Expenses Net claims and claim expenses incurred — — 197,947 — 197,947 Acquisition expenses — — 144,476 — 144,476 Operational expenses (4,890 ) 7,004 188,857 (332 ) 190,639 Corporate expenses 20,787 238 1,724 — 22,749 Interest expense — 14,467 2,935 — 17,402 Total expenses 15,897 21,709 535,939 (332 ) 573,213 (Loss) income before equity in net earnings of subsidiaries and taxes (13,121 ) (10,882 ) 714,272 (3,405 ) 686,864 Equity in net earnings of subsidiaries 545,839 6,491 — (552,330 ) — Income (loss) before taxes 532,718 (4,391 ) 714,272 (555,735 ) 686,864 Income tax benefit (expense) — 4,064 (4,672 ) — (608 ) Net income (loss) 532,718 (327 ) 709,600 (555,735 ) 686,256 Net income attributable to redeemable noncontrolling interests — — (153,538 ) — (153,538 ) Net income (loss) attributable to RenaissanceRe 532,718 (327 ) 556,062 (555,735 ) 532,718 Dividends on preference shares (22,381 ) — — — (22,381 ) Net income (loss) available (attributable) to RenaissanceRe common shareholders $ 510,337 $ (327 ) $ 556,062 $ (555,735 ) $ 510,337 (1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. (2) Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments. Condensed Consolidating Statement of Comprehensive Income (Loss) for the year ended December 31, 2014 RenaissanceRe Holdings Ltd. (Parent Guarantor) RenRe North America Holdings 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) $ 532,718 $ (327 ) $ 709,600 $ (555,735 ) $ 686,256 Change in net unrealized gains on investments — — (715 ) — (715 ) Comprehensive income (loss) 532,718 (327 ) 708,885 (555,735 ) 685,541 Net income attributable to redeemable noncontrolling interests — — (153,538 ) — (153,538 ) Comprehensive income attributable to redeemable noncontrolling interests — — (153,538 ) — (153,538 ) Comprehensive income (loss) attributable to RenaissanceRe $ 532,718 $ (327 ) $ 555,347 $ (555,735 ) $ 532,003 Condensed Consolidating Statement of Operations for RenaissanceRe RenRe North Inc. Platinum Underwriters Finance, Inc. (Subsidiary Issuer) RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other Consolidating RenaissanceRe Revenues Net premiums earned $ — $ — $ — $ — $ 1,400,551 $ — $ 1,400,551 Net investment income 15,391 1,251 4,063 996 144,642 (13,776 ) 152,567 Net foreign exchange gains (losses) 4 — — — (3,055 ) — (3,051 ) Equity in earnings of other ventures — — — — 20,481 — 20,481 Other income 663 — — — 13,472 (663 ) 13,472 Net realized and unrealized (losses) gains on investments (2,080 ) 566 (2,600 ) — (64,804 ) — (68,918 ) Total revenues 13,978 1,817 1,463 996 1,511,287 (14,439 ) 1,515,102 Expenses Net claims and claim expenses incurred — — — — 448,238 — 448,238 Acquisition expenses — — — — 238,592 — 238,592 Operational expenses 4,249 4,561 3 2,503 207,802 (6 ) 219,112 Corporate expenses 40,808 312 3 — 35,391 — 76,514 Interest expense 1,255 7,233 4,922 16,179 7,677 (996 ) 36,270 Total expenses 46,312 12,106 4,928 18,682 937,700 (1,002 ) 1,018,726 (Loss) income before equity in net income of subsidiaries and taxes (32,334 ) (10,289 ) (3,465 ) (17,686 ) 573,587 (13,437 ) 496,376 Equity in net income of subsidiaries 463,526 5,493 35,329 72,925 — (577,273 ) — Income (loss) before taxes 431,192 (4,796 ) 31,864 55,239 573,587 (590,710 ) 496,376 Income tax benefit — 32,005 1,985 6,190 5,686 — 45,866 Net income 431,192 27,209 33,849 61,429 579,273 (590,710 ) 542,242 Net income attributable to redeemable noncontrolling interests — — — — (111,050 ) — (111,050 ) Net income attributable to RenaissanceRe 431,192 27,209 33,849 61,429 468,223 (590,710 ) 431,192 Dividends on preference shares (22,381 ) — — — — — (22,381 ) Net income available to RenaissanceRe common shareholders $ 408,811 $ 27,209 $ 33,849 $ 61,429 $ 468,223 $ (590,710 ) $ 408,811 (1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. (2) Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments. Condensed Consolidating Statement of Operations for RenaissanceRe RenRe North Platinum Underwriters Finance, Inc. (Subsidiary Issuer) RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other Consolidating RenaissanceRe Revenues Net premiums earned $ — $ — $ — $ — $ 1,403,430 $ — $ 1,403,430 Net investment income 24,178 1,852 3,989 569 175,407 (24,269 ) 181,726 Net foreign exchange losses (2 ) — — — (13,786 ) — (13,788 ) Equity in earnings of other ventures — — — — 963 — 963 Other (loss) income (772 ) — — — 14,950 — 14,178 Net realized and unrealized gains on investments 4,151 4,659 8,193 46 124,279 — 141,328 Total revenues 27,555 6,511 12,182 615 1,705,243 (24,269 ) 1,727,837 Expenses Net claims and claim expenses incurred — — — — 530,831 — 530,831 Acquisition expenses — — — — 289,323 — 289,323 Operational expenses 13,716 (112 ) 296 22,152 176,041 (14,344 ) 197,749 Corporate expenses 26,848 203 — 7 10,344 — 37,402 Interest expense 562 — 5,906 26,176 10,062 (562 ) 42,144 Total expenses 41,126 91 6,202 48,335 1,016,601 (14,906 ) 1,097,449 (Loss) income before equity in net income of subsidiaries and taxes (13,571 ) 6,420 5,980 (47,720 ) 688,642 (9,363 ) 630,388 Equity in net income of subsidiaries 516,533 3,857 25,073 38,628 — (584,091 ) — Income (loss) before taxes 502,962 10,277 31,053 (9,092 ) 688,642 (593,454 ) 630,388 Income tax (expense) benefit — (2,275 ) (1,462 ) 11,014 (7,617 ) — (340 ) Net income 502,962 8,002 29,591 1,922 681,025 (593,454 ) 630,048 Net income attributable to redeemable noncontrolling interests — — — — (127,086 ) — (127,086 ) Net income attributable to RenaissanceRe 502,962 8,002 29,591 1,922 553,939 (593,454 ) 502,962 Dividends on preference shares (22,381 ) — — — — — (22,381 ) Net income attributable to RenaissanceRe common shareholders $ 480,581 $ 8,002 $ 29,591 $ 1,922 $ 553,939 $ (593,454 ) $ 480,581 (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 year ended December 31, 2016 RenaissanceRe RenRe North Platinum Underwriters Finance, Inc. (Subsidiary Issuer) RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other Consolidating RenaissanceRe Comprehensive income Net income $ 502,962 $ 8,002 $ 29,591 $ 1,922 $ 681,025 $ (593,454 ) $ 630,048 Change in net unrealized gains on investments — — — — (975 ) — (975 ) Comprehensive income 502,962 8,002 29,591 1,922 680,050 (593,454 ) 629,073 Net income attributable to redeemable noncontrolling interests — — — — (127,086 ) — (127,086 ) Comprehensive income attributable to redeemable noncontrolling interests — — — — (127,086 ) — (127,086 ) Comprehensive income attributable to RenaissanceRe $ 502,962 $ 8,002 $ 29,591 $ 1,922 $ 552,964 $ (593,454 ) $ 501,987 |
Condensed Consolidating Statement of Comprehensive Income | Condensed Consolidating Statement of Comprehensive Income for the year ended December 31, 2015 RenaissanceRe RenRe North Inc. Platinum Underwriters Finance, Inc. (Subsidiary Issuer) RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other Consolidating RenaissanceRe Comprehensive income Net income $ 431,192 $ 27,209 $ 33,849 $ 61,429 $ 579,273 $ (590,710 ) $ 542,242 Change in net unrealized gains on investments — — — — (1,308 ) — (1,308 ) Comprehensive income 431,192 27,209 33,849 61,429 577,965 (590,710 ) 540,934 Net income attributable to redeemable noncontrolling interests — — — — (111,050 ) — (111,050 ) Comprehensive income attributable to redeemable noncontrolling interests — — — — (111,050 ) — (111,050 ) Comprehensive income available to RenaissanceRe $ 431,192 $ 27,209 $ 33,849 $ 61,429 $ 466,915 $ (590,710 ) $ 429,884 (1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. (2) Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments. Condensed Consolidating Statement of Comprehensive Income for year ended December 31, 2016 RenaissanceRe RenRe North Platinum Underwriters Finance, Inc. (Subsidiary Issuer) RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other Consolidating RenaissanceRe Comprehensive income Net income $ 502,962 $ 8,002 $ 29,591 $ 1,922 $ 681,025 $ (593,454 ) $ 630,048 Change in net unrealized gains on investments — — — — (975 ) — (975 ) Comprehensive income 502,962 8,002 29,591 1,922 680,050 (593,454 ) 629,073 Net income attributable to redeemable noncontrolling interests — — — — (127,086 ) — (127,086 ) Comprehensive income attributable to redeemable noncontrolling interests — — — — (127,086 ) — (127,086 ) Comprehensive income attributable to RenaissanceRe $ 502,962 $ 8,002 $ 29,591 $ 1,922 $ 552,964 $ (593,454 ) $ 501,987 (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, 2014 RenaissanceRe Holdings Ltd. (Parent Guarantor) RenRe North America Holdings 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) $ 532,718 $ (327 ) $ 709,600 $ (555,735 ) $ 686,256 Change in net unrealized gains on investments — — (715 ) — (715 ) Comprehensive income (loss) 532,718 (327 ) 708,885 (555,735 ) 685,541 Net income attributable to redeemable noncontrolling interests — — (153,538 ) — (153,538 ) Comprehensive income attributable to redeemable noncontrolling interests — — (153,538 ) — (153,538 ) Comprehensive income (loss) attributable to RenaissanceRe $ 532,718 $ (327 ) $ 555,347 $ (555,735 ) $ 532,003 (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 | Condensed Consolidating Statement of Cash Flows for the year ended December 31, 2016 RenaissanceRe RenRe North Platinum Underwriters Finance, Inc. (Subsidiary Issuer) RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other RenaissanceRe Consolidated Cash flows (used in) provided by operating activities Net cash (used in) provided by operating activities $ (18,452 ) $ 1,477 $ (14,501 ) $ (34,607 ) $ 535,912 $ 469,829 Cash flows provided by (used in) investing activities Proceeds from sales and maturities of fixed maturity investments trading 314,568 69,941 145,082 — 7,572,923 8,102,514 Purchases of fixed maturity investments trading (336,345 ) (123,046 ) (291,053 ) — (7,532,276 ) (8,282,720 ) Proceeds from sales and maturities of fixed maturity investments available for sale — — — — 17,692 17,692 Net (purchases) sales of equity investments trading — (2,389 ) 193,022 — (5,845 ) 184,788 Net (purchases) sales of short term investments (111,814 ) 67,684 (32,901 ) — (41,586 ) (118,617 ) Net purchases of other investments — — — — (68,589 ) (68,589 ) Net sales of other assets — — — — 400 400 Dividends and return of capital from subsidiaries 617,239 2,900 — 13,125 (633,264 ) — Contributions to subsidiaries (108,674 ) — — — 108,674 — Due to (from) subsidiary 23,758 (22,313 ) (81 ) 30,202 (31,566 ) — Net cash provided by (used in) investing activities 398,732 (7,223 ) 14,069 43,327 (613,437 ) (164,532 ) Cash flows used in financing activities Dividends paid – RenaissanceRe common shares (51,583 ) — — — — (51,583 ) Dividends paid – preference shares (22,381 ) — — — — (22,381 ) RenaissanceRe common share repurchases (309,434 ) — — — — (309,434 ) Net third party redeemable noncontrolling interest share transactions — — — — (2,990 ) (2,990 ) Net cash used in financing activities (383,398 ) — — — (2,990 ) (386,388 ) Effect of exchange rate changes on foreign currency cash — — — — (4,637 ) (4,637 ) Net (decrease) increase in cash and cash equivalents (3,118 ) (5,746 ) (432 ) 8,720 (85,152 ) (85,728 ) Cash and cash equivalents, beginning of period 10,185 5,908 7,103 677 483,012 506,885 Cash and cash equivalents, end of period $ 7,067 $ 162 $ 6,671 $ 9,397 $ 397,860 $ 421,157 (1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. Condensed Consolidating Statement of Cash Flows for the year ended December 31, 2015 RenaissanceRe RenRe North Inc. Platinum Underwriters Finance, Inc. (Subsidiary Issuer) 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 $ (39,213 ) $ (9,201 ) $ (6,830 ) $ (17,871 ) $ 487,852 $ 414,737 Cash flows provided by (used in) investing activities Proceeds from sales and maturities of fixed maturity investments trading 63,824 49,807 45,087 — 9,323,024 9,481,742 Purchases of fixed maturity investments trading (161,183 ) (59,040 ) — — (9,462,845 ) (9,683,068 ) Proceeds from sales and maturities of fixed maturity investments available for sale — — — — 8,688 8,688 Net sales (purchases) of equity investments trading — 33,693 (269,244 ) — 87,993 (147,558 ) Net (purchases) sales of short term investments (116,461 ) (63,305 ) 238,177 — 610,705 669,116 Net sales of other investments — — — — 15,843 15,843 Net purchases of investments in other ventures — — — — (10,150 ) (10,150 ) Net sales of other assets — — — — 4,500 4,500 Dividends and return of capital from subsidiaries 1,584,624 180,000 65,000 87,553 (1,917,177 ) — Contributions to subsidiaries (294,733 ) (8,550 ) (66,753 ) (185,000 ) 555,036 — Due to (from) subsidiaries 207,996 (118,529 ) 129 (183,405 ) 93,809 — Net purchase of Platinum (904,433 ) — 1,537 — 224,744 (678,152 ) Net cash provided by (used in) investing activities 379,634 14,076 13,933 (280,852 ) (465,830 ) (339,039 ) Cash flows (used in) provided by financing activities Dividends paid – RenaissanceRe common shares (53,967 ) — — — — (53,967 ) Dividends paid – preference shares (22,381 ) — — — — (22,381 ) RenaissanceRe common share repurchases (259,874 ) — — — — (259,874 ) Net issuance of debt — — — 299,400 146,189 445,589 Net third party redeemable noncontrolling interest share transactions — — — — (193,032 ) (193,032 ) Net cash (used in) provided by financing activities (336,222 ) — — 299,400 (46,843 ) (83,665 ) Effect of exchange rate changes on foreign currency cash — — — — (10,732 ) (10,732 ) Net increase (decrease) in cash and cash equivalents 4,199 4,875 7,103 677 (35,553 ) (18,699 ) Cash and cash equivalents, beginning of period 5,986 1,033 — — 518,565 525,584 Cash and cash equivalents, end of period $ 10,185 $ 5,908 $ 7,103 $ 677 $ 483,012 $ 506,885 (1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. Condensed Consolidating Statement of Cash Flows RenaissanceRe Holdings Ltd. (Parent Guarantor) RenRe North America Holdings Inc. (Subsidiary Issuer) Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1) RenaissanceRe Consolidated Cash flows provided by (used in) operating activities Net cash provided by (used in) operating activities $ 429 $ (18,114 ) $ 678,342 $ 660,657 Cash flows provided by (used in) investing activities Proceeds from sales and maturities of fixed maturity investments trading 88,273 20,487 7,573,813 7,682,573 Purchases of fixed maturity investments trading (88,341 ) (14,969 ) (7,535,868 ) (7,639,178 ) Proceeds from sales and maturities of fixed maturity investments available for sale — — 7,088 7,088 Net sales (purchases) of equity investments trading — 13,761 (33,764 ) (20,003 ) Net sales (purchases) of short term investments 73,717 225 (28,919 ) 45,023 Net sales of other investments — — 59,120 59,120 Net sales of investments in other ventures — — 1,030 1,030 Net sales of other assets — — 6,000 6,000 Dividends and return of capital from subsidiaries 1,259,224 11,204 (1,270,428 ) — Contributions to subsidiaries (759,456 ) (1,949 ) 761,405 — Due to (from) subsidiary 6,315 (13,639 ) 7,324 — Net cash provided by (used in) investing activities 579,732 15,120 (453,199 ) 141,653 Cash flows used in financing activities Dividends paid – RenaissanceRe common shares (45,912 ) — — (45,912 ) Dividends paid – preference shares (22,381 ) — — (22,381 ) RenaissanceRe common share repurchases (514,678 ) — — (514,678 ) Net third party redeemable noncontrolling interest share transactions — — (111,707 ) (111,707 ) Net cash used in financing activities (582,971 ) — (111,707 ) (694,678 ) Effect of exchange rate changes on foreign currency cash — — 9,920 9,920 Net (decrease) increase in cash and cash equivalents (2,810 ) (2,994 ) 123,356 117,552 Cash and cash equivalents, beginning of year 8,796 4,027 395,209 408,032 Cash and cash equivalents, end of year $ 5,986 $ 1,033 $ 518,565 $ 525,584 (1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. |
Organization (Details)
Organization (Details) | Nov. 13, 2014 |
RenaissanceRe Upsilon Fund Ltd | Not Primary Beneficiary | |
Variable Interest Entity [Line Items] | |
Percent of segregated funds owned by third party investors | 100.00% |
Significant Accounting Polici56
Significant Accounting Policies (Details) - Accounting Standards Update 2015-03 - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Corporate Expense | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Amortization of debt issuance costs | $ (0.6) | $ (0.2) |
Interest Expense | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Amortization of debt issuance costs | 0.6 | $ 0.2 |
Debt | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Deferred debt issuance costs | 5.6 | |
Other Assets | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Deferred debt issuance costs | $ (5.6) |
Acquisition of Platinum Narrati
Acquisition of Platinum Narrative (Details) - USD ($) | Dec. 30, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Mar. 15, 2016 | Mar. 24, 2015 | Mar. 02, 2015 | Mar. 01, 2015 | Dec. 31, 2016 | Dec. 31, 2015 |
Common Shares | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Dividends per common share, in usd per share | $ 0.31 | $ 0.31 | $ 0.31 | $ 0.31 | $ 0.31 | |||||
Platinum Underwriters Holdings, Ltd. | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Dividends per common share, in usd per share | $ 10 | |||||||||
Dividends paid, value | $ 253,203,000 | $ 253,203,000 | ||||||||
RenaissanceRe Finance, Inc. | 3.700% Senior Notes Due April 1, 2025 | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Debt instrument, face amount | $ 300,000,000 | |||||||||
Senior notes interest rate | 3.70% | |||||||||
Debt instrument maturity date | April 1, 2025 | |||||||||
Platinum Underwriters Holdings, Ltd. | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Percent acquired | 100.00% | |||||||||
Share price, in usd per share | $ 76 | |||||||||
Aggregate consideration transferred | $ 1,932,405,000 | |||||||||
Cash consideration paid by RenaissanceRe to common shareholders of Platinum and holders of Platinum equity awards | 1,160,000,000 | |||||||||
Funds available to fund acquisition | 604,400,000 | |||||||||
Transaction-related costs | $ 2,100,000 | $ 53,500,000 | ||||||||
Goodwill | 191,729,000 | |||||||||
Finite lived intangible assets acquired | $ 75,200,000 | |||||||||
Weighted average useful life | 8 years | |||||||||
Indefinite lived intangible assets acquired | $ 8,400,000 | |||||||||
Adjustment to deferred tax asset | 29,069,000 | |||||||||
Other liabilities - deferred tax liability on identifiable intangible assets | $ (13,115,000) | |||||||||
Platinum Underwriters Holdings, Ltd. | Bridge Loan | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Short-term debt | $ 300,000,000 | |||||||||
Platinum Underwriters Holdings, Ltd. | Common Shares | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Share price, in usd per share | $ 35.96 | |||||||||
Shares issued | 7,434,561 | |||||||||
Shares issued, value | $ 761,819,000 | |||||||||
Cash consideration paid by RenaissanceRe to common shareholders of Platinum and holders of Platinum equity awards | $ 904,433,000 |
Acquisition of Platinum Purchas
Acquisition of Platinum Purchase Price (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 30, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Mar. 15, 2016 | Mar. 02, 2015 | Mar. 01, 2015 |
Common Shares | |||||||
Business Acquisition [Line Items] | |||||||
Dividends per common share, in usd per share | $ 0.31 | $ 0.31 | $ 0.31 | $ 0.31 | $ 0.31 | ||
Share price, in usd per share | $ 102.47 | ||||||
Platinum Underwriters Holdings, Ltd. | |||||||
Business Acquisition [Line Items] | |||||||
Agreed cash price paid to common shareholders of Platinum and Platinum Awards, in usd per share | $ 76 | ||||||
Cash consideration paid by RenaissanceRe to common shareholders of Platinum and holders of Platinum equity awards | $ 1,160,000 | ||||||
Aggregate consideration transferred | 1,932,405 | ||||||
Total net purchase price paid by RenaissanceRe | $ 1,679,202 | ||||||
Platinum Underwriters Holdings, Ltd. | Common Shares | |||||||
Business Acquisition [Line Items] | |||||||
Number of Platinum common shares and Platinum equity awards canceled in the acquisition of Platinum, in shares | 25,320,312 | ||||||
Shares issued | 7,434,561 | ||||||
Shares issued, value | $ 761,819 | ||||||
Fair value of Platinum common shares owned by RenaissanceRe and canceled in connection with the acquisition of Platinum | $ 12,950 | ||||||
Platinum common shares owned by RenaissanceRe and canceled in connection with the acquisition of Platinum, in shares | (169,220) | ||||||
Number of Platinum common shares and Platinum equity awards canceled in the acquisition of Platinum excluding those owned by RenaissanceRe and canceled in connection with the acquisition of Platinum, in shares | 25,151,092 | ||||||
Agreed cash price paid to common shareholders of Platinum and Platinum Awards, in usd per share | $ 35.96 | ||||||
Cash consideration paid by RenaissanceRe to common shareholders of Platinum and holders of Platinum equity awards | $ 904,433 | ||||||
Platinum Underwriters Holdings, Ltd. | |||||||
Business Acquisition [Line Items] | |||||||
Number of Platinum common shares and Platinum equity awards canceled in the acquisition of Platinum, in shares | 25,320,312 | ||||||
Dividends per common share, in usd per share | $ 10 | ||||||
Dividends paid, value | $ (253,203) | $ (253,203) |
Acquisition of Platinum Fair Va
Acquisition of Platinum Fair Value of Net Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Mar. 02, 2015 | Mar. 01, 2015 | Dec. 31, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | ||||
Shareholders’ equity of Platinum prior to Special Dividend | $ 4,866,577 | $ 4,732,184 | ||
Platinum Underwriters Holdings, Ltd. | ||||
Adjustments for fair value, by applicable balance sheet caption: | ||||
Deferred acquisition costs | $ (44,486) | |||
Debt | (28,899) | |||
Reserve for claims and claim expenses | (21,725) | |||
Other assets - deferred debt issuance costs | (1,046) | |||
Total adjustments for fair value by applicable balance sheet caption before tax impact | (96,156) | |||
Other assets - net deferred tax asset related to fair value adjustments | 29,069 | |||
Total adjustments for fair value by applicable balance sheet caption | (67,087) | |||
Adjustments for fair value of the identifiable intangible assets: | ||||
Identifiable indefinite lived intangible assets (insurance licenses) | 8,400 | |||
Identifiable finite lived intangible assets (non-contractual relationships, renewal rights, value of business acquired, trade name, internally developed and used computer software and covenants not to compete) | 75,200 | |||
Identifiable intangible assets before tax impact | 83,600 | |||
Other liabilities - deferred tax liability on identifiable intangible assets | (13,115) | |||
Total adjustments for fair value of the identifiable intangible assets | 70,485 | |||
Total adjustments for fair value by applicable balance sheet caption and identifiable intangible assets | 3,398 | |||
Shareholders’ equity of Platinum at fair value | 1,487,473 | |||
Total net purchase price paid by RenaissanceRe | 1,679,202 | |||
Excess purchase price over the fair value of net assets acquired assigned to goodwill | 191,729 | |||
Platinum Underwriters Holdings, Ltd. | ||||
Business Acquisition [Line Items] | ||||
Shareholders’ equity of Platinum prior to Special Dividend | $ 1,737,278 | |||
Cash and cash equivalents (Special Dividend on Platinum common shares and Platinum equity awards) | (253,203) | $ (253,203) | ||
Adjusted shareholders’ equity of Platinum at March 2, 2015 | $ 1,484,075 |
Acquisition of Platinum Intangi
Acquisition of Platinum Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 02, 2015 | Dec. 31, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | |||
Net identifiable intangible assets at December 31, 2016 related to the acquisition of Platinum | $ 65,458 | $ 82,900 | |
Insurance licenses | |||
Business Acquisition [Line Items] | |||
Net identifiable intangible assets at December 31, 2016 related to the acquisition of Platinum | 10,267 | 10,267 | |
Value of business acquired | |||
Business Acquisition [Line Items] | |||
Net identifiable intangible assets at December 31, 2016 related to the acquisition of Platinum | 673 | 6,733 | |
Internally developed and used computer software | |||
Business Acquisition [Line Items] | |||
Net identifiable intangible assets at December 31, 2016 related to the acquisition of Platinum | 0 | 0 | |
Other non-contractual relationships | |||
Business Acquisition [Line Items] | |||
Net identifiable intangible assets at December 31, 2016 related to the acquisition of Platinum | 53,316 | 62,164 | |
Non-compete agreements | |||
Business Acquisition [Line Items] | |||
Net identifiable intangible assets at December 31, 2016 related to the acquisition of Platinum | 507 | $ 1,267 | |
Platinum Underwriters Holdings, Ltd. | |||
Business Acquisition [Line Items] | |||
Finite lived intangible assets acquired | $ 75,200 | ||
Indefinite lived intangible assets acquired | 8,400 | ||
Identifiable intangible assets, before amortization, at March 2, 2015 | 83,600 | ||
Amortization (from March 2, 2015 through December 31, 2016) | (31,873) | ||
Net identifiable intangible assets at December 31, 2016 related to the acquisition of Platinum | $ 51,727 | ||
Platinum Underwriters Holdings, Ltd. | Insurance licenses | |||
Business Acquisition [Line Items] | |||
Indefinite lived intangible assets acquired | 8,400 | ||
Platinum Underwriters Holdings, Ltd. | Key non-contractual relationships | |||
Business Acquisition [Line Items] | |||
Finite lived intangible assets acquired | $ 30,400 | ||
Useful life | 10 years | ||
Platinum Underwriters Holdings, Ltd. | Value of business acquired | |||
Business Acquisition [Line Items] | |||
Finite lived intangible assets acquired | $ 20,200 | ||
Useful life | 2 years | ||
Platinum Underwriters Holdings, Ltd. | Renewal rights | |||
Business Acquisition [Line Items] | |||
Finite lived intangible assets acquired | $ 15,800 | ||
Useful life | 15 years | ||
Platinum Underwriters Holdings, Ltd. | Internally developed and used computer software | |||
Business Acquisition [Line Items] | |||
Finite lived intangible assets acquired | $ 3,500 | ||
Useful life | 2 years | ||
Platinum Underwriters Holdings, Ltd. | Other non-contractual relationships | |||
Business Acquisition [Line Items] | |||
Finite lived intangible assets acquired | $ 2,300 | ||
Useful life | 3 years | ||
Platinum Underwriters Holdings, Ltd. | Non-compete agreements | |||
Business Acquisition [Line Items] | |||
Finite lived intangible assets acquired | $ 1,900 | ||
Useful life | 2 years 6 months | ||
Platinum Underwriters Holdings, Ltd. | Trade name | |||
Business Acquisition [Line Items] | |||
Finite lived intangible assets acquired | $ 1,100 | ||
Useful life | 6 months |
Acquisition of Platinum Supplem
Acquisition of Platinum Supplemental ProForma Information (Details) - Platinum Underwriters Holdings, Ltd. - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | ||
Total revenues | $ 1,593,735 | $ 1,872,612 |
Net income available to RenaissanceRe common shareholders | $ 423,768 | $ 685,735 |
Goodwill and Other Intangible62
Goodwill and Other Intangible Assets (Schedule of Intangible Assets and Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other intangible assets | |||
Gross amount | $ 148,395 | $ 148,395 | |
Accumulated impairment losses and amortization | (82,937) | (65,495) | |
Intangible Assets, Net, Excluding Goodwill [Roll Forward] | |||
Other intangible assets, Net, Beginning of Period | 82,900 | ||
Other intangible assets, Net, End of Period | 65,458 | 82,900 | |
Intangible Assets, Net, Including Goodwill [Roll Forward] | |||
Goodwill and Other intangible assets, Net, Beginning of Period | 265,154 | ||
Goodwill and Other intangible assets, Net, End of Period | 251,186 | 265,154 | |
Excluding Equity Method Investments | |||
Goodwill | |||
Goodwill, Gross amount | 199,889 | 199,889 | $ 8,160 |
Accumulated impairment losses and amortization | (2,299) | (2,299) | (2,299) |
Goodwill [Roll Forward] | |||
Goodwill, Net, Beginning of Period | 197,590 | 5,861 | |
Acquired during the year | 191,729 | ||
Goodwill, Net, End of Period | 197,590 | 197,590 | |
Other intangible assets | |||
Gross amount | 96,599 | 96,599 | 12,999 |
Accumulated impairment losses and amortization | (43,003) | (29,035) | (10,958) |
Intangible Assets, Net, Excluding Goodwill [Roll Forward] | |||
Other intangible assets, Net, Beginning of Period | 67,564 | 2,041 | |
Acquired during the year | 83,600 | ||
Amortization | (13,968) | (18,077) | |
Other intangible assets, Net, End of Period | 53,596 | 67,564 | |
Goodwill and Other intangible assets, Total | |||
Gross amount, Beginning of Period | 296,488 | 296,488 | 21,159 |
Accumulated impairment losses and amortization, Beginning of Period | (45,302) | (31,334) | $ (13,257) |
Intangible Assets, Net, Including Goodwill [Roll Forward] | |||
Goodwill and Other intangible assets, Net, Beginning of Period | 265,154 | 7,902 | |
Acquired during the year | 275,329 | ||
Amortization | (13,968) | (18,077) | |
