Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 25, 2016 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | RENAISSANCERE HOLDINGS LTD. | |
Trading Symbol | RNR | |
Entity Central Index Key | 913,144 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 41,208,267 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Assets | ||
Fixed maturity investments trading, at fair value (Amortized cost $7,007,201 and $6,825,877 at June 30, 2016 and December 31, 2015, respectively) | $ 7,073,129 | $ 6,765,005 |
Fixed maturity investments available for sale, at fair value (Amortized cost $10,923 and $15,943 at June 30, 2016 and December 31, 2015, respectively) | 12,434 | 17,813 |
Short term investments, at fair value | 1,000,206 | 1,208,401 |
Equity investments trading, at fair value | 301,298 | 393,877 |
Other investments, at fair value | 489,702 | 481,621 |
Investments in other ventures, under equity method | 133,448 | 132,351 |
Total investments | 9,010,217 | 8,999,068 |
Cash and cash equivalents | 455,521 | 506,885 |
Premiums receivable | 1,332,667 | 778,009 |
Prepaid reinsurance premiums | 533,092 | 230,671 |
Reinsurance recoverable | 222,006 | 134,526 |
Accrued investment income | 37,900 | 39,749 |
Deferred acquisition costs | 331,152 | 199,380 |
Receivable for investments sold | 203,165 | 220,834 |
Other assets | 160,873 | 181,011 |
Goodwill and other intangible assets | 258,170 | 265,154 |
Total assets | 12,544,763 | 11,555,287 |
Liabilities | ||
Reserve for claims and claim expenses | 2,844,243 | 2,767,045 |
Unearned premiums | 1,518,106 | 889,102 |
Debt | 954,577 | 960,495 |
Reinsurance balances payable | 753,699 | 523,974 |
Payable for investments purchased | 432,926 | 391,378 |
Other liabilities | 215,592 | 245,145 |
Total liabilities | 6,719,143 | 5,777,139 |
Commitments and Contingencies | ||
Redeemable noncontrolling interest | 1,122,403 | 1,045,964 |
Shareholders’ Equity | ||
Preference shares: $1.00 par value – 16,000,000 shares issued and outstanding at June 30, 2016 (December 31, 2015 – 16,000,000) | 400,000 | 400,000 |
Common shares: $1.00 par value – 41,496,229 shares issued and outstanding at June 30, 2016 (December 31, 2015 – 43,701,064) | 41,496 | 43,701 |
Additional paid-in capital | 242,561 | 507,674 |
Accumulated other comprehensive income | 2,337 | 2,108 |
Retained earnings | 4,016,823 | 3,778,701 |
Total shareholders’ equity attributable to RenaissanceRe | 4,703,217 | 4,732,184 |
Total liabilities, noncontrolling interests and shareholders’ equity | $ 12,544,763 | $ 11,555,287 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Fixed maturity investments trading, amortized cost | $ 7,007,201 | $ 6,825,877 |
Fixed maturity investments available for sale, amortized cost | $ 10,923 | $ 15,943 |
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) | 41,496,229 | 43,701,064 |
Common Shares, Shares outstanding (In shares) | 41,496,229 | 43,701,064 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenues | ||||
Gross premiums written | $ 759,128 | $ 661,997 | $ 1,621,261 | $ 1,305,575 |
Net premiums written | 519,916 | 508,677 | 1,031,591 | 912,712 |
Increase in unearned premiums | (168,514) | (128,849) | (326,583) | (236,124) |
Net premiums earned | 351,402 | 379,828 | 705,008 | 676,588 |
Net investment income | 54,124 | 38,604 | 82,987 | 78,311 |
Net foreign exchange losses | (690) | (1,740) | (2,382) | (4,870) |
Equity in earnings of other ventures | 6,022 | 6,160 | 7,633 | 11,455 |
Other income | 2,654 | 1,427 | 6,733 | 2,966 |
Net realized and unrealized gains (losses) on investments | 69,772 | (26,712) | 131,425 | 15,037 |
Total revenues | 483,284 | 397,567 | 931,404 | 779,487 |
Expenses | ||||
Net claims and claim expenses incurred | 167,750 | 169,344 | 294,355 | 246,197 |
Acquisition expenses | 69,005 | 61,666 | 134,597 | 105,067 |
Operational expenses | 51,073 | 54,673 | 107,308 | 100,294 |
Corporate expenses | 5,752 | 12,868 | 13,977 | 58,401 |
Interest expense | 10,536 | 9,862 | 21,074 | 15,178 |
Total expenses | 304,116 | 308,413 | 571,311 | 525,137 |
Income before taxes | 179,168 | 89,154 | 360,093 | 254,350 |
Income tax (expense) benefit | (6,612) | 1,842 | (9,356) | 49,746 |
Net income | 172,556 | 90,996 | 350,737 | 304,096 |
Net income attributable to redeemable noncontrolling interests | (30,635) | (12,167) | (75,226) | (51,829) |
Net income attributable to RenaissanceRe | 141,921 | 78,829 | 275,511 | 252,267 |
Dividends on preference shares | (5,596) | (5,596) | (11,191) | (11,191) |
Net income available to RenaissanceRe common shareholders | $ 136,325 | $ 73,233 | $ 264,320 | $ 241,076 |
Net income available to RenaissanceRe common shareholders per common share – basic (in usd per share) | $ 3.23 | $ 1.60 | $ 6.20 | $ 5.61 |
Net income available to RenaissanceRe common shareholders per common share – diluted (in usd per share) | 3.22 | 1.59 | 6.16 | 5.56 |
Dividends per common share (in usd per share) | $ 0.31 | $ 0.30 | $ 0.62 | $ 0.6 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Comprehensive income | ||||
Net income | $ 172,556 | $ 90,996 | $ 350,737 | $ 304,096 |
Change in net unrealized gains on investments | 672 | (349) | 229 | (423) |
Comprehensive income | 173,228 | 90,647 | 350,966 | 303,673 |
Net income attributable to redeemable noncontrolling interests | (30,635) | (12,167) | (75,226) | (51,829) |
Comprehensive income attributable to redeemable noncontrolling interests | (30,635) | (12,167) | (75,226) | (51,829) |
Comprehensive income attributable to RenaissanceRe | 142,593 | 78,480 | 275,740 | 251,844 |
Disclosure regarding net unrealized gains | ||||
Total net realized and unrealized holding gains (losses) on investments | 672 | (62) | 229 | (85) |
Net realized gains on fixed maturity investments available for sale | 0 | (287) | 0 | (338) |
Change in net unrealized gains on investments | $ 672 | $ (349) | $ 229 | $ (423) |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Shareholders' Equity - USD ($) $ in Thousands | Total | Preference Shares | Common Shares | Additional Paid-In Capital | Accumulated Other Comprehensive Income | Retained Earnings |
Beginning of period at Dec. 31, 2014 | $ 400,000 | $ 38,442 | $ 0 | $ 3,416 | $ 3,423,857 | |
Issuance of shares | 7,435 | 754,384 | ||||
Repurchase of shares | (83) | (8,343) | ||||
Change in redeemable noncontrolling interests | (261) | |||||
Exercise of options and issuance of restricted stock awards | 219 | 4,704 | ||||
Change in net unrealized gains on investments | $ 423 | (423) | ||||
Net income | 304,096 | 304,096 | ||||
Net income attributable to redeemable noncontrolling interests | (51,829) | (51,829) | ||||
Dividends on common shares | (27,479) | |||||
Dividends on preference shares | (11,191) | (11,191) | ||||
End of period at Jun. 30, 2015 | 400,000 | 46,013 | 750,484 | 2,993 | 3,637,454 | |
Total shareholders’ equity | 4,836,944 | |||||
Beginning of period at Dec. 31, 2015 | 4,732,184 | 400,000 | 43,701 | 507,674 | 2,108 | 3,778,701 |
Issuance of shares | 0 | 0 | ||||
Repurchase of shares | (2,420) | (269,847) | ||||
Change in redeemable noncontrolling interests | (731) | |||||
Exercise of options and issuance of restricted stock awards | 215 | 5,465 | ||||
Change in net unrealized gains on investments | (229) | 229 | ||||
Net income | 350,737 | 350,737 | ||||
Net income attributable to redeemable noncontrolling interests | (75,226) | (75,226) | ||||
Dividends on common shares | (26,198) | |||||
Dividends on preference shares | (11,191) | (11,191) | ||||
End of period at Jun. 30, 2016 | 4,703,217 | $ 400,000 | $ 41,496 | $ 242,561 | $ 2,337 | $ 4,016,823 |
Total shareholders’ equity | $ 4,703,217 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flows provided by (used in) operating activities | ||
Net income | $ 350,737 | $ 304,096 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities | ||
Amortization, accretion and depreciation | 11,036 | 12,395 |
Equity in undistributed earnings of other ventures | (2,308) | (6,822) |
Net realized and unrealized gains on investments | (131,425) | (15,037) |
Net unrealized losses (gains) included in net investment income | 20,360 | (3,238) |
Net unrealized losses included in other income | 0 | 348 |
Change in: | ||
Premiums receivable | (554,658) | (396,091) |
Prepaid reinsurance premiums | (302,421) | (173,970) |
Reinsurance recoverable | (87,480) | (66,042) |
Deferred acquisition costs | (131,772) | (63,269) |
Reserve for claims and claim expenses | 77,198 | 37,293 |
Unearned premiums | 629,004 | 410,534 |
Reinsurance balances payable | 229,725 | 52,969 |
Other | 9,176 | (122,536) |
Net cash provided by (used in) operating activities | 117,172 | (29,370) |
Cash flows provided by (used in) investing activities | ||
Proceeds from sales and maturities of fixed maturity investments trading | 4,780,406 | 4,761,975 |
Purchases of fixed maturity investments trading | (4,984,820) | (4,596,118) |
Proceeds from sales and maturities of fixed maturity investments available for sale | 5,216 | 5,000 |
Net sales (purchases) of equity investments trading | 181,634 | (166,485) |
Net sales of short term investments | 245,899 | 360,162 |
Net purchases of other investments | (52,778) | (1,250) |
Net purchases of investments in other ventures | 0 | (45) |
Net sales of other assets | 0 | 4,500 |
Net purchase of Platinum | 0 | (678,152) |
Net cash provided by (used in) investing activities | 175,557 | (310,413) |
Cash flows (used in) provided by financing activities | ||
Dividends paid – RenaissanceRe common shares | (26,198) | (27,479) |
Dividends paid – preference shares | (11,191) | (11,191) |
RenaissanceRe common share repurchases | (265,003) | (736) |
Issuance of debt, net of expenses | 0 | 445,589 |
Net third party redeemable noncontrolling interest share transactions | (43,909) | (187,064) |
Net cash (used in) provided by financing activities | (346,301) | 219,119 |
Effect of exchange rate changes on foreign currency cash | 2,208 | (6,830) |
Net decrease in cash and cash equivalents | (51,364) | (127,494) |
Cash and cash equivalents, beginning of period | 506,885 | 525,584 |
Cash and cash equivalents, end of period | $ 455,521 | $ 398,090 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | ORGANIZATION This report on Form 10-Q should be read in conjunction with the Company’s Annual Report on Form 10-K (“Form 10-K”) for the fiscal year ended December 31, 2015 . 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. • On March 2, 2015, RenaissanceRe completed its acquisition of Platinum Underwriters Holdings, Ltd. (“Platinum”). As a result of the acquisition, Platinum and its subsidiaries became wholly owned subsidiaries of RenaissanceRe, including Platinum Underwriters Bermuda, Ltd. (“Platinum Bermuda”) and Renaissance Reinsurance U.S. Inc., formerly known as Platinum Underwriters Reinsurance, Inc. ("Renaissance Reinsurance U.S."). The Company accounted for the acquisition of Platinum under the acquisition method of accounting in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic Business Combinations and the Company's consolidated results of operations include those of Platinum from March 2, 2015. • Renaissance Reinsurance, the Company’s principal reinsurance subsidiary, provides property catastrophe and specialty reinsurance coverages to insurers and reinsurers on a worldwide basis. • Renaissance Reinsurance U.S. is a reinsurance company domiciled in the state of Maryland that provides property and casualty reinsurance coverages to insurers and reinsurers, primarily in the Americas. • RenaissanceRe Specialty Risks 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 the state of 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, which operates subject to U.S. federal income tax, and RenaissanceRe Syndicate 1458 (“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. • 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 and all significant intercompany transactions have been eliminated. 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 of RenaissanceRe, acts as exclusive underwriting manager for these joint ventures in return for fee-based income and profit participation. • 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. Third party investors have 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 and all significant inter-company transactions have been eliminated. Redeemable noncontrolling interest - Medici represents the interests of external parties with respect to the net income and shareholders’ equity of Medici. • Effective January 1, 2013, the Company formed and launched a managed joint venture, Upsilon RFO Re Ltd., formerly known as Upsilon Reinsurance II Ltd. (“Upsilon RFO”), a Bermuda domiciled special purpose insurer, to provide additional capacity to the worldwide aggregate and per-occurrence primary and retrocessional property catastrophe excess of loss market. 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. • Effective November 13, 2014, the Company incorporated RenaissanceRe Upsilon Fund Ltd. (“Upsilon Fund”), an exempted Bermuda segregated accounts company. Upsilon Fund was formed to provide a fund structure through which third party investors can invest in reinsurance risk managed by the Company. As a segregated accounts company, Upsilon Fund is permitted to establish segregated accounts to invest in and hold identified pools of assets and liabilities. Each pool of assets and liabilities in each segregated account is structured to be ring-fenced from any claims from the creditors of Upsilon Fund’s general account and from the creditors of other segregated accounts within Upsilon Fund. Third party investors purchase redeemable, non-voting preference shares linked to specific segregated accounts of Upsilon Fund and own 100% of these shares. Upsilon Fund is an investment company and is considered a VIE. The Company does not have a variable interest in Upsilon Fund and as a result Upsilon Fund is not consolidated by the Company. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | SIGNIFICANT ACCOUNTING POLICIES There have been no material changes to the Company’s significant accounting policies as described in its Form 10-K for the year ended December 31, 2015 , except as noted below. BASIS OF PRESENTATION These consolidated financial statements have been prepared on the basis of accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, these unaudited consolidated financial statements reflect all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the Company’s financial position and results of operations as at the end of and for the periods presented. All significant intercompany accounts and transactions have been eliminated from these statements. Certain comparative information has been reclassified to conform to the current presentation. Because of the seasonality of the Company’s business, the results of operations and cash flows for any interim period will not necessarily be indicative of the results of operations and cash flows for the full fiscal year or subsequent quarters. USE OF ESTIMATES IN FINANCIAL STATEMENTS The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. The major estimates reflected in the Company’s consolidated financial statements include, but are not limited to, the reserve for claims and claim expenses; reinsurance 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. RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period In June 2014, the FASB issued ASU No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (“ASU 2014-12”). The objective of ASU 2014-12 is to resolve the diverse accounting treatment of share-based payment awards in situations where an employee would be eligible to vest in the award regardless of whether the employee is rendering service on the date the performance target is achieved. For example, if an employee is eligible to retire or otherwise terminate employment before the end of the period in which a performance target could be achieved and still be eligible to vest in the award. ASU 2014-12 will resolve if and when the performance target is achieved. ASU 2014-12 became effective for all entities in annual and interim periods beginning after December 15, 2015. Early adoption was permitted. The Company adopted ASU 2014-12 effective January 1, 2016, and prospectively applied the amendments in ASU 2014-12 to all awards granted or modified after the effective date. The adoption of ASU 2014-12 did not have a material impact on the Company’s consolidated statements of operations and financial position. Amendments to the Consolidation Analysis In February 2015, the FASB issued ASU No. 2015-02, Amendments to the Consolidation Analysis (“ASU 2015-02”). ASU 2015-02 will affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under ASU 2015-02. ASU 2015-02 set forth amendments: modifying the evaluation of whether limited partnerships and similar legal entities are VIEs; eliminating the presumption that a general partner should consolidate a limited partnership; affecting the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangement and related party relationships; and providing a scope exception from consolidation guidance for reporting entities with interests in certain investment funds. ASU 2015-02 became effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption was permitted. The Company adopted ASU 2015-02 effective January 1, 2016 and it did not have a material impact on the Company’s consolidated statements of operations and financial position. See “Note 7 . Variable Interest Entities” for additional information related to the Company’s VIE’s. Simplifying the Presentation of Debt Issuance Costs In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). The objective of ASU 2015-03 is to simplify the presentation of debt issuance costs by requiring debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in ASU 2015-03. ASU 2015-03 became effective for public business entities in annual and interim periods beginning after December 15, 2015 with retroactive application. The Company retrospectively adopted ASU 2015-03 effective January 1, 2016 and the impact on the Company’s consolidated balance sheet at December 31, 2015 was to reduce each of other assets and debt by $5.6 million , respectively, which represented the deferred debt issuance costs previously recorded in other assets and reclassified as an offset to debt. In addition, for the six months ended June 30, 2015 , corporate expense was reduced by $0.2 million and interest expense was increased by $0.2 million to reclassify the amortization of deferred debt issuance costs from corporate expense to interest expense. There was no net impact on the Company’s consolidated statements of operations or financial position as a result of the retrospective adoption of ASU 2015-03. Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) In May 2015, the FASB issued ASU No. 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) (“ASU 2015-07”). ASU 2015-07 removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. ASU 2015-07 also removes the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient. ASU 2015-07 became effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. A reporting entity should apply the amendments retrospectively to all periods presented. The retrospective approach requires that an investment for which fair value is measured using the net asset value per share practical expedient be removed from the fair value hierarchy in all periods presented in an entity’s financial statements. Earlier application was permitted. The Company retrospectively adopted ASU 2015-07 effective January 1, 2016; since this update is disclosure-related only, it did not have a material impact on the Company’s statements of operations and financial position. Simplifying the Accounting for Measurement-Period Adjustments In September 2015, the FASB issued ASU No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”). ASU 2015-16 removes the requirement to retrospectively account for adjustments made to provisional amounts recognized in a business combination. Rather, those adjustments are to be recognized by the acquirer in the reporting period in which the adjustment amounts are determined. A reporting entity is also required to disclose, in the reporting period in which the adjustment amounts are recorded, the effect on earnings of changes in depreciation, amortization, or other income effects, as a result of the change to provisional amounts, calculated as if the accounting had been completed at the acquisition date. In addition, the reporting entity would present on the face of the income statement or disclose in the notes the amounts that would have been recorded in previous reporting periods if the adjustment to provisional amounts had been recognized as of the acquisition date. ASU 2015-16 was effective for public business entities in annual and interim periods beginning after December 15, 2015. ASU 2015-16 should be applied prospectively to adjustments for provisional amounts that occur after the effective date, with earlier application permitted for financial statements that have not been issued. The Company adopted ASU 2015-16 effective January 1, 2016 and it did not have a material impact on the Company’s consolidated statements of operations and financial position. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED Revenue from Contracts with Customers In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 provides comprehensive guidance on the recognition of revenue from customers arising from the transfer of goods and services. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also provides guidance on accounting for certain contract costs and will also require new disclosures. ASU 2014-09 is effective for public business entities in annual and interim periods beginning after December 15, 2017. Early adoption is 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. Disclosures about Short-Duration Contracts In May 2015, the FASB issued ASU No. 2015-09, Disclosures about Short-Duration Contracts (“ASU 2015-09”). ASU 2015-09 requires insurance entities to disclose for annual reporting periods additional information about the liability for unpaid claims and claim adjustment expenses, including: (1) incurred and paid claims development information by accident year, on a net basis, for the number of years for which claims incurred typically remain outstanding, not exceeding 10 years; (2) a reconciliation of incurred and paid claims development information to the aggregate carry amount of the liability for claims and claim adjustment expenses, with separate disclosure of reinsurance recoverable on unpaid claims for each period presented in the statement of financial position; (3) for each accident year presented of incurred claims development information, the total of incurred but not reported liabilities plus expected development on reported claims including in the liability for unpaid claims and claim adjustment expenses, accompanied by a description of the reserving methodologies; (4) for each accident year presented of incurred claims development information, quantitative information about claim frequency accompanied by a qualitative description of methodologies used for determining claim frequency information; and (5) for all claims, the average annual percentage payout of incurred claims by age for the same number of accident years presented in (3) and (4) above. ASU 2015-09 also requires insurance entities to disclose information about significant changes in methodologies and assumptions used to calculate the liability for unpaid claims and claim adjustment expenses, including the reasons for the change and the effects on the financial statements. In addition, ASU 2015-09 requires insurance entities to disclose for annual and interim reporting periods a rollforward of the liability for unpaid claims and claim adjustment expenses. ASU 2015-09 is effective for public business entities in annual periods beginning after December 31, 2015, and interim periods within annual periods beginning after December 31, 2016. Early adoption is permitted. ASU 2015-09 should be applied retrospectively by providing comparative disclosures for each period presented, except for those requirements that apply only to the current period. As this guidance is disclosure-related only, the adoption of this guidance is not expected to have a material impact on the Company’s consolidated statements of operations and financial position. Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting or those that result in the consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, simplifies the impairment assessment of equity investments without readily determinable values by requiring a qualitative assessment to identify impairment, eliminates the requirement to disclose the methods and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost, requires the use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate presentation in other comprehensive income of the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the organization has elected to measure the liabilities in accordance with the fair value option, requires the separate presentation of financial assets and financial liabilities by measurement category and for form of financial asset on the balance sheet or the accompanying notes to the financial statements and clarifies that the reporting organization should evaluate the need for a valuation allowance on a deferred tax asset related to available for sale securities in combination with the organization’s other deferred tax assets. ASU 2016-01 is effective for public business entities in annual and interim periods beginning after December 15, 2017. Earlier adoption is generally not permitted, except for certain specific provisions of ASU 2016-01. 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. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2016 | |
Investments [Abstract] | |
Investments | INVESTMENTS Fixed Maturity Investments Trading The following table summarizes the fair value of fixed maturity investments trading: June 30, December 31, U.S. treasuries $ 2,660,051 $ 2,064,944 Agencies 126,549 137,976 Municipal 561,456 583,282 Non-U.S. government (Sovereign debt) 313,699 334,981 Non-U.S. government-backed corporate 157,606 138,994 Corporate 1,840,407 2,055,323 Agency mortgage-backed 513,517 504,368 Non-agency mortgage-backed 251,015 262,235 Commercial mortgage-backed 498,682 554,625 Asset-backed 150,147 128,277 Total fixed maturity investments trading $ 7,073,129 $ 6,765,005 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 June 30, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Non-Credit Other-Than- Temporary Impairments (1) Agency mortgage-backed $ 139 $ 10 $ — $ 149 $ — Non-agency mortgage-backed 6,214 1,278 — 7,492 503 Commercial mortgage-backed 4,570 223 — 4,793 — Total fixed maturity investments available for sale $ 10,923 $ 1,511 $ — $ 12,434 $ 503 Included in Accumulated Other Comprehensive Income December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Non-Credit Other-Than- Temporary Impairments (1) Agency mortgage-backed $ 143 $ 7 $ — $ 150 $ — Non-agency mortgage-backed 7,005 1,523 — 8,528 550 Commercial mortgage-backed 6,578 293 — 6,871 — Asset-backed 2,217 47 — 2,264 — Total fixed maturity investments available for sale $ 15,943 $ 1,870 $ — $ 17,813 $ 550 (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 June 30, 2016 Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Due in less than one year $ 273,579 $ 266,356 $ — $ — $ 273,579 $ 266,356 Due after one through five years 4,136,965 4,163,134 — — 4,136,965 4,163,134 Due after five through ten years 1,026,303 1,049,939 — — 1,026,303 1,049,939 Due after ten years 171,187 180,339 — — 171,187 180,339 Mortgage-backed 1,244,139 1,263,214 10,923 12,434 1,255,062 1,275,648 Asset-backed 155,028 150,147 — — 155,028 150,147 Total $ 7,007,201 $ 7,073,129 $ 10,923 $ 12,434 $ 7,018,124 $ 7,085,563 Equity Investments Trading The following table summarizes the fair value of equity investments trading: June 30, December 31, Financials $ 196,662 $ 193,716 Communications and technology 33,704 65,833 Industrial, utilities and energy 28,585 51,168 Consumer 21,047 40,918 Healthcare 17,949 36,148 Basic materials 3,351 6,094 Total $ 301,298 $ 393,877 Pledged Investments At June 30, 2016 , $2.4 billion of cash and investments at fair value were on deposit with, or in trust accounts for the benefit of various counterparties, including with respect to the Company’s letter of credit facilities ( December 31, 2015 - $2.5 billion ). Of this amount, $676.6 million is on deposit with, or in trust accounts for the benefit of, U.S. state regulatory authorities ( December 31, 2015 - $664.6 million ). Reverse Repurchase Agreements At June 30, 2016 , the Company held $69.9 million ( December 31, 2015 - $26.2 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 The components of net investment income are as follows: Three months ended Six months ended June 30, June 30, June 30, June 30, Fixed maturity investments $ 46,091 $ 33,791 $ 82,097 $ 59,730 Short term investments 1,227 297 2,227 494 Equity investments 865 1,913 2,528 4,517 Other investments Private equity investments 4,356 5,425 (5,002 ) 15,838 Other 5,035 674 8,344 4,182 Cash and cash equivalents 209 127 338 275 57,783 42,227 90,532 85,036 Investment expenses (3,659 ) (3,623 ) (7,545 ) (6,725 ) Net investment income $ 54,124 $ 38,604 $ 82,987 $ 78,311 Net Realized and Unrealized Gains on Investments Net realized and unrealized gains on investments are as follows: Three months ended Six months ended June 30, June 30, June 30, June 30, Gross realized gains $ 22,661 $ 8,672 $ 40,411 $ 30,204 Gross realized losses (7,804 ) (21,552 ) (22,469 ) (26,423 ) Net realized gains (losses) on fixed maturity investments 14,857 (12,880 ) 17,942 3,781 Net unrealized gains (losses) on fixed maturity investments trading 44,271 (48,104 ) 129,736 (22,132 ) Net realized and unrealized (losses) gains on investments-related derivatives (9,151 ) 19,816 (28,600 ) 15,608 Net realized gains on equity investments trading 14,729 8,832 13,911 16,313 Net unrealized gains (losses) on equity investments trading 5,066 5,624 (1,564 ) 1,467 Net realized and unrealized gains (losses) on investments $ 69,772 $ (26,712 ) $ 131,425 $ 15,037 The Company did not have any fixed maturity investments available for sale in an unrealized loss position at June 30, 2016 or December 31, 2015 . |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS The use of fair value to measure certain assets and liabilities with resulting unrealized gains or losses is pervasive within the Company’s consolidated financial statements. Fair value is defined under accounting guidance currently applicable to the Company to be the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between open market participants at the measurement date. The Company recognizes the change in unrealized gains and losses arising from changes in fair value in its consolidated statements of operations, with the exception of changes in unrealized gains and losses on its fixed maturity investments available for sale, which are recognized as a component of accumulated other comprehensive income in shareholders’ equity. FASB ASC Topic Fair Value Measurements and Disclosures prescribes a fair value hierarchy that prioritizes the inputs to the respective valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to valuation techniques that use at least one significant input that is unobservable (Level 3). The three levels of the fair value hierarchy are described below: • Fair values determined by Level 1 inputs utilize unadjusted quoted prices obtained from active markets for identical assets or liabilities for which the Company has access. The fair value is determined by multiplying the quoted price by the quantity held by the Company; • Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals, broker quotes and certain pricing indices; and • Level 3 inputs are based all or in part on significant unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In these cases, significant management assumptions can be used to establish management’s best estimate of the assumptions used by other market participants in determining the fair value of the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement of the asset or liability. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and the Company considers factors specific to the asset or liability. In order to determine if a market is active or inactive for a security, the Company considers a number of factors, including, but not limited to, the spread between what a seller is asking for a security and what a buyer is bidding for the same security, the volume of trading activity for the security in question, the price of the security compared to its par value (for fixed maturity investments), and other factors that may be indicative of market activity. There have been no material changes in the Company’s valuation techniques, nor have there been any transfers between Level 1 and Level 2, or Level 2 and 3 during the period represented by these consolidated financial statements. Below is a summary of the assets and liabilities that are measured at fair value on a recurring basis and also represents the carrying amount on the Company’s consolidated balance sheets: At June 30, 2016 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fixed maturity investments U.S. treasuries $ 2,660,051 $ 2,660,051 $ — $ — Agencies 126,549 — 126,549 — Municipal 561,456 — 561,456 — Non-U.S. government (Sovereign debt) 313,699 — 313,699 — Non-U.S. government-backed corporate 157,606 — 157,606 — Corporate 1,840,407 — 1,840,407 — Agency mortgage-backed 513,666 — 513,666 — Non-agency mortgage-backed 258,507 — 258,507 — Commercial mortgage-backed 503,475 — 503,475 — Asset-backed 150,147 — 150,147 — Total fixed maturity investments 7,085,563 2,660,051 4,425,512 — Short term investments 1,000,206 — 1,000,206 — Equity investments trading 301,298 301,298 — — Other investments Catastrophe bonds 275,553 — 275,553 — Private equity partnerships (1) 190,316 — — 190,316 Senior secured bank loan fund (1) 22,212 — — 22,212 Hedge funds (1) 1,621 — — 1,621 Total other investments 489,702 — 275,553 214,149 Other assets and (liabilities) Assumed and ceded (re)insurance contracts (2) (2,680 ) — — (2,680 ) Derivatives (3) 2,368 1,084 1,284 — Other (4,541 ) — (4,541 ) — Total other assets and (liabilities) (4,853 ) 1,084 (3,257 ) (2,680 ) $ 8,871,916 $ 2,962,433 $ 5,698,014 $ 211,469 (1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. (2) Included in assumed and ceded (re)insurance contracts at June 30, 2016 was $1.0 million and $3.7 million of other assets and other liabilities, respectively. (3) See “Note 11 . Derivative Instruments” for additional information related to the fair value by type of contract, of derivatives entered into by the Company. At December 31, 2015 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fixed maturity investments U.S. treasuries $ 2,064,944 $ 2,064,944 $ — $ — Agencies 137,976 — 137,976 — Municipal 583,282 — 583,282 — Non-U.S. government (Sovereign debt) 334,981 — 334,981 — Non-U.S. government-backed corporate 138,994 — 138,994 — Corporate 2,055,323 — 2,047,705 7,618 Agency mortgage-backed 504,518 — 504,518 — Non-agency mortgage-backed 270,763 — 270,763 — Commercial mortgage-backed 561,496 — 561,496 — Asset-backed 130,541 — 130,541 — Total fixed maturity investments 6,782,818 2,064,944 4,710,256 7,618 Short term investments 1,208,401 — 1,208,401 — Equity investments trading 393,877 393,877 — — Other investments Catastrophe bonds 241,253 — 241,253 — Private equity partnerships (1) 214,848 — — — Senior secured bank loan fund (1) 23,231 — — — Hedge funds (1) 2,289 — — — Total other investments 481,621 — 241,253 — Other assets and (liabilities) Assumed and ceded (re)insurance contracts (2) (5,899 ) — — (5,899 ) Derivatives (3) 1,486 (1,234 ) 2,720 — Other (12,320 ) — (12,320 ) — Total other assets and (liabilities) (16,733 ) (1,234 ) (9,600 ) (5,899 ) $ 8,849,984 $ 2,457,587 $ 6,150,310 $ 1,719 (1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. (2) Included in assumed and ceded (re)insurance contracts at December 31, 2015 was $3.5 million and $9.4 million of other assets and other liabilities, respectively. (3) See “Note 11 . 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, municipal, 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 June 30, 2016 , the Company’s U.S. treasuries fixed maturity investments were primarily priced by pricing services and had a weighted average effective yield of 0.7% and a weighted average credit quality of AA ( December 31, 2015 - 1.3% 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 June 30, 2016 , the Company’s agency fixed maturity investments had a weighted average effective yield of 1.3% and a weighted average credit quality of AA ( December 31, 2015 - 1.7% 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. Municipal Level 2 - At June 30, 2016 , the Company’s municipal fixed maturity investments had a weighted average effective yield of 1.6% and a weighted average credit quality of AA ( December 31, 2015 - 2.0% and AA, respectively). The Company’s municipal fixed maturity investments are primarily priced by pricing services. When evaluating these securities, the pricing services gather information regarding the security from third party sources such as trustees, paying agents or issuers. 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 over widely accepted market benchmarks. Non-U.S. government (Sovereign debt) Level 2 - At June 30, 2016 , the Company’s non-U.S. government fixed maturity investments had a weighted average effective yield of 1.0% and a weighted average credit quality of AA ( December 31, 2015 - 1.4% 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 that employ proprietary discounted cash flow models to value the securities. Key quantitative inputs for these models are daily observed benchmark curves for treasury, swap and high issuance credits. The pricing services then apply a credit spread for each security which is developed by in-depth and real time market analysis. For securities in which trade volume is low, the pricing services utilize data from more frequently traded securities with similar attributes. These models may also be supplemented by daily market and credit research for international markets. Non-U.S. government-backed corporate Level 2 - At June 30, 2016 , the Company’s non-U.S. government-backed corporate fixed maturity investments had a weighted average effective yield of 1.0% and a weighted average credit quality of AA ( December 31, 2015 - 1.3% and AA, respectively). Non-U.S. government-backed fixed maturity investments are primarily priced by pricing services that employ proprietary discounted cash flow models to value the securities. Key quantitative inputs for these models are daily observed benchmark curves for treasury, swap and high 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 June 30, 2016 , the Company’s corporate fixed maturity investments principally consisted of U.S. and international corporations and had a weighted average effective yield of 3.7% and a weighted average credit quality of BBB ( December 31, 2015 - 3.8% and BBB, respectively). The Company’s corporate fixed maturity investments are primarily priced by pricing services. When evaluating these securities, the pricing services gather information from market sources regarding the issuer of the security and obtain credit data, as well as other observations, from markets and sector news. Evaluations are updated by obtaining broker dealer quotes and other market information including actual trade volumes, when available. The pricing services also consider the specific terms and conditions of the securities, including any specific features which may influence risk. In certain instances, securities are individually evaluated using a spread which is added to the U.S. treasury curve or a security specific swap curve as appropriate. Agency mortgage-backed Level 2 - At June 30, 2016 , the Company’s agency mortgage-backed fixed maturity investments included agency residential mortgage-backed securities with a weighted average effective yield of 2.0% , a weighted average credit quality of AA and a weighted average life of 4.8 years ( December 31, 2015 - 2.7% , AA and 6.1 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 June 30, 2016 , the Company’s non-agency prime residential mortgage-backed fixed maturity investments had a weighted average effective yield of 4.4% , a weighted average credit quality of non-investment grade, and a weighted average life of 4.2 years ( December 31, 2015 - 3.8% , non-investment grade and 4.3 years, respectively). The Company’s non-agency Alt-A fixed maturity investments held at June 30, 2016 had a weighted average effective yield of 5.5% , a weighted average credit quality of non-investment grade and a weighted average life of 5.5 years ( December 31, 2015 - 4.7% , non-investment grade and 5.4 years, respectively). Securities held in these sectors are primarily priced by pricing services using an option adjusted spread model or other relevant models, which principally utilize inputs including benchmark yields, available trade information or broker quotes, and issuer spreads. The pricing services also review collateral prepayment speeds, loss severity and delinquencies among other collateral performance indicators for the securities valuation, when applicable. Commercial mortgage-backed Level 2 - At June 30, 2016 , the Company’s commercial mortgage-backed fixed maturity investments had a weighted average effective yield of 2.8% , a weighted average credit quality of AAA, and a weighted average life of 3.7 years ( December 31, 2015 - 2.9% , AAA 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 bids and offers, prepayment speeds which may be adjusted for the underlying collateral or current price data, the U.S. treasury curve and swap curve as well as cash settlement. The pricing services discount the expected cash flows for each security held in this sector using a spread adjusted benchmark yield based on the characteristics of the security. Asset-backed Level 2 - At June 30, 2016 , the Company’s asset-backed fixed maturity investments had a weighted average effective yield of 1.9% , a weighted average credit quality of AAA and a weighted average life of 2.5 years ( December 31, 2015 - 2.1% , AAA and 2.5 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. At June 30, 2016 , the Company’s short term investments had a weighted average effective yield of 0.5% and a weighted average credit quality of AAA ( December 31, 2015 - 0.4% and AAA, respectively). Equity Investments, Classified as Trading Level 1 - The fair value of the Company’s portfolio of equity investments, classified as trading is primarily priced by pricing services, reflecting the closing price quoted for the final trading day of the period. When pricing these securities, the pricing services utilize daily data from many real time market sources, including applicable securities exchanges. All data sources are regularly reviewed for accuracy to attempt to ensure the most reliable price source was used for each security. Other investments Catastrophe bonds Level 2 - The Company’s other investments include investments in catastrophe bonds which are recorded at fair value based on broker or underwriter bid indications. Other assets and liabilities Derivatives Level 1 and Level 2 - Other assets and liabilities include certain derivatives entered into by the Company. The fair value of these transactions includes certain exchange traded 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 June 30, 2016 of $4.5 million are comprised of cash settled restricted stock units (“CSRSU”) that form part of the Company’s compensation program. The fair value of the Company’s CSRSUs is determined using observable exchange traded prices for the Company’s common shares. Level 3 Assets and Liabilities Measured at Fair Value Below is a summary of quantitative information regarding the significant observable and unobservable inputs (Level 3) used in determining the fair value of assets and liabilities measured at fair value on a recurring basis: At June 30, 2016 Fair Value (Level 3) Valuation Technique Unobservable (U) and Observable (O) Inputs Low High Weighted Average or Actual Other assets and (liabilities) Assumed and ceded (re)insurance contracts (1,302 ) Internal valuation model Bond price (U) $ 97.61 $ 100.02 $ 99.02 Liquidity discount (U) n/a n/a 1.3 % Assumed and ceded (re)insurance contracts (1,378 ) Internal valuation model Net undiscounted cash flows (U) n/a n/a $ (10,753 ) Expected loss ratio (U) n/a n/a 0.1 % Net acquisition expense ratio (O) n/a n/a 23.0 % Contract period (O) 0.5 years 3.0 years 2.2 years Discount rate (U) n/a n/a 0.7 % Total assumed and ceded (re)insurance contracts (2,680 ) Total other assets and (liabilities) (2,680 ) $ (2,680 ) Other assets and liabilities Assumed and ceded (re)insurance contracts Level 3 - At June 30, 2016 , the Company had a $1.3 million net liability related to an assumed reinsurance contract accounted for at fair value, with the fair value obtained through the use of an internal valuation model. The inputs to the internal valuation model are principally based on indicative pricing obtained from independent brokers and pricing vendors for similarly structured marketable securities. The most significant unobservable inputs include prices for similar marketable securities and a liquidity premium. The Company considers the prices for similar securities to be unobservable, as there is little, if any market activity for these similar assets. In addition, the Company has estimated a liquidity premium that would be required if the Company attempted to effectively exit its position by executing a short sale of these securities. Generally, an increase in the prices for similar marketable securities or a decrease in the liquidity premium would result in an increase in the expected profit and ultimate fair value of this assumed reinsurance contract. Level 3 - At June 30, 2016 , the Company had a $1.4 million net liability related to assumed and ceded (re)insurance contracts accounted for at fair value, with the fair value obtained through the use of an internal valuation model. The inputs to the internal valuation model are principally based on proprietary data as observable market inputs are generally not available. The most significant unobservable inputs include the assumed and ceded expected net cash flows related to the contracts, including the expected premium, acquisition expenses and losses; the expected loss ratio and the relevant discount rate used to present value the net cash flows. The contract period and acquisition expense ratio are considered observable input as each is defined in the contract. Generally, an increase in the net expected cash flows and expected term of the contract and a decrease in the discount rate, expected loss ratio or acquisition expense ratio, would result in an increase in the expected profit and ultimate fair value of these assumed and ceded (re)insurance contracts. 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 investments trading Other assets and (liabilities) Total Balance - April 1, 2016 $ 7,500 $ (4,724 ) $ 2,776 Total realized gains Included in other income — 2,092 2,092 Purchases — (48 ) (48 ) Settlements (7,500 ) — (7,500 ) Balance - June 30, 2016 $ — $ (2,680 ) $ (2,680 ) Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Fixed maturity investments trading Other assets and (liabilities) Total Balance - January 1, 2016 $ 7,618 $ (5,899 ) $ 1,719 Total unrealized losses Included in net investment income (118 ) — (118 ) Total realized gains Included in other income — 3,792 3,792 Purchases — (573 ) (573 ) Settlements (7,500 ) — (7,500 ) Balance - June 30, 2016 $ — $ (2,680 ) $ (2,680 ) Change in unrealized gains for the period included in earnings for assets held at the end of the period included in net investment income $ — $ — $ — Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Fixed maturity investments trading Other assets and (liabilities) Total Balance - April 1, 2015 $ 15,474 $ 72,969 $ 88,443 Total unrealized (losses) gains Included in net investment income (314 ) 16 (298 ) Included in other income — (348 ) (348 ) Total realized gains Included in other income — 1,512 1,512 Total foreign exchange losses — (6 ) (6 ) Purchases — 1,544 1,544 Settlements (7,500 ) — (7,500 ) Balance - June 30, 2015 $ 7,660 $ 75,687 $ 83,347 Change in unrealized gains for the period included in earnings for assets held at the end of the period included in net investment income $ (132 ) $ 16 $ (116 ) Change in unrealized gains for the period included in earnings for assets held at the end of the period included in other income $ — $ (348 ) $ (348 ) Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Fixed maturity investments trading Other assets and (liabilities) Total Balance - January 1, 2015 $ 15,660 $ (8,934 ) $ 6,726 Total unrealized (losses) gains Included in net investment income (500 ) 176 (324 ) Included in other income — (348 ) (348 ) Total realized gains Included in other income — 2,828 2,828 Purchases — 81,965 81,965 Settlements (7,500 ) — (7,500 ) Balance - June 30, 2015 $ 7,660 $ 75,687 $ 83,347 Change in unrealized gains for the period included in earnings for assets held at the end of the period included in net investment income $ (318 ) $ 176 $ (142 ) Change in unrealized gains for the period included in earnings for assets held at the end of the period included in other income $ — $ (348 ) $ (348 ) 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 the fair value of financial instruments accounting guidance, unless the Company elects the fair value option, and therefore, are not included in the amounts discussed herein. The carrying values of cash and cash equivalents, accrued investment income, receivables for investments sold, certain other assets, payables for investments purchased, certain other liabilities, and other financial instruments not included herein approximated their fair values. Debt Included on the Company’s consolidated balance sheet at June 30, 2016 were debt obligations of $954.6 million ( December 31, 2015 - $960.5 million ). At June 30, 2016 , the fair value of the Company’s debt obligations was $1,008.5 million ( December 31, 2015 – $973.3 million ). The fair value of the Company’s debt obligations is determined using indicative market pricing obtained from third-party service providers, which the Company considers Level 2 in the fair value hierarchy. There have been no changes during the period in the Company’s valuation technique used to determine the fair value of the Company’s debt obligations. 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: June 30, December 31, Other investments $ 489,702 $ 481,621 Other assets $ 980 $ 3,463 Other liabilities $ 3,660 $ 9,362 Included in net investment income for the three and six months ended June 30, 2016 were net unrealized losses of $5.0 million and $20.4 million , respectively, related to the changes in fair value of other investments ( 2015 – losses of $1.6 million and gains of $3.2 million , respectively). Included in other income for the three and six months ended June 30, 2016 were net unrealized gains of $Nil and $Nil , respectively related to the changes in the fair value of other assets and liabilities ( 2015 - losses of $0.3 million and losses of $0.3 million , respectively). Measuring the Fair Value of Other Investments Using Net Asset Valuations The table below shows the Company’s portfolio of other investments measured using net asset valuations as a practical expedient: At June 30, 2016 Fair Value Unfunded Redemption Frequency Redemption Redemption Private equity partnerships $ 190,316 $ 238,916 See below See below See below Senior secured bank loan fund 22,212 2,330 See below See below See below Hedge funds 1,621 — See below See below See below Total other investments measured using net asset valuations $ 214,149 $ 241,246 Private equity partnerships – The Company’s investments in private equity partnerships included 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 Company generally has no right to redeem its interest in any of these private equity partnerships in advance of dissolution of the applicable private equity partnership. Instead, the nature of these investments is that distributions are received by the Company in connection with the liquidation of the underlying assets of the respective private equity partnership. It is estimated that the majority of the underlying assets of the limited partnerships would liquidate over 7 to 10 years from inception of the respective limited partnership. Senior secured bank loan fund – At June 30, 2016 , the Company had $22.2 million invested in a closed end fund which invests primarily in loans. The Company has no right to redeem its investment in this fund. It is estimated that the majority of the underlying assets in this closed end fund would liquidate over 4 to 5 years from inception of the fund. Hedge funds – The Company invests in hedge funds that pursue multiple strategies. The Company’s investments in hedge funds at June 30, 2016 were $1.6 million of so call |
Reinsurance
Reinsurance | 6 Months Ended |
Jun. 30, 2016 | |
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, for 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: Three months ended Six months ended June 30, June 30, June 30, June 30, Premiums written Direct $ 57,541 $ 34,340 $ 100,717 $ 65,153 Assumed 701,587 627,657 1,520,544 1,240,422 Ceded (239,212 ) (153,320 ) (589,670 ) (392,863 ) Net premiums written $ 519,916 $ 508,677 $ 1,031,591 $ 912,712 Premiums earned Direct $ 37,936 $ 21,606 $ 71,076 $ 44,507 Assumed 464,540 468,372 921,181 850,975 Ceded (151,074 ) (110,150 ) (287,249 ) (218,894 ) Net premiums earned $ 351,402 $ 379,828 $ 705,008 $ 676,588 Claims and claim expenses Gross claims and claim expenses incurred $ 224,852 $ 222,819 $ 386,850 $ 311,814 Claims and claim expenses recovered (57,102 ) (53,475 ) (92,495 ) (65,617 ) Net claims and claim expenses incurred $ 167,750 $ 169,344 $ 294,355 $ 246,197 |
Noncontrolling Interests
Noncontrolling Interests | 6 Months Ended |
Jun. 30, 2016 | |
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | NONCONTROLLING INTERESTS A summary of the Company’s redeemable noncontrolling interests on its consolidated balance sheets is set forth below: June 30, December 31, 2015 Redeemable noncontrolling interest - DaVinciRe $ 953,443 $ 930,955 Redeemable noncontrolling interest - Medici 168,960 115,009 Redeemable noncontrolling interest $ 1,122,403 $ 1,045,964 A summary of the Company’s redeemable noncontrolling interests on its consolidated statements of operations set forth below: Three months ended Six months ended June 30, June 30, June 30, June 30, Redeemable noncontrolling interest - DaVinciRe $ 28,288 $ 12,345 $ 71,252 $ 50,671 Redeemable noncontrolling interest - Medici 2,347 (178 ) 3,974 1,158 Net income attributable to redeemable noncontrolling interests $ 30,635 $ 12,167 $ 75,226 $ 51,829 Redeemable Noncontrolling Interest – DaVinciRe In October 2001, the Company formed DaVinciRe and DaVinci with other equity investors. RenaissanceRe owns a noncontrolling economic interest in DaVinciRe; however, because RenaissanceRe controls a majority of DaVinciRe’s outstanding voting rights, the consolidated financial statements of DaVinciRe are included in the consolidated financial statements of the Company. The portion of DaVinciRe’s earnings owned by third parties is recorded in the consolidated statements of operations as net income attributable to redeemable noncontrolling interests. The Company’s noncontrolling economic ownership in DaVinciRe was 24.0% at June 30, 2016 ( December 31, 2015 - 26.3% ). DaVinciRe shareholders are party to a shareholders agreement which provides DaVinciRe shareholders, excluding RenaissanceRe, with certain redemption rights that enable each shareholder to notify DaVinciRe of such shareholder’s desire for DaVinciRe to repurchase up to half of such shareholder’s initial aggregate number of shares held, subject to certain limitations, such as limiting the aggregate of all share repurchase requests to 25% of DaVinciRe’s capital in any given year and satisfying all applicable regulatory requirements. If total shareholder requests exceed 25% of DaVinciRe’s capital, the number of shares repurchased will be reduced among the requesting shareholders pro-rata, based on the amounts desired to be repurchased. Shareholders desiring to have DaVinci repurchase their shares must notify DaVinciRe before March 1 of each year. The repurchase price will be based on GAAP book value as of the end of the year in which the shareholder notice is given, and the repurchase will be effective as of January 1 of the following year. The repurchase price is generally subject to a true-up for potential development on outstanding loss reserves after settlement of all claims relating to the applicable years. 2015 During January 2015, DaVinciRe redeemed a portion of its outstanding shares from certain existing DaVinciRe shareholders, including RenaissanceRe. The net redemption as a result of these transactions was $225.0 million . In connection with the redemption, DaVinciRe retained a $22.5 million holdback. The Company’s noncontrolling economic ownership in DaVinciRe subsequent to these transactions was 26.3% , effective January 1, 2015. 2016 During January 2016, DaVinciRe redeemed a portion of its outstanding shares from certain existing DaVinciRe shareholders, including RenaissanceRe, while new DaVinciRe shareholders purchased shares in DaVinciRe from RenaissanceRe. The net redemption as a result of these transactions was $100.0 million . In connection with the redemption, DaVinciRe retained a $10.0 million holdback. The Company’s noncontrolling economic ownership in DaVinciRe subsequent to these transactions was 24.0% , effective January 1, 2016. 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: Three months ended Six months ended June 30, June 30, June 30, June 30, Beginning balance $ 926,141 $ 867,734 $ 930,955 $ 1,037,306 Redemption of shares from redeemable noncontrolling interest (986 ) (813 ) (91,804 ) (208,711 ) Sale of shares to redeemable noncontrolling interests — — 43,040 — Net income attributable to redeemable noncontrolling interest 28,288 12,345 71,252 50,671 Ending balance $ 953,443 $ 879,266 $ 953,443 $ 879,266 Redeemable Noncontrolling Interest - RenaissanceRe Medici Fund Ltd. (“Medici”) Medici is an exempted company 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. RenaissanceRe owns a noncontrolling economic interest in Medici; however, because RenaissanceRe controls all of Medici’s outstanding voting rights, the financial statements of Medici are included in the consolidated financial statements of the Company. The portion of Medici’s earnings owned by third parties is recorded in the consolidated statements of operations as net income attributable to redeemable noncontrolling interests. Any shareholder may redeem all or any portion of its shares as of the last day of any calendar month, upon at least 30 calendar days’ prior irrevocable written notice to Medici. 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. 2015 During 2015, third-party investors subscribed for $36.1 million and redeemed $20.1 million of the participating, non-voting common shares of Medici. As a result of these net subscriptions, the Company’s economic ownership in Medici was 46.1% , effective December 31, 2015 . 2016 During the six months ended June 30, 2016 , third-party investors subscribed for $57.3 million and redeemed $7.3 million of the participating, non-voting common shares of Medici. As a result of these net subscriptions, the Company’s economic ownership in Medici was 37.4% at June 30, 2016 . The Company expects its ownership in Medici to fluctuate over time. The activity in redeemable noncontrolling interest – Medici is detailed in the table below: Three months ended Six months ended June 30, June 30, June 30, June 30, Beginning balance $ 155,196 $ 100,697 $ 115,009 $ 94,402 Redemption of shares from redeemable noncontrolling interest (6,400 ) (2,423 ) (7,340 ) (17,107 ) Sale of shares to redeemable noncontrolling interests 17,817 11,450 57,317 31,093 Net income (loss) attributable to redeemable noncontrolling interest 2,347 (178 ) 3,974 1,158 Ending balance $ 168,960 $ 109,546 $ 168,960 $ 109,546 |
Variable Interest Entities
