Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 04, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'RENAISSANCERE HOLDINGS LTD. | ' |
Trading Symbol | 'RNR | ' |
Entity Central Index Key | '0000913144 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 44,413,413 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Fixed maturity investments trading, at fair value (Amortized cost $4,722,167 and $4,549,112 at September 30, 2013 and December 31, 2012, respectively) | $4,751,237 | $4,660,168 |
Fixed maturity investments available for sale, at fair value (Amortized cost $34,091 and $71,445 at September 30, 2013 and December 31, 2012, respectively) | 38,530 | 83,442 |
Short term investments, at fair value | 925,329 | 821,163 |
Equity investments trading, at fair value | 113,986 | 58,186 |
Other investments, at fair value | 500,770 | 644,711 |
Investments in other ventures, under equity method | 97,660 | 87,724 |
Total investments | 6,427,512 | 6,355,394 |
Cash and cash equivalents | 266,350 | 304,145 |
Premiums receivable | 735,937 | 491,365 |
Prepaid reinsurance premiums | 166,340 | 77,082 |
Reinsurance recoverable | 149,201 | 192,512 |
Accrued investment income | 26,887 | 33,478 |
Deferred acquisition costs | 103,844 | 52,622 |
Receivable for investments sold | 240,191 | 168,673 |
Other assets | 113,159 | 110,777 |
Goodwill and other intangible assets | 8,978 | 8,486 |
Assets of discontinued operations held for sale | 115,556 | 134,094 |
Total assets | 8,353,955 | 7,928,628 |
Liabilities | ' | ' |
Reserve for claims and claim expenses | 1,683,709 | 1,879,377 |
Unearned premiums | 754,077 | 399,517 |
Debt | 249,407 | 349,339 |
Reinsurance balances payable | 358,988 | 290,419 |
Payable for investments purchased | 407,788 | 278,787 |
Other liabilities | 183,362 | 198,434 |
Liabilities of discontinued operations held for sale | 56,275 | 57,440 |
Total liabilities | 3,693,606 | 3,453,313 |
Commitments and Contingencies | ' | ' |
Redeemable noncontrolling interest | 945,915 | 968,259 |
Shareholders’ Equity | ' | ' |
Preference Shares: $1.00 par value – 16,000,000 shares issued and outstanding at September 30, 2013 (December 31, 2012 – 16,000,000) | 400,000 | 400,000 |
Common shares: $1.00 par value – 44,390,632 shares issued and outstanding at September 30, 2013 (December 31, 2012 – 45,542,203) | 44,391 | 45,542 |
Accumulated other comprehensive income | 4,566 | 13,622 |
Retained earnings | 3,261,757 | 3,043,901 |
Total shareholders’ equity attributable to RenaissanceRe | 3,710,714 | 3,503,065 |
Noncontrolling interest | 3,720 | 3,991 |
Total shareholders’ equity | 3,714,434 | 3,507,056 |
Total liabilities, noncontrolling interests and shareholders’ equity | $8,353,955 | $7,928,628 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Fixed maturity investments trading, amortized cost | $4,722,167 | $4,549,112 |
Fixed maturity investments available for sale, amortized cost | $34,091 | $71,445 |
Preference Shares, Par Value (In dollars per share) | $1 | $1 |
Preference Shares, Shares issued (In shares) | 16,000,000 | 16,000,000 |
Preference Shares, Shares outstanding (In shares) | 16,000,000 | 16,000,000 |
Common Shares, Par Value (In dollars per share) | $1 | $1 |
Common Shares, Shares issued (In shares) | 44,390,632 | 45,542,203 |
Common Shares, Shares outstanding (In shares) | 44,390,632 | 45,542,203 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues | ' | ' | ' | ' |
Gross premiums written | $182,649 | $136,359 | $1,521,290 | $1,467,846 |
Net premiums written | 127,241 | 105,035 | 1,123,163 | 1,025,240 |
Decrease (increase) in unearned premiums | 167,476 | 157,588 | -265,302 | -239,536 |
Net premiums earned | 294,717 | 262,623 | 857,861 | 785,704 |
Net investment income | 59,931 | 46,135 | 129,296 | 126,725 |
Net foreign exchange gains | 488 | 3,187 | 170 | 3,468 |
Equity in earnings of other ventures | 7,313 | 4,310 | 16,920 | 16,626 |
Other income (loss) | 651 | -1,053 | -2,186 | 730 |
Net realized and unrealized gains (losses) on investments | 28,472 | 75,297 | -26,788 | 150,982 |
Total other-than-temporary impairments | 0 | 0 | 0 | -395 |
Portion recognized in other comprehensive income, before taxes | 0 | 0 | 0 | 52 |
Net other-than-temporary impairments | 0 | 0 | 0 | -343 |
Total revenues | 391,572 | 390,499 | 975,273 | 1,083,892 |
Expenses | ' | ' | ' | ' |
Net claims and claim expenses incurred | 60,928 | 73,215 | 192,141 | 138,318 |
Acquisition expenses | 37,699 | 24,438 | 94,475 | 74,157 |
Operational expenses | 44,672 | 42,356 | 133,447 | 126,055 |
Corporate expenses | 4,307 | 3,796 | 30,318 | 12,567 |
Interest expense | 4,298 | 5,891 | 13,632 | 17,325 |
Total expenses | 151,904 | 149,696 | 464,013 | 368,422 |
Income from continuing operations before taxes | 239,668 | 240,803 | 511,260 | 715,470 |
Income tax expense | -223 | -144 | -356 | -1,008 |
Income from continuing operations | 239,445 | 240,659 | 510,904 | 714,462 |
(Loss) income from discontinued operations | -9,779 | -166 | 2,422 | -25,505 |
Net income | 229,666 | 240,493 | 513,326 | 688,957 |
Net income attributable to noncontrolling interests | -44,331 | -51,083 | -96,953 | -138,348 |
Net income attributable to RenaissanceRe | 185,335 | 189,410 | 416,373 | 550,609 |
Dividends on preference shares | -5,595 | -8,750 | -19,353 | -26,250 |
Net income available to RenaissanceRe common shareholders | $179,740 | $180,660 | $397,020 | $524,359 |
Income from continuing operations available to RenaissanceRe common shareholders per common share – basic (usd per share) | $4.32 | $3.67 | $8.95 | $10.89 |
(Loss) income from discontinued operations attributable to RenaissanceRe common shareholders per common share – basic (usd per share) | ($0.23) | $0 | $0.06 | ($0.51) |
Net income available to RenaissanceRe common shareholders per common share – basic (usd per share) | $4.09 | $3.67 | $9.01 | $10.38 |
Income from continuing operations available to RenaissanceRe common shareholders per common share – diluted (usd per share) | $4.23 | $3.62 | $8.79 | $10.75 |
(Loss) income from discontinued operations attributable to RenaissanceRe common shareholders per common share – diluted (usd per share) | ($0.22) | $0 | $0.05 | ($0.51) |
Net income available to RenaissanceRe common shareholders per common share – diluted (usd per share) (usd per share) | $4.01 | $3.62 | $8.84 | $10.24 |
Dividends per common share (usd per share) | $0.28 | $0.27 | $0.84 | $0.81 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Comprehensive income (loss) | ' | ' | ' | ' |
Net income | $229,666 | $240,493 | $513,326 | $688,957 |
Change in net unrealized gains on investments | -343 | 1,536 | -9,056 | 2,359 |
Portion of other-than-temporary impairments recognized in other comprehensive income | 0 | 0 | 0 | -52 |
Comprehensive income | 229,323 | 242,029 | 504,270 | 691,264 |
Net income attributable to noncontrolling interests | -44,331 | -51,083 | -96,953 | -138,348 |
Comprehensive income attributable to noncontrolling interests | -44,331 | -51,083 | -96,953 | -138,348 |
Comprehensive income attributable to RenaissanceRe | 184,992 | 190,946 | 407,317 | 552,916 |
Disclosure regarding net unrealized gains | ' | ' | ' | ' |
Total realized and net unrealized holding gains (losses) on investments and net other-than-temporary impairments | 25 | 2,293 | -1,508 | 4,822 |
Net realized gains on fixed maturity investments available for sale | -368 | -757 | -7,548 | -2,806 |
Net other-than-temporary impairments recognized in earnings | 0 | 0 | 0 | 343 |
Change in net unrealized gains on investments | ($343) | $1,536 | ($9,056) | $2,359 |
Consolidated_Statements_Of_Cha
Consolidated Statements Of Changes In Shareholders' Equity (USD $) | Total | Preference Shares | Common Shares | Additional Paid-In Capital | Accumulated Other Comprehensive Income | Retained Earnings | Noncontrolling Interest |
In Thousands, unless otherwise specified | |||||||
Beginning of period at Dec. 31, 2011 | ' | $550,000 | $51,543 | $0 | $11,760 | $2,991,890 | ' |
Statement of Changes in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Issuance of shares | ' | 0 | ' | ' | ' | ' | ' |
Repurchase of shares | ' | 0 | -3,619 | -19,423 | ' | -248,847 | ' |
Offering expenses | ' | ' | ' | 0 | ' | ' | ' |
Exercise of options and issuance of restricted stock awards | ' | ' | 304 | 12,247 | ' | ' | ' |
Change in noncontrolling interests | ' | ' | ' | 7,176 | ' | ' | ' |
Change in net unrealized gains on investments | -2,359 | ' | ' | ' | 2,359 | ' | ' |
Portion of other-than-temporary impairments recognized in other comprehensive income | ' | ' | ' | ' | -52 | ' | ' |
Net income | 688,957 | ' | ' | ' | ' | 688,957 | ' |
Net income attributable to noncontrolling interests | -138,348 | ' | ' | ' | ' | -138,348 | ' |
Dividends on common shares | -40,741 | ' | ' | ' | ' | ' | ' |
Dividends on preference shares | -26,250 | ' | ' | ' | ' | ' | ' |
Noncontrolling interest | ' | ' | ' | ' | ' | ' | 3,979 |
Total shareholders’ equity | 3,842,935 | ' | ' | ' | ' | ' | ' |
End of period at Sep. 30, 2012 | ' | 550,000 | 48,228 | 0 | 14,067 | 3,226,661 | ' |
Beginning of period at Dec. 31, 2012 | 3,503,065 | 400,000 | 45,542 | 0 | 13,622 | 3,043,901 | ' |
Statement of Changes in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Issuance of shares | ' | 275,000 | ' | ' | ' | ' | ' |
Repurchase of shares | ' | -275,000 | -1,722 | 3,019 | ' | -142,208 | ' |
Offering expenses | ' | ' | ' | -9,345 | ' | ' | ' |
Exercise of options and issuance of restricted stock awards | ' | ' | 571 | 5,704 | ' | ' | ' |
Change in noncontrolling interests | ' | ' | ' | 622 | ' | ' | ' |
Change in net unrealized gains on investments | 9,056 | ' | ' | ' | -9,056 | ' | ' |
Portion of other-than-temporary impairments recognized in other comprehensive income | ' | ' | ' | ' | 0 | ' | ' |
Net income | 513,326 | ' | ' | ' | ' | 513,326 | ' |
Net income attributable to noncontrolling interests | -96,953 | ' | ' | ' | ' | -96,953 | ' |
Dividends on common shares | -36,956 | ' | ' | ' | ' | ' | ' |
Dividends on preference shares | -19,353 | ' | ' | ' | ' | -19,353 | ' |
Noncontrolling interest | 3,720 | ' | ' | ' | ' | ' | 3,720 |
Total shareholders’ equity | 3,714,434 | ' | ' | ' | ' | ' | ' |
End of period at Sep. 30, 2013 | $3,710,714 | $400,000 | $44,391 | $0 | $4,566 | $3,261,757 | ' |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Cash flows provided by operating activities | ' | ' |
Net income | $513,326,000 | $688,957,000 |
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' |
Amortization, accretion and depreciation | 42,423,000 | 45,303,000 |
Equity in undistributed earnings of other ventures | -12,048,000 | -12,309,000 |
Net realized and unrealized losses (gains) on investments | 26,806,000 | -150,984,000 |
Net other-than-temporary impairments | 0 | 343,000 |
Net unrealized gains included in net investment income | -33,836,000 | -35,963,000 |
Net unrealized losses included in other income (loss) | 12,782,000 | 10,713,000 |
Change in: | ' | ' |
Premiums receivable | -244,572,000 | -229,362,000 |
Prepaid reinsurance premiums | -89,258,000 | -131,070,000 |
Reinsurance recoverable | 43,311,000 | 194,539,000 |
Deferred acquisition costs | -51,222,000 | -39,501,000 |
Reserve for claims and claim expenses | -195,668,000 | -209,674,000 |
Unearned premiums | 354,560,000 | 370,606,000 |
Reinsurance balances payable | 68,569,000 | 99,253,000 |
Other | -49,375,000 | -65,185,000 |
Net cash provided by operating activities | 385,798,000 | 535,666,000 |
Cash flows used in investing activities | ' | ' |
Proceeds from sales and maturities of fixed maturity investments trading | 6,356,691,000 | 6,287,723,000 |
Purchases of fixed maturity investments trading | -6,449,697,000 | -6,886,239,000 |
Proceeds from sales and maturities of fixed maturity investments available for sale | 43,564,000 | 47,925,000 |
Net purchases of equity investments trading | -33,714,000 | 0 |
Net (purchases) sales of short term investments | -118,126,000 | 170,162,000 |
Net sales of other investments | 198,101,000 | 41,262,000 |
Net purchases of investments in other ventures | 2,500,000 | 0 |
Net purchases of other assets | -994,000 | -4,204,000 |
Net cash used in investing activities | -6,675,000 | -343,371,000 |
Cash flows used in financing activities | ' | ' |
Dividends paid – RenaissanceRe common shares | -36,956,000 | -40,741,000 |
Dividends paid – preference shares | -19,353,000 | -26,250,000 |
RenaissanceRe common share repurchases | -140,911,000 | -257,461,000 |
Net repayment of debt | -100,847,000 | 4,907,000 |
Net third party DaVinciRe share transactions | -116,628,000 | 157,999,000 |
Third party investment in redeemable noncontrolling interest | 13,000,000 | 0 |
Net cash used in financing activities | -411,040,000 | -161,546,000 |
Effect of exchange rate changes on foreign currency cash | 3,366,000 | 1,390,000 |
Net (decrease) increase in cash and cash equivalents | -28,551,000 | 32,139,000 |
Net (increase) decrease in cash and cash equivalents of discontinued operations | -9,244,000 | 12,169,000 |
Cash and cash equivalents, beginning of period | 304,145,000 | 181,825,000 |
Cash and cash equivalents, end of period | $266,350,000 | $226,133,000 |
Organization
Organization | 9 Months Ended | |
Sep. 30, 2013 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Organization | ' | |
ORGANIZATION | ||
This report on Form 10-Q should be read in conjunction with the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2012. | ||
RenaissanceRe Holdings Ltd. (“RenaissanceRe”) was formed under the laws of Bermuda on June 7, 1993. Together with its wholly owned and majority-owned subsidiaries and DaVinciRe (as defined below), which are collectively referred to herein as the “Company”, RenaissanceRe provides reinsurance and insurance coverages and related services to a broad range of customers. | ||
• | Renaissance Reinsurance Ltd. (“Renaissance Reinsurance”), the Company’s principal reinsurance subsidiary, provides property catastrophe and specialty reinsurance coverages to insurers and reinsurers on a worldwide basis. | |
• | The Company also manages property catastrophe and specialty reinsurance business written on behalf of joint ventures, which principally include Top Layer Reinsurance Ltd. (“Top Layer Re”), recorded under the equity method of accounting, and DaVinci Reinsurance Ltd. (“DaVinci”). Because the Company owns a noncontrolling equity interest in, but controls a majority of the outstanding voting power of DaVinci's parent, DaVinciRe Holdings Ltd. (“DaVinciRe”), the results of DaVinci and DaVinciRe are consolidated in the Company’s financial statements. Redeemable noncontrolling interest – DaVinciRe represents the interests of external parties with respect to the net income and shareholders’ equity of DaVinciRe. Renaissance Underwriting Managers, Ltd. (“RUM”), a wholly owned subsidiary, acts as exclusive underwriting manager for these joint ventures in return for fee-based income and profit participation. | |
• | RenaissanceRe Syndicate 1458 (“Syndicate 1458”) is the Company’s Lloyd’s syndicate. RenaissanceRe Corporate Capital (UK) Limited (“RenaissanceRe CCL”), a wholly owned subsidiary of RenaissanceRe, is Syndicate 1458’s sole corporate member and RenaissanceRe Syndicate Management Ltd. (“RSML”), a wholly owned subsidiary of RenaissanceRe, is the managing agent for Syndicate 1458. | |
• | RenaissanceRe Specialty Risks Ltd., formerly known as Glencoe Insurance Ltd. (“RenaissanceRe Specialty Risks”), is a Bermuda-domiciled excess and surplus lines insurance company that is currently eligible to do business on an excess and surplus lines basis in 49 U.S. states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands. RenaissanceRe Underwriting Managers U.S. LLC, a specialty reinsurance agency domiciled in Connecticut, provides specialty treaty reinsurance solutions on both a quota share and excess of loss basis; and writes business on behalf of RenaissanceRe Specialty U.S. Ltd. ("RenaissanceRe Specialty U.S."), a Bermuda-domiciled reinsurer launched in June 2013 which operates subject to U.S. federal income tax, and RenaissanceRe Syndicate 1458. | |
• | On August 30, 2013, the Company entered into a purchase agreement with a subsidiary of Munich-American Holding Corporation (together with applicable affiliates, "Munich") to sell its U.S.-based weather and weather-related energy risk management unit, which principally included RenRe Commodity Advisors LLC ("RRCA"), Renaissance Trading Ltd. ("Renaissance Trading") and RenRe Energy Advisors Ltd. (collectively referred to as "REAL"). REAL offered certain derivative-based risk management products primarily to address weather and energy risk and engaged in hedging and trading activities related to those transactions. On October 1, 2013, the Company closed the sale of REAL to Munich. The Company has classified the assets and liabilities associated with this transaction as held for sale. The financial results for these operations have been presented in the Company’s consolidated financial statements as “discontinued operations” for all periods presented. Refer to “Note 3. Discontinued Operations”, for more information. |
Significant_Accounting_Policie
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies | ' |
SIGNIFICANT ACCOUNTING POLICIES | |
There have been no material changes to our significant accounting policies as described in our Annual Report on Form 10-K for the year ended December 31, 2012, except as noted below. | |
BASIS OF PRESENTATION | |
The consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, these unaudited consolidated financial statements reflect all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the Company's financial position and results of operations as at the end of and for the periods presented. All significant intercompany accounts and transactions have been eliminated from these statements. Except as discussed in "Note 3. Discontinued Operations," and unless otherwise noted, the notes to the consolidated financial statements reflect the Company’s continuing operations. | |
Certain comparative information has been reclassified to conform to the current presentation. Because of the seasonality of the Company's business, the results of operations and cash flows for any interim period will not necessarily be indicative of the results of operations and cash flows for the full fiscal year or subsequent quarters. | |
USE OF ESTIMATES IN FINANCIAL STATEMENTS | |
The preparation of 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. The major estimates reflected in the Company's consolidated financial statements include, but are not limited to, the reserve for claims and claim expenses; reinsurance recoverables, including allowances for reinsurance recoverables deemed uncollectible; estimates of written and earned premiums; fair value, including the fair value of investments, financial instruments and derivatives; impairment charges and the Company's deferred tax valuation allowance. | |
DISCONTINUED OPERATIONS | |
The results of operations of substantially all of the Company’s U.S.-based insurance operations and REAL, its U.S.-based weather and weather-related energy risk management unit, each of which has been sold to a separate unaffiliated third party, are classified as held for sale and are reported as discontinued operations in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic Discontinued Operations. The consolidated financial statements and notes thereto are presented excluding the operations and cash flows of the discontinued operations from the continuing operations of the Company since the Company will not have any significant continuing involvement in the operations after the sale. The financial position and results of operations of discontinued operations are presented as single line items on the consolidated balance sheets and statements of operations, respectively. Certain prior year comparatives have been reclassified to conform to the current year presentation. | |
RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS | |
Disclosures About Offsetting Assets and Liabilities | |
In December 2011, the FASB issued Accounting Standard Update ("ASU") No. 2011-11, Disclosures about Offsetting Assets and Liabilities ("ASU 2011-11"). The objective of ASU 2011-11 is to enhance disclosures by requiring improved information about financial instruments and derivative instruments in relation to netting arrangements. ASU 2011-11 became effective for interim and annual periods beginning on or after January 1, 2013, with retrospective presentation of the new disclosure required. The Company adopted ASU 2011-11 effective January 1, 2013; since this update is disclosure-related only, the adoption of this guidance did not have a material impact on the Company's consolidated statements of operations and financial position. | |
In January 2013, the FASB issued ASU No. 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities ("ASU 2013-01"). The guidance clarified that the disclosures in ASU 2011-11 would apply only to derivatives, repurchase and reverse repurchase agreements, and securities borrowing and securities lending transactions, each to the extent that they met specific conditions provided in the initial accounting standard. ASU 2013-01 became effective for interim and annual periods beginning on or after January 1, 2013, with retrospective presentation of the new disclosure required. As this guidance is | |
disclosure-related only, the adoption of this guidance did not have a material impact on the Company's consolidated statements of operations and financial position. | |
Testing Indefinite-Lived Intangible Assets for Impairment | |
In July 2012, the FASB issued ASU No. 2012-02, Intangibles - Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment ("ASU 2012-02"). ASU 2012-02 simplifies the guidance for testing the decline in the realizable value of indefinite-lived intangible assets other than goodwill. ASU 2012-02 allows an organization the option to first assess the qualitative factors to determine whether it is necessary to perform the quantitative impairment test. An organization electing to perform a qualitative assessment is no longer required to calculate the fair value of an indefinite-lived intangible asset unless the organization determines, based on a qualitative assessment, that it is “more likely than not” that the asset is impaired. ASU 2012-02 became effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption was permitted. The Company adopted ASU 2012-02 effective January 1, 2013 and the adoption of this guidance did not have a material impact on the Company's consolidated statements of operations and financial position. | |
Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income | |
In February 2013, the FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income ("ASU 2013-02"). The objective of ASU 2013-02 is to improve the reporting of classifications out of accumulated other comprehensive income by requiring an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under GAAP to be reclassified in its entirety. For other amounts that are not required under GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under GAAP that provide additional details about those amounts. ASU 2013-02 became effective for interim and annual reporting periods beginning after December 15, 2012. The Company prospectively adopted ASU 2013-02 effective January 1, 2013; since this update is disclosure-related only, the adoption of this guidance did not have a material impact on the Company's consolidated statements of operations and financial position. | |
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED | |
Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists | |
In July 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists ("ASU 2013-11"). The objective of ASU 2013-11 is to improve the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. ASU 2013-11 seeks to reduce the diversity in practice by providing guidance on the presentation of unrecognized tax benefits to better reflect the manner in which an entity would settle at the reporting date any additional income taxes that would result from the disallowance of a tax position when net operating loss carryforwards, similar tax losses, or tax credit carryforwards exist. ASU 2013-11 is effective for annual and interim reporting periods beginning after December 15, 2013, with both early adoption and retrospective application permitted. The Company is currently evaluating the impact of this guidance; however, it is not expected to have a material impact on the Company's consolidated statements of operations and financial position. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Discontinued Operations | ' | |||||||||||||||
DISCONTINUED OPERATIONS | ||||||||||||||||
REAL | ||||||||||||||||
On August 30, 2013, the Company entered into a purchase agreement with Munich to sell REAL and, on October 1, 2013, the Company closed the sale of REAL to Munich. The Company has classified the assets and liabilities associated with this transaction as held for sale and the financial results are reflected in the Company's consolidated financial statements as “discontinued operations.” Except as explicitly described as held for sale or as discontinued operations, and unless otherwise noted, all discussions and amounts presented herein relate to the Company's continuing operations. All prior periods presented have been reclassified to conform to this form of presentation. | ||||||||||||||||
Consideration for the transaction was $60.0 million, paid in cash at closing, subject to post-closing adjustments for certain tax and other items. The Company recorded a loss on sale of $8.8 million in conjunction with the sale, including related direct expenses to date. | ||||||||||||||||
Details of the assets, liabilities and shareholder's equity of discontinued operations held for sale related to REAL at September 30, 2013 and December 31, 2012 are as follows: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Assets of discontinued operations held for sale | ||||||||||||||||
Fixed maturity investments trading, at fair value | ||||||||||||||||
(Amortized cost $Nil and $5,250 at September 30, 2013 and December 31, 2012, respectively) | $ | — | $ | 5,253 | ||||||||||||
Cash and cash equivalents | 30,457 | 21,213 | ||||||||||||||
Other assets | 85,099 | 107,628 | ||||||||||||||
Total assets of discontinued operations held for sale | $ | 115,556 | $ | 134,094 | ||||||||||||
Liabilities of discontinued operations held for sale | ||||||||||||||||
Debt | $ | 1,589 | $ | 2,436 | ||||||||||||
Other liabilities | 54,686 | 55,004 | ||||||||||||||
Total liabilities of discontinued operations held for sale | 56,275 | 57,440 | ||||||||||||||
Shareholder's equity of discontinued operations held for sale | ||||||||||||||||
Total shareholder's equity of discontinued operations held for sale | 59,281 | 76,654 | ||||||||||||||
Total liabilities and shareholder's equity of discontinued operations held for sale | $ | 115,556 | $ | 134,094 | ||||||||||||
Details of the (loss) income from discontinued operations for the three and nine months ended September 30, 2013 and 2012 are as follows: | ||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues | ||||||||||||||||
Net investment (loss) income | $ | (3 | ) | $ | (16 | ) | $ | 1,150 | $ | 2,543 | ||||||
Net foreign exchange (losses) gains | (140 | ) | (186 | ) | 849 | 483 | ||||||||||
Other (loss) income | (1,001 | ) | 171 | 9,471 | (29,416 | ) | ||||||||||
Net realized and unrealized (losses) gains on investments | (5 | ) | 6 | (18 | ) | 2 | ||||||||||
Total revenues | (1,149 | ) | (25 | ) | 11,452 | (26,388 | ) | |||||||||
Expenses | ||||||||||||||||
Operational expenses | 30 | 33 | 89 | 125 | ||||||||||||
Corporate expenses | (2 | ) | 54 | 104 | 161 | |||||||||||
Total expenses | 28 | 87 | 193 | 286 | ||||||||||||
(Loss) income before taxes | (1,177 | ) | (112 | ) | 11,259 | (26,674 | ) | |||||||||
Income tax benefit (expense) | 168 | — | (67 | ) | 3 | |||||||||||
(Loss) income from discontinued operations related to REAL | $ | (1,009 | ) | $ | (112 | ) | $ | 11,192 | $ | (26,671 | ) | |||||
Loss on sale of REAL | (8,770 | ) | — | (8,770 | ) | — | ||||||||||
(Loss) income from discontinued operations related to the former U.S.-based insurance operations | $ | — | $ | (54 | ) | $ | — | $ | 1,166 | |||||||
(Loss) income from discontinued operations | $ | (9,779 | ) | $ | (166 | ) | $ | 2,422 | $ | (25,505 | ) | |||||
As detailed in the table above, (loss) income from discontinued operations presented in the consolidated statements of operations for the three and nine months ended September 30, 2012 includes a loss of $0.1 million and income of $1.2 million, respectively, related to our former U.S.-based insurance operations. | ||||||||||||||||
Renaissance Trading Margin Facility and Guarantees | ||||||||||||||||
Renaissance Trading, one of the entities acquired by Munich in the REAL transaction, maintains a brokerage facility with a leading prime broker, which has an associated margin facility of $20.0 million. This margin facility is supported by a $25.0 million guarantee issued by RenaissanceRe. Interest on amounts outstanding under this facility is at overnight LIBOR plus 200 basis points. At September 30, 2013, $1.6 million was outstanding under the facility and has been included in liabilities of discontinued operations held for sale. | ||||||||||||||||
At September 30, 2013, RenaissanceRe had provided guarantees in the aggregate amount of $318.8 million to certain counterparties of the weather and energy risk operations of Renaissance Trading. Although the margin facility and related guarantee issued by RenaissanceRe, along with the guarantees issued to certain counterparties of Renaissance Trading by RenaissanceRe, remained in effect at September 30, 2013, in conjunction with the purchase agreement of REAL, Munich has agreed, effective October 1, 2013, to indemnify RenaissanceRe against any liabilities, losses and damages that may arise as a result of any transaction between Renaissance Trading and a counterparty that has been provided a guarantee by RenaissanceRe. |
Investments
Investments | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||||||||
Investments | ' | |||||||||||||||||||||||||
INVESTMENTS | ||||||||||||||||||||||||||
Fixed Maturity Investments Trading | ||||||||||||||||||||||||||
The following table summarizes the fair value of fixed maturity investments trading: | ||||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
U.S. treasuries | $ | 1,322,367 | $ | 1,254,547 | ||||||||||||||||||||||
Agencies | 197,047 | 315,154 | ||||||||||||||||||||||||
Non-U.S. government (Sovereign debt) | 353,810 | 133,198 | ||||||||||||||||||||||||
Non-U.S. government-backed corporate | 229,687 | 349,514 | ||||||||||||||||||||||||
Corporate | 1,684,413 | 1,607,233 | ||||||||||||||||||||||||
Agency mortgage-backed | 430,533 | 399,619 | ||||||||||||||||||||||||
Non-agency mortgage-backed | 231,351 | 230,747 | ||||||||||||||||||||||||
Commercial mortgage-backed | 291,284 | 361,645 | ||||||||||||||||||||||||
Asset-backed | 10,745 | 8,511 | ||||||||||||||||||||||||
Total fixed maturity investments trading | $ | 4,751,237 | $ | 4,660,168 | ||||||||||||||||||||||
Fixed Maturity Investments Available For Sale | ||||||||||||||||||||||||||
The following table summarizes the amortized cost, fair value and related unrealized gains and losses and non-credit other-than-temporary impairments of fixed maturity investments available for sale: | ||||||||||||||||||||||||||
Included in Accumulated | ||||||||||||||||||||||||||
Other Comprehensive Income | ||||||||||||||||||||||||||
30-Sep-13 | Amortized | Gross | Gross | Fair Value | Non-Credit | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Other-Than- | |||||||||||||||||||||||
Gains | Losses | Temporary | ||||||||||||||||||||||||
Impairments | ||||||||||||||||||||||||||
(1) | ||||||||||||||||||||||||||
Corporate | $ | 2,413 | $ | 322 | $ | (30 | ) | $ | 2,705 | $ | (33 | ) | ||||||||||||||
Agency mortgage-backed | 5,142 | 366 | (17 | ) | 5,491 | — | ||||||||||||||||||||
Non-agency mortgage-backed | 12,315 | 2,504 | (7 | ) | 14,812 | (768 | ) | |||||||||||||||||||
Commercial mortgage-backed | 10,469 | 1,050 | — | 11,519 | — | |||||||||||||||||||||
Asset-backed | 3,752 | 251 | — | 4,003 | — | |||||||||||||||||||||
Total fixed maturity investments available for sale | $ | 34,091 | $ | 4,493 | $ | (54 | ) | $ | 38,530 | $ | (801 | ) | ||||||||||||||
Included in Accumulated | ||||||||||||||||||||||||||
Other Comprehensive Income | ||||||||||||||||||||||||||
31-Dec-12 | Amortized Cost | Gross | Gross | Fair Value | Non-Credit | |||||||||||||||||||||
Unrealized | Unrealized | Other-Than- | ||||||||||||||||||||||||
Gains | Losses | Temporary | ||||||||||||||||||||||||
Impairments | ||||||||||||||||||||||||||
(1) | ||||||||||||||||||||||||||
Corporate | $ | 7,065 | $ | 1,002 | $ | (93 | ) | $ | 7,974 | $ | (85 | ) | ||||||||||||||
Agency mortgage-backed | 8,280 | 632 | — | 8,912 | — | |||||||||||||||||||||
Non-agency mortgage-backed | 14,613 | 2,989 | (10 | ) | 17,592 | (835 | ) | |||||||||||||||||||
Commercial mortgage-backed | 37,292 | 7,229 | — | 44,521 | — | |||||||||||||||||||||
Asset-backed | 4,195 | 248 | — | 4,443 | — | |||||||||||||||||||||
Total fixed maturity investments available for sale | $ | 71,445 | $ | 12,100 | $ | (103 | ) | $ | 83,442 | $ | (920 | ) | ||||||||||||||
-1 | Represents the non-credit component of other-than-temporary impairments recognized in accumulated other comprehensive income since the adoption of guidance related to the recognition and presentation of other-than-temporary impairments under FASB ASC Topic Financial Instruments – Debt and Equity Securities, during the second quarter of 2009, adjusted for subsequent sales of securities. It does not include the change in fair value subsequent to the impairment measurement date. | |||||||||||||||||||||||||
Contractual maturities of fixed maturity investments are as follows. 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. | ||||||||||||||||||||||||||
Trading | Available for Sale | Total Fixed Maturity Investments | ||||||||||||||||||||||||
30-Sep-13 | Amortized | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||
Cost | ||||||||||||||||||||||||||
Due in less than one year | $ | 166,039 | $ | 166,583 | $ | — | $ | — | $ | 166,039 | $ | 166,583 | ||||||||||||||
Due after one through five years | 2,863,742 | 2,876,147 | 1,359 | 1,497 | 2,865,101 | 2,877,644 | ||||||||||||||||||||
Due after five through ten years | 633,863 | 629,875 | 647 | 707 | 634,510 | 630,582 | ||||||||||||||||||||
Due after ten years | 109,894 | 114,719 | 406 | 501 | 110,300 | 115,220 | ||||||||||||||||||||
Mortgage-backed | 938,147 | 953,168 | 27,928 | 31,822 | 966,075 | 984,990 | ||||||||||||||||||||
Asset-backed | 10,482 | 10,745 | 3,751 | 4,003 | 14,233 | 14,748 | ||||||||||||||||||||
Total | $ | 4,722,167 | $ | 4,751,237 | $ | 34,091 | $ | 38,530 | $ | 4,756,258 | $ | 4,789,767 | ||||||||||||||
Equity Investments Trading | ||||||||||||||||||||||||||
The following table summarizes the fair value of equity investments trading: | ||||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
Consumer | $ | 39,338 | $ | — | ||||||||||||||||||||||
Industrial, utilities and energy | 24,057 | — | ||||||||||||||||||||||||
Financials | 20,828 | 58,186 | ||||||||||||||||||||||||
Health care | 13,443 | — | ||||||||||||||||||||||||
Basic materials | 12,290 | — | ||||||||||||||||||||||||
Communications and technology | 4,030 | — | ||||||||||||||||||||||||
Total | $ | 113,986 | $ | 58,186 | ||||||||||||||||||||||
Pledged Investments | ||||||||||||||||||||||||||
At September 30, 2013, $1,702.7 million 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 principal letter of credit facility. Of this amount, $649.7 million is on deposit with, or in trust accounts for the benefit of, U.S. state regulatory authorities. | ||||||||||||||||||||||||||
Reverse Repurchase Agreements | ||||||||||||||||||||||||||
At September 30, 2013, the Company held $153.7 million (December 31, 2012 - $74.8 million) of reverse repurchase agreements. These loans are fully collateralized, are generally outstanding for a short period of time and are presented on a gross basis as part of short term investments on the Company's consolidated balance sheets. The required collateral for these loans typically include high-quality, readily marketable instruments at a minimum rate of 102% of the loan principal. Upon maturity, the Company receives principal and interest income. | ||||||||||||||||||||||||||
Net Investment Income, Net Realized and Unrealized Gains on Investments and Net Other-Than-Temporary Impairments | ||||||||||||||||||||||||||
The components of net investment income are as follows: | ||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Fixed maturity investments | $ | 24,423 | $ | 25,741 | $ | 71,148 | $ | 75,934 | ||||||||||||||||||
Short term investments | 563 | 236 | 1,318 | 1,006 | ||||||||||||||||||||||
Equity investments | 706 | 181 | 1,050 | 532 | ||||||||||||||||||||||
Other investments | ||||||||||||||||||||||||||
Hedge funds and private equity investments | 14,179 | 10,383 | 31,296 | 28,443 | ||||||||||||||||||||||
Other | 22,735 | 12,735 | 32,874 | 29,295 | ||||||||||||||||||||||
Cash and cash equivalents | 47 | 63 | 108 | 143 | ||||||||||||||||||||||
62,653 | 49,339 | 137,794 | 135,353 | |||||||||||||||||||||||
Investment expenses | (2,722 | ) | (3,204 | ) | (8,498 | ) | (8,628 | ) | ||||||||||||||||||
Net investment income | $ | 59,931 | $ | 46,135 | $ | 129,296 | $ | 126,725 | ||||||||||||||||||
Net realized and unrealized gains on investments and net other-than-temporary impairments are as follows: | ||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Gross realized gains | $ | 8,813 | $ | 19,891 | $ | 60,437 | $ | 75,635 | ||||||||||||||||||
Gross realized losses | (22,241 | ) | (2,811 | ) | (41,396 | ) | (13,055 | ) | ||||||||||||||||||
Net realized (losses) gains on fixed maturity investments | (13,428 | ) | 17,080 | 19,041 | 62,580 | |||||||||||||||||||||
Net unrealized gains (losses) on fixed maturity investments trading | 33,405 | 56,936 | (85,338 | ) | 83,735 | |||||||||||||||||||||
Net realized and unrealized gains (losses) on investments-related derivatives | 3,557 | (955 | ) | 24,488 | (2,390 | ) | ||||||||||||||||||||
Net realized gains on equity investments trading | 560 | — | 18,195 | — | ||||||||||||||||||||||
Net unrealized gains (losses) on equity investments trading | 4,378 | 2,236 | (3,174 | ) | 7,057 | |||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | $ | 28,472 | $ | 75,297 | $ | (26,788 | ) | $ | 150,982 | |||||||||||||||||
Total other-than-temporary impairments | $ | — | $ | — | $ | — | $ | (395 | ) | |||||||||||||||||
Portion recognized in other comprehensive income, before taxes | — | — | — | 52 | ||||||||||||||||||||||
Net other-than-temporary impairments | $ | — | $ | — | $ | — | $ | (343 | ) | |||||||||||||||||
The following table provides an analysis of the components of other comprehensive income and reclassifications out of accumulated other comprehensive income. | ||||||||||||||||||||||||||
Three months ended September 30, 2013 | ||||||||||||||||||||||||||
Investments in other ventures | Fixed maturity investments available for sale | Total | ||||||||||||||||||||||||
Beginning balance | $ | 218 | $ | 4,691 | $ | 4,909 | ||||||||||||||||||||
Other comprehensive (loss) income before reclassifications | (91 | ) | 116 | 25 | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income by statement of operations line item: | ||||||||||||||||||||||||||
Realized gains reclassified from accumulated other comprehensive income to net realized and unrealized gains (losses) on investments | — | (368 | ) | (368 | ) | |||||||||||||||||||||
Net current-period other comprehensive loss | (91 | ) | (252 | ) | (343 | ) | ||||||||||||||||||||
Ending balance | $ | 127 | $ | 4,439 | $ | 4,566 | ||||||||||||||||||||
Nine months ended September 30, 2013 | ||||||||||||||||||||||||||
Investments in other ventures | Fixed maturity investments available for sale | Total | ||||||||||||||||||||||||
Beginning balance | $ | 1,625 | $ | 11,997 | $ | 13,622 | ||||||||||||||||||||
Other comprehensive loss before reclassifications | (1,498 | ) | (10 | ) | (1,508 | ) | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income by statement of operations line item: | ||||||||||||||||||||||||||
Realized gains reclassified from accumulated other comprehensive income to net realized and unrealized gains (losses) on investments | — | (7,548 | ) | (7,548 | ) | |||||||||||||||||||||
Net current-period other comprehensive loss | (1,498 | ) | (7,558 | ) | (9,056 | ) | ||||||||||||||||||||
Ending balance | $ | 127 | $ | 4,439 | $ | 4,566 | ||||||||||||||||||||
The following table provides an analysis of the length of time the Company’s fixed maturity investments available for sale in an unrealized loss have been in a continual unrealized loss position. | ||||||||||||||||||||||||||
Less than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||||
At September 30, 2013 | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||||
Corporate | $ | 297 | $ | (22 | ) | $ | 41 | $ | (8 | ) | $ | 338 | $ | (30 | ) | |||||||||||
Agency mortgage-backed | 754 | (17 | ) | — | — | 754 | (17 | ) | ||||||||||||||||||
Non-agency mortgage-backed | — | — | 94 | (7 | ) | 94 | (7 | ) | ||||||||||||||||||
Total | $ | 1,051 | $ | (39 | ) | $ | 135 | $ | (15 | ) | $ | 1,186 | $ | (54 | ) | |||||||||||
Less than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||||
At December 31, 2012 | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||||
Corporate | $ | 598 | $ | (30 | ) | $ | 440 | $ | (63 | ) | $ | 1,038 | $ | (93 | ) | |||||||||||
Non-agency mortgage-backed | — | — | 101 | (10 | ) | 101 | (10 | ) | ||||||||||||||||||
Total | $ | 598 | $ | (30 | ) | $ | 541 | $ | (73 | ) | $ | 1,139 | $ | (103 | ) | |||||||||||
At September 30, 2013, the Company held 11 fixed maturity investments available for sale securities that were in an unrealized loss position (December 31, 2012 - 28), including five fixed maturity investments available for sale securities that were in an unrealized loss position for twelve months or greater (December 31, 2012 - 11). The Company does not intend to sell these securities and it is not more likely than not that the Company will be required to sell these securities before the anticipated recovery of the remaining amortized cost basis. The Company performed reviews of its fixed maturity investments available for sale for the nine months ended September 30, 2013 and 2012, respectively, in order to determine whether declines in the fair value below the amortized cost basis were considered other-than-temporary in accordance with the applicable guidance, as discussed below. | ||||||||||||||||||||||||||
Other-Than-Temporary Impairment Process | ||||||||||||||||||||||||||
The Company's process for assessing whether declines in the fair value of its fixed maturity investments available for sale represent impairments that are other-than-temporary includes reviewing each fixed maturity investment available for sale that is impaired and determining: (i) if the Company has the intent to sell the debt security or (ii) if it is more likely than not that the Company will be required to sell the debt security before its anticipated recovery; and (iii) whether a credit loss exists, that is, where the Company expects that the present value of the cash flows expected to be collected from the security are less than the amortized cost basis of the security. | ||||||||||||||||||||||||||
In assessing the Company’s intent to sell securities, the Company’s procedures may include actions such as discussing planned sales with its third party investment managers, reviewing sales that have occurred shortly after the balance sheet date, and consideration of other qualitative factors that may be indicative of the Company’s intent to sell or hold the relevant securities. For the nine months ended September 30, 2013, the Company recognized $Nil other-than-temporary impairments due to the Company’s intent to sell these securities as of September 30, 2013 (2012 – $Nil). | ||||||||||||||||||||||||||
In assessing whether it is more likely than not that the Company will be required to sell a security before its anticipated recovery, the Company considers various factors including its future cash flow forecasts and requirements, legal and regulatory requirements, the level of its cash, cash equivalents, short term investments, fixed maturity investments trading and fixed maturity investments available for sale in an unrealized gain position, and other relevant factors. For the nine months ended September 30, 2013, the Company recognized $Nil of other-than-temporary impairments due to required sales (2012 – $Nil). | ||||||||||||||||||||||||||
In evaluating credit losses, the Company considers a variety of factors in the assessment of a security including: (i) the time period during which there has been a significant decline below cost; (ii) the extent of the decline below cost and par; (iii) the potential for the security to recover in value; (iv) an analysis of the financial condition of the issuer; (v) the rating of the issuer; (vi) the implied rating of the issuer based on an analysis of option adjusted spreads; (vii) the absolute level of the option adjusted spread for the issuer; and (viii) an analysis of the collateral structure and credit support of the security, if applicable. | ||||||||||||||||||||||||||
Once the Company determines that it is possible that a credit loss may exist for a security, the Company performs a detailed review of the cash flows expected to be collected from the issuer. The Company estimates expected cash flows by applying estimated default probabilities and recovery rates to the contractual cash flows of the issuer, with such default and recovery rates reflecting long-term historical averages adjusted to reflect current credit, economic and market conditions, giving due consideration to collateral and credit support, if applicable, and discounting the expected cash flows at the purchase yield on the security. In instances in which a determination is made that an impairment exists but the Company does not intend to sell the security and it is not more likely than not that the Company will be required to sell the security before the anticipated recovery of its remaining amortized cost basis, the impairment is separated into: (i) the amount of the total other-than-temporary impairment related to the credit loss; and (ii) the amount of the total other-than-temporary impairment related to all other factors. The amount of the other-than-temporary impairment related to the credit loss is recognized in earnings. The amount of the other-than-temporary impairment related to all other factors is recognized in other comprehensive income. For the nine months ended September 30, 2013, the Company recognized $Nil of other-than-temporary impairments which were recognized in earnings and $Nil related to other factors which were recognized in other comprehensive income (2012 – $0.3 million and $52 thousand, respectively). | ||||||||||||||||||||||||||
The following table provides a rollforward of the amount of other-than-temporary impairments related to credit losses recognized in earnings for which a portion of an other-than-temporary impairment was recognized in accumulated other comprehensive income: | ||||||||||||||||||||||||||
Three months ended September 30, | ||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
Beginning balance | $ | 791 | $ | 1,404 | ||||||||||||||||||||||
Additions: | ||||||||||||||||||||||||||
Amount related to credit loss for which an other-than-temporary impairment was not previously recognized | — | — | ||||||||||||||||||||||||
Amount related to credit loss for which an other-than-temporary impairment was previously recognized | — | — | ||||||||||||||||||||||||
Reductions: | ||||||||||||||||||||||||||
Securities sold during the period | (38 | ) | (546 | ) | ||||||||||||||||||||||
Securities for which the amount previously recognized in other comprehensive income was recognized in earnings, because the Company intends to sell the security or is more likely than not the Company will be required to sell the security | — | — | ||||||||||||||||||||||||
Increases in cash flows expected to be collected that are recognized over the remaining life of the security | — | — | ||||||||||||||||||||||||
Ending balance | $ | 753 | $ | 858 | ||||||||||||||||||||||
Nine months ended September 30, | ||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
Beginning balance | $ | 838 | $ | 2,370 | ||||||||||||||||||||||
Additions: | ||||||||||||||||||||||||||
Amount related to credit loss for which an other-than-temporary impairment was not previously recognized | — | 8 | ||||||||||||||||||||||||
Amount related to credit loss for which an other-than-temporary impairment was previously recognized | — | 110 | ||||||||||||||||||||||||