Goodwill and Other intangible assets, Net, End of Period | $ 251,186 | $ 265,154 |
Goodwill and Other Intangible63
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 02, 2015 | Dec. 31, 2014 | |
Minimum | |||||
Goodwill and Intangible Assets [Line Items] | |||||
Finite-lived intangible assets, useful life | 1 year | ||||
Maximum | |||||
Goodwill and Intangible Assets [Line Items] | |||||
Finite-lived intangible assets, useful life | 17 years | ||||
Weighted Average | |||||
Goodwill and Intangible Assets [Line Items] | |||||
Finite-lived intangible assets, useful life | 8 years 5 months 23 days | ||||
Investments in other ventures, under equity method | |||||
Goodwill and Intangible Assets [Line Items] | |||||
Goodwill | $ 7,818 | $ 7,818 | $ 7,818 | $ 12,318 | |
Goodwill, impairment loss | (4,500) | ||||
Impairment of intangible assets | $ (1,094) | ||||
Investments in other ventures, under equity method | Angus Partners LLC | |||||
Goodwill and Intangible Assets [Line Items] | |||||
Goodwill, impairment loss | (4,500) | ||||
Impairment of intangible assets | $ (1,100) | ||||
Platinum Underwriters Holdings, Ltd. | |||||
Goodwill and Intangible Assets [Line Items] | |||||
Goodwill | $ 191,729 | ||||
Finite lived intangible assets acquired | 75,200 | ||||
Indefinite lived intangible assets acquired | $ 8,400 |
Goodwill and Other Intangible64
Goodwill and Other Intangible Assets (Schedule of Goodwill and Other Intangible Assets Included in Equity Method Investments) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Other intangible assets | |||
Gross amount | $ 148,395 | $ 148,395 | |
Accumulated impairment losses and amortization | (82,937) | (65,495) | |
Intangible Assets, Net, Excluding Goodwill [Roll Forward] | |||
Other intangible assets, Net, Beginning of Period | 82,900 | ||
Other intangible assets, Net, End of Period | 65,458 | 82,900 | |
Intangible Assets, Net, Including Goodwill [Roll Forward] | |||
Goodwill and Other intangible assets, Net, Beginning of Period | 265,154 | ||
Goodwill and Other intangible assets, Net, End of Period | 251,186 | 265,154 | |
Investments in other ventures, under equity method | |||
Goodwill | |||
Goodwill, Gross amount | 12,318 | 12,318 | $ 12,318 |
Accumulated impairment losses and amortization | (4,500) | (4,500) | 0 |
Goodwill [Roll Forward] | |||
Goodwill, Net, Beginning of Period | 7,818 | 12,318 | |
Acquired during the year | 0 | ||
Impairment losses | (4,500) | ||
Goodwill, Net, End of Period | 7,818 | 7,818 | |
Other intangible assets | |||
Gross amount | 51,796 | 51,796 | 45,400 |
Accumulated impairment losses and amortization | (39,934) | (36,460) | (32,466) |
Intangible Assets, Net, Excluding Goodwill [Roll Forward] | |||
Other intangible assets, Net, Beginning of Period | 15,336 | 12,934 | |
Acquired during the year | 6,396 | ||
Amortization | (3,474) | (2,900) | |
Impairment losses | (1,094) | ||
Other intangible assets, Net, End of Period | 11,862 | 15,336 | |
Goodwill and Other intangible assets, Total | |||
Gross amount, Beginning of Period | 64,114 | 64,114 | 57,718 |
Accumulated impairment losses and amortization, Beginning of Period | (44,434) | (40,960) | $ (32,466) |
Intangible Assets, Net, Including Goodwill [Roll Forward] | |||
Goodwill and Other intangible assets, Net, Beginning of Period | 23,154 | 25,252 | |
Acquired during the year | 6,396 | ||
Amortization | (3,474) | (2,900) | |
Impairment losses | (5,594) | ||
Goodwill and Other intangible assets, Net, End of Period | $ 19,680 | $ 23,154 |
Goodwill and Other Intangible65
Goodwill and Other Intangible Assets (Schedule of Finite-Lived Intangible Assets by Major Class) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Finite and Indefinite-lived Intangible Assets [Line Items] | ||
Gross carrying value | $ 148,395 | $ 148,395 |
Accumulated amortization and impairment losses | (82,937) | (65,495) |
Other intangible assets, Net | 65,458 | 82,900 |
Licenses | ||
Schedule of Finite and Indefinite-lived Intangible Assets [Line Items] | ||
Gross carrying value | 10,267 | 10,267 |
Accumulated amortization and impairment losses | 0 | 0 |
Other intangible assets, Net | 10,267 | 10,267 |
Customer relationships and customer lists | ||
Schedule of Finite and Indefinite-lived Intangible Assets [Line Items] | ||
Gross carrying value | 95,458 | 95,458 |
Accumulated amortization and impairment losses | (42,142) | (33,294) |
Other intangible assets, Net | 53,316 | 62,164 |
Value of business acquired | ||
Schedule of Finite and Indefinite-lived Intangible Assets [Line Items] | ||
Gross carrying value | 20,200 | 20,200 |
Accumulated amortization and impairment losses | (19,527) | (13,467) |
Other intangible assets, Net | 673 | 6,733 |
Software | ||
Schedule of Finite and Indefinite-lived Intangible Assets [Line Items] | ||
Gross carrying value | 12,230 | 12,230 |
Accumulated amortization and impairment losses | (11,938) | (10,188) |
Other intangible assets, Net | 292 | 2,042 |
Patents and intellectual property | ||
Schedule of Finite and Indefinite-lived Intangible Assets [Line Items] | ||
Gross carrying value | 4,500 | 4,500 |
Accumulated amortization and impairment losses | (4,500) | (4,500) |
Other intangible assets, Net | 0 | 0 |
Covenants not-to-compete | ||
Schedule of Finite and Indefinite-lived Intangible Assets [Line Items] | ||
Gross carrying value | 4,030 | 4,030 |
Accumulated amortization and impairment losses | (3,523) | (2,763) |
Other intangible assets, Net | 507 | 1,267 |
Trademarks and trade names | ||
Schedule of Finite and Indefinite-lived Intangible Assets [Line Items] | ||
Gross carrying value | 1,710 | 1,710 |
Accumulated amortization and impairment losses | (1,307) | (1,283) |
Other intangible assets, Net | $ 403 | $ 427 |
Goodwill and Other Intangible66
Goodwill and Other Intangible Assets (Schedule of Expected Impairment Charges and Amortization Expense) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Schedule of Finite and Indefinite-lived Intangible Assets [Line Items] | |
2,017 | $ 10,976 |
2,018 | 8,323 |
2,019 | 7,873 |
2,020 | 6,801 |
2,021 | 5,612 |
2022 and thereafter | 15,606 |
Total remaining amortization expense | 55,191 |
Indefinite lived | 10,267 |
Total | 65,458 |
Other intangible assets | |
Schedule of Finite and Indefinite-lived Intangible Assets [Line Items] | |
Total | 53,596 |
Other intangible assets | Investments in other ventures, under equity method | |
Schedule of Finite and Indefinite-lived Intangible Assets [Line Items] | |
Total | 11,862 |
Other intangible assets | |
Schedule of Finite and Indefinite-lived Intangible Assets [Line Items] | |
2,017 | 8,041 |
2,018 | 5,727 |
2,019 | 5,446 |
2,020 | 5,237 |
2,021 | 4,910 |
2022 and thereafter | 13,968 |
Total remaining amortization expense | 43,329 |
Other intangible assets | Investments in other ventures, under equity method | |
Schedule of Finite and Indefinite-lived Intangible Assets [Line Items] | |
2,017 | 2,935 |
2,018 | 2,596 |
2,019 | 2,427 |
2,020 | 1,564 |
2,021 | 702 |
2022 and thereafter | 1,638 |
Total remaining amortization expense | 11,862 |
Indefinite lived | 0 |
Other intangible assets | |
Schedule of Finite and Indefinite-lived Intangible Assets [Line Items] | |
Indefinite lived | $ 10,267 |
Investments (Schedule of Fair V
Investments (Schedule of Fair Value of Fixed Maturity Investments Trading) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Investment [Line Items] | ||
Fixed maturity investments trading, Fair value | $ 6,891,244 | $ 6,765,005 |
U.S. treasuries | ||
Investment [Line Items] | ||
Fixed maturity investments trading, Fair value | 2,617,894 | 2,064,944 |
Agencies | ||
Investment [Line Items] | ||
Fixed maturity investments trading, Fair value | 90,972 | 137,976 |
Municipal | ||
Investment [Line Items] | ||
Fixed maturity investments trading, Fair value | 519,069 | 583,282 |
Non-U.S. government (Sovereign Debt) | ||
Investment [Line Items] | ||
Fixed maturity investments trading, Fair value | 333,224 | 334,981 |
Non-U.S. government-backed corporate | ||
Investment [Line Items] | ||
Fixed maturity investments trading, Fair value | 133,300 | 138,994 |
Corporate | ||
Investment [Line Items] | ||
Fixed maturity investments trading, Fair value | 1,877,243 | 2,055,323 |
Agency mortgage-backed | ||
Investment [Line Items] | ||
Fixed maturity investments trading, Fair value | 462,493 | 504,368 |
Non-agency mortgage-backed | ||
Investment [Line Items] | ||
Fixed maturity investments trading, Fair value | 258,944 | 262,235 |
Commercial mortgage-backed | ||
Investment [Line Items] | ||
Fixed maturity investments trading, Fair value | 409,747 | 554,625 |
Asset-backed | ||
Investment [Line Items] | ||
Fixed maturity investments trading, Fair value | $ 188,358 | $ 128,277 |
Investments (Schedule of Contra
Investments (Schedule of Contractual Maturities of Fixed Maturity Investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Trading Securities [Abstract] | ||
Fixed maturity investments trading, Due in less than one year, Amortized cost | $ 485,939 | |
Fixed maturity investments trading, Due after one through five years, Amortized cost | 3,927,373 | |
Fixed maturity investments trading, Due after five through ten years, Amortized cost | 1,024,285 | |
Fixed maturity investments trading, Due after ten years, Amortized cost | 161,405 | |
Fixed maturity investments trading, Amortized cost | 6,920,690 | $ 6,825,877 |
Fixed maturity investments trading, Due in less than one year, Fair value | 483,642 | |
Fixed maturity investments trading, Due after one through five years, Fair value | 3,900,915 | |
Fixed maturity investments trading, Due after five through ten years, Fair value | 1,028,249 | |
Fixed maturity investments trading, Due after ten years, Fair value | 158,896 | |
Fixed maturity investments trading, Fair value | 6,891,244 | |
Mortgage-backed | ||
Trading Securities [Abstract] | ||
Fixed maturity investments trading, Amortized cost | 1,133,746 | |
Fixed maturity investments trading, Fair value | 1,131,184 | |
Asset-backed | ||
Trading Securities [Abstract] | ||
Fixed maturity investments trading, Amortized cost | 187,942 | |
Fixed maturity investments trading, Fair value | $ 188,358 |
Investments (Schedule of Fair69
Investments (Schedule of Fair Value of Fixed Maturity Investments Available for Sale) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Investment [Line Items] | ||
Fixed maturity investments available-for-sale, Amortized cost | $ 0 | $ 15,943 |
Fixed maturity investments available-for-sale, Fair value | $ 0 | 17,813 |
Fixed maturity investments | ||
Investment [Line Items] | ||
Fixed maturity investments available-for-sale, Amortized cost | 15,943 | |
Gross Unrealized Gains | 1,870 | |
Gross Unrealized Losses | 0 | |
Fixed maturity investments available-for-sale, Fair value | 17,813 | |
Non-Credit Other-Than-Temporary Impairments | 550 | |
Agency mortgage-backed | ||
Investment [Line Items] | ||
Fixed maturity investments available-for-sale, Amortized cost | 143 | |
Gross Unrealized Gains | 7 | |
Gross Unrealized Losses | 0 | |
Fixed maturity investments available-for-sale, Fair value | 150 | |
Non-Credit Other-Than-Temporary Impairments | 0 | |
Non-agency mortgage-backed | ||
Investment [Line Items] | ||
Fixed maturity investments available-for-sale, Amortized cost | 7,005 | |
Gross Unrealized Gains | 1,523 | |
Gross Unrealized Losses | 0 | |
Fixed maturity investments available-for-sale, Fair value | 8,528 | |
Non-Credit Other-Than-Temporary Impairments | 550 | |
Commercial mortgage-backed | ||
Investment [Line Items] | ||
Fixed maturity investments available-for-sale, Amortized cost | 6,578 | |
Gross Unrealized Gains | 293 | |
Gross Unrealized Losses | 0 | |
Fixed maturity investments available-for-sale, Fair value | 6,871 | |
Non-Credit Other-Than-Temporary Impairments | 0 | |
Asset-backed | ||
Investment [Line Items] | ||
Fixed maturity investments available-for-sale, Amortized cost | 2,217 | |
Gross Unrealized Gains | 47 | |
Gross Unrealized Losses | 0 | |
Fixed maturity investments available-for-sale, Fair value | 2,264 | |
Non-Credit Other-Than-Temporary Impairments | $ 0 |
Investments (Schedule of Fair70
Investments (Schedule of Fair Value of Equity Investments Trading) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Investment [Line Items] | ||
Equity investments trading | $ 383,313 | $ 393,877 |
Financials | ||
Investment [Line Items] | ||
Equity investments trading | 275,065 | 193,716 |
Communications and technology | ||
Investment [Line Items] | ||
Equity investments trading | 36,770 | 65,833 |
Industrial, utilities and energy | ||
Investment [Line Items] | ||
Equity investments trading | 30,303 | 51,168 |
Consumer | ||
Investment [Line Items] | ||
Equity investments trading | 20,501 | 40,918 |
Healthcare | ||
Investment [Line Items] | ||
Equity investments trading | 17,245 | 36,148 |
Basic materials | ||
Investment [Line Items] | ||
Equity investments trading | $ 3,429 | $ 6,094 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Investments [Abstract] | ||
Cash and investments at fair value on deposit with, or in trust accounts for the benefit of, various counterparties | $ 2,700 | $ 2,500 |
Cash and investments at fair value on deposit with, or in trust accounts for the benefit of, U.S. state regulatory authorities | 842.6 | 664.6 |
Reverse repurchase agreements | $ 78.7 | $ 26.2 |
Minimum percentage of collateral required | 102.00% |
Investments (Schedule of Net In
Investments (Schedule of Net Investment Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net Investment Income [Line Items] | |||||||||||
Gross investment income | $ 197,147 | $ 166,767 | $ 135,655 | ||||||||
Investment expenses | (15,421) | (14,200) | (11,339) | ||||||||
Net investment income | $ 47,316 | $ 51,423 | $ 54,124 | $ 28,863 | $ 45,918 | $ 28,338 | $ 38,604 | $ 39,707 | 181,726 | 152,567 | 124,316 |
Fixed maturity investments | |||||||||||
Net Investment Income [Line Items] | |||||||||||
Gross investment income | 160,661 | 134,800 | 100,855 | ||||||||
Short term investments | |||||||||||
Net Investment Income [Line Items] | |||||||||||
Gross investment income | 5,127 | 1,227 | 944 | ||||||||
Equity investments | |||||||||||
Net Investment Income [Line Items] | |||||||||||
Gross investment income | 4,235 | 8,346 | 3,450 | ||||||||
Private equity investments | |||||||||||
Net Investment Income [Line Items] | |||||||||||
Gross investment income | 6,155 | 9,455 | 18,974 | ||||||||
Other | |||||||||||
Net Investment Income [Line Items] | |||||||||||
Gross investment income | 20,181 | 12,472 | 11,037 | ||||||||
Cash and cash equivalents | |||||||||||
Net Investment Income [Line Items] | |||||||||||
Gross investment income | $ 788 | $ 467 | $ 395 |
Investments (Schedule of Net Re
Investments (Schedule of Net Realized and Unrealized Gains on Investments and Net Other-Than-Temporary Impairments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Gain (Loss) on Investments [Line Items] | |||||||||||
Net realized and unrealized gains (losses) on investments | $ (49,967) | $ 59,870 | $ 69,772 | $ 61,653 | $ (42,817) | $ (41,138) | $ (26,712) | $ 41,749 | $ 141,328 | $ (68,918) | $ 41,433 |
Fixed maturity investments | |||||||||||
Gain (Loss) on Investments [Line Items] | |||||||||||
Gross realized gains | 72,739 | 50,488 | 45,568 | ||||||||
Gross realized losses | (38,315) | (53,630) | (14,868) | ||||||||
Net realized gains (losses) on fixed maturity investments | 34,424 | (3,142) | 30,700 | ||||||||
Net unrealized gains (losses) on fixed maturity investments trading | 26,954 | (64,908) | 19,680 | ||||||||
Net realized gains on equity investments trading | 34,424 | (3,142) | 30,700 | ||||||||
Investments-related derivatives | |||||||||||
Gain (Loss) on Investments [Line Items] | |||||||||||
Net realized and unrealized (losses) gains on investments-related derivatives | (15,414) | 5,443 | (30,931) | ||||||||
Equity investments | |||||||||||
Gain (Loss) on Investments [Line Items] | |||||||||||
Net realized gains (losses) on fixed maturity investments | 14,190 | 16,348 | 10,908 | ||||||||
Net unrealized gains (losses) on fixed maturity investments trading | 81,174 | (22,659) | 11,076 | ||||||||
Net realized gains on equity investments trading | $ 14,190 | $ 16,348 | $ 10,908 |
Investments (Schedule of Other
Investments (Schedule of Other Investments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Investments [Line Items] | |||||||||||
Other investments | $ 549,805 | $ 481,621 | $ 549,805 | $ 481,621 | |||||||
Net investment income | 47,316 | $ 51,423 | $ 54,124 | $ 28,863 | 45,918 | $ 28,338 | $ 38,604 | $ 39,707 | 181,726 | 152,567 | $ 124,316 |
Net unrealized gains (losses) recognized in earnings | 11,542 | (13,549) | (1,393) | ||||||||
Initial commitments | 794,200 | 794,200 | |||||||||
Fulfilled commitments | 554,700 | 554,700 | |||||||||
Unfunded commitments | 249,400 | 249,400 | |||||||||
Other Investments | |||||||||||
Schedule of Investments [Line Items] | |||||||||||
Net investment income | 26,300 | 21,900 | 30,000 | ||||||||
Net unrealized gains (losses) recognized in earnings due to change in estimate | (3,400) | (2,500) | (600) | ||||||||
Other Investments | Net investment income | |||||||||||
Schedule of Investments [Line Items] | |||||||||||
Net unrealized gains (losses) recognized in earnings | 11,500 | 10,400 | $ 17,700 | ||||||||
Catastrophe bonds | |||||||||||
Schedule of Investments [Line Items] | |||||||||||
Other investments | 335,209 | 241,253 | 335,209 | 241,253 | |||||||
Private equity partnerships | |||||||||||
Schedule of Investments [Line Items] | |||||||||||
Other investments | 191,061 | 214,848 | 191,061 | 214,848 | |||||||
Senior secured bank loan funds | |||||||||||
Schedule of Investments [Line Items] | |||||||||||
Other investments | 22,040 | 23,231 | 22,040 | 23,231 | |||||||
Hedge funds | |||||||||||
Schedule of Investments [Line Items] | |||||||||||
Other investments | $ 1,495 | $ 2,289 | $ 1,495 | $ 2,289 |
Investments (Schedule of Invest
Investments (Schedule of Investments in Other Ventures, under Equity Method) (Details) - USD ($) $ in Thousands | Jul. 01, 2008 | Dec. 31, 2011 | Mar. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jan. 06, 1999 |
Schedule of Equity Method Investments [Line Items] | ||||||||
Investment | $ 154,048 | $ 153,732 | ||||||
Investments in other ventures, under equity method | 124,227 | 132,351 | ||||||
Equity method investee, additional contribution | 0 | 10,150 | $ (1,030) | |||||
Tower Hill Companies | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Investment | 64,750 | 64,750 | ||||||
Investments in other ventures, under equity method | 52,864 | 50,587 | ||||||
THIG | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Investment | $ 50,000 | $ 50,000 | $ 50,000 | |||||
Ownership % | 25.00% | 25.00% | 25.00% | |||||
Investments in other ventures, under equity method | $ 19,286 | $ 19,155 | ||||||
Intangible Assets, Net | $ 40,000 | |||||||
Goodwill | $ 7,800 | |||||||
Tower Hill Companies | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Investment | $ 10,000 | $ 10,000 | ||||||
Ownership % | 32.30% | 31.30% | ||||||
Investments in other ventures, under equity method | $ 21,590 | $ 19,981 | ||||||
Tower Hill Re | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Investment | $ 4,250 | $ 4,250 | ||||||
Ownership % | 25.00% | 25.00% | ||||||
Investments in other ventures, under equity method | $ 2,903 | $ 4,136 | ||||||
Tower Hill Signature | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Investment | $ 500 | $ 500 | ||||||
Ownership % | 25.00% | 25.00% | ||||||
Investments in other ventures, under equity method | $ 9,085 | $ 7,315 | ||||||
Top Layer Reinsurance Ltd. | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Investment | $ 65,375 | $ 65,375 | $ 13,100 | |||||
Ownership % | 50.00% | 50.00% | 50.00% | |||||
Investments in other ventures, under equity method | $ 60,360 | $ 68,936 | ||||||
Equity method investee, additional contribution | $ 18,000 | $ 20,500 | $ 13,800 | |||||
Other | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Investment | $ 23,923 | $ 23,607 | ||||||
Ownership % | 41.80% | 43.50% | ||||||
Investments in other ventures, under equity method | $ 11,003 | $ 12,828 |
Investments (Schedule of Equity
Investments (Schedule of Equity In (Losses) Earnings Of Other Ventures, Under Equity Method) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity in earnings (losses) of other ventures | $ 4,960 | $ (11,630) | $ 6,022 | $ 1,611 | $ 3,296 | $ 5,730 | $ 6,160 | $ 5,295 | $ 963 | $ 20,481 | $ 26,075 |
Equity method investment, dividends or distributions | 9,400 | 13,300 | 10,300 | ||||||||
Undistributed earnings (losses) from equity method investments | $ (5,500) | $ 10,100 | (5,500) | 10,100 | |||||||
Tower Hill Companies | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity in earnings (losses) of other ventures | 10,379 | 13,116 | 18,376 | ||||||||
Top Layer Reinsurance Ltd. | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity in earnings (losses) of other ventures | (8,576) | 8,026 | 10,411 | ||||||||
Other | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity in earnings (losses) of other ventures | $ (840) | $ (661) | $ (2,712) |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments trading | $ 383,313 | $ 393,877 |
Other investments | 549,805 | 481,621 |
Other assets (liabilities) | 4,379 | 3,463 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets (liabilities) | (13,004) | |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 6,891,244 | 6,782,818 |
Short-term investments | 1,368,379 | 1,208,401 |
Equity investments trading | 383,313 | 393,877 |
Other investments | 549,805 | 481,621 |
Other assets (liabilities) | (35,031) | (16,733) |
Assets (liabilities), at fair value | 9,157,710 | 8,849,984 |
Fair Value, Measurements, Recurring | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 2,617,894 | 2,064,944 |
Short-term investments | 0 | 0 |
Equity investments trading | 383,313 | 393,877 |
Other investments | 0 | 0 |
Other assets (liabilities) | (646) | (1,234) |
Assets (liabilities), at fair value | 3,000,561 | 2,457,587 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 4,273,350 | 4,710,256 |
Short-term investments | 1,368,379 | 1,208,401 |
Equity investments trading | 0 | 0 |
Other investments | 335,209 | 241,253 |
Other assets (liabilities) | (21,381) | (9,600) |
Assets (liabilities), at fair value | 5,955,557 | 6,150,310 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 7,618 |
Short-term investments | 0 | 0 |
Equity investments trading | 0 | 0 |
Other investments | 0 | 0 |
Other assets (liabilities) | (13,004) | (5,899) |
Assets (liabilities), at fair value | (13,004) | 1,719 |
Fair Value, Measurements, Recurring | U.S. treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 2,617,894 | 2,064,944 |
Fair Value, Measurements, Recurring | U.S. treasuries | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 2,617,894 | 2,064,944 |
Fair Value, Measurements, Recurring | U.S. treasuries | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Fair Value, Measurements, Recurring | U.S. treasuries | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Fair Value, Measurements, Recurring | Agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 90,972 | 137,976 |
Fair Value, Measurements, Recurring | Agencies | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Fair Value, Measurements, Recurring | Agencies | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 90,972 | 137,976 |
Fair Value, Measurements, Recurring | Agencies | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Fair Value, Measurements, Recurring | Municipal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 519,069 | 583,282 |
Fair Value, Measurements, Recurring | Municipal | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Fair Value, Measurements, Recurring | Municipal | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 519,069 | 583,282 |
Fair Value, Measurements, Recurring | Municipal | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Fair Value, Measurements, Recurring | Non-U.S. government (Sovereign Debt) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 333,224 | 334,981 |
Fair Value, Measurements, Recurring | Non-U.S. government (Sovereign Debt) | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Fair Value, Measurements, Recurring | Non-U.S. government (Sovereign Debt) | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 333,224 | 334,981 |
Fair Value, Measurements, Recurring | Non-U.S. government (Sovereign Debt) | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Fair Value, Measurements, Recurring | Non-U.S. government-backed corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 133,300 | 138,994 |
Fair Value, Measurements, Recurring | Non-U.S. government-backed corporate | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Fair Value, Measurements, Recurring | Non-U.S. government-backed corporate | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 133,300 | 138,994 |
Fair Value, Measurements, Recurring | Non-U.S. government-backed corporate | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Fair Value, Measurements, Recurring | Corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 1,877,243 | 2,055,323 |
Fair Value, Measurements, Recurring | Corporate | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Fair Value, Measurements, Recurring | Corporate | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 1,877,243 | 2,047,705 |
Fair Value, Measurements, Recurring | Corporate | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 7,618 |
Fair Value, Measurements, Recurring | Agency mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 462,493 | 504,518 |
Fair Value, Measurements, Recurring | Agency mortgage-backed | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Fair Value, Measurements, Recurring | Agency mortgage-backed | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 462,493 | 504,518 |
Fair Value, Measurements, Recurring | Agency mortgage-backed | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Fair Value, Measurements, Recurring | Non-agency mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 258,944 | 270,763 |
Fair Value, Measurements, Recurring | Non-agency mortgage-backed | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Fair Value, Measurements, Recurring | Non-agency mortgage-backed | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 258,944 | 270,763 |
Fair Value, Measurements, Recurring | Non-agency mortgage-backed | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Fair Value, Measurements, Recurring | Commercial mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 409,747 | 561,496 |
Fair Value, Measurements, Recurring | Commercial mortgage-backed | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Fair Value, Measurements, Recurring | Commercial mortgage-backed | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 409,747 | 561,496 |
Fair Value, Measurements, Recurring | Commercial mortgage-backed | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Fair Value, Measurements, Recurring | Asset-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 188,358 | 130,541 |
Fair Value, Measurements, Recurring | Asset-backed | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Fair Value, Measurements, Recurring | Asset-backed | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 188,358 | 130,541 |
Fair Value, Measurements, Recurring | Asset-backed | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Fair Value, Measurements, Recurring | Catastrophe bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 335,209 | 241,253 |
Fair Value, Measurements, Recurring | Catastrophe bonds | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Fair Value, Measurements, Recurring | Catastrophe bonds | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 335,209 | 241,253 |
Fair Value, Measurements, Recurring | Catastrophe bonds | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Fair Value, Measurements, Recurring | Private equity partnerships | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 191,061 | 214,848 |
Fair Value, Measurements, Recurring | Private equity partnerships | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Fair Value, Measurements, Recurring | Private equity partnerships | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Fair Value, Measurements, Recurring | Private equity partnerships | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Fair Value, Measurements, Recurring | Senior secured bank loan funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 22,040 | 23,231 |
Fair Value, Measurements, Recurring | Senior secured bank loan funds | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Fair Value, Measurements, Recurring | Senior secured bank loan funds | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Fair Value, Measurements, Recurring | Senior secured bank loan funds | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Fair Value, Measurements, Recurring | Hedge funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 1,495 | 2,289 |