Variable Interest Entities | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | VARIABLE INTEREST ENTITIES Upsilon RFO Effective January 1, 2013, the Company formed and launched Upsilon RFO, a managed joint venture, and a Bermuda domiciled special purpose insurer, to provide additional capacity to the worldwide aggregate and per-occurrence retrocessional property catastrophe excess of loss market. 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 . Upsilon RFO is considered a VIE as it has insufficient equity capital to finance its activities without additional financial support. The Company is the primary beneficiary of Upsilon RFO as it has the power over the activities that most significantly impact the economic performance of Upsilon RFO and has the obligation to absorb expected losses and the right to receive expected benefits that could be significant to Upsilon RFO, in accordance with the accounting guidance. As a result, the Company consolidates Upsilon RFO and all significant inter-company transactions have been eliminated. Other than its equity investment in Upsilon RFO, the Company has not provided financial or other support to Upsilon RFO that it was not contractually required to provide. 2015 During 2015, Upsilon RFO returned capital to all of the investors who participated in risks incepting during 2014, including the Company. The total amount of capital returned was $420.2 million , including $132.3 million to the Company. In conjunction with risks incepting during 2015, $153.7 million of Upsilon RFO non-voting preference shares were issued to unaffiliated third-party investors through their investment in Upsilon Fund. Additionally, $42.5 million of the non-voting preference shares were issued to the Company, representing a 21.7% participation in the risks assumed by Upsilon RFO incepting during 2015. 2016 During the six months ended June 30, 2016 , Upsilon RFO agreed to return $242.5 million of capital to its investors, including $59.8 million to the Company, with $169.1 million and $47.1 million , respectively, having been repaid to date. In addition, during the six months ended June 30, 2016 , $166.6 million of Upsilon RFO non-voting preference shares were issued to existing investors therein, including $55.2 million to the Company. At June 30, 2016 , the Company’s participation in the risks assumed by Upsilon RFO was 28.9% . At June 30, 2016 , the Company’s consolidated balance sheet included total assets and total liabilities of Upsilon RFO of $188.6 million and $188.5 million , respectively ( December 31, 2015 - $250.6 million and $250.5 million , respectively). Mona Lisa Re Ltd. (“Mona Lisa Re”) On March 14, 2013, Mona Lisa Re was licensed as a Bermuda domiciled special purpose insurer 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 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 such notes are generally entitled to interest payments, payable quarterly, as determined by the applicable governing documents of each series of notes. The Company concluded that Mona Lisa Re meets the definition of a VIE as it does not have sufficient equity capital to finance its activities. 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 June 30, 2016 , the total assets and total liabilities of Mona Lisa Re were $153.1 million and $153.1 million , respectively ( December 31, 2015 - $184.0 million and $184.0 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. Renaissance Reinsurance and DaVinci have together entered into ceded reinsurance contracts with Mona Lisa Re with gross premiums ceded of $0.1 million and $0.1 million , respectively, during the six months ended June 30, 2016 ( 2015 - $0.6 million and $0.5 million , respectively). In addition, Renaissance Reinsurance and DaVinci recognized ceded premiums earned related to the ceded reinsurance contracts with Mona Lisa Re of $3.6 million and $2.5 million , respectively, during the six months ended June 30, 2016 ( 2015 - $3.6 million and $2.5 million , respectively). |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | SHAREHOLDERS’ EQUITY Dividends The Board of Directors of RenaissanceRe declared a dividend of $0.31 per common share to common shareholders of record on March 15, 2016 and June 15, 2016, respectively, and RenaissanceRe paid a dividend of $0.31 per common share to common shareholders on March 31, 2016 and June 30, 2016, respectively. During the six months ended June 30, 2016 , the Company declared and paid $11.2 million in preference share dividends ( 2015 - $11.2 million ) and $26.2 million in common share dividends ( 2015 - $27.5 million ). Share Repurchases The Company’s share repurchase program may be effected from time to time, depending on market conditions and other factors, through open market purchases and privately negotiated transactions. On May 16, 2016 , RenaissanceRe’s Board of Directors approved a renewal of its authorized share repurchase program for an aggregate amount of $500.0 million . Unless terminated earlier by RenaissanceRe’s Board of Directors, the program will expire when the Company has repurchased the full value of the 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 six months ended June 30, 2016 , the Company repurchased an aggregate of 2.4 million shares in open market transactions at an aggregate cost of $272.3 million , and at an average share price of $112.50 . At June 30, 2016 , $397.1 million remained available for repurchase under the share repurchase program. See “Note 14 . Subsequent Events” and “Part II, Item 2. Unregistered Sales of Equity Securities and Use of Proceeds” for additional information related to the Company’s share repurchase program. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per common share: Three months ended Six months ended (thousands of shares) June 30, June 30, June 30, June 30, Numerator: Net income available to RenaissanceRe common shareholders $ 136,325 $ 73,233 $ 264,320 $ 241,076 Amount allocated to participating common shareholders (1) (1,561 ) (819 ) (3,166 ) (2,781 ) Net income allocated to RenaissanceRe common shareholders $ 134,764 $ 72,414 $ 261,154 $ 238,295 Denominator: Denominator for basic income per RenaissanceRe common share - weighted average common shares 41,693 45,303 42,135 42,467 Per common share equivalents of employee stock options and restricted shares 192 354 263 372 Denominator for diluted income per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions 41,885 45,657 42,398 42,839 Net income available to RenaissanceRe common shareholders per common share – basic $ 3.23 $ 1.60 $ 6.20 $ 5.61 Net income available to RenaissanceRe common shareholders per common share – diluted $ 3.22 $ 1.59 $ 6.16 $ 5.56 (1) Represents earnings attributable to holders of unvested restricted shares issued under the Company’s 2001 Stock Incentive Plan, 2010 Performance-Based Equity Incentive Plan, 2016 Long-Term Incentive Plan and to the Company’s non-employee directors. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Segment Reporting | SEGMENT REPORTING The Company has the following reportable segments: (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. The underwriting results of Platinum are included in the Company’s Catastrophe Reinsurance and Specialty Reinsurance segments from March 2, 2015. The financial results of the Company’s strategic investments, former Insurance segment and redeemable 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, capital servicing costs and certain expenses related to the acquisition of Platinum. The Company does not manage its assets by segment; accordingly, net investment income and total assets are not allocated to the segments. A summary of the significant components of the Company’s revenues and expenses is as follows: Three months ended June 30, 2016 Catastrophe Reinsurance Specialty Reinsurance Lloyd’s Other Total Gross premiums written $ 397,454 $ 200,733 $ 160,941 $ — $ 759,128 Net premiums written $ 255,645 $ 132,420 $ 131,851 $ — $ 519,916 Net premiums earned $ 141,616 $ 137,168 $ 72,618 $ — $ 351,402 Net claims and claim expenses incurred 56,131 67,701 43,832 86 167,750 Acquisition expenses 16,227 34,127 18,651 — 69,005 Operational expenses 18,685 19,959 12,408 21 51,073 Underwriting income (loss) $ 50,573 $ 15,381 $ (2,273 ) $ (107 ) 63,574 Net investment income 54,124 54,124 Net foreign exchange losses (690 ) (690 ) Equity in earnings of other ventures 6,022 6,022 Other income 2,654 2,654 Net realized and unrealized gains on investments 69,772 69,772 Corporate expenses (5,752 ) (5,752 ) Interest expense (10,536 ) (10,536 ) Income before taxes and redeemable noncontrolling interests 179,168 Income tax expense (6,612 ) (6,612 ) Net income attributable to redeemable noncontrolling interests (30,635 ) (30,635 ) Dividends on preference shares (5,596 ) (5,596 ) Net income available to RenaissanceRe common shareholders $ 136,325 Net claims and claim expenses incurred – current accident year $ 70,321 $ 85,117 $ 41,567 $ — $ 197,005 Net claims and claim expenses incurred – prior accident years (14,190 ) (17,416 ) 2,265 86 (29,255 ) Net claims and claim expenses incurred – total $ 56,131 $ 67,701 $ 43,832 $ 86 $ 167,750 Net claims and claim expense ratio – current accident year 49.7 % 62.1 % 57.2 % 56.1 % Net claims and claim expense ratio – prior accident years (10.1 )% (12.7 )% 3.2 % (8.4 )% Net claims and claim expense ratio – calendar year 39.6 % 49.4 % 60.4 % 47.7 % Underwriting expense ratio 24.7 % 39.4 % 42.7 % 34.2 % Combined ratio 64.3 % 88.8 % 103.1 % 81.9 % Six months ended June 30, 2016 Catastrophe Reinsurance Specialty Reinsurance Lloyd’s Other Total Gross premiums written $ 757,877 $ 569,722 $ 293,662 $ — $ 1,621,261 Net premiums written $ 444,430 $ 392,511 $ 194,650 $ — $ 1,031,591 Net premiums earned $ 278,601 $ 292,486 $ 133,921 $ — $ 705,008 Net claims and claim expenses incurred 63,951 159,553 70,848 3 294,355 Acquisition expenses 25,807 75,852 32,938 — 134,597 Operational expenses 38,953 41,732 26,542 81 107,308 Underwriting income (loss) $ 149,890 $ 15,349 $ 3,593 $ (84 ) 168,748 Net investment income 82,987 82,987 Net foreign exchange losses (2,382 ) (2,382 ) Equity in earnings of other ventures 7,633 7,633 Other income 6,733 6,733 Net realized and unrealized gains on investments 131,425 131,425 Corporate expenses (13,977 ) (13,977 ) Interest expense (21,074 ) (21,074 ) Income before taxes and redeemable noncontrolling interests 360,093 Income tax expense (9,356 ) (9,356 ) Net income attributable to redeemable noncontrolling interests (75,226 ) (75,226 ) Dividends on preference shares (11,191 ) (11,191 ) Net income available to RenaissanceRe common shareholders $ 264,320 Net claims and claim expenses incurred – current accident year $ 84,204 $ 173,495 $ 67,515 $ — $ 325,214 Net claims and claim expenses incurred – prior accident years (20,253 ) (13,942 ) 3,333 3 (30,859 ) Net claims and claim expenses incurred – total $ 63,951 $ 159,553 $ 70,848 $ 3 $ 294,355 Net claims and claim expense ratio – current accident year 30.2 % 59.3 % 50.4 % 46.1 % Net claims and claim expense ratio – prior accident years (7.2 )% (4.7 )% 2.5 % (4.3 )% Net claims and claim expense ratio – calendar year 23.0 % 54.6 % 52.9 % 41.8 % Underwriting expense ratio 23.2 % 40.2 % 44.4 % 34.3 % Combined ratio 46.2 % 94.8 % 97.3 % 76.1 % Three months ended June 30, 2015 Catastrophe Reinsurance Specialty Reinsurance Lloyd’s Other Total Gross premiums written $ 385,366 $ 160,013 $ 116,618 $ — $ 661,997 Net premiums written $ 270,490 $ 139,867 $ 98,320 $ — $ 508,677 Net premiums earned $ 162,705 $ 155,584 $ 61,539 $ — $ 379,828 Net claims and claim expenses incurred 55,376 86,062 27,683 223 169,344 Acquisition expenses 19,314 28,251 14,210 (109 ) 61,666 Operational expenses 22,090 18,747 13,719 117 54,673 Underwriting income (loss) $ 65,925 $ 22,524 $ 5,927 $ (231 ) 94,145 Net investment income 38,604 38,604 Net foreign exchange losses (1,740 ) (1,740 ) Equity in earnings of other ventures 6,160 6,160 Other income 1,427 1,427 Net realized and unrealized losses on investments (26,712 ) (26,712 ) Corporate expenses (12,868 ) (12,868 ) Interest expense (9,862 ) (9,862 ) Income before taxes and noncontrolling interests 89,154 Income tax benefit 1,842 1,842 Net income attributable to noncontrolling interests (12,167 ) (12,167 ) Dividends on preference shares (5,596 ) (5,596 ) Net income available to RenaissanceRe common shareholders $ 73,233 Net claims and claim expenses incurred – current accident year $ 67,334 $ 104,315 $ 30,771 $ — $ 202,420 Net claims and claim expenses incurred – prior accident years (11,958 ) (18,253 ) (3,088 ) 223 (33,076 ) Net claims and claim expenses incurred – total $ 55,376 $ 86,062 $ 27,683 $ 223 $ 169,344 Net claims and claim expense ratio – current accident year 41.4 % 67.0 % 50.0 % 53.3 % Net claims and claim expense ratio – prior accident years (7.4 )% (11.7 )% (5.0 )% (8.7 )% Net claims and claim expense ratio – calendar year 34.0 % 55.3 % 45.0 % 44.6 % Underwriting expense ratio 25.5 % 30.2 % 45.4 % 30.6 % Combined ratio 59.5 % 85.5 % 90.4 % 75.2 % Six months ended June 30, 2015 Catastrophe Reinsurance Specialty Reinsurance Lloyd’s Other Total Gross premiums written (1) $ 774,613 $ 284,304 $ 246,748 $ (90 ) $ 1,305,575 Net premiums written $ 493,130 $ 243,782 $ 175,889 $ (89 ) $ 912,712 Net premiums earned $ 306,472 $ 250,460 $ 119,745 $ (89 ) $ 676,588 Net claims and claim expenses incurred 62,970 125,650 57,526 51 246,197 Acquisition expenses 26,968 48,940 28,903 256 105,067 Operational expenses 42,453 32,037 25,659 145 100,294 Underwriting income (loss) $ 174,081 $ 43,833 $ 7,657 $ (541 ) 225,030 Net investment income 78,311 78,311 Net foreign exchange losses (4,870 ) (4,870 ) Equity in earnings of other ventures 11,455 11,455 Other income 2,966 2,966 Net realized and unrealized gains on investments 15,037 15,037 Corporate expenses (58,401 ) (58,401 ) Interest expense (15,178 ) (15,178 ) Income before taxes and noncontrolling interests 254,350 Income tax benefit 49,746 49,746 Net income attributable to noncontrolling interests (51,829 ) (51,829 ) Dividends on preference shares (11,191 ) (11,191 ) Net income available to RenaissanceRe common shareholders $ 241,076 Net claims and claim expenses incurred – current accident year $ 91,458 $ 153,579 $ 56,381 $ — $ 301,418 Net claims and claim expenses incurred – prior accident years (28,488 ) (27,929 ) 1,145 51 (55,221 ) Net claims and claim expenses incurred – total $ 62,970 $ 125,650 $ 57,526 $ 51 $ 246,197 Net claims and claim expense ratio – current accident year 29.8 % 61.3 % 47.1 % 44.5 % Net claims and claim expense ratio – prior accident years (9.3 )% (11.1 )% 0.9 % (8.1 )% Net claims and claim expense ratio – calendar year 20.5 % 50.2 % 48.0 % 36.4 % Underwriting expense ratio 22.7 % 32.3 % 45.6 % 30.3 % Combined ratio 43.2 % 82.5 % 93.6 % 66.7 % (1) Included in gross premiums written in the Other category is the elimination of inter-segment gross premiums written of $0.1 million for the six months ended June 30, 2015 . |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2016 | |
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’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 June 30, 2016 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 $ 1,514 262 $ 1,252 Other assets $ — $ 1,252 Foreign currency forward contracts (1) 5,236 73 5,163 Other assets — 5,163 Foreign currency forward contracts (2) 127 87 40 Other assets — 40 Credit default swaps 726 99 627 Other assets 447 180 Total $ 7,603 $ 521 $ 7,082 $ 447 $ 6,635 Derivative Liabilities At June 30, 2016 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 $ 430 262 $ 168 Other liabilities $ 151 $ 17 Foreign currency forward contracts (1) 4,968 1,665 3,303 Other liabilities — 3,303 Foreign currency forward contracts (2) 1,060 87 973 Other liabilities — 973 Credit default swaps 369 99 270 Other liabilities 245 25 Total $ 6,827 $ 2,113 $ 4,714 $ 396 $ 4,318 (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, 2015 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 $ 1,059 937 $ 122 Other assets $ — $ 122 Foreign currency forward contracts (1) 4,645 82 4,563 Other assets — 4,563 Foreign currency forward contracts (2) 1,007 599 408 Other assets — 408 Credit default swaps 257 44 213 Other assets — 213 Total $ 6,968 $ 1,662 $ 5,306 $ — $ 5,306 Derivative Liabilities At December 31, 2015 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 $ 2,293 937 $ 1,356 Other liabilities $ 1,356 $ — Foreign currency forward contracts (1) 1,891 81 1,810 Other liabilities — 1,810 Foreign currency forward contracts (2) 806 599 207 Other liabilities — 207 Credit default swaps 491 44 447 Other liabilities 447 — Total $ 5,481 $ 1,661 $ 3,820 $ 1,803 $ 2,017 (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 3 . Investments” for information on reverse repurchase agreements. The location and amount of the gain (loss) recognized in the Company’s consolidated statements of operations related to its principal derivative instruments are shown in the following table: Location of gain (loss) recognized on derivatives Amount of gain (loss) recognized on derivatives Three months ended June 30, 2016 2015 Interest rate futures Net realized and unrealized gains (losses) on investments $ (9,456 ) $ 19,784 Foreign currency forward contracts (1) Net foreign exchange losses (3,815 ) (10,210 ) Foreign currency forward contracts (2) Net foreign exchange losses 2,641 (3,417 ) Credit default swaps Net realized and unrealized gains (losses) on investments 305 22 Weather contract Net realized and unrealized gains (losses) on investments — 10 Total $ (10,325 ) $ 6,189 Location of gain (loss) recognized on derivatives Amount of gain (loss) recognized on derivatives Six months ended June 30, 2016 2015 Interest rate futures Net realized and unrealized gains (losses) on investments $ (28,815 ) $ 15,376 Foreign currency forward contracts (1) Net foreign exchange losses (5,189 ) (6,599 ) Foreign currency forward contracts (2) Net foreign exchange losses (3,217 ) 5,793 Credit default swaps Net realized and unrealized gains (losses) on investments 215 62 Weather contract Net realized and unrealized gains (losses) on investments — 170 Total $ (37,006 ) $ 14,802 (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 June 30, 2016 . 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 June 30, 2016 , the Company had $953.6 million of notional long positions and $911.5 million of notional short positions of primarily Eurodollar, U.S. treasury and non-U.S. dollar futures contracts ( December 31, 2015 - $1.0 billion and $1.1 billion , 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 June 30, 2016 , the Company had outstanding underwriting related foreign currency contracts of $168.7 million in notional long positions and $135.5 million in notional short positions, denominated in U.S. dollars ( December 31, 2015 - $172.4 million and $101.5 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. From time to time, the Company may employ foreign currency forward contracts in its investment portfolio to either assume foreign currency risk or to economically hedge its exposure to currency fluctuations from these investments. The fair value of the Company’s investment portfolio related foreign currency forward contracts is determined using an interpolated rate based on closing forward market rates. At June 30, 2016 , the Company had outstanding investment portfolio related foreign currency contracts of $13.6 million in notional long positions and $112.2 million in notional short positions, denominated in U.S. dollars ( December 31, 2015 - $31.3 million and $143.4 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 June 30, 2016 , the Company had outstanding credit derivatives of $Nil in notional long positions and $28.4 million in notional short positions, denominated in U.S. dollars ( December 31, 2015 - $Nil and $46.1 million , respectively). |
Commitments, Contingencies and
Commitments, Contingencies and Other Items | 6 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Other Items | COMMITMENTS, CONTINGENCIES AND OTHER ITEMS There are no material changes from the commitments and contingencies previously disclosed in the Company’s Form 10-K for the year ended December 31, 2015 . Legal Proceedings The Company and its subsidiaries are subject to lawsuits and regulatory actions in the normal course of business that do not arise from or directly relate to claims on reinsurance treaties or contracts or direct surplus lines insurance policies. This category of business litigation may involve allegations of underwriting or claims-handling errors or misconduct, employment claims, regulatory actions or disputes arising from the Company’s business ventures. The Company’s operating subsidiaries are subject to claims litigation involving, 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. 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. |
Condensed Consolidating Financi
Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries | 6 Months Ended |
Jun. 30, 2016 | |
Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries [Abstract] | |
Condensed Consolidating Financial Information Provided in Connection with Outstanding Debt of Subsidiaries | CONDENSED CONSOLIDATING FINANCIAL INFORMATION PROVIDED IN CONNECTION WITH OUTSTANDING DEBT OF SUBSIDIARIES The following tables present condensed consolidating balance sheets at June 30, 2016 and December 31, 2015 , condensed consolidating statements of operations and condensed consolidating statements of comprehensive income for the three and six months ended June 30, 2016 and 2015 , and condensed consolidating statements of cash flow for the six months ended June 30, 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 Notes to Consolidated Financial Statements” in the Company’s Form 10-K for the year ended December 31, 2015 . Condensed Consolidating Balance Sheet at June 30, 2016 RenaissanceRe RenRe North Platinum Underwriters Finance, Inc. (Subsidiary Issuer) RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other Consolidating RenaissanceRe Assets Total investments $ 172,593 $ 123,921 $ 280,615 $ — $ 8,433,088 $ — $ 9,010,217 Cash and cash equivalents 2,382 35 1,893 614 450,597 — 455,521 Investments in subsidiaries 4,022,891 46,835 902,329 1,226,829 — (6,198,884 ) — Due from subsidiaries and affiliates 104,582 84,027 — — — (188,609 ) — Premiums receivable — — — — 1,332,667 — 1,332,667 Prepaid reinsurance premiums — — — — 533,092 — 533,092 Reinsurance recoverable — — — — 222,006 — 222,006 Accrued investment income 323 308 434 — 36,835 — 37,900 Deferred acquisition costs — — — — 331,152 — 331,152 Receivable for investments sold 32 1 14 — 203,118 — 203,165 Other assets 402,158 27,115 11,684 121,277 107,850 (509,211 ) 160,873 Goodwill and other intangible assets 133,736 — — — 124,434 — 258,170 Total assets $ 4,838,697 $ 282,242 $ 1,196,969 $ 1,348,720 $ 11,774,839 $ (6,896,704 ) $ 12,544,763 Liabilities, Noncontrolling Interests and Shareholders’ Equity Liabilities Reserve for claims and claim expenses $ — $ — $ — $ — $ 2,844,243 $ — $ 2,844,243 Unearned premiums — — — — 1,518,106 — 1,518,106 Debt 117,000 — 261,774 545,537 147,266 (117,000 ) 954,577 Amounts due to subsidiaries and affiliates 138 94 112 92,338 — (92,682 ) — Reinsurance balances payable — — — — 753,699 — 753,699 Payable for investments purchased — 57 85 — 432,784 — 432,926 Other liabilities 18,342 (359 ) 9,689 — 198,942 (11,022 ) 215,592 Total liabilities 135,480 (208 ) 271,660 637,875 5,895,040 (220,704 ) 6,719,143 Redeemable noncontrolling interests — — — — 1,122,403 — 1,122,403 Shareholders’ Equity Total shareholders’ equity 4,703,217 282,450 925,309 710,845 4,757,396 (6,676,000 ) 4,703,217 Total liabilities, noncontrolling interests and shareholders’ equity $ 4,838,697 $ 282,242 $ 1,196,969 $ 1,348,720 $ 11,774,839 $ (6,896,704 ) $ 12,544,763 (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 $ — $ — $ — $ — $ 351,402 $ — $ 351,402 Net investment income 5,749 445 846 141 52,826 (5,883 ) 54,124 Net foreign exchange losses (1 ) — — — (689 ) — (690 ) Equity in earnings of other ventures — — — — 6,022 — 6,022 Other (loss) income (791 ) — — — 3,445 — 2,654 Net realized and unrealized gains on investments 799 1,139 3,414 — 64,420 — 69,772 Total revenues 5,756 1,584 4,260 141 477,426 (5,883 ) 483,284 Expenses Net claims and claim expenses incurred — — — — 167,750 — 167,750 Acquisition expenses — — — — 69,005 — 69,005 Operational expenses (1,104 ) 44 64 4,573 50,352 (2,856 ) 51,073 Corporate expenses 5,181 203 — 7 361 — 5,752 Interest expense 141 — 1,477 6,544 2,515 (141 ) 10,536 Total expenses 4,218 247 1,541 11,124 289,983 (2,997 ) 304,116 Income (loss) before equity in net income of subsidiaries and taxes 1,538 1,337 2,719 (10,983 ) 187,443 (2,886 ) 179,168 Equity in net income of subsidiaries 141,677 1,666 12,086 17,165 — (172,594 ) — Income before taxes 143,215 3,003 14,805 6,182 187,443 (175,480 ) 179,168 Income tax (expense) benefit (1,294 ) (906 ) (838 ) 2,792 (6,366 ) — (6,612 ) Net income 141,921 2,097 13,967 8,974 181,077 (175,480 ) 172,556 Net income attributable to redeemable noncontrolling interests — — — — (30,635 ) — (30,635 ) Net income attributable to RenaissanceRe 141,921 2,097 13,967 8,974 150,442 (175,480 ) 141,921 Dividends on preference shares (5,596 ) — — — — — (5,596 ) Net income attributable to RenaissanceRe common shareholders $ 136,325 $ 2,097 $ 13,967 $ 8,974 $ 150,442 $ (175,480 ) $ 136,325 (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 June 30, 2016 RenaissanceRe RenRe North Platinum Underwriters Finance, Inc. (Subsidiary Issuer) RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other Consolidating RenaissanceRe Comprehensive income (loss) Net income $ 141,921 $ 2,097 $ 13,967 $ 8,974 $ 181,077 $ (175,480 ) $ 172,556 Change in net unrealized gains on investments — — — — 672 — 672 Comprehensive income 141,921 2,097 13,967 8,974 181,749 (175,480 ) 173,228 Net income attributable to redeemable noncontrolling interests — — — — (30,635 ) — (30,635 ) Comprehensive income attributable to redeemable noncontrolling interests — — — — (30,635 ) — (30,635 ) Comprehensive income attributable to RenaissanceRe $ 141,921 $ 2,097 $ 13,967 $ 8,974 $ 151,114 $ (175,480 ) $ 142,593 (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 $ — $ — $ — $ — $ 705,008 $ — $ 705,008 Net investment income 12,607 954 2,279 281 78,632 (11,766 ) 82,987 Net foreign exchange losses (2 ) — — — (2,380 ) — (2,382 ) Equity in earnings of other ventures — — — — 7,633 — 7,633 Other (loss) income (791 ) — — — 7,524 — 6,733 Net realized and unrealized gains on investments 5,287 2,254 5,378 — 118,506 — 131,425 Total revenues 17,101 3,208 7,657 281 914,923 (11,766 ) 931,404 Expenses Net claims and claim expenses incurred — — — — 294,355 — 294,355 Acquisition expenses — — — — 134,597 — 134,597 Operational expenses (1,805 ) (97 ) 116 11,582 105,448 (7,936 ) 107,308 Corporate expenses 10,794 203 — 7 2,973 — 13,977 Interest expense 281 — 2,953 13,087 5,034 (281 ) 21,074 Total expenses 9,270 106 3,069 24,676 542,407 (8,217 ) 571,311 Income (loss) before equity in net income of subsidiaries and taxes 7,831 3,102 4,588 (24,395 ) 372,516 (3,549 ) 360,093 Equity in net income (loss) of subsidiaries 265,215 1,533 34,421 41,644 — (342,813 ) — Income before taxes 273,046 4,635 39,009 17,249 372,516 (346,362 ) 360,093 Income tax benefit (expense) 2,465 (1,467 ) (1,182 ) 5,671 (14,843 ) — (9,356 ) Net income 275,511 3,168 37,827 22,920 357,673 (346,362 ) 350,737 Net income attributable to redeemable noncontrolling interests — — — — (75,226 ) — (75,226 ) Net income attributable to RenaissanceRe 275,511 3,168 37,827 22,920 282,447 (346,362 ) 275,511 Dividends on preference shares (11,191 ) — — — — — (11,191 ) Net income attributable to RenaissanceRe common shareholders $ 264,320 $ 3,168 $ 37,827 $ 22,920 $ 282,447 $ (346,362 ) $ 264,320 (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 six months ended June 30, 2016 RenaissanceRe RenRe North Platinum Underwriters Finance, Inc. (Subsidiary Issuer) RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other Consolidating RenaissanceRe Comprehensive income Net income $ 275,511 $ 3,168 $ 37,827 $ 22,920 $ 357,673 $ (346,362 ) $ 350,737 Change in net unrealized gains on investments — — — — 229 — 229 Comprehensive income 275,511 3,168 37,827 22,920 357,902 (346,362 ) 350,966 Net income attributable to redeemable noncontrolling interests — — — — (75,226 ) — (75,226 ) Comprehensive income attributable to noncontrolling interests — — — — (75,226 ) — (75,226 ) Comprehensive income attributable to RenaissanceRe $ 275,511 $ 3,168 $ 37,827 $ 22,920 $ 282,676 $ (346,362 ) $ 275,740 (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 Holdings Ltd. (Parent Guarantor) RenRe North America Holdings Inc. (Subsidiary Issuer) 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 Revenues Net premiums earned $ — $ — $ — $ — $ 379,828 $ — $ 379,828 Net investment income 98 300 1,221 468 37,342 (825 ) 38,604 Net foreign exchange gains (losses) 12 — — — (1,752 ) — (1,740 ) Equity in earnings of other ventures — — — — 6,160 — 6,160 Other income 497 — — — 1,428 (498 ) 1,427 Net realized and unrealized (losses) gains on investments (535 ) 609 (1,389 ) — (25,397 ) — (26,712 ) Total revenues 72 909 (168 ) 468 397,609 (1,323 ) 397,567 Expenses — — Net claims and claim expenses incurred — — — — 169,344 — 169,344 Acquisition expenses — — — — 61,666 — 61,666 Operational expenses (368 ) 1,588 — — 53,460 (7 ) 54,673 Corporate expenses 7,351 212 — 84 5,221 — 12,868 Interest expense 468 3,557 1,477 2,784 2,044 (468 ) 9,862 Total expenses 7,451 5,357 1,477 2,868 291,735 (475 ) 308,413 (Loss) income before equity in net income of subsidiaries and taxes (7,379 ) (4,448 ) (1,645 ) (2,400 ) 105,874 (848 ) 89,154 Equity in net income of subsidiaries 84,472 2,132 8,716 4,613 — (99,933 ) — Income (loss) before taxes 77,093 (2,316 ) 7,071 2,213 105,874 (100,781 ) 89,154 Income tax benefit (expense) 1,736 1,743 (1,451 ) 888 (1,074 ) — 1,842 Net income (loss) 78,829 (573 ) 5,620 3,101 104,800 (100,781 ) 90,996 Net income attributable to redeemable noncontrolling interests — — — — (12,167 ) — (12,167 ) Net income (loss) attributable to RenaissanceRe 78,829 (573 ) 5,620 3,101 92,633 (100,781 ) 78,829 Dividends on preference shares (5,596 ) — — — — — (5,596 ) Net income (loss) available (attributable) to RenaissanceRe common shareholders $ 73,233 $ (573 ) $ 5,620 $ 3,101 $ 92,633 $ (100,781 ) $ 73,233 (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 June 30, 2015 RenaissanceRe Holdings Ltd. (Parent Guarantor) RenRe 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 Comprehensive income (loss) Net income (loss) $ 78,829 $ (573 ) $ 5,620 $ 3,101 $ 104,800 $ (100,781 ) $ 90,996 Change in net unrealized gains on investments — — — — (349 ) — (349 ) Comprehensive income (loss) 78,829 (573 ) 5,620 3,101 104,451 (100,781 ) 90,647 Net income attributable to redeemable noncontrolling interests — — — — (12,167 ) — (12,167 ) Comprehensive income attributable to redeemable noncontrolling interests — — — — (12,167 ) — (12,167 ) Comprehensive income (loss) attributable to RenaissanceRe $ 78,829 $ (573 ) $ 5,620 $ 3,101 $ 92,284 $ (100,781 ) $ 78,480 (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 Inc. Platinum Underwriters Finance, Inc. (Subsidiary Issuer) RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other Consolidating RenaissanceRe Revenues Net premiums earned $ — $ — $ — $ — $ 676,588 $ — $ 676,588 Net investment income 2,722 631 1,181 504 75,072 (1,799 ) 78,311 Net foreign exchange losses 2 — — — (4,872 ) — (4,870 ) Equity in earnings of other ventures — — — — 11,455 — 11,455 Other income 663 — — — 2,966 (663 ) 2,966 Net realized and unrealized (losses) gains on investments (496 ) 1,015 (1,388 ) — 15,906 — 15,037 Total revenues 2,891 1,646 (207 ) 504 777,115 (2,462 ) 779,487 Expenses Net claims and claim expenses incurred — — — — 246,197 — 246,197 Acquisition expenses — — — — 105,067 — 105,067 Operational expenses 3,441 3,478 1 — 93,380 (6 ) 100,294 Corporate expenses 31,837 251 — 84 26,229 — 58,401 Interest expense 763 7,233 1,969 3,006 2,711 (504 ) 15,178 Total expenses 36,041 10,962 1,970 3,090 473,584 (510 ) 525,137 (Loss) income before equity in net income of subsidiaries and taxes (33,150 ) (9,316 ) (2,177 ) (2,586 ) 303,531 (1,952 ) 254,350 Equity in net income of subsidiaries 285,417 5,548 10,126 48,515 — (349,606 ) — Income (loss) before taxes 252,267 (3,768 ) 7,949 45,929 303,531 (351,558 ) 254,350 Income tax benefit (expense) — 32,748 (2,146 ) 953 18,191 — 49,746 Net income 252,267 28,980 5,803 46,882 321,722 (351,558 ) 304,096 Net income attributable to redeemable noncontrolling interests — — — — (51,829 ) — (51,829 ) Net income (loss) attributable to RenaissanceRe 252,267 28,980 5,803 46,882 269,893 (351,558 ) 252,267 Dividends on preference shares (11,191 ) — — — — — (11,191 ) Net income available to RenaissanceRe common shareholders $ 241,076 $ 28,980 $ 5,803 $ 46,882 $ 269,893 $ (351,558 ) $ 241,076 (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 for the six months ended June 30, 2015 RenaissanceRe RenRe North Inc. Platinum Underwriters Finance, Inc. (Subsidiary Issuer) RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other Consolidating RenaissanceRe Comprehensive income Net income $ 252,267 $ 28,980 $ 5,803 $ 46,882 $ 321,722 $ (351,558 ) $ 304,096 Change in net unrealized gains on investments — — — — (423 ) — (423 ) Comprehensive income 252,267 28,980 5,803 46,882 321,299 (351,558 ) 303,673 Net income attributable to redeemable noncontrolling interests — — — — (51,829 ) — (51,829 ) Comprehensive income attributable to redeemable noncontrolling interests — — — — (51,829 ) — (51,829 ) Comprehensive income attributable to RenaissanceRe $ 252,267 $ 28,980 $ 5,803 $ 46,882 $ 269,470 $ (351,558 ) $ 251,844 (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 $ (11,131 ) $ 297 $ (3,914 ) $ (24,197 ) $ 156,117 $ 117,172 Cash flows provided by (used in) investing activities Proceeds from sales and maturities of fixed maturity investments trading 210,933 50,890 67,839 — 4,450,744 4,780,406 Purchases of fixed maturity investments trading (324,462 ) (105,772 ) (203,883 ) — (4,350,703 ) (4,984,820 ) Proceeds from sales and maturities of fixed maturity investments available for sale — — — — 5,216 5,216 Net (purchases) sales of equity investments trading — (2,195 ) 193,207 — (9,378 ) 181,634 Net sales (purchases) of short term investments 195,915 62,403 (58,367 ) — 45,948 245,899 Net purchases of other investments — — — — (52,778 ) (52,778 ) Dividends and return of capital from subsidiaries 341,011 2,900 — — (343,911 ) — Contributions to subsidiaries (95,001 ) — — — 95,001 — Due (from) to subsidiary (22,676 ) (14,396 ) (92 ) 24,134 13,030 — Net cash provided by (used in) investing activities 305,720 (6,170 ) (1,296 ) 24,134 (146,831 ) 175,557 Cash flows used in financing activities Dividends paid – RenaissanceRe common shares (26,198 ) — — — — (26,198 ) Dividends paid – preference shares (11,191 ) — — — — (11,191 ) RenaissanceRe common share repurchases (265,003 ) — — — — (265,003 ) Net third party redeemable noncontrolling interest share transactions — — — — (43,909 ) (43,909 ) Net cash used in financing activities (302,392 ) — — — (43,909 ) (346,301 ) Effect of exchange rate changes on foreign currency cash — — — — 2,208 2,208 Net decrease in cash and cash equivalents (7,803 ) (5,873 ) (5,210 ) (63 ) (32,415 ) (51,364 ) 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 $ 2,382 $ 35 $ 1,893 $ 614 $ 450,597 $ 455,521 (1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. Condensed Consolidating Statement of Cash Flows for the six months ended June 30, 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 provided by (used in) operating activities Net cash provided by (used in) operating activities $ 59,434 $ (5,411 ) $ (10,030 ) $ (4,337 ) $ (69,026 ) $ (29,370 ) Cash flows (used in) provided by investing activities Proceeds from sales and maturities of fixed maturity investments trading 14,718 7,016 45,087 — 4,695,154 4,761,975 Purchases of fixed maturity investments trading (56,559 ) (38,668 ) — — (4,500,891 ) (4,596,118 ) Proceeds from sales and maturities of fixed maturity investments available for sale — — — — 5,000 5,000 Net sales (purchases) of equity investments trading — 33,687 (273,501 ) — 73,329 (166,485 ) Net (purchases) sales of short term investments (1,088 ) (5,848 ) 238,048 — 129,050 360,162 Net purchases of other investments — — — — (1,250 ) (1,250 ) Net purchases of investments in other ventures — — — — (45 ) (45 ) Net sales of other assets — — — — 4,500 4,500 Dividends and return of capital from subsidiaries 1,050,762 193,850 — — (1,244,612 ) — Contributions to subsidiaries (231,964 ) — — (180,000 ) 411,964 — Due to (from) subsidiaries 114,266 (183,513 ) (52 ) (114,839 ) 184,138 — Net purchase of Platinum (904,433 ) — 1,537 — 224,744 (678,152 ) Net cash (used in) provided by investing activities (14,298 ) 6,524 11,119 (294,839 ) (18,919 ) (310,413 ) Cash flows (used in) provided by financing activities Dividends paid – RenaissanceRe common shares (27,479 ) — — — — (27,479 ) Dividends paid – preference shares (11,191 ) — — — — (11,191 ) RenaissanceRe common share repurchases (736 ) — — — — (736 ) Net issuance of debt — — — 299,400 146,189 445,589 Net third party redeemable noncontrolling interest share transactions — — — — (187,064 ) (187,064 ) Net cash (used in) provided by financing activities (39,406 ) — — 299,400 (40,875 ) 219,119 Effect of exchange rate changes on foreign currency cash — — — — (6,830 ) (6,830 ) Net increase (decrease) in cash and cash equivalents 5,730 1,113 1,089 224 (135,650 ) (127,494 ) Cash and cash equivalents, beginning of period 5,986 1,033 — — 518,565 525,584 Cash and cash equivalents, end of period $ 11,716 $ 2,146 $ 1,089 $ 224 $ 382,915 $ 398,090 (1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS Subsequent to June 30, 2016 and through the period ended July 25, 2016 , the Company repurchased 286 thousand common shares in open market transactions at an aggregate cost of $33.1 million and at an average share price of $115.66 . |
Significant Accounting Polici22
Significant Accounting Policies (Policy) | 6 Months Ended |
Jun. 30, 2016 | |
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”) for interim financial information and in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, these unaudited consolidated financial statements reflect all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the Company’s financial position and results of operations as at the end of and for the periods presented. All significant intercompany accounts and transactions have been eliminated from these statements. Certain comparative information has been reclassified to conform to the current presentation. Because of the seasonality of the Company’s business, the results of operations and cash flows for any interim period will not necessarily be indicative of the results of operations and cash flows for the full fiscal year or subsequent quarters. |
Use of Estimates in Financial Statements | USE OF ESTIMATES IN FINANCIAL STATEMENTS The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. The major estimates reflected in the Company’s consolidated financial statements include, but are not limited to, the reserve for claims and claim expenses; reinsurance 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. |
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted | RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period In June 2014, the FASB issued ASU No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (“ASU 2014-12”). The objective of ASU 2014-12 is to resolve the diverse accounting treatment of share-based payment awards in situations where an employee would be eligible to vest in the award regardless of whether the employee is rendering service on the date the performance target is achieved. For example, if an employee is eligible to retire or otherwise terminate employment before the end of the period in which a performance target could be achieved and still be eligible to vest in the award. ASU 2014-12 will resolve if and when the performance target is achieved. ASU 2014-12 became effective for all entities in annual and interim periods beginning after December 15, 2015. Early adoption was permitted. The Company adopted ASU 2014-12 effective January 1, 2016, and prospectively applied the amendments in ASU 2014-12 to all awards granted or modified after the effective date. The adoption of ASU 2014-12 did not have a material impact on the Company’s consolidated statements of operations and financial position. Amendments to the Consolidation Analysis In February 2015, the FASB issued ASU No. 2015-02, Amendments to the Consolidation Analysis (“ASU 2015-02”). ASU 2015-02 will affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under ASU 2015-02. ASU 2015-02 set forth amendments: modifying the evaluation of whether limited partnerships and similar legal entities are VIEs; eliminating the presumption that a general partner should consolidate a limited partnership; affecting the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangement and related party relationships; and providing a scope exception from consolidation guidance for reporting entities with interests in certain investment funds. ASU 2015-02 became effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption was permitted. The Company adopted ASU 2015-02 effective January 1, 2016 and it did not have a material impact on the Company’s consolidated statements of operations and financial position. See “Note 7 . Variable Interest Entities” for additional information related to the Company’s VIE’s. Simplifying the Presentation of Debt Issuance Costs In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). The objective of ASU 2015-03 is to simplify the presentation of debt issuance costs by requiring debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in ASU 2015-03. ASU 2015-03 became effective for public business entities in annual and interim periods beginning after December 15, 2015 with retroactive application. The Company retrospectively adopted ASU 2015-03 effective January 1, 2016 and the impact on the Company’s consolidated balance sheet at December 31, 2015 was to reduce each of other assets and debt by $5.6 million , respectively, which represented the deferred debt issuance costs previously recorded in other assets and reclassified as an offset to debt. In addition, for the six months ended June 30, 2015 , corporate expense was reduced by $0.2 million and interest expense was increased by $0.2 million to reclassify the amortization of deferred debt issuance costs from corporate expense to interest expense. There was no net impact on the Company’s consolidated statements of operations or financial position as a result of the retrospective adoption of ASU 2015-03. Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) In May 2015, the FASB issued ASU No. 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) (“ASU 2015-07”). ASU 2015-07 removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. ASU 2015-07 also removes the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient. ASU 2015-07 became effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. A reporting entity should apply the amendments retrospectively to all periods presented. The retrospective approach requires that an investment for which fair value is measured using the net asset value per share practical expedient be removed from the fair value hierarchy in all periods presented in an entity’s financial statements. Earlier application was permitted. The Company retrospectively adopted ASU 2015-07 effective January 1, 2016; since this update is disclosure-related only, it did not have a material impact on the Company’s statements of operations and financial position. Simplifying the Accounting for Measurement-Period Adjustments In September 2015, the FASB issued ASU No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”). ASU 2015-16 removes the requirement to retrospectively account for adjustments made to provisional amounts recognized in a business combination. Rather, those adjustments are to be recognized by the acquirer in the reporting period in which the adjustment amounts are determined. A reporting entity is also required to disclose, in the reporting period in which the adjustment amounts are recorded, the effect on earnings of changes in depreciation, amortization, or other income effects, as a result of the change to provisional amounts, calculated as if the accounting had been completed at the acquisition date. In addition, the reporting entity would present on the face of the income statement or disclose in the notes the amounts that would have been recorded in previous reporting periods if the adjustment to provisional amounts had been recognized as of the acquisition date. ASU 2015-16 was effective for public business entities in annual and interim periods beginning after December 15, 2015. ASU 2015-16 should be applied prospectively to adjustments for provisional amounts that occur after the effective date, with earlier application permitted for financial statements that have not been issued. The Company adopted ASU 2015-16 effective January 1, 2016 and it did not have a material impact on the Company’s consolidated statements of operations and financial position. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED Revenue from Contracts with Customers In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 provides comprehensive guidance on the recognition of revenue from customers arising from the transfer of goods and services. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also provides guidance on accounting for certain contract costs and will also require new disclosures. ASU 2014-09 is effective for public business entities in annual and interim periods beginning after December 15, 2017. Early adoption is 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. Disclosures about Short-Duration Contracts In May 2015, the FASB issued ASU No. 2015-09, Disclosures about Short-Duration Contracts (“ASU 2015-09”). ASU 2015-09 requires insurance entities to disclose for annual reporting periods additional information about the liability for unpaid claims and claim adjustment expenses, including: (1) incurred and paid claims development information by accident year, on a net basis, for the number of years for which claims incurred typically remain outstanding, not exceeding 10 years; (2) a reconciliation of incurred and paid claims development information to the aggregate carry amount of the liability for claims and claim adjustment expenses, with separate disclosure of reinsurance recoverable on unpaid claims for each period presented in the statement of financial position; (3) for each accident year presented of incurred claims development information, the total of incurred but not reported liabilities plus expected development on reported claims including in the liability for unpaid claims and claim adjustment expenses, accompanied by a description of the reserving methodologies; (4) for each accident year presented of incurred claims development information, quantitative information about claim frequency accompanied by a qualitative description of methodologies used for determining claim frequency information; and (5) for all claims, the average annual percentage payout of incurred claims by age for the same number of accident years presented in (3) and (4) above. ASU 2015-09 also requires insurance entities to disclose information about significant changes in methodologies and assumptions used to calculate the liability for unpaid claims and claim adjustment expenses, including the reasons for the change and the effects on the financial statements. In addition, ASU 2015-09 requires insurance entities to disclose for annual and interim reporting periods a rollforward of the liability for unpaid claims and claim adjustment expenses. ASU 2015-09 is effective for public business entities in annual periods beginning after December 31, 2015, and interim periods within annual periods beginning after December 31, 2016. Early adoption is permitted. ASU 2015-09 should be applied retrospectively by providing comparative disclosures for each period presented, except for those requirements that apply only to the current period. As this guidance is disclosure-related only, the adoption of this guidance is not expected to have a material impact on the Company’s consolidated statements of operations and financial position. Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting or those that result in the consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, simplifies the impairment assessment of equity investments without readily determinable values by requiring a qualitative assessment to identify impairment, eliminates the requirement to disclose the methods and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost, requires the use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate presentation in other comprehensive income of the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the organization has elected to measure the liabilities in accordance with the fair value option, requires the separate presentation of financial assets and financial liabilities by measurement category and for form of financial asset on the balance sheet or the accompanying notes to the financial statements and clarifies that the reporting organization should evaluate the need for a valuation allowance on a deferred tax asset related to available for sale securities in combination with the organization’s other deferred tax assets. ASU 2016-01 is effective for public business entities in annual and interim periods beginning after December 15, 2017. Earlier adoption is generally not permitted, except for certain specific provisions of ASU 2016-01. 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. |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Investments [Abstract] | |
Schedule of Fair Value of Fixed Maturity Investments Trading | The following table summarizes the fair value of fixed maturity investments trading: June 30, December 31, U.S. treasuries $ 2,660,051 $ 2,064,944 Agencies 126,549 137,976 Municipal 561,456 583,282 Non-U.S. government (Sovereign debt) 313,699 334,981 Non-U.S. government-backed corporate 157,606 138,994 Corporate 1,840,407 2,055,323 Agency mortgage-backed 513,517 504,368 Non-agency mortgage-backed 251,015 262,235 Commercial mortgage-backed 498,682 554,625 Asset-backed 150,147 128,277 Total fixed maturity investments trading $ 7,073,129 $ 6,765,005 |
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 June 30, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Non-Credit Other-Than- Temporary Impairments (1) Agency mortgage-backed $ 139 $ 10 $ — $ 149 $ — Non-agency mortgage-backed 6,214 1,278 — 7,492 503 Commercial mortgage-backed 4,570 223 — 4,793 — Total fixed maturity investments available for sale $ 10,923 $ 1,511 $ — $ 12,434 $ 503 Included in Accumulated Other Comprehensive Income December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Non-Credit Other-Than- Temporary Impairments (1) Agency mortgage-backed $ 143 $ 7 $ — $ 150 $ — Non-agency mortgage-backed 7,005 1,523 — 8,528 550 Commercial mortgage-backed 6,578 293 — 6,871 — Asset-backed 2,217 47 — 2,264 — Total fixed maturity investments available for sale $ 15,943 $ 1,870 $ — $ 17,813 $ 550 (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 June 30, 2016 Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Due in less than one year $ 273,579 $ 266,356 $ — $ — $ 273,579 $ 266,356 Due after one through five years 4,136,965 4,163,134 — — 4,136,965 4,163,134 Due after five through ten years 1,026,303 1,049,939 — — 1,026,303 1,049,939 Due after ten years 171,187 180,339 — — 171,187 180,339 Mortgage-backed 1,244,139 1,263,214 10,923 12,434 1,255,062 1,275,648 Asset-backed 155,028 150,147 — — 155,028 150,147 Total $ 7,007,201 $ 7,073,129 $ 10,923 $ 12,434 $ 7,018,124 $ 7,085,563 |
Schedule of Fair Value of Equity Investments Trading | The following table summarizes the fair value of equity investments trading: June 30, December 31, Financials $ 196,662 $ 193,716 Communications and technology 33,704 65,833 Industrial, utilities and energy 28,585 51,168 Consumer 21,047 40,918 Healthcare 17,949 36,148 Basic materials 3,351 6,094 Total $ 301,298 $ 393,877 |
Schedule of Net Investment Income | The components of net investment income are as follows: Three months ended Six months ended June 30, June 30, June 30, June 30, Fixed maturity investments $ 46,091 $ 33,791 $ 82,097 $ 59,730 Short term investments 1,227 297 2,227 494 Equity investments 865 1,913 2,528 4,517 Other investments Private equity investments 4,356 5,425 (5,002 ) 15,838 Other 5,035 674 8,344 4,182 Cash and cash equivalents 209 127 338 275 57,783 42,227 90,532 85,036 Investment expenses (3,659 ) (3,623 ) (7,545 ) (6,725 ) Net investment income $ 54,124 $ 38,604 $ 82,987 $ 78,311 |
Schedule of Net Realized and Unrealized Gains On Investments and Net Other-Than-Temporary Impairments | Net realized and unrealized gains on investments are as follows: Three months ended Six months ended June 30, June 30, June 30, June 30, Gross realized gains $ 22,661 $ 8,672 $ 40,411 $ 30,204 Gross realized losses (7,804 ) (21,552 ) (22,469 ) (26,423 ) Net realized gains (losses) on fixed maturity investments 14,857 (12,880 ) 17,942 3,781 Net unrealized gains (losses) on fixed maturity investments trading 44,271 (48,104 ) 129,736 (22,132 ) Net realized and unrealized (losses) gains on investments-related derivatives (9,151 ) 19,816 (28,600 ) 15,608 Net realized gains on equity investments trading 14,729 8,832 13,911 16,313 Net unrealized gains (losses) on equity investments trading 5,066 5,624 (1,564 ) 1,467 Net realized and unrealized gains (losses) on investments $ 69,772 $ (26,712 ) $ 131,425 $ 15,037 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis | Below is a summary of the assets and liabilities that are measured at fair value on a recurring basis and also represents the carrying amount on the Company’s consolidated balance sheets: At June 30, 2016 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fixed maturity investments U.S. treasuries $ 2,660,051 $ 2,660,051 $ — $ — Agencies 126,549 — 126,549 — Municipal 561,456 — 561,456 — Non-U.S. government (Sovereign debt) 313,699 — 313,699 — Non-U.S. government-backed corporate 157,606 — 157,606 — Corporate 1,840,407 — 1,840,407 — Agency mortgage-backed 513,666 — 513,666 — Non-agency mortgage-backed 258,507 — 258,507 — Commercial mortgage-backed 503,475 — 503,475 — Asset-backed 150,147 — 150,147 — Total fixed maturity investments 7,085,563 2,660,051 4,425,512 — Short term investments 1,000,206 — 1,000,206 — Equity investments trading 301,298 301,298 — — Other investments Catastrophe bonds 275,553 — 275,553 — Private equity partnerships (1) 190,316 — — 190,316 Senior secured bank loan fund (1) 22,212 — — 22,212 Hedge funds (1) 1,621 — — 1,621 Total other investments 489,702 — 275,553 214,149 Other assets and (liabilities) Assumed and ceded (re)insurance contracts (2) (2,680 ) — — (2,680 ) Derivatives (3) 2,368 1,084 1,284 — Other (4,541 ) — (4,541 ) — Total other assets and (liabilities) (4,853 ) 1,084 (3,257 ) (2,680 ) $ 8,871,916 $ 2,962,433 $ 5,698,014 $ 211,469 (1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. (2) Included in assumed and ceded (re)insurance contracts at June 30, 2016 was $1.0 million and $3.7 million of other assets and other liabilities, respectively. (3) See “Note 11 . Derivative Instruments” for additional information related to the fair value by type of contract, of derivatives entered into by the Company. At December 31, 2015 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fixed maturity investments U.S. treasuries $ 2,064,944 $ 2,064,944 $ — $ — Agencies 137,976 — 137,976 — Municipal 583,282 — 583,282 — Non-U.S. government (Sovereign debt) 334,981 — 334,981 — Non-U.S. government-backed corporate 138,994 — 138,994 — Corporate 2,055,323 — 2,047,705 7,618 Agency mortgage-backed 504,518 — 504,518 — Non-agency mortgage-backed 270,763 — 270,763 — Commercial mortgage-backed 561,496 — 561,496 — Asset-backed 130,541 — 130,541 — Total fixed maturity investments 6,782,818 2,064,944 4,710,256 7,618 Short term investments 1,208,401 — 1,208,401 — Equity investments trading 393,877 393,877 — — Other investments Catastrophe bonds 241,253 — 241,253 — Private equity partnerships (1) 214,848 — — — Senior secured bank loan fund (1) 23,231 — — — Hedge funds (1) 2,289 — — — Total other investments 481,621 — 241,253 — Other assets and (liabilities) Assumed and ceded (re)insurance contracts (2) (5,899 ) — — (5,899 ) Derivatives (3) 1,486 (1,234 ) 2,720 — Other (12,320 ) — (12,320 ) — Total other assets and (liabilities) (16,733 ) (1,234 ) (9,600 ) (5,899 ) $ 8,849,984 $ 2,457,587 $ 6,150,310 $ 1,719 (1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. (2) Included in assumed and ceded (re)insurance contracts at December 31, 2015 was $3.5 million and $9.4 million of other assets and other liabilities, respectively. (3) See “Note 11 . Derivative Instruments” for additional information related to the fair value by type of contract, of derivatives entered into by the Company. |
Schedule Of Quantitative Information Used As Level 3 Inputs | Below is a summary of quantitative information regarding the significant observable and unobservable inputs (Level 3) used in determining the fair value of assets and liabilities measured at fair value on a recurring basis: At June 30, 2016 Fair Value (Level 3) Valuation Technique Unobservable (U) and Observable (O) Inputs Low High Weighted Average or Actual Other assets and (liabilities) Assumed and ceded (re)insurance contracts (1,302 ) Internal valuation model Bond price (U) $ 97.61 $ 100.02 $ 99.02 Liquidity discount (U) n/a n/a 1.3 % Assumed and ceded (re)insurance contracts (1,378 ) Internal valuation model Net undiscounted cash flows (U) n/a n/a $ (10,753 ) Expected loss ratio (U) n/a n/a 0.1 % Net acquisition expense ratio (O) n/a n/a 23.0 % Contract period (O) 0.5 years 3.0 years 2.2 years Discount rate (U) n/a n/a 0.7 % Total assumed and ceded (re)insurance contracts (2,680 ) Total other assets and (liabilities) (2,680 ) $ (2,680 ) |
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 investments trading Other assets and (liabilities) Total Balance - April 1, 2016 $ 7,500 $ (4,724 ) $ 2,776 Total realized gains Included in other income — 2,092 2,092 Purchases — (48 ) (48 ) Settlements (7,500 ) — (7,500 ) Balance - June 30, 2016 $ — $ (2,680 ) $ (2,680 ) Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Fixed maturity investments trading Other assets and (liabilities) Total Balance - January 1, 2016 $ 7,618 $ (5,899 ) $ 1,719 Total unrealized losses Included in net investment income (118 ) — (118 ) Total realized gains Included in other income — 3,792 3,792 Purchases — (573 ) (573 ) Settlements (7,500 ) — (7,500 ) Balance - June 30, 2016 $ — $ (2,680 ) $ (2,680 ) Change in unrealized gains for the period included in earnings for assets held at the end of the period included in net investment income $ — $ — $ — Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Fixed maturity investments trading Other assets and (liabilities) Total Balance - April 1, 2015 $ 15,474 $ 72,969 $ 88,443 Total unrealized (losses) gains Included in net investment income (314 ) 16 (298 ) Included in other income — (348 ) (348 ) Total realized gains Included in other income — 1,512 1,512 Total foreign exchange losses — (6 ) (6 ) Purchases — 1,544 1,544 Settlements (7,500 ) — (7,500 ) Balance - June 30, 2015 $ 7,660 $ 75,687 $ 83,347 Change in unrealized gains for the period included in earnings for assets held at the end of the period included in net investment income $ (132 ) $ 16 $ (116 ) Change in unrealized gains for the period included in earnings for assets held at the end of the period included in other income $ — $ (348 ) $ (348 ) Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Fixed maturity investments trading Other assets and (liabilities) Total Balance - January 1, 2015 $ 15,660 $ (8,934 ) $ 6,726 Total unrealized (losses) gains Included in net investment income (500 ) 176 (324 ) Included in other income — (348 ) (348 ) Total realized gains Included in other income — 2,828 2,828 Purchases — 81,965 81,965 Settlements (7,500 ) — (7,500 ) Balance - June 30, 2015 $ 7,660 $ 75,687 $ 83,347 Change in unrealized gains for the period included in earnings for assets held at the end of the period included in net investment income $ (318 ) $ 176 $ (142 ) Change in unrealized gains for the period included in earnings for assets held at the end of the period included in other income $ — $ (348 ) $ (348 ) |
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 investments trading Other assets and (liabilities) Total Balance - April 1, 2016 $ 7,500 $ (4,724 ) $ 2,776 Total realized gains Included in other income — 2,092 2,092 Purchases — (48 ) (48 ) Settlements (7,500 ) — (7,500 ) Balance - June 30, 2016 $ — $ (2,680 ) $ (2,680 ) Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Fixed maturity investments trading Other assets and (liabilities) Total Balance - January 1, 2016 $ 7,618 $ (5,899 ) $ 1,719 Total unrealized losses Included in net investment income (118 ) — (118 ) Total realized gains Included in other income — 3,792 3,792 Purchases — (573 ) (573 ) Settlements (7,500 ) — (7,500 ) Balance - June 30, 2016 $ — $ (2,680 ) $ (2,680 ) Change in unrealized gains for the period included in earnings for assets held at the end of the period included in net investment income $ — $ — $ — Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Fixed maturity investments trading Other assets and (liabilities) Total Balance - April 1, 2015 $ 15,474 $ 72,969 $ 88,443 Total unrealized (losses) gains Included in net investment income (314 ) 16 (298 ) Included in other income — (348 ) (348 ) Total realized gains Included in other income — 1,512 1,512 Total foreign exchange losses — (6 ) (6 ) Purchases — 1,544 1,544 Settlements (7,500 ) — (7,500 ) Balance - June 30, 2015 $ 7,660 $ 75,687 $ 83,347 Change in unrealized gains for the period included in earnings for assets held at the end of the period included in net investment income $ (132 ) $ 16 $ (116 ) Change in unrealized gains for the period included in earnings for assets held at the end of the period included in other income $ — $ (348 ) $ (348 ) Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Fixed maturity investments trading Other assets and (liabilities) Total Balance - January 1, 2015 $ 15,660 $ (8,934 ) $ 6,726 Total unrealized (losses) gains Included in net investment income (500 ) 176 (324 ) Included in other income — (348 ) (348 ) Total realized gains Included in other income — 2,828 2,828 Purchases — 81,965 81,965 Settlements (7,500 ) — (7,500 ) Balance - June 30, 2015 $ 7,660 $ 75,687 $ 83,347 Change in unrealized gains for the period included in earnings for assets held at the end of the period included in net investment income $ (318 ) $ 176 $ (142 ) Change in unrealized gains for the period included in earnings for assets held at the end of the period included in other income $ — $ (348 ) $ (348 ) |