Reductions: | ||||||||||||||||||||||||||
Securities sold during the period | (85 | ) | (1,630 | ) | ||||||||||||||||||||||
Securities for which the amount previously recognized in other comprehensive income was recognized in earnings, because the Company intends to sell the security or is more likely than not the Company will be required to sell the security | — | — | ||||||||||||||||||||||||
Increases in cash flows expected to be collected that are recognized over the remaining life of the security | — | — | ||||||||||||||||||||||||
Ending balance | $ | 753 | $ | 858 | ||||||||||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
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 financial statements. Fair value is defined under accounting guidance currently applicable to the Company to be the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between open market participants at the measurement date. The Company recognizes the change in unrealized gains and losses arising from changes in fair value in its consolidated statements of operations, with the exception of changes in unrealized gains and losses on its fixed maturity investments available for sale, which are recognized as a component of accumulated other comprehensive income in shareholders' equity. | |||||||||||||||||||
FASB ASC Topic Fair Value Measurements and Disclosures prescribes a fair value hierarchy that prioritizes the inputs to the respective valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to valuation techniques that use at least one significant input that is unobservable (Level 3). The three levels of the fair value hierarchy are described below: | |||||||||||||||||||
• | Fair values determined by Level 1 inputs utilize unadjusted quoted prices obtained from active markets for identical assets or liabilities for which the Company has access. The fair value is determined by multiplying the quoted price by the quantity held by the Company; | ||||||||||||||||||
• | Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals, broker quotes and certain pricing indices; and | ||||||||||||||||||
• | Level 3 inputs are based all or in part on significant unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In these cases, significant management assumptions can be used to establish management's best estimate of the assumptions used by other market participants in determining the fair value of the asset or liability. | ||||||||||||||||||
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement of the asset or liability. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and the Company considers factors specific to the asset or liability. | |||||||||||||||||||
In order to determine if a market is active or inactive for a security, the Company considers a number of factors, including, but not limited to, the spread between what a seller is asking for a security and what a buyer is bidding for the same security, the volume of trading activity for the security in question, the price of the security compared to its par value (for fixed maturity investments), and other factors that may be indicative of market activity. | |||||||||||||||||||
There have been no material changes in the Company's valuation techniques, nor have there been any transfers between Level 1 and Level 2, or Level 2 and Level 3, respectively, during the periods 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 sheet: | |||||||||||||||||||
At September 30, 2013 | Total | Quoted | Significant | Significant | |||||||||||||||
Prices in Active | Other | Unobservable | |||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||
(Level 1) | |||||||||||||||||||
Fixed maturity investments | |||||||||||||||||||
U.S. treasuries | $ | 1,322,367 | $ | 1,322,367 | $ | — | $ | — | |||||||||||
Agencies | 197,047 | — | 197,047 | — | |||||||||||||||
Non-U.S. government (Sovereign debt) | 353,810 | — | 353,810 | — | |||||||||||||||
Non-U.S. government-backed corporate | 229,687 | — | 229,687 | — | |||||||||||||||
Corporate | 1,687,118 | — | 1,661,748 | 25,370 | |||||||||||||||
Agency mortgage-backed | 436,024 | — | 436,024 | — | |||||||||||||||
Non-agency mortgage-backed | 246,163 | — | 246,163 | — | |||||||||||||||
Commercial mortgage-backed | 302,803 | — | 302,803 | — | |||||||||||||||
Asset-backed | 14,748 | — | 14,748 | — | |||||||||||||||
Total fixed maturity investments | 4,789,767 | 1,322,367 | 3,442,030 | 25,370 | |||||||||||||||
Short term investments | 925,329 | — | 925,329 | — | |||||||||||||||
Equity investments trading | 113,986 | 113,986 | — | — | |||||||||||||||
Other investments | |||||||||||||||||||
Private equity partnerships | 327,245 | — | — | 327,245 | |||||||||||||||
Senior secured bank loan funds | 19,395 | — | — | 19,395 | |||||||||||||||
Catastrophe bonds | 102,141 | — | 102,141 | — | |||||||||||||||
Hedge funds | 4,022 | — | — | 4,022 | |||||||||||||||
Miscellaneous other investment | 47,967 | — | — | 47,967 | |||||||||||||||
Total other investments | 500,770 | — | 102,141 | 398,629 | |||||||||||||||
Other assets and (liabilities) | |||||||||||||||||||
Derivatives (1) | 3,159 | 127 | 3,314 | (282 | ) | ||||||||||||||
Other | (8,801 | ) | — | (8,801 | ) | — | |||||||||||||
Total other assets and (liabilities) | (5,642 | ) | 127 | (5,487 | ) | (282 | ) | ||||||||||||
$ | 6,324,210 | $ | 1,436,480 | $ | 4,464,013 | $ | 423,717 | ||||||||||||
(1) See "Note 12. Derivative Instruments" for additional information related to the fair value by type of contract, of derivatives entered into by the Company. | |||||||||||||||||||
December 31, 2012 | Total | Quoted | Significant | Significant | |||||||||||||||
Prices in Active | Other | Unobservable | |||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||
(Level 1) | |||||||||||||||||||
Fixed maturity investments | |||||||||||||||||||
U.S. treasuries | $ | 1,254,547 | $ | 1,254,547 | $ | — | $ | — | |||||||||||
Agencies | 315,154 | — | 315,154 | — | |||||||||||||||
Non-U.S. government (Sovereign debt) | 133,198 | — | 133,198 | — | |||||||||||||||
Non-U.S. government-backed corporate | 349,514 | — | 349,514 | — | |||||||||||||||
Corporate | 1,615,207 | — | 1,587,415 | 27,792 | |||||||||||||||
Agency mortgage-backed | 408,531 | — | 408,531 | — | |||||||||||||||
Non-agency mortgage-backed | 248,339 | — | 248,339 | — | |||||||||||||||
Commercial mortgage-backed | 406,166 | — | 406,166 | — | |||||||||||||||
Asset-backed | 12,954 | — | 12,954 | — | |||||||||||||||
Total fixed maturity investments | 4,743,610 | 1,254,547 | 3,461,271 | 27,792 | |||||||||||||||
Short term investments | 821,163 | — | 821,163 | — | |||||||||||||||
Equity investments trading | 58,186 | 58,186 | — | — | |||||||||||||||
Other investments | |||||||||||||||||||
Private equity partnerships | 344,669 | — | — | 344,669 | |||||||||||||||
Senior secured bank loan funds | 202,929 | — | 172,334 | 30,595 | |||||||||||||||
Catastrophe bonds | 91,310 | — | 91,310 | — | |||||||||||||||
Hedge funds | 5,803 | — | — | 5,803 | |||||||||||||||
Total other investments | 644,711 | — | 263,644 | 381,067 | |||||||||||||||
Other assets and (liabilities) | |||||||||||||||||||
Assumed and ceded (re)insurance contracts | 2,647 | — | — | 2,647 | |||||||||||||||
Derivatives (1) | 4,107 | 402 | 3,705 | — | |||||||||||||||
Other | 7,315 | — | (11,551 | ) | 18,866 | ||||||||||||||
Total other assets and (liabilities) | 14,069 | 402 | (7,846 | ) | 21,513 | ||||||||||||||
$ | 6,281,739 | $ | 1,313,135 | $ | 4,538,232 | $ | 430,372 | ||||||||||||
(1) See "Note 12. Derivative Instruments" for additional information related to the fair value by type of contract, of derivatives entered into by the Company. | |||||||||||||||||||
Level 1 and Level 2 Assets and Liabilities Measured at Fair Value | |||||||||||||||||||
Fixed Maturity Investments | |||||||||||||||||||
Fixed maturity investments included in Level 1 consist of the Company's investments in U.S. treasuries. Fixed maturity investments included in Level 2 are agencies, 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 investment portfolios are primarily priced using pricing services, such as index providers and pricing vendors, as well as broker quotations. In general, the pricing vendors provide pricing for a high volume of liquid securities that are actively traded. For securities that do not trade on an exchange, the pricing services generally utilize market data and other observable inputs in matrix pricing models to determine month end prices. Observable inputs include benchmark yields, reported trades, broker-dealer quotes, issuer spreads, bids, offers, reference data and industry and economic events. Index pricing generally relies on market traders as the primary source for pricing, however models are also utilized to provide prices for all index eligible securities. The models use a variety of observable inputs such as benchmark yields, transactional data, dealer runs, broker-dealer quotes and corporate actions. Prices are generally verified using third party data. Securities which are priced by an index provider are generally included in the index. | |||||||||||||||||||
In general, broker-dealers value securities through their trading desks based on observable inputs. The methodologies include mapping securities based on trade data, bids or offers, observed spreads, and performance on newly issued securities. Broker-dealers also determine valuations by observing secondary trading of similar securities. Prices obtained from broker quotations are considered non-binding, however they are based on observable inputs and by observing secondary trading of similar securities obtained from active, non-distressed markets. | |||||||||||||||||||
The Company considers these Level 2 inputs as they are corroborated with other market observable inputs. The techniques generally used to determine the fair value of the Company's fixed maturity investments are detailed below by asset class. | |||||||||||||||||||
U.S. treasuries | |||||||||||||||||||
Level 1 - At September 30, 2013, the Company’s U.S. treasuries fixed maturity investments are primarily priced by pricing services and had a weighted average effective yield of 0.8% and a weighted average credit quality of AA (December 31, 2012 - 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 September 30, 2013, the Company’s agency fixed maturity investments had a weighted average effective yield of 1.2% and a weighted average credit quality of AA (December 31, 2012 - 0.7% and AA, respectively). The issuers of the Company’s agency fixed maturity investments primarily consist of the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and other agencies. Fixed maturity investments included in agencies are primarily priced by pricing services. When evaluating these securities, the pricing services gather information from market sources and integrate other observations from markets and sector news. Evaluations are updated by obtaining broker dealer quotes and other market information including actual trade volumes, when available. The fair value of each security is individually computed using analytical models which incorporate option adjusted spreads and other daily interest rate data. | |||||||||||||||||||
Non-U.S. government (Sovereign debt) | |||||||||||||||||||
Level 2 - Non-U.S. government fixed maturity investments held by the Company at September 30, 2013 had a weighted average effective yield of 1.6% and a weighted average credit quality of AA (December 31, 2012 - 1.9% and AA, respectively). The issuers of securities in this sector are non-U.S. governments and their respective agencies as well as supranational organizations. Securities held in these sectors are primarily priced by pricing services who 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 - Non-U.S. government-backed corporate fixed maturity investments had a weighted average effective yield of 1.0% and a weighted average credit quality of AAA at September 30, 2013 (December 31, 2012 - 0.7% and AAA, respectively). Non-U.S. government-backed fixed maturity investments are primarily priced by pricing services who employ proprietary discounted cash flow models to value the securities. Key quantitative inputs for these models are daily observed benchmark curves for treasury, swap and high issuance credits. The pricing services then apply a credit spread to the respective curve for each security which is developed by in-depth and real time market analysis. For securities in which trade volume is low, the pricing services utilize data from more frequently traded securities with similar attributes. These models may also be supplemented by daily market and credit research for international markets. | |||||||||||||||||||
Corporate | |||||||||||||||||||
Level 2 - At September 30, 2013, the Company’s corporate fixed maturity investments principally consist of U.S. and international corporations and had a weighted average effective yield of 2.9% and a weighted average credit quality of BBB (December 31, 2012 - 2.6% and A, 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 September 30, 2013, the Company’s agency mortgage-backed fixed maturity investments included agency residential mortgage-backed securities with a weighted average effective yield of 2.5%, a weighted average credit quality of AA and a weighted average life of 5.3 years (December 31, 2012 - 1.3%, AA and 3.3 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 ("TBA") market which is very liquid, as well as the U.S. treasury market. The model also utilizes additional information, such as the weighted average maturity, weighted average coupon and other available pool level data which is provided by the sponsoring agency. Valuations are also corroborated with daily active market quotes. | |||||||||||||||||||
Non-agency mortgage-backed | |||||||||||||||||||
Level 2 - The Company’s non-agency mortgage-backed fixed maturity investments include non-agency prime residential mortgage-backed and non-agency Alt-A fixed maturity investments. The Company has no fixed maturity investments classified as sub-prime held in its fixed maturity investments portfolio. At September 30, 2013, the Company’s non-agency prime residential mortgage-backed fixed maturity investments have a weighted average effective yield of 3.8%, a weighted average credit quality of BBB, and a weighted average life of 4.4 years (December 31, 2012 - 3.6%, BBB and 4.5 years, respectively). The Company’s non-agency Alt-A fixed maturity investments held at September 30, 2013 have a weighted average effective yield of 5.1%, a weighted average credit quality of BBB and a weighted average life of 4.2 years (December 31, 2012 - 5.2%, non-investment grade and 4.7 years, respectively). Securities held in these sectors are primarily priced by pricing services using an option adjusted spread (”OAS”) 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 - The Company’s commercial mortgage-backed fixed maturity investments held at September 30, 2013 have a weighted average effective yield of 2.1%, a weighted average credit quality of AA, and a weighted average life of 3.4 years (December 31, 2012 - 1.7%, AA and 3.7 years, respectively). Securities held in these sectors are primarily priced by pricing services. The pricing services apply dealer quotes and other available trade information such as bid 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 September 30, 2013, the Company’s asset-backed fixed maturity investments had a weighted average effective yield of 1.8%, a weighted average credit quality of AAA and a weighted average life of 3.4 years (December 31, 2012 - 1.8%, AAA and 3.5 years, respectively). The underlying collateral for the Company’s asset-backed fixed maturity investments primarily consists of student loans, credit card receivables, auto loans and other receivables. Securities held in these sectors are primarily priced by pricing services. The pricing services apply dealer quotes and other available trade information such as bids and offers, prepayment speeds which may be adjusted for the underlying collateral or current price data, the U.S. treasury curve and swap curve as well as cash settlement. The pricing services determine the expected cash flows for each security held in this sector using historical prepayment and default projections for the underlying collateral and current market data. In addition, a spread is applied to the relevant benchmark and used to discount the cash flows noted above to determine the fair value of the securities held in this sector. | |||||||||||||||||||
Short Term Investments | |||||||||||||||||||
Level 2 - 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 other derivatives entered into by the Company. The fair value of these transactions includes certain exchange traded foreign currency forward contracts which are considered Level 1, 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, including credit spreads, credit ratings of the underlying referenced security, the risk free rate and the contract term. | |||||||||||||||||||
Other | |||||||||||||||||||
Level 2 - The liabilities measured at fair value and included in Level 2 at September 30, 2013 of $8.8 million are principally cash settled restricted stock units (“CSRSU”) that form part of the Company's compensation program. The fair value of the Company's CSRSUs is determined using observable exchange traded prices for the Company's common shares. | |||||||||||||||||||
Level 3 Assets and Liabilities Measured at Fair Value | |||||||||||||||||||
Below is a summary of quantitative information regarding the significant observable and unobservable inputs (Level 3) used in determining the fair value of assets and liabilities measured at fair value on a recurring basis: | |||||||||||||||||||
At September 30, 2013 | Fair Value | Valuation Technique | Unobservable (U) | Low | High | Weighted Average or Actual | |||||||||||||
(Level 3) | and Observable (O) | ||||||||||||||||||
Inputs | |||||||||||||||||||
Fixed maturity investments | |||||||||||||||||||
Corporate | $ | 15,116 | Discounted cash flow ("DCF") | Credit spread (U) | n/a | n/a | 4.5 | % | |||||||||||
Liquidity discount (U) | n/a | n/a | 1 | % | |||||||||||||||
Risk-free rate (O) | n/a | n/a | 0.6 | % | |||||||||||||||
Dividend rate (O) | n/a | n/a | 5.9 | % | |||||||||||||||
Corporate | 10,254 | Internal valuation model | Private transaction (U) | n/a | n/a | See below | |||||||||||||
Total fixed maturity investments | 25,370 | ||||||||||||||||||
Other investments | |||||||||||||||||||
Private equity partnerships | 327,245 | Net asset valuation | Estimated performance (U) | (9.9 | )% | 30 | % | 4.2 | % | ||||||||||
Senior secured bank loan funds | 19,395 | Net asset valuation | Estimated performance (U) | 0.2 | % | 0.9 | % | 0.4 | % | ||||||||||
Hedge funds | 4,022 | Net asset valuation | Estimated performance (U) | 0 | % | 0 | % | 0 | % | ||||||||||
Miscellaneous other investment | 47,967 | Internal valuation model | Estimated performance (U) | n/a | n/a | 1.1 | % | ||||||||||||
Book value multiple (U) | n/a | n/a | 1.69 | ||||||||||||||||
Liquidity discount (U) | n/a | n/a | 11 | % | |||||||||||||||
Total other investments | 398,629 | ||||||||||||||||||
Other assets and (liabilities) | |||||||||||||||||||
Other | (282 | ) | Internal valuation model | See below | n/a | n/a | See below | ||||||||||||
Total other assets and (liabilities) | (282 | ) | |||||||||||||||||
$ | 423,717 | ||||||||||||||||||
Fixed Maturity Investments | |||||||||||||||||||
Corporate | |||||||||||||||||||
Level 3 - Included in the Company's corporate fixed maturity investments is an investment with a fair value of $15.1 million in the preferred equity of a property and casualty insurance group organized to market residential property insurance in North America. The Company measures the fair value of this investment using a DCF model and seeks to incorporate all relevant information reasonably available. The Company considers the contractual agreement which stipulates the methodology for calculating a dividend rate to be paid upon liquidation, conversion or redemption. At September 30, 2013, the dividend rate was 5.9%. In addition, the Company has estimated an illiquidity premium of 1.0%, a risk-free rate of 0.6% and a credit spread of 4.5%. To ensure the estimate for fair value determined using the DCF model is reasonable, the Company reviews private market comparables of similar investments, if available, and in particular, credit ratings of other private market comparables for similar investments to determine the appropriateness of its estimate of fair value using a DCF model. The fair value of the Company's investment in corporate fixed maturity investments determined by a DCF model is positively correlated to the dividend rate, and inversely correlated to the credit spread, illiquidity premium and the risk-free rate. | |||||||||||||||||||
In addition, the Company's corporate fixed maturity investments include an investment with a fair value of $10.3 million at September 30, 2013 in the preferred equity of a company that provides insurance for a variety of veterinarian costs, including surgeries, medication and diagnostic testing. The Company measures the fair value of this investment using an internal valuation model and uses a combination of quantitative and qualitative factors, which may include, but are not limited to, discounted cash flow analysis, financial statement analysis, budgets and forecasts, capital transactions and third party valuations. In circumstances where a private market transaction has recently occurred, the Company will evaluate the comparability of that transaction and incorporate it into its internal valuation model accordingly. Recent private market transactions of investments similar to that held by the Company have been used to determine the fair value of $10.3 million at September 30, 2013, as the Company believes the recent market transactions represent the price that would be received upon the sale of the Company's investment in an orderly transaction among market participants. Consequently, should future relevant private market transactions occur, the Company will re-evaluate the information available used to determine fair value of this investment and record any adjustments to fair value in its consolidated statements of operations. | |||||||||||||||||||
Other investments | |||||||||||||||||||
Private equity partnerships | |||||||||||||||||||
Level 3 - Included in the Company’s $327.2 million of investments in private equity partnerships at September 30, 2013 are alternative asset limited partnerships (or similar corporate structures) that invest in certain private equity asset classes including U.S. and global leveraged buyouts; mezzanine investments; distressed securities; real estate; and oil, gas and power. The fair value of private equity partnership investments is based on current estimated net asset values established in accordance with the governing documents of such investments and is obtained from the investment manager or general partner of the respective entity. The type of underlying investments held by the investee which form the basis of the net asset valuation include assets such as private business ventures, for which the Company does not have access to financial information. As a result, the Company is unable to corroborate the fair value measurement of the underlying investments of the private equity partnership and therefore requires significant management judgment to determine the fair value of the private equity partnership. 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 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 relevant information reasonably available to the Company is utilized. This principally includes preliminary estimates reported to the Company by its fund managers, obtaining the valuation of underlying portfolio investments where such underlying investments are publicly traded and therefore have a readily observable price, using information that is available to the Company with respect to the underlying investments, reviewing various indices for similar investments or asset classes, as well as estimating returns based on the results of similar types of investments for which the Company has obtained reported results, or other valuation methods, where possible. The range of such current estimated periodic returns for the three months ended September 30, 2013 was negative 9.9% to positive 30.0% with a weighted average of positive 4.2%. The fair value of the Company's investment in private equity partnerships is positively correlated to the estimated periodic rate of return. The Company also considers factors such as recent financial information, the value of capital transactions with the partnership and management’s judgment regarding whether any adjustments should be made to the net asset value. For each respective private equity partnership, the Company obtains and reviews the valuation methodology used by the investment manager or general partner and the latest audited annual financial statements to ensure that the investment partnership is following fair value principles consistent with GAAP in determining the net asset value of each limited partner's interest. | |||||||||||||||||||
Senior secured bank loan funds | |||||||||||||||||||
Level 3 - The Company has $19.4 million invested in closed end funds which invest primarily in loans. The Company has no right to redeem its investment in these funds. The Company’s investments in these funds are valued using estimated monthly net asset valuations received from the investment manager. The lock up provisions in these funds result in a lack of current observable market transactions between the fund participants and the funds, and therefore the Company considers the fair value of its investment in these funds to be determined using Level 3 inputs. The Company obtains and reviews the latest audited annual financial statements to attempt to ensure that these funds are following fair value principles consistent with GAAP in determining the net asset value. | |||||||||||||||||||
Hedge funds | |||||||||||||||||||
Level 3 - The Company has $4.0 million of hedge fund investments that are invested in so called "side pockets" or illiquid investments. In these instances, the Company generally does not have the right to redeem its interest, and as such, the Company classifies this portion of its investment as Level 3. The fair value of these illiquid investments is determined by adjusting the previous periods' reported net asset value (generally one month in arrears) for an estimated periodic rate of return obtained from the respective investment manager. | |||||||||||||||||||
For each respective hedge fund investment, the Company obtains and reviews the valuation methodology used by the investment manager and the latest audited annual financial statements to ensure that the hedge fund investment is following fair value principles consistent with GAAP in determining the net asset value. | |||||||||||||||||||
Miscellaneous other investment | |||||||||||||||||||
Level 3 - At September 30, 2013, the Company has an investment of $48.0 million in the common equity of Essent Group Ltd. ("Essent"), a private U.S. mortgage guaranty insurance company which provides capital to lenders and investors that support financing for homeowner mortgages. The fair value of Essent is based in part on the net asset position of Essent, as provided by Essent's management, which incorporates both actual and expected results for the current period, and is also based on a multiple of Essent’s net asset position, subject to a liquidity discount. In estimating the fair value of Essent, the Company also considered various other factors such as recent financial information, the value of capital transactions with Essent, the valuation of Essent's competitors, budgets and future projections about Essent’s financial performance. During the third quarter of 2013, Essent's management filed details of its planned initial public offering of Essent’s common equity and the Company utilized information available to it as part of the proposed initial public offering to estimate the fair value of Essent at September 30, 2013. The Company subsequently applied a net asset position multiple of 1.69 at September 30, 2013, and an estimated liquidity discount of 11.0% to reflect, among other things, the fact that Essent was a private company at September 30, 2013. The fair value of the Company's investment in Essent is positively correlated to the net asset position and net asset position multiple and negatively correlated to the liquidity discount. | |||||||||||||||||||
On October 31, 2013, Essent began publicly trading on the New York Stock Exchange ("NYSE"). Using the closing share price of Essent's common stock on November 4, 2013, the value of the Company's 5.0 million common shares of Essent is $110.8 million, excluding any discount that may be applied due to the Company's lock up provision, noted below. Following the initial public offering, the Company expects its investment in Essent will be included in its portfolio of equity investments trading on its consolidated balance sheet and any realized and unrealized gains or losses related to Essent from the initial public offering price will be included in net realized and unrealized gains (losses) on investments on the Company's consolidated statements of operations in the period in which they occur. The Company has agreed, subject to certain exceptions, not to dispose of or hedge any of the shares of Essent it holds prior to April 28, 2014. | |||||||||||||||||||
Other assets and liabilities | |||||||||||||||||||
Other | |||||||||||||||||||
Level 3 - The fair value of the Company's $0.3 million other liability is obtained through the use of an internal valuation model with the inputs to the internal valuation model based on proprietary data as observable market inputs are not available. The most significant unobservable input is the potential payment that would become due to a counterparty following the occurrence of a triggering event as reported by an external agency. Generally, an increase (decrease) in the potential payment would result in a decrease (increase) to the fair value of the Company's other item. | |||||||||||||||||||
Below is a reconciliation of the beginning and ending balances, for the periods shown, of assets and liabilities measured at fair value on a recurring basis using Level 3 inputs. Interest and dividend income are included in net investment income and are excluded from the reconciliation. | |||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
Fixed maturity | Other | Other assets | Total | ||||||||||||||||
investments | investments | and | |||||||||||||||||
trading | (liabilities) | ||||||||||||||||||
Balance - July 1, 2013 | $ | 25,681 | $ | 393,704 | $ | 625 | $ | 420,010 | |||||||||||
Total unrealized gains (losses) | |||||||||||||||||||
Included in net investment income | (311 | ) | 20,480 | — | 20,169 | ||||||||||||||
Included in other income (loss) | — | — | (625 | ) | (625 | ) | |||||||||||||
Total realized gains | |||||||||||||||||||
Included in other income (loss) | — | — | 281 | 281 | |||||||||||||||
Total foreign exchange gains | — | 1,218 | — | 1,218 | |||||||||||||||
Purchases | — | 6,056 | (563 | ) | 5,493 | ||||||||||||||
Settlements | — | (22,829 | ) | — | (22,829 | ) | |||||||||||||
Balance - September 30, 2013 | $ | 25,370 | $ | 398,629 | $ | (282 | ) | $ | 423,717 | ||||||||||
Change in unrealized gains for the period included in earnings for assets held at the end of the period included in net investment income | $ | (311 | ) | $ | 20,480 | $ | — | $ | 20,169 | ||||||||||
Change in unrealized gains for the period included in earnings for assets held at the end of the period included in other income (loss) | $ | — | $ | — | $ | (625 | ) | $ | (625 | ) | |||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
Fixed maturity | Other | Other assets | Total | ||||||||||||||||
investments | investments | and | |||||||||||||||||
trading | (liabilities) | ||||||||||||||||||
Balance - January 1, 2013 | $ | 27,792 | $ | 381,067 | $ | 21,513 | $ | 430,372 | |||||||||||
Total unrealized gains (losses) | |||||||||||||||||||
Included in net investment income | 78 | 31,123 | — | 31,201 | |||||||||||||||
Included in other income (loss) | — | — | (625 | ) | (625 | ) | |||||||||||||
Total realized losses | |||||||||||||||||||
Included in other income (loss) | — | — | (2,365 | ) | (2,365 | ) | |||||||||||||
Total foreign exchange gains | — | 801 | — | 801 | |||||||||||||||
Purchases | — | 35,252 | (563 | ) | 34,689 | ||||||||||||||
Settlements | (2,500 | ) | (67,856 | ) | — | (70,356 | ) | ||||||||||||
Reclassified from other assets to other investments | — | 18,242 | (18,242 | ) | — | ||||||||||||||
Balance - September 30, 2013 | $ | 25,370 | $ | 398,629 | $ | (282 | ) | $ | 423,717 | ||||||||||
Change in unrealized gains for the period included in earnings for assets held at the end of the period included in net investment income | $ | 78 | $ | 29,913 | $ | — | $ | 29,991 | |||||||||||
Change in unrealized gains for the period included in earnings for assets held at the end of the period included in other income (loss) | $ | — | $ | — | $ | (625 | ) | $ | (625 | ) | |||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
Fixed maturity | Other | Other assets and (liabilities) | Total | ||||||||||||||||
investments | investments | ||||||||||||||||||
trading | |||||||||||||||||||
Balance - July 1, 2012 | $ | 27,775 | $ | 390,505 | $ | 25,104 | $ | 443,384 | |||||||||||
Total unrealized gains (losses) | |||||||||||||||||||
Included in net investment income | (22 | ) | 7,961 | — | 7,939 | ||||||||||||||
Included in other income (loss) | — | — | (310 | ) | (310 | ) | |||||||||||||
Total realized gains | |||||||||||||||||||
Included in other income (loss) | — | — | (3,744 | ) | (3,744 | ) | |||||||||||||
Total foreign exchange gains | — | 682 | — | 682 | |||||||||||||||
Purchases | — | 10,589 | 4,164 | 14,753 | |||||||||||||||
Sales | — | (899 | ) | — | (899 | ) | |||||||||||||
Settlements | — | (15,966 | ) | — | (15,966 | ) | |||||||||||||
Balance - September 30, 2012 | $ | 27,753 | $ | 392,872 | $ | 25,214 | $ | 445,839 | |||||||||||
Change in unrealized gains for the period included in earnings for assets held at the end of the period included in net investment income | $ | (22 | ) | $ | 7,961 | $ | — | $ | 7,939 | ||||||||||
Change in unrealized gains for the period included in earnings for assets held at the end of the period included in other income (loss) | $ | — | $ | — | $ | (310 | ) | $ | (310 | ) | |||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
Fixed maturity | Other | Other assets and (liabilities) | Total | ||||||||||||||||
investments | investments | ||||||||||||||||||
trading | |||||||||||||||||||
Balance - January 1, 2012 | $ | 27,761 | $ | 396,526 | $ | 19,628 | $ | 443,915 | |||||||||||
Total unrealized gains (losses) | |||||||||||||||||||
Included in net investment income | (8 | ) | 24,055 | — | 24,047 | ||||||||||||||
Included in other income (loss) | — | — | (2,823 | ) | (2,823 | ) | |||||||||||||
Total realized losses | |||||||||||||||||||
Included in other income (loss) | — | — | (8,878 | ) | (8,878 | ) | |||||||||||||
Total foreign exchange gains | — | 18 | — | 18 | |||||||||||||||
Purchases | — | 29,234 | 17,287 | 46,521 | |||||||||||||||
Sales | — | (899 | ) | — | (899 | ) | |||||||||||||
Settlements | — | (56,062 | ) | — | (56,062 | ) | |||||||||||||
Balance - September 30, 2012 | $ | 27,753 | $ | 392,872 | $ | 25,214 | $ | 445,839 | |||||||||||
Change in unrealized gains for the period included in earnings for assets held at the end of the period included in net investment income | $ | (8 | ) | $ | 24,055 | $ | — | $ | 24,047 | ||||||||||
Change in unrealized gains for the period included in earnings for assets held at the end of the period included in other income (loss) | $ | — | $ | — | $ | (2,823 | ) | $ | (2,823 | ) | |||||||||
Financial Instruments Disclosed, But Not Carried, at Fair Value | |||||||||||||||||||
The Company uses various financial instruments in the normal course of its business. The Company's insurance contracts are excluded from 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, accrued interest, 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. | |||||||||||||||||||
Senior Notes | |||||||||||||||||||
In March 2010, RenRe North America Holdings Inc. (“RRNAH”) issued $250.0 million of 5.75% Senior Notes due March 15, 2020, with interest on the notes payable on March 15 and September 15 of each year. At September 30, 2013, the fair value of the 5.75% Senior Notes was $273.3 million (December 31, 2012 - $281.2 million). | |||||||||||||||||||
The fair value of RRNAH’s 5.75% Senior Notes 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 its Senior Notes. | |||||||||||||||||||
The Fair Value Option for Financial Assets and Financial Liabilities | |||||||||||||||||||
The Company has elected to account for certain assets and 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: | |||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Other investments | $ | 500,770 | $ | 644,711 | |||||||||||||||
Other (liabilities) assets | $ | — | $ | 21,513 | |||||||||||||||
Included in net investment income for the three and nine months ended September 30, 2013 was net unrealized gains of $22.9 million and $32.6 million, respectively, related to the changes in fair value of other investments (2012 – gains of $14.0 million and $33.5 million, respectively). Net unrealized gains related to the changes in the fair value of other assets and liabilities recorded in other income (loss) were $Nil and $Nil for the three and nine months ended September 30, 2013, respectively (2012 – net unrealized losses of $0.3 million and $2.8 million, respectively). | |||||||||||||||||||
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: | |||||||||||||||||||
At September 30, 2013 | Fair Value | Unfunded | Redemption Frequency | Redemption | Redemption | ||||||||||||||
Commitments | Notice Period (Minimum Days) | Notice Period (Maximum Days) | |||||||||||||||||
Private equity partnerships | $ | 327,245 | $ | 70,130 | See below | See below | See below | ||||||||||||
Senior secured bank loan funds | 19,395 | 21,305 | See below | See below | See below | ||||||||||||||
Hedge funds | 4,022 | — | See below | See below | See below | ||||||||||||||
Total other investments measured using net asset valuations | $ | 350,662 | $ | 91,435 | |||||||||||||||
Private equity partnerships – Included in the Company’s investments in private equity partnerships are alternative asset limited partnerships (or similar corporate structures) that invest in certain private equity asset classes including U.S. and global leveraged buyouts; mezzanine investments; distressed securities; real estate; and oil, gas and power. The fair values of the investments in this category have been estimated using the net asset value of the investments, as discussed in detail above. The Company generally has no right to redeem its interest in any of these private equity partnerships in advance of dissolution of the applicable private equity partnership. Instead, the nature of these investments is that distributions are received by the Company in connection with the liquidation of the underlying assets of the respective private equity partnership. It is estimated that the majority of the underlying assets of the limited partnerships would liquidate over 7 to 10 years from inception of the respective limited partnership. | |||||||||||||||||||
Senior secured bank loan funds – The Company has $19.4 million invested in closed end funds which invest primarily in loans. The Company has no right to redeem its investment in these funds. The Company’s investments in these funds are valued using estimated monthly net asset valuations received from the investment manager, as discussed in detail above. It is estimated that the majority of the underlying assets in the closed end funds would liquidate over 4 to 5 years from inception of the respective fund. | |||||||||||||||||||
Hedge funds – The Company invests in hedge funds that pursue multiple strategies. The fair values of the investments in this category are estimated using the net asset value per share of the funds, as discussed in detail above. The Company's investments in hedge funds at September 30, 2013 are $4.0 million of so called “side pocket” investments which are not redeemable at the option of the shareholder. The Company fully redeemed the remaining non-side pocket investments in hedge funds during June 2012. The Company has retained its interest in the side pocket investments, referred to above, until the underlying investments attributable to such side pockets are liquidated, realized or deemed realized at the discretion of the fund manager. |
Ceded_Reinsurance
Ceded Reinsurance | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract] | ' | |||||||||||||||||
Ceded Reinsurance | ' | |||||||||||||||||
CEDED 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 recoveries of additional premiums, reinstatement premiums and for lost no-claims bonuses, which are incurred when losses are ceded to other reinsurance contracts. The Company remains liable to the extent that any reinsurance company fails to meet its obligations. | ||||||||||||||||||
The following tables set forth the effect of reinsurance and retrocessional activity on premiums written and earned and on net claims and claim expenses incurred: | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Premiums written | ||||||||||||||||||
Direct | $ | 12,198 | $ | 7,193 | $ | 38,848 | $ | 27,392 | ||||||||||
Assumed | 170,451 | 129,166 | 1,482,442 | 1,440,454 | ||||||||||||||
Ceded | (55,408 | ) | (31,324 | ) | (398,127 | ) | (442,606 | ) | ||||||||||
Net premiums written | $ | 127,241 | $ | 105,035 | $ | 1,123,163 | $ | 1,025,240 | ||||||||||
Premiums earned | ||||||||||||||||||
Direct | $ | 11,395 | $ | 8,844 | $ | 32,057 | $ | 24,581 | ||||||||||
Assumed | 387,194 | 373,753 | 1,134,673 | 1,072,659 | ||||||||||||||
Ceded | (103,872 | ) | (119,974 | ) | (308,869 | ) | (311,536 | ) | ||||||||||
Net premiums earned | $ | 294,717 | $ | 262,623 | $ | 857,861 | $ | 785,704 | ||||||||||
Claims and claim expenses | ||||||||||||||||||
Gross claims and claim expenses incurred | $ | 66,712 | $ | 83,189 | $ | 217,705 | $ | 168,572 | ||||||||||
Claims and claim expenses recovered | (5,784 | ) | (9,974 | ) | (25,564 | ) | (30,254 | ) | ||||||||||
Net claims and claim expenses incurred | $ | 60,928 | $ | 73,215 | $ | 192,141 | $ | 138,318 | ||||||||||
Noncontrolling_Interests
Noncontrolling Interests | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest [Abstract] | ' | |||||||||||||||||
Noncontrolling Interests | ' | |||||||||||||||||
NONCONTROLLING INTERESTS | ||||||||||||||||||
Redeemable Noncontrolling Interest – DaVinciRe | ||||||||||||||||||
In October 2001, the Company formed DaVinciRe and DaVinci with other equity investors. RenaissanceRe owns a noncontrolling economic interest in DaVinciRe; however, because RenaissanceRe controls a majority of DaVinciRe’s outstanding voting rights, the consolidated financial statements of DaVinciRe are included in the consolidated financial statements of the Company. The portion of DaVinciRe’s earnings owned by third parties is recorded in the consolidated statements of operations as net income attributable to noncontrolling interests. The Company's ownership in DaVinciRe was 32.9% at September 30, 2013 (December 31, 2012 - 30.8%). | ||||||||||||||||||
DaVinciRe shareholders are party to a shareholders agreement (the “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 such date. Payment will be made by April 1 of the following year, following delivery of the audited financial statements for the year in which the repurchase was effective. The repurchase price is subject to a true-up for development on outstanding loss reserves after settlement of all claims relating to the applicable years. | ||||||||||||||||||
Effective January 1, 2012, an existing third party shareholder sold a portion of its shares in DaVinciRe to a new third party shareholder. In connection with the sale by the existing third party shareholder, DaVinciRe retained a $4.9 million holdback. In addition, effective January 1, 2012, the Company sold a portion of its shares of DaVinciRe to a separate new third party shareholder. The Company sold these shares for $98.9 million, net of a $10.0 million reserve holdback due from DaVinciRe. The Company's ownership in DaVinciRe was 42.8% at December 31, 2011 and subsequent to the above transactions, its ownership interest in DaVinciRe decreased to 34.7% effective January 1, 2012. | ||||||||||||||||||
Certain third party shareholders of DaVinciRe submitted repurchase notices on or before the required annual redemption notice date of March 1, 2012, in accordance with the Shareholders Agreement. The repurchase notices submitted on or before March 1, 2012, were for shares of DaVinciRe with a GAAP book value of $53.2 million at December 31, 2012. | ||||||||||||||||||
On June 1, 2012, DaVinciRe completed an equity raise of $49.3 million from a new third party investor. In addition, the Company and an existing third party investor each sold $24.7 million in common shares of DaVinciRe to another existing third party investor, for a total of $49.4 million. In connection with the sale by the Company and the existing third party investor, DaVinciRe retained a $5.0 million holdback. As a result of the above transactions, the Company's ownership in DaVinciRe decreased to 31.5% effective January 1, 2012. | ||||||||||||||||||
On October 1, 2012, the Company sold a portion of its shares of DaVinciRe to a new third party shareholder for $9.8 million. The Company's ownership in DaVinciRe decreased to 30.8% effective January 1, 2012 as a result of this sale. | ||||||||||||||||||
During January 2013, DaVinciRe redeemed shares from certain DaVinciRe shareholders (including those who submitted redemption notices in advance of the March 1, 2012 annual redemption notice date, as discussed above) while certain other DaVinciRe shareholders purchased additional shares in DaVinciRe. The net redemption as a result of these transactions was $150.0 million. In connection with the redemptions, DaVinciRe retained a $20.5 million holdback. The Company's ownership in DaVinciRe was 30.8% at December 31, 2012 and subsequent to the above transactions, the Company's ownership in DaVinciRe increased to 32.9% effective January 1, 2013. | ||||||||||||||||||
Effective October 1, 2013, an existing third party shareholder sold a portion of its shares in DaVinciRe to a new third party shareholder. In addition, effective October 1, 2013, the Company sold a portion of its shares of DaVinciRe to the same new third party shareholder. The Company sold these shares for $77.4 million. The Company's ownership in DaVinciRe was 32.9% at September 30, 2013 and subsequent to the above transactions, its ownership interest in DaVinciRe decreased to 27.3% effective January 1, 2013. The Company expects its ownership in DaVinciRe to fluctuate over time. | ||||||||||||||||||
The activity in redeemable noncontrolling interest – DaVinciRe is detailed in the table below: | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Beginning balance | $ | 889,116 | $ | 900,878 | $ | 968,259 | $ | 657,727 | ||||||||||
Redemption of shares from redeemable noncontrolling interest | (1,095 | ) | — | (187,989 | ) | — | ||||||||||||
Sale of shares to redeemable noncontrolling interests | 583 | (1,006 | ) | 55,510 | 155,163 | |||||||||||||
Net income attributable to redeemable noncontrolling interest | 43,868 | 50,950 | 96,692 | 137,932 | ||||||||||||||
Ending balance | $ | 932,472 | $ | 950,822 | $ | 932,472 | $ | 950,822 | ||||||||||
Redeemable Noncontrolling Interest - RenaissanceRe Medici Fund Ltd. ("Medici") | ||||||||||||||||||
Medici is an exempted fund incorporated under the laws of Bermuda and its objective is to seek to invest substantially all of its assets in various insurance-based investment instruments that have returns primarily tied to property catastrophe risk. Prior to June 1, 2013, Medici was a wholly owned subsidiary of RenaissanceRe Fund Holdings Ltd. (“Fund Holdings”), which in turn is a wholly owned subsidiary of RenaissanceRe. | ||||||||||||||||||
Effective June 1, 2013, third-party investors subscribed for $8.0 million of the participating, non-voting common shares of Medici, resulting in Fund Holdings' ownership percentage in Medici decreasing to 92.2%. | ||||||||||||||||||
Effective August 1, 2013 and September 1, 2013, third-party investors subscribed for $4.5 million and $0.5 million, respectively, of the participating, non-voting common shares of Medici, resulting in Fund Holdings' ownership percentage in Medici decreasing to 88.0% at September 30, 2013. | ||||||||||||||||||