Fair Value, Measurements, Recurring | Hedge funds | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Fair Value, Measurements, Recurring | Hedge funds | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Fair Value, Measurements, Recurring | Hedge funds | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Fair Value, Measurements, Recurring | Assumed and ceded (re)insurance contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets (liabilities) | (13,004) | (5,899) |
Fair Value, Measurements, Recurring | Assumed and ceded (re)insurance contracts | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets (liabilities) | 0 | 0 |
Fair Value, Measurements, Recurring | Assumed and ceded (re)insurance contracts | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets (liabilities) | 0 | 0 |
Fair Value, Measurements, Recurring | Assumed and ceded (re)insurance contracts | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets (liabilities) | (13,004) | (5,899) |
Fair Value, Measurements, Recurring | Assumed and ceded (re)insurance contracts | Significant Unobservable Inputs (Level 3) | Other Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets (liabilities) | 4,400 | 3,500 |
Fair Value, Measurements, Recurring | Assumed and ceded (re)insurance contracts | Significant Unobservable Inputs (Level 3) | Other Liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets (liabilities) | (17,400) | (9,400) |
Fair Value, Measurements, Recurring | Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets (liabilities) | (8,922) | 1,486 |
Fair Value, Measurements, Recurring | Derivatives | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets (liabilities) | (646) | (1,234) |
Fair Value, Measurements, Recurring | Derivatives | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets (liabilities) | (8,276) | 2,720 |
Fair Value, Measurements, Recurring | Derivatives | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets (liabilities) | 0 | 0 |
Fair Value, Measurements, Recurring | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets (liabilities) | (13,105) | (12,320) |
Fair Value, Measurements, Recurring | Other | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets (liabilities) | 0 | 0 |
Fair Value, Measurements, Recurring | Other | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets (liabilities) | (13,105) | (12,320) |
Fair Value, Measurements, Recurring | Other | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets (liabilities) | $ 0 | $ 0 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other liabilities | $ 17,383 | $ 9,362 | |
Long-term debt | 948,663 | 960,495 | |
Senior Notes, fair value | 964,800 | 973,342 | |
Net unrealized gains (losses) recognized in earnings | 11,542 | (13,549) | $ (1,393) |
Other Investments | Net investment income | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Net unrealized gains (losses) recognized in earnings | 11,500 | 10,400 | 17,700 |
Other assets and (liabilities) | Other income (loss) | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Net unrealized gains (losses) recognized in earnings | 0 | $ (400) | $ 0 |
Significant Unobservable Inputs (Level 3) | Assumed reinsurance contract | Internal Valuation Model Valuation Technique | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Liabilities, fair value | 574 | ||
Significant Unobservable Inputs (Level 3) | Assumed and ceded (re)insurance contracts | Internal Valuation Model Valuation Technique | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Liabilities, fair value | $ 12,430 | ||
U.S. treasuries | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Weighted average effective yield | 1.40% | 1.30% | |
Agencies | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Weighted average effective yield | 2.00% | 1.70% | |
Municipal | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Weighted average effective yield | 2.40% | 2.00% | |
Non-U.S. government (Sovereign Debt) | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Weighted average effective yield | 1.60% | 1.40% | |
Non-U.S. government-backed corporate | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Weighted average effective yield | 1.50% | 1.30% | |
Corporate | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Weighted average effective yield | 3.70% | 3.80% | |
Agency mortgage-backed | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Weighted average effective yield | 2.90% | 2.70% | |
Weighted average life | 6 years 10 months 24 days | 6 years 1 month 6 days | |
Non-agency prime residential mortgage-backed | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Weighted average effective yield | 4.30% | 3.80% | |
Weighted average life | 5 years 1 month 6 days | 4 years 3 months 18 days | |
AltA non-agency mortgage-backed | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Weighted average effective yield | 5.20% | 4.70% | |
Weighted average life | 6 years | 5 years 4 months 24 days | |
Commercial mortgage-backed | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Weighted average effective yield | 2.60% | 2.90% | |
Weighted average life | 3 years 10 months 24 days | 3 years 8 months 12 days | |
Asset-backed | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Weighted average effective yield | 2.30% | 2.10% | |
Weighted average life | 2 years 7 months 6 days | 2 years 6 months | |
Short term investments | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Weighted average effective yield | 0.70% | 0.40% | |
Restricted Stock Units (RSUs) | Significant Other Observable Inputs (Level 2) | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other liabilities | $ 13,100 | ||
Private equity partnerships | Minimum | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Liquidating period | 7 years | ||
Private equity partnerships | Maximum | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Liquidating period | 10 years | ||
Senior secured bank loan funds | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investment in closed end fund | $ 22,000 | ||
Senior secured bank loan funds | Minimum | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Liquidating period | 4 years | ||
Senior secured bank loan funds | Maximum | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Liquidating period | 5 years | ||
Hedge funds | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Hedge fund side pocket investments | $ 1,500 |
Fair Value Measurements (Quanti
Fair Value Measurements (Quantitative Information Used As Level 3 Inputs) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)$ / bond | Dec. 31, 2015USD ($) | |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Other assets (liabilities) | $ 4,379 | $ 3,463 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Other assets (liabilities) | (13,004) | |
Significant Unobservable Inputs (Level 3) | Assumed reinsurance contract | Internal Valuation Model Valuation Technique | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Liabilities, fair value | $ (574) | |
Significant Unobservable Inputs (Level 3) | Assumed reinsurance contract | Internal Valuation Model Valuation Technique | Low | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Bond price | $ / bond | 100.82 | |
Significant Unobservable Inputs (Level 3) | Assumed reinsurance contract | Internal Valuation Model Valuation Technique | Maximum | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Bond price | $ / bond | 103.58 | |
Significant Unobservable Inputs (Level 3) | Assumed reinsurance contract | Internal Valuation Model Valuation Technique | Weighted average or actual | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Bond price | $ / bond | 102.29 | |
Liquidity discount | 1.30% | |
Significant Unobservable Inputs (Level 3) | Assumed and ceded (re)insurance contracts | Internal Valuation Model Valuation Technique | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Liabilities, fair value | $ (12,430) | |
Significant Unobservable Inputs (Level 3) | Assumed and ceded (re)insurance contracts | Internal Valuation Model Valuation Technique | Low | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Contract period | 2 years | |
Significant Unobservable Inputs (Level 3) | Assumed and ceded (re)insurance contracts | Internal Valuation Model Valuation Technique | Maximum | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Contract period | 4 years 7 months 27 days | |
Significant Unobservable Inputs (Level 3) | Assumed and ceded (re)insurance contracts | Internal Valuation Model Valuation Technique | Weighted average or actual | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Net undiscounted cash flows | $ (12,396) | |
Expected loss ratio | 35.20% | |
Net acquisition expense ratio | (20.70%) | |
Contract period | 4 years 6 months | |
Discount rate | 1.90% |
Fair Value Measurements (Asse80
Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Level 3 Inputs) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of the period | $ 1,719 | $ 6,726 |
Total unrealized gains (losses) | ||
Included in net investment income | (118) | (359) |
Included in other income (loss) | (426) | |
Total realized gains (losses) | ||
Included in other income (loss) | 6,339 | 6,628 |
Total foreign exchange gains | 7 | |
Purchases | (13,444) | (80,996) |
Sales | (84,353) | |
Settlements | (7,500) | (7,500) |
Balance at end of the period | (13,004) | 1,719 |
Net investment income | ||
Total realized gains (losses) | ||
Change in unrealized gains for the period included in earnings for assets held at the end of the period | (359) | |
Other income (loss) | ||
Total realized gains (losses) | ||
Change in unrealized gains for the period included in earnings for assets held at the end of the period | (426) | |
Fixed maturity investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of the period | 7,618 | 15,660 |
Total unrealized gains (losses) | ||
Included in net investment income | (118) | (542) |
Included in other income (loss) | 0 | |
Total realized gains (losses) | ||
Included in other income (loss) | 0 | 0 |
Total foreign exchange gains | 0 | |
Purchases | 0 | 0 |
Sales | 0 | |
Settlements | (7,500) | (7,500) |
Balance at end of the period | 0 | 7,618 |
Fixed maturity investments | Net investment income | ||
Total realized gains (losses) | ||
Change in unrealized gains for the period included in earnings for assets held at the end of the period | (359) | |
Fixed maturity investments | Other income (loss) | ||
Total realized gains (losses) | ||
Change in unrealized gains for the period included in earnings for assets held at the end of the period | 0 | |
Other assets and (liabilities) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of the period | (5,899) | (8,934) |
Total unrealized gains (losses) | ||
Included in net investment income | 0 | 183 |
Included in other income (loss) | (426) | |
Total realized gains (losses) | ||
Included in other income (loss) | 6,339 | 6,628 |
Total foreign exchange gains | 7 | |
Purchases | (13,444) | (80,996) |
Sales | (84,353) | |
Settlements | 0 | 0 |
Balance at end of the period | $ (13,004) | (5,899) |
Other assets and (liabilities) | Net investment income | ||
Total realized gains (losses) | ||
Change in unrealized gains for the period included in earnings for assets held at the end of the period | 0 | |
Other assets and (liabilities) | Other income (loss) | ||
Total realized gains (losses) | ||
Change in unrealized gains for the period included in earnings for assets held at the end of the period | $ (426) |
Fair Value Measurements (Summar
Fair Value Measurements (Summary Of The Balances Company Has Elected To Account For At Fair Value) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value Disclosures [Abstract] | ||
Other investments | $ 549,805 | $ 481,621 |
Other assets | 4,379 | 3,463 |
Other liabilities | $ 17,383 | $ 9,362 |
Fair Value Measurements (Compan
Fair Value Measurements (Company's Portfolio of Other Investments Measured Using Net Asset Valuations) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair Value | $ 214,596 |
Unfunded Commitments | 249,442 |
Private equity investments | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair Value | 191,061 |
Unfunded Commitments | 223,636 |
Senior secured bank loan funds | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair Value | 22,040 |
Unfunded Commitments | 25,806 |
Hedge funds | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair Value | 1,495 |
Unfunded Commitments | $ 0 |
Reinsurance (Effect Of Reinsura
Reinsurance (Effect Of Reinsurance And Retrocessional Activity On Premiums Written And Earned And On Net Claims And Claim Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Premiums written | |||||||||||
Direct | $ 208,282 | $ 130,681 | $ 76,511 | ||||||||
Assumed | 2,166,294 | 1,880,629 | 1,474,061 | ||||||||
Ceded | (839,264) | (595,127) | (482,336) | ||||||||
Net premiums written | $ 219,499 | $ 284,222 | $ 519,916 | $ 511,675 | $ 236,651 | $ 266,820 | $ 508,677 | $ 404,035 | 1,535,312 | 1,416,183 | 1,068,236 |
Premiums earned | |||||||||||
Direct | 157,112 | 98,182 | 66,027 | ||||||||
Assumed | 1,874,993 | 1,769,088 | 1,450,047 | ||||||||
Ceded | (628,675) | (466,719) | (453,658) | ||||||||
Net premiums earned | 351,901 | 346,521 | 351,402 | 353,606 | 361,575 | 362,388 | 379,828 | 296,760 | 1,403,430 | 1,400,551 | 1,062,416 |
Claims and claim expenses | |||||||||||
Gross claims and claim expenses incurred | 710,651 | 544,972 | 228,581 | ||||||||
Claims and claim expenses recovered | (179,820) | (96,734) | (30,634) | ||||||||
Net claims and claim expenses incurred | $ 123,901 | $ 112,575 | $ 167,750 | $ 126,605 | $ 102,013 | $ 100,028 | $ 169,344 | $ 76,853 | $ 530,831 | $ 448,238 | $ 197,947 |
Reinsurance (Narrative) (Detail
Reinsurance (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Allowance for Reinsurance Recoverable | ||
Valuation allowance recorded against reinsurance recoverable | $ 4.2 | $ 1.6 |
Reinsurance Recoverable | Largest reinsurance recoverable, Customer One | ||
Concentration risk percentage | 27.10% | 21.50% |
Reinsurance Recoverable | Largest reinsurance recoverable, Customer Two | ||
Concentration risk percentage | 19.90% | 13.80% |
Reinsurance Recoverable | Largest reinsurance recoverable, Customer Three | ||
Concentration risk percentage | 7.70% | 13.10% |
Allowance for Reinsurance Recoverable | Largest reinsurance recoverable, Customer One | ||
Concentration risk percentage | 27.10% | 22.70% |
Allowance for Reinsurance Recoverable | Largest reinsurance recoverable, Customer Two | ||
Concentration risk percentage | 17.90% | 8.30% |
Allowance for Reinsurance Recoverable | Largest reinsurance recoverable, Customer Three | ||
Concentration risk percentage | 5.60% | 3.20% |
Reserve for Claims and Claim 85
Reserve for Claims and Claim Expenses (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 02, 2015 | Dec. 31, 2013 | |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||
Net reserve for claims and claim expenses | $ 2,568,730 | $ 2,632,519 | $ 1,345,816 | $ 1,462,705 | |
Net claims and claim expenses incurred – prior accident years | (164,126) | (162,447) | (143,798) | ||
Claims and claim expenses recovered | (179,820) | (96,734) | (30,634) | ||
Reinsurance balances payable | |||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||
Aggregate deposit liabilities | 25,700 | 32,300 | |||
Aggregate deposit assets | |||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||
Aggregate deposit assets | 0 | 0 | |||
Deposit Contracts, Underwriting Risk Only | |||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||
Claims and claim expenses recovered | 200 | 300 | 300 | ||
Deposit Contracts, Timing Risk Only | |||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||
Increase (decrease) in other income related to assumed reinsurance contracts | 6,200 | (6,200) | (100) | ||
Property | |||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||
Net reserve for claims and claim expenses | 584,036 | ||||
Net claims and claim expenses incurred – prior accident years | (104,876) | (93,786) | (87,258) | ||
Property | Actuarial assumption changes | |||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||
Net claims and claim expenses incurred – prior accident years | 0 | (1,501) | 0 | ||
Property | Large Catastrophe Event | |||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||
Net claims and claim expenses incurred – prior accident years | (33,926) | (34,280) | (58,009) | ||
Property | Thailand Floods (2011) | |||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||
Net claims and claim expenses incurred – prior accident years | (15,131) | (18,823) | (11,754) | ||
Property | Storm Sandy (2012) | |||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||
Net claims and claim expenses incurred – prior accident years | (10,849) | (12,503) | (24,232) | ||
Property | Tohoku Earthquake and Tsunami (2011) | |||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||
Net claims and claim expenses incurred – prior accident years | (7,314) | (5,313) | (5,408) | ||
Property | New Zealand Earthquake (2011) | |||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||
Net claims and claim expenses incurred – prior accident years | 1,987 | 22,754 | (3,088) | ||
Property | April and May U.S. Tornadoes (2011) | |||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||
Net claims and claim expenses incurred – prior accident years | (4,213) | (10,190) | (14,272) | ||
Property | New Zealand Earthquake (2010) | |||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||
Net claims and claim expenses incurred – prior accident years | 6,904 | 1,095 | 24,692 | ||
Property | Small Catastrophe Event | |||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||
Net claims and claim expenses incurred – prior accident years | (70,950) | (58,005) | (29,249) | ||
Property | Tianjin Explosion (2015) | |||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||
Net claims and claim expenses incurred – prior accident years | (5,686) | 0 | 0 | ||
Property | European Floods (2013) | |||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||
Net claims and claim expenses incurred – prior accident years | (40) | (2,466) | (8,496) | ||
Property | U.S. PCS 24 Wind and Thunderstorm (2013) | |||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||
Net claims and claim expenses incurred – prior accident years | (229) | (809) | (6,712) | ||
Property | U.S. PCS 70 Wind and Thunderstorm (2012) | |||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||
Net claims and claim expenses incurred – prior accident years | (3,772) | (1,220) | 13,362 | ||
Property | Other Large and Small Catastrophe Events | |||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||
Net claims and claim expenses incurred – prior accident years | (21,000) | (69,300) | (51,400) | ||
Property | 2011 International Events | |||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||
Net claims and claim expenses incurred – prior accident years | (20,458) | (1,382) | (20,250) | ||
Casualty and Specialty | |||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||
Net reserve for claims and claim expenses | 1,982,580 | ||||
Net claims and claim expenses incurred – prior accident years | (58,140) | (67,791) | (50,403) | ||
Casualty and Specialty | Actuarial methods - actual reported claims less than expected claims | |||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||
Net claims and claim expenses incurred – prior accident years | (52,601) | (72,551) | (50,403) | ||
Casualty and Specialty | Actuarial assumption changes | |||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||
Net claims and claim expenses incurred – prior accident years | $ (5,539) | $ 4,760 | $ 0 | ||
Platinum Underwriters Holdings, Ltd. | |||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||
Net reserve for claims and claim expenses | $ 1,400,000 | ||||
Platinum Underwriters Holdings, Ltd. | Property | |||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||
Net reserve for claims and claim expenses | 179,700 | ||||
Platinum Underwriters Holdings, Ltd. | Casualty and Specialty | |||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||||
Net reserve for claims and claim expenses | $ 1,200,000 |
Reserve for Claims and Claim 86
Reserve for Claims and Claim Expenses (Claims and Claim Expense Reserves by Segment) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Case Reserves | $ 813,594 | $ 854,332 | |
Additional Case Reserves | 291,727 | 295,704 | |
IBNR | 1,742,973 | 1,617,009 | |
Net reserve for claims and claim expenses | 2,848,294 | 2,767,045 | $ 1,412,510 |
Other | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Case Reserves | 6,935 | 2,071 | |
Additional Case Reserves | 0 | 0 | |
IBNR | 18,459 | 25,607 | |
Net reserve for claims and claim expenses | 25,394 | 27,678 | |
Property | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Case Reserves | 214,954 | 298,687 | |
Additional Case Reserves | 186,308 | 165,838 | |
IBNR | 226,512 | 241,676 | |
Net reserve for claims and claim expenses | 627,774 | 706,201 | |
Casualty and Specialty | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Case Reserves | 591,705 | 553,574 | |
Additional Case Reserves | 105,419 | 129,866 | |
IBNR | 1,498,002 | 1,349,726 | |
Net reserve for claims and claim expenses | $ 2,195,126 | $ 2,033,166 |
Reserve for Claims and Claim 87
Reserve for Claims and Claim Expenses (Schedule of Liability for Unpaid Claims and Claims Adjustment Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Net reserves as of January 1 | $ 2,632,519 | $ 1,345,816 | $ 1,462,705 |
Net incurred related to: | |||
Current year | 694,957 | 610,685 | 341,745 |
Prior years | (164,126) | (162,447) | (143,798) |
Total net incurred | 530,831 | 448,238 | 197,947 |
Net paid related to: | |||
Current year | 83,015 | 95,747 | 39,830 |
Prior years | 506,279 | 425,565 | 241,286 |
Total net paid | 589,294 | 521,312 | 281,116 |
Amounts acquired | 0 | 1,394,117 | 0 |
Foreign exchange | (5,326) | (34,340) | (33,720) |
Net reserves as of December 31 | 2,568,730 | 2,632,519 | 1,345,816 |
Reinsurance recoverable as of December 31 | 279,564 | 134,526 | 66,694 |
Gross reserves as of December 31 | $ 2,848,294 | $ 2,767,045 | $ 1,412,510 |
Reserve for Claims and Claim 88
Reserve for Claims and Claim Expenses (Incurred and Paid Claims Development) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2007 |
Claims Development [Line Items] | ||||||||||
Incurred claims and claim expenses, net of reinsurance | $ 7,732,540 | |||||||||
IBNR and ACR | 1,641,732 | |||||||||
Cumulative paid claims and claim expenses, net of reinsurance | 5,423,909 | |||||||||
Outstanding liabilities from accident year 2006 and prior, net of reinsurance | 226,695 | |||||||||
Claims and claim expenses, net of reinsurance, from the Company's former Bermuda-based insurance operations | 2,114 | |||||||||
Adjustment for unallocated claim expenses | 20,256 | |||||||||
Unamortized fair value adjustments recorded in connection with the acquisition of Platinum | 11,034 | |||||||||
Liability for claims and claim expenses, net of reinsurance | 2,568,730 | |||||||||
Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and claim expenses, net of reinsurance | 3,600,130 | |||||||||
IBNR and ACR | 395,680 | |||||||||
Cumulative paid claims and claim expenses, net of reinsurance | 3,023,772 | |||||||||
Outstanding liabilities from accident year 2006 and prior, net of reinsurance | 3,865 | |||||||||
Adjustment for unallocated claim expenses | 2,394 | |||||||||
Unamortized fair value adjustments recorded in connection with the acquisition of Platinum | 1,419 | |||||||||
Liability for claims and claim expenses, net of reinsurance | 584,036 | |||||||||
Casualty and Specialty | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and claim expenses, net of reinsurance | 4,132,410 | |||||||||
IBNR and ACR | 1,246,052 | |||||||||
Cumulative paid claims and claim expenses, net of reinsurance | 2,400,137 | |||||||||
Outstanding liabilities from accident year 2006 and prior, net of reinsurance | 222,830 | |||||||||
Adjustment for unallocated claim expenses | 17,862 | |||||||||
Unamortized fair value adjustments recorded in connection with the acquisition of Platinum | 9,615 | |||||||||
Liability for claims and claim expenses, net of reinsurance | 1,982,580 | |||||||||
2,007 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and claim expenses, net of reinsurance | 770,219 | $ 774,396 | $ 766,845 | $ 778,185 | $ 806,487 | $ 868,747 | $ 911,337 | $ 958,206 | $ 1,025,247 | $ 1,113,667 |
IBNR and ACR | 67,726 | |||||||||
Cumulative paid claims and claim expenses, net of reinsurance | 682,644 | 657,017 | 638,348 | 613,200 | 588,997 | 541,511 | 469,657 | 371,280 | 281,119 | 91,877 |
2007 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and claim expenses, net of reinsurance | 199,383 | 198,666 | 199,792 | 206,168 | 213,228 | 234,120 | 246,823 | 250,975 | 309,228 | 387,866 |
IBNR and ACR | 397 | |||||||||
Cumulative paid claims and claim expenses, net of reinsurance | 199,893 | 198,654 | 197,735 | 197,533 | 194,327 | 190,603 | 187,998 | 172,512 | 150,938 | 45,530 |
2007 | Casualty and Specialty | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and claim expenses, net of reinsurance | 570,836 | 575,730 | 567,053 | 572,017 | 593,259 | 634,627 | 664,514 | 707,231 | 716,019 | 725,801 |
IBNR and ACR | 67,329 | |||||||||
Cumulative paid claims and claim expenses, net of reinsurance | 482,751 | 458,363 | 440,613 | 415,667 | 394,670 | 350,908 | 281,659 | 198,768 | 130,181 | $ 46,347 |
2,008 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and claim expenses, net of reinsurance | 1,247,506 | 1,262,048 | 1,272,298 | 1,294,396 | 1,317,055 | 1,390,282 | 1,408,748 | 1,429,241 | 1,469,251 | |
IBNR and ACR | 48,658 | |||||||||
Cumulative paid claims and claim expenses, net of reinsurance | 1,140,094 | 1,118,434 | 1,090,977 | 1,060,160 | 1,013,041 | 937,678 | 797,242 | 591,482 | 275,968 | |
2008 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and claim expenses, net of reinsurance | 684,281 | 683,658 | 691,030 | 700,312 | 715,285 | 748,918 | 752,501 | 752,349 | 851,049 | |
IBNR and ACR | 919 | |||||||||
Cumulative paid claims and claim expenses, net of reinsurance | 682,539 | 681,131 | 679,303 | 675,595 | 661,664 | 628,673 | 538,944 | 391,008 | 247,162 | |
2008 | Casualty and Specialty | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and claim expenses, net of reinsurance | 563,225 | 578,390 | 581,268 | 594,084 | 601,770 | 641,364 | 656,247 | 676,892 | 618,202 | |
IBNR and ACR | 47,739 | |||||||||
Cumulative paid claims and claim expenses, net of reinsurance | 457,555 | 437,303 | 411,674 | 384,565 | 351,377 | 309,005 | 258,298 | 200,474 | $ 28,806 | |
2,009 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and claim expenses, net of reinsurance | 522,566 | 527,374 | 536,393 | 557,623 | 582,725 | 622,181 | 639,182 | 704,560 | ||
IBNR and ACR | 30,006 | |||||||||
Cumulative paid claims and claim expenses, net of reinsurance | 462,192 | 455,919 | 434,257 | 395,580 | 363,190 | 319,313 | 267,983 | 96,378 | ||
2009 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and claim expenses, net of reinsurance | 134,359 | 134,059 | 134,722 | 134,013 | 138,131 | 144,352 | 163,124 | 218,607 | ||
IBNR and ACR | 411 | |||||||||
Cumulative paid claims and claim expenses, net of reinsurance | 132,731 | 131,823 | 130,858 | 126,433 | 120,839 | 113,279 | 99,400 | 56,065 | ||
2009 | Casualty and Specialty | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and claim expenses, net of reinsurance | 388,207 | 393,315 | 401,671 | 423,610 | 444,594 | 477,829 | 476,058 | 485,953 | ||
IBNR and ACR | 29,595 | |||||||||
Cumulative paid claims and claim expenses, net of reinsurance | 329,461 | 324,096 | 303,399 | 269,147 | 242,351 | 206,034 | 168,583 | $ 40,313 | ||
2,010 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and claim expenses, net of reinsurance | 863,129 | 854,924 | 864,328 | 867,523 | 898,572 | 946,271 | 988,403 | |||
IBNR and ACR | 79,809 | |||||||||
Cumulative paid claims and claim expenses, net of reinsurance | 709,672 | 620,545 | 549,898 | 495,847 | 425,914 | 309,807 | 126,401 | |||
2010 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and claim expenses, net of reinsurance | 558,982 | 549,097 | 545,333 | 527,126 | 522,678 | 557,062 | 605,753 | |||
IBNR and ACR | 35,715 | |||||||||
Cumulative paid claims and claim expenses, net of reinsurance | 469,028 | 393,497 | 367,495 | 332,275 | 289,918 | 211,124 | 91,585 | |||
2010 | Casualty and Specialty | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and claim expenses, net of reinsurance | 304,147 | 305,827 | 318,995 | 340,397 | 375,894 | 389,209 | 382,650 | |||
IBNR and ACR | 44,094 | |||||||||
Cumulative paid claims and claim expenses, net of reinsurance | 240,644 | 227,048 | 182,403 | 163,572 | 135,996 | 98,683 | $ 34,816 | |||
2,011 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and claim expenses, net of reinsurance | 1,314,451 | 1,349,227 | 1,377,450 | 1,454,063 | 1,533,946 | 1,611,509 | ||||
