Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 02, 2022 | Jun. 30, 2021 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-14428 | ||
Entity Registrant Name | RENAISSANCERE HOLDINGS LTD. | ||
Entity Incorporation, State or Country Code | D0 | ||
Entity Tax Identification Number | 98-0141974 | ||
Entity Address, Address Line One | Renaissance House | ||
Entity Address, Address Line Two | 12 Crow Lane | ||
Entity Address, City or Town | Pembroke | ||
Entity Address, Postal Zip Code | HM 19 | ||
Entity Address, Country | BM | ||
City Area Code | 441 | ||
Local Phone Number | 295-4513 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 7.1 | ||
Entity Common Stock, Shares Outstanding (in shares) | 43,982,413 | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive proxy statement for the 2022 Annual General Meeting of Shareholders are incorporated by reference into Part III of this report. | ||
Entity Central Index Key | 0000913144 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Shares, Par Value $1.00 per share | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common Shares, Par Value $1.00 per share | ||
Trading Symbol | RNR | ||
Security Exchange Name | NYSE | ||
Depositary Shares, each representing a 1/1,000th interest in a Series F 5.750% Preference Share, Par Value $1.00 per share | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Depositary Shares, each representing a 1/1,000th interest in a Series F 5.750% Preference Share, Par Value $1.00 per share | ||
Trading Symbol | RNR PRF | ||
Security Exchange Name | NYSE | ||
Depositary Shares, each representing a 1/1,000th interest in a Series G 4.20% Preference Share, Par Value $1.00 per share | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Depositary Shares, each representing a 1/1,000th interest in a Series G 4.20% Preference Share, Par Value $1.00 per share | ||
Trading Symbol | RNR PRG | ||
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Firm ID | 1277 |
Auditor Name | Ernst & Young Ltd. |
Auditor Location | Hamilton, Bermuda |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Fixed maturity investments trading, at fair value - amortized cost $13,552,579 at December 31, 2021 (2020 - $13,155,035) (Notes 5 and 6) | $ 13,507,131 | $ 13,506,503 |
Short term investments, at fair value (Notes 5 and 6) | 5,298,385 | 4,993,735 |
Equity investments trading, at fair value (Notes 5 and 6) | 546,016 | 702,617 |
Other investments, at fair value (Notes 5 and 6) | 1,993,059 | 1,256,948 |
Investments in other ventures, under equity method (Note 5) | 98,068 | 98,373 |
Total investments | 21,442,659 | 20,558,176 |
Cash and cash equivalents | 1,859,019 | 1,736,813 |
Premiums receivable (Note 7) | 3,781,542 | 2,894,631 |
Prepaid reinsurance premiums (Note 7) | 854,722 | 823,582 |
Reinsurance recoverable (Notes 7 and 8) | 4,268,669 | 2,926,010 |
Accrued investment income | 55,740 | 66,743 |
Deferred acquisition costs and value of business acquired | 849,160 | 633,521 |
Receivable for investments sold | 380,442 | 568,293 |
Other assets | 224,053 | 363,170 |
Goodwill and other intangible assets (Note 4) | 243,496 | 249,641 |
Total assets | 33,959,502 | 30,820,580 |
Liabilities | ||
Reserve for claims and claim expenses (Note 8) | 13,294,630 | 10,381,138 |
Unearned premiums | 3,531,213 | 2,763,599 |
Debt (Note 9) | 1,168,353 | 1,136,265 |
Reinsurance balances payable | 3,860,963 | 3,488,352 |
Payable for investments purchased | 1,170,568 | 1,132,538 |
Other liabilities | 755,441 | 970,121 |
Total liabilities | 23,781,168 | 19,872,013 |
Commitments and Contingencies (Note 20) | ||
Redeemable noncontrolling interests (Note 10) | 3,554,053 | 3,388,319 |
Shareholders’ Equity (Note 12) | ||
Preference shares: $1.00 par value – 30,000 shares issued and outstanding at December 31, 2021 (2020 – 11,010,000) | 750,000 | 525,000 |
Common shares: $1.00 par value – 44,444,831 shares issued and outstanding at December 31, 2021 (2020 – 50,810,618) | 44,445 | 50,811 |
Additional paid-in capital | 608,121 | 1,623,206 |
Accumulated other comprehensive income (loss) | (10,909) | (12,642) |
Retained earnings | 5,232,624 | 5,373,873 |
Total shareholders’ equity attributable to RenaissanceRe | 6,624,281 | 7,560,248 |
Total liabilities, noncontrolling interests and shareholders’ equity | $ 33,959,502 | $ 30,820,580 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Fixed maturity investments trading, amortized cost | $ 13,552,579 | $ 13,155,035 |
Preference shares, par value (in usd per share) | $ 1 | $ 1 |
Preference shares, shares issued (in shares) | 30,000 | 11,010,000 |
Preference shares, shares outstanding (in shares) | 30,000 | 11,010,000 |
Common shares, par value (in usd per share) | $ 1 | $ 1 |
Common shares, shares issued (in shares) | 44,444,831 | 50,810,618 |
Common shares, shares outstanding (in shares) | 44,444,831 | 50,810,618 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | |||
Gross premiums written (Note 7) | $ 7,833,798 | $ 5,806,165 | $ 4,807,750 |
Net premiums written (Note 7) | 5,939,375 | 4,096,333 | 3,381,493 |
Increase in unearned premiums | (745,194) | (143,871) | (43,090) |
Net premiums earned (Note 7) | 5,194,181 | 3,952,462 | 3,338,403 |
Net investment income (Note 5) | 319,479 | 354,038 | 424,207 |
Net foreign exchange gains (losses) | (41,006) | 27,773 | (2,938) |
Equity in earnings of other ventures (Note 5) | 12,309 | 17,194 | 23,224 |
Other income | 10,880 | 213 | 4,949 |
Net realized and unrealized gains (losses) on investments | (218,134) | 820,636 | 414,109 |
Total revenues | 5,277,709 | 5,172,316 | 4,201,954 |
Expenses | |||
Net claims and claim expenses incurred (Notes 7 and 8) | 3,876,087 | 2,924,609 | 2,097,021 |
Acquisition expenses | 1,214,858 | 897,677 | 762,232 |
Operational expenses | 212,184 | 206,687 | 222,733 |
Corporate expenses | 41,152 | 96,970 | 94,122 |
Interest expense (Note 9) | 47,536 | 50,453 | 58,364 |
Total expenses | 5,391,817 | 4,176,396 | 3,234,472 |
Income (loss) before taxes | (114,108) | 995,920 | 967,482 |
Income tax benefit (expense) (Note 15) | 10,668 | (2,862) | (17,215) |
Net income (loss) | (103,440) | 993,058 | 950,267 |
Net (income) loss attributable to redeemable noncontrolling interests (Note 10) | 63,285 | (230,653) | (201,469) |
Net income (loss) attributable to RenaissanceRe | (40,155) | 762,405 | 748,798 |
Dividends on preference shares (Note 12) | (33,266) | (30,923) | (36,756) |
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ (73,421) | $ 731,482 | $ 712,042 |
Net income (loss) available to RenaissanceRe common shareholders per common share – basic (in usd per share) | $ (1.57) | $ 15.34 | $ 16.32 |
Net income (loss) available to RenaissanceRe common shareholders per common share – diluted (in usd per share) | $ (1.57) | $ 15.31 | $ 16.29 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Comprehensive income (loss) | |||
Net income (loss) | $ (103,440) | $ 993,058 | $ 950,267 |
Change in net unrealized gains (losses) on investments, net of tax | (2,492) | 606 | 2,173 |
Foreign currency translation adjustments, net of tax | 4,225 | (11,309) | (2,679) |
Comprehensive income (loss) | (101,707) | 982,355 | 949,761 |
Net (income) loss attributable to redeemable noncontrolling interests | 63,285 | (230,653) | (201,469) |
Comprehensive income (loss) attributable to redeemable noncontrolling interests | 63,285 | (230,653) | (201,469) |
Comprehensive income (loss) attributable to RenaissanceRe | $ (38,422) | $ 751,702 | $ 748,292 |
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 (loss) | Retained earnings |
Beginning balance at Dec. 31, 2018 | $ 650,000 | $ 42,207 | $ 296,099 | $ (1,433) | $ 4,058,207 | |
Statement of Changes in Stockholders' Equity | ||||||
Issuance of shares (Note 12) | 0 | 1,739 | 248,259 | |||
Repurchase of shares (Note 12) | 0 | 0 | 0 | |||
Offering expenses (Note 12) | 0 | |||||
Change in redeemable noncontrolling interest | (342) | |||||
Exercise of options and issuance of restricted stock awards (Notes 12 and 17) | 202 | 24,261 | ||||
Change in net unrealized gains (loss) on investments, net of tax | $ 2,173 | 2,173 | ||||
Foreign currency translation adjustments, net of tax | (2,679) | |||||
Net income (loss) | 950,267 | |||||
Net (income) loss attributable to redeemable noncontrolling interests (Note 10) | (201,469) | (201,469) | ||||
Dividends on common shares (Note 12) | (59,400) | (59,368) | ||||
Dividends on preference shares (Note 12) | (36,756) | (36,756) | ||||
Ending balance at Dec. 31, 2019 | 5,971,367 | 650,000 | 44,148 | 568,277 | (1,939) | 4,710,881 |
Statement of Changes in Stockholders' Equity | ||||||
Issuance of shares (Note 12) | 0 | 6,777 | 1,088,730 | |||
Repurchase of shares (Note 12) | (125,000) | (406) | (62,215) | |||
Offering expenses (Note 12) | 0 | |||||
Change in redeemable noncontrolling interest | (334) | |||||
Exercise of options and issuance of restricted stock awards (Notes 12 and 17) | 292 | 28,748 | ||||
Change in net unrealized gains (loss) on investments, net of tax | 606 | 606 | ||||
Foreign currency translation adjustments, net of tax | (11,309) | (11,309) | ||||
Net income (loss) | 993,058 | |||||
Net (income) loss attributable to redeemable noncontrolling interests (Note 10) | (230,653) | (230,653) | ||||
Dividends on common shares (Note 12) | (68,500) | (68,490) | ||||
Dividends on preference shares (Note 12) | (30,923) | (30,923) | ||||
Ending balance at Dec. 31, 2020 | 7,560,248 | 525,000 | 50,811 | 1,623,206 | (12,642) | 5,373,873 |
Statement of Changes in Stockholders' Equity | ||||||
Issuance of shares (Note 12) | 500,000 | 0 | 0 | |||
Repurchase of shares (Note 12) | (275,000) | (6,579) | (1,024,751) | |||
Offering expenses (Note 12) | (11,347) | |||||
Change in redeemable noncontrolling interest | (6,994) | |||||
Exercise of options and issuance of restricted stock awards (Notes 12 and 17) | 213 | 28,007 | ||||
Change in net unrealized gains (loss) on investments, net of tax | (2,492) | (2,492) | ||||
Foreign currency translation adjustments, net of tax | 4,225 | 4,225 | ||||
Net income (loss) | (103,440) | |||||
Net (income) loss attributable to redeemable noncontrolling interests (Note 10) | 63,285 | 63,285 | ||||
Dividends on common shares (Note 12) | (67,800) | (67,828) | ||||
Dividends on preference shares (Note 12) | (33,266) | (33,266) | ||||
Ending balance at Dec. 31, 2021 | $ 6,624,281 | $ 750,000 | $ 44,445 | $ 608,121 | $ (10,909) | $ 5,232,624 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows provided by (used in) operating activities | |||
Net income (loss) | $ (103,440) | $ 993,058 | $ 950,267 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||
Amortization, accretion and depreciation | (20,989) | 16,652 | (58,964) |
Equity in undistributed (earnings) losses of other ventures | 13,200 | 1,561 | (762) |
Net realized and unrealized (gains) losses on investments | 205,897 | (820,636) | (414,109) |
Loss on sale of RenaissanceRe UK | 0 | 30,242 | 0 |
Change in: | |||
Premiums receivable | (886,911) | (293,581) | (424,973) |
Prepaid reinsurance premiums | (31,140) | (55,801) | (11,798) |
Reinsurance recoverable | (1,342,659) | (138,361) | 129,665 |
Deferred acquisition costs | (215,639) | 30,442 | 118,676 |
Reserve for claims and claim expenses | 2,913,492 | 1,155,615 | 900,562 |
Unearned premiums | 767,614 | 232,949 | 51,343 |
Reinsurance balances payable | 372,611 | 662,281 | 658,532 |
Other | (437,221) | 178,314 | 238,756 |
Net cash provided by (used in) operating activities | 1,234,815 | 1,992,735 | 2,137,195 |
Cash flows provided by (used in) investing activities | |||
Proceeds from sales and maturities of fixed maturity investments trading | 15,543,565 | 15,186,952 | 17,313,940 |
Purchases of fixed maturity investments trading | (15,680,351) | (16,836,538) | (17,919,343) |
Net sales (purchases) of equity investments trading | 206,595 | 829 | (7,841) |
Net sales (purchases) of short term investments | (252,833) | (581,473) | (1,900,741) |
Net sales (purchases) of other investments | (617,782) | (216,760) | (202,878) |
Net sales (purchases) of investments in other ventures | (23,835) | (3,698) | (2,717) |
Return of investment from investment in other ventures | 8,345 | 9,255 | 11,250 |
Net sales (purchases) of other assets | 0 | 0 | (4,108) |
Net proceeds from sale of RenaissanceRe UK | 0 | 136,744 | 0 |
Net purchase of TMR | 0 | 0 | (276,206) |
Net cash provided by (used in) investing activities | (816,296) | (2,304,689) | (2,988,644) |
Cash flows provided by (used in) financing activities | |||
Dividends paid – RenaissanceRe common shares | (67,828) | (68,490) | (59,368) |
Dividends paid – preference shares | (32,889) | (30,923) | (36,756) |
RenaissanceRe common share repurchases | (1,027,505) | (62,621) | 0 |
RenaissanceRe common share issuance | 0 | 1,095,507 | 0 |
Issuance of debt, net of expenses | 0 | 0 | 396,411 |
Repayment of debt | 0 | (250,000) | 0 |
Redemption of preference shares | (275,000) | (125,000) | 0 |
Drawdown of Medici Revolving Credit Facility | 30,000 | 0 | 0 |
Issuance of preference shares, net of expenses | 488,653 | 0 | 0 |
Net third-party redeemable noncontrolling interest share transactions | 594,279 | 119,071 | 827,083 |
Taxes paid on withholding shares | (12,171) | (12,330) | (7,253) |
Net cash provided by (used in) financing activities | (302,461) | 665,214 | 1,120,117 |
Effect of exchange rate changes on foreign currency cash | 6,148 | 4,485 | 2,478 |
Net increase (decrease) in cash and cash equivalents | 122,206 | 357,745 | 271,146 |
Cash and cash equivalents, beginning of year | 1,736,813 | 1,379,068 | 1,107,922 |
Cash and cash equivalents, end of year | 1,859,019 | 1,736,813 | 1,379,068 |
Supplemental Cash Flow Information | |||
Income taxes paid (refunded) | (4,261) | 5,668 | 9,749 |
Interest paid | $ 21,172 | $ 48,805 | $ 53,220 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | ORGANIZATION RenaissanceRe Holdings Ltd. (“RenaissanceRe” or the “Company”) was formed under the laws of Bermuda on June 7, 1993. Together with its wholly owned and majority-owned subsidiaries, joint ventures and managed funds, the Company provides property, casualty and specialty reinsurance and certain insurance solutions to its customers. • Renaissance Reinsurance Ltd. (“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. • 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 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. RenaissanceRe Syndicate Management Ltd. (“RSML”), a wholly owned subsidiary of RenaissanceRe, is the managing agent for Syndicate 1458. • RenaissanceRe Europe AG (“RREAG”), a Swiss-domiciled reinsurance company, which has branches in Australia, Bermuda, the U.K. and the U.S., provides property, casualty and specialty reinsurance coverages to insurers and reinsurers on a worldwide basis. • RenaissanceRe Specialty U.S. Ltd. (“RenaissanceRe Specialty U.S.”), a Bermuda-domiciled insurer, which operates subject to U.S. federal income tax. • DaVinci Reinsurance Ltd. (“DaVinci”), a wholly-owned subsidiary of DaVinciRe Holdings Ltd. (“DaVinciRe”), is a managed joint venture formed by the Company to principally write property catastrophe reinsurance and certain casualty and specialty reinsurance lines of business on a global basis. • Top Layer Reinsurance Ltd. (“Top Layer Re”) is a managed joint venture formed by the Company to write high excess non-U.S. property catastrophe reinsurance. • RenaissanceRe Underwriting Managers U.S. LLC, is licensed as a reinsurance intermediary broker in the State of Connecticut and underwrites specialty treaty reinsurance solutions on both a quota share and excess of loss basis on behalf of affiliates. • Renaissance Underwriting Managers, Ltd. (“RUM”), a wholly owned subsidiary of RenaissanceRe, acts as exclusive underwriting manager for certain of our joint ventures or managed funds in return for fee-based income and profit participation. • RenaissanceRe Fund Management Ltd. (“RFM”) is a wholly-owned Bermuda exempted company and acts as the exclusive investment fund manager for several of the Company’s joint ventures or managed funds, in return for a management fee, a performance fee, or both. RFM is registered as an Exempt Reporting Adviser with the Securities and Exchange Commission and serves as the investment adviser to third-party investors in the various private investment partnerships and insurance-related investment products offered by the Company. • RenaissanceRe Medici Fund Ltd. (“Medici”) is an exempted company, incorporated in Bermuda and registered as an institutional fund. Medici invests, primarily on behalf of third-party investors, in various instruments that have returns primarily tied to property catastrophe risk. • Upsilon RFO Re Ltd. (“Upsilon RFO”), an exempted company incorporated in Bermuda and registered as a segregated accounts company and as a collateralized insurer, is a managed fund formed by the Company principally to provide additional capacity to the worldwide aggregate and per-occurrence primary and retrocessional property catastrophe excess of loss market. • RenaissanceRe Upsilon Fund Ltd., an exempted company incorporated in Bermuda and registered as a segregated accounts company and a Class A Professional Fund, provides a fund structure through which third-party investors can invest in reinsurance risk managed by the Company. • Vermeer Reinsurance Ltd. (“Vermeer”), an exempted company incorporated in Bermuda and registered as a Class 3B insurer, provides capacity focused on risk remote layers in the U.S. property catastrophe market. The Company maintains a majority voting control of Vermeer, while Stichting Pensioenfonds Zorg en Welzijn (“PFZW”), a pension fund represented by PGGM Vermogensbeheer B.V., a Dutch pension fund manager, retains economic benefits. • Mona Lisa Re Ltd. (“Mona Lisa Re”), a Bermuda domiciled SPI, provides reinsurance capacity to subsidiaries of RenaissanceRe, namely Renaissance Reinsurance and DaVinci, through reinsurance agreements which are collateralized and funded by Mona Lisa Re through the issuance of one or more series of principal-at-risk variable rate notes. • Fibonacci Reinsurance Ltd. (“Fibonacci Re”), an exempted company incorporated in Bermuda and registered as a special purpose insurer (“SPI”), provides collateralized capacity to Renaissance Reinsurance and its affiliates. Fibonacci Re raises capital from third-party investors and the Company, via private placements of participating notes which are listed on the Bermuda Stock Exchange. • The Company and Reinsurance Group of America, Incorporated are engaged in an initiative (“Langhorne”) to source third-party capital to support reinsurers targeting large in-force life and annuity blocks. Langhorne Holdings LLC (“Langhorne Holdings”) was incorporated to own and manage certain reinsurance entities within Langhorne. Langhorne Partners LLC (“Langhorne Partners”) is the general partner for Langhorne and manages the third-parties investing in Langhorne Holdings. • Following the acquisition of Tokio Millennium Re AG and certain associated entities and subsidiaries (collectively, “TMR”) on March 22, 2019, the Company managed Shima Reinsurance Ltd. (“Shima Re”), Norwood Re Ltd. (“Norwood Re”) and Blizzard Re Ltd. (“Blizzard,” together with Shima Re and Norwood Re, the “TMR managed third-party capital vehicles”), which provided third-party investors with access to reinsurance risk. The TMR managed third-party capital vehicles no longer write new business. The Company ceased providing management services to Blizzard effective November 1, 2020, and to Shima Re and Norwood Re effective December 1, 2020. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION These consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the United States (“GAAP”). All significant intercompany accounts and transactions have been eliminated from these statements. Certain comparative information has been reclassified to conform to the current presentation. USE OF ESTIMATES IN FINANCIAL STATEMENTS The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. The major estimates reflected in the Company’s consolidated financial statements include, but are not limited to, the reserve for claims and claim expenses; reinsurance recoverable and premiums receivable, including provisions for reinsurance recoverable and premiums receivable to reflect expected credit losses; estimates of written and earned premiums; fair value, including the fair value of investments, financial instruments and derivatives; impairment charges; deferred acquisition costs, and the Company’s deferred tax valuation allowance. PREMIUMS AND RELATED EXPENSES Premiums are recognized as income, net of any applicable reinsurance or retrocessional coverage purchased, over the terms of the related contracts and policies. Premiums written are based on contract and policy terms and include estimates based on information received from both insureds and ceding companies. Subsequent differences arising on such estimates are recorded in the period in which they are determined. Unearned premiums represent the portion of premiums written that relate to the unexpired terms of contracts and policies in force. Amounts are computed by pro rata methods based on statistical data or reports received from ceding companies. Reinstatement premiums are estimated after the occurrence of a significant loss and are recorded in accordance with the contract terms based upon paid losses and case reserves. Reinstatement premiums are earned when written. Acquisition costs are incurred when a contract or policy is issued and only the costs directly related to the successful acquisition of new and renewal contract or policies are deferred and amortized over the same period in which the related premiums are earned. Acquisition costs consist principally of commissions, brokerage and premium tax expenses. Certain of our assumed contracts contain profit sharing provisions or adjustable commissions that are estimated based on the expected loss and loss adjustment expense on those contracts. Acquisition costs include accruals for such estimates of commissions and are shown net of commissions and profit commissions earned on ceded reinsurance. Deferred policy acquisition costs are limited to their estimated realizable value based on the related unearned premiums. Anticipated claims and claim expenses, based on historical and current experience, and anticipated investment income related to those premiums are considered in determining the recoverability of deferred acquisition costs. CLAIMS AND CLAIM EXPENSES The reserve for claims and claim expenses includes estimates for unpaid claims and claim expenses on reported losses as well as an estimate of losses incurred but not reported. The reserve is based on individual claims, case reserves and other reserve estimates reported by insureds and ceding companies as well as management estimates of ultimate losses. Inherent in the estimates of ultimate losses are expected trends in claim severity and frequency and other factors which could vary significantly as claims are settled. Also, the Company does not have the benefit of a significant amount of its own historical experience in certain casualty and specialty and insurance lines of business. Accordingly, the reserving for incurred losses in these lines of business could be subject to greater variability. Ultimate losses may vary materially from the amounts provided in the consolidated financial statements. These estimates are reviewed regularly and, as experience develops and new information becomes known, the reserves are adjusted as necessary. Such adjustments, if any, are reflected in the consolidated statements of operations in the period in which they become known and are accounted for as changes in estimates. REINSURANCE Amounts recoverable from reinsurers are estimated in a manner consistent with the claim liability associated with the reinsured policies. For multi-year retrospectively rated contracts, the Company accrues amounts (either assets or liabilities) that are due to or from assuming companies based on estimated contract experience. If the Company determines that adjustments to earlier estimates are appropriate, such adjustments are recorded in the period in which they are determined. Reinsurance recoverable on dual trigger reinsurance contracts require the Company to estimate its ultimate losses applicable to these contracts as well as estimate the ultimate amount of insured industry losses that will be reported by the applicable statistical reporting agency, as per the contract terms. Amounts recoverable from reinsurers are recorded net of a provision for current expected credit losses to reflect expected credit losses. Assumed and ceded reinsurance contracts that lack significant transfer of risk are treated as deposits. Certain assumed and ceded reinsurance contracts that do not meet all of the criteria to be accounted for as reinsurance in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic Financial Services - Insurance have been accounted for at fair value under the fair value option in accordance with FASB ASC Topic Financial Instruments. INVESTMENTS Fixed Maturity Investments Investments in fixed maturities are classified as trading and are reported at fair value. Investment transactions are recorded on the trade date with balances pending settlement reflected in the balance sheet as a receivable for investments sold or a payable for investments purchased. Net investment income includes interest and dividend income together with amortization of market premiums and discounts and is net of investment management and custody fees. The amortization of premium and accretion of discount for fixed maturity securities is computed using the effective yield method. For mortgage-backed securities and other holdings for which there is prepayment risk, prepayment assumptions are evaluated quarterly and revised as necessary. Any adjustments required due to the change in effective yields and maturities are recognized on a prospective basis through yield adjustments. Fair values of investments are based on quoted market prices, or when such prices are not available, by reference to broker or underwriter bid indications and/or internal pricing valuation techniques. The net unrealized appreciation or depreciation on fixed maturity investments trading is included in net realized and unrealized gains (losses) on investments in the consolidated statements of operations. Realized gains or losses on the sale of investments are determined on the basis of the first in first out cost method. Short Term Investments Short term investments, which are managed as part of the Company’s investment portfolio and have a maturity of one year or less when purchased, are carried at fair value. The net unrealized appreciation or depreciation on short term investments is included in net realized and unrealized gains (losses) on investments in the consolidated statements of operations. Equity Investments, Classified as Trading Equity investments are accounted for at fair value in accordance with FASB ASC Topic Financial Instruments. Fair values are primarily priced by pricing services, reflecting the closing price quoted for the final trading day of the period. Net investment income includes dividend income and the net realized and unrealized appreciation or depreciation on equity investments is included in net realized and unrealized gains (losses) on investments in the consolidated statements of operations. Other Investments The Company accounts for its other investments at fair value in accordance with FASB ASC Topic Financial Instruments with interest and dividend income included in net investment income. Realized and unrealized gains and losses on other investments are included in net realized and unrealized gains (losses) on investments. The fair value of the Company’s fund investments, which include private equity funds, private credit funds and hedge funds, is generally established on the basis of the net asset value (“NAV”) per share (or its equivalent) established by the managers of such fund investments, if applicable. The net asset value established by the managers of such fund investments is determined in accordance with the governing documents of such fund investments. The Company applies the practical expedient provided by the FASB ASC Topic Financial Instruments relating to investments in certain entities that calculate NAV per share (or its equivalent) and therefore measure the fair value of the fund investments based on that NAV per share, or its equivalent. Fund investments are recorded on the consolidated balance sheet in other investments. Fund investments which are valued using NAV per share as a practical expedient are not categorized within the fair value hierarchy. Certain of the Company’s fund managers, fund administrators, or both, are unable to provide final fund valuations as of the Company’s current reporting date. The typical reporting lag experienced by the Company to receive a final net asset value report is one month for hedge funds and certain private credit funds and three months for private equity funds and private credit funds. In the past, in respect of certain of the funds, the Company has, on occasion, experienced delays of up to six months at year end, as the funds typically complete their respective year-end audits before releasing their final net asset value statements. In circumstances where there is a reporting lag between the current period end reporting date and the reporting date of the latest fund valuation, the Company estimates the fair value of these funds by starting with the prior month or quarter-end fund valuations, adjusting these valuations for actual capital calls, redemptions or distributions, as well as the impact of changes in foreign currency exchange rates, and then estimating the return for the current period. In circumstances in which the Company estimates the return for the current period, all information available to the Company is utilized. This principally includes using preliminary estimates reported to the Company by its fund managers, estimating returns based on the performance of broad market indices or other valuation methods, where necessary. Actual final fund valuations may differ, perhaps materially so, from the Company’s estimates and these differences are recorded in the Company’s statement of operations in the period in which they are reported to the Company as a change in estimate. The Company’s other investments also include investments in catastrophe bonds, direct private equity investments and term loans which are recorded at fair value. The fair value of catastrophe bonds is based on broker or underwriter bid indications. The fair value of direct private equity investments is based on the use of internal valuation models and the fair value of term loans are based on discounted cash flow valuation model. Investments in Other Ventures, Under Equity Method Investments in which the Company has significant influence over the operating and financial policies of the investee are classified as investments in other ventures, under equity method, and are accounted for under the equity method of accounting. Under this method, the Company records its proportionate share of income or loss from such investments in its results for the period. If the Company’s proportionate share of loss from such investment is in excess of the carrying value of such investment, the company discontinues applying the equity method when the carrying value of the investment is reduced to zero, unless the Company has committed to provide further financial support to the investee. If the investee subsequently reports net income, the Company resumes applying the equity method only after its proportionate share of net income equals the proportionate share of net losses not recognized during the period the equity method was suspended. Any decline in value of investments in other ventures, under equity method considered by management to be other-than-temporary is charged to income in the period in which it is determined. CASH AND CASH EQUIVALENTS Cash equivalents include money market instruments with a maturity of ninety days or less when purchased. STOCK INCENTIVE COMPENSATION The Company is authorized to issue restricted stock awards and units, performance shares, stock options and other equity-based awards to its employees and directors. The fair value of the compensation cost is measured at the grant date and expensed over the period for which the employee or director is required to provide services in exchange for the award. In addition, the Company is authorized to issue cash settled restricted stock units (“CSRSU”) to its employees. The fair value of CSRSUs is determined using the fair market value of RenaissanceRe common shares at the end of each reporting period and is expensed over the period for which the employee is required to provide service in exchange for the award. The fair value of these awards is recorded on the Company’s consolidated balance sheet as a liability as it is expensed until the point payment is made to the employee. The Company has elected to recognize forfeitures as they occur rather than estimating service-based forfeitures over the requisite service period. DERIVATIVES From time to time, the Company enters into derivative instruments such as futures, options, swaps, forward contracts and other derivative contracts primarily to manage its foreign currency exposure, obtain exposure to a particular financial market, for yield enhancement, or for trading and to assume risk. The Company accounts for its derivatives in accordance with FASB ASC Topic Derivatives and Hedging , which requires all derivatives to be recorded at fair value on the Company’s balance sheet as either assets or liabilities, depending on their rights or obligations, with changes in fair value reflected in current earnings. Commencing in 2019, the Company elected to adopt hedge accounting for certain of its derivative instruments used as hedges of a net investment in a foreign operation, as discussed below. The fair value of the Company’s derivatives is estimated by reference to quoted prices or broker quotes, where available, or in the absence of quoted prices or broker quotes, the use of industry or internal valuation models. Hedges of a Net Investment in a Foreign Operation Changes in the fair value of derivative instruments used to hedge the net investment in a foreign operation, to the extent effective as a hedge, are recorded as a component of accumulated other comprehensive income (loss) in foreign currency translation adjustments, net of tax. Cumulative changes in fair value recorded in accumulated other comprehensive income (loss) are reclassified into earnings upon the sale, or complete or substantially complete liquidation, of the foreign operation. Any hedge ineffectiveness is recorded immediately in current period earnings as net foreign exchange gains (losses). Hedge Documentation and Effectiveness Testing To qualify for hedge accounting treatment, a derivative must be highly effective in mitigating the designated changes in value or cash flow of the hedged item. At the inception of a hedge, the Company formally documents relationships between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking each hedge transaction. The documentation process includes linking derivatives that are designated as net investment hedges to specific assets or liabilities on the consolidated balance sheet. The Company also formally assesses, both at the hedge's inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the net investment in a foreign operation. The Company will discontinue hedge accounting prospectively if it determines that the derivative is no longer highly effective in offsetting changes in the net investment in a foreign operation, the derivative is no longer designated as a hedging instrument, or the derivative expires or is sold, terminated or exercised. If hedge accounting is discontinued, the derivative continues to be carried at fair value on the consolidated balance sheet with changes in its fair value recognized in current period earnings through net realized and unrealized gains (losses) on investments. FAIR VALUE OPTION The Company has elected to account for certain of its assets and liabilities at fair value in accordance with FASB ASC Topic Fair Value Measurement s and Disclosures . The Company recognizes the change in unrealized gains and losses arising from changes in fair value in its statements of operations. BUSINESS COMBINATIONS, GOODWILL AND OTHER INTANGIBLE ASSETS The Company accounts for business combinations in accordance with FASB ASC Topic Business Combinations , and goodwill and other intangible assets that arise from business combinations in accordance with FASB ASC Topic Intangibles – Goodwill and Other . A purchase price that is in excess of the fair value of the net assets acquired arising from a business combination is recorded as goodwill, and is not amortized. Other intangible assets with a finite life are amortized over the estimated useful life of the asset. Other intangible assets with an indefinite useful life are not amortized. Goodwill and other indefinite life intangible assets are tested for impairment on an annual basis or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable. Finite life intangible assets are reviewed for indicators of impairment on an annual basis or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable, and tested for impairment if appropriate. For purposes of the annual impairment evaluation, goodwill is assigned to the applicable reporting unit of the acquired entities giving rise to the goodwill. Goodwill and other intangible assets recorded in connection with investments accounted for under the equity method, are recorded as “Investments in other ventures, under equity method” on the Company’s consolidated balance sheets. The Company has established the third and fourth quarters of the year as the period for performing its annual impairment tests. Upon further assessment, the Company may determine to perform additional impairment testing later in the year if it is deemed necessary. The Company has elected to use the option to first assess qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test. Under this option, the Company is not required to calculate the fair value of a reporting unit unless the Company determines, based on its qualitative assessment, that it is more likely than not that a reporting unit’s fair value is less than its carrying amount. If goodwill or other intangible assets are impaired, they are written down to their estimated fair value with a corresponding expense reflected in the Company’s consolidated statements of operations. The Company initially recorded VOBA to reflect the establishment of the value of business acquired asset, which represents the estimated present value of the expected underwriting profit within the unearned premiums liability, net of reinsurance, less costs to service the related policies and a risk premium. VOBA is derived using, among other things, estimated loss ratios by line of business to calculate the underwriting profit, weighted average cost of capital, risk premium and expected payout patterns. The adjustment for VOBA was amortized to acquisition expenses over approximately two years, as the contracts for business in-force as of the acquisition date expired. NONCONTROLLING INTERESTS The Company accounts for redeemable noncontrolling interests in the mezzanine section of the Company’s consolidated balance sheet in accordance with United States Securities and Exchange Commission (“SEC”) guidance which is applicable to SEC registrants. The share classes related to the redeemable noncontrolling interest portion of the issuer are accounted for in accordance with SEC guidance, which requires that shares not required to be accounted for in accordance with FASB ASC Topic Distinguishing Liabilities from Equity , and having redemption features that are not solely within the control of the issuer, to be classified outside of permanent equity in the mezzanine section of the balance sheet. The SEC guidance does not impact the accounting for redeemable noncontrolling interest on the consolidated statements of operations; therefore, the provisions of FASB ASC Topic Consolidation with respect to the consolidated statements of operations still apply, and net income attributable to redeemable noncontrolling interests is presented separately in the Company’s consolidated statements of operations. VARIABLE INTEREST ENTITIES The Company accounts for variable interest entities (“VIEs”) in accordance with FASB ASC Topic Consolidation , which requires the consolidation of all VIEs by the primary beneficiary, that being the investor that has the power to direct the activities of the VIE and that will absorb a portion of the VIE’s expected losses or residual returns that could potentially be significant to the VIE. When the Company determines it has a variable interest in a VIE, it determines whether it is the primary beneficiary of that VIE by performing an analysis that principally considers: (i) the VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders; (ii) the VIE’s capital structure; (iii) the terms between the VIE and its variable interest holders and other parties involved with the VIE; (iv) which variable interest holders have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; (v) which variable interest holders have the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE; and (vi) related party relationships. The Company reassesses its determination of whether the Company is the primary beneficiary of a VIE upon changes in facts and circumstances that could potentially alter the Company’s assessment. EARNINGS PER SHARE The Company calculates earnings per share in accordance with FASB ASC Topic Earnings per Share. Basic earnings per share are based on weighted average common shares and exclude any dilutive effects of options and restricted stock. Diluted earnings per share assumes the exercise of all dilutive stock options and restricted stock grants. The two-class method is used to determine earnings per share based on dividends declared on common shares and participating securities (i.e., distributed earnings) and participation rights of participating securities in any undistributed earnings. Each unvested restricted share granted by the Company is considered a participating security and the Company uses the two-class method to calculate its net income available to RenaissanceRe common shareholders per common share – basic and diluted. FOREIGN EXCHANGE Monetary assets and liabilities denominated in a currency other than the functional currency of the Company’s subsidiaries in which those monetary assets and liabilities reside are revalued into such subsidiary’s functional currency at the prevailing exchange rate on the balance sheet date. Revenues and expenses denominated in a currency other than the functional currency of the Company’s subsidiaries, are valued at the exchange rate on the date on which the underlying revenue or expense transaction occurred. The net effect of these revaluation adjustments are recognized in the Company’s consolidated statement of operations as part of net foreign exchange gains (losses). The Company’s functional currency is the U.S. dollar. Certain of the Company’s subsidiaries have a functional currency other than the U.S. dollar. Assets and liabilities of foreign operations whose functional currency is not the U.S. dollar are translated into the Company’s U.S. dollar reporting currency at prevailing balance sheet-date exchange rates, while revenue and expenses of such foreign operations are translated into the Company’s U.S. dollar functional currency at monthly average exchange rates during the year. The net effect of these translation adjustments, as well as any gains or losses on intercompany balances for which settlement is not planned or anticipated in the foreseeable future, net of applicable deferred income taxes, is included in the Company’s consolidated balance sheet as currency translation adjustments and reflected within accumulated other comprehensive income (loss). TAXATION Income taxes have been provided for in accordance with the provisions of FASB ASC Topic Income Taxes . Deferred tax assets and liabilities result from temporary differences between the amounts recorded in the consolidated financial statements and the tax basis of the Company’s assets and liabilities. Such temporary differences are primarily due to net operating loss and interest expense carryforwards and GAAP versus tax basis accounting differences relating to underwriting results, accrued expenses and investments. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance against net deferred tax assets is recorded if it is more likely than not that all, or some portion, of the benefits related to net deferred tax assets will not be realized. Uncertain tax positions are also accounted for in accordance with FASB ASC Topic Income Taxes . Uncertain tax positions must meet a more likely than not recognition threshold to be recognized. RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS Simplifying the Accounting for Income Taxes In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (“ASU 2019-12”). Among other things, ASU 2019-12 eliminates certain exceptions for recognizing deferred taxes for investments, performing intraperiod tax allocation and calculating income taxes in interim periods. ASU 2019-12 also clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. ASU 2019-12 is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Accordingly, the Company adopted ASU 2019-12 effective January 1, 2021. The adoption of ASU 2019-12 did not 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 collectability of the reported amount. The Company’s invested assets are measured at fair value through net income, and therefore those invested assets were not impacted by the adoption of ASU 2016-13. The Company has other financial assets, such as premiums receivable and reinsurance recoverable, that were not materially impacted by the adoption of ASU 2016-13. ASU 2016-13 became effective for public business entities that are SEC filers for annual and interim periods beginning after December 15, 2019. Accordingly, the Company adopted ASU 2016-13 effective January 1, 2020. The adoption of ASU 2016-13 did not have a material impact on the Company’s consolidated statements of operations and financial position, and as a result, there was no cumulative effect adjustment to opening retained earnings as of January 1, 2020. Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued ASU No. 2018-13, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The ASU 2018-13 modifies the disclosure requirements of fair value measurements as part of the disclosure framework project with the objective to improve the effectiveness of disclosures in the notes to the financial statements. ASU 2018-13 allows for removal of the amount and reasons for transfer between Level 1 and Level 2 of the fair value hierarchy; the policy for transfers between levels; and the valuation processes for Level 3 fair value measurements. ASU 2018-13 became effective for all entities for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. Accordingly, the Company adopted ASU 2018-13 effective January 1, 2020. Since ASU 2018-13 is disclosure-related only, it did not have an 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 two 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 (loss); 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 became 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. Accordingly, the Company adopted ASU 2017-04 effective January 1, 2020. The adoption of ASU 2017-04 did not have a material impact on the Company’s consolidated statements of operations and financial position. Leases In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases and subsequently issued a number of other ASUs to amend the guidance, each ultimately reflected in FASB ASC Topic Leases . FASB ASC Topic Leases requires, among other items, lessees to recognize lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under the previous guidance. FASB ASC Topic Leases became effective for public business entities for annual and interim periods beginning after December 15, 2018. The Company has adopted FASB ASC Topic Leases through the application of the modified retrospective transition approach. In addition, the Company employed certain practical expe |
Acquisition of Tokio Millennium
Acquisition of Tokio Millennium Re | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisition of Tokio Millennium Re | ACQUISITION OF TOKIO MILLENNIUM RE Overview The aggregate consideration for the acquisition of TMR, which closed on March 22, 2019, was $1.6 billion, consisting of cash, RenaissanceRe common shares and a special dividend from TMR, as described in more detail below. The aggregate consideration paid at closing for the acquisition of TMR was based on the closing tangible book value of TMR, subject to a post-closing adjustment under the terms of the Stock Purchase Agreement by and among the Company, Tokio Marine & Nichido Fire Insurance Co. Ltd. (“Tokio”) and, with respect to certain sections only, Tokio Marine Holdings, Inc. entered into on October 30, 2018. The parties determined that no closing adjustment was required. In connection with the closing of the TMR Stock Purchase, Tokio, RREAG and RenaissanceRe (UK) Limited (formerly known as Tokio Millennium Re (UK) Limited) (“RenaissanceRe UK”) entered into a reserve development agreement whereby RREAG and RenaissanceRe UK agreed to cede to Tokio, and Tokio agreed to indemnify and reimburse RREAG and RenaissanceRe UK for, substantially all of RREAG and RenaissanceRe UK’s adverse development on stated reserves at time of the closing, including unearned premium reserves, subject to certain terms and conditions. The reserve development agreement provides the Company with indemnification on stated reserves, including unearned premium reserves, for RREAG and RenaissanceRe UK, on a whole-account basis, and takes into consideration adverse performance across the Company’s reportable segments. To the extent the combined performance of acquired reserves for claims and claim expenses or unearned premiums is worse than expected on an aggregate basis across reportable segments, the Company is indemnified under the terms of the reserve development agreement and would expect to collect under the reserve development agreement. At closing, RREAG and Tokio entered into a retrocessional agreement pursuant to which RREAG ceded to Tokio all of its liabilities arising from certain stop loss reinsurance contracts RREAG entered into with third-party capital partners which were either in force as of the closing date or which incept prior to December 31, 2021. The Company recorded $9.1 million of corporate expenses associated with the acquisition of TMR during 2020 (2019 - $49.7 million). Included in these expenses are compensation, transaction and integration-related costs. Purchase Price The Company’s total purchase price for TMR was calculated as follows: Special Dividend Special Dividend paid to common shareholders of Tokio and holders of Tokio equity awards $ 500,000 RenaissanceRe Common Shares Common shares issued by RenaissanceRe to Tokio 1,739,071 Common share price of RenaissanceRe (1) $ 143.75 Market value of RenaissanceRe common shares issued by RenaissanceRe to Tokio 249,998 Cash Consideration Cash consideration paid by RenaissanceRe as acquisition consideration 813,595 Total purchase price 1,563,593 Less: Special Dividend paid to Tokio (500,000) Net purchase price $ 1,063,593 (1) RenaissanceRe common share price was based on the 30-day trailing volume weighted average price of $143.7539 as of market close on March 15, 2019, which approximates fair value. Fair Value of Net Assets Acquired and Liabilities Assumed The purchase price was allocated to the acquired assets and liabilities of the Company based on estimated fair values on March 22, 2019, the date the transaction closed, as detailed below. During the quarter ended March 31, 2019, the Company recognized goodwill of $13.1 million, based on foreign exchange rates on March 22, 2019, attributable to the excess of the purchase price over the fair value of the net assets of TMR. The Company recognized identifiable finite lived intangible assets of $11.2 million, which will be amortized over a weighted average period of 10.5 years, identifiable indefinite lived intangible assets of $6.8 million, and certain other adjustments to the fair values of the assets acquired, liabilities assumed and shareholders’ equity of TMR at March 22, 2019, based on foreign exchange rates on March 22, 2019, as summarized in the table below: Shareholders’ equity of TMR at March 22, 2019 $ 1,032,961 Adjustments for fair value, by applicable balance sheet caption: Net deferred acquisition costs and value of business acquired (56,788) Net reserve for claims and claim expenses 67,782 Goodwill and intangible assets at March 22, 2019 of TMR (6,569) Total adjustments for fair value by applicable balance sheet caption before tax impact 4,425 Other assets - net deferred tax liability related to fair value adjustments and value of business acquired (2,606) Total adjustments for fair value by applicable balance sheet caption, net of tax 1,819 Adjustments for fair value of the identifiable intangible assets: Identifiable indefinite lived intangible assets (insurance licenses) 6,800 Identifiable finite lived intangible assets (top broker relationships and renewal rights) 11,200 Identifiable intangible assets before tax impact 18,000 Other assets - deferred tax liability on identifiable intangible assets (2,281) Total adjustments for fair value of the identifiable intangible assets and value of business acquired, net of tax 15,719 Total adjustments for fair value by applicable balance sheet caption, identifiable intangible assets and value of business acquired, net of tax 17,538 Shareholders’ equity of TMR at fair value 1,050,499 Total net purchase price paid by RenaissanceRe 1,063,593 Excess purchase price over the fair value of net assets acquired assigned to goodwill $ 13,094 An explanation of the significant fair value adjustments and related future amortization is as follows: • Net deferred acquisition costs and VOBA - to reflect the elimination of TMR’s net deferred acquisition costs, partially offset by the establishment of the value of business acquired asset, which represents the present value of the expected underwriting profit within the unearned premiums liability, net of reinsurance, less costs to service the related policies and a risk premium. The adjustment for VOBA will be amortized to acquisition expenses over approximately two years, as the contracts for business in-force as of the acquisition date expire. VOBA at March 22, 2019 was $287.6 million; • Reserve for claims and claim expenses - to reflect a decrease related to the present value of the net unpaid claims and claim expenses based on the estimated payout pattern, partially offset by an increase in net claims and claim expenses related to the estimated market based risk margin. The risk margin represents the estimated cost of capital required by a market participant to assume the net claims and claim expenses. This will be amortized using the projected discount and risk margin patterns of the net claims and claims expenses as of the acquisition date; • Identifiable indefinite lived and finite lived intangible assets - to establish the fair value of identifiable intangible assets related to the acquisition of TMR described in detail below; and • Other assets - to reflect the net deferred tax liability on identifiable intangible assets. Identifiable intangible assets consisted of the following and are included in goodwill and other intangible assets on the Company’s consolidated balance sheet: Amount Economic Useful Life Top broker relationships $ 10,000 10.0 years Renewal rights 1,200 15.0 years Insurance licenses 6,800 Indefinite Gross identifiable intangible assets related to the acquisition of TMR, at March 22, 2019 18,000 Accumulated amortization (from March 22, 2019 through December 31, 2021), net of foreign exchange 2,851 Impairment loss on insurance licenses 6,800 Net identifiable intangible assets related to the acquisition of TMR at December 31, 2021 $ 8,349 An explanation of the identifiable intangible assets is as follows: • Top broker relationships - the value of TMR’s relationships with their top four brokers (Marsh & McLennan Companies, Inc., Aon plc, Willis Group Holdings Public Limited Company and Jardine Lloyd Thompson Group plc.) after taking into consideration the expectation of the renewal of these relationships and the associated expenses. These will be amortized on a straight-line basis over the economic useful life as of the acquisition date; • Renewal rights - the value of policy renewal rights after taking into consideration written premiums on assumed retention ratios and the insurance cash flows and the associated equity cash flows from these renewal policies over the expected life of the renewals. These will be amortized on a straight-line basis over the economic useful life as of the acquisition date; and • Insurance licenses - the value of acquired insurance licenses, which provide the ability to write reinsurance in all 50 states of the U.S. and the District of Columbia. During the year ended December 31, 2020, the Company recorded an impairment of $6.8 million related to the insurance licenses. See “Note 4. Goodwill and Other Intangible Assets” in the Company’s “Notes to the Consolidated Financial Statements” for additional information. As part of the allocation of the purchase price, included in the adjustment to other assets in the table above is a deferred tax liability of $2.3 million related to the estimated fair value of the intangible assets recorded, as well as a net deferred tax liability of $2.6 million related to certain other adjustments to the fair values of the assets acquired, VOBA, liabilities assumed and shareholders’ equity. Other net deferred tax liabilities recorded primarily relate to differences between financial reporting and tax bases of the acquired assets and liabilities as of the acquisition date, March 22, 2019. The Company estimates that none of the goodwill that was recorded will be deductible for income tax purposes. Financial Results The following table summarizes the net contribution from the acquisition of TMR since March 22, 2019 that was included in the Company’s consolidated statements of operations and comprehensive income for the year ended December 31, 2019. Operating activities of TMR from the acquisition date, March 22, 2019, through December 31, 2019 are included in the Company’s consolidated statements of operations for the year ended December 31, 2019. The unaudited net contribution of the acquisition and integration of TMR is provided for informational purposes only and is not necessarily, and should not be assumed to be, an indication of the results that may be achieved in the future. These results are not used as a part of management’s analysis of the financial performance of the Company’s business. These results primarily reflect items recorded directly by TMR through December 31, 2019, including: 1) net earned premium and net underwriting income on the in-force portfolio acquired with the acquisition of TMR and previously retained on TMR entities’ balance sheets; 2) net earned premium and net underwriting income for those contracts which renewed post-acquisition on one of the acquired TMR entities’ balance sheets; 3) net investment income and net realized and unrealized gains recorded directly by TMR; and 4) certain direct costs incurred directly by TMR. In addition, these results, where possible, were adjusted for transaction and integration related costs incurred by the Company. However, these results do not reflect on-going operating costs incurred by the Company in supporting TMR unless such costs were incurred directly by TMR. These results also do not give consideration to the impact of possible revenue enhancements, expense efficiencies, synergies or asset dispositions that may be achieved in the future. These results involve significant estimates and are not indicative of the future results of the acquired TMR entities which have been, and will continue to be impacted by potential changes in targeted business mix, investment management strategies, and synergies recognized from changes in the combined entity’s operating structure, as well as the impact of changes in other business and capital management strategies. Since the acquisition date, a growing number of underlying policies have been underwritten onto different legal entities, staffing has been allocated to new activities, and reinsurance has been purchased to cover combined risks, only some of which would have been reflected in the underlying legacy TMR results. As a result, for the years ended December 31, 2021 and 2020, it is impracticable to produce summarized financial results, and any such information would not be indicative of the results of the acquired TMR entities, given the significant estimates involved and the nature and pace of the integration activities, which were substantially completed in 2019. Year ended December 31, 2019 (1) Total revenues $ 922,727 Net income (loss) available (attributable) to RenaissanceRe common shareholders (2) $ 99,169 (1) Includes the net contribution from the acquisition of TMR since March 22, 2019 that has been included in the Company’s consolidated statements of operations and comprehensive income through December 31, 2019. (2) Includes $49.7 million of corporate expenses associated with the acquisition and integration of TMR for the year ended December 31, 2019. Taxation At the date of acquisition and in conjunction with the acquisition of TMR, the Company established a net deferred tax liability of $5.7 million and recorded a valuation allowance against TMR’s deferred tax assets of $35.7 million in its consolidated financial statements. A predominant amount of the valuation allowance related to the U.S. operations of TMR was recorded by TMR prior to the acquisition. Supplemental Pro Forma Information The following table presents unaudited pro forma consolidated financial information for the years ended December 31, 2019 and 2018, respectively, and assumes the acquisition of TMR occurred on January 1, 2018. The unaudited pro forma consolidated financial information is provided for informational purposes only and is not necessarily, and should not be assumed to be, an indication of the results that would have been achieved had the transaction been completed as of January 1, 2018 or that may be achieved in the future. The unaudited pro forma consolidated financial information does not give consideration to the impact of possible revenue enhancements, expense efficiencies, synergies or asset dispositions that may result from the acquisition of TMR. In addition, unaudited pro forma consolidated financial information does not include the effects of costs associated with any restructuring or integration activities resulting from the acquisition of TMR, as they are nonrecurring. Year ended December 31, 2019 2018 Total revenues $ 4,542,979 $ 3,338,903 Net income (loss) available (attributable) to RenaissanceRe common shareholders $ 768,719 $ 281,974 Among other adjustments, and in addition to the fair value adjustments and recognition of goodwill, VOBA and identifiable intangible assets noted above, other material nonrecurring pro forma adjustments directly attributable to the acquisition of TMR principally included certain adjustments to recognize transaction related costs, align accounting policies, and amortize fair value adjustments, VOBA, and identifiable definite lived intangible assets, net of related tax impacts. Defined Benefit Pension Plan The RREAG group entities have a contributory defined benefit pension plan for certain employees, which was not material to RenaissanceRe’s results of operations, financial condition or cash flows for the year ended December 31, 2021. The plan offers mandatory benefits as prescribed by the applicable law, as well as voluntary benefits. These mandatory benefits include guarantees regarding the level of interest paid annually on accrued pension savings. The RREAG group entities and the members of the plan contribute a defined percentage of salary to the pension arrangement and credit accumulation is granted on these contributions. At retirement, the accumulated contributions are converted into a pension. A full independent actuarial valuation is prepared annually. At December 31, 2021, the net balance sheet liability was $4.3 million, comprising $19.4 million of projected benefit obligation and $15.2 million of plan assets at fair value (2020 - $6.4 million, $20.1 million and $13.6 million, respectively). |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS The following tables show an analysis of goodwill and other intangible assets, net of foreign currency translation adjustments, included in goodwill and other intangible assets on the Company’s consolidated balance sheets: Goodwill and Other Intangible Assets At December 31, 2021 2020 Goodwill, net $ 210,920 $ 211,013 Other intangible assets, net 32,576 38,628 Total goodwill and other intangible assets $ 243,496 $ 249,641 Included in goodwill and other intangible assets on the Company’s consolidated balance sheet at December 31, 2021 was gross goodwill of $213.2 million (2020 - $213.3 million, 2019 - $213.0 million). Included in goodwill, net at December 31, 2021 was accumulated impairment losses of $2.3 million (2020 - $2.3 million). In addition, the Company has also recorded goodwill and other intangible assets included in investments in other ventures, under equity method on the Company’s consolidated balance sheets: Goodwill and Other Intangible Assets Included in Investments in Other Ventures, Under Equity Method At December 31, 2021 2020 Goodwill, net $ 9,903 $ 10,598 Other intangible assets, net 8,716 12,368 Total goodwill and other intangible assets $ 18,619 $ 22,966 Included in Investments and other ventures, under equity method on the Company’s consolidated balance sheet at December 31, 2021 was gross goodwill of $14.4 million (2020 - $15.1 million, 2019 - $15.1 million). Included in goodwill, net at December 31, 2021 was accumulated impairment losses of $4.5 million (2020 - $4.5 million). The following table shows a roll forward of goodwill included in goodwill and other intangible assets and goodwill included in investments in other ventures, under equity method on the Company’s consolidated balance sheets: Goodwill Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets Included in Investments in Other Ventures, Under Equity Method Balance at December 31, 2019, net $ 210,665 $ 10,598 Foreign currency translation 348 — Balance at December 31, 2020, net 211,013 10,598 Acquired — (695) Foreign currency translation (93) — Balance at December 31, 2021, net $ 210,920 $ 9,903 The gross carrying value, accumulated amortization and accumulated impairment losses by major category of other intangible assets included in goodwill and other intangible assets and investments in other ventures, under equity method on the Company’s consolidated balance sheets are shown below: Other Intangible Assets At December 31, 2021 Gross Accumulated Accumulated Impairment Losses Net Customer relationships and customer lists $ 108,742 $ (83,307) $ (1,403) $ 24,032 Licenses (1) 23,779 — (6,800) 16,979 Value of business acquired 20,200 (20,200) — — Software 12,230 (12,230) — — Patents and intellectual property 4,500 (1,875) (2,625) — Covenants not-to-compete 4,030 (4,030) — — Trademarks and trade names 1,710 (1,429) — 281 $ 175,191 $ (123,071) $ (10,828) $ 41,292 (1) Licenses is comprised of $17.0 million of indefinite lived other intangible assets, included in other intangible assets, net, as of December 31, 2021 Other Intangible Assets At December 31, 2020 Gross Accumulated Accumulated Impairment Losses Net Customer relationships and customer lists $ 108,798 $ (76,118) $ (1,403) $ 31,277 Licenses (1) 26,214 — (6,800) 19,414 Value of business acquired 20,200 (20,200) — — Software 12,230 (12,230) — — Patents and intellectual property 4,500 (1,875) (2,625) — Covenants not-to-compete 4,030 (4,030) — — Trademarks and trade names 1,710 (1,405) — 305 $ 177,682 $ (115,858) $ (10,828) $ 50,996 (1) Licenses is comprised of $19.4 million of indefinite lived other intangible assets, included in other intangible assets, net, as of December 31, 2020 During 2021, the Company recorded amortization expense of $7.2 million and an impairment loss of $Nil related to other intangible assets (2020 - $8.3 million and $6.8 million, respectively). During the quarter ended March 31, 2019, the Company recognized goodwill of $13.1 million, based on foreign exchange rates on March 22, 2019, attributable to the excess of the purchase price over the fair value of the net assets acquired in the TMR Stock Purchase. In addition, the Company recognized identifiable finite lived intangible assets of $11.2 million and identifiable indefinite lived intangible assets of $6.8 million associated with TMR. Refer to “Note 3. Acquisition of Tokio Millennium Re” for additional information related to goodwill and other intangible assets associated with the acquisition of TMR. In accordance with the Company’s established accounting policy, the Company performed goodwill and other intangible assets impairment tests during the fourth quarter. During 2020, the Company elected to renew certain reinsurance contracts, that had previously been written on one of the acquired TMR balance sheets, on other balance sheets within the consolidated group and placed the TMR entity into run-off. Accordingly and in connection with the Company’s impairment assessment performed during the fourth quarter of 2020, it was determined that the license associated with this acquired TMR entity, which was initially reflected as an indefinite lived intangible asset of $6.8 million at the time of the acquisition of TMR, should be written down to $Nil. The Company recorded an intangible asset impairment charge of $Nil during the year ended December 31, 2021. In performing the impairment assessment, the Company first assessed qualitative factors to determine whether it was necessary to perform a quantitative impairment test. Based on its qualitative assessment, the Company determined it was not more likely than not that the fair value of the goodwill and other intangible assets in question were less than their respective carrying amounts. The qualitative assessment included the following factors which the Company determined had not significantly deteriorated given specific facts and circumstances: macroeconomic conditions; industry and market conditions; costs factors; and overall financial performance. Other than the goodwill and other intangible assets acquired and the intangible assets impaired as noted above and normal course amortization of intangible assets, in accordance with the Company’s established accounting policy, there were no adjustments to carried goodwill and other intangible assets during the year ended December 31, 2021. The remaining useful life of intangible assets with finite lives ranges from 1.3 to 12.2 years, with a weighted-average amortization period of 5.5 years. Expected amortization of the other intangible assets, including other intangible assets recorded in investments in other ventures, under equity method, is shown below: Other Other Intangible Assets Included in Investments in Other Ventures, Under Equity Method Total 2022 $ 5,602 $ 997 $ 6,599 2023 5,173 606 5,779 2024 4,716 194 4,910 2025 1,976 24 2,000 2026 1,377 24 1,401 2027 and thereafter 3,465 159 3,624 Total remaining amortization expense 22,309 2,004 24,313 Indefinite lived 10,267 6,712 16,979 Total $ 32,576 $ 8,716 $ 41,292 |
