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As Of Filer Filing For·On·As Docs:Size 1/26/21 Renaissancere Holdings Ltd. 8-K:2,9 1/26/21 14:3.1M |
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Document |
RenaissanceRe Holdings Ltd. | ||
Contents |
Page | |||||||||||
Basis of Presentation | |||||||||||
Financial Highlights | |||||||||||
Summary Consolidated Financial Statements | |||||||||||
a. | Consolidated Statements of Operations | ||||||||||
b. | Consolidated Balance Sheets | ||||||||||
Underwriting and Reserves | |||||||||||
a. | Consolidated Segment Underwriting Results | ||||||||||
b. | Segment Underwriting Results | ||||||||||
c. | Property Segment - Catastrophe and Other Property Underwriting Results | ||||||||||
d. | Gross Premiums Written | ||||||||||
e. | Reserves for Claims and Claim Expenses | ||||||||||
f. | Paid to Incurred Analysis | ||||||||||
Managed Joint Ventures and Fee Income | |||||||||||
a. | Fee Income | ||||||||||
b. | Noncontrolling Interests | ||||||||||
c. | DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations | ||||||||||
Investments | |||||||||||
a. | Total Investment Result | ||||||||||
b. | Investment Portfolio - Composition | ||||||||||
c. | Investment Portfolio - Fixed Maturity Investments | ||||||||||
d. | Investment Portfolio - Weighted Average Yield to Maturity and Credit Rating | ||||||||||
e. | Retained Investment Information | ||||||||||
Other Items | |||||||||||
a. | Earnings per Share | ||||||||||
Comments on Regulation G |
RenaissanceRe Holdings Ltd. | ||
Basis of Presentation |
i |
Financial Highlights | |||||||||||||||||||||||||||||||||||||||||
Three months ended | Twelve months ended | ||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | December
31, 2019 | December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||
Highlights | |||||||||||||||||||||||||||||||||||||||||
Gross premiums written | $ | 935,514 | $ | 1,143,058 | $ | 1,701,872 | $ | 2,025,721 | $ | 905,479 | $ | 5,806,165 | $ | 4,807,750 | |||||||||||||||||||||||||||
Underwriting (loss) income | $ | (151,655) | $ | (206,072) | $ | 217,137 | $ | 64,079 | $ | (65,157) | $ | (76,511) | $ | 256,417 | |||||||||||||||||||||||||||
Net investment income | $ | 81,717 | $ | 83,543 | $ | 89,305 | $ | 99,473 | $ | 112,138 | $ | 354,038 | $ | 424,207 | |||||||||||||||||||||||||||
Net
realized and unrealized gains (losses) on investments | 258,745 | 224,208 | 448,390 | (110,707) | 18,454 | 820,636 | 414,109 | ||||||||||||||||||||||||||||||||||
Total
investment result | $ | 340,462 | $ | 307,751 | $ | 537,695 | $ | (11,234) | $ | 130,592 | $ | 1,174,674 | $ | 838,316 | |||||||||||||||||||||||||||
Net
income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 189,812 | $ | 47,799 | $ | 575,845 | $ | (81,974) | $ | 33,773 | $ | 731,482 | $ | 712,042 | |||||||||||||||||||||||||||
Operating (loss) income (attributable) available to RenaissanceRe common shareholders (1) | $ | (77,122) | $ | (131,724) | $ | 190,076 | $ | 33,410 | $ | 12,623 | $ | 14,640 | $ | 397,751 | |||||||||||||||||||||||||||
Per share data | |||||||||||||||||||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic | $ | 3.75 | $ | 0.94 | $ | 12.64 | $ | (1.89) | $ | 0.77 | $ | 15.34 | $ | 16.32 | |||||||||||||||||||||||||||
Net
income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 3.74 | $ | 0.94 | $ | 12.63 | $ | (1.89) | $ | 0.77 | $ | 15.31 | $ | 16.29 | |||||||||||||||||||||||||||
Operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted (1) | $ | (1.59) | $ | (2.64) | $ | 4.06 | $ | 0.76 | $ | 0.28 | $ | 0.12 | $ | 9.01 | |||||||||||||||||||||||||||
Book value per common share | $ | 138.46 | $ | 135.13 | $ | 134.27 | $ | 117.15 | $ | 120.53 | $ | 138.46 | $ | 120.53 | |||||||||||||||||||||||||||
Tangible book value per common share (1) | $ | 133.09 | $ | 129.60 | $ | 128.71 | $ | 110.69 | $ | 114.03 | $ | 133.09 | $ | 114.03 | |||||||||||||||||||||||||||
Tangible
book value per common share plus accumulated dividends (1) | $ | 155.17 | $ | 151.33 | $ | 150.09 | $ | 131.72 | $ | 134.71 | $ | 155.17 | $ | 134.71 | |||||||||||||||||||||||||||
Change
in tangible book value per common share plus change in accumulated dividends (1) | 3.0 | % | 1.0 | % | 16.6 | % | (2.6) | % | 0.7 | % | 17.9 | % | 17.9 | % | |||||||||||||||||||||||||||
Financial ratios | |||||||||||||||||||||||||||||||||||||||||
Combined ratio | 114.7 | % | 120.6 | % | 78.5 | % | 93.0 | % | 106.7 | % | 101.9 | % | 92.3 | % | |||||||||||||||||||||||||||
Return on average common equity - annualized | 10.9 | % | 2.8 | % | 38.5 | % | (6.3) | % | 2.5 | % | 11.7 | % | 14.1 | % | |||||||||||||||||||||||||||
Operating return on average common equity - annualized (1) | (4.4) | % | (7.7) | % | 12.7 | % | 2.6 | % | 0.9 | % | 0.2 | % | 7.9 | % | |||||||||||||||||||||||||||
Total investment return - annualized | 6.6 | % | 6.2 | % | 11.8 | % | (0.1) | % | 3.1 | % | 5.9 | % | 5.2 | % |
1 |
Summary Consolidated Financial Statements | |||||||||||||||||||||||||||||||||||||||||
Consolidated Statements of Operations | |||||||||||||||||||||||||||||||||||||||||
Three months ended | Twelve months ended | ||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | September 30, 2020 | June
30, 2020 | March 31, 2020 | December 31, 2019 | December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||||||||
Gross premiums written | $ | 935,514 | $ | 1,143,058 | $ | 1,701,872 | $ | 2,025,721 | $ | 905,479 | $ | 5,806,165 | $ | 4,807,750 | |||||||||||||||||||||||||||
Net premiums written | $ | 746,311 | $ | 899,411 | $ | 1,180,803 | $ | 1,269,808 | $ | 725,367 | $ | 4,096,333 | $ | 3,381,493 | |||||||||||||||||||||||||||
Decrease (increase) in unearned premiums | 282,774 | 100,772 | (170,707) | (356,710) | 244,758 | (143,871) | (43,090) | ||||||||||||||||||||||||||||||||||
Net premiums earned | 1,029,085 | 1,000,183 | 1,010,096 | 913,098 | 970,125 | 3,952,462 | 3,338,403 | ||||||||||||||||||||||||||||||||||
Net investment income | 81,717 | 83,543 | 89,305 | 99,473 | 112,138 | 354,038 | 424,207 | ||||||||||||||||||||||||||||||||||
Net foreign exchange gains (losses) | 23,270 | 17,426 | (7,195) | (5,728) | (1,126) | 27,773 | (2,938) | ||||||||||||||||||||||||||||||||||
Equity in (losses) earnings of other ventures | (1,868) | 5,457 | 9,041 | 4,564 | 5,874 | 17,194 | 23,224 | ||||||||||||||||||||||||||||||||||
Other income (loss) | 4,374 | 1,476 | (1,201) | (4,436) | (160) | 213 | 4,949 | ||||||||||||||||||||||||||||||||||
Net
realized and unrealized gains (losses) on investments | 258,745 | 224,208 | 448,390 | (110,707) | 18,454 | 820,636 | 414,109 | ||||||||||||||||||||||||||||||||||
Total revenues | 1,395,323 | 1,332,293 | 1,548,436 | 896,264 | 1,105,305 | 5,172,316 | 4,201,955 | ||||||||||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||||||||||||
Net claims and claim expenses incurred | 901,353 | 942,030 | 510,272 | 570,954 | 762,093 | 2,924,609 | 2,097,021 | ||||||||||||||||||||||||||||||||||
Acquisition expenses | 238,283 | 215,180 | 233,610 | 210,604 | 208,618 | 897,677 | 762,232 | ||||||||||||||||||||||||||||||||||
Operational expenses | 41,104 | 49,045 | 49,077 | 67,461 | 64,571 | 206,687 | 222,733 | ||||||||||||||||||||||||||||||||||
Corporate expenses | 21,031 | 48,050 | 11,898 | 15,991 | 17,642 | 96,970 | 94,122 | ||||||||||||||||||||||||||||||||||
Interest expense | 11,841 | 11,843 | 11,842 | 14,927 | 15,496 | 50,453 | 58,364 | ||||||||||||||||||||||||||||||||||
Total expenses | 1,213,612 | 1,266,148 | 816,699 | 879,937 | 1,068,420 | 4,176,396 | 3,234,472 | ||||||||||||||||||||||||||||||||||
Income before taxes | 181,711 | 66,145 | 731,737 | 16,327 | 36,885 | 995,920 | 967,482 | ||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | 9,923 | 8,244 | (29,875) | 8,846 | 3,455 | (2,862) | (17,215) | ||||||||||||||||||||||||||||||||||
Net income | 191,634 | 74,389 | 701,862 | 25,173 | 40,340 | 993,058 | 950,267 | ||||||||||||||||||||||||||||||||||
Net loss (income) attributable to redeemable noncontrolling interests | 5,467 | (19,301) | (118,728) | (98,091) | 2,622 | (230,653) | (201,469) | ||||||||||||||||||||||||||||||||||
Net income (loss) attributable to RenaissanceRe | 197,101 | 55,088 | 583,134 | (72,918) | 42,962 | 762,405 | 748,798 | ||||||||||||||||||||||||||||||||||
Dividends on preference shares | (7,289) | (7,289) | (7,289) | (9,056) | (9,189) | (30,923) | (36,756) | ||||||||||||||||||||||||||||||||||
Net
