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, 2018 and December 31, 2017 , condensed consolidating statements of operations and condensed consolidating statements of comprehensive income for the three months ended March 31, 2018 and 2017 , and condensed consolidating statements of cash flows for the three months ended March 31, 2018 . Each of RenRe North America Holdings Inc. and RenaissanceRe Finance, Inc. is a 100% owned subsidiary of RenaissanceRe. On June 1, 2017, the notes issued by Platinum Underwriters Finance, Inc. (“Platinum Finance”) matured and the Company repaid the aggregate principal amount plus applicable accrued interest in full. Platinum Finance was subsequently dissolved on November 30, 2017. Prior to the liquidation of Platinum Finance, it was 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, 2017 and “Note 7 . Debt and Credit Facilities” in the “Notes to Consolidated Financial Statements” included herein. Condensed Consolidating Balance Sheet at March 31, 2018 RenaissanceRe RenRe North RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other Consolidating RenaissanceRe Assets Total investments $ 70,641 $ 112,716 $ 22,433 $ 10,015,914 $ — $ 10,221,704 Cash and cash equivalents 8,150 97 1,175 638,551 — 647,973 Investments in subsidiaries 4,090,065 53,476 1,137,922 — (5,281,463 ) — Due from subsidiaries and affiliates 137,639 91,891 — — (229,530 ) — Premiums receivable — — — 1,684,630 — 1,684,630 Prepaid reinsurance premiums — — — 794,921 — 794,921 Reinsurance recoverable — — — 1,572,321 — 1,572,321 Accrued investment income 16 223 46 42,784 — 43,069 Deferred acquisition costs — — — 477,010 — 477,010 Receivable for investments sold 48 — 6 111,377 — 111,431 Other assets 439,667 21,340 433,056 82,133 (848,625 ) 127,571 Goodwill and other intangible assets 123,728 — — 117,844 — 241,572 Total assets $ 4,869,954 $ 279,743 $ 1,594,638 $ 15,537,485 $ (6,359,618 ) $ 15,922,202 Liabilities, Noncontrolling Interests and Shareholders’ Equity Liabilities Reserve for claims and claim expenses $ — $ — $ — $ 4,912,727 $ — $ 4,912,727 Unearned premiums — — — 1,961,746 — 1,961,746 Debt 417,000 — 842,188 147,807 (417,000 ) 989,995 Amounts due to subsidiaries and affiliates 9,639 61 106,900 — (116,600 ) — Reinsurance balances payable — — — 1,758,948 — 1,758,948 Payable for investments purchased — — — 306,664 — 306,664 Other liabilities 7,062 793 9,457 119,676 (6,483 ) 130,505 Total liabilities 433,701 854 958,545 9,207,568 (540,083 ) 10,060,585 Redeemable noncontrolling interests — — — 1,425,364 — 1,425,364 Shareholders’ Equity Total shareholders’ equity 4,436,253 278,889 636,093 4,904,553 (5,819,535 ) 4,436,253 Total liabilities, noncontrolling interests and shareholders’ equity $ 4,869,954 $ 279,743 $ 1,594,638 $ 15,537,485 $ (6,359,618 ) $ 15,922,202 (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, 2017 RenaissanceRe Holdings Ltd. (Parent Guarantor) RenRe North RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1) Consolidating Adjustments (2) RenaissanceRe Consolidated Assets Total investments $ 225,266 $ 129,732 $ 31,255 $ 9,117,186 $ — $ 9,503,439 Cash and cash equivalents 14,656 139 1,469 1,345,328 — 1,361,592 Investments in subsidiaries 4,105,760 36,140 1,141,733 — (5,283,633 ) — Due from subsidiaries and affiliates 4,602 91,891 — — (96,493 ) — Premiums receivable — — — 1,304,622 — 1,304,622 Prepaid reinsurance premiums — — — 533,546 — 533,546 Reinsurance recoverable — — — 1,586,630 — 1,586,630 Accrued investment income 405 428 82 41,320 — 42,235 Deferred acquisition costs — — — 426,551 — 426,551 Receivable for investments sold 135 51 8 102,951 — 103,145 Other assets 433,468 21,342 430,481 76,703 (840,768 ) 121,226 Goodwill and other intangible assets 124,960 — — 118,185 — 243,145 Total assets $ 4,909,252 $ 279,723 $ 1,605,028 $ 14,653,022 $ (6,220,894 ) $ 15,226,131 Liabilities, Redeemable Noncontrolling Interest and Shareholders’ Equity Liabilities Reserve for claims and claim expenses $ — $ — $ — $ 5,080,408 $ — $ 5,080,408 Unearned premiums — — — 1,477,609 — 1,477,609 Debt 417,000 — 841,892 147,731 (417,000 ) 989,623 Amounts due to subsidiaries and affiliates 82,579 54 92,794 — (175,427 ) — Reinsurance balances payable — — — 989,090 — 989,090 Payable for investments purchased — — — 208,749 — 208,749 Other liabilities 18,298 1,053 14,117 764,432 (5,129 ) 792,771 Total liabilities 517,877 1,107 948,803 8,668,019 (597,556 ) 9,538,250 Redeemable noncontrolling interests — — — 1,296,506 — 1,296,506 Shareholders’ Equity Total shareholders’ equity 4,391,375 278,616 656,225 4,688,497 (5,623,338 ) 4,391,375 Total liabilities, redeemable noncontrolling interest and shareholders’ equity $ 4,909,252 $ 279,723 $ 1,605,028 $ 14,653,022 $ (6,220,894 ) $ 15,226,131 (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 RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other Consolidating RenaissanceRe Revenues Net premiums earned $ — $ — $ — $ 440,282 $ — $ 440,282 Net investment income 6,035 513 1,234 56,305 (7,611 ) 56,476 Net foreign exchange (losses) gains (3 ) — — 3,760 — 3,757 Equity in earnings (losses) of other ventures — — 1,211 (354 ) — 857 Other loss — — — (1,242 ) — (1,242 ) Net realized and unrealized losses on investments (661 ) (1,286 ) (259 ) (79,938 ) — (82,144 ) Total revenues 5,371 (773 ) 2,186 418,813 (7,611 ) 417,986 Expenses Net claims and claim expenses incurred — — — 171,703 — 171,703 Acquisition expenses — — — 97,711 — 97,711 Operational expenses 1,313 10 11,070 37,933 (9,054 ) 41,272 Corporate expenses 3,684 — — 3,049 — 6,733 Interest expense 1,108 — 9,252 2,515 (1,108 ) 11,767 Total expenses 6,105 10 20,322 312,911 (10,162 ) 329,186 (Loss) income before equity in net income (loss) of subsidiaries and taxes (734 ) (783 ) (18,136 ) 105,902 2,551 88,800 Equity in net income (loss) of subsidiaries 62,426 834 (3,813 ) — (59,447 ) — Income (loss) before taxes 61,692 51 (21,949 ) 105,902 (56,896 ) 88,800 Income tax benefit 616 221 1,815 755 — 3,407 Net income (loss) 62,308 272 (20,134 ) 106,657 (56,896 ) 92,207 Net loss attributable to redeemable noncontrolling interests — — — (29,899 ) — (29,899 ) Net income (loss) attributable to RenaissanceRe 62,308 272 (20,134 ) 76,758 (56,896 ) 62,308 Dividends on preference shares (5,595 ) — — — — (5,595 ) Net income (loss) available (attributable) to RenaissanceRe common shareholders $ 56,713 $ 272 $ (20,134 ) $ 76,758 $ (56,896 ) $ 56,713 (1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. (2) Includes Parent Guarantor, Subsidiary Guarantor and Subsidiary Issuer consolidating adjustments. Condensed Consolidating Statement of Comprehensive Income (Loss) for the three months ended March 31, 2018 RenaissanceRe RenRe North RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other Consolidating RenaissanceRe Comprehensive income (loss) Net income (loss) $ 62,308 $ 272 $ (20,134 ) $ 106,657 $ (56,896 ) $ 92,207 Change in net unrealized gains on investments — — — (30 ) — (30 ) Comprehensive income (loss) 62,308 272 (20,134 ) 106,627 (56,896 ) 92,177 Net income attributable to redeemable noncontrolling interests — — — (29,899 ) — (29,899 ) Comprehensive income attributable to noncontrolling interests — — — (29,899 ) — (29,899 ) Comprehensive income (loss) attributable to RenaissanceRe $ 62,308 $ 272 $ (20,134 ) $ 76,728 $ (56,896 ) $ 62,278 (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, 2017 RenaissanceRe RenRe North Inc. 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 and Subsidiary Issuer consolidating adjustments. Condensed Consolidating Statement of Comprehensive Income for the three months ended March 31, 2017 RenaissanceRe RenRe North Inc. 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 redeemable 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 and Subsidiary Issuer consolidating adjustments. Condensed Consolidating Statement of Cash Flows for the three months ended March 31, 2018 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 $ (6,875 ) $ 659 $ (23,449 ) $ (7,684 ) $ (37,349 ) Cash flows provided by (used in) investing activities Proceeds from sales and maturities of fixed maturity investments trading 119,542 42,793 27,672 2,128,852 2,318,859 Purchases of fixed maturity investments trading (20,216 ) (22,956 ) (12,698 ) (2,256,591 ) (2,312,461 ) Net (purchases) sales of equity investments trading — (21 ) — 158 137 Net sales (purchases) of short term investments 54,728 (4,024 ) (5,925 ) (639,420 ) (594,641 ) Net sales of other investments — — — (98,639 ) (98,639 ) Dividends and return of capital from subsidiaries 177,250 — — (177,250 ) — Contributions to subsidiaries (150,205 ) (16,500 ) — 166,705 — Due to (from) subsidiary (154,877 ) 7 14,106 140,764 — Net cash provided by (used in) investing activities 26,222 (701 ) — 23,155 (753,395 ) (704,719 ) Cash flows (used in) provided by financing activities Dividends paid – RenaissanceRe common shares (13,224 ) — — — — (13,224 ) Dividends paid – preference shares (5,595 ) — — — — (5,595 ) Net third party redeemable noncontrolling interest share transactions — — — 52,759 52,759 Taxes paid on withholding shares (7,034 ) — — — — (7,034 ) Net cash (used in) provided by financing activities (25,853 ) — — — 52,759 26,906 Effect of exchange rate changes on foreign currency cash — — — — 1,543 1,543 Net decrease in cash and cash equivalents (6,506 ) (42 ) — (294 ) (706,777 ) (713,619 ) Cash and cash equivalents, beginning of period 14,656 139 1,469 1,345,328 1,361,592 Cash and cash equivalents, end of period $ 8,150 $ 97 $ — $ 1,175 $ 638,551 $ 647,973 (1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. Condensed Consolidating Statement of Cash Flows for the three months ended March 31, 2017 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 $ (12,358 ) $ (8,594 ) $ 5,188 $ (17,914 ) $ 234,717 $ 201,039 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 Return of investment from investment in other ventures — — — — 20,000 20,000 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 subsidiaries (28,130 ) 50 (34 ) 2,522 25,592 — Net cash provided by (used in) investing activities 119,117 8,596 (7,695 ) 14,597 (143,511 ) (8,896 ) 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. |