Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 28, 2017 | |
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-Q | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 40,622,061 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Fixed maturity investments trading, at fair value – amortized cost $7,261,140 at March 31, 2017 (December 31, 2016 – $6,920,690) | $ 7,259,851 | $ 6,891,244 |
Short term investments, at fair value | 1,199,797 | 1,368,379 |
Equity investments trading, at fair value | 388,424 | 383,313 |
Other investments, at fair value | 514,667 | 549,805 |
Investments in other ventures, under equity method | 97,131 | 124,227 |
Total investments | 9,459,870 | 9,316,968 |
Cash and cash equivalents | 454,087 | 421,157 |
Premiums receivable | 1,283,275 | 987,323 |
Prepaid reinsurance premiums | 628,091 | 441,260 |
Reinsurance recoverable | 325,819 | 279,564 |
Accrued investment income | 40,547 | 38,076 |
Deferred acquisition costs | 388,681 | 335,325 |
Receivable for investments sold | 316,948 | 105,841 |
Other assets | 173,984 | 175,382 |
Goodwill and other intangible assets | 248,325 | 251,186 |
Total assets | 13,319,627 | 12,352,082 |
Liabilities | ||
Reserve for claims and claim expenses | 2,934,688 | 2,848,294 |
Unearned premiums | 1,596,495 | 1,231,573 |
Debt | 945,701 | 948,663 |
Reinsurance balances payable | 972,266 | 673,983 |
Payable for investments purchased | 604,613 | 305,714 |
Other liabilities | 217,036 | 301,684 |
Total liabilities | 7,270,799 | 6,309,911 |
Commitments and Contingencies | ||
Redeemable noncontrolling interests | 1,187,991 | 1,175,594 |
Shareholders’ Equity | ||
Preference shares: $1.00 par value – 16,000,000 shares issued and outstanding at March 31, 2017 (December 31, 2016 – 16,000,000) | 400,000 | 400,000 |
Common shares: $1.00 par value – 40,785,167 shares issued and outstanding at March 31, 2017 (December 31, 2016 – 41,187,413) | 40,785 | 41,187 |
Additional paid-in capital | 131,173 | 216,558 |
Accumulated other comprehensive income | (358) | 1,133 |
Retained earnings | 4,289,237 | 4,207,699 |
Total shareholders’ equity attributable to RenaissanceRe | 4,860,837 | 4,866,577 |
Total liabilities, noncontrolling interests and shareholders’ equity | $ 13,319,627 | $ 12,352,082 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Fixed maturity investments trading, amortized cost | $ 7,261,140 | $ 6,920,690 |
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) | 40,785,167 | 41,187,413 |
Common shares, Shares outstanding (In shares) | 40,785,167 | 41,187,413 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenues | ||
Gross premiums written | $ 922,090 | $ 862,133 |
Net premiums written | 544,136 | 511,675 |
Increase in unearned premiums | (178,091) | (158,069) |
Net premiums earned | 366,045 | 353,606 |
Net investment income | 54,325 | 28,863 |
Net foreign exchange gains (losses) | 8,165 | (1,692) |
Equity in (losses) earnings of other ventures | (1,507) | 1,611 |
Other income | 1,665 | 4,079 |
Net realized and unrealized gains on investments | 43,373 | 61,653 |
Total revenues | 472,066 | 448,120 |
Expenses | ||
Net claims and claim expenses incurred | 193,081 | 126,605 |
Acquisition expenses | 83,282 | 65,592 |
Operational expenses | 47,283 | 56,235 |
Corporate expenses | 5,286 | 8,225 |
Interest expense | 10,526 | 10,538 |
Total expenses | 339,458 | 267,195 |
Income before taxes | 132,608 | 180,925 |
Income tax expense | (334) | (2,744) |
Net income | 132,274 | 178,181 |
Net income attributable to redeemable noncontrolling interests | (34,327) | (44,591) |
Net income attributable to RenaissanceRe | 97,947 | 133,590 |
Dividends on preference shares | (5,595) | (5,595) |
Net income available to RenaissanceRe common shareholders | $ 92,352 | $ 127,995 |
Net income available to RenaissanceRe common shareholders per common share – basic (in usd per share) | $ 2.26 | $ 2.97 |
Net income available to RenaissanceRe common shareholders per common share – diluted (in usd per share) | 2.25 | 2.95 |
Dividends per common share (in usd per share) | $ 0.32 | $ 0.31 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Comprehensive income | ||
Net income | $ 132,274 | $ 178,181 |
Change in net unrealized gains on investments | (1,491) | (443) |
Comprehensive income | 130,783 | 177,738 |
Net income attributable to redeemable noncontrolling interests | (34,327) | (44,591) |
Comprehensive income attributable to redeemable noncontrolling interests | (34,327) | (44,591) |
Comprehensive income attributable to RenaissanceRe | $ 96,456 | $ 133,147 |
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, 2015 | $ 400,000 | $ 43,701 | $ 507,674 | $ 2,108 | $ 3,778,701 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Repurchase of shares | (769) | (84,397) | ||||
Exercise of options and issuance of restricted stock awards | 163 | (778) | ||||
Change in redeemable noncontrolling interests | (77) | |||||
Change in net unrealized gains on investments | (443) | |||||
Net income | $ 178,181 | 178,181 | ||||
Net income attributable to redeemable noncontrolling interests | (44,591) | (44,591) | ||||
Dividends on common shares | (13,285) | |||||
Dividends on preference shares | (5,595) | (5,595) | ||||
End of period at Mar. 31, 2016 | 4,760,593 | 400,000 | 43,095 | 422,422 | 1,665 | 3,893,411 |
Beginning of period at Dec. 31, 2016 | 4,866,577 | 400,000 | 41,187 | 216,558 | 1,133 | 4,207,699 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Repurchase of shares | (550) | (79,459) | ||||
Exercise of options and issuance of restricted stock awards | 148 | (5,840) | ||||
Change in redeemable noncontrolling interests | (86) | |||||
Change in net unrealized gains on investments | (1,491) | |||||
Net income | 132,274 | 132,274 | ||||
Net income attributable to redeemable noncontrolling interests | (34,327) | (34,327) | ||||
Dividends on common shares | (13,027) | |||||
Dividends on preference shares | (5,595) | (5,595) | ||||
End of period at Mar. 31, 2017 | $ 4,860,837 | $ 400,000 | $ 40,785 | $ 131,173 | $ (358) | $ 4,289,237 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows provided by operating activities | ||
Net income | $ 132,274 | $ 178,181 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities | ||
Amortization, accretion and depreciation | 6,390 | 8,752 |
Equity in undistributed losses (earnings) of other ventures | 24,818 | (415) |
Net realized and unrealized gains on investments | (43,373) | (61,653) |
Net unrealized (gains) losses included in net investment income | (6,863) | 15,362 |
Change in: | ||
Premiums receivable | (295,952) | (316,107) |
Prepaid reinsurance premiums | (186,831) | (214,283) |
Reinsurance recoverable | (46,255) | (32,702) |
Deferred acquisition costs | (53,356) | (87,911) |
Reserve for claims and claim expenses | 86,394 | 44,478 |
Unearned premiums | 364,922 | 372,352 |
Reinsurance balances payable | 298,283 | 94,370 |
Other | (59,412) | (2,062) |
Net cash provided by (used in) operating activities | 221,039 | (1,638) |
Cash flows (used in) provided by investing activities | ||
Proceeds from sales and maturities of fixed maturity investments trading | 2,682,386 | 2,540,073 |
Purchases of fixed maturity investments trading | (3,007,124) | (2,656,283) |
Proceeds from sales and maturities of fixed maturity investments available for sale | 0 | 3,662 |
Net sales of equity investments trading | 13,747 | 119,369 |
Net sales of short term investments | 245,693 | 134,009 |
Net sales (purchases) of other investments | 36,402 | (39,698) |
Net cash (used in) provided by investing activities | (28,896) | 101,132 |
Cash flows used in financing activities | ||
Dividends paid – RenaissanceRe common shares | (13,027) | (13,285) |
Dividends paid – preference shares | (5,595) | (5,595) |
RenaissanceRe common share repurchases | (80,009) | (85,166) |
Net third party redeemable noncontrolling interest share transactions | (51,166) | (50,374) |
Taxes paid on withholding shares | (11,018) | (8,069) |
Net cash used in financing activities | (160,815) | (162,489) |
Effect of exchange rate changes on foreign currency cash | 1,602 | 5,259 |
Net increase (decrease) in cash and cash equivalents | 32,930 | (57,736) |
Cash and cash equivalents, beginning of period | 421,157 | 506,885 |
Cash and cash equivalents, end of period | $ 454,087 | $ 449,149 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | ORGANIZATION This report on Form 10-Q should be read in conjunction with the Company’s Annual Report on Form 10-K (“Form 10-K”) for the fiscal year ended December 31, 2016 . 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. • Renaissance Reinsurance, a Bermuda-domiciled reinsurance company, is the Company’s principal reinsurance subsidiary and provides property, casualty and specialty reinsurance coverages to insurers and reinsurers on a worldwide basis. Effective October 1, 2016, each of Renaissance Reinsurance Specialty Risks Ltd. and Platinum Underwriters Bermuda, Ltd. merged into Renaissance Reinsurance, with Renaissance Reinsurance being the sole surviving entity. • Renaissance Reinsurance U.S. Inc. (“Renaissance Reinsurance U.S.”) is a reinsurance company domiciled in the state of Maryland that provides property, 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 and all significant intercompany transactions have been eliminated. 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 of RenaissanceRe, 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 a portion 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’s parent, RenaissanceRe Fund Holdings Ltd. (“Fund Holdings”), the results of Medici and Fund Holdings 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 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 | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | SIGNIFICANT ACCOUNTING POLICIES There have been no material changes to the Company’s significant accounting policies as described in its Form 10-K for the year ended December 31, 2016 , except as noted below. BASIS OF PRESENTATION These consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, these unaudited consolidated financial statements reflect all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the Company’s financial position and results of operations as at the end of and for the periods presented. All significant intercompany accounts and transactions have been eliminated from these statements. Certain comparative information has been reclassified to conform to the current presentation. Because of the seasonality of the Company’s business, the results of operations and cash flows for any interim period will not necessarily be indicative of the results of operations and cash flows for the full fiscal year or subsequent quarters. 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. RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS 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 the classification of taxes paid on the statements of cash flows. ASU 2016-09 became effective for the Company in annual and interim periods beginning after December 15, 2016. The cumulative effect of the adoption of ASU 2016-09 was a $2.2 million increase to opening retained earnings as of January 1, 2017. 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 periods 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. Leases In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 requires lessees to recognize lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under previous guidance. ASU 2016-02 is effective for public business entities for annual and interim periods beginning after December 15, 2018. Early application 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 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. Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 modifies the recognition of credit losses by replacing the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 2016-13 is applicable to financial assets such as loans, debt securities, trade receivables, off-balance sheet credit exposures, reinsurance receivables, and other financial assets that have the contractual right to receive cash. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectibility of the reported amount. The Company's invested assets are measured at fair value through net income, and therefore those invested assets would not be impacted by the adoption of ASU 2016-13. The Company has other financial assets, such as reinsurance recoverables, that could be impacted by the adoption of ASU 2016-13. ASU 2016-13 is effective for public business entities that are SEC filers for annual and interim periods beginning after December 15, 2019. 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. Classification of Certain Cash Receipts and Cash Payments In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 clarifies the classification of receipts and payments in the statement of cash flows. ASU 2016-15 provides guidance related to (1) settlement and payment of zero coupon debt instruments, (2) contingent consideration, (3) proceeds from settlement of insurance claims, (4) proceeds from settlement of corporate and bank owned life insurance policies, (5) distributions from equity method investees, (6) cash receipts from beneficial interests obtained by a transferor, and (7) general guidelines for cash receipts and payments that have more than one aspect of classification. ASU 2016-15 is effective for public business entities for annual periods beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2019. 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 cash flows. Intra-Entity Transfers of Assets Other Than Inventory In October 2016, the FASB issued ASU No. 2016-16, Intra-Entity Transfers of Assets Other Than Inventory (“ASU 2016-16”). ASU 2016-16 requires entities to recognize the income tax consequences of intra-entity transfers of assets other than inventory when the transfers occur; this is a change from current guidance which prohibits the recognition of current and deferred income taxes until the underlying assets have been sold to outside entities. ASU 2016-16 is effective for public business entities for annual and interim periods beginning after December 15, 2018. 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. Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). Among other things, ASU 2017-04 requires the following: (1) the elimination of step 2 of the goodwill impairment test; entities will no longer utilize the implied fair value of their assets and liabilities for purposes of testing goodwill for impairment, (2) the quantitative portion of the goodwill impairment test will be performed by comparing the fair value of a reporting unit with its carrying amount; an impairment charge is to be recognized for the excess of carrying amount over fair value, but only to the extent of the amount of goodwill allocated to that reporting unit, and (3) foreign currency translation adjustments are not to be allocated to a reporting unit from an entity’s accumulated other comprehensive income; the reporting unit’s carrying amount should include only the currently translated balances of the assets and liabilities assigned to the reporting unit. ASU 2017-04 is effective for public business entities that are SEC filers for annual periods, or any interim goodwill impairment tests in annual periods, beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. 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. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2017 | |
Investments [Abstract] | |
Investments | INVESTMENTS Fixed Maturity Investments Trading The following table summarizes the fair value of fixed maturity investments trading: March 31, December 31, U.S. treasuries $ 2,635,800 $ 2,617,894 Agencies 86,373 90,972 Municipal 506,109 519,069 Non-U.S. government (Sovereign debt) 341,725 333,224 Non-U.S. government-backed corporate 118,092 133,300 Corporate 2,205,442 1,877,243 Agency mortgage-backed 505,829 462,493 Non-agency mortgage-backed 270,983 258,944 Commercial mortgage-backed 382,874 409,747 Asset-backed 206,624 188,358 Total fixed maturity investments trading $ 7,259,851 $ 6,891,244 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. March 31, 2017 Amortized Cost Fair Value Due in less than one year $ 516,733 $ 514,037 Due after one through five years 4,014,681 4,004,237 Due after five through ten years 1,173,318 1,182,697 Due after ten years 193,136 192,570 Mortgage-backed 1,157,303 1,159,686 Asset-backed 205,969 206,624 Total $ 7,261,140 $ 7,259,851 Equity Investments Trading The following table summarizes the fair value of equity investments trading: March 31, December 31, Financials $ 271,665 $ 275,065 Communications and technology 41,516 36,770 Industrial, utilities and energy 30,976 30,303 Consumer 21,461 20,501 Healthcare 18,918 17,245 Basic materials 3,888 3,429 Total $ 388,424 $ 383,313 Pledged Investments At March 31, 2017 , $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 letter of credit facilities ( December 31, 2016 - $2.7 billion ). Of this amount, $873.1 million is on deposit with, or in trust accounts for the benefit of, U.S. state regulatory authorities ( December 31, 2016 - $842.6 million ). Reverse Repurchase Agreements At March 31, 2017 , the Company held $26.9 million ( December 31, 2016 - $78.7 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 includes 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: Three months ended March 31, March 31, Fixed maturity investments $ 43,419 $ 36,006 Short term investments 1,724 1,000 Equity investments 811 1,663 Other investments Private equity investments 7,802 (9,358 ) Other 4,072 3,309 Cash and cash equivalents 189 129 58,017 32,749 Investment expenses (3,692 ) (3,886 ) Net investment income $ 54,325 $ 28,863 Net Realized and Unrealized Gains on Investments Net realized and unrealized gains on investments are as follows: Three months ended March 31, March 31, Gross realized gains $ 11,461 $ 17,750 Gross realized losses (16,533 ) (14,665 ) Net realized (losses) gains on fixed maturity investments (5,072 ) 3,085 Net unrealized gains on fixed maturity investments trading 24,635 85,465 Net realized and unrealized losses on investments-related derivatives (56 ) (19,449 ) Net realized gains (losses) on equity investments trading 20,915 (818 ) Net unrealized gains (losses) on equity investments trading 2,951 (6,630 ) Net realized and unrealized gains on investments $ 43,373 $ 61,653 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
