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Renaissancere Holdings Ltd. – ‘8-K’ for 4/28/21 – ‘EX-99.2’

On:  Wednesday, 4/28/21, at 4:35pm ET   ·   For:  4/28/21   ·   Accession #:  913144-21-81   ·   File #:  1-14428

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  As Of               Filer                 Filing    For·On·As Docs:Size

 4/28/21  Renaissancere Holdings Ltd.       8-K:2,9     4/28/21   14:2.5M

Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                      HTML     30K 
 2: EX-99.1     Miscellaneous Exhibit                               HTML    205K 
 3: EX-99.2     Miscellaneous Exhibit                               HTML    513K 
10: R1          Cover Page Cover Page                               HTML     55K 
12: XML         IDEA XML File -- Filing Summary                      XML     13K 
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11: EXCEL       IDEA Workbook of Financial Reports                  XLSX      6K 
 5: EX-101.CAL  XBRL Calculations -- rnr-20210428_cal                XML      7K 
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 7: EX-101.LAB  XBRL Labels -- rnr-20210428_lab                      XML     91K 
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14: ZIP         XBRL Zipped Folder -- 0000913144-21-000081-xbrl      Zip     95K

‘EX-99.2’   —   Miscellaneous Exhibit

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RenaissanceRe Holdings Ltd.
Contents
Page
Basis of Presentation
i
Financial Highlights
1
Summary Consolidated Financial Statements
a.Consolidated Statements of Operations
2
b.Consolidated Balance Sheets
3
Underwriting and Reserves
a.Consolidated Segment Underwriting Results
4
b.Segment Underwriting Results
5
c.Property Segment - Catastrophe and Other Property Underwriting Results
6
d.Gross Premiums Written
7
e.Reserves for Claims and Claim Expenses
8
f.Paid to Incurred Analysis
9
Managed Joint Ventures and Fee Income
a.Fee Income
10
b.Noncontrolling Interests
11
c.DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations
12
Investments
a.Total Investment Result
13
b.Investment Portfolio - Composition
14
c.Investment Portfolio - Fixed Maturity Investments
15
d.Investment Portfolio - Weighted Average Yield to Maturity and Credit Rating
16
e.Retained Investment Information
17
Other Items
a.Earnings per Share
18
Comments on Regulation G
19
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RenaissanceRe Holdings Ltd.
Basis of Presentation
RenaissanceRe Holdings Ltd. (the "Company" or "RenaissanceRe") is a global provider of reinsurance and insurance. The Company provides property, casualty and specialty reinsurance and certain insurance solutions to customers, principally through intermediaries. Established in 1993, the Company has offices in Bermuda, Australia, Ireland, Singapore, Switzerland, the United Kingdom and the United States.
This financial supplement includes certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S ("GAAP") including “operating (loss) income (attributable) available to RenaissanceRe common shareholders,” “operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted,” “operating return on average common equity - annualized,” “tangible book value per common share,” “tangible book value per common share plus accumulated dividends," "retained investment result" and "retained fixed maturity and short term investments, at fair value." A reconciliation of such measures to the most comparable GAAP figures in accordance with Regulation G is presented in the attached supplemental financial data. See pages 19 through 23 for "Comments on Regulation G."
Cautionary Statement under “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995; Statements made in this financial supplement contain information about the Company's future business prospects. These statements may be considered “forward-looking.” These statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. For further information regarding cautionary statements and factors affecting future results, please refer to RenaissanceRe Holdings Ltd.'s filings with the U.S. Securities and Exchange Commission, including its Annual Reports on Form 10-K and its Quarterly Reports on Form 10-Q.
All information contained herein is unaudited. Unless otherwise noted, amounts are in thousands of United States Dollars, except for share and per share amounts and ratio information. Certain prior period comparatives have been reclassified to conform to the current presentation. This supplement is being provided for informational purposes only. It should be read in conjunction with documents filed by RenaissanceRe with the U.S. Securities and Exchange Commission, including its Annual Reports on Form 10-K and its Quarterly Reports on Form 10-Q. Please refer to the Company's website at www.renre.com for further information about RenaissanceRe.
i


Financial Highlights
Three months ended
March 31,
2021		December 31,
2020		September 30,
2020		June 30,
2020		March 31,
2020
Highlights
Gross premiums written$2,652,442 $935,514 $1,143,058 $1,701,872 $2,025,721 
Underwriting (loss) income$(35,760)$(151,655)$(206,072)$217,137 $64,079 
Net investment income$79,804 $81,717 $83,543 $89,305 $99,473 
Net realized and unrealized (losses) gains on investments(345,563)258,745 224,208 448,390 (110,707)
Total investment result
$(265,759)$340,462 $307,751 $537,695 $(11,234)
Net (loss) income (attributable) available to RenaissanceRe common shareholders$(290,934)$189,812 $47,799 $575,845 $(81,974)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders (1)
$4,395 $(77,122)$(131,724)$190,076 $33,410 
Per share data
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - basic$(5.87)$3.75 $0.94 $12.64 $(1.89)
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted$(5.87)$3.74 $0.94 $12.63 $(1.89)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)
$0.09 $(1.59)$(2.64)$4.06 $0.76 
Book value per common share$131.15 $138.46 $135.13 $134.27 $117.15 
Tangible book value per common share (1)
$125.73 $133.09 $129.60 $128.71 $110.69 
Tangible book value per common share plus accumulated dividends (1)
$148.17 $155.17 $151.33 $150.09 $131.72 
Change in tangible book value per common share plus change in accumulated dividends (1)
(5.3)%3.0 %1.0 %16.6 %(2.6)%
Financial ratios
 Combined ratio103.1 %114.7 %120.6 %78.5 %93.0 %
 Return on average common equity - annualized(17.1)%10.9 %2.8 %38.5 %(6.3)%
 Operating return on average common equity - annualized (1)
0.3 %(4.4)%(7.7)%12.7 %2.6 %
 Total investment return - annualized(4.9)%6.6 %6.2 %11.8 %(0.1)%
(1)    See "Comments on Regulation G" for a reconciliation of non-GAAP financial measures.
                 
