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, 2019 and December 31, 2018 , condensed consolidating statements of operations and condensed consolidating statements of comprehensive income for the three months ended March 31, 2019 and 2018 , and condensed consolidating statements of cash flows for the three months ended March 31, 2019 and 2018 . Each of RenRe North America Holdings Inc. and RenaissanceRe Finance, Inc. is a 100% owned subsidiary of RenaissanceRe. For additional information related to the terms of the Company’s outstanding debt securities, see “Note 8. Debt and Credit Facilities in the Notes to the Consolidated Financial Statements” in the Company’s Form 10-K for the year ended December 31, 2018 and “Note 8 . Debt and Credit Facilities in the Notes to the Consolidated Financial Statements” included herein. Condensed Consolidating Balance Sheet at March 31, 2019 RenaissanceRe RenRe North RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other Consolidating RenaissanceRe Assets Total investments $ 126,816 $ 110,166 $ 18,385 $ 14,597,481 $ — $ 14,852,848 Cash and cash equivalents 3,070 3,687 5,848 1,008,670 — 1,021,275 Investments in subsidiaries 5,039,057 59,310 1,249,218 — (6,347,585 ) — Due from subsidiaries and affiliates 54,939 101,578 3,765 — (160,282 ) — Premiums receivable — — — 2,753,098 — 2,753,098 Prepaid reinsurance premiums — — — 1,086,027 — 1,086,027 Reinsurance recoverable — — — 2,908,343 — 2,908,343 Accrued investment income (88 ) 231 96 64,376 — 64,615 Deferred acquisition costs — — — 841,528 — 841,528 Receivable for investments sold 926 1 — 410,245 — 411,172 Other assets 766,088 15,528 313,424 (1,793,255 ) 1,051,758 353,543 Goodwill and other intangible assets 119,410 — — 147,741 — 267,151 Total assets $ 6,110,218 $ 290,501 $ 1,590,736 $ 22,024,254 $ (5,456,109 ) $ 24,559,600 Liabilities, Noncontrolling Interests and Shareholders’ Equity Liabilities Reserve for claims and claim expenses $ — $ — $ — $ 8,391,484 $ — $ 8,391,484 Unearned premiums — — — 3,188,678 — 3,188,678 Debt 500,000 — 843,382 148,117 (300,000 ) 1,191,499 Amounts due to subsidiaries and affiliates 25,037 31 112,637 — (137,705 ) — Reinsurance balances payable — — — 3,009,492 — 3,009,492 Payable for investments purchased — — — 679,596 — 679,596 Other liabilities 31,148 288 9,283 395,346 (647 ) 435,418 Total liabilities 556,185 319 965,302 15,812,713 (438,352 ) 16,896,167 Redeemable noncontrolling interests — — — 2,109,400 — 2,109,400 Shareholders’ Equity Total shareholders’ equity 5,554,033 290,182 625,434 4,102,141 (5,017,757 ) 5,554,033 Total liabilities, noncontrolling interests and shareholders’ equity $ 6,110,218 $ 290,501 $ 1,590,736 $ 22,024,254 $ (5,456,109 ) $ 24,559,600 (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, 2018 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 $ 313,360 $ 77,842 $ 28,885 $ 11,465,660 $ — $ 11,885,747 Cash and cash equivalents 3,534 3,350 9,604 1,091,434 — 1,107,922 Investments in subsidiaries 4,414,475 58,458 1,215,663 — (5,688,596 ) — Due from subsidiaries and affiliates 57,039 101,579 — — (158,618 ) — Premiums receivable — — — 1,537,188 — 1,537,188 Prepaid reinsurance premiums — — — 616,185 — 616,185 Reinsurance recoverable — — — 2,372,221 — 2,372,221 Accrued investment income 1,046 310 127 49,828 — 51,311 Deferred acquisition costs — — — 476,661 — 476,661 Receivable for investments sold 203 23,885 — 232,328 — 256,416 Other assets 458,842 22,571 313,636 (1,403,636 ) 743,714 135,127 Goodwill and other intangible assets 120,476 — — 116,942 — 237,418 Total assets $ 5,368,975 $ 287,995 $ 1,567,915 $ 16,554,811 $ (5,103,500 ) $ 18,676,196 Liabilities, Redeemable Noncontrolling Interest and Shareholders’ Equity Liabilities Reserve for claims and claim expenses $ — $ — $ — $ 6,076,271 $ — $ 6,076,271 Unearned premiums — — — 1,716,021 — 1,716,021 Debt 300,000 — 843,086 148,041 (300,000 ) 991,127 Amounts due to subsidiaries and affiliates 6,453 217 102,243 — (108,913 ) — Reinsurance balances payable — — — 1,902,056 — 1,902,056 Payable for investments purchased — 24 — 380,308 — 380,332 Other liabilities 17,442 5,362 13,918 482,422 (5,535 ) 513,609 Total liabilities 323,895 5,603 959,247 10,705,119 (414,448 ) 11,579,416 Redeemable noncontrolling interests — — — 2,051,700 — 2,051,700 Shareholders’ Equity Total shareholders’ equity 5,045,080 282,392 608,668 3,797,992 (4,689,052 ) 5,045,080 Total liabilities, redeemable noncontrolling interest and shareholders’ equity $ 5,368,975 $ 287,995 $ 1,567,915 $ 16,554,811 $ (5,103,500 ) $ 18,676,196 (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 $ — $ — $ — $ 550,028 $ — $ 550,028 Net investment income 8,277 595 2,060 79,332 (8,802 ) 81,462 Net foreign exchange losses (1 ) — — (2,845 ) — (2,846 ) Equity in earnings of other ventures — — 965 3,696 — 4,661 Other income — — — 3,171 — 3,171 Net realized and unrealized gains on investments 1,002 8,159 109 161,375 — 170,645 Total revenues 9,278 8,754 3,134 794,757 (8,802 ) 807,121 Expenses Net claims and claim expenses incurred — — — 227,035 — 227,035 