Condensed Consolidating Financial Information Provided in Connection with Outstanding Debt of Subsidiaries | CONDENSED CONSOLIDATING FINANCIAL INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT OF SUBSIDIARIES The following tables present condensed consolidating balance sheets at March 31, 2016 and December 31, 2015 , condensed consolidating statements of operations and condensed consolidating statements of comprehensive income for the three months ended March 31, 2016 and 2015 , and condensed consolidating statements of cash flow for the three months ended March 31, 2016 and 2015 . Each of RenRe North America Holdings Inc., Platinum Underwriters Finance, Inc. and RenaissanceRe Finance is a 100% owned subsidiary of RenaissanceRe. For additional information related to the terms of the Company’s outstanding debt securities, see “Note 10. Debt and Credit Facilities in the Company’s Notes to Consolidated Financial Statements” in the Company’s Form 10-K for the year ended December 31, 2015 . Condensed Consolidating Balance Sheet at March 31, 2016 RenaissanceRe RenRe North Platinum Underwriters Finance, Inc. (Subsidiary Issuer) RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other Consolidating RenaissanceRe Assets Total investments $ 363,935 $ 122,378 $ 300,411 $ — $ 8,253,477 $ — $ 9,040,201 Cash and cash equivalents 5,106 265 2,233 6,443 435,102 — 449,149 Investments in subsidiaries 3,886,801 45,715 890,244 1,210,210 — (6,032,970 ) — Due from subsidiaries and affiliates 166,761 83,978 — — — (250,739 ) — Premiums receivable — — — — 1,094,116 — 1,094,116 Prepaid reinsurance premiums — — — — 444,954 — 444,954 Reinsurance recoverable — — — — 167,228 — 167,228 Accrued investment income 1,505 257 464 — 35,266 — 37,492 Deferred acquisition costs — — — — 287,291 — 287,291 Receivable for investments sold 19 9 28 — 204,250 — 204,306 Other assets 396,973 28,749 12,510 126,958 110,121 (507,797 ) 167,514 Goodwill and other intangible assets 135,400 — — — 126,262 — 261,662 Total assets $ 4,956,500 $ 281,351 $ 1,205,890 $ 1,343,611 $ 11,158,067 $ (6,791,506 ) $ 12,153,913 Liabilities, Noncontrolling Interests and Shareholders’ Equity Liabilities Reserve for claims and claim expenses $ — $ — $ — $ — $ 2,811,523 $ — $ 2,811,523 Unearned premiums — — — — 1,261,454 — 1,261,454 Debt 117,000 — 264,985 545,363 147,188 (117,000 ) 957,536 Amounts due to subsidiaries and affiliates 70,981 199 343 89,183 — (160,706 ) — Reinsurance balances payable — — — — 618,344 — 618,344 Payable for investments purchased — 48 14,852 — 439,693 — 454,593 Other liabilities 7,926 205 14,370 6,648 194,735 (15,351 ) 208,533 Total liabilities 195,907 452 294,550 641,194 5,472,937 (293,057 ) 6,311,983 Redeemable noncontrolling interests — — — — 1,081,337 — 1,081,337 Shareholders’ Equity Total shareholders’ equity 4,760,593 280,899 911,340 702,417 4,603,793 (6,498,449 ) 4,760,593 Total liabilities, noncontrolling interests and shareholders’ equity $ 4,956,500 $ 281,351 $ 1,205,890 $ 1,343,611 $ 11,158,067 $ (6,791,506 ) $ 12,153,913 (1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. (2) Includes Parent Guarantor, Subsidiary Guarantor and Subsidiary Issuer consolidating adjustments. Condensed Consolidating Balance Sheet at December 31, 2015 RenaissanceRe Holdings Ltd. (Parent Guarantor) RenRe North Platinum Underwriters Finance, Inc. (Subsidiary Issuer) RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1) Consolidating Adjustments (2) RenaissanceRe Consolidated Assets Total investments $ 349,892 $ 127,087 $ 205,777 $ — $ 8,316,312 $ — $ 8,999,068 Cash and cash equivalents 10,185 5,908 7,103 677 483,012 — 506,885 Investments in subsidiaries 3,902,519 48,754 867,909 1,185,736 — (6,004,918 ) — Due from subsidiaries and affiliates 81,282 69,739 — — — (151,021 ) — Premiums receivable — — — — 778,009 — 778,009 Prepaid reinsurance premiums — — — — 230,671 — 230,671 Reinsurance recoverable — — — — 134,526 — 134,526 Accrued investment income 1,253 169 348 — 37,979 — 39,749 Deferred acquisition costs — — — — 199,380 — 199,380 Receivable for investments sold 26 1 68,537 — 152,270 — 220,834 Other assets 390,302 29,532 12,852 115,456 124,215 (491,346 ) 181,011 Goodwill and other intangible assets 137,064 — — — 128,090 — 265,154 Total assets $ 4,872,523 $ 281,190 $ 1,162,526 $ 1,301,869 $ 10,584,464 $ (6,647,285 ) $ 11,555,287 Liabilities, Redeemable Noncontrolling Interest and Shareholders’ Equity Liabilities Reserve for claims and claim expenses $ — $ — $ — $ — $ 2,767,045 $ — $ 2,767,045 Unearned premiums — — — — 889,102 — 889,102 Debt 117,000 — 268,196 545,187 147,112 (117,000 ) 960,495 Amounts due to subsidiaries and affiliates 2,641 202 204 68,204 — (71,251 ) — Reinsurance balances payable — — — — 523,974 — 523,974 Payable for investments purchased 999 6 25 — 390,348 — 391,378 Other liabilities 19,699 1,148 6,620 — 222,320 (4,642 ) 245,145 Total liabilities 140,339 1,356 275,045 613,391 4,939,901 (192,893 ) 5,777,139 Redeemable noncontrolling interests — — — — 1,045,964 — 1,045,964 Shareholders’ Equity Total shareholders’ equity 4,732,184 279,834 887,481 688,478 4,598,599 (6,454,392 ) 4,732,184 Total liabilities, redeemable noncontrolling interest and shareholders’ equity $ 4,872,523 $ 281,190 $ 1,162,526 $ 1,301,869 $ 10,584,464 $ (6,647,285 ) $ 11,555,287 (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 Platinum Underwriters Finance, Inc. (Subsidiary Issuer) RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other Consolidating RenaissanceRe Revenues Net premiums earned $ — $ — $ — $ — $ 353,606 $ — $ 353,606 Net investment income 6,858 509 1,433 140 25,806 (5,883 ) 28,863 Net foreign exchange losses (1 ) — — — (1,691 ) — (1,692 ) Equity in earnings of other ventures — — — — 1,611 — 1,611 Other income — — — — 4,079 — 4,079 Net realized and unrealized gains on investments 4,488 1,115 1,964 — 54,086 — 61,653 Total revenues 11,345 1,624 3,397 140 437,497 (5,883 ) 448,120 Expenses Net claims and claim expenses incurred — — — — 126,605 — 126,605 Acquisition expenses — — — — 65,592 — 65,592 Operational expenses (701 ) (141 ) 52 7,009 55,096 (5,080 ) 56,235 Corporate expenses 5,613 — — — 2,612 — 8,225 Interest expense 140 — 1,476 6,543 2,519 (140 ) 10,538 Total expenses 5,052 (141 ) 1,528 13,552 252,424 (5,220 ) 267,195 Income (loss) before equity in net income (loss) of subsidiaries and taxes 6,293 1,765 1,869 (13,412 ) 185,073 (663 ) 180,925 Equity in net income (loss) of subsidiaries 123,538 (133 ) 22,335 24,479 — (170,219 ) — Income before taxes 129,831 1,632 24,204 11,067 185,073 (170,882 ) 180,925 Income tax benefit (expense) 3,759 (561 ) (344 ) 2,879 (8,477 ) — (2,744 ) Net income 133,590 1,071 23,860 13,946 176,596 (170,882 ) 178,181 Net income attributable to redeemable noncontrolling interests — — — — (44,591 ) — (44,591 ) Net income attributable to RenaissanceRe 133,590 1,071 23,860 13,946 132,005 (170,882 ) 133,590 Dividends on preference shares (5,595 ) — — — — — (5,595 ) Net income attributable to RenaissanceRe common shareholders $ 127,995 $ 1,071 $ 23,860 $ 13,946 $ 132,005 $ (170,882 ) $ 127,995 (1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. (2) Includes Parent Guarantor, Subsidiary Guarantor and Subsidiary Issuer consolidating adjustments. Condensed Consolidating Statement of Comprehensive Income for the three months ended March 31, 2016 RenaissanceRe RenRe North Platinum Underwriters Finance, Inc. (Subsidiary Issuer) RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other Consolidating RenaissanceRe Comprehensive income Net income $ 133,590 $ 1,071 $ 23,860 $ 13,946 $ 176,596 $ (170,882 ) $ 178,181 Change in net unrealized gains on investments — — — — (443 ) — (443 ) Comprehensive income 133,590 1,071 23,860 13,946 176,153 (170,882 ) 177,738 Net income attributable to redeemable noncontrolling