Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 19, 2014 | Jun. 30, 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-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 41,665,815 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $3,716.70 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Fixed maturity investments trading, at fair value (Amortized cost $4,781,712 and $4,549,112 at December 31, 2013 and December 31, 2012, respectively) (Notes 5 and 6) | $4,809,036 | $4,660,168 |
Fixed maturity investments available for sale, at fair value (Amortized cost $30,273 and $71,445 at December 31, 2013 and December 31, 2012, respectively) (Notes 5 and 6) | 34,241 | 83,442 |
Short term investments, at fair value (Notes 5 and 6) | 1,044,779 | 821,163 |
Equity investments trading, at fair value (Notes 5 and 6) | 254,776 | 58,186 |
Other investments, at fair value (Notes 5 and 6) | 573,264 | 644,711 |
Investments in other ventures, under equity method (Note 5) | 105,616 | 87,724 |
Total investments | 6,821,712 | 6,355,394 |
Cash and cash equivalents | 408,032 | 304,145 |
Premiums receivable | 474,087 | 491,365 |
Prepaid reinsurance premiums (Note 7) | 66,132 | 77,082 |
Reinsurance recoverable (Notes 7 and 8) | 101,025 | 192,512 |
Accrued investment income | 34,065 | 33,478 |
Deferred acquisition costs | 81,684 | 52,622 |
Receivable for investments sold | 75,845 | 168,673 |
Other assets | 108,438 | 110,777 |
Goodwill and other intangible assets (Note 4) | 8,111 | 8,486 |
Assets of discontinued operations held for sale (Note 3) | 0 | 134,094 |
Total assets | 8,179,131 | 7,928,628 |
Liabilities | ' | ' |
Reserve for claims and claim expenses (Note 8) | 1,563,730 | 1,879,377 |
Unearned premiums | 477,888 | 399,517 |
Debt (Note 9) | 249,430 | 349,339 |
Reinsurance balances payable | 293,022 | 290,419 |
Payable for investments purchased | 193,221 | 278,787 |
Other liabilities | 397,596 | 198,434 |
Liabilities of discontinued operations held for sale (Note 3) | 0 | 57,440 |
Total liabilities | 3,174,887 | 3,453,313 |
Commitments and Contingencies (Note 20) | ' | ' |
Redeemable noncontrolling interests (Note 10) | 1,099,860 | 968,259 |
Shareholders' Equity (Note 12) | ' | ' |
Preference shares: $1.00 par value – 16,000,000 shares issued and outstanding at December 31, 2013 (December 31, 2012 – 16,000,000) | 400,000 | 400,000 |
Common shares: $1.00 par value – 43,646,436 shares issued and outstanding at December 31, 2013 (December 31, 2012 – 45,542,203) | 43,646 | 45,542 |
Accumulated other comprehensive income | 4,131 | 13,622 |
Retained earnings | 3,456,607 | 3,043,901 |
Total shareholders' equity attributable to RenaissanceRe | 3,904,384 | 3,503,065 |
Noncontrolling interest (Note 10) | 0 | 3,991 |
Total shareholders' equity | 3,904,384 | 3,507,056 |
Total liabilities, noncontrolling interests and shareholders' equity | $8,179,131 | $7,928,628 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Fixed maturity investments trading, Amortized cost | $4,781,712 | $4,549,112 |
Fixed maturity investments available-for-sale, Amortized cost | $30,273 | $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) | 43,646,436 | 45,542,203 |
Common Shares, Shares outstanding (In shares) | 43,646,436 | 45,542,203 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Gross premiums written | $84,122 | $182,649 | $703,223 | $635,418 | $83,745 | $136,359 | $667,336 | $664,151 | $1,605,412 | [1] | $1,551,591 | [2] | $1,434,976 | [3] |
Net premiums written (Note 7) | 80,784 | 127,241 | 559,109 | 436,813 | 77,417 | 105,035 | 427,630 | 492,575 | 1,203,947 | 1,102,657 | 1,012,773 | |||
Increase in unearned premiums | 175,981 | 167,476 | -267,220 | -165,558 | 206,234 | 157,588 | -183,214 | -213,910 | -89,321 | -33,302 | -61,724 | |||
Net premiums earned (Note 7) | 256,765 | 294,717 | 291,889 | 271,255 | 283,651 | 262,623 | 244,416 | 278,665 | 1,114,626 | 1,069,355 | 951,049 | |||
Net investment income (Note 5) | 78,732 | 59,931 | 26,163 | 43,202 | 39,000 | 46,135 | 17,648 | 62,942 | 208,028 | 165,725 | 146,871 | |||
Net foreign exchange gains (losses) | 1,747 | 488 | -932 | 614 | 1,851 | 3,187 | 1,587 | -1,306 | 1,917 | 5,319 | -7,844 | |||
Equity in earnings (losses) of other ventures (Note 5) | 6,274 | 7,313 | 3,772 | 5,835 | 6,612 | 4,310 | 6,846 | 5,470 | 23,194 | 23,238 | -36,533 | |||
Other (loss) income | -173 | 651 | -1,128 | -1,709 | -2,850 | -1,052 | 5,414 | -3,632 | -2,359 | -2,120 | 44,345 | |||
Net realized and unrealized gains on investments (Note 5) | 61,864 | 28,472 | -69,529 | 14,269 | 12,139 | 75,297 | 28,071 | 47,614 | 35,076 | 163,121 | 43,956 | |||
Total other-than-temporary impairments | 0 | 0 | 0 | 0 | 0 | 0 | -234 | -161 | 0 | -395 | -630 | |||
Portion recognized in other comprehensive income (loss), before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 52 | 78 | |||
Net other-than-temporary impairments (Note 5) | 0 | 0 | 0 | 0 | 0 | 0 | -209 | -134 | 0 | -343 | -552 | |||
Total revenues | 405,209 | 391,572 | 250,235 | 333,466 | 340,403 | 390,500 | 303,773 | 389,619 | 1,380,482 | 1,424,295 | 1,141,292 | |||
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net claims and claim expenses incurred (Notes 7 and 8) | -20,854 | 60,928 | 103,962 | 27,251 | 186,893 | 73,215 | 49,551 | 15,552 | 171,287 | 325,211 | 861,179 | |||
Acquisition expenses | 31,026 | 37,699 | 31,767 | 25,009 | 39,385 | 24,438 | 25,608 | 24,111 | 125,501 | 113,542 | 97,376 | |||
Operational expenses | 57,658 | 44,672 | 42,789 | 45,986 | 53,096 | 42,357 | 41,375 | 42,323 | 191,105 | 179,151 | 169,661 | |||
Corporate expenses | 3,304 | 4,307 | 21,529 | 4,482 | 3,889 | 3,796 | 4,014 | 4,757 | 33,622 | 16,456 | 18,156 | |||
Interest expense (Note 9) | 4,297 | 4,298 | 4,300 | 5,034 | 5,772 | 5,891 | 5,716 | 5,718 | 17,929 | 23,097 | 23,368 | |||
Total expenses | 75,431 | 151,904 | 204,347 | 107,762 | 289,035 | 149,697 | 126,264 | 92,461 | 539,444 | 657,457 | 1,169,740 | |||
Income (loss) from continuing operations before taxes | 329,778 | 239,668 | 45,888 | 225,704 | 51,368 | 240,803 | 177,509 | 297,158 | 841,038 | 766,838 | -28,448 | |||
Income tax expense (Note 15) | -1,336 | -223 | -11 | -122 | -405 | -144 | -899 | 36 | -1,692 | -1,413 | -10,385 | |||
Income (loss) from continuing operations | 328,442 | 239,445 | 45,877 | 225,582 | 50,963 | 240,659 | 176,610 | 297,194 | 839,346 | 765,425 | -38,833 | |||
Income (loss) from discontinued operations (Note 3) | 0 | -9,779 | 2,427 | 9,774 | 9,029 | -166 | 8,034 | -33,374 | 2,422 | -16,476 | -51,559 | |||
Net income (loss) | 328,442 | 229,666 | 48,304 | 235,356 | 59,992 | 240,493 | 184,644 | 263,820 | 841,768 | 748,949 | -90,392 | |||
Net (income) loss attributable to noncontrolling interests (Note 10) | -54,191 | -44,331 | -14,015 | -38,607 | -9,692 | -51,083 | -33,624 | -53,641 | -151,144 | -148,040 | 33,157 | |||
Net income (loss) attributable to RenaissanceRe | 274,251 | 185,335 | 34,289 | 196,749 | 50,300 | 189,410 | 151,020 | 210,179 | 690,624 | 600,909 | -57,235 | |||
Dividends on preference shares (Note 12) | -5,595 | -5,595 | -7,483 | -6,275 | -8,645 | -8,750 | -8,750 | -8,750 | -24,948 | -34,895 | -35,000 | |||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $268,656 | $179,740 | $26,806 | $190,474 | $41,655 | $180,660 | $142,270 | $201,429 | $665,676 | $566,014 | ($92,235) | |||
Income (loss) from continuing operations available (attributable) to RenaissanceRe common shareholders per common share – basic, in dollars per share | $6.14 | $4.32 | $0.55 | $4.10 | $0.69 | $3.67 | $2.62 | $4.59 | $15.08 | $11.74 | ($0.82) | |||
Income (loss) from discontinued operations available (attributable) to RenaissanceRe common shareholders per common share – basic, in dollars per share | $0 | ($0.23) | $0.06 | $0.22 | $0.19 | $0 | $0.16 | ($0.66) | $0.06 | ($0.34) | ($1.02) | |||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – basic (Note 13), in dollars per share | $6.14 | $4.09 | $0.61 | $4.32 | $0.88 | $3.67 | $2.78 | $3.93 | $15.14 | $11.40 | ($1.84) | |||
Income (loss) from continuing operations available (attributable) to RenaissanceRe common shareholders per common share – diluted, in dollars per share | $6.05 | $4.23 | $0.55 | $4.01 | $0.68 | $3.62 | $2.59 | $4.53 | $14.82 | $11.56 | ($0.82) | |||
Income (loss) from discontinued operations available (attributable) to RenaissanceRe common shareholders per common share – diluted, in dollars per share | $0 | ($0.22) | $0.05 | $0.22 | $0.19 | $0 | $0.16 | ($0.65) | $0.05 | ($0.33) | ($1.02) | |||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted (Note 13), in dollars per share | $6.05 | $4.01 | $0.60 | $4.23 | $0.87 | $3.62 | $2.75 | $3.88 | $14.87 | $11.23 | ($1.84) | |||
Dividends per common share (Note 12), in dollars per share | ' | ' | ' | ' | ' | ' | ' | ' | $1.12 | $1.08 | $1.04 | |||
[1] | Included in gross premiums written in the Other category is inter-segment gross premiums written of $1.0 million. | |||||||||||||
[2] | Included in gross premiums written in the Other category is inter-segment gross premiums written of $0.5 million. | |||||||||||||
[3] | Included in gross premiums written in the Other category is inter-segment gross premiums written of $0.1 million |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Comprehensive income (loss) | ' | ' | ' |
Net income (loss) | $841,768 | $748,949 | ($90,392) |
Change in net unrealized gains on investments | -9,491 | 1,914 | -7,991 |
Portion of other-than-temporary impairments recognized in other comprehensive income (loss), before taxes | 0 | -52 | -78 |
Comprehensive income (loss) | 832,277 | 750,811 | -98,461 |
Net (income) loss attributable to noncontrolling interests | -151,144 | -148,040 | 33,157 |
Change in net unrealized gains on fixed maturity investments available for sale attributable to noncontrolling interests | 0 | 0 | 6 |
Comprehensive (income) loss attributable to noncontrolling interests | -151,144 | -148,040 | 33,163 |
Comprehensive income (loss) attributable to RenaissanceRe | 681,133 | 602,771 | -65,298 |
Disclosure regarding net unrealized gains | ' | ' | ' |
Total net realized and unrealized holding (losses) gains on investments and net other-than-temporary impairments | -1,943 | 5,100 | -2,426 |
Net realized gains on fixed maturity investments available for sale | -7,548 | -3,529 | -6,111 |
Net other-than-temporary impairments recognized in earnings | 0 | 343 | 552 |
Change in net unrealized gains on investments | ($9,491) | $1,914 | ($7,985) |
Consolidated_Statements_Of_Cha
Consolidated Statements Of Changes In Shareholders' Equity (USD $) | Total | Preference shares | Common stock | Additional paid-in capital | Accumulated other comprehensive income | Retained earnings | Noncontrolling interest |
In Thousands, unless otherwise specified | |||||||
Beginning of period at Dec. 31, 2010 | ' | $550,000 | $54,110 | $0 | $19,823 | $3,312,392 | ' |
Statement of Changes in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Issuance of shares | ' | 0 | ' | ' | ' | ' | ' |
Repurchase of shares | ' | 0 | -2,889 | -13,923 | ' | -174,807 | ' |
Offering expenses | ' | ' | ' | 0 | ' | ' | ' |
Change in redeemable noncontrolling interest | ' | ' | ' | -473 | ' | ' | ' |
Exercise of options and issuance of restricted stock awards (Notes 12 and 17) | ' | ' | 322 | 14,396 | ' | ' | ' |
Change in net unrealized gains on investments | 7,985 | ' | ' | ' | -7,985 | ' | ' |
Portion of other-than-temporary impairments recognized in other comprehensive income (loss) | ' | ' | ' | ' | -78 | ' | ' |
Net income (loss) | -90,392 | ' | ' | ' | ' | -90,392 | ' |
Net (income) loss attributable to noncontrolling interests (Note 10) | 33,157 | ' | ' | ' | ' | 33,157 | ' |
Dividends on common shares | ' | ' | ' | ' | ' | -53,460 | ' |
Dividends on preference shares | -35,000 | ' | ' | ' | ' | -35,000 | ' |
Noncontrolling interest (Note 10) | ' | ' | ' | ' | ' | ' | 3,340 |
Total shareholders' equity | 3,608,533 | ' | ' | ' | ' | ' | ' |
End 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 | ' | -150,000 | -6,399 | -27,376 | ' | -460,647 | ' |
Offering expenses | ' | ' | ' | 0 | ' | ' | ' |
Change in redeemable noncontrolling interest | ' | ' | ' | 9,091 | ' | ' | ' |
Exercise of options and issuance of restricted stock awards (Notes 12 and 17) | ' | ' | 398 | 18,285 | ' | ' | ' |
Change in net unrealized gains on investments | -1,914 | ' | ' | ' | 1,914 | ' | ' |
Portion of other-than-temporary impairments recognized in other comprehensive income (loss) | ' | ' | ' | ' | -52 | ' | ' |
Net income (loss) | 748,949 | ' | ' | ' | ' | 748,949 | ' |
Net (income) loss attributable to noncontrolling interests (Note 10) | -148,040 | ' | ' | ' | ' | -148,040 | ' |
Dividends on common shares | ' | ' | ' | ' | ' | -53,356 | ' |
Dividends on preference shares | -34,895 | ' | ' | ' | ' | -34,895 | ' |
Noncontrolling interest (Note 10) | 3,991 | ' | ' | ' | ' | ' | 3,991 |
Total shareholders' equity | 3,507,056 | ' | ' | ' | ' | ' | ' |
End 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 | -2,451 | -1,702 | ' | -203,703 | ' |
Offering expenses | -9,144 | ' | ' | -9,144 | ' | ' | ' |
Change in redeemable noncontrolling interest | ' | ' | ' | 318 | ' | ' | ' |
Exercise of options and issuance of restricted stock awards (Notes 12 and 17) | ' | ' | 555 | 10,528 | ' | ' | ' |
Change in net unrealized gains on investments | 9,491 | ' | ' | ' | -9,491 | ' | ' |
Portion of other-than-temporary impairments recognized in other comprehensive income (loss) | ' | ' | ' | ' | 0 | ' | ' |
Net income (loss) | 841,768 | ' | ' | ' | ' | 841,768 | ' |
Net (income) loss attributable to noncontrolling interests (Note 10) | -151,144 | ' | ' | ' | ' | -151,144 | ' |
Dividends on common shares | ' | ' | ' | ' | ' | -49,267 | ' |
Dividends on preference shares | -24,948 | ' | ' | ' | ' | -24,948 | ' |
Noncontrolling interest (Note 10) | 0 | ' | ' | ' | ' | ' | 0 |
Total shareholders' equity | 3,904,384 | ' | ' | ' | ' | ' | ' |
End of period at Dec. 31, 2013 | $3,904,384 | $400,000 | $43,646 | $0 | $4,131 | $3,456,607 | ' |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cash flows provided by operating activities | ' | ' | ' |
Net income (loss) | $841,768,000 | $748,949,000 | ($90,392,000) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities | ' | ' | ' |
Amortization, accretion and depreciation | 51,596,000 | 59,695,000 | 42,298,000 |
Equity in undistributed (earnings) losses of other ventures | -15,450,000 | -19,316,000 | 39,581,000 |
Net realized and unrealized gains on investments | -35,058,000 | -163,121,000 | -43,956,000 |
Net other-than-temporary impairments | 0 | 343,000 | 552,000 |
Net unrealized (gains) losses included in net investment income | -75,789,000 | -38,207,000 | -12,706,000 |
Net unrealized losses (gains) included in other (loss) income | 12,782,000 | -330,000 | 1,553,000 |
Change in: | ' | ' | ' |
Premiums receivable | 17,278,000 | -19,487,000 | -149,798,000 |
Prepaid reinsurance premiums | 10,950,000 | -18,560,000 | 2,121,000 |
Reinsurance recoverable | 91,487,000 | 211,517,000 | -302,318,000 |
Deferred acquisition costs | -29,062,000 | -8,901,000 | -8,073,000 |
Reserve for claims and claim expenses | -315,647,000 | -112,977,000 | 734,511,000 |
Unearned premiums | 78,371,000 | 51,862,000 | 61,472,000 |
Reinsurance balances payable | 2,603,000 | 33,536,000 | -61,141,000 |
Other | 159,892,000 | -8,074,000 | -47,771,000 |
Net cash provided by operating activities | 795,721,000 | 716,929,000 | 165,933,000 |
Cash flows (used in) provided by investing activities | ' | ' | ' |
Proceeds from sales and maturities of fixed maturity investments trading | 8,251,405,000 | 8,192,867,000 | 6,089,468,000 |
Purchases of fixed maturity investments trading | -8,466,467,000 | -8,536,238,000 | -6,271,623,000 |
Proceeds from sales and maturities of fixed maturity investments available for sale | 45,178,000 | 65,168,000 | 106,362,000 |
Purchases of fixed maturity investments available for sale | 0 | 0 | -4,107,000 |
Purchases of equity investments trading | -33,055,000 | 0 | -47,995,000 |
Net (purchases) sales of short term investments | -246,971,000 | 68,777,000 | 103,148,000 |
Net sales of other investments | 76,214,000 | 150,828,000 | 50,940,000 |
Net purchases of investments in other ventures | -4,000,000 | 0 | -39,000,000 |
Net sales (purchases) of other assets | 2,181,000 | -4,079,000 | 58,318,000 |
Net proceeds (payments) related to sale of discontinued operations | 60,000,000 | -9,000,000 | 269,520,000 |
Net cash (used in) provided by investing activities | -315,515,000 | -71,677,000 | 315,031,000 |
Cash flows used in financing activities | ' | ' | ' |
Dividends paid - RenaissanceRe common shares | -49,267,000 | -53,356,000 | -53,460,000 |
Dividends paid - preference shares | -24,948,000 | -34,895,000 | -35,000,000 |
RenaissanceRe common share repurchases | -207,410,000 | -463,309,000 | -191,619,000 |
Net repayment of debt | -102,436,000 | -1,937,000 | -200,000,000 |
Redemption of preference shares | ' | -150,000,000 | ' |
Net third party redeemable noncontrolling interest share transactions | -5,750,000 | 164,927,000 | -62,157,000 |
Net cash used in financing activities | -398,955,000 | -538,570,000 | -542,236,000 |
Effect of exchange rate changes on foreign currency cash | 1,423,000 | 1,692,000 | 518,000 |
Net increase (decrease) in cash and cash equivalents | 82,674,000 | 108,374,000 | -60,754,000 |
Net decrease in cash and cash equivalents of discontinued operations | 21,213,000 | 13,946,000 | 16,441,000 |
Cash and cash equivalents, beginning of period | 304,145,000 | 181,825,000 | 226,138,000 |
Cash and cash equivalents, end of period | $408,032,000 | $304,145,000 | $181,825,000 |
Organization
Organization | 12 Months Ended | |
Dec. 31, 2013 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Organization | ' | |
ORGANIZATION | ||
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 listed on the National Association of Insurance Commissioners’ International Insurance Department’s Quarterly List of Alien Insurers as an eligible surplus lines insurer. 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 Syndicate 1458. | |
• | Effective January 1, 2013, the Company formed and launched a managed joint venture, Upsilon Reinsurance II Ltd. (“Upsilon Re II”), a Bermuda domiciled special purpose insurer (“SPI”), to provide additional capacity to the worldwide aggregate and per-occurrence primary and retrocessional property catastrophe excess of loss market. Effective December 11, 2013, Upsilon Re II was renamed Upsilon Reinsurance Fund Opportunities Ltd. (“Upsilon RFO”). Upsilon RFO is considered a variable interest entity (“VIE”) and the Company is considered the primary beneficiary. As a result, Upsilon RFO is consolidated by the Company and all significant inter-company transactions have been eliminated. | |
• | RenaissanceRe Medici Fund Ltd. (“Medici”) is an exempted fund, incorporated under the laws of Bermuda. Medici’s objective is to seek to invest substantially all of its assets in various insurance-based investment instruments that have returns primarily tied to property catastrophe risk. During 2013, third-party investors subscribed for a portion of the participating, non-voting common shares of Medici. Because the Company owns a noncontrolling equity interest in, but controls a majority of the outstanding voting power of Medici’s parent, RenaissanceRe Fund Holdings Ltd. (“Fund Holdings”), the results of Medici and Fund Holdings are consolidated in the Company’s financial statements. Redeemable noncontrolling interest - Medici represents the interests of external parties with respect to the net income and shareholders’ equity of Medici. | |
• | 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 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 | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies | ' |
SIGNIFICANT ACCOUNTING POLICIES | |
BASIS OF PRESENTATION | |
These consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the United States (“GAAP”). All significant intercompany accounts and transactions have been eliminated from these statements. 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. | |
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. | |
PREMIUMS AND RELATED EXPENSES | |
Premiums are recognized as income, net of any applicable reinsurance or retrocessional coverage purchased, over the terms of the related contracts and policies. Premiums written are based on contract and policy terms and include estimates based on information received from both insureds and ceding companies. Subsequent differences arising on such estimates are recorded in the period in which they are determined. Unearned premiums represents the portion of premiums written that relate to the unexpired terms of contracts and policies in force. Amounts are computed by pro-rata methods based on statistical data or reports received from ceding companies. Reinstatement premiums are estimated after the occurrence of a significant loss and are recorded in accordance with the contract terms based upon paid losses and case reserves. Reinstatement premiums are earned when written. | |
Acquisition costs are shown net of commissions and profit commissions earned on ceded reinsurance, and consist principally of commissions, brokerage and premium tax expenses incurred at the time a contract or policy is issued and are deferred and amortized over the period in which the related premiums are earned. Deferred policy acquisition costs are limited to their estimated realizable value based on the related unearned premiums. Anticipated claims and claim expenses, based on historical and current experience, and anticipated investment income related to those premiums are considered in determining the recoverability of deferred acquisition costs. | |
CLAIMS AND CLAIM EXPENSES | |
The reserve for claims and claim expenses includes estimates for unpaid claims and claim expenses on reported losses as well as an estimate of losses incurred but not reported. The reserve is based on individual claims, case reserves and other reserve estimates reported by insureds and ceding companies as well as management estimates of ultimate losses. Inherent in the estimates of ultimate losses are expected trends in claim severity and frequency and other factors which could vary significantly as claims are settled. Also, during the past few years, the Company has increased its specialty reinsurance business, but does not have the benefit of a significant amount of its own historical experience in certain of these lines of business. Accordingly, the setting and reserving for incurred losses in these lines of business could be subject to greater variability. | |
Ultimate losses may vary materially from the amounts provided in the consolidated financial statements. These estimates are reviewed regularly and, as experience develops and new information becomes known, the reserves are adjusted as necessary. Such adjustments, if any, are reflected in the consolidated statements of operations in the period in which they become known and are accounted for as changes in estimates. | |
REINSURANCE | |
Amounts recoverable from reinsurers are estimated in a manner consistent with the claim liability associated with the reinsured policies. For multi-year retrospectively rated contracts, the Company accrues amounts (either assets or liabilities) that are due to or from assuming companies based on estimated contract experience. If the Company determines that adjustments to earlier estimates are appropriate, such adjustments are recorded in the period in which they are determined. Reinsurance recoverables on dual trigger reinsurance contracts require the Company to estimate its ultimate losses applicable to these contracts as well as estimate the ultimate amount of insured industry losses that will be reported by the applicable statistical reporting agency, as per the contract terms. Amounts recoverable from reinsurers are recorded net of a valuation allowance for estimated uncollectible recoveries. | |
Assumed and ceded reinsurance contracts that lack a significant transfer of risk are treated as deposits. | |
INVESTMENTS, CASH AND CASH EQUIVALENTS | |
Fixed Maturity Investments | |
Investments in fixed maturities are classified as available for sale or trading and are reported at fair value. Investment transactions are recorded on the trade date with balances pending settlement reflected in the balance sheet as a receivable for investments sold or a payable for investments purchased. Net investment income includes interest and dividend income together with amortization of market premiums and discounts and is net of investment management and custody fees. The amortization of premium and accretion of discount for fixed maturity securities is computed using the effective yield method. For mortgage-backed securities and other holdings for which there is prepayment risk, prepayment assumptions are evaluated quarterly and revised as necessary. Any adjustments required due to the change in effective yields and maturities are recognized on a prospective basis through yield adjustments. Fair values of investments are based on quoted market prices, or when such prices are not available, by reference to broker or underwriter bid indications and/or internal pricing valuation techniques. The net unrealized appreciation or depreciation on fixed maturity investments available for sale is included in accumulated other comprehensive income. The net unrealized appreciation or depreciation on fixed maturity investments trading is included in net realized and unrealized gains on investments in the consolidated statements of operations. Realized gains or losses on the sale of investments are determined on the basis of the first in first out cost method and, for fixed maturity investments available for sale, include adjustments to the cost basis of investments for declines in value that are considered to be other-than-temporary. | |
Other-Than-Temporary Impairments | |
The Company recognizes other-than-temporary impairments in earnings for its impaired fixed maturity securities available for sale (i) for which the Company has the intent to sell the security or (ii) it is more likely than not that the Company will be required to sell the debt security before its anticipated recovery and (iii) for those securities which have a credit loss. In assessing whether a credit loss exists, the Company compares the present value of the cash flows expected to be collected from the security with the amortized cost basis of 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 impairment related to the credit loss and (ii) the amount of the total impairment related to all other factors. The amount of the total other-than-temporary impairment related to the credit loss is recognized in earnings. The amount of the total other-than-temporary impairment related to all other factors is recognized in other comprehensive income. In periods after the recognition of other-than-temporary impairments on the Company’s fixed maturity securities available for sale, the Company accounts for such securities as if they had been purchased on the measurement date of the other-than-temporary impairment at an amortized cost basis equal to the previous amortized cost basis less the other-than-temporary impairment recognized in earnings. For debt securities in which other-than-temporary impairments were recognized in earnings, the difference between the new amortized cost basis and the cash flows expected to be collected will be amortized into net investment income. | |
Equity Investments, Classified as Trading | |
Equity investments are accounted for at fair value in accordance with FASB ASC Topic Financial Instruments. Fair values are primarily priced by pricing services, reflecting the closing price quoted for the final trading day of the period. Net investment income includes dividend income and the net realized and unrealized appreciation or depreciation on equity investments is included in net realized and unrealized gains on investments in the consolidated statements of operations. | |
Short Term Investments and Cash and Cash Equivalents | |
Short term investments, which are managed as part of the Company’s investment portfolio and have a maturity of one year or less when purchased, are carried at amortized cost, which approximates fair value. The net unrealized appreciation or depreciation on short term investments is included in net realized and unrealized gains on investments in the consolidated statements of operations. Cash equivalents include money market instruments with a maturity of ninety days or less when purchased. | |
Other Investments | |
The Company accounts for its other investments at fair value in accordance with FASB ASC Topic Financial Instruments. The fair value of certain of the Company’s fund investments, which principally include private equity funds, senior secured bank loan funds and hedge funds, is recorded on its balance sheet in other investments, and is generally established on the basis of the net valuation criteria established by the managers of such investments, if applicable. The net valuation criteria established by the managers of such investments is established in accordance with the governing documents of such investments. Certain of the Company’s fund managers, fund administrators, or both, are unable to provide final fund valuations as of the Company’s current reporting date. The typical reporting lag experienced by the Company to receive a final net asset value report is one month for hedge funds and senior secured bank loan funds and three months for private equity funds, although, in the past, in respect of certain of the Company’s private equity funds, the Company has on occasion experienced delays of up to six months at year end, as the private equity funds typically complete their respective year-end audits before releasing their final net asset value statements. | |
In circumstances where there is a reporting lag between the current period end reporting date and the reporting date of the latest fund valuation, the Company estimates the fair value of these funds by starting with the prior month or quarter-end fund valuations, adjusting these valuations for actual capital calls, redemptions or distributions, as well as the impact of changes in foreign currency exchange rates, and then estimating the return for the current period. In circumstances in which the Company estimates the return for the current period, all information available to the Company is utilized. This principally includes 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. Actual final fund valuations may differ, perhaps materially so, from the Company’s estimates and these differences are recorded in the Company’s statement of operations in the period in which they are reported to the Company as a change in estimate. | |
The Company’s other investments also include investments in catastrophe bonds which are recorded at fair value and based on broker or underwriter bid indications. | |
Investments in Other Ventures | |
Investments in which the Company has significant influence over the operating and financial policies of the investee are classified as investments in other ventures, under equity method, and are accounted for under the equity method of accounting. Under this method, the Company records its proportionate share of income or loss from such investments in its results for the period. Any decline in value of investments in other ventures, under equity method considered by management to be other-than-temporary is charged to income in the period in which it is determined. | |
STOCK INCENTIVE COMPENSATION | |
The Company is authorized to issue restricted stock awards and units, performance shares, stock options and other equity-based awards to its employees and directors. The fair value of the compensation cost is measured at the grant date and expensed over the period for which the employee is required to provide services in exchange for the award. | |
In addition, the Company is authorized to issue cash settled restricted stock units (“CSRSU”) to its employees. The fair value of CSRSUs is determined at each reporting date using observable exchange traded prices for the Company’s common shares and is expensed over the period for which the employee is required to provide service in exchange for the award. In addition, the fair value of the award is recorded on the Company’s consolidated balance sheet as a liability as it is expensed and until the point payment is made to the employee. | |
Forfeiture benefits are estimated on a quarterly basis and incorporated in the determination of stock-based compensation. | |
DERIVATIVES | |
The Company enters into derivative instruments such as futures, options, swaps, forward contracts and other derivative contracts in order 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 their rights or obligations, with changes in fair value reflected in current earnings. The Company does not currently apply hedge accounting. The fair value of the Company’s derivatives is estimated by reference to quoted prices or broker quotes, where available, or in the absence of quoted prices or broker quotes, the use of industry or internal valuation models. | |
FAIR VALUE | |
The Company accounts for certain of its assets and liabilities at fair value in accordance with FASB ASC Topic Fair Value Measurements and Disclosures. The Company recognizes the change in unrealized gains and losses arising from changes in fair value in its 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 (loss) in shareholders’ equity. | |
BUSINESS COMBINATIONS, GOODWILL AND OTHER INTANGIBLE ASSETS | |
The Company accounts for business combinations in accordance with FASB ASC Topic Business Combinations, and goodwill and other intangible assets that arise from business combinations in accordance with FASB ASC Topic Intangibles – Goodwill and Other. A purchase price that is in excess of the fair value of the net assets acquired arising from a business combination is recorded as goodwill, and is not amortized. Other intangible assets with a finite life are amortized over the estimated useful life of the asset. Other intangible assets with an indefinite useful life are not amortized. | |
Goodwill and other indefinite life intangible assets are tested for impairment on an annual basis or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable. Definite life intangible assets are reviewed for indicators of impairment on an annual basis or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable, and tested for impairment if appropriate. For purposes of the annual impairment evaluation, goodwill is assigned to the applicable reporting unit of the acquired entities giving rise to the goodwill. Goodwill and other intangible assets recorded in connection with investments accounted for under the equity method, are recorded as “Investments in other ventures, under equity method” on the Company’s consolidated balance sheets. | |
The Company has established the beginning of the fourth quarter as the date for performing its annual impairment tests. The Company has the option to first assess qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test. Under this option, the Company would not be required to calculate the fair value of a reporting unit unless the Company determines, based on its qualitative assessment, that it is more likely than not that a reporting unit’s fair value is less than its carrying amount. If goodwill or other intangible assets are impaired, they are written down to their estimated fair value with a corresponding expense reflected in the Company’s consolidated statements of operations. | |
NONCONTROLLING INTERESTS | |
The Company accounts for noncontrolling interests in the shareholders’ equity section of the Company’s consolidated balance sheet in accordance with FASB ASC Topic Consolidations, and presents such noncontrolling shareholders’ interest in the net assets of the subsidiary. Net (income) loss attributable to noncontrolling interests is presented separately in the Company’s consolidated statements of operations. | |
In addition, the Company accounts for redeemable noncontrolling interest in DaVinciRe in the mezzanine section of the Company’s consolidated balance sheet in accordance with United States Securities and Exchange Commission (“SEC”) guidance which is applicable to SEC registrants. The SEC guidance requires shares, not required to be accounted for in accordance with FASB ASC Topic Distinguishing Liabilities from Equity, and having redemption features that are not solely within the control of the issuer, to be classified outside of permanent equity in the mezzanine section of the balance sheet. Because the share classes related to the redeemable noncontrolling interest portion of DaVinciRe are not considered liabilities in accordance with FASB ASC Topic Distinguishing Liabilities from Equity and have redemption features that are not solely within the control of DaVinciRe, the redeemable noncontrolling interest in DaVinciRe is presented in the mezzanine section on the Company’s consolidated balance sheet in accordance with the SEC guidance noted above. The SEC guidance does not impact the accounting for redeemable noncontrolling interest on the consolidated statements of operations; therefore, the provisions of FASB ASC Topic Consolidation with respect to the consolidated statements of operations still apply. | |
VARIABLE INTEREST ENTITIES | |
The Company accounts for VIEs in accordance with FASB ASC Topic Consolidation, which requires the consolidation of all VIEs by the primary beneficiary, that being the investor that has the power to direct the activities of the VIE and will absorb a majority of the VIE’s expected losses or residual returns. The Company determines whether it is the primary beneficiary of a VIE by performing an analysis that principally considers: (i) the VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders; (ii) the VIE’s capital structure; (iii) the terms between the VIE and its variable interest holders and other parties involved with the VIE; (iv) which variable interest holders have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; (v) which variable interest holders have the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE; and (vi) related party relationships. The Company reassesses its initial determination of whether the Company is the primary beneficiary of a VIE upon changes in facts and circumstances that could potentially alter the Company’s assessment. | |
EARNINGS PER SHARE | |
The Company calculates earnings per share in accordance with FASB ASC Topic Earnings per Share. Basic earnings per share are based on weighted average common shares and exclude any dilutive effects of options and restricted stock. Diluted earnings per share assumes the exercise of all dilutive stock options and restricted stock grants. | |
The two-class method is used to determine earnings per share based on dividends declared on common shares and participating securities (i.e. distributed earnings) and participation rights of participating securities in any undistributed earnings. Each unvested restricted share granted by the Company to its employees is considered a participating security and the Company uses the two-class method to calculate its net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – basic and diluted. | |
FOREIGN EXCHANGE | |
The Company’s functional currency is the U.S. dollar. Revenues and expenses denominated in foreign currencies are translated at the prevailing exchange rate at the transaction date. Monetary assets and liabilities denominated in foreign currencies are remeasured at exchange rates in effect at the balance sheet date, which may result in the recognition of exchange gains or losses which are included in the determination of net income (loss). | |
TAXATION | |
Income taxes have been provided in accordance with the provisions of FASB ASC Topic Income Taxes. Deferred tax assets and liabilities result from temporary differences between the amounts recorded in the consolidated financial statements and the tax basis of the Company’s assets and liabilities. Such temporary differences are primarily due to net operating loss carryforwards and GAAP versus tax basis accounting differences relating to interest expense, underwriting results, accrued expenses and investments. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance against deferred tax assets is recorded if it is more likely than not that all, or some portion, of the benefits related to deferred tax assets will not be realized. | |
Uncertain tax positions are also accounted for in accordance with FASB ASC Topic Income Taxes. Uncertain tax positions must meet a more likely than not recognition threshold to be recognized. | |
RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS | |
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. 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 | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [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.” | ||||||||||||||
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. | ||||||||||||||
See “Note 9. Debt” for additional information related to guarantees provided by RenaissanceRe with respect to certain counterparties of REAL. | ||||||||||||||
U.S.-Based Insurance Operations | ||||||||||||||
On November 18, 2010, RenaissanceRe entered into a Stock Purchase Agreement with QBE Holdings, Inc. (“QBE”) to sell substantially all of its U.S.-based insurance operations, including its U.S. property and casualty business underwritten through managing general agents, its crop insurance business underwritten through Agro National, its commercial property insurance operations and its claims operations. At December 31, 2010, the Company classified the assets and liabilities associated with this transaction as held for sale and the assets and liabilities were recorded at the lower of the carrying value or fair value less costs to sell. The financial results for these operations have been presented as discontinued operations in the Company’s consolidated statements of operations for all periods presented. | ||||||||||||||
Consideration for the transaction was book value at December 31, 2010, for the aforementioned businesses, payable in cash at closing and subject to adjustment for certain tax and other items. | ||||||||||||||
The transaction closed on March 4, 2011 and net consideration of $269.5 million was received by RenaissanceRe. | ||||||||||||||
Pursuant to the stock purchase agreement, RenaissanceRe’s U.S.-based insurance operations were subject to a post-closing review following December 31, 2011 of the net reserve for claims and claim expenses for loss events occurring on or prior to December 31, 2010 (the “Reserve Collar”). Effective May 23, 2012, RenaissanceRe and QBE reached an agreement in respect of the Reserve Collar, and RenaissanceRe paid QBE the sum of $9.0 million on June 1, 2012, representing full and final settlement of the Reserve Collar. | ||||||||||||||
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. | ||||||||||||||
The Company has reclassified the assets and liabilities of the discontinued operations to assets of discontinued operations held for sale and liabilities of discontinued operations held for sale, respectively, on its consolidated balance sheets. Details of the assets, liabilities and shareholder’s equity of discontinued operations held for sale at at December 31, 2013 and 2012, are as follows and relate entirely to REAL. | ||||||||||||||
At 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 December 31, 2013 and 2012, respectively) | $ | — | $ | 5,253 | ||||||||||
Cash and cash equivalents | — | 21,213 | ||||||||||||
Other assets | — | 107,628 | ||||||||||||
Total assets of discontinued operations held for sale | $ | — | $ | 134,094 | ||||||||||
Liabilities of Discontinued Operations Held for Sale | ||||||||||||||
Debt | $ | — | $ | 2,436 | ||||||||||
Other liabilities | — | 55,004 | ||||||||||||
Total liabilities of discontinued operations held for sale | $ | — | $ | 57,440 | ||||||||||
Shareholder’s Equity of Discontinued Operations Held for Sale | ||||||||||||||
Total shareholder’s equity of discontinued operations held for sale | — | 76,654 | ||||||||||||
Total liabilities and shareholder’s equity of discontinued operations held for sale | $ | — | $ | 134,094 | ||||||||||
The Company has reclassified the results of operations of the discontinued operations to income (loss) from discontinued operations in its consolidated statements of operations. Details of the income (loss) from discontinued operations for the years ended December 31, 2013, 2012 and 2011 are as follows: | ||||||||||||||
Year ended December 31, 2013 | REAL | |||||||||||||
Revenues | ||||||||||||||
Net investment income | $ | 1,150 | ||||||||||||
Net foreign exchanges gains | 849 | |||||||||||||
Other income | 701 | |||||||||||||
Net realized and unrealized losses on investments | (18 | ) | ||||||||||||
Total revenues | 2,682 | |||||||||||||
Expenses | ||||||||||||||
Operational expenses | 89 | |||||||||||||
Corporate expenses | 104 | |||||||||||||
Total expenses | 193 | |||||||||||||
Income before taxes | 2,489 | |||||||||||||
Income tax expense | (67 | ) | ||||||||||||
Income from discontinued operations | $ | 2,422 | ||||||||||||
Year ended December 31, 2012 | REAL | U.S.-based insurance operations | Total | |||||||||||
Revenues | ||||||||||||||
Net investment income | $ | 2,517 | $ | — | $ | 2,517 | ||||||||
Net foreign exchange losses | (96 | ) | — | (96 | ) | |||||||||
Other (loss) income | (20,785 | ) | 2,730 | (18,055 | ) | |||||||||
Net realized and unrealized gains on investments | 3 | — | 3 | |||||||||||
Total revenues | (18,361 | ) | 2,730 | (15,631 | ) | |||||||||
Expenses | ||||||||||||||
Operational expenses | 150 | 436 | 586 | |||||||||||
Corporate expenses | 236 | — | 236 | |||||||||||
Total expenses | 386 | 436 | 822 | |||||||||||
(Loss) income before taxes | (18,747 | ) | 2,294 | (16,453 | ) | |||||||||
Income tax expense | (16 | ) | (7 | ) | (23 | ) | ||||||||
(Loss) income from discontinued operations | $ | (18,763 | ) | $ | 2,287 | $ | (16,476 | ) | ||||||
Year ended December 31, 2011 | REAL | U.S.-based insurance operations | Total | |||||||||||
Revenues | ||||||||||||||
Gross premiums written | $ | — | $ | 21,546 | $ | 21,546 | ||||||||
Net premiums written | $ | — | $ | (44,935 | ) | $ | (44,935 | ) | ||||||
Decrease in unearned premiums | — | 66,137 | 66,137 | |||||||||||
Net premiums earned | $ | — | $ | 21,202 | $ | 21,202 | ||||||||
Net investment (loss) income | (2,159 | ) | 339 | (1,820 | ) | |||||||||
Net foreign exchange gains | 933 | — | 933 | |||||||||||
Other loss | (45,030 | ) | (9,904 | ) | (54,934 | ) | ||||||||
Net realized and unrealized gains on investments | — | 42 | 42 | |||||||||||
Total revenues | (46,256 | ) | 11,679 | (34,577 | ) | |||||||||
Expenses | ||||||||||||||
Net claims and claim expenses incurred | — | 8,430 | 8,430 | |||||||||||
Acquisition expenses | — | 6,059 | 6,059 | |||||||||||
Operational expenses | 5 | 7,272 | 7,277 | |||||||||||
Corporate expenses | 108 | 770 | 878 | |||||||||||
Total expenses | 113 | 22,531 | 22,644 | |||||||||||
Loss before taxes | (46,369 | ) | (10,852 | ) | (57,221 | ) | ||||||||
Income tax benefit (expense) | 10,700 | (5,038 | ) | 5,662 | ||||||||||
Loss from discontinued operations | $ | (35,669 | ) | $ | (15,890 | ) | $ | (51,559 | ) | |||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||
Goodwill and Other Intangible Assets | ' | |||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | ||||||||||||||
The following table shows an analysis of goodwill and other intangible assets: | ||||||||||||||
Goodwill and other intangible assets | ||||||||||||||
Goodwill | Other | Total | ||||||||||||
intangible | ||||||||||||||
assets | ||||||||||||||
Balance as of December 31, 2011 | ||||||||||||||
Gross amount | $ | 8,160 | $ | 12,999 | $ | 21,159 | ||||||||
Accumulated impairment losses and amortization | (2,299 | ) | (9,966 | ) | (12,265 | ) | ||||||||
5,861 | 3,033 | 8,894 | ||||||||||||
Amortization | — | (408 | ) | (408 | ) | |||||||||
Balance as of December 31, 2012 | ||||||||||||||
Gross amount | 8,160 | 12,999 | 21,159 | |||||||||||
Accumulated impairment losses and amortization | (2,299 | ) | (10,374 | ) | (12,673 | ) | ||||||||
5,861 | 2,625 | 8,486 | ||||||||||||
Amortization | — | (375 | ) | (375 | ) | |||||||||
Balance as of December 31, 2013 | ||||||||||||||
Gross amount | 8,160 | 12,999 | 21,159 | |||||||||||
Accumulated impairment losses and amortization | (2,299 | ) | (10,749 | ) | (13,048 | ) | ||||||||
$ | 5,861 | $ | 2,250 | $ | 8,111 | |||||||||
The following table shows an analysis of goodwill and other intangible assets included in investments in other ventures, under equity method: | ||||||||||||||
Goodwill and other intangible assets included | ||||||||||||||
in investments in other ventures, under equity method | ||||||||||||||
Goodwill | Other intangible assets | Total | ||||||||||||
Balance as of December 31, 2011 | ||||||||||||||
Gross amount | $ | 9,021 | $ | 44,323 | $ | 53,344 | ||||||||
Accumulated impairment losses and amortization | — | (19,820 | ) | (19,820 | ) | |||||||||
9,021 | 24,503 | 33,524 | ||||||||||||
Acquired during the year | 1,819 | — | 1,819 | |||||||||||
Amortization | — | (4,949 | ) | (4,949 | ) | |||||||||
Balance as of December 31, 2012 | ||||||||||||||
Gross amount | 10,840 | 44,323 | 55,163 | |||||||||||
Accumulated impairment losses and amortization | — | (24,769 | ) | (24,769 | ) | |||||||||
10,840 | 19,554 | 30,394 | ||||||||||||
Acquired during the year | 1,705 | 1,155 | 2,860 | |||||||||||
Amortization | — | (4,042 | ) | (4,042 | ) | |||||||||
Balance as of December 31, 2013 | ||||||||||||||
Gross amount | 12,545 | 45,478 | 58,023 | |||||||||||
Accumulated impairment losses and amortization | — | (28,811 | ) | (28,811 | ) | |||||||||
$ | 12,545 | $ | 16,667 | $ | 29,212 | |||||||||
The gross carrying value and accumulated amortization by major category of other intangible assets is shown below: | ||||||||||||||
Other intangible assets | ||||||||||||||
At December 31, 2013 | Gross | Accumulated | Total | |||||||||||
carrying | amortization and impairment losses | |||||||||||||
value | ||||||||||||||
Customer relationships and customer lists | $ | 40,640 | $ | (24,522 | ) | $ | 16,118 | |||||||
Lloyd’s managing agency license | 1,867 | — | 1,867 | |||||||||||
Trademarks and trade names | 610 | (134 | ) | 476 | ||||||||||
Covenants not-to-compete | 2,130 | (1,674 | ) | 456 | ||||||||||
Software | 8,730 | (8,730 | ) | — | ||||||||||
Patents and intellectual property | 4,500 | (4,500 | ) | — | ||||||||||
$ | 58,477 | $ | (39,560 | ) | $ | 18,917 | ||||||||
Other intangible assets | ||||||||||||||
At December 31, 2012 | Gross | Accumulated | Total | |||||||||||
carrying | amortization and impairment losses | |||||||||||||
value | ||||||||||||||
Customer relationships and customer lists | $ | 39,485 | $ | (20,936 | ) | $ | 18,549 | |||||||
Lloyd’s managing agency license | 1,867 | — | 1,867 | |||||||||||
Covenants not-to-compete | 2,130 | (1,369 | ) | 761 | ||||||||||
Trademarks and trade names | 610 | (110 | ) | 500 | ||||||||||
Software | 8,730 | (8,395 | ) | 335 | ||||||||||
Patents and intellectual property | 4,500 | (4,333 | ) | 167 | ||||||||||
$ | 57,322 | $ | (35,143 | ) | $ | 22,179 | ||||||||
The useful life of intangible assets with finite lives ranges from one to 25 years, with a weighted-average amortization period of 11 years. Expected amortization of the other intangible assets, including other intangible assets recorded in investments in other ventures, under equity method, is shown below: | ||||||||||||||
Other | Other | Total | ||||||||||||
intangibles | intangible | |||||||||||||
assets | ||||||||||||||
included | ||||||||||||||
in investments | ||||||||||||||
in other | ||||||||||||||
ventures, under | ||||||||||||||
equity method | ||||||||||||||
2014 | $ | 209 | $ | 3,669 | $ | 3,878 | ||||||||
2015 | 174 | 3,008 | 3,182 | |||||||||||
2016 | — | 2,309 | 2,309 | |||||||||||
2017 | — | 1,931 | 1,931 | |||||||||||
2018 | — | 1,497 | 1,497 | |||||||||||
2019 and thereafter | — | 4,253 | 4,253 | |||||||||||
Total remaining amortization expense | $ | 383 | $ | 16,667 | $ | 17,050 | ||||||||
Indefinite lived | 1,867 | — | 1,867 | |||||||||||
Total | $ | 2,250 | $ | 16,667 | $ | 18,917 | ||||||||
Investments
Investments | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||||||||
Investments | ' | |||||||||||||||||||||||||
INVESTMENTS | ||||||||||||||||||||||||||
Fixed Maturity Investments Trading | ||||||||||||||||||||||||||
The following table summarizes the fair value of fixed maturity investments trading: | ||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
U.S. treasuries | $ | 1,352,413 | $ | 1,254,547 | ||||||||||||||||||||||
Agencies | 186,050 | 315,154 | ||||||||||||||||||||||||
Non-U.S. government (Sovereign debt) | 334,580 | 133,198 | ||||||||||||||||||||||||
Non-U.S. government-backed corporate | 237,479 | 349,514 | ||||||||||||||||||||||||
Corporate | 1,803,415 | 1,607,233 | ||||||||||||||||||||||||
Agency mortgage-backed | 336,661 | 399,619 | ||||||||||||||||||||||||
Non-agency mortgage-backed | 243,795 | 230,747 | ||||||||||||||||||||||||
Commercial mortgage-backed | 303,214 | 361,645 | ||||||||||||||||||||||||
Asset-backed | 11,429 | 8,511 | ||||||||||||||||||||||||
Total fixed maturity investments trading | $ | 4,809,036 | $ | 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 | ||||||||||||||||||||||||||
At December 31, 2013 | Amortized | Gross | Gross | Fair Value | Non-Credit | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Other-Than- | |||||||||||||||||||||||
Gains | Losses | Temporary | ||||||||||||||||||||||||
Impairments | ||||||||||||||||||||||||||
(1) | ||||||||||||||||||||||||||
Agency mortgage-backed | $ | 4,880 | $ | 378 | $ | (11 | ) | $ | 5,247 | $ | — | |||||||||||||||
Non-agency mortgage-backed | 11,735 | 2,414 | (6 | ) | 14,143 | (742 | ) | |||||||||||||||||||
Commercial mortgage-backed | 10,052 | 970 | — | 11,022 | — | |||||||||||||||||||||
Asset-backed | 3,606 | 223 | — | 3,829 | — | |||||||||||||||||||||
Total fixed maturity investments available for sale | $ | 30,273 | $ | 3,985 | $ | (17 | ) | $ | 34,241 | $ | (742 | ) | ||||||||||||||
Included in Accumulated | ||||||||||||||||||||||||||
Other Comprehensive Income | ||||||||||||||||||||||||||
At December 31, 2012 | 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 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 described in the following table. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | ||||||||||||||||||||||||||
Trading | Available for Sale | Total Fixed Maturity Investments | ||||||||||||||||||||||||
At December 31, 2013 | Amortized | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||
Cost | ||||||||||||||||||||||||||
Due in less than one year | $ | 160,345 | $ | 160,760 | $ | — | $ | — | $ | 160,345 | $ | 160,760 | ||||||||||||||
Due after one through five years | 3,109,181 | 3,118,799 | — | — | 3,109,181 | 3,118,799 | ||||||||||||||||||||
Due after five through ten years | 550,269 | 551,007 | — | — | 550,269 | 551,007 | ||||||||||||||||||||
Due after ten years | 76,623 | 83,371 | — | — | 76,623 | 83,371 | ||||||||||||||||||||
Mortgage-backed | 874,099 | 883,670 | 26,667 | 30,412 | 900,766 | 914,082 | ||||||||||||||||||||
Asset-backed | 11,195 | 11,429 | 3,606 | 3,829 | 14,801 | 15,258 | ||||||||||||||||||||
Total | $ | 4,781,712 | $ | 4,809,036 | $ | 30,273 | $ | 34,241 | $ | 4,811,985 | $ | 4,843,277 | ||||||||||||||
Equity Investments Trading | ||||||||||||||||||||||||||
The following table summarizes the fair value of equity investments trading: | ||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
Financials | $ | 152,905 | $ | 58,186 | ||||||||||||||||||||||
Consumer | 44,115 | — | ||||||||||||||||||||||||
Industrial, utilities and energy | 25,350 | — | ||||||||||||||||||||||||
Healthcare | 15,340 | — | ||||||||||||||||||||||||
Basic materials | 12,766 | — | ||||||||||||||||||||||||
Communications and technology | 4,300 | — | ||||||||||||||||||||||||
Total | $ | 254,776 | $ | 58,186 | ||||||||||||||||||||||
Pledged Investments | ||||||||||||||||||||||||||
At December 31, 2013, $2,081.1 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 syndicated letter of credit facility and bilateral letter of credit facility (2012 - $1,490.9 million). Of this amount, $652.8 million is on deposit with, or in trust accounts for the benefit of, U.S. state regulatory authorities (2012 - $581.2 million). | ||||||||||||||||||||||||||
Reverse Repurchase Agreements | ||||||||||||||||||||||||||
At December 31, 2013, the Company held $37.3 million (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 amount 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: | ||||||||||||||||||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | |||||||||||||||||||||||
Fixed maturity investments | $ | 95,907 | $ | 103,330 | $ | 116,570 | ||||||||||||||||||||
Short term investments | 1,698 | 1,007 | 1,666 | |||||||||||||||||||||||
Equity investments | 2,295 | 1,086 | 471 | |||||||||||||||||||||||
Other investments | ||||||||||||||||||||||||||
Hedge funds and private equity investments | 45,810 | 36,635 | 27,541 | |||||||||||||||||||||||
Other | 73,692 | 35,196 | 10,585 | |||||||||||||||||||||||
Cash and cash equivalents | 191 | 277 | 195 | |||||||||||||||||||||||
219,593 | 177,531 | 157,028 | ||||||||||||||||||||||||
Investment expenses | (11,565 | ) | (11,806 | ) | (10,157 | ) | ||||||||||||||||||||
Net investment income | $ | 208,028 | $ | 165,725 | $ | 146,871 | ||||||||||||||||||||
Net realized and unrealized gains on investments and net other-than-temporary impairments are as follows: | ||||||||||||||||||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | |||||||||||||||||||||||
Gross realized gains | $ | 72,492 | $ | 97,787 | $ | 79,358 | ||||||||||||||||||||
Gross realized losses | (50,206 | ) | (16,705 | ) | (30,659 | ) | ||||||||||||||||||||
Net realized gains on fixed maturity investments | 22,286 | 81,082 | 48,699 | |||||||||||||||||||||||
Net unrealized (losses) gains on fixed maturity investments trading | (87,827 | ) | 75,279 | 19,404 | ||||||||||||||||||||||
Net realized and unrealized gains (losses) on investments-related derivatives | 31,058 | (866 | ) | (26,712 | ) | |||||||||||||||||||||
Net realized gains on equity investments trading | 26,650 | — | — | |||||||||||||||||||||||
Net unrealized gains on equity investments trading | 42,909 | 7,626 | 2,565 | |||||||||||||||||||||||
Net realized and unrealized gains on investments | $ | 35,076 | $ | 163,121 | $ | 43,956 | ||||||||||||||||||||
Total other-than-temporary impairments | $ | — | $ | (395 | ) | $ | (630 | ) | ||||||||||||||||||
Portion recognized in other comprehensive income, before taxes | — | 52 | 78 | |||||||||||||||||||||||
Net other-than-temporary impairments | $ | — | $ | (343 | ) | $ | (552 | ) | ||||||||||||||||||
The following table provides an analysis of the components of other comprehensive income and reclassifications out of accumulated other comprehensive income. | ||||||||||||||||||||||||||
Twelve months ended December 31, 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 | (1,462 | ) | (481 | ) | (1,943 | ) | ||||||||||||||||||||
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 | (1,462 | ) | (8,029 | ) | (9,491 | ) | ||||||||||||||||||||
Ending balance | $ | 163 | $ | 3,968 | $ | 4,131 | ||||||||||||||||||||
The following tables provide 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 December 31, 2013 | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||||
Agency mortgage-backed | $ | 726 | $ | (11 | ) | $ | — | $ | — | $ | 726 | $ | (11 | ) | ||||||||||||
Non-agency mortgage-backed | — | — | 89 | (6 | ) | 89 | (6 | ) | ||||||||||||||||||
Commercial mortgage-backed | 39 | — | — | — | 39 | — | ||||||||||||||||||||
Total | $ | 765 | $ | (11 | ) | $ | 89 | $ | (6 | ) | $ | 854 | $ | (17 | ) | |||||||||||
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 December 31, 2013, the Company held four fixed maturity investments available for sale securities that were in an unrealized loss position (2012 - 28), including two fixed maturity investments available for sale securities that were in an unrealized loss position for twelve months or greater (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 year ended December 31, 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 is 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 year ended December 31, 2013, the Company recognized $Nil other-than-temporary impairments due to the Company’s intent to sell these securities as of December 31, 2013 (2012 – $Nil, 2011 - $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 year ended December 31, 2013, the Company recognized $Nil of other-than-temporary impairments due to required sales (2012 – $Nil, 2011 - $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 year ended December 31, 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, 2011 - $0.6 million and $78 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: | ||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
Balance – January 1 | $ | 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 | (277 | ) | (1,650 | ) | ||||||||||||||||||||||
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 | — | — | ||||||||||||||||||||||||
Balance – December 31 | $ | 561 | $ | 838 | ||||||||||||||||||||||
Other Investments | ||||||||||||||||||||||||||
The table below shows the fair value of the Company’s portfolio of other investments: | ||||||||||||||||||||||||||
At December 31, | 2013 | 2012 | ||||||||||||||||||||||||
Private equity partnerships | $ | 322,391 | $ | 344,669 | ||||||||||||||||||||||
Catastrophe bonds | 229,016 | 91,310 | ||||||||||||||||||||||||
Senior secured bank loan funds | 18,048 | 202,929 | ||||||||||||||||||||||||
Hedge funds | 3,809 | 5,803 | ||||||||||||||||||||||||
Total other investments | $ | 573,264 | $ | 644,711 | ||||||||||||||||||||||
Interest income, income distributions and net realized and unrealized gains on other investments are included in net investment income and totaled $119.5 million (2012 – $71.8 million, 2011 – $38.1 million) of which $75.8 million was related to net unrealized gains (2012 – $38.2 million, 2011 – $12.7 million). Included in net investment income for the year ended December 31, 2013 is a loss of $3.7 million (2012 - loss of $4.7 million, 2011 - loss of $1.4 million) representing the change in estimate during the period related to the difference between the Company’s estimated net investment income due to the lag in reporting, as discussed in “Note 2. Significant Accounting Policies”, and the actual amount as reported in the final net asset values provided by the Company’s fund managers. | ||||||||||||||||||||||||||
The Company has committed capital to private equity partnerships and other entities of $662.7 million, of which $544.6 million has been contributed at December 31, 2013. The Company’s remaining commitments to these funds at December 31, 2013 totaled $116.2 million. In the future, the Company may enter into additional commitments in respect of private equity partnerships or individual portfolio company investment opportunities. | ||||||||||||||||||||||||||
Investments in Other Ventures, under Equity Method | ||||||||||||||||||||||||||
The table below shows the Company’s portfolio of investments in other ventures, under equity method: | ||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
At December 31, | Investment | Ownership % | Carrying Value | Investment | Ownership % | Carrying Value | ||||||||||||||||||||
THIG | $ | 50,000 | 25 | % | $ | 25,107 | $ | 50,000 | 25 | % | $ | 28,303 | ||||||||||||||
Tower Hill | 10,000 | 29.4 | % | 14,506 | 10,000 | 28.6 | % | 13,969 | ||||||||||||||||||
Tower Hill Signature | 500 | 25 | % | 2,515 | 500 | 25 | % | 896 | ||||||||||||||||||
Total Tower Hill Companies | 60,500 | 42,128 | 60,500 | 43,168 | ||||||||||||||||||||||
Top Layer Re | 65,375 | 50 | % | 50,500 | 65,375 | 50 | % | 36,664 | ||||||||||||||||||
Angus | 10,507 | 42.5 | % | 9,180 | 8,226 | 38.8 | % | 7,892 | ||||||||||||||||||
Other | 3,000 | 22 | % | 3,808 | — | — | % | — | ||||||||||||||||||
Total investments in other ventures, under equity method | $ | 139,382 | $ | 105,616 | $ | 134,101 | $ | 87,724 | ||||||||||||||||||
Included in the table above is the Company’s investment in Angus Partners LLC (“Angus”). On December 1, 2013, the Company increased its investment in Angus through the transactions described in “Note 10. Noncontrolling Interests”. As a result of these transactions, the Company has cumulatively invested $10.5 million in Angus, representing a 42.5% ownership. | ||||||||||||||||||||||||||
On July 1, 2008, the Company invested $50.0 million in Tower Hill Insurance Group, LLC. (“THIG”) representing a 25.0% equity ownership. Included in the purchase price was $40.0 million of other intangibles and $7.8 million of goodwill, which, in accordance with generally accepted accounting principles, are recorded as “Investments in other ventures, under equity method” rather than “Goodwill and other intangibles” on the Company’s consolidated balance sheet. | ||||||||||||||||||||||||||
The Company originally invested $13.1 million in Top Layer Re, representing a 50.0% ownership. In December 2010, March 2011 and December 2011, primarily as a result of net claims and claim expenses incurred by Top Layer Re with respect to the September 2010, February 2011 New Zealand and Tohoku Earthquakes, respectively, the Company invested an additional $13.8 million, $20.5 million and $18.0 million, respectively, in Top Layer Re, maintaining the Company’s 50% ownership interest. | ||||||||||||||||||||||||||
The table below shows the Company’s equity in earnings (losses) of other ventures, under equity method: | ||||||||||||||||||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | |||||||||||||||||||||||
Top Layer Re | $ | 13,836 | $ | 20,792 | $ | (37,471 | ) | |||||||||||||||||||
Tower Hill Companies | 10,270 | 4,965 | 2,923 | |||||||||||||||||||||||
Angus | (858 | ) | (2,519 | ) | 808 | |||||||||||||||||||||
Other | (54 | ) | — | (2,793 | ) | |||||||||||||||||||||
Total equity in earnings (losses) of other ventures | $ | 23,194 | $ | 23,238 | $ | (36,533 | ) | |||||||||||||||||||
Undistributed earnings in the Company’s investments in other ventures, under equity method were $15.5 million at December 31, 2013 (2012 - $19.3 million). During 2013, the Company received $9.9 million of dividends from its investments in other ventures, under equity method (2012 – $9.9 million, 2011 – $9.5 million). During the third quarter of 2011, the Company sold its entire ownership interest in NBIC Holdings, Inc. (“NBIC”), a holding company for a specialty underwriter of homeowners’ insurance products and services, for $12.0 million. Included in Other in the table above for the year ended December 31, 2011 is equity in losses of NBIC of $2.8 million, which was accounted for under the equity method of accounting prior to its sale. As a result of the sale, the Company recorded a $4.8 million gain, included in other income for the year ended December 31, 2011. Except for Top Layer Re, the equity in earnings of Tower Hill Insurance Group, LLC., Tower Hill Holdings, Inc. and Tower Hill Signature Insurance Holdings, Inc. (collectively, the “Tower Hill Companies”), Angus and the Company’s other category of investments in other ventures are reported one quarter in arrears. |
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value Measurements | 12 Months Ended | ||||||||||||||||||
Dec. 31, 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. | |||||||||||||||||||
Other than the transaction noted below, there have been no material changes in the Company’s valuation techniques, nor have there been any transfers between Level 1 and Level 2, or Level 2 and 3 during the period represented by these consolidated financial statements. As discussed in greater detail below, the Company transferred its investment in the common shares of Essent Group Ltd. (“Essent”), a U.S. mortgage guaranty insurance company, from Level 3 to Level 1, effective October 31, 2013, the date which Essent became a publicly traded company on the New York Stock Exchange (the “NYSE”). The fair value transferred from Level 3 to Level 1 was $85.6 million. | |||||||||||||||||||
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 December 31, 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 | $ | 1,352,413 | $ | 1,352,413 | $ | — | $ | — | |||||||||||
Agencies | 186,050 | — | 186,050 | — | |||||||||||||||
Non-U.S. government (Sovereign debt) | 334,580 | — | 334,580 | — | |||||||||||||||
Non-U.S. government-backed corporate | 237,479 | — | 237,479 | — | |||||||||||||||
Corporate | 1,803,415 | — | 1,775,835 | 27,580 | |||||||||||||||
Agency mortgage-backed | 341,908 | — | 341,908 | — | |||||||||||||||
Non-agency mortgage-backed | 257,938 | — | 257,938 | — | |||||||||||||||
Commercial mortgage-backed | 314,236 | — | 314,236 | — | |||||||||||||||
Asset-backed | 15,258 | — | 15,258 | — | |||||||||||||||
Total fixed maturity investments | 4,843,277 | 1,352,413 | 3,463,284 | 27,580 | |||||||||||||||
Short term investments | 1,044,779 | — | 1,044,779 | — | |||||||||||||||
Equity investments trading | 254,776 | 254,776 | — | — | |||||||||||||||
Other investments | |||||||||||||||||||
Private equity partnerships | 322,391 | — | — | 322,391 | |||||||||||||||
Catastrophe bonds | 229,016 | — | 229,016 | — | |||||||||||||||
Senior secured bank loan funds | 18,048 | — | — | 18,048 | |||||||||||||||
Hedge funds | 3,809 | — | — | 3,809 | |||||||||||||||
Total other investments | 573,264 | — | 229,016 | 344,248 | |||||||||||||||
Other assets and (liabilities) | |||||||||||||||||||
Derivatives (1) | 4,758 | 823 | 6,425 | (2,490 | ) | ||||||||||||||
Other | (12,991 | ) | — | (12,991 | ) | — | |||||||||||||
Total other assets and (liabilities) | (8,233 | ) | 823 | (6,566 | ) | (2,490 | ) | ||||||||||||
$ | 6,707,863 | $ | 1,608,012 | $ | 4,730,513 | $ | 369,338 | ||||||||||||
-1 | See “Note 19. Derivative Instruments” for additional information related to the fair value by type of contract, of derivatives entered into by the Company. | ||||||||||||||||||
At December 31, 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 19. Derivative Instruments” for additional information related to the fair value by type of contract, of derivatives entered into by the Company. | |||||||||||||||||||
Level 1 and Level 2 Assets and Liabilities Measured at Fair Value | |||||||||||||||||||
Fixed Maturity Investments | |||||||||||||||||||
Fixed maturity investments included in Level 1 consist of the Company’s investments in U.S. treasuries. Fixed maturity investments included in Level 2 are agencies, non-U.S. government, non-U.S. government-backed corporate, corporate, agency mortgage-backed, non-agency mortgage-backed, commercial mortgage-backed and asset-backed. | |||||||||||||||||||
The Company’s fixed maturity investments are primarily priced using pricing services, such as index providers and pricing vendors, as well as broker quotations. In general, the pricing vendors provide pricing for a high volume of liquid securities that are actively traded. For securities that do not trade on an exchange, the pricing services generally utilize market data and other observable inputs in matrix pricing models to determine month end prices. Observable inputs include benchmark yields, reported trades, broker-dealer quotes, issuer spreads, bids, offers, reference data and industry and economic events. Index pricing generally relies on market traders as the primary source for pricing, however models are also utilized to provide prices for all index eligible securities. The models use a variety of observable inputs such as benchmark yields, transactional data, dealer runs, broker-dealer quotes and corporate actions. Prices are generally verified using third party data. Securities which are priced by an index provider are generally included in the index. | |||||||||||||||||||
In general, broker-dealers value securities through their trading desks based on observable inputs. The methodologies include mapping securities based on trade data, bids or offers, observed spreads, and performance on newly issued securities. Broker-dealers also determine valuations by observing secondary trading of similar securities. Prices obtained from broker quotations are considered non-binding, however they are based on observable inputs and by observing secondary trading of similar securities obtained from active, 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 December 31, 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 (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 December 31, 2013, the Company’s agency fixed maturity investments had a weighted average effective yield of 1.3% and a weighted average credit quality of AA (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 December 31, 2013, had a weighted average effective yield of 1.3% and a weighted average credit quality of AA (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 1.1% and a weighted average credit quality of AAA at December 31, 2013 (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 December 31, 2013, the Company’s corporate fixed maturity investments principally consist of U.S. and international corporations and had a weighted average effective yield of 2.7% and a weighted average credit quality of BBB (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 December 31, 2013, the Company’s agency mortgage-backed fixed maturity investments included agency residential mortgage-backed securities with a weighted average effective yield of 2.9%, a weighted average credit quality of AA and a weighted average life of 6.2 years (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 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 December 31, 2013, the Company’s non-agency prime residential mortgage-backed fixed maturity investments have a weighted average effective yield of 3.7%, a weighted average credit quality of BBB, and a weighted average life of 4.4 years (2012 - 3.6%, BBB and 4.5 years, respectively). The Company’s non-agency Alt-A fixed maturity investments held at December 31, 2013 have a weighted average effective yield of 4.7%, a weighted average credit quality of non-investment grade and a weighted average life of 4.0 years (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 December 31, 2013 have a weighted average effective yield of 2.1%, a weighted average credit quality of AA, and a weighted average life of 3.3 years (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 December 31, 2013, the Company’s asset-backed fixed maturity investments had a weighted average effective yield of 2.0%, a weighted average credit quality of AAA and a weighted average life of 3.5 years (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. | |||||||||||||||||||
At September 30, 2013, the Company had an investment of $48.0 million in the common shares of Essent, a then private U.S. mortgage guaranty insurance company which provides capital to lenders and investors that support financing for homeowner mortgages. On October 31, 2013, Essent common shares began publicly trading on the NYSE at a share price of $17.00, resulting in a fair value of $85.6 million. Following the initial public offering, the Company transferred its investment in Essent from other investments to 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 are included in net realized and unrealized gains (losses) on investments on the Company’s consolidated statements of operations. The Company has agreed, subject to certain exceptions, not to dispose of or hedge any of the common shares of Essent it holds prior to April 28, 2014. | |||||||||||||||||||
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 December 31, 2013 of $13.0 million are principally CSRSUs 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: | |||||||||||||||||||
December 31, 2013 | Fair Value | Valuation Technique | Unobservable (U) | Low | High | Weighted Average or Actual | |||||||||||||
(Level 3) | and Observable (O) | ||||||||||||||||||
Inputs | |||||||||||||||||||
Fixed maturity investments | |||||||||||||||||||
Corporate | $ | 15,726 | Discounted cash flow (“DCF”) | Credit spread (U) | n/a | n/a | 2.3 | % | |||||||||||
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 | 6.2 | % | |||||||||||||||
Corporate | 11,854 | Internal valuation model | Private transaction (U) | n/a | n/a | See below | |||||||||||||
Total fixed maturity investments | 27,580 | ||||||||||||||||||
Other investments | |||||||||||||||||||
Private equity partnerships | 322,391 | Net asset valuation | Estimated performance (U) | (100.0 | )% | 71.8 | % | 4.8 | % | ||||||||||
Senior secured bank loan funds | 18,048 | Net asset valuation | Estimated performance (U) | 0.5 | % | 0.6 | % | 0.5 | % | ||||||||||
Hedge funds | 3,809 | Net asset valuation | Estimated performance (U) | 0 | % | 0 | % | 0 | % | ||||||||||
Total other investments | 344,248 | ||||||||||||||||||
Other assets and (liabilities) | |||||||||||||||||||
Weather contract | (2,490 | ) | Internal valuation model | See below | n/a | n/a | See below | ||||||||||||
Total other assets and (liabilities) | (2,490 | ) | |||||||||||||||||
$ | 369,338 | ||||||||||||||||||
Fixed Maturity Investments | |||||||||||||||||||
Corporate | |||||||||||||||||||
Level 3 - Included in the Company’s corporate fixed maturity investments is an investment in the preferred equity of a company with a fair value of $15.7 million. 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 December 31, 2013, the dividend rate was 6.2%. In addition, the Company has estimated a liquidity discount of 1.0%, a risk-free rate of 0.6% and a credit spread of 2.3%. 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, liquidity discount and the risk-free rate. | |||||||||||||||||||