income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 189,812 | $ | 47,799 | $ | 575,845 | $ | (81,974) | $ | 33,773 | $ | 731,482 | $ | 712,042 | |||||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic | $ | 3.75 | $ | 0.94 | $ | 12.64 | $ | (1.89) | $ | 0.77 | $ | 15.34 | $ | 16.32 | |||||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 3.74 | $ | 0.94 | $ | 12.63 | $ | (1.89) | $ | 0.77 | $ | 15.31 | $ | 16.29 | |||||||||||||||||||||||||||
Operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted (1) | $ | (1.59) | $ | (2.64) | $ | 4.06 | $ | 0.76 | $ | 0.28 | $ | 0.12 | $ | 9.01 | |||||||||||||||||||||||||||
Return
on average common equity - annualized | 10.9 | % | 2.8 | % | 38.5 | % | (6.3) | % | 2.5 | % | 11.7 | % | 14.1 | % | |||||||||||||||||||||||||||
Operating
return on average common equity - annualized (1) | (4.4) | % | (7.7) | % | 12.7 | % | 2.6 | % | 0.9 | % | 0.2 | % | 7.9 | % |
2 |
Summary Consolidated Financial Statements | |||||||||||||||||||||||||||||
Consolidated Balance Sheets | |||||||||||||||||||||||||||||
December 31, 2020 | September 30, 2020 | June 30, 2020 | March
31, 2020 | December 31, 2019 | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Fixed maturity investments trading, at fair value | $ | 13,506,503 | $ | 13,391,318 | $ | 12,495,135 | $ | 11,045,801 | $ | 11,171,655 | |||||||||||||||||||
Short term investments, at fair value | 4,993,735 | 5,158,961 | 5,570,804 | 5,263,242 | 4,566,277 | ||||||||||||||||||||||||
Equity investments trading, at fair value | 702,617 | 547,381 | 470,087 | 360,444 | 436,931 | ||||||||||||||||||||||||
Other investments, at fair value | 1,256,948 | 1,122,683 | 1,093,338 | 1,058,714 | 1,087,377 | ||||||||||||||||||||||||
Investments in other ventures, under equity method | 98,373 | 98,990 | 94,285 | 90,396 | 106,549 | ||||||||||||||||||||||||
Total investments | 20,558,176 | 20,319,333 | 19,723,649 | 17,818,597 | 17,368,789 | ||||||||||||||||||||||||
Cash and cash equivalents | 1,736,813 | 1,287,378 | 1,185,844 | 896,216 | 1,379,068 | ||||||||||||||||||||||||
Premiums receivable | 2,894,631 | 3,337,120 | 3,519,965 | 3,105,441 | 2,599,896 | ||||||||||||||||||||||||
Prepaid reinsurance premiums | 823,582 | 1,082,270 | 1,266,203 | 1,151,926 | 767,781 | ||||||||||||||||||||||||
Reinsurance recoverable | 2,926,010 | 2,883,808 | 2,774,358 | 2,765,583 | 2,791,297 | ||||||||||||||||||||||||
Accrued investment income | 66,743 | 71,947 | 70,004 | 73,496 | 72,461 | ||||||||||||||||||||||||
Deferred acquisition costs and value of business acquired | 633,521 | 697,346 | 734,286 | 739,875 | 663,991 | ||||||||||||||||||||||||
Receivable for investments sold | 568,293 | 752,936 | 648,458 | 341,786 | 78,369 | ||||||||||||||||||||||||
Other assets | 363,170 | 306,265 | 298,396 | 312,523 | 346,216 | ||||||||||||||||||||||||
Goodwill and other intangibles | 249,641 | 257,437 | 258,591 | 260,076 | 262,226 | ||||||||||||||||||||||||
Total assets | $ | 30,820,580 | $ | 30,995,840 | $ | 30,479,754 | $ | 27,465,519 | $ | 26,330,094 | |||||||||||||||||||
Liabilities, Noncontrolling Interests and Shareholders' Equity | |||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Reserve for claims and claim expenses | $ | 10,381,138 | $ | 9,900,615 | $ | 9,365,469 | $ | 9,406,707 | $ | 9,384,349 | |||||||||||||||||||
Unearned premiums | 2,763,599 | 3,276,156 | 3,549,641 | 3,245,914 | 2,530,975 | ||||||||||||||||||||||||
Debt | 1,136,265 | 1,135,740 | 1,135,216 | 1,134,695 | 1,384,105 | ||||||||||||||||||||||||
Reinsurance balances payable | 3,488,352 | 3,915,804 | 4,094,027 | 3,775,375 | 2,830,691 | ||||||||||||||||||||||||
Payable for investments purchased | 1,132,538 | 1,597,893 | 1,259,116 | 636,136 | 225,275 | ||||||||||||||||||||||||
Other liabilities | 970,121 | 391,494 | 342,014 | 351,320 | 932,024 | ||||||||||||||||||||||||
Total liabilities | 19,872,013 | 20,217,702 | 19,745,483 | 18,550,147 | 17,287,419 | ||||||||||||||||||||||||
Redeemable noncontrolling interest | 3,388,319 | 3,387,317 | 3,387,099 | 3,231,846 | 3,071,308 | ||||||||||||||||||||||||
Shareholders' Equity | |||||||||||||||||||||||||||||
Preference shares | 525,000 | 525,000 | 525,000 | 525,000 | 650,000 | ||||||||||||||||||||||||
Common shares | 50,811 | 50,810 | 50,811 | 44,034 | 44,148 | ||||||||||||||||||||||||
Additional paid-in capital | 1,623,206 | 1,615,328 | 1,602,738 | 502,608 | 568,277 | ||||||||||||||||||||||||
Accumulated other comprehensive loss | (12,642) | (2,083) | (3,066) | (1,664) | (1,939) | ||||||||||||||||||||||||
Retained earnings | 5,373,873 | 5,201,766 | 5,171,689 | 4,613,548 | 4,710,881 | ||||||||||||||||||||||||
Total shareholders' equity attributable to RenaissanceRe | 7,560,248 | 7,390,821 | 7,347,172 | 5,683,526 | 5,971,367 | ||||||||||||||||||||||||
Total liabilities, noncontrolling interests and shareholders' equity | $ | 30,820,580 | $ | 30,995,840 | $ | 30,479,754 | $ | 27,465,519 | $ | 26,330,094 | |||||||||||||||||||
Book value per common share | $ | 138.46 | $ | 135.13 | $ | 134.27 | $ | 117.15 | $ | 120.53 |
3 |
Underwriting and Reserves | |||||||||||||||||||||||
Consolidated Segment Underwriting Results | |||||||||||||||||||||||
Three months ended December 31, 2020 | |||||||||||||||||||||||
Property | Casualty and Specialty | Other | Total | ||||||||||||||||||||
Gross premiums written | $ | 308,315 | $ | 627,199 | $ | — | $ | 935,514 | |||||||||||||||
Net premiums written | $ | 279,773 | $ | 466,538 | $ | — | $ | 746,311 | |||||||||||||||
Net premiums earned | $ | 507,141 | $ | 521,944 | $ | — | $ | 1,029,085 | |||||||||||||||
Net claims and claim expenses incurred | 535,875 | 365,135 | 343 | 901,353 | |||||||||||||||||||
Acquisition expenses | 75,032 | 163,251 | — | 238,283 | |||||||||||||||||||
Operational expenses | 26,212 | 14,945 | (53) | 41,104 | |||||||||||||||||||
Underwriting loss | $ | (129,978) | $ | (21,387) | $ | (290) | $ | (151,655) | |||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 661,711 | $ | 368,071 | $ | — | $ | 1,029,782 | |||||||||||||||
Net claims and claim expenses incurred - prior accident years | (125,836) | (2,936) | 343 | (128,429) | |||||||||||||||||||
Net claims and claim expenses incurred - total | $ | 535,875 | $ | 365,135 | $ | 343 | $ | 901,353 | |||||||||||||||
Net claims and claim expense ratio - current accident year | 130.5 | % | 70.5 | % | 100.1 | % | |||||||||||||||||
Net claims and claim expense ratio - prior accident years | (24.8) | % | (0.5) | % | (12.5) | % | |||||||||||||||||
Net claims and claim expense ratio - calendar year | 105.7 | % | 70.0 | % | 87.6 | % | |||||||||||||||||
Underwriting expense ratio | 19.9 | % | 34.1 | % | 27.1 | % | |||||||||||||||||
Combined ratio | 125.6 | % | 104.1 | % | 114.7 | % | |||||||||||||||||
Three months ended December 31, 2019 | |||||||||||||||||||||||
Property | Casualty and Specialty | Other | Total | ||||||||||||||||||||
Gross premiums written | $ | 245,001 | $ | 660,478 | $ | — | $ | 905,479 | |||||||||||||||
Net premiums written | $ | 242,932 | $ | 482,435 | $ | — | $ | 725,367 | |||||||||||||||
Net premiums earned | $ | 467,404 | $ | 502,721 | $ | — | $ | 970,125 | |||||||||||||||
Net claims and claim expenses incurred | 424,207 | 338,104 | (218) | 762,093 | |||||||||||||||||||
Acquisition expenses | 90,790 | 117,849 | (21) | 208,618 | |||||||||||||||||||
Operational expenses | 39,469 | 25,943 | (841) | 64,571 | |||||||||||||||||||
Underwriting (loss) income | $ | (87,062) | $ | 20,825 | $ | 1,080 | $ | (65,157) | |||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 432,160 | $ | 342,268 | $ | — | $ | 774,428 | |||||||||||||||
Net claims and claim expenses incurred - prior accident years | (7,953) | (4,164) | (218) | (12,335) | |||||||||||||||||||
Net claims and claim expenses incurred - total | $ | 424,207 | $ | 338,104 | $ | (218) | $ | 762,093 | |||||||||||||||
Net claims and claim expense ratio - current accident year | 92.5 | % | 68.1 | % | 79.8 | % | |||||||||||||||||
Net claims and claim expense ratio - prior accident years | (1.7) | % | (0.8) | % | (1.2) | % | |||||||||||||||||
Net claims and claim expense ratio - calendar year | 90.8 | % | 67.3 | % | 78.6 | % | |||||||||||||||||
Underwriting expense ratio | 27.8 | % | 28.6 | % | 28.1 | % | |||||||||||||||||
Combined ratio | 118.6 | % | 95.9 | % | 106.7 | % |
4 |
Underwriting and Reserves | |||||||||||||||||||||||
Consolidated Segment Underwriting Results | |||||||||||||||||||||||
Year ended December 31, 2020 | |||||||||||||||||||||||
Property | Casualty and Specialty | Other | Total | ||||||||||||||||||||
Gross premiums written | $ | 2,999,142 | $ | 2,807,023 | $ | — | $ | 5,806,165 | |||||||||||||||
Net premiums written | $ | 2,037,200 | $ | 2,059,133 | $ | — | $ | 4,096,333 | |||||||||||||||
Net premiums earned | $ | 1,936,215 | $ | 2,016,247 | $ | — | $ | 3,952,462 | |||||||||||||||