interests — — — — (44,591 ) — (44,591 ) Comprehensive income attributable to noncontrolling interests — — — — (44,591 ) — (44,591 ) Comprehensive income attributable to RenaissanceRe $ 133,590 $ 1,071 $ 23,860 $ 13,946 $ 131,562 $ (170,882 ) $ 133,147 (1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. (2) Includes Parent Guarantor, Subsidiary Guarantor and Subsidiary Issuer consolidating adjustments. Condensed Consolidating Statement of Operations for RenaissanceRe RenRe North Inc. Platinum Underwriters Finance, Inc. (Subsidiary Issuer) RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other Consolidating RenaissanceRe Revenues Net premiums earned $ — $ — $ — $ — $ 296,760 $ — $ 296,760 Net investment income (loss) 2,624 331 (40 ) 36 37,730 (974 ) 39,707 Net foreign exchange losses (10 ) — — — (3,120 ) — (3,130 ) Equity in earnings of other ventures — — — — 5,295 — 5,295 Other income 166 — — — 1,538 (165 ) 1,539 Net realized and unrealized gains on investments 39 406 1 — 41,303 — 41,749 Total revenues 2,819 737 (39 ) 36 379,506 (1,139 ) 381,920 Expenses Net claims and claim expenses incurred — — — — 76,853 — 76,853 Acquisition expenses — — — — 43,401 — 43,401 Operational expenses 3,809 1,890 1 — 39,920 1 45,621 Corporate expenses 24,486 39 — — 21,008 — 45,533 Interest expense 295 3,676 492 222 667 (36 ) 5,316 Total expenses 28,590 5,605 493 222 181,849 (35 ) 216,724 (Loss) income before equity in net income (loss) of subsidiaries and taxes (25,771 ) (4,868 ) (532 ) (186 ) 197,657 (1,104 ) 165,196 Equity in net income (loss) of subsidiaries 200,945 3,416 1,410 43,902 — (249,673 ) — Income (loss) before taxes 175,174 (1,452 ) 878 43,716 197,657 (250,777 ) 165,196 Income tax (expense) benefit (1,736 ) 31,005 (695 ) 65 19,265 — 47,904 Net income (loss) 173,438 29,553 183 43,781 216,922 (250,777 ) 213,100 Net income attributable to redeemable noncontrolling interests — — — — (39,662 ) — (39,662 ) Net income (loss) attributable to RenaissanceRe 173,438 29,553 183 43,781 177,260 (250,777 ) 173,438 Dividends on preference shares (5,595 ) — — — — — (5,595 ) Net income (loss) available (attributable) to RenaissanceRe common shareholders $ 167,843 $ 29,553 $ 183 $ 43,781 $ 177,260 $ (250,777 ) $ 167,843 (1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. (2) Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments. Condensed Consolidating Statement of Comprehensive Income (Loss) for the three months ended March 31, 2015 RenaissanceRe RenRe North Inc. Platinum Underwriters Finance, Inc. (Subsidiary Issuer) RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other Consolidating RenaissanceRe Comprehensive income (loss) Net income (loss) $ 173,438 $ 29,553 $ 183 $ 43,781 $ 216,922 $ (250,777 ) $ 213,100 Change in net unrealized gains on investments — — — — (74 ) — (74 ) Comprehensive income (loss) 173,438 29,553 183 43,781 216,848 (250,777 ) 213,026 Net income attributable to redeemable noncontrolling interests — — — — (39,662 ) — (39,662 ) Comprehensive income attributable to redeemable noncontrolling interests — — — — (39,662 ) — (39,662 ) Comprehensive income (loss) attributable to RenaissanceRe $ 173,438 $ 29,553 $ 183 $ 43,781 $ 177,186 $ (250,777 ) $ 173,364 (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 Platinum Underwriters Finance, Inc. (Subsidiary Issuer) RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other RenaissanceRe Consolidated Cash flows (used in) provided by operating activities Net cash (used in) provided by operating activities $ (12,542 ) $ (332 ) $ 4,561 $ (15,213 ) $ 13,819 $ (9,707 ) Cash flows provided by (used in) investing activities Proceeds from sales and maturities of fixed maturity investments trading 80,763 25,376 20,566 — 2,413,368 2,540,073 Purchases of fixed maturity investments trading (195,141 ) (82,697 ) (135,561 ) — (2,242,884 ) (2,656,283 ) Proceeds from sales and maturities of fixed