Effective October 1, 2013, third-party investors subscribed for $16.5 million of the participating, non-voting common shares of Medici, resulting in Fund Holdings' ownership percentage in Medici decreasing to 74.1% effective October 1, 2013. | ||||||||||||||||||
Effective November 1, 2013, a third-party shareholder redeemed $1.3 million of the participating, non-voting common shares of Medici, resulting in Fund Holdings' ownership in Medici increasing to 81.3% effective November 1, 2013. The portion of Medici's earnings owned by third parties is recorded in the consolidated statements of operations as net income attributable to noncontrolling interest. The Company expects its ownership in Medici to fluctuate over time. | ||||||||||||||||||
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. As the participating, non-voting common shares of Medici have redemption features which are outside the control of the issuer, the portion related to the redeemable noncontrolling interest in Medici is recorded in the mezzanine section of the consolidated balance sheets of the Company. | ||||||||||||||||||
The activity in redeemable noncontrolling interest – Medici is detailed in the table below: | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
2013 | 2013 | |||||||||||||||||
Beginning balance | $ | 8,007 | $ | — | ||||||||||||||
Sale of shares to redeemable noncontrolling interests | 5,000 | 13,000 | ||||||||||||||||
Net income attributable to redeemable noncontrolling interest | 436 | 443 | ||||||||||||||||
Ending balance | $ | 13,443 | $ | 13,443 | ||||||||||||||
Noncontrolling Interest - Angus Fund L.P. (the “Angus Fund”) | ||||||||||||||||||
In December 2010, REAL and RRCA, both formerly wholly owned subsidiaries of the Company, formed the Angus Fund with other equity investors. As part of the agreement to sell REAL to Munich (see "Note 3. Discontinued Operations" for additional information), the former general partner of the Angus Fund, REAL, transferred its general partner ownership interest to RRV U.S. Holdings LLC, a wholly owned subsidiary of the Company, representing a $55 thousand investment in the Angus Fund, or a 1.1% ownership interest at September 30, 2013 (December 31, 2012 - $55 thousand and 1.1%, respectively), and RRCA, the former limited partner, transferred its limited partner ownership interest to RenTech U.S. Holdings LLC, a wholly owned subsidiary of the Company, representing a $2.0 million investment in the Angus Fund, or a 35.0% ownership interest at September 30, 2013 (December 31, 2012 - $2.0 million and 35.1%, respectively). There was no gain or loss recognized on the above transactions. The Angus Fund was formed to provide capital to and make investments in companies primarily in the heating oil and propane distribution industries. The Angus Fund meets the definition of a VIE, therefore the Company evaluated its ownership in the Angus Fund to determine if it is the primary beneficiary. The Company has concluded it is the primary beneficiary of the Angus Fund as it has the power to direct, and has a more than insignificant economic interest in, the activities of the Angus Fund and as such, the financial position and results of operations of the Angus Fund are consolidated. The portion of the Angus Fund's earnings owned by third parties is recorded in the consolidated statements of operations as net income attributable to noncontrolling interest. The Company expects its ownership in the Angus Fund to fluctuate over time. | ||||||||||||||||||
The activity in noncontrolling interest – Angus Fund is detailed in the table below: | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Beginning balance | $ | 3,693 | $ | 3,911 | $ | 3,991 | $ | 3,340 | ||||||||||
Sale of shares by noncontrolling interest | — | — | — | 300 | ||||||||||||||
Adjustment of ownership interest | — | — | 139 | — | ||||||||||||||
Net income (loss) attributable to noncontrolling interest | 27 | 133 | (182 | ) | 416 | |||||||||||||
Dividends on common shares | — | (65 | ) | (228 | ) | (77 | ) | |||||||||||
Ending balance | $ | 3,720 | $ | 3,979 | $ | 3,720 | $ | 3,979 | ||||||||||
Variable_Interest_Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Variable Interest Entities | ' |
VARIABLE INTEREST ENTITIES | |
Upsilon Reinsurance Ltd. ("Upsilon Re") | |
Effective January 1, 2012, the Company formed and launched a managed joint venture, Upsilon Re, a Bermuda domiciled special purpose insurer ("SPI"), to provide additional capacity to the worldwide aggregate and per-occurrence retrocessional property catastrophe excess of loss market for the 2012 underwriting year. The original business was written by Renaissance Reinsurance of Europe ("ROE"), a wholly owned subsidiary of RenaissanceRe, and included $37.4 million of gross premiums written incepting between January 1, 2012 and June 1, 2012. A portion of this business was in turn ceded to Upsilon Re under a fully-collateralized retrocessional reinsurance contract, effective January 1, 2012. In conjunction with the formation and launch of Upsilon Re, $16.8 million of non-voting Class B shares were sold to external investors, and the Company invested $48.8 million in Upsilon Re's non-voting Class B shares, representing a 74.5% ownership interest in Upsilon Re. The Class B shareholders participate in substantially all of the profits or losses of Upsilon Re while the Class B shares remain outstanding. The holders of Class B shares indemnify Upsilon Re against losses relating to insurance risk and therefore these shares have been accounted for as prospective reinsurance under FASB ASC Topic Financial Services - Insurance. In addition, another third party investor supplied $17.6 million of capital through a reinsurance participation (a third party quota share agreement) with ROE alongside Upsilon Re. Inclusive of the reinsurance participation, the Company had a 61.4% participation in the original risks assumed by ROE. Both Upsilon Re and the reinsurance participation were managed by RUM in return for an expense override. Through RUM, the Company was eligible to receive a potential underwriting profit commission in respect of Upsilon Re. Upsilon Re is considered a VIE and the Company is considered the primary beneficiary. As a result, Upsilon Re is consolidated by the Company and all significant inter-company transactions have been eliminated. | |
During the first nine months of 2013, Upsilon Re redeemed all of its outstanding third party non-voting Class B shares for $23.0 million as a result of the scheduled expiration of certain risks underwritten by Upsilon Re. Following these redemptions, no third-party non-voting Class B Shares remained outstanding. In addition, the Company has authorized the release of all collateral provided to a third party investor who participated in risks underwritten by ROE related to Upsilon Re through the reinsurance participation. | |
Timicuan Reinsurance III Limited ("Tim Re III") | |
Effective June 1, 2012, the Company formed and launched a managed joint venture, Tim Re III, a Bermuda domiciled SPI, to provide collateralized reinsurance in respect of a portfolio of Florida reinstatement premium protection ("RPP") contracts. The original business was written by Renaissance Reinsurance and DaVinci, and included $41.1 million of gross premiums written incepting June 1, 2012 and Renaissance Reinsurance and DaVinci ceded $37.7 million to Tim Re III under a fully-collateralized reinsurance contract. In conjunction with the formation and launch of Tim Re III, $44.8 million of non-voting Class B shares were sold to external investors. Additionally, $10.3 million of the non-voting Class B shares were acquired by the Company, representing an 18.6% ownership interest in Tim Re III. The Class B shareholders participate in substantially all of the profits or losses of Tim Re III while the Class B shares remain outstanding. The holders of Class B shares indemnify Tim Re III against losses relating to insurance risk and therefore these shares have been accounted for as prospective reinsurance under FASB ASC Topic Financial Services - Insurance. In addition, another third party investor supplied $5.2 million of capital through a reinsurance participation with Renaissance Reinsurance and DaVinci, alongside Tim Re III. Inclusive of the reinsurance participation, the Company had a 17.1% participation in the original risks assumed by Renaissance Reinsurance and DaVinci related to Tim Re III. Both Tim Re III and the reinsurance participation were managed by RUM. Through RUM, the Company was eligible to receive a potential underwriting profit commission in respect of Tim Re III. Tim Re III is considered a VIE and the Company is considered the primary beneficiary. As a result, Tim Re III is consolidated by the Company and all significant inter-company transactions have been eliminated. | |
During the first nine months of 2013, Tim Re III redeemed all of its outstanding third party non-voting Class B shares for $66.5 million as a result of the scheduled expiration of the risks underwritten by Tim Re III. Following these redemptions, no third-party non-voting Class B Shares remained outstanding. In addition, the Company has authorized the release of all the collateral provided to a third party investor who participated in risks underwritten by Renaissance Reinsurance and DaVinci related to Tim Re III through the reinsurance participation. | |
Upsilon Reinsurance II Ltd. ("Upsilon Re II") | |
Effective January 1, 2013, the Company formed and launched a managed joint venture, Upsilon Re II, a Bermuda domiciled SPI, to provide additional capacity to the worldwide aggregate and per-occurrence retrocessional property catastrophe excess of loss market for the 2013 underwriting year. Original business was written directly by Upsilon Re II and includes $53.5 million of gross premiums written incepting January 1, 2013 under fully-collateralized reinsurance contracts. In conjunction with the formation and launch of Upsilon Re II, $61.0 million of Upsilon Re II non-voting Class B shares were sold to external investors. Additionally, $76.4 million of the non-voting Class B shares were acquired by the Company, representing a 55.6% ownership interest in Upsilon Re II. The Class B shareholders participate in substantially all of the profits or losses of Upsilon Re II while the Class B shares remain outstanding. The holders of Class B shares indemnify Upsilon Re II against losses relating to insurance risk and therefore these shares have been accounted for as prospective reinsurance under FASB ASC Topic Financial Services - Insurance. In addition, another third party investor supplied $17.5 million of capital through an insurance contract with the Company related to Upsilon Re II's reinsurance portfolio. Inclusive of the insurance contract, the Company has a 42.9% participation in the original risks assumed by Upsilon Re II. Both Upsilon Re II and the reinsurance participation are managed by RUM in return for an expense override. Through RUM, the Company is eligible to receive a potential underwriting profit commission in respect of Upsilon Re II. Upsilon Re II is considered a VIE and the Company is considered the primary beneficiary. As a result, Upsilon Re II is consolidated by the Company and all significant inter-company transactions have been eliminated. | |
On July 1, 2013, the Company sold a portion of its shares of Upsilon Re II to a new third party shareholder for $25.0 million. The Company's ownership in Upsilon Re II decreased to 25.8%, inclusive of the related insurance contract, effective July 1, 2013, as a result of this sale. | |
Upsilon Re, Tim Re III and Upsilon Re II are each considered VIEs as they each have insufficient equity capital to finance their activities without additional financial support. The Company is the primary beneficiary of each of Upsilon Re, Tim Re III and Upsilon Re II as it: (i) has the power over the activities that most significantly impact the economic performance of each of Upsilon Re, Tim Re III and Upsilon Re II and (ii) has the obligation to absorb the losses, and right to receive the benefits, in accordance with the accounting guidance, that could be significant to Upsilon Re, Tim Re III and Upsilon Re II, respectively. As a result, the Company consolidates Upsilon Re, Tim Re III and Upsilon Re II and all significant inter-company transactions have been eliminated. The Company has not provided financial or other support to any of Upsilon Re, Tim Re III and Upsilon Re II during the periods presented by these consolidated financial statements that was not contractually required to be provided. | |
Mona Lisa Re Ltd. ("Mona Lisa Re") | |
On March 14, 2013, Mona Lisa Re was licensed as a Bermuda domiciled SPI to provide reinsurance capacity to subsidiaries of RenaissanceRe, namely Renaissance Reinsurance and DaVinci, through reinsurance agreements which will be collateralized and funded by Mona Lisa Re through the issuance of one or more series of principal at-risk variable risk notes (the "Notes") to third-party investors. Mona Lisa Re has one issued and outstanding common share at par value $1.00 owned by a third-party trustee. | |
Upon issuance of the 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 DaVinci. Upon termination of the reinsurance agreements, any remaining outstanding principal amount will be returned to holders of the Notes. In addition, holders of the Notes will receive interest, payable quarterly on each of April 30, July 31, October 31 and January 31 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. Therefore, the Company evaluated its relationship with Mona Lisa Re and concluded it does not have a variable interest in Mona Lisa Re. As a result, the financial position and results of operations of Mona Lisa Re are not consolidated by the Company. | |
The only transactions related to Mona Lisa Re that are recorded in the Company's consolidated financial statements are the ceded reinsurance agreements entered into by Renaissance Reinsurance and DaVinci which are accounted for as prospective reinsurance under FASB ASC Topic Financial Services - Insurance. Renaissance Reinsurance and DaVinci have together entered into a ceded reinsurance contract with Mona Lisa Re with gross premiums ceded of $7.9 million and $5.3 million, respectively, and $9.2 million and $6.5 million, respectively, during the three and nine months ended September 30, 2013. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||||
Earnings Per Share | ' | |||||||||||||||||
EARNINGS PER SHARE | ||||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per common share: | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
(thousands of shares) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator: | ||||||||||||||||||
Net income available to RenaissanceRe common shareholders | $ | 179,740 | $ | 180,660 | $ | 397,020 | $ | 524,359 | ||||||||||
Amount allocated to participating common shareholders (1) | (2,539 | ) | (2,787 | ) | (5,740 | ) | (8,395 | ) | ||||||||||
Net income allocated to RenaissanceRe common shareholders | $ | 177,201 | $ | 177,873 | $ | 391,280 | $ | 515,964 | ||||||||||
Denominator: | ||||||||||||||||||
Denominator for basic income per RenaissanceRe common share - weighted average common shares | 43,330 | 48,394 | 43,412 | 49,683 | ||||||||||||||
Per common share equivalents of employee stock options and restricted shares | 805 | 725 | 835 | 687 | ||||||||||||||
Denominator for diluted income per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions | 44,135 | 49,119 | 44,247 | 50,370 | ||||||||||||||
Basic income per RenaissanceRe common share | $ | 4.09 | $ | 3.67 | $ | 9.01 | $ | 10.38 | ||||||||||
Diluted income per RenaissanceRe common share | $ | 4.01 | $ | 3.62 | $ | 8.84 | $ | 10.24 | ||||||||||
-1 | Represents earnings attributable to holders of unvested restricted shares issued under the Company’s 2001 Stock Incentive Plan and Non-Employee Director Stock Incentive Plan. |
Shareholders_Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2013 | |
Stockholders' Equity Note [Abstract] | ' |
Shareholders' Equity | ' |
SHAREHOLDERS’ EQUITY | |
The Board of Directors of RenaissanceRe declared, and RenaissanceRe paid, a dividend of $0.28 per common share to shareholders of record on March 15, 2013, June 14, 2013 and September 13, 2013, respectively. During the nine months ended September 30, 2013, the Company declared and paid $19.4 million in preference share dividends (2012 – $26.3 million) and $37.0 million in common share dividends (2012 - $40.7 million). | |
During the nine months ended September 30, 2013, the Company repurchased 1.7 million shares in open market transactions, at an aggregate cost of $140.9 million, and at an average share price of $81.85. On August 8, 2013, the Company approved a renewal of its authorized share repurchase program for an aggregate amount of $500.0 million. At September 30, 2013, $489.2 million remained available for repurchase under the Board authorized share repurchase program. See "Part II, Item 2 - Unregistered Sales of Equity Securities and use of Proceeds" for additional information. 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. Unless terminated earlier by resolution of the Company’s Board of Directors, the program will expire when the Company has repurchased the full value of the shares authorized. The Company’s decision to repurchase common shares will depend on, among other matters, the market price of the common shares and the capital requirements of the Company. | |
In March 2004, RenaissanceRe raised $250.0 million through the issuance of 10 million Series C Preference Shares at $25 per share; in December 2006, RenaissanceRe raised $300.0 million through the issuance of 12 million Series D Preference Shares at $25 per share; and in May 2013, RenaissanceRe raised $275.0 million through the issuance of 11 million Series E Preference Shares at $25 per share. On December 27, 2012, the Company redeemed 6 million Series D Preference Shares for $150.0 million plus accrued and unpaid dividends thereon. Following the redemption, 6 million Series D Preference Shares remained outstanding. The proceeds of the issuance of the Series E Preference Shares were used to redeem the remaining 6 million outstanding Series D Preference Shares and 5 million of the outstanding Series C Preference Shares, as discussed below. | |
The Series E Preference Shares and the remaining Series C Preference Shares may be redeemed at $25 per share plus certain dividends at RenaissanceRe's option on or after June 1, 2018 and March 23, 2009, respectively. Dividends on the Series C Preference Shares are cumulative from the date of original issuance and are payable quarterly in arrears at 6.08% per annum, when, if, and as declared by the Board of Directors. Dividends on the Series E Preference Shares will be payable from the date of original issuance on a non-cumulative basis, only when, as and if declared by the Board of Directors, quarterly in arrears at 5.375% per annum. Unless certain dividend payments are made on the preference shares, RenaissanceRe will be restricted from paying any dividends on its common shares. The preference shares have no stated maturity and are not convertible into any other securities of RenaissanceRe. Generally, the preference shares have no voting rights. Whenever dividends payable on the preference shares are in arrears (whether or not such dividends have been earned or declared) in an amount equivalent to dividends for six full dividend periods (whether or not consecutive), the holders of the preference shares, voting as a single class regardless of class or series, will have the right to elect two directors to the Board of Directors of RenaissanceRe. | |
In May 2013, RenaissanceRe announced a mandatory redemption of the remaining 6 million of its outstanding Series D Preference Shares and on June 27, 2013 RenaissanceRe redeemed the remaining 6 million Series D Preference Shares called for redemption for $150.0 million million plus accrued and unpaid dividends thereon. Following the redemption, no Series D Preference Shares remain outstanding. In addition, in May 2013, RenaissanceRe announced a mandatory partial redemption of 5 million of its outstanding Series C Preference Shares. The partial redemption was allocated by random lottery in accordance with the Depository Trust Company's rules and procedures and on June 27, 2013 RenaissanceRe redeemed the 5 million Series C Preference Shares called for redemption for $125.0 million plus accrued and unpaid dividends thereon. Following the redemption, 5 million Series C Preference Shares remain outstanding. |
Segment_Reporting
Segment Reporting | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | ' | |||||||||||||||||||||
Segment Reporting | ' | |||||||||||||||||||||
SEGMENT REPORTING | ||||||||||||||||||||||
The Company currently has two reportable segments: Reinsurance and Lloyd's. | ||||||||||||||||||||||
As of December 31, 2012, the Company undertook a review of its reportable segments and concluded that its former Insurance segment no longer met the quantitative thresholds defined in FASB ASC Topic Segment Reporting. These operations are not actively involved in pursuing business opportunities and are in run-off; therefore the Company determined these operations no longer require, nor warrant, separate disclosure as a reportable segment. As such, the results of operations of the former Insurance segment have been included in the Other category, and all prior periods presented herein have been reclassified to conform with the current year presentation. | ||||||||||||||||||||||
The Company's Reinsurance operations are comprised of: (1) property catastrophe reinsurance, principally written through Renaissance Reinsurance and DaVinci; (2) specialty reinsurance, principally written through Renaissance Reinsurance, DaVinci and RenaissanceRe Specialty Risks; and (3) certain property catastrophe and specialty joint ventures, as described herein. The Reinsurance segment is managed by the Company's Chief Executive Officer and President, who leads a team of underwriters, risk modelers and other industry professionals, who have access to the Company's proprietary risk management, underwriting and modeling resources and tools. | ||||||||||||||||||||||
The Company's Lloyd's segment includes reinsurance and insurance business written through Syndicate 1458. Syndicate 1458 started writing certain lines of insurance and reinsurance business incepting on or after June 1, 2009. The syndicate was established to enhance the Company's underwriting platform by providing access to Lloyd's extensive distribution network and worldwide licenses and is managed by the Chief Underwriting Officer of European Operations. RenaissanceRe Corporate Capital (UK) Limited (“RenaissanceRe CCL”), an indirect wholly owned subsidiary of RenaissanceRe, is the sole corporate member of Syndicate 1458. | ||||||||||||||||||||||
The financial results of the Company's strategic investments, former Insurance segment, discontinued operations related to REAL and current noncontrolling interests are included in the Other category of the Company's segment results. Also included in the Other category of the Company's segment results are the Company's investments in other ventures, investments unit, corporate expenses and capital servicing costs. | ||||||||||||||||||||||
The Company does not manage its assets by segment; accordingly, net investment income and total assets are not allocated to the segments. | ||||||||||||||||||||||
A summary of the significant components of the Company's revenues and expenses is as follows: | ||||||||||||||||||||||
Three months ended September 30, 2013 | Reinsurance | Lloyd’s | Other | Total | ||||||||||||||||||
Gross premiums written | $ | 142,695 | $ | 39,954 | $ | — | $ | 182,649 | ||||||||||||||
Net premiums written | $ | 88,097 | $ | 39,014 | $ | 130 | $ | 127,241 | ||||||||||||||
Net premiums earned | $ | 247,461 | $ | 47,150 | $ | 106 | $ | 294,717 | ||||||||||||||
Net claims and claim expenses incurred | 34,417 | 28,175 | (1,664 | ) | 60,928 | |||||||||||||||||
Acquisition expenses | 28,740 | 8,938 | 21 | 37,699 | ||||||||||||||||||
Operational expenses | 31,876 | 12,559 | 237 | 44,672 | ||||||||||||||||||
Underwriting income | $ | 152,428 | $ | (2,522 | ) | $ | 1,512 | 151,418 | ||||||||||||||
Net investment income | 59,931 | 59,931 | ||||||||||||||||||||
Net foreign exchange gains | 488 | 488 | ||||||||||||||||||||
Equity in earnings of other ventures | 7,313 | 7,313 | ||||||||||||||||||||
Other income | 651 | 651 | ||||||||||||||||||||
Net realized and unrealized gains on investments | 28,472 | 28,472 | ||||||||||||||||||||
Corporate expenses | (4,307 | ) | (4,307 | ) | ||||||||||||||||||
Interest expense | (4,298 | ) | (4,298 | ) | ||||||||||||||||||
Income from continuing operations before taxes | 239,668 | |||||||||||||||||||||
Income tax expense | (223 | ) | (223 | ) | ||||||||||||||||||
Loss from discontinued operations | (9,779 | ) | (9,779 | ) | ||||||||||||||||||
Net income attributable to noncontrolling interests | (44,331 | ) | (44,331 | ) | ||||||||||||||||||
Dividends on preference shares | (5,595 | ) | (5,595 | ) | ||||||||||||||||||
Net income available to RenaissanceRe common shareholders | $ | 179,740 | ||||||||||||||||||||
Net claims and claim expenses incurred – current accident year | $ | 43,268 | $ | 24,886 | $ | — | $ | 68,154 | ||||||||||||||
Net claims and claim expenses incurred – prior accident years | (8,851 | ) | 3,289 | (1,664 | ) | (7,226 | ) | |||||||||||||||
Net claims and claim expenses incurred – total | $ | 34,417 | $ | 28,175 | $ | (1,664 | ) | $ | 60,928 | |||||||||||||
Net claims and claim expense ratio – current accident year | 17.5 | % | 52.8 | % | — | % | 23.1 | % | ||||||||||||||
Net claims and claim expense ratio – prior accident years | (3.6 | )% | 7 | % | (1,569.8 | )% | (2.4 | )% | ||||||||||||||
Net claims and claim expense ratio – calendar year | 13.9 | % | 59.8 | % | (1,569.8 | )% | 20.7 | % | ||||||||||||||
Underwriting expense ratio | 24.5 | % | 45.5 | % | 243.4 | % | 27.9 | % | ||||||||||||||
Combined ratio | 38.4 | % | 105.3 | % | (1,326.4 | )% | 48.6 | % | ||||||||||||||
Nine months ended September 30, 2013 | Reinsurance | Lloyd’s | Other | Eliminations (1) | Total | |||||||||||||||||
Gross premiums written | $ | 1,339,263 | $ | 183,015 | $ | — | $ | (988 | ) | $ | 1,521,290 | |||||||||||
Net premiums written | $ | 963,169 | $ | 159,581 | $ | 413 | $ | 1,123,163 | ||||||||||||||
Net premiums earned | $ | 730,610 | $ | 126,862 | $ | 389 | $ | 857,861 | ||||||||||||||
Net claims and claim expenses incurred | 126,243 | 68,239 | (2,341 | ) | 192,141 | |||||||||||||||||
Acquisition expenses | 70,005 | 24,338 | 132 | 94,475 | ||||||||||||||||||
Operational expenses | 96,745 | 36,193 | 509 | 133,447 | ||||||||||||||||||
Underwriting income | $ | 437,617 | $ | (1,908 | ) | $ | 2,089 | 437,798 | ||||||||||||||
Net investment income | 129,296 | 129,296 | ||||||||||||||||||||
Net foreign exchange gains | 170 | 170 | ||||||||||||||||||||
Equity in earnings of other ventures | 16,920 | 16,920 | ||||||||||||||||||||
Other loss | (2,186 | ) | (2,186 | ) | ||||||||||||||||||
Net realized and unrealized losses on investments | (26,788 | ) | (26,788 | ) | ||||||||||||||||||
Corporate expenses | (30,318 | ) | (30,318 | ) | ||||||||||||||||||
Interest expense | (13,632 | ) | (13,632 | ) | ||||||||||||||||||
Income from continuing operations before taxes | 511,260 | |||||||||||||||||||||
Income tax expense | (356 | ) | (356 | ) | ||||||||||||||||||
Income from discontinued operations | 2,422 | 2,422 | ||||||||||||||||||||
Net income attributable to noncontrolling interests | (96,953 | ) | (96,953 | ) | ||||||||||||||||||
Dividends on preference shares | (19,353 | ) | (19,353 | ) | ||||||||||||||||||
Net income available to RenaissanceRe common shareholders | $ | 397,020 | ||||||||||||||||||||
Net claims and claim expenses incurred – current accident year | $ | 192,569 | $ | 71,274 | $ | — | $ | 263,843 | ||||||||||||||
Net claims and claim expenses incurred – prior accident years | (66,326 | ) | (3,035 | ) | (2,341 | ) | (71,702 | ) | ||||||||||||||
Net claims and claim expenses incurred – total | $ | 126,243 | $ | 68,239 | $ | (2,341 | ) | $ | 192,141 | |||||||||||||
Net claims and claim expense ratio – current accident year | 26.4 | % | 56.2 | % | — | % | 30.8 | % | ||||||||||||||
Net claims and claim expense ratio – prior accident years | (9.1 | )% | (2.4 | )% | (601.8 | )% | (8.4 | )% | ||||||||||||||
Net claims and claim expense ratio – calendar year | 17.3 | % | 53.8 | % | (601.8 | )% | 22.4 | % | ||||||||||||||
Underwriting expense ratio | 22.8 | % | 47.7 | % | 164.8 | % | 26.6 | % | ||||||||||||||
Combined ratio | 40.1 | % | 101.5 | % | (437.0 | )% | 49 | % | ||||||||||||||
-1 | Represents $1.0 million of gross premiums ceded from the Reinsurance segment to the Lloyd's segment. | |||||||||||||||||||||
Three months ended September 30, 2012 | Reinsurance | Lloyd’s | Other | Total | ||||||||||||||||||
Gross premiums written | $ | 107,637 | $ | 28,722 | $ | — | $ | 136,359 | ||||||||||||||
Net premiums written | $ | 78,164 | $ | 26,982 | $ | (111 | ) | $ | 105,035 | |||||||||||||
Net premiums earned | $ | 230,359 | $ | 32,375 | $ | (111 | ) | $ | 262,623 | |||||||||||||
Net claims and claim expenses incurred | 47,080 | 26,331 | (196 | ) | 73,215 | |||||||||||||||||
Acquisition expenses | 18,258 | 6,051 | 129 | 24,438 | ||||||||||||||||||
Operational expenses | 30,856 | 11,532 | (32 | ) | 42,356 | |||||||||||||||||
Underwriting income (loss) | $ | 134,165 | $ | (11,539 | ) | $ | (12 | ) | 122,614 | |||||||||||||
Net investment income | 46,135 | 46,135 | ||||||||||||||||||||
Net foreign exchange gains | 3,187 | 3,187 | ||||||||||||||||||||
Equity in earnings of other ventures | 4,310 | 4,310 | ||||||||||||||||||||
Other loss | (1,053 | ) | (1,053 | ) | ||||||||||||||||||
Net realized and unrealized gains on investments | 75,297 | 75,297 | ||||||||||||||||||||
Corporate expenses | (3,796 | ) | (3,796 | ) | ||||||||||||||||||
Interest expense | (5,891 | ) | (5,891 | ) | ||||||||||||||||||
Income from continuing operations before taxes | 240,803 | |||||||||||||||||||||
Income tax benefit | (144 | ) | (144 | ) | ||||||||||||||||||
Loss from discontinued operations | (166 | ) | (166 | ) | ||||||||||||||||||
Net income attributable to noncontrolling interests | (51,083 | ) | (51,083 | ) | ||||||||||||||||||
Dividends on preference shares | (8,750 | ) | (8,750 | ) | ||||||||||||||||||
Net income available to RenaissanceRe common shareholders | $ | 180,660 | ||||||||||||||||||||
Net claims and claim expenses incurred – current accident year | $ | 64,488 | $ | 29,051 | $ | — | $ | 93,539 | ||||||||||||||
Net claims and claim expenses incurred – prior accident years | (17,408 | ) | (2,720 | ) | (196 | ) | (20,324 | ) | ||||||||||||||
Net claims and claim expenses incurred – total | $ | 47,080 | $ | 26,331 | $ | (196 | ) | $ | 73,215 | |||||||||||||
Net claims and claim expense ratio – current accident year | 28 | % | 89.7 | % | — | % | 35.6 | % | ||||||||||||||
Net claims and claim expense ratio – prior accident years | (7.6 | )% | (8.4 | )% | 176.6 | % | (7.7 | )% | ||||||||||||||
Net claims and claim expense ratio – calendar year | 20.4 | % | 81.3 | % | 176.6 | % | 27.9 | % | ||||||||||||||
Underwriting expense ratio | 21.4 | % | 54.3 | % | (87.4 | )% | 25.4 | % | ||||||||||||||
Combined ratio | 41.8 | % | 135.6 | % | 89.2 | % | 53.3 | % | ||||||||||||||
Nine months ended September 30, 2012 | Reinsurance | Lloyd’s | Other | Eliminations | Total | |||||||||||||||||
-1 | ||||||||||||||||||||||
Gross premiums written | $ | 1,334,438 | $ | 133,836 | $ | — | $ | (428 | ) | $ | 1,467,846 | |||||||||||
Net premiums written | $ | 916,171 | $ | 109,429 | $ | (360 | ) | $ | 1,025,240 | |||||||||||||
Net premiums earned | $ | 698,473 | $ | 87,566 | $ | (335 | ) | $ | 785,704 | |||||||||||||
Net claims and claim expenses incurred | 90,892 | 50,292 | (2,866 | ) | 138,318 | |||||||||||||||||
Acquisition expenses | 57,742 | 16,229 | 186 | 74,157 | ||||||||||||||||||
Operational expenses | 93,246 | 32,395 | 414 | 126,055 | ||||||||||||||||||
Underwriting income (loss) | $ | 456,593 | $ | (11,350 | ) | $ | 1,931 | 447,174 | ||||||||||||||
Net investment income | 126,725 | 126,725 | ||||||||||||||||||||
Net foreign exchange gains | 3,468 | 3,468 | ||||||||||||||||||||
Equity in earnings of other ventures | 16,626 | 16,626 | ||||||||||||||||||||
Other income | 730 | 730 | ||||||||||||||||||||
Net realized and unrealized gains on investments | 150,982 | 150,982 | ||||||||||||||||||||
Net other-than-temporary impairments | (343 | ) | (343 | ) | ||||||||||||||||||
Corporate expenses | (12,567 | ) | (12,567 | ) | ||||||||||||||||||
Interest expense | (17,325 | ) | (17,325 | ) | ||||||||||||||||||
Income from continuing operations before taxes | 715,470 | |||||||||||||||||||||
Income tax expense | (1,008 | ) | (1,008 | ) | ||||||||||||||||||
Income from discontinued operations | (25,505 | ) | (25,505 | ) | ||||||||||||||||||
Net income attributable to noncontrolling interests | (138,348 | ) | (138,348 | ) | ||||||||||||||||||
Dividends on preference shares | (26,250 | ) | (26,250 | ) | ||||||||||||||||||
Net income available to RenaissanceRe common shareholders | $ | 524,359 | ||||||||||||||||||||
Net claims and claim expenses incurred – current accident year | $ | 196,263 | $ | 63,697 | $ | — | $ | 259,960 | ||||||||||||||
Net claims and claim expenses incurred – prior accident years | (105,371 | ) | (13,405 | ) | (2,866 | ) | (121,642 | ) | ||||||||||||||
Net claims and claim expenses incurred – total | $ | 90,892 | $ | 50,292 | $ | (2,866 | ) | $ | 138,318 | |||||||||||||
Net claims and claim expense ratio – current accident year | 28.1 | % | 72.7 | % | — | % | 33.1 | % | ||||||||||||||
Net claims and claim expense ratio – prior accident years | (15.1 | )% | (15.3 | )% | 855.5 | % | (15.5 | )% | ||||||||||||||
Net claims and claim expense ratio – calendar year | 13 | % | 57.4 | % | 855.5 | % | 17.6 | % | ||||||||||||||
Underwriting expense ratio | 21.6 | % | 55.6 | % | (179.1 | )% | 25.5 | % | ||||||||||||||
Combined ratio | 34.6 | % | 113 | % | 676.4 | % | 43.1 | % | ||||||||||||||
-1 | Represents $0.4 million of gross premiums ceded from the Lloyd's segment to the Reinsurance segment. |
Derivative_Instruments
Derivative Instruments | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Summary of Derivative Instruments [Abstract] | ' | |||||||||||||||||||||||
Derivative Instruments | ' | |||||||||||||||||||||||
DERIVATIVE INSTRUMENTS | ||||||||||||||||||||||||
The Company enters into derivative instruments such as futures, options, swaps, forward contracts and other derivative contracts primarily to manage its foreign currency exposure, obtain exposure to a particular financial market, for yield enhancement, or for trading and speculation. The Company 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 the rights or obligations of the derivatives, with changes in fair value reflected in current earnings. The Company does not currently apply hedge accounting in respect of any positions reflected in its consolidated financial statements. The Company's derivative instruments are generally traded under International Swaps and Derivatives Association master agreements, which establish the terms of the transactions entered into with the Company's derivative counterparties. In the event one party becomes insolvent or otherwise defaults on its obligations, a master agreement generally permits the non-defaulting party to accelerate and terminate all outstanding transactions and net the transactions' marked-to-market values so that a single sum in a single currency will be owed by, or owed to, the non-defaulting party. Effectively, this contractual close-out netting reduces credit exposure from gross to net exposure. Where the Company has entered into master netting agreements with counterparties, or the Company has the legal and contractual right to offset positions, the derivative positions are generally netted by counterparty and are reported accordingly in other assets and other liabilities. | ||||||||||||||||||||||||
The table below shows the gross and net amounts of recognized derivative assets and liabilities, including the location on the consolidated balance sheets and fair value of the Company’s principal derivative instruments: | ||||||||||||||||||||||||
Derivative Assets | ||||||||||||||||||||||||
At September 30, 2013 | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Balance Sheet | Net Amounts of Assets Presented in the Balance Sheet | Balance Sheet Location | Collateral | Net Amount | ||||||||||||||||||
Interest rate futures | $ | 231 | — | $ | 231 | Other assets | $ | — | $ | 231 | ||||||||||||||
Foreign currency forward contracts (1) | 8,563 | — | 8,563 | Other assets | — | 8,563 | ||||||||||||||||||
Foreign currency forward contracts (2) | 1,016 | 780 | 236 | Other assets | — | 236 | ||||||||||||||||||
Credit default swaps | 583 | 70 | 513 | Other assets | 310 | 203 | ||||||||||||||||||
Total | $ | 10,393 | $ | 850 | $ | 9,543 | $ | 310 | $ | 9,233 | ||||||||||||||
Derivative Liabilities | ||||||||||||||||||||||||
At September 30, 2013 | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Balance Sheet | Net Amounts of Liabilities Presented in the Balance Sheet | Balance Sheet Location | Collateral Pledged | Net Amount | ||||||||||||||||||
Interest rate futures | $ | 104 | — | $ | 104 | Other liabilities | $ | 104 | $ | — | ||||||||||||||
Foreign currency forward contracts (1) | 4,431 | — | 4,431 | Other liabilities | — | 4,431 | ||||||||||||||||||
Foreign currency forward contracts (2) | 2,336 | 780 | 1,556 | Other liabilities | — | 1,556 | ||||||||||||||||||
Credit default swaps | 81 | 70 | 11 | Other liabilities | — | 11 | ||||||||||||||||||
Other | 282 | — | 282 | Other liabilities | — | 282 | ||||||||||||||||||
Total | $ | 7,234 | $ | 850 | $ | 6,384 | $ | 104 | $ | 6,280 | ||||||||||||||
-1 | Contracts used to manage foreign currency risks in underwriting and non-investment operations. | |||||||||||||||||||||||
-2 | Contracts used to manage foreign currency risks in investment operations. | |||||||||||||||||||||||
Derivative Assets | ||||||||||||||||||||||||
At December 31, 2012 | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Balance Sheet | Net Amounts of Assets Presented in the Balance Sheet | Balance Sheet Location | Collateral | Net Amount | ||||||||||||||||||
Interest rate futures | $ | 441 | — | $ | 441 | Other assets | $ | — | $ | 441 | ||||||||||||||
Foreign currency forward contracts (1) | 7,191 | — | 7,191 | Other assets | — | 7,191 | ||||||||||||||||||
Foreign currency forward contracts (2) | 2,534 | 2,296 | 238 | Other assets | — | 238 | ||||||||||||||||||
Credit default swaps | 784 | 333 | 451 | Other assets | 310 | 141 | ||||||||||||||||||
Total | $ | 10,950 | $ | 2,629 | $ | 8,321 | $ | 310 | $ | 8,011 | ||||||||||||||
Derivative Liabilities | ||||||||||||||||||||||||
At December 31, 2012 | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Balance Sheet | Net Amounts of Liabilities Presented in the Balance Sheet | Balance Sheet Location | Collateral Pledged | Net Amount | ||||||||||||||||||
Interest rate futures | $ | 41 | — | $ | 41 | Other liabilities | $ | 41 | $ | — | ||||||||||||||
Foreign currency forward contracts (1) | 4,173 | — | 4,173 | Other liabilities | — | 4,173 | ||||||||||||||||||
Total | $ | 4,214 | $ | — | $ | 4,214 | $ | 41 | $ | 4,173 | ||||||||||||||
-1 | Contracts used to manage foreign currency risks in underwriting and non-investment operations. | |||||||||||||||||||||||
-2 | Contracts used to manage foreign currency risks in investment operations. | |||||||||||||||||||||||
Refer to "Note 4. 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 derivative instruments is shown in the following table: | ||||||||||||||||||||||||
Location of gain (loss) | Amount of gain (loss) recognized on | |||||||||||||||||||||||
recognized on derivatives | derivatives | |||||||||||||||||||||||
Three months ended September 30, | 2013 | 2012 | ||||||||||||||||||||||
Interest rate futures | Net realized and unrealized gains (losses) on investments | $ | 3,291 | $ | (1,087 | ) | ||||||||||||||||||
Foreign currency forward contracts (1) | Net foreign exchange gains | 11,388 | 13,056 | |||||||||||||||||||||
Foreign currency forward contracts (2) | Net foreign exchange gains | (5,016 | ) | (430 | ) | |||||||||||||||||||
Credit default swaps | Net realized and unrealized gains (losses) on investments | 266 | 127 | |||||||||||||||||||||
Other | Other income (loss) | 281 | — | |||||||||||||||||||||
Total | $ | 10,210 | $ | 11,666 | ||||||||||||||||||||
Location of gain (loss) | Amount of gain (loss) recognized on | |||||||||||||||||||||||
recognized on derivatives | derivatives | |||||||||||||||||||||||
Nine months ended September 30, | 2013 | 2012 | ||||||||||||||||||||||
Interest rate futures | Net realized and unrealized gains (losses) on investments | $ | 23,496 | $ | (2,904 | ) | ||||||||||||||||||
Foreign currency forward contracts (1) | Net foreign exchange gains | 512 | 14,425 | |||||||||||||||||||||
Foreign currency forward contracts (2) | Net foreign exchange gains | (3,670 | ) | (2,779 | ) | |||||||||||||||||||
Credit default swaps | Net realized and unrealized gains (losses) on investments | 992 | 661 | |||||||||||||||||||||
Other | Other income (loss) | 281 | — | |||||||||||||||||||||
Total | $ | 21,611 | $ | 9,403 | ||||||||||||||||||||
-1 | Contracts used to manage foreign currency risks in underwriting and non-investment operations. | |||||||||||||||||||||||
-2 | Contracts used to manage foreign currency risks in investment operations. | |||||||||||||||||||||||
The Company is not aware of the existence of any credit-risk related contingent features that it believes would be triggered in its derivative instruments that are in a net liability position at September 30, 2013. | ||||||||||||||||||||||||
Interest Rate Futures | ||||||||||||||||||||||||
The Company uses interest rate futures within its portfolio of fixed maturity investments to manage its exposure to interest rate risk, which can include increasing or decreasing its exposure to this risk. At September 30, 2013, the Company had $1,007.6 million of notional long positions and $423.8 million of notional short positions of primarily Eurodollar, U.S. treasury and non-U.S. dollar futures contracts (December 31, 2012 – $377.8 million and $310.7 million, respectively). The fair value of these derivatives is determined using exchange traded prices. | ||||||||||||||||||||||||
Foreign Currency Derivatives | ||||||||||||||||||||||||
The Company’s functional currency is the U.S. dollar. The Company writes a portion of its business in currencies other than U.S. dollars and may, from time to time, experience foreign exchange gains and losses in the Company’s consolidated financial statements. All changes in exchange rates, with the exception of non-monetary assets and liabilities, are recognized currently in the Company’s consolidated statements of operations. | ||||||||||||||||||||||||
Underwriting Operations Related Foreign Currency Contracts | ||||||||||||||||||||||||
The Company’s foreign currency policy with regard to its underwriting operations is generally to hold foreign currency assets, including cash, investments and receivables that approximate the foreign currency liabilities, including claims and claim expense reserves and reinsurance balances payable. When necessary, the Company may use foreign currency forward and option contracts to minimize the effect of fluctuating foreign currencies on the value of non-U.S. dollar denominated assets and liabilities associated with its underwriting operations. The fair value of the Company's underwriting operations related foreign currency contracts is determined using indicative pricing obtained from counterparties or broker quotes. At September 30, 2013, the Company had outstanding underwriting related foreign currency contracts of $262.8 million in notional long positions and $162.8 million in notional short positions, denominated in U.S. dollars (December 31, 2012 – $446.2 million and $119.5 million, respectively). | ||||||||||||||||||||||||
Investment Portfolio Related Foreign Currency Forward Contracts | ||||||||||||||||||||||||
The Company’s investment operations are exposed to currency fluctuations through its investments in non-U.S. dollar fixed maturity investments, short term investments and other investments. To economically hedge its exposure to currency fluctuations from these investments, the Company has entered into foreign currency forward contracts. Foreign exchange gains (losses) associated with the Company’s hedging of these non-U.S. dollar investments are recorded in net foreign exchange gains (losses) in its consolidated statements of operations. 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 September 30, 2013, the Company had outstanding investment portfolio related foreign currency contracts of $94.7 million in notional long positions and $175.0 million in notional short positions, denominated in U.S. dollars (December 31, 2012 – $176.7 million and $217.4 million, respectively). | ||||||||||||||||||||||||
Credit Derivatives | ||||||||||||||||||||||||
The Company’s exposure to credit risk is primarily due to its fixed maturity investments, short term investments, premiums receivable and reinsurance recoverable. From time to time, the Company purchases credit derivatives to hedge its exposures in the insurance industry, and to assist in managing the credit risk associated with ceded reinsurance. The Company also employs credit derivatives in its investment portfolio to either assume credit risk or hedge its credit exposure. The fair value of the credit derivatives is determined using industry valuation models, broker bid indications or internal pricing valuation techniques. The fair value of these credit derivatives can change based on a variety of factors including changes in credit spreads, default rates and recovery rates, the correlation of credit risk between the referenced credit and the counterparty, and market rate inputs such as interest rates. At September 30, 2013, the Company had outstanding credit derivatives of $7.1 million in notional long positions and $10.0 million in notional short positions, denominated in U.S. dollars (December 31, 2012 – $46.1 million and $24.0 million, respectively). | ||||||||||||||||||||||||
Other | ||||||||||||||||||||||||
The Company has entered into a derivative agreement with a counterparty whereby, following the occurrence of a triggering event as reported by an external agency, the Company will be required to reimburse the counterparty an amount up to the notional amount of $25.0 million. The fair value of this derivative is obtained through the use of an internal valuation model with the inputs to the internal valuation model based on proprietary data as observable market inputs are not available. |
Commitments_Contingencies_and_
Commitments, Contingencies and Other Items | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments, Contingencies and Other Items | ' |
COMMITMENTS, CONTINGENCIES AND OTHER ITEMS | |
There are no material changes from the commitments and contingencies previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2012. | |
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. This category of business litigation may involve allegations of underwriting or claims-handling errors or misconduct, employment claims, regulatory actions or disputes arising from the Company's business ventures. The Company's operating subsidiaries are subject to claims litigation involving 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 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 which are discussed in its loss reserves discussion. In addition, the Company may from time to time engage in litigation or arbitration related to its claims for payment in respect of ceded reinsurance, including disputes that challenge the Company's ability to enforce its underwriting intent. Such matters could result, directly or indirectly, in providers of protection not meeting their obligations to the Company or not doing so on a timely basis. The Company may also be subject to other disputes from time to time, relating to operational or other matters distinct from insurance or reinsurance claims. Any litigation or arbitration, or regulatory process, contains an element of uncertainty, and the value of an exposure or a gain contingency related to a dispute is difficult to estimate accordingly. Currently, the Company believes that no individual litigation or arbitration to which it is presently a party is likely to have a material adverse effect on its financial condition, business or operations. | |
Other Items | |