Investments
Investments | 12 Months Ended |
Dec. 31, 2021 | |
Investments [Abstract] | |
Investments | INVESTMENTS Fixed Maturity Investments Trading The following table summarizes the fair value of fixed maturity investments trading: At December 31. 2021 2020 U.S. treasuries $ 6,247,779 $ 4,960,409 Agencies 361,684 368,032 Non-U.S. government 549,613 491,531 Non-U.S. government-backed corporate 474,848 338,014 Corporate 3,214,438 4,261,025 Agency mortgage-backed 721,955 1,113,792 Non-agency mortgage-backed 233,346 291,444 Commercial mortgage-backed 634,925 791,272 Asset-backed 1,068,543 890,984 Total fixed maturity investments trading $ 13,507,131 $ 13,506,503 Contractual maturities of fixed maturity investments trading are described in the following table. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. At December 31, 2021 Amortized Fair Value Due in less than one year $ 363,795 $ 365,418 Due after one through five years 6,317,351 6,297,063 Due after five through ten years 3,911,221 3,877,715 Due after ten years 306,123 308,166 Mortgage-backed 1,584,871 1,590,226 Asset-backed 1,069,218 1,068,543 Total $ 13,552,579 $ 13,507,131 Equity Investments Trading The following table summarizes the fair value of equity investments trading: At December 31. 2021 2020 Financials $ 146,615 $ 452,765 Communications and technology 82,444 119,592 Consumer 51,083 44,477 Industrial, utilities and energy 26,645 43,380 Healthcare 28,796 35,140 Basic materials 5,092 7,263 Equity exchange traded funds 114,919 — Fixed income exchange traded funds 90,422 — Total $ 546,016 $ 702,617 Pledged Investments At December 31, 2021, $8.7 billion (2020 - $8.1 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. Of this amount, $1.8 billion (2020 - $2.5 billion) is on deposit with, or in trust accounts for the benefit of, U.S. state regulatory authorities. Reverse Repurchase Agreements At December 31, 2021, the Company held $5.1 million (2020 - $126.5 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: Year ended December 31, 2021 2020 2019 Fixed maturity investments $ 234,911 $ 278,215 $ 318,503 Short term investments 2,333 20,799 56,264 Equity investments 9,017 6,404 4,808 Other investments Catastrophe bonds 64,860 54,784 46,154 Other 28,811 9,417 8,447 Cash and cash equivalents 297 2,974 7,676 340,229 372,593 441,852 Investment expenses (20,750) (18,555) (17,645) Net investment income $ 319,479 $ 354,038 $ 424,207 Net Realized and Unrealized Gains (Losses) on Investments Net realized and unrealized gains (losses) on investments are as follows: Year ended December 31, 2021 2020 2019 Net realized gains (losses) on fixed maturity investments $ 79,588 $ 276,901 $ 90,260 Net unrealized gains (losses) on fixed maturity investments trading (389,376) 216,859 170,183 Net realized and unrealized gains (loss) on fixed maturity investments trading (309,788) 493,760 260,443 Net realized and unrealized gains (losses) on investments-related derivatives (1) (12,237) 68,608 58,891 Net realized gains (losses) on equity investments trading sold during the period 335,491 3,532 31,062 Net unrealized gains (losses) on equity investments trading still held at reporting date (285,882) 262,064 64,087 Net realized and unrealized gains (losses) on equity investments trading 49,609 265,596 95,149 Net realized and unrealized gains (losses) on other investments - catastrophe bonds (35,033) (7,031) (9,392) Net realized and unrealized gains (losses) on other investments - other 89,315 (297) 9,018 Net realized and unrealized gains (losses) on investments $ (218,134) $ 820,636 $ 414,109 (1) Net realized and unrealized gains (losses) on investment-related derivatives includes fixed maturity investments related derivatives (interest rate futures, interest rate swaps, credit default swaps and total return swaps), and equity investments related derivatives (equity futures). See “Note 19. Derivative Instruments” for additional information. Other Investments The table below shows the fair value of the Company’s portfolio of other investments: At December 31, 2021 2020 Catastrophe bonds $ 1,104,034 $ 881,290 Direct private equity investments 88,373 79,807 Fund investments 725,802 295,851 Term loans 74,850 — Total other investments $ 1,993,059 $ 1,256,948 Included in net realized and unrealized gains (losses) on investments for 2021 is income of $7.0 million (2020 - a loss of $2.4 million, 2019 - loss of $5.5 million) representing the change in estimate during the period related to the difference between the Company’s estimated fair value for those funds for which the reported net asset values had not been received, as discussed in “Note 2. Significant Accounting Policies,” and the actual amount as reported in the final net asset values provided by the Company’s fund managers. The Company has committed capital to direct private equity investments, fund investments, term loans and investments in other ventures of $2.7 billion, of which $1.3 billion has been contributed at December 31, 2021. The Company’s remaining commitments to these investments at December 31, 2021 totaled $1.4 billion. In the future, the Company may enter into additional commitments in respect of direct private equity investments, term loans or fund investment opportunities. Catastrophe bonds Catastrophe bonds are non-investment grade bonds issued by unrelated third parties that generally mature within one Direct private equity investments Direct private equity investments are the Company’s direct equity investments in companies that are not traded on any nationally recognized equity markets. Fund investments Fund investments are limited partnership or similar interests in private equity funds, private credit funds and hedge funds managed by unrelated third parties. Term loans Term loans represent the Company’s loan participation interest in an underwritten term loan facility. The Company has committed to a loan participation interest of $100 million and as of December 31, 2021 had funded $75 million of its commitment. This facility pays interest, has a 5-year maturity and is fully secured by a diversified pool of primarily private equity assets. Investments in Other Ventures, under Equity Method The table below shows the Company’s portfolio of investments in other ventures, under equity method: 2021 2020 At December 31, Ownership % Carrying Value Ownership % Carrying Value Tower Hill Companies (1) 2.0% - 25.0% 25,575 2.0% - 25.0% 30,470 Top Layer Re 50.0% 25,903 50.0% 26,958 Other 22.4% 46,590 25.0% 40,945 Total investments in other ventures, under equity method $ 98,068 $ 98,373 (1) The Company has equity interests in Bluegrass Insurance Management, LLC, Tower Hill Claims Service, LLC, Tower Hill Holdings, Inc., Tower Hill Insurance Group, LLC, Tower Hill Insurance Managers, LLC, Tower Hill Re Holdings, Inc., Tower Hill Signature Insurance Holdings, Inc., Tower Hill Risk Management LLC and Tomoka Re Holdings, Inc. (collectively, the “Tower Hill Companies”). The table below shows the Company’s equity in earnings of other ventures, under equity method: Year ended December 31, 2021 2020 2019 Top Layer Re $ 8,286 $ 9,595 $ 8,801 Tower Hill Companies (2,073) 3,104 10,337 Other 6,096 4,495 4,086 Total equity in earnings of other ventures, under equity method $ 12,309 $ 17,194 $ 23,224 During 2021, the Company received $33.9 million of distributions from its investments in other ventures, under equity method (2020 – $30.0 million, 2019 – $36.5 million). Except for Top Layer Re, which is recorded on a current quarter basis, the equity in earnings of the Company’s investments in other ventures are reported one quarter in arrears. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
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 as 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 or 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 at the measurement date. The fair value is determined by multiplying the quoted price by the quantity held by the Company; • Fair values determined by Level 2 inputs utilize inputs (other than quoted prices included in Level 1) that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals, broker quotes and certain pricing indices; and • Level 3 inputs are based all or in part on significant unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In these cases, significant management assumptions can be used to establish management’s best estimate of the assumptions used by other market participants in determining the fair value of the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement of the asset or liability. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and the Company considers factors specific to the asset or liability. In order to determine if a market is active or inactive for a security, the Company considers a number of factors, including, but not limited to, the spread between what a seller is asking for a security and what a buyer is bidding for the same security, the volume of trading activity for the security in question, the price of the security compared to its par value (for fixed maturity investments), and other factors that may be indicative of market activity. There have been no material changes in the Company’s valuation techniques, nor have there been any transfers between Level 1 and Level 2, or Level 2 and Level 3 during the period represented by these consolidated financial statements. Below is a summary of the assets and liabilities that are measured at fair value on a recurring basis and also represents the carrying amount on the Company’s consolidated balance sheets: At December 31, 2021 Total Quoted Significant Significant Fixed maturity investments U.S. treasuries $ 6,247,779 $ 6,247,779 $ — $ — Agencies 361,684 — 361,684 — Non-U.S. government 549,613 — 549,613 — Non-U.S. government-backed corporate 474,848 — 474,848 — Corporate 3,214,438 — 3,214,438 — Agency mortgage-backed 721,955 — 721,955 — Non-agency mortgage-backed 233,346 — 233,346 — Commercial mortgage-backed 634,925 — 634,925 — Asset-backed 1,068,543 — 1,068,543 — Total fixed maturity investments 13,507,131 6,247,779 7,259,352 — Short term investments 5,298,385 — 5,298,385 — Equity investments trading 546,016 546,016 — — Other investments Catastrophe bonds 1,104,034 — 1,104,034 — Direct private equity investments 88,373 — — 88,373 Term loans 74,850 74,850 1,267,257 — 1,104,034 163,223 Fund investments (1) 725,802 Total other investments 1,993,059 — 1,104,034 163,223 Other assets and (liabilities) Assumed and ceded (re)insurance contracts (2) (4,727) — — (4,727) Derivative assets (3) 17,889 1,067 16,822 — Derivatives liabilities (3) (16,954) (1,598) (15,356) — Total other assets and (liabilities) (3,792) (531) 1,466 (4,727) $ 21,340,799 $ 6,793,264 $ 13,663,237 $ 158,496 (1) Fund investments, which are comprised of private equity funds, private credit funds, and hedge funds are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and 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, 2021 was $6.1 million of other assets and $10.8 million of other liabilities. (3) Refer to “Note 19. Derivative Instruments” for additional information related to the fair value, by type of contract, of derivatives entered into by the Company. At December 31, 2020 Total Quoted Significant Significant Fixed maturity investments U.S. treasuries $ 4,960,409 $ 4,960,409 $ — $ — Agencies 368,032 — 368,032 — Non-U.S. government 491,531 — 491,531 — Non-U.S. government-backed corporate 338,014 — 338,014 — Corporate 4,261,025 — 4,261,025 — Agency mortgage-backed 1,113,792 — 1,113,792 — Non-agency mortgage-backed 291,444 — 291,444 — Commercial mortgage-backed 791,272 — 791,272 — Asset-backed 890,984 — 890,984 — Total fixed maturity investments 13,506,503 4,960,409 8,546,094 — Short term investments 4,993,735 — 4,993,735 — Equity investments trading 702,617 702,617 — — Other investments Catastrophe bonds 881,290 — 881,290 — Direct private equity investments (1) 79,807 — — 79,807 961,097 — 881,290 79,807 Fund investments (1) 295,851 Total other investments 1,256,948 — 881,290 79,807 Other assets and (liabilities) Assumed and ceded (re)insurance contracts (2) (6,211) — — (6,211) Derivative assets 45,233 156 45,077 — Derivative liabilities (3) (22,360) (567) (21,793) — Total other assets and (liabilities) 16,662 (411) 23,284 (6,211) $ 20,476,465 $ 5,662,615 $ 14,444,403 $ 73,596 (1) Fund investments, which are comprised of private equity funds, private credit funds, and hedge funds are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and 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, 2020 was $1.4 million of other assets and $7.6 million of other liabilities. (3) Refer to “Note 19. Derivative Instruments” for additional information related to the fair value, by type of contract, of derivatives entered into by the Company. Level 1 and Level 2 Assets and Liabilities Measured at Fair Value Fixed Maturity Investments Fixed maturity investments included in Level 1 consist of the Company’s investments in U.S. treasuries. Fixed maturity investments included in Level 2 are agencies, 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 and non-distressed markets. The Company considers these broker quotations to be Level 2 inputs as they are corroborated with other market observable inputs. The techniques generally used to determine the fair value of the Company’s fixed maturity investments are detailed below by asset class. U.S. Treasuries Level 1 - At December 31, 2021, the Company’s U.S. treasuries fixed maturity investments were primarily priced by pricing services and had a weighted average yield to maturity of 1.1% and a weighted average credit quality of AA (2020 - 0.4% 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 December 31, 2021, the Company’s agency fixed maturity investments had a weighted average yield to maturity of 1.2% and a weighted average credit quality of AA (2020 - 0.9% 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. Non-U.S. Government Level 2 - At December 31, 2021, the Company’s non-U.S. government fixed maturity investments had a weighted average yield to maturity of 1.2% and a weighted average credit quality of AA (2020 - 0.5% 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 December 31, 2021, the Company’s non-U.S. government-backed corporate fixed maturity investments had a weighted average yield to maturity of 1.4% and a weighted average credit quality of AA (2020 - 1.0% and AA, respectively). Non-U.S. government-backed corporate 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 quality credits. The pricing services then apply a credit spread to the respective curve for each security which is developed by in-depth and real time market analysis. For securities in which trade volume is low, the pricing services utilize data from more frequently traded securities with similar attributes. These models may also be supplemented by daily market and credit research for international markets. Corporate Level 2 - At December 31, 2021, the Company’s corporate fixed maturity investments principally consisted of U.S. and international corporations and had a weighted average yield to maturity of 2.8% and a weighted average credit quality of BBB (2020 - 2.2% and BBB, respectively). The Company’s corporate fixed maturity investments are primarily priced by pricing services. When evaluating these securities, the pricing services gather information from market sources regarding the issuer of the security and obtain credit data, as well as other observations, from markets and sector news. Evaluations are updated by obtaining broker-dealer quotes and other market information including actual trade volumes, when available. The pricing services also consider the specific terms and conditions of the securities, including any specific features which may influence risk. In certain instances, securities are individually evaluated using a spread which is added to the U.S. treasury curve or a security specific swap curve as appropriate. Agency Mortgage-backed Level 2 - At December 31, 2021, the Company’s agency mortgage-backed fixed maturity investments included agency residential mortgage-backed securities with a weighted average yield to maturity of 1.9%, a weighted average credit quality of AA and a weighted average life of 5.6 years (2020 - 1.0%, AA and 3.8 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 active market quotes. Non-agency Mortgage-backed Level 2 - At December 31, 2021, the Company’s non-agency mortgage-backed fixed maturity investments had a weighted average yield to maturity of 3.2%, a weighted average credit quality of non-investment grade and a weighted average life of 5.7 years (December 31, 2020 - 3.0%, non-investment grade and 5.2 years, respectively). Securities held in these sectors are primarily priced by pricing services using an option adjusted spread model or other relevant models, which principally utilize inputs including benchmark yields, available trade information or broker quotes, and issuer spreads. The pricing services also review collateral prepayment speeds, loss severity and delinquencies among other collateral performance indicators for the securities valuation, when applicable. Commercial Mortgage-backed Level 2 - At December 31, 2021, the Company’s commercial mortgage-backed fixed maturity investments had a weighted average yield to maturity of 1.9%, a weighted average credit quality of AA, and a weighted average life of 4.1 years (2020 - 1.5%, AAA and 5.0 years, respectively). Securities held in these sectors are primarily priced by pricing services. The pricing services apply dealer quotes and other available trade information such as bids and offers, prepayment speeds which may be adjusted for the underlying collateral or current price data, the U.S. treasury curve and swap curve as well as cash settlement. The pricing services discount the expected cash flows for each security held in this sector using a spread adjusted benchmark yield based on the characteristics of the security. Asset-backed Level 2 - At December 31, 2021, the Company’s asset-backed fixed maturity investments had a weighted average yield to maturity of 1.8%, a weighted average credit quality of AA and a weighted average life of 5.4 years (2020 - 1.8%, AA and 3.2 years, respectively). The underlying collateral for the Company’s asset-backed fixed maturity investments primarily consists of collateralized loan obligations and other receivables. Securities held in these sectors are primarily priced by pricing services. The pricing services apply dealer quotes and other available trade information such as bids and offers, prepayment speeds which may be adjusted for the underlying collateral or current price data, the U.S. treasury curve and swap curve as well as cash settlement. The pricing services determine the expected cash flows for each security held in this sector using historical prepayment and default projections for the underlying collateral and current market data. In addition, a spread is applied to the relevant benchmark and used to discount the cash flows noted above to determine the fair value of the securities held in this sector. Short Term Investments Level 2 - At December 31, 2021, the Company’s short term investments had a weighted average yield to maturity of 0.1% and a weighted average credit quality of AAA (2020 - 0.1% 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. Level 3 Assets and Liabilities Measured at Fair Value Below is a summary of quantitative information regarding the significant unobservable inputs (Level 3) used in determining the fair value of assets and liabilities measured at fair value on a recurring basis: At December 31, 2021 Fair Value Valuation Technique Unobservable Inputs Low High Weighted Average or Actual Other investments Direct private equity investments $ 88,373 Internal valuation model Discount rate n/a n/a 7.5 % Liquidity discount n/a n/a 15.0 % Term loans 74,850 Yield analysis Transaction yield n/a n/a 2.78 % Total other investments 163,223 Other assets and (liabilities) Assumed and ceded (re)insurance contracts (4,727) Internal valuation model Net undiscounted cash flows n/a n/a $ 14,920 Expected loss ratio n/a n/a 14.7 % Discount rate n/a n/a 1.3 % Total other assets and (liabilities) (4,727) Total other assets and (liabilities) measured at fair value on a recurring basis using Level 3 inputs $ 158,496 At December 31, 2020 Fair Value Valuation Technique Unobservable Inputs Low High Weighted Average or Actual Other investments Private equity investment $ 79,807 Internal valuation model Discount rate n/a n/a 9.0 % Liquidity discount n/a n/a 15.0 % Total other investments 79,807 Other assets and (liabilities) Assumed and ceded (re)insurance contracts (190) Internal valuation model Bond price n/a n/a $ 99.31 Liquidity discount n/a n/a 1.3 % Assumed and ceded (re)insurance contracts (7,395) Internal valuation model Net undiscounted cash flows n/a n/a $ 12,514 Expected loss ratio n/a n/a 24.0 % Discount rate n/a n/a 0.4 % Assumed and ceded (re)insurance contracts 1,374 Internal valuation model Expected loss ratio n/a n/a 0.0 % Total other assets and (liabilities) (6,211) Total other assets and (liabilities) measured at fair value on a recurring basis using Level 3 inputs $ 73,596 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 Other Assets Total Direct private equity investments Term loans Balance - January 1, 2021 $ 79,807 $ — $ (6,211) $ 73,596 Total realized and unrealized gains (losses) Included in net realized and unrealized gains (losses) on investments (159) — — (159) Included in other income — — 2,624 2,624 Total foreign exchange gains (3) — — (3) Purchases 9,676 74,850 (1,140) 83,386 Sales (948) — — (948) Settlements — — — — Balance - December 31, 2021 $ 88,373 $ 74,850 $ (4,727) $ 158,496 Other Other Assets Total Direct private equity investments Term loans Balance - January 1, 2020 $ 74,634 $ — $ 4,731 $ 79,365 Total realized and unrealized gains (losses) Included in net realized and unrealized gains (losses) on investments (5,662) — — (5,662) Included in other income — — (3,191) (3,191) Total foreign exchange gains 10 — — 10 Purchases 20,962 — (2,012) 18,950 Sales (10,137) — — (10,137) Settlements — — (5,739) (5,739) Balance - December 31, 2020 $ 79,807 $ — $ (6,211) $ 73,596 Other Investments Direct private equity investments Level 3 - At December 31, 2021, the Company’s other investments included $88.4 million of direct private equity investments which are recorded at fair value, with the fair value obtained through the use of internal valuation models. The Company measured the fair value of these investments using multiples of net tangible book value of the underlying entity. The significant unobservable inputs used in the fair value measurement of these investments are liquidity discount rates applied to each of the net tangible book value multiples used in the internal valuation models, and discount rates applied to the expected cash flows of the underlying entity in various scenarios. These unobservable inputs in isolation can cause significant increases or decreases in fair value. Generally, an increase in the liquidity discount rate or discount rates would result in a decrease in the fair value of these private equity investments. Term loans Level 3 - At December 31, 2021, the Company’s other investments included a $74.9 million investment in a term loan which is recorded at fair value. The fair value is measured through yield analysis using the discounted cash flow method. The significant inputs using the discounted cash flow method are generally transaction yield, which may be adjusted for market movements implied by transactions of similar or related assets, loan-to-value, tenor, liquidity, credit risk adjustment or other risk factors. Assumptions used in the valuation process may significantly impact the resulting fair value . Other Assets and Liabilities Assumed and Ceded (Re)insurance Contracts Level 3 - At December 31, 2021, the Company had a $4.7 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 an observable input as each is defined in the contract. 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. 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 (re)insurance contracts are excluded from the fair value of financial instruments accounting guidance, unless the Company elects the fair value option, and therefore, are not included in the amounts discussed herein. The carrying values of cash and cash equivalents, accrued investment income, receivables for investments sold, certain other assets, payables for investments purchased, certain other liabilities, and other financial instruments not included herein approximated their fair values. Debt Included on the Company’s consolidated balance sheet at December 31, 2021 were debt obligations of $1.2 billion (2020 - $1.1 billion). At December 31, 2021, the fair value of the Company’s debt obligations was $1.3 billion (2020 – $1.3 billion). The fair value of the Company’s debt obligations is determined using indicative market pricing obtained from third-party service providers, which the Company considers Level 2 in the fair value hierarchy. There have been no changes during the period in the Company’s valuation technique used to determine the fair value of the Company’s debt obligations. Refer to “Note 9. Debt and Credit Facilities” for additional information related to the Company’s debt obligations. The Fair Value Option for Financial Assets and Financial Liabilities The Company has elected to account for certain financial assets and financial liabilities at fair value using the guidance under FASB ASC Topic Financial Instruments as the Company believes it represents the most meaningful measurement basis for these assets and liabilities. Below is a summary of the balances the Company has elected to account for at fair value: At December 31, 2021 2020 Other investments $ 1,993,059 $ 1,256,948 Other assets $ 6,100 $ 8,982 Other liabilities $ 10,827 $ 15,193 Included in net realized and unrealized gains on investments for 2021 was net unrealized gains of $41.7 million related to the changes in fair value of other investments (2020 – losses of $4.7 million, 2019 – gains of $3.8 million). Measuring the Fair Value of Other Investments Using Net Asset Valuations The table below shows the Company’s portfolio of other investments measured using net asset valuations as a practical expedient: At December 31, 2021 Fair Value Unfunded Redemption Frequency Redemption Redemption Private equity funds $ 241,297 $ 458,566 See below See below See below Private credit funds 473,112 868,571 See below See below See below Hedge funds 11,394 — See below See below See below Total other investments measured using net asset valuations $ 725,803 $ 1,327,137 At December 31, 2020 Fair Value Unfunded Redemption Frequency Redemption Redemption Private equity funds $ 140,743 $ 286,893 See below See below See below Private credit funds 144,556 692,425 See below See below See below Hedge funds 10,553 — See below See below See below Total other investments measured using net asset valuations $ 295,852 $ 979,318 Private Equity Funds The Company’s investments in private equity funds include limited partnership or similar interests that invest in certain private equity asset classes including U.S. and global leveraged buyouts. The Company generally has no right to redeem its interest in any of these private equity funds in advance of dissolution of the applicable limited partnerships. Instead, distributions are received by the Company in connection with the exit from the underlying private equity investments of the fund. It is estimated that the majority of the underlying assets of the limited partnerships would liquidate over 5 to 10 years from inception of the limited partnership. Private Credit Funds The Company’s investments in private credit funds include limited partnership or similar interests that invest in certain private credit asset classes, including senior secured bank loan funds, U.S. direct lending funds, secondaries, mezzanine investments and distressed securities. The Company generally has no right to redeem its interest in any of these private credit funds in advance of dissolution of the applicable limited partnerships. Instead, distributions are received by the Company in connection with the liquidation or maturity of the underlying private credit assets of the fund. It is estimated that the majority of the underlying assets of the limited partnerships would liquidate over 5 to 10 years from inception of the limited partnership. Hedge Funds At December 31, 2021, the Company had $11.4 million (2020 - $10.6 million) of investment in a hedge fund that is primarily focused on global credit opportunities which are generally redeemable at the option of the limited partnership interest holder. As of December 31, 2021, the Company received notice that the fund is to be liquidated and is expected to dissolve in the coming months. Limited partnerships entities The Company’s fund investments represent variable interests in limited partnerships entities with unaffiliated fund managers in the normal course of business. The Company determined that certain of these limited partnership interests represent investments in the VIEs and that it is not required to consolidate these investments because it is not the primary beneficiary of these VIEs. The Company’s maximum exposure to loss with respect to these VIEs is limited to the carrying amounts reported in the Company’s consolidated balance sheet and any unfunded commitment. The following table summarizes the aggregate carrying amount of the unconsolidated fund investments in VIEs, as well as our maximum exposure to loss associated with these VIEs: Maximum Exposure to Loss At December 31, 2021 Carrying amount Unfunded Commitments Total Other investments $ 539,866 $ 1,282,451 $ 1,822,317 At December 31, 2020 Other investments $ 240,058 $ 659,119 $ 899,177 |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [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 reinsurer fails to meet its obligations. The following table sets forth the effect of reinsurance and retrocessional activity on premiums written and earned and on net claims and claim expenses incurred: Year ended December 31, 2021 2020 2019 Premiums Written Direct $ 994,286 $ 612,172 $ 461,409 Assumed 6,839,512 5,193,993 4,346,341 Ceded (1,894,423) (1,709,832) (1,426,257) Net premiums written $ 5,939,375 $ 4,096,333 $ 3,381,493 Premiums Earned Direct $ 799,717 $ 536,595 $ 404,525 Assumed 6,257,814 5,078,682 4,348,261 Ceded (1,863,350) (1,662,815) (1,414,383) Net premiums earned $ 5,194,181 $ 3,952,462 $ 3,338,403 Claims and Claim Expenses Gross claims and claim expenses incurred $ 5,905,616 $ 3,893,204 $ 3,221,778 Claims and claim expenses recovered (2,029,529) (968,595) (1,124,757) Net claims and claim expenses incurred $ 3,876,087 $ 2,924,609 $ 2,097,021 In assessing an allowance for reinsurance assets, which includes premiums receivable and reinsurance recoverable, the Company considers historical information, financial strength of reinsurers, collateralization amounts, and ratings to determine the appropriateness of the allowance. In assessing future default for reinsurance assets, the Company evaluates the provision for current expected credit losses under the probability of default and loss given default method. The Company utilizes its internal capital and risk models, which use counterparty ratings from major rating agencies, and assesses the current market conditions for the likelihood of default. The Company updates its internal capital and risk models for counterparty ratings and current market conditions on a periodic basis. Historically, the Company has not experienced material credit losses from reinsurance assets. Premiums receivable reflect premiums written based on contract and policy terms and include estimates based on information received from both insureds and ceding companies, supplemented by our own judgment, including our estimates of premiums that are written but not reported. Due to the nature of reinsurance, ceding companies routinely report and remit premiums to us subsequent to the contract coverage period, although the time lag involved in the process of reporting and collecting premiums is typically shorter than the lag in reporting losses. At December 31, 2021, the Company’s premiums receivable balance was $3.8 billion (2020 - $2.9 billion). Of the Company’s premiums receivable balance as of December 31, 2021, the majority are receivable from highly rated counterparties. The provision for current expected credit losses on the Company’s premiums receivable was $2.8 million at December 31, 2021 (2020 - $6.0 million). The following table provides a roll forward of the provision for current expected credit losses of the Company’s premiums receivable: Year ended December 31, 2021 Beginning balance $ 5,961 Provision for allowance (3,185) Ending balance $ 2,776 Reinsurance recoverable reflects amounts due from reinsurers based on the claim liabilities associated with the reinsured policy. The Company accrues amounts that are due from assuming companies based on estimated ultimate losses applicable to the contracts. At December 31, 2021, the Company’s reinsurance recoverable balance was $4.3 billion (2020 - $2.9 billion). Of the Company’s reinsurance recoverable balance at December 31, 2021, 46.9% is fully collateralized by our reinsurers, 52.1% is recoverable from reinsurers rated A- or higher by major rating agencies and 1.0% is recoverable from reinsurers rated lower than A- by major rating agencies (2020 - 45.2%, 53.4% and 1.4%, respectively). The reinsurers with the three largest balances accounted for 19.9%, 8.4% and 4.3%, respectively, of the Company’s reinsurance recoverable balance at December 31, 2021 (2020 - 15.3%, 10.8% and 6.7%, respectively). The provision for current expected credit losses was $8.3 million at December 31, 2021 (2020 - $6.3 million). The three largest company-specific components of the provision for current expected credit losses represented 18.0%, 13.9% and 11.2%, respectively, of the Company’s total provision for current expected credit losses at December 31, 2021 (2020 - 13.2%, 13.0% and 6.7%, respectively). The following table provides a roll forward of the provision for current expected credit losses of the Company’s reinsurance recoverable: Year ended December 31, 2021 Beginning balance $ 6,334 Provision for allowance 2,010 Ending balance $ 8,344 |
Reserve for Claims and Claim Ex
Reserve for Claims and Claim Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Insurance [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 Company’s reserving committee, which includes members of the Company’s senior management, reviews, discusses, and assesses the reasonableness and adequacy of the reserving estimates included in our audited financial statements. The following table summarizes the Company’s claims and claim expense reserves by segment, allocated between case reserves, additional case reserves and IBNR: At December 31, 2021 Case Additional IBNR Total Property $ 1,555,210 $ 1,996,760 $ 2,825,718 $ 6,377,688 Casualty and Specialty 1,784,334 128,065 5,004,543 6,916,942 Total $ 3,339,544 $ 2,124,825 $ 7,830,261 $ 13,294,630 At December 31, 2020 Property $ 1,127,909 $ 1,617,003 $ 1,627,541 $ 4,372,453 Casualty and Specialty 1,651,150 133,843 4,223,692 6,008,685 Total $ 2,779,059 $ 1,750,846 $ 5,851,233 $ 10,381,138 Activity in the liability for unpaid claims and claim expenses is summarized as follows: Year ended December 31, 2021 2020 2019 Reserve for claims and claim expenses, net of reinsurance recoverable, as of beginning of period $ 7,455,128 $ 6,593,052 $ 3,704,050 Net incurred related to: Current year 4,125,557 3,108,421 2,123,876 Prior years (249,470) (183,812) (26,855) Total net incurred 3,876,087 2,924,609 2,097,021 Net paid related to: Current year 574,230 412,172 265,649 Prior years 1,649,872 1,592,456 832,405 Total net paid 2,224,102 2,004,628 1,098,054 Foreign exchange (1) (81,152) 97,273 31,260 Amounts disposed (2) — (155,178) — Amounts acquired (3) — — 1,858,775 Reserve for claims and claim expenses, net of reinsurance recoverable, as of end of period 9,025,961 7,455,128 6,593,052 Reinsurance recoverable as of end of period 4,268,669 2,926,010 2,791,297 Reserve for claims and claim expenses as of end of period $ 13,294,630 $ 10,381,138 $ 9,384,349 (1) Reflects the impact of the foreign exchange revaluation of the reserve for claims and claim expenses, net of reinsurance recoverable, denominated in non-U.S. dollars as at the balance sheet date. (2) Represents the fair value of RenaissanceRe UK’s reserve for claims and claim expenses, net of reinsurance recoverable, disposed of on August 18, 2020. (3) Represents the fair value of TMR’s reserve for claims and claim expenses, net of reinsurance recoverable, acquired at March 22, 2019. Refer to “Note 3. Acquisition of Tokio Millennium Re” for additional information related to the acquisition of TMR. The Company’s reserving methodology for each line of business uses a loss reserving process that calculates a point estimate for its ultimate settlement and administration costs for claims and claim expenses. The Company does not calculate a range of estimates and does not discount any of its reserves for claims and claim expenses. The Company uses this point estimate, along with paid claims and case reserves, to record its best estimate of additional case reserves and IBNR in its consolidated financial statements. Under GAAP, the Company is not permitted to establish estimates for catastrophe claims and claim expense reserves until an event occurs that gives rise to a loss. Reserving involves other uncertainties, such as the dependence on information from ceding companies, the time lag inherent in reporting information from the primary insurer to the Company or to the Company’s ceding companies, and differing reserving practices among ceding companies. The information received from ceding companies is typically in the form of bordereaux, broker notifications of loss and/or discussions with ceding companies or their brokers. This information may be received on a monthly, quarterly or transactional basis and normally includes paid claims and estimates of case reserves. The Company sometimes also receives an estimate or provision for IBNR. This information is updated and adjusted periodically during the loss settlement period as new data or facts in respect of initial claims, client accounts, industry or event trends may be reported or emerge in addition to changes in applicable statutory and case laws. The Company’s estimates of large losses are based on factors including currently available information derived from claims information from certain customers and brokers, industry assessments of losses, proprietary models, and the terms and conditions of the Company’s contracts. The uncertainty of the Company’s estimates for large losses is also impacted by the preliminary nature of the information available, the magnitude and relative infrequency of the events, the expected duration of the respective claims development period, inadequacies in the data provided to the relevant date by industry participants and the potential for further reporting lags or insufficiencies; and in certain large losses, significant uncertainty as to the form of the claims and legal issues, under the relevant terms of insurance and reinsurance contracts. In addition, a significant portion of the net claims and claim expenses associated with certain large losses can be concentrated with a few large clients and therefore the loss estimates for these large losses may vary significantly based on the claims experience of those clients. The contingent nature of business interruption and other exposures will also impact losses in a meaningful way, which may give rise to significant complexity in respect of claims handling, claims adjustment and other coverage issues, over time. Given the magnitude of certain events, there can be meaningful uncertainty regarding total covered losses for the insurance industry and, accordingly, several of the key assumptions underlying the Company’s loss estimates. Loss reserve estimation in respect of the Company’s retrocessional contracts poses further challenges compared to directly assumed reinsurance. In addition, the Company’s actual net losses from these events may increase if the Company’s reinsurers or other obligors fail to meet their obligations. The Company reevaluates its actuarial reserving techniques on a periodic basis. Typically, the quarterly review procedures include reviewing paid and reported claims in the most recent reporting period, reviewing the development of paid and reported claims from prior periods, and reviewing the Company’s overall experience by underwriting year and in the aggregate. The Company monitors its expected ultimate claims and claim expense ratios and expected claims reporting assumptions on a quarterly basis and compares them to its actual experience. These actuarial assumptions are generally reviewed annually, based on input from the Company’s actuaries, underwriters, claims personnel and finance professionals, although adjustments may be made more frequently if needed. Assumption changes are made to adjust for changes in the pricing and terms of coverage the Company provides, changes in industry results for similar business, as well as its actual experience to the extent the Company has enough data to rely on its own experience. If the Company determines that adjustments to an earlier estimate are appropriate, such adjustments are recorded in the period in which they are identified. Because of the inherent uncertainties discussed above, the Company has developed a reserving philosophy that attempts to incorporate prudent assumptions and estimates, and the Company has generally experienced favorable development on prior accident years net claims and claim expenses in the last several years. However, there is no assurance that this favorable development on prior accident years net claims and claim expenses will occur in future periods. The Company establishes a provision for unallocated loss adjustment expenses (“ULAE”) when the related reserve for claims and claim expenses is established. ULAE are expenses that cannot be associated with a specific claim but are related to claims paid or in the process of settlement, such as internal costs of the claims function, and are included in the reserve for claims and claim expenses. The determination of the ULAE provision is subject to judgment. Incurred and Paid Claims Development and Reserving Methodology The information provided herein about incurred and paid accident year claims development for the years ended prior to December 31, 2021 on a consolidated basis and by segment is presented as supplementary information. The Company has applied a retrospective approach with respect to its acquisitions, presenting all relevant historical information for all periods presented. In addition, included in the incurred claims and claim expenses and cumulated paid claims and claim expenses tables below are reconciling items that represents the unamortized balance of fair value adjustments recorded in connection with the acquisitions of Platinum Underwriters Holdings, Ltd. (“Platinum”) and TMR to reflect an increase in net claims and claim expenses due to the addition of a market based risk margin that represented the cost of capital required by a market participant to assume the net claims and claim expenses of Platinum and TMR, partially offset by a decrease from discounting in connection with the acquisitions of Platinum and TMR, to reflect the time value of money. For incurred and paid accident year claims denominated in currencies other than USD, the Company used the current year-end balance sheet foreign exchange rate for all periods provided, thereby eliminating the effects of changes in foreign currency translation rates from the incurred and paid accident year claims development information included in the tables below. The following table details the Company’s consolidated incurred claims and claim expenses and cumulative paid claims and claim expenses as of December 31, 2021, net of reinsurance, as well as IBNR plus additional case reserve (“ACR”) included within the net incurred claims amounts. Incurred Claims and Claim Expenses, Net of Reinsurance For the year ended December 31, At December 31, 2021 Accident 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 IBNR (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) 2012 $ 1,138,478 $ 1,022,338 $ 958,667 $ 927,397 $ 899,241 $ 901,147 $ 907,765 $ 911,821 $ 894,228 $ 893,612 $ 28,520 2013 — 912,458 887,176 836,813 790,498 766,453 747,939 726,212 720,503 726,277 16,529 2014 — — 1,002,755 974,640 965,706 941,733 922,659 932,269 897,645 888,622 57,970 2015 — — — 1,139,588 1,144,947 1,161,202 1,130,597 1,105,473 1,117,250 1,111,987 73,388 2016 — — — — 1,418,381 1,464,953 1,447,703 1,420,715 1,366,532 1,373,871 59,360 2017 — — — — — 2,954,415 2,748,704 2,664,387 2,603,328 2,559,381 342,654 2018 — — — — — — 2,198,790 2,342,952 2,297,920 2,188,749 371,723 2019 — — — — — — — 2,255,467 2,213,257 2,154,462 834,344 2020 — — — — — — — — 3,090,954 3,076,722 1,562,397 2021 — — — — — — — — — 4,080,591 3,091,130 Total $ 19,054,274 $ 6,438,015 Cumulative Paid Claims and Claim Expenses, Net of Reinsurance For the year ended December 31, Accident 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) 2012 $ 267,808 $ 417,140 $ 522,714 $ 597,103 $ 648,754 $ 723,431 $ 754,527 $ 785,271 $ 792,519 $ 808,734 2013 — 132,207 341,769 434,633 497,296 556,485 589,784 617,109 633,689 648,716 2014 — — 231,084 435,331 557,091 633,294 694,155 741,271 767,927 788,590 2015 — — — 262,301 496,234 660,456 775,007 870,708 934,337 982,966 2016 — — — — 287,753 625,995 831,642 973,074 1,087,441 1,184,679 2017 — — — — — 747,272 1,073,216 1,370,642 1,735,535 1,905,621 2018 — — — — — — 590,671 800,773 1,172,692 1,452,144 2019 — — — — — — — 285,660 692,429 986,835 2020 — — — — — — — — 410,482 1,023,330 2021 — — — — — — — — — 572,076 Total $ 10,353,691 Outstanding liabilities from accident year 2011 and prior, net of reinsurance 341,797 Adjustment for unallocated loss adjustment expenses 61,251 Unamortized fair value adjustments recorded in connection with acquisitions (77,670) Liability for claims and claim expenses, net of reinsurance $ 9,025,961 Property Segment Within the Property segment, the Company writes property catastrophe excess of loss reinsurance contracts to insure insurance and reinsurance companies against natural and man-made catastrophes. Under these contracts, the Company indemnifies an insurer or reinsurer when its aggregate paid claims and claim expenses from a single occurrence of a covered peril exceeds the attachment point specified in the contract, up to an amount per loss specified in the contract. Generally, the Company’s most significant exposure is to losses from hurricanes, earthquakes and other windstorms, although the Company is also exposed to claims arising from other man-made and natural catastrophes, such as tsunamis, winter storms, freezes, floods, fires, tornadoes, explosions and acts of terrorism. The Company’s predominant exposure under such coverage is to property damage. However, other risks, including business interruption and other non-property losses, may also be covered under the Company’s catastrophe contracts when arising from a covered peril. The Company’s coverages are offered on either a worldwide basis or are limited to selected geographic areas. Coverage can also vary from “all property” perils to limited coverage on selected perils, such as “earthquake only” coverage. The Company also enters into retrocessional contracts that provide property catastrophe coverage to other reinsurers or retrocedants. This coverage is generally in the form of excess of loss retrocessional contracts and may cover all perils and exposures on a worldwide basis or be limited in scope to selected geographic areas, perils and/or exposures. The exposures the Company assumes from retrocessional business can change within a contract term as the underwriters of a retrocedant may alter their book of business after the retrocessional coverage has been bound. The Company also offers dual trigger reinsurance contracts which require the Company to pay claims based on claims incurred by insurers and reinsurers in addition to the estimate of insured industry losses as reported by referenced statistical reporting agencies. Also included in the Property segment is property per risk, property (re)insurance, delegated authority arrangements and regional U.S. multi-line reinsurance. The Company’s predominant exposure under such coverage is to property damage. However, other risks, including business interruption and other non-property losses, may also be covered when arising from a covered peril. The Company’s coverages are offered on either a worldwide basis or are limited to selected geographic areas. Principally all of the business is reinsurance, although the Company also writes insurance business primarily through delegated authority arrangements. The Company offers these products principally through proportional reinsurance coverage or in the form of delegated authority arrangements. In a proportional reinsurance arrangement (also referred to as quota share reinsurance or pro rata reinsurance), the reinsurer shares a proportional part of the original premiums and losses of the reinsured. Claims and claim expenses in the Company’s Property segment are generally characterized by losses of low frequency and high severity. Initial reporting of paid and incurred claims in general, tends to be relatively prompt, particularly for less complex losses. The Company considers this business “short-tail” as compared to the reporting of claims for “long-tail” products, which tends to be slower. However, the timing of claims payment and reporting also varies depending on various factors, including: whether the claims arise under reinsurance of primary insurance companies or reinsurance of other reinsurance companies; the nature of the events ( e.g. , hurricanes, earthquakes or terrorism); the geographic area involved; post-event inflation which may cause the cost to repair damaged property to increase significantly from current estimates, or for property claims to remain open for a longer period of time, due to limitations on the supply of building materials, labor and other resources; complex policy coverage and other legal issues; and the quality of each client’s claims management and reserving practices. Management’s judgments regarding these factors are reflected in the Company’s reserve for claims and claim expenses. Reserving for most of the Company’s Property segment generally does not involve the use of traditional actuarial techniques. Rather, claims and claim expense reserves are estimated by management by completing an in-depth analysis of the individual contracts which may potentially be impacted by the loss. The in-depth analysis generally involves: 1) estimating the size of insured industry losses; 2) reviewing reinsurance contract portfolios to identify contracts which are exposed; 3) reviewing information reported or otherwise provided by customers and brokers; 4) discussing the loss with customers and brokers; and 5) estimating the ultimate expected cost to settle all claims and administrative costs arising from the loss on a contract-by-contract basis and in aggregate for the event. Once a loss has occurred, during the then current reporting period, the Company records its best estimate of the ultimate expected cost to settle all claims arising from the loss. The Company’s estimate of claims and claim expense reserves is then determined by deducting cumulative paid losses from its estimate of the ultimate expected loss. The Company’s estimate of IBNR is determined by deducting cumulative paid losses, case reserves and additional case reserves from its estimate of the ultimate expected loss. Once the Company receives a valid notice of loss or payment request under a catastrophe reinsurance contract, it is generally able to process and pay such claims promptly. Because losses from which claims arise under policies written within the Property segment are typically prominent, public events such as hurricanes and earthquakes, the Company is often able to use independent reports as part of its loss reserve estimation process. The Company also reviews catastrophe bulletins published by various statistical reporting agencies to assist in determining the size of the industry loss, although these reports may not be available for some time after an event. For smaller events including localized severe weather events such as windstorms, hail, ice, snow, flooding, freezing and tornadoes, which are not necessarily prominent, public occurrences, the Company initially places greater reliance on catastrophe bulletins published by statistical reporting agencies to assist in determining what events occurred during the reporting period than the Company does for large events. This includes reviewing catastrophe bulletins published by Property Claim Services for U.S. catastrophes. The Company sets its initial estimates of reserves for claims and claim expenses for these smaller events based on a combination of its historical market share for these types of losses and the estimate of the total insured industry property losses as reported by statistical reporting agencies, although management may make significant adjustments based on the Company’s current exposure to the geographic region involved as well as the size of the loss and the peril involved. This approach supplements the Company’s approach for estimating losses for larger catastrophes, which as discussed above, includes discussions with brokers and ceding companies and reviewing individual contracts impacted by the event. Approximately one year from the date of loss for these small events, the Company typically estimates IBNR for these events by using the paid Bornhuetter-Ferguson actuarial method. The loss development factors for the paid Bornhuetter-Ferguson actuarial method are selected based on a review of the Company’s historical experience. There were no significant changes to the Company's paid loss development factors over the last three years. In general, reserves for the Company’s more recent large losses are subject to greater uncertainty and, therefore, greater potential variability, and are likely to experience material changes from one period to the next. This is due to the uncertainty as to the size of the industry losses, uncertainty as to which contracts have been exposed, uncertainty due to complex legal and coverage issues that can arise out of large or complex losses, and uncertainty as to the magnitude of claims incurred by the Company’s customers. As the Company’s claims age, more information becomes available and the Company believes its estimates become more certain. The following table details the Company’s Property segment incurred claims and claim expenses and cumulative paid claims and claim expenses as of December 31, 2021, net of reinsurance, as well as IBNR plus ACR included within the net incurred claims amounts. Incurred Claims and Claim Expenses, Net of Reinsurance For the year ended December 31, At December 31, 2021 Accident 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 IBNR (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) 2012 $ 560,348 $ 429,885 $ 395,605 $ 375,439 $ 358,509 $ 346,756 $ 338,877 $ 334,347 $ 325,042 $ 322,871 $ 1,180 2013 — 318,033 294,315 272,191 250,014 238,734 235,016 235,356 238,404 240,779 1,113 2014 — — 302,158 278,813 265,569 260,542 259,379 256,845 250,647 247,708 372 2015 — — — 372,338 357,065 334,099 323,211 311,964 305,847 295,081 71 2016 — — — — 455,503 469,120 452,922 434,706 415,572 411,698 16,889 2017 — — — — — 1,644,982 1,461,953 1,350,684 1,328,419 1,273,461 217,210 2018 — — — — — — 938,309 1,020,102 979,598 857,217 105,483 2019 — — — — — — — 992,526 956,445 898,472 254,099 2020 — — — — — — — — 1,580,564 1,600,743 585,134 2021 — — — — — — — — — 2,370,891 1,552,621 Total $ 8,518,921 $ 2,734,172 Cumulative Paid Claims and Claim Expenses, Net of Reinsurance For the year ended December 31, Accident 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) 2012 $ 165,951 $ 205,814 $ 254,000 $ 280,519 $ 291,901 $ 306,718 $ 309,133 $ 314,418 $ 314,720 $ 318,295 2013 — 80,397 156,204 192,225 207,963 215,758 218,446 221,255 226,035 226,353 2014 — — 106,781 184,711 223,197 234,933 241,266 244,721 243,885 246,690 2015 — — — 126,972 226,722 260,858 278,452 288,678 292,033 294,651 2016 — — — — 120,506 259,131 327,034 351,523 374,160 384,932 2017 — — — — — 534,631 663,381 820,148 946,934 972,239 2018 — — — — — — 434,358 439,783 611,268 638,149 2019 — — — — — — — 160,141 364,761 526,314 2020 — — — — — — — — 255,268 676,472 2021 — — — — — — — — — 499,796 Total $ 4,783,891 Outstanding liabilities from accident year 2011 and prior, net of reinsurance 89,538 Adjustment for unallocated loss adjustment expenses 16,266 Unamortized fair value adjustments recorded in connection with acquisitions (11,642) Liability for claims and claim expenses, net of reinsurance $ 3,829,192 Casualty and Specialty Segment The Company offers its casualty and specialty reinsurance products principally on a proportional basis, and it also provides excess of loss coverage. The Company offers casualty and specialty reinsurance products to insurance and reinsurance companies and provides coverage for specific geographic regions or on a worldwide basis. Principally all of the business is reinsurance, although the Company also writes insurance business. As with the Company’s Property segment, its Casualty and Specialty segment reinsurance contracts can include coverage for relatively large limits or exposures. As a result, the Company’s casualty and specialty reinsurance business can be subject to significant claims volatility. In periods of low claims frequency or severity, the Company’s results will generally be favorably impacted while in periods of high claims frequency or severity the Company’s results will generally be negatively impacted. The Company’s processes and methodologies in respect of loss estimation for the coverages offered through its Casualty and Specialty segment differ from those used for its Property segment. For example, the Company’s casualty and specialty coverages are more likely to be impacted by factors such as long-term inflation and changes in the social and legal environment, which the Company believes gives rise to greater uncertainty in its reserves for claims and claim expenses. Moreover, in many lines of business the Company does not have the benefit of a significant amount of its own historical experience and may have little or no related corporate reserving history in many of its newer or growing lines of business. The Company believes this makes its Casualty and Specialty segment reserving subject to greater uncertainty than its Property segment. The Company calculates multiple point estimates for claims and claim expense reserves using a variety of actuarial reserving techniques for many, but not all, of its classes of business for each underwriting year within the Casualty and Specialty segment. The Company does not believe that these multiple point estimates are, or should be considered, a range. Rather, the Company considers each class of business and determines the most appropriate point estimate for each underwriting year based on the characteristics of the particular class including: (1) loss development patterns derived from historical data; (2) the credibility of the selected loss development pattern; (3) the stability of the loss development patterns; (4) how developed the underwriting year is; and (5) the observed loss development of other underwriting years for the same class. The Company also considers other relevant factors, including: (1) historical ultimate loss ratios; (2) the presence of individual large losses; and (3) known occurrences that have not yet resulted in reported losses. The Company makes determinations of the most appropriate point estimate of loss for each class based on an evaluation of relevant information and does not ascribe any particular portion of the estimate to a particular factor or consideration. In addition, the Company believes that a review of individual contract information improves the loss estimates for some classes of business. When developing claims and claims expense reserves for its Casualty and Specialty segment, the Company considers several actuarial techniques such as the expected loss ratio method, the Bornhuetter-Ferguson actuarial method and the paid and reported chain ladder actuarial method. For classes of business and underwriting years where the Company has limited historical claims experience, estimates of ultimate losses are generally initially determined based on the loss ratio method applied to each underwriting year and to each class of business. Unless the Company has credible claims experience or unfavorable development, it generally selects an ultimate loss based on its initial expected loss ratio. The selected ultimate losses are determined by multiplying the initial expected loss ratio by the earned premium. The initial expected loss ratios are key inputs that involve management judgment and are based on a variety of factors, including: (1) contract by contract expected loss ratios developed during the Company’s pricing process; (2) historical loss ratios and combined ratios adjusted for rate change and trend; and (3) industry benchmarks for similar business. These judgments take into account management’s view of past, current and future factors that may influence ultimate losses, including: (1) market conditions; (2) changes in the business underwritten; (3) changes in timing of the emergence of claims; and (4) other factors that may influence ultimate loss ratios and losses. The determination of when reported losses are sufficient and credible to warrant selection of an ultimate loss ratio different from the initial expected loss ratio also requires judgment. The Company generally makes adjustments for reported loss experience indicating unfavorable variances from initial expected loss ratios sooner than reported loss experience indicating favorable variances. This is because the reporting of losses in excess of expectations tends to have greater credibility than an absence or lower than expected level of reported losses. Over time, as a greater number of claims are reported and the credibility of reported losses improves, actuarial estimates of IBNR are typically based on the Bornhuetter-Ferguson actuarial method or the reported chain ladder actuarial method. The Bornhuetter-Ferguson method allows for greater weight to be applied to expected results in periods where little or no actual experience is available, and, hence, is less susceptible to the potential pitfall of being excessively swayed by experience of actual paid and/or reported loss data, compared to the chain ladder actuarial method. The Bornhuetter-Ferguson method uses the initial expected loss ratio to estimate IBNR, and it assumes that past experience is not fully representative of the future. As the Company’s reserves for claims and claim expenses age, and actual claims experience becomes available, this method places less weight on expected experience and places more weight on actual experience. This experience, which represents the difference between expected reported claims and actual reported claims, is reflected in the respective reporting period as a change in estimate. The utilization of the Bornhuetter-Ferguson method requires the Company to estimate an expected ultimate claims and claim expense ratio and select an expected loss reporting pattern. The Company selects its estimates of the expected ultimate claims and claim expense ratios as described above and selects its expected loss reporting patterns by utilizing actuarial analysis, including management’s judgment, and historical patterns of paid losses and reporting of case reserves to the Company, as well as industry loss development patterns. The estimated expected claims and claim expense ratio may be modified to the extent that reported losses at a given point in time differ from what would be expected based on the selected loss reporting pattern. The reported chain ladder actuarial method utilizes actual reported losses and a loss development pattern to determine an estimate of ultimate losses that is independent of the initial expected ultimate loss ratio and earned premium. The Company believes this technique is most appropriate when there are a large number of reported losses with significant statistical credibility and a relatively stable loss development pattern. Information that may cause future loss development patterns to differ from historical loss development patterns is considered and reflected in the Company’s selected loss development patterns as appropriate. For certain reinsurance contracts, historical loss development patterns may be developed from ceding company data or other sources. In addition, certain specialty coverages may be impacted by natural and man-made catastrophes. The Company estimates reserves for claim and claim expenses for these losses, following a process that is similar to its Property segment described above. The following table details the Company’s Casualty and Specialty segment incurred claims and claim expenses and cumulative paid claims and claim expenses as of December 31, 2021, net of reinsur |