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. 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 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 March 31, 2017 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 $ 2,635,800 $ 2,635,800 $ — $ — Agencies 86,373 — 86,373 — Municipal 506,109 — 506,109 — Non-U.S. government (Sovereign debt) 341,725 — 341,725 — Non-U.S. government-backed corporate 118,092 — 118,092 — Corporate 2,205,442 — 2,205,442 — Agency mortgage-backed 505,829 — 505,829 — Non-agency mortgage-backed 270,983 — 270,983 — Commercial mortgage-backed 382,874 — 382,874 — Asset-backed 206,624 — 206,624 — Total fixed maturity investments 7,259,851 2,635,800 4,624,051 — Short term investments 1,199,797 — 1,199,797 — Equity investments trading 388,424 388,424 — — Other investments Catastrophe bonds 298,564 — 298,564 — Private equity partnerships (1) 192,975 — — — Senior secured bank loan funds (1) 21,748 — — — Hedge funds (1) 1,380 — — — Total other investments 514,667 — 298,564 — Other assets and (liabilities) Assumed and ceded (re)insurance contracts (2) (12,135 ) — — (12,135 ) Derivatives (3) (1,752 ) (53 ) (1,699 ) — Other (1,708 ) — (1,708 ) — Total other assets and (liabilities) (15,595 ) (53 ) (3,407 ) (12,135 ) $ 9,347,144 $ 3,024,171 $ 6,119,005 $ (12,135 ) (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 March 31, 2017 was $4.7 million and $16.8 million of other assets and other liabilities, respectively. (3) See “Note 12 . Derivative Instruments” for additional information related to the fair value by type of contract, of derivatives entered into by the Company. 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 was $4.4 million and $17.4 million of other assets and other liabilities, respectively. (3) See “Note 12 . 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 March 31, 2017 , 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 ( December 31, 2016 - 1.4% 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 March 31, 2017 , the Company’s agency fixed maturity investments had a weighted average effective yield of 2.0% and a weighted average credit quality of AA ( December 31, 2016 - 2.0% 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 March 31, 2017 , the Company’s municipal fixed maturity investments had a weighted average effective yield of 2.1% and a weighted average credit quality of AA ( December 31, 2016 - 2.4% 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 March 31, 2017 , 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 ( December 31, 2016 - 1.6% and AAA, 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 March 31, 2017 , the Company’s non-U.S. government-backed corporate fixed maturity investments had a weighted average effective yield of 1.6% and a weighted average credit quality of AA ( December 31, 2016 - 1.5% and AAA, 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 March 31, 2017 , 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 ( December 31, 2016 - 3.7% 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 March 31, 2017 , the Company’s agency mortgage-backed fixed maturity investments included agency residential mortgage-backed securities with a weighted average effective yield of 3.0% , a weighted average credit quality of AA and a weighted average life of 6.8 years ( December 31, 2016 - 2.9% , AA and 6.9 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 at the time of purchase held in its fixed maturity investments portfolio. At March 31, 2017 , the Company’s non-agency prime residential mortgage-backed fixed maturity investments had a weighted average effective yield of 4.1% , a weighted average credit quality of BBB, and a weighted average life of 5.1 years ( December 31, 2016 - 4.3% , BBB and 5.1 years, respectively). The Company’s non-agency Alt-A fixed maturity investments held at March 31, 2017 had a weighted average effective yield of 5.0% , a weighted average credit quality of non-investment grade and a weighted average life of 6.1 years ( December 31, 2016 - 5.2% , non-investment grade and 6.0 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 March 31, 2017 , the Company’s commercial mortgage-backed fixed maturity investments had a weighted average effective yield of 2.7% , a weighted average credit quality of AAA, and a weighted average life of 4.3 years ( December 31, 2016 - 2.6% , AAA and 3.9 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 March 31, 2017 , 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 2.7 years ( December 31, 2016 - 2.3% , AAA and 2.6 years, respectively). The underlying collateral for the Company’s asset-backed fixed maturity investments primarily consists of bank loans, 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 March 31, 2017 , the Company’s short term investments had a weighted average effective yield of 0.9% and a weighted average credit quality of AAA ( December 31, 2016 - 0.7% 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 March 31, 2017 of $1.7 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: At March 31, 2017 Fair Value (Level 3) Valuation Technique Unobservable (U) and Observable (O) Inputs Low High Weighted Average or Actual Other assets and (liabilities) Assumed and ceded (re)insurance contracts $ (180 ) Internal valuation model Bond price (U) $ 101.02 $ 107.15 $ 104.41 Liquidity discount (U) n/a n/a 1.3 % Assumed and ceded (re)insurance contracts (11,955 ) Internal valuation model Net undiscounted cash flows (U) n/a n/a $ (12,620 ) Expected loss ratio (U) n/a n/a 33.1 % Net acquisition expense ratio (O) n/a n/a (20.5 )% 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) $ (12,135 ) Fixed Maturity Investments Corporate Level 3 - Previously, the Company’s corporate fixed maturity investments included 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 ultimately sold this investment during the year ended December 31, 2016. Other assets and liabilities Assumed and ceded (re)insurance contracts Level 3 - At March 31, 2017 , the Company had a $0.2 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 March 31, 2017 , the Company had a $12.0 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 input as each is defined in the contract. The negative acquisition expense ratio used to determine the fair value of the contracts at March 31, 2017 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. Other assets and (liabilities) Balance - January 1, 2017 $ (13,004 ) Total realized gains Included in other income 1,071 Purchases (202 ) Balance - March 31, 2017 $ (12,135 ) 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 — 1,700 1,700 Purchases — (525 ) (525 ) Balance - March 31, 2016 $ 7,500 $ (4,724 ) $ 2,776 Change in unrealized gains for the period included in earnings for assets held at the end of the period included in net investment income $ (118 ) $ — $ (118 ) 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 March 31, 2017 were debt obligations of $945.7 million ( December 31, 2016 - $948.7 million ). At March 31, 2017 , the fair value of the Company’s debt obligations was $969.2 million ( December 31, 2016 – $964.8 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. 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: March 31, December 31, Other investments $ 514,667 $ 549,805 Other assets $ 4,666 $ 4,379 Other liabilities $ 16,801 $ 17,383 Included in net investment income for the three months ended March 31, 2017 were net unrealized gains of $6.9 million related to the changes in fair value of other investments ( 2016 – losses of $9.0 million ). Included in other income for the three months ended March 31, 2017 were net unrealized gains of $Nil related to the changes in the fair value of other assets and liabilities ( 2016 - $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 March 31, 2017 Fair Value Unfunded Redemption Frequency Redemption Redemption Private equity partnerships $ 192,975 $ 218,142 See below See below See below Senior secured bank loan funds 21,748 25,775 See below See below See below Hedge funds 1,380 — See below See below See below Total other investments measured using net asset valuations $ 216,103 $ 243,917 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 March 31, 2017 , the Company had $21.7 million invested in closed end funds which invest 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 applicable fund. Hedge funds – The Company invests in hedge funds that pursue multiple strategies. The Company’s investments in hedge funds at March 31, 2017 were $1.4 million of so called “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 | 3 Months Ended |
Mar. 31, 2017 | |
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: Three months ended March 31, March 31, Premiums written Direct $ 73,408 $ 43,176 Assumed 848,682 818,957 Ceded (377,954 ) (350,458 ) Net premiums written $ 544,136 $ 511,675 Premiums earned Direct $ 58,168 $ 33,140 Assumed 498,999 456,641 Ceded (191,122 ) (136,175 ) Net premiums earned $ 366,045 $ 353,606 Claims and claim expenses Gross claims and claim expenses incurred $ 251,804 $ 161,998 Claims and claim expenses recovered (58,723 ) (35,393 ) Net claims and claim expenses incurred $ 193,081 $ 126,605 |
Reserve for Claims and Claim Ex
Reserve for Claims and Claim Expenses | 3 Months Ended |
Mar. 31, 2017 | |
Insurance Loss Reserves [Abstract] | |
Reserve for Claims and Claim Expenses | RESERVE FOR CLAIMS AND CLAIM EXPENSES 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. The following table summarizes the Company’s claims and claim expense reserves by segment, allocated between case reserves, additional case reserves and IBNR: At March 31, 2017 Case Reserves Additional Case Reserves IBNR Total Property $ 212,770 $ 171,257 $ 231,586 $ 615,613 Casualty and Specialty 587,083 139,183 1,574,435 2,300,701 Other 2,255 — 16,119 18,374 Total $ 802,108 $ 310,440 $ 1,822,140 $ 2,934,688 At December 31, 2016 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 Activity in the liability for unpaid claims and claim expenses is summarized as follows: Three months ended March 31, 2017 2016 Net reserves as of January 1 $ 2,568,730 $ 2,632,519 Net incurred related to: Current year 164,075 128,209 Prior years 29,006 (1,604 ) Total net incurred 193,081 126,605 Net paid related to: Current year 7,729 1,490 Prior years 147,500 124,411 Total net paid 155,229 125,901 Foreign exchange 2,287 11,072 Net reserves as of March 31 2,608,869 2,644,295 Reinsurance recoverable as of March 31 325,819 167,228 Gross reserves as of March 31 $ 2,934,688 $ 2,811,523 Prior Year Development of the Reserve for Net Claims and Claim Expenses The Company’s estimates of claims and claim expense reserves are not precise in that, among other things, they are based on predictions of future developments and estimates of future trends and other variable factors. Some, but not all, of the Company’s reserves are further subject to the uncertainty inherent in actuarial methodologies and estimates. Because a reserve estimate is simply an insurer’s estimate at a point in time of its ultimate liability, and because there are numerous factors that affect reserves and claims payments that cannot be determined with certainty in advance, the Company’s ultimate payments will vary, perhaps materially, from its estimates of reserves. If the Company determines in a subsequent period that adjustments to its previously established reserves are appropriate, such adjustments are recorded in the period in which they are identified. On a net basis, the Company’s cumulative favorable or unfavorable development is generally reduced by offsetting changes in its reinsurance recoverables, as well as changes to loss related premiums such as reinstatement premiums and redeemable noncontrolling interest for changes in claims and claim expenses that impact DaVinciRe, all of which generally move in the opposite direction to changes in the Company’s ultimate 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: Three months ended March 31, 2017 2016 (Favorable) adverse development (Favorable) adverse development Property $ (928 ) $ (5,928 ) Casualty and Specialty 30,262 4,406 Other (328 ) (82 ) Total adverse (favorable) development of prior accident years net claims and claim expenses $ 29,006 $ (1,604 ) Changes to prior year estimated claims reserves decreased the Company’s net income by $29.0 million during the three months ended March 31, 2017 , ( 2016 - increased the Company’s net income by $1.6 million ), excluding the consideration of changes in reinstatement, adjustment or other premium changes, profit commissions, redeemable noncontrolling interest - DaVinciRe and income tax. Property Segment 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: Three months ended March 31, 2017 2016 (Favorable) adverse development (Favorable) adverse development Catastrophe net claims and claim expenses Large catastrophe events Other $ 2,586 $ 3,778 Total large catastrophe events 2,586 3,778 Small catastrophe events Fort McMurray Wildfire (2016) (5,850 ) — Other 2,336 (9,706 ) Total small catastrophe events (3,514 ) (9,706 ) Total catastrophe net claims and claim expenses (928 ) (5,928 ) Total net favorable development of prior accident years net claims and claim expenses $ (928 ) $ (5,928 ) The net favorable development of prior accident years net claims and claim expenses within the Company’s Property segment in the three months ended March 31, 2017 of $0.9 million was comprised of net adverse development of $2.6 million related to large catastrophe events and net favorable development of $3.5 million related to small catastrophe events. Included in net favorable development of prior accident years net claims and claims expenses from small events was a reduction in the estimated ultimate losses associated with the 2016 Fort McMurray Wildfire of $5.9 million , partially offset by net adverse development associated with a number of other large and small events. The net favorable development of prior accident years net claims and claim expenses within the Company’s Property segment in the three months ended March 31, 2016 of $5.9 million was comprised of net adverse development of $3.8 million from large catastrophe events due to changes in the estimated ultimate loss for a number of events, and net favorable development of $9.7 million related to small catastrophe events related to lines of business where the Company principally estimates net claims and claim expenses using traditional actuarial methods. Casualty and Specialty Segment The following table details the development of the Company’s liability for unpaid claims and claim expenses for its Casualty and Specialty segment: Three months ended March 31, 2017 2016 (Favorable) adverse development (Favorable) adverse development Actuarial methods - actual reported claims lower than expected claims $ (5,999 ) $ 4,406 Ogden Rate change 33,481 — Actuarial assumption changes 2,780 — Total adverse development of prior accident years net claims and claim expenses $ 30,262 $ 4,406 The net adverse development of prior accident years net claims and claim expenses within the Company’s Casualty and Specialty segment in the three months ended March 31, 2017 of $30.3 million was driven by $33.5 million of adverse development associated with the change in the discount rate used to calculate lump sum awards in U.K. bodily injury cases (the “Ogden Rate”), from 2.5% , to minus 0.75% . Notwithstanding the impact of the Ogden Rate change, we experienced $6.0 million of net favorable development related to actual reported losses coming in lower than expected on attritional net claims and claim expenses across a number of lines of business, partially offset by $2.8 million of adverse development associated with actuarial assumption changes. The net adverse development of prior accident years net claims and claim expenses within the Company’s Casualty and Specialty segment in the three months ended March 31, 2016 of $4.4 million was driven by $4.4 million related to the application of the Company’s actuarial reserving methodology with reported net claims and claim expenses coming in higher than expected on prior accident years events. |
Noncontrolling Interests
Noncontrolling Interests | 3 Months Ended |
Mar. 31, 2017 | |
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: March 31, December 31, 2016 Redeemable noncontrolling interest - DaVinciRe $ 986,646 $ 994,458 Redeemable noncontrolling interest - Medici 201,345 181,136 Redeemable noncontrolling interests $ 1,187,991 $ 1,175,594 A summary of the Company’s redeemable noncontrolling interests on its consolidated statements of operations set forth below: Three months ended March 31, March 31, Redeemable noncontrolling interest - DaVinciRe $ 31,909 $ 42,964 Redeemable noncontrolling interest - Medici 2,418 1,627 Net income attributable to redeemable noncontrolling interests $ 34,327 $ 44,591 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 22.6% at March 31, 2017 ( December 31, 2016 - 24.0% ). 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. 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. 2017 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 $7.5 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. The Company expects its noncontrolling economic ownership in DaVinciRe to fluctuate over time. The activity in redeemable noncontrolling interest – DaVinciRe is detailed in the table below: Three months ended March 31, March 31, Beginning balance $ 994,458 $ 930,955 Redemption of shares from redeemable noncontrolling interest (63,642 ) (90,818 ) Sale of shares to redeemable noncontrolling interests 23,921 43,040 Net income attributable to redeemable noncontrolling interest 31,909 42,964 Ending balance $ 986,646 $ 926,141 Redeemable Noncontrolling Interest - RenaissanceRe Medici Fund Ltd. (“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. 2016 During 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% , effective December 31, 2016 . 2017 During the three months ended March 31, 2017 , third-party investors subscribed for $28.4 million and redeemed $10.6 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 34.4% at March 31, 2017 . The Company expects its noncontrolling economic ownership in Medici to fluctuate over time. The activity in redeemable noncontrolling interest – Medici is detailed in the table below: Three months ended March 31, March 31, Beginning balance $ 181,136 $ 115,009 Redemption of shares from redeemable noncontrolling interest (10,625 ) (940 ) Sale of shares to redeemable noncontrolling interests 28,416 39,500 Net income attributable to redeemable noncontrolling interest 2,418 1,627 Ending balance $ 201,345 $ 155,196 |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2017 | |
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 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 has the power over the activities that most significantly impact the economic performance of Upsilon RFO and 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. 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% . 2017 During the three months ended March 31, 2017 , Upsilon RFO returned $41.8 million of capital to its investors, including $9.5 million to the Company. In addition, during the three months ended March 31, 2017 , $134.1 million of Upsilon RFO non-voting preference shares were issued to existing investors therein, including $9.5 million to the Company, and an existing third party investor purchased $7.5 million of Upsilon RFO non-voting preference shares from the Company. At March 31, 2017 , the Company’s participation in the risks assumed by Upsilon RFO was 16.6% . At March 31, 2017 , the Company’s consolidated balance sheet included total assets and total liabilities of Upsilon RFO of $399.6 million and $399.6 million , respectively ( December 31, 2016 - $193.0 million and $193.0 million , respectively). Mona Lisa Re Ltd. (“Mona Lisa Re”) On March 14, 2013, Mona Lisa Re was licensed as a Bermuda domiciled special purpose insurer 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 March 31, 2017 , the total assets and total liabilities of Mona Lisa Re were $181.3 million and $181.3 million , respectively ( December 31, 2016 - $184.2 million and $184.2 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 $0.1 million and $37 thousand , respectively, during the three months ended March 31, 2017 ( 2016 - $0.1 million and $0.1 million , respectively). In addition, Renaissance Reinsurance and DaVinci recognized ceded premiums earned related to the ceded reinsurance contracts with Mona Lisa Re of $1.8 million and $1.3 million , respectively, during the three months ended March 31, 2017 ( 2016 - $1.9 million and $1.3 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. 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. RUM receives an origination and structuring fee in connection with the formation and operation of Fibonacci Re. 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. 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. 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 a private placement of participating notes which are listed on the Bermuda Stock Exchange. The fair value of the Company’s investment in the participating notes of Fibonacci Re is included in other investments and was $30.0 million at March 31, 2017 . Renaissance Reinsurance entered into ceded reinsurance contracts with Fibonacci Re with premiums ceded of $7.4 million during the three months ended March 31, 2017 . In addition, Renaissance Reinsurance recognized ceded premiums earned related to the ceded reinsurance contracts with Fibonacci Re of $1.8 million during the three months ended March 31, 2017 . |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | SHAREHOLDERS’ EQUITY Dividends The Board of Directors of RenaissanceRe declared a dividend of $0.32 per common share to common shareholders of record on March 15, 2017 and RenaissanceRe paid a dividend of $0.32 per common share to common shareholders on March 31, 2017. During the three months ended March 31, 2017 , the Company declared and paid $5.6 million in preference share dividends ( 2016 - $5.6 million ) and $13.0 million in common share dividends ( 2016 - $13.3 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 February 22, 2017 , RenaissanceRe’s Board of Directors approved a renewal of its authorized share repurchase program for an aggregate amount of up to $500.0 million . Unless terminated earlier by RenaissanceRe’s Board of Directors, the program will expire when the Company has repurchased the full value of the common 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 the three months ended March 31, 2017 , the Company repurchased an aggregate of 550 thousand common shares in open market transactions at an aggregate cost of $80.0 million and an average price of $145.36 per common share. At March 31, 2017 , $460.0 million remained available for repurchase under the share repurchase program. See “Note 15 . Subsequent Events” for additional information related to share repurchases subsequent to March 31, 2017 . |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2017 | |