IBNR and ACR | 113,383 | |||||||||
Cumulative paid claims and claim expenses, net of reinsurance | 1,145,239 | 1,101,596 | 1,013,577 | 861,359 | 522,071 | 249,556 | ||||
2011 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and claim expenses, net of reinsurance | 1,007,368 | 1,036,122 | 1,056,822 | 1,103,441 | 1,153,960 | 1,230,463 | ||||
IBNR and ACR | 48,082 | |||||||||
Cumulative paid claims and claim expenses, net of reinsurance | 921,820 | 896,001 | 838,968 | 716,364 | 409,111 | 201,650 | ||||
2011 | Casualty and Specialty | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and claim expenses, net of reinsurance | 307,083 | 313,105 | 320,628 | 350,622 | 379,986 | 381,046 | ||||
IBNR and ACR | 65,301 | |||||||||
Cumulative paid claims and claim expenses, net of reinsurance | 223,419 | 205,595 | 174,609 | 144,995 | 112,960 | $ 47,906 | ||||
2,012 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and claim expenses, net of reinsurance | 651,764 | 679,446 | 705,316 | 767,534 | 862,333 | |||||
IBNR and ACR | 132,561 | |||||||||
Cumulative paid claims and claim expenses, net of reinsurance | 459,269 | 415,911 | 356,102 | 265,612 | 165,581 | |||||
2012 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and claim expenses, net of reinsurance | 275,504 | 293,136 | 310,842 | 343,561 | 436,244 | |||||
IBNR and ACR | 38,243 | |||||||||
Cumulative paid claims and claim expenses, net of reinsurance | 218,060 | 208,115 | 188,744 | 144,861 | 100,044 | |||||
2012 | Casualty and Specialty | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and claim expenses, net of reinsurance | 376,260 | 386,310 | 394,474 | 423,973 | 426,089 | |||||
IBNR and ACR | 94,318 | |||||||||
Cumulative paid claims and claim expenses, net of reinsurance | 241,209 | 207,796 | 167,358 | 120,751 | $ 65,537 | |||||
2,013 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and claim expenses, net of reinsurance | 465,948 | 504,401 | 552,965 | 614,066 | ||||||
IBNR and ACR | 127,969 | |||||||||
Cumulative paid claims and claim expenses, net of reinsurance | 283,707 | 240,046 | 177,423 | 86,344 | ||||||
2013 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and claim expenses, net of reinsurance | 149,197 | 170,629 | 192,681 | 223,542 | ||||||
IBNR and ACR | 15,879 | |||||||||
Cumulative paid claims and claim expenses, net of reinsurance | 125,744 | 115,043 | 91,436 | 48,550 | ||||||
2013 | Casualty and Specialty | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and claim expenses, net of reinsurance | 316,751 | 333,772 | 360,284 | 390,524 | ||||||
IBNR and ACR | 112,090 | |||||||||
Cumulative paid claims and claim expenses, net of reinsurance | 157,963 | 125,003 | 85,987 | $ 37,794 | ||||||
2,014 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and claim expenses, net of reinsurance | 600,956 | 613,360 | 657,958 | |||||||
IBNR and ACR | 155,602 | |||||||||
Cumulative paid claims and claim expenses, net of reinsurance | 268,806 | 199,632 | 110,863 | |||||||
2014 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and claim expenses, net of reinsurance | 146,689 | 153,770 | 182,518 | |||||||
IBNR and ACR | 14,820 | |||||||||
Cumulative paid claims and claim expenses, net of reinsurance | 118,304 | 95,758 | 55,101 | |||||||
2014 | Casualty and Specialty | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and claim expenses, net of reinsurance | 454,267 | 459,590 | 475,440 | |||||||
IBNR and ACR | 140,782 | |||||||||
Cumulative paid claims and claim expenses, net of reinsurance | 150,502 | 103,874 | $ 55,762 | |||||||
2,015 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and claim expenses, net of reinsurance | 620,623 | 635,553 | ||||||||
IBNR and ACR | 343,935 | |||||||||
Cumulative paid claims and claim expenses, net of reinsurance | 192,864 | 95,712 | ||||||||
2015 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and claim expenses, net of reinsurance | 192,593 | 224,669 | ||||||||
IBNR and ACR | 62,748 | |||||||||
Cumulative paid claims and claim expenses, net of reinsurance | 108,173 | 62,173 | ||||||||
2015 | Casualty and Specialty | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and claim expenses, net of reinsurance | 428,030 | 410,884 | ||||||||
IBNR and ACR | 281,187 | |||||||||
Cumulative paid claims and claim expenses, net of reinsurance | 84,691 | $ 33,539 | ||||||||
2,016 | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and claim expenses, net of reinsurance | 675,378 | |||||||||
IBNR and ACR | 542,083 | |||||||||
Cumulative paid claims and claim expenses, net of reinsurance | 79,422 | |||||||||
2016 | Property | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and claim expenses, net of reinsurance | 251,774 | |||||||||
IBNR and ACR | 178,466 | |||||||||
Cumulative paid claims and claim expenses, net of reinsurance | 47,480 | |||||||||
2016 | Casualty and Specialty | ||||||||||
Claims Development [Line Items] | ||||||||||
Incurred claims and claim expenses, net of reinsurance | 423,604 | |||||||||
IBNR and ACR | 363,617 | |||||||||
Cumulative paid claims and claim expenses, net of reinsurance | $ 31,942 |
Reserve for Claims and Claim 89
Reserve for Claims and Claim Expenses (Liability for Catastrophe Claims) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Liability for Catastrophe Claims [Line Items] | |||
Prior years | $ (164,126) | $ (162,447) | $ (143,798) |
Other | |||
Liability for Catastrophe Claims [Line Items] | |||
Prior years | (1,110) | (870) | (6,137) |
Property | |||
Liability for Catastrophe Claims [Line Items] | |||
Prior years | (104,876) | (93,786) | (87,258) |
Property | Actuarial assumption changes | |||
Liability for Catastrophe Claims [Line Items] | |||
Prior years | 0 | (1,501) | 0 |
Property | Large and Small Catastrophe Events | |||
Liability for Catastrophe Claims [Line Items] | |||
Prior years | (104,876) | (92,285) | (87,258) |
Property | Large Catastrophe Event | |||
Liability for Catastrophe Claims [Line Items] | |||
Prior years | (33,926) | (34,280) | (58,009) |
Property | Thailand Floods (2011) | |||
Liability for Catastrophe Claims [Line Items] | |||
Prior years | (15,131) | (18,823) | (11,754) |
Property | Tohoku Earthquake and Tsunami (2011) | |||
Liability for Catastrophe Claims [Line Items] | |||
Prior years | (7,314) | (5,313) | (5,408) |
Property | New Zealand Earthquake (2011) | |||
Liability for Catastrophe Claims [Line Items] | |||
Prior years | 1,987 | 22,754 | (3,088) |
Property | 2011 International Events | |||
Liability for Catastrophe Claims [Line Items] | |||
Prior years | (20,458) | (1,382) | (20,250) |
Property | Storm Sandy (2012) | |||
Liability for Catastrophe Claims [Line Items] | |||
Prior years | (10,849) | (12,503) | (24,232) |
Property | April and May U.S. Tornadoes (2011) | |||
Liability for Catastrophe Claims [Line Items] | |||
Prior years | (4,213) | (10,190) | (14,272) |
Property | New Zealand Earthquake (2010) | |||
Liability for Catastrophe Claims [Line Items] | |||
Prior years | 6,904 | 1,095 | 24,692 |
Property | Other | |||
Liability for Catastrophe Claims [Line Items] | |||
Prior years | (5,310) | (11,300) | (23,947) |
Property | Small Catastrophe Event | |||
Liability for Catastrophe Claims [Line Items] | |||
Prior years | (70,950) | (58,005) | (29,249) |
Property | U.S. PCS 13/14 Wind and Thunderstorm (2013) | |||
Liability for Catastrophe Claims [Line Items] | |||
Prior years | (6,286) | (1,882) | (4,239) |
Property | Tianjin Explosion (2015) | |||
Liability for Catastrophe Claims [Line Items] | |||
Prior years | (5,686) | 0 | 0 |
Property | U.S. PCS 15 Wind and Thunderstorm (2013) | |||
Liability for Catastrophe Claims [Line Items] | |||
Prior years | (5,648) | 418 | 2,400 |
Property | U.S. PCS 81 Wind and Thunderstorm (2015) | |||
Liability for Catastrophe Claims [Line Items] | |||
Prior years | (5,098) | 0 | 0 |
Property | U.S. PCS 70 Wind and Thunderstorm (2012) | |||
Liability for Catastrophe Claims [Line Items] | |||
Prior years | (3,772) | (1,220) | 13,362 |
Property | U.S. PCS 24 Wind and Thunderstorm (2013) | |||
Liability for Catastrophe Claims [Line Items] | |||
Prior years | (229) | (809) | (6,712) |
Property | European Floods (2013) | |||
Liability for Catastrophe Claims [Line Items] | |||
Prior years | (40) | (2,466) | (8,496) |
Property | Other | |||
Liability for Catastrophe Claims [Line Items] | |||
Prior years | (44,191) | (52,046) | (25,564) |
Casualty and Specialty | |||
Liability for Catastrophe Claims [Line Items] | |||
Prior years | (58,140) | (67,791) | (50,403) |
Casualty and Specialty | Actuarial methods - actual reported claims less than expected claims | |||
Liability for Catastrophe Claims [Line Items] | |||
Prior years | (52,601) | (72,551) | (50,403) |
Casualty and Specialty | Actuarial assumption changes | |||
Liability for Catastrophe Claims [Line Items] | |||
Prior years | $ (5,539) | $ 4,760 | $ 0 |
Reserve for Claims and Claim 90
Reserve for Claims and Claim Expenses (Reconciliation of the Disclosure of Incurred and Paid Claims Development to the Reserve for Claims and Claim Expenses) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net reserve for claims and claim expenses | $ 2,568,730 | $ 2,632,519 | $ 1,345,816 | $ 1,462,705 |
Reinsurance recoverable | 279,564 | |||
Total gross reserve for claims and claim expenses | 2,848,294 | 2,767,045 | $ 1,412,510 | |
Other | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net reserve for claims and claim expenses | 2,114 | |||
Reinsurance recoverable | 23,280 | |||
Total gross reserve for claims and claim expenses | 25,394 | 27,678 | ||
Property | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net reserve for claims and claim expenses | 584,036 | |||
Reinsurance recoverable | 43,738 | |||
Total gross reserve for claims and claim expenses | 627,774 | 706,201 | ||
Casualty and Specialty | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net reserve for claims and claim expenses | 1,982,580 | |||
Reinsurance recoverable | 212,546 | |||
Total gross reserve for claims and claim expenses | $ 2,195,126 | $ 2,033,166 |
Reserve for Claims and Claim 91
Reserve for Claims and Claim Expenses (Historical Claims Duration) (Details) | Dec. 31, 2016 |
Property | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout, year one | 26.50% |
Average annual percentage payout, year two | 23.70% |
Average annual percentage payout, year three | 20.90% |
Average annual percentage payout, year four | 10.20% |
Average annual percentage payout, year five | 5.00% |
Average annual percentage payout, year six | 2.90% |
Average annual percentage payout, year seven | 5.30% |
Average annual percentage payout, year eight | 0.30% |
Average annual percentage payout, year nine | 0.30% |
Average annual percentage payout, year ten | 0.60% |
Casualty and Specialty | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout, year one | 10.20% |
Average annual percentage payout, year two | 19.30% |
Average annual percentage payout, year three | 11.10% |
Average annual percentage payout, year four | 10.60% |
Average annual percentage payout, year five | 8.80% |
Average annual percentage payout, year six | 8.10% |
Average annual percentage payout, year seven | 4.50% |
Average annual percentage payout, year eight | 3.70% |
Average annual percentage payout, year nine | 3.40% |
Average annual percentage payout, year ten | 4.30% |
Reserve for Claims and Claim 92
Reserve for Claims and Claim Expenses (Cumulative Number of Claims Reported) (Details) - Excess of Loss Reinsurance Contracts | Dec. 31, 2016claim |
2007 | Property | |
Claims Development [Line Items] | |
Cumulative number of reported claims (in claims) | 908 |
2007 | Casualty and Specialty | |
Claims Development [Line Items] | |
Cumulative number of reported claims (in claims) | 1,388 |
2008 | Property | |
Claims Development [Line Items] | |
Cumulative number of reported claims (in claims) | 1,350 |
2008 | Casualty and Specialty | |
Claims Development [Line Items] | |
Cumulative number of reported claims (in claims) | 1,368 |
2009 | Property | |
Claims Development [Line Items] | |
Cumulative number of reported claims (in claims) | 742 |
2009 | Casualty and Specialty | |
Claims Development [Line Items] | |
Cumulative number of reported claims (in claims) | 1,082 |
2010 | Property | |
Claims Development [Line Items] | |
Cumulative number of reported claims (in claims) | 781 |
2010 | Casualty and Specialty | |
Claims Development [Line Items] | |
Cumulative number of reported claims (in claims) | 1,030 |
2011 | Property | |
Claims Development [Line Items] | |
Cumulative number of reported claims (in claims) | 1,178 |
2011 | Casualty and Specialty | |
Claims Development [Line Items] | |
Cumulative number of reported claims (in claims) | 1,356 |
2012 | Property | |
Claims Development [Line Items] | |
Cumulative number of reported claims (in claims) | 667 |
2012 | Casualty and Specialty | |
Claims Development [Line Items] | |
Cumulative number of reported claims (in claims) | 1,253 |
2013 | Property | |
Claims Development [Line Items] | |
Cumulative number of reported claims (in claims) | 622 |
2013 | Casualty and Specialty | |
Claims Development [Line Items] | |
Cumulative number of reported claims (in claims) | 1,187 |
2014 | Property | |
Claims Development [Line Items] | |
Cumulative number of reported claims (in claims) | 523 |
2014 | Casualty and Specialty | |
Claims Development [Line Items] | |
Cumulative number of reported claims (in claims) | 1,353 |
2015 | Property | |
Claims Development [Line Items] | |
Cumulative number of reported claims (in claims) | 555 |
2015 | Casualty and Specialty | |
Claims Development [Line Items] | |
Cumulative number of reported claims (in claims) | 988 |
2016 | Property | |
Claims Development [Line Items] | |
Cumulative number of reported claims (in claims) | 548 |
2016 | Casualty and Specialty | |
Claims Development [Line Items] | |
Cumulative number of reported claims (in claims) | 365 |
Debt and Credit Facilities (Sum
Debt and Credit Facilities (Summary of Debt Obligations) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Long-term debt, fair value | $ 964,800 | $ 973,342 |
Long-term debt | 948,663 | 960,495 |
RenaissanceRe Finance, Inc. | 3.700% Senior Notes Due April 1, 2025 | ||
Debt Instrument [Line Items] | ||
Long-term debt, fair value | 291,750 | 287,100 |
Long-term debt | 296,948 | 296,577 |
RenRe North America Holdings Inc | 5.75% Senior Notes Due March 15, 2020 | ||
Debt Instrument [Line Items] | ||
Long-term debt, fair value | 270,875 | 270,000 |
Long-term debt | 248,941 | 248,610 |
Platinum Underwriters Finance, Inc | Series B 7.50% Notes Due June 1, 2017 | ||
Debt Instrument [Line Items] | ||
Long-term debt, fair value | 257,500 | 267,500 |
Long-term debt | 255,352 | 268,196 |
DaVinciRe Holdings Ltd. | 4.750% Senior Notes Due May 1, 2025 | ||
Debt Instrument [Line Items] | ||
Long-term debt, fair value | 144,675 | 148,742 |
Long-term debt | $ 147,422 | $ 147,112 |
Debt and Credit Facilities (Nar
Debt and Credit Facilities (Narrative) (Details) £ in Thousands | Nov. 23, 2015USD ($)letter_of_credit | May 04, 2015USD ($) | Mar. 24, 2015USD ($) | Mar. 17, 2010USD ($) | Nov. 02, 2005USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2016GBP (£) | May 31, 2016USD ($) | May 31, 2016GBP (£) | Mar. 31, 2016USD ($) | Mar. 31, 2016GBP (£) | Nov. 23, 2015GBP (£) | May 15, 2015USD ($) | Sep. 17, 2010USD ($) |
Debt Instrument [Line Items] | ||||||||||||||||
Margin facility amount outstanding | $ 770,593,000 | £ 100,000 | ||||||||||||||
Interest paid | $ 54,000,000 | $ 40,800,000 | $ 17,200,000 | |||||||||||||
Letter of Credit | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Letters of credit outstanding | 894,200,000 | |||||||||||||||
DaVinciRe Holdings Ltd. | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Loan agreement with related party | $ 100,000,000 | |||||||||||||||
Top Layer Reinsurance Ltd. | Letter of Credit | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Collateralized letter of credit and reimbursement agreement | 37,500,000 | |||||||||||||||
Top Layer Reinsurance Ltd. | Letter of Credit | Capital Support Agreement | Less than | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Mandatory capital contribution in the event of capital and surplus reduction below a specified level | 50,000,000 | |||||||||||||||
Revolving Credit Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of credit facility, outstanding amount | $ 0 | |||||||||||||||
3.700% Senior Notes Due April 1, 2025 | RenaissanceRe Finance, Inc. | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument, face amount | $ 300,000,000 | |||||||||||||||
Senior notes interest rate | 3.70% | |||||||||||||||
Debt instrument maturity date | April 1, 2025 | |||||||||||||||
5.75% Senior Notes Due March 15, 2020 | RenRe North America Holdings Inc | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument, face amount | $ 250,000,000 | |||||||||||||||
Senior notes interest rate | 5.75% | |||||||||||||||
Debt instrument maturity date | March 15, 2020 | |||||||||||||||
Series B 7.50% Notes Due June 1, 2017 | Platinum Underwriters Finance, Inc | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument, face amount | $ 250,000,000 | |||||||||||||||
Senior notes interest rate | 7.50% | |||||||||||||||
Debt instrument maturity date | June 1, 2017 | |||||||||||||||
4.750% Senior Notes Due May 1, 2025 | DaVinciRe Holdings Ltd. | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument, face amount | $ 150,000,000 | |||||||||||||||
Senior notes interest rate | 4.75% | |||||||||||||||
Debt instrument maturity date | May 1, 2025 | |||||||||||||||
Revolving Credit Facility | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Letter of credit aggregate commitment | $ 250,000,000 | |||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 350,000,000 | |||||||||||||||
Debt to capital ratio | 0.35 | 0.35 | ||||||||||||||
Minimum net worth requirements | $ 2,900,000,000 | |||||||||||||||
Standby Letter of Credit Facility | Wells Fargo | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Letters of credit outstanding | 140,829,000 | |||||||||||||||
Standby Letter of Credit Facility | National Australia Bank Limited | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Letters of credit outstanding | 4,855,000 | |||||||||||||||
Bilateral Facility | Bilateral Facility Participants | Letter of Credit | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 300,000,000 | |||||||||||||||
Bilateral Facility | Bilateral Facility Participants | Citibank Europe PLC | Letter of Credit | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Letters of credit outstanding | 244,909,000 | |||||||||||||||
Loan agreement, remaining borrowing capacity | 55,100,000 | |||||||||||||||
Bilateral Facility | Platinum Underwriters Bermuda, Ltd. and Renaissance Reinsurance U.S. Inc. [Member] | Letter of Credit | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 25,000,000 | |||||||||||||||
Renaissance Reinsurance FAL Facility | Syndicate 1458 | Bank Of Montreal, Citibank Europe and ING Bank | Letter of Credit | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Letter of credit aggregate commitment | $ 360,000,000 | $ 380,000,000 | £ 90,000 | £ 85,000 | ||||||||||||
Letters of credit outstanding | $ 380,000,000 | £ 90,000 | ||||||||||||||
Number of letters of credit | letter_of_credit | 2 | |||||||||||||||
Collateral amount, percent of aggregate outstanding letters of credit in option 1 | 100.00% | 100.00% | ||||||||||||||
Collateral amount, percent of aggregate outstanding letters of credit in case of Full Collateralization Event | 100.00% | 100.00% | ||||||||||||||
Renaissance Reinsurance FAL Facility | Syndicate 1458 | Bank Of Montreal, Citibank Europe and ING Bank | Letter of Credit | Greater than or equal to | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Collateral amount, percent of aggregate outstanding letters of credit, option 2 | 60.00% | 60.00% | ||||||||||||||
Renaissance Reinsurance FAL Facility | Syndicate 1458 | Bank Of Montreal, Citibank Europe and ING Bank | Letter of Credit | Less than | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Collateral amount, percent of aggregate outstanding letters of credit, option 2 | 100.00% | 100.00% | ||||||||||||||
Specialty Risks FAL Facility | Syndicate 1458 | Citibank Europe PLC | Letter of Credit | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Letters of credit outstanding | £ | £ 10,000 | |||||||||||||||
Platinum Underwriters Holdings, Ltd. | Bridge Loan | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Short-term debt | $ 300,000,000 |
Debt and Credit Facilities (Sch
Debt and Credit Facilities (Schedule of Credit Facilities) (Details) £ in Thousands, $ in Thousands | Dec. 31, 2016USD ($) | Dec. 31, 2016GBP (£) | Mar. 31, 2016USD ($) | Mar. 31, 2016GBP (£) |
Line of Credit Facility [Line Items] | ||||
Credit facilities outstanding | $ 770,593 | £ 100,000 | ||
Wells Fargo | Standby Letter of Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Letters of credit outstanding | $ 140,829 | |||
National Australia Bank Limited | Standby Letter of Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Letters of credit outstanding | 4,855 | |||
Citibank Europe PLC | Bilateral Facility | Letter of Credit | Bilateral Facility Participants | ||||
Line of Credit Facility [Line Items] | ||||
Letters of credit outstanding | 244,909 | |||
Citibank Europe PLC | Specialty Risks FAL Facility | Letter of Credit | Syndicate 1458 | ||||
Line of Credit Facility [Line Items] | ||||
Letters of credit outstanding | £ | £ 10,000 | |||
Bank Of Montreal, Citibank Europe and ING Bank | Renaissance Reinsurance FAL Facility | Letter of Credit | Syndicate 1458 | ||||
Line of Credit Facility [Line Items] | ||||
Letters of credit outstanding | 380,000 | £ 90,000 | ||
Revolving Credit Facility | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit facility, outstanding amount | $ 0 |
Debt and Credit Facilities (S96
Debt and Credit Facilities (Schedule of Maturities of Long-term Debt) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Debt Disclosure [Abstract] | |
2,016 | $ 250,000 |
2,017 | 0 |
2,018 | 0 |
2,019 | 250,000 |
2,020 | 0 |
After 2,020 | 450,000 |
Fair value adjustments | 5,352 |
Unamortized debt issuance expense | (6,689) |
Total | $ 948,663 |
Noncontrolling Interests (Sched
Noncontrolling Interests (Schedule Of Redeemable Noncontrolling Interest) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Activity in redeemable noncontrolling interest | |||
Balance, Beginning | $ 1,045,964 | ||
Net income attributable to redeemable noncontrolling interest | 127,086 | $ 111,050 | $ 153,538 |
Balance, Ending | 1,175,594 | 1,045,964 | |
DaVinciRe Holdings Ltd. | |||
Activity in redeemable noncontrolling interest | |||
Balance, Beginning | 930,955 | 1,037,306 | |
Redemption of shares from redeemable noncontrolling interests | (98,285) | (212,750) | |
Sale of shares to redeemable noncontrolling interest | 43,040 | 0 | |
Net income attributable to redeemable noncontrolling interest | 118,748 | 106,399 | 149,817 |
Balance, Ending | 994,458 | 930,955 | 1,037,306 |
RenaissanceRe Medici Fund Ltd. | |||
Activity in redeemable noncontrolling interest | |||
Balance, Beginning | 115,009 | 94,402 | |
Redemption of shares from redeemable noncontrolling interests | (21,729) | (20,117) | |
Sale of shares to redeemable noncontrolling interest | 79,518 | 36,073 | |
Net income attributable to redeemable noncontrolling interest | 8,338 | 4,651 | 3,721 |
Balance, Ending | $ 181,136 | $ 115,009 | $ 94,402 |
Noncontrolling Interests (Narra
Noncontrolling Interests (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Jan. 31, 2016 | Jan. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Jan. 01, 2016 | Jan. 01, 2015 | |
DaVinciRe Holdings Ltd. | ||||||
Noncontrolling Interest [Line Items] | ||||||
Redeemable noncontrolling interest, ownership percentage | 24.00% | 26.30% | ||||
Noncontrolling interest, value subscribed | $ 43,040 | $ 0 | ||||
Redemption of shares from redeemable noncontrolling interests | $ 98,285 | $ 212,750 | ||||
DaVinciRe Holdings Ltd. | Redeemable Noncontrolling Interest | ||||||
Noncontrolling Interest [Line Items] | ||||||
Redeemable noncontrolling interest, ownership percentage | 24.00% | 26.30% | ||||
Share repurchase requests, percent of aggregate shares, limit | 50.00% | |||||
Redeemable noncontrolling interest, net redemptions | $ 100,000 | $ 225,000 | ||||
Redeemable noncontrolling interest, reserve holdback | $ 10,000 | $ 22,500 | ||||
DaVinciRe Holdings Ltd. | Redeemable Noncontrolling Interest | Maximum | ||||||
Noncontrolling Interest [Line Items] | ||||||
Share repurchase requests, limit | 25.00% | |||||
RenaissanceRe Medici Fund Ltd. | ||||||
Noncontrolling Interest [Line Items] | ||||||
Redeemable noncontrolling interest, ownership percentage | 36.50% | 46.10% | ||||
Noncontrolling interest, value subscribed | $ 79,518 | $ 36,073 | ||||
Redemption of shares from redeemable noncontrolling interests | $ 21,729 | $ 20,117 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Variable Interest Entity [Line Items] | |||
Investment in variable interest entity | $ 0 | $ 0 | $ 0 |
Total assets | 12,352,082 | 11,555,287 | |
Total liabilities | 6,309,911 | 5,777,139 | |
Other assets | 175,382 | 181,011 | |
Ceded premiums written | 839,264 | 595,127 | 482,336 |
Ceded premiums earned | 628,675 | 466,719 | $ 453,658 |
Upsilon RFO Re Ltd. | Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Return of capital | 242,500 | 420,200 | |
Total assets | 193,000 | 250,600 | |
Total liabilities | $ 193,000 | 250,500 | |
Other assets | $ 135,700 | ||
Upsilon RFO Re Ltd. | Primary Beneficiary | RenaissanceRe Holdings Ltd. | |||
Variable Interest Entity [Line Items] | |||
Variable interest entity, ownership percentage | 28.80% | 21.70% | |
Return of capital | $ 59,800 | $ 132,300 | |
Upsilon RFO Re Ltd. | Primary Beneficiary | Non-voting preference shares | |||
Variable Interest Entity [Line Items] | |||
Non-voting preference shares issued to third parties | 166,600 | 153,700 | |
Investment in variable interest entity | 55,200 | 42,500 | |
Mona Lisa Re Ltd. | Renaissance Reinsurance Ltd. | |||
Variable Interest Entity [Line Items] | |||
Ceded premiums written | 7,400 | 7,300 | |
Ceded premiums earned | 7,300 | 7,300 | |
Mona Lisa Re Ltd. | DaVinci Reinsurance Ltd. | |||
Variable Interest Entity [Line Items] | |||
Ceded premiums written | 5,100 | 5,000 | |
Ceded premiums earned | 5,000 | 5,000 | |
Mona Lisa Re Ltd. | Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Total assets | 184,200 | 184,000 | |
Total liabilities | $ 184,200 | $ 184,000 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) | Dec. 30, 2016$ / shares | Sep. 30, 2016$ / shares | Jun. 30, 2016$ / shares | Mar. 31, 2016$ / shares | Mar. 15, 2016$ / shares | Dec. 15, 2015$ / shares | Sep. 15, 2015$ / shares | Jun. 15, 2015$ / shares | Jun. 27, 2013USD ($)shares | May 31, 2013USD ($)$ / sharesshares | Mar. 31, 2004USD ($)$ / sharesshares | Dec. 31, 2016USD ($)directorperiod$ / sharesshares | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($)$ / sharesshares | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)directorperiod$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Aug. 02, 2016USD ($) |
Class of Stock [Line Items] | |||||||||||||||||||||||
Aggregate authorized shares | shares | 325,000,000 | 325,000,000 | |||||||||||||||||||||
Authorized common shares | shares | 225,000,000 | 225,000,000 | |||||||||||||||||||||
Authorized preference shares | shares | 100,000,000 | 100,000,000 | |||||||||||||||||||||
Dividends declared per common share, in dollars per share | $ / shares | $ 1.24 | $ 1.2 | $ 1.16 | ||||||||||||||||||||
Dividends on preference shares | $ | $ 5,595,000 | $ 5,595,000 | $ 5,596,000 | $ 5,595,000 | $ 5,595,000 | $ 5,595,000 | $ 5,596,000 | $ 5,595,000 | $ 22,381,000 | $ 22,381,000 | $ 22,381,000 | ||||||||||||
Preference Shares, Par Value (In dollars per share) | $ / shares | $ 1 | $ 1 | $ 1 | $ 1 | |||||||||||||||||||
Preference shares, Shares outstanding | shares | 16,000,000 | 16,000,000 | 16,000,000 | 16,000,000 | |||||||||||||||||||
Preference shares, Amount of preferred dividends in arrears, equivalent number of periods, trigger | period | 6 | 6 | |||||||||||||||||||||
Preference shares, Preferred stock dividends in arrears, triggered shareholder election right, number of directors | director | 2 | 2 | |||||||||||||||||||||
Common shares | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Dividends declared per common share, in dollars per share | $ / shares | $ 0.31 | $ 0.31 | $ 0.31 | $ 0.31 | |||||||||||||||||||
Dividends per common share, in usd per share | $ / shares | $ 0.31 | $ 0.31 | $ 0.31 | $ 0.31 | $ 0.31 | ||||||||||||||||||
Repurchase of shares (in shares) | shares | 2,700,000 | ||||||||||||||||||||||
Share repurchase program, Authorized aggregate amount | $ | $ 500,000,000 | ||||||||||||||||||||||
Common shares repurchased during period, Aggregate value | $ | $ 309,400,000 | ||||||||||||||||||||||