Acquisition expenses — — — 123,951 — 123,951 Operational expenses 469 11 12,333 42,609 (10,489 ) 44,933 Corporate expenses 38,828 — — (1,922 ) 1,883 38,789 Interest expense 1,883 — 9,252 619 — 11,754 Total expenses 41,180 11 21,585 392,292 (8,606 ) 446,462 (Loss) income before equity in net income of subsidiaries and taxes (31,902 ) 8,743 (18,451 ) 402,465 (196 ) 360,659 Equity in net income of subsidiaries 314,887 828 33,532 — (349,247 ) — Income before taxes 282,985 9,571 15,081 402,465 (349,443 ) 360,659 Income tax (expense) benefit (79 ) (1,805 ) 1,662 (7,309 ) — (7,531 ) Net income 282,906 7,766 16,743 395,156 (349,443 ) 353,128 Net income attributable to redeemable noncontrolling interests — — — (70,222 ) — (70,222 ) Net income attributable to RenaissanceRe 282,906 7,766 16,743 324,934 (349,443 ) 282,906 Dividends on preference shares (9,189 ) — — — — (9,189 ) Net income available to RenaissanceRe common shareholders $ 273,717 $ 7,766 $ 16,743 $ 324,934 $ (349,443 ) $ 273,717 (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, 2019 RenaissanceRe RenRe North RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other Consolidating RenaissanceRe Comprehensive income Net income $ 282,906 $ 7,766 $ 16,743 $ 395,156 $ (349,443 ) $ 353,128 Change in net unrealized losses on investments — — — (37 ) — (37 ) Comprehensive income 282,906 7,766 16,743 395,119 (349,443 ) 353,091 Net income attributable to redeemable noncontrolling interests — — — (70,222 ) — (70,222 ) Comprehensive income attributable to noncontrolling interests — — — (70,222 ) — (70,222 ) Comprehensive income attributable to RenaissanceRe $ 282,906 $ 7,766 $ 16,743 $ 324,897 $ (349,443 ) $ 282,869 (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, 2018 RenaissanceRe RenRe North Inc. 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 income 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 and Subsidiary Issuer consolidating adjustments. Condensed Consolidating Statement of Comprehensive income (Loss) for the three months ended March 31, 2018 RenaissanceRe RenRe North Inc. 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 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 and Subsidiary Issuer consolidating adjustments. Condensed Consolidating Statement of Cash Flows for the three months ended March 31, 2019 RenaissanceRe RenRe North RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other RenaissanceRe Consolidated Cash flows (used in) provided by operating activities Net cash (used in) provided by operating activities $ (317,296 ) $ 2,198 $ (21,202 ) $ 713,449 $ 377,149 Cash flows provided by (used in) investing activities Proceeds from sales and maturities of fixed maturity investments trading 277,030 15,655 29,861 4,278,262 4,600,808 Purchases of fixed maturity investments trading (35,909 ) (9,899 ) (14,098 ) (3,459,371 ) (3,519,277 ) Net purchases of equity investments trading — (2,046 ) — (2,555 ) (4,601 ) Net purchases of short term investments (54,622 ) (5,386 ) (4,946 ) (1,309,678 ) (1,374,632 ) Net purchases of other investments — — — (51,811 ) (51,811 ) Net purchases of investments in other ventures — — — (1,573 ) (1,573 ) Return of investment from investments in other ventures — — — 11,250 11,250 Dividends and return of capital from subsidiaries 487,264 — — (487,264 ) — Contributions to subsidiaries (528,416 ) — — 528,416 — Due (from) to subsidiary 2,100 (185 ) 6,629 (8,544 ) — Net purchase of the TMR Group Entities — — — (276,206 ) (276,206 ) Net cash provided by (used in) investing activities 147,447 (1,861 ) 17,446 (779,074 ) (616,042 ) Cash flows provided by (used in) financing activities Dividends paid – RenaissanceRe common shares (14,469 ) — — — (14,469 ) Dividends paid – preference shares (9,189 ) — — — (9,189 ) Drawdown of RenaissanceRe Revolving Credit Facility 200,000 — — — 200,000 Net third party redeemable noncontrolling interest share transactions — — — (16,847 ) (16,847 ) Taxes paid on withholding shares (6,957 ) — — — (6,957 ) Net cash provided by (used in) financing activities 169,385 — — (16,847 ) 152,538 Effect of exchange rate changes on foreign currency cash — — — (292 ) (292 ) Net (decrease) increase in cash and cash equivalents (464 ) 337 (3,756 ) (82,764 ) (86,647 ) Cash and cash equivalents, beginning of period 3,534 3,350 9,604 1,091,434 1,107,922 Cash and cash equivalents, end of period $ 3,070 $ 3,687 $ 5,848 $ 1,008,670 $ 1,021,275 (1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. Condensed Consolidating Statement of Cash Flows for the three months ended March 31, 2018 RenaissanceRe RenRe North Inc. 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 $ (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 purchases of other investments — — — (98,639 ) (98,639 ) Net purchases of investments in other ventures — — — (17,974 ) (17,974 ) Dividends and return of capital from subsidiaries 177,250 — — (177,250 ) — Contributions to subsidiaries (150,205 ) (16,500 ) — 166,705 — Due (from) to subsidiaries (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 |