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: Three months ended (common shares in thousands) March 31, March 31, Numerator: Net income available to RenaissanceRe common shareholders $ 92,352 $ 127,995 Amount allocated to participating common shareholders (1) (907 ) (1,601 ) Net income allocated to RenaissanceRe common shareholders $ 91,445 $ 126,394 Denominator: Denominator for basic income per RenaissanceRe common share - weighted average common shares 40,408 42,577 Per common share equivalents of employee stock options and restricted shares 215 335 Denominator for diluted income per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions 40,623 42,912 Net income available to RenaissanceRe common shareholders per common share – basic $ 2.26 $ 2.97 Net income available to RenaissanceRe common shareholders per common share – diluted $ 2.25 $ 2.95 (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. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Segment Reporting | SEGMENT REPORTING The Company’s reportable segments are defined as follows: (1) Property, which is comprised of catastrophe and other property reinsurance and insurance written on behalf of the Company’s operating subsidiaries and certain joint ventures 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 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: Three months ended March 31, 2017 Property Casualty and Specialty Other Total Gross premiums written $ 520,529 $ 401,561 $ — $ 922,090 Net premiums written $ 289,871 $ 254,265 $ — $ 544,136 Net premiums earned $ 186,988 $ 179,059 $ (2 ) $ 366,045 Net claims and claim expenses incurred 38,838 154,571 (328 ) 193,081 Acquisition expenses 29,103 54,179 — 83,282 Operational expenses 27,665 19,607 11 47,283 Underwriting income (loss) $ 91,382 $ (49,298 ) $ 315 42,399 Net investment income 54,325 54,325 Net foreign exchange gains 8,165 8,165 Equity in losses of other ventures (1,507 ) (1,507 ) Other income 1,665 1,665 Net realized and unrealized gains on investments 43,373 43,373 Corporate expenses (5,286 ) (5,286 ) Interest expense (10,526 ) (10,526 ) Income before taxes and redeemable noncontrolling interests 132,608 Income tax expense (334 ) (334 ) Net income attributable to redeemable noncontrolling interests (34,327 ) (34,327 ) Dividends on preference shares (5,595 ) (5,595 ) Net income available to RenaissanceRe common shareholders $ 92,352 Net claims and claim expenses incurred – current accident year $ 39,766 $ 124,309 $ — $ 164,075 Net claims and claim expenses incurred – prior accident years (928 ) 30,262 (328 ) 29,006 Net claims and claim expenses incurred – total $ 38,838 $ 154,571 $ (328 ) $ 193,081 Net claims and claim expense ratio – current accident year 21.3 % 69.4 % 44.8 % Net claims and claim expense ratio – prior accident years (0.5 )% 16.9 % 7.9 % Net claims and claim expense ratio – calendar year 20.8 % 86.3 % 52.7 % Underwriting expense ratio 30.3 % 41.2 % 35.7 % Combined ratio 51.1 % 127.5 % 88.4 % Three months ended March 31, 2016 Property Casualty and Specialty Other Total Gross premiums written $ 444,959 $ 417,174 $ — $ 862,133 Net premiums written $ 232,859 $ 278,816 $ — $ 511,675 Net premiums earned $ 175,232 $ 178,374 $ — $ 353,606 Net claims and claim expenses incurred 21,804 104,883 (82 ) 126,605 Acquisition expenses 20,124 45,468 — 65,592 Operational expenses 28,657 27,518 60 56,235 Underwriting income $ 104,647 $ 505 $ 22 105,174 Net investment income 28,863 28,863 Net foreign exchange losses (1,692 ) (1,692 ) Equity in earnings of other ventures 1,611 1,611 Other income 4,079 4,079 Net realized and unrealized gains on investments 61,653 61,653 Corporate expenses (8,225 ) (8,225 ) Interest expense (10,538 ) (10,538 ) Income before taxes and redeemable noncontrolling interests 180,925 Income tax expense (2,744 ) (2,744 ) Net income attributable to noncontrolling interests (44,591 ) (44,591 ) Dividends on preference shares (5,595 ) (5,595 ) Net income available to RenaissanceRe common shareholders $ 127,995 Net claims and claim expenses incurred – current accident year $ 27,732 $ 100,477 $ — $ 128,209 Net claims and claim expenses incurred – prior accident years (5,928 ) 4,406 (82 ) (1,604 ) Net claims and claim expenses incurred – total $ 21,804 $ 104,883 $ (82 ) $ 126,605 Net claims and claim expense ratio – current accident year 15.8 % 56.3 % 36.3 % Net claims and claim expense ratio – prior accident years (3.4 )% 2.5 % (0.5 )% Net claims and claim expense ratio – calendar year 12.4 % 58.8 % 35.8 % Underwriting expense ratio 27.9 % 40.9 % 34.5 % Combined ratio 40.3 % 99.7 % 70.3 % |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2017 | |
Summary of Derivative Instruments [Abstract] | |
Derivative Instruments | DERIVATIVE INSTRUMENTS From time to time, the Company may enter 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 March 31, 2017 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 $ 1,011 939 $ 72 Other assets $ — $ 72 Foreign currency forward contracts (1) 607 — 607 Other assets — 607 Foreign currency forward contracts (2) 560 403 157 Other assets — 157 Credit default swaps 1,407 16 1,391 Other assets — 1,391 Total $ 3,585 $ 1,358 $ 2,227 $ — $ 2,227 Derivative Liabilities At March 31, 2017 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 $ 1,064 939 $ 125 Other liabilities $ 125 $ — Foreign currency forward contracts (1) 3,203 168 3,035 Other liabilities — 3,035 Foreign currency forward contracts (2) 952 403 549 Other liabilities — 549 Credit default swaps 286 16 270 Other liabilities — 270 Total $ 5,505 $ 1,526 $ 3,979 $ 125 $ 3,854 (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, 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. Refer to “Note 3 . 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 Three months ended March 31, 2017 2016 Interest rate futures Net realized and unrealized gains on investments $ (158 ) $ (19,359 ) Foreign currency forward contracts (1) Net foreign exchange gains (losses) 1,060 (1,374 ) Foreign currency forward contracts (2) Net foreign exchange gains (losses) (633 ) (5,858 ) Credit default swaps Net realized and unrealized gains on investments 102 (90 ) Total $ 371 $ (26,681 ) (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 March 31, 2017 . 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 March 31, 2017 , the Company had $1.4 billion of notional long positions and $824.2 million of notional short positions of primarily Eurodollar, U.S. treasury and non-U.S. dollar futures contracts ( December 31, 2016 - $1.2 billion and $727.9 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 March 31, 2017 , the Company had outstanding underwriting related foreign currency contracts of $123.3 million in notional long positions and $121.5 million in notional short positions, denominated in U.S. dollars ( December 31, 2016 - $184.2 million and $91.4 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 March 31, 2017 , the Company had outstanding investment portfolio related foreign currency contracts of $39.1 million in notional long positions and $51.7 million in notional short positions, denominated in U.S. dollars ( December 31, 2016 - $26.9 million and $57.3 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 March 31, 2017 , the Company had outstanding credit derivatives of $Nil in notional positions to hedge credit risk and $63.0 million in notional positions to assume credit risk, denominated in U.S. dollars ( December 31, 2016 - $Nil and $75.2 million , respectively). |
Commitments, Contingencies and
Commitments, Contingencies and Other Items | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Other Items | COMMITMENTS, CONTINGENCIES AND OTHER ITEMS There are no material changes from the commitments and contingencies previously disclosed in the Company’s Form 10-K for the year ended December 31, 2016 . Legal Proceedings 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 loss and loss expense reserves. 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. |
Condensed Consolidating Financi
Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 and December 31, 2016 , condensed consolidating statements of operations, condensed consolidating statements of comprehensive income and condensed consolidating statements of cash flow for the three months ended March 31, 2017 and 2016 . Each of RenRe North America Holdings Inc., Platinum Underwriters Finance, Inc. 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 in the Notes to Consolidated Financial Statements” in the Company’s Form 10-K for the year ended December 31, 2016 . Condensed Consolidating Balance Sheet at March 31, 2017 RenaissanceRe RenRe North Platinum Underwriters Finance, Inc. (Subsidiary Issuer) RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other Consolidating RenaissanceRe Assets Total investments $ 142,794 $ 122,599 $ 192,290 $ 31,701 $ 8,970,486 $ — $ 9,459,870 Cash and cash equivalents 4,177 164 4,164 6,080 439,502 — 454,087 Investments in subsidiaries 4,311,578 35,691 852,931 1,183,615 — (6,383,815 ) — Due from subsidiaries and affiliates 44,346 91,891 — — — (136,237 ) — Premiums receivable — — — — 1,283,275 — 1,283,275 Prepaid reinsurance premiums — — — — 628,091 — 628,091 Reinsurance recoverable — — — — 325,819 — 325,819 Accrued investment income 161 255 510 141 39,480 — 40,547 Deferred acquisition costs — — — — 388,681 — 388,681 Receivable for investments sold 45 3 87,506 — 229,394 — 316,948 Other assets 414,825 38,063 932 128,928 113,556 (522,320 ) 173,984 Goodwill and other intangible assets 128,818 — — — 119,507 — 248,325 Total assets $ 5,046,744 $ 288,666 $ 1,138,333 $ 1,350,465 $ 12,537,791 $ (7,042,372 ) $ 13,319,627 Liabilities, Noncontrolling Interests and Shareholders’ Equity Liabilities Reserve for claims and claim expenses $ — $ — $ — $ — $ 2,934,688 $ — $ 2,934,688 Unearned premiums — — — — 1,596,495 — 1,596,495 Debt 117,000 — 252,141 546,062 147,498 (117,000 ) 945,701 Amounts due to subsidiaries and affiliates 60,897 91 89 98,583 — (159,660 ) — Reinsurance balances payable — — — — 972,266 — 972,266 Payable for investments purchased — — — — 604,613 — 604,613 Other liabilities 8,010 1,498 6,349 6,962 200,015 (5,798 ) 217,036 Total liabilities 185,907 1,589 258,579 651,607 6,455,575 (282,458 ) 7,270,799 Redeemable noncontrolling interests — — — — 1,187,991 — 1,187,991 Shareholders’ Equity Total shareholders’ equity 4,860,837 287,077 879,754 698,858 4,894,225 (6,759,914 ) 4,860,837 Total liabilities, noncontrolling interests and shareholders’ equity $ 5,046,744 $ 288,666 $ 1,138,333 $ 1,350,465 $ 12,537,791 $ (7,042,372 ) $ 13,319,627 (1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. (2) Includes Parent Guarantor, Subsidiary Guarantor and Subsidiary Issuer consolidating adjustments. Condensed Consolidating Balance Sheet at December 31, 2016 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 $ 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, Redeemable Noncontrolling Interest 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, redeemable noncontrolling interest 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 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 $ — $ — $ — $ — $ 366,045 $ — $ 366,045 Net investment income 5,457 426 841 269 53,583 (6,251 ) 54,325 Net foreign exchange gains — — — — 8,165 — 8,165 Equity in losses of other ventures — — — (752 ) (755 ) — (1,507 ) Other (loss) income (1 ) — — — 1,666 — 1,665 Net realized and unrealized gains (losses) on investments 53 2,921 4,725 (26 ) 35,700 — 43,373 Total revenues 5,509 3,347 5,566 (509 ) 464,404 (6,251 ) 472,066 Expenses Net claims and claim expenses incurred — — — — 193,081 — 193,081 Acquisition expenses — — — — 83,282 — 83,282 Operational expenses 3,298 24 50 7,979 42,058 (6,126 ) 47,283 Corporate expenses 5,208 — — — 78 — 5,286 Interest expense 140 — 1,476 6,542 2,508 (140 ) 10,526 Total expenses 8,646 24 1,526 14,521 321,007 (6,266 ) 339,458 (Loss) income before equity in net income of subsidiaries and taxes (3,137 ) 3,323 4,040 (15,030 ) 143,397 15 132,608 Equity in net income of subsidiaries 101,353 1,086 9,843 16,498 — (128,780 ) — Income before taxes 98,216 4,409 13,883 1,468 143,397 (128,765 ) 132,608 Income tax (expense) benefit (269 ) (1,098 ) (1,308 ) 3,072 (731 ) — (334 ) Net income 97,947 3,311 12,575 4,540 142,666 (128,765 ) 132,274 Net income attributable to redeemable noncontrolling interests — — — — (34,327 ) — (34,327 ) Net income attributable to RenaissanceRe 97,947 3,311 12,575 4,540 108,339 (128,765 ) 97,947 Dividends on preference shares (5,595 ) — — — — — (5,595 ) Net income available to RenaissanceRe common shareholders $ 92,352 $ 3,311 $ 12,575 $ 4,540 $ 108,339 $ (128,765 ) $ 92,352 (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 the three months ended March 31, 2017 RenaissanceRe RenRe North Platinum Underwriters Finance, Inc. (Subsidiary Issuer) RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other Consolidating RenaissanceRe Comprehensive income Net income $ 97,947 $ 3,311 $ 12,575 $ 4,540 $ 142,666 $ (128,765 ) $ 132,274 Change in net unrealized gains on investments — — — — (1,491 ) — (1,491 ) Comprehensive income 97,947 3,311 12,575 4,540 141,175 (128,765 ) 130,783 Net income attributable to redeemable noncontrolling interests — — — — (34,327 ) — (34,327 ) Comprehensive income attributable to noncontrolling interests — — — — (34,327 ) — (34,327 ) Comprehensive income available to RenaissanceRe $ 97,947 $ 3,311 $ 12,575 $ 4,540 $ 106,848 $ (128,765 ) $ 96,456 (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 the three months ended March 31, 2016 RenaissanceRe RenRe North Inc. Platinum Underwriters Finance, Inc. (Subsidiary Issuer) RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other Consolidating RenaissanceRe Revenues Net premiums earned $ — $ — $ — $ — $ 353,606 $ — $ 353,606 Net investment income 6,858 509 1,433 140 25,806 (5,883 ) 28,863 Net foreign exchange losses (1 ) — — — (1,691 ) — (1,692 ) Equity in earnings of other ventures — — — — 1,611 — 1,611 Other income — — — — 4,079 — 4,079 Net realized and unrealized gains on investments 4,488 1,115 1,964 — 54,086 — 61,653 Total revenues 11,345 1,624 3,397 140 437,497 (5,883 ) 448,120 Expenses Net claims and claim expenses incurred — — — — 126,605 — 126,605 Acquisition expenses — — — — 65,592 — 65,592 Operational expenses (701 ) (141 ) 52 7,009 55,096 (5,080 ) 56,235 Corporate expenses 5,613 — — — 2,612 — 8,225 Interest expense 140 — 1,476 6,543 2,519 (140 ) 10,538 Total expenses 5,052 (141 ) 1,528 13,552 252,424 (5,220 ) 267,195 Income (loss) before equity in net income (loss) of subsidiaries and taxes 6,293 1,765 1,869 (13,412 ) 185,073 (663 ) 180,925 Equity in net income (loss) of subsidiaries 123,538 (133 ) 22,335 24,479 — (170,219 ) — Income before taxes 129,831 1,632 24,204 11,067 185,073 (170,882 ) 180,925 Income tax benefit (expense) 3,759 (561 ) (344 ) 2,879 (8,477 ) — (2,744 ) Net income 133,590 1,071 23,860 13,946 176,596 (170,882 ) 178,181 Net income attributable to redeemable noncontrolling interests — — — — (44,591 ) — (44,591 ) Net income attributable to RenaissanceRe 133,590 1,071 23,860 13,946 132,005 (170,882 ) 133,590 Dividends on preference shares (5,595 ) — — — — — (5,595 ) Net income available to RenaissanceRe common shareholders $ 127,995 $ 1,071 $ 23,860 $ 13,946 $ 132,005 $ (170,882 ) $ 127,995 (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 three months ended March 31, 2016 RenaissanceRe RenRe North Inc. Platinum Underwriters Finance, Inc. (Subsidiary Issuer) RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other Consolidating RenaissanceRe Comprehensive income Net income $ 133,590 $ 1,071 $ 23,860 $ 13,946 $ 176,596 $ (170,882 ) $ 178,181 Change in net unrealized gains on investments — — — — (443 ) — (443 ) Comprehensive income 133,590 1,071 23,860 13,946 176,153 (170,882 ) 177,738 Net income attributable to redeemable noncontrolling interests — — — — (44,591 ) — (44,591 ) Comprehensive income attributable to redeemable noncontrolling interests — — — — (44,591 ) — (44,591 ) Comprehensive income available to RenaissanceRe $ 133,590 $ 1,071 $ 23,860 $ 13,946 $ 131,562 $ (170,882 ) $ 133,147 (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 three months ended March 31, 2017 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 $ (12,358 ) $ (8,594 ) $ 5,188 $ (17,914 ) $ 254,717 $ 221,039 Cash flows provided by (used in) investing activities Proceeds from sales and maturities of fixed maturity investments trading 38,449 12,473 36,397 15,449 2,579,618 2,682,386 Purchases of fixed maturity investments trading (63,417 ) (12,438 ) (36,790 ) — (2,894,479 ) (3,007,124 ) Net (purchases) sales of equity investments trading — (74 ) (2,181 ) — 16,002 13,747 Net sales (purchases) of short term investments 269,585 (590 ) (5,087 ) (3,374 ) (14,841 ) 245,693 Net sales of other investments — — — — 36,402 36,402 Dividends and return of capital from subsidiaries 65,180 9,175 — 9,175 (83,530 ) — Contributions to subsidiaries (162,550 ) — — (9,175 ) 171,725 — Due (from) to subsidiary (28,130 ) 50 (34 ) 2,522 25,592 — Net cash provided by (used in) investing activities 119,117 8,596 (7,695 ) 14,597 (163,511 ) (28,896 ) Cash flows used in financing activities Dividends paid – RenaissanceRe common shares (13,027 ) — — — — (13,027 ) Dividends paid – preference shares (5,595 ) — — — — (5,595 ) RenaissanceRe common share repurchases (80,009 ) — — — — (80,009 ) Net third party redeemable noncontrolling interest share transactions — — — — (51,166 ) (51,166 ) Taxes paid on withholding shares (11,018 ) — — — — (11,018 ) Net cash used in financing activities (109,649 ) — — — (51,166 ) (160,815 ) Effect of exchange rate changes on foreign currency cash — — — — 1,602 1,602 Net (decrease) increase in cash and cash equivalents (2,890 ) 2 (2,507 ) (3,317 ) 41,642 32,930 Cash and cash equivalents, beginning of period 7,067 162 6,671 9,397 397,860 421,157 Cash and cash equivalents, end of period $ 4,177 $ 164 $ 4,164 $ 6,080 $ 439,502 $ 454,087 (1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. Condensed Consolidating Statement of Cash Flows for the three months ended March 31, 2016 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 $ (12,542 ) $ (332 ) $ 4,561 $ (15,213 ) $ 21,888 $ (1,638 ) Cash flows provided by (used in) investing activities Proceeds from sales and maturities of fixed maturity investments trading 80,763 25,376 20,566 — 2,413,368 2,540,073 Purchases of fixed maturity investments trading (195,141 ) (82,697 ) (135,561 ) — (2,242,884 ) (2,656,283 ) Proceeds from sales and maturities of fixed maturity investments available for sale — — — — 3,662 3,662 Net sales (purchases) of equity investments trading — 158 138,834 — (19,623 ) 119,369 Net sales (purchases) of short term investments 104,213 63,194 (33,409 ) — 11 134,009 Net purchases of other investments — — — — (39,698 ) (39,698 ) Dividends and return of capital from subsidiaries 118,544 2,900 — — (121,444 ) — Contributions to subsidiaries (19,924 ) — — — 19,924 — Due to (from) subsidiaries 23,054 (14,242 ) 139 20,979 (29,930 ) — Net cash provided by (used in) investing activities 111,509 (5,311 ) (9,431 ) 20,979 (16,614 ) 101,132 Cash flows used in financing activities Dividends paid – RenaissanceRe common shares (13,285 ) — — — — (13,285 ) Dividends paid – preference shares (5,595 ) — — — — (5,595 ) RenaissanceRe common share repurchases (85,166 ) — — — — (85,166 ) Net third party redeemable noncontrolling interest share transactions — — — — (50,374 ) (50,374 ) Taxes paid on withholding shares — — — — (8,069 ) (8,069 ) Net cash used in financing activities (104,046 ) — — — (58,443 ) (162,489 ) Effect of exchange rate changes on foreign currency cash — — — — 5,259 5,259 Net (decrease) increase in cash and cash equivalents (5,079 ) (5,643 ) (4,870 ) 5,766 (47,910 ) (57,736 ) 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 $ 5,106 $ 265 $ 2,233 $ 6,443 $ 435,102 $ 449,149 (1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS Subsequent to March 31, 2017 and through the period ended April 28, 2017 , the Company repurchased 163 thousand common shares in open market transactions at an aggregate cost of $22.8 million and at an average share price of $139.71 . |
Significant Accounting Polici23
Significant Accounting Policies (Policy) | 3 Months Ended |
Mar. 31, 2017 | |
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”) for interim financial information and in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, these unaudited consolidated financial statements reflect all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the Company’s financial position and results of operations as at the end of and for the periods presented. All significant intercompany accounts and transactions have been eliminated from these statements. Certain comparative information has been reclassified to conform to the current presentation. Because of the seasonality of the Company’s business, the results of operations and cash flows for any interim period will not necessarily be indicative of the results of operations and cash flows for the full fiscal year or subsequent quarters. |
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. |