Common shares repurchased during period, Average cost per share (in dollars per share) | $ / shares | $ 112.87 | ||||||||||||||||||||||
Remaining authorized shares per share repurchase program | $ | $ 500,000,000 | $ 500,000,000 | |||||||||||||||||||||
Series C Preferred Stock | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Preference shares, issued | $ | $ 250,000,000 | ||||||||||||||||||||||
Preference shares, Shares issued | shares | 10,000,000 | ||||||||||||||||||||||
Preference Shares, Par Value (In dollars per share) | $ / shares | $ 25 | ||||||||||||||||||||||
Preference shares, Shares redeemed | shares | 5,000,000 | ||||||||||||||||||||||
Preference shares, Redemption amount | $ | $ 125,000,000 | ||||||||||||||||||||||
Preference shares, Shares outstanding | shares | 5,000,000 | ||||||||||||||||||||||
Preference shares, Dividend rate | 6.08% | ||||||||||||||||||||||
Series E Preferred Stock | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Preference shares, issued | $ | $ 275,000,000 | ||||||||||||||||||||||
Preference shares, Shares issued | shares | 11,000,000 | ||||||||||||||||||||||
Preference Shares, Par Value (In dollars per share) | $ / shares | $ 25 | ||||||||||||||||||||||
Preference shares, Redemption price per share | $ / shares | $ 25 | $ 25 | |||||||||||||||||||||
Preference shares, Dividend rate | 5.375% | ||||||||||||||||||||||
Common shares | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Repurchase of shares (in shares) | shares | 2,741,000 | 2,473,000 | 5,355,000 | ||||||||||||||||||||
Common shares repurchased during period, Aggregate value | $ | $ 2,741,000 | $ 2,473,000 | $ 5,355,000 | ||||||||||||||||||||
Preference shares, Shares issued | shares | 0 | 7,435,000 | 0 | ||||||||||||||||||||
Retained earnings | |||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||
Dividends on common shares | $ | $ 51,583,000 | $ 53,967,000 | $ 45,912,000 | ||||||||||||||||||||
Dividends on preference shares | $ | 22,381,000 | 22,381,000 | |||||||||||||||||||||
Common shares repurchased during period, Aggregate value | $ | $ 0 | $ 0 | $ 497,175,000 |
Shareholders' Equity (Shares Is
Shareholders' Equity (Shares Issued and Outstanding) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Shares issued - January 1 (in shares) | 43,701,064 | ||
Shares outstanding - January 1 (in shares) | 43,701,064 | ||
Shares issued - December 31 (in shares) | 41,187,413 | 43,701,064 | |
Shares outstanding - December 31 (in shares) | 41,187,413 | 43,701,064 | |
Common shares | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Shares issued - January 1 (in shares) | 43,701,000 | 38,442,000 | 43,646,000 |
Shares outstanding - January 1 (in shares) | 43,701,000 | 38,442,000 | 43,646,000 |
Issuance of shares | 0 | 7,435,000 | 0 |
Repurchase of shares (in shares) | (2,741,000) | (2,473,000) | (5,355,000) |
Exercise of options and issuance of restricted stock awards | 227,000 | 297,000 | 151,000 |
Shares issued - December 31 (in shares) | 41,187,000 | 43,701,000 | 38,442,000 |
Shares outstanding - December 31 (in shares) | 41,187,000 | 43,701,000 | 38,442,000 |
Earnings Per Share (Computation
Earnings Per Share (Computation Of Basic And Diluted Earnings Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Numerator: | |||||||||||
Net income available to RenaissanceRe common shareholders | $ 69,436 | $ 146,825 | $ 136,325 | $ 127,995 | $ 92,206 | $ 75,529 | $ 73,233 | $ 167,843 | $ 480,581 | $ 408,811 | $ 510,337 |
Amount allocated to participating common shareholders | (5,666) | (4,721) | (6,760) | ||||||||
Net income allocated to RenaissanceRe common shareholders | $ 474,915 | $ 404,090 | $ 503,577 | ||||||||
Denominator: | |||||||||||
Denominator for basic income per RenaissanceRe common share - weighted average common shares (In shares) | 40,474 | 40,513 | 41,693 | 42,577 | 43,131 | 44,564 | 45,303 | 39,631 | 41,314 | 43,157 | 39,425 |
Per common share equivalents of employee stock options and performance shares (In shares) | 245 | 369 | 543 | ||||||||
Denominator for diluted income per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions (In shares) | 40,707 | 40,733 | 41,885 | 42,912 | 43,513 | 44,913 | 45,657 | 40,021 | 41,559 | 43,526 | 39,968 |
Basic income per RenaissanceRe common share (In dollars per share) | $ 1.70 | $ 3.58 | $ 3.23 | $ 2.97 | $ 2.11 | $ 1.68 | $ 1.60 | $ 4.18 | $ 11.50 | $ 9.36 | $ 12.77 |
Diluted income per RenaissanceRe common share (In dollars per share) | $ 1.69 | $ 3.56 | $ 3.22 | $ 2.95 | $ 2.09 | $ 1.66 | $ 1.59 | $ 4.14 | $ 11.43 | $ 9.28 | $ 12.60 |
Related Party Transactions a103
Related Party Transactions and Major Customers (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)customer | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Related Party Transaction [Line Items] | |||||||||||
Gross premiums written | $ 323,091 | $ 430,224 | $ 759,128 | $ 862,133 | $ 336,093 | $ 369,642 | $ 661,997 | $ 643,578 | $ 2,374,576 | $ 2,011,310 | $ 1,550,572 |
Gross premiums earned | 1,874,993 | 1,769,088 | 1,450,047 | ||||||||
Acquisition expenses | 74,146 | $ 80,580 | $ 69,005 | $ 65,592 | 55,399 | $ 78,126 | $ 61,666 | $ 43,401 | 289,323 | 238,592 | 144,476 |
Net reinsurance costs and recoveries | (179,820) | (96,734) | (30,634) | ||||||||
Reserve for claims and claim expenses | 2,848,294 | 2,767,045 | 2,848,294 | 2,767,045 | 1,412,510 | ||||||
Distributions received | $ 9,400 | $ 13,300 | $ 10,300 | ||||||||
Gross premiums written | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Number of significant customers | customer | 3 | ||||||||||
Percent of gross premiums received | 80.80% | 81.50% | 87.20% | ||||||||
Gross premiums written | AON | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Percent of gross premiums received | 46.40% | 48.10% | 51.50% | ||||||||
Gross premiums written | Marsh | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Percent of gross premiums received | 23.60% | 21.70% | 21.50% | ||||||||
Gross premiums written | Willis Towers Watson | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Percent of gross premiums received | 10.80% | 11.70% | 14.20% | ||||||||
Tower Hill Companies | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Gross premiums written | $ 32,800 | $ 32,200 | $ 40,000 | ||||||||
Gross premiums earned | 32,300 | 35,800 | 41,900 | ||||||||
Acquisition expenses | 3,800 | 4,100 | 4,700 | ||||||||
Related party receivables | 14,200 | 14,300 | 14,200 | 14,300 | |||||||
Net reinsurance costs and recoveries | (1,500) | 1,600 | 3,600 | ||||||||
Reserve for claims and claim expenses | $ 36,800 | $ 38,200 | 36,800 | 38,200 | |||||||
Distributions received | 9,000 | 13,100 | |||||||||
Top Layer Reinsurance Ltd. | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Distributions received | 0 | 0 | 0 | ||||||||
Management fees revenue | $ 2,600 | $ 2,600 | $ 2,800 |
Taxation (Narrative) (Details)
Taxation (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | |
Operating Loss Carryforwards [Line Items] | ||||
Change in valuation allowance | $ 900 | $ (43,800) | $ 5,600 | |
Valuation allowance | 18,776 | 17,852 | ||
Income taxes paid (refunded) | (1,100) | 10,300 | 1,100 | |
Unrecognized tax benefits | 0 | 0 | ||
Interest and penalties accrued on unrecognized tax benefits | 0 | $ 0 | ||
Internal Revenue Service (IRS) | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | 91,400 | |||
U.S. | ||||
Operating Loss Carryforwards [Line Items] | ||||
Valuation allowance | $ 48,500 | $ 1,000 | ||
Ireland | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | 10,400 | |||
U.K. | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | 90,900 | |||
Singapore | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | $ 7,600 | |||
U.S. | Internal Revenue Service (IRS) | ||||
Operating Loss Carryforwards [Line Items] | ||||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate, Dividend Withholding Tax, Percent | 5.00% |
Taxation (Income Before Income
Taxation (Income Before Income Taxes, Foreign and Domestic) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Expense (Benefit) | |||||||||||
Income before taxes | $ 83,550 | $ 186,745 | $ 179,168 | $ 180,925 | $ 134,322 | $ 107,704 | $ 89,154 | $ 165,196 | $ 630,388 | $ 496,376 | $ 686,864 |
Bermuda | Domestic Country | |||||||||||
Income Tax Expense (Benefit) | |||||||||||
Domestic | 652,758 | 511,114 | 701,476 | ||||||||
U.K. | Foreign | |||||||||||
Income Tax Expense (Benefit) | |||||||||||
Foreign | (24,278) | (22,712) | (3,166) | ||||||||
U.S. | Internal Revenue Service (IRS) | |||||||||||
Income Tax Expense (Benefit) | |||||||||||
Foreign | (1,236) | 12,523 | (10,977) | ||||||||
Ireland | Foreign | |||||||||||
Income Tax Expense (Benefit) | |||||||||||
Foreign | 964 | 188 | 1,549 | ||||||||
Singapore | Foreign | |||||||||||
Income Tax Expense (Benefit) | |||||||||||
Foreign | $ 2,180 | $ (4,737) | $ (2,018) |
Taxation (Components of Income
Taxation (Components of Income Tax Benefit (Expense)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Expense (Benefit) | |||||||||||
Current | $ (2,090) | $ (3,471) | $ (699) | ||||||||
Deferred | 1,750 | 49,337 | 91 | ||||||||
Income tax (expense) benefit | $ 7,700 | $ 1,316 | $ (6,612) | $ (2,744) | $ (8,453) | $ 4,573 | $ 1,842 | $ 47,904 | $ (340) | $ 45,866 | $ (608) |
Taxation (Income Tax Reconcilia
Taxation (Income Tax Reconciliation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax [Line Items] | |||||||||||
Expected income tax benefit | $ 4,856 | $ 1,011 | $ 4,725 | ||||||||
Tax exempt income | 4,487 | 4,939 | 671 | ||||||||
Transaction costs | (131) | 3,654 | 0 | ||||||||
Change in valuation allowance | (924) | 43,808 | (5,554) | ||||||||
Non-taxable foreign exchange (losses) gains | (1,126) | (1,897) | 885 | ||||||||
Withholding tax | (2,578) | (3,036) | (327) | ||||||||
Other | (4,924) | (2,613) | (1,008) | ||||||||
Income tax (expense) benefit | $ 7,700 | $ 1,316 | $ (6,612) | $ (2,744) | $ (8,453) | $ 4,573 | $ 1,842 | $ 47,904 | $ (340) | $ 45,866 | $ (608) |
Bermuda | Domestic Country | |||||||||||
Income Tax [Line Items] | |||||||||||
Statutory income tax rate | 0.00% | ||||||||||
U.S. | Internal Revenue Service (IRS) | |||||||||||
Income Tax [Line Items] | |||||||||||
Foreign statutory income tax rate | 35.00% | ||||||||||
Ireland | Foreign | |||||||||||
Income Tax [Line Items] | |||||||||||
Foreign statutory income tax rate | 12.50% | ||||||||||
U.K. | Foreign | |||||||||||
Income Tax [Line Items] | |||||||||||
Foreign statutory income tax rate | 20.00% | ||||||||||
Singapore | Foreign | |||||||||||
Income Tax [Line Items] | |||||||||||
Foreign statutory income tax rate | 17.00% |
Taxation (Deferred Tax Assets a
Taxation (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred Tax Assets | ||
Tax loss and credit carryforwards | $ 51,620 | $ 40,512 |
Reserve for claims and claim expenses | 26,265 | 29,833 |
Deferred interest expense | 18,408 | 18,901 |
Accrued expenses | 9,386 | 15,730 |
Unearned premiums | 7,496 | 8,946 |
Deferred underwriting results | 0 | 421 |
Deferred tax assets | 113,175 | 114,343 |
Deferred Tax Liabilities | ||
Deferred acquisition expenses | (7,485) | (10,741) |
Amortization and depreciation | (3,605) | (5,899) |
Deferred underwriting results | (2,964) | 0 |
Investments | (223) | (1,479) |
Deferred tax liabilities | (14,277) | (18,119) |
Net deferred tax asset before valuation allowance | 98,898 | 96,224 |
Valuation allowance | (18,776) | (17,852) |
Net deferred tax asset | $ 80,122 | $ 78,372 |
Segment Reporting (Schedule Of
Segment Reporting (Schedule Of Significant Components Of The Company's Revenues And Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Gross premiums written | $ 323,091 | $ 430,224 | $ 759,128 | $ 862,133 | $ 336,093 | $ 369,642 | $ 661,997 | $ 643,578 | $ 2,374,576 | $ 2,011,310 | $ 1,550,572 |
Net premiums written | 219,499 | 284,222 | 519,916 | 511,675 | 236,651 | 266,820 | 508,677 | 404,035 | 1,535,312 | 1,416,183 | 1,068,236 |
Net premiums earned | 351,901 | 346,521 | 351,402 | 353,606 | 361,575 | 362,388 | 379,828 | 296,760 | 1,403,430 | 1,400,551 | 1,062,416 |
Net claims and claim expenses incurred | 123,901 | 112,575 | 167,750 | 126,605 | 102,013 | 100,028 | 169,344 | 76,853 | 530,831 | 448,238 | 197,947 |
Acquisition expenses | 74,146 | 80,580 | 69,005 | 65,592 | 55,399 | 78,126 | 61,666 | 43,401 | 289,323 | 238,592 | 144,476 |
Operational expenses | 49,948 | 40,493 | 51,073 | 56,235 | 64,300 | 54,518 | 54,673 | 45,621 | 197,749 | 219,112 | 190,639 |
Underwriting income (loss) | 385,527 | 494,609 | 529,354 | ||||||||
Net investment income | 47,316 | 51,423 | 54,124 | 28,863 | 45,918 | 28,338 | 38,604 | 39,707 | 181,726 | 152,567 | 124,316 |
Net foreign exchange (losses) gains | (5,420) | (5,986) | (690) | (1,692) | 1,203 | 616 | (1,740) | (3,130) | (13,788) | (3,051) | 6,260 |
Equity in earnings (losses) of other ventures | 4,960 | (11,630) | 6,022 | 1,611 | 3,296 | 5,730 | 6,160 | 5,295 | 963 | 20,481 | 26,075 |
Other income (loss) | 5,177 | 2,268 | 2,654 | 4,079 | 8,200 | 2,306 | 1,427 | 1,539 | 14,178 | 13,472 | (423) |
Net realized and unrealized gains (losses) on investments | (49,967) | 59,870 | 69,772 | 61,653 | (42,817) | (41,138) | (26,712) | 41,749 | 141,328 | (68,918) | 41,433 |
Corporate expenses | (11,888) | (11,537) | (5,752) | (8,225) | (10,791) | (7,322) | (12,868) | (45,533) | (37,402) | (76,514) | (22,749) |
Interest expense | (10,534) | (10,536) | (10,536) | (10,538) | (10,550) | (10,542) | (9,862) | (5,316) | (42,144) | (36,270) | (17,402) |
Income before taxes | 83,550 | 186,745 | 179,168 | 180,925 | 134,322 | 107,704 | 89,154 | 165,196 | 630,388 | 496,376 | 686,864 |
Income tax (expense) benefit | 7,700 | 1,316 | (6,612) | (2,744) | (8,453) | 4,573 | 1,842 | 47,904 | (340) | 45,866 | (608) |
Net income attributable to redeemable noncontrolling interests | (16,219) | (35,641) | (30,635) | (44,591) | (28,068) | (31,153) | (12,167) | (39,662) | (127,086) | (111,050) | (153,538) |
Dividends on preference shares | (5,595) | (5,595) | (5,596) | (5,595) | (5,595) | (5,595) | (5,596) | (5,595) | (22,381) | (22,381) | (22,381) |
Net income available to RenaissanceRe common shareholders | $ 69,436 | $ 146,825 | $ 136,325 | $ 127,995 | $ 92,206 | $ 75,529 | $ 73,233 | $ 167,843 | 480,581 | 408,811 | 510,337 |
Net claims and claim expenses incurred - current accident year | 694,957 | 610,685 | 341,745 | ||||||||
Net claims and claim expenses incurred – prior accident years | (164,126) | (162,447) | (143,798) | ||||||||
Total net incurred | $ 530,831 | $ 448,238 | $ 197,947 | ||||||||
Net claims and claim expense ratio - current accident year | 49.50% | 43.60% | 32.20% | ||||||||
Net claims and claim expense ratio - prior accident years | (11.70%) | (11.60%) | (13.60%) | ||||||||
Net claims and claim expense ratio - calendar year | 37.80% | 32.00% | 18.60% | ||||||||
Underwriting expense ratio | 34.70% | 32.70% | 31.60% | ||||||||
Combined ratio | 72.50% | 64.70% | 50.20% | ||||||||
Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross premiums written | $ 0 | $ (90) | $ 309 | ||||||||
Net premiums written | 143 | (48) | 344 | ||||||||
Net premiums earned | 142 | (48) | 368 | ||||||||
Net claims and claim expenses incurred | (1,110) | (870) | (6,137) | ||||||||
Acquisition expenses | 0 | 248 | (6,548) | ||||||||
Operational expenses | 123 | 266 | 303 | ||||||||
Underwriting income (loss) | 1,129 | 308 | 12,750 | ||||||||
Net investment income | 181,726 | 152,567 | 124,316 | ||||||||
Net foreign exchange (losses) gains | (13,788) | (3,051) | 6,260 | ||||||||
Equity in earnings (losses) of other ventures | 963 | 20,481 | 26,075 | ||||||||
Other income (loss) | 14,178 | 13,472 | (423) | ||||||||
Net realized and unrealized gains (losses) on investments | 141,328 | (68,918) | 41,433 | ||||||||
Corporate expenses | (37,402) | (76,514) | (22,749) | ||||||||
Interest expense | (42,144) | (36,270) | (17,402) | ||||||||
Income tax (expense) benefit | (340) | 45,866 | (608) | ||||||||
Net income attributable to redeemable noncontrolling interests | (127,086) | (111,050) | (153,538) | ||||||||
Dividends on preference shares | (22,381) | (22,381) | (22,381) | ||||||||
Net claims and claim expenses incurred - current accident year | 0 | 0 | 0 | ||||||||
Net claims and claim expenses incurred – prior accident years | (1,110) | (870) | (6,137) | ||||||||
Total net incurred | (1,110) | (870) | (6,137) | ||||||||
Property | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross premiums written | 1,111,263 | 1,072,159 | 1,074,890 | ||||||||
Net claims and claim expenses incurred – prior accident years | (104,876) | (93,786) | (87,258) | ||||||||
Property | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross premiums written | 1,111,263 | 1,072,159 | 1,074,890 | ||||||||
Net premiums written | 725,321 | 726,145 | 662,552 | ||||||||
Net premiums earned | 720,951 | 805,985 | 698,416 | ||||||||
Net claims and claim expenses incurred | 151,545 | 128,290 | 16,643 | ||||||||
Acquisition expenses | 97,594 | 94,249 | 66,262 | ||||||||
Operational expenses | 108,642 | 118,666 | 117,943 | ||||||||
Underwriting income (loss) | 363,170 | 464,780 | 497,568 | ||||||||
Net claims and claim expenses incurred - current accident year | 256,421 | 222,076 | 103,901 | ||||||||
Net claims and claim expenses incurred – prior accident years | (104,876) | (93,786) | (87,258) | ||||||||
Total net incurred | $ 151,545 | $ 128,290 | $ 16,643 | ||||||||
Net claims and claim expense ratio - current accident year | 35.60% | 27.60% | 14.90% | ||||||||
Net claims and claim expense ratio - prior accident years | (14.60%) | (11.70%) | (12.50%) | ||||||||
Net claims and claim expense ratio - calendar year | 21.00% | 15.90% | 2.40% | ||||||||
Underwriting expense ratio | 28.60% | 26.40% | 26.40% | ||||||||
Combined ratio | 49.60% | 42.30% | 28.80% | ||||||||
Casualty and Specialty | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross premiums written | $ 1,263,313 | $ 939,241 | $ 475,373 | ||||||||
Net claims and claim expenses incurred – prior accident years | (58,140) | (67,791) | (50,403) | ||||||||
Casualty and Specialty | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gross premiums written | 1,263,313 | 939,241 | 475,373 | ||||||||
Net premiums written | 809,848 | 690,086 | 405,340 | ||||||||
Net premiums earned | 682,337 | 594,614 | 363,632 | ||||||||
Net claims and claim expenses incurred | 380,396 | 320,818 | 187,441 | ||||||||
Acquisition expenses | 191,729 | 144,095 | 84,762 | ||||||||
Operational expenses | 88,984 | 100,180 | 72,393 | ||||||||
Underwriting income (loss) | 21,228 | 29,521 | 19,036 | ||||||||
Net claims and claim expenses incurred - current accident year | 438,536 | 388,609 | 237,844 | ||||||||
Net claims and claim expenses incurred – prior accident years | (58,140) | (67,791) | (50,403) | ||||||||
Total net incurred | $ 380,396 | $ 320,818 | $ 187,441 | ||||||||
Net claims and claim expense ratio - current accident year | 64.30% | 65.40% | 65.40% | ||||||||
Net claims and claim expense ratio - prior accident years | (8.60%) | (11.40%) | (13.90%) | ||||||||
Net claims and claim expense ratio - calendar year | 55.70% | 54.00% | 51.50% | ||||||||
Underwriting expense ratio | 41.20% | 41.00% | 43.30% | ||||||||
Combined ratio | 96.90% | 95.00% | 94.80% |
Segment Reporting (Schedule 110
Segment Reporting (Schedule Of Gross Premiums Written Allocated To the Territory Of Coverage Exposure) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Gross premiums written | $ 323,091 | $ 430,224 | $ 759,128 | $ 862,133 | $ 336,093 | $ 369,642 | $ 661,997 | $ 643,578 | $ 2,374,576 | $ 2,011,310 | $ 1,550,572 |
Other | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Gross premiums written | 0 | (90) | 309 | ||||||||
Property | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Gross premiums written | 1,111,263 | 1,072,159 | 1,074,890 | ||||||||
Property | U.S. and Caribbean | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Gross premiums written | 743,226 | 671,887 | 635,069 | ||||||||
Property | Worldwide | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Gross premiums written | 210,168 | 234,801 | 210,441 | ||||||||
Property | Worldwide (excluding U.S.) | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Gross premiums written | 55,043 | 76,370 | 137,466 | ||||||||
Property | Japan | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Gross premiums written | 44,536 | 32,830 | 33,967 | ||||||||
Property | Europe | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Gross premiums written | 37,611 | 32,973 | 33,115 | ||||||||
Property | Australia and New Zealand | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Gross premiums written | 13,729 | 15,869 | 22,746 | ||||||||
Property | Other | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Gross premiums written | 6,950 | 7,429 | 2,086 | ||||||||
Casualty and Specialty | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Gross premiums written | 1,263,313 | 939,241 | 475,373 | ||||||||
Casualty and Specialty | U.S. and Caribbean | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Gross premiums written | 757,052 | 522,778 | 228,062 | ||||||||
Casualty and Specialty | Worldwide | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Gross premiums written | 471,301 | 320,452 | 226,652 | ||||||||
Casualty and Specialty | Worldwide (excluding U.S.) | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Gross premiums written | 13,840 | 87,597 | 6,946 | ||||||||
Casualty and Specialty | Europe | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Gross premiums written | 5,541 | 936 | 238 | ||||||||
Casualty and Specialty | Australia and New Zealand | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Gross premiums written | 5,073 | 1,627 | 7,865 | ||||||||
Casualty and Specialty | Other | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Gross premiums written | $ 10,506 | $ 5,851 | $ 5,610 |
Stock Incentive Compensation111
Stock Incentive Compensation and Employee Benefit Plans (Narrative) (Details) | 12 Months Ended | 24 Months Ended | |||
Dec. 31, 2016USD ($)Daysshares | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013 | May 16, 2016shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total fair value of shares and share units vested | $ 54,500,000 | $ 34,000,000 | $ 48,700,000 | ||
Cash received from exercises of stock options during the period | 0 | 100,000 | 500,000 | ||
Excess windfall tax benefit realized by the Company due to its net operating loss position in the taxable jurisdictions in which it operates | 0 | ||||
Total stock compensation expense recognized | 47,400,000 | 38,300,000 | 37,600,000 | ||
Contributions to defined contribution pension plans | $ 4,000,000 | $ 4,300,000 | $ 3,600,000 | ||
2016 Long-Term Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares reserved for issuance | shares | 1,625,000 | ||||
Number of shares available for grant | shares | 1,762,185 | ||||
2001 Stock Incentive Plan and 2010 Performance Share Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares available for grant | shares | 0 | ||||
Employee Stock Option | 2001 Stock Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock incentive compensation, vesting period | 4 years | ||||
Share-based payment award, Expiration period | 10 years | ||||
Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expected forfeiture rate | 0.00% | 0.00% | |||
Unrecognized compensation costs related to restricted stock awards | $ 28,900,000 | ||||
Periods for recognition of compensation costs not yet recognized | 1 year 7 months 6 days | ||||
Restricted Stock | 2001 Stock Incentive Plan and 2016 Long-Term Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock incentive compensation, vesting period | 4 years | ||||
Restricted Stock | Non-Employee Director Stock Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock incentive compensation, vesting period | 3 years | ||||
Cash Settled Restricted Stock Unit (CSRSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock incentive compensation, vesting period | 4 years | ||||
Expected forfeiture rate | 13.00% | 13.00% | |||
Performance Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock incentive compensation, vesting period | 3 years | 4 years | |||
Vesting maximum as a percentage of target if performance goal are achieved | 250.00% | ||||
Period for average closing share price to determine total shareholder return | Days | 20 | ||||
Expected forfeiture rate | 0.00% | 0.00% | |||
Unrecognized compensation costs related to restricted stock awards | $ 3,400,000 | ||||
Periods for recognition of compensation costs not yet recognized | 1 year 7 months 6 days | ||||
Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation costs related to restricted stock awards | $ 28,900,000 | ||||
Periods for recognition of compensation costs not yet recognized | 1 year 8 months 12 days |
Stock Incentive Compensation112
Stock Incentive Compensation and Employee Benefit Plans (Schedule of Valuation Assumptions) (Details) - Performance Shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility rate, minimum | 14.30% | 14.30% |
Expected volatility rate, maximum | 14.70% | 14.40% |
Risk free interest rate, minimum | 0.38% | 0.07% |
Risk free interest rate, maximum | 1.18% | 1.02% |
Expected term | 1 year |
Stock Incentive Compensation113
Stock Incentive Compensation and Employee Benefit Plans (Schedule of Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Weighted options outstanding: | |||||
Balance, Beginning of Period (shares) | 767,830 | 408,212 | 767,830 | 828,092 | |
Options granted (in shares) | 0 | 0 | 0 | ||
Options forfeited (in shares) | 0 | 0 | 0 | ||
Options expired (in shares) | 0 | 0 | 0 | ||
Options exercised (in shares) | (201,417) | (359,618) | (60,262) | ||
Balance, End of Period (shares) | 206,795 | 408,212 | 767,830 | 828,092 | |
Weighted average exercise price: | |||||
Weighted average exercise price, Beginning of Period (In dollars per share) | $ 48.71 | $ 51.90 | $ 48.71 | $ 48.77 | |
Options granted, Weighted average exercise price (In dollars per share) | 0 | 0 | 0 | ||
Options forfeited, Weighted average exercise price (In dollars per share) | 0 | 0 | 0 | ||
Options expired, Weighted average exercise price (In dollars per share) | 0 | 0 | 0 | ||
Options exercised, Weighted average exercise price (In dollars per share) | 50.59 | 45.09 | 49.52 | ||
Weighted average exercise price, End of Period (In dollars per share) | $ 53.17 | $ 51.90 | $ 48.71 | $ 48.77 | |
Weighted average remaining contractual life | 10 months 24 days | 1 year 7 months 6 days | 2 years | 2 years 10 months 24 days | |
Aggregate Intrinsic Value [Abstract] | |||||
Aggregate intrinsic value | $ 17,174 | $ 25,020 | $ 37,246 | $ 40,221 | |
Options exercised, Aggregate intrinsic value | $ 14,806 | $ 21,205 | $ 2,900 | ||
Range of Exercise Prices [Abstract] | |||||
Exercise price range, lower range limit (In dollars per share) | $ 50.71 | $ 42.66 | $ 37.51 | $ 37.51 | |
Exercise price range, upper range limit (In dollars per share) | 59.66 | $ 59.66 | $ 59.66 | $ 59.66 | |
Total options exercisable, minimum (In dollars per share) | 50.71 | ||||
Total options exercisable, maximum (In dollars per share) | $ 59.66 | ||||
Total options exercisable (in shares) | 206,795 | ||||
Total options exercisable, Weighted average exercise price (In dollars per share) | $ 53.17 | ||||
Total options exercisable, Weighted average remaining contractual life | 10 months 24 days | ||||
Total options exercisable, Aggregate intrinsic value | $ 17,174 | ||||
Premium Option Plan Awards | |||||
Weighted options outstanding: | |||||
Balance, Beginning of Period (shares) | 0 | 0 | 0 | 572,000 | |
Options granted (in shares) | 0 | 0 | 0 | ||
Options forfeited (in shares) | 0 | 0 | 0 | ||
Options expired (in shares) | 0 | 0 | 0 | ||
Options exercised (in shares) | 0 | 0 | (572,000) | ||
Balance, End of Period (shares) | 0 | 0 | 0 | 572,000 | |
Weighted average exercise price: | |||||
Weighted average exercise price, Beginning of Period (In dollars per share) | $ 0 | $ 0 | $ 0 | $ 73.62 | |
Options granted, Weighted average exercise price (In dollars per share) | $ 0 | 0 | 0 | ||
Options forfeited, Weighted average exercise price (In dollars per share) | 0 | 0 | 0 | ||
Options expired, Weighted average exercise price (In dollars per share) | 0 | 0 | 0 | ||
Options exercised, Weighted average exercise price (In dollars per share) | 0 | 0 | 73.62 | ||
Weighted average exercise price, End of Period (In dollars per share) | $ 0 | $ 0 | $ 0 | $ 73.62 | |
Weighted average remaining contractual life | 0 years | ||||
Aggregate Intrinsic Value [Abstract] | |||||
Aggregate intrinsic value | $ 0 | $ 0 | $ 0 | $ 13,567 | |
Options exercised, Aggregate intrinsic value | $ 0 | $ 0 | $ 13,414 | ||
Range of Exercise Prices [Abstract] | |||||
Exercise price range, lower range limit (In dollars per share) | $ 0 | $ 0 | $ 0 | $ 73.06 | |
Exercise price range, upper range limit (In dollars per share) | 0 | $ 0 | $ 0 | $ 74.24 | |
Total options exercisable, minimum (In dollars per share) | 0 | ||||