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: June 30, December 31, Other investments $ 489,702 $ 481,621 Other assets $ 980 $ 3,463 Other liabilities $ 3,660 $ 9,362 |
Schedule Of Other Investments Measured Using Net Asset Valuations | The table below shows the Company’s portfolio of other investments measured using net asset valuations as a practical expedient: At June 30, 2016 Fair Value Unfunded Redemption Frequency Redemption Redemption Private equity partnerships $ 190,316 $ 238,916 See below See below See below Senior secured bank loan fund 22,212 2,330 See below See below See below Hedge funds 1,621 — See below See below See below Total other investments measured using net asset valuations $ 214,149 $ 241,246 |
Reinsurance (Tables)
Reinsurance (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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: Three months ended Six months ended June 30, June 30, June 30, June 30, Premiums written Direct $ 57,541 $ 34,340 $ 100,717 $ 65,153 Assumed 701,587 627,657 1,520,544 1,240,422 Ceded (239,212 ) (153,320 ) (589,670 ) (392,863 ) Net premiums written $ 519,916 $ 508,677 $ 1,031,591 $ 912,712 Premiums earned Direct $ 37,936 $ 21,606 $ 71,076 $ 44,507 Assumed 464,540 468,372 921,181 850,975 Ceded (151,074 ) (110,150 ) (287,249 ) (218,894 ) Net premiums earned $ 351,402 $ 379,828 $ 705,008 $ 676,588 Claims and claim expenses Gross claims and claim expenses incurred $ 224,852 $ 222,819 $ 386,850 $ 311,814 Claims and claim expenses recovered (57,102 ) (53,475 ) (92,495 ) (65,617 ) Net claims and claim expenses incurred $ 167,750 $ 169,344 $ 294,355 $ 246,197 |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest [Abstract] | |
Schedule Of Redeemable Noncontrolling Interest | The activity in redeemable noncontrolling interest – DaVinciRe is detailed in the table below: Three months ended Six months ended June 30, June 30, June 30, June 30, Beginning balance $ 926,141 $ 867,734 $ 930,955 $ 1,037,306 Redemption of shares from redeemable noncontrolling interest (986 ) (813 ) (91,804 ) (208,711 ) Sale of shares to redeemable noncontrolling interests — — 43,040 — Net income attributable to redeemable noncontrolling interest 28,288 12,345 71,252 50,671 Ending balance $ 953,443 $ 879,266 $ 953,443 $ 879,266 The activity in redeemable noncontrolling interest – Medici is detailed in the table below: Three months ended Six months ended June 30, June 30, June 30, June 30, Beginning balance $ 155,196 $ 100,697 $ 115,009 $ 94,402 Redemption of shares from redeemable noncontrolling interest (6,400 ) (2,423 ) (7,340 ) (17,107 ) Sale of shares to redeemable noncontrolling interests 17,817 11,450 57,317 31,093 Net income (loss) attributable to redeemable noncontrolling interest 2,347 (178 ) 3,974 1,158 Ending balance $ 168,960 $ 109,546 $ 168,960 $ 109,546 A summary of the Company’s redeemable noncontrolling interests on its consolidated balance sheets is set forth below: June 30, December 31, 2015 Redeemable noncontrolling interest - DaVinciRe $ 953,443 $ 930,955 Redeemable noncontrolling interest - Medici 168,960 115,009 Redeemable noncontrolling interest $ 1,122,403 $ 1,045,964 A summary of the Company’s redeemable noncontrolling interests on its consolidated statements of operations set forth below: Three months ended Six months ended June 30, June 30, June 30, June 30, Redeemable noncontrolling interest - DaVinciRe $ 28,288 $ 12,345 $ 71,252 $ 50,671 Redeemable noncontrolling interest - Medici 2,347 (178 ) 3,974 1,158 Net income attributable to redeemable noncontrolling interests $ 30,635 $ 12,167 $ 75,226 $ 51,829 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule Of Computation Of Basic And Diluted Earnings Per Common Share | The following table sets forth the computation of basic and diluted earnings per common share: Three months ended Six months ended (thousands of shares) June 30, June 30, June 30, June 30, Numerator: Net income available to RenaissanceRe common shareholders $ 136,325 $ 73,233 $ 264,320 $ 241,076 Amount allocated to participating common shareholders (1) (1,561 ) (819 ) (3,166 ) (2,781 ) Net income allocated to RenaissanceRe common shareholders $ 134,764 $ 72,414 $ 261,154 $ 238,295 Denominator: Denominator for basic income per RenaissanceRe common share - weighted average common shares 41,693 45,303 42,135 42,467 Per common share equivalents of employee stock options and restricted shares 192 354 263 372 Denominator for diluted income per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions 41,885 45,657 42,398 42,839 Net income available to RenaissanceRe common shareholders per common share – basic $ 3.23 $ 1.60 $ 6.20 $ 5.61 Net income available to RenaissanceRe common shareholders per common share – diluted $ 3.22 $ 1.59 $ 6.16 $ 5.56 (1) Represents earnings attributable to holders of unvested restricted shares issued under the Company’s 2001 Stock Incentive Plan, 2010 Performance-Based Equity Incentive Plan, 2016 Long-Term Incentive Plan and to the Company’s non-employee directors. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting, Measurement Disclosures [Abstract] | |
Schedule Of Significant Components Of The Company's Revenues And Expenses | A summary of the significant components of the Company’s revenues and expenses is as follows: Three months ended June 30, 2016 Catastrophe Reinsurance Specialty Reinsurance Lloyd’s Other Total Gross premiums written $ 397,454 $ 200,733 $ 160,941 $ — $ 759,128 Net premiums written $ 255,645 $ 132,420 $ 131,851 $ — $ 519,916 Net premiums earned $ 141,616 $ 137,168 $ 72,618 $ — $ 351,402 Net claims and claim expenses incurred 56,131 67,701 43,832 86 167,750 Acquisition expenses 16,227 34,127 18,651 — 69,005 Operational expenses 18,685 19,959 12,408 21 51,073 Underwriting income (loss) $ 50,573 $ 15,381 $ (2,273 ) $ (107 ) 63,574 Net investment income 54,124 54,124 Net foreign exchange losses (690 ) (690 ) Equity in earnings of other ventures 6,022 6,022 Other income 2,654 2,654 Net realized and unrealized gains on investments 69,772 69,772 Corporate expenses (5,752 ) (5,752 ) Interest expense (10,536 ) (10,536 ) Income before taxes and redeemable noncontrolling interests 179,168 Income tax expense (6,612 ) (6,612 ) Net income attributable to redeemable noncontrolling interests (30,635 ) (30,635 ) Dividends on preference shares (5,596 ) (5,596 ) Net income available to RenaissanceRe common shareholders $ 136,325 Net claims and claim expenses incurred – current accident year $ 70,321 $ 85,117 $ 41,567 $ — $ 197,005 Net claims and claim expenses incurred – prior accident years (14,190 ) (17,416 ) 2,265 86 (29,255 ) Net claims and claim expenses incurred – total $ 56,131 $ 67,701 $ 43,832 $ 86 $ 167,750 Net claims and claim expense ratio – current accident year 49.7 % 62.1 % 57.2 % 56.1 % Net claims and claim expense ratio – prior accident years (10.1 )% (12.7 )% 3.2 % (8.4 )% Net claims and claim expense ratio – calendar year 39.6 % 49.4 % 60.4 % 47.7 % Underwriting expense ratio 24.7 % 39.4 % 42.7 % 34.2 % Combined ratio 64.3 % 88.8 % 103.1 % 81.9 % Six months ended June 30, 2016 Catastrophe Reinsurance Specialty Reinsurance Lloyd’s Other Total Gross premiums written $ 757,877 $ 569,722 $ 293,662 $ — $ 1,621,261 Net premiums written $ 444,430 $ 392,511 $ 194,650 $ — $ 1,031,591 Net premiums earned $ 278,601 $ 292,486 $ 133,921 $ — $ 705,008 Net claims and claim expenses incurred 63,951 159,553 70,848 3 294,355 Acquisition expenses 25,807 75,852 32,938 — 134,597 Operational expenses 38,953 41,732 26,542 81 107,308 Underwriting income (loss) $ 149,890 $ 15,349 $ 3,593 $ (84 ) 168,748 Net investment income 82,987 82,987 Net foreign exchange losses (2,382 ) (2,382 ) Equity in earnings of other ventures 7,633 7,633 Other income 6,733 6,733 Net realized and unrealized gains on investments 131,425 131,425 Corporate expenses (13,977 ) (13,977 ) Interest expense (21,074 ) (21,074 ) Income before taxes and redeemable noncontrolling interests 360,093 Income tax expense (9,356 ) (9,356 ) Net income attributable to redeemable noncontrolling interests (75,226 ) (75,226 ) Dividends on preference shares (11,191 ) (11,191 ) Net income available to RenaissanceRe common shareholders $ 264,320 Net claims and claim expenses incurred – current accident year $ 84,204 $ 173,495 $ 67,515 $ — $ 325,214 Net claims and claim expenses incurred – prior accident years (20,253 ) (13,942 ) 3,333 3 (30,859 ) Net claims and claim expenses incurred – total $ 63,951 $ 159,553 $ 70,848 $ 3 $ 294,355 Net claims and claim expense ratio – current accident year 30.2 % 59.3 % 50.4 % 46.1 % Net claims and claim expense ratio – prior accident years (7.2 )% (4.7 )% 2.5 % (4.3 )% Net claims and claim expense ratio – calendar year 23.0 % 54.6 % 52.9 % 41.8 % Underwriting expense ratio 23.2 % 40.2 % 44.4 % 34.3 % Combined ratio 46.2 % 94.8 % 97.3 % 76.1 % Three months ended June 30, 2015 Catastrophe Reinsurance Specialty Reinsurance Lloyd’s Other Total Gross premiums written $ 385,366 $ 160,013 $ 116,618 $ — $ 661,997 Net premiums written $ 270,490 $ 139,867 $ 98,320 $ — $ 508,677 Net premiums earned $ 162,705 $ 155,584 $ 61,539 $ — $ 379,828 Net claims and claim expenses incurred 55,376 86,062 27,683 223 169,344 Acquisition expenses 19,314 28,251 14,210 (109 ) 61,666 Operational expenses 22,090 18,747 13,719 117 54,673 Underwriting income (loss) $ 65,925 $ 22,524 $ 5,927 $ (231 ) 94,145 Net investment income 38,604 38,604 Net foreign exchange losses (1,740 ) (1,740 ) Equity in earnings of other ventures 6,160 6,160 Other income 1,427 1,427 Net realized and unrealized losses on investments (26,712 ) (26,712 ) Corporate expenses (12,868 ) (12,868 ) Interest expense (9,862 ) (9,862 ) Income before taxes and noncontrolling interests 89,154 Income tax benefit 1,842 1,842 Net income attributable to noncontrolling interests (12,167 ) (12,167 ) Dividends on preference shares (5,596 ) (5,596 ) Net income available to RenaissanceRe common shareholders $ 73,233 Net claims and claim expenses incurred – current accident year $ 67,334 $ 104,315 $ 30,771 $ — $ 202,420 Net claims and claim expenses incurred – prior accident years (11,958 ) (18,253 ) (3,088 ) 223 (33,076 ) Net claims and claim expenses incurred – total $ 55,376 $ 86,062 $ 27,683 $ 223 $ 169,344 Net claims and claim expense ratio – current accident year 41.4 % 67.0 % 50.0 % 53.3 % Net claims and claim expense ratio – prior accident years (7.4 )% (11.7 )% (5.0 )% (8.7 )% Net claims and claim expense ratio – calendar year 34.0 % 55.3 % 45.0 % 44.6 % Underwriting expense ratio 25.5 % 30.2 % 45.4 % 30.6 % Combined ratio 59.5 % 85.5 % 90.4 % 75.2 % Six months ended June 30, 2015 Catastrophe Reinsurance Specialty Reinsurance Lloyd’s Other Total Gross premiums written (1) $ 774,613 $ 284,304 $ 246,748 $ (90 ) $ 1,305,575 Net premiums written $ 493,130 $ 243,782 $ 175,889 $ (89 ) $ 912,712 Net premiums earned $ 306,472 $ 250,460 $ 119,745 $ (89 ) $ 676,588 Net claims and claim expenses incurred 62,970 125,650 57,526 51 246,197 Acquisition expenses 26,968 48,940 28,903 256 105,067 Operational expenses 42,453 32,037 25,659 145 100,294 Underwriting income (loss) $ 174,081 $ 43,833 $ 7,657 $ (541 ) 225,030 Net investment income 78,311 78,311 Net foreign exchange losses (4,870 ) (4,870 ) Equity in earnings of other ventures 11,455 11,455 Other income 2,966 2,966 Net realized and unrealized gains on investments 15,037 15,037 Corporate expenses (58,401 ) (58,401 ) Interest expense (15,178 ) (15,178 ) Income before taxes and noncontrolling interests 254,350 Income tax benefit 49,746 49,746 Net income attributable to noncontrolling interests (51,829 ) (51,829 ) Dividends on preference shares (11,191 ) (11,191 ) Net income available to RenaissanceRe common shareholders $ 241,076 Net claims and claim expenses incurred – current accident year $ 91,458 $ 153,579 $ 56,381 $ — $ 301,418 Net claims and claim expenses incurred – prior accident years (28,488 ) (27,929 ) 1,145 51 (55,221 ) Net claims and claim expenses incurred – total $ 62,970 $ 125,650 $ 57,526 $ 51 $ 246,197 Net claims and claim expense ratio – current accident year 29.8 % 61.3 % 47.1 % 44.5 % Net claims and claim expense ratio – prior accident years (9.3 )% (11.1 )% 0.9 % (8.1 )% Net claims and claim expense ratio – calendar year 20.5 % 50.2 % 48.0 % 36.4 % Underwriting expense ratio 22.7 % 32.3 % 45.6 % 30.3 % Combined ratio 43.2 % 82.5 % 93.6 % 66.7 % (1) Included in gross premiums written in the Other category is the elimination of inter-segment gross premiums written of $0.1 million for the six months ended June 30, 2015 . |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 June 30, 2016 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 $ 1,514 262 $ 1,252 Other assets $ — $ 1,252 Foreign currency forward contracts (1) 5,236 73 5,163 Other assets — 5,163 Foreign currency forward contracts (2) 127 87 40 Other assets — 40 Credit default swaps 726 99 627 Other assets 447 180 Total $ 7,603 $ 521 $ 7,082 $ 447 $ 6,635 Derivative Liabilities At June 30, 2016 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 $ 430 262 $ 168 Other liabilities $ 151 $ 17 Foreign currency forward contracts (1) 4,968 1,665 3,303 Other liabilities — 3,303 Foreign currency forward contracts (2) 1,060 87 973 Other liabilities — 973 Credit default swaps 369 99 270 Other liabilities 245 25 Total $ 6,827 $ 2,113 $ 4,714 $ 396 $ 4,318 (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, 2015 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 $ 1,059 937 $ 122 Other assets $ — $ 122 Foreign currency forward contracts (1) 4,645 82 4,563 Other assets — 4,563 Foreign currency forward contracts (2) 1,007 599 408 Other assets — 408 Credit default swaps 257 44 213 Other assets — 213 Total $ 6,968 $ 1,662 $ 5,306 $ — $ 5,306 Derivative Liabilities At December 31, 2015 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 $ 2,293 937 $ 1,356 Other liabilities $ 1,356 $ — Foreign currency forward contracts (1) 1,891 81 1,810 Other liabilities — 1,810 Foreign currency forward contracts (2) 806 599 207 Other liabilities — 207 Credit default swaps 491 44 447 Other liabilities 447 — Total $ 5,481 $ 1,661 $ 3,820 $ 1,803 $ 2,017 (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 are shown in the following table: Location of gain (loss) recognized on derivatives Amount of gain (loss) recognized on derivatives Three months ended June 30, 2016 2015 Interest rate futures Net realized and unrealized gains (losses) on investments $ (9,456 ) $ 19,784 Foreign currency forward contracts (1) Net foreign exchange losses (3,815 ) (10,210 ) Foreign currency forward contracts (2) Net foreign exchange losses 2,641 (3,417 ) Credit default swaps Net realized and unrealized gains (losses) on investments 305 22 Weather contract Net realized and unrealized gains (losses) on investments — 10 Total $ (10,325 ) $ 6,189 Location of gain (loss) recognized on derivatives Amount of gain (loss) recognized on derivatives Six months ended June 30, 2016 2015 Interest rate futures Net realized and unrealized gains (losses) on investments $ (28,815 ) $ 15,376 Foreign currency forward contracts (1) Net foreign exchange losses (5,189 ) (6,599 ) Foreign currency forward contracts (2) Net foreign exchange losses (3,217 ) 5,793 Credit default swaps Net realized and unrealized gains (losses) on investments 215 62 Weather contract Net realized and unrealized gains (losses) on investments — 170 Total $ (37,006 ) $ 14,802 (1) Contracts used to manage foreign currency risks in underwriting and non-investment operations. (2) Contracts used to manage foreign currency risks in investment operations. |
Condensed Consolidating Finan30
Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries [Abstract] | |
Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheet at June 30, 2016 RenaissanceRe RenRe North Platinum Underwriters Finance, Inc. (Subsidiary Issuer) RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other Consolidating RenaissanceRe Assets Total investments $ 172,593 $ 123,921 $ 280,615 $ — $ 8,433,088 $ — $ 9,010,217 Cash and cash equivalents 2,382 35 1,893 614 450,597 — 455,521 Investments in subsidiaries 4,022,891 46,835 902,329 1,226,829 — (6,198,884 ) — Due from subsidiaries and affiliates 104,582 84,027 — — — (188,609 ) — Premiums receivable — — — — 1,332,667 — 1,332,667 Prepaid reinsurance premiums — — — — 533,092 — 533,092 Reinsurance recoverable — — — — 222,006 — 222,006 Accrued investment income 323 308 434 — 36,835 — 37,900 Deferred acquisition costs — — — — 331,152 — 331,152 Receivable for investments sold 32 1 14 — 203,118 — 203,165 Other assets 402,158 27,115 11,684 121,277 107,850 (509,211 ) 160,873 Goodwill and other intangible assets 133,736 — — — 124,434 — 258,170 Total assets $ 4,838,697 $ 282,242 $ 1,196,969 $ 1,348,720 $ 11,774,839 $ (6,896,704 ) $ 12,544,763 Liabilities, Noncontrolling Interests and Shareholders’ Equity Liabilities Reserve for claims and claim expenses $ — $ — $ — $ — $ 2,844,243 $ — $ 2,844,243 Unearned premiums — — — — 1,518,106 — 1,518,106 Debt 117,000 — 261,774 545,537 147,266 (117,000 ) 954,577 Amounts due to subsidiaries and affiliates 138 94 112 92,338 — (92,682 ) — Reinsurance balances payable — — — — 753,699 — 753,699 Payable for investments purchased — 57 85 — 432,784 — 432,926 Other liabilities 18,342 (359 ) 9,689 — 198,942 (11,022 ) 215,592 Total liabilities 135,480 (208 ) 271,660 637,875 5,895,040 (220,704 ) 6,719,143 Redeemable noncontrolling interests — — — — 1,122,403 — 1,122,403 Shareholders’ Equity Total shareholders’ equity 4,703,217 282,450 925,309 710,845 4,757,396 (6,676,000 ) 4,703,217 Total liabilities, noncontrolling interests and shareholders’ equity $ 4,838,697 $ 282,242 $ 1,196,969 $ 1,348,720 $ 11,774,839 $ (6,896,704 ) $ 12,544,763 (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 Statements of Operations | 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 $ — $ — $ — $ — $ 676,588 $ — $ 676,588 Net investment income 2,722 631 1,181 504 75,072 (1,799 ) 78,311 Net foreign exchange losses 2 — — — (4,872 ) — (4,870 ) Equity in earnings of other ventures — — — — 11,455 — 11,455 Other income 663 — — — 2,966 (663 ) 2,966 Net realized and unrealized (losses) gains on investments (496 ) 1,015 (1,388 ) — 15,906 — 15,037 Total revenues 2,891 1,646 (207 ) 504 777,115 (2,462 ) 779,487 Expenses Net claims and claim expenses incurred — — — — 246,197 — 246,197 Acquisition expenses — — — — 105,067 — 105,067 Operational expenses 3,441 3,478 1 — 93,380 (6 ) 100,294 Corporate expenses 31,837 251 — 84 26,229 — 58,401 Interest expense 763 7,233 1,969 3,006 2,711 (504 ) 15,178 Total expenses 36,041 10,962 1,970 3,090 473,584 (510 ) 525,137 (Loss) income before equity in net income of subsidiaries and taxes (33,150 ) (9,316 ) (2,177 ) (2,586 ) 303,531 (1,952 ) 254,350 Equity in net income of subsidiaries 285,417 5,548 10,126 48,515 — (349,606 ) — Income (loss) before taxes 252,267 (3,768 ) 7,949 45,929 303,531 (351,558 ) 254,350 Income tax benefit (expense) — 32,748 (2,146 ) 953 18,191 — 49,746 Net income 252,267 28,980 5,803 46,882 321,722 (351,558 ) 304,096 Net income attributable to redeemable noncontrolling interests — — — — (51,829 ) — (51,829 ) Net income (loss) attributable to RenaissanceRe 252,267 28,980 5,803 46,882 269,893 (351,558 ) 252,267 Dividends on preference shares (11,191 ) — — — — — (11,191 ) Net income available to RenaissanceRe common shareholders $ 241,076 $ 28,980 $ 5,803 $ 46,882 $ 269,893 $ (351,558 ) $ 241,076 (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 Holdings Ltd. (Parent Guarantor) RenRe North America Holdings Inc. (Subsidiary Issuer) 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 Revenues Net premiums earned $ — $ — $ — $ — $ 379,828 $ — $ 379,828 Net investment income 98 300 1,221 468 37,342 (825 ) 38,604 Net foreign exchange gains (losses) 12 — — — (1,752 ) — (1,740 ) Equity in earnings of other ventures — — — — 6,160 — 6,160 Other income 497 — — — 1,428 (498 ) 1,427 Net realized and unrealized (losses) gains on investments (535 ) 609 (1,389 ) — (25,397 ) — (26,712 ) Total revenues 72 909 (168 ) 468 397,609 (1,323 ) 397,567 Expenses — — Net claims and claim expenses incurred — — — — 169,344 — 169,344 Acquisition expenses — — — — 61,666 — 61,666 Operational expenses (368 ) 1,588 — — 53,460 (7 ) 54,673 Corporate expenses 7,351 212 — 84 5,221 — 12,868 Interest expense 468 3,557 1,477 2,784 2,044 (468 ) 9,862 Total expenses 7,451 5,357 1,477 2,868 291,735 (475 ) 308,413 (Loss) income before equity in net income of subsidiaries and taxes (7,379 ) (4,448 ) (1,645 ) (2,400 ) 105,874 (848 ) 89,154 Equity in net income of subsidiaries 84,472 2,132 8,716 4,613 — (99,933 ) — Income (loss) before taxes 77,093 (2,316 ) 7,071 2,213 105,874 (100,781 ) 89,154 Income tax benefit (expense) 1,736 1,743 (1,451 ) 888 (1,074 ) — 1,842 Net income (loss) 78,829 (573 ) 5,620 3,101 104,800 (100,781 ) 90,996 Net income attributable to redeemable noncontrolling interests — — — — (12,167 ) — (12,167 ) Net income (loss) attributable to RenaissanceRe 78,829 (573 ) 5,620 3,101 92,633 (100,781 ) 78,829 Dividends on preference shares (5,596 ) — — — — — (5,596 ) Net income (loss) available (attributable) to RenaissanceRe common shareholders $ 73,233 $ (573 ) $ 5,620 $ 3,101 $ 92,633 $ (100,781 ) $ 73,233 (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 $ — $ — $ — $ — $ 705,008 $ — $ 705,008 Net investment income 12,607 954 2,279 281 78,632 (11,766 ) 82,987 Net foreign exchange losses (2 ) — — — (2,380 ) — (2,382 ) Equity in earnings of other ventures — — — — 7,633 — 7,633 Other (loss) income (791 ) — — — 7,524 — 6,733 Net realized and unrealized gains on investments 5,287 2,254 5,378 — 118,506 — 131,425 Total revenues 17,101 3,208 7,657 281 914,923 (11,766 ) 931,404 Expenses Net claims and claim expenses incurred — — — — 294,355 — 294,355 Acquisition expenses — — — — 134,597 — 134,597 Operational expenses (1,805 ) (97 ) 116 11,582 105,448 (7,936 ) 107,308 Corporate expenses 10,794 203 — 7 2,973 — 13,977 Interest expense 281 — 2,953 13,087 5,034 (281 ) 21,074 Total expenses 9,270 106 3,069 24,676 542,407 (8,217 ) 571,311 Income (loss) before equity in net income of subsidiaries and taxes 7,831 3,102 4,588 (24,395 ) 372,516 (3,549 ) 360,093 Equity in net income (loss) of subsidiaries 265,215 1,533 34,421 41,644 — (342,813 ) — Income before taxes 273,046 4,635 39,009 17,249 372,516 (346,362 ) 360,093 Income tax benefit (expense) 2,465 (1,467 ) (1,182 ) 5,671 (14,843 ) — (9,356 ) Net income 275,511 3,168 37,827 22,920 357,673 (346,362 ) 350,737 Net income attributable to redeemable noncontrolling interests — — — — (75,226 ) — (75,226 ) Net income attributable to RenaissanceRe 275,511 3,168 37,827 22,920 282,447 (346,362 ) 275,511 Dividends on preference shares (11,191 ) — — — — — (11,191 ) Net income attributable to RenaissanceRe common shareholders $ 264,320 $ 3,168 $ 37,827 $ 22,920 $ 282,447 $ (346,362 ) $ 264,320 (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 Platinum Underwriters Finance, Inc. (Subsidiary Issuer) RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other Consolidating RenaissanceRe Revenues Net premiums earned $ — $ — $ — $ — $ 351,402 $ — $ 351,402 Net investment income 5,749 445 846 141 52,826 (5,883 ) 54,124 Net foreign exchange losses (1 ) — — — (689 ) — (690 ) Equity in earnings of other ventures — — — — 6,022 — 6,022 Other (loss) income (791 ) — — — 3,445 — 2,654 Net realized and unrealized gains on investments 799 1,139 3,414 — 64,420 — 69,772 Total revenues 5,756 1,584 4,260 141 477,426 (5,883 ) 483,284 Expenses Net claims and claim expenses incurred — — — — 167,750 — 167,750 Acquisition expenses — — — — 69,005 — 69,005 Operational expenses (1,104 ) 44 64 4,573 50,352 (2,856 ) 51,073 Corporate expenses 5,181 203 — 7 361 — 5,752 Interest expense 141 — 1,477 6,544 2,515 (141 ) 10,536 Total expenses 4,218 247 1,541 11,124 289,983 (2,997 ) 304,116 Income (loss) before equity in net income of subsidiaries and taxes 1,538 1,337 2,719 (10,983 ) 187,443 (2,886 ) 179,168 Equity in net income of subsidiaries 141,677 1,666 12,086 17,165 — (172,594 ) — Income before taxes 143,215 3,003 14,805 6,182 187,443 (175,480 ) 179,168 Income tax (expense) benefit (1,294 ) (906 ) (838 ) 2,792 (6,366 ) — (6,612 ) Net income 141,921 2,097 13,967 8,974 181,077 (175,480 ) 172,556 Net income attributable to redeemable noncontrolling interests — — — — (30,635 ) — (30,635 ) Net income attributable to RenaissanceRe 141,921 2,097 13,967 8,974 150,442 (175,480 ) 141,921 Dividends on preference shares (5,596 ) — — — — — (5,596 ) Net income attributable to RenaissanceRe common shareholders $ 136,325 $ 2,097 $ 13,967 $ 8,974 $ 150,442 $ (175,480 ) $ 136,325 (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) | Condensed Consolidating Statement of Comprehensive Income for the six months ended June 30, 2016 RenaissanceRe RenRe North Platinum Underwriters Finance, Inc. (Subsidiary Issuer) RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other Consolidating RenaissanceRe Comprehensive income Net income $ 275,511 $ 3,168 $ 37,827 $ 22,920 $ 357,673 $ (346,362 ) $ 350,737 Change in net unrealized gains on investments — — — — 229 — 229 Comprehensive income 275,511 3,168 37,827 22,920 357,902 (346,362 ) 350,966 Net income attributable to redeemable noncontrolling interests — — — — (75,226 ) — (75,226 ) Comprehensive income attributable to noncontrolling interests — — — — (75,226 ) — (75,226 ) Comprehensive income attributable to RenaissanceRe $ 275,511 $ 3,168 $ 37,827 $ 22,920 $ 282,676 $ (346,362 ) $ 275,740 (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 (Loss) for the three months ended June 30, 2015 RenaissanceRe Holdings Ltd. (Parent Guarantor) RenRe 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 Comprehensive income (loss) Net income (loss) $ 78,829 $ (573 ) $ 5,620 $ 3,101 $ 104,800 $ (100,781 ) $ 90,996 Change in net unrealized gains on investments — — — — (349 ) — (349 ) Comprehensive income (loss) 78,829 (573 ) 5,620 3,101 104,451 (100,781 ) 90,647 Net income attributable to redeemable noncontrolling interests — — — — (12,167 ) — (12,167 ) Comprehensive income attributable to redeemable noncontrolling interests — — — — (12,167 ) — (12,167 ) Comprehensive income (loss) attributable to RenaissanceRe $ 78,829 $ (573 ) $ 5,620 $ 3,101 $ 92,284 $ (100,781 ) $ 78,480 (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 June 30, 2016 RenaissanceRe RenRe North Platinum Underwriters Finance, Inc. (Subsidiary Issuer) RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other Consolidating RenaissanceRe Comprehensive income (loss) Net income $ 141,921 $ 2,097 $ 13,967 $ 8,974 $ 181,077 $ (175,480 ) $ 172,556 Change in net unrealized gains on investments — — — — 672 — 672 Comprehensive income 141,921 2,097 13,967 8,974 181,749 (175,480 ) 173,228 Net income attributable to redeemable noncontrolling interests — — — — (30,635 ) — (30,635 ) Comprehensive income attributable to redeemable noncontrolling interests — — — — (30,635 ) — (30,635 ) Comprehensive income attributable to RenaissanceRe $ 141,921 $ 2,097 $ 13,967 $ 8,974 $ 151,114 $ (175,480 ) $ 142,593 (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 for the six months ended June 30, 2015 RenaissanceRe RenRe North Inc. Platinum Underwriters Finance, Inc. (Subsidiary Issuer) RenaissanceRe Finance, Inc. (Subsidiary Issuer) Other Consolidating RenaissanceRe Comprehensive income Net income $ 252,267 $ 28,980 $ 5,803 $ 46,882 $ 321,722 $ (351,558 ) $ 304,096 Change in net unrealized gains on investments — — — — (423 ) — (423 ) Comprehensive income 252,267 28,980 5,803 46,882 321,299 (351,558 ) 303,673 Net income attributable to redeemable noncontrolling interests — — — — (51,829 ) — (51,829 ) Comprehensive income attributable to redeemable noncontrolling interests — — — — (51,829 ) — (51,829 ) Comprehensive income attributable to RenaissanceRe $ 252,267 $ 28,980 $ 5,803 $ 46,882 $ 269,470 $ (351,558 ) $ 251,844 (1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. (2) Includes Parent Guarantor and Subsidiary Issuer consolidating adjustments. |