The Company’s corporate fixed maturity investments also include an investment in the preferred equity of another company with a fair value of $11.9 million at December 31, 2013. The Company measures the fair value of this investment using an internal valuation model and uses a combination of quantitative and qualitative factors, with a focus on third party valuations, which factors may also include, but are not limited to, discounted cash flow analysis, financial statement analysis, budgets and forecasts, and capital transactions. 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 $11.9 million at December 31, 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 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 $322.4 million of investments in private equity partnerships at December 31, 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 December 31, 2013 was negative 100.0% to positive 71.8% with a weighted average of positive 4.8%. 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 annual audited financial statements to attempt 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 $18.0 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 annual audited financial statements to attempt to ensure that these funds are following fair value principles consistent with GAAP in determining the net asset value. The fair value of the Company’s investment in senior secured bank loan funds is positively correlated to the estimated monthly net asset valuations received from the investment manager. | |||||||||||||||||||
Hedge funds | |||||||||||||||||||
Level 3 - The Company has $3.8 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 annual audited financial statements to attempt to ensure that the hedge fund investment is following fair value principles consistent with GAAP in determining the net asset value. | |||||||||||||||||||
Other assets and liabilities | |||||||||||||||||||
Weather Contract | |||||||||||||||||||
Level 3 - The Company has a $2.5 million liability related to a weather contract with the fair value determined 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 an increase (decrease) to the fair value of the Company’s weather contract liability. | |||||||||||||||||||
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 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 | 31 | 24,947 | — | 24,978 | |||||||||||||||
Included in other (loss) income | — | — | (3,225 | ) | (3,225 | ) | |||||||||||||
Total realized (losses) gains | |||||||||||||||||||
Included in net investment income | — | — | — | — | |||||||||||||||
Included in other (loss) income | — | — | (12,177 | ) | (12,177 | ) | |||||||||||||
Total foreign exchange losses | — | 699 | — | 699 | |||||||||||||||
Purchases | — | 48,631 | 17,287 | 65,918 | |||||||||||||||
Sales | — | (2,842 | ) | — | (2,842 | ) | |||||||||||||
Settlements | — | (86,894 | ) | — | (86,894 | ) | |||||||||||||
Balance - December 31, 2012 | $ | 27,792 | $ | 381,067 | $ | 21,513 | $ | 430,372 | |||||||||||
Change in unrealized gains for the period included in earnings for assets held at the end of the period included in net investment income | $ | 31 | $ | 24,947 | $ | — | $ | 24,978 | |||||||||||
Change in unrealized losses for the period included in earnings for assets held at the end of the period included in other (loss) income | $ | — | $ | — | $ | (3,225 | ) | $ | (3,225 | ) | |||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
Fixed maturity | Other | Other assets | Total | ||||||||||||||||
investments trading | investments | and | |||||||||||||||||
(liabilities) | |||||||||||||||||||
Balance - January 1, 2013 | $ | 27,792 | $ | 381,067 | $ | 21,513 | $ | 430,372 | |||||||||||
Total unrealized gains (losses) | |||||||||||||||||||
Included in net investment income | 2,288 | 80,113 | (1,331 | ) | 81,070 | ||||||||||||||
Included in other (loss) income | — | — | (625 | ) | (625 | ) | |||||||||||||
Total realized losses | |||||||||||||||||||
Included in net investment income | — | (4,114 | ) | — | (4,114 | ) | |||||||||||||
Included in other (loss) income | — | — | (2,083 | ) | (2,083 | ) | |||||||||||||
Total foreign exchange gains | — | 1,352 | — | 1,352 | |||||||||||||||
Purchases | — | 48,287 | (1,722 | ) | 46,565 | ||||||||||||||
Sales | — | — | — | — | |||||||||||||||
Settlements | (2,500 | ) | (95,144 | ) | — | (97,644 | ) | ||||||||||||
Reclassified from other assets to other investments | — | 18,242 | (18,242 | ) | — | ||||||||||||||
Net transfers out of Level 3 | — | (85,555 | ) | — | (85,555 | ) | |||||||||||||
Balance - December 31, 2013 | $ | 27,580 | $ | 344,248 | $ | (2,490 | ) | $ | 369,338 | ||||||||||
Change in unrealized gains for the period included in earnings for assets held at the end of the period included in net investment income | $ | 2,288 | $ | 78,903 | $ | (1,331 | ) | $ | 79,860 | ||||||||||
Change in unrealized gains for the period included in earnings for assets held at the end of the period included in other (loss) income | $ | — | $ | — | $ | — | $ | — | |||||||||||
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 December 31, 2013, the fair value of the 5.75% Senior Notes was $273.9 million (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 the Senior Notes. | |||||||||||||||||||
The Fair Value Option for Financial Assets and Financial Liabilities | |||||||||||||||||||
The Company has elected to account for certain financial assets and financial liabilities at fair value using the guidance under FASB ASC Topic Financial Instruments as the Company believes it represents the most meaningful measurement basis for these assets and liabilities. Below is a summary of the balances the Company has elected to account for at fair value: | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Other investments | $ | 573,264 | $ | 644,711 | |||||||||||||||
Other assets | $ | — | $ | 21,513 | |||||||||||||||
Included in net investment income for the year ended December 31, 2013 was net unrealized gains of $75.8 million related to the changes in fair value of other investments (2012 – $38.2 million, 2011 – $12.7 million). Net unrealized losses related to the changes in the fair value of other assets and liabilities recorded in other (loss) income was $Nil for the year ended December 31, 2013 (2012 – $3.2 million, 2011 – $2.8 million). | |||||||||||||||||||
Measuring the Fair Value of Other Investments Using Net Asset Valuations | |||||||||||||||||||
The table below shows the Company’s portfolio of other investments measured using net asset valuations: | |||||||||||||||||||
At December 31, 2013 | Fair Value | Unfunded | Redemption Frequency | Redemption | Redemption | ||||||||||||||
Commitments | Notice Period (Minimum Days) | Notice Period (Maximum Days) | |||||||||||||||||
Private equity partnerships | $ | 322,391 | $ | 99,610 | See below | See below | See below | ||||||||||||
Senior secured bank loan funds | 18,048 | 16,635 | See below | See below | See below | ||||||||||||||
Hedge funds | 3,809 | — | See below | See below | See below | ||||||||||||||
Total other investments measured using net asset valuations | $ | 344,248 | $ | 116,245 | |||||||||||||||
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 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 $18.0 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 December 31, 2013 are $3.8 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 will retain 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. |
Reinsurance
Reinsurance | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract] | ' | |||||||||||||
Reinsurance | ' | |||||||||||||
REINSURANCE | ||||||||||||||
The Company purchases reinsurance and other protection to manage its risk portfolio and to reduce its exposure to large losses. The Company currently has in place contracts that provide for recovery of a portion of certain claims and claim expenses, generally in excess of various retentions or on a proportional basis. In addition to loss recoveries, certain of the Company’s ceded reinsurance contracts provide for 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 table sets forth the effect of reinsurance and retrocessional activity on premiums written and earned and on net claims and claim expenses incurred: | ||||||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | |||||||||||
Premiums written | ||||||||||||||
Direct | $ | 54,334 | $ | 36,367 | $ | 29,725 | ||||||||
Assumed | 1,551,078 | 1,515,224 | 1,405,251 | |||||||||||
Ceded | (401,465 | ) | (448,934 | ) | (422,203 | ) | ||||||||
Net premiums written | $ | 1,203,947 | $ | 1,102,657 | $ | 1,012,773 | ||||||||
Premiums earned | ||||||||||||||
Direct | $ | 44,530 | $ | 34,028 | $ | 17,794 | ||||||||
Assumed | 1,482,511 | 1,465,701 | 1,356,205 | |||||||||||
Ceded | (412,415 | ) | (430,374 | ) | (422,950 | ) | ||||||||
Net premiums earned | $ | 1,114,626 | $ | 1,069,355 | $ | 951,049 | ||||||||
Claims and claim expenses | ||||||||||||||
Gross claims and claim expenses incurred | $ | 185,139 | $ | 403,491 | $ | 1,270,487 | ||||||||
Claims and claim expenses recovered | (13,852 | ) | (78,280 | ) | (409,308 | ) | ||||||||
Net claims and claim expenses incurred | $ | 171,287 | $ | 325,211 | $ | 861,179 | ||||||||
The reinsurers with the three largest balances accounted for 28.2%, 19.9% and 11.0%, respectively, of the Company’s reinsurance recoverable balance at December 31, 2013 (2012 - 14.3%, 14.3% and 12.6%, respectively). The valuation allowance recorded against reinsurance recoverable was $1.7 million at December 31, 2013 (2012 - $4.5 million). The three largest company-specific components of the valuation allowance represented 14.2%, 12.5% and 3.1%, respectively, of the Company’s total valuation allowance at December 31, 2013 (2012 - 44.1%, 26.7% and 6.1%, respectively). |
Reserve_for_Claims_and_Claim_E
Reserve for Claims and Claim Expenses | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Insurance Loss Reserves [Abstract] | ' | |||||||||||||||||||||
Reserve for Claims and Claim Expenses | ' | |||||||||||||||||||||
RESERVE FOR CLAIMS AND CLAIM EXPENSES | ||||||||||||||||||||||
The Company uses statistical and actuarial methods to estimate ultimate expected claims and claim expenses. The period of time from the reporting of a claim to the Company and the settlement of the Company’s liability may be many years. During this period, additional facts and trends will be revealed. As these factors become apparent, case reserves will be adjusted, sometimes requiring an increase or decrease in the overall reserve for claims and claim expenses of the Company, and at other times requiring a reallocation of incurred but not reported (“IBNR”) reserves to specific case reserves or additional case reserves. These estimates are reviewed regularly, and such adjustments, if any, are reflected in the results of operations in the period in which they become known and are accounted for as changes in estimates. Adjustments to the Company’s reserve for claims and claim expenses can impact current year net income (loss) by increasing net income or decreasing net loss if the estimates of prior years claims and claim expense reserves prove to be overstated or by decreasing net income or increasing net loss if the estimates of prior years claims and claim expense reserves prove to be insufficient. | ||||||||||||||||||||||
The Company’s estimates of claims and claim expenses are also based in part upon the estimation of claims resulting from natural and man-made disasters such as hurricanes, earthquakes, tsunamis, tornadoes, floods, winter storms, terrorist attacks and other catastrophic events. Estimation by the Company of claims resulting from catastrophic events is inherently difficult because of the potential severity of property catastrophe claims. Additionally, the Company has recently increased its specialty reinsurance business but does not have the benefit of a significant amount of its own historical experience in certain of these lines. Therefore, the Company uses both proprietary and commercially available models, as well as historical (re)insurance industry claims experience, for purposes of evaluating future trends and providing an estimate of ultimate claims costs. | ||||||||||||||||||||||
Activity in the liability for unpaid claims and claim expenses is summarized as follows: | ||||||||||||||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | |||||||||||||||||||
Net reserves as of January 1 | $ | 1,686,865 | $ | 1,588,325 | $ | 1,156,132 | ||||||||||||||||
Net incurred related to: | ||||||||||||||||||||||
Current year | 315,241 | 483,180 | 993,168 | |||||||||||||||||||
Prior years | (143,954 | ) | (157,969 | ) | (131,989 | ) | ||||||||||||||||
Total net incurred | 171,287 | 325,211 | 861,179 | |||||||||||||||||||
Net paid related to: | ||||||||||||||||||||||
Current year | 32,212 | 84,056 | 299,299 | |||||||||||||||||||
Prior years | 363,235 | 142,615 | 129,687 | |||||||||||||||||||
Total net paid | 395,447 | 226,671 | 428,986 | |||||||||||||||||||
Net reserves as of December 31 | 1,462,705 | 1,686,865 | 1,588,325 | |||||||||||||||||||
Reinsurance recoverable as of December 31 | 101,025 | 192,512 | 404,029 | |||||||||||||||||||
Gross reserves as of December 31 | $ | 1,563,730 | $ | 1,879,377 | $ | 1,992,354 | ||||||||||||||||
The following table details the Company’s prior year development by segment of its liability for unpaid claims and claim expenses: | ||||||||||||||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | |||||||||||||||||||
Catastrophe Reinsurance | $ | (102,037 | ) | $ | (110,568 | ) | $ | (59,137 | ) | |||||||||||||
Specialty Reinsurance | (34,111 | ) | (34,146 | ) | (77,761 | ) | ||||||||||||||||
Lloyd’s | (8,256 | ) | (16,202 | ) | 478 | |||||||||||||||||
Other | 450 | 2,947 | 4,431 | |||||||||||||||||||
Total favorable development of prior accident years net claims and claim expenses | $ | (143,954 | ) | $ | (157,969 | ) | $ | (131,989 | ) | |||||||||||||
Catastrophe Reinsurance Segment | ||||||||||||||||||||||
The Company reviews substantially all of its catastrophe reinsurance claims and claim expense reserves quarterly. The Company’s quarterly review procedures include identifying events that have occurred up to the latest balance sheet date, determining the Company’s best estimate of the ultimate expected cost to settle all claims and administrative costs associated with those new events which have arisen during the reporting period, reviewing the ultimate expected cost to settle claims and administrative costs associated with those events which occurred during previous periods, and considering new estimation techniques, such as additional actuarial methods or other statistical techniques, that can assist the Company in developing its best estimate. This process is judgmental in that it involves reviewing changes in paid and reported claims each period and adjusting the Company’s estimates of the ultimate expected claims for each event where there are developments that are different from the Company’s previous expectations. If the Company determines that adjustments to an earlier estimate are appropriate, such adjustments are recorded in the period in which they are identified. The level of the Company’s claims associated with certain catastrophes can be very large. For example, within the Company’s Catastrophe Reinsurance segment, initial estimated ultimate claims associated with the 2005 Hurricanes, Katrina, Rita and Wilma, were over $1.3 billion, the 2008 Hurricanes, Gustav and Ike, were over $530 million and the large losses of 2011 (including the 2011 New Zealand Earthquake, the Tohoku Earthquake, the large U.S. tornadoes, flooding in Australia, certain aggregate losses, Hurricane Irene and the Thailand Floods) were over $1.1 billion. As a result, small percentage changes in the estimated ultimate claims of large catastrophic events can significantly impact the Company’s reserves for claims and claim expenses in subsequent periods. | ||||||||||||||||||||||
Specialty Reinsurance Segment | ||||||||||||||||||||||
When initially developing reserving techniques for the Company’s specialty reinsurance coverages, the Company considered estimating reserves utilizing several actuarial techniques such as paid and reported claims development methods. The Company elected to use the Bornhuetter-Ferguson actuarial method because this method is appropriate for lines of business, such as its specialty reinsurance business, where there is a lack of historical claims experience. This method allows for greater weight to be applied to expected results in periods where little or no actual experience is available, and, hence, is less susceptible to the potential pitfall of being excessively impacted by one particular year or quarter of actual paid and/or reported claims data. This method uses initial expected claims ratio expectations to the extent that claims are not paid or reported, and it assumes that past experience is not fully representative of the future. As the Company’s reserves for claims and claim expenses age, and actual claims experience becomes available, this method places less weight on expected experience and places more weight on actual experience. This experience, which represents the difference between expected reported claims and actual reported claims is reflected in the respective reporting period as a change in estimate. The Company reevaluates its actuarial reserving techniques on a periodic basis. | ||||||||||||||||||||||
The Company reviews substantially all of its specialty reinsurance claims and claim expense reserves quarterly. Typically, the quarterly review procedures include reviewing paid and reported claims in the most recent reporting period, reviewing the development of paid and reported claims from prior periods, and reviewing the Company’s overall experience by underwriting year and in the aggregate. The Company monitors its expected ultimate claims and claim expense ratios and expected claims reporting assumptions on a quarterly basis and compares them to its actual experience. These actuarial assumptions are generally reviewed annually, based on input from the Company’s actuaries, underwriters, claims personnel and finance professionals, although adjustments may be made more frequently if needed. Assumption changes are made to adjust for changes in the pricing and terms of coverage the Company provides, changes in industry results for similar business, as well as its actual experience, to the extent the Company has enough data to rely on its own experience. If the Company determines that adjustments to an earlier estimate are appropriate, such adjustments are recorded in the period in which they are identified. | ||||||||||||||||||||||
Lloyd’s Segment | ||||||||||||||||||||||
The Company uses the Bornhuetter-Ferguson actuarial method to estimate claims and claim expenses within its Lloyd’s segment for its property and casualty (re)insurance contracts and quota share reinsurance business. The comments discussed above relating to the Company’s reserving techniques and processes for the Company’s Specialty Reinsurance segment also apply to the Company’s Lloyd’s segment. In addition, certain of the Company’s coverages may be impacted by natural and man-made catastrophes. The Company estimates claim reserves for these claims after the event giving rise to these claims occurs, following a process that is similar to the Company’s Catastrophe Reinsurance segment discussed above. | ||||||||||||||||||||||
Other Category | ||||||||||||||||||||||
The Company uses the Bornhuetter-Ferguson actuarial method to estimate claims and claim expenses within its Other category for its property and casualty insurance contracts and quota share reinsurance business. The comments discussed above relating to the Company’s reserving techniques and processes for its Specialty Reinsurance and Lloyd’s segments also apply to the Company’s Other category. In addition, certain of the Company’s coverages may be impacted by natural and man-made catastrophes. The Company estimates claim reserves for these claims after the event giving rise to these claims occurs, following a process that is similar to the Company’s Catastrophe Reinsurance segment discussed above. | ||||||||||||||||||||||
Development of Liability for Unpaid Claims and Claim Expenses | ||||||||||||||||||||||
The following table details the development of the Company’s liability for unpaid claims and claim expenses for each of its Catastrophe Reinsurance, Specialty Reinsurance and Lloyd’s segments and Other category, for the year ended December 31, 2013 split between catastrophe net claims and claim expenses and attritional net claims and claim expenses: | ||||||||||||||||||||||
Year ended December 31, 2013 | Catastrophe Reinsurance Segment | Specialty Reinsurance Segment | Lloyd's Segment | Other | Total | |||||||||||||||||
Catastrophe net claims and claim expenses | ||||||||||||||||||||||
Large catastrophe events | ||||||||||||||||||||||
Storm Sandy (2012) | $ | 44,460 | $ | — | $ | 3,825 | $ | — | $ | 48,285 | ||||||||||||
Tohoku Earthquake and Tsunami (2011) | 18,033 | 1,000 | — | — | 19,033 | |||||||||||||||||
Hurricanes Gustav & Ike (2008) | 16,261 | — | — | 404 | 16,665 | |||||||||||||||||
New Zealand Earthquake (2011) | 10,944 | — | — | — | 10,944 | |||||||||||||||||
Windstorm Kyrill (2007) | 8,244 | — | — | — | 8,244 | |||||||||||||||||
Hurricane Isaac (2012) | (2,610 | ) | — | — | — | (2,610 | ) | |||||||||||||||
New Zealand Earthquake (2010) | (11,040 | ) | (300 | ) | — | — | (11,340 | ) | ||||||||||||||
Other | 776 | 1,763 | 1,442 | 1,325 | 5,306 | |||||||||||||||||
Total large catastrophe events | 85,068 | 2,463 | 5,267 | 1,729 | 94,527 | |||||||||||||||||
Small catastrophe events | ||||||||||||||||||||||
U.S. PCS 83 Wind and Thunderstorm (2012) | 3,500 | — | — | — | 3,500 | |||||||||||||||||
U.S. PCS 76 Wind and Thunderstorm (2012) | 300 | — | — | — | 300 | |||||||||||||||||
U.S. PCS 70 Wind and Thunderstorm (2012) | (8,225 | ) | — | — | — | (8,225 | ) | |||||||||||||||
Other | 21,394 | — | — | — | 21,394 | |||||||||||||||||
Total small catastrophe events | 16,969 | — | — | — | 16,969 | |||||||||||||||||
Total catastrophe net claims and claim expenses | $ | 102,037 | $ | 2,463 | $ | 5,267 | $ | 1,729 | $ | 111,496 | ||||||||||||
Attritional net claims and claim expenses | ||||||||||||||||||||||
Bornhuetter-Ferguson actuarial method - actual reported claims less than expected claims | — | 21,216 | 3,263 | (2,179 | ) | 22,300 | ||||||||||||||||
Actuarial assumption changes | — | 10,432 | (274 | ) | — | 10,158 | ||||||||||||||||
Total attritional net claims and claim expenses | $ | — | $ | 31,648 | $ | 2,989 | $ | (2,179 | ) | $ | 32,458 | |||||||||||
Total favorable development of prior accident years net claims and claim expenses | $ | 102,037 | $ | 34,111 | $ | 8,256 | $ | (450 | ) | $ | 143,954 | |||||||||||
Catastrophe Reinsurance Segment | ||||||||||||||||||||||
The favorable development of prior accident years net claims and claim expenses within the Company’s Catastrophe Reinsurance segment in 2013 of $102.0 million was primarily due to $44.5 million, $18.0 million, $16.3 million and $10.9 million of favorable development related to reductions in the expected ultimate net loss for Storm Sandy, the Tohoku Earthquake, the 2008 Hurricanes and the 2011 New Zealand Earthquake, respectively, as reported claims came in better than expected, and $34.2 million of net favorable development related to a number of other catastrophes principally the result of reported claims coming in less than expected, resulting in decreases to the ultimate claims for these events through the application of the Company’s formulaic actuarial reserving methodology. Partially offsetting the reductions noted above was adverse development on the 2010 New Zealand Earthquake, U.S. PSC 70 and Hurricane Isaac of $11.0 million, $8.2 million and $2.6 million, respectively, associated with an increase in reported gross ultimate losses. | ||||||||||||||||||||||
Specialty Reinsurance Segment | ||||||||||||||||||||||
The favorable development of prior accident years net claims and claim expenses within the Company’s Specialty Reinsurance segment in 2013 of $34.1 million was primarily driven by $10.4 million associated with actuarial assumption changes, principally in the Company’s casualty clash and casualty risk lines of business, and primarily as a result of revised claim development factors based on actual loss experience, and $23.7 million due to reported claims coming in lower than expected on prior accident years events, as a result of the application of the Company’s formulaic actuarial reserving methodology. | ||||||||||||||||||||||
Lloyd’s Segment | ||||||||||||||||||||||
The favorable development of prior accident years net claims and claim expenses within the Company’s Lloyd’s segment of $8.3 million during 2013 was principally driven by a $5.3 million decrease in the estimated ultimate net claims and claim expenses related to large catastrophes, including $3.8 million related to Storm Sandy, and $3.3 million related to reported claims coming in lower than expected on prior accident years events as a result of the application of the Company’s formulaic actuarial reserving methodology and partially offset by adverse development of $0.3 million related to assumption changes. | ||||||||||||||||||||||
Other Category | ||||||||||||||||||||||
The net adverse development on prior accident years of $0.5 million for 2013 within the Company’s Other category was principally the result of $2.2 million related to the application of the Company’s formulaic actuarial reserving methodology with the increases being due to actual paid and reported claim activity coming in higher than what was originally anticipated when setting the initial reserves; partially offset by favorable development of $1.7 million related to large catastrophe events. | ||||||||||||||||||||||
The following table details the development of the Company’s liability for unpaid claims and claim expenses for each of its Catastrophe Reinsurance, Specialty Reinsurance and Lloyd’s segments and Other category, for the year ended December 31, 2012 split between catastrophe net claims and claim expenses and attritional net claims and claim expenses: | ||||||||||||||||||||||
Year ended December 31, 2012 | Catastrophe Reinsurance Segment | Specialty Reinsurance Segment | Lloyd’s Segment | Other | Total | |||||||||||||||||
Catastrophe net claims and claim expenses | ||||||||||||||||||||||
Large catastrophe events | ||||||||||||||||||||||
Chile Earthquake (2010) | $ | 24,575 | $ | — | $ | — | $ | — | $ | 24,575 | ||||||||||||
Hurricanes Gustav & Ike (2008) | 17,541 | — | — | 2,926 | 20,467 | |||||||||||||||||
U.K. Floods (2007) | 17,271 | — | — | — | 17,271 | |||||||||||||||||
Hurricanes Katrina, Rita and Wilma (2005) | 6,420 | 3,000 | — | (1,690 | ) | 7,730 | ||||||||||||||||
Hurricane Irene (2011) | 4,630 | — | 2,500 | — | 7,130 | |||||||||||||||||
Thailand Floods (2011) | 3,933 | — | 5,500 | — | 9,433 | |||||||||||||||||
Tohoku Earthquake and Tsunami (2011) | 3,896 | — | — | — | 3,896 | |||||||||||||||||
Windstorm Kyrill (2007) | 3,417 | — | — | — | 3,417 | |||||||||||||||||
New Zealand Earthquake (2010) | (3,570 | ) | — | — | — | (3,570 | ) | |||||||||||||||
New Zealand Earthquake (2011) | (17,912 | ) | — | — | — | (17,912 | ) | |||||||||||||||
Other | 2,542 | — | 1,476 | (65 | ) | 3,953 | ||||||||||||||||
Total large catastrophe events | 62,743 | 3,000 | 9,476 | 1,171 | 76,390 | |||||||||||||||||
Small catastrophe events | ||||||||||||||||||||||
Danish Floods (2011) | 5,000 | — | — | — | 5,000 | |||||||||||||||||
U.S. PCS 63 Winter Storm (2011) | 5,000 | — | — | — | 5,000 | |||||||||||||||||
U.S. PCS 42 Winter Storm (2011) | 2,560 | — | — | — | 2,560 | |||||||||||||||||
U.S. PCS 53 Winter Storm (2011) | 2,558 | — | — | — | 2,558 | |||||||||||||||||
Other | 32,707 | — | — | — | 32,707 | |||||||||||||||||
Total small catastrophe events | 47,825 | — | — | — | 47,825 | |||||||||||||||||
Total catastrophe net claims and claim expenses | $ | 110,568 | $ | 3,000 | $ | 9,476 | $ | 1,171 | $ | 124,215 | ||||||||||||
Attritional net claims and claim expenses | ||||||||||||||||||||||
Bornhuetter-Ferguson actuarial method - actual reported claims less than expected claims | $ | — | $ | 16,747 | $ | 8,011 | $ | (4,118 | ) | $ | 20,640 | |||||||||||
Actuarial assumption changes | — | 14,399 | (1,285 | ) | — | 13,114 | ||||||||||||||||
Total attritional net claims and claim expenses | $ | — | $ | 31,146 | $ | 6,726 | $ | (4,118 | ) | $ | 33,754 | |||||||||||
Total favorable development of prior accident years net claims and claim expenses | $ | 110,568 | $ | 34,146 | $ | 16,202 | $ | (2,947 | ) | $ | 157,969 | |||||||||||
Catastrophe Reinsurance Segment | ||||||||||||||||||||||
The favorable development of prior accident years net claims and claim expenses within the Company’s Catastrophe Reinsurance segment in 2012 of $110.6 million was primarily due to net reductions of $84.2 million arising from the estimated ultimate claims of large catastrophe events, including the 2010 Chilean Earthquake, the 2008 Hurricanes, the 2007 U.K. Flooding, the 2005 Hurricanes, Hurricane Irene of 2011, the 2011 Thailand Floods and the Tohoku Earthquake, as reported claims came in better than expected. The remainder of the favorable development of prior accident years net claims and claim expenses of $47.8 million was due to a reduction in ultimate claims on a number of relatively small catastrophes, all principally the result of reported claims coming in less than expected, principally resulting in formulaic decreases to the ultimate claims for these events. Partially offsetting the reductions noted above was a $17.9 million and $3.6 million increase in net claims and claim expenses from the 2011 and 2010 New Zealand Earthquake, respectively, primarily as a result of increased cedant gross ultimate loss estimates. | ||||||||||||||||||||||
Specialty Reinsurance Segment | ||||||||||||||||||||||
The favorable development of prior accident years net claims and claim expenses within the Company’s Specialty Reinsurance segment in 2012 of $34.1 million includes $14.4 million associated with actuarial assumption changes, principally in the Company’s casualty and medical malpractice lines of business, and primarily as a result of revised initial expected claims ratios and claim development factors due to actual experience coming in better than expected, and $16.7 million due to reported claims coming in lower than expected on prior accident years events, as a result of the application of the Company’s formulaic actuarial reserving methodology, and $3.0 million related to reductions in the estimated ultimate losses from the 2005 Hurricanes. | ||||||||||||||||||||||
Lloyd’s Segment | ||||||||||||||||||||||
The favorable development of prior accident years net claims and claim expenses within the Company’s Lloyd’s segment of $16.2 million during 2012 was principally due to favorable development of $8.0 million due to reported claims coming in lower than expected on a number of prior accident years events, as a result of the application of the Company’s formulaic actuarial reserving methodology, $5.5 million related to the 2011 Thailand Floods, $2.5 million related to Hurricane Irene, and $1.5 million due to lower than expected reported claims for catastrophe losses within the Lloyd’s segment’s property catastrophe reinsurance book of business, partially offset by $1.3 million of adverse development related to actuarial assumption changes. | ||||||||||||||||||||||
Other Category | ||||||||||||||||||||||
The net adverse development on prior accident years of $2.9 million for 2012 within the Company’s Other category was principally the result of a loss portfolio transfer entered into by the Company on October 1, 2012, in respect of its contractor’s liability book of business within RenaissanceRe Specialty Risks, whereby the Company paid consideration of $36.5 million to transfer net liabilities of $29.1 million, resulting in a loss of $7.4 million which is recorded above as prior accident years attritional net claims and claims expenses in the Company’s Other category, partially offset by reductions in reported losses on certain attritional loss contracts and favorable development related to catastrophe events, primarily the 2008 Hurricanes. | ||||||||||||||||||||||
The following table details the development of the Company’s liability for unpaid claims and claim expenses for each of its Catastrophe Reinsurance, Specialty Reinsurance and Lloyd’s segments and Other category, for the year ended December 31, 2011 split between catastrophe net claims and claim expenses and attritional net claims and claim expenses: | ||||||||||||||||||||||
Year ended December 31, 2011 | Catastrophe Reinsurance Segment | Specialty Reinsurance Segment | Lloyd’s Segment | Other | Total | |||||||||||||||||
Catastrophe net claims and claim expenses | ||||||||||||||||||||||
Large catastrophe events | ||||||||||||||||||||||
Tropical Cyclone Tasha (2010) | $ | 13,922 | $ | 3,000 | $ | — | $ | — | $ | 16,922 | ||||||||||||
Hurricanes Katrina, Rita and Wilma (2005) | 10,008 | 6,215 | — | 4,633 | 20,856 | |||||||||||||||||
Chilean Earthquake (2010) | 8,455 | 4,688 | — | — | 13,143 | |||||||||||||||||
World Trade Center (2001) | 4,701 | — | — | — | 4,701 | |||||||||||||||||
Hurricanes Charley, Francis, Ivan and Jeanne (2004) | 4,076 | — | — | 476 | 4,552 | |||||||||||||||||
U.K. Floods (2007) | 3,635 | — | — | — | 3,635 | |||||||||||||||||
Windstorm Kyrill (2007) | 2,494 | — | — | — | 2,494 | |||||||||||||||||
Hurricanes Gustav & Ike (2008) | — | — | — | (866 | ) | (866 | ) | |||||||||||||||
New Zealand Earthquake (2010) | (15,179 | ) | — | — | — | (15,179 | ) | |||||||||||||||
Total large catastrophe events | 32,112 | 13,903 | — | 4,243 | 50,258 | |||||||||||||||||
Small catastrophe events | ||||||||||||||||||||||
U.S. PCS 21 Wildland Fire (2007) | 4,554 | — | — | — | 4,554 | |||||||||||||||||
U.S. PCS 33 Great Midwest Storm (2010) | 3,125 | — | — | — | 3,125 | |||||||||||||||||
U.S. PCS 31 Wind and Thunderstorm (2010) | 3,039 | — | — | — | 3,039 | |||||||||||||||||
U.S. PCS 96 Wind and Thunderstorm (2010) | 2,288 | — | — | — | 2,288 | |||||||||||||||||
Other | 14,019 | — | — | — | 14,019 | |||||||||||||||||
Total small catastrophe events | 27,025 | — | — | — | 27,025 | |||||||||||||||||
Total catastrophe net claims and claim expenses | $ | 59,137 | $ | 13,903 | $ | — | $ | 4,243 | $ | 77,283 | ||||||||||||
Attritional net claims and claim expenses | ||||||||||||||||||||||
Bornhuetter-Ferguson actuarial method - actual reported claims less than expected claims | $ | — | $ | 37,058 | $ | (478 | ) | $ | 1,389 | $ | 37,969 | |||||||||||
Actuarial assumption changes | — | 26,800 | — | (10,063 | ) | 16,737 | ||||||||||||||||
Total attritional net claims and claim expenses | $ | — | $ | 63,858 | $ | (478 | ) | $ | (8,674 | ) | $ | 54,706 | ||||||||||
Total favorable development of prior accident years net claims and claim expenses | $ | 59,137 | $ | 77,761 | $ | (478 | ) | $ | (4,431 | ) | $ | 131,989 | ||||||||||
Catastrophe Reinsurance Segment | ||||||||||||||||||||||
The favorable development of prior accident years net claims and claim expenses within the Company’s Catastrophe Reinsurance segment in 2011 of $59.1 million was due to net reductions of $47.3 million arising from the estimated ultimate claims of large catastrophe events, including the 2005 Hurricanes and the World Trade Center, for which the claims are principally paid and the amount of additional reported claims has slowed considerably and therefore the ultimate claims were reduced, and Tropical Cyclone Tasha and the Chilean Earthquake, as reported claims came in better than expected in 2011. Partially offsetting the above reductions in estimated ultimate claims during 2011, the Company increased its estimated ultimate claims for the 2010 New Zealand Earthquake by $15.2 million due to additional claims reporting information being available to the Company. The remainder of the favorable development of prior accident years net claims and claim expenses of $27.0 million was due to a reduction in ultimate claims on a large number of relatively small catastrophes, all principally the result of reported claims coming in less than expected, resulting in formulaic decreases to the ultimate claims and claim expenses for these events. | ||||||||||||||||||||||
Specialty Reinsurance Segment | ||||||||||||||||||||||
The favorable development of prior accident years net claims and claim expenses within the Company’s Specialty Reinsurance segment in 2011 of $77.8 million includes: $26.8 million associated with actuarial assumption changes, principally in the Company’s workers’ compensation quota share and per risk and property risk and energy lines of business, and primarily as a result of revised initial expected claims ratios and claim development factors due to actual experience coming in better than expected; $13.9 million due to reductions in case reserves and additional case reserves for certain large catastrophe events; and the remainder of $37.1 million due to reported claims coming in better than expected in 2011 on prior accident years events, as a result of the application of the Company’s formulaic actuarial reserving methodology. | ||||||||||||||||||||||
Lloyd’s Segment | ||||||||||||||||||||||
The Company commenced its Lloyd’s operations in mid-2009 and the net adverse development on prior accident years net claims and claim expenses in this segment for the year ended December 31, 2011 amounted to $0.5 million which principally related to the 2010 New Zealand Earthquake. | ||||||||||||||||||||||
Other Category | ||||||||||||||||||||||
The net adverse development on prior accident years of $4.4 million in 2011 within the Company’s Other category was principally due to the contractor’s liability book of business, which experienced higher than expected reported losses, and was subsequently subject to a comprehensive actuarial review during the fourth quarter of 2011, which review resulted in an increase of $10.1 million to the estimated ultimate claims and claim expenses related to this book of business due to changes in the actuarial assumptions. The total gross reserve for claims and claim expenses for the construction defect book of business at December 31, 2011 was $58.8 million. Partially offsetting the adverse development on prior accident years within the construction defect book of business, noted above, was favorable development of $4.2 million related to large catastrophe events, principally the 2005 Hurricanes, and $1.4 million related to the application of the Company’s formulaic actuarial reserving methodology with the reductions being due to actual paid and reported claim activity being more favorable to date than what was originally anticipated when setting the initial reserves. | ||||||||||||||||||||||
Assumed Reinsurance Contracts Classified As Deposit Contracts | ||||||||||||||||||||||
Net claims and claim expenses incurred were reduced by $0.4 million during 2013 (2012 – $0.1 million, 2011 – $0.2 million) related to income earned on assumed reinsurance contracts that were classified as deposit contracts with underwriting risk only. Other loss was decreased by $0.1 million during 2013 (2012 – other loss decreased by $7.5 million, 2011 – other loss increased by $0.1 million) related to premiums and losses incurred on assumed reinsurance contracts that were classified as deposit contracts with timing risk only. Aggregate deposit liabilities of $39.7 million are included in reinsurance balances payable at December 31, 2013 (2012 – $41.2 million) and aggregate deposit assets of $Nil are included in other assets at December 31, 2013 (2012 – $Nil) associated with these contracts. |
Debt
Debt | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Debt Disclosure [Abstract] | ' | |||||
Debt | ' | |||||
DEBT | ||||||
5.75% Senior Notes | ||||||
On March 17, 2010, 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. The notes, which are senior obligations, are guaranteed by RenaissanceRe and can be redeemed by RRNAH prior to maturity, subject to the payment of a “make-whole” premium. The notes were issued pursuant to an Indenture, dated as of March 17, 2010, by and among RenaissanceRe, RRNAH, and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”), as supplemented by the First Supplemental Indenture, dated as of March 17, 2010. 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. | ||||||
5.875% Senior Notes | ||||||
In January 2003, RenaissanceRe issued $100.0 million, which represented the carrying amount on the Company’s consolidated balance sheet, of 5.875% Senior Notes due February 15, 2013, with interest on the notes payable on February 15 and August 15 of each year. RenaissanceRe repaid the full $100.0 million of its outstanding 5.875% Senior Notes upon their scheduled maturity of February 15, 2013 using available cash and investments. | ||||||
RenaissanceRe Revolving Credit Facility | ||||||
RenaissanceRe is a party to a credit agreement, dated as of May 17, 2012 (the “Credit Agreement”), with various banks and financial institutions parties thereto (collectively, the “Lenders”), Wells Fargo Bank, National Association (“Wells Fargo”), as fronting bank, letter of credit administrator and administrative agent (the “Administrative Agent”) for the Lenders, and certain other agents. The Credit Agreement previously provided for commitments from the Lenders in an aggregate amount of $150.0 million, including the issuance of letters of credit for the respective accounts of RenaissanceRe and certain of RenaissanceRe’s subsidiaries. Effective as of May 23, 2013, RenaissanceRe entered into a First Amendment and Joinder to Credit Agreement (the “Amendment”) with the Administrative Agent and the Lenders. Among other items, the Amendment (i) increased the aggregate commitment of the Lenders to $250.0 million, (ii) added an additional bank as a Lender, and (iii) eliminated the commitment of the Lenders to issue letters of credit. After giving effect to the Amendment, RenaissanceRe has the right, subject to certain conditions, to increase the size of the facility up to $350.0 million. | ||||||
Amounts borrowed under the Credit Agreement bear interest at a rate selected by RenaissanceRe equal to the Base Rate or LIBOR (each as defined in the Credit Agreement) plus a margin, all as more fully set forth in the Credit Agreement. At December 31, 2013, the Company has not borrowed any amounts under the Credit Agreement. | ||||||
The Credit Agreement contains representations, warranties and covenants customary for bank loan facilities of this type. In addition to customary covenants which limit RenaissanceRe and its subsidiaries’ ability to merge, consolidate, enter into negative pledge agreements, sell a substantial amount of assets, incur liens and declare or pay dividends under certain circumstances, the Credit Agreement also contains certain financial covenants. These financial covenants generally provide that consolidated debt to capital shall not exceed the ratio of 0.35:1 and that for the year ending December 31, 2014, the consolidated net worth of RenaissanceRe and Renaissance Reinsurance shall equal or exceed approximately $2.3 billion and $1.1 billion, respectively (the “Net Worth Requirements”). The Net Worth Requirements are recalculated effective as of the end of each fiscal year, all as more fully set forth in the Credit Agreement. The commitments under the Credit Agreement expire on May 17, 2015. | ||||||
In the event of the occurrence and continuation of certain events of default, the administrative agent shall, at the request of the Required Lenders (as defined in the Credit Agreement), or may, with the consent of the Required Lenders, among other things, take any or all of the following actions: terminate the Lenders’ obligations to make loans and accelerate the outstanding obligations of RenaissanceRe under the Credit Agreement. | ||||||
Syndicated Letter of Credit Facility | ||||||
Effective May 17, 2012, RenaissanceRe and certain of its affiliates, Renaissance Reinsurance, Renaissance Reinsurance of Europe (“ROE”), RenaissanceRe Specialty Risks and DaVinci (such affiliates, collectively, the “Account Parties”), entered into a Fourth Amended and Restated Reimbursement Agreement with various banks and financial institutions parties thereto (collectively, the “Banks”), Wells Fargo, as issuing bank, administrative agent and collateral agent for the Banks, and certain other agents (the “Reimbursement Agreement”). The Reimbursement Agreement amended and restated in its entirety the Third Amended and Restated Reimbursement Agreement, dated as of April 22, 2010, which was terminated concurrently with the effectiveness of the Reimbursement Agreement. The commitments under the Reimbursement Agreement expire on May 17, 2015. | ||||||
Effective March 28, 2013, RenaissanceRe reduced the commitments under the facility from $450.0 million to $250.0 million. The reductions were implemented in connection with a reassessment of the future collateral needs of RenaissanceRe, taking into account, among other things, its access to alternative sources of credit enhancement. Prior to the expiration date of May 17, 2015, the commitments under the facility may be increased from time to time up to an amount not to exceed $600.0 million in the aggregate, subject to RenaissanceRe satisfying certain conditions. | ||||||
The Reimbursement Agreement contains representations, warranties and covenants in respect of RenaissanceRe, the Account Parties and their respective subsidiaries that are customary for facilities of this type, including customary covenants limiting the ability to merge, consolidate and sell a substantial amount of assets. The Reimbursement Agreement contains certain financial covenants requiring RenaissanceRe and DaVinci to maintain for the year ending December 31, 2014, a minimum net worth of approximately $2.0 billion and $781.2 million, respectively, which requirements are recalculated effective as of the end of each fiscal year, all as more fully set forth in the Reimbursement Agreement. | ||||||
Under the Reimbursement Agreement, each Account Party is required to pledge eligible collateral having a value sufficient to cover all of its obligations under the Reimbursement Agreement, including reimbursement obligations for outstanding letters of credit issued for its account. In the case of an event of default under the Reimbursement Agreement, and in certain other circumstances set forth in the Reimbursement Agreement, including, among others, a decrease in the net worth of an Account Party below the level specified therein for such Account Party, a decline in collateral value, and certain failures to maintain specified ratings, the Banks may exercise certain remedies, including conversion of collateral into cash. | ||||||
At December 31, 2013, the Company had $162.3 million of letters of credit with effective dates on or before December 31, 2013 outstanding under the Reimbursement Agreement. | ||||||
Bilateral Letter of Credit Facility (“Bilateral Facility”) | ||||||
Effective October 1, 2013, each of ROE and RenaissanceRe Specialty U.S. became parties to the existing Bilateral Facility provided pursuant to the facility letter, dated September 17, 2010 and amended July 14, 2011 (as so amended, the “Facility Letter”), among Citibank Europe plc (“CEP”) and the existing participants: Renaissance Reinsurance, DaVinci and RenaissanceRe Specialty Risks (collectively, with ROE and RenaissanceRe Specialty U.S., the “Bilateral Facility Participants”). | ||||||
The Bilateral Facility provides a commitment from CEP to issue letters of credit for the account of one or more of the Bilateral Facility Participants (inclusive of ROE and RenaissanceRe Specialty U.S.) and their respective subsidiaries in multiple currencies and in an aggregate amount of up to $300.0 million, subject to a sublimit of $50.0 million for letters of credit issued for the account of RenaissanceRe Specialty U.S. The Bilateral Facility was to expire on December 31, 2013; however effective October 1, 2013, the Bilateral Facility was extended to December 31, 2014. The Bilateral Facility is evidenced by the Facility Letter and five separate master agreements between CEP and each of the Bilateral Facility Participants, as well as certain ancillary agreements. At December 31, 2013, the Bilateral Facility of $258.3 million remained unused and available to the Bilateral Facility Participants. | ||||||
Under the Bilateral Facility, each of the Bilateral Facility Participants is severally obligated to pledge to CEP at all times during the term of the Bilateral Facility certain securities with a collateral value (as determined as therein provided) that equals or exceeds 100% of the aggregate amount of its then-outstanding letters of credit. In the case of an event of default under the Bilateral Facility with respect to a Bilateral Facility Participant, CEP may exercise certain remedies with respect to such Bilateral Facility Participant, including terminating its commitment to such Bilateral Facility Participant under the Bilateral Facility and taking certain actions with respect to the collateral pledged by such Bilateral Facility Participant (including the sale thereof). In the Facility Letter, each Bilateral Facility Participant makes, as to itself, representations and warranties that are customary for facilities of this type and severally agrees that it will comply with certain informational and other undertakings, including those regarding the delivery of quarterly and annual financial statements. | ||||||
Funds at Lloyd’s Letter of Credit Facility | ||||||
On April 26, 2010, Renaissance Reinsurance and CEP entered into an Amended and Restated Pledge Agreement (the “Pledge Agreement”) in respect of its letter of credit facility with CEP which is evidenced by the Master Reimbursement Agreement, dated as of April 29, 2009, which provides for the issuance and renewal of letters of credit which are used to support business written by Syndicate 1458. At December 31, 2013, letters of credit issued by CEP under the Master Reimbursement Agreement were outstanding in the amount of $281.0 million and £60.0 million, respectively. Pursuant to the Pledge Agreement, Renaissance Reinsurance has agreed to pledge to CEP at all times during the term of the Master Reimbursement Agreement certain securities with a collateral value equal to 100% of the aggregate amount of the then-outstanding letters of credit issued under the Master Reimbursement Agreement. | ||||||
Letters of Credit | ||||||
At December 31, 2013, the Company had total letters of credit outstanding under all facilities of $584.4 million. | ||||||
Renaissance Reinsurance is also party to a collateralized letter of credit and reimbursement agreement in the amount of $37.5 million that supports the Company’s Top Layer Re joint venture. Renaissance Reinsurance is obligated to make a mandatory capital contribution of up to $50.0 million in the event that a loss reduces Top Layer Re’s capital below a specified level. | ||||||
DaVinciRe Loan Agreement | ||||||
On March 30, 2011, DaVinciRe entered into a loan agreement with RenaissanceRe (the “Loan Agreement”) under which RenaissanceRe made a loan to DaVinciRe in the principal amount of $200.0 million on April 1, 2011. The loan matures on March 31, 2021 and interest on the loan is payable at a rate of three month LIBOR plus 3.5% and is due at the end of each March, June, September and December, commencing on June 30, 2011. Under the terms of the Loan Agreement, DaVinciRe is required to maintain a debt to capital ratio of no greater than 0.40:1 and a net worth of no less than $500.0 million. On December 21, 2012, DaVinciRe repaid $100.0 million of principal under the Loan Agreement and at December 31, 2013, $100.0 million remained outstanding under the Loan Agreement. No additional amounts may be borrowed by DaVinciRe under the Loan Agreement. | ||||||
Renaissance Trading Guarantees | ||||||
At December 31, 2013, RenaissanceRe had provided guarantees in the aggregate amount of $50.8 million to certain counterparties of the weather and energy risk operations of Renaissance Trading, subsequently renamed as Munich Re Trading LLC, one of the entities acquired by Munich in the REAL transaction. Although the guarantees issued by RenaissanceRe to certain counterparties of Renaissance Trading remained in effect at December 31, 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. | ||||||
Interest Paid and Scheduled Debt Maturity | ||||||
Interest paid on the Company’s debt totaled $20.1 million for the year ended December 31, 2013 (2012 – $23.1 million, 2011 – $23.8 million). | ||||||
The following table sets forth the scheduled maturity of the Company’s aggregate amount of its debt obligation reflected on its consolidated balance sheet at December 31, 2013: | ||||||
2014 | $ | — | ||||
2015 | — | |||||
2016 | — | |||||
2017 | — | |||||
2018 | — | |||||
After 2018 | 250,000 | |||||
Unamortized debt issuance expenses | (570 | ) | ||||
$ | 249,430 | |||||
Noncontrolling_Interests
Noncontrolling Interests | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest [Abstract] | ' | |||||||||||||
Noncontrolling Interests | ' | |||||||||||||
NONCONTROLLING INTERESTS | ||||||||||||||
A summary of the Company’s noncontrolling interests on its consolidated balance sheets are detailed below: | ||||||||||||||
2013 | 2012 | |||||||||||||
Redeemable noncontrolling interest - DaVinciRe | $ | 1,063,368 | $ | 968,259 | ||||||||||
Redeemable noncontrolling interest - Medici | 36,492 | — | ||||||||||||
Redeemable noncontrolling interest | $ | 1,099,860 | $ | 968,259 | ||||||||||
Noncontrolling interest - Angus Fund | $ | — | $ | 3,991 | ||||||||||
A summary of the Company’s noncontrolling interests on its consolidated statements of operations are detailed below: | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Redeemable noncontrolling interest - DaVinciRe | $ | 150,581 | $ | 147,499 | $ | (33,697 | ) | |||||||
Redeemable noncontrolling interest - Medici | 617 | — | — | |||||||||||
Noncontrolling interest - Angus Fund | (54 | ) | 541 | 540 | ||||||||||
Net income (loss) attributable to noncontrolling interests | $ | 151,144 | $ | 148,040 | $ | (33,157 | ) | |||||||
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) loss attributable to noncontrolling interests. The Company’s noncontrolling economic ownership in DaVinciRe was 27.3% at December 31, 2013 (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. | ||||||||||||||
Certain third party shareholders of DaVinciRe submitted repurchase notices on or before the required annual redemption notice date of March 1, 2011, in accordance with the Shareholders Agreement. The repurchase notices submitted on or before March 1, 2011, were for shares of DaVinciRe with a GAAP book value of $9.2 million at December 31, 2011. Effective January 1, 2012, DaVinciRe redeemed the shares for $9.2 million, less a $1.8 million reserve holdback. | ||||||||||||||
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 noncontrolling economic ownership in DaVinciRe was 42.8% at December 31, 2011 and subsequent to the above transactions, its noncontrolling economic 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 noncontrolling economic 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 noncontrolling economic 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 noncontrolling economic ownership in DaVinciRe was 30.8% at December 31, 2012 and subsequent to the above transactions, the Company’s noncontrolling economic 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 and subsequent to the above transactions, the Company’s noncontrolling economic ownership interest in DaVinciRe decreased, and was 27.3% at December 31, 2013. | ||||||||||||||
See “Note 23. Subsequent Events” for additional information related to DaVinciRe shareholder transactions which occurred during January 2014. | ||||||||||||||
The Company expects its noncontrolling economic ownership in DaVinciRe to fluctuate over time. | ||||||||||||||
The activity in redeemable noncontrolling interest – DaVinciRe is detailed in the table below: | ||||||||||||||
2013 | 2012 | |||||||||||||
Balance – January 1 | $ | 968,259 | $ | 657,727 | ||||||||||
Redemption of shares from redeemable noncontrolling interest | (209,356 | ) | — | |||||||||||
Sale of shares to redeemable noncontrolling interest | 153,884 | 163,033 | ||||||||||||
Comprehensive income: | ||||||||||||||
Net income attributable to redeemable noncontrolling interest | 150,581 | 147,499 | ||||||||||||
Balance – December 31 | $ | 1,063,368 | $ | 968,259 | ||||||||||
Redeemable Noncontrolling Interest - 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 Fund Holdings, which in turn is a wholly owned subsidiary of RenaissanceRe. | ||||||||||||||
Subsequent to June 1, 2013, third-party investors subscribed for, and redeemed, an aggregate of $37.2 million and $1.3 million, respectively, of the participating, non-voting common shares of Medici. As a result of the third-party investments during the period from June 1, 2013 through December 31, 2013, the Company’s ownership in Medici was 73.9% at December 31, 2013. The portion of Medici’s earnings owned by third parties is recorded in the consolidated statements of operations as net (income) loss attributable to noncontrolling interests. Any shareholder may redeem all or any portion of its shares as of the last day of any calendar month, upon at least 30 calendar days’ prior irrevocable written notice to Medici. 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. | ||||||||||||||
See “Note 23. Subsequent Events” for additional information related to Medici transactions which occurred subsequent to December 31, 2013. | ||||||||||||||
The Company expects its ownership in Medici to fluctuate over time. | ||||||||||||||
The activity in redeemable noncontrolling interest – Medici is detailed in the table below: | ||||||||||||||
2013 | ||||||||||||||
Balance – January 1 | $ | — | ||||||||||||
Redemption of shares from redeemable noncontrolling interest | (1,325 | ) | ||||||||||||
Sale of shares to redeemable noncontrolling interest | 37,200 | |||||||||||||
Net income attributable to redeemable noncontrolling interest | 617 | |||||||||||||
Balance – December 31 | $ | 36,492 | ||||||||||||
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. The Angus Fund was formed to provide capital to and make investments in companies primarily in the heating oil and propane distribution industries and Angus was formed to provide commodity related risk management products to third party customers. | ||||||||||||||
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 (“RRV U.S.”), a wholly owned subsidiary of the Company, representing a $55 thousand investment in the Angus Fund, or a 1.1% ownership interest at December 1, 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 (“RenTech”), a wholly owned subsidiary of the Company, representing a $2.0 million investment in the Angus Fund, or a 35.0% ownership interest at December 1, 2013 (December 31, 2012 - $2.0 million and 35.1%, respectively). There was no gain or loss recognized on the above transactions. | ||||||||||||||
Effective December 1, 2013, both RRV U.S. and RenTech contributed their ownership interests in the Angus Fund to Angus for $2.3 million, in return for equity interests in Angus. The Company previously had an equity interest of 38.8% in Angus, and as a result of these transactions, its equity interest in Angus has increased to 42.5%. In addition, these transactions resulted in $1.7 million of additional goodwill related to the Company’s additional investment in Angus. | ||||||||||||||
Prior to December 1, 2013, the Angus Fund met the definition of a VIE, therefore the Company evaluated its ownership in the Angus Fund to determine if it was the primary beneficiary. The Company had concluded it was the primary beneficiary of the Angus Fund as it had the power to direct, and had 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 were consolidated. The portion of the Angus Fund’s earnings owned by third parties was recorded in the consolidated statements of operations as net (income) loss attributable to noncontrolling interest. Effective December 1, 2013, the Company concluded that it no longer had the power to direct the activities, nor was it the primary beneficiary, of the Angus Fund and as a result, it was deconsolidated. The Company’s equity investment in Angus is recorded under investments in other ventures, under equity method on its consolidated balance sheet. See “Note. 5 Investments” for additional information related to the Company’s investments in other ventures, under equity method. | ||||||||||||||
The activity in noncontrolling interest is detailed in the table below: | ||||||||||||||
2013 | 2012 | |||||||||||||
Balance – January 1 | $ | 3,991 | $ | 3,340 | ||||||||||
Sale of shares to noncontrolling interest | — | 300 | ||||||||||||
Adjustment of ownership interest | (3,709 | ) | — | |||||||||||
Net (loss) income attributable to noncontrolling interest | (54 | ) | 541 | |||||||||||
Dividends on common shares | (228 | ) | (190 | ) | ||||||||||
Balance – December 31 | $ | — | $ | 3,991 | ||||||||||
Variable_Interest_Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 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 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 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. At December 31, 2013, the Company’s consolidated balance sheet included total assets and total liabilities of $Nil and $Nil, respectively, related to Upsilon (2012 - $93.5 million and $93.5 million, respectively). | |
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 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. At December 31, 2013, the Company’s consolidated balance sheet included total assets and total liabilities of $Nil and $Nil, respectively, related to Tim Re III (2012 - $90.5 million and $90.5 million, respectively). | |
Upsilon RFO Re Ltd. (“Upsilon RFO”) | |
Effective January 1, 2013, the Company formed and launched Upsilon RFO (formerly known as Upsilon Reinsurance II Ltd.), a managed joint venture and a Bermuda domiciled SPI, to provide additional capacity to the worldwide aggregate and per-occurrence retrocessional property catastrophe excess of loss market. Original business was written directly by Upsilon RFO 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 RFO, $61.0 million of Upsilon RFO non-voting Class B shares were sold to unaffiliated third party investors. Additionally, $76.4 million of the non-voting Class B shares were acquired by the Company, representing a 55.6% participation in the original risks assumed by Upsilon RFO effective January 1, 2013. In addition, another third party investor supplied $17.5 million of capital through an insurance contract with the Company related to Upsilon RFO’s reinsurance portfolio. Inclusive of the insurance contract, the Company had a 42.9% participation in the original risks assumed by Upsilon RFO effective January 1, 2013. | |
On July 1, 2013, the Company sold a portion of its shares of Upsilon RFO to a new unaffiliated third party shareholder for $25.0 million. The Company’s participation in the original risks assumed by Upsilon RFO prior to January 1, 2014 was 25.8%, inclusive of the related insurance contract, effective December 31, 2013. | |
In conjunction with risks incepting on or after January 1, 2014, $172.4 million of Upsilon RFO non-voting preference shares were sold to unaffiliated third-party investors. Additionally, $109.7 million of the non-voting preference shares were acquired by the Company, representing a 38.9% participation in the risks assumed by Upsilon RFO incepting on or after January 1, 2014. In addition, another third party investor supplied $15.0 million of capital through an insurance contract with the Company related to Upsilon RFO’s reinsurance portfolio. Inclusive of the insurance contract, the Company has a 33.6% participation in the original risks assumed by Upsilon RFO in conjunction with risks incepting on or after January 1, 2014. At December 31, 2013, the Company’s consolidated balance sheet included total assets and total liabilities of $474.2 million and $474.2 million, respectively, related to Upsilon RFO, including $156.3 million of capital raised from third party investors and received by Upsilon RFO prior to December 31, 2013, which is reflected on the Company’s consolidated balance sheet in other liabilities. The final amount raised by Upsilon RFO, and the amount attributable to third party investors, will be determined during the first quarter of 2014, following the completion of the underwriting portfolio and calculation of the total capital requirements for Upsilon RFO, for risks incepting on or after January 1, 2014. | |
The shareholders (other than the Class A shareholder) participate in substantially all of the profits or losses of Upsilon RFO while their shares remain outstanding. The shareholders (other than the Class A shareholder) indemnify Upsilon RFO against losses relating to insurance risk and therefore these shares have been accounted for as prospective reinsurance under FASB ASC Topic Financial Services - Insurance. Both Upsilon RFO and the insurance 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 RFO. Upsilon RFO is considered a VIE and the Company is considered the primary beneficiary. As a result, Upsilon RFO is consolidated by the Company and all significant inter-company transactions have been eliminated. | |
Upsilon Re, Tim Re III and Upsilon RFO 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 RFO 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 RFO 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 RFO, respectively. As a result, the Company consolidates Upsilon Re, Tim Re III and Upsilon RFO 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 RFO 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 rate notes (“Notes”) to third-party investors. | |
Upon issuance of a series of Notes by Mona Lisa Re, all of the proceeds from the issuance are expected to be deposited into collateral accounts, separated by series, to fund any potential obligation under the reinsurance agreements entered into with Renaissance Reinsurance and/or DaVinci underlying such series of Notes. The outstanding principal amount of each series of Notes generally will be returned to holders of such Notes upon the expiration of the risk period underlying such Notes, unless an event occurs which causes a loss under the applicable series of Notes, in which case the amount returned will be reduced by such noteholder’s pro rata share of such loss, as specified in the applicable governing documents of such Notes. In addition, holders of Notes are generally entitled to interest payments, payable quarterly, as determined by the applicable governing documents of each series of Notes. | |
The Company concluded that Mona Lisa Re meets the definition of a VIE as it does not have sufficient equity capital to finance its activities. 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. At December 31, 2013, the total assets and total liabilities of Mona Lisa Re were $209.6 million and $209.6 million, respectively. | |
The only transactions related to Mona Lisa Re that are recorded in the Company’s consolidated financial statements are the ceded reinsurance agreements entered into by Renaissance Reinsurance and DaVinci which are accounted for as prospective reinsurance under FASB ASC Topic Financial Services - Insurance. During 2013, Renaissance Reinsurance and DaVinci have together entered into ceded reinsurance contracts with Mona Lisa Re with gross premiums ceded of $9.2 million and $6.5 million, respectively. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||
Shareholders' Equity | ' | ||||||||||
SHAREHOLDERS’ EQUITY | |||||||||||
The aggregate authorized capital of RenaissanceRe is 325 million shares consisting of 225 million common shares and 100 million preference shares. The following table is a summary of changes in common shares issued and outstanding: | |||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | ||||||||
(thousands of shares) | |||||||||||
Issued and outstanding shares – January 1 | 45,542 | 51,543 | 54,110 | ||||||||
Repurchase of shares | (2,451 | ) | (6,399 | ) | (2,889 | ) | |||||
Exercise of options and issuance of restricted stock awards | 555 | 398 | 322 | ||||||||
Issued and outstanding shares – December 31 | 43,646 | 45,542 | 51,543 | ||||||||
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, June 14, September 13 and December 13, 2013, respectively. Dividends declared and paid on common shares amounted to $1.12 per common share for the year ended December 31, 2013 (2012 - $1.08, 2011 - $1.04), or $49.3 million on all common shares outstanding (2012 - $53.4 million, 2011 - $53.5 million). | |||||||||||
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 RenaissanceRe’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. During the year ended December 31, 2013, the Company repurchased an aggregate of 2.5 million shares in open market transactions and a privately negotiated transaction at an aggregate cost of $207.9 million, and at an average share price of $84.80. On November 14, 2013, RenaissanceRe’s Board of Directors approved a renewal of the authorized share repurchase program to an aggregate amount of $500.0 million. At December 31, 2013, $433.1 million remained available for repurchase under the Board authorized share repurchase program. See “Note 23. Subsequent Events” for additional information related to share repurchases subsequent to December 31, 2013 and an increase in the Company’s authorized share repurchase program. | |||||||||||
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. Offering expenses of $9.1 million related to the issuance of the Series E Preference Shares have been included in additional paid in capital on the Company’s consolidated statements of changes in shareholders’ equity. 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. | |||||||||||
During the year ended December 31, 2013, RenaissanceRe declared and paid $24.9 million in preference share dividends (2012 - $34.9 million, 2011 - $35.0 million). |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||||
Dec. 31, 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: | ||||||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | |||||||||||
(thousands of shares) | ||||||||||||||
Numerator: | ||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 665,676 | $ | 566,014 | $ | (92,235 | ) | |||||||
Amount allocated to participating common shareholders (1) | (9,520 | ) | (8,973 | ) | (990 | ) | ||||||||
Net income (loss) allocated to RenaissanceRe common shareholders | $ | 656,156 | $ | 557,041 | $ | (93,225 | ) | |||||||
Denominator: | ||||||||||||||
Denominator for basic income (loss) per RenaissanceRe common share - weighted average common shares | 43,349 | 48,873 | 50,747 | |||||||||||
Per common share equivalents of employee stock options and restricted shares | 779 | 730 | — | |||||||||||
Denominator for diluted income (loss) per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions | 44,128 | 49,603 | 50,747 | |||||||||||
Basic income (loss) per RenaissanceRe common share | $ | 15.14 | $ | 11.4 | $ | (1.84 | ) | |||||||
Diluted income (loss) per RenaissanceRe common share | $ | 14.87 | $ | 11.23 | $ | (1.84 | ) | |||||||
-1 | Represents earnings attributable to holders of unvested restricted shares issued under the Company’s 2001 Stock Incentive Plan and the Non-Employee Director Stock Incentive Plan. |
Related_Party_Transactions_and
Related Party Transactions and Major Customers | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions and Major Customers | ' |
RELATED PARTY TRANSACTIONS AND MAJOR CUSTOMERS | |
During 2010, the Company issued a $5.0 million promissory note to THIG. Interest was due quarterly and was accrued on the unpaid principal balance at LIBOR plus 6.0%. THIG could voluntarily prepay the loan in whole, or in part, plus accrued interest, without premium or penalty at any time. During 2013, THIG repaid the promissory note in full, and accordingly, the principal balance included in other assets on the Company’s consolidated balance sheet at December 31, 2013 was $Nil (2012 - $4.0 million). Interest income earned on the promissory note of $0.2 million (2012 - $0.3 million) is included in other income on the Company’s consolidated statements of operations. | |
The Company has entered into reinsurance agreements with certain subsidiaries and affiliates of Tower Hill and has also entered into reinsurance agreements with respect to business produced by the Tower Hill Companies. For the year ended December 31, 2013, the Company recorded $46.7 million (2012 - $41.1 million, 2011 - $29.8 million) of gross premium written assumed from Tower Hill and its subsidiaries and affiliates. Gross premiums earned totaled $44.9 million (2012 - $36.1 million, 2011 - $28.9 million) and expenses incurred were $5.3 million (2012 - $3.9 million, 2011 - $3.3 million) for the year ended December 31, 2013. The Company had a net related outstanding payable balance of $0.1 million as of December 31, 2013 (2012 - receivable balance of $8.6 million). During 2013, the Company assumed net claims and claims expenses of $4.1 million (2012 - assumed $4.0 million, 2011 - recovered $8.0 million) and, as of December 31, 2013, had a net reserve for claims and claim expenses of $34.1 million (2012 - $33.9 million). In addition, the Company received distributions of $9.8 million from THIG during 2013 (2012 - $9.5 million). | |
As a result of the transactions described in “Note 10. Noncontrolling Interests”, the Company has cumulatively invested $10.5 million in Angus, representing a 42.5% equity interest, which is accounted for under the equity method of accounting. Angus primarily provides commodity related risk management products to third party customers. The Company had an outstanding net asset position of $Nil at December 31, 2013 (2012 - net asset position of $1.6 million) related to certain derivative trades between Angus and REAL, prior to the sale of REAL to Munich. For the year ended December 31, 2013, the Company generated other income of $5.0 million (2012 - $7.9 million, 2011 - $3.4 million) associated with Angus related transactions which is reflected in the Company’s discontinued operations with respect to REAL. | |
During 2013, the Company received distributions from Top Layer Re of $Nil (2012 - $Nil, 2011 - $Nil), and a management fee of $3.8 million (2012 - $4.1 million, 2011 - $3.7 million). The management fee reimburses the Company for services it provides to Top Layer Re. | |
During 2013, the Company received 88.2% of its aggregate Catastrophe Reinsurance and Specialty Reinsurance segments’ gross premiums written (2012 - 84.6%, 2011 - 90.7%) from three brokers. Subsidiaries and affiliates of AON Benfield, Marsh Inc., and the Willis Group accounted for approximately 48.6%, 22.7% and 16.9%, respectively, of gross premiums written for the aggregate of the Catastrophe Reinsurance and Specialty Reinsurance segments in 2013 (2012 - 51.5%, 21.4% and 11.7%, respectively, 2011 - 56.1%, 21.9% and 12.7%, respectively). |
Taxation
Taxation | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||
Taxation | ' | |||||||||||||
TAXATION | ||||||||||||||
Under current Bermuda law, RenaissanceRe and its Bermuda subsidiaries are not subject to any income or capital gains taxes. In the event that such taxes are imposed, RenaissanceRe and its Bermuda subsidiaries would be exempted from any such tax until March 2035 pursuant to the Bermuda Exempted Undertakings Tax Protection Act 1966, and Amended Acts of 1987 and 2011, respectively. | ||||||||||||||
RenRe North America Holdings Inc. (“RenRe North America”) and its subsidiaries are subject to income taxes imposed by U.S. federal and state authorities and file a consolidated U.S. federal income tax return. Should the U.S. subsidiaries pay a dividend to RenaissanceRe, withholding taxes would apply to the extent of current year or accumulated earnings and profits. The Company also has operations in Ireland, the U.K., and Singapore which are subject to income taxes imposed by the respective jurisdictions in which they operate. | ||||||||||||||
The Company is not subject to income taxation other than as stated above. There can be no assurance that there will not be changes in applicable laws, regulations or treaties, which might require the Company to change the way it operates or become subject to taxation. | ||||||||||||||
The following is a summary of the Company’s income (loss) from continuing operations before taxes allocated between domestic and foreign operations: | ||||||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | |||||||||||
Domestic | ||||||||||||||
Bermuda | $ | 873,103 | $ | 795,378 | $ | 18,308 | ||||||||
Foreign | ||||||||||||||
United Kingdom | (12,678 | ) | (15,404 | ) | (22,895 | ) | ||||||||
U.S. | (20,019 | ) | (16,467 | ) | (23,837 | ) | ||||||||
Ireland | 1,855 | 3,318 | (24 | ) | ||||||||||
Singapore | (1,223 | ) | 13 | — | ||||||||||
Income (loss) from continuing operations before taxes | $ | 841,038 | $ | 766,838 | $ | (28,448 | ) | |||||||
Income tax (expense) benefit is comprised as follows: | ||||||||||||||
Year ended December 31, 2013 | Current | Deferred | Total | |||||||||||
Total income tax (expense) benefit | $ | (2,005 | ) | $ | 313 | $ | (1,692 | ) | ||||||
Year ended December 31, 2012 | ||||||||||||||