1
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Summary Consolidated Financial Statements
Consolidated Statements of Operations
Three months ended
March 31,
2021		December 31,
2020		September 30,
2020		June 30,
2020		March 31,
2020
Revenues
Gross premiums written$2,652,442 $935,514 $1,143,058 $1,701,872 $2,025,721 
Net premiums written$1,824,083 $746,311 $899,411 $1,180,803 $1,269,808 
(Increase) decrease in unearned premiums(670,247)282,774 100,772 (170,707)(356,710)
Net premiums earned1,153,836 1,029,085 1,000,183 1,010,096 913,098 
Net investment income79,804 81,717 83,543 89,305 99,473 
Net foreign exchange (losses) gains(22,788)23,270 17,426 (7,195)(5,728)
Equity in (losses) earnings of other ventures(5,558)(1,868)5,457 9,041 4,564 
Other income (loss) 2,171 4,374 1,476 (1,201)(4,436)
Net realized and unrealized (losses) gains on investments(345,563)258,745 224,208 448,390 (110,707)
Total revenues861,902 1,395,323 1,332,293 1,548,436 896,264 
Expenses
Net claims and claim expenses incurred867,051 901,353 942,030 510,272 570,954 
Acquisition expenses267,234 238,283 215,180 233,610 210,604 
Operational expenses55,311 41,104 49,045 49,077 67,461 
Corporate expenses10,405 21,031 48,050 11,898 15,991 
Interest expense11,912 11,841 11,843 11,842 14,927 
Total expenses1,211,913 1,213,612 1,266,148 816,699 879,937 
(Loss) income before taxes(350,011)181,711 66,145 731,737 16,327 
Income tax benefit (expense)19,516 9,923 8,244 (29,875)8,846 
Net (loss) income(330,495)191,634 74,389 701,862 25,173 
Net loss (income) attributable to redeemable noncontrolling interests46,850 5,467 (19,301)(118,728)(98,091)
Net (loss) income attributable to RenaissanceRe(283,645)197,101 55,088 583,134 (72,918)
Dividends on preference shares(7,289)(7,289)(7,289)(7,289)(9,056)
Net (loss) income (attributable) available to RenaissanceRe common shareholders$(290,934)$189,812 $47,799 $575,845 $(81,974)
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - basic$(5.87)$3.75 $0.94 $12.64 $(1.89)
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted$(5.87)$3.74 $0.94 $12.63 $(1.89)
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted (1)
$0.09 $(1.59)$(2.64)$4.06 $0.76 
Return on average common equity - annualized
(17.1)%10.9 %2.8 %38.5 %(6.3)%
Operating return on average common equity - annualized (1)
0.3 %(4.4)%(7.7)%12.7 %2.6 %
                 
2
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Summary Consolidated Financial Statements
Consolidated Balance Sheets
March 31,
2021		December 31,
2020		September 30,
2020		June 30,
2020		March 31,
2020
Assets
Fixed maturity investments trading, at fair value$13,309,234 $13,506,503 $13,391,318 $12,495,135 $11,045,801 
Short term investments, at fair value5,091,143 4,993,735 5,158,961 5,570,804 5,263,242 
Equity investments trading, at fair value503,137 702,617 547,381 470,087 360,444 
Other investments, at fair value1,379,056 1,256,948 1,122,683 1,093,338 1,058,714 
Investments in other ventures, under equity method91,362 98,373 98,990 94,285 90,396 
Total investments20,373,932 20,558,176 20,319,333 19,723,649 17,818,597 
Cash and cash equivalents1,286,661 1,736,813 1,287,378 1,185,844 896,216 
Premiums receivable3,928,122 2,894,631 3,337,120 3,519,965 3,105,441 
Prepaid reinsurance premiums1,229,716 823,582 1,082,270 1,266,203 1,151,926 
Reinsurance recoverable3,160,667 2,926,010 2,883,808 2,774,358 2,765,583 
Accrued investment income62,573 66,743 71,947 70,004 73,496 
Deferred acquisition costs and value of business acquired786,941 633,521 697,346 734,286 739,875 
Receivable for investments sold841,156 568,293 752,936 648,458 341,786 
Other assets318,249 363,170 306,265 298,396 312,523 
Goodwill and other intangibles248,080 249,641 257,437 258,591 260,076 
Total assets$32,236,097 $30,820,580 $30,995,840 $30,479,754 $27,465,519 
Liabilities, Noncontrolling Interests and Shareholders' Equity
Liabilities
Reserve for claims and claim expenses$10,953,383 $10,381,138 $9,900,615 $9,365,469 $9,406,707 
Unearned premiums3,833,155 2,763,599 3,276,156 3,549,641 3,245,914 
Debt1,136,783 1,136,265 1,135,740 1,135,216 1,134,695 
Reinsurance balances payable4,254,645 3,488,352 3,915,804 4,094,027 3,775,375 
Payable for investments purchased1,133,787 1,132,538 1,597,893 1,259,116 636,136 
Other liabilities436,437 970,121 391,494 342,014 351,320 
Total liabilities21,748,190 19,872,013 20,217,702 19,745,483 18,550,147 
Redeemable noncontrolling interests3,409,570 3,388,319 3,387,317 3,387,099 3,231,846 
Shareholders' Equity
Preference shares525,000 525,000 525,000 525,000 525,000 
Common shares49,970 50,811 50,810 50,811 44,034 
Additional paid-in capital1,450,627 1,623,206 1,615,328 1,602,738 502,608 
Accumulated other comprehensive loss(12,382)(12,642)(2,083)(3,066)(1,664)
Retained earnings5,065,122 5,373,873 5,201,766 5,171,689 4,613,548 
Total shareholders' equity attributable to RenaissanceRe7,078,337 7,560,248 7,390,821 7,347,172 5,683,526 
Total liabilities, noncontrolling interests and shareholders' equity$32,236,097 $30,820,580 $30,995,840 $30,479,754 $27,465,519 
Book value per common share$131.15 $138.46 $135.13 $134.27 $117.15 
                 
3
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Underwriting and Reserves
Consolidated Segment Underwriting Results
Three months ended March 31, 2021
PropertyCasualty and SpecialtyTotal
Gross premiums written$1,616,819 $1,035,623 $2,652,442 
Net premiums written$1,008,460 $815,623 $1,824,083 
Net premiums earned$605,166 $548,670 $1,153,836 
Net claims and claim expenses incurred498,832 368,219 867,051 
Acquisition expenses112,754 154,480 267,234 
Operational expenses35,375 19,936 55,311 
Underwriting (loss) income$(41,795)$6,035 $(35,760)
Net claims and claim expenses incurred - current accident year$503,994 $372,089 $876,083 
Net claims and claim expenses incurred - prior accident years(5,162)(3,870)(9,032)
Net claims and claim expenses incurred - total$498,832 $368,219 $867,051 
Net claims and claim expense ratio - current accident year83.3 %67.8 %75.9 %
Net claims and claim expense ratio - prior accident years(0.9)%(0.7)%(0.8)%
Net claims and claim expense ratio - calendar year82.4 %67.1 %75.1 %
Underwriting expense ratio24.5 %31.8 %28.0 %
Combined ratio106.9 %98.9 %103.1 %
Three months ended March 31, 2020
PropertyCasualty and SpecialtyTotal
Gross premiums written$1,220,526 $805,195 $2,025,721 
Net premiums written$674,581 $595,227 $1,269,808 
Net premiums earned$421,335 $491,763 $913,098 
Net claims and claim expenses incurred144,745 426,209 570,954 
Acquisition expenses85,351 125,253 210,604 
Operational expenses44,007 23,454 67,461 
Underwriting income (loss)$147,232 $(83,153)$64,079 
Net claims and claim expenses incurred - current accident year$130,844 $426,210 $557,054 
Net claims and claim expenses incurred - prior accident years13,901 (1)13,900 
Net claims and claim expenses incurred - total$144,745 $426,209 $570,954 
Net claims and claim expense ratio - current accident year31.1 %86.7 %61.0 %
Net claims and claim expense ratio - prior accident years3.3 %— %1.5 %
Net claims and claim expense ratio - calendar year34.4 %86.7 %62.5 %
Underwriting expense ratio30.7 %30.2 %30.5 %
Combined ratio65.1 %116.9 %93.0 %