On May 15, 2013, the Company announced that effective July 1, 2013, Mr. Currie, its Chief Executive Officer, would retire and Mr. Currie's responsibilities would be assumed by Mr. O'Donnell, the Company's President and Chief Underwriting Officer. As part of this transition, Mr. Currie ceased to serve as an officer and director of the Company on July 1, 2013. Mr. Currie will remain an employee of the Company through February 22, 2014 (the “Separation Date”), the remaining term of Mr. Currie's amended and restated employment agreement. Until the Separation Date, Mr. Currie will continue to receive all payments and benefits set forth in his employment agreement. At the Separation Date, Mr. Currie will be entitled to the separation payments and benefits as provided in his employment agreement. In conjunction therewith, in the second quarter of 2013, the Company expensed $16.8 million in total compensation, benefits and other related expenses including the unamortized balance of stock-based compensation Mr. Currie is expected to receive under the terms of his employment agreement and the transition agreement entered into between the Company and Mr. Currie in connection with Mr. Currie's retirement, subject to Mr. Currie's continued compliance with the non-competition and non-interference covenants set forth therein. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries [Abstract] | ' | |||||||||||||||||||
Condensed Consolidating Financial Information Provided in Connection with Outstanding Debt of Subsidiaries | ' | |||||||||||||||||||
CONDENSED CONSOLIDATING FINANCIAL INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT OF SUBSIDIARIES | ||||||||||||||||||||
The following tables present condensed consolidating balance sheets at September 30, 2013 and December 31, 2012, condensed consolidating statements of operations and condensed consolidating statements of comprehensive income for the three and nine months ended September 30, 2013 and 2012, and condensed consolidating statements of cash flows for the nine months ended September 30, 2013 and 2012, respectively, for RenaissanceRe, RRNAH and RenaissanceRe’s other subsidiaries. RRNAH is a 100% owned subsidiary of RenaissanceRe. | ||||||||||||||||||||
On March 17, 2010, RRNAH issued, and RenaissanceRe guaranteed, $250.0 million of 5.75% Senior Notes due March 15, 2020, with interest on the notes payable on March 15 and September 15. The notes can be redeemed by RRNAH prior to maturity, subject to payment of a “make-whole” premium. The notes, which are senior obligations, contain various covenants, including limitations on mergers and consolidations, restrictions as to the disposition of the stock of designated subsidiaries and limitations on liens of the stock of designated subsidiaries. | ||||||||||||||||||||
Condensed Consolidating Balance Sheet at September 30, 2013 | RenaissanceRe | RenRe North | Other | Consolidating | RenaissanceRe | |||||||||||||||
Holdings Ltd. | America | RenaissanceRe | Adjustments | Consolidated | ||||||||||||||||
(Parent | Holdings Inc. | Holdings Ltd. | -2 | |||||||||||||||||
Guarantor) | (Subsidiary | Subsidiaries and | ||||||||||||||||||
Issuer) | Eliminations | |||||||||||||||||||
(Non-guarantor | ||||||||||||||||||||
Subsidiaries) | ||||||||||||||||||||
-1 | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Total investments | $ | 282,340 | $ | 25,742 | $ | 6,119,430 | $ | — | $ | 6,427,512 | ||||||||||
Cash and cash equivalents | 8,244 | 9,182 | 248,924 | — | 266,350 | |||||||||||||||
Investments in subsidiaries | 3,214,032 | 81,121 | — | (3,295,153 | ) | — | ||||||||||||||
Due from subsidiaries and affiliates | 158,130 | 42 | — | (158,172 | ) | — | ||||||||||||||
Premiums receivable | — | — | 735,937 | — | 735,937 | |||||||||||||||
Prepaid reinsurance premiums | — | — | 166,340 | — | 166,340 | |||||||||||||||
Reinsurance recoverable | — | — | 149,201 | — | 149,201 | |||||||||||||||
Accrued investment income | 716 | 89 | 26,082 | — | 26,887 | |||||||||||||||
Deferred acquisition costs | — | — | 103,844 | — | 103,844 | |||||||||||||||
Other assets | 116,429 | 1,540 | 347,067 | (102,708 | ) | 362,328 | ||||||||||||||
Assets of discontinued operations held for sale | — | 115,556 | — | — | 115,556 | |||||||||||||||
Total assets | $ | 3,779,891 | $ | 233,272 | $ | 7,896,825 | $ | (3,556,033 | ) | $ | 8,353,955 | |||||||||
Liabilities, Noncontrolling Interests and Shareholders’ Equity | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||
Reserve for claims and claim expenses | $ | — | $ | — | $ | 1,683,709 | $ | — | $ | 1,683,709 | ||||||||||
Unearned premiums | — | — | 754,077 | — | 754,077 | |||||||||||||||
Debt | — | 249,407 | — | — | 249,407 | |||||||||||||||
Amounts due to subsidiaries and affiliates | 51,946 | 1,907 | — | (53,853 | ) | — | ||||||||||||||
Reinsurance balances payable | — | — | 358,988 | — | 358,988 | |||||||||||||||
Other liabilities | 17,231 | 3,317 | 573,310 | (2,708 | ) | 591,150 | ||||||||||||||
Liabilities of discontinued operations held for sale | — | 56,275 | — | — | 56,275 | |||||||||||||||
Total liabilities | 69,177 | 310,906 | 3,370,084 | (56,561 | ) | 3,693,606 | ||||||||||||||
Redeemable noncontrolling interest – DaVinciRe | — | — | 945,915 | — | 945,915 | |||||||||||||||
Shareholders’ Equity | ||||||||||||||||||||
Total shareholders’ equity | 3,710,714 | (77,634 | ) | 3,580,826 | (3,499,472 | ) | 3,714,434 | |||||||||||||
Total liabilities, noncontrolling interests and shareholders’ equity | $ | 3,779,891 | $ | 233,272 | $ | 7,896,825 | $ | (3,556,033 | ) | $ | 8,353,955 | |||||||||
-1 | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. | |||||||||||||||||||
-2 | Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments. | |||||||||||||||||||
Condensed Consolidating Balance Sheet at December 31, 2012 | RenaissanceRe | RenRe North | Other | Consolidating | RenaissanceRe | |||||||||||||||
Holdings Ltd. | America | RenaissanceRe | Adjustments | Consolidated | ||||||||||||||||
(Parent | Holdings Inc. | Holdings Ltd. | -2 | |||||||||||||||||
Guarantor) | (Subsidiary | Subsidiaries and | ||||||||||||||||||
Issuer) | Eliminations | |||||||||||||||||||
(Non-guarantor | ||||||||||||||||||||
Subsidiaries) | ||||||||||||||||||||
-1 | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Total investments | $ | 572,139 | $ | 49,618 | $ | 5,733,637 | $ | — | $ | 6,355,394 | ||||||||||
Cash and cash equivalents | 6,298 | 1,528 | 296,319 | — | 304,145 | |||||||||||||||
Investments in subsidiaries | 2,864,793 | 37,202 | — | (2,901,995 | ) | — | ||||||||||||||
Due from subsidiaries and affiliates | 53,296 | 117 | — | (53,413 | ) | — | ||||||||||||||
Premiums receivable | — | — | 491,365 | — | 491,365 | |||||||||||||||
Prepaid reinsurance premiums | — | — | 77,082 | — | 77,082 | |||||||||||||||
Reinsurance recoverable | — | — | 192,512 | — | 192,512 | |||||||||||||||
Accrued investment income | 2,535 | 69 | 30,874 | — | 33,478 | |||||||||||||||
Deferred acquisition costs | — | — | 52,622 | — | 52,622 | |||||||||||||||
Other assets | 175,105 | 15,754 | 212,570 | (115,493 | ) | 287,936 | ||||||||||||||
Assets of discontinued operations held for sale | — | 134,094 | — | — | 134,094 | |||||||||||||||
Total assets | $ | 3,674,166 | $ | 238,382 | $ | 7,086,981 | $ | (3,070,901 | ) | $ | 7,928,628 | |||||||||
Liabilities, Redeemable Noncontrolling Interest and Shareholders’ Equity | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||
Reserve for claims and claim expenses | $ | — | $ | — | $ | 1,879,377 | $ | — | $ | 1,879,377 | ||||||||||
Unearned premiums | — | — | 399,517 | — | 399,517 | |||||||||||||||
Debt | 100,000 | 249,339 | — | — | 349,339 | |||||||||||||||
Amounts due to subsidiaries and affiliates | 11,371 | 5,593 | — | (16,964 | ) | — | ||||||||||||||
Reinsurance balances payable | — | — | 290,419 | — | 290,419 | |||||||||||||||
Other liabilities | 59,730 | 4,572 | 414,377 | (1,458 | ) | 477,221 | ||||||||||||||
Liabilities of discontinued operations held for sale | — | 57,440 | — | — | 57,440 | |||||||||||||||
Total liabilities | 171,101 | 316,944 | 2,983,690 | (18,422 | ) | 3,453,313 | ||||||||||||||
Redeemable noncontrolling interest – DaVinciRe | — | — | 968,259 | — | 968,259 | |||||||||||||||
Shareholders’ Equity | ||||||||||||||||||||
Total shareholders’ equity | 3,503,065 | (78,562 | ) | 3,135,032 | (3,052,479 | ) | 3,507,056 | |||||||||||||
Total liabilities, redeemable noncontrolling interest and shareholders’ equity | $ | 3,674,166 | $ | 238,382 | $ | 7,086,981 | $ | (3,070,901 | ) | $ | 7,928,628 | |||||||||
-1 | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. | |||||||||||||||||||
-2 | Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments. | |||||||||||||||||||
Condensed Consolidating Statement of Operations for | RenaissanceRe | RenRe North | Other | Consolidating | RenaissanceRe | |||||||||||||||
the three months ended September 30, 2013 | Holdings Ltd. | America | RenaissanceRe | Adjustments | Consolidated | |||||||||||||||
(Parent | Holdings Inc. | Holdings Ltd. | -2 | |||||||||||||||||
Guarantor) | (Subsidiary | Subsidiaries and | ||||||||||||||||||
Issuer) | Eliminations | |||||||||||||||||||
(Non-guarantor | ||||||||||||||||||||
Subsidiaries) | ||||||||||||||||||||
-1 | ||||||||||||||||||||
Revenues | ||||||||||||||||||||
Net premiums earned | $ | — | $ | — | $ | 294,717 | $ | — | $ | 294,717 | ||||||||||
Net investment income | 1,055 | 37 | 59,782 | (943 | ) | 59,931 | ||||||||||||||
Net foreign exchange gains | 47 | — | 441 | — | 488 | |||||||||||||||
Equity in earnings of other ventures | — | — | 7,313 | — | 7,313 | |||||||||||||||
Other income | — | — | 651 | — | 651 | |||||||||||||||
Net realized and unrealized gains (losses) on investments | 373 | (18 | ) | 28,117 | — | 28,472 | ||||||||||||||
Total revenues | 1,475 | 19 | 391,021 | (943 | ) | 391,572 | ||||||||||||||
Expenses | ||||||||||||||||||||
Net claims and claim expenses incurred | — | — | 60,928 | — | 60,928 | |||||||||||||||
Acquisition expenses | — | — | 37,699 | — | 37,699 | |||||||||||||||
Operational expenses | (1,242 | ) | 1,574 | 44,808 | (468 | ) | 44,672 | |||||||||||||
Corporate expenses | 3,599 | 60 | 648 | — | 4,307 | |||||||||||||||
Interest expense | — | 3,617 | 681 | — | 4,298 | |||||||||||||||
Total expenses | 2,357 | 5,251 | 144,764 | (468 | ) | 151,904 | ||||||||||||||
(Loss) income before equity in net income (loss) of subsidiaries and taxes | (882 | ) | (5,232 | ) | 246,257 | (475 | ) | 239,668 | ||||||||||||
Equity in net income of subsidiaries | 186,217 | 2,344 | — | (188,561 | ) | — | ||||||||||||||
Income (loss) from continuing operations before taxes | 185,335 | (2,888 | ) | 246,257 | (189,036 | ) | 239,668 | |||||||||||||
Income tax benefit (expense) | — | 801 | (1,024 | ) | — | (223 | ) | |||||||||||||
Income (loss) from continuing operations | 185,335 | (2,087 | ) | 245,233 | (189,036 | ) | 239,445 | |||||||||||||
Loss from discontinued operations | — | (9,779 | ) | — | — | (9,779 | ) | |||||||||||||
Net income (loss) | 185,335 | (11,866 | ) | 245,233 | (189,036 | ) | 229,666 | |||||||||||||
Net income attributable to noncontrolling interests | — | — | (44,331 | ) | — | (44,331 | ) | |||||||||||||
Net income (loss) attributable to RenaissanceRe | 185,335 | (11,866 | ) | 200,902 | (189,036 | ) | 185,335 | |||||||||||||
Dividends on preference shares | (5,595 | ) | — | — | — | (5,595 | ) | |||||||||||||
Net income (loss) attributable to RenaissanceRe common shareholders | $ | 179,740 | $ | (11,866 | ) | $ | 200,902 | $ | (189,036 | ) | $ | 179,740 | ||||||||
-1 | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. | |||||||||||||||||||
-2 | Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments. | |||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income (Loss) for the three months ended September 30, 2013 | RenaissanceRe | RenRe North | Other | Consolidating | RenaissanceRe | |||||||||||||||
Holdings Ltd. | America | RenaissanceRe | Adjustments | Consolidated | ||||||||||||||||
(Parent | Holdings Inc. | Holdings Ltd. | -2 | |||||||||||||||||
Guarantor) | (Subsidiary | Subsidiaries | ||||||||||||||||||
Issuer) | and | |||||||||||||||||||
Eliminations | ||||||||||||||||||||
(Non-guarantor | ||||||||||||||||||||
Subsidiaries) | ||||||||||||||||||||
-1 | ||||||||||||||||||||
Comprehensive income (loss) | ||||||||||||||||||||
Net income (loss) | $ | 185,335 | $ | (11,866 | ) | $ | 245,233 | $ | (189,036 | ) | $ | 229,666 | ||||||||
Change in net unrealized gains on investments | — | — | (343 | ) | — | (343 | ) | |||||||||||||
Comprehensive income (loss) | 185,335 | (11,866 | ) | 244,890 | (189,036 | ) | 229,323 | |||||||||||||
Net income attributable to noncontrolling interests | — | — | (44,331 | ) | — | (44,331 | ) | |||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | (44,331 | ) | — | (44,331 | ) | |||||||||||||
Comprehensive income (loss) attributable to RenaissanceRe | $ | 185,335 | $ | (11,866 | ) | $ | 200,559 | $ | (189,036 | ) | $ | 184,992 | ||||||||
-1 | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. | |||||||||||||||||||
-2 | Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments. | |||||||||||||||||||
Condensed Consolidating Statement of Operations for | RenaissanceRe | RenRe North | Other | Consolidating | RenaissanceRe | |||||||||||||||
the nine months ended September 30, 2013 | Holdings Ltd. | America | RenaissanceRe | Adjustments | Consolidated | |||||||||||||||
(Parent | Holdings Inc. | Holdings Ltd. | -2 | |||||||||||||||||
Guarantor) | (Subsidiary | Subsidiaries and | ||||||||||||||||||
Issuer) | Eliminations | |||||||||||||||||||
(Non-guarantor | ||||||||||||||||||||
Subsidiaries) | ||||||||||||||||||||
-1 | ||||||||||||||||||||
Revenues | ||||||||||||||||||||
Net premiums earned | $ | — | $ | — | $ | 857,861 | $ | — | $ | 857,861 | ||||||||||
Net investment income | 3,273 | 274 | 128,590 | (2,841 | ) | 129,296 | ||||||||||||||
Net foreign exchange (losses) gains | (3 | ) | (2 | ) | 175 | — | 170 | |||||||||||||
Equity in earnings of other ventures | — | — | 16,920 | — | 16,920 | |||||||||||||||
Other income (loss) | 106 | — | (2,292 | ) | — | (2,186 | ) | |||||||||||||
Net realized and unrealized losses on investments | (1,071 | ) | (132 | ) | (25,585 | ) | — | (26,788 | ) | |||||||||||
Total revenues | 2,305 | 140 | 975,669 | (2,841 | ) | 975,273 | ||||||||||||||
Expenses | ||||||||||||||||||||
Net claims and claim expenses incurred | — | — | 192,141 | — | 192,141 | |||||||||||||||
Acquisition expenses | — | — | 94,475 | — | 94,475 | |||||||||||||||
Operational expenses | (3,705 | ) | 5,591 | 132,029 | (468 | ) | 133,447 | |||||||||||||
Corporate expenses | 28,508 | 178 | 1,632 | — | 30,318 | |||||||||||||||
Interest expense | 734 | 10,850 | 2,048 | — | 13,632 | |||||||||||||||
Total expenses | 25,537 | 16,619 | 422,325 | (468 | ) | 464,013 | ||||||||||||||
(Loss) income before equity in net income (loss) of subsidiaries and taxes | (23,232 | ) | (16,479 | ) | 553,344 | (2,373 | ) | 511,260 | ||||||||||||
Equity in net income (loss) of subsidiaries | 439,605 | (1,495 | ) | — | (438,110 | ) | — | |||||||||||||
Income (loss) from continuing operations before taxes | 416,373 | (17,974 | ) | 553,344 | (440,483 | ) | 511,260 | |||||||||||||
Income tax benefit (expense) | — | 796 | (1,152 | ) | — | (356 | ) | |||||||||||||
Income (loss) from continuing operations | 416,373 | (17,178 | ) | 552,192 | (440,483 | ) | 510,904 | |||||||||||||
Income from discontinued operations | — | 2,422 | — | — | 2,422 | |||||||||||||||
Net income (loss) | 416,373 | (14,756 | ) | 552,192 | (440,483 | ) | 513,326 | |||||||||||||
Net income attributable to noncontrolling interests | — | — | (96,953 | ) | — | (96,953 | ) | |||||||||||||
Net income (loss) attributable to RenaissanceRe | 416,373 | (14,756 | ) | 455,239 | (440,483 | ) | 416,373 | |||||||||||||
Dividends on preference shares | (19,353 | ) | — | — | — | (19,353 | ) | |||||||||||||
Net income (loss) attributable to RenaissanceRe common shareholders | $ | 397,020 | $ | (14,756 | ) | $ | 455,239 | $ | (440,483 | ) | $ | 397,020 | ||||||||
-1 | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. | |||||||||||||||||||
-2 | Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments. | |||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income (Loss) for the nine months ended September 30, 2013 | RenaissanceRe | RenRe North | Other | Consolidating | RenaissanceRe | |||||||||||||||
Holdings Ltd. | America | RenaissanceRe | Adjustments | Consolidated | ||||||||||||||||
(Parent | Holdings Inc. | Holdings Ltd. | -2 | |||||||||||||||||
Guarantor) | (Subsidiary | Subsidiaries | ||||||||||||||||||
Issuer) | and | |||||||||||||||||||
Eliminations | ||||||||||||||||||||
(Non-guarantor | ||||||||||||||||||||
Subsidiaries) | ||||||||||||||||||||
-1 | ||||||||||||||||||||
Comprehensive income (loss) | ||||||||||||||||||||
Net income (loss) | $ | 416,373 | $ | (14,756 | ) | $ | 552,192 | $ | (440,483 | ) | $ | 513,326 | ||||||||
Change in net unrealized gains on investments | — | — | (9,056 | ) | — | (9,056 | ) | |||||||||||||
Comprehensive income (loss) | 416,373 | (14,756 | ) | 543,136 | (440,483 | ) | 504,270 | |||||||||||||
Net income attributable to noncontrolling interests | — | — | (96,953 | ) | — | (96,953 | ) | |||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | (96,953 | ) | — | (96,953 | ) | |||||||||||||
Comprehensive income (loss) attributable to RenaissanceRe | $ | 416,373 | $ | (14,756 | ) | $ | 446,183 | $ | (440,483 | ) | $ | 407,317 | ||||||||
-1 | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. | |||||||||||||||||||
-2 | Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments. | |||||||||||||||||||
Condensed Consolidating Statement of Operations | RenaissanceRe | RenRe North | Other | Consolidating | RenaissanceRe | |||||||||||||||
for the three months ended September 30, 2012 | Holdings Ltd. | America | RenaissanceRe | Adjustments | Consolidated | |||||||||||||||
(Parent | Holdings Inc. | Holdings Ltd. | -2 | |||||||||||||||||
Guarantor) | (Subsidiary | Subsidiaries | ||||||||||||||||||
Issuer) | and | |||||||||||||||||||
Eliminations | ||||||||||||||||||||
(Non-guarantor | ||||||||||||||||||||
Subsidiaries) | ||||||||||||||||||||
-1 | ||||||||||||||||||||
Revenues | ||||||||||||||||||||
Net premiums earned | $ | — | $ | — | $ | 262,623 | $ | — | $ | 262,623 | ||||||||||
Net investment income | 3,293 | 134 | 44,688 | (1,980 | ) | 46,135 | ||||||||||||||
Net foreign exchange gains | 21 | — | 3,166 | — | 3,187 | |||||||||||||||
Equity in earnings of other ventures | — | — | 4,310 | — | 4,310 | |||||||||||||||
Other income (loss) | 2,410 | — | (3,463 | ) | — | (1,053 | ) | |||||||||||||
Net realized and unrealized gains on investments | 5,928 | 438 | 68,931 | — | 75,297 | |||||||||||||||
Total revenues | 11,652 | 572 | 380,255 | (1,980 | ) | 390,499 | ||||||||||||||
Expenses | ||||||||||||||||||||
Net claims and claim expenses incurred | — | — | 73,215 | — | 73,215 | |||||||||||||||
Acquisition expenses | — | — | 24,438 | — | 24,438 | |||||||||||||||
Operational expenses | (1,252 | ) | 1,889 | 41,719 | — | 42,356 | ||||||||||||||
Corporate expenses | 3,272 | 61 | 463 | — | 3,796 | |||||||||||||||
Interest expense | 1,468 | 3,617 | 806 | — | 5,891 | |||||||||||||||
Total expenses | 3,488 | 5,567 | 140,641 | — | 149,696 | |||||||||||||||
Income (loss) before equity in net loss of subsidiaries and taxes | 8,164 | (4,995 | ) | 239,614 | (1,980 | ) | 240,803 | |||||||||||||
Equity in net income (loss) of subsidiaries | 181,246 | (1,905 | ) | — | (179,341 | ) | — | |||||||||||||
Income (loss) from continuing operations before taxes | 189,410 | (6,900 | ) | 239,614 | (181,321 | ) | 240,803 | |||||||||||||
Income tax benefit (expense) | — | 1,477 | (1,621 | ) | — | (144 | ) | |||||||||||||
Income (loss) from continuing operations | 189,410 | (5,423 | ) | 237,993 | (181,321 | ) | 240,659 | |||||||||||||
Loss from discontinued operations | — | (166 | ) | — | — | (166 | ) | |||||||||||||
Net income (loss) | 189,410 | (5,589 | ) | 237,993 | (181,321 | ) | 240,493 | |||||||||||||
Net income attributable to redeemable noncontrolling interest – DaVinciRe | — | — | (51,083 | ) | — | (51,083 | ) | |||||||||||||
Net income (loss) attributable to RenaissanceRe | 189,410 | (5,589 | ) | 186,910 | (181,321 | ) | 189,410 | |||||||||||||
Dividends on preference shares | (8,750 | ) | — | — | — | (8,750 | ) | |||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 180,660 | $ | (5,589 | ) | $ | 186,910 | $ | (181,321 | ) | $ | 180,660 | ||||||||
-1 | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. | |||||||||||||||||||
-2 | Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments. | |||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income (Loss) for the three months ended September 30, 2012 | RenaissanceRe | RenRe North | Other | Consolidating | RenaissanceRe | |||||||||||||||
Holdings Ltd. | America | RenaissanceRe | Adjustments | Consolidated | ||||||||||||||||
(Parent | Holdings Inc. | Holdings Ltd. | -2 | |||||||||||||||||
Guarantor) | (Subsidiary | Subsidiaries | ||||||||||||||||||
Issuer) | and | |||||||||||||||||||
Eliminations | ||||||||||||||||||||
(Non-guarantor | ||||||||||||||||||||
Subsidiaries) | ||||||||||||||||||||
-1 | ||||||||||||||||||||
Comprehensive income | ||||||||||||||||||||
Net income (loss) | $ | 189,410 | $ | (5,589 | ) | $ | 237,993 | $ | (181,321 | ) | $ | 240,493 | ||||||||
Change in net unrealized gains on investments | — | — | 1,536 | — | 1,536 | |||||||||||||||
Comprehensive income (loss) | 189,410 | (5,589 | ) | 239,529 | (181,321 | ) | 242,029 | |||||||||||||
Net income attributable to noncontrolling interests | — | — | (51,083 | ) | — | (51,083 | ) | |||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | (51,083 | ) | — | (51,083 | ) | |||||||||||||
Comprehensive income (loss) attributable to RenaissanceRe | $ | 189,410 | $ | (5,589 | ) | $ | 188,446 | $ | (181,321 | ) | $ | 190,946 | ||||||||
-1 | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. | |||||||||||||||||||
-2 | Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments. | |||||||||||||||||||
Condensed Consolidating Statement of Operations | RenaissanceRe | RenRe North | Other | Consolidating | RenaissanceRe | |||||||||||||||
for the nine months ended September 30, 2012 | Holdings Ltd. | America | RenaissanceRe | Adjustments | Consolidated | |||||||||||||||
(Parent | Holdings Inc. | Holdings Ltd. | -2 | |||||||||||||||||
Guarantor) | (Subsidiary | Subsidiaries | ||||||||||||||||||
Issuer) | and | |||||||||||||||||||
Eliminations | ||||||||||||||||||||
(Non-guarantor | ||||||||||||||||||||
Subsidiaries) | ||||||||||||||||||||
-1 | ||||||||||||||||||||
Revenues | ||||||||||||||||||||
Net premiums earned | $ | — | $ | — | $ | 785,704 | $ | — | $ | 785,704 | ||||||||||
Net investment income | 10,887 | 485 | 121,358 | (6,005 | ) | 126,725 | ||||||||||||||
Net foreign exchange gains | 28 | — | 3,440 | — | 3,468 | |||||||||||||||
Equity in earnings of other ventures | — | — | 16,626 | — | 16,626 | |||||||||||||||
Other income (loss) | 2,562 | — | (1,832 | ) | — | 730 | ||||||||||||||
Net realized and unrealized gains on investments | 14,444 | 1,490 | 135,048 | — | 150,982 | |||||||||||||||
Net other-than-temporary impairments | — | — | (343 | ) | — | (343 | ) | |||||||||||||
Total revenues | 27,921 | 1,975 | 1,060,001 | (6,005 | ) | 1,083,892 | ||||||||||||||
Expenses | ||||||||||||||||||||
Net claims and claim expenses incurred | — | — | 138,318 | — | 138,318 | |||||||||||||||
Acquisition expenses | — | — | 74,157 | — | 74,157 | |||||||||||||||
Operational expenses | (3,866 | ) | 5,646 | 124,275 | — | 126,055 | ||||||||||||||
Corporate expenses | 10,951 | 213 | 1,403 | — | 12,567 | |||||||||||||||
Interest expense | 4,406 | 10,850 | 2,069 | — | 17,325 | |||||||||||||||
Total expenses | 11,491 | 16,709 | 340,222 | — | 368,422 | |||||||||||||||
Income (loss) before equity in net loss of subsidiaries and taxes | 16,430 | (14,734 | ) | 719,779 | (6,005 | ) | 715,470 | |||||||||||||
Equity in net income (loss) of subsidiaries | 534,179 | 1,021 | — | (535,200 | ) | — | ||||||||||||||
Income (loss) from continuing operations before taxes | 550,609 | (13,713 | ) | 719,779 | (541,205 | ) | 715,470 | |||||||||||||
Income tax (expense) benefit | — | (1,491 | ) | 483 | — | (1,008 | ) | |||||||||||||
Income (loss) from continuing operations | 550,609 | (15,204 | ) | 720,262 | (541,205 | ) | 714,462 | |||||||||||||
Loss from discontinued operations | — | (25,505 | ) | — | — | (25,505 | ) | |||||||||||||
Net income (loss) | 550,609 | (40,709 | ) | 720,262 | (541,205 | ) | 688,957 | |||||||||||||
Net income attributable to redeemable noncontrolling interest – DaVinciRe | — | — | (138,348 | ) | — | (138,348 | ) | |||||||||||||
Net income (loss) attributable to RenaissanceRe | 550,609 | (40,709 | ) | 581,914 | (541,205 | ) | 550,609 | |||||||||||||
Dividends on preference shares | (26,250 | ) | — | — | — | (26,250 | ) | |||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 524,359 | $ | (40,709 | ) | $ | 581,914 | $ | (541,205 | ) | $ | 524,359 | ||||||||
-1 | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. | |||||||||||||||||||
-2 | Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments. | |||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income (Loss) for the nine months ended September 30, 2012 | RenaissanceRe | RenRe North | Other | Consolidating | RenaissanceRe | |||||||||||||||
Holdings Ltd. | America | RenaissanceRe | Adjustments | Consolidated | ||||||||||||||||
(Parent | Holdings Inc. | Holdings Ltd. | -2 | |||||||||||||||||
Guarantor) | (Subsidiary | Subsidiaries | ||||||||||||||||||
Issuer) | and | |||||||||||||||||||
Eliminations | ||||||||||||||||||||
(Non-guarantor | ||||||||||||||||||||
Subsidiaries) | ||||||||||||||||||||
-1 | ||||||||||||||||||||
Comprehensive income (loss) | ||||||||||||||||||||
Net income (loss) | $ | 550,609 | $ | (40,709 | ) | $ | 720,262 | $ | (541,205 | ) | $ | 688,957 | ||||||||
Change in net unrealized gains on investments | — | — | 2,359 | — | 2,359 | |||||||||||||||
Portion of other-than-temporary impairments recognized in other comprehensive income (loss) | — | — | (52 | ) | — | (52 | ) | |||||||||||||
Comprehensive income (loss) | 550,609 | (40,709 | ) | 722,569 | (541,205 | ) | 691,264 | |||||||||||||
Net income attributable to noncontrolling interests | — | — | (138,348 | ) | — | (138,348 | ) | |||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | (138,348 | ) | — | (138,348 | ) | |||||||||||||
Comprehensive income (loss) attributable to RenaissanceRe | $ | 550,609 | $ | (40,709 | ) | $ | 584,221 | $ | (541,205 | ) | $ | 552,916 | ||||||||
-1 | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. | |||||||||||||||||||
-2 | Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments. | |||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | RenaissanceRe | RenRe North | Other | RenaissanceRe | ||||||||||||||||
for the nine months ended September 30, 2013 | Holdings Ltd. | America | RenaissanceRe | Consolidated | ||||||||||||||||
(Parent | Holdings Inc. | Holdings Ltd. | ||||||||||||||||||
Guarantor) | (Subsidiary | Subsidiaries | ||||||||||||||||||
Issuer) | and | |||||||||||||||||||
Eliminations | ||||||||||||||||||||
(Non-guarantor | ||||||||||||||||||||
Subsidiaries) | ||||||||||||||||||||
-1 | ||||||||||||||||||||
Cash flows (used in) provided by operating activities | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (46,965 | ) | $ | (7,706 | ) | $ | 440,469 | $ | 385,798 | ||||||||||
Cash flows provided by (used in) investing activities | ||||||||||||||||||||
Proceeds from sales and maturities of fixed maturity investments trading | 503,148 | 84,636 | 5,768,907 | 6,356,691 | ||||||||||||||||
Purchases of fixed maturity investments trading | (344,873 | ) | (67,498 | ) | (6,037,326 | ) | (6,449,697 | ) | ||||||||||||
Proceeds from sales and maturities of fixed maturity investments available for sale | — | — | 43,564 | 43,564 | ||||||||||||||||
Net purchases of equity investments trading | — | — | (33,714 | ) | (33,714 | ) | ||||||||||||||
Net sales (purchases) of short term investments | 180,150 | 10,396 | (308,672 | ) | (118,126 | ) | ||||||||||||||
Net sales of other investments | — | — | 198,101 | 198,101 | ||||||||||||||||
Net purchases of investments in other ventures | — | — | (2,500 | ) | (2,500 | ) | ||||||||||||||
Net purchases of other assets | — | — | (994 | ) | (994 | ) | ||||||||||||||
Dividends and return of capital from subsidiaries | 330,097 | 28,554 | (358,651 | ) | — | |||||||||||||||
Contributions to subsidiaries | (327,731 | ) | (37,117 | ) | 364,848 | — | ||||||||||||||
Due to (from) subsidiary | 14,685 | (3,611 | ) | (11,074 | ) | — | ||||||||||||||
Net cash provided by (used in) investing activities | 355,476 | 15,360 | (377,511 | ) | (6,675 | ) | ||||||||||||||
Cash flows used in financing activities | ||||||||||||||||||||
Dividends paid – RenaissanceRe common shares | (36,956 | ) | — | — | (36,956 | ) | ||||||||||||||
Dividends paid – preference shares | (19,353 | ) | — | — | (19,353 | ) | ||||||||||||||
RenaissanceRe common share repurchases | (140,911 | ) | — | — | (140,911 | ) | ||||||||||||||
Net repayment of debt | (100,000 | ) | — | (847 | ) | (100,847 | ) | |||||||||||||
Redemption of 6.08% Series C preference shares | (125,000 | ) | — | — | (125,000 | ) | ||||||||||||||
Redemption of 6.60% Series D preference shares | (150,000 | ) | — | — | (150,000 | ) | ||||||||||||||
Issuance of 5.375% Series E preference shares, net of expenses | 265,655 | — | — | 265,655 | ||||||||||||||||
Third party DaVinciRe share transactions | — | — | (116,628 | ) | (116,628 | ) | ||||||||||||||
Third party investment in redeemable noncontrolling interest | — | — | 13,000 | 13,000 | ||||||||||||||||
Net cash used in financing activities | (306,565 | ) | — | (104,475 | ) | (411,040 | ) | |||||||||||||
Effect of exchange rate changes on foreign currency cash | — | — | 3,366 | 3,366 | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 1,946 | 7,654 | (38,151 | ) | (28,551 | ) | ||||||||||||||
Net increase in cash and cash equivalents of discontinued operations | — | — | (9,244 | ) | (9,244 | ) | ||||||||||||||
Cash and cash equivalents, beginning of period | 6,298 | 1,528 | 296,319 | 304,145 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 8,244 | $ | 9,182 | $ | 248,924 | $ | 266,350 | ||||||||||||
-1 | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. | |||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | RenaissanceRe | RenRe North | Other | RenaissanceRe | ||||||||||||||||
for the nine months ended September 30, 2012 | Holdings Ltd. | America | RenaissanceRe | Consolidated | ||||||||||||||||
(Parent | Holdings Inc. | Holdings Ltd. | ||||||||||||||||||
Guarantor) | (Subsidiary | Subsidiaries | ||||||||||||||||||
Issuer) | and | |||||||||||||||||||
Eliminations | ||||||||||||||||||||
(Non-guarantor | ||||||||||||||||||||
Subsidiaries) | ||||||||||||||||||||
-1 | ||||||||||||||||||||
Cash flows provided by (used in) operating activities | ||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 16,604 | $ | (13,194 | ) | $ | 532,256 | $ | 535,666 | |||||||||||
Cash flows provided by (used in) investing activities | ||||||||||||||||||||
Proceeds from sales and maturities of fixed maturity investments trading | 580,563 | 124,658 | 5,582,502 | 6,287,723 | ||||||||||||||||
Purchases of fixed maturity investments trading | (471,459 | ) | (65,331 | ) | (6,349,449 | ) | (6,886,239 | ) | ||||||||||||
Proceeds from sales and maturities of fixed maturity investments available for sale | — | — | 47,925 | 47,925 | ||||||||||||||||
Net sales (purchases) of short term investments | 52,022 | (7,756 | ) | 125,896 | 170,162 | |||||||||||||||
Net sales of other investments | — | — | 41,262 | 41,262 | ||||||||||||||||
Net purchases of other assets | — | — | (4,204 | ) | (4,204 | ) | ||||||||||||||
Dividends and return of capital from subsidiaries | 520,317 | 8,299 | (528,616 | ) | — | |||||||||||||||
Contributions to subsidiaries | (370,280 | ) | (50,000 | ) | 420,280 | — | ||||||||||||||
Due to (from) subsidiaries | (6,556 | ) | (611 | ) | 7,167 | — | ||||||||||||||
Net cash provided by (used in) investing activities | 304,607 | 9,259 | (657,237 | ) | (343,371 | ) | ||||||||||||||
Cash flows (used in) provided by financing activities | ||||||||||||||||||||
Dividends paid – RenaissanceRe common shares | (40,741 | ) | — | — | (40,741 | ) | ||||||||||||||
Dividends paid – preference shares | (26,250 | ) | — | — | (26,250 | ) | ||||||||||||||
RenaissanceRe common share repurchases | (257,461 | ) | — | — | (257,461 | ) | ||||||||||||||
Net drawdown of debt | — | — | 4,907 | 4,907 | ||||||||||||||||
Third party DaVinciRe share transactions | — | — | 157,999 | 157,999 | ||||||||||||||||
Net cash (used in) provided by financing activities | (324,452 | ) | — | 162,906 | (161,546 | ) | ||||||||||||||
Effect of exchange rate changes on foreign currency cash | — | — | 1,390 | 1,390 | ||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (3,241 | ) | (3,935 | ) | 39,315 | 32,139 | ||||||||||||||
Net decrease in cash and cash equivalents of discontinued operations | — | — | 12,169 | 12,169 | ||||||||||||||||
Cash and cash equivalents, beginning of period | 10,606 | 4,920 | 166,299 | 181,825 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 7,365 | $ | 985 | $ | 217,783 | $ | 226,133 | ||||||||||||
-1 | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
BASIS OF PRESENTATION | |
The consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, these unaudited consolidated financial statements reflect all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the Company's financial position and results of operations as at the end of and for the periods presented. All significant intercompany accounts and transactions have been eliminated from these statements. Except as discussed in "Note 3. Discontinued Operations," and unless otherwise noted, the notes to the consolidated financial statements reflect the Company’s continuing operations. | |
Certain comparative information has been reclassified to conform to the current presentation. Because of the seasonality of the Company's business, the results of operations and cash flows for any interim period will not necessarily be indicative of the results of operations and cash flows for the full fiscal year or subsequent quarters. | |
Use of Estimates in Financial Statements | ' |
USE OF ESTIMATES IN FINANCIAL STATEMENTS | |
The preparation of 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. The major estimates reflected in the Company's consolidated financial statements include, but are not limited to, the reserve for claims and claim expenses; reinsurance recoverables, including allowances for reinsurance recoverables deemed uncollectible; estimates of written and earned premiums; fair value, including the fair value of investments, financial instruments and derivatives; impairment charges and the Company's deferred tax valuation allowance. | |
Discontinued Operations | ' |
DISCONTINUED OPERATIONS | |
The results of operations of substantially all of the Company’s U.S.-based insurance operations and REAL, its U.S.-based weather and weather-related energy risk management unit, each of which has been sold to a separate unaffiliated third party, are classified as held for sale and are reported as discontinued operations in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic Discontinued Operations. The consolidated financial statements and notes thereto are presented excluding the operations and cash flows of the discontinued operations from the continuing operations of the Company since the Company will not have any significant continuing involvement in the operations after the sale. The financial position and results of operations of discontinued operations are presented as single line items on the consolidated balance sheets and statements of operations, respectively. Certain prior year comparatives have been reclassified to conform to the current year presentation. | |
Recently Adopted Accounting Pronouncements | ' |
RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS | |
Disclosures About Offsetting Assets and Liabilities | |
In December 2011, the FASB issued Accounting Standard Update ("ASU") No. 2011-11, Disclosures about Offsetting Assets and Liabilities ("ASU 2011-11"). The objective of ASU 2011-11 is to enhance disclosures by requiring improved information about financial instruments and derivative instruments in relation to netting arrangements. ASU 2011-11 became effective for interim and annual periods beginning on or after January 1, 2013, with retrospective presentation of the new disclosure required. The Company adopted ASU 2011-11 effective January 1, 2013; since this update is disclosure-related only, the adoption of this guidance did not have a material impact on the Company's consolidated statements of operations and financial position. | |
In January 2013, the FASB issued ASU No. 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities ("ASU 2013-01"). The guidance clarified that the disclosures in ASU 2011-11 would apply only to derivatives, repurchase and reverse repurchase agreements, and securities borrowing and securities lending transactions, each to the extent that they met specific conditions provided in the initial accounting standard. ASU 2013-01 became effective for interim and annual periods beginning on or after January 1, 2013, with retrospective presentation of the new disclosure required. As this guidance is | |
disclosure-related only, the adoption of this guidance did not have a material impact on the Company's consolidated statements of operations and financial position. | |
Testing Indefinite-Lived Intangible Assets for Impairment | |
In July 2012, the FASB issued ASU No. 2012-02, Intangibles - Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment ("ASU 2012-02"). ASU 2012-02 simplifies the guidance for testing the decline in the realizable value of indefinite-lived intangible assets other than goodwill. ASU 2012-02 allows an organization the option to first assess the qualitative factors to determine whether it is necessary to perform the quantitative impairment test. An organization electing to perform a qualitative assessment is no longer required to calculate the fair value of an indefinite-lived intangible asset unless the organization determines, based on a qualitative assessment, that it is “more likely than not” that the asset is impaired. ASU 2012-02 became effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption was permitted. The Company adopted ASU 2012-02 effective January 1, 2013 and the adoption of this guidance did not have a material impact on the Company's consolidated statements of operations and financial position. | |
Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income | |
In February 2013, the FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income ("ASU 2013-02"). The objective of ASU 2013-02 is to improve the reporting of classifications out of accumulated other comprehensive income by requiring an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under GAAP to be reclassified in its entirety. For other amounts that are not required under GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under GAAP that provide additional details about those amounts. ASU 2013-02 became effective for interim and annual reporting periods beginning after December 15, 2012. The Company prospectively adopted ASU 2013-02 effective January 1, 2013; since this update is disclosure-related only, the adoption of this guidance did not have a material impact on the Company's consolidated statements of operations and financial position. | |
Recently Issued Accounting Pronouncements Not Yet Adopted | ' |
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED | |
Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists | |
In July 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists ("ASU 2013-11"). The objective of ASU 2013-11 is to improve the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. ASU 2013-11 seeks to reduce the diversity in practice by providing guidance on the presentation of unrecognized tax benefits to better reflect the manner in which an entity would settle at the reporting date any additional income taxes that would result from the disallowance of a tax position when net operating loss carryforwards, similar tax losses, or tax credit carryforwards exist. ASU 2013-11 is effective for annual and interim reporting periods beginning after December 15, 2013, with both early adoption and retrospective application permitted. The Company is currently evaluating the impact of this guidance; however, it is not expected to have a material impact on the Company's consolidated statements of operations and financial position. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | ' | |||||||||||||||
Details of the (loss) income from discontinued operations for the three and nine months ended September 30, 2013 and 2012 are as follows: | ||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues | ||||||||||||||||
Net investment (loss) income | $ | (3 | ) | $ | (16 | ) | $ | 1,150 | $ | 2,543 | ||||||
Net foreign exchange (losses) gains | (140 | ) | (186 | ) | 849 | 483 | ||||||||||
Other (loss) income | (1,001 | ) | 171 | 9,471 | (29,416 | ) | ||||||||||
Net realized and unrealized (losses) gains on investments | (5 | ) | 6 | (18 | ) | 2 | ||||||||||
Total revenues | (1,149 | ) | (25 | ) | 11,452 | (26,388 | ) | |||||||||
Expenses | ||||||||||||||||
Operational expenses | 30 | 33 | 89 | 125 | ||||||||||||
Corporate expenses | (2 | ) | 54 | 104 | 161 | |||||||||||
Total expenses | 28 | 87 | 193 | 286 | ||||||||||||
(Loss) income before taxes | (1,177 | ) | (112 | ) | 11,259 | (26,674 | ) | |||||||||
Income tax benefit (expense) | 168 | — | (67 | ) | 3 | |||||||||||
(Loss) income from discontinued operations related to REAL | $ | (1,009 | ) | $ | (112 | ) | $ | 11,192 | $ | (26,671 | ) | |||||
Loss on sale of REAL | (8,770 | ) | — | (8,770 | ) | — | ||||||||||
(Loss) income from discontinued operations related to the former U.S.-based insurance operations | $ | — | $ | (54 | ) | $ | — | $ | 1,166 | |||||||
(Loss) income from discontinued operations | $ | (9,779 | ) | $ | (166 | ) | $ | 2,422 | $ | (25,505 | ) | |||||
Details of the assets, liabilities and shareholder's equity of discontinued operations held for sale related to REAL at September 30, 2013 and December 31, 2012 are as follows: | ||||||||||||||||
September 30, | December 31, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Assets of discontinued operations held for sale | ||||||||||||||||
Fixed maturity investments trading, at fair value | ||||||||||||||||
(Amortized cost $Nil and $5,250 at September 30, 2013 and December 31, 2012, respectively) | $ | — | $ | 5,253 | ||||||||||||
Cash and cash equivalents | 30,457 | 21,213 | ||||||||||||||
Other assets | 85,099 | 107,628 | ||||||||||||||
Total assets of discontinued operations held for sale | $ | 115,556 | $ | 134,094 | ||||||||||||
Liabilities of discontinued operations held for sale | ||||||||||||||||
Debt | $ | 1,589 | $ | 2,436 | ||||||||||||
Other liabilities | 54,686 | 55,004 | ||||||||||||||
Total liabilities of discontinued operations held for sale | 56,275 | 57,440 | ||||||||||||||
Shareholder's equity of discontinued operations held for sale | ||||||||||||||||
Total shareholder's equity of discontinued operations held for sale | 59,281 | 76,654 | ||||||||||||||
Total liabilities and shareholder's equity of discontinued operations held for sale | $ | 115,556 | $ | 134,094 | ||||||||||||
Investments_Tables
Investments (Tables) | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||||||||
Schedule of Fair Value of Fixed Maturity Investments Trading | ' | |||||||||||||||||||||||||
The following table summarizes the fair value of fixed maturity investments trading: | ||||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
U.S. treasuries | $ | 1,322,367 | $ | 1,254,547 | ||||||||||||||||||||||
Agencies | 197,047 | 315,154 | ||||||||||||||||||||||||
Non-U.S. government (Sovereign debt) | 353,810 | 133,198 | ||||||||||||||||||||||||
Non-U.S. government-backed corporate | 229,687 | 349,514 | ||||||||||||||||||||||||
Corporate | 1,684,413 | 1,607,233 | ||||||||||||||||||||||||
Agency mortgage-backed | 430,533 | 399,619 | ||||||||||||||||||||||||
Non-agency mortgage-backed | 231,351 | 230,747 | ||||||||||||||||||||||||
Commercial mortgage-backed | 291,284 | 361,645 | ||||||||||||||||||||||||
Asset-backed | 10,745 | 8,511 | ||||||||||||||||||||||||
Total fixed maturity investments trading | $ | 4,751,237 | $ | 4,660,168 | ||||||||||||||||||||||
Schedule of Fair Value of Fixed Maturity Investments Available For Sale | ' | |||||||||||||||||||||||||
The following table summarizes the amortized cost, fair value and related unrealized gains and losses and non-credit other-than-temporary impairments of fixed maturity investments available for sale: | ||||||||||||||||||||||||||
Included in Accumulated | ||||||||||||||||||||||||||
Other Comprehensive Income | ||||||||||||||||||||||||||
30-Sep-13 | Amortized | Gross | Gross | Fair Value | Non-Credit | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Other-Than- | |||||||||||||||||||||||
Gains | Losses | Temporary | ||||||||||||||||||||||||
Impairments | ||||||||||||||||||||||||||
(1) | ||||||||||||||||||||||||||
Corporate | $ | 2,413 | $ | 322 | $ | (30 | ) | $ | 2,705 | $ | (33 | ) | ||||||||||||||
Agency mortgage-backed | 5,142 | 366 | (17 | ) | 5,491 | — | ||||||||||||||||||||
Non-agency mortgage-backed | 12,315 | 2,504 | (7 | ) | 14,812 | (768 | ) | |||||||||||||||||||
Commercial mortgage-backed | 10,469 | 1,050 | — | 11,519 | — | |||||||||||||||||||||
Asset-backed | 3,752 | 251 | — | 4,003 | — | |||||||||||||||||||||
Total fixed maturity investments available for sale | $ | 34,091 | $ | 4,493 | $ | (54 | ) | $ | 38,530 | $ | (801 | ) | ||||||||||||||
Included in Accumulated | ||||||||||||||||||||||||||
Other Comprehensive Income | ||||||||||||||||||||||||||
31-Dec-12 | Amortized Cost | Gross | Gross | Fair Value | Non-Credit | |||||||||||||||||||||
Unrealized | Unrealized | Other-Than- | ||||||||||||||||||||||||
Gains | Losses | Temporary | ||||||||||||||||||||||||
Impairments | ||||||||||||||||||||||||||
(1) | ||||||||||||||||||||||||||
Corporate | $ | 7,065 | $ | 1,002 | $ | (93 | ) | $ | 7,974 | $ | (85 | ) | ||||||||||||||
Agency mortgage-backed | 8,280 | 632 | — | 8,912 | — | |||||||||||||||||||||
Non-agency mortgage-backed | 14,613 | 2,989 | (10 | ) | 17,592 | (835 | ) | |||||||||||||||||||
Commercial mortgage-backed | 37,292 | 7,229 | — | 44,521 | — | |||||||||||||||||||||
Asset-backed | 4,195 | 248 | — | 4,443 | — | |||||||||||||||||||||
Total fixed maturity investments available for sale | $ | 71,445 | $ | 12,100 | $ | (103 | ) | $ | 83,442 | $ | (920 | ) | ||||||||||||||
-1 | Represents the non-credit component of other-than-temporary impairments recognized in accumulated other comprehensive income since the adoption of guidance related to the recognition and presentation of other-than-temporary impairments under FASB ASC Topic Financial Instruments – Debt and Equity Securities, during the second quarter of 2009, adjusted for subsequent sales of securities. It does not include the change in fair value subsequent to the impairment measurement date. | |||||||||||||||||||||||||
Schedule of Contractual Maturities of Fixed Maturity Investments | ' | |||||||||||||||||||||||||
Contractual maturities of fixed maturity investments are as follows. 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. | ||||||||||||||||||||||||||
Trading | Available for Sale | Total Fixed Maturity Investments | ||||||||||||||||||||||||
30-Sep-13 | Amortized | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||
Cost | ||||||||||||||||||||||||||
Due in less than one year | $ | 166,039 | $ | 166,583 | $ | — | $ | — | $ | 166,039 | $ | 166,583 | ||||||||||||||
Due after one through five years | 2,863,742 | 2,876,147 | 1,359 | 1,497 | 2,865,101 | 2,877,644 | ||||||||||||||||||||
Due after five through ten years | 633,863 | 629,875 | 647 | 707 | 634,510 | 630,582 | ||||||||||||||||||||
Due after ten years | 109,894 | 114,719 | 406 | 501 | 110,300 | 115,220 | ||||||||||||||||||||
Mortgage-backed | 938,147 | 953,168 | 27,928 | 31,822 | 966,075 | 984,990 | ||||||||||||||||||||
Asset-backed | 10,482 | 10,745 | 3,751 | 4,003 | 14,233 | 14,748 | ||||||||||||||||||||
Total | $ | 4,722,167 | $ | 4,751,237 | $ | 34,091 | $ | 38,530 | $ | 4,756,258 | $ | 4,789,767 | ||||||||||||||
Schedule of Fair Value of Equity Investments Trading | ' | |||||||||||||||||||||||||
The following table summarizes the fair value of equity investments trading: | ||||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
Consumer | $ | 39,338 | $ | — | ||||||||||||||||||||||
Industrial, utilities and energy | 24,057 | — | ||||||||||||||||||||||||
Financials | 20,828 | 58,186 | ||||||||||||||||||||||||
Health care | 13,443 | — | ||||||||||||||||||||||||
Basic materials | 12,290 | — | ||||||||||||||||||||||||
Communications and technology | 4,030 | — | ||||||||||||||||||||||||
Total | $ | 113,986 | $ | 58,186 | ||||||||||||||||||||||
Schedule of Net Investment Income | ' | |||||||||||||||||||||||||