Debt and Credit Facilities
Debt and Credit Facilities | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt and Credit Facilities | DEBT AND CREDIT FACILITIES Debt Obligations A summary of the Company’s debt obligations on its consolidated balance sheets is set forth below: December 31, 2021 December 31, 2020 Fair Value Carrying Value Fair Value Carrying Value 3.600% Senior Notes due 2029 $ 432,316 $ 393,305 $ 453,932 $ 392,391 3.450% Senior Notes due 2027 321,204 297,281 329,661 296,787 3.700% Senior Notes due 2025 318,852 298,798 315,273 298,428 4.750% Senior Notes due 2025 (DaVinciRe) (1) 166,071 148,969 162,203 148,659 Total senior notes 1,238,443 1,138,353 1,261,069 1,136,265 Medici Revolving Credit Facility (2) 30,000 30,000 — — Total debt $ 1,268,443 $ 1,168,353 $ 1,261,069 $ 1,136,265 (1) RenaissanceRe owns a noncontrolling economic interest in its joint venture DaVinciRe. 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 RenaissanceRe. However, RenaissanceRe does not guarantee or provide credit support for DaVinciRe and RenaissanceRe’s financial exposure to DaVinciRe is limited to its investment in DaVinciRe’s shares and counterparty credit risk arising from reinsurance transactions. (2) RenaissanceRe owns a noncontrolling economic interest in Medici. Because RenaissanceRe controls all of Medici’s outstanding voting rights, the financial statements of Medici are included in RenaissanceRe’s consolidated financial statements. 3.600% Senior Notes Due 2029 On April 2, 2019, RenaissanceRe issued $400.0 million principal amount of its 3.600% Senior Notes due April 15, 2029, with interest on the notes payable on April 15 and October 15 of each year, commencing on October 15, 2019. The notes are redeemable at the applicable redemption price, subject to the terms described in the indenture for the notes. However, the notes may not be redeemed prior to April 15, 2022 without approval from the Bermuda Monetary Authority (the “BMA”) and may not be redeemed at any time prior to their maturity if enhanced capital requirements, as established by the BMA, would be breached immediately before or after giving effect to the redemption of such notes, unless, in each case, RenaissanceRe replaces the capital represented by the notes to be redeemed with capital having equal or better capital treatment as the notes under applicable BMA rules. The notes contain various covenants including limitations on mergers and consolidations, and restrictions as to the disposition of, and the placing of liens on, the stock of designated subsidiaries. The net proceeds from this offering were used to repay, in full, the $200.0 million outstanding under the Company’s revolving credit facility at March 31, 2019, which the Company used to partially fund the purchase price for the TMR Stock Purchase, and the remainder of the net proceeds was used for general corporate purposes. Refer to “Note 3. Acquisition of Tokio Millennium Re” for additional information related to the acquisition of TMR. 3.450% Senior Notes due 2027 of RenaissanceRe Finance Inc. On June 29, 2017, RenaissanceRe Finance Inc. (“RenaissanceRe Finance”) issued $300.0 million principal amount of its 3.450% Senior Notes due July 1, 2027, with interest on the notes payable on July 1 and January 1 of each year. The notes are fully and unconditionally guaranteed by RenaissanceRe and may be redeemed by RenaissanceRe Finance prior to maturity, subject to the payment of a “make-whole” premium if the notes are redeemed prior to April 1, 2027. The notes contain various covenants, including limitations on mergers and consolidations, and restrictions as to the disposition of, and the placing of liens on, stock of designated subsidiaries. 3.700% Senior Notes due 2025 of RenaissanceRe Finance On March 24, 2015, RenaissanceRe Finance issued $300.0 million principal amount of its 3.700% Senior Notes due April 1, 2025, with interest on the notes payable on April 1 and October 1 of each year. The notes are fully and unconditionally guaranteed by RenaissanceRe and may be redeemed by RenaissanceRe Finance prior to maturity, subject to the payment of a “make-whole” premium if the notes are redeemed prior to January 1, 2025. The notes contain various covenants, including limitations on mergers and consolidations, and restrictions as to the disposition of, and the placing of liens on, stock of designated subsidiaries. The net proceeds from the offering of the notes (together with cash on hand) were applied by RenaissanceRe to repay in full a $300.0 million bridge loan that Barclays Bank PLC provided to RenaissanceRe on February 25, 2015 in order to finance a portion of the cash consideration paid by RenaissanceRe in connection with the acquisition of Platinum. 5.75% Senior Notes due 2020 of RenRe North America Holdings Inc. and RenaissanceRe Finance On March 17, 2010, RenRe North America Holdings Inc. (“RRNAH”) issued $250.0 million principal amount of its 5.75% Senior Notes due March 15, 2020 (the “RRNAH Notes”), with interest on the notes payable on March 15 and September 15 of each year. RenaissanceRe Finance became a co-obligor of the notes as of July 3, 2015. On March 15, 2020, the Company repaid in full at maturity the aggregate principal amount of $250.0 million, plus applicable accrued interest, of the 5.75% Senior Notes due 2020 of RenRe North America Holdings Inc. and RenaissanceRe Finance. The notes, which were senior obligations, were fully and unconditionally guaranteed by RenaissanceRe. DaVinciRe Senior Notes On May 4, 2015, DaVinciRe issued $150.0 million principal amount of its 4.750% Senior Notes due May 1, 2025, with interest on the notes payable on May 1 and November 1, commencing with November 1, 2015 (the “DaVinciRe Senior Notes”). The DaVinciRe Senior Notes, which are senior obligations, may be redeemed prior to maturity, subject to the payment of a “make-whole” premium if the notes are redeemed before February 1, 2025. The DaVinciRe Senior Notes contain various covenants including restrictions as to the disposition of, and the placing of liens on, the stock of designated subsidiaries, limitations on mergers, amalgamations and consolidations, limitations on third-party investor redemptions, a leverage covenant and a covenant to maintain certain ratings. The net proceeds from this offering were used to repay, in full, $100.0 million outstanding under the loan agreement, dated as of March 30, 2011, between DaVinciRe and RenaissanceRe, and the remainder of the net proceeds were used for general corporate purposes. Scheduled Debt Maturity The following table sets forth the scheduled maturity of the Company’s aggregate amount of its debt obligation reflected on its consolidated balance sheet at December 31, 2021: 2022 $ 30,000 2023 — 2024 — 2025 450,000 2026 — After 2026 700,000 Unamortized fair value adjustments — Unamortized discount and debt issuance expenses (11,647) $ 1,168,353 Credit Facilities The outstanding amounts issued or drawn under each of the Company’s significant credit facilities is set forth below: At December 31, 2021 Issued or Drawn Revolving Credit Facility (1) $ — Medici Revolving Credit Facility (2) 30,000 Bilateral Letter of Credit Facilities Secured 410,440 Unsecured 369,324 Funds at Lloyd’s Letter of Credit Facility 275,000 $ 1,084,764 (1) At December 31, 2021, no amounts were issued or drawn under this facility. (2) RenaissanceRe owns a noncontrolling economic interest in Medici. Because RenaissanceRe controls all of Medici’s outstanding voting rights, the financial statements of Medici are included in RenaissanceRe’s consolidated financial statements. The drawn amount of the Medici revolving credit facility is included on the Company’s consolidated balance sheets under debt. RenaissanceRe Revolving Credit Facility RenaissanceRe, Renaissance Reinsurance, RenaissanceRe Specialty U.S., Renaissance Reinsurance U.S. and RREAG are parties to a second amended and restated credit agreement dated November 9, 2018 (as amended, the “Revolving Credit Agreement”) with various banks, financial institutions and Wells Fargo Bank, National Association (“Wells Fargo”) as administrative agent, which amended and restated a previous credit agreement. The Revolving Credit Agreement provides for a revolving commitment to RenaissanceRe of $500.0 million, with a right, subject to satisfying certain conditions, to increase the size of the facility to $700.0 million. Amounts borrowed under the Revolving Credit Agreement bear interest at a rate selected by RenaissanceRe equal to the Base Rate or LIBOR (each as defined in the Revolving Credit Agreement) plus a margin. In addition to revolving loans, the Revolving Credit Agreement provides that the entire facility will also be available for the issuance of standby letters of credit, subject to the terms and conditions set forth therein, and swingline loans, which are capped at $50.0 million for each of the swingline lenders. At December 31, 2021, RenaissanceRe had $Nil outstanding under the Revolving Credit Agreement. The Revolving Credit Agreement contains representations, warranties and covenants customary for bank loan facilities of this type, including limits on the ability of RenaissanceRe and its subsidiaries to merge, consolidate, sell a substantial amount of assets, incur liens and declare or pay dividends under certain circumstances. The Revolving Credit Agreement also contains certain financial covenants which generally provide that the ratio of consolidated debt to capital shall not exceed 0.35:1 and that the consolidated net worth of RenaissanceRe shall equal or exceed approximately $2.9 billion, subject to an annual adjustment. If certain events of default occur, in some circumstances the lenders’ obligations to make loans may be terminated and the outstanding obligations of RenaissanceRe under the Revolving Credit Agreement may be accelerated. The scheduled commitment maturity date of the Revolving Credit Agreement is November 9, 2023. RRNAH and RenaissanceRe Finance guarantee RenaissanceRe’s obligations under the Revolving Credit Agreement. Subject to certain exceptions, additional subsidiaries of RenaissanceRe are required to become guarantors if such subsidiaries issue or incur certain types of indebtedness. Bilateral Letter of Credit Facilities Uncommitted, Secured Standby Letter of Credit Facility with Wells Fargo RenaissanceRe and certain of its subsidiaries and affiliates, including Renaissance Reinsurance, DaVinci, Renaissance Reinsurance U.S. and RREAG are parties to an Amended and Restated Standby Letter of Credit Agreement dated June 21, 2019, as amended, with Wells Fargo, which provides for a secured, uncommitted facility under which letters of credit may be issued from time to time for the respective accounts of the subsidiaries. Pursuant to the agreement, the applicants may request secured letter of credit issuances, and also have an option to request the issuance of up to $100.0 million of unsecured letters of credit (outstanding on such request date). RenaissanceRe has unconditionally guaranteed the payment obligations of the applicants other than DaVinci. The agreement contains representations, warranties and covenants that are customary for facilities of this type. Under the agreement, each applicant is required to pledge eligible collateral having a value sufficient to cover all of its obligations under the agreement with respect to secured letters of credit issued for its account. In the case of an event of default under the agreement, Wells Fargo may exercise certain remedies, including conversion of collateral of a defaulting applicant into cash. At December 31, 2021, there were $97.0 million of secured letters of credit outstanding and $Nil of unsecured letters of credit outstanding under this agreement. Secured Letter of Credit Facility with Citibank Europe Certain subsidiaries and affiliates of RenaissanceRe, including Renaissance Reinsurance, DaVinci, Renaissance Reinsurance of Europe Unlimited Company, RenaissanceRe Specialty U.S., Renaissance Reinsurance U.S. and RREAG, are parties to a facility letter, dated September 17, 2010, as amended, with Citibank Europe plc (“Citibank Europe”), pursuant to which Citibank Europe has established a letter of credit facility under which Citibank Europe provides a commitment to issue letters of credit for the accounts of the participants in multiple currencies. Effective December 21, 2021, the aggregate commitment amount was increased from $300.0 million to $350.0 million, subject to a sublimit of $25.0 million for letters of credit issued for the account of Renaissance Reinsurance U.S. The letter of credit facility is scheduled to expire on December 31, 2023. At all times during which it is a party to the facility, each participant is obligated to pledge to Citibank Europe securities with a value that equals or exceeds the aggregate face amount of its then-outstanding letters of credit. In the case of an event of default under the facility with respect to a participant, Citibank Europe may exercise certain remedies, including terminating its commitment to such participant and taking certain actions with respect to the collateral pledged by such participant (including the sale thereof). In the facility letter, each participant makes representations and warranties that are customary for facilities of this type and agrees that it will comply with certain informational and other undertakings. At December 31, 2021, $301.9 million aggregate face amount of letters of credit was outstanding and, subject to the sublimits described above, $48.1 million remained unused and available to the participants under this facility. Uncommitted, Unsecured Letter of Credit Facility with Citibank Europe Renaissance Reinsurance, RenaissanceRe Specialty U.S., Renaissance Reinsurance U.S. and RREAG are parties to a Master Agreement for Issuance of Payment Instruments and a Facility Letter for Issuance of Payment Instruments with Citibank Europe dated March 22, 2019, as amended, which established an uncommitted, unsecured letter of credit facility pursuant to which Citibank Europe or one of its correspondents may issue standby letters of credit or similar instruments in multiple currencies for the account of one or more of the applicants. The obligations of the applicants under this facility are guaranteed by RenaissanceRe. Pursuant to the master agreement, each applicant makes representations and warranties that are customary for facilities of this type and agrees that it will comply with certain informational and other customary undertakings. The master agreement contains events of default customary for facilities of this type. In the case of an event of default under the facility, Citibank Europe may exercise certain remedies, including requiring that the relevant applicant pledge cash collateral in an amount equal to the maximum actual and contingent liability of the issuing bank under the letters of credit and similar instruments issued for such applicant under the facility, and taking certain actions with respect to the collateral pledged by such applicant (including the sale thereof). In addition, Citibank Europe may require that the relevant applicant pledge cash collateral if certain minimum ratings are not satisfied. At December 31, 2021, the aggregate face amount of the payment instruments issued and outstanding under this facility was $298.3 million. Unsecured Letter of Credit Facility with Credit Suisse RREAG, Renaissance Reinsurance and RenaissanceRe are parties to a letter of credit facility agreement with Credit Suisse (Switzerland) Ltd. (“Credit Suisse”) dated December 16, 2021, which replaced the previous amended and restated letter of credit facility agreement with Credit Suisse dated March 22, 2019, and which provides for a $200.0 million committed, unsecured letter of credit facility pursuant to which Credit Suisse (or any other fronting bank acting on behalf of Credit Suisse) may issue letters of credit or similar instruments in multiple currencies for the account of RREAG or Renaissance Reinsurance. The obligations of RREAG and Renaissance Reinsurance under the agreement are guaranteed by RenaissanceRe. The facility is scheduled to expire on December 31, 2024. In the agreement, RREAG, Renaissance Reinsurance and RenaissanceRe make representations, warranties and covenants that are customary for facilities of this type, and agree to comply with certain informational and other customary undertakings. The agreement also contains certain financial covenants applicable to the RenaissanceRe, including the requirement to maintain the ratio of consolidated debt to capital of not more than 0.35:1 , to maintain a minimum consolidated net worth initially of approximately $3.0 billion, subject to an annual adjustment, and to maintain RenaissanceRe’s credit rating with S&P and A.M. Best of at least A-. The agreement contains events of default customary for facilities of this type. At any time on or after the occurrence of an event of default, Credit Suisse may exercise remedies, including canceling the commitment, requiring that RREAG or Renaissance Reinsurance pledge cash collateral in an amount equal to the maximum liability of the issuing bank under the letters of credit and similar instruments issued under the agreement, and demanding that RREAG or Renaissance Reinsurance procure the release by the beneficiaries of the letters of credit and similar instruments issued under the agreement. At December 31, 2021, letters of credit issued by Credit Suisse under the agreement were outstanding in the face amount of $71.0 million. Vermeer Letter of Credit Facility with Citibank Europe Vermeer is party to an uncommitted, secured letter of credit facility pursuant to which Citibank Europe or one of its correspondents may issue standby letters of credit or similar instruments in multiple currencies for the account of the applicant. The obligations of Vermeer under this facility are not guaranteed by RenaissanceRe. At December 31, 2021, the aggregate face amount of letters of credit outstanding under this facility was $11.5 million. Funds at Lloyd’s Letter of Credit Facility Renaissance Reinsurance is party to an Amended and Restated Letter of Credit Reimbursement Agreement dated November 7, 2019, as amended, with Bank of Montreal, Citibank Europe and ING Bank N.V., which provides a facility under which letters of credit may be issued from time to time to support business written by Renaissance Reinsurance’s Lloyd’s syndicate, Syndicate 1458. Effective November 3, 2021, the stated amount of the outstanding Funds at Lloyd’s letter of credit increased from $225.0 million to $275.0 million. Renaissance Reinsurance may request that the outstanding letter of credit be amended to increase the stated amount or that a new letter of credit denominated in U.S. dollars be issued, in an aggregate amount for all such increases or issuances not to exceed $140.0 million. The facility terminates four years from the date of notice from the lenders to the beneficiary of the letter of credit, unless extended. Generally, Renaissance Reinsurance is not required to post any collateral for letters of credit issued pursuant to this facility. However, following the occurrence of a partial collateralization event or a full collateralization event, as provided in the agreement, Renaissance Reinsurance is required to pledge eligible securities with a collateral value of at least 60% or 100%, respectively, of the aggregate amount of its then-outstanding letters of credit. The latest date upon which Renaissance Reinsurance will become obligated to collateralize the facility at 100% is December 31, 2022. In the agreement, Renaissance Reinsurance makes representations and warranties that are customary for facilities of this type and agrees that it will comply with certain informational undertakings and other covenants, including maintaining a minimum net worth. In the case of an event of default under the FAL facility, the lenders may exercise certain remedies, including declaring all outstanding obligations of Renaissance Reinsurance under the agreement and related credit documents due and payable and taking certain actions with respect to the collateral pledged by Renaissance Reinsurance (including the sale thereof). At December 31, 2021, the face amount of the outstanding letter of credit issued under the FAL facility was $275.0 million. Medici RenaissanceRe Medici Fund Limited and RenaissanceRe Fund Management Limited are parties to a revolving credit facility pursuant to which National Australia Bank Limited provides for a revolving commitment to RenaissanceRe Medici Fund Limited of $40.0 million. The obligations of RenaissanceRe Medici Fund Limited and Renaissance Re Fund Management Limited under this facility are not guaranteed by RenaissanceRe. Top Layer Re Renaissance Reinsurance is party to a collateralized letter of credit and reimbursement agreement in the amount of $37.5 million that supports the Company’s Top Layer Re joint venture. Renaissance Reinsurance is obligated to make a mandatory capital contribution of up to $50.0 million in the event that a loss reduces Top Layer Re’s capital below a specified level. |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2021 | |
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: At December 31, 2021 2020 Redeemable noncontrolling interest - DaVinciRe $ 1,499,451 $ 1,560,693 Redeemable noncontrolling interest - Medici 856,820 717,999 Redeemable noncontrolling interest - Vermeer 1,197,782 1,109,627 Redeemable noncontrolling interests $ 3,554,053 $ 3,388,319 A summary of the Company’s redeemable noncontrolling interests on its consolidated statements of operations is set forth below: Year ended December 31, 2021 2020 2019 Redeemable noncontrolling interest - DaVinciRe $ (102,932) $ 113,671 $ 127,084 Redeemable noncontrolling interest - Medici 1,492 55,970 25,759 Redeemable noncontrolling interest - Vermeer 38,155 61,012 48,626 Net income (loss) attributable to redeemable noncontrolling interests $ (63,285) $ 230,653 $ 201,469 Redeemable Noncontrolling Interest – DaVinciRe 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 and all significant intercompany transactions have been eliminated. 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 28.7% at December 31, 2021 (2020 - 21.4%). 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 claims relating to the applicable years. Similarly, when shares are issued by DaVinci and sold to DaVinci shareholders, the sale price is based on GAAP book value as of the end of the period preceding the sale and can be subject to a true-up for potential development on outstanding loss reserves. 2021 During the twelve months ended December 31, 2021, DaVinciRe completed an equity capital raise of $250.0 million, comprised of $150.9 million from third-party investors and $99.1 million from RenaissanceRe. In addition, RenaissanceRe sold an aggregate of $40.0 million of its shares in DaVinciRe to third-party investors and purchased an aggregate of $156.7 million of shares from third-party investors. The Company’s noncontrolling economic ownership in DaVinciRe subsequent to these transactions was 28.7%. Refer to “Note 22. Subsequent Events” for additional information related to the Company’s noncontrolling economic ownership in DaVinciRe subsequent to December 31, 2021. 2020 Effective January 1, 2020, the Company sold an aggregate of $10 million of its shares in DaVinciRe to an existing third-party investor. The Company’s noncontrolling economic ownership in DaVinciRe subsequent to this transaction was 21.4%. 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: Year ended December 31, 2021 2020 Beginning balance $ 1,560,693 $ 1,435,581 Redemption of shares from redeemable noncontrolling interests, net of adjustments (157,864) 1,450 Sale of shares to redeemable noncontrolling interests 199,554 9,991 Net income (loss) attributable to redeemable noncontrolling interests (102,932) 113,671 Ending balance $ 1,499,451 $ 1,560,693 Redeemable Noncontrolling Interest - Medici 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. 2021 During 2021, third-party investors subscribed for $201.5 million and redeemed $64.2 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 14.7% at December 31, 2021. Refer to “Note 22. Subsequent Events” for additional information related to the Company’s noncontrolling economic ownership in Medici subsequent to December 31, 2021. 2020 During 2020, third-party investors subscribed for $137.3 million and redeemed $107.4 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 15.7%, at December 31, 2020. 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: Year ended December 31, 2021 2020 Beginning balance $ 717,999 $ 632,112 Redemption of shares from redeemable noncontrolling interests, net of adjustments (64,191) (107,386) Sale of shares to redeemable noncontrolling interests 201,520 137,303 Net income (loss) attributable to redeemable noncontrolling interests 1,492 55,970 Ending balance $ 856,820 $ 717,999 Redeemable Noncontrolling Interest – Vermeer RenaissanceRe owns 100% of the voting non-participating shares of Vermeer, while the sole third-party investor, PFZW, owns 100% of the non-voting participating shares of Vermeer and retains all of the economic benefits. Vermeer is managed by RUM in return for a management fee. The Company has concluded that Vermeer is a VIE as it has voting rights that are not proportional to its participating rights, and the Company is the primary beneficiary of Vermeer. As a result, the Company consolidates Vermeer and all significant inter-company transactions have been eliminated. As PFZW owns all of the economics of Vermeer, all of Vermeer’s earnings are allocated to PFZW in the consolidated statement of operations as net income attributable to redeemable noncontrolling interests. The Company has not provided any financial or other support to Vermeer that it was not contractually required to provide. 2021 During 2021, PFZW subscribed for $50.0 million of the participating, non-voting common shares of Vermeer. 2020 During 2020, PFZW subscribed for $45.0 million of the participating, non-voting common shares of Vermeer. The Company does not expect its noncontrolling economic ownership in Vermeer to fluctuate over time. The activity in redeemable noncontrolling interest – Vermeer is detailed in the table below: Year ended December 31, 2021 2020 Beginning balance $ 1,109,627 $ 1,003,615 Sale of shares to redeemable noncontrolling interest 50,000 45,000 Net income (loss) attributable to redeemable noncontrolling interest 38,155 61,012 Ending balance $ 1,197,782 $ 1,109,627 |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | VARIABLE INTEREST ENTITIES Upsilon RFO RenaissanceRe indirectly owns a portion of the participating non-voting preference shares of Upsilon RFO and all of Upsilon RFO’s voting Class A shares. The shareholders (other than the voting Class A shareholder) participate in all of the profits or losses of Upsilon RFO while their shares remain outstanding. The shareholders (other than the voting 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. 2021 During 2021, $544.6 million of Upsilon RFO non-voting preference shares were issued to existing investors, including $32.3 million to the Company. Also during 2021 and following the release of collateral that was previously held by cedants associated with prior years' contracts, Upsilon RFO returned $571.9 million of capital to its investors, including $45.0 million to the Company. At December 31, 2021, the Company’s participation in the risks assumed by Upsilon RFO was 13.7%. At December 31, 2021, the Company's consolidated balance sheet included total assets and total liabilities of Upsilon RFO of $3.9 billion and $3.9 billion, respectively (December 31, 2020 - $3.8 billion and $3.8 billion, respectively). Of the total assets and liabilities, a net amount of $238.0 million is attributable to the Company, and $1.5 billion is attributable to third-party investors. See “Note 22. Subsequent Events” for additional information related to Upsilon RFO’s non-voting preference shares subsequent to December 31, 2021. 2020 During 2020, $835.9 million of Upsilon RFO non-voting preference shares were issued to existing investors, including $98.1 million to the Company. In addition, during 2021 and following the release of collateral that was previously held by cedants associated with prior years’ contracts, Upsilon RFO returned $586.0 million of capital to its investors, including $102.9 million to the Company. At December 31, 2020, the Company's participation in the risks assumed by Upsilon RFO was 13.8%. At December 31, 2020, the Company’s consolidated balance sheet included total assets and total liabilities of Upsilon RFO of $3.8 billion and $3.8 billion, respectively. Of the total assets and liabilities, a net amount of $270.0 million is attributable to the Company, and $1.7 billion is attributable to third-party investors. Vermeer Vermeer provides capacity focused on risk remote layers in the U.S. property catastrophe market. Refer to “Note 10. Noncontrolling Interests” for additional information regarding Vermeer. At December 31, 2021, the Company’s consolidated balance sheet included total assets and total liabilities of Vermeer of $1.3 billion and $69.9 million, respectively (2020 - $1.1 billion and $36.7 million, respectively). In addition, the Company’s consolidated balance sheet included redeemable noncontrolling interests associated with Vermeer of $1.2 billion at December 31, 2021 (2020 - $1.1 billion). Mona Lisa Re Ltd. Mona Lisa Re provides reinsurance capacity to subsidiaries of RenaissanceRe through reinsurance agreements which are 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 are 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 not the primary beneficiary of Mona Lisa Re as it does not have the power over the activities that most significantly impact the economic performance of Mona Lisa Re, in accordance with the accounting guidance. As a result, the financial position and results of operations of Mona Lisa Re are not consolidated by the Company. 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, and the fair value of the principal-at-risk variable rate notes owned by the Company. Other than its investment in the principal-at-risk variable rate notes of Mona Lisa Re, the Company has not provided financial or other support to Mona Lisa Re that it was not contractually required to provide. Renaissance Reinsurance and DaVinci have together entered into ceded reinsurance contracts with Mona Lisa Re with ceded premiums written of $39.5 million and $9.9 million, respectively, during 2021 (2020 - $$24.3 million and $6.7 million, respectively, 2019 - $Nil and $Nil, respectively). In addition, Renaissance Reinsurance and DaVinci recognized ceded premiums earned related to the ceded reinsurance contracts with Mona Lisa Re of $32.5 million and $8.1 million, respectively, during 2021 (2020 - $24.3 million and $6.7 million, respectively, 2019 - $Nil and $Nil, respectively). Effective June 29, 2021, Mona Lisa Re issued a series of principal-at-risk variable rate notes to investors for a total principal amount of $250.0 million. Effective January 10, 2020, Mona Lisa Re issued two series of principal-at-risk variable rate notes to investors for principal amounts of $250.0 million and $150.0 million. At December 31, 2021, the total assets and total liabilities of Mona Lisa Re were $650.5 million and $650.5 million, respectively (2020 - $400.3 million and $400.3 million, respectively). The fair value of the Company’s investment in the principal-at-risk variable rate notes of Mona Lisa Re is included in other investments. Net of third-party investors, the fair value of the Company’s investment in Mona Lisa Re was $6.5 million at December 31, 2021 (2020 - $3.7 million). Fibonacci Re Fibonacci Re provides collateralized capacity to Renaissance Reinsurance and its affiliates. 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 Company has not provided financial or other support to Fibonacci Re that it was not contractually required to provide. Renaissance Reinsurance had no outstanding balances with Fibonacci Re as of December 31, 2021 and 2020, and there was no material impact on the Company’s consolidated statements of operations for the years ended December 31, 2021 and 2020. Langhorne The Company and Reinsurance Group of America, Incorporated formed Langhorne, an initiative to source third-party capital to support reinsurers targeting large in-force life and annuity blocks. In connection with Langhorne, as of December 31, 2021 the Company has invested $2.3 million in Langhorne Holdings (2020 - $2.0 million), a company that owns and manages certain reinsurance entities within Langhorne. In addition, as of December 31, 2021 the Company has invested $0.1 million in Langhorne Partners (2020 - $0.1 million), the general partner for Langhorne and the entity which manages the third-party investors investing into Langhorne Holdings. The Company concluded that Langhorne Holdings meets the definition of a VIE as the voting rights are not proportional with the obligations to absorb losses and rights to receive residual returns. The Company evaluated its relationship with Langhorne Holdings and concluded it is not the primary beneficiary of Langhorne Holdings, as it does not have power over the activities that most significantly impact the economic performance of Langhorne Holdings. As a result, the Company does not consolidate the financial position or results of operations of Langhorne Holdings. The Company separately evaluated Langhorne Partners and concluded that it was not a VIE. The Company accounts for its investments in Langhorne Holdings and Langhorne Partners under the equity method of accounting, one quarter in arrears. The Company anticipates that its absolute investment in Langhorne will increase, perhaps materially, as in-force life and annuity blocks of businesses are written. The Company expects its absolute and relative ownership in Langhorne Partners to remain stable. Other than its current and committed future equity investment in Langhorne, the Company has not provided financial or other support to Langhorne that it was not contractually required to provide. Shima Re Shima Re was acquired on March 22, 2019 in connection with the acquisition of TMR. Refer to “Note 3. Acquisition of Tokio Millennium Re” for additional information related to the acquisition of TMR. Shima Re is a Bermuda domiciled Class 3 insurer. Shima Re is registered as a segregated accounts company and provides third-party investors with access to reinsurance risk. The maximum remaining exposure of each segregated account is fully collateralized and is funded by cash or investments as prescribed by the participant thereto. Shima Re no longer writes new business and the last in-force contract written by Shima Re expired on December 31, 2019. The Company ceased providing management services to Shima Re effective December 1, 2020. Shima Re is considered a VIE as it has voting rights that are not proportional to its participating rights. The Company evaluated its relationship with Shima Re and concluded it is not the primary beneficiary of any segregated account, as it does not have power over the activities that most significantly impact the economic performance of any segregated account. As a result, the Company does not consolidate the financial position or results of operations of Shima Re or its segregated accounts. The Company has not provided any financial or other support to any segregated account of Shima Re that it was not contractually required to provide. Norwood Re Until December 1, 2020, Norwood Re was managed by a subsidiary of RREAG that the Company acquired in the acquisition of TMR. Refer to “Note 3. Acquisition of Tokio Millennium Re” for additional information related to the acquisition of TMR. Norwood Re is a Bermuda domiciled SPI registered as a segregated accounts company formed to provide solutions for reinsurance-linked asset investors. Norwood Re is wholly owned by the Norwood Re Purpose Trust. Risks assumed by the segregated accounts of Norwood Re were fronted by, or ceded from, only one cedant - RREAG and/or its insurance affiliates. The obligations of each segregated account are funded through the issuance of non-voting preference shares to third-party investors. The maximum exposure of each segregated account is fully collateralized and is funded by cash and term deposits or investments as prescribed by the participant thereto. Norwood Re no longer writes new business, and the last in-force contract written by Norwood Re expired on June 30, 2020. The Company ceased providing management services to Norwood Re effective December 1, 2020. Norwood Re is considered a VIE as it has voting rights that are not proportional to its participating rights. The Company evaluated its relationship with Norwood Re and concluded it is not the primary beneficiary of Norwood Re and its segregated accounts, as it does not have power over the activities that most significantly impact the economic performance of Norwood Re and its segregated accounts. As a result, the Company does not consolidate the financial position or results of operations of Norwood Re and its segregated accounts. The Company has not provided any financial or other support to Norwood Re that it was not contractually required to provide. Fund Investments The Company’s fund investments represent variable interests in limited partnerships entities with unaffiliated fund managers in the normal course of business. Refer to “Note 6. Fair Value Measurements” for additional information. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | SHAREHOLDERS’ EQUITY Authorized Capital The aggregate authorized capital of RenaissanceRe is 325 million shares consisting of 225 million common shares and 100 million preference shares. The following table is a summary of changes in common shares issued and outstanding: Year ended December 31, 2021 2020 2019 (thousands of shares) Beginning balance 50,811 44,148 42,207 Issuance of shares — 6,777 1,739 Repurchase of shares (6,579) (406) — Exercise of options and issuance of restricted stock awards 213 292 202 Ending balance 44,445 50,811 44,148 Common Shares On June 5, 2020, the Company issued 6,325,000 of its common shares in an underwritten public offering at a public offering price of $166.00 per share. Concurrently with the public offering, the Company raised $75.0 million through the issuance of 451,807 of its common shares at a price of $166.00 per share to State Farm Mutual Automobile Insurance Company (“State Farm”), one of the Company’s existing stockholders, in a private placement. The total net proceeds from the offerings were $1.1 billion. On March 22, 2019, in connection with the closing of the TMR Stock Purchase, the Company issued 1,739,071 of its common shares to Tokio as part of the aggregate consideration payable to Tokio under the TMR Stock Purchase Agreement. Refer to “Note 3. Acquisition of Tokio Millennium Re” for additional information related to the acquisition of TMR. On January 9, 2020, Tokio completed a secondary public offering of these common shares, which represented all of Tokio’s remaining ownership in the Company. The Company did not receive any proceeds from Tokio’s sale of its common shares. Preference Shares Series F Preference Shares In June 2018, RenaissanceRe raised $250.0 million through the issuance of 10,000 shares of its 5.75% Series F Preference Shares, $1.00 par value and liquidation preference $25,000 per share (equivalent to 10,000 Depositary Shares, each of which represents a 1/1,000th interest in a 5.75% Series F Preference Share). The 5.75% Series F Preference Shares may be redeemed at a redemption price of $25,000 per share (equivalent to $25.00 per Depositary Share), plus declared and unpaid dividends, at RenaissanceRe’s option on or after June 30, 2023, provided that no redemption may occur prior to June 30, 2028 unless certain redemption requirements are met. Series G Preference Shares In July 2021, RenaissanceRe raised $500.0 million through the issuance of 20,000 shares of its 4.20% Series G Preference Shares, $1.00 par value and liquidation preference $25,000 per share (equivalent to 20,000,000 Depositary Shares, each of which represents a 1/1,000th interest in a 4.20% Series G Preference Share). The 4.20% Series G Preference Shares have no stated maturity date and may be redeemed at a redemption price of $25,000 per share (equivalent to $25.00 per Depositary Share), plus declared and unpaid dividends, at RenaissanceRe’s option on or after July 15, 2026, provided that no redemption may occur prior to July 15, 2026 unless certain redemption requirements are met. Series C 6.08% Preference Shares Redemption In March 2004, RenaissanceRe raised $250.0 million through the issuance of 10 million Series C Preference Shares at $25 per share. On June 27, 2013, RenaissanceRe redeemed 5 million Series C Preference Shares for $125.0 million plus accrued and unpaid dividends thereon. The remaining Series C 6.08% Preference Shares were redeemed on March 26, 2020 for $125.0 million plus accrued and unpaid dividends thereon. Following the redemption, no Series C 6.08% Preference Shares remain outstanding. Series E 5.375% Preference Shares Redemption May 2013, RenaissanceRe raised $275.0 million through the issuance of 11 million Series E Preference Shares at $25 per share. The Series E 5.375% Preference Shares were redeemed on August 11, 2021 for $275.0 million plus accrued and unpaid dividends thereon. Following the redemption, no Series E 5.375% Preference Shares remain outstanding. The preference shares have no stated maturity and are not convertible into any other securities of RenaissanceRe. Generally, the preference shares have no voting rights. Whenever dividends payable on the preference shares are in arrears (whether or not such dividends have been earned or declared) in an amount equivalent to dividends for six full dividend periods (whether or not consecutive), the holders of the preference shares, voting as a single class regardless of class or series, will have the right to elect two directors to the Board of Directors of RenaissanceRe. Dividends The Board of Directors of RenaissanceRe declared dividends of $0.36 per common share, payable to common shareholders of record on March 13, 2021, June 15, 2021 and September 15, 2021, and the Company paid the dividends on March 31, 2021, June 30, 2021, September 30, 2021, and December 31, 2021, respectively. The Board of Directors approved the payment of quarterly dividends on each of the series of RenaissanceRe’s several series of preference shares to preference shareholders of record in the amounts and on the quarterly record dates and dividend payment dates set forth in the prospectus supplement and Certificate of Designation for the applicable series of preference shares, unless and until further action is taken by the Board of Directors. The dividend payment dates for the preference shares will be the first day of March, June, September and December of each year (or if this date is not a business day, on the business day immediately following this date). The record dates for the preference share dividends are one day prior to the dividend payment dates. The amount of the dividend on the 5.750% Series F Preference Shares is an amount per share equal to 5.750% of the liquidation preference per annum (the equivalent to $1,437.50 per 5.750% Series F Preference Share per annum, or $359.375 per 5.750% Series F Preference Share per quarter, or $1.4375 per Depositary Share per annum, or $0.359375 per Depositary Share per quarter). The amount of the dividend on the 4.20% Series G Preference Shares is an amount per share equal to 4.20% of the liquidation preference per annum (the equivalent to $1,050 per 4.20% Series G Preference Share per annum, or $262.50 per 4.20% Series G Preference Share per quarter, or $1.05 per Depositary Share per annum, or $0.2625 per quarter). The amount of the dividend on the Series C 6.08% Preference Shares was an amount per share equal to 6.08% of the liquidation preference per annum (the equivalent to $1.52 per share per annum, or $0.38 per share per quarter), and was paid prior to the redemption in full of the Series C 6.08% shares on March 26, 2020. The amount of the dividend on the Series E 5.375% Preference Shares was an amount per share equal to 5.375% of the liquidation preference per annum (the equivalent to $1.34375 per share per annum, or $0.3359375 per share per quarter), and was paid prior to the redemption in full of the Series E 5.375% Preference Shares on August 11, 2021. During 2021, the Company paid $33.3 million in preference share dividends (2020 - $30.9 million, 2019 - $36.8 million) and $67.8 million in common share dividends (2020 - $68.5 million, 2019 - $59.4 million). Share Repurchases The Company’s share repurchase program may be effected from time to time, depending on market conditions and other factors, through open market purchases and privately negotiated transactions. On November 11, 2021, 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. During 2021, pursuant to the publicly announced share repurchase program, the Company repurchased 6,578,133 common shares at an aggregate cost of $1.0 billion and an average price of $156.78 per common share. At December 31, 2021, $306.6 million remained available for repurchase under the share repurchase program. In the future, the Company may authorize additional purchase activities under the currently authorized share repurchase program, increase the amount authorized under the share repurchase program, or adopt additional trading plans.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. Refer to “Note 22. Subsequent Events” for additional information related to common share repurchases subsequent to December 31, 2021. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per common share: Year ended December 31, 2021 2020 2019 (common shares in thousands) Numerator: Net income (loss) available (attributable) to RenaissanceRe common shareholders $ (73,421) $ 731,482 $ 712,042 Amount allocated to participating common shareholders (1) (727) (8,968) (8,545) Net income (loss) allocated to RenaissanceRe common shareholders $ (74,148) $ 722,514 $ 703,497 Denominator: Denominator for basic income (loss) per RenaissanceRe common share - weighted average common shares 47,171 47,103 43,119 Per common share equivalents of non-vested shares — 75 56 Denominator for diluted income (loss) per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions 47,171 47,178 43,175 Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – basic $ (1.57) $ 15.34 $ 16.32 Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted $ (1.57) $ 15.31 $ 16.29 (1) Represents earnings and dividends attributable to holders of unvested shares issued pursuant to the Company's stock compensation plans. |
Related Party Transactions and
Related Party Transactions and Major Customers | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions and Major Customers | RELATED PARTY TRANSACTIONS AND MAJOR CUSTOMERS Tower Hill The Company has entered into reinsurance and other arrangements with certain subsidiaries and affiliates of Tower Hill and has also entered into reinsurance arrangements with respect to business produced by the Tower Hill Companies. During 2021, the Company recorded $69.8 million (2020 - $55.5 million, 2019 - $39.8 million) of gross premiums written assumed from the Tower Hill Companies and its subsidiaries and affiliates. Gross premiums earned totaled $63.0 million (2020 - $51.4 million, 2019 - $40.7 million) and expenses incurred were $11.3 million (2020 - $7.9 million, 2019 - $6.1 million) for 2021. The Company had a net related outstanding receivable balance of $21.7 million as of December 31, 2021 (2020 - receivable of $18.3 million). During 2021, the Company assumed net claims and claim expenses of $28.5 million (2020 - assumed net claims and claim expenses of $13.2 million, 2019 - assumed net claims and claim expenses of $37.7 million) and, as of December 31, 2021, had a net reserve for claims and claim expenses of $68.0 million (2020 - $69.5 million). In addition, the Company received distributions of $15.0 million from the Tower Hill Companies during 2021 (2020 - $9.5 million, 2019 - $13.4 million). Top Layer Re During 2021, the Company received distributions from Top Layer Re of $9.3 million (2020 - $18.0 million, 2019 - $20.0 million), and recorded a management fee of $2.5 million (2020 - $2.4 million, 2019 - $2.3 million). The management fee reimburses the Company for services it provides to Top Layer Re. Broker Concentration During 2021, the Company received 78.0% of its gross premiums written (2020 - 79.6%, 2019 - 79.6%) from three brokers. Subsidiaries and affiliates of Aon plc, Marsh & McLennan Companies, Inc. and Arthur J. Gallagher accounted for 35.8%, 30.0% and 12.2%, respectively, of gross premiums written in 2021. |
Taxation
Taxation | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Taxation | TAXATION Under current Bermuda law, RenaissanceRe and its Bermuda subsidiaries are not subject to any income or capital gains taxes. In the event that such taxes are imposed, RenaissanceRe and its Bermuda subsidiaries would be exempted from any such tax until March 2035 pursuant to the Bermuda Exempted Undertakings Tax Protection Act 1966, and Amended Acts of 1987 and 2011, respectively. RenaissanceRe Finance and its subsidiaries are subject to income taxes imposed by U.S. federal and state authorities and file a consolidated U.S. federal income tax return. Should the U.S. subsidiaries pay a dividend to RenaissanceRe, withholding taxes would apply to the extent of current year or accumulated earnings and profits at an expected tax rate of 5.0%. The Company also has operations in Ireland, the U.K., Singapore, Switzerland and Australia which are subject to income taxes imposed by the respective jurisdictions in which they operate. Withholding taxes would not be expected to apply to dividends paid to RenaissanceRe from its subsidiaries in Ireland, the U.K., Singapore, Switzerland and Australia. The following is a summary of the Company’s income (loss) before taxes allocated between domestic and foreign operations: Year ended December 31, 2021 2020 2019 Domestic Bermuda $ 156,031 $ 1,122,261 $ 861,068 Foreign Singapore 4,420 16,416 (6,334) Ireland 101 1,315 (388) U.S. (92,335) 286 102,724 Australia 7,148 (1,689) 3,390 Switzerland (106,249) (40,502) 14,255 U.K. (83,224) (102,167) (7,233) Income (loss) before taxes $ (114,108) $ 995,920 $ 967,482 Income tax (expense) benefit is comprised as follows: Year ended December 31, 2021 Current Deferred Total Total income tax (expense) benefit $ (992) $ 11,660 $ 10,668 Year ended December 31, 2020 Total income tax (expense) benefit $ (6,313) $ 3,451 $ (2,862) Year ended December 31, 2019 Total income tax (expense) benefit $ (2,128) $ (15,087) $ (17,215) The Company’s expected income tax provision computed on pre-tax income (loss) at the weighted average tax rate has been calculated as the sum of the pre-tax income (loss) in each jurisdiction multiplied by that jurisdiction’s applicable statutory tax rate. Statutory tax rates of 0.0% in Bermuda, 21.0% in the U.S., 12.5% in Ireland, 19.0% in the U.K., 17.0% in Singapore, 19.7% in Switzerland and 30.0% in Australia have been used. The Company’s effective income tax rate, which it calculates as income tax expense divided by net income before taxes, may fluctuate significantly from period to period depending on the geographic distribution of pre-tax net income (loss) in any given period between different jurisdictions with comparatively higher tax rates and those with comparatively lower tax rates. The geographic distribution of pre-tax net income (loss) can vary significantly between periods due to, but not limited to, the following factors: the business mix of net premiums written and earned; the geographic location, the size and the nature of net claims and claim expenses incurred; the amount and geographic location of operating expenses, net investment income, net realized and unrealized gains (losses) on investments; outstanding debt and related interest expense; and the amount of specific adjustments to determine the income tax basis in each of the Company’s operating jurisdictions. In addition, a significant portion of the Company’s gross and net premiums are currently written and earned in Bermuda, which does not have a corporate income tax, including the majority of the Company’s catastrophe business, which can result in significant volatility to its pre-tax net income in any given period. A reconciliation of the difference between the provision for income taxes and the expected tax provision at the weighted average tax rate is as follows: Year ended December 31, 2021 2020 2019 Expected income tax benefit (expense) $ 53,093 $ 25,489 $ (22,874) Nondeductible expenses (334) 5,074 (7,059) Reinsurance adjustment (4,604) — — Income tax audit adjustment — 3,424 — Effect of change in tax rate 14,904 3,055 (262) Transfer pricing 224 206 2,503 GAAP to statutory accounting difference — — 6,553 U.S. base erosion and anti-abuse tax (1,725) (36) — Withholding tax (1,013) (1,822) (665) Non-taxable loss on sale of RenaissanceRe UK — (6,091) — Change in valuation allowance (42,819) (13,003) (5,481) Foreign branch adjustments (5,491) (17,821) 7,315 Other (1,567) (1,337) 2,755 Income tax benefit (expense) $ 10,668 $ (2,862) $ (17,215) The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below: At December 31, 2021 2020 Deferred tax assets Tax loss and credit carryforwards $ 149,739 $ 128,561 Unearned premiums 36,962 20,854 Reserve for claims and claim expenses 22,611 14,983 Deferred finance charges 17,962 11,427 Deferred underwriting results 12,483 7,228 Accrued expenses 1,788 4,826 Amortization and depreciation 6,969 — 248,514 187,879 Deferred tax liabilities Investments (2,180) (23,598) Deferred acquisition expenses (49,661) (23,040) Intangible assets (4,242) (1,142) Amortization and depreciation — (1,130) VOBA — (1,017) (56,083) (49,927) Net deferred tax asset (liability) before valuation allowance 192,431 137,952 Valuation allowance (131,507) (88,688) Net deferred tax asset (liability) $ 60,924 $ 49,264 The Company’s net deferred tax asset is included in other assets on its consolidated balance sheets. During 2021, the Company recorded a net increase to the valuation allowance of $42.8 million (2020 – increase of $13.0 million, 2019 – increase of $40.4 million). The Company’s net deferred tax asset primarily relates to net operating loss carryforwards and GAAP versus tax basis accounting differences relating to unearned premiums, reserves for claims and claim expenses, deferred finance charges, deferred underwriting results, accrued expenses, investments, deferred acquisition expenses, intangible assets, amortization and depreciation and VOBA. The Company’s valuation allowance assessment is based on all available information including projections of future GAAP taxable income from each tax-paying component in each tax jurisdiction. A valuation allowance has been provided against deferred tax assets in the U.S., Ireland, the U.K., Singapore and Switzerland. These deferred tax assets relate primarily to net operating loss carryforwards. In the U.S. and Switzerland, the Company has net operating loss carryforwards of $333.7 million and $476.2 million respectively. Under applicable law, the U.S. and Swiss net operating loss carryforwards will begin to expire in 2031 and 2022 respectively. The Company has net operating loss carryforwards of $142.2 million in the U.K., $13.6 million in Singapore, $6.5 million in Ireland and $1.3 million in Australia. Under applicable law, the U.K., Singapore, Irish and Australia net operating losses can be carried forward for an indefinite period. The Company had a net refund for U.S. federal, Irish, U.K., Singapore, Switzerland and Australia income taxes of $(4.3) million for the year ended 2021 (2020 – net payment of $5.7 million, 2019 – net payment of $9.7 million). The Company has unrecognized tax benefits of $Nil as of December 31, 2021 (2020 – $Nil). Interest and penalties related to unrecognized tax benefits would be recognized in income tax expense. At December 31, 2021, interest and penalties accrued on unrecognized tax benefits were $Nil (2020 – $Nil). The following filed income tax returns are open for examination with the applicable tax authorities: tax years 2018 through 2020 with the IRS; 2017 through 2020 with Ireland; 2019 through 2020 with the U.K.; 2017 through 2020 with Singapore; 2019 and 2020 with Switzerland; and 2017 through 2020 with Australia. The |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2021 | |