                 
4
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Underwriting and Reserves
Segment Underwriting Results
Three months ended
Property SegmentMarch 31,
2021		December 31,
2020		September 30,
2020		June 30,
2020		March 31,
2020
Gross premiums written$1,616,819 $308,315 $427,765 $1,042,536 $1,220,526 
Net premiums written$1,008,460 $279,773 $378,708 $704,138 $674,581 
Net premiums earned$605,166 $507,141 $516,623 $491,116 $421,335 
Net claims and claim expenses incurred498,832 536,218 590,979 164,005 144,745 
Acquisition expenses112,754 75,032 98,545 94,772 85,351 
Operational expenses35,375 26,160 33,724 31,656 44,007 
Underwriting (loss) income$(41,795)$(130,269)$(206,625)$200,683 $147,232 
Net claims and claim expenses incurred - current accident year$503,994 $661,711 $629,827 $170,614 $130,844 
Net claims and claim expenses incurred - prior accident years(5,162)(125,493)(38,848)(6,608)13,901 
Net claims and claim expenses incurred - total$498,832 $536,218 $590,979 $164,006 $144,745 
Net claims and claim expense ratio - current accident year83.3 %130.4 %121.9 %34.7 %31.1 %
Net claims and claim expense ratio - prior accident years(0.9)%(24.7)%(7.5)%(1.3)%3.3 %
Net claims and claim expense ratio - calendar year82.4 %105.7 %114.4 %33.4 %34.4 %
Underwriting expense ratio24.5 %20.0 %25.6 %25.7 %30.7 %
Combined ratio106.9 %125.7 %140.0 %59.1 %65.1 %
Three months ended
Casualty and Specialty SegmentMarch 31,
2021		December 31,
2020		September 30,
2020		June 30,
2020		March 31,
2020
Gross premiums written$1,035,623 $627,199 $715,293 $659,336 $805,195 
Net premiums written$815,623 $466,538 $520,703 $476,665 $595,227 
Net premiums earned$548,670 $521,944 $483,560 $518,980 $491,763 
Net claims and claim expenses incurred368,219 365,135 351,052 346,266 426,209 
Acquisition expenses154,480 163,251 116,636 138,837 125,253 
Operational expenses19,936 14,945 15,319 17,422 23,454 
Underwriting income (loss) $6,035 $(21,387)$553 $16,455 $(83,153)
Net claims and claim expenses incurred - current accident year$372,089 $368,071 $366,080 $355,064 $426,210 
Net claims and claim expenses incurred - prior accident years(3,870)(2,936)(15,028)(8,798)(1)
Net claims and claim expenses incurred - total$368,219 $365,135 $351,052 $346,266 $426,209 
Net claims and claim expense ratio - current accident year67.8 %70.5 %75.7 %68.4 %86.7 %
Net claims and claim expense ratio - prior accident years(0.7)%(0.5)%(3.1)%(1.7)%— %
Net claims and claim expense ratio - calendar year67.1 %70.0 %72.6 %66.7 %86.7 %
Underwriting expense ratio31.8 %34.1 %27.3 %30.1 %30.2 %
Combined ratio98.9 %104.1 %99.9 %96.8 %116.9 %

                 
5
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Underwriting and Reserves
Property Segment - Catastrophe and Other Property Underwriting Results
Three months ended March 31, 2021Three months ended March 31, 2020
CatastropheOther PropertyTotalCatastropheOther PropertyTotal
Gross premiums written$1,131,125 $485,694 $1,616,819 $936,190 $284,336 $1,220,526 
Net premiums written$660,120 $348,340 $1,008,460 $477,457 $197,124 $674,581 
Net premiums earned$340,980 $264,186 $605,166 $220,655 $200,680 $421,335 
Net claims and claim expenses incurred334,011 164,821 498,832 (2,201)146,946 144,745 
Acquisition expenses41,378 71,376 112,754 28,707 56,644 85,351 
Operational expenses28,366 7,009 35,375 35,545 8,462 44,007 
Underwriting (loss) income$(62,775)$20,980 $(41,795)$158,604 $(11,372)$147,232 
Net claims and claim expenses incurred - current accident year$338,475 $165,519 $503,994 $23,382 $107,462 $130,844 
Net claims and claim expenses incurred - prior accident years(4,464)(698)(5,162)(25,583)39,484 13,901 
Net claims and claim expenses incurred - total$334,011 $164,821 $498,832 $(2,201)$146,946 $144,745 
Net claims and claim expense ratio - current accident year99.3 %62.7 %83.3 %10.6 %53.5 %31.1 %
Net claims and claim expense ratio - prior accident years(1.3)%(0.3)%(0.9)%(11.6)%19.7 %3.3 %
Net claims and claim expense ratio - calendar year98.0 %62.4 %82.4 %(1.0)%73.2 %34.4 %
Underwriting expense ratio20.4 %29.7 %24.5 %29.1 %32.5 %30.7 %
Combined ratio118.4 %92.1 %106.9 %28.1 %105.7 %65.1 %

                 
6
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Underwriting and Reserves
Gross Premiums Written
Three months ended
March 31,
2021		December 31,
2020		September 30,
2020		June 30,
2020		March 31,
2020
Property Segment
Catastrophe$1,131,125 $59,120 $179,689 $711,786 $936,190 
Other property485,694 249,195 248,076 330,750 284,336 
Property segment gross premiums written
$1,616,819 $308,315 $427,765 $1,042,536 $1,220,526 
Casualty and Specialty Segment
General casualty (1)
$343,170 $190,996 $260,265 $206,666 $246,667 
Professional liability (2)
314,372 207,437 175,459 222,737 230,487 
Financial lines (3)
144,386 122,023 143,455 101,635 147,079 
Other (4)
233,695 106,743 136,114 128,298 180,962 
Casualty and Specialty segment gross premiums written
$1,035,623 $627,199 $715,293 $659,336 $805,195 
(1)
Includes automobile liability, casualty clash, employer’s liability, umbrella or excess casualty, workers’ compensation and general liability.
(2)
Includes directors and officers, medical malpractice, and professional indemnity.
(3)
Includes financial guaranty, mortgage guaranty, political risk, surety and trade credit.
(4)
Includes accident and health, agriculture, aviation, cyber, energy, marine, satellite and terrorism. Lines of business such as regional multi-line and whole account may have characteristics of various other classes of business, and are allocated accordingly.