Condensed Consolidating Statements Of Cash Flows | 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 $ (11,131 ) $ 297 $ (3,914 ) $ (24,197 ) $ 156,117 $ 117,172 Cash flows provided by (used in) investing activities Proceeds from sales and maturities of fixed maturity investments trading 210,933 50,890 67,839 — 4,450,744 4,780,406 Purchases of fixed maturity investments trading (324,462 ) (105,772 ) (203,883 ) — (4,350,703 ) (4,984,820 ) Proceeds from sales and maturities of fixed maturity investments available for sale — — — — 5,216 5,216 Net (purchases) sales of equity investments trading — (2,195 ) 193,207 — (9,378 ) 181,634 Net sales (purchases) of short term investments 195,915 62,403 (58,367 ) — 45,948 245,899 Net purchases of other investments — — — — (52,778 ) (52,778 ) Dividends and return of capital from subsidiaries 341,011 2,900 — — (343,911 ) — Contributions to subsidiaries (95,001 ) — — — 95,001 — Due (from) to subsidiary (22,676 ) (14,396 ) (92 ) 24,134 13,030 — Net cash provided by (used in) investing activities 305,720 (6,170 ) (1,296 ) 24,134 (146,831 ) 175,557 Cash flows used in financing activities Dividends paid – RenaissanceRe common shares (26,198 ) — — — — (26,198 ) Dividends paid – preference shares (11,191 ) — — — — (11,191 ) RenaissanceRe common share repurchases (265,003 ) — — — — (265,003 ) Net third party redeemable noncontrolling interest share transactions — — — — (43,909 ) (43,909 ) Net cash used in financing activities (302,392 ) — — — (43,909 ) (346,301 ) Effect of exchange rate changes on foreign currency cash — — — — 2,208 2,208 Net decrease in cash and cash equivalents (7,803 ) (5,873 ) (5,210 ) (63 ) (32,415 ) (51,364 ) 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 $ 2,382 $ 35 $ 1,893 $ 614 $ 450,597 $ 455,521 (1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. Condensed Consolidating Statement of Cash Flows for the six months ended June 30, 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 provided by (used in) operating activities Net cash provided by (used in) operating activities $ 59,434 $ (5,411 ) $ (10,030 ) $ (4,337 ) $ (69,026 ) $ (29,370 ) Cash flows (used in) provided by investing activities Proceeds from sales and maturities of fixed maturity investments trading 14,718 7,016 45,087 — 4,695,154 4,761,975 Purchases of fixed maturity investments trading (56,559 ) (38,668 ) — — (4,500,891 ) (4,596,118 ) Proceeds from sales and maturities of fixed maturity investments available for sale — — — — 5,000 5,000 Net sales (purchases) of equity investments trading — 33,687 (273,501 ) — 73,329 (166,485 ) Net (purchases) sales of short term investments (1,088 ) (5,848 ) 238,048 — 129,050 360,162 Net purchases of other investments — — — — (1,250 ) (1,250 ) Net purchases of investments in other ventures — — — — (45 ) (45 ) Net sales of other assets — — — — 4,500 4,500 Dividends and return of capital from subsidiaries 1,050,762 193,850 — — (1,244,612 ) — Contributions to subsidiaries (231,964 ) — — (180,000 ) 411,964 — Due to (from) subsidiaries 114,266 (183,513 ) (52 ) (114,839 ) 184,138 — Net purchase of Platinum (904,433 ) — 1,537 — 224,744 (678,152 ) Net cash (used in) provided by investing activities (14,298 ) 6,524 11,119 (294,839 ) (18,919 ) (310,413 ) Cash flows (used in) provided by financing activities Dividends paid – RenaissanceRe common shares (27,479 ) — — — — (27,479 ) Dividends paid – preference shares (11,191 ) — — — — (11,191 ) RenaissanceRe common share repurchases (736 ) — — — — (736 ) Net issuance of debt — — — 299,400 146,189 445,589 Net third party redeemable noncontrolling interest share transactions — — — — (187,064 ) (187,064 ) Net cash (used in) provided by financing activities (39,406 ) — — 299,400 (40,875 ) 219,119 Effect of exchange rate changes on foreign currency cash — — — — (6,830 ) (6,830 ) Net increase (decrease) in cash and cash equivalents 5,730 1,113 1,089 224 (135,650 ) (127,494 ) Cash and cash equivalents, beginning of period 5,986 1,033 — — 518,565 525,584 Cash and cash equivalents, end of period $ 11,716 $ 2,146 $ 1,089 $ 224 $ 382,915 $ 398,090 (1) Includes all other subsidiaries of RenaissanceRe Holdings Ltd. and eliminations. |
Organization (Details)
Organization (Details) | Nov. 13, 2014 |
RenaissanceRe Upsilon Fund Ltd. | Variable Interest Entity, Not Primary Beneficiary | |
Variable Interest Entity [Line Items] | |
Percent of segregated funds owned by third party investors | 100.00% |
Significant Accounting Polici32
Significant Accounting Policies (Details) - Accounting Standards Update 2015-03 - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2015 | |
Corporate Expense | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Amortization of debt issuance costs | $ (0.2) | |
Interest Expense | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Amortization of debt issuance costs | $ 0.2 | |
Debt | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Deferred debt issuance costs | $ 5.6 | |
Other Assets | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Deferred debt issuance costs | $ (5.6) |
Investments (Schedule of Fair V
Investments (Schedule of Fair Value of Fixed Maturity Investments Trading) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Investment [Line Items] | ||
Fixed maturity investments trading, at fair value | $ 7,073,129 | $ 6,765,005 |
U.S. treasuries | ||
Investment [Line Items] | ||
Fixed maturity investments trading, at fair value | 2,660,051 | 2,064,944 |
Agencies | ||
Investment [Line Items] | ||
Fixed maturity investments trading, at fair value | 126,549 | 137,976 |
Municipal | ||
Investment [Line Items] | ||
Fixed maturity investments trading, at fair value | 561,456 | 583,282 |
Non-U.S. government (Sovereign Debt) | ||
Investment [Line Items] | ||
Fixed maturity investments trading, at fair value | 313,699 | 334,981 |
Non-U.S. government-backed corporate | ||
Investment [Line Items] | ||
Fixed maturity investments trading, at fair value | 157,606 | 138,994 |
Corporate | ||
Investment [Line Items] | ||
Fixed maturity investments trading, at fair value | 1,840,407 | 2,055,323 |
Agency mortgage-backed | ||
Investment [Line Items] | ||
Fixed maturity investments trading, at fair value | 513,517 | 504,368 |
Non-agency mortgage-backed | ||
Investment [Line Items] | ||
Fixed maturity investments trading, at fair value | 251,015 | 262,235 |
Commercial mortgage-backed | ||
Investment [Line Items] | ||
Fixed maturity investments trading, at fair value | 498,682 | 554,625 |
Asset-backed | ||
Investment [Line Items] | ||
Fixed maturity investments trading, at fair value | $ 150,147 | $ 128,277 |
Investments (Schedule of Fair34
Investments (Schedule of Fair Value of Fixed Maturity Investments Available for Sale) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Investment [Line Items] | ||
Available for Sale, Amortized Cost | $ 10,923 | $ 15,943 |
Available for Sale, Fair Value | 12,434 | 17,813 |
Fixed maturity investments | ||
Investment [Line Items] | ||
Available for Sale, Amortized Cost | 10,923 | 15,943 |
Gross Unrealized Gains | 1,511 | 1,870 |
Gross Unrealized Losses | 0 | 0 |
Available for Sale, Fair Value | 12,434 | 17,813 |
Non-Credit Other-Than-Temporary Impairments | 503 | 550 |
Agency mortgage-backed | ||
Investment [Line Items] | ||
Available for Sale, Amortized Cost | 139 | 143 |
Gross Unrealized Gains | 10 | 7 |
Gross Unrealized Losses | 0 | 0 |
Available for Sale, Fair Value | 149 | 150 |
Non-Credit Other-Than-Temporary Impairments | 0 | 0 |
Non-agency mortgage-backed | ||
Investment [Line Items] | ||
Available for Sale, Amortized Cost | 6,214 | 7,005 |
Gross Unrealized Gains | 1,278 | 1,523 |
Gross Unrealized Losses | 0 | 0 |
Available for Sale, Fair Value | 7,492 | 8,528 |
Non-Credit Other-Than-Temporary Impairments | 503 | 550 |
Commercial mortgage-backed | ||
Investment [Line Items] | ||
Available for Sale, Amortized Cost | 4,570 | 6,578 |
Gross Unrealized Gains | 223 | 293 |
Gross Unrealized Losses | 0 | 0 |
Available for Sale, Fair Value | 4,793 | 6,871 |
Non-Credit Other-Than-Temporary Impairments | $ 0 | 0 |
Asset-backed | ||
Investment [Line Items] | ||
Available for Sale, Amortized Cost | 2,217 | |
Gross Unrealized Gains | 47 | |
Gross Unrealized Losses | 0 | |
Available for Sale, Fair Value | 2,264 | |
Non-Credit Other-Than-Temporary Impairments | $ 0 |
Investments (Schedule of Contra
Investments (Schedule of Contractual Maturities of Fixed Maturity Investments) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Trading Securities [Abstract] | ||
Trading Debt Securities, Amortized Cost, Due in less than one year | $ 273,579 | |
Trading Debt Securities, Amortized Cost, Due after one through five years | 4,136,965 | |
Trading Debt Securities, Amortized Cost, Due after five through ten years | 1,026,303 | |
Trading Debt Securities, Amortized Cost, Due after ten years | 171,187 | |
Trading Debt Securities, Amortized Cost | 7,007,201 | |
Trading Debt Securities, Fair Value, Due in less than one year | 266,356 | |
Trading Debt Securities, Fair Value, Due after one through five years | 4,163,134 | |
Trading Debt Securities, Fair Value, Due after five through ten years | 1,049,939 | |
Trading Debt Securities, Fair Value, Due after ten years | 180,339 | |
Trading Debt Securities, Fair Value | 7,073,129 | |
Available-for-sale Securities [Abstract] | ||
Available for Sale, Amortized Cost, Due in less than one year | 0 | |
Available for Sale, Amortized Cost, Due after one through five years | 0 | |
Available for Sale, Amortized Cost, Due after five through ten years | 0 | |
Available for Sale, Amortized Cost, Due after ten years | 0 | |
Available for Sale, Amortized Cost | 10,923 | $ 15,943 |
Available for Sale, Fair Value, Due in less than one year | 0 | |
Available for Sale, Fair Value, Due after one through five years | 0 | |
Available for Sale, Fair Value, Due after five through ten years | 0 | |
Available for Sale, Fair Value, Due after ten years | 0 | |
Available for Sale, Fair Value | 12,434 | $ 17,813 |
Fixed Maturity Investments [Abstract] | ||
Debt Securities, Amortized Cost, Due in less than one year | 273,579 | |
Debt Securities, Amortized Cost, Due after one through five years | 4,136,965 | |
Debt Securities, Amortized Cost, Due after five through ten years | 1,026,303 | |
Debt Securities, Amortized Cost, Due after ten years | 171,187 | |
Debt Securities, Amortized Cost | 7,018,124 | |
Debt Securities, Fair Value, Due in less than one year | 266,356 | |
Debt Securities, Fair Value, Due after one through five years | 4,163,134 | |
Debt Securities, Fair Value, Due after five through ten years | 1,049,939 | |
Debt Securities, Fair Value, Due after ten years | 180,339 | |
Debt Securities, Fair Value | 7,085,563 | |
Mortgage-backed | ||
Trading Securities [Abstract] | ||
Trading Debt Securities, Amortized Cost | 1,244,139 | |
Trading Debt Securities, Fair Value | 1,263,214 | |
Available-for-sale Securities [Abstract] | ||
Available for Sale, Amortized Cost | 10,923 | |
Available for Sale, Fair Value | 12,434 | |
Fixed Maturity Investments [Abstract] | ||
Debt Securities, Amortized Cost | 1,255,062 | |
Debt Securities, Fair Value | 1,275,648 | |
Asset-backed | ||
Trading Securities [Abstract] | ||
Trading Debt Securities, Amortized Cost | 155,028 | |
Trading Debt Securities, Fair Value | 150,147 | |
Available-for-sale Securities [Abstract] | ||
Available for Sale, Amortized Cost | 0 | |
Available for Sale, Fair Value | 0 | |
Fixed Maturity Investments [Abstract] | ||
Debt Securities, Amortized Cost | 155,028 | |
Debt Securities, Fair Value | $ 150,147 |
Investments (Schedule of Fair36
Investments (Schedule of Fair Value of Equity Investments Trading) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Equity investments trading | $ 301,298 | $ 393,877 |
Financials | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Equity investments trading | 196,662 | 193,716 |
Communications and technology | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Equity investments trading | 33,704 | 65,833 |
Industrial, utilities and energy | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Equity investments trading | 28,585 | 51,168 |
Consumer | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Equity investments trading | 21,047 | 40,918 |
Healthcare | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Equity investments trading | 17,949 | 36,148 |
Basic materials | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Equity investments trading | $ 3,351 | $ 6,094 |
Investments (Pledged Investment
Investments (Pledged Investments) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Investments [Abstract] | ||
Cash and investments at fair value on deposit with, or in trust accounts for the benefit of various counterparties | $ 2,400 | $ 2,500 |
Cash and investments at fair value on deposit with, or in trust accounts for the benefit of U.S. state regulatory authorities | $ 676.6 | $ 664.6 |
Investments (Reverse Purchase A
Investments (Reverse Purchase Agreements) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Investments, Debt and Equity Securities [Abstract] | ||
Value of reverse repurchase agreements | $ 69.9 | $ 26.2 |
Minimum required collateral for reverse repurchase agreements, expressed as a percentage of loan principal | 102.00% |
Investments (Schedule of Net In
Investments (Schedule of Net Investment Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Investment income before investment expenses | $ 57,783 | $ 42,227 | $ 90,532 | $ 85,036 |
Investment expenses | (3,659) | (3,623) | (7,545) | (6,725) |
Net investment income | 54,124 | 38,604 | 82,987 | 78,311 |
Fixed maturity investments | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Investment income before investment expenses | 46,091 | 33,791 | 82,097 | 59,730 |
Short term investments | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Investment income before investment expenses | 1,227 | 297 | 2,227 | 494 |
Equity investments | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Investment income before investment expenses | 865 | 1,913 | 2,528 | 4,517 |
Private equity investments | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Investment income before investment expenses | 4,356 | 5,425 | (5,002) | 15,838 |
Other | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Investment income before investment expenses | 5,035 | 674 | 8,344 | 4,182 |
Cash and cash equivalents | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Investment income before investment expenses | $ 209 | $ 127 | $ 338 | $ 275 |
Investments (Schedule of Net Re
Investments (Schedule of Net Realized and Unrealized Gains on Investments and Net Other-Than-Temporary Impairments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Gain (Loss) on Investments [Line Items] | ||||
Net realized and unrealized gains (losses) on investments | $ 69,772 | $ (26,712) | $ 131,425 | $ 15,037 |
Fixed maturity investments | ||||
Gain (Loss) on Investments [Line Items] | ||||
Gross realized gains | 22,661 | 8,672 | 40,411 | 30,204 |
Gross realized losses | (7,804) | (21,552) | (22,469) | (26,423) |
Net realized gains on equity investments trading | 14,857 | (12,880) | 17,942 | 3,781 |
Net realized gains (losses) on fixed maturity investments | 44,271 | (48,104) | 129,736 | (22,132) |
Derivatives | ||||
Gain (Loss) on Investments [Line Items] | ||||
Net realized and unrealized (losses) gains on investments-related derivatives | (9,151) | 19,816 | (28,600) | 15,608 |
Equity investments | ||||
Gain (Loss) on Investments [Line Items] | ||||
Net realized gains on equity investments trading | 14,729 | 8,832 | 13,911 | 16,313 |
Net realized gains (losses) on fixed maturity investments | $ 5,066 | $ 5,624 | $ (1,564) | $ 1,467 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity investments trading | $ 301,298 | $ 393,877 |
Other investments | 489,702 | 481,621 |
Other assets and (liabilities) | 980 | 3,463 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets and (liabilities) | (2,680) | |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 7,085,563 | 6,782,818 |
Short term investments | 1,000,206 | 1,208,401 |
Equity investments trading | 301,298 | 393,877 |
Other investments | 489,702 | 481,621 |
Other assets and (liabilities) | (4,853) | (16,733) |
Total assets and liabilities measured on recurring basis | 8,871,916 | 8,849,984 |
Fair Value, Measurements, Recurring | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 2,660,051 | 2,064,944 |
Short term investments | 0 | 0 |
Equity investments trading | 301,298 | 393,877 |
Other investments | 0 | 0 |
Other assets and (liabilities) | 1,084 | (1,234) |
Total assets and liabilities measured on recurring basis | 2,962,433 | 2,457,587 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 4,425,512 | 4,710,256 |
Short term investments | 1,000,206 | 1,208,401 |
Equity investments trading | 0 | 0 |
Other investments | 275,553 | 241,253 |
Other assets and (liabilities) | (3,257) | (9,600) |
Total assets and liabilities measured on recurring basis | 5,698,014 | 6,150,310 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 7,618 |
Short term investments | 0 | 0 |
Equity investments trading | 0 | 0 |
Other investments | 214,149 | 0 |
Other assets and (liabilities) | (2,680) | (5,899) |
Total assets and liabilities measured on recurring basis | 211,469 | 1,719 |
Fair Value, Measurements, Recurring | U.S. treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 2,660,051 | 2,064,944 |
Fair Value, Measurements, Recurring | U.S. treasuries | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 2,660,051 | 2,064,944 |
Fair Value, Measurements, Recurring | U.S. treasuries | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Fair Value, Measurements, Recurring | U.S. treasuries | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Fair Value, Measurements, Recurring | Agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 126,549 | 137,976 |
Fair Value, Measurements, Recurring | Agencies | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Fair Value, Measurements, Recurring | Agencies | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 126,549 | 137,976 |
Fair Value, Measurements, Recurring | Agencies | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Fair Value, Measurements, Recurring | Municipal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 561,456 | 583,282 |
Fair Value, Measurements, Recurring | Municipal | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Fair Value, Measurements, Recurring | Municipal | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 561,456 | 583,282 |
Fair Value, Measurements, Recurring | Municipal | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Fair Value, Measurements, Recurring | Non-U.S. government (Sovereign Debt) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 313,699 | 334,981 |
Fair Value, Measurements, Recurring | 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 |
Fair Value, Measurements, Recurring | 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 | 313,699 | 334,981 |
Fair Value, Measurements, Recurring | 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 |
Fair Value, Measurements, Recurring | Non-U.S. government-backed corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 157,606 | 138,994 |
Fair Value, Measurements, Recurring | Non-U.S. government-backed corporate | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Fair Value, Measurements, Recurring | Non-U.S. government-backed corporate | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 157,606 | 138,994 |
Fair Value, Measurements, Recurring | Non-U.S. government-backed corporate | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Fair Value, Measurements, Recurring | Corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 1,840,407 | 2,055,323 |
Fair Value, Measurements, Recurring | Corporate | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Fair Value, Measurements, Recurring | Corporate | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 1,840,407 | 2,047,705 |
Fair Value, Measurements, Recurring | Corporate | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 7,618 |
Fair Value, Measurements, Recurring | Agency mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 513,666 | 504,518 |
Fair Value, Measurements, Recurring | Agency mortgage-backed | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Fair Value, Measurements, Recurring | Agency mortgage-backed | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 513,666 | 504,518 |
Fair Value, Measurements, Recurring | Agency mortgage-backed | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Fair Value, Measurements, Recurring | Non-agency mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 258,507 | 270,763 |
Fair Value, Measurements, Recurring | Non-agency mortgage-backed | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Fair Value, Measurements, Recurring | Non-agency mortgage-backed | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 258,507 | 270,763 |
Fair Value, Measurements, Recurring | Non-agency mortgage-backed | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Fair Value, Measurements, Recurring | Commercial mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 503,475 | 561,496 |
Fair Value, Measurements, Recurring | Commercial mortgage-backed | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Fair Value, Measurements, Recurring | Commercial mortgage-backed | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 503,475 | 561,496 |
Fair Value, Measurements, Recurring | Commercial mortgage-backed | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Fair Value, Measurements, Recurring | Asset-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 150,147 | 130,541 |
Fair Value, Measurements, Recurring | Asset-backed | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Fair Value, Measurements, Recurring | Asset-backed | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 150,147 | 130,541 |
Fair Value, Measurements, Recurring | Asset-backed | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturity investments | 0 | 0 |
Fair Value, Measurements, Recurring | Catastrophe bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 275,553 | 241,253 |
Fair Value, Measurements, Recurring | Catastrophe bonds | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Fair Value, Measurements, Recurring | Catastrophe bonds | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 275,553 | 241,253 |
Fair Value, Measurements, Recurring | Catastrophe bonds | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 0 | 0 |
Fair Value, Measurements, Recurring | Private equity partnerships | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 190,316 | 214,848 |
Fair Value, Measurements, Recurring | 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 |
Fair Value, Measurements, Recurring | 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 |
Fair Value, Measurements, Recurring | Private equity partnerships | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 190,316 | 0 |
Fair Value, Measurements, Recurring | Senior secured bank loan funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 22,212 | 23,231 |
Fair Value, Measurements, Recurring | 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 |
Fair Value, Measurements, Recurring | 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 | 0 |
Fair Value, Measurements, Recurring | 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 | 22,212 | 0 |
Fair Value, Measurements, Recurring | Hedge funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 1,621 | 2,289 |
Fair Value, Measurements, Recurring | 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 |
Fair Value, Measurements, Recurring | 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 |
Fair Value, Measurements, Recurring | Hedge funds | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other investments | 1,621 | 0 |
Fair Value, Measurements, Recurring | Assumed and ceded (re)insurance contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets and (liabilities) | (2,680) | (5,899) |
Fair Value, Measurements, Recurring | Assumed and ceded (re)insurance contracts | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets and (liabilities) | 0 | 0 |
Fair Value, Measurements, Recurring | Assumed and ceded (re)insurance contracts | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets and (liabilities) | 0 | 0 |
Fair Value, Measurements, Recurring | Assumed and ceded (re)insurance contracts | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets and (liabilities) | (2,680) | (5,899) |
Fair Value, Measurements, Recurring | Assumed and ceded (re)insurance contracts | Significant Unobservable Inputs (Level 3) | Other Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets and (liabilities) | 1,000 | 3,500 |
Fair Value, Measurements, Recurring | Assumed and ceded (re)insurance contracts | Significant Unobservable Inputs (Level 3) | Other Liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets and (liabilities) | (3,700) | (9,400) |
Fair Value, Measurements, Recurring | Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets and (liabilities) | 2,368 | 1,486 |
Fair Value, Measurements, Recurring | Derivatives | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets and (liabilities) | 1,084 | (1,234) |
Fair Value, Measurements, Recurring | Derivatives | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets and (liabilities) | 1,284 | 2,720 |
Fair Value, Measurements, Recurring | Derivatives | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets and (liabilities) | 0 | 0 |
Fair Value, Measurements, Recurring | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets and (liabilities) | (4,541) | (12,320) |
Fair Value, Measurements, Recurring | Other | Quoted Prices In Active Markets For Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets and (liabilities) | 0 | 0 |
Fair Value, Measurements, Recurring | Other | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets and (liabilities) | (4,541) | (12,320) |
Fair Value, Measurements, Recurring | Other | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets and (liabilities) | $ 0 | $ 0 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Other liabilities | $ 3,660,000 | $ 3,660,000 | $ 9,362,000 | ||
Debt | 954,577,000 | 954,577,000 | 960,495,000 | ||
Debt, fair value | 1,008,500,000 | 1,008,500,000 | $ 973,300,000 | ||
Net unrealized gains (losses) recognized in earnings | (20,360,000) | $ 3,238,000 | |||
Other Investments | Net investment income | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Net unrealized gains (losses) recognized in earnings | (5,000,000) | $ (1,600,000) | (20,400,000) | 3,200,000 | |
Other assets and (liabilities) | Other income (loss) | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Net unrealized gains (losses) recognized in earnings | 0 | $ (300,000) | 0 | $ (300,000) | |
Significant Unobservable Inputs (Level 3) | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Assets, fair value | 2,680,000 | 2,680,000 | |||
Significant Unobservable Inputs (Level 3) | Assumed reinsurance contract | Internal Valuation Model Valuation Technique | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Liabilities, fair value | (1,302,000) | $ (1,302,000) | |||
Significant Unobservable Inputs (Level 3) | Assumed reinsurance contract | Weighted Average or Actual | Internal Valuation Model Valuation Technique | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Liquidity discount | 1.30% | ||||
Significant Unobservable Inputs (Level 3) | Assumed and ceded (re)insurance contract | Internal Valuation Model Valuation Technique | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Liabilities, fair value | $ (1,378,000) | $ (1,378,000) | |||
U.S. treasuries | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Weighted average effective yield | 0.70% | 0.70% | 1.30% | ||
Agencies | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Weighted average effective yield | 1.30% | 1.30% | 1.70% | ||
Municipal | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Weighted average effective yield | 1.60% | 1.60% | 2.00% | ||
Non-U.S. government (Sovereign Debt) | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Weighted average effective yield | 1.00% | 1.00% | 1.40% | ||
Non-U.S. government-backed corporate | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Weighted average effective yield | 1.00% | 1.00% | 1.30% | ||
Corporate | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Weighted average effective yield | 3.70% | 3.70% | 3.80% | ||
Agency mortgage-backed | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Weighted average effective yield | 2.00% | 2.00% | 2.70% | ||
Weighted average life | 4 years 9 months 18 days | 6 years 1 month 6 days | |||
Non-agency prime residential mortgage-backed | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Weighted average effective yield | 4.40% | 4.40% | 3.80% | ||
Weighted average life | 4 years 2 months 12 days | 4 years 3 months 18 days | |||
AltA non-agency mortgage-backed | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Weighted average effective yield | 5.50% | 5.50% | 4.70% | ||
Weighted average life | 5 years 6 months | 5 years 4 months 24 days | |||
Commercial mortgage-backed | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Weighted average effective yield | 2.80% | 2.80% | 2.90% | ||
Weighted average life | 3 years 8 months 12 days | 3 years 8 months 12 days | |||
Asset-backed | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Weighted average effective yield | 1.90% | 1.90% | 2.10% | ||
Weighted average life | 2 years 6 months | 2 years 6 months | |||
Short term investments | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Weighted average effective yield | 0.50% | 0.50% | 0.40% | ||
Restricted stock units | Significant Other Observable Inputs (Level 2) | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Other liabilities | $ 4,500,000 | $ 4,500,000 | |||
Private equity partnerships | Minimum | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Liquidation period for fund assets | 7 years | ||||
Private equity partnerships | Maximum | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Liquidation period for fund assets | 10 years | ||||
Senior secured bank loan funds | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Investment in closed end fund | 22,200,000 | $ 22,200,000 | |||
Senior secured bank loan funds | Minimum | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Liquidation period for fund assets | 4 years | ||||
Senior secured bank loan funds | Maximum | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Liquidation period for fund assets | 5 years | ||||
Hedge funds | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Hedge fund side pocket investments | $ 1,600,000 | $ 1,600,000 |
Fair Value Measurements (Quanti
Fair Value Measurements (Quantitative Information Used As Level 3 Inputs) (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016USD ($)$ / bond | Dec. 31, 2015USD ($) | |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Other assets and (liabilities) | $ 980 | $ 3,463 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Assets, fair value | (2,680) | |
Other assets and (liabilities) | (2,680) | |
Assumed reinsurance contract | Internal Valuation Model Valuation Technique | Significant Unobservable Inputs (Level 3) | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Liabilities, fair value | $ (1,302) | |
Assumed reinsurance contract | Low | Internal Valuation Model Valuation Technique | Significant Unobservable Inputs (Level 3) | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Bond price | $ / bond | 97.61 | |
Assumed reinsurance contract | Maximum | Internal Valuation Model Valuation Technique | Significant Unobservable Inputs (Level 3) | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Bond price | $ / bond | 100.02 | |
Assumed reinsurance contract | Weighted Average or Actual | Internal Valuation Model Valuation Technique | Significant Unobservable Inputs (Level 3) | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Bond price | $ / bond | 99.02 | |
Liquidity discount | 1.30% | |