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 (re)insurance written on behalf of the Company’s operating subsidiaries, joint ventures and managed funds, and (2) Casualty and Specialty, which is comprised of casualty and specialty (re)insurance written on behalf of the Company’s operating subsidiaries, joint ventures and managed funds. 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 and certain expenses related to acquisitions and dispositions . 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 whom 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 by segment is as follows: Year ended December 31, 2021 Property Casualty and Specialty Other Total Gross premiums written $ 3,958,724 $ 3,875,074 $ — $ 7,833,798 Net premiums written $ 2,868,002 $ 3,071,373 $ — $ 5,939,375 Net premiums earned $ 2,608,298 $ 2,585,883 $ — $ 5,194,181 Net claims and claim expenses incurred 2,163,016 1,713,071 — 3,876,087 Acquisition expenses 487,178 727,680 — 1,214,858 Operational expenses 143,608 68,576 — 212,184 Underwriting income (loss) $ (185,504) $ 76,556 $ — (108,948) Net investment income 319,479 319,479 Net foreign exchange gains (losses) (41,006) (41,006) Equity in earnings of other ventures 12,309 12,309 Other income (loss) 10,880 10,880 Net realized and unrealized gains (losses) on investments (218,134) (218,134) Corporate expenses (41,152) (41,152) Interest expense (47,536) (47,536) Income (loss) before taxes and redeemable noncontrolling interests (114,108) Income tax (expense) benefit 10,668 10,668 Net (income) loss attributable to redeemable noncontrolling interests 63,285 63,285 Dividends on preference shares (33,266) (33,266) Net income (loss) available (attributable) to RenaissanceRe common shareholders $ (73,421) Net claims and claim expenses incurred – current accident year $ 2,396,389 $ 1,729,168 $ — $ 4,125,557 Net claims and claim expenses incurred – prior accident years (233,373) (16,097) — (249,470) Net claims and claim expenses incurred – total $ 2,163,016 $ 1,713,071 $ — $ 3,876,087 Net claims and claim expense ratio – current accident year 91.9 % 66.9 % 79.4 % Net claims and claim expense ratio – prior accident years (9.0) % (0.7) % (4.8) % Net claims and claim expense ratio – calendar year 82.9 % 66.2 % 74.6 % Underwriting expense ratio 24.2 % 30.8 % 27.5 % Combined ratio 107.1 % 97.0 % 102.1 % Year ended December 31, 2020 Property Casualty and Specialty Other Total Gross premiums written $ 2,999,142 $ 2,807,023 $ — $ 5,806,165 Net premiums written $ 2,037,200 $ 2,059,133 $ — $ 4,096,333 Net premiums earned $ 1,936,215 $ 2,016,247 $ — $ 3,952,462 Net claims and claim expenses incurred 1,435,947 1,488,662 — 2,924,609 Acquisition expenses 353,700 543,977 — 897,677 Operational expenses 135,547 71,140 — 206,687 Underwriting income (loss) $ 11,021 $ (87,532) $ — (76,511) Net investment income 354,038 354,038 Net foreign exchange gains (losses) 27,773 27,773 Equity in earnings of other ventures 17,194 17,194 Other income (loss) 213 213 Net realized and unrealized gains (losses) on investments 820,636 820,636 Corporate expenses (96,970) (96,970) Interest expense (50,453) (50,453) Income (loss) before taxes and redeemable noncontrolling interests 995,920 Income tax (expense) benefit (2,862) (2,862) Net (income) loss attributable to redeemable noncontrolling interests (230,653) (230,653) Dividends on preference shares (30,923) (30,923) Net income (loss) available (attributable) to RenaissanceRe common shareholders $ 731,482 Net claims and claim expenses incurred – current accident year $ 1,592,996 $ 1,515,425 $ — $ 3,108,421 Net claims and claim expenses incurred – prior accident years (157,049) (26,763) — (183,812) Net claims and claim expenses incurred – total $ 1,435,947 $ 1,488,662 $ — $ 2,924,609 Net claims and claim expense ratio – current accident year 82.3 % 75.2 % 78.6 % Net claims and claim expense ratio – prior accident years (8.1) % (1.4) % (4.6) % Net claims and claim expense ratio – calendar year 74.2 % 73.8 % 74.0 % Underwriting expense ratio 25.2 % 30.5 % 27.9 % Combined ratio 99.4 % 104.3 % 101.9 % Year ended December 31, 2019 Property Casualty and Specialty Other Total Gross premiums written $ 2,430,985 $ 2,376,765 $ — $ 4,807,750 Net premiums written $ 1,654,259 $ 1,727,234 $ — $ 3,381,493 Net premiums earned $ 1,627,494 $ 1,710,909 $ — $ 3,338,403 Net claims and claim expenses incurred 965,384 1,131,637 — 2,097,021 Acquisition expenses 313,554 448,678 — 762,232 Operational expenses 138,187 84,546 — 222,733 Underwriting income (loss) $ 210,369 $ 46,048 $ — 256,417 Net investment income 424,207 424,207 Net foreign exchange gains (losses) (2,938) (2,938) Equity in earnings of other ventures 23,224 23,224 Other income (loss) 4,949 4,949 Net realized and unrealized gains (losses) on investments 414,109 414,109 Corporate expenses (94,122) (94,122) Interest expense (58,364) (58,364) Income (loss) before taxes and redeemable noncontrolling interests 967,482 Income tax (expense) benefit (17,215) (17,215) Net (income) loss attributable to redeemable noncontrolling interests (201,469) (201,469) Dividends on preference shares (36,756) (36,756) Net income (loss) available (attributable) to RenaissanceRe common shareholders $ 712,042 Net claims and claim expenses incurred – current accident year $ 968,357 $ 1,155,519 $ — $ 2,123,876 Net claims and claim expenses incurred – prior accident years (2,973) (23,882) — (26,855) Net claims and claim expenses incurred – total $ 965,384 $ 1,131,637 $ — $ 2,097,021 Net claims and claim expense ratio – current accident year 59.5 % 67.5 % 63.6 % Net claims and claim expense ratio – prior accident years (0.2) % (1.4) % (0.8) % Net claims and claim expense ratio – calendar year 59.3 % 66.1 % 62.8 % Underwriting expense ratio 27.8 % 31.2 % 29.5 % Combined ratio 87.1 % 97.3 % 92.3 % The following is a summary of the Company’s gross premiums written allocated to the territory of coverage exposure: Year ended December 31, 2021 2020 2019 Property U.S. and Caribbean $ 2,257,088 $ 1,683,538 $ 1,368,205 Worldwide 1,188,737 889,917 643,744 Europe 253,678 189,587 182,544 Japan 114,981 102,228 90,328 Worldwide (excluding U.S.) (1) 34,742 62,058 79,393 Australia and New Zealand 69,188 40,243 32,203 Other 40,310 31,571 34,568 Total Property 3,958,724 2,999,142 2,430,985 Casualty and Specialty Worldwide 1,746,450 1,315,386 935,626 U.S. and Caribbean 1,721,663 1,248,981 1,071,170 Europe 217,721 121,369 227,178 Worldwide (excluding U.S.) (1) 108,376 56,225 25,291 Australia and New Zealand 29,001 12,429 34,053 Other 51,863 52,633 83,447 Total Casualty and Specialty 3,875,074 2,807,023 2,376,765 Total gross premiums written $ 7,833,798 $ 5,806,165 $ 4,807,750 (1) The category “Worldwide (excluding U.S.)” consists of contracts that cover more than one geographic region (other than the U.S.). |
Stock Incentive Compensation an
Stock Incentive Compensation and Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock Incentive Compensation and Employee Benefit Plans | STOCK INCENTIVE COMPENSATION AND EMPLOYEE BENEFIT PLANS Stock Incentive Compensation Plans and Awards The Company is authorized to issue restricted stock awards, restricted stock units, performance share awards, stock options and other share-based awards to its employees and directors pursuant to various stock incentive compensation plans. On May 16, 2016, the Company’s shareholders approved the Company’s 2016 Long-Term Incentive Plan (the “2016 Long-Term Incentive Plan”). Pursuant to the 2016 Long-Term Incentive Plan, the Company is authorized to issue up to 1,625,000 common shares plus the number of shares that were subject to awards outstanding under the Company’s 2001 Stock Incentive Plan, as amended (the “2001 Stock Incentive Plan”) and the Company’s 2010 Performance-Based Equity Incentive Plan, as amended (the “2010 Performance Plan”) as of the effective date of the 2016 Long-Term Incentive Plan that are forfeited, canceled, settled in cash, or otherwise terminated without delivery after the effective date. The 2016 Long-Term Incentive Plan permits the grant of restricted stock awards, restricted stock units, performance share awards (including cash-based performance awards), stock options and other share-based awards to employees, officers, non-employee directors and consultants or advisors of the Company and its affiliates. The 2001 Stock Incentive Plan, which permitted the grant of stock options, restricted stock awards and other share-based awards to employees of RenaissanceRe and its subsidiaries, expired in accordance with its terms on February 6, 2016 and no additional awards may be made under this plan. All awards made under the 2001 Stock Incentive Plan vested no later than March 1, 2020. The terms and conditions of outstanding awards granted under the 2001 Share Incentive Plan and the 2010 Performance Plan were not affected by the respective expiration and termination of these plans. In 2010, the Company instituted a cash settled restricted stock unit (“CSRSU”) plan, the 2010 Restricted Stock Unit Plan, which allowed for the issuance of equity awards in the form of CSRSUs. In November 2016, the 2010 Restricted Stock Plan was terminated and replaced with a new cash settled restricted stock unit plan, the 2016 Restricted Stock Unit Plan. The terms and conditions of CSRSU awards outstanding under the 2010 Restricted Stock Unit Plan at the time of termination were not affected, but no additional awards will be made under the 2010 Restricted Stock Unit Plan. All outstanding awards made under the 2010 Restricted Stock Unit Plan vested no later than March 1, 2020. Further, all outstanding awards made under the 2016 Restricted Stock Unit Plan vested no later than March 1, 2021. Restricted Stock Awards Restricted stock awards granted periodically under the 2016 Long-Term Incentive Plan generally vest ratably over a four-year period. The Company has also granted restricted stock awards to non-employee directors, which generally vest ratably over a three-year period. Performance Share Awards Performance share awards have been granted periodically to certain of the Company’s executive officers pursuant to the 2016 Long-Term Incentive Plan. Outstanding performance share awards are subject to vesting conditions based on both continued service and the attainment of pre-established performance goals. If performance goals are achieved, the performance share awards will vest up to a maximum of 200% of target. Performance share awards generally cliff vest at the end of a three-year vesting period based on the attainment of annual performance goals over the vesting period. Performance Share Awards Granted in March 2019 Performance share awards granted in March 2019 have a performance condition, which is the percentage change in the Company’s tangible book value per common share plus change in accumulated dividends, or, in the event of a change in control, a market condition, which is the Company’s total shareholder return relative to its peer group. Performance Share Awards Granted in March 2020 and March 2021 Performance share awards granted in March 2020 and March 2021 have a performance condition, which is the percentage change in the Company’s book value per common share plus change in accumulated dividends over three years and three-year average underwriting expense ratio rank compared to peers, or, in the event of a change in control, a market condition, which is the Company’s total shareholder return relative to its peer group. The percentage change in tangible book value per share plus change in accumulated dividends, percentage change in book value per share plus change in accumulated dividends, and average underwriting expense ratio rank are calculated in accordance with the terms of the applicable award agreement. Cash Settled Restricted Stock Units CSRSUs are liability awards with fair value measurement based on the fair market value of the Company’s common shares at the end of each reporting period. CSRSUs granted periodically pursuant to the 2016 Restricted Stock Unit Plan generally vest ratably over 4 years. Valuation Assumptions Performance Share Awards Granted in March 2019 For performance share awards granted in March 2019, the performance metric relates to the percentage change in tangible book value per share plus change in accumulated dividends which is classified as a performance condition under FASB ASC Topic Compensation - Stock Compensation . As a result, the fair value of the performance share awards is determined based on the fair market value of RenaissanceRe’s common shares on the grant date. The estimated fair value of performance share awards is amortized as an expense over the requisite service period. Performance Share Awards Granted in March 2020 and March 2021 For performance share awards granted in March 2020 and March 2021, the performance metrics relates to (i) the percentage change in book value per share plus change in accumulated dividends and (ii) average underwriting expense ratio rank compared to peers, both of which are classified as performance conditions under FASB ASC Topic Compensation - Stock Compensation . As a result, the fair value of the performance share awards is determined based on the fair market value of RenaissanceRe’s common shares on the grant date. The estimated fair value of performance share awards is amortized as an expense over the requisite service period. Restricted Stock Awards The fair value of restricted stock awards is determined based on the fair market value of RenaissanceRe’s common shares on the grant date. The estimated fair value of restricted stock awards is amortized as an expense over the requisite service period. The Company has elected to recognize forfeitures as they occurred rather than estimating service-based forfeitures over the requisite service period. Cash Settled Restricted Stock Units CSRSUs are revalued at the end of each quarterly reporting period based on the then fair market value of RenaissanceRe’s common shares. The total cost is adjusted each quarter for unvested CSRSUs to reflect the current share price, and this total cost is amortized as an expense over the requisite service period. The Company has elected to recognize forfeitures as they occurred rather than estimating service-based forfeitures over the requisite service period. Summary of Stock Compensation Activity Cash Settled Restricted Stock Units Number of Nonvested at December 31, 2018 146,917 Awards granted — Awards vested (80,012) Awards forfeited (3,161) Nonvested at December 31, 2019 63,744 Awards granted — Awards vested (44,734) Awards forfeited (529) Nonvested at December 31, 2020 18,481 Awards granted — Awards vested (18,481) Awards forfeited — Nonvested at December 31, 2021 — Performance Share Awards Number of Weighted Nonvested at December 31, 2018 152,451 $ 57.21 Awards granted 58,050 146.1 Awards vested (21,730) 49.9 Awards forfeited (43,924) — Nonvested at December 31, 2019 144,847 $ 94.70 Awards granted 65,840 170.40 Awards vested (48,997) 61.48 Awards forfeited (9,976) — Nonvested at December 31, 2020 151,714 $ 140.96 Awards granted 55,876 162.61 Awards vested (49,792) 130.73 Awards forfeited (16,730) — Nonvested at December 31, 2021 141,068 $ 163.98 (1) For performance share awards, the number of shares is stated at the maximum number that can be attained if the performance conditions are fully met. Forfeitures represent shares forfeited due to vesting below the maximum attainable as a result of the Company not fully meeting the performance conditions. Restricted Stock Awards Employee Non-Employee Director Total Number of Weighted Number of Weighted Number of Weighted Nonvested at December 31, 2018 447,740 $ 130.37 22,534 $ 132.29 470,274 $ 130.46 Awards granted 242,832 146.92 11,444 147.43 254,276 146.94 Awards vested (165,245) 124.71 (12,972) 131.88 (178,217) 125.23 Awards forfeited (14,467) 136.16 — — (14,467) 136.16 Nonvested at December 31, 2019 510,860 $ 139.91 21,006 $ 140.79 531,866 $ 139.94 Awards granted 309,892 145.03 9,970 170.40 319,862 145.82 Awards vested (213,488) 138.35 (10,316) 141.12 (223,804) 138.47 Awards forfeited (14,517) 140.11 — — (14,517) 140.11 Nonvested at December 31, 2020 592,747 $ 143.14 20,660 $ 155.03 613,407 $ 143.54 Awards granted 252,625 167.92 10,452 162.61 263,077 167.71 Awards vested (207,264) 142.52 (10,511) 147.72 (217,775) 142.77 Awards forfeited (14,776) 158.97 — — (14,776) 158.97 Nonvested at December 31, 2021 623,332 $ 153.02 20,601 $ 162.60 643,933 $ 152.32 There were 0.8 million shares available for issuance under the 2016 Long-Term Incentive Plan at December 31, 2021. The aggregate fair value of restricted stock awards, performance share awards and CSRSUs vested during 2021 was $46.3 million (2020 – $54.7 million, 2019 – $41.6 million). In connection with share vestings, there was a $0.2 million excess windfall tax benefit realized by the Company in 2021 (2020 – $0.3 million, 2019 – $0.2 million). RenaissanceRe issues new shares upon the exercise of an option. The total stock compensation expense recognized in the Company’s consolidated statements of operations during 2021 was $40.0 million (2020 – $43.7 million, 2019 – $41.4 million). As of December 31, 2021, there was $66.7 million of total unrecognized compensation cost related to restricted stock awards and $4.9 million related to performance share awards, which will be recognized on a weighted average basis during the next 1.7 and 1.7 years, respectively. All of the Company’s employees are eligible for defined contribution pension plans. Contributions are primarily based upon a percentage of eligible compensation. The Company contributed $7.5 million to its defined contribution pension plans in 2021 (2020 – $6.7 million, 2019 – $4.9 million). |
Statutory Requirements
Statutory Requirements | 12 Months Ended |
Dec. 31, 2021 | |
Insurance [Abstract] | |
Statutory Requirements | STATUTORY REQUIREMENTS The Company’s (re)insurance operations are subject to insurance laws and regulations in the jurisdictions in which they operate, the most significant of which currently include Bermuda, Switzerland, the U.K. and the U.S. These regulations include certain restrictions on the amount of dividends or other distributions, such as loans or cash advances, available to shareholders without prior approval of the respective regulatory authorities. The statutory capital and surplus, required minimum statutory capital and surplus and unrestricted net assets of the Company’s regulated insurance operations in its most significant regulatory jurisdictions are detailed below: Bermuda (1) Switzerland (2) U.K. (3) U.S. (4) At December 31, 2021 2020 2021 2020 2021 2020 2021 2020 Statutory capital and surplus $ 7,462,710 $ 6,698,377 $ 874,665 $ 814,837 $ 983,449 $ 874,170 $ 819,811 $ 722,721 Required statutory capital and surplus 1,753,078 1,391,621 780,000 587,300 983,449 874,170 716,118 474,622 Unrestricted net assets 1,575,526 1,705,739 300,438 232,917 — — 81,981 72,272 (1) Includes Renaissance Reinsurance, DaVinci, RenaissanceRe Specialty U.S. and Vermeer. The Company's Bermuda-domiciled insurance subsidiaries’ capital and surplus is based on the relevant insurer’s statutory financial statements and required statutory capital and surplus is based on the minimum solvency margin. (2) Includes RREAG and its branches in Australia, Bermuda, the U.K. and the U.S. RREAG’s statutory capital and surplus and required statutory capital and surplus incorporate a full year of statutory net loss and risk capital, respectively. (3) Includes Syndicate 1458. With respect to statutory capital and surplus and required statutory capital and surplus, and as described below, underwriting capacity of a member of Lloyd’s must be supported by providing a deposit in the form of cash, securities or letters of credit, which are referred to as Funds at Lloyd’s (“FAL”). FAL is determined by Lloyd’s and is based on Syndicate 1458’s solvency and capital requirements as calculated through its internal model. Syndicate 1458 is capitalized by its FAL, with the related assets not held on its balance sheet. As such, unrestricted net assets is not applicable to Syndicate 1458; however, the Company can make an application to obtain approval from Lloyd’s to have funds released to RenaissanceRe from Syndicate 1458, subject to passing a Lloyd’s release test. (4) Includes Renaissance Reinsurance U.S. Statutory net income (loss) of the Company’s regulated insurance operations in its most significant regulatory jurisdictions are detailed below: Statutory Net Income (Loss) Bermuda (1) Switzerland (2) U.K. (3) U.S. (4) Year ended December 31, 2021 $ (89,267) $ 80,500 $ (46,352) $ 10,465 Year ended December 31, 2020 836,707 71,829 (37,427) 17,403 Year ended December 31, 2019 705,808 (52,699) (667) 37,827 (1) Includes Renaissance Reinsurance, DaVinci, RenaissanceRe Specialty U.S. and Vermeer. (2) Includes RREAG and its branches in Australia, Bermuda, the U.K. and the U.S. (3) Includes Syndicate 1458. (4) Includes Renaissance Reinsurance U.S. The difference between statutory financial statements and statements prepared in accordance with GAAP varies by jurisdiction; however, the primary difference is that for the Company’s regulated entities the statutory financial statements generally do not reflect goodwill and intangible assets. Also, in the U.S., fixed maturity investments are generally recorded at amortized cost and deferred income tax is charged directly to equity. In the U.S. and Bermuda, deferred acquisition costs are generally not reflected in the statutory financial statements. In Switzerland, currency translation adjustment losses are directly charged to net income or loss, while translation gains are not admissible and reflected as translation reserve on the statutory balance sheet. In addition, fixed maturity investments are carried at the lower of amortized cost and market value and recognition of equalization reserves is allowed. The prudence principle standard also allows for valuating certain assets below their nominal value. None of the Company’s insurance subsidiaries used permitted practices that prevented the trigger of a regulatory event during the years ended December 31, 2021, 2020 and 2019. Dividend Restrictions of RenaissanceRe As a Bermuda-domiciled holding company, RenaissanceRe has limited operations of its own. Its assets consist primarily of investments in subsidiaries and cash and securities. As a result, the Company relies primarily on dividends and distributions (and other statutorily permissible payments) from its subsidiaries, investment income and fee income to meet its liquidity requirements, which primarily include making principal and interest payments on its debt, and dividend payments to its preference and common shareholders. The payment of dividends by the Company’s subsidiaries is, under certain circumstances, limited by the applicable laws and regulations in the various jurisdictions in which the subsidiaries operate, including Bermuda, the U.S., the U.K., Switzerland, Australia, Singapore and Ireland. In addition, insurance laws require our insurance subsidiaries to maintain certain measures of solvency and liquidity. Bermuda RenaissanceRe Specialty U.S. and Vermeer are registered as Class 3B general business insurers and Renaissance Reinsurance and DaVinci are registered as Class 4 general business insurers under the Insurance Act 1978, amendments thereto and related regulations of Bermuda (collectively, the “Insurance Act”). Class 3A, Class 3B and Class 4 insurers are required to maintain available statutory economic capital and surplus at a level at least equal to their enhanced capital requirement (“ECR”) and may be adjusted if the BMA concludes that the insurer’s risk profile deviates significantly from the assumptions underlying its ECR or the insurer’s assessment of its risk management policies and practices used to calculate the ECR. The BMA has established a target capital level which is set at 120% of the ECR. Unlike other (re)insurers, special purpose insurers and collateralized insurers are fully funded to meet their (re)insurance obligations. Class 3, Class 3A, Class 3B and Class 4 insurers are prohibited from declaring or paying any dividends if in breach of the required minimum solvency margin or minimum liquidity ratio, or if the declaration or payment of such dividend would cause the insurer to fail to meet the required minimum solvency margin or minimum liquidity ratio. Further, Class 3A, Class 3B and Class 4 insurers are prohibited from declaring or paying in any financial year dividends of more than 25% of total statutory capital and surplus unless the insurer file an affidavit with the BMA stating that it will continue to meet the required minimum solvency margin or minimum liquidity ratio. Class 3, Class 3A, Class 3B and Class 4 insurers must obtain the BMA’s prior approval for a reduction by 15% or more of the total statutory capital as set forth in its previous year’s financial statements. These restrictions on declaring or paying dividends and distributions under the Insurance Act are in addition to the solvency requirements under the Companies Act 1981 which apply to all Bermuda companies. Switzerland The minimum capital requirement for a Swiss reinsurance company under the Insurance Supervisory Act for reinsurance license class C1 is CHF 10 million. Being a Swiss domiciled reinsurance company, RREAG must further maintain adequate solvency and provide for sufficient free and unencumbered capital in relation to its entire activities in accordance with the Swiss Solvency Test. The SST adopts a risk-based and total balance sheet approach whereby reinsurance companies are required to provide a market-consistent assessment of the value of their assets and liabilities. The solvency requirement is met if the available risk-bearing capital exceeds the required target capital. It is then assessed whether the identified available capital can meet the SST requirements and is sufficient to cover the company’s obligations in less favorable scenarios. RREAG maintains branch operations in Australia, Bermuda, U.K. and the U.S., each in accordance with applicable local regulations, which may include statutory capital requirements. RREAG may only distribute dividends out of its retained earnings or distributable reserves based on the audited annual accounts of the company. Any distribution of dividends remains subject to the approval of FINMA (as a change of the regulatory business plan) if they have a bearing on the solvency of the reinsurer and/or the interests of the insured. The solvency and capital requirements must still be met following any distribution. At December 31, 2020, we believe RREAG exceeded the minimum solvency and capital requirements required to be maintained under Swiss law. RREAG was required to prepare an FCR for the year ended December 31, 2020, which is available on our website. U.K. The underwriting capacity of a member of Lloyd’s must be supported by providing a deposit, referred to as “Funds at Lloyd’s” or “FAL,” in the form of cash, securities or letters of credit in an amount determined under the capital adequacy regime of the PRA. The amount of such deposit is calculated for each member through the completion of an annual capital adequacy exercise. Under these requirements, Lloyd’s must demonstrate that each member has sufficient assets to meet its underwriting liabilities plus a required solvency margin. The amount of FAL for Syndicate 1458 is determined by Lloyd’s and is based on Syndicate 1458’s solvency and capital requirement as calculated through its internal model. Dividends from a Lloyd’s managing agent and a Lloyd’s corporate member can be declared and paid provided the relevant company has sufficient profits available for distribution. U.S. Renaissance Reinsurance U.S. is required to meet certain minimum statutory capital and surplus requirements under Maryland law. Renaissance Reinsurance U.S. is also subject to risk-based capital (“RBC”) requirements under Maryland law, and must file an annual report of its RBC levels. If the report shows Renaissance Reinsurance U.S.’s statutory capital and surplus or total adjusted capital is below certain levels, Renaissance Reinsurance U.S. may be required to take certain corrective action or the Maryland Insurance Administration (“MIA”) may be permitted or required to take certain regulatory action. Maryland law places limitations on the amounts of dividends or distributions payable by Renaissance Reinsurance U.S. At December 31, 2021, Renaissance Reinsurance U.S. had an ordinary dividend capacity of $82.0 million which can be paid in 2022. Payment of ordinary dividends by Renaissance Reinsurance U.S. requires notice to the MIA. Declaration of an extraordinary dividend, which must be paid out of earned surplus, generally requires thirty days’ prior notice to and approval or non-disapproval of the MIA. An extraordinary dividend includes any dividend whose fair market value together with that of other dividends or distributions made within the preceding twelve months exceeds the lesser of (1) ten percent of the insurer’s surplus as regards policyholders as of December 31 of the preceding year or (2) the insurer’s net investment income, excluding realized capital gains (as determined under statutory accounting principles), for the twelve month period ending December 31 of the preceding year and pro rata distributions of any class of the insurer’s own securities, plus any amounts of net investment income (subject to the foregoing exclusions), in the three calendar years prior to the preceding year which have not been distributed. Multi-Beneficiary Reinsurance Trusts Each of Renaissance Reinsurance and DaVinci was approved as a Trusteed Reinsurer in the state of New York and established a multi-beneficiary reinsurance trust (“MBRT”) to collateralize its (re)insurance liabilities associated with U.S. domiciled cedants. The MBRTs are subject to the rules and regulations of the state of New York and the respective deed of trust, including but not limited to certain minimum capital funding requirements, investment guidelines, capital distribution restrictions and regulatory reporting requirements. Assets held under trust at December 31, 2021 with respect to the MBRTs totaled $1.2 billion and $272.0 million for Renaissance Reinsurance and DaVinci, respectively (2020 – $1.3 billion and $289.6 million, respectively), compared to the minimum amount required under U.S. state regulations of $531.8 million and $182.3 million, respectively (2020 – $878.2 million and $270.5 million, respectively). Multi-Beneficiary Reduced Collateral Reinsurance Trusts Each of Renaissance Reinsurance, RREAG and DaVinci has been approved as a “certified reinsurer” eligible for collateral reduction in certain states, and are authorized to provide reduced collateral equal to 20%, 20% and 50%, respectively, of their net outstanding insurance liabilities to insurers domiciled in each of those states. Each of Renaissance Reinsurance, RREAG and DaVinci has established a multi-beneficiary reduced collateral reinsurance trust to collateralize its (re)insurance liabilities associated with cedants domiciled in those states. Because these reduced collateral reinsurance trusts were established in New York, they are subject to the rules and regulations of the state of New York including but not limited to certain minimum capital funding requirements, investment guidelines, capital distribution restrictions and regulatory reporting requirements. Assets held under trust at December 31, 2021 with respect to such reduced collateral reinsurance trusts totaled $136.3 million, $168.1 million, and $86.6 million for Renaissance Reinsurance, DaVinci and RREAG respectively (2020 - $74.4 million, $90.1 million and $Nil respectively), compared to the minimum amount required under U.S. state regulations of $128.1 million, $164.5 million and $75.8 million, respectively (2020 - $70.0 million, $86.5 million and $Nil respectively). |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2021 | |
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 to assume risk. The Company’s derivative instruments can be exchange traded or over-the-counter, with over-the-counter derivatives 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 a 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 Company is not aware of the existence of any credit-risk related contingent features that it believes would be triggered in its derivative instruments that are in a net liability position at December 31, 2021. The tables below show the gross and net amounts of recognized derivative assets and liabilities at fair value, including the location on the consolidated balance sheets of the Company’s principal derivative instruments: Derivative Assets At December 31, 2021 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 Derivative Instruments Not Designated as Hedges Interest rate futures $ 1,068 $ — $ 1,068 Other assets $ — $ 1,068 Foreign currency forward contracts (1) 13,730 — 13,730 Other assets — 13,730 Foreign currency forward contracts (2) 1,247 — 1,247 Other assets — 1,247 Credit default swaps 478 — 478 Other assets — 478 Equity futures — — — Other assets — — Total derivative instruments not designated as hedges 16,523 — 16,523 — 16,523 Derivative Instruments Designated as Hedges Foreign currency forward contracts (3) 1,366 — 1,366 Other assets — 1,366 Total $ 17,889 $ — $ 17,889 $ — $ 17,889 Derivative Liabilities At December 31, 2021 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 Derivative Instruments Not Designated as Hedges Interest rate futures $ 1,426 $ — $ 1,426 Other liabilities $ 1,426 $ — Foreign currency forward contracts (1) 7,880 — 7,880 Other liabilities — 7,880 Foreign currency forward contracts (2) 3,412 — 3,412 Other assets — 3,412 Credit default swaps — — — Other liabilities — — Equity futures 173 — 173 Other liabilities 173 — Total derivative instruments not designated as hedges 12,891 — 12,891 1,599 11,292 Derivative Instruments Designated as Hedges Foreign currency forward contracts (3) 4,063 — 4,063 Other liabilities — 4,063 Total $ 16,954 $ — $ 16,954 $ 1,599 $ 15,355 (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. (3) Contracts designated as hedges of net investments in foreign operations. Derivative Assets At December 31, 2020 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 Derivative Instruments Not Designated as Hedges Interest rate futures $ 1,019 $ 863 $ 156 Other assets $ — $ 156 Interest rate swaps 22 — 22 Other assets — 22 Foreign currency forward contracts (1) 23,055 184 22,871 Other assets — 22,871 Foreign currency forward contracts (2) 2,232 69 2,163 Other assets — 2,163 Credit default swaps 68 — 68 Other assets — 68 Total derivative instruments not designated as hedges 26,396 1,116 25,280 — 25,280 Derivative Instruments Designated as Hedges Foreign currency forward contracts (3) 19,953 — 19,953 Other assets — 19,953 Total $ 46,349 $ 1,116 $ 45,233 $ — $ 45,233 Derivative Liabilities At December 31, 2020 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 Derivative Instruments Not Designated as Hedges Interest rate futures $ 1,430 $ 863 $ 567 Other liabilities $ 567 $ — Foreign currency forward contracts (1) 12,791 — 12,791 Other liabilities — 12,791 Foreign currency forward contracts (2) 3,919 69 3,850 Other liabilities 1,053 2,797 Total derivative instruments not designated as hedges 18,140 932 17,208 1,620 15,588 Derivative Instruments Designated as Hedges Foreign currency forward contracts (3) 5,152 — 5,152 Other liabilities — 5,152 Total $ 23,292 $ 932 $ 22,360 $ 1,620 $ 20,740 (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. (3) Contracts designated as hedges of net investments in foreign operations. Refer to “Note 5. Investments” for information on reverse repurchase agreements. The location and amount of the gain (loss) recognized in the Company’s consolidated statements of operations related to its principal derivative instruments are shown in the following table: Location of gain (loss) Amount of gain (loss) recognized on Year ended December 31, 2021 2020 2019 Derivative Instruments Not Designated as Hedges Interest rate futures (4) Net realized and unrealized gains (losses) on investments $ (15,846) $ 103,102 $ 16,848 Interest rate swaps (4) Net realized and unrealized gains (losses) on investments (1,184) 2,334 1,488 Foreign currency forward contracts (1) Net foreign exchange gains (losses) (19,151) 24,309 12,617 Foreign currency forward contracts (2) Net foreign exchange gains (losses) (1,521) (4,450) (1,605) Credit default swaps (4) Net realized and unrealized gains (losses) on investments 3,479 (1,304) 7,043 Total return swaps (4) Net realized and unrealized gains (losses) on investments 1,314 (5,479) 12,155 Equity futures (5) Net realized and unrealized gains (losses) on investments — (30,045) 21,357 Total derivative instruments not designated as hedges (32,909) 88,467 69,903 Derivative instruments designated as hedges Foreign currency forward contracts (3) Accumulated other comprehensive income (loss) (4,535) 11,685 959 Total derivative instruments designated as hedges (4,535) 11,685 959 Total $ (37,444) $ 100,152 $ 70,862 (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. (3) Contracts designated as hedges of net investments in foreign operations. (4) Fixed income related derivatives included in net realized and unrealized gains (losses) on investment-related derivatives. See “Note 5. Investments” for additional information. (5) Equity related derivatives included in net realized and unrealized gains (losses) on investment-related derivatives. See “Note 5. Investments” for additional information. The Company is not aware of the existence of any credit-risk related contingent features that it believes would be triggered in its derivative instruments that are in a net liability position at December 31, 2021. Derivative Instruments Not Designated as Hedges Interest Rate Derivatives The Company uses interest rate futures and swaps 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. Interest Rate Futures The fair value of interest rate futures is determined using exchange traded prices. At December 31, 2021, the Company had $2.2 billion of notional long positions and $0.5 billion of notional short positions of primarily Eurodollar and U.S. treasury futures contracts (2020 – $2.0 billion and $1.0 billion, respectively). Interest Rate Swaps The fair value of interest rate swaps is determined using the relevant exchange traded price where available or a discounted cash flow model based on the terms of the contract and inputs, including, where applicable, observable yield curves. At December 31, 2021, the Company had $Nil of notional positions paying a fixed rate and $Nil receiving a fixed rate denominated in U.S. dollar swap contracts (2020 - $Nil and $23.5 million, respectively). 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. The impact of changes in exchange rates on the Company’s assets and liabilities denominated in currencies other than the U.S. dollar, excluding non-monetary assets and liabilities, are recognized in the Company’s consolidated statements of operations. Underwriting and Non-investments Operations Related Foreign Currency Contracts The Company’s foreign currency policy with regard to its underwriting operations is generally to enter into foreign currency forward and option contracts for notional values that approximate the foreign currency liabilities, including claims and claim expense reserves and reinsurance balances payable, net of any cash, investments and receivables held in the respective foreign currency. The Company’s use of foreign currency forward and option contracts is intended 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 Company may determine not to match a portion of its projected underwriting related assets or liabilities with underlying foreign currency exposure with investments in the same currencies, which would increase its exposure to foreign currency fluctuations and potentially increase the impact and volatility of foreign exchange gains and losses on its results of operations. The fair value of the Company’s underwriting operations related foreign currency contracts is determined using indicative pricing obtained from counterparties or broker quotes. At December 31, 2021, the Company had outstanding underwriting related foreign currency contracts of $915.0 million in notional long positions and $329.3 million in notional short positions, denominated in U.S. dollars (2020 – $0.7 billion and $504.2 million, respectively). Investment Portfolio Related Foreign Currency Forward Contracts The Company’s investment operations are exposed to currency fluctuations through its investments in non-U.S. dollar fixed maturity investments, short term investments and other investments. From time to time, the Company may employ foreign currency forward contracts in its investment portfolio to either assume foreign currency risk or to economically hedge its exposure to currency fluctuations from these investments. The fair value of the Company’s investment portfolio related foreign currency forward contracts is determined using an interpolated rate based on closing forward market rates. At December 31, 2021, the Company had outstanding investment portfolio related foreign currency contracts of $245.8 million in notional long positions and $131.0 million in notional short positions, denominated in U.S. dollars (2020 – $269.5 million and $117.5 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 may purchase credit derivatives to manage 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 manage its credit exposure. Credit Default Swaps The fair value of the Company credit default swaps is determined using industry valuation models, broker bid indications or internal pricing valuation techniques. The fair value of these credit default swaps can change based on a variety of factors including changes in credit spreads, default rates and recovery rates, the correlation of credit risk between the referenced credit and the counterparty, and market rate inputs such as interest rates. At December 31, 2021, the Company had outstanding credit default swaps of $Nil in notional positions to hedge credit risk and $218.5 million in notional positions to assume credit risk, denominated in U.S. dollars (2020 – $Nil and $96.8 million, respectively). Total Return Swaps From time to time, the Company uses total return swaps as a means to manage spread duration and credit exposure in its investment portfolio. The fair value of the Company’s total return swaps is determined using broker-dealer bid quotations, market-based prices from pricing vendors or valuation models. At December 31, 2021 and December 31, 2020, the Company had no outstanding total return swaps, respectively. Equity Derivatives Equity Futures From time to time, the Company uses equity derivatives in its investment portfolio to either assume equity risk or hedge its equity exposure. The fair value of the Company’s equity futures is determined using market-based prices from pricing vendors. At December 31, 2021, the Company had a $74.3 million notional long position of equity futures, denominated in U.S. dollars (2020 - $Nil). Derivative Instruments Designated as Hedges of Net Investments in Foreign Operations Foreign Currency Derivatives Hedges of Net Investments in Foreign Operations Certain of the Company’s subsidiaries use non-U.S. dollar functional currencies. The Company, from time to time, enters into foreign exchange forwards to hedge currencies, which, as of December 31, 2021 and 2020, includes the Australian dollar and Euro net investment in foreign operations, on an after-tax basis, from changes in the exchange rate between the U.S. dollar and these currencies. The Company utilizes foreign exchange forward contracts to hedge the fair value of its net investment in a foreign operation. The Company has entered into foreign exchange forward contracts that were formally designated as hedges of its investment in subsidiaries with non-U.S. dollar functional currencies. There was no ineffectiveness in these transactions. The table below provides a summary of derivative instruments designated as hedges of net investments in foreign operations, including the weighted average U.S. dollar equivalent of foreign denominated net (liabilities) assets that were hedged and the resulting derivative gain that are recorded in foreign currency translation adjustments, net of tax, within accumulated other comprehensive loss on the Company’s consolidated statements of changes in shareholders’ equity: Year ended December 31, 2021 2020 Weighted average of U.S. dollar equivalent of foreign denominated net assets (liabilities) $ (66,438) $ (45,803) Derivative gains (losses) (1) $ (4,535) $ 11,685 (1) Derivative gains (losses) from derivative instruments designated as hedges of the net investment in a foreign operation are recorded in foreign currency translation adjustments, net of tax, within accumulated other comprehensive income (loss) on the Company’s consolidated statements of changes in shareholders’ equity. |
Commitments, Contingencies and
Commitments, Contingencies and Other Items | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Other Items | COMMITMENTS, CONTINGENCIES AND OTHER ITEMS Concentration of Credit Risk Instruments which potentially subject the Company to concentration of credit risk consist principally of investments, including the Company’s equity method investments, cash, premiums receivable and reinsurance balances. The Company limits the amount of credit exposure to any one financial institution and, except for the securities of the U.S. Government and U.S. Government related entities, and money market securities, none of the Company’s fixed-maturity and short-term investments exceeded 10% of shareholders’ equity at December 31, 2021. Refer to “Note 7. Reinsurance,” for information with respect to reinsurance recoverable. Employment Agreements The Board of Directors has authorized the execution of employment agreements between the Company and certain officers. These agreements provide for, among other things, severance payments under certain circumstances, as well as accelerated vesting of options and certain restricted stock grants, upon a change in control, as defined in the employment agreements and the Company’s stock incentive plan. Letters of Credit and Other Commitments At December 31, 2021, the Company’s banks have issued secured and unsecured letters of credit totaling $1.1 billion in favor of certain ceding companies. In connection with the Company’s Top Layer Re joint venture, Renaissance Reinsurance has committed $37.5 million of collateral to support a letter of credit and is obligated to make a mandatory capital contribution of up to $50.0 million in the event that a loss reduces Top Layer Re’s capital and surplus below a specified level. Refer to “Note 9. Debt and Credit Facilities” for additional information related to the Company’s debt and credit facilities. Investment Commitments The Company has committed capital to direct private equity investments, fund investments, term loans and investments in other ventures of $2.7 billion, of which $1.3 billion has been contributed at December 31, 2021. The Company’s remaining commitments to these investments at December 31, 2021 totaled $1.4 billion. These commitments do not have a defined contractual commitment date. Indemnifications and Warranties In the ordinary course of its business, the Company may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that lead to the execution of these provisions against the Company. Based on past experience, management currently believes that the likelihood of such an event is remote. Leases The Company’s operating leases primarily relate to office space for its global underwriting platforms principally in Bermuda, Australia, Ireland, Singapore, Switzerland, the U.K. and the U.S. These leases expire at various dates through 2031 with a weighted average lease term of 4.7 years. Included in other assets other liabilities Leases (2020 - $29.8 million and $29.9 million, respectively). During 2021, the Company recorded an operating lease expense of $8.4 million included in operating expenses (2020 - $9.8 million). The Company’s financing leases primarily relate to office space in Bermuda with an initial lease term of 20 years, ending in 2028, and a bargain renewal option for an additional 30 years. Included in other assets other liabilities Future minimum lease payments under existing operating and finance leases are detailed below, excluding the bargain renewal option on the finance lease related to office space in Bermuda: Future Minimum Lease Payments Operating Leases Finance Leases 2022 $ 8,515 $ 2,661 2023 7,440 2,661 2024 6,186 2,661 2025 5,998 2,661 2026 5,588 2,661 After 2026 21,143 4,807 Future minimum lease payments under existing leases $ 54,870 $ 18,112 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. 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. |
Sale of RenaissanceRe UK
Sale of RenaissanceRe UK | 12 Months Ended |
Dec. 31, 2021 | |
Transfers and Servicing [Abstract] | |
Sale of RenaissanceRe UK | SALE OF RENAISSANCERE UKOn February 4, 2020, RenaissanceRe Specialty Holdings (UK) Limited entered into an agreement to sell its wholly owned subsidiary, RenaissanceRe UK, a U.K. run-off company, to an investment vehicle managed by AXA Liabilities Managers, an affiliate of AXA XL. The sale received regulatory approval on July 17, 2020 and closed on August 18, 2020. The Company recognized a pre-tax loss on the sale of RenaissanceRe UK of $30.2 million, which is included in corporate expenses in the Company’s consolidated statements of operations for 2020. The loss on sale includes amounts related to prior purchase GAAP adjustments and cumulative currency translation adjustments recorded since the acquisition of RenaissanceRe UK. The financial results of RenaissanceRe UK for the period from January 1, 2020 through August 18, 2020, are recorded in the Company’s consolidated statements of operations as part of net income available to RenaissanceRe common shareholders for 2020. Prior to the sale, the underwriting activities of RenaissanceRe UK were principally all within the Company’s Casualty and Specialty segment. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS Effective January 1, 2022, DaVinciRe completed an equity capital raise of $500.0 million, comprised of $284.8 million from third-party investors and $215.2 million from RenaissanceRe. In addition, RenaissanceRe sold an aggregate of $102.9 million of its shares in DaVinciRe to third-party investors and purchased an aggregate of $87.4 million of shares from third-party investors. At December 31, 2021, $387.8 million, representing the net amount received from investors other than the Company prior to December 31, 2021, is included in other liabilities on the Company's consolidated balance sheet, and also included in other operating cash flows on the Company's consolidated statements of cash flows for the year ended December 31, 2021. The Company’s noncontrolling economic ownership in DaVinciRe subsequent to these transactions was 30.9%, effective January 1, 2022. Effective January 1, 2022, Upsilon RFO issued $89.0 million of non-voting preference shares to investors, including $10.0 million to the Company. At December 31, 2021, $79.0 million, representing the amount received from investors other than the Company prior to December 31, 2021, is included in other liabilities on the Company’s consolidated balance sheet, and also included in other operating cash flows on the Company’s consolidated statements of cash flows for the year ended December 31, 2021. Effective January 1, 2022, the Company’s participation in the risks assumed by Upsilon RFO was 13.6%. Effective January 1, 2022, Medici issued $73.7 million of non-voting preference shares to investors, including $nil to the Company. At December 31, 2021, $73.7 million, representing the amount received from investors other than the Company prior to December 31, 2021, is included in other liabilities on the Company’s consolidated balance sheet, and also included in other operating cash flows on the Company’s consolidated statements of cash flows for the year ended December 31, 2021. The Company’s noncontrolling economic ownership in Medici subsequent to these transactions was 13.7%, effective January 1, 2022. Subsequent to December 31, 2021 and through the period ended February 2, 2022, the Company repurchased 462,350 common shares at an aggregate cost of $76.1 million and an average price of $164.52 per common share. On February 4, 2022, the Company’s Board of Directors approved a renewal of the authorized share repurchase program to an aggregate amount of up to $500.0 million. |
Schedule I. Summary of Investme
Schedule I. Summary of Investments Other Than Investments in Related Parties | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract] | |
Summary of Investments, Other than Investments in Related Parties | SCHEDULE I RENAISSANCERE HOLDINGS LTD. AND SUBSIDIARIES SUMMARY OF INVESTMENTS OTHER THAN INVESTMENTS IN RELATED PARTIES (THOUSANDS OF UNITED STATES DOLLARS) December 31, 2021 Amortized Cost or Cost Fair Value Amount at Type of investment: Fixed maturity investments U.S. treasuries $ 6,302,313 $ 6,247,779 $ 6,247,779 Agencies 364,429 361,684 361,684 Non-U.S. government 552,935 549,613 549,613 Non-U.S. government-backed corporate 476,200 474,848 474,848 Corporate 3,202,614 3,214,438 3,214,438 Agency mortgage-backed 721,711 721,955 721,955 Non-agency mortgage-backed 232,144 233,346 233,346 Commercial mortgage-backed 631,016 634,925 634,925 Asset-backed 1,069,217 1,068,543 1,068,543 Total fixed maturity investments $ 13,552,579 13,507,131 13,507,131 Short term investments 5,298,385 5,298,385 Equity investments 546,016 546,016 Catastrophe bonds 1,104,034 1,104,034 Direct private equity investments 88,373 88,373 Fund investments 725,802 725,802 Term loans 74,850 74,850 Total other investments 1,993,059 1,993,059 Investments in other ventures, under equity method 98,068 98,068 Total investments $ 21,442,659 $ 21,442,659 |
Schedule II. Condensed Financia
Schedule II. Condensed Financial Information Of Registrant | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Information of Registrant | SCHEDULE II RENAISSANCERE HOLDINGS LTD. CONDENSED FINANCIAL INFORMATION OF REGISTRANT RENAISSANCERE HOLDINGS LTD. BALANCE SHEETS AT DECEMBER 31, 2021 AND 2020 (PARENT COMPANY) (THOUSANDS OF UNITED STATES DOLLARS) At December 31, 2021 2020 Assets Fixed maturity investments trading, at fair value - amortized cost $0 at December 31, 2021 (2020 - $14,840) $ — $ 14,790 Short term investments, at fair value 46,503 125,392 Cash and cash equivalents 35,834 29,830 Investments in subsidiaries 6,137,229 6,757,962 Due from subsidiaries 9,468 2,435 Accrued investment income 6 34 Receivable for investments sold 3 18 Other assets 859,176 932,153 Goodwill and other intangible assets 108,261 112,110 Total assets $ 7,196,480 $ 7,974,724 Liabilities and Shareholders’ Equity Liabilities Notes and bank loans payable $ 393,306 $ 392,391 Due to subsidiaries 156,353 — Other liabilities 22,540 22,085 Total liabilities 572,199 414,476 Shareholders’ Equity Preference shares: $1.00 par value – 30,000 shares issued and outstanding at December 31, 2021 (2020 – 11,010,000) 750,000 525,000 Common shares: $1.00 par value – 44,444,831 shares issued and outstanding at December 31, 2021 (2020 – 50,810,618) 44,445 50,811 Additional paid-in capital 608,121 1,623,206 Accumulated other comprehensive income (loss) (10,909) (12,642) Retained earnings 5,232,624 5,373,873 Total shareholders’ equity 6,624,281 7,560,248 Total liabilities and shareholders’ equity $ 7,196,480 $ 7,974,724 SCHEDULE II RENAISSANCERE HOLDINGS LTD. CONDENSED FINANCIAL INFORMATION OF REGISTRANT – CONTINUED RENAISSANCERE HOLDINGS LTD. STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019 (PARENT COMPANY) (THOUSANDS OF UNITED STATES DOLLARS) Year ended December 31, 2021 2020 2019 Revenues Net investment income $ 38,347 $ 40,502 $ 39,629 Net foreign exchange gains (losses) (10,740) 10,729 7,342 Net realized and unrealized gains (losses) on investments 6,212 (4,556) 12,393 Total revenues 33,819 46,675 59,364 Expenses Interest expense 15,315 15,583 18,086 Operational expenses 12,043 8,016 7,506 Corporate expenses 35,946 47,223 58,393 Total expenses 63,304 70,822 83,985 Income (loss) before equity in net income of subsidiaries (29,485) (24,147) (24,621) Equity in net income (loss) of subsidiaries (10,670) 786,552 773,419 Net income (loss) (40,155) 762,405 748,798 Dividends on preference shares (33,266) (30,923) (36,756) Net income (loss) available (attributable) to RenaissanceRe common shareholders $ (73,421) $ 731,482 $ 712,042 RENAISSANCERE HOLDINGS LTD. STATEMENTS OF COMPREHENSIVE INCOME (LOSS) FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019 (PARENT COMPANY) (THOUSANDS OF UNITED STATES DOLLARS) Year ended December 31, 2021 2020 2019 Comprehensive income (loss) Net income (loss) $ (40,155) $ 762,405 $ 748,798 Change in net unrealized gains (losses) on investments, net of tax (2,492) 606 2,173 Foreign currency translation adjustments, net of tax 4,225 (11,309) (2,679) Comprehensive income (loss) attributable to RenaissanceRe $ (38,422) $ 751,702 $ 748,292 SCHEDULE II RENAISSANCERE HOLDINGS LTD. CONDENSED FINANCIAL INFORMATION OF REGISTRANT – CONTINUED RENAISSANCERE HOLDINGS LTD. STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019 (PARENT COMPANY) (THOUSANDS OF UNITED STATES DOLLARS) Year ended December 31, 2021 2020 2019 Cash flows provided by (used in) operating activities: Net income (loss) $ (40,155) $ 762,405 $ 748,798 Less: equity in net income of subsidiaries 10,670 (786,552) (773,419) (29,485) (24,147) (24,621) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities Net realized and unrealized (gains) losses on investments 4,898 4,556 (12,393) Other 59,873 37,782 34,153 Net cash provided by (used in) operating activities 35,286 18,191 (2,861) Cash flows provided by (used in) investing activities: Proceeds from maturities and sales of fixed maturity investments trading 436,122 370,905 306,579 Purchases of fixed maturity investments trading (421,323) (384,415) (66,740) Net sales (purchases) of short term investments 78,904 64,209 (116,499) Dividends and return of capital from subsidiaries 1,104,831 827,626 1,400,944 Contributions to subsidiaries (351,548) (1,623,708) (1,165,607) Due (to) from subsidiary 50,472 (65,438) (625,924) Net cash provided by (used in) investing activities 897,458 (810,821) (267,247) Cash flows provided by (used in) financing activities: Dividends paid – RenaissanceRe common shares (67,828) (68,490) (59,368) Dividends paid – preference shares (32,889) (30,923) (36,756) Issuance of debt, net of expenses — — 396,411 RenaissanceRe common share repurchases (1,027,505) (62,621) — RenaissanceRe common share issuance — 1,095,507 — Redemption of preference shares (275,000) (125,000) — Issuance of preference shares, net of expenses 488,653 — — Taxes paid on withholding shares (12,171) (12,330) (7,253) Net cash provided by (used in) financing activities (926,740) 796,143 293,034 Effect of exchange rate changes on foreign currency cash — (143) — Net increase (decrease) in cash and cash equivalents 6,004 3,370 22,926 Cash and cash equivalents, beginning of year 29,830 26,460 3,534 Cash and cash equivalents, end of year $ 35,834 $ 29,830 $ 26,460 |
Schedule III. Supplementary Ins
Schedule III. Supplementary Insurance Information | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract] | |
Supplementary Insurance Information | SCHEDULE III RENAISSANCERE HOLDINGS LTD. AND SUBSIDIARIES SUPPLEMENTARY INSURANCE INFORMATION (THOUSANDS OF UNITED STATES DOLLARS) December 31, 2021 Year ended December 31, 2021 Deferred Future Policy Unearned Premium Net Benefits, Amortization Other Net Written Property $ 195,423 $ 6,377,688 $ 931,938 $ 2,608,298 $ — $ 2,163,016 $ 487,178 $ 143,608 $ 2,868,002 Casualty and Specialty 653,737 6,916,942 2,599,275 2,585,883 1,713,071 727,680 68,576 3,071,373 Other — — — — 319,479 — — — — Total $ 849,160 $ 13,294,630 $ 3,531,213 $ 5,194,181 $ 319,479 $ 3,876,087 $ 1,214,858 $ 212,184 $ 5,939,375 December 31, 2020 Year ended December 31, 2020 Deferred Future Policy Unearned Premium Net Benefits, Amortization Other Net Written Property $ 118,327 $ 4,372,453 $ 659,236 $ 1,936,215 $ — $ 1,435,947 $ 353,700 $ 135,547 $ 2,037,200 Casualty and Specialty 515,194 6,008,685 2,104,363 2,016,247 — 1,488,662 543,977 71,140 2,059,133 Other — — — — 354,038 — — — — Total $ 633,521 $ 10,381,138 $ 2,763,599 $ 3,952,462 $ 354,038 $ 2,924,609 $ 897,677 $ 206,687 $ 4,096,333 December 31, 2019 Year ended December 31, 2019 Deferred Future Policy Unearned Premium Net Benefits, Amortization Other Net Written Property $ 79,795 $ 4,074,290 $ 539,183 $ 1,627,494 $ — $ 965,384 $ 313,554 $ 138,187 $ 1,654,259 Casualty and Specialty 584,196 5,310,059 1,991,792 1,710,909 — 1,131,637 448,678 84,546 1,727,234 Other — — — — 424,207 — — — — Total $ 663,991 $ 9,384,349 $ 2,530,975 $ 3,338,403 $ 424,207 $ 2,097,021 $ 762,232 $ 222,733 $ 3,381,493 |
Schedule IV. Supplemental Sched
Schedule IV. Supplemental Schedule of Reinsurance Premiums | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract] | |
Supplemental Schedule of Reinsurance Premiums | SCHEDULE IV RENAISSANCERE HOLDINGS LTD. AND SUBSIDIARIES SUPPLEMENTAL SCHEDULE OF REINSURANCE PREMIUMS (THOUSANDS OF UNITED STATES DOLLARS) Gross Amounts Ceded to Assumed Net Amount Percentage Year ended December 31, 2021 Property and liability premiums earned $ 799,717 $ 1,863,350 $ 6,257,814 $ 5,194,181 120 % Year ended December 31, 2020 Property and liability premiums earned $ 536,595 $ 1,662,815 $ 5,078,682 $ 3,952,462 128 % Year ended December 31, 2019 Property and liability premiums earned $ 404,525 $ 1,414,383 $ 4,348,261 $ 3,338,403 130 % |
Schedule VI. Supplementary Insu
Schedule VI. Supplementary Insurance Information Concerning Property-Casualty Insurance Operations | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Abstract] | |
Supplemental Insurance Information Concerning Property-Casualty Insurance Operations | SCHEDULE VI RENAISSANCERE HOLDINGS LTD. AND SUBSIDIARIES SUPPLEMENTARY INSURANCE INFORMATION CONCERNING PROPERTY-CASUALTY INSURANCE OPERATIONS (THOUSANDS OF UNITED STATES DOLLARS) Affiliation with Registrant Deferred Reserves for Discount, if Unearned Earned Net Consolidated Subsidiaries Year ended December 31, 2021 $ 849,160 $ 13,294,630 $ — $ 3,531,213 $ 5,194,181 $ 319,479 Year ended December 31, 2020 $ 633,521 $ 10,381,138 $ — $ 2,763,599 $ 3,952,462 $ 354,038 Year ended December 31, 2019 $ 663,991 $ 9,384,349 $ — $ 2,530,975 $ 3,338,403 $ 424,207 Claims and Claim Adjustment Expenses Incurred Related to Amortization Paid Claims Net Affiliation with Registrant Current Year Prior Year Consolidated Subsidiaries Year ended December 31, 2021 $ 4,125,557 $ (249,470) $ 1,214,858 $ 2,224,102 $ 5,939,375 Year ended December 31, 2020 $ 3,108,421 $ (183,812) $ 897,677 $ 2,004,628 $ 4,096,333 Year ended December 31, 2019 $ 2,123,876 $ (26,855) $ 762,232 $ 1,098,054 $ 3,381,493 |
Significant Accounting Polici_2
Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION These consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the United States (“GAAP”). All significant intercompany accounts and transactions have been eliminated from these statements. Certain comparative information has been reclassified to conform to the current presentation. |
Use of Estimates in Financial Statements | USE OF ESTIMATES IN FINANCIAL STATEMENTS The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. The major estimates reflected in the Company’s consolidated financial statements include, but are not limited to, the reserve for claims and claim expenses; reinsurance recoverable and premiums receivable, including provisions for reinsurance recoverable and premiums receivable to reflect expected credit losses; estimates of written and earned premiums; fair value, including the fair value of investments, financial instruments and derivatives; impairment charges; deferred acquisition costs, and the Company’s deferred tax valuation allowance. |
Premiums and Related Expenses | PREMIUMS AND RELATED EXPENSES Premiums are recognized as income, net of any applicable reinsurance or retrocessional coverage purchased, over the terms of the related contracts and policies. Premiums written are based on contract and policy terms and include estimates based on information received from both insureds and ceding companies. Subsequent differences arising on such estimates are recorded in the period in which they are determined. Unearned premiums represent the portion of premiums written that relate to the unexpired terms of contracts and policies in force. Amounts are computed by pro rata methods based on statistical data or reports received from ceding companies. Reinstatement premiums are estimated after the occurrence of a significant loss and are recorded in accordance with the contract terms based upon paid losses and case reserves. Reinstatement premiums are earned when written. Acquisition costs are incurred when a contract or policy is issued and only the costs directly related to the successful acquisition of new and renewal contract or policies are deferred and amortized over the same period in which the related premiums are earned. Acquisition costs consist principally of commissions, brokerage and premium tax expenses. Certain of our assumed contracts contain profit sharing provisions or adjustable commissions that are estimated based on the expected loss and loss adjustment expense on those contracts. Acquisition costs include accruals for such estimates of commissions and are shown net of commissions and profit commissions earned on ceded reinsurance. Deferred policy acquisition costs are limited to their estimated realizable value based on the related unearned premiums. Anticipated claims and claim expenses, based on historical and current experience, and anticipated investment income related to those premiums are considered in determining the recoverability of deferred acquisition costs. |
Claims and Claim Expenses | CLAIMS AND CLAIM EXPENSES The reserve for claims and claim expenses includes estimates for unpaid claims and claim expenses on reported losses as well as an estimate of losses incurred but not reported. The reserve is based on individual claims, case reserves and other reserve estimates reported by insureds and ceding companies as well as management estimates of ultimate losses. Inherent in the estimates of ultimate losses are expected trends in claim severity and frequency and other factors which could vary significantly as claims are settled. Also, the Company does not have the benefit of a significant amount of its own historical experience in certain casualty and specialty and insurance lines of business. Accordingly, the reserving for incurred losses in these lines of business could be subject to greater variability. Ultimate losses may vary materially from the amounts provided in the consolidated financial statements. These estimates are reviewed regularly and, as experience develops and new information becomes known, the reserves are adjusted as necessary. Such adjustments, if any, are reflected in the consolidated statements of operations in the period in which they become known and are accounted for as changes in estimates. |