                 
7
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Underwriting and Reserves
Reserves for Claims and Claim Expenses
Case ReservesAdditional Case ReservesIBNRTotal
March 31, 2021
Property$1,292,683 $1,333,734 $2,145,953 $4,772,370 
Casualty and Specialty1,801,362 147,822 4,231,829 6,181,013 
Total$3,094,045 $1,481,556 $6,377,782 $10,953,383 
December 31, 2020
Property$1,127,909 $1,617,003 $1,627,541 $4,372,453 
Casualty and Specialty1,651,150 133,843 4,223,692 6,008,685 
Total$2,779,059 $1,750,846 $5,851,233 $10,381,138 
September 30, 2020
Property$1,037,858 $1,752,260 $1,238,478 $4,028,596 
Casualty and Specialty1,625,554 123,001 4,123,464 5,872,019 
Total$2,663,412 $1,875,261 $5,361,942 $9,900,615 
June 30, 2020
Property$1,095,843 $1,650,244 $842,395 $3,588,482 
Casualty and Specialty1,682,299 127,588 3,967,100 5,776,987 
Total$2,778,142 $1,777,832 $4,809,495 $9,365,469 
March 31, 2020
Property$1,096,170 $1,707,754 $958,827 $3,762,751 
Casualty and Specialty1,644,402 105,505 3,894,049 5,643,956 
Total$2,740,572 $1,813,259 $4,852,876 $9,406,707 
                 
8
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Underwriting and Reserves
Paid to Incurred Analysis
Three months ended March 31, 2021Three months ended March 31, 2020
GrossRecoveriesNetGrossRecoveriesNet
Reserve for claims and claim expenses, beginning of period$10,381,138 $2,926,010 $7,455,128 $9,384,349 $2,791,297 $6,593,052 
Incurred claims and claim expenses
Current year1,221,981 345,898 876,083 790,010 232,956 557,054 
Prior years28,265 37,297 (9,032)(42,295)(56,195)13,900 
Total incurred claims and claim expenses1,250,246 383,195 867,051 747,715 176,761 570,954 
Paid claims and claim expenses
Current year18,069 3,318 14,751 34,310 3,109 31,201 
Prior years622,819 136,331 486,488 635,378 199,092 436,286 
Total paid claims and claim expenses640,888 139,649 501,239 669,688 202,201 467,487 
Foreign exchange (1)
(37,113)(8,889)(28,224)(55,669)(274)(55,395)
Reserve for claims and claim expenses, end of period$10,953,383 $3,160,667 $7,792,716 $9,406,707 $2,765,583 $6,641,124 
(1)    Reflects the impact of the foreign exchange revaluation of the net reserve for claims and claim expenses denominated in non-U.S. dollars as at the balance sheet date.

                 
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Managed Joint Ventures and Fee Income
Fee Income
The table below reflects the total fee income earned through third-party capital management as well as various joint ventures and certain structured retrocession agreements to which the Company is a party. Joint ventures include DaVinciRe Holdings Ltd. ("DaVinciRe"), Top Layer Reinsurance Ltd., Vermeer Reinsurance Ltd. ("Vermeer") and certain entities investing in Langhorne Holdings LLC. Managed funds include RenaissanceRe Upsilon Fund Ltd. and RenaissanceRe Medici Fund Ltd. ("Medici"). Structured reinsurance products and other include certain other vehicles and reinsurance contracts which transfer risk to capital.
Three months ended
March 31,
2021		December 31,
2020		September 30,
2020		June 30,
2020		March 31,
2020
Management fee income
Joint ventures
$11,128 $8,458 $13,070 $12,190 $11,781 
Structured reinsurance products and other
8,774 8,830 8,785 8,739 8,597 
Managed funds
8,622 9,490 8,610 6,508 6,418 
Total management fee income
28,524 26,778 30,465 27,437 26,796 
Performance fee income (loss)
Joint ventures
1,556 (1,984)(1,842)6,165 7,828 
Structured reinsurance products and other
(1,293)1,570 (10,414)7,994 8,375 
Managed funds
(4,798)9,542 175 3,914 2,363 
Total performance fee (loss) income (1)
(4,535)9,128 (12,081)18,073 18,566 
Total fee income$23,989 $35,906 $18,384 $45,510 $45,362 
(1)     Performance fees are based on the performance of the individual vehicles or products, and may be negative in a particular period if, for example, large losses occur, which can potentially result in no performance fees or the reversal of previously accrued performance fees.



                 
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Managed Joint Ventures and Fee Income
Noncontrolling Interests
The Company consolidates the results of certain of its joint ventures and managed capital vehicles, namely, DaVinciRe, Medici and Vermeer (collectively, the "Consolidated Managed Joint Ventures"), on its consolidated balance sheets and statements of operations. Redeemable noncontrolling interests on the Company's consolidated balance sheets represents the portion of the net assets of the Consolidated Managed Joint Ventures attributable to third-party investors in these Consolidated Managed Joint Ventures. Net (income) loss attributable to redeemable noncontrolling interests on the Company's consolidated statements of operations represents the portion of the (income) loss associated with the Consolidated Managed Joint Ventures included on the Company's consolidated statements of operations that is attributable to third-party investors in these Consolidated Managed Joint Ventures.
A summary of the redeemable noncontrolling interests on the Company's consolidated statements of operations is set forth below:
Three months ended
March 31,
2021		December 31,
2020		September 30,
2020		June 30,
2020		March 31,
2020
Redeemable noncontrolling interest - DaVinciRe
$39,934 $32,993 $26,616 $(88,374)$(84,906)
Redeemable noncontrolling interest - Medici
13,443 (13,534)(33,963)(13,151)4,678 
Redeemable noncontrolling interest - Vermeer
(6,527)(13,992)(11,954)(17,203)(17,863)
Net loss (income) attributable to redeemable noncontrolling interests (1)
$46,850 $5,467 $(19,301)$(118,728)$(98,091)
(1) A negative number in the table above represents net income earned by the Consolidated Managed Joint Ventures allocated to third-party investors. Conversely, a positive number represents net losses incurred by the Consolidated Managed Joint Ventures allocated to third-party investors.
A summary of the Company’s redeemable noncontrolling interests on its consolidated balance sheets is set forth below:
March 31,
2021		December 31,
2020		September 30,
2020		June 30,
2020		March 31,
2020
Redeemable noncontrolling interest - DaVinciRe$1,555,714 $1,560,693 $1,594,683 $1,621,300 $1,533,085 
Redeemable noncontrolling interest - Medici737,702 717,999 696,999 682,118 677,283 
Redeemable noncontrolling interest - Vermeer1,116,154 1,109,627 1,095,635 1,083,681 1,021,478 
Redeemable noncontrolling interests$3,409,570 $3,388,319 $3,387,317 $3,387,099 $3,231,846 