Net claims and claim expenses incurred | 1,435,735 | 1,488,662 | 212 | 2,924,609 | |||||||||||||||||||
Acquisition expenses | 353,700 | 543,977 | — | 897,677 | |||||||||||||||||||
Operational expenses | 135,547 | 71,140 | — | 206,687 | |||||||||||||||||||
Underwriting income (loss) | $ | 11,233 | $ | (87,532) | $ | (212) | $ | (76,511) | |||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 1,592,996 | $ | 1,515,425 | $ | — | $ | 3,108,421 | |||||||||||||||
Net claims and claim expenses incurred - prior accident years | (157,261) | (26,763) | 212 | (183,812) | |||||||||||||||||||
Net claims and claim expenses incurred - total | $ | 1,435,735 | $ | 1,488,662 | $ | 212 | $ | 2,924,609 | |||||||||||||||
Net claims and claim expense ratio - current accident year | 82.3 | % | 75.2 | % | 78.6 | % | |||||||||||||||||
Net claims and claim expense ratio - prior accident years | (8.1) | % | (1.4) | % | (4.6) | % | |||||||||||||||||
Net claims and claim expense ratio - calendar year | 74.2 | % | 73.8 | % | 74.0 | % | |||||||||||||||||
Underwriting expense ratio | 25.2 | % | 30.5 | % | 27.9 | % | |||||||||||||||||
Combined ratio | 99.4 | % | 104.3 | % | 101.9 | % | |||||||||||||||||
Year ended December 31, 2019 | |||||||||||||||||||||||
Property | Casualty and Specialty | Other | Total | ||||||||||||||||||||
Gross premiums written | $ | 2,430,985 | $ | 2,376,765 | $ | — | $ | 4,807,750 | |||||||||||||||
Net premiums written | $ | 1,654,259 | $ | 1,727,234 | $ | — | $ | 3,381,493 | |||||||||||||||
Net premiums earned | $ | 1,627,494 | $ | 1,710,909 | $ | — | $ | 3,338,403 | |||||||||||||||
Net claims and claim expenses incurred | 965,424 | 1,131,637 | (40) | 2,097,021 | |||||||||||||||||||
Acquisition expenses | 313,761 | 448,678 | (207) | 762,232 | |||||||||||||||||||
Operational expenses | 139,015 | 84,546 | (828) | 222,733 | |||||||||||||||||||
Underwriting income | $ | 209,294 | $ | 46,048 | $ | 1,075 | $ | 256,417 | |||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 968,357 | $ | 1,155,519 | $ | — | $ | 2,123,876 | |||||||||||||||
Net claims and claim expenses incurred - prior accident years | (2,933) | (23,882) | (40) | (26,855) | |||||||||||||||||||
Net claims and claim expenses incurred - total | $ | 965,424 | $ | 1,131,637 | $ | (40) | $ | 2,097,021 | |||||||||||||||
Net claims and claim expense ratio - current accident year | 59.5 | % | 67.5 | % | 63.6 | % | |||||||||||||||||
Net claims and claim expense ratio - prior accident years | (0.2) | % | (1.4) | % | (0.8) | % | |||||||||||||||||
Net claims and claim expense ratio - calendar year | 59.3 | % | 66.1 | % | 62.8 | % | |||||||||||||||||
Underwriting expense ratio | 27.8 | % | 31.2 | % | 29.5 | % | |||||||||||||||||
Combined ratio | 87.1 | % | 97.3 | % | 92.3 | % |
5 |
Underwriting and Reserves | |||||||||||||||||||||||||||||
Segment Underwriting Results | |||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
Property Segment | December 31, 2020 | September 30, 2020 | June 30, 2020 | March
31, 2020 | December 31, 2019 | ||||||||||||||||||||||||
Gross premiums written | $ | 308,315 | $ | 427,765 | $ | 1,042,536 | $ | 1,220,526 | $ | 245,001 | |||||||||||||||||||
Net premiums written | $ | 279,773 | $ | 378,708 | $ | 704,138 | $ | 674,581 | $ | 242,932 | |||||||||||||||||||
Net premiums earned | $ | 507,141 | $ | 516,623 | $ | 491,116 | $ | 421,335 | $ | 467,404 | |||||||||||||||||||
Net claims and claim expenses incurred | 535,875 | 590,958 | 164,050 | 144,852 | 424,207 | ||||||||||||||||||||||||
Acquisition expenses | 75,032 | 98,545 | 94,772 | 85,351 | 90,790 | ||||||||||||||||||||||||
Operational expenses | 26,212 | 33,672 | 31,656 | 44,007 | 39,469 | ||||||||||||||||||||||||
Underwriting (loss) income | $ | (129,978) | $ | (206,552) | $ | 200,638 | $ | 147,125 | $ | (87,062) | |||||||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 661,711 | $ | 629,827 | $ | 170,614 | $ | 130,844 | $ | 432,160 | |||||||||||||||||||
Net claims and claim expenses incurred - prior accident years | (125,836) | (38,869) | (6,564) | 14,008 | (7,953) | ||||||||||||||||||||||||
Net claims and claim expenses incurred - total | $ | 535,875 | $ | 590,958 | $ | 164,050 | $ | 144,852 | $ | 424,207 | |||||||||||||||||||
Net claims and claim expense ratio - current accident year | 130.5 | % | 121.9 | % | 34.7 | % | 31.1 | % | 92.5 | % | |||||||||||||||||||
Net claims and claim expense ratio - prior accident years | (24.8) | % | (7.5) | % | (1.3) | % | 3.3 | % | (1.7) | % | |||||||||||||||||||
Net claims and claim expense ratio - calendar year | 105.7 | % | 114.4 | % | 33.4 | % | 34.4 | % | 90.8 | % | |||||||||||||||||||
Underwriting expense ratio | 19.9 | % | 25.6 | % | 25.7 | % | 30.7 | % | 27.8 | % | |||||||||||||||||||
Combined ratio | 125.6 | % | 140.0 | % | 59.1 | % | 65.1 | % | 118.6 | % | |||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
Casualty and Specialty Segment | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||
Gross premiums written | $ | 627,199 | $ | 715,293 | $ | 659,336 | $ | 805,195 | $ | 660,478 | |||||||||||||||||||
Net premiums written | $ | 466,538 | $ | 520,703 | $ | 476,665 | $ | 595,227 | $ | 482,435 | |||||||||||||||||||
Net premiums earned | $ | 521,944 | $ | 483,560 | $ | 518,980 | $ | 491,763 | $ | 502,721 | |||||||||||||||||||
Net claims and claim expenses incurred | 365,135 | 351,052 | 346,266 | 426,209 | 338,104 | ||||||||||||||||||||||||
Acquisition expenses | 163,251 | 116,636 | 138,837 | 125,253 | 117,849 | ||||||||||||||||||||||||
Operational expenses | 14,945 | 15,319 | 17,422 | 23,454 | 25,943 | ||||||||||||||||||||||||
Underwriting (loss) income | $ | (21,387) | $ | 553 | $ | 16,455 | $ | (83,153) | $ | 20,825 | |||||||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 368,071 | $ | 366,080 | $ | 355,064 | $ | 426,210 | $ | 342,268 | |||||||||||||||||||
Net claims and claim expenses incurred - prior accident years | (2,936) | (15,028) | (8,798) | (1) | (4,164) | ||||||||||||||||||||||||
Net claims and claim expenses incurred - total | $ | 365,135 | $ | 351,052 | $ | 346,266 | $ | 426,209 | $ | 338,104 | |||||||||||||||||||
Net claims and claim expense ratio - current accident year | 70.5 | % | 75.7 | % | 68.4 | % | 86.7 | % | 68.1 | % | |||||||||||||||||||
Net claims and claim expense ratio - prior accident years | (0.5) | % | (3.1) | % | (1.7) | % | — | % | (0.8) | % | |||||||||||||||||||
Net claims and claim expense ratio - calendar year | 70.0 | % | 72.6 | % | 66.7 | % | 86.7 | % | 67.3 | % | |||||||||||||||||||
Underwriting expense ratio | 34.1 | % | 27.3 | % | 30.1 | % | 30.2 | % | 28.6 | % | |||||||||||||||||||
Combined ratio | 104.1 | % | 99.9 | % | 96.8 | % | 116.9 | % | 95.9 | % |
6 |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||
Property Segment - Catastrophe and Other Property Underwriting Results | |||||||||||||||||||||||||||||||||||
Three months ended December 31, 2020 | Three months ended December 31, 2019 | ||||||||||||||||||||||||||||||||||
Catastrophe | Other Property | Total | Catastrophe | Other Property | Total | ||||||||||||||||||||||||||||||
Gross premiums written | $ | 59,120 | $ | 249,195 | $ | 308,315 | $ | 44,824 | $ | 200,177 | $ | 245,001 | |||||||||||||||||||||||
Net premiums written | $ | 50,206 | $ | 229,567 | $ | 279,773 | $ | 42,797 | $ | 200,135 | $ | 242,932 | |||||||||||||||||||||||
Net premiums earned | $ | 301,980 | $ | 205,161 | $ | 507,141 | $ | 267,356 | $ | 200,048 | $ | 467,404 | |||||||||||||||||||||||
Net claims and claim expenses incurred | 324,131 | 211,744 | 535,875 | 306,042 | 118,165 | 424,207 | |||||||||||||||||||||||||||||
Acquisition expenses | 17,721 | 57,311 | 75,032 | 41,631 | 49,159 | 90,790 | |||||||||||||||||||||||||||||
Operational expenses | 20,820 | 5,392 | 26,212 | 29,605 | 9,864 | 39,469 | |||||||||||||||||||||||||||||
Underwriting (loss) income | $ | (60,692) | $ | (69,286) | $ | (129,978) | $ | (109,922) | $ | 22,860 | $ | (87,062) | |||||||||||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 415,248 | $ | 246,463 | $ | 661,711 | $ | 310,228 | $ | 121,932 | $ | 432,160 | |||||||||||||||||||||||
Net claims and claim expenses incurred - prior accident years | (91,117) | (34,719) | (125,836) | (4,186) | (3,767) | (7,953) | |||||||||||||||||||||||||||||
Net claims and claim expenses incurred - total | $ | 324,131 | $ | 211,744 | $ | 535,875 | $ | 306,042 | $ | 118,165 | $ | 424,207 | |||||||||||||||||||||||
Net claims and claim expense ratio - current accident year | 137.5 | % | 120.1 | % | 130.5 | % | 116.0 | % | 61.0 | % | 92.5 | % | |||||||||||||||||||||||