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted | RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS 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 the classification of taxes paid on the statements of cash flows. ASU 2016-09 became effective for the Company in annual and interim periods beginning after December 15, 2016. The cumulative effect of the adoption of ASU 2016-09 was a $2.2 million increase to opening retained earnings as of January 1, 2017. 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 periods 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. Leases In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 requires lessees to recognize lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under previous guidance. ASU 2016-02 is effective for public business entities for annual and interim periods beginning after December 15, 2018. Early application 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 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. Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 modifies the recognition of credit losses by replacing the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 2016-13 is applicable to financial assets such as loans, debt securities, trade receivables, off-balance sheet credit exposures, reinsurance receivables, and other financial assets that have the contractual right to receive cash. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectibility of the reported amount. The Company's invested assets are measured at fair value through net income, and therefore those invested assets would not be impacted by the adoption of ASU 2016-13. The Company has other financial assets, such as reinsurance recoverables, that could be impacted by the adoption of ASU 2016-13. ASU 2016-13 is effective for public business entities that are SEC filers for annual and interim periods beginning after December 15, 2019. 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. Classification of Certain Cash Receipts and Cash Payments In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 clarifies the classification of receipts and payments in the statement of cash flows. ASU 2016-15 provides guidance related to (1) settlement and payment of zero coupon debt instruments, (2) contingent consideration, (3) proceeds from settlement of insurance claims, (4) proceeds from settlement of corporate and bank owned life insurance policies, (5) distributions from equity method investees, (6) cash receipts from beneficial interests obtained by a transferor, and (7) general guidelines for cash receipts and payments that have more than one aspect of classification. ASU 2016-15 is effective for public business entities for annual periods beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2019. 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 cash flows. Intra-Entity Transfers of Assets Other Than Inventory In October 2016, the FASB issued ASU No. 2016-16, Intra-Entity Transfers of Assets Other Than Inventory (“ASU 2016-16”). ASU 2016-16 requires entities to recognize the income tax consequences of intra-entity transfers of assets other than inventory when the transfers occur; this is a change from current guidance which prohibits the recognition of current and deferred income taxes until the underlying assets have been sold to outside entities. ASU 2016-16 is effective for public business entities for annual and interim periods beginning after December 15, 2018. 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. Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). Among other things, ASU 2017-04 requires the following: (1) the elimination of step 2 of the goodwill impairment test; entities will no longer utilize the implied fair value of their assets and liabilities for purposes of testing goodwill for impairment, (2) the quantitative portion of the goodwill impairment test will be performed by comparing the fair value of a reporting unit with its carrying amount; an impairment charge is to be recognized for the excess of carrying amount over fair value, but only to the extent of the amount of goodwill allocated to that reporting unit, and (3) foreign currency translation adjustments are not to be allocated to a reporting unit from an entity’s accumulated other comprehensive income; the reporting unit’s carrying amount should include only the currently translated balances of the assets and liabilities assigned to the reporting unit. ASU 2017-04 is effective for public business entities that are SEC filers for annual periods, or any interim goodwill impairment tests in annual periods, beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. 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. |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Investments [Abstract] | |
Schedule of Fair Value of Fixed Maturity Investments Trading | The following table summarizes the fair value of fixed maturity investments trading: March 31, December 31, U.S. treasuries $ 2,635,800 $ 2,617,894 Agencies 86,373 90,972 Municipal 506,109 519,069 Non-U.S. government (Sovereign debt) 341,725 333,224 Non-U.S. government-backed corporate 118,092 133,300 Corporate 2,205,442 1,877,243 Agency mortgage-backed 505,829 462,493 Non-agency mortgage-backed 270,983 258,944 Commercial mortgage-backed 382,874 409,747 Asset-backed 206,624 188,358 Total fixed maturity investments trading $ 7,259,851 $ 6,891,244 |
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. March 31, 2017 Amortized Cost Fair Value Due in less than one year $ 516,733 $ 514,037 Due after one through five years 4,014,681 4,004,237 Due after five through ten years 1,173,318 1,182,697 Due after ten years 193,136 192,570 Mortgage-backed 1,157,303 1,159,686 Asset-backed 205,969 206,624 Total $ 7,261,140 $ 7,259,851 |
Schedule of Fair Value of Equity Investments Trading | The following table summarizes the fair value of equity investments trading: March 31, December 31, Financials $ 271,665 $ 275,065 Communications and technology 41,516 36,770 Industrial, utilities and energy 30,976 30,303 Consumer 21,461 20,501 Healthcare 18,918 17,245 Basic materials 3,888 3,429 Total $ 388,424 $ 383,313 |
Schedule of Net Investment Income | The components of net investment income are as follows: Three months ended March 31, March 31, Fixed maturity investments $ 43,419 $ 36,006 Short term investments 1,724 1,000 Equity investments 811 1,663 Other investments Private equity investments 7,802 (9,358 ) Other 4,072 3,309 Cash and cash equivalents 189 129 58,017 32,749 Investment expenses (3,692 ) (3,886 ) Net investment income $ 54,325 $ 28,863 |
Schedule of Net Realized and Unrealized Gains (Losses) On Investments | Net realized and unrealized gains on investments are as follows: Three months ended March 31, March 31, Gross realized gains $ 11,461 $ 17,750 Gross realized losses (16,533 ) (14,665 ) Net realized (losses) gains on fixed maturity investments (5,072 ) 3,085 Net unrealized gains on fixed maturity investments trading 24,635 85,465 Net realized and unrealized losses on investments-related derivatives (56 ) (19,449 ) Net realized gains (losses) on equity investments trading 20,915 (818 ) Net unrealized gains (losses) on equity investments trading 2,951 (6,630 ) Net realized and unrealized gains on investments $ 43,373 $ 61,653 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 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 $ 2,635,800 $ 2,635,800 $ — $ — Agencies 86,373 — 86,373 — Municipal 506,109 — 506,109 — Non-U.S. government (Sovereign debt) 341,725 — 341,725 — Non-U.S. government-backed corporate 118,092 — 118,092 — Corporate 2,205,442 — 2,205,442 — Agency mortgage-backed 505,829 — 505,829 — Non-agency mortgage-backed 270,983 — 270,983 — Commercial mortgage-backed 382,874 — 382,874 — Asset-backed 206,624 — 206,624 — Total fixed maturity investments 7,259,851 2,635,800 4,624,051 — Short term investments 1,199,797 — 1,199,797 — Equity investments trading 388,424 388,424 — — Other investments Catastrophe bonds 298,564 — 298,564 — Private equity partnerships (1) 192,975 — — — Senior secured bank loan funds (1) 21,748 — — — Hedge funds (1) 1,380 — — — Total other investments 514,667 — 298,564 — Other assets and (liabilities) Assumed and ceded (re)insurance contracts (2) (12,135 ) — — (12,135 ) Derivatives (3) (1,752 ) (53 ) (1,699 ) — Other (1,708 ) — (1,708 ) — Total other assets and (liabilities) (15,595 ) (53 ) (3,407 ) (12,135 ) $ 9,347,144 $ 3,024,171 $ 6,119,005 $ (12,135 ) (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 March 31, 2017 was $4.7 million and $16.8 million of other assets and other liabilities, respectively. (3) See “Note 12 . Derivative Instruments” for additional information related to the fair value by type of contract, of derivatives entered into by the Company. 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 was $4.4 million and $17.4 million of other assets and other liabilities, respectively. (3) See “Note 12 . 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: At March 31, 2017 Fair Value (Level 3) Valuation Technique Unobservable (U) and Observable (O) Inputs Low High Weighted Average or Actual Other assets and (liabilities) Assumed and ceded (re)insurance contracts $ (180 ) Internal valuation model Bond price (U) $ 101.02 $ 107.15 $ 104.41 Liquidity discount (U) n/a n/a 1.3 % Assumed and ceded (re)insurance contracts (11,955 ) Internal valuation model Net undiscounted cash flows (U) n/a n/a $ (12,620 ) Expected loss ratio (U) n/a n/a 33.1 % Net acquisition expense ratio (O) n/a n/a (20.5 )% 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) $ (12,135 ) |
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. Other assets and (liabilities) Balance - January 1, 2017 $ (13,004 ) Total realized gains Included in other income 1,071 Purchases (202 ) Balance - March 31, 2017 $ (12,135 ) 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 — 1,700 1,700 Purchases — (525 ) (525 ) Balance - March 31, 2016 $ 7,500 $ (4,724 ) $ 2,776 Change in unrealized gains for the period included in earnings for assets held at the end of the period included in net investment income $ (118 ) $ — $ (118 ) |
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. Other assets and (liabilities) Balance - January 1, 2017 $ (13,004 ) Total realized gains Included in other income 1,071 Purchases (202 ) Balance - March 31, 2017 $ (12,135 ) 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 — 1,700 1,700 Purchases — (525 ) (525 ) Balance - March 31, 2016 $ 7,500 $ (4,724 ) $ 2,776 Change in unrealized gains for the period included in earnings for assets held at the end of the period included in net investment income $ (118 ) $ — $ (118 ) |
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: March 31, December 31, Other investments $ 514,667 $ 549,805 Other assets $ 4,666 $ 4,379 Other liabilities $ 16,801 $ 17,383 |
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 March 31, 2017 Fair Value Unfunded Redemption Frequency Redemption Redemption Private equity partnerships $ 192,975 $ 218,142 See below See below See below Senior secured bank loan funds 21,748 25,775 See below See below See below Hedge funds 1,380 — See below See below See below Total other investments measured using net asset valuations $ 216,103 $ 243,917 |
Reinsurance (Tables)
Reinsurance (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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: Three months ended March 31, March 31, Premiums written Direct $ 73,408 $ 43,176 Assumed 848,682 818,957 Ceded (377,954 ) (350,458 ) Net premiums written $ 544,136 $ 511,675 Premiums earned Direct $ 58,168 $ 33,140 Assumed 498,999 456,641 Ceded (191,122 ) (136,175 ) Net premiums earned $ 366,045 $ 353,606 Claims and claim expenses Gross claims and claim expenses incurred $ 251,804 $ 161,998 Claims and claim expenses recovered (58,723 ) (35,393 ) Net claims and claim expenses incurred $ 193,081 $ 126,605 |
Reserve for Claims and Claim 27
Reserve for Claims and Claim Expenses (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Insurance Loss Reserves [Abstract] | |
Schedule of Liability for Unpaid Claims and Claim Expenses | The following table details the development of the Company’s liability for unpaid claims and claim expenses for its Casualty and Specialty segment: Three months ended March 31, 2017 2016 (Favorable) adverse development (Favorable) adverse development Actuarial methods - actual reported claims lower than expected claims $ (5,999 ) $ 4,406 Ogden Rate change 33,481 — Actuarial assumption changes 2,780 — Total adverse development of prior accident years net claims and claim expenses $ 30,262 $ 4,406 The following table summarizes the Company’s claims and claim expense reserves by segment, allocated between case reserves, additional case reserves and IBNR: At March 31, 2017 Case Reserves Additional Case Reserves IBNR Total Property $ 212,770 $ 171,257 $ 231,586 $ 615,613 Casualty and Specialty 587,083 139,183 1,574,435 2,300,701 Other 2,255 — 16,119 18,374 Total $ 802,108 $ 310,440 $ 1,822,140 $ 2,934,688 At December 31, 2016 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 Activity in the liability for unpaid claims and claim expenses is summarized as follows: Three months ended March 31, 2017 2016 Net reserves as of January 1 $ 2,568,730 $ 2,632,519 Net incurred related to: Current year 164,075 128,209 Prior years 29,006 (1,604 ) Total net incurred 193,081 126,605 Net paid related to: Current year 7,729 1,490 Prior years 147,500 124,411 Total net paid 155,229 125,901 Foreign exchange 2,287 11,072 Net reserves as of March 31 2,608,869 2,644,295 Reinsurance recoverable as of March 31 325,819 167,228 Gross reserves as of March 31 $ 2,934,688 $ 2,811,523 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: Three months ended March 31, 2017 2016 (Favorable) adverse development (Favorable) adverse development Catastrophe net claims and claim expenses Large catastrophe events Other $ 2,586 $ 3,778 Total large catastrophe events 2,586 3,778 Small catastrophe events Fort McMurray Wildfire (2016) (5,850 ) — Other 2,336 (9,706 ) Total small catastrophe events (3,514 ) (9,706 ) Total catastrophe net claims and claim expenses (928 ) (5,928 ) Total net favorable development of prior accident years net claims and claim expenses $ (928 ) $ (5,928 ) The following table details the Company’s prior year development by segment of its liability for unpaid claims and claim expenses: Three months ended March 31, 2017 2016 (Favorable) adverse development (Favorable) adverse development Property $ (928 ) $ (5,928 ) Casualty and Specialty 30,262 4,406 Other (328 ) (82 ) Total adverse (favorable) development of prior accident years net claims and claim expenses $ 29,006 $ (1,604 ) |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest [Abstract] | |
Schedule Of Redeemable Noncontrolling Interest | The activity in redeemable noncontrolling interest – Medici is detailed in the table below: Three months ended March 31, March 31, Beginning balance $ 181,136 $ 115,009 Redemption of shares from redeemable noncontrolling interest (10,625 ) (940 ) Sale of shares to redeemable noncontrolling interests 28,416 39,500 Net income attributable to redeemable noncontrolling interest 2,418 1,627 Ending balance $ 201,345 $ 155,196 A summary of the Company’s redeemable noncontrolling interests on its consolidated balance sheets is set forth below: March 31, December 31, 2016 Redeemable noncontrolling interest - DaVinciRe $ 986,646 $ 994,458 Redeemable noncontrolling interest - Medici 201,345 181,136 Redeemable noncontrolling interests $ 1,187,991 $ 1,175,594 A summary of the Company’s redeemable noncontrolling interests on its consolidated statements of operations set forth below: Three months ended March 31, March 31, Redeemable noncontrolling interest - DaVinciRe $ 31,909 $ 42,964 Redeemable noncontrolling interest - Medici 2,418 1,627 Net income attributable to redeemable noncontrolling interests $ 34,327 $ 44,591 The activity in redeemable noncontrolling interest – DaVinciRe is detailed in the table below: Three months ended March 31, March 31, Beginning balance $ 994,458 $ 930,955 Redemption of shares from redeemable noncontrolling interest (63,642 ) (90,818 ) Sale of shares to redeemable noncontrolling interests 23,921 43,040 Net income attributable to redeemable noncontrolling interest 31,909 42,964 Ending balance $ 986,646 $ 926,141 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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: Three months ended (common shares in thousands) March 31, March 31, Numerator: Net income available to RenaissanceRe common shareholders $ 92,352 $ 127,995 Amount allocated to participating common shareholders (1) (907 ) (1,601 ) Net income allocated to RenaissanceRe common shareholders $ 91,445 $ 126,394 Denominator: Denominator for basic income per RenaissanceRe common share - weighted average common shares 40,408 42,577 Per common share equivalents of employee stock options and restricted shares 215 335 Denominator for diluted income per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions 40,623 42,912 Net income available to RenaissanceRe common shareholders per common share – basic $ 2.26 $ 2.97 Net income available to RenaissanceRe common shareholders per common share – diluted $ 2.25 $ 2.95 (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. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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: Three months ended March 31, 2017 Property Casualty and Specialty Other Total Gross premiums written $ 520,529 $ 401,561 $ — $ 922,090 Net premiums written $ 289,871 $ 254,265 $ — $ 544,136 Net premiums earned $ 186,988 $ 179,059 $ (2 ) $ 366,045 Net claims and claim expenses incurred 38,838 154,571 (328 ) 193,081 Acquisition expenses 29,103 54,179 — 83,282 Operational expenses 27,665 19,607 11 47,283 Underwriting income (loss) $ 91,382 $ (49,298 ) $ 315 42,399 Net investment income 54,325 54,325 Net foreign exchange gains 8,165 8,165 Equity in losses of other ventures (1,507 ) (1,507 ) Other income 1,665 1,665 Net realized and unrealized gains on investments 43,373 43,373 Corporate expenses (5,286 ) (5,286 ) Interest expense (10,526 ) (10,526 ) Income before taxes and redeemable noncontrolling interests 132,608 Income tax expense (334 ) (334 ) Net income attributable to redeemable noncontrolling interests (34,327 ) (34,327 ) Dividends on preference shares (5,595 ) (5,595 ) Net income available to RenaissanceRe common shareholders $ 92,352 Net claims and claim expenses incurred – current accident year $ 39,766 $ 124,309 $ — $ 164,075 Net claims and claim expenses incurred – prior accident years (928 ) 30,262 (328 ) 29,006 Net claims and claim expenses incurred – total $ 38,838 $ 154,571 $ (328 ) $ 193,081 Net claims and claim expense ratio – current accident year 21.3 % 69.4 % 44.8 % Net claims and claim expense ratio – prior accident years (0.5 )% 16.9 % 7.9 % Net claims and claim expense ratio – calendar year 20.8 % 86.3 % 52.7 % Underwriting expense ratio 30.3 % 41.2 % 35.7 % Combined ratio 51.1 % 127.5 % 88.4 % Three months ended March 31, 2016 Property Casualty and Specialty Other Total Gross premiums written $ 444,959 $ 417,174 $ — $ 862,133 Net premiums written $ 232,859 $ 278,816 $ — $ 511,675 Net premiums earned $ 175,232 $ 178,374 $ — $ 353,606 Net claims and claim expenses incurred 21,804 104,883 (82 ) 126,605 Acquisition expenses 20,124 45,468 — 65,592 Operational expenses 28,657 27,518 60 56,235 Underwriting income $ 104,647 $ 505 $ 22 105,174 Net investment income 28,863 28,863 Net foreign exchange losses (1,692 ) (1,692 ) Equity in earnings of other ventures 1,611 1,611 Other income 4,079 4,079 Net realized and unrealized gains on investments 61,653 61,653 Corporate expenses (8,225 ) (8,225 ) Interest expense (10,538 ) (10,538 ) Income before taxes and redeemable noncontrolling interests 180,925 Income tax expense (2,744 ) (2,744 ) Net income attributable to noncontrolling interests (44,591 ) (44,591 ) Dividends on preference shares (5,595 ) (5,595 ) Net income available to RenaissanceRe common shareholders $ 127,995 Net claims and claim expenses incurred – current accident year $ 27,732 $ 100,477 $ — $ 128,209 Net claims and claim expenses incurred – prior accident years (5,928 ) 4,406 (82 ) (1,604 ) Net claims and claim expenses incurred – total $ 21,804 $ 104,883 $ (82 ) $ 126,605 Net claims and claim expense ratio – current accident year 15.8 % 56.3 % 36.3 % Net claims and claim expense ratio – prior accident years (3.4 )% 2.5 % (0.5 )% Net claims and claim expense ratio – calendar year 12.4 % 58.8 % 35.8 % Underwriting expense ratio 27.9 % 40.9 % 34.5 % Combined ratio 40.3 % 99.7 % 70.3 % |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 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 $ 1,011 939 $ 72 Other assets $ — $ 72 Foreign currency forward contracts (1) 607 — 607 Other assets — 607 Foreign currency forward contracts (2) 560 403 157 Other assets — 157 Credit default swaps 1,407 16 1,391 Other assets — 1,391 Total $ 3,585 $ 1,358 $ 2,227 $ — $ 2,227 Derivative Liabilities At March 31, 2017 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 $ 1,064 939 $ 125 Other liabilities $ 125 $ — Foreign currency forward contracts (1) 3,203 168 3,035 Other liabilities — 3,035 Foreign currency forward contracts (2) 952 403 549 Other liabilities — 549 Credit default swaps 286 16 270 Other liabilities — 270 Total $ 5,505 $ 1,526 $ 3,979 $ 125 $ 3,854 (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, 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. |
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 Three months ended March 31, 2017 2016 Interest rate futures Net realized and unrealized gains on investments $ (158 ) $ (19,359 ) Foreign currency forward contracts (1) Net foreign exchange gains (losses) 1,060 (1,374 ) Foreign currency forward contracts (2) Net foreign exchange gains (losses) (633 ) (5,858 ) Credit default swaps Net realized and unrealized gains on investments 102 (90 ) Total $ 371 $ (26,681 ) (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. |
Condensed Consolidating Finan32
Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries [Abstract] | |
Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheet at March 31, 2017 RenaissanceRe RenRe North Platinum Underwriters Finance, Inc. (Subsidiary Issuer) RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other Consolidating RenaissanceRe Assets Total investments $ 142,794 $ 122,599 $ 192,290 $ 31,701 $ 8,970,486 $ — $ 9,459,870 Cash and cash equivalents 4,177 164 4,164 6,080 439,502 — 454,087 Investments in subsidiaries 4,311,578 35,691 852,931 1,183,615 — (6,383,815 ) — Due from subsidiaries and affiliates 44,346 91,891 — — — (136,237 ) — Premiums receivable — — — — 1,283,275 — 1,283,275 Prepaid reinsurance premiums — — — — 628,091 — 628,091 Reinsurance recoverable — — — — 325,819 — 325,819 Accrued investment income 161 255 510 141 39,480 — 40,547 Deferred acquisition costs — — — — 388,681 — 388,681 Receivable for investments sold 45 3 87,506 — 229,394 — 316,948 Other assets 414,825 38,063 932 128,928 113,556 (522,320 ) 173,984 Goodwill and other intangible assets 128,818 — — — 119,507 — 248,325 Total assets $ 5,046,744 $ 288,666 $ 1,138,333 $ 1,350,465 $ 12,537,791 $ (7,042,372 ) $ 13,319,627 Liabilities, Noncontrolling Interests and Shareholders’ Equity Liabilities Reserve for claims and claim expenses $ — $ — $ — $ — $ 2,934,688 $ — $ 2,934,688 Unearned premiums — — — — 1,596,495 — 1,596,495 Debt 117,000 — 252,141 546,062 147,498 (117,000 ) 945,701 Amounts due to subsidiaries and affiliates 60,897 91 89 98,583 — (159,660 ) — Reinsurance balances payable — — — — 972,266 — 972,266 Payable for investments purchased — — — — 604,613 — 604,613 Other liabilities 8,010 1,498 6,349 6,962 200,015 (5,798 ) 217,036 Total liabilities 185,907 1,589 258,579 651,607 6,455,575 (282,458 ) 7,270,799 Redeemable noncontrolling interests — — — — 1,187,991 — 1,187,991 Shareholders’ Equity Total shareholders’ equity 4,860,837 287,077 879,754 698,858 4,894,225 (6,759,914 ) 4,860,837 Total liabilities, noncontrolling interests and shareholders’ equity $ 5,046,744 $ 288,666 $ 1,138,333 $ 1,350,465 $ 12,537,791 $ (7,042,372 ) $ 13,319,627 (1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. (2) Includes Parent Guarantor, Subsidiary Guarantor and Subsidiary Issuer consolidating adjustments. Condensed Consolidating Balance Sheet at December 31, 2016 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 $ 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, Redeemable Noncontrolling Interest 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, redeemable noncontrolling interest 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 Statements of Operations | Condensed Consolidating Statement of Operations for the three months ended March 31, 2016 RenaissanceRe RenRe North Inc. Platinum Underwriters Finance, Inc. (Subsidiary Issuer) RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other Consolidating RenaissanceRe Revenues Net premiums earned $ — $ — $ — $ — $ 353,606 $ — $ 353,606 Net investment income 6,858 509 1,433 140 25,806 (5,883 ) 28,863 Net foreign exchange losses (1 ) — — — (1,691 ) — (1,692 ) Equity in earnings of other ventures — — — — 1,611 — 1,611 Other income — — — — 4,079 — 4,079 Net realized and unrealized gains on investments 4,488 1,115 1,964 — 54,086 — 61,653 Total revenues 11,345 1,624 3,397 140 437,497 (5,883 ) 448,120 Expenses Net claims and claim expenses incurred — — — — 126,605 — 126,605 Acquisition expenses — — — — 65,592 — 65,592 Operational expenses (701 ) (141 ) 52 7,009 55,096 (5,080 ) 56,235 Corporate expenses 5,613 — — — 2,612 — 8,225 Interest expense 140 — 1,476 6,543 2,519 (140 ) 10,538 Total expenses 5,052 (141 ) 1,528 13,552 252,424 (5,220 ) 267,195 Income (loss) before equity in net income (loss) of subsidiaries and taxes 6,293 1,765 1,869 (13,412 ) 185,073 (663 ) 180,925 Equity in net income (loss) of subsidiaries 123,538 (133 ) 22,335 24,479 — (170,219 ) — Income before taxes 129,831 1,632 24,204 11,067 185,073 (170,882 ) 180,925 Income tax benefit (expense) 3,759 (561 ) (344 ) 2,879 (8,477 ) — (2,744 ) Net income 133,590 1,071 23,860 13,946 176,596 (170,882 ) 178,181 Net income attributable to redeemable noncontrolling interests — — — — (44,591 ) — (44,591 ) Net income attributable to RenaissanceRe 133,590 1,071 23,860 13,946 132,005 (170,882 ) 133,590 Dividends on preference shares (5,595 ) — — — — — (5,595 ) Net income available to RenaissanceRe common shareholders $ 127,995 $ 1,071 $ 23,860 $ 13,946 $ 132,005 $ (170,882 ) $ 127,995 (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 $ — $ — $ — $ — $ 366,045 $ — $ 366,045 Net investment income 5,457 426 841 269 53,583 (6,251 ) 54,325 Net foreign exchange gains — — — — 8,165 — 8,165 Equity in losses of other ventures — — — (752 ) (755 ) — (1,507 ) Other (loss) income (1 ) — — — 1,666 — 1,665 Net realized and unrealized gains (losses) on investments 53 2,921 4,725 (26 ) 35,700 — 43,373 Total revenues 5,509 3,347 5,566 (509 ) 464,404 (6,251 ) 472,066 Expenses Net claims and claim expenses incurred — — — — 193,081 — 193,081 Acquisition expenses — — — — 83,282 — 83,282 Operational expenses 3,298 24 50 7,979 42,058 (6,126 ) 47,283 Corporate expenses 5,208 — — — 78 — 5,286 Interest expense 140 — 1,476 6,542 2,508 (140 ) 10,526 Total expenses 8,646 24 1,526 14,521 321,007 (6,266 ) 339,458 (Loss) income before equity in net income of subsidiaries and taxes (3,137 ) 3,323 4,040 (15,030 ) 143,397 15 132,608 Equity in net income of subsidiaries 101,353 1,086 9,843 16,498 — (128,780 ) — Income before taxes 98,216 4,409 13,883 1,468 143,397 (128,765 ) 132,608 Income tax (expense) benefit (269 ) (1,098 ) (1,308 ) 3,072 (731 ) — (334 ) Net income 97,947 3,311 12,575 4,540 142,666 (128,765 ) 132,274 Net income attributable to redeemable noncontrolling interests — — — — (34,327 ) — (34,327 ) Net income attributable to RenaissanceRe 97,947 3,311 12,575 4,540 108,339 (128,765 ) 97,947 Dividends on preference shares (5,595 ) — — — — — (5,595 ) Net income available to RenaissanceRe common shareholders $ 92,352 $ 3,311 $ 12,575 $ 4,540 $ 108,339 $ (128,765 ) $ 92,352 (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) | Condensed Consolidating Statement of Comprehensive Income for the three months ended March 31, 2016 RenaissanceRe RenRe North Inc. Platinum Underwriters Finance, Inc. (Subsidiary Issuer) RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other Consolidating RenaissanceRe Comprehensive income Net income $ 133,590 $ 1,071 $ 23,860 $ 13,946 $ 176,596 $ (170,882 ) $ 178,181 Change in net unrealized gains on investments — — — — (443 ) — (443 ) Comprehensive income 133,590 1,071 23,860 13,946 176,153 (170,882 ) 177,738 Net income attributable to redeemable noncontrolling interests — — — — (44,591 ) — (44,591 ) Comprehensive income attributable to redeemable noncontrolling interests — — — — (44,591 ) — (44,591 ) Comprehensive income available to RenaissanceRe $ 133,590 $ 1,071 $ 23,860 $ 13,946 $ 131,562 $ (170,882 ) $ 133,147 (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 three months ended March 31, 2017 RenaissanceRe RenRe North Platinum Underwriters Finance, Inc. (Subsidiary Issuer) RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other Consolidating RenaissanceRe Comprehensive income Net income $ 97,947 $ 3,311 $ 12,575 $ 4,540 $ 142,666 $ (128,765 ) $ 132,274 Change in net unrealized gains on investments — — — — (1,491 ) — (1,491 ) Comprehensive income 97,947 3,311 12,575 4,540 141,175 (128,765 ) 130,783 Net income attributable to redeemable noncontrolling interests — — — — (34,327 ) — (34,327 ) Comprehensive income attributable to noncontrolling interests — — — — (34,327 ) — (34,327 ) Comprehensive income available to RenaissanceRe $ 97,947 $ 3,311 $ 12,575 $ 4,540 $ 106,848 $ (128,765 ) $ 96,456 (1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. (2) Includes Parent Guarantor, Subsidiary Guarantor and Subsidiary Issuer consolidating adjustments. |
Condensed Consolidating Statements Of Cash Flows | Condensed Consolidating Statement of Cash Flows for the three months ended March 31, 2017 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 $ (12,358 ) $ (8,594 ) $ 5,188 $ (17,914 ) $ 254,717 $ 221,039 Cash flows provided by (used in) investing activities Proceeds from sales and maturities of fixed maturity investments trading 38,449 12,473 36,397 15,449 2,579,618 2,682,386 Purchases of fixed maturity investments trading (63,417 ) (12,438 ) (36,790 ) — (2,894,479 ) (3,007,124 ) Net (purchases) sales of equity investments trading — (74 ) (2,181 ) — 16,002 13,747 Net sales (purchases) of short term investments 269,585 (590 ) (5,087 ) (3,374 ) (14,841 ) 245,693 Net sales of other investments — — — — 36,402 36,402 Dividends and return of capital from subsidiaries 65,180 9,175 — 9,175 (83,530 ) — Contributions to subsidiaries (162,550 ) — — (9,175 ) 171,725 — Due (from) to subsidiary (28,130 ) 50 (34 ) 2,522 25,592 — Net cash provided by (used in) investing activities 119,117 8,596 (7,695 ) 14,597 (163,511 ) (28,896 ) Cash flows used in financing activities Dividends paid – RenaissanceRe common shares (13,027 ) — — — — (13,027 ) Dividends paid – preference shares (5,595 ) — — — — (5,595 ) RenaissanceRe common share repurchases (80,009 ) — — — — (80,009 ) Net third party redeemable noncontrolling interest share transactions — — — — (51,166 ) (51,166 ) Taxes paid on withholding shares (11,018 ) — — — — (11,018 ) Net cash used in financing activities (109,649 ) — — — (51,166 ) (160,815 ) Effect of exchange rate changes on foreign currency cash — — — — 1,602 1,602 Net (decrease) increase in cash and cash equivalents (2,890 ) 2 (2,507 ) (3,317 ) 41,642 32,930 Cash and cash equivalents, beginning of period 7,067 162 6,671 9,397 397,860 421,157 Cash and cash equivalents, end of period $ 4,177 $ 164 $ 4,164 $ 6,080 $ 439,502 $ 454,087 (1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. Condensed Consolidating Statement of Cash Flows for the three months ended March 31, 2016 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 $ (12,542 ) $ (332 ) $ 4,561 $ (15,213 ) $ 21,888 $ (1,638 ) Cash flows provided by (used in) investing activities Proceeds from sales and maturities of fixed maturity investments trading 80,763 25,376 20,566 — 2,413,368 2,540,073 Purchases of fixed maturity investments trading (195,141 ) (82,697 ) (135,561 ) — (2,242,884 ) (2,656,283 ) Proceeds from sales and maturities of fixed maturity investments available for sale — — — — 3,662 3,662 Net sales (purchases) of equity investments trading — 158 138,834 — (19,623 ) 119,369 Net sales (purchases) of short term investments 104,213 63,194 (33,409 ) — 11 134,009 Net purchases of other investments — — — — (39,698 ) (39,698 ) Dividends and return of capital from subsidiaries 118,544 2,900 — — (121,444 ) — Contributions to subsidiaries (19,924 ) — — — 19,924 — Due to (from) subsidiaries 23,054 (14,242 ) 139 20,979 (29,930 ) — Net cash provided by (used in) investing activities 111,509 (5,311 ) (9,431 ) 20,979 (16,614 ) 101,132 Cash flows used in financing activities Dividends paid – RenaissanceRe common shares (13,285 ) — — — — (13,285 ) Dividends paid – preference shares (5,595 ) — — — — (5,595 ) RenaissanceRe common share repurchases (85,166 ) — — — — (85,166 ) Net third party redeemable noncontrolling interest share transactions — — — — (50,374 ) (50,374 ) Taxes paid on withholding shares — — — — (8,069 ) (8,069 ) Net cash used in financing activities (104,046 ) — — — (58,443 ) (162,489 ) Effect of exchange rate changes on foreign currency cash — — — — 5,259 5,259 Net (decrease) increase in cash and cash equivalents (5,079 ) (5,643 ) (4,870 ) 5,766 (47,910 ) (57,736 ) 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 $ 5,106 $ 265 $ 2,233 $ 6,443 $ 435,102 $ 449,149 (1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. |
Organization (Details)
Organization (Details) | Nov. 13, 2014 |
RenaissanceRe Upsilon Fund Ltd. | Variable Interest Entity, Not Primary Beneficiary | |
Variable Interest Entity [Line Items] | |
Percent of segregated funds owned by third party investors | 100.00% |
Significant Accounting Polici34
Significant Accounting Policies Significant Accounting Policies (Details) - Retained Earnings - USD ($) $ in Thousands | Jan. 01, 2017 | Jan. 01, 2016 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative effect of new accounting principle in period of adoption | $ 2,213 | $ 0 |
Cumulative effect of adoption of ASU 2016-09 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative effect of new accounting principle in period of adoption | $ 2,200 |
Investments (Schedule of Fair V
Investments (Schedule of Fair Value of Fixed Maturity Investments Trading) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Investment [Line Items] | ||
Total fixed maturity investments trading | $ 7,259,851 | $ 6,891,244 |
U.S. treasuries | ||
Investment [Line Items] | ||
Total fixed maturity investments trading | 2,635,800 | 2,617,894 |
Agencies | ||
Investment [Line Items] | ||
Total fixed maturity investments trading | 86,373 | 90,972 |
Municipal | ||
Investment [Line Items] | ||
Total fixed maturity investments trading | 506,109 | 519,069 |
Non-U.S. government (Sovereign debt) | ||
Investment [Line Items] | ||
Total fixed maturity investments trading | 341,725 | 333,224 |
Non-U.S. government-backed corporate | ||
Investment [Line Items] | ||
Total fixed maturity investments trading | 118,092 | 133,300 |
Corporate | ||
Investment [Line Items] | ||
Total fixed maturity investments trading | 2,205,442 | 1,877,243 |
Agency mortgage-backed | ||
Investment [Line Items] | ||
Total fixed maturity investments trading | 505,829 | 462,493 |
Non-agency mortgage-backed | ||
Investment [Line Items] | ||
Total fixed maturity investments trading | 270,983 | 258,944 |
Commercial mortgage-backed | ||
Investment [Line Items] | ||
Total fixed maturity investments trading | 382,874 | 409,747 |
Asset-backed | ||
Investment [Line Items] | ||
Total fixed maturity investments trading | $ 206,624 | $ 188,358 |
Investments (Schedule of Contra
Investments (Schedule of Contractual Maturities of Fixed Maturity Investments) (Details) $ in Thousands | Mar. 31, 2017USD ($) |
Trading Securities [Abstract] | |
Amortized Cost, Due in less than one year | $ 516,733 |
Amortized Cost, Due after one through five years | 4,014,681 |
Amortized Cost, Due after five through ten years | 1,173,318 |
Amortized Cost, Due after ten years | 193,136 |
Amortized Cost | 7,261,140 |
Fair Value, Due in less than one year | 514,037 |
Fair Value, Due after one through five years | 4,004,237 |
Fair Value, Due after five through ten years | 1,182,697 |
Fair Value, Due after ten years | 192,570 |
Fair Value | 7,259,851 |
Mortgage-backed | |
Trading Securities [Abstract] | |
Amortized Cost | 1,157,303 |
Fair Value | 1,159,686 |
Asset-backed | |
Trading Securities [Abstract] | |
Amortized Cost | 205,969 |
Fair Value | $ 206,624 |
Investments (Schedule of Fair37
Investments (Schedule of Fair Value of Equity Investments Trading) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Equity investments trading | $ 388,424 | $ 383,313 |
Financials | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Equity investments trading | 271,665 | 275,065 |
Communications and technology | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Equity investments trading | 41,516 | 36,770 |
Industrial, utilities and energy | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Equity investments trading | 30,976 | 30,303 |
Consumer | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Equity investments trading | 21,461 | 20,501 |
Healthcare | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Equity investments trading | 18,918 | 17,245 |
Basic materials | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Equity investments trading | $ 3,888 | $ 3,429 |
Investments (Pledged Investment
Investments (Pledged Investments) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Investments [Abstract] | ||
Cash and investments at fair value on deposit with, or in trust accounts for the benefit of various counterparties | $ 2,700 | $ 2,700 |
Cash and investments at fair value on deposit with, or in trust accounts for the benefit of U.S. state regulatory authorities | $ 873.1 | $ 842.6 |
Investments (Reverse Purchase A
Investments (Reverse Purchase Agreements) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Investments, Debt and Equity Securities [Abstract] | ||
Value of reverse repurchase agreements | $ 26.9 | $ 78.7 |
Minimum required collateral for reverse repurchase agreements, expressed as a percentage of loan principal | 102.00% |
Investments (Schedule of Net In
Investments (Schedule of Net Investment Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Investment income before investment expenses | $ 58,017 | $ 32,749 |
Investment expenses | (3,692) | (3,886) |
Net investment income | 54,325 | 28,863 |
Fixed maturity investments | ||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Investment income before investment expenses | 43,419 | 36,006 |
Short term investments | ||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Investment income before investment expenses | 1,724 | 1,000 |
Equity investments | ||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Investment income before investment expenses | 811 | 1,663 |
Private equity investments | ||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Investment income before investment expenses | 7,802 | (9,358) |
Other | ||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Investment income before investment expenses | 4,072 | 3,309 |
Cash and cash equivalents | ||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Investment income before investment expenses | $ 189 | $ 129 |
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 | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Gain (Loss) on Investments [Line Items] | ||
Net realized and unrealized gains (losses) on investments | $ 43,373 | $ 61,653 |
Fixed maturity investments | ||
Gain (Loss) on Investments [Line Items] | ||
Gross realized gains | 11,461 | 17,750 |
Gross realized losses | (16,533) | (14,665) |
Net realized (losses) gains | (5,072) | 3,085 |
Net realized (losses) gains on fixed maturity investments | 24,635 | 85,465 |
Derivatives | ||
Gain (Loss) on Investments [Line Items] | ||
Net realized and unrealized losses on investments-related derivatives | (56) | (19,449) |
Equity investments | ||
Gain (Loss) on Investments [Line Items] | ||
Net realized (losses) gains | 20,915 | (818) |
Net realized (losses) gains on fixed maturity investments | $ 2,951 | $ (6,630) |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments trading | $ 388,424 | $ 383,313 |
Other investments | 514,667 | 549,805 |
Other assets and (liabilities) | (16,801) | (17,383) |
Other assets | 4,666 | 4,379 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 7,259,851 | 6,891,244 |
Short term investments | 1,199,797 | 1,368,379 |
Equity investments trading | 388,424 | 383,313 |
Other investments | 514,667 | 549,805 |
Other assets and (liabilities) | (15,595) | (35,031) |
Total assets and liabilities measured on recurring basis | 9,347,144 | 9,157,710 |
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 | 2,635,800 | 2,617,894 |
Short term investments | 0 | 0 |
Equity investments trading | 388,424 | 383,313 |
Other investments | 0 | 0 |
Other assets and (liabilities) | (53) | (646) |
Total assets and liabilities measured on recurring basis | 3,024,171 | 3,000,561 |
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 | 4,624,051 | 4,273,350 |
Short term investments | 1,199,797 | 1,368,379 |
Equity investments trading | 0 | 0 |
Other investments | 298,564 | 335,209 |
Other assets and (liabilities) | (3,407) | (21,381) |
Total assets and liabilities measured on recurring basis | 6,119,005 | 5,955,557 |
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 | 0 |
Short term investments | 0 | 0 |
Equity investments trading | 0 | 0 |
Other investments | 0 | 0 |
Other assets and (liabilities) | (12,135) | (13,004) |
Total assets and liabilities measured on recurring basis | (12,135) | (13,004) |
Fair Value, Measurements, Recurring | U.S. treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 2,635,800 | 2,617,894 |
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 | 2,635,800 | 2,617,894 |
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 | 86,373 | 90,972 |
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 | 86,373 | 90,972 |
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 | 506,109 | 519,069 |
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 | 506,109 | 519,069 |
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 | 341,725 | 333,224 |
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 | 341,725 | 333,224 |
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 | 118,092 | 133,300 |
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 | 118,092 | 133,300 |
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 | 2,205,442 | 1,877,243 |
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 | 2,205,442 | 1,877,243 |
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 | 0 |
Fair Value, Measurements, Recurring | Agency mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 505,829 | 462,493 |
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 | 505,829 | 462,493 |
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 | 270,983 | 258,944 |
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 | 270,983 | 258,944 |
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 | 382,874 | 409,747 |
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 | 382,874 | 409,747 |
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 | 206,624 | 188,358 |
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 | 206,624 | 188,358 |
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 | 298,564 | 335,209 |
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 | 298,564 | 335,209 |
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 | 192,975 | 191,061 |
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 | 21,748 | 22,040 |
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 | 1,380 | 1,495 |