A summary of the redeemable noncontrolling economic ownership of third parties in the Consolidated Managed Joint Ventures is set forth below:
March 31,
2021		December 31,
2020		September 30,
2020		June 30,
2020		March 31,
2020
DaVinciRe71.3 %78.6 %78.6 %78.6 %78.6 %
Medici84.6 %84.3 %88.5 %88.6 %88.8 %
Vermeer100.0 %100.0 %100.0 %100.0 %100.0 %

                 
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Managed Joint Ventures and Fee Income
DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations
Three months ended
March 31,
2021		December 31,
2020		September 30,
2020		June 30,
2020		March 31,
2020
Revenues
Gross premiums written$342,033 $21,996 $77,866 $222,306 $255,640 
Net premiums written$315,476 $22,266 $78,025 $177,116 $241,641 
(Increase) decrease in unearned premiums(154,894)120,081 62,486 (58,172)(135,933)
Net premiums earned160,582 142,347 140,511 118,944 105,708 
Net investment income8,261 8,848 9,339 11,557 15,087 
Net foreign exchange (losses) gains(590)149 (511)8 (1,180)
Net realized and unrealized (losses) gains on investments(26,798)3,436 5,439 34,674 18,529 
Total revenues141,455 154,780 154,778 165,183 138,144 
Expenses
Net claims and claim expenses incurred167,543 184,787 171,271 9,829 (13,726)
Acquisition expenses16,317 3,138 2,384 29,208 30,112 
Operational and corporate expenses11,706 6,955 13,123 11,862 11,889 
Interest expense1,858 1,859 1,859 1,859 1,858 
Total expenses197,424 196,739 188,637 52,758 30,133 
(Loss) income before taxes(55,969)(41,959)(33,859)112,425 108,011 
Income tax (expense) benefit— (12)— (2)2 
Net (loss) income (attributable) available to DaVinciRe common shareholders$(55,969)$(41,971)$(33,859)$112,423 $108,013 
Net claims and claim expenses incurred - current accident year
$181,716 $209,903 $196,188 $14,728 $4,967 
Net claims and claim expenses incurred - prior accident years
(14,173)(25,116)(24,917)(4,899)(18,693)
Net claims and claim expenses incurred - total
$167,543 $184,787 $171,271 $9,829 $(13,726)
Net claims and claim expense ratio - current accident year
113.2 %147.5 %139.6 %12.4 %4.7 %
Net claims and claim expense ratio - prior accident years
(8.9)%(17.7)%(17.7)%(4.1)%(17.7)%
Net claims and claim expense ratio - calendar year
104.3 %129.8 %121.9 %8.3 %(13.0)%
Underwriting expense ratio
17.5 %7.1 %11.0 %34.5 %39.7 %
Combined ratio
121.8 %136.9 %132.9 %42.8 %26.7 %
                 
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RenaissanceRe Holdings Ltd.
Investments
Total Investment Result
Three months ended
March 31,
2021		December 31,
2020		September 30,
2020		June 30,
2020		March 31,
2020
Fixed maturity investments trading
$62,933 $66,912 $68,022 $69,943 $73,338 
Short term investments
573 1,047 1,611 6,049 12,092 
Equity investments trading
1,491 1,628 1,559 1,666 1,551 
Other investments
Catastrophe bonds14,468 13,500 13,626 13,519 14,139 
Other3,801 4,083 2,598 1,107 1,629 
Cash and cash equivalents
102 192 441 837 1,504 
83,368 87,362 87,857 93,121 104,253 
Investment expenses
(3,564)(5,645)(4,314)(3,816)(4,780)
Net investment income
79,804 81,717 83,543 89,305 99,473 
Net realized and unrealized (losses) gains on:
Fixed maturity investments trading (1)
(261,759)90,132 78,348 322,711 101,221 
Equity investments trading (1)
(67,922)154,306 119,622 113,506 (151,882)
Other investments
Catastrophe bonds(19,083)(9,742)12,611 4,452 (14,352)
Other3,201 24,049 13,627 7,721 (45,694)
Net realized and unrealized (losses) gains on investments(345,563)258,745 224,208 448,390 (110,707)
Total investment result
$(265,759)$340,462 $307,751 $537,695 $(11,234)
Total investment return - annualized
(4.9)%6.6 %6.2 %11.8 %(0.1)%
(1)    Net realized and unrealized (losses) gains on fixed maturity investments trading includes the impacts of interest rate futures, interest rate swaps, credit default swaps and total return swaps. Net realized and unrealized (losses) gains on equity investments trading includes the impact of equity futures.
                 
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Investments
Investment Portfolio - Composition
Type of InvestmentMarch 31, 2021December 31, 2020September 30, 2020June 30, 2020March 31, 2020
U.S. treasuries$5,107,878 25.1 %$4,960,409 24.1 %$4,350,971 21.4 %$4,258,675 21.6 %$3,915,130 22.0 %
Agencies227,184 1.1 %368,032 1.8 %437,681 2.1 %505,038 2.6 %537,490 3.1 %
Non-U.S. government518,162 2.5 %491,531 2.4 %568,960 2.8 %584,206 3.0 %635,282 3.6 %
Non-U.S. government-backed corporate335,662 1.6 %338,014 1.6 %401,449 2.0 %314,833 1.6 %283,577 1.6 %
Corporate4,289,072 21.1 %4,261,025 20.7 %4,655,765 22.9 %4,428,553 22.5 %3,259,780 18.3 %
Agency mortgage-backed957,563 4.7 %1,113,792 5.4 %1,086,474 5.3 %985,851 5.0 %1,056,272 5.9 %
Non-agency mortgage-backed272,529 1.3 %291,444 1.4 %293,953 1.4 %276,300 1.4 %275,026 1.6 %
Commercial mortgage-backed713,044 3.5 %791,272 3.8 %788,995 3.9 %591,238 3.0 %540,502 3.0 %
Asset-backed888,140 4.4 %890,984 4.3 %807,070 4.0 %550,441 2.8 %542,742 3.1 %
Total fixed maturity investments, at fair value13,309,234 65.3 %13,506,503 65.5 %13,391,318 65.8 %12,495,135 63.5 %11,045,801 62.2 %
Short term investments, at fair value5,091,143 25.0 %4,993,735 24.3 %5,158,961 25.4 %5,570,804 28.2 %5,263,242 29.4 %
Total consolidated fixed maturity and short term investments, at fair value
18,400,377 90.3 %18,500,238 89.8 %18,550,279 91.2 %18,065,939 91.7 %16,309,043 91.6 %
Equity investments trading, at fair value503,137 2.5 %702,617 3.4 %547,381 2.7 %470,087 2.4 %360,444 2.0 %
Other investments, at fair value1,379,056 6.8 %1,256,948 6.2 %1,122,683 5.5 %1,093,338 5.5 %1,058,714 5.9 %
Total managed investment portfolio20,282,570 99.6 %20,459,803 99.4 %20,220,343 99.4 %19,629,364 99.6 %17,728,201 99.5 %
Investments in other ventures, under equity method91,362 0.4 %98,373 0.6 %98,990 0.6 %94,285 0.4 %90,396 0.5 %
Total investments$20,373,932 100.0 %$20,558,176 100.0 %$20,319,333 100.0 %$19,723,649 100.0 %$17,818,597 100.0 %
                 