Total options exercisable, maximum (In dollars per share) | $ 0 | ||||
Total options exercisable (in shares) | 0 | ||||
Total options exercisable, Weighted average exercise price (In dollars per share) | $ 0 | ||||
Total options exercisable, Weighted average remaining contractual life | 0 years | ||||
Total options exercisable, Aggregate intrinsic value | $ 0 |
Stock Incentive Compensation114
Stock Incentive Compensation and Employee Benefit Plans (Equity Compensation Other than Options) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Settled Restricted Stock Unit (CSRSUs) | |||
Number of shares: | |||
Nonvested at Beginning of Period (in shares) | 326,078 | 338,323 | 394,145 |
Awards granted (in shares) | 135,119 | 160,817 | 119,382 |
Awards vested (in shares) | (133,278) | (144,440) | (159,094) |
Awards forfeited (in shares) | (19,575) | (28,622) | (16,110) |
Nonvested at End of Period (in shares) | 308,344 | 326,078 | 338,323 |
Performance Shares | |||
Number of shares: | |||
Nonvested at Beginning of Period (in shares) | 230,271 | 248,572 | 359,543 |
Awards granted (in shares) | 77,045 | 103,024 | 102,668 |
Awards vested (in shares) | (58,032) | 0 | 0 |
Awards forfeited (in shares) | (37,903) | (121,325) | (213,639) |
Nonvested at End of Period (in shares) | 211,381 | 230,271 | 248,572 |
Weighted average grant-dated fair value: | |||
Nonvested, Weighted average grant-dated fair value, at Beginning of Period (In dollars per share) | $ 41.40 | $ 39.62 | $ 30.55 |
Awards granted, Weighted average grant-dated fair value (In dollars per share) | 48.31 | 44.98 | 46.45 |
Awards vested, Weighted average grant-dated fair value (In dollars per share) | 38.80 | ||
Nonvested, Weighted average grant-dated fair value, at End of Period (In dollars per share) | $ 44.63 | $ 41.40 | $ 39.62 |
Employee restricted stock | |||
Number of shares: | |||
Nonvested at Beginning of Period (in shares) | 479,040 | 451,722 | 569,492 |
Awards granted (in shares) | 179,003 | 195,337 | 215,054 |
Awards vested (in shares) | (255,873) | (168,019) | (332,725) |
Awards forfeited (in shares) | 0 | 0 | (99) |
Nonvested at End of Period (in shares) | 402,170 | 479,040 | 451,722 |
Weighted average grant-dated fair value: | |||
Nonvested, Weighted average grant-dated fair value, at Beginning of Period (In dollars per share) | $ 94.95 | $ 87.29 | $ 76.11 |
Awards granted, Weighted average grant-dated fair value (In dollars per share) | 112.41 | 102.17 | 95.79 |
Awards vested, Weighted average grant-dated fair value (In dollars per share) | 93.98 | 82.75 | 73.74 |
Awards forfeited, Weighted average grant-dated fair value (In dollars per share) | 0 | 0 | 55.80 |
Nonvested, Weighted average grant-dated fair value, at End of Period (In dollars per share) | $ 103.34 | $ 94.95 | $ 87.29 |
Non-employee director restricted stock | |||
Number of shares: | |||
Nonvested at Beginning of Period (in shares) | 26,886 | 30,055 | 31,486 |
Awards granted (in shares) | 14,727 | 14,575 | 14,455 |
Awards vested (in shares) | (16,068) | (17,744) | (15,886) |
Awards forfeited (in shares) | 0 | 0 | 0 |
Nonvested at End of Period (in shares) | 25,545 | 26,886 | 30,055 |
Weighted average grant-dated fair value: | |||
Nonvested, Weighted average grant-dated fair value, at Beginning of Period (In dollars per share) | $ 97.61 | $ 88.41 | $ 78.57 |
Awards granted, Weighted average grant-dated fair value (In dollars per share) | 114.71 | 102.90 | 95.06 |
Awards vested, Weighted average grant-dated fair value (In dollars per share) | 96.83 | 86.37 | 74.96 |
Awards forfeited, Weighted average grant-dated fair value (In dollars per share) | 0 | 0 | 0 |
Nonvested, Weighted average grant-dated fair value, at End of Period (In dollars per share) | $ 107.95 | $ 97.61 | $ 88.41 |
Restricted Stock | |||
Number of shares: | |||
Nonvested at Beginning of Period (in shares) | 505,926 | 481,777 | 600,978 |
Awards granted (in shares) | 193,730 | 209,912 | 229,509 |
Awards vested (in shares) | (271,941) | (185,763) | (348,611) |
Awards forfeited (in shares) | 0 | 0 | (99) |
Nonvested at End of Period (in shares) | 427,715 | 505,926 | 481,777 |
Weighted average grant-dated fair value: | |||
Nonvested, Weighted average grant-dated fair value, at Beginning of Period (In dollars per share) | $ 95.09 | $ 87.36 | $ 76.24 |
Awards granted, Weighted average grant-dated fair value (In dollars per share) | 112.59 | 102.22 | 95.74 |
Awards vested, Weighted average grant-dated fair value (In dollars per share) | 94.15 | 83.10 | 73.79 |
Awards forfeited, Weighted average grant-dated fair value (In dollars per share) | 0 | 0 | 55.80 |
Nonvested, Weighted average grant-dated fair value, at End of Period (In dollars per share) | $ 103.61 | $ 95.09 | $ 87.36 |
Statutory Requirements (Narrati
Statutory Requirements (Narrative) (Details) - USD ($) $ in Millions | Oct. 01, 2016 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2017 |
Statutory Accounting Practices [Line Items] | |||||
Retained earnings available for payment of dividends or distribution to shareholders | $ 1,400 | ||||
Decrease in statutory capital requirement | $ 500 | ||||
Assets held in trust | $ 2,500 | $ 2,500 | $ 2,700 | ||
Renaissance Reinsurance Ltd. | |||||
Statutory Accounting Practices [Line Items] | |||||
Dividends and return of capital | 245 | ||||
RenaissanceRe Specialty Risks Ltd. | |||||
Statutory Accounting Practices [Line Items] | |||||
Dividends and return of capital | 680 | ||||
Bermuda | |||||
Statutory Accounting Practices [Line Items] | |||||
Early warning level threshold, percent of risk-based capital model of BMA | 120.00% | ||||
Bermuda | Renaissance Reinsurance Ltd. | |||||
Statutory Accounting Practices [Line Items] | |||||
Unrecorded liabilities, exempt by regulatory authority | 390.4 | 390.4 | |||
U.S. | |||||
Statutory Accounting Practices [Line Items] | |||||
Retained earnings available for payment of dividends or distribution to shareholders | $ 26 | ||||
U.S. | Scenario, Forecast | |||||
Statutory Accounting Practices [Line Items] | |||||
Retained earnings available for payment of dividends or distribution to shareholders | $ 25.4 | ||||
New York | Multi-Beneficiary Reinsurance Trust | Renaissance Reinsurance Ltd. | |||||
Statutory Accounting Practices [Line Items] | |||||
Assets held in trust | 505 | 505 | 673.2 | ||
New York | Multi-Beneficiary Reinsurance Trust | Renaissance Reinsurance Ltd. | Minimum | |||||
Statutory Accounting Practices [Line Items] | |||||
Assets held in trust | 378.8 | 378.8 | 608.3 | ||
New York | Multi-Beneficiary Reinsurance Trust | DaVinci Reinsurance Ltd. | |||||
Statutory Accounting Practices [Line Items] | |||||
Assets held in trust | 135.3 | 135.3 | 136.7 | ||
New York | Multi-Beneficiary Reinsurance Trust | DaVinci Reinsurance Ltd. | Minimum | |||||
Statutory Accounting Practices [Line Items] | |||||
Assets held in trust | 100.1 | 100.1 | 90.4 | ||
New York | Multi-Beneficiary Reduced Collateral Reinsurance Trust | Renaissance Reinsurance Ltd. | |||||
Statutory Accounting Practices [Line Items] | |||||
Assets held in trust | 41.7 | 41.7 | 39.5 | ||
New York | Multi-Beneficiary Reduced Collateral Reinsurance Trust | Renaissance Reinsurance Ltd. | Minimum | |||||
Statutory Accounting Practices [Line Items] | |||||
Assets held in trust | 15.2 | 15.2 | 14.9 | ||
New York | Multi-Beneficiary Reduced Collateral Reinsurance Trust | DaVinci Reinsurance Ltd. | |||||
Statutory Accounting Practices [Line Items] | |||||
Assets held in trust | 18.9 | 18.9 | 19.1 | ||
New York | Multi-Beneficiary Reduced Collateral Reinsurance Trust | DaVinci Reinsurance Ltd. | Minimum | |||||
Statutory Accounting Practices [Line Items] | |||||
Assets held in trust | $ 10.4 | $ 10.4 | $ 14.1 | ||
FLORIDA | Multi-Beneficiary Reduced Collateral Reinsurance Trust | Renaissance Reinsurance Ltd. | |||||
Statutory Accounting Practices [Line Items] | |||||
Multi-beneficiary reduced collateral reinsurance trust collateral reduction | 20.00% | ||||
FLORIDA | Multi-Beneficiary Reduced Collateral Reinsurance Trust | DaVinci Reinsurance Ltd. | |||||
Statutory Accounting Practices [Line Items] | |||||
Multi-beneficiary reduced collateral reinsurance trust collateral reduction | 50.00% |
Statutory Requirements (Statuto
Statutory Requirements (Statutory Capital and Surplus) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Bermuda | ||
Statutory Accounting Practices [Line Items] | ||
Actual statutory capital and surplus | $ 4,212,787 | $ 4,878,811 |
Required statutory capital and surplus | 807,108 | 1,782,778 |
Restricted net assets | 1,779,319 | 838,633 |
U.S. | ||
Statutory Accounting Practices [Line Items] | ||
Actual statutory capital and surplus | 523,340 | 521,522 |
Required statutory capital and surplus | 221,023 | 219,164 |
Restricted net assets | 324,567 | 321,362 |
U.K. | ||
Statutory Accounting Practices [Line Items] | ||
Actual statutory capital and surplus | 491,213 | 485,256 |
Required statutory capital and surplus | 491,213 | 485,256 |
Restricted net assets | $ 0 | $ 0 |
Statutory Requirements (Stat117
Statutory Requirements (Statutory Net Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Bermuda | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income | $ 625,371 | $ 355,132 | $ 623,931 |
U.S. | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income | 43,292 | 58,752 | 0 |
U.K. | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income | $ 28,007 | $ 1,627 | $ 24,433 |
Derivative Instruments (Consoli
Derivative Instruments (Consolidated Balance Sheets And Fair Value Of The Principal Derivative Instruments) (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Other Assets | ||
Derivative Assets [Abstract] | ||
Gross Amounts of Recognized Assets | $ 4,208 | $ 6,968 |
Gross Amounts Offset in the Balance Sheet | 1,705 | 1,662 |
Net Amounts of Assets Presented in the Balance Sheet | 2,503 | 5,306 |
Collateral | 0 | 0 |
Net Amount | 2,503 | 5,306 |
Other Assets | Interest Rate Futures | ||
Derivative Assets [Abstract] | ||
Gross Amounts of Recognized Assets | 1,384 | 1,059 |
Gross Amounts Offset in the Balance Sheet | 1,235 | 937 |
Net Amounts of Assets Presented in the Balance Sheet | 149 | 122 |
Collateral | 0 | 0 |
Net Amount | 149 | 122 |
Other Assets | Foreign Currency Forward Contracts, Underwriting and Non-investment Operations | ||
Derivative Assets [Abstract] | ||
Gross Amounts of Recognized Assets | 774 | 4,645 |
Gross Amounts Offset in the Balance Sheet | 0 | 82 |
Net Amounts of Assets Presented in the Balance Sheet | 774 | 4,563 |
Collateral | 0 | 0 |
Net Amount | 774 | 4,563 |
Other Assets | Foreign Currency Forward Contracts, Investment Operations | ||
Derivative Assets [Abstract] | ||
Gross Amounts of Recognized Assets | 621 | 1,007 |
Gross Amounts Offset in the Balance Sheet | 447 | 599 |
Net Amounts of Assets Presented in the Balance Sheet | 174 | 408 |
Collateral | 0 | 0 |
Net Amount | 174 | 408 |
Other Assets | Credit Default Swaps | ||
Derivative Assets [Abstract] | ||
Gross Amounts of Recognized Assets | 1,429 | 257 |
Gross Amounts Offset in the Balance Sheet | 23 | 44 |
Net Amounts of Assets Presented in the Balance Sheet | 1,406 | 213 |
Collateral | 0 | 0 |
Net Amount | 1,406 | 213 |
Other Liabilities | ||
Derivative Liabilities [Abstract] | ||
Gross Amounts of Recognized Liabilities | 13,527 | 5,481 |
Gross Amounts Offset in the Balance Sheet | 2,102 | 1,661 |
Net Amounts of Liabilities Presented in the Balance Sheet | 11,425 | 3,820 |
Collateral Pledged | 789 | 1,803 |
Net Amount | 10,636 | 2,017 |
Other Liabilities | Interest Rate Futures | ||
Derivative Liabilities [Abstract] | ||
Gross Amounts of Recognized Liabilities | 2,030 | 2,293 |
Gross Amounts Offset in the Balance Sheet | 1,235 | 937 |
Net Amounts of Liabilities Presented in the Balance Sheet | 795 | 1,356 |
Collateral Pledged | 789 | 1,356 |
Net Amount | 6 | 0 |
Other Liabilities | Foreign Currency Forward Contracts, Underwriting and Non-investment Operations | ||
Derivative Liabilities [Abstract] | ||
Gross Amounts of Recognized Liabilities | 10,550 | 1,891 |
Gross Amounts Offset in the Balance Sheet | 397 | 81 |
Net Amounts of Liabilities Presented in the Balance Sheet | 10,153 | 1,810 |
Collateral Pledged | 0 | 0 |
Net Amount | 10,153 | 1,810 |
Other Liabilities | Foreign Currency Forward Contracts, Investment Operations | ||
Derivative Liabilities [Abstract] | ||
Gross Amounts of Recognized Liabilities | 766 | 806 |
Gross Amounts Offset in the Balance Sheet | 447 | 599 |
Net Amounts of Liabilities Presented in the Balance Sheet | 319 | 207 |
Collateral Pledged | 0 | 0 |
Net Amount | 319 | 207 |
Other Liabilities | Credit Default Swaps | ||
Derivative Liabilities [Abstract] | ||
Gross Amounts of Recognized Liabilities | 181 | 491 |
Gross Amounts Offset in the Balance Sheet | 23 | 44 |
Net Amounts of Liabilities Presented in the Balance Sheet | 158 | 447 |
Collateral Pledged | 0 | 447 |
Net Amount | $ 158 | $ 0 |
Derivative Instruments (Gain (L
Derivative Instruments (Gain (Loss) Recognized In The Consolidated Statements Of Operations Related To Its Derivative Instruments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized on derivatives | $ (23,942) | $ 12,362 | $ (13,851) |
Net realized and unrealized gains (losses) on investments | Interest Rate Futures | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized on derivatives | (32,713) | ||
Net realized and unrealized gains (losses) on investments | Interest Rate Futures | Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized on derivatives | (17,379) | 5,573 | |
Net realized and unrealized gains (losses) on investments | Credit Default Swaps | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized on derivatives | 328 | ||
Net realized and unrealized gains (losses) on investments | Credit Default Swaps | Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized on derivatives | 1,965 | (313) | |
Net realized and unrealized gains (losses) on investments | Weather Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized on derivatives | 1,454 | ||
Net realized and unrealized gains (losses) on investments | Weather Contract | Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized on derivatives | 0 | 183 | |
Net foreign exchange (losses) gains | Foreign Currency Forward Contracts, Underwriting and Non-investment Operations | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized on derivatives | 4,457 | ||
Net foreign exchange (losses) gains | Foreign Currency Forward Contracts, Underwriting and Non-investment Operations | Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized on derivatives | (6,937) | (1,943) | |
Net foreign exchange (losses) gains | Foreign Currency Forward Contracts, Investment Operations | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized on derivatives | $ 12,623 | ||
Net foreign exchange (losses) gains | Foreign Currency Forward Contracts, Investment Operations | Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized on derivatives | $ (1,591) | $ 8,862 |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) - Not Designated as Hedging Instrument - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Long | Interest Rate Futures | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 1,208,300,000 | $ 1,012,500,000 |
Long | Foreign Currency Forward Contracts, Underwriting and Non-investment Operations | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 184,200,000 | 172,400,000 |
Long | Foreign Currency Forward Contracts, Investment Operations | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 26,900,000 | 31,300,000 |
Long | Credit Default Swaps | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 0 | 0 |
Short | Interest Rate Futures | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 727,900,000 | 1,115,900,000 |
Short | Foreign Currency Forward Contracts, Underwriting and Non-investment Operations | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 91,400,000 | 101,500,000 |
Short | Foreign Currency Forward Contracts, Investment Operations | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 57,300,000 | 143,400,000 |
Short | Credit Default Swaps | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 75,200,000 | $ 46,100,000 |
Commitments, Contingencies a121
Commitments, Contingencies and Other Items (Narrative) (Details) £ in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2016GBP (£) | Dec. 31, 2015USD ($) | |
Commitments and Contingencies [Line Items] | |||
Initial commitments | $ 794.2 | ||
Fulfilled commitments | 554.7 | ||
Unfunded commitments | $ 249.4 | ||
Initial capital lease term | 20 years | ||
Bargain renewal option term | 30 years | ||
Reduction in Taxes | Property | |||
Commitments and Contingencies [Line Items] | |||
Recovery of previously recognized acquisition expenses | $ 7.7 | ||
Letter of Credit | |||
Commitments and Contingencies [Line Items] | |||
Letters of credit outstanding | $ 894.2 | ||
Letter of Credit | Top Layer Reinsurance Ltd. | |||
Commitments and Contingencies [Line Items] | |||
Collateral pledged to support letter of credit | 37.5 | ||
Maximum | Letter of Credit | Capital Support Agreement | Top Layer Reinsurance Ltd. | |||
Commitments and Contingencies [Line Items] | |||
Maximum mandatory capital contribution in the event of loss that reduced capital and surplus below specified level | $ 50 | ||
Maximum | Investments as a Percentage of Shareholders' Equity | |||
Commitments and Contingencies [Line Items] | |||
Concentration risk percentage | 10.00% | ||
Specialty Risks FAL Facility | Letter of Credit | Syndicate 1458 | Citibank Europe PLC | |||
Commitments and Contingencies [Line Items] | |||
Letters of credit outstanding | £ | £ 10,000 |
Commitments, Contingencies a122
Commitments, Contingencies and Other Items (Future Minimum Payments, Operating Leases) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,017 | $ 7,553 |
2,018 | 7,078 |
2,019 | 6,159 |
2,020 | 4,634 |
2,021 | 4,308 |
After 2,021 | 4,819 |
Future minimum lease payments under existing operating leases | $ 34,551 |
Commitments, Contingencies a123
Commitments, Contingencies and Other Items (Capital Leases) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,017 | $ 3,017 |
2,018 | 2,539 |
2,019 | 2,661 |
2,020 | 2,661 |
2,021 | 2,661 |
After 2,021 | 17,297 |
Future minimum lease payments under existing capital leases | $ 30,836 |
Quarterly Financial Informat124
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues | |||||||||||
Gross premiums written | $ 323,091 | $ 430,224 | $ 759,128 | $ 862,133 | $ 336,093 | $ 369,642 | $ 661,997 | $ 643,578 | $ 2,374,576 | $ 2,011,310 | $ 1,550,572 |
Net premiums written | 219,499 | 284,222 | 519,916 | 511,675 | 236,651 | 266,820 | 508,677 | 404,035 | 1,535,312 | 1,416,183 | 1,068,236 |
(Increase) decrease in unearned premiums | 132,402 | 62,299 | (168,514) | (158,069) | 124,924 | 95,568 | (128,849) | (107,275) | (131,882) | (15,632) | (5,820) |
Net premiums earned | 351,901 | 346,521 | 351,402 | 353,606 | 361,575 | 362,388 | 379,828 | 296,760 | 1,403,430 | 1,400,551 | 1,062,416 |
Net investment income | 47,316 | 51,423 | 54,124 | 28,863 | 45,918 | 28,338 | 38,604 | 39,707 | 181,726 | 152,567 | 124,316 |
Net foreign exchange (losses) gains | (5,420) | (5,986) | (690) | (1,692) | 1,203 | 616 | (1,740) | (3,130) | (13,788) | (3,051) | 6,260 |
Equity in earnings (losses) of other ventures | 4,960 | (11,630) | 6,022 | 1,611 | 3,296 | 5,730 | 6,160 | 5,295 | 963 | 20,481 | 26,075 |
Other income (loss) | 5,177 | 2,268 | 2,654 | 4,079 | 8,200 | 2,306 | 1,427 | 1,539 | 14,178 | 13,472 | (423) |
Net realized and unrealized gains (losses) on investments | (49,967) | 59,870 | 69,772 | 61,653 | (42,817) | (41,138) | (26,712) | 41,749 | 141,328 | (68,918) | 41,433 |
Total revenues | 353,967 | 442,466 | 483,284 | 448,120 | 377,375 | 358,240 | 397,567 | 381,920 | 1,727,837 | 1,515,102 | 1,260,077 |
Expenses | |||||||||||
Net claims and claim expenses incurred | 123,901 | 112,575 | 167,750 | 126,605 | 102,013 | 100,028 | 169,344 | 76,853 | 530,831 | 448,238 | 197,947 |
Acquisition costs | 74,146 | 80,580 | 69,005 | 65,592 | 55,399 | 78,126 | 61,666 | 43,401 | 289,323 | 238,592 | 144,476 |
Operational expenses | 49,948 | 40,493 | 51,073 | 56,235 | 64,300 | 54,518 | 54,673 | 45,621 | 197,749 | 219,112 | 190,639 |
Corporate expenses | 11,888 | 11,537 | 5,752 | 8,225 | 10,791 | 7,322 | 12,868 | 45,533 | 37,402 | 76,514 | 22,749 |
Interest expense | 10,534 | 10,536 | 10,536 | 10,538 | 10,550 | 10,542 | 9,862 | 5,316 | 42,144 | 36,270 | 17,402 |
Total expenses | 270,417 | 255,721 | 304,116 | 267,195 | 243,053 | 250,536 | 308,413 | 216,724 | 1,097,449 | 1,018,726 | 573,213 |
Income before taxes | 83,550 | 186,745 | 179,168 | 180,925 | 134,322 | 107,704 | 89,154 | 165,196 | 630,388 | 496,376 | 686,864 |
Income tax (expense) benefit | 7,700 | 1,316 | (6,612) | (2,744) | (8,453) | 4,573 | 1,842 | 47,904 | (340) | 45,866 | (608) |
Net income | 91,250 | 188,061 | 172,556 | 178,181 | 125,869 | 112,277 | 90,996 | 213,100 | 630,048 | 542,242 | 686,256 |
Net income attributable to redeemable noncontrolling interests | (16,219) | (35,641) | (30,635) | (44,591) | (28,068) | (31,153) | (12,167) | (39,662) | (127,086) | (111,050) | (153,538) |
Net income attributable to RenaissanceRe | 75,031 | 152,420 | 141,921 | 133,590 | 97,801 | 81,124 | 78,829 | 173,438 | 502,962 | 431,192 | 532,718 |
Dividends on preference shares | (5,595) | (5,595) | (5,596) | (5,595) | (5,595) | (5,595) | (5,596) | (5,595) | (22,381) | (22,381) | (22,381) |
Net income available to RenaissanceRe common shareholders | $ 69,436 | $ 146,825 | $ 136,325 | $ 127,995 | $ 92,206 | $ 75,529 | $ 73,233 | $ 167,843 | $ 480,581 | $ 408,811 | $ 510,337 |
Net income available to RenaissanceRe common shareholders per common share – basic, in dollars per share | $ 1.70 | $ 3.58 | $ 3.23 | $ 2.97 | $ 2.11 | $ 1.68 | $ 1.60 | $ 4.18 | $ 11.50 | $ 9.36 | $ 12.77 |
Net income available to RenaissanceRe common shareholders per common share – diluted, in dollars per share | $ 1.69 | $ 3.56 | $ 3.22 | $ 2.95 | $ 2.09 | $ 1.66 | $ 1.59 | $ 4.14 | $ 11.43 | $ 9.28 | $ 12.60 |
Average shares outstanding - basic (shares) | 40,474 | 40,513 | 41,693 | 42,577 | 43,131 | 44,564 | 45,303 | 39,631 | 41,314 | 43,157 | 39,425 |
Average shares outstanding - diluted (shares) | 40,707 | 40,733 | 41,885 | 42,912 | 43,513 | 44,913 | 45,657 | 40,021 | 41,559 | 43,526 | 39,968 |
Condensed Consolidating Fina125
Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Assets | ||||
Total investments | $ 9,316,968 | $ 8,999,068 | ||
Cash and cash equivalents | 421,157 | 506,885 | $ 525,584 | $ 408,032 |
Investments in subsidiaries | 0 | 0 | ||
Due from subsidiaries and affiliates | 0 | 0 | ||
Premiums receivable | 987,323 | 778,009 | ||
Prepaid reinsurance premiums | 441,260 | 230,671 | ||
Reinsurance recoverable | 279,564 | 134,526 | 66,694 | |
Accrued investment income | 38,076 | 39,749 | ||
Deferred acquisition costs | 335,325 | 199,380 | ||
Receivable for investments sold | 105,841 | 220,834 | ||
Other assets | 175,382 | 181,011 | ||
Goodwill and other intangible assets | 251,186 | 265,154 | ||
Total assets | 12,352,082 | 11,555,287 | ||
Liabilities | ||||
Reserve for claims and claim expenses | 2,848,294 | 2,767,045 | 1,412,510 | |
Unearned premiums | 1,231,573 | 889,102 | ||
Long-term debt | 948,663 | 960,495 | ||
Amounts due to subsidiaries and affiliates | 0 | 0 | ||
Reinsurance balances payable | 673,983 | 523,974 | ||
Payable for investments purchased | 305,714 | 391,378 | ||
Other liabilities | 301,684 | 245,145 | ||
Total liabilities | 6,309,911 | 5,777,139 | ||
Redeemable noncontrolling interests | 1,175,594 | 1,045,964 | ||
Shareholders' Equity | ||||
Total shareholders’ equity | 4,866,577 | 4,732,184 | ||
Total liabilities, noncontrolling interests and shareholders’ equity | 12,352,082 | 11,555,287 | ||
RenaissanceRe Holdings Ltd. (Parent Guarantor) | ||||
Assets | ||||
Cash and cash equivalents | 7,067 | 10,185 | 5,986 | 8,796 |
Investments in subsidiaries | 4,074,769 | 3,902,519 | ||
Accrued investment income | 105 | 1,253 | ||
Receivable for investments sold | 136 | 26 | ||
Other assets | 410,757 | 390,302 | ||
Goodwill and other intangible assets | 130,407 | 137,064 | ||
Total assets | 5,017,928 | 4,872,523 | ||
Liabilities | ||||
Amounts due to subsidiaries and affiliates | 14,644 | 2,641 | ||
Payable for investments purchased | 0 | 999 | ||
Other liabilities | 19,707 | 19,699 | ||
Total liabilities | 151,351 | 140,339 | ||
Shareholders' Equity | ||||
Total liabilities, noncontrolling interests and shareholders’ equity | 5,017,928 | 4,872,523 | ||
Reportable Legal Entities | RenaissanceRe Holdings Ltd. (Parent Guarantor) | ||||
Assets | ||||
Total investments | 387,274 | 349,892 | ||
Cash and cash equivalents | 7,067 | 10,185 | 5,986 | 8,796 |
Investments in subsidiaries | 4,074,769 | 3,902,519 | ||
Due from subsidiaries and affiliates | 7,413 | 81,282 | ||
Premiums receivable | 0 | 0 | ||
Prepaid reinsurance premiums | 0 | 0 | ||
Reinsurance recoverable | 0 | 0 | ||
Accrued investment income | 105 | 1,253 | ||
Deferred acquisition costs | 0 | 0 | ||
Receivable for investments sold | 136 | 26 | ||
Other assets | 410,757 | 390,302 | ||
Goodwill and other intangible assets | 130,407 | 137,064 | ||
Total assets | 5,017,928 | 4,872,523 | ||
Liabilities | ||||
Reserve for claims and claim expenses | 0 | 0 | ||
Unearned premiums | 0 | 0 | ||
Long-term debt | 117,000 | 117,000 | ||
Amounts due to subsidiaries and affiliates | 14,644 | 2,641 | ||
Reinsurance balances payable | 0 | 0 | ||
Payable for investments purchased | 0 | 999 | ||
Other liabilities | 19,707 | 19,699 | ||
Total liabilities | 151,351 | 140,339 | ||
Redeemable noncontrolling interests | 0 | 0 | ||
Shareholders' Equity | ||||
Total shareholders’ equity | 4,866,577 | 4,732,184 | ||
Total liabilities, noncontrolling interests and shareholders’ equity | 5,017,928 | 4,872,523 | ||
Reportable Legal Entities | RenRe North America Holdings Inc. (Subsidiary Issuer) | ||||
Assets | ||||
Total investments | 119,163 | 127,087 | ||
Cash and cash equivalents | 162 | 5,908 | 1,033 | 4,027 |
Investments in subsidiaries | 34,761 | 48,754 | ||
Due from subsidiaries and affiliates | 91,892 | 69,739 | ||
Premiums receivable | 0 | 0 | ||
Prepaid reinsurance premiums | 0 | 0 | ||
Reinsurance recoverable | 0 | 0 | ||
Accrued investment income | 289 | 169 | ||
Deferred acquisition costs | 0 | 0 | ||
Receivable for investments sold | 2 | 1 | ||
Other assets | 37,204 | 29,532 | ||
Goodwill and other intangible assets | 0 | 0 | ||
Total assets | 283,473 | 281,190 | ||
Liabilities | ||||
Reserve for claims and claim expenses | 0 | 0 | ||
Unearned premiums | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Amounts due to subsidiaries and affiliates | 42 | 202 | ||
Reinsurance balances payable | 0 | 0 | ||
Payable for investments purchased | 0 | 6 | ||
Other liabilities | 10,544 | 1,148 | ||
Total liabilities | 10,586 | 1,356 | ||
Redeemable noncontrolling interests | 0 | 0 | ||
Shareholders' Equity | ||||
Total shareholders’ equity | 272,887 | 279,834 | ||
Total liabilities, noncontrolling interests and shareholders’ equity | 283,473 | 281,190 | ||
Reportable Legal Entities | Platinum Underwriters Finance, Inc. (Subsidiary Issuer) | ||||
Assets | ||||
Total investments | 267,556 | 205,777 | ||
Cash and cash equivalents | 6,671 | 7,103 | 0 | |
Investments in subsidiaries | 843,089 | 867,909 | ||
Due from subsidiaries and affiliates | 0 | 0 | ||
Premiums receivable | 0 | 0 | ||
Prepaid reinsurance premiums | 0 | 0 | ||
Reinsurance recoverable | 0 | 0 | ||
Accrued investment income | 551 | 348 | ||
Deferred acquisition costs | 0 | 0 | ||
Receivable for investments sold | 99 | 68,537 | ||
Other assets | 4,689 | 12,852 | ||
Goodwill and other intangible assets | 0 | 0 | ||
Total assets | 1,122,655 | 1,162,526 | ||
Liabilities | ||||
Reserve for claims and claim expenses | 0 | 0 | ||
Unearned premiums | 0 | 0 | ||
Long-term debt | 255,352 | 268,196 | ||
Amounts due to subsidiaries and affiliates | 123 | 204 | ||
Reinsurance balances payable | 0 | 0 | ||
Payable for investments purchased | 0 | 25 | ||
Other liabilities | 0 | 6,620 | ||
Total liabilities | 255,475 | 275,045 | ||
Redeemable noncontrolling interests | 0 | 0 | ||
Shareholders' Equity | ||||
Total shareholders’ equity | 867,180 | 887,481 | ||
Total liabilities, noncontrolling interests and shareholders’ equity | 1,122,655 | 1,162,526 | ||
Reportable Legal Entities | RenaissanceRe Finance, Inc. (Subsidiary Issuer) | ||||
Assets | ||||
Total investments | 45,027 | 0 | ||
Cash and cash equivalents | 9,397 | 677 | 0 | |
Investments in subsidiaries | 1,165,413 | 1,185,736 | ||
Due from subsidiaries and affiliates | 0 | 0 | ||
Premiums receivable | 0 | 0 | ||
Prepaid reinsurance premiums | 0 | 0 | ||
Reinsurance recoverable | 0 | 0 | ||
Accrued investment income | 106 | 0 | ||
Deferred acquisition costs | 0 | 0 | ||
Receivable for investments sold | 45 | 0 | ||
Other assets | 127,572 | 115,456 | ||
Goodwill and other intangible assets | 0 | 0 | ||
Total assets | 1,347,560 | 1,301,869 | ||