Assumed and ceded (re)insurance contract | Internal Valuation Model Valuation Technique | Significant Unobservable Inputs (Level 3) | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Liabilities, fair value | $ (1,378) | |
Assumed and ceded (re)insurance contract | Low | Internal Valuation Model Valuation Technique | Significant Unobservable Inputs (Level 3) | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Contract period | 6 months 10 days | |
Assumed and ceded (re)insurance contract | Maximum | Internal Valuation Model Valuation Technique | Significant Unobservable Inputs (Level 3) | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Contract period | 3 years 5 days | |
Assumed and ceded (re)insurance contract | Weighted Average or Actual | Internal Valuation Model Valuation Technique | Significant Unobservable Inputs (Level 3) | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Net undiscounted cash flows | $ (10,753) | |
Expected loss ratio | 0.10% | |
Net acquisition expense ratio | 23.00% | |
Contract period | 2 years 2 months 7 days | |
Discount rate | 0.70% | |
Assumed and ceded (re)insurance contracts | Internal Valuation Model Valuation Technique | Significant Unobservable Inputs (Level 3) | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Liabilities, fair value | $ (2,680) |
Fair Value Measurements (Asse44
Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Level 3 Inputs) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at beginning of the period | $ 2,776 | $ 88,443 | $ 1,719 | $ 6,726 |
Total unrealized gains (losses) | ||||
Included in net investment income | (298) | (118) | (324) | |
Included in other income | (348) | (348) | ||
Total realized gains (losses) | ||||
Included in other income | 2,092 | 1,512 | 3,792 | 2,828 |
Total foreign exchange gains (losses) | (6) | |||
Purchases | (48) | 1,544 | (573) | 81,965 |
Settlements | (7,500) | (7,500) | (7,500) | (7,500) |
Balance at end of the period | (2,680) | 83,347 | (2,680) | 83,347 |
Net 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 | (116) | 0 | (142) | |
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 | (348) | (348) | ||
Fixed maturity investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at beginning of the period | 7,500 | 15,474 | 7,618 | 15,660 |
Total unrealized gains (losses) | ||||
Included in net investment income | (314) | (118) | (500) | |
Included in other income | 0 | 0 | ||
Total realized gains (losses) | ||||
Included in other income | 0 | 0 | 0 | 0 |
Total foreign exchange gains (losses) | 0 | |||
Purchases | 0 | 0 | 0 | 0 |
Settlements | (7,500) | (7,500) | (7,500) | (7,500) |
Balance at end of the period | 0 | 7,660 | 0 | 7,660 |
Fixed maturity investments | Net 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 | (132) | 0 | (318) | |
Fixed maturity investments | 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 | 0 | ||
Other assets and (liabilities) | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at beginning of the period | (4,724) | 72,969 | (5,899) | (8,934) |
Total unrealized gains (losses) | ||||
Included in net investment income | 16 | 0 | 176 | |
Included in other income | (348) | (348) | ||
Total realized gains (losses) | ||||
Included in other income | 2,092 | 1,512 | 3,792 | 2,828 |
Total foreign exchange gains (losses) | (6) | |||
Purchases | (48) | 1,544 | (573) | 81,965 |
Settlements | 0 | 0 | 0 | 0 |
Balance at end of the period | $ (2,680) | 75,687 | (2,680) | 75,687 |
Other assets and (liabilities) | Net 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 | 16 | $ 0 | 176 | |
Other assets and (liabilities) | 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 | $ (348) | $ (348) |
Fair Value Measurements (Summar
Fair Value Measurements (Summary Of The Balances Company Has Elected To Account For At Fair Value) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value Disclosures [Abstract] | ||
Other investments | $ 489,702 | $ 481,621 |
Other assets | 980 | 3,463 |
Other liabilities | $ 3,660 | $ 9,362 |
Fair Value Measurements (Compan
Fair Value Measurements (Company's Portfolio of Other Investments Measured Using Net Asset Valuations) (Details) $ in Thousands | Jun. 30, 2016USD ($) |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair Value | $ 214,149 |
Unfunded Commitments | 241,246 |
Private equity partnerships | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair Value | 190,316 |
Unfunded Commitments | 238,916 |
Senior secured bank loan funds | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair Value | 22,212 |
Unfunded Commitments | 2,330 |
Hedge funds | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Fair Value | 1,621 |
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 ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Premiums written | ||||
Direct | $ 57,541 | $ 34,340 | $ 100,717 | $ 65,153 |
Assumed | 701,587 | 627,657 | 1,520,544 | 1,240,422 |
Ceded | (239,212) | (153,320) | (589,670) | (392,863) |
Net premiums written | 519,916 | 508,677 | 1,031,591 | 912,712 |
Premiums earned | ||||
Direct | 37,936 | 21,606 | 71,076 | 44,507 |
Assumed | 464,540 | 468,372 | 921,181 | 850,975 |
Ceded | (151,074) | (110,150) | (287,249) | (218,894) |
Net premiums earned | 351,402 | 379,828 | 705,008 | 676,588 |
Claims and claim expenses | ||||
Gross claims and claim expenses incurred | 224,852 | 222,819 | 386,850 | 311,814 |
Claims and claim expenses recovered | (57,102) | (53,475) | (92,495) | (65,617) |
Net claims and claim expenses incurred | $ 167,750 | $ 169,344 | $ 294,355 | $ 246,197 |
Noncontrolling Interests (Sched
Noncontrolling Interests (Schedule Of Redeemable Noncontrolling Interest) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Activity in redeemable noncontrolling interest | |||||
Beginning balance | $ 1,045,964 | ||||
Net income (loss) attributable to redeemable noncontrolling interest | $ 30,635 | $ 12,167 | 75,226 | $ 51,829 | |
Ending balance | 1,122,403 | 1,122,403 | $ 1,045,964 | ||
DaVinciRe Holdings Ltd. | |||||
Activity in redeemable noncontrolling interest | |||||
Beginning balance | 926,141 | 867,734 | 930,955 | 1,037,306 | 1,037,306 |
Redemption of shares from redeemable noncontrolling interest | (986) | (813) | (91,804) | (208,711) | |
Sale of shares to redeemable noncontrolling interest | 0 | 0 | 43,040 | 0 | |
Net income (loss) attributable to redeemable noncontrolling interest | 28,288 | 12,345 | 71,252 | 50,671 | |
Ending balance | 953,443 | 879,266 | 953,443 | 879,266 | 930,955 |
RenaissanceRe Medici Fund Ltd. | |||||
Activity in redeemable noncontrolling interest | |||||
Beginning balance | 155,196 | 100,697 | 115,009 | 94,402 | 94,402 |
Redemption of shares from redeemable noncontrolling interest | (6,400) | (2,423) | (7,340) | (17,107) | (20,100) |
Sale of shares to redeemable noncontrolling interest | 17,817 | 11,450 | 57,317 | 31,093 | 36,100 |
Net income (loss) attributable to redeemable noncontrolling interest | 2,347 | (178) | 3,974 | 1,158 | |
Ending balance | $ 168,960 | $ 109,546 | $ 168,960 | $ 109,546 | $ 115,009 |
Noncontrolling Interests (Narra
Noncontrolling Interests (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jan. 31, 2016 | Jan. 31, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | Jan. 01, 2016 | Jan. 01, 2015 | |
DaVinciRe Holdings Ltd. | |||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||
Parent company ownership in redeemable noncontrolling interest | 24.00% | 24.00% | 26.30% | ||||||
Sale of shares to redeemable noncontrolling interest | $ 0 | $ 0 | $ 43,040 | $ 0 | |||||
Redemption of shares from redeemable noncontrolling interest | $ 986 | 813 | $ 91,804 | 208,711 | |||||
DaVinciRe Holdings Ltd. | Redeemable Noncontrolling Interest | |||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||
Parent company ownership in redeemable noncontrolling interest | 24.00% | 26.30% | |||||||
Redeemable noncontrolling interest, net redemptions | $ 100,000 | $ 225,000 | |||||||
Redeemable noncontrolling interest, reserve holdback | $ 10,000 | $ 22,500 | |||||||
DaVinciRe Holdings Ltd. | Redeemable Noncontrolling Interest | Maximum | |||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||
Share repurchase requests, limit | 25.00% | 25.00% | |||||||
RenaissanceRe Medici Fund Ltd. | |||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||
Parent company ownership in redeemable noncontrolling interest | 37.40% | 37.40% | 46.10% | ||||||
Redemption provision, notice period | 30 days | ||||||||
Sale of shares to redeemable noncontrolling interest | $ 17,817 | 11,450 | $ 57,317 | 31,093 | $ 36,100 | ||||
Redemption of shares from redeemable noncontrolling interest | $ 6,400 | $ 2,423 | $ 7,340 | $ 17,107 | $ 20,100 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Variable Interest Entity [Line Items] | |||||
Contributions to subsidiaries | $ 0 | $ 0 | |||
Assets | $ 12,544,763 | 12,544,763 | $ 11,555,287 | ||
Liabilities | 6,719,143 | 6,719,143 | 5,777,139 | ||
Ceded premiums written | 239,212 | $ 153,320 | 589,670 | 392,863 | |
Ceded premiums earned | 151,074 | $ 110,150 | 287,249 | 218,894 | |
Upsilon Reinsurance Fund Opportunities Ltd. | Variable Interest Entity, Primary Beneficiary | |||||
Variable Interest Entity [Line Items] | |||||
Capital distribution payable | 242,500 | 242,500 | |||
Return of capital to date | 169,100 | 420,200 | |||
Assets | 188,600 | 188,600 | 250,600 | ||
Liabilities | 188,500 | 188,500 | 250,500 | ||
Upsilon Reinsurance Fund Opportunities Ltd. | Variable Interest Entity, Primary Beneficiary | Non-Voting Preference Shares | |||||
Variable Interest Entity [Line Items] | |||||
Issuance of equity to third party investors | 166,600 | 153,700 | |||
Contributions to subsidiaries | 55,200 | 42,500 | |||
Upsilon Reinsurance Fund Opportunities Ltd. | Variable Interest Entity, Primary Beneficiary | RenaissanceRe Holdings Ltd. | |||||
Variable Interest Entity [Line Items] | |||||
Capital distribution payable | 59,800 | 59,800 | |||
Return of capital to date | $ 47,100 | $ 132,300 | |||
Variable interest entity, ownership percentage | 28.90% | 21.70% | |||
Mona Lisa Re Ltd | Renaissance Reinsurance Ltd. | |||||
Variable Interest Entity [Line Items] | |||||
Ceded premiums written | $ 100 | 600 | |||
Ceded premiums earned | 3,600 | 3,600 | |||
Mona Lisa Re Ltd | DaVinci Reinsurance Ltd. | |||||
Variable Interest Entity [Line Items] | |||||
Ceded premiums written | 100 | 500 | |||
Ceded premiums earned | 2,500 | $ 2,500 | |||
Mona Lisa Re Ltd | Variable Interest Entity, Not Primary Beneficiary | |||||
Variable Interest Entity [Line Items] | |||||
Assets | 153,100 | 153,100 | $ 184,000 | ||
Liabilities | $ 153,100 | $ 153,100 | $ 184,000 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ / shares in Units, shares in Millions | Jun. 30, 2016 | Jun. 15, 2016 | Mar. 31, 2016 | Mar. 15, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | May 16, 2016 |
Class of Stock [Line Items] | |||||||||
Dividends declared per common share (in usd per share) | $ 0.31 | $ 0.30 | $ 0.62 | $ 0.6 | |||||
Dividends declared and paid, Preference shares | $ 5,596,000 | $ 5,596,000 | $ 11,191,000 | $ 11,191,000 | |||||
Retained Earnings | |||||||||
Class of Stock [Line Items] | |||||||||
Dividends declared and paid, Preference shares | 11,191,000 | 11,191,000 | |||||||
Dividends declared and paid, Common shares | $ 26,198,000 | $ 27,479,000 | |||||||
Common Shares | |||||||||
Class of Stock [Line Items] | |||||||||
Dividends declared per common share (in usd per share) | $ 0.31 | $ 0.31 | |||||||
Dividends paid per common share | $ 0.31 | $ 0.31 | |||||||
Share repurchase program, Authorized amount | $ 500,000,000 | ||||||||
Common shares repurchased during period, Number of shares | 2.4 | ||||||||
Common shares repurchased during period, Aggregate amount | $ 272,300,000 | ||||||||
Common shares repurchased during period, Average cost per share, in usd per share | $ 112.50 | ||||||||
Share repurchase program, Remaining authorized aggregate amount | $ 397,100,000 | $ 397,100,000 | $ 397,100,000 |
Earnings Per Share (Computation
Earnings Per Share (Computation Of Basic And Diluted Earnings Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Numerator: | ||||
Net income available to RenaissanceRe common shareholders | $ 136,325 | $ 73,233 | $ 264,320 | $ 241,076 |
Amount allocated to participating common shareholders | (1,561) | (819) | (3,166) | (2,781) |
Net income allocated to RenaissanceRe common shareholders | $ 134,764 | $ 72,414 | $ 261,154 | $ 238,295 |
Denominator: | ||||
Denominator for basic income per RenaissanceRe common share - weighted average common shares | 41,693 | 45,303 | 42,135 | 42,467 |
Per common share equivalents of employee stock options and restricted shares | 192 | 354 | 263 | 372 |
Denominator for diluted income per RenaissanceRe common share - adjusted weighted average common shares and assumed conversions | 41,885 | 45,657 | 42,398 | 42,839 |
Net income available to RenaissanceRe common shareholders per common share – basic (in usd per share) | $ 3.23 | $ 1.60 | $ 6.20 | $ 5.61 |
Net income available to RenaissanceRe common shareholders per common share – diluted (in usd per share) | $ 3.22 | $ 1.59 | $ 6.16 | $ 5.56 |
Segment Reporting (Schedule Of
Segment Reporting (Schedule Of Significant Components Of The Company's Revenues And Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||
Gross premiums written | $ 759,128 | $ 661,997 | $ 1,621,261 | $ 1,305,575 |
Net premiums written | 519,916 | 508,677 | 1,031,591 | 912,712 |
Net premiums earned | 351,402 | 379,828 | 705,008 | 676,588 |
Net claims and claim expenses incurred | 167,750 | 169,344 | 294,355 | 246,197 |
Acquisition expenses | 69,005 | 61,666 | 134,597 | 105,067 |
Operational expenses | 51,073 | 54,673 | 107,308 | 100,294 |
Underwriting income (loss) | 63,574 | 94,145 | 168,748 | 225,030 |
Net investment income | 54,124 | 38,604 | 82,987 | 78,311 |
Net foreign exchange losses | (690) | (1,740) | (2,382) | (4,870) |
Equity in earnings of other ventures | 6,022 | 6,160 | 7,633 | 11,455 |
Other income | 2,654 | 1,427 | 6,733 | 2,966 |
Net realized and unrealized gains (losses) on investments | 69,772 | (26,712) | 131,425 | 15,037 |
Corporate expenses | (5,752) | (12,868) | (13,977) | (58,401) |
Interest expense | (10,536) | (9,862) | (21,074) | (15,178) |
Income before taxes | 179,168 | 89,154 | 360,093 | 254,350 |
Income tax (expense) benefit | (6,612) | 1,842 | (9,356) | 49,746 |
Net income attributable to redeemable noncontrolling interests | (30,635) | (12,167) | (75,226) | (51,829) |
Dividends on preference shares | (5,596) | (5,596) | (11,191) | (11,191) |
Net income available to RenaissanceRe common shareholders | 136,325 | 73,233 | 264,320 | 241,076 |
Net claims and claim expenses incurred – current accident year | 197,005 | 202,420 | 325,214 | 301,418 |
Net claims and claim expenses incurred – prior accident years | (29,255) | (33,076) | (30,859) | (55,221) |
Net claims and claim expenses incurred – total | $ 167,750 | $ 169,344 | $ 294,355 | $ 246,197 |
Net claims and claim expense ratio – current accident year | 56.10% | 53.30% | 46.10% | 44.50% |
Net claims and claim expense ratio – prior accident years | (8.40%) | (8.70%) | (4.30%) | (8.10%) |
Net claims and claim expense ratio – calendar year | 47.70% | 44.60% | 41.80% | 36.40% |
Underwriting expense ratio | 34.20% | 30.60% | 34.30% | 30.30% |
Combined ratio | 81.90% | 75.20% | 76.10% | 66.70% |
Catastrophe Reinsurance | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Gross premiums written | $ 397,454 | $ 385,366 | $ 757,877 | $ 774,613 |
Net premiums written | 255,645 | 270,490 | 444,430 | 493,130 |
Net premiums earned | 141,616 | 162,705 | 278,601 | 306,472 |
Net claims and claim expenses incurred | 56,131 | 55,376 | 63,951 | 62,970 |
Acquisition expenses | 16,227 | 19,314 | 25,807 | 26,968 |
Operational expenses | 18,685 | 22,090 | 38,953 | 42,453 |
Underwriting income (loss) | 50,573 | 65,925 | 149,890 | 174,081 |
Net claims and claim expenses incurred – current accident year | 70,321 | 67,334 | 84,204 | 91,458 |
Net claims and claim expenses incurred – prior accident years | (14,190) | (11,958) | (20,253) | (28,488) |
Net claims and claim expenses incurred – total | $ 56,131 | $ 55,376 | $ 63,951 | $ 62,970 |
Net claims and claim expense ratio – current accident year | 49.70% | 41.40% | 30.20% | 29.80% |
Net claims and claim expense ratio – prior accident years | (10.10%) | (7.40%) | (7.20%) | (9.30%) |
Net claims and claim expense ratio – calendar year | 39.60% | 34.00% | 23.00% | 20.50% |
Underwriting expense ratio | 24.70% | 25.50% | 23.20% | 22.70% |
Combined ratio | 64.30% | 59.50% | 46.20% | 43.20% |
Specialty Reinsurance | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Gross premiums written | $ 200,733 | $ 160,013 | $ 569,722 | $ 284,304 |
Net premiums written | 132,420 | 139,867 | 392,511 | 243,782 |
Net premiums earned | 137,168 | 155,584 | 292,486 | 250,460 |
Net claims and claim expenses incurred | 67,701 | 86,062 | 159,553 | 125,650 |
Acquisition expenses | 34,127 | 28,251 | 75,852 | 48,940 |
Operational expenses | 19,959 | 18,747 | 41,732 | 32,037 |
Underwriting income (loss) | 15,381 | 22,524 | 15,349 | 43,833 |
Net claims and claim expenses incurred – current accident year | 85,117 | 104,315 | 173,495 | 153,579 |
Net claims and claim expenses incurred – prior accident years | (17,416) | (18,253) | (13,942) | (27,929) |
Net claims and claim expenses incurred – total | $ 67,701 | $ 86,062 | $ 159,553 | $ 125,650 |
Net claims and claim expense ratio – current accident year | 62.10% | 67.00% | 59.30% | 61.30% |
Net claims and claim expense ratio – prior accident years | (12.70%) | (11.70%) | (4.70%) | (11.10%) |
Net claims and claim expense ratio – calendar year | 49.40% | 55.30% | 54.60% | 50.20% |
Underwriting expense ratio | 39.40% | 30.20% | 40.20% | 32.30% |
Combined ratio | 88.80% | 85.50% | 94.80% | 82.50% |
Lloyd's | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Gross premiums written | $ 160,941 | $ 116,618 | $ 293,662 | $ 246,748 |
Net premiums written | 131,851 | 98,320 | 194,650 | 175,889 |
Net premiums earned | 72,618 | 61,539 | 133,921 | 119,745 |
Net claims and claim expenses incurred | 43,832 | 27,683 | 70,848 | 57,526 |
Acquisition expenses | 18,651 | 14,210 | 32,938 | 28,903 |
Operational expenses | 12,408 | 13,719 | 26,542 | 25,659 |
Underwriting income (loss) | (2,273) | 5,927 | 3,593 | 7,657 |
Net claims and claim expenses incurred – current accident year | 41,567 | 30,771 | 67,515 | 56,381 |
Net claims and claim expenses incurred – prior accident years | 2,265 | (3,088) | 3,333 | 1,145 |
Net claims and claim expenses incurred – total | $ 43,832 | $ 27,683 | $ 70,848 | $ 57,526 |
Net claims and claim expense ratio – current accident year | 57.20% | 50.00% | 50.40% | 47.10% |
Net claims and claim expense ratio – prior accident years | 3.20% | (5.00%) | 2.50% | 0.90% |
Net claims and claim expense ratio – calendar year | 60.40% | 45.00% | 52.90% | 48.00% |
Underwriting expense ratio | 42.70% | 45.40% | 44.40% | 45.60% |
Combined ratio | 103.10% | 90.40% | 97.30% | 93.60% |
Other | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Gross premiums written | $ 0 | $ 0 | $ 0 | $ (90) |
Net premiums written | 0 | 0 | 0 | (89) |
Net premiums earned | 0 | 0 | 0 | (89) |
Net claims and claim expenses incurred | 86 | 223 | 3 | 51 |
Acquisition expenses | 0 | (109) | 0 | 256 |
Operational expenses | 21 | 117 | 81 | 145 |
Underwriting income (loss) | (107) | (231) | (84) | (541) |
Net investment income | 54,124 | 38,604 | 82,987 | 78,311 |
Net foreign exchange losses | (690) | (1,740) | (2,382) | (4,870) |
Equity in earnings of other ventures | 6,022 | 6,160 | 7,633 | 11,455 |
Other income | 2,654 | 1,427 | 6,733 | 2,966 |
Net realized and unrealized gains (losses) on investments | 69,772 | (26,712) | 131,425 | 15,037 |
Corporate expenses | (5,752) | (12,868) | (13,977) | (58,401) |
Interest expense | (10,536) | (9,862) | (21,074) | (15,178) |
Income tax (expense) benefit | (6,612) | 1,842 | (9,356) | 49,746 |
Net income attributable to redeemable noncontrolling interests | (30,635) | (12,167) | (75,226) | (51,829) |
Dividends on preference shares | (5,596) | (5,596) | (11,191) | (11,191) |
Net claims and claim expenses incurred – current accident year | 0 | 0 | 0 | 0 |
Net claims and claim expenses incurred – prior accident years | 86 | 223 | 3 | 51 |
Net claims and claim expenses incurred – total | $ 86 | $ 223 | $ 3 | 51 |
Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Gross premiums written | $ 100 |
Derivative Instruments (Consoli
Derivative Instruments (Consolidated Balance Sheets And Fair Value Of The Principal Derivative Instruments) (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Other Assets | ||
Derivative Assets | ||
Gross Amounts of Recognized Assets | $ 7,603 | $ 6,968 |
Gross Amounts Offset in the Balance Sheet | 521 | 1,662 |
Net Amounts of Assets Presented in the Balance Sheet | 7,082 | 5,306 |
Collateral | 447 | 0 |
Net Amount | 6,635 | 5,306 |
Other Assets | Interest Rate Contracts | ||
Derivative Assets | ||
Gross Amounts of Recognized Assets | 1,514 | 1,059 |
Gross Amounts Offset in the Balance Sheet | 262 | 937 |
Net Amounts of Assets Presented in the Balance Sheet | 1,252 | 122 |
Collateral | 0 | 0 |
Net Amount | 1,252 | 122 |
Other Assets | Foreign Currency Forward Contracts, Underwriting and Non-investment Operations | ||
Derivative Assets | ||
Gross Amounts of Recognized Assets | 5,236 | 4,645 |
Gross Amounts Offset in the Balance Sheet | 73 | 82 |
Net Amounts of Assets Presented in the Balance Sheet | 5,163 | 4,563 |
Collateral | 0 | 0 |
Net Amount | 5,163 | 4,563 |
Other Assets | Foreign Currency Forward Contracts, Investment Operations | ||
Derivative Assets | ||
Gross Amounts of Recognized Assets | 127 | 1,007 |
Gross Amounts Offset in the Balance Sheet | 87 | 599 |
Net Amounts of Assets Presented in the Balance Sheet | 40 | 408 |
Collateral | 0 | 0 |
Net Amount | 40 | 408 |
Other Assets | Credit Default Swaps | ||
Derivative Assets | ||
Gross Amounts of Recognized Assets | 726 | 257 |
Gross Amounts Offset in the Balance Sheet | 99 | 44 |
Net Amounts of Assets Presented in the Balance Sheet | 627 | 213 |
Collateral | 447 | 0 |
Net Amount | 180 | 213 |
Other Liabilities | ||
Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities | 6,827 | 5,481 |
Gross Amounts Offset in the Balance Sheet | 2,113 | 1,661 |
Net Amounts of Liabilities Presented in the Balance Sheet | 4,714 | 3,820 |
Collateral Pledged | 396 | 1,803 |
Net Amount | 4,318 | 2,017 |
Other Liabilities | Interest Rate Contracts | ||
Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities | 430 | 2,293 |
Gross Amounts Offset in the Balance Sheet | 262 | 937 |
Net Amounts of Liabilities Presented in the Balance Sheet | 168 | 1,356 |
Collateral Pledged | 151 | 1,356 |
Net Amount | 17 | 0 |
Other Liabilities | Foreign Currency Forward Contracts, Underwriting and Non-investment Operations | ||
Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities | 4,968 | 1,891 |
Gross Amounts Offset in the Balance Sheet | 1,665 | 81 |
Net Amounts of Liabilities Presented in the Balance Sheet | 3,303 | 1,810 |
Collateral Pledged | 0 | 0 |
Net Amount | 3,303 | 1,810 |
Other Liabilities | Foreign Currency Forward Contracts, Investment Operations | ||
Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities | 1,060 | 806 |
Gross Amounts Offset in the Balance Sheet | 87 | 599 |
Net Amounts of Liabilities Presented in the Balance Sheet | 973 | 207 |
Collateral Pledged | 0 | 0 |
Net Amount | 973 | 207 |
Other Liabilities | Credit Default Swaps | ||
Derivative Liabilities | ||
Gross Amounts of Recognized Liabilities | 369 | 491 |
Gross Amounts Offset in the Balance Sheet | 99 | 44 |
Net Amounts of Liabilities Presented in the Balance Sheet | 270 | 447 |
Collateral Pledged | 245 | 447 |
Net Amount | $ 25 | $ 0 |
Derivative Instruments (Gain (L
Derivative Instruments (Gain (Loss) Recognized In The Consolidated Statements Of Operations Related To Its Derivative Instruments) (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain (loss) recognized on derivatives | $ (10,325) | $ 6,189 | $ (37,006) | $ 14,802 |
Net realized and unrealized gains (losses) on investments | Interest Rate Contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain (loss) recognized on derivatives | (9,456) | 19,784 | (28,815) | 15,376 |
Net realized and unrealized gains (losses) on investments | Credit Default Swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain (loss) recognized on derivatives | 305 | 22 | 215 | 62 |
Net realized and unrealized gains (losses) on investments | Weather Contract | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain (loss) recognized on derivatives | 0 | 10 | 0 | 170 |
Net foreign exchange losses | Foreign Currency Forward Contracts, Underwriting and Non-investment Operations | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain (loss) recognized on derivatives | (3,815) | (10,210) | (5,189) | (6,599) |
Net foreign exchange losses | Foreign Currency Forward Contracts, Investment Operations | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain (loss) recognized on derivatives | $ 2,641 | $ (3,417) | $ (3,217) | $ 5,793 |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) - Not Designated as Hedging Instrument - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Other Assets | ||
Derivative [Line Items] | ||
Derivative Asset | $ 7,082,000 | $ 5,306,000 |
Interest Rate Contracts | Other Assets | ||
Derivative [Line Items] | ||
Derivative Asset | 1,252,000 | 122,000 |
Interest Rate Contracts | Long | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 953,600,000 | 1,000,000,000 |
Interest Rate Contracts | Short | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 911,500,000 | 1,100,000,000 |
Foreign Currency Forward Contracts, Underwriting and Non-investment Operations | Other Assets | ||
Derivative [Line Items] | ||
Derivative Asset | 5,163,000 | 4,563,000 |
Foreign Currency Forward Contracts, Underwriting and Non-investment Operations | Long | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 168,700,000 | 172,400,000 |
Foreign Currency Forward Contracts, Underwriting and Non-investment Operations | Short | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 135,500,000 | 101,500,000 |
Foreign Currency Forward Contracts, Investment Operations | Other Assets | ||
Derivative [Line Items] | ||
Derivative Asset | 40,000 | 408,000 |
Foreign Currency Forward Contracts, Investment Operations | Long | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 13,600,000 | 31,300,000 |
Foreign Currency Forward Contracts, Investment Operations | Short | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 112,200,000 | 143,400,000 |
Credit Default Swaps | Other Assets | ||
Derivative [Line Items] | ||
Derivative Asset | 627,000 | 213,000 |
Credit Default Swaps | Long | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 0 | 0 |
Credit Default Swaps | Short | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 28,400,000 | $ 46,100,000 |
Condensed Consolidating Finan57
Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Assets | ||||
Total investments | $ 9,010,217 | $ 8,999,068 | ||
Cash and cash equivalents | 455,521 | 506,885 | $ 398,090 | $ 525,584 |
Investments in subsidiaries | 0 | 0 | ||
Due from subsidiaries and affiliates | 0 | 0 | ||
Premiums receivable | 1,332,667 | 778,009 | ||
Prepaid reinsurance premiums | 533,092 | 230,671 | ||
Reinsurance recoverable | 222,006 | 134,526 | ||
Accrued investment income | 37,900 | 39,749 | ||
Deferred acquisition costs | 331,152 | 199,380 | ||
Receivable for investments sold | 203,165 | 220,834 | ||
Other assets | 160,873 | 181,011 | ||
Goodwill and other intangible assets | 258,170 | 265,154 | ||
Total assets | 12,544,763 | 11,555,287 | ||
Liabilities | ||||
Reserve for claims and claim expenses | 2,844,243 | 2,767,045 | ||
Unearned premiums | 1,518,106 | 889,102 | ||
Debt | 954,577 | 960,495 | ||
Amounts due to subsidiaries and affiliates | 0 | 0 | ||
Reinsurance balances payable | 753,699 | 523,974 | ||
Payable for investments purchased | 432,926 | 391,378 | ||
Other liabilities | 215,592 | 245,145 | ||
Total liabilities | 6,719,143 | 5,777,139 | ||
Redeemable noncontrolling interests | 1,122,403 | 1,045,964 | ||
Shareholders' Equity | ||||
Total shareholders’ equity | 4,703,217 | 4,732,184 | ||
Total liabilities, noncontrolling interests and shareholders’ equity | 12,544,763 | 11,555,287 | ||
Reportable Legal Entities | RenaissanceRe Holdings Ltd. (Parent Guarantor) | ||||
Assets | ||||
Total investments | 172,593 | 349,892 | ||
Cash and cash equivalents | 2,382 | 10,185 | 11,716 | 5,986 |
Investments in subsidiaries | 4,022,891 | 3,902,519 | ||
Due from subsidiaries and affiliates | 104,582 | 81,282 | ||
Premiums receivable | 0 | 0 | ||
Prepaid reinsurance premiums | 0 | 0 | ||
Reinsurance recoverable | 0 | 0 | ||
Accrued investment income | 323 | 1,253 | ||
Deferred acquisition costs | 0 | 0 | ||
Receivable for investments sold | 32 | 26 | ||
Other assets | 402,158 | 390,302 | ||
Goodwill and other intangible assets | 133,736 | 137,064 | ||
Total assets | 4,838,697 | 4,872,523 | ||
Liabilities | ||||
Reserve for claims and claim expenses | 0 | 0 | ||
Unearned premiums | 0 | 0 | ||
Debt | 117,000 | 117,000 | ||
Amounts due to subsidiaries and affiliates | 138 | 2,641 | ||
Reinsurance balances payable | 0 | 0 | ||
Payable for investments purchased | 0 | 999 | ||
Other liabilities | 18,342 | 19,699 | ||
Total liabilities | 135,480 | 140,339 | ||
Redeemable noncontrolling interests | 0 | 0 | ||
Shareholders' Equity | ||||
Total shareholders’ equity | 4,703,217 | 4,732,184 | ||
Total liabilities, noncontrolling interests and shareholders’ equity | 4,838,697 | 4,872,523 | ||
Reportable Legal Entities | RenRe North America Holdings Inc. (Subsidiary Issuer) | ||||
Assets | ||||
Total investments | 123,921 | 127,087 | ||
Cash and cash equivalents | 35 | 5,908 | 2,146 | 1,033 |
Investments in subsidiaries | 46,835 | 48,754 | ||
Due from subsidiaries and affiliates | 84,027 | 69,739 | ||
Premiums receivable | 0 | 0 | ||
Prepaid reinsurance premiums | 0 | 0 | ||
Reinsurance recoverable | 0 | 0 | ||
Accrued investment income | 308 | 169 | ||
Deferred acquisition costs | 0 | 0 | ||
Receivable for investments sold | 1 | 1 | ||
Other assets | 27,115 | 29,532 | ||
Goodwill and other intangible assets | 0 | 0 | ||
Total assets | 282,242 | 281,190 | ||
Liabilities | ||||
Reserve for claims and claim expenses | 0 | 0 | ||
Unearned premiums | 0 | 0 | ||
Debt | 0 | 0 | ||
Amounts due to subsidiaries and affiliates | 94 | 202 | ||
Reinsurance balances payable | 0 | 0 | ||
Payable for investments purchased | 57 | 6 | ||
Other liabilities | (359) | 1,148 | ||
Total liabilities | (208) | 1,356 | ||
Redeemable noncontrolling interests | 0 | 0 | ||