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Investments
Investment Portfolio - Fixed Maturity Investments
Credit Quality of Fixed Maturity InvestmentsMarch 31, 2021December 31, 2020September 30, 2020June 30, 2020March 31, 2020
AAA$1,859,370 14.0 %$1,915,147 14.2 %$1,972,894 14.7 %$1,392,417 11.1 %$1,590,824 14.4 %
AA7,022,443 52.8 %7,210,622 53.4 %6,721,098 50.2 %6,670,927 53.4 %6,212,689 56.3 %
A1,504,569 11.3 %1,485,463 11.0 %1,777,861 13.3 %1,864,066 14.9 %1,491,504 13.5 %
BBB1,509,280 11.3 %1,538,681 11.4 %1,648,049 12.3 %1,433,297 11.5 %915,375 8.3 %
Non-investment grade and not rated1,413,572 10.6 %1,356,590 10.0 %1,271,416 9.5 %1,134,428 9.1 %835,409 7.5 %
Total fixed maturity investments, at fair value$13,309,234 100.0 %$13,506,503 100.0 %$13,391,318 100.0 %$12,495,135 100.0 %$11,045,801 100.0 %
Maturity Profile of Fixed Maturity Investments
Due in less than one year$572,443 4.3 %$637,418 4.7 %$621,610 4.6 %$638,686 5.1 %$723,397 6.5 %
Due after one through five years5,569,638 41.9 %5,391,122 39.9 %5,749,128 43.0 %5,513,103 44.1 %5,039,456 45.7 %
Due after five through ten years3,786,423 28.4 %3,806,564 28.2 %3,374,898 25.2 %3,312,749 26.6 %2,612,031 23.7 %
Due after ten years549,453 4.1 %583,908 4.3 %669,190 5.0 %626,768 5.0 %256,375 2.3 %
Mortgage-backed securities1,943,137 14.6 %2,196,507 16.3 %2,169,422 16.2 %1,853,388 14.8 %1,871,800 16.9 %
Asset-backed securities888,140 6.7 %890,984 6.6 %807,070 6.0 %550,441 4.4 %542,742 4.9 %
Total fixed maturity investments, at fair value$13,309,234 100.0 %$13,506,503 100.0 %$13,391,318 100.0 %$12,495,135 100.0 %$11,045,801 100.0 %

                 
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Investments
Investment Portfolio - Weighted Average Yield to Maturity and Credit Rating
Credit Rating (1)
March 31, 2021Amortized
Cost		Fair ValueWeighted Average Yield to MaturityAAAAAABBBNon-
Investment
Grade		Not Rated
Short term investments$5,091,143 $5,091,143 0.1 %$5,070,274 $4,686 $11,169 $2,135 $2,703 $176 
 100.0 %99.6 %0.1 %0.2 %— %0.1 %— %
Fixed maturity investments
U.S. treasuries5,134,561 5,107,878 0.7 %— 5,107,878 — — — — 
Agencies
Fannie Mae and Freddie Mac66,016 63,787 1.3 %— 63,787 — — — — 
Other agencies165,843 163,397 1.5 %— 163,397 — — — — 
Total agencies231,859 227,184 1.4 %— 227,184 — — — — 
Non-U.S. government522,411 518,162 1.0 %327,980 149,009 17,524 22,068 1,581 — 
Non-U.S. government-backed corporate337,967 335,662 1.2 %135,942 173,922 10,848 7,338 5,644 1,968 
Corporate4,225,023 4,289,072 2.5 %76,940 161,869 1,446,018 1,410,658 1,137,879 55,708 
Mortgage-backed
Residential mortgage-backed
Agency securities955,262 957,563 1.7 %— 957,563 — — — — 
Non-agency securities267,591 272,529 3.0 %64,642 13,424 2,520 7,170 133,512 51,261 
Total residential mortgage-backed1,222,853 1,230,092 2.0 %64,642 970,987 2,520 7,170 133,512 51,261 
Commercial mortgage-backed699,472 713,044 1.8 %557,036 120,566 5,392 24,347 2,528 3,175 
Total mortgage-backed1,922,325 1,943,136 1.9 %621,678 1,091,553 7,912 31,517 136,040 54,436 
Asset-backed
Collateralized loan obligations795,020 797,409 1.8 %612,855 108,905 20,395 37,644 7,993 9,617 
Other89,819 90,731 0.8 %83,975 2,123 1,872 55 1,279 1,427 
Total asset-backed884,839 888,140 1.7 %696,830 111,028 22,267 37,699 9,272 11,044 
Total securitized assets2,807,164 2,831,276 1.8 %1,318,508 1,202,581 30,179 69,216 145,312 65,480 
Total fixed maturity investments13,258,985 13,309,234 1.6 %1,859,370 7,022,443 1,504,569 1,509,280 1,290,416 123,156 
 100.0 %14.0 %52.8 %11.3 %11.3 %9.7 %0.9 %
Total consolidated fixed maturity and short term investments, at fair value
$18,350,128 $18,400,377 1.2 %$6,929,644 $7,027,129 $1,515,738 $1,511,415 $1,293,119 $123,332 
100.0 %37.8 %38.2 %8.2 %8.2 %7.0 %0.7 %
(1) The credit ratings included in this table are those assigned by Standard & Poor’s Corporation ("S&P"). When ratings provided by S&P were not available, ratings from other nationally recognized rating agencies were used. The Company has grouped short term investments with an A-1+ and A-1 short term issue credit rating as AAA, short term investments with an A-2 short term issue credit rating as AA and short term investments with an A-3 short term issue credit rating as A.
                 