Liabilities | ||||
Reserve for claims and claim expenses | 0 | 0 | ||
Unearned premiums | 0 | 0 | ||
Long-term debt | 545,889 | 545,187 | ||
Amounts due to subsidiaries and affiliates | 96,061 | 68,204 | ||
Reinsurance balances payable | 0 | 0 | ||
Payable for investments purchased | 0 | 0 | ||
Other liabilities | 13,350 | 0 | ||
Total liabilities | 655,300 | 613,391 | ||
Redeemable noncontrolling interests | 0 | 0 | ||
Shareholders' Equity | ||||
Total shareholders’ equity | 692,260 | 688,478 | ||
Total liabilities, noncontrolling interests and shareholders’ equity | 1,347,560 | 1,301,869 | ||
Reportable Legal Entities | Other RenaissanceRe Holdings Ltd. Subsidiaries And Eliminations (Non-Guarantor Subsidiaries) | ||||
Assets | ||||
Total investments | 8,497,948 | 8,316,312 | ||
Cash and cash equivalents | 397,860 | 483,012 | $ 518,565 | $ 395,209 |
Investments in subsidiaries | 0 | 0 | ||
Due from subsidiaries and affiliates | 0 | 0 | ||
Premiums receivable | 987,323 | 778,009 | ||
Prepaid reinsurance premiums | 441,260 | 230,671 | ||
Reinsurance recoverable | 279,564 | 134,526 | ||
Accrued investment income | 37,025 | 37,979 | ||
Deferred acquisition costs | 335,325 | 199,380 | ||
Receivable for investments sold | 105,559 | 152,270 | ||
Other assets | 118,098 | 124,215 | ||
Goodwill and other intangible assets | 120,779 | 128,090 | ||
Total assets | 11,320,741 | 10,584,464 | ||
Liabilities | ||||
Reserve for claims and claim expenses | 2,848,294 | 2,767,045 | ||
Unearned premiums | 1,231,573 | 889,102 | ||
Long-term debt | 147,422 | 147,112 | ||
Amounts due to subsidiaries and affiliates | 0 | 0 | ||
Reinsurance balances payable | 673,983 | 523,974 | ||
Payable for investments purchased | 305,714 | 390,348 | ||
Other liabilities | 270,610 | 222,320 | ||
Total liabilities | 5,477,596 | 4,939,901 | ||
Redeemable noncontrolling interests | 1,175,594 | 1,045,964 | ||
Shareholders' Equity | ||||
Total shareholders’ equity | 4,667,551 | 4,598,599 | ||
Total liabilities, noncontrolling interests and shareholders’ equity | 11,320,741 | 10,584,464 | ||
Consolidating Adjustments | ||||
Assets | ||||
Total investments | 0 | 0 | ||
Cash and cash equivalents | 0 | 0 | ||
Investments in subsidiaries | (6,118,032) | (6,004,918) | ||
Due from subsidiaries and affiliates | (99,305) | (151,021) | ||
Premiums receivable | 0 | 0 | ||
Prepaid reinsurance premiums | 0 | 0 | ||
Reinsurance recoverable | 0 | 0 | ||
Accrued investment income | 0 | 0 | ||
Deferred acquisition costs | 0 | 0 | ||
Receivable for investments sold | 0 | 0 | ||
Other assets | (522,938) | (491,346) | ||
Goodwill and other intangible assets | 0 | 0 | ||
Total assets | (6,740,275) | (6,647,285) | ||
Liabilities | ||||
Reserve for claims and claim expenses | 0 | 0 | ||
Unearned premiums | 0 | 0 | ||
Long-term debt | (117,000) | (117,000) | ||
Amounts due to subsidiaries and affiliates | (110,870) | (71,251) | ||
Reinsurance balances payable | 0 | 0 | ||
Payable for investments purchased | 0 | 0 | ||
Other liabilities | (12,527) | (4,642) | ||
Total liabilities | (240,397) | (192,893) | ||
Redeemable noncontrolling interests | 0 | 0 | ||
Shareholders' Equity | ||||
Total shareholders’ equity | (6,499,878) | (6,454,392) | ||
Total liabilities, noncontrolling interests and shareholders’ equity | $ (6,740,275) | $ (6,647,285) |
Condensed Consolidating Fina126
Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries (Condensed Consolidating Statement Of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues | |||||||||||
Net premiums earned | $ 351,901 | $ 346,521 | $ 351,402 | $ 353,606 | $ 361,575 | $ 362,388 | $ 379,828 | $ 296,760 | $ 1,403,430 | $ 1,400,551 | $ 1,062,416 |
Net investment income | 47,316 | 51,423 | 54,124 | 28,863 | 45,918 | 28,338 | 38,604 | 39,707 | 181,726 | 152,567 | 124,316 |
Net foreign exchange (losses) gains | (5,420) | (5,986) | (690) | (1,692) | 1,203 | 616 | (1,740) | (3,130) | (13,788) | (3,051) | 6,260 |
Equity in earnings (losses) of other ventures | 4,960 | (11,630) | 6,022 | 1,611 | 3,296 | 5,730 | 6,160 | 5,295 | 963 | 20,481 | 26,075 |
Other income (loss) | 5,177 | 2,268 | 2,654 | 4,079 | 8,200 | 2,306 | 1,427 | 1,539 | 14,178 | 13,472 | (423) |
Net realized and unrealized gains (losses) on investments | (49,967) | 59,870 | 69,772 | 61,653 | (42,817) | (41,138) | (26,712) | 41,749 | 141,328 | (68,918) | 41,433 |
Total revenues | 353,967 | 442,466 | 483,284 | 448,120 | 377,375 | 358,240 | 397,567 | 381,920 | 1,727,837 | 1,515,102 | 1,260,077 |
Expenses | |||||||||||
Net claims and claim expenses incurred | 123,901 | 112,575 | 167,750 | 126,605 | 102,013 | 100,028 | 169,344 | 76,853 | 530,831 | 448,238 | 197,947 |
Acquisition expenses | 74,146 | 80,580 | 69,005 | 65,592 | 55,399 | 78,126 | 61,666 | 43,401 | 289,323 | 238,592 | 144,476 |
Operational expenses | 49,948 | 40,493 | 51,073 | 56,235 | 64,300 | 54,518 | 54,673 | 45,621 | 197,749 | 219,112 | 190,639 |
Corporate expenses | 11,888 | 11,537 | 5,752 | 8,225 | 10,791 | 7,322 | 12,868 | 45,533 | 37,402 | 76,514 | 22,749 |
Interest expense | 10,534 | 10,536 | 10,536 | 10,538 | 10,550 | 10,542 | 9,862 | 5,316 | 42,144 | 36,270 | 17,402 |
Total expenses | 270,417 | 255,721 | 304,116 | 267,195 | 243,053 | 250,536 | 308,413 | 216,724 | 1,097,449 | 1,018,726 | 573,213 |
Income (loss) before equity in net income (loss) of subsidiaries and taxes | 630,388 | 496,376 | 686,864 | ||||||||
Equity in net income (loss) of subsidiaries | 0 | 0 | 0 | ||||||||
Income before taxes | 83,550 | 186,745 | 179,168 | 180,925 | 134,322 | 107,704 | 89,154 | 165,196 | 630,388 | 496,376 | 686,864 |
Income tax (expense) benefit | 7,700 | 1,316 | (6,612) | (2,744) | (8,453) | 4,573 | 1,842 | 47,904 | (340) | 45,866 | (608) |
Net income | 91,250 | 188,061 | 172,556 | 178,181 | 125,869 | 112,277 | 90,996 | 213,100 | 630,048 | 542,242 | 686,256 |
Net income attributable to noncontrolling interests | (16,219) | (35,641) | (30,635) | (44,591) | (28,068) | (31,153) | (12,167) | (39,662) | (127,086) | (111,050) | (153,538) |
Net income attributable to RenaissanceRe | 75,031 | 152,420 | 141,921 | 133,590 | 97,801 | 81,124 | 78,829 | 173,438 | 502,962 | 431,192 | 532,718 |
Dividends on preference shares | (5,595) | (5,595) | (5,596) | (5,595) | (5,595) | (5,595) | (5,596) | (5,595) | (22,381) | (22,381) | (22,381) |
Net income available to RenaissanceRe common shareholders | $ 69,436 | $ 146,825 | $ 136,325 | $ 127,995 | $ 92,206 | $ 75,529 | $ 73,233 | $ 167,843 | 480,581 | 408,811 | 510,337 |
RenaissanceRe Holdings Ltd. (Parent Guarantor) | |||||||||||
Revenues | |||||||||||
Net investment income | 24,178 | 15,391 | 2,706 | ||||||||
Net foreign exchange (losses) gains | (2) | 4 | (13) | ||||||||
Other income (loss) | (772) | 663 | 0 | ||||||||
Net realized and unrealized gains (losses) on investments | 4,151 | (2,080) | 83 | ||||||||
Total revenues | 27,555 | 13,978 | 2,776 | ||||||||
Expenses | |||||||||||
Operational expenses | 13,716 | 4,249 | (4,890) | ||||||||
Corporate expenses | 26,848 | 40,808 | 20,787 | ||||||||
Interest expense | 562 | 1,255 | 0 | ||||||||
Total expenses | 41,126 | 46,312 | 15,897 | ||||||||
Income (loss) before equity in net income (loss) of subsidiaries and taxes | (13,571) | (32,334) | (13,121) | ||||||||
Equity in net income (loss) of subsidiaries | 516,533 | 463,526 | 545,839 | ||||||||
Net income attributable to RenaissanceRe | 502,962 | 431,192 | 532,718 | ||||||||
Dividends on preference shares | (22,381) | (22,381) | (22,381) | ||||||||
Net income available to RenaissanceRe common shareholders | 480,581 | 408,811 | 510,337 | ||||||||
Reportable Legal Entities | RenaissanceRe Holdings Ltd. (Parent Guarantor) | |||||||||||
Revenues | |||||||||||
Net premiums earned | 0 | 0 | 0 | ||||||||
Net investment income | 24,178 | 15,391 | 2,706 | ||||||||
Net foreign exchange (losses) gains | (2) | 4 | (13) | ||||||||
Equity in earnings (losses) of other ventures | 0 | 0 | 0 | ||||||||
Other income (loss) | (772) | 663 | 0 | ||||||||
Net realized and unrealized gains (losses) on investments | 4,151 | (2,080) | 83 | ||||||||
Total revenues | 27,555 | 13,978 | 2,776 | ||||||||
Expenses | |||||||||||
Net claims and claim expenses incurred | 0 | 0 | 0 | ||||||||
Acquisition expenses | 0 | 0 | 0 | ||||||||
Operational expenses | 13,716 | 4,249 | (4,890) | ||||||||
Corporate expenses | 26,848 | 40,808 | 20,787 | ||||||||
Interest expense | 562 | 1,255 | 0 | ||||||||
Total expenses | 41,126 | 46,312 | 15,897 | ||||||||
Income (loss) before equity in net income (loss) of subsidiaries and taxes | (13,571) | (32,334) | (13,121) | ||||||||
Equity in net income (loss) of subsidiaries | 516,533 | 463,526 | 545,839 | ||||||||
Income before taxes | 502,962 | 431,192 | 532,718 | ||||||||
Income tax (expense) benefit | 0 | 0 | 0 | ||||||||
Net income | 502,962 | 431,192 | 532,718 | ||||||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income attributable to RenaissanceRe | 502,962 | 431,192 | 532,718 | ||||||||
Dividends on preference shares | (22,381) | (22,381) | (22,381) | ||||||||
Net income available to RenaissanceRe common shareholders | 480,581 | 408,811 | 510,337 | ||||||||
Reportable Legal Entities | RenRe North America Holdings Inc. (Subsidiary Issuer) | |||||||||||
Revenues | |||||||||||
Net premiums earned | 0 | 0 | 0 | ||||||||
Net investment income | 1,852 | 1,251 | 1,765 | ||||||||
Net foreign exchange (losses) gains | 0 | 0 | 0 | ||||||||
Equity in earnings (losses) of other ventures | 0 | 0 | 0 | ||||||||
Other income (loss) | 0 | 0 | (7) | ||||||||
Net realized and unrealized gains (losses) on investments | 4,659 | 566 | 9,069 | ||||||||
Total revenues | 6,511 | 1,817 | 10,827 | ||||||||
Expenses | |||||||||||
Net claims and claim expenses incurred | 0 | 0 | 0 | ||||||||
Acquisition expenses | 0 | 0 | 0 | ||||||||
Operational expenses | (112) | 4,561 | 7,004 | ||||||||
Corporate expenses | 203 | 312 | 238 | ||||||||
Interest expense | 0 | 7,233 | 14,467 | ||||||||
Total expenses | 91 | 12,106 | 21,709 | ||||||||
Income (loss) before equity in net income (loss) of subsidiaries and taxes | 6,420 | (10,289) | (10,882) | ||||||||
Equity in net income (loss) of subsidiaries | 3,857 | 5,493 | 6,491 | ||||||||
Income before taxes | 10,277 | (4,796) | (4,391) | ||||||||
Income tax (expense) benefit | (2,275) | 32,005 | 4,064 | ||||||||
Net income | 8,002 | 27,209 | (327) | ||||||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income attributable to RenaissanceRe | 8,002 | 27,209 | (327) | ||||||||
Dividends on preference shares | 0 | 0 | 0 | ||||||||
Net income available to RenaissanceRe common shareholders | 8,002 | 27,209 | (327) | ||||||||
Reportable Legal Entities | Platinum Underwriters Finance, Inc. (Subsidiary Issuer) | |||||||||||
Revenues | |||||||||||
Net premiums earned | 0 | 0 | |||||||||
Net investment income | 3,989 | 4,063 | |||||||||
Net foreign exchange (losses) gains | 0 | 0 | |||||||||
Equity in earnings (losses) of other ventures | 0 | 0 | |||||||||
Other income (loss) | 0 | 0 | |||||||||
Net realized and unrealized gains (losses) on investments | 8,193 | (2,600) | |||||||||
Total revenues | 12,182 | 1,463 | |||||||||
Expenses | |||||||||||
Net claims and claim expenses incurred | 0 | 0 | |||||||||
Acquisition expenses | 0 | 0 | |||||||||
Operational expenses | 296 | 3 | |||||||||
Corporate expenses | 0 | 3 | |||||||||
Interest expense | 5,906 | 4,922 | |||||||||
Total expenses | 6,202 | 4,928 | |||||||||
Income (loss) before equity in net income (loss) of subsidiaries and taxes | 5,980 | (3,465) | |||||||||
Equity in net income (loss) of subsidiaries | 25,073 | 35,329 | |||||||||
Income before taxes | 31,053 | 31,864 | |||||||||
Income tax (expense) benefit | (1,462) | 1,985 | |||||||||
Net income | 29,591 | 33,849 | |||||||||
Net income attributable to noncontrolling interests | 0 | 0 | |||||||||
Net income attributable to RenaissanceRe | 29,591 | 33,849 | |||||||||
Dividends on preference shares | 0 | 0 | |||||||||
Net income available to RenaissanceRe common shareholders | 29,591 | 33,849 | |||||||||
Reportable Legal Entities | RenaissanceRe Finance, Inc. (Subsidiary Issuer) | |||||||||||
Revenues | |||||||||||
Net premiums earned | 0 | 0 | |||||||||
Net investment income | 569 | 996 | |||||||||
Net foreign exchange (losses) gains | 0 | 0 | |||||||||
Equity in earnings (losses) of other ventures | 0 | 0 | |||||||||
Other income (loss) | 0 | 0 | |||||||||
Net realized and unrealized gains (losses) on investments | 46 | 0 | |||||||||
Total revenues | 615 | 996 | |||||||||
Expenses | |||||||||||
Net claims and claim expenses incurred | 0 | 0 | |||||||||
Acquisition expenses | 0 | 0 | |||||||||
Operational expenses | 22,152 | 2,503 | |||||||||
Corporate expenses | 7 | 0 | |||||||||
Interest expense | 26,176 | 16,179 | |||||||||
Total expenses | 48,335 | 18,682 | |||||||||
Income (loss) before equity in net income (loss) of subsidiaries and taxes | (47,720) | (17,686) | |||||||||
Equity in net income (loss) of subsidiaries | 38,628 | 72,925 | |||||||||
Income before taxes | (9,092) | 55,239 | |||||||||
Income tax (expense) benefit | 11,014 | 6,190 | |||||||||
Net income | 1,922 | 61,429 | |||||||||
Net income attributable to noncontrolling interests | 0 | 0 | |||||||||
Net income attributable to RenaissanceRe | 1,922 | 61,429 | |||||||||
Dividends on preference shares | 0 | 0 | |||||||||
Net income available to RenaissanceRe common shareholders | 1,922 | 61,429 | |||||||||
Reportable Legal Entities | Other RenaissanceRe Holdings Ltd. Subsidiaries And Eliminations (Non-Guarantor Subsidiaries) | |||||||||||
Revenues | |||||||||||
Net premiums earned | 1,403,430 | 1,400,551 | 1,062,416 | ||||||||
Net investment income | 175,407 | 144,642 | 123,582 | ||||||||
Net foreign exchange (losses) gains | (13,786) | (3,055) | 6,273 | ||||||||
Equity in earnings (losses) of other ventures | 963 | 20,481 | 26,075 | ||||||||
Other income (loss) | 14,950 | 13,472 | (416) | ||||||||
Net realized and unrealized gains (losses) on investments | 124,279 | (64,804) | 32,281 | ||||||||
Total revenues | 1,705,243 | 1,511,287 | 1,250,211 | ||||||||
Expenses | |||||||||||
Net claims and claim expenses incurred | 530,831 | 448,238 | 197,947 | ||||||||
Acquisition expenses | 289,323 | 238,592 | 144,476 | ||||||||
Operational expenses | 176,041 | 207,802 | 188,857 | ||||||||
Corporate expenses | 10,344 | 35,391 | 1,724 | ||||||||
Interest expense | 10,062 | 7,677 | 2,935 | ||||||||
Total expenses | 1,016,601 | 937,700 | 535,939 | ||||||||
Income (loss) before equity in net income (loss) of subsidiaries and taxes | 688,642 | 573,587 | 714,272 | ||||||||
Equity in net income (loss) of subsidiaries | 0 | 0 | 0 | ||||||||
Income before taxes | 688,642 | 573,587 | 714,272 | ||||||||
Income tax (expense) benefit | (7,617) | 5,686 | (4,672) | ||||||||
Net income | 681,025 | 579,273 | 709,600 | ||||||||
Net income attributable to noncontrolling interests | (127,086) | (111,050) | (153,538) | ||||||||
Net income attributable to RenaissanceRe | 553,939 | 468,223 | 556,062 | ||||||||
Dividends on preference shares | 0 | 0 | 0 | ||||||||
Net income available to RenaissanceRe common shareholders | 553,939 | 468,223 | 556,062 | ||||||||
Consolidating Adjustments | |||||||||||
Revenues | |||||||||||
Net premiums earned | 0 | 0 | 0 | ||||||||
Net investment income | (24,269) | (13,776) | (3,737) | ||||||||
Net foreign exchange (losses) gains | 0 | 0 | 0 | ||||||||
Equity in earnings (losses) of other ventures | 0 | 0 | 0 | ||||||||
Other income (loss) | 0 | (663) | 0 | ||||||||
Net realized and unrealized gains (losses) on investments | 0 | 0 | 0 | ||||||||
Total revenues | (24,269) | (14,439) | (3,737) | ||||||||
Expenses | |||||||||||
Net claims and claim expenses incurred | 0 | 0 | 0 | ||||||||
Acquisition expenses | 0 | 0 | 0 | ||||||||
Operational expenses | (14,344) | (6) | (332) | ||||||||
Corporate expenses | 0 | 0 | 0 | ||||||||
Interest expense | (562) | (996) | 0 | ||||||||
Total expenses | (14,906) | (1,002) | (332) | ||||||||
Income (loss) before equity in net income (loss) of subsidiaries and taxes | (9,363) | (13,437) | (3,405) | ||||||||
Equity in net income (loss) of subsidiaries | (584,091) | (577,273) | (552,330) | ||||||||
Income before taxes | (593,454) | (590,710) | (555,735) | ||||||||
Income tax (expense) benefit | 0 | 0 | 0 | ||||||||
Net income | (593,454) | (590,710) | (555,735) | ||||||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income attributable to RenaissanceRe | (593,454) | (590,710) | (555,735) | ||||||||
Dividends on preference shares | 0 | 0 | 0 | ||||||||
Net income available to RenaissanceRe common shareholders | $ (593,454) | $ (590,710) | $ (555,735) |
Condensed Consolidating Fina127
Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries (Condensed Consolidating Statement of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income (loss) | $ 91,250 | $ 188,061 | $ 172,556 | $ 178,181 | $ 125,869 | $ 112,277 | $ 90,996 | $ 213,100 | $ 630,048 | $ 542,242 | $ 686,256 |
Change in net unrealized gains on investments | (975) | (1,308) | (715) | ||||||||
Comprehensive income (loss) | 629,073 | 540,934 | 685,541 | ||||||||
Net income attributable to redeemable noncontrolling interests | (127,086) | (111,050) | (153,538) | ||||||||
Comprehensive income attributable to redeemable noncontrolling interests | (127,086) | (111,050) | (153,538) | ||||||||
Comprehensive income attributable to RenaissanceRe | 501,987 | 429,884 | 532,003 | ||||||||
RenaissanceRe Holdings Ltd. (Parent Guarantor) | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Comprehensive income attributable to RenaissanceRe | 502,962 | 431,192 | 532,718 | ||||||||
Reportable Legal Entities | RenaissanceRe Holdings Ltd. (Parent Guarantor) | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income (loss) | 502,962 | 431,192 | 532,718 | ||||||||
Change in net unrealized gains on investments | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) | 502,962 | 431,192 | 532,718 | ||||||||
Net income attributable to redeemable noncontrolling interests | 0 | 0 | 0 | ||||||||
Comprehensive income attributable to redeemable noncontrolling interests | 0 | 0 | 0 | ||||||||
Comprehensive income attributable to RenaissanceRe | 502,962 | 431,192 | 532,718 | ||||||||
Reportable Legal Entities | RenRe North America Holdings Inc. (Subsidiary Issuer) | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income (loss) | 8,002 | 27,209 | (327) | ||||||||
Change in net unrealized gains on investments | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) | 8,002 | 27,209 | (327) | ||||||||
Net income attributable to redeemable noncontrolling interests | 0 | 0 | 0 | ||||||||
Comprehensive income attributable to redeemable noncontrolling interests | 0 | 0 | 0 | ||||||||
Comprehensive income attributable to RenaissanceRe | 8,002 | 27,209 | (327) | ||||||||
Reportable Legal Entities | Platinum Underwriters Finance, Inc. (Subsidiary Issuer) | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income (loss) | 29,591 | 33,849 | |||||||||
Change in net unrealized gains on investments | 0 | 0 | |||||||||
Comprehensive income (loss) | 29,591 | 33,849 | |||||||||
Net income attributable to redeemable noncontrolling interests | 0 | 0 | |||||||||
Comprehensive income attributable to redeemable noncontrolling interests | 0 | 0 | |||||||||
Comprehensive income attributable to RenaissanceRe | 29,591 | 33,849 | |||||||||
Reportable Legal Entities | RenaissanceRe Finance, Inc. (Subsidiary Issuer) | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income (loss) | 1,922 | 61,429 | |||||||||
Change in net unrealized gains on investments | 0 | 0 | |||||||||
Comprehensive income (loss) | 1,922 | 61,429 | |||||||||
Net income attributable to redeemable noncontrolling interests | 0 | 0 | |||||||||
Comprehensive income attributable to redeemable noncontrolling interests | 0 | 0 | |||||||||
Comprehensive income attributable to RenaissanceRe | 1,922 | 61,429 | |||||||||
Reportable Legal Entities | Other RenaissanceRe Holdings Ltd. Subsidiaries And Eliminations (Non-Guarantor Subsidiaries) | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income (loss) | 681,025 | 579,273 | 709,600 | ||||||||
Change in net unrealized gains on investments | (975) | (1,308) | (715) | ||||||||
Comprehensive income (loss) | 680,050 | 577,965 | 708,885 | ||||||||
Net income attributable to redeemable noncontrolling interests | (127,086) | (111,050) | (153,538) | ||||||||
Comprehensive income attributable to redeemable noncontrolling interests | (127,086) | (111,050) | (153,538) | ||||||||
Comprehensive income attributable to RenaissanceRe | 552,964 | 466,915 | 555,347 | ||||||||
Consolidating Adjustments | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income (loss) | (593,454) | (590,710) | (555,735) | ||||||||
Change in net unrealized gains on investments | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) | (593,454) | (590,710) | (555,735) | ||||||||
Net income attributable to redeemable noncontrolling interests | 0 | 0 | 0 | ||||||||
Comprehensive income attributable to redeemable noncontrolling interests | 0 | 0 | 0 | ||||||||
Comprehensive income attributable to RenaissanceRe | $ (593,454) | $ (590,710) | $ (555,735) |
Condensed Consolidating Fina128
Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries (Condensed Consolidating Statement Of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows provided by (used in) operating activities: | |||
Net cash provided by operating activities | $ 469,829 | $ 414,737 | $ 660,657 |
Cash flows provided by (used in) investing activities | |||
Proceeds from sales and maturities of fixed maturity investments trading | 8,102,514 | 9,481,742 | 7,682,573 |
Purchases of fixed maturity investments trading | (8,282,720) | (9,683,068) | (7,639,178) |
Proceeds from sales and maturities of fixed maturity investments available for sale | 17,692 | 8,688 | 7,088 |
Net (purchases) sales of equity investments trading | 184,788 | (147,558) | (20,003) |
Net (purchases) sales of short term investments | (118,617) | 669,116 | 45,023 |
Net (purchases) sales of other investments | (68,589) | 15,843 | 59,120 |
Net purchases of investments in other ventures | 0 | (10,150) | 1,030 |
Net sales of other assets | 400 | 4,500 | 6,000 |
Dividends and return of capital from subsidiaries | 0 | 0 | 0 |
Contributions to subsidiaries | 0 | 0 | 0 |
Due (from) to subsidiary | 0 | 0 | 0 |
Net purchase of Platinum | 0 | (678,152) | 0 |
Net cash (used in) provided by investing activities | (164,532) | (339,039) | 141,653 |
Cash flows (used in) provided by financing activities | |||
Dividends paid – RenaissanceRe common shares | (51,583) | (53,967) | (45,912) |
Dividends paid – preference shares | (22,381) | (22,381) | (22,381) |
RenaissanceRe common share repurchases | (309,434) | (259,874) | (514,678) |
Issuance of debt | 0 | 445,589 | 0 |
Net third party redeemable noncontrolling interest share transactions | (2,990) | (193,032) | (111,707) |
Net cash used in financing activities | (386,388) | (83,665) | (694,678) |
Effect of exchange rate changes on foreign currency cash | (4,637) | (10,732) | 9,920 |
Net (decrease) increase in cash and cash equivalents | (85,728) | (18,699) | 117,552 |
Cash and cash equivalents, beginning of period | 506,885 | 525,584 | 408,032 |
Cash and cash equivalents, end of period | 421,157 | 506,885 | 525,584 |
RenaissanceRe Holdings Ltd. (Parent Guarantor) | |||
Cash flows provided by (used in) operating activities: | |||
Net cash provided by operating activities | (18,452) | (39,213) | 429 |
Cash flows provided by (used in) investing activities | |||
Proceeds from sales and maturities of fixed maturity investments trading | 314,568 | 63,824 | 88,273 |
Purchases of fixed maturity investments trading | (336,345) | (161,183) | (88,341) |
Net (purchases) sales of short term investments | (111,814) | (116,461) | 73,717 |
Dividends and return of capital from subsidiaries | 617,239 | 1,584,624 | 1,259,224 |
Contributions to subsidiaries | (108,674) | (294,733) | (759,456) |
Net purchase of Platinum | 0 | (904,433) | 0 |
Net cash (used in) provided by investing activities | 398,732 | 379,634 | 579,732 |
Cash flows (used in) provided by financing activities | |||
Dividends paid – RenaissanceRe common shares | (51,583) | (53,967) | (45,912) |
Dividends paid – preference shares | (22,381) | (22,381) | (22,381) |
RenaissanceRe common share repurchases | (309,434) | (259,874) | (514,678) |
Net cash used in financing activities | (383,398) | (336,222) | (582,971) |
Net (decrease) increase in cash and cash equivalents | (3,118) | 4,199 | (2,810) |
Cash and cash equivalents, beginning of period | 10,185 | 5,986 | 8,796 |
Cash and cash equivalents, end of period | 7,067 | 10,185 | 5,986 |
Reportable Legal Entities | RenaissanceRe Holdings Ltd. (Parent Guarantor) | |||
Cash flows provided by (used in) operating activities: | |||
Net cash provided by operating activities | (18,452) | (39,213) | 429 |
Cash flows provided by (used in) investing activities | |||
Proceeds from sales and maturities of fixed maturity investments trading | 314,568 | 63,824 | 88,273 |
Purchases of fixed maturity investments trading | (336,345) | (161,183) | (88,341) |
Proceeds from sales and maturities of fixed maturity investments available for sale | 0 | 0 | 0 |
Net (purchases) sales of equity investments trading | 0 | 0 | 0 |
Net (purchases) sales of short term investments | (111,814) | (116,461) | 73,717 |
Net (purchases) sales of other investments | 0 | 0 | 0 |
Net purchases of investments in other ventures | 0 | 0 | |
Net sales of other assets | 0 | 0 | 0 |
Dividends and return of capital from subsidiaries | 617,239 | 1,584,624 | 1,259,224 |
Contributions to subsidiaries | (108,674) | (294,733) | (759,456) |
Due (from) to subsidiary | 23,758 | 207,996 | 6,315 |
Net purchase of Platinum | (904,433) | ||
Net cash (used in) provided by investing activities | 398,732 | 379,634 | 579,732 |
Cash flows (used in) provided by financing activities | |||
Dividends paid – RenaissanceRe common shares | (51,583) | (53,967) | (45,912) |
Dividends paid – preference shares | (22,381) | (22,381) | (22,381) |
RenaissanceRe common share repurchases | (309,434) | (259,874) | (514,678) |
Issuance of debt | 0 | ||
Net third party redeemable noncontrolling interest share transactions | 0 | 0 | 0 |
Net cash used in financing activities | (383,398) | (336,222) | (582,971) |
Effect of exchange rate changes on foreign currency cash | 0 | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | (3,118) | 4,199 | (2,810) |
Cash and cash equivalents, beginning of period | 10,185 | 5,986 | 8,796 |
Cash and cash equivalents, end of period | 7,067 | 10,185 | 5,986 |
Reportable Legal Entities | RenRe North America Holdings Inc. (Subsidiary Issuer) | |||
Cash flows provided by (used in) operating activities: | |||
Net cash provided by operating activities | 1,477 | (9,201) | (18,114) |
Cash flows provided by (used in) investing activities | |||
Proceeds from sales and maturities of fixed maturity investments trading | 69,941 | 49,807 | 20,487 |
Purchases of fixed maturity investments trading | (123,046) | (59,040) | (14,969) |
Proceeds from sales and maturities of fixed maturity investments available for sale | 0 | 0 | 0 |
Net (purchases) sales of equity investments trading | (2,389) | 33,693 | 13,761 |
Net (purchases) sales of short term investments | 67,684 | (63,305) | 225 |
Net (purchases) sales of other investments | 0 | 0 | 0 |
Net purchases of investments in other ventures | 0 | 0 | |
Net sales of other assets | 0 | 0 | 0 |
Dividends and return of capital from subsidiaries | 2,900 | 180,000 | 11,204 |
Contributions to subsidiaries | 0 | (8,550) | (1,949) |
Due (from) to subsidiary | (22,313) | (118,529) | (13,639) |
Net purchase of Platinum | 0 | ||
Net cash (used in) provided by investing activities | (7,223) | 14,076 | 15,120 |
Cash flows (used in) provided by financing activities | |||
Dividends paid – RenaissanceRe common shares | 0 | 0 | 0 |
Dividends paid – preference shares | 0 | 0 | 0 |
RenaissanceRe common share repurchases | 0 | 0 | 0 |
Issuance of debt | 0 | ||
Net third party redeemable noncontrolling interest share transactions | 0 | 0 | 0 |
Net cash used in financing activities | 0 | 0 | 0 |
Effect of exchange rate changes on foreign currency cash | 0 | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | (5,746) | 4,875 | (2,994) |
Cash and cash equivalents, beginning of period | 5,908 | 1,033 | 4,027 |
Cash and cash equivalents, end of period | 162 | 5,908 | 1,033 |
Reportable Legal Entities | Platinum Underwriters Finance, Inc. (Subsidiary Issuer) | |||
Cash flows provided by (used in) operating activities: | |||
Net cash provided by operating activities | (14,501) | (6,830) | |
Cash flows provided by (used in) investing activities | |||
Proceeds from sales and maturities of fixed maturity investments trading | 145,082 | 45,087 | |
Purchases of fixed maturity investments trading | (291,053) | 0 | |
Proceeds from sales and maturities of fixed maturity investments available for sale | 0 | 0 | |