Reinsurance | REINSURANCE Amounts recoverable from reinsurers are estimated in a manner consistent with the claim liability associated with the reinsured policies. For multi-year retrospectively rated contracts, the Company accrues amounts (either assets or liabilities) that are due to or from assuming companies based on estimated contract experience. If the Company determines that adjustments to earlier estimates are appropriate, such adjustments are recorded in the period in which they are determined. Reinsurance recoverable on dual trigger reinsurance contracts require the Company to estimate its ultimate losses applicable to these contracts as well as estimate the ultimate amount of insured industry losses that will be reported by the applicable statistical reporting agency, as per the contract terms. Amounts recoverable from reinsurers are recorded net of a provision for current expected credit losses to reflect expected credit losses. Assumed and ceded reinsurance contracts that lack significant transfer of risk are treated as deposits. Certain assumed and ceded reinsurance contracts that do not meet all of the criteria to be accounted for as reinsurance in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic Financial Services - Insurance have been accounted for at fair value under the fair value option in accordance with FASB ASC Topic Financial Instruments. |
Fixed Maturity Investments, Short Term Investments and Equity Investments, Classified as Trading | INVESTMENTS Fixed Maturity Investments Investments in fixed maturities are classified as trading and are reported at fair value. Investment transactions are recorded on the trade date with balances pending settlement reflected in the balance sheet as a receivable for investments sold or a payable for investments purchased. Net investment income includes interest and dividend income together with amortization of market premiums and discounts and is net of investment management and custody fees. The amortization of premium and accretion of discount for fixed maturity securities is computed using the effective yield method. For mortgage-backed securities and other holdings for which there is prepayment risk, prepayment assumptions are evaluated quarterly and revised as necessary. Any adjustments required due to the change in effective yields and maturities are recognized on a prospective basis through yield adjustments. Fair values of investments are based on quoted market prices, or when such prices are not available, by reference to broker or underwriter bid indications and/or internal pricing valuation techniques. The net unrealized appreciation or depreciation on fixed maturity investments trading is included in net realized and unrealized gains (losses) on investments in the consolidated statements of operations. Realized gains or losses on the sale of investments are determined on the basis of the first in first out cost method. Short Term Investments Short term investments, which are managed as part of the Company’s investment portfolio and have a maturity of one year or less when purchased, are carried at fair value. The net unrealized appreciation or depreciation on short term investments is included in net realized and unrealized gains (losses) on investments in the consolidated statements of operations. Equity Investments, Classified as Trading Equity investments are accounted for at fair value in accordance with FASB ASC Topic Financial Instruments. Fair values are primarily priced by pricing services, reflecting the closing price quoted for the final trading day of the period. Net investment income includes dividend income and the net realized and unrealized appreciation or depreciation on equity investments is included in net realized and unrealized gains (losses) on investments in the consolidated statements of operations. |
Other Investments | Other Investments The Company accounts for its other investments at fair value in accordance with FASB ASC Topic Financial Instruments with interest and dividend income included in net investment income. Realized and unrealized gains and losses on other investments are included in net realized and unrealized gains (losses) on investments. The fair value of the Company’s fund investments, which include private equity funds, private credit funds and hedge funds, is generally established on the basis of the net asset value (“NAV”) per share (or its equivalent) established by the managers of such fund investments, if applicable. The net asset value established by the managers of such fund investments is determined in accordance with the governing documents of such fund investments. The Company applies the practical expedient provided by the FASB ASC Topic Financial Instruments relating to investments in certain entities that calculate NAV per share (or its equivalent) and therefore measure the fair value of the fund investments based on that NAV per share, or its equivalent. Fund investments are recorded on the consolidated balance sheet in other investments. Fund investments which are valued using NAV per share as a practical expedient are not categorized within the fair value hierarchy. Certain of the Company’s fund managers, fund administrators, or both, are unable to provide final fund valuations as of the Company’s current reporting date. The typical reporting lag experienced by the Company to receive a final net asset value report is one month for hedge funds and certain private credit funds and three months for private equity funds and private credit funds. In the past, in respect of certain of the funds, the Company has, on occasion, experienced delays of up to six months at year end, as the funds typically complete their respective year-end audits before releasing their final net asset value statements. In circumstances where there is a reporting lag between the current period end reporting date and the reporting date of the latest fund valuation, the Company estimates the fair value of these funds by starting with the prior month or quarter-end fund valuations, adjusting these valuations for actual capital calls, redemptions or distributions, as well as the impact of changes in foreign currency exchange rates, and then estimating the return for the current period. In circumstances in which the Company estimates the return for the current period, all information available to the Company is utilized. This principally includes using preliminary estimates reported to the Company by its fund managers, estimating returns based on the performance of broad market indices or other valuation methods, where necessary. Actual final fund valuations may differ, perhaps materially so, from the Company’s estimates and these differences are recorded in the Company’s statement of operations in the period in which they are reported to the Company as a change in estimate. The Company’s other investments also include investments in catastrophe bonds, direct private equity investments and term loans which are recorded at fair value. The fair value of catastrophe bonds is based on broker or underwriter bid indications. The fair value of direct private equity investments is based on the use of internal valuation models and the fair value of term loans are based on discounted cash flow valuation model. |
Investments in Other Ventures, Under Equity Method | Investments in Other Ventures, Under Equity Method Investments in which the Company has significant influence over the operating and financial policies of the investee are classified as investments in other ventures, under equity method, and are accounted for under the equity method of accounting. Under this method, the Company records its proportionate share of income or loss from such investments in its results for the period. If the Company’s proportionate share of loss from such investment is in excess of the carrying value of such investment, the company discontinues applying the equity method when the carrying value of the investment is reduced to zero, unless the Company has committed to provide further financial support to the investee. If the investee subsequently reports net income, the Company resumes applying the equity method only after its proportionate share of net income equals the proportionate share of net losses not recognized during the period the equity method was suspended. Any decline in value of investments in other ventures, under equity method considered by management to be other-than-temporary is charged to income in the period in which it is determined. |
Cash and Cash Equivalents | CASH AND CASH EQUIVALENTS Cash equivalents include money market instruments with a maturity of ninety days or less when purchased. |
Stock Incentive Compensation | STOCK INCENTIVE COMPENSATION The Company is authorized to issue restricted stock awards and units, performance shares, stock options and other equity-based awards to its employees and directors. The fair value of the compensation cost is measured at the grant date and expensed over the period for which the employee or director is required to provide services in exchange for the award. In addition, the Company is authorized to issue cash settled restricted stock units (“CSRSU”) to its employees. The fair value of CSRSUs is determined using the fair market value of RenaissanceRe common shares at the end of each reporting period and is expensed over the period for which the employee is required to provide service in exchange for the award. The fair value of these awards is recorded on the Company’s consolidated balance sheet as a liability as it is expensed until the point payment is made to the employee. The Company has elected to recognize forfeitures as they occur rather than estimating service-based forfeitures over the requisite service period. |
Derivatives | DERIVATIVES From time to time, the Company enters into derivative instruments such as futures, options, swaps, forward contracts and other derivative contracts primarily to manage its foreign currency exposure, obtain exposure to a particular financial market, for yield enhancement, or for trading and to assume risk. The Company accounts for its derivatives in accordance with FASB ASC Topic Derivatives and Hedging , which requires all derivatives to be recorded at fair value on the Company’s balance sheet as either assets or liabilities, depending on their rights or obligations, with changes in fair value reflected in current earnings. Commencing in 2019, the Company elected to adopt hedge accounting for certain of its derivative instruments used as hedges of a net investment in a foreign operation, as discussed below. The fair value of the Company’s derivatives is estimated by reference to quoted prices or broker quotes, where available, or in the absence of quoted prices or broker quotes, the use of industry or internal valuation models. Hedges of a Net Investment in a Foreign Operation Changes in the fair value of derivative instruments used to hedge the net investment in a foreign operation, to the extent effective as a hedge, are recorded as a component of accumulated other comprehensive income (loss) in foreign currency translation adjustments, net of tax. Cumulative changes in fair value recorded in accumulated other comprehensive income (loss) are reclassified into earnings upon the sale, or complete or substantially complete liquidation, of the foreign operation. Any hedge ineffectiveness is recorded immediately in current period earnings as net foreign exchange gains (losses). Hedge Documentation and Effectiveness Testing To qualify for hedge accounting treatment, a derivative must be highly effective in mitigating the designated changes in value or cash flow of the hedged item. At the inception of a hedge, the Company formally documents relationships between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking each hedge transaction. The documentation process includes linking derivatives that are designated as net investment hedges to specific assets or liabilities on the consolidated balance sheet. The Company also formally assesses, both at the hedge's inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the net investment in a foreign operation. The Company will discontinue hedge accounting prospectively if it determines that the derivative is no longer highly effective in offsetting changes in the net investment in a foreign operation, the derivative is no longer designated as a hedging instrument, or the derivative expires or is sold, terminated or exercised. If hedge accounting is discontinued, the derivative continues to be carried at fair value on the consolidated balance sheet with changes in its fair value recognized in current period earnings through net realized and unrealized gains (losses) on investments. |
Fair Value | FAIR VALUE OPTION The Company has elected to account for certain of its assets and liabilities at fair value in accordance with FASB ASC Topic Fair Value Measurement s and Disclosures . The Company recognizes the change in unrealized gains and losses arising from changes in fair value in its statements of operations. 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 as 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 or 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 at the measurement date. The fair value is determined by multiplying the quoted price by the quantity held by the Company; • Fair values determined by Level 2 inputs utilize inputs (other than quoted prices included in Level 1) that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals, broker quotes and certain pricing indices; and • Level 3 inputs are based all or in part on significant unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In these cases, significant management assumptions can be used to establish management’s best estimate of the assumptions used by other market participants in determining the fair value of the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement of the asset or liability. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and the Company considers factors specific to the asset or liability. In order to determine if a market is active or inactive for a security, the Company considers a number of factors, including, but not limited to, the spread between what a seller is asking for a security and what a buyer is bidding for the same security, the volume of trading activity for the security in question, the price of the security compared to its par value (for fixed maturity investments), and other factors that may be indicative of market activity. There have been no material changes in the Company’s valuation techniques, nor have there been any transfers between Level 1 and Level 2, or Level 2 and Level 3 during the period represented by these consolidated financial statements. |
Business Combinations | The Company accounts for business combinations in accordance with FASB ASC Topic Business Combinations , and goodwill and other intangible assets that arise from business combinations in accordance with FASB ASC Topic Intangibles – Goodwill and Other |
Goodwill and Other Intangible Assets | A purchase price that is in excess of the fair value of the net assets acquired arising from a business combination is recorded as goodwill, and is not amortized. Other intangible assets with a finite life are amortized over the estimated useful life of the asset. Other intangible assets with an indefinite useful life are not amortized. Goodwill and other indefinite life intangible assets are tested for impairment on an annual basis or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable. Finite life intangible assets are reviewed for indicators of impairment on an annual basis or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable, and tested for impairment if appropriate. For purposes of the annual impairment evaluation, goodwill is assigned to the applicable reporting unit of the acquired entities giving rise to the goodwill. Goodwill and other intangible assets recorded in connection with investments accounted for under the equity method, are recorded as “Investments in other ventures, under equity method” on the Company’s consolidated balance sheets. The Company has established the third and fourth quarters of the year as the period for performing its annual impairment tests. Upon further assessment, the Company may determine to perform additional impairment testing later in the year if it is deemed necessary. The Company has elected to use the option to first assess qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test. Under this option, the Company is not required to calculate the fair value of a reporting unit unless the Company determines, based on its qualitative assessment, that it is more likely than not that a reporting unit’s fair value is less than its carrying amount. If goodwill or other intangible assets are impaired, |
Noncontrolling Interests | NONCONTROLLING INTERESTS The Company accounts for redeemable noncontrolling interests in the mezzanine section of the Company’s consolidated balance sheet in accordance with United States Securities and Exchange Commission (“SEC”) guidance which is applicable to SEC registrants. The share classes related to the redeemable noncontrolling interest portion of the issuer are accounted for in accordance with SEC guidance, which requires that shares not required to be accounted for in accordance with FASB ASC Topic Distinguishing Liabilities from Equity , and having redemption features that are not solely within the control of the issuer, to be classified outside of permanent equity in the mezzanine section of the balance sheet. The SEC guidance does not impact the accounting for redeemable noncontrolling interest on the consolidated statements of operations; therefore, the provisions of FASB ASC Topic Consolidation with respect to the consolidated statements of operations still apply, and net income attributable to redeemable noncontrolling interests is presented separately in the Company’s consolidated statements of operations. |
Variable Interest Entities | VARIABLE INTEREST ENTITIES The Company accounts for variable interest entities (“VIEs”) in accordance with FASB ASC Topic Consolidation , which requires the consolidation of all VIEs by the primary beneficiary, that being the investor that has the power to direct the activities of the VIE and that will absorb a portion of the VIE’s expected losses or residual returns that could potentially be significant to the VIE. When the Company determines it has a variable interest in a VIE, it determines whether it is the primary beneficiary of that VIE by performing an analysis that principally considers: (i) the VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders; (ii) the VIE’s capital structure; (iii) the terms between the VIE and its variable interest holders and other parties involved with the VIE; (iv) which variable interest holders have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; (v) which variable interest holders have the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE; and (vi) related party relationships. The Company reassesses its determination of whether the Company is the primary beneficiary of a VIE upon changes in facts and circumstances that could potentially alter the Company’s assessment. |
Earnings Per Share | EARNINGS PER SHARE The Company calculates earnings per share in accordance with FASB ASC Topic Earnings per Share. Basic earnings per share are based on weighted average common shares and exclude any dilutive effects of options and restricted stock. Diluted earnings per share assumes the exercise of all dilutive stock options and restricted stock grants. The two-class method is used to determine earnings per share based on dividends declared on common shares and participating securities (i.e., distributed earnings) and participation rights of participating securities in any undistributed earnings. Each unvested restricted share granted by the Company is considered a participating security and the Company uses the two-class method to calculate its net income available to RenaissanceRe common shareholders per common share – basic and diluted. |
Foreign Exchange | FOREIGN EXCHANGE Monetary assets and liabilities denominated in a currency other than the functional currency of the Company’s subsidiaries in which those monetary assets and liabilities reside are revalued into such subsidiary’s functional currency at the prevailing exchange rate on the balance sheet date. Revenues and expenses denominated in a currency other than the functional currency of the Company’s subsidiaries, are valued at the exchange rate on the date on which the underlying revenue or expense transaction occurred. The net effect of these revaluation adjustments are recognized in the Company’s consolidated statement of operations as part of net foreign exchange gains (losses). The Company’s functional currency is the U.S. dollar. Certain of the Company’s subsidiaries have a functional currency other than the U.S. dollar. Assets and liabilities of foreign operations whose functional currency is not the U.S. dollar are translated into the Company’s U.S. dollar reporting currency at prevailing balance sheet-date exchange rates, while revenue and expenses of such foreign operations are translated into the Company’s U.S. dollar functional currency at monthly average exchange rates during the year. The net effect of these translation adjustments, as well as any gains or losses on intercompany balances for which settlement is not planned or anticipated in the foreseeable future, net of applicable deferred income taxes, is included in the Company’s consolidated balance sheet as currency translation adjustments and reflected within accumulated other comprehensive income (loss). |
Taxation | TAXATION Income taxes have been provided for in accordance with the provisions of FASB ASC Topic Income Taxes . Deferred tax assets and liabilities result from temporary differences between the amounts recorded in the consolidated financial statements and the tax basis of the Company’s assets and liabilities. Such temporary differences are primarily due to net operating loss and interest expense carryforwards and GAAP versus tax basis accounting differences relating to underwriting results, accrued expenses and investments. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance against net deferred tax assets is recorded if it is more likely than not that all, or some portion, of the benefits related to net deferred tax assets will not be realized. |
Taxation, Uncertainties | Uncertain tax positions are also accounted for in accordance with FASB ASC Topic Income Taxes . Uncertain tax positions must meet a more likely than not recognition threshold to be recognized. |
Recently Adopted Accounting Pronouncements | RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS Simplifying the Accounting for Income Taxes In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (“ASU 2019-12”). Among other things, ASU 2019-12 eliminates certain exceptions for recognizing deferred taxes for investments, performing intraperiod tax allocation and calculating income taxes in interim periods. ASU 2019-12 also clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. ASU 2019-12 is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Accordingly, the Company adopted ASU 2019-12 effective January 1, 2021. The adoption of ASU 2019-12 did not 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 collectability of the reported amount. The Company’s invested assets are measured at fair value through net income, and therefore those invested assets were not impacted by the adoption of ASU 2016-13. The Company has other financial assets, such as premiums receivable and reinsurance recoverable, that were not materially impacted by the adoption of ASU 2016-13. ASU 2016-13 became effective for public business entities that are SEC filers for annual and interim periods beginning after December 15, 2019. Accordingly, the Company adopted ASU 2016-13 effective January 1, 2020. The adoption of ASU 2016-13 did not have a material impact on the Company’s consolidated statements of operations and financial position, and as a result, there was no cumulative effect adjustment to opening retained earnings as of January 1, 2020. Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued ASU No. 2018-13, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The ASU 2018-13 modifies the disclosure requirements of fair value measurements as part of the disclosure framework project with the objective to improve the effectiveness of disclosures in the notes to the financial statements. ASU 2018-13 allows for removal of the amount and reasons for transfer between Level 1 and Level 2 of the fair value hierarchy; the policy for transfers between levels; and the valuation processes for Level 3 fair value measurements. ASU 2018-13 became effective for all entities for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. Accordingly, the Company adopted ASU 2018-13 effective January 1, 2020. Since ASU 2018-13 is disclosure-related only, it did not have an 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 two 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 (loss); 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 became 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. Accordingly, the Company adopted ASU 2017-04 effective January 1, 2020. The adoption of ASU 2017-04 did not have a material impact on the Company’s consolidated statements of operations and financial position. Leases In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases and subsequently issued a number of other ASUs to amend the guidance, each ultimately reflected in FASB ASC Topic Leases . FASB ASC Topic Leases requires, among other items, lessees to recognize lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under the previous guidance. FASB ASC Topic Leases became effective for public business entities for annual and interim periods beginning after December 15, 2018. The Company has adopted FASB ASC Topic Leases through the application of the modified retrospective transition approach. In addition, the Company employed certain practical expedients permitted under the guidance and utilized its incremental borrowing rate in determining the present value of lease payments, not yet paid. The adoption of this guidance did not have a material impact on the Company’s consolidated statements of operations and financial position. The Company determined there was no material impact and as a result, there was no cumulative effect adjustment to opening retained earnings as of January 1, 2019. 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 became effective for public business entities for annual and interim periods beginning after December 15, 2018. The adoption of this guidance did not have a material impact on the Company’s consolidated statements of operations and financial position. |
Acquisition of Tokio Millenni_2
Acquisition of Tokio Millennium Re (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Acquisition Purchase Price and Financial Results | The Company’s total purchase price for TMR was calculated as follows: Special Dividend Special Dividend paid to common shareholders of Tokio and holders of Tokio equity awards $ 500,000 RenaissanceRe Common Shares Common shares issued by RenaissanceRe to Tokio 1,739,071 Common share price of RenaissanceRe (1) $ 143.75 Market value of RenaissanceRe common shares issued by RenaissanceRe to Tokio 249,998 Cash Consideration Cash consideration paid by RenaissanceRe as acquisition consideration 813,595 Total purchase price 1,563,593 Less: Special Dividend paid to Tokio (500,000) Net purchase price $ 1,063,593 (1) RenaissanceRe common share price was based on the 30-day trailing volume weighted average price of $143.7539 as of market close on March 15, 2019, which approximates fair value. The following table summarizes the net contribution from the acquisition of TMR since March 22, 2019 that was included in the Company’s consolidated statements of operations and comprehensive income for the year ended December 31, 2019. Operating activities of TMR from the acquisition date, March 22, 2019, through December 31, 2019 are included in the Company’s consolidated statements of operations for the year ended December 31, 2019. The unaudited net contribution of the acquisition and integration of TMR is provided for informational purposes only and is not necessarily, and should not be assumed to be, an indication of the results that may be achieved in the future. These results are not used as a part of management’s analysis of the financial performance of the Company’s business. These results primarily reflect items recorded directly by TMR through December 31, 2019, including: 1) net earned premium and net underwriting income on the in-force portfolio acquired with the acquisition of TMR and previously retained on TMR entities’ balance sheets; 2) net earned premium and net underwriting income for those contracts which renewed post-acquisition on one of the acquired TMR entities’ balance sheets; 3) net investment income and net realized and unrealized gains recorded directly by TMR; and 4) certain direct costs incurred directly by TMR. In addition, these results, where possible, were adjusted for transaction and integration related costs incurred by the Company. However, these results do not reflect on-going operating costs incurred by the Company in supporting TMR unless such costs were incurred directly by TMR. These results also do not give consideration to the impact of possible revenue enhancements, expense efficiencies, synergies or asset dispositions that may be achieved in the future. These results involve significant estimates and are not indicative of the future results of the acquired TMR entities which have been, and will continue to be impacted by potential changes in targeted business mix, investment management strategies, and synergies recognized from changes in the combined entity’s operating structure, as well as the impact of changes in other business and capital management strategies. Since the acquisition date, a growing number of underlying policies have been underwritten onto different legal entities, staffing has been allocated to new activities, and reinsurance has been purchased to cover combined risks, only some of which would have been reflected in the underlying legacy TMR results. As a result, for the years ended December 31, 2021 and 2020, it is impracticable to produce summarized financial results, and any such information would not be indicative of the results of the acquired TMR entities, given the significant estimates involved and the nature and pace of the integration activities, which were substantially completed in 2019. Year ended December 31, 2019 (1) Total revenues $ 922,727 Net income (loss) available (attributable) to RenaissanceRe common shareholders (2) $ 99,169 (1) Includes the net contribution from the acquisition of TMR since March 22, 2019 that has been included in the Company’s consolidated statements of operations and comprehensive income through December 31, 2019. (2) Includes $49.7 million of corporate expenses associated with the acquisition and integration of TMR for the year ended December 31, 2019. |
Schedule of Fair Value of Net Assets Acquired and Liabilities Assumed | The purchase price was allocated to the acquired assets and liabilities of the Company based on estimated fair values on March 22, 2019, the date the transaction closed, as detailed below. During the quarter ended March 31, 2019, the Company recognized goodwill of $13.1 million, based on foreign exchange rates on March 22, 2019, attributable to the excess of the purchase price over the fair value of the net assets of TMR. The Company recognized identifiable finite lived intangible assets of $11.2 million, which will be amortized over a weighted average period of 10.5 years, identifiable indefinite lived intangible assets of $6.8 million, and certain other adjustments to the fair values of the assets acquired, liabilities assumed and shareholders’ equity of TMR at March 22, 2019, based on foreign exchange rates on March 22, 2019, as summarized in the table below: Shareholders’ equity of TMR at March 22, 2019 $ 1,032,961 Adjustments for fair value, by applicable balance sheet caption: Net deferred acquisition costs and value of business acquired (56,788) Net reserve for claims and claim expenses 67,782 Goodwill and intangible assets at March 22, 2019 of TMR (6,569) Total adjustments for fair value by applicable balance sheet caption before tax impact 4,425 Other assets - net deferred tax liability related to fair value adjustments and value of business acquired (2,606) Total adjustments for fair value by applicable balance sheet caption, net of tax 1,819 Adjustments for fair value of the identifiable intangible assets: Identifiable indefinite lived intangible assets (insurance licenses) 6,800 Identifiable finite lived intangible assets (top broker relationships and renewal rights) 11,200 Identifiable intangible assets before tax impact 18,000 Other assets - deferred tax liability on identifiable intangible assets (2,281) Total adjustments for fair value of the identifiable intangible assets and value of business acquired, net of tax 15,719 Total adjustments for fair value by applicable balance sheet caption, identifiable intangible assets and value of business acquired, net of tax 17,538 Shareholders’ equity of TMR at fair value 1,050,499 Total net purchase price paid by RenaissanceRe 1,063,593 Excess purchase price over the fair value of net assets acquired assigned to goodwill $ 13,094 |
Schedule of Identifiable Intangible Assets Acquired | Identifiable intangible assets consisted of the following and are included in goodwill and other intangible assets on the Company’s consolidated balance sheet: Amount Economic Useful Life Top broker relationships $ 10,000 10.0 years Renewal rights 1,200 15.0 years Insurance licenses 6,800 Indefinite Gross identifiable intangible assets related to the acquisition of TMR, at March 22, 2019 18,000 Accumulated amortization (from March 22, 2019 through December 31, 2021), net of foreign exchange 2,851 Impairment loss on insurance licenses 6,800 Net identifiable intangible assets related to the acquisition of TMR at December 31, 2021 $ 8,349 |
Schedule of Pro Forma Information | The following table presents unaudited pro forma consolidated financial information for the years ended December 31, 2019 and 2018, respectively, and assumes the acquisition of TMR occurred on January 1, 2018. The unaudited pro forma consolidated financial information is provided for informational purposes only and is not necessarily, and should not be assumed to be, an indication of the results that would have been achieved had the transaction been completed as of January 1, 2018 or that may be achieved in the future. The unaudited pro forma consolidated financial information does not give consideration to the impact of possible revenue enhancements, expense efficiencies, synergies or asset dispositions that may result from the acquisition of TMR. In addition, unaudited pro forma consolidated financial information does not include the effects of costs associated with any restructuring or integration activities resulting from the acquisition of TMR, as they are nonrecurring. Year ended December 31, 2019 2018 Total revenues $ 4,542,979 $ 3,338,903 Net income (loss) available (attributable) to RenaissanceRe common shareholders $ 768,719 $ 281,974 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | The following tables show an analysis of goodwill and other intangible assets, net of foreign currency translation adjustments, included in goodwill and other intangible assets on the Company’s consolidated balance sheets: Goodwill and Other Intangible Assets At December 31, 2021 2020 Goodwill, net $ 210,920 $ 211,013 Other intangible assets, net 32,576 38,628 Total goodwill and other intangible assets $ 243,496 $ 249,641 In addition, the Company has also recorded goodwill and other intangible assets included in investments in other ventures, under equity method on the Company’s consolidated balance sheets: Goodwill and Other Intangible Assets Included in Investments in Other Ventures, Under Equity Method At December 31, 2021 2020 Goodwill, net $ 9,903 $ 10,598 Other intangible assets, net 8,716 12,368 Total goodwill and other intangible assets $ 18,619 $ 22,966 |
Schedule of Goodwill and Other Intangible Assets Included In Equity Method Investments | The following table shows a roll forward of goodwill included in goodwill and other intangible assets and goodwill included in investments in other ventures, under equity method on the Company’s consolidated balance sheets: Goodwill Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets Included in Investments in Other Ventures, Under Equity Method Balance at December 31, 2019, net $ 210,665 $ 10,598 Foreign currency translation 348 — Balance at December 31, 2020, net 211,013 10,598 Acquired — (695) Foreign currency translation (93) — Balance at December 31, 2021, net $ 210,920 $ 9,903 |
Schedule of Other Intangible Assets By Major Class | The gross carrying value, accumulated amortization and accumulated impairment losses by major category of other intangible assets included in goodwill and other intangible assets and investments in other ventures, under equity method on the Company’s consolidated balance sheets are shown below: Other Intangible Assets At December 31, 2021 Gross Accumulated Accumulated Impairment Losses Net Customer relationships and customer lists $ 108,742 $ (83,307) $ (1,403) $ 24,032 Licenses (1) 23,779 — (6,800) 16,979 Value of business acquired 20,200 (20,200) — — Software 12,230 (12,230) — — Patents and intellectual property 4,500 (1,875) (2,625) — Covenants not-to-compete 4,030 (4,030) — — Trademarks and trade names 1,710 (1,429) — 281 $ 175,191 $ (123,071) $ (10,828) $ 41,292 (1) Licenses is comprised of $17.0 million of indefinite lived other intangible assets, included in other intangible assets, net, as of December 31, 2021 Other Intangible Assets At December 31, 2020 Gross Accumulated Accumulated Impairment Losses Net Customer relationships and customer lists $ 108,798 $ (76,118) $ (1,403) $ 31,277 Licenses (1) 26,214 — (6,800) 19,414 Value of business acquired 20,200 (20,200) — — Software 12,230 (12,230) — — Patents and intellectual property 4,500 (1,875) (2,625) — Covenants not-to-compete 4,030 (4,030) — — Trademarks and trade names 1,710 (1,405) — 305 $ 177,682 $ (115,858) $ (10,828) $ 50,996 (1) Licenses is comprised of $19.4 million of indefinite lived other intangible assets, included in other intangible assets, net, as of December 31, 2020 |
Schedule of Expected Amortization Expense | Expected amortization of the other intangible assets, including other intangible assets recorded in investments in other ventures, under equity method, is shown below: Other Other Intangible Assets Included in Investments in Other Ventures, Under Equity Method Total 2022 $ 5,602 $ 997 $ 6,599 2023 5,173 606 5,779 2024 4,716 194 4,910 2025 1,976 24 2,000 2026 1,377 24 1,401 2027 and thereafter 3,465 159 3,624 Total remaining amortization expense 22,309 2,004 24,313 Indefinite lived 10,267 6,712 16,979 Total $ 32,576 $ 8,716 $ 41,292 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments [Abstract] | |
Schedule of Fair Value of Fixed Maturity Investments Trading | The following table summarizes the fair value of fixed maturity investments trading: At December 31. 2021 2020 U.S. treasuries $ 6,247,779 $ 4,960,409 Agencies 361,684 368,032 Non-U.S. government 549,613 491,531 Non-U.S. government-backed corporate 474,848 338,014 Corporate 3,214,438 4,261,025 Agency mortgage-backed 721,955 1,113,792 Non-agency mortgage-backed 233,346 291,444 Commercial mortgage-backed 634,925 791,272 Asset-backed 1,068,543 890,984 Total fixed maturity investments trading $ 13,507,131 $ 13,506,503 The following table summarizes the fair value of equity investments trading: At December 31. 2021 2020 Financials $ 146,615 $ 452,765 Communications and technology 82,444 119,592 Consumer 51,083 44,477 Industrial, utilities and energy 26,645 43,380 Healthcare 28,796 35,140 Basic materials 5,092 7,263 Equity exchange traded funds 114,919 — Fixed income exchange traded funds 90,422 — Total $ 546,016 $ 702,617 |
Schedule of Contractual Maturities of Fixed Maturity Investments | Contractual maturities of fixed maturity investments trading are described in the following table. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. At December 31, 2021 Amortized Fair Value Due in less than one year $ 363,795 $ 365,418 Due after one through five years 6,317,351 6,297,063 Due after five through ten years 3,911,221 3,877,715 Due after ten years 306,123 308,166 Mortgage-backed 1,584,871 1,590,226 Asset-backed 1,069,218 1,068,543 Total $ 13,552,579 $ 13,507,131 |
Schedule of Net Investment Income | The components of net investment income are as follows: Year ended December 31, 2021 2020 2019 Fixed maturity investments $ 234,911 $ 278,215 $ 318,503 Short term investments 2,333 20,799 56,264 Equity investments 9,017 6,404 4,808 Other investments Catastrophe bonds 64,860 54,784 46,154 Other 28,811 9,417 8,447 Cash and cash equivalents 297 2,974 7,676 340,229 372,593 441,852 Investment expenses (20,750) (18,555) (17,645) Net investment income $ 319,479 $ 354,038 $ 424,207 |
Schedule of Net Realized and Unrealized Gains (Losses) On Investments and Net Other-Than-Temporary Impairments | Net realized and unrealized gains (losses) on investments are as follows: Year ended December 31, 2021 2020 2019 Net realized gains (losses) on fixed maturity investments $ 79,588 $ 276,901 $ 90,260 Net unrealized gains (losses) on fixed maturity investments trading (389,376) 216,859 170,183 Net realized and unrealized gains (loss) on fixed maturity investments trading (309,788) 493,760 260,443 Net realized and unrealized gains (losses) on investments-related derivatives (1) (12,237) 68,608 58,891 Net realized gains (losses) on equity investments trading sold during the period 335,491 3,532 31,062 Net unrealized gains (losses) on equity investments trading still held at reporting date (285,882) 262,064 64,087 Net realized and unrealized gains (losses) on equity investments trading 49,609 265,596 95,149 Net realized and unrealized gains (losses) on other investments - catastrophe bonds (35,033) (7,031) (9,392) Net realized and unrealized gains (losses) on other investments - other 89,315 (297) 9,018 Net realized and unrealized gains (losses) on investments $ (218,134) $ 820,636 $ 414,109 (1) Net realized and unrealized gains (losses) on investment-related derivatives includes fixed maturity investments related derivatives (interest rate futures, interest rate swaps, credit default swaps and total return swaps), and equity investments related derivatives (equity futures). See “Note 19. Derivative Instruments” for additional information. |
Schedule of Other Investments | The table below shows the fair value of the Company’s portfolio of other investments: At December 31, 2021 2020 Catastrophe bonds $ 1,104,034 $ 881,290 Direct private equity investments 88,373 79,807 Fund investments 725,802 295,851 Term loans 74,850 — Total other investments $ 1,993,059 $ 1,256,948 |
Schedule of Equity Method Investments | The table below shows the Company’s portfolio of investments in other ventures, under equity method: 2021 2020 At December 31, Ownership % Carrying Value Ownership % Carrying Value Tower Hill Companies (1) 2.0% - 25.0% 25,575 2.0% - 25.0% 30,470 Top Layer Re 50.0% 25,903 50.0% 26,958 Other 22.4% 46,590 25.0% 40,945 Total investments in other ventures, under equity method $ 98,068 $ 98,373 (1) The Company has equity interests in Bluegrass Insurance Management, LLC, Tower Hill Claims Service, LLC, Tower Hill Holdings, Inc., Tower Hill Insurance Group, LLC, Tower Hill Insurance Managers, LLC, Tower Hill Re Holdings, Inc., Tower Hill Signature Insurance Holdings, Inc., Tower Hill Risk Management LLC and Tomoka Re Holdings, Inc. (collectively, the “Tower Hill Companies”). |
Schedule of Equity In Earnings of Equity Method Investments | The table below shows the Company’s equity in earnings of other ventures, under equity method: Year ended December 31, 2021 2020 2019 Top Layer Re $ 8,286 $ 9,595 $ 8,801 Tower Hill Companies (2,073) 3,104 10,337 Other 6,096 4,495 4,086 Total equity in earnings of other ventures, under equity method $ 12,309 $ 17,194 $ 23,224 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | Below is a summary of the assets and liabilities that are measured at fair value on a recurring basis and also represents the carrying amount on the Company’s consolidated balance sheets: At December 31, 2021 Total Quoted Significant Significant Fixed maturity investments U.S. treasuries $ 6,247,779 $ 6,247,779 $ — $ — Agencies 361,684 — 361,684 — Non-U.S. government 549,613 — 549,613 — Non-U.S. government-backed corporate 474,848 — 474,848 — Corporate 3,214,438 — 3,214,438 — Agency mortgage-backed 721,955 — 721,955 — Non-agency mortgage-backed 233,346 — 233,346 — Commercial mortgage-backed 634,925 — 634,925 — Asset-backed 1,068,543 — 1,068,543 — Total fixed maturity investments 13,507,131 6,247,779 7,259,352 — Short term investments 5,298,385 — 5,298,385 — Equity investments trading 546,016 546,016 — — Other investments Catastrophe bonds 1,104,034 — 1,104,034 — Direct private equity investments 88,373 — — 88,373 Term loans 74,850 74,850 1,267,257 — 1,104,034 163,223 Fund investments (1) 725,802 Total other investments 1,993,059 — 1,104,034 163,223 Other assets and (liabilities) Assumed and ceded (re)insurance contracts (2) (4,727) — — (4,727) Derivative assets (3) 17,889 1,067 16,822 — Derivatives liabilities (3) (16,954) (1,598) (15,356) — Total other assets and (liabilities) (3,792) (531) 1,466 (4,727) $ 21,340,799 $ 6,793,264 $ 13,663,237 $ 158,496 (1) Fund investments, which are comprised of private equity funds, private credit funds, and hedge funds are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and 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, 2021 was $6.1 million of other assets and $10.8 million of other liabilities. (3) Refer to “Note 19. Derivative Instruments” for additional information related to the fair value, by type of contract, of derivatives entered into by the Company. At December 31, 2020 Total Quoted Significant Significant Fixed maturity investments U.S. treasuries $ 4,960,409 $ 4,960,409 $ — $ — Agencies 368,032 — 368,032 — Non-U.S. government 491,531 — 491,531 — Non-U.S. government-backed corporate 338,014 — 338,014 — Corporate 4,261,025 — 4,261,025 — Agency mortgage-backed 1,113,792 — 1,113,792 — Non-agency mortgage-backed 291,444 — 291,444 — Commercial mortgage-backed 791,272 — 791,272 — Asset-backed 890,984 — 890,984 — Total fixed maturity investments 13,506,503 4,960,409 8,546,094 — Short term investments 4,993,735 — 4,993,735 — Equity investments trading 702,617 702,617 — — Other investments Catastrophe bonds 881,290 — 881,290 — Direct private equity investments (1) 79,807 — — 79,807 961,097 — 881,290 79,807 Fund investments (1) 295,851 Total other investments 1,256,948 — 881,290 79,807 Other assets and (liabilities) Assumed and ceded (re)insurance contracts (2) (6,211) — — (6,211) Derivative assets 45,233 156 45,077 — Derivative liabilities (3) (22,360) (567) (21,793) — Total other assets and (liabilities) 16,662 (411) 23,284 (6,211) $ 20,476,465 $ 5,662,615 $ 14,444,403 $ 73,596 (1) Fund investments, which are comprised of private equity funds, private credit funds, and hedge funds are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and 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, 2020 was $1.4 million of other assets and $7.6 million of other liabilities. (3) Refer to “Note 19. Derivative Instruments” for additional information related to the fair value, by type of contract, of derivatives entered into by the Company. |
Schedule of Quantitative Information Used as Level 3 Inputs | Below is a summary of quantitative information regarding the significant unobservable inputs (Level 3) used in determining the fair value of assets and liabilities measured at fair value on a recurring basis: At December 31, 2021 Fair Value Valuation Technique Unobservable Inputs Low High Weighted Average or Actual Other investments Direct private equity investments $ 88,373 Internal valuation model Discount rate n/a n/a 7.5 % Liquidity discount n/a n/a 15.0 % Term loans 74,850 Yield analysis Transaction yield n/a n/a 2.78 % Total other investments 163,223 Other assets and (liabilities) Assumed and ceded (re)insurance contracts (4,727) Internal valuation model Net undiscounted cash flows n/a n/a $ 14,920 Expected loss ratio n/a n/a 14.7 % Discount rate n/a n/a 1.3 % Total other assets and (liabilities) (4,727) Total other assets and (liabilities) measured at fair value on a recurring basis using Level 3 inputs $ 158,496 At December 31, 2020 Fair Value Valuation Technique Unobservable Inputs Low High Weighted Average or Actual Other investments Private equity investment $ 79,807 Internal valuation model Discount rate n/a n/a 9.0 % Liquidity discount n/a n/a 15.0 % Total other investments 79,807 Other assets and (liabilities) Assumed and ceded (re)insurance contracts (190) Internal valuation model Bond price n/a n/a $ 99.31 Liquidity discount n/a n/a 1.3 % Assumed and ceded (re)insurance contracts (7,395) Internal valuation model Net undiscounted cash flows n/a n/a $ 12,514 Expected loss ratio n/a n/a 24.0 % Discount rate n/a n/a 0.4 % Assumed and ceded (re)insurance contracts 1,374 Internal valuation model Expected loss ratio n/a n/a 0.0 % Total other assets and (liabilities) (6,211) Total other assets and (liabilities) measured at fair value on a recurring basis using Level 3 inputs $ 73,596 |
Schedule of Assets and Liabilities Measured at Fair Value an 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 Other Assets Total Direct private equity investments Term loans Balance - January 1, 2021 $ 79,807 $ — $ (6,211) $ 73,596 Total realized and unrealized gains (losses) Included in net realized and unrealized gains (losses) on investments (159) — — (159) Included in other income — — 2,624 2,624 Total foreign exchange gains (3) — — (3) Purchases 9,676 74,850 (1,140) 83,386 Sales (948) — — (948) Settlements — — — — Balance - December 31, 2021 $ 88,373 $ 74,850 $ (4,727) $ 158,496 Other Other Assets Total Direct private equity investments Term loans Balance - January 1, 2020 $ 74,634 $ — $ 4,731 $ 79,365 Total realized and unrealized gains (losses) Included in net realized and unrealized gains (losses) on investments (5,662) — — (5,662) Included in other income — — (3,191) (3,191) Total foreign exchange gains 10 — — 10 Purchases 20,962 — (2,012) 18,950 Sales (10,137) — — (10,137) Settlements — — (5,739) (5,739) Balance - December 31, 2020 $ 79,807 $ — $ (6,211) $ 73,596 |
Schedule of Assets and Liabilities Measured at Fair Value an 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 Other Assets Total Direct private equity investments Term loans Balance - January 1, 2021 $ 79,807 $ — $ (6,211) $ 73,596 Total realized and unrealized gains (losses) Included in net realized and unrealized gains (losses) on investments (159) — — (159) Included in other income — — 2,624 2,624 Total foreign exchange gains (3) — — (3) Purchases 9,676 74,850 (1,140) 83,386 Sales (948) — — (948) Settlements — — — — Balance - December 31, 2021 $ 88,373 $ 74,850 $ (4,727) $ 158,496 Other Other Assets Total Direct private equity investments Term loans Balance - January 1, 2020 $ 74,634 $ — $ 4,731 $ 79,365 Total realized and unrealized gains (losses) Included in net realized and unrealized gains (losses) on investments (5,662) — — (5,662) Included in other income — — (3,191) (3,191) Total foreign exchange gains 10 — — 10 Purchases 20,962 — (2,012) 18,950 Sales (10,137) — — (10,137) Settlements — — (5,739) (5,739) Balance - December 31, 2020 $ 79,807 $ — $ (6,211) $ 73,596 |
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: At December 31, 2021 2020 Other investments $ 1,993,059 $ 1,256,948 Other assets $ 6,100 $ 8,982 Other liabilities $ 10,827 $ 15,193 |
Schedule of Other Investments Measured Using Net Asset Valuations | The table below shows the Company’s portfolio of other investments measured using net asset valuations as a practical expedient: At December 31, 2021 Fair Value Unfunded Redemption Frequency Redemption Redemption Private equity funds $ 241,297 $ 458,566 See below See below See below Private credit funds 473,112 868,571 See below See below See below Hedge funds 11,394 — See below See below See below Total other investments measured using net asset valuations $ 725,803 $ 1,327,137 At December 31, 2020 Fair Value Unfunded Redemption Frequency Redemption Redemption Private equity funds $ 140,743 $ 286,893 See below See below See below Private credit funds 144,556 692,425 See below See below See below Hedge funds 10,553 — See below See below See below Total other investments measured using net asset valuations $ 295,852 $ 979,318 |
Schedule of Variable Interest Entities | The following table summarizes the aggregate carrying amount of the unconsolidated fund investments in VIEs, as well as our maximum exposure to loss associated with these VIEs: Maximum Exposure to Loss At December 31, 2021 Carrying amount Unfunded Commitments Total Other investments $ 539,866 $ 1,282,451 $ 1,822,317 At December 31, 2020 Other investments $ 240,058 $ 659,119 $ 899,177 |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract] | |
Schedule of Effect of Reinsurance and Retrocessional Activity on Premiums Written and Earned and on Net Claims and Claim Expenses Incurred | The following table sets forth the effect of reinsurance and retrocessional activity on premiums written and earned and on net claims and claim expenses incurred: Year ended December 31, 2021 2020 2019 Premiums Written Direct $ 994,286 $ 612,172 $ 461,409 Assumed 6,839,512 5,193,993 4,346,341 Ceded (1,894,423) (1,709,832) (1,426,257) Net premiums written $ 5,939,375 $ 4,096,333 $ 3,381,493 Premiums Earned Direct $ 799,717 $ 536,595 $ 404,525 Assumed 6,257,814 5,078,682 4,348,261 Ceded (1,863,350) (1,662,815) (1,414,383) Net premiums earned $ 5,194,181 $ 3,952,462 $ 3,338,403 Claims and Claim Expenses Gross claims and claim expenses incurred $ 5,905,616 $ 3,893,204 $ 3,221,778 Claims and claim expenses recovered (2,029,529) (968,595) (1,124,757) Net claims and claim expenses incurred $ 3,876,087 $ 2,924,609 $ 2,097,021 |
Schedule of Activity in the Allowance Recorded Against Premium Receivables | The following table provides a roll forward of the provision for current expected credit losses of the Company’s premiums receivable: Year ended December 31, 2021 Beginning balance $ 5,961 Provision for allowance (3,185) Ending balance $ 2,776 |
Schedule of Activity in the Allowance Recorded Against Reinsurance Recoverables | The following table provides a roll forward of the provision for current expected credit losses of the Company’s reinsurance recoverable: Year ended December 31, 2021 Beginning balance $ 6,334 Provision for allowance 2,010 Ending balance $ 8,344 |
Reserve for Claims and Claim _2
Reserve for Claims and Claim Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Insurance [Abstract] | |
Schedule of Liability for Unpaid Claims and Claim Expenses | The following table summarizes the Company’s claims and claim expense reserves by segment, allocated between case reserves, additional case reserves and IBNR: At December 31, 2021 Case Additional IBNR Total Property $ 1,555,210 $ 1,996,760 $ 2,825,718 $ 6,377,688 Casualty and Specialty 1,784,334 128,065 5,004,543 6,916,942 Total $ 3,339,544 $ 2,124,825 $ 7,830,261 $ 13,294,630 At December 31, 2020 Property $ 1,127,909 $ 1,617,003 $ 1,627,541 $ 4,372,453 Casualty and Specialty 1,651,150 133,843 4,223,692 6,008,685 Total $ 2,779,059 $ 1,750,846 $ 5,851,233 $ 10,381,138 Activity in the liability for unpaid claims and claim expenses is summarized as follows: Year ended December 31, 2021 2020 2019 Reserve for claims and claim expenses, net of reinsurance recoverable, as of beginning of period $ 7,455,128 $ 6,593,052 $ 3,704,050 Net incurred related to: Current year 4,125,557 3,108,421 2,123,876 Prior years (249,470) (183,812) (26,855) Total net incurred 3,876,087 2,924,609 2,097,021 Net paid related to: Current year 574,230 412,172 265,649 Prior years 1,649,872 1,592,456 832,405 Total net paid 2,224,102 2,004,628 1,098,054 Foreign exchange (1) (81,152) 97,273 31,260 Amounts disposed (2) — (155,178) — Amounts acquired (3) — — 1,858,775 Reserve for claims and claim expenses, net of reinsurance recoverable, as of end of period 9,025,961 7,455,128 6,593,052 Reinsurance recoverable as of end of period 4,268,669 2,926,010 2,791,297 Reserve for claims and claim expenses as of end of period $ 13,294,630 $ 10,381,138 $ 9,384,349 (1) Reflects the impact of the foreign exchange revaluation of the reserve for claims and claim expenses, net of reinsurance recoverable, denominated in non-U.S. dollars as at the balance sheet date. (2) Represents the fair value of RenaissanceRe UK’s reserve for claims and claim expenses, net of reinsurance recoverable, disposed of on August 18, 2020. (3) Represents the fair value of TMR’s reserve for claims and claim expenses, net of reinsurance recoverable, acquired at March 22, 2019. Refer to “Note 3. Acquisition of Tokio Millennium Re” for additional information related to the acquisition of TMR. The following table details the Company’s prior year net development by segment of its liability for net unpaid claims and claim expenses: Year ended December 31, 2021 2020 2019 (Favorable) adverse development (Favorable) adverse development (Favorable) adverse development Property $ (233,373) $ (157,049) $ (2,973) Casualty and Specialty (16,097) (26,763) (23,882) Total net (favorable) adverse development of prior accident years net claims and claim expenses $ (249,470) $ (183,812) $ (26,855) The following tables detail the development of the Company’s liability for net unpaid claims and claim expenses for its Property segment, allocated between large and small catastrophe net claims and claim expenses and attritional net claims and claim expenses, included in the other line item: Year ended December 31, 2021 (Favorable) adverse development Catastrophe net claims and claim expenses Large catastrophe events 2020 Weather-Related Large Loss Events $ 17,140 2019 Large Loss Events (61,634) 2018 Large Loss Events (101,096) 2017 Large Loss Events (49,090) Other (9,392) Total large catastrophe events (204,072) Small catastrophe events and attritional loss movements Other small catastrophe events and attritional loss movements (34,751) Total small catastrophe events and attritional loss movements (34,751) Total catastrophe and attritional net claims and claim expenses (238,823) Actuarial assumption changes 5,450 Total net (favorable) adverse development of prior accident years net claims and claim expenses $ (233,373) Year ended December 31, 2020 (Favorable) adverse development Catastrophe net claims and claim expenses Large catastrophe events 2019 Large Loss Events $ (44,389) 2018 Large Loss Events (43,991) 2017 Large Loss Events (32,649) Other 124 Total large catastrophe events (120,905) Small catastrophe events and attritional loss movements Other small catastrophe events and attritional loss movements (41,589) Total small catastrophe events and attritional loss movements (41,589) Total catastrophe and attritional net claims and claim expenses (162,494) Actuarial assumption changes 5,445 Total net (favorable) adverse development of prior accident years net claims and claim expenses $ (157,049) Year ended December 31, 2019 (Favorable) adverse development Catastrophe net claims and claim expenses Large catastrophe events 2017 Large Loss Events $ (101,572) New Zealand Earthquake (2011) (7,497) Tohoku Earthquake and Tsunami (2011) (5,198) New Zealand Earthquake (2010) 47,071 2018 Large Loss Events 81,555 Other (31,916) Total large catastrophe events (17,557) Small catastrophe events and attritional loss movements Other small catastrophe events and attritional loss movements 5,339 Total small catastrophe events and attritional loss movements 5,339 Total catastrophe and attritional net claims and claim expenses (12,218) Actuarial assumption changes 9,245 Total net (favorable) adverse development of prior accident years net claims and claim expenses $ (2,973) The following table details the development of the Company’s liability for unpaid claims and claim expenses for its Casualty and Specialty segment: Year ended December 31, 2021 2020 2019 (Favorable) adverse development (Favorable) adverse development (Favorable) adverse development Actuarial methods - actual reported claims less than expected claims $ (19,078) $ (29,280) $ (52,796) Actuarial assumption changes 2,981 2,517 28,914 Total net (favorable) adverse development of prior accident years net claims and claim expenses $ (16,097) $ (26,763) $ (23,882) The reconciliation of the net incurred and paid claims development tables to the reserve for claims and claim expenses in the consolidated balance sheet is as follows: At December 31, 2021 Net Reserve for Claims and Claim Expenses Property $ 3,829,192 Casualty and Specialty 5,196,769 Other — Total net reserve for claims and claim expenses 9,025,961 Reinsurance Recoverable Property $ 2,548,496 Casualty and Specialty 1,720,173 Other — Total reinsurance recoverable 4,268,669 Total reserve for claims and claim expenses $ 13,294,630 |
Schedule of Short-duration Insurance Contracts, Claims Development | The following table details the Company’s consolidated incurred claims and claim expenses and cumulative paid claims and claim expenses as of December 31, 2021, net of reinsurance, as well as IBNR plus additional case reserve (“ACR”) included within the net incurred claims amounts. Incurred Claims and Claim Expenses, Net of Reinsurance For the year ended December 31, At December 31, 2021 Accident 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 IBNR (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) 2012 $ 1,138,478 $ 1,022,338 $ 958,667 $ 927,397 $ 899,241 $ 901,147 $ 907,765 $ 911,821 $ 894,228 $ 893,612 $ 28,520 2013 — 912,458 887,176 836,813 790,498 766,453 747,939 726,212 720,503 726,277 16,529 2014 — — 1,002,755 974,640 965,706 941,733 922,659 932,269 897,645 888,622 57,970 2015 — — — 1,139,588 1,144,947 1,161,202 1,130,597 1,105,473 1,117,250 1,111,987 73,388 2016 — — — — 1,418,381 1,464,953 1,447,703 1,420,715 1,366,532 1,373,871 59,360 2017 — — — — — 2,954,415 2,748,704 2,664,387 2,603,328 2,559,381 342,654 2018 — — — — — — 2,198,790 2,342,952 2,297,920 2,188,749 371,723 2019 — — — — — — — 2,255,467 2,213,257 2,154,462 834,344 2020 — — — — — — — — 3,090,954 3,076,722 1,562,397 2021 — — — — — — — — — 4,080,591 3,091,130 Total $ 19,054,274 $ 6,438,015 Cumulative Paid Claims and Claim Expenses, Net of Reinsurance For the year ended December 31, Accident 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) 2012 $ 267,808 $ 417,140 $ 522,714 $ 597,103 $ 648,754 $ 723,431 $ 754,527 $ 785,271 $ 792,519 $ 808,734 2013 — 132,207 341,769 434,633 497,296 556,485 589,784 617,109 633,689 648,716 2014 — — 231,084 435,331 557,091 633,294 694,155 741,271 767,927 788,590 2015 — — — 262,301 496,234 660,456 775,007 870,708 934,337 982,966 2016 — — — — 287,753 625,995 831,642 973,074 1,087,441 1,184,679 2017 — — — — — 747,272 1,073,216 1,370,642 1,735,535 1,905,621 2018 — — — — — — 590,671 800,773 1,172,692 1,452,144 2019 — — — — — — — 285,660 692,429 986,835 2020 — — — — — — — — 410,482 1,023,330 2021 — — — — — — — — — 572,076 Total $ 10,353,691 Outstanding liabilities from accident year 2011 and prior, net of reinsurance 341,797 Adjustment for unallocated loss adjustment expenses 61,251 Unamortized fair value adjustments recorded in connection with acquisitions (77,670) Liability for claims and claim expenses, net of reinsurance $ 9,025,961 The following table details the Company’s Property segment incurred claims and claim expenses and cumulative paid claims and claim expenses as of December 31, 2021, net of reinsurance, as well as IBNR plus ACR included within the net incurred claims amounts. Incurred Claims and Claim Expenses, Net of Reinsurance For the year ended December 31, At December 31, 2021 Accident 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 IBNR (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) 2012 $ 560,348 $ 429,885 $ 395,605 $ 375,439 $ 358,509 $ 346,756 $ 338,877 $ 334,347 $ 325,042 $ 322,871 $ 1,180 2013 — 318,033 294,315 272,191 250,014 238,734 235,016 235,356 238,404 240,779 1,113 2014 — — 302,158 278,813 265,569 260,542 259,379 256,845 250,647 247,708 372 2015 — — — 372,338 357,065 334,099 323,211 311,964 305,847 295,081 71 2016 — — — — 455,503 469,120 452,922 434,706 415,572 411,698 16,889 2017 — — — — — 1,644,982 1,461,953 1,350,684 1,328,419 1,273,461 217,210 2018 — — — — — — 938,309 1,020,102 979,598 857,217 105,483 2019 — — — — — — — 992,526 956,445 898,472 254,099 2020 — — — — — — — — 1,580,564 1,600,743 585,134 2021 — — — — — — — — — 2,370,891 1,552,621 Total $ 8,518,921 $ 2,734,172 Cumulative Paid Claims and Claim Expenses, Net of Reinsurance For the year ended December 31, Accident 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) 2012 $ 165,951 $ 205,814 $ 254,000 $ 280,519 $ 291,901 $ 306,718 $ 309,133 $ 314,418 $ 314,720 $ 318,295 2013 — 80,397 156,204 192,225 207,963 215,758 218,446 221,255 226,035 226,353 2014 — — 106,781 184,711 223,197 234,933 241,266 244,721 243,885 246,690 2015 — — — 126,972 226,722 260,858 278,452 288,678 292,033 294,651 2016 — — — — 120,506 259,131 327,034 351,523 374,160 384,932 2017 — — — — — 534,631 663,381 820,148 946,934 972,239 2018 — — — — — — 434,358 439,783 611,268 638,149 2019 — — — — — — — 160,141 364,761 526,314 2020 — — — — — — — — 255,268 676,472 2021 — — — — — — — — — 499,796 Total $ 4,783,891 Outstanding liabilities from accident year 2011 and prior, net of reinsurance 89,538 Adjustment for unallocated loss adjustment expenses 16,266 Unamortized fair value adjustments recorded in connection with acquisitions (11,642) Liability for claims and claim expenses, net of reinsurance $ 3,829,192 The following table details the Company’s Casualty and Specialty segment incurred claims and claim expenses and cumulative paid claims and claim expenses as of December 31, 2021, net of reinsurance, as well as IBNR plus ACR included within the net incurred claims amounts. Incurred Claims and Claim Expenses, Net of Reinsurance For the year ended December 31, At December 31, 2021 Accident 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 IBNR (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) 2012 $ 578,130 $ 592,453 $ 563,062 $ 551,958 $ 540,732 $ 554,391 $ 568,888 $ 577,474 $ 569,186 $ 570,741 $ 27,340 2013 — 594,425 592,861 564,622 540,484 527,719 512,923 490,856 482,099 485,498 15,416 2014 — — 700,597 695,827 700,137 681,191 663,280 675,424 646,998 640,914 57,598 2015 — — — 767,250 787,882 827,103 807,386 793,509 811,403 816,906 73,317 2016 — — — — 962,878 995,833 994,781 986,009 950,960 962,173 42,471 2017 — — — — — 1,309,433 1,286,751 1,313,703 1,274,909 1,285,920 125,444 2018 — — — — — — 1,260,481 1,322,850 1,318,322 1,331,532 266,240 2019 — — — — — — — 1,262,941 1,256,812 1,255,990 580,245 2020 — — — — — — — — 1,510,390 1,475,979 977,263 2021 — — — — — — — — — 1,709,700 1,538,509 Total $ 10,535,353 $ 3,703,843 Cumulative Paid Claims and Claim Expenses, Net of Reinsurance For the year ended December 31, Accident 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) 2012 $ 101,857 $ 211,326 $ 268,714 $ 316,584 $ 356,853 $ 416,713 $ 445,394 $ 470,853 $ 477,799 $ 490,439 2013 — 51,810 185,565 242,408 289,333 340,727 371,338 395,854 407,654 422,363 2014 — — 124,303 250,620 333,894 398,361 452,889 496,550 524,042 541,900 2015 — — — 135,329 269,512 399,598 496,555 582,030 642,304 688,315 2016 — — — — 167,247 366,864 504,608 621,551 713,281 799,747 2017 — — — — — 212,641 409,835 550,494 788,601 933,382 2018 — — — — — — 156,313 360,990 561,424 813,995 2019 — — — — — — — 125,519 327,668 460,521 2020 — — — — — — — — 155,214 346,858 2021 — — — — — — — — — 72,280 Total $ 5,569,800 Outstanding liabilities from accident year 2011 and prior, net of reinsurance 252,259 Adjustment for unallocated loss adjustment expenses 44,985 Unamortized fair value adjustments recorded in connection with acquisitions (66,028) Liability for claims and claim expenses, net of reinsurance $ 5,196,769 The following table details the Company’s cumulative number of reported claims for its excess of loss reinsurance contracts allocated by segment: At December 31, 2021 Cumulative Number of Reported Claims Accident Year Property Casualty and Specialty 2012 922 2,559 2013 812 3,030 2014 762 3,914 2015 783 4,419 2016 1,206 5,164 2017 2,596 4,753 2018 2,516 3,921 2019 1,704 3,392 2020 2,298 1,777 2021 1,203 725 |