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Investments
Retained Investment Information
“Retained total investment result" is defined as consolidated total investment result less the portion attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures.
Three months ended
March 31,
2021		December 31,
2020		September 30,
2020		June 30,
2020		March 31,
2020
Total investment result
Net investment income$79,804 $81,717 $83,543 $89,305 $99,473 
Net realized and unrealized (losses) gains on investments(345,563)258,745 224,208 448,390 (110,707)
Total investment result$(265,759)$340,462 $307,751 $537,695 $(11,234)
Retained total investment result (1)
Retained net investment income$62,598 $64,250 $64,971 $67,189 $72,603 
Retained net realized and unrealized (losses) gains on investments(318,688)258,293 201,699 418,046 (113,261)
Retained total investment result$(256,090)$322,543 $266,670 $485,235 $(40,658)
(1)    Includes total investment return, less the portion attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures. See "Comments on Regulation G" for a reconciliation of non-GAAP financial measures.
“Retained fixed maturity and short term investments, at fair value" is defined as total consolidated fixed maturity and short term investments, at fair value, less the portion of fixed maturity and short term investments, at fair value attributable to redeemable noncontrolling interests, certain third party vehicles and joint ventures.
March 31,
2021		December 31,
2020		September 30,
2020		June 30,
2020		March 31,
2020
Managed fixed maturity and short term investments portfolio (1)
Total consolidated fixed maturity and short term investments, at fair value$18,400,377 $18,500,238 $18,550,279 $18,065,939 $16,309,043 
Weighted average yield to maturity of fixed maturity and short term investments1.2 %0.9 %1.0 %1.1 %1.5 %
Average duration of fixed maturities and short term investments, in years2.9 2.9 2.9 2.9 2.8 
Retained fixed maturity and short term investments portfolio (2)
Retained fixed maturity and short term investments, at fair value$12,736,000 $13,219,754 $13,046,376 $12,703,423 $11,124,214 
Weighted average yield to maturity of retained fixed maturity and short term investments
1.5 %1.2 %1.3 %1.4 %1.9 %
Average duration of retained fixed maturities and short term investments, in years3.7 3.6 3.7 3.7 3.5 
(1)    Includes total consolidated fixed maturity and short term investments, at fair value, as presented on the Company's consolidated balance sheets.
(2)    Includes total consolidated fixed maturity and short term investments, at fair value, less the portion of fixed maturity and short term investments, at fair value attributable to redeemable noncontrolling interests, certain third party vehicles and joint ventures. See "Comments on Regulation G" for a reconciliation of non-GAAP financial measures.
                 
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Other Items
Earnings per Share
Three months ended
(common shares in thousands)March 31,
2021		December 31,
2020		September 30,
2020		June 30,
2020		March 31,
2020
Numerator:
Net (loss) income (attributable) available to RenaissanceRe common shareholders$(290,934)$189,812 $47,799 $575,845 $(81,974)
Amount allocated to participating common shareholders (1)
(129)(2,285)(582)(7,593)(146)
Net (loss) income allocated to RenaissanceRe common shareholders$(291,063)$187,527 $47,217 $568,252 $(82,120)
Denominator:
Denominator for basic income per RenaissanceRe common share -
Weighted average common shares49,579 50,022 50,009 44,939 43,441 
Per common share equivalents of non-vested shares— 89 85 64 — 
Denominator for diluted income (loss) per RenaissanceRe common share -
Adjusted weighted average common shares and assumed conversions49,579 50,111 50,094 45,003 43,441 
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - basic$(5.87)$3.75 $0.94 $12.64 $(1.89)
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted$(5.87)$3.74 $0.94 $12.63 $(1.89)
(1)    Represents earnings and dividends attributable to holders of unvested shares issued pursuant to the Company's stock compensation plans.
                 
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Comments on Regulation G
In addition to the GAAP financial measures set forth in this Financial Supplement, the Company has included certain non-GAAP financial measures within the meaning of Regulation G. The Company has consistently provided these financial measures in previous investor communications and the Company's management believes that these measures are important to investors and other interested persons, and that investors and such other persons benefit from having a consistent basis for comparison between quarters and for comparison with other companies within the industry. These measures may not, however, be comparable to similarly titled measures used by companies outside of the insurance industry. Investors are cautioned not to place undue reliance on these non-GAAP measures in assessing the Company's overall financial performance.
Operating (Loss) Income (Attributable) Available to RenaissanceRe Common Shareholders and Operating Return on Average Common Equity - Annualized
The Company uses “operating (loss) income (attributable) available to RenaissanceRe common shareholders” as a measure to evaluate the underlying fundamentals of its operations and believes it to be a useful measure of its corporate performance. “Operating (loss) income (attributable) available to RenaissanceRe common shareholders” as used herein differs from “net income (loss) available (attributable) to RenaissanceRe common shareholders,” which the Company believes is the most directly comparable GAAP measure, by the exclusion of net realized and unrealized gains and losses on investments, excluding other investments - catastrophe bonds, net foreign exchange gains and losses, corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK, the income tax expense or benefit associated with these adjustments and the portion of these adjustments attributable to the Company's redeemable noncontrolling interests." The Company's management believes that “operating (loss) income (attributable) available to RenaissanceRe common shareholders” is useful to investors because it more accurately measures and predicts the Company's results of operations by removing the variability arising from: fluctuations in the fair value of the Company's fixed maturity investment portfolio, equity investments trading, other investments (excluding catastrophe bonds) and investments-related derivatives; fluctuations in foreign exchange rates; corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK; the associated income tax expense or benefit of these adjustments; and the portion of these adjustments attributable to the Company's redeemable noncontrolling interests. The Company also uses “operating (loss) income (attributable) available to RenaissanceRe common shareholders” to calculate “operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted” and “operating return on average common equity - annualized.” The following table is a reconciliation of: (1) net income (loss) available (attributable) to RenaissanceRe common shareholders to "operating (loss) income (attributable) available to RenaissanceRe common shareholders"; (2) net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted to "operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted"; and (3) return on average common equity - annualized to "operating return on average common equity - annualized." Comparative information for all prior periods has been updated to conform to the current methodology and presentation.



                 
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Comments on Regulation G
Three months ended
March 31,
2021		December 31,
2020		September 30,
2020		June 30,
2020		March 31,
2020
Net (loss) income (attributable) available to RenaissanceRe common shareholders$(290,934)$189,812 $47,799 $575,845 $(81,974)
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds
326,480 (268,487)(211,597)(443,938)96,355 
Adjustment for net foreign exchange losses (gains) 22,788 (23,270)(17,426)7,195 5,728 
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK (1)
135 7,346 33,916 2,279 4,423 
Adjustment for income tax (benefit) expense (2)
(19,965)7,723 5,058 21,223 (4,141)
Adjustment for net (loss) income (attributable) available to redeemable noncontrolling interests (3)
(34,109)9,754 10,526 27,472 13,019 
Operating income (loss) available (attributable) to RenaissanceRe common shareholders$4,395 $(77,122)$(131,724)$190,076 $33,410 
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted$(5.87)$3.74 $0.94 $12.63 $(1.89)
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds
6.59 (5.36)(4.22)(9.86)2.22 
Adjustment for net foreign exchange losses (gains) 0.46 (0.46)(0.35)0.16 0.13 
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK (1)
— 0.15 0.68 0.05 0.10 
Adjustment for income tax (benefit) expense (2)
(0.40)0.15 0.10 0.47 (0.10)
Adjustment for net (loss) income (attributable) available to redeemable noncontrolling interests (3)
(0.69)0.19 0.21 0.61 0.30 
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted$0.09 $(1.59)$(2.64)$4.06 $0.76 
Return on average common equity - annualized(17.1)%10.9 %2.8 %38.5 %(6.3)%
Adjustment for net realized and unrealized losses (gains) on investments, excluding other investments - catastrophe bonds
19.2 %(15.4)%(12.4)%(29.7)%7.5 %
Adjustment for net foreign exchange losses (gains) 1.4 %(1.3)%(1.0)%0.5 %0.4 %
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK (1)
— %0.4 %2.0 %0.2 %0.3 %
Adjustment for income tax (benefit) expense (2)
(1.2)%0.4 %0.3 %1.4 %(0.3)%
Adjustment for net (loss) income (attributable) available to redeemable noncontrolling interests (3)
(2.0)%0.6 %0.6 %1.8 %1.0 %
Operating return on average common equity - annualized0.3 %(4.4)%(7.7)%12.7 %2.6 %
(1)    Included in the three months ended September 30, 2020 is the loss on sale of RenaissanceRe UK of $30.2 million.
(2)    Adjustment for income tax expense (benefit) represents the income tax (expense) benefit associated with the adjustments to net income (loss) available (attributable) to RenaissanceRe common shareholders. The income tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors.
(3)    Represents the portion of these adjustments that are attributable to the Company's redeemable noncontrolling interests, including the income tax impact of those adjustments.
                 