Net claims and claim expense ratio - prior accident years | (30.2) | % | (16.9) | % | (24.8) | % | (1.5) | % | (1.9) | % | (1.7) | % | |||||||||||||||||||||||
Net claims and claim expense ratio - calendar year | 107.3 | % | 103.2 | % | 105.7 | % | 114.5 | % | 59.1 | % | 90.8 | % | |||||||||||||||||||||||
Underwriting expense ratio | 12.8 | % | 30.6 | % | 19.9 | % | 26.6 | % | 29.5 | % | 27.8 | % | |||||||||||||||||||||||
Combined ratio | 120.1 | % | 133.8 | % | 125.6 | % | 141.1 | % | 88.6 | % | 118.6 | % | |||||||||||||||||||||||
Year ended December 31, 2020 | Year ended December 31, 2019 | ||||||||||||||||||||||||||||||||||
Catastrophe | Other Property | Total | Catastrophe | Other Property | Total | ||||||||||||||||||||||||||||||
Gross premiums written | $ | 1,886,785 | $ | 1,112,357 | $ | 2,999,142 | $ | 1,595,472 | $ | 835,513 | $ | 2,430,985 | |||||||||||||||||||||||
Net premiums written | $ | 1,065,390 | $ | 971,810 | $ | 2,037,200 | $ | 902,205 | $ | 752,054 | $ | 1,654,259 | |||||||||||||||||||||||
Net premiums earned | $ | 1,071,099 | $ | 865,116 | $ | 1,936,215 | $ | 911,528 | $ | 715,966 | $ | 1,627,494 | |||||||||||||||||||||||
Net claims and claim expenses incurred | 760,546 | 675,189 | 1,435,735 | 489,315 | 476,109 | 965,424 | |||||||||||||||||||||||||||||
Acquisition expenses | 115,636 | 238,064 | 353,700 | 131,111 | 182,650 | 313,761 | |||||||||||||||||||||||||||||
Operational expenses | 110,495 | 25,052 | 135,547 | 109,736 | 29,279 | 139,015 | |||||||||||||||||||||||||||||
Underwriting income (loss) | $ | 84,422 | $ | (73,189) | $ | 11,233 | $ | 181,366 | $ | 27,928 | $ | 209,294 | |||||||||||||||||||||||
Net claims and claim expenses incurred - current accident year | $ | 925,401 | $ | 667,595 | $ | 1,592,996 | $ | 544,895 | $ | 423,462 | $ | 968,357 | |||||||||||||||||||||||
Net claims and claim expenses incurred - prior accident years | (164,855) | 7,594 | (157,261) | (55,580) | 52,647 | (2,933) | |||||||||||||||||||||||||||||
Net claims and claim expenses incurred - total | $ | 760,546 | $ | 675,189 | $ | 1,435,735 | $ | 489,315 | $ | 476,109 | $ | 965,424 | |||||||||||||||||||||||
Net claims and claim expense ratio - current accident year | 86.4 | % | 77.2 | % | 82.3 | % | 59.8 | % | 59.1 | % | 59.5 | % | |||||||||||||||||||||||
Net claims and claim expense ratio - prior accident years | (15.4) | % | 0.8 | % | (8.1) | % | (6.1) | % | 7.4 | % | (0.2) | % | |||||||||||||||||||||||
Net claims and claim expense ratio - calendar year | 71.0 | % | 78.0 | % | 74.2 | % | 53.7 | % | 66.5 | % | 59.3 | % | |||||||||||||||||||||||
Underwriting expense ratio | 21.1 | % | 30.5 | % | 25.2 | % | 26.4 | % | 29.6 | % | 27.8 | % | |||||||||||||||||||||||
Combined ratio | 92.1 | % | 108.5 | % | 99.4 | % | 80.1 | % | 96.1 | % | 87.1 | % |
7 |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||||||||
Gross Premiums Written | |||||||||||||||||||||||||||||||||||||||||
Three months ended | Twelve months ended | ||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | September 30, 2020 | June 30, 2020 | March
31, 2020 | December 31, 2019 | December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||
Property Segment | |||||||||||||||||||||||||||||||||||||||||
Catastrophe | $ | 59,120 | $ | 179,689 | $ | 711,786 | $ | 936,190 | $ | 44,824 | $ | 1,886,785 | $ | 1,595,472 | |||||||||||||||||||||||||||
Other property | 249,195 | 248,076 | 330,750 | 284,336 | 200,177 | 1,112,357 | 835,513 | ||||||||||||||||||||||||||||||||||
Property segment gross premiums written | $ | 308,315 | $ | 427,765 | $ | 1,042,536 | $ | 1,220,526 | $ | 245,001 | $ | 2,999,142 | $ | 2,430,985 | |||||||||||||||||||||||||||
Casualty and Specialty Segment | |||||||||||||||||||||||||||||||||||||||||
General casualty (1) | $ | 190,996 | $ | 260,265 | $ | 206,666 | $ | 246,667 | $ | 197,338 | $ | 904,594 | $ | 807,901 | |||||||||||||||||||||||||||
Professional liability (2) | 207,437 | 175,459 | 222,737 | 230,487 | 189,838 | 836,120 | 650,750 | ||||||||||||||||||||||||||||||||||
Financial lines (3) | 122,023 | 143,455 | 101,635 | 147,079 | 126,983 | 514,192 | 457,000 | ||||||||||||||||||||||||||||||||||
Other (4) | 106,743 | 136,114 | 128,298 | 180,962 | 146,319 | 552,117 | 461,114 | ||||||||||||||||||||||||||||||||||
Casualty and Specialty segment gross premiums written | $ | 627,199 | $ | 715,293 | $ | 659,336 | $ | 805,195 | $ | 660,478 | $ | 2,807,023 | $ | 2,376,765 |
(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. |
8 |
Underwriting and Reserves | |||||||||||||||||||||||
Reserves for Claims and Claim Expenses | |||||||||||||||||||||||
Case Reserves | Additional Case Reserves | IBNR | Total | ||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||
Property | $ | 1,127,201 | $ | 1,617,003 | $ | 1,627,541 | $ | 4,371,745 | |||||||||||||||
Casualty and Specialty | 1,651,150 | 133,843 | 4,223,692 | 6,008,685 | |||||||||||||||||||
Other | 708 | — | — | 708 | |||||||||||||||||||
Total | $ | 2,779,059 | $ | 1,750,846 | $ | 5,851,233 | $ | 10,381,138 | |||||||||||||||
September 30, 2020 | |||||||||||||||||||||||
Property | $ | 1,037,526 | $ | 1,752,260 | $ | 1,238,478 | $ | 4,028,264 | |||||||||||||||
Casualty and Specialty | 1,625,554 | 123,001 | 4,123,464 | 5,872,019 | |||||||||||||||||||
Other | 332 | — | — | 332 | |||||||||||||||||||
Total | $ | 2,663,412 | $ | 1,875,261 | $ | 5,361,942 | $ | 9,900,615 | |||||||||||||||
June 30, 2020 | |||||||||||||||||||||||
Property | $ | 1,095,511 | $ | 1,650,244 | $ | 842,395 | $ | 3,588,150 | |||||||||||||||
Casualty and Specialty | 1,682,299 | 127,588 | 3,967,100 | 5,776,987 | |||||||||||||||||||
Other | 332 | — | — | 332 | |||||||||||||||||||
Total | $ | 2,778,142 | $ | 1,777,832 | $ | 4,809,495 | $ | 9,365,469 | |||||||||||||||
March 31, 2020 | |||||||||||||||||||||||
Property | $ | 1,095,840 | $ | 1,707,754 | $ | 958,827 | $ | 3,762,421 | |||||||||||||||
Casualty and Specialty | 1,644,402 | 105,505 | 3,894,049 | 5,643,956 | |||||||||||||||||||
Other | 330 | — | — | 330 | |||||||||||||||||||
Total | $ | 2,740,572 | $ | 1,813,259 | $ | 4,852,876 | $ | 9,406,707 | |||||||||||||||
December 31, 2019 | |||||||||||||||||||||||
Property | $ | 1,253,406 | $ | 1,631,223 | $ | 1,189,221 | $ | 4,073,850 | |||||||||||||||
Casualty and Specialty | 1,596,426 | 129,720 | 3,583,913 | 5,310,059 | |||||||||||||||||||
Other | 440 | — | — | 440 | |||||||||||||||||||
Total | $ | 2,850,272 | $ | 1,760,943 | $ | 4,773,134 | $ | 9,384,349 |
9 |
Underwriting and Reserves | |||||||||||||||||||||||||||||||||||
Paid to Incurred Analysis | |||||||||||||||||||||||||||||||||||
Three months ended December 31, 2020 | Three months ended December 31, 2019 | ||||||||||||||||||||||||||||||||||
Gross | Recoveries | Net | Gross | Recoveries | Net | ||||||||||||||||||||||||||||||
Reserve for claims and claim expenses, beginning of period | $ | 9,900,615 | $ | 2,883,808 | $ | 7,016,807 | $ | 8,602,437 | $ | 2,438,299 | $ | 6,164,138 | |||||||||||||||||||||||
Incurred claims and claim expenses | |||||||||||||||||||||||||||||||||||
Current year | 1,555,246 | 525,464 | 1,029,782 | 1,236,137 | 461,709 | 774,428 | |||||||||||||||||||||||||||||
Prior years | (249,115) | (120,686) | (128,429) | 180,752 | 193,087 | (12,335) | |||||||||||||||||||||||||||||
Total incurred claims and claim expenses | 1,306,131 | 404,778 | 901,353 | 1,416,889 | 654,796 | 762,093 | |||||||||||||||||||||||||||||
Paid claims and claim expenses | |||||||||||||||||||||||||||||||||||
Current year | 253,693 | 32,734 | 220,959 | 148,468 | 11,290 | 137,178 | |||||||||||||||||||||||||||||
Prior years | 638,762 | 339,320 | 299,442 | 563,976 | 295,110 | 268,866 | |||||||||||||||||||||||||||||
Total paid claims and claim expenses | 892,455 | 372,054 | 520,401 | 712,444 | 306,400 | 406,044 | |||||||||||||||||||||||||||||
Foreign exchange (1) | 66,847 | 9,478 | 57,369 | 77,467 | 4,602 | 72,865 | |||||||||||||||||||||||||||||
Reserve for claims and claim expenses, end of period | $ | 10,381,138 | $ | 2,926,010 | $ | 7,455,128 | $ | 9,384,349 | $ | 2,791,297 | $ | 6,593,052 | |||||||||||||||||||||||
Year ended December 31, 2020 | Year ended December 31, 2019 | ||||||||||||||||||||||||||||||||||
Gross | Recoveries | Net | Gross | Recoveries | Net | ||||||||||||||||||||||||||||||
Reserve for claims and claim expenses, beginning of period | $ | 9,384,349 | $ | 2,791,297 | $ | 6,593,052 | $ | 6,076,271 | $ | 2,372,221 | $ | 3,704,050 | |||||||||||||||||||||||
Incurred claims and claim expenses | |||||||||||||||||||||||||||||||||||
Current year | 4,297,339 | 1,188,918 | 3,108,421 | 2,863,163 | 739,287 | 2,123,876 | |||||||||||||||||||||||||||||