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 and (liabilities) | (12,135) | (13,004) |
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 and (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 and (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 and (liabilities) | (12,135) | (13,004) |
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 | 4,700 | 4,400 |
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 and (liabilities) | (16,800) | (17,400) |
Fair Value, Measurements, Recurring | Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets and (liabilities) | (1,752) | (8,922) |
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 and (liabilities) | (53) | (646) |
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 and (liabilities) | (1,699) | (8,276) |
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 and (liabilities) | 0 | 0 |
Fair Value, Measurements, Recurring | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets and (liabilities) | (1,708) | (13,105) |
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 and (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 and (liabilities) | (1,708) | (13,105) |
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 and (liabilities) | $ 0 | $ 0 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other liabilities | $ 16,801 | $ 17,383 | |
Debt | 945,701 | 948,663 | |
Debt, fair value | 969,200 | 964,800 | |
Net unrealized gains (losses) recognized in earnings | 6,863 | $ (15,362) | |
Other Investments | Net investment income | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Net unrealized gains (losses) recognized in earnings | 6,900 | (9,000) | |
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 | $ 0 | |
Significant Unobservable Inputs (Level 3) | Internal Valuation Model Valuation Technique | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Liabilities, fair value | 12,135 | ||
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 | 180 | ||
Significant Unobservable Inputs (Level 3) | Assumed and ceded (re)insurance contract | Internal Valuation Model Valuation Technique | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Liabilities, fair value | $ 11,955 | ||
U.S. treasuries | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Weighted average effective yield | 1.40% | 1.40% | |
Agencies | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Weighted average effective yield | 2.00% | 2.00% | |
Municipal | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Weighted average effective yield | 2.10% | 2.40% | |
Non-U.S. government (Sovereign debt) | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Weighted average effective yield | 1.60% | 1.60% | |
Non-U.S. government-backed corporate | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Weighted average effective yield | 1.60% | 1.50% | |
Corporate | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Weighted average effective yield | 3.70% | 3.70% | |
Agency mortgage-backed | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Weighted average effective yield | 3.00% | 2.90% | |
Weighted average life | 6 years 9 months 18 days | 6 years 10 months 24 days | |
Non-agency prime residential mortgage-backed | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Weighted average effective yield | 4.10% | 4.30% | |
Weighted average life | 5 years 1 month 6 days | 5 years 1 month 6 days | |
AltA non-agency mortgage-backed | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Weighted average effective yield | 5.00% | 5.20% | |
Weighted average life | 6 years 1 month 6 days | 6 years | |
Commercial mortgage-backed | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Weighted average effective yield | 2.70% | 2.60% | |
Weighted average life | 4 years 3 months 18 days | 3 years 10 months 24 days | |
Asset-backed | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Weighted average effective yield | 2.30% | 2.30% | |
Weighted average life | 2 years 8 months 12 days | 2 years 7 months 6 days | |
Short term investments | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Weighted average effective yield | 0.90% | 0.70% | |
Restricted stock units | Significant Other Observable Inputs (Level 2) | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other liabilities | $ 1,700 | ||
Private equity partnerships | Minimum | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Liquidation period for fund assets | 7 years | ||
Private equity partnerships | High | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Liquidation period for fund assets | 10 years | ||
Senior secured bank loan funds | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investment in closed end fund | $ 21,700 | ||
Senior secured bank loan funds | Minimum | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Liquidation period for fund assets | 4 years | ||
Senior secured bank loan funds | High | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Liquidation period for fund assets | 5 years | ||
Hedge funds | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Hedge fund side pocket investments | $ 1,400 |
Fair Value Measurements (Quanti
Fair Value Measurements (Quantitative Information Used As Level 3 Inputs) (Details) - Internal Valuation Model Valuation Technique - Significant Unobservable Inputs (Level 3) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($)$ / bond | |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |
Other assets and (liabilities) | $ (12,135) |
Assumed reinsurance contract | |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |
Other assets and (liabilities) | $ (180) |
Assumed reinsurance contract | Low | |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |
Bond price | $ / bond | 101.02 |
Assumed reinsurance contract | High | |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |
Bond price | $ / bond | 107.15 |
Assumed reinsurance contract | Weighted Average or Actual | |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |
Bond price | $ / bond | 104.41 |
Liquidity discount | 1.30% |
Assumed and ceded (re)insurance contract | |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |
Other assets and (liabilities) | $ (11,955) |
Assumed and ceded (re)insurance contract | Low | |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |
Contract period | 2 years |
Assumed and ceded (re)insurance contract | High | |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |
Contract period | 4 years 7 months 27 days |
Assumed and ceded (re)insurance contract | Weighted Average or Actual | |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | |
Net undiscounted cash flows | $ (12,620) |
Expected loss ratio | 33.10% |
Net acquisition expense ratio | (20.50%) |
Contract period | 4 years 6 months |
Discount rate | 1.90% |
Fair Value Measurements (Asse45
Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Level 3 Inputs) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of the period | $ 1,719 | |
Total unrealized losses | ||
Included in net investment income | (118) | |
Total realized gains | ||
Included in other income | 1,700 | |
Purchases | (525) | |
Balance at end of the period | 2,776 | |
Net investment income | ||
Total realized gains | ||
Change in unrealized gains for the period included in earnings for assets held at the end of the period | (118) | |
Other assets and (liabilities) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of the period | $ (13,004) | (5,899) |
Total unrealized losses | ||
Included in net investment income | 0 | |
Total realized gains | ||
Included in other income | 1,071 | 1,700 |
Purchases | (202) | (525) |
Balance at end of the period | $ (12,135) | (4,724) |
Other assets and (liabilities) | Net investment income | ||
Total realized gains | ||
Change in unrealized gains for the period included in earnings for assets held at the end of the period | 0 | |
Fixed maturity investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of the period | 7,618 | |
Total unrealized losses | ||
Included in net investment income | (118) | |
Total realized gains | ||
Included in other income | 0 | |
Purchases | 0 | |
Balance at end of the period | 7,500 | |
Fixed maturity investments | Net investment income | ||
Total realized gains | ||
Change in unrealized gains for the period included in earnings for assets held at the end of the period | $ (118) |
Fair Value Measurements (Summar
Fair Value Measurements (Summary Of The Balances Company Has Elected To Account For At Fair Value) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value Disclosures [Abstract] | ||
Other investments | $ 514,667 | $ 549,805 |
Other assets | 4,666 | 4,379 |
Other liabilities | $ 16,801 | $ 17,383 |
Fair Value Measurements (Compan
Fair Value Measurements (Company's Portfolio of Other Investments Measured Using Net Asset Valuations) (Details) $ in Thousands | Mar. 31, 2017USD ($) |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair Value | $ 216,103 |
Unfunded Commitments | 243,917 |
Private equity partnerships | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair Value | 192,975 |
Unfunded Commitments | 218,142 |
Senior secured bank loan funds | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair Value | 21,748 |
Unfunded Commitments | 25,775 |
Hedge funds | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair Value | 1,380 |
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 | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Premiums written | ||
Direct | $ 73,408 | $ 43,176 |
Assumed | 848,682 | 818,957 |
Ceded | (377,954) | (350,458) |
Net premiums written | 544,136 | 511,675 |
Premiums earned | ||
Direct | 58,168 | 33,140 |
Assumed | 498,999 | 456,641 |
Ceded | (191,122) | (136,175) |
Net premiums earned | 366,045 | 353,606 |
Claims and claim expenses | ||
Gross claims and claim expenses incurred | 251,804 | 161,998 |
Claims and claim expenses recovered | (58,723) | (35,393) |
Net claims and claim expenses incurred | $ 193,081 | $ 126,605 |
Reserve for Claims and Claim 49
Reserve for Claims and Claim Expenses (Claims and Claim Expense Reserves by Segment) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 |
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Case Reserves | $ 802,108 | $ 813,594 | |
Additional Case Reserves | 310,440 | 291,727 | |
IBNR | 1,822,140 | 1,742,973 | |
Net reserve for claims and claim expenses | 2,934,688 | 2,848,294 | $ 2,811,523 |
Other | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Case Reserves | 2,255 | 6,935 | |
Additional Case Reserves | 0 | 0 | |
IBNR | 16,119 | 18,459 | |
Net reserve for claims and claim expenses | 18,374 | 25,394 | |
Property | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Case Reserves | 212,770 | 214,954 | |
Additional Case Reserves | 171,257 | 186,308 | |
IBNR | 231,586 | 226,512 | |
Net reserve for claims and claim expenses | 615,613 | 627,774 | |
Casualty and Specialty | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Case Reserves | 587,083 | 591,705 | |
Additional Case Reserves | 139,183 | 105,419 | |
IBNR | 1,574,435 | 1,498,002 | |
Net reserve for claims and claim expenses | $ 2,300,701 | $ 2,195,126 |
Reserve for Claims and Claim 50
Reserve for Claims and Claim Expenses (Schedule of Liability for Unpaid Claims and Claims Adjustment Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Net reserves as of January 1 | $ 2,568,730 | $ 2,632,519 |
Net incurred related to: | ||
Current year | 164,075 | 128,209 |
Prior years | 29,006 | (1,604) |
Total net incurred | 193,081 | 126,605 |
Net paid related to: | ||
Current year | 7,729 | 1,490 |
Prior years | 147,500 | 124,411 |
Total net paid | 155,229 | 125,901 |
Foreign exchange | 2,287 | 11,072 |
Net reserves as of March 31 | 2,608,869 | 2,644,295 |
Reinsurance recoverable as of March 31 | 325,819 | 167,228 |
Gross reserves as of March 31 | $ 2,934,688 | $ 2,811,523 |
Reserve for Claims and Claim 51
Reserve for Claims and Claim Expenses (Prior Year Development of the Reserve for Net Claims and Claim Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Liability for Catastrophe Claims [Line Items] | |||
Net claims and claim expenses incurred – prior accident years | $ 29,006 | $ (1,604) | |
Ogden Rate | |||
Liability for Catastrophe Claims [Line Items] | |||
Discount rate | (0.75%) | 2.50% | |
Other | |||
Liability for Catastrophe Claims [Line Items] | |||
Net claims and claim expenses incurred – prior accident years | $ (328) | (82) | |
Property | |||
Liability for Catastrophe Claims [Line Items] | |||
Net claims and claim expenses incurred – prior accident years | (928) | (5,928) | |
Property | Large and Small Catastrophe Events | |||
Liability for Catastrophe Claims [Line Items] | |||
Net claims and claim expenses incurred – prior accident years | (928) | (5,928) | |
Property | Large catastrophe events | |||
Liability for Catastrophe Claims [Line Items] | |||
Net claims and claim expenses incurred – prior accident years | 2,586 | 3,778 | |
Property | Other | |||
Liability for Catastrophe Claims [Line Items] | |||
Net claims and claim expenses incurred – prior accident years | 2,586 | 3,778 | |
Property | Small catastrophe events | |||
Liability for Catastrophe Claims [Line Items] | |||
Net claims and claim expenses incurred – prior accident years | (3,514) | (9,706) | |
Property | Fort McMurray Wildfire (2016) | |||
Liability for Catastrophe Claims [Line Items] | |||
Net claims and claim expenses incurred – prior accident years | (5,850) | 0 | |
Property | Other | |||
Liability for Catastrophe Claims [Line Items] | |||
Net claims and claim expenses incurred – prior accident years | 2,336 | (9,706) | |
Casualty and Specialty | |||
Liability for Catastrophe Claims [Line Items] | |||
Net claims and claim expenses incurred – prior accident years | 30,262 | 4,406 | |
Casualty and Specialty | Actuarial methods - actual reported claims lower than expected claims | |||
Liability for Catastrophe Claims [Line Items] | |||
Net claims and claim expenses incurred – prior accident years | (5,999) | 4,406 | |
Casualty and Specialty | Ogden Rate change | |||
Liability for Catastrophe Claims [Line Items] | |||
Net claims and claim expenses incurred – prior accident years | 33,481 | 0 | |
Casualty and Specialty | Actuarial assumption changes | |||
Liability for Catastrophe Claims [Line Items] | |||
Net claims and claim expenses incurred – prior accident years | $ 2,780 | $ 0 |
Noncontrolling Interests (Detai
Noncontrolling Interests (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Jan. 31, 2017 | Jan. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Jan. 01, 2017 | Jan. 01, 2016 | Dec. 31, 2015 | |
Redeemable Noncontrolling Interest [Line Items] | ||||||||
Redeemable noncontrolling interests | $ 1,187,991 | $ 1,175,594 | ||||||
Net income attributable to redeemable noncontrolling interests | 34,327 | $ 44,591 | ||||||
DaVinciRe Holdings Ltd. | ||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||
Redeemable noncontrolling interests | 986,646 | 926,141 | $ 994,458 | $ 930,955 | ||||
Net income attributable to redeemable noncontrolling interests | $ 31,909 | 42,964 | ||||||
Parent company ownership in redeemable noncontrolling interest | 22.60% | 24.00% | ||||||
Sale of shares to redeemable noncontrolling interest | $ 23,921 | 43,040 | ||||||
Redemption of shares from redeemable noncontrolling interest | $ 63,642 | 90,818 | ||||||
DaVinciRe Holdings Ltd. | Redeemable Noncontrolling Interest | ||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||
Parent company ownership in redeemable noncontrolling interest | 22.60% | 24.00% | ||||||
Redeemable noncontrolling interest, net redemptions | $ 100,000 | |||||||
Redeemable noncontrolling interest, reserve holdback | $ 7,500 | $ 10,000 | ||||||
Noncontrolling interest, decrease from redemptions | 75,000 | |||||||
Noncontrolling interest, decrease from purchase of interests | $ 24,000 | |||||||
DaVinciRe Holdings Ltd. | Redeemable Noncontrolling Interest | High | ||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||
Share repurchase requests, limit | 25.00% | |||||||
RenaissanceRe Medici Fund Ltd. | ||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||
Redeemable noncontrolling interests | $ 201,345 | 155,196 | $ 181,136 | $ 115,009 | ||||
Net income attributable to redeemable noncontrolling interests | $ 2,418 | 1,627 | ||||||
Parent company ownership in redeemable noncontrolling interest | 34.40% | 36.50% | ||||||
Redemption provision, notice period | 30 days | |||||||
Sale of shares to redeemable noncontrolling interest | $ 28,416 | 39,500 | $ 79,500 | |||||
Redemption of shares from redeemable noncontrolling interest | $ 10,625 | $ 940 | $ 21,700 |
Noncontrolling Interests (Sched
Noncontrolling Interests (Schedule Of Redeemable Noncontrolling Interest) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Activity in redeemable noncontrolling interest | |||
Beginning balance | $ 1,175,594 | ||
Net income attributable to redeemable noncontrolling interest | 34,327 | $ 44,591 | |
Ending balance | 1,187,991 | $ 1,175,594 | |
DaVinciRe Holdings Ltd. | |||
Activity in redeemable noncontrolling interest | |||
Beginning balance | 994,458 | 930,955 | 930,955 |
Redemption of shares from redeemable noncontrolling interest | (63,642) | (90,818) | |
Sale of shares to redeemable noncontrolling interests | 23,921 | 43,040 | |
Net income attributable to redeemable noncontrolling interest | 31,909 | 42,964 | |
Ending balance | 986,646 | 926,141 | 994,458 |
RenaissanceRe Medici Fund Ltd. | |||
Activity in redeemable noncontrolling interest | |||
Beginning balance | 181,136 | 115,009 | 115,009 |
Redemption of shares from redeemable noncontrolling interest | (10,625) | (940) | (21,700) |
Sale of shares to redeemable noncontrolling interests | 28,416 | 39,500 | 79,500 |
Net income attributable to redeemable noncontrolling interest | 2,418 | 1,627 | |
Ending balance | $ 201,345 | $ 155,196 | $ 181,136 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Thousands | Jan. 01, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 |
Variable Interest Entity [Line Items] | ||||
Contributions to subsidiaries | $ 0 | $ 0 | ||
Assets | 13,319,627 | $ 12,352,082 | ||
Liabilities | 7,270,799 | 6,309,911 | ||
Ceded premiums written | 377,954 | 350,458 | ||
Ceded premiums earned | 191,122 | 136,175 | ||
Upsilon RFO Re Ltd. | Variable Interest Entity, Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Return of capital | 41,800 | 242,500 | ||
Assets | 399,600 | 193,000 | ||
Liabilities | 399,600 | 193,000 | ||
Upsilon RFO Re Ltd. | Variable Interest Entity, Primary Beneficiary | Non-Voting Preference Shares | ||||
Variable Interest Entity [Line Items] | ||||
Issuance of equity to third party investors | 134,100 | 166,600 | ||
Contributions to subsidiaries | 9,500 | 55,200 | ||
Upsilon RFO Re Ltd. | Variable Interest Entity, Primary Beneficiary | RenaissanceRe Holdings Ltd. | ||||
Variable Interest Entity [Line Items] | ||||
Return of capital | $ 9,500 | $ 59,800 | ||
Variable interest entity, ownership percentage | 16.60% | 28.80% | ||
Upsilon RFO Re Ltd. | Variable Interest Entity, Primary Beneficiary | Third party investor | Non-Voting Preference Shares | ||||
Variable Interest Entity [Line Items] | ||||
Contributions to subsidiaries | $ 7,500 | |||
Mona Lisa Re Ltd | Variable Interest Entity, Not Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Assets | 181,300 | $ 184,200 | ||
Liabilities | 181,300 | $ 184,200 | ||
Mona Lisa Re Ltd | Variable Interest Entity, Not Primary Beneficiary | Renaissance Reinsurance Ltd. | ||||
Variable Interest Entity [Line Items] | ||||
Ceded premiums written | 100 | 100 | ||
Ceded premiums earned | 1,800 | 1,900 | ||
Mona Lisa Re Ltd | Variable Interest Entity, Not Primary Beneficiary | DaVinci Reinsurance Ltd. | ||||
Variable Interest Entity [Line Items] | ||||
Ceded premiums written | 37 | 100 | ||
Ceded premiums earned | 1,300 | $ 1,300 | ||
Renaissance Reinsurance Ltd. | Variable Interest Entity, Primary Beneficiary | Fibonacci Reinsurance Ltd. | ||||
Variable Interest Entity [Line Items] | ||||
Ceded premiums written | 7,400 | |||
Ceded premiums earned | 1,800 | |||
Fibonacci Reinsurance Ltd. | Variable Interest Entity, Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Issuance of equity to third party investors | $ 140,000 | |||
Other Investments | Fibonacci Reinsurance Ltd. | Variable Interest Entity, Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Investment in participating notes | $ 30,000 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ / shares in Units, shares in Thousands | Mar. 31, 2017 | Mar. 15, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Aug. 02, 2016 |
Class of Stock [Line Items] | |||||
Dividends declared per common share (in usd per share) | $ 0.32 | $ 0.31 | |||
Dividends declared and paid, Preference shares | $ 5,595,000 | $ 5,595,000 | |||
Retained Earnings | |||||
Class of Stock [Line Items] | |||||
Dividends declared and paid, Preference shares | 5,595,000 | 5,595,000 | |||
Dividends declared and paid, Common shares | $ 13,027,000 | $ 13,285,000 | |||
Common Shares | |||||
Class of Stock [Line Items] | |||||
Dividends declared per common share (in usd per share) | $ 0.32 | ||||
Dividends paid per common share (in usd per share) | $ 0.32 | ||||
Share repurchase program, Authorized amount (up to) | $ 500,000,000 | ||||
Common shares repurchased during period, Number of shares (in shares) | 550 | ||||
Common shares repurchased during period, Aggregate amount | $ 80,000,000 | ||||