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Comments on Regulation G

Tangible Book Value Per Common Share and Tangible Book Value Per Common Share Plus Accumulated Dividends
The Company has included in this Financial Supplement “tangible book value per common share” and “tangible book value per common share plus accumulated dividends.” “Tangible book value per common share” is defined as book value per common share excluding goodwill and intangible assets per share. “Tangible book value per common share plus accumulated dividends” is defined as book value per common share excluding goodwill and intangible assets per share, plus accumulated dividends. The Company's management believes “tangible book value per common share” and “tangible book value per common share plus accumulated dividends” are useful to investors because they provide a more accurate measure of the realizable value of shareholder returns, excluding the impact of goodwill and intangible assets. The following table is a reconciliation of book value per common share to "tangible book value per common share'" and "tangible book value per common share plus accumulated dividends."
March 31,
2021		December 31,
2020		September 30,
2020		June 30,
2020		March 31,
2020
Book value per common share
$131.15 $138.46 $135.13 $134.27 $117.15 
Adjustment for goodwill and other intangibles (1)
(5.42)(5.37)(5.53)(5.56)(6.46)
Tangible book value per common share
125.73 133.09 129.60 128.71 110.69 
Adjustment for accumulated dividends
22.44 22.08 21.73 21.38 21.03 
Tangible book value per common share plus accumulated dividends
$148.17 $155.17 $151.33 $150.09 $131.72 
Quarterly change in book value per common share
(5.3)%2.5 %0.6 %14.6 %(2.8)%
Quarterly change in tangible book value per common share plus change in accumulated dividends
(5.3)%3.0 %1.0 %16.6 %(2.6)%
Year to date change in book value per common share(5.3)%14.9 %12.1 %11.4 %(2.8)%
Year to date change in tangible book value per common share plus change in accumulated dividends
(5.3)%17.9 %14.6 %13.5 %(2.6)%
(1)     At March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020, and March 31, 2020, goodwill and other intangibles included $22.7 million, $23.0 million, $23.2 million, $23.5 million and $24.2 million, respectively, of goodwill and other intangibles included in investments in other ventures, under equity method.

                 
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Comments on Regulation G
Retained Total Investment Result
The Company has included in this Financial Supplement “retained total investment result.” “Retained total investment result" is defined as consolidated total investment result less the portion attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures. “Retained total investment result” differs from consolidated total investment result, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of the investment result attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures. The Company's management believes “retained total investment result” is useful to investors and other interested parties because it provides a measure of the portion of the Company's investment result, that impacts the investment result included in net income (loss) available (attributable) to RenaissanceRe common shareholders. The following table is a reconciliation of consolidated total investment result to “retained total investment result.”
Three months ended
March 31,
2021		December 31,
2020		September 30,
2020		June 30,
2020		March 31,
2020
Net investment income
$79,804 $81,717 $83,543 $89,305 99,473 
Adjustment for net investment income attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures
(17,206)(17,467)(18,572)(22,116)$(26,870)
Retained net investment income
62,598 64,250 64,971 67,189 72,603 
Net realized and unrealized (losses) gains on investments(345,563)258,745 224,208 448,390 (110,707)
Adjustment for net realized and unrealized (gains) losses on investments attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures26,875 (452)(22,509)(30,344)(2,554)
Retained net realized and unrealized (losses) gains on investments(318,688)258,293 201,699 418,046 (113,261)
Total investment result
(265,759)340,462 307,751 537,695 (11,234)
Adjustment for investment result attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures
9,669 (17,919)(41,081)(52,460)(29,424)
Retained total investment result
$(256,090)$322,543 $266,670 $485,235 $(40,658)


                 
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Comments on Regulation G
Retained Fixed Maturity and Short Term Investments, at Fair Value
The Company has included in this Financial Supplement “retained fixed maturity and short term investments, at fair value.” “Retained fixed maturity and short term investments, at fair value" is defined as total consolidated fixed maturity and short term investments, at fair value, less the portion of fixed maturity and short term investments, at fair value attributable to redeemable noncontrolling interests, certain third party vehicles and joint ventures. “Retained fixed maturity and short term investments, at fair value” differs from total consolidated fixed maturity and short term investments, at fair value, which the Company believes is the most directly comparable GAAP measure, due to the exclusion of fixed maturity and short term investments, at fair value, attributable to redeemable noncontrolling interests, certain third party vehicles and joint ventures. The Company's management believes “retained fixed maturity and short term investments, at fair value” is useful to investors and other interested parties because it provides a measure of the portion of the Company's fixed maturity and short term investments, at fair value, that impacts the investment result included in net income (loss) available (attributable) to RenaissanceRe common shareholders. The following table is a reconciliation of total consolidated fixed maturity and short term investments, at fair value, to “retained fixed maturity and short term investments, at fair value.”
March 31,
2021		December 31,
2020		September 30,
2020		June 30,
2020		March 31,
2020
Fixed maturity investments, at fair value$13,309,234 $13,506,503 $13,391,318 $12,495,135 $11,045,801 
Short term investments, at fair value5,091,143 4,993,735 5,158,961 5,570,804 5,263,242 
Total consolidated fixed maturity and short term investments, at fair value
$18,400,377 $18,500,238 $18,550,279 $18,065,939 $16,309,043 
Adjustment for fixed maturity and short term investments attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures
(5,664,377)(5,280,484)(5,503,903)(5,362,516)(5,184,829)
Retained fixed maturity and short term investments, at fair value
$12,736,000 $13,219,754 $13,046,376 $12,703,423 $11,124,214 

                 
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Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘8-K’ Filing    Date    Other Filings
Filed on / For Period end:4/28/21
3/31/2110-Q
12/31/2010-K,  4,  8-K
9/30/2010-Q
6/30/2010-Q
3/31/2010-Q
 List all Filings 
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