Schedule of Short-duration Insurance Contracts, Schedule of Historical Claims Duration | The following is unaudited supplementary information about average historical claims duration by segment: Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Number of Years) At December 31, 2021 1 2 3 4 5 6 7 8 9 10 Property 29.2 % 19.4 % 15.7 % 6.8 % 3.0 % 2.3 % 0.6 % 1.6 % 0.1 % 1.1 % Casualty and Specialty 12.4 % 17.0 % 12.8 % 14.2 % 9.8 % 8.1 % 5.0 % 3.2 % 2.1 % 2.2 % |
Debt and Credit Facilities (Tab
Debt and Credit Facilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | A summary of the Company’s debt obligations on its consolidated balance sheets is set forth below: December 31, 2021 December 31, 2020 Fair Value Carrying Value Fair Value Carrying Value 3.600% Senior Notes due 2029 $ 432,316 $ 393,305 $ 453,932 $ 392,391 3.450% Senior Notes due 2027 321,204 297,281 329,661 296,787 3.700% Senior Notes due 2025 318,852 298,798 315,273 298,428 4.750% Senior Notes due 2025 (DaVinciRe) (1) 166,071 148,969 162,203 148,659 Total senior notes 1,238,443 1,138,353 1,261,069 1,136,265 Medici Revolving Credit Facility (2) 30,000 30,000 — — Total debt $ 1,268,443 $ 1,168,353 $ 1,261,069 $ 1,136,265 (1) RenaissanceRe owns a noncontrolling economic interest in its joint venture DaVinciRe. 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 RenaissanceRe. However, RenaissanceRe does not guarantee or provide credit support for DaVinciRe and RenaissanceRe’s financial exposure to DaVinciRe is limited to its investment in DaVinciRe’s shares and counterparty credit risk arising from reinsurance transactions. |
Schedule of Aggregate Amount of Maturities Related to the Company's Debt Obligations | The following table sets forth the scheduled maturity of the Company’s aggregate amount of its debt obligation reflected on its consolidated balance sheet at December 31, 2021: 2022 $ 30,000 2023 — 2024 — 2025 450,000 2026 — After 2026 700,000 Unamortized fair value adjustments — Unamortized discount and debt issuance expenses (11,647) $ 1,168,353 |
Schedule of Credit Facilities | The outstanding amounts issued or drawn under each of the Company’s significant credit facilities is set forth below: At December 31, 2021 Issued or Drawn Revolving Credit Facility (1) $ — Medici Revolving Credit Facility (2) 30,000 Bilateral Letter of Credit Facilities Secured 410,440 Unsecured 369,324 Funds at Lloyd’s Letter of Credit Facility 275,000 $ 1,084,764 (1) At December 31, 2021, no amounts were issued or drawn under this facility. (2) RenaissanceRe owns a noncontrolling economic interest in Medici. Because RenaissanceRe controls all of Medici’s outstanding voting rights, the financial statements of Medici are included in RenaissanceRe’s consolidated financial statements. The drawn amount of the Medici revolving credit facility is included on the Company’s consolidated balance sheets under debt. |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest [Abstract] | |
Schedule of Redeemable Noncontrolling Interest | A summary of the Company’s redeemable noncontrolling interests on its consolidated balance sheets is set forth below: At December 31, 2021 2020 Redeemable noncontrolling interest - DaVinciRe $ 1,499,451 $ 1,560,693 Redeemable noncontrolling interest - Medici 856,820 717,999 Redeemable noncontrolling interest - Vermeer 1,197,782 1,109,627 Redeemable noncontrolling interests $ 3,554,053 $ 3,388,319 A summary of the Company’s redeemable noncontrolling interests on its consolidated statements of operations is set forth below: Year ended December 31, 2021 2020 2019 Redeemable noncontrolling interest - DaVinciRe $ (102,932) $ 113,671 $ 127,084 Redeemable noncontrolling interest - Medici 1,492 55,970 25,759 Redeemable noncontrolling interest - Vermeer 38,155 61,012 48,626 Net income (loss) attributable to redeemable noncontrolling interests $ (63,285) $ 230,653 $ 201,469 The activity in redeemable noncontrolling interest – DaVinciRe is detailed in the table below: Year ended December 31, 2021 2020 Beginning balance $ 1,560,693 $ 1,435,581 Redemption of shares from redeemable noncontrolling interests, net of adjustments (157,864) 1,450 Sale of shares to redeemable noncontrolling interests 199,554 9,991 Net income (loss) attributable to redeemable noncontrolling interests (102,932) 113,671 Ending balance $ 1,499,451 $ 1,560,693 The activity in redeemable noncontrolling interest – Medici is detailed in the table below: Year ended December 31, 2021 2020 Beginning balance $ 717,999 $ 632,112 Redemption of shares from redeemable noncontrolling interests, net of adjustments (64,191) (107,386) Sale of shares to redeemable noncontrolling interests 201,520 137,303 Net income (loss) attributable to redeemable noncontrolling interests 1,492 55,970 Ending balance $ 856,820 $ 717,999 The activity in redeemable noncontrolling interest – Vermeer is detailed in the table below: Year ended December 31, 2021 2020 Beginning balance $ 1,109,627 $ 1,003,615 Sale of shares to redeemable noncontrolling interest 50,000 45,000 Net income (loss) attributable to redeemable noncontrolling interest 38,155 61,012 Ending balance $ 1,197,782 $ 1,109,627 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Rollforward of Common Stock Issued and Outstanding | The following table is a summary of changes in common shares issued and outstanding: Year ended December 31, 2021 2020 2019 (thousands of shares) Beginning balance 50,811 44,148 42,207 Issuance of shares — 6,777 1,739 Repurchase of shares (6,579) (406) — Exercise of options and issuance of restricted stock awards 213 292 202 Ending balance 44,445 50,811 44,148 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings Per Common Share | The following table sets forth the computation of basic and diluted earnings per common share: Year ended December 31, 2021 2020 2019 (common shares in thousands) Numerator: Net income (loss) available (attributable) to RenaissanceRe common shareholders $ (73,421) $ 731,482 $ 712,042 Amount allocated to participating common shareholders (1) (727) (8,968) (8,545) Net income (loss) allocated to RenaissanceRe common shareholders $ (74,148) $ 722,514 $ 703,497 Denominator: Denominator for basic income (loss) per RenaissanceRe common share - weighted average common shares 47,171 47,103 43,119 Per common share equivalents of non-vested shares — 75 56 Denominator for diluted income (loss) per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions 47,171 47,178 43,175 Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – basic $ (1.57) $ 15.34 $ 16.32 Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted $ (1.57) $ 15.31 $ 16.29 (1) Represents earnings and dividends attributable to holders of unvested shares issued pursuant to the Company's stock compensation plans. |
Taxation (Tables)
Taxation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | The following is a summary of the Company’s income (loss) before taxes allocated between domestic and foreign operations: Year ended December 31, 2021 2020 2019 Domestic Bermuda $ 156,031 $ 1,122,261 $ 861,068 Foreign Singapore 4,420 16,416 (6,334) Ireland 101 1,315 (388) U.S. (92,335) 286 102,724 Australia 7,148 (1,689) 3,390 Switzerland (106,249) (40,502) 14,255 U.K. (83,224) (102,167) (7,233) Income (loss) before taxes $ (114,108) $ 995,920 $ 967,482 |
Schedule of Components of Income Tax (Expense) Benefit | Income tax (expense) benefit is comprised as follows: Year ended December 31, 2021 Current Deferred Total Total income tax (expense) benefit $ (992) $ 11,660 $ 10,668 Year ended December 31, 2020 Total income tax (expense) benefit $ (6,313) $ 3,451 $ (2,862) Year ended December 31, 2019 Total income tax (expense) benefit $ (2,128) $ (15,087) $ (17,215) |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the difference between the provision for income taxes and the expected tax provision at the weighted average tax rate is as follows: Year ended December 31, 2021 2020 2019 Expected income tax benefit (expense) $ 53,093 $ 25,489 $ (22,874) Nondeductible expenses (334) 5,074 (7,059) Reinsurance adjustment (4,604) — — Income tax audit adjustment — 3,424 — Effect of change in tax rate 14,904 3,055 (262) Transfer pricing 224 206 2,503 GAAP to statutory accounting difference — — 6,553 U.S. base erosion and anti-abuse tax (1,725) (36) — Withholding tax (1,013) (1,822) (665) Non-taxable loss on sale of RenaissanceRe UK — (6,091) — Change in valuation allowance (42,819) (13,003) (5,481) Foreign branch adjustments (5,491) (17,821) 7,315 Other (1,567) (1,337) 2,755 Income tax benefit (expense) $ 10,668 $ (2,862) $ (17,215) |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below: At December 31, 2021 2020 Deferred tax assets Tax loss and credit carryforwards $ 149,739 $ 128,561 Unearned premiums 36,962 20,854 Reserve for claims and claim expenses 22,611 14,983 Deferred finance charges 17,962 11,427 Deferred underwriting results 12,483 7,228 Accrued expenses 1,788 4,826 Amortization and depreciation 6,969 — 248,514 187,879 Deferred tax liabilities Investments (2,180) (23,598) Deferred acquisition expenses (49,661) (23,040) Intangible assets (4,242) (1,142) Amortization and depreciation — (1,130) VOBA — (1,017) (56,083) (49,927) Net deferred tax asset (liability) before valuation allowance 192,431 137,952 Valuation allowance (131,507) (88,688) Net deferred tax asset (liability) $ 60,924 $ 49,264 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 by segment is as follows: Year ended December 31, 2021 Property Casualty and Specialty Other Total Gross premiums written $ 3,958,724 $ 3,875,074 $ — $ 7,833,798 Net premiums written $ 2,868,002 $ 3,071,373 $ — $ 5,939,375 Net premiums earned $ 2,608,298 $ 2,585,883 $ — $ 5,194,181 Net claims and claim expenses incurred 2,163,016 1,713,071 — 3,876,087 Acquisition expenses 487,178 727,680 — 1,214,858 Operational expenses 143,608 68,576 — 212,184 Underwriting income (loss) $ (185,504) $ 76,556 $ — (108,948) Net investment income 319,479 319,479 Net foreign exchange gains (losses) (41,006) (41,006) Equity in earnings of other ventures 12,309 12,309 Other income (loss) 10,880 10,880 Net realized and unrealized gains (losses) on investments (218,134) (218,134) Corporate expenses (41,152) (41,152) Interest expense (47,536) (47,536) Income (loss) before taxes and redeemable noncontrolling interests (114,108) Income tax (expense) benefit 10,668 10,668 Net (income) loss attributable to redeemable noncontrolling interests 63,285 63,285 Dividends on preference shares (33,266) (33,266) Net income (loss) available (attributable) to RenaissanceRe common shareholders $ (73,421) Net claims and claim expenses incurred – current accident year $ 2,396,389 $ 1,729,168 $ — $ 4,125,557 Net claims and claim expenses incurred – prior accident years (233,373) (16,097) — (249,470) Net claims and claim expenses incurred – total $ 2,163,016 $ 1,713,071 $ — $ 3,876,087 Net claims and claim expense ratio – current accident year 91.9 % 66.9 % 79.4 % Net claims and claim expense ratio – prior accident years (9.0) % (0.7) % (4.8) % Net claims and claim expense ratio – calendar year 82.9 % 66.2 % 74.6 % Underwriting expense ratio 24.2 % 30.8 % 27.5 % Combined ratio 107.1 % 97.0 % 102.1 % Year ended December 31, 2020 Property Casualty and Specialty Other Total Gross premiums written $ 2,999,142 $ 2,807,023 $ — $ 5,806,165 Net premiums written $ 2,037,200 $ 2,059,133 $ — $ 4,096,333 Net premiums earned $ 1,936,215 $ 2,016,247 $ — $ 3,952,462 Net claims and claim expenses incurred 1,435,947 1,488,662 — 2,924,609 Acquisition expenses 353,700 543,977 — 897,677 Operational expenses 135,547 71,140 — 206,687 Underwriting income (loss) $ 11,021 $ (87,532) $ — (76,511) Net investment income 354,038 354,038 Net foreign exchange gains (losses) 27,773 27,773 Equity in earnings of other ventures 17,194 17,194 Other income (loss) 213 213 Net realized and unrealized gains (losses) on investments 820,636 820,636 Corporate expenses (96,970) (96,970) Interest expense (50,453) (50,453) Income (loss) before taxes and redeemable noncontrolling interests 995,920 Income tax (expense) benefit (2,862) (2,862) Net (income) loss attributable to redeemable noncontrolling interests (230,653) (230,653) Dividends on preference shares (30,923) (30,923) Net income (loss) available (attributable) to RenaissanceRe common shareholders $ 731,482 Net claims and claim expenses incurred – current accident year $ 1,592,996 $ 1,515,425 $ — $ 3,108,421 Net claims and claim expenses incurred – prior accident years (157,049) (26,763) — (183,812) Net claims and claim expenses incurred – total $ 1,435,947 $ 1,488,662 $ — $ 2,924,609 Net claims and claim expense ratio – current accident year 82.3 % 75.2 % 78.6 % Net claims and claim expense ratio – prior accident years (8.1) % (1.4) % (4.6) % Net claims and claim expense ratio – calendar year 74.2 % 73.8 % 74.0 % Underwriting expense ratio 25.2 % 30.5 % 27.9 % Combined ratio 99.4 % 104.3 % 101.9 % Year ended December 31, 2019 Property Casualty and Specialty Other Total Gross premiums written $ 2,430,985 $ 2,376,765 $ — $ 4,807,750 Net premiums written $ 1,654,259 $ 1,727,234 $ — $ 3,381,493 Net premiums earned $ 1,627,494 $ 1,710,909 $ — $ 3,338,403 Net claims and claim expenses incurred 965,384 1,131,637 — 2,097,021 Acquisition expenses 313,554 448,678 — 762,232 Operational expenses 138,187 84,546 — 222,733 Underwriting income (loss) $ 210,369 $ 46,048 $ — 256,417 Net investment income 424,207 424,207 Net foreign exchange gains (losses) (2,938) (2,938) Equity in earnings of other ventures 23,224 23,224 Other income (loss) 4,949 4,949 Net realized and unrealized gains (losses) on investments 414,109 414,109 Corporate expenses (94,122) (94,122) Interest expense (58,364) (58,364) Income (loss) before taxes and redeemable noncontrolling interests 967,482 Income tax (expense) benefit (17,215) (17,215) Net (income) loss attributable to redeemable noncontrolling interests (201,469) (201,469) Dividends on preference shares (36,756) (36,756) Net income (loss) available (attributable) to RenaissanceRe common shareholders $ 712,042 Net claims and claim expenses incurred – current accident year $ 968,357 $ 1,155,519 $ — $ 2,123,876 Net claims and claim expenses incurred – prior accident years (2,973) (23,882) — (26,855) Net claims and claim expenses incurred – total $ 965,384 $ 1,131,637 $ — $ 2,097,021 Net claims and claim expense ratio – current accident year 59.5 % 67.5 % 63.6 % Net claims and claim expense ratio – prior accident years (0.2) % (1.4) % (0.8) % Net claims and claim expense ratio – calendar year 59.3 % 66.1 % 62.8 % Underwriting expense ratio 27.8 % 31.2 % 29.5 % Combined ratio 87.1 % 97.3 % 92.3 % |
Schedule of Gross Premiums Written Allocated to the Territory of Coverage Exposure | The following is a summary of the Company’s gross premiums written allocated to the territory of coverage exposure: Year ended December 31, 2021 2020 2019 Property U.S. and Caribbean $ 2,257,088 $ 1,683,538 $ 1,368,205 Worldwide 1,188,737 889,917 643,744 Europe 253,678 189,587 182,544 Japan 114,981 102,228 90,328 Worldwide (excluding U.S.) (1) 34,742 62,058 79,393 Australia and New Zealand 69,188 40,243 32,203 Other 40,310 31,571 34,568 Total Property 3,958,724 2,999,142 2,430,985 Casualty and Specialty Worldwide 1,746,450 1,315,386 935,626 U.S. and Caribbean 1,721,663 1,248,981 1,071,170 Europe 217,721 121,369 227,178 Worldwide (excluding U.S.) (1) 108,376 56,225 25,291 Australia and New Zealand 29,001 12,429 34,053 Other 51,863 52,633 83,447 Total Casualty and Specialty 3,875,074 2,807,023 2,376,765 Total gross premiums written $ 7,833,798 $ 5,806,165 $ 4,807,750 (1) The category “Worldwide (excluding U.S.)” consists of contracts that cover more than one geographic region (other than the U.S.). |
Stock Incentive Compensation _2
Stock Incentive Compensation and Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share-based Compensation, Cash Settled Restricted Stock Units and Performance Shares | Cash Settled Restricted Stock Units Number of Nonvested at December 31, 2018 146,917 Awards granted — Awards vested (80,012) Awards forfeited (3,161) Nonvested at December 31, 2019 63,744 Awards granted — Awards vested (44,734) Awards forfeited (529) Nonvested at December 31, 2020 18,481 Awards granted — Awards vested (18,481) Awards forfeited — Nonvested at December 31, 2021 — Performance Share Awards Number of Weighted Nonvested at December 31, 2018 152,451 $ 57.21 Awards granted 58,050 146.1 Awards vested (21,730) 49.9 Awards forfeited (43,924) — Nonvested at December 31, 2019 144,847 $ 94.70 Awards granted 65,840 170.40 Awards vested (48,997) 61.48 Awards forfeited (9,976) — Nonvested at December 31, 2020 151,714 $ 140.96 Awards granted 55,876 162.61 Awards vested (49,792) 130.73 Awards forfeited (16,730) — Nonvested at December 31, 2021 141,068 $ 163.98 (1) For performance share awards, the number of shares is stated at the maximum number that can be attained if the performance conditions are fully met. Forfeitures represent shares forfeited due to vesting below the maximum attainable as a result of the Company not fully meeting the performance conditions. |
Schedule of Share-based Compensation, Restricted Stock Awards | Restricted Stock Awards Employee Non-Employee Director Total Number of Weighted Number of Weighted Number of Weighted Nonvested at December 31, 2018 447,740 $ 130.37 22,534 $ 132.29 470,274 $ 130.46 Awards granted 242,832 146.92 11,444 147.43 254,276 146.94 Awards vested (165,245) 124.71 (12,972) 131.88 (178,217) 125.23 Awards forfeited (14,467) 136.16 — — (14,467) 136.16 Nonvested at December 31, 2019 510,860 $ 139.91 21,006 $ 140.79 531,866 $ 139.94 Awards granted 309,892 145.03 9,970 170.40 319,862 145.82 Awards vested (213,488) 138.35 (10,316) 141.12 (223,804) 138.47 Awards forfeited (14,517) 140.11 — — (14,517) 140.11 Nonvested at December 31, 2020 592,747 $ 143.14 20,660 $ 155.03 613,407 $ 143.54 Awards granted 252,625 167.92 10,452 162.61 263,077 167.71 Awards vested (207,264) 142.52 (10,511) 147.72 (217,775) 142.77 Awards forfeited (14,776) 158.97 — — (14,776) 158.97 Nonvested at December 31, 2021 623,332 $ 153.02 20,601 $ 162.60 643,933 $ 152.32 |
Statutory Requirements (Tables)
Statutory Requirements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Insurance [Abstract] | |
Schedule of Actual and Required Statutory Capital and Surplus | Bermuda (1) Switzerland (2) U.K. (3) U.S. (4) At December 31, 2021 2020 2021 2020 2021 2020 2021 2020 Statutory capital and surplus $ 7,462,710 $ 6,698,377 $ 874,665 $ 814,837 $ 983,449 $ 874,170 $ 819,811 $ 722,721 Required statutory capital and surplus 1,753,078 1,391,621 780,000 587,300 983,449 874,170 716,118 474,622 Unrestricted net assets 1,575,526 1,705,739 300,438 232,917 — — 81,981 72,272 (1) Includes Renaissance Reinsurance, DaVinci, RenaissanceRe Specialty U.S. and Vermeer. The Company's Bermuda-domiciled insurance subsidiaries’ capital and surplus is based on the relevant insurer’s statutory financial statements and required statutory capital and surplus is based on the minimum solvency margin. (2) Includes RREAG and its branches in Australia, Bermuda, the U.K. and the U.S. RREAG’s statutory capital and surplus and required statutory capital and surplus incorporate a full year of statutory net loss and risk capital, respectively. (3) Includes Syndicate 1458. With respect to statutory capital and surplus and required statutory capital and surplus, and as described below, underwriting capacity of a member of Lloyd’s must be supported by providing a deposit in the form of cash, securities or letters of credit, which are referred to as Funds at Lloyd’s (“FAL”). FAL is determined by Lloyd’s and is based on Syndicate 1458’s solvency and capital requirements as calculated through its internal model. Syndicate 1458 is capitalized by its FAL, with the related assets not held on its balance sheet. As such, unrestricted net assets is not applicable to Syndicate 1458; however, the Company can make an application to obtain approval from Lloyd’s to have funds released to RenaissanceRe from Syndicate 1458, subject to passing a Lloyd’s release test. (4) Includes Renaissance Reinsurance U.S. |
Schedule of Statutory Net (Loss) Income | Statutory net income (loss) of the Company’s regulated insurance operations in its most significant regulatory jurisdictions are detailed below: Statutory Net Income (Loss) Bermuda (1) Switzerland (2) U.K. (3) U.S. (4) Year ended December 31, 2021 $ (89,267) $ 80,500 $ (46,352) $ 10,465 Year ended December 31, 2020 836,707 71,829 (37,427) 17,403 Year ended December 31, 2019 705,808 (52,699) (667) 37,827 (1) Includes Renaissance Reinsurance, DaVinci, RenaissanceRe Specialty U.S. and Vermeer. (2) Includes RREAG and its branches in Australia, Bermuda, the U.K. and the U.S. (3) Includes Syndicate 1458. (4) Includes Renaissance Reinsurance U.S. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Derivative Instruments [Abstract] | |
Schedule of Location on Consolidated Balance Sheets and Fair Value of Principal Derivative Instruments | The tables below show the gross and net amounts of recognized derivative assets and liabilities at fair value, including the location on the consolidated balance sheets of the Company’s principal derivative instruments: Derivative Assets At December 31, 2021 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 Derivative Instruments Not Designated as Hedges Interest rate futures $ 1,068 $ — $ 1,068 Other assets $ — $ 1,068 Foreign currency forward contracts (1) 13,730 — 13,730 Other assets — 13,730 Foreign currency forward contracts (2) 1,247 — 1,247 Other assets — 1,247 Credit default swaps 478 — 478 Other assets — 478 Equity futures — — — Other assets — — Total derivative instruments not designated as hedges 16,523 — 16,523 — 16,523 Derivative Instruments Designated as Hedges Foreign currency forward contracts (3) 1,366 — 1,366 Other assets — 1,366 Total $ 17,889 $ — $ 17,889 $ — $ 17,889 Derivative Liabilities At December 31, 2021 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 Derivative Instruments Not Designated as Hedges Interest rate futures $ 1,426 $ — $ 1,426 Other liabilities $ 1,426 $ — Foreign currency forward contracts (1) 7,880 — 7,880 Other liabilities — 7,880 Foreign currency forward contracts (2) 3,412 — 3,412 Other assets — 3,412 Credit default swaps — — — Other liabilities — — Equity futures 173 — 173 Other liabilities 173 — Total derivative instruments not designated as hedges 12,891 — 12,891 1,599 11,292 Derivative Instruments Designated as Hedges Foreign currency forward contracts (3) 4,063 — 4,063 Other liabilities — 4,063 Total $ 16,954 $ — $ 16,954 $ 1,599 $ 15,355 (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. (3) Contracts designated as hedges of net investments in foreign operations. Derivative Assets At December 31, 2020 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 Derivative Instruments Not Designated as Hedges Interest rate futures $ 1,019 $ 863 $ 156 Other assets $ — $ 156 Interest rate swaps 22 — 22 Other assets — 22 Foreign currency forward contracts (1) 23,055 184 22,871 Other assets — 22,871 Foreign currency forward contracts (2) 2,232 69 2,163 Other assets — 2,163 Credit default swaps 68 — 68 Other assets — 68 Total derivative instruments not designated as hedges 26,396 1,116 25,280 — 25,280 Derivative Instruments Designated as Hedges Foreign currency forward contracts (3) 19,953 — 19,953 Other assets — 19,953 Total $ 46,349 $ 1,116 $ 45,233 $ — $ 45,233 Derivative Liabilities At December 31, 2020 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 Derivative Instruments Not Designated as Hedges Interest rate futures $ 1,430 $ 863 $ 567 Other liabilities $ 567 $ — Foreign currency forward contracts (1) 12,791 — 12,791 Other liabilities — 12,791 Foreign currency forward contracts (2) 3,919 69 3,850 Other liabilities 1,053 2,797 Total derivative instruments not designated as hedges 18,140 932 17,208 1,620 15,588 Derivative Instruments Designated as Hedges Foreign currency forward contracts (3) 5,152 — 5,152 Other liabilities — 5,152 Total $ 23,292 $ 932 $ 22,360 $ 1,620 $ 20,740 (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. (3) Contracts designated as hedges of net investments in foreign 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) Amount of gain (loss) recognized on Year ended December 31, 2021 2020 2019 Derivative Instruments Not Designated as Hedges Interest rate futures (4) Net realized and unrealized gains (losses) on investments $ (15,846) $ 103,102 $ 16,848 Interest rate swaps (4) Net realized and unrealized gains (losses) on investments (1,184) 2,334 1,488 Foreign currency forward contracts (1) Net foreign exchange gains (losses) (19,151) 24,309 12,617 Foreign currency forward contracts (2) Net foreign exchange gains (losses) (1,521) (4,450) (1,605) Credit default swaps (4) Net realized and unrealized gains (losses) on investments 3,479 (1,304) 7,043 Total return swaps (4) Net realized and unrealized gains (losses) on investments 1,314 (5,479) 12,155 Equity futures (5) Net realized and unrealized gains (losses) on investments — (30,045) 21,357 Total derivative instruments not designated as hedges (32,909) 88,467 69,903 Derivative instruments designated as hedges Foreign currency forward contracts (3) Accumulated other comprehensive income (loss) (4,535) 11,685 959 Total derivative instruments designated as hedges (4,535) 11,685 959 Total $ (37,444) $ 100,152 $ 70,862 (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. (3) Contracts designated as hedges of net investments in foreign operations. (4) Fixed income related derivatives included in net realized and unrealized gains (losses) on investment-related derivatives. See “Note 5. Investments” for additional information. (5) Equity related derivatives included in net realized and unrealized gains (losses) on investment-related derivatives. See “Note 5. Investments” for additional information. |
Schedule of Derivative Instruments Designated as Hedges of a Net Investment in a Foreign Operation | The table below provides a summary of derivative instruments designated as hedges of net investments in foreign operations, including the weighted average U.S. dollar equivalent of foreign denominated net (liabilities) assets that were hedged and the resulting derivative gain that are recorded in foreign currency translation adjustments, net of tax, within accumulated other comprehensive loss on the Company’s consolidated statements of changes in shareholders’ equity: Year ended December 31, 2021 2020 Weighted average of U.S. dollar equivalent of foreign denominated net assets (liabilities) $ (66,438) $ (45,803) Derivative gains (losses) (1) $ (4,535) $ 11,685 (1) Derivative gains (losses) from derivative instruments designated as hedges of the net investment in a foreign operation are recorded in foreign currency translation adjustments, net of tax, within accumulated other comprehensive income (loss) on the Company’s consolidated statements of changes in shareholders’ equity. |
Commitments, Contingencies an_2
Commitments, Contingencies and Other Items (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Payments, Operating Leases | Future minimum lease payments under existing operating and finance leases are detailed below, excluding the bargain renewal option on the finance lease related to office space in Bermuda: Future Minimum Lease Payments Operating Leases Finance Leases 2022 $ 8,515 $ 2,661 2023 7,440 2,661 2024 6,186 2,661 2025 5,998 2,661 2026 5,588 2,661 After 2026 21,143 4,807 Future minimum lease payments under existing leases $ 54,870 $ 18,112 |
Schedule of Future Minimum Payments, Finance Leases | Future minimum lease payments under existing operating and finance leases are detailed below, excluding the bargain renewal option on the finance lease related to office space in Bermuda: Future Minimum Lease Payments Operating Leases Finance Leases 2022 $ 8,515 $ 2,661 2023 7,440 2,661 2024 6,186 2,661 2025 5,998 2,661 2026 5,588 2,661 After 2026 21,143 4,807 Future minimum lease payments under existing leases $ 54,870 $ 18,112 |
Significant Accounting Polici_3
Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
VOBA asset, amortization period | 2 years |
Acquisition of Tokio Millenni_3
Acquisition of Tokio Millennium Re (Overview) (Details) - TMR - USD ($) $ in Thousands | Mar. 22, 2019 | Dec. 31, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | |||
Total purchase price | $ 1,563,593 | ||
Corporate expenses associated with the acquisition | $ 9,100 | $ 49,700 |
Acquisition of Tokio Millenni_4
Acquisition of Tokio Millennium Re (Schedule of Purchase Price) (Details) - TMR - USD ($) $ / shares in Units, $ in Thousands | Mar. 22, 2019 | Mar. 15, 2019 |
Business Acquisition [Line Items] | ||
Special Dividend paid to common shareholders of Tokio and holders of Tokio equity awards | $ 500,000 | |
Shares issued (in shares) | 1,739,071 | |
Common share price of RenaissanceRe (in dollars per share) | $ 143.75 | $ 143.7539 |
Market value of RenaissanceRe common shares issued by RenaissanceRe to Tokio | $ 249,998 | |
Cash consideration paid by RenaissanceRe as acquisition consideration | 813,595 | |
Total purchase price | 1,563,593 | |
Less: Special Dividend paid to Tokio | (500,000) | |
Net purchase price | $ 1,063,593 | |
Common share price, trading volume, term | 30 days |
Acquisition of Tokio Millenni_5
Acquisition of Tokio Millennium Re (Fair Value of Net Assets Acquired and Liabilities Assumed) (Details) - TMR | Mar. 22, 2019USD ($)state | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Business Acquisition [Line Items] | |||
Excess purchase price over the fair value of net assets acquired assigned to goodwill | $ 13,094,000 | ||
Finite-lived intangible assets | $ 11,200,000 | ||
Acquired finite-lived intangibles, weighted average amortization period | 10 years 6 months | ||
Indefinite lived | $ 6,800,000 | $ 0 | |
Value of business acquired, amortization period | 2 years | ||
Value of business acquired | $ 287,600,000 | ||
Impairment loss | $ 6,800,000 | ||
Deferred tax liability related to the estimated fair value of the intangible assets recorded | 2,281,000 | ||
Deferred tax liability related to other adjustments | $ 2,606,000 | ||
Insurance licenses | |||
Business Acquisition [Line Items] | |||
Number of states, ability to write reinsurance | state | 50 | ||
Impairment loss | $ 6,800,000 |
Acquisition of Tokio Millenni_6
Acquisition of Tokio Millennium Re (Schedule of Fair Value of Net Assets Acquired and Liabilities Assumed) (Details) - TMR - USD ($) $ in Thousands | Mar. 22, 2019 | Dec. 31, 2021 |
Business Acquisition [Line Items] | ||
Shareholders’ equity of TMR at March 22, 2019 | $ 1,032,961 | |
Adjustments for fair value, by applicable balance sheet caption: | ||
Net deferred acquisition costs and value of business acquired | (56,788) | |
Net reserve for claims and claim expenses | 67,782 | |
Goodwill and intangible assets at March 22, 2019 of TMR | (6,569) | |
Total adjustments for fair value by applicable balance sheet caption before tax impact | 4,425 | |
Other assets - net deferred tax liability related to fair value adjustments and value of business acquired | (2,606) | |
Total adjustments for fair value by applicable balance sheet caption, net of tax | 1,819 | |
Adjustments for fair value of the identifiable intangible assets: | ||
Identifiable intangible assets before tax impact | 18,000 | $ 8,349 |
Other assets - deferred tax liability on identifiable intangible assets | (2,281) | |
Total adjustments for fair value of the identifiable intangible assets and value of business acquired, net of tax | 15,719 | |
Total adjustments for fair value by applicable balance sheet caption, identifiable intangible assets and value of business acquired, net of tax | 17,538 | |
Shareholders’ equity of TMR at fair value | 1,050,499 | |
Total net purchase price paid by RenaissanceRe | 1,063,593 | |
Excess purchase price over the fair value of net assets acquired assigned to goodwill | 13,094 | |
Insurance licenses | ||
Adjustments for fair value of the identifiable intangible assets: | ||
Identifiable indefinite lived intangible assets (insurance licenses) | 6,800 | |
Top Broker Relationships and Renewal Rights | ||
Adjustments for fair value of the identifiable intangible assets: | ||
Identifiable finite lived intangible assets (top broker relationships and renewal rights) | $ 11,200 |
Acquisition of Tokio Millenni_7
Acquisition of Tokio Millennium Re (Schedule of Identifiable Intangible Assets) (Details) - TMR - USD ($) $ in Thousands | Mar. 22, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2020 |
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Intangible Assets, Other Than Goodwill [Roll Forward] | ||||
Accumulated amortization (from March 22, 2019 through December 31, 2021), net of foreign exchange | $ 2,851 | |||
Impairment loss | $ 6,800 | |||
Net identifiable intangible assets related to the acquisition of TMR at December 31, 2021 | $ 18,000 | $ 8,349 | ||
Economic Useful Life | 10 years 6 months | |||
Insurance licenses | ||||
Business Acquisition [Line Items] | ||||
Intangible assets acquired | $ 6,800 | |||
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Intangible Assets, Other Than Goodwill [Roll Forward] | ||||
Impairment loss | $ 6,800 | |||
Top broker relationships | ||||
Business Acquisition [Line Items] | ||||
Identifiable finite lived intangible assets (top broker relationships and renewal rights) | $ 10,000 | |||
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Intangible Assets, Other Than Goodwill [Roll Forward] | ||||
Economic Useful Life | 10 years | |||
Renewal rights | ||||
Business Acquisition [Line Items] | ||||
Identifiable finite lived intangible assets (top broker relationships and renewal rights) | $ 1,200 | |||
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Intangible Assets, Other Than Goodwill [Roll Forward] | ||||
Economic Useful Life | 15 years |
Acquisition of Tokio Millenni_8
Acquisition of Tokio Millennium Re (Schedule of Financial Results) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Business Acquisition [Line Items] | |||
Total revenues | $ 5,277,709 | $ 5,172,316 | $ 4,201,954 |
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ (73,421) | 731,482 | 712,042 |
TMR | |||
Business Acquisition [Line Items] | |||
Total revenues | 922,727 | ||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | 99,169 | ||
Corporate expenses associated with the acquisition | $ 9,100 | $ 49,700 |
Acquisition of Tokio Millenni_9
Acquisition of Tokio Millennium Re (Taxation) (Details) - TMR $ in Millions | Mar. 22, 2019USD ($) |
Business Acquisition [Line Items] | |
Other assets - net deferred tax liability related to fair value adjustments and value of business acquired | $ 5.7 |
Deferred tax assets, valuation allowance | $ 35.7 |
Acquisition of Tokio Millenn_10
Acquisition of Tokio Millennium Re (Schedule of Supplemental Pro Forma Information) (Details) - TMR - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | ||
Total revenues | $ 4,542,979 | $ 3,338,903 |
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ 768,719 | $ 281,974 |
Acquisition of Tokio Millenn_11
Acquisition of Tokio Millennium Re (Defined Benefit Pension Plan) (Details) - Pension Plan - TMR - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Business Acquisition [Line Items] | ||
Net balance sheet liability | $ 4.3 | $ 6.4 |
Projected benefit obligation | 19.4 | 20.1 |
Plan assets at fair value | $ 15.2 | $ 13.6 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Schedule of Intangible Assets and Goodwill) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill and Intangible Assets [Line Items] | |||
Other intangible assets, net | $ 41,292 | $ 50,996 | |
Total goodwill and other intangible assets | 243,496 | 249,641 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Goodwill and Intangible Assets [Line Items] | |||
Goodwill, net | 9,903 | 10,598 | $ 10,598 |
Other intangible assets, net | 8,716 | 12,368 | |
Total goodwill and other intangible assets | 18,619 | 22,966 | |
Goodwill And Other Intangible Assets | |||
Goodwill and Intangible Assets [Line Items] | |||
Goodwill, net | 210,920 | 211,013 | $ 210,665 |
Other intangible assets, net | 32,576 | 38,628 | |
Total goodwill and other intangible assets | $ 243,496 | $ 249,641 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 22, 2019 | |
Goodwill and Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 7,200,000 | $ 8,300,000 | ||
Impairment of indefinite-lived intangible asset | 0 | 6,800,000 | ||
Goodwill And Other Intangible Assets | ||||
Goodwill and Intangible Assets [Line Items] | ||||
Goodwill, gross | 213,200,000 | 213,300,000 | $ 213,000,000 | |
Goodwill, accumulated impairment loss | 2,300,000 | 2,300,000 | ||
Goodwill, net | 210,920,000 | 211,013,000 | 210,665,000 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||||
Goodwill and Intangible Assets [Line Items] | ||||
Goodwill, gross | 14,400,000 | 15,100,000 | 15,100,000 | |
Goodwill, accumulated impairment loss | 4,500,000 | 4,500,000 | ||
Goodwill, net | 9,903,000 | $ 10,598,000 | $ 10,598,000 | |
TMR | ||||
Goodwill and Intangible Assets [Line Items] | ||||
Goodwill, net | $ 13,094,000 | |||
Finite-lived intangible assets | 11,200,000 | |||
Indefinite-lived intangible assets | $ 0 | $ 6,800,000 | ||
Low | ||||
Goodwill and Intangible Assets [Line Items] | ||||
Finite-lived intangible assets, useful life | 1 year 3 months 18 days | |||
High | ||||
Goodwill and Intangible Assets [Line Items] | ||||
Finite-lived intangible assets, useful life | 12 years 2 months 12 days | |||
Weighted Average or Actual | ||||
Goodwill and Intangible Assets [Line Items] | ||||
Finite-lived intangible assets, useful life | 5 years 6 months |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Schedule of Goodwill and Other Intangible Assets Included in Equity Method Investments) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill And Other Intangible Assets | ||
Goodwill | ||
Goodwill beginning balance | $ 211,013 | $ 210,665 |
Foreign currency translation | (93) | 348 |
Goodwill ending balance | 210,920 | 211,013 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||
Goodwill | ||
Goodwill beginning balance | 10,598 | 10,598 |
Acquired | (695) | |
Foreign currency translation | 0 | 0 |
Goodwill ending balance | 9,903 | $ 10,598 |
Non Equity Method Investment | Goodwill And Other Intangible Assets | ||
Goodwill | ||
Acquired | $ 0 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets (Schedule of Finite-Lived Intangible Assets by Major Class) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Finite and Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 175,191 | $ 177,682 |
Accumulated amortization | (123,071) | (115,858) |
Accumulated Impairment Losses | (10,828) | (10,828) |
Intangible Assets, Net (Excluding Goodwill), Total | 41,292 | 50,996 |
Licenses | ||
Schedule of Finite and Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 23,779 | 26,214 |
Accumulated Impairment Losses | (6,800) | (6,800) |
Intangible Assets, Net (Excluding Goodwill), Total | 16,979 | 19,414 |
Customer relationships and customer lists | ||
Schedule of Finite and Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 108,742 | 108,798 |
Accumulated amortization | (83,307) | (76,118) |
Accumulated Impairment Losses | (1,403) | (1,403) |
Intangible Assets, Net (Excluding Goodwill), Total | 24,032 | 31,277 |
Value of business acquired | ||
Schedule of Finite and Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 20,200 | 20,200 |
Accumulated amortization | (20,200) | (20,200) |
Accumulated Impairment Losses | 0 | 0 |
Intangible Assets, Net (Excluding Goodwill), Total | 0 | 0 |
Software | ||
Schedule of Finite and Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 12,230 | 12,230 |
Accumulated amortization | (12,230) | (12,230) |
Accumulated Impairment Losses | 0 | 0 |
Intangible Assets, Net (Excluding Goodwill), Total | 0 | 0 |
Patents and intellectual property | ||
Schedule of Finite and Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 4,500 | 4,500 |
Accumulated amortization | (1,875) | (1,875) |
Accumulated Impairment Losses | (2,625) | (2,625) |
Intangible Assets, Net (Excluding Goodwill), Total | 0 | 0 |
Covenants not-to-compete | ||
Schedule of Finite and Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 4,030 | 4,030 |
Accumulated amortization | (4,030) | (4,030) |
Accumulated Impairment Losses | 0 | 0 |
Intangible Assets, Net (Excluding Goodwill), Total | 0 | 0 |
Trademarks and trade names | ||
Schedule of Finite and Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 1,710 | 1,710 |
Accumulated amortization | (1,429) | (1,405) |
Accumulated Impairment Losses | 0 | 0 |
Intangible Assets, Net (Excluding Goodwill), Total | $ 281 | $ 305 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets (Schedule of Expected Impairment Charges and Amortization Expense) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Other intangible assets | |
Schedule of Finite and Indefinite-lived Intangible Assets [Line Items] | |
Expected amortization of other intangible assets | $ 41,292 |
Other intangible assets | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |
Schedule of Finite and Indefinite-lived Intangible Assets [Line Items] | |
Expected amortization of other intangible assets | 8,716 |
Other intangible assets | Goodwill And Other Intangible Assets | |
Schedule of Finite and Indefinite-lived Intangible Assets [Line Items] | |
Expected amortization of other intangible assets | 32,576 |
Other intangible assets | |
Schedule of Finite and Indefinite-lived Intangible Assets [Line Items] | |
Indefinite lived | 16,979 |
Other intangible assets | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |
Schedule of Finite and Indefinite-lived Intangible Assets [Line Items] | |
Indefinite lived | 6,712 |
Other intangible assets | Goodwill And Other Intangible Assets | |
Schedule of Finite and Indefinite-lived Intangible Assets [Line Items] | |
Indefinite lived | 10,267 |
Other intangible assets | |
Schedule of Finite and Indefinite-lived Intangible Assets [Line Items] | |
2022 | 6,599 |
2023 | 5,779 |
2024 | 4,910 |
2025 | 2,000 |
2026 | 1,401 |
2027 and thereafter | 3,624 |
Total remaining amortization expense | 24,313 |
Other intangible assets | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |
Schedule of Finite and Indefinite-lived Intangible Assets [Line Items] | |
2022 | 997 |
2023 | 606 |
2024 | 194 |
2025 | 24 |
2026 | 24 |
2027 and thereafter | 159 |
Total remaining amortization expense | 2,004 |
Other intangible assets | Goodwill And Other Intangible Assets | |
Schedule of Finite and Indefinite-lived Intangible Assets [Line Items] | |
2022 | 5,602 |
2023 | 5,173 |
2024 | 4,716 |
2025 | 1,976 |
2026 | 1,377 |
2027 and thereafter | 3,465 |
Total remaining amortization expense | $ 22,309 |
Investments (Schedule of Fair V
Investments (Schedule of Fair Value of Fixed Maturity Investments Trading) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Investments [Line Items] | ||
Fixed maturity investments | $ 13,507,131 | $ 13,506,503 |
U.S. treasuries | ||
Schedule of Investments [Line Items] | ||
Fixed maturity investments | 6,247,779 | 4,960,409 |
Agencies | ||
Schedule of Investments [Line Items] | ||
Fixed maturity investments | 361,684 | 368,032 |
Non-U.S. government | ||
Schedule of Investments [Line Items] | ||
Fixed maturity investments | 549,613 | 491,531 |
Non-U.S. government-backed corporate | ||
Schedule of Investments [Line Items] | ||
Fixed maturity investments | 474,848 | 338,014 |
Corporate | ||
Schedule of Investments [Line Items] | ||
Fixed maturity investments | 3,214,438 | 4,261,025 |
Agency mortgage-backed | ||
Schedule of Investments [Line Items] | ||
Fixed maturity investments | 721,955 | 1,113,792 |
Non-agency mortgage-backed | ||
Schedule of Investments [Line Items] | ||
Fixed maturity investments | 233,346 | 291,444 |
Commercial mortgage-backed | ||
Schedule of Investments [Line Items] | ||
Fixed maturity investments | 634,925 | 791,272 |
Asset-backed | ||
Schedule of Investments [Line Items] | ||
Fixed maturity investments | $ 1,068,543 | $ 890,984 |
Investments (Schedule of Contra
Investments (Schedule of Contractual Maturities of Fixed Maturity Investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Amortized Cost | ||
Due in less than one year | $ 363,795 | |
Due after one through five years | 6,317,351 | |
Due after five through ten years | 3,911,221 | |
Due after ten years | 306,123 | |
Amortized cost | 13,552,579 | $ 13,155,035 |
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract] | ||
Due in less than one year | 365,418 | |
Due after one through five years | 6,297,063 | |
Due after five through ten years | 3,877,715 | |
Due after ten years | 308,166 | |
Fixed maturity investments | 13,507,131 | 13,506,503 |
Mortgage-backed | ||
Amortized Cost | ||
Amortized cost | 1,584,871 | |
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract] | ||
Fixed maturity investments | 1,590,226 | |
Asset-backed | ||
Amortized Cost | ||
Amortized cost | 1,069,218 | |
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract] | ||
Fixed maturity investments | $ 1,068,543 | $ 890,984 |
Investments (Schedule of Fair_2
Investments (Schedule of Fair Value of Equity Investments Trading) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Investments [Line Items] | ||
Equity investments trading | $ 546,016 | $ 702,617 |
Financials | ||
Schedule of Investments [Line Items] | ||
Equity investments trading | 146,615 | 452,765 |
Communications and technology | ||
Schedule of Investments [Line Items] | ||
Equity investments trading | 82,444 | 119,592 |
Consumer | ||
Schedule of Investments [Line Items] | ||
Equity investments trading | 51,083 | 44,477 |
Industrial, utilities and energy | ||
Schedule of Investments [Line Items] | ||
Equity investments trading | 26,645 | 43,380 |
Healthcare | ||
Schedule of Investments [Line Items] | ||
Equity investments trading | 28,796 | 35,140 |
Basic materials | ||
Schedule of Investments [Line Items] | ||
Equity investments trading | 5,092 | 7,263 |
Equity exchange traded funds | ||
Schedule of Investments [Line Items] | ||
Equity investments trading | 114,919 | 0 |
Fixed income exchange traded funds | ||
Schedule of Investments [Line Items] | ||
Equity investments trading | $ 90,422 | $ 0 |
Investments (Pledged Investment
Investments (Pledged Investments and Reverse Repurchase Agreements) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Investments [Abstract] | ||
Cash and investments at fair value on deposit with, or in trust accounts for the benefit of, various counterparties | $ 8,700 | $ 8,100 |
Cash and investments at fair value on deposit with, or in trust accounts for the benefit of, U.S. state regulatory authorities | 1,800 | 2,500 |
Reverse repurchase agreements | $ 5.1 | $ 126.5 |
Minimum percentage of collateral required | 102.00% |
Investments (Schedule of Net In
Investments (Schedule of Net Investment Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net Investment Income [Line Items] | |||
Gross investment income | $ 340,229 | $ 372,593 | $ 441,852 |
Investment expenses | (20,750) | (18,555) | (17,645) |
Net investment income | 319,479 | 354,038 | 424,207 |
Fixed maturity investments | |||
Net Investment Income [Line Items] | |||
Gross investment income | 234,911 | 278,215 | 318,503 |
Short term investments | |||
Net Investment Income [Line Items] | |||
Gross investment income | 2,333 | 20,799 | 56,264 |
Equity investments | |||
Net Investment Income [Line Items] | |||
Gross investment income | 9,017 | 6,404 | 4,808 |
Catastrophe bonds | |||
Net Investment Income [Line Items] | |||
Gross investment income | 64,860 | 54,784 | 46,154 |
Other | |||
Net Investment Income [Line Items] | |||
Gross investment income | 28,811 | 9,417 | 8,447 |
Cash and cash equivalents | |||
Net Investment Income [Line Items] | |||
Gross investment income | $ 297 | $ 2,974 | $ 7,676 |
Investments (Schedule of Net Re
Investments (Schedule of Net Realized and Unrealized Gains (Losses) on Investments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Gain (Loss) on Securities [Line Items] | |||
Net realized and unrealized gains (loss) on fixed maturity investments trading | $ (309,788) | $ 493,760 | $ 260,443 |
Net realized and unrealized gains (losses) on equity investments trading | 49,609 | 265,596 | 95,149 |
Net realized and unrealized gains (losses) on investments | (218,134) | 820,636 | 414,109 |
Fixed maturity investments | |||
Gain (Loss) on Securities [Line Items] | |||
Net realized gains (losses) on fixed maturity investments | 79,588 | 276,901 | 90,260 |
Net unrealized gains (losses) on fixed maturity investments trading | (389,376) | 216,859 | 170,183 |
Investments-related derivatives | |||
Gain (Loss) on Securities [Line Items] | |||
Net realized and unrealized gains (losses) on investments-related derivatives | (12,237) | 68,608 | 58,891 |
Equity investments | |||
Gain (Loss) on Securities [Line Items] | |||
Net realized gains (losses) on equity investments trading sold during the period | 335,491 | 3,532 | 31,062 |
Net unrealized gains (losses) on equity investments trading still held at reporting date | (285,882) | 262,064 | 64,087 |
Other Investments | Catastrophe bonds | |||
Gain (Loss) on Securities [Line Items] | |||
Net realized and unrealized gains (losses) | (35,033) | (7,031) | (9,392) |
Other Investments | Other | |||
Gain (Loss) on Securities [Line Items] | |||
Net realized and unrealized gains (losses) | $ 89,315 | $ (297) | $ 9,018 |
Investments (Schedule of Other
Investments (Schedule of Other Investments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Investments [Line Items] | |||
Other investments | $ 1,993,059 | $ 1,256,948 | |
Initial commitments | 2,700,000 | ||
Fulfilled commitments | 1,300,000 | ||
Unfunded commitments | 1,400,000 | ||
Other Investments | |||
Schedule of Investments [Line Items] | |||
Net unrealized gain (loss) recognized in earnings due to change in estimate | 7,000 | (2,400) | $ (5,500) |
Catastrophe bonds | |||
Schedule of Investments [Line Items] | |||
Other investments | $ 1,104,034 | 881,290 | |
Catastrophe bonds | Low | |||
Schedule of Investments [Line Items] | |||
Maturity period | 1 year | ||
Catastrophe bonds | High | |||
Schedule of Investments [Line Items] | |||
Maturity period | 5 years | ||
Direct private equity investments | |||
Schedule of Investments [Line Items] | |||
Other investments | $ 88,373 | 79,807 | |
Fund investments | |||
Schedule of Investments [Line Items] | |||
Other investments | 725,802 | 295,851 | |
Term loans | |||
Schedule of Investments [Line Items] | |||
Other investments | $ 74,850 | $ 0 |
Investments (Term Loans) (Detai
Investments (Term Loans) (Details) - Loan Participations and Assignments | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Investment Holdings [Line Items] | |
Committed amount | $ 100,000,000 |
Amount funded | $ 75,000,000 |
Maturity period | 5 years |
Investments (Schedule of Invest
Investments (Schedule of Investments in Other Ventures, under Equity Method) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Equity Method Investments [Line Items] | ||
Carrying Value | $ 98,068 | $ 98,373 |
Tower Hill Companies | ||
Schedule of Equity Method Investments [Line Items] | ||
Carrying Value | $ 25,575 | $ 30,470 |
Tower Hill Companies | Low | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership % | 2.00% | 2.00% |
Tower Hill Companies | High | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership % | 25.00% | 25.00% |
Top Layer Re | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership % | 50.00% | 50.00% |
Carrying Value | $ 25,903 | $ 26,958 |
Other | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership % | 22.40% | 25.00% |
Carrying Value | $ 46,590 | $ 40,945 |
Investments (Schedule of Equity
Investments (Schedule of Equity in (Losses) Earnings of Other Ventures, Under Equity Method) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | |||
Equity in earnings (losses) of other ventures | $ 12,309 | $ 17,194 | $ 23,224 |
Equity method investment, dividends and distributions | 33,900 | 30,000 | 36,500 |
Top Layer Re | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in earnings (losses) of other ventures | 8,286 | 9,595 | 8,801 |
Tower Hill Companies | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in earnings (losses) of other ventures | (2,073) | 3,104 | 10,337 |
Other | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in earnings (losses) of other ventures | $ 6,096 | $ 4,495 | $ 4,086 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | $ 13,507,131 | $ 13,506,503 |
Short term investments | 5,298,385 | 4,993,735 |
Equity investments trading | 546,016 | 702,617 |
Other investments | 1,993,059 | 1,256,948 |
Derivative assets | 17,889 | 45,233 |
Derivative liabilities | (16,954) | (22,360) |
Other liabilities | (10,827) | (15,193) |
Other assets | 6,100 | 8,982 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 13,507,131 | 13,506,503 |
Short term investments | 5,298,385 | 4,993,735 |
Equity investments trading | 546,016 | 702,617 |
Other investments | 1,993,059 | 1,256,948 |
Assumed and ceded (re)insurance contracts | (4,727) | (6,211) |
Derivative assets | 17,889 | 45,233 |
Derivative liabilities | (16,954) | (22,360) |
Other liabilities | (3,792) | |
Other assets | 16,662 | |
Total other assets and (liabilities) measured at fair value on a recurring basis using Level 3 inputs | 21,340,799 | 20,476,465 |
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 | 6,247,779 | 4,960,409 |
Short term investments | 0 | 0 |
Equity investments trading | 546,016 | 702,617 |
Other investments | 0 | 0 |
Assumed and ceded (re)insurance contracts | 0 | 0 |
Derivative assets | 1,067 | 156 |
Derivative liabilities | (1,598) | (567) |
Other liabilities | (531) | (411) |
Total other assets and (liabilities) measured at fair value on a recurring basis using Level 3 inputs | 6,793,264 | 5,662,615 |
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 | 7,259,352 | 8,546,094 |
Short term investments | 5,298,385 | 4,993,735 |
Equity investments trading | 0 | 0 |
Other investments | 1,104,034 | 881,290 |
Assumed and ceded (re)insurance contracts | 0 | 0 |
Derivative assets | 16,822 | 45,077 |
Derivative liabilities | (15,356) | (21,793) |
Other assets | 1,466 | 23,284 |
Total other assets and (liabilities) measured at fair value on a recurring basis using Level 3 inputs | 13,663,237 | 14,444,403 |
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 | 163,223 | 79,807 |
Assumed and ceded (re)insurance contracts | (4,727) | (6,211) |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Other liabilities | (4,727) | (6,211) |
Total other assets and (liabilities) measured at fair value on a recurring basis using Level 3 inputs | 158,496 | 73,596 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1, 2 and 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 1,267,257 | 961,097 |
Fair Value, Measurements, Recurring | U.S. treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 6,247,779 | 4,960,409 |
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 | 6,247,779 | 4,960,409 |
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 | 361,684 | 368,032 |
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 | 361,684 | 368,032 |
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 | Non-U.S. government | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 549,613 | 491,531 |
Fair Value, Measurements, Recurring | Non-U.S. government | 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 | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 549,613 | 491,531 |
Fair Value, Measurements, Recurring | Non-U.S. government | 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 | 474,848 | 338,014 |
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 | 474,848 | 338,014 |
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 | 3,214,438 | 4,261,025 |
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 | 3,214,438 | 4,261,025 |
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 | 721,955 | 1,113,792 |
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 | 721,955 | 1,113,792 |
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 | 233,346 | 291,444 |
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 | 233,346 | 291,444 |
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 | 634,925 | 791,272 |
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 | 634,925 | 791,272 |
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 | 1,068,543 | 890,984 |
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 | 1,068,543 | 890,984 |
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 | 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 | 1,104,034 | 881,290 |
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 | Catastrophe bonds | Fair Value, Inputs, Level 1, 2 and 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 1,104,034 | 881,290 |
Fair Value, Measurements, Recurring | Direct private equity investments | 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 | Direct private equity investments | 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 | Direct private equity investments | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 88,373 | 79,807 |
Fair Value, Measurements, Recurring | Direct private equity investments | Fair Value, Inputs, Level 1, 2 and 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 88,373 | 79,807 |
Fair Value, Measurements, Recurring | Term loans | 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 | ||
Fair Value, Measurements, Recurring | Term loans | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | ||
Fair Value, Measurements, Recurring | Term loans | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 74,850 | |
Fair Value, Measurements, Recurring | Term loans | Fair Value, Inputs, Level 1, 2 and 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 74,850 | |
Fair Value, Measurements, Recurring | Fund investments | Fair Value Measured at Net Asset Value Per Share | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 725,802 | 295,851 |
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 | 6,100 | 1,400 |
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 liabilities | $ (10,800) | $ (7,600) |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other investments | $ 1,993,059 | $ 1,256,948 | |
Other liabilities | (10,827) | (15,193) | |
Carrying Value | 1,168,353 | 1,136,265 | |
Fair Value | 1,300,000 | 1,300,000 | |
Fair Value, Measurements, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other investments | 1,993,059 | 1,256,948 | |
Other liabilities | (3,792) | ||
Other Investments | Net investment income | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Net unrealized gains (losses) included in net investment income | 41,700 | (4,700) | $ 3,800 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other investments | 163,223 | 79,807 | |
Other liabilities | (4,727) | (6,211) | |
Significant Unobservable Inputs (Level 3) | Direct private equity investments | Fair Value, Measurements, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other investments | 88,373 | 79,807 | |
Significant Unobservable Inputs (Level 3) | Direct private equity investments | Internal valuation model | Fair Value, Measurements, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other investments | 88,373 | 79,807 | |
Significant Unobservable Inputs (Level 3) | Term loans | Fair Value, Measurements, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other investments | 74,850 | ||
Significant Unobservable Inputs (Level 3) | Term loans | Internal valuation model | Fair Value, Measurements, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other investments | 74,850 | ||
Fair Value Measured at Net Asset Value Per Share | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investments fair value | $ 725,803 | $ 295,852 | |
U.S. treasuries | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Weighted average yield to maturity | 1.10% | ||
Weighted average credit quality | 0.40% | ||
Agencies | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Weighted average yield to maturity | 1.20% | ||
Weighted average credit quality | 0.90% | ||
Non-U.S. government | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Weighted average yield to maturity | 1.20% | ||
Weighted average credit quality | 0.50% | ||
Non-U.S. government-backed corporate | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Weighted average yield to maturity | 1.40% | ||
Weighted average credit quality | 1.00% | ||
Corporate | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Weighted average yield to maturity | 2.80% | ||
Weighted average credit quality | 2.20% | ||
Agency mortgage-backed | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Weighted average yield to maturity | 1.90% | ||
Weighted average credit quality | 1.00% | ||
Weighted average life | 5 years 7 months 6 days | 3 years 9 months 18 days | |
Non Agency Mortgage Backed Fixed Maturity | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Weighted average yield to maturity | 3.20% | ||
Weighted average credit quality | 3.00% | ||
Weighted average life | 5 years 8 months 12 days | 5 years 2 months 12 days | |
Commercial mortgage-backed | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Weighted average yield to maturity | 1.90% | ||
Weighted average credit quality | 1.50% | ||
Weighted average life | 4 years 1 month 6 days | 5 years | |
Asset-backed | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Weighted average yield to maturity | 1.80% | ||
Weighted average credit quality | 1.80% | ||
Weighted average life | 5 years 4 months 24 days | 3 years 2 months 12 days | |
Short term investments | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Weighted average yield to maturity | 0.10% | ||
Weighted average credit quality | 0.10% | ||
Direct private equity investments | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other investments | $ 88,373 | $ 79,807 | |
Direct private equity investments | Low | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Liquidating period | 5 years | ||
Direct private equity investments | High | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Liquidating period | 10 years | ||
Direct private equity investments | Fair Value Measured at Net Asset Value Per Share | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investments fair value | $ 241,297 | 140,743 | |
Fund investments | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other investments | $ 725,802 | 295,851 | |
Private Credit Funds | Low | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Liquidating period | 5 years | ||
Private Credit Funds | High | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Liquidating period | 10 years | ||
Private Credit Funds | Fair Value Measured at Net Asset Value Per Share | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investments fair value | $ 473,112 | 144,556 | |