Common shares repurchased during period, Average cost (in usd per share) | $ 145.36 | ||||
Share repurchase program, Remaining authorized aggregate amount | $ 460,000,000 | $ 460,000,000 |
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 | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Numerator: | ||
Net income available to RenaissanceRe common shareholders | $ 92,352 | $ 127,995 |
Amount allocated to participating common shareholders | (907) | (1,601) |
Net income allocated to RenaissanceRe common shareholders | $ 91,445 | $ 126,394 |
Denominator: | ||
Denominator for basic income per RenaissanceRe common share - weighted average common shares (in shares) | 40,408 | 42,577 |
Per common share equivalents of employee stock options and restricted shares (in shares) | 215 | 335 |
Denominator for diluted income per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions (in shares) | 40,623 | 42,912 |
Net income available to RenaissanceRe common shareholders per common share – basic (in usd per share) | $ 2.26 | $ 2.97 |
Net income available to RenaissanceRe common shareholders per common share – diluted (in usd per share) | $ 2.25 | $ 2.95 |
Segment Reporting (Schedule Of
Segment Reporting (Schedule Of Significant Components Of The Company's Revenues And Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Reporting Information [Line Items] | ||
Gross premiums written | $ 922,090 | $ 862,133 |
Net premiums written | 544,136 | 511,675 |
Net premiums earned | 366,045 | 353,606 |
Net claims and claim expenses incurred | 193,081 | 126,605 |
Acquisition expenses | 83,282 | 65,592 |
Operational expenses | 47,283 | 56,235 |
Underwriting income (loss) | 42,399 | 105,174 |
Net investment income | 54,325 | 28,863 |
Net foreign exchange gains (losses) | 8,165 | (1,692) |
Equity in (losses) earnings of other ventures | (1,507) | 1,611 |
Other income | 1,665 | 4,079 |
Net realized and unrealized gains on investments | 43,373 | 61,653 |
Corporate expenses | (5,286) | (8,225) |
Interest expense | (10,526) | (10,538) |
Income before taxes | 132,608 | 180,925 |
Income tax expense | (334) | (2,744) |
Net income attributable to redeemable noncontrolling interests | (34,327) | (44,591) |
Dividends on preference shares | (5,595) | (5,595) |
Net income available to RenaissanceRe common shareholders | 92,352 | 127,995 |
Net claims and claim expenses incurred – current accident year | 164,075 | 128,209 |
Net claims and claim expenses incurred – prior accident years | 29,006 | (1,604) |
Total net incurred | $ 193,081 | $ 126,605 |
Net claims and claim expense ratio – current accident year | 44.80% | 36.30% |
Net claims and claim expense ratio – prior accident years | 7.90% | (0.50%) |
Net claims and claim expense ratio – calendar year | 52.70% | 35.80% |
Underwriting expense ratio | 35.70% | 34.50% |
Combined ratio | 88.40% | 70.30% |
Other | ||
Segment Reporting Information [Line Items] | ||
Gross premiums written | $ 0 | $ 0 |
Net premiums written | 0 | 0 |
Net premiums earned | (2) | 0 |
Net claims and claim expenses incurred | (328) | (82) |
Acquisition expenses | 0 | 0 |
Operational expenses | 11 | 60 |
Underwriting income (loss) | 315 | 22 |
Net investment income | 54,325 | 28,863 |
Net foreign exchange gains (losses) | 8,165 | (1,692) |
Equity in (losses) earnings of other ventures | (1,507) | 1,611 |
Other income | 1,665 | 4,079 |
Net realized and unrealized gains on investments | 43,373 | 61,653 |
Corporate expenses | (5,286) | (8,225) |
Interest expense | (10,526) | (10,538) |
Income tax expense | (334) | (2,744) |
Net income attributable to redeemable noncontrolling interests | (34,327) | (44,591) |
Dividends on preference shares | (5,595) | (5,595) |
Net claims and claim expenses incurred – current accident year | 0 | 0 |
Net claims and claim expenses incurred – prior accident years | (328) | (82) |
Total net incurred | (328) | (82) |
Property | ||
Segment Reporting Information [Line Items] | ||
Net claims and claim expenses incurred – prior accident years | (928) | (5,928) |
Property | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Gross premiums written | 520,529 | 444,959 |
Net premiums written | 289,871 | 232,859 |
Net premiums earned | 186,988 | 175,232 |
Net claims and claim expenses incurred | 38,838 | 21,804 |
Acquisition expenses | 29,103 | 20,124 |
Operational expenses | 27,665 | 28,657 |
Underwriting income (loss) | 91,382 | 104,647 |
Net claims and claim expenses incurred – current accident year | 39,766 | 27,732 |
Net claims and claim expenses incurred – prior accident years | (928) | (5,928) |
Total net incurred | $ 38,838 | $ 21,804 |
Net claims and claim expense ratio – current accident year | 21.30% | 15.80% |
Net claims and claim expense ratio – prior accident years | (0.50%) | (3.40%) |
Net claims and claim expense ratio – calendar year | 20.80% | 12.40% |
Underwriting expense ratio | 30.30% | 27.90% |
Combined ratio | 51.10% | 40.30% |
Casualty and Specialty | ||
Segment Reporting Information [Line Items] | ||
Net claims and claim expenses incurred – prior accident years | $ 30,262 | $ 4,406 |
Casualty and Specialty | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Gross premiums written | 401,561 | 417,174 |
Net premiums written | 254,265 | 278,816 |
Net premiums earned | 179,059 | 178,374 |
Net claims and claim expenses incurred | 154,571 | 104,883 |
Acquisition expenses | 54,179 | 45,468 |
Operational expenses | 19,607 | 27,518 |
Underwriting income (loss) | (49,298) | 505 |
Net claims and claim expenses incurred – current accident year | 124,309 | 100,477 |
Net claims and claim expenses incurred – prior accident years | 30,262 | 4,406 |
Total net incurred | $ 154,571 | $ 104,883 |
Net claims and claim expense ratio – current accident year | 69.40% | 56.30% |
Net claims and claim expense ratio – prior accident years | 16.90% | 2.50% |
Net claims and claim expense ratio – calendar year | 86.30% | 58.80% |
Underwriting expense ratio | 41.20% | 40.90% |
Combined ratio | 127.50% | 99.70% |
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 | Mar. 31, 2017 | Dec. 31, 2016 |
Other Assets | ||
Derivative Assets | ||
Gross Amounts of Recognized Assets | $ 3,585 | $ 4,208 |
Gross Amounts Offset in the Balance Sheet | 1,358 | 1,705 |
Net Amounts of Assets Presented in the Balance Sheet | 2,227 | 2,503 |
Collateral | 0 | 0 |
Net Amount | 2,227 | 2,503 |
Other Assets | Interest Rate Futures | ||
Derivative Assets | ||
Gross Amounts of Recognized Assets | 1,011 | 1,384 |
Gross Amounts Offset in the Balance Sheet | 939 | 1,235 |
Net Amounts of Assets Presented in the Balance Sheet | 72 | 149 |
Collateral | 0 | 0 |
Net Amount | 72 | 149 |
Other Assets | Foreign Currency Forward Contracts, Underwriting and Non-investment Operations | ||
Derivative Assets | ||
Gross Amounts of Recognized Assets | 607 | 774 |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Balance Sheet | 607 | 774 |
Collateral | 0 | 0 |
Net Amount | 607 | 774 |
Other Assets | Foreign Currency Forward Contracts, Investment Operations | ||
Derivative Assets | ||
Gross Amounts of Recognized Assets | 560 | 621 |
Gross Amounts Offset in the Balance Sheet | 403 | 447 |
Net Amounts of Assets Presented in the Balance Sheet | 157 | 174 |
Collateral | 0 | 0 |
Net Amount | 157 | 174 |
Other Assets | Credit Default Swaps | ||
Derivative Assets | ||
Gross Amounts of Recognized Assets | 1,407 | 1,429 |
Gross Amounts Offset in the Balance Sheet | 16 | 23 |
Net Amounts of Assets Presented in the Balance Sheet | 1,391 | 1,406 |
Collateral | 0 | 0 |
Net Amount | 1,391 | 1,406 |
Other Liabilities | ||
Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities | 5,505 | 13,527 |
Gross Amounts Offset in the Balance Sheet | 1,526 | 2,102 |
Net Amounts of Liabilities Presented in the Balance Sheet | 3,979 | 11,425 |
Collateral Pledged | 125 | 789 |
Net Amount | 3,854 | 10,636 |
Other Liabilities | Interest Rate Futures | ||
Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities | 1,064 | 2,030 |
Gross Amounts Offset in the Balance Sheet | 939 | 1,235 |
Net Amounts of Liabilities Presented in the Balance Sheet | 125 | 795 |
Collateral Pledged | 125 | 789 |
Net Amount | 0 | 6 |
Other Liabilities | Foreign Currency Forward Contracts, Underwriting and Non-investment Operations | ||
Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities | 3,203 | 10,550 |
Gross Amounts Offset in the Balance Sheet | 168 | 397 |
Net Amounts of Liabilities Presented in the Balance Sheet | 3,035 | 10,153 |
Collateral Pledged | 0 | 0 |
Net Amount | 3,035 | 10,153 |
Other Liabilities | Foreign Currency Forward Contracts, Investment Operations | ||
Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities | 952 | 766 |
Gross Amounts Offset in the Balance Sheet | 403 | 447 |
Net Amounts of Liabilities Presented in the Balance Sheet | 549 | 319 |
Collateral Pledged | 0 | 0 |
Net Amount | 549 | 319 |
Other Liabilities | Credit Default Swaps | ||
Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities | 286 | 181 |
Gross Amounts Offset in the Balance Sheet | 16 | 23 |
Net Amounts of Liabilities Presented in the Balance Sheet | 270 | 158 |
Collateral Pledged | 0 | 0 |
Net Amount | $ 270 | $ 158 |
Derivative Instruments (Gain (L
Derivative Instruments (Gain (Loss) Recognized In The Consolidated Statements Of Operations Related To Its Derivative Instruments) (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain (loss) recognized on derivatives | $ 371 | $ (26,681) |
Net realized and unrealized gains on investments | Interest Rate Futures | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain (loss) recognized on derivatives | (158) | (19,359) |
Net realized and unrealized gains on investments | Credit Default Swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain (loss) recognized on derivatives | 102 | (90) |
Net foreign exchange gains (losses) | Foreign Currency Forward Contracts, Underwriting and Non-investment Operations | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain (loss) recognized on derivatives | 1,060 | (1,374) |
Net foreign exchange gains (losses) | Foreign Currency Forward Contracts, Investment Operations | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain (loss) recognized on derivatives | $ (633) | $ (5,858) |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) - Not Designated as Hedging Instrument - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Interest Rate Futures | Long | ||
Derivative [Line Items] | ||
Notional amount | $ 1,400,000,000 | $ 1,200,000,000 |
Interest Rate Futures | Short | ||
Derivative [Line Items] | ||
Notional amount | 824,200,000 | 727,900,000 |
Foreign Currency Forward Contracts, Underwriting and Non-investment Operations | Long | ||
Derivative [Line Items] | ||
Notional amount | 123,300,000 | 184,200,000 |
Foreign Currency Forward Contracts, Underwriting and Non-investment Operations | Short | ||
Derivative [Line Items] | ||
Notional amount | 121,500,000 | 91,400,000 |
Foreign Currency Forward Contracts, Investment Operations | Long | ||
Derivative [Line Items] | ||
Notional amount | 39,100,000 | 26,900,000 |
Foreign Currency Forward Contracts, Investment Operations | Short | ||
Derivative [Line Items] | ||
Notional amount | 51,700,000 | 57,300,000 |
Credit Default Swaps | Long | ||
Derivative [Line Items] | ||
Notional amount | 0 | 0 |
Credit Default Swaps | Short | ||
Derivative [Line Items] | ||
Notional amount | $ 63,000,000 | $ 75,200,000 |
Condensed Consolidating Finan61
Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Assets | ||||
Total investments | $ 9,459,870 | $ 9,316,968 | ||
Cash and cash equivalents | 454,087 | 421,157 | $ 449,149 | $ 506,885 |
Investments in subsidiaries | 0 | 0 | ||
Due from subsidiaries and affiliates | 0 | 0 | ||
Premiums receivable | 1,283,275 | 987,323 | ||
Prepaid reinsurance premiums | 628,091 | 441,260 | ||
Reinsurance recoverable | 325,819 | 279,564 | 167,228 | |
Accrued investment income | 40,547 | 38,076 | ||
Deferred acquisition costs | 388,681 | 335,325 | ||
Receivable for investments sold | 316,948 | 105,841 | ||
Other assets | 173,984 | 175,382 | ||
Goodwill and other intangible assets | 248,325 | 251,186 | ||
Total assets | 13,319,627 | 12,352,082 | ||
Liabilities | ||||
Reserve for claims and claim expenses | 2,934,688 | 2,848,294 | 2,811,523 | |
Unearned premiums | 1,596,495 | 1,231,573 | ||
Debt | 945,701 | 948,663 | ||
Amounts due to subsidiaries and affiliates | 0 | 0 | ||
Reinsurance balances payable | 972,266 | 673,983 | ||
Payable for investments purchased | 604,613 | 305,714 | ||
Other liabilities | 217,036 | 301,684 | ||
Total liabilities | 7,270,799 | 6,309,911 | ||
Redeemable noncontrolling interests | 1,187,991 | 1,175,594 | ||
Shareholders' Equity | ||||
Total shareholders’ equity | 4,860,837 | 4,866,577 | 4,760,593 | |
Total liabilities, noncontrolling interests and shareholders’ equity | 13,319,627 | 12,352,082 | ||
Reportable Legal Entities | RenaissanceRe Holdings Ltd. (Parent Guarantor) | ||||
Assets | ||||
Total investments | 142,794 | 387,274 | ||
Cash and cash equivalents | 4,177 | 7,067 | 5,106 | 10,185 |
Investments in subsidiaries | 4,311,578 | 4,074,769 | ||
Due from subsidiaries and affiliates | 44,346 | 7,413 | ||
Premiums receivable | 0 | 0 | ||
Prepaid reinsurance premiums | 0 | 0 | ||
Reinsurance recoverable | 0 | 0 | ||
Accrued investment income | 161 | 105 | ||
Deferred acquisition costs | 0 | 0 | ||
Receivable for investments sold | 45 | 136 | ||
Other assets | 414,825 | 410,757 | ||
Goodwill and other intangible assets | 128,818 | 130,407 | ||
Total assets | 5,046,744 | 5,017,928 | ||
Liabilities | ||||
Reserve for claims and claim expenses | 0 | 0 | ||
Unearned premiums | 0 | 0 | ||
Debt | 117,000 | 117,000 | ||
Amounts due to subsidiaries and affiliates | 60,897 | 14,644 | ||
Reinsurance balances payable | 0 | 0 | ||
Payable for investments purchased | 0 | 0 | ||
Other liabilities | 8,010 | 19,707 | ||
Total liabilities | 185,907 | 151,351 | ||
Redeemable noncontrolling interests | 0 | 0 | ||
Shareholders' Equity | ||||
Total shareholders’ equity | 4,860,837 | 4,866,577 | ||
Total liabilities, noncontrolling interests and shareholders’ equity | 5,046,744 | 5,017,928 | ||
Reportable Legal Entities | RenRe North America Holdings Inc. (Subsidiary Issuer) | ||||
Assets | ||||
Total investments | 122,599 | 119,163 | ||
Cash and cash equivalents | 164 | 162 | 265 | 5,908 |
Investments in subsidiaries | 35,691 | 34,761 | ||
Due from subsidiaries and affiliates | 91,891 | 91,892 | ||
Premiums receivable | 0 | 0 | ||
Prepaid reinsurance premiums | 0 | 0 | ||
Reinsurance recoverable | 0 | 0 | ||
Accrued investment income | 255 | 289 | ||
Deferred acquisition costs | 0 | 0 | ||
Receivable for investments sold | 3 | 2 | ||
Other assets | 38,063 | 37,204 | ||
Goodwill and other intangible assets | 0 | 0 | ||
Total assets | 288,666 | 283,473 | ||
Liabilities | ||||
Reserve for claims and claim expenses | 0 | 0 | ||
Unearned premiums | 0 | 0 | ||
Debt | 0 | 0 | ||
Amounts due to subsidiaries and affiliates | 91 | 42 | ||
Reinsurance balances payable | 0 | 0 | ||
Payable for investments purchased | 0 | 0 | ||
Other liabilities | 1,498 | 10,544 | ||
Total liabilities | 1,589 | 10,586 | ||
Redeemable noncontrolling interests | 0 | 0 | ||
Shareholders' Equity | ||||
Total shareholders’ equity | 287,077 | 272,887 | ||
Total liabilities, noncontrolling interests and shareholders’ equity | 288,666 | 283,473 | ||
Reportable Legal Entities | Platinum Underwriters Finance, Inc. (Subsidiary Issuer) | ||||
Assets | ||||
Total investments | 192,290 | 267,556 | ||
Cash and cash equivalents | 4,164 | 6,671 | 2,233 | 7,103 |
Investments in subsidiaries | 852,931 | 843,089 | ||
Due from subsidiaries and affiliates | 0 | 0 | ||
Premiums receivable | 0 | 0 | ||
Prepaid reinsurance premiums | 0 | 0 | ||
Reinsurance recoverable | 0 | 0 | ||
Accrued investment income | 510 | 551 | ||
Deferred acquisition costs | 0 | 0 | ||
Receivable for investments sold | 87,506 | 99 | ||
Other assets | 932 | 4,689 | ||
Goodwill and other intangible assets | 0 | 0 | ||
Total assets | 1,138,333 | 1,122,655 | ||
Liabilities | ||||
Reserve for claims and claim expenses | 0 | 0 | ||
Unearned premiums | 0 | 0 | ||
Debt | 252,141 | 255,352 | ||
Amounts due to subsidiaries and affiliates | 89 | 123 | ||
Reinsurance balances payable | 0 | 0 | ||
Payable for investments purchased | 0 | 0 | ||
Other liabilities | 6,349 | 0 | ||
Total liabilities | 258,579 | 255,475 | ||
Redeemable noncontrolling interests | 0 | 0 | ||
Shareholders' Equity | ||||
Total shareholders’ equity | 879,754 | 867,180 | ||
Total liabilities, noncontrolling interests and shareholders’ equity | 1,138,333 | 1,122,655 | ||
Reportable Legal Entities | RenaissanceRe Finance, Inc. (Subsidiary Issuer) | ||||
Assets | ||||
Total investments | 31,701 | 45,027 | ||
Cash and cash equivalents | 6,080 | 9,397 | 6,443 | 677 |
Investments in subsidiaries | 1,183,615 | 1,165,413 | ||
Due from subsidiaries and affiliates | 0 | 0 | ||
Premiums receivable | 0 | 0 | ||
Prepaid reinsurance premiums | 0 | 0 | ||
Reinsurance recoverable | 0 | 0 | ||
Accrued investment income | 141 | 106 | ||
Deferred acquisition costs | 0 | 0 | ||
Receivable for investments sold | 0 | 45 | ||
Other assets | 128,928 | 127,572 | ||
Goodwill and other intangible assets | 0 | 0 | ||
Total assets | 1,350,465 | 1,347,560 | ||
Liabilities | ||||
Reserve for claims and claim expenses | 0 | 0 | ||
Unearned premiums | 0 | 0 | ||
Debt | 546,062 | 545,889 | ||
Amounts due to subsidiaries and affiliates | 98,583 | 96,061 | ||
Reinsurance balances payable | 0 | 0 | ||
Payable for investments purchased | 0 | 0 | ||
Other liabilities | 6,962 | 13,350 | ||
Total liabilities | 651,607 | 655,300 | ||
Redeemable noncontrolling interests | 0 | 0 | ||
Shareholders' Equity | ||||
Total shareholders’ equity | 698,858 | 692,260 | ||
Total liabilities, noncontrolling interests and shareholders’ equity | 1,350,465 | 1,347,560 | ||
Reportable Legal Entities | Other RenaissanceRe Holdings Ltd. Subsidiaries And Eliminations (Non-Guarantor Subsidiaries) | ||||
Assets | ||||
Total investments | 8,970,486 | 8,497,948 | ||
Cash and cash equivalents | 439,502 | 397,860 | $ 435,102 | $ 483,012 |
Investments in subsidiaries | 0 | 0 | ||
Due from subsidiaries and affiliates | 0 | 0 | ||
Premiums receivable | 1,283,275 | 987,323 | ||
Prepaid reinsurance premiums | 628,091 | 441,260 | ||
Reinsurance recoverable | 325,819 | 279,564 | ||
Accrued investment income | 39,480 | 37,025 | ||
Deferred acquisition costs | 388,681 | 335,325 | ||
Receivable for investments sold | 229,394 | 105,559 | ||
Other assets | 113,556 | 118,098 | ||
Goodwill and other intangible assets | 119,507 | 120,779 | ||
Total assets | 12,537,791 | 11,320,741 | ||
Liabilities | ||||
Reserve for claims and claim expenses | 2,934,688 | 2,848,294 | ||
Unearned premiums | 1,596,495 | 1,231,573 | ||
Debt | 147,498 | 147,422 | ||
Amounts due to subsidiaries and affiliates | 0 | 0 | ||
Reinsurance balances payable | 972,266 | 673,983 | ||
Payable for investments purchased | 604,613 | 305,714 | ||
Other liabilities | 200,015 | 270,610 | ||
Total liabilities | 6,455,575 | 5,477,596 | ||
Redeemable noncontrolling interests | 1,187,991 | 1,175,594 | ||
Shareholders' Equity | ||||
Total shareholders’ equity | 4,894,225 | 4,667,551 | ||
Total liabilities, noncontrolling interests and shareholders’ equity | 12,537,791 | 11,320,741 | ||
Consolidating Adjustments | ||||
Assets | ||||
Total investments | 0 | 0 | ||
Cash and cash equivalents | 0 | 0 | ||
Investments in subsidiaries | (6,383,815) | (6,118,032) | ||
Due from subsidiaries and affiliates | (136,237) | (99,305) | ||
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 | (522,320) | (522,938) | ||
Goodwill and other intangible assets | 0 | 0 | ||
Total assets | (7,042,372) | (6,740,275) | ||
Liabilities | ||||
Reserve for claims and claim expenses | 0 | 0 | ||
Unearned premiums | 0 | 0 | ||
Debt | (117,000) | (117,000) | ||
Amounts due to subsidiaries and affiliates | (159,660) | (110,870) | ||
Reinsurance balances payable | 0 | 0 | ||
Payable for investments purchased | 0 | 0 | ||
Other liabilities | (5,798) | (12,527) | ||
Total liabilities | (282,458) | (240,397) | ||
Redeemable noncontrolling interests | 0 | 0 | ||
Shareholders' Equity | ||||
Total shareholders’ equity | (6,759,914) | (6,499,878) | ||
Total liabilities, noncontrolling interests and shareholders’ equity | $ (7,042,372) | $ (6,740,275) |
Condensed Consolidating Finan62
Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries (Condensed Consolidating Statement Of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenues | ||
Net premiums earned | $ 366,045 | $ 353,606 |
Net investment income | 54,325 | 28,863 |
Net foreign exchange gains (losses) | 8,165 | (1,692) |
Equity in (losses) earnings of other ventures | (1,507) | 1,611 |
Other income (loss) | 1,665 | 4,079 |
Net realized and unrealized gains (losses) on investments | 43,373 | 61,653 |
Total revenues | 472,066 | 448,120 |
Expenses | ||
Net claims and claim expenses incurred | 193,081 | 126,605 |
Acquisition expenses | 83,282 | 65,592 |
Operational expenses | 47,283 | 56,235 |
Corporate expenses | 5,286 | 8,225 |
Interest expense | 10,526 | 10,538 |
Total expenses | 339,458 | 267,195 |
(Loss) income before equity in net income (loss) of subsidiaries and taxes | 132,608 | 180,925 |
Equity in net income (loss) of subsidiaries | 0 | 0 |
Income before taxes | 132,608 | 180,925 |
Income tax expense | (334) | (2,744) |