The components of net investment income are as follows: | ||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Fixed maturity investments | $ | 24,423 | $ | 25,741 | $ | 71,148 | $ | 75,934 | ||||||||||||||||||
Short term investments | 563 | 236 | 1,318 | 1,006 | ||||||||||||||||||||||
Equity investments | 706 | 181 | 1,050 | 532 | ||||||||||||||||||||||
Other investments | ||||||||||||||||||||||||||
Hedge funds and private equity investments | 14,179 | 10,383 | 31,296 | 28,443 | ||||||||||||||||||||||
Other | 22,735 | 12,735 | 32,874 | 29,295 | ||||||||||||||||||||||
Cash and cash equivalents | 47 | 63 | 108 | 143 | ||||||||||||||||||||||
62,653 | 49,339 | 137,794 | 135,353 | |||||||||||||||||||||||
Investment expenses | (2,722 | ) | (3,204 | ) | (8,498 | ) | (8,628 | ) | ||||||||||||||||||
Net investment income | $ | 59,931 | $ | 46,135 | $ | 129,296 | $ | 126,725 | ||||||||||||||||||
Schedule of Net Realized and Unrealized Gains On Investments and Net Other-Than-Temporary Impairments | ' | |||||||||||||||||||||||||
Net realized and unrealized gains on investments and net other-than-temporary impairments are as follows: | ||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Gross realized gains | $ | 8,813 | $ | 19,891 | $ | 60,437 | $ | 75,635 | ||||||||||||||||||
Gross realized losses | (22,241 | ) | (2,811 | ) | (41,396 | ) | (13,055 | ) | ||||||||||||||||||
Net realized (losses) gains on fixed maturity investments | (13,428 | ) | 17,080 | 19,041 | 62,580 | |||||||||||||||||||||
Net unrealized gains (losses) on fixed maturity investments trading | 33,405 | 56,936 | (85,338 | ) | 83,735 | |||||||||||||||||||||
Net realized and unrealized gains (losses) on investments-related derivatives | 3,557 | (955 | ) | 24,488 | (2,390 | ) | ||||||||||||||||||||
Net realized gains on equity investments trading | 560 | — | 18,195 | — | ||||||||||||||||||||||
Net unrealized gains (losses) on equity investments trading | 4,378 | 2,236 | (3,174 | ) | 7,057 | |||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | $ | 28,472 | $ | 75,297 | $ | (26,788 | ) | $ | 150,982 | |||||||||||||||||
Total other-than-temporary impairments | $ | — | $ | — | $ | — | $ | (395 | ) | |||||||||||||||||
Portion recognized in other comprehensive income, before taxes | — | — | — | 52 | ||||||||||||||||||||||
Net other-than-temporary impairments | $ | — | $ | — | $ | — | $ | (343 | ) | |||||||||||||||||
Schedule of Components of Other Comprehensive Income and Reclassification Out of Accumulated Other Comprehensive Income | ' | |||||||||||||||||||||||||
The following table provides an analysis of the components of other comprehensive income and reclassifications out of accumulated other comprehensive income. | ||||||||||||||||||||||||||
Three months ended September 30, 2013 | ||||||||||||||||||||||||||
Investments in other ventures | Fixed maturity investments available for sale | Total | ||||||||||||||||||||||||
Beginning balance | $ | 218 | $ | 4,691 | $ | 4,909 | ||||||||||||||||||||
Other comprehensive (loss) income before reclassifications | (91 | ) | 116 | 25 | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income by statement of operations line item: | ||||||||||||||||||||||||||
Realized gains reclassified from accumulated other comprehensive income to net realized and unrealized gains (losses) on investments | — | (368 | ) | (368 | ) | |||||||||||||||||||||
Net current-period other comprehensive loss | (91 | ) | (252 | ) | (343 | ) | ||||||||||||||||||||
Ending balance | $ | 127 | $ | 4,439 | $ | 4,566 | ||||||||||||||||||||
Nine months ended September 30, 2013 | ||||||||||||||||||||||||||
Investments in other ventures | Fixed maturity investments available for sale | Total | ||||||||||||||||||||||||
Beginning balance | $ | 1,625 | $ | 11,997 | $ | 13,622 | ||||||||||||||||||||
Other comprehensive loss before reclassifications | (1,498 | ) | (10 | ) | (1,508 | ) | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income by statement of operations line item: | ||||||||||||||||||||||||||
Realized gains reclassified from accumulated other comprehensive income to net realized and unrealized gains (losses) on investments | — | (7,548 | ) | (7,548 | ) | |||||||||||||||||||||
Net current-period other comprehensive loss | (1,498 | ) | (7,558 | ) | (9,056 | ) | ||||||||||||||||||||
Ending balance | $ | 127 | $ | 4,439 | $ | 4,566 | ||||||||||||||||||||
Schedule of Fixed Maturity Investments Available For Sale In Continual Unrealized Loss Position | ' | |||||||||||||||||||||||||
The following table provides an analysis of the length of time the Company’s fixed maturity investments available for sale in an unrealized loss have been in a continual unrealized loss position. | ||||||||||||||||||||||||||
Less than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||||
At September 30, 2013 | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||||
Corporate | $ | 297 | $ | (22 | ) | $ | 41 | $ | (8 | ) | $ | 338 | $ | (30 | ) | |||||||||||
Agency mortgage-backed | 754 | (17 | ) | — | — | 754 | (17 | ) | ||||||||||||||||||
Non-agency mortgage-backed | — | — | 94 | (7 | ) | 94 | (7 | ) | ||||||||||||||||||
Total | $ | 1,051 | $ | (39 | ) | $ | 135 | $ | (15 | ) | $ | 1,186 | $ | (54 | ) | |||||||||||
Less than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||||
At December 31, 2012 | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||||
Corporate | $ | 598 | $ | (30 | ) | $ | 440 | $ | (63 | ) | $ | 1,038 | $ | (93 | ) | |||||||||||
Non-agency mortgage-backed | — | — | 101 | (10 | ) | 101 | (10 | ) | ||||||||||||||||||
Total | $ | 598 | $ | (30 | ) | $ | 541 | $ | (73 | ) | $ | 1,139 | $ | (103 | ) | |||||||||||
Rollforward of the Amount of Other-Than-Temporary Impairments Related To Credit Losses Recognized in Earnings For Which A Portion Of An Other-Than-Temporary Impairment Was Recognized In Accumulated Other Comprehensive Income | ' | |||||||||||||||||||||||||
The following table provides a rollforward of the amount of other-than-temporary impairments related to credit losses recognized in earnings for which a portion of an other-than-temporary impairment was recognized in accumulated other comprehensive income: | ||||||||||||||||||||||||||
Three months ended September 30, | ||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
Beginning balance | $ | 791 | $ | 1,404 | ||||||||||||||||||||||
Additions: | ||||||||||||||||||||||||||
Amount related to credit loss for which an other-than-temporary impairment was not previously recognized | — | — | ||||||||||||||||||||||||
Amount related to credit loss for which an other-than-temporary impairment was previously recognized | — | — | ||||||||||||||||||||||||
Reductions: | ||||||||||||||||||||||||||
Securities sold during the period | (38 | ) | (546 | ) | ||||||||||||||||||||||
Securities for which the amount previously recognized in other comprehensive income was recognized in earnings, because the Company intends to sell the security or is more likely than not the Company will be required to sell the security | — | — | ||||||||||||||||||||||||
Increases in cash flows expected to be collected that are recognized over the remaining life of the security | — | — | ||||||||||||||||||||||||
Ending balance | $ | 753 | $ | 858 | ||||||||||||||||||||||
Nine months ended September 30, | ||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
Beginning balance | $ | 838 | $ | 2,370 | ||||||||||||||||||||||
Additions: | ||||||||||||||||||||||||||
Amount related to credit loss for which an other-than-temporary impairment was not previously recognized | — | 8 | ||||||||||||||||||||||||
Amount related to credit loss for which an other-than-temporary impairment was previously recognized | — | 110 | ||||||||||||||||||||||||
Reductions: | ||||||||||||||||||||||||||
Securities sold during the period | (85 | ) | (1,630 | ) | ||||||||||||||||||||||
Securities for which the amount previously recognized in other comprehensive income was recognized in earnings, because the Company intends to sell the security or is more likely than not the Company will be required to sell the security | — | — | ||||||||||||||||||||||||
Increases in cash flows expected to be collected that are recognized over the remaining life of the security | — | — | ||||||||||||||||||||||||
Ending balance | $ | 753 | $ | 858 | ||||||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
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 sheet: | |||||||||||||||||||
At September 30, 2013 | Total | Quoted | Significant | Significant | |||||||||||||||
Prices in Active | Other | Unobservable | |||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||
(Level 1) | |||||||||||||||||||
Fixed maturity investments | |||||||||||||||||||
U.S. treasuries | $ | 1,322,367 | $ | 1,322,367 | $ | — | $ | — | |||||||||||
Agencies | 197,047 | — | 197,047 | — | |||||||||||||||
Non-U.S. government (Sovereign debt) | 353,810 | — | 353,810 | — | |||||||||||||||
Non-U.S. government-backed corporate | 229,687 | — | 229,687 | — | |||||||||||||||
Corporate | 1,687,118 | — | 1,661,748 | 25,370 | |||||||||||||||
Agency mortgage-backed | 436,024 | — | 436,024 | — | |||||||||||||||
Non-agency mortgage-backed | 246,163 | — | 246,163 | — | |||||||||||||||
Commercial mortgage-backed | 302,803 | — | 302,803 | — | |||||||||||||||
Asset-backed | 14,748 | — | 14,748 | — | |||||||||||||||
Total fixed maturity investments | 4,789,767 | 1,322,367 | 3,442,030 | 25,370 | |||||||||||||||
Short term investments | 925,329 | — | 925,329 | — | |||||||||||||||
Equity investments trading | 113,986 | 113,986 | — | — | |||||||||||||||
Other investments | |||||||||||||||||||
Private equity partnerships | 327,245 | — | — | 327,245 | |||||||||||||||
Senior secured bank loan funds | 19,395 | — | — | 19,395 | |||||||||||||||
Catastrophe bonds | 102,141 | — | 102,141 | — | |||||||||||||||
Hedge funds | 4,022 | — | — | 4,022 | |||||||||||||||
Miscellaneous other investment | 47,967 | — | — | 47,967 | |||||||||||||||
Total other investments | 500,770 | — | 102,141 | 398,629 | |||||||||||||||
Other assets and (liabilities) | |||||||||||||||||||
Derivatives (1) | 3,159 | 127 | 3,314 | (282 | ) | ||||||||||||||
Other | (8,801 | ) | — | (8,801 | ) | — | |||||||||||||
Total other assets and (liabilities) | (5,642 | ) | 127 | (5,487 | ) | (282 | ) | ||||||||||||
$ | 6,324,210 | $ | 1,436,480 | $ | 4,464,013 | $ | 423,717 | ||||||||||||
(1) See "Note 12. Derivative Instruments" for additional information related to the fair value by type of contract, of derivatives entered into by the Company. | |||||||||||||||||||
December 31, 2012 | Total | Quoted | Significant | Significant | |||||||||||||||
Prices in Active | Other | Unobservable | |||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||
(Level 1) | |||||||||||||||||||
Fixed maturity investments | |||||||||||||||||||
U.S. treasuries | $ | 1,254,547 | $ | 1,254,547 | $ | — | $ | — | |||||||||||
Agencies | 315,154 | — | 315,154 | — | |||||||||||||||
Non-U.S. government (Sovereign debt) | 133,198 | — | 133,198 | — | |||||||||||||||
Non-U.S. government-backed corporate | 349,514 | — | 349,514 | — | |||||||||||||||
Corporate | 1,615,207 | — | 1,587,415 | 27,792 | |||||||||||||||
Agency mortgage-backed | 408,531 | — | 408,531 | — | |||||||||||||||
Non-agency mortgage-backed | 248,339 | — | 248,339 | — | |||||||||||||||
Commercial mortgage-backed | 406,166 | — | 406,166 | — | |||||||||||||||
Asset-backed | 12,954 | — | 12,954 | — | |||||||||||||||
Total fixed maturity investments | 4,743,610 | 1,254,547 | 3,461,271 | 27,792 | |||||||||||||||
Short term investments | 821,163 | — | 821,163 | — | |||||||||||||||
Equity investments trading | 58,186 | 58,186 | — | — | |||||||||||||||
Other investments | |||||||||||||||||||
Private equity partnerships | 344,669 | — | — | 344,669 | |||||||||||||||
Senior secured bank loan funds | 202,929 | — | 172,334 | 30,595 | |||||||||||||||
Catastrophe bonds | 91,310 | — | 91,310 | — | |||||||||||||||
Hedge funds | 5,803 | — | — | 5,803 | |||||||||||||||
Total other investments | 644,711 | — | 263,644 | 381,067 | |||||||||||||||
Other assets and (liabilities) | |||||||||||||||||||
Assumed and ceded (re)insurance contracts | 2,647 | — | — | 2,647 | |||||||||||||||
Derivatives (1) | 4,107 | 402 | 3,705 | — | |||||||||||||||
Other | 7,315 | — | (11,551 | ) | 18,866 | ||||||||||||||
Total other assets and (liabilities) | 14,069 | 402 | (7,846 | ) | 21,513 | ||||||||||||||
$ | 6,281,739 | $ | 1,313,135 | $ | 4,538,232 | $ | 430,372 | ||||||||||||
(1) See "Note 12. Derivative Instruments" for additional information related to the fair value by type of contract, of derivatives entered into by the Company. | |||||||||||||||||||
Schedule Of Quantitative Information Used As Level 3 Inputs | ' | ||||||||||||||||||
Below is a summary of quantitative information regarding the significant observable and unobservable inputs (Level 3) used in determining the fair value of assets and liabilities measured at fair value on a recurring basis: | |||||||||||||||||||
At September 30, 2013 | Fair Value | Valuation Technique | Unobservable (U) | Low | High | Weighted Average or Actual | |||||||||||||
(Level 3) | and Observable (O) | ||||||||||||||||||
Inputs | |||||||||||||||||||
Fixed maturity investments | |||||||||||||||||||
Corporate | $ | 15,116 | Discounted cash flow ("DCF") | Credit spread (U) | n/a | n/a | 4.5 | % | |||||||||||
Liquidity discount (U) | n/a | n/a | 1 | % | |||||||||||||||
Risk-free rate (O) | n/a | n/a | 0.6 | % | |||||||||||||||
Dividend rate (O) | n/a | n/a | 5.9 | % | |||||||||||||||
Corporate | 10,254 | Internal valuation model | Private transaction (U) | n/a | n/a | See below | |||||||||||||
Total fixed maturity investments | 25,370 | ||||||||||||||||||
Other investments | |||||||||||||||||||
Private equity partnerships | 327,245 | Net asset valuation | Estimated performance (U) | (9.9 | )% | 30 | % | 4.2 | % | ||||||||||
Senior secured bank loan funds | 19,395 | Net asset valuation | Estimated performance (U) | 0.2 | % | 0.9 | % | 0.4 | % | ||||||||||
Hedge funds | 4,022 | Net asset valuation | Estimated performance (U) | 0 | % | 0 | % | 0 | % | ||||||||||
Miscellaneous other investment | 47,967 | Internal valuation model | Estimated performance (U) | n/a | n/a | 1.1 | % | ||||||||||||
Book value multiple (U) | n/a | n/a | 1.69 | ||||||||||||||||
Liquidity discount (U) | n/a | n/a | 11 | % | |||||||||||||||
Total other investments | 398,629 | ||||||||||||||||||
Other assets and (liabilities) | |||||||||||||||||||
Other | (282 | ) | Internal valuation model | See below | n/a | n/a | See below | ||||||||||||
Total other assets and (liabilities) | (282 | ) | |||||||||||||||||
$ | 423,717 | ||||||||||||||||||
Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Level 3 Inputs | ' | ||||||||||||||||||
Below is a reconciliation of the beginning and ending balances, for the periods shown, of assets and liabilities measured at fair value on a recurring basis using Level 3 inputs. Interest and dividend income are included in net investment income and are excluded from the reconciliation. | |||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
Fixed maturity | Other | Other assets | Total | ||||||||||||||||
investments | investments | and | |||||||||||||||||
trading | (liabilities) | ||||||||||||||||||
Balance - July 1, 2013 | $ | 25,681 | $ | 393,704 | $ | 625 | $ | 420,010 | |||||||||||
Total unrealized gains (losses) | |||||||||||||||||||
Included in net investment income | (311 | ) | 20,480 | — | 20,169 | ||||||||||||||
Included in other income (loss) | — | — | (625 | ) | (625 | ) | |||||||||||||
Total realized gains | |||||||||||||||||||
Included in other income (loss) | — | — | 281 | 281 | |||||||||||||||
Total foreign exchange gains | — | 1,218 | — | 1,218 | |||||||||||||||
Purchases | — | 6,056 | (563 | ) | 5,493 | ||||||||||||||
Settlements | — | (22,829 | ) | — | (22,829 | ) | |||||||||||||
Balance - September 30, 2013 | $ | 25,370 | $ | 398,629 | $ | (282 | ) | $ | 423,717 | ||||||||||
Change in unrealized gains for the period included in earnings for assets held at the end of the period included in net investment income | $ | (311 | ) | $ | 20,480 | $ | — | $ | 20,169 | ||||||||||
Change in unrealized gains for the period included in earnings for assets held at the end of the period included in other income (loss) | $ | — | $ | — | $ | (625 | ) | $ | (625 | ) | |||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
Fixed maturity | Other | Other assets | Total | ||||||||||||||||
investments | investments | and | |||||||||||||||||
trading | (liabilities) | ||||||||||||||||||
Balance - January 1, 2013 | $ | 27,792 | $ | 381,067 | $ | 21,513 | $ | 430,372 | |||||||||||
Total unrealized gains (losses) | |||||||||||||||||||
Included in net investment income | 78 | 31,123 | — | 31,201 | |||||||||||||||
Included in other income (loss) | — | — | (625 | ) | (625 | ) | |||||||||||||
Total realized losses | |||||||||||||||||||
Included in other income (loss) | — | — | (2,365 | ) | (2,365 | ) | |||||||||||||
Total foreign exchange gains | — | 801 | — | 801 | |||||||||||||||
Purchases | — | 35,252 | (563 | ) | 34,689 | ||||||||||||||
Settlements | (2,500 | ) | (67,856 | ) | — | (70,356 | ) | ||||||||||||
Reclassified from other assets to other investments | — | 18,242 | (18,242 | ) | — | ||||||||||||||
Balance - September 30, 2013 | $ | 25,370 | $ | 398,629 | $ | (282 | ) | $ | 423,717 | ||||||||||
Change in unrealized gains for the period included in earnings for assets held at the end of the period included in net investment income | $ | 78 | $ | 29,913 | $ | — | $ | 29,991 | |||||||||||
Change in unrealized gains for the period included in earnings for assets held at the end of the period included in other income (loss) | $ | — | $ | — | $ | (625 | ) | $ | (625 | ) | |||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
Fixed maturity | Other | Other assets and (liabilities) | Total | ||||||||||||||||
investments | investments | ||||||||||||||||||
trading | |||||||||||||||||||
Balance - July 1, 2012 | $ | 27,775 | $ | 390,505 | $ | 25,104 | $ | 443,384 | |||||||||||
Total unrealized gains (losses) | |||||||||||||||||||
Included in net investment income | (22 | ) | 7,961 | — | 7,939 | ||||||||||||||
Included in other income (loss) | — | — | (310 | ) | (310 | ) | |||||||||||||
Total realized gains | |||||||||||||||||||
Included in other income (loss) | — | — | (3,744 | ) | (3,744 | ) | |||||||||||||
Total foreign exchange gains | — | 682 | — | 682 | |||||||||||||||
Purchases | — | 10,589 | 4,164 | 14,753 | |||||||||||||||
Sales | — | (899 | ) | — | (899 | ) | |||||||||||||
Settlements | — | (15,966 | ) | — | (15,966 | ) | |||||||||||||
Balance - September 30, 2012 | $ | 27,753 | $ | 392,872 | $ | 25,214 | $ | 445,839 | |||||||||||
Change in unrealized gains for the period included in earnings for assets held at the end of the period included in net investment income | $ | (22 | ) | $ | 7,961 | $ | — | $ | 7,939 | ||||||||||
Change in unrealized gains for the period included in earnings for assets held at the end of the period included in other income (loss) | $ | — | $ | — | $ | (310 | ) | $ | (310 | ) | |||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
Fixed maturity | Other | Other assets and (liabilities) | Total | ||||||||||||||||
investments | investments | ||||||||||||||||||
trading | |||||||||||||||||||
Balance - January 1, 2012 | $ | 27,761 | $ | 396,526 | $ | 19,628 | $ | 443,915 | |||||||||||
Total unrealized gains (losses) | |||||||||||||||||||
Included in net investment income | (8 | ) | 24,055 | — | 24,047 | ||||||||||||||
Included in other income (loss) | — | — | (2,823 | ) | (2,823 | ) | |||||||||||||
Total realized losses | |||||||||||||||||||
Included in other income (loss) | — | — | (8,878 | ) | (8,878 | ) | |||||||||||||
Total foreign exchange gains | — | 18 | — | 18 | |||||||||||||||
Purchases | — | 29,234 | 17,287 | 46,521 | |||||||||||||||
Sales | — | (899 | ) | — | (899 | ) | |||||||||||||
Settlements | — | (56,062 | ) | — | (56,062 | ) | |||||||||||||
Balance - September 30, 2012 | $ | 27,753 | $ | 392,872 | $ | 25,214 | $ | 445,839 | |||||||||||
Change in unrealized gains for the period included in earnings for assets held at the end of the period included in net investment income | $ | (8 | ) | $ | 24,055 | $ | — | $ | 24,047 | ||||||||||
Change in unrealized gains for the period included in earnings for assets held at the end of the period included in other income (loss) | $ | — | $ | — | $ | (2,823 | ) | $ | (2,823 | ) | |||||||||
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: | |||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Other investments | $ | 500,770 | $ | 644,711 | |||||||||||||||
Other (liabilities) assets | $ | — | $ | 21,513 | |||||||||||||||
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: | |||||||||||||||||||
At September 30, 2013 | Fair Value | Unfunded | Redemption Frequency | Redemption | Redemption | ||||||||||||||
Commitments | Notice Period (Minimum Days) | Notice Period (Maximum Days) | |||||||||||||||||
Private equity partnerships | $ | 327,245 | $ | 70,130 | See below | See below | See below | ||||||||||||
Senior secured bank loan funds | 19,395 | 21,305 | See below | See below | See below | ||||||||||||||
Hedge funds | 4,022 | — | See below | See below | See below | ||||||||||||||
Total other investments measured using net asset valuations | $ | 350,662 | $ | 91,435 | |||||||||||||||
Ceded_Reinsurance_Tables
Ceded Reinsurance (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract] | ' | |||||||||||||||||
Effect Of Reinsurance And Retrocessional Activity On Premiums Written And Earned And On Net Claims And Claim Expenses Incurred | ' | |||||||||||||||||
The following tables set forth the effect of reinsurance and retrocessional activity on premiums written and earned and on net claims and claim expenses incurred: | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Premiums written | ||||||||||||||||||
Direct | $ | 12,198 | $ | 7,193 | $ | 38,848 | $ | 27,392 | ||||||||||
Assumed | 170,451 | 129,166 | 1,482,442 | 1,440,454 | ||||||||||||||
Ceded | (55,408 | ) | (31,324 | ) | (398,127 | ) | (442,606 | ) | ||||||||||
Net premiums written | $ | 127,241 | $ | 105,035 | $ | 1,123,163 | $ | 1,025,240 | ||||||||||
Premiums earned | ||||||||||||||||||
Direct | $ | 11,395 | $ | 8,844 | $ | 32,057 | $ | 24,581 | ||||||||||
Assumed | 387,194 | 373,753 | 1,134,673 | 1,072,659 | ||||||||||||||
Ceded | (103,872 | ) | (119,974 | ) | (308,869 | ) | (311,536 | ) | ||||||||||
Net premiums earned | $ | 294,717 | $ | 262,623 | $ | 857,861 | $ | 785,704 | ||||||||||
Claims and claim expenses | ||||||||||||||||||
Gross claims and claim expenses incurred | $ | 66,712 | $ | 83,189 | $ | 217,705 | $ | 168,572 | ||||||||||
Claims and claim expenses recovered | (5,784 | ) | (9,974 | ) | (25,564 | ) | (30,254 | ) | ||||||||||
Net claims and claim expenses incurred | $ | 60,928 | $ | 73,215 | $ | 192,141 | $ | 138,318 | ||||||||||
Noncontrolling_Interests_Table
Noncontrolling Interests (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest [Abstract] | ' | |||||||||||||||||
Schedule Of Redeemable Noncontrolling Interest | ' | |||||||||||||||||
The activity in redeemable noncontrolling interest – DaVinciRe is detailed in the table below: | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Beginning balance | $ | 889,116 | $ | 900,878 | $ | 968,259 | $ | 657,727 | ||||||||||
Redemption of shares from redeemable noncontrolling interest | (1,095 | ) | — | (187,989 | ) | — | ||||||||||||
Sale of shares to redeemable noncontrolling interests | 583 | (1,006 | ) | 55,510 | 155,163 | |||||||||||||
Net income attributable to redeemable noncontrolling interest | 43,868 | 50,950 | 96,692 | 137,932 | ||||||||||||||
Ending balance | $ | 932,472 | $ | 950,822 | $ | 932,472 | $ | 950,822 | ||||||||||
Schedule Of Noncontrolling Interest | ' | |||||||||||||||||
The activity in redeemable noncontrolling interest – Medici is detailed in the table below: | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
2013 | 2013 | |||||||||||||||||
Beginning balance | $ | 8,007 | $ | — | ||||||||||||||
Sale of shares to redeemable noncontrolling interests | 5,000 | 13,000 | ||||||||||||||||
Net income attributable to redeemable noncontrolling interest | 436 | 443 | ||||||||||||||||
Ending balance | $ | 13,443 | $ | 13,443 | ||||||||||||||
The Company expects its ownership in the Angus Fund to fluctuate over time. | ||||||||||||||||||
The activity in noncontrolling interest – Angus Fund is detailed in the table below: | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Beginning balance | $ | 3,693 | $ | 3,911 | $ | 3,991 | $ | 3,340 | ||||||||||
Sale of shares by noncontrolling interest | — | — | — | 300 | ||||||||||||||
Adjustment of ownership interest | — | — | 139 | — | ||||||||||||||
Net income (loss) attributable to noncontrolling interest | 27 | 133 | (182 | ) | 416 | |||||||||||||
Dividends on common shares | — | (65 | ) | (228 | ) | (77 | ) | |||||||||||
Ending balance | $ | 3,720 | $ | 3,979 | $ | 3,720 | $ | 3,979 | ||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||||
Schedule Of Computation Of Basic And Diluted Earnings Per Common Share | ' | |||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per common share: | ||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||
(thousands of shares) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator: | ||||||||||||||||||
Net income available to RenaissanceRe common shareholders | $ | 179,740 | $ | 180,660 | $ | 397,020 | $ | 524,359 | ||||||||||
Amount allocated to participating common shareholders (1) | (2,539 | ) | (2,787 | ) | (5,740 | ) | (8,395 | ) | ||||||||||
Net income allocated to RenaissanceRe common shareholders | $ | 177,201 | $ | 177,873 | $ | 391,280 | $ | 515,964 | ||||||||||
Denominator: | ||||||||||||||||||
Denominator for basic income per RenaissanceRe common share - weighted average common shares | 43,330 | 48,394 | 43,412 | 49,683 | ||||||||||||||
Per common share equivalents of employee stock options and restricted shares | 805 | 725 | 835 | 687 | ||||||||||||||
Denominator for diluted income per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions | 44,135 | 49,119 | 44,247 | 50,370 | ||||||||||||||
Basic income per RenaissanceRe common share | $ | 4.09 | $ | 3.67 | $ | 9.01 | $ | 10.38 | ||||||||||
Diluted income per RenaissanceRe common share | $ | 4.01 | $ | 3.62 | $ | 8.84 | $ | 10.24 | ||||||||||
-1 | Represents earnings attributable to holders of unvested restricted shares issued under the Company’s 2001 Stock Incentive Plan and Non-Employee Director Stock Incentive Plan. |
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | |||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | ' | |||||||||||||||||||||
Schedule Of Significant Components Of The Company's Revenues And Expenses | ' | |||||||||||||||||||||
A summary of the significant components of the Company's revenues and expenses is as follows: | ||||||||||||||||||||||
Three months ended September 30, 2013 | Reinsurance | Lloyd’s | Other | Total | ||||||||||||||||||
Gross premiums written | $ | 142,695 | $ | 39,954 | $ | — | $ | 182,649 | ||||||||||||||
Net premiums written | $ | 88,097 | $ | 39,014 | $ | 130 | $ | 127,241 | ||||||||||||||
Net premiums earned | $ | 247,461 | $ | 47,150 | $ | 106 | $ | 294,717 | ||||||||||||||
Net claims and claim expenses incurred | 34,417 | 28,175 | (1,664 | ) | 60,928 | |||||||||||||||||
Acquisition expenses | 28,740 | 8,938 | 21 | 37,699 | ||||||||||||||||||
Operational expenses | 31,876 | 12,559 | 237 | 44,672 | ||||||||||||||||||
Underwriting income | $ | 152,428 | $ | (2,522 | ) | $ | 1,512 | 151,418 | ||||||||||||||
Net investment income | 59,931 | 59,931 | ||||||||||||||||||||
Net foreign exchange gains | 488 | 488 | ||||||||||||||||||||
Equity in earnings of other ventures | 7,313 | 7,313 | ||||||||||||||||||||
Other income | 651 | 651 | ||||||||||||||||||||
Net realized and unrealized gains on investments | 28,472 | 28,472 | ||||||||||||||||||||
Corporate expenses | (4,307 | ) | (4,307 | ) | ||||||||||||||||||
Interest expense | (4,298 | ) | (4,298 | ) | ||||||||||||||||||
Income from continuing operations before taxes | 239,668 | |||||||||||||||||||||
Income tax expense | (223 | ) | (223 | ) | ||||||||||||||||||
Loss from discontinued operations | (9,779 | ) | (9,779 | ) | ||||||||||||||||||
Net income attributable to noncontrolling interests | (44,331 | ) | (44,331 | ) | ||||||||||||||||||
Dividends on preference shares | (5,595 | ) | (5,595 | ) | ||||||||||||||||||
Net income available to RenaissanceRe common shareholders | $ | 179,740 | ||||||||||||||||||||
Net claims and claim expenses incurred – current accident year | $ | 43,268 | $ | 24,886 | $ | — | $ | 68,154 | ||||||||||||||
Net claims and claim expenses incurred – prior accident years | (8,851 | ) | 3,289 | (1,664 | ) | (7,226 | ) | |||||||||||||||
Net claims and claim expenses incurred – total | $ | 34,417 | $ | 28,175 | $ | (1,664 | ) | $ | 60,928 | |||||||||||||
Net claims and claim expense ratio – current accident year | 17.5 | % | 52.8 | % | — | % | 23.1 | % | ||||||||||||||
Net claims and claim expense ratio – prior accident years | (3.6 | )% | 7 | % | (1,569.8 | )% | (2.4 | )% | ||||||||||||||
Net claims and claim expense ratio – calendar year | 13.9 | % | 59.8 | % | (1,569.8 | )% | 20.7 | % | ||||||||||||||
Underwriting expense ratio | 24.5 | % | 45.5 | % | 243.4 | % | 27.9 | % | ||||||||||||||
Combined ratio | 38.4 | % | 105.3 | % | (1,326.4 | )% | 48.6 | % | ||||||||||||||
Nine months ended September 30, 2013 | Reinsurance | Lloyd’s | Other | Eliminations (1) | Total | |||||||||||||||||
Gross premiums written | $ | 1,339,263 | $ | 183,015 | $ | — | $ | (988 | ) | $ | 1,521,290 | |||||||||||
Net premiums written | $ | 963,169 | $ | 159,581 | $ | 413 | $ | 1,123,163 | ||||||||||||||
Net premiums earned | $ | 730,610 | $ | 126,862 | $ | 389 | $ | 857,861 | ||||||||||||||
Net claims and claim expenses incurred | 126,243 | 68,239 | (2,341 | ) | 192,141 | |||||||||||||||||
Acquisition expenses | 70,005 | 24,338 | 132 | 94,475 | ||||||||||||||||||
Operational expenses | 96,745 | 36,193 | 509 | 133,447 | ||||||||||||||||||
Underwriting income | $ | 437,617 | $ | (1,908 | ) | $ | 2,089 | 437,798 | ||||||||||||||
Net investment income | 129,296 | 129,296 | ||||||||||||||||||||
Net foreign exchange gains | 170 | 170 | ||||||||||||||||||||
Equity in earnings of other ventures | 16,920 | 16,920 | ||||||||||||||||||||
Other loss | (2,186 | ) | (2,186 | ) | ||||||||||||||||||
Net realized and unrealized losses on investments | (26,788 | ) | (26,788 | ) | ||||||||||||||||||
Corporate expenses | (30,318 | ) | (30,318 | ) | ||||||||||||||||||
Interest expense | (13,632 | ) | (13,632 | ) | ||||||||||||||||||
Income from continuing operations before taxes | 511,260 | |||||||||||||||||||||
Income tax expense | (356 | ) | (356 | ) | ||||||||||||||||||
Income from discontinued operations | 2,422 | 2,422 | ||||||||||||||||||||
Net income attributable to noncontrolling interests | (96,953 | ) | (96,953 | ) | ||||||||||||||||||
Dividends on preference shares | (19,353 | ) | (19,353 | ) | ||||||||||||||||||
Net income available to RenaissanceRe common shareholders | $ | 397,020 | ||||||||||||||||||||
Net claims and claim expenses incurred – current accident year | $ | 192,569 | $ | 71,274 | $ | — | $ | 263,843 | ||||||||||||||
Net claims and claim expenses incurred – prior accident years | (66,326 | ) | (3,035 | ) | (2,341 | ) | (71,702 | ) | ||||||||||||||
Net claims and claim expenses incurred – total | $ | 126,243 | $ | 68,239 | $ | (2,341 | ) | $ | 192,141 | |||||||||||||
Net claims and claim expense ratio – current accident year | 26.4 | % | 56.2 | % | — | % | 30.8 | % | ||||||||||||||
Net claims and claim expense ratio – prior accident years | (9.1 | )% | (2.4 | )% | (601.8 | )% | (8.4 | )% | ||||||||||||||
Net claims and claim expense ratio – calendar year | 17.3 | % | 53.8 | % | (601.8 | )% | 22.4 | % | ||||||||||||||
Underwriting expense ratio | 22.8 | % | 47.7 | % | 164.8 | % | 26.6 | % | ||||||||||||||
Combined ratio | 40.1 | % | 101.5 | % | (437.0 | )% | 49 | % | ||||||||||||||
-1 | Represents $1.0 million of gross premiums ceded from the Reinsurance segment to the Lloyd's segment. | |||||||||||||||||||||
Three months ended September 30, 2012 | Reinsurance | Lloyd’s | Other | Total | ||||||||||||||||||
Gross premiums written | $ | 107,637 | $ | 28,722 | $ | — | $ | 136,359 | ||||||||||||||
Net premiums written | $ | 78,164 | $ | 26,982 | $ | (111 | ) | $ | 105,035 | |||||||||||||
Net premiums earned | $ | 230,359 | $ | 32,375 | $ | (111 | ) | $ | 262,623 | |||||||||||||
Net claims and claim expenses incurred | 47,080 | 26,331 | (196 | ) | 73,215 | |||||||||||||||||
Acquisition expenses | 18,258 | 6,051 | 129 | 24,438 | ||||||||||||||||||
Operational expenses | 30,856 | 11,532 | (32 | ) | 42,356 | |||||||||||||||||
Underwriting income (loss) | $ | 134,165 | $ | (11,539 | ) | $ | (12 | ) | 122,614 | |||||||||||||
Net investment income | 46,135 | 46,135 | ||||||||||||||||||||
Net foreign exchange gains | 3,187 | 3,187 | ||||||||||||||||||||
Equity in earnings of other ventures | 4,310 | 4,310 | ||||||||||||||||||||
Other loss | (1,053 | ) | (1,053 | ) | ||||||||||||||||||
Net realized and unrealized gains on investments | 75,297 | 75,297 | ||||||||||||||||||||
Corporate expenses | (3,796 | ) | (3,796 | ) | ||||||||||||||||||
Interest expense | (5,891 | ) | (5,891 | ) | ||||||||||||||||||
Income from continuing operations before taxes | 240,803 | |||||||||||||||||||||
Income tax benefit | (144 | ) | (144 | ) | ||||||||||||||||||
Loss from discontinued operations | (166 | ) | (166 | ) | ||||||||||||||||||
Net income attributable to noncontrolling interests | (51,083 | ) | (51,083 | ) | ||||||||||||||||||
Dividends on preference shares | (8,750 | ) | (8,750 | ) | ||||||||||||||||||
Net income available to RenaissanceRe common shareholders | $ | 180,660 | ||||||||||||||||||||
Net claims and claim expenses incurred – current accident year | $ | 64,488 | $ | 29,051 | $ | — | $ | 93,539 | ||||||||||||||
Net claims and claim expenses incurred – prior accident years | (17,408 | ) | (2,720 | ) | (196 | ) | (20,324 | ) | ||||||||||||||
Net claims and claim expenses incurred – total | $ | 47,080 | $ | 26,331 | $ | (196 | ) | $ | 73,215 | |||||||||||||
Net claims and claim expense ratio – current accident year | 28 | % | 89.7 | % | — | % | 35.6 | % | ||||||||||||||
Net claims and claim expense ratio – prior accident years | (7.6 | )% | (8.4 | )% | 176.6 | % | (7.7 | )% | ||||||||||||||
Net claims and claim expense ratio – calendar year | 20.4 | % | 81.3 | % | 176.6 | % | 27.9 | % | ||||||||||||||
Underwriting expense ratio | 21.4 | % | 54.3 | % | (87.4 | )% | 25.4 | % | ||||||||||||||
Combined ratio | 41.8 | % | 135.6 | % | 89.2 | % | 53.3 | % | ||||||||||||||
Nine months ended September 30, 2012 | Reinsurance | Lloyd’s | Other | Eliminations | Total | |||||||||||||||||
-1 | ||||||||||||||||||||||
Gross premiums written | $ | 1,334,438 | $ | 133,836 | $ | — | $ | (428 | ) | $ | 1,467,846 | |||||||||||
Net premiums written | $ | 916,171 | $ | 109,429 | $ | (360 | ) | $ | 1,025,240 | |||||||||||||
Net premiums earned | $ | 698,473 | $ | 87,566 | $ | (335 | ) | $ | 785,704 | |||||||||||||
Net claims and claim expenses incurred | 90,892 | 50,292 | (2,866 | ) | 138,318 | |||||||||||||||||
Acquisition expenses | 57,742 | 16,229 | 186 | 74,157 | ||||||||||||||||||
Operational expenses | 93,246 | 32,395 | 414 | 126,055 | ||||||||||||||||||
Underwriting income (loss) | $ | 456,593 | $ | (11,350 | ) | $ | 1,931 | 447,174 | ||||||||||||||
Net investment income | 126,725 | 126,725 | ||||||||||||||||||||
Net foreign exchange gains | 3,468 | 3,468 | ||||||||||||||||||||
Equity in earnings of other ventures | 16,626 | 16,626 | ||||||||||||||||||||
Other income | 730 | 730 | ||||||||||||||||||||
Net realized and unrealized gains on investments | 150,982 | 150,982 | ||||||||||||||||||||
Net other-than-temporary impairments | (343 | ) | (343 | ) | ||||||||||||||||||
Corporate expenses | (12,567 | ) | (12,567 | ) | ||||||||||||||||||
Interest expense | (17,325 | ) | (17,325 | ) | ||||||||||||||||||
Income from continuing operations before taxes | 715,470 | |||||||||||||||||||||
Income tax expense | (1,008 | ) | (1,008 | ) | ||||||||||||||||||
Income from discontinued operations | (25,505 | ) | (25,505 | ) | ||||||||||||||||||
Net income attributable to noncontrolling interests | (138,348 | ) | (138,348 | ) | ||||||||||||||||||
Dividends on preference shares | (26,250 | ) | (26,250 | ) | ||||||||||||||||||
Net income available to RenaissanceRe common shareholders | $ | 524,359 | ||||||||||||||||||||
Net claims and claim expenses incurred – current accident year | $ | 196,263 | $ | 63,697 | $ | — | $ | 259,960 | ||||||||||||||
Net claims and claim expenses incurred – prior accident years | (105,371 | ) | (13,405 | ) | (2,866 | ) | (121,642 | ) | ||||||||||||||
Net claims and claim expenses incurred – total | $ | 90,892 | $ | 50,292 | $ | (2,866 | ) | $ | 138,318 | |||||||||||||
Net claims and claim expense ratio – current accident year | 28.1 | % | 72.7 | % | — | % | 33.1 | % | ||||||||||||||
Net claims and claim expense ratio – prior accident years | (15.1 | )% | (15.3 | )% | 855.5 | % | (15.5 | )% | ||||||||||||||
Net claims and claim expense ratio – calendar year | 13 | % | 57.4 | % | 855.5 | % | 17.6 | % | ||||||||||||||
Underwriting expense ratio | 21.6 | % | 55.6 | % | (179.1 | )% | 25.5 | % | ||||||||||||||
Combined ratio | 34.6 | % | 113 | % | 676.4 | % | 43.1 | % | ||||||||||||||
-1 | Represents $0.4 million of gross premiums ceded from the Lloyd's segment to the Reinsurance segment. |
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Summary of Derivative Instruments [Abstract] | ' | |||||||||||||||||||||||
Schedule of Location on Consolidated Balance Sheets and Fair Value Of Principal Derivative Instruments | ' | |||||||||||||||||||||||
The table below shows the gross and net amounts of recognized derivative assets and liabilities, including the location on the consolidated balance sheets and fair value of the Company’s principal derivative instruments: | ||||||||||||||||||||||||
Derivative Assets | ||||||||||||||||||||||||
At September 30, 2013 | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Balance Sheet | Net Amounts of Assets Presented in the Balance Sheet | Balance Sheet Location | Collateral | Net Amount | ||||||||||||||||||
Interest rate futures | $ | 231 | — | $ | 231 | Other assets | $ | — | $ | 231 | ||||||||||||||
Foreign currency forward contracts (1) | 8,563 | — | 8,563 | Other assets | — | 8,563 | ||||||||||||||||||
Foreign currency forward contracts (2) | 1,016 | 780 | 236 | Other assets | — | 236 | ||||||||||||||||||
Credit default swaps | 583 | 70 | 513 | Other assets | 310 | 203 | ||||||||||||||||||
Total | $ | 10,393 | $ | 850 | $ | 9,543 | $ | 310 | $ | 9,233 | ||||||||||||||
Derivative Liabilities | ||||||||||||||||||||||||
At September 30, 2013 | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Balance Sheet | Net Amounts of Liabilities Presented in the Balance Sheet | Balance Sheet Location | Collateral Pledged | Net Amount | ||||||||||||||||||
Interest rate futures | $ | 104 | — | $ | 104 | Other liabilities | $ | 104 | $ | — | ||||||||||||||
Foreign currency forward contracts (1) | 4,431 | — | 4,431 | Other liabilities | — | 4,431 | ||||||||||||||||||
Foreign currency forward contracts (2) | 2,336 | 780 | 1,556 | Other liabilities | — | 1,556 | ||||||||||||||||||
Credit default swaps | 81 | 70 | 11 | Other liabilities | — | 11 | ||||||||||||||||||
Other | 282 | — | 282 | Other liabilities | — | 282 | ||||||||||||||||||
Total | $ | 7,234 | $ | 850 | $ | 6,384 | $ | 104 | $ | 6,280 | ||||||||||||||
-1 | Contracts used to manage foreign currency risks in underwriting and non-investment operations. | |||||||||||||||||||||||
-2 | Contracts used to manage foreign currency risks in investment operations. | |||||||||||||||||||||||
Derivative Assets | ||||||||||||||||||||||||
At December 31, 2012 | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Balance Sheet | Net Amounts of Assets Presented in the Balance Sheet | Balance Sheet Location | Collateral | Net Amount | ||||||||||||||||||
Interest rate futures | $ | 441 | — | $ | 441 | Other assets | $ | — | $ | 441 | ||||||||||||||
Foreign currency forward contracts (1) | 7,191 | — | 7,191 | Other assets | — | 7,191 | ||||||||||||||||||
Foreign currency forward contracts (2) | 2,534 | 2,296 | 238 | Other assets | — | 238 | ||||||||||||||||||
Credit default swaps | 784 | 333 | 451 | Other assets | 310 | 141 | ||||||||||||||||||
Total | $ | 10,950 | $ | 2,629 | $ | 8,321 | $ | 310 | $ | 8,011 | ||||||||||||||
Derivative Liabilities | ||||||||||||||||||||||||
At December 31, 2012 | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Balance Sheet | Net Amounts of Liabilities Presented in the Balance Sheet | Balance Sheet Location | Collateral Pledged | Net Amount | ||||||||||||||||||
Interest rate futures | $ | 41 | — | $ | 41 | Other liabilities | $ | 41 | $ | — | ||||||||||||||
Foreign currency forward contracts (1) | 4,173 | — | 4,173 | Other liabilities | — | 4,173 | ||||||||||||||||||
Total | $ | 4,214 | $ | — | $ | 4,214 | $ | 41 | $ | 4,173 | ||||||||||||||
-1 | Contracts used to manage foreign currency risks in underwriting and non-investment operations. | |||||||||||||||||||||||
-2 | Contracts used to manage foreign currency risks in investment operations. | |||||||||||||||||||||||
Schedule of Gain (Loss) Recognized In Consolidated Statements Of Operations Related To Derivative Instruments | ' | |||||||||||||||||||||||
The location and amount of the gain (loss) recognized in the Company’s consolidated statements of operations related to its derivative instruments is shown in the following table: | ||||||||||||||||||||||||
Location of gain (loss) | Amount of gain (loss) recognized on | |||||||||||||||||||||||
recognized on derivatives | derivatives | |||||||||||||||||||||||
Three months ended September 30, | 2013 | 2012 | ||||||||||||||||||||||
Interest rate futures | Net realized and unrealized gains (losses) on investments | $ | 3,291 | $ | (1,087 | ) | ||||||||||||||||||
Foreign currency forward contracts (1) | Net foreign exchange gains | 11,388 | 13,056 | |||||||||||||||||||||
Foreign currency forward contracts (2) | Net foreign exchange gains | (5,016 | ) | (430 | ) | |||||||||||||||||||
Credit default swaps | Net realized and unrealized gains (losses) on investments | 266 | 127 | |||||||||||||||||||||
Other | Other income (loss) | 281 | — | |||||||||||||||||||||
Total | $ | 10,210 | $ | 11,666 | ||||||||||||||||||||
Location of gain (loss) | Amount of gain (loss) recognized on | |||||||||||||||||||||||
recognized on derivatives | derivatives | |||||||||||||||||||||||
Nine months ended September 30, | 2013 | 2012 | ||||||||||||||||||||||
Interest rate futures | Net realized and unrealized gains (losses) on investments | $ | 23,496 | $ | (2,904 | ) | ||||||||||||||||||
Foreign currency forward contracts (1) | Net foreign exchange gains | 512 | 14,425 | |||||||||||||||||||||
Foreign currency forward contracts (2) | Net foreign exchange gains | (3,670 | ) | (2,779 | ) | |||||||||||||||||||
Credit default swaps | Net realized and unrealized gains (losses) on investments | 992 | 661 | |||||||||||||||||||||
Other | Other income (loss) | 281 | — | |||||||||||||||||||||
Total | $ | 21,611 | $ | 9,403 | ||||||||||||||||||||
-1 | Contracts used to manage foreign currency risks in underwriting and non-investment operations. | |||||||||||||||||||||||
-2 | Contracts used to manage foreign currency risks in investment operations. |
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries [Abstract] | ' | |||||||||||||||||||
Condensed Consolidating Balance Sheet | ' | |||||||||||||||||||
Condensed Consolidating Balance Sheet at September 30, 2013 | RenaissanceRe | RenRe North | Other | Consolidating | RenaissanceRe | |||||||||||||||
Holdings Ltd. | America | RenaissanceRe | Adjustments | Consolidated | ||||||||||||||||
(Parent | Holdings Inc. | Holdings Ltd. | -2 | |||||||||||||||||
Guarantor) | (Subsidiary | Subsidiaries and | ||||||||||||||||||
Issuer) | Eliminations | |||||||||||||||||||
(Non-guarantor | ||||||||||||||||||||
Subsidiaries) | ||||||||||||||||||||
-1 | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Total investments | $ | 282,340 | $ | 25,742 | $ | 6,119,430 | $ | — | $ | 6,427,512 | ||||||||||
Cash and cash equivalents | 8,244 | 9,182 | 248,924 | — | 266,350 | |||||||||||||||
Investments in subsidiaries | 3,214,032 | 81,121 | — | (3,295,153 | ) | — | ||||||||||||||
Due from subsidiaries and affiliates | 158,130 | 42 | — | (158,172 | ) | — | ||||||||||||||
Premiums receivable | — | — | 735,937 | — | 735,937 | |||||||||||||||
Prepaid reinsurance premiums | — | — | 166,340 | — | 166,340 | |||||||||||||||
Reinsurance recoverable | — | — | 149,201 | — | 149,201 | |||||||||||||||
Accrued investment income | 716 | 89 | 26,082 | — | 26,887 | |||||||||||||||
Deferred acquisition costs | — | — | 103,844 | — | 103,844 | |||||||||||||||
Other assets | 116,429 | 1,540 | 347,067 | (102,708 | ) | 362,328 | ||||||||||||||
Assets of discontinued operations held for sale | — | 115,556 | — | — | 115,556 | |||||||||||||||
Total assets | $ | 3,779,891 | $ | 233,272 | $ | 7,896,825 | $ | (3,556,033 | ) | $ | 8,353,955 | |||||||||
Liabilities, Noncontrolling Interests and Shareholders’ Equity | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||
Reserve for claims and claim expenses | $ | — | $ | — | $ | 1,683,709 | $ | — | $ | 1,683,709 | ||||||||||
Unearned premiums | — | — | 754,077 | — | 754,077 | |||||||||||||||
Debt | — | 249,407 | — | — | 249,407 | |||||||||||||||
Amounts due to subsidiaries and affiliates | 51,946 | 1,907 | — | (53,853 | ) | — | ||||||||||||||
Reinsurance balances payable | — | — | 358,988 | — | 358,988 | |||||||||||||||
Other liabilities | 17,231 | 3,317 | 573,310 | (2,708 | ) | 591,150 | ||||||||||||||
Liabilities of discontinued operations held for sale | — | 56,275 | — | — | 56,275 | |||||||||||||||
Total liabilities | 69,177 | 310,906 | 3,370,084 | (56,561 | ) | 3,693,606 | ||||||||||||||
Redeemable noncontrolling interest – DaVinciRe | — | — | 945,915 | — | 945,915 | |||||||||||||||
Shareholders’ Equity | ||||||||||||||||||||
Total shareholders’ equity | 3,710,714 | (77,634 | ) | 3,580,826 | (3,499,472 | ) | 3,714,434 | |||||||||||||
Total liabilities, noncontrolling interests and shareholders’ equity | $ | 3,779,891 | $ | 233,272 | $ | 7,896,825 | $ | (3,556,033 | ) | $ | 8,353,955 | |||||||||
-1 | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. | |||||||||||||||||||
-2 | Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments. | |||||||||||||||||||
Condensed Consolidating Balance Sheet at December 31, 2012 | RenaissanceRe | RenRe North | Other | Consolidating | RenaissanceRe | |||||||||||||||
Holdings Ltd. | America | RenaissanceRe | Adjustments | Consolidated | ||||||||||||||||
(Parent | Holdings Inc. | Holdings Ltd. | -2 | |||||||||||||||||
Guarantor) | (Subsidiary | Subsidiaries and | ||||||||||||||||||
Issuer) | Eliminations | |||||||||||||||||||
(Non-guarantor | ||||||||||||||||||||
Subsidiaries) | ||||||||||||||||||||
-1 | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Total investments | $ | 572,139 | $ | 49,618 | $ | 5,733,637 | $ | — | $ | 6,355,394 | ||||||||||
Cash and cash equivalents | 6,298 | 1,528 | 296,319 | — | 304,145 | |||||||||||||||
Investments in subsidiaries | 2,864,793 | 37,202 | — | (2,901,995 | ) | — | ||||||||||||||
Due from subsidiaries and affiliates | 53,296 | 117 | — | (53,413 | ) | — | ||||||||||||||
Premiums receivable | — | — | 491,365 | — | 491,365 | |||||||||||||||
Prepaid reinsurance premiums | — | — | 77,082 | — | 77,082 | |||||||||||||||
Reinsurance recoverable | — | — | 192,512 | — | 192,512 | |||||||||||||||
Accrued investment income | 2,535 | 69 | 30,874 | — | 33,478 | |||||||||||||||
Deferred acquisition costs | — | — | 52,622 | — | 52,622 | |||||||||||||||
Other assets | 175,105 | 15,754 | 212,570 | (115,493 | ) | 287,936 | ||||||||||||||
Assets of discontinued operations held for sale | — | 134,094 | — | — | 134,094 | |||||||||||||||
Total assets | $ | 3,674,166 | $ | 238,382 | $ | 7,086,981 | $ | (3,070,901 | ) | $ | 7,928,628 | |||||||||
Liabilities, Redeemable Noncontrolling Interest and Shareholders’ Equity | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||
Reserve for claims and claim expenses | $ | — | $ | — | $ | 1,879,377 | $ | — | $ | 1,879,377 | ||||||||||
Unearned premiums | — | — | 399,517 | — | 399,517 | |||||||||||||||
Debt | 100,000 | 249,339 | — | — | 349,339 | |||||||||||||||
Amounts due to subsidiaries and affiliates | 11,371 | 5,593 | — | (16,964 | ) | — | ||||||||||||||
Reinsurance balances payable | — | — | 290,419 | — | 290,419 | |||||||||||||||
Other liabilities | 59,730 | 4,572 | 414,377 | (1,458 | ) | 477,221 | ||||||||||||||
Liabilities of discontinued operations held for sale | — | 57,440 | — | — | 57,440 | |||||||||||||||