Total income tax (expense) benefit | $ | (1,667 | ) | $ | 254 | $ | (1,413 | ) | ||||||
Year ended December 31, 2011 | ||||||||||||||
Total income tax benefit (expense) | $ | 2,529 | $ | (12,914 | ) | $ | (10,385 | ) | ||||||
The Company’s expected income tax provision computed on pre-tax income at the weighted average tax rate has been calculated as the sum of the pre-tax income in each jurisdiction multiplied by that jurisdiction’s applicable statutory tax rate. Statutory tax rates of 0.0%, 35.0%, 12.5%, 23.2% and 17.0% have been used for Bermuda, the U.S., Ireland, the U.K. and Singapore, respectively. | ||||||||||||||
The Company’s effective income tax rate, which it calculates as income tax expense divided by net income before taxes, may fluctuate significantly from period to period depending on the geographic distribution of pre-tax net income in any given period between different jurisdictions with comparatively higher tax rates and those with comparatively lower tax rates. The geographic distribution of pre-tax income (loss) can vary significantly between periods due to, but not limited to, the following factors: the business mix of net premiums written and earned; the geographic location, the size and the nature of net claims and claim expenses incurred; the amount and geographic location of operating expenses, net investment income, net realized and unrealized gains (losses) on investments; outstanding debt and related interest expense; and the amount of specific adjustments to determine the income tax basis in each of the Company’s operating jurisdictions. In addition, a significant portion of the Company’s gross and net premiums are currently written and earned in Bermuda, which does not have a corporate income tax, including the majority of the Company’s catastrophe business, which can result in significant volatility to its pre-tax income (loss) in any given period. | ||||||||||||||
A reconciliation of the difference between the provision for income taxes and the expected tax provision at the weighted average tax rate is as follows: | ||||||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | |||||||||||
Expected income tax benefit | $ | 9,930 | $ | 8,889 | $ | 14,188 | ||||||||
Change in valuation allowance | (8,574 | ) | (6,212 | ) | (21,976 | ) | ||||||||
Other | (3,048 | ) | (4,090 | ) | (2,597 | ) | ||||||||
Income tax expense | $ | (1,692 | ) | $ | (1,413 | ) | $ | (10,385 | ) | |||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below: | ||||||||||||||
At December 31, | 2013 | 2012 | ||||||||||||
Deferred tax assets | ||||||||||||||
Tax loss and credit carryforwards | $ | 34,429 | $ | 16,548 | ||||||||||
Deferred interest expense | 12,608 | 8,448 | ||||||||||||
Investments | 4,694 | 3,278 | ||||||||||||
Deferred underwriting results | 1,873 | 4,366 | ||||||||||||
Amortization and depreciation | 1,730 | 1,597 | ||||||||||||
Accrued expenses | 1,096 | 1,062 | ||||||||||||
56,430 | 35,299 | |||||||||||||
Deferred tax liabilities | ||||||||||||||
Amortization and depreciation | (155 | ) | (369 | ) | ||||||||||
(155 | ) | (369 | ) | |||||||||||
Net deferred tax asset before valuation allowance | 56,275 | 34,930 | ||||||||||||
Valuation allowance | (56,106 | ) | (35,074 | ) | ||||||||||
Net deferred tax asset (liability) | $ | 169 | $ | (144 | ) | |||||||||
During 2013, the Company recorded a net increase to the valuation allowance of $21.0 million (2012 – increase of $6.2 million, 2011 – increase of $25.3 million). The Company’s net deferred tax asset primarily relates to net operating loss carryforwards and GAAP versus tax basis accounting differences relating to interest expense, underwriting results, accrued expenses and investments. The Company’s U.S. operations generated a cumulative GAAP taxable loss for the three year periods ended December 31, 2013 and 2012. Accordingly, the Company believes that it is more likely than not that the U.S. net deferred tax asset will not be realized and as a result has provided a full valuation allowance against its U.S. net deferred tax asset. In addition, a valuation allowance has been provided against deferred tax assets in Ireland, the U.K., and Singapore. These deferred tax assets relate primarily to net operating loss carryforwards and deferred underwriting results. | ||||||||||||||
In the U.S., the Company has net operating loss carryforwards of $59.8 million. Under applicable law, the U.S. net operating loss carryforwards will begin to expire in 2031. In Ireland, the Company has net operating loss carryforwards of $11.5 million. In the U.K., the Company has net operating loss carryforwards of $41.7 million. In Singapore, the Company has net operating loss carryforwards of $1.3 million. Under applicable law, the Irish, U.K. and Singapore net operating losses can be carried forward for an indefinite period. | ||||||||||||||
The Company had a net payment for U.S. federal, Irish, U.K. and Singapore income taxes of $1.2 million for the year ended 2013 (2012 – net refund of $13.2 million, 2011 – net payment of $11.0 million). | ||||||||||||||
The Company has unrecognized tax benefits of $Nil as of December 31, 2013 (2012 – $Nil). Interest and penalties related to unrecognized tax benefits would be recognized in income tax expense. At December 31, 2013, interest and penalties accrued on unrecognized tax benefits were $Nil. Income tax returns filed for tax years 2009 through 2012, 2009 through 2012, 2012 and 2012, are open for examination by the Internal Revenue Service, Irish tax authorities, U.K. tax authorities, and Singapore tax authorities, respectively. The Company does not expect the resolution of these open years to have a significant impact on its results from operations and financial condition. |
Segment_Reporting
Segment Reporting | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Segment Reporting, Measurement Disclosures [Abstract] | ' | |||||||||||||||||||||
Segment Reporting | ' | |||||||||||||||||||||
SEGMENT REPORTING | ||||||||||||||||||||||
In conjunction with changes in the Company’s management structure during 2013, including the appointment of a new Chief Executive Officer, and with changes in the mix of the Company’s reinsurance business, the Company revised its reportable segments to: (1) Catastrophe Reinsurance, which includes catastrophe reinsurance and certain property catastrophe joint ventures managed by the Company’s ventures unit; (2) Specialty Reinsurance, which includes specialty reinsurance and certain specialty joint ventures managed by the Company’s ventures unit; and (3) Lloyd’s, which includes reinsurance and insurance business written through Syndicate 1458. RenaissanceRe CCL, an indirect wholly owned subsidiary of RenaissanceRe, is the sole corporate member of Syndicate 1458. Previously, the Company disclosed Reinsurance and Lloyd’s as its reportable segments. All prior periods presented have been reclassified to conform to this presentation. | ||||||||||||||||||||||
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: | ||||||||||||||||||||||
Year ended December 31, 2013 | Catastrophe Reinsurance | Specialty Reinsurance | Lloyd’s | Other | Total | |||||||||||||||||
Gross premiums written (1) | $ | 1,120,379 | $ | 259,489 | $ | 226,532 | $ | (988 | ) | $ | 1,605,412 | |||||||||||
Net premiums written | $ | 753,078 | $ | 248,562 | $ | 201,697 | $ | 610 | $ | 1,203,947 | ||||||||||||
Net premiums earned | $ | 723,705 | $ | 214,306 | $ | 176,029 | $ | 586 | $ | 1,114,626 | ||||||||||||
Net claims and claim expenses incurred | 7,908 | 67,236 | 95,693 | 450 | 171,287 | |||||||||||||||||
Acquisition expenses | 49,161 | 41,538 | 34,823 | (21 | ) | 125,501 | ||||||||||||||||
Operational expenses | 108,130 | 31,780 | 50,540 | 655 | 191,105 | |||||||||||||||||
Underwriting income (loss) | $ | 558,506 | $ | 73,752 | $ | (5,027 | ) | $ | (498 | ) | 626,733 | |||||||||||
Net investment income | 208,028 | 208,028 | ||||||||||||||||||||
Net foreign exchange gains | 1,917 | 1,917 | ||||||||||||||||||||
Equity in earnings of other ventures | 23,194 | 23,194 | ||||||||||||||||||||
Other loss | (2,359 | ) | (2,359 | ) | ||||||||||||||||||
Net realized and unrealized gains on investments | 35,076 | 35,076 | ||||||||||||||||||||
Corporate expenses | (33,622 | ) | (33,622 | ) | ||||||||||||||||||
Interest expense | (17,929 | ) | (17,929 | ) | ||||||||||||||||||
Income from continuing operations before taxes | 841,038 | |||||||||||||||||||||
Income tax expense | (1,692 | ) | (1,692 | ) | ||||||||||||||||||
Income from discontinued operations | 2,422 | 2,422 | ||||||||||||||||||||
Net income attributable to noncontrolling interests | (151,144 | ) | (151,144 | ) | ||||||||||||||||||
Dividends on preference shares | (24,948 | ) | (24,948 | ) | ||||||||||||||||||
Net income available to RenaissanceRe common shareholders | $ | 665,676 | ||||||||||||||||||||
Net claims and claim expenses incurred – current accident year | $ | 109,945 | $ | 101,347 | $ | 103,949 | $ | — | $ | 315,241 | ||||||||||||
Net claims and claim expenses incurred – prior accident years | (102,037 | ) | (34,111 | ) | (8,256 | ) | 450 | (143,954 | ) | |||||||||||||
Net claims and claim expenses incurred – total | $ | 7,908 | $ | 67,236 | $ | 95,693 | $ | 450 | $ | 171,287 | ||||||||||||
Net claims and claim expense ratio – current accident year | 15.2 | % | 47.3 | % | 59.1 | % | — | % | 28.3 | % | ||||||||||||
Net claims and claim expense ratio – prior accident years | (14.1 | )% | (15.9 | )% | (4.7 | )% | 76.8 | % | (12.9 | )% | ||||||||||||
Net claims and claim expense ratio – calendar year | 1.1 | % | 31.4 | % | 54.4 | % | 76.8 | % | 15.4 | % | ||||||||||||
Underwriting expense ratio | 21.7 | % | 34.2 | % | 48.5 | % | 108.2 | % | 28.4 | % | ||||||||||||
Combined ratio | 22.8 | % | 65.6 | % | 102.9 | % | 185 | % | 43.8 | % | ||||||||||||
(1) Included in gross premiums written in the Other category is inter-segment gross premiums written of $1.0 million. | ||||||||||||||||||||||
Year ended December 31, 2012 | Catastrophe Reinsurance | Specialty Reinsurance | Lloyd’s | Other | Total | |||||||||||||||||
Gross premiums written (1) | $ | 1,182,207 | $ | 209,887 | $ | 159,987 | $ | (490 | ) | $ | 1,551,591 | |||||||||||
Net premiums written | $ | 766,035 | $ | 201,552 | $ | 135,131 | $ | (61 | ) | $ | 1,102,657 | |||||||||||
Net premiums earned | $ | 781,738 | $ | 164,685 | $ | 122,968 | $ | (36 | ) | $ | 1,069,355 | |||||||||||
Net claims and claim expenses incurred | 165,209 | 76,813 | 80,242 | 2,947 | 325,211 | |||||||||||||||||
Acquisition expenses | 66,665 | 23,826 | 22,864 | 187 | 113,542 | |||||||||||||||||
Operational expenses | 103,811 | 29,124 | 45,680 | 536 | 179,151 | |||||||||||||||||
Underwriting income (loss) | $ | 446,053 | $ | 34,922 | $ | (25,818 | ) | $ | (3,706 | ) | 451,451 | |||||||||||
Net investment income | 165,725 | 165,725 | ||||||||||||||||||||
Net foreign exchange gains | 5,319 | 5,319 | ||||||||||||||||||||
Equity in earnings of other ventures | 23,238 | 23,238 | ||||||||||||||||||||
Other loss | (2,120 | ) | (2,120 | ) | ||||||||||||||||||
Net realized and unrealized gains on investments | 163,121 | 163,121 | ||||||||||||||||||||
Net other-than-temporary impairments | (343 | ) | (343 | ) | ||||||||||||||||||
Corporate expenses | (16,456 | ) | (16,456 | ) | ||||||||||||||||||
Interest expense | (23,097 | ) | (23,097 | ) | ||||||||||||||||||
Income from continuing operations before taxes | 766,838 | |||||||||||||||||||||
Income tax expense | (1,413 | ) | (1,413 | ) | ||||||||||||||||||
Loss from discontinued operations | (16,476 | ) | (16,476 | ) | ||||||||||||||||||
Net income attributable to noncontrolling interests | (148,040 | ) | (148,040 | ) | ||||||||||||||||||
Dividends on preference shares | (34,895 | ) | (34,895 | ) | ||||||||||||||||||
Net income attributable to RenaissanceRe common shareholders | $ | 566,014 | ||||||||||||||||||||
Net claims and claim expenses incurred – current accident year | $ | 275,777 | $ | 110,959 | $ | 96,444 | $ | — | $ | 483,180 | ||||||||||||
Net claims and claim expenses incurred – prior accident years | (110,568 | ) | (34,146 | ) | (16,202 | ) | 2,947 | (157,969 | ) | |||||||||||||
Net claims and claim expenses incurred – total | $ | 165,209 | $ | 76,813 | $ | 80,242 | $ | 2,947 | $ | 325,211 | ||||||||||||
Net claims and claim expense ratio – current accident year | 35.3 | % | 67.4 | % | 78.4 | % | — | % | 45.2 | % | ||||||||||||
Net claims and claim expense ratio – prior accident years | (14.2 | )% | (20.8 | )% | (13.1 | )% | (8,186.1 | )% | (14.8 | )% | ||||||||||||
Net claims and claim expense ratio – calendar year | 21.1 | % | 46.6 | % | 65.3 | % | (8,186.1 | )% | 30.4 | % | ||||||||||||
Underwriting expense ratio | 21.8 | % | 32.2 | % | 55.7 | % | (2,008.3 | )% | 27.4 | % | ||||||||||||
Combined ratio | 42.9 | % | 78.8 | % | 121 | % | (10,194.4 | )% | 57.8 | % | ||||||||||||
(1) Included in gross premiums written in the Other category is inter-segment gross premiums written of $0.5 million. | ||||||||||||||||||||||
Year ended December 31, 2011 | Catastrophe Reinsurance | Specialty Reinsurance | Lloyd’s | Other | Total | |||||||||||||||||
Gross premiums written (1) | $ | 1,177,296 | $ | 145,891 | $ | 111,584 | $ | 205 | $ | 1,434,976 | ||||||||||||
Net premiums written | $ | 773,560 | $ | 139,939 | $ | 98,617 | $ | 657 | $ | 1,012,773 | ||||||||||||
Net premiums earned | $ | 737,545 | $ | 135,543 | $ | 76,386 | $ | 1,575 | $ | 951,049 | ||||||||||||
Net claims and claim expenses incurred | 770,350 | 13,354 | 73,259 | 4,216 | 861,179 | |||||||||||||||||
Acquisition expenses | 62,882 | 20,096 | 14,031 | 367 | 97,376 | |||||||||||||||||
Operational expenses | 100,932 | 30,319 | 36,732 | 1,678 | 169,661 | |||||||||||||||||
Underwriting (loss) income | $ | (196,619 | ) | $ | 71,774 | $ | (47,636 | ) | $ | (4,686 | ) | (177,167 | ) | |||||||||
Net investment income | 146,871 | 146,871 | ||||||||||||||||||||
Net foreign exchange losses | (7,844 | ) | (7,844 | ) | ||||||||||||||||||
Equity in losses of other ventures | (36,533 | ) | (36,533 | ) | ||||||||||||||||||
Other income | 44,345 | 44,345 | ||||||||||||||||||||
Net realized and unrealized gains on investments | 43,956 | 43,956 | ||||||||||||||||||||
Net other-than-temporary impairments | (552 | ) | (552 | ) | ||||||||||||||||||
Corporate expenses | (18,156 | ) | (18,156 | ) | ||||||||||||||||||
Interest expense | (23,368 | ) | (23,368 | ) | ||||||||||||||||||
Loss from continuing operations before taxes | (28,448 | ) | ||||||||||||||||||||
Income tax expense | (10,385 | ) | (10,385 | ) | ||||||||||||||||||
Loss from discontinued operations | (51,559 | ) | (51,559 | ) | ||||||||||||||||||
Loss attributable to redeemable noncontrolling interest – DaVinciRe | 33,157 | 33,157 | ||||||||||||||||||||
Dividends on preference shares | (35,000 | ) | (35,000 | ) | ||||||||||||||||||
Net loss attributable to RenaissanceRe common shareholders | $ | (92,235 | ) | |||||||||||||||||||
Net claims and claim expenses incurred – current accident year | $ | 829,487 | $ | 91,115 | $ | 72,781 | $ | (215 | ) | $ | 993,168 | |||||||||||
Net claims and claim expenses incurred – prior accident years | (59,137 | ) | (77,761 | ) | 478 | 4,431 | (131,989 | ) | ||||||||||||||
Net claims and claim expenses incurred – total | $ | 770,350 | $ | 13,354 | $ | 73,259 | $ | 4,216 | $ | 861,179 | ||||||||||||
Net claims and claim expense ratio – current accident year | 112.5 | % | 67.2 | % | 95.3 | % | (13.7 | )% | 104.4 | % | ||||||||||||
Net claims and claim expense ratio – prior accident years | (8.1 | )% | (57.3 | )% | 0.6 | % | 281.4 | % | (13.8 | )% | ||||||||||||
Net claims and claim expense ratio – calendar year | 104.4 | % | 9.9 | % | 95.9 | % | 267.7 | % | 90.6 | % | ||||||||||||
Underwriting expense ratio | 22.3 | % | 37.1 | % | 66.5 | % | 130.1 | % | 28 | % | ||||||||||||
Combined ratio | 126.7 | % | 47 | % | 162.4 | % | 397.8 | % | 118.6 | % | ||||||||||||
(1) Included in gross premiums written in the Other category is inter-segment gross premiums written of $0.1 million. | ||||||||||||||||||||||
The following is a summary of the Company’s gross premiums written allocated to the territory of coverage exposure: | ||||||||||||||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | |||||||||||||||||||
Catastrophe Reinsurance | ||||||||||||||||||||||
U.S. and Caribbean | $ | 782,211 | $ | 857,740 | $ | 786,721 | ||||||||||||||||
Worldwide (excluding U.S.) (1) | 146,048 | 139,265 | 164,112 | |||||||||||||||||||
Worldwide | 99,179 | 81,595 | 124,797 | |||||||||||||||||||
Japan | 39,060 | 43,238 | 49,021 | |||||||||||||||||||
Europe | 25,659 | 37,113 | 31,888 | |||||||||||||||||||
Australia and New Zealand | 22,460 | 18,578 | 16,818 | |||||||||||||||||||
Other | 5,762 | 4,678 | 3,939 | |||||||||||||||||||
Total Catastrophe Reinsurance | 1,120,379 | 1,182,207 | 1,177,296 | |||||||||||||||||||
Specialty Reinsurance | ||||||||||||||||||||||
Worldwide | 151,879 | 96,081 | 91,032 | |||||||||||||||||||
U.S. and Caribbean | 91,203 | 69,070 | 49,832 | |||||||||||||||||||
Australia and New Zealand | 12,068 | 28,307 | 792 | |||||||||||||||||||
Europe | 2,612 | 16,429 | 3,595 | |||||||||||||||||||
Worldwide (excluding U.S.) (1) | 1,661 | — | — | |||||||||||||||||||
Other | 66 | — | 640 | |||||||||||||||||||
Total Specialty Reinsurance | 259,489 | 209,887 | 145,891 | |||||||||||||||||||
Lloyd’s | ||||||||||||||||||||||
Worldwide | 104,249 | 75,132 | 47,605 | |||||||||||||||||||
U.S. and Caribbean | 88,535 | 57,332 | 48,435 | |||||||||||||||||||
Europe | 14,763 | 14,456 | 8,044 | |||||||||||||||||||
Worldwide (excluding U.S.) (1) | 8,071 | 6,064 | 238 | |||||||||||||||||||
Australia and New Zealand | 2,948 | 2,152 | 2,060 | |||||||||||||||||||
Other | 7,966 | 4,851 | 5,202 | |||||||||||||||||||
Total Lloyd’s | 226,532 | 159,987 | 111,584 | |||||||||||||||||||
Other category (2) | (988 | ) | (490 | ) | 205 | |||||||||||||||||
Total gross premiums written | $ | 1,605,412 | $ | 1,551,591 | $ | 1,434,976 | ||||||||||||||||
-1 | The category “Worldwide (excluding U.S.)” consists of contracts that cover more than one geographic region (other than the U.S.). The exposure in this category for gross premiums written to date is predominantly from Europe and Japan. | |||||||||||||||||||||
-2 | The Other category consists of contracts that are primarily exposed to U.S. risks and includes inter-segment gross premiums written of $1.0 million for the year ended December 31, 2013 (2012 - $0.5 million, 2011 - $0.1 million). |
Stock_Incentive_Compensation_a
Stock Incentive Compensation and Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||||
Stock Incentive Compensation and Employee Benefit Plans | ' | ||||||||||||||||||||||
STOCK INCENTIVE COMPENSATION AND EMPLOYEE BENEFIT PLANS | |||||||||||||||||||||||
2001 Stock Incentive Plan and Non-Employee Director Stock Incentive Plan | |||||||||||||||||||||||
The Company has a stock incentive plan (the “2001 Stock Incentive Plan”) under which employees of RenaissanceRe and its subsidiaries may be granted stock options and restricted stock awards. A stock option award under the Company’s 2001 Stock Incentive Plan allows for the purchase of RenaissanceRe’s common shares at a price that is equal to the fair market value of RenaissanceRe’s common shares as of the grant effective date. Options to purchase common shares are granted periodically by the Board of Directors, generally vest over four years and generally expire 10 years from the date of grant. Restricted common shares are granted periodically by the Board of Directors and generally vest ratably over a four year period. The Company has also established a Non-Employee Director Stock Incentive Plan to issue stock options and shares of restricted stock to RenaissanceRe’s non-employee directors. The Company’s 2001 Stock Incentive Plan also allows for the issuance of share-based awards, the issuance of restricted common shares and the issuance of shares tendered in connection with option exercises. For purposes of determining the number of shares reserved for issuance under the 2001 Stock Plan, shares tendered to or withheld by the Company in connection with certain option exercises will again be available for issuance. The 2001 Stock Incentive Plan expires on February 6, 2016. | |||||||||||||||||||||||
Premium Option Plan | |||||||||||||||||||||||
In August 2004, RenaissanceRe’s shareholders approved the 2004 Stock Option Incentive Plan (the “Premium Option Plan”) under which 6.0 million common shares were reserved for issuance upon the exercise of options granted under the Premium Option Plan. On August 15, 2007, the Company terminated the Premium Option Plan, such that no further option grants will be made thereunder. However, options outstanding at the time of the termination will, unless otherwise subsequently amended pursuant to the terms of the Premium Option Plan, remain outstanding and unmodified until they expire, subject to the terms of the Premium Option Plan and any applicable award agreement. The Premium Option Plan provides for, among other things, mandatory premium pricing such that options can generally only be issued thereunder with a strike price at a minimum of 150% of the fair market value on the date of grant, minimum five year cliff vesting (subject to waiver by the compensation committee of the Board of Directors), and no discretionary repricing. The Premium Option Plan includes a dividend protection feature that reduces the strike price for extraordinary dividends and a change in control feature that reduces the strike price based on a pre-established formula in the event of a change in control. Other terms are substantially similar to the 2001 Stock Incentive Plan. The Premium Option Plan expires on May 20, 2014. | |||||||||||||||||||||||
2010 Cash Settled Restricted Stock Unit Plan | |||||||||||||||||||||||
In 2010, the Company instituted a restricted stock unit plan (the “2010 Cash Settled Restricted Stock Unit Plan”) allowing for the issuance of equity awards in the form of restricted stock units which will, subject to vesting requirements consistent with those utilized by the Company in respect of restricted shares, be settled in cash. Restricted stock units are liability awards with fair value measurement based on the market price of RenaissanceRe common shares at the end of each reporting period. Restricted share units are granted periodically by the Board of Directors and generally vest ratably over a four year period. During 2010, there were 900,000 restricted stock units reserved under the 2010 Cash Settled Restricted Stock Unit Plan. | |||||||||||||||||||||||
2010 Performance-Based Equity Incentive Plan | |||||||||||||||||||||||
In May 2010, RenaissanceRe’s shareholders approved the 2010 Performance-Based Equity Incentive Plan (“2010 Performance Plan”) under which 750,000 shares have been reserved (the “Performance Shares”). The Compensation Committee determined that, beginning in 2010 with the Company’s annual target-level incentive award grant cycle, 25% of the annual equity incentive award grants to each member of RenaissanceRe’s Executive Committee, which includes the Company’s Named Executive Officers excluding the Chief Executive Officer (“CEO”), will be subject to vesting conditions based on both continued service and the attainment of pre-established performance goals. If performance goals are achieved, the Performance Shares will vest up to a maximum of 250% of target. The 2010 grants vest over a period of three years and are based on annual performance periods. All subsequent grants cliff vest at the end of a three year vesting period. The Performance Shares have a market condition which is the Company’s total shareholder return relative to its peer group. Total shareholder return is based on the average closing share price over the 20 trading days preceding and including the start and end of the performance period. | |||||||||||||||||||||||
The former CEO, who will retire on February 22, 2014, received 100% of a special retention award in the form of Performance Shares in 2010. If performance goals are achieved, the Performance Shares for the former CEO will vest up to a maximum of 175% of target. This grant vests ratably over a period of four years ending December 31, 2013 and is based on annual performance periods with the final tranche pending approval by the Company’s Compensation Committee. Although the former CEO retires February 22, 2014, the vesting of his other outstanding performance shares will continue under the original terms of the awards with the exception of vesting at the end of each applicable performance period, which had been provided in accordance with his employment agreement, as amended and restated April 5, 2013. | |||||||||||||||||||||||
The current CEO received a special performance award on his promotion to CEO effective July 1, 2013. The special equity award was issued in the form restricted stock and performance shares. The conditions attached to the restricted stock awards are identical to the conditions under the 2001 Stock Incentive Plan and the Non-Employee Director Stock Incentive Plan. If performance goals are achieved, the Performance Shares for the current CEO will vest up to a maximum of 250% of target. This grant vests over a period of four years, ending December 2016, and is based on annual performance periods. | |||||||||||||||||||||||
Valuation Assumptions | |||||||||||||||||||||||
Performance Shares | |||||||||||||||||||||||
The fair value of the Performance Shares is measured on the date of grant using a Monte Carlo simulation model which requires certain of the same inputs underlying the Black-Scholes methodology, that being: share price; expected volatility; expected term; expected dividend yield; and risk-free interest rates. The following are the weighted average-assumptions used to estimate the fair value for all Performance Shares issued in each respective year. | |||||||||||||||||||||||
Performance Shares | |||||||||||||||||||||||
Year ended December 31, | 2013 | 2012 | |||||||||||||||||||||
Expected volatility (1) | 19.0% - 19.6% | 19.8% - 24.4% | |||||||||||||||||||||
Expected term (in years) | n/a | n/a | |||||||||||||||||||||
Expected dividend yield | n/a | n/a | |||||||||||||||||||||
Risk-free interest rate (1) | 0.09% - 1.39% | 0.16% - 0.64% | |||||||||||||||||||||
-1 | The expected volatility and risk-free interest rate applied are specific to each tranche of Performance Shares. | ||||||||||||||||||||||
Expected volatility: The expected volatility is estimated by the Company based on RenaissanceRe’s historical stock volatility. | |||||||||||||||||||||||
Expected term: The expected term is not applicable as the length of the performance periods are fixed and not subject to future employee behavior. Each tranche of the Performance Shares has a one year period during which performance is measured. | |||||||||||||||||||||||
Expected dividend yield: The expected dividend yield is not applicable to Performance Shares as dividends are paid at the end of the vesting period and do not affect the value of the Performance Shares. | |||||||||||||||||||||||
Risk-free interest rate: The risk free rate is estimated based on the yield on a U.S. treasury zero-coupon issued with a remaining term equal to the vesting period of the Performance Shares. | |||||||||||||||||||||||
The total cost of the Performance Shares is determined on the grant date based on the fair value calculated by the Monte Carlo simulation model. The Company recognizes cost equal to fair value per Performance Share multiplied by the target number of Performance Shares on the grant date. The cost is then recognized over the requisite service period net of estimated service-based forfeitures. When estimating forfeitures, the Company considers its historical forfeitures as well as expectations about employee behavior. For the year ended December 31, 2013, the Company used a 0% forfeiture rate for performance shares (2012 - 0%). | |||||||||||||||||||||||
Restricted Shares | |||||||||||||||||||||||
The fair value of restricted shares is determined based on the market value of the Company’s shares on the grant date. The estimated fair value of restricted shares, net of estimated forfeitures, is amortized as an expense over the requisite service period. When estimating forfeitures, the Company considers its historical forfeitures as well as expectations about employee behavior. For the year ended December 31, 2013, the Company used a 2% forfeiture rate for restricted shares (2012 - 8%). | |||||||||||||||||||||||
CSRSUs | |||||||||||||||||||||||
CSRSUs are revalued at the end of each quarterly reporting period based on the then value of RenaissanceRe’s stock price. The total cost is adjusted each quarter for unvested CSRSUs to reflect the current share price, and this total cost is amortized as an expense over the requisite service period, net of estimated forfeitures. When estimating forfeitures, the Company considers its historical forfeitures as well as expectations about employee behavior. For the year ended December 31, 2013, the Company used a 13% forfeiture rate for its CSRSUs (2012 - 8%). | |||||||||||||||||||||||
Summary of Stock Compensation Activity | |||||||||||||||||||||||
The following is a summary of activity under the Company’s existing stock compensation plans. | |||||||||||||||||||||||
2001 Stock Incentive and Non-Employee Director Stock Incentive Plans | |||||||||||||||||||||||
Weighted | Weighted | Weighted | Aggregate | Range of exercise prices | |||||||||||||||||||
options | average | average | intrinsic | ||||||||||||||||||||
outstanding | exercise price | remaining | value | ||||||||||||||||||||
contractual | |||||||||||||||||||||||
life | |||||||||||||||||||||||
Balance, December 31, 2010 | 2,841,335 | $ | 47.28 | 4.8 | $ | 46,616 | $33.85 – $59.66 | ||||||||||||||||
Options granted | — | — | — | ||||||||||||||||||||
Options forfeited | (40,010 | ) | 52.68 | ||||||||||||||||||||
Options expired | (4,404 | ) | 53.86 | ||||||||||||||||||||
Options exercised | (823,614 | ) | 46.88 | $ | 18,155 | ||||||||||||||||||
Balance, December 31, 2011 | 1,973,307 | $ | 47.33 | 4.6 | $ | 53,363 | $37.51 - $59.66 | ||||||||||||||||
Options granted | — | — | — | ||||||||||||||||||||
Options forfeited | — | — | |||||||||||||||||||||
Options expired | — | — | |||||||||||||||||||||
Options exercised | (240,668 | ) | 45.3 | $ | 7,910 | ||||||||||||||||||
Balance, December 31, 2012 | 1,732,639 | $ | 47.61 | 3.7 | $ | 58,305 | $37.51 - $59.66 | ||||||||||||||||
Options granted | — | — | — | ||||||||||||||||||||
Options forfeited | — | — | |||||||||||||||||||||
Options expired | — | — | |||||||||||||||||||||
Options exercised | (904,547 | ) | $ | 46.55 | $ | 36,800 | |||||||||||||||||
Balance, December 31, 2013 | 828,092 | $ | 48.77 | 2.9 | $ | 40,221 | $37.51 - $59.66 | ||||||||||||||||
Total options exercisable at December 31, 2013 | 828,092 | $ | 48.77 | 2.9 | $ | 40,221 | $37.51 - $59.66 | ||||||||||||||||
Premium Option Plan | |||||||||||||||||||||||
Weighted | Weighted | Weighted | Aggregate | Range of exercise | |||||||||||||||||||
options | average | average | intrinsic value | prices | |||||||||||||||||||
outstanding | exercise price | remaining | |||||||||||||||||||||
contractual | |||||||||||||||||||||||
life | |||||||||||||||||||||||
Balance, December 31, 2010 | 1,192,000 | $ | 73.94 | $ | — | $73.06 – $74.24 | |||||||||||||||||
Options granted | — | — | |||||||||||||||||||||
Options forfeited | — | — | |||||||||||||||||||||
Options expired | — | — | |||||||||||||||||||||
Options exercised | — | — | |||||||||||||||||||||
Balance, December 31, 2011 | 1,192,000 | $ | 73.94 | $ | — | $73.06 - $74.24 | |||||||||||||||||
Options granted | — | — | |||||||||||||||||||||
Options forfeited | — | — | |||||||||||||||||||||
Options expired | — | — | |||||||||||||||||||||
Options exercised | (350,000 | ) | 74.24 | 1,250 | |||||||||||||||||||
Balance, December 31, 2012 | 842,000 | $ | 73.82 | $ | 6,265 | $73.06 - $74.24 | |||||||||||||||||
Options granted | — | — | |||||||||||||||||||||
Options forfeited | — | — | |||||||||||||||||||||
Options expired | — | — | |||||||||||||||||||||
Options exercised | (270,000 | ) | 74.24 | 4,921 | |||||||||||||||||||
Balance, December 31, 2013 | 572,000 | $ | 73.62 | 1.1 | $ | 13,567 | $73.06 - $74.24 | ||||||||||||||||
Total options exercisable at December 31, 2013 | 572,000 | $ | 73.62 | 1.1 | $ | 13,567 | $73.06 - $74.24 | ||||||||||||||||
The Premium Option Plan was terminated, as to new issuances, at the August 2007 Board of Directors meeting and consequently, the shares available for grant under the plan are zero. | |||||||||||||||||||||||
2010 Cash Settled Restricted Stock Unit Plan and 2010 Performance-Based Equity Incentive Plan | |||||||||||||||||||||||
Cash Settled | Performance Shares (1) | ||||||||||||||||||||||
Restricted | |||||||||||||||||||||||
Stock | |||||||||||||||||||||||
Unit Plan | |||||||||||||||||||||||
Number of | Number of | Weighted | |||||||||||||||||||||
shares | shares | average | |||||||||||||||||||||
grant-dated fair value | |||||||||||||||||||||||
Nonvested at December 31, 2010 | 371,788 | 275,813 | $ | 56.76 | |||||||||||||||||||
Awards granted | 215,711 | 89,037 | $ | 79.83 | |||||||||||||||||||
Awards vested | (98,676 | ) | (63,562 | ) | |||||||||||||||||||
Awards forfeited | (65,850 | ) | (11,421 | ) | |||||||||||||||||||
Nonvested at December 31, 2011 | 422,973 | 289,867 | $ | 63.24 | |||||||||||||||||||
Awards granted | 225,105 | 144,635 | $ | 70.43 | |||||||||||||||||||
Awards vested | (128,401 | ) | (70,843 | ) | |||||||||||||||||||
Awards forfeited | (26,121 | ) | (4,139 | ) | |||||||||||||||||||
Nonvested at December 31, 2012 | 493,556 | 359,520 | $ | 67.31 | |||||||||||||||||||
Awards granted | 149,760 | 134,358 | $ | 83.64 | |||||||||||||||||||
Awards vested | (176,265 | ) | (24,606 | ) | |||||||||||||||||||
Awards forfeited | (72,906 | ) | (109,729 | ) | |||||||||||||||||||
Nonvested at December 31, 2013 | 394,145 | 359,543 | $ | 73.23 | |||||||||||||||||||
(1) For Performance Shares, the number of shares is stated at the maximum number that can be attained if the performance conditions are fully met. Forfeitures represent shares forfeited due to vesting below the maximum attainable as a result of the Company not fully meeting the performance conditions. | |||||||||||||||||||||||
Restricted Stock | |||||||||||||||||||||||
Employee | Non-employee director | Total | |||||||||||||||||||||
restricted stock | restricted stock | restricted stock | |||||||||||||||||||||
Number of | Weighted | Number of | Weighted | Number of | Weighted | ||||||||||||||||||
shares | average grant- | shares | average grant- | shares | average grant- | ||||||||||||||||||
dated fair value | dated fair value | dated fair value | |||||||||||||||||||||
Nonvested at December 31, 2010 | 1,004,426 | $ | 48.93 | 42,808 | $ | 51.38 | 1,047,234 | $ | 49.03 | ||||||||||||||
Awards granted | 200,745 | 66.21 | 18,272 | 66.21 | 219,017 | 66.21 | |||||||||||||||||
Awards vested | (362,234 | ) | 48.74 | (21,495 | ) | 50.66 | (383,729 | ) | 48.84 | ||||||||||||||
Awards forfeited | (78,176 | ) | 47.71 | — | — | (78,176 | ) | 47.71 | |||||||||||||||
Nonvested at December 31, 2011 | 764,761 | $ | 53.68 | 39,585 | $ | 58.43 | 804,346 | $ | 53.91 | ||||||||||||||
Awards granted | 226,827 | 72.46 | 16,874 | 71.69 | 243,701 | 72.4 | |||||||||||||||||
Awards vested | (337,683 | ) | 51.06 | (20,536 | ) | 54.62 | (358,219 | ) | 51.26 | ||||||||||||||
Awards forfeited | (7,157 | ) | 53.9 | — | — | (7,157 | ) | 53.9 | |||||||||||||||
Nonvested at December 31, 2012 | 646,748 | $ | 61.63 | 35,923 | $ | 66.83 | 682,671 | $ | 61.9 | ||||||||||||||
Awards granted | 241,071 | 87.85 | 17,162 | 87.4 | 258,233 | 87.82 | |||||||||||||||||
Awards vested | (311,334 | ) | 55.63 | (21,599 | ) | 66.06 | (332,933 | ) | 56.31 | ||||||||||||||
Awards forfeited | (6,993 | ) | 58.14 | — | — | (6,993 | ) | 58.14 | |||||||||||||||
Nonvested at December 31, 2013 | 569,492 | $ | 76.11 | 31,486 | $ | 78.57 | 600,978 | $ | 76.24 | ||||||||||||||
Shares available for issuance under the Company’s 2001 Stock Incentive Plan, Non-Employee Director Stock Incentive Plan and 2010 Performance Share Plan totaled 3.0 million in the aggregate at December 31, 2013. The total fair value of shares and share units vested during the year ended December 31, 2013 was $47.0 million (2012 – $43.3 million, 2011 – $36.5 million). Cash in the amount of $1.6 million was received from employees as a result of employee stock option exercises during the year ended December 31, 2013 (2012 – $0.9 million, 2011 – $0.1 million). In connection with share vestings and option exercises, there was no excess windfall tax benefit realized by the Company due to its net operating loss position in the taxable jurisdictions in which it operates. RenaissanceRe issues new shares upon the exercise of an option. | |||||||||||||||||||||||
The total stock compensation expense recognized in the Company’s consolidated statements of operations for the year ended December 31, 2013 was $43.4 million (2012 – $38.4 million, 2011 – $33.1 million). As of December 31, 2013, there was $26.4 million of total unrecognized compensation cost related to restricted stock awards, $25.2 million related to restricted stock units and $4.8 million related to performance shares expense, which will be recognized, on a weighted average, during the next 1.8, 1.6 and 1.9 years, respectively. | |||||||||||||||||||||||
All of the Company’s employees are eligible for defined contribution pension plans. Contributions are primarily based upon a percentage of eligible compensation. The Company contributed $3.5 million to its defined contribution pension plans in 2013 (2012 – $3.4 million, 2011 – $3.2 million). |
Statutory_Requirements
Statutory Requirements | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Insurance [Abstract] | ' | |||||||||||||||||
Statutory Requirements | ' | |||||||||||||||||
STATUTORY REQUIREMENTS | ||||||||||||||||||
The Company’s insurance operations are subject to insurance laws and regulations in the jurisdictions in which they operate, the most significant of which currently include Bermuda and the U.K. These regulations include certain restrictions on the amount of dividends or other distributions, such as loans or cash advances, available to shareholders without prior approval of the respective regulatory authorities. | ||||||||||||||||||
The actual statutory capital and surplus, required statutory capital and surplus and restricted net assets of the Company’s regulated insurance operations in its most significant regulatory jurisdictions are detailed below: | ||||||||||||||||||
Bermuda | U.K. (1) (2) | |||||||||||||||||
At December 31, | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Actual statutory capital and surplus | $ | 3,194,446 | $ | 3,061,736 | $ | 380,336 | $ | 293,519 | ||||||||||
Required statutory capital and surplus | 562,126 | 554,809 | 380,336 | 293,519 | ||||||||||||||
Restricted net assets | 887,083 | 784,693 | — | — | ||||||||||||||
-1 | With respect to actual and required statutory capital and surplus, and as described below, underwriting capacity of a member of Lloyd’s must be supported by providing a deposit in the form of cash, securities or letters of credit, which are referred to as Funds at Lloyd’s (“FAL”). FAL is determined by Lloyd’s and is based on Syndicate 1458’s solvency and capital requirements as calculated through its internal model. | |||||||||||||||||
-2 | Syndicate 1458 is capitalized by its FAL, with the related assets not held on its balance sheet. As such, restricted net assets is not applicable to Syndicate 1458; however, the Company can make an application to obtain approval from Lloyd’s to have funds released to RenaissanceRe from Syndicate 1458, subject to passing a Lloyd’s release test. | |||||||||||||||||
Statutory net income (loss) of the Company’s regulated insurance operations in its most significant regulatory jurisdictions are detailed below: | ||||||||||||||||||
Statutory Net Income (Loss) | ||||||||||||||||||
Bermuda | U.K. | |||||||||||||||||
Year ended December 31, 2013 | $ | 712,820 | $ | 7,745 | ||||||||||||||
Year ended December 31, 2012 | 693,887 | (10,967 | ) | |||||||||||||||
Year ended December 31, 2011 | (44,327 | ) | (33,442 | ) | ||||||||||||||
The difference between statutory financial statements and statements prepared in accordance with GAAP vary by jurisdiction; however, the primary difference is that for the Company’s regulated entities the statutory financial statements do not reflect deferred acquisition costs. | ||||||||||||||||||
The Company does not currently have any U.S. based insurance subsidiaries that would be subject to statutory accounting practices as defined by the National Association of Insurance Commissioners. In addition, none of the Company’s insurance subsidiaries used permitted practices that prevented the trigger of a regulatory event during the years ended December 31, 2013 and 2012. | ||||||||||||||||||
Bermuda-Based Insurance Entities | ||||||||||||||||||
Under the Insurance Act 1978, amendments thereto and related regulations of Bermuda (collectively, the “Insurance Act”), certain subsidiaries of RenaissanceRe are required to prepare statutory financial statements and to file in Bermuda a statutory financial return. The Insurance Act also requires these Bermuda insurance subsidiaries of RenaissanceRe to maintain certain measures of solvency and liquidity. | ||||||||||||||||||
Class 3B and Class 4 Insurers | ||||||||||||||||||
Under the Insurance Act, RenaissanceRe Specialty Risks and RenaissanceRe Specialty U.S. are defined as Class 3B insurers, and Renaissance Reinsurance and DaVinci are classified as Class 4 insurers, and therefore must maintain capital at a level equal to its enhanced capital requirement (“ECR”) which is established by reference to the Bermuda Solvency Capital Requirement (the “BSCR”) model. The BSCR is a mathematical model designed to give the Bermuda Monetary Authority (“BMA”) robust methods for determining an insurer’s capital adequacy. Underlying the BSCR is the belief that all insurers should operate on an ongoing basis with a view to maintaining their capital at a prudent level in excess of the minimum solvency margin otherwise prescribed under the Insurance Act. Alternatively, under the Insurance Act, insurers may, subject to the terms of the Insurance Act and to the BMA’s oversight, elect to utilize an approved internal capital model to determine regulatory capital. In either case, ECR shall at all times equal or exceed the respective Class 3B and Class 4 insurer’s minimum solvency margin and may be adjusted in circumstances where the BMA concludes that the insurer’s risk profile deviates significantly from the assumptions underlying its ECR or the insurer’s assessment of its risk management policies and practices used to calculate ECR applicable to it. While not specifically referred to in the Insurance Act, the BMA has also established a target capital level (“TCL”) for each Class 3B and Class 4 insurer equal to 120% of its respective ECR. While a Class 3B and Class 4 insurer is not currently required to maintain its statutory capital and surplus at this level, the TCL serves as an early warning tool for the BMA and failure to maintain statutory capital at least equal to the TCL will likely result in increased BMA regulatory oversight. | ||||||||||||||||||
Class 3B and Class 4 insurers are prohibited from declaring or paying any dividends if in breach of the required minimum solvency margin or minimum liquidity ratio (the “Relevant Margins”) or if the declaration or payment of such dividend would cause the insurer to fail to meet the Relevant Margins. Where an insurer fails to meet its Relevant Margins on the last day of any financial year, it is prohibited from declaring or paying any dividends during the next financial year without the prior approval of the BMA. Further, Class 3B and Class 4 insurers are prohibited from declaring or paying in any financial year dividends of more than 25% of its total statutory capital and surplus (as shown on its previous financial year’s statutory balance sheet) unless it files (at least seven days before payment of such dividends) with the BMA an affidavit stating that it will continue to meet its Relevant Margins. Class 3B and Class 4 insurers must obtain the BMA’s prior approval for a reduction by 15% or more of the total statutory capital as set forth in its previous year’s financial statements. These restrictions on declaring or paying dividends and distributions under the Insurance Act are in addition to the solvency requirements under the Bermuda Companies Act 1981 which apply to all Bermuda companies. | ||||||||||||||||||
The Company is currently completing its 2013 Bermuda-based statutory filings for Renaissance Reinsurance, DaVinci, RenaissanceRe Specialty Risks and RenaissanceRe Specialty U.S., which must be filed with the BMA on or before April 30, 2014, and at this time, the Company believes each of Renaissance Reinsurance, DaVinci, RenaissanceRe Specialty Risks and RenaissanceRe Specialty U.S. will exceed the target level of required statutory capital. | ||||||||||||||||||
For the years ended December 31, 2013 and 2012, Renaissance Reinsurance submitted applications to the BMA, and received approval, to exempt it from recording and recognizing certain third party guarantees as statutory liabilities and corresponding reductions of statutory capital and surplus for purposes of filing its statutory financial statements. The maximum monetary impact of including the third party guarantees in Renaissance Reinsurance’s statutory financial statements at December 31, 2013 would be an increase to statutory liabilities of $168.0 million (2012 - $113.0 million), and a corresponding decrease to statutory capital and surplus. If these amounts were to be included in Renaissance Reinsurance’s statutory financial statements, Renaissance Reinsurance would still exceed the required measures of solvency and liquidity, and the target level of required statutory capital, as discussed above. | ||||||||||||||||||
In addition, RenaissanceRe Specialty Risks is also eligible as an excess and surplus lines insurer in a number of states in the U.S. and under the various capital and surplus requirements in these states is required to maintain a minimum amount of capital and surplus. In this regard, the declaration of dividends from retained earnings and distributions from additional paid-in capital may be limited to the extent that the applicable above requirements are not met. The Company does not consider these requirements to be material. | ||||||||||||||||||
SPIs | ||||||||||||||||||
Under the Insurance Act, Upsilon Re, Tim Re III and Upsilon RFO are considered SPIs. See “Note 11. Variable Interest Entities” for additional information related to these entities. Unlike other (re)insurers, such as the Class 3B and Class 4 insurers discussed above, SPIs are fully funded to meet their (re)insurance obligations and are not exposed to insolvency, therefore the application and supervision processes are streamlined to facilitate the transparent structure. Further, SPIs are currently not required to file annual loss reserve specialist opinions and the BMA has the discretion to modify such insurer’s reporting requirements under the Insurance Act. Like other (re)insurers, the principal representative of an SPI has a duty to inform the BMA in relation to solvency matters, where applicable. In December 2013, the BMA issued a notice in which it proposed to amend the reporting requirements for SPIs. Under this notice, the BMA will likely require SPI’s to submit additional schedules together with the existing statutory financial return. These enhancements are likely to be effective for the 2013 statutory financial return, to be filed on or before April 30, 2014. The Company currently has in place directions from the BMA that would exempt each of Upsilon Re, Tim Re III and Upsilon RFO from the proposed enhanced filing requirements. | ||||||||||||||||||
U.K.-Based Syndicate 1458 | ||||||||||||||||||
RenaissanceRe CCL and Syndicate 1458 are subject to oversight by the Council of Lloyd’s. RSML is authorized by the U.K.’s Prudential Regulation Authority and regulated by the Financial Conduct Authority under the Financial Services and Markets Act 2000. Underwriting capacity of a member of Lloyd’s must be supported by providing a deposit in the form of cash, securities or letters of credit, which are referred to as FAL. This amount is determined by Lloyd’s and is based on Syndicate 1458’s solvency and capital requirement as calculated through its internal model. In addition, if the FAL are not sufficient to cover all losses, the Lloyd’s Central Fund provides an additional level of security for policyholders. | ||||||||||||||||||
Singapore-Based Entities | ||||||||||||||||||
A branch of Renaissance Reinsurance based in the Republic of Singapore (the “Singapore Branch”) received a license to carry on insurance business as a general reinsurer on October 28, 2013. The activities of the Singapore Branch are primarily regulated by the Monetary Authority of Singapore pursuant to Singapore’s Insurance Act. Additionally, the Singapore Branch is regulated by the Accounting and Corporate Regulatory Authority as a foreign company pursuant to Singapore’s Companies Act. Prior to the establishment of the Singapore Branch, Renaissance Reinsurance had maintained a representative office in Singapore since April 2012. The activities and regulatory requirements of the Singapore Branches are not considered to be material to the Company. | ||||||||||||||||||
Dividend Restrictions of RenaissanceRe | ||||||||||||||||||
As a Bermuda-domiciled holding company, RenaissanceRe has limited operations of its own and its assets consist primarily of investments in subsidiaries, and to a degree, cash and securities. Accordingly, RenaissanceRe’s future cash flows largely depend on the availability of dividends or other statutorily permissible payments from subsidiaries. The ability to pay such dividends is limited by the applicable laws and regulations of the various countries and states in which these subsidiaries operate, including, among others, Bermuda, the U.S., the U.K. and Ireland. RenaissanceRe’s ability to pay dividends and distribute capital to shareholders is limited by the Bermuda Companies Act 1981, insofar as after the payment, RenaissanceRe must still be able to pay its liabilities as they come due and the realizable value of its assets must be greater than its liabilities. At December 31, 2013, $2.6 billion of RenaissanceRe’s retained earnings would be unrestricted and available for payment of dividends or distribution to shareholders of RenaissanceRe (2012 - $2.3 billion). | ||||||||||||||||||
Multi-Beneficiary Reinsurance Trusts | ||||||||||||||||||
Effective March 15, 2011, each of Renaissance Reinsurance and DaVinci was approved as a Trusteed Reinsurer in the state of New York and established a multi-beneficiary reinsurance trust (“MBRT”) to collateralize its (re)insurance liabilities associated with U.S. domiciled cedants. The MBRTs are subject to the rules and regulations of the state of New York and the respective deed of trust, including but not limited to certain minimum capital funding requirements, investment guidelines, capital distribution restrictions and regulatory reporting requirements. Assets held under trust at December 31, 2013 with respect to the MBRTs totaled $505.1 million and $173.9 million for Renaissance Reinsurance and DaVinci, respectively (2012 – $508.7 million and $180.1 million, respectively), compared to the minimum amount required under U.S. state regulations of $441.7 million and $135.2 million, respectively (2012 – $494.9 million and $169.1 million, respectively). | ||||||||||||||||||
Multi-Beneficiary Reduced Collateral Reinsurance Trusts | ||||||||||||||||||
Effective December 31, 2012, each of Renaissance Reinsurance and DaVinci has been approved as an “eligible reinsurer” in the state of Florida. Therefore they are each authorized to provide reduced collateral equal to 20% of their net outstanding insurance liabilities to Florida-domiciled insurers. Each of Renaissance Reinsurance and DaVinci has established a multi-beneficiary reduced collateral reinsurance trust (“RCT”) to collateralize its (re)insurance liabilities associated with Florida-domiciled cedants. Because the RTCs were established in New York, they are subject to the rules and regulations of the state of New York including but not limited to certain minimum capital funding requirements, investment guidelines, capital distribution restrictions and regulatory reporting requirements. Assets held under trust at December 31, 2013 with respect to the RCTs totaled $21.1 million and $18.6 million for Renaissance Reinsurance and DaVinci, respectively (2012 - $11.0 million and $11.0 million, respectively), compared to the minimum amount required under U.S. state regulations of $16.3 million and $10.2 million, respectively (2012 - $10.0 million and $10.0 million, respectively). |
Derivative_Instruments
Derivative Instruments | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 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 tables below show 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 December 31, 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 | $ | 897 | 62 | $ | 835 | Other assets | $ | — | $ | 835 | ||||||||||||||
Foreign currency forward contracts (1) | 9,612 | 1,179 | 8,433 | Other assets | — | 8,433 | ||||||||||||||||||
Foreign currency forward contracts (2) | 1,013 | 338 | 675 | Other assets | — | 675 | ||||||||||||||||||
Credit default swaps | 806 | 82 | 724 | Other assets | 310 | 414 | ||||||||||||||||||
Total | $ | 12,328 | $ | 1,661 | $ | 10,667 | $ | 310 | $ | 10,357 | ||||||||||||||
Derivative Liabilities | ||||||||||||||||||||||||
At December 31, 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 | Net Amount | ||||||||||||||||||
Interest rate futures | $ | 74 | 62 | $ | 12 | Other liabilities | $ | 12 | $ | — | ||||||||||||||
Foreign currency forward contracts (1) | 2,204 | 28 | 2,176 | Other liabilities | — | 2,176 | ||||||||||||||||||
Foreign currency forward contracts (2) | 1,557 | 338 | 1,219 | Other liabilities | — | 1,219 | ||||||||||||||||||
Credit default swaps | 94 | 82 | 12 | Other liabilities | — | 12 | ||||||||||||||||||
Weather contract | 2,490 | — | 2,490 | Other liabilities | — | 2,490 | ||||||||||||||||||
Total | $ | 6,419 | $ | 510 | $ | 5,909 | $ | 12 | $ | 5,897 | ||||||||||||||
-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 5. Investments” for information on reverse repurchase agreements. | ||||||||||||||||||||||||
The location and amount of the gain (loss) recognized in the Company’s consolidated statements of operations related to its principal derivative instruments is shown in the following table: | ||||||||||||||||||||||||
Location of gain (loss) | Amount of gain (loss) recognized on | |||||||||||||||||||||||
recognized on derivatives | derivatives | |||||||||||||||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | |||||||||||||||||||||
Interest rate futures | Net realized and unrealized gains on investments | $ | 29,695 | $ | (1,746 | ) | $ | (25,256 | ) | |||||||||||||||
Foreign currency forward contracts (1) | Net foreign exchange gains (losses) | 889 | 13,804 | (5,443 | ) | |||||||||||||||||||
Foreign currency forward contracts (2) | Net foreign exchange gains (losses) | (3,015 | ) | (3,445 | ) | (4,335 | ) | |||||||||||||||||
Credit default swaps | Net realized and unrealized gains on investments | 1,363 | 1,074 | (1,467 | ) | |||||||||||||||||||
Weather contract | Net realized and unrealized gains on investments | (1,331 | ) | — | — | |||||||||||||||||||
Platinum warrant | Other (loss) income | — | — | 2,975 | ||||||||||||||||||||
Total | $ | 27,601 | $ | 9,687 | $ | (33,526 | ) | |||||||||||||||||
-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 December 31, 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 December 31, 2013, the Company had $1,169.3 million of notional long positions and $356.6 million of notional short positions of primarily Eurodollar, U.S. treasury and non-U.S. dollar futures contracts (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 December 31, 2013, the Company had outstanding underwriting related foreign currency contracts of $263.6 million in notional long positions and $139.8 million in notional short positions, denominated in U.S. dollars (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 December 31, 2013, the Company had outstanding investment portfolio related foreign currency contracts of $39.6 million in notional long positions and $159.1 million in notional short positions, denominated in U.S. dollars (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 December 31, 2013, the Company had outstanding credit derivatives of $7.1 million in notional long positions and $18.4 million in notional short positions, denominated in U.S. dollars (2012 – $46.1 million and $24.0 million, respectively). | ||||||||||||||||||||||||
Weather Contract | ||||||||||||||||||||||||
The Company, from time to time, transacts in certain derivative-based risk management products that address weather-related risks. The fair value of these contracts is determined 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, the Company’s portfolio of such derivatives is relatively small and are frequently seasonal in nature. At December 31, 2013, the Company had an outstanding weather contract of $6.4 million in a notional short position. | ||||||||||||||||||||||||
Platinum Warrant | ||||||||||||||||||||||||
The Company held a warrant to purchase up to 2.5 million common shares of Platinum Underwriters Holdings Ltd. (“Platinum”) for $27.00 per share. The Company recorded its investment in the Platinum warrant at fair value. The fair value of the warrant was estimated using either the Black-Scholes option pricing model or the in-the-money value, the greater of which the Company considered the best estimate of the exit value of the warrant. On January 20, 2011, the Company sold its warrant to Platinum for an aggregate of $47.9 million, and recognized a $3.0 million gain on the sale, which is included in other income during 2011. |
Commitments_Contingencies_and_
Commitments, Contingencies and Other Items | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||
Commitments, Contingencies and Other Items | ' | |||||
COMMITMENTS, CONTINGENCIES AND OTHER ITEMS | ||||||
CONCENTRATION OF CREDIT RISK | ||||||
Instruments which potentially subject the Company to concentration of credit risk consist principally of investments, including the Company’s equity method investments, cash, premiums receivable and reinsurance balances. The Company limits the amount of credit exposure to any one financial institution and, except for U.S. Government securities, none of the Company’s investments exceeded 10% of shareholders’ equity at December 31, 2013. See “Note 7. Reinsurance”, for information with respect to reinsurance recoverable. | ||||||
EMPLOYMENT AGREEMENTS | ||||||
The Board of Directors has authorized the execution of employment agreements between the Company and certain officers. These agreements provide for, among other things, severance payments under certain circumstances, as well as accelerated vesting of options and restricted stock grants, upon a change in control, as defined therein and under the terms of the Company’s 2001 Stock Incentive Plan, Premium Option Plan and 2010 Performance-Based Equity Incentive Plan. | ||||||
LETTERS OF CREDIT AND OTHER COMMITMENTS | ||||||
At December 31, 2013, the Company’s banks have issued letters of credit of approximately $584.4 million in favor of certain ceding companies. In connection with the Company’s Top Layer Re joint venture, Renaissance Reinsurance has committed $37.5 million of collateral to support a letter of credit and is obligated to make a mandatory capital contribution of up to $50.0 million in the event that a loss reduces Top Layer Re’s capital and surplus below a specified level. The letters of credit are secured by cash and investments of similar amounts. The Company’s syndicated letter of credit facility contains certain financial covenants. | ||||||
At December 31, 2013, RenaissanceRe had provided guarantees in the aggregate amount of $50.8 million to certain counterparties of the weather and energy risk operations of Renaissance Trading, subsequently renamed as Munich Re Trading LLC, one of the entities acquired by Munich in the REAL transaction. Although the guarantees issued by RenaissanceRe to certain counterparties of Renaissance Trading remained in effect at December 31, 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. | ||||||
On April 26, 2010, Renaissance Reinsurance and CEP entered into a Pledge Agreement in respect of its letter of credit facility with CEP which is evidenced by the Master Reimbursement Agreement, dated as of April 29, 2009, and provides for the issuance and renewal of letters of credit which are used to support business written by Syndicate 1458. Letter of credit fees will be payable pursuant to the terms of the Reimbursement Agreement. At December 31, 2013, these letters of credit amounted to $281.0 million and £60.0 million, respectively. Pursuant to the Pledge Agreement, Renaissance Reinsurance has agreed to pledge and maintain certain securities with a collateral value equal to 75% of the aggregate amount of the then outstanding letters of credit. In respect of the 25% unsecured portion, Renaissance Reinsurance is required to comply with certain financial covenants, including maintaining a certain minimum financial strength rating, minimum net worth, and a maximum consolidated debt to capital ratio for the consolidated group. In the event Renaissance Reinsurance is unable to satisfy any of these financial covenants, it will be required to pledge additional collateral in respect of the unsecured portion. | ||||||
PRIVATE EQUITY AND INVESTMENT COMMITMENTS | ||||||
The Company has committed capital to private equity partnerships and other entities of $662.7 million, of which $544.6 million has been contributed at December 31, 2013. The Company’s remaining commitments to these funds at December 31, 2013 totaled $116.2 million. These commitments do not have a defined contractual commitment date. | ||||||
INDEMNIFICATIONS AND WARRANTIES | ||||||
In the ordinary course of its business, the Company may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that lead to the execution of these provisions against the Company. Based on past experience, management currently believes that the likelihood of such an event is remote. | ||||||
OPERATING AND CAPITAL LEASES | ||||||
The Company leases office space under operating leases which expire at various dates through 2023. Future minimum lease payments under existing operating leases are expected to be as follows: | ||||||
Minimum | ||||||
lease payments | ||||||
2014 | $ | 6,040 | ||||
2015 | 5,804 | |||||
2016 | 4,867 | |||||
2017 | 2,258 | |||||
2018 | 2,195 | |||||
After 2018 | 4,335 | |||||
Future minimum lease payments under existing operating leases | $ | 25,499 | ||||
The Company’s capital leases primarily relate to office space in Bermuda with an initial lease term of 20 years, ending in 2028, and a bargain renewal option for an additional 30 years. The future minimum lease payments of the Company’s capital leases are detailed below, and relate principally to the transaction noted above, excluding the bargain renewal option. | ||||||
Minimum | ||||||
lease payments | ||||||
2014 | $ | 3,017 | ||||
2015 | 3,017 | |||||
2016 | 3,017 | |||||
2017 | 2,417 | |||||
2018 | 2,417 | |||||
After 2018 | 26,179 | |||||
Future minimum lease payments under existing capital leases | $ | 40,064 | ||||
LITIGATION | ||||||
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, among other things, disputed interpretations of policy coverages. Generally, the Company’s direct surplus lines insurance operations are subject to greater frequency and diversity of claims and claims-related litigation than its reinsurance operations and, in some jurisdictions, may be subject to direct actions by allegedly injured persons or entities seeking damages from policyholders. These lawsuits, involving 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, RenaissanceRe 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, RenaissanceRe’s President and Global Chief Underwriting Officer. As part of this transition, Mr. Currie ceased to serve as an officer and director of RenaissanceRe on July 1, 2013. Mr. Currie will remain an employee of RenaissanceRe 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. |
Quarterly_Financial_Informatio
Quarterly Financial Information (Unaudited) | 12 Months Ended | |||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||
Quarterly Financial Data [Abstract] | ' | |||||||||||||||||||||||||||||||||
Quarterly Financial Information (Unaudited) | ' | |||||||||||||||||||||||||||||||||
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | ||||||||||||||||||||||||||||||||||
Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | |||||||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||||
Gross premiums written | $ | 635,418 | $ | 664,151 | $ | 703,223 | $ | 667,336 | $ | 182,649 | $ | 136,359 | $ | 84,122 | $ | 83,745 | ||||||||||||||||||
Net premiums written | $ | 436,813 | $ | 492,575 | $ | 559,109 | $ | 427,630 | $ | 127,241 | $ | 105,035 | $ | 80,784 | $ | 77,417 | ||||||||||||||||||
(Increase) decrease in unearned premiums | (165,558 | ) | (213,910 | ) | (267,220 | ) | (183,214 | ) | 167,476 | 157,588 | 175,981 | 206,234 | ||||||||||||||||||||||
Net premiums earned | 271,255 | 278,665 | 291,889 | 244,416 | 294,717 | 262,623 | 256,765 | 283,651 | ||||||||||||||||||||||||||
Net investment income (loss) | 43,202 | 62,942 | 26,163 | 17,648 | 59,931 | 46,135 | 78,732 | 39,000 | ||||||||||||||||||||||||||
Net foreign exchange gains (losses) | 614 | (1,306 | ) | (932 | ) | 1,587 | 488 | 3,187 | 1,747 | 1,851 | ||||||||||||||||||||||||
Equity in earnings (losses) of other ventures | 5,835 | 5,470 | 3,772 | 6,846 | 7,313 | 4,310 | 6,274 | 6,612 | ||||||||||||||||||||||||||
Other (loss) income | (1,709 | ) | (3,632 | ) | (1,128 | ) | 5,414 | 651 | (1,052 | ) | (173 | ) | (2,850 | ) | ||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 14,269 | 47,614 | (69,529 | ) | 28,071 | 28,472 | 75,297 | 61,864 | 12,139 | |||||||||||||||||||||||||
Total other-than-temporary impairments | — | (161 | ) | — | (234 | ) | — | — | — | — | ||||||||||||||||||||||||
Portion recognized in other comprehensive income, before taxes | — | 27 | — | 25 | — | — | — | — | ||||||||||||||||||||||||||
Net other-than-temporary impairments | — | (134 | ) | — | (209 | ) | — | — | — | — | ||||||||||||||||||||||||
Total revenues | 333,466 | 389,619 | 250,235 | 303,773 | 391,572 | 390,500 | 405,209 | 340,403 | ||||||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||||||||
Net claims and claim expenses incurred | 27,251 | 15,552 | 103,962 | 49,551 | 60,928 | 73,215 | (20,854 | ) | 186,893 | |||||||||||||||||||||||||
Acquisition costs | 25,009 | 24,111 | 31,767 | 25,608 | 37,699 | 24,438 | 31,026 | 39,385 | ||||||||||||||||||||||||||
Operational expenses | 45,986 | 42,323 | 42,789 | 41,375 | 44,672 | 42,357 | 57,658 | 53,096 | ||||||||||||||||||||||||||
Corporate expenses | 4,482 | 4,757 | 21,529 | 4,014 | 4,307 | 3,796 | 3,304 | 3,889 | ||||||||||||||||||||||||||
Interest expense | 5,034 | 5,718 | 4,300 | 5,716 | 4,298 | 5,891 | 4,297 | 5,772 | ||||||||||||||||||||||||||
Total expenses | 107,762 | 92,461 | 204,347 | 126,264 | 151,904 | 149,697 | 75,431 | 289,035 | ||||||||||||||||||||||||||
Income (loss) from continuing operations before taxes | 225,704 | 297,158 | 45,888 | 177,509 | 239,668 | 240,803 | 329,778 | 51,368 | ||||||||||||||||||||||||||
Income tax (expense) benefit | (122 | ) | 36 | (11 | ) | (899 | ) | (223 | ) | (144 | ) | (1,336 | ) | (405 | ) | |||||||||||||||||||
Income from continuing operations | 225,582 | 297,194 | 45,877 | 176,610 | 239,445 | 240,659 | 328,442 | 50,963 | ||||||||||||||||||||||||||
Income (loss) from discontinued operations | 9,774 | (33,374 | ) | 2,427 | 8,034 | (9,779 | ) | (166 | ) | — | 9,029 | |||||||||||||||||||||||
Net income | 235,356 | 263,820 | 48,304 | 184,644 | 229,666 | 240,493 | 328,442 | 59,992 | ||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | (38,607 | ) | (53,641 | ) | (14,015 | ) | (33,624 | ) | (44,331 | ) | (51,083 | ) | (54,191 | ) | (9,692 | ) | ||||||||||||||||||
Net income available to RenaissanceRe | 196,749 | 210,179 | 34,289 | 151,020 | 185,335 | 189,410 | 274,251 | 50,300 | ||||||||||||||||||||||||||
Dividends on preference shares | (6,275 | ) | (8,750 | ) | (7,483 | ) | (8,750 | ) | (5,595 | ) | (8,750 | ) | (5,595 | ) | (8,645 | ) | ||||||||||||||||||
Net income available to RenaissanceRe common shareholders | $ | 190,474 | $ | 201,429 | $ | 26,806 | $ | 142,270 | $ | 179,740 | $ | 180,660 | $ | 268,656 | $ | 41,655 | ||||||||||||||||||
Income from continuing operations available to RenaissanceRe common shareholders per common share – basic | $ | 4.1 | $ | 4.59 | $ | 0.55 | $ | 2.62 | $ | 4.32 | $ | 3.67 | $ | 6.14 | $ | 0.69 | ||||||||||||||||||
Income (loss) from discontinued operations available (attributable) to RenaissanceRe common shareholders per common share – basic | 0.22 | (0.66 | ) | 0.06 | 0.16 | (0.23 | ) | — | — | 0.19 | ||||||||||||||||||||||||
Net income available to RenaissanceRe common shareholders per common share – basic | $ | 4.32 | $ | 3.93 | $ | 0.61 | $ | 2.78 | $ | 4.09 | $ | 3.67 | $ | 6.14 | $ | 0.88 | ||||||||||||||||||
Income from continuing operations available to RenaissanceRe common shareholders per common share – diluted | $ | 4.01 | $ | 4.53 | $ | 0.55 | $ | 2.59 | $ | 4.23 | $ | 3.62 | $ | 6.05 | $ | 0.68 | ||||||||||||||||||
Income (loss) from discontinued operations available (attributable) to RenaissanceRe common shareholders per common share – diluted | 0.22 | (0.65 | ) | 0.05 | 0.16 | (0.22 | ) | — | — | 0.19 | ||||||||||||||||||||||||
Net income available to RenaissanceRe common shareholders per common share – diluted | $ | 4.23 | $ | 3.88 | $ | 0.6 | $ | 2.75 | $ | 4.01 | $ | 3.62 | $ | 6.05 | $ | 0.87 | ||||||||||||||||||
Average shares outstanding – basic | 43,461 | 50,377 | 43,372 | 50,278 | 43,330 | 48,394 | 43,160 | 46,442 | ||||||||||||||||||||||||||
Average shares outstanding – diluted | 44,290 | 50,981 | 44,243 | 51,012 | 44,135 | 49,119 | 43,769 | 47,297 | ||||||||||||||||||||||||||
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries [Abstract] | ' | |||||||||||||||||||
Condensed Financial Statements | ' | |||||||||||||||||||
CONDENSED CONSOLIDATING FINANCIAL INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT OF SUBSIDIARIES | ||||||||||||||||||||
The following tables present condensed consolidating balance sheets at December 31, 2013 and 2012, condensed consolidating statements of operations and condensed consolidating statements of comprehensive income (loss) for the years ended December 31, 2013, 2012 and 2011, and condensed consolidating statements of cash flows for the years ended December 31, 2013, 2012 and 2011, 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 of each year. 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 December 31, 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 | $ | 210,719 | $ | 98,784 | $ | 6,512,209 | $ | — | $ | 6,821,712 | ||||||||||
Cash and cash equivalents | 8,796 | 4,027 | 395,209 | — | 408,032 | |||||||||||||||
Investments in subsidiaries | 3,294,729 | 74,718 | — | (3,369,447 | ) | — | ||||||||||||||
Due from subsidiaries and affiliates | 296,752 | — | — | (296,752 | ) | — | ||||||||||||||
Premiums receivable | — | — | 474,087 | — | 474,087 | |||||||||||||||
Prepaid reinsurance premiums | — | — | 66,132 | — | 66,132 | |||||||||||||||
Reinsurance recoverable | — | — | 101,025 | — | 101,025 | |||||||||||||||
Accrued investment income | — | 110 | 33,955 | — | 34,065 | |||||||||||||||
Deferred acquisition costs | — | — | 81,684 | — | 81,684 | |||||||||||||||
Receivable for investments sold | 14 | — | 75,831 | — | 75,845 | |||||||||||||||
Other assets | 112,234 | 1,481 | 102,834 | (100,000 | ) | 116,549 | ||||||||||||||
Total assets | $ | 3,923,244 | $ | 179,120 | $ | 7,842,966 | $ | (3,766,199 | ) | $ | 8,179,131 | |||||||||
Liabilities, Noncontrolling Interests and Shareholders’ Equity | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||
Reserve for claims and claim expenses | $ | — | $ | — | $ | 1,563,730 | $ | — | $ | 1,563,730 | ||||||||||
Unearned premiums | — | — | 477,888 | — | 477,888 | |||||||||||||||
Debt | — | 249,430 | — | — | 249,430 | |||||||||||||||
Amounts due to subsidiaries and affiliates | — | 3,173 | — | (3,173 | ) | — | ||||||||||||||
Reinsurance balances payable | — | — | 293,022 | — | 293,022 | |||||||||||||||
Payable for investments purchased | — | — | 193,221 | — | 193,221 | |||||||||||||||
Other liabilities | 18,860 | 6,953 | 371,783 | — | 397,596 | |||||||||||||||
Total liabilities | 18,860 | 259,556 | 2,899,644 | (3,173 | ) | 3,174,887 | ||||||||||||||
Redeemable noncontrolling interests | — | — | 1,099,860 | — | 1,099,860 | |||||||||||||||
Shareholders’ Equity | ||||||||||||||||||||
Total shareholders’ equity | 3,904,384 | (80,436 | ) | 3,843,462 | (3,763,026 | ) | 3,904,384 | |||||||||||||
Total liabilities, noncontrolling interests and shareholders’ equity | $ | 3,923,244 | $ | 179,120 | $ | 7,842,966 | $ | (3,766,199 | ) | $ | 8,179,131 | |||||||||
-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 | |||||||||||||||
Receivable for investments sold | 60,149 | — | 108,524 | — | 168,673 | |||||||||||||||
Other assets | 114,956 | 15,754 | 104,046 | (115,493 | ) | 119,263 | ||||||||||||||
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 | |||||||||||||||
Payable for investments purchased | 9,694 | — | 269,093 | — | 278,787 | |||||||||||||||
Other liabilities | 50,036 | 4,572 | 145,284 | (1,458 | ) | 198,434 | ||||||||||||||
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 | — | — | 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 year ended December 31, 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 | $ | — | $ | — | $ | 1,114,626 | $ | — | $ | 1,114,626 | ||||||||||
Net investment income | 4,213 | 488 | 209,105 | (5,778 | ) | 208,028 | ||||||||||||||
Net foreign exchange (losses) gains | (7 | ) | (2 | ) | 1,926 | — | 1,917 | |||||||||||||
Equity in earnings of other ventures | — | — | 23,194 | — | 23,194 | |||||||||||||||
Other income (loss) | 106 | 125 | (2,590 | ) | — | (2,359 | ) | |||||||||||||
Net realized and unrealized (losses) gains on investments | (483 | ) | 1,196 | 34,363 | — | 35,076 | ||||||||||||||
Total revenues | 3,829 | 1,807 | 1,380,624 | (5,778 | ) | 1,380,482 | ||||||||||||||
Expenses | ||||||||||||||||||||
Net claims and claim expenses incurred | — | — | 171,287 | — | 171,287 | |||||||||||||||
Acquisition expenses | — | — | 125,501 | — | 125,501 | |||||||||||||||
Operational expenses | (4,962 | ) | 7,566 | 189,117 | (616 | ) | 191,105 | |||||||||||||
Corporate expenses | 31,264 | 338 | 2,020 | — | 33,622 | |||||||||||||||
Interest expense | 734 | 14,467 | 2,728 | — | 17,929 | |||||||||||||||
Total expenses | 27,036 | 22,371 | 490,653 | (616 | ) | 539,444 | ||||||||||||||
(Loss) income before equity in net income of subsidiaries and taxes | (23,207 | ) | (20,564 | ) | 889,971 | (5,162 | ) | 841,038 | ||||||||||||
Equity in net income of subsidiaries | 713,831 | 2,142 | — | (715,973 | ) | — | ||||||||||||||
Income (loss) from continuing operations before taxes | 690,624 | (18,422 | ) | 889,971 | (721,135 | ) | 841,038 | |||||||||||||
Income tax expense | — | (1,558 | ) | (134 | ) | — | (1,692 | ) | ||||||||||||
Income (loss) from continuing operations | 690,624 | (19,980 | ) | 889,837 | (721,135 | ) | 839,346 | |||||||||||||
Income from discontinued operations | — | 2,422 | — | — | 2,422 | |||||||||||||||
Net income (loss) | 690,624 | (17,558 | ) | 889,837 | (721,135 | ) | 841,768 | |||||||||||||
Net income attributable to noncontrolling interests | — | — | (151,144 | ) | — | (151,144 | ) | |||||||||||||
Net income (loss) attributable to RenaissanceRe | 690,624 | (17,558 | ) | 738,693 | (721,135 | ) | 690,624 | |||||||||||||
Dividends on preference shares | (24,948 | ) | — | — | — | (24,948 | ) | |||||||||||||
Net income (loss) attributable to RenaissanceRe common shareholders | $ | 665,676 | $ | (17,558 | ) | $ | 738,693 | $ | (721,135 | ) | $ | 665,676 | ||||||||
-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 year ended December 31, 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) | $ | 690,624 | $ | (17,558 | ) | $ | 889,837 | $ | (721,135 | ) | $ | 841,768 | ||||||||
Change in net unrealized gains on investments | — | — | (9,491 | ) | — | (9,491 | ) | |||||||||||||
Comprehensive income (loss) | 690,624 | (17,558 | ) | 880,346 | (721,135 | ) | 832,277 | |||||||||||||
Net income attributable to noncontrolling interests | — | — | (151,144 | ) | — | (151,144 | ) | |||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | (151,144 | ) | — | (151,144 | ) | |||||||||||||
Comprehensive income (loss) attributable to RenaissanceRe | $ | 690,624 | $ | (17,558 | ) | $ | 729,202 | $ | (721,135 | ) | $ | 681,133 | ||||||||
-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 year ended December 31, 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 | $ | — | $ | — | $ | 1,069,355 | $ | — | $ | 1,069,355 | ||||||||||
Net investment income | 14,195 | 619 | 150,911 | — | 165,725 | |||||||||||||||
Net foreign exchange gains | 33 | — | 5,286 | — | 5,319 | |||||||||||||||
Equity in earnings of other ventures | — | — | 23,238 | — | 23,238 | |||||||||||||||
Other income (loss) | 2,822 | — | (4,942 | ) | — | (2,120 | ) | |||||||||||||