Hedge funds | Fair Value Measured at Net Asset Value Per Share | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investments fair value | $ 11,394 | $ 10,553 |
Fair Value Measurements (Quanti
Fair Value Measurements (Quantitative Information Used As Level 3 Inputs) (Details) $ in Thousands | Dec. 31, 2021USD ($)$ / shares | Dec. 31, 2020USD ($)$ / shares |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other investments | $ 1,993,059 | $ 1,256,948 |
Other liabilities | (10,827) | (15,193) |
Other assets | 6,100 | 8,982 |
Fair Value, Measurements, Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other investments | 1,993,059 | 1,256,948 |
Other liabilities | (3,792) | |
Other assets | 16,662 | |
Total other assets and (liabilities) measured at fair value on a recurring basis using Level 3 inputs | 21,340,799 | 20,476,465 |
Fair Value, Measurements, Recurring | Assumed and ceded (re)insurance contracts | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other liabilities | (4,727) | (6,211) |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other investments | 163,223 | 79,807 |
Other liabilities | (4,727) | (6,211) |
Total other assets and (liabilities) measured at fair value on a recurring basis using Level 3 inputs | 158,496 | 73,596 |
Fair Value, Measurements, Recurring | Direct private equity investments | Significant Unobservable Inputs (Level 3) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other investments | 88,373 | 79,807 |
Fair Value, Measurements, Recurring | Direct private equity investments | Internal valuation model | Significant Unobservable Inputs (Level 3) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other investments | 88,373 | $ 79,807 |
Fair Value, Measurements, Recurring | Term loans | Significant Unobservable Inputs (Level 3) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other investments | 74,850 | |
Fair Value, Measurements, Recurring | Term loans | Internal valuation model | Significant Unobservable Inputs (Level 3) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other investments | $ 74,850 | |
Discount rate | Fair Value, Measurements, Recurring | Direct private equity investments | Internal valuation model | Significant Unobservable Inputs (Level 3) | Weighted Average or Actual | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Significant observable and unobservable inputs | $ / shares | 0.075 | 0.090 |
Liquidity discount | Fair Value, Measurements, Recurring | Direct private equity investments | Internal valuation model | Significant Unobservable Inputs (Level 3) | Weighted Average or Actual | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Significant observable and unobservable inputs | $ / shares | 0.150 | 0.150 |
Transaction yield | Fair Value, Measurements, Recurring | Direct private equity investments | Yield analysis | Significant Unobservable Inputs (Level 3) | Weighted Average or Actual | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Significant observable and unobservable inputs | $ / shares | 0.0278 | |
Expected loss ratio | Fair Value, Measurements, Recurring | Assumed and ceded (re)insurance contracts, group three | Internal valuation model | Significant Unobservable Inputs (Level 3) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Significant observable and unobservable inputs | 0 |
Fair Value Measurements (Asse_2
Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Level 3 Inputs) (Details) - Significant Unobservable Inputs (Level 3) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 73,596 | $ 79,365 |
Total realized and unrealized gains (losses) | ||
Total foreign exchange gains | (3) | 10 |
Purchases | 83,386 | 18,950 |
Sales | (948) | (10,137) |
Settlements | 0 | (5,739) |
Ending balance | 158,496 | 73,596 |
Net realized and unrealized (losses) gains on investments | ||
Total realized and unrealized gains (losses) | ||
Included in other income | (159) | (5,662) |
Other income (loss) | ||
Total realized and unrealized gains (losses) | ||
Included in other income | 2,624 | (3,191) |
Direct private equity investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 79,807 | 74,634 |
Total realized and unrealized gains (losses) | ||
Total foreign exchange gains | (3) | 10 |
Purchases | 9,676 | 20,962 |
Sales | (948) | (10,137) |
Settlements | 0 | 0 |
Ending balance | 88,373 | 79,807 |
Direct private equity investments | Net realized and unrealized (losses) gains on investments | ||
Total realized and unrealized gains (losses) | ||
Included in other income | (159) | (5,662) |
Direct private equity investments | Other income (loss) | ||
Total realized and unrealized gains (losses) | ||
Included in other income | 0 | 0 |
Term loans | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 0 | 0 |
Total realized and unrealized gains (losses) | ||
Total foreign exchange gains | 0 | 0 |
Purchases | 74,850 | 0 |
Sales | 0 | 0 |
Settlements | 0 | 0 |
Ending balance | 74,850 | 0 |
Term loans | Net realized and unrealized (losses) gains on investments | ||
Total realized and unrealized gains (losses) | ||
Included in other income | 0 | 0 |
Term loans | Other income (loss) | ||
Total realized and unrealized gains (losses) | ||
Included in other income | 0 | 0 |
Other Assets and (Liabilities) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | (6,211) | 4,731 |
Total realized and unrealized gains (losses) | ||
Total foreign exchange gains | 0 | 0 |
Purchases | (1,140) | (2,012) |
Sales | 0 | 0 |
Settlements | 0 | (5,739) |
Ending balance | (4,727) | (6,211) |
Other Assets and (Liabilities) | Net realized and unrealized (losses) gains on investments | ||
Total realized and unrealized gains (losses) | ||
Included in other income | 0 | 0 |
Other Assets and (Liabilities) | Other income (loss) | ||
Total realized and unrealized gains (losses) | ||
Included in other income | $ 2,624 | $ (3,191) |
Fair Value Measurements (Summar
Fair Value Measurements (Summary of the Balances Company Has Elected to Account For at Fair Value) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
Other investments | $ 1,993,059 | $ 1,256,948 |
Other assets and (liabilities) | 6,100 | 8,982 |
Other liabilities | $ 10,827 | $ 15,193 |
Fair Value Measurements (Compan
Fair Value Measurements (Company's Portfolio of Other Investments Measured Using Net Asset Valuations) (Details) - Fair Value Measured at Net Asset Value Per Share - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | $ 725,803 | $ 295,852 |
Unfunded Commitments | 1,327,137 | 979,318 |
Direct private equity investments | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 241,297 | 140,743 |
Unfunded Commitments | 458,566 | 286,893 |
Private Credit Funds | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 473,112 | 144,556 |
Unfunded Commitments | 868,571 | 692,425 |
Hedge funds | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value | 11,394 | 10,553 |
Unfunded Commitments | $ 0 | $ 0 |
Fair Value Measurements (Uncons
Fair Value Measurements (Unconsolidated Investments Holding a Variable Interest) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Maximum loss exposure | $ 1,822,317 | $ 899,177 |
Carrying amount | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Maximum loss exposure | 539,866 | 240,058 |
Unfunded Commitments | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Maximum loss exposure | $ 1,282,451 | $ 659,119 |
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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Premiums Written | |||
Direct | $ 994,286 | $ 612,172 | $ 461,409 |
Assumed | 6,839,512 | 5,193,993 | 4,346,341 |
Ceded | (1,894,423) | (1,709,832) | (1,426,257) |
Net premiums written | 5,939,375 | 4,096,333 | 3,381,493 |
Premiums Earned | |||
Direct | 799,717 | 536,595 | 404,525 |
Assumed | 6,257,814 | 5,078,682 | 4,348,261 |
Ceded | (1,863,350) | (1,662,815) | (1,414,383) |
Net premiums earned (Note 7) | 5,194,181 | 3,952,462 | 3,338,403 |
Claims and Claim Expenses | |||
Gross claims and claim expenses incurred | 5,905,616 | 3,893,204 | 3,221,778 |
Claims and claim expenses recovered | (2,029,529) | (968,595) | (1,124,757) |
Net claims and claim expenses incurred | $ 3,876,087 | $ 2,924,609 | $ 2,097,021 |
Reinsurance (Narrative) (Detail
Reinsurance (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Premiums receivable | $ 3,781,542 | $ 2,894,631 |
Premium receivable, allowance for credit loss | 2,776 | 5,961 |
Reinsurance recoverable | 4,300,000 | 2,900,000 |
Reinsurance recoverable, allowance for credit loss | $ 8,344 | $ 6,334 |
Reinsurance Recoverable | Reinsurer Concentration Risk | Customer One | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Concentration risk percentage | 19.90% | 15.30% |
Reinsurance Recoverable | Reinsurer Concentration Risk | Customer Two | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Concentration risk percentage | 8.40% | 10.80% |
Reinsurance Recoverable | Reinsurer Concentration Risk | Customer Three | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Concentration risk percentage | 4.30% | 6.70% |
Allowance for Reinsurance Recoverable | Customer Concentration Risk | Customer One | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Concentration risk percentage | 18.00% | 13.20% |
Allowance for Reinsurance Recoverable | Customer Concentration Risk | Customer Two | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Concentration risk percentage | 13.90% | 13.00% |
Allowance for Reinsurance Recoverable | Customer Concentration Risk | Customer Three | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Concentration risk percentage | 11.20% | 6.70% |
Ceded Credit Risk, Secured | Reinsurance Recoverable | Reinsurer Concentration Risk | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Concentration risk percentage | 46.90% | 45.20% |
Rated A- or higher | Ceded Credit Risk, Unsecured | Reinsurance Recoverable | Reinsurer Concentration Risk | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Concentration risk percentage | 52.10% | 53.40% |
Rated lower than A- | Ceded Credit Risk, Unsecured | Reinsurance Recoverable | Reinsurer Concentration Risk | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Concentration risk percentage | 1.00% | 1.40% |
Reinsurance (Schedule of Activi
Reinsurance (Schedule of Activity in the Allowance Recorded Against Premium Receivables) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Premium Receivable, Allowance for Credit Loss [Roll Forward] | |
Beginning balance | $ 5,961 |
Provision for allowance | (3,185) |
Ending balance | $ 2,776 |
Reinsurance (Schedule of Acti_2
Reinsurance (Schedule of Activity in the Allowance Recorded Against Reinsurance Recoverables) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward] | |
Beginning balance | $ 6,334 |
Provision for allowance | 2,010 |
Ending balance | $ 8,344 |
Reserve for Claims and Claim _3
Reserve for Claims and Claim Expenses (Schedule of Claims and Claim Expense Reserves by Segment) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Case Reserves | $ 3,339,544 | $ 2,779,059 | |
Additional Case Reserves | 2,124,825 | 1,750,846 | |
IBNR | 7,830,261 | 5,851,233 | |
Net reserve for claims and claim expenses | 13,294,630 | 10,381,138 | $ 9,384,349 |
Property | Operating Segments | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Case Reserves | 1,555,210 | 1,127,909 | |
Additional Case Reserves | 1,996,760 | 1,617,003 | |
IBNR | 2,825,718 | 1,627,541 | |
Net reserve for claims and claim expenses | 6,377,688 | 4,372,453 | |
Casualty and Specialty | Operating Segments | |||
Liability for Claims and Claims Adjustment Expense [Line Items] | |||
Case Reserves | 1,784,334 | 1,651,150 | |
Additional Case Reserves | 128,065 | 133,843 | |
IBNR | 5,004,543 | 4,223,692 | |
Net reserve for claims and claim expenses | $ 6,916,942 | $ 6,008,685 |
Reserve for Claims and Claim _4
Reserve for Claims and Claim Expenses (Schedule of Liability for Unpaid Claims and Claims Adjustment Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Reserve for claims and claim expenses, net of reinsurance recoverable, as of beginning of period | $ 7,455,128 | $ 6,593,052 | $ 3,704,050 |
Net incurred related to: | |||
Current year | 4,125,557 | 3,108,421 | 2,123,876 |
Prior years | (249,470) | (183,812) | (26,855) |
Total net incurred | 3,876,087 | 2,924,609 | 2,097,021 |
Net paid related to: | |||
Current year | 574,230 | 412,172 | 265,649 |
Prior years | 1,649,872 | 1,592,456 | 832,405 |
Total net paid | 2,224,102 | 2,004,628 | 1,098,054 |
Foreign exchange | (81,152) | 97,273 | 31,260 |
Amounts disposed | 0 | (155,178) | 0 |
Amounts acquired | 0 | 0 | 1,858,775 |
Reserve for claims and claim expenses, net of reinsurance recoverable, as of end of period | 9,025,961 | 7,455,128 | 6,593,052 |
Reinsurance recoverable as of end of period | 4,268,669 | 2,926,010 | 2,791,297 |
Reserve for claims and claim expenses as of end of period | $ 13,294,630 | $ 10,381,138 | $ 9,384,349 |
Reserve for Claims and Claim _5
Reserve for Claims and Claim Expenses (Schedule of Incurred and Paid Claims Development) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Claims Development [Line Items] | |||||||||||
Incurred Claims and Claim Expenses, Net of Reinsurance | $ 19,054,274 | ||||||||||
IBNR and ACR | $ 6,438,015 | ||||||||||
Cumulative Paid Claims and Claim Expenses, Net of Reinsurance | 10,353,691 | ||||||||||
Outstanding liabilities from accident year 2011 and prior, net of reinsurance | 341,797 | ||||||||||
Adjustment for unallocated loss adjustment expenses | 61,251 | ||||||||||
Unamortized fair value adjustments recorded in connection with acquisitions | (77,670) | ||||||||||
Liability for claims and claim expenses, net of reinsurance | 9,025,961 | ||||||||||
Property | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Claim Expenses, Net of Reinsurance | 8,518,921 | ||||||||||
IBNR and ACR | 2,734,172 | ||||||||||
Cumulative Paid Claims and Claim Expenses, Net of Reinsurance | 4,783,891 | ||||||||||
Outstanding liabilities from accident year 2011 and prior, net of reinsurance | 89,538 | ||||||||||
Adjustment for unallocated loss adjustment expenses | 16,266 | ||||||||||
Unamortized fair value adjustments recorded in connection with acquisitions | (11,642) | ||||||||||
Liability for claims and claim expenses, net of reinsurance | 3,829,192 | ||||||||||
Casualty and Specialty | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Claim Expenses, Net of Reinsurance | 10,535,353 | ||||||||||
IBNR and ACR | 3,703,843 | ||||||||||
Cumulative Paid Claims and Claim Expenses, Net of Reinsurance | 5,569,800 | ||||||||||
Outstanding liabilities from accident year 2011 and prior, net of reinsurance | 252,259 | ||||||||||
Adjustment for unallocated loss adjustment expenses | 44,985 | ||||||||||
Unamortized fair value adjustments recorded in connection with acquisitions | (66,028) | ||||||||||
Liability for claims and claim expenses, net of reinsurance | 5,196,769 | ||||||||||
Accident Year 2012 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Claim Expenses, Net of Reinsurance | 893,612 | $ 894,228 | $ 911,821 | $ 907,765 | $ 901,147 | $ 899,241 | $ 927,397 | $ 958,667 | $ 1,022,338 | $ 1,138,478 | |
IBNR and ACR | 28,520 | ||||||||||
Cumulative Paid Claims and Claim Expenses, Net of Reinsurance | 808,734 | 792,519 | 785,271 | 754,527 | 723,431 | 648,754 | 597,103 | 522,714 | 417,140 | 267,808 | |
Accident Year 2012 | Property | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Claim Expenses, Net of Reinsurance | 322,871 | 325,042 | 334,347 | 338,877 | 346,756 | 358,509 | 375,439 | 395,605 | 429,885 | 560,348 | |
IBNR and ACR | 1,180 | ||||||||||
Cumulative Paid Claims and Claim Expenses, Net of Reinsurance | 318,295 | 314,720 | 314,418 | 309,133 | 306,718 | 291,901 | 280,519 | 254,000 | 205,814 | 165,951 | |
Accident Year 2012 | Casualty and Specialty | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Claim Expenses, Net of Reinsurance | 570,741 | 569,186 | 577,474 | 568,888 | 554,391 | 540,732 | 551,958 | 563,062 | 592,453 | 578,130 | |
IBNR and ACR | 27,340 | ||||||||||
Cumulative Paid Claims and Claim Expenses, Net of Reinsurance | 490,439 | 477,799 | 470,853 | 445,394 | 416,713 | 356,853 | 316,584 | 268,714 | 211,326 | $ 101,857 | |
Accident Year 2013 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Claim Expenses, Net of Reinsurance | 726,277 | 720,503 | 726,212 | 747,939 | 766,453 | 790,498 | 836,813 | 887,176 | 912,458 | ||
IBNR and ACR | 16,529 | ||||||||||
Cumulative Paid Claims and Claim Expenses, Net of Reinsurance | 648,716 | 633,689 | 617,109 | 589,784 | 556,485 | 497,296 | 434,633 | 341,769 | 132,207 | ||
Accident Year 2013 | Property | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Claim Expenses, Net of Reinsurance | 240,779 | 238,404 | 235,356 | 235,016 | 238,734 | 250,014 | 272,191 | 294,315 | 318,033 | ||
IBNR and ACR | 1,113 | ||||||||||
Cumulative Paid Claims and Claim Expenses, Net of Reinsurance | 226,353 | 226,035 | 221,255 | 218,446 | 215,758 | 207,963 | 192,225 | 156,204 | 80,397 | ||
Accident Year 2013 | Casualty and Specialty | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Claim Expenses, Net of Reinsurance | 485,498 | 482,099 | 490,856 | 512,923 | 527,719 | 540,484 | 564,622 | 592,861 | 594,425 | ||
IBNR and ACR | 15,416 | ||||||||||
Cumulative Paid Claims and Claim Expenses, Net of Reinsurance | 422,363 | 407,654 | 395,854 | 371,338 | 340,727 | 289,333 | 242,408 | 185,565 | $ 51,810 | ||
Accident Year 2014 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Claim Expenses, Net of Reinsurance | 888,622 | 897,645 | 932,269 | 922,659 | 941,733 | 965,706 | 974,640 | 1,002,755 | |||
IBNR and ACR | 57,970 | ||||||||||
Cumulative Paid Claims and Claim Expenses, Net of Reinsurance | 788,590 | 767,927 | 741,271 | 694,155 | 633,294 | 557,091 | 435,331 | 231,084 | |||
Accident Year 2014 | Property | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Claim Expenses, Net of Reinsurance | 247,708 | 250,647 | 256,845 | 259,379 | 260,542 | 265,569 | 278,813 | 302,158 | |||
IBNR and ACR | 372 | ||||||||||
Cumulative Paid Claims and Claim Expenses, Net of Reinsurance | 246,690 | 243,885 | 244,721 | 241,266 | 234,933 | 223,197 | 184,711 | 106,781 | |||
Accident Year 2014 | Casualty and Specialty | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Claim Expenses, Net of Reinsurance | 640,914 | 646,998 | 675,424 | 663,280 | 681,191 | 700,137 | 695,827 | 700,597 | |||
IBNR and ACR | 57,598 | ||||||||||
Cumulative Paid Claims and Claim Expenses, Net of Reinsurance | 541,900 | 524,042 | 496,550 | 452,889 | 398,361 | 333,894 | 250,620 | $ 124,303 | |||
Accident Year 2015 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Claim Expenses, Net of Reinsurance | 1,111,987 | 1,117,250 | 1,105,473 | 1,130,597 | 1,161,202 | 1,144,947 | 1,139,588 | ||||
IBNR and ACR | 73,388 | ||||||||||
Cumulative Paid Claims and Claim Expenses, Net of Reinsurance | 982,966 | 934,337 | 870,708 | 775,007 | 660,456 | 496,234 | 262,301 | ||||
Accident Year 2015 | Property | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Claim Expenses, Net of Reinsurance | 295,081 | 305,847 | 311,964 | 323,211 | 334,099 | 357,065 | 372,338 | ||||
IBNR and ACR | 71 | ||||||||||
Cumulative Paid Claims and Claim Expenses, Net of Reinsurance | 294,651 | 292,033 | 288,678 | 278,452 | 260,858 | 226,722 | 126,972 | ||||
Accident Year 2015 | Casualty and Specialty | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Claim Expenses, Net of Reinsurance | 816,906 | 811,403 | 793,509 | 807,386 | 827,103 | 787,882 | 767,250 | ||||
IBNR and ACR | 73,317 | ||||||||||
Cumulative Paid Claims and Claim Expenses, Net of Reinsurance | 688,315 | 642,304 | 582,030 | 496,555 | 399,598 | 269,512 | $ 135,329 | ||||
Accident Year 2016 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Claim Expenses, Net of Reinsurance | 1,373,871 | 1,366,532 | 1,420,715 | 1,447,703 | 1,464,953 | 1,418,381 | |||||
IBNR and ACR | 59,360 | ||||||||||
Cumulative Paid Claims and Claim Expenses, Net of Reinsurance | 1,184,679 | 1,087,441 | 973,074 | 831,642 | 625,995 | 287,753 | |||||
Accident Year 2016 | Property | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Claim Expenses, Net of Reinsurance | 411,698 | 415,572 | 434,706 | 452,922 | 469,120 | 455,503 | |||||
IBNR and ACR | 16,889 | ||||||||||
Cumulative Paid Claims and Claim Expenses, Net of Reinsurance | 384,932 | 374,160 | 351,523 | 327,034 | 259,131 | 120,506 | |||||
Accident Year 2016 | Casualty and Specialty | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Claim Expenses, Net of Reinsurance | 962,173 | 950,960 | 986,009 | 994,781 | 995,833 | 962,878 | |||||
IBNR and ACR | 42,471 | ||||||||||
Cumulative Paid Claims and Claim Expenses, Net of Reinsurance | 799,747 | 713,281 | 621,551 | 504,608 | 366,864 | $ 167,247 | |||||
Accident Year 2017 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Claim Expenses, Net of Reinsurance | 2,559,381 | 2,603,328 | 2,664,387 | 2,748,704 | 2,954,415 | ||||||
IBNR and ACR | 342,654 | ||||||||||
Cumulative Paid Claims and Claim Expenses, Net of Reinsurance | 1,905,621 | 1,735,535 | 1,370,642 | 1,073,216 | 747,272 | ||||||
Accident Year 2017 | Property | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Claim Expenses, Net of Reinsurance | 1,273,461 | 1,328,419 | 1,350,684 | 1,461,953 | 1,644,982 | ||||||
IBNR and ACR | 217,210 | ||||||||||
Cumulative Paid Claims and Claim Expenses, Net of Reinsurance | 972,239 | 946,934 | 820,148 | 663,381 | 534,631 | ||||||
Accident Year 2017 | Casualty and Specialty | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Claim Expenses, Net of Reinsurance | 1,285,920 | 1,274,909 | 1,313,703 | 1,286,751 | 1,309,433 | ||||||
IBNR and ACR | 125,444 | ||||||||||
Cumulative Paid Claims and Claim Expenses, Net of Reinsurance | 933,382 | 788,601 | 550,494 | 409,835 | $ 212,641 | ||||||
Accident Year 2018 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Claim Expenses, Net of Reinsurance | 2,188,749 | 2,297,920 | 2,342,952 | 2,198,790 | |||||||
IBNR and ACR | 371,723 | ||||||||||
Cumulative Paid Claims and Claim Expenses, Net of Reinsurance | 1,452,144 | 1,172,692 | 800,773 | 590,671 | |||||||
Accident Year 2018 | Property | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Claim Expenses, Net of Reinsurance | 857,217 | 979,598 | 1,020,102 | 938,309 | |||||||
IBNR and ACR | 105,483 | ||||||||||
Cumulative Paid Claims and Claim Expenses, Net of Reinsurance | 638,149 | 611,268 | 439,783 | 434,358 | |||||||
Accident Year 2018 | Casualty and Specialty | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Claim Expenses, Net of Reinsurance | 1,331,532 | 1,318,322 | 1,322,850 | 1,260,481 | |||||||
IBNR and ACR | 266,240 | ||||||||||
Cumulative Paid Claims and Claim Expenses, Net of Reinsurance | 813,995 | 561,424 | 360,990 | $ 156,313 | |||||||
Accident Year 2019 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Claim Expenses, Net of Reinsurance | 2,154,462 | 2,213,257 | 2,255,467 | ||||||||
IBNR and ACR | 834,344 | ||||||||||
Cumulative Paid Claims and Claim Expenses, Net of Reinsurance | 986,835 | 692,429 | 285,660 | ||||||||
Accident Year 2019 | Property | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Claim Expenses, Net of Reinsurance | 898,472 | 956,445 | 992,526 | ||||||||
IBNR and ACR | 254,099 | ||||||||||
Cumulative Paid Claims and Claim Expenses, Net of Reinsurance | 526,314 | 364,761 | 160,141 | ||||||||
Accident Year 2019 | Casualty and Specialty | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Claim Expenses, Net of Reinsurance | 1,255,990 | 1,256,812 | 1,262,941 | ||||||||
IBNR and ACR | 580,245 | ||||||||||
Cumulative Paid Claims and Claim Expenses, Net of Reinsurance | 460,521 | 327,668 | $ 125,519 | ||||||||
Accident Year 2020 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Claim Expenses, Net of Reinsurance | 3,076,722 | 3,090,954 | |||||||||
IBNR and ACR | 1,562,397 | ||||||||||
Cumulative Paid Claims and Claim Expenses, Net of Reinsurance | 1,023,330 | 410,482 | |||||||||
Accident Year 2020 | Property | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Claim Expenses, Net of Reinsurance | 1,600,743 | 1,580,564 | |||||||||
IBNR and ACR | 585,134 | ||||||||||
Cumulative Paid Claims and Claim Expenses, Net of Reinsurance | 676,472 | 255,268 | |||||||||
Accident Year 2020 | Casualty and Specialty | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Claim Expenses, Net of Reinsurance | 1,475,979 | 1,510,390 | |||||||||
IBNR and ACR | 977,263 | ||||||||||
Cumulative Paid Claims and Claim Expenses, Net of Reinsurance | 346,858 | $ 155,214 | |||||||||
Accident Year 2021 | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Claim Expenses, Net of Reinsurance | 4,080,591 | ||||||||||
IBNR and ACR | 3,091,130 | ||||||||||
Cumulative Paid Claims and Claim Expenses, Net of Reinsurance | 572,076 | ||||||||||
Accident Year 2021 | Property | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Claim Expenses, Net of Reinsurance | 2,370,891 | ||||||||||
IBNR and ACR | 1,552,621 | ||||||||||
Cumulative Paid Claims and Claim Expenses, Net of Reinsurance | 499,796 | ||||||||||
Accident Year 2021 | Casualty and Specialty | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred Claims and Claim Expenses, Net of Reinsurance | 1,709,700 | ||||||||||
IBNR and ACR | $ 1,538,509 | ||||||||||
Cumulative Paid Claims and Claim Expenses, Net of Reinsurance | $ 72,280 |
Reserve for Claims and Claim _6
Reserve for Claims and Claim Expenses (Prior Year Development of the Reserve for Net Claims and Claim Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Liability for Catastrophe Claims [Line Items] | |||
Net claims and claim expenses incurred – prior accident years | $ (249,470) | $ (183,812) | $ (26,855) |
Actuarial assumption changes | |||
Liability for Catastrophe Claims [Line Items] | |||
Net claims and claim expenses incurred – prior accident years | 5,445 | ||
Other | |||
Liability for Catastrophe Claims [Line Items] | |||
Net claims and claim expenses incurred – prior accident years | 0 | 0 | 0 |
Property | |||
Liability for Catastrophe Claims [Line Items] | |||
Net claims and claim expenses incurred – prior accident years | (233,373) | (157,049) | (2,973) |
Property | Actuarial assumption changes | |||
Liability for Catastrophe Claims [Line Items] | |||
Net claims and claim expenses incurred – prior accident years | 5,450 | 5,400 | 9,245 |
Property | Large and small catastrophe events and attritional loss movements | |||
Liability for Catastrophe Claims [Line Items] | |||
Net claims and claim expenses incurred – prior accident years | (238,823) | (162,494) | (12,218) |
Property | Large catastrophe events | |||
Liability for Catastrophe Claims [Line Items] | |||
Net claims and claim expenses incurred – prior accident years | (204,072) | (120,905) | (17,557) |
Property | 2020 Weather-Related Large Loss Events | |||
Liability for Catastrophe Claims [Line Items] | |||
Net claims and claim expenses incurred – prior accident years | 17,140 | ||
Property | 2019 Large Loss Events | |||
Liability for Catastrophe Claims [Line Items] | |||
Net claims and claim expenses incurred – prior accident years | (61,634) | (44,389) | |
Property | 2018 Large Loss Events | |||
Liability for Catastrophe Claims [Line Items] | |||
Net claims and claim expenses incurred – prior accident years | (101,096) | (43,991) | 81,555 |
Property | 2017 Large Loss Events | |||
Liability for Catastrophe Claims [Line Items] | |||
Net claims and claim expenses incurred – prior accident years | (49,090) | (32,649) | (101,572) |
Property | Other | |||
Liability for Catastrophe Claims [Line Items] | |||
Net claims and claim expenses incurred – prior accident years | (9,392) | 124 | (31,916) |
Property | New Zealand Earthquake (2011) | |||
Liability for Catastrophe Claims [Line Items] | |||
Net claims and claim expenses incurred – prior accident years | (7,497) | ||
Property | Tohoku Earthquake and Tsunami (2011) | |||
Liability for Catastrophe Claims [Line Items] | |||
Net claims and claim expenses incurred – prior accident years | (5,198) | ||
Property | New Zealand Earthquake (2010) | |||
Liability for Catastrophe Claims [Line Items] | |||
Net claims and claim expenses incurred – prior accident years | 47,071 | ||
Property | Small catastrophe events and attritional loss movements | |||
Liability for Catastrophe Claims [Line Items] | |||
Net claims and claim expenses incurred – prior accident years | (34,751) | (41,589) | 5,339 |
Property | Other small catastrophe events and attritional loss movements | |||
Liability for Catastrophe Claims [Line Items] | |||
Net claims and claim expenses incurred – prior accident years | (34,751) | (41,589) | 5,339 |
Property | Operating Segments | |||
Liability for Catastrophe Claims [Line Items] | |||
Net claims and claim expenses incurred – prior accident years | (233,373) | (157,049) | (2,973) |
Casualty and Specialty | |||
Liability for Catastrophe Claims [Line Items] | |||
Net claims and claim expenses incurred – prior accident years | (16,097) | (26,763) | (23,882) |
Casualty and Specialty | Actuarial methods - actual reported claims less than expected claims | |||
Liability for Catastrophe Claims [Line Items] | |||
Net claims and claim expenses incurred – prior accident years | (19,078) | (29,280) | (52,796) |
Casualty and Specialty | Actuarial assumption changes | |||
Liability for Catastrophe Claims [Line Items] | |||
Net claims and claim expenses incurred – prior accident years | 2,981 | 2,517 | 28,914 |
Casualty and Specialty | Operating Segments | |||
Liability for Catastrophe Claims [Line Items] | |||
Net claims and claim expenses incurred – prior accident years | $ (16,097) | $ (26,763) | $ (23,882) |
Reserve for Claims and Claim _7
Reserve for Claims and Claim Expenses (Reconciliation of the Disclosure of Incurred and Paid Claims Development to the Reserve for Claims and Claim Expenses) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Reserve for Claims and Claim Expenses | $ 9,025,961 | $ 7,455,128 | $ 6,593,052 | $ 3,704,050 |
Reinsurance Recoverable | 4,268,669 | 2,926,010 | 2,791,297 | |
Total reserve for claims and claim expenses | 13,294,630 | $ 10,381,138 | $ 9,384,349 | |
Other | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Reserve for Claims and Claim Expenses | 0 | |||
Reinsurance Recoverable | 0 | |||
Property | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Reserve for Claims and Claim Expenses | 3,829,192 | |||
Reinsurance Recoverable | 2,548,496 | |||
Casualty and Specialty | ||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||
Net Reserve for Claims and Claim Expenses | 5,196,769 | |||
Reinsurance Recoverable | $ 1,720,173 |
Reserve for Claims and Claim _8
Reserve for Claims and Claim Expenses (Historical Claims Duration) (Details) | Dec. 31, 2021 |
Property | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout, year one | 29.20% |
Average annual percentage payout, year two | 19.40% |
Average annual percentage payout, year three | 15.70% |
Average annual percentage payout, year four | 6.80% |
Average annual percentage payout, year five | 3.00% |
Average annual percentage payout, year six | 2.30% |
Average annual percentage payout, year seven | 0.60% |
Average annual percentage payout, year eight | 1.60% |
Average annual percentage payout, year nine | 0.10% |
Average annual percentage payout, year ten | 1.10% |
Casualty and Specialty | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Average annual percentage payout, year one | 12.40% |
Average annual percentage payout, year two | 17.00% |
Average annual percentage payout, year three | 12.80% |
Average annual percentage payout, year four | 14.20% |
Average annual percentage payout, year five | 9.80% |
Average annual percentage payout, year six | 8.10% |
Average annual percentage payout, year seven | 5.00% |
Average annual percentage payout, year eight | 3.20% |
Average annual percentage payout, year nine | 2.10% |
Average annual percentage payout, year ten | 2.20% |
Reserve for Claims and Claim _9
Reserve for Claims and Claim Expenses (Cumulative Number of Claims Reported) (Details) - Excess of Loss Reinsurance Contracts | Dec. 31, 2021claim |
Property | Accident Year 2012 | |
Claims Development [Line Items] | |
Cumulative number of reported claims (in claims) | 922 |
Property | Accident Year 2013 | |
Claims Development [Line Items] | |
Cumulative number of reported claims (in claims) | 812 |
Property | Accident Year 2014 | |
Claims Development [Line Items] | |
Cumulative number of reported claims (in claims) | 762 |
Property | Accident Year 2015 | |
Claims Development [Line Items] | |
Cumulative number of reported claims (in claims) | 783 |
Property | Accident Year 2016 | |
Claims Development [Line Items] | |
Cumulative number of reported claims (in claims) | 1,206 |
Property | Accident Year 2017 | |
Claims Development [Line Items] | |
Cumulative number of reported claims (in claims) | 2,596 |
Property | Accident Year 2018 | |
Claims Development [Line Items] | |
Cumulative number of reported claims (in claims) | 2,516 |
Property | Accident Year 2019 | |
Claims Development [Line Items] | |
Cumulative number of reported claims (in claims) | 1,704 |
Property | Accident Year 2020 | |
Claims Development [Line Items] | |
Cumulative number of reported claims (in claims) | 2,298 |
Property | Accident Year 2021 | |
Claims Development [Line Items] | |
Cumulative number of reported claims (in claims) | 1,203 |
Casualty and Specialty | Accident Year 2012 | |
Claims Development [Line Items] | |
Cumulative number of reported claims (in claims) | 2,559 |
Casualty and Specialty | Accident Year 2013 | |
Claims Development [Line Items] | |
Cumulative number of reported claims (in claims) | 3,030 |
Casualty and Specialty | Accident Year 2014 | |
Claims Development [Line Items] | |
Cumulative number of reported claims (in claims) | 3,914 |
Casualty and Specialty | Accident Year 2015 | |
Claims Development [Line Items] | |
Cumulative number of reported claims (in claims) | 4,419 |
Casualty and Specialty | Accident Year 2016 | |
Claims Development [Line Items] | |
Cumulative number of reported claims (in claims) | 5,164 |
Casualty and Specialty | Accident Year 2017 | |
Claims Development [Line Items] | |
Cumulative number of reported claims (in claims) | 4,753 |
Casualty and Specialty | Accident Year 2018 | |
Claims Development [Line Items] | |
Cumulative number of reported claims (in claims) | 3,921 |
Casualty and Specialty | Accident Year 2019 | |
Claims Development [Line Items] | |
Cumulative number of reported claims (in claims) | 3,392 |
Casualty and Specialty | Accident Year 2020 | |
Claims Development [Line Items] | |
Cumulative number of reported claims (in claims) | 1,777 |
Casualty and Specialty | Accident Year 2021 | |
Claims Development [Line Items] | |
Cumulative number of reported claims (in claims) | 725 |
Reserve for Claims and Claim_10
Reserve for Claims and Claim Expenses (Additional Information) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Claims and claim expenses recovered | $ (2,029,529,000) | $ (968,595,000) | $ (1,124,757,000) |
Reinsurance balances payable | |||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Aggregate deposit liabilities | 4,200,000 | 7,500,000 | |
Aggregate deposit assets | |||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Aggregate deposit assets | 0 | 0 | |
Deposit Contracts, Underwriting Risk Only | |||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Claims and claim expenses recovered | 200,000 | 400,000 | 0 |
Deposit Contracts, Timing Risk Only | |||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | |||
Increase in other income related to assumed reinsurance contracts | $ 0 | $ 1,000,000 | $ 1,300,000 |
Debt and Credit Facilities (Sch
Debt and Credit Facilities (Schedule of Carrying Values and Estimated Fair Values of Debt Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Apr. 02, 2019 | Jun. 29, 2017 | May 04, 2015 | Mar. 24, 2015 |
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 1,300,000 | $ 1,300,000 | ||||
Estimate of Fair Value Measurement | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 1,268,443 | 1,261,069 | ||||
Reported Value Measurement | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 1,168,353 | 1,136,265 | ||||
3.600% Senior Notes due 2029 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 3.60% | |||||
3.450% Senior Notes due 2027 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 3.45% | |||||
3.700% Senior Notes due 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 3.70% | |||||
DaVinciRe Holdings Ltd. | 4.750% Senior Notes due 2025 (DaVinciRe) | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.75% | |||||
Senior Notes | RenaissanceRe Finance, Inc. | 3.600% Senior Notes due 2029 | Estimate of Fair Value Measurement | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 432,316 | 453,932 | ||||
Senior Notes | RenaissanceRe Finance, Inc. | 3.600% Senior Notes due 2029 | Reported Value Measurement | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 393,305 | 392,391 | ||||
Senior Notes | RenaissanceRe Finance, Inc. | 3.450% Senior Notes due 2027 | Estimate of Fair Value Measurement | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 321,204 | 329,661 | ||||
Senior Notes | RenaissanceRe Finance, Inc. | 3.450% Senior Notes due 2027 | Reported Value Measurement | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 297,281 | 296,787 | ||||
Senior Notes | RenaissanceRe Finance, Inc. | 3.700% Senior Notes due 2025 | Estimate of Fair Value Measurement | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 318,852 | 315,273 | ||||
Senior Notes | RenaissanceRe Finance, Inc. | 3.700% Senior Notes due 2025 | Reported Value Measurement | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 298,798 | 298,428 | ||||
Senior Notes | DaVinciRe Holdings Ltd. | Estimate of Fair Value Measurement | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 1,238,443 | 1,261,069 | ||||
Senior Notes | DaVinciRe Holdings Ltd. | Reported Value Measurement | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 1,138,353 | 1,136,265 | ||||
Senior Notes | DaVinciRe Holdings Ltd. | 4.750% Senior Notes due 2025 (DaVinciRe) | Estimate of Fair Value Measurement | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 166,071 | 162,203 | ||||
Senior Notes | DaVinciRe Holdings Ltd. | 4.750% Senior Notes due 2025 (DaVinciRe) | Reported Value Measurement | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 148,969 | 148,659 | ||||
Line of Credit | DaVinciRe Holdings Ltd. | Estimate of Fair Value Measurement | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 30,000 | 0 | ||||
Line of Credit | DaVinciRe Holdings Ltd. | Reported Value Measurement | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 30,000 | $ 0 |
Debt and Credit Facilities (Deb
Debt and Credit Facilities (Debt Obligations Narrative) (Details) - USD ($) | Mar. 15, 2020 | Apr. 02, 2019 | Jun. 29, 2017 | May 04, 2015 | Mar. 24, 2015 | Mar. 17, 2010 |
Bridge Loan | Platinum Underwriters Holdings, Ltd. | ||||||
Debt Instrument [Line Items] | ||||||
Short-term debt | $ 300,000,000 | |||||
3.600% Senior Notes due 2029 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 3.60% | |||||
3.450% Senior Notes due 2027 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 3.45% | |||||
3.700% Senior Notes due 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 3.70% | |||||
Senior Notes | 3.600% Senior Notes due 2029 | ||||||
Debt Instrument [Line Items] | ||||||
Face amount | $ 400,000,000 | |||||
Repayments of long-term lines of credit | $ 200,000,000 | |||||
RenaissanceRe Finance, Inc. | 3.700% Senior Notes due 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Face amount | $ 300,000,000 | |||||
RenaissanceRe Finance, Inc. | Senior Notes | 3.450% Senior Notes due 2027 | ||||||
Debt Instrument [Line Items] | ||||||
Face amount | $ 300,000,000 | |||||
RenRe North America Holdings Inc | 5.75% Senior Notes Due March 15, 2020 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 5.75% | |||||
Face amount | $ 250,000,000 | |||||
Repayments of long-term debt | $ 250,000,000 | |||||
DaVinciRe Holdings Ltd. | ||||||
Debt Instrument [Line Items] | ||||||
Loan agreement with related party | $ 100,000,000 | |||||
DaVinciRe Holdings Ltd. | 4.750% Senior Notes Due May 1, 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 4.75% | |||||
Face amount | $ 150,000,000 |
Debt and Credit Facilities (S_2
Debt and Credit Facilities (Schedule of Maturities of Long-term Debt) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Debt Disclosure [Abstract] | |
2022 | $ 30,000 |
2023 | 0 |
2024 | 0 |
2025 | 450,000 |
2026 | 0 |
After 2026 | 700,000 |
Unamortized fair value adjustments | 0 |
Unamortized discount and debt issuance expenses | (11,647) |
Total | $ 1,168,353 |
Debt and Credit Facilities (S_3
Debt and Credit Facilities (Schedule of Credit Facilities) (Details) | Dec. 31, 2021USD ($) |
Line of Credit Facility [Line Items] | |
Credit facilities outstanding | $ 1,084,764,000 |
Revolving Credit Facility | |
Line of Credit Facility [Line Items] | |
Credit facilities outstanding | 0 |
Revolving Credit Facility | Line of Credit | |
Line of Credit Facility [Line Items] | |
Credit facilities outstanding | 0 |
Revolving Credit Facility | Line of Credit | Medici | |
Line of Credit Facility [Line Items] | |
Credit facilities outstanding | 30,000,000 |
Letter of Credit | Line of Credit | Bank of Montreal, Citibank Europe and ING Bank | |
Line of Credit Facility [Line Items] | |
Credit facilities outstanding | 275,000,000 |
Letter of Credit | Line of Credit | Secured Bilateral Facility | |
Line of Credit Facility [Line Items] | |
Credit facilities outstanding | 410,440,000 |
Letter of Credit | Line of Credit | Unsecured Bilateral Facility | |
Line of Credit Facility [Line Items] | |
Credit facilities outstanding | $ 369,324,000 |
Debt and Credit Facilities (Cre
Debt and Credit Facilities (Credit Facilities Narrative) (Details) | Nov. 07, 2019USD ($) | Dec. 31, 2021USD ($) | Dec. 21, 2021USD ($) | Nov. 03, 2021USD ($) | Jun. 26, 2020USD ($) | Jun. 11, 2020USD ($) | Mar. 22, 2019USD ($) | Nov. 09, 2018USD ($) | Nov. 23, 2015 | Sep. 17, 2010USD ($) |
Line of Credit Facility [Line Items] | ||||||||||
Credit facilities outstanding | $ 1,084,764,000 | |||||||||
Letter of Credit | Top Layer Reinsurance Ltd. | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Collateralized letter of credit and reimbursement agreement | 37,500,000 | |||||||||
Letter of Credit | Top Layer Reinsurance Ltd. | Capital Support Agreement | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Mandatory capital contribution in the event of capital and surplus reduction below a specified level | 50,000,000 | |||||||||
Revolving Credit Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Credit facilities outstanding | 0 | |||||||||
Revolving Credit Facility | Medici | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Collateralized letter of credit and reimbursement agreement | $ 40,000,000 | |||||||||
Revolving Credit Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Letter of credit aggregate commitment | $ 500,000,000 | |||||||||
Line of credit facility, maximum borrowing capacity | 700,000,000 | |||||||||
Debt to capital ratio | 0.35 | |||||||||
Minimum net worth requirements | $ 2,900,000,000 | |||||||||
Revolving Credit Facility | Bridge Loan | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Line of credit facility, maximum borrowing capacity | $ 50,000,000 | |||||||||
Unsecured Bilateral Facility | Letter of Credit | Wells Fargo | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Line of credit facility, maximum borrowing capacity | $ 100,000,000 | |||||||||
Credit facilities outstanding | 0 | |||||||||
Unsecured Bilateral Facility | Letter of Credit | Citibank Europe plc | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Credit facilities outstanding | 298,300,000 | |||||||||
Unsecured Bilateral Facility | Letter of Credit | Credit Suisse (Switzerland) Ltd. | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Line of credit facility, maximum borrowing capacity | $ 200,000,000 | |||||||||
Credit facilities outstanding | 71,000,000 | |||||||||
Debt to capital ratio | 0.35 | |||||||||
Minimum net worth requirements | $ 3,000,000,000 | |||||||||
Secured Bilateral Facility | Letter of Credit | Citibank Europe plc | Bilateral Facility Participants | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Line of credit facility, maximum borrowing capacity | $ 350,000,000 | $ 300,000,000 | ||||||||
Loan agreement, remaining borrowing capacity | 48,100,000 | |||||||||
Secured Bilateral Facility | Letter of Credit | Citibank Europe plc | Renaissance Reinsurance U.S. Inc. | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Line of credit facility, maximum borrowing capacity | $ 25,000,000 | |||||||||
Secured Bilateral Facility | Letter of Credit | Wells Fargo | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Credit facilities outstanding | 97,000,000 | |||||||||
Secured Bilateral Facility | Letter of Credit | Citibank Europe plc | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Credit facilities outstanding | 301,900,000 | |||||||||
Secured Letter of Credit Facility | Letter of Credit | Citibank Europe | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Credit facilities outstanding | $ 11,500,000 | |||||||||
Renaissance Reinsurance FAL Facility | Bank of Montreal, Citibank Europe and ING Bank | Syndicate 1458 | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Aggregate amount of issuances | $ 140,000,000 | |||||||||
Termination period from date of notice | 4 years | |||||||||
Renaissance Reinsurance FAL Facility | Letter of Credit | Bank of Montreal, Citibank Europe and ING Bank | Syndicate 1458 | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Collateral amount, percent of aggregate outstanding letters of credit in case of Full Collateralization Event | 100.00% | |||||||||
Renaissance Reinsurance FAL Facility | Letter of Credit | Bank of Montreal, Citibank Europe and ING Bank | Syndicate 1458 | Greater than or equal to | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Collateral amount, percent of aggregate outstanding letters of credit | 60.00% | |||||||||
Renaissance Reinsurance FAL Facility | Letter of Credit | Bank of Montreal, Citibank Europe and ING Bank | Syndicate 1458 | Less than | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Collateral amount, percent of aggregate outstanding letters of credit | 100.00% | |||||||||
Renaissance Reinsurance FAL Facility | Letter of Credit | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Credit facilities outstanding | $ 275,000,000 | |||||||||
Renaissance Reinsurance FAL Facility | Letter of Credit | Bank of Montreal, Citibank Europe and ING Bank | Syndicate 1458 | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Line of credit facility, maximum borrowing capacity | $ 225,000,000 | $ 275,000,000 |
Noncontrolling Interests (Summa
Noncontrolling Interests (Summary of Redeemable Noncontrolling Interest) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Redeemable Noncontrolling Interest [Line Items] | |||
Redeemable noncontrolling interests | $ 3,554,053 | $ 3,388,319 | |
Net income (loss) attributable to redeemable noncontrolling interests | (63,285) | 230,653 | $ 201,469 |
DaVinciRe Holdings Ltd. | |||
Redeemable Noncontrolling Interest [Line Items] | |||
Redeemable noncontrolling interests | 1,499,451 | 1,560,693 | 1,435,581 |
Net income (loss) attributable to redeemable noncontrolling interests | (102,932) | 113,671 | 127,084 |
Medici | |||
Redeemable Noncontrolling Interest [Line Items] | |||
Redeemable noncontrolling interests | 856,820 | 717,999 | 632,112 |
Net income (loss) attributable to redeemable noncontrolling interests | 1,492 | 55,970 | 25,759 |
Vermeer Reinsurance Ltd. | |||
Redeemable Noncontrolling Interest [Line Items] | |||
Redeemable noncontrolling interests | 1,197,782 | 1,109,627 | 1,003,615 |
Net income (loss) attributable to redeemable noncontrolling interests | $ 38,155 | $ 61,012 | $ 48,626 |
Noncontrolling Interests (Narra
Noncontrolling Interests (Narrative) (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
DaVinci Reinsurance Ltd. | ||||
Noncontrolling Interest [Line Items] | ||||
Redeemable noncontrolling interest, ownership percentage | 21.40% | 28.70% | 28.70% | 21.40% |
Medici | ||||
Noncontrolling Interest [Line Items] | ||||
Redeemable noncontrolling interest, ownership percentage | 14.70% | 15.70% | ||
DaVinciRe Holdings Ltd. | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interest, value subscribed | $ 250,000 | |||
Redemption of shares from redeemable noncontrolling interests | $ 157,864 | $ (1,450) | ||
DaVinciRe Holdings Ltd. | Redeemable Noncontrolling Interest | ||||
Noncontrolling Interest [Line Items] | ||||
Redeemable noncontrolling interest, redemption requirement, maximum percentage of shares held | 50.00% | |||
DaVinciRe Holdings Ltd. | High | ||||
Noncontrolling Interest [Line Items] | ||||
Share repurchase requests, limit | 25.00% | |||
Medici | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interest, value subscribed | $ 201,520 | 137,303 | ||
Redemption of shares from redeemable noncontrolling interests | $ 64,191 | 107,386 | ||
Written notice period for redemption | 30 days | |||
Medici | Vermeer Reinsurance Ltd. | Voting, Non-participating Shares | ||||
Noncontrolling Interest [Line Items] | ||||
Redeemable noncontrolling interest, ownership percentage | 100.00% | |||
Vermeer Reinsurance Ltd. | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interest, value subscribed | $ 50,000 | $ 45,000 | ||
PFZW | Vermeer Reinsurance Ltd. | Participating, Non-voting Common Shares | ||||
Noncontrolling Interest [Line Items] | ||||
Redeemable noncontrolling interest, ownership percentage | 100.00% | |||
DaVinci Reinsurance Ltd. | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interest, value subscribed | 40,000 | |||
Noncontrolling interest, increase from sale of parent equity interest | $ 10,000 | |||
Third-Party Investors | ||||
Noncontrolling Interest [Line Items] | ||||
Redemption of shares from redeemable noncontrolling interests | 156,700 | |||
Third-Party Investors | DaVinciRe Holdings Ltd. | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interest, value subscribed | 150,900 | |||
RenaissanceRe Holdings Ltd. | DaVinciRe Holdings Ltd. | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interest, value subscribed | $ 99,100 |
Noncontrolling Interests (Sched
Noncontrolling Interests (Schedule of Redeemable Noncontrolling Interest Activity) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Activity in redeemable noncontrolling interest | ||||
Beginning balance | $ 3,388,319 | $ 3,388,319 | ||
Net income (loss) attributable to redeemable noncontrolling interests | (63,285) | $ 230,653 | $ 201,469 | |
Ending balance | 3,554,053 | 3,388,319 | ||
DaVinciRe Holdings Ltd. | ||||
Activity in redeemable noncontrolling interest | ||||
Beginning balance | 1,560,693 | 1,560,693 | 1,435,581 | |
Redemption of shares from redeemable noncontrolling interests, net of adjustments | (157,864) | 1,450 | ||
Sale of shares to redeemable noncontrolling interests | 250,000 | |||
Net income (loss) attributable to redeemable noncontrolling interests | (102,932) | 113,671 | 127,084 | |
Ending balance | 1,499,451 | 1,560,693 | 1,435,581 | |
DaVinciRe Holdings Ltd. | Third-Party Investors And RenaissanceRe | ||||
Activity in redeemable noncontrolling interest | ||||
Sale of shares to redeemable noncontrolling interests | 199,554 | 9,991 | ||
Medici | ||||
Activity in redeemable noncontrolling interest | ||||
Beginning balance | 717,999 | 717,999 | 632,112 | |
Redemption of shares from redeemable noncontrolling interests, net of adjustments | (64,191) | (107,386) | ||
Sale of shares to redeemable noncontrolling interests | 201,520 | 137,303 | ||
Net income (loss) attributable to redeemable noncontrolling interests | 1,492 | 55,970 | 25,759 | |
Ending balance | 856,820 | 717,999 | 632,112 | |
Vermeer Reinsurance Ltd. | ||||
Activity in redeemable noncontrolling interest | ||||
Beginning balance | $ 1,109,627 | 1,109,627 | 1,003,615 | |
Sale of shares to redeemable noncontrolling interests | 50,000 | 45,000 | ||
Net income (loss) attributable to redeemable noncontrolling interests | 38,155 | 61,012 | 48,626 | |
Ending balance | $ 1,197,782 | $ 1,109,627 | $ 1,003,615 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 29, 2021 | Jan. 10, 2020 | |
Variable Interest Entity [Line Items] | |||||
Total assets | $ 33,959,502,000 | $ 30,820,580,000 | |||
Total liabilities | 23,781,168,000 | 19,872,013,000 | |||
Redeemable noncontrolling interests | 3,554,053,000 | 3,388,319,000 | |||
Ceded premiums written | 1,894,423,000 | 1,709,832,000 | $ 1,426,257,000 | ||
Ceded premiums earned | 1,863,350,000 | 1,662,815,000 | 1,414,383,000 | ||
Investments in other ventures, under equity method (Note 5) | 98,068,000 | 98,373,000 | |||
Vermeer Reinsurance Ltd. | |||||
Variable Interest Entity [Line Items] | |||||
Redeemable noncontrolling interests | 1,197,782,000 | 1,109,627,000 | 1,003,615,000 | ||
Primary Beneficiary | Upsilon RFO Re Ltd. | |||||
Variable Interest Entity [Line Items] | |||||
Total assets | 3,900,000,000 | 3,800,000,000 | |||
Total liabilities | 3,900,000,000 | 3,800,000,000 | |||
Net assets | 238,000,000 | 270,000,000 | |||
Primary Beneficiary | Upsilon RFO Re Ltd. | Investor | |||||
Variable Interest Entity [Line Items] | |||||
Payments of capital distributions | 571,900,000 | 586,000,000 | |||
Net assets | 1,500,000,000 | 1,700,000,000 | |||
Primary Beneficiary | Upsilon RFO Re Ltd. | Investor | Non-voting preference shares | |||||
Variable Interest Entity [Line Items] | |||||
Investment in variable interest entity | 544,600,000 | 835,900,000 | |||
Primary Beneficiary | Upsilon RFO Re Ltd. | RenaissanceRe Holdings Ltd. | |||||
Variable Interest Entity [Line Items] | |||||
Payments of capital distributions | $ 45,000,000 | $ 102,900,000 | |||
Variable interest entity, ownership percentage | 13.70% | 13.80% | |||
Primary Beneficiary | Upsilon RFO Re Ltd. | RenaissanceRe Holdings Ltd. | Non-voting preference shares | |||||
Variable Interest Entity [Line Items] | |||||
Investment in variable interest entity | $ 32,300,000 | $ 98,100,000 | |||
Primary Beneficiary | Vermeer Reinsurance Ltd. | |||||
Variable Interest Entity [Line Items] | |||||
Total assets | 1,300,000,000 | 1,100,000,000 | |||
Total liabilities | 69,900,000 | 36,700,000 | |||
Redeemable noncontrolling interests | 1,200,000,000 | 1,100,000,000 | |||
Not Primary Beneficiary | Mona Lisa Re | |||||
Variable Interest Entity [Line Items] | |||||
Total assets | 650,500,000 | 400,300,000 | |||
Total liabilities | 650,500,000 | 400,300,000 | |||
Face amount | $ 250,000,000 | ||||
Not Primary Beneficiary | Mona Lisa Re | $250 Million Principal-At-Risk Note | |||||
Variable Interest Entity [Line Items] | |||||
Face amount | $ 250,000,000 | ||||
Not Primary Beneficiary | Mona Lisa Re | $150 Million Principal-At-Risk Note | |||||
Variable Interest Entity [Line Items] | |||||
Face amount | $ 150,000,000 | ||||
Not Primary Beneficiary | Mona Lisa Re | Other Investments | |||||
Variable Interest Entity [Line Items] | |||||
Fair value of investment | 6,500,000 | 3,700,000 | |||
Not Primary Beneficiary | Mona Lisa Re | Renaissance Reinsurance Ltd. | |||||
Variable Interest Entity [Line Items] | |||||
Ceded premiums written | 39,500,000 | 24,300,000 | 0 | ||
Ceded premiums earned | 32,500,000 | 24,300,000 | 0 | ||
Not Primary Beneficiary | Mona Lisa Re | DaVinci Reinsurance Ltd. | |||||
Variable Interest Entity [Line Items] | |||||
Ceded premiums written | 9,900,000 | 6,700,000 | |||
Ceded premiums earned | 8,100,000 | 6,700,000 | $ 0 | ||
Not Primary Beneficiary | Langhorne Holdings LLC | |||||
Variable Interest Entity [Line Items] | |||||
Investments in other ventures, under equity method (Note 5) | 2,300,000 | 2,000,000 | |||
Not Primary Beneficiary | Langhorne Partners | |||||
Variable Interest Entity [Line Items] | |||||
Investments in other ventures, under equity method (Note 5) | $ 100,000 | $ 100,000 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) | Sep. 30, 2021$ / shares | Sep. 15, 2021$ / shares | Jul. 12, 2021USD ($)shares | Jun. 30, 2021$ / shares | Jun. 15, 2021$ / shares | Mar. 31, 2021$ / shares | Mar. 15, 2021$ / shares | Dec. 31, 2020$ / sharesshares | Sep. 30, 2020$ / shares | Sep. 15, 2020$ / shares | Jun. 30, 2020$ / shares | Jun. 15, 2020$ / shares | Jun. 05, 2020USD ($)$ / sharesshares | Mar. 31, 2020$ / shares | Mar. 13, 2020$ / shares | Mar. 22, 2019shares | Jun. 27, 2013USD ($)shares | Jun. 30, 2018USD ($)$ / sharesshares | May 31, 2013$ / sharesshares | Mar. 31, 2004USD ($)$ / sharesshares | Dec. 31, 2021USD ($)perioddirector$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)shares | Aug. 11, 2021USD ($) | Jul. 31, 2021$ / shares | Jul. 28, 2021USD ($) | Mar. 26, 2020USD ($) |
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Aggregate authorized shares (in shares) | shares | 325,000,000 | ||||||||||||||||||||||||||
Authorized common shares (in shares) | shares | 225,000,000 | ||||||||||||||||||||||||||
Authorized preference shares (in shares) | shares | 100,000,000 | ||||||||||||||||||||||||||
Par value (in usd per share) | $ 1 | $ 1 | $ 1 | ||||||||||||||||||||||||
Preference shares, issued, value | $ | $ 488,653,000 | $ 0 | $ 0 | ||||||||||||||||||||||||
Preference shares, shares outstanding (in shares) | shares | 11,010,000 | 30,000 | 11,010,000 | ||||||||||||||||||||||||
Dividends paid per common share (in usd per share) | $ 0.36 | $ 0.36 | $ 0.36 | ||||||||||||||||||||||||
Dividends on preference shares | $ | $ 33,266,000 | $ 30,923,000 | 36,756,000 | ||||||||||||||||||||||||
Dividends on common shares | $ | $ 67,800,000 | $ 68,500,000 | $ 59,400,000 | ||||||||||||||||||||||||
Common shares | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Preference shares, shares issued (in shares) | shares | 0 | 6,777,000 | 1,739,000 | ||||||||||||||||||||||||
Share repurchase program, shares repurchased (in shares) | shares | 6,579,000 | 406,000 | 0 | ||||||||||||||||||||||||
Repurchase of shares | $ | $ 6,579,000 | $ 406,000 | $ 0 | ||||||||||||||||||||||||
TMR | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Shares issued (in shares) | shares | 1,739,071 | ||||||||||||||||||||||||||
Common shares | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Proceeds from issuance of equity | $ | $ 1,100,000,000 | ||||||||||||||||||||||||||
Dividends declared per common share (in usd per share) | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | |||||||||||||||||||||
Dividends paid per common share (in usd per share) | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | |||||||||||||||||||||||
Share repurchase program, authorized aggregate amount | $ | $ 500,000,000 | ||||||||||||||||||||||||||
Share repurchase program, shares repurchased (in shares) | shares | 6,578,133 | ||||||||||||||||||||||||||
Repurchase of shares | $ | $ 1,000,000,000 | ||||||||||||||||||||||||||
Share repurchase program, price per share (in dollars per share) | $ 156.78 | ||||||||||||||||||||||||||
Share repurchase program, remaining authorized amount | $ | $ 306,600,000 | ||||||||||||||||||||||||||
Common shares | Underwritten Follow-On Offering | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Sale of stock, number of shares issued (in shares) | shares | 6,325,000 | ||||||||||||||||||||||||||
Sale of stock, price per share (in usd per share) | $ 166 | ||||||||||||||||||||||||||
Common shares | Private Placement | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Sale of stock, number of shares issued (in shares) | shares | 451,807 | ||||||||||||||||||||||||||
Proceeds from issuance of equity | $ | $ 75,000,000 | ||||||||||||||||||||||||||
Series F Preferred Stock | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Sale of stock, number of shares issued (in shares) | shares | 10,000 | ||||||||||||||||||||||||||
Proceeds from issuance of equity | $ | $ 250,000,000 | ||||||||||||||||||||||||||
Dividend rate, percentage | 5.75% | ||||||||||||||||||||||||||
Par value (in usd per share) | $ 1 | ||||||||||||||||||||||||||
Liquidation preference (in usd per share) | $ 25,000 | ||||||||||||||||||||||||||
Liquidation preference per annum (in usd per share) | 1,437.5 | ||||||||||||||||||||||||||
Quarterly liquidation preference (in usd per share) | 359.375 | ||||||||||||||||||||||||||
Series F Preferred Stock | Debt Instrument, Redemption, Period One | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Redemption price per share (in usd per share) | $ 25,000 | ||||||||||||||||||||||||||
Series G Preferred Stock | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Sale of stock, number of shares issued (in shares) | shares | 20,000 | ||||||||||||||||||||||||||
Proceeds from issuance of equity | $ | $ 500,000,000 | ||||||||||||||||||||||||||
Dividend rate, percentage | 4.20% | ||||||||||||||||||||||||||
Liquidation preference (in usd per share) | $ 25,000 | ||||||||||||||||||||||||||
Liquidation preference per annum (in usd per share) | $ 1,050 | ||||||||||||||||||||||||||
Quarterly liquidation preference (in usd per share) | 262.50 | ||||||||||||||||||||||||||
Series G Preferred Stock | Debt Instrument, Redemption, Period One | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Redemption price per share (in usd per share) | 25,000 | ||||||||||||||||||||||||||
Depositary Shares, each representing a 1/1,000th interest in a Series F 5.750% Preference Share, Par Value $1.00 per share | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Sale of stock, number of shares issued (in shares) | shares | 10,000 | ||||||||||||||||||||||||||
Depositary Shares, each representing a 1/1,000th interest in a Series G 4.20% Preference Share, Par Value $1.00 per share | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Sale of stock, number of shares issued (in shares) | shares | 20,000,000 | ||||||||||||||||||||||||||
Depositary Shares | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Percentage interest in underlying shares | 0.10% | 0.10% | |||||||||||||||||||||||||
Depositary Shares | Debt Instrument, Redemption, Period One | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Redemption price per share (in usd per share) | $ 25 | ||||||||||||||||||||||||||
Series C Preferred Stock | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Dividend rate, percentage | 6.08% | ||||||||||||||||||||||||||
Par value (in usd per share) | $ 25 | ||||||||||||||||||||||||||
Preference shares, issued, value | $ | $ 250,000,000 | ||||||||||||||||||||||||||
Preference shares, shares issued (in shares) | shares | 10,000,000 | ||||||||||||||||||||||||||
Preference shares, shares redeemed (in shares) | shares | 5,000,000 | ||||||||||||||||||||||||||
Preference shares, redemption amount | $ | $ 125,000,000 | $ 125,000,000 | |||||||||||||||||||||||||
Preference shares, shares outstanding (in shares) | shares | 0 | ||||||||||||||||||||||||||
Right to elect directors, required number of dividend periods in arrears | period | 6 | ||||||||||||||||||||||||||
Right to elect directors, number of directors | director | 2 | ||||||||||||||||||||||||||
Liquidation preference per annum (in usd per share) | $ 1.52 | ||||||||||||||||||||||||||
Quarterly liquidation preference (in usd per share) | $ 0.38 | ||||||||||||||||||||||||||
Series E Preferred Stock | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Dividend rate, percentage | 5.375% | ||||||||||||||||||||||||||
Par value (in usd per share) | $ 25 | ||||||||||||||||||||||||||
Preference shares, shares issued (in shares) | shares | 11,000,000 | ||||||||||||||||||||||||||
Preference shares, redemption amount | $ | $ 275,000,000 | ||||||||||||||||||||||||||
Preference shares, shares outstanding (in shares) | shares | 0 | ||||||||||||||||||||||||||
Liquidation preference per annum (in usd per share) | $ 1.34375 | ||||||||||||||||||||||||||
Quarterly liquidation preference (in usd per share) | 0.3359375 | ||||||||||||||||||||||||||
Series F Preferred Shares, Depositary Shares | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Liquidation preference per annum (in usd per share) | 1.4375 | ||||||||||||||||||||||||||
Quarterly liquidation preference (in usd per share) | 0.359375 | ||||||||||||||||||||||||||
Series G Preferred Shares, Depositary Shares | |||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||
Liquidation preference per annum (in usd per share) | 1.05 | ||||||||||||||||||||||||||
Quarterly liquidation preference (in usd per share) | $ 0.2625 |
Shareholders' Equity (Rollforwa
Shareholders' Equity (Rollforward of Shares Issued and Outstanding) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Shares issued - beginning balance (in shares) | 50,810,618 | ||
Shares outstanding - beginning balance (in shares) | 50,810,618 | ||
Shares issued - ending balance (in shares) | 44,444,831 | 50,810,618 | |
Shares outstanding - ending balance (in shares) | 44,444,831 | 50,810,618 | |
Common shares | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Shares issued - beginning balance (in shares) | 50,811,000 | 44,148,000 | 42,207,000 |
Shares outstanding - beginning balance (in shares) | 50,811,000 | 44,148,000 | 42,207,000 |
Issuance of shares (in shares) | 0 | 6,777,000 | 1,739,000 |
Repurchase of shares (in shares) | (6,579,000) | (406,000) | 0 |
Exercise of options and issuance of restricted stock awards (in shares) | 213,000 | 292,000 | 202,000 |
Shares issued - ending balance (in shares) | 44,445,000 | 50,811,000 | 44,148,000 |
Shares outstanding - ending balance (in shares) | 44,445,000 | 50,811,000 | 44,148,000 |
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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Numerator: | |||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ (73,421) | $ 731,482 | $ 712,042 |