Total liabilities | 171,101 | 316,944 | 2,983,690 | (18,422 | ) | 3,453,313 | ||||||||||||||
Redeemable noncontrolling interest – DaVinciRe | — | — | 968,259 | — | 968,259 | |||||||||||||||
Shareholders’ Equity | ||||||||||||||||||||
Total shareholders’ equity | 3,503,065 | (78,562 | ) | 3,135,032 | (3,052,479 | ) | 3,507,056 | |||||||||||||
Total liabilities, redeemable noncontrolling interest and shareholders’ equity | $ | 3,674,166 | $ | 238,382 | $ | 7,086,981 | $ | (3,070,901 | ) | $ | 7,928,628 | |||||||||
-1 | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. | |||||||||||||||||||
-2 | Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments. | |||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) | ' | |||||||||||||||||||
The notes, which are senior obligations, contain various covenants, including limitations on mergers and consolidations, restrictions as to the disposition of the stock of designated subsidiaries and limitations on liens of the stock of designated subsidiaries. | ||||||||||||||||||||
Condensed Consolidating Balance Sheet at September 30, 2013 | RenaissanceRe | RenRe North | Other | Consolidating | RenaissanceRe | |||||||||||||||
Holdings Ltd. | America | RenaissanceRe | Adjustments | Consolidated | ||||||||||||||||
(Parent | Holdings Inc. | Holdings Ltd. | -2 | |||||||||||||||||
Guarantor) | (Subsidiary | Subsidiaries and | ||||||||||||||||||
Issuer) | Eliminations | |||||||||||||||||||
(Non-guarantor | ||||||||||||||||||||
Subsidiaries) | ||||||||||||||||||||
-1 | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Total investments | $ | 282,340 | $ | 25,742 | $ | 6,119,430 | $ | — | $ | 6,427,512 | ||||||||||
Cash and cash equivalents | 8,244 | 9,182 | 248,924 | — | 266,350 | |||||||||||||||
Investments in subsidiaries | 3,214,032 | 81,121 | — | (3,295,153 | ) | — | ||||||||||||||
Due from subsidiaries and affiliates | 158,130 | 42 | — | (158,172 | ) | — | ||||||||||||||
Premiums receivable | — | — | 735,937 | — | 735,937 | |||||||||||||||
Prepaid reinsurance premiums | — | — | 166,340 | — | 166,340 | |||||||||||||||
Reinsurance recoverable | — | — | 149,201 | — | 149,201 | |||||||||||||||
Accrued investment income | 716 | 89 | 26,082 | — | 26,887 | |||||||||||||||
Deferred acquisition costs | — | — | 103,844 | — | 103,844 | |||||||||||||||
Other assets | 116,429 | 1,540 | 347,067 | (102,708 | ) | 362,328 | ||||||||||||||
Assets of discontinued operations held for sale | — | 115,556 | — | — | 115,556 | |||||||||||||||
Total assets | $ | 3,779,891 | $ | 233,272 | $ | 7,896,825 | $ | (3,556,033 | ) | $ | 8,353,955 | |||||||||
Liabilities, Noncontrolling Interests and Shareholders’ Equity | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||
Reserve for claims and claim expenses | $ | — | $ | — | $ | 1,683,709 | $ | — | $ | 1,683,709 | ||||||||||
Unearned premiums | — | — | 754,077 | — | 754,077 | |||||||||||||||
Debt | — | 249,407 | — | — | 249,407 | |||||||||||||||
Amounts due to subsidiaries and affiliates | 51,946 | 1,907 | — | (53,853 | ) | — | ||||||||||||||
Reinsurance balances payable | — | — | 358,988 | — | 358,988 | |||||||||||||||
Other liabilities | 17,231 | 3,317 | 573,310 | (2,708 | ) | 591,150 | ||||||||||||||
Liabilities of discontinued operations held for sale | — | 56,275 | — | — | 56,275 | |||||||||||||||
Total liabilities | 69,177 | 310,906 | 3,370,084 | (56,561 | ) | 3,693,606 | ||||||||||||||
Redeemable noncontrolling interest – DaVinciRe | — | — | 945,915 | — | 945,915 | |||||||||||||||
Shareholders’ Equity | ||||||||||||||||||||
Total shareholders’ equity | 3,710,714 | (77,634 | ) | 3,580,826 | (3,499,472 | ) | 3,714,434 | |||||||||||||
Total liabilities, noncontrolling interests and shareholders’ equity | $ | 3,779,891 | $ | 233,272 | $ | 7,896,825 | $ | (3,556,033 | ) | $ | 8,353,955 | |||||||||
-1 | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. | |||||||||||||||||||
-2 | Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments. | |||||||||||||||||||
Condensed Consolidating Balance Sheet at December 31, 2012 | RenaissanceRe | RenRe North | Other | Consolidating | RenaissanceRe | |||||||||||||||
Holdings Ltd. | America | RenaissanceRe | Adjustments | Consolidated | ||||||||||||||||
(Parent | Holdings Inc. | Holdings Ltd. | -2 | |||||||||||||||||
Guarantor) | (Subsidiary | Subsidiaries and | ||||||||||||||||||
Issuer) | Eliminations | |||||||||||||||||||
(Non-guarantor | ||||||||||||||||||||
Subsidiaries) | ||||||||||||||||||||
-1 | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Total investments | $ | 572,139 | $ | 49,618 | $ | 5,733,637 | $ | — | $ | 6,355,394 | ||||||||||
Cash and cash equivalents | 6,298 | 1,528 | 296,319 | — | 304,145 | |||||||||||||||
Investments in subsidiaries | 2,864,793 | 37,202 | — | (2,901,995 | ) | — | ||||||||||||||
Due from subsidiaries and affiliates | 53,296 | 117 | — | (53,413 | ) | — | ||||||||||||||
Premiums receivable | — | — | 491,365 | — | 491,365 | |||||||||||||||
Prepaid reinsurance premiums | — | — | 77,082 | — | 77,082 | |||||||||||||||
Reinsurance recoverable | — | — | 192,512 | — | 192,512 | |||||||||||||||
Accrued investment income | 2,535 | 69 | 30,874 | — | 33,478 | |||||||||||||||
Deferred acquisition costs | — | — | 52,622 | — | 52,622 | |||||||||||||||
Other assets | 175,105 | 15,754 | 212,570 | (115,493 | ) | 287,936 | ||||||||||||||
Assets of discontinued operations held for sale | — | 134,094 | — | — | 134,094 | |||||||||||||||
Total assets | $ | 3,674,166 | $ | 238,382 | $ | 7,086,981 | $ | (3,070,901 | ) | $ | 7,928,628 | |||||||||
Liabilities, Redeemable Noncontrolling Interest and Shareholders’ Equity | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||
Reserve for claims and claim expenses | $ | — | $ | — | $ | 1,879,377 | $ | — | $ | 1,879,377 | ||||||||||
Unearned premiums | — | — | 399,517 | — | 399,517 | |||||||||||||||
Debt | 100,000 | 249,339 | — | — | 349,339 | |||||||||||||||
Amounts due to subsidiaries and affiliates | 11,371 | 5,593 | — | (16,964 | ) | — | ||||||||||||||
Reinsurance balances payable | — | — | 290,419 | — | 290,419 | |||||||||||||||
Other liabilities | 59,730 | 4,572 | 414,377 | (1,458 | ) | 477,221 | ||||||||||||||
Liabilities of discontinued operations held for sale | — | 57,440 | — | — | 57,440 | |||||||||||||||
Total liabilities | 171,101 | 316,944 | 2,983,690 | (18,422 | ) | 3,453,313 | ||||||||||||||
Redeemable noncontrolling interest – DaVinciRe | — | — | 968,259 | — | 968,259 | |||||||||||||||
Shareholders’ Equity | ||||||||||||||||||||
Total shareholders’ equity | 3,503,065 | (78,562 | ) | 3,135,032 | (3,052,479 | ) | 3,507,056 | |||||||||||||
Total liabilities, redeemable noncontrolling interest and shareholders’ equity | $ | 3,674,166 | $ | 238,382 | $ | 7,086,981 | $ | (3,070,901 | ) | $ | 7,928,628 | |||||||||
-1 | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. | |||||||||||||||||||
-2 | Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments. | |||||||||||||||||||
Condensed Consolidating Statement of Operations for | RenaissanceRe | RenRe North | Other | Consolidating | RenaissanceRe | |||||||||||||||
the three months ended September 30, 2013 | Holdings Ltd. | America | RenaissanceRe | Adjustments | Consolidated | |||||||||||||||
(Parent | Holdings Inc. | Holdings Ltd. | -2 | |||||||||||||||||
Guarantor) | (Subsidiary | Subsidiaries and | ||||||||||||||||||
Issuer) | Eliminations | |||||||||||||||||||
(Non-guarantor | ||||||||||||||||||||
Subsidiaries) | ||||||||||||||||||||
-1 | ||||||||||||||||||||
Revenues | ||||||||||||||||||||
Net premiums earned | $ | — | $ | — | $ | 294,717 | $ | — | $ | 294,717 | ||||||||||
Net investment income | 1,055 | 37 | 59,782 | (943 | ) | 59,931 | ||||||||||||||
Net foreign exchange gains | 47 | — | 441 | — | 488 | |||||||||||||||
Equity in earnings of other ventures | — | — | 7,313 | — | 7,313 | |||||||||||||||
Other income | — | — | 651 | — | 651 | |||||||||||||||
Net realized and unrealized gains (losses) on investments | 373 | (18 | ) | 28,117 | — | 28,472 | ||||||||||||||
Total revenues | 1,475 | 19 | 391,021 | (943 | ) | 391,572 | ||||||||||||||
Expenses | ||||||||||||||||||||
Net claims and claim expenses incurred | — | — | 60,928 | — | 60,928 | |||||||||||||||
Acquisition expenses | — | — | 37,699 | — | 37,699 | |||||||||||||||
Operational expenses | (1,242 | ) | 1,574 | 44,808 | (468 | ) | 44,672 | |||||||||||||
Corporate expenses | 3,599 | 60 | 648 | — | 4,307 | |||||||||||||||
Interest expense | — | 3,617 | 681 | — | 4,298 | |||||||||||||||
Total expenses | 2,357 | 5,251 | 144,764 | (468 | ) | 151,904 | ||||||||||||||
(Loss) income before equity in net income (loss) of subsidiaries and taxes | (882 | ) | (5,232 | ) | 246,257 | (475 | ) | 239,668 | ||||||||||||
Equity in net income of subsidiaries | 186,217 | 2,344 | — | (188,561 | ) | — | ||||||||||||||
Income (loss) from continuing operations before taxes | 185,335 | (2,888 | ) | 246,257 | (189,036 | ) | 239,668 | |||||||||||||
Income tax benefit (expense) | — | 801 | (1,024 | ) | — | (223 | ) | |||||||||||||
Income (loss) from continuing operations | 185,335 | (2,087 | ) | 245,233 | (189,036 | ) | 239,445 | |||||||||||||
Loss from discontinued operations | — | (9,779 | ) | — | — | (9,779 | ) | |||||||||||||
Net income (loss) | 185,335 | (11,866 | ) | 245,233 | (189,036 | ) | 229,666 | |||||||||||||
Net income attributable to noncontrolling interests | — | — | (44,331 | ) | — | (44,331 | ) | |||||||||||||
Net income (loss) attributable to RenaissanceRe | 185,335 | (11,866 | ) | 200,902 | (189,036 | ) | 185,335 | |||||||||||||
Dividends on preference shares | (5,595 | ) | — | — | — | (5,595 | ) | |||||||||||||
Net income (loss) attributable to RenaissanceRe common shareholders | $ | 179,740 | $ | (11,866 | ) | $ | 200,902 | $ | (189,036 | ) | $ | 179,740 | ||||||||
-1 | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. | |||||||||||||||||||
-2 | Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments. | |||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income (Loss) for the three months ended September 30, 2013 | RenaissanceRe | RenRe North | Other | Consolidating | RenaissanceRe | |||||||||||||||
Holdings Ltd. | America | RenaissanceRe | Adjustments | Consolidated | ||||||||||||||||
(Parent | Holdings Inc. | Holdings Ltd. | -2 | |||||||||||||||||
Guarantor) | (Subsidiary | Subsidiaries | ||||||||||||||||||
Issuer) | and | |||||||||||||||||||
Eliminations | ||||||||||||||||||||
(Non-guarantor | ||||||||||||||||||||
Subsidiaries) | ||||||||||||||||||||
-1 | ||||||||||||||||||||
Comprehensive income (loss) | ||||||||||||||||||||
Net income (loss) | $ | 185,335 | $ | (11,866 | ) | $ | 245,233 | $ | (189,036 | ) | $ | 229,666 | ||||||||
Change in net unrealized gains on investments | — | — | (343 | ) | — | (343 | ) | |||||||||||||
Comprehensive income (loss) | 185,335 | (11,866 | ) | 244,890 | (189,036 | ) | 229,323 | |||||||||||||
Net income attributable to noncontrolling interests | — | — | (44,331 | ) | — | (44,331 | ) | |||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | (44,331 | ) | — | (44,331 | ) | |||||||||||||
Comprehensive income (loss) attributable to RenaissanceRe | $ | 185,335 | $ | (11,866 | ) | $ | 200,559 | $ | (189,036 | ) | $ | 184,992 | ||||||||
-1 | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. | |||||||||||||||||||
-2 | Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments. | |||||||||||||||||||
Condensed Consolidating Statement of Operations for | RenaissanceRe | RenRe North | Other | Consolidating | RenaissanceRe | |||||||||||||||
the nine months ended September 30, 2013 | Holdings Ltd. | America | RenaissanceRe | Adjustments | Consolidated | |||||||||||||||
(Parent | Holdings Inc. | Holdings Ltd. | -2 | |||||||||||||||||
Guarantor) | (Subsidiary | Subsidiaries and | ||||||||||||||||||
Issuer) | Eliminations | |||||||||||||||||||
(Non-guarantor | ||||||||||||||||||||
Subsidiaries) | ||||||||||||||||||||
-1 | ||||||||||||||||||||
Revenues | ||||||||||||||||||||
Net premiums earned | $ | — | $ | — | $ | 857,861 | $ | — | $ | 857,861 | ||||||||||
Net investment income | 3,273 | 274 | 128,590 | (2,841 | ) | 129,296 | ||||||||||||||
Net foreign exchange (losses) gains | (3 | ) | (2 | ) | 175 | — | 170 | |||||||||||||
Equity in earnings of other ventures | — | — | 16,920 | — | 16,920 | |||||||||||||||
Other income (loss) | 106 | — | (2,292 | ) | — | (2,186 | ) | |||||||||||||
Net realized and unrealized losses on investments | (1,071 | ) | (132 | ) | (25,585 | ) | — | (26,788 | ) | |||||||||||
Total revenues | 2,305 | 140 | 975,669 | (2,841 | ) | 975,273 | ||||||||||||||
Expenses | ||||||||||||||||||||
Net claims and claim expenses incurred | — | — | 192,141 | — | 192,141 | |||||||||||||||
Acquisition expenses | — | — | 94,475 | — | 94,475 | |||||||||||||||
Operational expenses | (3,705 | ) | 5,591 | 132,029 | (468 | ) | 133,447 | |||||||||||||
Corporate expenses | 28,508 | 178 | 1,632 | — | 30,318 | |||||||||||||||
Interest expense | 734 | 10,850 | 2,048 | — | 13,632 | |||||||||||||||
Total expenses | 25,537 | 16,619 | 422,325 | (468 | ) | 464,013 | ||||||||||||||
(Loss) income before equity in net income (loss) of subsidiaries and taxes | (23,232 | ) | (16,479 | ) | 553,344 | (2,373 | ) | 511,260 | ||||||||||||
Equity in net income (loss) of subsidiaries | 439,605 | (1,495 | ) | — | (438,110 | ) | — | |||||||||||||
Income (loss) from continuing operations before taxes | 416,373 | (17,974 | ) | 553,344 | (440,483 | ) | 511,260 | |||||||||||||
Income tax benefit (expense) | — | 796 | (1,152 | ) | — | (356 | ) | |||||||||||||
Income (loss) from continuing operations | 416,373 | (17,178 | ) | 552,192 | (440,483 | ) | 510,904 | |||||||||||||
Income from discontinued operations | — | 2,422 | — | — | 2,422 | |||||||||||||||
Net income (loss) | 416,373 | (14,756 | ) | 552,192 | (440,483 | ) | 513,326 | |||||||||||||
Net income attributable to noncontrolling interests | — | — | (96,953 | ) | — | (96,953 | ) | |||||||||||||
Net income (loss) attributable to RenaissanceRe | 416,373 | (14,756 | ) | 455,239 | (440,483 | ) | 416,373 | |||||||||||||
Dividends on preference shares | (19,353 | ) | — | — | — | (19,353 | ) | |||||||||||||
Net income (loss) attributable to RenaissanceRe common shareholders | $ | 397,020 | $ | (14,756 | ) | $ | 455,239 | $ | (440,483 | ) | $ | 397,020 | ||||||||
-1 | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. | |||||||||||||||||||
-2 | Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments. | |||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income (Loss) for the nine months ended September 30, 2013 | RenaissanceRe | RenRe North | Other | Consolidating | RenaissanceRe | |||||||||||||||
Holdings Ltd. | America | RenaissanceRe | Adjustments | Consolidated | ||||||||||||||||
(Parent | Holdings Inc. | Holdings Ltd. | -2 | |||||||||||||||||
Guarantor) | (Subsidiary | Subsidiaries | ||||||||||||||||||
Issuer) | and | |||||||||||||||||||
Eliminations | ||||||||||||||||||||
(Non-guarantor | ||||||||||||||||||||
Subsidiaries) | ||||||||||||||||||||
-1 | ||||||||||||||||||||
Comprehensive income (loss) | ||||||||||||||||||||
Net income (loss) | $ | 416,373 | $ | (14,756 | ) | $ | 552,192 | $ | (440,483 | ) | $ | 513,326 | ||||||||
Change in net unrealized gains on investments | — | — | (9,056 | ) | — | (9,056 | ) | |||||||||||||
Comprehensive income (loss) | 416,373 | (14,756 | ) | 543,136 | (440,483 | ) | 504,270 | |||||||||||||
Net income attributable to noncontrolling interests | — | — | (96,953 | ) | — | (96,953 | ) | |||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | (96,953 | ) | — | (96,953 | ) | |||||||||||||
Comprehensive income (loss) attributable to RenaissanceRe | $ | 416,373 | $ | (14,756 | ) | $ | 446,183 | $ | (440,483 | ) | $ | 407,317 | ||||||||
-1 | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. | |||||||||||||||||||
-2 | Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments. | |||||||||||||||||||
Condensed Consolidating Statement of Operations | RenaissanceRe | RenRe North | Other | Consolidating | RenaissanceRe | |||||||||||||||
for the three months ended September 30, 2012 | Holdings Ltd. | America | RenaissanceRe | Adjustments | Consolidated | |||||||||||||||
(Parent | Holdings Inc. | Holdings Ltd. | -2 | |||||||||||||||||
Guarantor) | (Subsidiary | Subsidiaries | ||||||||||||||||||
Issuer) | and | |||||||||||||||||||
Eliminations | ||||||||||||||||||||
(Non-guarantor | ||||||||||||||||||||
Subsidiaries) | ||||||||||||||||||||
-1 | ||||||||||||||||||||
Revenues | ||||||||||||||||||||
Net premiums earned | $ | — | $ | — | $ | 262,623 | $ | — | $ | 262,623 | ||||||||||
Net investment income | 3,293 | 134 | 44,688 | (1,980 | ) | 46,135 | ||||||||||||||
Net foreign exchange gains | 21 | — | 3,166 | — | 3,187 | |||||||||||||||
Equity in earnings of other ventures | — | — | 4,310 | — | 4,310 | |||||||||||||||
Other income (loss) | 2,410 | — | (3,463 | ) | — | (1,053 | ) | |||||||||||||
Net realized and unrealized gains on investments | 5,928 | 438 | 68,931 | — | 75,297 | |||||||||||||||
Total revenues | 11,652 | 572 | 380,255 | (1,980 | ) | 390,499 | ||||||||||||||
Expenses | ||||||||||||||||||||
Net claims and claim expenses incurred | — | — | 73,215 | — | 73,215 | |||||||||||||||
Acquisition expenses | — | — | 24,438 | — | 24,438 | |||||||||||||||
Operational expenses | (1,252 | ) | 1,889 | 41,719 | — | 42,356 | ||||||||||||||
Corporate expenses | 3,272 | 61 | 463 | — | 3,796 | |||||||||||||||
Interest expense | 1,468 | 3,617 | 806 | — | 5,891 | |||||||||||||||
Total expenses | 3,488 | 5,567 | 140,641 | — | 149,696 | |||||||||||||||
Income (loss) before equity in net loss of subsidiaries and taxes | 8,164 | (4,995 | ) | 239,614 | (1,980 | ) | 240,803 | |||||||||||||
Equity in net income (loss) of subsidiaries | 181,246 | (1,905 | ) | — | (179,341 | ) | — | |||||||||||||
Income (loss) from continuing operations before taxes | 189,410 | (6,900 | ) | 239,614 | (181,321 | ) | 240,803 | |||||||||||||
Income tax benefit (expense) | — | 1,477 | (1,621 | ) | — | (144 | ) | |||||||||||||
Income (loss) from continuing operations | 189,410 | (5,423 | ) | 237,993 | (181,321 | ) | 240,659 | |||||||||||||
Loss from discontinued operations | — | (166 | ) | — | — | (166 | ) | |||||||||||||
Net income (loss) | 189,410 | (5,589 | ) | 237,993 | (181,321 | ) | 240,493 | |||||||||||||
Net income attributable to redeemable noncontrolling interest – DaVinciRe | — | — | (51,083 | ) | — | (51,083 | ) | |||||||||||||
Net income (loss) attributable to RenaissanceRe | 189,410 | (5,589 | ) | 186,910 | (181,321 | ) | 189,410 | |||||||||||||
Dividends on preference shares | (8,750 | ) | — | — | — | (8,750 | ) | |||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 180,660 | $ | (5,589 | ) | $ | 186,910 | $ | (181,321 | ) | $ | 180,660 | ||||||||
-1 | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. | |||||||||||||||||||
-2 | Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments. | |||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income (Loss) for the three months ended September 30, 2012 | RenaissanceRe | RenRe North | Other | Consolidating | RenaissanceRe | |||||||||||||||
Holdings Ltd. | America | RenaissanceRe | Adjustments | Consolidated | ||||||||||||||||
(Parent | Holdings Inc. | Holdings Ltd. | -2 | |||||||||||||||||
Guarantor) | (Subsidiary | Subsidiaries | ||||||||||||||||||
Issuer) | and | |||||||||||||||||||
Eliminations | ||||||||||||||||||||
(Non-guarantor | ||||||||||||||||||||
Subsidiaries) | ||||||||||||||||||||
-1 | ||||||||||||||||||||
Comprehensive income | ||||||||||||||||||||
Net income (loss) | $ | 189,410 | $ | (5,589 | ) | $ | 237,993 | $ | (181,321 | ) | $ | 240,493 | ||||||||
Change in net unrealized gains on investments | — | — | 1,536 | — | 1,536 | |||||||||||||||
Comprehensive income (loss) | 189,410 | (5,589 | ) | 239,529 | (181,321 | ) | 242,029 | |||||||||||||
Net income attributable to noncontrolling interests | — | — | (51,083 | ) | — | (51,083 | ) | |||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | (51,083 | ) | — | (51,083 | ) | |||||||||||||
Comprehensive income (loss) attributable to RenaissanceRe | $ | 189,410 | $ | (5,589 | ) | $ | 188,446 | $ | (181,321 | ) | $ | 190,946 | ||||||||
-1 | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. | |||||||||||||||||||
-2 | Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments. | |||||||||||||||||||
Condensed Consolidating Statement of Operations | RenaissanceRe | RenRe North | Other | Consolidating | RenaissanceRe | |||||||||||||||
for the nine months ended September 30, 2012 | Holdings Ltd. | America | RenaissanceRe | Adjustments | Consolidated | |||||||||||||||
(Parent | Holdings Inc. | Holdings Ltd. | -2 | |||||||||||||||||
Guarantor) | (Subsidiary | Subsidiaries | ||||||||||||||||||
Issuer) | and | |||||||||||||||||||
Eliminations | ||||||||||||||||||||
(Non-guarantor | ||||||||||||||||||||
Subsidiaries) | ||||||||||||||||||||
-1 | ||||||||||||||||||||
Revenues | ||||||||||||||||||||
Net premiums earned | $ | — | $ | — | $ | 785,704 | $ | — | $ | 785,704 | ||||||||||
Net investment income | 10,887 | 485 | 121,358 | (6,005 | ) | 126,725 | ||||||||||||||
Net foreign exchange gains | 28 | — | 3,440 | — | 3,468 | |||||||||||||||
Equity in earnings of other ventures | — | — | 16,626 | — | 16,626 | |||||||||||||||
Other income (loss) | 2,562 | — | (1,832 | ) | — | 730 | ||||||||||||||
Net realized and unrealized gains on investments | 14,444 | 1,490 | 135,048 | — | 150,982 | |||||||||||||||
Net other-than-temporary impairments | — | — | (343 | ) | — | (343 | ) | |||||||||||||
Total revenues | 27,921 | 1,975 | 1,060,001 | (6,005 | ) | 1,083,892 | ||||||||||||||
Expenses | ||||||||||||||||||||
Net claims and claim expenses incurred | — | — | 138,318 | — | 138,318 | |||||||||||||||
Acquisition expenses | — | — | 74,157 | — | 74,157 | |||||||||||||||
Operational expenses | (3,866 | ) | 5,646 | 124,275 | — | 126,055 | ||||||||||||||
Corporate expenses | 10,951 | 213 | 1,403 | — | 12,567 | |||||||||||||||
Interest expense | 4,406 | 10,850 | 2,069 | — | 17,325 | |||||||||||||||
Total expenses | 11,491 | 16,709 | 340,222 | — | 368,422 | |||||||||||||||
Income (loss) before equity in net loss of subsidiaries and taxes | 16,430 | (14,734 | ) | 719,779 | (6,005 | ) | 715,470 | |||||||||||||
Equity in net income (loss) of subsidiaries | 534,179 | 1,021 | — | (535,200 | ) | — | ||||||||||||||
Income (loss) from continuing operations before taxes | 550,609 | (13,713 | ) | 719,779 | (541,205 | ) | 715,470 | |||||||||||||
Income tax (expense) benefit | — | (1,491 | ) | 483 | — | (1,008 | ) | |||||||||||||
Income (loss) from continuing operations | 550,609 | (15,204 | ) | 720,262 | (541,205 | ) | 714,462 | |||||||||||||
Loss from discontinued operations | — | (25,505 | ) | — | — | (25,505 | ) | |||||||||||||
Net income (loss) | 550,609 | (40,709 | ) | 720,262 | (541,205 | ) | 688,957 | |||||||||||||
Net income attributable to redeemable noncontrolling interest – DaVinciRe | — | — | (138,348 | ) | — | (138,348 | ) | |||||||||||||
Net income (loss) attributable to RenaissanceRe | 550,609 | (40,709 | ) | 581,914 | (541,205 | ) | 550,609 | |||||||||||||
Dividends on preference shares | (26,250 | ) | — | — | — | (26,250 | ) | |||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 524,359 | $ | (40,709 | ) | $ | 581,914 | $ | (541,205 | ) | $ | 524,359 | ||||||||
-1 | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. | |||||||||||||||||||
-2 | Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments. | |||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income (Loss) for the nine months ended September 30, 2012 | RenaissanceRe | RenRe North | Other | Consolidating | RenaissanceRe | |||||||||||||||
Holdings Ltd. | America | RenaissanceRe | Adjustments | Consolidated | ||||||||||||||||
(Parent | Holdings Inc. | Holdings Ltd. | -2 | |||||||||||||||||
Guarantor) | (Subsidiary | Subsidiaries | ||||||||||||||||||
Issuer) | and | |||||||||||||||||||
Eliminations | ||||||||||||||||||||
(Non-guarantor | ||||||||||||||||||||
Subsidiaries) | ||||||||||||||||||||
-1 | ||||||||||||||||||||
Comprehensive income (loss) | ||||||||||||||||||||
Net income (loss) | $ | 550,609 | $ | (40,709 | ) | $ | 720,262 | $ | (541,205 | ) | $ | 688,957 | ||||||||
Change in net unrealized gains on investments | — | — | 2,359 | — | 2,359 | |||||||||||||||
Portion of other-than-temporary impairments recognized in other comprehensive income (loss) | — | — | (52 | ) | — | (52 | ) | |||||||||||||
Comprehensive income (loss) | 550,609 | (40,709 | ) | 722,569 | (541,205 | ) | 691,264 | |||||||||||||
Net income attributable to noncontrolling interests | — | — | (138,348 | ) | — | (138,348 | ) | |||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | (138,348 | ) | — | (138,348 | ) | |||||||||||||
Comprehensive income (loss) attributable to RenaissanceRe | $ | 550,609 | $ | (40,709 | ) | $ | 584,221 | $ | (541,205 | ) | $ | 552,916 | ||||||||
-1 | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. | |||||||||||||||||||
-2 | Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments. | |||||||||||||||||||
Condensed Consolidating Statement Of Cash Flows | ' | |||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | RenaissanceRe | RenRe North | Other | RenaissanceRe | ||||||||||||||||
for the nine months ended September 30, 2013 | Holdings Ltd. | America | RenaissanceRe | Consolidated | ||||||||||||||||
(Parent | Holdings Inc. | Holdings Ltd. | ||||||||||||||||||
Guarantor) | (Subsidiary | Subsidiaries | ||||||||||||||||||
Issuer) | and | |||||||||||||||||||
Eliminations | ||||||||||||||||||||
(Non-guarantor | ||||||||||||||||||||
Subsidiaries) | ||||||||||||||||||||
-1 | ||||||||||||||||||||
Cash flows (used in) provided by operating activities | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (46,965 | ) | $ | (7,706 | ) | $ | 440,469 | $ | 385,798 | ||||||||||
Cash flows provided by (used in) investing activities | ||||||||||||||||||||
Proceeds from sales and maturities of fixed maturity investments trading | 503,148 | 84,636 | 5,768,907 | 6,356,691 | ||||||||||||||||
Purchases of fixed maturity investments trading | (344,873 | ) | (67,498 | ) | (6,037,326 | ) | (6,449,697 | ) | ||||||||||||
Proceeds from sales and maturities of fixed maturity investments available for sale | — | — | 43,564 | 43,564 | ||||||||||||||||
Net purchases of equity investments trading | — | — | (33,714 | ) | (33,714 | ) | ||||||||||||||
Net sales (purchases) of short term investments | 180,150 | 10,396 | (308,672 | ) | (118,126 | ) | ||||||||||||||
Net sales of other investments | — | — | 198,101 | 198,101 | ||||||||||||||||
Net purchases of investments in other ventures | — | — | (2,500 | ) | (2,500 | ) | ||||||||||||||
Net purchases of other assets | — | — | (994 | ) | (994 | ) | ||||||||||||||
Dividends and return of capital from subsidiaries | 330,097 | 28,554 | (358,651 | ) | — | |||||||||||||||
Contributions to subsidiaries | (327,731 | ) | (37,117 | ) | 364,848 | — | ||||||||||||||
Due to (from) subsidiary | 14,685 | (3,611 | ) | (11,074 | ) | — | ||||||||||||||
Net cash provided by (used in) investing activities | 355,476 | 15,360 | (377,511 | ) | (6,675 | ) | ||||||||||||||
Cash flows used in financing activities | ||||||||||||||||||||
Dividends paid – RenaissanceRe common shares | (36,956 | ) | — | — | (36,956 | ) | ||||||||||||||
Dividends paid – preference shares | (19,353 | ) | — | — | (19,353 | ) | ||||||||||||||
RenaissanceRe common share repurchases | (140,911 | ) | — | — | (140,911 | ) | ||||||||||||||
Net repayment of debt | (100,000 | ) | — | (847 | ) | (100,847 | ) | |||||||||||||
Redemption of 6.08% Series C preference shares | (125,000 | ) | — | — | (125,000 | ) | ||||||||||||||
Redemption of 6.60% Series D preference shares | (150,000 | ) | — | — | (150,000 | ) | ||||||||||||||
Issuance of 5.375% Series E preference shares, net of expenses | 265,655 | — | — | 265,655 | ||||||||||||||||
Third party DaVinciRe share transactions | — | — | (116,628 | ) | (116,628 | ) | ||||||||||||||
Third party investment in redeemable noncontrolling interest | — | — | 13,000 | 13,000 | ||||||||||||||||
Net cash used in financing activities | (306,565 | ) | — | (104,475 | ) | (411,040 | ) | |||||||||||||
Effect of exchange rate changes on foreign currency cash | — | — | 3,366 | 3,366 | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 1,946 | 7,654 | (38,151 | ) | (28,551 | ) | ||||||||||||||
Net increase in cash and cash equivalents of discontinued operations | — | — | (9,244 | ) | (9,244 | ) | ||||||||||||||
Cash and cash equivalents, beginning of period | 6,298 | 1,528 | 296,319 | 304,145 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 8,244 | $ | 9,182 | $ | 248,924 | $ | 266,350 | ||||||||||||
-1 | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. | |||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | RenaissanceRe | RenRe North | Other | RenaissanceRe | ||||||||||||||||
for the nine months ended September 30, 2012 | Holdings Ltd. | America | RenaissanceRe | Consolidated | ||||||||||||||||
(Parent | Holdings Inc. | Holdings Ltd. | ||||||||||||||||||
Guarantor) | (Subsidiary | Subsidiaries | ||||||||||||||||||
Issuer) | and | |||||||||||||||||||
Eliminations | ||||||||||||||||||||
(Non-guarantor | ||||||||||||||||||||
Subsidiaries) | ||||||||||||||||||||
-1 | ||||||||||||||||||||
Cash flows provided by (used in) operating activities | ||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 16,604 | $ | (13,194 | ) | $ | 532,256 | $ | 535,666 | |||||||||||
Cash flows provided by (used in) investing activities | ||||||||||||||||||||
Proceeds from sales and maturities of fixed maturity investments trading | 580,563 | 124,658 | 5,582,502 | 6,287,723 | ||||||||||||||||
Purchases of fixed maturity investments trading | (471,459 | ) | (65,331 | ) | (6,349,449 | ) | (6,886,239 | ) | ||||||||||||
Proceeds from sales and maturities of fixed maturity investments available for sale | — | — | 47,925 | 47,925 | ||||||||||||||||
Net sales (purchases) of short term investments | 52,022 | (7,756 | ) | 125,896 | 170,162 | |||||||||||||||
Net sales of other investments | — | — | 41,262 | 41,262 | ||||||||||||||||
Net purchases of other assets | — | — | (4,204 | ) | (4,204 | ) | ||||||||||||||
Dividends and return of capital from subsidiaries | 520,317 | 8,299 | (528,616 | ) | — | |||||||||||||||
Contributions to subsidiaries | (370,280 | ) | (50,000 | ) | 420,280 | — | ||||||||||||||
Due to (from) subsidiaries | (6,556 | ) | (611 | ) | 7,167 | — | ||||||||||||||
Net cash provided by (used in) investing activities | 304,607 | 9,259 | (657,237 | ) | (343,371 | ) | ||||||||||||||
Cash flows (used in) provided by financing activities | ||||||||||||||||||||
Dividends paid – RenaissanceRe common shares | (40,741 | ) | — | — | (40,741 | ) | ||||||||||||||
Dividends paid – preference shares | (26,250 | ) | — | — | (26,250 | ) | ||||||||||||||
RenaissanceRe common share repurchases | (257,461 | ) | — | — | (257,461 | ) | ||||||||||||||
Net drawdown of debt | — | — | 4,907 | 4,907 | ||||||||||||||||
Third party DaVinciRe share transactions | — | — | 157,999 | 157,999 | ||||||||||||||||
Net cash (used in) provided by financing activities | (324,452 | ) | — | 162,906 | (161,546 | ) | ||||||||||||||
Effect of exchange rate changes on foreign currency cash | — | — | 1,390 | 1,390 | ||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (3,241 | ) | (3,935 | ) | 39,315 | 32,139 | ||||||||||||||
Net decrease in cash and cash equivalents of discontinued operations | — | — | 12,169 | 12,169 | ||||||||||||||||
Cash and cash equivalents, beginning of period | 10,606 | 4,920 | 166,299 | 181,825 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 7,365 | $ | 985 | $ | 217,783 | $ | 226,133 | ||||||||||||
-1 | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. |
Organization_Details
Organization (Details) | Sep. 30, 2013 |
states | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Number of U.S. states in which RenaissanceRe Specialty Risks is eligible to do business on an excess and surplus lines basis | 49 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Assets of discontinued operations held for sale | ' | ' | ' | ' | ' |
Total assets of discontinued operations held for sale | $115,556,000 | ' | $115,556,000 | ' | $134,094,000 |
Liabilities of discontinued operations held for sale | ' | ' | ' | ' | ' |
Total liabilities of discontinued operations held for sale | 56,275,000 | ' | 56,275,000 | ' | 57,440,000 |
Expenses | ' | ' | ' | ' | ' |
(Loss) income from discontinued operations | -9,779,000 | -166,000 | 2,422,000 | -25,505,000 | ' |
REAL | ' | ' | ' | ' | ' |
Assets of discontinued operations held for sale | ' | ' | ' | ' | ' |
Fixed maturity investments trading, at fair value (Amortized cost $Nil and $5,250 at September 30, 2013 and December 31, 2012, respectively) | 0 | ' | 0 | ' | 5,253,000 |
Cash and cash equivalents | 30,457,000 | ' | 30,457,000 | ' | 21,213,000 |
Other assets | 85,099,000 | ' | 85,099,000 | ' | 107,628,000 |
Total assets of discontinued operations held for sale | 115,556,000 | ' | 115,556,000 | ' | 134,094,000 |
Liabilities of discontinued operations held for sale | ' | ' | ' | ' | ' |
Debt | 1,589,000 | ' | 1,589,000 | ' | 2,436,000 |
Other liabilities | 54,686,000 | ' | 54,686,000 | ' | 55,004,000 |
Total liabilities of discontinued operations held for sale | 56,275,000 | ' | 56,275,000 | ' | 57,440,000 |
Total shareholder's equity of discontinued operations held for sale | 59,281,000 | ' | 59,281,000 | ' | 76,654,000 |
Total liabilities and shareholder's equity of discontinued operations held for sale | 115,556,000 | ' | 115,556,000 | ' | 134,094,000 |
Revenues | ' | ' | ' | ' | ' |
Net investment (loss) income | -3,000 | -16,000 | 1,150,000 | 2,543,000 | ' |
Net foreign exchange (losses) gains | -140,000 | -186,000 | 849,000 | 483,000 | ' |
Other (loss) income | -1,001,000 | 171,000 | 9,471,000 | -29,416,000 | ' |
Net realized and unrealized (losses) gains on investments | -5,000 | 6,000 | -18,000 | 2,000 | ' |
Total revenues | -1,149,000 | -25,000 | 11,452,000 | -26,388,000 | ' |
Expenses | ' | ' | ' | ' | ' |
Operational expenses | 30,000 | 33,000 | 89,000 | 125,000 | ' |
Corporate expenses | -2,000 | 54,000 | 104,000 | 161,000 | ' |
Total expenses | 28,000 | 87,000 | 193,000 | 286,000 | ' |
(Loss) income before taxes | -1,177,000 | -112,000 | 11,259,000 | -26,674,000 | ' |
Income tax benefit (expense) | 168,000 | 0 | -67,000 | 3,000 | ' |
(Loss) income from discontinued operations | -1,009,000 | -112,000 | 11,192,000 | -26,671,000 | ' |
Loss on sale of REAL | -8,770,000 | 0 | -8,770,000 | 0 | ' |
Former U.S.-based Insurance operations | ' | ' | ' | ' | ' |
Expenses | ' | ' | ' | ' | ' |
(Loss) income from discontinued operations | 0 | -54,000 | 0 | 1,166,000 | ' |
Subsequent Event | REAL | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' |
Cash paid at closing | 60,000,000 | ' | ' | ' | ' |
Loss on sale | 8,800,000 | ' | ' | ' | ' |
Margin Facility | Renaissance Trading Margin Facility | ' | ' | ' | ' | ' |
Expenses | ' | ' | ' | ' | ' |
Margin facility maximum borrowing capacity | 20,000,000 | ' | 20,000,000 | ' | ' |
Guarantees | 25,000,000 | ' | 25,000,000 | ' | ' |
Margin facility amount outstanding | 1,600,000 | ' | 1,600,000 | ' | ' |
Renaissance Trading | Energy And Weather Contracts | ' | ' | ' | ' | ' |
Expenses | ' | ' | ' | ' | ' |
Guarantees | $318,800,000 | ' | $318,800,000 | ' | ' |
Discontinued_Operations_Parent
Discontinued Operations (Parenthetical) (Details) (REAL, USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
REAL | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Fixed maturity investments trading, amortized cost | ' | $5,250 |
Investments_Schedule_of_Fair_V
Investments (Schedule of Fair Value of Fixed Maturity Investments Trading) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investment [Line Items] | ' | ' |
Fixed maturity investments trading, at fair value | $4,751,237 | $4,660,168 |
U.S. treasuries | ' | ' |
Investment [Line Items] | ' | ' |
Fixed maturity investments trading, at fair value | 1,322,367 | 1,254,547 |
Agencies | ' | ' |
Investment [Line Items] | ' | ' |
Fixed maturity investments trading, at fair value | 197,047 | 315,154 |
Non-U.S. government (Sovereign Debt) | ' | ' |
Investment [Line Items] | ' | ' |
Fixed maturity investments trading, at fair value | 353,810 | 133,198 |
Non-U.S. government-backed corporate | ' | ' |
Investment [Line Items] | ' | ' |
Fixed maturity investments trading, at fair value | 229,687 | 349,514 |
Corporate | ' | ' |
Investment [Line Items] | ' | ' |
Fixed maturity investments trading, at fair value | 1,684,413 | 1,607,233 |
Agency mortgage-backed | ' | ' |
Investment [Line Items] | ' | ' |
Fixed maturity investments trading, at fair value | 430,533 | 399,619 |
Non-agency mortgage-backed | ' | ' |
Investment [Line Items] | ' | ' |
Fixed maturity investments trading, at fair value | 231,351 | 230,747 |
Commercial mortgage-backed | ' | ' |
Investment [Line Items] | ' | ' |
Fixed maturity investments trading, at fair value | 291,284 | 361,645 |
Asset-backed | ' | ' |
Investment [Line Items] | ' | ' |
Fixed maturity investments trading, at fair value | $10,745 | $8,511 |
Investments_Schedule_of_Fair_V1
Investments (Schedule of Fair Value of Fixed Maturity Investments Available for Sale) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Investment [Line Items] | ' | ' | ||
Available for Sale, Amortized Cost | $34,091 | $71,445 | ||
Gross Unrealized Gains | 4,493 | 12,100 | ||
Gross Unrealized Losses | -54 | -103 | ||
Available for Sale, Fair Value | 38,530 | 83,442 | ||
Non-Credit Other-Than-Temporary Impairments | -801 | [1] | -920 | [1] |
Corporate | ' | ' | ||
Investment [Line Items] | ' | ' | ||
Available for Sale, Amortized Cost | 2,413 | 7,065 | ||
Gross Unrealized Gains | 322 | 1,002 | ||
Gross Unrealized Losses | -30 | -93 | ||
Available for Sale, Fair Value | 2,705 | 7,974 | ||
Non-Credit Other-Than-Temporary Impairments | -33 | [1] | -85 | [1] |
Agency mortgage-backed | ' | ' | ||
Investment [Line Items] | ' | ' | ||
Available for Sale, Amortized Cost | 5,142 | 8,280 | ||
Gross Unrealized Gains | 366 | 632 | ||
Gross Unrealized Losses | -17 | 0 | ||
Available for Sale, Fair Value | 5,491 | 8,912 | ||
Non-Credit Other-Than-Temporary Impairments | 0 | [1] | 0 | [1] |
Non-agency mortgage-backed | ' | ' | ||
Investment [Line Items] | ' | ' | ||
Available for Sale, Amortized Cost | 12,315 | 14,613 | ||
Gross Unrealized Gains | 2,504 | 2,989 | ||
Gross Unrealized Losses | -7 | -10 | ||
Available for Sale, Fair Value | 14,812 | 17,592 | ||
Non-Credit Other-Than-Temporary Impairments | -768 | [1] | -835 | [1] |
Commercial mortgage-backed | ' | ' | ||
Investment [Line Items] | ' | ' | ||
Available for Sale, Amortized Cost | 10,469 | 37,292 | ||
Gross Unrealized Gains | 1,050 | 7,229 | ||
Gross Unrealized Losses | 0 | 0 | ||
Available for Sale, Fair Value | 11,519 | 44,521 | ||
Non-Credit Other-Than-Temporary Impairments | 0 | [1] | 0 | [1] |
Asset-backed | ' | ' | ||
Investment [Line Items] | ' | ' | ||
Available for Sale, Amortized Cost | 3,752 | 4,195 | ||
Gross Unrealized Gains | 251 | 248 | ||
Gross Unrealized Losses | 0 | 0 | ||
Available for Sale, Fair Value | 4,003 | 4,443 | ||
Non-Credit Other-Than-Temporary Impairments | $0 | [1] | $0 | [1] |
[1] | Represents the non-credit component of other-than-temporary impairments recognized in accumulated other comprehensive income since the adoption of guidance related to the recognition and presentation of other-than-temporary impairments under FASB ASC Topic Financial Instruments – Debt and Equity Securities, during the second quarter of 2009, adjusted for subsequent sales of securities. It does not include the change in fair value subsequent to the impairment measurement date. |
Investments_Schedule_of_Contra
Investments (Schedule of Contractual Maturities of Fixed Maturity Investments) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Trading Securities [Abstract] | ' | ' |
Trading Debt Securities, Amortized Cost, Due in less than one year | $166,039 | ' |
Trading Debt Securities, Amortized Cost, Due after one through five years | 2,863,742 | ' |
Trading Debt Securities, Amortized Cost, Due after five through ten years | 633,863 | ' |
Trading Debt Securities, Amortized Cost, Due after ten years | 109,894 | ' |
Trading Debt Securities, Amortized Cost | 4,722,167 | ' |
Trading Debt Securities, Fair Value, Due in less than one year | 166,583 | ' |
Trading Debt Securities, Fair Value, Due after one through five years | 2,876,147 | ' |
Trading Debt Securities, Fair Value, Due after five through ten years | 629,875 | ' |
Trading Debt Securities, Fair Value, Due after ten years | 114,719 | ' |
Trading Debt Securities, Fair Value | 4,751,237 | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Available for Sale, Amortized Cost, Due in less than one year | 0 | ' |
Available for Sale, Amortized Cost, Due after one through five years | 1,359 | ' |
Available for Sale, Amortized Cost, Due after five through ten years | 647 | ' |
Available for Sale, Amortized Cost, Due after ten years | 406 | ' |
Available for Sale, Amortized Cost | 34,091 | 71,445 |
Available for Sale, Fair Value, Due in less than one year | 0 | ' |
Available for Sale, Fair Value, Due after one through five years | 1,497 | ' |
Available for Sale, Fair Value, Due after five through ten years | 707 | ' |
Available for Sale, Fair Value, Due after ten years | 501 | ' |
Available for Sale, Fair Value | 38,530 | 83,442 |
Fixed Maturity Investments [Abstract] | ' | ' |
Debt Securities, Amortized Cost, Due in less than one year | 166,039 | ' |
Debt Securities, Amortized Cost, Due after one through five years | 2,865,101 | ' |
Debt Securities, Amortized Cost, Due after five through ten years | 634,510 | ' |
Debt Securities, Amortized Cost, Due after ten years | 110,300 | ' |
Debt Securities, Amortized Cost | 4,756,258 | ' |
Debt Securities, Fair Value, Due in less than one year | 166,583 | ' |
Debt Securities, Fair Value, Due after one through give years | 2,877,644 | ' |
Debt Securities, Fair Value, Due after five through ten years | 630,582 | ' |
Debt Securities, Fair Value, Due after ten years | 115,220 | ' |
Debt Securities, Fair Value | 4,789,767 | ' |
Mortgage-backed | ' | ' |
Trading Securities [Abstract] | ' | ' |
Trading Debt Securities, Amortized Cost | 938,147 | ' |
Trading Debt Securities, Fair Value | 953,168 | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Available for Sale, Amortized Cost | 27,928 | ' |
Available for Sale, Fair Value | 31,822 | ' |
Fixed Maturity Investments [Abstract] | ' | ' |
Debt Securities, Amortized Cost | 966,075 | ' |
Debt Securities, Fair Value | 984,990 | ' |
Asset-backed | ' | ' |
Trading Securities [Abstract] | ' | ' |
Trading Debt Securities, Amortized Cost | 10,482 | ' |
Trading Debt Securities, Fair Value | 10,745 | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Available for Sale, Amortized Cost | 3,751 | ' |
Available for Sale, Fair Value | 4,003 | ' |
Fixed Maturity Investments [Abstract] | ' | ' |
Debt Securities, Amortized Cost | 14,233 | ' |
Debt Securities, Fair Value | $14,748 | ' |
Investments_Schedule_of_Fair_V2
Investments (Schedule of Fair Value of Equity Investments Trading) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Equity investments trading | $113,986 | $58,186 |
Consumer | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Equity investments trading | 39,338 | 0 |
Financials | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Equity investments trading | 20,828 | 58,186 |
Industrial, utilities and energy | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Equity investments trading | 24,057 | 0 |
Basic materials | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Equity investments trading | 12,290 | 0 |
Health care | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Equity investments trading | 13,443 | 0 |
Communications and technology | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Equity investments trading | $4,030 | $0 |
Investments_Pledged_Investment
Investments (Pledged Investments) (Details) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Investments [Abstract] | ' |
Cash and investments at fair value on deposit with, or in trust accounts for the benefit of various counterparties | $1,702.70 |
Cash and investments at fair value on deposit with, or in trust accounts for the benefit of U.S. state regulatory authorities | $649.70 |
Investments_Reverse_Purchase_A
Investments (Reverse Purchase Agreements) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Investments, Debt and Equity Securities [Abstract] | ' | ' |
Value of reverse repurchase agreements | $153.70 | $74.80 |
Minimum required collateral for reverse repurchase agreements, expressed as a percentage of loan principal | 102.00% | ' |
Investments_Schedule_of_Net_In
Investments (Schedule of Net Investment Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ' | ' | ' | ' |
Investment income before investment expenses | $62,653 | $49,339 | $137,794 | $135,353 |
Investment expenses | -2,722 | -3,204 | -8,498 | -8,628 |
Net investment income | 59,931 | 46,135 | 129,296 | 126,725 |
Fixed maturity investments | ' | ' | ' | ' |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ' | ' | ' | ' |
Investment income before investment expenses | 24,423 | 25,741 | 71,148 | 75,934 |
Short term investments | ' | ' | ' | ' |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ' | ' | ' | ' |
Investment income before investment expenses | 563 | 236 | 1,318 | 1,006 |
Equity investments | ' | ' | ' | ' |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ' | ' | ' | ' |
Investment income before investment expenses | 706 | 181 | 1,050 | 532 |
Other investments, Hedge funds and private equity investments | ' | ' | ' | ' |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ' | ' | ' | ' |
Investment income before investment expenses | 14,179 | 10,383 | 31,296 | 28,443 |
Other investments, Other | ' | ' | ' | ' |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ' | ' | ' | ' |
Investment income before investment expenses | 22,735 | 12,735 | 32,874 | 29,295 |
Cash and cash equivalents | ' | ' | ' | ' |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ' | ' | ' | ' |
Investment income before investment expenses | $47 | $63 | $108 | $143 |
Investments_Schedule_of_Net_Re
Investments (Schedule of Net Realized and Unrealized Gains on Investments and Net Other-Than-Temporary Impairments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' |
Net realized and unrealized gains (losses) on investments | $28,472 | $75,297 | ($26,788) | $150,982 |
Total other-than-temporary impairments | 0 | 0 | 0 | -395 |
Portion recognized in other comprehensive income, before taxes | 0 | 0 | 0 | 52 |
Net other-than-temporary impairments | 0 | 0 | 0 | -343 |
Fixed maturity investments | ' | ' | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' |
Gross realized gains | 8,813 | 19,891 | 60,437 | 75,635 |
Gross realized losses | -22,241 | -2,811 | -41,396 | -13,055 |
Net realized gains (losses) on fixed maturity investments | -13,428 | 17,080 | 19,041 | 62,580 |
Net unrealized gains (losses) on investments | 33,405 | 56,936 | -85,338 | 83,735 |
Derivatives | ' | ' | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' |
Net realized and unrealized gains (losses) on investments-related derivatives | 3,557 | -955 | 24,488 | -2,390 |
Equity investments | ' | ' | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' |
Net unrealized gains (losses) on investments | 4,378 | 2,236 | -3,174 | 7,057 |
Net realized gains on equity investments trading | $560 | $0 | $18,195 | $0 |
Investments_Schedule_of_Compon
Investments (Schedule of Components of Other Comprehensive Income and Reclassification Out of Accumulated Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) Rollforward | ' | ' |
Beginning balance | $4,909 | $13,622 |
Other comprehensive (loss) income before reclassifications | 25 | -1,508 |
Amounts reclassified from accumulated other comprehensive income by statement of operations line item: | ' | ' |
Realized gains reclassified from accumulated other comprehensive income to net realized and unrealized gains (losses) on investments | -368 | -7,548 |
Net current-period other comprehensive loss | -343 | -9,056 |
Ending balance | 4,566 | 4,566 |
Investments in other ventures | ' | ' |
Accumulated Other Comprehensive Income (Loss) Rollforward | ' | ' |
Beginning balance | 218 | 1,625 |
Other comprehensive (loss) income before reclassifications | -91 | -1,498 |
Amounts reclassified from accumulated other comprehensive income by statement of operations line item: | ' | ' |
Realized gains reclassified from accumulated other comprehensive income to net realized and unrealized gains (losses) on investments | 0 | 0 |
Net current-period other comprehensive loss | -91 | -1,498 |
Ending balance | 127 | 127 |
Fixed maturity investments available for sale | ' | ' |
Accumulated Other Comprehensive Income (Loss) Rollforward | ' | ' |
Beginning balance | 4,691 | 11,997 |
Other comprehensive (loss) income before reclassifications | 116 | -10 |