Net realized and unrealized gains on investments | 14,862 | 1,556 | 146,703 | — | 163,121 | |||||||||||||||
Net other-than-temporary impairments | — | — | (343 | ) | — | (343 | ) | |||||||||||||
Total revenues | 31,912 | 2,175 | 1,390,208 | — | 1,424,295 | |||||||||||||||
Expenses | ||||||||||||||||||||
Net claims and claim expenses incurred | — | — | 325,211 | — | 325,211 | |||||||||||||||
Acquisition expenses | — | — | 113,542 | — | 113,542 | |||||||||||||||
Operational expenses | (5,103 | ) | 7,013 | 177,241 | — | 179,151 | ||||||||||||||
Corporate expenses | 14,282 | 273 | 1,901 | — | 16,456 | |||||||||||||||
Interest expense | 5,875 | 14,467 | 2,755 | — | 23,097 | |||||||||||||||
Total expenses | 15,054 | 21,753 | 620,650 | — | 657,457 | |||||||||||||||
Income (loss) before equity in net loss of subsidiaries and taxes | 16,858 | (19,578 | ) | 769,558 | — | 766,838 | ||||||||||||||
Equity in net income of subsidiaries | 584,051 | 1,860 | — | (585,911 | ) | — | ||||||||||||||
Income (loss) from continuing operations before taxes | 600,909 | (17,718 | ) | 769,558 | (585,911 | ) | 766,838 | |||||||||||||
Income tax expense | — | (499 | ) | (914 | ) | — | (1,413 | ) | ||||||||||||
Income (loss) from continuing operations | 600,909 | (18,217 | ) | 768,644 | (585,911 | ) | 765,425 | |||||||||||||
Loss from discontinued operations | — | (16,476 | ) | — | — | (16,476 | ) | |||||||||||||
Net income (loss) | 600,909 | (34,693 | ) | 768,644 | (585,911 | ) | 748,949 | |||||||||||||
Net income attributable to noncontrolling interest | — | — | (148,040 | ) | — | (148,040 | ) | |||||||||||||
Net income (loss) attributable to RenaissanceRe | 600,909 | (34,693 | ) | 620,604 | (585,911 | ) | 600,909 | |||||||||||||
Dividends on preference shares | (34,895 | ) | — | — | — | (34,895 | ) | |||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 566,014 | $ | (34,693 | ) | $ | 620,604 | $ | (585,911 | ) | $ | 566,014 | ||||||||
-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 year ended December 31, 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) | $ | 600,909 | $ | (34,693 | ) | $ | 768,644 | $ | (585,911 | ) | $ | 748,949 | ||||||||
Change in net unrealized gains on investments | — | — | 1,914 | — | 1,914 | |||||||||||||||
Portion of other-than-temporary impairments recognized in other comprehensive loss | — | — | (52 | ) | — | (52 | ) | |||||||||||||
Comprehensive income (loss) | 600,909 | (34,693 | ) | 770,506 | (585,911 | ) | 750,811 | |||||||||||||
Net income attributable to noncontrolling interests | — | — | (148,040 | ) | — | (148,040 | ) | |||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | (148,040 | ) | — | (148,040 | ) | |||||||||||||
Comprehensive income (loss) available (attributable) to RenaissanceRe | $ | 600,909 | $ | (34,693 | ) | $ | 622,466 | $ | (585,911 | ) | $ | 602,771 | ||||||||
-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 year ended December 31, 2011 | 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 | $ | — | $ | — | $ | 951,049 | $ | — | $ | 951,049 | ||||||||||
Net investment income | 20,182 | 944 | 131,557 | (5,812 | ) | 146,871 | ||||||||||||||
Net foreign exchange gains (losses) | 112 | — | (7,956 | ) | — | (7,844 | ) | |||||||||||||
Equity in losses of other ventures | — | — | (36,533 | ) | — | (36,533 | ) | |||||||||||||
Other loss | (11 | ) | — | 44,356 | — | 44,345 | ||||||||||||||
Net realized and unrealized gains on investments | 12,040 | 1,217 | 30,699 | — | 43,956 | |||||||||||||||
Net other-than-temporary impairments | — | — | (552 | ) | — | (552 | ) | |||||||||||||
Total revenues | 32,323 | 2,161 | 1,112,620 | (5,812 | ) | 1,141,292 | ||||||||||||||
Expenses | ||||||||||||||||||||
Net claims and claim expenses incurred | — | — | 861,179 | — | 861,179 | |||||||||||||||
Acquisition expenses | — | — | 97,376 | — | 97,376 | |||||||||||||||
Operational expenses | (4,842 | ) | 7,910 | 166,593 | — | 169,661 | ||||||||||||||
Corporate expenses | 11,486 | 229 | 6,441 | — | 18,156 | |||||||||||||||
Interest expense | 10,472 | 14,568 | 3,026 | (4,698 | ) | 23,368 | ||||||||||||||
Total expenses | 17,116 | 22,707 | 1,134,615 | (4,698 | ) | 1,169,740 | ||||||||||||||
Income (loss) before equity in net loss of subsidiaries and taxes | 15,207 | (20,546 | ) | (21,995 | ) | (1,114 | ) | (28,448 | ) | |||||||||||
Equity in net loss of subsidiaries | (73,066 | ) | (16,689 | ) | — | 89,755 | — | |||||||||||||
Loss from continuing operations before taxes | (57,859 | ) | (37,235 | ) | (21,995 | ) | 88,641 | (28,448 | ) | |||||||||||
Income tax benefit (expense) | 624 | 1,677 | (12,686 | ) | — | (10,385 | ) | |||||||||||||
Loss from continuing operations | (57,235 | ) | (35,558 | ) | (34,681 | ) | 88,641 | (38,833 | ) | |||||||||||
Loss from discontinued operations | — | (51,559 | ) | — | — | (51,559 | ) | |||||||||||||
Net loss | (57,235 | ) | (87,117 | ) | (34,681 | ) | 88,641 | (90,392 | ) | |||||||||||
Net loss attributable to noncontrolling interest | — | — | 33,157 | — | 33,157 | |||||||||||||||
Net loss attributable to RenaissanceRe | (57,235 | ) | (87,117 | ) | (1,524 | ) | 88,641 | (57,235 | ) | |||||||||||
Dividends on preference shares | (35,000 | ) | — | — | — | (35,000 | ) | |||||||||||||
Net loss attributable to RenaissanceRe common shareholders | $ | (92,235 | ) | $ | (87,117 | ) | $ | (1,524 | ) | $ | 88,641 | $ | (92,235 | ) | ||||||
-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 Loss for the year ended December 31, 2011 | 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 loss | ||||||||||||||||||||
Net loss | $ | (57,235 | ) | $ | (87,117 | ) | $ | (34,681 | ) | $ | 88,641 | $ | (90,392 | ) | ||||||
Change in net unrealized gains on investments | — | — | (7,991 | ) | — | (7,991 | ) | |||||||||||||
Portion of other-than-temporary impairments recognized in other comprehensive loss | — | — | (78 | ) | — | (78 | ) | |||||||||||||
Comprehensive loss | (57,235 | ) | (87,117 | ) | (42,750 | ) | 88,641 | (98,461 | ) | |||||||||||
Net loss attributable to noncontrolling interests | — | — | 33,157 | — | 33,157 | |||||||||||||||
Change in net unrealized gains on fixed maturity investments available for sale attributable to noncontrolling interests | — | — | 6 | — | 6 | |||||||||||||||
Comprehensive loss attributable to noncontrolling interests | — | — | 33,163 | — | 33,163 | |||||||||||||||
Comprehensive loss attributable to RenaissanceRe | $ | (57,235 | ) | $ | (87,117 | ) | $ | (9,587 | ) | $ | 88,641 | $ | (65,298 | ) | ||||||
-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 year ended December 31, 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 | $ | (37,966 | ) | $ | (7,583 | ) | $ | 841,270 | $ | 795,721 | ||||||||||
Cash flows provided by (used in) investing activities | ||||||||||||||||||||
Proceeds from sales and maturities of fixed maturity investments trading | 880,749 | 185,143 | 7,185,513 | 8,251,405 | ||||||||||||||||
Purchases of fixed maturity investments trading | (491,768 | ) | (160,422 | ) | (7,814,277 | ) | (8,466,467 | ) | ||||||||||||
Proceeds from sales and maturities of fixed maturity investments available for sale | — | — | 45,178 | 45,178 | ||||||||||||||||
Net (purchases) sales of equity investments trading | — | (81,437 | ) | 48,382 | (33,055 | ) | ||||||||||||||
Net sales (purchases) of short term investments | 21,217 | 9,399 | (277,587 | ) | (246,971 | ) | ||||||||||||||
Net sales of other investments | — | — | 76,214 | 76,214 | ||||||||||||||||
Net purchases of investments in other ventures | — | — | (4,000 | ) | (4,000 | ) | ||||||||||||||
Net sales of other assets | — | — | 2,181 | 2,181 | ||||||||||||||||
Dividends and return of capital from subsidiaries | 504,241 | 83,593 | (587,834 | ) | — | |||||||||||||||
Contributions to subsidiaries | (500,652 | ) | (38,117 | ) | 538,769 | — | ||||||||||||||
Due (from) to subsidiary | 17,446 | (3,761 | ) | (13,685 | ) | — | ||||||||||||||
Net proceeds related to sale of discontinued operations | — | — | 60,000 | 60,000 | ||||||||||||||||
Net cash provided by (used in) investing activities | 431,233 | (5,602 | ) | (741,146 | ) | (315,515 | ) | |||||||||||||
Cash flows (used in) provided by financing activities | ||||||||||||||||||||
Dividends paid – RenaissanceRe common shares | (49,267 | ) | — | — | (49,267 | ) | ||||||||||||||
Dividends paid – preference shares | (24,948 | ) | — | — | (24,948 | ) | ||||||||||||||
RenaissanceRe common share repurchases | (207,410 | ) | — | — | (207,410 | ) | ||||||||||||||
Net repayment of debt | (100,000 | ) | — | (2,436 | ) | (102,436 | ) | |||||||||||||
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 | 265,856 | — | — | 265,856 | ||||||||||||||||
Contribution of capital from parent | — | 15,684 | (15,684 | ) | — | |||||||||||||||
Net third party redeemable noncontrolling interest share transactions | — | — | (5,750 | ) | (5,750 | ) | ||||||||||||||
Net cash (used in) provided by financing activities | (390,769 | ) | 15,684 | (23,870 | ) | (398,955 | ) | |||||||||||||
Effect of exchange rate changes on foreign currency cash | — | — | 1,423 | 1,423 | ||||||||||||||||
Net increase in cash and cash equivalents | 2,498 | 2,499 | 77,677 | 82,674 | ||||||||||||||||
Net decrease in cash and cash equivalents of discontinued operations | — | — | 21,213 | 21,213 | ||||||||||||||||
Cash and cash equivalents, beginning of period | 6,298 | 1,528 | 296,319 | 304,145 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 8,796 | $ | 4,027 | $ | 395,209 | $ | 408,032 | ||||||||||||
-1 | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. | |||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | RenaissanceRe | RenRe North | Other | RenaissanceRe | ||||||||||||||||
for the year ended December 31, 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 | $ | 128,567 | $ | (10,376 | ) | $ | 598,738 | $ | 716,929 | |||||||||||
Cash flows provided by (used in) investing activities | ||||||||||||||||||||
Proceeds from sales and maturities of fixed maturity investments trading | 744,211 | 140,626 | 7,308,030 | 8,192,867 | ||||||||||||||||
Purchases of fixed maturity investments trading | (692,783 | ) | (73,800 | ) | (7,769,655 | ) | (8,536,238 | ) | ||||||||||||
Proceeds from sales and maturities of fixed maturity investments available for sale | — | — | 65,168 | 65,168 | ||||||||||||||||
Net (purchases) sales of short term investments | (80,485 | ) | (10,624 | ) | 159,886 | 68,777 | ||||||||||||||
Net sales of other investments | — | — | 150,828 | 150,828 | ||||||||||||||||
Net purchases of other assets | — | — | (4,079 | ) | (4,079 | ) | ||||||||||||||
Dividends and return of capital from subsidiaries | 979,311 | 9,541 | (988,852 | ) | — | |||||||||||||||
Contributions to subsidiaries | (366,210 | ) | (50,000 | ) | 416,210 | — | ||||||||||||||
Due (from) to subsidiaries | (15,359 | ) | 241 | 15,118 | — | |||||||||||||||
Net payments related to sale of discontinued operations | — | (9,000 | ) | — | (9,000 | ) | ||||||||||||||
Net cash provided by (used in) investing activities | 568,685 | 6,984 | (647,346 | ) | (71,677 | ) | ||||||||||||||
Cash flows (used in) provided by financing activities | ||||||||||||||||||||
Dividends paid – RenaissanceRe common shares | (53,356 | ) | — | — | (53,356 | ) | ||||||||||||||
Dividends paid – preference shares | (34,895 | ) | — | — | (34,895 | ) | ||||||||||||||
RenaissanceRe common share repurchases | (463,309 | ) | — | — | (463,309 | ) | ||||||||||||||
Net repayment of debt | — | — | (1,937 | ) | (1,937 | ) | ||||||||||||||
Redemption of 6.60% Series D preference shares | (150,000 | ) | — | — | (150,000 | ) | ||||||||||||||
Third party DaVinciRe share transactions | — | — | 164,927 | 164,927 | ||||||||||||||||
Net cash (used in) provided by financing activities | (701,560 | ) | — | 162,990 | (538,570 | ) | ||||||||||||||
Effect of exchange rate changes on foreign currency cash | — | — | 1,692 | 1,692 | ||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (4,308 | ) | (3,392 | ) | 116,074 | 108,374 | ||||||||||||||
Net decrease in cash and cash equivalents of discontinued operations | — | — | 13,946 | 13,946 | ||||||||||||||||
Cash and cash equivalents, beginning of period | 10,606 | 4,920 | 166,299 | 181,825 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 6,298 | $ | 1,528 | $ | 296,319 | $ | 304,145 | ||||||||||||
-1 | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. | |||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | RenaissanceRe | RenRe North | Other | RenaissanceRe | ||||||||||||||||
for the year ended December 31, 2011 | 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 | $ | (58,721 | ) | $ | (56,438 | ) | $ | 281,092 | $ | 165,933 | ||||||||||
Cash flows provided by (used in) investing activities | ||||||||||||||||||||
Proceeds from sales and maturities of fixed maturity investments trading | 532,864 | 221,189 | 5,335,415 | 6,089,468 | ||||||||||||||||
Purchases of fixed maturity investments trading | (684,951 | ) | (322,318 | ) | (5,264,354 | ) | (6,271,623 | ) | ||||||||||||
Proceeds from sales and maturities of fixed maturity investments available for sale | — | — | 106,362 | 106,362 | ||||||||||||||||
Purchases of fixed maturity investments available for sale | — | — | (4,107 | ) | (4,107 | ) | ||||||||||||||
Net purchases of equity investments trading | — | — | (47,995 | ) | (47,995 | ) | ||||||||||||||
Net (purchases) sales of short term investments | (6,014 | ) | 9,184 | 99,978 | 103,148 | |||||||||||||||
Net sales (purchases) of other investments | 102,717 | — | (51,777 | ) | 50,940 | |||||||||||||||
Net purchases of investments in other ventures | — | — | (39,000 | ) | (39,000 | ) | ||||||||||||||
Net sales of other assets | — | — | 58,318 | 58,318 | ||||||||||||||||
Dividends and return of capital from subsidiaries | 945,195 | 9,306 | (954,501 | ) | — | |||||||||||||||
Contributions to subsidiaries | (272,366 | ) | (8,294 | ) | 280,660 | — | ||||||||||||||
Due to (from) subsidiary | 6,059 | 3,780 | (9,839 | ) | — | |||||||||||||||
Net proceeds from sale of discontinued operations | — | 269,520 | — | 269,520 | ||||||||||||||||
Net cash provided by (used in) investing activities | 623,504 | 182,367 | (490,840 | ) | 315,031 | |||||||||||||||
Cash flows (used in) provided by financing activities | ||||||||||||||||||||
Dividends paid – RenaissanceRe common shares | (53,460 | ) | — | — | (53,460 | ) | ||||||||||||||
Dividends paid – preference shares | (35,000 | ) | — | — | (35,000 | ) | ||||||||||||||
RenaissanceRe common share repurchases | (191,619 | ) | — | — | (191,619 | ) | ||||||||||||||
Net (repayment) issuance of debt | (277,512 | ) | (124,949 | ) | 202,461 | (200,000 | ) | |||||||||||||
Third party DaVinciRe share repurchases | — | — | (62,157 | ) | (62,157 | ) | ||||||||||||||
Net cash (used in) provided by financing activities | (557,591 | ) | (124,949 | ) | 140,304 | (542,236 | ) | |||||||||||||
Effect of exchange rate changes on foreign currency cash | — | — | 518 | 518 | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 7,192 | 980 | (68,926 | ) | (60,754 | ) | ||||||||||||||
Net decrease in cash and cash equivalents of discontinued operations | — | — | 16,441 | 16,441 | ||||||||||||||||
Cash and cash equivalents, beginning of year | 3,414 | 3,940 | 218,784 | 226,138 | ||||||||||||||||
Cash and cash equivalents, end of year | $ | 10,606 | $ | 4,920 | $ | 166,299 | $ | 181,825 | ||||||||||||
-1 | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
SUBSEQUENT EVENTS | |
Subsequent to December 31, 2013 and through the period ended February 19, 2014, the Company repurchased 2.0 million common shares in open market transactions at an aggregate cost of $185.8 million and at an average share price of $91.66. | |
On February 19, 2014, RenaissanceRe’s Board of Directors approved an increase in the authorized share repurchase program to an aggregate amount of $500.0 million. Unless terminated earlier by resolution of RenaissanceRe’s Board of Directors, the program will expire when the Company has repurchased the full value of the shares authorized. | |
During January 2014, DaVinciRe redeemed a portion of its outstanding shares from all existing DaVinciRe shareholders, including the Company, while a new DaVinciRe shareholder purchased shares in DaVinciRe. The net redemption as a result of these transactions was $300.0 million. In connection with the redemption, DaVinciRe retained a $60.0 million holdback. The Company’s noncontrolling economic ownership in DaVinciRe subsequent to these transactions is 26.5%, effective January 1, 2014. The Company expects its noncontrolling economic ownership in DaVinciRe to fluctuate over time. | |
Subsequent to December 31, 2013 and through the period ended February 19, 2014, third-party investors subscribed for an aggregate of $42.2 million of the participating, non-voting common shares of Medici. As a result of these subscriptions, the Company’s ownership in Medici decreased to 46.8%, effective February 1, 2014. |
Schedule_I_Summary_of_Investme
Schedule I. Summary of Investments Other Than Investments in Related Parties | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Summary of Investments, Other than Investments in Related Parties [Abstract] | ' | |||||||||||
Summary of Investments, Other than Investments in Related Parties | ' | |||||||||||
SCHEDULE I | ||||||||||||
RENAISSANCERE HOLDINGS LTD. AND SUBSIDIARIES | ||||||||||||
SUMMARY OF INVESTMENTS | ||||||||||||
OTHER THAN INVESTMENTS IN RELATED PARTIES | ||||||||||||
(THOUSANDS OF UNITED STATES DOLLARS) | ||||||||||||
December 31, 2013 | ||||||||||||
Amortized Cost | Market Value | Amount at | ||||||||||
which shown | ||||||||||||
in the | ||||||||||||
Balance Sheet | ||||||||||||
Type of investment: | ||||||||||||
Fixed maturity investments | ||||||||||||
U.S. treasuries | $ | 1,358,094 | $ | 1,352,413 | $ | 1,352,413 | ||||||
Agencies | 187,815 | 186,050 | 186,050 | |||||||||
Non-U.S. government (Sovereign debt) | 332,935 | 334,580 | 334,580 | |||||||||
Non-U.S. government-backed corporate | 234,531 | 237,479 | 237,479 | |||||||||
Corporate | 1,783,043 | 1,803,415 | 1,803,415 | |||||||||
Agency mortgage-backed | 346,740 | 341,908 | 341,908 | |||||||||
Non-agency mortgage-backed | 242,344 | 257,938 | 257,938 | |||||||||
Commercial mortgage-backed | 311,681 | 314,236 | 314,236 | |||||||||
Asset-backed | 14,802 | 15,258 | 15,258 | |||||||||
Total fixed maturity investments | $ | 4,811,985 | 4,843,277 | 4,843,277 | ||||||||
Short term investments | 1,044,779 | 1,044,779 | ||||||||||
Equity investments | 254,776 | 254,776 | ||||||||||
Other investments | 573,264 | 573,264 | ||||||||||
Investments in other ventures, under equity method | 105,616 | 105,616 | ||||||||||
Total investments | $ | 6,821,712 | $ | 6,821,712 | ||||||||
Schedule_II_Condensed_Financia
Schedule II. Condensed Financial Information Of Registrant | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||
Condensed Financial Information of Registrant | ' | |||||||||||
SCHEDULE II | ||||||||||||
RENAISSANCERE HOLDINGS LTD. | ||||||||||||
CONDENSED FINANCIAL INFORMATION OF REGISTRANT | ||||||||||||
RENAISSANCERE HOLDINGS LTD. | ||||||||||||
BALANCE SHEETS | ||||||||||||
AT DECEMBER 31, 2013 AND 2012 | ||||||||||||
(PARENT COMPANY) | ||||||||||||
(THOUSANDS OF UNITED STATES DOLLARS) | ||||||||||||
At December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Assets | ||||||||||||
Fixed maturity investments trading, at fair value (Amortized cost $Nil and $324,160 at December 31, 2013 and 2012, respectively) | $ | — | $ | 337,376 | ||||||||
Short term investments, at fair value | 210,719 | 234,763 | ||||||||||
Total investments | 210,719 | 572,139 | ||||||||||
Cash and cash equivalents | 8,796 | 6,298 | ||||||||||
Investments in subsidiaries | 3,294,729 | 2,864,793 | ||||||||||
Due from subsidiaries | 16,479 | 32,467 | ||||||||||
Dividends due from subsidiaries | 280,273 | 20,829 | ||||||||||
Accrued investment income | — | 2,535 | ||||||||||
Receivable for investments sold | 14 | 60,149 | ||||||||||
Other assets | 112,234 | 114,956 | ||||||||||
Total Assets | $ | 3,923,244 | $ | 3,674,166 | ||||||||
Liabilities and Shareholders’ Equity | ||||||||||||
Liabilities | ||||||||||||
Notes and bank loans payable | $ | — | $ | 100,000 | ||||||||
Contributions due to subsidiaries | — | 11,371 | ||||||||||
Payable for investments purchased | — | 9,694 | ||||||||||
Other liabilities | 18,860 | 50,036 | ||||||||||
Total Liabilities | 18,860 | 171,101 | ||||||||||
Shareholders’ Equity | ||||||||||||
Preference shares: $1.00 par value – 16,000,000 shares issued and outstanding at December 31, 2013 (December 31, 2012 – 16,000,000) | 400,000 | 400,000 | ||||||||||
Common shares: $1.00 par value – 43,646,436 shares issued and outstanding at December 31, 2013 (December 31, 2012 – 45,542,203) | 43,646 | 45,542 | ||||||||||
Accumulated other comprehensive income | 4,131 | 13,622 | ||||||||||
Retained earnings | 3,456,607 | 3,043,901 | ||||||||||
Total Shareholders’ Equity | 3,904,384 | 3,503,065 | ||||||||||
Total Liabilities and Shareholders’ Equity | $ | 3,923,244 | $ | 3,674,166 | ||||||||
SCHEDULE II | ||||||||||||
RENAISSANCERE HOLDINGS LTD. | ||||||||||||
CONDENSED FINANCIAL INFORMATION OF REGISTRANT – CONTINUED | ||||||||||||
RENAISSANCERE HOLDINGS LTD. | ||||||||||||
STATEMENTS OF OPERATIONS | ||||||||||||
FOR THE YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011 | ||||||||||||
(PARENT COMPANY) | ||||||||||||
(THOUSANDS OF UNITED STATES DOLLARS) | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenues | ||||||||||||
Net investment income | $ | 4,213 | $ | 14,195 | $ | 20,182 | ||||||
Net foreign exchange (losses) gains | (7 | ) | 33 | 112 | ||||||||
Other income (loss) | 106 | 2,822 | (11 | ) | ||||||||
Net realized and unrealized (losses) gains on investments | (483 | ) | 14,862 | 12,040 | ||||||||
Total revenues | 3,829 | 31,912 | 32,323 | |||||||||
Expenses | ||||||||||||
Interest expense | 734 | 5,875 | 10,472 | |||||||||
Operating and corporate expenses | 26,302 | 9,179 | 6,644 | |||||||||
Total expenses | 27,036 | 15,054 | 17,116 | |||||||||
(Loss) income before equity in net income (losses) of subsidiaries and taxes | (23,207 | ) | 16,858 | 15,207 | ||||||||
Equity in net income (losses) of subsidiaries | 713,831 | 584,051 | (73,066 | ) | ||||||||
Income (loss) before taxes | 690,624 | 600,909 | (57,859 | ) | ||||||||
Income tax benefit | — | — | 624 | |||||||||
Net income (loss) | 690,624 | 600,909 | (57,235 | ) | ||||||||
Dividends on preference shares | (24,948 | ) | (34,895 | ) | (35,000 | ) | ||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 665,676 | $ | 566,014 | $ | (92,235 | ) | |||||
RENAISSANCERE HOLDINGS LTD. | ||||||||||||
STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||
FOR THE YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011 | ||||||||||||
(PARENT COMPANY) | ||||||||||||
(THOUSANDS OF UNITED STATES DOLLARS) | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Comprehensive income (loss) | ||||||||||||
Net income (loss) | $ | 690,624 | $ | 600,909 | $ | (57,235 | ) | |||||
Comprehensive income (loss) attributable to RenaissanceRe | $ | 690,624 | $ | 600,909 | $ | (57,235 | ) | |||||
SCHEDULE II | ||||||||||||
RENAISSANCERE HOLDINGS LTD. | ||||||||||||
CONDENSED FINANCIAL INFORMATION OF REGISTRANT – CONTINUED | ||||||||||||
RENAISSANCERE HOLDINGS LTD. | ||||||||||||
STATEMENTS OF CASH FLOWS | ||||||||||||
FOR THE YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011 | ||||||||||||
(PARENT COMPANY) | ||||||||||||
(THOUSANDS OF UNITED STATES DOLLARS) | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Cash flows (used in) provided by operating activities: | ||||||||||||
Net income (loss) | $ | 690,624 | $ | 600,909 | $ | (57,235 | ) | |||||
Less: equity in net (income) loss of subsidiaries | (713,831 | ) | (584,051 | ) | 73,066 | |||||||
(23,207 | ) | 16,858 | 15,831 | |||||||||
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | ||||||||||||
Net unrealized losses (gains) included in net investment income | 483 | 348 | (1,696 | ) | ||||||||
Net unrealized (gains) losses included in other income (loss) | — | (193 | ) | 304 | ||||||||
Net realized and unrealized gains on investments | (20 | ) | (14,862 | ) | (12,040 | ) | ||||||
Other | (15,222 | ) | 126,416 | (61,120 | ) | |||||||
Net cash (used in) provided by operating activities | (37,966 | ) | 128,567 | (58,721 | ) | |||||||
Cash flows provided by investing activities: | ||||||||||||
Proceeds from maturities and sales of fixed maturity investments trading | 880,749 | 744,211 | 532,864 | |||||||||
Purchases of fixed maturity investments trading | (491,768 | ) | (692,783 | ) | (684,951 | ) | ||||||
Net sales (purchases) of short term investments | 21,217 | (80,485 | ) | (6,014 | ) | |||||||
Net sales (purchases) of other investments | — | — | 102,717 | |||||||||
Dividends and return of capital from subsidiaries | 504,241 | 979,311 | 945,195 | |||||||||
Contributions to subsidiaries | (500,652 | ) | (366,210 | ) | (272,366 | ) | ||||||
Due (from) to subsidiary | 17,446 | (15,359 | ) | 6,059 | ||||||||
Net cash provided by investing activities | 431,233 | 568,685 | 623,504 | |||||||||
Cash flows used in financing activities: | ||||||||||||
Dividends paid – RenaissanceRe common shares | (49,267 | ) | (53,356 | ) | (53,460 | ) | ||||||
Dividends paid – preference shares | (24,948 | ) | (34,895 | ) | (35,000 | ) | ||||||
RenaissanceRe common share repurchases | (207,410 | ) | (463,309 | ) | (191,619 | ) | ||||||
Redemption of 6.08% Series C preference shares | (125,000 | ) | — | — | ||||||||
Redemption of 6.60% Series D preference shares | (150,000 | ) | (150,000 | ) | — | |||||||
Issuance of 5.375% Series E preference share, net of expenses | 265,856 | — | — | |||||||||
Net repayment of debt | (100,000 | ) | — | (277,512 | ) | |||||||
Net cash used in financing activities | (390,769 | ) | (701,560 | ) | (557,591 | ) | ||||||
Net increase (decrease) in cash and cash equivalents | 2,498 | (4,308 | ) | 7,192 | ||||||||
Cash and cash equivalents, beginning of year | 6,298 | 10,606 | 3,414 | |||||||||
Cash and cash equivalents, end of year | $ | 8,796 | $ | 6,298 | $ | 10,606 | ||||||
Schedule_III_Supplementary_Ins
Schedule III. Supplementary Insurance Information | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||
Supplementary Insurance Information [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Supplementary Insurance Information | ' | |||||||||||||||||||||||||||||||||||
SCHEDULE III | ||||||||||||||||||||||||||||||||||||
RENAISSANCERE HOLDINGS LTD. AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||||||
SUPPLEMENTARY INSURANCE INFORMATION | ||||||||||||||||||||||||||||||||||||
(THOUSANDS OF UNITED STATES DOLLARS) | ||||||||||||||||||||||||||||||||||||
December 31, 2013 | Year ended December 31, 2013 | |||||||||||||||||||||||||||||||||||
Deferred | Future Policy | Unearned | Premium | Net | Benefits, | Amortization | Other | Net Written | ||||||||||||||||||||||||||||
Policy | Benefits, | Premiums | Revenue | Investment | Claims, | of Deferred | Operating | Premiums | ||||||||||||||||||||||||||||
Acquisition | Losses, | Income | Losses and | Policy | Expenses | |||||||||||||||||||||||||||||||
Costs | Claims and | Settlement | Acquisition | |||||||||||||||||||||||||||||||||
Loss Expenses | Expenses | Costs | ||||||||||||||||||||||||||||||||||
Catastrophe Reinsurance | $ | 37,889 | $ | 780,987 | $ | 279,465 | $ | 723,705 | $ | — | $ | 7,908 | $ | 49,161 | $ | 108,130 | $ | 753,078 | ||||||||||||||||||
Specialty Reinsurance | 26,727 | 506,268 | 115,278 | 214,306 | — | 67,236 | 41,538 | 31,780 | 248,562 | |||||||||||||||||||||||||||
Lloyd’s | 17,068 | 218,367 | 83,145 | 176,029 | — | 95,693 | 34,823 | 50,540 | 201,697 | |||||||||||||||||||||||||||
Other | — | 58,108 | — | 586 | 208,028 | 450 | (21 | ) | 655 | 610 | ||||||||||||||||||||||||||
Total | $ | 81,684 | $ | 1,563,730 | $ | 477,888 | $ | 1,114,626 | $ | 208,028 | $ | 171,287 | $ | 125,501 | $ | 191,105 | $ | 1,203,947 | ||||||||||||||||||
December 31, 2012 | Year ended December 31, 2012 | |||||||||||||||||||||||||||||||||||
Deferred | Future Policy | Unearned | Premium | Net | Benefits, | Amortization | Other | Net Written | ||||||||||||||||||||||||||||
Policy | Benefits, | Premiums | Revenue | Investment | Claims, | of Deferred | Operating | Premiums | ||||||||||||||||||||||||||||
Acquisition | Losses, | Income | Losses and | Policy | Expenses | |||||||||||||||||||||||||||||||
Costs | Claims and | Settlement | Acquisition | |||||||||||||||||||||||||||||||||
Loss Expenses | Expenses | Costs | ||||||||||||||||||||||||||||||||||
Catastrophe Reinsurance | $ | 28,306 | $ | 1,184,258 | $ | 261,456 | $ | 781,738 | $ | — | $ | 165,209 | $ | 66,665 | $ | 103,811 | $ | 766,035 | ||||||||||||||||||
Specialty Reinsurance | 15,010 | 478,313 | 84,058 | 164,685 | — | 76,813 | 23,826 | 29,124 | 201,552 | |||||||||||||||||||||||||||
Lloyd’s | 9,306 | 149,470 | 54,003 | 122,968 | — | 80,242 | 22,864 | 45,680 | 135,131 | |||||||||||||||||||||||||||
Other | — | 67,336 | — | (36 | ) | 165,725 | 2,947 | 187 | 536 | (61 | ) | |||||||||||||||||||||||||
Total | $ | 52,622 | $ | 1,879,377 | $ | 399,517 | $ | 1,069,355 | $ | 165,725 | $ | 325,211 | $ | 113,542 | $ | 179,151 | $ | 1,102,657 | ||||||||||||||||||
31-Dec-11 | Year ended December 31, 2011 | |||||||||||||||||||||||||||||||||||
Deferred | Future Policy | Unearned | Premium | Net | Benefits, | Amortization | Other | Net Written | ||||||||||||||||||||||||||||
Policy | Benefits, | Premiums | Revenue | Investment | Claims, | of Deferred | Operating | Premiums | ||||||||||||||||||||||||||||
Acquisition | Losses, | Income | Losses and | Policy | Expenses | |||||||||||||||||||||||||||||||
Costs | Claims and | Settlement | Acquisition | |||||||||||||||||||||||||||||||||
Loss Expenses | Expenses | Costs | ||||||||||||||||||||||||||||||||||
Catastrophe Reinsurance | $ | 28,059 | $ | 1,341,908 | $ | 260,746 | $ | 737,545 | $ | — | $ | 770,350 | $ | 62,882 | $ | 100,932 | $ | 773,560 | ||||||||||||||||||
Specialty Reinsurance | 6,864 | 471,618 | 41,099 | 135,543 | — | 13,354 | 20,096 | 30,319 | 139,939 | |||||||||||||||||||||||||||
Lloyd’s | 8,039 | 87,495 | 43,367 | 76,386 | — | 73,259 | 14,031 | 36,732 | 98,617 | |||||||||||||||||||||||||||
Other | 759 | 91,333 | 2,443 | 1,575 | 146,871 | 4,216 | 367 | 1,678 | 657 | |||||||||||||||||||||||||||
Total | $ | 43,721 | $ | 1,992,354 | $ | 347,655 | $ | 951,049 | $ | 146,871 | $ | 861,179 | $ | 97,376 | $ | 169,661 | $ | 1,012,773 | ||||||||||||||||||
Schedule_IV_Supplemental_Sched
Schedule IV. Supplemental Schedule of Reinsurance Premiums | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract] | ' | ||||||||||||||||||
Supplemental Schedule of Reinsurance Premiums | ' | ||||||||||||||||||
SCHEDULE IV | |||||||||||||||||||
RENAISSANCERE HOLDINGS LTD. AND SUBSIDIARIES | |||||||||||||||||||
SUPPLEMENTAL SCHEDULE OF REINSURANCE PREMIUMS | |||||||||||||||||||
(THOUSANDS OF UNITED STATES DOLLARS) | |||||||||||||||||||
Gross | Ceded to | Assumed | Net Amount | Percentage | |||||||||||||||
Amounts | Other | From Other | of Amount | ||||||||||||||||
Companies | Companies | Assumed | |||||||||||||||||
to Net | |||||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||||
Property and liability premiums earned | $ | 44,530 | $ | 412,415 | $ | 1,482,511 | $ | 1,114,626 | 133 | % | |||||||||
Year ended December 31, 2012 | |||||||||||||||||||
Property and liability premiums earned | $ | 34,028 | $ | 430,374 | $ | 1,465,701 | $ | 1,069,355 | 137 | % | |||||||||
Year ended December 31, 2011 | |||||||||||||||||||
Property and liability premiums earned | $ | 17,794 | $ | 422,950 | $ | 1,356,205 | $ | 951,049 | 143 | % | |||||||||
Schedule_VI_Supplementary_Insu
Schedule VI. Supplementary Insurance Information Concerning Property-Casualty Insurance Operations | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Supplemental Information for Property, Casualty Insurance Underwriters [Abstract] | ' | |||||||||||||||||||||||
Supplemental Insurance Information Concerning Property-Casualty Insurance Operations | ' | |||||||||||||||||||||||
SCHEDULE VI | ||||||||||||||||||||||||
RENAISSANCERE HOLDINGS LTD. AND SUBSIDIARIES | ||||||||||||||||||||||||
SUPPLEMENTARY INSURANCE INFORMATION CONCERNING | ||||||||||||||||||||||||
PROPERTY-CASUALTY INSURANCE OPERATIONS | ||||||||||||||||||||||||
(THOUSANDS OF UNITED STATES DOLLARS) | ||||||||||||||||||||||||
Affiliation with Registrant | Deferred | Reserves for | Discount, if | Unearned | Earned | Net | ||||||||||||||||||
Policy | Unpaid Claims | any, | Premiums | Premiums | Investment | |||||||||||||||||||
Acquisition | and Claim | Deducted | Income | |||||||||||||||||||||
Costs | Adjustment | |||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||
Consolidated Subsidiaries | ||||||||||||||||||||||||
Year ended December 31, 2013 | $ | 81,684 | $ | 1,563,730 | $ | — | $ | 477,888 | $ | 1,114,626 | $ | 208,028 | ||||||||||||
Year ended December 31, 2012 | $ | 52,622 | $ | 1,879,377 | $ | — | $ | 399,517 | $ | 1,069,355 | $ | 165,725 | ||||||||||||
Year ended December 31, 2011 | $ | 43,721 | $ | 1,992,354 | $ | — | $ | 347,655 | $ | 951,049 | $ | 146,871 | ||||||||||||
Claims and Claim Adjustment Expenses Incurred Related to | Amortization | Paid Claims | Net | |||||||||||||||||||||
of Deferred | and Claim | Premiums | ||||||||||||||||||||||
Policy | Adjustment | Written | ||||||||||||||||||||||
Acquisition | Expenses | |||||||||||||||||||||||
Affiliation with Registrant | Current Year | Prior Year | Costs | |||||||||||||||||||||
Consolidated Subsidiaries | ||||||||||||||||||||||||
Year ended December 31, 2013 | $ | 315,241 | $ | (143,954 | ) | $ | 125,501 | $ | 395,447 | $ | 1,203,947 | |||||||||||||
Year ended December 31, 2012 | $ | 483,180 | $ | (157,969 | ) | $ | 113,542 | $ | 226,671 | $ | 1,102,657 | |||||||||||||
Year ended December 31, 2011 | $ | 993,168 | $ | (131,989 | ) | $ | 97,376 | $ | 428,986 | $ | 1,012,773 | |||||||||||||
Significant_Accounting_Policie1
Significant Accounting Policies (Policy) | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Basis of Presentation | ' | |
BASIS OF PRESENTATION | ||
These consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the United States (“GAAP”). All significant intercompany accounts and transactions have been eliminated from these statements. 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. | ||
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. | ||
Premiums and Related Expenses | ' | |
PREMIUMS AND RELATED EXPENSES | ||
Premiums are recognized as income, net of any applicable reinsurance or retrocessional coverage purchased, over the terms of the related contracts and policies. Premiums written are based on contract and policy terms and include estimates based on information received from both insureds and ceding companies. Subsequent differences arising on such estimates are recorded in the period in which they are determined. Unearned premiums represents the portion of premiums written that relate to the unexpired terms of contracts and policies in force. Amounts are computed by pro-rata methods based on statistical data or reports received from ceding companies. Reinstatement premiums are estimated after the occurrence of a significant loss and are recorded in accordance with the contract terms based upon paid losses and case reserves. Reinstatement premiums are earned when written. | ||
Acquisition costs are shown net of commissions and profit commissions earned on ceded reinsurance, and consist principally of commissions, brokerage and premium tax expenses incurred at the time a contract or policy is issued and are deferred and amortized over the period in which the related premiums are earned. Deferred policy acquisition costs are limited to their estimated realizable value based on the related unearned premiums. Anticipated claims and claim expenses, based on historical and current experience, and anticipated investment income related to those premiums are considered in determining the recoverability of deferred acquisition costs. | ||
Claims and Claim Expenses | ' | |
CLAIMS AND CLAIM EXPENSES | ||
The reserve for claims and claim expenses includes estimates for unpaid claims and claim expenses on reported losses as well as an estimate of losses incurred but not reported. The reserve is based on individual claims, case reserves and other reserve estimates reported by insureds and ceding companies as well as management estimates of ultimate losses. Inherent in the estimates of ultimate losses are expected trends in claim severity and frequency and other factors which could vary significantly as claims are settled. Also, during the past few years, the Company has increased its specialty reinsurance business, but does not have the benefit of a significant amount of its own historical experience in certain of these lines of business. Accordingly, the setting and reserving for incurred losses in these lines of business could be subject to greater variability. | ||
Ultimate losses may vary materially from the amounts provided in the consolidated financial statements. These estimates are reviewed regularly and, as experience develops and new information becomes known, the reserves are adjusted as necessary. Such adjustments, if any, are reflected in the consolidated statements of operations in the period in which they become known and are accounted for as changes in estimates. | ||
Reinsurance | ' | |
REINSURANCE | ||
Amounts recoverable from reinsurers are estimated in a manner consistent with the claim liability associated with the reinsured policies. For multi-year retrospectively rated contracts, the Company accrues amounts (either assets or liabilities) that are due to or from assuming companies based on estimated contract experience. If the Company determines that adjustments to earlier estimates are appropriate, such adjustments are recorded in the period in which they are determined. Reinsurance recoverables on dual trigger reinsurance contracts require the Company to estimate its ultimate losses applicable to these contracts as well as estimate the ultimate amount of insured industry losses that will be reported by the applicable statistical reporting agency, as per the contract terms. Amounts recoverable from reinsurers are recorded net of a valuation allowance for estimated uncollectible recoveries. | ||
Assumed and ceded reinsurance contracts that lack a significant transfer of risk are treated as deposits. | ||
Fixed Maturity Investments and Equity Investments | ' | |
INVESTMENTS, CASH AND CASH EQUIVALENTS | ||
Fixed Maturity Investments | ||
Investments in fixed maturities are classified as available for sale or trading and are reported at fair value. Investment transactions are recorded on the trade date with balances pending settlement reflected in the balance sheet as a receivable for investments sold or a payable for investments purchased. Net investment income includes interest and dividend income together with amortization of market premiums and discounts and is net of investment management and custody fees. The amortization of premium and accretion of discount for fixed maturity securities is computed using the effective yield method. For mortgage-backed securities and other holdings for which there is prepayment risk, prepayment assumptions are evaluated quarterly and revised as necessary. Any adjustments required due to the change in effective yields and maturities are recognized on a prospective basis through yield adjustments. Fair values of investments are based on quoted market prices, or when such prices are not available, by reference to broker or underwriter bid indications and/or internal pricing valuation techniques. The net unrealized appreciation or depreciation on fixed maturity investments available for sale is included in accumulated other comprehensive income. The net unrealized appreciation or depreciation on fixed maturity investments trading is included in net realized and unrealized gains on investments in the consolidated statements of operations. Realized gains or losses on the sale of investments are determined on the basis of the first in first out cost method and, for fixed maturity investments available for sale, include adjustments to the cost basis of investments for declines in value that are considered to be other-than-temporary. | ||
Other-Than-Temporary Impairments | ||
The Company recognizes other-than-temporary impairments in earnings for its impaired fixed maturity securities available for sale (i) for which the Company has the intent to sell the security or (ii) it is more likely than not that the Company will be required to sell the debt security before its anticipated recovery and (iii) for those securities which have a credit loss. In assessing whether a credit loss exists, the Company compares the present value of the cash flows expected to be collected from the security with the amortized cost basis of 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 impairment related to the credit loss and (ii) the amount of the total impairment related to all other factors. The amount of the total other-than-temporary impairment related to the credit loss is recognized in earnings. The amount of the total other-than-temporary impairment related to all other factors is recognized in other comprehensive income. In periods after the recognition of other-than-temporary impairments on the Company’s fixed maturity securities available for sale, the Company accounts for such securities as if they had been purchased on the measurement date of the other-than-temporary impairment at an amortized cost basis equal to the previous amortized cost basis less the other-than-temporary impairment recognized in earnings. For debt securities in which other-than-temporary impairments were recognized in earnings, the difference between the new amortized cost basis and the cash flows expected to be collected will be amortized into net investment income. | ||
Equity Investments, Classified as Trading | ||
Equity investments are accounted for at fair value in accordance with FASB ASC Topic Financial Instruments. Fair values are primarily priced by pricing services, reflecting the closing price quoted for the final trading day of the period. Net investment income includes dividend income and the net realized and unrealized appreciation or depreciation on equity investments is included in net realized and unrealized gains on investments in the consolidated statements of operations. | ||
Short Term Investments and Cash and Cash Equivalents | ' | |
Short Term Investments and Cash and Cash Equivalents | ||
Short term investments, which are managed as part of the Company’s investment portfolio and have a maturity of one year or less when purchased, are carried at amortized cost, which approximates fair value. The net unrealized appreciation or depreciation on short term investments is included in net realized and unrealized gains on investments in the consolidated statements of operations. Cash equivalents include money market instruments with a maturity of ninety days or less when purchased. | ||
Other Investments | ' | |
Other Investments | ||
The Company accounts for its other investments at fair value in accordance with FASB ASC Topic Financial Instruments. The fair value of certain of the Company’s fund investments, which principally include private equity funds, senior secured bank loan funds and hedge funds, is recorded on its balance sheet in other investments, and is generally established on the basis of the net valuation criteria established by the managers of such investments, if applicable. The net valuation criteria established by the managers of such investments is established in accordance with the governing documents of such investments. Certain of the Company’s fund managers, fund administrators, or both, are unable to provide final fund valuations as of the Company’s current reporting date. The typical reporting lag experienced by the Company to receive a final net asset value report is one month for hedge funds and senior secured bank loan funds and three months for private equity funds, although, in the past, in respect of certain of the Company’s private equity funds, the Company has on occasion experienced delays of up to six months at year end, as the private equity funds typically complete their respective year-end audits before releasing their final net asset value statements. | ||
In circumstances where there is a reporting lag between the current period end reporting date and the reporting date of the latest fund valuation, the Company estimates the fair value of these funds by starting with the prior month or quarter-end fund valuations, adjusting these valuations for actual capital calls, redemptions or distributions, as well as the impact of changes in foreign currency exchange rates, and then estimating the return for the current period. In circumstances in which the Company estimates the return for the current period, all information available to the Company is utilized. This principally includes 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. Actual final fund valuations may differ, perhaps materially so, from the Company’s estimates and these differences are recorded in the Company’s statement of operations in the period in which they are reported to the Company as a change in estimate. | ||
The Company’s other investments also include investments in catastrophe bonds which are recorded at fair value and based on broker or underwriter bid indications. | ||
Investments in Other Ventures | ' | |
Investments in Other Ventures | ||
Investments in which the Company has significant influence over the operating and financial policies of the investee are classified as investments in other ventures, under equity method, and are accounted for under the equity method of accounting. Under this method, the Company records its proportionate share of income or loss from such investments in its results for the period. Any decline in value of investments in other ventures, under equity method considered by management to be other-than-temporary is charged to income in the period in which it is determined. | ||
Stock Incentive Compensation | ' | |
STOCK INCENTIVE COMPENSATION | ||
The Company is authorized to issue restricted stock awards and units, performance shares, stock options and other equity-based awards to its employees and directors. The fair value of the compensation cost is measured at the grant date and expensed over the period for which the employee is required to provide services in exchange for the award. | ||
In addition, the Company is authorized to issue cash settled restricted stock units (“CSRSU”) to its employees. The fair value of CSRSUs is determined at each reporting date using observable exchange traded prices for the Company’s common shares and is expensed over the period for which the employee is required to provide service in exchange for the award. In addition, the fair value of the award is recorded on the Company’s consolidated balance sheet as a liability as it is expensed and until the point payment is made to the employee. | ||
Forfeiture benefits are estimated on a quarterly basis and incorporated in the determination of stock-based compensation. | ||
Derivatives | ' | |
DERIVATIVES | ||
The Company enters into derivative instruments such as futures, options, swaps, forward contracts and other derivative contracts in order 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 their rights or obligations, with changes in fair value reflected in current earnings. The Company does not currently apply hedge accounting. The fair value of the Company’s derivatives is estimated by reference to quoted prices or broker quotes, where available, or in the absence of quoted prices or broker quotes, the use of industry or internal valuation models. | ||
Fair Value | ' | |
FAIR VALUE | ||
The Company accounts for certain of its assets and liabilities at fair value in accordance with FASB ASC Topic Fair Value Measurements and Disclosures. The Company recognizes the change in unrealized gains and losses arising from changes in fair value in its 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 (loss) in shareholders’ equity. | ||
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. | ||
Other than the transaction noted below, there have been no material changes in the Company’s valuation techniques, nor have there been any transfers between Level 1 and Level 2, or Level 2 and 3 during the period represented by these consolidated financial statements. As discussed in greater detail below, the Company transferred its investment in the common shares of Essent Group Ltd. (“Essent”), a U.S. mortgage guaranty insurance company, from Level 3 to Level 1, effective October 31, 2013, the date which Essent became a publicly traded company on the New York Stock Exchange (the “NYSE”). The fair value transferred from Level 3 to Level 1 was $85.6 million. | ||
Business Combinations | ' | |
BUSINESS COMBINATIONS, GOODWILL AND OTHER INTANGIBLE ASSETS | ||
The Company accounts for business combinations in accordance with FASB ASC Topic Business Combinations, and goodwill and other intangible assets that arise from business combinations in accordance with FASB ASC Topic Intangibles – Goodwill and Other. | ||
Goodwill and Other Intangible Assets | ' | |
A purchase price that is in excess of the fair value of the net assets acquired arising from a business combination is recorded as goodwill, and is not amortized. Other intangible assets with a finite life are amortized over the estimated useful life of the asset. Other intangible assets with an indefinite useful life are not amortized. | ||
Goodwill and other indefinite life intangible assets are tested for impairment on an annual basis or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable. Definite life intangible assets are reviewed for indicators of impairment on an annual basis or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable, and tested for impairment if appropriate. For purposes of the annual impairment evaluation, goodwill is assigned to the applicable reporting unit of the acquired entities giving rise to the goodwill. Goodwill and other intangible assets recorded in connection with investments accounted for under the equity method, are recorded as “Investments in other ventures, under equity method” on the Company’s consolidated balance sheets. | ||
The Company has established the beginning of the fourth quarter as the date for performing its annual impairment tests. The Company has the option to first assess qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test. Under this option, the Company would not be required to calculate the fair value of a reporting unit unless the Company determines, based on its qualitative assessment, that it is more likely than not that a reporting unit’s fair value is less than its carrying amount. If goodwill or other intangible assets are impaired, they are written down to their estimated fair value with a corresponding expense reflected in the Company’s consolidated statements of operations. | ||
Noncontrolling Interests | ' | |
NONCONTROLLING INTERESTS | ||
The Company accounts for noncontrolling interests in the shareholders’ equity section of the Company’s consolidated balance sheet in accordance with FASB ASC Topic Consolidations, and presents such noncontrolling shareholders’ interest in the net assets of the subsidiary. Net (income) loss attributable to noncontrolling interests is presented separately in the Company’s consolidated statements of operations. | ||
In addition, the Company accounts for redeemable noncontrolling interest in DaVinciRe in the mezzanine section of the Company’s consolidated balance sheet in accordance with United States Securities and Exchange Commission (“SEC”) guidance which is applicable to SEC registrants. The SEC guidance requires shares, not required to be accounted for in accordance with FASB ASC Topic Distinguishing Liabilities from Equity, and having redemption features that are not solely within the control of the issuer, to be classified outside of permanent equity in the mezzanine section of the balance sheet. Because the share classes related to the redeemable noncontrolling interest portion of DaVinciRe are not considered liabilities in accordance with FASB ASC Topic Distinguishing Liabilities from Equity and have redemption features that are not solely within the control of DaVinciRe, the redeemable noncontrolling interest in DaVinciRe is presented in the mezzanine section on the Company’s consolidated balance sheet in accordance with the SEC guidance noted above. The SEC guidance does not impact the accounting for redeemable noncontrolling interest on the consolidated statements of operations; therefore, the provisions of FASB ASC Topic Consolidation with respect to the consolidated statements of operations still apply. | ||
Variable Interest Entities | ' | |
VARIABLE INTEREST ENTITIES | ||
The Company accounts for VIEs in accordance with FASB ASC Topic Consolidation, which requires the consolidation of all VIEs by the primary beneficiary, that being the investor that has the power to direct the activities of the VIE and will absorb a majority of the VIE’s expected losses or residual returns. The Company determines whether it is the primary beneficiary of a VIE by performing an analysis that principally considers: (i) the VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders; (ii) the VIE’s capital structure; (iii) the terms between the VIE and its variable interest holders and other parties involved with the VIE; (iv) which variable interest holders have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; (v) which variable interest holders have the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE; and (vi) related party relationships. The Company reassesses its initial determination of whether the Company is the primary beneficiary of a VIE upon changes in facts and circumstances that could potentially alter the Company’s assessment. | ||
Earnings Per Share | ' | |
EARNINGS PER SHARE | ||
The Company calculates earnings per share in accordance with FASB ASC Topic Earnings per Share. Basic earnings per share are based on weighted average common shares and exclude any dilutive effects of options and restricted stock. Diluted earnings per share assumes the exercise of all dilutive stock options and restricted stock grants. | ||
The two-class method is used to determine earnings per share based on dividends declared on common shares and participating securities (i.e. distributed earnings) and participation rights of participating securities in any undistributed earnings. Each unvested restricted share granted by the Company to its employees is considered a participating security and the Company uses the two-class method to calculate its net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – basic and diluted. | ||
Foreign Exchange | ' | |
FOREIGN EXCHANGE | ||
The Company’s functional currency is the U.S. dollar. Revenues and expenses denominated in foreign currencies are translated at the prevailing exchange rate at the transaction date. Monetary assets and liabilities denominated in foreign currencies are remeasured at exchange rates in effect at the balance sheet date, which may result in the recognition of exchange gains or losses which are included in the determination of net income (loss). | ||
Taxation | ' | |
TAXATION | ||
Income taxes have been provided in accordance with the provisions of FASB ASC Topic Income Taxes. Deferred tax assets and liabilities result from temporary differences between the amounts recorded in the consolidated financial statements and the tax basis of the Company’s assets and liabilities. Such temporary differences are primarily due to net operating loss carryforwards and GAAP versus tax basis accounting differences relating to interest expense, underwriting results, accrued expenses and investments. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance against deferred tax assets is recorded if it is more likely than not that all, or some portion, of the benefits related to deferred tax assets will not be realized. | ||
Taxation, Uncertainties | ' | |
Uncertain tax positions are also accounted for in accordance with FASB ASC Topic Income Taxes. Uncertain tax positions must meet a more likely than not recognition threshold to be recognized. | ||
Recently Adopted Accounting Pronouncements | ' | |
RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS | ||
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. 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) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||
Schedule of Assets, Liabilities, Shareholder's Equity and Details of the Income (Loss) from Discontinued Operations | ' | |||||||||||||
Details of the assets, liabilities and shareholder’s equity of discontinued operations held for sale at at December 31, 2013 and 2012, are as follows and relate entirely to REAL. | ||||||||||||||
At 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 December 31, 2013 and 2012, respectively) | $ | — | $ | 5,253 | ||||||||||
Cash and cash equivalents | — | 21,213 | ||||||||||||
Other assets | — | 107,628 | ||||||||||||
Total assets of discontinued operations held for sale | $ | — | $ | 134,094 | ||||||||||
Liabilities of Discontinued Operations Held for Sale | ||||||||||||||
Debt | $ | — | $ | 2,436 | ||||||||||
Other liabilities | — | 55,004 | ||||||||||||
Total liabilities of discontinued operations held for sale | $ | — | $ | 57,440 | ||||||||||
Shareholder’s Equity of Discontinued Operations Held for Sale | ||||||||||||||
Total shareholder’s equity of discontinued operations held for sale | — | 76,654 | ||||||||||||
Total liabilities and shareholder’s equity of discontinued operations held for sale | $ | — | $ | 134,094 | ||||||||||
The Company has reclassified the results of operations of the discontinued operations to income (loss) from discontinued operations in its consolidated statements of operations. Details of the income (loss) from discontinued operations for the years ended December 31, 2013, 2012 and 2011 are as follows: | ||||||||||||||
Year ended December 31, 2013 | REAL | |||||||||||||
Revenues | ||||||||||||||
Net investment income | $ | 1,150 | ||||||||||||
Net foreign exchanges gains | 849 | |||||||||||||
Other income | 701 | |||||||||||||
Net realized and unrealized losses on investments | (18 | ) | ||||||||||||
Total revenues | 2,682 | |||||||||||||
Expenses | ||||||||||||||
Operational expenses | 89 | |||||||||||||
Corporate expenses | 104 | |||||||||||||
Total expenses | 193 | |||||||||||||
Income before taxes | 2,489 | |||||||||||||
Income tax expense | (67 | ) | ||||||||||||
Income from discontinued operations | $ | 2,422 | ||||||||||||
Year ended December 31, 2012 | REAL | U.S.-based insurance operations | Total | |||||||||||
Revenues | ||||||||||||||
Net investment income | $ | 2,517 | $ | — | $ | 2,517 | ||||||||
Net foreign exchange losses | (96 | ) | — | (96 | ) | |||||||||
Other (loss) income | (20,785 | ) | 2,730 | (18,055 | ) | |||||||||
Net realized and unrealized gains on investments | 3 | — | 3 | |||||||||||
Total revenues | (18,361 | ) | 2,730 | (15,631 | ) | |||||||||
Expenses | ||||||||||||||
Operational expenses | 150 | 436 | 586 | |||||||||||
Corporate expenses | 236 | — | 236 | |||||||||||
Total expenses | 386 | 436 | 822 | |||||||||||
(Loss) income before taxes | (18,747 | ) | 2,294 | (16,453 | ) | |||||||||
Income tax expense | (16 | ) | (7 | ) | (23 | ) | ||||||||
(Loss) income from discontinued operations | $ | (18,763 | ) | $ | 2,287 | $ | (16,476 | ) | ||||||
Year ended December 31, 2011 | REAL | U.S.-based insurance operations | Total | |||||||||||
Revenues | ||||||||||||||
Gross premiums written | $ | — | $ | 21,546 | $ | 21,546 | ||||||||
Net premiums written | $ | — | $ | (44,935 | ) | $ | (44,935 | ) | ||||||
Decrease in unearned premiums | — | 66,137 | 66,137 | |||||||||||
Net premiums earned | $ | — | $ | 21,202 | $ | 21,202 | ||||||||
Net investment (loss) income | (2,159 | ) | 339 | (1,820 | ) | |||||||||
Net foreign exchange gains | 933 | — | 933 | |||||||||||
Other loss | (45,030 | ) | (9,904 | ) | (54,934 | ) | ||||||||
Net realized and unrealized gains on investments | — | 42 | 42 | |||||||||||
Total revenues | (46,256 | ) | 11,679 | (34,577 | ) | |||||||||
Expenses | ||||||||||||||
Net claims and claim expenses incurred | — | 8,430 | 8,430 | |||||||||||
Acquisition expenses | — | 6,059 | 6,059 | |||||||||||
Operational expenses | 5 | 7,272 | 7,277 | |||||||||||
Corporate expenses | 108 | 770 | 878 | |||||||||||
Total expenses | 113 | 22,531 | 22,644 | |||||||||||
Loss before taxes | (46,369 | ) | (10,852 | ) | (57,221 | ) | ||||||||
Income tax benefit (expense) | 10,700 | (5,038 | ) | 5,662 | ||||||||||
Loss from discontinued operations | $ | (35,669 | ) | $ | (15,890 | ) | $ | (51,559 | ) | |||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||
Schedule of Intangible Assets and Goodwill | ' | |||||||||||||
The following table shows an analysis of goodwill and other intangible assets: | ||||||||||||||
Goodwill and other intangible assets | ||||||||||||||
Goodwill | Other | Total | ||||||||||||
intangible | ||||||||||||||
assets | ||||||||||||||
Balance as of December 31, 2011 | ||||||||||||||
Gross amount | $ | 8,160 | $ | 12,999 | $ | 21,159 | ||||||||
Accumulated impairment losses and amortization | (2,299 | ) | (9,966 | ) | (12,265 | ) | ||||||||
5,861 | 3,033 | 8,894 | ||||||||||||
Amortization | — | (408 | ) | (408 | ) | |||||||||
Balance as of December 31, 2012 | ||||||||||||||
Gross amount | 8,160 | 12,999 | 21,159 | |||||||||||
Accumulated impairment losses and amortization | (2,299 | ) | (10,374 | ) | (12,673 | ) | ||||||||
5,861 | 2,625 | 8,486 | ||||||||||||
Amortization | — | (375 | ) | (375 | ) | |||||||||
Balance as of December 31, 2013 | ||||||||||||||
Gross amount | 8,160 | 12,999 | 21,159 | |||||||||||
Accumulated impairment losses and amortization | (2,299 | ) | (10,749 | ) | (13,048 | ) | ||||||||
$ | 5,861 | $ | 2,250 | $ | 8,111 | |||||||||
Schedule of Goodwill and Other Intangible Assets Included In Equity Method Investments | ' | |||||||||||||
The following table shows an analysis of goodwill and other intangible assets included in investments in other ventures, under equity method: | ||||||||||||||
Goodwill and other intangible assets included | ||||||||||||||
in investments in other ventures, under equity method | ||||||||||||||
Goodwill | Other intangible assets | Total | ||||||||||||
Balance as of December 31, 2011 | ||||||||||||||
Gross amount | $ | 9,021 | $ | 44,323 | $ | 53,344 | ||||||||
Accumulated impairment losses and amortization | — | (19,820 | ) | (19,820 | ) | |||||||||
9,021 | 24,503 | 33,524 | ||||||||||||
Acquired during the year | 1,819 | — | 1,819 | |||||||||||
Amortization | — | (4,949 | ) | (4,949 | ) | |||||||||
Balance as of December 31, 2012 | ||||||||||||||
Gross amount | 10,840 | 44,323 | 55,163 | |||||||||||
Accumulated impairment losses and amortization | — | (24,769 | ) | (24,769 | ) | |||||||||
10,840 | 19,554 | 30,394 | ||||||||||||
Acquired during the year | 1,705 | 1,155 | 2,860 | |||||||||||
Amortization | — | (4,042 | ) | (4,042 | ) | |||||||||
Balance as of December 31, 2013 | ||||||||||||||
Gross amount | 12,545 | 45,478 | 58,023 | |||||||||||
Accumulated impairment losses and amortization | — | (28,811 | ) | (28,811 | ) | |||||||||
$ | 12,545 | $ | 16,667 | $ | 29,212 | |||||||||
Schedule of Other Intangible Assets By Major Class | ' | |||||||||||||
The gross carrying value and accumulated amortization by major category of other intangible assets is shown below: | ||||||||||||||
Other intangible assets | ||||||||||||||
At December 31, 2013 | Gross | Accumulated | Total | |||||||||||
carrying | amortization and impairment losses | |||||||||||||
value | ||||||||||||||
Customer relationships and customer lists | $ | 40,640 | $ | (24,522 | ) | $ | 16,118 | |||||||
Lloyd’s managing agency license | 1,867 | — | 1,867 | |||||||||||
Trademarks and trade names | 610 | (134 | ) | 476 | ||||||||||
Covenants not-to-compete | 2,130 | (1,674 | ) | 456 | ||||||||||
Software | 8,730 | (8,730 | ) | — | ||||||||||
Patents and intellectual property | 4,500 | (4,500 | ) | — | ||||||||||
$ | 58,477 | $ | (39,560 | ) | $ | 18,917 | ||||||||
Other intangible assets | ||||||||||||||
At December 31, 2012 | Gross | Accumulated | Total | |||||||||||
carrying | amortization and impairment losses | |||||||||||||
value | ||||||||||||||
Customer relationships and customer lists | $ | 39,485 | $ | (20,936 | ) | $ | 18,549 | |||||||
Lloyd’s managing agency license | 1,867 | — | 1,867 | |||||||||||
Covenants not-to-compete | 2,130 | (1,369 | ) | 761 | ||||||||||
Trademarks and trade names | 610 | (110 | ) | 500 | ||||||||||
Software | 8,730 | (8,395 | ) | 335 | ||||||||||
Patents and intellectual property | 4,500 | (4,333 | ) | 167 | ||||||||||
$ | 57,322 | $ | (35,143 | ) | $ | 22,179 | ||||||||
Schedule of Expected Amortization Expense | ' | |||||||||||||
Expected amortization of the other intangible assets, including other intangible assets recorded in investments in other ventures, under equity method, is shown below: | ||||||||||||||
Other | Other | Total | ||||||||||||
intangibles | intangible | |||||||||||||
assets | ||||||||||||||
included | ||||||||||||||
in investments | ||||||||||||||
in other | ||||||||||||||
ventures, under | ||||||||||||||
equity method | ||||||||||||||
2014 | $ | 209 | $ | 3,669 | $ | 3,878 | ||||||||
2015 | 174 | 3,008 | 3,182 | |||||||||||
2016 | — | 2,309 | 2,309 | |||||||||||
2017 | — | 1,931 | 1,931 | |||||||||||
2018 | — | 1,497 | 1,497 | |||||||||||
2019 and thereafter | — | 4,253 | 4,253 | |||||||||||
Total remaining amortization expense | $ | 383 | $ | 16,667 | $ | 17,050 | ||||||||
Indefinite lived | 1,867 | — | 1,867 | |||||||||||
Total | $ | 2,250 | $ | 16,667 | $ | 18,917 | ||||||||
Investments_Tables
Investments (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||||||||
Schedule of Fair Value of Fixed Maturity Investments Trading | ' | |||||||||||||||||||||||||
The following table summarizes the fair value of fixed maturity investments trading: | ||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
U.S. treasuries | $ | 1,352,413 | $ | 1,254,547 | ||||||||||||||||||||||
Agencies | 186,050 | 315,154 | ||||||||||||||||||||||||
Non-U.S. government (Sovereign debt) | 334,580 | 133,198 | ||||||||||||||||||||||||
Non-U.S. government-backed corporate | 237,479 | 349,514 | ||||||||||||||||||||||||
Corporate | 1,803,415 | 1,607,233 | ||||||||||||||||||||||||
Agency mortgage-backed | 336,661 | 399,619 | ||||||||||||||||||||||||
Non-agency mortgage-backed | 243,795 | 230,747 | ||||||||||||||||||||||||
Commercial mortgage-backed | 303,214 | 361,645 | ||||||||||||||||||||||||
Asset-backed | 11,429 | 8,511 | ||||||||||||||||||||||||
Total fixed maturity investments trading | $ | 4,809,036 | $ | 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 | ||||||||||||||||||||||||||
At December 31, 2013 | Amortized | Gross | Gross | Fair Value | Non-Credit | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Other-Than- | |||||||||||||||||||||||
Gains | Losses | Temporary | ||||||||||||||||||||||||
Impairments | ||||||||||||||||||||||||||
(1) | ||||||||||||||||||||||||||
Agency mortgage-backed | $ | 4,880 | $ | 378 | $ | (11 | ) | $ | 5,247 | $ | — | |||||||||||||||
Non-agency mortgage-backed | 11,735 | 2,414 | (6 | ) | 14,143 | (742 | ) | |||||||||||||||||||
Commercial mortgage-backed | 10,052 | 970 | — | 11,022 | — | |||||||||||||||||||||
Asset-backed | 3,606 | 223 | — | 3,829 | — | |||||||||||||||||||||
Total fixed maturity investments available for sale | $ | 30,273 | $ | 3,985 | $ | (17 | ) | $ | 34,241 | $ | (742 | ) | ||||||||||||||
Included in Accumulated | ||||||||||||||||||||||||||
Other Comprehensive Income | ||||||||||||||||||||||||||
At December 31, 2012 | 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 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 described in the following table. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | ||||||||||||||||||||||||||
Trading | Available for Sale | Total Fixed Maturity Investments | ||||||||||||||||||||||||
At December 31, 2013 | Amortized | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||
Cost | ||||||||||||||||||||||||||
Due in less than one year | $ | 160,345 | $ | 160,760 | $ | — | $ | — | $ | 160,345 | $ | 160,760 | ||||||||||||||
Due after one through five years | 3,109,181 | 3,118,799 | — | — | 3,109,181 | 3,118,799 | ||||||||||||||||||||
Due after five through ten years | 550,269 | 551,007 | — | — | 550,269 | 551,007 | ||||||||||||||||||||
Due after ten years | 76,623 | 83,371 | — | — | 76,623 | 83,371 | ||||||||||||||||||||
Mortgage-backed | 874,099 | 883,670 | 26,667 | 30,412 | 900,766 | 914,082 | ||||||||||||||||||||
Asset-backed | 11,195 | 11,429 | 3,606 | 3,829 | 14,801 | 15,258 | ||||||||||||||||||||
Total | $ | 4,781,712 | $ | 4,809,036 | $ | 30,273 | $ | 34,241 | $ | 4,811,985 | $ | 4,843,277 | ||||||||||||||
Schedule of Fair Value of Equity Investments Trading | ' | |||||||||||||||||||||||||
The following table summarizes the fair value of equity investments trading: | ||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
Financials | $ | 152,905 | $ | 58,186 | ||||||||||||||||||||||
Consumer | 44,115 | — | ||||||||||||||||||||||||
Industrial, utilities and energy | 25,350 | — | ||||||||||||||||||||||||
Healthcare | 15,340 | — | ||||||||||||||||||||||||
Basic materials | 12,766 | — | ||||||||||||||||||||||||
Communications and technology | 4,300 | — | ||||||||||||||||||||||||
Total | $ | 254,776 | $ | 58,186 | ||||||||||||||||||||||
Schedule of Net Investment Income | ' | |||||||||||||||||||||||||
The components of net investment income are as follows: | ||||||||||||||||||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | |||||||||||||||||||||||
Fixed maturity investments | $ | 95,907 | $ | 103,330 | $ | 116,570 | ||||||||||||||||||||
Short term investments | 1,698 | 1,007 | 1,666 | |||||||||||||||||||||||
Equity investments | 2,295 | 1,086 | 471 | |||||||||||||||||||||||
Other investments | ||||||||||||||||||||||||||
Hedge funds and private equity investments | 45,810 | 36,635 | 27,541 | |||||||||||||||||||||||
Other | 73,692 | 35,196 | 10,585 | |||||||||||||||||||||||
Cash and cash equivalents | 191 | 277 | 195 | |||||||||||||||||||||||
219,593 | 177,531 | 157,028 | ||||||||||||||||||||||||
Investment expenses | (11,565 | ) | (11,806 | ) | (10,157 | ) | ||||||||||||||||||||
Net investment income | $ | 208,028 | $ | 165,725 | $ | 146,871 | ||||||||||||||||||||
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: | ||||||||||||||||||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | |||||||||||||||||||||||
Gross realized gains | $ | 72,492 | $ | 97,787 | $ | 79,358 | ||||||||||||||||||||
Gross realized losses | (50,206 | ) | (16,705 | ) | (30,659 | ) | ||||||||||||||||||||
Net realized gains on fixed maturity investments | 22,286 | 81,082 | 48,699 | |||||||||||||||||||||||
Net unrealized (losses) gains on fixed maturity investments trading | (87,827 | ) | 75,279 | 19,404 | ||||||||||||||||||||||
Net realized and unrealized gains (losses) on investments-related derivatives | 31,058 | (866 | ) | (26,712 | ) | |||||||||||||||||||||
Net realized gains on equity investments trading | 26,650 | — | — | |||||||||||||||||||||||
Net unrealized gains on equity investments trading | 42,909 | 7,626 | 2,565 | |||||||||||||||||||||||
Net realized and unrealized gains on investments | $ | 35,076 | $ | 163,121 | $ | 43,956 | ||||||||||||||||||||
Total other-than-temporary impairments | $ | — | $ | (395 | ) | $ | (630 | ) | ||||||||||||||||||
Portion recognized in other comprehensive income, before taxes | — | 52 | 78 | |||||||||||||||||||||||
Net other-than-temporary impairments | $ | — | $ | (343 | ) | $ | (552 | ) | ||||||||||||||||||
Schedule of 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. | ||||||||||||||||||||||||||
Twelve months ended December 31, 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 | (1,462 | ) | (481 | ) | (1,943 | ) | ||||||||||||||||||||
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 | (1,462 | ) | (8,029 | ) | (9,491 | ) | ||||||||||||||||||||
Ending balance | $ | 163 | $ | 3,968 | $ | 4,131 | ||||||||||||||||||||
Schedule of Fixed Maturity Investments Available For Sale In Continual Unrealized Loss Position | ' | |||||||||||||||||||||||||
The following tables provide 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 December 31, 2013 | Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||||
Agency mortgage-backed | $ | 726 | $ | (11 | ) | $ | — | $ | — | $ | 726 | $ | (11 | ) | ||||||||||||
Non-agency mortgage-backed | — | — | 89 | (6 | ) | 89 | (6 | ) | ||||||||||||||||||
Commercial mortgage-backed | 39 | — | — | — | 39 | — | ||||||||||||||||||||
Total | $ | 765 | $ | (11 | ) | $ | 89 | $ | (6 | ) | $ | 854 | $ | (17 | ) | |||||||||||
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: | ||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
Balance – January 1 | $ | 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 | (277 | ) | (1,650 | ) | ||||||||||||||||||||||
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 | — | — | ||||||||||||||||||||||||
Balance – December 31 | $ | 561 | $ | 838 | ||||||||||||||||||||||
Schedule of Other Investments | ' | |||||||||||||||||||||||||
The table below shows the fair value of the Company’s portfolio of other investments: | ||||||||||||||||||||||||||
At December 31, | 2013 | 2012 | ||||||||||||||||||||||||
Private equity partnerships | $ | 322,391 | $ | 344,669 | ||||||||||||||||||||||
Catastrophe bonds | 229,016 | 91,310 | ||||||||||||||||||||||||
Senior secured bank loan funds | 18,048 | 202,929 | ||||||||||||||||||||||||
Hedge funds | 3,809 | 5,803 | ||||||||||||||||||||||||
Total other investments | $ | 573,264 | $ | 644,711 | ||||||||||||||||||||||
Schedule of Equity Method Investments | ' | |||||||||||||||||||||||||
The table below shows the Company’s portfolio of investments in other ventures, under equity method: | ||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
At December 31, | Investment | Ownership % | Carrying Value | Investment | Ownership % | Carrying Value | ||||||||||||||||||||
THIG | $ | 50,000 | 25 | % | $ | 25,107 | $ | 50,000 | 25 | % | $ | 28,303 | ||||||||||||||
Tower Hill | 10,000 | 29.4 | % | 14,506 | 10,000 | 28.6 | % | 13,969 | ||||||||||||||||||
Tower Hill Signature | 500 | 25 | % | 2,515 | 500 | 25 | % | 896 | ||||||||||||||||||
Total Tower Hill Companies | 60,500 | 42,128 | 60,500 | 43,168 | ||||||||||||||||||||||
Top Layer Re | 65,375 | 50 | % | 50,500 | 65,375 | 50 | % | 36,664 | ||||||||||||||||||
Angus | 10,507 | 42.5 | % | 9,180 | 8,226 | 38.8 | % | 7,892 | ||||||||||||||||||
Other | 3,000 | 22 | % | 3,808 | — | — | % | — | ||||||||||||||||||
Total investments in other ventures, under equity method | $ | 139,382 | $ | 105,616 | $ | 134,101 | $ | 87,724 | ||||||||||||||||||
Schedule of Equity In Earnings (Losses) of Equity Method Investments | ' | |||||||||||||||||||||||||
The table below shows the Company’s equity in earnings (losses) of other ventures, under equity method: | ||||||||||||||||||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | |||||||||||||||||||||||
Top Layer Re | $ | 13,836 | $ | 20,792 | $ | (37,471 | ) | |||||||||||||||||||
Tower Hill Companies | 10,270 | 4,965 | 2,923 | |||||||||||||||||||||||
Angus | (858 | ) | (2,519 | ) | 808 | |||||||||||||||||||||
Other | (54 | ) | — | (2,793 | ) | |||||||||||||||||||||
Total equity in earnings (losses) of other ventures | $ | 23,194 | $ | 23,238 | $ | (36,533 | ) | |||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 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 December 31, 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 | $ | 1,352,413 | $ | 1,352,413 | $ | — | $ | — | |||||||||||
Agencies | 186,050 | — | 186,050 | — | |||||||||||||||
Non-U.S. government (Sovereign debt) | 334,580 | — | 334,580 | — | |||||||||||||||
Non-U.S. government-backed corporate | 237,479 | — | 237,479 | — | |||||||||||||||
Corporate | 1,803,415 | — | 1,775,835 | 27,580 | |||||||||||||||
Agency mortgage-backed | 341,908 | — | 341,908 | — | |||||||||||||||
Non-agency mortgage-backed | 257,938 | — | 257,938 | — | |||||||||||||||
Commercial mortgage-backed | 314,236 | — | 314,236 | — | |||||||||||||||
Asset-backed | 15,258 | — | 15,258 | — | |||||||||||||||
Total fixed maturity investments | 4,843,277 | 1,352,413 | 3,463,284 | 27,580 | |||||||||||||||
Short term investments | 1,044,779 | — | 1,044,779 | — | |||||||||||||||
Equity investments trading | 254,776 | 254,776 | — | — | |||||||||||||||
Other investments | |||||||||||||||||||
Private equity partnerships | 322,391 | — | — | 322,391 | |||||||||||||||
Catastrophe bonds | 229,016 | — | 229,016 | — | |||||||||||||||
Senior secured bank loan funds | 18,048 | — | — | 18,048 | |||||||||||||||
Hedge funds | 3,809 | — | — | 3,809 | |||||||||||||||
Total other investments | 573,264 | — | 229,016 | 344,248 | |||||||||||||||
Other assets and (liabilities) | |||||||||||||||||||
Derivatives (1) | 4,758 | 823 | 6,425 | (2,490 | ) | ||||||||||||||
Other | (12,991 | ) | — | (12,991 | ) | — | |||||||||||||
Total other assets and (liabilities) | (8,233 | ) | 823 | (6,566 | ) | (2,490 | ) | ||||||||||||
$ | 6,707,863 | $ | 1,608,012 | $ | 4,730,513 | $ | 369,338 | ||||||||||||
-1 | See “Note 19. Derivative Instruments” for additional information related to the fair value by type of contract, of derivatives entered into by the Company. | ||||||||||||||||||
At December 31, 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 19. Derivative Instruments” for additional information related to the fair value by type of contract, of derivatives entered into by the Company. | |||||||||||||||||||
Schedule Of Quantitative Information Used As Level 3 Inputs | ' | ||||||||||||||||||
