RENAISSANCERE HOLDINGS LTD. RenaissanceRe Holdings Ltd. | |
Contents | |
Page | |
Basis of Presentation | |
Financial Highlights | |
Summary Consolidated Financial Statements | |
a. Consolidated Statements of Operations | |
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 |
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.comfor further information about RenaissanceRe.
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Financial Highlights
Three months ended | ||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||
2021 | 2020 | 2020 | 2020 | 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 | $ | (5.87) | $ | 3.75 | $ | 0.94 | $ | 12.64 | $ | (1.89) | ||||
- basic | ||||||||||||||
Net (loss) income (attributable) available to RenaissanceRe common shareholders per common share | $ | (5.87) | $ | 3.74 | $ | 0.94 | $ | 12.63 | $ | (1.89) | ||||
- diluted | ||||||||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per common | $ | 0.09 | $ | (1.59) | $ | (2.64) | $ | 4.06 | $ | 0.76 | ||||
share - diluted (1) | ||||||||||||||
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 ratio | 103.1 % | 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. |
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Summary Consolidated Financial Statements
Consolidated Statements of Operations
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March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||
Revenues | 2021 | 2020 | 2020 | 2020 | 2020 | |||||||||
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 earned | 1,153,836 | 1,029,085 | 1,000,183 | 1,010,096 | 913,098 | |||||||||
Net investment income | 79,804 | 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 revenues | 861,902 | 1,395,323 | 1,332,293 | 1,548,436 | 896,264 | |||||||||
Expenses | ||||||||||||||
Net claims and claim expenses incurred | 867,051 | 901,353 | 942,030 | 510,272 | 570,954 | |||||||||
Acquisition expenses | 267,234 | 238,283 | 215,180 | 233,610 | 210,604 | |||||||||
Operational expenses | 55,311 | 41,104 | 49,045 | 49,077 | 67,461 | |||||||||
Corporate expenses | 10,405 | 21,031 | 48,050 | 11,898 | 15,991 | |||||||||
Interest expense | 11,912 | 11,841 | 11,843 | 11,842 | 14,927 | |||||||||
Total expenses | 1,211,913 | 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 interests | 46,850 | 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 | $ | (5.87) | $ | 3.75 | $ | 0.94 | $ | 12.64 | $ | (1.89) | ||||
common share - basic | ||||||||||||||
Net (loss) income (attributable) available to RenaissanceRe common shareholders per | $ | (5.87) | $ | 3.74 | $ | 0.94 | $ | 12.63 | $ | (1.89) | ||||
common share - diluted | ||||||||||||||
Operating income (loss) available (attributable) to RenaissanceRe common shareholders per | $ | 0.09 | $ | (1.59) | $ | (2.64) | $ | 4.06 | $ | 0.76 | ||||
common share - diluted (1) | ||||||||||||||
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 % |
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Disclaimer
RenaissanceRe Holdings Ltd. published this content on 27 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2021 20:56:16 UTC.