Shareholders' Equity | ||||
Total shareholders’ equity | 282,450 | 279,834 | ||
Total liabilities, noncontrolling interests and shareholders’ equity | 282,242 | 281,190 | ||
Reportable Legal Entities | Platinum Underwriters Finance, Inc. (Subsidiary Issuer) | ||||
Assets | ||||
Total investments | 280,615 | 205,777 | ||
Cash and cash equivalents | 1,893 | 7,103 | 1,089 | 0 |
Investments in subsidiaries | 902,329 | 867,909 | ||
Due from subsidiaries and affiliates | 0 | 0 | ||
Premiums receivable | 0 | 0 | ||
Prepaid reinsurance premiums | 0 | 0 | ||
Reinsurance recoverable | 0 | 0 | ||
Accrued investment income | 434 | 348 | ||
Deferred acquisition costs | 0 | 0 | ||
Receivable for investments sold | 14 | 68,537 | ||
Other assets | 11,684 | 12,852 | ||
Goodwill and other intangible assets | 0 | 0 | ||
Total assets | 1,196,969 | 1,162,526 | ||
Liabilities | ||||
Reserve for claims and claim expenses | 0 | 0 | ||
Unearned premiums | 0 | 0 | ||
Debt | 261,774 | 268,196 | ||
Amounts due to subsidiaries and affiliates | 112 | 204 | ||
Reinsurance balances payable | 0 | 0 | ||
Payable for investments purchased | 85 | 25 | ||
Other liabilities | 9,689 | 6,620 | ||
Total liabilities | 271,660 | 275,045 | ||
Redeemable noncontrolling interests | 0 | 0 | ||
Shareholders' Equity | ||||
Total shareholders’ equity | 925,309 | 887,481 | ||
Total liabilities, noncontrolling interests and shareholders’ equity | 1,196,969 | 1,162,526 | ||
Reportable Legal Entities | RenaissanceRe Finance, Inc. (Subsidiary Issuer) | ||||
Assets | ||||
Total investments | 0 | 0 | ||
Cash and cash equivalents | 614 | 677 | 224 | 0 |
Investments in subsidiaries | 1,226,829 | 1,185,736 | ||
Due from subsidiaries and affiliates | 0 | 0 | ||
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 | 121,277 | 115,456 | ||
Goodwill and other intangible assets | 0 | 0 | ||
Total assets | 1,348,720 | 1,301,869 | ||
Liabilities | ||||
Reserve for claims and claim expenses | 0 | 0 | ||
Unearned premiums | 0 | 0 | ||
Debt | 545,537 | 545,187 | ||
Amounts due to subsidiaries and affiliates | 92,338 | 68,204 | ||
Reinsurance balances payable | 0 | 0 | ||
Payable for investments purchased | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total liabilities | 637,875 | 613,391 | ||
Redeemable noncontrolling interests | 0 | 0 | ||
Shareholders' Equity | ||||
Total shareholders’ equity | 710,845 | 688,478 | ||
Total liabilities, noncontrolling interests and shareholders’ equity | 1,348,720 | 1,301,869 | ||
Reportable Legal Entities | Other RenaissanceRe Holdings Ltd. Subsidiaries And Eliminations (Non-Guarantor Subsidiaries) | ||||
Assets | ||||
Total investments | 8,433,088 | 8,316,312 | ||
Cash and cash equivalents | 450,597 | 483,012 | $ 382,915 | $ 518,565 |
Investments in subsidiaries | 0 | 0 | ||
Due from subsidiaries and affiliates | 0 | 0 | ||
Premiums receivable | 1,332,667 | 778,009 | ||
Prepaid reinsurance premiums | 533,092 | 230,671 | ||
Reinsurance recoverable | 222,006 | 134,526 | ||
Accrued investment income | 36,835 | 37,979 | ||
Deferred acquisition costs | 331,152 | 199,380 | ||
Receivable for investments sold | 203,118 | 152,270 | ||
Other assets | 107,850 | 124,215 | ||
Goodwill and other intangible assets | 124,434 | 128,090 | ||
Total assets | 11,774,839 | 10,584,464 | ||
Liabilities | ||||
Reserve for claims and claim expenses | 2,844,243 | 2,767,045 | ||
Unearned premiums | 1,518,106 | 889,102 | ||
Debt | 147,266 | 147,112 | ||
Amounts due to subsidiaries and affiliates | 0 | 0 | ||
Reinsurance balances payable | 753,699 | 523,974 | ||
Payable for investments purchased | 432,784 | 390,348 | ||
Other liabilities | 198,942 | 222,320 | ||
Total liabilities | 5,895,040 | 4,939,901 | ||
Redeemable noncontrolling interests | 1,122,403 | 1,045,964 | ||
Shareholders' Equity | ||||
Total shareholders’ equity | 4,757,396 | 4,598,599 | ||
Total liabilities, noncontrolling interests and shareholders’ equity | 11,774,839 | 10,584,464 | ||
Consolidating Adjustments | ||||
Assets | ||||
Total investments | 0 | 0 | ||
Cash and cash equivalents | 0 | 0 | ||
Investments in subsidiaries | (6,198,884) | (6,004,918) | ||
Due from subsidiaries and affiliates | (188,609) | (151,021) | ||
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 | (509,211) | (491,346) | ||
Goodwill and other intangible assets | 0 | 0 | ||
Total assets | (6,896,704) | (6,647,285) | ||
Liabilities | ||||
Reserve for claims and claim expenses | 0 | 0 | ||
Unearned premiums | 0 | 0 | ||
Debt | (117,000) | (117,000) | ||
Amounts due to subsidiaries and affiliates | (92,682) | (71,251) | ||
Reinsurance balances payable | 0 | 0 | ||
Payable for investments purchased | 0 | 0 | ||
Other liabilities | (11,022) | (4,642) | ||
Total liabilities | (220,704) | (192,893) | ||
Redeemable noncontrolling interests | 0 | 0 | ||
Shareholders' Equity | ||||
Total shareholders’ equity | (6,676,000) | (6,454,392) | ||
Total liabilities, noncontrolling interests and shareholders’ equity | $ (6,896,704) | $ (6,647,285) |
Condensed Consolidating Finan58
Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries (Condensed Consolidating Statement Of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenues | ||||
Net premiums earned | $ 351,402 | $ 379,828 | $ 705,008 | $ 676,588 |
Net investment income | 54,124 | 38,604 | 82,987 | 78,311 |
Net foreign exchange losses | (690) | (1,740) | (2,382) | (4,870) |
Equity in earnings of other ventures | 6,022 | 6,160 | 7,633 | 11,455 |
Other income (loss) | 2,654 | 1,427 | 6,733 | 2,966 |
Net realized and unrealized gains (losses) on investments | 69,772 | (26,712) | 131,425 | 15,037 |
Total revenues | 483,284 | 397,567 | 931,404 | 779,487 |
Expenses | ||||
Net claims and claim expenses incurred | 167,750 | 169,344 | 294,355 | 246,197 |
Acquisition expenses | 69,005 | 61,666 | 134,597 | 105,067 |
Operational expenses | 51,073 | 54,673 | 107,308 | 100,294 |
Corporate expenses | 5,752 | 12,868 | 13,977 | 58,401 |
Interest expense | 10,536 | 9,862 | 21,074 | 15,178 |
Total expenses | 304,116 | 308,413 | 571,311 | 525,137 |
(Loss) income before equity in net income (loss) of subsidiaries and taxes | 179,168 | 89,154 | 360,093 | 254,350 |
Equity in net income (loss) of subsidiaries | 0 | 0 | 0 | 0 |
Income before taxes | 179,168 | 89,154 | 360,093 | 254,350 |
Income tax (expense) benefit | (6,612) | 1,842 | (9,356) | 49,746 |
Net income | 172,556 | 90,996 | 350,737 | 304,096 |
Net income attributable to noncontrolling interests | (30,635) | (12,167) | (75,226) | (51,829) |
Net income attributable to RenaissanceRe | 141,921 | 78,829 | 275,511 | 252,267 |
Dividends on preference shares | (5,596) | (5,596) | (11,191) | (11,191) |
Net income available to RenaissanceRe common shareholders | 136,325 | 73,233 | 264,320 | 241,076 |
Reportable Legal Entities | RenaissanceRe Holdings Ltd. (Parent Guarantor) | ||||
Revenues | ||||
Net premiums earned | 0 | 0 | 0 | 0 |
Net investment income | 5,749 | 98 | 12,607 | 2,722 |
Net foreign exchange losses | (1) | 12 | (2) | 2 |
Equity in earnings of other ventures | 0 | 0 | 0 | 0 |
Other income (loss) | (791) | 497 | (791) | 663 |
Net realized and unrealized gains (losses) on investments | 799 | (535) | 5,287 | (496) |
Total revenues | 5,756 | 72 | 17,101 | 2,891 |
Expenses | ||||
Net claims and claim expenses incurred | 0 | 0 | 0 | 0 |
Acquisition expenses | 0 | 0 | 0 | 0 |
Operational expenses | (1,104) | (368) | (1,805) | 3,441 |
Corporate expenses | 5,181 | 7,351 | 10,794 | 31,837 |
Interest expense | 141 | 468 | 281 | 763 |
Total expenses | 4,218 | 7,451 | 9,270 | 36,041 |
(Loss) income before equity in net income (loss) of subsidiaries and taxes | 1,538 | (7,379) | 7,831 | (33,150) |
Equity in net income (loss) of subsidiaries | 141,677 | 84,472 | 265,215 | 285,417 |
Income before taxes | 143,215 | 77,093 | 273,046 | 252,267 |
Income tax (expense) benefit | (1,294) | 1,736 | 2,465 | 0 |
Net income | 141,921 | 78,829 | 275,511 | 252,267 |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to RenaissanceRe | 141,921 | 78,829 | 275,511 | 252,267 |
Dividends on preference shares | (5,596) | (5,596) | (11,191) | (11,191) |
Net income available to RenaissanceRe common shareholders | 136,325 | 73,233 | 264,320 | 241,076 |
Reportable Legal Entities | RenRe North America Holdings Inc. (Subsidiary Issuer) | ||||
Revenues | ||||
Net premiums earned | 0 | 0 | 0 | 0 |
Net investment income | 445 | 300 | 954 | 631 |
Net foreign exchange losses | 0 | 0 | 0 | 0 |
Equity in earnings of other ventures | 0 | 0 | 0 | 0 |
Other income (loss) | 0 | 0 | 0 | 0 |
Net realized and unrealized gains (losses) on investments | 1,139 | 609 | 2,254 | 1,015 |
Total revenues | 1,584 | 909 | 3,208 | 1,646 |
Expenses | ||||
Net claims and claim expenses incurred | 0 | 0 | 0 | 0 |
Acquisition expenses | 0 | 0 | 0 | 0 |
Operational expenses | 44 | 1,588 | (97) | 3,478 |
Corporate expenses | 203 | 212 | 203 | 251 |
Interest expense | 0 | 3,557 | 0 | 7,233 |
Total expenses | 247 | 5,357 | 106 | 10,962 |
(Loss) income before equity in net income (loss) of subsidiaries and taxes | 1,337 | (4,448) | 3,102 | (9,316) |
Equity in net income (loss) of subsidiaries | 1,666 | 2,132 | 1,533 | 5,548 |
Income before taxes | 3,003 | (2,316) | 4,635 | (3,768) |
Income tax (expense) benefit | (906) | 1,743 | (1,467) | 32,748 |
Net income | 2,097 | (573) | 3,168 | 28,980 |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to RenaissanceRe | 2,097 | (573) | 3,168 | 28,980 |
Dividends on preference shares | 0 | 0 | 0 | 0 |
Net income available to RenaissanceRe common shareholders | 2,097 | (573) | 3,168 | 28,980 |
Reportable Legal Entities | Platinum Underwriters Finance, Inc. (Subsidiary Issuer) | ||||
Revenues | ||||
Net premiums earned | 0 | 0 | 0 | 0 |
Net investment income | 846 | 1,221 | 2,279 | 1,181 |
Net foreign exchange losses | 0 | 0 | 0 | 0 |
Equity in earnings of other ventures | 0 | 0 | 0 | 0 |
Other income (loss) | 0 | 0 | 0 | 0 |
Net realized and unrealized gains (losses) on investments | 3,414 | (1,389) | 5,378 | (1,388) |
Total revenues | 4,260 | (168) | 7,657 | (207) |
Expenses | ||||
Net claims and claim expenses incurred | 0 | 0 | 0 | 0 |
Acquisition expenses | 0 | 0 | 0 | 0 |
Operational expenses | 64 | 0 | 116 | 1 |
Corporate expenses | 0 | 0 | 0 | 0 |
Interest expense | 1,477 | 1,477 | 2,953 | 1,969 |
Total expenses | 1,541 | 1,477 | 3,069 | 1,970 |
(Loss) income before equity in net income (loss) of subsidiaries and taxes | 2,719 | (1,645) | 4,588 | (2,177) |
Equity in net income (loss) of subsidiaries | 12,086 | 8,716 | 34,421 | 10,126 |
Income before taxes | 14,805 | 7,071 | 39,009 | 7,949 |
Income tax (expense) benefit | (838) | (1,451) | (1,182) | (2,146) |
Net income | 13,967 | 5,620 | 37,827 | 5,803 |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to RenaissanceRe | 13,967 | 5,620 | 37,827 | 5,803 |
Dividends on preference shares | 0 | 0 | 0 | 0 |
Net income available to RenaissanceRe common shareholders | 13,967 | 5,620 | 37,827 | 5,803 |
Reportable Legal Entities | RenaissanceRe Finance, Inc. (Subsidiary Issuer) | ||||
Revenues | ||||
Net premiums earned | 0 | 0 | 0 | 0 |
Net investment income | 141 | 468 | 281 | 504 |
Net foreign exchange losses | 0 | 0 | 0 | 0 |
Equity in earnings of other ventures | 0 | 0 | 0 | 0 |
Other income (loss) | 0 | 0 | 0 | 0 |
Net realized and unrealized gains (losses) on investments | 0 | 0 | 0 | 0 |
Total revenues | 141 | 468 | 281 | 504 |
Expenses | ||||
Net claims and claim expenses incurred | 0 | 0 | 0 | 0 |
Acquisition expenses | 0 | 0 | 0 | 0 |
Operational expenses | 4,573 | 0 | 11,582 | 0 |
Corporate expenses | 7 | 84 | 7 | 84 |
Interest expense | 6,544 | 2,784 | 13,087 | 3,006 |
Total expenses | 11,124 | 2,868 | 24,676 | 3,090 |
(Loss) income before equity in net income (loss) of subsidiaries and taxes | (10,983) | (2,400) | (24,395) | (2,586) |
Equity in net income (loss) of subsidiaries | 17,165 | 4,613 | 41,644 | 48,515 |
Income before taxes | 6,182 | 2,213 | 17,249 | 45,929 |
Income tax (expense) benefit | 2,792 | 888 | 5,671 | 953 |
Net income | 8,974 | 3,101 | 22,920 | 46,882 |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to RenaissanceRe | 8,974 | 3,101 | 22,920 | 46,882 |
Dividends on preference shares | 0 | 0 | 0 | 0 |
Net income available to RenaissanceRe common shareholders | 8,974 | 3,101 | 22,920 | 46,882 |
Reportable Legal Entities | Other RenaissanceRe Holdings Ltd. Subsidiaries And Eliminations (Non-Guarantor Subsidiaries) | ||||
Revenues | ||||
Net premiums earned | 351,402 | 379,828 | 705,008 | 676,588 |
Net investment income | 52,826 | 37,342 | 78,632 | 75,072 |
Net foreign exchange losses | (689) | (1,752) | (2,380) | (4,872) |
Equity in earnings of other ventures | 6,022 | 6,160 | 7,633 | 11,455 |
Other income (loss) | 3,445 | 1,428 | 7,524 | 2,966 |
Net realized and unrealized gains (losses) on investments | 64,420 | (25,397) | 118,506 | 15,906 |
Total revenues | 477,426 | 397,609 | 914,923 | 777,115 |
Expenses | ||||
Net claims and claim expenses incurred | 167,750 | 169,344 | 294,355 | 246,197 |
Acquisition expenses | 69,005 | 61,666 | 134,597 | 105,067 |
Operational expenses | 50,352 | 53,460 | 105,448 | 93,380 |
Corporate expenses | 361 | 5,221 | 2,973 | 26,229 |
Interest expense | 2,515 | 2,044 | 5,034 | 2,711 |
Total expenses | 289,983 | 291,735 | 542,407 | 473,584 |
(Loss) income before equity in net income (loss) of subsidiaries and taxes | 187,443 | 105,874 | 372,516 | 303,531 |
Equity in net income (loss) of subsidiaries | 0 | 0 | 0 | 0 |
Income before taxes | 187,443 | 105,874 | 372,516 | 303,531 |
Income tax (expense) benefit | (6,366) | (1,074) | (14,843) | 18,191 |
Net income | 181,077 | 104,800 | 357,673 | 321,722 |
Net income attributable to noncontrolling interests | (30,635) | (12,167) | (75,226) | (51,829) |
Net income attributable to RenaissanceRe | 150,442 | 92,633 | 282,447 | 269,893 |
Dividends on preference shares | 0 | 0 | 0 | 0 |
Net income available to RenaissanceRe common shareholders | 150,442 | 92,633 | 282,447 | 269,893 |
Consolidating Adjustments | ||||
Revenues | ||||
Net premiums earned | 0 | 0 | 0 | 0 |
Net investment income | (5,883) | (825) | (11,766) | (1,799) |
Net foreign exchange losses | 0 | 0 | 0 | 0 |
Equity in earnings of other ventures | 0 | 0 | 0 | 0 |
Other income (loss) | 0 | (498) | 0 | (663) |
Net realized and unrealized gains (losses) on investments | 0 | 0 | 0 | 0 |
Total revenues | (5,883) | (1,323) | (11,766) | (2,462) |
Expenses | ||||
Net claims and claim expenses incurred | 0 | 0 | 0 | 0 |
Acquisition expenses | 0 | 0 | 0 | 0 |
Operational expenses | (2,856) | (7) | (7,936) | (6) |
Corporate expenses | 0 | 0 | 0 | 0 |
Interest expense | (141) | (468) | (281) | (504) |
Total expenses | (2,997) | (475) | (8,217) | (510) |
(Loss) income before equity in net income (loss) of subsidiaries and taxes | (2,886) | (848) | (3,549) | (1,952) |
Equity in net income (loss) of subsidiaries | (172,594) | (99,933) | (342,813) | (349,606) |
Income before taxes | (175,480) | (100,781) | (346,362) | (351,558) |
Income tax (expense) benefit | 0 | 0 | 0 | 0 |
Net income | (175,480) | (100,781) | (346,362) | (351,558) |
Net income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to RenaissanceRe | (175,480) | (100,781) | (346,362) | (351,558) |
Dividends on preference shares | 0 | 0 | 0 | 0 |
Net income available to RenaissanceRe common shareholders | $ (175,480) | $ (100,781) | $ (346,362) | $ (351,558) |
Condensed Consolidating Finan59
Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries (Condensed Consolidating Statement of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Net income | $ 172,556 | $ 90,996 | $ 350,737 | $ 304,096 |
Change in net unrealized gains on investments | 672 | (349) | 229 | (423) |
Comprehensive income | 173,228 | 90,647 | 350,966 | 303,673 |
Net income attributable to redeemable noncontrolling interests | (30,635) | (12,167) | (75,226) | (51,829) |
Comprehensive income attributable to noncontrolling interests | (30,635) | (12,167) | (75,226) | (51,829) |
Comprehensive income attributable to RenaissanceRe | 142,593 | 78,480 | 275,740 | 251,844 |
Reportable Legal Entities | RenaissanceRe Holdings Ltd. (Parent Guarantor) | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income | 141,921 | 78,829 | 275,511 | 252,267 |
Change in net unrealized gains on investments | 0 | 0 | 0 | 0 |
Comprehensive income | 141,921 | 78,829 | 275,511 | 252,267 |
Net income attributable to redeemable noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income attributable to RenaissanceRe | 141,921 | 78,829 | 275,511 | 252,267 |
Reportable Legal Entities | RenRe North America Holdings Inc. (Subsidiary Issuer) | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income | 2,097 | (573) | 3,168 | 28,980 |
Change in net unrealized gains on investments | 0 | 0 | 0 | 0 |
Comprehensive income | 2,097 | (573) | 3,168 | 28,980 |
Net income attributable to redeemable noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income attributable to RenaissanceRe | 2,097 | (573) | 3,168 | 28,980 |
Reportable Legal Entities | Platinum Underwriters Finance, Inc. (Subsidiary Issuer) | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income | 13,967 | 5,620 | 37,827 | 5,803 |
Change in net unrealized gains on investments | 0 | 0 | 0 | 0 |
Comprehensive income | 13,967 | 5,620 | 37,827 | 5,803 |
Net income attributable to redeemable noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income attributable to RenaissanceRe | 13,967 | 5,620 | 37,827 | 5,803 |
Reportable Legal Entities | RenaissanceRe Finance, Inc. (Subsidiary Issuer) | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income | 8,974 | 3,101 | 22,920 | 46,882 |
Change in net unrealized gains on investments | 0 | 0 | 0 | 0 |
Comprehensive income | 8,974 | 3,101 | 22,920 | 46,882 |
Net income attributable to redeemable noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income attributable to RenaissanceRe | 8,974 | 3,101 | 22,920 | 46,882 |
Reportable Legal Entities | Other RenaissanceRe Holdings Ltd. Subsidiaries And Eliminations (Non-Guarantor Subsidiaries) | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income | 181,077 | 104,800 | 357,673 | 321,722 |
Change in net unrealized gains on investments | 672 | (349) | 229 | (423) |
Comprehensive income | 181,749 | 104,451 | 357,902 | 321,299 |
Net income attributable to redeemable noncontrolling interests | (30,635) | (12,167) | (75,226) | (51,829) |
Comprehensive income attributable to noncontrolling interests | (30,635) | (12,167) | (75,226) | (51,829) |
Comprehensive income attributable to RenaissanceRe | 151,114 | 92,284 | 282,676 | 269,470 |
Consolidating Adjustments | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net income | (175,480) | (100,781) | (346,362) | (351,558) |
Change in net unrealized gains on investments | 0 | 0 | 0 | 0 |
Comprehensive income | (175,480) | (100,781) | (346,362) | (351,558) |
Net income attributable to redeemable noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Comprehensive income attributable to RenaissanceRe | $ (175,480) | $ (100,781) | $ (346,362) | $ (351,558) |
Condensed Consolidating Finan60
Condensed Consolidating Financial Information Provided In Connection With Outstanding Debt Of Subsidiaries (Condensed Consolidating Statement Of Cash Flows) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Cash flows (used in) provided by operating activities | |||
Net cash provided by (used in) operating activities | $ 117,172 | $ (29,370) | |
Cash flows provided by (used in) investing activities | |||
Proceeds from sales and maturities of fixed maturity investments trading | 4,780,406 | 4,761,975 | |
Purchases of fixed maturity investments trading | (4,984,820) | (4,596,118) | |
Proceeds from sales and maturities of fixed maturity investments available for sale | 5,216 | 5,000 | |
Net sales (purchases) of equity investments trading | 181,634 | (166,485) | |
Net sales of short term investments | 245,899 | 360,162 | |
Net purchases of other investments | (52,778) | (1,250) | |
Net purchases of investments in other ventures | 0 | (45) | |
Net sales of other assets | 0 | 4,500 | |
Dividends and return of capital from subsidiaries | 0 | 0 | |
Contributions to subsidiaries | 0 | 0 | |
Due (from) to subsidiary | 0 | 0 | |
Net purchase of Platinum | 0 | (678,152) | |
Net cash provided by (used in) investing activities | 175,557 | (310,413) | |
Cash flows (used in) provided by financing activities | |||
Dividends paid – RenaissanceRe common shares | (26,198) | (27,479) | |
Dividends paid – preference shares | (11,191) | (11,191) | |
RenaissanceRe common share repurchases | (265,003) | (736) | |
Net issuance of debt | 0 | 445,589 | |
Net third party redeemable noncontrolling interest share transactions | (43,909) | (187,064) | |
Net cash (used in) provided by financing activities | (346,301) | 219,119 | |
Effect of exchange rate changes on foreign currency cash | 2,208 | (6,830) | |
Net decrease in cash and cash equivalents | (51,364) | (127,494) | |
Cash and cash equivalents, beginning of period | 506,885 | 525,584 | $ 525,584 |
Cash and cash equivalents, end of period | 455,521 | 398,090 | 506,885 |
Reportable Legal Entities | RenaissanceRe Holdings Ltd. (Parent Guarantor) | |||
Cash flows (used in) provided by operating activities | |||
Net cash provided by (used in) operating activities | (11,131) | 59,434 | |
Cash flows provided by (used in) investing activities | |||
Proceeds from sales and maturities of fixed maturity investments trading | 210,933 | 14,718 | |
Purchases of fixed maturity investments trading | (324,462) | (56,559) | |
Proceeds from sales and maturities of fixed maturity investments available for sale | 0 | 0 | |
Net sales (purchases) of equity investments trading | 0 | 0 | |
Net sales of short term investments | 195,915 | (1,088) | |
Net purchases of other investments | 0 | 0 | |
Net purchases of investments in other ventures | 0 | ||
Net sales of other assets | 0 | ||
Dividends and return of capital from subsidiaries | 341,011 | 1,050,762 | |
Contributions to subsidiaries | (95,001) | (231,964) | |
Due (from) to subsidiary | (22,676) | 114,266 | |
Net purchase of Platinum | (904,433) | ||
Net cash provided by (used in) investing activities | 305,720 | (14,298) | |
Cash flows (used in) provided by financing activities | |||
Dividends paid – RenaissanceRe common shares | (26,198) | (27,479) | |
Dividends paid – preference shares | (11,191) | (11,191) | |
RenaissanceRe common share repurchases | (265,003) | (736) | |
Net issuance of debt | 0 | ||
Net third party redeemable noncontrolling interest share transactions | 0 | 0 | |
Net cash (used in) provided by financing activities | (302,392) | (39,406) | |
Effect of exchange rate changes on foreign currency cash | 0 | 0 | |
Net decrease in cash and cash equivalents | (7,803) | 5,730 | |
Cash and cash equivalents, beginning of period | 10,185 | 5,986 | 5,986 |
Cash and cash equivalents, end of period | 2,382 | 11,716 | 10,185 |
Reportable Legal Entities | RenRe North America Holdings Inc. (Subsidiary Issuer) | |||
Cash flows (used in) provided by operating activities | |||
Net cash provided by (used in) operating activities | 297 | (5,411) | |
Cash flows provided by (used in) investing activities | |||
Proceeds from sales and maturities of fixed maturity investments trading | 50,890 | 7,016 | |
Purchases of fixed maturity investments trading | (105,772) | (38,668) | |
Proceeds from sales and maturities of fixed maturity investments available for sale | 0 | 0 | |
Net sales (purchases) of equity investments trading | (2,195) | 33,687 | |
Net sales of short term investments | 62,403 | (5,848) | |
Net purchases of other investments | 0 | 0 | |
Net purchases of investments in other ventures | 0 | ||
Net sales of other assets | 0 | ||
Dividends and return of capital from subsidiaries | 2,900 | 193,850 | |
Contributions to subsidiaries | 0 | 0 | |
Due (from) to subsidiary | (14,396) | (183,513) | |
Net purchase of Platinum | 0 | ||
Net cash provided by (used in) investing activities | (6,170) | 6,524 | |
Cash flows (used in) provided by financing activities | |||
Dividends paid – RenaissanceRe common shares | 0 | 0 | |
Dividends paid – preference shares | 0 | 0 | |
RenaissanceRe common share repurchases | 0 | 0 | |
Net issuance of debt | 0 | ||
Net third party redeemable noncontrolling interest share transactions | 0 | 0 | |
Net cash (used in) provided by financing activities | 0 | 0 | |
Effect of exchange rate changes on foreign currency cash | 0 | 0 | |
Net decrease in cash and cash equivalents | (5,873) | 1,113 | |
Cash and cash equivalents, beginning of period | 5,908 | 1,033 | 1,033 |
Cash and cash equivalents, end of period | 35 | 2,146 | 5,908 |
Reportable Legal Entities | Platinum Underwriters Finance, Inc. (Subsidiary Issuer) | |||
Cash flows (used in) provided by operating activities | |||
Net cash provided by (used in) operating activities | (3,914) | (10,030) | |
Cash flows provided by (used in) investing activities | |||
Proceeds from sales and maturities of fixed maturity investments trading | 67,839 | 45,087 | |
Purchases of fixed maturity investments trading | (203,883) | 0 | |
Proceeds from sales and maturities of fixed maturity investments available for sale | 0 | 0 | |
Net sales (purchases) of equity investments trading | 193,207 | (273,501) | |
Net sales of short term investments | (58,367) | 238,048 | |
Net purchases of other investments | 0 | 0 | |
Net purchases of investments in other ventures | 0 | ||
Net sales of other assets | 0 | ||
Dividends and return of capital from subsidiaries | 0 | 0 | |
Contributions to subsidiaries | 0 | 0 | |
Due (from) to subsidiary | (92) | (52) | |
Net purchase of Platinum | 1,537 | ||
Net cash provided by (used in) investing activities | (1,296) | 11,119 | |
Cash flows (used in) provided by financing activities | |||
Dividends paid – RenaissanceRe common shares | 0 | 0 | |
Dividends paid – preference shares | 0 | 0 | |
RenaissanceRe common share repurchases | 0 | 0 | |
Net issuance of debt | 0 | ||
Net third party redeemable noncontrolling interest share transactions | 0 | 0 | |
Net cash (used in) provided by financing activities | 0 | 0 | |
Effect of exchange rate changes on foreign currency cash | 0 | 0 | |
Net decrease in cash and cash equivalents | (5,210) | 1,089 | |
Cash and cash equivalents, beginning of period | 7,103 | 0 | 0 |
Cash and cash equivalents, end of period | 1,893 | 1,089 | 7,103 |
Reportable Legal Entities | RenaissanceRe Finance, Inc. (Subsidiary Issuer) | |||
Cash flows (used in) provided by operating activities | |||
Net cash provided by (used in) operating activities | (24,197) | (4,337) | |
Cash flows provided by (used in) investing activities | |||
Proceeds from sales and maturities of fixed maturity investments trading | 0 | 0 | |
Purchases of fixed maturity investments trading | 0 | 0 | |
Proceeds from sales and maturities of fixed maturity investments available for sale | 0 | 0 | |
Net sales (purchases) of equity investments trading | 0 | 0 | |
Net sales of short term investments | 0 | 0 | |
Net purchases of other investments | 0 | 0 | |
Net purchases of investments in other ventures | 0 | ||
Net sales of other assets | 0 | ||
Dividends and return of capital from subsidiaries | 0 | 0 | |
Contributions to subsidiaries | 0 | (180,000) | |
Due (from) to subsidiary | 24,134 | (114,839) | |
Net purchase of Platinum | 0 | ||
Net cash provided by (used in) investing activities | 24,134 | (294,839) | |
Cash flows (used in) provided by financing activities | |||
Dividends paid – RenaissanceRe common shares | 0 | 0 | |
Dividends paid – preference shares | 0 | 0 | |
RenaissanceRe common share repurchases | 0 | 0 | |
Net issuance of debt | 299,400 | ||
Net third party redeemable noncontrolling interest share transactions | 0 | 0 | |
Net cash (used in) provided by financing activities | 0 | 299,400 | |
Effect of exchange rate changes on foreign currency cash | 0 | 0 | |
Net decrease in cash and cash equivalents | (63) | 224 | |
Cash and cash equivalents, beginning of period | 677 | 0 | 0 |
Cash and cash equivalents, end of period | 614 | 224 | 677 |
Reportable Legal Entities | Other RenaissanceRe Holdings Ltd. Subsidiaries And Eliminations (Non-Guarantor Subsidiaries) | |||
Cash flows (used in) provided by operating activities | |||
Net cash provided by (used in) operating activities | 156,117 | (69,026) | |
Cash flows provided by (used in) investing activities | |||
Proceeds from sales and maturities of fixed maturity investments trading | 4,450,744 | 4,695,154 | |
Purchases of fixed maturity investments trading | (4,350,703) | (4,500,891) | |
Proceeds from sales and maturities of fixed maturity investments available for sale | 5,216 | 5,000 | |
Net sales (purchases) of equity investments trading | (9,378) | 73,329 | |
Net sales of short term investments | 45,948 | 129,050 | |
Net purchases of other investments | (52,778) | (1,250) | |
Net purchases of investments in other ventures | (45) | ||
Net sales of other assets | 4,500 | ||
Dividends and return of capital from subsidiaries | (343,911) | (1,244,612) | |
Contributions to subsidiaries | 95,001 | 411,964 | |
Due (from) to subsidiary | 13,030 | 184,138 | |
Net purchase of Platinum | 224,744 | ||
Net cash provided by (used in) investing activities | (146,831) | (18,919) | |
Cash flows (used in) provided by financing activities | |||
Dividends paid – RenaissanceRe common shares | 0 | 0 | |
Dividends paid – preference shares | 0 | 0 | |
RenaissanceRe common share repurchases | 0 | 0 | |
Net issuance of debt | 146,189 | ||
Net third party redeemable noncontrolling interest share transactions | (43,909) | (187,064) | |
Net cash (used in) provided by financing activities | (43,909) | (40,875) | |
Effect of exchange rate changes on foreign currency cash | 2,208 | (6,830) | |
Net decrease in cash and cash equivalents | (32,415) | (135,650) | |
Cash and cash equivalents, beginning of period | 483,012 | 518,565 | 518,565 |
Cash and cash equivalents, end of period | $ 450,597 | $ 382,915 | $ 483,012 |
Subsequent Events (Details)
Subsequent Events (Details) - Common Shares - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 1 Months Ended | 6 Months Ended |
Jul. 25, 2016 | Jun. 30, 2016 | |
Subsequent Event [Line Items] | ||
Common shares repurchased during period, Number of shares | 2,400 | |
Common shares repurchased during period, Aggregate amount | $ 272.3 | |
Common shares repurchased during period, Average cost per share, in usd per share | $ 112.50 | |
Subsequent Event | ||
Subsequent Event [Line Items] | ||
Common shares repurchased during period, Number of shares | 286 | |
Common shares repurchased during period, Aggregate amount | $ 33.1 | |
Common shares repurchased during period, Average cost per share, in usd per share | $ 115.66 |