Below is a summary of quantitative information regarding the significant observable and unobservable inputs (Level 3) used in determining the fair value of assets and liabilities measured at fair value on a recurring basis: | |||||||||||||||||||
December 31, 2013 | Fair Value | Valuation Technique | Unobservable (U) | Low | High | Weighted Average or Actual | |||||||||||||
(Level 3) | and Observable (O) | ||||||||||||||||||
Inputs | |||||||||||||||||||
Fixed maturity investments | |||||||||||||||||||
Corporate | $ | 15,726 | Discounted cash flow (“DCF”) | Credit spread (U) | n/a | n/a | 2.3 | % | |||||||||||
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 | 6.2 | % | |||||||||||||||
Corporate | 11,854 | Internal valuation model | Private transaction (U) | n/a | n/a | See below | |||||||||||||
Total fixed maturity investments | 27,580 | ||||||||||||||||||
Other investments | |||||||||||||||||||
Private equity partnerships | 322,391 | Net asset valuation | Estimated performance (U) | (100.0 | )% | 71.8 | % | 4.8 | % | ||||||||||
Senior secured bank loan funds | 18,048 | Net asset valuation | Estimated performance (U) | 0.5 | % | 0.6 | % | 0.5 | % | ||||||||||
Hedge funds | 3,809 | Net asset valuation | Estimated performance (U) | 0 | % | 0 | % | 0 | % | ||||||||||
Total other investments | 344,248 | ||||||||||||||||||
Other assets and (liabilities) | |||||||||||||||||||
Weather contract | (2,490 | ) | Internal valuation model | See below | n/a | n/a | See below | ||||||||||||
Total other assets and (liabilities) | (2,490 | ) | |||||||||||||||||
$ | 369,338 | ||||||||||||||||||
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 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 | 31 | 24,947 | — | 24,978 | |||||||||||||||
Included in other (loss) income | — | — | (3,225 | ) | (3,225 | ) | |||||||||||||
Total realized (losses) gains | |||||||||||||||||||
Included in net investment income | — | — | — | — | |||||||||||||||
Included in other (loss) income | — | — | (12,177 | ) | (12,177 | ) | |||||||||||||
Total foreign exchange losses | — | 699 | — | 699 | |||||||||||||||
Purchases | — | 48,631 | 17,287 | 65,918 | |||||||||||||||
Sales | — | (2,842 | ) | — | (2,842 | ) | |||||||||||||
Settlements | — | (86,894 | ) | — | (86,894 | ) | |||||||||||||
Balance - December 31, 2012 | $ | 27,792 | $ | 381,067 | $ | 21,513 | $ | 430,372 | |||||||||||
Change in unrealized gains for the period included in earnings for assets held at the end of the period included in net investment income | $ | 31 | $ | 24,947 | $ | — | $ | 24,978 | |||||||||||
Change in unrealized losses for the period included in earnings for assets held at the end of the period included in other (loss) income | $ | — | $ | — | $ | (3,225 | ) | $ | (3,225 | ) | |||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
Fixed maturity | Other | Other assets | Total | ||||||||||||||||
investments trading | investments | and | |||||||||||||||||
(liabilities) | |||||||||||||||||||
Balance - January 1, 2013 | $ | 27,792 | $ | 381,067 | $ | 21,513 | $ | 430,372 | |||||||||||
Total unrealized gains (losses) | |||||||||||||||||||
Included in net investment income | 2,288 | 80,113 | (1,331 | ) | 81,070 | ||||||||||||||
Included in other (loss) income | — | — | (625 | ) | (625 | ) | |||||||||||||
Total realized losses | |||||||||||||||||||
Included in net investment income | — | (4,114 | ) | — | (4,114 | ) | |||||||||||||
Included in other (loss) income | — | — | (2,083 | ) | (2,083 | ) | |||||||||||||
Total foreign exchange gains | — | 1,352 | — | 1,352 | |||||||||||||||
Purchases | — | 48,287 | (1,722 | ) | 46,565 | ||||||||||||||
Sales | — | — | — | — | |||||||||||||||
Settlements | (2,500 | ) | (95,144 | ) | — | (97,644 | ) | ||||||||||||
Reclassified from other assets to other investments | — | 18,242 | (18,242 | ) | — | ||||||||||||||
Net transfers out of Level 3 | — | (85,555 | ) | — | (85,555 | ) | |||||||||||||
Balance - December 31, 2013 | $ | 27,580 | $ | 344,248 | $ | (2,490 | ) | $ | 369,338 | ||||||||||
Change in unrealized gains for the period included in earnings for assets held at the end of the period included in net investment income | $ | 2,288 | $ | 78,903 | $ | (1,331 | ) | $ | 79,860 | ||||||||||
Change in unrealized gains for the period included in earnings for assets held at the end of the period included in other (loss) income | $ | — | $ | — | $ | — | $ | — | |||||||||||
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: | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Other investments | $ | 573,264 | $ | 644,711 | |||||||||||||||
Other 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 December 31, 2013 | Fair Value | Unfunded | Redemption Frequency | Redemption | Redemption | ||||||||||||||
Commitments | Notice Period (Minimum Days) | Notice Period (Maximum Days) | |||||||||||||||||
Private equity partnerships | $ | 322,391 | $ | 99,610 | See below | See below | See below | ||||||||||||
Senior secured bank loan funds | 18,048 | 16,635 | See below | See below | See below | ||||||||||||||
Hedge funds | 3,809 | — | See below | See below | See below | ||||||||||||||
Total other investments measured using net asset valuations | $ | 344,248 | $ | 116,245 | |||||||||||||||
Reinsurance_Tables
Reinsurance (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 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 table sets forth the effect of reinsurance and retrocessional activity on premiums written and earned and on net claims and claim expenses incurred: | ||||||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | |||||||||||
Premiums written | ||||||||||||||
Direct | $ | 54,334 | $ | 36,367 | $ | 29,725 | ||||||||
Assumed | 1,551,078 | 1,515,224 | 1,405,251 | |||||||||||
Ceded | (401,465 | ) | (448,934 | ) | (422,203 | ) | ||||||||
Net premiums written | $ | 1,203,947 | $ | 1,102,657 | $ | 1,012,773 | ||||||||
Premiums earned | ||||||||||||||
Direct | $ | 44,530 | $ | 34,028 | $ | 17,794 | ||||||||
Assumed | 1,482,511 | 1,465,701 | 1,356,205 | |||||||||||
Ceded | (412,415 | ) | (430,374 | ) | (422,950 | ) | ||||||||
Net premiums earned | $ | 1,114,626 | $ | 1,069,355 | $ | 951,049 | ||||||||
Claims and claim expenses | ||||||||||||||
Gross claims and claim expenses incurred | $ | 185,139 | $ | 403,491 | $ | 1,270,487 | ||||||||
Claims and claim expenses recovered | (13,852 | ) | (78,280 | ) | (409,308 | ) | ||||||||
Net claims and claim expenses incurred | $ | 171,287 | $ | 325,211 | $ | 861,179 | ||||||||
Reserve_for_Claims_and_Claim_E1
Reserve for Claims and Claim Expenses (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance Loss Reserves [Abstract] | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Liability for Unpaid Claims and Claim Expenses | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Activity in the liability for unpaid claims and claim expenses is summarized as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net reserves as of January 1 | $ | 1,686,865 | $ | 1,588,325 | $ | 1,156,132 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net incurred related to: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current year | 315,241 | 483,180 | 993,168 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prior years | (143,954 | ) | (157,969 | ) | (131,989 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net incurred | 171,287 | 325,211 | 861,179 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net paid related to: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current year | 32,212 | 84,056 | 299,299 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prior years | 363,235 | 142,615 | 129,687 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net paid | 395,447 | 226,671 | 428,986 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net reserves as of December 31 | 1,462,705 | 1,686,865 | 1,588,325 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reinsurance recoverable as of December 31 | 101,025 | 192,512 | 404,029 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross reserves as of December 31 | $ | 1,563,730 | $ | 1,879,377 | $ | 1,992,354 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Prior Year Development of Liability for Unpaid Claims and Claim Expenses by Segment | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table details the Company’s prior year development by segment of its liability for unpaid claims and claim expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Catastrophe Reinsurance | $ | (102,037 | ) | $ | (110,568 | ) | $ | (59,137 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Specialty Reinsurance | (34,111 | ) | (34,146 | ) | (77,761 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lloyd’s | (8,256 | ) | (16,202 | ) | 478 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 450 | 2,947 | 4,431 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total favorable development of prior accident years net claims and claim expenses | $ | (143,954 | ) | $ | (157,969 | ) | $ | (131,989 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Details of Development of Liability for Unpaid Claims and Claim Expenses by Segment | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table details the development of the Company’s liability for unpaid claims and claim expenses for each of its Catastrophe Reinsurance, Specialty Reinsurance and Lloyd’s segments and Other category, for the year ended December 31, 2013 split between catastrophe net claims and claim expenses and attritional net claims and claim expenses: | The following table details the development of the Company’s liability for unpaid claims and claim expenses for each of its Catastrophe Reinsurance, Specialty Reinsurance and Lloyd’s segments and Other category, for the year ended December 31, 2012 split between catastrophe net claims and claim expenses and attritional net claims and claim expenses: | The following table details the development of the Company’s liability for unpaid claims and claim expenses for each of its Catastrophe Reinsurance, Specialty Reinsurance and Lloyd’s segments and Other category, for the year ended December 31, 2011 split between catastrophe net claims and claim expenses and attritional net claims and claim expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended December 31, 2013 | Catastrophe Reinsurance Segment | Specialty Reinsurance Segment | Lloyd's Segment | Other | Total | Year ended December 31, 2012 | Catastrophe Reinsurance Segment | Specialty Reinsurance Segment | Lloyd’s Segment | Other | Total | Year ended December 31, 2011 | Catastrophe Reinsurance Segment | Specialty Reinsurance Segment | Lloyd’s Segment | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Catastrophe net claims and claim expenses | Catastrophe net claims and claim expenses | Catastrophe net claims and claim expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Large catastrophe events | Large catastrophe events | Large catastrophe events | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Storm Sandy (2012) | $ | 44,460 | $ | — | $ | 3,825 | $ | — | $ | 48,285 | Chile Earthquake (2010) | $ | 24,575 | $ | — | $ | — | $ | — | $ | 24,575 | Tropical Cyclone Tasha (2010) | $ | 13,922 | $ | 3,000 | $ | — | $ | — | $ | 16,922 | ||||||||||||||||||||||||||||||||||
Tohoku Earthquake and Tsunami (2011) | 18,033 | 1,000 | — | — | 19,033 | Hurricanes Gustav & Ike (2008) | 17,541 | — | — | 2,926 | 20,467 | Hurricanes Katrina, Rita and Wilma (2005) | 10,008 | 6,215 | — | 4,633 | 20,856 | |||||||||||||||||||||||||||||||||||||||||||||||||
Hurricanes Gustav & Ike (2008) | 16,261 | — | — | 404 | 16,665 | U.K. Floods (2007) | 17,271 | — | — | — | 17,271 | Chilean Earthquake (2010) | 8,455 | 4,688 | — | — | 13,143 | |||||||||||||||||||||||||||||||||||||||||||||||||
New Zealand Earthquake (2011) | 10,944 | — | — | — | 10,944 | Hurricanes Katrina, Rita and Wilma (2005) | 6,420 | 3,000 | — | (1,690 | ) | 7,730 | World Trade Center (2001) | 4,701 | — | — | — | 4,701 | ||||||||||||||||||||||||||||||||||||||||||||||||
Windstorm Kyrill (2007) | 8,244 | — | — | — | 8,244 | Hurricane Irene (2011) | 4,630 | — | 2,500 | — | 7,130 | Hurricanes Charley, Francis, Ivan and Jeanne (2004) | 4,076 | — | — | 476 | 4,552 | |||||||||||||||||||||||||||||||||||||||||||||||||
Hurricane Isaac (2012) | (2,610 | ) | — | — | — | (2,610 | ) | Thailand Floods (2011) | 3,933 | — | 5,500 | — | 9,433 | U.K. Floods (2007) | 3,635 | — | — | — | 3,635 | |||||||||||||||||||||||||||||||||||||||||||||||
New Zealand Earthquake (2010) | (11,040 | ) | (300 | ) | — | — | (11,340 | ) | Tohoku Earthquake and Tsunami (2011) | 3,896 | — | — | — | 3,896 | Windstorm Kyrill (2007) | 2,494 | — | — | — | 2,494 | ||||||||||||||||||||||||||||||||||||||||||||||
Other | 776 | 1,763 | 1,442 | 1,325 | 5,306 | Windstorm Kyrill (2007) | 3,417 | — | — | — | 3,417 | Hurricanes Gustav & Ike (2008) | — | — | — | (866 | ) | (866 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Total large catastrophe events | 85,068 | 2,463 | 5,267 | 1,729 | 94,527 | New Zealand Earthquake (2010) | (3,570 | ) | — | — | — | (3,570 | ) | New Zealand Earthquake (2010) | (15,179 | ) | — | — | — | (15,179 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Small catastrophe events | New Zealand Earthquake (2011) | (17,912 | ) | — | — | — | (17,912 | ) | Total large catastrophe events | 32,112 | 13,903 | — | 4,243 | 50,258 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. PCS 83 Wind and Thunderstorm (2012) | 3,500 | — | — | — | 3,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 2,542 | — | 1,476 | (65 | ) | 3,953 | Small catastrophe events | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. PCS 76 Wind and Thunderstorm (2012) | 300 | — | — | — | 300 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total large catastrophe events | 62,743 | 3,000 | 9,476 | 1,171 | 76,390 | U.S. PCS 21 Wildland Fire (2007) | 4,554 | — | — | — | 4,554 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. PCS 70 Wind and Thunderstorm (2012) | (8,225 | ) | — | — | — | (8,225 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Small catastrophe events | U.S. PCS 33 Great Midwest Storm (2010) | 3,125 | — | — | — | 3,125 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 21,394 | — | — | — | 21,394 | Danish Floods (2011) | 5,000 | — | — | — | 5,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. PCS 31 Wind and Thunderstorm (2010) | 3,039 | — | — | — | 3,039 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total small catastrophe events | 16,969 | — | — | — | 16,969 | U.S. PCS 63 Winter Storm (2011) | 5,000 | — | — | — | 5,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. PCS 96 Wind and Thunderstorm (2010) | 2,288 | — | — | — | 2,288 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total catastrophe net claims and claim expenses | $ | 102,037 | $ | 2,463 | $ | 5,267 | $ | 1,729 | $ | 111,496 | U.S. PCS 42 Winter Storm (2011) | 2,560 | — | — | — | 2,560 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 14,019 | — | — | — | 14,019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Attritional net claims and claim expenses | U.S. PCS 53 Winter Storm (2011) | 2,558 | — | — | — | 2,558 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bornhuetter-Ferguson actuarial method - actual reported claims less than expected claims | — | 21,216 | 3,263 | (2,179 | ) | 22,300 | Total small catastrophe events | 27,025 | — | — | — | 27,025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 32,707 | — | — | — | 32,707 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actuarial assumption changes | — | 10,432 | (274 | ) | — | 10,158 | Total catastrophe net claims and claim expenses | $ | 59,137 | $ | 13,903 | $ | — | $ | 4,243 | $ | 77,283 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total small catastrophe events | 47,825 | — | — | — | 47,825 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total attritional net claims and claim expenses | $ | — | $ | 31,648 | $ | 2,989 | $ | (2,179 | ) | $ | 32,458 | Attritional net claims and claim expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total catastrophe net claims and claim expenses | $ | 110,568 | $ | 3,000 | $ | 9,476 | $ | 1,171 | $ | 124,215 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total favorable development of prior accident years net claims and claim expenses | $ | 102,037 | $ | 34,111 | $ | 8,256 | $ | (450 | ) | $ | 143,954 | Bornhuetter-Ferguson actuarial method - actual reported claims less than expected claims | $ | — | $ | 37,058 | $ | (478 | ) | $ | 1,389 | $ | 37,969 | |||||||||||||||||||||||||||||||||||||||||||
Attritional net claims and claim expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bornhuetter-Ferguson actuarial method - actual reported claims less than expected claims | $ | — | $ | 16,747 | $ | 8,011 | $ | (4,118 | ) | $ | 20,640 | Actuarial assumption changes | — | 26,800 | — | (10,063 | ) | 16,737 | ||||||||||||||||||||||||||||||||||||||||||||||||
Actuarial assumption changes | — | 14,399 | (1,285 | ) | — | 13,114 | Total attritional net claims and claim expenses | $ | — | $ | 63,858 | $ | (478 | ) | $ | (8,674 | ) | $ | 54,706 | |||||||||||||||||||||||||||||||||||||||||||||||
Total attritional net claims and claim expenses | $ | — | $ | 31,146 | $ | 6,726 | $ | (4,118 | ) | $ | 33,754 | Total favorable development of prior accident years net claims and claim expenses | $ | 59,137 | $ | 77,761 | $ | (478 | ) | $ | (4,431 | ) | $ | 131,989 | ||||||||||||||||||||||||||||||||||||||||||
Total favorable development of prior accident years net claims and claim expenses | $ | 110,568 | $ | 34,146 | $ | 16,202 | $ | (2,947 | ) | $ | 157,969 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Debt Disclosure [Abstract] | ' | |||||
Schedule of Aggregate Amount of Maturities Related to the Company's Debt Obligations | ' | |||||
The following table sets forth the scheduled maturity of the Company’s aggregate amount of its debt obligation reflected on its consolidated balance sheet at December 31, 2013: | ||||||
2014 | $ | — | ||||
2015 | — | |||||
2016 | — | |||||
2017 | — | |||||
2018 | — | |||||
After 2018 | 250,000 | |||||
Unamortized debt issuance expenses | (570 | ) | ||||
$ | 249,430 | |||||
Noncontrolling_Interests_Table
Noncontrolling Interests (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Noncontrolling Interest [Line Items] | ' | |||||||||||||
Schedule Of Noncontrolling Interest | ' | |||||||||||||
The activity in noncontrolling interest is detailed in the table below: | ||||||||||||||
2013 | 2012 | |||||||||||||
Balance – January 1 | $ | 3,991 | $ | 3,340 | ||||||||||
Sale of shares to noncontrolling interest | — | 300 | ||||||||||||
Adjustment of ownership interest | (3,709 | ) | — | |||||||||||
Net (loss) income attributable to noncontrolling interest | (54 | ) | 541 | |||||||||||
Dividends on common shares | (228 | ) | (190 | ) | ||||||||||
Balance – December 31 | $ | — | $ | 3,991 | ||||||||||
A summary of the Company’s noncontrolling interests on its consolidated balance sheets are detailed below: | ||||||||||||||
2013 | 2012 | |||||||||||||
Redeemable noncontrolling interest - DaVinciRe | $ | 1,063,368 | $ | 968,259 | ||||||||||
Redeemable noncontrolling interest - Medici | 36,492 | — | ||||||||||||
Redeemable noncontrolling interest | $ | 1,099,860 | $ | 968,259 | ||||||||||
Noncontrolling interest - Angus Fund | $ | — | $ | 3,991 | ||||||||||
A summary of the Company’s noncontrolling interests on its consolidated statements of operations are detailed below: | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Redeemable noncontrolling interest - DaVinciRe | $ | 150,581 | $ | 147,499 | $ | (33,697 | ) | |||||||
Redeemable noncontrolling interest - Medici | 617 | — | — | |||||||||||
Noncontrolling interest - Angus Fund | (54 | ) | 541 | 540 | ||||||||||
Net income (loss) attributable to noncontrolling interests | $ | 151,144 | $ | 148,040 | $ | (33,157 | ) | |||||||
DaVinciRe | ' | |||||||||||||
Noncontrolling Interest [Line Items] | ' | |||||||||||||
Schedule Of Redeemable Noncontrolling Interest | ' | |||||||||||||
The activity in redeemable noncontrolling interest – DaVinciRe is detailed in the table below: | ||||||||||||||
2013 | 2012 | |||||||||||||
Balance – January 1 | $ | 968,259 | $ | 657,727 | ||||||||||
Redemption of shares from redeemable noncontrolling interest | (209,356 | ) | — | |||||||||||
Sale of shares to redeemable noncontrolling interest | 153,884 | 163,033 | ||||||||||||
Comprehensive income: | ||||||||||||||
Net income attributable to redeemable noncontrolling interest | 150,581 | 147,499 | ||||||||||||
Balance – December 31 | $ | 1,063,368 | $ | 968,259 | ||||||||||
Medici | ' | |||||||||||||
Noncontrolling Interest [Line Items] | ' | |||||||||||||
Schedule Of Redeemable Noncontrolling Interest | ' | |||||||||||||
The activity in redeemable noncontrolling interest – Medici is detailed in the table below: | ||||||||||||||
2013 | ||||||||||||||
Balance – January 1 | $ | — | ||||||||||||
Redemption of shares from redeemable noncontrolling interest | (1,325 | ) | ||||||||||||
Sale of shares to redeemable noncontrolling interest | 37,200 | |||||||||||||
Net income attributable to redeemable noncontrolling interest | 617 | |||||||||||||
Balance – December 31 | $ | 36,492 | ||||||||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||
Rollforward of Common Stock Issued and Outstanding | ' | ||||||||||
The following table is a summary of changes in common shares issued and outstanding: | |||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | ||||||||
(thousands of shares) | |||||||||||
Issued and outstanding shares – January 1 | 45,542 | 51,543 | 54,110 | ||||||||
Repurchase of shares | (2,451 | ) | (6,399 | ) | (2,889 | ) | |||||
Exercise of options and issuance of restricted stock awards | 555 | 398 | 322 | ||||||||
Issued and outstanding shares – December 31 | 43,646 | 45,542 | 51,543 | ||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 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: | ||||||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | |||||||||||
(thousands of shares) | ||||||||||||||
Numerator: | ||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 665,676 | $ | 566,014 | $ | (92,235 | ) | |||||||
Amount allocated to participating common shareholders (1) | (9,520 | ) | (8,973 | ) | (990 | ) | ||||||||
Net income (loss) allocated to RenaissanceRe common shareholders | $ | 656,156 | $ | 557,041 | $ | (93,225 | ) | |||||||
Denominator: | ||||||||||||||
Denominator for basic income (loss) per RenaissanceRe common share - weighted average common shares | 43,349 | 48,873 | 50,747 | |||||||||||
Per common share equivalents of employee stock options and restricted shares | 779 | 730 | — | |||||||||||
Denominator for diluted income (loss) per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions | 44,128 | 49,603 | 50,747 | |||||||||||
Basic income (loss) per RenaissanceRe common share | $ | 15.14 | $ | 11.4 | $ | (1.84 | ) | |||||||
Diluted income (loss) per RenaissanceRe common share | $ | 14.87 | $ | 11.23 | $ | (1.84 | ) | |||||||
-1 | Represents earnings attributable to holders of unvested restricted shares issued under the Company’s 2001 Stock Incentive Plan and the Non-Employee Director Stock Incentive Plan. |
Taxation_Tables
Taxation (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign | ' | |||||||||||||
The following is a summary of the Company’s income (loss) from continuing operations before taxes allocated between domestic and foreign operations: | ||||||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | |||||||||||
Domestic | ||||||||||||||
Bermuda | $ | 873,103 | $ | 795,378 | $ | 18,308 | ||||||||
Foreign | ||||||||||||||
United Kingdom | (12,678 | ) | (15,404 | ) | (22,895 | ) | ||||||||
U.S. | (20,019 | ) | (16,467 | ) | (23,837 | ) | ||||||||
Ireland | 1,855 | 3,318 | (24 | ) | ||||||||||
Singapore | (1,223 | ) | 13 | — | ||||||||||
Income (loss) from continuing operations before taxes | $ | 841,038 | $ | 766,838 | $ | (28,448 | ) | |||||||
Schedule of Components of Income Tax (Expense) Benefit | ' | |||||||||||||
Income tax (expense) benefit is comprised as follows: | ||||||||||||||
Year ended December 31, 2013 | Current | Deferred | Total | |||||||||||
Total income tax (expense) benefit | $ | (2,005 | ) | $ | 313 | $ | (1,692 | ) | ||||||
Year ended December 31, 2012 | ||||||||||||||
Total income tax (expense) benefit | $ | (1,667 | ) | $ | 254 | $ | (1,413 | ) | ||||||
Year ended December 31, 2011 | ||||||||||||||
Total income tax benefit (expense) | $ | 2,529 | $ | (12,914 | ) | $ | (10,385 | ) | ||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | |||||||||||||
A reconciliation of the difference between the provision for income taxes and the expected tax provision at the weighted average tax rate is as follows: | ||||||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | |||||||||||
Expected income tax benefit | $ | 9,930 | $ | 8,889 | $ | 14,188 | ||||||||
Change in valuation allowance | (8,574 | ) | (6,212 | ) | (21,976 | ) | ||||||||
Other | (3,048 | ) | (4,090 | ) | (2,597 | ) | ||||||||
Income tax expense | $ | (1,692 | ) | $ | (1,413 | ) | $ | (10,385 | ) | |||||
Schedule of Deferred Tax Assets and Liabilities | ' | |||||||||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below: | ||||||||||||||
At December 31, | 2013 | 2012 | ||||||||||||
Deferred tax assets | ||||||||||||||
Tax loss and credit carryforwards | $ | 34,429 | $ | 16,548 | ||||||||||
Deferred interest expense | 12,608 | 8,448 | ||||||||||||
Investments | 4,694 | 3,278 | ||||||||||||
Deferred underwriting results | 1,873 | 4,366 | ||||||||||||
Amortization and depreciation | 1,730 | 1,597 | ||||||||||||
Accrued expenses | 1,096 | 1,062 | ||||||||||||
56,430 | 35,299 | |||||||||||||
Deferred tax liabilities | ||||||||||||||
Amortization and depreciation | (155 | ) | (369 | ) | ||||||||||
(155 | ) | (369 | ) | |||||||||||
Net deferred tax asset before valuation allowance | 56,275 | 34,930 | ||||||||||||
Valuation allowance | (56,106 | ) | (35,074 | ) | ||||||||||
Net deferred tax asset (liability) | $ | 169 | $ | (144 | ) | |||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 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: | ||||||||||||||||||||||
Year ended December 31, 2013 | Catastrophe Reinsurance | Specialty Reinsurance | Lloyd’s | Other | Total | |||||||||||||||||
Gross premiums written (1) | $ | 1,120,379 | $ | 259,489 | $ | 226,532 | $ | (988 | ) | $ | 1,605,412 | |||||||||||
Net premiums written | $ | 753,078 | $ | 248,562 | $ | 201,697 | $ | 610 | $ | 1,203,947 | ||||||||||||
Net premiums earned | $ | 723,705 | $ | 214,306 | $ | 176,029 | $ | 586 | $ | 1,114,626 | ||||||||||||
Net claims and claim expenses incurred | 7,908 | 67,236 | 95,693 | 450 | 171,287 | |||||||||||||||||
Acquisition expenses | 49,161 | 41,538 | 34,823 | (21 | ) | 125,501 | ||||||||||||||||
Operational expenses | 108,130 | 31,780 | 50,540 | 655 | 191,105 | |||||||||||||||||
Underwriting income (loss) | $ | 558,506 | $ | 73,752 | $ | (5,027 | ) | $ | (498 | ) | 626,733 | |||||||||||
Net investment income | 208,028 | 208,028 | ||||||||||||||||||||
Net foreign exchange gains | 1,917 | 1,917 | ||||||||||||||||||||
Equity in earnings of other ventures | 23,194 | 23,194 | ||||||||||||||||||||
Other loss | (2,359 | ) | (2,359 | ) | ||||||||||||||||||
Net realized and unrealized gains on investments | 35,076 | 35,076 | ||||||||||||||||||||
Corporate expenses | (33,622 | ) | (33,622 | ) | ||||||||||||||||||
Interest expense | (17,929 | ) | (17,929 | ) | ||||||||||||||||||
Income from continuing operations before taxes | 841,038 | |||||||||||||||||||||
Income tax expense | (1,692 | ) | (1,692 | ) | ||||||||||||||||||
Income from discontinued operations | 2,422 | 2,422 | ||||||||||||||||||||
Net income attributable to noncontrolling interests | (151,144 | ) | (151,144 | ) | ||||||||||||||||||
Dividends on preference shares | (24,948 | ) | (24,948 | ) | ||||||||||||||||||
Net income available to RenaissanceRe common shareholders | $ | 665,676 | ||||||||||||||||||||
Net claims and claim expenses incurred – current accident year | $ | 109,945 | $ | 101,347 | $ | 103,949 | $ | — | $ | 315,241 | ||||||||||||
Net claims and claim expenses incurred – prior accident years | (102,037 | ) | (34,111 | ) | (8,256 | ) | 450 | (143,954 | ) | |||||||||||||
Net claims and claim expenses incurred – total | $ | 7,908 | $ | 67,236 | $ | 95,693 | $ | 450 | $ | 171,287 | ||||||||||||
Net claims and claim expense ratio – current accident year | 15.2 | % | 47.3 | % | 59.1 | % | — | % | 28.3 | % | ||||||||||||
Net claims and claim expense ratio – prior accident years | (14.1 | )% | (15.9 | )% | (4.7 | )% | 76.8 | % | (12.9 | )% | ||||||||||||
Net claims and claim expense ratio – calendar year | 1.1 | % | 31.4 | % | 54.4 | % | 76.8 | % | 15.4 | % | ||||||||||||
Underwriting expense ratio | 21.7 | % | 34.2 | % | 48.5 | % | 108.2 | % | 28.4 | % | ||||||||||||
Combined ratio | 22.8 | % | 65.6 | % | 102.9 | % | 185 | % | 43.8 | % | ||||||||||||
(1) Included in gross premiums written in the Other category is inter-segment gross premiums written of $1.0 million. | ||||||||||||||||||||||
Year ended December 31, 2012 | Catastrophe Reinsurance | Specialty Reinsurance | Lloyd’s | Other | Total | |||||||||||||||||
Gross premiums written (1) | $ | 1,182,207 | $ | 209,887 | $ | 159,987 | $ | (490 | ) | $ | 1,551,591 | |||||||||||
Net premiums written | $ | 766,035 | $ | 201,552 | $ | 135,131 | $ | (61 | ) | $ | 1,102,657 | |||||||||||
Net premiums earned | $ | 781,738 | $ | 164,685 | $ | 122,968 | $ | (36 | ) | $ | 1,069,355 | |||||||||||
Net claims and claim expenses incurred | 165,209 | 76,813 | 80,242 | 2,947 | 325,211 | |||||||||||||||||
Acquisition expenses | 66,665 | 23,826 | 22,864 | 187 | 113,542 | |||||||||||||||||
Operational expenses | 103,811 | 29,124 | 45,680 | 536 | 179,151 | |||||||||||||||||
Underwriting income (loss) | $ | 446,053 | $ | 34,922 | $ | (25,818 | ) | $ | (3,706 | ) | 451,451 | |||||||||||
Net investment income | 165,725 | 165,725 | ||||||||||||||||||||
Net foreign exchange gains | 5,319 | 5,319 | ||||||||||||||||||||
Equity in earnings of other ventures | 23,238 | 23,238 | ||||||||||||||||||||
Other loss | (2,120 | ) | (2,120 | ) | ||||||||||||||||||
Net realized and unrealized gains on investments | 163,121 | 163,121 | ||||||||||||||||||||
Net other-than-temporary impairments | (343 | ) | (343 | ) | ||||||||||||||||||
Corporate expenses | (16,456 | ) | (16,456 | ) | ||||||||||||||||||
Interest expense | (23,097 | ) | (23,097 | ) | ||||||||||||||||||
Income from continuing operations before taxes | 766,838 | |||||||||||||||||||||
Income tax expense | (1,413 | ) | (1,413 | ) | ||||||||||||||||||
Loss from discontinued operations | (16,476 | ) | (16,476 | ) | ||||||||||||||||||
Net income attributable to noncontrolling interests | (148,040 | ) | (148,040 | ) | ||||||||||||||||||
Dividends on preference shares | (34,895 | ) | (34,895 | ) | ||||||||||||||||||
Net income attributable to RenaissanceRe common shareholders | $ | 566,014 | ||||||||||||||||||||
Net claims and claim expenses incurred – current accident year | $ | 275,777 | $ | 110,959 | $ | 96,444 | $ | — | $ | 483,180 | ||||||||||||
Net claims and claim expenses incurred – prior accident years | (110,568 | ) | (34,146 | ) | (16,202 | ) | 2,947 | (157,969 | ) | |||||||||||||
Net claims and claim expenses incurred – total | $ | 165,209 | $ | 76,813 | $ | 80,242 | $ | 2,947 | $ | 325,211 | ||||||||||||
Net claims and claim expense ratio – current accident year | 35.3 | % | 67.4 | % | 78.4 | % | — | % | 45.2 | % | ||||||||||||
Net claims and claim expense ratio – prior accident years | (14.2 | )% | (20.8 | )% | (13.1 | )% | (8,186.1 | )% | (14.8 | )% | ||||||||||||
Net claims and claim expense ratio – calendar year | 21.1 | % | 46.6 | % | 65.3 | % | (8,186.1 | )% | 30.4 | % | ||||||||||||
Underwriting expense ratio | 21.8 | % | 32.2 | % | 55.7 | % | (2,008.3 | )% | 27.4 | % | ||||||||||||
Combined ratio | 42.9 | % | 78.8 | % | 121 | % | (10,194.4 | )% | 57.8 | % | ||||||||||||
(1) Included in gross premiums written in the Other category is inter-segment gross premiums written of $0.5 million. | ||||||||||||||||||||||
Year ended December 31, 2011 | Catastrophe Reinsurance | Specialty Reinsurance | Lloyd’s | Other | Total | |||||||||||||||||
Gross premiums written (1) | $ | 1,177,296 | $ | 145,891 | $ | 111,584 | $ | 205 | $ | 1,434,976 | ||||||||||||
Net premiums written | $ | 773,560 | $ | 139,939 | $ | 98,617 | $ | 657 | $ | 1,012,773 | ||||||||||||
Net premiums earned | $ | 737,545 | $ | 135,543 | $ | 76,386 | $ | 1,575 | $ | 951,049 | ||||||||||||
Net claims and claim expenses incurred | 770,350 | 13,354 | 73,259 | 4,216 | 861,179 | |||||||||||||||||
Acquisition expenses | 62,882 | 20,096 | 14,031 | 367 | 97,376 | |||||||||||||||||
Operational expenses | 100,932 | 30,319 | 36,732 | 1,678 | 169,661 | |||||||||||||||||
Underwriting (loss) income | $ | (196,619 | ) | $ | 71,774 | $ | (47,636 | ) | $ | (4,686 | ) | (177,167 | ) | |||||||||
Net investment income | 146,871 | 146,871 | ||||||||||||||||||||
Net foreign exchange losses | (7,844 | ) | (7,844 | ) | ||||||||||||||||||
Equity in losses of other ventures | (36,533 | ) | (36,533 | ) | ||||||||||||||||||
Other income | 44,345 | 44,345 | ||||||||||||||||||||
Net realized and unrealized gains on investments | 43,956 | 43,956 | ||||||||||||||||||||
Net other-than-temporary impairments | (552 | ) | (552 | ) | ||||||||||||||||||
Corporate expenses | (18,156 | ) | (18,156 | ) | ||||||||||||||||||
Interest expense | (23,368 | ) | (23,368 | ) | ||||||||||||||||||
Loss from continuing operations before taxes | (28,448 | ) | ||||||||||||||||||||
Income tax expense | (10,385 | ) | (10,385 | ) | ||||||||||||||||||
Loss from discontinued operations | (51,559 | ) | (51,559 | ) | ||||||||||||||||||
Loss attributable to redeemable noncontrolling interest – DaVinciRe | 33,157 | 33,157 | ||||||||||||||||||||
Dividends on preference shares | (35,000 | ) | (35,000 | ) | ||||||||||||||||||
Net loss attributable to RenaissanceRe common shareholders | $ | (92,235 | ) | |||||||||||||||||||
Net claims and claim expenses incurred – current accident year | $ | 829,487 | $ | 91,115 | $ | 72,781 | $ | (215 | ) | $ | 993,168 | |||||||||||
Net claims and claim expenses incurred – prior accident years | (59,137 | ) | (77,761 | ) | 478 | 4,431 | (131,989 | ) | ||||||||||||||
Net claims and claim expenses incurred – total | $ | 770,350 | $ | 13,354 | $ | 73,259 | $ | 4,216 | $ | 861,179 | ||||||||||||
Net claims and claim expense ratio – current accident year | 112.5 | % | 67.2 | % | 95.3 | % | (13.7 | )% | 104.4 | % | ||||||||||||
Net claims and claim expense ratio – prior accident years | (8.1 | )% | (57.3 | )% | 0.6 | % | 281.4 | % | (13.8 | )% | ||||||||||||
Net claims and claim expense ratio – calendar year | 104.4 | % | 9.9 | % | 95.9 | % | 267.7 | % | 90.6 | % | ||||||||||||
Underwriting expense ratio | 22.3 | % | 37.1 | % | 66.5 | % | 130.1 | % | 28 | % | ||||||||||||
Combined ratio | 126.7 | % | 47 | % | 162.4 | % | 397.8 | % | 118.6 | % | ||||||||||||
(1) Included in gross premiums written in the Other category is inter-segment gross premiums written of $0.1 million. | ||||||||||||||||||||||
Schedule of Gross Premiums Written Allocated to the Territory of Coverage Exposure | ' | |||||||||||||||||||||
The following is a summary of the Company’s gross premiums written allocated to the territory of coverage exposure: | ||||||||||||||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | |||||||||||||||||||
Catastrophe Reinsurance | ||||||||||||||||||||||
U.S. and Caribbean | $ | 782,211 | $ | 857,740 | $ | 786,721 | ||||||||||||||||
Worldwide (excluding U.S.) (1) | 146,048 | 139,265 | 164,112 | |||||||||||||||||||
Worldwide | 99,179 | 81,595 | 124,797 | |||||||||||||||||||
Japan | 39,060 | 43,238 | 49,021 | |||||||||||||||||||
Europe | 25,659 | 37,113 | 31,888 | |||||||||||||||||||
Australia and New Zealand | 22,460 | 18,578 | 16,818 | |||||||||||||||||||
Other | 5,762 | 4,678 | 3,939 | |||||||||||||||||||
Total Catastrophe Reinsurance | 1,120,379 | 1,182,207 | 1,177,296 | |||||||||||||||||||
Specialty Reinsurance | ||||||||||||||||||||||
Worldwide | 151,879 | 96,081 | 91,032 | |||||||||||||||||||
U.S. and Caribbean | 91,203 | 69,070 | 49,832 | |||||||||||||||||||
Australia and New Zealand | 12,068 | 28,307 | 792 | |||||||||||||||||||
Europe | 2,612 | 16,429 | 3,595 | |||||||||||||||||||
Worldwide (excluding U.S.) (1) | 1,661 | — | — | |||||||||||||||||||
Other | 66 | — | 640 | |||||||||||||||||||
Total Specialty Reinsurance | 259,489 | 209,887 | 145,891 | |||||||||||||||||||
Lloyd’s | ||||||||||||||||||||||
Worldwide | 104,249 | 75,132 | 47,605 | |||||||||||||||||||
U.S. and Caribbean | 88,535 | 57,332 | 48,435 | |||||||||||||||||||
Europe | 14,763 | 14,456 | 8,044 | |||||||||||||||||||
Worldwide (excluding U.S.) (1) | 8,071 | 6,064 | 238 | |||||||||||||||||||
Australia and New Zealand | 2,948 | 2,152 | 2,060 | |||||||||||||||||||
Other | 7,966 | 4,851 | 5,202 | |||||||||||||||||||
Total Lloyd’s | 226,532 | 159,987 | 111,584 | |||||||||||||||||||
Other category (2) | (988 | ) | (490 | ) | 205 | |||||||||||||||||
Total gross premiums written | $ | 1,605,412 | $ | 1,551,591 | $ | 1,434,976 | ||||||||||||||||
-1 | The category “Worldwide (excluding U.S.)” consists of contracts that cover more than one geographic region (other than the U.S.). The exposure in this category for gross premiums written to date is predominantly from Europe and Japan. | |||||||||||||||||||||
-2 | The Other category consists of contracts that are primarily exposed to U.S. risks and includes inter-segment gross premiums written of $1.0 million for the year ended December 31, 2013 (2012 - $0.5 million, 2011 - $0.1 million). |
Stock_Incentive_Compensation_a1
Stock Incentive Compensation and Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||||
Schedule of Share-based Payment Award, Performance Shares, Valuation Assumptions | ' | ||||||||||||||||||||||
The following are the weighted average-assumptions used to estimate the fair value for all Performance Shares issued in each respective year. | |||||||||||||||||||||||
Performance Shares | |||||||||||||||||||||||
Year ended December 31, | 2013 | 2012 | |||||||||||||||||||||
Expected volatility (1) | 19.0% - 19.6% | 19.8% - 24.4% | |||||||||||||||||||||
Expected term (in years) | n/a | n/a | |||||||||||||||||||||
Expected dividend yield | n/a | n/a | |||||||||||||||||||||
Risk-free interest rate (1) | 0.09% - 1.39% | 0.16% - 0.64% | |||||||||||||||||||||
-1 | The expected volatility and risk-free interest rate applied are specific to each tranche of Performance Shares. | ||||||||||||||||||||||
Schedule of Share-based Compensation, 2001 Stock Incentive Plan, Non-Employee Director Stock Incentive Plan and Premium Option Plan | ' | ||||||||||||||||||||||
2001 Stock Incentive and Non-Employee Director Stock Incentive Plans | |||||||||||||||||||||||
Weighted | Weighted | Weighted | Aggregate | Range of exercise prices | |||||||||||||||||||
options | average | average | intrinsic | ||||||||||||||||||||
outstanding | exercise price | remaining | value | ||||||||||||||||||||
contractual | |||||||||||||||||||||||
life | |||||||||||||||||||||||
Balance, December 31, 2010 | 2,841,335 | $ | 47.28 | 4.8 | $ | 46,616 | $33.85 – $59.66 | ||||||||||||||||
Options granted | — | — | — | ||||||||||||||||||||
Options forfeited | (40,010 | ) | 52.68 | ||||||||||||||||||||
Options expired | (4,404 | ) | 53.86 | ||||||||||||||||||||
Options exercised | (823,614 | ) | 46.88 | $ | 18,155 | ||||||||||||||||||
Balance, December 31, 2011 | 1,973,307 | $ | 47.33 | 4.6 | $ | 53,363 | $37.51 - $59.66 | ||||||||||||||||
Options granted | — | — | — | ||||||||||||||||||||
Options forfeited | — | — | |||||||||||||||||||||
Options expired | — | — | |||||||||||||||||||||
Options exercised | (240,668 | ) | 45.3 | $ | 7,910 | ||||||||||||||||||
Balance, December 31, 2012 | 1,732,639 | $ | 47.61 | 3.7 | $ | 58,305 | $37.51 - $59.66 | ||||||||||||||||
Options granted | — | — | — | ||||||||||||||||||||
Options forfeited | — | — | |||||||||||||||||||||
Options expired | — | — | |||||||||||||||||||||
Options exercised | (904,547 | ) | $ | 46.55 | $ | 36,800 | |||||||||||||||||
Balance, December 31, 2013 | 828,092 | $ | 48.77 | 2.9 | $ | 40,221 | $37.51 - $59.66 | ||||||||||||||||
Total options exercisable at December 31, 2013 | 828,092 | $ | 48.77 | 2.9 | $ | 40,221 | $37.51 - $59.66 | ||||||||||||||||
Premium Option Plan | |||||||||||||||||||||||
Weighted | Weighted | Weighted | Aggregate | Range of exercise | |||||||||||||||||||
options | average | average | intrinsic value | prices | |||||||||||||||||||
outstanding | exercise price | remaining | |||||||||||||||||||||
contractual | |||||||||||||||||||||||
life | |||||||||||||||||||||||
Balance, December 31, 2010 | 1,192,000 | $ | 73.94 | $ | — | $73.06 – $74.24 | |||||||||||||||||
Options granted | — | — | |||||||||||||||||||||
Options forfeited | — | — | |||||||||||||||||||||
Options expired | — | — | |||||||||||||||||||||
Options exercised | — | — | |||||||||||||||||||||
Balance, December 31, 2011 | 1,192,000 | $ | 73.94 | $ | — | $73.06 - $74.24 | |||||||||||||||||
Options granted | — | — | |||||||||||||||||||||
Options forfeited | — | — | |||||||||||||||||||||
Options expired | — | — | |||||||||||||||||||||
Options exercised | (350,000 | ) | 74.24 | 1,250 | |||||||||||||||||||
Balance, December 31, 2012 | 842,000 | $ | 73.82 | $ | 6,265 | $73.06 - $74.24 | |||||||||||||||||
Options granted | — | — | |||||||||||||||||||||
Options forfeited | — | — | |||||||||||||||||||||
Options expired | — | — | |||||||||||||||||||||
Options exercised | (270,000 | ) | 74.24 | 4,921 | |||||||||||||||||||
Balance, December 31, 2013 | 572,000 | $ | 73.62 | 1.1 | $ | 13,567 | $73.06 - $74.24 | ||||||||||||||||
Total options exercisable at December 31, 2013 | 572,000 | $ | 73.62 | 1.1 | $ | 13,567 | $73.06 - $74.24 | ||||||||||||||||
Schedule of Share-based Compensation, 2010 Cash Settled Restricted Stock Unit Plan and 2010 Performance-Based Equity Incentive Plan | ' | ||||||||||||||||||||||
2010 Cash Settled Restricted Stock Unit Plan and 2010 Performance-Based Equity Incentive Plan | |||||||||||||||||||||||
Cash Settled | Performance Shares (1) | ||||||||||||||||||||||
Restricted | |||||||||||||||||||||||
Stock | |||||||||||||||||||||||
Unit Plan | |||||||||||||||||||||||
Number of | Number of | Weighted | |||||||||||||||||||||
shares | shares | average | |||||||||||||||||||||
grant-dated fair value | |||||||||||||||||||||||
Nonvested at December 31, 2010 | 371,788 | 275,813 | $ | 56.76 | |||||||||||||||||||
Awards granted | 215,711 | 89,037 | $ | 79.83 | |||||||||||||||||||
Awards vested | (98,676 | ) | (63,562 | ) | |||||||||||||||||||
Awards forfeited | (65,850 | ) | (11,421 | ) | |||||||||||||||||||
Nonvested at December 31, 2011 | 422,973 | 289,867 | $ | 63.24 | |||||||||||||||||||
Awards granted | 225,105 | 144,635 | $ | 70.43 | |||||||||||||||||||
Awards vested | (128,401 | ) | (70,843 | ) | |||||||||||||||||||
Awards forfeited | (26,121 | ) | (4,139 | ) | |||||||||||||||||||
Nonvested at December 31, 2012 | 493,556 | 359,520 | $ | 67.31 | |||||||||||||||||||
Awards granted | 149,760 | 134,358 | $ | 83.64 | |||||||||||||||||||
Awards vested | (176,265 | ) | (24,606 | ) | |||||||||||||||||||
Awards forfeited | (72,906 | ) | (109,729 | ) | |||||||||||||||||||
Nonvested at December 31, 2013 | 394,145 | 359,543 | $ | 73.23 | |||||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock | ' | ||||||||||||||||||||||
Restricted Stock | |||||||||||||||||||||||
Employee | Non-employee director | Total | |||||||||||||||||||||
restricted stock | restricted stock | restricted stock | |||||||||||||||||||||
Number of | Weighted | Number of | Weighted | Number of | Weighted | ||||||||||||||||||
shares | average grant- | shares | average grant- | shares | average grant- | ||||||||||||||||||
dated fair value | dated fair value | dated fair value | |||||||||||||||||||||
Nonvested at December 31, 2010 | 1,004,426 | $ | 48.93 | 42,808 | $ | 51.38 | 1,047,234 | $ | 49.03 | ||||||||||||||
Awards granted | 200,745 | 66.21 | 18,272 | 66.21 | 219,017 | 66.21 | |||||||||||||||||
Awards vested | (362,234 | ) | 48.74 | (21,495 | ) | 50.66 | (383,729 | ) | 48.84 | ||||||||||||||
Awards forfeited | (78,176 | ) | 47.71 | — | — | (78,176 | ) | 47.71 | |||||||||||||||
Nonvested at December 31, 2011 | 764,761 | $ | 53.68 | 39,585 | $ | 58.43 | 804,346 | $ | 53.91 | ||||||||||||||
Awards granted | 226,827 | 72.46 | 16,874 | 71.69 | 243,701 | 72.4 | |||||||||||||||||
Awards vested | (337,683 | ) | 51.06 | (20,536 | ) | 54.62 | (358,219 | ) | 51.26 | ||||||||||||||
Awards forfeited | (7,157 | ) | 53.9 | — | — | (7,157 | ) | 53.9 | |||||||||||||||
Nonvested at December 31, 2012 | 646,748 | $ | 61.63 | 35,923 | $ | 66.83 | 682,671 | $ | 61.9 | ||||||||||||||
Awards granted | 241,071 | 87.85 | 17,162 | 87.4 | 258,233 | 87.82 | |||||||||||||||||
Awards vested | (311,334 | ) | 55.63 | (21,599 | ) | 66.06 | (332,933 | ) | 56.31 | ||||||||||||||
Awards forfeited | (6,993 | ) | 58.14 | — | — | (6,993 | ) | 58.14 | |||||||||||||||
Nonvested at December 31, 2013 | 569,492 | $ | 76.11 | 31,486 | $ | 78.57 | 600,978 | $ | 76.24 | ||||||||||||||
Statutory_Requirements_Tables
Statutory Requirements (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Insurance [Abstract] | ' | |||||||||||||||||
Schedule of Statutory Capital and Restricted Net Assets | ' | |||||||||||||||||
The actual statutory capital and surplus, required statutory capital and surplus and restricted net assets of the Company’s regulated insurance operations in its most significant regulatory jurisdictions are detailed below: | ||||||||||||||||||
Bermuda | U.K. (1) (2) | |||||||||||||||||
At December 31, | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Actual statutory capital and surplus | $ | 3,194,446 | $ | 3,061,736 | $ | 380,336 | $ | 293,519 | ||||||||||
Required statutory capital and surplus | 562,126 | 554,809 | 380,336 | 293,519 | ||||||||||||||
Restricted net assets | 887,083 | 784,693 | — | — | ||||||||||||||
Schedule of Statutory Net Income (Loss) | ' | |||||||||||||||||
Statutory net income (loss) of the Company’s regulated insurance operations in its most significant regulatory jurisdictions are detailed below: | ||||||||||||||||||
Statutory Net Income (Loss) | ||||||||||||||||||
Bermuda | U.K. | |||||||||||||||||
Year ended December 31, 2013 | $ | 712,820 | $ | 7,745 | ||||||||||||||
Year ended December 31, 2012 | 693,887 | (10,967 | ) | |||||||||||||||
Year ended December 31, 2011 | (44,327 | ) | (33,442 | ) | ||||||||||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Summary of Derivative Instruments [Abstract] | ' | |||||||||||||||||||||||
Schedule of Location on Consolidated Balance Sheets and Fair Value Of Principal Derivative Instruments | ' | |||||||||||||||||||||||
The tables below show the gross and net amounts of recognized derivative assets and liabilities, including the location on the consolidated balance sheets and fair value of the Company’s principal derivative instruments: | ||||||||||||||||||||||||
Derivative Assets | ||||||||||||||||||||||||
At December 31, 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 | $ | 897 | 62 | $ | 835 | Other assets | $ | — | $ | 835 | ||||||||||||||
Foreign currency forward contracts (1) | 9,612 | 1,179 | 8,433 | Other assets | — | 8,433 | ||||||||||||||||||
Foreign currency forward contracts (2) | 1,013 | 338 | 675 | Other assets | — | 675 | ||||||||||||||||||
Credit default swaps | 806 | 82 | 724 | Other assets | 310 | 414 | ||||||||||||||||||
Total | $ | 12,328 | $ | 1,661 | $ | 10,667 | $ | 310 | $ | 10,357 | ||||||||||||||
Derivative Liabilities | ||||||||||||||||||||||||
At December 31, 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 | Net Amount | ||||||||||||||||||
Interest rate futures | $ | 74 | 62 | $ | 12 | Other liabilities | $ | 12 | $ | — | ||||||||||||||
Foreign currency forward contracts (1) | 2,204 | 28 | 2,176 | Other liabilities | — | 2,176 | ||||||||||||||||||
Foreign currency forward contracts (2) | 1,557 | 338 | 1,219 | Other liabilities | — | 1,219 | ||||||||||||||||||
Credit default swaps | 94 | 82 | 12 | Other liabilities | — | 12 | ||||||||||||||||||
Weather contract | 2,490 | — | 2,490 | Other liabilities | — | 2,490 | ||||||||||||||||||
Total | $ | 6,419 | $ | 510 | $ | 5,909 | $ | 12 | $ | 5,897 | ||||||||||||||
-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 Principal Derivative Instruments | ' | |||||||||||||||||||||||
The location and amount of the gain (loss) recognized in the Company’s consolidated statements of operations related to its principal derivative instruments is shown in the following table: | ||||||||||||||||||||||||
Location of gain (loss) | Amount of gain (loss) recognized on | |||||||||||||||||||||||
recognized on derivatives | derivatives | |||||||||||||||||||||||
Year ended December 31, | 2013 | 2012 | 2011 | |||||||||||||||||||||
Interest rate futures | Net realized and unrealized gains on investments | $ | 29,695 | $ | (1,746 | ) | $ | (25,256 | ) | |||||||||||||||
Foreign currency forward contracts (1) | Net foreign exchange gains (losses) | 889 | 13,804 | (5,443 | ) | |||||||||||||||||||
Foreign currency forward contracts (2) | Net foreign exchange gains (losses) | (3,015 | ) | (3,445 | ) | (4,335 | ) | |||||||||||||||||
Credit default swaps | Net realized and unrealized gains on investments | 1,363 | 1,074 | (1,467 | ) | |||||||||||||||||||
Weather contract | Net realized and unrealized gains on investments | (1,331 | ) | — | — | |||||||||||||||||||
Platinum warrant | Other (loss) income | — | — | 2,975 | ||||||||||||||||||||
Total | $ | 27,601 | $ | 9,687 | $ | (33,526 | ) | |||||||||||||||||
-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 (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||
Schedule of Future Minimum Lease Payments for Operating Leases | ' | |||||
Future minimum lease payments under existing operating leases are expected to be as follows: | ||||||
Minimum | ||||||
lease payments | ||||||
2014 | $ | 6,040 | ||||
2015 | 5,804 | |||||
2016 | 4,867 | |||||
2017 | 2,258 | |||||
2018 | 2,195 | |||||
After 2018 | 4,335 | |||||
Future minimum lease payments under existing operating leases | $ | 25,499 | ||||
Schedule of Future Minimum Lease Payments for Capital Leases | ' | |||||
The future minimum lease payments of the Company’s capital leases are detailed below, and relate principally to the transaction noted above, excluding the bargain renewal option. | ||||||
Minimum | ||||||
lease payments | ||||||
2014 | $ | 3,017 | ||||
2015 | 3,017 | |||||
2016 | 3,017 | |||||
2017 | 2,417 | |||||
2018 | 2,417 | |||||
After 2018 | 26,179 | |||||
Future minimum lease payments under existing capital leases | $ | 40,064 | ||||
Quarterly_Financial_Informatio1
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||
Quarterly Financial Data [Abstract] | ' | |||||||||||||||||||||||||||||||||
Quarterly Financial Information (Unaudited) | ' | |||||||||||||||||||||||||||||||||
Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | |||||||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||||
Gross premiums written | $ | 635,418 | $ | 664,151 | $ | 703,223 | $ | 667,336 | $ | 182,649 | $ | 136,359 | $ | 84,122 | $ | 83,745 | ||||||||||||||||||
Net premiums written | $ | 436,813 | $ | 492,575 | $ | 559,109 | $ | 427,630 | $ | 127,241 | $ | 105,035 | $ | 80,784 | $ | 77,417 | ||||||||||||||||||
(Increase) decrease in unearned premiums | (165,558 | ) | (213,910 | ) | (267,220 | ) | (183,214 | ) | 167,476 | 157,588 | 175,981 | 206,234 | ||||||||||||||||||||||
Net premiums earned | 271,255 | 278,665 | 291,889 | 244,416 | 294,717 | 262,623 | 256,765 | 283,651 | ||||||||||||||||||||||||||
Net investment income (loss) | 43,202 | 62,942 | 26,163 | 17,648 | 59,931 | 46,135 | 78,732 | 39,000 | ||||||||||||||||||||||||||
Net foreign exchange gains (losses) | 614 | (1,306 | ) | (932 | ) | 1,587 | 488 | 3,187 | 1,747 | 1,851 | ||||||||||||||||||||||||
Equity in earnings (losses) of other ventures | 5,835 | 5,470 | 3,772 | 6,846 | 7,313 | 4,310 | 6,274 | 6,612 | ||||||||||||||||||||||||||
Other (loss) income | (1,709 | ) | (3,632 | ) | (1,128 | ) | 5,414 | 651 | (1,052 | ) | (173 | ) | (2,850 | ) | ||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 14,269 | 47,614 | (69,529 | ) | 28,071 | 28,472 | 75,297 | 61,864 | 12,139 | |||||||||||||||||||||||||
Total other-than-temporary impairments | — | (161 | ) | — | (234 | ) | — | — | — | — | ||||||||||||||||||||||||
Portion recognized in other comprehensive income, before taxes | — | 27 | — | 25 | — | — | — | — | ||||||||||||||||||||||||||
Net other-than-temporary impairments | — | (134 | ) | — | (209 | ) | — | — | — | — | ||||||||||||||||||||||||
Total revenues | 333,466 | 389,619 | 250,235 | 303,773 | 391,572 | 390,500 | 405,209 | 340,403 | ||||||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||||||||
Net claims and claim expenses incurred | 27,251 | 15,552 | 103,962 | 49,551 | 60,928 | 73,215 | (20,854 | ) | 186,893 | |||||||||||||||||||||||||
Acquisition costs | 25,009 | 24,111 | 31,767 | 25,608 | 37,699 | 24,438 | 31,026 | 39,385 | ||||||||||||||||||||||||||
Operational expenses | 45,986 | 42,323 | 42,789 | 41,375 | 44,672 | 42,357 | 57,658 | 53,096 | ||||||||||||||||||||||||||
Corporate expenses | 4,482 | 4,757 | 21,529 | 4,014 | 4,307 | 3,796 | 3,304 | 3,889 | ||||||||||||||||||||||||||
Interest expense | 5,034 | 5,718 | 4,300 | 5,716 | 4,298 | 5,891 | 4,297 | 5,772 | ||||||||||||||||||||||||||
Total expenses | 107,762 | 92,461 | 204,347 | 126,264 | 151,904 | 149,697 | 75,431 | 289,035 | ||||||||||||||||||||||||||
Income (loss) from continuing operations before taxes | 225,704 | 297,158 | 45,888 | 177,509 | 239,668 | 240,803 | 329,778 | 51,368 | ||||||||||||||||||||||||||
Income tax (expense) benefit | (122 | ) | 36 | (11 | ) | (899 | ) | (223 | ) | (144 | ) | (1,336 | ) | (405 | ) | |||||||||||||||||||
Income from continuing operations | 225,582 | 297,194 | 45,877 | 176,610 | 239,445 | 240,659 | 328,442 | 50,963 | ||||||||||||||||||||||||||
Income (loss) from discontinued operations | 9,774 | (33,374 | ) | 2,427 | 8,034 | (9,779 | ) | (166 | ) | — | 9,029 | |||||||||||||||||||||||
Net income | 235,356 | 263,820 | 48,304 | 184,644 | 229,666 | 240,493 | 328,442 | 59,992 | ||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | (38,607 | ) | (53,641 | ) | (14,015 | ) | (33,624 | ) | (44,331 | ) | (51,083 | ) | (54,191 | ) | (9,692 | ) | ||||||||||||||||||
Net income available to RenaissanceRe | 196,749 | 210,179 | 34,289 | 151,020 | 185,335 | 189,410 | 274,251 | 50,300 | ||||||||||||||||||||||||||
Dividends on preference shares | (6,275 | ) | (8,750 | ) | (7,483 | ) | (8,750 | ) | (5,595 | ) | (8,750 | ) | (5,595 | ) | (8,645 | ) | ||||||||||||||||||
Net income available to RenaissanceRe common shareholders | $ | 190,474 | $ | 201,429 | $ | 26,806 | $ | 142,270 | $ | 179,740 | $ | 180,660 | $ | 268,656 | $ | 41,655 | ||||||||||||||||||
Income from continuing operations available to RenaissanceRe common shareholders per common share – basic | $ | 4.1 | $ | 4.59 | $ | 0.55 | $ | 2.62 | $ | 4.32 | $ | 3.67 | $ | 6.14 | $ | 0.69 | ||||||||||||||||||
Income (loss) from discontinued operations available (attributable) to RenaissanceRe common shareholders per common share – basic | 0.22 | (0.66 | ) | 0.06 | 0.16 | (0.23 | ) | — | — | 0.19 | ||||||||||||||||||||||||
Net income available to RenaissanceRe common shareholders per common share – basic | $ | 4.32 | $ | 3.93 | $ | 0.61 | $ | 2.78 | $ | 4.09 | $ | 3.67 | $ | 6.14 | $ | 0.88 | ||||||||||||||||||
Income from continuing operations available to RenaissanceRe common shareholders per common share – diluted | $ | 4.01 | $ | 4.53 | $ | 0.55 | $ | 2.59 | $ | 4.23 | $ | 3.62 | $ | 6.05 | $ | 0.68 | ||||||||||||||||||
Income (loss) from discontinued operations available (attributable) to RenaissanceRe common shareholders per common share – diluted | 0.22 | (0.65 | ) | 0.05 | 0.16 | (0.22 | ) | — | — | 0.19 | ||||||||||||||||||||||||
Net income available to RenaissanceRe common shareholders per common share – diluted | $ | 4.23 | $ | 3.88 | $ | 0.6 | $ | 2.75 | $ | 4.01 | $ | 3.62 | $ | 6.05 | $ | 0.87 | ||||||||||||||||||
Average shares outstanding – basic | 43,461 | 50,377 | 43,372 | 50,278 | 43,330 | 48,394 | 43,160 | 46,442 | ||||||||||||||||||||||||||
Average shares outstanding – diluted | 44,290 | 50,981 | 44,243 | 51,012 | 44,135 | 49,119 | 43,769 | 47,297 | ||||||||||||||||||||||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries [Abstract] | ' | |||||||||||||||||||
Condensed Consolidating Balance Sheet | ' | |||||||||||||||||||
Condensed Consolidating Balance Sheet at December 31, 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 | $ | 210,719 | $ | 98,784 | $ | 6,512,209 | $ | — | $ | 6,821,712 | ||||||||||
Cash and cash equivalents | 8,796 | 4,027 | 395,209 | — | 408,032 | |||||||||||||||
Investments in subsidiaries | 3,294,729 | 74,718 | — | (3,369,447 | ) | — | ||||||||||||||
Due from subsidiaries and affiliates | 296,752 | — | — | (296,752 | ) | — | ||||||||||||||
Premiums receivable | — | — | 474,087 | — | 474,087 | |||||||||||||||
Prepaid reinsurance premiums | — | — | 66,132 | — | 66,132 | |||||||||||||||
Reinsurance recoverable | — | — | 101,025 | — | 101,025 | |||||||||||||||
Accrued investment income | — | 110 | 33,955 | — | 34,065 | |||||||||||||||
Deferred acquisition costs | — | — | 81,684 | — | 81,684 | |||||||||||||||
Receivable for investments sold | 14 | — | 75,831 | — | 75,845 | |||||||||||||||
Other assets | 112,234 | 1,481 | 102,834 | (100,000 | ) | 116,549 | ||||||||||||||
Total assets | $ | 3,923,244 | $ | 179,120 | $ | 7,842,966 | $ | (3,766,199 | ) | $ | 8,179,131 | |||||||||
Liabilities, Noncontrolling Interests and Shareholders’ Equity | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||
Reserve for claims and claim expenses | $ | — | $ | — | $ | 1,563,730 | $ | — | $ | 1,563,730 | ||||||||||
Unearned premiums | — | — | 477,888 | — | 477,888 | |||||||||||||||
Debt | — | 249,430 | — | — | 249,430 | |||||||||||||||
Amounts due to subsidiaries and affiliates | — | 3,173 | — | (3,173 | ) | — | ||||||||||||||
Reinsurance balances payable | — | — | 293,022 | — | 293,022 | |||||||||||||||
Payable for investments purchased | — | — | 193,221 | — | 193,221 | |||||||||||||||
Other liabilities | 18,860 | 6,953 | 371,783 | — | 397,596 | |||||||||||||||
Total liabilities | 18,860 | 259,556 | 2,899,644 | (3,173 | ) | 3,174,887 | ||||||||||||||
Redeemable noncontrolling interests | — | — | 1,099,860 | — | 1,099,860 | |||||||||||||||
Shareholders’ Equity | ||||||||||||||||||||
Total shareholders’ equity | 3,904,384 | (80,436 | ) | 3,843,462 | (3,763,026 | ) | 3,904,384 | |||||||||||||
Total liabilities, noncontrolling interests and shareholders’ equity | $ | 3,923,244 | $ | 179,120 | $ | 7,842,966 | $ | (3,766,199 | ) | $ | 8,179,131 | |||||||||
-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 | |||||||||||||||
Receivable for investments sold | 60,149 | — | 108,524 | — | 168,673 | |||||||||||||||
Other assets | 114,956 | 15,754 | 104,046 | (115,493 | ) | 119,263 | ||||||||||||||
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 | |||||||||||||||
Payable for investments purchased | 9,694 | — | 269,093 | — | 278,787 | |||||||||||||||
Other liabilities | 50,036 | 4,572 | 145,284 | (1,458 | ) | 198,434 | ||||||||||||||
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 | — | — | 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) | ' | |||||||||||||||||||
Condensed Consolidating Statement of Operations for | RenaissanceRe | RenRe North | Other | Consolidating | RenaissanceRe | |||||||||||||||
the year ended December 31, 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 | $ | — | $ | — | $ | 1,114,626 | $ | — | $ | 1,114,626 | ||||||||||
Net investment income | 4,213 | 488 | 209,105 | (5,778 | ) | 208,028 | ||||||||||||||
Net foreign exchange (losses) gains | (7 | ) | (2 | ) | 1,926 | — | 1,917 | |||||||||||||
Equity in earnings of other ventures | — | — | 23,194 | — | 23,194 | |||||||||||||||
Other income (loss) | 106 | 125 | (2,590 | ) | — | (2,359 | ) | |||||||||||||
Net realized and unrealized (losses) gains on investments | (483 | ) | 1,196 | 34,363 | — | 35,076 | ||||||||||||||
Total revenues | 3,829 | 1,807 | 1,380,624 | (5,778 | ) | 1,380,482 | ||||||||||||||
Expenses | ||||||||||||||||||||
Net claims and claim expenses incurred | — | — | 171,287 | — | 171,287 | |||||||||||||||
Acquisition expenses | — | — | 125,501 | — | 125,501 | |||||||||||||||
Operational expenses | (4,962 | ) | 7,566 | 189,117 | (616 | ) | 191,105 | |||||||||||||
Corporate expenses | 31,264 | 338 | 2,020 | — | 33,622 | |||||||||||||||
Interest expense | 734 | 14,467 | 2,728 | — | 17,929 | |||||||||||||||
Total expenses | 27,036 | 22,371 | 490,653 | (616 | ) | 539,444 | ||||||||||||||
(Loss) income before equity in net income of subsidiaries and taxes | (23,207 | ) | (20,564 | ) | 889,971 | (5,162 | ) | 841,038 | ||||||||||||
Equity in net income of subsidiaries | 713,831 | 2,142 | — | (715,973 | ) | — | ||||||||||||||
Income (loss) from continuing operations before taxes | 690,624 | (18,422 | ) | 889,971 | (721,135 | ) | 841,038 | |||||||||||||
Income tax expense | — | (1,558 | ) | (134 | ) | — | (1,692 | ) | ||||||||||||
Income (loss) from continuing operations | 690,624 | (19,980 | ) | 889,837 | (721,135 | ) | 839,346 | |||||||||||||
Income from discontinued operations | — | 2,422 | — | — | 2,422 | |||||||||||||||
Net income (loss) | 690,624 | (17,558 | ) | 889,837 | (721,135 | ) | 841,768 | |||||||||||||
Net income attributable to noncontrolling interests | — | — | (151,144 | ) | — | (151,144 | ) | |||||||||||||
Net income (loss) attributable to RenaissanceRe | 690,624 | (17,558 | ) | 738,693 | (721,135 | ) | 690,624 | |||||||||||||
Dividends on preference shares | (24,948 | ) | — | — | — | (24,948 | ) | |||||||||||||
Net income (loss) attributable to RenaissanceRe common shareholders | $ | 665,676 | $ | (17,558 | ) | $ | 738,693 | $ | (721,135 | ) | $ | 665,676 | ||||||||
-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 year ended December 31, 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) | $ | 600,909 | $ | (34,693 | ) | $ | 768,644 | $ | (585,911 | ) | $ | 748,949 | ||||||||
Change in net unrealized gains on investments | — | — | 1,914 | — | 1,914 | |||||||||||||||
Portion of other-than-temporary impairments recognized in other comprehensive loss | — | — | (52 | ) | — | (52 | ) | |||||||||||||
Comprehensive income (loss) | 600,909 | (34,693 | ) | 770,506 | (585,911 | ) | 750,811 | |||||||||||||
Net income attributable to noncontrolling interests | — | — | (148,040 | ) | — | (148,040 | ) | |||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | (148,040 | ) | — | (148,040 | ) | |||||||||||||
Comprehensive income (loss) available (attributable) to RenaissanceRe | $ | 600,909 | $ | (34,693 | ) | $ | 622,466 | $ | (585,911 | ) | $ | 602,771 | ||||||||
-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 year ended December 31, 2011 | 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 | $ | — | $ | — | $ | 951,049 | $ | — | $ | 951,049 | ||||||||||
Net investment income | 20,182 | 944 | 131,557 | (5,812 | ) | 146,871 | ||||||||||||||
Net foreign exchange gains (losses) | 112 | — | (7,956 | ) | — | (7,844 | ) | |||||||||||||
Equity in losses of other ventures | — | — | (36,533 | ) | — | (36,533 | ) | |||||||||||||
Other loss | (11 | ) | — | 44,356 | — | 44,345 | ||||||||||||||
Net realized and unrealized gains on investments | 12,040 | 1,217 | 30,699 | — | 43,956 | |||||||||||||||
Net other-than-temporary impairments | — | — | (552 | ) | — | (552 | ) | |||||||||||||
Total revenues | 32,323 | 2,161 | 1,112,620 | (5,812 | ) | 1,141,292 | ||||||||||||||
Expenses | ||||||||||||||||||||
Net claims and claim expenses incurred | — | — | 861,179 | — | 861,179 | |||||||||||||||
Acquisition expenses | — | — | 97,376 | — | 97,376 | |||||||||||||||
Operational expenses | (4,842 | ) | 7,910 | 166,593 | — | 169,661 | ||||||||||||||
Corporate expenses | 11,486 | 229 | 6,441 | — | 18,156 | |||||||||||||||
Interest expense | 10,472 | 14,568 | 3,026 | (4,698 | ) | 23,368 | ||||||||||||||
Total expenses | 17,116 | 22,707 | 1,134,615 | (4,698 | ) | 1,169,740 | ||||||||||||||
Income (loss) before equity in net loss of subsidiaries and taxes | 15,207 | (20,546 | ) | (21,995 | ) | (1,114 | ) | (28,448 | ) | |||||||||||
Equity in net loss of subsidiaries | (73,066 | ) | (16,689 | ) | — | 89,755 | — | |||||||||||||
Loss from continuing operations before taxes | (57,859 | ) | (37,235 | ) | (21,995 | ) | 88,641 | (28,448 | ) | |||||||||||
Income tax benefit (expense) | 624 | 1,677 | (12,686 | ) | — | (10,385 | ) | |||||||||||||
Loss from continuing operations | (57,235 | ) | (35,558 | ) | (34,681 | ) | 88,641 | (38,833 | ) | |||||||||||
Loss from discontinued operations | — | (51,559 | ) | — | — | (51,559 | ) | |||||||||||||
Net loss | (57,235 | ) | (87,117 | ) | (34,681 | ) | 88,641 | (90,392 | ) | |||||||||||
Net loss attributable to noncontrolling interest | — | — | 33,157 | — | 33,157 | |||||||||||||||
Net loss attributable to RenaissanceRe | (57,235 | ) | (87,117 | ) | (1,524 | ) | 88,641 | (57,235 | ) | |||||||||||
Dividends on preference shares | (35,000 | ) | — | — | — | (35,000 | ) | |||||||||||||
Net loss attributable to RenaissanceRe common shareholders | $ | (92,235 | ) | $ | (87,117 | ) | $ | (1,524 | ) | $ | 88,641 | $ | (92,235 | ) | ||||||
-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 Loss for the year ended December 31, 2011 | 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 loss | ||||||||||||||||||||
Net loss | $ | (57,235 | ) | $ | (87,117 | ) | $ | (34,681 | ) | $ | 88,641 | $ | (90,392 | ) | ||||||
Change in net unrealized gains on investments | — | — | (7,991 | ) | — | (7,991 | ) | |||||||||||||
Portion of other-than-temporary impairments recognized in other comprehensive loss | — | — | (78 | ) | — | (78 | ) | |||||||||||||
Comprehensive loss | (57,235 | ) | (87,117 | ) | (42,750 | ) | 88,641 | (98,461 | ) | |||||||||||
Net loss attributable to noncontrolling interests | — | — | 33,157 | — | 33,157 | |||||||||||||||
Change in net unrealized gains on fixed maturity investments available for sale attributable to noncontrolling interests | — | — | 6 | — | 6 | |||||||||||||||
Comprehensive loss attributable to noncontrolling interests | — | — | 33,163 | — | 33,163 | |||||||||||||||
Comprehensive loss attributable to RenaissanceRe | $ | (57,235 | ) | $ | (87,117 | ) | $ | (9,587 | ) | $ | 88,641 | $ | (65,298 | ) | ||||||
-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 year ended December 31, 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) | $ | 690,624 | $ | (17,558 | ) | $ | 889,837 | $ | (721,135 | ) | $ | 841,768 | ||||||||
Change in net unrealized gains on investments | — | — | (9,491 | ) | — | (9,491 | ) | |||||||||||||
Comprehensive income (loss) | 690,624 | (17,558 | ) | 880,346 | (721,135 | ) | 832,277 | |||||||||||||
Net income attributable to noncontrolling interests | — | — | (151,144 | ) | — | (151,144 | ) | |||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | (151,144 | ) | — | (151,144 | ) | |||||||||||||
Comprehensive income (loss) attributable to RenaissanceRe | $ | 690,624 | $ | (17,558 | ) | $ | 729,202 | $ | (721,135 | ) | $ | 681,133 | ||||||||
-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 year ended December 31, 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 | $ | — | $ | — | $ | 1,069,355 | $ | — | $ | 1,069,355 | ||||||||||
Net investment income | 14,195 | 619 | 150,911 | — | 165,725 | |||||||||||||||
Net foreign exchange gains | 33 | — | 5,286 | — | 5,319 | |||||||||||||||
Equity in earnings of other ventures | — | — | 23,238 | — | 23,238 | |||||||||||||||
Other income (loss) | 2,822 | — | (4,942 | ) | — | (2,120 | ) | |||||||||||||
Net realized and unrealized gains on investments | 14,862 | 1,556 | 146,703 | — | 163,121 | |||||||||||||||
Net other-than-temporary impairments | — | — | (343 | ) | — | (343 | ) | |||||||||||||
Total revenues | 31,912 | 2,175 | 1,390,208 | — | 1,424,295 | |||||||||||||||
Expenses | ||||||||||||||||||||
Net claims and claim expenses incurred | — | — | 325,211 | — | 325,211 | |||||||||||||||
Acquisition expenses | — | — | 113,542 | — | 113,542 | |||||||||||||||
Operational expenses | (5,103 | ) | 7,013 | 177,241 | — | 179,151 | ||||||||||||||
Corporate expenses | 14,282 | 273 | 1,901 | — | 16,456 | |||||||||||||||
Interest expense | 5,875 | 14,467 | 2,755 | — | 23,097 | |||||||||||||||
Total expenses | 15,054 | 21,753 | 620,650 | — | 657,457 | |||||||||||||||
Income (loss) before equity in net loss of subsidiaries and taxes | 16,858 | (19,578 | ) | 769,558 | — | 766,838 | ||||||||||||||
Equity in net income of subsidiaries | 584,051 | 1,860 | — | (585,911 | ) | — | ||||||||||||||
Income (loss) from continuing operations before taxes | 600,909 | (17,718 | ) | 769,558 | (585,911 | ) | 766,838 | |||||||||||||
Income tax expense | — | (499 | ) | (914 | ) | — | (1,413 | ) | ||||||||||||
Income (loss) from continuing operations | 600,909 | (18,217 | ) | 768,644 | (585,911 | ) | 765,425 | |||||||||||||
Loss from discontinued operations | — | (16,476 | ) | — | — | (16,476 | ) | |||||||||||||
Net income (loss) | 600,909 | (34,693 | ) | 768,644 | (585,911 | ) | 748,949 | |||||||||||||
Net income attributable to noncontrolling interest | — | — | (148,040 | ) | — | (148,040 | ) | |||||||||||||
Net income (loss) attributable to RenaissanceRe | 600,909 | (34,693 | ) | 620,604 | (585,911 | ) | 600,909 | |||||||||||||
Dividends on preference shares | (34,895 | ) | — | — | — | (34,895 | ) | |||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 566,014 | $ | (34,693 | ) | $ | 620,604 | $ | (585,911 | ) | $ | 566,014 | ||||||||
-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 year ended December 31, 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 | $ | (37,966 | ) | $ | (7,583 | ) | $ | 841,270 | $ | 795,721 | ||||||||||
Cash flows provided by (used in) investing activities | ||||||||||||||||||||
Proceeds from sales and maturities of fixed maturity investments trading | 880,749 | 185,143 | 7,185,513 | 8,251,405 | ||||||||||||||||
Purchases of fixed maturity investments trading | (491,768 | ) | (160,422 | ) | (7,814,277 | ) | (8,466,467 | ) | ||||||||||||
Proceeds from sales and maturities of fixed maturity investments available for sale | — | — | 45,178 | 45,178 | ||||||||||||||||
Net (purchases) sales of equity investments trading | — | (81,437 | ) | 48,382 | (33,055 | ) | ||||||||||||||
Net sales (purchases) of short term investments | 21,217 | 9,399 | (277,587 | ) | (246,971 | ) | ||||||||||||||
Net sales of other investments | — | — | 76,214 | 76,214 | ||||||||||||||||
Net purchases of investments in other ventures | — | — | (4,000 | ) | (4,000 | ) | ||||||||||||||
Net sales of other assets | — | — | 2,181 | 2,181 | ||||||||||||||||
Dividends and return of capital from subsidiaries | 504,241 | 83,593 | (587,834 | ) | — | |||||||||||||||
Contributions to subsidiaries | (500,652 | ) | (38,117 | ) | 538,769 | — | ||||||||||||||
Due (from) to subsidiary | 17,446 | (3,761 | ) | (13,685 | ) | — | ||||||||||||||
Net proceeds related to sale of discontinued operations | — | — | 60,000 | 60,000 | ||||||||||||||||
Net cash provided by (used in) investing activities | 431,233 | (5,602 | ) | (741,146 | ) | (315,515 | ) | |||||||||||||
Cash flows (used in) provided by financing activities | ||||||||||||||||||||
Dividends paid – RenaissanceRe common shares | (49,267 | ) | — | — | (49,267 | ) | ||||||||||||||
Dividends paid – preference shares | (24,948 | ) | — | — | (24,948 | ) | ||||||||||||||
RenaissanceRe common share repurchases | (207,410 | ) | — | — | (207,410 | ) | ||||||||||||||
Net repayment of debt | (100,000 | ) | — | (2,436 | ) | (102,436 | ) | |||||||||||||
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 | 265,856 | — | — | 265,856 | ||||||||||||||||
Contribution of capital from parent | — | 15,684 | (15,684 | ) | — | |||||||||||||||
Net third party redeemable noncontrolling interest share transactions | — | — | (5,750 | ) | (5,750 | ) | ||||||||||||||
Net cash (used in) provided by financing activities | (390,769 | ) | 15,684 | (23,870 | ) | (398,955 | ) | |||||||||||||
Effect of exchange rate changes on foreign currency cash | — | — | 1,423 | 1,423 | ||||||||||||||||
Net increase in cash and cash equivalents | 2,498 | 2,499 | 77,677 | 82,674 | ||||||||||||||||
Net decrease in cash and cash equivalents of discontinued operations | — | — | 21,213 | 21,213 | ||||||||||||||||
Cash and cash equivalents, beginning of period | 6,298 | 1,528 | 296,319 | 304,145 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 8,796 | $ | 4,027 | $ | 395,209 | $ | 408,032 | ||||||||||||
-1 | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. | |||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | RenaissanceRe | RenRe North | Other | RenaissanceRe | ||||||||||||||||
for the year ended December 31, 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 | $ | 128,567 | $ | (10,376 | ) | $ | 598,738 | $ | 716,929 | |||||||||||
Cash flows provided by (used in) investing activities | ||||||||||||||||||||
Proceeds from sales and maturities of fixed maturity investments trading | 744,211 | 140,626 | 7,308,030 | 8,192,867 | ||||||||||||||||
Purchases of fixed maturity investments trading | (692,783 | ) | (73,800 | ) | (7,769,655 | ) | (8,536,238 | ) | ||||||||||||
Proceeds from sales and maturities of fixed maturity investments available for sale | — | — | 65,168 | 65,168 | ||||||||||||||||
Net (purchases) sales of short term investments | (80,485 | ) | (10,624 | ) | 159,886 | 68,777 | ||||||||||||||
Net sales of other investments | — | — | 150,828 | 150,828 | ||||||||||||||||
Net purchases of other assets | — | — | (4,079 | ) | (4,079 | ) | ||||||||||||||
Dividends and return of capital from subsidiaries | 979,311 | 9,541 | (988,852 | ) | — | |||||||||||||||
Contributions to subsidiaries | (366,210 | ) | (50,000 | ) | 416,210 | — | ||||||||||||||
Due (from) to subsidiaries | (15,359 | ) | 241 | 15,118 | — | |||||||||||||||
Net payments related to sale of discontinued operations | — | (9,000 | ) | — | (9,000 | ) | ||||||||||||||
Net cash provided by (used in) investing activities | 568,685 | 6,984 | (647,346 | ) | (71,677 | ) | ||||||||||||||
Cash flows (used in) provided by financing activities | ||||||||||||||||||||
Dividends paid – RenaissanceRe common shares | (53,356 | ) | — | — | (53,356 | ) | ||||||||||||||
Dividends paid – preference shares | (34,895 | ) | — | — | (34,895 | ) | ||||||||||||||
RenaissanceRe common share repurchases | (463,309 | ) | — | — | (463,309 | ) | ||||||||||||||
Net repayment of debt | — | — | (1,937 | ) | (1,937 | ) | ||||||||||||||
Redemption of 6.60% Series D preference shares | (150,000 | ) | — | — | (150,000 | ) | ||||||||||||||
Third party DaVinciRe share transactions | — | — | 164,927 | 164,927 | ||||||||||||||||
Net cash (used in) provided by financing activities | (701,560 | ) | — | 162,990 | (538,570 | ) | ||||||||||||||
Effect of exchange rate changes on foreign currency cash | — | — | 1,692 | 1,692 | ||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (4,308 | ) | (3,392 | ) | 116,074 | 108,374 | ||||||||||||||
Net decrease in cash and cash equivalents of discontinued operations | — | — | 13,946 | 13,946 | ||||||||||||||||
Cash and cash equivalents, beginning of period | 10,606 | 4,920 | 166,299 | 181,825 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | 6,298 | $ | 1,528 | $ | 296,319 | $ | 304,145 | ||||||||||||
-1 | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. | |||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | RenaissanceRe | RenRe North | Other | RenaissanceRe | ||||||||||||||||
for the year ended December 31, 2011 | 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 | $ | (58,721 | ) | $ | (56,438 | ) | $ | 281,092 | $ | 165,933 | ||||||||||
Cash flows provided by (used in) investing activities | ||||||||||||||||||||
Proceeds from sales and maturities of fixed maturity investments trading | 532,864 | 221,189 | 5,335,415 | 6,089,468 | ||||||||||||||||
Purchases of fixed maturity investments trading | (684,951 | ) | (322,318 | ) | (5,264,354 | ) | (6,271,623 | ) | ||||||||||||
Proceeds from sales and maturities of fixed maturity investments available for sale | — | — | 106,362 | 106,362 | ||||||||||||||||
Purchases of fixed maturity investments available for sale | — | — | (4,107 | ) | (4,107 | ) | ||||||||||||||
Net purchases of equity investments trading | — | — | (47,995 | ) | (47,995 | ) | ||||||||||||||
Net (purchases) sales of short term investments | (6,014 | ) | 9,184 | 99,978 | 103,148 | |||||||||||||||
Net sales (purchases) of other investments | 102,717 | — | (51,777 | ) | 50,940 | |||||||||||||||
Net purchases of investments in other ventures | — | — | (39,000 | ) | (39,000 | ) | ||||||||||||||
Net sales of other assets | — | — | 58,318 | 58,318 | ||||||||||||||||
Dividends and return of capital from subsidiaries | 945,195 | 9,306 | (954,501 | ) | — | |||||||||||||||
Contributions to subsidiaries | (272,366 | ) | (8,294 | ) | 280,660 | — | ||||||||||||||
Due to (from) subsidiary | 6,059 | 3,780 | (9,839 | ) | — | |||||||||||||||
Net proceeds from sale of discontinued operations | — | 269,520 | — | 269,520 | ||||||||||||||||
Net cash provided by (used in) investing activities | 623,504 | 182,367 | (490,840 | ) | 315,031 | |||||||||||||||
Cash flows (used in) provided by financing activities | ||||||||||||||||||||
Dividends paid – RenaissanceRe common shares | (53,460 | ) | — | — | (53,460 | ) | ||||||||||||||
Dividends paid – preference shares | (35,000 | ) | — | — | (35,000 | ) | ||||||||||||||
RenaissanceRe common share repurchases | (191,619 | ) | — | — | (191,619 | ) | ||||||||||||||