Prior years | (404,135) | (220,323) | (183,812) | 358,615 | 385,470 | (26,855) | |||||||||||||||||||||||||||||
Total incurred claims and claim expenses | 3,893,204 | 968,595 | 2,924,609 | 3,221,778 | 1,124,757 | 2,097,021 | |||||||||||||||||||||||||||||
Paid claims and claim expenses | |||||||||||||||||||||||||||||||||||
Current year | 460,278 | 48,106 | 412,172 | 286,836 | 21,187 | 265,649 | |||||||||||||||||||||||||||||
Prior years | 2,373,235 | 780,779 | 1,592,456 | 2,048,366 | 1,215,961 | 832,405 | |||||||||||||||||||||||||||||
Total paid claims and claim expenses | 2,833,513 | 828,885 | 2,004,628 | 2,335,202 | 1,237,148 | 1,098,054 | |||||||||||||||||||||||||||||
Foreign exchange (1) | 95,924 | (1,349) | 97,273 | 33,292 | 2,032 | 31,260 | |||||||||||||||||||||||||||||
Amounts disposed (2) | (158,826) | (3,648) | (155,178) | — | — | — | |||||||||||||||||||||||||||||
Amounts acquired (3) | — | — | — | 2,388,210 | 529,435 | 1,858,775 | |||||||||||||||||||||||||||||
Reserve for claims and claim expenses, end of period | $ | 10,381,138 | $ | 2,926,010 | $ | 7,455,128 | $ | 9,384,349 | $ | 2,791,297 | $ | 6,593,052 |
10 |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fee Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | Twelve months ended | ||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | December
31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||
Management fee income | |||||||||||||||||||||||||||||||||||||||||
Joint ventures | $ | 8,458 | $ | 13,070 | $ | 12,190 | $ | 11,781 | $ | 11,858 | $ | 45,499 | $ | 42,546 | |||||||||||||||||||||||||||
Structured
reinsurance products and other | 8,830 | 8,785 | 8,739 | 8,597 | 8,252 | 34,951 | 35,239 | ||||||||||||||||||||||||||||||||||
Managed funds | 9,490 | 8,610 | 6,508 | 6,418 | 3,814 | 31,026 | 18,636 | ||||||||||||||||||||||||||||||||||
Total
management fee income | 26,778 | 30,465 | 27,437 | 26,796 | 23,924 | 111,476 | 96,420 | ||||||||||||||||||||||||||||||||||
Performance
fee income (loss) | |||||||||||||||||||||||||||||||||||||||||
Joint ventures | (1,984) | (1,842) | 6,165 | 7,828 | (3,374) | 10,167 | 9,660 | ||||||||||||||||||||||||||||||||||
Structured
reinsurance products and other | 1,570 | (10,414) | 7,994 | 8,375 | (5,314) | 7,525 | 7,693 | ||||||||||||||||||||||||||||||||||
Managed funds | 9,542 | 175 | 3,914 | 2,363 | (2,036) | 15,994 | 420 | ||||||||||||||||||||||||||||||||||
Total
performance fee income (loss) (1) | 9,128 | (12,081) | 18,073 | 18,566 | (10,724) | 33,686 | 17,773 | ||||||||||||||||||||||||||||||||||
Total fee income | $ | 35,906 | $ | 18,384 | $ | 45,510 | $ | 45,362 | $ | 13,200 | $ | 145,162 | $ | 114,193 |
11 |
Managed Joint Ventures and Fee Income | ||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interests | ||||||||||||||||||||||||||||||||||||||||||||
Three months ended | Twelve months ended | ||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | December
31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interest - DaVinciRe | $ | 32,993 | $ | 26,616 | $ | (88,374) | $ | (84,906) | $ | 25,862 | $ | (113,671) | $ | (127,084) | |||||||||||||||||||||||||||
Redeemable
noncontrolling interest - Medici | (13,534) | (33,963) | (13,151) | 4,678 | (6,363) | (55,970) | (25,759) | ||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interest - Vermeer | (13,992) | (11,954) | (17,203) | (17,863) | (16,877) | (61,012) | (48,626) | ||||||||||||||||||||||||||||||||||
Net loss (income) attributable to redeemable noncontrolling interests (1) | $ | 5,467 | $ | (19,301) | $ | (118,728) | $ | (98,091) | $ | 2,622 | $ | (230,653) | $ | (201,469) |
December
31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||
Redeemable noncontrolling interest - DaVinciRe | $ | 1,560,693 | $ | 1,594,683 | $ | 1,621,300 | $ | 1,533,085 | $ | 1,435,581 | |||||||||||||||||||
Redeemable noncontrolling interest - Medici | 717,999 | 696,999 | 682,118 | 677,283 | 632,112 | ||||||||||||||||||||||||
Redeemable noncontrolling interest - Vermeer | 1,109,627 | 1,095,635 | 1,083,681 | 1,021,478 | 1,003,615 | ||||||||||||||||||||||||
Redeemable noncontrolling interests | $ | 3,388,319 | $ | 3,387,317 | $ | 3,387,099 | $ | 3,231,846 | $ | 3,071,308 |
December
31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||
DaVinciRe | 78.6 | % | 78.6 | % | 78.6 | % | 78.6 | % | 78.1 | % | |||||||||||||||||||||||||||||||
Medici | 84.3 | % | 88.5 | % | 88.6 | % | 88.8 | % | 87.9 | % | |||||||||||||||||||||||||||||||
Vermeer | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
12 |
Managed Joint Ventures and Fee Income | |||||||||||||||||||||||||||||||||||||||||
DaVinciRe Holdings Ltd. and Subsidiary Consolidated Statements of Operations | |||||||||||||||||||||||||||||||||||||||||
Three months ended | Twelve months ended | ||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | September
30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||||||||
Gross premiums written | $ | 21,996 | $ | 77,866 | $ | 222,306 | $ | 255,640 | $ | 15,566 | $ | 577,808 | $ | 440,718 | |||||||||||||||||||||||||||
Net premiums written | $ | 22,266 | $ | 78,025 | $ | 177,116 | $ | 241,641 | $ | 15,210 | $ | 519,048 | $ | 379,128 | |||||||||||||||||||||||||||
Decrease (increase) in unearned premiums | 120,081 | 62,486 | (58,172) | (135,933) | 90,674 | (11,538) | (14,018) | ||||||||||||||||||||||||||||||||||
Net premiums earned | 142,347 | 140,511 | 118,944 | 105,708 | 105,884 | 507,510 | 365,110 | ||||||||||||||||||||||||||||||||||
Net investment income | 8,848 | 9,339 | 11,557 | 15,087 | 13,506 | 44,831 | 53,739 | ||||||||||||||||||||||||||||||||||
Net foreign exchange gains (losses) | 149 | (511) | 8 | (1,180) | (399) | (1,534) | (1,765) | ||||||||||||||||||||||||||||||||||
Other income | — | — | — | — | — | — | 344 | ||||||||||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 3,436 | 5,439 | 34,674 | 18,529 | (1,307) | 62,078 | 48,535 | ||||||||||||||||||||||||||||||||||
Total revenues | 154,780 | 154,778 | 165,183 | 138,144 | 117,684 | 612,885 | 465,963 | ||||||||||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||||||||||||
Net claims and claim expenses incurred | 184,787 | 171,271 | 9,829 | (13,726) | 135,397 | 352,161 | 195,371 | ||||||||||||||||||||||||||||||||||
Acquisition expenses | 3,138 | 2,384 | 29,208 | 30,112 | 1,313 | 64,842 | 55,252 | ||||||||||||||||||||||||||||||||||
Operational and corporate expenses | 6,955 | 13,123 | 11,862 | 11,889 | 12,238 | 43,829 | 44,804 | ||||||||||||||||||||||||||||||||||
Interest expense | 1,859 | 1,859 | 1,859 | 1,858 | 1,859 | 7,435 | 7,434 | ||||||||||||||||||||||||||||||||||
Total expenses | 196,739 | 188,637 | 52,758 | 30,133 | 150,807 | 468,267 | 302,861 | ||||||||||||||||||||||||||||||||||
(Loss) income before taxes | (41,959) | (33,859) | 112,425 | 108,011 | (33,123) | 144,618 | 163,102 | ||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | (12) | — | (2) | 2 | (6) | (12) | (82) | ||||||||||||||||||||||||||||||||||
Net (loss) income (attributable) available to DaVinciRe common shareholders | $ | (41,971) | $ | (33,859) | $ | 112,423 | $ | 108,013 | $ | (33,129) | $ | 144,606 | $ | 163,020 | |||||||||||||||||||||||||||
Net
claims and claim expenses incurred - current accident year | $ | 209,903 | $ | 196,188 | $ | 14,728 | $ | 4,967 | $ | 113,743 | $ | 425,786 | $ | 209,688 | |||||||||||||||||||||||||||
Net
claims and claim expenses incurred - prior accident years | (25,116) | (24,917) | (4,899) | (18,693) | 21,654 | (73,625) | (14,317) | ||||||||||||||||||||||||||||||||||
Net claims and claim expenses incurred - total | $ | 184,787 | $ | 171,271 | $ | 9,829 | $ | (13,726) | $ | 135,397 | $ | 352,161 | $ | 195,371 | |||||||||||||||||||||||||||
Net
claims and claim expense ratio - current accident year | 147.5 | % | 139.6 | % | 12.4 | % | 4.7 | % | 107.4 | % | 83.9 | % | 57.4 | % | |||||||||||||||||||||||||||
Net
claims and claim expense ratio - prior accident years | (17.7) | % | (17.7) | % | (4.1) | % | (17.7) | % | 20.5 | % | (14.5) | % | (3.9) | % | |||||||||||||||||||||||||||
Net
claims and claim expense ratio - calendar year | 129.8 | % | 121.9 | % | 8.3 | % | (13.0) | % | 127.9 | % | 69.4 | % | 53.5 | % | |||||||||||||||||||||||||||
Underwriting
expense ratio | 7.1 | % | 11.0 | % | 34.5 | % | 39.7 | % | 12.8 | % | 21.4 | % | 27.4 | % | |||||||||||||||||||||||||||
Combined
ratio | 136.9 | % | 132.9 | % | 42.8 | % | 26.7 | % | 140.7 | % | 90.8 | % | 80.9 | % |
13 |
RenaissanceRe Holdings Ltd. | ||||||||||||||||||||||||||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||||||||||||||
Total Investment Result | ||||||||||||||||||||||||||||||||||||||||||||