Amount allocated to participating common shareholders | (727) | (8,968) | (8,545) |
Net income (loss) allocated to RenaissanceRe common shareholders | $ (74,148) | $ 722,514 | $ 703,497 |
Denominator: | |||
Denominator for basic income (loss) per RenaissanceRe common share - weighted average common shares (in shares) | 47,171 | 47,103 | 43,119 |
Per common share equivalents of non-vested shares (in shares) | 0 | 75 | 56 |
Denominator for diluted income (loss) per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions (in shares) | 47,171 | 47,178 | 43,175 |
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share – basic (in usd per share) | $ (1.57) | $ 15.34 | $ 16.32 |
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share – diluted (in usd per share) | $ (1.57) | $ 15.31 | $ 16.29 |
Related Party Transactions an_2
Related Party Transactions and Major Customers (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |||
Gross premiums written (Note 7) | $ 7,833,798 | $ 5,806,165 | $ 4,807,750 |
Gross premiums earned | 6,257,814 | 5,078,682 | 4,348,261 |
Acquisition expenses | 1,214,858 | 897,677 | 762,232 |
Net reinsurance costs and recoveries | (2,029,529) | (968,595) | (1,124,757) |
Total reserve for claims and claim expenses | 13,294,630 | 10,381,138 | 9,384,349 |
Equity method investment, dividends and distributions | $ 33,900 | $ 30,000 | $ 36,500 |
Gross premiums written | Three Brokers | Customer Concentration Risk | |||
Related Party Transaction [Line Items] | |||
Percent of gross premiums received | 78.00% | 79.60% | 79.60% |
Gross premiums written | Aon plc | Customer Concentration Risk | |||
Related Party Transaction [Line Items] | |||
Percent of gross premiums received | 35.80% | 42.80% | 41.70% |
Gross premiums written | Marsh & McLennan Companies, Inc. | Customer Concentration Risk | |||
Related Party Transaction [Line Items] | |||
Percent of gross premiums received | 30.00% | 24.50% | 27.10% |
Gross premiums written | Arthur J Gallagher | Customer Concentration Risk | |||
Related Party Transaction [Line Items] | |||
Percent of gross premiums received | 12.20% | 12.30% | 10.80% |
Tower Hill Companies | |||
Related Party Transaction [Line Items] | |||
Gross premiums written (Note 7) | $ 69,800 | $ 55,500 | $ 39,800 |
Gross premiums earned | 63,000 | 51,400 | 40,700 |
Acquisition expenses | 11,300 | 7,900 | 6,100 |
Related party receivables | 21,700 | 18,300 | |
Net reinsurance costs and recoveries | 28,500 | 13,200 | 37,700 |
Total reserve for claims and claim expenses | 68,000 | 69,500 | |
Equity method investment, dividends and distributions | 15,000 | 9,500 | 13,400 |
Top Layer Reinsurance Ltd. | |||
Related Party Transaction [Line Items] | |||
Equity method investment, dividends and distributions | 9,300 | 18,000 | 20,000 |
Top Layer Reinsurance Ltd. | Management Fee | |||
Related Party Transaction [Line Items] | |||
Revenue recorded | $ 2,500 | $ 2,400 | $ 2,300 |
Taxation (Narrative) (Details)
Taxation (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Loss Carryforwards [Line Items] | |||
Increase (decrease) in valuation allowance | $ 42,800,000 | $ 13,000,000 | $ 40,400,000 |
Income taxes paid (refunded) | (4,261,000) | 5,668,000 | $ 9,749,000 |
Unrecognized tax benefits | 0 | 0 | |
Interest and penalties accrued on unrecognized tax benefits | $ 0 | $ 0 | |
Bermuda | |||
Operating Loss Carryforwards [Line Items] | |||
Statutory income tax rate | 0.00% | ||
Singapore | |||
Operating Loss Carryforwards [Line Items] | |||
Foreign statutory income tax rate | 17.00% | ||
Operating loss carryforwards | $ 13,600,000 | ||
Ireland | |||
Operating Loss Carryforwards [Line Items] | |||
Foreign statutory income tax rate | 12.50% | ||
Operating loss carryforwards | $ 6,500,000 | ||
U.S. | |||
Operating Loss Carryforwards [Line Items] | |||
Expected tax rate | 5.00% | ||
Foreign statutory income tax rate | 21.00% | ||
Operating loss carryforwards | $ 333,700,000 | ||
Australia | |||
Operating Loss Carryforwards [Line Items] | |||
Foreign statutory income tax rate | 30.00% | ||
Operating loss carryforwards | $ 1,300,000 | ||
Switzerland | |||
Operating Loss Carryforwards [Line Items] | |||
Foreign statutory income tax rate | 19.70% | ||
Operating loss carryforwards | $ 476,200,000 | ||
U.K. | |||
Operating Loss Carryforwards [Line Items] | |||
Foreign statutory income tax rate | 19.00% | ||
Operating loss carryforwards | $ 142,200,000 |
Taxation (Income (Loss) Before
Taxation (Income (Loss) Before Income Taxes, Foreign and Domestic) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Expense (Benefit) | |||
Income (loss) before taxes | $ (114,108) | $ 995,920 | $ 967,482 |
Bermuda | |||
Income Tax Expense (Benefit) | |||
Domestic | 156,031 | 1,122,261 | 861,068 |
Singapore | |||
Income Tax Expense (Benefit) | |||
Foreign | 4,420 | 16,416 | (6,334) |
Ireland | |||
Income Tax Expense (Benefit) | |||
Foreign | 101 | 1,315 | (388) |
U.S. | |||
Income Tax Expense (Benefit) | |||
Foreign | (92,335) | 286 | 102,724 |
Australia | |||
Income Tax Expense (Benefit) | |||
Foreign | 7,148 | (1,689) | 3,390 |
Switzerland | |||
Income Tax Expense (Benefit) | |||
Foreign | (106,249) | (40,502) | 14,255 |
U.K. | |||
Income Tax Expense (Benefit) | |||
Foreign | $ (83,224) | $ (102,167) | $ (7,233) |
Taxation (Components of Income
Taxation (Components of Income Tax Benefit (Expense)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Expense (Benefit) | |||
Current | $ (992) | $ (6,313) | $ (2,128) |
Deferred | 11,660 | 3,451 | (15,087) |
Income tax benefit (expense) | $ 10,668 | $ (2,862) | $ (17,215) |
Taxation (Income Tax Reconcilia
Taxation (Income Tax Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Expected income tax benefit (expense) | $ 53,093 | $ 25,489 | $ (22,874) |
Nondeductible expenses | (334) | 5,074 | (7,059) |
Reinsurance adjustment | (4,604) | 0 | 0 |
Income tax audit adjustment | 0 | 3,424 | 0 |
Effect of change in tax rate | 14,904 | 3,055 | (262) |
Transfer pricing | 224 | 206 | 2,503 |
GAAP to statutory accounting difference | 0 | 0 | 6,553 |
U.S. base erosion and anti-abuse tax | (1,725) | (36) | 0 |
Withholding tax | (1,013) | (1,822) | (665) |
Non-taxable loss on sale of RenaissanceRe UK | 0 | (6,091) | 0 |
Change in valuation allowance | (42,819) | (13,003) | (5,481) |
Foreign branch adjustments | (5,491) | (17,821) | 7,315 |
Other | (1,567) | (1,337) | 2,755 |
Income tax benefit (expense) | $ 10,668 | $ (2,862) | $ (17,215) |
Taxation (Deferred Tax Assets a
Taxation (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets | ||
Tax loss and credit carryforwards | $ 149,739 | $ 128,561 |
Unearned premiums | 36,962 | 20,854 |
Reserve for claims and claim expenses | 22,611 | 14,983 |
Deferred finance charges | 17,962 | 11,427 |
Deferred underwriting results | 12,483 | 7,228 |
Accrued expenses | 1,788 | 4,826 |
Amortization and depreciation | 6,969 | 0 |
Deferred tax assets | 248,514 | 187,879 |
Deferred tax liabilities | ||
Investments | (2,180) | (23,598) |
Deferred acquisition expenses | (49,661) | (23,040) |
Intangible assets | (4,242) | (1,142) |
Amortization and depreciation | 0 | (1,130) |
VOBA | 0 | (1,017) |
Deferred tax liabilities | (56,083) | (49,927) |
Net deferred tax asset (liability) before valuation allowance | 192,431 | 137,952 |
Valuation allowance | (131,507) | (88,688) |
Net deferred tax asset (liability) | $ 60,924 | $ 49,264 |
Segment Reporting (Schedule of
Segment Reporting (Schedule of Significant Components of the Company's Revenues and Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Gross premiums written (Note 7) | $ 7,833,798 | $ 5,806,165 | $ 4,807,750 |
Net premiums written | 5,939,375 | 4,096,333 | 3,381,493 |
Net premiums earned | 5,194,181 | 3,952,462 | 3,338,403 |
Net claims and claim expenses incurred | 3,876,087 | 2,924,609 | 2,097,021 |
Acquisition expenses | 1,214,858 | 897,677 | 762,232 |
Operational expenses | 212,184 | 206,687 | 222,733 |
Underwriting income (loss) | (108,948) | (76,511) | 256,417 |
Net investment income | 319,479 | 354,038 | 424,207 |
Net foreign exchange gains (losses) | (41,006) | 27,773 | (2,938) |
Equity in earnings (losses) of other ventures | 12,309 | 17,194 | 23,224 |
Other income | 10,880 | 213 | 4,949 |
Net realized and unrealized gains (losses) on investments | (218,134) | 820,636 | 414,109 |
Corporate expenses | (41,152) | (96,970) | (94,122) |
Interest expense | (47,536) | (50,453) | (58,364) |
Income (loss) before taxes | (114,108) | 995,920 | 967,482 |
Income tax benefit (expense) | 10,668 | (2,862) | (17,215) |
Net (income) loss attributable to redeemable noncontrolling interests | 63,285 | (230,653) | (201,469) |
Dividends on preference shares (Note 12) | (33,266) | (30,923) | (36,756) |
Net income (loss) available (attributable) to RenaissanceRe common shareholders | (73,421) | 731,482 | 712,042 |
Net claims and claim expenses incurred – current accident year | 4,125,557 | 3,108,421 | 2,123,876 |
Net claims and claim expenses incurred – prior accident years | (249,470) | (183,812) | (26,855) |
Total net incurred | $ 3,876,087 | $ 2,924,609 | $ 2,097,021 |
Net claims and claim expense ratio – current accident year | 79.40% | 78.60% | 63.60% |
Net claims and claim expense ratio – prior accident years | (4.80%) | (4.60%) | (0.80%) |
Net claims and claim expense ratio – calendar year | 74.60% | 74.00% | 62.80% |
Underwriting expense ratio | 27.50% | 27.90% | 29.50% |
Combined ratio | 102.10% | 101.90% | 92.30% |
Other | |||
Segment Reporting Information [Line Items] | |||
Gross premiums written (Note 7) | $ 0 | $ 0 | $ 0 |
Net premiums written | 0 | 0 | 0 |
Net premiums earned | 0 | 0 | 0 |
Net claims and claim expenses incurred | 0 | 0 | 0 |
Acquisition expenses | 0 | 0 | 0 |
Operational expenses | 0 | 0 | 0 |
Underwriting income (loss) | 0 | 0 | 0 |
Net investment income | 319,479 | 354,038 | 424,207 |
Net foreign exchange gains (losses) | (41,006) | 27,773 | (2,938) |
Equity in earnings (losses) of other ventures | 12,309 | 17,194 | 23,224 |
Other income | 10,880 | 213 | 4,949 |
Net realized and unrealized gains (losses) on investments | (218,134) | 820,636 | 414,109 |
Corporate expenses | (41,152) | (96,970) | (94,122) |
Interest expense | (47,536) | (50,453) | (58,364) |
Income tax benefit (expense) | 10,668 | (2,862) | (17,215) |
Net (income) loss attributable to redeemable noncontrolling interests | 63,285 | (230,653) | (201,469) |
Dividends on preference shares (Note 12) | (33,266) | (30,923) | (36,756) |
Net claims and claim expenses incurred – current accident year | 0 | 0 | 0 |
Net claims and claim expenses incurred – prior accident years | 0 | 0 | 0 |
Total net incurred | 0 | 0 | 0 |
Property | |||
Segment Reporting Information [Line Items] | |||
Gross premiums written (Note 7) | 3,958,724 | 2,999,142 | 2,430,985 |
Net claims and claim expenses incurred – prior accident years | (233,373) | (157,049) | (2,973) |
Property | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Gross premiums written (Note 7) | 3,958,724 | 2,999,142 | 2,430,985 |
Net premiums written | 2,868,002 | 2,037,200 | 1,654,259 |
Net premiums earned | 2,608,298 | 1,936,215 | 1,627,494 |
Net claims and claim expenses incurred | 2,163,016 | 1,435,947 | 965,384 |
Acquisition expenses | 487,178 | 353,700 | 313,554 |
Operational expenses | 143,608 | 135,547 | 138,187 |
Underwriting income (loss) | (185,504) | 11,021 | 210,369 |
Net claims and claim expenses incurred – current accident year | 2,396,389 | 1,592,996 | 968,357 |
Net claims and claim expenses incurred – prior accident years | (233,373) | (157,049) | (2,973) |
Total net incurred | $ 2,163,016 | $ 1,435,947 | $ 965,384 |
Net claims and claim expense ratio – current accident year | 91.90% | 82.30% | 59.50% |
Net claims and claim expense ratio – prior accident years | (9.00%) | (8.10%) | (0.20%) |
Net claims and claim expense ratio – calendar year | 82.90% | 74.20% | 59.30% |
Underwriting expense ratio | 24.20% | 25.20% | 27.80% |
Combined ratio | 107.10% | 99.40% | 87.10% |
Casualty and Specialty | |||
Segment Reporting Information [Line Items] | |||
Gross premiums written (Note 7) | $ 3,875,074 | $ 2,807,023 | $ 2,376,765 |
Net claims and claim expenses incurred – prior accident years | (16,097) | (26,763) | (23,882) |
Casualty and Specialty | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Gross premiums written (Note 7) | 3,875,074 | 2,807,023 | 2,376,765 |
Net premiums written | 3,071,373 | 2,059,133 | 1,727,234 |
Net premiums earned | 2,585,883 | 2,016,247 | 1,710,909 |
Net claims and claim expenses incurred | 1,713,071 | 1,488,662 | 1,131,637 |
Acquisition expenses | 727,680 | 543,977 | 448,678 |
Operational expenses | 68,576 | 71,140 | 84,546 |
Underwriting income (loss) | 76,556 | (87,532) | 46,048 |
Net claims and claim expenses incurred – current accident year | 1,729,168 | 1,515,425 | 1,155,519 |
Net claims and claim expenses incurred – prior accident years | (16,097) | (26,763) | (23,882) |
Total net incurred | $ 1,713,071 | $ 1,488,662 | $ 1,131,637 |
Net claims and claim expense ratio – current accident year | 66.90% | 75.20% | 67.50% |
Net claims and claim expense ratio – prior accident years | (0.70%) | (1.40%) | (1.40%) |
Net claims and claim expense ratio – calendar year | 66.20% | 73.80% | 66.10% |
Underwriting expense ratio | 30.80% | 30.50% | 31.20% |
Combined ratio | 97.00% | 104.30% | 97.30% |
Segment Reporting (Schedule o_2
Segment Reporting (Schedule of Gross Premiums Written Allocated to the Territory of Coverage Exposure) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Gross premiums written (Note 7) | $ 7,833,798 | $ 5,806,165 | $ 4,807,750 |
Property | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Gross premiums written (Note 7) | 3,958,724 | 2,999,142 | 2,430,985 |
Property | U.S. and Caribbean | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Gross premiums written (Note 7) | 2,257,088 | 1,683,538 | 1,368,205 |
Property | Worldwide | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Gross premiums written (Note 7) | 1,188,737 | 889,917 | 643,744 |
Property | Europe | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Gross premiums written (Note 7) | 253,678 | 189,587 | 182,544 |
Property | Japan | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Gross premiums written (Note 7) | 114,981 | 102,228 | 90,328 |
Property | Worldwide (excluding U.S.) | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Gross premiums written (Note 7) | 34,742 | 62,058 | 79,393 |
Property | Australia and New Zealand | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Gross premiums written (Note 7) | 69,188 | 40,243 | 32,203 |
Property | Other | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Gross premiums written (Note 7) | 40,310 | 31,571 | 34,568 |
Casualty and Specialty | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Gross premiums written (Note 7) | 3,875,074 | 2,807,023 | 2,376,765 |
Casualty and Specialty | U.S. and Caribbean | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Gross premiums written (Note 7) | 1,721,663 | 1,248,981 | 1,071,170 |
Casualty and Specialty | Worldwide | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Gross premiums written (Note 7) | 1,746,450 | 1,315,386 | 935,626 |
Casualty and Specialty | Europe | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Gross premiums written (Note 7) | 217,721 | 121,369 | 227,178 |
Casualty and Specialty | Worldwide (excluding U.S.) | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Gross premiums written (Note 7) | 108,376 | 56,225 | 25,291 |
Casualty and Specialty | Australia and New Zealand | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Gross premiums written (Note 7) | 29,001 | 12,429 | 34,053 |
Casualty and Specialty | Other | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Gross premiums written (Note 7) | $ 51,863 | $ 52,633 | $ 83,447 |
Stock Incentive Compensation _3
Stock Incentive Compensation and Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | May 16, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total fair value of shares and share units vested | $ 46.3 | $ 54.7 | $ 41.6 | |
Excess windfall tax benefit | 0.2 | |||
Excess windfall tax benefit realized by the Company due to its net operating loss position in the taxable jurisdictions in which it operates | 0.3 | 0.2 | ||
Total stock compensation expense recognized | 40 | 43.7 | 41.4 | |
Contributions to defined contribution pension plans | 7.5 | $ 6.7 | $ 4.9 | |
Restricted stock awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation costs related to restricted stock awards | $ 66.7 | |||
Periods for recognition of compensation costs not yet recognized | 1 year 8 months 12 days | |||
Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock incentive compensation, vesting period | 3 years | |||
Unrecognized compensation costs related to restricted stock awards | $ 4.9 | |||
Periods for recognition of compensation costs not yet recognized | 1 year 8 months 12 days | |||
Cash Settled Restricted Stock Unit (CSRSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock incentive compensation, vesting period | 4 years | |||
2016 Long-Term Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares reserved for issuance (in shares) | 1,625,000 | |||
Number of shares available for grant (in shares) | 800,000 | |||
2016 Long-Term Incentive Plan | Restricted stock awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock incentive compensation, vesting period | 4 years | |||
Granted May 2018 | Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting maximum as a percentage of target if performance goal are achieved | 200.00% | |||
Non-Employee Director Stock Incentive Plan | Restricted stock awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock incentive compensation, vesting period | 3 years |
Stock Incentive Compensation _4
Stock Incentive Compensation and Employee Benefit Plans (Equity Compensation Other than Options) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Settled Restricted Stock Unit (CSRSUs) | |||
Number of Shares | |||
Nonvested, beginning balance (in shares) | 18,481 | 63,744 | 146,917 |
Awards granted (in shares) | 0 | 0 | 0 |
Awards vested (in shares) | (18,481) | (44,734) | (80,012) |
Awards forfeited (in shares) | 0 | (529) | (3,161) |
Nonvested, ending balance (in shares) | 0 | 18,481 | 63,744 |
Performance Shares | |||
Number of Shares | |||
Nonvested, beginning balance (in shares) | 151,714 | 144,847 | 152,451 |
Awards granted (in shares) | 55,876 | 65,840 | 58,050 |
Awards vested (in shares) | (49,792) | (48,997) | (21,730) |
Awards forfeited (in shares) | (16,730) | (9,976) | (43,924) |
Nonvested, ending balance (in shares) | 141,068 | 151,714 | 144,847 |
Weighted Average Grant Date Fair Value | |||
Nonvested, beginning balance (in usd per share) | $ 140.96 | $ 94.70 | $ 57.21 |
Awards granted (in usd per share) | 162.61 | 170.40 | 146.1 |
Awards vested (in usd per share) | 130.73 | 61.48 | 49.9 |
Awards forfeited (in usd per share) | 0 | 0 | 0 |
Nonvested, ending balance (in usd per share) | $ 163.98 | $ 140.96 | $ 94.70 |
Employee Restricted Stock Awards | |||
Number of Shares | |||
Nonvested, beginning balance (in shares) | 592,747 | 510,860 | 447,740 |
Awards granted (in shares) | 252,625 | 309,892 | 242,832 |
Awards vested (in shares) | (207,264) | (213,488) | (165,245) |
Awards forfeited (in shares) | (14,776) | (14,517) | (14,467) |
Nonvested, ending balance (in shares) | 623,332 | 592,747 | 510,860 |
Weighted Average Grant Date Fair Value | |||
Nonvested, beginning balance (in usd per share) | $ 143.14 | $ 139.91 | $ 130.37 |
Awards granted (in usd per share) | 167.92 | 145.03 | 146.92 |
Awards vested (in usd per share) | 142.52 | 138.35 | 124.71 |
Awards forfeited (in usd per share) | 158.97 | 140.11 | 136.16 |
Nonvested, ending balance (in usd per share) | $ 153.02 | $ 143.14 | $ 139.91 |
Non-Employee Director Restricted Stock Awards | |||
Number of Shares | |||
Nonvested, beginning balance (in shares) | 20,660 | 21,006 | 22,534 |
Awards granted (in shares) | 10,452 | 9,970 | 11,444 |
Awards vested (in shares) | (10,511) | (10,316) | (12,972) |
Awards forfeited (in shares) | 0 | 0 | 0 |
Nonvested, ending balance (in shares) | 20,601 | 20,660 | 21,006 |
Weighted Average Grant Date Fair Value | |||
Nonvested, beginning balance (in usd per share) | $ 155.03 | $ 140.79 | $ 132.29 |
Awards granted (in usd per share) | 162.61 | 170.40 | 147.43 |
Awards vested (in usd per share) | 147.72 | 141.12 | 131.88 |
Awards forfeited (in usd per share) | 0 | 0 | 0 |
Nonvested, ending balance (in usd per share) | $ 162.60 | $ 155.03 | $ 140.79 |
Total Restricted Stock Awards | |||
Number of Shares | |||
Nonvested, beginning balance (in shares) | 613,407 | 531,866 | 470,274 |
Awards granted (in shares) | 263,077 | 319,862 | 254,276 |
Awards vested (in shares) | (217,775) | (223,804) | (178,217) |
Awards forfeited (in shares) | (14,776) | (14,517) | (14,467) |
Nonvested, ending balance (in shares) | 643,933 | 613,407 | 531,866 |
Weighted Average Grant Date Fair Value | |||
Nonvested, beginning balance (in usd per share) | $ 143.54 | $ 139.94 | $ 130.46 |
Awards granted (in usd per share) | 167.71 | 145.82 | 146.94 |
Awards vested (in usd per share) | 142.77 | 138.47 | 125.23 |
Awards forfeited (in usd per share) | 158.97 | 140.11 | 136.16 |
Nonvested, ending balance (in usd per share) | $ 152.32 | $ 143.54 | $ 139.94 |
Statutory Requirements (Statuto
Statutory Requirements (Statutory Capital and Surplus) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Bermuda | ||
Statutory Accounting Practices [Line Items] | ||
Statutory capital and surplus | $ 7,462,710 | $ 6,698,377 |
Required statutory capital and surplus | 1,753,078 | 1,391,621 |
Unrestricted net assets | 1,575,526 | 1,705,739 |
Switzerland | ||
Statutory Accounting Practices [Line Items] | ||
Statutory capital and surplus | 874,665 | 814,837 |
Required statutory capital and surplus | 780,000 | 587,300 |
Unrestricted net assets | 300,438 | 232,917 |
U.K. | ||
Statutory Accounting Practices [Line Items] | ||
Statutory capital and surplus | 983,449 | 874,170 |
Required statutory capital and surplus | 983,449 | 874,170 |
Unrestricted net assets | 0 | 0 |
U.S. | ||
Statutory Accounting Practices [Line Items] | ||
Statutory capital and surplus | 819,811 | 722,721 |
Required statutory capital and surplus | 716,118 | 474,622 |
Unrestricted net assets | $ 81,981 | $ 72,272 |
Statutory Requirements (Statu_2
Statutory Requirements (Statutory Net Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Bermuda | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Net Income (Loss) | $ (89,267) | $ 836,707 | $ 705,808 |
Switzerland | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Net Income (Loss) | 80,500 | 71,829 | (52,699) |
U.K. | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Net Income (Loss) | (46,352) | (37,427) | (667) |
U.S. | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Net Income (Loss) | $ 10,465 | $ 17,403 | $ 37,827 |
Statutory Requirements (Narrati
Statutory Requirements (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Statutory Accounting Practices [Line Items] | ||
Assets held in trust | $ 8,700,000,000 | $ 8,100,000,000 |
U.S. | ||
Statutory Accounting Practices [Line Items] | ||
Unrestricted net assets | 81,981,000 | 72,272,000 |
New York | Multi-Beneficiary Reinsurance Trust | Renaissance Reinsurance Ltd. | ||
Statutory Accounting Practices [Line Items] | ||
Assets held in trust | 1,200,000,000 | 1,300,000,000 |
New York | Multi-Beneficiary Reinsurance Trust | Renaissance Reinsurance Ltd. | Low | ||
Statutory Accounting Practices [Line Items] | ||
Assets held in trust | 531,800,000 | 878,200,000 |
New York | Multi-Beneficiary Reinsurance Trust | DaVinci Reinsurance Ltd. | ||
Statutory Accounting Practices [Line Items] | ||
Assets held in trust | 272,000,000 | 289,600,000 |
New York | Multi-Beneficiary Reinsurance Trust | DaVinci Reinsurance Ltd. | Low | ||
Statutory Accounting Practices [Line Items] | ||
Assets held in trust | 182,300,000 | 270,500,000 |
New York | Multi-Beneficiary Reduced Collateral Reinsurance Trust | Renaissance Reinsurance Ltd. | ||
Statutory Accounting Practices [Line Items] | ||
Assets held in trust | 136,300,000 | 74,400,000 |
New York | Multi-Beneficiary Reduced Collateral Reinsurance Trust | Renaissance Reinsurance Ltd. | Low | ||
Statutory Accounting Practices [Line Items] | ||
Assets held in trust | 128,100,000 | 70,000,000 |
New York | Multi-Beneficiary Reduced Collateral Reinsurance Trust | RenaissanceRe Europe | ||
Statutory Accounting Practices [Line Items] | ||
Assets held in trust | 86,600,000 | 0 |
New York | Multi-Beneficiary Reduced Collateral Reinsurance Trust | RenaissanceRe Europe | Low | ||
Statutory Accounting Practices [Line Items] | ||
Assets held in trust | 75,800,000 | 0 |
New York | Multi-Beneficiary Reduced Collateral Reinsurance Trust | DaVinci Reinsurance Ltd. | ||
Statutory Accounting Practices [Line Items] | ||
Assets held in trust | 168,100,000 | 90,100,000 |
New York | Multi-Beneficiary Reduced Collateral Reinsurance Trust | DaVinci Reinsurance Ltd. | Low | ||
Statutory Accounting Practices [Line Items] | ||
Assets held in trust | $ 164,500,000 | $ 86,500,000 |
Florida | Multi-Beneficiary Reduced Collateral Reinsurance Trust | Renaissance Reinsurance Ltd. | ||
Statutory Accounting Practices [Line Items] | ||
Multi-beneficiary reduced collateral reinsurance trust collateral reduction | 20.00% | |
Florida | Multi-Beneficiary Reduced Collateral Reinsurance Trust | RenaissanceRe Europe | ||
Statutory Accounting Practices [Line Items] | ||
Multi-beneficiary reduced collateral reinsurance trust collateral reduction | 20.00% | |
Florida | Multi-Beneficiary Reduced Collateral Reinsurance Trust | DaVinci Reinsurance Ltd. | ||
Statutory Accounting Practices [Line Items] | ||
Multi-beneficiary reduced collateral reinsurance trust collateral reduction | 50.00% |
Derivative Instruments (Schedul
Derivative Instruments (Schedule of Location on Consolidated Balance Sheets and Fair Value of Principal Derivative Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative Assets | ||
Gross Amounts of Recognized Assets | $ 17,889 | $ 46,349 |
Gross Amounts Offset in the Balance Sheet | 0 | 1,116 |
Net Amounts of Assets Presented in the Balance Sheet | 17,889 | 45,233 |
Collateral | 0 | 0 |
Net Amount | 17,889 | 45,233 |
Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities | 16,954 | 23,292 |
Gross Amounts Offset in the Balance Sheet | 0 | 932 |
Net Amounts of Liabilities Presented in the Balance Sheet | 16,954 | 22,360 |
Collateral Pledged | 1,599 | 1,620 |
Net Amount | 15,355 | 20,740 |
Not Designated as Hedging Instrument | ||
Derivative Assets | ||
Gross Amounts of Recognized Assets | 16,523 | 26,396 |
Gross Amounts Offset in the Balance Sheet | 0 | 1,116 |
Net Amounts of Assets Presented in the Balance Sheet | 16,523 | 25,280 |
Collateral | 0 | 0 |
Net Amount | 16,523 | 25,280 |
Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities | 12,891 | 18,140 |
Gross Amounts Offset in the Balance Sheet | 0 | 932 |
Net Amounts of Liabilities Presented in the Balance Sheet | 12,891 | 17,208 |
Collateral Pledged | 1,599 | 1,620 |
Net Amount | 11,292 | 15,588 |
Other assets | Interest rate futures | Not Designated as Hedging Instrument | ||
Derivative Assets | ||
Gross Amounts of Recognized Assets | 1,068 | 1,019 |
Gross Amounts Offset in the Balance Sheet | 0 | 863 |
Net Amounts of Assets Presented in the Balance Sheet | 1,068 | 156 |
Collateral | 0 | 0 |
Net Amount | 1,068 | 156 |
Other assets | Interest rate swaps | Not Designated as Hedging Instrument | ||
Derivative Assets | ||
Gross Amounts of Recognized Assets | 22 | |
Gross Amounts Offset in the Balance Sheet | 0 | |
Net Amounts of Assets Presented in the Balance Sheet | 22 | |
Collateral | 0 | |
Net Amount | 22 | |
Other assets | Foreign currency forward contracts | Not Designated as Hedging Instrument | ||
Derivative Assets | ||
Gross Amounts of Recognized Assets | 13,730 | 23,055 |
Gross Amounts Offset in the Balance Sheet | 0 | 184 |
Net Amounts of Assets Presented in the Balance Sheet | 13,730 | 22,871 |
Collateral | 0 | 0 |
Net Amount | 13,730 | 22,871 |
Other assets | Foreign currency forward contracts | Not Designated as Hedging Instrument | ||
Derivative Assets | ||
Gross Amounts of Recognized Assets | 1,247 | 2,232 |
Gross Amounts Offset in the Balance Sheet | 0 | 69 |
Net Amounts of Assets Presented in the Balance Sheet | 1,247 | 2,163 |
Collateral | 0 | 0 |
Net Amount | 1,247 | 2,163 |
Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities | 3,412 | |
Gross Amounts Offset in the Balance Sheet | 0 | |
Net Amounts of Liabilities Presented in the Balance Sheet | 3,412 | |
Collateral Pledged | 0 | |
Net Amount | 3,412 | |
Other assets | Foreign currency forward contracts | Designated as Hedging Instrument | ||
Derivative Assets | ||
Gross Amounts of Recognized Assets | 1,366 | 19,953 |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Balance Sheet | 1,366 | 19,953 |
Collateral | 0 | 0 |
Net Amount | 1,366 | 19,953 |
Other assets | Credit default swaps | Not Designated as Hedging Instrument | ||
Derivative Assets | ||
Gross Amounts of Recognized Assets | 478 | 68 |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Balance Sheet | 478 | 68 |
Collateral | 0 | 0 |
Net Amount | 478 | 68 |
Other assets | Equity futures | Not Designated as Hedging Instrument | ||
Derivative Assets | ||
Gross Amounts of Recognized Assets | 0 | |
Gross Amounts Offset in the Balance Sheet | 0 | |
Net Amounts of Assets Presented in the Balance Sheet | 0 | |
Collateral | 0 | |
Net Amount | 0 | |
Other liabilities | Interest rate futures | Not Designated as Hedging Instrument | ||
Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities | 1,426 | 1,430 |
Gross Amounts Offset in the Balance Sheet | 0 | 863 |
Net Amounts of Liabilities Presented in the Balance Sheet | 1,426 | 567 |
Collateral Pledged | 1,426 | 567 |
Net Amount | 0 | 0 |
Other liabilities | Foreign currency forward contracts | Not Designated as Hedging Instrument | ||
Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities | 7,880 | 12,791 |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Balance Sheet | 7,880 | 12,791 |
Collateral Pledged | 0 | 0 |
Net Amount | 7,880 | 12,791 |
Other liabilities | Foreign currency forward contracts | Not Designated as Hedging Instrument | ||
Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities | 3,919 | |
Gross Amounts Offset in the Balance Sheet | 69 | |
Net Amounts of Liabilities Presented in the Balance Sheet | 3,850 | |
Collateral Pledged | 1,053 | |
Net Amount | 2,797 | |
Other liabilities | Foreign currency forward contracts | Designated as Hedging Instrument | ||
Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities | 4,063 | 5,152 |
Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Balance Sheet | 4,063 | 5,152 |
Collateral Pledged | 0 | 0 |
Net Amount | 4,063 | $ 5,152 |
Other liabilities | Credit default swaps | Not Designated as Hedging Instrument | ||
Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities | 0 | |
Gross Amounts Offset in the Balance Sheet | 0 | |
Net Amounts of Liabilities Presented in the Balance Sheet | 0 | |
Collateral Pledged | 0 | |
Net Amount | 0 | |
Other liabilities | Equity futures | Not Designated as Hedging Instrument | ||
Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities | 173 | |
Gross Amounts Offset in the Balance Sheet | 0 | |
Net Amounts of Liabilities Presented in the Balance Sheet | 173 | |
Collateral Pledged | 173 | |
Net Amount | $ 0 |
Derivative Instruments (Sched_2
Derivative Instruments (Schedule of Gain (Loss) Recognized in Consolidated Statements of Operations Related to Principal Derivative Instruments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized on derivatives | $ (37,444) | $ 100,152 | $ 70,862 |
Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized on derivatives | (32,909) | 88,467 | 69,903 |
Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized on derivatives | (4,535) | 11,685 | 959 |
Foreign currency forward contracts | Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss) | (4,535) | 11,685 | 959 |
Net realized and unrealized (losses) gains on investments | Interest rate futures | Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized on derivatives | (15,846) | 103,102 | 16,848 |
Net realized and unrealized (losses) gains on investments | Interest rate swaps | Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized on derivatives | (1,184) | 2,334 | 1,488 |
Net realized and unrealized (losses) gains on investments | Credit default swaps | Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized on derivatives | 3,479 | (1,304) | 7,043 |
Net realized and unrealized (losses) gains on investments | Total return swaps | Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized on derivatives | 1,314 | (5,479) | 12,155 |
Net realized and unrealized (losses) gains on investments | Equity futures | Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized on derivatives | 0 | (30,045) | 21,357 |
Net foreign exchange (losses) gains | Foreign currency forward contracts | Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized on derivatives | (19,151) | 24,309 | 12,617 |
Net foreign exchange (losses) gains | Foreign currency forward contracts | Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized on derivatives | $ (1,521) | $ (4,450) | $ (1,605) |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) - Not Designated as Hedging Instrument - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Interest rate swaps | Paying a Fixed Rate | United States of America, Dollars | ||
Derivative [Line Items] | ||
Derivative, notional amount | $ 0 | $ 0 |
Interest rate swaps | Receiving a Fixed Rate | United States of America, Dollars | ||
Derivative [Line Items] | ||
Derivative, notional amount | 0 | 23,500,000 |
Total return swaps | ||
Derivative [Line Items] | ||
Derivative, notional amount | 0 | 0 |
Long | Interest rate futures | ||
Derivative [Line Items] | ||
Derivative, notional amount | 2,200,000,000 | 2,000,000,000 |
Long | Foreign currency forward contracts | ||
Derivative [Line Items] | ||
Derivative, notional amount | 915,000,000 | 700,000,000 |
Long | Foreign currency forward contracts | ||
Derivative [Line Items] | ||
Derivative, notional amount | 245,800,000 | 269,500,000 |
Long | Credit default swaps | ||
Derivative [Line Items] | ||
Derivative, notional amount | 0 | 0 |
Long | Equity futures | ||
Derivative [Line Items] | ||
Derivative, notional amount | 74,300,000 | 0 |
Short | Interest rate futures | ||
Derivative [Line Items] | ||
Derivative, notional amount | 500,000,000 | 1,000,000,000 |
Short | Foreign currency forward contracts | ||
Derivative [Line Items] | ||
Derivative, notional amount | 329,300,000 | 504,200,000 |
Short | Foreign currency forward contracts | ||
Derivative [Line Items] | ||
Derivative, notional amount | 131,000,000 | 117,500,000 |
Short | Credit default swaps | ||
Derivative [Line Items] | ||
Derivative, notional amount | $ 218,500,000 | $ 96,800,000 |
Derivative Instruments (Sched_3
Derivative Instruments (Schedule of Derivative Instruments Designated as Hedges of a Net Investment in a Foreign Operation) (Details) - Foreign Exchange Forward - Designated as Hedging Instrument - Net Investment Hedging - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Weighted average of U.S. dollar equivalent of foreign denominated net assets (liabilities) | $ (66,438) | $ (45,803) |
Derivative gains (losses) | $ (4,535) | $ 11,685 |
Commitments, Contingencies an_3
Commitments, Contingencies and Other Items (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Commitments and Contingencies [Line Items] | ||
Initial commitments | $ 2,700,000,000 | |
Fulfilled commitments | 1,300,000,000 | |
Unfunded commitments | $ 1,400,000,000 | |
Operating lease, weighted average lease term | 4 years 8 months 12 days | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets | Other assets |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other liabilities | Other liabilities |
Operating lease, expense | $ 8,400,000 | $ 9,800,000 |
Lessee, finance lease, term of contract | 20 years | |
Lessee, finance lease, renewal term | 30 years | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets | Other assets |
Finance Lease, Liability, Statement of Financial Position [Extensible List] | Other liabilities | Other liabilities |
Letter of Credit | ||
Commitments and Contingencies [Line Items] | ||
Letters of credit outstanding | $ 1,100,000,000 | |
Letter of Credit | Top Layer Reinsurance Ltd. | ||
Commitments and Contingencies [Line Items] | ||
Collateral pledged to support letter of credit | 37,500,000 | |
Letter of Credit | Capital Support Agreement | Top Layer Reinsurance Ltd. | ||
Commitments and Contingencies [Line Items] | ||
Maximum mandatory capital contribution in the event of loss that reduced capital and surplus below specified level | 50,000,000 | |
Other assets | ||
Commitments and Contingencies [Line Items] | ||
Operating lease, right-of-use asset | 22,900,000 | $ 29,800,000 |
Finance lease, right-of-use asset | 28,000,000 | 18,000,000 |
Other liabilities | ||
Commitments and Contingencies [Line Items] | ||
Operating lease, liability | 23,100,000 | 29,900,000 |
Finance lease, liability | 22,500,000 | 22,900,000 |
Interest Expense | ||
Commitments and Contingencies [Line Items] | ||
Finance lease, interest expense | 2,300,000 | 2,300,000 |
Other income (loss) | ||
Commitments and Contingencies [Line Items] | ||
Finance lease, right-of-use asset, amortization | $ 500,000 | $ 500,000 |
Commitments, Contingencies an_4
Commitments, Contingencies and Other Items (Schedule of Future Minimum Payments, Operating and Finance Leases) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Operating Leases | |
2022 | $ 8,515 |
2023 | 7,440 |
2024 | 6,186 |
2025 | 5,998 |
2026 | 5,588 |
After 2026 | 21,143 |
Future minimum lease payments under existing leases | 54,870 |
Finance Leases | |
2022 | 2,661 |
2023 | 2,661 |
2024 | 2,661 |
2025 | 2,661 |
2026 | 2,661 |
After 2026 | 4,807 |
Future minimum lease payments under existing leases | $ 18,112 |
Sale of RenaissanceRe UK (Detai
Sale of RenaissanceRe UK (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Transfers and Servicing [Abstract] | |||
Loss on sale of RenaissanceRe UK | $ 0 | $ 30,242 | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Jan. 01, 2022 | Feb. 02, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Feb. 04, 2022 | Jul. 28, 2021 |
Common shares | |||||||
Subsequent Event [Line Items] | |||||||
Share repurchase program, shares repurchased (in shares) | 6,578,133 | ||||||
Repurchase of shares | $ 1,000,000,000 | ||||||
Share repurchase program, price per share (in dollars per share) | $ 156.78 | ||||||
Share repurchase program, authorized aggregate amount | $ 500,000,000 | ||||||
Third-Party Investors | |||||||
Subsequent Event [Line Items] | |||||||
Redemption of shares from redeemable noncontrolling interests | $ 156,700,000 | ||||||
Subsequent Event | DaVinciRe Holdings Ltd. | |||||||
Subsequent Event [Line Items] | |||||||
Redeemable noncontrolling interest, ownership percentage | 30.90% | ||||||
Subsequent Event | Common shares | |||||||
Subsequent Event [Line Items] | |||||||
Share repurchase program, shares repurchased (in shares) | 462,350 | ||||||
Repurchase of shares | $ 76,100,000 | ||||||
Share repurchase program, price per share (in dollars per share) | $ 164.52 | ||||||
Share repurchase program, authorized aggregate amount | $ 500,000,000 | ||||||
Subsequent Event | Third-Party Investors | |||||||
Subsequent Event [Line Items] | |||||||
Redemption of shares from redeemable noncontrolling interests | $ 87,400,000 | ||||||
Subsequent Event | DaVinciRe Holdings Ltd. | |||||||
Subsequent Event [Line Items] | |||||||
Noncontrolling interest, increase from sale of parent equity interest | 102,900,000 | ||||||
DaVinciRe Holdings Ltd. | |||||||
Subsequent Event [Line Items] | |||||||
Noncontrolling interest, value subscribed | 250,000,000 | ||||||
Redemption of shares from redeemable noncontrolling interests | $ 157,864,000 | $ (1,450,000) | |||||
DaVinciRe Holdings Ltd. | Third-Party Investors | |||||||
Subsequent Event [Line Items] | |||||||
Noncontrolling interest, value subscribed | 150,900,000 | ||||||
DaVinciRe Holdings Ltd. | RenaissanceRe Holdings Ltd. | |||||||
Subsequent Event [Line Items] | |||||||
Noncontrolling interest, value subscribed | $ 99,100,000 | ||||||
DaVinciRe Holdings Ltd. | Investor | Other liabilities | |||||||
Subsequent Event [Line Items] | |||||||
Noncontrolling interest, value subscribed | $ 387,800,000 | ||||||
DaVinciRe Holdings Ltd. | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Noncontrolling interest, value subscribed | 500,000,000 | ||||||
DaVinciRe Holdings Ltd. | Subsequent Event | Third-Party Investors | |||||||
Subsequent Event [Line Items] | |||||||
Noncontrolling interest, value subscribed | 284,800,000 | ||||||
DaVinciRe Holdings Ltd. | Subsequent Event | RenaissanceRe Holdings Ltd. | |||||||
Subsequent Event [Line Items] | |||||||
Noncontrolling interest, value subscribed | $ 215,200,000 | ||||||
Upsilon RFO Re Ltd. | RenaissanceRe Holdings Ltd. | Primary Beneficiary | |||||||
Subsequent Event [Line Items] | |||||||
Variable interest entity, ownership percentage | 13.70% | 13.80% | |||||
Upsilon RFO Re Ltd. | RenaissanceRe Holdings Ltd. | Primary Beneficiary | Preference shares | |||||||
Subsequent Event [Line Items] | |||||||
Investment in variable interest entity | $ 32,300,000 | $ 98,100,000 | |||||
Upsilon RFO Re Ltd. | Investor | Primary Beneficiary | Preference shares | |||||||
Subsequent Event [Line Items] | |||||||
Investment in variable interest entity | 544,600,000 | 835,900,000 | |||||
Upsilon RFO Re Ltd. | Investor | Primary Beneficiary | Preference shares | Other liabilities | |||||||
Subsequent Event [Line Items] | |||||||
Investment in variable interest entity | 79,000,000 | ||||||
Upsilon RFO Re Ltd. | Subsequent Event | RenaissanceRe Holdings Ltd. | Primary Beneficiary | |||||||
Subsequent Event [Line Items] | |||||||
Variable interest entity, ownership percentage | 13.60% | ||||||
Upsilon RFO Re Ltd. | Subsequent Event | RenaissanceRe Holdings Ltd. | Primary Beneficiary | Preference shares | |||||||
Subsequent Event [Line Items] | |||||||
Investment in variable interest entity | $ 10,000,000 | ||||||
Upsilon RFO Re Ltd. | Subsequent Event | Investor | Primary Beneficiary | Preference shares | |||||||
Subsequent Event [Line Items] | |||||||
Investment in variable interest entity | $ 89,000,000 | ||||||
Medici | |||||||
Subsequent Event [Line Items] | |||||||
Noncontrolling interest, value subscribed | 201,520,000 | 137,303,000 | |||||
Redemption of shares from redeemable noncontrolling interests | 64,191,000 | $ 107,386,000 | |||||
Medici | Investor | Primary Beneficiary | Preference shares | |||||||
Subsequent Event [Line Items] | |||||||
Investment in variable interest entity | $ 73,700,000 | ||||||
Medici | Subsequent Event | RenaissanceRe Holdings Ltd. | Primary Beneficiary | |||||||
Subsequent Event [Line Items] | |||||||
Variable interest entity, ownership percentage | 13.70% | ||||||
Medici | Subsequent Event | RenaissanceRe Holdings Ltd. | Primary Beneficiary | Preference shares | |||||||
Subsequent Event [Line Items] | |||||||
Investment in variable interest entity | $ 0 | ||||||
Medici | Subsequent Event | Investor | Primary Beneficiary | Preference shares | |||||||
Subsequent Event [Line Items] | |||||||
Investment in variable interest entity | $ 73,700,000 |
Schedule I. Summary of Invest_2
Schedule I. Summary of Investments Other Than Investments in Related Parties (Details) $ in Thousands | Dec. 31, 2021USD ($) |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Fair Value | $ 21,442,659 |
Amount at Which Shown in the Balance Sheet | 21,442,659 |
U.S. treasuries | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Amortized Cost or Cost | 6,302,313 |
Fair Value | 6,247,779 |
Amount at Which Shown in the Balance Sheet | 6,247,779 |
Agencies | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Amortized Cost or Cost | 364,429 |
Fair Value | 361,684 |
Amount at Which Shown in the Balance Sheet | 361,684 |
Non-U.S. government | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Amortized Cost or Cost | 552,935 |
Fair Value | 549,613 |
Amount at Which Shown in the Balance Sheet | 549,613 |
Non-U.S. government-backed corporate | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Amortized Cost or Cost | 476,200 |
Fair Value | 474,848 |
Amount at Which Shown in the Balance Sheet | 474,848 |
Corporate | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Amortized Cost or Cost | 3,202,614 |
Fair Value | 3,214,438 |
Amount at Which Shown in the Balance Sheet | 3,214,438 |
Agency mortgage-backed | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Amortized Cost or Cost | 721,711 |
Fair Value | 721,955 |
Amount at Which Shown in the Balance Sheet | 721,955 |
Non-agency mortgage-backed | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Amortized Cost or Cost | 232,144 |
Fair Value | 233,346 |
Amount at Which Shown in the Balance Sheet | 233,346 |
Commercial mortgage-backed | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Amortized Cost or Cost | 631,016 |
Fair Value | 634,925 |
Amount at Which Shown in the Balance Sheet | 634,925 |
Asset-backed | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Amortized Cost or Cost | 1,069,217 |
Fair Value | 1,068,543 |
Amount at Which Shown in the Balance Sheet | 1,068,543 |
Fixed maturity investments | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Amortized Cost or Cost | 13,552,579 |
Fair Value | 13,507,131 |
Amount at Which Shown in the Balance Sheet | 13,507,131 |
Short term investments | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Fair Value | 5,298,385 |
Amount at Which Shown in the Balance Sheet | 5,298,385 |
Equity investments | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Fair Value | 546,016 |
Amount at Which Shown in the Balance Sheet | 546,016 |
Catastrophe bonds | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Fair Value | 1,104,034 |
Amount at Which Shown in the Balance Sheet | 1,104,034 |
Direct private equity investments | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Fair Value | 88,373 |
Amount at Which Shown in the Balance Sheet | 88,373 |
Fund investments | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Fair Value | 725,802 |
Amount at Which Shown in the Balance Sheet | 725,802 |
Term loans | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Fair Value | 74,850 |
Amount at Which Shown in the Balance Sheet | 74,850 |
Total other investments | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Fair Value | 1,993,059 |
Amount at Which Shown in the Balance Sheet | 1,993,059 |
Investments in other ventures, under equity method | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Fair Value | 98,068 |
Amount at Which Shown in the Balance Sheet | $ 98,068 |
Schedule II. Condensed Financ_2
Schedule II. Condensed Financial Information Of Registrant (Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | |||
Fixed maturity investments | $ 13,507,131 | $ 13,506,503 | |
Cash and cash equivalents | 1,859,019 | 1,736,813 | |
Accrued investment income | 55,740 | 66,743 | |
Receivable for investments sold | 380,442 | 568,293 | |
Other assets | 224,053 | 363,170 | |
Goodwill and other intangible assets | 243,496 | 249,641 | |
Total assets | 33,959,502 | 30,820,580 | |
Liabilities | |||
Other liabilities | 755,441 | 970,121 | |
Total liabilities | 23,781,168 | 19,872,013 | |
Shareholders’ Equity | |||
Preference shares: $1.00 par value – 30,000 shares issued and outstanding at December 31, 2021 (2020 – 11,010,000) | 750,000 | 525,000 | |
Common shares: $1.00 par value – 44,444,831 shares issued and outstanding at December 31, 2021 (2020 – 50,810,618) | 44,445 | 50,811 | |
Additional paid-in capital | 608,121 | 1,623,206 | |
Accumulated other comprehensive income (loss) | (10,909) | (12,642) | |
Retained earnings | 5,232,624 | 5,373,873 | |
Total shareholders’ equity attributable to RenaissanceRe | 6,624,281 | 7,560,248 | $ 5,971,367 |
Total liabilities, noncontrolling interests and shareholders’ equity | 33,959,502 | 30,820,580 | |
Parent Company | |||
Assets | |||
Fixed maturity investments | 0 | 14,790 | |
Short term investments, at fair value (Notes 4 and 5) | 46,503 | 125,392 | |
Cash and cash equivalents | 35,834 | 29,830 | |
Investments in subsidiaries | 6,137,229 | 6,757,962 | |
Due from subsidiaries | 9,468 | 2,435 | |
Accrued investment income | 6 | 34 | |
Receivable for investments sold | 3 | 18 | |
Other assets | 859,176 | 932,153 | |
Goodwill and other intangible assets | 108,261 | 112,110 | |
Total assets | 7,196,480 | 7,974,724 | |
Liabilities | |||
Notes and bank loans payable | 393,306 | 392,391 | |
Due to subsidiaries | 156,353 | 0 | |
Other liabilities | 22,540 | 22,085 | |
Total liabilities | 572,199 | 414,476 | |
Shareholders’ Equity | |||
Preference shares: $1.00 par value – 30,000 shares issued and outstanding at December 31, 2021 (2020 – 11,010,000) | 750,000 | 525,000 | |
Common shares: $1.00 par value – 44,444,831 shares issued and outstanding at December 31, 2021 (2020 – 50,810,618) | 44,445 | 50,811 | |
Additional paid-in capital | 608,121 | 1,623,206 | |
Accumulated other comprehensive income (loss) | (10,909) | (12,642) | |
Retained earnings | 5,232,624 | 5,373,873 | |
Total shareholders’ equity attributable to RenaissanceRe | 6,624,281 | 7,560,248 | |
Total liabilities, noncontrolling interests and shareholders’ equity | $ 7,196,480 | $ 7,974,724 |
Schedule II. Condensed Financ_3
Schedule II. Condensed Financial Information Of Registrant (Balance Sheets Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Condensed Financial Statements, Captions [Line Items] | ||
Fixed maturity investments trading, amortized cost | $ 13,552,579 | $ 13,155,035 |
Preference shares, par value (in usd per share) | $ 1 | $ 1 |
Preference shares, shares issued (in shares) | 30,000 | 11,010,000 |
Preference shares, shares outstanding (in shares) | 30,000 | 11,010,000 |
Common shares, par value (in usd per share) | $ 1 | $ 1 |
Common shares, shares issued (in shares) | 44,444,831 | 50,810,618 |
Common shares, shares outstanding (in shares) | 44,444,831 | 50,810,618 |
Parent Company | ||
Condensed Financial Statements, Captions [Line Items] | ||
Fixed maturity investments trading, amortized cost | $ 0 | $ 14,840 |
Preference shares, par value (in usd per share) | $ 1 | $ 1 |
Preference shares, shares issued (in shares) | 30,000 | 11,010,000 |
Preference shares, shares outstanding (in shares) | 30,000 | 11,010,000 |
Common shares, par value (in usd per share) | $ 1 | $ 1 |
Common shares, shares issued (in shares) | 44,444,831 | 50,810,618 |
Common shares, shares outstanding (in shares) | 44,444,831 | 50,810,618 |
Schedule II. Condensed Financ_4
Schedule II. Condensed Financial Information Of Registrant (Statements of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | |||
Net investment income | $ 319,479 | $ 354,038 | $ 424,207 |
Net foreign exchange gains (losses) | (41,006) | 27,773 | (2,938) |
Net realized and unrealized (losses) gains on investments | (218,134) | 820,636 | 414,109 |
Total revenues | 5,277,709 | 5,172,316 | 4,201,954 |
Expenses | |||
Interest expense | 47,536 | 50,453 | 58,364 |
Operational expenses | 212,184 | 206,687 | 222,733 |
Corporate expenses | 41,152 | 96,970 | 94,122 |
Total expenses | 5,391,817 | 4,176,396 | 3,234,472 |
Net income (loss) attributable to RenaissanceRe | (40,155) | 762,405 | 748,798 |
Dividends on preference shares (Note 12) | (33,266) | (30,923) | (36,756) |
Net income (loss) available (attributable) to RenaissanceRe common shareholders | (73,421) | 731,482 | 712,042 |
Parent Company | |||
Revenues | |||
Net investment income | 38,347 | 40,502 | 39,629 |
Net foreign exchange gains (losses) | (10,740) | 10,729 | 7,342 |
Net realized and unrealized (losses) gains on investments | 6,212 | (4,556) | 12,393 |
Total revenues | 33,819 | 46,675 | 59,364 |
Expenses | |||
Interest expense | 15,315 | 15,583 | 18,086 |
Operational expenses | 12,043 | 8,016 | 7,506 |
Corporate expenses | 35,946 | 47,223 | 58,393 |
Total expenses | 63,304 | 70,822 | 83,985 |
Income (loss) before equity in net income of subsidiaries | (29,485) | (24,147) | (24,621) |
Equity in net income (loss) of subsidiaries | (10,670) | 786,552 | 773,419 |
Net income (loss) attributable to RenaissanceRe | (40,155) | 762,405 | 748,798 |
Dividends on preference shares (Note 12) | (33,266) | (30,923) | (36,756) |
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ (73,421) | $ 731,482 | $ 712,042 |
Schedule II. Condensed Financ_5
Schedule II. Condensed Financial Information Of Registrant (Statements of Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net income (loss) | $ (40,155) | $ 762,405 | $ 748,798 |
Change in net unrealized gains (losses) on investments, net of tax | (2,492) | 606 | 2,173 |
Foreign currency translation adjustments, net of tax | 4,225 | (11,309) | (2,679) |
Comprehensive income (loss) attributable to RenaissanceRe | (38,422) | 751,702 | 748,292 |
Parent Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net income (loss) | (40,155) | 762,405 | 748,798 |
Change in net unrealized gains (losses) on investments, net of tax | (2,492) | 606 | 2,173 |
Foreign currency translation adjustments, net of tax | 4,225 | (11,309) | (2,679) |
Comprehensive income (loss) attributable to RenaissanceRe | $ (38,422) | $ 751,702 | $ 748,292 |
Schedule II. Condensed Financ_6
Schedule II. Condensed Financial Information Of Registrant (Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows (used in) provided by operating activities | |||
Net income (loss) attributable to RenaissanceRe | $ (40,155) | $ 762,405 | $ 748,798 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||
Net realized and unrealized (gains) losses on investments | 205,897 | (820,636) | (414,109) |
Other | (437,221) | 178,314 | 238,756 |
Net cash provided by (used in) operating activities | 1,234,815 | 1,992,735 | 2,137,195 |
Cash flows used in investing activities | |||
Proceeds from maturities and sales of fixed maturity investments trading | 15,543,565 | 15,186,952 | 17,313,940 |
Purchases of fixed maturity investments trading | (15,680,351) | (16,836,538) | (17,919,343) |
Net purchases of short term investments | (252,833) | (581,473) | (1,900,741) |
Net cash provided by (used in) investing activities | (816,296) | (2,304,689) | (2,988,644) |
Cash flows provided by (used in) financing activities | |||
Dividends paid – RenaissanceRe common shares | (67,828) | (68,490) | (59,368) |
Dividends paid – preference shares | (32,889) | (30,923) | (36,756) |
Issuance of debt, net of expenses | 0 | 0 | 396,411 |
RenaissanceRe common share repurchases | (1,027,505) | (62,621) | 0 |
RenaissanceRe common share issuance | 0 | 1,095,507 | 0 |
Redemption of preference shares | (275,000) | (125,000) | 0 |
Issuance of preference shares, net of expenses | 488,653 | 0 | 0 |
Taxes paid on withholding shares | (12,171) | (12,330) | (7,253) |
Net cash provided by (used in) financing activities | (302,461) | 665,214 | 1,120,117 |
Effect of exchange rate changes on foreign currency cash | 6,148 | 4,485 | 2,478 |
Net increase (decrease) in cash and cash equivalents | 122,206 | 357,745 | 271,146 |
Cash and cash equivalents, beginning of year | 1,736,813 | 1,379,068 | 1,107,922 |
Cash and cash equivalents, end of year | 1,859,019 | 1,736,813 | 1,379,068 |
Parent Company | |||
Cash flows (used in) provided by operating activities | |||
Net income (loss) attributable to RenaissanceRe | (40,155) | 762,405 | 748,798 |
Less: equity in net income of subsidiaries | 10,670 | (786,552) | (773,419) |
Loss before equity in net income of subsidiaries | (29,485) | (24,147) | (24,621) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||
Net realized and unrealized (gains) losses on investments | 4,898 | 4,556 | (12,393) |
Other | 59,873 | 37,782 | 34,153 |
Net cash provided by (used in) operating activities | 35,286 | 18,191 | (2,861) |
Cash flows used in investing activities | |||
Proceeds from maturities and sales of fixed maturity investments trading | 436,122 | 370,905 | 306,579 |
Purchases of fixed maturity investments trading | (421,323) | (384,415) | (66,740) |
Net purchases of short term investments | 78,904 | 64,209 | (116,499) |
Dividends and return of capital from subsidiaries | 1,104,831 | 827,626 | 1,400,944 |
Contributions to subsidiaries | (351,548) | (1,623,708) | (1,165,607) |
Due (to) from subsidiary | 50,472 | (65,438) | (625,924) |
Net cash provided by (used in) investing activities | 897,458 | (810,821) | (267,247) |
Cash flows provided by (used in) financing activities | |||
Dividends paid – RenaissanceRe common shares | (67,828) | (68,490) | (59,368) |
Dividends paid – preference shares | (32,889) | (30,923) | (36,756) |
Issuance of debt, net of expenses | 0 | 0 | 396,411 |
RenaissanceRe common share repurchases | (1,027,505) | (62,621) | 0 |
RenaissanceRe common share issuance | 0 | 1,095,507 | 0 |
Redemption of preference shares | (275,000) | (125,000) | 0 |
Issuance of preference shares, net of expenses | 488,653 | 0 | 0 |
Taxes paid on withholding shares | (12,171) | (12,330) | (7,253) |
Net cash provided by (used in) financing activities | (926,740) | 796,143 | 293,034 |
Effect of exchange rate changes on foreign currency cash | 0 | (143) | 0 |
Net increase (decrease) in cash and cash equivalents | 6,004 | 3,370 | 22,926 |
Cash and cash equivalents, beginning of year | 29,830 | 26,460 | 3,534 |
Cash and cash equivalents, end of year | $ 35,834 | $ 29,830 | $ 26,460 |
Schedule III. Supplementary I_2
Schedule III. Supplementary Insurance Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred Policy Acquisition Costs | $ 849,160 | $ 633,521 | $ 663,991 |
Future Policy Benefits, Losses, Claims and Loss Expenses | 13,294,630 | 10,381,138 | 9,384,349 |
Unearned Premiums | 3,531,213 | 2,763,599 | 2,530,975 |
Premium Revenue | 5,194,181 | 3,952,462 | 3,338,403 |
Net Investment Income | 319,479 | 354,038 | 424,207 |
Benefits, Claims, Losses and Settlement Expenses | 3,876,087 | 2,924,609 | 2,097,021 |
Amortization of Deferred Policy Acquisition Costs | 1,214,858 | 897,677 | 762,232 |
Other Operating Expenses | 212,184 | 206,687 | 222,733 |
Net Written Premiums | 5,939,375 | 4,096,333 | 3,381,493 |
Property | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred Policy Acquisition Costs | 195,423 | 118,327 | 79,795 |
Future Policy Benefits, Losses, Claims and Loss Expenses | 6,377,688 | 4,372,453 | 4,074,290 |
Unearned Premiums | 931,938 | 659,236 | 539,183 |
Premium Revenue | 2,608,298 | 1,936,215 | 1,627,494 |
Net Investment Income | 0 | 0 | 0 |
Benefits, Claims, Losses and Settlement Expenses | 2,163,016 | 1,435,947 | 965,384 |
Amortization of Deferred Policy Acquisition Costs | 487,178 | 353,700 | 313,554 |
Other Operating Expenses | 143,608 | 135,547 | 138,187 |
Net Written Premiums | 2,868,002 | 2,037,200 | 1,654,259 |
Casualty and Specialty | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred Policy Acquisition Costs | 653,737 | 515,194 | 584,196 |
Future Policy Benefits, Losses, Claims and Loss Expenses | 6,916,942 | 6,008,685 | 5,310,059 |
Unearned Premiums | 2,599,275 | 2,104,363 | 1,991,792 |
Premium Revenue | 2,585,883 | 2,016,247 | 1,710,909 |
Net Investment Income | 0 | 0 | |
Benefits, Claims, Losses and Settlement Expenses | 1,713,071 | 1,488,662 | 1,131,637 |
Amortization of Deferred Policy Acquisition Costs | 727,680 | 543,977 | 448,678 |
Other Operating Expenses | 68,576 | 71,140 | 84,546 |
Net Written Premiums | 3,071,373 | 2,059,133 | 1,727,234 |
Other | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
Deferred Policy Acquisition Costs | 0 | 0 | 0 |
Future Policy Benefits, Losses, Claims and Loss Expenses | 0 | 0 | 0 |
Unearned Premiums | 0 | 0 | 0 |
Premium Revenue | 0 | 0 | 0 |
Net Investment Income | 319,479 | 354,038 | 424,207 |
Benefits, Claims, Losses and Settlement Expenses | 0 | 0 | 0 |
Amortization of Deferred Policy Acquisition Costs | 0 | 0 | 0 |
Other Operating Expenses | 0 | 0 | 0 |
Net Written Premiums | $ 0 | $ 0 | $ 0 |
Schedule IV. Supplemental Sch_2
Schedule IV. Supplemental Schedule of Reinsurance Premiums (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract] | |||
Gross Amounts | $ 799,717 | $ 536,595 | $ 404,525 |
Ceded to Other Companies | 1,863,350 | 1,662,815 | 1,414,383 |
Assumed | 6,257,814 | 5,078,682 | 4,348,261 |
Net premiums earned (Note 7) | $ 5,194,181 | $ 3,952,462 | $ 3,338,403 |
Percentage of Amount Assumed to Net | 120.00% | 128.00% | 130.00% |
Schedule VI. Supplementary In_2
Schedule VI. Supplementary Insurance Information Concerning Property-Casualty Insurance Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] | |||
Current year | $ 4,125,557 | $ 3,108,421 | $ 2,123,876 |
Prior years | (249,470) | (183,812) | (26,855) |
Consolidated Subsidiaries | |||
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] | |||
Deferred Policy Acquisition Costs | 849,160 | 633,521 | 663,991 |
Reserves for Unpaid Claims and Claim Adjustment Expenses | 13,294,630 | 10,381,138 | 9,384,349 |
Discount, if any, Deducted | 0 | 0 | 0 |
Unearned Premiums | 3,531,213 | 2,763,599 | 2,530,975 |
Earned Premiums | 5,194,181 | 3,952,462 | 3,338,403 |
Net Investment Income | 319,479 | 354,038 | 424,207 |
Current year | 4,125,557 | 3,108,421 | 2,123,876 |
Prior years | (183,812) | (26,855) | |
Amortization of Deferred Policy Acquisition Costs | 1,214,858 | 897,677 | 762,232 |
Paid Claims and Claim Adjustment Expenses | 2,224,102 | 2,004,628 | 1,098,054 |
Net Premiums Written | $ 5,939,375 | $ 4,096,333 | $ 3,381,493 |
Uncategorized Items - rnr-20211
Label | Element | Value |
Fair Value, Inputs, Level 3 [Member] | Assumed and Ceded Re Insurance Contracts, Group Three [Member] | Fair Value, Recurring [Member] | Internal Valuation Model Valuation Technique [Member] | ||
Other Assets, Fair Value Disclosure | us-gaap_OtherAssetsFairValueDisclosure | $ 1,374,000 |
Fair Value, Inputs, Level 3 [Member] | Assumed And Ceded Re Insurance Contracts, Group One [Member] | Fair Value, Recurring [Member] | Internal Valuation Model Valuation Technique [Member] | ||
Other Liabilities, Fair Value Disclosure | us-gaap_OtherLiabilitiesFairValueDisclosure | 4,727,000 |
Other Liabilities, Fair Value Disclosure | us-gaap_OtherLiabilitiesFairValueDisclosure | $ 190,000 |
Fair Value, Inputs, Level 3 [Member] | Assumed And Ceded Re Insurance Contracts, Group One [Member] | Fair Value, Recurring [Member] | Measurement Input, Offered Price [Member] | Internal Valuation Model Valuation Technique [Member] | ||
Alternative Investment, Measurement Input | us-gaap_AlternativeInvestmentMeasurementInput | 99.31 |
Fair Value, Inputs, Level 3 [Member] | Assumed And Ceded Re Insurance Contracts, Group One [Member] | Fair Value, Recurring [Member] | Measurement Input, Liquidity [Member] | Internal Valuation Model Valuation Technique [Member] | ||
Alternative Investment, Measurement Input | us-gaap_AlternativeInvestmentMeasurementInput | 0.013 |
Fair Value, Inputs, Level 3 [Member] | Assumed and Ceded Re Insurance Contracts, Group Two [Member] | Fair Value, Recurring [Member] | Internal Valuation Model Valuation Technique [Member] | ||
Other Liabilities, Fair Value Disclosure | us-gaap_OtherLiabilitiesFairValueDisclosure | $ 4,700,000 |
Other Liabilities, Fair Value Disclosure | us-gaap_OtherLiabilitiesFairValueDisclosure | $ 7,395,000 |
Fair Value, Inputs, Level 3 [Member] | Assumed and Ceded Re Insurance Contracts, Group Two [Member] | Fair Value, Recurring [Member] | Measurement Input, Undiscounted Cash Flows [Member] | Internal Valuation Model Valuation Technique [Member] | ||
Alternative Investment, Measurement Input | us-gaap_AlternativeInvestmentMeasurementInput | 12,514,000 |
Fair Value, Inputs, Level 3 [Member] | Assumed and Ceded Re Insurance Contracts, Group Two [Member] | Fair Value, Recurring [Member] | Measurement Input, Undiscounted Cash Flows [Member] | Weighted Average [Member] | Internal Valuation Model Valuation Technique [Member] | ||
Alternative Investment, Measurement Input | us-gaap_AlternativeInvestmentMeasurementInput | 14,920,000 |
Fair Value, Inputs, Level 3 [Member] | Assumed and Ceded Re Insurance Contracts, Group Two [Member] | Fair Value, Recurring [Member] | Measurement Input, Discount Rate [Member] | Internal Valuation Model Valuation Technique [Member] | ||
Alternative Investment, Measurement Input | us-gaap_AlternativeInvestmentMeasurementInput | 0.004 |
Fair Value, Inputs, Level 3 [Member] | Assumed and Ceded Re Insurance Contracts, Group Two [Member] | Fair Value, Recurring [Member] | Measurement Input, Discount Rate [Member] | Weighted Average [Member] | Internal Valuation Model Valuation Technique [Member] | ||
Alternative Investment, Measurement Input | us-gaap_AlternativeInvestmentMeasurementInput | 0.013 |
Fair Value, Inputs, Level 3 [Member] | Assumed and Ceded Re Insurance Contracts, Group Two [Member] | Fair Value, Recurring [Member] | Measurement Input, Expected Loss Ratio [Member] | Internal Valuation Model Valuation Technique [Member] | ||
Alternative Investment, Measurement Input | us-gaap_AlternativeInvestmentMeasurementInput | 0.240 |
Fair Value, Inputs, Level 3 [Member] | Assumed and Ceded Re Insurance Contracts, Group Two [Member] | Fair Value, Recurring [Member] | Measurement Input, Expected Loss Ratio [Member] | Weighted Average [Member] | Internal Valuation Model Valuation Technique [Member] | ||
Alternative Investment, Measurement Input | us-gaap_AlternativeInvestmentMeasurementInput | 0.147 |