Amounts reclassified from accumulated other comprehensive income by statement of operations line item: | ' | ' |
Realized gains reclassified from accumulated other comprehensive income to net realized and unrealized gains (losses) on investments | -368 | -7,548 |
Net current-period other comprehensive loss | -252 | -7,558 |
Ending balance | $4,439 | $4,439 |
Investments_Schedule_of_Fixed_
Investments (Schedule of Fixed Maturity Investments Available For Sale In Continual Unrealized Loss Position) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | securities | securities |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | $1,051 | $598 |
Less than 12 Months, Unrealized Losses | -39 | -30 |
12 Months or Greater, Fair Value | 135 | 541 |
12 Months or Greater, Unrealized Losses | -15 | -73 |
Total, Fair Value | 1,186 | 1,139 |
Total, Unrealized Losses | -54 | -103 |
Fixed maturity investments available for sale in a unrealized loss position | 11 | 28 |
Fixed maturity investments available for sale in a unrealized loss position, Twelve months or longer | 5 | 11 |
Corporate | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 297 | 598 |
Less than 12 Months, Unrealized Losses | -22 | -30 |
12 Months or Greater, Fair Value | 41 | 440 |
12 Months or Greater, Unrealized Losses | -8 | -63 |
Total, Fair Value | 338 | 1,038 |
Total, Unrealized Losses | -30 | -93 |
Agency mortgage-backed | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 754 | ' |
Less than 12 Months, Unrealized Losses | -17 | ' |
12 Months or Greater, Fair Value | 0 | ' |
12 Months or Greater, Unrealized Losses | 0 | ' |
Total, Fair Value | 754 | ' |
Total, Unrealized Losses | -17 | ' |
Non-agency mortgage-backed | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 0 | 0 |
Less than 12 Months, Unrealized Losses | 0 | 0 |
12 Months or Greater, Fair Value | 94 | 101 |
12 Months or Greater, Unrealized Losses | -7 | -10 |
Total, Fair Value | 94 | 101 |
Total, Unrealized Losses | ($7) | ($10) |
Investments_Rollforward_of_The
Investments (Rollforward of The Amount of Other-Than-Temporary Impairments Related to Credit Losses Recognized in Earnings for Which a Portion of an Other-Than-Temporary Impairment was Recognized in Accumulated Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Investment [Line Items] | ' | ' | ' | ' |
Portion of other-than-temporary impairments recognized in other comprehensive income | $0 | $0 | $0 | $52 |
Net other-than-temporary impairments | 0 | 0 | 0 | -343 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 791 | 1,404 | 838 | 2,370 |
Additions: | ' | ' | ' | ' |
Amount related to credit loss for which an other-than-temporary impairment was not previously recognized | 0 | 0 | 0 | 8 |
Amount related to credit loss for which an other-than-temporary impairment was previously recognized | 0 | 0 | 0 | 110 |
Reductions: | ' | ' | ' | ' |
Securities sold during the period | -38 | -546 | -85 | -1,630 |
Securities for which the amount previously recognized in other comprehensive income was recognized in earnings, because the Company intends to sell the security or is more likely than not the Company will be required to sell the security | 0 | 0 | 0 | 0 |
Increases in cash flows expected to be collected that are recognized over the remaining life of the security | 0 | 0 | 0 | 0 |
Ending balance | 753 | 858 | 753 | 858 |
Recognized Due To Intent To Sell Securities | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Portion of other-than-temporary impairments recognized in other comprehensive income | ' | ' | 0 | 0 |
Recognized Due To Required Sales Of Securities | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Portion of other-than-temporary impairments recognized in other comprehensive income | ' | ' | $0 | $0 |
Fair_Value_Measurements_Assets
Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | $4,789,767 | $4,743,610 | ||
Short-term investments | 925,329 | 821,163 | ||
Equity investments trading | 113,986 | 58,186 | ||
Other investments | 500,770 | 644,711 | ||
Total other assets and (liabilities) | -5,642 | 14,069 | ||
Total assets and liabilities measured on recurring basis | 6,324,210 | 6,281,739 | ||
U.S. treasuries | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 1,322,367 | 1,254,547 | ||
Agencies | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 197,047 | 315,154 | ||
Non-U.S. government (Sovereign Debt) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 353,810 | 133,198 | ||
Non-U.S. government-backed corporate | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 229,687 | 349,514 | ||
Corporate | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 1,687,118 | 1,615,207 | ||
Agency mortgage-backed | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 436,024 | 408,531 | ||
Non-agency mortgage-backed | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 246,163 | 248,339 | ||
Commercial mortgage-backed | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 302,803 | 406,166 | ||
Asset-backed | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 14,748 | 12,954 | ||
Private equity partnerships | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other investments | 327,245 | 344,669 | ||
Senior secured bank loan funds | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other investments | 19,395 | 202,929 | ||
Catastrophe Bonds | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other investments | 102,141 | 91,310 | ||
Hedge funds | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other investments | 4,022 | 5,803 | ||
Miscellaneous other investment | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other investments | 47,967 | ' | ||
Assumed and ceded (re)insurance contracts | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total other assets and (liabilities) | ' | 2,647 | ||
Derivatives | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total other assets and (liabilities) | 3,159 | [1] | 4,107 | [1] |
Other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total other assets and (liabilities) | -8,801 | 7,315 | ||
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 | 1,322,367 | 1,254,547 | ||
Short-term investments | 0 | 0 | ||
Equity investments trading | 113,986 | 58,186 | ||
Other investments | 0 | 0 | ||
Total other assets and (liabilities) | 127 | 402 | ||
Total assets and liabilities measured on recurring basis | 1,436,480 | 1,313,135 | ||
Quoted Prices In Active Markets For Identical Assets (Level 1) | U.S. treasuries | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 1,322,367 | 1,254,547 | ||
Quoted Prices In Active Markets For Identical Assets (Level 1) | Agencies | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 0 | 0 | ||
Quoted Prices In Active Markets For Identical Assets (Level 1) | Non-U.S. government (Sovereign Debt) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 0 | 0 | ||
Quoted Prices In Active Markets For Identical Assets (Level 1) | Non-U.S. government-backed corporate | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 0 | 0 | ||
Quoted Prices In Active Markets For Identical Assets (Level 1) | Corporate | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 0 | 0 | ||
Quoted Prices In Active Markets For Identical Assets (Level 1) | Agency mortgage-backed | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 0 | 0 | ||
Quoted Prices In Active Markets For Identical Assets (Level 1) | Non-agency mortgage-backed | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 0 | 0 | ||
Quoted Prices In Active Markets For Identical Assets (Level 1) | Commercial mortgage-backed | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 0 | 0 | ||
Quoted Prices In Active Markets For Identical Assets (Level 1) | Asset-backed | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 0 | 0 | ||
Quoted Prices In Active Markets For Identical Assets (Level 1) | Private equity partnerships | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other investments | 0 | 0 | ||
Quoted Prices In Active Markets For Identical Assets (Level 1) | Senior secured bank loan funds | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other investments | 0 | 0 | ||
Quoted Prices In Active Markets For Identical Assets (Level 1) | Catastrophe Bonds | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other investments | 0 | 0 | ||
Quoted Prices In Active Markets For Identical Assets (Level 1) | Hedge funds | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other investments | 0 | 0 | ||
Quoted Prices In Active Markets For Identical Assets (Level 1) | Miscellaneous other investment | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other investments | 0 | ' | ||
Quoted Prices In Active Markets For Identical Assets (Level 1) | Assumed and ceded (re)insurance contracts | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total other assets and (liabilities) | ' | 0 | ||
Quoted Prices In Active Markets For Identical Assets (Level 1) | Derivatives | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total other assets and (liabilities) | 127 | [1] | 402 | [1] |
Quoted Prices In Active Markets For Identical Assets (Level 1) | Other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total other assets and (liabilities) | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 3,442,030 | 3,461,271 | ||
Short-term investments | 925,329 | 821,163 | ||
Equity investments trading | 0 | 0 | ||
Other investments | 102,141 | 263,644 | ||
Total other assets and (liabilities) | -5,487 | -7,846 | ||
Total assets and liabilities measured on recurring basis | 4,464,013 | 4,538,232 | ||
Significant Other Observable Inputs (Level 2) | U.S. treasuries | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) | Agencies | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 197,047 | 315,154 | ||
Significant Other Observable Inputs (Level 2) | Non-U.S. government (Sovereign Debt) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 353,810 | 133,198 | ||
Significant Other Observable Inputs (Level 2) | Non-U.S. government-backed corporate | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 229,687 | 349,514 | ||
Significant Other Observable Inputs (Level 2) | Corporate | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 1,661,748 | 1,587,415 | ||
Significant Other Observable Inputs (Level 2) | Agency mortgage-backed | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 436,024 | 408,531 | ||
Significant Other Observable Inputs (Level 2) | Non-agency mortgage-backed | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 246,163 | 248,339 | ||
Significant Other Observable Inputs (Level 2) | Commercial mortgage-backed | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 302,803 | 406,166 | ||
Significant Other Observable Inputs (Level 2) | Asset-backed | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 14,748 | 12,954 | ||
Significant Other Observable Inputs (Level 2) | Private equity partnerships | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other investments | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) | Senior secured bank loan funds | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other investments | 0 | 172,334 | ||
Significant Other Observable Inputs (Level 2) | Catastrophe Bonds | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other investments | 102,141 | 91,310 | ||
Significant Other Observable Inputs (Level 2) | Hedge funds | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other investments | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) | Miscellaneous other investment | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other investments | 0 | ' | ||
Significant Other Observable Inputs (Level 2) | Assumed and ceded (re)insurance contracts | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total other assets and (liabilities) | ' | 0 | ||
Significant Other Observable Inputs (Level 2) | Derivatives | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total other assets and (liabilities) | 3,314 | [1] | 3,705 | [1] |
Significant Other Observable Inputs (Level 2) | Other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total other assets and (liabilities) | -8,801 | -11,551 | ||
Fair Value, Inputs, (Level 3) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 25,370 | 27,792 | ||
Short-term investments | 0 | 0 | ||
Equity investments trading | 0 | 0 | ||
Other investments | 398,629 | 381,067 | ||
Total other assets and (liabilities) | -282 | 21,513 | ||
Total assets and liabilities measured on recurring basis | 423,717 | 430,372 | ||
Fair Value, Inputs, (Level 3) | U.S. treasuries | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 0 | 0 | ||
Fair Value, Inputs, (Level 3) | Agencies | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 0 | 0 | ||
Fair Value, Inputs, (Level 3) | Non-U.S. government (Sovereign Debt) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 0 | 0 | ||
Fair Value, Inputs, (Level 3) | Non-U.S. government-backed corporate | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 0 | 0 | ||
Fair Value, Inputs, (Level 3) | Corporate | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 25,370 | 27,792 | ||
Fair Value, Inputs, (Level 3) | Agency mortgage-backed | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 0 | 0 | ||
Fair Value, Inputs, (Level 3) | Non-agency mortgage-backed | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 0 | 0 | ||
Fair Value, Inputs, (Level 3) | Commercial mortgage-backed | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 0 | 0 | ||
Fair Value, Inputs, (Level 3) | Asset-backed | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 0 | 0 | ||
Fair Value, Inputs, (Level 3) | Private equity partnerships | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other investments | 327,245 | 344,669 | ||
Fair Value, Inputs, (Level 3) | Senior secured bank loan funds | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other investments | 19,395 | 30,595 | ||
Fair Value, Inputs, (Level 3) | Catastrophe Bonds | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other investments | 0 | 0 | ||
Fair Value, Inputs, (Level 3) | Hedge funds | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other investments | 4,022 | 5,803 | ||
Fair Value, Inputs, (Level 3) | Miscellaneous other investment | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other investments | 47,967 | ' | ||
Fair Value, Inputs, (Level 3) | Assumed and ceded (re)insurance contracts | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total other assets and (liabilities) | ' | 2,647 | ||
Fair Value, Inputs, (Level 3) | Derivatives | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total other assets and (liabilities) | -282 | 0 | [1] | |
Fair Value, Inputs, (Level 3) | Other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total other assets and (liabilities) | $0 | $18,866 | ||
[1] | See "Note 12. Derivative Instruments" for additional information related to the fair value by type of contract, of derivatives entered into by the Company. |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||
Share data in Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2010 | Sep. 30, 2013 | Dec. 31, 2012 | Mar. 17, 2010 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Nov. 04, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Other Investments | Other Investments | Other Investments | Other Investments | Other Assets and Liabilities | Other Assets and Liabilities | Other Assets and Liabilities | Other Assets and Liabilities | 5.75% Senior Notes Due March 15, 2020 | 5.75% Senior Notes Due March 15, 2020 | 5.75% Senior Notes Due March 15, 2020 | 5.75% Senior Notes Due March 15, 2020 | Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 2) | Significant Other Observable Inputs (Level 2) | Fair Value, Inputs, (Level 3) | Fair Value, Inputs, (Level 3) | Fair Value, Inputs, (Level 3) | Fair Value, Inputs, (Level 3) | Fair Value, Inputs, (Level 3) | Fair Value, Inputs, (Level 3) | Fair Value, Inputs, (Level 3) | Fair Value, Inputs, (Level 3) | Fair Value, Inputs, (Level 3) | Fair Value, Inputs, (Level 3) | Fair Value, Inputs, (Level 3) | Fair Value, Inputs, (Level 3) | Fair Value, Inputs, (Level 3) | Fair Value, Inputs, (Level 3) | Fair Value, Inputs, (Level 3) | Fair Value, Inputs, (Level 3) | Fair Value, Inputs, (Level 3) | Fair Value, Inputs, (Level 3) | Fair Value, Inputs, (Level 3) | Fair Value, Inputs, (Level 3) | Fair Value, Inputs, (Level 3) | Fair Value, Inputs, (Level 1) | Fair Value, Inputs, (Level 1) | Fair Value, Inputs, (Level 1) | U.S. treasuries | U.S. treasuries | Agencies | Agencies | Non-U.S. government (Sovereign Debt) | Non-U.S. government (Sovereign Debt) | Non-U.S. government-backed corporate | Non-U.S. government-backed corporate | Corporate | Corporate | Agency mortgage-backed | Agency mortgage-backed | Non-agency prime residential mortgage-backed | Non-agency prime residential mortgage-backed | AltA non-agency mortgage-backed | AltA non-agency mortgage-backed | Commercial mortgage-backed | Commercial mortgage-backed | Asset-backed | Asset-backed | Senior secured bank loan funds | Private equity partnerships | Hedge funds | ||||
Net investment income | Net investment income | Net investment income | Net investment income | Other income (loss) | Other income (loss) | Other income (loss) | Other income (loss) | RenRe North America Holdings Inc. | RenRe North America Holdings Inc. | RenRe North America Holdings Inc. | RenRe North America Holdings Inc. | Cash Settled Restricted Stock Unit | Other Investments | Hedge funds | Hedge funds | Hedge funds | Hedge funds | Senior secured bank loan funds | Senior secured bank loan funds | Senior secured bank loan funds | Senior secured bank loan funds | Private equity partnerships | Private equity partnerships | Private equity partnerships | Private equity partnerships | Other | Corporate | Corporate | Corporate | Essent Group Ltd. | Private Equity Funds | Essent Group Ltd. | |||||||||||||||||||||||||||||||||
Weighted Average or Actual | Net Asset Valuation Technique | Minimum | Maximum | Weighted Average or Actual | Net Asset Valuation Technique | Minimum | Maximum | Weighted Average or Actual | Net Asset Valuation Technique | Minimum | Maximum | Weighted Average or Actual | Internal Valuation Model Valuation Technique | Discounted Cash Flow Valuation Technique | Internal Valuation Model Valuation Technique | Weighted Average or Actual | Other Investments | Net Asset Valuation Technique | Other Investments | ||||||||||||||||||||||||||||||||||||||||||||||
Internal Valuation Model Valuation Technique | Net Asset Valuation Technique | Net Asset Valuation Technique | Net Asset Valuation Technique | Net Asset Valuation Technique | Net Asset Valuation Technique | Net Asset Valuation Technique | Net Asset Valuation Technique | Net Asset Valuation Technique | Net Asset Valuation Technique | Discounted Cash Flow Valuation Technique | Internal Valuation Model Valuation Technique | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities, Fair Value Disclosure, Recurring | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($282,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($282,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average effective yield | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.80% | 0.40% | 1.20% | 0.70% | 1.60% | 1.90% | 1.00% | 0.70% | 2.90% | 2.60% | 2.50% | 1.30% | 3.80% | 3.60% | 5.10% | 5.20% | 2.10% | 1.70% | 1.80% | 1.80% | ' | ' | ' |
Weighted average life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years 3 months 18 days | '3 years 3 months 18 days | '4 years 4 months 24 days | '4 years 6 months | '4 years 2 months 12 days | '4 years 8 months 12 days | '3 years 4 months 24 days | '3 years 8 months 12 days | '3 years 4 months 24 days | '3 years 6 months | ' | ' | ' |
Assets and (liabilities) at fair value | -5,642,000 | ' | 14,069,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,487,000 | -7,846,000 | -8,800,000 | -282,000 | 21,513,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 127,000 | 402,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets, fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 423,717,000 | ' | ' | 4,022,000 | ' | ' | ' | 19,395,000 | ' | ' | ' | 327,245,000 | ' | ' | ' | ' | 15,116,000 | 10,254,000 | ' | 47,967,000 | 327,245,000 | ' | ' | 110,767,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liquidity discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment , shares owned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,033 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk-free rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit spread | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated performance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | 0.00% | ' | 0.20% | 0.90% | 0.40% | ' | -9.90% | 30.00% | 4.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Book value multiple | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 169.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
5.75% Senior notes issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'March 15, 2020 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Notes, Fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 273,300,000 | 281,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net unrealized gains (losses) recognized in earnings | 33,836,000 | 35,963,000 | ' | 22,900,000 | 14,000,000 | 32,600,000 | 33,500,000 | 0 | -300,000 | 0 | -2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum estimated liquidation period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 | '7 | ' |
Maximim estimated liquidation period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 | '10 | ' |
Investment in closed end fund | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,400,000 | ' | ' |
Hedge fund side pocket investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,000,000 |
Fair_Value_Measurements_Quanti
Fair Value Measurements (Quantitative Information Used As Level 3 Inputs) (Details) (Fair Value, Inputs, (Level 3), USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' |
Liabilities, Fair Value Disclosure, Recurring | -282 |
Assets, fair value | 423,717 |
Corporate | Discounted Cash Flow Valuation Technique | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' |
Assets, fair value | 15,116 |
Corporate | Discounted Cash Flow Valuation Technique | Weighted Average or Actual | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' |
Credit spread | 4.50% |
Liquidity discount | 1.00% |
Risk-free rate | 0.60% |
Dividend rate | 5.90% |
Corporate | Internal Valuation Model Valuation Technique | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' |
Assets, fair value | 10,254 |
Fixed maturity investments | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' |
Assets, fair value | 25,370 |
Private equity partnerships | Net Asset Valuation Technique | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' |
Assets, fair value | 327,245 |
Private equity partnerships | Net Asset Valuation Technique | Low | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' |
Estimated performance | -9.90% |
Private equity partnerships | Net Asset Valuation Technique | Maximum | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' |
Estimated performance | 30.00% |
Private equity partnerships | Net Asset Valuation Technique | Weighted Average or Actual | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' |
Estimated performance | 4.20% |
Senior secured bank loan funds | Net Asset Valuation Technique | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' |
Assets, fair value | 19,395 |
Senior secured bank loan funds | Net Asset Valuation Technique | Low | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' |
Estimated performance | 0.20% |
Senior secured bank loan funds | Net Asset Valuation Technique | Maximum | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' |
Estimated performance | 0.90% |
Senior secured bank loan funds | Net Asset Valuation Technique | Weighted Average or Actual | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' |
Estimated performance | 0.40% |
Hedge funds | Net Asset Valuation Technique | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' |
Assets, fair value | 4,022 |
Hedge funds | Net Asset Valuation Technique | Low | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' |
Estimated performance | 0.00% |
Hedge funds | Net Asset Valuation Technique | Maximum | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' |
Estimated performance | 0.00% |
Hedge funds | Net Asset Valuation Technique | Weighted Average or Actual | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' |
Estimated performance | 0.00% |
Miscellaneous other investment | Net Asset Valuation Technique | Weighted Average or Actual | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' |
Estimated performance | 1.10% |
Other Investments | Internal Valuation Model Valuation Technique | Weighted Average or Actual | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' |
Liquidity discount | 11.00% |
Book value multiple | 169.00% |
Other Investments | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' |
Assets, fair value | 398,629 |
Private equity partnerships | Net Asset Valuation Technique | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' |
Assets, fair value | 327,245 |
Senior secured bank loan funds | Net Asset Valuation Technique | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' |
Assets, fair value | 19,395 |
Hedge funds | Net Asset Valuation Technique | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' |
Assets, fair value | 4,022 |
Fair_Value_Measurements_Assets1
Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Level 3 Inputs) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 | Mar. 31, 2012 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ' | ' |
Balance at beginning of the period | ' | ' | $430,372 | $443,915 | $420,010 | $443,384 |
Total unrealized gains (losses) | ' | ' | ' | ' | ' | ' |
Included in net investment income | 20,169 | 7,939 | 31,201 | 24,047 | ' | ' |
Included in other income (loss) | -625 | -310 | -625 | -2,823 | ' | ' |
Total realized gains (losses) | ' | ' | ' | ' | ' | ' |
Included in other income (loss) | 281 | -3,744 | -2,365 | -8,878 | ' | ' |
Total foreign exchange gains (losses) | 1,218 | 682 | 801 | 18 | ' | ' |
Purchases | 5,493 | 14,753 | 34,689 | 46,521 | ' | ' |
Sales | ' | -899 | ' | -899 | ' | ' |
Settlements | -22,829 | -15,966 | -70,356 | -56,062 | ' | ' |
Reclassified from other assets to other investments | ' | ' | 0 | ' | ' | ' |
Balance at end of the period | 423,717 | 445,839 | 423,717 | 445,839 | 420,010 | 443,384 |
Change in unrealized gains for the period included in earnings for assets held at the end of the period included in net investment income (loss) | 20,169 | 7,939 | 29,991 | 24,047 | ' | ' |
Change in unrealized losses for the period included in earnings for assets held at the end of the period included in other (loss) income | -625 | -310 | -625 | -2,823 | ' | ' |
Fixed maturity investments | ' | ' | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ' | ' |
Balance at beginning of the period | ' | ' | 27,792 | 27,761 | 25,681 | 27,775 |
Total unrealized gains (losses) | ' | ' | ' | ' | ' | ' |
Included in net investment income | -311 | -22 | 78 | -8 | ' | ' |
Included in other income (loss) | 0 | 0 | 0 | 0 | ' | ' |
Total realized gains (losses) | ' | ' | ' | ' | ' | ' |
Included in other income (loss) | 0 | 0 | 0 | 0 | ' | ' |
Total foreign exchange gains (losses) | 0 | 0 | 0 | 0 | ' | ' |
Purchases | 0 | 0 | 0 | 0 | ' | ' |
Sales | ' | 0 | ' | 0 | ' | ' |
Settlements | 0 | 0 | -2,500 | 0 | ' | ' |
Reclassified from other assets to other investments | ' | ' | 0 | ' | ' | ' |
Balance at end of the period | 25,370 | 27,753 | 25,370 | 27,753 | 25,681 | 27,775 |
Change in unrealized gains for the period included in earnings for assets held at the end of the period included in net investment income (loss) | -311 | -22 | 78 | -8 | ' | ' |
Change in unrealized losses for the period included in earnings for assets held at the end of the period included in other (loss) income | 0 | 0 | 0 | 0 | ' | ' |
Other Investments | ' | ' | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ' | ' |
Balance at beginning of the period | ' | ' | 381,067 | 396,526 | 393,704 | 390,505 |
Total unrealized gains (losses) | ' | ' | ' | ' | ' | ' |
Included in net investment income | 20,480 | 7,961 | 31,123 | 24,055 | ' | ' |
Included in other income (loss) | 0 | 0 | 0 | 0 | ' | ' |
Total realized gains (losses) | ' | ' | ' | ' | ' | ' |
Included in other income (loss) | 0 | 0 | 0 | 0 | ' | ' |
Total foreign exchange gains (losses) | 1,218 | 682 | 801 | 18 | ' | ' |
Purchases | 6,056 | 10,589 | 35,252 | 29,234 | ' | ' |
Sales | ' | -899 | ' | -899 | ' | ' |
Settlements | -22,829 | -15,966 | -67,856 | -56,062 | ' | ' |
Reclassified from other assets to other investments | ' | ' | 18,242 | ' | ' | ' |
Balance at end of the period | 398,629 | 392,872 | 398,629 | 392,872 | 393,704 | 390,505 |
Change in unrealized gains for the period included in earnings for assets held at the end of the period included in net investment income (loss) | 20,480 | 7,961 | 29,913 | 24,055 | ' | ' |
Change in unrealized losses for the period included in earnings for assets held at the end of the period included in other (loss) income | 0 | 0 | 0 | 0 | ' | ' |
Other Assets and Liabilities | ' | ' | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' | ' | ' |
Balance at beginning of the period | ' | ' | 21,513 | 19,628 | 625 | 25,104 |
Total unrealized gains (losses) | ' | ' | ' | ' | ' | ' |
Included in net investment income | 0 | 0 | 0 | 0 | ' | ' |
Included in other income (loss) | -625 | -310 | -625 | -2,823 | ' | ' |
Total realized gains (losses) | ' | ' | ' | ' | ' | ' |
Included in other income (loss) | 281 | -3,744 | -2,365 | -8,878 | ' | ' |
Total foreign exchange gains (losses) | 0 | 0 | 0 | 0 | ' | ' |
Purchases | -563 | 4,164 | -563 | 17,287 | ' | ' |
Sales | ' | 0 | ' | 0 | ' | ' |
Settlements | 0 | 0 | 0 | 0 | ' | ' |
Reclassified from other assets to other investments | ' | ' | -18,242 | ' | ' | ' |
Balance at end of the period | -282 | 25,214 | -282 | 25,214 | 625 | 25,104 |
Change in unrealized gains for the period included in earnings for assets held at the end of the period included in net investment income (loss) | 0 | 0 | 0 | 0 | ' | ' |
Change in unrealized losses for the period included in earnings for assets held at the end of the period included in other (loss) income | ($625) | ($310) | ($625) | ($2,823) | ' | ' |
Fair_Value_Measurements_Summar
Fair Value Measurements (Summary Of The Balances Company Has Elected To Account For At Fair Value) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Other investments | $500,770 | $644,711 |
Other assets | $0 | $21,513 |
Fair_Value_Measurements_Compan
Fair Value Measurements (Company's Portfolio of Other Investments Measured Using Net Asset Valuations) (Details) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' |
Fair Value | $350,662 |
Unfunded Commitments | 91,435 |
Private equity partnerships | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' |
Fair Value | 327,245 |
Unfunded Commitments | 70,130 |
Senior secured bank loan funds | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' |
Fair Value | 19,395 |
Unfunded Commitments | 21,305 |
Hedge funds | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' |
Fair Value | 4,022 |
Unfunded Commitments | $0 |
Ceded_Reinsurance_Effect_Of_Re
Ceded Reinsurance (Effect Of Reinsurance And Retrocessional Activity On Premiums Written And Earned And On Net Claims And Claim Expenses) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Premiums written | ' | ' | ' | ' |
Direct | $12,198 | $7,193 | $38,848 | $27,392 |
Assumed | 170,451 | 129,166 | 1,482,442 | 1,440,454 |
Ceded | -55,408 | -31,324 | -398,127 | -442,606 |
Net premiums written | 127,241 | 105,035 | 1,123,163 | 1,025,240 |
Premiums earned | ' | ' | ' | ' |
Direct | 11,395 | 8,844 | 32,057 | 24,581 |
Assumed | 387,194 | 373,753 | 1,134,673 | 1,072,659 |
Ceded | -103,872 | -119,974 | -308,869 | -311,536 |
Net premiums earned | 294,717 | 262,623 | 857,861 | 785,704 |
Claims and claim expenses | ' | ' | ' | ' |
Gross claims and claim expenses incurred | 66,712 | 83,189 | 217,705 | 168,572 |
Claims and claim expenses recovered | -5,784 | -9,974 | -25,564 | -30,254 |
Net claims and claim expenses incurred | $60,928 | $73,215 | $192,141 | $138,318 |
Noncontrolling_Interests_Narra
Noncontrolling Interests (Narrative) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Jan. 02, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Jun. 01, 2012 | Jan. 02, 2012 | Dec. 31, 2011 | Oct. 01, 2013 | Jun. 01, 2013 | Oct. 02, 2012 | Oct. 01, 2013 | Oct. 02, 2012 | Jun. 01, 2012 | Jan. 02, 2012 | Jan. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Nov. 01, 2013 | Oct. 01, 2013 | Sep. 01, 2013 | Aug. 01, 2013 | Jun. 01, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
DaVinciRe | DaVinciRe | DaVinciRe | DaVinciRe | DaVinciRe | DaVinciRe | DaVinciRe | DaVinciRe | DaVinciRe | DaVinciRe | DaVinciRe | DaVinciRe | DaVinciRe | DaVinciRe | DaVinciRe | DaVinciRe | DaVinciRe | DaVinciRe | DaVinciRe | DaVinciRe | DaVinciRe | Medici | Medici | Medici | Medici | Medici | Medici | Medici | Medici | Medici | Angus Fund | Angus Fund | Angus Fund | Angus Fund | |||
Retroactive Adjustment | Retroactive Adjustment | Retroactive Adjustment | Redeemable Noncontrolling Interest | Redeemable Noncontrolling Interest | Redeemable Noncontrolling Interest | Redeemable Noncontrolling Interest | Redeemable Noncontrolling Interest | Redeemable Noncontrolling Interest | Redeemable Noncontrolling Interest | RRV U.S. Holdings LLC [Member] [Member] | RRV U.S. Holdings LLC [Member] [Member] | RenTech U.S. Holdings LLC [Member] | RenTech U.S. Holdings LLC [Member] | |||||||||||||||||||||||
Notice Submitted in Advance of Deadline | Maximum | |||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Parent company ownership in redeemable noncontrolling interest | ' | ' | 32.90% | ' | 32.90% | ' | ' | 32.90% | 30.80% | ' | ' | 34.70% | 42.80% | 27.30% | 31.50% | 30.80% | ' | ' | ' | ' | ' | ' | ' | 81.30% | 74.10% | ' | ' | 92.20% | 88.00% | 88.00% | ' | ' | 1.10% | 1.10% | 35.00% | 35.10% |
Noncontrolling Interest, Increase from Equity Issuance or Sale of Parent Equity Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $16,500,000 | $500,000 | $4,500,000 | $8,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Share repurchase requests, limit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redeemable noncontrolling interest, third party shareholders, reserve holdback | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redeemable noncontrolling interest, reserve holdback | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | 20,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of partial interest in consolidated subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 77,400,000 | 9,800,000 | ' | 98,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redeemable noncontrolling interest | 945,915,000 | 968,259,000 | 932,472,000 | 950,822,000 | 932,472,000 | 950,822,000 | 889,116,000 | ' | 968,259,000 | 900,878,000 | ' | ' | 657,727,000 | ' | ' | ' | ' | ' | ' | ' | ' | 53,200,000 | ' | ' | ' | ' | ' | ' | 13,443,000 | 13,443,000 | 8,007,000 | 0 | ' | ' | ' | ' |
Issuance of equity to third party investors | ' | ' | 583,000 | -1,006,000 | 55,510,000 | 155,163,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | 13,000,000 | ' | ' | ' | ' | ' | ' |
Sale of parent equity to third party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from equity raised | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redeemable noncontrolling interest, net redemptions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in subsidiaries | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55,000 | 55,000 | 2,000,000 | 2,000,000 |
Redemption of shares from redeemable noncontrolling interest | ' | ' | $1,095,000 | $0 | $187,989,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling_Interests_Sched
Noncontrolling Interests (Schedule Of Redeemable Noncontrolling Interest) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Nov. 01, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | DaVinciRe | DaVinciRe | DaVinciRe | DaVinciRe | Medici | Medici | Medici | ||
Activity in redeemable noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | $945,915 | $968,259 | $889,116 | $900,878 | $968,259 | $657,727 | ' | $8,007 | $0 |
Redemption of shares from redeemable noncontrolling interest | ' | ' | 1,095 | 0 | 187,989 | 0 | 1,300 | ' | ' |
Sale of shares to redeemable noncontrolling interests | ' | ' | 583 | -1,006 | 55,510 | 155,163 | ' | 5,000 | 13,000 |
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | ' | ' | 43,868 | 50,950 | 96,692 | 137,932 | ' | 436 | 443 |
Ending balance | $945,915 | $968,259 | $932,472 | $950,822 | $932,472 | $950,822 | ' | $13,443 | $13,443 |
Noncontrolling_Interests_Activ
Noncontrolling Interests (Activity in noncontrolling interest) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Activity in noncontrolling interest | ' | ' | ' | ' |
Beginning balance | ' | ' | $3,991 | ' |
Sale of shares by noncontrolling interest | ' | ' | 13,000 | 0 |
Net income (loss) attributable to noncontrolling interest | 44,331 | 51,083 | 96,953 | 138,348 |
Ending balance | 3,720 | ' | 3,720 | ' |
Angus Fund | ' | ' | ' | ' |
Activity in noncontrolling interest | ' | ' | ' | ' |
Beginning balance | 3,693 | 3,911 | 3,991 | 3,340 |
Sale of shares by noncontrolling interest | 0 | 0 | 0 | 300 |
Adjustment of ownership interest | 0 | 0 | 139 | 0 |
Net income (loss) attributable to noncontrolling interest | 27 | 133 | -182 | 416 |
Dividends on common shares | 0 | 65 | 228 | 77 |
Ending balance | $3,720 | $3,979 | $3,720 | $3,979 |
Variable_Interest_Entities_Det
Variable Interest Entities (Details) (USD $) | 3 Months Ended | 9 Months Ended | 5 Months Ended | 0 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 5 Months Ended | 9 Months Ended | 1 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Jun. 01, 2012 | Jul. 02, 2013 | Sep. 30, 2013 | Jun. 30, 2012 | Mar. 15, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 01, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2012 | |
Upsilon Re | Upsilon Reinsurance II Ltd | Upsilon Reinsurance II Ltd | Tim Re III | Mona Lisa Re Ltd | Mona Lisa Re Ltd | Mona Lisa Re Ltd | Mona Lisa Re Ltd | Mona Lisa Re Ltd | Nonvoting Class B Shares | Nonvoting Class B Shares | Nonvoting Class B Shares | Nonvoting Class B Shares | Nonvoting Class B Shares | ||||||
Variable Interest Entity, Primary Beneficiary | Variable Interest Entity, Primary Beneficiary | Variable Interest Entity, Primary Beneficiary | Variable Interest Entity, Primary Beneficiary | Renaissance Reinsurance | Renaissance Reinsurance | DaVinciRe | DaVinciRe | Upsilon Re | Upsilon Re | Upsilon Reinsurance II Ltd | Tim Re III | Tim Re III | |||||||
Variable Interest Entity, Primary Beneficiary | Variable Interest Entity, Primary Beneficiary | Variable Interest Entity, Primary Beneficiary | |||||||||||||||||
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross premiums written | $182,649,000 | $136,359,000 | $1,521,290,000 | $1,467,846,000 | ' | $37,400,000 | ' | $53,500,000 | $41,100,000 | ' | $7,900,000 | $9,200,000 | $5,300,000 | $6,500,000 | ' | ' | ' | ' | ' |
Issuance of equity to third party investors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,800,000 | 61,000,000 | ' | 44,800,000 |
Investment in variable interest entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,800,000 | 76,400,000 | ' | 10,300,000 |
Variable interest entity, ownership percentage | ' | ' | ' | ' | ' | 74.50% | 25.80% | 55.60% | 18.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (decrease) in funds held under Reinsurance Agreements | ' | ' | ' | ' | ' | 17,600,000 | ' | ' | 5,200,000 | ' | ' | ' | ' | ' | ' | ' | 17,500,000 | ' | ' |
Risk participation percentage | ' | ' | ' | ' | ' | 61.40% | ' | 42.90% | 17.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of partial interest in consolidated subsidiary | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Redeemed, Portion of outstanding third party non-voting Class B shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,000,000 | ' | ' | 66,500,000 | ' |
Third-party non-voting Class B Shares, Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ceded premiums written | $55,408,000 | $31,324,000 | $398,127,000 | $442,606,000 | ' | ' | ' | ' | $37,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Outstanding | 44,390,632 | ' | 44,390,632 | ' | 45,542,203 | ' | ' | ' | ' | 1 | ' | ' | ' | ' | 0 | ' | ' | 0 | ' |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 1 Months Ended | 9 Months Ended | ||||||||||
Sep. 13, 2013 | Jun. 14, 2013 | Mar. 15, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Aug. 08, 2013 | Sep. 30, 2013 | Mar. 31, 2004 | Sep. 30, 2013 | Jun. 27, 2013 | Dec. 31, 2006 | Jun. 27, 2013 | 31-May-13 | Dec. 27, 2012 | 31-May-13 | Sep. 30, 2013 | Sep. 30, 2012 | |
period | period | Common Shares | Common Shares | Series C Preferred Stock | Series C Preferred Stock | Series C Preferred Stock | Series D Preferred Stock | Series D Preferred Stock | Series D Preferred Stock | Series D Preferred Stock | Series E Preferred Stock | Series E Preferred Stock | Series E Preferred Stock | |||||||
director | director | |||||||||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared, Per common share (usd per share) | $0.28 | $0.28 | $0.28 | $0.28 | $0.27 | $0.84 | $0.81 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends paid, Per common share (usd per share) | $0.28 | $0.28 | $0.28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared and paid, Preference shares | ' | ' | ' | $5,595,000 | $8,750,000 | $19,353,000 | $26,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared and paid, Common shares | ' | ' | ' | ' | ' | 36,956,000 | 40,741,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares repurchased during period, Aggregate value | ' | ' | ' | ' | ' | ' | ' | ' | ' | 140,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares repurchased during period, Average cost per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | $81.85 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share repurchase program, Authorized aggregate amount | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share repurchase program, Remaining authorized aggregate amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 489,240,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of preference shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | 300,000,000 | ' | ' | ' | 275,000,000 | 265,655,000 | 0 |
Preference shares issued, Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | 12,000,000 | ' | ' | ' | 11,000,000 | ' | ' |
Equity Issuance, Per Share Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25 | ' | ' | $25 | ' | ' | ' | $25 | ' | ' |
Redemption price per share, on or after June 01, 2018 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25 | ' |
Redemption price per share, on or after March 23, 2009 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25 | ' | ' | ' | ' | ' | ' | ' | ' |
Preference shares, Dividend rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.08% | ' | ' | ' | ' | ' | 5.38% | ' | ' |
Preferred shares, Redemption amount, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | 6,000,000 | 6,000,000 | 6,000,000 | ' | ' | ' |
Preferred shares, Amount of preferred dividends in arrears, equivalent number of periods, trigger | ' | ' | ' | 6 | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred shares, Preferred stock dividends in arrears, triggered shareholder election right, number of directors | ' | ' | ' | 2 | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred shares, Redemption amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $125,000,000 | ' | $150,000,000 | ' | $150,000,000 | ' | ' | ' |
Preferred shares, Shares outstanding | ' | ' | ' | 16,000,000 | ' | 16,000,000 | ' | 16,000,000 | ' | ' | ' | ' | 5,000,000 | ' | 0 | ' | 6,000,000 | ' | ' | ' |
Earnings_Per_Share_Computation
Earnings Per Share (Computation Of Basic And Diluted Earnings Per Common Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Numerator: | ' | ' | ' | ' | ||||
Net income available to RenaissanceRe common shareholders | $179,740 | $180,660 | $397,020 | $524,359 | ||||
Amount allocated to participating common shareholders | -2,539 | [1] | -2,787 | [1] | -5,740 | [1] | -8,395 | [1] |
Net income allocated to RenaissanceRe common shareholders | $177,201 | $177,873 | $391,280 | $515,964 | ||||
Denominator: | ' | ' | ' | ' | ||||
Denominator for basic income per RenaissanceRe common share - weighted average common shares | 43,330 | 48,394 | 43,412 | 49,683 | ||||
Per common share equivalents of employee stock options and restricted shares | 805 | 725 | 835 | 687 | ||||
Denominator for diluted income per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions | 44,135 | 49,119 | 44,247 | 50,370 | ||||
Basic income per RenaissanceRe common share | $4.09 | $3.67 | $9.01 | $10.38 | ||||
Diluted income per RenaissanceRe common share | $4.01 | $3.62 | $8.84 | $10.24 | ||||
[1] | Represents earnings attributable to holders of unvested restricted shares issued under the Company’s 2001 Stock Incentive Plan and Non-Employee Director Stock Incentive Plan. |
Segment_Reporting_Narrative_De
Segment Reporting (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2013 | |
segments | |
Segment Reporting, Measurement Disclosures [Abstract] | ' |
Reportable Segments | 2 |
Segment_Reporting_Schedule_Of_
Segment Reporting (Schedule Of Significant Components Of The Company's Revenues And Expenses) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||
Gross premiums written | $182,649,000 | $136,359,000 | $1,521,290,000 | $1,467,846,000 | ||
Net premiums written | 127,241,000 | 105,035,000 | 1,123,163,000 | 1,025,240,000 | ||
Net premiums earned | 294,717,000 | 262,623,000 | 857,861,000 | 785,704,000 | ||
Net claims and claim expenses incurred | 60,928,000 | 73,215,000 | 192,141,000 | 138,318,000 | ||
Acquisition expenses | 37,699,000 | 24,438,000 | 94,475,000 | 74,157,000 | ||
Operational expenses | 44,672,000 | 42,356,000 | 133,447,000 | 126,055,000 | ||
Underwriting income | 151,418,000 | 122,614,000 | 437,798,000 | 447,174,000 | ||
Net investment income | 59,931,000 | 46,135,000 | 129,296,000 | 126,725,000 | ||
Net foreign exchange gains | 488,000 | 3,187,000 | 170,000 | 3,468,000 | ||
Equity in earnings of other ventures | 7,313,000 | 4,310,000 | 16,920,000 | 16,626,000 | ||
Other income (loss) | 651,000 | -1,053,000 | -2,186,000 | 730,000 | ||
Net realized and unrealized gains on investments | 28,472,000 | 75,297,000 | -26,788,000 | 150,982,000 | ||
Net other-than-temporary impairments | 0 | 0 | 0 | -343,000 | ||
Corporate expenses | -4,307,000 | -3,796,000 | -30,318,000 | -12,567,000 | ||
Interest expense | -4,298,000 | -5,891,000 | -13,632,000 | -17,325,000 | ||
Income from continuing operations before taxes | 239,668,000 | 240,803,000 | 511,260,000 | 715,470,000 | ||
Income tax expense | -223,000 | -144,000 | -356,000 | -1,008,000 | ||
(Loss) income from discontinued operations | -9,779,000 | -166,000 | 2,422,000 | -25,505,000 | ||
Net income attributable to noncontrolling interests | -44,331,000 | -51,083,000 | -96,953,000 | -138,348,000 | ||
Dividends on preference shares | -5,595,000 | -8,750,000 | -19,353,000 | -26,250,000 | ||
Net income available to RenaissanceRe common shareholders | 179,740,000 | 180,660,000 | 397,020,000 | 524,359,000 | ||
Net claims and claim expenses incurred - current accident year | 68,154,000 | 93,539,000 | 263,843,000 | 259,960,000 | ||
Net claims and claim expenses incurred – prior accident years | -7,226,000 | -20,324,000 | -71,702,000 | -121,642,000 | ||
Net claims and claim expenses incurred | 60,928,000 | 73,215,000 | 192,141,000 | 138,318,000 | ||
Net claims and claim expense ratio - current accident year | 23.10% | 35.60% | 30.80% | 33.10% | ||
Net claims and claim expense ratio - prior accident years | -2.40% | -7.70% | -8.40% | -15.50% | ||
Net claims and claim expense ratio - calendar year | 20.70% | 27.90% | 22.40% | 17.60% | ||
Underwriting expense ratio | 27.90% | 25.40% | 26.60% | 25.50% | ||
Combined ratio | 48.60% | 53.30% | 49.00% | 43.10% | ||
Reinsurance | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||
Gross premiums written | 142,695,000 | 107,637,000 | 1,339,263,000 | 1,334,438,000 | ||
Net premiums written | 88,097,000 | 78,164,000 | 963,169,000 | 916,171,000 | ||
Net premiums earned | 247,461,000 | 230,359,000 | 730,610,000 | 698,473,000 | ||
Net claims and claim expenses incurred | 34,417,000 | 47,080,000 | 126,243,000 | 90,892,000 | ||
Acquisition expenses | 28,740,000 | 18,258,000 | 70,005,000 | 57,742,000 | ||
Operational expenses | 31,876,000 | 30,856,000 | 96,745,000 | 93,246,000 | ||
Underwriting income | 152,428,000 | 134,165,000 | 437,617,000 | 456,593,000 | ||