Net (purchases) sales of equity investments trading | 193,022 | (269,244) | |
Net (purchases) sales of short term investments | (32,901) | 238,177 | |
Net (purchases) sales of other investments | 0 | 0 | |
Net purchases of investments in other ventures | 0 | ||
Net sales of other assets | 0 | 0 | |
Dividends and return of capital from subsidiaries | 0 | 65,000 | |
Contributions to subsidiaries | 0 | (66,753) | |
Due (from) to subsidiary | (81) | 129 | |
Net purchase of Platinum | 1,537 | ||
Net cash (used in) provided by investing activities | 14,069 | 13,933 | |
Cash flows (used in) provided by financing activities | |||
Dividends paid – RenaissanceRe common shares | 0 | 0 | |
Dividends paid – preference shares | 0 | 0 | |
RenaissanceRe common share repurchases | 0 | 0 | |
Issuance of debt | 0 | ||
Net third party redeemable noncontrolling interest share transactions | 0 | 0 | |
Net cash used in financing activities | 0 | 0 | |
Effect of exchange rate changes on foreign currency cash | 0 | 0 | |
Net (decrease) increase in cash and cash equivalents | (432) | 7,103 | |
Cash and cash equivalents, beginning of period | 7,103 | 0 | |
Cash and cash equivalents, end of period | 6,671 | 7,103 | 0 |
Reportable Legal Entities | RenaissanceRe Finance, Inc. (Subsidiary Issuer) | |||
Cash flows provided by (used in) operating activities: | |||
Net cash provided by operating activities | (34,607) | (17,871) | |
Cash flows provided by (used in) investing activities | |||
Proceeds from sales and maturities of fixed maturity investments trading | 0 | 0 | |
Purchases of fixed maturity investments trading | 0 | 0 | |
Proceeds from sales and maturities of fixed maturity investments available for sale | 0 | 0 | |
Net (purchases) sales of equity investments trading | 0 | 0 | |
Net (purchases) sales of short term investments | 0 | 0 | |
Net (purchases) sales of other investments | 0 | 0 | |
Net purchases of investments in other ventures | 0 | ||
Net sales of other assets | 0 | 0 | |
Dividends and return of capital from subsidiaries | 13,125 | 87,553 | |
Contributions to subsidiaries | 0 | (185,000) | |
Due (from) to subsidiary | 30,202 | (183,405) | |
Net purchase of Platinum | 0 | ||
Net cash (used in) provided by investing activities | 43,327 | (280,852) | |
Cash flows (used in) provided by financing activities | |||
Dividends paid – RenaissanceRe common shares | 0 | 0 | |
Dividends paid – preference shares | 0 | 0 | |
RenaissanceRe common share repurchases | 0 | 0 | |
Issuance of debt | 299,400 | ||
Net third party redeemable noncontrolling interest share transactions | 0 | 0 | |
Net cash used in financing activities | 0 | 299,400 | |
Effect of exchange rate changes on foreign currency cash | 0 | 0 | |
Net (decrease) increase in cash and cash equivalents | 8,720 | 677 | |
Cash and cash equivalents, beginning of period | 677 | 0 | |
Cash and cash equivalents, end of period | 9,397 | 677 | 0 |
Reportable Legal Entities | Other RenaissanceRe Holdings Ltd. Subsidiaries And Eliminations (Non-Guarantor Subsidiaries) | |||
Cash flows provided by (used in) operating activities: | |||
Net cash provided by operating activities | 535,912 | 487,852 | 678,342 |
Cash flows provided by (used in) investing activities | |||
Proceeds from sales and maturities of fixed maturity investments trading | 7,572,923 | 9,323,024 | 7,573,813 |
Purchases of fixed maturity investments trading | (7,532,276) | (9,462,845) | (7,535,868) |
Proceeds from sales and maturities of fixed maturity investments available for sale | 17,692 | 8,688 | 7,088 |
Net (purchases) sales of equity investments trading | (5,845) | 87,993 | (33,764) |
Net (purchases) sales of short term investments | (41,586) | 610,705 | (28,919) |
Net (purchases) sales of other investments | (68,589) | 15,843 | 59,120 |
Net purchases of investments in other ventures | (10,150) | 1,030 | |
Net sales of other assets | 400 | 4,500 | 6,000 |
Dividends and return of capital from subsidiaries | (633,264) | (1,917,177) | (1,270,428) |
Contributions to subsidiaries | 108,674 | 555,036 | 761,405 |
Due (from) to subsidiary | (31,566) | 93,809 | 7,324 |
Net purchase of Platinum | 224,744 | ||
Net cash (used in) provided by investing activities | (613,437) | (465,830) | (453,199) |
Cash flows (used in) provided by financing activities | |||
Dividends paid – RenaissanceRe common shares | 0 | 0 | 0 |
Dividends paid – preference shares | 0 | 0 | 0 |
RenaissanceRe common share repurchases | 0 | 0 | 0 |
Issuance of debt | 146,189 | ||
Net third party redeemable noncontrolling interest share transactions | (2,990) | (193,032) | (111,707) |
Net cash used in financing activities | (2,990) | (46,843) | (111,707) |
Effect of exchange rate changes on foreign currency cash | (4,637) | (10,732) | 9,920 |
Net (decrease) increase in cash and cash equivalents | (85,152) | (35,553) | 123,356 |
Cash and cash equivalents, beginning of period | 483,012 | 518,565 | 395,209 |
Cash and cash equivalents, end of period | $ 397,860 | $ 483,012 | $ 518,565 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, shares in Thousands | Feb. 01, 2017 | Jan. 01, 2017 | Feb. 22, 2017 | Jan. 31, 2017 | Feb. 17, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Aug. 02, 2016 |
Subsequent Event [Line Items] | |||||||||
Investment in variable interest entity | $ 0 | $ 0 | $ 0 | ||||||
Common shares | |||||||||
Subsequent Event [Line Items] | |||||||||
Repurchase of shares (in shares) | 2,700 | ||||||||
Common shares repurchased during period, Aggregate value | $ 309,400,000 | ||||||||
Common shares repurchased during period, Average cost per share (in dollars per share) | $ 112.87 | ||||||||
Share repurchase program, Authorized aggregate amount | $ 500,000,000 | ||||||||
Subsequent Event | Common shares | |||||||||
Subsequent Event [Line Items] | |||||||||
Repurchase of shares (in shares) | 281 | ||||||||
Common shares repurchased during period, Aggregate value | $ 40,000,000 | ||||||||
Common shares repurchased during period, Average cost per share (in dollars per share) | $ 142.40 | ||||||||
Share repurchase program, Authorized aggregate amount | $ 500,000,000 | ||||||||
DaVinciRe Holdings Ltd. | |||||||||
Subsequent Event [Line Items] | |||||||||
Redeemable noncontrolling interest, ownership percentage | 24.00% | 26.30% | |||||||
Noncontrolling interest, value subscribed | $ 43,040,000 | $ 0 | |||||||
Redemption of shares from redeemable noncontrolling interests | 98,285,000 | 212,750,000 | |||||||
DaVinciRe Holdings Ltd. | Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Redeemable noncontrolling interest, redemptions | $ 75,000,000 | ||||||||
Redeemable noncontrolling interest, reserve holdback | 15,000,000 | ||||||||
Redeemable noncontrolling interest, sale of interest | 24,000,000 | ||||||||
Redeemable noncontrolling interest, ownership percentage | 22.60% | ||||||||
Upsilon RFO Re Ltd. | Primary Beneficiary | Non-voting preference shares | |||||||||
Subsequent Event [Line Items] | |||||||||
Non-voting preference shares issued to third parties | 166,600,000 | 153,700,000 | |||||||
Investment in variable interest entity | $ 55,200,000 | $ 42,500,000 | |||||||
Upsilon RFO Re Ltd. | Subsequent Event | Primary Beneficiary | |||||||||
Subsequent Event [Line Items] | |||||||||
Capital distribution payable | 41,800,000 | ||||||||
Variable interest entity, ownership percentage | 16.60% | ||||||||
Upsilon RFO Re Ltd. | Subsequent Event | Primary Beneficiary | Non-voting preference shares | |||||||||
Subsequent Event [Line Items] | |||||||||
Non-voting preference shares issued to third parties | $ 7,500,000 | 134,100,000 | |||||||
Fibonacci Reinsurance Ltd. | Subsequent Event | Primary Beneficiary | |||||||||
Subsequent Event [Line Items] | |||||||||
Non-voting preference shares issued to third parties | $ 140,000,000 | ||||||||
Variable interest entity, ownership percentage | 7.20% | ||||||||
RenaissanceRe Medici Fund Ltd. | |||||||||
Subsequent Event [Line Items] | |||||||||
Redeemable noncontrolling interest, ownership percentage | 36.50% | 46.10% | |||||||
Noncontrolling interest, value subscribed | $ 79,518,000 | $ 36,073,000 | |||||||
Redemption of shares from redeemable noncontrolling interests | $ 21,729,000 | $ 20,117,000 | |||||||
RenaissanceRe Medici Fund Ltd. | Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Redeemable noncontrolling interest, ownership percentage | 33.70% | ||||||||
RenaissanceRe Holdings Ltd. | Upsilon RFO Re Ltd. | Primary Beneficiary | |||||||||
Subsequent Event [Line Items] | |||||||||
Variable interest entity, ownership percentage | 28.80% | 21.70% | |||||||
RenaissanceRe Holdings Ltd. | Upsilon RFO Re Ltd. | Subsequent Event | Primary Beneficiary | |||||||||
Subsequent Event [Line Items] | |||||||||
Capital distribution payable | 9,500,000 | ||||||||
RenaissanceRe Holdings Ltd. | Upsilon RFO Re Ltd. | Subsequent Event | Primary Beneficiary | Non-voting preference shares | |||||||||
Subsequent Event [Line Items] | |||||||||
Investment in variable interest entity | $ 9,500,000 | ||||||||
RenaissanceRe Holdings Ltd. | RenaissanceRe Medici Fund Ltd. | Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Noncontrolling interest, value subscribed | $ 10,200,000 | ||||||||
Redemption of shares from redeemable noncontrolling interests | 10,000,000 | ||||||||
Third-Party Investor [Member] | RenaissanceRe Medici Fund Ltd. | Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Noncontrolling interest, value subscribed | 25,900,000 | ||||||||
Redemption of shares from redeemable noncontrolling interests | $ 1,500,000 |
Schedule I. Summary of Inves130
Schedule I. Summary of Investments Other Than Investments in Related Parties (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Market Value | $ 9,316,968 |
Amount at which shown in the Balance Sheet | 9,316,968 |
U.S. treasuries | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Amortized Cost | 2,635,282 |
Market Value | 2,617,894 |
Amount at which shown in the Balance Sheet | 2,617,894 |
Agencies | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Amortized Cost | 91,905 |
Market Value | 90,972 |
Amount at which shown in the Balance Sheet | 90,972 |
Municipal | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Amortized Cost | 524,559 |
Market Value | 519,069 |
Amount at which shown in the Balance Sheet | 519,069 |
Non-U.S. government (Sovereign debt) | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Amortized Cost | 342,108 |
Market Value | 333,224 |
Amount at which shown in the Balance Sheet | 333,224 |
Non-U.S. government-backed corporate | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Amortized Cost | 137,024 |
Market Value | 133,300 |
Amount at which shown in the Balance Sheet | 133,300 |
Corporate | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Amortized Cost | 1,868,125 |
Market Value | 1,877,243 |
Amount at which shown in the Balance Sheet | 1,877,243 |
Agency mortgage-backed | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Amortized Cost | 471,235 |
Market Value | 462,493 |
Amount at which shown in the Balance Sheet | 462,493 |
Non-agency mortgage-backed | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Amortized Cost | 252,829 |
Market Value | 258,944 |
Amount at which shown in the Balance Sheet | 258,944 |
Commercial mortgage-backed | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Amortized Cost | 409,682 |
Market Value | 409,747 |
Amount at which shown in the Balance Sheet | 409,747 |
Asset-backed | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Amortized Cost | 187,941 |
Market Value | 188,358 |
Amount at which shown in the Balance Sheet | 188,358 |
Fixed maturity investments | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Amortized Cost | 6,920,690 |
Market Value | 6,891,244 |
Amount at which shown in the Balance Sheet | 6,891,244 |
Short term investments | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Market Value | 1,368,379 |
Amount at which shown in the Balance Sheet | 1,368,379 |
Equity investments | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Market Value | 383,313 |
Amount at which shown in the Balance Sheet | 383,313 |
Other investments | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Market Value | 549,805 |
Amount at which shown in the Balance Sheet | 549,805 |
Investments in other ventures, under equity method | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Market Value | 124,227 |
Amount at which shown in the Balance Sheet | $ 124,227 |
Schedule II. Condensed Finan131
Schedule II. Condensed Financial Information Of Registrant (Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Assets | ||||
Fixed maturity investments trading, at fair value - amortized cost $22,402 at December 31, 2016 (2015 - $96,957) | $ 6,891,244 | $ 6,765,005 | ||
Short term investments, at fair value | 1,368,379 | 1,208,401 | ||
Cash and cash equivalents | 421,157 | 506,885 | $ 525,584 | $ 408,032 |
Investments in subsidiaries | 0 | 0 | ||
Accrued investment income | 38,076 | 39,749 | ||
Receivable for investments sold | 105,841 | 220,834 | ||
Other assets | 175,382 | 181,011 | ||
Goodwill and other intangible assets | 251,186 | 265,154 | ||
Total assets | 12,352,082 | 11,555,287 | ||
Liabilities | ||||
Due to subsidiaries | 0 | 0 | ||
Payable for investments purchased | 305,714 | 391,378 | ||
Other liabilities | 301,684 | 245,145 | ||
Total liabilities | 6,309,911 | 5,777,139 | ||
Shareholders' Equity | ||||
Preference shares: $1.00 par value – 16,000,000 shares issued and outstanding at December 31, 2016 (2015 – 16,000,000) | 400,000 | 400,000 | ||
Common shares: $1.00 par value – 41,187,413 shares issued and outstanding at December 31, 2016 (2015 – 43,701,064) | 41,187 | 43,701 | ||
Additional paid-in capital | 216,558 | 507,674 | ||
Accumulated other comprehensive income | 1,133 | 2,108 | ||
Retained earnings | 4,207,699 | 3,778,701 | ||
Total shareholders’ equity | 4,866,577 | 4,732,184 | 3,865,715 | |
Total liabilities, noncontrolling interests and shareholders’ equity | 12,352,082 | 11,555,287 | ||
Parent Company | ||||
Assets | ||||
Fixed maturity investments trading, at fair value - amortized cost $22,402 at December 31, 2016 (2015 - $96,957) | 22,119 | 96,441 | ||
Short term investments, at fair value | 365,155 | 253,451 | ||
Cash and cash equivalents | 7,067 | 10,185 | $ 5,986 | $ 8,796 |
Investments in subsidiaries | 4,074,769 | 3,902,519 | ||
Due from subsidiaries | 7,413 | 19,168 | ||
Dividends due from subsidiaries | 0 | 62,114 | ||
Accrued investment income | 105 | 1,253 | ||
Receivable for investments sold | 136 | 26 | ||
Other assets | 410,757 | 390,302 | ||
Goodwill and other intangible assets | 130,407 | 137,064 | ||
Total assets | 5,017,928 | 4,872,523 | ||
Liabilities | ||||
Notes and bank loans payable | 117,000 | 117,000 | ||
Due to subsidiaries | 14,644 | 2,641 | ||
Payable for investments purchased | 0 | 999 | ||
Other liabilities | 19,707 | 19,699 | ||
Total liabilities | 151,351 | 140,339 | ||
Shareholders' Equity | ||||
Preference shares: $1.00 par value – 16,000,000 shares issued and outstanding at December 31, 2016 (2015 – 16,000,000) | 400,000 | 400,000 | ||
Common shares: $1.00 par value – 41,187,413 shares issued and outstanding at December 31, 2016 (2015 – 43,701,064) | 41,187 | 43,701 | ||
Additional paid-in capital | 216,558 | 507,674 | ||
Accumulated other comprehensive income | 1,133 | 2,108 | ||
Retained earnings | 4,207,699 | 3,778,701 | ||
Total shareholders’ equity | 4,866,577 | 4,732,184 | ||
Total liabilities, noncontrolling interests and shareholders’ equity | $ 5,017,928 | $ 4,872,523 |
Schedule II. Condensed Finan132
Schedule II. Condensed Financial Information Of Registrant (Balance Sheets Parenthetical) (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Condensed Financial Statements, Captions [Line Items] | ||||
Fixed maturity investments trading, Amortized cost | $ 6,920,690 | $ 6,825,877 | ||
Preference Shares, Par Value (In dollars per share) | $ 1 | $ 1 | ||
Preference Shares, Shares issued (In shares) | 16,000,000 | 16,000,000 | ||
Preference shares, Shares outstanding (In shares) | 16,000,000 | 16,000,000 | ||
Common Shares, Par Value (In dollars per share) | $ 1 | $ 1 | ||
Common Shares, Shares issued (In shares) | 41,187,413 | 43,701,064 | ||
Common Shares, Shares outstanding (In shares) | 41,187,413 | 43,701,064 | ||
Parent Company | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Fixed maturity investments trading, Amortized cost | $ 22,402 | $ 96,957 | ||
Preference Shares, Par Value (In dollars per share) | $ 1 | $ 1 | ||
Preference Shares, Shares issued (In shares) | 16,000,000 | 16,000,000 | ||
Preference shares, Shares outstanding (In shares) | 16,000,000 | 16,000,000 | ||
Common Shares, Par Value (In dollars per share) | $ 1 | $ 1 | ||
Common Shares, Shares issued (In shares) | 41,187,413 | 43,701,064 | ||
Common Shares, Shares outstanding (In shares) | 41,187,413 | 43,701,064 |
Schedule II. Condensed Finan133
Schedule II. Condensed Financial Information Of Registrant (Statements of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues | |||||||||||
Net investment income | $ 47,316 | $ 51,423 | $ 54,124 | $ 28,863 | $ 45,918 | $ 28,338 | $ 38,604 | $ 39,707 | $ 181,726 | $ 152,567 | $ 124,316 |
Net foreign exchange gains (losses) | (5,420) | (5,986) | (690) | (1,692) | 1,203 | 616 | (1,740) | (3,130) | (13,788) | (3,051) | 6,260 |
Other income | 5,177 | 2,268 | 2,654 | 4,079 | 8,200 | 2,306 | 1,427 | 1,539 | 14,178 | 13,472 | (423) |
Net realized and unrealized gains (losses) on investments | (49,967) | 59,870 | 69,772 | 61,653 | (42,817) | (41,138) | (26,712) | 41,749 | 141,328 | (68,918) | 41,433 |
Total revenues | 353,967 | 442,466 | 483,284 | 448,120 | 377,375 | 358,240 | 397,567 | 381,920 | 1,727,837 | 1,515,102 | 1,260,077 |
Expenses | |||||||||||
Interest expense | 10,534 | 10,536 | 10,536 | 10,538 | 10,550 | 10,542 | 9,862 | 5,316 | 42,144 | 36,270 | 17,402 |
Operational expenses | 49,948 | 40,493 | 51,073 | 56,235 | 64,300 | 54,518 | 54,673 | 45,621 | 197,749 | 219,112 | 190,639 |
Operating and corporate expenses | 11,888 | 11,537 | 5,752 | 8,225 | 10,791 | 7,322 | 12,868 | 45,533 | 37,402 | 76,514 | 22,749 |
Total expenses | 270,417 | 255,721 | 304,116 | 267,195 | 243,053 | 250,536 | 308,413 | 216,724 | 1,097,449 | 1,018,726 | 573,213 |
Loss before equity in net income of subsidiaries | 630,388 | 496,376 | 686,864 | ||||||||
Equity in net income of subsidiaries | 0 | 0 | 0 | ||||||||
Net income attributable to RenaissanceRe | 75,031 | 152,420 | 141,921 | 133,590 | 97,801 | 81,124 | 78,829 | 173,438 | 502,962 | 431,192 | 532,718 |
Dividends on preference shares | (5,595) | (5,595) | (5,596) | (5,595) | (5,595) | (5,595) | (5,596) | (5,595) | (22,381) | (22,381) | (22,381) |
Net income available to RenaissanceRe common shareholders | $ 69,436 | $ 146,825 | $ 136,325 | $ 127,995 | $ 92,206 | $ 75,529 | $ 73,233 | $ 167,843 | 480,581 | 408,811 | 510,337 |
Parent Company | |||||||||||
Revenues | |||||||||||
Net investment income | 24,178 | 15,391 | 2,706 | ||||||||
Net foreign exchange gains (losses) | (2) | 4 | (13) | ||||||||
Other income | (772) | 663 | 0 | ||||||||
Net realized and unrealized gains (losses) on investments | 4,151 | (2,080) | 83 | ||||||||
Total revenues | 27,555 | 13,978 | 2,776 | ||||||||
Expenses | |||||||||||
Interest expense | 562 | 1,255 | 0 | ||||||||
Operational expenses | 13,716 | 4,249 | (4,890) | ||||||||
Operating and corporate expenses | 26,848 | 40,808 | 20,787 | ||||||||
Total expenses | 41,126 | 46,312 | 15,897 | ||||||||
Loss before equity in net income of subsidiaries | (13,571) | (32,334) | (13,121) | ||||||||
Equity in net income of subsidiaries | 516,533 | 463,526 | 545,839 | ||||||||
Net income attributable to RenaissanceRe | 502,962 | 431,192 | 532,718 | ||||||||
Dividends on preference shares | (22,381) | (22,381) | (22,381) | ||||||||
Net income available to RenaissanceRe common shareholders | $ 480,581 | $ 408,811 | $ 510,337 |
Schedule II. Condensed Finan134
Schedule II. Condensed Financial Information Of Registrant (Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income | $ 75,031 | $ 152,420 | $ 141,921 | $ 133,590 | $ 97,801 | $ 81,124 | $ 78,829 | $ 173,438 | $ 502,962 | $ 431,192 | $ 532,718 |
Comprehensive income attributable to RenaissanceRe | 501,987 | 429,884 | 532,003 | ||||||||
Parent Company | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income | 502,962 | 431,192 | 532,718 | ||||||||
Comprehensive income attributable to RenaissanceRe | $ 502,962 | $ 431,192 | $ 532,718 |
Schedule II. Condensed Finan135
Schedule II. Condensed Financial Information Of Registrant (Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows provided by (used in) operating activities: | |||||||||||
Net income attributable to RenaissanceRe | $ 75,031 | $ 152,420 | $ 141,921 | $ 133,590 | $ 97,801 | $ 81,124 | $ 78,829 | $ 173,438 | $ 502,962 | $ 431,192 | $ 532,718 |
Less: equity in net income of subsidiaries | 0 | 0 | 0 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
Net unrealized gains included in other income (loss) | 0 | 426 | 1,612 | ||||||||
Net realized and unrealized (gains) losses on investments | 49,967 | $ (59,870) | $ (69,772) | (61,653) | 42,817 | $ 41,138 | $ 26,712 | (41,749) | (141,328) | 68,918 | (41,433) |
Other | 85,000 | 2,892 | (71,146) | ||||||||
Net cash provided by operating activities | 469,829 | 414,737 | 660,657 | ||||||||
Cash flows provided by (used in) investing activities | |||||||||||
Proceeds from maturities and sales of fixed maturity investments trading | 8,102,514 | 9,481,742 | 7,682,573 | ||||||||
Purchases of fixed maturity investments trading | (8,282,720) | (9,683,068) | (7,639,178) | ||||||||
Net (purchases) sales of short term investments | (118,617) | 669,116 | 45,023 | ||||||||
Dividends and return of capital from subsidiaries | 0 | 0 | 0 | ||||||||
Contributions to subsidiaries | 0 | 0 | 0 | ||||||||
Net purchase of Platinum | 0 | (678,152) | 0 | ||||||||
Net cash (used in) provided by investing activities | (164,532) | (339,039) | 141,653 | ||||||||
Cash flows used in financing activities | |||||||||||
Dividends paid – RenaissanceRe common shares | (51,583) | (53,967) | (45,912) | ||||||||
Dividends paid – preference shares | (22,381) | (22,381) | (22,381) | ||||||||
RenaissanceRe common share repurchases | (309,434) | (259,874) | (514,678) | ||||||||
Net cash used in financing activities | (386,388) | (83,665) | (694,678) | ||||||||
Net increase (decrease) in cash and cash equivalents | (85,728) | (18,699) | 117,552 | ||||||||
Cash and cash equivalents, beginning of period | 506,885 | 525,584 | 506,885 | 525,584 | 408,032 | ||||||
Cash and cash equivalents, end of period | 421,157 | 506,885 | 421,157 | 506,885 | 525,584 | ||||||
Parent Company | |||||||||||
Cash flows provided by (used in) operating activities: | |||||||||||
Net income attributable to RenaissanceRe | 502,962 | 431,192 | 532,718 | ||||||||
Less: equity in net income of subsidiaries | (516,533) | (463,526) | (545,839) | ||||||||
Loss before equity in net income of subsidiaries | (13,571) | (32,334) | (13,121) | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
Net realized and unrealized (gains) losses on investments | (4,151) | 2,080 | (83) | ||||||||
Other | (730) | (8,959) | 13,633 | ||||||||
Net cash provided by operating activities | (18,452) | (39,213) | 429 | ||||||||
Cash flows provided by (used in) investing activities | |||||||||||
Proceeds from maturities and sales of fixed maturity investments trading | 314,568 | 63,824 | 88,273 | ||||||||
Purchases of fixed maturity investments trading | (336,345) | (161,183) | (88,341) | ||||||||
Net (purchases) sales of short term investments | (111,814) | (116,461) | 73,717 | ||||||||
Dividends and return of capital from subsidiaries | 617,239 | 1,584,624 | 1,259,224 | ||||||||
Contributions to subsidiaries | (108,674) | (294,733) | (759,456) | ||||||||
Due to (from) subsidiary | 23,758 | 207,996 | 6,315 | ||||||||
Net purchase of Platinum | 0 | (904,433) | 0 | ||||||||
Net cash (used in) provided by investing activities | 398,732 | 379,634 | 579,732 | ||||||||
Cash flows used in financing activities | |||||||||||
Dividends paid – RenaissanceRe common shares | (51,583) | (53,967) | (45,912) | ||||||||
Dividends paid – preference shares | (22,381) | (22,381) | (22,381) | ||||||||
RenaissanceRe common share repurchases | (309,434) | (259,874) | (514,678) | ||||||||
Net cash used in financing activities | (383,398) | (336,222) | (582,971) | ||||||||
Net increase (decrease) in cash and cash equivalents | (3,118) | 4,199 | (2,810) | ||||||||
Cash and cash equivalents, beginning of period | $ 10,185 | $ 5,986 | 10,185 | 5,986 | 8,796 | ||||||
Cash and cash equivalents, end of period | $ 7,067 | $ 10,185 | $ 7,067 | $ 10,185 | $ 5,986 |
Schedule III. Supplementary 136
Schedule III. Supplementary Insurance Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Supplementary Insurance Information, by Segment [Line Items] | |||
Deferred Policy Acquisition Costs | $ 335,325 | $ 199,380 | $ 110,059 |
Future Policy Benefits, Losses, Claims and Loss Expenses | 2,848,294 | 2,767,045 | 1,412,510 |
Unearned Premiums | 1,231,573 | 889,102 | 512,386 |
Premium Revenue | 1,403,430 | 1,400,551 | 1,062,416 |
Net Investment Income | 181,726 | 152,567 | 124,316 |
Benefits, Claims, Losses and Settlement Expenses | 530,831 | 448,238 | 197,947 |
Amortization of Deferred Policy Acquisition Costs | 289,323 | 238,592 | 144,476 |
Other Operating Expenses | 197,749 | 219,112 | 190,639 |
Net Written Premiums | 1,535,312 | 1,416,183 | 1,068,236 |
Property | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Deferred Policy Acquisition Costs | 46,938 | 39,763 | 41,161 |
Future Policy Benefits, Losses, Claims and Loss Expenses | 627,774 | 706,199 | 634,725 |
Unearned Premiums | 289,080 | 272,050 | 280,238 |
Premium Revenue | 720,951 | 805,985 | 698,416 |
Net Investment Income | 0 | 0 | 0 |
Benefits, Claims, Losses and Settlement Expenses | 151,545 | 128,290 | 16,643 |
Amortization of Deferred Policy Acquisition Costs | 97,594 | 94,249 | 66,262 |
Other Operating Expenses | 108,642 | 118,666 | 117,943 |
Net Written Premiums | 725,321 | 726,145 | 662,552 |
Casualty and Specialty | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Deferred Policy Acquisition Costs | 288,387 | 159,617 | 68,898 |
Future Policy Benefits, Losses, Claims and Loss Expenses | 2,195,126 | 2,033,168 | 736,099 |
Unearned Premiums | 942,493 | 617,052 | 232,148 |
Premium Revenue | 682,337 | 594,614 | 363,632 |
Net Investment Income | 0 | 0 | 0 |
Benefits, Claims, Losses and Settlement Expenses | 380,396 | 320,818 | 187,441 |
Amortization of Deferred Policy Acquisition Costs | 191,729 | 144,095 | 84,762 |
Other Operating Expenses | 88,984 | 100,180 | 72,393 |
Net Written Premiums | 809,848 | 690,086 | 405,340 |
Other | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Deferred Policy Acquisition Costs | 0 | 0 | 0 |
Future Policy Benefits, Losses, Claims and Loss Expenses | 25,394 | 27,678 | 41,686 |
Unearned Premiums | 0 | 0 | 0 |
Premium Revenue | 142 | (48) | 368 |
Net Investment Income | 181,726 | 152,567 | 124,316 |
Benefits, Claims, Losses and Settlement Expenses | (1,110) | (870) | (6,137) |
Amortization of Deferred Policy Acquisition Costs | 0 | 248 | (6,548) |
Other Operating Expenses | 123 | 266 | 303 |
Net Written Premiums | $ 143 | $ (48) | $ 344 |
Schedule IV. Supplemental Sc137
Schedule IV. Supplemental Schedule of Reinsurance Premiums (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract] | |||||||||||
Gross Amounts | $ 157,112 | $ 98,182 | $ 66,027 | ||||||||
Ceded | 628,675 | 466,719 | 453,658 | ||||||||
Assumed | 1,874,993 | 1,769,088 | 1,450,047 | ||||||||
Net premiums earned | $ 351,901 | $ 346,521 | $ 351,402 | $ 353,606 | $ 361,575 | $ 362,388 | $ 379,828 | $ 296,760 | $ 1,403,430 | $ 1,400,551 | $ 1,062,416 |
Percentage of Amount Assumed to Net | 134.00% | 126.00% | 136.00% |
Schedule VI. Supplementary I138
Schedule VI. Supplementary Insurance Information Concerning Property-Casualty Insurance Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Supplemental Information for Property, Casualty Insurance Underwriters [Line Items] | |||
Current year | $ 694,957 | $ 610,685 | $ 341,745 |
Prior years | (164,126) | (162,447) | (143,798) |
Consolidated Subsidiaries | |||
Supplemental Information for Property, Casualty Insurance Underwriters [Line Items] | |||
Deferred Policy Acquisition Costs | 335,325 | 199,380 | 110,059 |
Reserves for Unpaid Claims and Claim Adjustment Expenses | 2,848,294 | 2,767,045 | 1,412,510 |
Discount, if any, Deducted | 0 | 0 | 0 |
Unearned Premiums | 1,231,573 | 889,102 | 512,386 |
Earned Premiums | 1,403,430 | 1,400,551 | 1,062,416 |
Net Investment Income | 181,726 | 152,567 | 124,316 |
Current year | 694,957 | 610,685 | 341,745 |
Prior years | (164,126) | (162,447) | (143,798) |
Amortization of Deferred Policy Acquisition Costs | 289,323 | 238,592 | 144,476 |
Paid Claims and Claims Adjustment Expenses | 589,294 | 521,312 | 281,116 |
Net Premiums Written | $ 1,535,312 | $ 1,416,183 | $ 1,068,236 |