maturity investments available for sale — — — — 3,662 3,662 Net sales (purchases) of equity investments trading — 158 138,834 — (19,623 ) 119,369 Net sales (purchases) of short term investments 104,213 63,194 (33,409 ) — 11 134,009 Net purchases of other investments — — — — (39,698 ) (39,698 ) Dividends and return of capital from subsidiaries 118,544 2,900 — — (121,444 ) — Contributions to subsidiaries (19,924 ) — — — 19,924 — Due to (from) subsidiary 23,054 (14,242 ) 139 20,979 (29,930 ) — Net cash provided by (used in) investing activities 111,509 (5,311 ) (9,431 ) 20,979 (16,614 ) 101,132 Cash flows used in financing activities Dividends paid – RenaissanceRe common shares (13,285 ) — — — — (13,285 ) Dividends paid – preference shares (5,595 ) — — — — (5,595 ) RenaissanceRe common share repurchases (85,166 ) — — — — (85,166 ) Net third party redeemable noncontrolling interest share transactions — — — — (50,374 ) (50,374 ) Net cash used in financing activities (104,046 ) — — — (50,374 ) (154,420 ) Effect of exchange rate changes on foreign currency cash — — — — 5,259 5,259 Net (decrease) increase in cash and cash equivalents (5,079 ) (5,643 ) (4,870 ) 5,766 (47,910 ) (57,736 ) Cash and cash equivalents, beginning of period 10,185 5,908 7,103 677 483,012 506,885 Cash and cash equivalents, end of period $ 5,106 $ 265 $ 2,233 $ 6,443 $ 435,102 $ 449,149 (1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. Condensed Consolidating Statement of Cash Flows for the three months ended March 31, 2015 RenaissanceRe RenRe North Inc. Platinum Underwriters Finance, Inc. (Subsidiary Issuer) RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other RenaissanceRe Holdings Ltd. Subsidiaries and Eliminations (Non-guarantor Subsidiaries) (1) RenaissanceRe Consolidated Cash flows used in operating activities Net cash used in operating activities $ (28,333 ) $ (13,573 ) $ (295 ) $ (2,176 ) $ (74,228 ) $ (118,605 ) Cash flows provided by (used in) investing activities Proceeds from sales and maturities of fixed maturity investments trading — 5,007 45,029 — 2,025,642 2,075,678 Purchases of fixed maturity investments trading — — — — (1,490,123 ) (1,490,123 ) Proceeds from sales and maturities of fixed maturity investments available for sale — — — — 1,757 1,757 Net sales of equity investments trading — 13,763 — — 36,864 50,627 Net sales (purchases) of short term investments 44,839 (5,848 ) (45,042 ) — 118,846 112,795 Net purchases of other investments — — — — (7,952 ) (7,952 ) Net purchases of investments in other ventures — — — — (126 ) (126 ) Net purchases of other assets — — — — (2,500 ) (2,500 ) Dividends and return of capital from subsidiaries 704,691 180,000 — — (884,691 ) — Contributions to subsidiaries 148,147 — — (180,000 ) 31,853 — Due to (from) subsidiaries 117,006 (180,053 ) — (116,773 ) 179,820 — Net purchase of Platinum (904,433 ) — 1,537 — 224,744 (678,152 ) Net cash provided by (used in) investing activities 110,250 12,869 1,524 (296,773 ) 234,134 62,004 Cash flows (used in) provided by financing activities Dividends paid – RenaissanceRe common shares (13,720 ) — — — — (13,720 ) Dividends paid – preference shares (5,595 ) — — — — (5,595 ) RenaissanceRe common share repurchases (446 ) — — — — (446 ) Net issuance (repayment) of debt — — — 299,400 (1,577 ) 297,823 Net third party redeemable noncontrolling interest share transactions — — — — (180,285 ) (180,285 ) Net cash (used in) provided by financing activities (19,761 ) — — 299,400 (181,862 ) 97,777 Effect of exchange rate changes on foreign currency cash — — — — (9,142 ) (9,142 ) Net increase (decrease) in cash and cash equivalents 62,156 (704 ) 1,229 451 (31,098 ) 32,034 Cash and cash equivalents, beginning of period 5,986 1,033 — — 518,565 525,584 Cash and cash equivalents, end of period $ 68,142 $ 329 $ 1,229 $ 451 $ 487,467 $ 557,618 (1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. |