Net income | 132,274 | 178,181 |
Net income attributable to noncontrolling interests | (34,327) | (44,591) |
Net income attributable to RenaissanceRe | 97,947 | 133,590 |
Dividends on preference shares | (5,595) | (5,595) |
Net income available to RenaissanceRe common shareholders | 92,352 | 127,995 |
Reportable Legal Entities | RenaissanceRe Holdings Ltd. (Parent Guarantor) | ||
Revenues | ||
Net premiums earned | 0 | 0 |
Net investment income | 5,457 | 6,858 |
Net foreign exchange gains (losses) | 0 | (1) |
Equity in (losses) earnings of other ventures | 0 | 0 |
Other income (loss) | (1) | 0 |
Net realized and unrealized gains (losses) on investments | 53 | 4,488 |
Total revenues | 5,509 | 11,345 |
Expenses | ||
Net claims and claim expenses incurred | 0 | 0 |
Acquisition expenses | 0 | 0 |
Operational expenses | 3,298 | (701) |
Corporate expenses | 5,208 | 5,613 |
Interest expense | 140 | 140 |
Total expenses | 8,646 | 5,052 |
(Loss) income before equity in net income (loss) of subsidiaries and taxes | (3,137) | 6,293 |
Equity in net income (loss) of subsidiaries | 101,353 | 123,538 |
Income before taxes | 98,216 | 129,831 |
Income tax expense | (269) | 3,759 |
Net income | 97,947 | 133,590 |
Net income attributable to noncontrolling interests | 0 | 0 |
Net income attributable to RenaissanceRe | 97,947 | 133,590 |
Dividends on preference shares | (5,595) | (5,595) |
Net income available to RenaissanceRe common shareholders | 92,352 | 127,995 |
Reportable Legal Entities | RenRe North America Holdings Inc. (Subsidiary Issuer) | ||
Revenues | ||
Net premiums earned | 0 | 0 |
Net investment income | 426 | 509 |
Net foreign exchange gains (losses) | 0 | 0 |
Equity in (losses) earnings of other ventures | 0 | 0 |
Other income (loss) | 0 | 0 |
Net realized and unrealized gains (losses) on investments | 2,921 | 1,115 |
Total revenues | 3,347 | 1,624 |
Expenses | ||
Net claims and claim expenses incurred | 0 | 0 |
Acquisition expenses | 0 | 0 |
Operational expenses | 24 | (141) |
Corporate expenses | 0 | 0 |
Interest expense | 0 | 0 |
Total expenses | 24 | (141) |
(Loss) income before equity in net income (loss) of subsidiaries and taxes | 3,323 | 1,765 |
Equity in net income (loss) of subsidiaries | 1,086 | (133) |
Income before taxes | 4,409 | 1,632 |
Income tax expense | (1,098) | (561) |
Net income | 3,311 | 1,071 |
Net income attributable to noncontrolling interests | 0 | 0 |
Net income attributable to RenaissanceRe | 3,311 | 1,071 |
Dividends on preference shares | 0 | 0 |
Net income available to RenaissanceRe common shareholders | 3,311 | 1,071 |
Reportable Legal Entities | Platinum Underwriters Finance, Inc. (Subsidiary Issuer) | ||
Revenues | ||
Net premiums earned | 0 | 0 |
Net investment income | 841 | 1,433 |
Net foreign exchange gains (losses) | 0 | 0 |
Equity in (losses) earnings of other ventures | 0 | 0 |
Other income (loss) | 0 | 0 |
Net realized and unrealized gains (losses) on investments | 4,725 | 1,964 |
Total revenues | 5,566 | 3,397 |
Expenses | ||
Net claims and claim expenses incurred | 0 | 0 |
Acquisition expenses | 0 | 0 |
Operational expenses | 50 | 52 |
Corporate expenses | 0 | 0 |
Interest expense | 1,476 | 1,476 |
Total expenses | 1,526 | 1,528 |
(Loss) income before equity in net income (loss) of subsidiaries and taxes | 4,040 | 1,869 |
Equity in net income (loss) of subsidiaries | 9,843 | 22,335 |
Income before taxes | 13,883 | 24,204 |
Income tax expense | (1,308) | (344) |
Net income | 12,575 | 23,860 |
Net income attributable to noncontrolling interests | 0 | 0 |
Net income attributable to RenaissanceRe | 12,575 | 23,860 |
Dividends on preference shares | 0 | 0 |
Net income available to RenaissanceRe common shareholders | 12,575 | 23,860 |
Reportable Legal Entities | RenaissanceRe Finance, Inc. (Subsidiary Issuer) | ||
Revenues | ||
Net premiums earned | 0 | 0 |
Net investment income | 269 | 140 |
Net foreign exchange gains (losses) | 0 | 0 |
Equity in (losses) earnings of other ventures | (752) | 0 |
Other income (loss) | 0 | 0 |
Net realized and unrealized gains (losses) on investments | (26) | 0 |
Total revenues | (509) | 140 |
Expenses | ||
Net claims and claim expenses incurred | 0 | 0 |
Acquisition expenses | 0 | 0 |
Operational expenses | 7,979 | 7,009 |
Corporate expenses | 0 | 0 |
Interest expense | 6,542 | 6,543 |
Total expenses | 14,521 | 13,552 |
(Loss) income before equity in net income (loss) of subsidiaries and taxes | (15,030) | (13,412) |
Equity in net income (loss) of subsidiaries | 16,498 | 24,479 |
Income before taxes | 1,468 | 11,067 |
Income tax expense | 3,072 | 2,879 |
Net income | 4,540 | 13,946 |
Net income attributable to noncontrolling interests | 0 | 0 |
Net income attributable to RenaissanceRe | 4,540 | 13,946 |
Dividends on preference shares | 0 | 0 |
Net income available to RenaissanceRe common shareholders | 4,540 | 13,946 |
Reportable Legal Entities | Other RenaissanceRe Holdings Ltd. Subsidiaries And Eliminations (Non-Guarantor Subsidiaries) | ||
Revenues | ||
Net premiums earned | 366,045 | 353,606 |
Net investment income | 53,583 | 25,806 |
Net foreign exchange gains (losses) | 8,165 | (1,691) |
Equity in (losses) earnings of other ventures | (755) | 1,611 |
Other income (loss) | 1,666 | 4,079 |
Net realized and unrealized gains (losses) on investments | 35,700 | 54,086 |
Total revenues | 464,404 | 437,497 |
Expenses | ||
Net claims and claim expenses incurred | 193,081 | 126,605 |
Acquisition expenses | 83,282 | 65,592 |
Operational expenses | 42,058 | 55,096 |
Corporate expenses | 78 | 2,612 |
Interest expense | 2,508 | 2,519 |
Total expenses | 321,007 | 252,424 |
(Loss) income before equity in net income (loss) of subsidiaries and taxes | 143,397 | 185,073 |
Equity in net income (loss) of subsidiaries | 0 | 0 |
Income before taxes | 143,397 | 185,073 |
Income tax expense | (731) | (8,477) |
Net income | 142,666 | 176,596 |
Net income attributable to noncontrolling interests | (34,327) | (44,591) |
Net income attributable to RenaissanceRe | 108,339 | 132,005 |
Dividends on preference shares | 0 | 0 |
Net income available to RenaissanceRe common shareholders | 108,339 | 132,005 |
Consolidating Adjustments | ||
Revenues | ||
Net premiums earned | 0 | 0 |
Net investment income | (6,251) | (5,883) |
Net foreign exchange gains (losses) | 0 | 0 |
Equity in (losses) earnings of other ventures | 0 | 0 |
Other income (loss) | 0 | 0 |
Net realized and unrealized gains (losses) on investments | 0 | 0 |
Total revenues | (6,251) | (5,883) |
Expenses | ||
Net claims and claim expenses incurred | 0 | 0 |
Acquisition expenses | 0 | 0 |
Operational expenses | (6,126) | (5,080) |
Corporate expenses | 0 | 0 |
Interest expense | (140) | (140) |
Total expenses | (6,266) | (5,220) |
(Loss) income before equity in net income (loss) of subsidiaries and taxes | 15 | (663) |
Equity in net income (loss) of subsidiaries | (128,780) | (170,219) |
Income before taxes | (128,765) | (170,882) |
Income tax expense | 0 | 0 |
Net income | (128,765) | (170,882) |
Net income attributable to noncontrolling interests | 0 | 0 |
Net income attributable to RenaissanceRe | (128,765) | (170,882) |
Dividends on preference shares | 0 | 0 |
Net income available to RenaissanceRe common shareholders | $ (128,765) | $ (170,882) |
Condensed Consolidating Finan63
Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries (Condensed Consolidating Statement of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | ||
Net income | $ 132,274 | $ 178,181 |
Change in net unrealized gains on investments | (1,491) | (443) |
Comprehensive income | 130,783 | 177,738 |
Net income attributable to redeemable noncontrolling interests | (34,327) | (44,591) |
Comprehensive income attributable to noncontrolling interests | (34,327) | (44,591) |
Comprehensive income attributable to RenaissanceRe | 96,456 | 133,147 |
Reportable Legal Entities | RenaissanceRe Holdings Ltd. (Parent Guarantor) | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net income | 97,947 | 133,590 |
Change in net unrealized gains on investments | 0 | 0 |
Comprehensive income | 97,947 | 133,590 |
Net income attributable to redeemable noncontrolling interests | 0 | 0 |
Comprehensive income attributable to noncontrolling interests | 0 | 0 |
Comprehensive income attributable to RenaissanceRe | 97,947 | 133,590 |
Reportable Legal Entities | RenRe North America Holdings Inc. (Subsidiary Issuer) | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net income | 3,311 | 1,071 |
Change in net unrealized gains on investments | 0 | 0 |
Comprehensive income | 3,311 | 1,071 |
Net income attributable to redeemable noncontrolling interests | 0 | 0 |
Comprehensive income attributable to noncontrolling interests | 0 | 0 |
Comprehensive income attributable to RenaissanceRe | 3,311 | 1,071 |
Reportable Legal Entities | Platinum Underwriters Finance, Inc. (Subsidiary Issuer) | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net income | 12,575 | 23,860 |
Change in net unrealized gains on investments | 0 | 0 |
Comprehensive income | 12,575 | 23,860 |
Net income attributable to redeemable noncontrolling interests | 0 | 0 |
Comprehensive income attributable to noncontrolling interests | 0 | 0 |
Comprehensive income attributable to RenaissanceRe | 12,575 | 23,860 |
Reportable Legal Entities | RenaissanceRe Finance, Inc. (Subsidiary Issuer) | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net income | 4,540 | 13,946 |
Change in net unrealized gains on investments | 0 | 0 |
Comprehensive income | 4,540 | 13,946 |
Net income attributable to redeemable noncontrolling interests | 0 | 0 |
Comprehensive income attributable to noncontrolling interests | 0 | 0 |
Comprehensive income attributable to RenaissanceRe | 4,540 | 13,946 |
Reportable Legal Entities | Other RenaissanceRe Holdings Ltd. Subsidiaries And Eliminations (Non-Guarantor Subsidiaries) | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net income | 142,666 | 176,596 |
Change in net unrealized gains on investments | (1,491) | (443) |
Comprehensive income | 141,175 | 176,153 |
Net income attributable to redeemable noncontrolling interests | (34,327) | (44,591) |
Comprehensive income attributable to noncontrolling interests | (34,327) | (44,591) |
Comprehensive income attributable to RenaissanceRe | 106,848 | 131,562 |
Consolidating Adjustments | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net income | (128,765) | (170,882) |
Change in net unrealized gains on investments | 0 | 0 |
Comprehensive income | (128,765) | (170,882) |
Net income attributable to redeemable noncontrolling interests | 0 | 0 |
Comprehensive income attributable to noncontrolling interests | 0 | 0 |
Comprehensive income attributable to RenaissanceRe | $ (128,765) | $ (170,882) |
Condensed Consolidating Finan64
Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries (Condensed Consolidating Statement Of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Cash flows (used in) provided by operating activities | |||
Net cash provided by (used in) operating activities | $ 221,039 | $ (1,638) | |
Cash flows (used in) provided by investing activities | |||
Proceeds from sales and maturities of fixed maturity investments trading | 2,682,386 | 2,540,073 | |
Purchases of fixed maturity investments trading | (3,007,124) | (2,656,283) | |
Proceeds from sales and maturities of fixed maturity investments available for sale | 0 | 3,662 | |
Net sales of equity investments trading | 13,747 | 119,369 | |
Net sales of short term investments | 245,693 | 134,009 | |
Net sales (purchases) of other investments | 36,402 | (39,698) | |
Dividends and return of capital from subsidiaries | 0 | 0 | |
Contributions to subsidiaries | 0 | 0 | |
Due (from) to subsidiary | 0 | 0 | |
Net cash (used in) provided by investing activities | (28,896) | 101,132 | |
Cash flows used in financing activities | |||
Dividends paid – RenaissanceRe common shares | (13,027) | (13,285) | |
Dividends paid – preference shares | (5,595) | (5,595) | |
RenaissanceRe common share repurchases | (80,009) | (85,166) | |
Net third party redeemable noncontrolling interest share transactions | (51,166) | (50,374) | |
Taxes paid on withholding shares | (11,018) | (8,069) | |
Net cash used in financing activities | (160,815) | (162,489) | |
Effect of exchange rate changes on foreign currency cash | 1,602 | 5,259 | |
Net increase (decrease) in cash and cash equivalents | 32,930 | (57,736) | |
Cash and cash equivalents, beginning of period | 421,157 | 506,885 | $ 506,885 |
Cash and cash equivalents, end of period | 454,087 | 449,149 | 421,157 |
Reportable Legal Entities | RenaissanceRe Holdings Ltd. (Parent Guarantor) | |||
Cash flows (used in) provided by operating activities | |||
Net cash provided by (used in) operating activities | (12,358) | (12,542) | |
Cash flows (used in) provided by investing activities | |||
Proceeds from sales and maturities of fixed maturity investments trading | 38,449 | 80,763 | |
Purchases of fixed maturity investments trading | (63,417) | (195,141) | |
Proceeds from sales and maturities of fixed maturity investments available for sale | 0 | ||
Net sales of equity investments trading | 0 | 0 | |
Net sales of short term investments | 269,585 | 104,213 | |
Net sales (purchases) of other investments | 0 | 0 | |
Dividends and return of capital from subsidiaries | 65,180 | 118,544 | |
Contributions to subsidiaries | (162,550) | (19,924) | |
Due (from) to subsidiary | (28,130) | 23,054 | |
Net cash (used in) provided by investing activities | 119,117 | 111,509 | |
Cash flows used in financing activities | |||
Dividends paid – RenaissanceRe common shares | (13,027) | (13,285) | |
Dividends paid – preference shares | (5,595) | (5,595) | |
RenaissanceRe common share repurchases | (80,009) | (85,166) | |
Net third party redeemable noncontrolling interest share transactions | 0 | 0 | |
Taxes paid on withholding shares | (11,018) | 0 | |
Net cash used in financing activities | (109,649) | (104,046) | |
Effect of exchange rate changes on foreign currency cash | 0 | 0 | |
Net increase (decrease) in cash and cash equivalents | (2,890) | (5,079) | |
Cash and cash equivalents, beginning of period | 7,067 | 10,185 | 10,185 |
Cash and cash equivalents, end of period | 4,177 | 5,106 | 7,067 |
Reportable Legal Entities | RenRe North America Holdings Inc. (Subsidiary Issuer) | |||
Cash flows (used in) provided by operating activities | |||
Net cash provided by (used in) operating activities | (8,594) | (332) | |
Cash flows (used in) provided by investing activities | |||
Proceeds from sales and maturities of fixed maturity investments trading | 12,473 | 25,376 | |
Purchases of fixed maturity investments trading | (12,438) | (82,697) | |
Proceeds from sales and maturities of fixed maturity investments available for sale | 0 | ||
Net sales of equity investments trading | (74) | 158 | |
Net sales of short term investments | (590) | 63,194 | |
Net sales (purchases) of other investments | 0 | 0 | |
Dividends and return of capital from subsidiaries | 9,175 | 2,900 | |
Contributions to subsidiaries | 0 | 0 | |
Due (from) to subsidiary | 50 | (14,242) | |
Net cash (used in) provided by investing activities | 8,596 | (5,311) | |
Cash flows used in financing activities | |||
Dividends paid – RenaissanceRe common shares | 0 | 0 | |
Dividends paid – preference shares | 0 | 0 | |
RenaissanceRe common share repurchases | 0 | 0 | |
Net third party redeemable noncontrolling interest share transactions | 0 | 0 | |
Taxes paid on withholding shares | 0 | 0 | |
Net cash used in financing activities | 0 | 0 | |
Effect of exchange rate changes on foreign currency cash | 0 | 0 | |
Net increase (decrease) in cash and cash equivalents | 2 | (5,643) | |
Cash and cash equivalents, beginning of period | 162 | 5,908 | 5,908 |
Cash and cash equivalents, end of period | 164 | 265 | 162 |
Reportable Legal Entities | Platinum Underwriters Finance, Inc. (Subsidiary Issuer) | |||
Cash flows (used in) provided by operating activities | |||
Net cash provided by (used in) operating activities | 5,188 | 4,561 | |
Cash flows (used in) provided by investing activities | |||
Proceeds from sales and maturities of fixed maturity investments trading | 36,397 | 20,566 | |
Purchases of fixed maturity investments trading | (36,790) | (135,561) | |
Proceeds from sales and maturities of fixed maturity investments available for sale | 0 | ||
Net sales of equity investments trading | (2,181) | 138,834 | |
Net sales of short term investments | (5,087) | (33,409) | |
Net sales (purchases) of other investments | 0 | 0 | |
Dividends and return of capital from subsidiaries | 0 | 0 | |
Contributions to subsidiaries | 0 | 0 | |
Due (from) to subsidiary | (34) | 139 | |
Net cash (used in) provided by investing activities | (7,695) | (9,431) | |
Cash flows used in financing activities | |||
Dividends paid – RenaissanceRe common shares | 0 | 0 | |
Dividends paid – preference shares | 0 | 0 | |
RenaissanceRe common share repurchases | 0 | 0 | |
Net third party redeemable noncontrolling interest share transactions | 0 | 0 | |
Taxes paid on withholding shares | 0 | 0 | |
Net cash used in financing activities | 0 | 0 | |
Effect of exchange rate changes on foreign currency cash | 0 | 0 | |
Net increase (decrease) in cash and cash equivalents | (2,507) | (4,870) | |
Cash and cash equivalents, beginning of period | 6,671 | 7,103 | 7,103 |
Cash and cash equivalents, end of period | 4,164 | 2,233 | 6,671 |
Reportable Legal Entities | RenaissanceRe Finance, Inc. (Subsidiary Issuer) | |||
Cash flows (used in) provided by operating activities | |||
Net cash provided by (used in) operating activities | (17,914) | (15,213) | |
Cash flows (used in) provided by investing activities | |||
Proceeds from sales and maturities of fixed maturity investments trading | 15,449 | 0 | |
Purchases of fixed maturity investments trading | 0 | 0 | |
Proceeds from sales and maturities of fixed maturity investments available for sale | 0 | ||
Net sales of equity investments trading | 0 | 0 | |
Net sales of short term investments | (3,374) | 0 | |
Net sales (purchases) of other investments | 0 | 0 | |
Dividends and return of capital from subsidiaries | 9,175 | 0 | |
Contributions to subsidiaries | (9,175) | 0 | |
Due (from) to subsidiary | 2,522 | 20,979 | |
Net cash (used in) provided by investing activities | 14,597 | 20,979 | |
Cash flows used in financing activities | |||
Dividends paid – RenaissanceRe common shares | 0 | 0 | |
Dividends paid – preference shares | 0 | 0 | |
RenaissanceRe common share repurchases | 0 | 0 | |
Net third party redeemable noncontrolling interest share transactions | 0 | 0 | |
Taxes paid on withholding shares | 0 | 0 | |
Net cash used in financing activities | 0 | 0 | |
Effect of exchange rate changes on foreign currency cash | 0 | 0 | |
Net increase (decrease) in cash and cash equivalents | (3,317) | 5,766 | |
Cash and cash equivalents, beginning of period | 9,397 | 677 | 677 |
Cash and cash equivalents, end of period | 6,080 | 6,443 | 9,397 |
Reportable Legal Entities | Other RenaissanceRe Holdings Ltd. Subsidiaries And Eliminations (Non-Guarantor Subsidiaries) | |||
Cash flows (used in) provided by operating activities | |||
Net cash provided by (used in) operating activities | 254,717 | 21,888 | |
Cash flows (used in) provided by investing activities | |||
Proceeds from sales and maturities of fixed maturity investments trading | 2,579,618 | 2,413,368 | |
Purchases of fixed maturity investments trading | (2,894,479) | (2,242,884) | |
Proceeds from sales and maturities of fixed maturity investments available for sale | 3,662 | ||
Net sales of equity investments trading | 16,002 | (19,623) | |
Net sales of short term investments | (14,841) | 11 | |
Net sales (purchases) of other investments | 36,402 | (39,698) | |
Dividends and return of capital from subsidiaries | (83,530) | (121,444) | |
Contributions to subsidiaries | 171,725 | 19,924 | |
Due (from) to subsidiary | 25,592 | (29,930) | |
Net cash (used in) provided by investing activities | (163,511) | (16,614) | |
Cash flows used in financing activities | |||
Dividends paid – RenaissanceRe common shares | 0 | 0 | |
Dividends paid – preference shares | 0 | 0 | |
RenaissanceRe common share repurchases | 0 | 0 | |
Net third party redeemable noncontrolling interest share transactions | (51,166) | (50,374) | |
Taxes paid on withholding shares | 0 | (8,069) | |
Net cash used in financing activities | (51,166) | (58,443) | |
Effect of exchange rate changes on foreign currency cash | 1,602 | 5,259 | |
Net increase (decrease) in cash and cash equivalents | 41,642 | (47,910) | |
Cash and cash equivalents, beginning of period | 397,860 | 483,012 | 483,012 |
Cash and cash equivalents, end of period | $ 439,502 | $ 435,102 | $ 397,860 |
Subsequent Events (Details)
Subsequent Events (Details) - Common Shares - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended |
Apr. 28, 2017 | Mar. 31, 2017 | |
Subsequent Event [Line Items] | ||
Common shares repurchased during period, Number of shares (in shares) | 550,000 | |
Common shares repurchased during period, Aggregate amount | $ 80 | |
Common shares repurchased during period, Average cost (in usd per share) | $ 145.36 | |
Subsequent Event | ||
Subsequent Event [Line Items] | ||
Common shares repurchased during period, Number of shares (in shares) | 163,106 | |
Common shares repurchased during period, Aggregate amount | $ 22.8 | |
Common shares repurchased during period, Average cost (in usd per share) | $ 139.71 |