Net (repayment) issuance of debt | (277,512 | ) | (124,949 | ) | 202,461 | (200,000 | ) | |||||||||||||
Third party DaVinciRe share repurchases | — | — | (62,157 | ) | (62,157 | ) | ||||||||||||||
Net cash (used in) provided by financing activities | (557,591 | ) | (124,949 | ) | 140,304 | (542,236 | ) | |||||||||||||
Effect of exchange rate changes on foreign currency cash | — | — | 518 | 518 | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 7,192 | 980 | (68,926 | ) | (60,754 | ) | ||||||||||||||
Net decrease in cash and cash equivalents of discontinued operations | — | — | 16,441 | 16,441 | ||||||||||||||||
Cash and cash equivalents, beginning of year | 3,414 | 3,940 | 218,784 | 226,138 | ||||||||||||||||
Cash and cash equivalents, end of year | $ | 10,606 | $ | 4,920 | $ | 166,299 | $ | 181,825 | ||||||||||||
-1 | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 02, 2013 | Mar. 04, 2011 | Jun. 01, 2012 | |
REAL | U.S.-based insurance operations | U.S.-based insurance operations | ||||
Reserve Collar | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' |
Proceeds from Divestiture of Businesses | ' | ' | ' | $60,000,000 | ' | ' |
Loss on sale | ' | ' | ' | 8,800,000 | ' | ' |
Consideration | 60,000,000 | -9,000,000 | 269,520,000 | ' | 269,500,000 | ' |
Payment related to Reserve Collar | ' | ' | ' | ' | ' | $9,000,000 |
Discontinued_Operations_Assets
Discontinued Operations (Assets, Liabilities, Shareholders Equity of Discontinued Operations, Held for Sale) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets of Discontinued Operations Held for Sale | ' | ' |
Total assets of discontinued operations held for sale | $0 | $134,094 |
Liabilities of Discontinued Operations Held for Sale | ' | ' |
Total liabilities of discontinued operations held for sale | 0 | 57,440 |
REAL | ' | ' |
Assets of Discontinued Operations Held for Sale | ' | ' |
Fixed maturity investments trading, at fair value (Amortized cost $Nil and $5,250 at December 31, 2013 and 2012, respectively) | 0 | 5,253 |
Amortized Cost | 0 | 5,250 |
Cash and cash equivalents | 0 | 21,213 |
Other assets | 0 | 107,628 |
Total assets of discontinued operations held for sale | 0 | 134,094 |
Liabilities of Discontinued Operations Held for Sale | ' | ' |
Debt | 0 | 2,436 |
Other liabilities | 0 | 55,004 |
Total liabilities of discontinued operations held for sale | 0 | 57,440 |
Total shareholder’s equity of discontinued operations held for sale | 0 | 76,654 |
Total liabilities and shareholder’s equity of discontinued operations held for sale | $0 | $134,094 |
Discontinued_Operations_Income
Discontinued Operations (Income (Loss) from Discontinued Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross premiums written | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $21,546 |
Net premiums written | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -44,935 |
Decrease in unearned premiums | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66,137 |
Net premiums earned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,202 |
Net investment (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,517 | -1,820 |
Net foreign exchange gains (losses) | ' | ' | ' | ' | ' | ' | ' | ' | ' | -96 | 933 |
Other (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | ' | -18,055 | -54,934 |
Net realized and unrealized gains (losses) on fixed maturity investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 42 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | -15,631 | -34,577 |
Expenses [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net claims and claim expenses incurred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,430 |
Acquisition expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,059 |
Operational expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 586 | 7,277 |
Corporate expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 236 | 878 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 822 | 22,644 |
(Loss) income before taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | -16,453 | -57,221 |
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | -23 | 5,662 |
(Loss) income from discontinued operations | 0 | -9,779 | 2,427 | 9,774 | 9,029 | -166 | 8,034 | -33,374 | 2,422 | -16,476 | -51,559 |
REAL | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross premiums written | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Net premiums written | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Decrease in unearned premiums | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Net premiums earned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Net investment (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | 1,150 | 2,517 | -2,159 |
Net foreign exchange gains (losses) | ' | ' | ' | ' | ' | ' | ' | ' | 849 | -96 | 933 |
Other (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | 701 | -20,785 | -45,030 |
Net realized and unrealized gains (losses) on fixed maturity investments | ' | ' | ' | ' | ' | ' | ' | ' | -18 | 3 | 0 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,682 | -18,361 | -46,256 |
Expenses [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net claims and claim expenses incurred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Acquisition expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Operational expenses | ' | ' | ' | ' | ' | ' | ' | ' | 89 | 150 | 5 |
Corporate expenses | ' | ' | ' | ' | ' | ' | ' | ' | 104 | 236 | 108 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | 193 | 386 | 113 |
(Loss) income before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 2,489 | -18,747 | -46,369 |
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -67 | -16 | 10,700 |
(Loss) income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 2,422 | -18,763 | -35,669 |
U.S.-based insurance operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross premiums written | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,546 |
Net premiums written | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -44,935 |
Decrease in unearned premiums | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66,137 |
Net premiums earned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,202 |
Net investment (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 339 |
Net foreign exchange gains (losses) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Other (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,730 | -9,904 |
Net realized and unrealized gains (losses) on fixed maturity investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 42 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,730 | 11,679 |
Expenses [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net claims and claim expenses incurred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,430 |
Acquisition expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,059 |
Operational expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 436 | 7,272 |
Corporate expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 770 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 436 | 22,531 |
(Loss) income before taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,294 | -10,852 |
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7 | -5,038 |
(Loss) income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,287 | ($15,890) |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Schedule of Intangible Assets and Goodwill) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | Excluding Equity Method Investments | Excluding Equity Method Investments | ||
Goodwill | ' | ' | ' | ' |
Goodwill, Gross amount, Beginning of Period | ' | ' | $8,160 | ' |
Accumulated impairment losses and amortization, Beginning of Period | ' | ' | -2,299 | ' |
Goodwill, Net, Beginning of Period | ' | ' | 5,861 | ' |
Goodwill, Gross amount, End of Period | ' | ' | 8,160 | 8,160 |
Accumulated impairment losses and amortization, End of Period | ' | ' | -2,299 | -2,299 |
Goodwill, Net, End of Period | ' | ' | 5,861 | 5,861 |
Other intangible assets | ' | ' | ' | ' |
Gross amount, Beginning of Period | 58,477 | 57,322 | 12,999 | ' |
Accumulated impairment losses and amortization, Beginning of Period | -39,560 | -35,143 | -10,374 | ' |
Other intangible assets, Net, Beginning of Period | 18,917 | 22,179 | 2,625 | ' |
Amortization | ' | ' | -375 | -408 |
Gross amount, End of Period | 58,477 | 57,322 | 12,999 | 12,999 |
Accumulated impairment losses and amortization, End of Period | -39,560 | -35,143 | -10,749 | -9,966 |
Other intangible assets, Net, End of Period | 18,917 | 22,179 | 2,250 | 3,033 |
Goodwill and Other intangible assets, Total | ' | ' | ' | ' |
Gross amount, Beginning of Period | ' | ' | 21,159 | ' |
Accumulated impairment losses and amortization, Beginning of Period | ' | ' | -12,673 | ' |
Goodwill and Other intangible assets, Net, Beginning of Period | 8,111 | 8,486 | 8,486 | ' |
Amortization | ' | ' | -375 | -408 |
Gross amount, End of Period | ' | ' | 21,159 | 21,159 |
Accumulated impairment losses and amortization, End of Period | ' | ' | -13,048 | -12,265 |
Goodwill and Other intangible assets, Net, End of Period | $8,111 | $8,486 | $8,111 | $8,894 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Schedule of Goodwill and Other Intangible Assets Included in Equity Method Investments) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Other intangible assets | ' | ' |
Gross amount, End of Period | $58,477 | $57,322 |
Accumulated impairment losses and amortization, End of Period | -39,560 | -35,143 |
Other intangible assets, Net, End of Period | 18,917 | 22,179 |
Goodwill and Other intangible assets, Total | ' | ' |
Goodwill and Other intangible assets, Net, End of Period | 8,111 | 8,486 |
Investments in other ventures | ' | ' |
Goodwill | ' | ' |
Goodwill, Gross amount, Beginning of Period | 10,840 | 9,021 |
Accumulated impairment losses and amortization, Beginning of Period | 0 | 0 |
Goodwill, Net, Beginning of Period | 10,840 | 9,021 |
Acquired during the year | 1,705 | 1,819 |
Goodwill, Gross amount, End of Period | 12,545 | 10,840 |
Accumulated impairment losses and amortization, End of Period | 0 | 0 |
Goodwill, Net, End of Period | 12,545 | 10,840 |
Other intangible assets | ' | ' |
Gross amount, Beginning of Period | 44,323 | 44,323 |
Accumulated impairment losses and amortization, Beginning of Period | -24,769 | -19,820 |
Other intangible assets, Net, Beginning of Period | 19,554 | 24,503 |
Acquired during the year | 1,155 | 0 |
Amortization | -4,042 | -4,949 |
Gross amount, End of Period | 45,478 | 44,323 |
Accumulated impairment losses and amortization, End of Period | -28,811 | -24,769 |
Other intangible assets, Net, End of Period | 16,667 | 19,554 |
Goodwill and Other intangible assets, Total | ' | ' |
Gross amount, Beginning of Period | 55,163 | 53,344 |
Accumulated impairment losses and amortization, Beginning of Period | -24,769 | -19,820 |
Goodwill and Other intangible assets, Net, Beginning of Period | 30,394 | 33,524 |
Acquired during the year | 2,860 | 1,819 |
Amortization | -4,042 | -4,949 |
Gross amount, End of Period | 58,023 | 55,163 |
Accumulated impairment losses and amortization, End of Period | -28,811 | -24,769 |
Goodwill and Other intangible assets, Net, End of Period | $29,212 | $30,394 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets (Schedule of Finite-Lived Intangible Assets by Major Class) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Customer relationships and customer lists | Customer relationships and customer lists | Lloyd's managing agency license | Lloyd's managing agency license | Covenants not-to-compete | Covenants not-to-compete | Trademarks and trade names | Trademarks and trade names | Software | Software | Patents and intellectual property | Patents and intellectual property | Minimum | Maximum | Weighted Average | ||
Schedule of Finite and Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross carrying value | $58,477 | $57,322 | $40,640 | $39,485 | $1,867 | $1,867 | $2,130 | $2,130 | $610 | $610 | $8,730 | $8,730 | $4,500 | $4,500 | ' | ' | ' |
Accumulated amortization and impairment losses | -39,560 | -35,143 | -24,522 | -20,936 | 0 | 0 | -1,674 | -1,369 | -134 | -110 | -8,730 | -8,395 | -4,500 | -4,333 | ' | ' | ' |
Other intangible assets, Net | $18,917 | $22,179 | $16,118 | $18,549 | $1,867 | $1,867 | $456 | $761 | $476 | $500 | $0 | $335 | $0 | $167 | ' | ' | ' |
Finite-lived intangible assets, useful life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '25 years | '11 years |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets (Schedule of Expected Impairment Charges and Amortization Expense) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Schedule of Finite and Indefinite-lived Intangible Assets [Line Items] | ' |
2014 | $3,878 |
2015 | 3,182 |
2016 | 2,309 |
2017 | 1,931 |
2018 | 1,497 |
2019 and thereafter | 4,253 |
Total remaining amortization expense | 17,050 |
Indefinite lived | 1,867 |
Total | 18,917 |
Other Intangible Assets | ' |
Schedule of Finite and Indefinite-lived Intangible Assets [Line Items] | ' |
2014 | 209 |
2015 | 174 |
2016 | 0 |
2017 | 0 |
2018 | 0 |
2019 and thereafter | 0 |
Total remaining amortization expense | 383 |
Indefinite lived | 1,867 |
Total | 2,250 |
Other Intangible Assets | Investments in other ventures | ' |
Schedule of Finite and Indefinite-lived Intangible Assets [Line Items] | ' |
2014 | 3,669 |
2015 | 3,008 |
2016 | 2,309 |
2017 | 1,931 |
2018 | 1,497 |
2019 and thereafter | 4,253 |
Total remaining amortization expense | 16,667 |
Indefinite lived | 0 |
Total | $16,667 |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
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 | $2,081.10 | $1,490.90 |
Cash and investments at fair value on deposit with, or in trust accounts for the benefit of, U.S. state regulatory authorities | 652.8 | 581.2 |
Reverse repurchase agreements | $37.30 | $74.80 |
Minimum percentage of collateral required | 102.00% | ' |
Investments_Schedule_of_Fair_V
Investments (Schedule of Fair Value of Fixed Maturity Investments Trading) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investment [Line Items] | ' | ' |
Fixed maturity investments trading, Fair value | $4,809,036 | $4,660,168 |
U.S. treasuries | ' | ' |
Investment [Line Items] | ' | ' |
Fixed maturity investments trading, Fair value | 1,352,413 | 1,254,547 |
Agencies | ' | ' |
Investment [Line Items] | ' | ' |
Fixed maturity investments trading, Fair value | 186,050 | 315,154 |
Non-U.S. government (Sovereign Debt) | ' | ' |
Investment [Line Items] | ' | ' |
Fixed maturity investments trading, Fair value | 334,580 | 133,198 |
Non-U.S. government-backed corporate | ' | ' |
Investment [Line Items] | ' | ' |
Fixed maturity investments trading, Fair value | 237,479 | 349,514 |
Corporate | ' | ' |
Investment [Line Items] | ' | ' |
Fixed maturity investments trading, Fair value | 1,803,415 | 1,607,233 |
Agency mortgage-backed | ' | ' |
Investment [Line Items] | ' | ' |
Fixed maturity investments trading, Fair value | 336,661 | 399,619 |
Non-agency mortgage-backed | ' | ' |
Investment [Line Items] | ' | ' |
Fixed maturity investments trading, Fair value | 243,795 | 230,747 |
Commercial mortgage-backed | ' | ' |
Investment [Line Items] | ' | ' |
Fixed maturity investments trading, Fair value | 303,214 | 361,645 |
Asset-backed | ' | ' |
Investment [Line Items] | ' | ' |
Fixed maturity investments trading, Fair value | $11,429 | $8,511 |
Investments_Schedule_of_Fair_V1
Investments (Schedule of Fair Value of Fixed Maturity Investments Available for Sale) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Investment [Line Items] | ' | ' | ||
Fixed maturity investments available-for-sale, Amortized cost | $30,273 | $71,445 | ||
Fixed maturity investments available-for-sale, Fair value | 34,241 | 83,442 | ||
Fixed maturity investments | ' | ' | ||
Investment [Line Items] | ' | ' | ||
Fixed maturity investments available-for-sale, Amortized cost | 30,273 | 71,445 | ||
Gross Unrealized Gains | 3,985 | 12,100 | ||
Gross Unrealized Losses | -17 | -103 | ||
Fixed maturity investments available-for-sale, Fair value | 34,241 | 83,442 | ||
Non-Credit Other-Than-Temporary Impairments | 742 | [1] | 920 | [1] |
Corporate | ' | ' | ||
Investment [Line Items] | ' | ' | ||
Fixed maturity investments available-for-sale, Amortized cost | ' | 7,065 | ||
Gross Unrealized Gains | ' | 1,002 | ||
Gross Unrealized Losses | ' | -93 | ||
Fixed maturity investments available-for-sale, Fair value | ' | 7,974 | ||
Non-Credit Other-Than-Temporary Impairments | ' | 85 | [1] | |
Agency mortgage-backed | ' | ' | ||
Investment [Line Items] | ' | ' | ||
Fixed maturity investments available-for-sale, Amortized cost | 4,880 | 8,280 | ||
Gross Unrealized Gains | 378 | 632 | ||
Gross Unrealized Losses | -11 | 0 | ||
Fixed maturity investments available-for-sale, Fair value | 5,247 | 8,912 | ||
Non-Credit Other-Than-Temporary Impairments | 0 | [1] | 0 | [1] |
Non-agency mortgage-backed | ' | ' | ||
Investment [Line Items] | ' | ' | ||
Fixed maturity investments available-for-sale, Amortized cost | 11,735 | 14,613 | ||
Gross Unrealized Gains | 2,414 | 2,989 | ||
Gross Unrealized Losses | -6 | -10 | ||
Fixed maturity investments available-for-sale, Fair value | 14,143 | 17,592 | ||
Non-Credit Other-Than-Temporary Impairments | 742 | [1] | 835 | [1] |
Asset-backed | ' | ' | ||
Investment [Line Items] | ' | ' | ||
Fixed maturity investments available-for-sale, Amortized cost | 3,606 | 4,195 | ||
Gross Unrealized Gains | 223 | 248 | ||
Gross Unrealized Losses | 0 | 0 | ||
Fixed maturity investments available-for-sale, Fair value | 3,829 | 4,443 | ||
Non-Credit Other-Than-Temporary Impairments | 0 | [1] | 0 | [1] |
Commercial mortgage-backed | ' | ' | ||
Investment [Line Items] | ' | ' | ||
Fixed maturity investments available-for-sale, Amortized cost | 10,052 | 37,292 | ||
Gross Unrealized Gains | 970 | 7,229 | ||
Gross Unrealized Losses | 0 | 0 | ||
Fixed maturity investments available-for-sale, Fair value | 11,022 | 44,521 | ||
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 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 $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Trading Securities [Abstract] | ' | ' |
Fixed maturity investments trading, Due in less than one year, Amortized cost | $160,345 | ' |
Fixed maturity investments trading, Due after one through five years, Amortized cost | 3,109,181 | ' |
Fixed maturity investments trading, Due after five through ten years, Amortized cost | 550,269 | ' |
Fixed maturity investments trading, Due after ten years, Amortized cost | 76,623 | ' |
Fixed maturity investments trading, Amortized cost | 4,781,712 | ' |
Fixed maturity investments trading, Due in less than one year, Fair value | 160,760 | ' |
Fixed maturity investments trading, Due after one through five years, Fair value | 3,118,799 | ' |
Fixed maturity investments trading, Due after five through ten years, Fair value | 551,007 | ' |
Fixed maturity investments trading, Due after ten years, Fair value | 83,371 | ' |
Fixed maturity investments trading, Fair value | 4,809,036 | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Fixed maturity investments available-for-sale, Due in less than one year, Amortized Cost | 0 | ' |
Fixed maturity investments available-for-sale, Due after one through five years, Amortized cost | 0 | ' |
Fixed maturity investments available-for-sale, Due after five through ten years, Amortized cost | 0 | ' |
Fixed maturity investments available-for-sale, Due after ten years, Amortized cost | 0 | ' |
Fixed maturity investments available-for-sale, Amortized cost | 30,273 | 71,445 |
Fixed maturity investments available-for-sale, Due in less than one year, Fair value | 0 | ' |
Fixed maturity investments available-for-sale, Due after one through five years, Fair value | 0 | ' |
Fixed maturity investments available-for-sale, Due after five through ten years, Fair value | 0 | ' |
Fixed maturity investments available-for-sale, Due after ten years, Fair value | 0 | ' |
Fixed maturity investments available-for-sale, Fair value | 34,241 | 83,442 |
Fixed Maturity Investments [Abstract] | ' | ' |
Fixed maturity investments, Due in less than one year, Amortized cost | 160,345 | ' |
Fixed maturity investments, Due after one through five years, Amortized cost | 3,109,181 | ' |
Fixed maturity investments, Due after five through ten years, Amortized cost | 550,269 | ' |
Fixed maturity investments, Due after ten years, Amortized cost | 76,623 | ' |
Fixed maturity investments, Amortized cost | 4,811,985 | ' |
Fixed maturity investments, Due in less than one year, Fair value | 160,760 | ' |
Fixed maturity investments, Due after one through give years, Fair value | 3,118,799 | ' |
Fixed maturity investments, Due after five through ten years, Fair value | 551,007 | ' |
Fixed maturity investments, Due after ten years, Fair value | 83,371 | ' |
Fixed maturity investments, Fair value | 4,843,277 | ' |
Mortgage-backed | ' | ' |
Trading Securities [Abstract] | ' | ' |
Fixed maturity investments trading, Amortized cost | 874,099 | ' |
Fixed maturity investments trading, Fair value | 883,670 | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Fixed maturity investments available-for-sale, Amortized cost | 26,667 | ' |
Fixed maturity investments available-for-sale, Fair value | 30,412 | ' |
Fixed Maturity Investments [Abstract] | ' | ' |
Fixed maturity investments, Amortized cost | 900,766 | ' |
Fixed maturity investments, Fair value | 914,082 | ' |
Asset-backed | ' | ' |
Trading Securities [Abstract] | ' | ' |
Fixed maturity investments trading, Amortized cost | 11,195 | ' |
Fixed maturity investments trading, Fair value | 11,429 | ' |
Available-for-sale Securities [Abstract] | ' | ' |
Fixed maturity investments available-for-sale, Amortized cost | 3,606 | ' |
Fixed maturity investments available-for-sale, Fair value | 3,829 | ' |
Fixed Maturity Investments [Abstract] | ' | ' |
Fixed maturity investments, Amortized cost | 14,801 | ' |
Fixed maturity investments, Fair value | $15,258 | ' |
Investments_Schedule_of_Fair_V2
Investments (Schedule of Fair Value of Equity Investments Trading) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investment [Line Items] | ' | ' |
Equity investments trading | $254,776 | $58,186 |
Consumer | ' | ' |
Investment [Line Items] | ' | ' |
Equity investments trading | 44,115 | 0 |
Financials | ' | ' |
Investment [Line Items] | ' | ' |
Equity investments trading | 152,905 | 58,186 |
Industrial, utilities and energy | ' | ' |
Investment [Line Items] | ' | ' |
Equity investments trading | 25,350 | 0 |
Basic materials | ' | ' |
Investment [Line Items] | ' | ' |
Equity investments trading | 12,766 | 0 |
Healthcare | ' | ' |
Investment [Line Items] | ' | ' |
Equity investments trading | 15,340 | 0 |
Communications and technology | ' | ' |
Investment [Line Items] | ' | ' |
Equity investments trading | $4,300 | $0 |
Investments_Schedule_of_Net_In
Investments (Schedule of Net Investment Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net Investment Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross investment income | ' | ' | ' | ' | ' | ' | ' | ' | $219,593 | $177,531 | $157,028 |
Investment expenses | ' | ' | ' | ' | ' | ' | ' | ' | -11,565 | -11,806 | -10,157 |
Net investment income | 78,732 | 59,931 | 26,163 | 43,202 | 39,000 | 46,135 | 17,648 | 62,942 | 208,028 | 165,725 | 146,871 |
Fixed maturity investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Investment Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross investment income | ' | ' | ' | ' | ' | ' | ' | ' | 95,907 | 103,330 | 116,570 |
Short term investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Investment Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross investment income | ' | ' | ' | ' | ' | ' | ' | ' | 1,698 | 1,007 | 1,666 |
Equity investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Investment Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross investment income | ' | ' | ' | ' | ' | ' | ' | ' | 2,295 | 1,086 | 471 |
Other investments, Hedge funds and private equity investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Investment Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross investment income | ' | ' | ' | ' | ' | ' | ' | ' | 45,810 | 36,635 | 27,541 |
Other investments, Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Investment Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross investment income | ' | ' | ' | ' | ' | ' | ' | ' | 73,692 | 35,196 | 10,585 |
Cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Investment Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross investment income | ' | ' | ' | ' | ' | ' | ' | ' | $191 | $277 | $195 |
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 | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net realized and unrealized gains on investments | $61,864 | $28,472 | ($69,529) | $14,269 | $12,139 | $75,297 | $28,071 | $47,614 | $35,076 | $163,121 | $43,956 |
Total other-than-temporary impairments | 0 | 0 | 0 | 0 | 0 | 0 | -234 | -161 | 0 | -395 | -630 |
Portion recognized in other comprehensive income (loss), before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 52 | 78 |
Net other-than-temporary impairments | 0 | 0 | 0 | 0 | 0 | 0 | -209 | -134 | 0 | -343 | -552 |
Fixed maturity investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross realized gains | ' | ' | ' | ' | ' | ' | ' | ' | 72,492 | 97,787 | 79,358 |
Gross realized losses | ' | ' | ' | ' | ' | ' | ' | ' | -50,206 | -16,705 | -30,659 |
Net realized gains on fixed maturity investments | ' | ' | ' | ' | ' | ' | ' | ' | 22,286 | 81,082 | 48,699 |
Net unrealized (losses) gains on investments trading | ' | ' | ' | ' | ' | ' | ' | ' | -87,827 | 75,279 | 19,404 |
Investments-related derivatives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net realized and unrealized gains (losses) on investments-related derivatives | ' | ' | ' | ' | ' | ' | ' | ' | 31,058 | -866 | -26,712 |
Equity investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net unrealized (losses) gains on investments trading | ' | ' | ' | ' | ' | ' | ' | ' | 42,909 | 7,626 | 2,565 |
Net realized gains on equity investments trading | ' | ' | ' | ' | ' | ' | ' | ' | $26,650 | $0 | $0 |
Investments_Schedule_of_Compon
Investments (Schedule of Components of Other Comprehensive Income and Reclassification Out of Accumulated Other Comprehensive Income) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Beginning balance | $13,622 |
Other comprehensive (loss) income before reclassifications | -1,943 |
Realized gains reclassified from accumulated other comprehensive income to net realized and unrealized gains (losses) on investments | -7,548 |
Net current-period other comprehensive loss | -9,491 |
Ending balance | 4,131 |
Fixed maturity investments available for sale | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Beginning balance | 11,997 |
Other comprehensive (loss) income before reclassifications | -481 |
Realized gains reclassified from accumulated other comprehensive income to net realized and unrealized gains (losses) on investments | -7,548 |
Net current-period other comprehensive loss | -8,029 |
Ending balance | 3,968 |
Investments in other ventures | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Beginning balance | 1,625 |
Other comprehensive (loss) income before reclassifications | -1,462 |
Realized gains reclassified from accumulated other comprehensive income to net realized and unrealized gains (losses) on investments | 0 |
Net current-period other comprehensive loss | -1,462 |
Ending balance | $163 |
Investments_Schedule_of_Fixed_
Investments (Schedule of Fixed Maturity Investments Available For Sale In Continual Unrealized Loss Position) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fixed Maturity Investments Available-For-Sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 4 | 28 |
Fixed Maturity Investments Available-For-Sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 2 | 11 |
Fixed maturity investments | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | $765 | $598 |
Less than 12 Months, Unrealized Losses | -11 | -30 |
12 Months or Greater, Fair Value | 89 | 541 |
12 Months or Greater, Unrealized Losses | -6 | -73 |
Total, Fair Value | 854 | 1,139 |
Total, Unrealized Losses | -17 | -103 |
Agency mortgage-backed | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 726 | ' |
Less than 12 Months, Unrealized Losses | -11 | ' |
12 Months or Greater, Fair Value | 0 | ' |
12 Months or Greater, Unrealized Losses | 0 | ' |
Total, Fair Value | 726 | ' |
Total, Unrealized Losses | -11 | ' |
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 | 89 | 101 |
12 Months or Greater, Unrealized Losses | -6 | -10 |
Total, Fair Value | 89 | 101 |
Total, Unrealized Losses | -6 | -10 |
Commercial mortgage-backed | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 39 | ' |
Less than 12 Months, Unrealized Losses | 0 | ' |
12 Months or Greater, Fair Value | 0 | ' |
12 Months or Greater, Unrealized Losses | 0 | ' |
Total, Fair Value | 39 | ' |
Total, Unrealized Losses | 0 | ' |
Corporate | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | ' | 598 |
Less than 12 Months, Unrealized Losses | ' | -30 |
12 Months or Greater, Fair Value | ' | 440 |
12 Months or Greater, Unrealized Losses | ' | -63 |
Total, Fair Value | ' | 1,038 |
Total, Unrealized Losses | ' | ($93) |
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 | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Investment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Portion of other-than-temporary impairments recognized in other comprehensive income (loss), before taxes | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $52 | $78 |
Net other-than-temporary impairments | 0 | 0 | 0 | 0 | 0 | 0 | -209 | -134 | 0 | -343 | -552 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning | ' | ' | ' | 838 | ' | ' | ' | 2,370 | 838 | 2,370 | ' |
Additions: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount related to credit loss for which an other-than-temporary impairment was not previously recognized | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 8 | ' |
Amount related to credit loss for which an other-than-temporary impairment was previously recognized | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 110 | ' |
Reductions: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities sold during the period | ' | ' | ' | ' | ' | ' | ' | ' | -277 | -1,650 | ' |
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 | ' |
Increases in cash flows expected to be collected that are recognized over the remaining life of the security | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Balance, ending | 561 | ' | ' | ' | 838 | ' | ' | ' | 561 | 838 | 2,370 |
Recognized Due To Intent To Sell Securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Portion of other-than-temporary impairments recognized in other comprehensive income (loss), before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Recognized Due To Required Sales Of Securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Portion of other-than-temporary impairments recognized in other comprehensive income (loss), before taxes | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 |
Investments_Schedule_of_Other_
Investments (Schedule of Other Investments) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other investments | $573,264,000 | ' | ' | ' | $644,711,000 | ' | ' | ' | $573,264,000 | $644,711,000 | ' |
Net investment income | 78,732,000 | 59,931,000 | 26,163,000 | 43,202,000 | 39,000,000 | 46,135,000 | 17,648,000 | 62,942,000 | 208,028,000 | 165,725,000 | 146,871,000 |
Net unrealized gains (losses) recognized in earnings | ' | ' | ' | ' | ' | ' | ' | ' | 75,789,000 | 38,207,000 | 12,706,000 |
Initial commitments | 662,700,000 | ' | ' | ' | ' | ' | ' | ' | 662,700,000 | ' | ' |
Fulfilled commitments | 544,600,000 | ' | ' | ' | ' | ' | ' | ' | 544,600,000 | ' | ' |
Unfunded commitments | 116,200,000 | ' | ' | ' | ' | ' | ' | ' | 116,200,000 | ' | ' |
Other Investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net investment income | ' | ' | ' | ' | ' | ' | ' | ' | 119,500,000 | 71,800,000 | 38,100,000 |
Investment Income | Other Investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net unrealized gains (losses) recognized in earnings | ' | ' | ' | ' | ' | ' | ' | ' | 75,800,000 | 38,200,000 | 12,700,000 |
Private equity partnerships | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other investments | 322,391,000 | ' | ' | ' | 344,669,000 | ' | ' | ' | 322,391,000 | 344,669,000 | ' |
Catastrophe bonds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other investments | 229,016,000 | ' | ' | ' | 91,310,000 | ' | ' | ' | 229,016,000 | 91,310,000 | ' |
Senior secured bank loan funds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other investments | 18,048,000 | ' | ' | ' | 202,929,000 | ' | ' | ' | 18,048,000 | 202,929,000 | ' |
Hedge funds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other investments | 3,809,000 | ' | ' | ' | 5,803,000 | ' | ' | ' | 3,809,000 | 5,803,000 | ' |
Change in estimate | Other Investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net investment income | ' | ' | ' | ' | ' | ' | ' | ' | ($3,700,000) | ($4,700,000) | ($1,400,000) |
Investments_Schedule_of_Invest
Investments (Schedule of Investments in Other Ventures, under Equity Method) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 01, 2008 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 06, 1999 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Tower Hill Companies | Tower Hill Companies | THIG | THIG | THIG | Tower Hill | Tower Hill | Tower Hill Signature | Tower Hill Signature | Top Layer Re | Top Layer Re | Top Layer Re | Top Layer Re | Top Layer Re | Top Layer Re | Angus | Angus | Angus | Other | Other | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment | $139,382,000 | $134,101,000 | ' | $60,500,000 | $60,500,000 | $50,000,000 | $50,000,000 | $50,000,000 | $10,000,000 | $10,000,000 | $500,000 | $500,000 | ' | ' | ' | $65,375,000 | $65,375,000 | $13,100,000 | $10,507,000 | ' | $8,226,000 | $3,000,000 | $0 |
Ownership % | ' | ' | ' | ' | ' | 25.00% | 25.00% | 25.00% | 29.40% | 28.60% | 25.00% | 25.00% | ' | ' | ' | 50.00% | 50.00% | 50.00% | 42.50% | 38.80% | 38.80% | 22.00% | 0.00% |
Equity method investee, additional contribution | 4,000,000 | 0 | 39,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,000,000 | 20,500,000 | 13,800,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in other ventures, under equity method | 105,616,000 | 87,724,000 | ' | 42,128,000 | 43,168,000 | ' | 25,107,000 | 28,303,000 | 14,506,000 | 13,969,000 | 2,515,000 | 896,000 | ' | ' | ' | 50,500,000 | 36,664,000 | ' | 9,180,000 | ' | 7,892,000 | 3,808,000 | 0 |
Intangible Assets, Net | ' | ' | ' | ' | ' | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | ' | ' | ' | ' | ' | $7,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,705,000 | ' | ' | ' | ' |
Investments_Schedule_of_Equity
Investments (Schedule of Equity In (Losses) Earnings Of Other Ventures, Under Equity Method) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | |
Top Layer Re | Top Layer Re | Top Layer Re | Tower Hill Companies | Tower Hill Companies | Tower Hill Companies | Angus | Angus | Angus | Other | Other | Other | NBIC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in earnings (losses) of other ventures | $6,274,000 | $7,313,000 | $3,772,000 | $5,835,000 | $6,612,000 | $4,310,000 | $6,846,000 | $5,470,000 | $23,194,000 | $23,238,000 | ($36,533,000) | $13,836,000 | $20,792,000 | ($37,471,000) | $10,270,000 | $4,965,000 | $2,923,000 | ($858,000) | ($2,519,000) | $808,000 | ($54,000) | $0 | ($2,793,000) | ($2,800,000) |
Undistributed earnings (losses) from equity method investments | 15,500,000 | ' | ' | ' | 19,300,000 | ' | ' | ' | 15,500,000 | 19,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investment, dividends or distributions | ' | ' | ' | ' | ' | ' | ' | ' | 9,900,000 | 9,900,000 | 9,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of equity method investment, Net sales proceeds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,000,000 |
Sale of equity method investment, Realized gain (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,800,000 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 17, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Other Investments | Other Investments | Other Investments | 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) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Quoted Prices In Active Markets For Identical Assets (Level 1) | Quoted Prices In Active Markets For Identical Assets (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 | Trading Securities | Trading Securities | Miscellaneous Investments | Private equity partnerships | Corporate | Corporate | Weighted Average or Actual | Weighted Average or Actual | Minimum | Maximum | ||||
Investment Income | Investment Income | Investment Income | 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 | Quoted Prices In Active Markets For Identical Assets (Level 1) | Quoted Prices In Active Markets For Identical Assets (Level 1) | Internal Valuation Model Valuation Technique | Net Asset Valuation Technique | Discounted Cash Flow Valuation Technique | Internal Valuation Model Valuation Technique | Private equity partnerships | Corporate | Private equity partnerships | Private equity partnerships | |||||||||||||||||||||||||||||||||
Essent Group Ltd. | Essent Group Ltd. | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Net Asset Valuation Technique | Discounted Cash Flow Valuation Technique | Net Asset Valuation Technique | Net Asset Valuation Technique | ||||||||||||||||||||||||||||||||||||||||||||
Essent Group Ltd. | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average effective yield | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.80% | 0.40% | 1.30% | 0.70% | 1.30% | 1.90% | 1.10% | 0.70% | 2.70% | 2.60% | 2.90% | 1.30% | 3.70% | 3.60% | 4.70% | 5.20% | 2.10% | 1.70% | 2.00% | 1.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 years 2 months 12 days | '3 years 3 months 18 days | '4 years 4 months 24 days | '4 years 6 months | '4 years | '4 years 8 months 12 days | '3 years 3 months 18 days | '3 years 8 months 12 days | '3 years 6 months | '3 years 6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets and (liabilities) at fair value | ($8,233,000) | $14,069,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($6,566,000) | ($7,846,000) | ($13,000,000) | ($2,490,000) | $21,513,000 | $823,000 | $402,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets, fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 369,338,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47,966,000 | 322,391,000 | 15,726,000 | 11,854,000 | ' | ' | ' | ' |
Dividend rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.20% | ' | ' |
Liquidity discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' |
Fair Value Assumptions, Risk Free Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.60% | ' | ' |
Fair Value Inputs, Entity Credit Risk | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.30% | ' | ' |
Fair Value Inputs, Estimated Performance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.80% | ' | -100.00% | 71.80% |
Liabilities, Fair Value Disclosure, Recurring | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,490,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 273,900,000 | 281,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net unrealized gains (losses) recognized in earnings | 75,789,000 | 38,207,000 | 12,706,000 | 75,800,000 | 38,200,000 | 12,700,000 | 0 | -3,200,000 | -2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated liquidation period of limited partnership assets, Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated liquidation period of limited partnership assets, Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in closed end fund | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Hedge fund side pocket investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $17 | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value transfers out of level 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $85,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Assets
Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) (USD $) | Dec. 31, 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 | $4,843,277 | $4,743,610 | ||
Short-term investments | 1,044,779 | 821,163 | ||
Equity investments trading | 254,776 | 58,186 | ||
Other investments | 573,264 | 644,711 | ||
Total other assets and (liabilities) | -8,233 | 14,069 | ||
Total assets and liabilities measured on recurring basis | 6,707,863 | 6,281,739 | ||
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 | 1,352,413 | 1,254,547 | ||
Short-term investments | 0 | 0 | ||
Equity investments trading | 254,776 | 58,186 | ||
Other investments | 0 | 0 | ||
Total other assets and (liabilities) | 823 | 402 | ||
Total assets and liabilities measured on recurring basis | 1,608,012 | 1,313,135 | ||
Significant Other Observable Inputs (Level 2) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 3,463,284 | 3,461,271 | ||
Short-term investments | 1,044,779 | 821,163 | ||
Equity investments trading | 0 | 0 | ||
Other investments | 229,016 | 263,644 | ||
Total other assets and (liabilities) | -6,566 | -7,846 | ||
Total assets and liabilities measured on recurring basis | 4,730,513 | 4,538,232 | ||
Significant Unobservable Inputs (Level 3) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Assets, fair value | 369,338 | ' | ||
Fixed maturity investments | 27,580 | 27,792 | ||
Short-term investments | 0 | 0 | ||
Equity investments trading | 0 | 0 | ||
Other investments | 344,248 | 381,067 | ||
Total other assets and (liabilities) | -2,490 | 21,513 | ||
Total assets and liabilities measured on recurring basis | 369,338 | 430,372 | ||
U.S. treasuries | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 1,352,413 | 1,254,547 | ||
U.S. treasuries | Quoted Prices In Active Markets For Identical Assets (Level 1) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 1,352,413 | 1,254,547 | ||
U.S. treasuries | Significant Other Observable Inputs (Level 2) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 0 | 0 | ||
U.S. treasuries | Significant Unobservable Inputs (Level 3) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 0 | 0 | ||
Agencies | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 186,050 | 315,154 | ||
Agencies | Quoted Prices In Active Markets For Identical Assets (Level 1) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 0 | 0 | ||
Agencies | Significant Other Observable Inputs (Level 2) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 186,050 | 315,154 | ||
Agencies | Significant Unobservable Inputs (Level 3) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 0 | 0 | ||
Non-U.S. government (Sovereign Debt) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 334,580 | 133,198 | ||
Non-U.S. government (Sovereign Debt) | Quoted Prices In Active Markets For Identical Assets (Level 1) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 0 | 0 | ||
Non-U.S. government (Sovereign Debt) | Significant Other Observable Inputs (Level 2) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 334,580 | 133,198 | ||
Non-U.S. government (Sovereign Debt) | Significant Unobservable Inputs (Level 3) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 0 | 0 | ||
Non-U.S. government-backed corporate | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 237,479 | 349,514 | ||
Non-U.S. government-backed corporate | Quoted Prices In Active Markets For Identical Assets (Level 1) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 0 | 0 | ||
Non-U.S. government-backed corporate | Significant Other Observable Inputs (Level 2) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 237,479 | 349,514 | ||
Non-U.S. government-backed corporate | Significant Unobservable Inputs (Level 3) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 0 | 0 | ||
Corporate | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 1,803,415 | 1,615,207 | ||
Corporate | Quoted Prices In Active Markets For Identical Assets (Level 1) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 0 | 0 | ||
Corporate | Significant Other Observable Inputs (Level 2) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 1,775,835 | 1,587,415 | ||
Corporate | Significant Unobservable Inputs (Level 3) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 27,580 | 27,792 | ||
Agency mortgage-backed | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 341,908 | 408,531 | ||
Agency mortgage-backed | Quoted Prices In Active Markets For Identical Assets (Level 1) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 0 | 0 | ||
Agency mortgage-backed | Significant Other Observable Inputs (Level 2) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 341,908 | 408,531 | ||
Agency mortgage-backed | Significant Unobservable Inputs (Level 3) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 0 | 0 | ||
Non-agency mortgage-backed | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 257,938 | 248,339 | ||
Non-agency mortgage-backed | Quoted Prices In Active Markets For Identical Assets (Level 1) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 0 | 0 | ||
Non-agency mortgage-backed | Significant Other Observable Inputs (Level 2) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 257,938 | 248,339 | ||
Non-agency mortgage-backed | Significant Unobservable Inputs (Level 3) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 0 | 0 | ||
Commercial mortgage-backed | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 314,236 | 406,166 | ||
Commercial mortgage-backed | Quoted Prices In Active Markets For Identical Assets (Level 1) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 0 | 0 | ||
Commercial mortgage-backed | Significant Other Observable Inputs (Level 2) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 314,236 | 406,166 | ||
Commercial mortgage-backed | Significant Unobservable Inputs (Level 3) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 0 | 0 | ||
Asset-backed | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 15,258 | 12,954 | ||
Asset-backed | Quoted Prices In Active Markets For Identical Assets (Level 1) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 0 | 0 | ||
Asset-backed | Significant Other Observable Inputs (Level 2) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 15,258 | 12,954 | ||
Asset-backed | Significant Unobservable Inputs (Level 3) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fixed maturity investments | 0 | 0 | ||
Private equity partnerships | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other investments | 322,391 | 344,669 | ||
Private equity partnerships | Quoted Prices In Active Markets For Identical Assets (Level 1) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other investments | 0 | 0 | ||
Private equity partnerships | Significant Other Observable Inputs (Level 2) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other investments | 0 | 0 | ||
Private equity partnerships | Significant Unobservable Inputs (Level 3) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other investments | 322,391 | 344,669 | ||
Catastrophe bonds | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other investments | 229,016 | 91,310 | ||
Catastrophe bonds | Quoted Prices In Active Markets For Identical Assets (Level 1) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other investments | 0 | 0 | ||
Catastrophe bonds | Significant Other Observable Inputs (Level 2) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other investments | 229,016 | 91,310 | ||
Catastrophe bonds | Significant Unobservable Inputs (Level 3) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other investments | 0 | 0 | ||
Senior secured bank loan funds | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other investments | 18,048 | 202,929 | ||
Senior secured bank loan funds | Quoted Prices In Active Markets For Identical Assets (Level 1) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other investments | 0 | 0 | ||
Senior secured bank loan funds | Significant Other Observable Inputs (Level 2) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other investments | 0 | 172,334 | ||
Senior secured bank loan funds | Significant Unobservable Inputs (Level 3) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other investments | 18,048 | 30,595 | ||
Hedge funds | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other investments | 3,809 | 5,803 | ||
Hedge funds | Quoted Prices In Active Markets For Identical Assets (Level 1) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other investments | 0 | 0 | ||
Hedge funds | Significant Other Observable Inputs (Level 2) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other investments | 0 | 0 | ||
Hedge funds | Significant Unobservable Inputs (Level 3) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Other investments | 3,809 | 5,803 | ||
Assumed and ceded reinsurance contracts | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total other assets and (liabilities) | ' | 2,647 | ||
Assumed and ceded reinsurance contracts | Quoted Prices In Active Markets For Identical Assets (Level 1) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total other assets and (liabilities) | ' | 0 | ||
Assumed and ceded reinsurance contracts | Significant Other Observable Inputs (Level 2) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total other assets and (liabilities) | ' | 0 | ||
Assumed and ceded reinsurance contracts | Significant Unobservable Inputs (Level 3) | ' | ' | ||
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) | 4,758 | [1] | 4,107 | [1] |
Derivatives | Quoted Prices In Active Markets For Identical Assets (Level 1) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total other assets and (liabilities) | 823 | 402 | ||
Derivatives | Significant Other Observable Inputs (Level 2) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total other assets and (liabilities) | 6,425 | 3,705 | ||
Derivatives | Significant Unobservable Inputs (Level 3) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total other assets and (liabilities) | -2,490 | 0 | ||
Other | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total other assets and (liabilities) | -12,991 | 7,315 | ||
Other | Quoted Prices In Active Markets For Identical Assets (Level 1) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total other assets and (liabilities) | 0 | 0 | ||
Other | Significant Other Observable Inputs (Level 2) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total other assets and (liabilities) | -12,991 | -11,551 | ||
Other | Significant Unobservable Inputs (Level 3) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total other assets and (liabilities) | $0 | $18,866 | ||
[1] | See “Note 19. Derivative Instruments†for additional information related to the fair value by type of contract, of derivatives entered into by the Company. |
Fair_Value_Measurements_Quanti
Fair Value Measurements (Quantitative Information Used As Level 3 Inputs) (Details) (Significant Unobservable Inputs (Level 3), USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' |
Assets, fair value | 369,338 |
Liabilities, Fair Value Disclosure, Recurring | -2,490 |
Private equity partnerships | Net Asset Valuation Technique | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' |
Assets, fair value | 322,391 |
Senior secured bank loan funds | Net Asset Valuation Technique | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' |
Assets, fair value | 18,048 |
Hedge funds | Net Asset Valuation Technique | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' |
Assets, fair value | 3,809 |
Corporate | Discounted Cash Flow Valuation Technique | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' |
Assets, fair value | 15,726 |
Corporate | Discounted Cash Flow Valuation Technique | Weighted Average or Actual | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' |
Credit spread | 2.30% |
Liquidity discount | 1.00% |
Risk-free rate | 0.60% |
Dividend rate | 6.20% |
Corporate | Internal Valuation Model Valuation Technique | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' |
Assets, fair value | 11,854 |
Fixed maturity investments | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' |
Assets, fair value | 27,580 |
Private equity partnerships | Net Asset Valuation Technique | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' |
Assets, fair value | 322,391 |
Private equity partnerships | Net Asset Valuation Technique | Low | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' |
Estimated performance | -100.00% |
Private equity partnerships | Net Asset Valuation Technique | Maximum | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' |
Estimated performance | 71.80% |
Private equity partnerships | Net Asset Valuation Technique | Weighted Average or Actual | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' |
Estimated performance | 4.80% |
Senior secured bank loan funds | Net Asset Valuation Technique | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' |
Assets, fair value | 18,048 |
Senior secured bank loan funds | Net Asset Valuation Technique | Low | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' |
Estimated performance | 0.50% |
Senior secured bank loan funds | Net Asset Valuation Technique | Maximum | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' |
Estimated performance | 0.60% |
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 | 0.50% |
Hedge funds | Net Asset Valuation Technique | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' |
Assets, fair value | 3,809 |
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% |
Other investments | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' |
Assets, fair value | 344,248 |
Weather Contract | Internal Valuation Model Valuation Technique | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' |
Liabilities, Fair Value Disclosure, Recurring | -2,490 |
Fair_Value_Measurements_Assets1
Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Level 3 Inputs) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 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 |
Total unrealized gains (losses) | ' | ' |
Included in net investment income | 81,070 | 24,978 |
Included in other income (loss) | -625 | -3,225 |
Total realized gains (losses) | ' | ' |
Included in net investment income | -4,114 | 0 |
Included in other income (loss) | -2,083 | -12,177 |
Total foreign exchange gains (losses) | 1,352 | 699 |
Purchases | 46,565 | 65,918 |
Sales | 0 | -2,842 |
Settlements | -97,644 | -86,894 |
Reclassified from other assets to other investments | 0 | ' |
Net transfers out of Level 3 | -85,555 | ' |
Balance at end of the period | 369,338 | 430,372 |
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 |
Total unrealized gains (losses) | ' | ' |
Included in net investment income | 2,288 | 31 |
Included in other income (loss) | 0 | 0 |
Total realized gains (losses) | ' | ' |
Included in net investment income | 0 | 0 |
Included in other income (loss) | 0 | 0 |
Total foreign exchange gains (losses) | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Settlements | -2,500 | 0 |
Reclassified from other assets to other investments | 0 | ' |
Net transfers out of Level 3 | 0 | ' |
Balance at end of the period | 27,580 | 27,792 |
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 |
Total unrealized gains (losses) | ' | ' |
Included in net investment income | 80,113 | 24,947 |
Included in other income (loss) | 0 | 0 |
Total realized gains (losses) | ' | ' |
Included in net investment income | -4,114 | 0 |
Included in other income (loss) | 0 | 0 |
Total foreign exchange gains (losses) | 1,352 | 699 |
Purchases | 48,287 | 48,631 |
Sales | 0 | -2,842 |
Settlements | -95,144 | -86,894 |
Reclassified from other assets to other investments | 18,242 | ' |
Net transfers out of Level 3 | -85,555 | ' |
Balance at end of the period | 344,248 | 381,067 |
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 |
Total unrealized gains (losses) | ' | ' |
Included in net investment income | -1,331 | 0 |
Included in other income (loss) | -625 | -3,225 |
Total realized gains (losses) | ' | ' |
Included in net investment income | 0 | 0 |
Included in other income (loss) | -2,083 | -12,177 |
Total foreign exchange gains (losses) | 0 | 0 |
Purchases | -1,722 | 17,287 |
Sales | 0 | 0 |
Settlements | 0 | 0 |
Reclassified from other assets to other investments | -18,242 | ' |
Net transfers out of Level 3 | 0 | ' |
Balance at end of the period | -2,490 | 21,513 |
Investment Income | ' | ' |
Total realized gains (losses) | ' | ' |
Change in unrealized gains for the period included in earnings for assets held at the end of the period | 79,860 | 24,978 |
Investment Income | Fixed maturity investments | ' | ' |
Total realized gains (losses) | ' | ' |
Change in unrealized gains for the period included in earnings for assets held at the end of the period | 2,288 | 31 |
Investment Income | Other investments | ' | ' |
Total realized gains (losses) | ' | ' |
Change in unrealized gains for the period included in earnings for assets held at the end of the period | 78,903 | 24,947 |
Investment Income | Other Assets and Liabilities | ' | ' |
Total realized gains (losses) | ' | ' |
Change in unrealized gains for the period included in earnings for assets held at the end of the period | -1,331 | 0 |
Other income (loss) | ' | ' |
Total realized gains (losses) | ' | ' |
Change in unrealized gains for the period included in earnings for assets held at the end of the period | 0 | -3,225 |
Other income (loss) | Fixed maturity investments | ' | ' |
Total realized gains (losses) | ' | ' |
Change in unrealized gains for the period included in earnings for assets held at the end of the period | 0 | 0 |
Other income (loss) | Other investments | ' | ' |
Total realized gains (losses) | ' | ' |
Change in unrealized gains for the period included in earnings for assets held at the end of the period | 0 | 0 |
Other income (loss) | Other Assets and Liabilities | ' | ' |
Total realized gains (losses) | ' | ' |
Change in unrealized gains for the period included in earnings for assets held at the end of the period | $0 | ($3,225) |
Fair_Value_Measurements_Summar
Fair Value Measurements (Summary Of The Balances Company Has Elected To Account For At Fair Value) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Other investments | $573,264 | $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 $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' |
Fair Value | $344,248 |
Unfunded Commitments | 116,245 |
Private equity partnerships | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' |
Fair Value | 322,391 |
Unfunded Commitments | 99,610 |
Senior secured bank loan funds | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' |
Fair Value | 18,048 |
Unfunded Commitments | 16,635 |
Hedge funds | ' |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' |
Fair Value | 3,809 |
Unfunded Commitments | $0 |
Reinsurance_Effect_Of_Reinsura
Reinsurance (Effect Of Reinsurance And Retrocessional Activity On Premiums Written And Earned And On Net Claims And Claim Expenses) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Premiums written | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Direct | ' | ' | ' | ' | ' | ' | ' | ' | $54,334 | $36,367 | $29,725 |
Assumed | ' | ' | ' | ' | ' | ' | ' | ' | 1,551,078 | 1,515,224 | 1,405,251 |
Ceded | ' | ' | ' | ' | ' | ' | ' | ' | -401,465 | -448,934 | -422,203 |
Net premiums written | 80,784 | 127,241 | 559,109 | 436,813 | 77,417 | 105,035 | 427,630 | 492,575 | 1,203,947 | 1,102,657 | 1,012,773 |
Premiums earned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Direct | ' | ' | ' | ' | ' | ' | ' | ' | 44,530 | 34,028 | 17,794 |
Assumed | ' | ' | ' | ' | ' | ' | ' | ' | 1,482,511 | 1,465,701 | 1,356,205 |
Ceded | ' | ' | ' | ' | ' | ' | ' | ' | -412,415 | -430,374 | -422,950 |
Net premiums earned (Note 7) | 256,765 | 294,717 | 291,889 | 271,255 | 283,651 | 262,623 | 244,416 | 278,665 | 1,114,626 | 1,069,355 | 951,049 |
Claims and claim expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross claims and claim expenses incurred | ' | ' | ' | ' | ' | ' | ' | ' | 185,139 | 403,491 | 1,270,487 |
Claims and claim expenses recovered | ' | ' | ' | ' | ' | ' | ' | ' | -13,852 | -78,280 | -409,308 |
Net claims and claim expenses incurred | ($20,854) | $60,928 | $103,962 | $27,251 | $186,893 | $73,215 | $49,551 | $15,552 | $171,287 | $325,211 | $861,179 |
Reinsurance_Narrative_Details
Reinsurance (Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Reinsurance Recoverable | Largest reinsurance recoverable, Customer One | ' | ' |
Concentration risk percentage | 28.20% | 14.30% |
Reinsurance Recoverable | Largest reinsurance recoverable, Customer Two | ' | ' |
Concentration risk percentage | 19.90% | 14.30% |
Reinsurance Recoverable | Largest reinsurance recoverable, Customer Three | ' | ' |
Concentration risk percentage | 11.00% | 12.60% |
Allowance for Reinsurance Recoverable | Largest reinsurance recoverable, Customer One | ' | ' |
Concentration risk percentage | 14.20% | 44.10% |
Allowance for Reinsurance Recoverable | Largest reinsurance recoverable, Customer Two | ' | ' |
Concentration risk percentage | 12.50% | 26.70% |
Allowance for Reinsurance Recoverable | Largest reinsurance recoverable, Customer Three | ' | ' |
Concentration risk percentage | 3.10% | 6.10% |
Allowance for Reinsurance Recoverable | ' | ' |
Valuation allowance recorded against reinsurance recoverable | 1.7 | 4.5 |
Reserve_for_Claims_and_Claim_E2
Reserve for Claims and Claim Expenses (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | $143,954,000 | $157,969,000 | $131,989,000 |
Reinsurance Balances Payable | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Aggregate deposit liabilities | 39,700,000 | 41,200,000 | ' |
Aggregate deposit assets | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Aggregate deposit assets | 0 | 0 | ' |
Deposit Contracts With Underwriting Risk Only | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Increase (decrease) in net claims and claim expenses related to assumed reinsurance contracts | -400,000 | -100,000 | -200,000 |
Deposit Contracts With Timing Risk Only | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Increase (decrease) in other income related to assumed reinsurance contracts | -100,000 | -7,500,000 | 100,000 |
Catastrophe Claims and Claim Expense | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 111,496,000 | 124,215,000 | 77,283,000 |
Catastrophe Claims and Claim Expense | Large Catastrophe Event | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 94,527,000 | 76,390,000 | 50,258,000 |
Catastrophe Claims and Claim Expense | Hurricanes Katrina, Rita and Wilma (2005) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | ' | 7,730,000 | 20,856,000 |
Catastrophe Claims and Claim Expense | Hurricanes Gustav & Ike (2008) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 16,665,000 | 20,467,000 | -866,000 |
Catastrophe Claims and Claim Expense | Storm Sandy (2012) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 48,285,000 | ' | ' |
Catastrophe Claims and Claim Expense | Tohoku Earthquake and Tsunami (2011) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 19,033,000 | 3,896,000 | ' |
Catastrophe Claims and Claim Expense | New Zealand Earthquake (2011) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 10,944,000 | -17,912,000 | ' |
Catastrophe Claims and Claim Expense | New Zealand Earthquake (2010) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | -11,340,000 | -3,570,000 | -15,179,000 |
Catastrophe Claims and Claim Expense | Hurricane Isaac (2012) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | -2,610,000 | ' | ' |
Catastrophe Claims and Claim Expense | Thailand Floods (2011) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | ' | 9,433,000 | ' |
Catastrophe Claims and Claim Expense | Hurricane Irene (2011) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | ' | 7,130,000 | ' |
Catastrophe Claims and Claim Expense | Other | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 5,306,000 | 3,953,000 | ' |
Catastrophe Claims and Claim Expense | Small Catastrophe Event | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 16,969,000 | 47,825,000 | 27,025,000 |
Catastrophe Claims and Claim Expense | U.S. PCS 70 Wind and Thunderstorm (2012) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | -8,225,000 | ' | ' |
Actual Reported Claims Less than Expected Claims | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 22,300,000 | 20,640,000 | 37,969,000 |
Actuarial Assumption Changes | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 10,158,000 | 13,114,000 | 16,737,000 |
Attritional Claims and Claim Expenses | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 32,458,000 | 33,754,000 | 54,706,000 |
Catastrophe Reinsurance | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 102,037,000 | 110,568,000 | 59,137,000 |
Catastrophe Reinsurance | Catastrophe Claims and Claim Expense | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 102,037,000 | 110,568,000 | 59,137,000 |
Catastrophe Reinsurance | Catastrophe Claims and Claim Expense | Large Catastrophe Event | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 85,068,000 | 62,743,000 | 32,112,000 |
Catastrophe Reinsurance | Catastrophe Claims and Claim Expense | Hurricanes Katrina, Rita and Wilma (2005) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Initial estimated ultimate claim | 1,300,000,000 | ' | ' |
Liability for unpaid claims and claim expenses | ' | 6,420,000 | 10,008,000 |
Catastrophe Reinsurance | Catastrophe Claims and Claim Expense | Hurricanes Gustav & Ike (2008) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Initial estimated ultimate claim | 530,000,000 | ' | ' |
Liability for unpaid claims and claim expenses | 16,261,000 | 17,541,000 | 0 |
Catastrophe Reinsurance | Catastrophe Claims and Claim Expense | New Zealand Earthquake, Tohoku Earthquake, United States Tornadoes, Australian Floods, Hurricane Irene, Thailand Floods | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Initial estimated ultimate claim | 1,100,000,000 | ' | ' |
Catastrophe Reinsurance | Catastrophe Claims and Claim Expense | Storm Sandy (2012) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 44,460,000 | ' | ' |
Catastrophe Reinsurance | Catastrophe Claims and Claim Expense | Tohoku Earthquake and Tsunami (2011) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 18,033,000 | 3,896,000 | ' |
Catastrophe Reinsurance | Catastrophe Claims and Claim Expense | New Zealand Earthquake (2011) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 10,944,000 | -17,912,000 | ' |
Catastrophe Reinsurance | Catastrophe Claims and Claim Expense | New Zealand Earthquake (2010) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | -11,040,000 | -3,570,000 | -15,179,000 |
Catastrophe Reinsurance | Catastrophe Claims and Claim Expense | Hurricane Isaac (2012) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | -2,610,000 | ' | ' |
Catastrophe Reinsurance | Catastrophe Claims and Claim Expense | Thailand Floods (2011) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | ' | 3,933,000 | ' |
Catastrophe Reinsurance | Catastrophe Claims and Claim Expense | Hurricane Irene (2011) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | ' | 4,630,000 | ' |
Catastrophe Reinsurance | Catastrophe Claims and Claim Expense | Other | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 776,000 | 2,542,000 | 47,291,000 |
Catastrophe Reinsurance | Catastrophe Claims and Claim Expense | Small Catastrophe Event | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 16,969,000 | 47,825,000 | 27,025,000 |
Catastrophe Reinsurance | Catastrophe Claims and Claim Expense | U.S. PCS 70 Wind and Thunderstorm (2012) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | -8,225,000 | ' | ' |
Catastrophe Reinsurance | Catastrophe Claims and Claim Expense Excluding Certain Specific Events | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 34,214,000 | -84,225,000 | ' |
Catastrophe Reinsurance | Actual Reported Claims Less than Expected Claims | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 0 | 0 | 0 |
Catastrophe Reinsurance | Actuarial Assumption Changes | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 0 | 0 | 0 |
Catastrophe Reinsurance | Attritional Claims and Claim Expenses | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 0 | 0 | 0 |
Specialty Reinsurance | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 34,111,000 | 34,146,000 | 77,761,000 |
Specialty Reinsurance | Catastrophe Claims and Claim Expense | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 2,463,000 | 3,000,000 | 13,903,000 |
Specialty Reinsurance | Catastrophe Claims and Claim Expense | Large Catastrophe Event | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 2,463,000 | 3,000,000 | 13,903,000 |
Specialty Reinsurance | Catastrophe Claims and Claim Expense | Hurricanes Katrina, Rita and Wilma (2005) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | ' | 3,000,000 | 6,215,000 |
Specialty Reinsurance | Catastrophe Claims and Claim Expense | Hurricanes Gustav & Ike (2008) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 0 | 0 | 0 |
Specialty Reinsurance | Catastrophe Claims and Claim Expense | Storm Sandy (2012) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 0 | ' | ' |
Specialty Reinsurance | Catastrophe Claims and Claim Expense | Tohoku Earthquake and Tsunami (2011) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 1,000,000 | 0 | ' |
Specialty Reinsurance | Catastrophe Claims and Claim Expense | New Zealand Earthquake (2011) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 0 | 0 | ' |
Specialty Reinsurance | Catastrophe Claims and Claim Expense | New Zealand Earthquake (2010) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | -300,000 | 0 | 0 |
Specialty Reinsurance | Catastrophe Claims and Claim Expense | Hurricane Isaac (2012) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 0 | ' | ' |
Specialty Reinsurance | Catastrophe Claims and Claim Expense | Thailand Floods (2011) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | ' | 0 | ' |
Specialty Reinsurance | Catastrophe Claims and Claim Expense | Hurricane Irene (2011) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | ' | 0 | ' |
Specialty Reinsurance | Catastrophe Claims and Claim Expense | Other | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 1,763,000 | 0 | ' |
Specialty Reinsurance | Catastrophe Claims and Claim Expense | Small Catastrophe Event | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 0 | 0 | 0 |
Specialty Reinsurance | Catastrophe Claims and Claim Expense | U.S. PCS 70 Wind and Thunderstorm (2012) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 0 | ' | ' |
Specialty Reinsurance | Actual Reported Claims Less than Expected Claims | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 21,216,000 | 16,747,000 | 37,058,000 |
Specialty Reinsurance | Actuarial Assumption Changes | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 10,432,000 | 14,399,000 | 26,800,000 |
Specialty Reinsurance | Reported Claims Less than Expected Including Catastrophe Events | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 23,679,000 | ' | ' |
Specialty Reinsurance | Attritional Claims and Claim Expenses | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 31,648,000 | 31,146,000 | 63,858,000 |
Lloyd's | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 8,256,000 | 16,202,000 | -478,000 |
Lloyd's | Catastrophe Claims and Claim Expense | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 5,267,000 | 9,476,000 | 0 |
Lloyd's | Catastrophe Claims and Claim Expense | Large Catastrophe Event | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 5,267,000 | 9,476,000 | 0 |
Lloyd's | Catastrophe Claims and Claim Expense | Hurricanes Katrina, Rita and Wilma (2005) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | ' | 0 | 0 |
Lloyd's | Catastrophe Claims and Claim Expense | Hurricanes Gustav & Ike (2008) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 0 | 0 | 0 |
Lloyd's | Catastrophe Claims and Claim Expense | Storm Sandy (2012) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 3,825,000 | ' | ' |
Lloyd's | Catastrophe Claims and Claim Expense | Tohoku Earthquake and Tsunami (2011) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 0 | 0 | ' |
Lloyd's | Catastrophe Claims and Claim Expense | New Zealand Earthquake (2011) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 0 | 0 | ' |
Lloyd's | Catastrophe Claims and Claim Expense | New Zealand Earthquake (2010) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 0 | 0 | 0 |
Lloyd's | Catastrophe Claims and Claim Expense | Hurricane Isaac (2012) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 0 | ' | ' |
Lloyd's | Catastrophe Claims and Claim Expense | Thailand Floods (2011) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | ' | 5,500,000 | ' |
Lloyd's | Catastrophe Claims and Claim Expense | Hurricane Irene (2011) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | ' | 2,500,000 | ' |
Lloyd's | Catastrophe Claims and Claim Expense | Other | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 1,442,000 | 1,476,000 | ' |
Lloyd's | Catastrophe Claims and Claim Expense | Small Catastrophe Event | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 0 | 0 | 0 |
Lloyd's | Catastrophe Claims and Claim Expense | U.S. PCS 70 Wind and Thunderstorm (2012) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 0 | ' | ' |
Lloyd's | Actual Reported Claims Less than Expected Claims | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 3,263,000 | 8,011,000 | -478,000 |
Lloyd's | Actuarial Assumption Changes | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | -274,000 | -1,285,000 | 0 |
Lloyd's | Attritional Claims and Claim Expenses | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 2,989,000 | 6,726,000 | -478,000 |
Other | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | -450,000 | -2,947,000 | -4,431,000 |
Other | Catastrophe Claims and Claim Expense | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 1,729,000 | 1,171,000 | 4,243,000 |
Other | Catastrophe Claims and Claim Expense | Large Catastrophe Event | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 1,729,000 | 1,171,000 | 4,243,000 |
Other | Catastrophe Claims and Claim Expense | Hurricanes Katrina, Rita and Wilma (2005) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | ' | -1,690,000 | 4,633,000 |
Other | Catastrophe Claims and Claim Expense | Hurricanes Gustav & Ike (2008) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 404,000 | 2,926,000 | -866,000 |
Other | Catastrophe Claims and Claim Expense | Storm Sandy (2012) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 0 | ' | ' |
Other | Catastrophe Claims and Claim Expense | Tohoku Earthquake and Tsunami (2011) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 0 | 0 | ' |
Other | Catastrophe Claims and Claim Expense | New Zealand Earthquake (2011) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 0 | 0 | ' |
Other | Catastrophe Claims and Claim Expense | New Zealand Earthquake (2010) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 0 | 0 | 0 |
Other | Catastrophe Claims and Claim Expense | Hurricane Isaac (2012) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 0 | ' | ' |
Other | Catastrophe Claims and Claim Expense | Thailand Floods (2011) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | ' | 0 | ' |
Other | Catastrophe Claims and Claim Expense | Hurricane Irene (2011) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | ' | 0 | ' |
Other | Catastrophe Claims and Claim Expense | Other | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 1,325,000 | -65,000 | ' |
Other | Catastrophe Claims and Claim Expense | Small Catastrophe Event | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 0 | 0 | 0 |
Other | Catastrophe Claims and Claim Expense | U.S. PCS 70 Wind and Thunderstorm (2012) | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 0 | ' | ' |
Other | Actual Reported Claims Less than Expected Claims | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | -2,179,000 | -4,118,000 | 1,389,000 |
Other | Actuarial Assumption Changes | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | 0 | 0 | -10,063,000 |
Other | Construction Defect Book of Business | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | ' | ' | -58,800,000 |
Other | Attritional Claims and Claim Expenses | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | -2,179,000 | -4,118,000 | -8,674,000 |
Other | Loss Portfolio Transfer, Cash Consideration Paid | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | ' | -36,500,000 | ' |
Other | Loss Portfolio Transfer, Attritional Claims and Claim Expenses | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | ' | -29,100,000 | ' |
Other | Loss Portfolio Transfer, Loss Recognized | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Liability for unpaid claims and claim expenses | ' | ($7,383,000) | ' |
Reserve_for_Claims_and_Claim_E3
Reserve for Claims and Claim Expenses (Schedule of Liability for Unpaid Claims and Claims Adjustment Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ' | ' | ' |
Net reserves as of January 1 | $1,686,865 | $1,588,325 | $1,156,132 |
Net incurred related to: | ' | ' | ' |
Current year | 315,241 | 483,180 | 993,168 |
Prior accident years | -143,954 | -157,969 | -131,989 |
Total net incurred | 171,287 | 325,211 | 861,179 |
Net paid related to: | ' | ' | ' |
Current year | 32,212 | 84,056 | 299,299 |
Prior years | 363,235 | 142,615 | 129,687 |
Total net paid | 395,447 | 226,671 | 428,986 |
Net reserves as of December 31 | 1,462,705 | 1,686,865 | 1,588,325 |