Net claims and claim expenses incurred - current accident year | 43,268,000 | 64,488,000 | 192,569,000 | 196,263,000 | ||
Net claims and claim expenses incurred – prior accident years | -8,851,000 | -17,408,000 | -66,326,000 | -105,371,000 | ||
Net claims and claim expenses incurred | 34,417,000 | 47,080,000 | 126,243,000 | 90,892,000 | ||
Net claims and claim expense ratio - current accident year | 17.50% | 28.00% | 26.40% | 28.10% | ||
Net claims and claim expense ratio - prior accident years | -3.60% | -7.60% | -9.10% | -15.10% | ||
Net claims and claim expense ratio - calendar year | 13.90% | 20.40% | 17.30% | 13.00% | ||
Underwriting expense ratio | 24.50% | 21.40% | 22.80% | 21.60% | ||
Combined ratio | 38.40% | 41.80% | 40.10% | 34.60% | ||
Lloyd's | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||
Gross premiums written | 39,954,000 | 28,722,000 | 183,015,000 | 133,836,000 | ||
Net premiums written | 39,014,000 | 26,982,000 | 159,581,000 | 109,429,000 | ||
Net premiums earned | 47,150,000 | 32,375,000 | 126,862,000 | 87,566,000 | ||
Net claims and claim expenses incurred | 28,175,000 | 26,331,000 | 68,239,000 | 50,292,000 | ||
Acquisition expenses | 8,938,000 | 6,051,000 | 24,338,000 | 16,229,000 | ||
Operational expenses | 12,559,000 | 11,532,000 | 36,193,000 | 32,395,000 | ||
Underwriting income | -2,522,000 | -11,539,000 | -1,908,000 | -11,350,000 | ||
Net claims and claim expenses incurred - current accident year | 24,886,000 | 29,051,000 | 71,274,000 | 63,697,000 | ||
Net claims and claim expenses incurred – prior accident years | 3,289,000 | -2,720,000 | -3,035,000 | -13,405,000 | ||
Net claims and claim expenses incurred | 28,175,000 | 26,331,000 | 68,239,000 | 50,292,000 | ||
Net claims and claim expense ratio - current accident year | 52.80% | 89.70% | 56.20% | 72.70% | ||
Net claims and claim expense ratio - prior accident years | 7.00% | -8.40% | -2.40% | -15.30% | ||
Net claims and claim expense ratio - calendar year | 59.80% | 81.30% | 53.80% | 57.40% | ||
Underwriting expense ratio | 45.50% | 54.30% | 47.70% | 55.60% | ||
Combined ratio | 105.30% | 135.60% | 101.50% | 113.00% | ||
Other | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||
Gross premiums written | 0 | 0 | 0 | 0 | ||
Net premiums written | 130,000 | -111,000 | 413,000 | -360,000 | ||
Net premiums earned | 106,000 | -111,000 | 389,000 | -335,000 | ||
Net claims and claim expenses incurred | -1,664,000 | -196,000 | -2,341,000 | -2,866,000 | ||
Acquisition expenses | 21,000 | 129,000 | 132,000 | 186,000 | ||
Operational expenses | 237,000 | -32,000 | 509,000 | 414,000 | ||
Underwriting income | 1,512,000 | -12,000 | 2,089,000 | 1,931,000 | ||
Net investment income | 59,931,000 | 46,135,000 | 129,296,000 | 126,725,000 | ||
Net foreign exchange gains | 488,000 | 3,187,000 | 170,000 | 3,468,000 | ||
Equity in earnings of other ventures | 7,313,000 | 4,310,000 | 16,920,000 | 16,626,000 | ||
Other income (loss) | 651,000 | -1,053,000 | -2,186,000 | 730,000 | ||
Net realized and unrealized gains on investments | 28,472,000 | 75,297,000 | -26,788,000 | 150,982,000 | ||
Net other-than-temporary impairments | ' | ' | ' | -343,000 | ||
Corporate expenses | -4,307,000 | -3,796,000 | -30,318,000 | -12,567,000 | ||
Interest expense | -4,298,000 | -5,891,000 | -13,632,000 | -17,325,000 | ||
Income tax expense | -223,000 | -144,000 | -356,000 | -1,008,000 | ||
(Loss) income from discontinued operations | -9,779,000 | -166,000 | 2,422,000 | -25,505,000 | ||
Net income attributable to noncontrolling interests | -44,331,000 | -51,083,000 | -96,953,000 | -138,348,000 | ||
Dividends on preference shares | -5,595,000 | -8,750,000 | -19,353,000 | -26,250,000 | ||
Net claims and claim expenses incurred - current accident year | 0 | 0 | 0 | 0 | ||
Net claims and claim expenses incurred – prior accident years | -1,664,000 | -196,000 | -2,341,000 | -2,866,000 | ||
Net claims and claim expenses incurred | -1,664,000 | -196,000 | -2,341,000 | -2,866,000 | ||
Net claims and claim expense ratio - current accident year | 0.00% | 0.00% | 0.00% | 0.00% | ||
Net claims and claim expense ratio - prior accident years | -1569.80% | 176.60% | -601.80% | 855.50% | ||
Net claims and claim expense ratio - calendar year | -1569.80% | 176.60% | -601.80% | 855.50% | ||
Underwriting expense ratio | 243.40% | -87.40% | 164.80% | -179.10% | ||
Combined ratio | -1326.40% | 89.20% | -437.00% | 676.40% | ||
Eliminations | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||
Gross premiums written | ' | ' | -988,000 | [1] | -428,000 | [2] |
Intersegment Elimination, Reinsurance Segment To Lloyds Segment | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||
Gross premiums ceded from segment to segment | ' | ' | -1,000,000 | ' | ||
Intersegment Elimination, Lloyd's Segment To Reinsurance Segment | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||
Gross premiums ceded from segment to segment | ' | ' | ' | ($400,000) | ||
[1] | Represents $1.0 million of gross premiums ceded from the Reinsurance segment to the Lloyd's segment. | |||||
[2] | Represents $0.4 million of gross premiums ceded from the Lloyd's segment to the Reinsurance segment. |
Derivative_Instruments_Narrati
Derivative Instruments (Narrative) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Interest Rate Contracts | ' | ' |
Derivative [Line Items] | ' | ' |
Notional amount of interest rate derivative purchase contracts | $1,007.60 | $377.80 |
Notional amount of interest rate derivative sale contracts | 423.8 | 310.7 |
Foreign Currency Forward Contracts, Underwriting and Non-investment Operations | ' | ' |
Derivative [Line Items] | ' | ' |
Notional amount of foreign currency derivative purchase contracts | 262.8 | 446.2 |
Notional amount of foreign currency derivative sale contracts | 162.8 | 119.5 |
Foreign Currency Forward Contracts, Investment Operations | ' | ' |
Derivative [Line Items] | ' | ' |
Notional amount of foreign currency derivative purchase contracts | 94.7 | 176.7 |
Notional amount of foreign currency derivative sale contracts | 175 | 217.4 |
Credit Default Swaps | ' | ' |
Derivative [Line Items] | ' | ' |
Notional amount of credit default swap purchase contracts | 7.1 | 46.1 |
Notional amount of credit default swap sale contracts | 10 | 24 |
Other Contract [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional amount of other contract | $25 | ' |
Derivative_Instruments_Consoli
Derivative Instruments (Consolidated Balance Sheets And Fair Value Of The Principal Derivative Instruments) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Derivative Assets | ' | ' | ||
Gross Amounts of Recognized Assets | $10,393 | $10,950 | ||
Gross Amounts Offset in the Balance Sheet | 850 | 2,629 | ||
Net Amounts of Assets Presented in the Balance Sheet | 9,543 | 8,321 | ||
Collateral | 310 | 310 | ||
Net Amount | 9,233 | 8,011 | ||
Derivative Liabilities | ' | ' | ||
Gross Amounts of Recognized Liabilities | 7,234 | 4,214 | ||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 850 | 0 | ||
Net Amounts of Liabilities Presented in the Balance Sheet | 6,384 | 4,214 | ||
Collateral | 104 | 41 | ||
Net Amount | 6,280 | 4,173 | ||
Other Assets | Interest Rate Contracts | ' | ' | ||
Derivative Assets | ' | ' | ||
Gross Amounts of Recognized Assets | 231 | 441 | ||
Gross Amounts Offset in the Balance Sheet | 0 | 0 | ||
Net Amounts of Assets Presented in the Balance Sheet | 231 | 441 | ||
Collateral | 0 | 0 | ||
Net Amount | 231 | 441 | ||
Other Assets | Foreign Currency Forward Contracts, Underwriting and Non-investment Operations | ' | ' | ||
Derivative Assets | ' | ' | ||
Gross Amounts of Recognized Assets | 8,563 | [1] | 7,191 | [1] |
Gross Amounts Offset in the Balance Sheet | 0 | [1] | 0 | [1] |
Net Amounts of Assets Presented in the Balance Sheet | 8,563 | [1] | 7,191 | [1] |
Collateral | 0 | [1] | 0 | [1] |
Net Amount | 8,563 | [1] | 7,191 | [1] |
Other Assets | Foreign Currency Forward Contracts, Investment Operations | ' | ' | ||
Derivative Assets | ' | ' | ||
Gross Amounts of Recognized Assets | 1,016 | [2] | 2,534 | [2] |
Gross Amounts Offset in the Balance Sheet | 780 | [2] | 2,296 | [2] |
Net Amounts of Assets Presented in the Balance Sheet | 236 | [2] | 238 | [2] |
Collateral | 0 | [2] | 0 | [2] |
Net Amount | 236 | [2] | 238 | [2] |
Other Assets | Credit Default Swaps | ' | ' | ||
Derivative Assets | ' | ' | ||
Gross Amounts of Recognized Assets | 583 | 784 | ||
Gross Amounts Offset in the Balance Sheet | 70 | 333 | ||
Net Amounts of Assets Presented in the Balance Sheet | 513 | 451 | ||
Collateral | 310 | 310 | ||
Net Amount | 203 | 141 | ||
Other Liabilities | Interest Rate Contracts | ' | ' | ||
Derivative Liabilities | ' | ' | ||
Gross Amounts of Recognized Liabilities | 104 | 41 | ||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | 0 | ||
Net Amounts of Liabilities Presented in the Balance Sheet | 104 | 41 | ||
Collateral | 104 | 41 | ||
Net Amount | 0 | 0 | ||
Other Liabilities | Foreign Currency Forward Contracts, Underwriting and Non-investment Operations | ' | ' | ||
Derivative Liabilities | ' | ' | ||
Gross Amounts of Recognized Liabilities | 4,431 | [1] | 4,173 | [1] |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | [1] | 0 | [1] |
Net Amounts of Liabilities Presented in the Balance Sheet | 4,431 | [1] | 4,173 | [1] |
Collateral | 0 | [1] | 0 | [1] |
Net Amount | 4,431 | [1] | 4,173 | [1] |
Other Liabilities | Foreign Currency Forward Contracts, Investment Operations | ' | ' | ||
Derivative Liabilities | ' | ' | ||
Gross Amounts of Recognized Liabilities | 2,336 | [1] | ' | |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 780 | [1] | ' | |
Net Amounts of Liabilities Presented in the Balance Sheet | 1,556 | [1] | ' | |
Collateral | 0 | [1] | ' | |
Net Amount | 1,556 | [1] | ' | |
Other Liabilities | Credit Default Swaps | ' | ' | ||
Derivative Liabilities | ' | ' | ||
Gross Amounts of Recognized Liabilities | 81 | ' | ||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 70 | ' | ||
Net Amounts of Liabilities Presented in the Balance Sheet | 11 | ' | ||
Collateral | 0 | ' | ||
Net Amount | 11 | ' | ||
Other Liabilities | Other Contract [Member] | ' | ' | ||
Derivative Liabilities | ' | ' | ||
Gross Amounts of Recognized Liabilities | 282 | ' | ||
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | ' | ||
Net Amounts of Liabilities Presented in the Balance Sheet | 282 | ' | ||
Collateral | 0 | ' | ||
Net Amount | $282 | ' | ||
[1] | Contracts used to manage foreign currency risks in underwriting and non-investment operations. | |||
[2] | Contracts used to manage foreign currency risks in investment operations. |
Derivative_Instruments_Gain_Lo
Derivative Instruments (Gain (Loss) Recognized In The Consolidated Statements Of Operations Related To Its Derivative Instruments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Amount of gain (loss) recognized on derivatives | $10,210 | $11,666 | $21,611 | $9,403 | ||||
Net realized and unrealized gains (losses) on investments | Interest Rate Contracts | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Amount of gain (loss) recognized on derivatives | 3,291 | -1,087 | 23,496 | -2,904 | ||||
Net realized and unrealized gains (losses) on investments | Credit Default Swaps | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Amount of gain (loss) recognized on derivatives | 266 | 127 | 992 | 661 | ||||
Net realized and unrealized gains (losses) on investments | Other Contract [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Amount of gain (loss) recognized on derivatives | 281 | 0 | ' | ' | ||||
Net foreign exchange gains (losses) | Foreign Currency Forward Contracts, Underwriting and Non-investment Operations | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Amount of gain (loss) recognized on derivatives | 11,388 | [1] | 13,056 | [1] | 512 | [1] | 14,425 | [1] |
Net foreign exchange gains (losses) | Foreign Currency Forward Contracts, Investment Operations | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Amount of gain (loss) recognized on derivatives | ($5,016) | [2] | ($430) | [2] | ($3,670) | [2] | ($2,779) | [2] |
[1] | Contracts used to manage foreign currency risks in underwriting and non-investment operations. | |||||||
[2] | Contracts used to manage foreign currency risks in investment operations. |
Commitments_Contingencies_and_1
Commitments, Contingencies and Other Items Retirement Benefits (Details) (Chief Executive Officer, USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Chief Executive Officer | ' |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ' |
Employment and transition agreeement, compensation, benefits and other related expenses | $16.80 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries (Narrative) (Details) (RenRe North America Holdings Inc., USD $) | 0 Months Ended | 3 Months Ended | |
Mar. 17, 2010 | Mar. 31, 2010 | Sep. 30, 2013 | |
Debt Instrument [Line Items] | ' | ' | ' |
Subsidiary, ownership percentage | ' | ' | 100.00% |
5.75% Senior Notes Due March 15, 2020 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior notes issuance date | 17-Mar-10 | ' | ' |
5.75% Senior notes issued | $250,000,000 | ' | ' |
Senior notes interest rate | ' | ' | 5.75% |
Senior notes maturity date | ' | 'March 15, 2020 | ' |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries (Condensed Consolidating Balance Sheet) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 | ||||
In Thousands, unless otherwise specified | ||||||||
Assets | ' | ' | ' | ' | ||||
Total investments | $6,427,512 | $6,355,394 | ' | ' | ||||
Cash and cash equivalents | 266,350 | 304,145 | 226,133 | 181,825 | ||||
Investments in subsidiaries | 0 | 0 | ' | ' | ||||
Due from subsidiaries and affiliates | 0 | 0 | ' | ' | ||||
Premiums receivable | 735,937 | 491,365 | ' | ' | ||||
Prepaid reinsurance premiums | 166,340 | 77,082 | ' | ' | ||||
Reinsurance recoverable | 149,201 | 192,512 | ' | ' | ||||
Accrued investment income | 26,887 | 33,478 | ' | ' | ||||
Deferred acquisition costs | 103,844 | 52,622 | ' | ' | ||||
Other assets | 362,328 | 287,936 | ' | ' | ||||
Assets of discontinued operations held for sale | 115,556 | 134,094 | ' | ' | ||||
Total assets | 8,353,955 | 7,928,628 | ' | ' | ||||
Liabilities | ' | ' | ' | ' | ||||
Reserve for claims and claim expenses | 1,683,709 | 1,879,377 | ' | ' | ||||
Unearned premiums | 754,077 | 399,517 | ' | ' | ||||
Debt | 249,407 | 349,339 | ' | ' | ||||
Amounts due to subsidiaries and affiliates | 0 | 0 | ' | ' | ||||
Reinsurance balances payable | 358,988 | 290,419 | ' | ' | ||||
Other liabilities | 591,150 | 477,221 | ' | ' | ||||
Liabilities of discontinued operations held for sale | 56,275 | 57,440 | ' | ' | ||||
Total liabilities | 3,693,606 | 3,453,313 | ' | ' | ||||
Redeemable noncontrolling interest | 945,915 | 968,259 | ' | ' | ||||
Shareholders' Equity | ' | ' | ' | ' | ||||
Total shareholders’ equity | 3,714,434 | 3,507,056 | 3,842,935 | ' | ||||
Total liabilities, noncontrolling interests and shareholders’ equity | 8,353,955 | 7,928,628 | ' | ' | ||||
RenaissanceRe Holdings Ltd. (Parent Guarantor) | ' | ' | ' | ' | ||||
Assets | ' | ' | ' | ' | ||||
Total investments | 282,340 | 572,139 | ' | ' | ||||
Cash and cash equivalents | 8,244 | 6,298 | 7,365 | 10,606 | ||||
Investments in subsidiaries | 3,214,032 | 2,864,793 | ' | ' | ||||
Due from subsidiaries and affiliates | 158,130 | 53,296 | ' | ' | ||||
Premiums receivable | 0 | 0 | ' | ' | ||||
Prepaid reinsurance premiums | 0 | 0 | ' | ' | ||||
Reinsurance recoverable | 0 | 0 | ' | ' | ||||
Accrued investment income | 716 | 2,535 | ' | ' | ||||
Deferred acquisition costs | 0 | 0 | ' | ' | ||||
Other assets | 116,429 | 175,105 | ' | ' | ||||
Assets of discontinued operations held for sale | 0 | 0 | ' | ' | ||||
Total assets | 3,779,891 | 3,674,166 | ' | ' | ||||
Liabilities | ' | ' | ' | ' | ||||
Reserve for claims and claim expenses | 0 | 0 | ' | ' | ||||
Unearned premiums | 0 | 0 | ' | ' | ||||
Debt | 0 | 100,000 | ' | ' | ||||
Amounts due to subsidiaries and affiliates | 51,946 | 11,371 | ' | ' | ||||
Reinsurance balances payable | 0 | 0 | ' | ' | ||||
Other liabilities | 17,231 | 59,730 | ' | ' | ||||
Liabilities of discontinued operations held for sale | 0 | 0 | ' | ' | ||||
Total liabilities | 69,177 | 171,101 | ' | ' | ||||
Redeemable noncontrolling interest | 0 | 0 | ' | ' | ||||
Shareholders' Equity | ' | ' | ' | ' | ||||
Total shareholders’ equity | 3,710,714 | 3,503,065 | ' | ' | ||||
Total liabilities, noncontrolling interests and shareholders’ equity | 3,779,891 | 3,674,166 | ' | ' | ||||
RenRe North America Holdings Inc. | ' | ' | ' | ' | ||||
Assets | ' | ' | ' | ' | ||||
Total investments | 25,742 | 49,618 | ' | ' | ||||
Cash and cash equivalents | 9,182 | 1,528 | 985 | 4,920 | ||||
Investments in subsidiaries | 81,121 | 37,202 | ' | ' | ||||
Due from subsidiaries and affiliates | 42 | 117 | ' | ' | ||||
Premiums receivable | 0 | 0 | ' | ' | ||||
Prepaid reinsurance premiums | 0 | 0 | ' | ' | ||||
Reinsurance recoverable | 0 | 0 | ' | ' | ||||
Accrued investment income | 89 | 69 | ' | ' | ||||
Deferred acquisition costs | 0 | 0 | ' | ' | ||||
Other assets | 1,540 | 15,754 | ' | ' | ||||
Assets of discontinued operations held for sale | 115,556 | 134,094 | ' | ' | ||||
Total assets | 233,272 | 238,382 | ' | ' | ||||
Liabilities | ' | ' | ' | ' | ||||
Reserve for claims and claim expenses | 0 | 0 | ' | ' | ||||
Unearned premiums | 0 | 0 | ' | ' | ||||
Debt | 249,407 | 249,339 | ' | ' | ||||
Amounts due to subsidiaries and affiliates | 1,907 | 5,593 | ' | ' | ||||
Reinsurance balances payable | 0 | 0 | ' | ' | ||||
Other liabilities | 3,317 | 4,572 | ' | ' | ||||
Liabilities of discontinued operations held for sale | 56,275 | 57,440 | ' | ' | ||||
Total liabilities | 310,906 | 316,944 | ' | ' | ||||
Redeemable noncontrolling interest | 0 | 0 | ' | ' | ||||
Shareholders' Equity | ' | ' | ' | ' | ||||
Total shareholders’ equity | -77,634 | -78,562 | ' | ' | ||||
Total liabilities, noncontrolling interests and shareholders’ equity | 233,272 | 238,382 | ' | ' | ||||
Other RenaissanceRe Holdings Ltd. Subsidiaries And Eliminations (Non-Guarantor Subsidiaries) | ' | ' | ' | ' | ||||
Assets | ' | ' | ' | ' | ||||
Total investments | 6,119,430 | [1] | 5,733,637 | [1] | ' | ' | ||
Cash and cash equivalents | 248,924 | [1] | 296,319 | [1] | 217,783 | [1] | 166,299 | [1] |
Investments in subsidiaries | 0 | [1] | 0 | [1] | ' | ' | ||
Due from subsidiaries and affiliates | 0 | [1] | 0 | [1] | ' | ' | ||
Premiums receivable | 735,937 | [1] | 491,365 | [1] | ' | ' | ||
Prepaid reinsurance premiums | 166,340 | [1] | 77,082 | [1] | ' | ' | ||
Reinsurance recoverable | 149,201 | [1] | 192,512 | [1] | ' | ' | ||
Accrued investment income | 26,082 | [1] | 30,874 | [1] | ' | ' | ||
Deferred acquisition costs | 103,844 | [1] | 52,622 | [1] | ' | ' | ||
Other assets | 347,067 | [1] | 212,570 | [1] | ' | ' | ||
Assets of discontinued operations held for sale | 0 | [1] | 0 | [1] | ' | ' | ||
Total assets | 7,896,825 | [1] | 7,086,981 | [1] | ' | ' | ||
Liabilities | ' | ' | ' | ' | ||||
Reserve for claims and claim expenses | 1,683,709 | [1] | 1,879,377 | [1] | ' | ' | ||
Unearned premiums | 754,077 | [1] | 399,517 | [1] | ' | ' | ||
Debt | 0 | [1] | 0 | [1] | ' | ' | ||
Amounts due to subsidiaries and affiliates | 0 | [1] | 0 | [1] | ' | ' | ||
Reinsurance balances payable | 358,988 | [1] | 290,419 | [1] | ' | ' | ||
Other liabilities | 573,310 | [1] | 414,377 | [1] | ' | ' | ||
Liabilities of discontinued operations held for sale | 0 | [1] | 0 | [1] | ' | ' | ||
Total liabilities | 3,370,084 | [1] | 2,983,690 | [1] | ' | ' | ||
Redeemable noncontrolling interest | 945,915 | [1] | 968,259 | [1] | ' | ' | ||
Shareholders' Equity | ' | ' | ' | ' | ||||
Total shareholders’ equity | 3,580,826 | [1] | 3,135,032 | [1] | ' | ' | ||
Total liabilities, noncontrolling interests and shareholders’ equity | 7,896,825 | [1] | 7,086,981 | [1] | ' | ' | ||
Consolidating Adjustments | ' | ' | ' | ' | ||||
Assets | ' | ' | ' | ' | ||||
Total investments | 0 | [2] | 0 | [2] | ' | ' | ||
Cash and cash equivalents | 0 | [2] | 0 | [2] | ' | ' | ||
Investments in subsidiaries | -3,295,153 | [2] | -2,901,995 | [2] | ' | ' | ||
Due from subsidiaries and affiliates | -158,172 | [2] | -53,413 | [2] | ' | ' | ||
Premiums receivable | 0 | [2] | 0 | [2] | ' | ' | ||
Prepaid reinsurance premiums | 0 | [2] | 0 | [2] | ' | ' | ||
Reinsurance recoverable | 0 | [2] | 0 | [2] | ' | ' | ||
Accrued investment income | 0 | [2] | 0 | [2] | ' | ' | ||
Deferred acquisition costs | 0 | [2] | 0 | [2] | ' | ' | ||
Other assets | -102,708 | [2] | -115,493 | [2] | ' | ' | ||
Assets of discontinued operations held for sale | 0 | [2] | 0 | [2] | ' | ' | ||
Total assets | -3,556,033 | [2] | -3,070,901 | [2] | ' | ' | ||
Liabilities | ' | ' | ' | ' | ||||
Reserve for claims and claim expenses | 0 | [2] | 0 | [2] | ' | ' | ||
Unearned premiums | 0 | [2] | 0 | [2] | ' | ' | ||
Debt | 0 | [2] | 0 | [2] | ' | ' | ||
Amounts due to subsidiaries and affiliates | -53,853 | [2] | -16,964 | [2] | ' | ' | ||
Reinsurance balances payable | 0 | [2] | 0 | [2] | ' | ' | ||
Other liabilities | -2,708 | [2] | -1,458 | [2] | ' | ' | ||
Liabilities of discontinued operations held for sale | 0 | [2] | 0 | [2] | ' | ' | ||
Total liabilities | -56,561 | [2] | -18,422 | [2] | ' | ' | ||
Redeemable noncontrolling interest | 0 | [2] | 0 | [2] | ' | ' | ||
Shareholders' Equity | ' | ' | ' | ' | ||||
Total shareholders’ equity | -3,499,472 | [2] | -3,052,479 | [2] | ' | ' | ||
Total liabilities, noncontrolling interests and shareholders’ equity | ($3,556,033) | [2] | ($3,070,901) | [2] | ' | ' | ||
[1] | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. | |||||||
[2] | Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments. |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries (Condensed Consolidating Statement Of Operations) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Revenues | ' | ' | ' | ' | ||||
Net premiums earned | $294,717 | $262,623 | $857,861 | $785,704 | ||||
Net investment income | 59,931 | 46,135 | 129,296 | 126,725 | ||||
Net foreign exchange gains | 488 | 3,187 | 170 | 3,468 | ||||
Equity in earnings of other ventures | 7,313 | 4,310 | 16,920 | 16,626 | ||||
Other income (loss) | 651 | -1,053 | -2,186 | 730 | ||||
Net realized and unrealized gains on investments | 28,472 | 75,297 | -26,788 | 150,982 | ||||
Net other-than-temporary impairments | 0 | 0 | 0 | -343 | ||||
Total revenues | 391,572 | 390,499 | 975,273 | 1,083,892 | ||||
Expenses | ' | ' | ' | ' | ||||
Net claims and claim expenses incurred | 60,928 | 73,215 | 192,141 | 138,318 | ||||
Acquisition expenses | 37,699 | 24,438 | 94,475 | 74,157 | ||||
Operational expenses | 44,672 | 42,356 | 133,447 | 126,055 | ||||
Corporate expenses | 4,307 | 3,796 | 30,318 | 12,567 | ||||
Interest expense | 4,298 | 5,891 | 13,632 | 17,325 | ||||
Total expenses | 151,904 | 149,696 | 464,013 | 368,422 | ||||
Income (loss) before equity in net income (loss) of subsidiaries and taxes | 239,668 | 240,803 | 511,260 | 715,470 | ||||
Equity in net income (loss) of subsidiaries | 0 | 0 | 0 | 0 | ||||
Income from continuing operations before taxes | 239,668 | 240,803 | 511,260 | 715,470 | ||||
Income tax expense | -223 | -144 | -356 | -1,008 | ||||
Income (loss) from continuing operations | 239,445 | 240,659 | 510,904 | 714,462 | ||||
(Loss) income from discontinued operations | -9,779 | -166 | 2,422 | -25,505 | ||||
Net income | 229,666 | 240,493 | 513,326 | 688,957 | ||||
Net income attributable to noncontrolling interests | -44,331 | -51,083 | -96,953 | -138,348 | ||||
Net income attributable to RenaissanceRe | 185,335 | 189,410 | 416,373 | 550,609 | ||||
Dividends on preference shares | -5,595 | -8,750 | -19,353 | -26,250 | ||||
Net income available to RenaissanceRe common shareholders | 179,740 | 180,660 | 397,020 | 524,359 | ||||
RenaissanceRe Holdings Ltd. (Parent Guarantor) | ' | ' | ' | ' | ||||
Revenues | ' | ' | ' | ' | ||||
Net premiums earned | 0 | 0 | 0 | 0 | ||||
Net investment income | 1,055 | 3,293 | 3,273 | 10,887 | ||||
Net foreign exchange gains | 47 | 21 | -3 | 28 | ||||
Equity in earnings of other ventures | 0 | 0 | 0 | 0 | ||||
Other income (loss) | 0 | 2,410 | 106 | 2,562 | ||||
Net realized and unrealized gains on investments | 373 | 5,928 | -1,071 | 14,444 | ||||
Net other-than-temporary impairments | ' | ' | ' | 0 | ||||
Total revenues | 1,475 | 11,652 | 2,305 | 27,921 | ||||
Expenses | ' | ' | ' | ' | ||||
Net claims and claim expenses incurred | 0 | 0 | 0 | 0 | ||||
Acquisition expenses | 0 | 0 | 0 | 0 | ||||
Operational expenses | -1,242 | -1,252 | -3,705 | -3,866 | ||||
Corporate expenses | 3,599 | 3,272 | 28,508 | 10,951 | ||||
Interest expense | 0 | 1,468 | 734 | 4,406 | ||||
Total expenses | 2,357 | 3,488 | 25,537 | 11,491 | ||||
Income (loss) before equity in net income (loss) of subsidiaries and taxes | -882 | 8,164 | -23,232 | 16,430 | ||||
Equity in net income (loss) of subsidiaries | 186,217 | 181,246 | 439,605 | 534,179 | ||||
Income from continuing operations before taxes | 185,335 | 189,410 | 416,373 | 550,609 | ||||
Income tax expense | 0 | 0 | 0 | 0 | ||||
Income (loss) from continuing operations | 185,335 | 189,410 | 416,373 | 550,609 | ||||
(Loss) income from discontinued operations | 0 | 0 | 0 | 0 | ||||
Net income | 185,335 | 189,410 | 416,373 | 550,609 | ||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||||
Net income attributable to RenaissanceRe | 185,335 | 189,410 | 416,373 | 550,609 | ||||
Dividends on preference shares | -5,595 | -8,750 | -19,353 | -26,250 | ||||
Net income available to RenaissanceRe common shareholders | 179,740 | 180,660 | 397,020 | 524,359 | ||||
RenRe North America Holdings Inc. (Subsidiary Issuer) | ' | ' | ' | ' | ||||
Revenues | ' | ' | ' | ' | ||||
Net premiums earned | 0 | 0 | 0 | 0 | ||||
Net investment income | 37 | 134 | 274 | 485 | ||||
Net foreign exchange gains | 0 | 0 | -2 | 0 | ||||
Equity in earnings of other ventures | 0 | 0 | 0 | 0 | ||||
Other income (loss) | 0 | 0 | 0 | 0 | ||||
Net realized and unrealized gains on investments | -18 | 438 | -132 | 1,490 | ||||
Net other-than-temporary impairments | ' | ' | ' | 0 | ||||
Total revenues | 19 | 572 | 140 | 1,975 | ||||
Expenses | ' | ' | ' | ' | ||||
Net claims and claim expenses incurred | 0 | 0 | 0 | 0 | ||||
Acquisition expenses | 0 | 0 | 0 | 0 | ||||
Operational expenses | 1,574 | 1,889 | 5,591 | 5,646 | ||||
Corporate expenses | 60 | 61 | 178 | 213 | ||||
Interest expense | 3,617 | 3,617 | 10,850 | 10,850 | ||||
Total expenses | 5,251 | 5,567 | 16,619 | 16,709 | ||||
Income (loss) before equity in net income (loss) of subsidiaries and taxes | -5,232 | -4,995 | -16,479 | -14,734 | ||||
Equity in net income (loss) of subsidiaries | 2,344 | -1,905 | -1,495 | 1,021 | ||||
Income from continuing operations before taxes | -2,888 | -6,900 | -17,974 | -13,713 | ||||
Income tax expense | 801 | 1,477 | 796 | -1,491 | ||||
Income (loss) from continuing operations | -2,087 | -5,423 | -17,178 | -15,204 | ||||
(Loss) income from discontinued operations | -9,779 | -166 | 2,422 | -25,505 | ||||
Net income | -11,866 | -5,589 | -14,756 | -40,709 | ||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||||
Net income attributable to RenaissanceRe | -11,866 | -5,589 | -14,756 | -40,709 | ||||
Dividends on preference shares | 0 | 0 | 0 | 0 | ||||
Net income available to RenaissanceRe common shareholders | -11,866 | -5,589 | -14,756 | -40,709 | ||||
Other RenaissanceRe Holdings Ltd. Subsidiaries And Eliminations (Non-Guarantor Subsidiaries) | ' | ' | ' | ' | ||||
Revenues | ' | ' | ' | ' | ||||
Net premiums earned | 294,717 | [1] | 262,623 | [1] | 857,861 | [1] | 785,704 | [1] |
Net investment income | 59,782 | [1] | 44,688 | [1] | 128,590 | [1] | 121,358 | [1] |
Net foreign exchange gains | 441 | [1] | 3,166 | [1] | 175 | [1] | 3,440 | [1] |
Equity in earnings of other ventures | 7,313 | [1] | 4,310 | [1] | 16,920 | [1] | 16,626 | [1] |
Other income (loss) | 651 | [1] | -3,463 | [1] | -2,292 | [1] | -1,832 | [1] |
Net realized and unrealized gains on investments | 28,117 | [1] | 68,931 | [1] | -25,585 | [1] | 135,048 | [1] |
Net other-than-temporary impairments | ' | ' | ' | -343 | [1] | |||
Total revenues | 391,021 | [1] | 380,255 | [1] | 975,669 | [1] | 1,060,001 | [1] |
Expenses | ' | ' | ' | ' | ||||
Net claims and claim expenses incurred | 60,928 | [1] | 73,215 | [1] | 192,141 | [1] | 138,318 | [1] |
Acquisition expenses | 37,699 | [1] | 24,438 | [1] | 94,475 | [1] | 74,157 | [1] |
Operational expenses | 44,808 | [1] | 41,719 | [1] | 132,029 | [1] | 124,275 | [1] |
Corporate expenses | 648 | [1] | 463 | [1] | 1,632 | [1] | 1,403 | [1] |
Interest expense | 681 | [1] | 806 | [1] | 2,048 | [1] | 2,069 | [1] |
Total expenses | 144,764 | [1] | 140,641 | [1] | 422,325 | [1] | 340,222 | [1] |
Income (loss) before equity in net income (loss) of subsidiaries and taxes | 246,257 | [1] | 239,614 | [1] | 553,344 | [1] | 719,779 | [1] |
Equity in net income (loss) of subsidiaries | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Income from continuing operations before taxes | 246,257 | [1] | 239,614 | [1] | 553,344 | [1] | 719,779 | [1] |
Income tax expense | -1,024 | [1] | -1,621 | [1] | -1,152 | [1] | 483 | [1] |
Income (loss) from continuing operations | 245,233 | [1] | 237,993 | [1] | 552,192 | [1] | 720,262 | [1] |
(Loss) income from discontinued operations | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Net income | 245,233 | [1] | 237,993 | [1] | 552,192 | [1] | 720,262 | [1] |
Net income attributable to noncontrolling interests | -44,331 | [1] | -51,083 | [1] | -96,953 | [1] | -138,348 | [1] |
Net income attributable to RenaissanceRe | 200,902 | [1] | 186,910 | [1] | 455,239 | [1] | 581,914 | [1] |
Dividends on preference shares | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Net income available to RenaissanceRe common shareholders | 200,902 | [1] | 186,910 | [1] | 455,239 | [1] | 581,914 | [1] |
Consolidating Adjustments | ' | ' | ' | ' | ||||
Revenues | ' | ' | ' | ' | ||||
Net premiums earned | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] |
Net investment income | -943 | [2] | -1,980 | [2] | -2,841 | [2] | -6,005 | [2] |
Net foreign exchange gains | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] |
Equity in earnings of other ventures | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] |
Other income (loss) | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] |
Net realized and unrealized gains on investments | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] |
Net other-than-temporary impairments | ' | ' | ' | 0 | [2] | |||
Total revenues | -943 | [2] | -1,980 | [2] | -2,841 | [2] | -6,005 | [2] |
Expenses | ' | ' | ' | ' | ||||
Net claims and claim expenses incurred | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] |
Acquisition expenses | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] |
Operational expenses | -468 | [2] | 0 | [2] | -468 | [2] | 0 | [2] |
Corporate expenses | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] |
Interest expense | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] |
Total expenses | -468 | [2] | 0 | [2] | -468 | [2] | 0 | [2] |
Income (loss) before equity in net income (loss) of subsidiaries and taxes | -475 | [2] | -1,980 | [2] | -2,373 | [2] | -6,005 | [2] |
Equity in net income (loss) of subsidiaries | -188,561 | [2] | -179,341 | [2] | -438,110 | [2] | -535,200 | [2] |
Income from continuing operations before taxes | -189,036 | [2] | -181,321 | [2] | -440,483 | [2] | -541,205 | [2] |
Income tax expense | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] |
Income (loss) from continuing operations | -189,036 | [2] | -181,321 | [2] | -440,483 | [2] | -541,205 | [2] |
(Loss) income from discontinued operations | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] |
Net income | -189,036 | [2],[3] | -181,321 | [2] | -440,483 | [2],[3] | -541,205 | [2] |
Net income attributable to noncontrolling interests | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] |
Net income attributable to RenaissanceRe | -189,036 | [2] | -181,321 | [2] | -440,483 | [2] | -541,205 | [2] |
Dividends on preference shares | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] |
Net income available to RenaissanceRe common shareholders | ($189,036) | [2] | ($181,321) | [2] | ($440,483) | [2] | ($541,205) | [2] |
[1] | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. | |||||||
[2] | Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments. | |||||||
[3] | Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.Condensed Consolidating Statement of Operationsfor the three months ended September 30, 2012RenaissanceReHoldings Ltd.(ParentGuarantor) RenRe NorthAmericaHoldings Inc.(SubsidiaryIssuer) OtherRenaissanceReHoldings Ltd.SubsidiariesandEliminations(Non-guarantorSubsidiaries)(1) ConsolidatingAdjustments(2) RenaissanceReConsolidatedRevenues Net premiums earned$— $— $262,623 $— $262,623Net investment income3,293 134 44,688 (1,980) 46,135Net foreign exchange gains21 — 3,166 — 3,187Equity in earnings of other ventures— — 4,310 — 4,310Other income (loss)2,410 — (3,463) — (1,053)Net realized and unrealized gains on investments5,928 438 68,931 — 75,297Total revenues11,652 572 380,255 (1,980) 390,499Expenses Net claims and claim expenses incurred— — 73,215 — 73,215Acquisition expenses— — 24,438 — 24,438Operational expenses(1,252) 1,889 41,719 — 42,356Corporate expenses3,272 61 463 — 3,796Interest expense1,468 3,617 806 — 5,891Total expenses3,488 5,567 140,641 — 149,696Income (loss) before equity in net loss of subsidiaries and taxes8,164 (4,995) 239,614 (1,980) 240,803Equity in net income (loss) of subsidiaries181,246 (1,905) — (179,341) —Income (loss) from continuing operations before taxes189,410 (6,900) 239,614 (181,321) 240,803Income tax benefit (expense)— 1,477 (1,621) — (144)Income (loss) from continuing operations189,410 (5,423) 237,993 (181,321) 240,659Loss from discontinued operations— (166) — — (166)Net income (loss)189,410 (5,589) 237,993 (181,321) 240,493Net income attributable to redeemable noncontrolling interest – DaVinciRe— — (51,083) — (51,083)Net income (loss) attributable to RenaissanceRe189,410 (5,589) 186,910 (181,321) 189,410Dividends on preference shares(8,750) — — — (8,750)Net income (loss) available (attributable) to RenaissanceRe common shareholders$180,660 $(5,589) $186,910 $(181,321) $180,660 (1)Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.(2)Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.Condensed Consolidating Statement of Comprehensive Income (Loss) for the three months ended September 30, 2012RenaissanceReHoldings Ltd.(ParentGuarantor) RenRe NorthAmericaHoldings Inc.(SubsidiaryIssuer) OtherRenaissanceReHoldings Ltd.SubsidiariesandEliminations(Non-guarantorSubsidiaries)(1) ConsolidatingAdjustments(2) RenaissanceReConsolidatedComprehensive income Net income (loss)$189,410 $(5,589) $237,993 $(181,321) $240,493Change in net unrealized gains on investments— — 1,536 — 1,536Comprehensive income (loss)189,410 (5,589) 239,529 (181,321) 242,029Net income attributable to noncontrolling interests— — (51,083) — (51,083)Comprehensive income attributable to noncontrolling interests— — (51,083) — (51,083)Comprehensive income (loss) attributable to RenaissanceRe$189,410 $(5,589) $188,446 $(181,321) $190,946(1)Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.(2)Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments. |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries (Condensed Consolidating Statement of Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Net income | $229,666 | $240,493 | $513,326 | $688,957 | ||||
Change in net unrealized gains on investments | -343 | 1,536 | -9,056 | 2,359 | ||||
Portion of other-than-temporary impairments recognized in other comprehensive income | 0 | 0 | 0 | -52 | ||||
Comprehensive income | 229,323 | 242,029 | 504,270 | 691,264 | ||||
Net (income) loss attributable to noncontrolling interests | -44,331 | -51,083 | -96,953 | -138,348 | ||||
Comprehensive income attributable to noncontrolling interests | -44,331 | -51,083 | -96,953 | -138,348 | ||||
Comprehensive income attributable to RenaissanceRe | 184,992 | 190,946 | 407,317 | 552,916 | ||||
RenaissanceRe Holdings Ltd. (Parent Guarantor) | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Net income | 185,335 | 189,410 | 416,373 | 550,609 | ||||
Change in net unrealized gains on investments | 0 | 0 | 0 | 0 | ||||
Portion of other-than-temporary impairments recognized in other comprehensive income | ' | ' | ' | 0 | ||||
Comprehensive income | 185,335 | 189,410 | 416,373 | 550,609 | ||||
Net (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||||
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||||
Comprehensive income attributable to RenaissanceRe | 185,335 | 189,410 | 416,373 | 550,609 | ||||
RenRe North America Holdings Inc. (Subsidiary Issuer) | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Net income | -11,866 | -5,589 | -14,756 | -40,709 | ||||
Change in net unrealized gains on investments | 0 | 0 | 0 | 0 | ||||
Portion of other-than-temporary impairments recognized in other comprehensive income | ' | ' | ' | 0 | ||||
Comprehensive income | -11,866 | -5,589 | -14,756 | -40,709 | ||||
Net (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||||
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ||||
Comprehensive income attributable to RenaissanceRe | -11,866 | -5,589 | -14,756 | -40,709 | ||||
Other RenaissanceRe Holdings Ltd. Subsidiaries And Eliminations (Non-Guarantor Subsidiaries) | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Net income | 245,233 | [1] | 237,993 | [1] | 552,192 | [1] | 720,262 | [1] |
Change in net unrealized gains on investments | -343 | [1] | 1,536 | [1] | -9,056 | [1] | 2,359 | [1] |
Portion of other-than-temporary impairments recognized in other comprehensive income | ' | ' | ' | -52 | [1] | |||
Comprehensive income | 244,890 | [1] | 239,529 | [1] | 543,136 | [1] | 722,569 | [1] |
Net (income) loss attributable to noncontrolling interests | -44,331 | [1] | -51,083 | [1] | -96,953 | [1] | -138,348 | [1] |
Comprehensive income attributable to noncontrolling interests | -44,331 | [1] | -51,083 | [1] | -96,953 | [1] | -138,348 | [1] |
Comprehensive income attributable to RenaissanceRe | 200,559 | [1] | 188,446 | [1] | 446,183 | [1] | 584,221 | [1] |
Consolidating Adjustments | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Net income | -189,036 | [2],[3] | -181,321 | [2] | -440,483 | [2],[3] | -541,205 | [2] |
Change in net unrealized gains on investments | 0 | [3] | 0 | [2] | 0 | [3] | 0 | [2] |
Portion of other-than-temporary impairments recognized in other comprehensive income | ' | ' | ' | 0 | [2] | |||
Comprehensive income | -189,036 | [3] | -181,321 | [2] | -440,483 | [3] | -541,205 | [2] |
Net (income) loss attributable to noncontrolling interests | 0 | [3] | 0 | [2] | 0 | [3] | 0 | [2] |
Comprehensive income attributable to noncontrolling interests | 0 | [3] | 0 | [2] | 0 | [3] | 0 | [2] |
Comprehensive income attributable to RenaissanceRe | ($189,036) | [3] | ($181,321) | [2] | ($440,483) | [3] | ($541,205) | [2] |
[1] | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. | |||||||
[2] | Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments. | |||||||
[3] | Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.Condensed Consolidating Statement of Operationsfor the three months ended September 30, 2012RenaissanceReHoldings Ltd.(ParentGuarantor) RenRe NorthAmericaHoldings Inc.(SubsidiaryIssuer) OtherRenaissanceReHoldings Ltd.SubsidiariesandEliminations(Non-guarantorSubsidiaries)(1) ConsolidatingAdjustments(2) RenaissanceReConsolidatedRevenues Net premiums earned$— $— $262,623 $— $262,623Net investment income3,293 134 44,688 (1,980) 46,135Net foreign exchange gains21 — 3,166 — 3,187Equity in earnings of other ventures— — 4,310 — 4,310Other income (loss)2,410 — (3,463) — (1,053)Net realized and unrealized gains on investments5,928 438 68,931 — 75,297Total revenues11,652 572 380,255 (1,980) 390,499Expenses Net claims and claim expenses incurred— — 73,215 — 73,215Acquisition expenses— — 24,438 — 24,438Operational expenses(1,252) 1,889 41,719 — 42,356Corporate expenses3,272 61 463 — 3,796Interest expense1,468 3,617 806 — 5,891Total expenses3,488 5,567 140,641 — 149,696Income (loss) before equity in net loss of subsidiaries and taxes8,164 (4,995) 239,614 (1,980) 240,803Equity in net income (loss) of subsidiaries181,246 (1,905) — (179,341) —Income (loss) from continuing operations before taxes189,410 (6,900) 239,614 (181,321) 240,803Income tax benefit (expense)— 1,477 (1,621) — (144)Income (loss) from continuing operations189,410 (5,423) 237,993 (181,321) 240,659Loss from discontinued operations— (166) — — (166)Net income (loss)189,410 (5,589) 237,993 (181,321) 240,493Net income attributable to redeemable noncontrolling interest – DaVinciRe— — (51,083) — (51,083)Net income (loss) attributable to RenaissanceRe189,410 (5,589) 186,910 (181,321) 189,410Dividends on preference shares(8,750) — — — (8,750)Net income (loss) available (attributable) to RenaissanceRe common shareholders$180,660 $(5,589) $186,910 $(181,321) $180,660 (1)Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.(2)Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments.Condensed Consolidating Statement of Comprehensive Income (Loss) for the three months ended September 30, 2012RenaissanceReHoldings Ltd.(ParentGuarantor) RenRe NorthAmericaHoldings Inc.(SubsidiaryIssuer) OtherRenaissanceReHoldings Ltd.SubsidiariesandEliminations(Non-guarantorSubsidiaries)(1) ConsolidatingAdjustments(2) RenaissanceReConsolidatedComprehensive income Net income (loss)$189,410 $(5,589) $237,993 $(181,321) $240,493Change in net unrealized gains on investments— — 1,536 — 1,536Comprehensive income (loss)189,410 (5,589) 239,529 (181,321) 242,029Net income attributable to noncontrolling interests— — (51,083) — (51,083)Comprehensive income attributable to noncontrolling interests— — (51,083) — (51,083)Comprehensive income (loss) attributable to RenaissanceRe$189,410 $(5,589) $188,446 $(181,321) $190,946(1)Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations.(2)Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments. |
Condensed_Consolidating_Financ6
Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries (Condensed Consolidating Statement Of Cash Flows) (Details) (USD $) | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | ||||||
RenaissanceRe Holdings Ltd. (Parent Guarantor) | RenaissanceRe Holdings Ltd. (Parent Guarantor) | RenRe North America Holdings Inc. (Subsidiary Issuer) | RenRe North America Holdings Inc. (Subsidiary Issuer) | Other RenaissanceRe Holdings Ltd. Subsidiaries And Eliminations (Non-Guarantor Subsidiaries) | Other RenaissanceRe Holdings Ltd. Subsidiaries And Eliminations (Non-Guarantor Subsidiaries) | Series C Preferred Stock | Series C Preferred Stock | Series C Preferred Stock | Series C Preferred Stock | Series C Preferred Stock | Series D Preferred Stock | Series D Preferred Stock | Series D Preferred Stock | Series D Preferred Stock | Series D Preferred Stock | Series E Preferred Stock | Series E Preferred Stock | Series E Preferred Stock | Series E Preferred Stock | Series E Preferred Stock | ||||||||
RenaissanceRe Holdings Ltd. (Parent Guarantor) | RenRe North America Holdings Inc. (Subsidiary Issuer) | Other RenaissanceRe Holdings Ltd. Subsidiaries And Eliminations (Non-Guarantor Subsidiaries) | RenaissanceRe Holdings Ltd. (Parent Guarantor) | RenRe North America Holdings Inc. (Subsidiary Issuer) | Other RenaissanceRe Holdings Ltd. Subsidiaries And Eliminations (Non-Guarantor Subsidiaries) | RenaissanceRe Holdings Ltd. (Parent Guarantor) | RenRe North America Holdings Inc. (Subsidiary Issuer) | Other RenaissanceRe Holdings Ltd. Subsidiaries And Eliminations (Non-Guarantor Subsidiaries) | ||||||||||||||||||||
Cash flows (used in) provided by operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net cash (used in) provided by operating activities | $385,798,000 | $535,666,000 | ($46,965,000) | $16,604,000 | ($7,706,000) | ($13,194,000) | $440,469,000 | [1] | $532,256,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cash flows used in investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Proceeds from sales and maturities of fixed maturity investments trading | 6,356,691,000 | 6,287,723,000 | 503,148,000 | 580,563,000 | 84,636,000 | 124,658,000 | 5,768,907,000 | [1] | 5,582,502,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Purchases of fixed maturity investments trading | -6,449,697,000 | -6,886,239,000 | -344,873,000 | -471,459,000 | -67,498,000 | -65,331,000 | -6,037,326,000 | [1] | -6,349,449,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Proceeds from sales and maturities of fixed maturity investments available for sale | 43,564,000 | 47,925,000 | 0 | 0 | 0 | 0 | 43,564,000 | [1] | 47,925,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net purchases of equity investments trading | -33,714,000 | 0 | 0 | ' | 0 | ' | -33,714,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net sales (purchases) sales of short term investments | -118,126,000 | 170,162,000 | 180,150,000 | 52,022,000 | 10,396,000 | -7,756,000 | -308,672,000 | [1] | 125,896,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales of other investments | 198,101,000 | 41,262,000 | 0 | 0 | 0 | 0 | 198,101,000 | [1] | 41,262,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net purchases of investments in other ventures | 2,500,000 | 0 | 0 | ' | 0 | ' | 2,500,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net purchases of other assets | -994,000 | -4,204,000 | 0 | 0 | 0 | 0 | -994,000 | [1] | -4,204,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Dividends and return of capital from subsidiaries | 0 | 0 | 330,097,000 | 520,317,000 | 28,554,000 | 8,299,000 | -358,651,000 | [1] | -528,616,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Contributions to subsidiaries | 0 | 0 | -327,731,000 | -370,280,000 | -37,117,000 | -50,000,000 | 364,848,000 | [1] | 420,280,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Due to (from) subsidiary | 0 | 0 | 14,685,000 | -6,556,000 | -3,611,000 | -611,000 | -11,074,000 | [1] | 7,167,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net cash used in investing activities | -6,675,000 | -343,371,000 | 355,476,000 | 304,607,000 | 15,360,000 | 9,259,000 | -377,511,000 | [1] | -657,237,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cash flows provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Dividends paid – RenaissanceRe common shares | -36,956,000 | -40,741,000 | -36,956,000 | -40,741,000 | 0 | 0 | 0 | [1] | 0 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Dividends paid – preference shares | -19,353,000 | -26,250,000 | -19,353,000 | -26,250,000 | 0 | 0 | 0 | [1] | 0 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
RenaissanceRe common share repurchases | -140,911,000 | -257,461,000 | -140,911,000 | -257,461,000 | 0 | 0 | 0 | [1] | 0 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net (repayment) drawdown of debt | -100,847,000 | 4,907,000 | -100,000,000 | 0 | 0 | 0 | -847,000 | [1] | 4,907,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Redemption of 6.08% Series C preference shares | ' | ' | ' | ' | ' | ' | ' | ' | -125,000,000 | 0 | -125,000,000 | 0 | 0 | [1] | -150,000,000 | 0 | -150,000,000 | 0 | 0 | [1] | ' | ' | ' | ' | ' | |||
Issuance of 5.375% Series E preference shares, net of expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 265,655,000 | 0 | 265,655,000 | 0 | 0 | [1] | ||||
Third party DaVinciRe share transactions | -116,628,000 | 157,999,000 | 0 | 0 | 0 | 0 | -116,628,000 | [1] | 157,999,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Third party investment in redeemable noncontrolling interest | 13,000,000 | 0 | 0 | ' | 0 | ' | 13,000,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net cash used in financing activities | -411,040,000 | -161,546,000 | -306,565,000 | -324,452,000 | 0 | 0 | -104,475,000 | [1] | 162,906,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Effect of exchange rate changes on foreign currency cash | 3,366,000 | 1,390,000 | 0 | 0 | 0 | 0 | 3,366,000 | [1] | 1,390,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net (decrease) increase in cash and cash equivalents | -28,551,000 | 32,139,000 | 1,946,000 | -3,241,000 | 7,654,000 | -3,935,000 | -38,151,000 | [1] | 39,315,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cash and cash equivalents, beginning of period | 304,145,000 | 181,825,000 | 6,298,000 | 10,606,000 | 1,528,000 | 4,920,000 | 296,319,000 | [1] | 166,299,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cash and cash equivalents, end of period | 266,350,000 | 226,133,000 | 8,244,000 | 7,365,000 | 9,182,000 | 985,000 | 248,924,000 | [1] | 217,783,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net (increase) decrease in cash and cash equivalents of discontinued operations | ($9,244,000) | $12,169,000 | $0 | $0 | $0 | $0 | ($9,244,000) | [1] | $12,169,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
[1] | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. |