Three months ended | Twelve months ended | |||||||||||||||||||||||||||||||||||||||||||
December
31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||
Fixed
maturity investments trading | $ | 66,912 | $ | 68,022 | $ | 69,943 | $ | 73,338 | $ | 85,937 | $ | 278,215 | $ | 318,503 | ||||||||||||||||||||||||||||||
Short
term investments | 1,047 | 1,611 | 6,049 | 12,092 | 11,552 | 20,799 | 56,264 | |||||||||||||||||||||||||||||||||||||
Equity investments trading | 1,628 | 1,559 | 1,666 | 1,551 | 1,539 | 6,404 | 4,808 | |||||||||||||||||||||||||||||||||||||
Other
investments | ||||||||||||||||||||||||||||||||||||||||||||
Catastrophe bonds | 13,500 | 13,626 | 13,519 | 14,139 | 12,870 | 54,784 | 46,154 | |||||||||||||||||||||||||||||||||||||
Other | 4,083 | 2,598 | 1,107 | 1,629 | 2,221 | 9,417 | 8,447 | |||||||||||||||||||||||||||||||||||||
Cash
and cash equivalents | 192 | 441 | 837 | 1,504 | 1,875 | 2,974 | 7,676 | |||||||||||||||||||||||||||||||||||||
87,362 | 87,857 | 93,121 | 104,253 | 115,994 | 372,593 | 441,852 | ||||||||||||||||||||||||||||||||||||||
Investment
expenses | (5,645) | (4,314) | (3,816) | (4,780) | (3,856) | (18,555) | (17,645) | |||||||||||||||||||||||||||||||||||||
Net investment income | 81,717 | 83,543 | 89,305 | 99,473 | 112,138 | 354,038 | 424,207 | |||||||||||||||||||||||||||||||||||||
Net
realized and unrealized gains (losses) on: | ||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity investments trading (1) | 90,132 | 78,348 | 322,711 | 101,221 | (48,146) | 592,412 | 297,977 | |||||||||||||||||||||||||||||||||||||
Equity investments trading (1) | 154,306 | 119,622 | 113,506 | (151,882) | 66,043 | 235,552 | 116,506 | |||||||||||||||||||||||||||||||||||||
Other investments | ||||||||||||||||||||||||||||||||||||||||||||
Catastrophe bonds | (9,742) | 12,611 | 4,452 | (14,352) | (4,522) | (7,031) | (9,392) | |||||||||||||||||||||||||||||||||||||
Other | 24,049 | 13,627 | 7,721 | (45,694) | 5,079 | (297) | 9,018 | |||||||||||||||||||||||||||||||||||||
Net
realized and unrealized gains (losses) on investments | 258,745 | 224,208 | 448,390 | (110,707) | 18,454 | 820,636 | 414,109 | |||||||||||||||||||||||||||||||||||||
Total
investment result | $ | 340,462 | $ | 307,751 | $ | 537,695 | $ | (11,234) | $ | 130,592 | $ | 1,174,674 | $ | 838,316 | ||||||||||||||||||||||||||||||
Total
investment return - annualized | 6.6 | % | 6.2 | % | 11.8 | % | (0.1) | % | 3.1 | % | 5.9 | % | 5.2 | % | ||||||||||||||||||||||||||||||
14 |
Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Portfolio - Composition | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Type of Investment | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasuries | $ | 4,960,409 | 24.1 | % | $ | 4,350,971 | 21.4 | % | $ | 4,258,675 | 21.6 | % | $ | 3,915,130 | 22.0 | % | $ | 4,467,345 | 25.7 | % | |||||||||||||||||||||||||||||||||||||||
Agencies | 368,032 | 1.8 | % | 437,681 | 2.1 | % | 505,038 | 2.6 | % | 537,490 | 3.1 | % | 343,031 | 1.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government | 491,531 | 2.4 | % | 568,960 | 2.8 | % | 584,206 | 3.0 | % | 635,282 | 3.6 | % | 497,392 | 2.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government-backed corporate | 338,014 | 1.6 | % | 401,449 | 2.0 | % | 314,833 | 1.6 | % | 283,577 | 1.6 | % | 321,356 | 1.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
Corporate | 4,261,025 | 20.7 | % | 4,655,765 | 22.9 | % | 4,428,553 | 22.5 | % | 3,259,780 | 18.3 | % | 3,075,660 | 17.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Agency mortgage-backed | 1,113,792 | 5.4 | % | 1,086,474 | 5.3 | % | 985,851 | 5.0 | % | 1,056,272 | 5.9 | % | 1,148,499 | 6.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Non-agency mortgage-backed | 291,444 | 1.4 | % | 293,953 | 1.4 | % | 276,300 | 1.4 | % | 275,026 | 1.6 | % | 294,604 | 1.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 791,272 | 3.8 | % | 788,995 | 3.9 | % | 591,238 | 3.0 | % | 540,502 | 3.0 | % | 468,698 | 2.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Asset-backed | 890,984 | 4.3 | % | 807,070 | 4.0 | % | 550,441 | 2.8 | % | 542,742 | 3.1 | % | 555,070 | 3.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments, at fair value | 13,506,503 | 65.5 | % | 13,391,318 | 65.8 | % | 12,495,135 | 63.5 | % | 11,045,801 | 62.2 | % | 11,171,655 | 64.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Short term investments, at fair value | 4,993,735 | 24.3 | % | 5,158,961 | 25.4 | % | 5,570,804 | 28.2 | % | 5,263,242 | 29.4 | % | 4,566,277 | 26.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total
consolidated fixed maturity and short term investments, at fair value | 18,500,238 | 89.8 | % | 18,550,279 | 91.2 | % | 18,065,939 | 91.7 | % | 16,309,043 | 91.6 | % | 15,737,932 | 90.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Equity investments trading, at fair value | 702,617 | 3.4 | % | 547,381 | 2.7 | % | 470,087 | 2.4 | % | 360,444 | 2.0 | % | 436,931 | 2.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Other investments, at fair value | 1,256,948 | 6.2 | % | 1,122,683 | 5.5 | % | 1,093,338 | 5.5 | % | 1,058,714 | 5.9 | % | 1,087,377 | 6.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total managed investment portfolio | 20,459,803 | 99.4 | % | 20,220,343 | 99.4 | % | 19,629,364 | 99.6 | % | 17,728,201 | 99.5 | % | 17,262,240 | 99.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Investments in other ventures, under equity method | 98,373 | 0.6 | % | 98,990 | 0.6 | % | 94,285 | 0.4 | % | 90,396 | 0.5 | % | 106,549 | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total investments | $ | 20,558,176 | 100.0 | % | $ | 20,319,333 | 100.0 | % | $ | 19,723,649 | 100.0 | % | $ | 17,818,597 | 100.0 | % | $ | 17,368,789 | 100.0 | % | |||||||||||||||||||||||||||||||||||||||
15 |
Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Portfolio - Fixed Maturity Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Quality of Fixed Maturity Investments | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
AAA | $ | 1,915,147 | 14.2 | % | $ | 1,972,894 | 14.7 | % | $ | 1,392,417 | 11.1 | % | $ | 1,590,824 | 14.4 | % | $ | 1,338,265 | 12.0 | % | |||||||||||||||||||||||||||||||||||||||
AA | 7,210,622 | 53.4 | % | 6,721,098 | 50.2 | % | 6,670,927 | 53.4 | % | 6,212,689 | 56.3 | % | 6,677,219 | 59.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
A | 1,485,463 | 11.0 | % | 1,777,861 | 13.3 | % | 1,864,066 | 14.9 | % | 1,491,504 | 13.5 | % | 1,453,212 | 13.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
BBB | 1,538,681 | 11.4 | % | 1,648,049 | 12.3 | % | 1,433,297 | 11.5 | % | 915,375 | 8.3 | % | 874,730 | 7.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
Non-investment grade and not rated | 1,356,590 | 10.0 | % | 1,271,416 | 9.5 | % | 1,134,428 | 9.1 | % | 835,409 | 7.5 | % | 828,229 | 7.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments, at fair value | $ | 13,506,503 | 100.0 | % | $ | 13,391,318 | 100.0 | % | $ | 12,495,135 | 100.0 | % | $ | 11,045,801 | 100.0 | % | $ | 11,171,655 | 100.0 | % | |||||||||||||||||||||||||||||||||||||||
Maturity Profile of Fixed Maturity Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Due in less than one year | $ | 637,418 | 4.7 | % | $ | 621,610 | 4.6 | % | $ | 638,686 | 5.1 | % | $ | 723,397 | 6.5 | % | $ | 544,636 | 4.9 | % | |||||||||||||||||||||||||||||||||||||||
Due after one through five years | 5,391,122 | 39.9 | % | 5,749,128 | 43.0 | % | 5,513,103 | 44.1 | % | 5,039,456 | 45.7 | % | 5,522,769 | 49.4 | % | ||||||||||||||||||||||||||||||||||||||||||||
Due after five through ten years | 3,806,564 | 28.2 | % | 3,374,898 | 25.2 | % | 3,312,749 | 26.6 | % | 2,612,031 | 23.7 | % | 2,420,602 | 21.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
Due after ten years | 583,908 | 4.3 | % | 669,190 | 5.0 | % | 626,768 | 5.0 | % | 256,375 | 2.3 | % | 216,777 | 1.9 | % | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 2,196,507 | 16.3 | % | 2,169,422 | 16.2 | % | 1,853,388 | 14.8 | % | 1,871,800 | 16.9 | % | 1,911,801 | 17.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | 890,984 | 6.6 | % | 807,070 | 6.0 | % | 550,441 | 4.4 | % | 542,742 | 4.9 | % | 555,070 | 5.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments, at fair value | $ | 13,506,503 | 100.0 | % | $ | 13,391,318 | 100.0 | % | $ | 12,495,135 | 100.0 | % | $ | 11,045,801 | 100.0 | % | $ | 11,171,655 | 100.0 | % |
16 |
Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Portfolio - Weighted Average Yield to Maturity and Credit Rating | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Rating (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | Amortized Cost | Fair Value | Weighted Average Yield to Maturity | AAA | AA | A | BBB | Non- Investment Grade | Not Rated | ||||||||||||||||||||||||||||||||||||||||||||||||||
Short term investments | $ | 4,993,735 | $ | 4,993,735 | 0.1 | % | $ | 4,899,675 | $ | 88,039 | $ | 2,028 | $ | 2,085 | $ | 1,875 | $ | 33 | |||||||||||||||||||||||||||||||||||||||||
100.0 | % | 98.2 | % | 1.8 | % | — | % | — | % | — | % | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasuries | 4,867,681 | 4,960,409 | 0.4 | % | — | 4,960,409 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Agencies | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fannie Mae and Freddie Mac | 196,183 | 195,748 | 0.9 | % | — | 195,748 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Other agencies | 169,204 | 172,284 | 1.0 | % | — | 172,284 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Total agencies | 365,387 | 368,032 | 0.9 | % | — | 368,032 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government | 485,972 | 491,531 | 0.5 | % | 341,713 | 121,483 | 15,085 | 11,041 | 1,870 | 339 | |||||||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. government-backed corporate | 333,996 | 338,014 | 1.0 | % | 121,529 | 197,471 | 6,246 | 7,796 | 4,972 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Corporate | 4,069,396 | 4,261,025 | 2.2 | % | 56,842 | 183,852 | 1,435,032 | 1,449,635 | 1,100,009 | 35,655 | |||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency securities | 1,095,525 | 1,113,792 | 1.0 | % | — | 1,113,792 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Non-agency securities - Alt A | 231,633 | 235,085 | 3.2 | % | 57,913 | 5,186 | 466 | 6,365 | 126,662 | 38,493 | |||||||||||||||||||||||||||||||||||||||||||||||||
Non-agency securities - Prime | 55,309 | 56,359 | 2.0 | % | 24,085 | 2,372 | 2,212 | 1,079 | 15,054 | 11,557 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total residential mortgage-backed | 1,382,467 | 1,405,236 | 1.5 | % | 81,998 | 1,121,350 | 2,678 | 7,444 | 141,716 | 50,050 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 762,899 | 791,272 | 1.5 | % | 626,768 | 131,659 | 4,778 | 23,328 | 2,443 | 2,296 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total mortgage-backed | 2,145,366 | 2,196,508 | 1.5 | % | 708,766 | 1,253,009 | 7,456 | 30,772 | 144,159 | 52,346 | |||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized loan obligations | 799,493 | 801,967 | 1.9 | % | 604,012 | 123,245 | 19,746 | 38,922 | 6,892 | 9,150 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other | 87,744 | 89,017 | 0.7 | % | 82,285 | 3,121 | 1,898 | 515 | — | 1,198 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total asset-backed | 887,237 | 890,984 | 1.8 | % | 686,297 | 126,366 | 21,644 | 39,437 | 6,892 | 10,348 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total securitized assets | 3,032,603 | 3,087,492 | 1.6 | % | 1,395,063 | 1,379,375 | 29,100 | 70,209 | 151,051 | 62,694 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturity investments | 13,155,035 | 13,506,503 | 1.2 | % | 1,915,147 | 7,210,622 | 1,485,463 | 1,538,681 | 1,257,902 | 98,688 | |||||||||||||||||||||||||||||||||||||||||||||||||
100.0 | % | 14.2 | % | 53.4 | % | 11.0 | % | 11.4 | % | 9.3 | % | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total
consolidated fixed maturity and short term investments, at fair value | $ | 18,148,770 | $ | 18,500,238 | 0.9 | % | $ | 6,814,822 | $ | 7,298,661 | $ | 1,487,491 | $ | 1,540,766 | $ | 1,259,777 | $ | 98,721 | |||||||||||||||||||||||||||||||||||||||||
100.0 | % | 36.9 | % | 39.5 | % | 8.0 | % | 8.3 | % | 6.8 | % | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||
17 |
Investments | ||
Retained Investment Information |
Three months ended | Twelve months ended | ||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | December
31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||
Total investment result | |||||||||||||||||||||||||||||||||||||||||
Net investment income | $ | 81,717 | $ | 83,543 | $ | 89,305 | $ | 99,473 | $ | 112,138 | $ | 354,038 | $ | 424,207 | |||||||||||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 258,745 | 224,208 | 448,390 | (110,707) | 18,454 | 820,636 | 414,109 | ||||||||||||||||||||||||||||||||||
Total investment result | $ | 340,462 | $ | 307,751 | $ | 537,695 | $ | (11,234) | $ | 130,592 | $ | 1,174,674 | $ | 838,316 | |||||||||||||||||||||||||||
Retained total investment result (1) | |||||||||||||||||||||||||||||||||||||||||
Retained net investment income | $ | 64,250 | $ | 64,971 | $ | 67,189 | $ | 72,603 | $ | 87,739 | $ | 269,013 | $ | 330,989 | |||||||||||||||||||||||||||
Retained net realized and unrealized gains (losses) on investments | 258,293 | 201,699 | 418,046 | (113,261) | 21,751 | 764,777 | 381,200 | ||||||||||||||||||||||||||||||||||
Retained total investment result | $ | 322,543 | $ | 266,670 | $ | 485,235 | $ | (40,658) | $ | 109,490 | $ | 1,033,790 | $ | 712,189 |
December
31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||
Managed fixed maturity and short term investments portfolio (1) | |||||||||||||||||||||||||||||
Total consolidated fixed maturity and short term investments, at fair value | $ | 18,500,238 | $ | 18,550,279 | $ | 18,065,939 | $ | 16,309,043 | $ | 15,737,932 | |||||||||||||||||||
Weighted average yield to maturity of fixed maturity and short term investments | 0.9 | % | 1.0 | % | 1.1 | % | 1.5 | % | 2.1 | % | |||||||||||||||||||
Average duration of fixed maturities and short term investments, in years | 2.9 | 2.9 | 2.9 | 2.8 | 2.9 | ||||||||||||||||||||||||
Retained fixed maturity and short term investments portfolio (2) | |||||||||||||||||||||||||||||
Retained fixed maturity and short term investments, at fair value | $ | 13,219,754 | $ | 13,046,376 | $ | 12,703,423 | $ | 11,124,214 | $ | 11,154,174 | |||||||||||||||||||
Weighted average yield to maturity of retained fixed maturity and short term investments | 1.2 | % | 1.3 | % | 1.4 | % | 1.9 | % | 2.2 | % | |||||||||||||||||||
Average duration of retained fixed maturities and short term investments, in years | 3.6 | 3.7 | 3.7 | 3.5 | 3.6 |
18 |
Other Items | |||||||||||||||||||||||||||||
Earnings per Share | |||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
(common shares in thousands) | December 31, 2020 | September 30, 2020 | June
30, 2020 | March 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 189,812 | $ | 47,799 | $ | 575,845 | $ | (81,974) | $ | 33,773 | |||||||||||||||||||
Amount allocated to participating common shareholders (1) | (2,285) | (582) | (7,593) | (146) | (409) | ||||||||||||||||||||||||
Net income (loss) allocated to RenaissanceRe common shareholders | $ | 187,527 | $ | 47,217 | $ | 568,252 | $ | (82,120) | $ | 33,364 | |||||||||||||||||||
Denominator: | |||||||||||||||||||||||||||||
Denominator for basic income (loss) per RenaissanceRe common share - | |||||||||||||||||||||||||||||
Weighted average common shares | 50,022 | 50,009 | 44,939 | 43,441 | 43,467 | ||||||||||||||||||||||||
Per common share equivalents of non-vested shares | 89 | 85 | 64 | — | 85 | ||||||||||||||||||||||||
Denominator for diluted income (loss) per RenaissanceRe common share - | |||||||||||||||||||||||||||||
Adjusted weighted average common shares and assumed conversions | 50,111 | 50,094 | 45,003 | 43,441 | 43,552 | ||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - basic | $ | 3.75 | $ | 0.94 | $ | 12.64 | $ | (1.89) | $ | 0.77 | |||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 3.74 | $ | 0.94 | $ | 12.63 | $ | (1.89) | $ | 0.77 | |||||||||||||||||||
Twelve months ended | |||||||||||||||||||||||||||||
(common shares in thousands) | December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||||||||
Net income available to RenaissanceRe common shareholders | $ | 731,482 | $ | 712,042 | |||||||||||||||||||||||||
Amount allocated to participating common shareholders (1) | (8,968) | (8,545) | |||||||||||||||||||||||||||
Net income allocated to RenaissanceRe common shareholders | $ | 722,514 | $ | 703,497 | |||||||||||||||||||||||||
Denominator: | |||||||||||||||||||||||||||||
Denominator for basic income per RenaissanceRe common share - | |||||||||||||||||||||||||||||
Weighted average common shares | 47,103 | 43,119 | |||||||||||||||||||||||||||
Per common share equivalents of non-vested shares | 75 | 56 | |||||||||||||||||||||||||||
Denominator for diluted income per RenaissanceRe common share - | |||||||||||||||||||||||||||||
Adjusted weighted average common shares and assumed conversions | 47,178 | 43,175 | |||||||||||||||||||||||||||