Reinsurance recoverable as of December 31 | 101,025 | 192,512 | 404,029 |
Gross reserves as of December 31 | $1,563,730 | $1,879,377 | $1,992,354 |
Reserve_for_Claims_and_Claim_E4
Reserve for Claims and Claim Expenses (Liability for Catastrophe Claims) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | $143,954 | $157,969 | $131,989 |
Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 111,496 | 124,215 | 77,283 |
Attritional Claims and Claim Expenses | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 32,458 | 33,754 | 54,706 |
Actual Reported Claims Less than Expected Claims | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 22,300 | 20,640 | 37,969 |
Actuarial Assumption Changes | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 10,158 | 13,114 | 16,737 |
Large Catastrophe Event | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 94,527 | 76,390 | 50,258 |
Storm Sandy (2012) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 48,285 | ' | ' |
Tohoku Earthquake and Tsunami (2011) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 19,033 | 3,896 | ' |
Hurricanes Gustav & Ike (2008) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 16,665 | 20,467 | -866 |
New Zealand Earthquake (2011) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 10,944 | -17,912 | ' |
Windstorm Kyrill (2007) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 8,244 | 3,417 | 2,494 |
Hurricane Isaac (2012) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | -2,610 | ' | ' |
New Zealand Earthquake (2010) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | -11,340 | -3,570 | -15,179 |
Chile Earthquake (2010) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | 24,575 | 13,143 |
U.K. Floods (2007) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | 17,271 | 3,635 |
Hurricanes Katrina, Rita and Wilma (2005) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | 7,730 | 20,856 |
Hurricane Irene (2011) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | 7,130 | ' |
Thailand Floods (2011) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | 9,433 | ' |
Tropical Cyclone Tasha, 2010 | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | ' | 16,922 |
World Trade Center (2001) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | ' | 4,701 |
Hurricanes Charley, Francis, Ivan and Jeanne (2004) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | ' | 4,552 |
Other | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 5,306 | 3,953 | ' |
Small Catastrophe Event | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 16,969 | 47,825 | 27,025 |
U.S. PCS 83 Wind and Thunderstorm (2012) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 3,500 | ' | ' |
U.S. PCS 76 Wind and Thunderstorm (2012) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 300 | ' | ' |
U.S. PCS 70 Wind and Thunderstorm (2012) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | -8,225 | ' | ' |
Danish Floods (2011) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | 5,000 | ' |
U.S. PCS 63 Winter Storm (2011) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | 5,000 | ' |
U.S. PCS 42 Winter Storm (2011) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | 2,560 | ' |
U.S. PCS 53 Winter Storm (2011) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | 2,558 | ' |
U.S. PCS 21 California Wildland Fire (2007) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | ' | 4,554 |
U.S. PCS 33 Great Midwest Storm (2010) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | ' | 3,125 |
U.S. PCS 31 Wind and Thunderstorm (2010) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | ' | 3,039 |
U.S. PCS 96 Wind and Thunderstorm (2010) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | ' | 2,288 |
Other | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 21,394 | 32,707 | 14,019 |
Catastrophe Reinsurance | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 102,037 | 110,568 | 59,137 |
Catastrophe Reinsurance | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 102,037 | 110,568 | 59,137 |
Catastrophe Reinsurance | Attritional Claims and Claim Expenses | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 0 | 0 | 0 |
Catastrophe Reinsurance | Actual Reported Claims Less than Expected Claims | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 0 | 0 | 0 |
Catastrophe Reinsurance | Actuarial Assumption Changes | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 0 | 0 | 0 |
Catastrophe Reinsurance | Large Catastrophe Event | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 85,068 | 62,743 | 32,112 |
Catastrophe Reinsurance | Storm Sandy (2012) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 44,460 | ' | ' |
Catastrophe Reinsurance | Tohoku Earthquake and Tsunami (2011) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 18,033 | 3,896 | ' |
Catastrophe Reinsurance | Hurricanes Gustav & Ike (2008) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 16,261 | 17,541 | 0 |
Catastrophe Reinsurance | New Zealand Earthquake (2011) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 10,944 | -17,912 | ' |
Catastrophe Reinsurance | Windstorm Kyrill (2007) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 8,244 | 3,417 | 2,494 |
Catastrophe Reinsurance | Hurricane Isaac (2012) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | -2,610 | ' | ' |
Catastrophe Reinsurance | New Zealand Earthquake (2010) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | -11,040 | -3,570 | -15,179 |
Catastrophe Reinsurance | Chile Earthquake (2010) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | 24,575 | 8,455 |
Catastrophe Reinsurance | U.K. Floods (2007) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | 17,271 | 3,635 |
Catastrophe Reinsurance | Hurricanes Katrina, Rita and Wilma (2005) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | 6,420 | 10,008 |
Catastrophe Reinsurance | Hurricane Irene (2011) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | 4,630 | ' |
Catastrophe Reinsurance | Thailand Floods (2011) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | 3,933 | ' |
Catastrophe Reinsurance | Tropical Cyclone Tasha, 2010 | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | ' | 13,922 |
Catastrophe Reinsurance | World Trade Center (2001) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | ' | 4,701 |
Catastrophe Reinsurance | Hurricanes Charley, Francis, Ivan and Jeanne (2004) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | ' | 4,076 |
Catastrophe Reinsurance | Other | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 776 | 2,542 | 47,291 |
Catastrophe Reinsurance | Small Catastrophe Event | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 16,969 | 47,825 | 27,025 |
Catastrophe Reinsurance | U.S. PCS 83 Wind and Thunderstorm (2012) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 3,500 | ' | ' |
Catastrophe Reinsurance | U.S. PCS 76 Wind and Thunderstorm (2012) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 300 | ' | ' |
Catastrophe Reinsurance | U.S. PCS 70 Wind and Thunderstorm (2012) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | -8,225 | ' | ' |
Catastrophe Reinsurance | Danish Floods (2011) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | 5,000 | ' |
Catastrophe Reinsurance | U.S. PCS 63 Winter Storm (2011) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | 5,000 | ' |
Catastrophe Reinsurance | U.S. PCS 42 Winter Storm (2011) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | 2,560 | ' |
Catastrophe Reinsurance | U.S. PCS 53 Winter Storm (2011) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | 2,558 | ' |
Catastrophe Reinsurance | U.S. PCS 21 California Wildland Fire (2007) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | ' | 4,554 |
Catastrophe Reinsurance | U.S. PCS 33 Great Midwest Storm (2010) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | ' | 3,125 |
Catastrophe Reinsurance | U.S. PCS 31 Wind and Thunderstorm (2010) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | ' | 3,039 |
Catastrophe Reinsurance | U.S. PCS 96 Wind and Thunderstorm (2010) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | ' | 2,288 |
Catastrophe Reinsurance | Other | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 21,394 | 32,707 | 14,019 |
Specialty Reinsurance | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 34,111 | 34,146 | 77,761 |
Specialty Reinsurance | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 2,463 | 3,000 | 13,903 |
Specialty Reinsurance | Attritional Claims and Claim Expenses | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 31,648 | 31,146 | 63,858 |
Specialty Reinsurance | Actual Reported Claims Less than Expected Claims | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 21,216 | 16,747 | 37,058 |
Specialty Reinsurance | Actuarial Assumption Changes | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 10,432 | 14,399 | 26,800 |
Specialty Reinsurance | Large Catastrophe Event | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 2,463 | 3,000 | 13,903 |
Specialty Reinsurance | Storm Sandy (2012) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 0 | ' | ' |
Specialty Reinsurance | Tohoku Earthquake and Tsunami (2011) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 1,000 | 0 | ' |
Specialty Reinsurance | Hurricanes Gustav & Ike (2008) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 0 | 0 | 0 |
Specialty Reinsurance | New Zealand Earthquake (2011) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 0 | 0 | ' |
Specialty Reinsurance | Windstorm Kyrill (2007) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 0 | 0 | 0 |
Specialty Reinsurance | Hurricane Isaac (2012) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 0 | ' | ' |
Specialty Reinsurance | New Zealand Earthquake (2010) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | -300 | 0 | 0 |
Specialty Reinsurance | Chile Earthquake (2010) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | 0 | 4,688 |
Specialty Reinsurance | U.K. Floods (2007) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | 0 | 0 |
Specialty Reinsurance | Hurricanes Katrina, Rita and Wilma (2005) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | 3,000 | 6,215 |
Specialty Reinsurance | Hurricane Irene (2011) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | 0 | ' |
Specialty Reinsurance | Thailand Floods (2011) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | 0 | ' |
Specialty Reinsurance | Tropical Cyclone Tasha, 2010 | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | ' | 3,000 |
Specialty Reinsurance | World Trade Center (2001) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | ' | 0 |
Specialty Reinsurance | Hurricanes Charley, Francis, Ivan and Jeanne (2004) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | ' | 0 |
Specialty Reinsurance | Other | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 1,763 | 0 | ' |
Specialty Reinsurance | Small Catastrophe Event | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 0 | 0 | 0 |
Specialty Reinsurance | U.S. PCS 83 Wind and Thunderstorm (2012) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 0 | ' | ' |
Specialty Reinsurance | U.S. PCS 76 Wind and Thunderstorm (2012) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 0 | ' | ' |
Specialty Reinsurance | U.S. PCS 70 Wind and Thunderstorm (2012) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 0 | ' | ' |
Specialty Reinsurance | Danish Floods (2011) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | 0 | ' |
Specialty Reinsurance | U.S. PCS 63 Winter Storm (2011) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | 0 | ' |
Specialty Reinsurance | U.S. PCS 42 Winter Storm (2011) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | 0 | ' |
Specialty Reinsurance | U.S. PCS 53 Winter Storm (2011) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | 0 | ' |
Specialty Reinsurance | U.S. PCS 21 California Wildland Fire (2007) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | ' | 0 |
Specialty Reinsurance | U.S. PCS 33 Great Midwest Storm (2010) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | ' | 0 |
Specialty Reinsurance | U.S. PCS 31 Wind and Thunderstorm (2010) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | ' | 0 |
Specialty Reinsurance | U.S. PCS 96 Wind and Thunderstorm (2010) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | ' | 0 |
Specialty Reinsurance | Other | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 0 | 0 | 0 |
Lloyd's | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 8,256 | 16,202 | -478 |
Lloyd's | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 5,267 | 9,476 | 0 |
Lloyd's | Attritional Claims and Claim Expenses | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 2,989 | 6,726 | -478 |
Lloyd's | Actual Reported Claims Less than Expected Claims | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 3,263 | 8,011 | -478 |
Lloyd's | Actuarial Assumption Changes | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | -274 | -1,285 | 0 |
Lloyd's | Large Catastrophe Event | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 5,267 | 9,476 | 0 |
Lloyd's | Storm Sandy (2012) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 3,825 | ' | ' |
Lloyd's | Tohoku Earthquake and Tsunami (2011) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 0 | 0 | ' |
Lloyd's | Hurricanes Gustav & Ike (2008) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 0 | 0 | 0 |
Lloyd's | New Zealand Earthquake (2011) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 0 | 0 | ' |
Lloyd's | Windstorm Kyrill (2007) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 0 | 0 | 0 |
Lloyd's | Hurricane Isaac (2012) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 0 | ' | ' |
Lloyd's | New Zealand Earthquake (2010) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 0 | 0 | 0 |
Lloyd's | Chile Earthquake (2010) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | 0 | 0 |
Lloyd's | U.K. Floods (2007) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | 0 | 0 |
Lloyd's | Hurricanes Katrina, Rita and Wilma (2005) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | 0 | 0 |
Lloyd's | Hurricane Irene (2011) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | 2,500 | ' |
Lloyd's | Thailand Floods (2011) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | 5,500 | ' |
Lloyd's | Tropical Cyclone Tasha, 2010 | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | ' | 0 |
Lloyd's | World Trade Center (2001) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | ' | 0 |
Lloyd's | Hurricanes Charley, Francis, Ivan and Jeanne (2004) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | ' | 0 |
Lloyd's | Other | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 1,442 | 1,476 | ' |
Lloyd's | Small Catastrophe Event | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 0 | 0 | 0 |
Lloyd's | U.S. PCS 83 Wind and Thunderstorm (2012) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 0 | ' | ' |
Lloyd's | U.S. PCS 76 Wind and Thunderstorm (2012) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 0 | ' | ' |
Lloyd's | U.S. PCS 70 Wind and Thunderstorm (2012) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 0 | ' | ' |
Lloyd's | Danish Floods (2011) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | 0 | ' |
Lloyd's | U.S. PCS 63 Winter Storm (2011) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | 0 | ' |
Lloyd's | U.S. PCS 42 Winter Storm (2011) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | 0 | ' |
Lloyd's | U.S. PCS 53 Winter Storm (2011) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | 0 | ' |
Lloyd's | U.S. PCS 21 California Wildland Fire (2007) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | ' | 0 |
Lloyd's | U.S. PCS 33 Great Midwest Storm (2010) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | ' | 0 |
Lloyd's | U.S. PCS 31 Wind and Thunderstorm (2010) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | ' | 0 |
Lloyd's | U.S. PCS 96 Wind and Thunderstorm (2010) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | ' | 0 |
Lloyd's | Other | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 0 | 0 | 0 |
Other | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | -450 | -2,947 | -4,431 |
Other | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 1,729 | 1,171 | 4,243 |
Other | Attritional Claims and Claim Expenses | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | -2,179 | -4,118 | -8,674 |
Other | Actual Reported Claims Less than Expected Claims | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | -2,179 | -4,118 | 1,389 |
Other | Actuarial Assumption Changes | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 0 | 0 | -10,063 |
Other | Large Catastrophe Event | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 1,729 | 1,171 | 4,243 |
Other | Storm Sandy (2012) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 0 | ' | ' |
Other | Tohoku Earthquake and Tsunami (2011) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 0 | 0 | ' |
Other | Hurricanes Gustav & Ike (2008) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 404 | 2,926 | -866 |
Other | New Zealand Earthquake (2011) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 0 | 0 | ' |
Other | Windstorm Kyrill (2007) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 0 | 0 | 0 |
Other | Hurricane Isaac (2012) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 0 | ' | ' |
Other | New Zealand Earthquake (2010) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 0 | 0 | 0 |
Other | Chile Earthquake (2010) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | 0 | 0 |
Other | U.K. Floods (2007) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | 0 | 0 |
Other | Hurricanes Katrina, Rita and Wilma (2005) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | -1,690 | 4,633 |
Other | Hurricane Irene (2011) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | 0 | ' |
Other | Thailand Floods (2011) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | 0 | ' |
Other | Tropical Cyclone Tasha, 2010 | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | ' | 0 |
Other | World Trade Center (2001) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | ' | 0 |
Other | Hurricanes Charley, Francis, Ivan and Jeanne (2004) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | ' | 476 |
Other | Other | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 1,325 | -65 | ' |
Other | Small Catastrophe Event | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 0 | 0 | 0 |
Other | U.S. PCS 83 Wind and Thunderstorm (2012) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 0 | ' | ' |
Other | U.S. PCS 76 Wind and Thunderstorm (2012) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 0 | ' | ' |
Other | U.S. PCS 70 Wind and Thunderstorm (2012) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | 0 | ' | ' |
Other | Danish Floods (2011) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | 0 | ' |
Other | U.S. PCS 63 Winter Storm (2011) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | 0 | ' |
Other | U.S. PCS 42 Winter Storm (2011) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | 0 | ' |
Other | U.S. PCS 53 Winter Storm (2011) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | 0 | ' |
Other | U.S. PCS 21 California Wildland Fire (2007) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | ' | 0 |
Other | U.S. PCS 33 Great Midwest Storm (2010) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | ' | 0 |
Other | U.S. PCS 31 Wind and Thunderstorm (2010) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | ' | 0 |
Other | U.S. PCS 96 Wind and Thunderstorm (2010) | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | ' | ' | 0 |
Other | Other | Catastrophe Claims and Claim Expense | ' | ' | ' |
Liability for Catastrophe Claims [Line Items] | ' | ' | ' |
Prior accident years | $0 | $0 | $0 |
Debt_Narrative_Details
Debt (Narrative) (Details) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 3 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 15, 2013 | Jan. 03, 2003 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2010 | Dec. 31, 2013 | Mar. 17, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 21, 2012 | Dec. 31, 2013 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
USD ($) | USD ($) | USD ($) | 5.875% Senior Notes Due February 15, 2013 | 5.875% Senior Notes Due February 15, 2013 | Credit Agreement | Credit Agreement | Reimbursement Agreement | Letter of Credit | Letter of Credit | RenRe North America Holdings Inc. | RenRe North America Holdings Inc. | RenRe North America Holdings Inc. | RenRe North America Holdings Inc. | RenRe North America Holdings Inc. | RenRe North America Holdings Inc. | Renaissance Reinsurance | Renaissance Reinsurance | DaVinciRe | DaVinciRe | DaVinciRe | DaVinciRe | Renaissance Reinsurance, DaVinci and Glencoe | Specialty Reinsurance | Renaissance Trading | Letter of Credit | Letter of Credit | Capital Support Agreement | Citibank Europe PLC | Citibank Europe PLC | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Reimbursement Agreement | Reimbursement Agreement | USD ($) | USD ($) | USD ($) | 5.75% Senior Notes Due March 15, 2020 | 5.75% Senior Notes Due March 15, 2020 | 5.75% Senior Notes Due March 15, 2020 | Credit Agreement | Letter of Credit | USD ($) | USD ($) | USD ($) | Letter of Credit | Letter of Credit | Letter of Credit | USD ($) | USD ($) | Top Layer Re | Letter of Credit | Letter of Credit | Letter of Credit | ||||
USD ($) | USD ($) | USD ($) | USD ($) | Lloyd's Letter of Credit Facility | Reimbursement Agreement | Bilateral Facility | Bilateral Facility | USD ($) | Top Layer Re | Syndicate 1458 | Syndicate 1458 | |||||||||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | |||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Notes | ' | ' | ' | ' | $100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes interest rate | ' | ' | ' | 5.88% | 5.88% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument maturity date | ' | ' | ' | 'February 15, 2013 | 'February 15, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | 'March 15, 2020 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net repayment of debt | -102,436,000 | -1,937,000 | -200,000,000 | 100,000,000 | ' | ' | ' | ' | ' | ' | 0 | 0 | -124,949,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
5.75% Senior notes issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of credit aggregate commitment | ' | ' | ' | ' | ' | 250,000,000 | 150,000,000 | ' | ' | 450,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit faciltiy, maximum borrowing capacity | ' | ' | ' | ' | ' | 350,000,000 | ' | ' | 600,000,000 | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | 50,000,000 | ' | ' | ' | ' | ' | ' |
Debt to capital ratio | ' | ' | ' | ' | ' | 0.35 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum net worth requirements | ' | ' | ' | ' | ' | 2,300,000,000 | ' | ' | 2,000,000,000 | ' | ' | ' | ' | ' | ' | ' | 1,100,000,000 | ' | ' | 500,000,000 | ' | 781,200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Collateral percentage requirement of aggregate debt outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' |
Loan agreement with related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan agreement, remaining borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | 258,300,000 | ' | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan agreement repayment with related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit outstanding | ' | ' | ' | ' | ' | ' | ' | 162,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 584,400,000 | ' | ' | ' | ' |
Collateralized letter of credit and reimbursement agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,500,000 | ' | ' | ' |
Mandatory capital contribution in the event of capital and surplus reduction below a specified level | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' |
Guarantees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,800,000 | ' | ' | ' | ' | ' |
Margin facility amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 281,000,000 | 60,000,000 |
Interest Paid | $20,100,000 | $23,100,000 | $23,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Schedule_of_Maturities_of
Debt (Schedule of Maturities of Long-term Debt) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
2014 | $0 |
2015 | 0 |
2016 | 0 |
2017 | 0 |
2018 | 0 |
After 2018 | 250,000 |
Unamortized debt issuance expense | -570 |
Total | $249,430 |
Noncontrolling_Interests_Sched
Noncontrolling Interests (Schedule Of Redeemable Noncontrolling Interest) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 01, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 02, 2013 | Jan. 02, 2012 | Jun. 01, 2013 | Jan. 02, 2012 | Jun. 01, 2012 | Jan. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Jan. 02, 2013 | Oct. 02, 2012 | Jan. 02, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
DaVinciRe | DaVinciRe | DaVinciRe | DaVinciRe | DaVinciRe | DaVinciRe | DaVinciRe | DaVinciRe | DaVinciRe | DaVinciRe | DaVinciRe | DaVinciRe | DaVinciRe | DaVinciRe | DaVinciRe | DaVinciRe | DaVinciRe | DaVinciRe | Medici | Medici | Medici | Angus Fund | Angus Fund | Angus Fund | ||||
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 | Redeemable Noncontrolling Interest | Redeemable Noncontrolling Interest | Redeemable Noncontrolling Interest | ||||||||||||||||
Notice Submitted in Advance of Deadline | Notice Submitted in Advance of Deadline | Maximum | |||||||||||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Parent Company Ownership in Redeemable Noncontrolling Interest | ' | ' | ' | ' | 27.30% | 30.80% | 42.80% | 32.90% | 34.70% | 31.50% | 30.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 73.90% | ' | ' | ' | ' | ' |
Redemption rights, percentage of aggregate shares held, maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share repurchase requests, limit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' |
Redeemable noncontrolling interest, Reserve holdback | ' | ' | ' | $5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | $20,500,000 | ' | ' | ' | ' | $10,000,000 | ' | $1,800,000 | ' | ' | ' | ' | ' | ' | ' |
Holdback provision | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of partial interest in consolidated subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 77,400,000 | 98,900,000 | 9,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of parent equity to third party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of third party equity to another third party | ' | ' | ' | 24,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from equity raised | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redeemable noncontrolling interest, net redemptions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling interest, value subscribed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,200,000 | ' | ' | ' | ' | ' |
Activity in redeemable noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, Beginning | 968,259,000 | ' | ' | ' | 968,259,000 | 657,727,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53,200,000 | 9,200,000 | ' | 0 | ' | ' | 3,991,000 | ' | ' |
Redemption of shares from noncontrolling interests | ' | ' | ' | ' | -209,356,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,325,000 | ' | ' | ' | ' | ' |
Sale of shares to noncontrolling interest | ' | ' | ' | ' | 153,884,000 | 163,033,000 | ' | ' | ' | ' | ' | 49,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,200,000 | ' | ' | 0 | 300,000 | ' |
Comprehensive income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) attributable to redeemable noncontrolling interest | 151,144,000 | 148,040,000 | -33,157,000 | ' | 150,581,000 | 147,499,000 | -33,697,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 617,000 | 0 | 0 | -54,000 | 541,000 | 540,000 |
Balance, Ending | $1,099,860,000 | $968,259,000 | ' | ' | $1,063,368,000 | $968,259,000 | $657,727,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $53,200,000 | $9,200,000 | ' | $36,492,000 | $0 | ' | $0 | $3,991,000 | ' |
Noncontrolling_Interests_Sched1
Noncontrolling Interests (Schedule Of Noncontrolling Interest) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 01, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Angus | Angus | Angus | Angus | Angus Fund | Angus Fund | Angus Fund | Angus Fund | Angus Fund | Angus Fund | ||||||||||||
RRV U.S. Holdings LLC | RRV U.S. Holdings LLC | RenTech U.S. Holdings LLC | RenTech U.S. Holdings LLC | ||||||||||||||||||
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest with other equity investors, Amount | $0 | ' | ' | ' | $0 | ' | ' | ' | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | $55,000 | $55,000 | $2,000,000 | $2,000,000 |
Parent Company Ownership in Redeemable Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.10% | 1.10% | 35.00% | 35.10% |
Equity method investee, noncash contribution | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership % | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42.50% | 38.80% | 38.80% | ' | ' | ' | ' | ' | ' |
Goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,705,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, Beginning | ' | ' | ' | 3,991,000 | ' | ' | ' | ' | 3,991,000 | ' | ' | ' | ' | ' | ' | 3,991,000 | 3,340,000 | ' | ' | ' | ' |
Sale of shares to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 300,000 | ' | ' | ' | ' |
Adjustment in ownership interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,709,000 | 0 | ' | ' | ' | ' |
Net (loss) income attributable to noncontrolling interest | 54,191,000 | 44,331,000 | 14,015,000 | 38,607,000 | 9,692,000 | 51,083,000 | 33,624,000 | 53,641,000 | 151,144,000 | 148,040,000 | -33,157,000 | ' | ' | ' | ' | -54,000 | 541,000 | ' | ' | ' | ' |
Dividends on common shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -228,000 | -190,000 | ' | ' | ' | ' |
Balance, Ending | $0 | ' | ' | ' | $3,991,000 | ' | ' | ' | $0 | $3,991,000 | ' | ' | ' | ' | ' | $0 | $3,991,000 | ' | ' | ' | ' |
Variable_Interest_Entities_Det
Variable Interest Entities (Details) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 2 Months Ended | 12 Months Ended | 2 Months Ended | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 20, 2014 | Dec. 31, 2013 | Jul. 02, 2013 | Feb. 20, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | ||||
Upsilon Re | Upsilon Re | Upsilon Re | Upsilon Re | Tim Re III | Tim Re III | Tim Re III | Tim Re III | Upsilon RFO | Upsilon RFO | Upsilon RFO | Upsilon RFO | Upsilon RFO | Upsilon RFO | Mona Lisa Re | Renaissance Reinsurance | DaVinciRe | |||||||||||||||
Non-voting shares | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Non-voting shares | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Primary Beneficiary | Not Primary Beneficiary | Mona Lisa Re | Mona Lisa Re | |||||||||||||||
Non-voting shares | Non-voting shares | Subsequent Event | Non-voting shares | Non-voting shares | Non-voting shares | ||||||||||||||||||||||||||
Subsequent Event | |||||||||||||||||||||||||||||||
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Gross premiums written | $84,122,000 | $182,649,000 | $703,223,000 | $635,418,000 | $83,745,000 | $136,359,000 | $667,336,000 | $664,151,000 | $1,605,412,000 | [1] | $1,551,591,000 | [2] | $1,434,976,000 | [3] | ' | $37,400,000 | ' | ' | ' | $41,100,000 | ' | ' | ' | $53,500,000 | ' | ' | ' | ' | ' | $9,200,000 | $6,500,000 |
Non-voting shares issued to third parties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,800,000 | ' | ' | ' | 44,800,000 | ' | ' | ' | 61,000,000 | ' | 172,400,000 | ' | ' | ' | |||
Investment in variable interest entity | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | 48,800,000 | ' | ' | ' | 10,300,000 | ' | ' | ' | 76,400,000 | ' | 109,700,000 | ' | ' | ' | |||
Variable interest entity, ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 74.50% | ' | ' | ' | 18.60% | ' | ' | 25.80% | 55.60% | 38.90% | ' | ' | ' | ' | ' | ' | |||
Capital provided through an insurance contract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,600,000 | ' | ' | ' | 5,200,000 | ' | ' | ' | 17,500,000 | 15,000,000 | ' | ' | ' | ' | ' | ' | |||
Risk participation percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 61.40% | ' | ' | ' | 17.10% | ' | ' | ' | 42.90% | 33.60% | ' | ' | ' | ' | ' | ' | |||
Total assets | 8,179,131,000 | ' | ' | ' | 7,928,628,000 | ' | ' | ' | 8,179,131,000 | 7,928,628,000 | ' | ' | 0 | 93,488,000 | ' | ' | 0 | 90,460,000 | ' | 474,239,000 | 474,239,000 | ' | ' | ' | ' | 209,615,000 | ' | ' | |||
Total liabilities | 3,174,887,000 | ' | ' | ' | 3,453,313,000 | ' | ' | ' | 3,174,887,000 | 3,453,313,000 | ' | ' | 0 | 93,487,000 | ' | ' | 0 | 90,459,000 | ' | 474,238,000 | 474,238,000 | ' | ' | ' | ' | 209,615,000 | ' | ' | |||
Other liabilities | 397,596,000 | ' | ' | ' | 198,434,000 | ' | ' | ' | 397,596,000 | 198,434,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 156,250,000 | 156,250,000 | ' | ' | ' | ' | ' | ' | ' | |||
Non-voting shares redeemed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,000,000 | ' | ' | ' | 66,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Common Stock, Shares, Outstanding | 43,646,436 | ' | ' | ' | 45,542,203 | ' | ' | ' | 43,646,436 | 45,542,203 | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Ceded premiums written | ' | ' | ' | ' | ' | ' | ' | ' | 401,465,000 | 448,934,000 | 422,203,000 | ' | ' | ' | ' | ' | 37,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Proceeds from sale of partial interest in consolidated subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25,000,000 | ' | ' | ' | ' | |||
[1] | Included in gross premiums written in the Other category is inter-segment gross premiums written of $1.0 million. | ||||||||||||||||||||||||||||||
[2] | Included in gross premiums written in the Other category is inter-segment gross premiums written of $0.5 million. | ||||||||||||||||||||||||||||||
[3] | Included in gross premiums written in the Other category is inter-segment gross premiums written of $0.1 million |
Shareholders_Equity_Narrative_
Shareholders' Equity (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 13, 2013 | Nov. 14, 2013 | Sep. 13, 2013 | Jun. 14, 2013 | Mar. 15, 2013 | Dec. 31, 2013 | Jun. 27, 2013 | Mar. 31, 2004 | Dec. 31, 2013 | Mar. 23, 2009 | Jun. 27, 2013 | Dec. 27, 2012 | Dec. 31, 2006 | 31-May-13 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
director | director | Common stock | Common stock | Common stock | Retained earnings | Retained earnings | Retained earnings | Common stock | Common stock | Common stock | Common stock | Common stock | Common 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 E Preferred Stock | Series E Preferred Stock | Series E Preferred Stock | Series E Preferred Stock | ||||||||||
period | period | |||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate authorized shares | 325,000,000 | ' | ' | ' | ' | ' | ' | ' | 325,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Authorized common shares | 225,000,000 | ' | ' | ' | ' | ' | ' | ' | 225,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Authorized preference shares | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared, Per common share | ' | ' | ' | ' | ' | ' | ' | ' | $1.12 | $1.08 | $1.04 | ' | ' | ' | ' | ' | ' | $0.28 | ' | $0.28 | $0.28 | $0.28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends, Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $49,267,000 | $53,356,000 | $53,460,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends paid, Per common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.28 | ' | $0.28 | $0.28 | $0.28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares repurchased during period, Average cost per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $84.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares repurchased during period, Aggregate value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,451,000 | -6,399,000 | -2,889,000 | -203,703,000 | -460,647,000 | -174,807,000 | ' | ' | ' | ' | ' | -207,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share repurchase program, Authorized aggregate amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share repurchase program, Remaining authorized aggregate amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 433,055,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of preference shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | 300,000,000 | 275,000,000 | 265,856,000 | 0 | 0 |
Preference shares, Shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | 12,000,000 | 11,000,000 | ' | ' | ' |
Preference shares, Issuance price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25 | ' | ' | ' | ' | $25 | $25 | ' | ' | ' |
Preference shares, Issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | 9,144,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preference shares, Redemption price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25 | ' | ' | ' | ' | $25 | ' | ' |
Preference shares, Dividend rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.08% | ' | ' | ' | ' | 5.38% | ' | ' | ' |
Preference shares, Amount of preferred dividends in arrears, equivalent number of periods, trigger | 6 | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preference shares, Preferred stock dividends in arrears, triggered shareholder election right, number of directors | 2 | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preference shares, Shares redeemed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | 6,000,000 | 6,000,000 | ' | ' | ' | ' | ' |
Preferred Stock, Redemption Amount, Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000,000 | ' | ' | ' | ' | ' | ' |
Preference shares, Redemption amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,000,000 | ' | ' | ' | 150,000,000 | 150,000,000 | ' | ' | ' | ' | ' |
Preference shares, Shares outstanding | 16,000,000 | ' | ' | ' | 16,000,000 | ' | ' | ' | 16,000,000 | 16,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | 0 | 6,000,000 | ' | ' | ' | ' | ' |
Preference shares, Dividends declared and paid | $5,595,000 | $5,595,000 | $7,483,000 | $6,275,000 | $8,645,000 | $8,750,000 | $8,750,000 | $8,750,000 | $24,948,000 | $34,895,000 | $35,000,000 | ' | ' | ' | $24,948,000 | $34,895,000 | $35,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shareholders_Equity_Shares_Iss
Shareholders' Equity (Shares Issued and Outstanding) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Weighted options outstanding: | ' | ' | ' |
Common Stock, Shares, Outstanding | 43,646,436 | 45,542,203 | ' |
Common stock | ' | ' | ' |
Weighted options outstanding: | ' | ' | ' |
Common Stock, Shares, Outstanding | 45,542,000 | 51,543,000 | 54,110,000 |
Repurchase of shares | 2,451,000 | 6,399,000 | 2,889,000 |
Exercise of options and issuance of restricted stock awards | 555,000 | 398,000 | 322,000 |
Common Stock, Shares, Outstanding | 43,646,000 | 45,542,000 | 51,543,000 |
Earnings_Per_Share_Computation
Earnings Per Share (Computation Of Basic And Diluted Earnings Per Common Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $268,656 | $179,740 | $26,806 | $190,474 | $41,655 | $180,660 | $142,270 | $201,429 | $665,676 | $566,014 | ($92,235) | |
Amount allocated to participating common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | -9,520 | -8,973 | -990 | [1] |
Net income (loss) allocated to RenaissanceRe common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | $656,156 | $557,041 | ($93,225) | |
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Denominator for basic income (loss) per RenaissanceRe common share - weighted average common shares (In shares) | 43,160 | 43,330 | 43,372 | 43,461 | 46,442 | 48,394 | 50,278 | 50,377 | 43,349 | 48,873 | 50,747 | |
Per common share equivalents of employee stock options and restricted shares (In shares) | ' | ' | ' | ' | ' | ' | ' | ' | 779 | 730 | 0 | |
Denominator for diluted income (loss) per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions (In shares) | 43,769 | 44,135 | 44,243 | 44,290 | 47,297 | 49,119 | 51,012 | 50,981 | 44,128 | 49,603 | 50,747 | |
Basic income (loss) per RenaissanceRe common share (In dollars per share) | $6.14 | $4.09 | $0.61 | $4.32 | $0.88 | $3.67 | $2.78 | $3.93 | $15.14 | $11.40 | ($1.84) | |
Diluted income (loss) per RenaissanceRe common share (In dollars per share) | $6.05 | $4.01 | $0.60 | $4.23 | $0.87 | $3.62 | $2.75 | $3.88 | $14.87 | $11.23 | ($1.84) | |
[1] | Represents earnings attributable to holders of unvested restricted shares issued under the Company’s 2001 Stock Incentive Plan and the Non-Employee Director Stock Incentive Plan. |
Related_Party_Transactions_and1
Related Party Transactions and Major Customers (Details) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Catastrophe Reinsurance and Specialty Reinsurance | Catastrophe Reinsurance and Specialty Reinsurance | Catastrophe Reinsurance and Specialty Reinsurance | Catastrophe Reinsurance and Specialty Reinsurance | Catastrophe Reinsurance and Specialty Reinsurance | Catastrophe Reinsurance and Specialty Reinsurance | Catastrophe Reinsurance and Specialty Reinsurance | Catastrophe Reinsurance and Specialty Reinsurance | Catastrophe Reinsurance and Specialty Reinsurance | Catastrophe Reinsurance and Specialty Reinsurance | Catastrophe Reinsurance and Specialty Reinsurance | Catastrophe Reinsurance and Specialty Reinsurance | Tower Hill | Tower Hill | Tower Hill | Tower Hill | Angus | Angus | Angus | Top Layer Re | Top Layer Re | Top Layer Re | |||||||||||||||
Gross Premiums Written | Gross Premiums Written | Gross Premiums Written | Gross Premiums Written | Gross Premiums Written | Gross Premiums Written | Gross Premiums Written | Gross Premiums Written | Gross Premiums Written | Gross Premiums Written | Gross Premiums Written | Gross Premiums Written | |||||||||||||||||||||||||
customer | AON Benfield | AON Benfield | AON Benfield | Marsh Inc. | Marsh Inc. | Marsh Inc. | Willis Group | Willis Group | Willis Group | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Promissory notes issued to related parties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $4,000,000 | ' | $5,000,000 | ' | ' | ' | ' | ' | ' | |||
Loans receivable, basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Related party income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | 300,000 | ' | ' | 5,000,000 | 7,900,000 | 3,400,000 | ' | ' | ' | |||
Gross premiums written | 84,122,000 | 182,649,000 | 703,223,000 | 635,418,000 | 83,745,000 | 136,359,000 | 667,336,000 | 664,151,000 | 1,605,412,000 | [1] | 1,551,591,000 | [2] | 1,434,976,000 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,700,000 | 41,100,000 | 29,800,000 | ' | ' | ' | ' | ' | ' | ' |
Gross premiums earned | ' | ' | ' | ' | ' | ' | ' | ' | 1,482,511,000 | 1,465,701,000 | 1,356,205,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44,900,000 | 36,100,000 | 28,900,000 | ' | ' | ' | ' | ' | ' | ' | |||
Acquisition expenses | 31,026,000 | 37,699,000 | 31,767,000 | 25,009,000 | 39,385,000 | 24,438,000 | 25,608,000 | 24,111,000 | 125,501,000 | 113,542,000 | 97,376,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,300,000 | 3,900,000 | 3,300,000 | ' | ' | ' | ' | ' | ' | ' | |||
Related party payables | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Related party receivables | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net reinsurance costs and recoveries | ' | ' | ' | ' | ' | ' | ' | ' | -13,852,000 | -78,280,000 | -409,308,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,100,000 | 4,000,000 | -8,000,000 | ' | ' | ' | ' | ' | ' | ' | |||
Reserve for claims and claim expenses | 1,563,730,000 | ' | ' | ' | 1,879,377,000 | ' | ' | ' | 1,563,730,000 | 1,879,377,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,100,000 | 33,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | |||
Distributions received | ' | ' | ' | ' | ' | ' | ' | ' | 9,900,000 | 9,900,000 | 9,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,800,000 | 9,500,000 | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Equity interest investment in related party | 139,382,000 | ' | ' | ' | 134,101,000 | ' | ' | ' | 139,382,000 | 134,101,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,500,000 | ' | ' | ' | ' | ' | |||
Ownership % | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42.50% | ' | ' | ' | ' | ' | |||
Derivative trades, net asset position | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1,600,000 | ' | ' | ' | ' | |||
Management fees revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,800,000 | $4,100,000 | $3,700,000 | |||
Concentration risk percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 88.20% | 84.60% | 90.70% | 48.60% | 51.50% | 56.10% | 22.70% | 21.40% | 21.90% | 16.90% | 11.70% | 12.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Number of significant customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
[1] | Included in gross premiums written in the Other category is inter-segment gross premiums written of $1.0 million. | |||||||||||||||||||||||||||||||||||
[2] | Included in gross premiums written in the Other category is inter-segment gross premiums written of $0.5 million. | |||||||||||||||||||||||||||||||||||
[3] | Included in gross premiums written in the Other category is inter-segment gross premiums written of $0.1 million |
Taxation_Income_Before_Income_
Taxation (Income Before Income Taxes, Foreign and Domestic) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from continuing operations before taxes | $329,778 | $239,668 | $45,888 | $225,704 | $51,368 | $240,803 | $177,509 | $297,158 | $841,038 | $766,838 | ($28,448) |
Bermuda | Domestic Country | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Domestic | ' | ' | ' | ' | ' | ' | ' | ' | 873,103 | 795,378 | 18,308 |
United Kingdom | Foreign | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | -12,678 | -15,404 | -22,895 |
U.S. | Internal Revenue Service (IRS) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | -20,019 | -16,467 | -23,837 |
Ireland | Foreign | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 1,855 | 3,318 | -24 |
Singapore | Foreign | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | ($1,223) | $13 | $0 |
Taxation_Components_of_Income_
Taxation (Components of Income Tax Benefit (Expense)) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current | ' | ' | ' | ' | ' | ' | ' | ' | ($2,005) | ($1,667) | $2,529 |
Deferred | ' | ' | ' | ' | ' | ' | ' | ' | 313 | 254 | -12,914 |
Income tax (expense) benefit | ($1,336) | ($223) | ($11) | ($122) | ($405) | ($144) | ($899) | $36 | ($1,692) | ($1,413) | ($10,385) |
Taxation_Income_Tax_Reconcilia
Taxation (Income Tax Reconciliation) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | $9,930 | $8,889 | $14,188 |
Change in valuation allowance | ' | ' | ' | ' | ' | ' | ' | ' | -8,574 | -6,212 | -21,976 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | -3,048 | -4,090 | -2,597 |
Income tax (expense) benefit | ($1,336) | ($223) | ($11) | ($122) | ($405) | ($144) | ($899) | $36 | ($1,692) | ($1,413) | ($10,385) |
Bermuda | Domestic Country | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Statutory income tax rate | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' |
U.S. | Internal Revenue Service (IRS) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign statutory income tax rate | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' |
Ireland | Foreign | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign statutory income tax rate | ' | ' | ' | ' | ' | ' | ' | ' | 12.50% | ' | ' |
United Kingdom | Foreign | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign statutory income tax rate | ' | ' | ' | ' | ' | ' | ' | ' | 23.20% | ' | ' |
Singapore | Foreign | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign statutory income tax rate | ' | ' | ' | ' | ' | ' | ' | ' | 17.00% | ' | ' |
Taxation_Deferred_Tax_Assets_a
Taxation (Deferred Tax Assets and Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Tax Assets | ' | ' |
Tax loss and credit carryforwards | $34,429 | $16,548 |
Deferred interest expense | 12,608 | 8,448 |
Investments | 4,694 | 3,278 |
Deferred underwriting results | 1,873 | 4,366 |
Amortization and depreciation | 1,730 | 1,597 |
Accrued expenses | 1,096 | 1,062 |
Deferred Tax Assets, Gross | 56,430 | 35,299 |
Deferred Tax Liabilities | ' | ' |
Amortization and depreciation | -155 | -369 |
Deferred Tax Liabilities | -155 | -369 |
Net deferred tax asset before valuation and allowance | 56,275 | 34,930 |
Valuation allowance | -56,106 | -35,074 |
Net deferred tax asset (liability) | $169 | ($144) |
Taxation_Narrative_Details
Taxation (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Valuation Allowance, Deferred Tax Asset, Change in Amount | $21 | $6.20 | $25.30 |
Income Taxes Paid | 1.2 | ' | 11 |
Proceeds from Income Tax Refunds | ' | -13.2 | ' |
Unrecognized Tax Benefits | 0 | 0 | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 0 | ' | ' |
Internal Revenue Service (IRS) | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Operating Loss Carryforwards | 59.8 | ' | ' |
Ireland | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Operating Loss Carryforwards | 11.5 | ' | ' |
United Kingdom | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Operating Loss Carryforwards | 41.7 | ' | ' |
Singapore | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Operating Loss Carryforwards | $1.30 | ' | ' |
Segment_Reporting_Schedule_Of_
Segment Reporting (Schedule Of Significant Components Of The Company's Revenues And Expenses) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Gross premiums written | $84,122 | $182,649 | $703,223 | $635,418 | $83,745 | $136,359 | $667,336 | $664,151 | $1,605,412 | [1] | $1,551,591 | [2] | $1,434,976 | [3] |
Net premiums written | 80,784 | 127,241 | 559,109 | 436,813 | 77,417 | 105,035 | 427,630 | 492,575 | 1,203,947 | 1,102,657 | 1,012,773 | |||
Net premiums earned | 256,765 | 294,717 | 291,889 | 271,255 | 283,651 | 262,623 | 244,416 | 278,665 | 1,114,626 | 1,069,355 | 951,049 | |||
Net claims and claim expenses incurred | -20,854 | 60,928 | 103,962 | 27,251 | 186,893 | 73,215 | 49,551 | 15,552 | 171,287 | 325,211 | 861,179 | |||
Acquisition expenses | 31,026 | 37,699 | 31,767 | 25,009 | 39,385 | 24,438 | 25,608 | 24,111 | 125,501 | 113,542 | 97,376 | |||
Operational expenses | 57,658 | 44,672 | 42,789 | 45,986 | 53,096 | 42,357 | 41,375 | 42,323 | 191,105 | 179,151 | 169,661 | |||
Underwriting income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 626,733 | 451,451 | -177,167 | |||
Net investment income | 78,732 | 59,931 | 26,163 | 43,202 | 39,000 | 46,135 | 17,648 | 62,942 | 208,028 | 165,725 | 146,871 | |||
Net foreign exchange gains (losses) | 1,747 | 488 | -932 | 614 | 1,851 | 3,187 | 1,587 | -1,306 | 1,917 | 5,319 | -7,844 | |||
Equity in earnings (losses) of other ventures | 6,274 | 7,313 | 3,772 | 5,835 | 6,612 | 4,310 | 6,846 | 5,470 | 23,194 | 23,238 | -36,533 | |||
Other (loss) income | -173 | 651 | -1,128 | -1,709 | -2,850 | -1,052 | 5,414 | -3,632 | -2,359 | -2,120 | 44,345 | |||
Net realized and unrealized gains on investments | 61,864 | 28,472 | -69,529 | 14,269 | 12,139 | 75,297 | 28,071 | 47,614 | 35,076 | 163,121 | 43,956 | |||
Net other-than-temporary impairments | 0 | 0 | 0 | 0 | 0 | 0 | -209 | -134 | 0 | -343 | -552 | |||
Corporate expenses | 3,304 | 4,307 | 21,529 | 4,482 | 3,889 | 3,796 | 4,014 | 4,757 | 33,622 | 16,456 | 18,156 | |||
Interest expense | 4,297 | 4,298 | 4,300 | 5,034 | 5,772 | 5,891 | 5,716 | 5,718 | 17,929 | 23,097 | 23,368 | |||
Income (loss) from continuing operations before taxes | 329,778 | 239,668 | 45,888 | 225,704 | 51,368 | 240,803 | 177,509 | 297,158 | 841,038 | 766,838 | -28,448 | |||
Income tax (expense) benefit | -1,336 | -223 | -11 | -122 | -405 | -144 | -899 | 36 | -1,692 | -1,413 | -10,385 | |||
Income (loss) from discontinued operations | 0 | -9,779 | 2,427 | 9,774 | 9,029 | -166 | 8,034 | -33,374 | 2,422 | -16,476 | -51,559 | |||
Net income attributable to noncontrolling interests | -54,191 | -44,331 | -14,015 | -38,607 | -9,692 | -51,083 | -33,624 | -53,641 | -151,144 | -148,040 | 33,157 | |||
Dividends on preference shares | -5,595 | -5,595 | -7,483 | -6,275 | -8,645 | -8,750 | -8,750 | -8,750 | -24,948 | -34,895 | -35,000 | |||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | 268,656 | 179,740 | 26,806 | 190,474 | 41,655 | 180,660 | 142,270 | 201,429 | 665,676 | 566,014 | -92,235 | |||
Net claims and claim expenses incurred - current accident year | ' | ' | ' | ' | ' | ' | ' | ' | 315,241 | 483,180 | 993,168 | |||
Net claims and claim expenses incurred – prior accident years | ' | ' | ' | ' | ' | ' | ' | ' | -143,954 | -157,969 | -131,989 | |||
Total net incurred | ' | ' | ' | ' | ' | ' | ' | ' | 171,287 | 325,211 | 861,179 | |||
Net claims and claim expense ratio - current accident year | ' | ' | ' | ' | ' | ' | ' | ' | 28.30% | 45.20% | 104.40% | |||
Net claims and claim expense ratio - prior accident years | ' | ' | ' | ' | ' | ' | ' | ' | -12.90% | -14.80% | -13.80% | |||
Net claims and claim expense ratio - calendar year | ' | ' | ' | ' | ' | ' | ' | ' | 15.40% | 30.40% | 90.60% | |||
Underwriting expense ratio | ' | ' | ' | ' | ' | ' | ' | ' | 28.40% | 27.40% | 28.00% | |||
Combined ratio | ' | ' | ' | ' | ' | ' | ' | ' | 43.80% | 57.80% | 118.60% | |||
Catastrophe Reinsurance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Gross premiums written | ' | ' | ' | ' | ' | ' | ' | ' | 1,120,379 | [1] | 1,182,207 | [2] | 1,177,296 | [3] |
Net premiums written | ' | ' | ' | ' | ' | ' | ' | ' | 753,078 | 766,035 | 773,560 | |||
Net premiums earned | ' | ' | ' | ' | ' | ' | ' | ' | 723,705 | 781,738 | 737,545 | |||
Net claims and claim expenses incurred | ' | ' | ' | ' | ' | ' | ' | ' | 7,908 | 165,209 | 770,350 | |||
Acquisition expenses | ' | ' | ' | ' | ' | ' | ' | ' | 49,161 | 66,665 | 62,882 | |||
Operational expenses | ' | ' | ' | ' | ' | ' | ' | ' | 108,130 | 103,811 | 100,932 | |||
Underwriting income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 558,506 | 446,053 | -196,619 | |||
Net claims and claim expenses incurred - current accident year | ' | ' | ' | ' | ' | ' | ' | ' | 109,945 | 275,777 | 829,487 | |||
Net claims and claim expenses incurred – prior accident years | ' | ' | ' | ' | ' | ' | ' | ' | -102,037 | -110,568 | -59,137 | |||
Total net incurred | ' | ' | ' | ' | ' | ' | ' | ' | 7,908 | 165,209 | 770,350 | |||
Net claims and claim expense ratio - current accident year | ' | ' | ' | ' | ' | ' | ' | ' | 15.20% | 35.30% | 112.50% | |||
Net claims and claim expense ratio - prior accident years | ' | ' | ' | ' | ' | ' | ' | ' | -14.10% | -14.20% | -8.10% | |||
Net claims and claim expense ratio - calendar year | ' | ' | ' | ' | ' | ' | ' | ' | 1.10% | 21.10% | 104.40% | |||
Underwriting expense ratio | ' | ' | ' | ' | ' | ' | ' | ' | 21.70% | 21.80% | 22.30% | |||
Combined ratio | ' | ' | ' | ' | ' | ' | ' | ' | 22.80% | 42.90% | 126.70% | |||
Specialty Reinsurance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Gross premiums written | ' | ' | ' | ' | ' | ' | ' | ' | 259,489 | [1] | 209,887 | [2] | 145,891 | [3] |
Net premiums written | ' | ' | ' | ' | ' | ' | ' | ' | 248,562 | 201,552 | 139,939 | |||
Net premiums earned | ' | ' | ' | ' | ' | ' | ' | ' | 214,306 | 164,685 | 135,543 | |||
Net claims and claim expenses incurred | ' | ' | ' | ' | ' | ' | ' | ' | 67,236 | 76,813 | 13,354 | |||
Acquisition expenses | ' | ' | ' | ' | ' | ' | ' | ' | 41,538 | 23,826 | 20,096 | |||
Operational expenses | ' | ' | ' | ' | ' | ' | ' | ' | 31,780 | 29,124 | 30,319 | |||
Underwriting income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 73,752 | 34,922 | 71,774 | |||
Net claims and claim expenses incurred - current accident year | ' | ' | ' | ' | ' | ' | ' | ' | 101,347 | 110,959 | 91,115 | |||
Net claims and claim expenses incurred – prior accident years | ' | ' | ' | ' | ' | ' | ' | ' | -34,111 | -34,146 | -77,761 | |||
Total net incurred | ' | ' | ' | ' | ' | ' | ' | ' | 67,236 | 76,813 | 13,354 | |||
Net claims and claim expense ratio - current accident year | ' | ' | ' | ' | ' | ' | ' | ' | 47.30% | 67.40% | 67.20% | |||
Net claims and claim expense ratio - prior accident years | ' | ' | ' | ' | ' | ' | ' | ' | -15.90% | -20.80% | -57.30% | |||
Net claims and claim expense ratio - calendar year | ' | ' | ' | ' | ' | ' | ' | ' | 31.40% | 46.60% | 9.90% | |||
Underwriting expense ratio | ' | ' | ' | ' | ' | ' | ' | ' | 34.20% | 32.20% | 37.10% | |||
Combined ratio | ' | ' | ' | ' | ' | ' | ' | ' | 65.60% | 78.80% | 47.00% | |||
Lloyd's | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Gross premiums written | ' | ' | ' | ' | ' | ' | ' | ' | 226,532 | [1] | 159,987 | [2] | 111,584 | [3] |
Net premiums written | ' | ' | ' | ' | ' | ' | ' | ' | 201,697 | 135,131 | 98,617 | |||
Net premiums earned | ' | ' | ' | ' | ' | ' | ' | ' | 176,029 | 122,968 | 76,386 | |||
Net claims and claim expenses incurred | ' | ' | ' | ' | ' | ' | ' | ' | 95,693 | 80,242 | 73,259 | |||
Acquisition expenses | ' | ' | ' | ' | ' | ' | ' | ' | 34,823 | 22,864 | 14,031 | |||
Operational expenses | ' | ' | ' | ' | ' | ' | ' | ' | 50,540 | 45,680 | 36,732 | |||
Underwriting income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -5,027 | -25,818 | -47,636 | |||
Net claims and claim expenses incurred - current accident year | ' | ' | ' | ' | ' | ' | ' | ' | 103,949 | 96,444 | 72,781 | |||
Net claims and claim expenses incurred – prior accident years | ' | ' | ' | ' | ' | ' | ' | ' | -8,256 | -16,202 | 478 | |||
Total net incurred | ' | ' | ' | ' | ' | ' | ' | ' | 95,693 | 80,242 | 73,259 | |||
Net claims and claim expense ratio - current accident year | ' | ' | ' | ' | ' | ' | ' | ' | 59.10% | 78.40% | 95.30% | |||
Net claims and claim expense ratio - prior accident years | ' | ' | ' | ' | ' | ' | ' | ' | -4.70% | -13.10% | 0.60% | |||
Net claims and claim expense ratio - calendar year | ' | ' | ' | ' | ' | ' | ' | ' | 54.40% | 65.30% | 95.90% | |||
Underwriting expense ratio | ' | ' | ' | ' | ' | ' | ' | ' | 48.50% | 55.70% | 66.50% | |||
Combined ratio | ' | ' | ' | ' | ' | ' | ' | ' | 102.90% | 121.00% | 162.40% | |||
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Gross premiums written | ' | ' | ' | ' | ' | ' | ' | ' | -988 | [1],[4] | -490 | [2],[4] | 205 | [3],[4] |
Net premiums written | ' | ' | ' | ' | ' | ' | ' | ' | 610 | -61 | 657 | |||
Net premiums earned | ' | ' | ' | ' | ' | ' | ' | ' | 586 | -36 | 1,575 | |||
Net claims and claim expenses incurred | ' | ' | ' | ' | ' | ' | ' | ' | 450 | 2,947 | 4,216 | |||
Acquisition expenses | ' | ' | ' | ' | ' | ' | ' | ' | -21 | 187 | 367 | |||
Operational expenses | ' | ' | ' | ' | ' | ' | ' | ' | 655 | 536 | 1,678 | |||
Underwriting income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -498 | -3,706 | -4,686 | |||
Net investment income | ' | ' | ' | ' | ' | ' | ' | ' | 208,028 | 165,725 | 146,871 | |||
Net foreign exchange gains (losses) | ' | ' | ' | ' | ' | ' | ' | ' | 1,917 | 5,319 | -7,844 | |||
Equity in earnings (losses) of other ventures | ' | ' | ' | ' | ' | ' | ' | ' | 23,194 | 23,238 | -36,533 | |||
Other (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -2,359 | -2,120 | 44,345 | |||
Net realized and unrealized gains on investments | ' | ' | ' | ' | ' | ' | ' | ' | 35,076 | 163,121 | 43,956 | |||
Net other-than-temporary impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | -343 | -552 | |||
Corporate expenses | ' | ' | ' | ' | ' | ' | ' | ' | 33,622 | 16,456 | 18,156 | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 17,929 | 23,097 | 23,368 | |||
Income tax (expense) benefit | ' | ' | ' | ' | ' | ' | ' | ' | -1,692 | -1,413 | -10,385 | |||
Income (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 2,422 | -16,476 | -51,559 | |||
Net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -151,144 | -148,040 | 33,157 | |||
Dividends on preference shares | ' | ' | ' | ' | ' | ' | ' | ' | -24,948 | -34,895 | -35,000 | |||
Net claims and claim expenses incurred - current accident year | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -215 | |||
Net claims and claim expenses incurred – prior accident years | ' | ' | ' | ' | ' | ' | ' | ' | 450 | 2,947 | 4,431 | |||
Total net incurred | ' | ' | ' | ' | ' | ' | ' | ' | 450 | 2,947 | 4,216 | |||
Net claims and claim expense ratio - current accident year | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | -13.70% | |||
Net claims and claim expense ratio - prior accident years | ' | ' | ' | ' | ' | ' | ' | ' | 76.80% | -8186.10% | 281.40% | |||
Net claims and claim expense ratio - calendar year | ' | ' | ' | ' | ' | ' | ' | ' | 76.80% | -8186.10% | 267.70% | |||
Underwriting expense ratio | ' | ' | ' | ' | ' | ' | ' | ' | 108.20% | -2008.30% | 130.10% | |||
Combined ratio | ' | ' | ' | ' | ' | ' | ' | ' | 185.00% | -10194.40% | 397.80% | |||
Intersegment Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Gross premiums written | ' | ' | ' | ' | ' | ' | ' | ' | ($1,000) | ($500) | $100 | |||
[1] | Included in gross premiums written in the Other category is inter-segment gross premiums written of $1.0 million. | |||||||||||||
[2] | Included in gross premiums written in the Other category is inter-segment gross premiums written of $0.5 million. | |||||||||||||
[3] | Included in gross premiums written in the Other category is inter-segment gross premiums written of $0.1 million | |||||||||||||
[4] | The Other category consists of contracts that are primarily exposed to U.S. risks and includes inter-segment gross premiums written of $1.0 million for the year ended December 31, 2013 (2012 - $0.5 million, 2011 - $0.1 million). |
Segment_Reporting_Schedule_Of_1
Segment Reporting (Schedule Of Gross Premiums Written Allocated To the Territory Of Coverage Exposure) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Gross premiums written | $84,122 | $182,649 | $703,223 | $635,418 | $83,745 | $136,359 | $667,336 | $664,151 | $1,605,412 | [1] | $1,551,591 | [2] | $1,434,976 | [3] |
Catastrophe Reinsurance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Gross premiums written | ' | ' | ' | ' | ' | ' | ' | ' | 1,120,379 | [1] | 1,182,207 | [2] | 1,177,296 | [3] |
Catastrophe Reinsurance | U.S. and Caribbean | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Gross premiums written | ' | ' | ' | ' | ' | ' | ' | ' | 782,211 | 857,740 | 786,721 | |||
Catastrophe Reinsurance | Worldwide (excluding U.S.) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Gross premiums written | ' | ' | ' | ' | ' | ' | ' | ' | 146,048 | [4] | 139,265 | [4] | 164,112 | [4] |
Catastrophe Reinsurance | Worldwide | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Gross premiums written | ' | ' | ' | ' | ' | ' | ' | ' | 99,179 | 81,595 | 124,797 | |||
Catastrophe Reinsurance | Japan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Gross premiums written | ' | ' | ' | ' | ' | ' | ' | ' | 39,060 | 43,238 | 49,021 | |||
Catastrophe Reinsurance | Europe | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Gross premiums written | ' | ' | ' | ' | ' | ' | ' | ' | 25,659 | 37,113 | 31,888 | |||
Catastrophe Reinsurance | Australia and New Zealand | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Gross premiums written | ' | ' | ' | ' | ' | ' | ' | ' | 22,460 | 18,578 | 16,818 | |||
Catastrophe Reinsurance | Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Gross premiums written | ' | ' | ' | ' | ' | ' | ' | ' | 5,762 | 4,678 | 3,939 | |||
Specialty Reinsurance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Gross premiums written | ' | ' | ' | ' | ' | ' | ' | ' | 259,489 | [1] | 209,887 | [2] | 145,891 | [3] |
Specialty Reinsurance | U.S. and Caribbean | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Gross premiums written | ' | ' | ' | ' | ' | ' | ' | ' | 91,203 | 69,070 | 49,832 | |||
Specialty Reinsurance | Worldwide (excluding U.S.) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Gross premiums written | ' | ' | ' | ' | ' | ' | ' | ' | 1,661 | [4] | 0 | [4] | 0 | [4] |
Specialty Reinsurance | Worldwide | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Gross premiums written | ' | ' | ' | ' | ' | ' | ' | ' | 151,879 | 96,081 | 91,032 | |||
Specialty Reinsurance | Europe | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Gross premiums written | ' | ' | ' | ' | ' | ' | ' | ' | 2,612 | 16,429 | 3,595 | |||
Specialty Reinsurance | Australia and New Zealand | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Gross premiums written | ' | ' | ' | ' | ' | ' | ' | ' | 12,068 | 28,307 | 792 | |||
Specialty Reinsurance | Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Gross premiums written | ' | ' | ' | ' | ' | ' | ' | ' | 66 | 0 | 640 | |||
Lloyd's | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Gross premiums written | ' | ' | ' | ' | ' | ' | ' | ' | 226,532 | [1] | 159,987 | [2] | 111,584 | [3] |
Lloyd's | U.S. and Caribbean | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Gross premiums written | ' | ' | ' | ' | ' | ' | ' | ' | 88,535 | 57,332 | 48,435 | |||
Lloyd's | Worldwide (excluding U.S.) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Gross premiums written | ' | ' | ' | ' | ' | ' | ' | ' | 8,071 | [4] | 6,064 | [4] | 238 | [4] |
Lloyd's | Worldwide | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Gross premiums written | ' | ' | ' | ' | ' | ' | ' | ' | 104,249 | 75,132 | 47,605 | |||
Lloyd's | Europe | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Gross premiums written | ' | ' | ' | ' | ' | ' | ' | ' | 14,763 | 14,456 | 8,044 | |||
Lloyd's | Australia and New Zealand | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Gross premiums written | ' | ' | ' | ' | ' | ' | ' | ' | 2,948 | 2,152 | 2,060 | |||
Lloyd's | Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Gross premiums written | ' | ' | ' | ' | ' | ' | ' | ' | 7,966 | 4,851 | 5,202 | |||
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Gross premiums written | ' | ' | ' | ' | ' | ' | ' | ' | -988 | [1],[5] | -490 | [2],[5] | 205 | [3],[5] |
Intersegment Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Gross premiums written | ' | ' | ' | ' | ' | ' | ' | ' | ($1,000) | ($500) | $100 | |||
[1] | Included in gross premiums written in the Other category is inter-segment gross premiums written of $1.0 million. | |||||||||||||
[2] | Included in gross premiums written in the Other category is inter-segment gross premiums written of $0.5 million. | |||||||||||||
[3] | Included in gross premiums written in the Other category is inter-segment gross premiums written of $0.1 million | |||||||||||||
[4] | The category “Worldwide (excluding U.S.)†consists of contracts that cover more than one geographic region (other than the U.S.). The exposure in this category for gross premiums written to date is predominantly from Europe and Japan. | |||||||||||||
[5] | The Other category consists of contracts that are primarily exposed to U.S. risks and includes inter-segment gross premiums written of $1.0 million for the year ended December 31, 2013 (2012 - $0.5 million, 2011 - $0.1 million). |
Stock_Incentive_Compensation_a2
Stock Incentive Compensation and Employee Benefit Plans (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Aug. 31, 2004 | Dec. 31, 2013 | Dec. 31, 2011 | 31-May-10 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | |
Premium Option Plan | Premium Option Plan | Performance Shares | Performance Shares | Performance Shares | Employee Stock Option | Restricted Stock | Restricted Stock | Restricted Stock | Special Retention Award | Special Retention Award | Special Retention Award | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Performance Shares | Performance Shares | ||||
2001 Stock Incentive Plans and Nonemployee Directors | 2001 Stock Incentive Plans and Nonemployee Directors | Performance Shares | Performance Shares | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected forfeiture rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 8.00% | ' | ' | ' | ' | 13.00% | 8.00% | ' | 0.00% | 0.00% |
Shares reserved for issuance under Premium Option Plan | ' | ' | ' | ' | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock incentive compensation, vesting period | ' | ' | ' | '5 years | ' | '3 years | '3 years | ' | '4 years | ' | ' | '4 years | '4 years | ' | ' | '4 years | ' | ' | ' | ' |
Share-based payment award, Expiration period | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares available for grant | 3,000,000 | ' | ' | 0 | ' | ' | ' | 750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | ' | ' |
Total fair value of shares and share units vested | $47,000,000 | $43,300,000 | $36,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum strike price as a percentage of market value on grant date | ' | ' | ' | 150.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of annual equity incentive award grants, subject to vesting conditions | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting maximum as a percentage of target if performance goal are achieved | ' | ' | ' | ' | ' | ' | ' | 250.00% | ' | ' | ' | ' | ' | ' | 175.00% | ' | ' | ' | ' | ' |
Period for average closing share price to determine total shareholder return | ' | ' | ' | ' | ' | '20 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of special retention award tendered in shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' |
Cash received from exercises of stock options during the period | 1,600,000 | 900,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess windfall tax benefit realized by the Company due to its net operating loss position in the taxable jurisdictions in which it operates | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total stock compensation expense recognized | 43,400,000 | 38,400,000 | 33,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation costs related to restricted stock awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,400,000 | ' | ' | ' | ' | ' | 25,200,000 | ' | ' | 4,800,000 | ' |
Periods for recognition of compensation costs not yet recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 9 months 18 days | ' | ' | ' | ' | ' | '1 year 7 months 6 days | ' | ' | '1 year 10 months 24 days | ' |
Contributions to defined contribution pension plans | $3,500,000 | $3,400,000 | $3,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock_Incentive_Compensation_a3
Stock Incentive Compensation and Employee Benefit Plans (Schedule of Valuation Assumptions) (Details) (Performance Shares) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | |||
Performance Shares | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Period | '1 year | ' | ||
Expected volatility rate, minimum | 19.00% | [1] | 19.80% | [1] |
Expected volatility rate, maximum | 19.60% | [1] | 24.40% | [1] |
Risk free interest rate, minimum | 0.90% | [1] | 0.16% | [1] |
Risk free interest rate, maximum | 1.40% | [1] | 0.64% | [1] |
Expected forfeiture rate | 0.00% | 0.00% | ||
[1] | (1)The expected volatility and risk-free interest rate applied are specific to each tranche of Performance Shares. |
Stock_Incentive_Compensation_a4
Stock Incentive Compensation and Employee Benefit Plans (Schedule of Option Activity) (Details) (USD $) | 12 Months Ended | ||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 | Dec. 31, 2010 |
2001 Stock Incentive Plans and Nonemployee Directors | 2001 Stock Incentive Plans and Nonemployee Directors | 2001 Stock Incentive Plans and Nonemployee Directors | 2001 Stock Incentive Plans and Nonemployee Directors | Premium Option Plan | Premium Option Plan | Premium Option Plan | Premium Option Plan | Premium Option Plan | |
Weighted options outstanding: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, Beginning of Period (shares) | 1,732,639 | 1,973,307 | 2,841,335 | ' | 842,000 | 1,192,000 | 1,192,000 | ' | ' |
Options granted | 0 | 0 | 0 | ' | 0 | 0 | 0 | ' | ' |
Options forfeited | 0 | 0 | -40,010 | ' | 0 | 0 | 0 | ' | ' |
Options expired | 0 | 0 | -4,404 | ' | 0 | 0 | 0 | ' | ' |
Options exercised | -904,547 | -240,668 | -823,614 | ' | -270,000 | -350,000 | 0 | ' | ' |
Balance, End of Period (shares) | 828,092 | 1,732,639 | 1,973,307 | 2,841,335 | 572,000 | 842,000 | 1,192,000 | ' | ' |
Weighted average exercise price: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average exercise price, Beginning of Period (In dollars per share) | $47.61 | $47.33 | $47.28 | ' | $73.82 | $73.94 | $73.94 | ' | ' |
Options granted, Weighted average exercise price (In dollars per share) | $0 | $0 | $0 | ' | $0 | $0 | $0 | ' | ' |
Options forfeited, Weighted average exercise price (In dollars per share) | $0 | $0 | $52.68 | ' | $0 | $0 | $0 | ' | ' |
Options expired, Weighted average exercise price (In dollars per share) | $0 | $0 | $53.86 | ' | $0 | $0 | $0 | ' | ' |
Options exercised, Weighted average exercise price (In dollars per share) | $46.55 | $45.30 | $46.88 | ' | $74.24 | $74.24 | $0 | ' | ' |
Weighted average exercise price, End of Period (In dollars per share) | $48.77 | $47.61 | $47.33 | $47.28 | $73.62 | $73.82 | $73.94 | ' | ' |
Weighted average remaining contractual life | '2 years 10 months 24 days | '3 years 8 months | '4 years 7 months | '4 years 9 months | '1 year 1 month 6 days | ' | ' | ' | ' |
Aggregate Intrinsic Value [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercised, Aggregate intrinsic value | $36,800 | $7,910 | $18,155 | ' | $4,921 | $1,250 | ' | ' | ' |
Aggregate intrinsic value | 40,221 | 58,305 | 53,363 | 46,616 | 13,567 | 6,265 | 0 | ' | 0 |
Range of Exercise Prices [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price range, lower range limit (In dollars per share) | $37.51 | $37.51 | $37.51 | $33.85 | $73.06 | $73.06 | $73.06 | $73.06 | ' |
Exercise price range, upper range limit (In dollars per share) | $59.66 | $59.66 | $59.66 | $59.66 | $74.24 | $74.24 | $74.24 | $74.24 | ' |
Total options exercisable, minimum (In dollars per share) | $37.51 | ' | ' | ' | $73.06 | ' | ' | ' | ' |
Total options exercisable, maximum (In dollars per share) | $59.66 | ' | ' | ' | $74.24 | ' | ' | ' | ' |
Total options exercisable | 828,092 | ' | ' | ' | 572,000 | ' | ' | ' | ' |
Total options exercisable, Weighted average exercise price (In dollars per share) | $48.77 | ' | ' | ' | $73.62 | ' | ' | ' | ' |
Total options exercisable, Weighted average remaining contractual life | '2 years 10 months 24 days | ' | ' | ' | '1 year 1 month 6 days | ' | ' | ' | ' |
Total options exercisable, Aggregate intrinsic value | $40,221 | ' | ' | ' | $13,567 | ' | ' | ' | ' |
Stock_Incentive_Compensation_a5
Stock Incentive Compensation and Employee Benefit Plans (Equity Compensation Other than Options) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Number of shares: | ' | ' | ' |
Nonvested at Beginning of Period | 682,671 | 804,346 | 1,047,234 |
Awards granted | 258,233 | 243,701 | 219,017 |
Awards vested | -332,933 | -358,219 | -383,729 |
Awards forfeited | -6,993 | -7,157 | -78,176 |
Nonvested at End of Period | 600,978 | 682,671 | 804,346 |
Weighted average grant-dated fair value: | ' | ' | ' |
Nonvested, Weighted average grant-dated fair value, at Beginning of Period (In dollars per share) | $61.90 | $53.91 | $49.03 |
Awards granted, Weighted average grant-dated fair value (In dollars per share) | $87.82 | $72.40 | $66.21 |
Awards vested, Weighted average grant-dated fair value (In dollars per share) | $56.31 | $51.26 | $48.84 |
Awards forfeited, Weighted average grant-dated fair value (In dollars per share) | $58.14 | $53.90 | $47.71 |
Nonvested, Weighted average grant-dated fair value, at End of Period (In dollars per share) | $76.24 | $61.90 | $53.91 |
Restricted Stock Units (RSUs) | ' | ' | ' |
Number of shares: | ' | ' | ' |
Nonvested at Beginning of Period | 493,556 | 422,973 | 371,788 |
Awards granted | 149,760 | 225,105 | 215,711 |
Awards vested | -176,265 | -128,401 | -98,676 |
Awards forfeited | -72,906 | -26,121 | -65,850 |
Nonvested at End of Period | 394,145 | 493,556 | 422,973 |
Employee restricted stock | ' | ' | ' |
Number of shares: | ' | ' | ' |
Nonvested at Beginning of Period | 646,748 | 764,761 | 1,004,426 |
Awards granted | 241,071 | 226,827 | 200,745 |
Awards vested | -311,334 | -337,683 | -362,234 |
Awards forfeited | -6,993 | -7,157 | -78,176 |
Nonvested at End of Period | 569,492 | 646,748 | 764,761 |
Weighted average grant-dated fair value: | ' | ' | ' |
Nonvested, Weighted average grant-dated fair value, at Beginning of Period (In dollars per share) | $61.63 | $53.68 | $48.93 |
Awards granted, Weighted average grant-dated fair value (In dollars per share) | $87.85 | $72.46 | $66.21 |
Awards vested, Weighted average grant-dated fair value (In dollars per share) | $55.63 | $51.06 | $48.74 |
Awards forfeited, Weighted average grant-dated fair value (In dollars per share) | $58.14 | $53.90 | $47.71 |
Nonvested, Weighted average grant-dated fair value, at End of Period (In dollars per share) | $76.11 | $61.63 | $53.68 |
Non-employee director restricted stock | ' | ' | ' |
Number of shares: | ' | ' | ' |
Nonvested at Beginning of Period | 35,923 | 39,585 | 42,808 |
Awards granted | 17,162 | 16,874 | 18,272 |
Awards vested | -21,599 | -20,536 | -21,495 |
Awards forfeited | 0 | 0 | 0 |
Nonvested at End of Period | 31,486 | 35,923 | 39,585 |
Weighted average grant-dated fair value: | ' | ' | ' |
Nonvested, Weighted average grant-dated fair value, at Beginning of Period (In dollars per share) | $66.83 | $58.43 | $51.38 |
Awards granted, Weighted average grant-dated fair value (In dollars per share) | $87.40 | $71.69 | $66.21 |
Awards vested, Weighted average grant-dated fair value (In dollars per share) | $66.06 | $54.62 | $50.66 |
Awards forfeited, Weighted average grant-dated fair value (In dollars per share) | $0 | $0 | $0 |
Nonvested, Weighted average grant-dated fair value, at End of Period (In dollars per share) | $78.57 | $66.83 | $58.43 |
Performance Shares | ' | ' | ' |
Number of shares: | ' | ' | ' |
Nonvested at Beginning of Period | 359,520 | 289,867 | 275,813 |
Awards granted | 134,358 | 144,635 | 89,037 |
Awards vested | -24,606 | -70,843 | -63,562 |
Awards forfeited | -109,729 | -4,139 | -11,421 |
Nonvested at End of Period | 359,543 | 359,520 | 289,867 |
Weighted average grant-dated fair value: | ' | ' | ' |
Nonvested, Weighted average grant-dated fair value, at Beginning of Period (In dollars per share) | $67.31 | $63.24 | $56.76 |
Awards granted, Weighted average grant-dated fair value (In dollars per share) | $83.64 | $70.43 | $79.83 |
Nonvested, Weighted average grant-dated fair value, at End of Period (In dollars per share) | $73.23 | $67.31 | $63.24 |
Statutory_Requirements_Statuto
Statutory Requirements (Statutory Capital and Surplus) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Bermuda | ' | ' |
Statutory Accounting Practices [Line Items] | ' | ' |
Actual statutory capital and surplus | $3,194,446 | $3,061,736 |
Required statutory capital and surplus | 562,126 | 554,809 |
Restricted net assets | 887,083 | 784,693 |
United Kingdom | ' | ' |
Statutory Accounting Practices [Line Items] | ' | ' |
Actual statutory capital and surplus | 380,336 | 293,519 |
Required statutory capital and surplus | 380,336 | 293,519 |
Restricted net assets | $0 | $0 |
Statutory_Requirements_Statuto1
Statutory Requirements (Statutory Net Income (Loss)) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Bermuda | ' | ' | ' |
Statutory Accounting Practices [Line Items] | ' | ' | ' |
Statutory net income (loss) or regulated operations | $712,820 | $693,887 | ($44,327) |
United Kingdom | ' | ' | ' |
Statutory Accounting Practices [Line Items] | ' | ' | ' |
Statutory net income (loss) or regulated operations | $7,745 | ($10,967) | ($33,442) |
Statutory_Requirements_Narrati
Statutory Requirements (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Multi-Beneficiary Reinsurance Trust | Multi-Beneficiary Reinsurance Trust | Multi-Beneficiary Reinsurance Trust | Multi-Beneficiary Reinsurance Trust | Multi-Beneficiary Reduced Collateral Reinsurance Trust | Multi-Beneficiary Reduced Collateral Reinsurance Trust | Multi-Beneficiary Reduced Collateral Reinsurance Trust | Multi-Beneficiary Reduced Collateral Reinsurance Trust | Multi-Beneficiary Reduced Collateral Reinsurance Trust | Maximum | Maximum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | |||
DaVinciRe | DaVinciRe | Renaissance Reinsurance | Renaissance Reinsurance | New York | DaVinciRe | DaVinciRe | Renaissance Reinsurance | Renaissance Reinsurance | Bermuda | Bermuda | Multi-Beneficiary Reinsurance Trust | Multi-Beneficiary Reinsurance Trust | Multi-Beneficiary Reinsurance Trust | Multi-Beneficiary Reinsurance Trust | Multi-Beneficiary Reduced Collateral Reinsurance Trust | Multi-Beneficiary Reduced Collateral Reinsurance Trust | Multi-Beneficiary Reduced Collateral Reinsurance Trust | Multi-Beneficiary Reduced Collateral Reinsurance Trust | |||
New York | New York | New York | New York | New York | New York | New York | New York | DaVinciRe | DaVinciRe | Renaissance Reinsurance | Renaissance Reinsurance | DaVinciRe | DaVinciRe | Renaissance Reinsurance | Renaissance Reinsurance | ||||||
New York | New York | New York | New York | New York | New York | New York | New York | ||||||||||||||
Statutory Accounting Practices [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecorded liabilities, exempt by regulatory authority | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $168,000,000 | $113,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Retained earnings available for payment of dividends or distribution to shareholders | 2,600,000,000 | 2,300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets held in trust | $2,081,100,000 | $1,490,900,000 | $173,900,000 | $180,100,000 | $505,100,000 | $508,700,000 | ' | $18,600,000 | $11,000,000 | $21,100,000 | $11,000,000 | ' | ' | $135,200,000 | $169,100,000 | $441,700,000 | $494,900,000 | $10,200,000 | $10,000,000 | $16,300,000 | $10,000,000 |
Multi-beneficiary reduced collateral reinsurance trust collateral reduction | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_Instruments_Consoli
Derivative Instruments (Consolidated Balance Sheets And Fair Value Of The Principal Derivative Instruments) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Derivative Assets [Abstract] | ' | ' | ||
Gross Amounts of Recognized Assets | $12,328 | $10,950 | ||
Gross Amounts Offset in the Balance Sheet | 1,661 | 2,629 | ||
Net Amounts of Assets Presented in the Balance Sheet | 10,667 | 8,321 | ||
Collateral | 310 | 310 | ||
Net Amount | 10,357 | 8,011 | ||
Derivative Liabilities [Abstract] | ' | ' | ||
Gross Amounts of Recognized Liabilities | 6,419 | 4,214 | ||
Gross Amounts Offset in the Balance Sheet | 510 | 0 | ||
Net Amounts of Liabilities Presented in the Balance Sheet | 5,909 | 4,214 | ||
Collateral | 12 | 41 | ||
Net Amount | 5,897 | 4,173 | ||
Other Assets | Interest Rate Futures | ' | ' | ||
Derivative Assets [Abstract] | ' | ' | ||
Gross Amounts of Recognized Assets | 897 | 441 | ||
Gross Amounts Offset in the Balance Sheet | 62 | 0 | ||
Net Amounts of Assets Presented in the Balance Sheet | 835 | 441 | ||
Collateral | 0 | 0 | ||
Net Amount | 835 | 441 | ||
Other Assets | Foreign Currency Forward Contracts, Underwriting and Non-investment Operations | ' | ' | ||
Derivative Assets [Abstract] | ' | ' | ||
Gross Amounts of Recognized Assets | 9,612 | [1] | 7,191 | [1] |
Gross Amounts Offset in the Balance Sheet | 1,179 | [1] | 0 | [1] |
Net Amounts of Assets Presented in the Balance Sheet | 8,433 | [1] | 7,191 | [1] |
Collateral | 0 | [1] | 0 | [1] |
Net Amount | 8,433 | [1] | 7,191 | [1] |
Other Assets | Foreign Currency Forward Contracts, Investment Operations | ' | ' | ||
Derivative Assets [Abstract] | ' | ' | ||
Gross Amounts of Recognized Assets | 1,013 | [2] | 2,534 | [2] |
Gross Amounts Offset in the Balance Sheet | 338 | [2] | 2,296 | [2] |
Net Amounts of Assets Presented in the Balance Sheet | 675 | [2] | 238 | [2] |
Collateral | 0 | [2] | 0 | [2] |
Net Amount | 675 | [2] | 238 | [2] |
Other Assets | Credit Default Swaps | ' | ' | ||
Derivative Assets [Abstract] | ' | ' | ||
Gross Amounts of Recognized Assets | 806 | 784 | ||
Gross Amounts Offset in the Balance Sheet | 82 | 333 | ||
Net Amounts of Assets Presented in the Balance Sheet | 724 | 451 | ||
Collateral | 310 | 310 | ||
Net Amount | 414 | 141 | ||
Other Liabilities | Interest Rate Futures | ' | ' | ||
Derivative Liabilities [Abstract] | ' | ' | ||
Gross Amounts of Recognized Liabilities | 74 | 41 | ||
Gross Amounts Offset in the Balance Sheet | 62 | 0 | ||
Net Amounts of Liabilities Presented in the Balance Sheet | 12 | 41 | ||
Collateral | 12 | 41 | ||
Net Amount | 0 | 0 | ||
Other Liabilities | Foreign Currency Forward Contracts, Underwriting and Non-investment Operations | ' | ' | ||
Derivative Liabilities [Abstract] | ' | ' | ||
Gross Amounts of Recognized Liabilities | 2,204 | [1] | 4,173 | [1] |
Gross Amounts Offset in the Balance Sheet | 28 | [1] | 0 | [1] |
Net Amounts of Liabilities Presented in the Balance Sheet | 2,176 | [1] | 4,173 | [1] |
Collateral | 0 | [1] | 0 | [1] |
Net Amount | 2,176 | [1] | 4,173 | [1] |
Other Liabilities | Foreign Currency Forward Contracts, Investment Operations | ' | ' | ||
Derivative Liabilities [Abstract] | ' | ' | ||
Gross Amounts of Recognized Liabilities | 1,557 | [2] | ' | |
Gross Amounts Offset in the Balance Sheet | 338 | [2] | ' | |
Net Amounts of Liabilities Presented in the Balance Sheet | 1,219 | [2] | ' | |
Collateral | 0 | [2] | ' | |
Net Amount | 1,219 | [2] | ' | |
Other Liabilities | Credit Default Swaps | ' | ' | ||
Derivative Liabilities [Abstract] | ' | ' | ||
Gross Amounts of Recognized Liabilities | 94 | ' | ||
Gross Amounts Offset in the Balance Sheet | 82 | ' | ||
Net Amounts of Liabilities Presented in the Balance Sheet | 12 | ' | ||
Collateral | 0 | ' | ||
Net Amount | 12 | ' | ||
Other Liabilities | Weather Contract | ' | ' | ||
Derivative Liabilities [Abstract] | ' | ' | ||
Gross Amounts of Recognized Liabilities | 2,490 | ' | ||
Gross Amounts Offset in the Balance Sheet | 0 | ' | ||
Net Amounts of Liabilities Presented in the Balance Sheet | 2,490 | ' | ||
Collateral | 0 | ' | ||
Net Amount | $2,490 | ' | ||
[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 $) | 0 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jan. 20, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | |||
Amount of gain (loss) recognized on derivatives | ' | $27,601 | $9,687 | ($33,526) | |||
Investment Income | Interest Rate Futures | ' | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | |||
Amount of gain (loss) recognized on derivatives | ' | 29,695 | -1,746 | -25,256 | |||
Investment Income | Credit Default Swaps | ' | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | |||
Amount of gain (loss) recognized on derivatives | ' | 1,363 | 1,074 | -1,467 | |||
Investment Income | Weather Contract | ' | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | |||
Amount of gain (loss) recognized on derivatives | ' | -1,331 | 0 | 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 | ' | 889 | [1] | 13,804 | [1] | -5,443 | [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 | ' | -3,015 | [2] | -3,445 | [2] | -4,335 | [2] |
Other income (loss) | Platinum Warrant | ' | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | |||
Amount of gain (loss) recognized on derivatives | $3,000 | $0 | $0 | $2,975 | |||
[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_Narrati
Derivative Instruments (Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
Share data in Millions, except Per Share data, unless otherwise specified | Jan. 20, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative [Line Items] | ' | ' | ' | ' |
Amount of gain (loss) recognized on derivatives | ' | $27,601,000 | $9,687,000 | ($33,526,000) |
Platinum Warrant | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Platinum Warrant, shares | 2.5 | ' | ' | ' |
Platinum Warrant, in dollars per share | $27 | ' | ' | ' |
Platinum Warrant | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Aggregate proceeds from sale of Platinum Warrant | 47,900,000 | ' | ' | ' |
Platinum Warrant | Other income (loss) | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Amount of gain (loss) recognized on derivatives | 3,000,000 | 0 | 0 | 2,975,000 |
Long | Interest Rate Futures | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative, Notional Amount | ' | 1,169,300,000 | 377,800,000 | ' |
Long | Foreign Currency Forward Contracts, Underwriting and Non-investment Operations | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative, Notional Amount | ' | 263,600,000 | 446,200,000 | ' |
Long | Foreign Currency Forward Contracts, Investment Operations | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative, Notional Amount | ' | 39,600,000 | 176,700,000 | ' |
Long | Credit Default Swaps | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative, Notional Amount | ' | 7,100,000 | 46,100,000 | ' |
Short | Interest Rate Futures | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative, Notional Amount | ' | 356,600,000 | 310,700,000 | ' |
Short | Foreign Currency Forward Contracts, Underwriting and Non-investment Operations | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative, Notional Amount | ' | 139,800,000 | 119,500,000 | ' |
Short | Foreign Currency Forward Contracts, Investment Operations | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative, Notional Amount | ' | 159,100,000 | 217,400,000 | ' |
Short | Credit Default Swaps | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative, Notional Amount | ' | 18,400,000 | 24,000,000 | ' |
Short | Weather Contract | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative, Notional Amount | ' | $6,400,000 | ' | ' |
Commitments_Contingencies_and_2
Commitments, Contingencies and Other Items (Narrative) (Details) | 12 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
USD ($) | Maximum | Letter of Credit | Top Layer Re | Renaissance Trading | Capital Support Agreement | Citibank Europe PLC | Citibank Europe PLC | Chief Executive Officer | |
Investments as a Percentage of Shareholders' Equity | USD ($) | Letter of Credit | USD ($) | Top Layer Re | Syndicate 1458 | Syndicate 1458 | USD ($) | ||
USD ($) | Letter of Credit | Letter of Credit | Letter of Credit | ||||||
USD ($) | USD ($) | GBP (£) | |||||||
Commitments and Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration risk percentage | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' |
Letters of credit outstanding | ' | ' | $584,400,000 | ' | ' | ' | ' | ' | ' |
Collateral pledged to support letter of credit | ' | ' | ' | 37,500,000 | ' | ' | ' | ' | ' |
Mandatory capital contribution in the event of capital and surplus reduction below a specified level | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' |
Guarantees | ' | ' | ' | ' | 50,800,000 | ' | ' | ' | ' |
Line of credit facility, amount outstanding | ' | ' | ' | ' | ' | ' | 281,000,000 | 60,000,000 | ' |
Percentage of aggregate outstanding letters of credit secured | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of aggregate outstanding letters of credit subject to certain financial covenants | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Initial commitments | 662,700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Fulfilled commitments | 544,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Unfunded commitments | 116,200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | $16,800,000 |
Commitments_Contingencies_and_3
Commitments, Contingencies and Other Items (Future Minimum Payments, Operating Leases) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
2014 | $6,040 |
2015 | 5,804 |
2016 | 4,867 |
2017 | 2,258 |
2018 | 2,195 |
After 2018 | 4,335 |
Future minimum lease payments under existing operating leases | $25,499 |
Commitments_Contingencies_and_4
Commitments, Contingencies and Other Items (Capital Leases) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ' |
Capital Lease, Term | '20 years |
Capital Lease, Term, Renewal Option | '30 years |
2014 | $3,017 |
2015 | 3,017 |
2016 | 3,017 |
2017 | 2,417 |
2018 | 2,417 |
After 2018 | 26,179 |
Future minimum lease payments under existing capital leases | $40,064 |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Gross premiums written | $84,122 | $182,649 | $703,223 | $635,418 | $83,745 | $136,359 | $667,336 | $664,151 | $1,605,412 | [1] | $1,551,591 | [2] | $1,434,976 | [3] |
Net premiums written | 80,784 | 127,241 | 559,109 | 436,813 | 77,417 | 105,035 | 427,630 | 492,575 | 1,203,947 | 1,102,657 | 1,012,773 | |||
(Increase) decrease in unearned premiums | 175,981 | 167,476 | -267,220 | -165,558 | 206,234 | 157,588 | -183,214 | -213,910 | -89,321 | -33,302 | -61,724 | |||
Net premiums earned (Note 7) | 256,765 | 294,717 | 291,889 | 271,255 | 283,651 | 262,623 | 244,416 | 278,665 | 1,114,626 | 1,069,355 | 951,049 | |||
Net investment income (loss) | 78,732 | 59,931 | 26,163 | 43,202 | 39,000 | 46,135 | 17,648 | 62,942 | 208,028 | 165,725 | 146,871 | |||
Net foreign exchange gains (losses) | 1,747 | 488 | -932 | 614 | 1,851 | 3,187 | 1,587 | -1,306 | 1,917 | 5,319 | -7,844 | |||
Equity in earnings (losses) of other ventures | 6,274 | 7,313 | 3,772 | 5,835 | 6,612 | 4,310 | 6,846 | 5,470 | 23,194 | 23,238 | -36,533 | |||
Other (loss) income | -173 | 651 | -1,128 | -1,709 | -2,850 | -1,052 | 5,414 | -3,632 | -2,359 | -2,120 | 44,345 | |||
Net realized and unrealized gains on investments | 61,864 | 28,472 | -69,529 | 14,269 | 12,139 | 75,297 | 28,071 | 47,614 | 35,076 | 163,121 | 43,956 | |||
Total other-than-temporary impairments | 0 | 0 | 0 | 0 | 0 | 0 | -234 | -161 | 0 | -395 | -630 | |||
Portion recognized in other comprehensive income, before taxes | 0 | 0 | 0 | 0 | 0 | 0 | 25 | 27 | ' | ' | ' | |||
Net other-than-temporary impairments | 0 | 0 | 0 | 0 | 0 | 0 | -209 | -134 | 0 | -343 | -552 | |||
Total revenues | 405,209 | 391,572 | 250,235 | 333,466 | 340,403 | 390,500 | 303,773 | 389,619 | 1,380,482 | 1,424,295 | 1,141,292 | |||
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net claims and claim expenses incurred | -20,854 | 60,928 | 103,962 | 27,251 | 186,893 | 73,215 | 49,551 | 15,552 | 171,287 | 325,211 | 861,179 | |||
Acquisition costs | 31,026 | 37,699 | 31,767 | 25,009 | 39,385 | 24,438 | 25,608 | 24,111 | 125,501 | 113,542 | 97,376 | |||
Operational expenses | 57,658 | 44,672 | 42,789 | 45,986 | 53,096 | 42,357 | 41,375 | 42,323 | 191,105 | 179,151 | 169,661 | |||
Corporate expenses | 3,304 | 4,307 | 21,529 | 4,482 | 3,889 | 3,796 | 4,014 | 4,757 | 33,622 | 16,456 | 18,156 | |||
Interest expense | 4,297 | 4,298 | 4,300 | 5,034 | 5,772 | 5,891 | 5,716 | 5,718 | 17,929 | 23,097 | 23,368 | |||
Total expenses | 75,431 | 151,904 | 204,347 | 107,762 | 289,035 | 149,697 | 126,264 | 92,461 | 539,444 | 657,457 | 1,169,740 | |||
Income (loss) from continuing operations before taxes | 329,778 | 239,668 | 45,888 | 225,704 | 51,368 | 240,803 | 177,509 | 297,158 | 841,038 | 766,838 | -28,448 | |||
Income tax (expense) benefit | -1,336 | -223 | -11 | -122 | -405 | -144 | -899 | 36 | -1,692 | -1,413 | -10,385 | |||
Income (loss) from continuing operations | 328,442 | 239,445 | 45,877 | 225,582 | 50,963 | 240,659 | 176,610 | 297,194 | 839,346 | 765,425 | -38,833 | |||
Income (loss) from discontinued operations | 0 | -9,779 | 2,427 | 9,774 | 9,029 | -166 | 8,034 | -33,374 | 2,422 | -16,476 | -51,559 | |||
Net income (loss) | 328,442 | 229,666 | 48,304 | 235,356 | 59,992 | 240,493 | 184,644 | 263,820 | 841,768 | 748,949 | -90,392 | |||
Net income attributable to noncontrolling interests | -54,191 | -44,331 | -14,015 | -38,607 | -9,692 | -51,083 | -33,624 | -53,641 | -151,144 | -148,040 | 33,157 | |||
Net income (loss) attributable to RenaissanceRe | 274,251 | 185,335 | 34,289 | 196,749 | 50,300 | 189,410 | 151,020 | 210,179 | 690,624 | 600,909 | -57,235 | |||
Dividends on preference shares | -5,595 | -5,595 | -7,483 | -6,275 | -8,645 | -8,750 | -8,750 | -8,750 | -24,948 | -34,895 | -35,000 | |||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $268,656 | $179,740 | $26,806 | $190,474 | $41,655 | $180,660 | $142,270 | $201,429 | $665,676 | $566,014 | ($92,235) | |||
Income (loss) from continuing operations available (attributable) to RenaissanceRe common shareholders per common share – basic, in dollars per share | $6.14 | $4.32 | $0.55 | $4.10 | $0.69 | $3.67 | $2.62 | $4.59 | $15.08 | $11.74 | ($0.82) | |||
Income (loss) from discontinued operations available (attributable) to RenaissanceRe common shareholders per common share – basic, in dollars per share | $0 | ($0.23) | $0.06 | $0.22 | $0.19 | $0 | $0.16 | ($0.66) | $0.06 | ($0.34) | ($1.02) | |||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – basic (Note 13), in dollars per share | $6.14 | $4.09 | $0.61 | $4.32 | $0.88 | $3.67 | $2.78 | $3.93 | $15.14 | $11.40 | ($1.84) | |||
Income (loss) from continuing operations available (attributable) to RenaissanceRe common shareholders per common share – diluted, in dollars per share | $6.05 | $4.23 | $0.55 | $4.01 | $0.68 | $3.62 | $2.59 | $4.53 | $14.82 | $11.56 | ($0.82) | |||
Income (loss) from discontinued operations available (attributable) to RenaissanceRe common shareholders per common share – diluted, in dollars per share | $0 | ($0.22) | $0.05 | $0.22 | $0.19 | $0 | $0.16 | ($0.65) | $0.05 | ($0.33) | ($1.02) | |||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share – diluted (Note 13), in dollars per share | $6.05 | $4.01 | $0.60 | $4.23 | $0.87 | $3.62 | $2.75 | $3.88 | $14.87 | $11.23 | ($1.84) | |||
Average shares outstanding - basic (shares) | 43,160 | 43,330 | 43,372 | 43,461 | 46,442 | 48,394 | 50,278 | 50,377 | 43,349 | 48,873 | 50,747 | |||
Average shares outstanding - diluted (shares) | 43,769 | 44,135 | 44,243 | 44,290 | 47,297 | 49,119 | 51,012 | 50,981 | 44,128 | 49,603 | 50,747 | |||
[1] | Included in gross premiums written in the Other category is inter-segment gross premiums written of $1.0 million. | |||||||||||||
[2] | Included in gross premiums written in the Other category is inter-segment gross premiums written of $0.5 million. | |||||||||||||
[3] | Included in gross premiums written in the Other category is inter-segment gross premiums written of $0.1 million |
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 | Dec. 31, 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 $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||||
Assets | ' | ' | ' | ' | ||||
Total investments | $6,821,712,000 | $6,355,394,000 | ' | ' | ||||
Cash and cash equivalents | 408,032,000 | 304,145,000 | 181,825,000 | 226,138,000 | ||||
Investments in subsidiaries | 0 | 0 | ' | ' | ||||
Due from subsidiaries and affiliates | 0 | 0 | ' | ' | ||||
Premiums receivable | 474,087,000 | 491,365,000 | ' | ' | ||||
Prepaid reinsurance premiums | 66,132,000 | 77,082,000 | ' | ' | ||||
Reinsurance recoverable | 101,025,000 | 192,512,000 | 404,029,000 | ' | ||||
Accrued investment income | 34,065,000 | 33,478,000 | ' | ' | ||||
Deferred acquisition costs | 81,684,000 | 52,622,000 | ' | ' | ||||
Receivable for investments sold | 75,845,000 | 168,673,000 | ' | ' | ||||
Other assets | 116,549,000 | 119,263,000 | ' | ' | ||||
Assets of discontinued operations held for sale | 0 | 134,094,000 | ' | ' | ||||
Total assets | 8,179,131,000 | 7,928,628,000 | ' | ' | ||||
Liabilities | ' | ' | ' | ' | ||||
Reserve for claims and claim expenses | 1,563,730,000 | 1,879,377,000 | ' | ' | ||||
Unearned premiums | 477,888,000 | 399,517,000 | ' | ' | ||||
Notes and bank loans payable | 249,430,000 | 349,339,000 | ' | ' | ||||
Amounts due to subsidiaries and affiliates | 0 | 0 | ' | ' | ||||
Reinsurance balances payable | 293,022,000 | 290,419,000 | ' | ' | ||||
Payable for investments purchased | 193,221,000 | 278,787,000 | ' | ' | ||||
Other liabilities | 397,596,000 | 198,434,000 | ' | ' | ||||
Liabilities of discontinued operations held for sale | 0 | 57,440,000 | ' | ' | ||||
Total liabilities | 3,174,887,000 | 3,453,313,000 | ' | ' | ||||
Redeemable noncontrolling interests | 1,099,860,000 | 968,259,000 | ' | ' | ||||
Shareholders' Equity | ' | ' | ' | ' | ||||
Total shareholders' equity | 3,904,384,000 | 3,507,056,000 | 3,608,533,000 | ' | ||||
Total liabilities, noncontrolling interests and shareholders' equity | 8,179,131,000 | 7,928,628,000 | ' | ' | ||||
RenaissanceRe Holdings Ltd. (Parent Guarantor) | ' | ' | ' | ' | ||||
Assets | ' | ' | ' | ' | ||||
Total investments | 210,719,000 | 572,139,000 | ' | ' | ||||
Cash and cash equivalents | 8,796,000 | 6,298,000 | 10,606,000 | 3,414,000 | ||||
Investments in subsidiaries | 3,294,729,000 | 2,864,793,000 | ' | ' | ||||
Due from subsidiaries and affiliates | 296,752,000 | 53,296,000 | ' | ' | ||||
Premiums receivable | 0 | 0 | ' | ' | ||||
Prepaid reinsurance premiums | 0 | 0 | ' | ' | ||||
Reinsurance recoverable | 0 | 0 | ' | ' | ||||
Accrued investment income | 0 | 2,535,000 | ' | ' | ||||
Deferred acquisition costs | 0 | 0 | ' | ' | ||||
Receivable for investments sold | 14,000 | 60,149,000 | ' | ' | ||||
Other assets | 112,234,000 | 114,956,000 | ' | ' | ||||
Assets of discontinued operations held for sale | ' | 0 | ' | ' | ||||
Total assets | 3,923,244,000 | 3,674,166,000 | ' | ' | ||||
Liabilities | ' | ' | ' | ' | ||||
Reserve for claims and claim expenses | 0 | 0 | ' | ' | ||||
Unearned premiums | 0 | 0 | ' | ' | ||||
Notes and bank loans payable | 0 | 100,000,000 | ' | ' | ||||
Amounts due to subsidiaries and affiliates | 0 | 11,371,000 | ' | ' | ||||
Reinsurance balances payable | 0 | 0 | ' | ' | ||||
Payable for investments purchased | ' | 9,694,000 | ' | ' | ||||
Other liabilities | ' | 50,036,000 | ' | ' | ||||
Liabilities of discontinued operations held for sale | ' | 0 | ' | ' | ||||
Total liabilities | 18,860,000 | 171,101,000 | ' | ' | ||||
Redeemable noncontrolling interests | 0 | 0 | ' | ' | ||||
Shareholders' Equity | ' | ' | ' | ' | ||||
Total shareholders' equity | 3,904,384,000 | 3,503,065,000 | ' | ' | ||||
Total liabilities, noncontrolling interests and shareholders' equity | 3,923,244,000 | 3,674,166,000 | ' | ' | ||||
RenRe North America Holdings Inc. | ' | ' | ' | ' | ||||
Assets | ' | ' | ' | ' | ||||
Total investments | 98,784,000 | 49,618,000 | ' | ' | ||||
Cash and cash equivalents | 4,027,000 | 1,528,000 | 4,920,000 | 3,940,000 | ||||
Investments in subsidiaries | 74,718,000 | 37,202,000 | ' | ' | ||||
Due from subsidiaries and affiliates | 0 | 117,000 | ' | ' | ||||
Premiums receivable | 0 | 0 | ' | ' | ||||
Prepaid reinsurance premiums | 0 | 0 | ' | ' | ||||
Reinsurance recoverable | 0 | 0 | ' | ' | ||||
Accrued investment income | 110,000 | 69,000 | ' | ' | ||||
Deferred acquisition costs | 0 | 0 | ' | ' | ||||
Receivable for investments sold | 0 | 0 | ' | ' | ||||
Other assets | 1,481,000 | 15,754,000 | ' | ' | ||||
Assets of discontinued operations held for sale | ' | 134,094,000 | ' | ' | ||||
Total assets | 179,120,000 | 238,382,000 | ' | ' | ||||
Liabilities | ' | ' | ' | ' | ||||
Reserve for claims and claim expenses | 0 | 0 | ' | ' | ||||
Unearned premiums | 0 | 0 | ' | ' | ||||
Notes and bank loans payable | 249,430,000 | 249,339,000 | ' | ' | ||||
Amounts due to subsidiaries and affiliates | 3,173,000 | 5,593,000 | ' | ' | ||||
Reinsurance balances payable | 0 | 0 | ' | ' | ||||
Payable for investments purchased | 0 | 0 | ' | ' | ||||
Other liabilities | 6,953,000 | 4,572,000 | ' | ' | ||||
Liabilities of discontinued operations held for sale | ' | 57,440,000 | ' | ' | ||||
Total liabilities | 259,556,000 | 316,944,000 | ' | ' | ||||
Redeemable noncontrolling interests | 0 | 0 | ' | ' | ||||
Shareholders' Equity | ' | ' | ' | ' | ||||
Total shareholders' equity | -80,436,000 | -78,562,000 | ' | ' | ||||
Total liabilities, noncontrolling interests and shareholders' equity | 179,120,000 | 238,382,000 | ' | ' | ||||
Other RenaissanceRe Holdings Ltd. Subsidiaries And Eliminations (Non-Guarantor Subsidiaries) | ' | ' | ' | ' | ||||
Assets | ' | ' | ' | ' | ||||
Total investments | 6,512,209,000 | 5,733,637,000 | ' | ' | ||||
Cash and cash equivalents | 395,209,000 | [1] | 296,319,000 | [1] | 166,299,000 | [1] | 218,784,000 | [1] |
Investments in subsidiaries | 0 | 0 | ' | ' | ||||
Due from subsidiaries and affiliates | 0 | 0 | ' | ' | ||||
Premiums receivable | 474,087,000 | 491,365,000 | ' | ' | ||||
Prepaid reinsurance premiums | 66,132,000 | 77,082,000 | ' | ' | ||||
Reinsurance recoverable | 101,025,000 | 192,512,000 | ' | ' | ||||
Accrued investment income | 33,955,000 | 30,874,000 | ' | ' | ||||
Deferred acquisition costs | 81,684,000 | 52,622,000 | ' | ' | ||||
Receivable for investments sold | 75,831,000 | 108,524,000 | ' | ' | ||||
Other assets | 102,834,000 | 104,046,000 | ' | ' | ||||
Assets of discontinued operations held for sale | ' | 0 | ' | ' | ||||
Total assets | 7,842,966,000 | [1] | 7,086,981,000 | [1] | ' | ' | ||
Liabilities | ' | ' | ' | ' | ||||
Reserve for claims and claim expenses | 1,563,730,000 | 1,879,377,000 | ' | ' | ||||
Unearned premiums | 477,888,000 | 399,517,000 | ' | ' | ||||
Notes and bank loans payable | 0 | 0 | ' | ' | ||||
Amounts due to subsidiaries and affiliates | 0 | 0 | ' | ' | ||||
Reinsurance balances payable | 293,022,000 | 290,419,000 | ' | ' | ||||
Payable for investments purchased | 193,221,000 | 269,093,000 | ' | ' | ||||
Other liabilities | 371,783,000 | 145,284,000 | ' | ' | ||||
Liabilities of discontinued operations held for sale | ' | 0 | ' | ' | ||||
Total liabilities | 2,899,644,000 | [1] | 2,983,690,000 | [1] | ' | ' | ||
Redeemable noncontrolling interests | 1,099,860,000 | 968,259,000 | ' | ' | ||||
Shareholders' Equity | ' | ' | ' | ' | ||||
Total shareholders' equity | 3,843,462,000 | 3,135,032,000 | ' | ' | ||||
Total liabilities, noncontrolling interests and shareholders' equity | 7,842,966,000 | [1] | 7,086,981,000 | [1] | ' | ' | ||
Consolidating Adjustments | ' | ' | ' | ' | ||||
Assets | ' | ' | ' | ' | ||||
Total investments | 0 | 0 | ' | ' | ||||
Cash and cash equivalents | 0 | 0 | ' | ' | ||||
Investments in subsidiaries | -3,369,447,000 | -2,901,995,000 | ' | ' | ||||
Due from subsidiaries and affiliates | -296,752,000 | -53,413,000 | ' | ' | ||||
Premiums receivable | 0 | 0 | ' | ' | ||||
Prepaid reinsurance premiums | 0 | 0 | ' | ' | ||||
Reinsurance recoverable | 0 | 0 | ' | ' | ||||
Accrued investment income | 0 | 0 | ' | ' | ||||
Deferred acquisition costs | 0 | 0 | ' | ' | ||||
Receivable for investments sold | 0 | 0 | ' | ' | ||||
Other assets | -100,000,000 | -115,493,000 | ' | ' | ||||
Assets of discontinued operations held for sale | ' | 0 | ' | ' | ||||
Total assets | -3,766,199,000 | [2] | -3,070,901,000 | [2] | ' | ' | ||
Liabilities | ' | ' | ' | ' | ||||
Reserve for claims and claim expenses | 0 | 0 | ' | ' | ||||
Unearned premiums | 0 | 0 | ' | ' | ||||
Notes and bank loans payable | 0 | 0 | ' | ' | ||||
Amounts due to subsidiaries and affiliates | -3,173,000 | -16,964,000 | ' | ' | ||||
Reinsurance balances payable | 0 | 0 | ' | ' | ||||
Payable for investments purchased | 0 | 0 | ' | ' | ||||
Other liabilities | 0 | -1,458,000 | ' | ' | ||||
Liabilities of discontinued operations held for sale | ' | 0 | ' | ' | ||||
Total liabilities | -3,173,000 | [2] | -18,422,000 | [2] | ' | ' | ||
Redeemable noncontrolling interests | 0 | 0 | ' | ' | ||||
Shareholders' Equity | ' | ' | ' | ' | ||||
Total shareholders' equity | -3,763,026,000 | -3,052,479,000 | ' | ' | ||||
Total liabilities, noncontrolling interests and shareholders' equity | ($3,766,199,000) | [2] | ($3,070,901,000) | [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 | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net premiums earned | $256,765 | $294,717 | $291,889 | $271,255 | $283,651 | $262,623 | $244,416 | $278,665 | $1,114,626 | $1,069,355 | $951,049 | |||
Net investment income | 78,732 | 59,931 | 26,163 | 43,202 | 39,000 | 46,135 | 17,648 | 62,942 | 208,028 | 165,725 | 146,871 | |||
Net foreign exchange gains (losses) | 1,747 | 488 | -932 | 614 | 1,851 | 3,187 | 1,587 | -1,306 | 1,917 | 5,319 | -7,844 | |||
Equity in earnings (losses) of other ventures | 6,274 | 7,313 | 3,772 | 5,835 | 6,612 | 4,310 | 6,846 | 5,470 | 23,194 | 23,238 | -36,533 | |||
Other (loss) income | -173 | 651 | -1,128 | -1,709 | -2,850 | -1,052 | 5,414 | -3,632 | -2,359 | -2,120 | 44,345 | |||
Net realized and unrealized gains on investments | 61,864 | 28,472 | -69,529 | 14,269 | 12,139 | 75,297 | 28,071 | 47,614 | 35,076 | 163,121 | 43,956 | |||
Net other-than-temporary impairments | 0 | 0 | 0 | 0 | 0 | 0 | -209 | -134 | 0 | -343 | -552 | |||
Total revenues | 405,209 | 391,572 | 250,235 | 333,466 | 340,403 | 390,500 | 303,773 | 389,619 | 1,380,482 | 1,424,295 | 1,141,292 | |||
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net claims and claim expenses incurred | -20,854 | 60,928 | 103,962 | 27,251 | 186,893 | 73,215 | 49,551 | 15,552 | 171,287 | 325,211 | 861,179 | |||
Acquisition expenses | 31,026 | 37,699 | 31,767 | 25,009 | 39,385 | 24,438 | 25,608 | 24,111 | 125,501 | 113,542 | 97,376 | |||
Operational expenses | 57,658 | 44,672 | 42,789 | 45,986 | 53,096 | 42,357 | 41,375 | 42,323 | 191,105 | 179,151 | 169,661 | |||
Corporate expenses | 3,304 | 4,307 | 21,529 | 4,482 | 3,889 | 3,796 | 4,014 | 4,757 | 33,622 | 16,456 | 18,156 | |||
Interest expense | 4,297 | 4,298 | 4,300 | 5,034 | 5,772 | 5,891 | 5,716 | 5,718 | 17,929 | 23,097 | 23,368 | |||
Total expenses | 75,431 | 151,904 | 204,347 | 107,762 | 289,035 | 149,697 | 126,264 | 92,461 | 539,444 | 657,457 | 1,169,740 | |||
Income (loss) before equity in net income (loss) of subsidiaries and taxes | ' | ' | ' | ' | ' | ' | ' | ' | 841,038 | 766,838 | -28,448 | |||
Equity in net income (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Income (loss) from continuing operations before taxes | 329,778 | 239,668 | 45,888 | 225,704 | 51,368 | 240,803 | 177,509 | 297,158 | 841,038 | 766,838 | -28,448 | |||
Income tax (expense) benefit | -1,336 | -223 | -11 | -122 | -405 | -144 | -899 | 36 | -1,692 | -1,413 | -10,385 | |||
Income (loss) from continuing operations | 328,442 | 239,445 | 45,877 | 225,582 | 50,963 | 240,659 | 176,610 | 297,194 | 839,346 | 765,425 | -38,833 | |||
Income from discontinued operations | 0 | -9,779 | 2,427 | 9,774 | 9,029 | -166 | 8,034 | -33,374 | 2,422 | -16,476 | -51,559 | |||
Net income (loss) | 328,442 | 229,666 | 48,304 | 235,356 | 59,992 | 240,493 | 184,644 | 263,820 | 841,768 | 748,949 | -90,392 | |||
Net income attributable to noncontrolling interests | -54,191 | -44,331 | -14,015 | -38,607 | -9,692 | -51,083 | -33,624 | -53,641 | -151,144 | -148,040 | 33,157 | |||
Net income (loss) attributable to RenaissanceRe | 274,251 | 185,335 | 34,289 | 196,749 | 50,300 | 189,410 | 151,020 | 210,179 | 690,624 | 600,909 | -57,235 | |||
Dividends on preference shares | -5,595 | -5,595 | -7,483 | -6,275 | -8,645 | -8,750 | -8,750 | -8,750 | -24,948 | -34,895 | -35,000 | |||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | 268,656 | 179,740 | 26,806 | 190,474 | 41,655 | 180,660 | 142,270 | 201,429 | 665,676 | 566,014 | -92,235 | |||
RenaissanceRe Holdings Ltd. (Parent Guarantor) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net premiums earned | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Net investment income | ' | ' | ' | ' | ' | ' | ' | ' | 4,213 | 14,195 | 20,182 | |||
Net foreign exchange gains (losses) | ' | ' | ' | ' | ' | ' | ' | ' | -7 | 33 | 112 | |||
Equity in earnings (losses) of other ventures | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Other (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | 106 | 2,822 | -11 | |||
Net realized and unrealized gains on investments | ' | ' | ' | ' | ' | ' | ' | ' | -483 | 14,862 | 12,040 | |||
Net other-than-temporary impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3,829 | 31,912 | 32,323 | |||
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net claims and claim expenses incurred | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Acquisition expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Operational expenses | ' | ' | ' | ' | ' | ' | ' | ' | -4,962 | -5,103 | -4,842 | |||
Corporate expenses | ' | ' | ' | ' | ' | ' | ' | ' | 31,264 | 14,282 | 11,486 | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 734 | 5,875 | 10,472 | |||
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | 27,036 | 15,054 | 17,116 | |||
Income (loss) before equity in net income (loss) of subsidiaries and taxes | ' | ' | ' | ' | ' | ' | ' | ' | -23,207 | 16,858 | 15,207 | |||
Equity in net income (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 713,831 | 584,051 | -73,066 | |||
Income (loss) from continuing operations before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 690,624 | 600,909 | -57,859 | |||
Income tax (expense) benefit | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 624 | |||
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 690,624 | 600,909 | -57,235 | |||
Income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 690,624 | 600,909 | -57,235 | |||
Net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Net income (loss) attributable to RenaissanceRe | ' | ' | ' | ' | ' | ' | ' | ' | 690,624 | 600,909 | -57,235 | |||
Dividends on preference shares | ' | ' | ' | ' | ' | ' | ' | ' | -24,948 | -34,895 | -35,000 | |||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 665,676 | 566,014 | -92,235 | |||
RenRe North America Holdings Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net premiums earned | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Net investment income | ' | ' | ' | ' | ' | ' | ' | ' | 488 | 619 | 944 | |||
Net foreign exchange gains (losses) | ' | ' | ' | ' | ' | ' | ' | ' | -2 | 0 | 0 | |||
Equity in earnings (losses) of other ventures | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Other (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | 125 | 0 | 0 | |||
Net realized and unrealized gains on investments | ' | ' | ' | ' | ' | ' | ' | ' | 1,196 | 1,556 | 1,217 | |||
Net other-than-temporary impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,807 | 2,175 | 2,161 | |||
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net claims and claim expenses incurred | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Acquisition expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Operational expenses | ' | ' | ' | ' | ' | ' | ' | ' | 7,566 | 7,013 | 7,910 | |||
Corporate expenses | ' | ' | ' | ' | ' | ' | ' | ' | 338 | 273 | 229 | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 14,467 | 14,467 | 14,568 | |||
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | 22,371 | 21,753 | 22,707 | |||
Income (loss) before equity in net income (loss) of subsidiaries and taxes | ' | ' | ' | ' | ' | ' | ' | ' | -20,564 | -19,578 | -20,546 | |||
Equity in net income (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 2,142 | 1,860 | -16,689 | |||
Income (loss) from continuing operations before taxes | ' | ' | ' | ' | ' | ' | ' | ' | -18,422 | -17,718 | -37,235 | |||
Income tax (expense) benefit | ' | ' | ' | ' | ' | ' | ' | ' | -1,558 | -499 | 1,677 | |||
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -19,980 | -18,217 | -35,558 | |||
Income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 2,422 | -16,476 | -51,559 | |||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -17,558 | -34,693 | -87,117 | |||
Net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Net income (loss) attributable to RenaissanceRe | ' | ' | ' | ' | ' | ' | ' | ' | -17,558 | -34,693 | -87,117 | |||
Dividends on preference shares | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | -17,558 | -34,693 | -87,117 | |||
Other RenaissanceRe Holdings Ltd. Subsidiaries And Eliminations (Non-Guarantor Subsidiaries) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net premiums earned | ' | ' | ' | ' | ' | ' | ' | ' | 1,114,626 | 1,069,355 | 951,049 | |||
Net investment income | ' | ' | ' | ' | ' | ' | ' | ' | 209,105 | 150,911 | 131,557 | |||
Net foreign exchange gains (losses) | ' | ' | ' | ' | ' | ' | ' | ' | 1,926 | 5,286 | -7,956 | |||
Equity in earnings (losses) of other ventures | ' | ' | ' | ' | ' | ' | ' | ' | 23,194 | 23,238 | -36,533 | |||
Other (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -2,590 | -4,942 | 44,356 | [1] | ||
Net realized and unrealized gains on investments | ' | ' | ' | ' | ' | ' | ' | ' | 34,363 | 146,703 | 30,699 | |||
Net other-than-temporary impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | -343 | -552 | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,380,624 | [1] | 1,390,208 | [1] | 1,112,620 | |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net claims and claim expenses incurred | ' | ' | ' | ' | ' | ' | ' | ' | 171,287 | 325,211 | 861,179 | [1] | ||
Acquisition expenses | ' | ' | ' | ' | ' | ' | ' | ' | 125,501 | 113,542 | 97,376 | |||
Operational expenses | ' | ' | ' | ' | ' | ' | ' | ' | 189,117 | 177,241 | 166,593 | |||
Corporate expenses | ' | ' | ' | ' | ' | ' | ' | ' | 2,020 | 1,901 | 6,441 | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 2,728 | 2,755 | 3,026 | |||
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | 490,653 | [1] | 620,650 | [1] | 1,134,615 | |
Income (loss) before equity in net income (loss) of subsidiaries and taxes | ' | ' | ' | ' | ' | ' | ' | ' | 889,971 | 769,558 | -21,995 | |||
Equity in net income (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Income (loss) from continuing operations before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 889,971 | [1] | 769,558 | [1] | -21,995 | |
Income tax (expense) benefit | ' | ' | ' | ' | ' | ' | ' | ' | -134 | -914 | -12,686 | |||
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 889,837 | [1] | 768,644 | [1] | -34,681 | |
Income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 889,837 | [1] | 768,644 | [1] | -34,681 | [1] |
Net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -151,144 | -148,040 | 33,157 | |||
Net income (loss) attributable to RenaissanceRe | ' | ' | ' | ' | ' | ' | ' | ' | 738,693 | [1] | 620,604 | [1] | -1,524 | |
Dividends on preference shares | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 738,693 | [1] | 620,604 | [1] | -1,524 | |
Consolidating Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net premiums earned | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Net investment income | ' | ' | ' | ' | ' | ' | ' | ' | -5,778 | 0 | -5,812 | |||
Net foreign exchange gains (losses) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Equity in earnings (losses) of other ventures | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Other (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | [2] | ||
Net realized and unrealized gains on investments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Net other-than-temporary impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | -5,778 | [2] | 0 | [2] | -5,812 | |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net claims and claim expenses incurred | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | [2] | ||
Acquisition expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Operational expenses | ' | ' | ' | ' | ' | ' | ' | ' | -616 | 0 | 0 | |||
Corporate expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -4,698 | |||
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | -616 | [2] | 0 | [2] | -4,698 | |
Income (loss) before equity in net income (loss) of subsidiaries and taxes | ' | ' | ' | ' | ' | ' | ' | ' | -5,162 | 0 | -1,114 | |||
Equity in net income (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -715,973 | -585,911 | 89,755 | |||
Income (loss) from continuing operations before taxes | ' | ' | ' | ' | ' | ' | ' | ' | -721,135 | [2] | -585,911 | [2] | 88,641 | |
Income tax (expense) benefit | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -721,135 | [2] | -585,911 | [2] | 88,641 | |
Income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -721,135 | [2] | -585,911 | [2] | 88,641 | [2] |
Net income attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Net income (loss) attributable to RenaissanceRe | ' | ' | ' | ' | ' | ' | ' | ' | -721,135 | [2] | -585,911 | [2] | 88,641 | |
Dividends on preference shares | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | ($721,135) | [2] | ($585,911) | [2] | $88,641 | |
[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 | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income (loss) | $328,442 | $229,666 | $48,304 | $235,356 | $59,992 | $240,493 | $184,644 | $263,820 | $841,768 | $748,949 | ($90,392) | |||
Change in net unrealized gains on investments | ' | ' | ' | ' | ' | ' | ' | ' | -9,491 | 1,914 | -7,991 | |||
Portion of other-than-temporary impairments recognized in other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -52 | -78 | |||
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 832,277 | 750,811 | -98,461 | |||
Net (income) loss attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -151,144 | -148,040 | 33,157 | |||
Change in net unrealized gains on fixed maturity investments available for sale attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 6 | |||
Comprehensive (income) loss attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 151,144 | 148,040 | -33,163 | |||
Comprehensive income (loss) attributable to RenaissanceRe | ' | ' | ' | ' | ' | ' | ' | ' | 681,133 | 602,771 | -65,298 | |||
RenaissanceRe Holdings Ltd. (Parent Guarantor) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 690,624 | 600,909 | -57,235 | |||
Change in net unrealized gains on investments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Portion of other-than-temporary impairments recognized in other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | |||
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 690,624 | 600,909 | -57,235 | |||
Net (income) loss attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Change in net unrealized gains on fixed maturity investments available for sale attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | |||
Comprehensive (income) loss attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Comprehensive income (loss) attributable to RenaissanceRe | ' | ' | ' | ' | ' | ' | ' | ' | 690,624 | 600,909 | -57,235 | |||
RenRe North America Holdings Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -17,558 | -34,693 | -87,117 | |||
Change in net unrealized gains on investments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Portion of other-than-temporary impairments recognized in other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | |||
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -17,558 | -34,693 | -87,117 | |||
Net (income) loss attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Change in net unrealized gains on fixed maturity investments available for sale attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | |||
Comprehensive (income) loss attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Comprehensive income (loss) attributable to RenaissanceRe | ' | ' | ' | ' | ' | ' | ' | ' | -17,558 | -34,693 | -87,117 | |||
Other RenaissanceRe Holdings Ltd. Subsidiaries And Eliminations (Non-Guarantor Subsidiaries) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 889,837 | [1] | 768,644 | [1] | -34,681 | [1] |
Change in net unrealized gains on investments | ' | ' | ' | ' | ' | ' | ' | ' | -9,491 | [1] | 1,914 | [1] | ' | |
Portion of other-than-temporary impairments recognized in other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | -52 | [1] | ' | ||
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 880,346 | 770,506 | -42,750 | [1] | ||
Net (income) loss attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -151,144 | -148,040 | 33,157 | [1] | ||
Comprehensive (income) loss attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 151,144 | 148,040 | -33,163 | [1] | ||
Comprehensive income (loss) attributable to RenaissanceRe | ' | ' | ' | ' | ' | ' | ' | ' | 729,202 | 622,466 | -9,587 | [1] | ||
Consolidating Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -721,135 | [2] | -585,911 | [2] | 88,641 | [2] |
Change in net unrealized gains on investments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | [2] | ||
Portion of other-than-temporary impairments recognized in other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | [2] | ||
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -721,135 | -585,911 | 88,641 | [2] | ||
Net (income) loss attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | [2] | ||
Change in net unrealized gains on fixed maturity investments available for sale attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [2] | ||
Comprehensive (income) loss attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | [2] | ||
Comprehensive income (loss) attributable to RenaissanceRe | ' | ' | ' | ' | ' | ' | ' | ' | ($721,135) | ($585,911) | $88,641 | [2] | ||
[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 $) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | ||||
RenaissanceRe Holdings Ltd. (Parent Guarantor) | RenaissanceRe Holdings Ltd. (Parent Guarantor) | RenaissanceRe Holdings Ltd. (Parent Guarantor) | RenRe North America Holdings Inc. | RenRe North America Holdings Inc. | RenRe North America Holdings Inc. | Other RenaissanceRe Holdings Ltd. Subsidiaries And Eliminations (Non-Guarantor Subsidiaries) | 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 C Preferred Stock | Series D 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 | Series E Preferred Stock | |||||||
RenaissanceRe Holdings Ltd. (Parent Guarantor) | RenRe North America Holdings Inc. | Other RenaissanceRe Holdings Ltd. Subsidiaries And Eliminations (Non-Guarantor Subsidiaries) | RenaissanceRe Holdings Ltd. (Parent Guarantor) | RenRe North America Holdings Inc. | Other RenaissanceRe Holdings Ltd. Subsidiaries And Eliminations (Non-Guarantor Subsidiaries) | RenaissanceRe Holdings Ltd. (Parent Guarantor) | RenRe North America Holdings Inc. | Other RenaissanceRe Holdings Ltd. Subsidiaries And Eliminations (Non-Guarantor Subsidiaries) | |||||||||||||||||||||||||
Cash flows provided by (used in) operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net cash provided by (used in) operating activities | $795,721,000 | $716,929,000 | $165,933,000 | ($37,966,000) | $128,567,000 | ($58,721,000) | ($7,583,000) | ($10,376,000) | ($56,438,000) | $841,270,000 | $598,738,000 | [1] | $281,092,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cash flows provided by (used in) investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Proceeds from sales and maturities of fixed maturity investments trading | 8,251,405,000 | 8,192,867,000 | 6,089,468,000 | 880,749,000 | 744,211,000 | 532,864,000 | 185,143,000 | 140,626,000 | 221,189,000 | 7,185,513,000 | 7,308,030,000 | [1] | 5,335,415,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Purchases of fixed maturity investments trading | -8,466,467,000 | -8,536,238,000 | -6,271,623,000 | -491,768,000 | -692,783,000 | -684,951,000 | -160,422,000 | -73,800,000 | -322,318,000 | -7,814,277,000 | -7,769,655,000 | [1] | -5,264,354,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Proceeds from sales and maturities of fixed maturity investments available for sale | 45,178,000 | 65,168,000 | 106,362,000 | 0 | 0 | 0 | 0 | 0 | 0 | 45,178,000 | 65,168,000 | [1] | 106,362,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Purchases of fixed maturity investments available for sale | 0 | 0 | -4,107,000 | ' | ' | 0 | ' | ' | 0 | ' | ' | -4,107,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Purchases of equity investments trading | -33,055,000 | 0 | -47,995,000 | 0 | ' | 0 | -81,437,000 | ' | 0 | 48,382,000 | ' | -47,995,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net (purchases) sales of short term investments | -246,971,000 | 68,777,000 | 103,148,000 | 21,217,000 | -80,485,000 | -6,014,000 | 9,399,000 | -10,624,000 | 9,184,000 | -277,587,000 | 159,886,000 | [1] | 99,978,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net sales of other investments | 76,214,000 | 150,828,000 | 50,940,000 | 0 | 0 | 102,717,000 | 0 | 0 | 0 | 76,214,000 | 150,828,000 | [1] | -51,777,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net purchases of investments in other ventures | -4,000,000 | 0 | -39,000,000 | 0 | ' | 0 | 0 | ' | 0 | -4,000,000 | ' | -39,000,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net sales (purchases) of other assets | 2,181,000 | -4,079,000 | 58,318,000 | 0 | 0 | 0 | 0 | 0 | 0 | 2,181,000 | -4,079,000 | [1] | 58,318,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Dividends and return of capital from subsidiaries | 0 | 0 | 0 | 504,241,000 | 979,311,000 | 945,195,000 | 83,593,000 | 9,541,000 | 9,306,000 | -587,834,000 | -988,852,000 | [1] | -954,501,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Contributions to subsidiaries | 0 | 0 | 0 | -500,652,000 | -366,210,000 | -272,366,000 | -38,117,000 | -50,000,000 | -8,294,000 | 538,769,000 | 416,210,000 | [1] | 280,660,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Due to (from) subsidiary | 0 | 0 | 0 | 17,446,000 | -15,359,000 | 6,059,000 | -3,761,000 | 241,000 | 3,780,000 | -13,685,000 | 15,118,000 | [1] | -9,839,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net proceeds (payments) related to sale of discontinued operations | 60,000,000 | -9,000,000 | 269,520,000 | 0 | 0 | 0 | 0 | -9,000,000 | 269,520,000 | 60,000,000 | 0 | [1] | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net cash (used in) provided by investing activities | -315,515,000 | -71,677,000 | 315,031,000 | 431,233,000 | 568,685,000 | 623,504,000 | -5,602,000 | 6,984,000 | 182,367,000 | -741,146,000 | [1] | -647,346,000 | [1] | -490,840,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash flows provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Dividends paid - RenaissanceRe common shares | -49,267,000 | -53,356,000 | -53,460,000 | -49,267,000 | -53,356,000 | -53,460,000 | 0 | 0 | 0 | 0 | 0 | [1] | 0 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Dividends paid - preference shares | -24,948,000 | -34,895,000 | -35,000,000 | -24,948,000 | -34,895,000 | -35,000,000 | 0 | 0 | 0 | 0 | 0 | [1] | 0 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
RenaissanceRe common share repurchases | -207,410,000 | -463,309,000 | -191,619,000 | -207,410,000 | -463,309,000 | -191,619,000 | 0 | 0 | 0 | 0 | 0 | [1] | 0 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net repayment of debt | -102,436,000 | -1,937,000 | -200,000,000 | -100,000,000 | 0 | -277,512,000 | 0 | 0 | -124,949,000 | -2,436,000 | -1,937,000 | [1] | 202,461,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Redemption of preference shares | ' | -150,000,000 | ' | ' | -150,000,000 | ' | ' | 0 | ' | ' | 0 | [1] | ' | -125,000,000 | 0 | 0 | -125,000,000 | 0 | 0 | -150,000,000 | -150,000,000 | 0 | -150,000,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ||
Issuance of preference shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 265,856,000 | 0 | 0 | 265,856,000 | 0 | 0 | |||
Contribution of capital from parent | 0 | ' | ' | 0 | ' | ' | 15,684,000 | ' | ' | -15,684,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net third party redeemable noncontrolling interest share transactions | -5,750,000 | 164,927,000 | -62,157,000 | 0 | 0 | 0 | 0 | 0 | 0 | -5,750,000 | 164,927,000 | [1] | -62,157,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net cash used in financing activities | -398,955,000 | -538,570,000 | -542,236,000 | -390,769,000 | -701,560,000 | -557,591,000 | 15,684,000 | 0 | -124,949,000 | -23,870,000 | [1] | 162,990,000 | [1] | 140,304,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of exchange rate changes on foreign currency cash | 1,423,000 | 1,692,000 | 518,000 | 0 | 0 | 0 | 0 | 0 | 0 | 1,423,000 | 1,692,000 | [1] | 518,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net increase (decrease) in cash and cash equivalents | 82,674,000 | 108,374,000 | -60,754,000 | 2,498,000 | -4,308,000 | 7,192,000 | 2,499,000 | -3,392,000 | 980,000 | 77,677,000 | 116,074,000 | [1] | -68,926,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net decrease in cash and cash equivalents of discontinued operations | 21,213,000 | 13,946,000 | 16,441,000 | 0 | 0 | 0 | 0 | 0 | 0 | 21,213,000 | [1] | 13,946,000 | [1] | 16,441,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents, beginning of period | 304,145,000 | 181,825,000 | 226,138,000 | 6,298,000 | 10,606,000 | 3,414,000 | 1,528,000 | 4,920,000 | 3,940,000 | 296,319,000 | [1] | 166,299,000 | [1] | 218,784,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents, end of period | $408,032,000 | $304,145,000 | $181,825,000 | $8,796,000 | $6,298,000 | $10,606,000 | $4,027,000 | $1,528,000 | $4,920,000 | $395,209,000 | [1] | $296,319,000 | [1] | $166,299,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
[1] | Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 2 Months Ended | 12 Months Ended | 2 Months Ended | 1 Months Ended | 1 Months Ended | ||||||||||
Share data in Thousands, except Per Share data, unless otherwise specified | Nov. 14, 2013 | Dec. 31, 2013 | Feb. 19, 2014 | Feb. 18, 2014 | Dec. 31, 2013 | Jan. 02, 2013 | Dec. 31, 2012 | Jun. 01, 2012 | Jan. 02, 2012 | Dec. 31, 2011 | Jan. 31, 2014 | Jan. 01, 2014 | Dec. 31, 2013 | Feb. 18, 2014 | Feb. 19, 2014 | Jan. 31, 2013 | Jan. 02, 2012 | Jan. 31, 2014 |
Common stock | Common stock | Common stock | Common stock | DaVinciRe | DaVinciRe | DaVinciRe | DaVinciRe | DaVinciRe | DaVinciRe | DaVinciRe | DaVinciRe | Medici | Medici | Medici | Redeemable Noncontrolling Interest | Redeemable Noncontrolling Interest | Redeemable Noncontrolling Interest | |
Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | DaVinciRe | DaVinciRe | DaVinciRe | ||||||||||
Subsequent Event | ||||||||||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of shares | ' | 2,500 | ' | 2,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares repurchased during period, Aggregate value | ' | ($207,900,000) | ' | ($185,800,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares repurchased during period, Average cost per share | ' | $84.80 | ' | $91.66 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share repurchase program, Authorized aggregate amount | 500,000,000 | ' | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redeemable noncontrolling interest, net redemptions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | 300,000,000 |
Redeemable noncontrolling interest, Reserve holdback | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | 60,000,000 | ' | ' | ' | ' | 20,500,000 | 10,000,000 | ' |
Parent Company Ownership in Redeemable Noncontrolling Interest | ' | ' | ' | ' | 27.30% | 32.90% | 30.80% | ' | 34.70% | 42.80% | ' | 26.50% | 73.90% | ' | 46.80% | ' | ' | ' |
Noncontrolling interest, value subscribed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $37,200,000 | $42,200,000 | ' | ' | ' | ' |
Schedule_I_Summary_of_Investme1
Schedule I. Summary of Investments Other Than Investments in Related Parties (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' | ' |
Market Value | $6,821,712 | ' |
Amount at which shown in the Balance Sheet | 6,821,712 | ' |
Short-term investments | 1,044,779 | 821,163 |
Equity investments trading | 254,776 | 58,186 |
Other investments | 573,264 | 644,711 |
Investments in other ventures, under equity method | 105,616 | 87,724 |
U.S. treasuries | ' | ' |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' | ' |
Amortized Cost | 1,358,094 | ' |
Market Value | 1,352,413 | ' |
Amount at which shown in the Balance Sheet | 1,352,413 | ' |
Agencies | ' | ' |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' | ' |
Amortized Cost | 187,815 | ' |
Market Value | 186,050 | ' |
Amount at which shown in the Balance Sheet | 186,050 | ' |
Non-U.S. government (Sovereign Debt) | ' | ' |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' | ' |
Amortized Cost | 332,935 | ' |
Market Value | 334,580 | ' |
Amount at which shown in the Balance Sheet | 334,580 | ' |
Non-U.S. government-backed corporate | ' | ' |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' | ' |
Amortized Cost | 234,531 | ' |
Market Value | 237,479 | ' |
Amount at which shown in the Balance Sheet | 237,479 | ' |
Corporate | ' | ' |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' | ' |
Amortized Cost | 1,783,043 | ' |
Market Value | 1,803,415 | ' |
Amount at which shown in the Balance Sheet | 1,803,415 | ' |
Agency mortgage-backed | ' | ' |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' | ' |
Amortized Cost | 346,740 | ' |
Market Value | 341,908 | ' |
Amount at which shown in the Balance Sheet | 341,908 | ' |
Non-agency mortgage-backed | ' | ' |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' | ' |
Amortized Cost | 242,344 | ' |
Market Value | 257,938 | ' |
Amount at which shown in the Balance Sheet | 257,938 | ' |
Commercial mortgage-backed | ' | ' |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' | ' |
Amortized Cost | 311,681 | ' |
Market Value | 314,236 | ' |
Amount at which shown in the Balance Sheet | 314,236 | ' |
Asset-backed | ' | ' |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' | ' |
Amortized Cost | 14,802 | ' |
Market Value | 15,258 | ' |
Amount at which shown in the Balance Sheet | 15,258 | ' |
Fixed maturity investments | ' | ' |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ' | ' |
Amortized Cost | 4,811,985 | ' |
Market Value | 4,843,277 | ' |
Amount at which shown in the Balance Sheet | $4,843,277 | ' |
Schedule_II_Condensed_Financia1
Schedule II. Condensed Financial Information Of Registrant (Balance Sheets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Assets | ' | ' | ' | ' |
Fixed maturity investments trading, at fair value (Amortized cost $Nil and $324,160 at December 31, 2013 and 2012, respectively) | $4,809,036,000 | $4,660,168,000 | ' | ' |
Fixed maturity investments trading, Amortized cost | 4,781,712,000 | 4,549,112,000 | ' | ' |
Short-term investments | 1,044,779,000 | 821,163,000 | ' | ' |
Total investments | 6,821,712,000 | 6,355,394,000 | ' | ' |
Cash and cash equivalents | 408,032,000 | 304,145,000 | 181,825,000 | 226,138,000 |
Investments in subsidiaries | 0 | 0 | ' | ' |
Due from subsidiaries | 0 | 0 | ' | ' |
Accrued investment income | 34,065,000 | 33,478,000 | ' | ' |
Receivable for investments sold | 75,845,000 | 168,673,000 | ' | ' |
Other assets | 108,438,000 | 110,777,000 | ' | ' |
Total assets | 8,179,131,000 | 7,928,628,000 | ' | ' |
Liabilities | ' | ' | ' | ' |
Notes and bank loans payable | 249,430,000 | 349,339,000 | ' | ' |
Contributions due to subsidiaries | 0 | 0 | ' | ' |
Payable for investments purchased | 193,221,000 | 278,787,000 | ' | ' |
Other liabilities | 397,596,000 | 198,434,000 | ' | ' |
Total liabilities | 3,174,887,000 | 3,453,313,000 | ' | ' |
Shareholders' Equity | ' | ' | ' | ' |
Preference shares: $1.00 par value – 16,000,000 shares issued and outstanding at December 31, 2013 (December 31, 2012 – 16,000,000) | 400,000,000 | 400,000,000 | ' | ' |
Common shares: $1.00 par value – 43,646,436 shares issued and outstanding at December 31, 2013 (December 31, 2012 – 45,542,203) | 43,646,000 | 45,542,000 | ' | ' |
Accumulated other comprehensive income | 4,131,000 | 13,622,000 | ' | ' |
Retained earnings | 3,456,607,000 | 3,043,901,000 | ' | ' |
Total shareholders' equity | 3,904,384,000 | 3,507,056,000 | 3,608,533,000 | ' |
Total liabilities, noncontrolling interests and shareholders' equity | 8,179,131,000 | 7,928,628,000 | ' | ' |
Parent | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Fixed maturity investments trading, at fair value (Amortized cost $Nil and $324,160 at December 31, 2013 and 2012, respectively) | 0 | 337,376,000 | ' | ' |
Fixed maturity investments trading, Amortized cost | 0 | 324,160,000 | ' | ' |
Short-term investments | 210,719,000 | 234,763,000 | ' | ' |
Total investments | 210,719,000 | 572,139,000 | ' | ' |
Cash and cash equivalents | 8,796,000 | 6,298,000 | 10,606,000 | 3,414,000 |
Investments in subsidiaries | 3,294,729,000 | 2,864,793,000 | ' | ' |
Due from subsidiaries | 16,479,000 | 32,467,000 | ' | ' |
Dividends due from subsidiaries | 280,273,000 | 20,829,000 | ' | ' |
Accrued investment income | 0 | 2,535,000 | ' | ' |
Receivable for investments sold | 14,000 | 60,149,000 | ' | ' |
Other assets | 112,234,000 | 114,956,000 | ' | ' |
Total assets | 3,923,244,000 | 3,674,166,000 | ' | ' |
Liabilities | ' | ' | ' | ' |
Notes and bank loans payable | 0 | 100,000,000 | ' | ' |
Contributions due to subsidiaries | 0 | 11,371,000 | ' | ' |
Payable for investments purchased | 0 | 9,694,000 | ' | ' |
Other liabilities | 18,860,000 | 50,036,000 | ' | ' |
Total liabilities | 18,860,000 | 171,101,000 | ' | ' |
Shareholders' Equity | ' | ' | ' | ' |
Preference shares: $1.00 par value – 16,000,000 shares issued and outstanding at December 31, 2013 (December 31, 2012 – 16,000,000) | 400,000,000 | 400,000,000 | ' | ' |
Common shares: $1.00 par value – 43,646,436 shares issued and outstanding at December 31, 2013 (December 31, 2012 – 45,542,203) | 43,646,000 | 45,542,000 | ' | ' |
Accumulated other comprehensive income | 4,131,000 | 13,622,000 | ' | ' |
Retained earnings | 3,456,607,000 | 3,043,901,000 | ' | ' |
Total shareholders' equity | 3,904,384,000 | 3,503,065,000 | ' | ' |
Total liabilities, noncontrolling interests and shareholders' equity | $3,923,244,000 | $3,674,166,000 | ' | ' |
Schedule_II_Condensed_Financia2
Schedule II. Condensed Financial Information Of Registrant (Statements of Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net investment income | $78,732 | $59,931 | $26,163 | $43,202 | $39,000 | $46,135 | $17,648 | $62,942 | $208,028 | $165,725 | $146,871 |
Net foreign exchange gains (losses) | 1,747 | 488 | -932 | 614 | 1,851 | 3,187 | 1,587 | -1,306 | 1,917 | 5,319 | -7,844 |
Other income (loss) | -173 | 651 | -1,128 | -1,709 | -2,850 | -1,052 | 5,414 | -3,632 | -2,359 | -2,120 | 44,345 |
Net realized and unrealized gains on investments | 61,864 | 28,472 | -69,529 | 14,269 | 12,139 | 75,297 | 28,071 | 47,614 | 35,076 | 163,121 | 43,956 |
Total revenues | 405,209 | 391,572 | 250,235 | 333,466 | 340,403 | 390,500 | 303,773 | 389,619 | 1,380,482 | 1,424,295 | 1,141,292 |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | 4,297 | 4,298 | 4,300 | 5,034 | 5,772 | 5,891 | 5,716 | 5,718 | 17,929 | 23,097 | 23,368 |
Operating and corporate expenses | 3,304 | 4,307 | 21,529 | 4,482 | 3,889 | 3,796 | 4,014 | 4,757 | 33,622 | 16,456 | 18,156 |
Total expenses | 75,431 | 151,904 | 204,347 | 107,762 | 289,035 | 149,697 | 126,264 | 92,461 | 539,444 | 657,457 | 1,169,740 |
Income (loss) before equity in net income (loss) of subsidiaries and taxes | ' | ' | ' | ' | ' | ' | ' | ' | 841,038 | 766,838 | -28,448 |
Equity in net income (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Income (loss) from continuing operations before taxes | 329,778 | 239,668 | 45,888 | 225,704 | 51,368 | 240,803 | 177,509 | 297,158 | 841,038 | 766,838 | -28,448 |
Income tax (expense) benefit | -1,336 | -223 | -11 | -122 | -405 | -144 | -899 | 36 | -1,692 | -1,413 | -10,385 |
Net income (loss) attributable to RenaissanceRe | 274,251 | 185,335 | 34,289 | 196,749 | 50,300 | 189,410 | 151,020 | 210,179 | 690,624 | 600,909 | -57,235 |
Dividends on preference shares | -5,595 | -5,595 | -7,483 | -6,275 | -8,645 | -8,750 | -8,750 | -8,750 | -24,948 | -34,895 | -35,000 |
Net income (loss) available (attributable) to RenaissanceRe common shareholders | 268,656 | 179,740 | 26,806 | 190,474 | 41,655 | 180,660 | 142,270 | 201,429 | 665,676 | 566,014 | -92,235 |
Parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net investment income | ' | ' | ' | ' | ' | ' | ' | ' | 4,213 | 14,195 | 20,182 |
Net foreign exchange gains (losses) | ' | ' | ' | ' | ' | ' | ' | ' | -7 | 33 | 112 |
Other income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 106 | 2,822 | -11 |
Net realized and unrealized gains on investments | ' | ' | ' | ' | ' | ' | ' | ' | -483 | 14,862 | 12,040 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3,829 | 31,912 | 32,323 |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 734 | 5,875 | 10,472 |
Operating and corporate expenses | ' | ' | ' | ' | ' | ' | ' | ' | 26,302 | 9,179 | 6,644 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | 27,036 | 15,054 | 17,116 |
Income (loss) before equity in net income (loss) of subsidiaries and taxes | ' | ' | ' | ' | ' | ' | ' | ' | -23,207 | 16,858 | 15,207 |
Equity in net income (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 713,831 | 584,051 | -73,066 |
Income (loss) from continuing operations before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 690,624 | 600,909 | -57,859 |
Income tax (expense) benefit | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 624 |
Net income (loss) attributable to RenaissanceRe | ' | ' | ' | ' | ' | ' | ' | ' | 690,624 | 600,909 | -57,235 |
Dividends on preference shares | ' | ' | ' | ' | ' | ' | ' | ' | -24,948 | -34,895 | -35,000 |
Net income (loss) available (attributable) to RenaissanceRe common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | $665,676 | $566,014 | ($92,235) |
Schedule_II_Condensed_Financia3
Schedule II. Condensed Financial Information Of Registrant (Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | $328,442 | $229,666 | $48,304 | $235,356 | $59,992 | $240,493 | $184,644 | $263,820 | $841,768 | $748,949 | ($90,392) |
Comprehensive income (loss) attributable to RenaissanceRe | ' | ' | ' | ' | ' | ' | ' | ' | 681,133 | 602,771 | -65,298 |
Parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 690,624 | 600,909 | -57,235 |
Comprehensive income (loss) attributable to RenaissanceRe | ' | ' | ' | ' | ' | ' | ' | ' | $690,624 | $600,909 | ($57,235) |
Schedule_II_Condensed_Financia4
Schedule II. Condensed Financial Information Of Registrant (Statements of Cash Flows) (Details) (USD $) | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Parent | Parent | Parent | Parent | Parent | Parent | Parent | Parent | Parent | Series C Preferred Stock | 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 D Preferred Stock | Series E Preferred Stock | Series E Preferred Stock | Series E Preferred Stock | Series E Preferred Stock | Series E Preferred Stock | Series E Preferred Stock | ||||
Fixed maturity investments | Fixed maturity investments | Fixed maturity investments | Investment Income | Investment Income | Investment Income | Parent | Parent | Parent | Parent | Parent | Parent | Parent | Parent | Parent | ||||||||||||||||
Cash flows provided by (used in) operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) attributable to RenaissanceRe | $690,624,000 | $600,909,000 | ($57,235,000) | $690,624,000 | $600,909,000 | ($57,235,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less: equity in net (income) loss of subsidiaries | 0 | 0 | 0 | -713,831,000 | -584,051,000 | 73,066,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) before equity in net income (loss) of subsidiaries and taxes | ' | ' | ' | -23,207,000 | 16,858,000 | 15,831,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustments to reconcile net income (loss) to net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net unrealized (gains) losses included in net investment income | -75,789,000 | -38,207,000 | -12,706,000 | ' | ' | ' | ' | ' | ' | 483,000 | 348,000 | -1,696,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net unrealized losses (gains) included in other (loss) income | 12,782,000 | -330,000 | 1,553,000 | 0 | -193,000 | 304,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net realized and unrealized gains on investments | 35,076,000 | 163,121,000 | 43,956,000 | -483,000 | 14,862,000 | 12,040,000 | 20,000 | 14,862,000 | 12,040,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other | 159,892,000 | -8,074,000 | -47,771,000 | -15,222,000 | 126,416,000 | -61,120,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by operating activities | 795,721,000 | 716,929,000 | 165,933,000 | -37,966,000 | 128,567,000 | -58,721,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash flows (used in) provided by investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from maturities and sales of fixed maturity investments trading | 8,251,405,000 | 8,192,867,000 | 6,089,468,000 | 880,749,000 | 744,211,000 | 532,864,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchases of fixed maturity investments trading | -8,466,467,000 | -8,536,238,000 | -6,271,623,000 | -491,768,000 | -692,783,000 | -684,951,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (purchases) sales of short term investments | -246,971,000 | 68,777,000 | 103,148,000 | 21,217,000 | -80,485,000 | -6,014,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales of other investments | 76,214,000 | 150,828,000 | 50,940,000 | 0 | 0 | 102,717,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends and return of capital from subsidiaries | ' | ' | ' | 504,241,000 | 979,311,000 | 945,195,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributions to subsidiaries | 0 | 0 | 0 | -500,652,000 | -366,210,000 | -272,366,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due to (from) subsidiary | ' | ' | ' | 17,446,000 | -15,359,000 | 6,059,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash (used in) provided by investing activities | -315,515,000 | -71,677,000 | 315,031,000 | 431,233,000 | 568,685,000 | 623,504,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash flows used in financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends paid - RenaissanceRe common shares | -49,267,000 | -53,356,000 | -53,460,000 | -49,267,000 | -53,356,000 | -53,460,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends paid - preference shares | -24,948,000 | -34,895,000 | -35,000,000 | -24,948,000 | -34,895,000 | -35,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
RenaissanceRe common share repurchases | -207,410,000 | -463,309,000 | -191,619,000 | -207,410,000 | -463,309,000 | -191,619,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption of preference shares | ' | -150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -125,000,000 | 0 | 0 | -125,000,000 | 0 | 0 | -150,000,000 | -150,000,000 | 0 | -150,000,000 | -150,000,000 | 0 | ' | ' | ' | ' | ' | ' |
Issuance of preference shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 265,856,000 | 0 | 0 | 265,856,000 | 0 | 0 |
Net repayment of debt | -102,436,000 | -1,937,000 | -200,000,000 | -100,000,000 | 0 | -277,512,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash used in financing activities | -398,955,000 | -538,570,000 | -542,236,000 | -390,769,000 | -701,560,000 | -557,591,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net increase (decrease) in cash and cash equivalents | 82,674,000 | 108,374,000 | -60,754,000 | 2,498,000 | -4,308,000 | 7,192,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents, beginning of period | 304,145,000 | 181,825,000 | 226,138,000 | 6,298,000 | 10,606,000 | 3,414,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents, end of period | $408,032,000 | $304,145,000 | $181,825,000 | $8,796,000 | $6,298,000 | $10,606,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule_III_Supplementary_Ins1
Schedule III. Supplementary Insurance Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplementary Insurance Information, by Segment [Line Items] | ' | ' | ' |
Deferred Policy Acquisition Costs | $81,684 | $52,622 | $43,721 |
Future Policy Benefits, Losses, Claims and Loss Expenses | 1,563,730 | 1,879,377 | 1,992,354 |
Unearned Premiums | 477,888 | 399,517 | 347,655 |
Premium Revenue | 1,114,626 | 1,069,355 | 951,049 |
Net Investment Income | 208,028 | 165,725 | 146,871 |
Benefits, Claims, Losses and Settlement Expenses | 171,287 | 325,211 | 861,179 |
Amortization of Deferred Policy Acquisition Costs | 125,501 | 113,542 | 97,376 |
Other Operating Expenses | 191,105 | 179,151 | 169,661 |
Net Written Premiums | 1,203,947 | 1,102,657 | 1,012,773 |
Catastrophe Reinsurance | ' | ' | ' |
Supplementary Insurance Information, by Segment [Line Items] | ' | ' | ' |
Deferred Policy Acquisition Costs | 37,889 | 28,306 | 28,059 |
Future Policy Benefits, Losses, Claims and Loss Expenses | 780,987 | 1,184,258 | 1,341,908 |
Unearned Premiums | 279,465 | 261,456 | 260,746 |
Premium Revenue | 723,705 | 781,738 | 737,545 |
Net Investment Income | 0 | 0 | 0 |
Benefits, Claims, Losses and Settlement Expenses | 7,908 | 165,209 | 770,350 |
Amortization of Deferred Policy Acquisition Costs | 49,161 | 66,665 | 62,882 |
Other Operating Expenses | 108,130 | 103,811 | 100,932 |
Net Written Premiums | 753,078 | 766,035 | 773,560 |
Specialty Reinsurance | ' | ' | ' |
Supplementary Insurance Information, by Segment [Line Items] | ' | ' | ' |
Deferred Policy Acquisition Costs | 26,727 | 15,010 | 6,864 |
Future Policy Benefits, Losses, Claims and Loss Expenses | 506,268 | 478,313 | 471,618 |
Unearned Premiums | 115,278 | 84,058 | 41,099 |
Premium Revenue | 214,306 | 164,685 | 135,543 |
Net Investment Income | 0 | 0 | 0 |
Benefits, Claims, Losses and Settlement Expenses | 67,236 | 76,813 | 13,354 |
Amortization of Deferred Policy Acquisition Costs | 41,538 | 23,826 | 20,096 |
Other Operating Expenses | 31,780 | 29,124 | 30,319 |
Net Written Premiums | 248,562 | 201,552 | 139,939 |
Lloyd's | ' | ' | ' |
Supplementary Insurance Information, by Segment [Line Items] | ' | ' | ' |
Deferred Policy Acquisition Costs | 17,068 | 9,306 | 8,039 |
Future Policy Benefits, Losses, Claims and Loss Expenses | 218,367 | 149,470 | 87,495 |
Unearned Premiums | 83,145 | 54,003 | 43,367 |
Premium Revenue | 176,029 | 122,968 | 76,386 |
Net Investment Income | 0 | 0 | 0 |
Benefits, Claims, Losses and Settlement Expenses | 95,693 | 80,242 | 73,259 |
Amortization of Deferred Policy Acquisition Costs | 34,823 | 22,864 | 14,031 |
Other Operating Expenses | 50,540 | 45,680 | 36,732 |
Net Written Premiums | 201,697 | 135,131 | 98,617 |
Other | ' | ' | ' |
Supplementary Insurance Information, by Segment [Line Items] | ' | ' | ' |
Deferred Policy Acquisition Costs | 0 | 0 | 759 |
Future Policy Benefits, Losses, Claims and Loss Expenses | 58,108 | 67,336 | 91,333 |
Unearned Premiums | 0 | 0 | 2,443 |
Premium Revenue | 586 | -36 | 1,575 |
Net Investment Income | 208,028 | 165,725 | 146,871 |
Benefits, Claims, Losses and Settlement Expenses | 450 | 2,947 | 4,216 |
Amortization of Deferred Policy Acquisition Costs | -21 | 187 | 367 |
Other Operating Expenses | 655 | 536 | 1,678 |
Net Written Premiums | $610 | ($61) | $657 |
Schedule_IV_Supplemental_Sched1
Schedule IV. Supplemental Schedule of Reinsurance Premiums (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Amounts | ' | ' | ' | ' | ' | ' | ' | ' | $44,530 | $34,028 | $17,794 |
Ceded to Other Companies | ' | ' | ' | ' | ' | ' | ' | ' | 412,415 | 430,374 | 422,950 |
Assumed | ' | ' | ' | ' | ' | ' | ' | ' | 1,482,511 | 1,465,701 | 1,356,205 |
Net premiums earned | $256,765 | $294,717 | $291,889 | $271,255 | $283,651 | $262,623 | $244,416 | $278,665 | $1,114,626 | $1,069,355 | $951,049 |
Percentage of Amount Assumed to Net | ' | ' | ' | ' | ' | ' | ' | ' | 133.00% | 137.00% | 143.00% |
Schedule_VI_Supplementary_Insu1
Schedule VI. Supplementary Insurance Information Concerning Property-Casualty Insurance Operations (Details) (Consolidated Subsidiaries, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated Subsidiaries | ' | ' | ' |
Supplemental Information for Property, Casualty Insurance Underwriters [Line Items] | ' | ' | ' |
Deferred Policy Acquisition Costs | $81,684 | $52,622 | $43,721 |
Reserves for Unpaid Claims and Claim Adjustment Expenses | 1,563,730 | 1,879,377 | 1,992,354 |
Discount, if any, Deducted | 0 | 0 | 0 |
Unearned Premiums | 477,888 | 399,517 | 347,655 |
Earned Premiums | 1,114,626 | 1,069,355 | 951,049 |
Net Investment Income | 208,028 | 165,725 | 146,871 |
Claims and Claim Adjustment Expenses Incurred Related to Current Year | 315,241 | 483,180 | 993,168 |
Claims and Claim Adjustment Expenses Incurred Related to Prior Year | -143,954 | -157,969 | -131,989 |
Amortization of Deferred Policy Acquisition Costs | 125,501 | 113,542 | 97,376 |
Paid Claims and Claims Adjustment Expenses | 395,447 | 226,671 | 428,986 |
Net Premiums Written | $1,203,947 | $1,102,657 | $1,012,773 |