Net income available to RenaissanceRe common shareholders per common share - basic | $ | 15.34 | $ | 16.32 | |||||||||||||||||||||||||
Net income available to RenaissanceRe common shareholders per common share - diluted | $ | 15.31 | $ | 16.29 |
19 |
Comments on Regulation G |
20 |
Comments on Regulation G |
Three months ended | Twelve months ended | ||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | December
31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders | $ | 189,812 | $ | 47,799 | $ | 575,845 | $ | (81,974) | $ | 33,773 | $ | 731,482 | $ | 712,042 | |||||||||||||||||||||||||||
Adjustment
for net realized and unrealized (gains) losses on investments, excluding other investments - catastrophe bonds | (268,487) | (211,597) | (443,938) | 96,355 | (22,976) | (827,667) | (423,501) | ||||||||||||||||||||||||||||||||||
Adjustment for net foreign exchange (gains) losses | (23,270) | (17,426) | 7,195 | 5,728 | 1,126 | (27,773) | 2,938 | ||||||||||||||||||||||||||||||||||
Adjustment for corporate expenses associated with the acquisition of TMR and the subsequent sale of RenaissanceRe UK (1) | 7,346 | 33,916 | 2,279 | 4,423 | 5,700 | 47,964 | 49,725 | ||||||||||||||||||||||||||||||||||
Adjustment for income tax expense (benefit) (2) | 7,723 | 5,058 | 21,223 | (4,141) | (3,707) | 29,863 | 20,367 | ||||||||||||||||||||||||||||||||||
Adjustment for net income (loss) attributable to redeemable noncontrolling interests (3) | 9,754 | 10,526 | 27,472 | 13,019 | (1,293) | 60,771 | 36,180 | ||||||||||||||||||||||||||||||||||
Operating (loss) income (attributable) available to RenaissanceRe common shareholders | $ | (77,122) | $ | (131,724) | $ | 190,076 | $ | 33,410 | $ | 12,623 | $ | 14,640 | $ | 397,751 | |||||||||||||||||||||||||||
Net income (loss) available (attributable) to RenaissanceRe common shareholders per common share - diluted | $ | 3.74 | $ | 0.94 | $ | 12.63 | $ | (1.89) | $ | 0.77 | $ | 15.31 | $ | 16.29 | |||||||||||||||||||||||||||
Adjustment
for net realized and unrealized (gains) losses on investments, excluding other investments - catastrophe bonds | (5.36) | (4.22) | (9.86) | 2.22 | (0.53) | (17.54) | (9.81) | ||||||||||||||||||||||||||||||||||
Adjustment for net foreign exchange (gains) losses | (0.46) | (0.35) | 0.16 | 0.13 | 0.03 | (0.59) | 0.07 | ||||||||||||||||||||||||||||||||||
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 | 0.13 | 1.02 | 1.15 | ||||||||||||||||||||||||||||||||||
Adjustment for income tax expense (benefit) (2) | 0.15 | 0.10 | 0.47 | (0.10) | (0.09) | 0.63 | 0.47 | ||||||||||||||||||||||||||||||||||
Adjustment for net income (loss) attributable to redeemable noncontrolling interests (3) | 0.19 | 0.21 | 0.61 | 0.30 | (0.03) | 1.29 | 0.84 | ||||||||||||||||||||||||||||||||||
Operating (loss) income (attributable) available to RenaissanceRe common shareholders per common share - diluted | $ | (1.59) | $ | (2.64) | $ | 4.06 | $ | 0.76 | $ | 0.28 | $ | 0.12 | $ | 9.01 | |||||||||||||||||||||||||||
Return on average common equity - annualized | 10.9 | % | 2.8 | % | 38.5 | % | (6.3) | % | 2.5 | % | 11.7 | % | 14.1 | % | |||||||||||||||||||||||||||
Adjustment
for net realized and unrealized (gains) losses on investments, excluding other investments - catastrophe bonds | (15.4) | % | (12.4) | % | (29.7) | % | 7.5 | % | (1.7) | % | (13.4) | % | (8.4) | % | |||||||||||||||||||||||||||
Adjustment for net foreign exchange (gains) losses | (1.3) | % | (1.0) | % | 0.5 | % | 0.4 | % | 0.1 | % | (0.4) | % | 0.1 | % | |||||||||||||||||||||||||||
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 | % | 0.4 | % | 0.8 | % | 1.0 | % | |||||||||||||||||||||||||||
Adjustment for income tax expense (benefit) (2) | 0.4 | % | 0.3 | % | 1.4 | % | (0.3) | % | (0.3) | % | 0.5 | % | 0.4 | % | |||||||||||||||||||||||||||
Adjustment for net income (loss) attributable to redeemable noncontrolling interests (3) | 0.6 | % | 0.6 | % | 1.8 | % | 1.0 | % | (0.1) | % | 1.0 | % | 0.7 | % | |||||||||||||||||||||||||||
Operating return on average common equity - annualized | (4.4) | % | (7.7) | % | 12.7 | % | 2.6 | % | 0.9 | % | 0.2 | % | 7.9 | % |
21 |
Comments on Regulation G |
December
31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||
Book value per common share | $ | 138.46 | $ | 135.13 | $ | 134.27 | $ | 117.15 | $ | 120.53 | ||||||||||||||||||||||
Adjustment
for goodwill and other intangibles (1) | (5.37) | (5.53) | (5.56) | (6.46) | (6.50) | |||||||||||||||||||||||||||
Tangible book value per common share | 133.09 | 129.60 | 128.71 | 110.69 | 114.03 | |||||||||||||||||||||||||||
Adjustment
for accumulated dividends | 22.08 | 21.73 | 21.38 | 21.03 | 20.68 | |||||||||||||||||||||||||||
Tangible book value per common share plus accumulated dividends | $ | 155.17 | $ | 151.33 | $ | 150.09 | $ | 131.72 | $ | 134.71 | ||||||||||||||||||||||
Quarterly
change in book value per common share | 2.5 | % | 0.6 | % | 14.6 | % | (2.8) | % | 0.4 | % | ||||||||||||||||||||||
Quarterly change in tangible book value per common share plus change in accumulated dividends | 3.0 | % | 1.0 | % | 16.6 | % | (2.6) | % | 0.7 | % | ||||||||||||||||||||||
Year to date change in book value per common share | 14.9 | % | 12.1 | % | 11.4 | % | (2.8) | % | 15.7 | % | ||||||||||||||||||||||
Year to date change in tangible book value per common share plus change in accumulated dividends | 17.9 | % | 14.6 | % | 13.5 | % | (2.6) | % | 17.9 | % |
22 |
Comments on Regulation G |
Three months ended | Twelve months ended | ||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | December
31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||
Net investment income | $ | 81,717 | $ | 83,543 | $ | 89,305 | $ | 99,473 | 112,138 | $ | 354,038 | $ | 424,207 | ||||||||||||||||||||||||||||
Adjustment
for net investment income attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures | (17,467) | (18,572) | (22,116) | (26,870) | $ | (24,399) | (85,025) | (93,218) | |||||||||||||||||||||||||||||||||
Retained
net investment income | 64,250 | 64,971 | 67,189 | 72,603 | 87,739 | 269,013 | 330,989 | ||||||||||||||||||||||||||||||||||
Net
realized and unrealized gains (losses) on investments | 258,745 | 224,208 | 448,390 | (110,707) | 18,454 | 820,636 | 414,109 | ||||||||||||||||||||||||||||||||||
Adjustment for net realized and unrealized (gains) losses on investments attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures | (452) | (22,509) | (30,344) | (2,554) | 3,297 | (55,859) | (32,909) | ||||||||||||||||||||||||||||||||||
Retained net realized and unrealized gains (losses) on investments | 258,293 | 201,699 | 418,046 | (113,261) | 21,751 | 764,777 | 381,200 | ||||||||||||||||||||||||||||||||||
Total
investment result | 340,462 | 307,751 | 537,695 | (11,234) | 130,592 | 1,174,674 | 838,316 | ||||||||||||||||||||||||||||||||||
Adjustment for investment result attributable to redeemable noncontrolling interests, certain third-party vehicles and joint
ventures | (17,919) | (41,081) | (52,460) | (29,424) | (21,102) | (140,884) | (126,127) | ||||||||||||||||||||||||||||||||||
Retained total investment result | $ | 322,543 | $ | 266,670 | $ | 485,235 | $ | (40,658) | $ | 109,490 | $ | 1,033,790 | $ | 712,189 |
23 |
Comments on Regulation G |
December 31, 2020 | September 30, 2020 | June
30, 2020 | March 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||
Fixed maturity investments, at fair value | $ | 13,506,503 | $ | 13,391,318 | $ | 12,495,135 | $ | 11,045,801 | $ | 11,171,655 | |||||||||||||||||||
Short term investments, at fair value | 4,993,735 | 5,158,961 | 5,570,804 | 5,263,242 | 4,566,277 | ||||||||||||||||||||||||
Total consolidated fixed maturity and short term investments, at fair value | $ | 18,500,238 | $ | 18,550,279 | $ | 18,065,939 | $ | 16,309,043 | $ | 15,737,932 | |||||||||||||||||||
Adjustment
for fixed maturity and short term investments attributable to redeemable noncontrolling interests, certain third-party vehicles and joint ventures | (5,280,484) | (5,503,903) | (5,362,516) | (5,184,829) | (4,583,758) | ||||||||||||||||||||||||
Retained fixed maturity and short term investments, at fair value | $ | 13,219,754 | $ | 13,046,376 | $ | 12,703,423 | $ | 11,124,214 | $ | 11,154,174 |
24 |
This ‘8-K’ Filing | Date | Other Filings | ||
---|---|---|---|---|
Filed on / For Period end: | 1/26/21 | SC 13G/A | ||
12/31/20 | 10-K, 4, 8-K | |||
9/30/20 | 10-Q | |||
8/18/20 | ||||
6/30/20 | 10-Q | |||
6/4/20 | 424B5 | |||
3/31/20 | 10-Q | |||
12/31/19 | 10-K, 4, 8-K, ARS | |||
6/30/19 | 10-Q | |||
3/22/19 | 8-K, 8-K/A | |||
List all Filings |